Now, let me go quickly through the figures, which you’ve already seen this morning. Pharma, six percentage points up in local currency if they exclude Tamiflu, primarily driven, as in the past by the oncology portfolio up 9%, but also a strong performance in Lucentis.And importantly, a very good start on the [inaudible] in the U.S. and outside of the U.S., which is starting to have an impact on our top line. Diagnostics, an excellent recite for the first six months; 9% growth. This is twice the market growth, which we estimate to grow at about 4% to 5%, which gets us 5% growth on the group level, including Tamiflu and 6% excluding Tamiflu. We did have a record result on an operating-profit level. You see this also reflected in the strong margin improvement driven by both additions, primarily on the [inaudible] level by the productivity improvements in the Pharma Division, and see again the synergies from the Genentech transaction and the various initiatives along the way are starting to kick in. This is also reflected in the core EPS, which has grown in local currencies by 11% versus the previous year. And again, as I said in my introduction, the core for the long-term success of this company will be the quality of our pipeline. And in spite of the recent setbacks, which we have, in spite of the delay with [inaudible], and in spite of the Roche recommendation, I do believe, and I’m convinced that we have a very, very strong pipeline that is very worthwhile to invest in. It’s the pipeline which will drive the success in the future. We did announce to you that we will have a flat and slightly-decreasing development on the R&D side. And you see this already coming through in the first six months as we stick to our guidance in this regards.
We also confirmed this morning our [inaudible] core EPS score. We do face some stronger headwinds as we go into the second half of this year. Certainly the affect for the U.S. Healthcare Reform, the measure in Europe, we’re starting to feel them. But we have planned this into our guidance and we stick to our guidance as we go forward for the full year.We stick to our guidance in terms of core EPS growth. The same is true on the sales side with the mid-single digit growth for Pharma and the Group. We expect to continue to significantly outgrow the market in diagnostics. As I mentioned, we are on track for our synergy targets. And on the balance-sheet side, actually due to the strong cash flow over the last 12 months we decided to recall $ 2 ½ billion bonds, which actually means that by the end of this year, we will already have paid off 1/3 of our debt related to the Genentech transaction. And we will maintain our dividend policy as announced. With this, I’d like to hand over to Pascal Soriot. So we all thank you very much. Pascal Soriot Thank you, Severin. Good afternoon everybody. It is a pleasure to be here today and report to you on the very, very good first half of this year. Of course, unfortunately, tentatively negative, but the decision of the [inaudible] a few days ago, I think we mentioned and we’ll come back to this in a few minutes. But if we start with our sales results for the end of June, as you saw in the release that came out a little bit earlier, we experienced very good growth and [inaudible] 6% excluding Tamiflu. So very much in line with our guidance for the year. A very strong first half. Read the rest of this transcript for free on seekingalpha.com