GlaxoSmithKline plc (NYSE:GSK) Q2 2020 Earnings Conference Call - Final Transcript

Jul 29, 2020 • 09:00 am ET


GlaxoSmithKline plc (NYSE:GSK) Q2 2020 Earnings Conference Call - Final Transcript


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Good afternoon, ladies and gentlemen, and welcome to the analyst call on the GSK Second 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 Q2 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 accompany today's call are located on the Investors section of our 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; Iain Mackay, Chief Financial Officer; and Dr. Hal Barron, Chief Scientific 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

Thank you, Sef. And welcome, everybody, to today's call. I hope that you and those around you continue to be well. At this half year mark and in what have been extraordinary circumstances, I am pleased to report that we've mobilized across GSK to respond to the pandemic and have simultaneously advanced our long-term strategic goals at pace. Adjusting rapidly to the new ways of working, we've secured supply, strengthened the pipeline, progressed multiple solutions for pandemic, and our integration and separation programs are all firmly on track. While we have seen some COVID disruption impact to our performance this quarter, we're pleased with half year delivery, and our confidence in our business and its prospects remains high. Hal will give you an update on our innovation progress shortly, but particular highlights in the last few months include, in Oncology, the U.S. approval for Zejula as a first-line monotherapy maintenance treatment for women with ovarian cancer. We were also pleased to see positive opinions from the FDA's ODAC and CHMP on belantamab mafodotin, a medicine, we believe, will be very important for multiple myeloma patients. In Infectious Diseases, we made great progress in HIV with the presentation of truly groundbreaking data for long-acting cabotegravir in the PrEP setting. And in Vaccines, we're poised to move into pivotal studies for very significant opportunities in RSV and meningitis and have just announced our collaboration with CureVac, targeting up to five infectious disease pathogens. Despite short-term pressures, our performance fundamentals continue to strengthen with good momentum and strengthening commercial execution on our key growth drivers. We're winning share in Respiratory; in oncology with Zejula; with two drug regimens in HIV; and in power brands and consumer, including a notable acceleration in VMS demand.

We've seen strong acceleration of our digital capabilities as we've continued to increase our share of voice with HCPs, both virtually and face-to-face where possible, as well as winning share in an accelerating e-commerce channel in consumer. Our consumer integration and company separation programs both continue to progress well and undistracted, with over 90% of Pfizer revenues now successfully