Slide 1: Q2 Results & Accelerate Growth
28 July 2026 Q2 Results & Accelerate Growth gsk.com
Slide 2: Q2 Results and Accelerate Growth Agenda
Q2 Results and Accelerate Growth Agenda Time Section Speakers 14.00 – 14.10 Q2 Results Luke Miels, Chief Executive Officer (CEO) Nina Mojas, President Global Product Strategy Deborah Waterhouse, CEO, ViiV Healthcare, President Global Health Julie Brown, Chief Financial Officer (CFO) 14.10 – 14.45 Ac
Slide 3: Cautionary statement regarding forward-looking statements
Cautionary statement regarding forward-looking statements This presentation contains statements that are, or may be deemed to be, forward-looking statements. Forward-looking statements give the Group’s current expectations or forecasts of future events. An investor can identify these statements by t
Slide 4: Q2 2026 Results
28 July 2026 Q2 2026 Results gsk.com
Slide 5: Q2 2026: strong sales performance and core earnings delivery
Q2 2026: strong sales performance and core earnings delivery Sales Core operating profit Core EPS £8.4bn £2.8bn 50.5p +5% +7% +9% Cash generated from Dividend per share Responsible business rating1 operations YTD £4.3bn 17p On track 2026 guidance*: Sales & operating profit specified at the upper hal
Slide 6: Q2 growth driven by Specialty Medicines and Vaccines
Q2 growth driven by Specialty Medicines and Vaccines Total Group Q2 key sales drivers US Europe International Incremental Growth (£m) / CER Growth % £8.4bn, +5% Arexvy +>100% Nucala +23% Cabenuva +33% Specialty Medicines Dovato +13% Meningitis +21% £3.8bn, +14% Jemperli +27% Benlysta +11% Ojja
Slide 7: Key launches delivering growth
Key launches delivering growth Nucala (£610m +23%) Exdensur (£18m) Blenrep (£36m) New to brand US patient volume1 US new patient starts source of business1 UK 2L MM treatment count2 (all Nucala indications) 3,600 Switch from 3,100 other classes 17% 2,600 2,100 Switch from IL-5 1,600 BlenrepVd (D7) 2
Slide 8: Long-acting portfolio powers HIV growth and market share increase
Long-acting portfolio powers HIV growth and market share increase £593m £140m HIV: £2,078m (+10%) £442m • Cabenuva: £453m (+33%) • Apretude: £140m (+39%) £101m £317m • Dovato: £749m (+13%) £72m £453m +31% Competitive execution drives market transition to LAIs +38% £341m • 80% of HIV growth driven by
Slide 9: Q2 2026 Financial Performance
28 July 2026 Q2 2026 Financial Performance gsk.com Note: In this section some figures may not sum due to rounding.
Slide 10: Strong quarter with leverage and improved productivity
Strong quarter with leverage and improved productivity Q2 2025 Q2 2026 AER CER +60bps Core results £m £m % % 0.0% Sales 7,986 8,409 5 5 1.4% Cost of sales (1,986) (1,898) -4 -6 2.5% Gross profit 6,000 6,511 9 9 0.5% 33.5% 33.3% Gross profit margin 75.1% 77.4% +230bps +250bps 0.2% 32.9% SG&A (2,093)
Slide 11: Cash generation supporting investment in growth
Cash generation supporting investment in growth Free cash flow £2.8bn, +£1bn vs H1 2025 H1 2025 H1 2026 CGFO £4.3bn; Core operating profit 5,164 5,450 • Working capital improvement due to lower Decrease/(Increase) in working capital (1,253) (1,098) receivables Contingent consideration paid1 (668) (7
Slide 12: 2026 guidance
2026 guidance Sales Core operating profit Core earnings per share Dividend 3-5% 7-9% 7-9% 70p upper half of range upper half of range lower half of range Product group sales growth guidance P&L modelling considerations Specialty Medicines: grow low double digits % Gross margin: benefit from product
Slide 13: Q2 Results and Accelerate Growth Agenda
Q2 Results and Accelerate Growth Agenda Time Section Speakers 14.00 – 14.10 Q2 Results Luke Miels, Chief Executive Officer (CEO) Nina Mojas, President Global Product Strategy Deborah Waterhouse, CEO, ViiV Healthcare, President Global Health Julie Brown, Chief Financial Officer (CFO) 14.10 – 14.45 Ac
Slide 14: Accelerate Growth
Accelerate Growth gsk.com
Slide 15: Our objectives today
Accelerate Growth Our objectives today Accelerate R&D Deliver growth Confirm confidence in our ability to grow the business Oncology with growth accelerating 2031+ Respiratory & Hepatology Accelerate R&D Demonstrate robust and accelerating late-stage pipeline with defined value propositions Vaccines
Slide 16: GSK: Path to long-term growth
Accelerate Growth GSK: Path to long-term growth Accelerate R&D Revenue Maintain growth and invest in Oncology Near-term late-stage pipeline Respiratory & Hepatology Growth drivers compensate for Mid-term the loss of dolutegravir exclusivity Dolutegravir loss Consensus Accelerate growth through Vacci
Slide 17: Deliver growth: Focused execution with ongoing transformation to specialty led biopharma
Accelerate Growth Deliver growth: Focused execution with ongoing transformation to Specialty led biopharma Accelerate R&D ≥8% Oncology 2021-26 CAGR Specialty +4% 2016-21 CAGR Respiratory & Hepatology Vaccines HIV Accelerate 2016 2020 2025 2026e 2031+ Funding: Growth Risk Adjusted Other Specialty Onc
Slide 18: Deliver growth: Focus on five core therapy areas
Accelerate Growth Deliver growth: Focus on five core therapy areas Accelerate High potential precision oncology and ADC led R&D Oncology pipeline Oncology Multiple new assets to accelerate industry Respiratory leadership in COPD Respiratory & Hepatology New growth area with significant opportunity i
Slide 19: R&D: Pipeline review, execute BD and drive R&D output
Accelerate Growth Accelerate R&D: Pipeline review, execute BD and drive R&D output Accelerate R&D Maximise late-stage Supplement mid-stage Portfolio Review Business Development Oncology • Acceleration across: • Validated targets, significant • 7 assets value opportunity Accelerate Respiratory & Hepa
Slide 20: R&D: Transform late-stage portfolio, increasing opportunities in Oncology, Respiratory and Hepatology
Accelerate Growth Accelerate R&D: Transform late-stage portfolio, increasing opportunities in Oncology, Respiratory and Hepatology Accelerate R&D 20+ Phase 3 trial starts Late-stage pipeline momentum Oncology 20+ Acceleration across 25 Phase 3 studies Respiratory & Hepatology and 18 indications, com
Slide 21: R&D: Late-stage pipeline momentum
Accelerate Growth Accelerate R&D: Late-stage pipeline momentum 31+ Shingrix MACE VH184 + VH499 DAP/TOM + bepirovirsen 2x a year LAI HIV treatment Chronic Hepatitis B velzatinib efimosfermin (x2) GIST (1L) F4 MASH, ALD Accelerate 6 risvutatug rezetecan (x6) R&D HS235/GSK ‘070 (x2) mCRPC x2, mHSPC, SC
Slide 22: Supplement the mid-stage pipeline via focused business development
Accelerate Growth Supplement the mid-stage pipeline via focused business development Accelerate R&D Therapy area Company Asset Validated Efficacy or Status target tolerability gap Oncology neladalkib & ✓ ✓ Jideytro: approved Oncology Jideytro neladalkib: filed ✓ ✓ Executed in Respiratory HS235 Ph 1b
Slide 23: Evolution of R&D culture: advancing early-stage R&D
Accelerate Growth Evolution of R&D culture: advancing early-stage R&D Accelerate Future Cambridge R&D Heart & Lung Cancer Research Research Institute Hospital Jeffrey Cheah MRC Laboratory of & Cancer Future Molecular Biology Acute Research UK Cambridge AstraZeneca Oncology Hospital Cambridge Univers
Slide 24: Simplification: Driving focus, pace and accountability in R&D
Accelerate Growth Simplification: Driving focus, pace and accountability in R&D by reallocating majority of £1.9bn savings to improve pipeline value Accelerate R&D Cost base impact of ‘Accelerate Growth’ programme Oncology (as a % of sales) Margin benefit Respiratory & Hepatology Support Functions S
Slide 25: Growth to drive long-term value
Accelerate Growth Accelerate growth to drive long-term value Accelerate R&D Near-term Mid-term Long-term Regulatory submissions Oncology 2029+ Blenrep LCI Mo-rez neladalkib (1L) Respiratory & Jemperli LCI Hepatology 2x a year HIV treatment Shingrix LCI 2028 Exdensur LCI velzatinib ULA TSLP Ris-rez L
Slide 26: Accelerate R&D
Accelerate R&D gsk.com
Slide 27: R&D: Pipeline review, execute BD and drive R&D output
Accelerate Growth Accelerate R&D: Pipeline review, execute BD and drive R&D output Accelerate R&D Maximise late-stage Supplement mid-stage Business Development Oncology Portfolio Review • Acceleration across: • Validated targets, significant value opportunity • 7 assets Accelerate Respiratory & Hepa
Slide 28: R&D: Growing late-stage pipeline with greater value, speed and effectiveness
Accelerate Growth Accelerate R&D: Growing late-stage pipeline with greater value, speed and effectiveness Accelerate R&D More than double Phase 2 and 3 Full clinical development cycle times Significant increase in number of assets with blockbuster potential improved by more than 25% Phase 3 starts i
Slide 29: Reallocation of investment in late-stage pipeline
Accelerate Growth Accelerate growth: Reallocation of investment in late-stage pipeline Acceleration decisions New portfolio review Accelerate Accelerated Accelerated process R&D Asset Trial/Indication Phase 3 status delivery start PROC ✓ Recruiting 2L PSOC ✓ H2 ’26 start Oncology Mo-rez 1L HRpOC ✓ H
Slide 30: Transforming late-stage portfolio to focus on greater patient benefit and value opportunities
Accelerate Growth Transforming late-stage portfolio to focus on greater patient benefit and value opportunities Accelerate R&D Phase 3 trial starts 2022–2026 2031 market sizes show changing pipeline mix Oncology 20+ Lung - $72bn Endometrial & Oncology 1 1 Prostate - $30bn Ovarian - $13bn 2 Respirato
Slide 31: External innovation and BD enhance pipeline and R&D effectiveness
Accelerate Growth External innovation and BD enhance pipeline and R&D effectiveness Non-exhaustive list Discovery to preclinical Phase 1 Phase 2 Phase 3 of BD since 2023 Accelerate R&D Small molecule PDO technology CDH17 ADC MCE platform T-cell engagers KITm TKI neladalkib Jideytro targeting RNA B7-
Slide 32: Global network of R&D hubs and academic partners to drive innovation
Accelerate Growth Global network of R&D hubs and academic partners to drive innovation Accelerate R&D East Coast, US Cambridge - Access to Boston-Cambridge innovation corridor and key partners Oncology • University of Cambridge • King’s College London • University of Oxford UK and Europe • Imperial
Slide 33: Establishing UK R&D hub in Cambridge to accelerate culture evolution
Accelerate Growth Establishing UK R&D hub in Cambridge to accelerate culture evolution Accelerate R&D • Cambridge Biomedical Campus, a leading centre Oncology for medical research and health science in Europe • Co-located with Cambridge University - a key Respiratory & Hepatology academic partner al
Slide 34: Late-stage portfolio of significant growth opportunities and upcoming milestones
Accelerate Growth 31+ Shingrix Late-stage portfolio of significant growth MACE VH184 + VH499 DAP/TOM + bepirovirsen opportunities and upcoming milestones 2x a year LAI HIV treatment Chronic Hepatitis B velzatinib efimosfermin (x2) GIST (1L) F4 MASH, ALD Accelerate risvutatug rezetecan (x6) 6 HS235/G
Slide 35: Oncology
Oncology gsk.com
Slide 36: Significant opportunity across Oncology
Accelerate Growth Significant opportunity across Oncology 2025 incidence First line 2031 global market (patients ‘000s) 5-year survival size ($bn) Accelerate R&D SCLC 197* 4% 7 Lung NSCLC 1,475* 9% 65 A portfolio of competitive, Oncology Multiple myeloma 101* 64% 47* high-potential assets Haematolog
Slide 37: Competitive pipeline built across solid tumours and prioritised key malignancies
Accelerate Growth Competitive pipeline built across solid tumours and prioritised key malignancies Accelerate R&D Marketed Clinical development Jideytro neladalkib Ris-rez Antibody-drug conjugate Lung ROS1+ NSCLC ALK+ NSCLC SCLC Oncology NSCLC Monoclonal antibody Ojjaara Ojjaara belantamab Respirato
Slide 38: Mo-rez and Ris-rez ADCs: Advancing Phase 3 programmes
Accelerate Growth Mo-rez and Ris-rez ADCs: Advancing Phase 3 programmes based on extensive range of clinical data sets Accelerate R&D Indication Partner Competitor GSK global GSK pivotal Proprietary TOPO1i payload data data data programme with differentiated safety profile ✓ ✓ ✓ Oncology Mo-rez Ovar
Slide 39: Mo-rez: Strong efficacy signal in gynaecological cancers
Accelerate Growth Mo-rez (B7-H4): Strong efficacy signal in gynaecological cancers Accelerate R&D Platinum resistant ovarian cancer 2L+ endometrial cancer cORR of key ADCs cORR of key ADCs Oncology Mo-rez: 62% n=34 Mo-rez: 67% n=12 Respiratory & Hepatology Rina-S Sofe-M Torvu-Sam R-DXd TUB-040 Rina-
Slide 40: Mo-rez: Moved at pace to initiate a large-scale Phase 3 programme
Accelerate Growth Mo-rez: Moved at pace to initiate a large-scale Phase 3 programme Accelerate R&D Mo-rez accelerated Phase 3 development plan 15 Oncology months from Phase 1b to Phase 3 start BEHOLD-Ovarian 01 monotherapy Recruiting Respiratory & Hepatology 2L+ Platinum resistant ovarian cancer BEH
Slide 41: Ris-rez (B7-H3): An Oncology pipeline in a single asset
Accelerate Growth Ris-rez (B7-H3): An Oncology pipeline in a single asset B7-H3 is over expressed on a wide range of solid tumours Accelerate R&D 97 100 99 100 100 99 94 81 Broad opportunity driven Oncology % B7-H3 positive by high B7-H3 expression Respiratory & Hepatology Early entry into SCLC and
Slide 42: Ris-rez lung: Robust data provides conviction to move with pace and scale
Accelerate Growth Ris-rez lung: Robust data provides conviction to move with pace and scale Accelerate R&D 2L+ SCLC 2L+ nsq NSCLC Ris-rez accelerated Phase 3 ARTEMIS-001 ARTEMIS-101 development plan Oncology Respiratory & Hepatology EMBOLD SCLC 301 Recruiting 2L+ SCLC Vaccines EMBOLD SCLC 303 H2 ’26
Slide 43: Ris-rez prostate: Multiple Phase 3 trials initiating H2 '26
Accelerate Growth Ris-rez prostate: Multiple Phase 3 trials initiating H2 ‘26 Accelerate NHA treated mCRPC Ris-rez accelerated Phase 3 R&D ARTEMIS-003 development plan Oncology Respiratory & Hepatology EMBOLD Prostate-302 Phase 3 monotherapy H2 ’26 start Late-line mCRPC Vaccines EMBOLD Prostate-304
Slide 44: Ris-rez: First positive Phase 3 OS B7-H3 data, with multiple PoC studies
Accelerate Growth Ris-rez: First positive Phase 3 OS B7-H3 data, with multiple PoC studies Accelerate H2 ‘26 2027 R&D WCLC ESMO ELCC ASCO WCLC ESMO Sep ‘26 Oct ‘26 Mar ‘27 Jun ‘27 Sep ‘27 Sep ‘27 Oncology Partner data: First Ris-rez data in Building a a global differentiated Thoracic Gastrointestina
Slide 45: Precision oncology lung: Potential to transform ALK+/ROS1+ treatment
Accelerate Growth Precision oncology lung: Potential to transform ALK+/ROS1+ treatment Accelerate R&D Extended duration of treatment driven by improved Jideytro 2L Jideytro 1L efficacy & tolerability Oncology Approved 22 July 2026 Filing H2 ‘26 Respiratory & Hepatology Treatment regimen 1L mPFS 4% A
Slide 46: Precision oncology lung: Neladalkib and Jideytro indicate best-in-class efficacy
Accelerate Growth Precision oncology lung: Neladalkib and Jideytro indicate best-in-class efficacy Accelerate R&D ALK+ NSCLC ROS1+ NSCLC Post 2nd gen TKI 1 prior ROS1 TKI Oncology Early data neladalkib neladalkib 14.5m zidesamtinib Jideytro 23.8m show potential 2L+ to meaningfully Respiratory & Hepa
Slide 47: Precision oncology lung: Neladalkib, designed for superior tolerability
Accelerate Growth Precision oncology lung: Neladalkib, designed for superior tolerability, with potential to extend duration of treatment Accelerate R&D 2nd Gen 3rd Gen 4th Gen Oncology Physician feedback alectinib lorlatinib neladalkib* Dose reduction 19% 21% 17% “Neladalkib lower rates % of pts co
Slide 48: Precision oncology GIST: Velzatinib monotherapy targets key mutations
Accelerate Growth Precision oncology GIST: Velzatinib monotherapy targets key mutations offering potentially superior activity and tolerability profile Accelerate R&D Gastrointestinal Stromal Tumour TKIs Oncology Primary Secondary Tolerability Unmet need Exon 9 Exon 11 Exon 13/14 Exon 17/18 Selectiv
Slide 49: Velzatinib: 1L Phase 3 trial initiated after strong ASCO data
Accelerate Growth Velzatinib: 1L Phase 3 trial initiated after strong ASCO data Accelerate R&D Promising clinical activity in 1L across clinically Robust proof-of-concept from Ph 1 StrateGIST-1 relevant KIT mutations with data from over 270 patients across lines Oncology Best Change in Tumour Target
Slide 50: Blenrep: Robust clinical development in key 1L patient segments
Accelerate Growth Blenrep: Robust clinical development in key 1L patient segments Multiple myeloma Accelerate Unmet need R&D patients 100% Oncology Respiratory & Hepatology Standard • Better efficacy DREAMM-10 1L Phase 3 risk fit and • Lower burden of care high-risk frail Triplet: Blenrep + Rd vs da
Slide 51: Blenrep in 1L multiple myeloma: Triplet data indicates competitive efficacy
Accelerate Growth Blenrep in 1L multiple myeloma: Triplet data indicates competitive efficacy, step change in quality of life, and improved ocular profile Accelerate R&D Ocular event rate matching 1L Competitive efficacy vs CD38 Low burden of care expectations with 1.9 mg/kg Oncology Quads and tripl
Slide 52: Oncology: High potential and competitive oncology pipeline
Accelerate Growth Oncology: High potential and competitive oncology pipeline Accelerate • Accelerate entry into lung cancer, designed to address efficacy and tolerability challenges: R&D • Jideytro in 2L approved by FDA with expansion to 1L in 2027 • Neladalkib PDUFA date 27 Nov 2026 Oncology • Clin
Slide 53: Q2 Results and Accelerate Growth Agenda
Q2 Results and Accelerate Growth Agenda Time Section Speakers 14.00 – 14.10 Q2 Results Luke Miels, Chief Executive Officer (CEO) Nina Mojas, President Global Product Strategy Deborah Waterhouse, CEO, ViiV Healthcare, President Global Health Julie Brown, Chief Financial Officer (CFO) 14.10 – 14.45 Ac
Slide 54: Q&A session 1/2 - GSK senior leaders available for Q&A
Q&A session 1/2 - GSK senior leaders available for Q&A Luke Miels Julie Brown Tony Wood Nina Mojas Deborah Waterhouse Chief Executive Chief Financial Chief Scientific President, Global CEO, ViiV Healthcare, Officer Officer Officer Product Strategy President, Global Health Hesham Abdullah Kaivan Khav
Slide 55: Break
Break 15.15 – 15.35 gsk.com
Slide 56: Q2 Results and Accelerate Growth Agenda
Q2 Results and Accelerate Growth Agenda Time Section Speakers 14.00 – 14.10 Q2 Results Luke Miels, Chief Executive Officer (CEO) Nina Mojas, President Global Product Strategy Deborah Waterhouse, CEO, ViiV Healthcare, President Global Health Julie Brown, Chief Financial Officer (CFO) 14.10 – 14.45 Ac
Slide 57: Respiratory & Hepatology
Respiratory & Hepatology gsk.com
Slide 58: Respiratory and hepatology: Connected portfolio through comorbid vascular disease
Accelerate Growth Respiratory and hepatology: Connected portfolio through comorbid vascular disease, driven by shared biology Accelerate R&D Respiratory Hepatology Oncology COPD SLD Late-stage Late-stage • bepirovirsen • Exdensur COPD NCFB • efimosfermin Respiratory & T2 LOW Hepatology • ULA TSLP/GS
Slide 59: Respiratory and hepatology: Opportunity beyond T2
Accelerate Growth Respiratory and hepatology: Opportunity beyond T2 – addressing disease state driven by inflammation and fibrosis Accelerate R&D T2 focused pipeline Inflammation and fibrosis focused pipeline T2 driven T2 intermediate Driven by other inflammatory risk % of T2 disease Oncology ~90% ~
Slide 60: COPD: High mortality disease with limited treatment options
Accelerate Growth COPD: High mortality disease with limited treatment options Accelerate ~400m 3rd leading cause of death 2 classes R&D with COPD more than lung & breast cancer combined of biologics available Oncology Global prevalence (million) Deaths/yr Advanced therapy classes Respiratory & Hepat
Slide 61: ULA medicines support adherence, early intervention and improved outcomes
Accelerate Growth ULA medicines support adherence, early intervention and improved outcomes Exacerbation 1 Exacerbation 2 Exacerbation 3 Accelerate R&D Progressive lung function function decline Lung Late Inconsistent control, Poor Today biologic + = exacerbations and Oncology adherence use disease
Slide 62: COPD: Differentiated options for patients based on disease drivers
Accelerate Growth COPD: Differentiated options for patients based on disease drivers Accelerate R&D Status Dosing Endpoints Intended COPD coverage • Exacerbation reduction Oncology breadth of T2 high Approved Q1M • First to show ED visit / biology broad label* hospitalisation reduction earlier in di
Slide 63: COPD: Primarily a non-T2 disease, unlocked by new mechanisms like IL33
Accelerate Growth COPD: Primarily a non-T2 disease, unlocked by new mechanisms like IL33 Accelerate R&D LA IL33 – an alarmin addressing a new plane of biology to treat broader COPD Severe Asthma ~80% T2 driven overlap COPD not primarily T2-driven Oncology Th1, Th17 IL33 – the first true T2 agnostic
Slide 64: LA IL33: Phase 3 COPD start H1 '27
Accelerate Growth LA IL33: Phase 3 COPD start H1 ’27, Q3M dosing with differentiated patient selection and outcomes Accelerate R&D Accelerated development programme Oncology 3-months dosing frequency Patient selection: Phase 3 monotherapy COPD exacerbation reduction + Respiratory & H1 ’27 start Hepa
Slide 65: ULA TSLP: First in COPD, asthma and CRSwNP, Phase 3 starts in H2 '26
Accelerate Growth ULA TSLP: First in COPD, asthma and CRSwNP, Phase 3 starts in H2 ‘26 Accelerate R&D Oncology ULA TSLP/GSK ’283: 6 Phase 3 trial >9 months acceleration starts in H2 ’26 across 3 indications Respiratory & Hepatology Accelerated plan to develop 3 indications simultaneously Vaccines 6
Slide 66: Ozureprubart: Potential to become the leading option for food allergy
Accelerate Growth Ozureprubart: Potential to become the leading option for food allergy Accelerate R&D Rapid omalizumab uptake: Derisked Mechanism: Development plan: 3m hospital/ED visits annually Phase 2 shows deep response Phase 3 to start H2 ‘27 Oncology Treatment Uptake CSU Phase 2 Data 0 omaliz
Slide 67: HS235 (activin-trap): Best-in-class potential in pulmonary hypertension
Accelerate Growth HS235 (activin-trap): Best-in-class potential in pulmonary hypertension Accelerate Large patient population with HS235/GSK ‘070 R&D Translation into clinical benefit high mortality differentiation BMP 9/10 sparing: lower bleeding risk Oncology Only disease modifying class Group 1 G
Slide 68: Liver disease: Significant unmet need and limited treatment options
Accelerate Growth Liver disease: Significant unmet need and limited treatment options Chronic Hepatitis B: ~$3bn treatment market Accelerate R&D • No functional cure with finite treatment duration • >1m deaths/year; therapies suppress but rarely cure Oncology Respiratory & MASH: ~$15bn treatment mar
Slide 69: Bepirovirsen: First finite treatment delivering a durable functional cure
Accelerate Growth Bepirovirsen: First finite treatment delivering a durable functional cure Accelerate R&D Significant unserved population B-Well 1 + 2 outcome Baseline HBsAg Baseline HBsAg China US Japan Oncology No. pts ≤ 3000 IU/ml ≤ 1000 IU/ml 62% 49% CHB ~75m ~1.7m 0.9m Respiratory & Hepatology
Slide 70: Efimosfermin: Accelerated to lead in transformative class of medicines
Accelerate Growth Efimosfermin: Accelerated to lead in transformative class of medicines Accelerate FGF21: robust MASH data R&D Accelerated development plan efimosfermin competitive within the class ZENITH 1 Oncology Phase 3 Recruiting F2/F3 MASH* F4 MASH* F2-F3 MASH fibrosis improvement (pp) fibros
Slide 71: Respiratory and hepatology: Portfolio of transformative potential
Accelerate Growth Respiratory and hepatology: Portfolio of transformative potential in prevalent and serious diseases Accelerate R&D • 2026 Phase 3 readout and 26 October PDUFA: • B-WELL 1/2: bepirovirsen, first & only finite treatment with FC (26% pts) and clinically Oncology meaningful benefits (6
Slide 72: Vaccines
Vaccines gsk.com
Slide 73: Broadening the protective role of vaccination
Accelerate Growth Broadening the protective role of vaccination Accelerate R&D Low cost Prioritising investment for key vaccines 0.3% Oncology • Shingrix: exploring secondary benefits in Healthcare spend on vaccines MACE and dementia Respiratory & Hepatology • Arexvy: real world effectiveness eviden
Slide 74: Shingrix: Evidence building in risk reduction of dementia
Accelerate Growth Shingrix: Evidence building in risk reduction of dementia Accelerate R&D RWE shows Shingrix associated with Two pragmatic RCTs enrolling ~200,000 individuals consistent risk reduction in dementia • Denmark: MACE and dementia risk in 162,000 adults 65+ yrs Oncology • Finland: dement
Slide 75: Shingrix: RWE suggests broader protective effect in MACE
Accelerate Growth Shingrix: RWE suggests broader protective effect in MACE Accelerate Shingrix associated with CV event risk reduction % Global CVD prevalence R&D Multiple RWE observational studies Oncology 2025 598m 2050 1,140m Respiratory & Hepatology MACE MI/stroke MI MI MI post-HZ Stroke MI Shin
Slide 76: mRNA flu: Potential BIC flu vaccine for older adults, leveraging mRNA
Accelerate Growth mRNA flu: Potential BIC flu vaccine for older adults, leveraging mRNA Highest influenza burden of disease in older adults mRNA to improve flu Vx effectiveness Accelerate R&D 710k flu related hospitalisation in 2024-25 (US) • Haemagglutinin Oncology mRNAs 57% are 65+ years • Neurami
Slide 77: Vaccines: expanding the protective role of immunisation for older adults
Accelerate Growth Vaccines: expanding the protective role of immunisation for older adults Accelerate R&D • Our broad vaccines portfolio in older adults gives us deep knowledge and expertise Oncology • Investing in strong clinical outcomes data, combined with a deeper understanding of underlying bio
Slide 78: HIV
HIV gsk.com
Slide 79: HIV market value rapidly shifting from daily orals to LAIs
Accelerate Growth HIV market value rapidly shifting from daily orals to LAIs Accelerate R&D Global HIV treatment market size (2025-2035) US HIV prevention market value (2025-2035) ~£25bn Oncology ~£22bn ~£22bn Respiratory & Hepatology ~£6bn ~£6bn Vaccines ~£3bn HIV 2025 2031 2035 2025 2031 2035 LAI
Slide 80: Leading with innovation to end the HIV epidemic
Accelerate Growth Leading with innovation to end the HIV epidemic Accelerate Marketed products Pipeline R&D Near term long-acting Next wave R&D Oncology Oral treatment portfolio Long-acting injectables injectable growth drivers breakthroughs Treatment: 3x a year Treatment: monthly complete Respirato
Slide 81: Groundbreaking innovation with LAI treatment franchise
Accelerate Growth Groundbreaking innovation with LAI treatment franchise: set to redefine future of HIV care Accelerate R&D >5 years Cabenuva RWE shows effectiveness and LATITUDE study with Cabenuva shows superiority durability in routine care across broad populations in addressing adherence vs oral
Slide 82: The only 3x a year LAI treatment: Transformational for patients and HCPs
Accelerate Growth The only 3x a year LAI treatment: Transformational for patients and HCPs Accelerate R&D Unmet need ~30% of PLHIV are not virally suppressed: adherence remains a challenge Oncology Strong patient and HCP preference for less frequent administration CAB INSTI Respiratory & Hepatology
Slide 83: 2x a year LAI treatment: Profile maximises patient reach at scale
Accelerate Growth 2x a year LAI treatment: Profile maximises patient reach at scale Accelerate R&D Unmet need Oncology Best-in-class profile transforms adherence – setting a new standard of care VH184 INSTI Respiratory & Hepatology VH184 VH499 Broadest + 1st third-gen INSTI with enhanced resistance
Slide 84: 2x a year treatment: VH184 + VH499 potential for best-in-class profile
Accelerate Growth 2x a year treatment: VH184 + VH499 potential for best-in-class profile Accelerate R&D VH184: Superior in vitro potency against VH499: No CYP3A based drug-drug interaction 2nd generation INSTI resistance mutations1,a Oncology C: T66I, L74I, G118R, G163T C: L74I, E138K, Q148R, R263K
Slide 85: 3x a year LAI prevention: The optimal patient and provider option
Accelerate Growth 3x a year LAI prevention: The optimal patient and provider option Accelerate R&D Unmet need ~2.2m people could benefit from prevention in US – yet only 1 in 4 do Oncology To build on market leading persistency for Apretude Respiratory & Hepatology Confidence 1 Optimal builds on Apr
Slide 86: A legacy of innovation – a future defined by long-acting leadership
Accelerate Growth A legacy of innovation – a future defined by long-acting leadership Accelerate R&D Unsolved public health need Significant near-term growth drivers Oncology Long-acting HIV treatment is largest growth opportunity 3x a year LAI treatment - transformational for Respiratory & Hepatolo
Slide 87: Funding Accelerate Growth
Funding Accelerate Growth gsk.com
Slide 88: Reallocating capital and resources to drive change and investment in late-stage R&D
Accelerate Growth Reallocating capital and resources to drive change and investment in late-stage R&D Accelerate R&D Cost base impact of ‘Accelerate Growth’ (as a % of sales) Oncology • £1.9bn annual savings by 2029 Margin benefit • Majority of savings reallocated to accelerate Respiratory & Hepatol
Slide 89: 'Accelerate Growth' programme generates savings to enable reallocation of resources
Accelerate Growth ‘Accelerate Growth’ programme generates savings to enable reallocation of resources to drive growth Accelerate R&D Source of the savings £bn 1.9 1.7 Oncology • Targeting £1.9bn annual savings by 2029, enabled by technology and AI. Split across: Respiratory & Hepatology • ~45% from
Slide 90: Financial discipline underpinned by clear capital allocation priorities
Accelerate Growth Financial discipline underpinned by clear capital allocation priorities Accelerate R&D Sustainable, profitable growth and cash generation Delivered on priorities 2021 - 2025 Oncology 1 2 Cash generated from operations1 £40bn Respiratory & Hepatology Invest for growth Shareholder di
Slide 91: Strong track record of growth & investment in the pipeline
Accelerate Growth Strong track record of growth & investment in the pipeline Accelerate Sales Growth1,2 R&D Investment2 R&D Sig. ahead of sales ≥8% +3-5% ≥9% +7% +11% +8% +7% +14% Oncology +14% +6% +10% 7 20+ Respiratory & Hepatology Ph 3 starts 2021 2022 2023 2024 2025 2026 2021 2022 2023 2024 2025
Slide 92: Outlooks strengthened
Accelerate Growth Outlooks strengthened Accelerate R&D ‘Accelerate Growth’ programme strengthens the pipeline and future returns Oncology Respiratory & Hepatology >£40bn sales by 2031 >50% Specialty Medicines sales as a % of 2031 sales Accelerating Vaccines growth 2031+ Stable to improving operating
Slide 93: Closing
Closing gsk.com
Slide 94: Growth to drive long-term value
Accelerate Growth Accelerate growth to drive long-term value Accelerate R&D Near-term Mid-term Long-term Regulatory submissions Oncology 2029+ Blenrep LCI Mo-rez neladalkib (1L) Respiratory & Jemperli LCI Hepatology 2x a year HIV treatment Shingrix LCI 2028 Exdensur LCI velzatinib ULA TSLP Ris-rez L
Slide 95: Critical components of growth strategy are in place
Accelerate Growth Critical components of growth strategy are in place Accelerate R&D Deliver growth We are confident in our ability to grow the business Oncology with growth accelerating 2031+ Respiratory & Hepatology We have a robust and accelerating late-stage pipeline Accelerate R&D with defined
Slide 96: Q&A session 2/2 - GSK senior leaders available for Q&A
Q&A session 2/2 - GSK senior leaders available for Q&A Luke Miels Julie Brown Tony Wood Nina Mojas Deborah Waterhouse Chief Executive Chief Financial Chief Scientific President, Global CEO, ViiV Healthcare, Officer Officer Officer Product Strategy President, Global Health Hesham Abdullah Kaivan Khav
Slide 97: Biographies
Biographies gsk.com
Slide 98: GSK senior leaders presenting and available for Q&A
GSK senior leaders presenting and available for Q&A Luke Miels Julie Brown Tony Wood Nina Mojas Deborah Chief Executive Chief Financial Chief Scientific President, Global Waterhouse Officer Officer Officer Product Strategy CEO, ViiV Healthcare, Luke became CEO and Julie became CFO and Tony was appoi
Slide 99: GSK senior leaders presenting and available for Q&A
GSK senior leaders presenting and available for Q&A Hesham Abdullah Kaivan Khavandi Sanjay Gurunathan Charlotte Allerton SVP, Global Head SVP, Global Head SVP, Global Head SVP, Head of R&D Oncology R&D Respiratory, I&I R&D Vaccines and and CSO, ViiV Hesham joined GSK in 2019. Kaivan joined GSK in 20
Slide 100: GSK senior leaders available for Q&A
GSK senior leaders available for Q&A David Redfern Regis Simard Ahmed Rabie Pedro George Chris Sheldon President, President, Global SVP Global Zarazaga Katzourakis SVP, Global Head Corporate Supply Chain Product Strategy, SVP Global SVP Global Business Development, Regis joined GSK in Oncology Produ
Slide 101: Appendix
Appendix gsk.com
Slide 102: IR Roadmap 2026 to 2027 Regulatory Decisions
IR Roadmap 2026 to 2027 H1 2026 H2 2026** 2027** Execution • Exdensur SA 1 • Jideytro TKI pre-treated ROS1+NSCLC 9 • bepirovirsen chronic HBV 6 (US launches) • neladalkib TKI pre-treated ALK+NSCLC 9 • Utebzi cUTI 4 Pipeline • Blenrep 2L+ Multiple myeloma (CN) • bepirovirsen chronic HBV 6 (US, JP)
Slide 103: Q2 2026 total to core operating profit reconciliation
Q2 2026 total to core operating profit reconciliation Q2 2025 Q2 2026 Key commentary on CER basis Operating profit (£m) Operating profit (£m) Total results 2,023 481 Intangible amortisation 194 195 Intangible impairment 476 1,895 Impairment of camlipixant and Alector assets Major restructuring 13 23
Slide 104: Improved core earnings per share with +9% growth at CER
Improved core earnings per share with +9% growth at CER Q2 2025 Q2 2026 Key commentary on CER basis £m £m Core operating profit (OP) 2,631 2,800 Net finance expense (125) (121) Share of associates (2) (3) Tax (439) (457) Tax rate 17.5% 17.1% Non-controlling interests (175) (191) Core Profit attribut
Slide 105: Quarterly summary of core results
Quarterly summary of core results 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 Operating profit (£m) 2,533 2,631 2,985 1,634 9,783 2,650 2,800 Operating margin 33.7% 32.9% 34.9% 19.0% 29.9% 34.7% 33.3% Earnings per share (p) 44.9 46.5 55.0 25.5 172.0
Slide 106: Currency
Currency 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 If exchange rates were to hold at the closing rates on core operating profit by approx. +/- 8% 20 July 2026 ($1.35/£1, €1.18/£1 a
Slide 107: 2026 full year outlook considerations to support modelling
2026 full year outlook considerations to support modelling Original 2026 July 28th 2026 2021–2026 BIU 2021–2026 BIU 2021–2026 BIU Implied 2021-26 2026 assumptions (based on mid-point Guidance Guidance (2021) (2024) (2025) of FY 2026 guidance) Turnover +3-5% +3-5% Upper half of the range >5% CAGR >7%
Slide 108: 62 potential new vaccines and medicines in pipeline
RI&I 62 potential new vaccines and medicines in pipeline Oncology HIV Infectious Diseases Phase III / Registration 19 Benlysta (belimumab) Anti-BLys antibody Systemic sclerosis associated ILD1,2** efimosfermin alfa (GSK6519754) FGF21 analog* MASH3** Exdensur (depemokimab) Long-acting anti-IL5 antibo
Slide 109: 62 potential new vaccines and medicines in pipeline
RI&I 62 potential new vaccines and medicines in pipeline Oncology HIV Infectious Diseases Phase II 15 camlipixant (GSK5464714) P2X3 receptor antagonist Irritable bowel syndrome gatuzosiran (GSK4532990) HSD17B13 RNA interference* ALD1 GSK5784283 ULA2-TSLP monoclonal antibody* Asthma ozureprubart (GSK
Slide 110: 62 potential new vaccines and medicines in pipeline
RI&I 62 potential new vaccines and medicines in pipeline Oncology HIV Infectious Diseases Phase I GSK3862995 GSK4347859 Anti-IL33 antibody Interferon pathway modulator COPD1** Systemic lupus erythematosus 28 GSK4527363 B-cell modulator* Systemic lupus erythematosus GSK4528287 Anti-IL23-IL18 bispecif
Slide 111: Key academic partnerships
Key academic partnerships Select external partnerships - not exhaustive University of Oxford University of Cambridge Imperial College London King’s College London 88 projects projects 4 projects 4 projects 22 projects projects 3 projects Human genetics, functional genomics and experimental medicine
Slide 112: 'Accelerate Growth' benefits & cost phasing
‘Accelerate Growth’ benefits & cost phasing £bn Total 2026 2027 2028 2029 Project 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 costs 2.1 0.7 1.0 0.3 0.1 112
Slide 113: References
References Oncology Prostate:I-DXd: (https://www.annalsofoncology.org/article/S0923- Slide 40 - Mo-rez: Moved at pace to initiate a large-scale Phase 3 7534(23)02713-8/fulltext) development programme Slide 36 - Significant opportunity across Oncology BNT324: (https://ascopubs.org/doi/10.1200/JCO.202
Slide 114: References
References Slide 45 - Precision oncology lung: Potential to transform ALK+/ROS1+ Slide 47 - Precision oncology lung: Neladalkib efficacy supported by superior 1/1b StrateGIST 1 study. J Clin Oncol 2026;44(16_suppl):11501. (ascopubs.org) treatment tolerability, enabling 7yrs+ duration of treatment St
Slide 115: References
References Respiratory & Hepatology VIGILANT source https://clinicaltrials.gov/study/NCT07177339 Slide 58 – Respiratory and hepatology: Connected portfolio through Slide 60 – COPD: High mortality disease with limited treatment options comorbid vascular disease, driven by shared biology COPD Global p
Slide 116: References
References Slide 67 - HS235 (activin-trap): Best-in-class potential in pulmonary Transplantation MASH | New England Journal of Medicine hypertension No pharmacological treatment options available source: Hardesty JE, Efimosfermin: 24% at 24 weeks source Efimosfermin alfa (BOS-580) once Leary, Peter
Slide 117: References
References Vaccines Helm MF et al. J Drugs Dermatol 2023;22:1178–1182. Slide 73 - Broadening the protective role of vaccination Rayens E et al. Clinical Infectious Diseases 2025;10.1093/cid/ciaf440. Routine vaccines account for approximately 0.3% of current healthcare Kornelius E et al. BMJ Open 202
Slide 118: References
References HIV - CARLOS - C. Jonsson-Oldenbüttel et al. 12-Month Outcomes of Slide 83 - 2x a year LAI treatment: Profile maximises patient reach at scale Cabotegravir Plus Rilpivirine Long-Acting Every 2 Months in a Real-World Slide 79 - HIV market value rapidly shifting from daily orals to LAIs Set
Slide 119: References
References HIV Slide 86 - A legacy of innovation – a future defined by long-acting leadership Slide 85 - 3x a year LAI prevention: The optimal patient and provider option 3x a year CAB + RPV treatment and 3x a year CAB are a new intra-muscular formulation 3x a year CAB for PrEP - is a new intramuscu
Slide 120: Glossary
Glossary 1L: first line CRSwNP: chronic rhinosinusitis with nasal polyps GIST: gastrointestinal stromal tumor 2L: second line CSU: chronic spontaneous urticaria GMMA: generalised Modules for Membrane Antigens 3L: third line CTD: connective tissue disease H&N: head & neck ADC: antibody-drug conjugate
Slide 121: Glossary
Glossary LoE: loss of exclusivity OMV: outer membrane vesicle Ps.: psoriatic LR-MDS: lower risk myelodysplastic syndrome ORR: overall response rate Q12W: every 12 weeks MACE: major adverse cardiovascular events OS: overall survival Q1M: every one month MASH: metabolic dysfunction-associated steatohe
Slide 122: Glossary
Glossary SAE: serious adverse event VH184: integrase strand transfer inhibitor SCLC: small cell lung cancer VH310: pro-drug of cabotegravir siRNA: small interfering RNA VH499: capsid inhibitor SLD: steatotic liver disease VRd: bortezomib, lenalidomide and dexamethasone SoC: standard of care Vx: vacc
Slide 123: Basis of preparation and assumptions
Basis of preparation and assumptions Assumptions relating to 2026 guidance, 2021-2026 sales, core operating profit, core operating margin and 2026 cash generated from operations outlooks, projected annual cost savings 2026-2029+, 2031+ sales ambition including Specialty medicines and margin expectat
Slide 124: Reporting definitions
Reporting definitions A number of adjusted measures are used to report the performance of our business, which are non-IFRS measures. Core results, CER and other non-IFRS measures may be considered in addition to, but not as a substitute for or superior to, information presented in accordance with IF