gsk.com
9 January 2024
Delivering strong and sustained momentum
Emma Walmsley, Chief Executive Officer
J.P. Morgan Healthcare Conference, San Francisco
2
This presentation may contain forward-looking statements. Forward-looking statements give the Group’s current expectations or forecasts of future events. An investor can identify these
statements 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’ and
other words and terms of similar meaning in connection 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 such as legal
proceedings, 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 of
the Financial Conduct Authority), the Group undertakes no 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
(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 are
cautioned not to place undue reliance on the forward-looking statements.
Forward-looking statements are subject to assumptions, inherent risks and uncertainties, many of which relate to factors that are beyond the Group’s control or precise estimate. The
Group 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 in any
forward-looking statement. Such factors include, but are not limited to, those discussed under Item 3.D ‘Risk factors’ in the Group’s 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 based upon the knowledge and information available to the
Directors 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 IFRS
measure are available in the 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 2022
Annual Report.
Basis of preparation: On 18 July 2022, GSK plc separated its Consumer Healthcare business from the GSK Group to form Haleon, an independent listed company. Comparative figures
have 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 18 July
2022.
Cautionary statement regarding forward-looking statements
3
Focus on prevention and treatment, with performance momentum
1. Excluding COVID-19 solutions 2. 9m year-to-date 2023 financials 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, Arexvy
Q3 and 9 months 2023
delivered double digit
sales and adjusted
operating profit
growth
1,2
Strong performances
from key products led
by outstanding launch
of first ever RSV vaccine
Arexvy
Approvals across
Specialty Medicines
strengthening new
product portfolio
Nearly £8 billion of
sales in 9 months 2023
from products launched
since 2017
3
and 70% of
business now in
Vaccines and Specialty
Medicines
Delivering on commitments to growth
Performance underpins confidence in medium-term targets
4
CAGR: 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 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 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.
2021
-2026 outlook
Metric
On track
Sales
>5% CAGR
Adj. operating profit
>10% CAGR
Vaccines
High-single-digit % CAGR
Specialty Medicines
Double digit % CAGR
General Medicines
Broadly stable
Adj. operating margin
>30% by 2026
Cash generated from Operations
>£10bn by 2026
Growth
beyond 2026
driven by
continued
execution
and pipeline
progress
5
Strongly focused on core therapy areas
Developing pipeline through organic and business development progress
Arexvy
MenABCWY
Pneumococcal 24-valent
mRNA Seasonal influenza/COVID-19
Shingrix
GSK3943104 (Herpes simplex virus)
GSK4348413 (gonorrhoea)
gepotidacin
Brexafemme
tebipenem
bepirovirsen
Long-acting and ultra-long-acting
N6LS (bNAb
1
)
3
rd
generation INSTI
2
Capsid inhibitor
depemokimab
camlipixant
Nucala (COPD
3
)
GSK4532990 (NASH
4
)
GSK3858279 (osteoarthritis pain)
GSK1070806 (atopic dermatitis)
Jemperli
Ojjaara
Blenrep
cobolimab
CD226 axis
Infectious
diseases
HIV
Respiratory/
immunology
Oncology
Enabled by advanced technology and data platforms
Note: select pipeline programmes shown
1. Broadly neutralising antibody 2. Integrase strand transfer inhibitor 3. Chronic obstructive pulmonary disease 4. Non-alcoholic steatohepatitis
World leader in infectious diseases, £105bn
1
market
Transforming prevention and treatment of infectious diseases for billions of people
2023 progress and what’s next
Arexvy
(RSV
2
, older adult)
>£3bn PYS
3
• First to receive approval
(US, EU, JP, UK)
• Regulatory decision on at risk 50-59
adults expected in 2024
Shingrix
(shingles)
>£4bn PYS
3
• Partnership with Zhifei in China
• Life-cycle innovation work ongoing
Influenza
>£3bn PYS
3
• Multivalent mRNA vaccine candidate
trials underway; phase II data H1 2024
Meningococcal disease
£1-2bn PYS
3
• MenABCWY US file submission
expected in H1 2024
Pneumococcal disease
>£4bn PYS
3
• 24v phase III start for adults and
resumption of paediatric phase II trial
in 2024
Bepirovirsen (Hepatitis B)
>£2bn PYS
3
• Exclusive license for JNJ-3989 to
expand development
• B-WELL phase III data from 2025
Anti-infectives
~£2bn PYS
3
• Preparing file submissions
for gepotidacin
• Phase III trial underway for tebipenem
Herpes simplex virus
• Phase I/II data in 2024
6
1. 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 expectations
Reshaping the HIV market, ~£7bn sales in 2026
Our commitments
7
• 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 medicine
2026-31 LA
1
pipeline growth drivers
• Targeting four-monthly dosing for LA regimens
in treatment and prevention
• Roadmap to extend to six-monthly dosing by
end of decade
• Multiple pathways to deliver LA treatment and
prevention
Target product profiles
2026 2027 2028-30
ULA
2
PrEP
Q4M file
and launch
Q6M file
and launch
ULA treatment
Q4M file
and launch
Q6M file
and launch
LA self-admin
treatment
File and
launch
1. 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 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 respiratory
High commercial synergy and capabilities supports future success
8
1. 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. Hypereosinophilic 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 Associates 13. IQVIA Market Landscape & Opportunity Assessment in
Japan. October 2022, n=201.4. US RCC Rapid Quant Survey, N=120 HCPs (PULMS, ENTs and ALG), 2023
Pivotal data read outs
Nucala
(COPD)
• First mAb
2
targeting IL-5
3
for COPD
4
• 212m COPD patients worldwide
• 37% have an eosinophilic phenotype
• Despite triple therapy utilization, 40% of total COPD patients still exacerbate
• 400k eligible population (US)
• Phase III MATINEE (COPD) data
expected H2 2024
~£0.5-1bn
in peak sales
1
• First long-acting mAb targeting IL-5 for severe asthma, EGPA
5
, HES
6
, CRwNP
7
• 315m asthma patients and 50-70% have eosinophilic asthma
8
• Only 28% of eligible US patients currently receive a biologic
• 57% of physicians likely to prescribe depemokimab in bio naïve patients
9
• 66% likely to switch a patient from their current biologic to long acting
9
• 87% of patients would likely use based on physicians' recommendation
10
• Phase III SWIFT programme data
expected H1 2024
camlipixant
• High prevalence: 28m patients globally – significant burden and unmet
medical need
11
• ~70% of HCPs willing to try a new treatment
12
• ¾ of HCPs expect camlipixant to be best-in-disease
13
• 85% prefer camlipixant due to low taste impact
13
• Phase III CALM programme data
expected H2 2025
>£2.5bn
in peak year sales
1
depemokimab
>£3bn
in peak year sales
1
Improving cancer survival and quality of life
Initial focus on hematologic malignancies and gynaecologic cancers
Ojjaara
(momelotinib)
• Approved in the US as the first
and only treatment indicated
for MF
2
patients with anaemia
• Nearly all MF patients are
estimated to develop anaemia
• EU marketing authorisation
expected early 2024
• Potential to become a
backbone therapy in MF due to
differentiated MOA
• Combinations and future
indications under evaluation
Zejula
(niraparib)
• Assessing 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 treatment in
NSCLC, data expected in 2024
Jemperli
(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 is expected
in 2027
• Combination treatment with
cobolimab, an anti-TIM3, in
NSCLC
1
, data expected 2024
• Treatment in rectal cancer,
data expected in 2027
Additional pipeline assets
9
1. Non-small cell lung cancer 2. Myelofibrosis 3. Relapse or refractory multiple myeloma
• Exclusive license agreements
with Hansoh for two novel
antibody-drug conjugates for
gynaecologic cancers and
broader solid tumour
indications
• Blenrep positive headline results
for DREAMM-7 in second-line
treatment for RRMM
3
;
DREAMM-8 data in H2 2024
• Cobolimab, an anti-TIM3
antagonist in phase III in
combination with Jemperli 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 cells
10
Trust: Delivering health impact sustainably
For health impact, shareholder returns and thriving people
Access
Environment
Product governance
Global health and
health security
Diversity, equity
and inclusion
Ethical standards
ESG: Environment, Social and Governance
Recent highlights
Low carbon version of
Ventolin
metered dose inhaler
• Phase III trials to start in 2024 on low carbon version of Ventolin which currently
accounts for half of GSK’s carbon footprint
• If successful, could reduce greenhouse gas emissions by ~90%
Pharma industry leader on S&P Global Corporate Sustainability Assessment
• Annual evaluation of companies' ESG practices
• Pharma sector is one of the most competitive industries
• For 2023, GSK was named in leading position
Net zero targets verified by the Science Based Target Initiative’s (SBTi)
Corporate Net-Zero Standard
• Targets include 80% reduction in greenhouse gas emissions by 2030 and
90% reduction by 2045
• Aim to address the remaining emissions through high quality offsets
Six areas of focus for ESG engagement
11
Investor roadmap highlights progress of key events
Q2 2023
Q3 2023 Q4 2023
H1 2024
H2 2024
Execution
• Q2 and Half-year
2023 results
• Full-year 2023
upgraded guidance
• Q3 and Year-to-date
2023 results
• Full-year and Q4 2023
results
• Performance vs BIU
2021
1
• Full-year 2024 guidance
• Q1 2024 results
• Q2 and Half-year 2024 results
• Q3 and Year-to-date 2024 results
• Full-year and Q4 2024 results
• Performance vs BIU 2021
1
• Guidance 2025
Pipeline
Phase III and
regulatory
decisions
2
• Therapy Area
Strategy
• R&D priorities
• Arexvy US
regulatory approval
• Arexvy second
season data
• BELLUS Health, Inc.
acquisition
completed
• SCYNEXIS, Inc.
exclusive license
completed
• Arexvy RSV, ≥60 YoA (JP)
• Arexvy, RSV, 50-59 YoA
• Apretude, HIV pre-exposure (EU)
• Vocabria, HIV treatment (CN)
• Ojjaara, MOMENTUM, myelofibrosis (US)
• Jemperli RUBY, 1L dMMR/MSI-H EC
3
(US)
• Jemperli: RUBY, 1L dMMR/MSI-H
EC
3
(EU)
• Ojjaara: MOMENTUM, myelofibrosis
(EU, JP)
• Blenrep: DREAMM-7, 2L+ MM
• gepotidacin: EAGLE-1, GC
• depemokimab: SWIFT-1/2, asthma
• Jemperli: RUBY (Part 2), 1L EC
3
• Jemperli: RUBY (Part 1) 1L OS
4
EC
3
• Zejula: FIRST, 1L maintenance OC
ovarian cancer
• Arexvy: RSV, 50-59 YoA (US, EU, JP)
• Nucala: CRSwNP (JP)
• Nucala: severe asthma (CN)
• depemokimab: ANCHOR-1/2,
CRSwNP
• Nucala MATINEE, COPD
• cobolimab: COSTAR, 2L NSCLC
• Blenrep: DREAMM-8, 2L MM
• Zejula: ZEAL, 1L maintenance NSCLC
• linerixibat: GLISTEN, PBC
5
Capital
Allocation
• Capital allocation
• R&D and BD
priorities
• TA priorities
• Full-year 2023
dividend
declaration
• Full-year 2024 dividend declaration
Investor
Engagement
Roadshows
Meet the
management,
Infectious Diseases
Meet the management,
HIV
Meet the
management,
Respiratory
Meet the management, Oncology
Medical congresses
1. June 2021 Investor Update 2. Includes 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 cholangitis
12
Delivering strong and sustained momentum
Confident in delivering on
our commitments to
growth
Innovation progress
evident in core therapy
areas with strong
contributions from new
product launches
Performance underscores
ability to sustain
profitable growth through
the decade and beyond
gsk.com
