#123 JUNE 2021 New GSK: new ambitions for patients and shareholders gsk#2Cautionary statement regarding forward-looking statements gsk All outlooks, targets, ambitions and expectations regarding future performance and the dividend should be read together with the section "Basis of preparation, assumptions and cautionary statement" on pages 5-7 of our stock exchange announcement relating to an update to investors dated 23 June 2021 and the "Basis of preparation, assumptions and cautionary statement" and "Reporting definitions" slides at the end of this presentation. 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 document, 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 2020 and any impacts of the COVID-19 pandemic. This document contains statements that are, or may be deemed to be, "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 'aim, 'ambition', '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 Regulation, the UK Listing Rules and the Disclosure 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. The reader should, however, consult any additional disclosures that the Group may make in any documents which it publishes and/or files with the SEC. All readers, 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. 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. Adjusted results, CER and other non-IFRS measures may be considered in addition to, but not as a substitute for or superior to, information presented in accordance with IFRS. These measures are defined and reconciliations to the nearest IFRS measure are available in our first quarter 2021 earnings release and Annual Report on Form 20-F for FY 2020 and in the "Reporting definition" slide at the end of this presentation. GSK provides guidance and outlooks on an Adjusted results basis only, for the reasons set out in the "Reporting definition" slide at the end of this presentation. 2#3Agenda 1400-1420 1420-1455 1455-1515 1515-1530 Strategic transformation, outlook and ambitions Delivering growth: 2021-26 and beyond Vaccines: Strengthening leadership. Specialty: Reshaping HIV treatment and prevention Emma Walmsley Luke Miels, Dr. Hal Barron Roger Connor, Dr. Hal Barron Deborah Waterhouse, Dr. Kimberly Smith 1530-1540 Break 1540-1605 Specialty: Maximising high potential medicines Sustainable growth, competitive returns Closing comments Luke Miels, Dr. Hal Barron lain Mackay Emma Walmsley 1605-1625 1625-1630 1630-1730 Q&A gsk 3#4STRATEGIC TRANSFORMATION, OUTLOOK AND AMBITIONS Emma Walmsley CEO#5New GSK: new ambitions for patients and shareholders More than 5% sales and 10% adjusted operating profit CAGR 2021-26 Progressive dividend policy Pipeline drives growth through DTG LoE, more than £33bn sales by 2031 Prioritise Vaccines and Specialty Medicines, maximise scientific opportunities in prevention and treatment Optimise General Medicines portfolio for profitability and cash Balance sheet strengthened supporting investment in growth Operate sustainably with leading ESG performance Positively impact health of more than 2.5 bn people in next 10 years All outlooks, targets, ambitions and expectations regarding future performance and the dividend should be read together with the section "Basis of preparation, assumptions and cautionary statements" on pages 5-7 of our stock exchange announcement relating to an update to investors dated 23 June 2021 and the "Basis of preparation, assumptions and cautionary statement" and "Reporting definitions" slides at the end of this presentation. 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. Pipeline sales are risk-adjusted and include anticipated sales of new products and Life Cycle Innovation (LCI) launched from 2021 onwards. Note: COVID therapeutic and vaccine solutions are excluded from the above. DTG dolutegravir; LoE loss of exclusivity 5#6Team to deliver 1. Luke Miels 2. Dr. Hal Barron 3. Roger Connor 4. Deborah Waterhouse 5. Dr. Kimberly Smith 6. lain Mackay 1 2 3 4 5 6 6#7Delivering major strategic transformation and cultural change gsk 2017 - key to address R&D pipeline and productivity Commercial execution, portfolio focus, cost discipline Innovation Group structure and capital allocation Performance Culture and talent Trust Today Improved performance whilst Strengthened R&D and pipeline investing in R&D Transformed commercial execution ✓ Optimised product portfolio and network Created new world leader in Consumer Healthcare ✓ Leading ESG performance and new culture progress 7#8Significant scale of change and delivery 2017-20 gsk Improved performance whilst investing in R&D Strengthened R&D and pipeline - 2017 2020 Sales £30.2bn £34.1bn Adj OP £8.6bn £8.9bn Op cash flow* £8.3bn £10.1bn - R&D** £3.9bn £4.6bn Optimised product portfolio and network (new GSK) - - - 44% to 60% sales in Vx/Spec 28% reduction in manufacturing sites On track for £1.5bn annual cost savings £1.4bn divestments^ 11 approvals since 2017 - top quartile - - - R&D spend per launch Median PYS per launch 95% success rate (P3/pivotal) Strong pipeline: 20 vaccines and 42 medicines. 22 in pivotal studies Created new world leader in Consumer Healthcare - - - — 2020 £10bn sales, 4% sales growth^^ 2 integrations completed to deliver >£1bn in annual cost savings Transformed portfolio. £4bn divestments 25% increase in adjusted OP Transformed commercial execution - — | £10bn annual new and specialty sales Industry leading launch from Shingrix Trelegy and 2DR > £1bn Growing revenue through Advair LoE Driving inflection points in mid-cycle assets Leading ESG performance and new culture progress - - - Global health, I&D, environment Top 125: 85% new in role since 2017, 31% external, 39% women; Science Top Employer Record levels of employee engagement New incentive scheme *Op cash flow: Cash generated from operations; ** Adjusted R&D ^Divestment proceeds are stated on pre-tax basis ^^CH sales growth is on pro forma basis and excludes brands divested / under review PYS Peak Year Sales 8#9Ready to separate and unlock shareholder value 2017-2021 Improved performance whilst investing in R&D ✓ Strengthened R&D and pipeline Transformed commercial execution New GSK ✓ Optimised product portfolio and network Created new world leader in Consumer Healthcare ✓ Leading ESG performance and new culture progress New Consumer Healthcare gsk 9#10New world leader in Consumer Healthcare #1 Overall CH player globally ₤10bn Annual 2020 Net Sales 5 Global categories with #1 position^^ 9 Power Brands SENSODYNE * +4% Net sales growth 2020 20 GSK CH brands >£100M sales -100 Markets served ** gsk 22.1%* 2020 Operating Margin 23k Employees globally + POLIDENT parodontax Voltaren Panadol Advil THERAFLU Otrivin Centrum The joy of movement *Sales including Brands divested / under review, £9.5bn Continuing sales **CER Proforma excluding brands divested/under review ^Consumer Healthcare operating margin ^^Therapeutic Oral Health, Pain Relief, Respiratory, Vitamins, Minerals, and Supplements and Digestive Health + Excludes certain shared general and administration functions currently shared with GSK 10#11Separation on track for mid 2022 Objectives gsk Mechanism for separation Unlock potential in New GSK and New Consumer Healthcare GSK 68% ownership: - At least 80% demerged mid 2022 - Strengthen New GSK balance sheet Monetise up to 20% retained to strengthen New GSK balance sheet Maximise shareholder value Intended to be tax efficient compared to alternative separation options 11#12New GSK gsk Purpose We unite science, talent and technology to get ahead of disease together Strategy Culture Health impact + Shareholder returns + Thriving people We prevent and treat disease with vaccines, specialty and general medicines R&D focused on the science of the immune system, human genetics and advanced technologies to impact health at scale We operate responsibly for all our stakeholders With ambition, accountability and responsibility 12#13New commitments to growth 2021-26 2031 More than 5% sales CAGR More than 10% adjusted OP CAGR More than £33 billion sales ambition With metrics and incentives strongly aligned to shareholder value creation 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. See basis of preparation and assumptions in Appendix. CAGR is for the 5 years to 2026, using 2021 as the base year. Pipeline sales are risk-adjusted and include anticipated sales of new products and Life Cycle Innovation (LCI) launched from 2021 onwards. Note: COVID therapeutic and vaccine solutions are excluded from the above. gsk 13#14From historical underperformance to ambitious top quartile growth Revenues Adj OP R&D spend gsk Company sales CAGR to 2026* 2010 - 2015 2016 - 2020 2021 - 2026 Company 1 Company 2 New GSK Company 4 Company 5 Company 6 Company 7 Company 8 Company 9 Company 10 Company 11 Company 12 Company 13 Company 14 Company 15 -4.0% -2.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% More than 5% sales and 10% adjusted operating profit CAGR expected in next 5 years * Visible Alpha company consensus to 2026 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. See basis of preparation and assumptions in Appendix. 2021-26 CAGR is for the 5 years to 2026, using 2021 as the base year. Pipeline sales are risk-adjusted and include anticipated sales of new products and Life Cycle Innovation (LCI) launched from 2021 onwards. Note: COVID therapeutic and vaccine solutions are excluded from the above. 14#15Investing to drive step-change in growth and business mix Vaccines and Specialty Medicines prioritised Changing business sales mix 2021-26 sales growth CAGR Illustrative Vaccines: high single-digit % Specialty Medicines: double-digit % General Medicines optimised General Medicines: broadly stable 2017 Vaccines Specialty Medicines General Medicines 2021 2026 gsk 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. See basis of preparation and assumptions in Appendix. 2021- 26 CAGR is for the 5 years to 2026, using 2021 as the base year. Pipeline sales are risk-adjusted and include anticipated sales of new products and Life Cycle Innovation (LCI) launched from 2021 onwards. Note: COVID therapeutic and vaccine solutions are excluded from the above. 15#16Maximising opportunities in prevention and treatment Vaccines and Specialty Medicines Increasing number of synergies across prevention and treatment... - - Immune dysfunction contributes to pathophysiology of many diseases with scientific understanding rapidly evolving Convergence of modalities to prevent and treat disease ...provides significant opportunity and advantage for New GSK - - - - - - R&D focus on science of immune system, human genetics and advanced technologies Immuno-modulators >70% of clinical pipeline World leader in infectious diseases One capital allocation process - Integrated Development and Commercial Unrivalled suite of platform technologies Attractive portfolio offering to payors gsk > > > > > > 16#17Focusing in key therapeutic areas Vaccines Resource allocation Innovation focus Infectious Diseases HIV Specialty Medicines Capital investment Oncology Immunology/ Respiratory Opportunity Driven* Major unmet patient needs and significant growth opportunities High innovation potential and first-in-class/best-in-class focus *Includes high-potential late-stage pipeline assets and internally/externally sourced assets consistent with R&D focus on the science of the immune system and human genetics gsk 17#18Vaccines and Specialty high potential late-stage assets add to current growth drivers Infectious Diseases HIV Oncology Immunology / Respiratory Marketed Shingrix Bexsero Menveo Dovato Cabenuva Zejula Blenrep Jemperli# Benlysta Nucala Late-stage RSV Men ABCWY gepotidacin cabotegravir PrEP Zejula^ Blenrep^^ Jemperlit ..... gsk Opportunity Driven depemokimab ('294) otilimab daprodustat Late stage pipeline >£20bn potential PYS NRA* # Tesaro asset *Peak year sales non-risk adjusted, excludes COVID solutions. See basis of preparation and assumptions in Appendix. ^1st line OC combination + NSCLC and breast; ^^MM earlier lines; + 1st line EC 18#19Portfolio and pipeline to secure growth over next 10 years Illustrative Vaccines Specialty Medicines General Medicines More than 5% CAGR + Shingrix + Meningitis + Dovato + Cabenuva + Zejula + Blenrep + RSV + Men ABCWY + Cab PrEP + Zejula + Blenrep + Jemperli + depemokimab ('294) + Jemperli* + Benlysta + otilimab + Nucala + daprodustat 2021 + Trelegy + gepotidacin Marketed assets Late-stage Pipeline 2026 - dolutegravir - Trelegy Anoro More than £33bn gsk + RSV + Men ABCWY + Blenrep + Zejula + HBV ASO ('836) + depemokimab ('294) + otilimab + daprodustat + gepotidacin + Next gen Flu + CD226 axis + LA HIV combos + Cell therapies + MAT2A + Other + BD LoE + base decline Growth drivers 2031 Note: Bars are not at scale. 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. See basis of preparation and assumptions in Appendix. 2021-26 CAGR is for the 5 years to 2026, using 2021 as the base year. Pipeline sales are risk-adjusted and include anticipated sales of new products and Life Cycle Innovation (LCI) launched from 2021 onwards. Note: COVID therapeutic and vaccine solutions are excluded from the above. Assets highlighted reflect major contributions to growth in period shown. *Tesaro asset Early pipeline+ BD 19#20Meaningful margin expansion from 2022 Adjusted Operating Margin >30% by 2026 More than 10% Adjusted OP CAGR 2021-26 Cost initiatives: - £0.5bn restructuring savings 2018-21 - £1.0bn Future Ready savings expected by 2023 Mid 20s % - Approx. 1/3 of total savings reinvested in growth - Major restructuring complete by 2022 Culture of cost discipline: - New ways of working, R&D productivity, prioritisation and simplification. 2021 Royalties COGS SG&A gsk >30% R&D 2026 Shift to higher margin Vaccines & Specialty Medicines 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. See basis of preparation and assumptions in Appendix. CAGR is for the 5 years to 2026, using 2021 as the base year. Note: COVID therapeutic and vaccine solutions are excluded from the above. 20#21Improved capital position supports growth investment Vaccines Strong operating cash flow Capital allocation priorities Strengthen pipeline (including bolt-on and in-licensing BD) Specialty Medicines + General Medicines Product launches Strengthened balance sheet Sustainability Progressive dividend policy gsk 21#22ESG performance to deliver health impact and shareholder returns Pricing / Access Global Health Inclusion & Diversity Environment gsk Sustainable performance and long-term growth ✓ Trust for all stakeholders Reduced risk to operations Product Governance Operating Standards Positive social impact 22#23New GSK to positively impact the health of >2.5 bn people over 10 years Estimated patient impact Vaccines* 1.3bn Specialty Medicines* 40m General Medicines 700m Global Health** Estimated total impact >2.5bn people over next 10 years, adjusting for category overlap; *Excludes COVID-19 vaccines or treatments; **Global Health includes donations Number of unique patients (m) Estimated global impact 1200 1000 800 600 400 200 1.2bn 0 Africa Asia & Pacific Europe Mid East & Arab States North America gsk South & Latin America 23#24New GSK: new ambitions for patients and shareholders More than 5% sales and 10% adjusted operating profit CAGR 2021-26 Progressive dividend policy Pipeline drives growth through DTG LOE, more than £33bn sales by 2031 Prioritise Vaccines and Specialty Medicines, maximise scientific opportunities in prevention and treatment Optimise General Medicines portfolio for profitability and cash Balance sheet strengthened supporting investment in growth Operate sustainably with leading ESG performance Positively impact health of more than 2.5 bn people in next 10 years 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. See basis of preparation and assumptions in Appendix. CAGR is for the 5 years to 2026, using 2021 as the base year. Pipeline sales are risk-adjusted and include anticipated sales of new products and Life Cycle Innovation (LCI) launched from 2021 onwards. Note: COVID therapeutic and vaccine solutions are excluded from the above. DTG dolutegravir; LoE loss of exclusivity 24#25DELIVERING GROWTH: 2022-2026 AND BEYOND Luke Miels and Dr. Hal Barron#26Delivering growth: 2021-26 and beyond More than 5% sales CAGR 2021-26 Transformed commercial capabilities and execution drive growth Maximise priority Vaccines and Specialty Medicines in key growth markets Optimise General Medicines portfolio for profitability and cash Execution of late-stage pipeline to drive more than £33bn sales ambition by 2031 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. See basis of preparation and assumptions in Appendix. CAGR is for the 5 years to 2026, using 2021 as the base year. Pipeline sales are risk-adjusted and include anticipated sales of new products and Life Cycle Innovation (LCI) launched from 2021 onwards. Note: COVID therapeutic and vaccine solutions are excluded from the above. 26#27Portfolio and pipeline to secure growth over next 10 years Illustrative Vaccines Specialty Medicines General Medicines More than 5% CAGR + Shingrix + Meningitis + Dovato + Cabenuva + Zejula + Blenrep + RSV + Men ABCWY + Cab PrEP + Zejula + Blenrep + Jemperli + depemokimab ('294) + Jemperli* + Benlysta + otilimab + Nucala + daprodustat 2021 + Trelegy + gepotidacin Marketed assets Late-stage Pipeline 2026 - dolutegravir - Trelegy Anoro More than £33bn gsk + RSV + Men ABCWY + Blenrep + Zejula + HBV ASO ('836) + depemokimab ('294) + otilimab + daprodustat + gepotidacin + Next gen Flu + CD226 axis + LA HIV combos + Cell therapies + MAT2A + Other + BD LoE + base decline Growth drivers 2031 Note: Bars are not at scale. 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. See basis of preparation and assumptions in Appendix. 2021-26 CAGR is for the 5 years to 2026, using 2021 as the base year. Pipeline sales are risk-adjusted and include anticipated sales of new products and Life Cycle Innovation (LCI) launched from 2021 onwards. Note: COVID therapeutic and vaccine solutions are excluded from the above. Assets highlighted reflect major contributions to growth in period shown. *Tesaro asset Early pipeline+ BD 27#28Sustainable Growth Comprehensive new commercial approach to drive growth Unlock 03 Blenrep LCI otilimab pipeline value Zejula LCI Jemperli LCI* IO combos Maximise priority 02 brands & key markets Cost base, Policies, 01 Organisation, Capabilities Culture Portfolio and organisational transformation HCPE Healthcare Practitioner Engagement; SFI Sales Force Incentives *Tesaro asset daprodustat gepotidacin HBV ASO ('836) Men ABCWY RSV OA CAB PrEP depemokimab ('294) sotrovimab gsk Business Development Vaccines: Specialty Care: Bexsero Shingrix Nucala, Benlysta Zejula, Blenrep, Gen. Medicines: Trelegy Markets: US Growth brands China Jemperli* Dovato, Cabenuva Cost Base Supply chain optimisation Key policy changes: HCPE, SFI Leadership & Culture Portfolio & Footprint optimisation Specialty Care Capabilities 28#29Transformed commercial capabilities and organisation Re-shaping the organization Leadership and capabilities - - - >90% sales revenue under new leadership Re-built commercial interface with R&D >900 new hires in Specialty Care Reshaped organisation to focus on growth - - - Focused footprint from ~140 to ~70 countries Concentrated investment in top 10 markets De-layered and simplified organisation Reduced back office - - Significant reduction in non-customer facing commercial infrastructure Re-allocated savings to growth markets/brands Optimised policies - - Aligned Healthcare Professional engagement policies to best practice Improved competitiveness, maintained trust New General Managers appointed in 64 of 70 countries New General manager appointed No change No local operations gsk 29#30Improved sales force effectiveness across key markets Nucala (US) 23% 20% 18% Q4 2017 Q4 2018 % of calls with Good Selling Outcome .... STEM Industry Average STEM Industry Top Quartile Nucala (Germany) 13% 24% 32% Nucala (Japan) 17% 25% 41% gsk Q3 2019 Q1 2018 Q1 2019 Q3 2019 Q3 2017 Q3 2018 Q4 2019 Source: STEM audits (STEM is an industry leading independent 3rd party, specialising in strategic benchmarking of internal strategic and operational alignment of cross functional commercial and medical teams, quality of execution and outcomes) Good Selling Outcome: interaction where customer behaviour change has been agreed 30#31Deployed digital and predictive analytics to further enhance outcomes gsk Leading Share of Voice (%) across key products Bexsero Shingrix US Trelegy: 47% increase in Rx when omnichannel approach deployed Average NRx per 100 HCPs (Normalized vs HCPs Receiving no Promotion) Oct 2020 Dec 2020 - 521 Benlysta: Combination of predictive analytics and medical engagement unlocking medical need Number of patients with reduction in MUN 0 6 Months Post 12 Months Post Blenrep Zejula Nucala Trelegy (Allergists) Trelegy (Pulmonologists) 109 86 355 No Promotion Only Digital Only Field Field & Digital 0% 50% 100% GSK (US, March'21) 2nd Competitor Source: Nucala, Trelegy, Shingrix, Bexsero SOV from IQVIA SMART Promotional Insights Monthly SOV. Zejula SOV data from BrandImpact, weekly R4W average through Mar 2021. Source: GSK US Internal analysis Total number of patients with addressed MUN -200 -400 -400 -600 -600 -700 -800 -1000 -1200 -1000 -1200 No biologic treatment Disease progression Excessive Steroid Use Source: Benlysta Medical Unmet Need Programme; McKinsey & GSK internal analysis; Data through December 2020 31#32Focus on execution has increased speed to market following regulatory approval Time (Approval to Launch) 2013 Breo Ellipta 5 months Trelegy 2 months Nucala EGPA 50 days SHINGRIX 3 days Nucala AHA 2 days DOVATO 5 days Trelegy Asthma 19hrs Zejula PRIMA 4hrs 2017 2019 2020 Launch defined by first day of promotional activity in US gsk Cabenuva 1 day Benlysta LN 15hrs Blenrep 5hrs 2021 32#33Consistent delivery of competitive launches Trelegy US: Weekly TRX Volume 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 1 3 5 7 9 111315171921232527293133353739414345474951 Trelegy Breo Anoro Competitor 1 Competitor 2 Source: IQVIA US weekly Rx Blenrep Cumulative US Sales 70 60 50 $M (USD) 30 30 40 20 10 Shingrix Vaccine doses post launch 1200 1000 800 600 400 200 0 0 Launch Qtr (LQ) LQ+1 LQ+2 BLENREP (Aug 2020) Competitor 1 (Jul 2019) Competitor 2 (Mar 2020) Shingrix Competitor M7 을을 First 12 months post launch Source: IQVIA BrandImpact Report - week ending March 26th Source: IQVIA NSP (doses) data M10 M11 M12 33 gsk#34Translating label expansion into higher market share US: Most prescribed PARPI for new patients in 1LM 80% EU5: Most prescribed PARPI across all lines for new patients 50% gsk 45% 70% 40% 60% 56% 35% 35% 50% 30% 40% 25% 20% 30% 15% 20% 10% 10% 5% 0% 0% Dec Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Mar '19 '20 '20 '20 '20 '20 '20 '20 '20 '20 '20 '20 '20 '21 '21 '21 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21 Apr-21 May-21 Zejula Zejula Competitor A Competitor B Competitor A Competitor B bevacizumab Source: IQVIA APLD Source: Evidera MQT April ‘21 34#35Driving growth of mid life cycle products Bexsero: Continued growth in market share gsk Benlysta: double digit growth 10 years since launch £m £m 750 750 700 700 650 650 600 600 550 550 500 500 450 450 400 400 350 350 300 300 250 250 200 200 150 150 100 100 50 50 0 0 2016 2017 2018 2019 2020 2016 2017 2018 2019 2020 Source: GSK Annual Reports, all net sales at AER (Actual exchange rate) 35#36Key growth drivers: 2021-26 Vaccines Shingrix Specialty Medicines Zejula, Blenrep, Jemperli* Meningitis (Bexsero, Menveo, Men ABCWY) RSV OA High single digit % sales CAGR Dovato, Cabenuva, Cab PrEP Nucala, Benlysta, depemokimab ('294) gepotidacin daprodustat Double digit % sales CAGR General Medicines Trelegy Broadly stable sales gsk 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. See basis of preparation and assumptions in Appendix. CAGR is for the 5 years to 2026, using 2021 as the base year. Pipeline sales are risk-adjusted and include anticipated sales of new products and Life Cycle Innovation (LCI) launched from 2021 onwards. Note: COVID therapeutic and vaccine solutions are excluded from the above. Italicised assets are selected expected approvals in 2021-2026 period *Tesaro asset 36#37Relaunch of Shingrix post COVID-19 vaccine roll out gsk ~50% intend to receive Shingrix <3M post COVID Vx | New US prescriptions recovering in 65+ age group Time between receiving COVID-19 vaccine and Shingles vaccine NBRx & (%) of 65+ Completed COVID-19 Vaccination May '21 (n=44) After 1-2 weeks 3% After 3-4 weeks After 2-3 months After 4-6 months 60 65+ Shingrix NBRX (000s) 80 75% 74% 60 51 49 50 66% 68% 71% 72% 70 60% 9% 53% % of 65+ Patients Completed COVID Series 60 40 38 36% 34 39 50 41% 35 39% 32 34% 31 40 23% 28 30 25 29% 28 27 24% 30 23 19% 22 120 21 14% 20 18 20 16 14% 10 8% 15 14 14 5% 10 2% 11 0% 1% More than 6 months after 8% Whenever my doctor advises 6% Not sure Source: US Market Research, May 2021, IPSOS 0 12/25/2020 1/8/2021 1/22/2021 2/5/2021 2/19/2021 3/5/2021 3/19/2021 4/2/2021 4/16/2021 4/30/2021 5/14/2021 5/28/2021 COVID-19 Patients (Millions) Fully Vaccinated NBRX: IQVIA New to Brand Weekly data (28/5) CDC (https://covid.cdc.gov/covid-data-tracker/#vaccinations) Shingrix 65+ NBRx (000s) 37#38Vaccines and Specialty Medicines priorities in key markets: US Specialty Care driving 60% of US sales in 2026 Illustrative Vaccines 2017 Specialty Medicines General Medicines 2021 2026 2021-26 growth priorities - - - - Shingrix recovery and growth Cabenuva & Cab PrEP launches Maintain Nucala and Benlysta leadership Zejula PARPi leadership in OC Blenrep expansion to earlier lines Grow Trelegy in COPD and asthma Launch readiness for daprodustat, otilimab, RSV and Men ABCWY gsk 38#39Vaccines and Specialty Medicines priorities in key markets: China China sales expected to triple by 2026* driven by Vaccines Illustrative 2017 Vaccines Specialty Medicines General Medicines 2021 2026 *Expected sales in 2026 with a 2021 base Momentum with Shingrix and Cervarix Quarterly volume Sales (k doses) 希瑞适 CERVARIX 双价人乳头瘤病毒吸附疫苗 911 Strong trajectory for innovative launches IQVIA MQT Volume Share in SITT TRELEGY ELLIPTA 574 487 503 gsk 46% 34% 322 18% 256 257 14% 16% 17% 16% 17% 9% 11% 230 141 2% 4% Q1'19 Q2'19 Q3'19 Q4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 20Mar 20May 20Jul 20Sep 20Nov 21Jan 4 SHINGRIX HERPES ZOSTER ACCELE 80 70 59 COVID UMV 50 52 46 New Patient enrolment Benlysta (belimumab). 1,376 1,450 954 32 25 660 410 17 Jun 20 Jul 20 Aug'20 Sep' 20 Oct'20 Nov'20 Dec' 20 Jan'21 Feb'21 Mar'21 Internal sales data ('k doses) 2,210 Q3-4'19 Q1'20 Q2'20 Q3'20 Q4'20 Q1'21 Internal field force intelligence 39#40General Medicines portfolio resilient and highly profitable Broadly stable sales, 2021-26 (£m) Illustrative 2017 | Emerging markets General Medicines ex EMS 2021 2026 Primary care strategy and outlook - - Trelegy growing globally, resourced to win Investment concentrated on key brands - Significant growth driver in Emerging Markets Optimised for profitability, cash - Attractive margins fuel investment in growth drivers - Portfolio optimisation: reduced from >400 brands to ~200 since 2017, further simplification planned - Ongoing projects to improve COGS, supply chain gsk 40#41Late-stage pipeline potential for >£20bn in NRA PYS Asset GSK view Infectious Diseases RSV OA/other* Men ABCWY gepotidacin >£3bn /£1-2bn ₤1-2bn £0.5-1bn HBV ASO ('836) >£2bn HIV Cabenuva /PrEP >₤2bn Blenrep** >£3bn Oncology Zejula^ Jemperli^^ >₤2bn ₤1-2bn Immunology/ Respiratory depemokimab ('294) otilimab ₤1-2bn ₤1-2bn Opportunity Driven daprodustat £0.5-1bn Pipeline sales potential based on non-risk adjusted peak year sales. See basis of preparation and assumptions in Appendix *maternal & paediatric; **including earlier lines; ^1st line OC combination + NSCLC and breast; ^^NRA PYS includes 1L EC & OC, Tesaro asset PrEP cabotegravir for pre-exposure prophylaxis; FiC first-in-class; BiC best-in-class; PYS peak year sales Potential advantage BiC, Shingrix-like opportunity FiC with market leadership FiC, unmet need due to resistance FiC, potential first functional cure FIC LA pioneer for treatment and prevention FiC, proven efficacy, broad dev programme BIC PARP inhibitor, building beyond OC Targeting novel combinations and 1L use BIC LA IL-5, leveraging Nucala leadership FiC, addressing unmet pain needs in RA BiC HIF-PHI for anaemia of CKD gsk 41#42Portfolio and pipeline to secure growth over next 10 years Illustrative Vaccines Specialty Medicines General Medicines More than 5% CAGR + Shingrix + Meningitis + Dovato + Cabenuva + Zejula + Blenrep + RSV + Men ABCWY + Cab PrEP + Zejula + Blenrep + Jemperli + depemokimab ('294) + Jemperli* + Benlysta + otilimab + Nucala + daprodustat 2021 + Trelegy + gepotidacin Marketed assets Late-stage Pipeline 2026 - dolutegravir - Trelegy Anoro More than £33bn gsk + RSV + Men ABCWY + Next gen Flu + Blenrep + Zejula + HBV ASO ('836) + depemokimab ('294) + otilimab + daprodustat + gepotidacin + CD226 axis + LA HIV combos + Cell therapies + MAT2A + Other + BD LoE + base decline Growth drivers 2031 Note: Bars are not at scale. 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. See basis of preparation and assumptions in Appendix. 2021-26 CAGR is for the 5 years to 2026, using 2021 as the base year. Pipeline sales are risk-adjusted and include anticipated sales of new products and Life Cycle Innovation (LCI) launched from 2021 onwards. Note: COVID therapeutic and vaccine solutions are excluded from the above. Assets highlighted reflect major contributions to growth in period shown. *Tesaro asset Early pipeline+ BD 42#43R&D Differentiated R&D approach focused on the science of the immune system, human genetics and advanced technologies Improved pipeline and productivity in core TAs with disciplined capital allocation Clear scientific synergies across Vaccines and Pharma >£20bn non-risk-adjusted potential in late stage pipeline Recent approvals and late-stage pipeline drive growth through 2031 Continued pipeline strengthening through innovative early programmes and BD 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. See basis of preparation and assumptions in Appendix. Pipeline sales potential based on non-risk adjusted peak year sales. See basis of preparation and assumptions in Appendix. Note: COVID therapeutic and vaccine solutions are excluded from the above. TAs therapy areas; BD business development 43#44R&D approach focused on the science of the immune system, human genetics and advanced technologies R&D approach - - - Focus on the science of the immune system given its importance in the pathophysiology of many diseases Focus on human genetics, functional genomics and advanced technologies to enable identification of novel targets with higher POS Strategic and disciplined BD Improved life cycle innovation Improved pipeline and productivity - - - - 20 vaccines, 42 medicines, the majority FiC/BIC 11 new approvals since 2017 Doubled the number of assets in pivotal studies Significantly reduced development cycle times Clear synergies across Vaccines and Pharma - Best-in-class talent POS probability of success; BD business development; FiC First-in-Class; BiC Best-in-Class. - Focus on the science of the immune system - to both treat and prevent disease Leadership in infectious diseases - One capital allocation approach - - One Development organisation Broadest suite of platform technologies gsk 44#45Improved pipeline and productivity gsk Enabling growth for GSK over the next 10 years 2017-21 pipeline approvals account for >60% of expected 2021-26 sales CAGR Anticipated pipeline approvals account for >40% of expected 2021- 26 sales CAGR Pipeline delivery and business development - a continuing focus Stronger pipeline driven by a focus on the science of the immune system, human genetics and advanced technologies since 2017 - - - - - - 11 major new medicines and vaccines approved Top quartile performance vs peers in number of launches, R&D spend per launch, median PYS per launch >90% success rate for phase 3/pivotal studies Doubled the number of assets in pivotal studies or registration Around 20% reduction in overall cycle times across clinical development 50% increase in the average number of lifecycle projects per asset - - - PYS peak year sales 45#46We have delivered 11 major approvals for new medicines or vaccines in the past four years Juluca dolutegravir 50 mg/ rilpivirine 25 mg tablets SHINGRIX HERPES ZOSTER VACCINE ONON-LIVE RECOMBINANT, ASO, ADRVANTED) TRELEGY VELLIPTA Kozenis (tafenoquine) Dovato dolutegravir/lamivudine 2H 2017 | 2018 *PRIMA FDA approval Apr 2020, TESARO acquisition Jan 2019 (first approval Mar 2017) 2019 ^TESARO asset BLENREP belantamab mafodotin-blmf for injection 100 mg Rukobia (fostemsavir) tablets-600mg extended-release ● Duvroq Zejula niraparib capsules 100 mg CABENUVA cabotegravir 200 mg/ml; rilpivirine 300 mg/mL extended-release injectable suspensions Jemperli (dostarlimab-gxly) Injection 500 mg 2020 | 1H 2021 Λ gsk 46#47External benchmarks position GSK in the top quartile for R&D output from 2017-2020 Launches Number; 2017-20 16 gsk Launches per $1bn R&D spend Number / US$B; 2017-20* Median PYS per Launch Asset** US $B; timeframe 2017-26 Company 1 1.9 0.7 gsk 10 1.9 1.3 Q1 : Company 2 10 1.0 0.7 Company 3 9 1.7 1.1 Company 4 9 1.6 0.8 Company 5 8 1.0 0.5 Q2 Company 6 8 1.0 0.2 Company 7 7 1.7 0.5 Company 8 6 1.6 0.3 Company 9 6 1.2 2.2 Q3 Company 10 6 1.0 0.6 Company 11 5 0.8 0.7 Company 12 5 0.6 1.1 Company 13 5 2.2 0.6 70 Q4 Company 14 4 1.2 0.5 Company 15 Company 16 1 3 0.8 0.4 1.0 0.4 Median 6 Median 1.2 Median $0.7 Source: Evaluate Pharma (retrieved April 2021). Peer-set incl top 17 companies by 2020 Rx Sales & Pharma R&D Spend. Includes Vaccines. Includes NMEs and Non-NMEs. Excludes OTC and generics. Includes assets acquired through business development launched during the period. * Number of launches (2017-2020) per $1B R&D spend. Average R&D spend 2017-2020; **Median peak year sales from assets launched 2017-2020, PYS between 2017 and 2026 GSK launches: Blenrep (NME), Cabenuva (NME), Rukobia (NME), Shingrix (NME), Zejula (NME), Duvroq (dapro, NME), Krintafel (tafenoquine, NME), Dovato (NDA), Juluca (NDA), Trelegy Ellipta (NDA) 47#48Significant improvement in R&D productivity gsk Improved success rates across clinical development ~20% reduction in overall cycle times across clinical development Doubled the number of assets in pivotal studies or registration 100% 80% 60% 40% 21% 58% 100% 95% 96% 20% 7% 0% Phase I/II Phase III/pivotal Registration 2015-2017 - 2018 Q1 2021 Phase 3/pivotal 11 2018-Q1 2021 3.9 3.6 0.8 8.3y 22 22 14 Phase 2 31 2015-2017 5.3 4.0 1.0 10.3y 26 Phase 1 16 0 2 4 6 8 10 12 Phase 1/2 Phase 3/pivotal Registration 2017 (Dec) 2021 (Jun) Source: GSK 2021 benchmarking. Bars shown are composite cycle times for projects completing each development phase during the time period indicated. Early clinical cycle times are from start of Phase 1 to start of Phase 3 or pivotal Phase 2 (where Phase 2 immediately preceded filing). Any project with a pivotal start milestone from 2015-2021Q1 (for the period indicated) and any Phase 1 start milestone are captured. Pivotal cycle time captures projects with any start of pivotal Phase 2 or Phase 3 milestone and a submission milestone between 2015-2021Q1 (for the period indicated). 48#49Improvements in cycle times have been driven by focus, operational excellence gsk and smart risk taking Blenrep (BCMA ADC) - 2H 2018 1H 2019 2H 2019 1H 2020 2H 2020 1H 2021 2H 2021 Approved just over two years after pivotal study start Pivotal study start (Jul) Pivotal data Submission (Aug) (Dec) Approval (Aug) RSV Older Adults - Accelerated development to enable potential first- in-class position sotrovimab (VIR-7831) - Received FDA Emergency Use Authorization 13 months after announcing the deal otilimab (aGM-CSF) - Encouraging Phase 2 data generated for COVID within 8 months of study start Ph1/2 start (Jan) EUA emergency use authorisation Ph1/2 data (May) Ph3 start (Feb) Deal signed (April) Ph1 start (Aug) Ph3 data FDA EUA (Mar) (May) Idea (Mar) Ph2 start (May) Ph2 data Extension (Jan) study (Feb) Extension data (Q3) 49#50We have built an innovative pipeline: 62 potential vaccines and medicines Phase I C. difficile* vaccine MenABCWY (2nd gen) vaccine SAM (COVID-19 model) vaccine SAM (rabies model) vaccine BVL-GSK098* (ethionamide booster) TB 2556286* (Mtb inhibitor) TB 3186899* (CRK-12 inhibitor) visceral leishmaniasis² 3494245* (proteasome inh) visceral leishmaniasis 3882347* (FimH antagonist) uUTI 3923868 (P14kẞ inhibitor) viral COPD exacerbations 4182137* (VIR-7832) COVID-191 VIR-2482 (neutralizing monoclonal antibody) influenza 3739937 (maturation inhibitor) HIV 3326595* (PRMT5 inhibitor) cancer 3368715* (Type 1 PRMT inhibitor) cancer 3745417 (STING agonist) cancer 3901961* (NY-ESO-1/CD8a TCR T) cancer 3845097* (NY-ESO-1/TGFbR2 TCR T) cancer 4074386* (TSR-033, LAG3 antagonist) cancer 4362676* (Mat2A inhibitor) cancer 6097608 (CD96 antagonist)* cancer Phase II COVID-19 (SK Bioscience)*1 vaccine Malaria (fractional dose)* vaccine RSV paediatric vaccine S. aureus*1 vaccine Shigella* vaccine Therapeutic HBV*1 vaccine 3036656* (leucyl t-RNA inhibitor) TB 3228836* (HBV ASO) HBV 3640254 (maturation inhibitor) HIV 3810109* (broadly neutralizing antibody) HIV4 bintrafusp alfa* (TGFß trap/anti-PDL1) BTC** cobolimab* (TSR-022, TIM-3 antagonist) NSCLC feladilimab* (3359609, ICOS agonist) solid tumours linerixibat (IBATi) cholestatic pruritus in PBC Phase III/Registration Bexsero infants (US) vaccine COVID-19 (Medicago)** vaccine COVID-19 (Sanofi)** vaccine MenABCWY vaccine 1st gen Menveo liquid³ vaccine MMR (US) vaccine RSV maternal* vaccine RSV older adults* vaccine Rotarix liquid (US) vaccine Shingrix immuno-compromised* vaccine gepotidacin (2140944)* uUTI and GC sotrovimab (VIR-7831)* COVID-19 cabotegravir LA HIV PrEP ** Blenrep (anti-BCMA ADC)* multiple myeloma Jemperli (PD-1 antagonist)* solid tumours* letetresgene-autoleucel (3377794, NY-ESO-1 TCR)* SS³** Zejula (PARP inhibitor)* ovarian & lung cancer Benlysta + Rituxan SLE depemokimab (LA anti-IL5 antagonist)* asthma Nucala COPD / nasal polyps otilimab (3196165, aGM-CSF inhibitor)* RA** daprodustat (HIF-PHI) anaemia in CKD Infectious Diseases HIV (ViiV) Oncology Immunology/Respiratory Opportunity Driven COVID solutions Note: Only the most advanced indications are shown for each asset EOS-448 (TIGIT antagonist)* cancer 2982772 (RIP1-k) psoriasis 3858279 (CCL17 inhibitor)* OA pain 3915393 (TG2 inhibitor)* celiac disease 2798745 (TRPV4 blocker)* DME gsk *In-license or other alliance relationship with third party; **Additional indications also under investigation; + GSK contributing pandemic adjuvant; 1. In Phase 1/2 study; 2. Transition activities underway to enable further progression by partner 3. In potentially registrational Ph2 trial 4. Study start imminent (Jun/Jul21). EOS-448: subject to regulatory clearance of iTeos Therapeutics collaboration RA: rheumatoid arthritis; OA: osteoarthritis; PBC: primary biliary cholangitis; NSCLC: non-small cell lung cancer; TB: tuberculosis; SLE: systemic lupus erythematosus; BTC: biliary tract cancer; uUTI: uncomplicated urinary tract infection; GC: gonorrhoea; SS: synovial sarcoma ; DME: diabetic macular edema; PrEP: pre-exposure prophylaxis; CKD: chronic kidney disease 50#51A robust late-stage pipeline with FiC or BiC potential and more than £20bn in NRA PYS potential Asset Next indication(s) Cabotegravir HIV PrEP* daprodustat Blenrep Anaemia in CKD Multiple myeloma earlier lines Jemperli^^^ 1L endometrial cancer gepotidacin RSV^ Men ABCWY^ otilimab uUTIs Older adults /other** Meningitis Rheumatoid arthritis 1L ovarian cancer with dostarlimab Zejula depemokimab ('294) Asthma HBV ASO ('836) Hepatitis B gsk Potential first- or Best-in-class Major Lifecycle Innovation NRA PYS range Anticipated submission >£2bn 2021 £0.5-1bn 2022 >£3bn 2022 ₤1-2bn 2022 £0.5-1bn 2023^^ >£3bn /£1-2bn 2023 ₤1-2bn 2023 ₤1-2bn 2023 >₤2bn 2024 ₤1-2bn 2024 >£2bn 2025 Pipeline sales potential based on non-risk adjusted peak year sales. See basis of preparation and assumptions in Appendix *PYS range includes treatment (approved, Cabenuva) and PrEP; maternal and paediatric ** ^ denotes vaccine candidate; For RSV initial data, timing dependent on RSV infection circulation during pandemic lockdowns; ^^ Interim analysis in 2022, subject to regulators feedback; ^^^ NRA PYS includes 1L EC & OC, Tesaro asset 51#52Recent approvals and late-stage pipeline will drive >100% of sales growth 2021-26 Illustrative Vaccines Specialty Medicines General Medicines More than 5% CAGR + Shingrix + Meningitis + Dovato + Cabenuva + Zejula + Blenrep + Jemperli* + Benlysta + Nucala + RSV + Men ABCWY + Cab PrEP + Zejula + Blenrep + Jemperli + depemokimab ('294) + otilimab + daprodustat 2021 + Trelegy + gepotidacin Marketed assets Late-stage Pipeline 2026 More than £33bn Major pipeline approvals 2017-2021 >60% of 2021-26 CAGR + RSV + Men ABCWY Anticipated pipeline approvals >40% of 2021-26 CAGR + daprodustat + gepotidacin gsk + Next gen Flu + BD LoE+ base decline Growth drivers 2031 Early pipeline+ BD Note: Bars are not at scale. 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. See basis of preparation and assumptions in Appendix. CAGR is for the 5 years to 2026, using 2021 as the base year. Pipeline sales are risk-adjusted and include anticipated sales of new products and Life Cycle Innovation (LCI) launched from 2021 onwards. Note: COVID therapeutic and vaccine solutions are excluded from the above. Assets highlighted reflect major contributions to growth in period shown. *Tesaro asset 52#53Innovative early programmes plus continued business development offer potential for sustained growth beyond 2026 Infectious Diseases GSK'868 (P14kẞ inhibitor) for viral COPD exacerbations Phlb start 2022 HBV therapeutic vaccine for hepatitis B POC anticipated 2023 MenABCWY 2nd gen for meningitis Phl start 1H 2021 HIV Oncology GSK'109 bnAb Phll start 1H 2021 Synthetic lethality MAT2A (Phl started 1H 2021), Pol Theta, Werner Helicase Immunology / Respiratory GSK'279 (anti-CCL17) for osteoarthritis pain Phlb data 2022 NRTTI Phl start 2H 2021 GSK'347 (FiMH) for uUTI Phlb start 2022 Capsid inhibitor Phl start 1H 2022 LA maturation inhibitor Phl start 1H 2022 CD226 axis (CD96, TIGIT, PVRIG) Immuno-oncology Jemperli* LAG-3*, TIM-3*, STING Novel target for multiple sclerosis Phl start 2H 2021 Novel target for atopic dermatitis Phlb start 2H 2021 Cell Therapy next generation GSK'393 (TG2 inhibitor) for celiac disease Phll start 2022 Business Development focused on human genetics and the science of the immune system HBV hepatitis B virus; MS multiple sclerosis; LA long acting; bnAb broadly neutralising antibody *Tesaro asset gsk 53#54Internal R&D innovation complemented by BD Strengthening the pipeline - Two-fold increase in deals (2018-21 vs. 2015-17) resulting in: - - 2 approved medicines, 1 Phase 3 asset and >10 Phase 1 or Phase 2 assets Our deals are enabling: - Creation of synthetic lethality pipeline and research unit - Acceleration of immuno-oncology portfolio - Access to key platform technologies e.g. mRNA, ADCs, ASOS, T cell therapies CUREVAC IONIS the RNA people NIR AnaptysBio Enhancing technology capabilities -Built state-of-the-art human genetics, functional genomics and AI/ML capabilities - - Over 40 early-stage programmes with 23andMe Programs with UCSF, UC Berkeley, the Broad Institute - >70% of research pipeline is genetically validated SURFACE ONCOLOGY. iTeos TM 23andMe Lyell BROAD Therapeutics INSTITUTE Seagen SpringWorks IDEA VA MERCK BIOSCIENCES Adaptimmune TRANSFORMING T CELL THERAPY immatics Continued focus on BD to strengthen pipeline NVIDIA® ADRESTIA THERAPEUTICS Laboratory for Genomics Research iTeos Therapeutics collaboration subject to regulatory clearance Logo's representative of sample of key BD deals gsk cerebras ALTIVS 54#55R&D is delivering a sustainable pipeline of innovative medicines and vaccines to achieve our 10-year ambition Illustrative Vaccines Specialty Medicines General Medicines More than 5% CAGR + Shingrix + Meningitis + Dovato + Cabenuva + RSV + Men ABCWY + Cab PrEP + Zejula + Blenrep + Jemperli + depemokimab ('294) + Zejula + Blenrep + Jemperli* + Benlysta + otilimab + Nucala + daprodustat 2021 + Trelegy + gepotidacin Marketed assets Late-stage Pipeline 2026 More than £33bn gsk - dolutegravir Trelegy Anoro + RSV + Men ABCWY + Blenrep + Zejula + HBV ASO ('836) + depemokimab ('294) + otilimab + daprodustat + gepotidacin + Next gen Flu + CD226 axis + LA HIV combos + Cell therapies + MAT2A + Other + BD LoE + base decline Growth drivers 2031 Note: Bars are not at scale. 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. See basis of preparation and assumptions in Appendix. 2021-26 CAGR is for the 5 years to 2026, using 2021 as the base year. Pipeline sales are risk-adjusted and include anticipated sales of new products and Life Cycle Innovation (LCI) launched from 2021 onwards. Note: COVID therapeutic and vaccine solutions are excluded from the above. Assets highlighted reflect major contributions to growth in period shown. *Tesaro asset Early pipeline+ BD 55#56VACCINES: STRENGTHENING LEADERSHIP Roger Connor and Dr. Hal Barron#57Strengthening leadership in vaccines High single digit % sales CAGR 2021-26 Global reach and commercial execution World class manufacturing capability and scale Industry-leading pipeline, FiC / BiC potential, 16 Phase 2/3 assets Unrivalled portfolio and breadth of technology platforms Advancing COVID solutions 5 planned new launches by 2026, including £multi-billion RSV opportunity Doubling Shingrix revenues in 5 years Ambition to double meningitis sales and flu sales in next 10 years 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. See basis of preparation and assumptions in Appendix. CAGR is for the 5 years to 2026, using 2021 as the base year. Pipeline sales are risk-adjusted and include anticipated sales of new products and Life Cycle Innovation (LCI) launched from 2021 onwards. Note: COVID therapeutic and vaccine solutions are excluded from the above. Shingrix, meningitis and flu revenues from 2020 base FiC First-in-Class; BiC Best-in-Class 57#58Industry leading portfolio High efficacy and protection Extensive and highly diversified portfolio Percentage of Vx Revenues Pneumococcal Hep A, B 8% 8% Rotavirus Other 11% 6% 28% 10% Influenza 13% Meningitis Vaccines revenues 2020 *DTP family vaccines (Diptheria, Tetanus, Pertussis, Hib, Polio and Hepatitis B) Shingles 16% DTP* 90% of portfolio offers >90% protection Shingles Efficacy rate | DTP* Meningitis Rotavirus Hep A, B Pneumococcal Influenza 50% 90% gsk 58#59Industry leading pipeline Largest number of mid/late-stage assets in areas of significant unmet medical need gsk gsk 6 Company A 5 7 Company B LO Company C 2 5 7 Company D 4 1 Company E 2 2 4 Company F 3 1 4 Phase 2 Phase 3 / Registrational 5 LO 10 12 7 12 RSV 16 177k hospitalisations, 14k deaths per year in 65+ adults annually in the US1 Meningitis 1.2m cases of IMD annually with ~10% mortality rate Antimicrobial Resistance 700k deaths annually & est. 8x increase within 30 years2 COVID-19 ~2bn cases and close to 3m deaths globally to date 59 Note: Includes Phase 2 and Phase 3 trials for non-cancer vaccines Sources: Company websites and Clinicaltrials.gov (March 2021); Registration as reported on company websites (March 2021) 1. Centers for Disease Control and Prevention (CDC), 2018. RSV in older adults and adults with chronic medical conditions. https://www.cdc.gov/rsv/high-risk/older-adults.html (accessed July 2019); 2. Interagency Coordination Group on Antimicrobial Resistance, 'No time to wait: securing the future from drug-resistant infections', April 2019. Available at https://www.who.int/antimicrobial-resistance/interagency-coordination-group/final-report/en/ ). IMD Invasive Meningococcal Disease#60Extensive technology platform portfolio across R&D Unlocking the synergy between vaccines and specialty medicines gsk AS MIN PROTEIN M Antigen Anlicens Antiger-Lir dry agent Antibody Protein +/- adjuvant mRNA Glycoconjugate Viral vector Monoclonal antibodies Underpinned by our focus on the science of the immune system MM Human genetics & functional genomics 60#61mRNA: an important technology in our pipeline Our differentiated mRNA approach to enable multivalent and combination vaccines 5' and 3' optimisation (CureVac) VNTS Investing at pace and building capabilities - mRNA research centre in Rockville (USA) ->200 GSK mRNA scientists globally Virus Neutralising Titers (VNTs) by dose (n=6;4(buffer), day 21) - 2560 1280 640 360 160 80 40 UREVAC 0000 00000 00000 00000 20 10 5 Buffer 0,5 μg 1st Gen platform 2 μg 8 μg 2nd Gen platform 20 μα 40 μα (do) d21 d42 - 10x higher immune response allowing for lower doses* - Refrigerator-stable (2-8°C) Further optimisation using modified bases *preclinical data in animal models 6 clinical candidates in the next 4 years - 2 assets in clinic within 12 months - COVID-19 booster; multi-valent, addressing emerging variants - Improved seasonal influenza with multi-antigen construct - Combination (COVID/Flu) under evaluation gsk 61#62Pipeline with multiple potential first- and/or best-in-class assets Total number of candidates 9 assets RSV/Pertussis combo Gonorrhea COVID 2nd Gen (CureVac) Klebsiella pneumoniae CMV Th HSV Varicella new strain (US) HPV NG mRNA seasonal Flu (CureVac) FIC/ BIC BIC AS BIC AS BIC 4 assets AS FIC/ BIC MenABCWY (2nd Gen) C. difficile* AS SAM (rabies model)* BIC SAM (COVID-19 model)* Phase 1 Next wave of entrants ('21/'22) * ** FIC First-in-class BIC Best-in-class AS Adjuvant system mRNA AS 45 10 assets Menveo liquid^^ Shingrix immuno-compromised* As FIC Bexsero in infants (US) BIC MMR (US) FIC/ BIC Rotarix liquid (US) AS BIC MenABCWY 1st gen. FIC/ BIC 45 FIC/ BIC RSV maternal* BIC 6 assets RSV paediatric Therapeutic HBV* BIC Malaria* (fractional dose) AS BIC Shigella* COVID-19 (SK Bioscience)*^ AS S. aureus* Phase 2 FIC RSV older adults* AS FIC/ BIC COVID-19 (Sanofi)*^ AS AS FIC/ BIC COVID-19 (Medicago)*^ AS Phase 3 / Registrational gsk Potential for: 5 new launches by 2026 5 POCS by 2023 5 FTIH starts in 2021 *In-license or other alliance relationship with third party **New wave of entrants exclude Global Health targets; ^GSK is contributing pandemic adjuvant to COVID-19 vaccines collaborations; ^^Ph2 registrational trial Pipeline information updated June 2021 5 new launches by 2026: RSV OA, RSV maternal, Men ABCWY 1st gen, COVID-19 NG, MMR US 5 PoC by 2023: Men ABCWY-7B 2nd gen, mRNA improved flu, RSV ped, Th HBV, Staph aureus 5 FTIH starts in 2021: COVID-19 NG, Men ABCWY-7B 2nd gen, Klebsiella pneumonia, CMV, Varicella NS 62#63Key growth drivers: opportunities and investment priorities Illustrative Vaccines Specialty Medicines General Medicines More than 5% CAGR + Shingrix + Meningitis + Dovato + Cabenuva + Zejula + Blenrep + Jemperli* + Benlysta + Nucala + RSV + Men ABCWY + Cab PrEP + Zejula + Blenrep + Jemperli + depemokimab ('294) + otilimab + daprodustat 2021 + Trelegy + gepotidacin Marketed assets Late-stage Pipeline 2026 Vaccines high single digit CAGR 2021-26 Shingrix - double revenues in 5 years gsk Meningitis - aim to double revenues in 10 years dolutegravir RSV - £Multi-billion peak year sales conotidacin ↑ LAMIV CONTIDOS Flu - new strategy to double revenues in 10 years LOD + base decine Growu anivers 2031 Cany pipelineT DD Note: Bars are not at scale. 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. See basis of preparation and assumptions in Appendix. CAGR is for the 5 years to 2026, using 2021 as the base year. Pipeline sales are risk-adjusted and include anticipated sales of new products and Life Cycle Innovation (LCI) launched from 2021 onwards. Note: COVID therapeutic and vaccine solutions are excluded from the above. Assets highlighted reflect major contributions to growth in period shown. *Tesaro asset 63#64Shingrix Aim to double revenues in the next five years, protecting more than 100m adults Major opportunity in US, China and beyond Expanding target populations: 50+ & 18+ (immunocompromised) ~1.9bn 50+ people worldwide + ~ 90m new people each year1 US opportunity ~100m 50+ people remain unvaccinated with Shingrix2 Untapped China opportunity gsk Gold standard for shingles prevention Unprecedented high efficacy >90% with proven 4-year duration of protection³ - Unconstrained supply to support growth ambition - - Geographic expansion: 35 markets within next 3 years Active life cycle management - – Label expansion: e.g., auto-immune disease - Fully liquid formulation SHINGRIX 回 HERPES ZOSTER VACCINE (NON-LIVE RECOMBINANT, AS01, ADJUVANTED) 1. United Nations, Department of Economic and Social Affairs, Population Division (2019). World Population Prospects 2019, custom data acquired via website 2. 121m 50+ people in US in 2021 based on ACIP recos. 24m vaccinated with Shingrix between 2017 and 2020 which leaves 97m yet to get vaccinated. 3. >80%, proven 8-year duration of protection https://academic.oup.com/ofid/article/7/Supplement 1/S4/6057510) Shingrix, ambition uses 2020 base. 19 64#65Meningococcal franchise Aim to double revenues in next decade, building on world-leading MenB vaccine High growth opportunity through market expansion - 1.2m cases of Invasive Meningococcal Disease (IMD) worldwide annually - Severe & devastating; ~10% mortality rate - Only ~17-25% receive MenB vaccine¹ gsk Potential best-in-class portfolio & pipeline - - - Market leader >50% share in a ~£2bn market with proven benefit backed by real world evidence² Sustaining leadership & expanding market with Men ABCWY. In Phase 3 - 2024* launch World's broadest coverage for all ages with improved convenience, 2nd Gen ABCWY in Phase 1-2 - - BEXSERO® Meningococcal Group B Vaccine 1. Teens between 13-17y in US; source: National, Regional, State, and Selected Local Area Vaccination Coverage Among Adolescents Aged 13–17 Years — United States, 2019 | MMWR (cdc.gov) 2. N Engl J Med 2020; 382:309-31; * Subject to regulatory approval Meningitis ambition uses 2020 base. MENVEO 65#66RSV Older Adults: potential first- and best-in class £multi-billion opportunity Leveraging our proven adjuvant technology gsk One of the highest value, unmet need remaining in infectious diseases Higher risk of severe outcomes than Influenza1 % of patients hospitalised who FLU stay ≥7 days1 RSV % of hospitalised FLU 14% patients admitted to intensive care1 RSV 18% RSV OA: £5bn market opportunity** 31% 43% Most advanced RSV OA vaccine candidate in Phase 3 with best-in class potential — Pre-fusion F antigen combined with proven AS01 adjuvant in older adults - Positive Phase 2 data: - - Adjuvanted approach boosts neutralising antibodies ~10x with T-cell restoration similar in range to young adults - FDA fast-track designation; launch in 2024* >1bn 60+ people globally exposed to RSV annually - Planning for expanded adult indications & combinations with other adult vaccines 1. Higher risk of severe outcomes than influenza in hospitalised patients - Ackerson et al. Clin Infect Dis. 2019;69(2):197 2. United Nations, Department of Economic and Social Affairs, Population Division (2019). World Population Prospects 2019, custom data acquired via website. *subject to regulatory approval; **GSK estimate for total RSV OA market 66#67RSV Maternal Potential to provide broad protection to infants from first breath of life One of the largest unmetneed in pediatrics 3.2m hospitalisations globally in under 5s No. 1 cause of hospitalisation in under 5s 1.4m hospitalisations in infants aged under 6 months More hospitalisations in first 2 years of life Maternal Vx 40 30 20 US infant hospitalisation (in thousands) Paediatric Vx Polyclonal protection with potential game- changing RSV pertussis combo to follow - Differentiated approach with polyclonal passive immunity designed to offer broad protection across strains - Positive Phase 2 data through maternal antibody transfer to baby, launch 2024* Potential protection of the mother & reduced transmission risk from mother to child Developing next generation RSV and pertussis combination; FTIH 2022 gsk 10 0 0-3 mths 4-6 mths 7-12 mths 1-2 yrs 3-4 yrs >4 years Source: Adapted from Paramore LC et al. Economic impact of respiratory syncytial virus-related illness in the US: an analysis of national databases. Pharmacoeconomics. 2004. *subject to regulatory approval 67#68Influenza Innovating to deliver greater protection, new ambition to double revenues in next decade Significant burden of disease remains¹ UP TO ~1bn ~3-5m 650,000 illnesses annually severe illnesses annually deaths £4.4bn² market size in 2020 UP TO £6.1bn² market size by 2026 Sub-optimal existing solutions Innovative technologies for superior efficacy 1. Innovative plant-based protein adjuvanted vaccine for 65+ segment*, Phase 3 data 2H 2023 2. Next generation mRNA vaccine**; Phase 3 data 2H 2025 - Multi-antigen construct - Ambition of superiority vs standard of care - Potential for combinations with COVID & other respiratory IDs 3. Transformational universal flu vaccine & gsk add-on mAb^ providing higher efficacy 1. 2018-2019 flu season data from the Centers for Disease Control and Prevention; Zhou et al. Clinical Infectious Diseases. 2012:54:1427-1436. 2. Evaluate Pharma March'21. *GSK & Medicago collaboration agreement includes clinical supply of AS03 for development of an adjuvanted flu vaccine targeting the 65-plus age group; this vaccine is currently in phase I/II; phase III read out in 2H2023. The companies are in discussion regarding details of a commercialisation agreement; **in collaboration with CureVac; ^in collaboration with Vir. IDs infectious diseases Flu ambition uses 2020 base. 68#69Strengthening leadership in vaccines High single digit % sales CAGR 2021-26 Global reach and commercial execution World class manufacturing capability and scale Industry-leading pipeline, FiC / BiC potential, 16 Phase 2/3 assets Unrivalled portfolio and breadth of technology platforms Advancing COVID solutions 5 planned new launches by 2026, including £multi-billion RSV opportunity Doubling Shingrix revenues in 5 years Ambition to double meningitis sales and flu sales in next 10 years 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. See basis of preparation and assumptions in Appendix. CAGR is for the 5 years to 2026, using 2021 as the base year. Pipeline sales are risk-adjusted and include anticipated sales of new products and Life Cycle Innovation (LCI) launched from 2021 onwards. Note: COVID therapeutic and vaccine solutions are excluded from the above. Shingrix, meningitis and flu revenues from 2020 base FiC First-in-Class; BiC Best-in-Class 69#70SPECIALTY: RESHAPING HIV TREATMENT AND PREVENTION Deborah Waterhouse and Dr. Kimberly Smith#71Reshaping the HIV treatment and prevention landscape Mid single digit % sales CAGR 2021-26 Pioneering innovation for treatment and prevention Dovato and cabotegravir drive growth Cabotegravir LA portfolio replaces dolutegravir as foundational medicine Innovative LA pipeline powers revenue renewal beyond dolutegravir 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. See basis of preparation and assumptions in Appendix. CAGR is for the 5 years to 2026, using 2021 as the base year. Pipeline sales are risk-adjusted and include anticipated sales of new products and Life Cycle Innovation (LCI) launched from 2021 onwards. LA long acting 71#72Delivering on significant unmet needs in HIV Key challenges remain in £23bn treatment and prevention market EREE V STING 9 WORLD PRIDE E 2019. ORG FIRE HIV TESTING NOW ASK ABOUT PrEP/ PEP NOW PLAYDO 38m people living with HIV (PLHIV) worldwide 1.7m infections per annum, mostly in Africa 6,000 young women infected every week 38,000 new infections per annum in US Only 50% of PLHIV in USA virally suppressed 22,000 new infections per annum across EU Source: Epidemiology data from WHO and UNAIDS statistics #BEHIVSURE gsk 72#73HIV delivering mid-single digit % sales CAGR 2021-26 with pipeline optionality beyond Illustrative Mature products Growth drivers 2021 + Dovato + Cabenuva + Cab PrEP - - Triumeq Tivicay Growth drivers Mature products HIV mid single digit % CAGR Post 2026 LA pipeline potential for revenue renewal 2026 Note: Bars are not at scale. 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. See basis of preparation and assumptions in Appendix. CAGR is for the 5 years to 2026, using 2021 as the base year. Pipeline sales are risk-adjusted and include anticipated sales of new products and Life Cycle Innovation (LCI) launched from 2021 onwards. gsk 73#74Dovato: Best-in-class two-drug regimen Switch share growing strongly in US and EU 60% 50% 40% 30% 20% 10% gsk >£1bn by 2022 and further potential beyond Integrase inhibitors gold standard with proven high bar to resistance and tolerability - Only 2DR to deliver durable efficacy and high barrier to resistance in naïve and switch One in two people on treatment globally on DTG regimens with 8 superiority studies Patent protection to April 2028 US/July 2029 EU* 0% Jun Sep 2019 2019 Sep 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 May 2021 US Competitor EU Competitor EU Dovato US Dovato Source: IQVIA (R4W) and ActOne (R3M) *Dovato is protected by composition of matter patent protections until 2028 in US / 2029 in EU, and assuming paediatric exclusivity granted. DTG dolutegravir. 74#75LA pipeline with opportunity for revenue renewal post DTG LOE Portfolio transition through decade with LA regimens ~ £2bn by 2026 gsk 2021-26 growth drivers Dovato Cabenuva 2026 Portfolio Mix Cab PrEP Oral portfolio LA portfolio launching by 2022 DTG dolutegravir; LoE loss of exclusivity Post 2026 LA pipeline growth drivers Self Admin for Treatment Ultra LA for Treatment Ultra LA for PrEP 75#76Shifting the paradigm towards long-acting treatment Cabenuva: world's 1st and only long-acting regimen for HIV treatment LA preferred by 9/10 patients vs orals¹ Fear of disclosure 38% reported taking pills everyday means a greater chance of revealing their HIV status to others² Anxiety with staying adherent LA injectable treatment market £4-5bn by 2030 gsk - Integrase inhibitor at core provides unique resistance and tolerability profile versus competition - ― Treatment dosing days reduced from 365 to 6 - Five-year head start over competition - Patent protection extends through 2031* said that needing to take treatment 33% every day causes stress or anxiety² Daily reminder of HIV 58% reported that taking pills for HIV every day is a daily reminder of HIV in their life² 1. In ATLAS and FLAIR studies 2. ViiV Healthcare. 2020. Positive Perspectives Wave 2 Study * Cabotegravir is protected by composition of matter patent protections through 2031 in US and EU and assuming patent term extensions granted 76#77Major opportunities in pre-exposure prophylaxis (PrEP) Cabotegravir for PrEP: offers potential to transform the shape of the epidemic LA injectable PrEP market £4-5bn by 2030 - - US political will to end epidemic by 2030 First LA injectable PrEP administered every two months Cabotegravir superior in men and women vs. daily oral Truvada Cab for PrEP filed with US FDA in H1 with expected launch in early 2022 Cabotegravir LA superior to daily oral standard of care Cumulative Incidence 0.01 0.02 0.03 0.04 0.05 0.06 0.07 0.08 HR:0.11 (0.01, 0.31) P=0.000027 0 gsk 0917 25 33 41 49 57 65 73 81 89 97 105 113 121 129 137 145 153 Weeks since Enrollment - Truvada -- Cabotegravir 77#78Integrase inhibitor-based LA pipeline drives future growth Potential options for self administration and ultra long acting Capsid Inhibitor Inhibits formation of HIV capsid which is critical for viral replication Broadly Neutralising Antibodies (N6LS) Blocks HIV replication by attaching to CD4 binding site Maturation Inhibitor Blocks protein processing late in the viral replication cycle Cabotegravir Nucleoside Reverse Transcriptase Translocation Inhibitor (NRTTI) Blocks key enzyme HIV needs to make copies of itself Delivering continued innovation leaving no person living with HIV behind gsk 78#79Strategic collaboration with Halozyme Expands portfolio of long-acting agents ViiV Healthcare 9 H Halozyme Unique partnership aimed at significantly improving patient experience in HIV treatment and PrEP Focused on developing ultra long-acting regimens (3 months plus) Exclusive license in HIV treatment for integrase inhibitors, capsid inhibitors, NRTTI and bNAb Potential in PrEP to increase Cabotegravir dosing interval from every two months to up to six months gsk 79#80Maintaining HIV leadership beyond Dolutegravir Integrase inhibitor-based LA regimens deliver new levels of convenience gsk 2021-2024 Cabenuva (CAB + RPV) for treatment - - 1st LA regimen launched in US and EU with more planned Cabotegravir for prevention (PrEP) - US approval expected Q1 2022 2025-2027 1st self-administered LA regimen for treatment — - CAB + MI-937 - - CAB + N6LS Cabotegravir for prevention (PrEP) - Ultra long-acting CAB for PrEP 2028+ Ultra long-acting >Q3M for treatment - CAB + Capsid - CAB + N6LS - CAB + NRTTI 80#81Reshaping the HIV treatment and prevention landscape Mid single digit % sales CAGR 2021-26 Pioneering innovation for treatment and prevention Dovato and cabotegravir drive growth Cabotegravir LA portfolio replaces dolutegravir as foundational medicine Innovative LA pipeline powers revenue renewal beyond dolutegravir 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. See basis of preparation and assumptions in Appendix. CAGR is for the 5 years to 2026, using 2021 as the base year. Pipeline sales are risk-adjusted and include anticipated sales of new products and Life Cycle Innovation (LCI) launched from 2021 onwards. LA long acting 81#82SPECIALTY: MAXIMISING HIGH-POTENTIAL MEDICINES Of Dr. Hal Barron and Luke Miels#83Maximising high-potential Specialty Medicines Double digit % growth CAGR 2021-26 Infectious diseases: industry leader with broadest pipeline HIV: pioneering innovation for treatment and prevention Oncology: leadership in next-gen IO and synthetic lethality Immunology/Respiratory: genetically-validated immune driven targets Opportunity driven: create future therapy areas of focus 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. See basis of preparation and assumptions in Appendix. CAGR is for the 5 years to 2026, using 2021 as the base year. Pipeline sales are risk-adjusted and include anticipated sales of new products and Life Cycle Innovation (LCI) launched from 2021 onwards. 10 immuno-oncology 83#84Delivering high potential specialty medicines and strong commercial execution gsk Infectious diseases Industry leader with broadest infectious diseases pipeline HIV Reshaping the HIV treatment and prevention landscape Oncology Next-gen IO and synthetic lethality leadership Immunology/ Respiratory Industry leader in genetically validated immune driven targets Opportunity driven Create future therapy areas of focus gepotidacin UUTI/GC HBV ASO '836 Hepatitis B Cabenuva Cab PrEP Blenrep Multiple myeloma Jemperli* 1L endometrial Zejula Ovarian, lung, breast With many further opportunities to contribute to long term growth Nucala COPD Linerixibat CP in PBC '254 mat inhib HIV '608 CD96 Cancer Vir-7831 COVID-19 cobolimab* NSCLC EOS-448^ Cancer '279 CCL17 OA pain Vir-7832 COVID-19 *393 TG2 Celiac disease depemokimab ('294) Asthma otilimab RA daprodustat Anaemia w CKD NY-ESO-1 TCR's Cancer '109/N6LS bNAb HIV '676 MAT2A Cancer '347 FimH UUTI '868 PI4Kẞ Viral COPD exacerbations '417 STING Cancer '745 TRPV4 DME Pipeline is not exhaustive and does not include Vaccines CP in PBC cholestatic pruritus in PBC; RA rheumatoid arthritis; uUTI uncomplicated urinary tract infection; GC gonorrhoea; NSCLC non-small cell lung cancer; OA osteoarthritis; CKD chronic kidney disease *Tesaro asset,^iTeos Therapeutics collaboration subject to regulatory clearance '595 PRMT5 Cancer 84#85Empty#86Specialty Medicines: deliver double digit % CAGR 2021-26, strong growth over next 10 years Illustrative Vaccines Specialty Medicines General Medicines More than 5% CAGR + Shingrix + Meningitis + Dovato + Cabenuva + RSV + Men ABCWY + Cab PrEP + Zejula + Blenrep + Jemperli + depemokimab ('294) + Zejula + Blenrep + Jemperli* + Benlysta + otilimab + Nucala + daprodustat 2021 + Trelegy + gepotidacin Marketed assets Late-stage Pipeline 2026 More than £33bn gsk + RSV + Men ABCWY + Next gen Flu - dolutegravir Trelegy Anoro + Blenrep + Zejula + HBV ASO ('836) + depemokimab ('294) + otilimab + daprodustat + gepotidacin + CD226 axis + LA HIV combos + Cell therapies + MAT2A + Other + BD LoE + base decline Growth drivers 2031 Note: Bars are not at scale. 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. See basis of preparation and assumptions in Appendix. 2021-26 CAGR is for the 5 years to 2026, using 2021 as the base year. Pipeline sales are risk-adjusted and include anticipated sales of new products and Life Cycle Innovation (LCI) launched from 2021 onwards. Note: COVID therapeutic and vaccine solutions are excluded from the above. Assets highlighted reflect major contributions to growth in period shown. *Tesaro asset Early pipeline+ BD 86#87Gepotidacin: Potential first-in-class oral antibiotic targeting antibiotic resistance High unmet need for novel oral 2nd line antibiotics due to rising resistance & safety concerns¹ 8% 11% 19% 62% No known resistance Resistant to 1 antibiotic Resistant to 2 antibiotics Resistant to 3+ antibiotics ~15m uUTIs per year in US 38% are resistant to 1 or more antibiotics Powerful alternative to counter resistance - - - Increasing resistance to 1L antibiotics drives urgent need 2L broad-spectrum fluoroquinolones risk serious side effects and resistance, yet have 25% share of market² Convenient novel oral option presents £0.5-1bn opportunity Gepotidacin potential to deliver new antibiotic option: - - - - Novel mechanism of action (triazaacenaphthylene topoisomerase inhibitor) Active in vitro against most antibiotic-resistant uropathogens including E. coli; S. saprophyticus No known cross-resistance 2x daily oral dosing, short course (5 days uUTI) Phase 3 study results expected 20223 1. GSK US physician market research, 2019. 2. IQVIA Claims and LRX Databases, MAT February 2020. Data reported is projected for US episodes. 3. interim analysis subject to regulators feedback In partnership with the US government's Biomedical Advanced Research and Development Authority and Defense Threat Reduction Agency-funded in part with Federal funds from the Department of Health and Human Services; Office of the Assistant Secretary for Preparedness and Response; Biomedical Advanced Research and Development Authority, under OTA number HHSO100201300011C. gsk 87#88HBV ASO ('836): potential FiC 'functional cure' for Chronic HBV Significant unmet need for functional cure --2bn people infected with Hepatitis B virus but diagnosis rates low (<9% globally) - - - ~250m people living with Chronic Hep B (CHB) ~900k people die from CHB annually SoC suppresses viral replication, does not eliminate HBV antigen production GSK goal to clear HBV surface antigen with defined treatment period to achieve 'functional cure' Global opportunity >£2bn - China ~1/3 of global patients; new GSK leadership and capabilities support competitive opportunity - US/Europe patient size similar to HepC market gsk Phase 2b study of GSK'836 ongoing with focus on eliminating HBsAg - - ASOS designed to bind precisely with RNA, halting process of creating new virus and immune tolerance proteins Phase 2a data* (EASL 2020) showed significant reductions in HBsAg in both untreated patients and patients on SoC Log10 change (HBsAg) 0 -1 -2 -3 -4 -5 300 mg 300 mg Placebo 150 mg nuc suppressed ཀ Each patient * * * * - Data from Phase 2b study vs SoC expected in 2022 * - <LLOQ SoC Standard of Care; ASO Antisense oligonucleotide; FiC First-in-Class; *Open Circles - Day 29, Columns - Nadir, Functional cure is when the virus is not completely eliminated but is at low levels that can be controlled by the immune system without medication. It is largely defined as sustained, undetectable levels of hepatitis B virus DNA and HBsAg (surrogate markers of chronic hepatitis B) in the blood with or without generating protective antibodies after a finite course of treatment. 1. Yuen et al, EASL 2020 88#89Oncology strategy focused on the science of the immune system and human genetics gsk Immuno-oncology and cell therapy Blenrep Science of the immune system Harness the power of the immune system to target cancer via next generation checkpoint modulators and cell and gene therapies Jemperli* Human genetics Develop therapeutic agents based on biology, validated through genetics LAG-3* TIGIT CD96 TIM-3* Pre clinical PVRIG NY-ESO-1 TCR NY-ESO-1/TGFbR2 TCR T NY-ESO-1/CD8a TCRT STING ICOS agonist TGF beta trap / anti-PDL1 Synthetic lethality Zejula PRMT-5 Type 1 PRMT MAT2A Pre clinical Pol Theta Werner Helicase *Tesaro asset SURFACE ONCOLOGY. Merck iTeos Therapeutics AnaptysBio IDEAVA BIOSCIENCES immatics Lyell X 23andMe »Adaptimmune TRANSFORMING T CELL THERAPY 89#90Blenrep: first-in-class BCMA treatment for patients with multiple myeloma Significant unmet medical need - Multiple myeloma is the 2nd most common haematological malignancy with >175K pts/yr global incidence2 gsk Significant opportunity to move in to 2L+ with compelling efficacy and the ability to reduce dose Phase 1/2 ALGONQUIN study³ (Blenrep plus PomDex) Response rates (%) by dose Differentiated asset with broad development programme - - Pivotal DREAMM-2 demonstrated deep and durable responses as single agent Easy outpatient administration and scalable manufacturing compared to competitors Corneal AEs (%) by dose 100% ORR:95% >VGPR:74% 100% ORR:82% >VGPR:64% 80% 21% 80% 18% 60% 60% 47% 40% 40% 64% 70% 20% 20% 26% 25% 17% 15% 0% 0% 1.92 mg/kg n=11 2.5mg/kg Combined n=19 1.92 mg/kg n=12 2.5mg/kg Combined n=20 CR VGPR PR Visual Acuity Change* G3/4 Keratopathy Ongoing registrational studies in 2L DREAMM-7 & DREAMM-8 1. CA: A Cancer Journal for Clinicians, Vol. 70, Issue 1, Han/Feb 2020 Pages 7-30, 2. Globocan 2020 Multiple Myeloma Fact Sheet, 3. Trudel, et al ASH 2020; Combined-2.5mg/kg include single, loading and split doses; *Keratopathy by exam finding, visual acuity change 20/50 or worse in better seeing eye 90 90#91The power of functional genomics: combining Blenrep with a gamma secretase inhibitor (GSI) Functional Genomics identified GSI combo potential BCMA expression CRISPR screen BCMA-high anti-BCMA antibody FACS Sort BCMA-low sgRNA library CRISPRI MM cells sgRNA library cells CRISPRA MM cells P value 4.0 3.0 y-secretase BCMA. subunits 2.0 1.0 -6 -4 -2 0 2 4 6 Decrease BCMA cell surface expression Increase Source: Blood Adv (2020) 4 (13): 2899-2911. Kampmann, et al Count LOW HIGH BCMA expression Deep sequencing to determine sgRNA frequency - - Blenrep + GSI combo should enable lower dose gsk Nirogacestat 秀秀 y-secretase Belamaf BCMA RLU Cytotoxicity Assay 2.5×107. 2×10% 1.5×107 1x107- 5x10%- 0 0.0001 0.001 0.01 0.1 Blenrep (UG/ML) 1 10 Blenrep Blenrep/nirogacestat 025uM -IGG-MMAF IgG-MMAF/nirogacestat .025uM Belamaf + nirogacestat a novel GSI under investigation in DREAMM-5 with an initial 0.95mg/kg dose Preliminary data expected by end 2021 Source: Eastman et al., Blood (2019) 134 (Supplement_1): 4401. dreaMM 5 91#92Jemperli*: enabling next generation Immuno-Oncology with our innovative pipeline Jemperli monotherapy opportunity in niche indications First-in-indication opportunities for Jemperli Novel IO combinations to improve on PD(L)-1 2L dMMR endometrial cancer - approved 2L dMMR pan tumour – filed - 1L endometrial cancer (all comers or dMMR) - RUBY - Ph3 ongoing - 1L ovarian cancer - FIRST - Ph3 ongoing - Multiple myeloma – DREAMM-5 - Ph1 ongoing PD-1 combination with: -TIGIT-planned -CD96 - Ph1 ongoing - PVRIG – planned - - TIM-3 Ph2 ongoing - - LAG-3 - Ph2 ongoing -STING - Ph1 ongoing *Tesaro asset gsk 92#93Unique pipeline targeting CD226 axis: TIGIT^, CD96, PVRIG with potential for synergistic anti-tumour effect Interaction between tumours and immune system point towards new combinations... Example: T/NK cell interacting with tumours gsk ...testing these combinations shows promising synergies in pharmacology studies Example: PD1 + TIGIT + CD96 in colon carcinoma (CT26) cells PD-10 Dostarlimab (Anti-PD-1 mAb) CD96 +CD226 TIGIT PVRIG GSK608 (Anti-CD96 mAb) EOS448 T/NK cell (Anti-TIGIT mAb) GSK652 (Anti-PVRIG mAb) PD-L1 CD155 8 BCD112 CD96, TIGIT, and PVRIG are checkpoint inhibitors APC/Tumor Mean tumor size (mm2) 200 <- cig aCD96 αPD1 AaTIGIT (G2a). **** aCD96 + aTIGIT (G2a) aPD1+aCD96 aPD1+aTIGIT (G2a) aPD1+aTIGIT (G2a)+ CD96 150- 100 50- 0 0 5 10 15 20 25 30 35 40 45 50 55 Days after CT26 tumor inoculation Note: PD1 + TIGIT + CD96 synergistic effect adapted from Mittal et al. Control = anti-CLG antibodies. Source: GSK internal data; Mittal et al. Cancer Immunol Res. 2019 ^iTeos Therapeutics collaboration subject to regulatory clearance Source: Mittal et al. 2019 CRI Triplet 93#94World leading functional genomics platform will enable our synthetic lethality pipeline Zejula PRIMA study demonstrated the value of synthetic lethality - Functional genomics studies suggested PARPS should be effective beyond women with BRCAmut - The PRIMA study proved this hypothesis. by showing a benefit in all comers The NEW ENGLAND JOURNAL of MEDICINE ESTABLISHED IN 1812 DECEMBER 19, 2019 VOL. 381 NO. 25 Niraparib in Patients with Newly Diagnosed Advanced Ovarian Cancer A. González-Martín, B. Pothuri, I. Vergote, R. DePont Christensen, W. Graybill, M.R. Mirza, C. McCormick, D. Lorusso, P. Hoskins, G. Freyer, K. Baumann, K. Jardon, A. Redondo, R.G. Moore, C. Vulsteke, R.E. O'Cearbhaill, B. Lund, F. Backes, P. Barretina-Ginesta, A.F. Haggerty, M.J. Rubio-Pérez, M.S. Shahin, G. Mangili, W.H. Bradley, I. Bruchim, K. Sun, I.A. Malinowska, Y. Li, D. Gupta, and B.J. Monk, for the PRIMA/ENGOT-OV26/GOG-3012 Investigators* gsk Expanding synthetic lethal pipeline with significant opportunity for combinations - - - MAT2A has shown synthetic lethality in tumours with MTAP deletion - entered clinic in 1H 2021 Pol Theta and Werner Helicase in pre-clinical development Bladder MTAP Deletion Prevalence Cancer Type N MTAP deletions (%) Glioblastoma 592 41 Mesothelioma 87 32 Esophageal 95 28 411 26 Pancreatic 184 22 Internal Functional Genomics has identified > 12 targets Melanoma 448 16 Lung Cancer (NSCLC) 1053 15 Head and Neck 523 14 Sarcoma 255 10 Esophagogastric 514 10 Diffuse Glioma 513 9 Breast 1084 3 Ovarian 585 3 Adrenocortical 92 3 Thymic Hepatocellular 123 3 369 Renal non-clear cell 348 32 Source: The Cancer Genome Atlas in cBioPortal 94 56#95Zejula: best-in-class and only PARP inhibitor approved for all 1L ovarian cancer patients Positioned to benefit broadest population Ovarian Cancer Biomarker Subgroups Opportunity to drive market growth and reduce use of 'watch and wait' gsk HRd1 HRp2 BRCAM² 25% 50% BRCAwt² 25% HRd1 1st PARPi to demonstrate benefit in 1L OC3 regardless of biomarker status % of patients 5% 6% 1LM Eligible US Patients4 15% 19% 11% 30% 85% 65% 58% 2017-2018 PARPIS enter 2L OC market 2018-2019 First PARPi available in BRCAM 1LM - 2019 2020 PRIMA approval expands PARPi in 1LM to all comers Watch & Wait Bevacizumab PARPi 1. The Cancer Genome Atlas Research Network. Nature. 2011;474(7353):609–615. 2. Pennington KP, Walsh T, Harrell MI, et al. Clin Cancer Res. 2014;20(3):764–775. 3. Refers to ovarian cancer patients who responded to 1L chemotherapy 4. Flatiron, July 2020 95#96Zejula: maximizing patient benefit through multiple development opportunities gsk Breast (ctDNA+) - ZEST - Leverage ctDNA to treat high risk patients after curative therapy Estimated patient population of ~20k* NSCLC 1L - ZEAL - - PD1 + PARPi synergy Differentiation: blood-brain barrier penetration - Estimated patient population of ~84k* Pivotal data readout expected 2024 Endometrial 1L - RUBY - Potential for PD1 + PARPi synergy - Estimated patient population of ~3k* Pivotal data readout expected 2025 Ovarian 1L - FIRST - Potential for PD1 + PARPi synergy - Estimated patient population of ~26k* Pivotal data readout expected 2023 Pivotal data readout expected 2023 Four pivotal studies to expand the potential value of Zejula Source: GSK internal data; * Eligible annual new patient starts by 2031 96#97GSK '294 (depemokimab): potential best-in-class long-acting IL-5 antagonist with ambition to transform SEA treatment gsk High unmet need despite success of IL5s - - >50m worldwide suffer with severe eosinophilic asthma - ~27% of eligible patients on biologic therapy - ~50% uncontrolled despite being on therapy - Low adherence (<60%) or treatment reluctance due to lack of convenience or fear of injection Ph3 ongoing with unique dosing frequency - - High affinity and long-lasting suppression of IL-5 6-month SC* dosing attractive to patients - Ph3 high probability of success (validated MoA) - On track to be first long-acting biologic for SEA - Data expected in 2024 Dosing frequency Approved biologics Dupixent Every 2 weeks Nucala Every 4 weeks Fasenra GSK'294 Every 8 weeks Every 26 weeks Potential to be the SEA treatment of choice for continuing and new to biologics patients ₤1-2bn opportunity * Subcutaneous SEA Severe Eosinophilic asthma; MoA Mechanism of Action 97#98Otilimab (anti-GM-CSF): novel MoA to address unmet need in rheumatoid arthritis (RA) Ph2 data shows potential for differentiation on pain - - Despite many treatments available ~40% of patients on a biologic report daily pain; a key driver for switching² Ph2 otilimab data suggest superiority on CDAI and pain New mechanism for significant unmet patient need - ~50m people have RA globally1 - - gsk ~30% of RA patients achieve remission so new MoAs are important Phase 3 data expected end 2022 LS mean (SE) change from baseline in CDAI -10 -15 -20 -25 -30 5 5 LO W1 W2 ***p<0.001 vs placebo CDAI response using the Phase 2 EOW dosing regimen T-4.95 -17.14*** W4 W6 W8 -6.59 Placebo Otilimab 22.5 mg Study ContRAst-1 Design Otilimab 45 mg ContRAst-2 Otilimab 90 mg Otilimab 135 mg ContRAst-3 *** -23.23** -Otilimab 180 mg W12 Endpoints Otilimab vs tofacitinib (JAKI) in combination with methotrexate (MTX) in patients in inadequate response (IR) to biologic or JAKi Otilimab vs tofacitinib (JAKI) in patients in IR to DMARDs Primary: ACR20 vs placebo at week 12 Key secondary: pain and CDAI vs active comparator Otilimab vs sarilumab (IL-6) in patients with IR to biological DMARDs and/or JAKI 1. Gibofsky A, Overview of epidemiology, pathophysiology, and diagnosis of rheumatoid arthritis, 2012 Dec; 18(13 Suppl):S295-302; 2. Targeted treatments for rheumatoid arthritis, Novel treatment strategies in rheumatoid arthritis, Gerd R Burmester, Janet E Pope; Adelphi RA DSP 2016 3. October 07, 2020, https://www.thelancet.com/journals/lanrhe/article/PIIS2665-9913(20)30229-0/fulltext 98#99Daprodustat (HIF-PHI): potential to be best-in-class for anaemia of chronic kidney disease Nobel prize winning science Daprodustat (HIF-PHI) NORMOXIA PATHWAY VHL OH VHL OH Pro Pro Ubiquitin- mediated degredation Ub HIFa Asn Ub Ub of HIFa HIF Prolyl Hydroxylase-1,2,3 Enzyme Pro Pro HYPOXIA HIFa Asn PATHWAY Pro Pro Robust clinical development programme - - - Single sponsor, single Hgb target with active SoC comparator Trial design, including primary MACE end- point aligned with global regulators No meta-analysis required -Studies in dialysis (peritoneal, and haemodialysis) and non-dialysis gsk ASCEND ND: Efficacy and CV safety Non-dialysis (ND) patients on and not on rhEPO ASCEND D: Efficacy and CV safety Dialysis patients (HD, PD) on rhEPO Full data expected in 3Q 2021 Significant market opportunity with shifting competitor dynamics - Large and growing renal anemia market: 3m non-dialysis & 1.2m dialysis patients* Transcription of Nucleus HIFa Asn HIF-responsive genes MIHIFB p300 TTT 1. Visible Alpha consensus; *US/EU (2030) untreated and undertreated SoC, standard of care; Hgb, hemoglobin; - - Potential >£2bn HIF-PHI market¹, £0.5bn-1bn opportunity for daprodustat Need for more convenient, oral options particularly in non-dialysis patients 99#100Portfolio and pipeline to secure growth over next 10 years Illustrative Vaccines Specialty Medicines General Medicines More than 5% CAGR + Shingrix + Meningitis + Dovato + Cabenuva + Zejula + Blenrep + RSV + Men ABCWY + Cab PrEP + Zejula + Blenrep + Jemperli + depemokimab ('294) + Jemperli* + Benlysta + otilimab + Nucala + daprodustat 2021 + Trelegy + gepotidacin Marketed assets Late-stage Pipeline 2026 - dolutegravir - Trelegy Anoro More than £33bn gsk + RSV + Men ABCWY + Next gen Flu + Blenrep + Zejula + HBV ASO ('836) + depemokimab ('294) + otilimab + daprodustat + gepotidacin + CD226 axis + LA HIV combos + Cell therapies + MAT2A + Other + BD LoE + base decline Growth drivers 2031 Note: Bars are not at scale. 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. See basis of preparation and assumptions in Appendix. 2021-26 CAGR is for the 5 years to 2026, using 2021 as the base year. Pipeline sales are risk-adjusted and include anticipated sales of new products and Life Cycle Innovation (LCI) launched from 2021 onwards. Note: COVID therapeutic and vaccine solutions are excluded from the above. Assets highlighted reflect major contributions to growth in period shown. *Tesaro asset Early pipeline+ BD 100#101SUSTAINABLE GROWTH COMPETITIVE RETURNS lain Mackay Chief Financial Officer#102Sustainable growth and competitive shareholders returns More than 5% sales CAGR 2021-26, £33bn sales ambition by 2031 Cost discipline drives Adj Operating Margin expansion to >30% by 2026 More than 10% Adj Operating Profit CAGR 2021-26 Improve operating cash flow, working capital focus, restructuring completion Strengthen balance sheet Leverage <2x net debt/Adj EBITDA at point of separation Disciplined capital allocation focused on pipeline strengthening Progressive dividend policy 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. See basis of preparation and assumptions in Appendix. CAGR is for the 5 years to 2026, using 2021 as the base year. Pipeline sales are risk-adjusted and include anticipated sales of new products and Life Cycle Innovation (LCI) launched from 2021 onwards. Note: COVID therapeutic and vaccine solutions are excluded from the above. Adj, adjusted; OP, operating profit 102#103Competitive sales ambition Pipeline productivity and commercial excellence Illustrative Vaccines Specialty Medicines General Medicines More than 5% CAGR + Shingrix + Meningitis + Dovato + Cabenuva + Zejula + Blenrep + RSV + Men ABCWY + Cab PrEP + Zejula + Blenrep + Jemperli + depemokimab ('294) + Jemperli* + Benlysta + otilimab + Nucala + daprodustat 2021 + Trelegy + gepotidacin Marketed assets Late-stage Pipeline 2026 - dolutegravir - Trelegy Anoro More than £33bn gsk + RSV + Men ABCWY + Blenrep + Zejula + HBV ASO ('836) + depemokimab ('294) + otilimab + daprodustat + gepotidacin + Next gen Flu + CD226 axis + LA HIV combos + Cell therapies + MAT2A + Other + BD LoE + base decline Growth drivers 2031 Note: Bars are not at scale. 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. See basis of preparation and assumptions in Appendix. 2021-26 CAGR is for the 5 years to 2026, using 2021 as the base year. Pipeline sales are risk-adjusted and include anticipated sales of new products and Life Cycle Innovation (LCI) launched from 2021 onwards. Note: COVID therapeutic and vaccine solutions are excluded from the above. Assets highlighted reflect major contributions to growth in period shown. *Tesaro asset Early pipeline+ BD 103#104Adjusted Operating Margin expansion to at least 30% by 2026 More than 10% Adjusted Operating Profit CAGR 2021-26 gsk Mid 20s % 2021 Royalties COGS SG&A >30% - - - - - Sales mix, shift to Vaccines and Specialty Operating leverage on sales Major restructuring programs complete R&D productivity slows investment rate Ongoing productivity initiatives across supply chain, commercial ops, global functions - Investment in new launches & capabilities - R&D 2026 Gardasil royalties (end 2023) More than 10% Adjusted OP CAGR + 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. See basis of preparation and assumptions in Appendix. CAGR is for the 5 years to 2026, using 2021 as the base year. Note: COVID therapeutic and vaccine solutions are excluded from the above. 104#105Mix shift delivers improving margins Sales mix Illustrative 2017 Vaccines Specialty Medicines General Medicines 2021 2026 Ongoing focus on operating margin - - - Fundamental change in portfolio mix towards higher margin Vaccines and Specialty Medicines Optimise General Medicines portfolio Sustained focus on operating efficiency and cost productivity across New GSK gsk 105#106Disciplined cost management Major restructuring complete in 2022, ongoing productivity initiatives 2018-2021 (2018 Restructuring) COGS £0.5bn - - - R&D - in 2021 - SGA - Focused sales force behind growth drivers Decreased non-customer facing spend Reduced manufacturing sites from 55 to 41 Rationalised brands (>400 to ~200 in GM) Established support functions regional hubs Reinvested in R&D pipeline 2021-2023 (Future Ready) R&D COGS £1bn in 2023 SGA - - - - - - Unlock R&D "One Development❞ synergies Improve R&D productivity Reduce manufacturing sites from 41 to 35 Optimise commercial footprint Build top quartile global support functions +£200m savings from Future Ready Ongoing savings through embedded cost discipline culture Digitise interactions to reduce T&E spend Continue investment in automation and Al to improve efficiency and effectiveness Rationalise commercial real estate footprint in alignment with flexible working Prioritise ROI, priority markets and growth drivers to grow top and bottom lines Capital Allocation Board and Portfolio Investment Board used to review, challenge and prioritise capital and R&D spend gsk 106#107Cash and working capital Cash generated from operations £10.1bn Group 2020 More than £10bn New GSK 2020 New GSK 2026 Cash generated from operations is Net Cash Flow inflow from operating activities before tax paid DSO Days Sales Outstanding; DPO Days Payables Outstanding; RAR Returns and Rebates; DIO Days Inventory Outstanding; gsk Strengthen cash generation and conversion: Revenue growth Margin expansion Working capital management Restructuring and separation programmes complete Working capital and cash management: - - Top quartile performance in DSO, DPO and RAR Increase focus on DIO, significant but long cycle opportunity Corp treasury delivering top quartile cash management, funding strategy and cost of funds Target short-term credit ratings of A-1/P-1 and commensurate long term-ratings 107#108Robust capital allocation framework Priorities aligned on growth drivers, improving productivity, enhancing Rol Research & Development (including BD) SG&A (Commercial excellence, customer/patient facing) Capital Expenditure (Sustainability and productivity) Dividends Continued investment in innovation and productivity Value creating bolt on acquisitions and strategic collaborations to strengthen the pipeline: - - 4 core TAs and other large-scale opportunities, R&D strategy aligned First-in-Class or Best-in-Class potential - Evaluate non-organic vs organic opportunities - Discipline on NPV and IRR criteria Product launches, data & analytics, competitive intelligence, customer and patient insights £1-1.5bn capital projects, focus on technology platforms, supply chain network, sustainability Progressive dividend policy 40%-60% EPS pay-out ratio gsk 108#109Dividend GSK 2021: expect 80p/share New Consumer Healthcare Dividend policy New GSK Dividend policy - - Progressive dividend policy Guided by 40-60% EPS pay-out ratio - Guided by 30-50% EPS pay-out ratio GSK 2022 FY: expect 55p/share H1 27p expect dividend for GSK Group H2 28p expect dividend in aggregate for New GSK and New Consumer Healthcare New GSK pro-forma FY dividend 44p/share New Consumer Healthcare pro-forma FY dividend 11p/share New GSK 2023: expect 45p/share gsk 109#110Separation of Consumer mid 2022 Focus: 1. Unlock New GSK and New Consumer Healthcare New Demerge at Retain up to Consumer Healthcare potential in least 80% of GSK holding to shareholders 20%, monetise to strengthen GSK balance sheet 2. Strengthen New GSK New balance GSK sheet 3. Maximise shareholder value gsk Expected premium LSE listing Intended to be tax efficient as compared to alternative separation options Leverage up to 4.0x net debt/Adjusted EBITDA at separation - targeting investment grade credit rating New GSK balance sheet strengthened from CH pre-split dividend of up to £8bn and monetisation of retained stake Expected leverage of <2.0x net debt/Adjusted EBITDA Supports growth- focused capital allocation strategy Target A-1/P-1 short-term credit ratings, commensurate LT ratings 110#111Financial outlooks confirm expectations for strong sales, profit growth and returns More than 5% sales CAGR 2021-26, £33bn sales ambition by 2031 Cost discipline drives Adj Operating Margin expansion to >30% by 2026 More than 10% Adj Operating Profit CAGR 2021-26 Improve operating cash flow, working capital focus, restructuring completion Strengthen balance sheet Leverage <2x net debt/Adj EBITDA at point of separation Disciplined capital allocation focused on pipeline strengthening Progressive dividend policy 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, see basis of preparation and underlying assumptions. CAGR is for the 5 years to 2026, using 2021 as the base year. Pipeline sales are risk-adjusted and include anticipated sales of new products and Life Cycle Innovation (LCI) launched from 2021 onwards. Note: COVID therapeutic and vaccine solutions are excluded from the above. Adj, adjusted; OP, operating profit 111#112CLOSING COMMENTS Emma Walmsley CEO#113Platform to deliver step-change in performance and create shareholder value gsk 2017-2021 Improved performance whilst investing in R&D ✓ Strengthened R&D and pipeline Transformed commercial execution New GSK ✓ Optimised product portfolio and network Created new world leader in Consumer Healthcare ✓ Leading ESG performance and new culture progress New Consumer Healthcare 113#114New GSK: new ambitions for patients and shareholders More than 5% sales and 10% adjusted operating profit CAGR 2021-26 Progressive dividend policy Pipeline drives growth through DTG LOE, more than £33bn sales by 2031 Prioritise Vaccines and Specialty Medicines, maximise scientific opportunities in prevention and treatment Optimise General Medicines portfolio for profitability and cash Balance sheet strengthened supporting investment in growth Operate sustainably with leading ESG performance Positively impact health of more than 2.5 bn people in next 10 years Delivered by a team with momentum together 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. See basis of preparation and assumptions in Appendix. CAGR is for the 5 years to 2026, using 2021 as the base year. Pipeline sales are risk-adjusted and include anticipated sales of new products and Life Cycle Innovation (LCI) launched from 2021 onwards. Note: COVID therapeutic and vaccine solutions are excluded from the above. DTG dolutegravir; LoE loss of exclusivity 114#115- Appendix gsk#116Basis of preparation, assumptions and cautionary statement gsk Assumptions relating to the 2021-2026 sales and adjusted operating profit growth outlooks, 2026 cash generated from operations outlook, 2031 sales ambition and 2021- 2023 dividend expectations In outlining the growth outlooks for the period 2021-2026, the 2026 cash generated from operations outlook, the 2031 sales ambition and the 2021-2023 dividend expectations (the "Relevant Statements"), GSK has made certain assumptions about the healthcare sector (including regarding possible governmental, legislative and regulatory reform), the different markets and competitive landscape in which it operates and the delivery of revenues and financial benefits from its current portfolio, its development pipeline of drugs and vaccines, its restructuring programmes and its plans for the separation of Consumer Healthcare, details of which are set out in this document. GSK expects and assumes the next several years to be challenging for the healthcare industry with continued uncertainty related to the impact of the COVID-19 pandemic on adult vaccinations and continued pressure on pricing of pharmaceuticals. GSK assumes no premature loss of exclusivity for key products over the period. GSK also expects volume demand for its products to increase, particularly for Shingrix in the US, as healthcare systems are expected to return to normal following disruption from governments' prioritisation of COVID-19 vaccination programmes and ongoing measures to contain the pandemic, and for Shingrix in China. The assumptions underlying the Relevant Statements include: successful delivery of the ongoing and planned integration and restructuring plans and the planned demerger of Consumer Healthcare; the delivery of revenues and financial benefits from its current and development pipeline portfolio of drugs and vaccines (which have been assessed for this purpose on a risk- adjusted basis, as described further below); regulatory approvals of the pipeline portfolio of drugs and vaccines that underlie these expectations (which have also been assessed for this purpose on a risk-adjusted basis, as described further below); no material interruptions to supply of the Group's products; no material mergers, acquisitions or disposals or other material business development transactions; no material litigation or investigation costs for the Company (save for those that are already recognised or for which provisions have been made); no share repurchases by the Company; and no change in the shareholdings in ViiV Healthcare. The Relevant Statements also factor in all divestments and product exits announced to date as well as material costs for investment in new product launches and R&D. Pipeline risk-adjusted sales are based on the latest internal estimate of the probability of technical and regulatory success for each asset in development. Notwithstanding the Relevant Statements, there is still uncertainty as to whether our assumptions, targets, outlooks expectations and ambitions will be achieved, including based on the other assumptions outlined above. The statement that GSK estimates that certain assets in late-stage development have the potential to deliver peak year sales of more than £20 billion on a non-risk adjusted basis is an aggregation, across the relevant portfolio of assets, of the maximum sales that GSK considers might be achieved from each such asset (including from lifecycle innovation) in the year that that asset attains its highest sales level, in all cases before taking into account any risks that could impair GSK's ability to reach that level of sales for that asset, including risks relating to technical and regulatory success, trial outcomes, launch dates and execution, exclusivity periods and the impact of changes in the market and healthcare landscape for that asset. The aggregation is of the peak year sales of each individual asset within the portfolio and not for one particular year. Accordingly, the statement of estimated non-risk adjusted potential peak year sales of the relevant assets in late-stage development does not comprise, is wholly different in nature to, and is subject to very significantly higher levels of uncertainty than the Relevant Statements. As such, while GSK does not expect to achieve the aggregate amount of those estimated non-risk adjusted peak year sales, a risk-adjusted assessment of sales of relevant assets during the relevant periods is (as stated above) taken into account, where relevant, within the Relevant Statements. 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 (£1/$1.38, £1/€1.17, £1/Yen 152). 2021-2026 outlook refers to the 5 years to 2026 with 2021 as the base year. 116#117Basis of preparation, assumptions and cautionary statement gsk Assumptions and cautionary statement regarding forward looking statements The Group's management believes that the assumptions outlined above are reasonable, and that the targets, outlooks, ambitions and expectations described in this document are achievable based on those assumptions. However, given the forward-looking nature of these assumptions, targets and expectations, they are subject to greater uncertainty, including potential material impacts if the above assumptions are not realised, and other material impacts related to foreign exchange fluctuations, macro-economic activity, the impact of outbreaks, epidemics or pandemics, such as the continued COVID-19 pandemic and ongoing challenges and uncertainties posed by the COVID-19 pandemic for businesses and governments around the world, changes in legislation, regulation, government actions or intellectual property protection, product development and approvals, actions by our competitors, and other risks inherent to the industries in which we operate. This document contains statements that are, or may be deemed to be, "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 'aim', 'ambition', '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 Regulation, the UK Listing Rules and the Disclosure 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. The reader should, however, consult any additional disclosures that the Group may make in any documents which it publishes and/or files with the SEC. All readers, 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 document, 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 2020 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. Reporting definitions A number of Adjusted measures are used to report the performance of our business, which are non-IFRS measures. Adjusted results, CER and other non-IFRS measures may be considered in addition to, but not as a substitute for or superior to, information presented in accordance with IFRS. These measures are defined and reconciliations to the nearest IFRS measure are available in our first quarter 2021 earnings release and Annual Report on Form 20-F for FY 2020. GSK provides earnings guidance to the investor community on the basis of Adjusted results. This is in line with peer companies and expectations of the investor community, supporting easier comparison of the Group's performance with its peers. GSK is not able to give guidance and outlooks for Total results, including Total Operating Profit and Total Operating Margin as it cannot reliably forecast certain material elements of the Total results, particularly the future fair value movements on contingent consideration and put options that can and have given rise to significant adjustments driven by external factors such as currency and other movements in capital markets. Therefore a reconciliation of the guidance for Adjusted results to equivalent guidance for Total results is not available without unreasonable effort. Compound Annual Growth Rate (CAGR) is defined as the compound annual growth rate and shows the annualised average rate of revenue or profit growth between two given years, at constant currency, assuming growth takes place at an exponentially compounded rate. Adjusted EBITDA is defined as Adjusted Earnings before interest and tax, depreciation and amortisation. 117#118New GSK financial reporting considerations Vaccines IFRS income statement Operating segments Commercial Revenue and Adjusted OP Product Area Revenues Specialty Medicines General Medicines Revenue and Revenue by key product R&D Adjusted OP Corporate/other/ adjusting items OP gsk 118#119Contact GSK Investor Relations Team +44 (0)20 8047 5000 or at [email protected] gsk