Novartis AG (NVS) Q3 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:03.916 Good morning and good afternoon, everyone, and welcome to our conference call on the 00:00:03.916 -- 00:00:09.302 proposed acquisition of Avidity. The information presented today contains forward-looking 00:00:09.302 -- 00:00:14.349 statements that involve known and unknown risks, uncertainties, and other factors. 00:00:14.349 -- 00:00:19.154 These may cause actual results to be materially different from any future results, performance, 00:00:19.154 -- 00:00:22.739 or achievements expressed or implied by such statements. 00:00:22.739 -- 00:00:25.803 Please refer to the company's Form 20-F on file with the U.S. 00:00:25.803 -- 00:00:30.052 Securities and Exchange Commission for a description of some of these factors. 00:00:30.052 -- 00:00:34.598 The discussion today is not the solicitation of a proxy nor an offer of any kind with 00:00:34.598 -- 00:00:39.044 respect to the securities of Avidity Biosciences or SpinCub. 00:00:39.044 -- 00:00:42.248 The parties intend to file relevant documents with the U.S. 00:00:42.248 -- 00:00:46.514 SEC, including a proxy statement for the transaction and a registration statement for 00:00:46.514 -- 00:00:50.999 the spinoff. We urge you to read these materials and contain important information when 00:00:50.999 -- 00:00:53.022 they become available. 00:00:53.022 -- 00:00:56.286 Before we get started, I just want to remind our analysts to please limit yourselves 00:00:56.286 -- 00:01:00.759 to one question at a time. We'll cycle to the queue as often as we need to. 00:01:00.759 -- 00:01:05.622 We're also not taking questions on Q3 earnings or other clinical trials on this call. 00:01:05.622 -- 00:01:07.936 And with that, we'll hand across to Beth. 00:01:07.936 -- 00:01:12.704 Great. Thank you, Sloan...