GlaxoSmithKline : All presentation slides PDF - 12.4MB

Consumer Healthcare Capital Markets Day

28 February 2022

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Agenda

Introduction	12:30-12:35
Sonya Ghobrial, Consumer Healthcare Head of Investor Relations
Delivering shareholder value	12:35-12:40
Emma Walmsley, Chief Executive Officer GSK
Haleon: A global consumer healthcare leader delivering sustainable	12:40-13:10
above market growth and attractive returns
Brian McNamara, Chief Executive Officer Designate Haleon
Competitive capabilities to outperform in the market	13:10-13:35
Tamara Rogers, Chief Marketing Officer & Franck Riot Head of R&D
Break	13:35-13:50
Delivering attractive growth across the regions	13:50-14:45
Lisa Paley, Head of U.S. & North America
Keith Choy, Head of Asia Pacific
Filippo Lanzi, Head of EMEA & LatAm
Break	14:45-15:00
Running a responsible business, integral to all we do	15:00-15:20
Teri Lyng, Head of Sustainability
Committed to delivering attractive & sustainable growth,	15:20-15:50
maximising shareholder value
Tobias Hestler, Chief Financial Officer Designate Haleon
Bringing it all together	15:50-15:55
Brian McNamara, Chief Executive Officer Designate Haleon
Short break ahead of Q&A	15:55-16:00
Q&A	16:00-17:00

DISCLAIMER

NOT FOR RELEASE, PUBLICATION, DISTRIBUTION OR FORWARDING, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO ANY JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. BY ATTENDING THE MEETING WHERE THIS PRESENTATION IS MADE, OR BY READING THE PRESENTATION SLIDES, YOU ACKNOWLEDGE AND AGREE TO COMPLY WITH THE FOLLOWING RESTRICTIONS.

This presentation (the "Presentation") has been prepared and issued by and is the sole responsibility of GlaxoSmithKline plc (the "Company" or "GSK"). The Presentation has been prepared, and access to it has been granted to you, solely for your information in connection with the proposed demerger by GSK of its consumer healthcare business ("Consumer Healthcare"). For the purposes of this notice, "Presentation" means this document, its contents or any part of it, any oral presentation, any question and answer session and any written or oral material discussed or distributed during the Presentation meeting.

The Presentation and the information contained herein must not be recorded, taken away, disclosed, copied, distributed, reproduced, transmitted or passed on, directly or indirectly, in whole or in part, to any other person or published in whole or in part, for any purpose or under any circumstances, without the prior written consent of the Company, Citigroup Global Markets Limited ("Citi"), Goldman Sachs International ("Goldman Sachs") and Merrill Lynch International ("BofA Securities" and, together with Citi and Goldman Sachs, the "Banks").

No person is authorised to give any information or to make any representation not contained in and not consistent with the Presentation and, if given or made, such information or representation must not be relied upon as having been authorised by, or on behalf of, the Company or the Banks. The information set out in this Presentation does not constitute or form part of, and should not be construed as, any recommendation for the taking of any action, the acquisition of any asset or any securities.

This Presentation does not constitute or form part of any offer or invitation to purchase, acquire, subscribe for, sell, dispose of or issue, or any solicitation of any offer to purchase, acquire, subscribe for, sell or dispose of, any security, including shares of GSK, shares of the new holding company of Consumer Healthcare ("Haleon") or any other securities of GSK, CH or their respective subsidiaries.

If any such securities are offered or sold in the future, they will not be offered or sold in the United States absent registration under the US Securities Act of 1933, as amended (the "Securities Act"), or an applicable exemption from the registration requirements of the Securities Act.

This Presentation is directed only at persons: (a) in member states of the European Economic Area who are "qualified investors" within the meaning of Article 2(e) of Regulation (EU) 2017/1129; (b) in the United Kingdom who (i) have professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or fall within Article 49(2)(a) to (d) of the Order; and (ii) are "qualified investors" within the meaning of Article 2(e) of the UK version of the Regulation (EU) 2017/1129 as it forms part of retained EU law as defined in and by virtue of the European Union (Withdrawal) Act 2018; and (c) to whom they may otherwise lawfully be communicated (all such persons in (a), (b), and (c) together being referred to as "Relevant Persons"). It is a condition of your receiving the Presentation that you are a Relevant Person.

No representation, warranty or undertaking, express or implied, is or will be made or given and no responsibility or liability is or will be accepted by the Company or any of the Banks or any of their respective affiliates or any of their respective representatives in relation to the truth, adequacy, accuracy, completeness or reasonableness of the information and opinions contained in, or the use of, the Presentation (or whether any information has been omitted from the Presentation), or as to any such information or opinions remaining unchanged after the Presentation is issued (and no‐one is authorised to do so on behalf of any of them).

The Company, each of the Banks and their respective affiliates and representatives disclaim, to the maximum extent permitted by law, any responsibility or liability, whether express or implied, arising in tort, contract or otherwise, for the Presentation and any information and opinions contained therein, or any errors, omissions or misstatements contained in the Presentation.

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DISCLAIMER cont.

Except where otherwise indicated in the Presentation, the information provided herein is based on matters as they exist as of the date of preparation of the Presentation and not as of any future date. All information presented or contained in the Presentation is subject to verification, correction, completion and change without notice. None of the Company or any of the Banks or any of their respective affiliates or any of their respective representatives undertakes any obligation to amend, correct, keep current or update the Presentation or to provide the recipient with access to any additional information that may arise in connection with it. The Presentation does not constitute an audit or due diligence review and should not be construed as such. No reliance may be placed for any purposes whatsoever on the information contained in the Presentation or on its truth, adequacy, accuracy, completeness or reasonableness.

In addition, the Presentation contains certain statements that are, or may be deemed to be, "forward-looking statements" with respect to current expectations and projections about future events, strategic initiatives and future financial condition and performance relating to Consumer Healthcare and/or GSK. These statements sometimes use words such as "expects", "anticipates", "believes", "targets", "plans", "intends", "projects", "indicates", "may", "will", "should" and words of similar meaning (or the negative thereof). These forward-looking statements include all matters that are not historical facts. These include, but are not limited to, 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.

They appear in a number of places in the Presentation. Any forward-looking statements made by or on behalf of the Company 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. These statements and views may be based on a number of assumptions and, by their nature, involve unknown risks, uncertainties and other factors because they relate to events and depend on circumstances that may or may not occur in the future and/or are beyond the Company's control or precise estimate. Such factors include, but are not limited to, those discussed under 'Principal risks and uncertainties' on pages 261 to 275 of GSK's Annual Report for 2020 and any impacts of the COVID-19 pandemic.

Such forward-looking statements are not guarantees of future performances and no assurance can be given that any future events will occur, that projections will be achieved or that the Company's assumptions will prove to be correct. Actual results may differ materially from those projected, and (other than in accordance with its legal or regulatory obligations (including under the Market Abuse Regulations, the UK Listing Rules and the Disclosure and Transparency Rules of the Financial Conduct Authority ("FCA")), the Company does not undertake to revise any such forward-looking statements to reflect new information, future events or circumstances or otherwise. You should, however, consult any additional disclosures that the Company may make in any documents which it publishes and/or files with the SEC and take note of these disclosures, wherever you are located. These forward-looking statements speak only as of the date of the relevant document. Undue reliance should not be placed on these forward-looking statements. Except as required by applicable law or regulation, each of the Company and the Banks expressly disclaims any obligation or undertaking to release any updates or revisions to these forward-looking statements.

No statement in the Presentation is or is intended to be a profit forecast or profit estimate.

Certain figures contained in this Presentation, including financial information, have been subject to rounding adjustments. Accordingly, in certain instances, the sum or percentage change of the numbers contained in this Presentation may not conform exactly with the total figure given.

Certain financial information contained herein has not been audited, comforted, confirmed or otherwise covered by a report by independent accountants. When and if audited financial information is published or becomes available, the data could vary from the data set forth herein. In addition, past performance cannot be relied on as a guide to future performance.

All outlooks, targets, ambitions and expectations regarding future performance and the dividend, as well as the medium term outlooks and 2022 considerations, should be read together with this disclaimer and the Appendix at the end of this Presentation.

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DISCLAIMER cont.

Unless otherwise stated, statements of market position are on the basis of sales to consumers in the relevant geographic market or product category in 2020, as reported by: (i) in the case of statements relating to OTC/VMS, Nicholas Hall's DB6 Consumer Healthcare Database at manufacturer's selling prices; and (ii) in the case of statements relating to Oral Health, Euromonitor Passport at manufacturer's selling prices. The value of a geographic market or product category and market size are provided on the basis of sales to consumers in 2020 in the relevant market or product category, as reported by:

1. in the case of statements relating to OTC/VMS, Nicholas Hall's DB6 Consumer Healthcare Database at manufacturer's selling prices; and (ii) in the case of statements relating to Oral Health, Euromonitor Passport at manufacturer's selling prices.

The Company confirms that all third-party data contained in this Presentation has been accurately reproduced and, so far as the Company is aware and able to ascertain from information published by that third party, no facts have been omitted that would render the reproduced information inaccurate or misleading.

Where third-party information has been used in this Presentation, the source of such information has been identified.

While industry surveys, publications, consultant surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable, the accuracy and completeness of such information is not guaranteed. The Company has not independently verified any of the data obtained from third-party sources (whether identified in this Presentation by source or used as a basis for the Directors' beliefs and estimates), or any of the assumptions underlying such data. Similarly, internal surveys, industry forecasts and market research, which the Company believes to be reliable, have not been independently verified.

This Presentation includes trademarks, trade names and trade dress of other companies. Use or display by us of other parties' trademarks, trade names or trade dress or products is not intended to and does not imply a relationship with, or endorsement or sponsorship of us by, the trademark, trade name or trade dress owners. Solely for the convenience of investors, in some cases we refer to our brands in this Presentation without the ® symbol, but these references are not intended to indicate in any way that we will not assert our rights to these brands to the fullest extent permitted by law.

Any product claims which appear in this Presentation are only intended for audiences in the territories for which they were created. Product descriptions and product claims which appear in this Presentation may not be available or applicable in other territories. The Company makes no representation that such material is appropriate for use outside of the original intended territory and nothing in this Presentation should be construed as providing any kind of medical advice or recommendation, and should not be relied on as the basis for any decision or action.

Each of the Banks is authorised by the Prudential Regulation Authority ("PRA") and regulated in the United Kingdom by the PRA and the FCA. Each of the Banks will not regard any other person (whether or not a recipient of the Presentation) as a client and will not be responsible to anyone other than GSK and Haleon for providing the protections afforded to its clients or for giving advice in relation to any transaction, arrangement or other matter referred to in the Presentation.

A number of Adjusted measures are used to report the performance of our business, which are non-IFRS measures. Adjusted results, CER and other non-IFRS measures may be considered in addition to, but not as a substitute for or superior to, information presented in accordance with IFRS. These measures are defined and set out in the "Glossary" slide at the end of this presentation. Reconciliations to the nearest IFRS measure are included in the Appendix and will be provided as part of the Haleon prospectus.

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