#1GSK Investor Presentation November 2020 Can gsk do more feel better live longer Dave Oncology Scientist Philadelphia, USA#2Cautionary statement regarding forward-looking statements gsk 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 FY 2019 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 third quarter 2020 earnings release and Annual Report on Form 20-F for FY 2019. All expectations and targets regarding future performance and the dividend should be read together with "Assumptions related to 2020 guidance and 2016-2020 outlook" on page 63 of our third quarter 2020 earnings release. 2#3About us gsk We are a science-led global healthcare company with a special purpose: to help people do more, feel better, live longer. We have 3 global businesses that research, develop and manufacture innovative pharmaceutical medicines, vaccines and consumer healthcare products. Our goal is to be one of the world's most innovative, best performing and trusted healthcare companies. Our values and expectations are at the heart of everything we do and help define our culture - so that together we can deliver extraordinary things for our patients and consumers and make GSK a brilliant place to work. Our values are Patient focus, Transparency, Respect, Integrity. Our expectations are Courage, Accountability, Development, Teamwork. 3#43 long-term priorities Innovation Performance Trust gsk We invest in scientific and technical excellence to develop and launch a pipeline of new products that meet the needs of patients, payers and consumers. We aim to achieve industry- leading growth by investing effectively in our business, developing our people and delivering flawlessly. We commit to use our science and technology to address health needs, make our products affordable and available and to be a modern employer. Culture 4#5Sales, earnings and cash flow growth in 2019 Group: revenue breakdown 2019 Business Units Vaccines (+19%) £7.2bn (21%) Group £33.8bn (+4%) £17.6bn (52%) Pharma (flat) Total Group operating margin 20.6% Total EPS 93.3p +23% Adjusted Group operating margin 26.6% -1.8%pts Adjusted EPS 123.9p +1% Consumer (+2%) flat £9.0bn (27%) Free cash flow £5.1bn 2019 dividend 80p 2017: £5.7bn Source: GSK Full year 2019 results release - February 2020 All growths at constant exchange rates (CER). Group and Consumer growth rates are proforma. Breakdown percentages are approximate gsk 5#6Maintaining momentum; delivering long term priorities While bringing solutions to COVID-19 2020 focus gsk Innovation ✓ - Performance ✓ Trust - – Progress pipeline Drive operating performance - Successful integration Prepare for 2 new companies New GSK: a leading biopharma company with R&D focused on science of the immune system, genetics and advanced technologies New leading Consumer Healthcare company with category leading power brands and science and consumer insights 6#7Preparing for 2 new companies gsk Investment in R&D and future growth drivers 2-year separation programme New GSK New CH Common approach to R&D and capital allocation Capabilities and efficiencies in support functions Optimise supply chain and portfolio. Divestments Build key technology infrastructure and corporate functions New GSK: a leading biopharma company with R&D focused on science of the immune system, genetics and advanced technologies CH JV integration, synergy delivery and investment in growth drivers New leading Consumer Healthcare company with category leading power brands and innovation based on science and consumer insights 7#8Progress on portfolio of COVID-19 solutions 3 vaccine approaches in the clinic SANOFI medicago Clover Biopharmaceuticals Sanofi's recombinant protein-based antigen + GSK's AS03 adjuvant FTIH studies initiated September 2020 – Data expected by year end 2020; pivotal study start anticipated by year end - Medicago's recombinant Coronavirus Virus-Like Particles (COVLP) + GSK's AS03 adjuvant FTIH studies initiated July 2020 Data expected to be published shortly; pivotal study start anticipated by year end Clover's COVID-19 S-Trimer vaccine (SCB 2019) + GSK's AS03 adjuvant - FTIH studies initiated June 2020 Data expected to be published shortly; pivotal study start anticipated by year end 2 therapeutics in pivotal studies - gsk Vir7831: neutralizing human monoclonal antibody, specifically engineered for SARS-COV-2 Potential to be best-in-class: designed for maximum bioavailability in the lung; long half-life following single infusion; optimal binding to virus even if it subsequently mutates - COMET-ICE pivotal study ongoing with initial data possible by end 2020 - otilimab: aGM-CSF antibody, targeting a cytokine found in high levels in COVID patients - For treatment of severe pulmonary COVID-19 related disease - OSCAR study ongoing, with data expected 1H 2021 - Also in Phase 3 studies for rheumatoid arthritis 8#9Vir collaboration: potential best-in-class antibody for COVID-19 Differentiated antibody approach ■ Vir-7831 potently neutralises SARS-CoV-2 High barrier of resistance1 due to unique binding properties and a highly conserved epitope Highly potent allowing for a lower dose and has the ability to recruit other immune cells to kill already infected cells 2,3 Has a "LS mutation"5 DYING PNEUMOCYTES VIR-7831 UNFECTED PHEROCYTES Neutralizes virus 1. 2. Kills infected cells 3. Has a high barrier to resistance which extends the antibody half life and increases the amount of the drug in the lung COMET-ICE study ongoing in patients at high risk of hospitalisation; preliminary data expected by end 2020 Significant unmet need ■ Clear need for therapeutics despite active vaccine development programmes Significant demand for COVID-19 mAbs gsk ■ Around 5% of infections are thought to require hospitalisation, based on data to date Additional opportunities planned ■ Phase 3 study in hospitalised patients with severe COVID-19 ■ Phase 3 study for prevention of symptomatic infection ■ Vir-7832 Phase 2 study 1. Adapted from Pinto et al. Nature (published online May 18, 2020). https://doi.org/10.1038/s41586-020-2349-y 2. Piccoli et al, Cell (published online September 16, 2020). https://doi.org/10.1016/j.cell.2020.09.037 3. Schafer et al, BioRxib (published on line September 15, 2020). https://doi.org/10.1101/2020.09.15.298067 4. Vir Investor Presentation https://investors.vir.bio/static-files/a14f9b2a-d9aa-4793-aa41-b2eee1fb33e7 5. Ko et al. Nature 2014;514(7524):642-5 9#10Trust gsk#11Our Trust priority gsk Trust We commit to use our science and technology to address health needs, make our products affordable and available and to be a modern employer. Trust is one of our three long-term priorities and is essential to how we deliver our purpose and strategy. Society has high expectations presenting both challenges and opportunities, and we must be able to effectively respond to remain commercially successful, uphold our reputation and build trust. Our Trust commitment describe the actions we will take to help deliver societal value and build trust. Progress on these commitments are presented in our annual report. 11#12Our Trust commitments Innovation By using our science and technology to address health needs Performance By making our products affordable and available Trust By being a modern employer New medical innovations Develop differentiated, high-quality and needed medicines, vaccines and consumer healthcare products to improve health Global health Improve global health impact through R&D for infectious diseases that affect children and adolescents in developing countries focusing on HIV, malaria and TB Health security Help the world to better prepare for future disease outbreaks with pandemic potential, and tackle antimicrobial resistance Being a responsible business Reliable supply Commit to quality, safety and reliable supply of our products for patients and consumers Pricing Improve the health of millions of people each year by making our products available at responsible prices that are sustainable for our business Product reach Use access strategies to reach 800 million underserved people in developing countries with our products by 2025 Healthcare access Partner to improve disease prevention, awareness and access to healthcare services for 12 million people by 2025 Ethics and values Operate an ethical, values-driven culture, in which any issues are responded to swiftly and transparently Engaged people Achieve and maintain a competitive employee engagement score by 2022 Inclusion and diversity Accelerate our progress on inclusion and diversity, aiming for over 37% female representation in senior roles and recognition in global LGBT+ indices, by 2022 Health, wellbeing and development Be a leading company in how we support employee health, wellbeing and personal development Data and engagement Use data responsibly and transparently. Improve patient and scientific engagement Environment* Reduce our environmental impact by one quarter by 2030 We have announced new environmental sustainability goals - see next slide. We will report against these new targets from 2021 gsk 12#13New environmental targets announced November 2020 gsk Climate action Net zero impact on climate by 2030 Biopharma • Net zero emissions across all operations by 2030 (scope 1 and 2) 100% renewable electricity by 2025 (scope 2) . • Net zero emissions across our full value chain by 2030 (scope 3) • • Consumer Healthcare Net zero emissions across all operations by 2030 (scope 1 and 2) 100% renewable electricity by 2025 (scope 2) Net zero emissions for select brands/formats by 2030 (scope 3) Nature Action Positive impact on nature by 2030 Biopharma 100% sites to achieve good water stewardship by 2025 and reduce overall water use by 20% by 2030 • Water neutral in operations and key suppliers in water stressed regions by 2030 • • Zero impact active pharmaceutical ingredient levels() for all sites and key suppliers by 2030 Zero operational waste, including eliminating single use plastics (2), by 2030 25% environmental impact reduction for our products and packaging by 2030 10% waste reduction from supply chain by 2030 • Positive impact on biodiversity at all sites (3) by 2030 • 100% materials sustainably sourced and deforestation free by 2030 Accredited 1.5 C SBTI reduction target; RE100 and EV100 accreditation . Consumer Healthcare 100% sites to achieve good water stewardship by 2025 and reduce overall water use by 20% by 2030 Reduce water use in high water stressed locations by 30% by 2030 90% operational waste reused, recycled, downcycled or incinerated with heat recovery by 2030 100% product packaging recyclable or reusable, including eliminating all problematic and unnecessary plastics, where quality and safety permits by 2025(4) • 100% materials sustainably sourced and deforestation free by 2030 (1) Below the predicted no-effect level (2) Where regulatory obligations allow, and excluding plastics which are critical to product discovery and development and health & safety (3) GSK-owned sites (4) Where quality and safety permit and subject to regulatory compliance Aiming for SBTN accreditation once methodology published 13#14Benchmarking and recognition 1st in Access to Medicines Index (6th consecutive time at no.1) Lead the ATMI Antimicrobial Resistance Benchmark 84% employee engagement score in our employee survey Named as a Stonewall Top Global employer for LGBT+ inclusion 2nd in Dow Jones Sustainability Index (Pharma sector) Member of FTSE4Good Index since 2004 1st in Transparency Internationals UK's Corporate Political Engagement Index Accredited by the Science Based Targets Initiative; named a CDP Supplier Engagement Leader gsk Trust resources Annual Report 2019 ESG Performance Summary 2019 Our Contribution to the SDGS GSK.com Responsibility section https://www.gsk.com/media/5894/annual-report.pdf https://www.gsk.com/media/5886/esg-performance-summary-2019.pdf www.gsk.com/media/5326/our-contribution-to-the-sdgs.pdf www.gsk.com/en-gb/responsibility/ 14#15Deep dive: Using our science and technology for global health gsk We aim to improve global health impact through R&D for infectious diseases that affect children and young people in developing countries focusing on HIV, malaria and TB HIV FDA has approved paediatric dolutegravir, and we have filed an EU regulatory submission in partnership with the International Maternal Paediatric Adolescent AIDS Clinical Trials Network and the Paediatric European Network for Treatment of AIDS. Malaria Krintafel/Kozenis (tafenoquine), our single dose radical cure treatment for P. vivax malaria, developed in partnership with the Medicines for Malaria Venture, has been approved by the US FDA, the Australian TGA and in malaria endemic countries Brazil and Thailand. Our RTS,S vaccine aims to protect children from P. falciparum malaria. A pilot vaccine implementation programme coordinated by the WHO has launched in selected areas of Malawi, Ghana and Kenya. At least 360,000 children per year for five years will receive the vaccine. TB Released positive final phase II results for our candidate TB vaccine and built a collaboration with the Bill & Melinda Gates Medical Research Institute for the continued development of the asset for developing countries 15#16Pharmaceuticals Our Pharmaceuticals business has a broad portfolio of innovative and established medicines with commercial leadership in respiratory and HIV. Our R&D approach focuses on science related to the immune system, use of genetics and advanced technologies. £17.6bn, flat CER Sales turnover 2019 Key Products Tivicay/Triumeq/2DRS* HIV Trelegy Nucala Zejula Benlysta COPD Severe Asthma Oncology Immuno-inflammation * 2DR = 2 drug dolutegravir-based regimens such as Dovato and Juluca Immune system T-cells attacking a cancer cell#17Pharmaceuticals: revenue breakdown 2019 Revenues of £17.6bn (+0% CER) Therapy Areas Regions Respiratory (+15%) £3.1bn (18%) £8.8bn (50%) Established Pharmaceuticals (-8%) £4.1bn (23%) US (-4%) £7.4bn £4.9bn HIV (+1%) (28%) (42%) Immuno-inflammation (+25%) Oncology (-) Source: GSK Full year 2019 results release - February 2020 All growths at constant exchange rates (CER). Breakdown percentages are approximate £6.0bn (34%) gsk Europe (+2%) International (+4%) 17#18Increasing focus and prioritisation to support future growth Focus resources on key products Investing in priority markets Trelegy Nucala HIV Zejula Shingrix Bexsero gsk US China Building our capability in Specialty New talent with Specialty experience Co-location of development and commercial in Oncology Tesaro transaction Changes to our policy for working with healthcare professionals 18#19Respiratory gsk#20The changing shape of the respiratory portfolio New portfolio offsetting decline in Advair/Seretide gsk 5,741 6,510 6,991 6,928 6,981 5,227 100% 6% 5% 8% 11% 13% Nucala 15% 23% 32% 30% 33% 28% 39% Ellipta portfolio 23% 16% 7% 32% 25% 7% Advair US 22% 18% 19% 16% Seretide RoW 30% 30% 28% 27% 31% 25% Other 2015 2016 2017 2018 2019 2020 YTD Growth -7% +2% +3% +1% -1% +3% CER Source: GSK results releases 20 20#21Respiratory: revenue breakdown 2019 Revenues of £3.1bn (+15% CER) Products Nucala (+33%) £0.8bn (25%) Regions gsk Europe (+29%) £2.3bn (75%) Ellipta portfolio (+10%) Source: GSK Full year 2019 results release - February 2020 All growths at constant exchange rates (CER). Breakdown percentages are approximate US (+6%) £1.7bn (57%) £0.8bn (25%) £0.6bn (18%) International (+31%) 21 21#22Nucala: market leadership with upside opportunity Leading in eosinophilic indications ■ £251m in Q3, +29% CER; remains the IL-5 market leader globally ■ Growth opportunity: 12-24m with SEA¹ globally but majority undertreated ~420k patients in US; only 27% currently receive a biologic Rapid indication expansion: Paediatric patients First biologic with auto-injector for at home use First biologic approved for EGPA² and HES³ First anti IL-5 with positive Ph3 data in NP4 Phase 3 study in COPD ongoing Delivers proven efficacy by precisely targeting IL-5 to reduce eosinophils to normal levels Global leader in IL-5 market share Moving Quarterly Total (MQT) Market Share* GSK - Nucala Competitor X gsk 72% 64% 62% 59% 56% 57% 44% 43% 41% 38% 36% 28% 1. Severe Eosinophilic Asthma 2. Eosinophilic granulomatosis with polyangiitis 3. Hypereosinophilic syndrome 4. Nasal Polyps US Germany France Italy Spain Japan * Market share data sources: US (IQVIA DDD+ and Xponent data), Germany ("Sell Out Units ZE" from German PADDS- Pharmascope and "Zaehleinheit" from German PADDS-DKM dataset), France (IQVIA & GERS), Italy (IQVIA Volume Data), Spain (Atrys Health Severe Asthma - Biologic Market), Japan (IQVIA PEQ Data) 242#23Trelegy: growing the market with leading performance gsk Strong performance with room to grow £194m in Q3, +45% ■ Substantial COPD growth opportunity ■ Launched in 43 markets including China and Japan Market leading in US and other major markets US triple therapy market share ■ <25% maintenance patients on triple therapy today 50% 40% 30% 20% 10% 0% Further growth & differentiation opportunity in asthma 5.8m US adult asthma patients on ICS/LABA-30% uncontrolled O US approval received September 2020 O Only once-daily triple approved for asthma in US; filed in EU and Japan 1 Lancet 2016 2. Source: IQVIA APLD; w/e Sep 18th, 2020 Jan-19 Mar-19 May-19 Trelegy Symbicort Trelegy Share of Triple Therapy Patients² Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Symbicort Gx + Spiriva Advair + Advair Gx + Spiriva 3. Treated with Maintenance: IQVIA Claims Data; Jan - Dec 2019; Patients on Triple Therapy and % Patients on Trelegy: Sourced from IQVIA Claims Data; Aug 2020 Unmet need remains 6.4m COPD patients on maintenance in the US 1.7m treated with triple therapy 714k treated with Trelegy Substantial room to grow the class with <27% of maintenance on a triple and only 42% of those on a triple taking Trelegy³ 23#24HIV gsk#25HIV patient pool continues to increase ~38 million HIV+ globally, estimated 7.1 million don't know their status1 1.7 million new infections in 20191 25.4 million people living with HIV were accessing antiretroviral therapy in 20191 ~£25bn antiretroviral market size PLHIV will continue to need new treatments throughout their lifetime... 1. UNAIDS. Global HIV & AIDS statistics - 2020 factsheet. Available at: http://www.unaids.org/en/resources/fact-sheet Last accessed: November 2020. gsk 25#26HIV: revenue breakdown 2019 Revenues of £4.9bn (+1% CER) gsk Products Regions Tivicay (-1%) Other £1.7bn Dovato (-) Juluca (>100%) £0.4bn (7%) (34%) US (-1%) £3.0bn (62%) £1.2bn (24%) Europe (-2%) Triumeq (+9%) £2.5bn (52%) Source: GSK Full year 2019 results release - February 2020 All growths at constant exchange rates (CER). Breakdown percentages are approximate £0.7bn (14%) International (+13%) 26#27From EVOLUTION to REVOLUTION: the 2DR era gsk Current standard of care HAART/legacy drugs Dolutegravir-based regimens Tivicay Triumeq Legacy ARV drug portfolio abacavir/lamivudine, maraviroc and others New treatment paradigm 2DR = Two-drug regimens Juluca: dolutegravir/rilpivirine Dovato: dolutegravir/lamivudine Long-acting treatment regimens Cabenuva**: cabotegravir + rilpivirine Search for remission and cure Prevention cabotegravir long-acting* New MOA Rukobia: Attachment inhibitor (fostemsavir) Maturation inhibitor portfolio** Capsid inhibitor** Broadly neutralizing AB (N6LS)** *Investigational treatments ** Cabenuva approved in Canada *Discovery programme Pipeline Strategy 27#28HIV: Leading core agent in HIV treatment Dolutegravir is #1 core agent globally 500,000 patients worldwide taking a dolutegravir based regimen Unmatched trial results; superiority in 5 studies and data in broad populations VS. efavirenz VS. raltegravir VS. darunavir VS. atazanavir VS. lopinavir Superior (naive) Superior (experienced) Superior (naive) Superior (women/naive) Superior (experienced) Varia DAWNING We Th SINGLE SAILING FLAMINGO gsk SINGLE, FLAMINGO, SAILING, ARIA and DAWNING were non-inferiority studies with a pre- specified analysis for superiority. Table shows primary endpoint outcomes. *Patient Pathways survey presented at IAS 2017 DHHS: Department of Health and Human Services; EACS: European AIDS Clinical Society 28#29Strong momentum on 2DRs Strong execution across portfolio US DTG NBRx share outpacing DTG TRX share gsk - Leading share of voice in US and Europe 29% 28% - Strong execution with 2DRs, driving uptake (NBRX: >8%) 27% 26% 25% Dovato US label expansion to include TANGO data; driving increased share in switch market 24% 23% - Additional supportive data from 96-week TANGO switch and 144-week GEMINI studies Positive start for Rukobia; US insurance coverage 70% CAB PrEP filing with FDA on track for H1 2021 - approval anticipated Q1 2022 22% 21% 20% www سیر Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Market at point of inflection as 2DRs gain traction Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 DTG NBRX share Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sep-20 DTG TRX share 29 29#30The PREP landscape worldwide - 200,000 people currently taking PrEP in US - US Government believes 1.2 million could benefit gsk - - - Circa 500,000 MSM in Europe could benefit from PrEP but barriers to access remain high In Africa HIV infections are growing among adolescent girls and young women who could benefit from PrEP Some people express dissatisfaction at taking daily PrEP pills as reinforcing self stigma - CAB LA could present a new option, dosed every two months US market value Circa $2bn today and growing 30#31Redefining HIV PrEP with long-acting cabotegravir Cabotegravir for PrEP Long acting, injectable cabotegravir administered every two months is 66% more effective than daily pills Working with the FDA and other regulatory agencies to prepare a file HPTN 083 an HIV prevention clinical trial Anticipated submission 1H 2021 Cl, confidence interval Source: Landovitz RJ et al. AIDS 2020, #OAXLB01 HIV Incidence Rate/100 PY 1.8 8 6 4 2 1.6 1.4 HIV Incidence Hazard Ratio (95% CI) 0.34 39 Infections 1.22 1.2 0.18 0.62 1 0.8 13 Infections 0.6 T 0.41 0.4 0.2 3202 PY 3187 PY 0 CAB n=2244 TDF/FTC n=2250 gsk 31 31#32Oncology gsk#33Building our oncology commercial capability Improved engagement with HCPs Updated HCP engagement policies to improve how we help prescribers understand new data and clinical experience with our innovative products Attracting and retaining the best sales force talent Competitive sales force incentives in place to recruit, motivate and retain sales teams with the right levels of expertise and experience Seamless execution across functions and in markets Aligned efforts to ensure launch readiness for exciting oncology launches and drive value for patients and shareholders Oncology commercial opportunities in 2020 gsk Zejula approved in US for 1L maintenance in ovarian cancer for all platinum responders; launch ongoing PRIMA presented at ESMO 2019 • Significantly improved PFS in the overall population Belantamab mafodotin (BCMA ADC) relapsed/recurrent Multiple Myeloma (DREAMM-2) approved in US and EU, launch ongoing Strong demand in line with expectations due to high unmet need Study met primary objective and demonstrated clinically meaningful ORR Dostarlimab (PD-1) in recurrent endometrial cancer (GARNET) FDA submission accepted Study met primary objective and demonstrated clinically meaningful ORR and DoR Real time oncology review (RTOR) 33#34Zejula: strong label and commercial execution drive share in 1LM OC Best-in-class PARPI; opportunity for growth £92m in Q3, +47%; positive CHMP opinion for PRIMA ■ 1st PARP inhibitor to show PFS1 in first line ovarian cancer regardless of biomarker status Supportive guidelines from NCCN and ASCO ■ Watch & wait approach still 100% 9016 11% gsk Increasing new patients starts in 1LM OC 90 80 70 60 50 40 30 20 10 75% !!! 5% 80% 43% 70% 70% 80% used in >70% of 50% 40% 30% OC setting in the US2 10% 20% 41% 9% 10% 14% 0% All Patients BRCAmut BRCAwt women in 1LM 18% 1LM New OC Patients on PARP14 24/07/2020 07/08/2020 21/08/2020 12/06/2020 26/06/2020 10/07/2020 03/04/2020 17/04/2020 01/05/2020 15/05/2020 29/05/2020 20/03/2020 Lynparza Zejula Rubraca PARPI ■PARPI+ Bevacizumab Bevacizumab W&W Other ZEAL-1L study in NSCLC to start shortly; demonstrated tumour penetration and ability to cross the blood brain barrier³ 46% of new 1LM patients getting a PARPI now receive Zejula 5 31% of all PARPI patients (new and repeat) now on Zejula in 1LM6 4. Symphony Claims Data through August 2020 - Rolling 3 Week Average 5. Symphony Health Aug 2020 6. Flatiron Health Aug 2020 1 PFS = Progression-free survival 2. Flatiron Health Jul 2020 3. Sun et al. Oncotarget 2018, Vol 9 (no 98) 34 =4#35Blenrep: first-in-class treatment for multiple myeloma gsk Positive response, encouraging demand ■ REMS fully operationalised; >500 HCPs enrolled 200+ patients enrolled in REMS (end Q3) ■ Share of voice1 amongst top 3 MM² treatments ■Included in NCCN Guidelines NOC0113-0016-01 Development in earlier lines continues ■ Studying optimal dosing volume and scheduling ■ Investigating synergistic combinations: ■ DREAMM-5 platform study; preliminary data on GSI combination expected 2021 ■ DREAMM-4 combination with pembrolizumab; data in-house, presentation expected 1H21 Upcoming read-outs R Galy BLENREP (belantamab mafodotin-blmf) for injection 100 mg/vial CAUTION: Hazardous Agent For intravenous infusion after reconstitution and diation Single-dose val Decard unused portion No preservative. No US standard al potency. Dispense the enclosed Madication Guide to gach patient BLENREP 1. Brand Impact Report; Sept 2020 2. Multiple Myeloma Highly-skilled and experienced salesforce In-person access to HCPs highest amongst MM competitive set¹ 2021 Prelim data on GSI combo (DREAMM-5) Ph3 data in 2L pom/dex combo (DREAMM-8) Ph3 data in 2L bor/dex combo (DREAMM-7) 2022 2023 POC data 3L+ pembro combo (DREAMM-4) Dose selection data in 1L combo (DREAMM-9) Ph3 data in 3L+ mono for failed len+PI (DREAMM-3) 2024 35#36Immuno-inflammation gsk#37Benlysta: consistent growth in an expanding market gsk LCM driving sustained leadership in lupus £186m in Q3, +13% CER Life cycle management driving future growth ■ Lupus Nephritis (LN): US approval expected by year end Positive data in NEJM1 FDA Breakthrough Designation & Priority Review ■Combination with rituximab: BLISS-BELIEVE pivotal study ongoing Primary endpoint data expected in-house end 2020 Possible filing 1H21 ■China: Successful launch of IV formulation; ~1m SLE² patients, expected to increase with increased diagnosis and treatment Considerable unmet patient need remains 330k people in the US have SLE 250k diagnosed 137k Benlysta eligible³ +18k with Lupus Nephritis labeling 25k on Benlysta in 2019 >80% of eligible US patients remain untreated with Benlysta, increasing with LN indication 1. Furie R, Rovin B, Houssiau F, et al. Two-Year, Randomized, Controlled Trial of Belimumab in Lupus Nephritis. N Eng J Med. 2020;383:1117-112 2. SLE: Systemic Lupus Erythematosus Source: Internal US estimates based on external epidemiology studies, claims data and market research 3. Benlysta eligible based on current labeling 37 37#38Pipeline Science X Technology X Culture Strengthening our R&D pipeline through a focus on gsk science related to the immune system, the use of human genetics, and advanced technologies#39Over the last two years we have made significant progress gsk July 2018 to July 2020 Over 40% of our POC studies have been positive . Enabling us to initiate 9 potentially registrational studies We delivered 17 positive pivotal studies We are on track for 14 approvals, including up to 5 NMEs in 2020 We focused the pipeline by removing 24 assets of marginal value and added 20 very promising assets 21 21#4040 40 Innovation Our R&D pipeline 40 medicines and 18 vaccines First time in human (Phase 1) 3858279* (CCL17 inhibitor) OA pain 3745417 (STING agonist) cancer 3186899* (CRK-12 inhibitor) visceral leishmaniasis 3511294* (LA anti-IL5 antagonist) asthma 3810109* (broadly neutralizing antibody) HIV 3537142* (NYES01 ImmTAC) cancer 3439171* (H-PGDS inhibitor) DMD 3368715* (Type 1 PRMT inhibitor) cancer 3174998* (OX40 agonist) cancer 2798745 (TRPV4) DME 6097608* (CD96) cancer 2982772 (RIP1-k) psoriasis 3882347* (Fim H antagonist) UUTI 3739937 (maturation inhibitor) HIV 3923868 (P14kẞ inhibitor) viral COPD exacerbations 3901961* (CD8 TCR) cancer 3845097* (TGFbR2 TCR) cancer 3494245* (proteasome inh) visceral leishmaniasis C. difficile⭑ SAM (rabies model) S. aureus* COVID-19 (Clover Biopharmaceuticals)*+ COVID-19 (Medicago)** COVID-19 (Sanofi)*12 Proof of concept (Phase 1b/2) 3640254 (maturation inhibitor) HIV 3228836* (HBV ASO) HBV 2330811 (OSM antagonist) systemic sclerosis linerixibat (IBATI) cholestatic pruritus in PBC 3326595* (PRMT5 inhibitor) cancer cobolimab* (TSR-022, TIM-3 antagonist) cancer 3036656* (leucyl t-RNA inhibitor) TB 2831781* (aLAG3 depleting) ulcerative colitis 4074386* (TSR-033, LAG3 antagonist) cancer Menveo liquid RSV paediatric RSV maternal* RSV older adults*2 Therapeutic HBV*2 Malaria (fractional dose) Shigella* Pivotal (Phase 2/3) Benlysta³ Rituxan SLE** cabotegravir** LA + rilpivirine* LA HIV daprodustat (HIF-PHI) anemia Nucala COPD / nasal polyps Blenrep (BCMA ADC) multiple myeloma Zejula (PARP inhibitor) ovarian cancer** dostarlimab (PD-1 antagonist) dMMR/MSI-H EC bintrafusp alfa* (TGFß trap/anti-PDL1) BTC** otilimab (3196165, aGM-CSF inhibitor) RA**4 gepotidacin* (2140944) UUTI and GC 3359609* (ICOS receptor agonist) HNSCC**1 letetresgene-autoleucel* (3377794, NY-ESO-1 TCR) SS** 4182136* (Vir-7831) COVID-19 Shingrix immuno-compromised* Bexsero infants (US) MMR (US) Rotarix liquid (US) MenABCWY Rx Vx gsk Note: Only the most advanced indications are shown for each asset *In-license or other alliance relationship with third party **Additional indications also under investigation + GSK is contributing pandemic adjuvant to COVID-19 vaccines collaborations 1. ICOS HNSCC is a Phase 2/3 study with registrational potential 2. In Phase 1/2 study 3. Benlysta for lupus nephritis in registration 4. Otilimab for COVID-19 therapy in Ph2 RA: rheumatoid arthritis; OA: osteoarthritis; DMD: duchenne muscular dystrophy; PBC: primary biliary cholangitis; TB: tuberculosis; SLE: systemic lupus erythematosus; BTC: biliary tract cancer; EC: endometrial cancer; uUTI: uncomplicated urinary tract infection; GC: gonorrhoea; HNSCC: head and neck squamous cell carcinoma; dMMR: deficient mismatch repair; DME: diabetic macular edema#41Innovation Upcoming milestones that will inform our progress 2H 2020 Anticipated submission Nucala NP Shingrix IC (US) gsk 1H 2021 Benlysta + Rituxan SLE dostarlimab (PD-1) dMMR pan-tumor 2H 2021 bintrafusp alfa (TGFß trap/anti-PDL1) BTC Zejula + dostarlimab 2L+ PROC (MOONSTONE)4 1H 2022 Dostarlimab (PD-1) combo with CT 1L EC (RUBY) daprodustat (HIF-PHI) anemia 2H 2022 belantamab mafodotin (BCMA) 3L in MM (DREAMM-3) cabotegravir HIV PrEP 4182136 (Vir-7831) COVID-19 MMR (US) Pivotal data Benlysta + Rituxan SLE¹ bintrafusp alfa BTC dostarlimab (PD-1) dMMR pan-tumor 4182136 (Vir) COVID-193 PoC data 2330672 (linerixibat, IBAT inhibitor) cholestatic pruritus in PBC2 belantamab mafodotin (BCMA) PD-1 combo in MM (DREAMM-4) COVID-19 (Clover Biopharmaceuticals) COVID-19 (Medicago) COVID-19 (Sanofi) 3359609 (ICOS) ENTRÉE lung platform - docetaxel 2831781 (aLAG3 depleting) UC* otilimab (aGM-CSF) COVID-19 dostarlimab combo with CT 1L EC (RUBY) Zejula + dostarlimab 2L+ PROC (MOONSTONE)4 daprodustat anemia belantamab mafodotin (BCMA) 3L in MM (DREAMM-3) gepotidacin uUTI5 belantamab mafodotin (BCMA) + Pd 2L+ in MM (DREAMM-8) MenABCWY RSV older adults RSV maternal cobolimab (TIM-3) NSCLC (AMBER) belantamab mafodotin (BCMA) 1L combo in MM (DREAMM-9) 3036656 (leucyl t-RNA) tuberculosis* 3228836 (HBV-ASO) HBV² lete-cel (3377794 NY-ESO) NSCLC* therapy S. Aureus interim data* *Interim Analysis (internal) 1. Primary data in-house at 52 weeks, study completion at 104 weeks 2. Phase 2b study 3. Also delivers PoC data 4. Study temporarily held recruitment activities to perform a pre-planned interim analysis 5. interim analysis subject to regulators feedback 6. Initial data, timing dependent on RSV infection circulation during pandemic lockdowns Note: tick marks refer to programmes on left side of marks Key: +ve data in-house, decided to progress +ve data in-house, decision pending data in-house, additional data needed -ve data in-house, return to research * -ve data in-house, decided to terminate MM: multiple myeloma; NP: nasal polyposis; PrEP: pre-exposure prophylaxis; SLE: systemic lupus erythematosus; UC: ulcerative colitis; NSCLC: non-small cell lung cancer; PBC: primary biliary cholangitis; EC: endometrial cancer; PROC: Platinum resistant ovarian cancer; BTC: biliary tract cancer; dMMR: deficient mismatch repair 41#4223andMe and GSK exclusive collaboration gsk Collaboration offers scale, diversity, sustainability for advancing therapeutic programs Questionnaire yields unique phenotype information vs other biobanks Can deploy custom surveys to dive deeper into specific diseases Allows rapid recruitment of clinical trials based on genotype, phenotype and proximity to study centres Improved target selection (higher PoS, and safer, more effective medicines) Allows more efficient/effective identification and recruitment of patients for clinical studies Empowers patients! POS: probability of success 42 42#43Human genetics and functional genomics Science and technology together to drive better R&D success Human genetics 23andMe Open Targets "Artificial Intelligence is the new electricity and is changing industry after industry." Stanford School of Business lecture by Andrew Ng More high gsk quality targets biobank Inproving the health of kuture generations Machine learning Faster development Functional genomics ALTIVS CRISPR Machine Learning will enable the fields of science and medicine to evolve from an era of "Big Data" to an era of "Understanding Data" Better success rates 43 33#44New R&D approach will support the development of current clinical portfolio From Spend spread thinly across too many programmes ("shots on goal" strategy) Consensus-driven decision making R&D/Commercial silos Limited Business Development activity Science X Technology Culture To Backing the best assets, gsk and removing those that don't look promising Culture of accountability where smart risk-taking and courageous decisions are made by individuals and rewarded Robust governance model with scientific peer review, commercial input and data-driven decisions Leveraging Business Development to optimise our portfolio 44#45Growing Oncology Pipeline gsk#46Oncology R&D: strategy and scientific focus Maximise patient survival through transformational medicines gsk Immuno- Oncology Cancer Epigenetics Oncology Cell Therapy Synthetic Lethality Experimental Medicine Advance IO to next gen IO medicines, agnostic to modalities Establish epigenetic medicines for cancer Establish cell therapy for solid tumors Optimise use of PARP inhibitors and expand repertoire of synthetic lethal medicines Clinical biomarker strategy CDx Collaborative networks 46 46#47Building a world class synthetic lethal pipeline and unit gsk December 2018 Announced the Tesaro acquisition July 2019 Announced headline results from PRIMA July 2020 ⚫ Announced the Broad Institute and Boston SL unit Exploring Zejula's potential in lung cancer • Platinum sensitivity is a surrogate predictive marker of response to PARPS in ovarian and pancreatic cancer Best-in-class potential given all-comers efficacy & blood-brain barrier penetration • • 1L Ph3 NSCLC study starting H2 2020 Study Population Stage Illb/IV NSCLC • SQ or NSQ • CR/PR/SD after induction with 4-6 cycles of platinum- containing chemotherapy + pembrolizumab • ECOG PS 0-1 • No activating mutations n=650 randomised 1:1 Zejula All continue on pembrolizumab for up to a total of 24 months or until PD Placebo To disease progression or study withdrawal Dual primary endpoints: - Progression Free Survival/ Overall Survival Key secondary endpoints: • Time to progression in CNS Expanding our synthetic lethal pipeline Investigating collateral lethality with GSK '715, our Type 1 PRMT inhibitor • Formed a strategic partnership with IDEAYA to explore three combinations: - MAT2A + GSK'715 -Pol Theta + Zejula -Werner Helicase + dostarlimab IDEAVA BIOSCIENCES World leading collaborations and a dedicated research unit • Created a dedicated synthetic lethal research unit in Boston Collaborating with the Broad Institute, UCSF and Berkeley (latter via the LGR) to create the world's leading functional genomics capability BROAD UCSF Berkeley INSTITUTE UNIVERSITY OF CALIFORNIA. 31#48Zejula Developing the most compelling PARP inhibitor in ovarian cancer 4L treatment Study start Read-out QUADRA pivotal following 3-4 regimens of chemotherapy open label, single arm study n= 461 2017 Complete Approved gsk Recurrent platinum resistant Recurrent maintenance therapy or treatment 1L monotherapy and combination with novel TOPACIO POC recurrent OC and advanced /metastatic TNBC niraparib + pembrolizumab (MK-3475) n=-120 2016 Complete Published in JAMA MOONSTONE* pivotal platinum resistant ovarian cancer Open label, single arm nira + dostarlimab n=-150 2H 2019 2021 Enrolling NOVA pivotal platinum sensitive niraparib vs. placebo following chemo n= 553 2013 Complete Approved AVANOVA** POC platinum sensitive niraparib vs niraparib + bev. n=-100 (part 1 and part 2 combined) 2015 Complete Best of ASCO 2019 PRIMA pivotal maintenance following CR/PR with frontline chemo niraparib monotherapy RTOR 2016 Complete Approved n=-620 OVARIO POC maintenance following frontline chemo+bev single arm, open label study of niraparib + bevacizumab 2018 2020 SGO 2020 presentation n=-100 FIRST agents pivotal maintenance in newly diagnosed advanced OC Combo w/dostarlimab +/- bevacizumab n=-620 2018 2023 Enrolling * Study temporarily held recruitment activities to perform a pre-planned interim analysis **Investigator sponsored study 48 48#49PRIMA: Comparing PARPI and bevacizumab in 1L ovarian cancer gsk N PRIMA1 niraparib SOLO-12 olaparib PAOLA-13 bevacizumab VELIA4 veliparib GOG-2185 bevacizumab ICON 76 bevacizumab +/- olaparib 733 391 806 1140 1873 1528 Overall 0.62 0.59 0.68 0.73 0.87 population HR deficient BRCAmut 0.40 0.30 0.31 0.44 ND (-20% of patients*) 0.95 HR deficient BRCAwt 0.50 0.43 0.74 NS ND (-30% of patients*) HR proficient BRCAwt 0.68 0.92 NS 0.81 NS 0.71 ND (~50% of patients*) Only Zejula demonstrated efficacy in all patient HR subgroups in first line (1) Gonzalez, ESMO 2019; (2) MORE, NEJM 2018; (3) Ray-Coquard ESMO 2019; Coleman ESMO 2019; (5) Burger NEJM 2011; (6) Perren NEJM 2011 * Patients with known BRCA and HR status 49 49#50Tumor volume (mm³) Zejula A unique PK profile may explain the benefit in HR-proficient patients 1200- 1000- BRCAmut TNBC model MDA-MB-436 (BRCA1mut) • Vehicle (n=6) • Niraparib (75 mg/kg qd n=6) Olaparib (75/67 mg/kg bid n=6) 800- 600- 400- 200- 0 0 5 10 15 20 25 30 Time (days) Tumor volume (mm³) gsk BRCAwt ovarian model A2780 (BRCAwt) 3000- Vehicle (n=15) 2500- Niraparib (62.5 mg/kg qd n=6) Olaparib (100 mg/kg qd n=6) 2000- P=0.005** 1500- 1000- 500- 0 ° 2 10 Time (days) www.oncotarget.com Oncotarget, 2018, Vol. 9, (No. 98), pp: 37080-37096 Research Paper A comparative pharmacokinetic study of PARP inhibitors demonstrates favorable properties for niraparib efficacy in preclinical tumor models Kaiming Sun, Keith Mikule', Zebin Wang, Grace Poon', Aparajitha Vaidyanathan², Gillian Smith', Zhi-Yi Zhang', Jeffrey Hanke, Sridhar Ramaswamy' and Jing Wang "Our results show that at steady state, tumor exposure to niraparib is 3.3 times greater than plasma exposure in tumor xenograft mouse models. In comparison, the tumor exposure to olaparib is less than observed in plasma. In addition, niraparib crosses the blood-brain barrier and shows good sustainability in the brain, whereas sustained brain exposure to olaparib is not observed in the same models. Consistent with its favourable tumor and brain distribution, niraparib achieves more potent tumor growth inhibition than olaparib in BRCAwt models and an intracranial tumor model at maximum tolerated doses." Sun et al 50 50#51Belantamab mafodotin the first approved anti-BCMA agent for multiple myeloma Approved in US and EU based on the benefit/risk profile in heavily R/R MM ADC Lysosome BCMA Malignant Plasma Cell BCMA ADCC/ADCP Fo Receptor Effector Cell 1) Blocking BCMA receptor 2) Delivery of cytotoxic, MMAF 3) Enhancing antibody- dependent cellular cytotoxicity/phagocytosis 4) Immunogenic cell death gsk DREAMM-5: exploring belantam ab mafodotin combined with y-secretase inhibitors (GSI) Belantamab mafodotin GSI BCMA Cell Death X Belantamab mafodotin 12-0 positive vote at FDA ODAC • Positive opinion adopted by the EMA's CHMP The New York Times FDA Panel Votes in Favor of Approving GSK's Multiple Myeloma Drug REUTERS GSK's blood cancer drug wins European panel thumbs-up Cell Membrane 1) GSI Blocks Shedding of BCMA GSI conc AFGET GSI conc & Y Membrane Internalization -secretase 2) GSI Increases Cell Surface Levels of BCMA 3) GSI Increases Cytotoxic Potency 4) GSI Increases ADCC Potency ARH77 ARH77 ARH77 Come-PE-4:00 RLU (Cell viability) 2.5 10 2-107 1.5-107) 1-107 5-10- 0.0001 0.001 0.01 0.1 Belantamab mafodotin (pg/ml) RLU (ADCC Activity) 800000- 600000- 400000- 200000- 0.01 0.0001 0.001 0.1 GSK2857914 (pg/ml) 10 50#52belantamab mafodotin 2L pivotal studies initiated (DREAMM-7 and DREAMM-8) Development strategy for use in: 4L/3L monotherapy and combinations gsk Study start Est launch relapsed/ DREAMM-1 pilot refractory patients Belantamab mafodotin monotherapy, single arm, n=73 2014 DREAMM-2 pivotal daratumumab failures Belantamab mafodotin monotherapy, single arm, n=223 Jun 2018 2020 Approved DREAMM-3 pivotal failed lenalidomide and proteasome inhibitor Belantamab mafodotin monotherapy vs. PomDex, n=320 1H 2020 2023 relapsed/ Belantamab mafodotin + PD1 combination, DREAMM-4 pilot Mar 2019 refractory patients single arm, n=40 DREAMM-5 pilot relapsed/ Belantamab mafodotin + novel Oct 2019 refractory patients combinations platform study, n=514 Belantamab mafodotin+LenDex OR DREAMM-6 pilot failed 1 prior therapy Oct 2018 +BorDex, open label, n= 99 2L 209418 ISS relapsed/ refractory patients Belantamab mafodotin+PomDex, n= 78 Jan 2019 combination with SOC DREAMM-7 pivotal failed 1 prior therapy Belantamab mafodotin+BorDex vs.. Dara+BorDex, n= 478 1H 2020 2024 DREAMM-8 pivotal failed 1 prior therapy '916+PomDex vs. PomBorDex, n= 450 2H 2020 2023 1L combination with novel and SOC agents DREAMM-9 pilot transplant ineligible Belantamab mafodotin+BorLen Dex vs. n=70 Jan 2020 DREAMM-10 pivotal transplant ineligible Belantamab mafodotin+novel agent vs SOC, n=TBC 2022 52 52#53bintrafusp alfa (M7824)*: a first-in-class TGF-ẞ/anti-PDL1 therapy Unique design offers potential for superiority against the competitive landscape gsk The target The agent PD-L1 and TGF-ẞ are key pathways with independent and complementary immunosuppressive functions - Blocking TGF-ẞ signalling may sensitize tumours to anti- PD-1/PD-L1 therapies and lead to synergistic and superior anti-tumour activity compared with monotherapies M7824 is a bifunctional fusion protein with dual function designed to simultaneously block the anti-PD-1 and anti-TGFB pathways - Fully humanised protein immunoglobulin G1 (IgG1) mAb against human PD-L1 fused to the extracellular domain of human TGF-ẞ receptor II, which functions as a TGF-ẞ trap Anti-PD-L1 moiety Alliance with Merck KGaA, Darmstadt, Germany; # Salati et al., ASCO 2019; ^ Ueno et al., ESMO 2018 TGF-ẞ trap moiety M7824 is an investigational bifunctional immunotherapeutic that combines a TGF-B trap (yellow) with an antibody against PD-L1 (blue) in one fusion protein. Targeting both pathways with M7824 aims to control tumor growth by potentially restoring and enhancing anti-tumor responses. 53 3#54ORR (%) bintrafusp alfa (M7824)* Encouraging clinical efficacy, pivotal study started in BTC Non small cell lung cancer (NSCLC) 2L Pembrolizumab response rates in KEYNOTE 010 and KEYNOTE 001 studies in 2L NSCLC 100% 80% 60% 44% 40% 18% 27% 18% 29% 20% 0% All PD-L1+* PD-L1 high* ■Keynote 010 Keynote 001 bintrafusp alfa response rates in 2L NSCLC 1200mg (data cut off 23 July 2018) ORR (%) 100% 80% 86% (6/7) 60% 37% 40% 25% (10/27) 20% (10/40) 0% All PD-L1+* PD-L1 high* • Durable responses across all PD-L1 expression levels in 2L NSCLC Efficacy according to independent read, RECIST 1.1 gsk Biliary tract cancer (BTC) 2L B Minor, peripheral Significant biliary duct duation... ..bifurcation biliary duet dilation Extra- hepatio tumor Intra hepatic tumor Change in Sum of Diameters (%) • Overall Response Rate (ORR) of 20% • Median Overall Survival (mOS) of 12.7 months • Benchmark 2L Chemotherapy: 5-8% ORR and 7.2 months mOS# Pembrolizumab: 5.8% ORR and 9.1 months mOS (Keynote-158)^ * PD-L1+ (pembro:22C3 TPS ≥1%; M7824: EMD001 ≥1%), PD-L1 high (pembro:22C3 TPS ≥ 50%; M7824: EMD 001 ≥ 80%; TPS ≥50% with 22C3 comparable to ≥80% with EMD 001 assessments) + Alliance with Merck KGaA, Darmstadt, Germany; # Salati et al., ASCO 2019; ^ Ueno et al., ESMO 2018 54#55• Dostarlimab (PD-1 antagonist) • Endometrial cancer is the most common gynecological cancer in the US GARNET is the largest study of anti-PD-1 monotherapy in patients with recurrent or advanced endometrial cancer Data at SGO 2020 in patients with recurrent or advanced dMMR endometrial cancer Overall response rate (ORR) of 42% and disease control rate (DCR) 58%, by RECIST v1.1* Development strategy for use in: 2/3L treatment in patients with advanced solid tumors (GARNET) 1L Treatment (RUBY) Study start Read-out monotherapy dMMR/MSI-H EC pivotal 2017 2H19 BLA accepted, n=75 Presented at SGO 2020 dMMR/MSI-H tumor agnostic monotherapy pivotal 2018 2H20 n=50 MMRP/MSS EC pivotal monotherapy n=100 2017 2H19 Endometrial cancer pivotal dMMR/MSI-H and MMRP/MSS patients combo w chemo n=470 2H 2019 2021 As determined by NGS test ** Based on pooled data from studies that used either 200 mg every 3 weeks or 10 mg/kg every 2 weeks gsk 55 59#56GSK'609 ICOS receptor agonist Differentiated MOA with encouraging clinical data at ESMO 2019 gsk Target Agent Status • ICOS, a member of the CD28 family of co-stimulatory receptors, has a • pivotal role in the proliferation, differentiation, survival, and function of T cells Highly upregulated upon T-cell receptor stimulation1 and is expressed on tumour infiltrating lymphocytes in many tumours² Consistent with CTLA-4 and PD-1 blockade, ICOS agonism is anticipated to modulate T-cell dynamics resulting in prolonged control of tumour growth kinetics and survival in patients • Humanised IgG4 antibody selected for its potent binding, agonist activity through the human ICOS receptor and low/no T-cell depleting effects via antibody-dependent cellular toxicity • Anti-tumour activity observed with an ICOS agonist is further enhanced in combination with CTLA-4 and PD-1 blockade in non-clinical models 3,4 ICOS agonist treatment led to upregulation of PD-1/PDL-1 expression in these models³ • RNA-sequencing data shows strong correlation of ICOS and PD-L1 in solid tumours, further supporting clinical evaluation of this combination4 Clinical activity observed with both monotherapy and PD-1 combination; HNSCC data presented at ESMO September 2019 ⚫ INDUCE-3 and 4 gated Ph2/3 studies in HNSCC started end 2019 and mid 2020 T-cell T-cell priming/ periphery CD80/CD86 Local antigen re-challenge Memory effector T-cell Activation ICOS TCR Survival Proliferation CD28 MHC CTLA4 TCR MHC CD40L CD80/CD86 CXCR5 Granzyme B ICOS-L IFNy/other cytokines APC Maturation APC, antigen-presenting cell; CXCR5, C-X-C motif chemokine receptor 5; ICOS-L, ICOS ligand; IFN-y, interferon gamma; MHC, major histocompatibility complex 1.Hutloff A, et al. Nature 1999;397:263–6. 2. Mayes P, et al. Nat Rev Drug Disc 2018;17:509-27. 3. Brett S, et al. ESMO 2018 poster presentation: Abstract 1840P.4. Yadavilli S, et al. AACR 2017 poster presentation: Abstract 1637/15 RRMM = Relapsed/ Refractory malignant melanoma; RR HNSCC = Relapsed/ Refractory Head and Neck Squamous Cell Carcinoma; NSCLC = non small cell lung cancer 66 56#57GSK'609: progressing to advanced trials and novel combinations Solid tumours INDUCE-1 POC Relapsed/refractory selected solid tumours Open label dose escalation and expansion study of GSK'609 monotherapy and combination with pembrolizumab n= >500 Study start Read-out 2016 NA gsk Relapsed/refractory INDUCE-2 POC HNSCC HNSCC Open label dose escalation and expansion study of GSK'609 in combination with tremelimumab N=114 Dec'18 2021 55k Ph2/3 INDUCE-3 1L PD-1 positive recurrent or recurrent or metastatic gated metastatic HNSCC Randomised, double blind, adaptive study of GSK'609 in combination with pembrolizumab vs placebo. N=600 Dec 19 2023 patients* 1L PD-L1 total Randomised, double blind, adaptive Ph2/3 population recurrent INDUCE-4 gated or metastatic HNSCC study of GSK'609 in combination with pembrolizumab and CT vs placebo (+pembro+CT) N=640 Aug'20 2024 NSCLC relapsed/refractory advanced ENTRÉE Relapsed/refractory platform NSCLC Open label platform study of novel regimens of GSK'609 mono and combo versus SoC n=105 Jan'19 2021 130k patients* * Drug-treated patients. Source: Kantar Patient Matrix for US, EU5 and Japan in 2019, September 2019 POC = proof of concept; HNSCC = head and neck squamous cell carcinoma; SoC = standard of care; NSCLC = non small cell lung cancer 57#58Other Pipeline gsk#59Progressing our innovative new medicines Building momentum with impactful programmes across the portfolio GSK '836 in chronic Hepatitis B • • • Programme in-licensed from lonis Pharmaceuticals in Q3 2019 Ph2a data presented at AASLD (Nov)1 HBsAg reduction seen in HBeAg positive and negative patients with 300mg dose Ph2b study started GSK '609 ICOS agonist in HNSCC • Demonstrated activity in both monotherapy and PD-1 combo Ph 2/3 gated studies INDUCE-3 and INDUCE-4 in HNSCC initiated gepotidacin in uUTIs and gonorrhoea • gsk UUTI and GC not addressed by new oral antibiotics in 20 years • ~40% of uUTI patients have antibiotic resistance infections² • • Emerging resistance to 1st line therapy for gonorrhea 3,4,5 Ph3 programme initiated to investigate gepo vs. ceftriaxone + azithromycin (GC) and gepo vs. nitrofurantoin (uUTI) Ph3 results expected 1H 2022 daprodustat in anaemia • Futility analysis performed Dec 2019 on CV outcome studies, which are continuing without modification Approved in Japan for anaemia due to chronic kidney disease • Design allows progression to pivotal if interim analysis positive Further POC data expected 2021 CVOT data expected 2H 2021 UUTIS = uncomplicated urinary tract infections; GC = urogenital gonorrhea; HNSCC = head and neck squamous cell carcinoma; POC = proof of concept; PMDA = Pharmaceuticals and Medicines Device Agency 1. Yuen MF et al. Phase 2a, randomized, double-blind, placebo-controlled study of an antisense inhibitor (ISIS 505358) in treatment-naïve chronic hepatitis B (CHB) patients: safety and antiviral efficacy. Poster presented at AASLD, The Liver Meeting, November 8-12, 2019, Boston. 2. World Health Organization STD Fact Sheet 2016: https://www.who.int/en/news-room/fact-sheets/detail/sexually-transmitted-infections-(stis) 3. Workowski KA, Berman SM, Douglas Jr. JM. Emerging antimicrobial resistance in Neisseria gonorrhoeae: urgent need to strengthen prevention strategies. Ann Intern Med. 2008;148(8):606-13 4. Antibiotic Resistance Threats in the United States. US CDC https://www.cdc.gov/drugresistance/biggest-threats.html 5. GSK US physician market research, 2019 59#60GSK 165 (aGM-CSF): potential for a disease modifying effect in rheumatoid arthritis (RA) with a unique impact on pain gsk The target The agent - GM-CSF is a pro-inflammatory cytokine that induces differentiation and proliferation of granulocytes and macrophages One of the first cytokines detected in human synovial fluid from inflamed joints - Preclinical data suggests a broader range of actions than existing biologics (including a beneficial effect on pain) GSK'165 is a fully humanised antibody targeting anti-granulocyte macrophage colony-stimulating factor (aGM-CSF) Unmet need remains in RA despite development of new classes of agent (JAK inhibitors, anti IL6): ~50% of patients do not achieve low disease activity criteria within 12 months of aTNF treatment and ~80% do not achieve Disease Activity Score 28 (DAS28)1 Currently 45% of patients report daily pain despite treatment with targeted therapies and pain is the key driver in 25% of switches1 Semary nerve Current status Phase III started for RA in July 2019 Exploration of additional indications beyond RA Neutrophil Brain FLS GM-CSF GM-CSE INF GM CS IN GM-CSF MI toplaage Волепти Monocyte/ Macrophage MaDO IL:23 Blood Synovial joint vessel GM-CSF 1 Targeting GM-CSF in inflammatory diseases. Ian P. Wicks & Andrew W. Roberts. Nature Reviews Rheumatology volume 12, pages 37-48 (2016) 660#61GSK'165 (GM-CSF antagonist): phase III programme in rheumatoid arthritis started in July 2019 Encouraging Ph II data presented at ACR October 2018 demonstrating marked clinical response CDAI response using the phase II EOW dosing regimen Three pivotal studies ongoing Study 201790: Innovative design including JAKI active comparator Placebo + MTX gsk L5 mean (SE) change from baseline in CDM -10 -15 1-4.95 -6.59 -Placebo MTX-IR →GSK3196165 22.5 mg GSK3196165 150mg weekly + MTX GSK3196165 90mg weekly +MTX Tofacitinib 5mg BID + MTX GSK3196165 45 mg Screening -GSK3196165 90 mg -20 -17.14*** GSK3196165 135 mg -25 -23.23*** GSK3196165 180 mg W-6 -30 ***p<0.001 vs placebo Significant unmet need remains in RA - Around 50% of patients do not achieve low disease activity criteria within 12 months of aTNF treatment¹ 45% of patients report daily pain and pain is the key driver in 25% of switches to biological and oral therapies² WO W 12 W 24 Primary Endpoint: ACR20 vs placebo W 12 endpoint visit & re-randomise all Placebo to active W 24 X-ray W 52 End of study treatment and X-ray Primary endpoint ACR20 vs placebo at W 12 Key secondaries include Target population Pain and CDAI vs active comparator Administration Post first line targeted therapy Weekly via a subcutaneous injection with a choice of autoinjector or prefilled syringe 210791 52 week duration with tofacitinib active comparator Two further pivotal studies of similar design will include biologic-IR patients 202018 24 week duration with sarilumab active comparator Sources: 1. Gerd R Burmester and Janet E Pope. Novel treatment strategies in rheumatoid arthritis. Lancet 2017; 389: 2338-48; 2. Targeted treatments for rheumatoid arthritis, Adelphi RA DSP 2016 MTX = methotrexate, IR = inadequate response, CDAI = clinical disease activity index, EOW = every other week 61#62Gepotidacin: a first in class novel oral antibiotic Potential to transform treatment landscape for patients with limited therapeutic options UUTIS: common health problem with need for new options for resistant infections Over 50% of all women develop at least one UTI in their lifetime and >24% experience recurrent UTIs¹ 10.5m office visits for UTI symptoms and ~11m prescriptions annually in the US2,3 Current treatment options are established generic antibiotics but increasing antimicrobial resistance (AMR) drives need for alternatives to current antibiotics Gepotidacin: Novel mechanism of action; Active against most antibiotic resistant bacteria Twice daily, oral dosing, short course (5 days uUTI, 1 day GC) 650 subjects have received gepotidacin to date Majority AEs mild-to-moderate & do not lead to discontinuations Phase 3 studies initiated for uUTIs and urogenital gonorrhea; results expected 1H 2022 (for uUTI, interim analysis) UUTIS - uncomplicated Urinary Tract Infections GC urogenitial gonorrhea 1. Foxman,B. Epidemiology of urinary tract infections: incidence, morbidity, and economic costs. The American Journal of Medicine. 2002; 113(1):5-13 2. Flores-Mireles AL, et al. Urinary tract infections: epidemiology, mechanisms of infection and treatment options. Nat Rev Microbiol. 2015;13(5):269-284 3. Foxman, B, et.al.. Urinary tract infection: self-reported incidence and associated costs. Ann Epidemiol. 2000; 10: 509-515 gsk Market research shows ~40% of uUTI patients have infections with antibiotic resistance4 8% 11% I - 38% 62% 19% 4. GSK US physician market research, 2019 No known resistance Resistant to 1 antibiotic Resistant to 2 antibiotics Resistant to 3+ antibiotics 62 2#63Vaccines Our Vaccines business has a broad portfolio and innovative pipeline of vaccines to help protect people throughout life. We deliver over two million vaccine doses per day to people living in over 160 countries. £7.2bn, +19% CER Sales turnover 2019 Key Products Shingrix Shingles Infanrix/Pediarix Paediatric Bexsero, Menveo Meningitis Herpes zoster virus of shingles#64Attractive market dynamics Expanding and durable market Attractive demographics Long product lifecycles Growing and ageing population Increasing vaccination rates No 'patent cliffs' Large initial capital investment Limited number of global players Long development Could take up to 10-20 years to bring to market; Returns on investments take time >100 quality checks for each vaccine Barriers to entry lead times Complex manufacturing gsk Steady forecast growth with potential for pharma-like operating margins and cash conversion 64#65Vaccines: revenue breakdown 2019 Revenues of £7.2bn (+19% CER) Products Synflorix (+11%) Other Rotarix (+6%) £0.5bn £0.6bn (7%) (8%) £0.5bn (7%) Meningitis (+15%) Hepatitis (+6%) £1.1bn £0.9bn (15%) (12%) Regions gsk Europe (-4%) £1.5bn (21%) £3.9bn £0.5bn (8%) Influenza (+1%) US (+39%) (55%) £1.8bn (25%) £0.6bn (8%) Boostrix (+11%) £0.7bn (10%) Infanrix/Pediarix (+6%) £1.8bn (25%) Shingrix (>100%) Source: GSK Full year 2019 results release - February 2020 All growths at constant exchange rates (CER). Breakdown percentages are approximate International (+9%) 65#66GSK Vaccines is well positioned in US, EU and ROW 2019 Vaccines sales for top four companies Pfizer Merck US £12,867m +10.2% CER GSK £3,905m 30.3% Pfizer EU Merck £3,018m +3.7% CER Sanofi Sanofi GSK £1,488m 49.3% Pfizer Merck ROW £7,918m +26.6% CER GSK £1,764m 22.3% Sanofi 54% of global vaccines market 13% of global vaccines market 33% of global vaccines market gsk GSK has highest global market share by value of the big 4 vaccines companies with 30.1% Data from company filings. Merck does not report on EU region - all sales included in ROW 66#67Shingrix: US launch driving market expansion Share uptake superior to recent benchmarked biopharma launches 100 90 Shingrix Market Share (%) 80 70 60 50 40 30 20 10 0 3 6 Months post launch Source: Internal calculations by GSK using IQVIA database. gsk Significant US opportunity remains Received at least first dose of Shingrix ~14m1 Chronic Hep C Relapsing MS Potential revaccination population ~23m2 Pulmonary fibrosis Diabetes Adults 50+ that receive vaccinations HIV 9 12 Population 50+ 1. Estimated based on IQVIA TRxs launch through end of Dec 2019. 2. US Census & CDC reported immunisation rate. 3. US Census & IQVIA Patient Data Analysis (Estimated % of adults who have received vaccinations when 50+). 4. US Census. ~67m³ ~115m4 67 20#68Bexsero: leading the market in Meningitis B gsk Invasive Meningococcal B disease Incidence and serotype distribution varies by region; most common serogroup is Men B Affects healthy infants, children and teens Invasive Men B mortality rate: ~10% Dramatic health impact: rapid disease progression, up to 20% of those who survive may suffer major physical or neurological disability Sales growth driven by global demand and US share gains £m Growing global sales1 127 37 390 584 556 679 Launched in 35 markets EU: Strong competitive differentiation with infant indication: incidence in infants >10x that in adolescents (competing product indicated for adolescent use only) US: 72% market share of fast growing MenB market²; infant indication studies ongoing 1. 2014 and 2015 figures represent 12 month pro forma sales (unaudited). 2. US Men B market grew +22% in 2019. 2014 2015 2016 2017 2018 2019 68 88#69Established vaccines and flu: durable assets provide portfolio backbone • Strategic lifecycle management enables a durable, cash generative portfolio Hepatitis franchise Supply agility created opportunities • Engerix-B approved in US in 1989 £874m in 2019 Havrix Hepatitis A Vaccine EngerixB recombinant hepatitis B vaccine • • DTP franchise 1 Hexa competition in Europe; expected in US Boostrix 65+ age expansion approved in US in 2011 gsk £1,317m in 2019 Pediarix BOOSTRIX Flu franchise • First approval in US in 2005 • Highly seasonal GSK: ~46m US doses in 2019/20 1. Diphtheria, tetanus, pertussis. 2. Porcine circovirus free formulation. £541m in 2019 Fluarix Quadrivalent Influenza Vaccine FluLaval Quadrivalent Influenza Virus Vaccine • Rotavirus Available in 115 markets 2 dose differentiation Pursuing PCV-free² liquid formulation for the US £558m in 2019 Rotarix 69 69#70GSK Vaccines pipeline Phase 1/2 Clostridium difficile gsk Phase 2 AS01 RSV paediatric Therapeutic chronic hepatitis B AS01) Phase 3 Shingrix immuno-compromised¹ Approved in EU, filed in US Bexsero paediatric (US) Recent Staphylococcus aureus AS01 start SAM (rabies model) Menveo liquid² MMR (US) Recent COVID-19 AS03 start Shigella¹ Rotarix liquid (PCV free³) (Clover Biopharmaceuticals) + Recent start COVID-19 (Medicago)+ AS03 Malaria (next generation)1 AS01 Recent start MenABCWY Recent start COVID-19 (Sanofi)+ RSV maternal¹ AS03 Phase 3 start Q4 2020 RSV older adults 1 AS01 1 In-license or other alliance relationship with third party 2 Menveo booster also in development 3 Porcine circovirus free formulation *GSK is contributing pandemic adjuvant to COVID-19 vaccines collaborations Note: Candidates using adjuvants are designated Phase 3 start Q1 2021 AS01 70 Commercial assets Global Health assets Lifecycle management Pandemic response 70#71Our RSV assets offer a compelling opportunity for GSK Opportunity is significant Data support move to pivotal studies gsk Older adults Potential first-in-class with differentiated adjuvant 70m adults age 60+ in the US1; >300m in developed regions² -2/3 of older adults in US receive flu or pneumococcal vaccines² Protect infants from birth up to 6 months of life Potential to expand portfolio of other recommended vaccines for pregnant women 4m birth cohort in US³; globally >130m4 Pregnant women ~50% of pregnant women in US receive flu and/or pertussis vaccines5 Compelling neutralising antibodies response and T-cell restoration in older adults; well tolerated Phase 3 start on track for Q1 2021; initial data expected in H2 2022* • Immunogenic response; good safety profile Data in pregnant women in-house and supportive of advancement Maternal phase 3 to start Q4 2020; initial data expected in H2 2022* 1. US Census: https://www.census.gov/data/tables/2018/demo/age-and-sex/2018-older-population.html; 2. CDC: https://www.cdc.gov/nchs/products/databriefs/db281.htm; 3. CDC: https://www.cdc.gov/nchs/nvss/births.htm, 4. United Nations World Population Prospects 2019, 5. CDC: https://www.cdc.gov/vitalsigns/maternal-vaccines/index.html *Timing dependent on RSV infection circulation during pandemic lockdowns. 71#72Consumer Healthcare Our Consumer Healthcare business develops and markets an innovative portfolio of consumer preferred and expert recommended brands in the Oral health, Pain relief, Respiratory, Skin health, Nutrition and Digestive categories. £9.0bn, +17% CER Sales turnover 2019 Key brands Sensodyne Voltaren Centrum Oral health Pain relief Vitamins Novamin, a key technology in Sensodyne Repair and Protect#73Integration update Successful to date and firmly on track Key milestones Synergies Divestment gsk 96% of PCH sales on our book with one system 71 systems cutovers in the last 7 months ■ 87% of co-locations complete ■ 39 out of 41 warehouses closed Future market cutovers, employee transfers, and local legal closes on track ■ £500m 2022 annual synergy target remains on track, with 40% total in 2020, c.80% in 2021 and full amount in 2022 ■ Continue to expect up to 25% to be reinvested Margin guidance maintained Separation program on track Transactions signed to meet £1 billion proceeds target¹ Divested more than 50 growth dilutive brands ■ Rationalisation and strengthening of existing portfolio 1 As of date of Q3 2020 results 33 73#74World class portfolio with category leading positions gsk Top 4 categories, additionally #1 positions in Digestive Health and Smoker's health¹ Pain Relief Voltaren Respiratory Therapeutic Oral Health Vitamins, Minerals and Supplements Emergen-C The joy of movement THERAFLU SENSODYNE EXCEDRIN AdvilⓇ Otrivin POLIDENT Caltrate Robitussin Benefiber Panadol Dr.BEST 芬必得 Fenbid Category position FLONASE ALLERGY RELIEF parodontax Centrum #1 #1 #1 1 All categories ex Therapeutic Oral Health based on Nicholas Hall DB6 Consumer Healthcare Database FY2019, Therapeutic Oral Health is based on Nielsen and IRI data #1 74#75Consumer Healthcare: revenue breakdown 2019 Revenues of £9.0bn (+17% CER, +2% Pro-forma), including 5 months of Pfizer sales Categories Skin Health (+7%) Nutrition (+81%) £1.2bn (13%) £0.6bn (7%) £2.7bn (30%) Oral Health (+7%) £4.5bn (50%) Wellness (+14%) Regions gsk US (+36%) Europe (+6%) £2.6bn £2.5bn (29%) (27%) £4.0bn (44%) International (+14%) Source: GSK Full year 2019 results release - February 2020 All growths at constant exchange rates (CER). Breakdown percentages are approximate CER growth rates include five months' results of former Pfizer consumer healthcare business. Pro-forma CER growth rates are calculated as if the equivalent five months of Pfizer consumer healthcare business results, as reported by Pfizer, were included in the comparative period of 2018. 75#76Deliver an industry leading margin 15.5% 17.7% 19.8% gsk 20.8% • Power brand mix • Cost & cash discipline • Strategic resource allocation • Supply chain efficiency + • £0.5bn synergies New guidance for new JV Mid to high 20s% by 2022 1 Guidance for existing GSK Consumer Healthcare Approaching mid 20s% by 20221 • Up to 25% reinvested 11.3% FY 2015 FY 2016 FY 2017 FY 2018 FY 2019 1At 2017 constant exchange rates. Expected 20%+ operating margin by 2020 at 2015 constant exchange rates. Historical margins shown for the GSK Consumer Healthcare segment are at respective actual rates 2022 76#77Path to separation gsk Enhances financial flexibility and investment capacity Presents a clear pathway forward for GSK Creates a new leading biopharma company and New leading Consumer Healthcare company Each with a balance sheet and capital structure appropriate to its requirements New consumer health care company Targeting investment grade balance sheet Leverage of 3.5-4.0x net debt/Adjusted EBITDA at point of separation Target payout ratio in the range of 30-50% of Adjusted earnings 77#78Financials gsk#79Group: revenue breakdown 2019 Revenues of £33.8bn (+8% CER) Business Units Europe Regions Consumer (+2%) £7.2bn (21%) £9.0bn £8.1bn (24%) (27%) US £13.9bn (41%) Vaccines (+19%) £17.6bn (52%) Pharma (flat) Source: GSK Full year 2019 results release - February 2020 All growths at constant exchange rates (CER). Breakdown percentages are approximate gsk £11.8bn (35%) International 79 12#802020 guidance Pharma & Consumer performance on track FY 2020 guidance Sustained recovery in adult vaccination rates Delivering Integration & Restructuring programmes Adjusted EPS Down 1 to 4% CER Tracking to lower end of range Disciplined focus on cost management All expectations and targets regarding future performance should be read together with the "Outlook assumptions and cautionary statement" sections of the Third Quarter 2020 Results Announcement and the cautionary statement slide included with this presentation gsk 80#81Dividend policy Expect to rebuild dividend cover over time We will distribute regular dividend payments determined primarily with reference to free cash flow generated after meeting investment requirements 2019 We paid 80p dividend per share 2020 Free cash flow cover The Board currently intends to maintain the dividend for 2020 at the current level of 80p per share, subject to any material change in the external environment or performance expectations Focus on rebuilding free cash flow cover over time Target 1.25x to 1.5x FCF cover before returning to dividend growth gsk 81#82Currency gsk 2019 currency sales exposure US $ Euro € Japanese \ Other* • . 41 % 18% 6% 35 % The other currencies that each represent more than 1% of Group sales are: Australian Dollar, Brazilian Real, Canadian Dollar, Chinese Yuan, Indian Rupee, Russian Rouble. In total they accounted for 13% of Group revenues in 2019. 2020 Adjusted EPS ready reckoner US $ 10 cents movement in average exchange rate for full year impacts Adjusted EPS by approx. +/- 5.5% Euro € 10 cents movement in average exchange rate for full year impacts Adjusted EPS by approx. +/- 1.5% Japanese \ 10 Yen movement in average exchange rate for full year impacts Adjusted EPS by approx. +/- 1.0% If exchange rates were to hold at the closing rates on 31 March 2020 ($1.24/£1, 1.13/£1 and Yen 134/£1) for the rest of 2020, the estimated impact on 2020 Sterling turnover growth would be around flat and if exchange gains or losses were recognised at the same level as in 2019, the estimated impact on 2020 Sterling Adjusted EPS growth would also be around flat All expectations and targets regarding future performance should be read together with the "Outlook assumptions and cautionary statement" sections of the Fourth Quarter 2019 Results Announcement and the cautionary statement slide included with this presentation 22 82#83Expected costs and savings under Major Restructuring Programmes £bn Date Announced 2019 Average Rates Cumulative Actuals to 2018 2019 2020 2021 2022 2023 Actuals Projected 1 Combined Integration & Savings 2 3.9 4.2 4.3 2015 Total charges 5.2 0.1 0.1 Restructuring Programme 3 2018 Cash payments 3.6 0.3 0.1 Savings 2 0.2 0.4 0.5 Restructuring Q2'18 Total charges 0.4 0.8 0.4 0.2 Programme (incl. Tesaro) Cash payments 0.0 0.2 0.3 0.2 0.1 Synergies 2 0.2 0.4 0.5 Consumer JV Dec-18 Total charges 0.3 0.5 0.1 0.1 Cash payments 0.2 0.4 0.1 0.0 Savings 2 0.1 0.3 0.7 0.8 Separation Preparation Programme 4 Feb-20 Total charges Cash payments 0.9 0.9 0.6 0.0 0.5 0.7 0.4 0.0 1 All expectations and targets regarding future performance should be read together with the "Outlook assumptions and cautionary statement" sections of the Fourth Quarter 2019 Results Announcement and the cautionary statement slide included with this presentation. 2 Savings and synergies shown are cumulative for the programme to date throughout the table 3 The Combined Integration and Restructuring programme is substantially complete, therefore GSK will cease external reporting of total costs and benefits for this programme from 2020 onward. 4 Does not include additional one-time costs to prepare Consumer Healthcare for separation, estimated at £600-700m, excluding transaction costs 83 83 gsk#84Preparing for 2 new companies gsk New GSK Common approach to R&D and capital allocation Capabilities and efficiencies in support functions Leaner organisation, leveraging recent and ongoing technology investments, consistent operating models and location strategy Optimise supply chain and product portfolio including through non-core divestments Major restructuring savings and costs £ bn, 2019 FX 0.8 0.7 0.3 0.1 2-year separation programme 2020 2021 2022 2023 25% manufacturing footprint reduction since 2017 – maintain momentum, competitive network fitting portfolio by 2022 Cash 0.6 0.6 0.4 0.0 Non-core divestment proceeds to fund cash costs of programme and delivering New GSK Non-cash 0.3 0.3 0.2 0.0 Total 0.9 0.9 0.6 0.0 New Consumer Healthcare Build technology infrastructure and corporate functions required to operate as a standalone company Estimated one-time charge of £600-700m with the majority incurred prior to separation No change to Adjusted operating margin outlook of mid-to-high 20s by 2022 for Consumer Healthcare 84#85Latest Financials gsk#86Q3 performance Pharma and Consumer growth drivers and cost control offset pandemic impacts Pharmaceuticals -3% CER Vaccines -9% CER Consumer Healthcare +2% CER New & Specialty Pharma +12%* Respiratory products +26%** HIV flat; 2DRs £222m, +94% Benlysta +13%; Oncology £99m, +58% Shingrix £374m, -25% Meningitis +1% Influenza +21% Pro forma -6%, (+3% excluding brands divested or under review) Gaining share overall and with power brands; VMS +18%, Oral Health +5% All growth rates and margin changes at CER. VMS: vitamins, minerals and supplements gsk Group sales -3%, pro forma -5% 30.8% Adjusted operating margin; +2.4 pp pro forma Total EPS 25.0p, -9%; Adjusted EPS 35.6p, +1% FCF £2.3 billion YTD The definitions for non-IFRS measures are set out on pages 10, 11 and 62 of our Third Quarter 2020 earnings release, and reconciliations are set out on pages 23 and 62. * New & Specialty Pharma comprises Pharmaceuticals excluding Established Pharmaceuticals Respiratory comprises the Ellipta portfolio and Nucala ** 86 98#87Headline results gsk Q3 2020 Reported % Pro forma Reported Pro forma YTD 2020 % % % £m AER CER CER £m AER CER CER Turnover 8,646 (8) (3) (5) 25,360 2 4 (2) Total operating profit 1,858 (13) (2) n/a 6,722 Total EPS 25.0p (20) (9) n/a 102.0p 355 33 51 35 37 n/a 55 n/a Adjusted operating profit 2,665 (4) 4 2 7,089 3 (3) Adjusted EPS 35.6p (8) 1 n/a 92.6p (7) (4) n/a Free cash flow (180) >(100) n/a n/a 2,300 (7) n/a n/a 87 22#88Results reconciliation Q3 2020 gsk Total Intangible Intangible Major results amortisation impairment restructuring related Disposals, significant Transaction legal and other costs Separation Adjusted Turnover 8.6 results 8.6 (£bn) Operating 1.9 0.2 0.1 0.3 0.4 (0.2) <0.1 2.7 profit (£bn) EPS 25.0 3.1 1.0 5.0 4.3 (3.2) 0.4 35.6 (pence) Q3 19 EPS 31.4 3.4 0.4 3.4 5.7 (5.7) n/a 38.6 (pence) 88#89Pharmaceuticals Q3 2020 Sales All figures £m Q3 2020 Total: £4, 192m: -3% CER; -7% AER +12% CER +8% AER -18% CER -23% AER gsk Operating margin +470bps CER +390bps AER (+ Sales New launches: Trelegy, Nucala, Dovato, Juluca, Zejula 28.0% (+ Sustained Benlysta growth 24.1% 2,486 2,308 2,223 1,706 806 978 1,175 1,093 1,267 1,216 Q319 Q320 Q319 Q320 Q319 Q320 Oncology Respiratory CEP HIV Impact of generics on Established products Pandemic-related lower demand for antibiotics Operating profit + Product mix + Favourable 2019 one-offs comparison + Tight control of costs Investment in new product support and targeted R&D 89#90Vaccines Q3 2020 Sales All figures £m gsk Operating margin -500bps CER -610bps AER Sales Pandemic environment impact + Flu sales execution -9% CER -12% AER 2,308 50.3% 371 2,032 44.2% 445 535 374 371 1,162 363 899 1,031 850 Q319 Q320 Q319 Q320 Flu Meningitis Shingrix Established Operating profit Operating leverage from pandemic- related sales decline Key brand investment 90#91Consumer Healthcare Q3 2020 Sales gsk Operating margin Sales All figures £m Continuing +3% CER Total -6% CER + VMS consumer usage -90bps CER 2,733 24.2% (+) Sensodyne strength 2,526 2,422 24.3% 709 22.3% 709 702 581 526 + Voltaren OTC switch in US Reversal of Q2 stocking following systems cutover Impact of divested brands 537 357 662 613 344 294 541 318 224 353 425 461 456 298 307 80 Q319 Q319 Q320 Q319 Reported Q319 Pro-forma Q320 Reported Pro-forma Operating profit + Synergy delivery and cost control Impact of divested brands Brand investment Oral health VMS Pain relief Digestive health and other Respiratory health Brands divested/under review 91#92Adjusted operating margin gsk Sales and Adjusted operating margins Q3 2020 Sales All figures £m Q3 2019 sales at '19 rates Pro Forma sales at '19 rates 2019 sales at '19 rates (PF) Pharma down -3% CER Vaccines down -9% CER 9,385 213 9,598 122 205 Consumer down -6% CER 153 Q3 2019 operating margin Pro Forma impact on margin Q3 2019 Pro Forma margin COGS down 8% CER SG&A down 10% CER R&D down 7% CER 29.7% 0.2% 29.5% 1.0% 1.5% +2.4% CER 0.2% Corporate down -96% CER 24 CER -5% 9,093 Royalties down 26% CER Q3 2020 margin at 19 FX 0.3% 31.9% FX -5% 447 Currency 1.1% AER -10% 8,646 Q3 2020 margin at 20 FX 30.8% 92 42#93Adjusted operating profit to net income Continued delivery of financial efficiency Q3 19 Q3 20 £m £m Operating profit 2,786 2,665 Net finance expense (206) (197) Share of associates 17 11 Tax (411) (417) Tax rate 15.8% 16.8% Minorities (275) (287) Net income 1,911 1,775 93 33 gsk#94Free cash flow of £2.3bn £m Q319 YTD free cash flow 2,474 Higher CCL Higher net operating cash** Lower net Capex* Higher restructuring payments Other*** Q320 YTD free cash flow CCL: contingent consideration liability 162 502 153 681 2,300 Key Drivers gsk Favourable RAR and trade receivables offset by adverse exchange impacts Proceeds relating to Consumer divestments, and ofatumumab Higher dividends to NCI RAR: Returns and rebates * Net Capex includes purchases less disposals of PP&E and intangibles ** Net operating cash is net cash inflow from operating activities including changes in working capital, excluding restructuring, operating CCL, and significant legal payments *** Other includes significant legal payments, net interest paid, income from associates and JVs and distributions to minorities 94 46#95GSK Investor Relations UK, London General Enquiries +44 (0)20 8047 5000 [email protected] Sarah Elton-Farr Global Head of IR +44 (0) 20 8047 5194 James Dodwell IR Director +44 (0) 20 8047 2406 Souheil Salah IR Operations Director +44 (0) 20 8047 2087 Sonya Ghobrial Head of Consumer Healthcare +44 (0) 7392 784784 Josh Williams IR Manager +44 (0) 7914 980812 Laura Elliott Coordination +44 (0) 20 8047 5919 US, Philadelphia General Enquiries +1 215 751 4611 [email protected] Jeff McLaughlin IR Director +1 215 751 7002 Christine Timmons Coordination +1 215 751 4611 Frannie DeFranco IR Director +1 215 751 4855 gsk 95