GSK; Oxford Nanopore

Research evidence excerpt

GSK; Oxford Nanopore

our cough frequency, and by taking into account potential differences in baseline

characteristics in patients enrolled in CALM-1 and CALM-2 and the outcome of precedent trials, we have assessed the likelihood

of success. Based on our analysis, while we expect a positive result for the CALM-1 trial, potential geographic imbalances in the

CALM-2 trial could lead to a more borderline result. While the pooled efficacy result is required for the FDA, we anticipate both

trials will need to be successful for FDA approval. Even if both trials are positive, we still see some potential regulatory risk given

the precedent set by Merck & Co’s gefapixant, which did have trial-specific issues (potential unblinding due to taste disturbance

and only one statistically significant result) but where the Advisory Committee ultimately voted against approval due to perceived

lack of a clinically meaningful benefit, given small reductions in cough count relative to placebo.

**Oxford Nanopore(OW): Zain’s thoughts on H1 trading update - note. 1H’26 Revenues of £116.5m came in 7%/£9m below

BBG Cons and 2%/£2m below JPMe, with a c. 4pp headwind from China and MENA disruption, broadly in-line with JPMe, with

the miss vs. JPMe due to the timing of customer orders & contract wins in the Americas, where growth of 12% LC was below

mgmt expectations. EMEAI delivered the strongest regional growth of 23% LC, despite headwinds from ME & the impact from

the completion of two large projects. Applied Revenues grew 22% LC, which we infer implies Revenues of £41m, c. 12% below

JPMe, likely due to the timing of customer orders & contract wins, with Clinical continuing to see strong growth of 35%,

followed by Biopharma growth of 25% and Applied Industrial growth of 5%.