Q3 2020 Sales Performance

Attractive market dynamics Expanding and durable market Attractive demographics Long product lifecycles Growing and ageing population Increasing vaccination rates No 'patent cliffs' Large initial capital investment Limited number of global players Long development Could take up to 10-20 years to bring to market; Returns on investments take time >100 quality checks for each vaccine Barriers to entry lead times Complex manufacturing gsk Steady forecast growth with potential for pharma-like operating margins and cash conversion 64

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