Thank you very much. Good afternoon and welcome to this Q2 call. With me is our CFO, Simon Dingemans as usual. As you can see from the results we have just published, we delivered a strong second quarter, with group sales up 4% CER to £6.5 billion. Sales growth was generated across all three businesses in the company, and was particularly driven by new pharmaceutical and vaccine products, which for the first time, had sales of £1 billion in the quarter. In the same quarter last year, this portfolio had sales of £446 million, so clearly a doubling over the year. The growth delivered and demand for these new products is one of the reasons why we have today announced £275 million worth of capital investments to increase our manufacturing capacity in the U.K. I am also very pleased with the continued progress we are making on cost control, and the delivery of integration and restructuring benefits, which are tracking ahead of schedule. Taking together for the quarter, we have delivered core earnings per share of £0.245, up 16% on constant currency basis. For the half year, core EPS growth was 12% CER. Given the momentum we have seen so far this year, we now expect to deliver core EPS of the upper end of the guidance we gave to investors in the first quarter. With 2016 core EPS percentage growth now expected to be 11% to 12% in constant currency terms. Clearly, currency has had a significant impact on our results for the quarter, both in total and core reporting, and Simon will talk you through these in more detail in a second. Moving to cash flow, net cash inflow from operating activities for the first half of the year was £1.7 billion, that compares to half from 2015…

Thank you, Andrew. The Group has had a strong first half with another quarter of good performance across all three businesses, driven by sustained focus on execution, and our trading performance reflects the continued momentum on our new products, held by the investments we are making to support the launches, as well as tight cost control and consistent delivery of benefits from the transaction and restructuring savings. In line with our financial architecture, we grew earnings ahead of our sales growth, and excluding the investments that we have said we are funding with divestment proceeds, we have also started to see a meaningful improvement in the Group's free cash flow. After the strong start to the year, we now expect growth for the two halves to the year to be more evenly balanced than we previously thought, and with the additional visibility we now have, we have tightened up the range for our guidance to the higher end of the range previously provided. And so, while there is still a lot to do, we now expect core EPS growth for the full year, in the 11% to 12% range on a constant currency basis. Our earnings release provides an extensive amount of detail about our performance and you can find further detail on the slides that we have posted today on our web site. As normal, many of the comments today will be focused on CER growth and core results, but as currency has had such a significant impact on our results for the quarter, both total and core, I want to take a bit of time to explain whether the greatest impact has been. Sterling was relatively stable last year, with an average rate of 1.53 to the dollar; and while concerns about the Brexit referendum were an issue…

Thanks very much Simon. And we will open up the call to Q&A please. So operator, maybe if you could take everybody through the protocol and we will start.

[Operator Instructions]. The first question is coming from the line of Graham Parry from Bank of America. Please go ahead. You are live on the call.

Hey. Thank you for taking the question. So the first one is on vaccine sales, you had a very strong first half in vaccines and first half running at around 12% constant exchange rate. You are guiding for these around mid-single digit. So could you help us understand, how you expecting phasing to run through in the second half of the year, particularly, how the Bexera outlook is likely to progress, given you have got better manufacturing there? And also on the margin there, at 28%, how sustainable is that, or is that just related to the amounts of phasing benefit you are going to have there? Second point is on the FX guidance, the 19% benefit for the full year, you had a 26% benefit in the second quarter, before most of the Brexit FX benefit happened. So I am just wondering, why that may not even be more, as you go through the rest of the year? And then thirdly, question on Gilead's preclinical data on GS-9883 which came after the ASM meeting in June in Boston. They had some resistance profile data there, I just wondered if you'd have time to look at that and had any kind of view on the possible advantages for that products over Tivicay, Trimeq from a resistance perspective? Thank you.

Great. Thanks very much Graham. Let me take the first question, and then I will ask Simon to address the currency effect, and I will come back to HIV. So vaccine, a very good quarter. Good shipments of Bexera. We got quite a bit of Bexera way in the last few weeks of the quarter. I would expect the rest of the year to be pretty robust for the vaccine business. But as we keep reminding you, there is some volatility around quarter-to-quarter. So for example in this quarter, we got a tender away to Mexico, which we originally expected to be in Q3, as we came in Q2; happens all the time. Sometimes, those things, net-net, well for a quarter, sometimes they net-net less well per quarter. Year-end is also always a bit strange, because of a number of governments manage their financial year across literally the end of the calendar year. But having given you that caveat, we feel pretty robust around the next six months positioned for us. Bexera growth continues very strongly across the world. We have seen a more rapid growth -- we are at the kind of front edge of the timing of expansion of our supplies than we anticipated, when we first talked to you at the beginning of the year, which is very good. We have already, as you may have seen last week, had released for flu [indiscernible] in America. We are the first company to get released by Ciba, and we are about six weeks earlier than we normally are in the flu cycle. That should bode well for us in the flu season. Obviously, that's just beginning, but if that goes well, then we would continue to expect a solid performance for vaccines the rest of the year. As far as margin is concerned, I think -- we said we would get this business back up and to close to 30% margin over the next several years. We are up in the high 20s, very close to 30. I think we are going to bounce around that. I don't see this dramatically changing. It is quite sensitive to the sales level, so if you have a quarter, where a couple of big tenders slip out, then you can see the margin affected that way and vice versa. But broadly speaking, on a multi-quarter basis, I think we are now going up into the territory we'd expect to be, with the inevitable quarter-to-quarter volatility. And I hand back to Simon on the exchange rate point.

Yeah. I think just on vaccines, to add, remember also, we have got quite a lot of investments going through to make sure, we can deliver against the top line opportunity that you can see opening up for us, and that obviously factors into the margin. On currency, Q1, we obviously had a lot less tailwind. So as you look at the year as a whole, you have to factor that in. We have also assumed, in that calculation, that we ended up with the year, having the same level of exchange gains and losses as we had in 2015, as we have to make an assumption around that. Clearly, we are working hard to make sure that isn't the case. And then when you look at the mix of costs over the balance of the year, that does also pull the amount of currency leverage, if you like, coming into the P&L over the second half, given the mix that you have got going on there. So that's the three main reasons why it’s a bit lower than what we saw in Q2.

Thanks Simon. And on the HIV, I think it's way too early for us to try and draw any conclusion based on the tiny amount of data we have seen. I think there were four patients in each arm of the study, that we saw the post on -- structurally, the medicine looks very similar to dolutegravir. I think really, realistically we need to see more clinical data to really understand, what if any, differences there might be there. I think more importantly, by the time it comes along, when you look at what's handling in terms of share, particularly in the United States and elsewhere, you are seeing a lot of dynamism within the Gilead population of drugs. So intra-switching within Gilead but the dolutegravir share take in naïve is rock solid, post the recent introductions in Gilead. With another couple of years of that performance, GSK and dolutegravir based regimens are going to be in a very-very strong position. It's not clear to me, that this molecule, if it has any benefit, whether it's likely to be materially, seems relatively unlikely, and we will be well advanced, at least, if all goes according to plan, on our dual regimen. And it's quite interesting, when you look at Europe already, about 20% of patients in Europe are on dual regimen. So I think that that -- I think the game is beginning to move on again. And clearly, our agenda is very much around, first and foremost, fully established dolutegravir based regimens. We are doing that. We are well on with that, and we have got more time to do it, which is excellent. Secondly, to the next, dual strategy, and thirdly, to develop the long acting, and then to go into future mechanisms with the BMS products. So I think, that's really what we are focused on Graham. Obviously, we are going to keep a close eye, as more data gets produced on this potential product. But I think as of today, it's just too early to be definitive. Frankly, if I owned it, I wouldn't be being very definitive, and if I am going to compete against, I am certainly not going to be definitive about it. Next question?

Thank you. Your next question comes from the line of James Gordon from JP Morgan. Please go ahead, you are live on the call.

Hello. Thanks for taking my questions. A couple more on HIV and one on the triple. On HIV, also on [indiscernible], actually not asking about the efficacy profile, but just in terms of the mixes that it would be with, and whether Gilead might be able to have a cleaner convo, by avoiding Abacavir, which your triple contains. Whether that could be a significant differentiator? Are you finding feedback from doctors that Abacavir is a deterrent to using the triple therapy? The second HIV question would be about -- I know you are working at doubler with [indiscernible]. With that doubler [ph], I think the ingredient is J&J's ingredient. Does that mean that you'd only have half the economics per patient, that you do have for Trimeq? And then the third one would be just Epzicom generics, does that put any pricing pressure on Trimeq, as two of the three ingredients go generic?

Thanks very much.

And then one question; and so just a quick one on triple, which was just -- are there a lot of patients that are really using triple therapy, how widespread is that as a free combo?

Great. Thanks very much. So in terms of the HIV questions, let me try and do it in reverse order; so when you look at the risk to price and there is some risk-to-pricing, but generally speaking, at least up until now, that has been more talked about than the reality, and so I don't think we should be overly anxious about that. There'd be many-many genericizations of molecules within the HIV market, which are themselves within more modern combinations, and we haven't seen a dramatic impact. At the margin perhaps, but not a very dramatic impact. So I wouldn't necessarily anticipate a huge effect there. I think as far as Abacavir is concerned, I mean, this has been for years and years has been the debate around the safety of Abacavir. The FDA came out almost 10 years ago now, and it must be, with their review. And since then, I'd say, that in reality, it hasn't been an issue in the marketplace. It certainly hasn't held back the performance of dolutegravir in any way, whatsoever. And I think equally, when you look at the alternatives, you took at the TAF contained in regimens, as people live to much longer age on these medicines. Some of the potential risk of those medicines become more relevant. So I think in all of these situations, there are some puts and takes. I don't think there is anything particularly important here, in terms of a dynamic for dolutegravir. It has had absolutely no inhibition, and as you saw in the launch of dolutegravir, it has been by far and away the most successful launch in many-many years, in terms of really shaking up the market and moving share, and I think that is really reflected in people's confidence, not just to the monotherapy, but of the combination as well, and as you saw in this quarter, Trimeq, is really taking up the charge in terms of the growth of the dolutegravir based regimen. In terms of the double, I mean really, the focus from where we are, and you are quite right, we are looking at the combination with [indiscernible]. It would be a shared set of economics, but obviously our core focus is on the dolutegravir lamivudine program, which is a different situation altogether. As far as triple is concerned, about a third of the patients are already on an open triple regimen, James, as far as we can tell. Next question?

The next question comes from the line of Richard Parkes from Deutsche Bank. Please go ahead. You are live on the call.

Yeah. Thanks for taking my questions. I have just got a couple on pricing and respiratory, just looking into 2017, with possible Advair generics, I just wondered if you could update us on how contracting is going for Advair in terms of pricing. And then, with the planning for the filing of the triple being brought forward; I am wondering, what you are thinking about, how pricing might play out there? I think you have -- in the past you have said that, in that price Breo has been lower than Advair and obviously, and that's to ensure full reimbursement access. So I am wondering if for clinical benefits, if the triple can outbreak that cycle, or if it is really going to be a volume gained, and sort of defending/gaining your current position there? Then third question is just on the pharma margin, going into 2017, you have obviously seen benefits from the cost savings programs coming through. But pharma margins are also seeing an improvement this year, helped by ViiV. I am just wondering if those positives can continue to offset maybe the possible impact of Advair generics, and mix effects from your lower margin respiratory portfolio into 2017, or what perhaps should we think about pharma margins into 2017?

Okay. Thanks a lot Richard. So, I think, like everybody else, nobody knows when there is going to be and if there is going to be a generic, and if there is a generic, what shape is the generic and how complete or not the supply is going to be. So we have to wait and see what happens. We have given guidance through to 2020, assuming a pretty fundamental generic competition some time, between now and 2020. But I don't think any of us really know when it could happen. There is obviously a front edge to the window, based on the potential fastest possible approvals, and there is an open ended close to the window, in terms of how wrong things might really take, and of course, exactly how much supply is out there, and whether or not all of the generics make it, and whether they are all substituted, huge questions. That's just a preamble to say to you that we are in a good position for contracting for 2017, and while not everything is finished yet, it feels as if we are going to have just as good, if not slightly better access for all of our respiratory products in the U.S. in 2017, than we currently have in 2016. And roughly, we haven't had to give too much more price, which -- partly, because we have given a lot in the last three years, and we certainly wouldn't want to be giving a lot more price at this point in time. Overall, we feel good. Of course, whenever a generic comes along, that is bound to create a kind of disturbance in the system, but it all depends exactly what it is. And I remain, this is probably -- this is definitely going to happen,…

Yeah. I mean, clearly given the profitability of Advair and at this stage in its lifecycle, there are relatively few support costs that we have around the product like that [ph], and we have also optimized the cost of goods that contribute some very significant margin. If it goes quickly, then we are going to cushion the downside. But we are obviously not going to be able to offset it. If its spread over a long period of time, then we stand a better chance, and I think, depending on what your scenario is for 2017, you should expect a downdraft on the margin, as Advair goes generic as and when it does. But every quarter that goes by, in terms of the new products, their momentum, their development and also, their improving margin, as we mature those products, and we get to optimize again in the same way as we did with Advair, a decade ago, then the net-net effect is going to reduce. But I think short-term, there is still going to be a significant impact.

Next question?

Thank you. Next question comes from the line of Tim Anderson from Bernstein. Please go ahead. You are live on the call.

Thank you. I have some questions on emerging markets, so performance still struggling. When would we expect to see your overall emerging market business return to positive growth territory? In China, I think you had talked about returning to growth in second half, is that still on track? And does your emerging market business now, between the contraction of sales and the remitting of certain problems, is that a profitable business for you at the moment? And then second question is, just high level on Brexit. Not a near term impact on things like foreign exchange, but really looking for what structural disruption might occur over the intermediate term, whether supply or hiring or anything else to do with it, that you could comment on, that would be helpful?

Thanks a lot Tim. So EMs actually are improving underline, but we have had a number of disposals this year and the Venezuela situation and continued reshaping of China. So I'd expect, as we come through this year, you are going to start to see much better underline, getting us into the mid-single digit type territory as we move into next year. China, likewise. So as we continue to expect China to move back into growth, as we come through the second half of this year, we have just seen Cervarix approved in China. We have just had [indiscernible] put on to the pricing list. We are seeing some very significant positives, as a result of that, and we were already seeing some stabilization. You got to remember, a number of businesses -- we decided to divest ourselves with a number of products in China in the last six months or so. So an awful lot of the suppression that you see in the structural reshaping of the company rather than anything else. So as you think, most of that is on course, absolutely still a profitable business for us, is a very good business for us, and I think we are coming through back into something, where it will be a reported contributed to growth, in a way that it hasn't been in the last year or so, because of the China issue, and because of the restructuring or the divestment of various businesses, plus of course, Venezuela. As far as Brexit is concerned, I mean, I think the things to keep an eye on that, and their all global level, they are all slightly at the margin. But probably, worth having at least on page 14 of your radar. Whether or not U.K. stays in the European Medicine…

Thank you. Your next question comes from the line of Andrew Baum from Citi. Please go ahead. You are live on the call.

Thank you. Two questions please; number one, Abbas highlighted a pending decision that would be made to accelerate some of the high probability, high commercial potential compounds in your portfolio. I am interested on the timing of that, have those decisions been made when we should expect [indiscernible] some of the clinical trials, for example, for your OX40 or ICOS or some of the potentially more promising compounds and conversely, a culling of some of the low priority compounds? Number two, I noted that you described the bictegravir, the Gilead molecule integrated inhibitor structurally similar. Do you believe there is any infringement of your dolutegravir intellectual property and related compounds that you have? And then finally on China, just picking up from the last question, taking out the reshaping that you have referenced; in terms of the underlying growth of the Chinese business that you have, could you give us some sense of how that is progressing? Are the declines ameliorating and bottoming out, and also if you could give us a sense, as a percentage, what fraction of the Chinese business have you divested as part of that reshaping process? Thank you.

Great. And thanks very much. So I think on the last point, yes, our underlying growth is improving quite quickly, and we have probably divested around about 25%, a third of where we were beforehand, in terms of -- divested or reshaped about a third of what we had before. As far as the dolutegravir, Gilead competitor concern, I don't know whether or not there is an issue there. But clearly, this is a class where you can see there are some similarities. As far as the prioritization is concerned, I mean, just to be clear Andrew, we do prioritization all the time. So as soon as we see a program, as you saw, where ICOS is in the clinic. OX40 is now in several trials, collaborative trials with other companies with PD1 partners. So I just want to disabuse of the notion that nothing happens until some committee meets and makes a decision and then everything happens. Everything has moved as fast as it can move, once it achieves its evidence points, whatever they are, whether they are safety or efficacy or quality. And similarly, as the programs that start to move, start to move, then we would start to rein back on the programs which we have less interest in. And we run a very -- I think a very comprehensive and very thoughtful analysis of every single asset with every single experiment in R&D, force ranked against each other, in terms of its potential economic value to the company. Of course, with the risk rating attached to it, in the way that you do that, and that's what, if you will, drives our decision making. Now of course, it has to be alive to the fact, that on Monday, you will get some amazing news on the…

Thank you. Your next question comes from the line of Jo Walton from Credit Suisse. Please go ahead. You are live on the call.

Thank you. Three quick questions please; one, just to help us with our modeling, you have told that your assumption of a 19% improvement from FX for the full year, includes an EGOL situation, the same as last year, that was a minus 54 for last year. Is it likely, given the volatility of currencies going forward, that that EGOL could develop and be more substantial by the end of this year? And when we are looking at where to put this currency gain? Should we model it effectively, mainly in cost of goods, because that seems to be where we soar to the second quarter. Could you also give us some more help please on the minorities, with the consumer business growing, with ViiV growing, naturally you would have thought that minority would be getting higher. Maybe there were some funnies [ph] in there, but if you can help us with that, that would be very helpful? And finally, pushing on Advair for next year, are there any opportunities for you to do long term contracting, so that you can at least retain volume, even if there is an issue of price? And can you give us any insights as to how that might be progressing? So what might be realistic for us to assume, in terms of your volume retention in the U.S.?

So let me take the last question Jo, and then Simon will obviously address the other ones. Clearly, we are going to explore and are actively exploring all the possible scenarios for continued business retention of a proportion, hopefully substantial proportion of Advair post any generic entry. And there are, definitely to your precise point, yes, there are ways in which we can contract, or we can compete in different ways to keep volume in the U.S. One I'd remind you of, is that there is no generic file for the MDI, and so, that business alone, you would not anticipate being genericized. The key to all of this is, when does the generic begin and it may or may not begin. So again, I would -- clearly there is a risk of it being in 2017, and it may very well be in 2017, but it may not be. And so, we need to be, first of all, alive to that, and we also need to be alive to what really is the shape of the generic competition, is it one company, is it multiple products, is it substitutable, are they all substitutable, all of that plays to what kind of deal we can do frankly, and clearly, the later it is, the fewer there are and the less substitutable they are, the better for us, I mean, just to be obvious. I think, in a way, it's unlikely -- it won't be for me to do, but it's unlikely that the company will be giving you very precise guidance to answer your question, other than to frame it in a way that I just have. So that you can do your own assessment of, if there is only one and it doesn't come until the end of 2017, and it's not substitutable, then that's a certain scenario, versus if three came in March of 2017, that's a different scenario. I think, there is still an awful lot to play for here, and when you look at our share acquisition overall, we have grown our share of ICS LABA over the last 12 months, with Advair obviously declining, but with the strong growth of Breo. I think though, we are in a decent position to continue to build a very strong ongoing revenue base there, and we are certainly on track to what we have said to you before, which is that by 2020, we expect our respiratory business to be as big as ever. And I think, this transition looks very much doable, in terms of where we stand today. With that though, I will ask Simon to comment on the other questions.

Thanks Jo. So on the currency tailwinds, we have made an assumption in the 19%, as I said earlier, that we will have exactly the same EGOL this year, as we had last year. T his is an area that we have got a huge amount of focus on, and you are absolutely right, that when currencies are volatile, it's even more difficult to control. So we are pleased to have come through the second quarter with none. But over the year, I think we have to expect continued currency volatility, and that's why we made the assumption we have. They typically show up in SG&A, rather than cost of goods. Cost of goods benefit in the quarter is really more about where our costs are, i.e. in Sterling, relative to other currencies. So if you are modeling, I would assume they come in SG&A. On the minorities, there is definitely some phasing between Q1 and Q2, and I think if you look at the half as a whole, then you will see the trend more in line with what you were probably previously expecting. In Q2, we saw a number of bad debt provisions in some of the other minority interests we have around the group, and not the big two ones we just talked about, and obviously, those credit and minority interest, that's a bit lower than you would otherwise expect. But just look at the half as a whole, and you will be in a more sensible place.

Great. Thank you. Next question?

Thank you for your question. The next question comes from the line of Keyur Parekh from Goldman Sachs. Please go ahead. You are live on the call.

Good afternoon and thank you for taking my questions. Andrew, two for you please; one is, as you think about the Glaxo business over the next five, 10 years, how do you think the challenges and the opportunities that face the new CEO will be different to the ones that you faced when you took over? And consequently, what would your suggestions be for the new CEO? And secondly, as we think about the progress you have made on the integration, we think about the benefits to the cash flow from the Sterling being what it is, is there an opportunity for Glaxo to think about increasing the dividend kind of in 2017, rather than it being flat in 2017 and then growing post 2017? Thank you.

Great. Thanks very much for the question. I think -- the last thing a new CEO wants is a kind of instruction manual from their predecessor, they want the complete opposite, they want a freedom to do what they want to do, and that's exactly how it should be here at GSK. I think that though, when we look at the business, where we are today, versus perhaps where we were a few years ago, as we look forward, one of the really big differences is Advair is coming down quite quickly, its relative importance to the Group is dropping very quickly. And while Simon is quite right, if there were to a sharp genericization, it would hurt in the year, it's no longer strategic in the sense that it once was. And actually when you look beyond Advair, you really have no material genericizations until the second half of the 2020, that is a massive difference to the last seven or eight years, where we have had a constant stream of expiration of product. It doesn't mean there won't be other issues and other threats, but I think the new CEO has the platform to be able to build growth and focus on how to drive those elements of growth in the vaccine consumer and the pharmaceutical businesses, without having to always be taking two steps back before they take one step forward, because of the losses of the older products, and I think for the next 10 years, that's a very-very attractive place to be as a company, and I would argue and you know my view on this very strongly, I would argue that we built extremely competitive positions now in vaccine consumer and in the key therapy areas in which we compete in pharmaceuticals, and that…

Thank you. Your next question comes from the line of Seamus Fernandez from Leerink. Please go ahead. You are live on the call.

Great. Thanks very much. So just a couple of quick questions in the overall respiratory franchise; can you talk a little bit about how you feel the progress of Nucala is going and how you expect that franchise to continue to evolve going forward, as competition emerges in that market? The second question is, on the close triple, can you just help me understand a little bit of where do you really see the incremental value add of the close triple, obviously, superiority to Symbicort is a good and attractive start. But we have seen good performances in superiority versus Advair, with just a two ageing combination from some of the other competitors. So just trying to get a better understanding of how you see that evolving on a going forward basis, and how the close triple -- and how you see the success of the close triple and how you will metric it? Thanks.

Great. Thanks very much for the question. So Nucala is off to a good start actually. So we are ahead of our expectations in the U.S. and Europe on Nucala. We are seeing a very -- I think we have something like 3,100 patients on drug in the U.S. These are, as you probably know from other companies, I know Novartis went through exactly this when they launched XOLAIR, very complex to get patients on these kinds of drugs. It's not particularly a clinical issue, it’s a reimbursement issue, and it takes a few months to set up a process and on average it takes us about six weeks to get the patient from a point where a physician says I want to prescribe to actually being able to administer the drug, because it takes so long to go through all the various reimbursement insurance triggers, there is a real issue there in terms of complexity of the U.S. system. But it takes a few months to set something which works efficiently. Efficient means six weeks unfortunately, but we are in that rhythm and we are seeing actually a nice continued ramp-up, no impact at all from the competition that we have seen so far in the U.S., and I think the subcut [ph] administration and all of the other benefits of the label for Nucala really stands as well there. Looks very promising, I think, it feels very good. Ex-U.S., we are seeing very good performance, very strong start in Germany in particular, but across the board, we are seeing good reports and we just launched in Japan, and I just came off the phone with our general manager in Japan, and they have had a phenomenal first couple of weeks. So far so good on Nucala, as far…

Thank you. Your next question comes from the line of Kerry Holford from BNP. Please go ahead. You are live on the call.

Thank you. A couple of financial questions, and then a product question please; so firstly, on cost savings, your target for the year remains £2.4 billion, and yet you have essentially built much of that in the first half of the year. So I wonder, why you are not raising that guidance, and why that run rate is low so dramatically into the second half? And if indeed that is the case, how is an incremental £6 million then achievable for next year? If you could just talk about phasing that? And then on the operating margin, that was up around 250 basis points year-on-year, could you give us a broad guidance to the components there, split between the underlying performance of the business, restructuring benefits and one-off such as the Advair reversal? And then, on the triple, could you just confirm whether you would expect that product to receive a 10 month or a 12 month review in the U.S.? Thank you.

Go ahead Simon please, on the first --

So on the cost saves; clearly as we have said in the remarks at the beginning of the call. We are well on track, and in many of the programs we are a bit ahead. There is still quite a lot to do in the second half of the year, so let's get a bit further before we recall where we are going to eventually end up. We do, as I highlighted, the second half of the year is up against significantly tougher comps in that sense, and then we started to ramp up in Q3 and particularly Q4 of last year. So the incremental amounts, usually expect those to be significantly smaller, as we head into the second half of the year. So I think direction and travel pretty clear, but a bit early to call that. I think on the operating margin, there are no particular one-offs that I would call out, I mean, the Advair adjustments that we referred to are pretty small, and not a material driver of margin, it's much more about operating performance and the leverage from the top line. The leverage from the top line is probably delivering about 40% of the total, and the rest is coming from ongoing cost savings, as well as the integration and restructuring benefits that combine in the 2.5% that we delivered in the quarter.

Thanks Simon. And then just finally, Kerry, on the triple, it’s a 10 month review. With that, thank you very much for your attention and your questions. The IR team at GSK is obviously here to handle any other questions for you. Thank you for your attention today.