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PharmaMar Group Announces Financial Results for First Half 2025

On July 30, 2025 PharmaMar Group (MSE: PHM) reported an 18% increase in total revenue in the first six months of the year, reaching €95.3 million. Recurring revenue, resulting from the sum of net sales plus royalties received from our partners, grew by 5% as of June 30th, 2025, reaching €72.5 million (Press release, PharmaMar, JUL 30, 2025, View Source [SID1234654640]).

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At the end of the first half of this year, total oncology sales amounted to €45.8 million, representing a 9% increase over the same period last year. These sales include commercial sales of Yondelis (trabectedin) in Europe, sales of raw materials to our partners for both trabectedin and lurbinectedin, distribution of Zepzelca (lurbinectedin) under the compassionate use program ("accès compassionnel"), and commercial sales of lurbinectedin in Switzerland. The increase, during the first half of the year, was driven by the positive performance of lurbinectedin revenues in Europe, where revenues recorded under the compassionate use program – mainly in France – increased by 26% to €15.4 million, as well as commercial sales of lurbinectedin in Switzerland amounting to €8.4 million, representing a growth of 75% compared to the same period in 2024.

At the end of the first half of 2025, oncology royalty income stood at €26.4 million, compared to €26.5 million recorded on June 30th, 2024. This amount corresponds mainly to royalties received from sales of lurbinectedin by our partners Jazz Pharmaceuticals in the US and Luye in China, which together amount to €21.0 million[1], as well as royalties from sales of trabectedin by our partners in the US and Japan, amounting to €5.4 million.

Regarding non-recurring income from licensing agreements, at the end of the first half of 2025, this increased by 87% to €23.0 million, compared to €12.3 million recorded on June 30th, 2024. The increase is driven by the lurbinectedin licensing agreement for Japan signed with Merck for €20.7 million, together with €2.0 million in deferred revenue from the 2019 agreement signed with Jazz Pharmaceuticals in relation to lurbinectedin.

During the first half of the year, €14.7 million was recognized as other net income/(expenses) corresponding to the completed portion of the Syoligo project, for which Sylentis was awarded a grant under the European IPCEI (Important Projects of Common European Interest) ‘Med4Cure’ program for the period January 2023 to August 2026. The total amount of the grant is €21.1 million.

The PharmaMar Group’s investment in R&D amounted to €47.5 million, representing a 7% reduction compared to the first half of 2024, due to the completion of two Phase 3 clinical trials.

Of the total R&D investment for the period, the oncology segment recorded €44.8 million, compared to €46.7 million as of June 30th, 2024. This variation is mainly due to the completion in December 2024 of recruitment for the Phase 3 LAGOON clinical trial with lurbinectedin in small cell lung cancer.

For its part, the RNAi segment recorded €2.7 million in R&D as of June 30th, 2025, compared to €4.6 million for the same period last year. This variation is due to the completion in the first months of 2024 of the Phase 3 PIVO1 clinical trial with tivanisiran for dry eye.

In addition, the Company continues to invest in the clinical development of other molecules at earlier stages. In this regard, two Phase 2 clinical trials are underway with ecubectedin, as well as Phase 1 clinical trials with PM534 and PM54, all for the treatment of solid tumors.

As a result, the PharmaMar Group’s EBITDA reached €25.1 million as of June 30th, 2025, compared to -€0.8 million in the first half of 2024.

The Group’s net profit as of June 30th, 2025, stands at €19.4 million, compared to €3.5 million in the same period last year.

At the end of the first half of the year, the PharmaMar Group had cash and cash equivalents of €128.9 million, with a total financial debt of €48.3 million.

PharmaMar management will host a conference call and webcast for investors and analysts on July 31st, 2025, at 13:00 CET (07:00 AM, New York time) as follows: The numbers to connect to the teleconference are +34 91 901 16 44 (from Spain), +1 646 664 1960 (from USA or Canada), and +44 20 3936 2999 (other countries). Participants’ access code: 883194. Interested parties can also follow the conference call live via the following link: View Source

The recording of the teleconference will be available for thirty days and it can be accessed on PharmaMar’s website by visiting the Events Calendar section of the Company’s website www.pharmamar.com

Moleculin Receives Notice of Intent to Grant New European Patent for Annamycin

On July 30, 2025 Moleculin Biotech, Inc., (Nasdaq: MBRX) ("Moleculin" or the "Company"), a late-stage pharmaceutical company with a broad portfolio of drug candidates targeting hard-to-treat tumors and viruses, reported it has received a Notice of Intent to Grant for the European patent application titled, "PREPARATION OF PRELIPOSOMAL ANNAMYCIN LYOPHILIZATE (Press release, Moleculin, JUL 30, 2025, View Source [SID1234654639])." Such grant should solidify the Company’s European Union exclusivity of Annamycin, also known by its non-proprietary name of naxtarubicin, with the potential to become the first non-cardiotoxic anthracycline.

The grant is subject to payment of fees and completion of final amendments and formalities. When issued, the patent claims will cover methods of making a preliposomal Annamycin lyophilizate with improved stability and high purity, with a base patent term currently extending until into 2040, subject to extension to account for time required to fulfill requirements for regulatory approval. Moleculin’s novel drug candidate is being positioned to become the first ever non-cardiotoxic anthracycline to be approved and is currently being developed for the treatment of acute myeloid leukemia (AML) and soft tissue sarcoma lung metastases (STS lung mets). Additional preclinical studies performed at a world-renowned cancer center indicate Annamycin may be a potential treatment for many other types of cancers. The new chemical entity uses a unique lipid-based delivery technology and has shown the potential to be used in a wide range of cancers. In addition to the newly expected European patent and previously issued U.S. patents, Moleculin has additional patent applications related to Annamycin pending in the U.S., Europe and in major jurisdictions worldwide.

Walter Klemp, Chairman and CEO of Moleculin, said, "Our preliposomal formulation for Annamycin not only improves the stability and usability of Annamycin, but also creates a scalable platform that has the potential to be a catalyst for how lipophilic oncology drugs are delivered. We are pleased to add this newly granted European patent to our global intellectual property portfolio and believe it provides further validation of Annamycin’s potential. The current patent portfolio includes patents and patent applications with claims to methods of making our preliposomal Annamycin and liposomal Annamycin suspension as well as the resulting compositions for use in the treatment of cancers in the US, Europe, China, and India, among others. We remain committed to fortifying our global patent protection for Annamycin and advancing the development of this potentially transformative therapeutic candidate for hard-to-treat tumors."

Annamycin (naxtarubicin), currently has Fast Track Status and Orphan Drug Designation from the FDA for the treatment of relapsed or refractory AML, in addition to Orphan Drug Designation for the treatment of STS lung mets. Furthermore, Annamycin has Orphan Drug Designation for the treatment of relapsed or refractory acute myeloid leukemia from the EMA.

IMUNON Announces First Patient Dosed in Phase 3 OVATION 3 Study of IMNN-001 in Newly Diagnosed Advanced Ovarian Cancer

On July 30, 2025 IMUNON, Inc. (Nasdaq: IMNN), a clinical-stage company in Phase 3 development of its DNA-mediated immunotherapy, reported that the first patient has been dosed in the pivotal Phase 3 OVATION 3 Study evaluating the Company’s lead candidate, IMNN-001, for the treatment of women with newly diagnosed advanced ovarian cancer (Press release, IMUNON, JUL 30, 2025, View Source [SID1234654638]). The first patient was dosed by Melanie K. Bergman, M.D., FACOG, Gynecologic Oncologist with Providence Medical Group at Providence Health in Spokane, Washington.

"IMNN-001 represents a potentially transformative therapy that, in combination with standard of care chemotherapy, may make a meaningful difference in the lives of women facing a new devastating diagnosis of advanced ovarian cancer," said Dr. Bergman. "IMNN-001 has shown significant therapeutic potential in clinical trials thus far, including consistent overall survival benefit across multiple treatment groups. We are pleased to be involved in the Phase 3 study and support its clinical development to further validate its safety and efficacy for women who currently have no effective options besides chemotherapy and surgery."

"It is very encouraging to see the strong interest and enthusiasm among the scientific community in our novel IMNN-001 program. Dosing the first patient is an important step forward and we expect to build on this momentum in the coming months as patient enrollment activities continue to accelerate in the OVATION 3 Study," said Stacy Lindborg, Ph.D., president and chief executive officer of IMUNON. "We have great urgency around this program because patients do not have any other options besides the standard of care, which includes neoadjuvant and adjuvant chemotherapy and surgery. We have the resources in place needed to advance IMNN-001 efficiently and we are well positioned to fulfill our promise to help improve the standard of care for thousands of women worldwide with advanced ovarian cancer."

The Phase 3 OVATION 3 trial is designed to assess the safety and efficacy of IMNN-001 (100 mg/m2 administered intraperitoneally weekly) plus neoadjuvant and adjuvant chemotherapy (N/ACT) of paclitaxel and carboplatin compared to standard of care (SoC) N/ACT alone. Study participants will be randomized 1:1 and include women with newly diagnosed advanced ovarian cancer (stage 3C or 4) who are eligible for neoadjuvant therapy, the intent-to-treat population, with a sub-group of women positive for homologous recombination deficiency (HRD), including BRCA1 or BRCA2 mutations. Participants who are HRD positive will receive poly ADP-ribose polymerase (PARP) inhibitors as part of standard maintenance therapy. The primary endpoint of the study is overall survival, and secondary endpoints are surgical response score, chemotherapy response score, clinical response and time to second-line treatment. The study will also assess several exploratory endpoints.

In June 2025, IMUNON presented unprecedented positive overall survival data from the Phase 2 OVATION 2 Study of IMNN-001 at the American Society of Clinical Oncology (ASCO) (Free ASCO Whitepaper) Annual Meeting and in the peer-reviewed journal Gynecologic Oncology. Published OVATION 2 data showed that treatment with IMNN-001 plus SoC chemotherapy in women with newly diagnosed advanced ovarian cancer resulted in consistent, clinically meaningful improvements in several key endpoints across treatment groups, including overall survival, progression-free survival, chemotherapy response score and surgical response score, with a favorable safety profile. IMUNON also presented new translational data at the ESMO (Free ESMO Whitepaper) Gynaecological Cancers Congress demonstrating that IMNN-001 creates a "hot" anti-tumor microenvironment by recruiting CD8+ T cells, macrophages and dendritic cells into the tumor microenvironment and decreasing Treg suppressor cells. This biomarker research further validates IMNN-001’s mechanism of action and selective immune activation at the tumor site.

About the Phase 2 OVATION 2 Study

OVATION 2 evaluated the dosing, safety, efficacy and biological activity of intraperitoneal administration of IMNN-001 in combination with neoadjuvant and adjuvant chemotherapy (N/ACT) of paclitaxel and carboplatin in patients newly diagnosed with advanced epithelial ovarian, fallopian tube or primary peritoneal cancer. Treatment in the neoadjuvant period is designed to shrink the tumors as much as possible for optimal surgical removal after three cycles of chemotherapy. Following N/ACT, patients undergo interval debulking surgery, followed by three additional cycles of adjuvant chemotherapy to treat any residual tumor. This open-label study enrolled 112 patients who were randomized 1:1 and evaluated for safety and efficacy to compare N/ACT plus IMNN-001 versus standard-of-care N/ACT. In accordance with the study protocol, patients randomized to the IMNN-001 treatment arm could receive up to 17 weekly doses of 100 mg/m2 in addition to N/ACT. As a Phase 2 study, OVATION 2 was not powered for statistical significance. Additional endpoints included objective response rate, chemotherapy response score and surgical response score.

About IMNN-001 Immunotherapy

Designed using IMUNON’s proprietary TheraPlas platform technology, IMNN-001 is an IL-12 DNA plasmid vector encased in a nanoparticle delivery system that enables cell transfection followed by persistent, local secretion of the IL-12 protein. IL-12 is one of the most active cytokines for the induction of potent anticancer immunity acting through the induction of T-lymphocyte and natural killer cell proliferation. IMUNON previously reported positive safety and encouraging Phase 1 results with IMNN-001 administered as monotherapy or as combination therapy in patients with advanced peritoneally metastasized primary or recurrent ovarian cancer and completed a Phase 1b dose-escalation trial (the OVATION 1 Study) of IMNN-001 in combination with carboplatin and paclitaxel in patients with newly diagnosed ovarian cancer. IMUNON previously reported positive results from the recently completed Phase 2 OVATION 2 Study, which assessed IMNN-001 (100 mg/m2 administered intraperitoneally weekly) plus neoadjuvant and adjuvant chemotherapy (N/ACT) of paclitaxel and carboplatin compared to standard-of-care N/ACT alone in 112 patients with newly diagnosed advanced ovarian cancer.

About Epithelial Ovarian Cancer

Epithelial ovarian cancer is the sixth deadliest malignancy among women in the U.S. There are approximately 20,000 new cases of ovarian cancer every year and approximately 70% are diagnosed in advanced Stage III/IV. Epithelial ovarian cancer is characterized by dissemination of tumors in the peritoneal cavity with a high risk of recurrence (75%, Stage III/IV) after surgery and chemotherapy. Since the five-year survival rates of patients with Stage III/IV disease at diagnosis are poor (41% and 20%, respectively), there remains a need for a therapy that not only reduces the recurrence rate but also improves overall survival. The peritoneal cavity of advanced ovarian cancer patients contains the primary tumor environment and is an attractive target for a regional approach to immune modulation.

Guardant Health Reports Second Quarter 2025 Financial Results and Increases 2025 Revenue Guidance

On July 30, 2025 Guardant Health, Inc. (Nasdaq: GH), a leading precision oncology company, reported financial results for the quarter ended June 30, 2025 (Press release, Guardant Health, JUL 30, 2025, View Source [SID1234654637]).

Second Quarter 2025 Financial Highlights
For the three-month period ended June 30, 2025, as compared to the same period of 2024:
•Reported total revenue of $232.1 million, an increase of 31%, driven by:
◦Oncology revenue of $158.7 million, an increase of 22%, and approximately 64,000 oncology tests, an increase of 30%
◦Screening revenue of $14.8 million, and approximately 16,000 Shield screening tests
◦Biopharma & Data revenue of $56.0 million, an increase of 28%
•Generated non-GAAP gross margin of 66%, compared to 60% in the second quarter of 2024
•Guardant360 Tissue average selling price increased to approximately $2,000, achieving 2028 target three years ahead of schedule

Recent Operating Highlights
•Introduced 11 groundbreaking Smart Liquid Biopsy applications for Guardant360 Liquid that greatly expands the differentiated clinical utility for therapy selection
•Submitted Reveal breast cancer package to MolDx for Medicare reimbursement following publication in ESMO (Free ESMO Whitepaper) Open
•Published RADIOHEAD immuno-oncology monitoring study for Reveal in Cancer Research Communications, with data from 521 stage IV pan-cancer patients
•Expanded Oncology offerings with launches of Guardant Hereditary Cancer Testing and a suite of immunohistochemistry tests
•Shield included in the updated National Comprehensive Cancer Network, or NCCN, colorectal cancer screening guidelines
•Enrollment commenced for NCI Vanguard study for Shield Multi-Cancer Detection (MCD)
•Shield MCD granted Breakthrough Device Designation from the FDA
•Shield named a winner of Fast Company’s 2025 World Changing Ideas Awards

"Q2 was another exceptional quarter for Guardant and we were able to increase our 2025 revenue guidance yet again. We saw especially strong performance from Guardant360 Liquid, where year-over-year growth accelerated for the fourth consecutive quarter," said Helmy Eltoukhy, co-founder and co-CEO. "In May, we introduced 11 groundbreaking Smart Liquid Biopsy applications for Guardant360 Liquid, significantly expanding the clinical utility. Product innovation built on Smart Liquid Biopsy is integral to our strategy at Guardant and we look forward to continuing a steady cadence of SLB-based applications to further extend our technical leadership in the comprehensive genomic profiling market."
"Shield continued to generate strong demand in its third full quarter of commercial launch. Shield volume, revenue and gross profit grew strongly, ahead of our expectations, paving the path for faster acceleration of commercial infrastructure buildout," said AmirAli Talasaz, co-founder and co-CEO. "Beyond CRC, we are making important progress with Shield as a multi-cancer detection test. Shield MCD test recently received Breakthrough Device Designation from the FDA and surpassed an important milestone with the start of the NCI Vanguard study."

Second Quarter 2025 Financial Results

Revenue was $232.1 million for the second quarter of 2025, a 31% increase from $177.2 million for the corresponding prior year period. Oncology revenue grew 22% to $158.7 million for the second quarter of 2025, from $130.3 million for the corresponding prior year period, driven primarily by an increase in Oncology test volume (Guardant360 Liquid & Tissue, Reveal and Response), which grew 30% over the prior year period. The increase in Oncology revenue was also attributable to an increase in reimbursement for our Oncology tests. Screening revenue was $14.8 million for the second quarter of 2025, generated from approximately 16,000 Shield screening tests. Biopharma and Data revenue grew 28% to $56.0 million for the second quarter of 2025, from $43.9 million for the corresponding prior year period, driven primarily by an increase in volume of tests and an increase in average selling price of our GuardantINFINITY test, as well as an increase in revenue derived from service agreements with biopharmaceutical customers. Licensing and other revenue was $2.6 million for the second quarter of 2025, compared to $3.0 million for the corresponding prior year period.

Gross profit, or total revenue less cost of revenue, was $150.9 million for the second quarter of 2025, an increase of $46.1 million from $104.8 million for the corresponding prior year period. Gross margin, or gross profit divided by total revenue, was 65%, as compared to 59% for the corresponding prior year period.
Non-GAAP gross profit was $153.8 million for the second quarter of 2025, an increase of $47.0 million or 44%, from $106.8 million for the corresponding prior year period. Non-GAAP gross margin was 66% for the second quarter of 2025, as compared to 60% for the corresponding prior year period.
Operating expenses were $257.3 million for the second quarter of 2025, as compared to $205.4 million for the corresponding prior year period. The year-over-year increase in operating expenses was primarily related to commercial team expansion and marketing activities to support the Shield product launch and existing products, as well as an increase in stock-based compensation expense. Non-GAAP operating expenses were $215.3 million for the second quarter of 2025, as compared to $178.8 million for the corresponding prior year period. The year-over-year increase in non-GAAP operating expenses was primarily related to commercial team expansion and marketing activities to support the Shield product launch and existing products.
Net loss was $99.9 million for the second quarter of 2025, as compared to $102.6 million for the corresponding prior year period. Net loss per share was $0.80 for the second quarter of 2025, as compared to $0.84 for the corresponding prior year period.
Non-GAAP net loss was $55.0 million for the second quarter of 2025, as compared to $58.5 million for the corresponding prior year period. Non-GAAP net loss per share was $0.44 for the second quarter of 2025, as compared to $0.48 for the corresponding prior year period.
Adjusted EBITDA loss was $51.9 million for the second quarter of 2025, as compared to a $61.9 million loss for the corresponding prior year period.
Free cash flow for the second quarter of 2025 was $(65.9) million, as compared to $(99.1) million for the corresponding prior year period. The year-over-year reduction was primarily due to a change in timing of the payout of the Company’s annual bonus, which was made in the first quarter of 2025 and in the second quarter of 2024.
Cash, cash equivalents, and restricted cash were $735.5 million as of June 30, 2025.
2025 Guidance
Guardant Health now expects full year 2025 revenue to be in the range of $915 to $925 million, representing growth of 24% to 25% compared to full year 2024. This compares to the prior range of $880 to $890 million, representing annual growth of 19% to 20%.
Within this revenue range:
•Oncology revenue is now expected to grow approximately 20% year over year in 2025, compared to prior guidance of approximately 18% growth. Oncology volume is now expected to accelerate to greater than 27% growth in 2025 compared to 20% growth in 2024.
•Screening revenue is now expected to be in the range of $55 to $60 million, driven by Shield volume of 68,000 to 73,000 tests. This compares to the prior range of $40 to $45 million and 52,000 to 58,000 tests.
•Biopharma & Data revenue growth is now expected to be in the mid-teens range, compared to prior expectations of low double-digits.
Guardant Health now expects full year 2025 non-GAAP gross margin to be in the range of 63% to 64%, an improvement compared to prior expectations of 62% to 63%. Guardant Health now expects total non-GAAP operating expenses to be in the range of $840 to $850 million, an increase compared to the prior range of $830 to $840 million due to the reinvestment of incremental Screening gross profit to accelerate the Screening commercial infrastructure build out. Guardant Health continues to expect free cash flow burn to be in the range of $225 to $235 million, an improvement compared to $275 million for the full year 2024. This includes approximately $200 million of Screening net cash burn. Guardant Health continues to expect the remainder of the business excluding Screening to reach free cash flow breakeven in the fourth quarter of 2025.
Webcast Information
Guardant Health will host a conference call to discuss the second quarter 2025 financial results after market close on Wednesday, July 30, 2025 at 1:30 pm Pacific Time / 4:30 pm Eastern Time. A webcast of the conference call can be accessed at View Source The webcast will be archived and available for replay for at least 90 days after the event.

GSK delivers continued strong performance

On July 30, 2025 GSK reported continued strong performance for quarter ending June 30, 2025 (Press release, GlaxoSmithKline, JUL 30, 2025, View Source [SID1234654636]).

Strong Specialty Medicines performance drives sales and core operating profit growth

Total Q2 2025 sales £8.0 billion +1% AER; +6% CER

Specialty Medicines sales £3.3 billion (+15%); Respiratory, Immunology & Inflammation £1.0 billion (+10%); Oncology £0.5 billion (+42%); HIV sales £1.9 billion (+12%)
Vaccines sales £2.1 billion (+9%); Shingrix £0.9 billion (+6%); Meningitis vaccines £0.4 billion (+22%); and Arexvy £0.1 billion (+13%)
General Medicines sales £2.6 billion (-6%); Trelegy £0.8 billion (+4%)
Total operating profit +33% and Total EPS +35% driven by lower CCL charges partly offset by intangible asset impairments
Core operating profit +12% and Core EPS +15% reflecting Specialty Medicines and Vaccines growth, higher royalty income and disciplined increased investment in R&D portfolio progression in Oncology and Vaccines
Cash generated from operations of £2.4 billion with free cash flow of £1.1 billion
Q2 2025 Year to date
£m % AER % CER £m % AER % CER
Turnover 7,986 1 6 15,502 2 5
Total operating profit 2,023 23 33 4,239 35 41
Total operating margin % 25.3% 4.5ppts 5.4ppts 27.3% 6.8ppts 7.2ppts
Total EPS 35.5p 23 35 75.3p 38 45
Core operating profit 2,631 5 12 5,164 4 8
Core operating margin % 32.9% 1.1ppts 1.8ppts 33.3% 0.8ppts 1.1ppts
Core EPS 46.5p 7 15 91.4p 6 10
Cash generated from operations 2,433 47 3,734 35

Pipeline progress and investment delivering future growth opportunities:
5 major new product approvals expected in 2025:

3 US Approvals now received for Penmenvy meningitis vaccine, Blujepa first-in-class antibiotic treatment for uUTIs and Nucala, anti-IL5 biologic for COPD

Blenrep (for multiple myeloma) approved in EU, Japan, UK, Canada and Switzerland. Constructive discussion ongoing with FDA with new PDUFA date set for 23 October 2025
US regulatory decision on depemokimab (for asthma with type 2 inflammation, nasal polyps) expected in December 2025
Progress on 14 key opportunities expected to launch 2025-2031 each with PYS potential above £2 billion:
Phase III PIVOT-PO study for tebipenem, a potential new antibiotic for cUTIs, stopped early for efficacy, with filing now planned by year end

Phase III development programme for depemokimab COPD started with launch of ENDURA studies
Pivotal/Phase III trial starts planned in H2 25 for: potential cancer treatments GSK’227 B7H3 ADC for ES-SCLC and GSK’981 IDRx-42 for 2L GIST; efimosfermin for treatment of MASH; and cabotegravir ultra long acting + rilpivirine (Q4M) for HIV treatment

Targeted business development continues strengthening RI&I and Oncology pipeline
Acquisition of efimosfermin a potential best in class specialty medicine for steatotic liver disease from Boston Pharmaceuticals completed

Agreements announced with Hengrui Pharma to develop up to 12 medicines in RI&I and Oncology, including licence for
potential best-in-class PDE3/4 inhibitor in clinical development for treatment of COPD
Continued commitment to shareholder returns
Dividend declared of 16p for Q2 2025; 64p expected for full year 2025
£822 million spent in H1 2025 as part of the £2 billion share buyback programme announced at FY 2024
Confident for delivery of 2025 guidance – towards top of range
Increase towards the top end of range for turnover growth of 3% to 5%; Core operating profit growth of 6% to 8%; and
Core EPS growth of 6% to 8%

mma Walmsley, Chief Executive Officer, GSK:
"GSK’s strong momentum in 2025 continues with another quarter of excellent performance driven mainly by Specialty Medicines, our largest business, with double-digit sales growth in Respiratory, Immunology & Inflammation, Oncology and HIV. We also continue to make very good progress in R&D, with 3 major FDA approvals achieved so far this year, 16 assets now in late-stage development, and 4 more promising medicines to treat cancer, liver disease and HIV expected to enter Phase III and pivotal development by the end of the year. With all this, we now expect to be towards the top end of our financial guidance for 2025 and remain confident in our long-term outlooks."

Assumptions and cautionary statement regarding forward-looking statements
The Group’s management believes that the assumptions outlined above are reasonable, and that the guidance, outlooks, and expectations described in this report are achievable based on those assumptions. However, given the forward-looking nature of these guidance, outlooks, and expectations, they are subject to greater uncertainty, including potential material impacts if the above assumptions are not realised, and other material impacts related to foreign exchange fluctuations, macro-economic activity, the impact of outbreaks, epidemics or pandemics, changes in legislation, regulation, government actions, including the impact of any potential tariffs or other restrictive trade policies on the Group’s products, or intellectual property protection, product development and approvals, actions by our competitors, and other risks inherent to the industries in which we operate.

This document contains statements that are, or may be deemed to be, "forward-looking statements". Forward-looking statements give the Group’s current expectations or forecasts of future events. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as ‘anticipate’, ‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘plan’, ‘believe’, ‘target’ and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. In particular, these include statements relating to future actions, prospective products or product approvals, future performance or results of current and anticipated products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, dividend payments and financial results. Other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulation, the UK Listing Rules and the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority), the Group undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The reader should, however, consult any additional disclosures that the Group may make in any documents which it publishes and/or files with the SEC. All readers, wherever located, should take note of these disclosures. Accordingly, no assurance can be given that any particular expectation will be met and investors are cautioned not to place undue reliance on the forward-looking statements.