GSK : Q1 2023 results slides

26 April 2023

Q1 2023 results

Conference call and webcast for investors and analysts

gsk.com

Cautionary statement regarding forward-looking statements

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 and any impacts of the COVID-19 pandemic. 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 Q1 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 statements in GSK's Q1 2023 earnings release and the 2022 Annual Report.

Basis of preparation: GSK satisfied the formal criteria according to IFRS 5 for treating Consumer Healthcare as a 'Discontinued operation' effective from 30 June 2022. 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.

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Agenda
Strong start to 2023
	Emma Walmsley

Innovation

Dr Tony Wood

Performance

Luke Miels, Deborah Waterhouse and Iain Mackay

Trust

Emma Walmsley

Q&A

Emma Walmsley, Tony Wood, Luke Miels, Deborah Waterhouse, Iain Mackay, David Redfern

Strong start to 2023

Emma Walmsley, Chief Executive Officer

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Q1 2023

Strong start

Delivered 10%1 sales growth, adj. operating profit growth 5%1

Growth driven across the portfolio:

• Vaccines 9%1
• Specialty Medicines 13%1
• General Medicines 9%

R&D investment and strategic business development support future growth

Sales		Adj. operating profit
10%1, -8%			5%1, stable
£7.0bn		£2.1bn
Adj. EPS		Dividend per share
14%1, 7%			14p
37.0p

Full year 2023 guidance affirmed1

Sales growth: 6-8%

Adj. operating profit growth: 10-12%

Adj. EPS growth: 12-15%

Absolute values at actual exchange rates (AER);
changes at CER, unless stated otherwise.	5
1. Excluding COVID-19 solutions