1 May 2024

Q1 2024 Results

Conference call and webcast for investors and analysts

gsk.com

Cautionary statement regarding forward-looking statements

This presentation may contain forward-looking statements. Forward-looking statements give the Group's current expectations or forecasts of future events. An investor can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as 'anticipate', 'estimate', 'expect', 'intend', 'will', 'project', 'plan', 'believe', 'target' and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. In particular, these include statements relating to future actions, prospective products or product approvals, future performance or results of current and anticipated products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, dividend payments and financial results.

Other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulations, UK Listing Rules and the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority), the Group undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Investors should, however, consult any additional disclosures that the Group may make in any documents which it publishes and/or files with the US Securities and Exchange Commission (SEC). All investors, wherever located, should take note of these disclosures. Accordingly, no assurance can be given that any particular expectation will be met and investors are cautioned not to place undue reliance on the forward-looking statements.

Forward-looking statements are subject to assumptions, inherent risks and uncertainties, many of which relate to factors that are beyond the Group's control or precise estimate. The Group cautions investors that a number of important factors, including those in this presentation, could cause actual results to differ materially from those expressed or implied in any forward-looking statement. Such factors include, but are not limited to, those discussed under Item 3.D 'Risk factors' in the Group's Annual Report on Form 20-F for the full year (FY) 2023. Any forward-looking statements made by or on behalf of the Group speak only as of the date they are made and are based upon the knowledge and information available to the Directors on the date of this presentation.

A number of adjusted measures are used to report the performance of our business, which are non-IFRS measures. These measures are defined and reconciliations to the nearest IFRS measure are available in the Group's Q1 2024 Results and the Group's Annual Report on Form 20-F for FY 2023.

All expectations, guidance and outlooks regarding future performance and the dividend should be read together with the section "Guidance and outlooks, assumptions and cautionary statements on page 49 of our stock exchange announcement of GSK's Q1 2024 Results, the section "Assumptions and basis of preparation related to 2024 guidance" in the Appendix of this presentation and the statements on page 317 of GSK's Annual Report on Form 20-F for FY 2023.

2

Agenda

Strong start to 2024

Emma Walmsley

Performance: growth drivers

Luke Miels and Deborah Waterhouse

Q1 2024 performance and 2024 guidance

Julie Brown

Q&A

Emma Walmsley, Tony Wood, Luke Miels, Deborah Waterhouse,

Julie Brown, and David Redfern

3

Strong start to 2024 with continued pipeline progress

Emma Walmsley, Chief Executive Officer

4

Strong start to 2024

Delivered 13%1 sales growth,

35%1 core operating profit growth

Sales growth across portfolio:

  • Vaccines +22%1
  • Specialty Medicines +19%1
  • General Medicines +1%

Cash generated from operations exceeded £1 billion, with free cash flow of £0.3 billion

Q1 2024 performance

Sales

Core operating profit

£7.4bn, +10%

£2.4bn, +27%

+13%1

+35%1

Core EPS

Dividend per

43.1p, +28%

share

+37%1

15p

Full-year 2024 guidance1: upgraded

Sales growth: 5-7% (towards upper part of the range)

Core operating profit growth: 9-11%

Core EPS growth: 8-10%

Absolute values at actual exchange rates (AER); changes at CER, unless stated otherwise.

5

1. Excluding COVID-19 solutions

Strong pipeline progress

R&D priorities focused across four therapy areas

Infectious

HIV

Respiratory/

Oncology

Diseases

Immunology

  • gepotidacin: positive EAGLE-1 phase III data
  • mRNA: positive influenza phase II data
  • MenABCWY regulatory acceptance (US)
  • bepirovirsen Fast Track designation (US)
  • Arexvy: Priority Review for adults 50-59 (US)
  • Shingrix: regulatory submission accepted for at-risk adults 18+ (CN)

•

Cabenuva: positive LATITUDE phase

Aiolos Bio acquisition completed

• Jemperli RUBY Part 1 & Part 2

III data; data presented at CROI

data presented at SGO

•

ultra long-acting cabotegravir

• Jemperli US FDA Priority Review1

positive phase I data

• Blenrep: DREAMM-7 data

presented at ASCO virtual;

positive DREAMM 8 phase III

data

Note: select pipeline programmes shown.

6

1. US FDA accepted supplemental Biologics License Application and granted Priority Review with a Prescription Drug Fee Act action date of 23 August 2024.

Delivering health impact sustainably

For health impact, shareholder returns and thriving people

Six priority areas to build trust

Access

Global health and

health security

Environment

Diversity, equity

and inclusion

Key highlights

Access

  • Announced $35 per month cap on eligible US patient out-of-pocket costs for entire portfolio of asthma and COPD inhalers.
  • Announced resourcing of up to $2 million in 2024 in COiMMUNITY Initiative grants to help achieve higher adult vaccination rates and health equity in the US

Global health and health security

  • Announced positive headline results from EAGLE-1 phase III trial for gepotidacin in gonorrhoea, a bacteria for which resistance to existing treatments is rising
  • GSK-developedM72/AS01E tuberculosis (TB) vaccine candidate has entered phase III trials, sponsored by The Bill & Melinda Gates Medical Research Institute and Wellcome Foundation. Potentially the first new TB vaccine in over 100 years

Environment

  • Action on sustainability recognised by CDP, scoring GSK an A- for tackling Climate Change, an A- for Water Security and Bs for Forests
  • Announced long-term investment over next 15 years in Climate Asset Management's Nature Based Carbon Fund, which aims to invest in nature projects in developing economies

Product governance

Ethical standards

7

Performance: growth drivers

Luke Miels, Chief Commercial Officer

Deborah Waterhouse, CEO, ViiV Healthcare and President, Global Health

8

Strong start to 2024 with growth in all product areas and regions

Sales contribution by product area1

Sales contribution by region1

Sales (£m)

Vaccines

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

Specialty Medicines General Medicines

+13%

+10%

+22%

+19%

+1%

Q1 2023

Q1 2024

Sales (£m)

8,000

7,000

6,000

5,000

4,000

3,000

2,000

1,000

0

US Europe International

+13%

+10%

+14%

+3%

+18%

Q1 2023

Q1 2024

Absolute values at AER; changes at CER, unless stated otherwise

9

1. Excluding COVID-19 solutions

Vaccines: +22%1 led by Arexvy and record sales of Shingrix

2024 guidance: high-single digit to low-double digit % growth1

Sales (£m)

Sales contribution by disease area1

RSV

Shingles

Meningitis

Established vaccines

2,500

+22%

2,000

+9%

+18%

1,500

1,000

+11%

500

+7%

0

Q1 2023

Q1 2024

RSV (Arexvy) £182m2

  • Leading market share with 2/3 retail prescriptions

Shingles (Shingrix) +18%

  • Growth driven by public funding expansion and early supply to Zhifei
  • Launched in 39 markets ex-US, majority <5% penetration
  • 37% of US adults recommended to receive Shingrix now vaccinated
  • >£4bn in peak year sales by 2026
  • 82% vaccine efficacy in adults ≥50 at year 11

Meningitis +11%

  • Bexsero +3% driven by Australia performance and launch in Vietnam
  • Menveo +41% driven by Brazil performance and phasing
  • Combined meningitis portfolio to reach ~£2bn in peak year sales
  • MenABCWY file acceptance by FDA

Influenza +8%

Established vaccines +7%

Absolute values at AER; changes at CER for full year, unless stated otherwise

10

1. Excluding COVID-19 solutions 2. Q1 2024 global sales

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GSK plc published this content on 01 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2024 09:35:49 UTC.