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gsk.com 28 October 2026 Q3 2026 Results
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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’, ‘potential’ 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 Regulation, 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 ‘Risk factors’ in the Group’s Annual Report on Form 20-F for the full year (FY) 2025 and as described on pages 48 and 49 of the Group's Q2 2026 results press release. 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 Q3 2026 Results press release and the Group’s Annual Report on Form 20-F for FY 2025. 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 pages 45 and 46 of our stock exchange announcement of the Group’s Q3 2026 Results, the section “Assumptions and basis of preparation related to 2026 guidance, 2021-26 and 2031 outlooks” in the Appendix of this presentation and the statements on page 328 of the Group’s Annual Report for FY 2025. 2This presentation is not intended to be promotional material.
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Agenda 3 Performance Luke Miels, Chief Executive Officer Pipeline progress Tony Wood, Chief Scientific Officer Growth drivers Nina Mojas, President, Global Product Strategy Financial performance Julie Brown, Chief Financial Officer Summary and Q&A Luke, Tony, Nina, Julie & David Redfern
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Absolute values at AER; percentages are growth rates at CER, unless stated otherwise. *2026 Guidance ranges: Sales +3 -5%, Core Operating Profit +7-9%, Core EPS +7-9%. 1. Information on the 2025 Responsible Business Performance Rating can be found at GSK’s Responsible Business Report 2025 (pu blished March 2026). Q3 2026: strong sales performance and core operating profit delivery 2026 guidance*: Sales and operating profit specified at the upper half of range, EPS at the lower half Sales £8.9bn +5% Core operating profit £3.1bn +5% Core EPS 54.6p +1% Cash generated from operations YTD £7.4bn Dividend per share 17p Responsible business rating1 On track 4
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Key priorities to drive value 5 Deliver growth Maximise launch of next wave products, ensure success in overall operational execution Accelerate R&D Focus on bringing late-stage pipeline to patients faster and executing BD Simplify how we work Reallocate capital and resources to drive change and invest in R&D
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gsk.com Pipeline progress Tony Wood, Chief Scientific Officer
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1. Approval received in July 2026. *Hansoh data shared at WCLC and ESMO TKI: tyrosine kinase inhibitor, NSCLC: non-small cell lung cancer, dMMR: mismatch repair deficient, SCLC: small- cell lung cancer, R/R: relapsed or refractory Pipeline highlights 7 3 4 18 Recent approvals Positive pivotal data readouts Phase 3 trials started in 2026 Jideytro1 TKI pre-treated ROS1+ NSCLC (US) Jemperli dMMR locally advanced rectal cancer (US) Hibsago chronic hepatitis B (US, Japan) Jideytro TKI naïve ROS-1+ NSCLC (ARROS-1) Ris-Rez 2L SCLC (ARTEMIS-008*) Ris-Rez R/R osteosarcoma (ARTEMIS-011*) Jemperli dMMR locally advanced rectal cancer (AZUR-1) 12 of 18 started in Q3 22 anticipated to start this year Prioritising specialty medicines and vaccines with best-in-class potential
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1. Approval received in July 2026. Jideytro data: ARROS-1, neladalkib data: ALKOVE-1, Jemperli data: AZUR-1, Hibsago data: B-WELL 1/2. TKI: tyrosine kinase inhibitor, m: months, PFS: progression-free survival, NSCLC: non-small cell lung cancer, TRK: tropomyosin receptor kinase, dMMR: mismatch repair deficient, cCR: clinical complete response, SoC: standard of care, HBsAg: hepatitis B surface antigen, IU/mL: international units per millilitre New products and indications to address significant unmet need and drive value 8 Hibsago: chronic hepatitis B 19% Functional cure for patients with baseline HBsAg ≤3000 IU/ml 49% achieved HBsAg ≤100 IU/mL one year after treatment neladalkib: TKI pre-treated ALK+ non-small cell lung cancer, 27 Nov PDUFA 14.5m median PFS TRK-sparing avoids long-term metabolic and neurological adverse events Jemperli: dMMR locally advanced rectal cancer 68% patients achieved cCR SoC achieves cCR in ~20-25% of cases and can have lasting consequences Jideytro1: TKI pre-treated ROS1+ non-small cell lung cancer 23.8m median PFS ROS1+ NSCLC primarily affects non-smoking adults aged 40-50
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9 Source: Drilon et al., WCLC 2026 (ARROS-1). 1. Comparisons to approved therapies are based on indirect cross-trial observations based on SoC. * ORR: objective response rate n= 88/94; ** % duration of response n=87; *** Intracranial objective response rate n=10. Jideytro and neladalkib are not currently approved for TKI naïve NSCLC. NSCLC: non-small cell lung cancer, ORR: objective response rate, CR: complete response, DoR: duration of response, IC: intracranial, N: number of patients, m: months neladalkib1 neladalkib ALKOVE-1 (phase 1/2) lorlatinib CROWN (phase 3) Population TKI naïve TKI naïve N 44 149 ORR 86% 76% CR 9% 3% DoR ≥12m 91% 70% IC-ORR 78% 82% neladalkib TKI-naïve ALKAZAR phase 3 study ongoing, started July 2025 ARROS-1 TKI-naïve, advanced ROS1+ NSCLC ORR* 94% CR 15% DoR ≥12m** 86% IC-ORR*** 100% Precision medicines for NSCLC: Emerging data support potential best-in-class profiles
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ARTEMIS-008: 2L SCLC Overall Survival HR 0.46 mOS Ris-Rez 18.5m; topotecan 10.3m Source: Wang et al., WCLC 2026 (Hansoh ARTEMIS-008). SCLC: small-cell lung cancer, HR: hazard ratio, mOS : median overall survival, n= number of patients EMBOLD PanTumor-101 n= >550 Lung cancer cohort SCLC n= >150 NSCLC n= >50 Other solid tumours n= >350 EMBOLD SCLC-301 2L+ SCLC Recruiting EMBOLD SCLC-303 1L SCLC Q4 ‘26 start Ris-Rez: First phase 3 OS data in 2L SCLC; GSK global trials ongoing 10
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11 80 100 60 40 20 0 0 1 2 3 4 5 6 9 12 Time since randomisation (months) PFS (%) 6-mth rate 45% NR Ris-Rez Gemcitabine + Docetaxel Ris-Rez Gemcitabine + Docetaxel N 30 42 mPFS (months) 5.5 1.4 HR 0.33 1. Source: Xie et al., ESMO 2026, LBA9 (Hansoh ARTEMIS-011). Median PFS (95% CI) Ris-Rez 5.5 (4.1-7.4) vs gemcitabine+docetaxel 1.4 (0.8-2.7); HR (95% CI) 0.33 (0.20-0.55) p<0.0001. R/R: relapsed or refractory, N: number of patients, mPFS: median progression-free survival, HR: hazard ratio, NR: not reached ARTEMIS-011: R/R osteosarcoma1 Progression-free survival Ris-Rez: Impressive phase 3 osteosarcoma data at presidential symposium
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Data highlighted for 5.8mg/kg dose Source: Salutari et al., ESMO 2026 (BEHOLD-1). Median follow-up of 13.4m; cORR: confirmed objective response rate (95% CI): 62% (46.5, 76.2); DoR: duration of response 12.2m (7.0, 12.7); mPFS: median progression-free survival 11.1 months (8.3, 13.9); probability of PFS at 6 months 90% (70, 100). m: months, PROC: platinum-resistant ovarian cancer, PSOC: platinum-sensitive ovarian cancer, HRpOC: homologous recombination proficient ovarian cancer, EC: endometrial cancer 12 Mo-Rez: Emerging data confirm potential for best-in-class PROC activity 80 100 50 40 0 0 2 4 6 8 10 12 Time (Months) Progression-free survival (%) 14 90 70 60 30 20 10 16 18 11.1m 90% cORR 62% DoR 12.2m mPFS 11.1m Mo-Rez 5.8mg/kg Mo-Rez 4.8mg/kg Mo-Rez 2.8mg/kg BEHOLD-1: PROC Progression-free survival Mo-Rez global phase 3 programme BEHOLD-Ovarian01 monotherapy 2L+ PROC Recruiting BEHOLD-Ovarian02 bevacizumab combination 2L+ PSOC Recruiting BEHOLD-Ovarian03 bevacizumab combination 1L HRpOC Recruiting BEHOLD-Endometrial01 monotherapy 2L+ EC Recruiting BEHOLD-Endometrial02 PD-1 combination 1L EC Recruiting
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Source: Cercek et al., ESMO 2026 (AZUR-1 interim results). *144 patients evaluable for cCR by Investigator; 68%/n=98 cCR with >12mo follow up; 8%/n=12 pCR post-dostarlimab; 24%/n=34 Non-cCR/pCR. Additionally, 10 patients cCR with <12mo follow up dMMR: mismatch repair deficient, SoC: standard of care, cCR : clinical complete response, cCR12: clinical complete response maintained for ≥12 months, pCR: pathological complete response 13 Jemperli: Accelerated approval for locally advanced rectal cancer, supported by outstanding clinical response data • Approved on 19 October for dMMR locally advanced rectal cancer • SoC cCR 20-25% • Involves chemotherapy, radiotherapy and surgery • Associated with significant morbidity 68% cCR were durable with no recurrences at 26 months median follow up98% cCR12 + pCR rate76% Investigator assessed cCR*
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Source: Oh K-B et al., Options XIII for the Control of Influenza, August 2026. Haemagglutinin and neuraminidase inhibition antibodies titre ratios (mRNA -Flu over High Dose TIV) in 65 years of age and older. HD TIV: high dose trivalent inactivated vaccine HA H1N1 HA H3N2 HA B/Victoria NA H1N1 NA H3N2 NA B/Victoria GSK mRNA seasonal flu Licenced flu vaccines HA H1N1 HA H3N2 HA B/Victoria + HA H1N1 HA H1N1 HA H1N1 Not standardised NA dose or absence of NA Targeting Haemagglutinins and Neuraminidases may deliver superior flu protection Hemagglutinin Neuraminidase Antibody titre ratios: mRNA flu vs high dose flu vaccine Neuraminidase (NA)Haemagglutinin (HA) Influenza B Victoria Influenza A H3N2 Influenza A H1N1 0.25 0.50 1.00 2.00 4.00 8.00 16.00 US FDA Fast Track designation: Phase 3 study started in September, more than two-thirds enrolled. Preliminary data anticipated next year 14 0.25 0.50 1.00 2.00 4.00 8.00 Favours mRNA-FluFavours HD TIV Favours mRNA-FluFavours HD TIV mRNA flu: Phase 2 data suggest potential for best-in-class protection
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Accelerate R&D: 2026 phase 3 starts 15 22 phase 3 trial starts in 2026 8 7 22 2024 2025 2026 18 phase 3 trial starts YTD Asset Trial/Indication Study name Accelerated Phase 3 status Mo-Rez 2L PROC BEHOLD-OC01 ✓ Recruiting 2L PSOC BEHOLD-OC02 ✓ Recruiting 1L HRpOC BEHOLD-OC03 ✓ Recruiting 2L EC BEHOLD-EC01 ✓ Recruiting 1L EC BEHOLD-EC02 ✓ Recruiting Ris-Rez 1L SCLC EMBOLD SCLC-303 ✓ Planned for Q4 mCRPC late-line EMBOLD Prostate-302 ✓ Recruiting mCRPC chemo-naïve EMBOLD Prostate-304 ✓ Planned for Q4 velzatinib 1L GIST StrateGIST FrontLine ✓ Recruiting Blenrep* 1L MM Quad PrECOG PrE1005 Planned for Q4 felcorekibart (TSLP) Asthma PERSIST Asthma-1 ✓ Recruiting Asthma PERSIST Asthma-2 ✓ Recruiting CRSwNP PERSIST CRSwNP-1 ✓ Recruiting CRSwNP PERSIST CRSwNP-2 ✓ Recruiting COPD PERSIST COPD-1 ✓ Recruiting COPD PERSIST COPD-2 ✓ Recruiting efimosfermin F4 MASH NEBULA-1 ✓ Recruiting F4 MASH NEBULA-2 ✓ Recruiting CAB+RPV 3x a year LAI HIV Treatment CUATRO Recruiting Shingrix* MACE ZOSTER 133 ✓ Planned for Q4 mRNA Flu Flu DUET MRNA-006 Recruiting mRNA Flu Flu DUET MRNA-004 Recruiting *Products in development are not yet approved for the indications shown CAB+RPV: cabotegravir + rilpivirine, PROC: platinum-resistant ovarian cancer, 2L: second- line, PSOC: platinum-sensitive ovarian cancer, 1L: first -line, HRpOC: homologous recombination proficient ovarian cancer, EC: endometrial cancer, SCLC: small- cell lung cancer, mCRPC: metastatic castration- resistant prostate cancer, GIST: gastrointestinal stromal tumour , MM Quad: multiple myeloma quadruplet therapy, CRSwNP: chronic rhinosinusitis with nasal polyps, COPD: chronic obstructive pulmonary disease, F4 MASH: metabolic dysfunction -associated steatohepatitis with cirrhosis, MACE: major adverse cardiovascular events, YTD: year to date
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Further late-stage pipeline expansion driven by phase 1/2 data unlocks of high value opportunities and external innovation velzatinib GIST (1L) cabotegravir + rilpivirine 3x a year LAI HIV treatment risvutatug rezetecan mHSPC risvutatug rezetecan 1L NSCLC efimosfermin ALD HS235/GSK ‘070 PH-HFpEF mocertatug rezetecan PROC (2L+) Shingrix MACE risvutatug rezetecan 2L NSCLC VH184 + VH499 2x a year LAI HIV treatment mocertatug rezetecan Endometrial cancer (2L+) mRNA / GSK ’276 (x2) Flu LA IL33/GSK ‘995 (x3) COPD LA IL33/GSK ‘995 NCFB mocertatug rezetecan HRpOC (1L) ULA TSLP/felcorekibart (x2) Asthma ozureprubart Food allergy HS235/GSK ‘070 PAH mocertatug rezetecan PSOC (2L+) ULA TSLP/felcorekibart (x2) CRSwNP ozureprubart CSU mocertatug rezetecan Endometrial cancer (1L) ULA TSLP/felcorekibart (x2) COPD DAP/TOM + bepirovirsen Chronic hepatitis B risvutatug rezetecan SCLC (1L) efimosfermin (x2) F4 MASH risvutatug rezetecan mCRPC (late line) belantamab mafodotin Multiple myeloma (1L - Quad) risvutatug rezetecan mCRPC (chemo naïve) Shingrix MACE VH184 + VH499 2x a year LAI HIV treatment DAP/TOM + bepirovirsen Chronic hepatitis B velzatinib GIST (1L) efimosfermin (x2) F4 MASH, ALD risvutatug rezetecan (x6) mCRPC x2, mHSPC, SCLC (1L), NSCLC x2 HS235/GSK ‘070 (x2) PAH, PH-HFpEF mRNA / GSK ’276 Flu mocertatug rezetecan (x5) PROC, PSOC, HRpOC, EC x2 ozureprubart (x2) Food allergy and CSU Jideytro ROS1+ NSCLC (TKI-naïve) dostarlimab Rectal cancer efimosfermin F2/F3 MASH neladalkib ALK+ NSCLC (TKI-naïve) depemokimab COPD Jideytro ROS1+ NSCLC (TKI pre-treated) bepirovirsen Chronic hepatitis B depemokimab EGPA velzatinib GIST (2L) belantamab mafodotin Multiple myeloma (1L) LA IL33/GSK ‘995 (x2) COPD, NCFB neladalkib ALK+ NSCLC (TKI pre-treated) cabotegravir 3x a year LAI HIV prevention cabotegravir + rilpivirine 3x a year LAI HIV treatment risvutatug rezetecan SCLC (2L) dostarlimab (x2) HNSCC, colon cancer ULA TSLP/felcorekibart (x3) Asthma, CRSwNP, COPD 2029 and beyond202820272026 Regulatory submissions Phase 3 starts Accelerate R&D: Late-stage pipeline momentum Key: Oncology Respiratory Vaccines HIV Other Specialty 16 Products in development are not yet approved for the indications shown NSCLC: non-small cell lung cancer, TKI: tyrosine kinase inhibitor, GIST: gastrointestinal stromal tumour, 1L: first-line, 2L: second-line, PROC: platinum-resistant ovarian cancer, HRpOC: homologous recombination proficient ovarian cancer, PSOC: platinum -sensitive ovarian cancer, SCLC: small- cell lung cancer, mCRPC: metastatic castration-resistant prostate cancer, LAI: long-acting injectable, MACE: major adverse cardiovascular events, CRSwNP: chronic rhinosinusitis with nasal polyps, COPD: chronic obstructive pulmonary disease, F4 MASH: metabolic dysfunction-associated steatohepatitis with cirrhosis, EGPA: eosinophilic granulomatosis with polyangiitis, mHSPC : metastatic hormone-sensitive prostate cancer, LA IL33: long- acting interleukin-33, CSU: chronic spontaneous urticaria, DAP/TOM: daplusiran/tomligisiran, F2/F3: fibrosis stages 2 and 3, NCFB: non-cystic fibrosis bronchiectasis, PAH: pulmonary arterial hypertension, EC: endometrial cancer, HNSCC: head and neck squamous cell carcinoma, ALD: alcohol- related liver disease, PH-HFpEF: pulmonary hypertension associated with heart failure with preserved ejection fraction
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gsk.com Growth drivers Nina Mojas, President, Global Product Strategy
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Q3 key sales drivers Absolute values at AER; percentages are growth rates at CER, unless stated otherwise. 1. Includes Bexsero, Menveo, Penmenvy & Other meningitis vaccines Q3 growth driven by Specialty Medicines Total Group £8.9bn +5% Specialty Medicines £3.9bn +15% Vaccines £2.6bn -2% General Medicines £2.4bn stable 18 -150 -100 -50 0 50 100 150 Cabenuva Nucala Benlysta Dovato Meningitis Vaccines1 Trelegy Ellipta Blenrep Ojjaara Jemperli Exdensur Apretude Jideytro Other Vaccines Shingrix Arexvy Other Specialty Medicines Other General Medicines £m +18% +17% +9% +12% +8% - +35% +19% - +21% - -3% -5% -24% -6% -4% +35% US Europe International
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Blenrep: HCP experience increasing with reimbursement building globally 19HCP: healthcare professional, NCCN: National Comprehensive Cancer Network, BVd: Blenrep + bortezomib + dexamethasone, len: lenalidomide, BPd: Blenrep + pomalidomide + dexamethasone, BKd: Blenrep + carfilzomib + dexamethasone, MM: multiple myeloma, BRd: Blenrep + lenalidomide + dexamethasone, DRd: daratumumab + lenalidomide + dexamethasone, MRD: minimal residual disease Blenrep (£50m) 0 10 20 30 40 50 Q4 25 Q1 26 Q2 26 Q3 26 US Ex-US £m NCCN guidelines support broader US use of Blenrep Regimen Line Recommendation BVd 2L+ Preferred regimen for len refractory (from 3L+ Other) BPd 2L+ Category 1 recommendation BKd 2L+ Category 2A recommendation • Continued global momentum: approved in 52 markets with reimbursement in 28 • US: 1/3 sales coming from repeat prescribers; 53% volume from community • HCPs gaining experience with dosing leading to extended periods in between prescriptions • DREAMM-10 (BRd vs DRd) study for newly diagnosed MM patients, MRD data in 2028
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1. IQVIA Source of Business – R3M patients and share J-code: billing code to identify clinician -administered medications in t he US New Exdensur US prescribers increase represents Sep YTD compared to June YTD, COPD: chronic obstructive pulmonary disease Leaders in IL-5 with Nucala growth and Exdensur launch 20 Nucala (£582m +18%) Exdensur (£27m) • Strong global growth driven by successful COPD launch and halo effect • US (+24%): New to brand patients up 19% vs LY • Only ~6% of US COPD patients on a biologic • International (+21%): China #1 biologic across all indications with 57% share in COPD bio-naïve • New US prescribers +68% in Q3 following J-code availability • New patients increased 74% vs Q2 including free first dose through ‘fast start’ programme • Building access: >2/3 of US patients with insurance (Commercial/Medicare) now have coverage • ~70% eligible patients not on biologic 59% 24% 17% US new patient starts source of business1 Bio-naïve Switch from IL-5 Switch from other classes0 500 1000 1500 2000 2500 3000 Nucala IL5 competitor New to brand US patient volume (All indications) NTB Patients (1,000s)
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Hibsago: first significant development in chronic hepatitis B in over 40 years 21 • Approval ahead of AASLD (November): key opportunity to reach target audiences • >50% of CHB population concentrated in five US states • Initial focus on patients with surface antigen lower than 1000 IU/mL • 85% Chinese liver cancer cases associated with CHB; National Health Priority • Collaboration with Sino Biopharmaceutical providing access to >5000 medical centres • Regulatory decision expected H1 ‘27 • Government priority with well established infrastructure; guidelines support functional cure • Value recognised in reimbursement review • Positive initial feedback with some HCPs immediately identifying potential patients US: approved 20 October China: under Priority ReviewJapan: launch underway ~900kInfected Diagnosed On treatment ~86% of CHB patients have HBsAg <3000 ~600k ~120k ~70% of CHB patients have HBsAg <3000 ~75mInfected Diagnosed ~44m ~6mOn treatment 1. Significant unserved population Sources: World Health Organization. Global Hepatitis Report 2026. Internal GSK estimate, 2026 2. AASLD Poster (2021) The current burden of Hepatitis B in the United States – The Impact of Immigration 2021; Razavi-Shearer-Devin HCP: healthcare professional, AASLD: American Association for the Study of Liver Diseases, CHB: chronic hepatitis B, HBsAg IU/mL: hepatitis B surface antigen international units per millilitre ~1.7m infected ~400k diagnosed ~120k on treatment 21 1
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gsk.com Financial performance Julie Brown, Chief Financial Officer
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23 Disciplined capital allocation supports accelerated R&D investment Q3 2026 Core Operating MarginQ3 2025 Q3 2026 AER CER Core results £m £m % % Sales 8,547 8,887 4 5 Cost of sales (2,059) (2,040) -1 0 Gross profit 6,488 6,847 6 7 Gross profit margin 75.9% 77.0% +110bps +120bps SG&A (2,159) (2,155) 0 1 Research and development (1,552) (1,874) 21 22 Royalties 208 258 24 24 Operating profit 2,985 3,076 3 5 Operating profit margin 34.9% 34.6% -30bps -10bps Earnings per share 55.0p 54.6p -1 1 Q3 2025 Q3 2026 AER CER Total results £m £m % % Total operating profit 2,593 2,127 -18 -16 Total operating profit margin 30.3% 23.9% -640bps -610bps Total earnings per share 49.9p 38.5p -23 -21 • Gross margin +120bps supported by product mix & efficiencies • SG&A +1% including Nuvalent operating costs • R&D +22% driven by accelerated pipeline investment, with 18 phase 3 trials now initiated in 2026 • Core EPS +1% due to the interest costs from the Nuvalent acquisition • Tax rate 17% vs 16% Q3 2025 Core results unless stated otherwise. See page 16 of GSK’s Q3 2026 stock exchange announcement for a full reconciliation of Total to Core results. Charts may not sum due to rounding. 1.2% 1.1% 2.9% 0.5% Gross Margin SG&A R&D Royalties Q3’26 Margin at CER 0.2% Currency Q3’26 Margin at AER 34.9% 34.8% 34.6% Q3’25 Margin -10bps
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24 Strong cash generation driven by operational performance Free cash flow £4.9bn, +£1.8bn vs September YTD 2025 Sep YTD 2025 Sep YTD 2026 Core operating profit 8,149 8,526 Decrease/(Increase) in working capital (2,025) (1,521) Contingent consideration paid1 (989) (1,095) Other CGFO 1,119 1,468 Cash generated from operations (CGFO) 6,254 7,378 Taxation paid (791) (738) Net tangible capex2 (764) (890) Net intangible capex2 (1,073) (350) Other3 (557) (513) Free cash flow (FCF) 3,069 4,887 CGFO £7.4bn, +£1.1bn vs LY: • Increased operating profit • Favourable receivables & payables movements • CureVac/BioNTech settlements • 2025 impacted by £0.7bn Zantac outflow *The extinguishment of the Put Option as part of the ViiV shareholding restructure has further strengthened GSK’s balance sheet position with credit rating agencies, providing additional capacity of ~£1bn to deploy in accordance with capital allocation priorities. 1. Contingent consideration cash payments within CGFO primarily relate to Shionogi/ViiV 2. Net capex includes purchases less disposals of property, plant and equipment/intangibles 3. Other includes net interest paid and dividends to non -controlling interests (including $250m ViiV special dividend) FCF £4.9bn, +£1.8bn vs LY: • $400m income from linerixibat out-licence • $250m special dividend related to the ViiV Healthcare shareholding restructure*
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Invest for Growth Shareholder Returns 25 Capital deployment to accelerate growth and shareholder returns Charts may not sum due to rounding. The definition and reconciliation of Core EBITDA for FY 2025 is available in the 2025 ann ual report. *31 Dec 2025 Net debt adjusted per IFRS 9 amendments on 1 Jan 2026, reconciliation page 34 of the Q3 GSK announcement 1. Free Cash Flow (FCF) is £4.9bn, including the capital expenditure net of disposal proceeds for property, plant and equipmen t (£0.9bn) and intangibles (£0.4bn) included in business development 2. Business development includes net intangible capex, net equity investments, purchase of businesses net of cash acquired, disposal of businesses (including disposal of the Rockville manufacturing site) and investments in associates 3. Other includes dividend and distribution income, exchange on net debt, other financing items and non -cash movements in net debt 6.1 9.2 2.1 31 Dec 2025 Net debt* Underlying FCF 0.9 Net tangible capex Business development Dividends to shareholders 0.6 Share buyback 0.3 FX and Other 30 Sep 2026 Net debt 14.4 20.7 +6.3 1 2 3
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26All guidance, outlooks, and expectations should be read together with the guidance, outlooks, assumptions, and cautionary statements on pages 45 and 46 in GSK’s Q3 2026 stock exchange announcement. Sales 3-5% upper half of range Core earnings per share 7-9% lower half of range Core operating profit 7-9% upper half of range Guidance updates • Royalties: ~£900m • Interest: £700-750m 2026 guidance Dividend 70p Product group sales growth guidance Specialty Medicines: grow low double digits % HIV: grow high single digits % Vaccines: broadly stable to grow low single digit % General Medicines: decline mid single to low single digit %
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Critical components of growth strategy are in place and delivering 27 Deliver growth Maximise launch of next wave products, ensure success in overall operational execution Accelerate R&D Focus on bringing late-stage pipeline to patients faster and executing BD Simplify how we work Reallocate capital and resources to drive change and invest in R&D
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Q&A David Redfern President, Corporate Development, ViiV Chair Luke Miels Chief Executive Officer Julie Brown Chief Financial Officer Tony Wood Chief Scientific Officer Nina Mojas President, Global Product Strategy
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Roadmap H2 2026 - 2027 29 1. Hepatitis B virus 2. Non-small cell lung cancer 3. Complicated urinary tract infection 4. Pre- exposure prophylaxis 5. Refractory chronic cough 6. Eosinophilic granulomatosis with polyangiitis 7. Metabolic dysfunction -associated steatohepatitis 8. Studies in chronic obstructive pulmonary disease, severe asthma and chronic rhinosinusitis with nasal polyps 9. Studies in 2L+ platinum-sensitive ovarian cancer, 1L homologous recombination proficient ovarian cancer and 1L maintenan ce for endometrial cancer 10. Study in 3L+ metastatic castration -resistant prostate cancer 11. Studies in 1L extensive-stage small-cell lung cancer and chemo-naïve metastatic castration-resistant prostate cancer 12. Major adverse cardiovascular events 13. Gastrointestinal stromal tumour 14. Chronic obstructive pulmonary disease 15. Years of age 16. Extensive-stage small-cell lung cancer 17. Chronic spontaneous urticaria 18. Metastatic hormone-sensitive prostate cancer * Pivotal phase II/IIb study **Launches only included following submission acceptance H2 2026 H1 2027** H2 2027** Execution (US launches) • Hibsago chronic HBV 1 • Jemperli rectal cancer • Jideytro TKI pre-treated ROS1+ NSCLC 2 • neladalkib TKI pre-treated ALK+ NSCLC 2 • Utebzi cUTI 3 • Jideytro TKI treatment naïve ROS1+ NSCLC 2 Pipeline Regulatory Decisions • Hibsago chronic HBV 1 (US, JP) • Jemperli rectal cancer (US) • Jideytro TKI pre-treated ROS1+ NSCLC 2 (US) • neladalkib TKI pre-treated ALK+ NSCLC 2 (US) • cabotegravir 3x a year PrEP 4, HIV (US) • Hibsago chronic HBV 1 (EU, CN) • Ventolin low carbon metered dose inhaler (EU) • Arexvy 60+ YOA 15 (CN) • Exdensur EGPA 6 (US, JP) • Jemperli rectal cancer (EU) • Jideytro TKI treatment naïve ROS1+ NSCLC 2 (US) Phase III readouts • cabotegravir EXTEND4M, 3x a year PrEP 4, HIV* • camlipixant CALM-1/2, RCC 5 • Exdensur OCEAN, EGPA 6 • Jemperli AZUR-1, rectal cancer* • Jideytro TKI treatment naïve ROS1+ NSCLC 2 • cabotegravir + rilpivirine CUATRO, 3x a year Treatment, HIV • risvutatug rezetecan EMBOLD SCLC-301, 2L ES-SCLC 16 • velzatinib StrateGIST 3, 2L GIST 13 Phase III starts • belantamab mafodotin Multiple myeloma (1L Quad) • efimosfermin alfa NEBULA-1/2, F4 MASH 7 • felcorekibart 6 PERSIST studies 8 • mocertatug rezetecan 3 BEHOLD studies in gynecologic cancers 9 • risvutatug rezetecan EMBOLD Prostate-302 10 • risvutatug rezetecan 2 EMBOLD studies 11 • Shingrix MACE 12 • velzatinib StrateGIST FrontLine, 1L GIST 13 • GSK ‘995 (LA IL33) 3 studies in COPD 14 • risvutatug rezetecan EMBOLD study in 2L NSCLC 2 • DAP/TOM + bepirovirsen chronic HBV 1 • ozureprubart CSU 17 • ozureprubart Food allergy • risvutatug rezetecan EMBOLD study in mHSPC 18 Capital Allocation • Completion of Nuvalent Therapeutics acquisition • Full-year 2026 dividend declaration • Dividend expectation 2027
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Q3 2026 total to core operating profit reconciliation 30 Q3 2025 Q3 2026 Key commentary on CER basis Operating profit (£m) Operating profit (£m) Total results 2,593 2,127 Intangible amortisation 198 220 Intangible impairment 112 33 Major restructuring 58 345 Primarily Accelerate Growth programme Transaction-related 319 349 ViiV Shionogi CCL1 remeasurement Divestments, significant legal and other (295) 2 Core results 2,985 3,076 See page 16 of the GSK Q3 2026 stock exchange announcement for a full reconciliation of Total to Core results 1. Contingent consideration liability
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31 Q3 2025 Q3 2026 Key commentary on CER basis £m £m Core operating profit (OP) 2,985 3,076 Net finance expense (132) (197) Increase primarily driven by Nuvalent acquisition Share of associates (5) (2) Tax (455) (490) Tax rate 16.0% 17.0% Non-controlling interests (176) (198) Core Profit attributable to shareholders 2,217 2,189 Core earnings per share (EPS) 55.0p 54.6p Share buyback benefit +1% Total EPS 49.9p 38.5p Total results impacted by Accelerate Growth charges Weighted average number of shares (millions) 4,034 4,009 Core earnings grow +1% at CER due to Nuvalent acquisition interest costs Core results unless stated otherwise
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Quarterly summary of core results 32 2025 2026 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Sales (£m) 7,516 7,986 8,547 8,618 32,667 7,629 8,409 8,887 Operating profit (£m) 2,533 2,631 2,985 1,634 9,783 2,650 2,800 3,076 Operating margin 33.7% 32.9% 34.9% 19.0% 29.9% 34.7% 33.3% 34.6% Earnings per share (p) 44.9 46.5 55.0 25.5 172.0 46.5 50.5 54.6
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Currency 33 2025 currency sales exposure1 2026 core operating profit Currency sensitivity US $ 52% US $: 10 cents movement in the average exchange rate for full year impacts core operating profit by approx. +/- 8% If exchange rates were to hold at the closing rates on 30 September 2026 ($1.33/£1, €1.17/£1 and Yen 209/£1) for the rest of 2026, the estimated impact on 2026 Sterling Turnover growth for GSK would be -1% and if exchange gains or losses were recognised at the same level as in 2025, the estimated impact on 2026 Sterling Core Operating Profit growth for GSK would be -3% Euro € 19% Euro €: 10 cents movement in the average exchange rate for full year impacts core operating profit by approx. +/- 0.5% Japanese ¥ 4% Japanese ¥: 10 Yen movement in the average exchange rate for full year impacts core operating profit by approx. +/- 1% Other2 25% Canadian Dollar $CAD: 10 cents movement in the average exchange rate for full year impacts core operating profit by approx. +/- 0.5% Historical average exchange rates quarterly 2025 2026 Q1 Q2 Q3 Q4 FY 25 Q1 Q2 Q3 Q4 FY 26 US $ 1.26 1.34 1.33 1.33 1.31 1.35 1.34 1.34 Euro € 1.20 1.18 1.16 1.14 1.17 1.15 1.15 1.17 Japanese ¥ 193 194 198 206 198 211 213 213 Historical period end exchange rates US $ 1.29 1.37 1.34 1.35 1.32 1.32 1.33 Euro € 1.20 1.17 1.14 1.15 1.15 1.16 1.17 Japanese ¥ 193 198 199 211 211 215 209 1. Based on 2025 GSK, including COVID-19 solutions 2. The other currencies that each represent more than 1% of GSK sales include Australian Dollar, Brazilian Real, Canadian Dollar, Chinese Yuan and Indian Rupee. In total, they accounted for 9% of GS K revenues in 2025
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Capital allocation framework 34 +8% +11% +12% +8% Attractive and growing shareholder returns Invest for growth Accelerate pipeline (R&D and targeted BD) New product launches 1 Shareholder distributions Progressive dividend (40-60% pay-out ratio) Further shareholder distributions 2 Underpinned by strong balance sheet with a strong investment grade credit rating Sustainable, profitable growth and cash generation
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Accelerate Growth financials 35 Phasing announced at Q2 2026 (£bn) Total 2026 2027 2028 2029 Cumulative annual savings 1.9 0.2 0.8 1.7 1.9 Total annual costs 2.4 0.7 1.2 0.4 0.1 Annual cash outflows 2.1 0.2 1.1 0.6 0.2 Q3 2026 update: We now expect annual costs of up to £1bn in 2026
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Modelling considerations 36 Q4 2026 • Q4’25 - £150m SG&A productivity charge • Q4’25 - £150m supply chain charge 2027 • 1st January 2027 - Trelegy & Breo IRA price applicable • Q1’26 - ~£90m IP settlement benefit to SG&A • 5th October 2027 – Biktarvy royalty stream ends
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Guidance & outlooks to support modelling 37 Original 2026 Guidance Oct 28th 2026 Guidance 2026 assumptions 2021–2026 BIU (2021) 2021–2026 BIU (2024) 2021–2026 BIU (2025) Implied 2021-26 (based on FY 2026 guidance) Turnover +3-5% +3-5% Upper half of the range >5% CAGR >7% CAGR >7% CAGR 8% CAGR - Specialty +LDD +LDD DD CAGR DD CAGR Low to mid teens 15% - HIV +MSD-HSD +HSD MSD CAGR 6-8% HSD 11% - Vaccines -LSD to stable Stable to +LSD HSD CAGR LDD CAGR MSD to HSD 8% - Gen Meds -LSD to stable -LSD to -MSD Broadly Stable Broadly Stable LSD 2% Core OP +7-9% +7-9% Upper half of the range Gross margin: benefit from product mix and efficiencies SG&A: broadly stable R&D: grow significantly ahead of sales Royalties: ~£900m >10% CAGR >11% CAGR >11% CAGR 13% CAGR - Core OP margin* >31% >31% >30% >31% >31% >31% Core EPS +7-9% +7-9% Lower half of the range Interest charge: £700-750m Core tax rate: ~17.5% NCI: ViiV is the main ongoing NCI Share buyback included in EPS guidance CGFO >£10bn ~£10bn Including ‘Accelerate Growth’ & Nuvalent Dividend 70p 70p Long Term Outlook >£40bn sales by 2031 >50% Specialty Medicines sales as a % of 2031 sales Stable to improving operating margin through DTG LoE period (2028-2030) *2026 Core operating margin guidance at 2025 actual exchange rates
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62 potential new vaccines and medicines in pipeline 38 ^ In registration * In-license or other alliance relationship with third party ** Additional indications or candidates also under investigation 1. Metered dose inhaler 2. Interstitial lung disease 3. In phase II/III study 4. Metabolic dysfunction -associated steatohepatitis 5. Chronic obstructive pulmonary disease 6. Ultra-long-acting 7. Neoadjuvant dMMR/MSI-H rectal cancer 8. Non-small cell lung cancer 9. Extensive-stage small-cell lung cancer 10. Years of age 11. Hepatitis B virus 12. Measles, mumps, rubella and var icella 13. Major adverse cardiovascular events 14. Phase III start planned in 2026 Oncology RI&I HIV Infectious Diseases Phase III / Registration 21 Low carbon version of MDI1, Ventolin (salbutamol) Beta 2 adrenergic receptor agonist Asthma^ Benlysta (belimumab) Anti-BLys antibody Systemic sclerosis associated ILD2,3** efimosfermin alfa (GSK6519754) FGF21 analog* MASH4** Exdensur (depemokimab) Long-acting anti-IL5 antibody* COPD5** felcorekibart (GSK5784283) ULA6-TSLP monoclonal antibody* Asthma** Blenrep (belantamab mafodotin) Anti-BCMA ADC* Multiple myeloma^** Jemperli (dostarlimab) Anti-PD-1 antibody* Rectal cancer7^** Jideytro (zidesamtinib) ROS1 inhibitor NSCLC8^** neladalkib (GSK6739060) ALK inhibitor NSCLC8^** mocertatug rezetecan (GSK5733584) ADC targeting B7-H4* Gynaecologic malignancies** risvutatug rezetecan (GSK5764227) ADC targeting B7-H3* ES-SCLC9** velzatinib (GSK6042981) KIT inhibitor* Gastrointestinal stromal tumours** Zejula (niraparib) PARP inhibitor* Newly diagnosed glioblastoma multiforme cabotegravir (GSK1265744) Integrase inhibitor HIV** Arexvy (RSV vaccine) Recombinant protein, adjuvanted* RSV adults (60+ YoA10 China)^** Hibsago (bepirovirsen) Antisense oligonucleotide* Chronic HBV11 infection^** Bexsero (MenB vaccine) Recombinant protein, OMV* Meningitis B (infants US) GSK4178116 Live, attenuated Varicella new seed GSK4382276 mRNA* Seasonal flu GSK4406371 Live, attenuated MMRV12 new seed Shingrix (GSK1437173) Recombinant protein, adjuvanted vaccine MACE13, 14
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62 potential new vaccines and medicines in pipeline 39 * In-license or other alliance relationship with third party ** Additional indications or candidates also under investigatio n 1. Alcohol-related liver disease 2. Urinary tract infection 3. In phase I/II study 4. Hepatitis B virus Phase II 13 camlipixant (GSK5464714) P2X3 receptor antagonist Irritable bowel syndrome gatuzosiran (GSK4532990) HSD17B13 RNA interference* ALD1 ozureprubart (GSK6775388) Anti-IgE antibody* Food allergies Ojjaara/Omjjara (momelotinib) JAK1, JAK2 and ACVR1 inhibitor* Myelodysplastic syndrome** VH3810109 Broadly neutralizing antibody* HIV VH4011499 Capsid protein inhibitor HIV VH4524184 Integrase inhibitor* HIV alpibectir (BVL-GSK3729098) Ethionamide booster* Tuberculosis ganfeborole (GSK3036656) Leucyl t-RNA synthetase inhibitor* Tuberculosis GSK4077164 Bivalent GMMA and TCV* Invasive non-typhoidal salmonella GSK4396687 mRNA* COVID-19 GSK5102188 Recombinant subunit, adjuvanted UTI2,3 GSK5637608 Hepatitis B virus-targeted siRNA* Chronic HBV4 infection Oncology RI&I HIV Infectious Diseases
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62 potential new vaccines and medicines in pipeline 40 * In-license or other alliance relationship with third party ** Additional indications or candidates also under investigatio n 1. Chronic obstructive pulmonary disease 2. Polycystic kidney disease 3. In phase I/II study 4. Non -small cell lung cancer 5. Urinary tract infection 6. Hepatitis B virus 7. Respiratory syncytial virus and human metapneumovirus Oncology RI&I HIV Infectious Diseases Phase I 28GSK3862995 Long-acting anti-IL33 antibody COPD1** GSK4347859 Interferon pathway modulator Systemic lupus erythematosus GSK4527363 B-cell modulator* Systemic lupus erythematosus GSK4528287 Anti-IL23-IL18 bispecific antibody* Inflammatory bowel disease GSK4771261 Monoclonal antibody against novel kidney target Autosomal dominant PKD2 GSK5926371 Anti-CD19-CD20-CD3 trispecific antibody* Autoimmune disease** GSK6582701 PDE3/4 inhibitor* COPD1 GSK6759821 siRNA* COPD1 GSK6792070 (HS235) Activin signalling inhibitor Pulmonary arterial hypertension3** GSK6792538 Complement inhibitor* Glomerular nephropathies belantamab (GSK2857914) Anti-BCMA antibody* Multiple myeloma3 GSK5460025 Nucleotide excision repair targeting agent* Solid tumours3 GSK5471713 AR degrader Prostate cancer3 GSK5533524 ADC targeting MUC-16 Solid tumours GSK6855547 (NVL-330) HER2 inhibitor NSCLC4 VH4367310 HIV integrase inhibitor* HIV VH4770359 Capsid protein inhibitor HIV GSK3772701 P. falciparum whole cell inhibitor* Malaria GSK3882347 FimH antagonist* Uncomplicated UTI5 GSK3965193 PAPD5/PAPD7 inhibitor Chronic HBV6 infection GSK4024484 P. falciparum whole cell inhibitor* Malaria GSK4424989 Recombinant/glycoconjugate vaccine* Group A streptococcal infections GSK4425689 Circumsporozoite protein inhibitor Malaria GSK5459248 Pn-MAPS30plus adults* Pneumococcal disease GSK5459248 Pn-MAPS30plus paediatric* Pneumococcal disease GSK5475152 mRNA* Seasonal flu/COVID-193 GSK5893818 Recombinant protein, adjuvanted* RSV + hMPV7 infection GSK6015384 Quadrivalent GMMA/glycoconjugate vaccine Salmonella infection
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Changes since Q2 2026 411. Ultra-long-acting 2. Neoadjuvant locally advanced dMMR/MSI -H rectal cancer 3. Years of age 4. Immunocompromised 5. Hepatitis B virus 6. Metered dose inhaler 7. Tyrosine kinase inhibitor 8. Non -small cell lung cancer 9. Respiratory syncytial virus and human metapneumovirus Oncology RI&I HIV Infectious Diseases Regulatory decisions Jemperli: rectal cancer2 US Arexvy: 18+ YoA3 IC4 US Hibsago: chronic HBV5 US, JP Shingrix: shingles, pre-filled syringe JP Regulatory submission acceptances Ventolin (low carbon MDI6): asthma EU Jemperli: rectal cancer2 US Late-stage readouts Jideytro: ARROS-1, TKI7 treatment naïve ROS1+ NSCLC8 - Positive registrational data readout Cabenuva: CROWN, 6x a year HIV treatment – Positive phase 3b topline data readout Other news Zejula: treatment of glioma - Orphan Drug Designation (EU) GSK4382276: Seasonal flu - Fast Track Designation (US) GSK5893818: RSV + hMPV9 infection - Fast Track Designation (US) Changes on pipeline Achieved pipeline catalysts Progressed to Phase III/Registration felcorekibart: ULA1-TSLP monoclonal antibody, Asthma GSK4382276: mRNA, Seasonal flu New to Phase I VH4367310: HIV integrase inhibitor, HIV GSK4425689: Circumsporozoite protein inhibitor, Malaria Removed from Phase I GSK5458514: PSMAxCD3 T-cell engaging bispecific antibody, Prostate cancer VH4527079: HIV entry inhibitor, HIV
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Upcoming pipeline catalysts: 2026 and 2027 421. Tyrosine kinase inhibitor 2. Non-small cell lung cancer 3. Pre-exposure prophylaxis 4. Eosinophilic granulomatosis with polyangiitis 5. Pivotal phase IIb study 6. Metered dose inhaler 7. Hepatitis B virus 8. Tesaro asset 9. Neoadjuvant locally advanced dMMR/MSI-H rectal cancer 10. Years of age 11. Extensive-stage small-cell lung cancer 12. Gastrointestinal stromal tumours Oncology RI&I HIV Infectious Diseases H2 2026 H1 2027 H2 2027 Regulatory decision neladalkib: TKI1 pre-treated ALK+ NSCLC2 US Ventolin (low carbon MDI6): asthma EU Exdensur: EGPA4 US, JP cabotegravir 3x a year PrEP3, HIV US Jemperli8: rectal cancer9 EU Hibsago: chronic HBV7 infection EU, CN Jideytro: TKI1 treatment naïve ROS1+ NSCLC2 US Arexvy: 60+ YoA10 CN Bexsero: Men B (infants) US Regulatory submission acceptance Jideytro: TKI1 treatment naïve ROS1+ NSCLC2 US Exdensur: EGPA4 US, EU, CN, JP Jemperli 8: rectal cancer9 EU, CN cabotegravir: 3x a year PrEP3, HIV prevention US Ventolin (low carbon MDI6): asthma US cabotegravir + rilpivirine: 3x a year Treatment, HIV US Jemperli 8: rectal cancer9 JP Arexvy: 18-59 YoA10 CN Jideytro: TKI1 pre-treated ROS1+ NSCLC2 EU GSK4178116: Varicella new seed US neladalkib: TKI1 pre-treated ALK+ NSCLC2 EU Bexsero: Men B (infants) US Late-stage Phase III readouts Exdensur: OCEAN, EGPA4 Arexvy: 18-59 YoA10 (China) Ris-Rez: EMBOLD SCLC-301, 2L ES-SCLC11 cabotegravir: EXTEND4M, 3x a year PrEP3, HIV prevention5 GSK4178116: Varicella new seed velzatinib: StrateGIST 3, 2L GIST12 cabotegravir + rilpivirine: CUATRO, 3x a year Treatment, HIV
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Glossary 43 1L: first line 2L: second line 3L: third line ADC: antibody-drug conjugate AER: actual exchange rates ALD: alcohol-related liver disease ALK: anaplastic lymphoma kinase ALT: alanine transaminase ART: antiretroviral therapy ASCO GI: American Society of Clinical Oncology gastrointestinal cancers symposium ASCO GU: American Society of Clinical Oncology genitourinary cancers symposium AST: aspartate aminotransferase BCMA: B-cell maturation antigen BD: business development BiC: best-in-class BIC: bictegravir BICR: blinded independent central review BKd: Blenrep, carfilzomib and dexamethasone BMP: bone morphogenetic protein BPd: Blenrep, pomalidomide and dexamethasone BRd: belantamab mafodotin, lenalidomide and dexamethasone BTD: breakthrough therapy designation BVd: Blenrep, bortezomib and dexamethasone C: clonal variants CAB: cabotegravir CAD: Canadian dollar CAGR: compound annual growth rate cCR: clinical complete response CDH6 TOP1i: cadherin-6 topoisomerase I inhibitor CER: constant exchange rates CGFO: cash generated from operations CHB: chronic hepatitis B CI: confidence interval CMV: cytomegalovirus CN: China COPD: chronic obstructive pulmonary disease cORR: confirmed objective response rate COVID-19: coronavirus disease 2019 CR: complete response CRSwNP: chronic rhinosinusitis with nasal polyps CSU: chronic spontaneous urticaria CTD: connective tissue disease cUTI: complicated urinary tract infection CVD: cardiovascular disease CYP3A: cytochrome P450 3A DAP/TOM: daplusiran/tomligisiran Dara: daratumumab DD: double digit DDI: drug-drug interactions dMMR: mismatch repair deficient DoR: duration of response Dose opt: dose optimisation DRd: daratumumab, lenalidomide and dexamethasone DTG: dolutegravir DVRd: daratumumab, bortezomib, lenalidomide and dexamethasone EBITDA: earnings before interest, tax, depreciation and amortisation EC: endometrial cancer ED: emergency department EGPA: eosinophilic granulomatosis with polyangiitis EHR: electronic health records ELCC: European Lung Cancer Congress EMBL: European Molecular Biology Laboratory EPS: earnings per share ESMO: European Society for Medical Oncology ES-SCLC: extensive-stage small cell lung cancer EU: European Union F2/F3: fibrosis stages 2 and 3 F4 MASH: metabolic dysfunction-associated steatohepatitis with cirrhosis FC: functional cure FCF: free cash flow FGF21: fibroblast growth factor 21 Fra-TOP1i: folate receptor alpha topoisomerase I inhibitor FTC: emtricitabine FX: foreign exchange FY: full year GBM: glioblastoma multiforme GDF: growth differentiation factor GIST: gastrointestinal stromal tumour GMMA: generalised modules for membrane antigens H&N: head and neck H1: first half of the year H2: second half of the year HA: haemagglutinin HBsAg: hepatitis B surface antigen HBV: hepatitis B virus HCP: healthcare professional
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Glossary 44 HD: high dose HER2: human epidermal growth factor receptor 2 HES: hypereosinophilic syndrome hMPV: human metapneumovirus HIV: human immunodeficiency virus HNSCC: head and neck squamous cell carcinoma HR: hazard ratio HRpOC: homologous recombination proficient ovarian cancer HSD: high single digit HZ: herpes zoster IBD: inflammatory bowel disease IC: immunocompromised IC-ORR: intracranial objective response rate IgE: immunoglobulin E IgG1 mAb: IgG1 isotype monoclonal antibody IL: interleukin IL33: interleukin-33 ILD: interstitial lung disease INSTI: integrase strand transfer inhibitor IP: intellectual property IRA: Inflation Reduction Act ISR: injection site reaction IU: international units J-code: US billing code for clinician-administered medications JP: Japan LA: long-acting LAI: long-acting injectable LCI: lifecycle innovation LDD: low double digit LoE: loss of exclusivity LR-MDS: lower-risk myelodysplastic syndrome LSD: low single digit LY: last year MACE: major adverse cardiovascular events MASH: metabolic dysfunction-associated steatohepatitis mCRPC: metastatic castration-resistant prostate cancer MDI: metered dose inhaler mg/kg: milligrams per kilogram mHSPC: metastatic hormone-sensitive prostate cancer MenB: meningococcal B MM: multiple myeloma MMRV: measles, mumps, rubella and varicella MoA: mechanism of action Mo-Rez: mocertatug rezetecan mOS: median overall survival mPFS: median progression-free survival mRECIST: modified response evaluation criteria in solid tumours MRD: minimal residual disease mRNA: messenger ribonucleic acid MSD: mid single digit MSI-H: microsatellite instability high MSS: microsatellite stable MST1: macrophage stimulating 1 NaPi2b: sodium-dependent phosphate transporter 2b NASH: non-alcoholic steatohepatitis NCCN: National Comprehensive Cancer Network NCE: new chemical entity NCFB: non-cystic fibrosis bronchiectasis NCI: non-controlling interests NHA: next-generation hormonal agents NNRTI: non-nucleoside reverse transcriptase inhibitor NR: not reached NSCLC: non-small cell lung cancer NTB: new to brand NUC: nucleos(t)ide analogue OC: ovarian cancer OMV: outer membrane vesicle OP: operating profit ORR: objective response rate OS: overall survival P: virus populations pa: per annum PAH: pulmonary arterial hypertension PARP: poly (ADP-ribose) polymerase pCR: pathological complete response PD: pharmacodynamics PD-1: programmed cell death protein 1 PDE: phosphodiesterase PDUFA: Prescription Drug User Fee Act PEG: pegylated PFS: progression-free survival PFS2: time to second disease progression or death Ph: phase PH: pulmonary hypertension
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Glossary 45 PH-HFpEF: pulmonary hypertension associated with heart failure with preserved ejection fraction PKD: polycystic kidney disease PLHIV: people living with HIV PoC: proof of concept pp: percentage point PPSV23: Pneumovax 23 pRCT: pragmatic randomised controlled trial PrEP: pre-exposure prophylaxis PRO: patient-reported outcomes PROC: platinum-resistant ovarian cancer Ps: psoriatic PSOC: platinum-sensitive ovarian cancer PTRS: probability of technical and regulatory success Q1M: every month Q1–Q4: first to fourth quarter of the year Q3/4W: every 3/4 weeks Q3M: every 3 months Q4W: every 4 weeks Q6M: every 6 months Q8W: every 8 weeks Q12W: every 12 weeks R&D: research and development R/R: relapsed or refractory R3M: rolling three months RA: rheumatoid arthritis RCC: refractory chronic cough RCT: randomised controlled trial Rd: lenalidomide and dexamethasone RI&I: respiratory, immunology and inflammation RIPTACs: regulated induced proximity targeting chimeras Ris-Rez: risvutatug rezetecan RNA: ribonucleic acid ROS1: c-ros oncogene 1 rPFS: radiographic progression-free survival RPV: rilpivirine RR: risk reduction RSV: respiratory syncytial virus RWE: real-world evidence RZV: recombinant zoster vaccine SAD: single ascending dose SAE: serious adverse event SCLC: small-cell lung cancer SEC: US Securities and Exchange Commission SG&A: selling, general and administration siRNA: small interfering RNA SLD: steatotic liver disease SoC: standard of care SS ILD: systemic sclerosis-associated interstitial lung disease STI: sexually transmitted infections T2: type 2 inflammation TAF: tenofovir alafenamide TCV: typhoid conjugate vaccine TEAE: treatment-emergent adverse event Th: T helper cells TIV: trivalent inactivated vaccine TiP: trial in progress TKI: tyrosine kinase inhibitor TOPO1: topoisomerase I TRAE: treatment-related adverse event TRK: tropomyosin receptor kinase TROP2 TOP1i: trophoblast cell surface antigen 2 topoisomerase I inhibitor TSLP: thymic stromal lymphopoietin TTP: time to tumour progression UAS7: urticaria activity score over 7 days UK: United Kingdom ULA: ultra-long-acting US: United States UTI: urinary tract infection uUTI: uncomplicated urinary tract infection VEXAS: vacuoles, E1 enzyme, X-linked, autoinflammatory, somatic syndrome VH184: integrase strand transfer inhibitor VH310: prodrug of cabotegravir VH499: capsid inhibitor VRd: bortezomib, lenalidomide and dexamethasone Vx: vaccine WCLC: World Conference on Lung Cancer YoA: years of age YTD: year to date ZVL: zoster vaccine live
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Assumptions and basis of preparation related to 2026 guidance, 2021-26 and 2031 outlooks 46 In outlining the guidance for 2026, and outlooks for the period 2021-26 and for 2031, the Group has made certain assumptions about the macro-economic environment, the healthcare sector (including regarding existing and possible additional governmental legislative and regulatory reform), the different markets and competitive landscape in which the Group operates and the delivery of revenues and financial benefits from its current portfolio, its development pipeline and restructuring programmes, including the Accelerate Growth programme as outlined on page 17 of the Q3 Results press release. As previously announced, on 19 December 2025, GSK entered into an agreement with the US Administration to lower the cost of prescription medicines for American patientsand exclude both GSK and ViiV Healthcare from Section 232 tariffs for three years. On 9 April 2026, GSK, ViiV Healthcare, and the US Government entered into a definitive agreement reflecting Section 232 tariff relief through 20 January 2029, subject to implementation and ongoing compliance.As part of that implementation, GSK and ViiV Healthcare each signed a GENEROUS Model Manufacturer Participation Agreement with the Centers for Medicare and Medicaid Services effective 15 June 2026. With these agreements GSK and ViiV Healthcare have committed certain products to participate in the voluntary GENEROUS Model. GSKand ViiV have also entered into GENEROUS Model Supplemental Rebate Agreements with several interested states andwill work with other states going forward to execute Supplemental Rebate Agreementsas requested. Our full year guidance is inclusive of the expected impact of these agreements. 2026 Guidance These planning assumptions as well as operating profit, earnings per share guidance and dividend expectations assume no material interruptions to supply of the Group’s products, no material mergers, acquisitions or disposals, no material litigation or investigation costs for the Company (save for those that are already recognised or for which provisions have been made) and no change in the Group’s shareholdings in ViiV Healthcare. The assumptions also assume no material changes in the healthcare environment or unexpected significant changes in pricing or trade policies, including tariffs (except as noted above), as a result of government or competitor action. The 2026 guidance factors in all divestments and product exits announced to date. 2021-26 and 2031 Outlooks The assumptions for GSK’s revenue, Core operating profit, Core operating margin and cash flow outlooks, 2031 revenue outlook and margin expectations through dolutegravir loss of exclusivity assume the delivery of revenues and financial benefits from its current and development pipeline portfolio of medicines and vaccines (which have been assessed for this purpose on a risk- adjusted basis, as described further below); regulatory approvals of the pipeline portfolio of medicines and vaccines that underlie these expectations (which have also been assessed for this purpose on a risk-adjusted basis, as described further below); no material interruptions to supply of the Group’s products; successful delivery of the ongoing and planned integration and restructuring plans, including the Accelerate Growth programme as outlined on page 17 of the Q3 Results press release; no material mergers, acquisitions or disposals or other material business development transactions; no material litigation or investigation costs for the Company (save for those that are already recognised or for which provisions have been made); and no change in the Group's shareholdings in ViiV Healthcare. GSK assumes no premature loss of exclusivity for key products over the period. The assumptions for GSK’s revenue, Core operating profit, Core operating margin and cash flow outlooks, 2031 revenue outlook and margin expectations through dolutegravir loss of exclusivity also factor in all divestments and product exits announced to date as well as material costs for investment in new product launches and R&D. Risk-adjusted sales includes sales for potential planned launches which are risk-adjusted based on the latest internal estimate of the probability of technical and regulatory success for each asset in development. Notwithstanding our guidance, outlooks and expectations, there is still uncertainty as to whether our assumptions, guidance, outlooks and expectations will be achieved. All outlook statements are given on a constant currency basis and use 2025 average exchange rates as a base (£1/$1.31, £1/€1.17, £1/Yen 198).