Shaping a
Healthier Tomorrow
A N N U A L R E P O R T
At GSK Pakistan, our responsibility goes beyond innovation. It lies in anticipating health challenges, advancing science
responsibly, and delivering solutions that make a meaningful difference to
patients' lives. Guided by our Purpose, Culture, and Code, every decision we take is rooted in care, trust, and an unwavering commitment to the health care of tomorrow.
Contents 01
Organisational Overview
001 Our Purpose
002 Our Global Footprint 003 Our Global Priorities
004 Group Ownership Structure 005 Corporate Information
006 GSK Pakistan Overview and Sites
008 Brands
014 Our People
02019 Awards and Recognitions 020 Life At GSK
Sustainability & CSR
024 CSR Initiatives
026 Employee Wellbeing, Health and Safety
03027 Environmental Sustainability
Governance
032 Board Composition 033 Schedule of Board of
Directors' Meeting
036 Profiles of Board of Directors
042 Chairperson's Review
044 Directors' Report (English) 050 Gender Pay Gap Statement 055 Directors' Report (Urdu) 056 Policy for Related Party
Transactions
Policy on Governance of Risk and Internal Controls
Policy on Inclusion and Diversity in the Board
Directors' Interest in Significant Contracts and Arrangements
Remuneration Policy for Non-Executive Directors
Policy of Retention of Board Fee by the Executive Director in Other Companies
Investor Grievance Policy 059 Whistle Blowing Policy 060 Zero Tolerance for
Retaliation
Shareholders' Participation in the AGM
Business Continuity Plan 061 Compliance with the Code
of Corporate Governance
Role of Chairperson and CEO 063 Shares Held by Sponsors and
Directors
064 Terms of Reference and Attendance in Meetings of the Board Committee
Human Resource and Remuneration Committee (HR&RC)
Presence of the Chairperson of the Audit Committee at the AGM
Steps taken to Encourage Minority Shareholders to attend General Meetings
068 Steps taken by the Board to understand the Views of Stakeholders through Corporate Briefing Sessions
069 Investors' Relations Section on the Corporate Website
04069 Highlights about Redressal of Investor Complaints
Performance & Position
072 Statement of Value Added and Its Distribution
073 Financial Performance at a Glance
073 Key Performance Indicators 074 Key Operating, Financial
Data and Ratios
Horizontal Analysis
Vertical Analysis
Direct Cash Flow Statement 080 Statement of Compliance 084 Independent Auditor's Review
Report
085 Independent Auditor's Report
Statement of Financial Position
Statement of Profit or Loss and other Comprehensive Income
Statement of Changes in Equity
Statement of Cash Flows 094 Notes of the Financial
Statement
Others
Pattern of Shareholding
Members having (10% or more) Voting Right
Key Shareholding
Shareholding Information
Notice of AGM (English)
Notice of AGM (Urdu)
Form of Proxy (English)
161 Form of Proxy (Urdu)
Request for Hard Copy of Annual Report (English)
Request for Hard Copy of Annual Report (Urdu)
E-Dividend Mandate Letter (English)
E-Dividend Mandate Letter (Urdu)
Factories and Offices
167 Distribution/Sales Offices
Warehouses
Glossary
01
Organisational Overview
Our Purpose
We unite science, technology and talent to get ahead of disease together
for health impact + shareholder returns + thriving people
Our
Global Strategy
We prevent and treat disease with specialty medicines, vaccines and general medicines.
We focus on the science of the immune system and advanced technologies.
We operate responsibly for all our stakeholders.
Culture
We are ambitious for patients Accountable for impact
We do the right thing
Our
Our Global Footprint
Manufacturing Sites
33
Sites Worldwide
Innovation
6.6bn
R&D Investment in 2025
Performance
32.7
Group Turnover in 2025
bn
Ahead Together
As a focused biopharma Company, we discover, develop, and deliver medicines and vaccines to create value for patients and shareholders. We aim to positively impact the health of 2.5 billion people by the end of the decade.
2 ANNUAL REPORT 2025 | GSK PAKISTAN
2 ANNUAL REPORT 2025 | GSK PAKISTAN
Our Global Priorities:
Innovation, Performance & Trust
Innovation
We're uniting science, technology, and talent to make a difference in more people's lives. We don't just want to find new, better medicines and vaccines. By harnessing our science & technology, we have an opportunity to prevent disease in the first place, as well as change the course of a disease.
In 2025:
58
vaccines and
medicines in the pipeline
17assets in Phase III
/registration
5product approvals
achieved in 2025
Performance
We're confident in our future. Our bold ambitions for patients are reflected in our upgraded growth outlooks to 2026 & 2031. This means more GSK vaccines and medicines, including innovative new products, will reach more people who need them than ever before.
In 2025:
>2bn
packs of medicines
and doses of vaccines delivered
£1.2bncorporate income tax paid
Trust
Being a responsible business means getting ahead of disease together in the right way. That's why ESG is embedded in our strategy and supports our sustainable performance and long-term growth.
In 2025:
2ndin the Access to
Medicine Index 2024
92%
responsible business
partner rating metric
14%
reduction in
operational carbon emission
ANNUAL REPORT 2025 | GSK PAKISTAN 3
Group Ownership Structure
GSK Plc (100%)
GlaxoSmithKline Holdings Limited (100%)
GSK Finance Plc (100%)
Setfirst Limited (100%)
GSK International Holding Finance B.V (82.59%)
Associated parties with which the Company has had transactions during the year are disclosed on page 129
GlaxoSmithKline Pakistan Limited
4 ANNUAL REPORT 2025 | GSK PAKISTAN
4 ANNUAL REPORT 2025 | GSK PAKISTAN
Corporate Information
As at December 31, 2025
Board of Directors Ms. Lai Kuen Goh 5 Chairperson
Ms. Erum Shakir Rahim
Chicf Exccutivc Officcr
Mr. Hasham Ali Baber
Chicf Financial Officcr
Ms. Maheen Rahman
Independent Director
Mr. Muneer Kamal
Independent Director
Mr. Mehmood Mandviwalla
Non-Executive Director
Ms. Ana Paula De Freitas Passos1
Non-Executive Director
Audit Committee Mr. Muneer Kamal Chairman
Ms. Lai Kuen Goh 5
Member
Ms. Ana Paula De Freitas Passos1
Member
Mr. Mehmood Mandviwalla
Member
Ms. Maheen Rahman
Member
Mr. Kashif Rafiq
Secretary
Human Resource & Remuneration Committee Ms. Maheen Rahman Chairperson
Mr. Mehmood Mandviwalla
Member
Ms. Lai Kuen Goh 5
Member
Ms. Ana Paula De Freitas Passos1
Member
Ms. Erum Shakir Rahim
Member
Ms. Sabiqa Kiyani2
Secretary
Disclosure Committee Ms. Erum Shakir Rahim Chairperson
Ms. Lai Kuen Goh 5
Member
Ms. Hina Mir
Member
Mr. Hasham Ali Baber
Secretary
Management Committee
Ms. Erum Shakir Rahim
Chicf Exccutivc Officcr
Mr. Hasham Ali Baber
Chicf Financial Officcr
Ms. Hina Mir
Legal Director
Ms. Sabiqa Kiyani
HR Country Head
Dr. Tariq Farooq
Director Business Unit 1 & 2
Dr. Naved Masoom Ali
Director Business Unit 3 & CTC
Mr. Rafay Ahmed
Director Commercial Operations
Dr. Gohar Nayab Khan
Head of Regulatory Affairs
Ms. Andleeb Uroos Ahmed3 Director Communication & Government Affairs
Mr. Faisal Ahmed
Country Ethics & Compliance Head
Dr. Yousuf Hasan Khan
Director Medical
Syed Nabigh Raza Alam
Tech Head
Mr. Yasir Rehman4
Head of Adult Vaccine
Mr. Khurshand Iqbal
Site Director - F/268
Mr. Muhammad Kashif Ayub
Site Director - West Wharf
Mr. Masood Khan
Site Director - Korangi
Company Secretary
Ms. Hina Mir
Chief Financial Officer
Mr. Hasham Ali Baber
Chief Internal Auditor
Mr. Kashif Rafiq
Bankers
Standard Chartered Bank (Pakistan) Ltd
Citibank NA Pakistan Deutsche Bank A.G. Pakistan Operations
Habib Bank Limited Meezan Bank Limited
Auditors
Yousuf Adil Chartered Accountants
Legal Advisors
Hashmi & Hashmi
Faisal, Mahmood Ghani and Co Legal Consultancy Inc.
Registered Office
35 - Dockyard Road, West Wharf, Karachi - 74000.
Tel: 92-21-111-475-725 (111-GSK-PAK)
Website: https://www.pk.gsk.com
Share Registrar
CDC Share Registrar Services Limited CDC House, 99 - B, Block 'B', S.M.C.H.S., Main Shahra-e-Faisal Karachi - 74400, Pakistan Tel:
Customer Support Services
(Toll Free) 0800-CDCPL (23275) Fax: (92-21) 34326053
Email: info@cdcsrsl.com Website: https://www.cdcsrsl.com
Ms. Ana Paula De Freitas Passos was appointed as Non-Executive Director on 23rd January 2025, replacing Mr. Simon Foster.
Ms. Sabiqa Kiyani appointed as Secretary of HR&RC on 24th March 2025, replacing Mr. Paul Banks.
Ms. Andleeb Uroos Ahmed was appointed as Director Communication and Government Affairs on 15th May 2025, replacing Ms. Sumera Naveed.
Mr. Yasir Rehman resigned on 30th May 2025.
Ms. Lai Kuen Goh has resigned as Chairperson and Non-Executive Director on 31st March 2026, replaced by Dmytro Oliinyk who is appointed on 6th April, 2026.
ANNUAL REPORT 2025 | GSK PAKISTAN 5
GSK Pakistan
GSK is a global biopharma company with a purpose to unite science, technology, and talent to get ahead of disease together. In Pakistan, the Company has been providing trusted quality medicines, and vaccines to more than 200 million patients for over seven decades.
Our culture of being ambitious for patients, accountable for impact, and doing the right thing are the foundations for how, together, we'll deliver for our patients and shareholders, making GSK a company where people can thrive. To achieve this, GSK has built an extensive manufacturing and distribution network, committed to growth and delivering a step change in performance.
GSK Pakistan caters to many therapy areas which include Anti-infectives, Dermatology, Analgesics, and Vaccines. We aim to consistently produce and improve access to quality medicines to make a positive impact on patients' lives. Our key pharmaceutical brands include Augmentin,
Velosef, Amoxil, Dermovate, Clobevate, Betnovate, and Calpol, along with the recent launch of Shingrix in Pakistan - GSK's largest vaccine brand globlly.
GSK holds the position of the largest multinational pharmaceutical company in Pakistan, based on volume, value, and the number of prescriptions generated*. Additionally, ~ 700* pharmaceutical companies operating in the country, both local and multinational, GSK ranks within the top 3 in terms of value and leads in volume. We employ around 1,600 people across our manufacturing and commercial functions. Our Global Supply Chain (GSC) division, which manufactures ~ 370 million packs annually, consists of three facilities, all of which are situated in Karachi at F-268 SITE, West Wharf, and Korangi.
*IQVIA MAT Dec, '25. MIP S1'25
6 ANNUAL REPORT 2025 | GSK PAKISTAN
6 ANNUAL REPORT 2025 | GSK PAKISTAN
GSK, F-268, SITE, Karachi
GSK F-268 is Pakistan's largest manufacturing facility situated in Sindh Industrial Trading Estate (SITE), Karachi. This site produces 162 million packs each year from 3 value streams, namely Liquids, Penicillin, and Tablets. Some of the leading brands produced at this site include Augmentin, Amoxil, and Calpol.
GSK, West Wharf, Karachi
This site is in the vicinity of Karachi Port, mainly manufacturing Dermatology products, including ointments, creams, and lotions. In addition, the site is responsible for manufacturing Otics (ear drops) and Spansules. Well-known products manufactured at West Wharf include Betnovate, Dermovate and Polyfax. The site manufactures over 174 million packs annually.
GSK, Korangi, Karachi
Located in the Korangi Industrial Area, this state-of-the-art manufacturing site has a dedicated block for Cephalosporins, both oral
and injectable, a sterile facility for liquid ampoules, eye drops, and a unit for tablets. The site manufactures 40 SKUs and produces an
annual volume of around 37.5 million packs.
Regional Finance Hub (MEA)
Regional Finance Hub in Karachi, Pakistan. Embracing a OneFinance mindset, the hub integrates key finance functions offering seamless support to eight markets across the Middle East and Africa Region. With the purpose of enhancing process standardisation, strengthening financial controls, and driving greater efficiency.
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Brands
Augmentin maintained its position as Pakistan's leading antibiotic, retaining leadership across value, volume, and prescriptions within the anti-infectives market. With annual sales of PKR 11 billion*, the brand remains a core contributor to the Company's portfolio and a trusted treatment option for physicians nationwide.
Augmentin continues to be widely prescribed for the treatment of common community-acquired bacterial infections, including respiratory tract infections in adults and otitis media in children.
During the year, strategic initiatives focused on strengthening patient-centric therapy.
The transition toward 12 & 18 tablet pack was undertaken to align pack size with recommended treatment durations, supporting complete therapy and appropriate antibiotic use.
*IQVIA: MAT Dec '25
10 ANNUAL REPORT 2025 | GSK PAKISTAN
10 ANNUAL REPORT 2025 | GSK PAKISTAN
For five decades, Calpol has been a trusted name in pain and fever management, delivering safe and effective relief for both paediatric and adult patients. Now completing 50 years of legacy, Calpol remains a household essential, widely recommended for the treatment of mild to moderate pain and fever, including its important role in dengue management as recommended by WHO guidelines.
Today, Calpol stands as Pakistan's 5th largest pharmaceutical brand by volume*, with approximately one pack sold every second, and holds an estimated brand value of PKR 3.7 billion*.
Vates
*IQVIA: MAT Dec '25
GSK's Vates portfolio carries a legacy of over five decades, anchored by trusted dermatological brands such as Dermovate, Clobevate, Betnovate, and Cutivate. As Pakistan's most prescribed Topical Corticosteroid portfolio for many years, Vates continues to serve patients with confidence and care-selling three packs every second.
With an extensive range of formulations, including creams, ointments, and lotions designed to address diverse skin conditions, Vates Pakistan has surpassed PKR 14 billion* in value, retaining its leadership in both value and volume. Our unwavering commitment to quality and patient needs ensures Vates remains the preferred solution for skin health and treatment across the Country.
*IQVIA: MAT Dec '25
ANNUAL REPORT 2025 | GSK PAKISTAN 11
(Amoxycillin)
Amoxil is a broad-spectrum antibiotic for the treatment of upper respiratory tract infections and represents a flagship brand within the Company's portfolio. With an annual turnover of approximately PKR 3.8 billion*, it is the Country's largest and most widely prescribed amoxicillin. Its diversified SKU portfolio-spanning capsules, suspensions, and drops-enables broad market penetration across all age segments.
*IQVIA MAT Dec'25, MIP S1'25
(Cephradine)
Velosef is one of GSK Pakistan's leading antibiotic brands and the 2nd most prescribed cephalosporin brand in Pakistan. Valued at PKR~5.2 billion*, Velosef is the 5th largest antibiotic brand of the Pakistani pharmaceutical industry.
Widely used in the treatment of bacterial skin infections and prevention of infections in common gynaecological surgeries. Velosef has been the preferred choice of HCPs in the fight against bacterial infections. The brand offers a comprehensive dosage form of capsules, suspensions, and injections, enabling flexible use across different demographics and a variety of infections.
Manufactured at a state-of-the-art cephalosporins facility, Velosef upholds high quality standards and is prescribed to more than approximately 9 million* patients annually in Pakistan.
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*IQVIA: MIP S1'25
SHINGRIX
GSK Pakistan launched Shingrix, one of GSK's leading vaccine brands globally, bringing globally recognised innovation into the adult vaccination space.
Shingrix is a vaccine designed to help prevent herpes zoster (shingles)-a painful and often debilitating condition caused by reactivation of the varicella-zoster virus (the same virus responsible for chickenpox). Since its launch in Pakistan in 2025, Shingrix is helping advance adult immunization in Pakistan with 97% efficacy, long-term protection against herpes zoster.
As a two-dose vaccine recommended by the Centers for Disease Control and Prevention (CDC) for adults 50+ and immunocompromised adults aged 18+, Shingrix represents a major opportunity to shift prevention earlier-especially when up to 1 in 3 adults globally may develop shingles during their lifetime. This launch marks a meaningful step towards a more prevention-led approach in adult health in Pakistan.
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Our People
Our purpose - to unite science, technology, and talent to get ahead of disease together - puts our people at the heart of our success.
Our Culture
We are committed to making GSK a place where people can thrive, with a culture where we are all ambitious for patients, accountable for impact, and do the right thing. This means we support our people to do things better and faster, focusing on what matters most. We do this by setting clear objectives, creating accountability for results, and giving everyone the support and space they need to succeed. It means doing everything responsibly with
integrity and care, because people and patients count on us. Our culture is embedded in everything we do from our recruitment and onboarding, training and development, to our assessments of performance and promotion.
Code
Our code sets out our culture as well as the commitments GSK and our people make so we can deliver on our ambition in the right way. Our code applies to our employees and anyone who works on behalf of GSK. It shows how we can deliver on our bold ambitions in the right way and powers our purpose of getting ahead of disease together by being ambitious for patients, accountable for impact and doing the right thing. Every employee and complementary worker is required to complete mandatory training on the code annually. The topics covered range from safety, health and wellbeing, third party oversight, data breach reporting, sexual harassment to Anti-Bribery and Corruption
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(ABAC). Furthermore, we have a number of well-established policies on ethics and compliance including our Code of Conduct available on gsk.com, together with details of our confidential Speak Up lines for reporting and investigating unlawful conduct.
Helping People Thrive
Making GSK a place where people thrive is core to our Ahead Together ambition. This is achieved through a firm belief in our purpose and a desire to live our culture and contribute to delivering our ambition. It's also furthered through building inclusion and providing opportunities to keep growing with the support, feedback, and space needed to succeed. This means providing a safe space where our people feel comfortable, welcome, and valued while fostering their mental, physical, and social wellbeing.
Welcoming and Developing Outstanding People
We are committed to developing outstanding people and creating opportunities for growth.
We continue to invest in onboarding and learning and development initiatives where everyone can access through our Keep Growing Campus, our training and knowledge sharing platform.
Development Programmes
Our development programmes are designed to accelerate professional growth by facilitating meaningful connections and offering tailored learning opportunities. These initiatives emphasise personalised development, practical knowledge-sharing, and collaboration across regions, strengthening networks, and fostering a continuous-learning mindset where colleagues actively seek feedback and improvement. Targeted capability assessments further help identify growth areas and align individual development with organisational priorities, enabling focused upskilling and measurable progress. These efforts highlight our ongoing commitment to fostering growth, wellbeing, and inclusiveness for our workforce, ensuring clear impact and strong employee engagement.
ANNUAL REPORT 2025 | GSK PAKISTAN 15
gaps and translate identified needs into
concrete learning and development plans.
Learning & Development Hub
In 2025, we launched the Learning & Development (L&D) Hub with an adoption rate of 90% for GSK Pakistan Commercial in the first two months. L&D Hub is a centralised platform that gives employees clear visibility of the skills required for their roles and access to tailored learning opportunities. Team members can self-assess role-specific skills, nominate focus areas for the year, and seamlessly incorporate those priorities into their development plans. By placing learning into employees' hands, the L&D Hub empowers colleagues to proactively manage their growth and stay current with best practices and tools. It also enables managers to have more effective developmental conversations with their team members and to actively support their individual learning journeys.
Supporting our People Managers
People managers are critical to creating high-performing teams and connecting day-to-day work to patient outcomes and
GSK's wider purpose. We expect managers to motivate, focus, care for and develop their people, and our learning portfolio is built around these four priorities. Through targeted training programmes, we equip managers with practical tools to lead with clarity, compassion, and accountability.
We also continue to invest in the next generation of senior leaders through bespoke development interventions that address succession needs and future leadership skills. In the Commercial Function, capability assessments have enabled managers to pinpoint development opportunities for individual team members and to provide more targeted support. Detailed field-force assessments, accompanied by comprehensive reports, have been used to close capability
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Recognising and Rewarding our People
Sharing our success and recognising and rewarding our people equitably, not just on the progress we have made, but how we have made it, continues to be an important part of our culture. In addition to our bonus scheme that rewards performance across the Company, each year we award 10% of our people with extra 'Ahead Together' awards for delivering exceptional performance in line with being accountable for their impact, ambitious for patients, and doing the right
thing. Our Global Recognition Portal helps encourage and celebrate people for being ambitious for patients, accountable for impact and doing the right thing through an e-card or cash award. We are creating a culture where we celebrate small wins and find multiple ways of recognition - whether through a simple conversation, public
acknowledgement or asking a senior leader to reach out to the nominee.
Maintaining Momentum on Inclusion and Diversity
We continue to strengthen an inclusive culture where everyone feels welcomed, valued, and included. By embedding equal opportunity and non-discrimination into how we attract, develop, and lead talent, we are building more inclusive teams and leadership across the organization.
This commitment is reflected in our outcomes: in 2025, women represented 50% of hires in our commercial organization and 30% of overall hires at GSK Pakistan, supported by inclusive sourcing and strong talent pipelines. At the same time, women form the majority of members on GSK Pakistan's Board committees, reinforcing our commitment to gender diversity at the highest level and positioning the Board among the most gender-diverse corporate boards in Pakistan.
Fostering Inclusivity: Psychological Safety Sessions
Over the year, we ran targeted Psychological Safety Sessions for a range of teams and functions, focused on building environments where all colleagues feel safe to speak up, take interpersonal risks and bring their whole selves to work. The sessions used real-world scenarios and facilitated reflection to explore behaviours that build trust such as active listening, respectful challenge, transparent decision-making, and empathetic responses to mistakes. Practical tools and ground rules were introduced to help teams normalise feedback, manage difficult conversations, and respond constructively when issues arise. Each group left with clear, team-specific commitments and simple rituals (for example, post-meeting check-ins, agreed speaking norms and structured debriefs) to strengthen psychological safety in everyday interactions.
Employee Health and Wellbeing
Our health and wellbeing benefits support people through different life stages and are fair and inclusive. These include: 18 weeks' parental leave for primary and secondary carers, a global minimum standard for care of a family member for end of life or serious
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health emergencies, and the Employee Assistance Program - available to everyone. At GSK, we are also focused on promoting the Environment, Health, and Safety agenda by reporting unsafe incidents.
Performance with Choice
Performance with Choice, our approach to hybrid working for those in office-based roles, allows the right balance of on-site and remote working. It gives people the opportunity to spend enough time together in person, while maintaining flexibility, to help us continue to build our sense of community and achieve our Ahead Together ambitions.
How our people experience GSK
This year we defined four cultural stream pillars to drive our work and embed our values across the Organisation: Communication & Engagement; High Performance, Inclusion & Delivery at Pace; Meetings & Ways of Working; and Capability Development. These pillars provide a clear framework that guides daily behaviours and decision-making -improving transparency and connection
through targeted communication and engagement; promoting a high-performance, inclusive culture that balances ambition with psychological safety; streamlining meetings and ways of working to ensure timely initiatives and inclusive participation; and strengthening skills and competencies through focused development programmes. Together, these cultural streams underpin our priorities and support sustainable growth by translating strategy into consistent, practical behaviours across GSK.
Culture Survey
This year's culture survey reinforced the importance of our Culture Pillars in keeping GSK aligned to our shared values and ambitions. By gathering candid feedback on how we work, lead, and collaborate, the survey has identified strengths to build on and clear opportunities for improvement. The insights will directly inform targeted actions across our four cultural streams.
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Awards and Recognitions
Celebrating 6 years as a Top Employer
GSK Pakistan is proud to be recognised as a Top Employer for the 6th consecutive year, and to have also received the regional Top Employer Asia Pacific 2026 certification. These prestigious acknowledgements reflect our unwavering commitment to fostering a supportive, inclusive, and growth-oriented workplace where our employees thrive both professionally and personally.
Over the years, we have consistently prioritised initiatives that enhance employee satisfaction, from investing in professional development and promoting work-life balance to championing inclusion and wellbeing. This recognition is a testament to the hard work and dedication of our teams who drive our success every day.
As we celebrate this milestone, we remain committed to creating a workplace where innovation, collaboration, and excellence continue to flourish. Together, we will build on this foundation to achieve even greater heights in the years ahead.
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Life at GSK
02
Sustainability
and CSR
Sustainability and Corporate Social Responsibility
At GSK, we are guided by our purpose to unite science, technology, and talent to get ahead of disease together. We deliver this purpose, considering the social, environmental, and governance impacts across everything we do, from the lab to the patient.
Our Approach to being a Responsible Company
We know that we need to get ahead of disease in the right way. This means being conscious of how we do things and the impact we have on the world around us - however big or small - while we strive to maximise the impact of the products we provide.
Central to our purpose is a defining measure of delivering health impact at scale. Our plan shows that we can positively impact the health of 2.5 billion people worldwide by the end of the decade. Acting as a responsible business by considering our social, environmental, and governance impact, therefore supports sustainable performance and long-term growth; builds trust with all our stakeholders; reduces risk to our operations and enables delivery of positive social impact.
Company undertook several initiatives aimed at environmental conservation and community wellbeing:
World Environment Day
In line with our dedication to environmental sustainability, GSK commemorated World Environment Day with strong emphasis on reducing plastic use and improving our environment as per this year's theme #BeatPlasticPollution.
The day began with a tree plantation drive led by the GSK Plant Teams, followed by a meaningful discussion with employees and gardening staff on the importance of biodiversity and its impact on the environment. Employees also shared their plastic reduction initiatives - both at home and on site, and the top 3 impactful ideas were given recognition.
This day reminded us that sustainability isn't a one-time event; it's a responsibility we carry forward together.
CSR Initiatives
GSK Pakistan has a rich legacy of partnering with communities and supporting the environment in which it operates. These partnerships are critical to understanding the needs of the communities and formulating strategies accordingly, to maximise outreach and impact. As part of our ongoing efforts to create a positive and lasting impact, the
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Keenjhar Lake Cleaning Drive
As part of our Earth Kind Initiatives, GSK's team set up a cleanup drive at Keenjhar Lake to demonstrate exemplary commitment to environmental stewardship. The Team collected 36 kg of waste, successfully mitigating 25.2 kg CO₂ emissions and protecting aquatic species. The initiative aligned with GSK's Nature Positive mission, ensuring a healthier planet for healthier people. This first-of-its-kind effort not only rejuvenated a vital ecosystem but also fostered team cohesion and established a scalable model for corporate-led ecological restoration.
Partnership with WWF to Restore Nature
In 2025, GSK and WWF launched a multimillion-pound global partnership running through 2030 to accelerate GSK's Nature Positive commitments. The collaboration focuses on protecting and restoring critical freshwater ecosystems across GSK's operations and supply chain, establishing a new sustainability benchmark for the pharmaceutical sector.
Freshwater is essential for human health and the manufacturing of medicines, yet growing
pressure on global water resources threatens both communities and industry. To address this challenge, the partnership targets two high-risk regions-the Indus River Basin and Delta in Pakistan and the Sutlej River Basin in India-home to three GSK manufacturing sites and numerous suppliers supporting medicines for respiratory and infectious diseases.
This partnership underscores GSK's long-term commitment to sustainability, biodiversity conservation, and community wellbeing. It reaffirms our belief that protecting nature is fundamental to protecting human health.
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Employee Wellbeing, Health and Safety
As a socially responsible Organisation, the health, safety, and wellbeing of our employees is a priority. It is important that our employees are safe at all times, whether on site, in the field or whilst travelling. At GSK Pakistan, we are completely devoted to ensuring the health and safety of our employees and associated stakeholders. We are focused on delivering a safe and sustainable business environment within and beyond our boundaries through creating awareness on our Environment, Health, Safety and Sustainability (EHS&S) Agenda and fostering a culture of continuous improvement. Key components include safeguarding our people, protecting our assets, and the environment, by taking an enterprise view of Environment, Health, Safety and Sustainability, and ensuring visible leadership commitment. Along with our ongoing work to protect the planet, we have set challenging sustainability targets to reduce our
long-term environmental impacts.
EHS Global Programmes
In 2025, GSK strengthened its safety culture through the enhanced Safety Leadership Experience 2.0 Programme. The initiative delivered upgraded capability-building training for all leaders, with a strong focus on identifying and preventing Significant Incident & Fatality (SIF) exposures.
The programme also digitalized safety engagement through SLE Gemba using the Gemba App, enabling real-time observations, improved traceability, and consistent
follow-through on safety actions. These enhancements collectively advanced leadership accountability and reinforced a stronger, more proactive safety mindset across the site.
Health & Wellbeing Initiatives
By nurturing our wellbeing and balancing our lives, we can achieve remarkable success both professionally and personally. GSK is devoted to fostering the physical and mental health of its employees.
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World No Tobacco Day Awareness
GSK Sites organised awareness initiatives to educate employees about the harmful effects of tobacco use. Informative sessions and campaigns were conducted to encourage healthier lifestyle choices and support tobacco cessation.
Food Safety Awareness Training
This session ensured that employees understand the importance of maintaining the highest standards of hygiene and safety in food handling. It covered key topics like contamination prevention, allergen management, and compliance with GSK and regulatory food safety standards.
World Day for Safety and Health at Work Celebration
This event aimed to promote a safe and healthy work environment while highlighting the significance of safety and wellbeing in daily operations. The day featured multiple engagement sessions with leaders and shop floor teams.
Environmental Sustainability
We recognise that the world's climate changes pose an urgent threat to human
health, worsening the impact of diseases and putting healthcare systems under pressure.
We are committed to work towards a net zero, nature positive, healthier planet, with ambitious goals set for 2030 and 2045. These goals cover our entire value chain, from drug discovery to disposal of our products, as well as investing in protecting and restoring nature.
Delivering our Goals
Delivering our climate and nature goals is now a fundamental part of our business. That is why we continue to integrate sustainability into our operations. Achieving these new goals will require collaboration across our entire value chain - from discovery to disposal
- and so we will continue to work closely on sustainability with our suppliers, customers, consumers, patients, and external experts.
Certifications
Our sites have successfully managed to retain
their ISO Certifications with Zero Major Non-Conformance, maintaining the certification status and competitiveness for obtaining tender business.
ISO 9001:2015 (Quality Management
Systems)
ISO 14001:2015 (Environmental
Management Systems)
ISO 45001:2018 (Occupational Health &
Safety Management Systems)
ANNUAL REPORT 2025 | GSK PAKISTAN 27
Green Lab Certification
Continuously advancing on the Sustainability front, GSK Lab Operations have earned "My Green Lab" certification, in recognition of the outstanding efforts to reduce the environmental impact of the laboratory space. This achievement reflects GSK's continued dedication to environmental stewardship and responsible lab practices.
Carbon Footprint Reduction
Our Pathway to Net Zero
Million metric tonnes CO2e
The graph below shows our projected carbon reduction pathway to 2030 and 2045 across the different parts of our carbon footprint, along with our planned carbon credits.
12
10
2025
Target 100% renewable electricity at Sites
8
6
2045
Target for net zero impact on
climate with carbon emissions reduced by at least 90%
4
2030
Aiming for 80% emission reductions
2
0
2020
2025
2030
2045
-2
2020-22
Reported data
Ongoing investment in nature projects to build credit portfolio
-4
2030
Carbon credits for 20% residual emissions
2045
Carbon credits for a maximum of 10% residual emoissions
2040
2035
KEY:
Product use/Disposal: scope 3 emissionsPurchased goods and services/ Logistics: scope 3 emissions
GSK's operations: scope 1 and 2 emissions
Replacement of removal reduction and avoidance credits
Retirement of removal credits only - SBTI 1.5º pathway
Throughout 2025, GSK undertook a series of targeted initiatives to reduce energy consumption and strengthen operational sustainability. These efforts reflect our commitment to responsible resource use, carbon reduction, and continuous improvement aligned with GSK's global sustainability strategy.
Key achievements included:
Optimisation of compressed air piping in the Tablets Block, improving the efficiency of a
critical utility and reducing unnecessary energy losses across operations
Installation of electrical heaters on WFI loops, significantly decreasing weekend steam
consumption, and contributing to a lower overall carbon footprint
Embedding a sustainability-driven culture through focused awareness campaigns, capability-building workshops, and enhanced monitoring and control mechanisms to drive energy-efficient behaviours
28 ANNUAL REPORT 2025 | GSK PAKISTAN
Reducing Water Consumption
In 2025, GSK continued to deliver strong progress in reducing water usage, building on the water-efficiency programme initiated in 2020. Through targeted interventions and a commitment to responsible resource management, the sites achieved meaningful reductions in freshwater consumption while maintaining operational performance.
Key measures implemented during the year included:
Enhanced Water for Injection (WFI) recovery in the Ampoule and Eye Drops departments, allowing optimised utilisation without compromising critical manufacturing conditions
Upgradation of the Recovery RO Plant, enabling the reuse of rejected water from the main RO system and contributing to reduction in site water consumption
Recycling water used for solar panel cleaning, increasing total water reuse, and lowering reliance on freshwater resources
Strengthening a sustainability-driven culture through awareness campaigns, stringent controls, and continuous monitoring to reinforce responsible water use across operations
Biodiversity
Biodiversity is a key part of our nature goal and spans both our operations and value chain. GSK has committed to positive biodiversity at
GSK-owned sites by 2030, with all sites to have biodiversity action plans in place by 2026, and investment in programmes that improve habitats, protect species, and improve soil or water quality.
ANNUAL REPORT 2025 | GSK PAKISTAN 29
03Governance
Board Composition
Board Architecture
Our Board Architecture is mainly governed by Companies Act, 2017 and Listed Companies (Code of Corporate Governance) Regulations, 2019 and other good corporate governance practices, ideologies available locally and internationally.
GSK values and ensures effective, efficient, and independent decision making. The Board as a group includes competencies and diversity considered relevant in the context of Public Limited Company's operations. Our Board comprises of members who have local and international experience, giving the Board a competitive edge for effectively managing the complexities of our business. Our Board of Directors comprises of highly qualified professionals from varied disciplines, including the pharmaceutical, finance, investment, legal and business management.
Our Board comprises of 7 Directors, who actively ensure that all shareholders' and stakeholders' interests are fully protected. There are 3 Non-Executive Directors, 2 Executive Directors and 2 Independent Directors on our Board.
Further, as per the requirements of the law our Independent Director has submitted the following to the Company:
Consent to act as Director; and
A declaration of independence as per the criteria defined in the Companies Act 2017 to the Chairman of the Board at the first quarter meeting of the year. Ms. Maheen Rahman and Mr. Muneer Kamal are the Independent Directors of GSK Pakistan Limited.
The status of directorship e.g. Non-Executive, Executive, Independent etc. is also provided in the Statement of Compliance with the Code of Corporate Governance, issued by the Company on pages 80 to 83.
Board Composition
International Experience
Director Tenure
Diversity in Board
44%
28%
28%
29%
71%
14%
57%
29%
43%
57%
Executive Independent Non-Executive
Local Foregin
1-2 Years
2-5 Years
10-15 Years
Male Female
32 ANNUAL REPORT 2025 | GSK PAKISTAN
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