Luke Miels

Miels承诺对投资者保持透明，坦率披露不利信息而不是刻意隐藏。

我们会如实陈述事实。我们不会把糟糕的信息藏在新闻稿第41页，指望你们没注意到。我们会尽可能多地告诉你们，也会有应对方案，请据此调整你们的预期，这就是我们想要的运作方式。

原文 (en)

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表示GSK正在兑现加速研发的计划，2026年计划的22项III期试验中已有18项在招募。

在第二季度，我们提出了加速研发的明确计划，现在正在兑现。2026年计划启动的22项III期试验中，已有18项在招募，其中包括两项新的流感III期研究，其余的预计在年底前开始招募。

原文 (en)

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指出Trelegy在IRA谈判后的价格为175美元，较2024年标价低73%，将在美国造成一次性冲击并需重设基数。

因此30天的协商价格现在是175美元，比2024年标价低73%。这将对美国造成一次性影响。我们会重新设定基数，然后在此基础上推进。我们也会审慎考虑如何在美国为该产品配置资源。

原文 (en)

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披露了Hibsago的定价（日本约5万英镑，美国超10万英镑）及慢性乙肝庞大的患者基数。

关于定价，日本约为5万英镑，美国略高于10万英镑。我补充一些流行病学数据：美国约有170万患者，40万已确诊，12万在接受治疗。

原文 (en)

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认为ozureprubart在食物过敏领域凭借约两倍于Xolair的效力和每季度给药具备差异化优势，且已计入生物类似药冲击。

我们做这笔交易时，测算中已假设最多四款生物类似药进入市场。Xolair有结构性局限：约四分之一患者因最大获批剂量无法结合足够IgE而无效。我们的产品效力约为Xolair的两倍，可能做到每三个月一针。

原文 (en)

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.

Miels承认Nucala面临价格压力（销量增39%、价格降15%），同时强调GSK刻意守住Xolair价格。

看美国的数据，销量增长近40%，价格下降15%，所以确实有一定压力。但我会谨慎将其类推到Xolair。我们一直刻意坚持守住Xolair的价格。

原文 (en)

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.