RSV Seasonal Vaccine Introduction and Growth Strategy

Capital allocation framework The priority is to invest for growth, coupled with attractive shareholder returns Sustainable, profitable growth & cash generation GSK 1 Invest for growth Pipeline (organic & targeted BD) New product launches 2 Shareholder distributions Progressive dividend (40-60% pay-out ratio) Excess cash returns Underpinned by strong balance sheet with strong investment grade credit rating Attractive and growing shareholder returns 20 20

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