Slide 1: Q2 2025 Results
30 Jul 2025 Q2 2025 Results Conference call and webcast for investors and analysts gsk.com 1
Slide 2: Agenda
Agenda Q2 2025 performance momentum Emma Walmsley Positive pipeline progress Tony Wood Performance: growth drivers Luke Miels and Deborah Waterhouse Q2 2025 financial performance Julie Brown Summary and Q&A Emma Walmsley, Tony Wood, Luke Miels, Deborah Waterhouse, Julie Brown and David Redfern 2
Slide 3: 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 4: Q2 2025 performance momentum
Q2 2025 performance momentum Emma Walmsley, Chief Executive Officer 4
Slide 5: Q2 2025 Highlights
2025 performance Q2 Highlights momentum Sales Core operating profit Strong Q2 performance demonstrates £7,986m £2,631m quality and strength of portfolio Q2 sales performance driven by sustained +6% +12% growth in Specialty Medicines (+15%) 3 FDA approvals Core EPS Cash generated from 46.5p operation
Slide 6: Consistent operational performance and sustained momentum
Consistent operational performance and sustained momentum Driven by strong growth in Specialty Medicines Consistent operational performance Specialty medicines largest business: delivering growth and leverage 40% sales CER % growth quarter on quarter H1 2025 sales 8,500 +6% +4% +5% General 40% +2% +
Slide 7: Investing for growth remains top capital allocation priority
Investing for growth remains top capital allocation priority 14 scale opportunities with PYS potential > £2bn1 Investment behind depemokimab2/ Nucala COPD R&D pipeline launch assets ongoing clinical camlipixant development ULA COPD3 Respiratory, Immunology ~40 additional and Inflammation (RII) Phase
Slide 8: Confident in outlook for sales of >£40bn in 2031
Confident in outlook for sales of >£40bn in 2031 Next Wave pipeline + targeted BD Respiratory, Immunology and Inflammation RI&I >£40bn Pipeline opportunity • 2031 sales outlook of >£40bn (risk RI&I Oncology Oncology adjusted) reflecting pipeline progress and >50% of sales pending further approvals R
Slide 9: Strong commitment to growth
Strong commitment to growth Expect to deliver towards the top end of 2025 guidance 2025 Guidance at CER 2021-2026 Outlook 2031 Outlook • Sales growth: 3-5% • >7% Sales CAGR1 • >£40bn Sales by 2031 • Core OP growth: 6-8% • >11% core OP CAGR1 • Continued focus on margin • Core EPS growth: 6-8% improve
Slide 10: Positive pipeline progress
Positive pipeline progress Tony Wood, Chief Scientific Officer 10
Slide 11: Developing a pipeline of best/first-in-class medicines and vaccines
Developing a pipeline of best/first-in-class medicines and vaccines to address medical need and deliver growth to 2031 and beyond Respiratory, Immunology Oncology HIV Infectious Disease & Inflammation Expand beyond our current Long-acting treatments for Prevention and treatment of focus in haematolo
Slide 12: RI&I: Inflammation in airway disease and portfolio to strengthen leadership
RI&I: Our understanding of inflammation in airway disease and portfolio to strengthen leadership in asthma and COPD Leadership in Respiratory Targeted BD Nucala COPD1 Hengrui agreement • Only approved COPD biologic evaluated in EOS2 ≥150; • Licence for clinical-phase, potential BIC10 35% reduction i
Slide 13: RI&I: Inflammatory-fibrosis mechanisms to target liver disease
RI&I: Deeper understanding of inflammatory-fibrosis mechanisms to target disease of the liver Emerging portfolio of first/best in class growth opportunities bepirovirsen CHB1 2026 Chronic Hepatitis B Launch Largest cause of liver cancer deaths4 Key Assets in development: bepirovirsen; dap/tom dap/to
Slide 14: Oncology: expanding beyond haematological and gynaecological cancers
Oncology: expanding beyond haematological and gynaecological cancers to additional solid tumours 2025 Blenrep approvals Accelerating Pipeline Blenrep GSK ‘227 (B7-H3 ADC3) • Approved in Europe, Japan, Canada, UK and • Development in lung, CRC4, HNSCC5, prostate, and Switzerland other solid tumours •
Slide 15: Continued leadership in Infectious Disease
Continued leadership in Infectious Disease ✓ Penmenvy: Pentavalent vaccine to improve uptake and protect more teens and yung adults ✓ Blujepa: First new class of antibiotics for uncomplicated UTIs1 in almost 30 years ✓ Tebipenem: Phase III trial stopped early for efficacy in complicated UTIs1 ✓ Arex
Slide 16: Strong momentum and material progress in R&D
Strong momentum and material progress in R&D 66 8 13 Pipeline Assets Regulatory Positive Phase 3 most are BIC/FIC1 breakthrough readouts in 2024 designations in H1 2025 16 3 15 Assets in late-stage FDA approvals in Phase 3/pivotal development H1 2025 readouts through 2025 and 2026 1. Best in Class,
Slide 17: Developing a pipeline of best/first-in-class medicines and vaccines
Developing a pipeline of best/first-in-class medicines and vaccines to address medical need and deliver growth to 2031 and beyond RI&I Oncology HIV and Infectious Disease • 50% of the top 6 causes of • <60% of patients with • 40 million people live with HIV, death are lung diseases1 multiple myeloma
Slide 18: Performance: growth drivers
Performance: growth drivers Luke Miels, Chief Commercial Officer Deborah Waterhouse, CEO, ViiV Healthcare and President, Global Health 18
Slide 19: Q2 growth demonstrates strong Specialty performance
Q2 growth demonstrates strong Specialty performance Sales contribution by product area Sales contribution by region Specialty Medicines Vaccines General Medicines US Europe International 9,000 9000 +13% +6% +13% +6% 8,000 8000 7,000 7000 +22% +15% Sales (£m) Sales (£m) 6000 6,000 +17% +5% 5,000 5000
Slide 20: Specialty Medicines
Specialty Medicines Continued momentum across all therapy areas Sales contribution by therapy area Respiratory, Immunology and Inflammation (RI&I) £963m • Benlysta £451m up 13% with all global guidelines now supporting early and RI&I Oncology HIV sustained use • Nucala £498m up 7% with global demand
Slide 21: Specialty Medicines
Specialty Medicines Positive progress on new respiratory and oncology growth engines Nucala in COPD1 Depemokimab in respiratory Blenrep in oncology • ~£0.5bn PYS2 • >£3bn PYS • Approved in Europe, Japan, Canada, • COPD is the 3rd leading cause of UK and Switzerland; commercial death worldwide, affec
Slide 22: HIV: strong, sustained commercial execution in Q2 for long-acting
HIV: strong, sustained commercial execution in Q2 for long-acting Global HIV market size +12% >70% PrEP4: ~£2bn Total sales: £1,880m HIV growth from LAI1 portfolio Driven by competitive execution Cabenuva +46% (£341m) and strong patient demand >70% US product switches from growth across all region
Slide 23: HIV pipeline momentum
HIV pipeline momentum VH184 has potential to become backbone of next-generation of HIV treatment regimens Regimen Asset(s) and optionality Launch Multiple long-acting Four-monthly (Q4M) CAB ULA1 + RPV2 2027 options – well positioned to drive 1 of: + 1 of: performance over Treatment • VH184 Twice-yea
Slide 24: Vaccines
Vaccines Global expansion: Europe and International demand, leading growth Shingles (Shingrix) £853m Sales contribution by geography Sales contribution by disease area • Ex-US represented 72% of Q2 2025 global sales 2,500 2,500 • ~9% average IZ1 rate across top 10 markets ex-US +9% +9% • 42% cumulat
Slide 25: General Medicines
General Medicines Trelegy growth partially offsetting portfolio pressure from generics Respiratory £1,871m Sales contribution by disease area Trelegy £835m +4% • Strong volume growth across all regions Respiratory Other General Medicines • SITT1 market leader: #1 brand in asthma and COPD2 globally3
Slide 26: Q2 2025 financial performance
Q2 2025 financial performance Julie Brown, Chief Financial Officer 26
Slide 27: Momentum continues to build in Q2 2025
Momentum continues to build in Q2 2025 Q2 2024 Q2 2025 AER CER Core results £m £m % % Sales 7,884 7,986 1 6 Sales +6% & Operating Profit +12% Cost of sales (1,877) (1,986) 6 7 • SG&A -1% driven by phasing and Gross profit 6,007 6,000 0 5 acceleration of productivity Gross profit margin 76.2% 75.1% -
Slide 28: Q2 2025 core operating margin
Q2 2025 core operating margin Productivity initiatives and IP settlement driving quarterly margin improvement +180bps 33.7% 0.8% 1.1% 0.9% 32.9% 1.9% 31.9% 0.3% Q2 2024 Gross SG&A R&D Royalties Q2 2025 Currency Q2 2025 Margin Margin Margin at CER Margin AER Core operating margin +180bps at CER Note:
Slide 29: Strong H1 2025 cash performance, free cash flow up £1.2bn YoY
Strong H1 2025 cash performance, free cash flow up £1.2bn YoY Cash generated from operations of £3.7bn, £3.9bn ex Zantac H1 2025 H1 2024 H1 2025 ex-Zantac settlement CGFO1 £3.7bn; £3.9bn ex Zantac, an increase of £1.1bn YOY Core operating profit 4,956 5,164 5,164 • Increased operating profit Decreas
Slide 30: Capital deployment prioritises business growth and shareholder returns
Capital deployment prioritises business growth and shareholder returns +0.6 0.1 0.5 13.7 0.8 13.1 1.3 2.9 1.4 £bn 0.5 31 Dec 2024 FCF ex-Capex Capex - PP&E Business Dividends to Share Zantac FX and 30 Jun 2025 Net debt & ex Zantac development shareholders 2 Buyback settlement 3 Other 4 Net debt sett
Slide 31: FY 2025 guidance
FY 2025 guidance Delivery expected towards the top end of guidance and long-term ambitions maintained Sales1 Core operating profit1 Core earnings per share1,2 3-5% 6-8% 6-8% Updated: Product group sales growth guidance1 P&L modelling considerations1 Specialty Medicines: increased to low teens % Gros
Slide 32: IR Roadmap 2025 to 2026
IR Roadmap 2025 to 2026 H1 2025 H2 2025 2026** Execution • Nucala COPD 1 • Blenrep 2L+ Multiple myeloma • depemokimab SA 6, CRSwNP 2 (US) (launches) • Blujepa uUTI 3 • tebipenem cUTI 5 (US) • Penmenvy 1st gen Pipeline • Nucala COPD 1 (US) • depemokimab SA 6, CRSwNP 2 (US) • depemokimab SA 6, CRS
Slide 33: Delivering strong and sustained momentum for patients and shareholders
Delivering strong and sustained momentum for patients and shareholders Delivering towards the top Delivering future growth Confirming sustained end of 2025 guidance opportunities and investing profitable growth through demonstrating quality and in pipeline & targeted BD the decade and beyond strengt
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Slide 35: Q2 2025 Total to core operating profit reconciliation
Q2 2025 Total to core operating profit reconciliation Q2 2024 Q2 2025 Key commentary on CER basis Operating profit (£m) Operating profit (£m) Total results 1,646 2,023 Intangible amortisation 193 194 Termination of belrestotug development Intangible impairment 47 476 programme (anti-TIGIT mAb) Major
Slide 36: Improved core earnings per share with +15% growth at CER
Improved core earnings per share with +15% growth at CER Q2 2024 Q2 2025 Key commentary on CER basis £m £m Core operating profit (OP) 2,513 2,631 Net finance expense (148) (125) Benefitting from the phasing of Zantac payments Share of associates (1) (2) Tax (423) (439) Tax rate 17.9% 17.5% Non-contr
Slide 37: Quarterly summary of core results
Quarterly summary of core results 2024 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Sales (£m) 7,363 7,884 8,012 8,117 31,376 7,516 7,986 Operating profit (£m) 2,443 2,513 2,761 1,431 9,148 2,533 2,631 Operating margin 33.2% 31.9% 34.5% 17.6% 29.2% 33.7% 32.9% Earnings per share (p) 43.1 43.4 49.7 23.2 159.3
Slide 38: 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 impacts If exchange rates were to hold at the closing rates on core operating profit by approx. +/- 8% 30 June 2025 ($1.37/£1, €1.17/£1 a
Slide 39: 2025 full year outlook considerations to support modelling
2025 full year outlook considerations to support modelling 2025 2025 2024 Growth 2021 – 2026 BIU 2021 – 2026 BIU 2021 – 2026 BIU Guidance Guidance 2025 assumptions excl. COVID (2021) (2024) (2025) (Feb 25) (Jul 25) Turnover 8% 3-5% 3-5% Towards top end of guidance >5% CAGR >7% CAGR >7% CAGR - Specia
Slide 40: Upcoming pipeline catalysts: 2025 and 2026
Upcoming pipeline catalysts: 2025 and 2026 H2 2025 H1 2026 H2 2026 Regulatory depemokimab: SWIFT-1/2, asthma US depemokimab: SWIFT-1/2, asthma EU. CN, JP linerixibat: GLISTEN, cholestatic pruritus in PBC6 EU, CN, JP decision depemokimab: ANCHOR-1/2, CRSwNP 1 US depemokimab: ANCHOR-1/2, CRSwNP 1 EU.
Slide 41: 66 potential new vaccines and medicines in pipeline
66 potential new vaccines and medicines in pipeline Phase III / Registration ) 16 depemokimab (GSK3511294) Long-acting anti-IL5 antibody* Asthma^** linerixibat (GSK2330672) IBAT inhibitor Cholestatic pruritus in primary biliary cholangitis^ Nucala (mepolizumab) Anti-IL5 antibody COPD1^ camlipixant (
Slide 42: 66 potential new vaccines and medicines in pipeline
66 potential new vaccines and medicines in pipeline Phase II Benlysta (belimumab) Anti-BLys antibody Systemic sclerosis associated ILD1,2** 25 efimosfermin alfa (GSK6519754) FGF21 analog* MASH3 GSK3915393 TG2 inhibitor* Pulmonary fibrosis GSK4527226 (AL-101) Anti-sortilin antibody* Alzheimer’s disea
Slide 43: 66 potential new vaccines and medicines in pipeline
66 potential new vaccines and medicines in pipeline 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 erythematosus GSK4527363 B-cell modulator System
Slide 44: Changes since Q1 2025
Changes since Q1 2025 Changes on pipeline Achieved pipeline catalysts New to Phase II Regulatory decisions efimosfermin alfa (GSK6519754): FGF21 analog, MASH1 Nucala: MATINEE, COPD3 US Blenrep: DREAMM-7/8, 2L+ MM4 EU, JP Shingrix liquid formulation US Progressed from Phase I to Phase II GSK5102188:
Slide 45: HIV: Clear roadmap to deliver industry leading, competitive long-acting innovation
HIV: Clear roadmap to deliver industry leading, competitive long-acting innovation 3 new INSTIs1 in development | 5 launches planned by 2030 2025 2026 2027 2028 2029 2030 2031 2039 Four-monthly Registrational File and launch (Q4M) study start (CAB ULA2 + RPV3) Treatment File and launch Twice-yearly
Slide 46: Glossary
Glossary ADC Antibody-drug conjugate GIST Gastrointestinal stromal tumor PFS2 Time to second disease progression or death AE Adverse event GMMA Generalised Modules for Membrane Antigens PK Pharmacokinetics AESI Adverse event of special interest HBV Hepatitis B virus PKD Polycystic kidney disease AIR
Slide 47: 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 2021-26 and for 2031, the Group has made certain assumptions about the macro-economic environment, the healthcare sector (including regarding exist
Slide 48: 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
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