Slide 1: Emma Walmsley, Chief Executive Officer - Annual General Meeting, 7 May 2025
Emma Walmsley, Chief Executive Officer Annual General Meeting, 7 May 2025 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: Strong track record of performance since demerger
Strong track record of performance since demerger Sales mix shifting Consistent strong sales growth5 Improving Outlooks2 Portion of sales in Specialty and Vaccines 1 £31bn 2031 sales ambition1 £27bn £30bn £23bn 58% 67% >£33bn >£40bn 2021 2024 20213 2024 2021 2022 2023 2024 Late-stage pipeline delive
Slide 4: Strong 2024 performance Highlights
Strong 2024 performance Highlights Sales Core operating profit £31.4bn £9.1bn Strong sales, core operating profit and +8% +13% 1 1 EPS growth Strong growth and momentum in Specialty offsets Vaccines Core EPS Cash generated from Strong cash generation 159.3p operations: +12% £7.9bn Focus on sharehold
Slide 5: Operational delivery driving strong performance
Operational delivery driving strong performance Strong growth and accelerating momentum in Specialty Medicines Specialty Medicines £11.8bn Up 19% 1 Vaccines Full year 2024 sales of £9.1bn Down 3% 1 £31.4 billion General (up 8%)1 Medicines £10.4bn Up 6% 1. Excluding Covid-19 solutions 5
Slide 6: Operational delivery driving strong performance
Operational delivery driving strong performance Strong growth and accelerating momentum in Specialty Medicines Five product approvals expected in 2025 2 major value unlocks in Specialty 3 additional potential launches Blenrep Nucala COPD7 • Off-the-shelf ADC1, suitable for community setting, where 7
Slide 7: Our approach to R&D
Our approach to R&D Paving the way for a ‘next wave’ pipeline to deliver growth at scale to and beyond 2030 Network of Deeper expertise in the Competitive and world-class science of the immune differentiated data & partnerships and system platform technologies targeted BD Unique understanding of fib
Slide 8: Four core therapy areas
Four core therapy areas Respiratory, Immunology & Inflammation Oncology Infectious HIV Diseases
Slide 9: Pipeline delivering momentum across therapy areas
Pipeline delivering momentum across therapy areas Four core therapy areas 13 positive phase III read outs Additional key new assets Specialty Nucala MATINEE (chronic obstructive pulmonary disease) ADCs B7H3 & Pivotal studies to start 2025 & 2026 B7H4 depemokimab SWIFT- 1/2 (severe asthma) ANCHOR-1/2
Slide 10: 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 Jemperli
Slide 11: Disciplined capital allocation for targeted business development
Disciplined capital allocation for targeted business development Highlights from the last 12 months • Promising oncology, respiratory and immunology assets from Acquisition of assets Hansoh, IDRx, Chimagen Biosciences and Aiolos Biotech Strengthened platform • Full rights mRNA candidate vaccines fro
Slide 12: Increased sales outlook
Increased sales outlook Next Wave pipeline + targeted BD Respiratory, Immunology >£40bn in 2031 with and Inflammation RI&I accelerated growth in >£40bn Specialty driven by RI&I and Oncology RI&I Oncology Oncology >50% of sales Pipeline opportunity Oncology HIV1 HIV1 • Almost 90% of sales come from I
Slide 13: 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 14: Trust: Operating as a responsible business
Trust: Operating as a responsible business For health impact, shareholder returns and thriving people Progress maintained across Key highlights priority areas: • Ambition to positively impact the health of 2.5 billion people over ten years - already reached at least 2 billion • Ranked first or secon
Slide 15: 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