Miels acknowledged Nucala price pressure (volume up 39%, price down 15%) while saying GSK is deliberately holding the line on Xolair pricing.
If you look at the numbers in the U.S., volume I think was up nearly 40%, 39%, prices down 15%. So there is some pressure there. I would be cautious about reading that across to Xolair. So one of the things we have been quite deliberate on, which is holding the line on Xolair pricing.
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Miels committed to transparent communication with investors, promising to disclose bad news candidly rather than burying it.
Look, we are going to call things as we see them. We are not going to park crap on page 41 of a press release and hope none of you notice it. So, we will tell you as much as we can. We will have a plan to address it, but please just adjust your parameters on that because that is how we want to operate.
Miels said GSK is delivering on its R&D acceleration, with 18 of 22 planned phase III starts already recruiting in 2026.
At Q2, we outlined clear plans to accelerate R&D and we are now delivering on those plans. We are recruiting in 18 of the 22 phase III trial starts for 2026, including two new phase III studies for flu and the rest on track to start recruiting before the end of the year.
Miels flagged that Trelegy's IRA-negotiated $175 price, a 73% discount to the 2024 list price, will cause a one-off U.S. impact requiring rebasing.
So the negotiated price for 30 days is now $175, which is a 73% discount to the 2024 list price. So there will be a one-off impact in the U.S. We will rebase that, and then position B on that. Again, we are being thoughtful in terms of how we resource this product in the U.S.
Miels disclosed Hibsago pricing (about GBP 50k in Japan, over GBP 100k in the U.S.) and the sizeable chronic hepatitis B patient pool.
So, on pricing, it is about GBP 50,000 in Japan, just over GBP 100,000 in the U.S. So I will give you some epi because I think it would be helpful. So U.S. is about 1.7 million patients, 400,000 diagnosed, 120,000 treated.
Miels argued ozureprubart can differentiate in food allergy with roughly twice Xolair's potency and quarterly dosing, even after modeling biosimilar entry.
When we did this deal, we actually modeled that there would be up to four biosimilars entering in our calculations. Again, there are some structural limits. It is about a quarter of patients on Xolair, where essentially, the maximum approved Xolair dose just cannot bind enough IgE to be effective in these heavier, larger individuals. We have a product that is essentially twice the potency of Xolair and could be a three-monthly shot with either three doses or an upside scenario of one dose.