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1、Q1 2025 ResultsConference call and webcast for investors and analystsConference call and webcast for investors and analysts30 April 202530 April 20252AgendaAgendaQ1 2025 performance on trackQ1 2025 performance on trackEmma WalmsleyPerformance:growth driversPerformance:growth driversLuke Miels and Da

2、vid RedfernQ1 2025 financial performanceQ1 2025 financial performanceJulie BrownSummary and Q&ASummary and Q&AEmma Walmsley,Luke Miels,David Redfern,Julie Brown and Tony Wood3This presentation may contain forward-looking statements.Forward-looking statements give the Groups current expectations or f

3、orecasts 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 an

4、y 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 pr

5、oceedings,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

6、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 inve

7、stors,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 risk

8、s and uncertainties,many of which relate to factors that are beyond the Groups 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 forwa

9、rd-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)2024.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

10、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 Group

11、s Q1 2025 Results and the Groups Annual Report on Form 20-F for FY 2024.All expectations,guidance and outlooks regarding future performance and the dividend should be read together with the section“Guidance and outlooks,assumptions and cautionary statements on pages 46-47 of our stock exchange annou

12、ncement of the Groups Q1 2025 Results,the section“Assumptions and basis of preparation related to 2025 guidance,2021-26 and 2031 outlooks”in the Appendix of this presentation and the statements on page 341 of the Groups Annual Report for FY 2024.Cautionary statement regarding forwardCautionary state

13、ment regarding forward-looking statementslooking statements4Q1 2025 performance Q1 2025 performance on track on track Emma Walmsley,Chief Executive OfficerEmma Walmsley,Chief Executive Officer52025 performance on track2025 performance on trackSalesSales7.5bn+4%Strong Q1 performance demonstrates qual

14、ity,strength and resilience of portfolioQ1 sales performance driven by Specialty Medicines(+17%)2 FDA approvals with 3 more anticipated this year Strong cash generation supports further investment in growth and innovationTrust progress 2bn people reached with our products since 20212025 guidance con

15、firmedCore operating profitCore operating profit2.5bn+5%Core EPSCore EPS44.9p+5%Cash generated from Cash generated from operations:operations:1.3bn HighlightsHighlightsAbsolute values at AER;changes at CER,unless stated otherwise 1.2024 Responsible Business Performance Rating is on track,based on 91

16、%of all performance metricsDividend per shareDividend per share16pTrust rating Trust rating On track16Pipeline progress delivering future growth opportunitiesPipeline progress delivering future growth opportunitiesProgress on five FDA approvals expected in 2025Prioritising investment in pipeline&tar

17、geted BD Generating data to advance new specialty medicinesR&D focused on 14 key opportunities expected to launch 2025 31,each R&D focused on 14 key opportunities expected to launch 2025 31,each with PYS sales potential above 2bn with PYS sales potential above 2bn RespiratoryRespiratory DepemokimabD

18、epemokimab ph III(COPD)to start H2 2025GSK283 TSLP GSK283 TSLP ph II(asthma)recruitingOncologyOncology B7H3B7H3 pivotal trials to start H2 2025JemperliJemperli AZUR-1 fully recruited,COSTAR mid year readoutIDRX-42 acquisition complete,2L pivotal trial to start H2 2025Ojjaara:LCI ODYSSEY(luspatercept

19、 combo)and MIDAS(MDS)trials underway HIVHIVHIV Q4M treatmentHIV Q4M treatment pivotal trial start H2 2025HIV Q4M HIV Q4M PrEPPrEP pivotal trial fully recruited1.Chronic rhinosinusitis with nasal polypsAssets highlighted in orange are one of the 14 Scale Opportunities presented at Q4 2024PenmenvyPenm

20、envy FDA ApprovedACIP Recommended BlujepaBlujepa FDA Approved Launch Q3Nucala Nucala COPDCOPD MATINEE data&FDA Approval Expected May BlenrepBlenrep FDA Approval Expected July UK Approved DepemokimabDepemokimab FDA Approval Expected End 252031 Outlook2031 Outlook40bn Sales by 2031Continued focus on m

21、argin improvement,with broadly stable OP3 margin through dolutegravir loss of exclusivity47Confident in commitments to growthConfident in commitments to growthAll guidance,outlooks and expectations regarding future performance should be read together with the sections“Reporting definitions”and“Guida

22、nce and outlooks,assumptions and cautionary statements”on pages 44 to 47 of GSKs Q1 2025 stock-exchange announcement.2025 guidance growth at CER,unless stated otherwise.All outlook statements are given on a CER basis and use 2024 average exchange rates as a base.All values excluding COVID-19 solutio

23、ns.1.Compound annual growth rate 2.Cash flow generated from operations 3.Core operating profit excl.COVID-19 solutions.4.Loss of exclusivity in the US and EU is expected in 2028-2030 with the majority of the impact in 2029-3020212021-2026 Outlook 2026 Outlook 7%Sales CAGR111%core OP CAGR131%core OP

24、margin10bn CGFO22025 Guidance at CER2025 Guidance at CERSales growth:3-5%Core OP growth:6-8%Core EPS growth:6-8%8Performance:growth driversPerformance:growth driversLuke Miels,Chief Commercial OfficerLuke Miels,Chief Commercial OfficerDavid Redfern,President Corporate Development and Chairman,ViiV H

25、ealthcare David Redfern,President Corporate Development and Chairman,ViiV Healthcare 9Q1 growth led by Specialty Medicines momentumQ1 growth led by Specialty Medicines momentumAbsolute values at AER;percentages are growth rates at CER,unless stated otherwise.Q1 2024 growth rates exclude COVID-19 sol

26、utions.01,0002,0003,0004,0005,0006,0007,0008,000Q1 2024Q1 2025Sales(m)Sales contribution by product areaSales contribution by product area010002000300040005000600070008000Q1 2024Q1 2025Sales(m)Sales contribution by regionSales contribution by region+13%+13%Specialty Medicines Vaccines General Medici

27、nesUS Europe International+4%-6%+17%0%+4%+11%+4%-2%+19%+1%+22%+14%+3%+18%RespiratoryRespiratory,Immunology and Inflammation(RI&I),Immunology and Inflammation(RI&I)804m804mBenlysta Benlysta 359m359m up 39%with strong demand in all regions NucalaNucala 444444m m up 21%reflecting continued demandOncolo

28、gy 415mOncology 415mJemperliJemperli 174174m m up 100%with US FDA and EMA all-comers approvalOjjaara Ojjaara 112112m m up 100%driven by higher US volumes,continued growth in the UK and Germany,and new launches ZejulaZejula 131m 131m down 5%with US decrease partially offset by InternationalHIV 1,714m

29、HIV 1,714mUp 7%driven by long-acting treatment and Dovato2025 guidance:increase low double2025 guidance:increase low double-digit%digit%10Specialty Medicines Specialty Medicines 05001,0001,5002,0002,5003,0003,500Q1 2024Q1 2025Sales(m)Sales contribution by disease areaSales contribution by disease ar

30、ea+19%Continued momentum across all therapy areasRI&I Oncology HIV+17%+28%+7%+53%Absolute values at AER;percentages are growth rates at CER,unless stated otherwise.Q1 2024 growth rates exclude COVID-19 solutions.Blenrep Blenrep in oncologyin oncology 3bn PYS1Approved in UK and ready to launch;US FDA

31、 PDUFA2 23 Jul 2025DREAMM-7 predicted difference in mOS3 of 33 monthsManageable safety profileSimple administration within community settingSpecialty Medicines Specialty Medicines Three new growth engines in oncology and respiratory this yearDepemokimab in Depemokimab in respiratoryrespiratory 3bn P

32、YS1Filed in all major markets for approval in asthma with type 2 inflammation and CRSwNP5;US FDA PDUFA2 16 Dec 20256-month dosing72%reduction in exacerbations requiring hospitalisation in SWIFT studies in asthma with type 2 inflammationNucalaNucala in COPDin COPD4 4 3rd leading cause of death worldw

33、ide,affects 300m people globallyReady to launch;US FDA PDUFA2 7 May 2025111.Peak year sales 2.Prescription Drug User Fee Act 3.Median overall survival 4.Chronic obstructive pulmonary disease 5.Chronic rhinosinusitis with nasal polyps2025 guidance:2025 guidance:mimid d-single digit%single digit%Globa

34、l HIV treatment and Global HIV treatment and PrEPPrEP4 4 market sizesmarket sizesPrEP4:2-3bnTreatment:20bn12Continued momentum across LAIContinued momentum across LAI2 2 portfolioportfolioQ1 2025+7%sales 1,714mQ1 2025+7%sales 1,714m:strong demand and performance of the long-acting portfolio,deliveri

35、ng 100%of HIV growth Dovato+19%+19%(570m):(570m):leading oral 2DR3 Cabenuva+38%+38%(294m):(294m):only complete long-acting treatment Apretude+63%+63%(89m):(89m):competitive product profile for PrEP4RealReal-world data shows competitive profile of longworld data shows competitive profile of long-acti

36、ng pacting portfolioortfolio todaytodayCabenuvaCabenuva:high,long-term effectiveness,patient preference and treatment satisfaction vs daily orals across varied populations in real-world settings5,6ApretudeApretude:zero cases of HIV acquisition,strong efficacy,safety and tolerability across broad pop

37、ulations7HIV:7%growth in Q1 2025 fueled by goldHIV:7%growth in Q1 2025 fueled by gold-standard INSTIstandard INSTI1 1-led innovation led innovation 1.Integrase strand transfer inhibitors 2.Long-acting injectable 3.Two-drug regimen 4.Pre-exposure prophylaxis 5.Sension M,et al.Long-term CAB+RPV LA Eff

38、ectiveness in Virologically Suppressed Individuals in the OPERA Cohort.CROI 2025 6.Altamirano J,et al.Clinical outcomes Among Virologically Suppressed Women Receiving CAB+RPV LA in the OPERA Cohort.CROI 2025 7.T Khan,et al.PILLAR 12 Month Clinical Results:Zero HIV acquisition and High Persistance wi

39、th CAB LA for PrEP.CROI 2025050100150200250300350400Q1 2023Q1 2024Q1 2025Sales mCabenuvaApretudeThree pipeline assets Three pipeline assets showcased at CROIshowcased at CROI2 2,all,all with Q6Mwith Q6M3 3 treatment treatment potential:potential:VH184VH184-third-generation INSTI1 delivers best resis

40、tance profile weve seen to dateN6LSN6LS4 4(bNAb)-phase IIb data showed high-efficacy and tolerability through 6-monthsVH499VH499-potent and well-tolerated capsid inhibitor13Regimen Regimen Asset Asset Treatment Treatment Q4MQ4M5 5 2027CAB ULA +RPV6Q6MQ6M3 3 20282028-203020302026:regimen selection202

41、7:registrational study start2028-30:file and launchVH184VH184CAB ULA CAB ULA VH310VH310+N6LSN6LS4 4 (bNAb)VH499 VH499(capsid inhibitor)SelfSelf-administration administration 2028-2030CAB ULAVH184+VH499(capsid inhibitor)PrEPPrEP7 7Q4MQ4M5 5 2026CAB ULAQ6MQ6M3 3 2028-2030VH310HIV:Strong progress acros

42、s nextHIV:Strong progress across next-generation INSTIgeneration INSTI1 1-led treatment pipeline led treatment pipeline 3 new INSTIs1 in development|5 launches planned by 20301.Integrase strand transfer inhibitors 2.Conference on Retroviruses and Opportunistic Infections 3.Six-monthly dosing 4.CD4-b

43、inding broadly neutralising antibody 5.Four-monthly dosing 6.Rilpivirine 7.Pre-exposure prophylaxisShingles(Shingles(ShingrixShingrix)867m)867mEx-US represented 57%of Q1 2025 global sales(+7pp YOY)8%average IZ2 rate across top 10 markets ex-US41%cumulative IZ2 rate in US at end 2024Meningitis 350mMe

44、ningitis 350mBexseroBexsero 251m 251m up 20%primarily driven by STIKO3 recommendation in Germany,reimbursement in Switzerland and demand in FranceMenveoMenveo 89m 89m up 13%,driven by supply to BrazilPenmenvyPenmenvy received US FDA approval February 2025 and ACIP4 recommendation April 2025RSVRSV1 1

45、 (ArexvyArexvy)78m)78mContinues to be US market leader in older adults with best-in-class data(high efficacy,long duration,strong safety profile)Received ACIP4 recommendation for 50-59 AIR5 in April 2025Base case for revaccination is 5 yearsEstablished Established V Vaccinesaccines 799m799m 14Vaccin

46、es Vaccines 05001,0001,5002,0002,500Q1 2024Q1 2025Sales(m)Sales contribution by disease areaSales contribution by disease areaImpacted by known headwinds;strong meningitis sales growth+20%-57%-3%-6%+22%-7%Shingles Meningitis RSV1 Established Vaccines2025 guidance:decline low single2025 guidance:decl

47、ine low single-digit%digit%Absolute values at AER;percentages are growth rates at CER,unless stated otherwise.Q1 2024 growth rates exclude COVID-19 solutions.1.Respiratory syncytial virus 2.Immunisation 3.Standing Committee on Vaccination 4.Advisory Committee on Immunization Practices 5.At increased

48、 riskRespiratory 1,710mRespiratory 1,710mTrelegyTrelegy 675m 675m Up 15%with strong volume growth across all regionsSITT1 market leader:#1 brand in asthma and COPD2 globally3Other General Medicines 778mOther General Medicines 778mBlujepaBlujepa Received US FDA approval March 2025,launch H2 202515m e

49、pisodes of uUTI4 per year in the US15General MedicinesGeneral Medicines05001,0001,5002,0002,5003,000Q1 2024Q1 2025Sales(m)Sales contribution by disease areaSales contribution by disease area+1%Respiratory Other General MedicinesTrelegy delivered strong growth across all regions0%+1%-3%2025 guidance:

50、broadly stable2025 guidance:broadly stableAbsolute values at AER;percentages are growth rates at CER,unless stated otherwise.Q1 2024 growth rates exclude COVID-19 solutions.1.Single inhaler triple therapy 2.Chronic obstructive pulmonary disease 3.Based on internal analysis by GSK using data from the

51、 following IQVIA sources:IQVIA MIDAS Monthly Global*sales data,market defined as ATC R3L3 and calculated based on value and volume sales for the period MAT February 2025,reflecting estimates of real-world activity.Copyright IQVIA.All rights reserved 4.Uncomplicated urinary tract infectionQ1 2025 per

52、formanceQ1 2025 performanceJulie Brown,Chief Financial OfficerJulie Brown,Chief Financial Officer1617Operational leverage continues to be delivered through the P&LOperational leverage continues to be delivered through the P&LCore results unless stated otherwise;some figures may not sum due to roundi

53、ng.See page 19 of GSKs Q1 2025 stock-exchange announcement for a full reconciliation of Total to Core resultsGSK will no longer be reporting COVID solutions separately(2024 sales:12m)Q1 2024Q1 2024Q1 2025Q1 2025AERAERCERCERCore resultsCore resultsmmmm%SalesSales7,3637,3637,5167,5162 24 4Cost of sale

54、s(1,733)(1,726)01Gross profitGross profit5,6305,6305,7905,7903 35 5Gross profit margin76.5%77.0%+60bps+70bpsSG&A(1,979)(2,060)48Research and development(1,359)(1,377)12Royalties1511801921Operating profitOperating profit2,4432,4432,5332,5334 45 5Operating profit margin33.2%33.7%+50bps+30bpsEarnings p

55、er shareEarnings per share43.1p43.1p44.9p44.9p4 45 5Q1 2024Q1 2024Q1 2025Q1 2025AERAERCERCERTotal resultsTotal resultsmmmm%Total operating profit1,4902,2164950Total operating profit margin20.2%29.5%920bps900bpsTotal earnings per share25.7p39.7p5556Sales+4%&Operating Profit+5%Sales+4%&Operating Profi

56、t+5%SG&A+4%excluding impact of the 2024 Zejula royalty dispute creditRoyalties benefited from prior year true upsEx-Zejula credit,business continues to drive operational leverage with underlying operating profit+8%and EPS+9%Q1 2025 Q1 2025 core operating margincore operating marginNote:Charts may no

57、t sum due to rounding 18Core oCore operatingperating margin margin+30bps at CER(+130bps excl.+30bps at CER(+130bps excl.ZejulaZejula Settlement)Settlement)Benefits from product mix and increased royalties supporting margin growth1.0%0.7%0.1%0.3%0.4%0.2%CurrencyQ1 2025 Margin Q1 2025 Margin at CERat

58、CERRoyaltiesR&DSG&AGross MarginQ1 2024 Margin Q1 2024 Margin exex-Zejula CreditZejula CreditZejula Royalty Dispute Credit(SG&A)Q1 2025 Q1 2025 Margin AERMargin AER33.2%33.2%32.2%32.2%33.5%33.5%33.7%33.7%Q1 2024Q1 2024MarginMargin+130bps+130bpsexcl.Zejula+30bps+30bps19Q1 2025 free cash flow up 0.4bnQ

59、1 2025 free cash flow up 0.4bnCash generated from operations of 1.3bn,1.4bn ex ZantacCGFO 1.3bnCGFO 1.3bn,an increase of 0.2bn,an increase of 0.2bn YOY,YOY,Increased operating profitUnfavourable movements in working capital reflect higher receivables collections in Q1 2024Favourable RAR vs Q1 2024,i

60、mpacted by the implementation of AMP CapFCF FCF 0.80.8bn ex bn ex ZantacZantac,up,up 0.5bn 0.5bn YoY,YoY,Favourable Capex comparator due to upfront BD payments in Q1 2024Q1 Zantac payments of 62m;1.2bn remains to be paid with phasing now expected over the course of 20251.Cash generated from operatio

61、ns,including changes in returns and rebates and significant legal payments 2.Contingent consideration cash payments within CGFO primarily relate to Shionogi/ViiV 3.Net capex includes purchases less disposals of property,plant and equipment/intangibles 4.Other includes net interest paid and dividends

62、 to Non-Controlling InterestsQ1 2024Q1 2024Q1 2025Q1 2025Q1 2025Q1 2025exex-Zantac Zantac settlementsettlementCore operating profit2,4432,5332,533Decrease/(Increase)in working capital(311)(788)(788)Contingent consideration paid2(306)(338)(338)Other CGFO(700)(106)(44)Cash generated from operations(CG

63、FOCash generated from operations(CGFO1 1)1,1261,1261,3011,3011,3631,363Taxation paid(168)(156)(156)Net tangible capex3(247)(207)(207)Net intangible capex3(288)(164)(164)Other4(134)(77)(77)Free cash flow(FCF)Free cash flow(FCF)289289697697759759Shareholder ReturnsInvest for Growth20Capital deployment

64、 prioritises business growth and shareholder returns Capital deployment prioritises business growth and shareholder returns Chart may not sum due to rounding.1.Free Cash Flow(FCF)is 0.7bn,including the capital expenditure net of disposal proceeds for plant,property&equipment(0.2bn)and intangibles(0.

65、2bn),included in business development above and the Zantac settlement payment of 0.1bn 2.Business development in the above chart includes net intangible capex,net equity investments and investments in associates 3.Settlement payments relating to the Zantac litigation are still expected to total 1.9b

66、n with 0.7bn paid to date,of which 0.1bn was paid in Q1 2025 and 1.2bn expected to be paid over the remainder of 2025.4.Other includes dividend and distribution income,exchange on net debt and other financing items1231.10.21.00.60.20.131 Dec 2024Net debtFCF ex-Capex&ex Zantac settlementCapex-PP&EBus

67、iness developmentDividends to shareholdersShare Buyback0.1Zantac settlementFX and Other31 Mar 2025Net debt13.113.9bnbn+0.9+0.9421FY 2025 guidance confirmedFY 2025 guidance confirmedSalesSales1 13-5%Core earnings per shareCore earnings per share1,21,26-8%Core operating profitCore operating profit1 16

68、-8%All guidance,outlooks,and expectations should be read together with the guidance,outlooks,assumptions,and cautionary statements in GSKs Q1 2025 stock-exchange announcement1.Growths at CER and including tariffs announced to date 2.Inclusive of up to 1%accretion to EPS from share buyback 3.Increase

69、 in royalties from previous guidance of 650-700m will be invested in the pipelineDelivering operational leverage through continued executionProduct group sales growth guidanceProduct group sales growth guidance1 1Specialty Medicines:grow low double digit%HIV:grow mid single digit%Vaccines:decline lo

70、w single digit%General Medicines:broadly stableP P&L modelling considerations&L modelling considerations1 1Gross margin:benefit from product mixSG&A:to grow low single digit%R&D:to grow slightly aheadslightly ahead of sales3Royalties:raised to 750m to 800m750m to 800m3 22IR Roadmap 2025 to 2026IR Ro

71、admap 2025 to 2026H1 2025H1 2025H2 2025H2 202520262026*ExecutionExecution(launches)(launches)Nucala Nucala COPD 1PenmenvyPenmenvy 1st gen BlenrepBlenrep 2L+Multiple myeloma Blujepa Blujepa uUTI 3 depemokimabdepemokimab SA 7,CRSwNP 2(US)PipelinePipelineRegulatory DecisionsRegulatory DecisionsNucala N

72、ucala COPD 1(US)Nucala CRSwNP 2(CN)BlenrepBlenrep 2L+Multiple myeloma (JP)JemperliJemperli 1L Endometrial cancer(EU)Blujepa Blujepa uUTI 3(US)Penmenvy Penmenvy 1st gen(US)Shingrix adults 18+YOA 4AIR 5(CN)Shingrix liquid formulation(US)depemokimabdepemokimab SA 7,CRSwNP 2(US)linerixibat PBC 8(US)Blen

73、repBlenrep 2L+Multiple myeloma(US,EU)Blujepa Blujepa GC 9(US)depemokimab:depemokimab:SA 7,CRSwNP 2(EU,JP,CN)Nucala:Nucala:COPD 1(EU,CN)Trelegy:asthma(CN)Ventolin:low carbon metered dose inhaler(EU)BlenrepBlenrep:2L+Multiple myeloma(CN)cobolimab:2L NSCLC6(US,EU)cabotegravir:cabotegravir:Q4M PrEP 15,H

74、IV(US)Arexvy 18-49 YOA 4AIR 5(US,EU,JP)bepirovirsen:bepirovirsen:chronic HBV 16(US,JP)BexseroBexsero,meningitis B,infants(US)tebipenemtebipenem:cUTI 14(US)linerixibat PBC 8(EU,CN,JP)Phase III readoutsPhase III readoutsdepemokimabdepemokimab AGILE,severe asthmacobolimab COSTAR 2L,NSCLC 6Zejula ZEAL,1

75、L maintenance NSCLC 6camlipixantcamlipixant CALM-1 10,RCC 11depemokimabdepemokimab NIMBLE,severe asthmalatozinemab:INFRONT-3 12,FTD-GRN 13Ventolin low carbon metered dose inhaler(asthma)Arexvy(60+YoA China)BexseroBexsero,meningitis B,infantstebipenemtebipenem PIVOT-PO,cUTI 14camlipixantcamlipixant C

76、ALM-2,RCC 11depemokimab:depemokimab:OCEAN,EGPA 17 JemperliJemperli:AZUR-1,rectal cancer*cabotegravir:cabotegravir:Q4M PrEP 15,HIV*bepirovirsen:bepirovirsen:B-WELL-1/2,chronic HBV 16 infection Capital Capital AllocationAllocationFull-year 2024 dividend upgradedAnnounced acquisition of IDRx(GIST)2bn s

77、hare buyback announcedDividend expectation 2025Full-year 2025 dividend declarationDividend expectation 20261.Chronic obstructive pulmonary disease 2.Chronic rhinosinusitis with nasal polyps 3.Uncomplicated urinary tract infections(EAGLE 2/3)4.Years of Age 5.At increased risk 6.Non-small cell lung ca

78、ncer 7.Severe asthma 8.Cholestatic pruritus in primary biliary cholangitis 9.Urogenital gonorrhoea(EAGLE 1)10.CALM-1 results will be disclosed together with CALM-2 11.Refractory chronic cough 12.INFRONT-3 study is sponsored by Alector Inc.13.Frontotemporal dementia due to heterozygous mutations in t

79、he progranulin gene 14.Complicated urinary tract infection 15.Pre-Exposure Prophylaxis.16.Hepatitis B virus 17.Eosinophilic granulomatosis with polyangiitis*Pivotal phase II study *Launches only included following positive Phase 3 readout Upcoming PDUFA dates:Nucala COPD 7th May,Blenrep 23rd July an

80、d depemokimab 16th December23Delivering strong and sustained momentumDelivering strong and sustained momentumOn track to deliver 2025 guidance demonstrating agility,resilience and strength of portfolioFocused on delivering future growth opportunities and investing in pipeline&targeted BD Confident i

81、n ability to sustain profitable growth through the decade and beyond2425Q1 2025 Total to core operating profit reconciliationQ1 2025 Total to core operating profit reconciliationQ1 2024Q1 2024Q1 2025Q1 2025Key commentary on CER basisKey commentary on CER basisOperating profit Operating profit(m)(m)O

82、perating profit Operating profit(m)(m)Total resultsTotal results1,4901,4902,2162,216+50%at CER+50%at CERIntangible amortisation196219Intangible impairment5464Major restructuring57201.2bn benefits to date1Transaction-related70410ViiV CCL2 movementsDivestments,significant legal and other(58)4Core Core

83、 resultsresults2,4432,4432,5332,533+5%+5%at CERat CERTable may not sum due to rounding.See page 19 of GSKs Q1 2025 stock-exchange announcement for a full reconciliationof Total to Core results 1.Separation Preparation restructuring programme initiated in 2020 2.Contingent consideration liabilities26

84、Improved core earnings per share with+5%growth at CERImproved core earnings per share with+5%growth at CERQ1 2024Q1 2024Q1 2025Q1 2025Key commentary on CER basisKey commentary on CER basismmmmCore operatingCore operating profit(OP)profit(OP)2,4432,4432,5332,533+5%at CER+5%at CERNet finance expense(1

85、32)(101)Lower interest on short term financing and higher interest income on cashShare of associates(1)-Tax(404)(434)Tax rate17.5%17.8%In-line with guidanceNon-controlling interests(154)(162)Core Profit attributable to shareholdersCore Profit attributable to shareholders1,7521,7521,8361,836+6%at CER

86、+6%at CERCore earnings per share(EPS)Core earnings per share(EPS)43.1p43.1p44.944.9+5%at CER+5%at CERTotal EPSTotal EPS25.7p25.7p39.7p39.7p+56%at CER due to lower CCL charges+56%at CER due to lower CCL chargesWeighted average number of shares(millions)4,0694,088Core results unless stated otherwise.2

87、7Quarterly summary of core resultsQuarterly summary of core results2024202420252025Q1Q1Q2Q2Q3Q3Q4Q4FYFYQ1Q1Q2Q2Q3Q3Q4Q4FYFYSales(m)7,3637,8848,0128,11731,37631,3767,516Operating profit(m)2,4432,5132,7611,4319,1489,1482,533Operating margin33.2%31.9%34.5%17.6%29.2%29.2%33.7%Earnings per share(p)43.143

88、.449.723.2159.3159.344.9Core results;some figures may not sum due to rounding.28CurrencyCurrency1.Based on 2024 GSK,including COVID-19 solutions 2.The other currencies that each represent more than 1%of GSK sales include Australian Dollar,Brazilian Real,Canadian Dollar,Chinese Yuan and Indian Rupee.

89、In total,they accounted for 9%of GSK revenues in 20242024 currency sales exposure2024 currency sales exposure1 12025 core operating profit2025 core operating profitCurrency sensitivityCurrency sensitivityUS$US$52%US$:US$:10 cents movement in the average exchange rate for full year impacts core opera

90、ting profit by approx.+/-8%If exchange rates were to hold at the closing rates on 24 April 2025($1.33/1,1.17/1 and Yen 190/1)for the rest of 2025,the estimated impact on 2025 Sterling turnover growth for GSK would be-2%and if exchange gains or losses were recognised at the same level as in 2024,the

91、estimated impact on 2025 Sterling Core Operating Profit growth for GSK would be-4%.Euro Euro 18%Euro:Euro:10 cents movement in the average exchange rate for full year impacts core operating profit by approx.+/-0.5%Japanese Japanese 4%Japanese:Japanese:10 Yen movement in the average exchange rate for

92、 full year impacts core operating profit by approx.+/-1%OtherOther2 226%Historical average exchange rates Historical average exchange rates quarterlyquarterly2024202420252025Q1Q1Q2Q2Q3Q3Q4Q4FY 24FY 24Q1Q1Q2Q2Q3Q3Q4Q4FY 25FY 25US$US$1.271.261.311.271.281.26Euro Euro 1.161.171.191.201.181.20Japanese J

93、apanese 187198192195193193Historical period end exchange ratesHistorical period end exchange ratesUS$US$1.261.271.341.251.29Euro Euro 1.171.181.201.201.20Japanese Japanese 19120319119719329Phasing:2025 growth still expected to be H2 weightedPhasing:2025 growth still expected to be H2 weightedAll gui

94、dance,outlooks,and expectations should be read together with the guidance,outlooks,assumptions,and cautionary statements in GSKs Q1 2025 stock-exchange announcement1.RAR-returns and rebatesComparator base:Comparator base:2024 YOY growth by quarter(CER and ex COVID)Modelling considerationsModelling c

95、onsiderationsComparator base in 2024 benefited from a number of items:Zejula royalty dispute in SG&A 70m(Q1)Sales benefit from RAR1 on Gen Meds(Q2)Supply chain efficiency charge 150m(Q4)2025:H1Vaccines pressure due to comparatorRoyalty catch up in Q2 H2Growth will be H2 weighted given comparator bas

96、e and launch timings in H213%13%2%4%35%21%5%-10%Q1 24Q1 24Q2 24Q2 24Q3 24Q3 24Q4 24Q4 24Sales growth CER ex COVIDCore operating profit growth at CER and ex COVID302025 full year outlook considerations to support modelling2025 full year outlook considerations to support modelling2024 Growth 2024 Grow

97、th excl.COVIDexcl.COVID2025 Guidance 2025 Guidance(Feb 25)(Feb 25)2025 assumptions2025 assumptions2021 2021 2026 BIU 2026 BIU(2021)(2021)2021 2021 2026 BIU 2026 BIU(2024)(2024)2021 2021 2026 BIU 2026 BIU(2025)(2025)TurnoverTurnover8%8%3 3-5%5%5%CAGR5%CAGR7%CAGR7%CAGR7%CAGR7%CAGR-Specialty+19%+LDDDD

98、CAGRDD CAGRLow to mid teens-HIV+13%+MSDMSD CAGR6-8%HSD-Vaccines-3%-LSDHSD CAGRLDD CAGRMSD to HSD-Gen Meds+6%Broadly stableBroadly StableBroadly StableLSDCore OPCore OP13%13%6 6-8%8%SG&A:increase by a LSD percentageR&D increase slightly ahead of salesRoyalties:750m-800m10%CAGR10%CAGR11%CAGR11%CAGR11%

99、CAGR11%CAGR-Core OP margin29.2%n/a30%31%31%Core EPSCore EPS12%12%6 6-8%8%Interest charge 600-650mCore tax rate 17.5%NCI:ViiV is the main ongoing NCI Share buyback included in EPS guidance,assumed to be up to 1%accretive to EPSDividend61p64pRI&IOncologyHIVInfectious Diseases311.Chronic obstructive pu

100、lmonary disorder 2.Multiple myeloma 3.Years of age 4 At increased risk 5.Primary biliary cholangitis 6.Tesaro asset 7.Non-small cell lung cancer 8.Chronic rhinosinusitis with nasal polyps 9.Urogenital gonorrhoea 10.Metered dose inhaler 11.Immunocompromised 12.Complicated urinary tract infection 13.R

101、efractory chronic cough 14.CALM-1 results will be disclosed together with CALM-2 15.INFRONT-3 study is sponsored by Alector Inc.16.Frontotemporal dementia with progranulin gene mutation 17.Pre-Exposure Prophylaxis 18.Hepatitis B virus 19.Eosinophilic granulomatosis with polyangiitis 20.Neoadjuvant l

102、ocally advanced dMMR/MSI-H rectal cancer 21.Pivotal phase II studyUpcoming pipeline catalysts:2025 and 2026Upcoming pipeline catalysts:2025 and 2026H1 2025H1 2025H2 2025H2 202520262026Regulatory Regulatory decisiondecisionNucala:MATINEE,COPD1USdepemokimab:SWIFT-1/2,asthmaUSdepemokimab:SWIFT-1/2,asth

103、maEU.CN,JPBlenrep:DREAMM-7/8,2L+MM2JPdepemokimab:ANCHOR-1/2,CRSwNP8USdepemokimab:ANCHOR-1/2,CRSwNP8EU.CN,JPShingrix:18+YoA3 AIR4CNlinerixibat:GLISTEN,cholestatic pruritus in PBC5USlinerixibat:GLISTEN,cholestatic pruritus in PBC5EU,CN,JPShingrix liquid formulationUSBlenrep:DREAMM-7/8,2L+MM2US,EUNucal

104、a:MATINEE,COPD1EU,CNBlujepa(gepotidacin):EAGLE-1,GC9USVentolin(low carbon MDI10):asthmaEUBlenrep:DREAMM-7/8,2L+MM2CNcobolimab6:COSTAR,2L NSCLC7US,EUcabotegravir:Q4M PrEP17,HIV preventionUSArexvy:18-49 YoA3 AIR4 and 18+IC11US,EU,JPbepirovirsen:B-WELL-1/2,chronic HBV18 infectionUS,JPBexsero:Men B(infa

105、nts US)UStebipenem pivoxil:PIVOT-PO,cUTI12USRegulatory Regulatory submission submission acceptanceacceptancelinerixibat:GLISTEN,cholestatic pruritus in PBC5US,EUlinerixibat:GLISTEN,cholestatic pruritus in PBC5CN,JPcamlipixant:CALM-1/2,RCC13US,EU,JPVentolin(low carbon MDI10):asthmaEUdepemokimab:OCEAN

106、,EGPA19US,EU,CN,JPBlenrep:DREAMM-8,2L+MM2CNlatozinemab:INFRONT-315,FTD-GRN16US,EUcobolimab6:COSTAR,2L NSCLC7US,EUcabotegravir:Q4M PrEP17,HIV preventionUSArexvy:18-49 YoA3 AIR4 and 18+IC11US,EU,JPArexvy:Older adults 60+YoA3(China)CNBlujepa(gepotidacin):EAGLE-1,GC9USbepirovirsen:B-WELL-1/2,chronic HBV

107、18 infectionUS,EU,CN,JPtebipenem pivoxil:PIVOT-PO,cUTI12USBexsero:Men B(infants US)USLateLate-stage stage Phase III Phase III readoutsreadoutsdepemokimab:AGILE,asthmacamlipixant:CALM-1,RCC13,14camlipixant:CALM-2,RCC13cobolimab6:COSTAR,2L NSCLC7depemokimab:NIMBLE,asthmadepemokimab:OCEAN,EGPA19latozin

108、emab:INFRONT-315,FTD-GRN16Jemperli6:AZUR-1,Rectal cancer20,21Ventolin(low carbon MDI10):asthmacabotegravir:Q4M PrEP17,HIV prevention21Arexvy:Older adults 60+YoA3(China)bepirovirsen:B-WELL-1/2,chronic HBV18 infectionBexsero:Men B(infants US)tebipenem pivoxil:PIVOT-PO,cUTI12RI&IOncologyHIVInfectious D

109、iseases32*In-license or other alliance relationship with third party *Additional indications or candidates also under investigation In registration1.Phase III trial in patients with progranulin gene mutation 2.Metered dose inhaler 3.Chronic obstructive pulmonary disorder 4.Years of age 5.At increase

110、d risk 6.Hepatitis B virus 7.Urinary tract infection 70 potential new vaccines and medicines in pipeline70 potential new vaccines and medicines in pipelinePhase III/RegistrationPhase III/Registration18)camlipixant(GSK5464714)P2X3 receptor antagonistRefractory chronic coughdepemokimab(GSK3511294)Long

111、-acting anti-IL5 antibody*Asthma*latozinemab(GSK4527223)Anti-sortilin antibody*Frontotemporal dementia1linerixibat(GSK2330672)IBAT inhibitorCholestatic pruritus in primary biliary cholangitisLow carbon version of MDI2,Ventolin(salbutamol)Beta 2 adrenergic receptor agonistAsthmaNucala(mepolizumab)Ant

112、i-IL5 antibodyCOPD3belrestotug(GSK4428859)Anti-TIGIT antibody*Non-small cell lung cancer*Blenrep(belantamab mafodotin)Anti-BCMA ADC*Multiple myelomacobolimab(GSK4069889)Anti-TIM-3 antibody*Non-small cell lung cancerJemperli(dostarlimab)Anti-PD-1 antibody*dMMR/MSI-H colon cancer*Zejula(niraparib)PARP

113、 inhibitor*Ovarian cancer*Arexvy(RSV vaccine)Recombinant protein,adjuvanted*RSV adults(18-49 YoA4 AIR5)*bepirovirsen(GSK3228836)Antisense oligonucleotide*Chronic HBV6 infection*Bexsero(MenB vaccine)Recombinant protein,OMVMeningitis B(infants US)Blujepa(gepotidacin)BTI inhibitor*Uncomplicated UTI7*GS

114、K4178116Live,attenuatedVaricella new strainibrexafungerp(GSK5458448)Antifungal glucan synthase inhibitor*Invasive candidiasistebipenem pivoxil(GSK3778712)Antibacterial carbapenem*Complicated UTI7RI&IOncologyHIVInfectious Diseases33*In-license or other alliance relationship with third party *Addition

115、al indications or candidates also under investigation1.Interstitial lung disease 2.In phase II/III study 3.Non-alcoholic steatohepatitis/metabolic dysfunction-associated steatohepatitis 4.In phase I/II study 5.Measles,Mumps,Rubella,and Varicella 6.Hepatitis B virus70 potential new vaccines and medic

116、ines in pipeline70 potential new vaccines and medicines in pipelinePhase IIPhase II26Benlysta(belimumab)Anti-BLys antibodySystemic sclerosis associated ILD1,2*GSK3915393TG2 inhibitor*Pulmonary fibrosisGSK4527226(AL-101)Anti-sortilin antibody*Alzheimers diseaseGSK4532990HSD17B13 RNA interference*NASH

117、/MASH3*GSK5784283TSLP monoclonal antibody*AsthmaGSK4381562Anti-PVRIG antibody*Cancernelistotug(GSK6097608)Anti-CD96 antibody*CancerOjjaara/Omjjara(momelotinib)JAK1,JAK2 and ACVR1 inhibitor*Myelodysplastic syndrome*cabotegravir(GSK1265744)Integrase inhibitorHIVVH3810109Broadly neutralizing antibody*H

118、IVVH4011499Capsid protein inhibitorHIVVH4524184Integrase inhibitor*HIValpibectir(BVL-GSK3729098)Ethionamide booster*Tuberculosisganfeborole(GSK3036656)Leucyl t-RNA synthetase inhibitor*TuberculosisGSK3437949Recombinant protein,adjuvanted*Malaria fractional doseGSK3536852GMMA*ShigellaGSK3993129Recomb

119、inant subunit,adjuvantedCytomegalovirus4GSK4023393Recombinant protein,OMV,conjugated vaccineMenABCWY,2nd Gen4GSK4077164Bivalent GMMA*Invasive non-typhoidal salmonella*GSK4382276mRNA*Seasonal fluGSK4396687mRNA*COVID-19GSK4406371Live,attenuatedMMRV5 new strainGSK5101955MAPS Pneumococcal 24-valent paed

120、*Paediatric pneumococcal diseaseGSK5536522mRNA*Flu H5N1 pre-pandemic4GSK5637608Hepatitis B virus-targeted siRNA*Chronic HBV6 infectionsanfetrinem cilexetil(GV118819)Serine beta lactamase inhibitor*TuberculosisRI&IOncologyHIVInfectious Diseases34*In-license or other alliance relationship with third p

121、arty *Additional indications or candidates also under investigation1.Chronic obstructive pulmonary disorder 2.Polycystic kidney disease 3.In phase I/II study 4.GSK has an exclusive global license option to co-develop and commercialise the candidate 5.Urinary tract infection 6.Hepatitis B virus 70 po

122、tential new vaccines and medicines in pipeline70 potential new vaccines and medicines in pipelinePhase IPhase I26GSK3862995Anti-IL33 antibodyCOPD1GSK3888130Anti-IL7 antibody*Autoimmune diseaseGSK4172239DNMT1 inhibitor*Sickle cell diseaseGSK4347859Interferon pathway modulatorSystemic lupus erythemato

123、susGSK4527363B-cell modulatorSystemic lupus erythematosusGSK4528287Anti-IL23-IL18 bispecific antibodyInflammatory bowel diseaseGSK4771261Monoclonal antibody against novel kidney targetAutosomal dominant PKD2GSK5462688RNA-editing oligonucleotide*Alpha-1 antitrypsin deficiencyGSK5926371Anti-CD19-CD20-

124、CD3 trispecific antibody*Autoimmune diseasebelantamab(GSK2857914)Anti-BCMA antibodyMultiple myeloma*GSK4418959Werner helicase inhibitor*dMMR/MSI-H solid tumours3GSK4524101DNA polymerase theta inhibitor*Cancer3GSK5733584ADC targeting B7-H4*Gynaecologic malignancies*GSK5764227ADC targeting B7-H3*Solid

125、 tumoursXMT-20564(wholly owned by Mersana Therapeutics)STING agonist ADC*CancerGSK6042981(IDRX-42)KIT inhibitor*Gastrointestinal stromal tumoursVH4527079HIV entry inhibitorHIVGSK3536867Bivalent conjugate*Salmonella(typhoid+paratyphoid A)GSK3772701P.falciparum whole cell inhibitor*MalariaGSK3882347Fi

126、mH antagonist*Uncomplicated UTI5GSK3923868PI4K beta inhibitorRhinovirus diseaseGSK3965193PAPD5/PAPD7 inhibitorChronic HBV6 infection3GSK4024484P.falciparum whole cell inhibitor*MalariaGSK5251738TLR8 agonist*Chronic HBV6 infectionGSK5102188Recombinant subunit,adjuvantedUTI3,5GSK5475152mRNA*Seasonal f

127、lu/COVID-193HIV:Clear roadmap to deliver industry leading,competitive longHIV:Clear roadmap to deliver industry leading,competitive long-acting innovationacting innovation3 new INSTIs1 in development|5 launches planned by 2030All time estimates between file and launch are subject to Regulatory Agenc

128、y timelines1.Integrase strand transfer inhibitors352020-2120242025202620272028-302031+Q4M:Q4M:registrational study start2021:2021:ApretudeApretude first approval first approval(Q2M)(Q2M)2020:2020:CabenuvaCabenuva first approval first approval(Q2M)(Q2M)Q4M:Q4M:registrational study start(H2)Q6M:Q6M:mu

129、ltiple PhI data readoutsQ4M:Q4M:file and launch Q6M:Q6M:registrational study start SelfSelf-administereadministered d registrational study startQ6MQ6M:regimen selection Q4M:Q4M:file and launch Q6M:Q6M:registrational study startQ6M:Q6M:file and launchQ6M:Q6M:file and launchSelfSelf-administered:admin

130、istered:file and launch PreventionPreventionTreatmentTreatmentApretudeApretude COM COM patent expiry patent expiry(US,EU)DTG DTG LoELoE glidepath glidepath (COM:28 US;29 EU|US:29 Dovato,30 Juluca)CabenuvaCabenuva COM COM patent expiry patent expiry(US,EU)RI&IOncologyHIVInfectious Diseases36Changes s

131、ince Q4 2024Changes since Q4 20241.Myelodysplastic syndrome 2.Multiple myeloma 3.Urinary tract infection 4.Chronic rhinosinusitis with nasal polyps 5.Chronic obstructive pulmonary disease 6.Tesaro asset 7.Years of age 8.At increased riskChanges on pipelineChanges on pipelinePipeline events in the qu

132、arterPipeline events in the quarterRegulatory decisionsRegulatory decisionsBlenrep:DREAMM-7/8,2L+MM2UKBlujepa:EAGLE-2/3,uUTI3USPenmenvy:MenABCWY 1st Gen vaccineUSRegulatory submission acceptancesRegulatory submission acceptancesdepemokimab:SWIFT-1/2,asthmaUSdepemokimab:ANCHOR-1/2,CRSwNP4USNucala:MAT

133、INEE,COPD5EU,CNLateLate-stage readoutsstage readoutsZejula6:ZEAL,1L maintenance non-small cell lung cancer Phase III data readoutOther newsOther newsArexvy:RSV in adults 50-59 YoA6 AIR7 ACIP recommendation Penmenvy:MenABCWY 1st Gen vaccine ACIP recommendationNew to Phase IINew to Phase IIOjjaara/Omj

134、jara(momelotinib):JAK1,JAK2 and ACVR1 inhibitor,MDS1New to Phase INew to Phase IGSK6042981(IDRX-42):KIT inhibitor,Gastrointestinal stromal tumoursRemoved from Phase III/RegistrationRemoved from Phase III/RegistrationPenmenvy:MenABCWY 1st Gen vaccineRemoved from Phase IIRemoved from Phase IIGSK107080

135、6:Anti-IL18 antibody,Atopic dermatitisVH3739937:Maturation inhibitor,HIV37GlossaryGlossaryADCAntibody drug conjugateCRRComplete response rateGMMAGeneralised Modules for Membrane AntigensADPKDAutosomal dominant polycystic kidney diseaseCRSwNPChronic rhinosinusitis with nasal polyps GSIGamma secretase

136、 inhibitorAEAdverse eventCRTCisplatin plus radiotherapyHAHealthy adultsAESIAdverse event of special interestCTD-ILDConnective tissue disorder interstitial lung diseaseHBVHepatitis B virusAIRAt increased riskcUTIComplicated urinary tract infectionHESHypereosinophilic syndromeALDAlcohol-related liver

137、diseaseCVCardiovascularHgbHemoglobinARTAntiretroviral therapyDDIDrug-drug interactionHNSCCHead and neck squamous cell carcinomaAUCArea under curveDLDose levelhSBAHuman serum bactericidal assayBCMAB-cell maturation antigenDLTDose-limiting toxicityHZHerpes zosterBICRBlinded Independent Central Reviewd

138、MMRDeficient mismatch repairIBATIleal bile acid transporterBRCABreast cancerDNMT1 DNA methyltransferase 1ICImmunocompromisedCAECorneal adverse eventsDoRDuration of responseICRIndependent central reviewCBRClinical benefit rateEASIEczema Area and Severity IndexiNTSInvasive non-typhoidal salmonellacCRC

139、omplete clinical responseECEndometrial cancerIPFIdiopathic Pulmonary Fibrosis CFUColony forming unitsECGElectrocardiogramITTIntention-to-treatCKDChronic kidney diseaseEFSEvent free survivalJPJapanCfBChange from baselineEGPAEosinophilic granulomatosis with polyangiitis LLOQLower limit of quantitation

140、CmaxMaximum observed plasma concentrationES-SCLCExtensive-stage small-cell lung cancerMADMultiple ascending doseCMVCytomegalovirusFCFunctional cureMAEMedical attended eventsCNChinaFTD-GRNFrontotemporal dementia with progranulin gene mutationMAPSMultiple Antigen Presenting SystemCOPDChronic obstructi

141、ve pulmonary diseaseFVCForced vital capacityMASHMetabolic dysfunction-associated steatohepatitisCPCholestatic pruritusFCUrogenital gonorrheaMCIMild cognitive impairment38GlossaryGlossaryMDIMetered dose inhalerMDIMetered dose inhalerSRRSeroresponse rateMMMultiple myelomaPD-L1Programmed death ligandSS

142、c-ILDSystemic sclerosis associated interstitial lung diseaseMMRMeasles,mumps and rubellaPFSProgression-free survivalSTINGStimulator of interferon genesMMRVMeasles,mumps,rubella and varicellaPFS2Time to second disease progression or deathTG2Transglutaminase 2MRDMultiple rising dosePKPharmacokineticTI

143、M-3T-cell immunoglobulin and mucin domain 3MSI-HMicrosatellite instability highPMFPrimary myelofibrosisTLRToll-like receptorNASHNon-alcoholicsteatohepatitisPOLQDNA polymerase thetaTOCTest of cureNRSNumeric Rating ScaleRCCRefractory chronic cough TSLPthymic stromal lymphopoietinNSCLCNon-small cell lu

144、ng cancerRLRepeat dose levelTTBRTime to best responseOAOlder adultRRMMRelapsed/refractory multiple myeloma TTDTime to treatment discontinuationOCOvarian cancerRSVRespiratory syncytial virus TTPTime to tumour progressionOMVOuter membrane vesicleSADSingle ascending doseTTRTime to treatment responseORR

145、Overall response rateSAESerious adverse eventUTIUrinary tract infectionOSOverall survivalsAgSurface antigenuUTIUncomplicated urinary tract infectionPARPPoly(ADP-ribose)polymerasesiRNASmall interfering RNAVGPRVery good partial remissionPBCPrimary biliary cholangitisSLESystemic lupus erythematosusYoAY

146、ears of agePDPharmacodynamicSoCStandard of care39In outlining the guidance for 2025,and outlooks for the period 2021-26 and for 2031,the Group has made certain assumptions about the macro-economic environment,the healthcare sector(including regarding existing and possible additional governmental leg

147、islative and regulatory reform),the different markets and competitive landscape in which the Group operates and the delivery of revenues and financial benefits from its current portfolio,its development pipeline and restructuring programmes.20252025 GuidanceGuidance These planning assumptions as wel

148、l as operating profit and earnings per share guidance and dividend expectations assume no material interruptions to supply of the Groups products,no material mergers,acquisitions or disposals,no material litigation or investigation costs for the Company(save for those that are already recognised or

149、for which provisions have been made)and no change in the Groups shareholdings in ViiV Healthcare.The assumptions also assume no material changes in the healthcare environment or unexpected significant changes in pricing or trade policies as a result of government or competitor action.The 2025 guidan

150、ce factors in all divestments and product exits announced to date.The Core earnings per share guidance includes the implementation of the 2 billion share buyback programme to the end of Q2 2026.20212021-2626 andand 20312031 OutlooksOutlooks In February 2025 GSK set out improved outlooks for 2031.Ple

151、ase see 2024 full year and fourth quarter results on The assumptions for GSKs revenue,Core operating profit,Core operating margin and cash flow outlooks,2031 revenue outlook and margin expectations through dolutegravir loss of exclusivity assume the delivery of revenues and financial benefits from i

152、ts current and development pipeline portfolio of medicines and vaccines(which have been assessed for this purpose on a risk-adjusted basis,as described further below);regulatory approvals of the pipeline portfolio of medicines and vaccines that underlie these expectations(which have also been assess

153、ed for this purpose on a risk-adjusted basis,as described further below);no material interruptions to supply of the Groups products;successful delivery of the ongoing and planned integration and restructuring plans;no material mergers,acquisitions or disposals or other material business development

154、transactions;no material litigation or investigation costs for the company(save for those that are already recognised or for which provisions have been made);and no change in the shareholdings in ViiV Healthcare.GSK assumes no premature loss of exclusivity for key products over the period.The assump

155、tions for GSKs revenue,Core operating profit,Core operating margin and cash flow outlooks,2031 revenue outlook and margin expectations through dolutegravir loss of exclusivity also factor in all divestments and product exits announced to date as well as material costs for investment in new product l

156、aunches and R&D.Risk-adjusted sales includes sales for potential planned launches which are risk-adjusted based on the latest internal estimate of the probability of technical and regulatory success for each asset in development.Notwithstanding our guidance,outlooks and expectations,there is still u

157、ncertainty as to whether our assumptions,guidance,outlooks and expectations will be achieved.All outlook statements are given on a constant currency basis and use 2024 average exchange rates as a base(1/$1.28,1/1.18,1/Yen 193).2021-2026 outlook refers to the 5 years to 2026 with 2021 as the base yea

158、r,where CAGR(compound annual growth rate)is defined as the compound annual growth rate and shows the annualised average rate for growth in sales and core operating profit between 2021 to 2026,assuming growth takes place at an exponentially compounded rate during those years.TariffsTariffsGSK notes t

159、hat the US Administration has initiated an investigation under Section 232 of the Trade Expansion Act to determine the effects on national security of imports of pharmaceutical products.The company is well positioned to respond to the potential financial impact of sector-specific tariffs,should they

160、 be implemented,with mitigation options identified in the supply chain and productivity initiatives.The company will continue to monitor and review developments related to this situation.Assumptions and basis of preparation related to 2025 guidance,2021Assumptions and basis of preparation related to

161、 2025 guidance,2021-26 and 2031 outlooks26 and 2031 outlooks40UseUse ofof GSKGSK conferenceconference call,call,webcastwebcast andand presentationpresentation slidesslidesThe GSK plc webcast,conference call and presentation slides(together the GSK materials)are for your personal,non-commercial use o

162、nly.You may not copy,reproduce,republish,post,broadcast,transmit,make available to the public,sell or otherwise reuse or commercialise the GSK materials in any way.You may not edit,alter,adapt or add to the GSK materials in any way,nor combine the GSK materials with any other material.You may not do

163、wnload or use the GSK materials for the purpose of promoting,advertising,endorsing or implying any connection between you(or any third party)and us,our agents or employees,or any contributors to the GSK materials.You may not use the GSK materials in any way that could bring our name or that of any Affiliate into disrepute or otherwise cause any loss or damage to us or any Affiliate.GSK plc,79 New Oxford Street,London,WC1A 1DG,United Kingdom.Telephone+44 20 8047 5000,