Target a broad inhaled services market opportunity

Generics and new molecular entities

Respiratory and non-respiratory disease area focus

Provide a differentiated offering

Invest in proprietary technologies

Deep expertise

Strong track record

Shift towards ‘development solutions’ model

Smoother revenue profile

Less dependence on milestones

Opportunity for license fees and royalties

Drive operational excellence

Excellence in our execution

Excellence in relationships with our partners

Excellence in our people

Operating responsibly

Maintain financial discipline

Lower risk R&D profile

Capital allocation focused on core business priorities