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GSK Investor Presentation May 2019 Krupali Engineering researcher Nashik, India Cautionary statement regarding forward-looking statements This presentation may contain forward-looking statements. Forward- looking statements give the Groups


  1. GSK Investor Presentation May 2019 Krupali Engineering researcher Nashik, India

  2. Cautionary statement regarding forward-looking statements This presentation may contain forward-looking statements. Forward- looking statements give the Group’s current expectations or fo recasts 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 i n 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 ar e 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 FY 2018. 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 our first quarter 2019 earnings release and Annual Report on Form 20-F for FY 2018. All expectations and targets regarding future performance and the dividend should be read together with “Assumptions related to 2019 guidance and 2016- 2020 outlook” on page 36 of our first quarter 2019 earnings release. 2

  3. Three centuries of innovation

  4. Group: revenue breakdown 2018 Revenues of £30.8bn (+5% CER) Business Units Regions Vaccines (+16%) Consumer (+2%) Europe (-1%) £5.9bn £7.7bn £8.0bn (19%) (25%) (26%) US (+9%) £12.0bn (39%) £10.9bn £17.3bn (35%) (56%) International (+4%) Pharma (+2%) Source: GSK Full year 2018 results release – February 2019 4 All growths at constant exchange rates (CER). Breakdown percentages are approximate

  5. Pharmaceuticals Our Pharmaceuticals business has a broad portfolio of innovative and established medicines with commercial leadership in respiratory and HIV. Our R&D approach focuses on science related to the immune system, use of genetics and advanced technologies. £17.3bn, +2% CER Sales turnover 2018 Key Products Triumeq/Tivicay HIV Trelegy COPD Severe Asthma Nucala Immune system T-cells attacking a cancer cell

  6. Vaccines Our Vaccines business has a broad portfolio and innovative pipeline of vaccines to help protect people throughout life. We deliver over two million vaccine doses per day to people living in over 160 countries. £5.9bn, +16% CER Sales turnover 2018 Key Products Shingrix Shingles Infanrix/Pediarix Paediatric Meningitis Bexsero, Menveo Herpes zoster virus of shingles

  7. Consumer Healthcare Our Consumer Healthcare business develops and markets an innovative portfolio of consumer preferred and expert recommended brands in the Oral health, Pain relief, Respiratory, Skin health, Nutrition and Digestive categories. £7.7bn, +2% CER Sales turnover 2018 Key brands Sensodyne Oral health Voltaren Pain relief Pain relief Panadol Novamin, a key technology in Sensodyne Repair and Protect

  8. 3 long-term priorities Innovation Performance Trust We invest in scientific and We aim to achieve industry- We commit to use our science technical excellence to develop leading growth by investing and technology to address and launch a pipeline of new effectively in our business, health needs, make our products products that meet the needs of developing our people and affordable and available and to patients, payers and consumers. delivering flawlessly. be a modern employer. Culture 8

  9. 2018: delivered improved operating performance and reshaped portfolio Pipeline strengthening New leadership and with increased oncology Innovation culture focus Business Development – Focus on launch Tesaro, 23andMe, execution Merck † alliance Performance Divestment of non-core Restructuring Pharma business assets New R&D approach with Buy out of Novartis Trust a focus on immunology, stake; proposed new genetics and technology Consumer JV with Pfizer* 9 † Transaction with Merck KGaA, Darmstadt, Germany expected to close Q1 2019 * Transaction to create the JV is expected to close in the second half of 2019, subject to approvals

  10. 2019: focus on delivering business priorities 2019 focus New global Innovation Pharmaceuticals and • Strengthen pipeline Vaccines company with • Execution of launches R&D focused on science of the immune system, genetics and – Drive operating advanced technologies performance Performance – Progress • Driving growth and operating performance pipeline • Plan for the integration of Pfizer consumer – Successful health business New world-leading integration Consumer Healthcare Trust company with category • Regular updates on innovation leading power brands and • Global health focused for impact science based innovation • Modern employer 10

  11. Pharmaceuticals

  12. Pharmaceuticals: revenue breakdown 2018 Revenues of £17.3bn (+2% CER) Therapy Areas Regions Europe (+1%) Respiratory (+1%) £4.1bn £6.9bn (24%) HIV (+11%) (40%) £4.7bn US (+1%) £7.5bn (27%) (43%) £0.5bn (3%) £5.7bn Immuno-inflammation (+28%) (33%) £5.1bn (30%) International (+5%) Established Pharmaceuticals (-4%) Source: GSK Full year 2018 results release – February 2019 12 All growths at constant exchange rates (CER). Breakdown percentages are approximate

  13. Increasing focus and prioritisation to support future growth Focus resources on key Investing in priority Building our capability in markets products Specialty Trelegy US New talent with Specialty experience Nucala China Co-location of development HIV and commercial in Oncology Zejula Tesaro transaction Shingrix Changes to our policy for working with healthcare Bexsero professionals 13

  14. Transaction with Tesaro accelerates GSK’s oncology presence Complements ongoing Leading PARP inhibitor for Immediate Oncology GSK build in oncology ovarian cancer infrastructure Zejula Quarterly Sales ($m) Solid tumour field force, with Catalyst for broader change ~250 sales representatives in 73 64 63 US and major EU markets Lifecycle combinations eg ICOS 54 49 43 39 26 Oncology focused infrastructure Talent acquisition (eg regulatory, payer management) Q217 Q317 Q417 Q118 Q218 Q318 Q418 Q119 Leading position in 2 nd line maintenance therapy of ovarian cancer OC market evolving rapidly 14

  15. Emerging Markets: focus on nine key markets and simplifying the business model New Export 9 key markets Clustering smaller markets business model Two thirds of sales 25% of sales <10% of sales Strong growth potential Solid growth potential Limited near term growth potential Investing in customer facing Optimising back office support Distribution model to improve resource profitability China Brazil India CIS Africa LSP North Africa Mexico Turkey Argentina Middle East Export CARICAM EM EAST Russia GCC Pakistan Colombia Asia DC LSP = Latina South Pacific (Chile, Peru, Ecuador) 15 EM East = Vietnam, Philippines, Thailand, Malaysia, Sri Lanka Asia DC = Bangladesh, Laos, Papua New Guinea, Myanmar, Cambodia

  16. Respiratory

  17. Respiratory: revenue breakdown 2018 Revenues of £6.9bn (+1% CER) Products Regions Seretide/Advair (-21%) £2.4bn Europe (+4%) (35%) £1.5bn (22%) US (-3%) £3.4bn £1.9bn (49%) Other (27%) £2.0bn £2.0bn (29%) (30%) £0.6bn (8%) International (+7%) Nucala (+66%) Ellipta portfolio (+32%) Source: GSK Full year 2018 results release – February 2019 17 All growths at constant exchange rates (CER) . Breakdown percentages are approximate

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