Reshaping the HIV treatment and prevention landscape
Sustainable
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
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