Gsk Plc · LSE:GSK
Gsk — Q3 2026 Earnings Presentation
46 slides from Gsk's earnings presentation, Oct 28, 2026
Slide 1: Q3 2026 Results
28 October 2026 Q3 2026 Results 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 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 3
Slide 4: Q3 2026: strong sales performance and core operating profit delivery
Q3 2026: strong sales performance and core operating profit delivery Sales Core operating profit Core EPS £8.9bn £3.1bn 54.6p +5% +5% +1% Cash generated from Dividend per share Responsible business rating1 operations YTD £7.4bn 17p On track 2026 guidance*: Sales and operating profit specified at the
Slide 5: Key priorities to drive value
Key priorities to drive value Maximise launch of next wave products, Deliver growth ensure success in overall operational execution Accelerate Focus on bringing late-stage pipeline to R&D patients faster and executing BD Simplify how Reallocate capital and resources to drive we work change and inves
Slide 6: Pipeline progress
Pipeline progress Tony Wood, Chief Scientific Officer gsk.com
Slide 7: Pipeline highlights
Pipeline highlights 3 4 18 Recent approvals Positive pivotal data readouts Phase 3 trials started in 2026 Jideytro1 TKI pre-treated ROS1+ NSCLC (US) Jideytro TKI naïve ROS-1+ NSCLC (ARROS-1) 12 of 18 started in Q3 Jemperli dMMR locally advanced rectal Ris-Rez 2L SCLC (ARTEMIS-008*) 22 anticipated to
Slide 8: New products and indications to address significant unmet need and drive value
New products and indications to address significant unmet need and drive value Jideytro1: TKI pre-treated ROS1+ non-small cell neladalkib: TKI pre-treated ALK+ non-small cell lung cancer lung cancer, 27 Nov PDUFA 23.8m median PFS 14.5m median PFS ROS1+ NSCLC primarily affects TRK-sparing avoids long
Slide 9: Precision medicines for NSCLC: Emerging data support potential best-in-class profiles
Precision medicines for NSCLC: Emerging data support potential best-in-class profiles neladalkib1 ARROS-1 neladalkib lorlatinib ALKOVE-1 CROWN TKI-naïve, advanced ROS1+ NSCLC (phase 1/2) (phase 3) ORR* 94% Population TKI naïve TKI naïve N 44 149 CR 15% ORR 86% 76% DoR ≥12m** 86% CR 9% 3% IC-ORR*** 1
Slide 10: Ris-Rez: First phase 3 OS data in 2L SCLC; GSK global trials ongoing
Ris-Rez: First phase 3 OS data in 2L SCLC; GSK global trials ongoing ARTEMIS-008: 2L SCLC Overall Survival Lung cancer cohort SCLC n= >150 EMBOLD NSCLC n= >50 PanTumor-101 n= >550 Other solid tumours n= >350 HR 0.46 mOS Ris-Rez 18.5m; EMBOLD SCLC-301 topotecan 10.3m Recruiting 2L+ SCLC EMBOLD SCLC-3
Slide 11: Ris-Rez: Impressive phase 3 osteosarcoma data at presidential symposium
Ris-Rez: Impressive phase 3 osteosarcoma data at presidential symposium ARTEMIS-011: R/R osteosarcoma1 Progression-free survival 100 Gemcitabine Ris-Rez + Docetaxel N 30 42 80 Ris-Rez 6-mth rate mPFS (months) 5.5 1.4 HR 0.33 60 PFS (%) 45% 40 Gemcitabine + Docetaxel 20 NR 0 0 1 2 3 4 5 6 9 12 Time s
Slide 12: Mo-Rez: Emerging data confirm potential for best-in-class PROC activity
Mo-Rez: Emerging data confirm potential for best-in-class PROC activity BEHOLD-1: PROC Progression-free survival Mo-Rez global phase 3 programme cORR 62% 100 90% BEHOLD-Ovarian01 90 DoR 12.2m monotherapy Recruiting Progression-free survival (%) 80 mPFS 11.1m 2L+ PROC 70 BEHOLD-Ovarian02 60 bevacizum
Slide 13: Jemperli: Accelerated approval for locally advanced rectal cancer
Jemperli: Accelerated approval for locally advanced rectal cancer, supported by outstanding clinical response data • Approved on 19 October for dMMR locally advanced rectal cancer 68% Investigator assessed cCR* 76% cCR12 + pCR rate • SoC cCR 20-25% • Involves chemotherapy, radiotherapy and surgery •
Slide 14: mRNA flu: Phase 2 data suggest potential for best-in-class protection
mRNA flu: Phase 2 data suggest potential for best-in-class protection Targeting Haemagglutinins and Antibody titre ratios: mRNA flu vs high dose flu vaccine Neuraminidases may deliver superior Hemagglutinin Neuraminidase flu protection Influenza A H1N1 Licenced flu GSK mRNA vaccines seasonal flu Hae
Slide 15: Accelerate R&D: 2026 phase 3 starts
Accelerate R&D: 2026 phase 3 starts Asset Trial/Indication Study name Accelerated Phase 3 status 2L PROC BEHOLD-OC01 ✓ Recruiting 2L PSOC BEHOLD-OC02 ✓ Recruiting ✓ 22 phase 3 trial starts in 2026 Mo-Rez 1L HRpOC BEHOLD-OC03 Recruiting 2L EC BEHOLD-EC01 ✓ Recruiting 1L EC BEHOLD-EC02 ✓ Recruiting 1L
Slide 16: Accelerate R&D: Late-stage pipeline momentum
Accelerate R&D: Late-stage pipeline momentum Shingrix MACE VH184 + VH499 DAP/TOM + bepirovirsen 2x a year LAI HIV treatment Chronic hepatitis B velzatinib efimosfermin (x2) GIST (1L) F4 MASH, ALD risvutatug rezetecan (x6) HS235/GSK ‘070 (x2) mCRPC x2, mHSPC, SCLC (1L), PAH, PH-HFpEF NSCLC x2 mRNA /
Slide 17: Growth drivers
Growth drivers Nina Mojas, President, Global Product Strategy gsk.com
Slide 18: Q3 growth driven by Specialty Medicines
Q3 growth driven by Specialty Medicines Total Group Q3 key sales drivers US Europe International £8.9bn +5% Cabenuva Nucala +18% +35% Benlysta +17% Specialty Medicines Dovato +9% Meningitis Vaccines1 +12% £3.9bn +15% Trelegy Ellipta Blenrep - +8% Ojjaara +35% Jemperli +19% Vaccines Exdensur - £2.6bn
Slide 19: Blenrep: HCP experience increasing with reimbursement building globally
Blenrep: HCP experience increasing with reimbursement building globally Blenrep (£50m) NCCN guidelines support broader US use of Blenrep 50 Regimen Line Recommendation 40 Preferred regimen for len refractory BVd 2L+ (from 3L+ Other) 30 BPd 2L+ Category 1 recommendation £m 20 BKd 2L+ Category 2A reco
Slide 20: Leaders in IL-5 with Nucala growth and Exdensur launch
Leaders in IL-5 with Nucala growth and Exdensur launch Nucala (£582m +18%) Exdensur (£27m) New to brand US patient volume US new patient starts source of business1 (All indications) 3000 17% Switch from NTB Patients (1,000s) 2500 other classes 2000 1500 59% 1000 24% Bio-naïve Switch 500 from IL-5 0
Slide 21: Hibsago: first significant development in chronic hepatitis B in over 40 years
Hibsago: first significant development in chronic hepatitis B in over 40 years Japan: launch underway US: approved 20 October China: under Priority Review Infected ~900k Infected ~75m ~1.7m infected ~400k diagnosed Diagnosed ~120k on treatment Diagnosed ~44m ~600k ~70% of CHB ~86% of CHB On treatmen
Slide 22: Financial performance
Financial performance Julie Brown, Chief Financial Officer gsk.com
Slide 23: Disciplined capital allocation supports accelerated R&D investment
Disciplined capital allocation supports accelerated R&D investment Q3 2025 Q3 2026 AER CER Q3 2026 Core Operating Margin Core results £m £m % % -10bps Sales 8,547 8,887 4 5 1.1% Cost of sales (2,059) (2,040) -1 0 2.9% Gross profit 6,488 6,847 6 7 1.2% 34.9% 34.8% Gross profit margin 75.9% 77.0% +110
Slide 24: Strong cash generation driven by operational performance
Strong cash generation driven by operational performance Free cash flow £4.9bn, +£1.8bn vs September YTD 2025 Sep YTD Sep YTD 2025 2026 Core operating profit 8,149 8,526 CGFO £7.4bn, +£1.1bn vs LY: Decrease/(Increase) in working capital (2,025) (1,521) • Increased operating profit Contingent conside
Slide 25: Capital deployment to accelerate growth and shareholder returns
Capital deployment to accelerate growth and shareholder returns +6.3 20.7 0.6 0.3 2.1 14.4 9.2 6.1 0.9 Invest for Growth Shareholder Returns 31 Dec 2025 Underlying FCF Net tangible Business Dividends to Share FX and 30 Sep 2026 1 Net debt* capex development 2 shareholders buyback Other 3 Net debt Ch
Slide 26: 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 Guidance updates Specialty Medicines: grow low double digits % • Royalties: ~£900m HIV: grow high single digit
Slide 27: Critical components of growth strategy are in place and delivering
Critical components of growth strategy are in place and delivering Maximise launch of next wave products, Deliver growth ensure success in overall operational execution Accelerate Focus on bringing late-stage pipeline to R&D patients faster and executing BD Simplify how Reallocate capital and resour
Slide 28: Q&A
Q&A Luke Miels Julie Brown Tony Wood Nina Mojas David Redfern Chief Executive Chief Financial Chief Scientific President, Global President, Corporate Officer Officer Officer Product Strategy Development, ViiV Chair
Slide 29: Roadmap H2 2026 - 2027
Roadmap H2 2026 - 2027 H2 2026 H1 2027** H2 2027** Execution • Hibsago chronic HBV 1 • Jideytro TKI treatment naïve ROS1+ NSCLC 2 (US launches) • Jemperli rectal cancer • Jideytro TKI pre-treated ROS1+ NSCLC 2 • neladalkib TKI pre-treated ALK+ NSCLC 2 • Utebzi cUTI 3 Pipeline • Hibsago chronic HBV
Slide 30: Q3 2026 total to core operating profit reconciliation
Q3 2026 total to core operating profit reconciliation 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 Transa
Slide 31: Core earnings grow +1% at CER due to Nuvalent acquisition interest costs
Core earnings grow +1% at CER due to Nuvalent acquisition interest costs 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.
Slide 32: 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 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.
Slide 33: 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% 30 September 2026 ($1.33/£1, €1.17
Slide 34: Capital allocation framework
Capital allocation framework Sustainable, profitable growth and cash generation 1 2 Invest for growth Shareholder distributions Accelerate pipeline (R&D and +8% targeted BD) Progressive dividend (40-60% pay-out ratio) New product launches Further shareholder distributions +11% Underpinned by strong
Slide 35: Accelerate Growth financials
Accelerate Growth financials Phasing announced at Q2 2026 Total 2026 2027 2028 2029 (£bn) 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 35
Slide 36: Modelling considerations
Modelling considerations 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 36
Slide 37: Guidance & outlooks to support modelling
Guidance & outlooks to support modelling Original 2026 Oct 28th 2026 2021–2026 BIU 2021–2026 BIU 2021–2026 BIU Implied 2021-26 2026 assumptions (based on Guidance Guidance (2021) (2024) (2025) FY 2026 guidance) Turnover +3-5% +3-5% Upper half of the range >5% CAGR >7% CAGR >7% CAGR 8% CAGR - Special
Slide 38: 62 potential new vaccines and medicines in pipeline: Phase III / Registration
62 potential new vaccines and medicines in pipeline Oncology HIV RI&I 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** efimosferm
Slide 39: 62 potential new vaccines and medicines in pipeline: Phase II
62 potential new vaccines and medicines in pipeline Oncology HIV RI&I Infectious Diseases Phase II 13 camlipixant (GSK5464714) P2X3 receptor antagonist Irritable bowel syndrome gatuzosiran (GSK4532990) HSD17B13 RNA interference* ALD1 ozureprubart (GSK6775388) Anti-IgE antibody* Food allergies Ojjaar
Slide 40: 62 potential new vaccines and medicines in pipeline: Phase I
62 potential new vaccines and medicines in pipeline Oncology HIV RI&I Infectious Diseases Phase I GSK3862995 Long-acting anti-IL33 antibody COPD1** 28 GSK4347859 Interferon pathway modulator Systemic lupus erythematosus GSK4527363 B-cell modulator* Systemic lupus erythematosus GSK4528287 Anti-IL23-I
Slide 41: Changes since Q2 2026
Changes since Q2 2026 Oncology HIV RI&I Infectious Diseases Changes on pipeline Achieved pipeline catalysts Progressed to Phase III/Registration Regulatory decisions felcorekibart: ULA1-TSLP monoclonal antibody, Asthma Jemperli: rectal cancer2 US GSK4382276: mRNA, Seasonal flu Arexvy: 18+ YoA3 IC4 U
Slide 42: Upcoming pipeline catalysts: 2026 and 2027
Upcoming pipeline catalysts: 2026 and 2027 Oncology HIV RI&I Infectious Diseases H2 2026 H1 2027 H2 2027 Regulatory neladalkib: TKI1 pre-treated ALK+ NSCLC2 US Ventolin (low carbon MDI6): asthma EU Exdensur: EGPA4 US, JP decision cabotegravir 3x a year PrEP , HIV 3 US 8 Jemperli : rectal cancer 9 EU
Slide 43: Glossary
Glossary 1L: first line CDH6 TOP1i: cadherin-6 topoisomerase I inhibitor ED: emergency department 2L: second line CER: constant exchange rates EGPA: eosinophilic granulomatosis with polyangiitis 3L: third line CGFO: cash generated from operations EHR: electronic health records ADC: antibody-drug con
Slide 44: Glossary
Glossary HD: high dose LDD: low double digit NCE: new chemical entity HER2: human epidermal growth factor receptor 2 LoE: loss of exclusivity NCFB: non-cystic fibrosis bronchiectasis HES: hypereosinophilic syndrome LR-MDS: lower-risk myelodysplastic syndrome NCI: non-controlling interests hMPV: huma
Slide 45: Glossary
Glossary PH-HFpEF: pulmonary hypertension associated with heart failure with Rd: lenalidomide and dexamethasone TiP: trial in progress preserved ejection fraction RI&I: respiratory, immunology and inflammation TKI: tyrosine kinase inhibitor PKD: polycystic kidney disease RIPTACs: regulated induced p
Slide 46: Assumptions and basis of preparation related to 2026 guidance and outlooks
Assumptions and basis of preparation related to 2026 guidance, 2021-26 and 2031 outlooks 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 exist