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.