00:00Yeah so we have always been a very global company. I mean last year we had
00:05about 42% of our revenues from the US. We have about 10-12% of our revenue in
00:12China, 23% from Europe and then you know the remaining from the rest of the world.
00:17So of all the pharma companies we are probably the most truly global
00:24organizations and you know the US business is just growing you know it's
00:29been growing double digits so we just expect that that business will continue
00:33to grow. Not that other other parts of the business are shrinking but it is
00:39just growing faster as is actually the rest of what we call the emerging
00:42markets is also growing very fast so both those things will contribute to you
00:47know getting to almost half of our revenues from the US in the next five
00:51years. It's a fair point that growing in the US it doesn't have to come at the
00:55expense of you know your global presence in other markets but let's just talk
00:59about the listing because you've seen a lot of companies that are you know based
01:04overseas primarily listed overseas you know switch their listing to US markets
01:09or do something along those lines and the reasons usually give given are that you
01:14know you think about the US equity market it's very deep it's very liquid and
01:18typically you can maybe command a higher multiple than you might receive overseas. I
01:23would just love to hear your experience you know having done sort of a similar
01:28maneuver yourself what that has meant for AstraZeneca's share reception and
01:33where you think that your stock is still undervalued by the market at this point.
01:39Yeah so what we did actually I would say it was quite different from some of the
01:43other companies what they've done is many companies have actually re-domiciled to the
01:49US altogether and then listed the stock what we did was different we always had
01:56a US listing but it was an ADR and we basically changed that to ordinary shares
02:04so now the shares that are traded in the in the New York Stock Exchange in the
02:09London Exchange and in the Sweden are all exactly the same stock so there's no
02:14concept of ADR and it actually took a lot of work to figure out how to do this so
02:21it was less about valuation it was more about removing some of the friction that
02:25comes from you know having ADRs there are funds that can't hold ADRs retail
02:30shareholders etc so it was more driven by the need to simplify that and have one
02:37single security that is traded across the exchanges that being said again the US
02:45is a very broad and deep market our shareholder base has increased today
02:50about 45 percent of our shareholders are in the US and but again we also have a
02:56very global shareholder base so we expect that the you know the demand will
03:00continue to grow as as we grow as a company let's talk about what those global
03:06shareholders are very focused on right now and that of course is your upcoming
03:10GLP one pill of course you're due to present data on that pill in the near
03:16future and as you know probably better than most it's a very very competitive
03:22landscape when it comes to the weight loss market so you know what are you
03:26hoping in terms of the readout what is your drug need to do to sort of
03:30differentiate itself from the pack which is very well established at this
03:35point yeah so actually data is coming out very soon it will actually be this
03:40this weekend because the ADA is is happening this weekend so you will all
03:46get to see the data soon remember that this is phase two data so it's not a
03:51pivotal study and in phase two what we wanted to see is that the drug is as
03:57effective as competitors and you know just as just as safe remember also that what is
04:04established in the market today is injectable GLP ones it's actually not
04:09orals there's only one oral competitor that is sort of ahead of us so you know
04:14we have the potential to be second to market if you know things go well and
04:19then also where our strategy is really differentiated is the combinations and we
04:25have not just a GLP one that's not our only product we have a very broad
04:29portfolio of cardiovascular medicines we actually just launched in the US market a
04:35product called Baxfendi that's the brand name goes is the Baxter stat it is the
04:40single innovation that has happened in the hypertension space over the last 30
04:44years so where we can win is not just the single agent oral GLP one which
04:50obviously will need to show competitiveness but also the ability to
04:54combine that with our PCSK9 with our hypertension drug with for SIGA you know
04:59SGLT2 etc so we have sort of this broad portfolio strategy not just a single
05:04agent strategy and let's also talk a little bit about you know organic versus
05:10inorganic growth especially when it comes to the weight loss portfolio because you
05:14and I last spoke at the end of April and it sounded like at the time that you were
05:18pretty satisfied with your portfolio when it comes to weight loss is that still the
05:23case and are you looking at any M&A whether it be in weight loss or other
05:27parts of the portfolio as well so we are always looking at M&A you know last
05:33year we actually did 37 BD transactions and for us you know it's it's not large
05:41M&A but it's filling the gaps in our pipeline and also having a vision towards
05:46the future as to what are technologies that will really you know be important in
05:52the future that we may want to get access to or we may want to accelerate so many
05:58of these deals are fairly early stage maybe early to mid stage and also we look
06:03at you know if we acquire something or license something how do we add value to
06:07it and you know the oral GLP one is a great example we license this product from
06:12ecogene but we really accelerated it you know we have to sort out the
06:17manufacturing you know making all these investments so it's also a question how we
06:21can accelerate it after actually licensing it in and before we let you go but to
06:28your point that you know AstraZeneca it's a very global company let's talk a
06:32little bit about Europe specifically because there's a lot of concern in
06:35Europe right now that new medicines either won't launch there or perhaps will
06:40be delayed due to MFN pricing so I'm wondering whether or not you know in your
06:46view there's going to be some drugs from AstraZeneca that you think won't be
06:49launched in Europe at all due to some of those factors yeah look I think we're
06:55working very hard with governments across countries in Europe to figure out you
07:02know how how they can invest more in innovative medicines they today invest a
07:08very small portion of their GDP we're trying to you know argue and make the
07:12case that not only is it about you know getting the best medicine to patient but
07:17also investments in their countries again not just manufacturing but clinical
07:21trials researchers you know university support and all these other things that
07:26we do in the ecosystem and we're trying to make the case that countries do need to
07:30invest more in innovative medicines to bring you know the entire ecosystem to
07:35their countries and that remains a work in progress but we do hope to you know
07:40again bring our medicines to as many patients as possible across the globe
07:43you
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