#101 February 2023 Full year and Q4 2022 results Conference call and webcast for investors and analysts GSK gsk.com#2Cautionary 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 to historical or current facts. They use words such as 'anticipate', 'estimate', 'expect', 'intend', 'will', 'project', 'plan', 'believe', 'target' and other words and terms of similar meaning in connection with any discussion of future operating or financial performance. In particular, these include statements relating to future actions, prospective products or product approvals, future performance or results of current and anticipated products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, dividend payments and financial results. Other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulations, UK Listing Rules and the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority), the Group undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Investors should, however, consult any additional disclosures that the Group may make in any documents which it publishes and/or files with the US Securities and Exchange Commission (SEC). All investors, wherever located, should take note of these disclosures. Accordingly, no assurance can be given that any particular expectation will be met and investors are cautioned not to place undue reliance on the forward-looking statements. 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) 2021 and any impacts of the COVID-19 pandemic. 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 our fourth quarter 2022 earnings release and Annual Report on Form 20-F for FY 2021. All outlooks, ambitions, and considerations should be read together with pages 5-7 of the stock-exchange announcement relating to an update to investors dated 23 June 2021, paragraph 19 of Part 7 of the Circular to shareholders relating to the demerger of Haleon plc dated 1 June 2022 and the Guidance, assumptions and cautionary statements in the Q4 2022 earnings release. Basis of preparation: GSK satisfied the formal criteria according to IFRS 5 for treating Consumer Healthcare as a ‘Discontinued operation' effective from 30 June 2022. On 18 July 2022, GSK plc separated its Consumer Healthcare business from the GSK Group to form Haleon, an independent listed company. The amounts presented in this presentation for continuing operations and Adjusted results excludes the Consumer Healthcare business discontinued operation. Comparative figures have been restated on a consistent basis. Earnings per share, Adjusted earnings per share and Dividends per share have been adjusted to reflect the GSK Share Consolidation on 18 July 2022. GSK 2#3Agenda Full year 2022 Emma Walmsley Innovation Dr Tony Wood Performance Luke Miels, Deborah Waterhouse and lain Mackay Trust Emma Walmsley GSK Q&A David Redfern 3#4Full year 2022: delivered a landmark year Emma Walmsley, Chief Executive Officer GSK 4#5A focused global biopharma company with bold ambitions Ambition and Purpose To unite science, technology, and talent to get ahead of disease together Growth Highly attractive medium-term¹ target for sales and adjusted operating profit growth of >5% and >10% CAGR² Flexibility Strengthened balance sheet, creating new flexibility to invest in growth and innovation GSK 1. Medium-term is 2021-2026, excluding COVID-19 solutions 2. At constant exchange rates (CER) LO 5#6Full year 2022 Delivered a landmark year Achieved double-digit turnover +10%, adj. operating profit growth +17%, excluding COVID-19 solutions Step change in commercial execution with growth across the portfolio: Specialty Medicines +29% (+15% excl. Xevudy) Vaccines +11% (+17% excl. pandemic adjuvant) General Medicines +1% COVID-19 solutions sales of £2.4bn R&D investment and strategic business development support future growth Absolute values at actual exchange rates (AER); changes at CER and full year 2022, unless stated otherwise. 1. Continuing results represents performance excluding discontinued operations 2. Excluding COVID-19 solutions GSK Turnover¹ +13% (+10%²) Adj. operating profit¹ +14% (+17%²) £29.3bn £8.2bn Adj. EPS¹ +15% 139.7p Full year 2023 guidance² Sales growth: 6-8% Free cash flow¹ £3.3bn Adj. operating profit growth: 10-12% Adj. EPS growth: 12-15% 6#7Delivering committed improvements in performance Excluding COVID-19 solutions 2021-2026 outlook¹ 20222 Status 2023 outlooks³ Sales: >5% CAGR +10% 6-8% Vaccines: high-single digit % CAGR +17% ✓ Specialty Medicines: double-digit % CAGR +15% General Medicines: broadly stable +1% Adj. operating profit: >10% CAGR +17% Adj. operating margin: >30% by 2026 28.5% Cash generated from operations: >£10bn by 2026 £7.9bn4 Increase mid-teens % Increase mid to high single-digit % Slight decrease 10-12% On track On track 1. All outlooks, ambitions, and considerations should be read together with pages 5-7 of the stock-exchange announcement relating to an update to investors dated 23 June 2021, paragraph 19 of Part 7 of the Circular to shareholders relating to the demerger of Haleon plc dated 1 June 2022 and the Guidance, assumptions and cautionary statements in the Q4 2022 earnings release. All outlook and ambition statements are given on a constant currency basis and use 2021 forecast exchange rates as a base, assuming a continuation of Q1 2021 closing rates. CAGR is for the 5 years to 2026, using 2021 as the base year. 2. Continuing results represents performance excluding discontinued operations. 3. Please also refer to page 2 of the fourth quarter 2022 results announcement. All outlooks, targets, ambitions and expectations regarding future performance and the dividend should be read together with the "Guidance, assumptions and cautionary statements" on pages 68 and 69 of our fourth quarter 2022 earnings release. 4. Including COVID-19 solutions. GSK 7#82022 pipeline progress and momentum World leader in infectious disease based on science of the immune system Pipeline vaccines and medicines 69 New approvals since 2017 >20 • 2022 pipeline highlights Apretude: launched first and only long- acting injectable for HIV prevention • Cabenuva: regulatory approval for every- two-month dosing (US) ⚫ RSV¹ older adults vaccine: regulatory submission (US, EU, JP) Gepotidacin: phase III stopped early for efficacy in patients with uncomplicated UTI² Bepirovirsen: phase IIb presented at AASLD³ and published in the New England Journal of Medicine Business Development Acquisition of Affinivax • Access to disruptive MAPS4 technology Phase II 24-valent pneumococcal and 30+ valent pre-clinical vaccine candidates Acquisition of Sierra Oncology • Momelotinib for myelofibrosis patients with anaemia; regulatory submission (US, EU) Exclusive licence with Spero Therapeutics LLC Access to tebipenem HBr5, a late-stage antibiotic for complicated UTI² 1. Respiratory syncytial virus 2. Urinary tract infection 3. The American Association for the Study of Liver Diseases 4. Multiple Antigen Presenting System 5. Tebipenem pivoxil hydrobromide GSK 8#9Innovation Dr Tony Wood, Chief Scientific Officer GSK 9#10Innovation: four focused therapeutic areas Two thirds of our development portfolio comes from infectious disease and HIV Infectious Diseases RSV OA¹ MenABCWY bepirovirsen gepotidacin tebipenem Pneumococcal 24-valent mRNA influenza HIV Apretude N6LS (bNAb)² 3rd generation INSTI³ Capsid inhibitor Immunology/ Respiratory depemokimab Nucala (COPD)4 GSK4532990 (NASH)5 Oncology momelotinib Jemperli cobolimab CD226 axis Strategic business development Note: select pipeline programmes shown. 1. Respiratory syncytial virus in older adults 2. Broadly neutralising antibody 3. Integrase strand transfer inhibitor 4. Chronic obstructive pulmonary disease 5. Non-alcoholic steatohepatitis GSK 10#11Innovation: 2022 in review Key milestones delivered Select clinical-stage readouts Vaccine/Medicine Shingrix Phase/Indication Status Late stage Marketed (ZOSTER-049); shingles (herpes zoster) RSV OA vaccine (RSVPreF3) Phase III (ARESVi-006); respiratory syncytial virus Phase III (EAGLE-2 and EAGLE-3); uncomplicated urinary tract infections HIV Infectious Disease NM gepotidacin bepirovirsen mRNA (CV0501) mRNA (Flu-SV-mRNA) N6LS (VH3810109) otilimab Phase llb (B-CLEAR); chronic hepatitis B Phase I; COVID-19 Phase I; seasonal influenza Phase Ila; HIV Phase III (ContRAst programme); moderate to severe rheumatoid arthritis X Oncology Immunology / Respiratory GSK Select Business Development transactions SIERRA ONCOLOGY SPER THERAPEUTICS Platform ✓ Affinivax Mersana Technology WAVE THERAPEUTICS "T'EMPUS CCL17 (GSK 3858279) Phase I; osteoarthritis pain momelotinib Regulatory submission acceptance (US, EU); anaemia of myelofibrosis Blenrep Phase III (DREAMM-3); relapsed/refractory multiple myeloma X LIFE SCIENCES Jemperli Phase III (RUBY part 1); advanced or recurrent endometrial cancer 11#12Innovation: bepirovirsen - a potential new era in the management of hep B Comprehensive clinical trial programme ongoing Trial Design B-CLEAR Phase II Data presented: EASL', AASLD² NEJM³, 2022 B-CLEAR B-WELL 1 Phase III B-WELL 1 B-WELL 2 B-TOGETHER B-ASSURED Phase III Phase II Data anticipated in 2023 Data anticipated in 2023 B-FINE Biomarker study B-SURE Long term follow up for phase II/III responders 2022 2023 2024 2025 2026 2027 bepirovirsen + nucleot(s)ides 12-24 weeks bepirovirsen + placebo 12-24 weeks bepirovirsen + nucleot(s)ides 24 weeks Baseline HBsAg* <3,000 IU/ml bepirovirsen + nucleot(s)ides 24 weeks B-WELL 2 Baseline HBSAG <3,000 IU/ml B-TOGETHER bepirovirsen 12 or 24 weeks followed by pegylated interferon 24 weeks B-ASSURED Hepatic impairment trial B-FINE bepirovirsen 12w + nucleot(s)ides B-SURE Follow up for partial/full responders from phase II/III trials Additional Phase III studies anticipated to start in 2023 1. European Association for the Study of the Liver, Yuen 2022 2. American Association for the Study of Liver Diseases, Yuen no 38817, Lim no 38809 3. New England Journal of Medicine, Yuen, Lim, 8 Nov 2022 4. Hepatitis B surface antigen GSK 12#13Innovation: gepotidacin - a potential novel antibiotic to treat uUTI¹ Outpatient antibiotic resistance rates highlight need for new antibiotics Annual incidence in women c.12% 15m episodes annually in US c.30% of UUTI patients experience 1 or more failures 40% of women feel symptoms restrict daily activities Large addressable patient Burden of disease population C High Treatment antibiotic failure resistance rates >20% resistance to FQ2 and SXT3 agents Diminishing utility of existing antibiotic classes for uUTI6 30% 25% 25% 20% 20% 15% 10% 5% 0% 7% 3% Proportion of E. coli Isolates (%) | SXT NS (n=67,189) ESBL+ (n=19,576) FQ NS (n=54,359) NFTONS (N=9,453) 1. Uncomplicated urinary tract infection 2. Fluoroquinolone 3. Trimethoprim sulfamethoxazole 4. Extended spectrum beta lactamases 5. Nitrofurantoin 6. Kaye KS, Gupta V, Mulgirigama A, Joshi A, Scangarella-Oman N, Yu K, Ye G, and Mitrani-Gold FS. Trends in Antimicrobial Resistance Among Outpatient Urine E. coli Isolates in US Females ≥12 Years of Age: A Multicenter Evaluation From 2011 to 2019. Oral and Abstract/Poster presentation 1698, ID week, Oct. 21-25 2020. GSK 13#14Innovation: 2022-2024 key news flow Regulatory submissions or acceptances Regulatory approvals or other regulatory action Late-stage readouts 10 2022 (Achieved) Priorix MMR¹ (US) Vocabria/Rekambys - HIV (JP) Cervarix - human papillomavirus (CN²) Covifenz³ - COVID-19 vaccine (CA4) Menveo liquid (US) Boostrix (US) Benlysta - Lupus nephritis (CN) Juluca HIV (CN) Rotarix liquid (US) Vidprevtyn Beta COVID-19 vaccine (EU) Shingrix 18+ at increased risk of HZ6 (JP) - daprodustat ASCEND, anaemia of CKD7 (US, EU) momelotinib - MOMENTUM, myelofibrosis (US, EU) Vidprevtyn Beta COVID-19 vaccine (EU) SKYCovione COVID-19 vaccine (EU³) RSV older adults vaccine - ≥60 YoA⁹ (US, EU, JP) cabotegravir (long-acting) pre-exposure prophylaxis (EU, CN) Phase III RSV older adults vaccine - ≥60 YoA Vidprevtyn Beta5 - COVID-19 vaccine SKYCovione COVID-19 vaccine gepotidacin - EAGLE", UUTI¹² H1 H2 도 H1 H2 H1 도 H2 Jemperli¹³ RUBY", IL endometrial cancer Vocabria/Rekambys - SOLAR, HIV Phase II bepirovirsen - B-CLEAR, HBV14 Jemperli³ PERLA, NSCLC15 GSK3640254 - DOMINO and DYNAMIC, HIV20 2023 daprodustat - ASCEND, anaemia of CKD (US, EU) momelotinib - MOMENTUM, myelofibrosis (US) RSV older adult vaccine - ≥60 YoA (US) SKYCovione COVID-19 vaccine (EU³) Shingrix 18+ at increased risk of HZ (JP) RSV older adults vaccine - ≥60 YOA (EU, JP) cabotegravir (long-acting) pre-exposure prophylaxis (EU) Vocabria - HIV treatment (CN) Jemperli¹³ - RUBY11, 1L endometrial cancer (US) 22 Jemperli¹³ - RUBY", IL endometrial cancer (US, EU) mepolizumab- severe asthma (CN) gepotidacin - EAGLE", uUTI (US) mepolizumab - nasal polyposis (CN, JP) gepotidacin - EAGLE", uUTI (EU) MenABCWY vaccine (US) RSV older adults vaccine - 50-59 YoA (US, EU, JP) Blenrep - DREAMM-7, 2L+ MM 16 (US, EU) Blenrep - DREAMM-8, 2L+ MM (US, EU) Phase III MenABCWY vaccine Phase II bepirovirsen - B-TOGETHER, HBV Phase III gepotidacin - EAGLE, GC17 RSV older adults vaccine - 50-59 YoA Blenrep DREAMM-7, 2L+ MM Blenrep-DREAMM-8, 2L+ MM Zejula¹³ - FIRST, IL maintenance OC Phase II MenABCWY vaccine 2nd gen 2024 Jemperli¹³ - RUBY", IL endometrial cancer (EU) mepolizumab - severe asthma (CN) mepolizumab - nasal polyposis (JP) gepotidacin - EAGLE", uUTI (US, EU) Blenrep - DREAMM-7, 2L+ MM (US, EU) Blenrep - DREAMM-8, 2L+ MM (US, EU) momelotinib - MOMENTUM, myelofibrosis (EU) MenABCWY vaccine (US) RSV older adults vaccine - 50-59 YoA (US, EU, JP) mepolizumab - MATINEE, COPD 18 (US, EU, CN, JP) gepotidacin - EAGLE", uUTI (JP) gepotidacin - EAGLE, GC (US, EU) linerixibat - GLISTEN, cholestatic pruritus in PBC 19 (US, EU) Phase III mepolizumab - MATINEE, COPD linerixibat - GLISTEN, cholestatic pruritus in PBC Zejula13 - ZEAL, IL maintenance NSCLC cobolimab 13 - COSTAR, NSCLC Phase II Pneumococcal 24 valent (MAPS21) paediatric vaccine 1. Measles, mumps, and rubella 2. China 3. Partnered with Medicago, Inc. 4. Canada 5. Co-developed with Sanofi 6. Herpes Zoster 16. Multiple 7. Chronic Kidney disease 8. Received regulatory approval in South Korea 9. Years of age 10. Late-stage is defined as Phase IIb onwards 11. Interim analysis 12. Uncomplicated urinary tract infection (gepotidacin EAGLE-2 and -3) 13. Tesaro asset 14. Hepatitis B virus 15. Non-small cell lung cancer myeloma 17. Urogenital gonorrhoea (gepotidacin EAGLE-1) 18. Chronic obstructive pulmonary disease 19. Primary biliary cholangitis 20. Will not progress to Phase III 21. Multiple Antigen Presenting System 22. Subject to US FDA priority review GSK 14#15Performance: growth drivers Luke Miels, Chief Commercial Officer Deborah Waterhouse, CEO, ViiV Healthcare and President, Global Health GSK 15#16Performance: Full year 2022 sales £29.3bn, +13% Strong commercial execution across all product groups • ⚫ 10 products exceeded £1bn in sales 2021 sales 24,696 Specialty Medicines +15% CER • Specialty Medicines: strong demand for Benlysta, Nucala and new HIV products. Oncology +17% Vaccines +17% CER ⚫ Vaccines: Shingrix growth in all regions reflected post- pandemic rebound, new launches and strong commercial execution General Medicines: Strong Trelegy performance across all regions and antibiotic market recovery • Pandemic: Xevudy sales >£2bn Absolute values at AER; changes at CER, unless stated otherwise. GSK -1,082 -1,099 +13% CER General Medicines +1% CER 121 +19% AER Ex-pandemic +10% CER 26,998 Pandemic 914 2022 sales at 21 FX 27,912 Currency 1,412 2022 sales at 22 FX 29,324 Sales (£m) 16#17Performance: Vaccines +17%¹ Shingrix delivers record £3bn sales; meningitis exceeds £1bn ⚫ US: Higher retail and non-retail demand, strong commercial execution and favourable channel inventory movements ⚫ EU and International: Germany and China contributed strongly, both growing >100% New market launches: Nine launches in 2022. On track for >35 countries by 2024 Sales (£m) Shingrix sales by geography 3,500 3,000 2,500 2,000 1,500 1,000 500 ⚫ Sales ambition: Confident to double Shingrix sales by 20262 Absolute values at AER; changes at CER, unless stated otherwise. 1. Excluding pandemic adjuvant sales 2. Ambition uses 2020 as the base year GSK 0 2018 2019 2020 2021 2022 US Europe International 17#18Performance: ongoing evolution to Specialty Medicines and Vaccines Commercial excellence sharpened, with focus on newer, growing products Sales (£bn) Specialty Medicines and Vaccines Progress of priority growth drivers 20 2% 20 % 70% 12 42% 62% 18 58% 58% 55% 60% 10 16 50% 46% 14 50% 12 40% 30% Sales (£bn) 8 33% 28% 22% 6 0 20% 4 13% 4 7% 2 10% 2 0 0% 0 2017 2018 2019 2020 2021 2022 2017 2018 2019 2020 2021 2022 HIV Other Specialty Medicines Vaccines % GSK sales Shingrix Nucala Meningitis Benlysta Trelegy Oncology HIV 2DRs cabotegravir % GSK sales Absolute values at AER; 2017-20 figures assume GSK sales to be former GSK Group (pre-demerger) less Consumer Healthcare. 2021-22 figures prepared on a continuing operations basis; all figures exclude COVID-19 solutions. GSK 18#19GSK Sales (£m) Performance: 12% HIV growth in 2022 driven by innovation portfolio 1,000 Momentum building across portfolio Growth driven by Dovato and long-acting regimens . 48% 800 44% 41% 38% 34% 600 29% 27% 25% 400 200 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Apretude Juluca Dovato Rukobia Cabenuva Innovation as a % of total HIV sales . . Sales of £5.7bn in 2022 driven by two drug regimens and long-acting injectable portfolio Innovation sales of £2.5bn in 2022 - 43% of HIV portfolio Dovato sales of £1.4bn on track to become our #1 HIV product Cabenuva sales of £340m reflecting strong patient demand - now launched in all major markets Apretude sales of £41m - growing strongly in US SOLAR study and further pipeline data to be presented at CROI in February 19#20Performance: financial results lain Mackay, Chief Financial Officer GSK 20 20#21Performance: 2022 results and total to adjusted reconciliation Turnover Operating (£bn) profit (£bn) 2022 EPS (pence) 2021 EPS (pence) Key dynamics 371.4 109.6 Total results - Total Profit from discontinued operations (260.6) (26.7) Total results - Continuing 29.3 6.4 110.8 82.9 operations Intangible amortisation 0.7 14.6 15.2 Intangible impairment 0.3 5.8 6.6 Major restructuring 0.3 5.9 8.7 Profit from discontinued operations ⑦Gain on demerger (fair value less book value) ⑰ Gain on retained stake on demerger (fair value less book value) Transaction related ✓ ViiV contingent consideration liability movements (majority FX¹) Divestments, significant legal and other ↑ Upfront income from the settlement with Gilead ↑ Fair value mark to market gain on the retained stake in Haleon Transaction related 1.8 34.1 18.1 Divestments, significant (1.4) (31.5) (21.2) legal and other Turnover: £29.3bn², 19% at AER, +13% at CER (ex-pandemic³ +10% CER) Adj. OP4: £8.2bn², +26% at AER, +14% at CER (ex-pandemic³ +17% CER) Adj. EPS: 139.7p², +27% at AER, +15% at CER (ex-pandemic³ +18% CER) Adjusted results 29.3 8.2 139.7 110.3 Table may not sum due to rounding. See page 18 of GSK's fourth quarter 2022 earnings release for a full reconciliation. 1. Foreign exchange 2. Continuing results represents performance excluding discontinued operations 3. excluding COVID-19 solutions 4. Operating profit GSK 21#22Performance: 2022 adj. operating margin Improvement to 27.8% 2021 margin COGS +18% CER 1.3% SG&A +15% CER 0.5% R&D +6% CER 1.1% Royalties +81% CER 2022 margin at 21 FX Currency 2022 margin at 22 FX GSK 26.3% 1.0% +0.3% Key dynamics ↑ Sales: growth across all product groups ⑨ COGS: increasing Specialty Medicines and Vaccines mix (62% vs 58%¹) ↑ SG&A: continued restructuring benefits and tight cost control ↑ R&D: completion of several late-stage clinical development programmes in 2021 ↑ Royalties: Biktarvy and higher Gardasil 26.6% + ↓ COGS: pandemic sales mix; increased supply chain costs 1.2% 27.8% ④ SG&A: increased launch investment in Specialty Medicines and Shingrix ↓ R&D: increased Vaccines clinical development investment, including mRNA, MAPS²; late-stage Specialty Medicines; early-stage programmes 1. Excluding COVID-19 solutions 2. Multiple Antigen Presenting System 22 22#23Performance: 2022 adj. operating profit to adj. profit attributable to shareholders' 2021 2022 £m £m Operating profit 6,493 8,151 Net finance expense (752) (791) Key commentary +26% at AER, +14% at CER (ex- pandemic² +17% at CER) Sterling Notes repurchase in November Share of associates 33 (2) Ταχ (918) (1,138) Tax rate 15.9% 15.5% Non-controlling interests (441) (595) Reflects timing of settlements with various tax authorities Increased allocation of ViiV profits Profit attributable to shareholders 4,415 5,625 +27% at AER, +15% at CER 1. GSK continuing operations only and Adjusted results 2. Excluding COVID-19 solutions GSK 23#24Performance: 2022 free cash flow of £3.3bn¹ 2022 cash generated from operations of £7.9bn¹ Key dynamics Higher cash generated from operations, including: ↑ ↑ ↑ - Increased adj. operating profit - Upfront income from Gilead Science, Inc. settlement Favourable foreign exchange ↓ ↓ 2021 free cash flow 3,301 Higher CGFO² Higher taxation paid - Favourable timing of collections - Unfavourable timing of profit share payments for Xevudy sales Higher net Capex³ - Increased cash contributions to UK defined benefit pension schemes - Increased contingent consideration payments Higher increase in inventory Higher taxation payments ⇓ Lower disposal proceeds Other4 275 2022 free cash flow 3,348 1. GSK continuing operations only 2. Cash generated from operations, including changes in working capital, Significant Legal payments and operating contingent consideration liability 3. Net Capex includes purchases less disposals of property, plant and equipment and intangibles 4. Other includes net interest paid, income from associates and JVs and dividends to Non-Controlling Interests GSK 695 3 35 338 All figures in chart in £m 24 24#25Performance: 2023 guidance builds on 2022's step change in delivery Remain firmly on track to deliver on 2026 outlooks 2022 performance (ex-pandemic¹) Sales¹ 10% growth Guidance: between 8 to 10% growth Adj. operating profit¹ 17% growth Guidance: between 15 to 17% growth Adj. earnings per share¹ 18% growth Guidance: growth around 1% below adj. operating profit COVID-19 solutions £2.4bn sales reduced overall adj. operating profit growth by around 3 percentage points Guidance: reduce overall adj. operating profit growth by around 4 percentage points 2023 guidance (ex-pandemic¹) Sales¹ Between 6% to 8% growth Adj. operating profit¹ Between 10% to 12% growth Adj. earnings per share¹ Between 12% to 15% growth COVID-19 solutions Not anticipating significant sales Expect this to reduce GSK sales growth by approximately 9% and reduce adj. operating profit growth by 6% to 7% Dividend: 56.5p per share; aligned to progressive dividend policy 1. Excluding COVID-19 solutions and at CER. Please also refer to page 2 of the fourth quarter 2022 results announcement. All outlooks, targets, ambitions and expectations regarding future performance and the dividend should be read together with the "Guidance, assumptions and cautionary statements" on pages 68 and 69 of our fourth quarter 2022 earnings release. See Appendix slide 35 for continuing operations basis of guidance. GSK 25 25#26Trust: delivering health impact sustainably Emma Walmsley, Chief Executive Officer GSK 26#27Purpose: to get ahead of disease together For health impact, shareholder returns and thriving people Six priority areas of responsible business Access Environment Global health and health security Diversity, equity and inclusion Product governance Ethical standards To impact the health of >2.5 billion people over the next 10 years #1 position in the Access to Medicines Index for 8th consecutive year and a leading approach in AMR¹ £100m investment to support health system strengthening in lower income countries and £1bn investment in global health R&D Presented positive Phase Ila study results for a new first-in- class candidate medicine for patients with tuberculosis Launched Sustainable Procurement Programme for suppliers to support climate and nature targets GSK 1. Antimicrobial resistance 27 27#28A focused global biopharma company with bold ambitions GSK Strategy focused on the prevention and treatment of disease World leader in infectious disease based on science of the immune system Highly attractive medium-term' target for sales and adjusted operating profit CAGR² Confident in ability to sustain growth through the decade and beyond 1. Medium-term is 2021-2026, excluding COVID-19 solutions 2. At constant exchange rates (CER) GSK 28#29GSK Q&A 29#30Appendix GSK 30#31Innovation: 69 potential new vaccines and medicines Phase I 2904545* (recombinant protein) + C. difficile 4429016* (bioconjugated, recombinant protein) K. pneumoniae 3993129 (recombinant subunit) CMV1.7 4382276* (mRNA) flu 4396687* (mRNA) COVID-19 4077164* (bivalent GMMA8) INTS9 (Typhimurium + Enteritidis)** 3943104* (recombinant protein)' Therapeutic HSV10 4348413 (GMMA8) Gonorrhea¹ 3536867* (bivalent conjugate) Salmonella (Typhoid + Paratyphoid A) 2556286* (Mtb inhibitor) tuberculosis 3186899* (CRK-12 inhibitor) visceral leishmaniasis² 3494245* (proteasome inhibitor) visceral leishmaniasis 3772701 (P falciparum whole cell inhibitor) malaria 3882347* (FimH antagonist) uUTI11 3923868 (P14kẞ inhibitor) viral COPD 12 exacerbations 4182137* (VIR-7832 monoclonal antibody) COVID-191 3965193 (PAPD5/7 inhibitor) HBV13 5251738 (TLR8 agonist) HBV13 3739937 (maturation inhibitor) HIV cabotegravir (400 mg/ml formulation) HIV Phase II 3437949* (recombinant protein) 'Malaria fractional dose 4406371 (live, attenuated) MMRV15 new strain 4069327* (bioconjugated, tetravalent) Shigella** 3528869* (viral vector with recombinant protein) Therapeutic HBV1,13 4023393 (conjugated, recombinant protein) MenABCWY 2nd gen 1 4178116 (live, attenuated) Varicella new strain 5101955 (MAPS 16) Pneumococcal 24-Valent - Paediatric 5101956 (MAPS 16) Pneumococcal 24-Valent - Adults 4106647* (protein-adiuvant) + HPV1.17 3036656* (leucyl t-RNA inhibitor) tuberculosis sanfetrinem cilexetil* (serine beta lactamase inhibitor) tuberculosis BVL-GSK098* (ethionamide booster) tuberculosis VIR-2482* (neutralizing monoclonal antibody)^ influenza 3640254 (maturation inhibitor) HIV 3810109* (broadly neutralizing antibody) HIV 4428859* (anti-TIGIT) cancer Benlysta (anti-BLYS) Systemic sclerosis associated interstitial lung disease5 4532990 (HSD17B13 siRNA 18) non-alcoholic steatohepatitis³ Phase III/Registration Bexsero infants US (recombinant protein) MenB19 SKYCovione (SK Bioscience)* COVID-19++ 3536819 (conjugated, recombinant protein) MenABCWY 1st gen 3844766* (recombinant protein) RSV 20 older adults gepotidacin (BTI inhibitor) uUTI11 and GC21 bepirovirsen (HBV13 ASO22) HBV tebipenem pivoxil* (antibacterial carbapenem) CUT15,23 Xevudy* (sotrovimab/VIR-7831 monoclonal antibody) COVID-19 Blenrep (anti-BCMA ADC14) multiple myeloma Jemperli (anti-PD-1) 1L endometrial cancer** Zejula (PARP inhibitor) ovarian, lung and breast cancer momelotinib* (JAK1, JAK2 and ACVR1 inhibitor) myelofibrosis cobolimab (anti-TIM-3) NSCLC24 latozinemab* (AL001, anti-sortilin) frontotemporal dementia*** depemokimab (LA 25 anti- IL5) asthma** Nucala (anti-IL 5) COPD12 daprodustat (HIF-PHI) anaemia of chronic kidney disease linerixibat (IBAT inhibitor) cholestatic pruritus in primary biliary cholangitis Infectious Diseases HIV (VIIV) Oncology Immunology/Respiratory Opportunity Driven Note: Only the most advanced indications are shown for each asset. 4004280 (capsid protein inhibitor) HIV 4011499 (capsid protein inhibitor) HIV 4524184* (integrase inhibitor) HIV 3745417 (STING agonist) cancer 4074386* (anti-LAG3) cancer 6097608* (anti-CD96) cancer 4381562* (anti-PVRIG) cancer XMT-2056*6 (STING agonist ADC14) cancer (wholly owned by Mersana Therapeutics) 4527226* (AL101, anti-sortilin) neurodegenerative diseases 3858279* (anti-CCL17) osteoarthritis pain 1070806 (anti-IL18) atopic dermatitis 3888130* (anti-IL7) multiple sclerosis 4172239* (DNMT1 inhibitor) - sickle cell disease³ *In-license or other alliance relationship with third party **Additional indications or candidates also under investigation ++ GSK contributing pandemic adjuvant ^ GSK has exclusive option to co-develop post Phase II 1. In Phase I/II study + adjuvanted 2. Transition activities underway to enable further progression by partner 3. Imminent study start 4. Phase III trial in patients with progranulin gene mutation 5. Phase II/III study start expected in 2023 6. GSK has an exclusive global license option to co-develop and commercialise the candidate 7. Cytomegalovirus 8. Generalized Modules for Membrane Antigens 9. Invasive non-typhoidal salmonella 10. Herpes simplex virus 11. Uncomplicated urinary tract infection 12. Chronic obstructive pulmonary disease 13. Hepatitis B virus 14. Antibody drug conjugate 15. Measles, mumps, rubella & varicella 16. Multiple Antigen Presenting System 17. Human papillomavirus 18. Small interfering RNA 19. Meningitis B 20. Respiratory syncytial virus 21. Urogenital gonorrhoea 22. Antisense oligonucleotide 23. Complicated urinary tract infection 24. Non-small cell lung cancer 25. Long-acting GSK 31#32Innovation: 2022-2024 key news flow Regulatory submissions or acceptances Regulatory approvals or other regulatory action Late-stage readouts 10 2022 (Achieved) Priorix MMR¹ (US) Vocabria/Rekambys - HIV (JP) Cervarix - human papillomavirus (CN²) Covifenz³ - COVID-19 vaccine (CA4) Menveo liquid (US) Boostrix (US) Benlysta - Lupus nephritis (CN) Juluca HIV (CN) Rotarix liquid (US) Vidprevtyn Beta COVID-19 vaccine (EU) Shingrix 18+ at increased risk of HZ6 (JP) - daprodustat ASCEND, anaemia of CKD7 (US, EU) momelotinib - MOMENTUM, myelofibrosis (US, EU) Vidprevtyn Beta COVID-19 vaccine (EU) SKYCovione COVID-19 vaccine (EU³) RSV older adults vaccine - ≥60 YoA⁹ (US, EU, JP) cabotegravir (long-acting) pre-exposure prophylaxis (EU, CN) Phase III RSV older adults vaccine - ≥60 YoA Vidprevtyn Beta5 - COVID-19 vaccine SKYCovione COVID-19 vaccine gepotidacin - EAGLE", UUTI¹² H1 H2 도 H1 H2 H1 도 H2 Jemperli¹³ RUBY", IL endometrial cancer Vocabria/Rekambys - SOLAR, HIV Phase II bepirovirsen - B-CLEAR, HBV14 Jemperli³ PERLA, NSCLC15 GSK3640254 - DOMINO and DYNAMIC, HIV20 1. Measles, mumps, and rubella 2. China 3. Partnered with Medicago, Inc. 4. Canada 2023 daprodustat - ASCEND, anaemia of CKD (US, EU) momelotinib - MOMENTUM, myelofibrosis (US) RSV older adult vaccine - ≥60 YoA (US) SKYCovione COVID-19 vaccine (EU³) Shingrix 18+ at increased risk of HZ (JP) RSV older adults vaccine - ≥60 YOA (EU, JP) cabotegravir (long-acting) pre-exposure prophylaxis (EU) Vocabria - HIV treatment (CN) Jemperli¹³ - RUBY11, 1L endometrial cancer (US) 22 Jemperli¹³ - RUBY", IL endometrial cancer (US, EU) mepolizumab- severe asthma (CN) gepotidacin - EAGLE", uUTI (US) mepolizumab - nasal polyposis (CN, JP) gepotidacin - EAGLE", uUTI (EU) MenABCWY vaccine (US) RSV older adults vaccine - 50-59 YoA (US, EU, JP) Blenrep - DREAMM-7, 2L+ MM 16 (US, EU) Blenrep - DREAMM-8, 2L+ MM (US, EU) Phase III MenABCWY vaccine Phase II bepirovirsen - B-TOGETHER, HBV Phase III gepotidacin - EAGLE, GC17 RSV older adults vaccine - 50-59 YoA Blenrep DREAMM-7, 2L+ MM Blenrep-DREAMM-8, 2L+ MM Zejula¹³ - FIRST, IL maintenance OC Phase II MenABCWY vaccine 2nd gen 5. Co-developed with Sanofi 6. Herpes Zoster 2024 Jemperli¹³ - RUBY", IL endometrial cancer (EU) mepolizumab - severe asthma (CN) mepolizumab - nasal polyposis (JP) gepotidacin - EAGLE", uUTI (US, EU) Blenrep - DREAMM-7, 2L+ MM (US, EU) Blenrep - DREAMM-8, 2L+ MM (US, EU) momelotinib - MOMENTUM, myelofibrosis (EU) MenABCWY vaccine (US) RSV older adults vaccine - 50-59 YoA (US, EU, JP) mepolizumab - MATINEE, COPD 18 (US, EU, CN, JP) gepotidacin - EAGLE", uUTI (JP) gepotidacin - EAGLE, GC (US, EU) linerixibat - GLISTEN, cholestatic pruritus in PBC 19 (US, EU) Phase III mepolizumab - MATINEE, COPD linerixibat - GLISTEN, cholestatic pruritus in PBC Zejula13 - ZEAL, IL maintenance NSCLC cobolimab 13 - COSTAR, NSCLC Phase II Pneumococcal 24 valent (MAPS21) paediatric vaccine 7. Chronic Kidney disease 8. Received regulatory approval in South Korea 9. Years of age 10. Late-stage is defined as Phase IIb onwards 11. Interim analysis 12. Uncomplicated urinary tract infection (gepotidacin EAGLE-2 and -3) 13. Tesaro asset 14. Hepatitis B virus 15. Non-small cell lung cancer 16. Multiple myeloma 17. Urogenital gonorrhoea (gepotidacin EAGLE-1) 18. Chronic obstructive pulmonary disease 19. Primary biliary cholangitis 20. Will not progress to Phase III 21. Multiple Antigen Presenting System 22. Subject to US FDA priority review GSK 32#33Innovation: R&D pipeline changes since last quarter Phase I +4348413 (GMMA) Gonorrhea +5251738 (TLR8 agonist) HBV +4524184 (integrase inhibitor) HIV +4172239 (DNMTI inhibitor) sickle cell disease +3536867 (bivalent conjugate) Salmonella (Typhoid + Paratyphoid A) +XMT-2056 (STING agonist ADC) cancer (wholly owned by Mersana Therapeutics) 3915393 (TG2 inhibitor) celiac disease* ** Phase II 4406371 (live, attenuated) MMRVns 4106647 (protein-adjuvant) HPV BVL-GSK098 (ethionamide booster) tuberculosis VIR-2482 (neutralizing monoclonal antibody) influenza + Benlysta (anti-BLYS) Systemic sclerosis associated interstitial lung disease 3878858 (bioconjugated, recombinant protein) S. aureus Phase III + tebipenem pivoxil (antibacterial carbapenem) CUTI bepirovirsen (HBV ASO) HBV Registration 4353001 (Sanofi) COVID-19 Rotarix liquid US (live attenuated, PCV free) rotavirus Covifenz (Medicago) COVID-19*** Key + Addition to pipeline Deletion from pipeline due to approval or termination Progressed to new phase GSK * GSK has an exclusive global license option to co-develop and commercialize the candidate **Asset returned to Research, termination for indication only 33 33#34Performance: 2023 full year outlook considerations to support modelling Specialty Medicines turnover Increase mid to high single-digit % for Specialty Medicines, excluding Xevudy sales HIV to increase mid single-digit % Oncology to decrease mid-teens %, before returning to growth in 2024 Turnover to adj. operating profit items COGS: to increase at a rate slightly below turnover SG&A: to increase at a rate broadly aligned to turnover R&D: to increase at a rate slightly below turnover Royalties: around £800m GSK adj. operating profit is expected to increase between 10% and 12% The above items exclude the impact of COVID-19 solutions Vaccines turnover Increase mid-teens %, excluding pandemic adjuvant sales Shingrix to deliver another record year for sales with double-digit % growth Flu to decrease low single-digit % Meningitis to increase mid-teens % Established Vaccines to increase low single-digit % Adj. operating profit to adj. EPS items Interest: between £750m to £800m Share of associates: negligible Tax rate: around 15% Non-controlling interest: ViiV is main ongoing NCI, with Q1 2022 'Other' NCI not repeating GSK adj. EPS is expected to increase between 12% and 15% General Medicines turnover Slight decrease COVID-19 solutions Not anticipating significant sales Expect this to reduce GSK turnover growth by approximately 9% and reduce adj. operating profit growth by 6% to 7% Dividend Expect 56.5p per share All turnover and growth comments at CER. Adj. is abbreviation for Adjusted. All expectations and targets regarding future performance and the dividend should be read together with the "Guidance, assumptions and cautionary statements" on pages 68 to 69 of our fourth quarter 2022 earnings release, page 2 of our fourth quarter earnings release and the cautionary statement slide included with this presentation. Tax rate expectation is based on enacted legislation and is reflective of the anticipated performance of the business and key assets. The tax rate could fluctuate in individual years due to the timings of settlements of open years with tax authorities, as we continuously bring our tax affairs up to date. Interest expectation assumes no significant adverse movements in interest rates. GSK 34#35Performance: continuing operations basis for guidance Historical financials, adjusted results 2021 2022 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Including COVID-19 solutions Sales (£m) 5,155 5,838 6,627 7,076 24,696 7,190 6,929 7,829 7,376 29,324 Operating profit (£m) 1,325 1,641 2,209 1,318 6,493 1,943 2,008 2,605 1,595 8,151 Earnings per share (pence) post- 21.1 28.2 37.4 23.6 110.3 32.3 34.7 46.9 25.8 139.7 share consolidation COVID-19 solutions impact Sales 276 209 920 1,405 1,307 466 417 183 2,373 Operating profit (12) 233 97 214 532 194 58 141 69 462 Earnings per share (pence) post- share consolidation (0.2) 4.8 1.9 4.7 11.2 4.1 1.2 2.9 1.5 9.7 GSK 35#36Performance: currency 2022 currency sales exposure¹ US $ Euro € 48% 17% Japanese \ 7% Other² 28% 2023 adj. operating profit US $: 10 cents movement in the average exchange rate for full year impacts adj. operating profit by approx. +/- 8.0% Euro €: 10 cents movement in the average exchange rate for full year impacts adj. operating profit by approx. +/- 0.5% Japanese ¥: 10 Yen movement in the average exchange rate for full year impacts adj. operating profit by approx. +/- 1.0% 1. Based on 2022 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 Indian Rupee. In total, they accounted for 9% of GSK revenues in 2022. If exchange rates were to hold at the closing rates on 27 January 2023 ($1.24/£1, €1.14/£1 and Yen 161/£1) for the rest of 2023, the estimated impact on 2023 Sterling turnover growth for GSK would be stable and if exchange gains or losses were recognised at the same level as in 2022, the estimated impact on 2023 Sterling Adjusted Operating Profit growth for GSK would also be stable. GSK 36#37GSK gsk.com