Slide 1: Q1 2026 Results
29 April 2026 Q1 2026 Results Conference call and webcast for investors and analysts gsk.com
Slide 2: Agenda
Agenda Q1 2026 performance Luke Miels Growth drivers Nina Mojas and Deborah Waterhouse Pipeline progress Tony Wood Q1 2026 financial performance Julie Brown Summary and Q&A Luke Miels, Nina Mojas, Deborah Waterhouse, Tony Wood, 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: Q1 2026 performance: strong sales growth and earnings delivery
Q1 2026 performance: strong sales growth and earnings delivery Sales Core operating profit Core EPS £7.6bn £2.7bn 46.5p +5% +10% +9% Cash generated from Dividend per share Responsible Business rating operations £1.4bn 17p On track 1 2026 guidance: sales growth 3-5% and core operating profit and core
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 overall pipeline to patients faster on what matters most and operational execution and executing
Slide 6: Growth drivers
Growth drivers Nina Mojas, President, Global Product Strategy Deborah Waterhouse, CEO, ViiV Healthcare and President, Global Health 6
Slide 7: Q1 growth driven by Specialty Medicines and Shingrix
Q1 growth driven by Specialty Medicines and Shingrix US Europe International Total Group Q1 key sales drivers Incremental Growth (£m) / CER Growth % £7.6bn, +5% Shingrix +20% HIV LAI 34% Dovato +20% Specialty Medicines Jemperli +40% £3.2bn, +14% Nucala +12% Benlysta +13% Ojjaara +34% Vaccines Blenre
Slide 8: Key products driving growth
Key products driving growth Shingrix Jemperli £1,026m (+20%) £232m (+40%) • Strong EU demand and US inventory movements • Only PD1 (+CP) with significant OS data in EC • US cumulative IZ rate of 45% expect to grow 2-4% per year • AZUR-1 Phase II pivotal data in rectal cancer H2 2026 • Ex-US ~11% IZ
Slide 9: Strong Nucala COPD launch and early signals for Exdensur
Strong Nucala COPD launch and early signals for Exdensur Nucala Exdensur £484m (+12%) £11m with strong HCP interest and intent to prescribe • Total NBRx growing 65% after successful COPD launch in US Permanent J-code, expected in July to unlock further access • US market share in COPD now ~45% • Chi
Slide 10: Blenrep: early launch success with strong indicators for future growth
Blenrep: early launch success with strong indicators for future growth Community-ready anti-BCMA ADC for multiple myeloma US prescriber trend1 Blenrep £23m in Q1 65 60 Motivated network of stakeholders 55 • US patient split: 57% community, 43% academic2 50 45 • 70% of US community patients not eligi
Slide 11: Long-acting portfolio powers HIV growth and market share
Long-acting portfolio powers HIV growth and market share Continued momentum across LAI portfolio HIV: £1,824m (+10%) • Cabenuva: £368m (+31%) Apretude Cabenuva • Apretude: £120m (+44%) +44% • Dovato: £666m (+20%) Competitive execution drives market transition to LAIs +63% • >70% of HIV growth driven
Slide 12: Pipeline progress
Pipeline progress Tony Wood, Chief Scientific Officer 12
Slide 13: Further pipeline acceleration and progress across late-stage assets
Further pipeline acceleration and progress across late-stage assets Pipeline acceleration 5 pivotal readouts in 2026 • H1: Positive phase III readout for bepirovirsen in CHB 2025 • H2: 7 pivotal trial starts across: • camlipixant for RCC • Jemperli for dMMR/MSI-H RC ris-rez 2L/3L ES-SCLC • Exdensur
Slide 14: Bepirovirsen: functional cure for patients with chronic hepatitis B
Bepirovirsen: functional cure for patients with chronic hepatitis B <3% of CHB patients receive treatment; >1m die each year from liver complications1 Association of HBsAg loss and clinical outcomes2 B-Well 1 & 2 Primary • Statistically significant and clinically meaningful Compensated improvement i
Slide 15: Mo-rez (B7-H4) – acceleration into pivotal studies in OC and EC
Mo-rez (B7-H4) – acceleration into 5 pivotal studies in OC and EC mo-rez 2.8 mg/kg (N=35) mo-rez 4.8 mg/kg (N=34) mo-rez 5.8 mg/kg (N=34) PROC* PROC ORR 62% at 5.8mg EC ORR 67% at 4.8mg cORR: 31% cORR: 53% cORR: 62% • Responses observed across a mo-rez 2.8 mg/kg (N=11) mo-rez 4.8 mg/kg (N=12) range
Slide 16: Ris-rez (B7-H3) - promising phase I data in NSCLC
Ris-rez (B7-H3) - promising phase I data in NSCLC ARTEMIS-101 2L+ NSCLC1; n=40 ORR 47% PD PD 47% ORR; 12 m DoR; Median PFS 14m Best Change from Baseline in Target Lesion Size (%) SD SD • Hansoh’s ARTEMIS-101: 2L+ nsq NSCLC SD SD SD SD SD SD SD SD SD SD SD SD SD SD presented as a plenary at AACR • No
Slide 17: Acquisition of 35Pharma and HS235 in pulmonary hypertension
Acquisition of 35Pharma and HS235, a potentially BIC activin signalling inhibitor in pulmonary hypertension High unmet need Potential best-in-class asset ~50% 5-year survival rate in PH with limited Differentiated activin signalling inhibitor1 with disease-modifying therapies1 favourable safety prof
Slide 18: Q1 2026 financial performance
Q1 2026 financial performance Julie Brown, Chief Financial Officer Note: In this section some figures may not sum due to rounding. 18
Slide 19: P&L leverage and accelerated pipeline investment
P&L leverage and accelerated pipeline investment Q1 2025 Q1 2026 AER CER +180bps Core results £m £m % % Sales 7,516 7,629 2 5 1.2% 1.8% 35.5% Cost of sales (1,726) (1,701) (1) 0 0.1% Gross profit 5,790 5,928 2 6 0.8% 34.7% Gross profit margin 77.0% 77.7% +70bps +110bps 1.1% SG&A (2,060) (1,980) (4)
Slide 20: Cash generation supporting investment in growth
Cash generation supporting investment in growth Free cash flow £0.8bn, +£0.1bn vs 2025 Q1 2025 Q1 2026 Core operating profit 2,533 2,650 CGFO £1.4bn, FCF £0.8bn; Decrease/(Increase) in working capital (788) (1,082) • Working capital increase driven by Contingent consideration paid1 (338) (375) reduc
Slide 21: Capital deployment prioritises business growth and shareholder returns
Capital deployment prioritises business growth and shareholder returns +1.2 0.1 15.6 0.3 0.6 14.4 1.3 1.2 0.2 Invest for Growth Shareholder Returns 1 31 Dec 2025 Underlying FCF Net tangible Business dev. 2 Dividends to Share FX and 31 Mar 2026 Net debt capex shareholders buyback Other 3 Net debt 1.
Slide 22: 2026 guidance confirmed
2026 guidance confirmed Sales1 Core operating profit1 Core earnings per share1 Dividend 3-5% 7-9% 7-9% 70p Product group sales growth guidance1 P&L modelling considerations1 Specialty Medicines: grow low double digits % Gross margin: benefit from product mix & efficiencies HIV: grow mid single to hi
Slide 23: IR Roadmap 2026 to 2027
IR Roadmap 2026 to 2027 H1 2026 H2 2026** 2027** Execution • Exdensur SA 1 • tebipenem cUTI 4 • bepirovirsen chronic HBV 6 (US launches) Pipeline • Blenrep: 2L+ Multiple myeloma (CN) • bepirovirsen chronic HBV 6 (US, JP) • Arexvy 60+ YOA 5 (CN) Regulatory decisions • Exdensur SA 1 , CRSwNP 2 (CN
Slide 24: Summary
Summary Creating value for patients and shareholders • Good start to 2026 • Strong focus on operational execution and accelerating pipeline delivery • Evolving GSK for long-term success and delivery of >£40bn sales by 2031 24
Slide 25: Q&A
Q&A Luke Miels Chief Executive Julie Brown Chief Financial Officer Officer Deborah Tony Wood Waterhouse Chief Scientific Officer CEO, ViiV Healthcare Nina Mojas David Redfern President, President, Global Corporate Product Strategy Development
Slide 26: 2026 Phasing: Operating profit growth expected to be H2 weighted
2026 Phasing: Operating profit growth expected to be H2 weighted Modelling considerations 2025 COGS • Q4: Supply chain charges ~£150m SG&A • Q4: Core restructuring charge of ~£150m Royalties • Q2: Arexvy royalty dispute settlement income 2026 • Vaccines: annualisation from Q2 onwards of the publicly
Slide 27: Capital Allocation Framework - improving shareholder returns
Capital Allocation Framework - 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 distributio
Slide 28: Q1 2026 total to core operating profit reconciliation
Q1 2026 total to core operating profit reconciliation Q1 2025 Q1 2026 Key commentary on CER basis Operating profit (£m) Operating profit (£m) Total results 2,216 2,293 Intangible amortisation 219 190 Intangible impairment 64 172 Major restructuring 20 24 Transaction-related 10 279 ViiV Shionogi CCL1
Slide 29: Improved core earnings per share with +9% growth at CER
Improved core earnings per share with +9% growth at CER Q1 2025 Q1 2026 Key commentary on CER basis £m £m Core operating profit (OP) 2,533 2,650 Higher net debt, adverse variance from hedging activities Net finance expense (101) (143) and higher interest on tax Share of associates - (4) Tax (434) (4
Slide 30: 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 Operating profit (£m) 2,533 2,631 2,985 1,634 9,783 2,650 Operating margin 33.7% 32.9% 34.9% 19.0% 29.9% 34.7% Earnings per share (p) 44.9 46.5 55.0p 25.5p 172.0p 46.5p Core resu
Slide 31: 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% 22nd April ($1.35/£1, €1.15/£1 and
Slide 32: 2026 full year outlook considerations to support modelling
2026 full year outlook considerations to support modelling 2021 – 2026 BIU 2021 – 2026 BIU 2021 – 2026 BIU Implied 2021-26 2026 Guidance 2026 assumptions (based on mid-point (2021) (2024) (2025) of FY 2026 guidance) Turnover +3-5% >5% CAGR >7% CAGR >7% CAGR 8% CAGR Low to mid - Specialty +LDD DD CAG
Slide 33: Upcoming pipeline catalysts: 2026 and 2027
Innovation: Pipeline growth RI&I Oncology HIV Infectious Diseases Glossary RI&I Upcoming pipeline catalysts: 2026 and 2027 Oncology HIV Infectious Diseases H1 2026 H2 2026 2027 1 2 1 4 Regulatory Arexvy: 18-49 YoA AIR JP Arexvy: 18+ YoA IC US, EU, JP camlipixant RCC6 US, EU, JP decision tebipenem pi
Slide 34: Changes since Q4 2025
Innovation: Pipeline growth RI&I Oncology HIV Infectious Diseases Glossary RI&I Changes since Q4 2025 Oncology HIV Infectious Diseases Changes on pipeline Achieved pipeline catalysts Progressed to Phase III Regulatory decisions Benlysta: Anti-BLys antibody, Systemic sclerosis associated ILD1 Exdensu
Slide 35: 57 potential new vaccines and medicines in pipeline
Innovation: Pipeline growth RI&I Oncology HIV Infectious Diseases Glossary RI&I 57 potential new vaccines and medicines in pipeline Oncology HIV Infectious Diseases Phase III / Registration 16 Lynavoy (linerixibat) IBAT inhibitor Cholestatic pruritus in PBC1,2^ Benlysta (belimumab) Anti-BLys antibod
Slide 36: 57 potential new vaccines and medicines in pipeline
Innovation: Pipeline growth RI&I Oncology HIV Infectious Diseases Glossary RI&I 57 potential new vaccines and medicines in pipeline Oncology HIV Infectious Diseases Phase II 17 gatuzosiran (GSK4532990) HSD17B13 RNA interference* MASH1** GSK5784283 TSLP monoclonal antibody* Asthma nivisnebart (GSK452
Slide 37: 57 potential new vaccines and medicines in pipeline
Innovation: Pipeline growth RI&I Oncology HIV Infectious Diseases Glossary RI&I 57 potential new vaccines and medicines in pipeline Oncology HIV Infectious Diseases Phase I GSK3862995 GSK4347859 Anti-IL33 antibody* Interferon pathway modulator COPD1** Systemic lupus erythematosus 24 GSK4527363 B-cel
Slide 38: 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 39: Assumptions and basis of preparation related to 2026 Guidance
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
Slide 40: 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 41: gsk.com
® gsk.com