GlaxoSmithKline plc (NYSE:GSK) Q1 2020 Earnings Conference Call - Final Transcript

Apr 29, 2020 • 09:00 am ET


GlaxoSmithKline plc (NYSE:GSK) Q1 2020 Earnings Conference Call - Final Transcript


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Good afternoon, ladies and gentlemen, and welcome to the analyst call on the GSK First Quarter 2020 Results. I will now hand you over to Sarah Elton-Farr, Head of Investor Relations, who will introduce today's session.

Sarah Elton-Farr

Thank you. Good morning and good afternoon. Thank you for joining us for our Q1 2020 results, which were issued earlier today. You should have received our press release and can view the presentation on GSK's website. For those not able to view, the webcast slides that accompanies today's call are located on the Investors section of the GSK website. Before we begin, please refer to slide two of our presentation for our cautionary statements. Our speakers today are Chief Executive Officer, Emma Walmsley; Luke Miels, President, Global Pharmaceuticals; and Iain Mackay, Chief Financial Officer. We have a broader team available for Q&A. [Operator Instructions]

And with that, I will hand the call over to Emma.

Emma Walmsley

Thanks, Sef, and welcome, everybody, to today's call. First and most importantly, I very much hope that all of you and the people around you are safe and well, and we appreciate you joining us today. We are facing an extraordinary global health threat with enormous direct and indirect consequences. And alongside updating you on our Q1 performance today, I want to start by sharing how we're responding to this. Supporting the global response for COVID-19 is at the heart of GSK's purpose as a company, and our businesses and portfolio are highly relevant and much needed. We've mobilized across the company to respond to the pandemic, and I'm pleased to report that our company is performing well and has demonstrated resilience in the face of significant pressures and uncertainty. Our people have been outstanding, showing courage and deep commitment to ensure that our products continue to be made available to patients and the people that need them.

Today, we've got over 20,000 essential workers going every day into our manufacturing and R&D sites. We're working hard to make sure employees stay protected and supported and are investing in high-frequency communications as well as providing teams with the technology, resources and adjusted policies to support them whatever their role. We've implemented business continuity plans across all our essential operations. In our supply chains, we're closely monitoring all parts of our manufacturing network, and our teams have shown tremendous agility to respond quickly to fluctuations in demand. For clinical trials, we've implemented proactive measures to protect study participants, staff at clinical trial sites and our employees while ensuring regulatory compliance and the scientific integrity of our studies are maintained. While recruitment for clinical trials has slowed due to disruption of the pandemic and diversion of resources to other clinical priorities, for the vast majority of our studies, we estimate we've incurred a 1- to 3-month delay.

While necessary and based on our own assessments, we've also proactively paused recruitment, including the pivotal programs related to otilimab in rheumatoid arthritis and Nucala in COPD. In the meantime, we're continuing to support