Slide 1: Agreement to acquire Nuvalent
09 June 2026 Agreement to acquire Nuvalent Presentation intended for professional investor use only gsk.com
Slide 2: Speakers
Speakers Luke Miels Nina Mojas Tony Wood Julie Brown Chief Executive President, Global Chief Scientific Chief Financial Officer Product Strategy Officer Officer 2
Slide 3: Disclosure statement
Disclosure statement This presentation is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer or a recommendation to sell securities, nor is it a substitute for the tender offer materials that GSK plc, GlaxoSmithKline LLC (“GSK LLC”) and its wholly-owne
Slide 4: 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 5: Key focus areas to drive value
Key focus areas to drive value Deliver Accelerate Simplify how Growth R&D we work Maximise launch of next wave Focus on bringing late-stage Reduce complexity, focus resources products, ensure success in pipeline to patients faster and on what matters most and embrace operational execution executing
Slide 6: Nuvalent acquisition will drive growth and accelerate R&D
Nuvalent acquisition will drive growth and accelerate R&D Strategic rationale • Clinically validated precision oncology assets to strengthen and complement our oncology portfolio ALK • Two lead assets which address significant lung cancer markets ROS1 with large unmet medical need (ALK+ & ROS1+ NSCL
Slide 7: Nuvalent meets critical strategic objectives
Nuvalent meets critical strategic objectives Strategic rationale Deliver Growth Accelerate R&D ✓ ✓ ALK Accelerate Oncology Validated target Anchor GSK position in lung Potential best-in-class ALK- & cancer with well-defined ROS1-selective, TRK-sparing inhibitors, addressing limitations population an
Slide 8: Nuvalent is an extension of proven BD strategy
Nuvalent is an extension of proven BD strategy Strategic rationale “Multiple assets in one deal” Therapy area Company Asset Validated Efficacy or target tolerability gap Oncology momelotinib ✓ ✓ ALK Respiratory camlipixant ✓ ✓ Respiratory LA-TSLP ✓ ✓ ROS1 Oncology velzatinib ✓ ✓ Immunology efimosfer
Slide 9: Nuvalent: precision medicine for NSCLC
Nuvalent: precision medicine for NSCLC Strategic rationale Rare opportunity for a highly de-risked, precision oncology franchise NSCLC prevalence of driver mutations ALK+ and ROS1+ NSCLC patients • Typically younger (40-50 years), ALK EGFRm non-smokers, otherwise healthy KRASm 17% 25% 4% • High CNS
Slide 10: Accelerate GSK lung cancer ambition and maximise Nuvalent value through geographic expansion
Accelerate GSK lung cancer ambition and maximise Nuvalent Strategic rationale value through geographic expansion Building lung cancer portfolio GSK global presence ALK ROS1 2L+ ALK+ HER2+ 2L+ ROS1+ 1L ROS1+ 1L ALK+ 2026 2027 2028 and beyond Financials Ris-rez (B7-H3) SCLC Ris-rez (B7-H3) NSCLC 25% 2
Slide 11: ALK+ NSCLC: Moving towards chronic therapy that preserves quality of life
ALK+ NSCLC: Moving towards chronic therapy that preserves Strategic rationale quality of life 1st gen: 2011+ Crizotinib 10.9 m · PROFILE 1014 ALK Alectinib · ALEX 34.8 m 2nd gen: 2015+ Brigatinib · ALTA-1L 24 m Ceritinib · ASCEND-4 16.6 m ROS1 3rd gen: 2018+ Lorlatinib · CROWN (7-yr) PFS at 7y 55% F
Slide 12: ALK+ NSCLC: treatment choices driven by efficacy and tolerability
ALK+ NSCLC: treatment choices driven by efficacy and tolerability Strategic rationale ALK+ NSCLC Lorlatinib US market share • Approved 2018 • CROWN (5 and 7yr) PFS update; activity in pts with CNS metastases ALK 11% 28% Other • Tolerability profile: cognitive effects, 10% oedema, weight gain, metabo
Slide 13: Neladalkib is designed for superior efficacy and tolerability needed for chronic therapy
Neladalkib is designed for superior efficacy and tolerability needed Strategic rationale for chronic therapy 1st 2nd 3rd 4th ALK Gen Gen Gen Gen Profile impact Crizotinib Alectinib Lorlatinib Neladalkib* ROS1 ALK potency + +++ ++++ ++++ CNS penetrance - ++ +++ +++ Efficacy Activity against single AL
Slide 14: Neladalkib: ALK inhibitor with potential BIC efficacy and tolerability
Neladalkib: ALK inhibitor with potential BIC efficacy and tolerability Strategic rationale Highly selective for ALK mutations with CNS activity Broad Mutation Coverage without TRK engagement CNS penetrance1 Selective ALK inhibition over TRK2 ALK ROS1 Financials Equipotent TKI Naïve: 82% 78% CNS TRKB
Slide 15: Neladalkib: duration of response and PFS benefit indicate BIC profile
Neladalkib: duration of response and PFS benefit indicate BIC profile Strategic rationale 2L+ setting 1L setting 2L+ post 2G TKI TKI-naïve setting Greater DoR and PFS* Comparable ORR data with promising DoR* ALK Lorlatinib Neladalkib Alectinib Lorlatinib Neladalkib Ph2 Ph1-2 ALKOVE-1 Ph3 ALEX Ph3 CR
Slide 16: Neladalkib: TRK sparing avoids long-term metabolic and neurological adverse events
Neladalkib: TRK sparing avoids long-term metabolic and neurological Strategic rationale adverse events 2nd 3rd 4th Gen Gen Gen Physician feedback ALK Alectinib Lorlatinib Neladalkib* % of pt with Dose reduction 19% 21% 17% ROS1 dose “Neladalkib lower rates consistent Discontinuation 11% 7% 5% with m
Slide 17: Neladalkib: 2026 2L launch with 1L ALKAZAR study rapidly recruiting
Neladalkib: 2026 2L launch with 1L ALKAZAR study rapidly recruiting Strategic rationale Ongoing clinical development programme ALK+ NSCLC: 253 TKI pre-treated patients • Oral presentation at ASCO 2026 • ORR 31%; mDoR not reached at 11.3m f/up¹ • Durability 64% at 12m, 53% at 18m¹ • Post 2G ALK inh O
Slide 18: Zidesamtinib: Significantly longer PFS outcomes to transform ROS1+ NSCLC
Zidesamtinib: Significantly longer PFS outcomes to transform ROS1+ Strategic rationale NSCLC anticipated Repotrectinib: launched 2023 1st gen: 2016+ Crizotinib 19.3 m · PROFILE 1001 • Market leader • TRK-driven AEs (neurologic, metabolic) • Require dose reductions / discontinuation ALK 2nd gen: 201
Slide 19: Zidesamtinib: potential BIC profile for ROS1+ NSCLC
Zidesamtinib: potential BIC profile for ROS1+ NSCLC Strategic rationale Avoiding TRK Inhibition with improved target selectivity Selectivity for ROS1 and ROS1 G2032R over TRK Zidesamtinib potential differentiation ALK • Maintains potency and CNS penetrance with expanded mutation coverage ROS1 • Bett
Slide 20: Zidesamtinib: potential improved durability in TKI-naïve and post-TKI
Zidesamtinib: potential improved durability in TKI-naïve and post-TKI Strategic rationale 2L setting 1L setting 2L post TKI TKI-naïve setting Improved mDoR and mPFS; efficacy post next-gen TKIs* Improved duration of response (DoR)* ALK Repotrectinib Taletrectinib Zidesamtinib Repotrectinib Taletrect
Slide 21: Zidesamtinib: ongoing clinical development programme
Zidesamtinib: ongoing clinical development programme Strategic rationale TKI pre-treated advanced ROS 1+ NSCLC • Prior crizotinib or entrectinib: n=55, ORR 51%, mDoR 22m, mPFS 23.8m • Prior repotrectinib: n=46; ORR 41%; mDoR 15.7m • Prior taletrectinib n=19; ORR 47% mDoR NR ALK TKI pre-treated ROS1+
Slide 22: Financial Highlights
Financial Highlights Strategic rationele • Purchase price of $124/share, representing a 40% premium to last closing price and 26% premium to 30 day VWAP2 Transaction details • Aggregate consideration of $10.6bn/ (£8.0bn)1 • Net of cash acquired, GSK aggregate investment is $9.4bn (£7.1bn)1 • Transac
Slide 23: Nuvalent meets critical strategic objectives
Nuvalent meets critical strategic objectives Strategic rationale Deliver Growth Accelerate R&D ✓ ✓ ALK Accelerate Oncology Validated target Anchor GSK position in lung Potential best-in-class ALK- & cancer with well-defined ROS1-selective, TRK-sparing inhibitors, addressing limitations population an
Slide 24: Q&A
COSK 3 Luke Miels Nina Mojas Tony Wood Julie Brown David Redfern © Mondher Chief Executive President, Global Chief Scientific Chief Financial President, Mahjoubi Officer Product Strategy Officer Officer Corporate Chief Patient Officer Development ® gskcom