Investor Presentaiton

Performance: 2022 adj. operating margin Improvement to 27.8% 2021 margin COGS +18% CER 1.3% SG&A +15% CER 0.5% R&D +6% CER 1.1% Royalties +81% CER 2022 margin at 21 FX Currency 2022 margin at 22 FX GSK 26.3% 1.0% +0.3% Key dynamics ↑ Sales: growth across all product groups ⑨ COGS: increasing Specialty Medicines and Vaccines mix (62% vs 58%¹) ↑ SG&A: continued restructuring benefits and tight cost control ↑ R&D: completion of several late-stage clinical development programmes in 2021 ↑ Royalties: Biktarvy and higher Gardasil 26.6% + ↓ COGS: pandemic sales mix; increased supply chain costs 1.2% 27.8% ④ SG&A: increased launch investment in Specialty Medicines and Shingrix ↓ R&D: increased Vaccines clinical development investment, including mRNA, MAPS²; late-stage Specialty Medicines; early-stage programmes 1. Excluding COVID-19 solutions 2. Multiple Antigen Presenting System 22 22

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