Slide 1: FY 2024 Results
5 February 2025 FY 2024 Results Conference call and webcast for investors and analysts gsk.com
Slide 2: Cautionary statement regarding forward-looking statements
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 t
Slide 3: Agenda
Agenda Performance momentum, outlooks for growth and returns Emma Walmsley Performance: growth drivers Luke Miels and David Redfern FY 2024 performance and 2025 guidance Julie Brown Summary and Q&A Emma Walmsley, Luke Miels, David Redfern, Julie Brown and Tony Wood 3
Slide 4: Performance momentum, outlooks for growth and returns
Performance momentum, outlooks for growth and returns Emma Walmsley, Chief Executive Officer 4
Slide 5: Strong track record of performance since demerger
Strong track record of Sales mix shifting Consistent strong sales growth6 performance since demerger Portion of sales in Specialty and Vaccines 2 £31bn £27bn £30bn £23bn • Attractive portfolio and pipeline of 58% 67% 2021 2024 Specialty Medicines and Vaccines 2021 2022 2023 2024 • Outlooks consisten
Slide 6: Strong 2024 performance highlights
Strong 2024 performance Highlights Delivered 8%1 sales growth, Sales Core operating profit 13%1 core operating profit growth in line £31.4bn £9.1bn with guidance +8% +13% 1 1 Strong growth and momentum in Specialty offsets Vaccines: • Specialty Medicines +19%1 • Vaccines -3%1 Core EPS Cash generated
Slide 7: Operational delivery driving strong performance
Operational delivery driving strong performance Strong growth and accelerating momentum in Specialty Medicines Five product approvals expected in 2025 FY 2024 sales1 2 major value unlocks in Specialty 3 additional potential launches Blenrep Nucala COPD7 • Off-the-shelf ADC2, suitable for community •
Slide 8: Pipeline delivering momentum across therapy areas
Pipeline delivering momentum across therapy areas Four core therapy areas 13 positive phase III read outs Additional key pipeline assets Specialty Nucala MATINEE (chronic obstructive ADCs B7H3 & Pivotal studies to start 2025 & 2026 pulmonary disease) B7H4 depemokimab SWIFT- 1/2 (severe asthma) camli
Slide 9: R&D focused on scale opportunities launching 2025-31
R&D focused on 14 scale opportunities launching 2025-31 each with PYS potential >£2bn and upside potential from early-stage pipeline and targeted BD Launch year of major pipeline assets1 Respiratory, Immunology and Inflammation Oncology . depemokimab2/ Blenrep 25 Nucala COPD 25+ R&D pipeline Jemperl
Slide 10: Sales outlook >£40bn in 2031
Sales outlook >£40bn in 2031 with accelerated growth in Specialty driven by RI&I and Oncology Next Wave pipeline + targeted BD Respiratory, Immunology and Inflammation RI&I >£40bn Pipeline opportunity RI&I Oncology Oncology • 2031 sales outlook increased to >£40bn (risk RII >50% adjusted) reflecting
Slide 11: Strong commitment to growth
Strong commitment to growth 2025 Guidance at CER 2021-2026 Outlook 2031 Outlook • Sales growth: 3-5% • >7% Sales CAGR1 • >£40bn Sales by 2031 (was >£38bn ) 3 • Core OP growth: 6-8% • >11% core OP CAGR1 • Continued focus on margin • Core EPS growth: 6-8% improvement, with broadly • >31% core OP margi
Slide 12: Delivering improving shareholder returns
Delivering improving shareholder returns Sustainable, profitable growth and cash generation 1 2 Invest for growth Shareholder distributions +17% Pipeline (organic and targeted +8% BD) Progressive dividend (40-60% pay-out ratio) New product launches Further shareholder distributions +11% Underpinned
Slide 13: Performance: growth drivers
Performance: growth drivers Luke Miels, Chief Commercial Officer David Redfern, President Corporate Development and Chairman, ViiV Healthcare 13
Slide 14: Full-year growth led by Specialty Medicines momentum
Full-year growth led by Specialty Medicines momentum Sales contribution by product area1 Sales contribution by region1 Specialty Medicines Vaccines General Medicines US Europe International 35,000 35000 +8% +8% +14% +14% 30,000 30000 25,000 +19% 25000 Sales (£m) Sales (£m) +6% 20,000 20000 15,000 -3
Slide 15: Specialty Medicines
Specialty Medicines Strong performance across all therapy areas Sales contribution by disease area1 Respiratory/Immunology £3,299m • Nucala £1,784m up 12% with strong performances in Europe and Respiratory/Immunology Oncology HIV International • Benlysta £1,490m up 14% driven by strong demand across
Slide 16: Specialty Medicines: what's next in RI&I and Oncology
Specialty Medicines What’s next in RI&I and Oncology Respiratory, Immunology and Oncology Inflammation • GSK’227 (B7-H3) expect to share • Nucala positive headline results from updated SCLC9 and osteosarcoma phase III MATINEE trial evaluating data at ASCO10 and dose escalation Nucala in COPD1; US FD
Slide 17: Blenrep
Blenrep Statistically significant and clinically meaningful data in 2L1 vs SOC2 DREAMM-7 Overall Survival data10 • Significant OS3 benefit, reducing risk of death by 42% at or after first relapse • Median OS3 not reached yet. Predicted median OS3 based on modeling was 84 months for BVd4 and 51 month
Slide 18: Blenrep eye-related side effects manageable and reversible
Blenrep DREAMM-7 eye-related side effects were manageable and reversible High response rates maintained with Blenrep Vision better than 20/501 Blurred vision 20/501 36.6 months dosing extended to 8-12 weeks mPFS2 for Blenrep patients • 44% of patients had dose reductions with >1 dose delay >12 • 78%
Slide 19: HIV: Double-digit growth driven by long-acting injectables
HIV: Double-digit growth in 2024 driven by strong performance of long-acting injectables Continued momentum across LAI1 portfolio • FY 2024 +13% sales £7,089m driven by a continued Global HIV Treatment 2ppt increase in market share, LAI1 delivering >50% and PrEP3 market sizes 450 22% growth 20% 20%
Slide 20: Clear roadmap to deliver long-acting innovation
Clear roadmap to deliver long-acting innovation 3 new INSTIs1 in development | 5 launches planned by 2030 2020: Cabenuva Q4M: Self-administered Q4M: file and Self-administered: Treatment first approval registrational registrational launch file and launch (Q2M) study start (H2) study start Q6M: multi
Slide 21: Vaccines
Vaccines Impacted by short-term headwinds, strong growth outside the US RSV2 (Arexvy) £590m Sales contribution by disease area1 • Maintained US market-leading position in 2024 RSV2 Shingles Meningitis Influenza Established vaccines • Best-in-class data (high efficacy, long duration, strong safety pr
Slide 22: General Medicines
General Medicines Growth in 2024 driven by Trelegy Respiratory £7,213m Sales contribution by disease area Trelegy £2,702m • Up 27% and #1 brand in asthma and COPD1 globally2 Respiratory Other General Medicines 12,000 Other General Medicines £3,215m +5% +6% 10,000 Future opportunities 8,000 Gepotidac
Slide 23: FY 2024 performance and 2025 guidance
FY 2024 performance and 2025 guidance Julie Brown, Chief Financial Officer 23
Slide 24: Specialty Medicines contributed >80% of revenue growth
Specialty Medicines contributed >80% >70% of Q3 YTD revenue revenue growth growth Revenue excluding COVID-19 solutions, £m +6% +8% Specialty Medicines +19% +13% -3% +98% +4% 31,364 +13% 30,134 1 FY23 HIV Oncology R/I Vaccines General FY 24 FX FY 24 AER Medicines CER 1. Respiratory/Immunology and Oth
Slide 25: Continued strong momentum in FY 2024
Continued strong momentum in FY 2024 FY 2023 FY 2024 AER CER Key commentary on CER basis Core results £m £m % % Sales 30,328 31.376 3 7 Sales grew +8% excluding COVID-19 solutions Cost of sales (7,716) (7,870) 2 4 Gross profit 22,612 23,506 4 8 Product and channel mix benefits Gross profit margin 74
Slide 26: FY 2024 core operating margin improved
FY 2024 core operating margin improved Margin benefits from product mix and increased productivity +130bps +270bps ex. Gardasil 0.1% 1.2% 1.6% 29.9% 0.7% 29.2% 29.0% 0.8% 0.4% 28.6% FY 23 Margin COVID impact FY 23 Margin COGS SG&A R&D Royalties FY 24 Margin Currency FY 24 margin AER inc COVID ex COV
Slide 27: FY 2024 free cash flow of £2.9bn
FY 2024 free cash flow of £2.9bn Cash generated from operations of £7.9bn or £8.5bn ex Zantac payment FY 2024 ex-Zantac CGFO £7.9bn down £0.2bn YOY or FY 2023 FY 2024 settlement up £0.4bn ex Zantac with: Core operating profit 8,786 9,148 9,148 • Higher core operating profit Decrease/(Increase) in wo
Slide 28: Capital deployment supports business growth and shareholder returns
Capital deployment supports business growth and shareholder returns -£1.9bn 15.0 0.1 2.4 2.3 13.1 0.7 £bn 6.3 2.3 1.3 31 Dec 2023 FCF ex-Capex 1 Capex - PP&E Business Dividends to FX and Haleon stake Zantac settlement 31 Dec 2024 Net debt & ex Zantac development 2 shareholders Other 3 monetisation N
Slide 29: 2025 Growth guidance at CER
2025 Growth guidance at CER Sales1 Core operating profit1 Core earnings per share1,2 3-5% 6-8% 6-8% Product group sales growth guidance1 P&L modelling considerations Gross margin: benefit from product mix Specialty Medicines: grow low double digit % SG&A to grow low single digit % HIV: grow mid sing
Slide 30: Phasing: Growth expected to be H2 weighted in 2025
Phasing: Growth expected to be H2 weighted in 2025 Comparator base: 2024 YOY growth by quarter (CER and ex COVID) 35% Modelling considerations Comparator base in 2024 benefited from a 21% number of items: • Zejula royalty dispute in SG&A ~£70m (Q1) 13% 13% • Sales benefit from RAR1 on Gen Meds (Q2)
Slide 31: Strong commitment to growth
Strong commitment to growth 2025 Guidance at CER 2021-2026 Outlook 2031 Outlook • Sales growth: 3-5% • >7% Sales CAGR1 • >£40bn Sales by 2031 (was >£38bn ) 3 • Core OP growth: 6-8% • >11% Core OP CAGR1 • Continued focus on margin • Core EPS growth: 6-8% • >31% Core OP margin improvement, with broadl
Slide 32: IR Roadmap 2024
IR Roadmap 2024 H1 2024 H2 2024 Execution • Full-year 2023 results and 2024 guidance and upgraded 2031 outlook • Half-year 2024 results and upgraded 2024 guidance • Q1 2024 results and upgraded 2024 guidance • Q3 2024 results Pipeline1 • Ojjaara/Omjjara: MOMENTUM, myelofibrosis (JP) • Arex
Slide 33: IR Roadmap 2025 to 2026
IR Roadmap 2025 to 2026 H1 2025 H2 2025 2026** Execution • MenABCWY 1st gen • Blenrep 2L+ multiple myeloma • depemokimab severe asthma US launches • gepotidacin uUTI1 • Nucala COPD16 Pipeline1 • MenABCWY 1st gen (US) • gepotidacin GC4 (US) • Arexvy 18-49 YoA7 AIR8 (US, EU, JP) • Shingrix adults 18+
Slide 34: Committed to capital management and operational efficiency
Committed to capital management and operational efficiency Delivered 360bps of margin accretion with guidance of >530bp for 2026 Continued focus on care for cash CGFO +360 bps Non-recurring item +5.5%3 Cash flow generated from Operations Core operating margin % 1,2 29.2% £0.7bn4 27.8% 27.2% 25.6% £7
Slide 35: Ahead of disease, together
Ahead of disease, together Strong track record of operational delivery with attractive, high-quality portfolio of Specialty Medicines and Vaccines Innovation progress accelerating, with investment prioritised to new, scale, opportunities in Respiratory, Immunology and Inflammation, Oncology & HIV
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Slide 37: 2025 full year outlook considerations to support modelling
2025 full year outlook considerations to support modelling 2024 Growth 2025 guidance 2021 – 2026 2021 – 2026 2021 – 2026 2025 assumptions exc COVID 5 Feb 25 BIU 2021 BIU 2024 2025 update Turnover 8% 3-5% >5% CAGR >7% CAGR >7% CAGR - Specialty +19% +LDD DD CAGR DD CAGR Low to mid teens - HIV +13% +MS
Slide 38: 2024 Total to core operating profit reconciliation
2024 Total to core operating profit reconciliation 2023 2024 Key commentary on CER basis Operating profit Operating profit (£m) (£m) Total results 6,745 4,021 -33% at CER Intangible amortisation 719 1,002 Intangible impairment 398 314 Major restructuring 382 353 ~£1.1bn benefits to date1 Transaction
Slide 39: Improved core earnings per share with +10% growth at CER
Improved core earnings per share with +10% growth at CER 2023 2024 Key commentary on CER basis £m £m Core operating profit (OP) 8,786 9,148 +11% incl. COVID; +13% excl. COVID-19 solutions Lower interest on short term financing and higher interest Net finance expense (669) (532) income on cash Share
Slide 40: Quarterly summary of core results
Quarterly summary of core results 2023 2024 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Including COVID-19 solutions Sales (£m) 6,951 7,178 8,147 8,052 30,328 7,363 7,884 8,012 8,117 31,376 Operating profit (£m) 2,092 2,170 2,772 1,752 8,786 2,443 2,513 2,761 1,431 9,148 Operating margin 30.1% 30.2% 34.0% 21.8% 2
Slide 41: Currency
Currency 2024 currency sales exposure1 2025 core operating profit Currency sensitivity US $ 52% US $: 10 cents movement in the average exchange rate for full year If exchange rates were to hold at the closing rates impacts core operating profit by approx. +/- 8% on 29 January 2025 ($1.24/£1, €1.19/£
Slide 42: Upcoming pipeline catalysts: 2025 and 2026
RI&I Upcoming pipeline catalysts: 2025 and 2026 Oncology HIV Infectious Diseases H1 2025 H2 2025 2026 1 Regulatory Nucala: MATINEE, COPD US depemokimab: SWIFT-1/2, asthma US depemokimab: SWIFT-1/2, asthma EU. CN, JP decision Blenrep: DREAMM-7/8, 2L+ MM2 JP depemokimab: ANCHOR-1/2, CRSwNP 6 US depemo
Slide 43: 71 potential new vaccines and medicines in pipeline: Phase III / Registration
RI&I 71 potential new vaccines and medicines in pipeline Oncology HIV Infectious Diseases Phase III / Registration ) camlipixant (GSK5464714) P2X3 receptor antagonist Refractory chronic cough 19 depemokimab (GSK3511294) Long-acting anti-IL5 antibody* Asthma^** latozinemab (GSK4527223) Anti-sortilin
Slide 44: 71 potential new vaccines and medicines in pipeline: Phase II
RI&I 71 potential new vaccines and medicines in pipeline Oncology HIV Infectious Diseases Phase II Benlysta (belimumab) Anti-BLys antibody Systemic sclerosis associated ILD1,2** 27 GSK1070806 Anti-IL18 antibody Atopic dermatitis GSK3915393 TG2 inhibitor* Pulmonary fibrosis GSK4527226 (AL-101) Anti-s
Slide 45: 71 potential new vaccines and medicines in pipeline: Phase I
RI&I 71 potential new vaccines and medicines in pipeline Oncology HIV Infectious Diseases Phase I GSK3862995 Anti-IL33 antibody COPD1 25 GSK3888130 Anti-IL7 antibody* Autoimmune disease GSK4172239 DNMT1 inhibitor* Sickle cell disease GSK4347859 Interferon pathway modulator Systemic lupus erythemato
Slide 46: Changes since Q3 2024
RI&I Changes since Q3 2024 Oncology HIV Infectious Diseases Changes on pipeline Achieved pipeline catalysts Progressed from Phase II to Phase III Regulatory decisions GSK4178116: Live, attenuated, Varicella new strain Nucala: CRSwNP4 CN Jemperli5: RUBY (Part 1)6, 1L EC7 EU Vocabria + Rekambys: HIV i
Slide 47: Glossary
RI&I Glossary Oncology HIV Infectious Diseases ADC Antibody drug conjugate CRR Complete response rate GMMA Generalised Modules for Membrane Antigens ADPKD Autosomal dominant polycystic kidney disease CRSwNP Chronic rhinosinusitis with nasal polyps GSI Gamma secretase inhibitor AE Adverse event CRT C
Slide 48: Glossary
RI&I Glossary Oncology HIV Infectious Diseases MDI Metered dose inhaler MDI Metered dose inhaler SRR Seroresponse rate MM Multiple myeloma PD-L1 Programmed death ligand SSc-ILD Systemic sclerosis associated interstitial lung disease MMR Measles, mumps and rubella PFS Progression-free survival STING
Slide 49: Assumptions and basis of preparation related to 2025 guidance, 2021-26 and 2031 outlooks
Assumptions and basis of preparation related to 2025 guidance, 2021-26 and 2031 outlooks In outlining the guidance for 2025, and outlooks for the period 2021-2026 and 2031, the Group has made certain assumptions about the macro-economic environment, the healthcare sector (including regarding existin
Slide 50: Use of GSK conference call, webcast and presentation slides
Use of GSK conference call, webcast and presentation slides The GSK plc webcast, conference call and presentation slides (together the ‘GSK materials’) are for your personal, non-commercial use only. You may not copy, reproduce, republish, post, broadcast, transmit, make available to the public, sel
Slide 51: gsk.com
gsk.com