31 July 2024

Half Year and Q2 2024 Results

Conference call and webcast for investors and analysts

gsk.com
Cautionary statement regarding forward-looking statements

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Forward-looking statements are subject to assumptions, inherent risks and uncertainties, many of which relate to factors that are beyond the Group’s control or precise estimate. The
Group cautions investors that a number of important factors, including those in this presentation, could cause actual results to differ materially from those expressed or implied in any
forward-looking statement. Such factors include, but are not limited to, those discussed under Item 3.D ‘Risk factors’ in the Group’s Annual Report on Form 20-F for the full year (FY) 2023.
Any forward-looking statements made by or on behalf of the Group speak only as of the date they are made and are based upon the knowledge and information available to the
Directors on the date of this presentation.

A number of adjusted measures are used to report the performance of our business, which are non-IFRS measures. These measures are defined and reconciliations to the nearest IFRS
measure are available in the Group’s Q2 2024 Results and the Group’s Annual Report on Form 20-F for FY 2023.

All expectations, guidance and outlooks regarding future performance and the dividend should be read together with the section “Guidance and outlooks, assumptions and cautionary
statements on page 62 of our stock exchange announcement of the Group’s Q2 2024 Results, the section “Assumptions and basis of preparation related to 2024 guidance” in the
Appendix of this presentation and the statements on page 317 of the Group’s Annual Report on Form 20-F for FY 2023.

2
Agenda H1 2024 continued momentum and R&D progress
Emma Walmsley

Positive pipeline progress

Tony Wood

Performance: growth drivers

Luke Miels and Deborah Waterhouse

Q2 2024 performance and 2024 guidance

Julie Brown

Summary and Q&A

Emma Walmsley, Tony Wood, Luke Miels, Deborah Waterhouse,
Julie Brown, and David Redfern

3
H1 2024 continued momentum and R&D progress
Emma Walmsley, Chief Executive Officer

4
H1 2024 momentum Q2 2024 performance
drives upgraded
guidance Sales Core operating profit
£7.9bn, +13% £2.5bn, +18%
Delivered 13%1 sales growth,
+13% +21%
1 1
28%1 core operating profit growth

Strong sales growth across

Core EPS Dividend per
portfolio:
43.4p, +13% share
• Vaccines +12%1
+17% 15p
1
• Specialty Medicines +21%1
• General Medicines +6%

Cash generated from operations Full-year 2024 guidance1: upgraded

£2.8bn Sales growth: 7-9%
Core operating profit growth: 11-13%
Core EPS growth: 10-12%
Absolute values at actual exchange rates (AER); changes at CER,
unless stated otherwise.
1. Excluding COVID-19 solutions 5
2024 pipeline delivering momentum
Unlocking growth drivers

Pipeline vaccines Pipeline highlights

and medicines • depemokimab: reported positive results from phase III trials for the first potential long-acting biologic
for patients with severe asthma

70 • Blenrep: presented positive 2L combination treatment for multiple myeloma at ASCO1

• Jemperli: accepted for regulatory review by FDA2 and EMA3 for expanded use in endometrial cancer
treatment4; RUBY Part 1 and Part 2 data presented at SGO5
• Omjjara: approved for treatment of myelofibrosis in Japan
• Arexvy: US FDA approved supplemental application for 50–59-year-olds at increased risk; ACIP6
postponed recommendation vote until additional data are available
• MenABCWY: regulatory submission accepted by the US FDA
• Cabenuva: positive LATITUDE phase III data; data presented at CROI7
• HIV ULA8: progress with positive phase I data and ULA Q4M9 treatment regimen selection
• bepirovirsen: received US FDA fast-track designation for the treatment of chronic hepatitis B
• gepotidacin: positive phase III data as a new oral treatment option for uncomplicated urogenital
gonorrhoea

1. American Society of Clinical Oncology 2. US Food and Drug Administration 3. European Medicines Agency 4. Jemperli accepted for regulatory review for use for all adult patients with primary advanced or recurrent
endometrial cancer (EC). It is currently approved for use in primary advanced or recurrent endometrial cancer that is mismatch repair deficient or microsatellite instability-high 5. Society of Gynecologic Oncology
6. Advisory Committee on Immunization Practices of the Centers for Disease Control and Prevention (CDC) 7. Conference on Retroviruses and Opportunistic Infections 8. Ultra-long acting 9. Every four months 6
Trust: delivering health impact sustainably
For health impact, shareholder returns and thriving people

Six priority areas to build trust Key highlights

Access
• Launched tafenoquine, the first single-dose radical cure medicine to prevent the
relapse of Plasmodium vivax malaria in Thailand and Brazil

Access Global health and

health security Global health and health security
• Will become a founding partner of the Fleming Initiative, pledging £45m to support
the new global network of scientific, technology, clinical, policy and public
engagement experts to develop new AMR interventions

Environment Diversity, equity

and inclusion Environment
• Began Phase III trials for a low carbon version of our metered dose inhaler (MDI),
Ventolin (salbutamol) with potential to reduce greenhouse gas emissions by ~90%,
significantly contributing to GSK’s ambitious net-zero climate targets

Product governance Ethical standards

7
Strong momentum underpins confidence in future profitable growth

Full-year 2024 guidance1 2021-2026 outlook1 2031 outlook

Sales growth Sales CAGR2 2031 sales3

7-9% >7% >£38 billion

Core operating profit growth Core operating profit CAGR2

11-13% >11%
Core EPS growth Core operating profit margin

10-12% >31%

Growth rates are at constant exchange rates (CER). All expectations, guidance and outlooks regarding future performance and the dividend should be read together with the section “Guidance and outlooks, assumptions
and cautionary statements on page 62 of our stock exchange announcement of the Group’s Q2 2024 Results, the section “Assumptions and basis of preparation related to 2024 guidance” in the Appendix of this presentation
and the statements on page 317 of the Group’s Annual Report on Form 20-F for FY 2023.
1. Excluding COVID-19 solutions ​ 2. CAGR is defined as the compound annual growth rate and shows the annualised average rate for growth in sales and Core operating profit between 2021 to 2026, assuming growth takes 8
place at an exponentially compounded rate during those years 3. Does not include Blenrep
Positive pipeline progress
Tony Wood, Chief Scientific Officer

9
Continued pipeline delivery
10 regulatory approvals or submissions and 7 positive phase III results in H1 2024

Infectious Respiratory/
HIV Oncology
Diseases Immunology

Arexvy cabotegravir ULA1 depemokimab Blenrep

MenABCWY rilpivirine ULA1 camlipixant Ojjaara
Pneumococcal 24-valent VH184 (3rd generation INSTI2) Nucala (COPD4) Zejula
mRNA Seasonal influenza/COVID-19 VH310 (INSTI2) GSK4532990 (NASH5) Jemperli
Shingrix N6LS (bNAb3) GSK3858279 (osteoarthritis pain) cobolimab
GSK3943104 (Herpes simplex virus) VH499 (capsid inhibitor) GSK1070806 (atopic dermatitis) belrestotug/CD226 axis
GSK4348413 (gonorrhoea) Antibody-drug conjugates
gepotidacin
Brexafemme
tebipenem
bepirovirsen

Enabled by advanced technology and data platforms and targeted business development

Select pipeline programmes shown

1. Ultra-long acting 2. Integrase strand transfer inhibitors 3. Broadly neutralising antibody 4. Chronic obstructive pulmonary disease 5. Non-alcoholic steatohepatitis
Vaccines and medicines in bold reported phase III data or received regulatory approvals or submissions during the period 10
Infectious Diseases: Vaccines
Arexvy >94% S1 VE in subjects with comorbidities; 75% VE S 1+2 vs severe LRTD

Arexvy: Cumulative Season 1+2 and Season 1 VE data

Arexvy Placebo % VE (95% CI) % VE (95% CI)

Season 1+2 Season 1
Number of events (n/N) w/ season as a covariate w/ season as a covariate
Arexvy (Single dose) Season 1+2 Median FU 23.3 mo Median FU 6.7 mo

RSV-LRTD 32 / 12,468 154 / 12,498 67.7% (52.3, 78.7) 82.6% (57.9-94.1)***

≥ 1 comorbidity of
17 / 5,000 79 / 4,942 67.1% (43.6, 81.8) 94.6 % (65.9-99.9)
interest*

≥ 70 years of age 12 / 5,506 74 / 5,517 74.6% (52.6, 87.5) 84.4% (46.9-97.0)

Pre-frail** 9 / 4,794 50 / 4,779 71.3% (40.6, 87.7) 92.9% (53.4-99.8)

Severe RSV-LRTD 9 / 12,468 54 / 12,498 74.9% (48.4, 89.2) 94.1% (62.4- 99.9)

Season 1+2 Vaccine Efficacy

Data extracted from ACIP data presentations

VE: Vaccine efficacy, FU; follow up
*Comorbidities: COPD, asthma, any chronic respiratory or pulmonary disease, heart failure (cardiorespiratory condition), diabetes mellitus type 1/2, advanced liver or renal disease (endocrine or metabolic condition);
**frailty assessed using gait speed test: walking speed < 0.4 m/s or not able to perform test (frail), walking speed 0.4–0.99 m/s (pre-frail), walking speed ≥1 m/s (fit);
*** 96.95% CI 11
Infectious Diseases: Vaccines progress
AAIC: retrospective study observes association between Shingrix vaccination and a
reduction in the risk of dementia at 3 & 5 years compared with PPSV23 and Zostavax
. investigating a link between HZ
Quasi-experimental and observational studies
Shingrix vaccination is associated
vaccination and dementia
with reduction in dementia diagnosis*
Study Design Vaccines Summary at 3 & 5 years compared with live-
Retrospective, matched cohort, electronic
attenuated HZ vaccine Zostavax**
HZ vaccination was associated with lower risk of
health record using AI/ML methodology Shingrix dementia diagnosis: Relative risk of dementia (risk reduction)
Zoster 122 382,038 records in Zostavax vs PPSV23 cohort
Zostavax • Shingrix vs PPSV23: 24% at 3yrs; 20% at 5yrs
GSK
168,667 records in Shingrix vs PPSV23 cohort Pneumovax 23 • Shingrix vs Zostavax: 27% at 3yrs 23% at 5yrs vs
• Zostavax vs PPSV23: 14% at 3yrs; 8% at 5yrs
45,851 records in Shingrix vs Zostavax cohort

Retrospective, natural experimental 103,837 Shingrix

Taquet, 17% increase in time lived without dementia Shingrix
case records of 65yo who received HZ
Oxford
vaccine in the US around Oct 2017 Zostavax diagnosis within 6 years post vaccination Zostavax

Retrospective, quasi-experimental. Dementia

2% point reduction in probability of dementia
Pomirchy diagnosis from 101,219 primary care records Zostavax
over 7.4 years
from 80+yo Australians

19.9% relative reduction in recurrence of

Retrospective quasi-experimental design
Eyting, dementia
296,603 subjects born in Wales between Zostavax
Wales 3.5% point reduction in probability of dementia
1/9/25-1/9/42
diagnosis over a 7-year period

*Dementia was diagnosed based on the presence of at least one ICD-9 or ICD-10 code
**Chart data from Zoster 122, Schwab et al AAIC 2024. PPSV23: Pneumovax 23
Taquet, Nature June 2024, Pomirchy, Preprint 2024, Eyting preprint 2023
HZ; Herpes zoster 12
Preventing and treating respiratory diseases
IL-51 plays a key role in eosinophilic inflammation in asthma and COPD2

depemokimab: SWIFT-1 and 2 design Nucala COPD:

MATINEE phase III
SoC3: ICS4 + controller +
depemokimab 100 mg SC5

• Stricter eosinophil entry criteria

Screening / R 1st Dose Last Dose with elevated eosinophil counts
Run-in 2:1
• No history of asthma
SoC*: ICS + controller
+ Placebo
• Studying a broad population of
Study Intervention Period
chronic bronchitis and
52 Weeks (Last dose at Week 26)
emphysema

depemokimab data H2 2024

H2 2024: phase III data readout
• SWIFT-1 and 2: 52wk exacerbation rate; data at ERS/Sept
• ANCHOR-1 and 2: CRwNP6 phase III data H2 2024

1. Interleukin 5 2. Chronic obstructive pulmonary disease 3. Standard of Care; medium to high dose inhaled corticosteroids/ICS plus additional controller. SoC asthma therapy to exclude biologics
4. Inhaled corticosteroids 5. Subcutaneous 6. Chronic rhinosinusitis with nasal polyps 13
Oncology

Blenrep Jemperli Omjjara

Potentially transformative in the treatment Significant OS benefit in endometrial • Japanese approval with line agnostic
of 2L1 MM2 cancer label

• DREAMM-7: Blenrep combination • Unprecedented data from RUBY belrestotug

demonstrates mPFS3 36.6m vs 13.4m for demonstrate statistically significant OS • First patient dosed in NSCLC9 phase
daratumumab combination benefit in all-comer population (44.8 vs III GALAXIES-301 clinical trial
28.2m mOS7)
• DREAMM-8 PFS4 HR5 0.52 ADC programme
• FDA PDUFA8
23 Aug; • B7 H4 ADC10; GSK ‘584 phase I FPFD11
• DREAMM-7 and 8 demonstrate EU decision expected 2H
consistent efficacy across subgroups, Zejula
including patients with lenalidomide- • First patient dosed in phase III
refractory disease or high-risk glioblastoma trial
cytogenetics

• Strong and clinically meaningful OS6

trends

• Filing accepted in EU; US filing before

YE

1. Second line 2. Multiple myeloma 3. Median progression-free survival 4. progression-free survival 5. Hazard ratio 6. Overall survival 7. Median overall survival 8. Prescription Drug User Fee Act
9. Non-small cell lung cancer 10. Antibody drug conjugate 11. First patient first dose 14
Performance: growth drivers
Luke Miels, Chief Commercial Officer
Deborah Waterhouse, CEO, ViiV Healthcare and President, Global Health

15
Growth across all product areas and regions

Sales contribution by product area1 Sales contribution by region1

Vaccines Specialty Medicines General Medicines US Europe International

9,000 9,000

+13% +13%
8,000 8,000
+11% +11%
7,000 7,000
+3%

Sales (£m)
6,000
Sales (£m)

6,000
+17%
5,000 5,000

+22%
4,000 4,000

3,000 3,000 +5%

2,000 2,000

+12%
1,000 1,000 +14%
0 0
Q2 2023 Q2 2024 Q2 2023 Q2 2024

Absolute values at AER; changes at CER, unless stated otherwise

1. Excluding COVID-19 solutions 16
Vaccines: +3%1 driven by meningitis vaccines, Shingrix ex-US and Arexvy
2024 guidance: low to mid-single digit % growth, low DD ‘21-26 CAGR1

Shingles (Shingrix) -4%

Sales contribution by disease area1
• Launched in 45 markets, majority with <5% cumulative immunisation rate

RSV Shingles Meningitis Established vaccines • US: 37% cumulative immunisation rate at end Q1 2024 with actions
underway to reach 70 million unvaccinated adults
• Ex-US sales to drive >£4bn global peak year sales
2,500
RSV (Arexvy) £62m2
+15% +3% • Best-in-class data profile; maintaining ~2/3 of US retail share
2,000
• US focus in 2024 season, annualising launch and sell-in last year
•
Sales (£m)

Further data expected October ACIP, including Season 3

1,500 -4%
• Preparations for launch in >40 markets underway
• >£3bn in peak year sales
1,000
+24% Meningitis +24%
• Bexsero +23% reflecting winning asset, favourable US pricing, Germany
500 recommendation and increased demand in Australia
-2%
• Menveo +30% due to favourable delivery timing in International markets
and US CDC purchasing patterns
0
Q2 2023 Q2 2024 • Combined meningitis portfolio to reach ~£2bn in peak year sales
Established vaccines -2%

Absolute values at AER; changes at CER for full year, unless stated otherwise
1. Excluding COVID-19 solutions 2. Q2 2024 global sales 3. Advisory Committee on Immunization Practices of the Centers for Disease Control and Prevention (CDC) 17
Specialty Medicines: +22%1 with strong performance across disease areas
2024 guidance: mid to high-teens % growth1

HIV +13%
Sales contribution by disease area1
• Performance driven by continued momentum of LAI2 portfolio and strong
delivery on Dovato
HIV Respiratory/Immunology Oncology

Respiratory/Immunology +18%
3,500 • Nucala +17% driven by higher patient demand, market expansion and
+22% increased biopenetration
3,000
• Benlysta +20% from increased biopenetration growth in all major markets
+12% and growing demand in the US
Sales (£m)

2,500

+13%
2,000
Oncology +>100%
1,500 • Ojjaara £85m3 continued strong uptake since launch in the US, UK and
Germany
1,000 • Jemperli +>100% driven by sales in the US, Germany, France and UK in 1L4
+18% dMMR/MSI-H5 primary advanced or recurrent EC6, plus 2L7 and later
500
• Zejula +44% driven by the US and volume growth globally
+>100%
0
Q2 2023 Q2 2024

Absolute values at AER; changes at CER for full year, unless stated otherwise
1. Excluding COVID-19 solutions 2. Long-acting injectable 3. Q2 2024 global sales 4. First line 5. Mismatch repair deficient (dMMR) or microsatellite instability-high (MSI-H) 6. Endometrial cancer
7. Second line 18
Growth drivers spotlight: Nucala and Ojjaara performance

Nucala Ojjaara
• 35 quarters of double-digit growth • Fastest US launch uptake in value for a JAK3 inhibitor in myelofibrosis
• Strong growth across all regions • US share in patients with anaemia4,5: 19% in 1L6 and 35% in 2L7
• Continued leadership in IL-51 • 65% of US/EU HCPs expect to increase prescribing of Ojjaara in next 6
months8

Market shares in IL-5 inhibitor market2 US launch uptake of JAK inhibitors in myelofibrosis5

80% 74% 90

70% 80
62% 62% 64%
70
60% 55% 54% 54%
60

Sales (£m)9
50% 45% 46% 46%
50
38% 38% 36%
40% 40

30% 26% 30
20
20%
10
10%
-
0% Launch L+1 L+2 L+3 L+4 L+5 L+6 L+7
US Japan Germany France Italy Spain UK quarter

Nucala IL-5 competitor Ojjaara Competitor A Competitor B Competitor C

1. Interleukin 5 2. Based on internal analysis by GSK using sales data from the following sources: IQVIA MIDAS® for the following countries: US, Japan, Germany, Italy, Spain, France and UK, in each case for R3M ATC
class; Market shares are based on Value sales (GBP - MNF) for MQT January 2024 to March 2024, reflecting estimates of real-world activity. Copyright IQVIA. All rights reserved. 3. Janus kinase 4. Hb<10 patients
5. Quarterly chart audits, June 2024 6. First line 7. Second line 8. Reason Research ATU, Q2 2024 9. Competitor sales data from EvaluatePharma as of 25 March 2024 19
General Medicines: +12%, driven by Trelegy momentum
2024 guidance: low to mid-single digit % growth

Respiratory +18%, Other General Medicines -1%

Sales contribution by disease area
Trelegy +41%
Respiratory Other General Medicines
• Strongest ever quarter, delivering £842m
• Top selling brand in asthma and COPD1 worldwide2

3,500
3,000

3,000 +12% 2,500

+8%
2,000

Sales (£m)3
Sales (£m)

2,500
1,500

2,000 1,000
+18%
500
1,500
0
1,000 2020 2021 2022 2023 MAT JUN
2024
Trelegy Seretide/Advair Major competitor
500
-1%
0
AMP4 Cap removal
Q2 2023 Q2 2024
• Adverse impact offset by increased use of authorised generics

Absolute values at AER; changes at CER for full year, unless stated otherwise
1. Chronic obstructive pulmonary disease 2. IQVIA, Triple Therapy Report/LRx data, 2023 3. GSK Annual Reports 2020-23; GSK 2024 financial results; competitor financial results; FactSet exchange rates
4. Average manufacturer price 20
HIV: Growing 13% in Q2 2024, with momentum across LAI1 portfolio

Positive momentum across LAI portfolio Performance driven by continued momentum of LAI portfolio and
strong delivery on Dovato

400 20% • Q2 2024 global sales of £1.8bn driven by 2ppt increase in market share vs
18% Q2 2023
18%
350 17%
• LAI delivered £317m, growing 52% vs previous year

HIV Long Acting sales as a % of total HIV sales

16%
16%
300 • Cabenuva sales of £245m +42%
13% 13%
14% • Apretude sales of £72m >100%
250
10%
12% • Dovato sales of £551m - leading oral 2DR2
Sales (£m)

200 9% 10%
7%
8%
150
6%

100
6%
Strong pipeline progress with recent data presented at
3%
4% International AIDS Society:
50
2%
• Registrational study start for ULA3 PrEP4 in 2024
0 0%
Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024
• ULA Q4M5 treatment regimen selection
• PASO DOBLE Dovato vs BIK H2H6 in switch showing non-inferiority and
less weight-gain
Cabenuva Apretude Long Acting

Absolute values at AER; changes at CER for full year, unless stated otherwise.
1. Long-acting injectable 2. Two-drug regimen 3. Ultra-long acting 4. Pre-exposure prophylaxis 5. Every four months 6. Head-to-head 21
Q2 2024 performance and 2024 guidance
Julie Brown, Chief Financial Officer

22
 Continued strong momentum in Q2 2024
Q2 2023 Q2 2024 AER CER Key commentary on CER basis

Core results £m £m % %

Sales 7,178 7,884 10 13 Sales grew +13% (excl. COVID-19 solutions)

Cost of sales (1,728) (1,877) 9 12 Regional mix benefits

Gross profit 5,450 6,007 10 13

Gross profit margin 75.9% 76.2% +30 bps +20 bps Improved +60 bps (excl. COVID-19 solutions)

SG&A (2,191) (2,223) 1 6 Disciplined investment to support key products

Research and development (1,315) (1,415) 8 9 Infectious Diseases, HIV and Respiratory investment

Royalties 226 144 (36) (37) Impact of lower Gardasil royalties

Operating profit 2,170 2,513 16 18 Grew +21% (excl. COVID-19 solutions)

Operating profit margin 30.2% 31.9% +160 bps +130 bps Improved +190 bps (excl. COVID-19 solutions)

Earnings per share 38.8p 43.4p 12 13 EPS grew +17% (excl. COVID-19 solutions)

Q2 2023 Q2 2024 AER CER

Total results £m £m % %
Total operating profit 2,141 1,646 (23) (22) Total profit decrease primarily due to CCL remeasurements
Total operating profit margin 29.8% 20.9% -890 bps -910bps
Total earnings per share 40.1p 28.8p (28) (27)

Core results unless stated otherwise; some figures may not sum due to rounding. See page 20 of GSK’s Q2 2024 stock-exchange announcement for a full reconciliation of Total to Core results 23
Q2 2024 core operating margin improved
Excluding COVID-19 solutions +190 bps CER Including COVID-19 solutions +130 bps CER
Margin benefits driven by SG&A, part offset by royalties Margin benefits driven by SG&A, part offset by royalties

+130bps
+190bps
0.6%
0.7%
1.4% 1.4%
31.9% 31.9%
31.5% 0.4% 0.4%
31.5%
2.0% 1.9%

29.6% 0.6% 30.2% 0.2%

Q2 23 COGS SG&A R&D Royalties Q2 24 Currency Q2 24 Q2 23 COGS SG&A R&D Royalties Q2 24 Currency Q2 24
Margin Margin margin Margin Margin at margin at
at 23 FX at 24 FX 23 FX 24 FX

Note: Charts may not sum due to rounding 24

H1 2024 free cash flow of £0.6bn
Cash generated from operations of £2.8bn

£m £m
H1 2023 H1 2024 Key drivers of cash flow
Core operating profit 4,262 4,956
H1 2024
Decrease/(Increase) in working capital (1,237) (955) £0.9bn increase in cash generated from operations, mainly
driven by:
Contingent consideration paid (575) (619) • Higher Core operating profit
• Improvement in working capital driven by receivables’
Other CGFO (543) (606)
collections
Cash generated from operations (CGFO1) 1,907 2,776

Taxation paid (547) (705) Lower net interest and dividends paid to NCIs, partly offset by
higher taxation payments
Net capex2 (1,042) (974)

Other3 (659) (480)

Free cash flow (FCF) (341) 617

1. Cash generated from operations, including changes in returns and rebates, significant legal payments and operating contingent consideration liability payments 2. Net capex includes purchases less disposals of
property, plant and equipment and intangibles 3. Other includes net interest paid and dividends to Non-Controlling Interests 25
 Capital deployment supports business growth and shareholder returns

-£1.1bn
0.2

1.2

15.0 2.3
£bn
1.2
1.6 14.0
0.5

31 Dec 2023 FCF ex-Capex 1 Capex - PP&E Business 2 Dividends to Other 3 Haleon stake 30 Jun 2024
Net debt development shareholders monetisation Net debt

Invest for growth Shareholder

distributions

Chart may not sum due to rounding 1. Free Cash Flow (FCF) is £617m, including the capital expenditure net of disposal proceeds for plant, property & equipment (£547m) and intangibles (£427m, included in business
development above) 2. Business development in the above chart includes net intangible capex, net purchase of businesses, and purchase of equity investments 3. Other includes dividend and distribution income,
exchange on net debt and other financing items 26
2024 guidance at CER and excl. COVID-19 solutions

Upgraded guidance1
Sales1 Core operating profit1

7-9%
(Previously 5-7%, towards upper part of the range)
11-13%
(Previously 9-11%)

Product group sales growth guidance1

Vaccines: + low to mid single digit % Core earnings per share1

10-12%
Specialty Medicines: + mid to high teens %

HIV: + low double digit %

(Previously 8-10%)
General Medicines: + low to mid single digit %

All guidance, outlooks, and expectations should be read together with the guidance, outlooks, assumptions, and cautionary statements in GSK’s Q2 2024 stock-exchange announcement
1. Growths at CER and excluding COVID-19 solutions 27
 IR Roadmap 2024 to 2025
H1 2024 H2 2024 2025

Execution • Full-year 2023 results  • Half-year 2024 results  • Full-year 2024 results and 2025 guidance
• Guidance 2024  • Q3 2024 results • Q1 2025 results
• Q1 2024 results  • Half-year 2025 results
• Q3 2025 results

Pipeline1 • Ojjaara/Omjjara: MOMENTUM,  • Arexvy, RSV, 50-59 YoA (EU, JP) • MenABCWY 1st gen (US)
myelofibrosis (JP) • Nucala, CRwNP3 (JP) • Shingrix adults 18+ YOA2 (CN)
• Ojjaara/Omjjara: MOMENTUM,  • Jemperli RUBY Part 1, 1L4 EC5 (US) • gepotidacin uUTI6, GC7 (US)
Regulatory Decisions

myelofibrosis (EU) • Nucala CRwNP3 (CN)

• Nucala: severe asthma (CN)  • Nucala MATINEE COPD9 (US, EU, CN)
• Arexvy, RSV, 50-59 YoA2 (US)  • Blenrep DREAMM-7/8, 2L+ MM10 (US, EU, JP)
• Jemperli RUBY (Part 1) 1L4 EC5 (EU)
• depemokimab SWIFT-1/2 SA8 (US)
• depemokimab ANCHOR-1/2 CRwNP3 (US)
• linerixibat GLISTEN, PBC16 (US)

• gepotidacin EAGLE-1, GC7  • depemokimab ANCHOR-1/2, CRwNP3 • Arexvy 18-49 YOA2 at increased risk
• depemokimab SWIFT-1/2, SA8  • Nucala MATINEE, COPD9 • Ventolin low carbon metered dose inhaler (asthma)
Phase III readouts

• Blenrep DREAMM-7, 2L+MM10  • Blenrep DREAMM-8, 2L+13 MM10  • Jemperli + cobolimab COSTAR, 2L NSCLC15
• Jemperli RUBY, 1L dMMR/MSI-H11 EC5 (EU)  • Zejula FIRST 1L maintenance OC14 • Bexsero infants (US)
• Jemperli RUBY Part 1, 1L OS12 EC5  • Zejula ZEAL, 1L maintenance NSCLC15 • tebipenem PIVOT-PO, cUTI17
• Jemperli RUBY Part 2, 1L EC5  • linerixibat GLISTEN, PBC16
• camlipixant CALM 1/2, RCC18
• depemokimab OCEAN, EGPA19
• depemokimab NIMBLE, asthma

Capital • Full-year 2023 dividend declaration  • Revised licence agreement for mRNA (CureVac)  • Full-year 2024 dividend declaration
Allocation • Dividend expectation 2024  • Dividend expectation 2025
• Completion of Haleon stake monetisation 
• Completion of Aiolos Bio acquisition 

Investor • Meet the management, Oncology  • Meet the management, Early pipeline • Roadshows and medical congresses
• Roadshows and medical congresses  • Roadshows and medical congresses
engagement
1. Includes phase III data readouts and regulatory decisions with the applicable geography denoted in brackets (United States(US), Europe (EU), Japan (JP), and China (CN) 2. Years of age 3. Chronic rhinosinusitis with nasal polyps 4. First-line
treatment. 5. Endometrial cancer 6. Uncomplicated Urinary Tract Infections (EAGLE 2/3) 7. Urogenital gonorrhoea (EAGLE-1) 8. Severe asthma with an eosinophilic phenotype 9. Chronic Obstructive Pulmonary Disease 10. Multiple Myeloma. Not
included in the updated outlook 11. Mismatch repair deficient (dMMR) or microsatellite instability-high (MSI-H) 12. Overall survival 13. Second-line and later treatment of relapsed or refractory multiple myeloma 14. Ovarian cancer 15. Non-Small Cell
Lung Cancer 16. Cholestatic pruritus in primary biliary cholangitis 17. Complicated urinary tract infection 18. Refractory chronic cough 19. Eosinophilic granulomatosis with polyangiitis 28
 Focused on prevention and changing the course of disease

Ahead Together

R&D based on science of Leaders in development of Products that improve the Strong momentum and
the immune system and new Vaccines and Specialty health of millions of people, improving outlook for
use of new platform and Medicines, for Infectious and sector leaders in ESG sustained growth through
data technologies Diseases, HIV performance the decade
Respiratory/Immunology
and Oncology

29
30
Appendix

31
2024 guidance at CER and excl. COVID-19 solutions

Product group sales guidance

Vaccines1 Specialty Medicines1 General Medicines1

Increase low to Increase mid to Increase low to

mid-single-digit % high-teens % mid-single-digit %
(Previously increase high single-digit (Previously increase low- (Previously decrease mid-
to low double-digit %) double-digit %) single-digit %)

HIV

Increase low
double-digit %
(Previously increase high single-
digit to low double-digit %)

All guidance, outlooks, and expectations should be read together with the guidance, outlooks, assumptions, and cautionary statements in GSK’s Q2 2024 stock-exchange announcement
1. At CER and excluding COVID-19 solutions 32
2024 full year outlook considerations to support modelling
2023 growth 2021 – 2026 2021 – 2026
2024 Guidance 2024 Assumptions
excl. Covid BIU 2021 BIU 2024

Turnover +14% 7-9% >5% CAGR >7% CAGR

- Vaccines +24% LSD – MSD % HSD CAGR LDD CAGR

mid to high-
- Specialty +15% DD CAGR DD CAGR
teens %
- HIV +13% LDD % MSD CAGR 6-8%1

- Gen Meds +5% LSD – MSD % Broadly Stable Broadly Stable

SG&A: LSD increase
R&D: increase slightly below sales
Core Operating Profit +16% 11-13% Royalties: around £600m; minimal >10% CAGR >11% CAGR
Gardasil royalties

Core Op. Profit margin 28.6% n/a >30% >31%

Interest: lower than 2023

Core tax rate: around 17%
Core EPS + 22% 10-12% Non-controlling interest: ViiV is the main
ongoing NCI

Dividend 58p 60p

All guidance, outlooks and expectations regarding future performance should be read together with: the section “Guidance and outlooks, assumptions and cautionary statements” on page 62 of GSK’s Q2 2024 results announcement; the section
“Assumptions and basis of preparation related to 2024 guidance” in the Appendix of this presentation; and the statements on page 317 of GSK's 2023 Annual Report on Form 20-F. For details of GSK 2026 and 2031 outlooks see GSK’s Q4/FY 2023
results announcement. 2024 guidance growth at CER, unless stated otherwise. All outlook statements are given on a CER basis and use 2023 average exchange rates as a base. All values excluding COVID-19 solutions. CAGR is defined as the
compound annual growth rate and shows the annualised average rate for growth in sales and Core operating profit between 2021 to 2026, assuming growth takes place at an exponentially compounded rate during those years. 1. As per HIV 33
Meet The Management event, 28 September 2023.
Q2 Total to Core operating profit reconciliation
Q2 2023 Q2 2024 Key commentary on CER basis
Operating profit Operating profit
(£m) (£m)

Total results 2,141 1,646 -22% at CER

Intangible amortisation 184 193

Intangible impairment 4 47

Major restructuring 46 124

Primarily CCL1 movements, primarily ViiV and foreign currency
Transaction-related (189) 398
movements
Divestments, significant
(16) 105 Significant legal charges, part offset by other net income
legal and other

Core results 2,170 2,513 +18% incl. COVID; +21% excl. COVID-19 solutions

Table may not sum due to rounding. See page 20 of GSK’s Q2 2024 stock-exchange announcement for a full reconciliation 1. Contingent consideration liabilities 34
Improved core earnings per share with +13% growth at CER

Q2 2023 Q2 2024 Key commentary on CER basis

£m £m

Core operating profit (OP) 2,170 2,513 +18% incl. COVID; +21% excl. COVID-19 solutions

Net finance expense (152) (148)

Share of associates (2) (1)

Tax (315) (423)

Tax rate 15.6% 17.9% Broadly in-line with guidance of 17% in full-year

Non-controlling interests (130) (170) Higher NCI related to ViiV

Core Profit attributable to shareholders 1,571 1,771 +14% incl. COVID

Core earnings per share (EPS) 38.8p 43.4p +13% incl. COVID, +17% excl. COVID-19 solutions

Total EPS 40.1p 28.8p -27% at CER

Weighted average number of shares (millions) 4,053 4,079

Core results unless stated otherwise. 35

Quarterly summary of core results
2023 2024
Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
Including COVID-19 solutions
Sales (£m) 6,951 7,178 8,147 8,052 30,328 7,363 7,884
Operating profit (£m) 2,092 2,170 2,772 1,752 8,786 2,443 2,513

Operating margin 30.1% 30.2% 34.0% 21.8% 29.0% 33.2% 31.9%

Earnings per share (pence) post-share

37.0 38.8 50.4 28.9 155.1 43.1 43.4
consolidation

COVID-19 solutions impact

Sales (£m) 132 41 1 20 194 1 0
Operating profit (£m) 118 57 (4) 8 179 (1) 0

Earnings per share (pence) post-share

2.5 1.2 (0.1) 0.2 3.8 0.0 0.0
consolidation

Excluding COVID-19 solutions impact

Sales (£m) 6,819 7,137 8,146 8,032 30,134 7,362 7,884

Operating profit (£m) 1,974 2,113 2,776 1,744 8,607 2,444 2,513

Operating margin 28.9% 29.6% 34.1% 21.7% 28.6% 33.2% 31.9%

Earnings per share (pence) post-share

34.5 37.6 50.5 28.7 151.3 43.1 43.4
consolidation

Core results; some figures may not sum due to rounding. 36

Currency
2023 currency sales exposure1 2024 core operating profit Currency sensitivity

US $ 52% US $: 10 cents movement in the average exchange rate for full year If exchange rates were to hold at the closing rates
impacts core operating profit by approx. +/- 9.0% on 30 June 2024 ($1.27/£1, €1.18/£1, and Yen
203/£1) for the rest of 2024, the estimated impact
Euro € 19% Euro €: 10 cents movement in the average exchange rate for full year on 2024 Sterling turnover growth for GSK would be
impacts core operating profit by approx. +/- 0.5% -4%. If exchange gains or losses were recognised
Japanese ¥ 4% Japanese ¥: 10 Yen movement in the average exchange rate for full year at the same level as in 2023, the estimated impact
impacts core operating profit by approx. +/- 1.0% on 2024 Sterling Core Operating Profit growth for
GSK would be -6%.
Other2 25%

2023 2024
Historical average exchange rates Q1 Q2 Q3 Q4 FY 23 Q1 Q2 Q3 Q4 FY 24
quarterly

US $ 1.22 1.25 1.26 1.25 1.24 1.27 1.26

Euro € 1.14 1.15 1.16 1.15 1.15 1.16 1.17

Japanese ¥ 162 173 182 183 175 187 198

Historical period end exchange rates

US $ 1.24 1.26 1.23 1.27 1.26 1.27

Euro € 1.14 1.17 1.16 1.15 1.17 1.18
Japanese ¥ 165 183 183 180 191 203

1. Based on 2023 GSK continuing operations, including COVID-19 solutions 2. The other currencies that each represent more than 1% of GSK sales include Australian Dollar, Brazilian Real, Canadian Dollar, Chinese Yuan and 37
Indian Rupee. In total, they accounted for 9% of GSK revenues in 2023
 Infectious diseases

Upcoming pipeline catalysts: 2024 and 2025

HIV (ViiV)
Respiratory/Immunology
Oncology
Opportunity driven

H2 2024 H1 2025 H2 2025

Regulatory Arexvy: 50-59 YoA1 AIR2 EU, JP gepotidacin: EAGLE-2/3, uUTI7 US gepotidacin: EAGLE-1, GC13 US

decision Nucala: CRSwNP3 JP MenABCWY vaccine 1st Gen US depemokimab: SWIFT-1/2, asthma US
3
Jemperli4: RUBY (Part 1)5, 1L EC6 US Shingrix: 18+ YoA CN depemokimab: ANCHOR-1/2, CRSwNP US
Nucala: CRSwNP3 CN Blenrep: DREAMM-7/8, 2L+ MM9 US, EU
8 12
Nucala: MATINEE, COPD US linerixibat: GLISTEN, cholestatic pruritus in PBC US
Blenrep: DREAMM-7/8, 2L+ MM9 JP
Jemperli4: RUBY (Part 1)5, 1L EC6 EU

Regulatory gepotidacin: EAGLE-2/3, uUTI7 US gepotidacin: EAGLE-1, GC13 US Bexsero (infants US) US

submission
1 2
depemokimab: SWIFT-1/2, asthma US depemokimab: SWIFT-1/2, asthma EU, CN, JP Arexvy 18-49 YoA AIR US

acceptance depemokimab: ANCHOR-1/2, CRSwNP 3

US depemokimab: ANCHOR-1/2, CRSwNP 3
EU, CN, JP gepotidacin: EAGLE-J, uUTI 7
JP
8 14
Nucala: MATINEE, COPD US Nucala: MATINEE, COPD8 EU, CN tebipenem pivoxil: PIVOT-PO, cUTI US
15
Blenrep: DREAMM-7/8, 2L+ MM9 US, JP Ventolin (low carbon MDI): asthma EU camlipixant: CALM-1/2, RCC US, EU
Blenrep: DREAMM-7, 2L+ MM9 CN linerixibat: GLISTEN, cholestatic pruritus in PBC12 US, EU, CN Blenrep: DREAMM-8, 2L+ MM9 CN
cobolimab4: COSTAR, 2L NSCLC11 US, EU
linerixibat: GLISTEN, cholestatic pruritus in PBC12 JP

Late-stage depemokimab: ANCHOR-1/2, CRSwNP3 Arexvy 18-49 YoA1 AIR2 Bexsero (infants US)

Phase III
8
Nucala: MATINEE, COPD Ventolin (low carbon MDI): asthma tebipenem pivoxil: PIVOT-PO, cUTI14

readouts Zejula4: FIRST, 1L maintenance OC10 cobolimab4: COSTAR, 2L NSCLC11 camlipixant: CALM-1/2, RCC15
Zejula3: ZEAL, 1L maintenance NSCLC11 depemokimab: OCEAN, EGPA16
linerixibat: GLISTEN, cholestatic pruritus in PBC12 depemokimab: NIMBLE, asthma

1. Years of age 2. At increased risk 3. Chronic rhinosinusitis with nasal polyps 4. Tesaro asset 5. Overall population 6. Endometrial cancer 7. Uncomplicated urinary tract infection 8. Chronic obstructive pulmonary disorder 9. Multiple myeloma
10. Ovarian cancer 11. Non-small cell lung cancer 12. Primary biliary cholangitis 13. Urogenital gonorrhoea 14. Complicated urinary tract infection 15. Refractory chronic cough 16. Eosinophilic granulomatosis with polyangiitis polyps
38
 Infectious diseases
HIV (ViiV)
Respiratory/Immunology

70 potential new vaccines and medicines in pipeline Oncology

Opportunity driven

Phase III / Registration – 18 assets

Arexvy (RSV vaccine) Recombinant protein, adjuvanted* RSV adults (50-59 YoA AIR)**^1
gepotidacin (GSK2140944) BTI inhibitor* Uncomplicated UTI**
bepirovirsen (GSK3228836) Antisense oligonucleotide* Chronic HBV infection**
Bexsero (MenB vaccine) Recombinant protein, OMV Meningitis B (infants US)
MenABCWY vaccine (GSK3536819) Recombinant protein, OMV, conjugated vaccine MenABCWY, 1st Gen^
tebipenem pivoxil (GSK3778712) Antibacterial carbapenem* Complicated UTI
ibrexafungerp (GSK5458448) Antifungal glucan synthase inhibitor* Invasive candidiasis
Nucala (mepolizumab) Anti-IL5 antibody COPD
depemokimab (GSK3511294) Long-acting anti-IL5 antibody* Asthma**
latozinemab (GSK4527223) Anti-sortilin antibody* Frontotemporal dementia2**
camlipixant (GSK5464714) P2X3 receptor antagonist Refractory chronic cough
Low carbon version of MDI3, Ventolin (salbutamol) Beta 2 adrenergic receptor agonist Asthma
Jemperli (dostarlimab) Anti-PD-1 antibody* Endometrial cancer^**
Zejula (niraparib) PARP inhibitor* Ovarian cancer**
Blenrep (belantamab mafodotin) Anti-BCMA ADC* Multiple myeloma
cobolimab (GSK4069889) Anti-TIM-3 antibody* Non-small cell lung cancer
belrestotug (GSK4428859) Anti-TIGIT antibody* Non-small cell lung cancer**
linerixibat (GSK2330672) IBAT inhibitor Cholestatic pruritus in primary biliary cholangitis

*In-license or other alliance relationship with third party ** Additional indications or candidates also under investigation ^ In registration
1. Approved in US 2. Phase III trial in patients with progranulin gene mutation 3. Metered dose inhaler
39
 Infectious diseases
HIV (ViiV)
Respiratory/Immunology

70 potential new vaccines and medicines in pipeline Oncology

Opportunity driven

Phase II – 32 assets

GSK3437949 Recombinant protein, adjuvanted* Malaria fractional dose

GSK4406371 Live, attenuated MMRV new strain
GSK3536852 GMMA* Shigella
GSK3528869 Viral vector with recombinant protein, adjuvanted* Chronic HBV infection1**
GSK4023393 Recombinant protein, OMV, conjugated vaccine MenABCWY, 2nd Gen1
GSK4178116 Live, attenuated Varicella new strain
GSK5101956 MAPS Pneumococcal 24-valent* Adult pneumococcal disease
GSK5101955 MAPS Pneumococcal 24-valent paed* Paediatric pneumococcal disease
GSK4348413 GMMA Gonorrhoea1
GSK4382276 mRNA* Seasonal flu
GSK4396687 mRNA* COVID-19
GSK5536522 mRNA* Flu H5N1 pre-pandemic1
GSK3993129 Adjuvanted recombinant subunit Cytomegalovirus1
GSK3943104 Recombinant protein, adjuvanted* Therapeutic herpes simplex virus1
GSK5637608 Hepatitis B virus-targeted siRNA* Chronic HBV infection
GSK4077164 Bivalent GMMA* Invasive non-typhoidal salmonella**
ganfeborole (GSK3036656) Leucyl t-RNA synthetase inhibitor* Tuberculosis
sanfetrinem cilexetil (GV118819) Serine beta lactamase inhibitor* Tuberculosis
alpibectir (BVL-GSK3729098) Ethionamide booster* Tuberculosis
VH3810109 Broadly neutralizing antibody* HIV
VH3739937 Maturation inhibitor HIV
VH4004280 Capsid protein inhibitor HIV
VH4011499 Capsid protein inhibitor HIV
VH4524184 Integrase inhibitor* HIV
Benlysta (belimumab) Anti-BLys antibody Systemic sclerosis associated interstitial lung disease
GSK3858279 Anti-CCL17 antibody* Osteoarthritis pain**
GSK1070806 Anti-IL18 antibody Atopic dermatitis
GSK4527226 (AL-101) Anti-sortilin antibody* Alzheimer’s disease
GSK3915393 TG2 inhibitor* Pulmonary fibrosis
GSK5784283 TSLP monoclonal antibody* Asthma2
*In-license or other alliance relationship with third
nelistotug (GSK6097608) Anti-CD96 antibody* Cancer
party ** Additional indications or candidates also under
GSK4532990 HSD17B13 RNA interference* NASH/MASH investigation
40
1. In phase I/II study 2.. Phase II start expected in 2025
 Infectious diseases
HIV (ViiV)
Respiratory/Immunology

70 potential new vaccines and medicines in pipeline Oncology

Opportunity driven

Phase I – 20 assets

GSK3536867 Bivalent conjugate* Salmonella (typhoid + paratyphoid A)

GSK2556286 Mtb cholesterol dependent inhibitor* Tuberculosis
GSK3772701 P. falciparum whole cell inhibitor* Malaria
GSK4024484 P. falciparum whole cell inhibitor* Malaria
GSK3882347 FimH antagonist* Uncomplicated UTI
GSK3923868 PI4K beta inhibitor Rhinovirus disease
GSK3965193 PAPD5/PAPD7 inhibitor Chronic HBV infection1
GSK5251738 TLR8 agonist* Chronic HBV infection
cabotegravir (GSK1265744) Integrase inhibitor HIV
GSK3888130​ Anti-IL7 antibody* Autoimmune disease
GSK3862995 Anti-IL33 antibody COPD
GSK5462688 RNA-editing oligonucleotide* Alpha-1 antitrypsin deficiency
GSK4347859 Interferon pathway modulator Systemic lupus erythematosus
GSK4381562 Anti-PVRIG antibody* Cancer
XMT-20562 STING agonist ADC* Cancer
(wholly owned by Mersana Therapeutics)
belantamab (GSK2857914) Anti-BCMA antibody Multiple myeloma**
GSK4524101 DNA polymerase theta inhibitor* Cancer1
GSK5764227 ADC-targeting B7-H3* Solid tumors
GSK5733584 ADC-targeting B7-H4* Gynecologic malignancies
GSK4172239 DNMT1 inhibitor* Sickle cell disease

*In-license or other alliance relationship with third party ** Additional indications or candidates also under investigation
1. In phase I/II study 2. GSK has an exclusive global license option to co-develop and commercialise the candidate
41
 Infectious diseases
HIV (ViiV)
Respiratory/Immunology

Changes since Q1 2024 Oncology

Opportunity driven

Changes on pipeline Achieved pipeline catalysts

Progressed from Phase II to Phase III Regulatory decisions

belrestotug (GSK4428859): Anti-TIGIT antibody, non-small cell lung cancer Arexvy: Adjuvanted recombinant protein, RSV adults (50-59 YoA AIR2) US
Omjjara: JAK1, JAK2 and ACVR1 inhibitor, myelofibrosis JP

New to Phase II
GSK5536522: mRNA, flu H5N1 pre-pandemic Regulatory submission acceptances
Jemperli3: RUBY (Part 1)4, 1L Endometrial cancer EU
Blenrep: DREAMM-7/8, 2L+ Multiple myeloma EU
Removed from Registration
Omjjara: JAK1, JAK2 and ACVR1 inhibitor, myelofibrosis1
Late-stage readouts
depemokimab: SWIFT-1/2, asthma – Positive phase III data readout
Removed from Phase II
GSK4106647​: Adjuvanted recombinant protein, adjuvanted, human papillomavirus

Removed from Phase I

GSK3494245​: Proteasome inhibitor, visceral leishmaniasis

1. Approved in US, EU and JP 2. At increased risk 3. Tesaro asset 4. Overall population

42
Glossary
ADC Antibody drug conjugate EGPA Eosinophilic granulomatosis with polyangiitis NSCLC Non-small cell lung cancer
AE Adverse event FVC Forced vital capacity OMV Outer membrane vesicle
AESI Adverse event of special interest GC Urogenital gonorrhea ORR Overall response rate
AIR At increased risk GMMA Generalised Modules for Membrane Antigens OS Overall surival
AUC Area under curve GSI Gamma secretase inhibitor PBC Primary biliry cholangitis
BCMA B-cell maturation antigen HA Healthy adults PFS Progression-free survival
BICR Blinded Independent Central Review HBV Hepatitis B virus PFS2 Time to second disease progression or death
BRCA Breast cancer HES Hypereosinophilic syndrome PK Pharmacokinetic
CAE Corneal adverse events Hgb Hemoglobin PMF Primary myelofibrosis
CBR Clinical benefit rate hSBA Human serum bactericidal assay Post-PV/ET MF Post-essential thrombocythemia myelofibrosis
cCR Complete clinical response HZ Herpes zoster RCC Refractory chronic cough
CKD Chronic kidney disease IC Immunocompromised RL Repeat dose level
CfB Change from baseline ICR Independent central review RRMM Relapsed/refractory multiple myeloma
CMV Cytomegalovirus iNTS Invasive non-typhoidal salmonella RSV Respiratory syncytial virus
CN China ITT Intention-to-treat SAD Single ascending dose
COPD Chronic obstructive pulmonary disease JP Japan SAE Serious adverse event
CP Cholestatic pruritus LLOQ Lower limit of quantitation siRNA Small interfering RNA
CRR Complete response rate LRTS Lower respiratory tract symptoms SoC Standard of care
CRSwNP Chronic rhinosinusitis with nasal polyps MAD Multiple ascending dose SSc-ILD Systemic sclerosis associated interstitial lung disease
cUTI Complicated urinary tract infection MAE Medical attended events TOC Test of cure
CV Cardiovascular MDI Metered dose inhaler TTBR Time to best response
DDI Drug-drug interaction MAPS Mulitple Antigen Presenting System TTD Time to treatment discontinuation
DFS Disease-freee survival MASH Metabolic dysfunction-associated steatohepatitis TTP Time to tumour progression
DL Dose level MM Multiple myeloma TTR Time to treatment response
DLT Dose-limiting toxicity MMR Measles, mumps and rubella UTI Urinary tract infection
dMMR Deficient mismatch repair MMRV Measles, mumps, rubella and varicella uUTI Uncomplicated urinary tract infection
DoR Duration of response MRD Multiple rising dose VGPR Very good partial remission
DPNP Diabetic peripheral neuropathic pain MSI-H Microsatellite instability high VSP Vital sign parameters
EASI Eczema Area and Severity Index NASH Non-alcoholic steatohepatitis YoA Years of age
NRS Numeric Rating Scale

43
Assumptions and basis of preparation related to 2024 guidance
In outlining the guidance for 2024, the Group has made certain assumptions about the healthcare sector (including regarding possible governmental legislative and regulatory
reform), the different markets and competitive landscape in which the Group operates and the delivery of revenues and financial benefits from its current portfolio, its development
pipeline and restructuring programmes.
These planning assumptions as well as operating profit and earnings per share guidance and dividend expectations assume no material interruptions to supply of the Group’s
products, no material mergers, acquisitions or disposals, no material litigation or investigation costs for the Company (save for those that are already recognised or for which provisions
have been made) and no change in the Group’s shareholdings in ViiV Healthcare. The assumptions also assume no material changes in the healthcare environment or unexpected
significant changes in pricing as a result of government or competitor action. The 2024 guidance factors in all divestments and product exits announced to date.
Notwithstanding our guidance, outlooks and expectations there is still uncertainty as to whether our assumptions, guidance, outlooks and expectations will be met.

44
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45
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