1、9 January 20249 January 2024Delivering strong and sustained momentumDelivering strong and sustained momentumEmma Walmsley,Chief Executive OfficerJ.P.Morgan Healthcare Conference,San Francisco2This presentation may contain forward-looking statements.Forward-looking statements give the Groups current

2、expectations or forecasts of future events.An investor can identify thesestatements by the fact that they do not relate strictly to historical or current facts.They use words such as anticipate,estimate,expect,intend,will,project,plan,believe,target andother words and terms of similar meaning in con

3、nection 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 s

4、uch as legalproceedings,dividend payments and financial results.Other than in accordance with its legal or regulatory obligations(including under the Market Abuse Regulations,UK Listing Rules and the Disclosure Guidance and Transparency Rules ofthe Financial Conduct Authority),the Group undertakes n

5、o obligation to update any forward-looking statements,whether as a result of new information,future events or otherwise.Investors should,however,consult any additional disclosures that the Group may make in any documents which it publishes and/or files with the US Securities and Exchange Commission(

6、SEC).All investors,wherever located,should take note of these disclosures.Accordingly,no assurance can be given that any particular expectation will be met and investors arecautioned not to place undue reliance on the forward-looking statements.Forward-looking statements are subject to assumptions,i

7、nherent risks and uncertainties,many of which relate to factors that are beyond the Groups control or precise estimate.TheGroup cautions investors that a number of important factors,including those in this presentation,could cause actual results to differ materially from those expressed or implied i

8、n anyforward-looking statement.Such factors include,but are not limited to,those discussed under Item 3.D Risk factors in the Groups Annual Report on Form 20-F for the full year(FY)2022.Any forward-looking statements made by or on behalf of the Group speak only as of the date they are made and are b

9、ased upon the knowledge and information available to theDirectors 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.These measures are defined and reconciliations to the nearest IFRSmeasure are available in t

10、he Q3 2023 earnings release and Annual Report on Form 20-F for FY 2022.All guidance,outlooks,ambitions and expectations should be read together with the guidance,assumptions and cautionary statement in the Q3 2023 earnings release and the 2022Annual Report.Basis of preparation:On 18 July 2022,GSK pl

11、c separated its Consumer Healthcare business from the GSK Group to form Haleon,an independent listed company.Comparative figureshave been restated on a consistent basis.Earnings per share,Adjusted earnings per share and Dividends per share have been adjusted to reflect the GSK Share Consolidation on

12、 18 July2022.Cautionary statement regarding forwardCautionary statement regarding forward-looking statementslooking statements3Focus on prevention and treatment,with performance momentumFocus on prevention and treatment,with performance momentum1.Excluding COVID-19 solutions 2.9m year-to-date 2023 f

13、inancials 3.New products launched since 2017 delivered 7.8 billion 9m 2023 and include:Zejula,Trelegy,Shingrix,Juluca,Dovato,Duvroq,Rukobia,Blenrep,Cabenuva,Jemperli,Apretude,ArexvyQ3 and 9 months 2023 delivered double digit sales and adjusted operating profit growth1,2Strong performances from key p

14、roducts led by outstanding launch of first ever RSV vaccine ArexvyApprovals across Specialty Medicines strengthening new product portfolioNearly 8 billion of sales in 9 months 2023 from products launched since 20173and 70%of business now in Vaccines and Specialty MedicinesDelivering on commitments t

15、o growthDelivering on commitments to growthPerformance underpins confidence in medium-term targets4CAGR:Compound annual growth rate at constant exchange rates(CER)All guidance,outlooks,ambitions and expectations should be read together with the guidance,assumptions and cautionary statement in the Q2

16、 2023 earnings release and the 2022 Annual Report.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

17、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.20212021-2026 outlook2026 outlookMetricMetricOn trackOn trackSalesSales5%CAGRAdj.operating profitAdj.operating

18、 profit10%CAGRVaccinesVaccinesHigh-single-digit%CAGRSpecialty MedicinesSpecialty MedicinesDouble digit%CAGRGeneral MedicinesGeneral MedicinesBroadly stableAdj.operating marginAdj.operating margin30%by 2026Cash generated from OperationsCash generated from Operations10bn by 2026Growth Growth beyond 20

19、26 beyond 2026 driven by driven by continued continued execution execution and pipeline and pipeline progressprogress5Strongly focused on core therapy areasStrongly focused on core therapy areasDeveloping pipeline through organic and business development progressArexvyMenABCWYPneumococcal 24-valentm

20、RNA Seasonal influenza/COVID-19ShingrixGSK3943104(Herpes simplex virus)GSK4348413(gonorrhoea)gepotidacinBrexafemmetebipenembepirovirsenLong-acting and ultra-long-actingN6LS(bNAb1)3rdgeneration INSTI2Capsid inhibitordepemokimabcamlipixantNucala(COPD3)GSK4532990(NASH4)GSK3858279(osteoarthritis pain)GS

21、K1070806(atopic dermatitis)JemperliOjjaaraBlenrepcobolimabCD226 axisInfectious Infectious diseasesdiseasesHIVHIVRespiratory/Respiratory/immunologyimmunologyOncologyOncologyEnabled by advanced technology and data platformsNote:select pipeline programmes shown 1.Broadly neutralising antibody 2.Integra

22、se strand transfer inhibitor 3.Chronic obstructive pulmonary disease 4.Non-alcoholic steatohepatitisWorld leader in infectious diseases,105bnWorld leader in infectious diseases,105bn1 1marketmarketTransforming prevention and treatment of infectious diseases for billions of people2023 progress and wh

23、ats next2023 progress and whats nextArexvyArexvy(RSV(RSV2 2,older adult),older adult)3bn PYS3 First to receive approval(US,EU,JP,UK)Regulatory decision on at risk 50-59 adults expected in 2024ShingrixShingrix(shingles)(shingles)4bn PYS3 Partnership with Zhifei in China Life-cycle innovation work ong

24、oingInfluenzaInfluenza3bn PYS3 Multivalent mRNA vaccine candidate trials underway;phase II data H1 2024Meningococcal diseaseMeningococcal disease1-2bn PYS3 MenABCWY US file submission expected in H1 2024Pneumococcal diseasePneumococcal disease4bn PYS3 24v phase III start for adults and resumption of

25、 paediatric phase II trial in 2024Bepirovirsen(Hepatitis B)Bepirovirsen(Hepatitis B)2bn PYS3 Exclusive license for JNJ-3989 to expand development B-WELL phase III data from 2025AntiAnti-infectivesinfectives2bn PYS3 Preparing file submissions for gepotidacin Phase III trial underway for tebipenemHerp

26、es simplex virusHerpes simplex virus Phase I/II data in 202461.EvaluatePharma,May 2023 2.Respiratory syncytial virus 3.PYS:Non-risk adjusted peak year sales potential is subject to certain assumptions consistent with those for previous outlooks,ambitions and expectationsReshaping the HIV market,7bn

27、sales in 2026 Reshaping the HIV market,7bn sales in 2026 Our commitmentsOur commitments7 Pioneering innovation for treatment and prevention 6%to 8%sales CAGR 2021-26*Dovato and cabotegravir drive growth via competitive execution Cabotegravir replaces dolutegravir as foundational medicine20262026-31

28、LA31 LA1 1pipeline growth driverspipeline growth drivers Targeting four-monthly dosing for LA regimens in treatment and preventionRoadmap to extend to six-monthly dosing by end of decadeMultiple pathways to deliver LA treatment and preventionTarget product profiles Target product profiles 2026202620

29、27202720282028-30 30 ULA2PrEPQ4M file and launchQ6M file and launchULA treatmentQ4M file and launchQ6M file and launchLA self-admin treatmentFile and launch1.Long-acting 2.Ultra-long-acting*Forecasted CAGR is based on a constant exchange rate and includes an estimated 200m annual impact from 2025 of

30、 the US Inflation Reduction Act which has up to a one percentage point impact on the CAGR.Anticipated 2026 sales are based on 2023 exchange rates.Significant growth opportunities in respiratorySignificant growth opportunities in respiratoryHigh commercial synergy and capabilities supports future suc

31、cess81.PYS:Non-risk adjusted peak year sales potential is subject to certain assumptions consistent with those for previous outlooks,ambitions and expectations 2.Monoclonal antibody 3.Interleukin 5 4.Chronic obstructive pulmonary disorder 5.Eosinophilic granulomatosis with polyangiitis 6.Hypereosino

32、philic syndrome 7.Chronic rhinosinusitis with nasal polyps 8.Heaney,LG et al.Chest,2021.160(3):p.814-830 9.Adelphi research 10.65pts Health Hub Voice 11.Song et al.Eur Resp J.2015 and Liang et al.BMC Pulm Med.2022 12.US RCC Market Opportunity Findings;N=661 HCPs;ZS Associates13.IQVIA Market Landscap

33、e&Opportunity Assessment in Japan.October 2022,n=201.4.US RCC Rapid Quant Survey,N=120 HCPs(PULMS,ENTs and ALG),2023Pivotal data read outsPivotal data read outsNucalaNucala(COPD)(COPD)First mAb2targeting IL-53for COPD4212m COPD patients worldwide37%have an eosinophilic phenotypeDespite triple therap

34、y utilization,40%of total COPD patients still exacerbate400k eligible population(US)Phase III MATINEE (COPD)data expected H2 20240.5-1bnin peak sales1First long-acting mAb targeting IL-5 for severe asthma,EGPA5,HES6,CRwNP7315m asthma patients and 50-70%have eosinophilic asthma8Only 28%of eligible US

35、 patients currently receive a biologic57%of physicians likely to prescribe depemokimab in bio nave patients966%likely to switch a patient from their current biologic to long acting987%of patients would likely use based on physicians recommendation10Phase III SWIFT programme data expected H1 2024caml

36、ipixantcamlipixantHigh prevalence:28m patients globally significant burden and unmet medical need1170%of HCPs willing to try a new treatment12 of HCPs expect camlipixant to be best-in-disease1385%prefer camlipixant due to low taste impact13Phase III CALM programme data expected H2 20252.5bnin peak y

37、ear sales1depemokimabdepemokimab3bnin peak year sales1Improving cancer survival and quality of life Improving cancer survival and quality of life Initial focus on hematologic malignancies and gynaecologic cancersOjjaara Ojjaara(momelotinib)(momelotinib)Approved in the US as the first and only treatm

38、ent indicated for MF2patients with anaemiaNearly all MF patients are estimated to develop anaemiaEU marketing authorisation expected early 2024Potential to become a backbone therapy in MF due to differentiated MOACombinations and future indications under evaluationZejulaZejula(niraparib)(niraparib)A

39、ssessing activity across multiple tumour types and in combination with other therapeutics Combination treatment in endometrial cancer positive data in house Combination treatment in ovarian cancer,data expected in 2024 Maintenance treatment in ovarian cancer,data expected in 2024 Maintenance treatme

40、nt in NSCLC,data expected in 2024JemperliJemperli(dostarlimab)(dostarlimab)Ambition to be the backbone of our ongoing immuno-oncology research Combination treatment in endometrial cancer approved in US,EU with part one data to be presented in 2024 and positive part 2 data in house;monotherapy data i

41、s expected in 2027Combination treatment with cobolimab,an anti-TIM3,in NSCLC1,data expected 2024Treatment in rectal cancer,data expected in 2027Additional pipeline assetsAdditional pipeline assets91.Non-small cell lung cancer 2.Myelofibrosis 3.Relapse or refractory multiple myelomaExclusive license

42、agreements with Hansoh for two novel antibody-drug conjugates for gynaecologic cancers and broader solid tumour indicationsBlenrep positive headline results for DREAMM-7 in second-line treatment for RRMM3;DREAMM-8 data in H2 2024Cobolimab,an anti-TIM3 antagonist in phase III in combination with Jemp

43、erli for treatment of NSCLC Exploring novel combinations that act on all major targets of the CD226 axis;blocking these may help the immune system better target tumour cells10Trust:Delivering health impact sustainablyTrust:Delivering health impact sustainablyFor health impact,shareholder returns and

44、 thriving peopleAccessEnvironmentProduct governanceGlobal health andhealth securityDiversity,equity and inclusionEthical standardsESG:Environment,Social and Governance Recent highlightsRecent highlightsLow carbon version of Low carbon version of Ventolin Ventolin metered dose inhalermetered dose inh

45、alerPhase III trials to start in 2024 on low carbon version of Ventolin which currently accounts for half of GSKs carbon footprint If successful,could reduce greenhouse gas emissions by 90%Pharma industry leader on S&P Global Corporate Sustainability AssessmentPharma industry leader on S&P Global Co

46、rporate Sustainability AssessmentAnnual evaluation of companies ESG practicesPharma sector is one of the most competitive industriesFor 2023,GSK was named in leading positionNet zero targets verified by the Science Based Target Initiatives(SBTi)Net zero targets verified by the Science Based Target I

47、nitiatives(SBTi)Corporate NetCorporate Net-Zero StandardZero StandardTargets include 80%reduction in greenhouse gas emissions by 2030 and 90%reduction by 2045 Aim to address the remaining emissions through high quality offsetsSix areas of focus for ESG engagementSix areas of focus for ESG engagement

48、11Investor roadmap highlights progress of key eventsInvestor roadmap highlights progress of key eventsQ2 2023Q2 2023Q3 2023Q3 2023Q4 2023Q4 2023H1 2024H1 2024H2 2024H2 2024ExecutionExecutionQ2 and Half-year 2023 resultsFull-year 2023 upgraded guidanceQ3 and Year-to-date 2023 resultsFull-year and Q4

49、2023 resultsPerformance vs BIU 20211Full-year 2024 guidanceQ1 2024 resultsQ2 and Half-year 2024 resultsQ3 and Year-to-date 2024 resultsFull-year and Q4 2024 resultsPerformance vs BIU 20211Guidance 2025PipelinePipelinePhase III and Phase III and regulatory regulatory decisionsdecisions2 2Therapy Area

50、 StrategyR&D prioritiesArexvy US regulatory approvalArexvy second season dataBELLUS Health,Inc.acquisition completedSCYNEXIS,Inc.exclusive license completedArexvy RSV,60 YoA(JP)Arexvy,RSV,50-59 YoAApretude,HIV pre-exposure(EU)Vocabria,HIV treatment(CN)Ojjaara,MOMENTUM,myelofibrosis(US)Jemperli RUBY,

51、1L dMMR/MSI-H EC3(US)Jemperli:RUBY,1L dMMR/MSI-H EC3(EU)Ojjaara:MOMENTUM,myelofibrosis(EU,JP)Blenrep:DREAMM-7,2L+MMgepotidacin:EAGLE-1,GCdepemokimab:SWIFT-1/2,asthmaJemperli:RUBY(Part 2),1L EC3Jemperli:RUBY(Part 1)1L OS4EC3Zejula:FIRST,1L maintenance OC ovarian cancerArexvy:RSV,50-59 YoA(US,EU,JP)Nu

52、cala:CRSwNP(JP)Nucala:severe asthma(CN)depemokimab:ANCHOR-1/2,CRSwNPNucala MATINEE,COPDcobolimab:COSTAR,2L NSCLCBlenrep:DREAMM-8,2L MMZejula:ZEAL,1L maintenance NSCLClinerixibat:GLISTEN,PBC5Capital Capital AllocationAllocationCapital allocationR&D and BD prioritiesTA prioritiesFull-year 2023 dividen

53、d declarationFull-year 2024 dividend declarationInvestor Investor EngagementEngagementRoadshowsRoadshowsMeet the management,Infectious DiseasesMeet the management,HIVMeet the management,RespiratoryMeet the management,OncologyMedical congressesMedical congresses1.June 2021 Investor Update 2.Includes

54、phase III data readouts and regulatory decisions with the applicable geography denoted in brackets 3.Endometrial cancer 4.Overall survival population 5.cholestatic pruritus in primary biliary cholangitis12Delivering strong and sustained momentumDelivering strong and sustained momentumConfident in delivering on our commitments to growthInnovation progress evident in core therapy areas with strong contributions from new product launchesPerformance underscoresability to sustain profitable growth through the decade and