AstraZeneca PLC Investor update

Thank you so much, operator. Good morning, good afternoon, good evening, everyone. My name is Ruud Dobber. I am the Executive Vice President for the BioPharmaceuticals Business at AstraZeneca. I would welcome you and thank you for joining us to hear about the phase III OBERON and TITANIA data for tozoracimab in COPD, presented earlier today here at the 2026 European Respiratory Society Congress in Barcelona. As always, the materials presented today will be published on the AstraZeneca Investor Relations website following this presentation. Next slide, please. Here are our usual forward-looking statements, which I encourage you to read. Next slide, please. This is our agenda for today's call. We are delighted to be joined by Dr. Frank Sciurba, Professor of Pulmonary and Critical Care Medicine at the University of Pittsburgh, who will walk us through the exciting phase III OBERON and TITANIA data presented earlier today at the ERS.

Next slide, please. Before we go into the data, let's take a step back and look at the role of R&I in delivering our AstraZeneca ambition in 2030 and beyond. Next slide, please. Many of you will recall that our Investor Day in May 2024, we set out our $80 billion risk-adjusted total revenue ambition for 2030. Since then, we have delivered strong commercial execution and substantial pipeline progress, further strengthening our confidence in the growth trajectory through 2030 and beyond. Respiratory and Immunology is an important contributor to that growth. Alongside the rapidly growing existing brands in our inhaled and biologics portfolio, tozoracimab is one of the key new medicines we expect to launch this decade, and we look forward to discussing its potential with you today.

In addition to the tozoracimab data, we have a number of upcoming catalysts for high-value assets across biopharma, oncology, and rare disease, which reinforce the breadth and durability of our long-term growth outlook. Next slide, please. Turning specifically to our respiratory and immunology portfolio, we have key inhaled and biologic medicines across asthma and COPD. Five recently launched brands have all delivered double-digit growth so far in 2026. We expect further momentum from the recent launch of BREZTRI in asthma and from the expansion of Tezspire and FASENRA in China and Japan. We also have ongoing lifecycle management programs for a number of these assets.

For example, we recently announced positive high-level results for the CROSSING Phase III trial in eosinophilic esophagitis, where Tezspire demonstrated clinically meaningful and statistically significant improvements across both co-primary and all key secondary endpoints, opening the door for Tezspire to potentially improve the lives of patients with this disease. Our R&I portfolio also has five NMEs in Phase II that will drive future growth, including our inhaled TSLP in asthma and other assets being studied in COPD, rheumatoid arthritis, Crohn's disease, and idiopathic pulmonary fibrosis. Taken together, this rapidly evolving portfolio and pipeline will fuel future growth for the business to 2030 and beyond. With that, let me hand over to Sharon to talk about how we are positioned to address the needs across asthma and COPD. Next slide, please, and over to you, Sharon.

Thanks, Ruud. As shown here, our respiratory portfolio spans the full spectrum of asthma and COPD care, from primary care-led inhaled therapies through to specialty care-led biologics as patients' treatment needs evolve. In asthma, we already have a strong inhaled presence with SYMBICORT, AIRSUPRA, and recently approved in the U.S. and Japan, BREZTRI, which is the first and only triple therapy approved in asthma for patients 12 years of age and older. Today, as patients continue to progress, they can move to our approved biologics, FASENRA and Tezspire. We also have sonacamtumab, our inhaled TSLP, which recently read out its Phase II-B study. This is the first-ever inhaled biologic in asthma that is being explored to potentially reach a significant number of patients who today are uncontrolled on inhaled standard of care and don't have access to a biologic.

In COPD, we have the potential to extend our inhaled portfolio beyond BREZTRI and SYMBICORT with TQC2731, the inhaled PDE3/4 inhibitor for which we announced a licensing agreement in July. Similar to asthma, we are developing multiple therapeutic options to address the high unmet need in COPD. Specifically, in addition to tozoracimab, we also have Tezspire in Phase III and our oral IRAK4 inhibitor, AZD6793, in Phase II, one of the five NMEs that Ruud alluded to earlier. This is a respiratory portfolio purposefully built to meet patients, no matter their disease severity or whether they are being treated in a primary or a specialty care setting. Next slide, please. COPD remains one of the greatest areas of unmet need in respiratory disease. Nearly 40 million patients are on inhaled maintenance therapy.

Of those maintenance patients who are on optimized standard of care, meaning dual or triple therapy, half still experience exacerbations, and these exacerbations matter enormously. COPD is the third leading cause of death globally. One in 2 patients die within 3 and a half years of their first severe exacerbation. That is a worse survival rate than a heart attack. Beyond the human toll, the cost to global health systems from COPD is expected to reach $4 trillion by 2050, driven in part by the high costs of these severe lung attacks. Preventing exacerbations is therefore a critical goal in the treatment of COPD, both to improve patient outcomes and to reduce the burden on healthcare systems. With that, I will hand over to Dr. Sciurba, who will take you through the exciting phase III OBERON and TITANIA data for tozoracimab.