AstraZeneca PLC (NASDAQ:AZN) Q4 2022 Earnings Call Transcript

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Our Phase II program continues to grow with the GEMINI trial in gastric cancer. We plan to start the first Phase III with more details available later in the year. Please advance to the next slide. And I’ll hand over to Rudd to cover biopharmaceuticals.

Ruud Dobber: Thanks, Susan. Please turn to Slide 22. Total revenue from biopharmaceuticals grew 11% at constant exchange rates to $20 billion in 2022. Total revenue from CVRM was $9.2 billion, growing at 90% in the year with Farxiga delivering over $1 billion in every quarter and growth of over 50%. In our Respiratory & Immunology business, we saw strong growth in our biological medicines such as Fasenra, the Spire and Sotelo. Along with continued progress for breast, that growth offset the generic pressure on all the medicines such as Pulmicort, Symbicort and Delibes. Overall, R&I total revenue grew 3% Total revenue from our VNI portfolio was up 8%, with COVID-19 broadly flat as expected. Please turn to Slide 23. In 2023, we are proud to be bringing the transformative benefits of our modern medicines to more patients around the world and we will continue to expand a base into new geographies with plans for launches in over 30 countries for Tezspire and nearly 20 each for breast and Sanel.

Tezspire has seen very strong momentum since its launch this time last year and it has already achieved new-to-brand share of over 20% in the United States. In 2023, we will look to extend that trend and replicate it in other major markets. Breztri is also enjoying good growth, doubling revenues in 2022. In 2023, we intend to capitalize on the growth of the fixed-dose combination triple class and raise awareness among patients and pulmonologists of the benefits that this medicine brings. Airsupra is the first and only rescue therapy to treat underlying inflammation in asthma. This year, we will educate practitioners and patients about this new class of medicine and building up market taxes ahead of commercial launch. Saphnelo is the first new treatment for lupus sale in over a decade and has quickly become the new to brand Shale in the intravenous segment in the United States.

We have successfully launched in 8 markets at the end of 2022. And by expanding across Europe and other markets, we can bring this medicine to even more patients in 2023. And of course, Farxiga is continuing its impressive growth, helped by its expansion into heart failure with preserved ejection fraction following the DELIVER results. With such a strong portfolio of innovative products, we remain very excited about the long-term prospects for our biopharmaceuticals business. With that, I will now turn the call over to Mene to cover our pipeline.

Menelas Pangalos: Thank you, Rudd. Please turn to Slide 24. I want to start by providing some highlights from our mid- to late-stage pipeline in CVRM, demonstrating the depth and breadth across our portfolio. I won’t go through all these assets in detail but I wanted to draw your attention to the areas we’re focusing on, namely cardiorenal, metabolic and liver diseases. Supporting our commitment to cardiorenal diseases, you will see in the quarter, we announced our plans to acquire SynCor adding baxotostat, a novel aldosteronesase inhibitor which further strengthens our pipeline. And I’ll go into more detail on this in the next slide. The other thing to point out is our progress with mitiperstat in Phase II for NASH. Mitiperstat is also being investigated in heart failure with preserved ejection fraction which is currently in Phase Ib and also in COPD which is in Phase IIa. This is a mechanism, first-in-class mechanism targeting myeloperoxidase which is known to cause the formation of hyperclurous acid which interferes with microvascular function in our preclinical models we’ve seen robust efficacy which reduced inflammation, fibrosis and also improves microvascular function.

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