'24 Guidance and Revenue Growth
Q: Can you update on '24 guidance and revenue growth?
A: Management sees strong 19% revenue growth in Q1, driven by product sales across the board. If current momentum continues and uncertainties like VBP and pricing are favorable, revenues could be at the upper end or higher of the guidance range. They emphasize maintaining operating leverage and investing in R&D and SG&A to sustain growth.

Oral GLP-1 and PCSK9 Pipeline
Q: What's the latest on oral GLP-1 and PCSK9 programs?
A: For the oral GLP-1 (AZD5004), Phase I data is in hand and will be presented at a medical conference later this year. The company is excited about its potential to treat cardiometabolic and cardiorenal diseases, both as a standalone and in combination therapies. Two Phase IIb studies in obesity and type 2 diabetes will launch later this year. For the oral PCSK9 inhibitor, Phase I data shows substantial LDL lowering on top of statins, meeting a high bar. They plan to move forward with clinical development and present data soon.

Capivasertib (Truqap) Performance and Market Potential
Q: How is Truqap performing and what is its potential?
A: Truqap has a strong launch with positive data reception and rapid uptake, indicating high demand. Testing rates via NGS are over 60% in the U.S.. Management is optimistic, seeing Truqap as a potential multi-blockbuster, with promising opportunities in both breast and prostate cancer.

Dato-DXd Progress and Regulatory Approval
Q: Will Dato-DXd get U.S. approval with current OS data?
A: The company has filed for approval and notes that overall survival (OS) data is important to regulators. An updated OS data cut is expected around mid-year, and they hope for continued or improved trends favoring Dato-DXd.

Farxiga and Symbicort U.S. Sales and Strategy
Q: What's driving Farxiga and Symbicort U.S. sales?
A: Farxiga's strong growth is due to the introduction of an authorized generic offering a lower-cost option, capturing more volume. Symbicort's U.S. sales increased by 28% in Q1, driven by launching an authorized generic and lowering the list price, making it more affordable. Both products are off to a very strong start in the U.S..

Company's Expansion into New Areas
Q: Is AZN spreading itself too thin with expansions?
A: Management believes that as a $50 billion company, they require a portfolio approach. They focus on strategic synergies, leveraging expertise in Oncology, BioPharma, and Rare Disease. Expansion into vaccines is targeted, aiming for products synergistic with Oncology or respiratory diseases, not building a traditional vaccine business.

Capital Allocation, M&A Plans, Dividend Policy
Q: Will capital allocation or dividends change?
A: Capital allocation priorities remain unchanged. While they have been active in business development, they now need to focus on executing recent transactions. The company announced a 7% dividend increase, aligning with their progressive dividend policy.

Fusion Pharmaceuticals Acquisition Plans
Q: Plans for Fusion Pharmaceuticals platform?
A: The deal hasn't closed yet, so management cannot comment at this time.

Emerging Markets Growth Beyond China
Q: What's driving non-China emerging markets growth?
A: A strong commercial footprint and being the #1 pharma company in the international region enable growth across all geographies. Investment in a dedicated international regulatory team has accelerated approvals and launches of new products in these markets.

Tezepelumab COPD Data and Development Plans
Q: Will tezepelumab be developed broadly in COPD?
A: Phase II data suggest potential in a broader COPD population, including patients with eosinophil counts above 150, not just above 300. The company is excited about its differentiated mechanism and plans to move forward with development in collaboration with Amgen.

Organizational Structure and Focus
Q: Why maintain separate entities instead of streamlining?
A: Management believes focus is essential, and distinct divisions like Oncology and BioPharma allow specialized teams and cultures to drive effectiveness in each therapeutic area. This structure helps maintain purpose and success.

AKT Class Integration
Q: How does the AKT class integrate with other therapies?
A: AKT inhibitors like capivasertib target the PI3K/AKT pathway, commonly mutated in cancer. They can be combined with other agents like oral SERDs and CDK2 inhibitors, potentially expanding beyond current indications.

Cell Therapy and Bispecific Antibodies in Autoimmune Disease
Q: Plans for cell therapy and bispecifics in autoimmune disease?
A: The company is investing in these areas, including acquiring Gracell, and sees potential in addressing diseases of immune dysregulation. Early data in systemic lupus erythematosus is compelling, giving optimism for future treatments.

Airsupra Opportunity
Q: What's the opportunity for Airsupra?
A: Airsupra is the first rescue therapy for asthma patients over 18 in the U.S., a substantial market with 35 million inhalers prescribed annually. Early uptake is substantial, and the company believes it can become a blockbuster.