GlaxoSmithKline Pharmaceuticals : Transcript of Analysts/Institutional Investor Meet/Con. Call

GlaxoSmithKline Pharmaceuticals Ltd.

GSK House,

Dr. Annie Besant Road, Worli,

Mumbai - 400 030

Tel No: [phone]

Fax No: [phone]

Web: www.gsk-india.com

Email:[e-mail]

27th August 2022
To,
BSE LIMITED	THE NATIONAL STOCK EXCHANGE OF INDIA LIMITED
Phiroze Jeejeebhoy Towers	Exchange Plaza, 5th Floor, Plot No. C/1, G Block
Dalal Street	Bandra-Kurla Complex, Bandra (East)
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Dear Sirs,

Subject: Transcript of Analyst / Institutional Investor Meetings

We wish to inform you that pursuant to Regulation 30(6) of the Schedule III, of the Listing Obligations and Disclosure requirements (LODR), Regulations, 2015, please find enclosed the transcript of the Analyst / Institutional Meeting held on 23rd August 2022. The said transcript is also uploaded on the website of the Corporation and can be accessed through the link: https://india-pharma.gsk.com/en-in/media/analysts-meets/.

This is for your information and record.

Yours faithfully

For GlaxoSmithKline Pharmaceuticals Limited

AJAY AVINASH NADKARNI

Digitally signed by AJAY AVINASH NADKARNI Date: 2022.08.27 14:42:30 +05'30'

Ajay Nadkarni

Vice President - Administration, Real Estate

& Company Secretary

CIN No. L24239MH1924PLC001151

Moderator: Good evening, everyone. For those of you here, we have close to 14 people in the room. We also have our Managing Director and our CFO who have joined us. And we have about 20 people who have joined us online. So, thank you all for joining. It's 4pm. And we'll start the presentation without further ado. A few housekeeping rules: One is, we will be recording. We will be recording this conversation and the presentation and the transcript, as well as the audio recording will be available on the website. And of course, you can ask us and we'd be happy to share that with you too just in case you're unable to access the website.

I know it's been a while. I think it's been over two years since we had a last analyst meet thanks to COVID. But we are back again and hopefully COVID will not. Okay, it is being recorded, perfect. Let me welcome those online as well as here. We will follow a format, which is really an overview by our Managing Director, followed by a financial overview by our CFO. And then of course, we will take questions. Before I invite our Managing Director; a few words, I mean, all of you notionally that joined us just before COVID. And Sridhar, he joined us from his role in Singapore. And he's now with GSK India for more than two years.

The new addition, for those of you who haven't met Juby. He joined us very recently as our CFO. He is a chartered accountant from the Institute of Chartered Accountants of India. And his previous experience includes roles such as finance director leader roles in South East Asia, Vietnam, Turkey, and Middle East. Just immediately prior to this, he was head of finance, global general medicines and was based in Singapore. So, welcome Juby. And with that, I would now hand it over to our Managing Director, Mr. Sridhar Venkatesh to take you through an overview of GSK.

Sridhar Venkatesh: Okay, all right. So, great to be here. Welcome, fantastic to meet all of you face to face. I mean, we've been doing this in a small box for many, many years. And I was looking forward to do this once before my tenure ends at GSK India at some point of time, face to face. But good to be here and for all those who are online, a warm welcome to all of you. What I promised you is that we will spend most of our time today on Q&A.And we will probably spend 1 hour and 15 minutes.. And we will use potentially an entire hour to try and respond to you in the Q&A session.

So I personally think for us at GSK, it's never been a more exciting time for us thanwhere we are today. Because globally, we made a huge stand in terms of what

we are going to be, what we are going to do, what therapeutic areas and I think globally, we've taken a stance around after the successful split that we have had between our pharma and our consumer team in terms of what's our clear purpose. I think the more and more you talk about what's happening across the world, it's all becoming a confluence of science, technology and talent. And that's something you need the right kind of people at the right places for us to be successful. So I personally think when I look at some of our global statements that we are making, some of the steps that we have taken,post our demerger, if I were to call out, all of them have been pointing in this direction. Some of the newer acquisitions that we made, some of them be it in the space of oncology, be it in the space of newer vaccines - all have pointed towards that.

Now, clearly, as we look at that, what we also want to do through that is to impact around 2.5 billion patients in the next 10 years and positively impact them through our portfolio. Now, where are those 2.5 billion patients going to come? I mean, you can't think about it, you can't take out India out of that equation, when we talk about 2.5 billion patients, some bit of rough calculations that we have done suggest around 60% of the 2.5 billion will be out of India. So a huge part, I can say, of the global GSK purpose, will be played out of what we do in India. And you will see that in terms of our ambitions, in terms of what we are attempting to do with our newer portfolios. And clearly, this is also a company where we want everybody to be themselves, really enjoy what they want to do,thrive and do what they really love to do. So that clearly is our overall purpose and what we are attempting to create globally and what we are attempting to do in India.

Now what does that mean to India when we talk about this, right? And when we say we want to be ambitious for patients, what does that mean? We want to bring innovation into this country. What does that mean for us in India? Nucala was the first one that we talked about, we just launched Trelegy. In the last few months, we are gearing up to launch a world leading vaccine, which is just path breaking in terms of the treatment of shingles, right? If anybody knows what shingles is, it isone of the most painful diseases that anybody can get. We have 10 year data to showcase that this is one of the best vaccines. In terms of what do we mean by when we say accountable for impact, we mean - how can we maximise the portfolio that we have and I will show you some data out there, which will clearly articulate how we are being accountable

for impact in terms of the portfolio that we have, like gaining share and still being relevant to a marketplace.

Of course, underpinning all of that by saying we do the right thing at all times, right? And that's been something that's been absolutely clear. We have zero tolerance and no compromises on that particular space. Let me very quickly go to what GSK India means to the global GSK. We are the second highest contributor to emerging markets. Okay, so clearly I keep telling my team that when India gets a cold, my boss gets fever, right? Because we form a huge part of our overall portfolio. We also contribute greatly to many of our key brands that we have. Augmentin, there are 17% of the emerging markets flow, Derma we are on 45-50% of emerging markets, clearly a huge portfolio. And we clearly feel that in India, we still have a long way to go with our dermatology portfolio.

Now, as I look at this portfolio for us and GSK India moving forward, clearly, the goals that we have are pretty simple. The products that we have today are very relevant, and what do we need to do with them is continue to grow faster than the market, have an evolution index greater than 100. Secondly, what Juby is focused on and all of us are focussed on as we grow, how do we continue to improve on those margins and you will see some examples of what we are doing with Juby's presentation. Vaccines is something we are extremely excited about. As we speak today, there is a cohort of around 24 to 25 million per year. I mean, the birth cohort in India is 24 to 25 million. And if you see one of the most penetrated paediatric vaccine in this country is a pneumococcal vaccine which gets to 1 million kids.

And I'm not talking about the National Immunization [Policy] vaccine, so don't get me wrong. So, the National Immunization vaccine gets you around 80-85%... So forget and I'm not talking about that, but I'm talking about those vaccines, which are outside of the NIP. And clearly, some of these vaccines are real, you know, path-breaking vaccines, which can be used by many more patients. So we are very excited about that category of patients. Adult vaccination - what COVID has done is expose that space significantly. And if you look at our portfolio, starting with Shingrix, we have flu, plus some of the other ones. Globally, you might have heard about RSV. Again, that's something which is still under regulatory approval. All of those vaccines are going to open up the entire space in the adult vaccinations piece. And that's something we

really want to grow for ourselves in the future. And we think that's a big space that we will grow.

Speciality, of course, there's Nucala and Trelegy. Nucala, again, is a very initial indication, but Trelegy is, doing exceptionally well, globally. We've just started that in India, we have had some very good early uptake on oncology, this is the indication that we have COPD. And we clearly have, you know, we clearly think this could be another big product for us over a period of the next couple of years. How have you been doing? You might have heard me say earlier on the three things that we want to do - build, grow and shred. Build new assets, muscles that we don't have, that's what Nucala is, that's what Trelegy is, and that's what Shingrix is going to be. Grow on some of the assets that we have, what can we do to ensure that we simplify our operations, do what is right, focus on those core brands and continue to grow that and shred some of the things that we did, you might have seen some decisions that we've taken over a period of time. Fundamentally, we want to take away the drag. And that's what we've been attempting to do. I'm not saying that we are done with that journey. That's a continuous process. But we have taken some significant steps on the shred piece. So what I'm trying to say here as we've gained market share in our key promoted brands overall, even during COVID, we grew some of the market share. There was a fear that after COVID, we will drop all that market share, everything will go away when the other generics come back.

Infact, we've held on to that market share. And you feel our projection is by the end of the year, we'll actually gain through that because this is the key season for us from our acute portfolio and we possibly are going to see that market share kind of growth. We continue to lead in our represented markets and as we say, we are the number one dermatology player in the self-pay market. We continue to be there, we have prescription leadership for our core portfolio bet in GPs, ENTs, paediatricians, we continue to hold that prescription share position and some of our core brands, we continue to maintain that number one position in the represented market.

Vaccines, we've been doing a huge amount of activities, and now I'm not sure any of you got exposed. This is all about creating more awareness regarding vaccination. There were a lot of kids who did not get vaccinated during the period of COVID. We were right out there talking about what more can be done. But of course, a lot of