Q3 2025 GSK PLC Earnings Call

October 29, 2025

Okay.

[music].

Ladies and gentlemen, a very warm welcome to the G. S. K Q3 2025 results call.

Operator: Ladies and gentlemen, a very warm welcome to the GSK Q3 2025 results call. I'm delighted to be joined today by Emma Walmsley, Luke Miels, Deborah Waterhouse, and Julie Brown, with Tony Wood and David Redfern joining for Q&A. Today's call will last approximately one hour, with the presentation taking around 30 minutes and the remaining time for your questions. Please ask only one to two questions so that everyone has a chance to participate. Before we start, please turn to slide 3. This is the usual safe harbor statement. We will comment on our performance using constant exchange rates or CER, unless otherwise stated. I will now hand over to Emma on slide 4.

I'm delighted to be joined today by Emma Walmsley, Luke minds, Deborah Waterhouse and Julie Brown.

With Tony Woods, David Redfern, joining for Q&A.

Today's call will last approximately one hour with a presentation, taking around 30 minutes and the remaining time for your questions.

Please ask only one or two questions. So that everyone has a chance to participate.

Before we sell them, please turn to slide three.

This is the usual safe Harbor statement.

We will comment on our performance using constant exchange rates or CER, unless otherwise stated.

No one had a whole bunch of NR on slide four.

Thank you and welcome to everybody joining us today, please turn to the next slide.

Emma Walmsley: Thank you and welcome to everybody joining us today. Please turn to the next slide. Our Q3 results once again demonstrate GSK's continued strong performance, with positive momentum driving an upgrade in our guidance for the year. They also further demonstrate the quality and strength of GSK's portfolio, with sales driven by sustained growth across specialty medicines in RI&I, oncology, and HIV. Total sales were up 8% for the quarter, with leverage delivering core operating profit up 11% and core earnings per share up 14% to 55 pence. Alongside this, we're continuing to make excellent progress in R&D, strengthening our late-stage portfolio and already securing 4 FDA approvals this year, including Blenrep last week, and with the fifth, depemokimab, expected before year-end. Cash generation also continues to be very positive at GBP 6.3 billion for the year so far.

Our third quarter results. Once again demonstrate GSK has continued its strong performance with positive momentum driving an upgrade in our guidance for the year.

They always say further demonstrate the quality and strength of Gsk's pool, so yet with sales driven by sustained growth across specialty medicines and al Ryan I oncology and HIV.

Total sales were up 8% for the quarter with leverage delivering core operating profit up 11% and core earnings per share up 14% to 55 pence.

Alongside this we're continuing to make excellent progress in R&D strengthening our late stage portfolio and already securing four FDA approvals this year, including blend wrapped last week and with the fifth death and Oak map expected before year end cash generation also continues to be very positive at $6.

3 billion pounds for the year, so far that supports investments in our growth priorities and returns to shareholders, including a dividend of 16 patents for the quarter.

Emma Walmsley: This supports investment in our growth priorities and return to shareholders, including a dividend of 16 pence for the quarter. Finally, I'm very proud of the progress we continue to make with our trust priorities. In particular, this quarter with the positive Phase III data reported for our low carbon version of Ventolin. This successful transition will reduce GSK's carbon footprint by up to 45%, and it's a meaningful development for the 35 million patients who rely on Ventolin worldwide, and we expect to launch in 2026. Next slide, please. Our number one priority remains investing for growth, and I'm pleased with the progress we are making, both in the late-stage portfolio and in the work ongoing to build the next wave of innovation at GSK.

And finally I'm very proud of the progress we continue to make with our trust priorities in particular this quarter with a positive phase III data reported for our low carbon version of Ventolin. This successful transition will reduce gsk's carbon footprint by up to 45% and it's a meaning.

Full development for the 35 million patients who rely on Ventolin worldwide. We expect to launch in 2026 next slide please.

Our number one priority remains investing for growth.

I'm pleased with the progress we are making both in our late stage portfolio and in the work ongoing to build the next wave of innovation at GSK.

With the addition of Aetna Ms Thurman, the long acting F. G. F. 'twenty one the stats I'll take liver disease. We now have 15 scale opportunities with peak year sales potential of greater than 2 billion pounds with a potential to launch before 2031.

Emma Walmsley: With the addition of efimosfermin, the long-acting FGF21 for steatotic liver disease, we now have 15 scale opportunities with peak year sales potential of greater than GBP 2 billion, all with the potential to launch before 2031. By the end of the year, we expect new pivotal trials to have started for several of these 15 opportunities. depemokimab for COPD patients, efimosfermin in MASH, GSK6042981 for second-line GIST, and our GSK'227 ADC in extensive stage small cell lung cancer. It's worth noting that those last three assets have all come from focused, successful business development, and BD remains a key driver of our pipeline expansion. We continue to add high value innovation at earlier stages of development.

By the end of the year, we expect new pivotal trials have started for several of these 15 opportunities that come up for COPD patients and Mr. Herman and mash GSK 981 for second line Gist and <unk>.

S. K 227, ADC in extensive stage small cell lung cancer.

Worth, noting that those last three assets have all come from focused successful business development and BD remains a key driver of our pipeline expansion.

And we continue to add high value innovation at earlier stages of development. For example, I'm excited by GSK to six one a new monoclonal antibody for polycystic kidney disease, which received orphan drug designation by the FDA.

Emma Walmsley: For example, I'm excited by GSK261, a new monoclonal antibody for polycystic kidney disease, which receives orphan drug designation by the FDA. Lastly, and very importantly, we continue to optimize our supply chain to scale up capacity for our new medicines and vaccines. Last month, we confirmed our intention to invest $30 billion in R&D and advanced manufacturing in the US over the next five years, including the imminent construction of a new biologics flex factory in Pennsylvania. Next slide, please. Since 2021, and then GSK's successful launch as a new focused biopharma company, we've delivered 18 consecutive quarters of profitable sales growth, upgraded annual guidance each year, improved our medium-term outlooks, and upgraded long-term outlooks twice from an initial GBP 33 billion by 2031 to now more than GBP 40 billion, all underpinned by a much stronger balance sheet.

Lastly, and very importantly, we continue to optimize our supply chain to scale up capacity for our new medicines and vaccines last month, we confirmed our intention to invest $30 billion in R&D and advanced manufacturing in the U S. Over the next five years, including the imminent construction of a new.

Biologics Flex factory in Pennsylvania next slide please.

Since 2021, and then GSK successful launch as a new focused Biopharma company. We have delivered 18 consecutive quarters of profitable sales growth upgraded annual guidance each year improved on medium term outlook and upgraded long term.

Outlooks twice from an initial 33 billion pounds by 2031 to now more than 40 billion pounds.

All underpinned by a much stronger balance sheet.

We've all been resolutely focused on the step change in shopper operational performance alongside accelerating investment in R&D and significantly improving the quality and scale of Gsk's innovation. So today JFK is a very different company and performance pipeline.

Emma Walmsley: We've all been resolutely focused on this step change in sharper operational performance alongside accelerating investment in R&D and significantly improving the quality and scale of GSK's innovation. Today, GSK is a very different company in performance, pipeline, and prospects. This team is determined to sustain and improve upon this track record. As we look ahead, we are again upgrading our guidance for the year with meaningful improvement for 2025 sales and profits. This momentum positions us well as we go into 2026 and to deliver on the long-term commitments for growth we've set out for shareholders. Let me now hand over to the team to take you through more of the detail on our performance, starting with Luke. Next slide, please.

And prospects and this team is determined to sustain and improve upon this track record.

As we look ahead, we are again upgrading our guidance for the year with meaningful improvement for 2025 sales and profits and this momentum positions us well as we go into 2026 and to deliver on the long term commitments for growth, we set out for shareholders.

So let me now hand over to the team to take you through more of the detail on our performance starting with Luke next slide please.

Thanks, Emma please turn to the next slide.

Luke Miels: Thanks, Emma. Please turn to the next slide. In Q3, we delivered growth across all our product areas and in the regions with GBP 8.5 billion of sales, up 8% versus last year. Growth in the quarter was driven by specialty medicines up 16% and another quarter of strong Shingrix, Arexvy, and meningitis demand in Europe. In the US, we navigated the impact of the Medicare redesign from the IRA, and the impact is now expected to be closer to the lower end of our GBP 400 to 500 million range. Next slide, please. Specialty medicine continues to be the most important driver of our diversified business, with double-digit growth once again in all therapy areas. Starting with R&I, sales were up 15%, driven by strong demand.

In Q3, we delivered growth across all our product areas and in the regions with eight and a half billion pounds of sales up 8% versus last year growth in the quarter was driven by our specialty business is up 16% and another quarter of strong shingle correctly and meningitis demand in Europe.

In the U S. We navigated the impact of the Medicare redesign from the IRI and the impact is now expected to be closer to the lower end of our 400 to 500 million pound range next slide place specialty medicine continues to be the most important driver of our diversified business with double digit growth once again in all therapy areas.

Starting with our ini sales were up 15% driven by strong demand.

Mr treatment for lupus grew 17% with global guidelines supporting earlier use of biologics and recommending benlysta as the preferred treatment option, 94% at Barnard patients are now starting on Benlysta and we continue to differentiate with strong organ damage prevention data and a well characterized safety profile.

Luke Miels: Benlysta, our treatment for lupus, grew 17% with global guidelines supporting earlier use of biologics and recommending Benlysta as a preferred treatment option. 84% of bio and I patients are now starting on Benlysta. We continue to differentiate with strong organ damage prevention data and a well-characterized safety profile. Nucala, our anti-IL5 biologic, grew 14% in the quarter, driven by COPD update and continued growth across all inline indications. Moving to our growing oncology portfolio, which is up 39%, Jemperli sales were up for the 10th quarter in a row as our teams continue to differentiate Jemperli from the competition as the only immuno-oncology medicine to demonstrate overall survival in endometrial cancer.

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Anti IL five biologic grew 14% in the quarter driven by COPD uptake and continued growth across all inline indications moving to our growing oncology portfolio makes up 39%, Jim fairly solved the 10th quarter in a row as our teams continue to differentiate Jim purely from the competition as the only immuno oncology medicines.

Overall survival in endometrial cancer, Kimberly its global market share in endometrial cancer is now higher than our leading competitor in DMR.

Luke Miels: Jemperli's global market share in endometrial cancer is now higher than the leading competitor in dMMR. Ojjaara sales were up 51% in the quarter, driven by increasing first- and second-line patient demand in the US and volume growth in Europe following EHA, where new data emphasized the importance of early intervention. Blenrep is now in the early days of launch, with approval in eight markets, and more on that in a minute. With the strong momentum we're seeing across RI&I and oncology and the continued performance of V, we are now increasing our full-year specialty guidance from low teens to mid-teens percentage growth. Next slide, please. In Q3, we had a very strong start for Nucala and COPD, with the latest NBRX data showing we are now getting close to one out of every two prescriptions.

And <unk> sales were up 51% in the quarter driven by increasing first and second line patient demand in the U S and volume growth in Europe. Following a ha with new data emphasized the importance of da Vinci.

<unk> is now in the early days of launch with approval in eight markets and more on that in a minute.

And with the strong momentum, we're seeing across our NRI in oncology and the continued performance of <unk>.

Now increasing our full year specialty guidance from low teens to mid teens percentage growth next lot place.

In Q3, we had a very strong start and you're calling COPD with less N. B Rx data showing we are now getting close to one out of every two prescriptions.

Franchise, and LIBOR is enabling us to reach a wide spectrum of COPD patients, including those with emphysema and Eos counts down to $1 50, we have now reached 95% of our top ICP targets and have a broad formulary coverage.

Luke Miels: A differentiated label is enabling us to reach a wide spectrum of COPD patients, including those with emphysema and EOS counts down to 150. We've now reached 95% of our top ACP targets and have a broad formulary coverage. In this population, hospitalizations remain a critical unmet need, with 1 in 2 patients dying within 5 years of their first admission. There is plenty of room to grow in this market, with less than 5% biologic penetration in the US. The success we have had with this launch gives us further confidence in the potential we have for depemokimab, a long-acting IL-5, which we expect to launch early next year. There are 4 compelling reasons underpinning why we believe Depi will be a very material medicine.

This population hospitalizations remain a critical unmet need with one and two patients dying within five years of their first submission and there is plenty of room to grow in this market with less than 5% biologic penetration in the U S.

Emma Walmsley: Investment in our growth priorities and returns to shareholders, including a dividend of £0.16 for the quarter. Finally, I'm very proud of the progress we continue to make with our trust priorities. In particular this quarter with the positive phase 3 data reported for our low-carbon version of Ventolin, this successful transition will reduce GSK's carbon footprint by up to 45% and it's a meaningful development for the 35 million patients who rely on Ventolin worldwide. We expect to launch in 2026. Next slide please. Our number one priority remains investing for growth and I'm pleased with the progress we are making both in the late-stage portfolio and in the work ongoing to build the next wave of innovation at GSK.

The success, we have had with this launch gives us further confidence in the potential we have for Depomed come out a long acting <unk> five which we expect to launch early next year.

Therefore compelling reasons underpinning why we believe <unk> will be a very material medicine first with plenty of room to grow in the market started with bio naive patients is only 27% of them currently receive a biologic second patient discontinuing therapy is an issue with up to 65% of new patients on current biologics discontinuing therapy within the first 12 months.

Luke Miels: First, there's plenty of room to grow in the market, starting with R&I patients, as only 27% of them currently receive a biologic. Second, patients discontinuing therapy is an issue, with up to 65% of new patients on current biologics discontinuing therapy within the first 12 months. Unsurprisingly, less adherent patients have worse clinical outcomes, including around a 30% increased rate of inpatient and emergency department visits. The 72% reduction that Depi has demonstrated in hospitalization with just 2 doses a year is material. Finally, we know ACPs want this medicine, with 86% of pulmonologists surveyed believing it could become a standard of care. Next slide, please. Our oncology portfolio is progressing well.

Unsurprisingly less adherent patients have worst clinical outcomes, including around a 30% increase inpatient and emergency department visits.

The 72% reduction that is demonstrated in hospitalization with just two days of the year is material.

Emma Walmsley: With the addition of ephemospermin, the long-acting FGF21 for steatotic liver disease, we now have 15 scale opportunities with peak year sales potential of greater than £2 billion, all with the potential to launch before 2031. By the end of the year we expect new pivotal trials to have started for several of these 15 opportunities: depemokimab for COPD patients, ephemospermin in MASH, GSK981 for second-line GIST, and our GSK227 ADC in extensive-stage small cell lung cancer. It's worth noting that those last three assets have all come from focused, successful business development and BD remains a key driver of our pipeline expansion. We continue to add high-value innovation at earlier stages of development. For example, I'm excited by GSK261, a new monoclonal antibody for polycystic kidney disease which received orphan drug designation by the FDA.

With the addition of Aetna Ms Thumbing, the long acting F. G F. 'twenty one for static liver disease. We now have 15 scale opportunities with peak year sales potential of greater than 2 billion pounds, all with the potential to launch before 2031.

Finally, we not Icp's Lumpiness medicine, 86% of Pulmonologists surveyed believing it could become a standard of care next slide please.

Our oncology portfolio is progressing well starting with <unk>. We now have approval in eight markets seven in Europe and international regions in the second line plus population and now the U S where just last week, we received accrue in the third line plus setting.

By the end of the year, we expect new pivotal trials have started for several of these 15 opportunities <unk> for COPD patients and Ms. Thurman and mash GSK 981 for second line Gist and GSK to two seven ADC in extensive stage small cell lung cancer.

Luke Miels: Starting with Blenrep, we now have approval in 8 markets, 7 in Europe and international regions in the second-line plus population, and now the US, where just last week we received approval in the third-line plus setting. This US approval is a significant step forward for the US patients, and the indication granted reflects that Blenrep has demonstrated superior efficacy versus the standard of care daratumumab triplet and now gives us certainty and the ability to launch. Data from DREAMM-7 in this population is very compelling, with a 51% reduction in the risk of death and a tripling of median PFS versus the dara-based triplet.

This approval is a significant step forward for the U S patients and the indication granted reflects the planned rep has demonstrated superior efficacy versus the standard of care. There are tumors that triplet and now because the certainty and the ability to launch.

Worth, noting that those last three assets have all come from focused successful business development and BD remains a key driver of our pipeline expansion.

Donald <unk> seven in this population is very compelling with a 51% reduction in the risk of death, and a tripling of median progression free survival versus the Derubeis trip, we see a significant opportunity here as of the 71000 patients in the U S receiving treatment today over a third of traded in a third line plus setting.

Luke Miels: We see a significant opportunity here as of the 71,000 patients in the US receiving treatment today, over a third are treated in the third-line plus setting, and Blenrep is the only anti-BCMA option which is practically able to be used in the community, where 70% of patients are treated and could benefit from a much-needed novel MOA. We also have a new and significantly simplified REMS program, including, importantly, the use of optometrists versus the original REMS, which required ophthalmologists only. This will make it much easier for patients and HCPs to manage eye care. While we anticipate a slower ramp-up in the US with the initial third-line plus label, as we said previously, we will take the time to ensure a positive patient and provider experience to achieve the long-term potential of this highly effective drug.

Emma Walmsley: Lastly, and very importantly, we continue to optimize our supply chain to scale up capacity for our new medicines and vaccines. Last month we confirmed our intention to invest $30 billion in R&D and advanced manufacturing in the U.S. over the next five years, including the imminent construction of a new Biologics Flex factory in Pennsylvania. Next slide please. Since 2021 and then GSK's successful launch as a new focused biopharma company, we've delivered 18 consecutive quarters of profitable sales growth, upgraded annual guidance each year, improved our medium-term outlooks and upgraded long-term outlooks twice from an initial £33 billion by 2031 to now more than £40 billion, all underpinned by a much stronger balance sheet. We've all been resolutely focused on this step change in sharper operational performance alongside accelerating investment in R&D and significantly improving the quality and scale of GSK's innovation.

<unk> is the only ATB CMA option, which is practically able to be used in the community where 70% of patients are treated and could benefit from a much needed novel MLA. We also have a new and significantly simplified brands program, including importantly, the use of optometrists versus the original Rams, which required ophthalmologist.

Biologics Flex factory in Pennsylvania next slide please.

Finally, this will make it much easier for patients and actually pays to Mount a dry kit and while we anticipate a slower ramp up in the U S. With the initial third line plus label as we said previously we would take the time to ensure a positive patient and provider experience to achieve our long term potential of this highly effective drug a clinical development.

This generation plant continues and again working closely with the FDA. This will now be expanded in the U S and will support the use of <unk> in earlier and all stages of multiple myeloma globally in.

Luke Miels: Our clinical development and evidence generation plan continues. Again, working closely with the FDA, this will now be expanded in the US and will support the use of Blenrep in earlier and all stages of multiple myeloma globally. In summary, we expect Blenrep to meaningfully advance treatment options for patients with multiple myeloma, and we continue to expect Blenrep to be a material growth driver for GSK in the next 3 to 4 years. Moving to future indications for Jemperli, we're looking forward to the opportunity we have to change the lives of patients with rectal cancer. Following the transformative data showing a 100% complete response rate in Phase II, we initiated the AZUR-1 pivotal trial and expect to see results in the second half of 2026.

Outlooks twice from an initial 33 billion pounds by 2031 to now more than 40 billion pounds.

All underpinned by a much stronger balance sheet.

In summary, we expect to meaningfully advance treatment options for patients with multiple myeloma and we continue to expect Glenn rep to be a material growth driver for GSK in the next three to four years moving to future indications that Jim poorly. We're looking forward to the opportunity we have to change the lives of patients with rectal cancer and following the transformative data showing up.

Emma Walmsley: Today GSK is a very different company in performance, pipeline, and prospects, and this team is determined to sustain and improve upon this track record. As we look ahead, we are again upgrading our guidance for the year with meaningful improvement for 2025 sales and profits. This momentum positions us well as we go into 2026 to deliver on the long-term commitments for growth we've set out for shareholders. Let me now hand over to the team to take you through more of the detail on our performance, starting with Luke. Next slide please.

100% complete response rate in phase two we initiated the zeal one pivotal trial and expect to see results in the second half of 2026.

And prospects and this team is determined to sustain and improve upon this track record.

And additional trials are ongoing to understand the benefit temporarily can bring patients with coal and head and neck cancer. Finally, we continue to progress our key oncology pipeline assets, starting with our <unk> antibody drug conjugate with GSK to 87.

As we look ahead, we are again upgrading our guidance for the year with meaningful improvement for 2025 sales and profit and this momentum positions us well as we go into 2026 and to deliver on the long term commitments for growth we've set out for shareholders.

Luke Miels: Additional trials are ongoing to understand the benefit Jemperli can bring patients with colon and head and neck cancer. Finally, we continue to progress our key oncology pipeline assets. Starting with our B7H3 antibody drug conjugate, or GSK227, we're now recruiting for our phase III trial in second-line extensive stage small cell lung following a clear signal we saw in the early stage clinical data from Hansoh Pharma, our partner. Our KIT-inhibitor for GIST, GSK981, acquired earlier this year, will start phase III in second line by the end of the year and first line in 2026. GSK584, our B7H4 antibody drug conjugate, is expected to advance to phase III in endometrial and ovarian cancer next year. In overall, this oncology portfolio offers significant future growth opportunities for GSK and is a clear priority for investment and resources alongside our R&I.

Now recruiting for our phase III trial in second line <unk> small cell lung following I create signal we saw in the early stage clinical data from our partner and our kit inhibitor. Just GSK one acquired earlier. This year, we will start phase III in second line by the end of the year in first line in 2026.

So let me now hand over to the team to take you through more of the detail on our performance starting with Luke next slide please.

Luke Miels: Thanks, Emma. Please turn to the next slide. In Q3 we delivered growth across all our product areas and in the regions with £8.5 billion of sales, up 8% versus last year. Growth in the quarter was driven by specialty medicines, up 16%, and another quarter of strong Shingrix, Arexvy, and meningitis demand in Europe and in the U.S. We navigated the impact of the Medicare redesign from the IRA, and the impact is now expected to be closer to the lower end of our £400 to £500 million range. Next slide, please. Specialty medicine continues to be the most important driver of our diversified business, with double-digit growth once again in all therapy areas, starting with RNI. Sales were up 15% driven by strong demand. Benlysta, our treatment for lupus, grew 17% with global guidelines supporting earlier use of biologics and recommending Benlysta as a preferred treatment option.

Thanks, Emma please turn to the next slide.

In Q3, we delivered growth across all our product areas and in the regions with eight and a half billion pounds sales up 8% versus last year growth in the quarter with your more specialty medicines up 16% and another quarter from sugared correctly and manage honest amount in Europe.

GSK five eight full b seven H for antibody drug conjugate is expected to advance to phase III in endometrial and ovarian cancer next year.

This oncology portfolio offer significant future growth opportunities with GSK is a clear priority for investment and resources alongside our eye on and with that I'll now hand over to Deborah to cover a great momentum and I tried to say.

In the U S. We never guided the impact of the Medicare redesign from the IRI and the impact is now expected to be closer to the lower end of our 400 to 500 million pound range next place specialty medicine continues to be the most important driver of our diversified business with double digit growth once again in all therapy areas.

Luke Miels: With that, I'll now hand over to Deborah to cover our great momentum in HIV.

Thank you Luke our HIV portfolio continues to deliver double digit growth at 12% in the quarter, primarily driven by 10 points as strong patient demand and growth for a long acting Injectables <unk>.

Deborah Waterhouse: Thank you, Luke. Our HIV portfolio continues to deliver double-digit growth at 12% in the quarter, primarily driven by 10 points of strong patient demand growth for our long-acting injectables and Dovato. Demand continues to increase across all regions and major markets, particularly the US, which grew 17% and where we saw total share gains outpacing the competition. We are delighted with the continued transition we are seeing to long-acting injectables. More than 75% of our growth now comes from long-acting injectables, and in the US, they already represent around a third of our sales. Cabenuva, the first and only long-acting injectable HIV treatment regimen, grew 48%, driven by strong patient demand. Our competitive performance is reinforced by the acceleration of Cabenuva switches from competitors in the US, which this quarter reached 75%.

Starting with our INR sales were up 15% driven by strong demand.

<unk> continues to increase across all regions of major market, particularly the U S, which grew 17% and why we sold types of share gains outpacing the competition.

Mr treatment for lupus grew 17% with global guidelines supporting earlier use of biologics and recommending benlysta as the preferred treatment option, 94% of bar and I patients are now starting on Benlysta and we continue to differentiate with strong organ damage prevention data and a well characterized safety profile.

We are delighted with the continued transition we're seeing to long acting injectables.

Luke Miels: 84% of Bionia patients are now starting on Benlysta, and we continue to differentiate with strong organ damage prevention data and a well-characterized safety profile. Nucala, our anti-IL5 biologic, grew 14% in the quarter driven by COPD uptake and continued growth across all in-line indications. Moving to our growing oncology portfolio, which is up 39%. Zejula sales were up for the 10th quarter in a row as our teams continue to differentiate Zejula from the competition as the only immuno-oncology medicine to demonstrate overall survival in endometrial cancer. Zejula's global market share in endometrial cancer is now higher than the leading competitor in dMMR and Ojjaara. Sales were up 51% in the quarter, driven by increasing first and second line patient demand in the U.S.

More than 75% of all grades now comes from long acting Injectables and in the U S. They already represents around a third of our sales.

<unk>.

Anti IL five biologic grew 14% in the quarter driven by COPD uptake and continued growth across all inline indications moving through our growing oncology portfolio was up 39% Jim fairly solve the 10th quarter in a row as our teams continue to differentiate Jim Farley from our competition as the only immuno oncology medicines.

<unk>, the first and only long acting injectable HIV treatment regimen grew 48% driven by strong patient demand.

Our competitive performance is reinforced by the acceleration of cabinet switches from competitors in the U S, which this quarter reached 75%.

Overall survival in endometrial cancer, Kimberly its global market share in endometrial cancer is now higher than our leading competitor DMR.

As we anticipated and long acting prevent Julie saw continued positive momentum of Apple in the U S with competitive growth also of 75%.

Deborah Waterhouse: As we anticipated, in long-acting prevention, we saw continued positive momentum of Apretude in the US, with competitive growth also of 75%. This quarter, we shared results from CLARITY, a phase I study comparing acceptability and tolerability of single-dose CAB-LA for PrEP, marketed as Apretude and lenacapavir. We know patient experience is an important factor for injectables. Results showed 69% of participants found CAB-LA to be totally or very acceptable, with 90% of participants and 86% of HCPs preferring CAB-LA over lenacapavir in terms of injection experience after a single dose. These data add to the growing body of clinical and real-world efficacy, safety, and tolerability data we have for Apretude and will help inform expectations and decision-making when initiating long-acting injectables for HIV prevention.

And a jar solver, a 51% in the quarter driven by increasing first and second line patient demand in the U S and volume growth in Europe. Following a ha with new data emphasized the importance of da Vinci.

This quarter, we shed results from currency a phase one study comparing acceptability tolerability of single dose capped and I subtract marketed as Apogees Atlanta. Cathy then we know patient experience is an important factor for injectables.

Luke Miels: and volume growth in Europe following EHA, where new data emphasized the importance of early intervention, and Blenrep is now in the early days of launch with approval in eight markets and more on that in a minute. With the strong momentum we're seeing across RNI and Oncology and the continued performance of ViiV, we are now increasing our full year specialty guidance from low teens to mid-teens % growth. Next slide, please. In Q3 we had a very strong start for Nucala in COPD, with the latest NBRx data showing we are now getting close to one out of every two prescriptions. A differentiated label is enabling us to reach a wide spectrum of COPD patients, including those with emphysema and eos counts down to 150. We've now reached 95% of our top ACP targets and have a broad pulmonary coverage in this population.

<unk> is now in the early days of launch with approval in eight markets and more on that in a minute.

And with the strong momentum, we're seeing across our NRI in oncology and the continued performance of day, we are now increasing our full year specialty guidance from low teens to mid teens percentage growth next slide please.

Shows 69 defensive participants on call.

To be totally all very acceptable with 90% of participants and 86% of Hcp's, preferring Cabot life of Atlantic half of it in terms of injection experience after a single dose.

In Q3, we had a very strong start and you're calling COPD with the latest MBR X dollar Shine. We are now getting close to one out of every two prescriptions.

These data add to the growing body of clinical a railroad efficacy safety and Tolerability data, we have for <unk> and will help inform expectations and decision, making when initiating long acting injectables for HIV prevention.

We expect continued growth momentum in Q4, I would say today, we're upgrading our 2025 guidance from mid to high single digits to grow around 10% next slide please.

This population hospitalizations remain a critical unmet need with one in three patients dying within five years of their first submission and there is plenty of room to grow in this market with less than 5% biologic penetration in the U S.

Deborah Waterhouse: We expect continued growth momentum in Q4. Today we are upgrading our 2025 guidance from mid to high single digits to grow around 10%. Next slide, please. Our industry-leading pipeline with best-in-class integrase inhibitors at the core continues to progress and have multiple long-acting options with strong profiles that deliver what we know patients want and need. This pipeline will further drive the transition we are making in our portfolio to ultra long-acting regimens and will help us navigate the dolutegravir loss of exclusivity towards the end of the decade. Building on our established 2-monthly injectable regimens, we believe 4-monthly dosing in PrEP and treatment will be important options, delivering longer dosing intervals and ensuring continuity of care.

Luke Miels: Hospitalizations remain a critical unmet need with one in two patients dying within five years of their first admission, and there is plenty of room to grow in this market. With less than 5% biologic penetration in the U.S., the success we have had with this launch gives us further confidence in the potential we have for depemokimab, a long-acting IL5 which we expect to launch early next year. There are four compelling reasons underpinning why we believe DEPI will be a very material medicine. First, there's plenty of room to grow in the market starting with bionic patients as only 27% of them currently receive a biologic.

Our industry, leading pipeline with best in class integrated inhibitors at the coal continues to progress and have multiple long acting options with strong profiles that deliver what we know patients want and need.

The success, we've had with this launch gives us further confidence in the potential we have for Depomed.

A long acting <unk>, five which we expect to launch early next year.

We have four compelling reasons underpinning why we believe <unk> will be a very material medicine first with plenty of room to grow in the market started with bio naive patients is only 27% of them currently receive a biologic second patient discontinuing therapy is an issue with up to 65% of new patients on current biologics discontinuing therapy within the first 12 months.

This pipeline will further drive the transition we are making in our portfolio to ultra long acting regimens and will help us navigate the dollar type of loss of exclusivity towards the end of the decade.

Luke Miels: Second, patients discontinuing therapy is an issue with up to 65% of new patients on current biologics discontinuing therapy within the first 12 months, and unsurprisingly, less adherent patients have worse clinical outcomes including around a 30% increased rate of inpatient and emergency department visits. The 72% reduction that DEPI has demonstrated in hospitalization with just two doses a year is material. Finally, we know ACPs want this medicine with 86% of pulmonologists surveyed believing it could become a standard of care. Next slide please. Our oncology portfolio is progressing well, starting with Blenrep. We now have approval in eight markets, seven in Europe and international regions in the second line plus population, and now the U.S. where just last week we received approval in the third line plus setting. This U.S. approval is a significant step forward for the U.S.

On our established payment three injectable regimens, we believe for monthly dosing in prep I'm treatment will be important options delivering longer dosing intervals and ensuring continuity of care.

Unsurprisingly less adherent patients have worse clinical outcomes, including around a 30% increase right inpatient and emergency department visits.

We have a confirmed date from Janssen on real paper in phase III clinical trial supply that leads to a delay to the start of cuatro, a Q4 and treatment Registrational study to H, one and 2026.

Deborah Waterhouse: We have a confirmed date from Janssen on rilpivirine phase 3 clinical trial supply that leads to a delay to the start of QUATRO, our Q4M treatment registrational study to H1 2026. Despite this, we remain on track to file in 2027, and we look forward to launching this next wave of innovation in 2028. Building on continued strength and performance of our Q2M Cabenuva, the world's first and only LAI for HIV treatment. At the launch of Q4M treatment, we still expect to have the only long-acting injectable treatment regimens on the market for years to come. Looking ahead to our twice-yearly injectables, we're on track to confirm the dosing regimen for Q6M treatment in 2026 and expect to file and launch both Q6M for treatment and PrEP between 2028 and 2030.

The 72% reduction that <expletive> is demonstrated in hospitalization with just two days of the year is material.

Finally, we not Icp's Lumpiness medicine, 86% of Pulmonologists surveyed believing it could become a standard of care next slide please.

Despite this we remain on track to file in 2027, and we look forward to launching this next wave of innovation in 2028 building on continued strength and performance of our Q2 N cabin, neither the world's first and only NII for HIV treatment at.

At the launch of Q4 and treatment, we still expect to have the only long acting injectable treatment regimens on the market for years to come.

This U S approval is a significant step forward for the U S patients and the indication granted reflects the planned rep has demonstrated superior efficacy versus the standard of care. There are tumors that triplet and now because the certainty and the ability to launch.

Luke Miels: patients, and the indication granted reflects that Blenrep has demonstrated superior efficacy versus the standard of care Daratumumab triplet and now gives us certainty and the ability to launch. Data from Dream7 in this population is very compelling. With a 51% reduction in the risk of death and a tripling of median progression-free survival versus the DARA-based triplet. We see a significant opportunity here as of the 71,000 patients in the U.S. receiving treatment today, over a third are treated in the third line plus setting. Blenrep is the only anti-BCMA option which is practically able to be used in the community where 70% of patients are treated and could benefit from a much needed novel MOA. We also have a new and significantly simplified REMS program, including importantly the use of optometrists versus the original REMS which required ophthalmologists only.

Looking ahead to our twice yearly Injectables, we're on track to confirm that dosing regimen for QC Sem treatments in 2026 and expect to file launched both <unk> six and the treatment Amtrak between 2028 and 2030.

Donna from <unk> seven in this population is very compelling with a 51% reduction in the risk of death, and a tripling of median progression free survival versus the Derubeis trip, we see a significant opportunity here as of the 71000 patients in the U S receiving treatment today over a third of traded in a third line plus setting.

So can we see some treatment we remain excited about the potential of the H one eight for alpha generation in state, which has the best resistance profile seen to date and the IP protection three two at least 2014.

Deborah Waterhouse: For Q6M treatment, we remain excited about the potential of VH184, our third-generation INSTI, which has the best resistance profile seen to date and IP protection through to at least 2040. To partner with our selected INSTI, we are evaluating two assets, VH499, a capsid inhibitor, and N6LS, one of the broadest and most potent bNAbs in development. Regarding N6LS, this quarter, we again showed more positive results from part 2 of our phase IIb study EMBRACE and are pleased to confirm the next phase of this study is now fully recruited. As a reminder, Q6M for treatments and PrEP is not yet in GSK's outlook for 2031. Our long-acting injectable portfolio is backed by 3 years of real-world evidence and implementation science. As we look to the future, we expect our industry-leading long-acting pipeline, powered by unparalleled patient insight, to deliver 5 launches through 2030.

And <unk> is the only ATB CMA option, which is practically able to be used in the community with 70% of patients are treated and could benefit from a much needed novel MLA. We also have a new and significantly simplified brands program, including importantly, the use of optometrist versus the original rents which required optum.

To partner with US elected in state we are evaluating two assets VH for nine nine a capsid inhibitor and and success one of the broadest and most potent being absent development.

Regarding in <unk>. This quarter, we again showed more positive results from part two of our phase II B study embrace and are pleased to confirm the next phase of this study is now fully we created.

Finally, this will make it much easier for patients and actually pay us to manage our Ikea and while we anticipate a slower ramp up in the U S. With the initial third line plus label as we've said previously we would take the time to ensure a positive patient and provider experience to achieve the long term potential of this highly effective drug.

Luke Miels: This will make it much easier for patients and HCPs to manage eye care, and while we anticipate a slower ramp up in the U.S. with the initial third line plus label, as we said previously, we will take the time to ensure a positive patient and provider experience to achieve the long term potential of this highly effective drug. A clinical development and evidence generation plan continues, and again working closely with the FDA. This will now be expanded in the U.S. and will support the use of Blenrep in earlier and all stages of multiple myeloma globally. In summary, we expect Blenrep to meaningfully advance treatment options for patients with multiple myeloma, and we continue to expect Blenrep to be a material growth driver for GSK in the next three to four years.

As a reminder, cheesesteak sounds good treatments and prep is not yet in gsk's outlook for 2031.

Long acting injectable portfolio is backed by three years of real world evidence and implementation science.

Clinical development of evidence generation plan continues and again working closely with the FDA and this will now be expanded in U S and we will support the use of <unk> in earlier and all stages of multiple myeloma globally in.

As we look to the future, we expect our industry, leading long acting pipeline powered by unparalleled patient insight to deliver five launches through 'twenty patchy.

In summary, we expect to meaningfully advance treatment options for patients with multiple myeloma and we continue to expect blend rep to be a material growth driver for GSK in the next three to four years moving to future indications that Jim poorly. We're looking forward to the opportunity we have to change the lives of patients with rectal cancer and following the transformative data showing up.

We remain confident in our ability to drive sustained long term performance and look forward to sharing more at a meet the management's investor events in Q2, 2026 with that I'll hand back to Luke.

Deborah Waterhouse: We remain confident in our ability to drive sustained long-term performance and look forward to sharing more at a Meet the management investor event in Q2 2026. With that, I'll hand back to Luke.

Luke Miels: Moving to future indications for Gemperling, we're looking forward to the opportunity we have to change the lives of patients with rectal cancer, and following the transformative data showing a 100% complete response rate in Phase 2, we initiated the Azure 1 pivotal trial and expect to see results in the second half of 2026. Additional trials are ongoing to understand the benefit Jimperley can bring patients with toll and head and neck cancer. Finally, we continue to progress our key oncology pipeline assets, starting with our B7AH3 antibody drug conjugate or GSK227. We're now recruiting for our Phase 3 trial in second line extensive stage small cell lung following a clear signal we saw in the early stage clinical data from Hansa, our partner, and our KIT inhibitor for GIST.

Thanks, Deborah turning to vaccines sales were up $2 7 billion pounds in the quarter up 2% driven by continued strong demand for <unk> <unk>.

Luke Miels: Thanks, Deborah. Turning to vaccines. Sales were up GBP 2.7 billion in the quarter, up 2%, driven by continued strong demand for Shingrix, Arexvy, and Bexsero, particularly in Europe, which was up 35%. Shingrix sales grew 13% overall, largely due to the strong performance in Europe, up 48%, where we're driving across multiple markets and with significant new uptake in France and a strong performance in Germany, the Netherlands, and Poland. In international, sales in Japan continue to grow following the expanded public funding. Ex-US sales now account for around 70% of global Shingrix sales. In the US, penetration is now 43% of the eligible older adult population, with immunization rates slowing, as expected, as we access harder to reach patients.

100% complete response rate in phase two we initiated the zeal one pivotal trial and expect to see results in the second half of 2026.

<unk> and <unk>, particularly in Europe, which was up 35%.

Please yourself grew 13% overall largely due to the strong performance in Europe up, 48%, where we're driving across multiple markets and with significant new uptake in France, and a strong performance in Germany, the Netherlands, and Poland in International sales in Japan continued to grow following the expanded public funding.

And additional trials are ongoing to understand the benefit temporarily can bring patients with colorectal and head and neck cancer. Finally, we continue to progress our key oncology pipeline assets, starting with our <unk> antibody drug conjugate with GSK to two seven we're now recruiting for our phase III trial in second line extensive stage small cell lung following I quit.

Ex U S solved now account for around 70% of global sugar yourselves.

Signal, we saw in the early stage clinical data from our partner and our kit inhibitor just GSK one acquired earlier. This year, we will start phase III in second line by the end of the year and first line in 2026 and GSK for B seven H for antibody drug conjugate is expected to.

And in the U S penetration is now 43% of the eligible older adult population with immunization rates slowing as expected as we access pharma to reach patients.

Luke Miels: GSK981, acquired earlier this year, will start Phase 3 in second line by the end of the year and first line in 2026, and GSK584, B7H4 antibody drug conjugate, is expected to advance to Phase 3 in endometrial and ovarian cancer next year. Overall, this oncology portfolio offers significant future growth opportunities for GSK and is a clear priority for investment and resources alongside RI and I. With that, I'll now hand over to Deborah to cover our great momentum in HIV. Thank you, Luke.

And <unk>, our portfolio was up 5% driven by double digit growth for Victor on Europe, where the updated recommendation and reimbursement in Germany continues to pull through.

Luke Miels: In meningitis, our portfolio is up 5%, driven by double-digit growth for Bexsero in Europe, where the updated recommendation and reimbursement in Germany continues to pull through, and in France, following a meningitis B outbreak and the implementation of mandatory newborn vaccination requirements, along with new reimbursed cohorts. Also in the quarter, even though the ACIP recommendation came slightly after the back-to-school season window, we booked the first sales of our pentavalent vaccine, Penmenvy, in the US with initial CDC purchases. We expect this vaccine to simplify immunization schedules and contribute to increased coverage and protection against a serious life-threatening illness. Turning to Arexvy. Growth was driven by Europe with good commercial progress in Germany, Spain, and Belgium. International also grew, driven by tender volumes in Canada. In the US, we maintained our market-leading share in the older adults population.

The phase III in endometrial and ovarian cancer next year.

And in France, following our meningitis outbreak and implementation of mandatory newborn vaccination requirements, along with new reimbursed travel was also in the quarter, even though the ICP recommendation kind smartly after the back to school season window, we booked the first sales of our pentavalent vaccine Penn mainly in the U S.

This oncology portfolio after significant future growth opportunities with GSK is a clear priority for investment of resources alongside our eye on and with that I'll now hand over to Deborah to cover our great momentum and I tried to say.

Thank you Luke our HIV portfolio continues to deliver double digit growth at 12% in the quarter, primarily driven by 10 points as strong patient demand and growth for a long acting Injectables <unk>.

Deborah Waterhouse: Our HIV portfolio continues to deliver double-digit growth, up 12% in the quarter, primarily driven by 10 points of strong patient demand growth for our long-acting injectables and Dovato. Demand continues to increase across all regions and major markets, particularly the U.S., which grew 17% and where we saw total share gain outpacing the competition. We are delighted with the continued transition we are seeing to long-acting injectables. More than 75% of our growth now comes from long-acting injectables, and in the U.S. they already represent around a third of our sales. Cabenuva, the first and only long-acting injectable HIV treatment regimen, grew 48% driven by strong patient demand. Our competitive performance is reinforced by the acceleration of Cabenuva switches from competitors in the U.S., which this quarter reached 75% as we anticipated.

With initial CDC purchases, we expect this vaccine to simplifying amortization schedules and contribute to increase coverage and protection against a serious life threatening illness.

Demand continues to increase across all regions of major markets, particularly the U S, which grew 17% and why we saw the types of share gains outpacing the competition.

Turning to our <unk> growth was driven by Europe with good commercial progress in Germany, Spain, and Belgium International also grew driven by tender volumes in Canada and in the U S. We maintained our market leading share in the older adult population.

We are delighted with the continued transition we're seeing to long acting injectables.

The U S declined due to lower pre season channel inventory build a slower market uptake in the 60 plus population in Q2.

More than 75% of our growth now comes from long acting Injectables and in the U S. They already represents around a third of our sales.

Luke Miels: However, the US declined due to lower pre-season channel inventory build and slower market uptake in the 60-plus population. In Q3, our flu vaccines were down, in part due to competitive pressure in the market, where we compete for healthy younger cohort populations who are harder to activate than older adults for flu vaccines. Established vaccines were down primarily due to the prior year impact of our divested brands. In summary, with the vaccines business, we now expect to land towards the top of our vaccines guidance range of declining low double single digits to stable. As we look forward, although we continue to remain cautious in the near term on vaccines in the US, we are confident in the prospects, pipeline, and benefit this business offers over the long term. Next slide, please. Turning to general medicines.

Three our flu vaccines were down in part due to competitive pressure in the market, where we compete for healthy younger cohort populations, who are harder to activate in older adults for flu vaccines and established vaccines were down primarily due to the impact of our divested brands. So in summary, with the vaccine business, we now expect to land.

<unk>, the first and only long acting injectable HIV treatment regimen grew 48% driven by strong patient demand.

Our competitive performance is reinforced by the acceleration of cabinet switches from competitors in the U S, which this quarter reached 75%.

The top of our vaccines guidance range of declining low single digit to stable and as we look forward. Although we continue to remain cautious in the near term on vaccines in the U S. We are confident in the prospects pipeline and benefit this business offers over the long term next one please.

As we anticipated and long acting prevention, we saw continued positive momentum of <unk> in the U S with competitive growth also of 75%.

Deborah Waterhouse: In long-acting prevention, we saw continued positive momentum of Apretude in the U.S., with competitive growth also of 75% this quarter. We shared results from Clarity, a phase one study comparing acceptability and tolerability of single-dose CAB LA as PrEP, marketed as Apretude, and Lenacapavir. We know patient experience is an important factor for injectables. Results showed 69% of participants found CAB LA to be totally or very acceptable, with 90% of participants and 86% of HCPs preferring CAB LA over Lenacapavir in terms of injection experience after a single dose. These data add to the growing body of clinical and real-world efficacy, safety, and tolerability data we have for and will help inform expectations and decision-making when initiating long-acting injectables for HIV prevention. We expect continued growth momentum in Q4, and today we are upgrading our 2025 guidance from mid to high single digit to grow around 10%.

This quarter, we shed results from currency a phase one study comparing acceptability tolerability of single dose cap and I subtract marketed as Apogees Atlanta. Cathy then we know patient experience is an important factor for Injectables, Brazil shows 69% of participants.

Turning to general medicines sales were up 4% driven by the strong growth of trilogy in all regions up 25% in the quarter.

Luke Miels: Sales are up 4%, driven by the strong growth of Trelegy in all regions, up 25% in the quarter. The SIT class remains very strong, up around 23%, driven by gold guidelines, new data, and competitive share of voice. Within the SIT class, Trelegy continues to gain more share than any other brand and is the top-selling brand for both COPD and asthma globally. We also have completed IRA negotiations on Trelegy in line with expectations and our outlook. The remaining portion of the portfolio is stable, reflecting continued generic competition and expected adjustments in rebates and returns.

And the ZIP class remained very strong up around 23% driven by gold guidelines, new data and competitive share of voice within the sic class trilogy continues to gain more share than any other brand and is the top selling brands about COPD and asthma globally. We also have completed IRI negotiations on trilogy in line with expectations.

Tabulate to be totally all dairy acceptable with 90% of participants and 86% of Hcp's, preferring Cabot life of Atlantic half of it in terms of injection experience after a single dose.

The remaining portion of the portfolio was stable, reflecting continued generic competition unexpected adjustments in rebates and returns. We continue to expect sales to be broadly stable in 2020 pause and are looking forward to future opportunities in this portfolio, including launching low carbon ventolin and further establishing our anti infective portfolio.

These data add to the growing body of clinical a railroad efficacy safety and Tolerability data, we have at <unk> and will help inform expectations and decision, making when initiating long acting injectables for HIV prevention.

Luke Miels: We continue to expect sales to be broadly stable in 2025 and are looking forward to future opportunities in this portfolio, including launching low-carbon Ventolin and further establishing our anti-infectious portfolio through building access in the US for Blujepa in uncomplicated urinary tract infections, also filing gepotidacin in complicated UTIs by the end of the year. All three of these represent practical innovation for important areas of medical need. I'll now hand over to Julie.

We expect continued growth momentum in Q4, and so today, we're upgrading our 2025 guidance from mid to high single digits to grow around 10% next slide please.

We're building access in the U S. A couple of <unk> in uncomplicated urinary tract infections and also filing to the tenant in complicated UTI is probably the end of the year. All three of these represent practical innovation for important areas of medical made I'll now hand over to Julian.

Deborah Waterhouse: Next slide please. Our industry-leading pipeline, with best-in-class integrase inhibitors at the core, continues to progress and have multiple long-acting options with strong profiles that deliver what we know patients want and need. This pipeline will further drive the transition we are making in our portfolio to ultra long-acting regimens and will help us navigate the dolutegravir loss of exclusivity towards the end of the decade. Building on our established two-monthly injectable regimens, we believe four-monthly dosing in PrEP and treatment will be important options, delivering longer dosing intervals and ensuring continuity of care. We have a confirmed date from Janssen on rilpivirine Phase 3 clinical trial supply that leads to a delay to the start of Quattro, our Q4M treatment registration study to H1 2026. Despite this, we remain on track to file in 2027 and we look forward to launching this next wave of innovation in 2028.

Lick and good afternoon, everyone next slide please.

Julie Brown: Thank you, Luke, and good afternoon, everyone. Next slide, please. Starting with the income statement for the quarter, with growth rates stated at CER. As already highlighted, sales grew 8%, driven by the specialty portfolio across HIV, oncology, and R&I. Core operating profit grew 11%, reflecting a 5% increase in SG&A as we continue to invest to support key asset launches alongside driving productivity. R&D growth of 10% was driven by accelerated pipeline investment across key specialty medicines. Our royalty income benefited from the Cosentyx performance as well as new RSV and mRNA royalty streams. Core EPS grew 14%, aided by a tax rate of 16% in the quarter and benefits from the share buyback, partially offset by higher NCIs relating to ViiV's strong performance. Turning to our total results. The significant growth reflects the Zantac settlement charge taken in Q3 last year.

Starting with the income statement for the quarter with growth rates. Thanks, you Didnt see huh.

Already highlighted sales grew 8% driven by the specialty portfolio across HIV oncology and our ini.

Core operating profit grew 11%, reflecting a 5% increase in SG&A as we continue to invest to support key asset launches alongside driving productivity.

Building on our established payment three injectable regimens, we believe for monthly dosing in prep and treatment will be important options delivering longer dosing intervals and ensuring continuity of care.

R&D of 10% was driven by accelerated pipeline investment across key specialty medicines and.

We have a confirmed date from Janssen on real paper in phase III clinical trial supply that leads to a delay to the start of cuatro, a Q4 and treatment Registrational study to H, one and 2026. Despite this we remain on track to file in 2027, and we look forward to launch.

Royalty income benefited from the consent to performance as well as new RSV and RNA royalty streams.

Core EPS grew 14% aided by a tax rate of 16% in the quarter and benefits from the share buyback, partially offset by higher NCI is relating to <unk> strong performance.

This next wave of innovation in 2028 building on continued strength and performance of our Q2 N cabinet the world's first and only NII for HIV treatment at.

Deborah Waterhouse: Building on continued strength and performance of our Q2M Cabenuva, the world's first and only LAI for HIV treatment, at the launch of Q4M treatment, we still expect to have the only long-acting injectable treatment regimens on the market for years to come. Looking ahead to our twice yearly injectables, we're on track to confirm the dosing regimen for Q6M treatment in 2026 and expect to file and launch both Q6M for treatment and PrEP between 2028 and 2030. For Q6M treatment, we remain excited about the potential of VH184, our third generation InstD, which has the best resistance profile seen to date and IP protection through to at least 2040. To partner with our selected InstD, we are evaluating two assets, BH499A capsid inhibitor and N6LS, one of the broadest and most potent BNABs in development.

Turning to our total results the significant growth reflects the zantac settlement charge taken in Q3 last year next slide please.

At the launch of Q4 and treatment, we still expect to have the only long acting injectable treatment regimens on the market for years to come.

Julie Brown: Next slide, please. The operating margin improved 90 basis points in the quarter, largely driven by SG&A margin improvement of 70 basis points. This increase demonstrates the efficiency gains achieved through our returns-based approach as we invest in new product launches while continuing to generate productivity improvements in the promotion of the existing portfolio. Additionally, in the quarter, gross margin improved, reflecting mixed benefits from the continued transition towards specialty, and R&D expenditure increased as we reinvest additional royalty income into our pipeline, supporting the acceleration of the ADC programs and pivotal trial start for efavirenz and GSK981 in second-line GIST. Year to date, our operating margin is now 33.9%, up 100 basis points at constant exchange rates, driven by sales mix, productivity gains, and growth in royalties. Next slide, please. Turning to the cash flow with commentary before the one-off impact of Zantac payments.

The operating margin improved 90 bps in the quarter, largely driven by SG&A margin improvement of 70 bps.

Looking ahead to our twice yearly Injectables, we're on track to confirm that dosing regimen for Q six M treatments in 2026 and expect to find launch both Q six and the treatment and perhaps between 2028 and 2030.

This increase demonstrates the efficiency gains achieved through a returns based approach because we invest a new president lunches, whilst continuing to generate productivity improvements and the promotion of the existing portfolio.

Additionally, in the quarter gross margin improved reflecting mixed benefits from the continued transition towards specialty and R&D expenditure increased as we reinvest additional royalty income into our pipeline supporting the acceleration of the ADC programs and pivotal trial starts for happiness for them and J S.

The Q six and treatment we remain excited about the potential of V. H one eight for Alpha generation in state, which has the best resistance profile seen to date and the IP protection three two at least 2014.

To partner with our selected in state we are evaluating two assets VH for nine nine a capsid inhibitor and and success one of the broadest and most potent being opt in development.

981 in second line just.

Yesterday, our operating margin is now 33, 9% up 100 bps at constant exchange rates, driven by sales mix productivity gains and growth in royalties next slide please.

Deborah Waterhouse: Regarding N6LS, this quarter we again showed more positive results from part two of our Phase 2b study EMBRACE and are pleased to confirm the next phase of this study is now fully recruited. As a reminder, Q6M for treatment and PrEP is not yet in GSK's outlook for 2031. Our long-acting injectable portfolio is backed by three years of real-world evidence and implementation science. As we look to the future, we expect our industry-leading long-acting pipeline, powered by unparalleled patient insight, to deliver five launches through 2030. We remain confident in our ability to drive sustained long-term performance and look forward to sharing more at a Meet the Management Investor event in Q2 2026. With that, I'll hand back to Luke.

Regarding in <unk>. This quarter, we again showed more positive results from part two of our phase II B study embrace and I'm pleased to confirm the next phase of this study is now fully recruited.

Turning to the cash flow with commentary before the one off impact of some tax payments.

Is it reminds acoustic temperature treatments and prep is not yet in gsk's outlook for 'twenty that you won.

Cash generation from operations year to date was $6 9 billion pounds, improving one 7 billion benefiting from increased operating profit favorable movements in reaching a rebate provisions and the Cusack IP settlement announced in August.

Julie Brown: Cash generated from operations year to date was GBP 6.9 billion, improving GBP 1.7 billion, benefiting from increased operating profit, favorable movements in return and rebate provisions, and the CureVac IP settlement announced in August. This was partially offset by increased working capital impacted by higher RX fee and Shingrix collections in Q1 of last year. Free cash flow increased GBP 1.8 billion versus last year, driven by strong CGFO and favorable phasing of tax payments, partially offset by higher spend on in-licensing deals. Zantac payments year to date totaled nearly GBP 0.7 billion. We expect the remaining GBP 0.5 to be paid by the end of the year, drawing a line under the settlement agreed and disclosed last October. Next slide, please. Turning to capital allocation.

A long acting injectable portfolio is backed by three years of real world evidence and implementation science.

As we look to the future, we expect our industry, leading long acting pipeline powered by in parallel patient insight to deliver five launches through 2030.

This was partially offset by increased working capital impacted by higher vaccine and shrink rates collections in Q1 of last year.

We remain confident in our ability to drive sustained long term performance and look forward to sharing more at a meet the management's investor events in Q2, 2026 with that I'll hand back to Luke.

Free cash flow increased 1.8 million versus last year, driven by strong C. G. F O unfavorable phasing of tax payments, partially offset by higher spend on in licensing deals.

Luke Miels: Thanks Deborah. Turning to vaccines, sales were up £2.7 billion in the quarter, up 2% driven by continued strong demand for Shingrix, Arexvy and Bexsero, particularly in Europe which was up 35%. Shingrix sales grew 13% overall, largely due to the strong performance in Europe, up 48% where we're driving across multiple markets and with significant new uptake in France and a strong performance in Germany, the Netherlands and Poland. In international, sales in Japan continue to grow following the expanded public funding. Ex-U.S. sales now account for around 70% of global Shingrix sales and in the U.S. penetration is now 43% of the eligible older adult population with immunization rates slowing as expected as we access harder to reach patients.

Thanks, Deborah turning to vaccines sales were up $2 7 billion pounds in the quarter up 2% driven by continued strong demand for <unk> <unk>, particularly in Europe, which was up 35%.

Zen type payments year to date totaled nearly seven of 1 billion pounds and we expect the remaining 0.5 to be paid by the end of the year drawing a line under the settlement agreed undisclosed left subtype of next slide please.

Sales grew 13% overall largely due to the strong performance in Europe up, 48%, where we're driving across multiple markets and with significant new uptake in France, and a strong performance in Germany, the Netherlands, and Poland in International sales in Japan continued to grow following the expanded public funding.

Turning to capital allocation and lifestyles.

Okay.

Julie Brown: In line with our framework, we continue to deploy cash in a disciplined manner and underpinned by a strong balance sheet. Our net debt to core EBITDA ratio remains broadly aligned with the end of 2024 at 1.3x. Our priority is always to invest for growth, as demonstrated by our sustained acceleration of late-stage R&D, the next wave of pipeline innovation, and targeted BD. In 2025, we have signed multiple deals, including the acquisition of IDRx 42 and efimosfermin, as well as the Hengrui licensing agreement and earlier-stage pipeline and platform technologies.

Cash in a disciplined manner and underpinned by a strong balance sheet.

Our net debt to core EBITDA ratio remains broadly in line with the end of 2024 at one three times.

Ex U S sales now account for around 70% of global sugar yourselves.

Priority is always to invest for growth as demonstrated by a sustained acceleration of late stage R&D. The next wave of pipeline innovation until that you'd be D.

And in the U S penetration is now 43% of the eligible older adult population with immunization rates flowing as expected as we access father to reach patients.

Luke Miels: In meningitis, a portfolio was up 5% driven by double-digit growth for Bexsero in Europe where the updated recommendation and reimbursement in Germany continues to pull through and in France following a meningitis B outbreak and implementation of mandatory newborn vaccination requirements along with new reimbursed cohorts. Also in the quarter, even though the ACIP recommendation came slightly after the back-to-school seasonal window, we booked the first sales of our pentavalent vaccine, Penbraya, in the U.S. with initial CDC purchases. We expect this vaccine to simplify immunization schedules and contribute to increased coverage and protection against a serious life-threatening illness. Turning to Arexvy, growth was driven by Europe with good commercial progress in Germany, Spain and Belgium. International also grew driven by tender volumes. In Canada and in the U.S. we maintained our market-leading share in the older adults population, however the U.S.

And meningitis portfolio was up 5% driven by double digit growth for Baxter on Europe, where the updated recommendation and reimbursement in Germany continues to pull through.

She says it's been 25, we have signed multiple deals, including the acquisition of <unk> 42, and definitely my sentiment as well as the hungry with licensing agreement and early stage pipeline and platform technologies.

And in France, following our meningitis outbreak and implementation of mandatory newborn vaccination requirements, along with new brand. Both cohorts also in the quarter, even though the ICF recommendation kind smartly after the back to school season window, we booked the first solid about pentavalent vaccine Penn Mindy and the U S.

We have also made 3 billion and shareholder distributions. So far this year through the dividend and the buyback program of which 1.1 billion has been executed so far with a cumulative total of $1 4 billion expected to be completed by the end of the year next slide please.

Julie Brown: We have also made GBP 3 billion in shareholder distributions so far this year through the dividend and the buyback program, of which GBP 1.1 billion has been executed so far with a cumulative total of GBP 1.4 billion expected to be completed by the end of the year. Next slide, please. As Emma shared, we are upgrading our guidance on the back of the continued strong performance this year. We are raising our full-year sales expectations from 3% to 5% to 6% to 7%, with underlying upgrades for specialty, including HIV, and we now expect to be towards the top of the vaccines range. Alongside this, we are also raising our guidance ranges for operating profit to 9% to 11% and EPS to 10% to 12%.

With initial CDC purchases, we expect this vaccine to simplify organization shadows and contribute to increase coverage and protection against a serious life threatening illness.

Is that Michele we are upgrading our guidance on the back of the continued strong performance this year.

We are raising our full year sales expectations from 3% to 5% to 6% to 7% with underlying upgrades for specialty, including HIV and we now expect to be towards the top of the vaccines range.

Luke Miels: declined due to lower pre-season channel inventory build and slower market uptake in the 60 plus population. In Q3, our flu vaccines were down in part due to competitive pressure in the market where we compete for healthy younger cohort populations who are harder to activate. In older adults for flu vaccines and established vaccines were down primarily due to the prior year impact of our divested brands. In summary, with the vaccine business we now expect to land towards the top of our vaccines guidance range of declining low single digit to stable and as we look forward, although we continue to remain cautious in the near term on vaccines in the U.S., we are confident in the prospects, pipeline and benefit this business offers over the long term. Next slide please.

The U S declined due to lower pre season channel inventory build and slower market uptake in the 60 plus population.

Alongside this we're also raising our guidance ranges for operating profit to 9% to 11% and EPS to 10% to 12% looking through the P&L guidance. We maintained the gross margin will benefit from product mix, partially offset by supply chain charges of around 100 million pounds to be taken in <unk>.

Three our flu vaccines were down in part due to competitive pressure in the market, where we compete for healthy younger cohort populations, who are harder to activate in older adults for flu vaccines and established vaccines were down primarily due to the prior year impact of our divested brands. So in summary, with the vaccine business, we now expect to land.

Julie Brown: Looking through the P&L guidance, we maintain that gross margin will benefit from product mix, partially offset by supply chain charges of around GBP 100 million to be taken in Q4. SG&A will grow as low single digits for the year as committed, including Q4 charges of around GBP 150 million to fund further productivity initiatives. R&D continues to increase ahead of sales as we reinvest incremental royalty income into our pipeline. We are upgrading our expectations for higher royalties to GBP 800 to 850 million, supported by income from the CureVac settlement announced in August. Lower net interest costs than previously guided due to the strong cash generation and the later timing of Zantac payments. Finally, in line with previous guidance, we expect the tax rate to be around 17.5%.

Q4.

SG&A will grow with the low single digits for the year of committees, including Q feel charges of around $150 million to fund further productivity initiatives.

Towards the top of our vaccines guidance range of declining low single digit to stable and as we look forward. Although we continue to remain cautious in the near term on vaccines in the U S. We are confident in the prospects pipeline and benefit this business offers over the long term next one please.

And R&D continues to increase ahead of sales as we reinvest incremental royalty income into our pipeline. We are upgrading our expectations for higher royalties to 800 to 850 million supported by income from the queue Vac settlement announced in August and lower net interest costs than previously guided.

Luke Miels: Turning to general medicines, sales are up 4% driven by the strong growth of Trelegy in all regions, up 25% in the quarter, and the SITT class remains very strong, up around 23% driven by GOLD guidelines, new data, and competitive share of voice within the SITT class. Trelegy continues to gain more share than any other brand and is the top selling brand for both COPD and asthma globally. We also have completed IRA negotiations on Trelegy in line with expectations and our outlook. The remaining portion of the portfolio is stable, reflecting continued generic competition and expected adjustments in rebates and returns. We continue to expect sales to be broadly stable in 2025 and are looking forward to future opportunities in this portfolio, including launching low-carbon Ventolin and further establishing our anti-infectious portfolio through building access in the U.S.

Turning to general medicines sales were up 4% driven by the strong growth of trilogy in all regions up 25% in the quarter and the CIT class remained very strong up around 23% driven by gold guidelines, new daughter and competitive share of voice within the CIT class trilogy continues to gain more share than any other brand.

Due to the strong cash generation and the later timing of some type payments.

Finally in line with previous guidance, we expect the tax rate to be around 17.5%.

Top selling brands about COPD and asthma globally. We also have completed IRI negotiations on trilogy in line with expectations and our outlook. The remaining portion of the portfolio was stable, reflecting continued generic competition unexpected adjustments in rebates and returns.

In summary, we look forward to delivering a fourth consecutive year of double digit EPS growth notwithstanding the Q4 charges of around 250 million pounds, demonstrating the successful execution of our strategy since we became a standalone biopharmaceutical business.

Julie Brown: In summary, we look forward to delivering a 4th consecutive year of double-digit EPS growth, notwithstanding the Q4 charges of around GBP 250 million, demonstrating the successful execution of our strategy since we became a standalone biopharmaceutical business. As a reminder, our guidance is inclusive of tariffs enacted and indicated thus far. We are positioned to respond to these with mitigation actions identified. Looking beyond, we remain very confident in our medium and longer-term outlooks to 2026 and 2031. Next slide, please. Moving to our roadmap, which illustrates our progress towards major milestones and upcoming value unlocks. We have made good progress through 2025, and we expect to continue to build momentum as we move towards 2026. Over the coming months, we will continue to focus on flawlessly executing the 5 key asset launches.

We continue to expect sales to be broadly stable in 2020 pause and are looking forward to future opportunities in this portfolio, including launching low carbon ventolin and further establishing our anti infectives portfolio through building access in the U S. <unk> in uncomplicated urinary tract infections and also filing to the pennant complicated UTI it's Bobby.

As a reminder, our guidance is inclusive of tariffs enacted on vindicated. Thus far we are positioned to respond to these with mitigation actions identified I'm looking beyond we remain very confident in our medium and longer term outlooks to 2026 and 31 next slide please.

Luke Miels: for Blue Jeppa in uncomplicated urinary tract infections and also filing Tebbi pen in complicated UTIs by the end of the year. All three of these represent practical innovation for important areas of medical need. I'll now hand over to Julie.

End of the year all three of these represent practical innovation for important areas of medical need I'll now hand over to Julie.

Moving to our roadmap, which illustrates our progress towards major milestones and upcoming value unlocks.

Julie Brown: Thank you, Luke, and good afternoon, everyone. Next slide, please. Starting with the income statement for the quarter, with growth rates stated at CER as already highlighted, sales grew 8% driven by the specialty portfolio across HIV, oncology, and R&D. Core operating profit grew 11%, reflecting a 5% increase in SG&A as we continue to invest to support key asset launches alongside driving productivity. R&D growth of 10% was driven by accelerated pipeline investment across key specialty medicines, and royalty income benefited from the Arexvy performance as well as new RSV and mRNA royalty streams. Core EPS grew 14%, aided by a tax rate of 16% in the quarter and benefits from the share buyback, partially offset by higher NCIS relating to ViiV's strong performance. Turning to our total results, the significant growth reflects the Zantac settlement charge taken in Q3 last year. Next slide, please.

And good afternoon, everyone next slide please.

We have made good progress through 2025, and we expect to continue to build momentum as we move towards 2026.

Starting with the income statement for the quarter with growth rates. Thanks, you didn't see.

Over the coming months, we will continue to focus on flawlessly executing the five chaos that launches.

As already highlighted sales grew 8% driven by the specialty portfolio across HIV oncology and our ini core operating profit grew 11%, reflecting a 5% increase in SG&A as we continue to invest to support key asset launches alongside driving productivity.

The F D. A regulatory decision for Depomed come up is Gee. This December.

Julie Brown: The FDA regulatory decision for Dapimokumab is due this December, and we are looking forward to delivering multiple pivotal readouts across our 15 scale opportunities, including Bepirovirsen, cabotegravir, Camlipixant, dapimokimab in EGPA, and Jemperli in rectal cancer next year. With that, I am pleased to hand back to Emma.

And we're looking forward to delivering multiple pivotal readouts across all 15 scale opportunities, including that provision Cabo type of come a picks and depomed come up and E. G. P. A N gen poorly in rectal cancer next year.

R&D growth of 10% was driven by accelerated pipeline investment across key specialty medicines.

And with that I'm pleased to hand back to Emma.

Royalty income benefited from the consent to performance as well as new RSV mrna royalty streams.

Thanks, Julie So in summary, our Q3 results demonstrate the continued momentum in our business with strong financial performance reflected again in our increased guidance for 2025 and through meaningful R&D progress.

Emma Walmsley: Thanks, Julie. In summary, our Q3 results demonstrate the continued momentum in our business, with strong financial performance reflected again in our increased guidance for 2025 and through meaningful R&D progress. Our portfolio continues to demonstrate strength and quality, and we're excited by the prospects in our pipeline. All of this positions GSK strongly for the next phase in the company's development to deliver our long-term outlooks, outstanding impact for patients and sustained value for shareholders. I'm now going to open up the call for Q&A with the team, but before I do so, of course, we know that alongside questions on our results, many of you will be eager to ask our new CEO designate for his views on the future. Well, Luke and I both respectfully ask that you don't.

Core EPS grew 14% aided by a tax rate of 16% in the quarter and benefits from the share buyback, partially offset by higher NCI is relating to <unk> strong performance.

Portfolio continues to demonstrate strength and quality and we're excited by the prospects in our pipeline all of this positions GSK strongly but the next phase in the company's development to deliver our long term outlooks outstanding impact for patients and sustained value for shell.

Turning to our total results the significant growth reflects the zantac settlement charge taken in Q3 last year next slide please.

Julie Brown: The operating margin improved 90 bps in the quarter, largely driven by SG&A margin improvement of 70 bps. This increase demonstrates the efficiency gains achieved through our returns-based approach as we invest in new product launches whilst continuing to generate productivity improvements in the promotion of the existing portfolio. Additionally, in the quarter, gross margin improved, reflecting mix benefits from the continued transition towards specialty, and R&D expenditure increased as we reinvest additional royalty income into our pipeline, supporting the acceleration of the ADC programs and pivotal trial starts for depemokimab, furmonertinib, and GSK3981 in second-line GIST. Year to date, our operating margin is now 33.9%, up 100 bps at constant exchange rates, driven by sales mix, productivity gains, and growth in royalties. Next slide, please.

The operating margin improved 90 bps in the quarter, largely driven by SG&A margin improvement of 70 Bips.

This increase demonstrates the efficiency gains achieved through a returns based approach as we invest in new president lunches, whilst continuing to generate productivity improvements and the promotion of the existing portfolio.

It is.

So now that I open up the call for Q&A with the team, but before I do so of course, we know that alongside questions on our results. Many of you will be eager to ask our new CEO designate for his views on the future well look and I. Both respectfully ask that you don't I am of course, so delighted.

Additionally, in the quarter gross margin improved reflecting mixed benefits from the continued transition towards specialty and R&D expenditure increased as we reinvest additional royalty income and 12 pipeline supporting the acceleration of the ADC programs.

Emma Walmsley: I am, of course, so delighted and very proud to be passing the baton to Luke, but that is in January. Today, we'd like to focus on our Q3 performance. With that, let's please now open up the call for your questions with the team.

I'm very proud to be passing the baton to look but that is in January and today, we'd like to focus on our Q3 performance.

Pivotal trial staff friendliness them and GSK 98, one in second line Gist, yes.

Without that.

Yeah.

Yesterday, our operating margin is now 33, 9% up 100 bps at constant exchange rates, driven by sales mix productivity gains and growth in royalties next slide please.

Thank you very much.

Question comes from Peter of adults from BNP, sorry, Bob Im sorry, if you could please mute yourself.

Julie Brown: Thank you very much, Emma. The first question comes from Peter Verdult from BNP Paribas. Peter, if you could please unmute yourself.

Operator: Thank you very much, Emma. The first question comes from Peter Verdult from BNP Paribas. Peter, if you could please unmute yourself.

Yeah.

Thanks Constantine.

Good afternoon, and good morning, everyone people don't happy MTX.

Peter Verdult: Thanks, Constantine. Good afternoon. Good morning, everyone. Peter Dove here, BNP Xen. Two quick questions. Firstly, for Julie or Emma. There's a GBP 6 billion revenue gap between market expectations in 2031 and the GSK revenue target over 40. If we move Blenrep's obviously a major point of disconnect. Can you just remind us which other assets you believe are being materially underappreciated? Secondly, I hear you about not asking questions about strategy, which I will, you know, won't go down, just a factual question for Luke. Is it your intention to either reiterate or tweak the go-forward strategy at the full year results, or would you have to wait for your unveil later in 2060? Thank you.

Julie Brown: Turning to the cash flow, with commentary before the one-off impact of Zantac payments, cash generated from operations year to date was £6.9 billion, improving £1.7 billion, benefiting from increased operating profit, favorable movements in return and rebate provisions, and the CureVac IP settlement announced in August. This was partially offset by increased working capital impacted by higher Arexvy and Shingrix collections in Q1 of last year. Free cash flow increased £1.8 billion versus last year, driven by strong CGFO and favorable phasing of tax payments, partially offset by higher spend on in-licensing deals. Zantac payments year to date totaled nearly £0.7 billion, and we expect the remaining £0.5 billion to be paid by the end of the year. Drawing a line under the settlement agreed undisclosed last October. Next slide please.

Turning to the cash flow with commentary before the one off impact of some tax payments.

Two quick questions Firstly.

So judy or EM of Theres, a 6 billion revenue got between market expectations in <unk>.

Cash generation from operations yesterday was $6 9 billion pounds, improving one 7 billion benefiting from increased operating profit favorable movements in reaching a rebate provisions and the Cusack IP settlement announced in August.

<unk> 31 in the GSK revenue saga over 40.

If we move then that's obviously a major.

Point of disconnect, but can you just remind us which other assets you believe are being materially underappreciated and then secondly, I hear you about not asking questions about structure, which I will go.

This was partially offset by increased working capital impacted by higher vaccine and Shangri its collections in Q1 of last year.

But just a factual question for Luke.

Free cash flow increased 1.8 million versus last year, driven by strong C. J F O unfavorable phasing of tax payments.

It your intention to either registered or tweak the go forward strategy.

<unk> results or would you have to wait for your unveil later in 'twenty six thank you.

As such by higher spend on in licensing deals.

Thanks, well.

Vincent payments year to date totals nearly seven of 1 billion pounds and we expect the remaining 0.5 to be paid by the end of the year drawing a line under the settlement agreed undisclosed last October next slide please.

I'll ask Julie just to comment on the.

Emma Walmsley: Thanks. Well, I'll ask Julie just to comment on the difference between our full team shared confidence in the short, medium, and long-term outlooks and where the market is today. As we've said before, it is largely in oncology and R&I. The only other point I would make is that as well as a gap between the top line, there is also quite a material difference, as we've said before, in our view of the continued leverage of SG&A and where the market currently sits. Julie, do you want to comment quickly on that?

Difference between a full team shared couldnt put us in the short medium and long term outlooks are.

Julie Brown: Turning to capital allocation, in line with our framework, we continue to deploy cash in a disciplined manner and underpinned by a strong balance sheet. Our net debt to core EBITDA ratio remains broadly aligned with the end of 2024 at 1.3 times. Our priority is always to invest for growth as demonstrated by our sustained acceleration of late-stage R&D, the next wave of pipeline innovation, and targeted BD in 2025. We have signed multiple deals including the acquisition of IDRx and Epimas Furman as well as the Hengrui licensing agreement and earlier stage pipeline and platform technologies. We have also made £3 billion in shareholder distributions so far this year through the dividend and the buyback program, of which £1.1 billion has been executed so far with a cumulative total of £1.4 billion expected to be completed by the end of the year. Next slide please.

Turning to capital allocation in line with our framework, we continued to deploy cash in a disciplined manner and underpinned by a strong balance sheet.

And where the market is today as we've said before it is largely in oncology and our ini yeah. The other point I would like is that as well as a gap.

Our net debt to core EBITDA ratio remains broadly in line with the end of 2024 at one three times.

Between the top line. There is also quite some material difference as we've said before and all of you. The continued leverage of SG&A and where the market currently sits but truly do what I can comment quickly on that issue of thank you very much Peter for the question.

Priority is always to invest for growth.

Administrated by a sustained acceleration of late stage R&D. The next wave of pipeline innovation until that you'd be D.

Julie Brown: Yeah, sure. Thank you very much, Emma and Peter, for the question. The major areas, as Emma mentioned, oncology, and Respiratory, Immunology, and Inflammation. We do think the data readouts and commercial execution will make the difference here. Clearly the Blenrep launch is one of the areas. Within oncology, I think people are also waiting for the rectal readout in Jemperli. The other difference, of course, is the ADCs recently licensed in from Hansoh, which we're very optimistic about in terms of the future. Within respiratory, I have to say the gaps are closing. They've improved. We've obviously got the Depi PDUFA date in December 2024. People are clearly waiting for that. The other one, of course, is Camlipixant, where we've got the data readout from CALM 2024 and then CALM-2 2025.

So the major areas that we mentioned oncology and respiratory immunology and inflammation and we do think the data readouts for commercial execution will make the difference here, but clearly the blame rat launch is one of the areas within oncology I think people will say waiting for the rectal Readouts and Jim poorly and then the other.

In 2025, we have signed multiple deals, including the acquisition of I D. Rx 42, and definitely misfit men as well as the hungry, we licensing agreement and early stage pipeline and platform technologies.

We've also made 3 billion and shareholder distributions. So far this year through the dividend and the buyback program of which 1.1 billion has been executed so far with a cumulative total of one point full billion expected to be completed by the end of the year next slide please.

The difference of course is the a D C. As our recently licensed it from home suite, which we're very optimistic about in terms of the future.

Trey I have to say they got so closing that improved so without because he got the debt pay a <unk> date in December this year people are clearly waiting for that and then the other one of course is kind of a big food, where we've got the data read out from come this year and then come to next year. So are we.

Julie Brown: As Emma shared, we are upgrading our guidance on the back of the continued strong performance this year. We are raising our full year sales expectations from 3% to 5% to 6% to 7% with underlying upgrades for specialty including HIV, and we now expect to be towards the top of the vaccines range. Alongside this, we're also raising our guidance ranges for operating profit to 9% to 11% and EPS to 10% to 12%. Looking through the P&L guidance, we maintain that gross margin will benefit from product mix, partially offset by supply chain charges of around £100 million to be taken in Q4. SG&A will grow as low single digits for the year as committed, including Q4 charges of around £150 million to fund further productivity initiatives, and R&D continues to increase ahead of sales as we reinvest incremental royalty income into our pipeline.

Is that or should we are upgrading our guidance on the back of the continued strong performance this year.

We are raising our full year sales expectations from 3% to 5% to 6% to 7% with underlying upgrades for specialty, including HIV and we now expect to be towards the top of the vaccines range.

These are going to be the key trigger points, they will make a difference between ourselves and consensus.

Julie Brown: We think these are going to be the key trigger points that will make a difference between ourselves and consensus.

Thanks, Judy and.

Emma Walmsley: Thanks, Julie. You know, as you pointed out before, it's always going to be a combination of the launch execution delivery as well as the data that comes. It is quite pleasing with our upgraded guidance this year as a reminder that our initial outlook of GBP 33 billion to be delivered by 2031, we are well on track to be delivering this year six years early. So, Luke, the second part of the question was related to what's coming spite our shared request and the closing what's coming for 2026. As usual, we are not going to give a huge amount of detail now about what's coming in 2026.

As he pointed out before but its always we know you're going to be a combination of the launch execution delivery as well as the data that comes in is quite pleasing with our upgraded guidance. This year. It was a reminder, that our initial outlook of 33 billion to be delivered by 2031, we are well on track to be delivering.

Longsight. This we're also raising our guidance ranges for operating profit to 9% to 11% and EPS to 10% to 12% looking through the P&L guidance. We maintained the gross margin will benefit from product mix, partially offset by supply chain charges of around 100 million pounds to be taken in <unk>.

This year, it's six yesterday.

So no. The second part of the question was related to what's coming spikes I'll shed request and the Guy said well its kind of thing.

Q4.

SG&A will grow with the low single digits for the year of committed including Q4 charges of around $150 million to fund further productivity initiatives.

Slide 26.

So we are not going to give a huge amount of detail now about what's coming in 'twenty six, but we do want to all as a team but reiterate.

And R&D continues to increase ahead of sales as we reinvest incremental royalty income into our pipeline. We are upgrading our expectations for higher royalties to $800 million to $850 million supported by income from the <unk> settlement announced in August on lower net interest costs than previously guided.

Julie Brown: We are upgrading our expectations for higher royalties to £800 million to £850 million, supported by income from the CureVac settlement announced in August and lower net interest costs than previously guided due to the strong cash generation and the later timing of Donetac payments. Finally, in line with previous guidance, we expect the tax rate to be around 17.5%. In summary, we look forward to delivering a fourth consecutive year of double-digit EPS growth notwithstanding the Q4 charges of around £250 million, demonstrating the successful execution of our strategy since we became a standalone biopharmaceutical business. As a reminder, our guidance is inclusive of tariffs enacted and indicated thus far. We are positioned to respond to these with mitigation actions identified, and looking beyond, we remain very confident in our medium and longer term outlooks to 2026 and 2031. Next slide please.

Emma Walmsley: We do want to all as a team reiterate our very high confidence in those, not only 26 outlooks, but also 31 outlooks, which are forecasted by this team and committed by this team, as you've heard us all do together again today. With the full year 25 results, you'll hear the outlook for 26, and then later on in the year, the building blocks for delivering that longer-term 31 outlook. Luke, I know you don't want to say too much, but is there anything else you'd like to add to that?

Oh very high confidence in those not only 26 outlooks, but also a third tier one the outlooks, which forecast it by this team and commissioned by this team as you've heard US all day together.

Due to the strong cash generation and the later timing of some type payments.

Again, it's a day.

Finally in line with previous guidance, we expect the tax rate to be around 17.5%.

At the beginning of 'twenty with a with a full year 25 results you'll hear the outlook for 'twenty six and then.

Later on in the yeah, the building blocks for delivering a that's longer term. So two one outlet that the on I know you don't want to say too much but is there anything else you'd like to add to the Shaw. Thanks, Aman, Thanks paid out, but what I'll say is the number 40 is doable and I stand behind it.

In summary, we look forward to delivering a fourth consecutive year of double digit EPS growth notwithstanding the Q4 charges of around 250 million pounds.

Demonstrating the successful execution of our strategy since we became a standalone biopharmaceutical business.

Luke Miels: Sure. Thanks, Emma, and thanks, Peter. Look, what I'll say is that, look, the number 40 is doable, and I stand behind it. Look, the majority of the products in it were forecast by me.

But the majority of the products in our forecast by me.

Right, well, that's clear and you'll hear more nextgen. So next question. Please next question comes from Matthew Weston UBS.

Emma Walmsley: Right. Well, that's clear. You'll hear more next year. Next question, please.

Peter Verdult: Next question comes from Matthew Weston, UBS.

Operator: Next question comes from Matthew Weston, UBS.

Thank you Thompson team two questions. Please the first look on Xing bricks, there was a great benefit ex U S from the rollout in France, both in Q2 and Q3.

Matthew Weston: Thank you, Constantine. Two questions, please. The first for Luke on Shingrix. There was a great benefit ex US from the rollout in France, both in Q2 and Q3. Can you give us some help for the pushes and pulls on Shingrix into 2026? Should we assume that there's been a France bowler which wanes next year, and then we need a geography to take up the baton? If so, which one? Or do you think there's just consistent rollouts which mean Shingrix ex US can keep growing? The second one for Julie. Another quarter of great margin leverage. I know this, I promise it's not really a 2026 guidance question. Can you at least help us with pushes and pulls of X? Obviously a statement about R&D reinvestment in Q4.

Julie Brown: Moving to our roadmap, which illustrates our progress towards major milestones and upcoming value unlocks. We have made good progress through 2025 and we expect to continue to build momentum as we move towards 2026. Over the coming months, we will continue to focus on flawlessly executing the five key asset launches. The FDA regulatory decision for depemokimab is due this December and we are looking forward to delivering multiple pivotal readouts across our 15 scale opportunities including Bepraverzen, cabotegravir, camlipixant, depemokimab in EGPA, and Genpely in rectal cancer next year. With that, I am pleased to hand back to Emma.

Moving to our roadmap, which illustrates our progress towards major milestones and upcoming value unlocks.

We have made good progress through 2025, and we expect to continue to build momentum as we move towards 2026.

Can you give us some help for the pushes and pulls on Shin Greg's into 'twenty six should we assume that there's been a France bullets, which wayne's next year and then we need them, we need a geography.

Over the coming months, we will continue to focus on flawlessly executing besides chaos that launches b.

The button, if so which one.

The FDA regulatory decision for Depomed come up is Gee This December.

Or do you think thats, just consistent rollouts, which mean <unk> ex U S can keep boring.

And we're looking forward to delivering multiple pivotal readouts across all 15 scale opportunities, including by provision Cabo type of a kind of a picks and definitely will come up and E. G. P. A N gen poorly in rectal cancer next year.

And then a second one for Julie another quarter of great margin leverage.

No. This I promise, it's not really a 2006 guidance question, but can you at least help us with the pushes and pulls.

With that I am pleased to hand back to Emma.

So obviously a statements about R&D reinvestments into <unk>.

Emma Walmsley: Thanks, Julie. In summary, our Q3 results demonstrate the continued momentum in our business with strong financial performance reflected again in our increased guidance for 2025 and through meaningful R&D progress. Our portfolio continues to demonstrate strength and quality, and we're excited by the prospects in our pipeline. All of this positions GSK strongly for the next phase in the company's development to deliver our long-term outlooks, outstanding impact for patients, and sustained value for shareholders. I'm now going to open up the call for Q&A with the team. Of course, we know that alongside questions on our results, many of you will be eager to ask our new CEO designate for his views on the future. Luke and I both respectfully ask that you don't.

Should we assume that carries all resolved, but also the bulk came up and you call of COPD and blend rep launches should we think of bank of needing more next year.

Matthew Weston: How much should we assume that carries on, carries off? Also, depemokimab, Nucala COPD, and Blenrep launches. Should we think of SA needing more next year?

Right. So first on on Shanghai next and then Julie on all continue to drive meaningful SG&A leverage.

Emma Walmsley: Right. Luke first, on Shingrix, and then, Julie on our continued drive for meaningful SG&A leverage, please.

<unk> continues to demonstrate strength and quality and we're excited by the prospects in our pipeline all of this positions GSK strongly but the next phase in the company's development to deliver our long term outlooks outstanding impact for patients and sustained value for shareholders.

Thanks, Matthew I mean, the short answer in Europe, as yet, but I mean, if you step back.

Luke Miels: Thanks, Matthew. I mean, the short answer in Europe is yes. I mean, if you step back, you know, we've quietly pursued a three-stage strategy, and I've mentioned this on multiple quarterly earnings calls where Shingrix has come up in line with the current label. You know, the first step, of course, was max the US and get to a point where we penetrated, you know, and where that starts to slow. We've got an immunization rate of 43%, which is in line with the 3% to 5% increment that we'd signaled. It's very much linked to flu, though, and flu is softer. Then the plan, of course, was in the US, which was start us to pivot on to focusing on the comorbid and high-risk subgroups.

We bought that you pursued or a three state strategy and I've mentioned this on multiple.

Quarterly earnings calls like fingers, just come out in line with the current label.

<unk>.

So I'm now going to open up the call for Q&A with the team, but before I do so of course, we know that alongside questions on our results. Many of you will be eager to ask our new CEO designate for his views on the future well look and I. Both respectfully ask that you don't I am of course, so delighted.

The first step of course was Max the U S and get to a point, where we penetrated.

You don't know where that stops as far as who couldn't immunization right at 43%, which is in line with the 3% to 5% increment that we signaled it's very much linked to Florida and in fluids Salter.

Emma Walmsley: I am, of course, so delighted and very proud to be passing the baton to Luke, but that is in January, and today we'd like to focus on our Q3 performance. With that, let's please now open up the call for your questions with the team.

And then the plan of course was in the U S, which we started to pivot to focusing on the kind of a little bit of high risk subgroups and that's just started now in June and I think the results are encouraging.

I'm very proud to be passing the baton to look but that is in January and today, we'd like to focus on our Q3 performance. So with that let's please now open up the call for your questions with the team.

Luke Miels: That's just started now in June, I think the results are encouraging. Maybe with hindsight, we could have gone there earlier. Again, we're getting traction there. That's a good sign, the US will still be tough because of sort of macro factors around vaccines, which no doubt we'll get into later. In Europe, I mean, really the strategy was to maintain pricing discipline and then build the evidence for the launch in Europe and Japan, that's exactly where we are now. The average immunization rate in the top 10 markets, ex-US, is around 10%. It's about 9.7% to be exact. There's more opportunities, more work to do as we broaden those populations in those countries.

With hindsight, we could have gone there earlier, but again, we're getting traction there.

So that's that's a good sign but the U S will still be tough because of sort of macro factors around vaccines, which.

Operator: Thank you very much, Emma. The first question comes from Peter Verdald from BNP Paribas. Peter, if you could please unmute yourself.

Thank you very much.

First question comes from Peter <unk> from BNP, sorry, Bob and sorry, if you could please mute yourself.

We'll get into your lineup.

In Europe, I mean really the strategy was to maintain pricing discipline and then build the evidence for the long term and in Europe, and Japan, and that's exactly where we are now so.

Okay.

[Analyst]: Thanks, Constantin. Good afternoon. Good morning, everyone here. BMPXN. Two quick questions. Firstly, for Julie or Emma, there's a $6 billion revenue gap between market expectations in 2031 and the GSK revenue target over $40 billion if we move. Blenrep is obviously a major point of disconnect, but can you just remind us which other assets you believe are being materially underappreciated? Secondly, I hear you about not asking questions about future strategy, which I won't go down. Just a factual question for Luke. Is it your intention to either iterate or tweak the go-forward strategy at the full year results, or do we have to wait for your unveil later in 2026? Thank you.

Thanks Scott.

Good afternoon, and good morning, everyone people don't help MTX.

Two quick questions Firstly.

Right.

So judy or Emma.

Okay.

There is a $6 billion revenue got between market expectations in 2021, and the GSK revenue saga over 40.

Ex U S is around 10%, it's about $9 seven to be exact.

So there's more opportunities more work to do as we broaden those populations in those countries and then the third part, which we were really not in yet is a pivot to the emerging markets and the midterm with more pricing flexibility.

If we move then rooftops.

Sure.

Point of disconnect, but can you just remind us which other assets you believe are being materially under appreciated.

Luke Miels: The third part, which we're really not in yet, is the pivot to the emerging markets in the midterm with more pricing flexibility. You know, we did start there with China, who had a bit of a challenge there. We've got a pathway, again, focusing on comorbid, and that is resonating despite a tough backdrop. It's very much a midterm story with China and emerging markets. Yeah, net-net, I think we're in good shape with Europe, and we just need to keep that going.

Then secondly, I hear you about not asking questions about structure, which I will one.

We did start they were trying to quite a bit of a challenge there, but we've got a pathway again focusing on car movement.

But just a final question for Luke is it your intention to either yesterday or tweak the go forward strategy at the.

And that is resonating despite a tough backdrop. So it's very much a midterm story with China and emerging markets, but yes net net I think we're in good shape with Europe, and we just need to keep that going alright. Thanks Jude.

Our full year results or would you have to wait for your unveil later in 'twenty six thank you.

Okay.

Emma Walmsley: Thanks. I'll ask Julie to comment on the difference between our full team shared confidence in the short, medium, and long term outlooks and where the market is today. As we've said before, it is largely in oncology and R&D. The only other point I would make is that as well as a gap between the top line, there is also quite a material difference, as we've said before, in our view of the continued leverage of SG&A and where the market currently sits. Julie, do you want to comment just quickly on that?

But as well.

Thank you very much thanks for the best thing in terms of the.

Emma Walmsley: Great. Thanks, Jim.

I'll ask Jerry just to comment on our they.

Julie Brown: Thank you very much. Thanks for the question. In terms of, first of all, we're confident in reaching 26% margin target that we laid out of more than 31%. To your point about investment in R&D, we have deliberately been putting more investment behind R&D now for a number of years, and we expect the same next year, that R&D will grow ahead of sales. In terms of the investment in the launches, we are totally investing in the new launches. We're here to grow the business. Definitely investment gone already into Blenrep, depemokimab coming up, et cetera, Nucala COPD. These are big areas of investment. The thing that we're doing in parallel, as you've probably seen, is that we are driving productivity benefits also through SG&A and the gross margin.

Personal when confidence in reaching 20% margin target that we laid out more than 31%.

Difference between a full team shared confidence in the short medium and long term outlooks are and where the market is today as we've said before it is largely in oncology and our ini yeah. The other point I would like is that as well as a gap.

To your point about investments in R&D, we have deliberately being putting more investment behind R&D now for a number of years and we expect the same next to the R&D will grow ahead of sales and then in terms of the investments and the launches we are intentionally investing in the new launches with him to grow the business. So.

Between the top line. There is also quite some material difference as we've said before and all of you. The continued leverage of SG&A and where the market currently says, but truly doing I won't comment directly on that issue of thank you very much for the question.

Definitely investments gone already into blown run.

Then come up coming up et cetera in your conversation P. D. These are big areas of investment and the thing that we're doing in parallel and you've probably seen is that we are driving productivity benefits also to SG&A on the gross margin and basically were looking at operating level cost and tech to modify and simplify.

Julie Brown: Yeah, sure.

Emma Walmsley: Thank you very much Emma and Peter for the question. The major areas, as Emma mentioned, are oncology and respiratory, immunology and inflammation, and we do think the data readouts and commercial execution will make the difference here, but clearly the Blenrep launch is one of the areas within oncology. I think people are also waiting for the rectal readout in Jem Perley. The other difference of course is the ADCs recently licensed in from Hansa, which we're very optimistic about. In terms of the future within respiratory, I have to say the gaps are closing, they've improved. We've obviously got the depemokimab PDUFA date in December this year. People are clearly waiting for that. The other one of course is Kamla Pixent where we've got the data readout from CALM this year and then CALM 2 next year.

So the major areas as I've mentioned oncology and respiratory immunology and inflammation and we do think the data readouts for commercial execution will make the difference here, but clearly the blender at launch is one of the areas within oncology I think people will say waiting for the rectal readout in Tianjin poorly and then the other.

Julie Brown: Basically, we're looking at operating model cost and tech to modify and simplify what we do. These are really important components. We now have a track record of doing this. You know, we've guided at more than a 31% margin by 2026. This will be over 500 basis points of accretion for the company between 2021 and 2026, which is really a considerable achievement, as well as funding those launches.

What we do but these are really important component and we now have a track record of doing this you know we've guided it move in the 31% margin by 26 thinks will be over 500 basis points of accretion for the company between 'twenty, one and 26, which is really a considerable achievement as well as funding those launches yeah.

The difference of course is the agencies are basically licensed it from home suite, which we're very optimistic about in terms of the future.

Within respiratory I have to say the gaps are closing they've improved so without because he got the Duffy Paducah date in December this year people are clearly waiting for that and then the other one of course is kind of a big food, where we've got the data readout from come this year and then come to next year. So we.

As I said I think we all would expect that to continue I mean, just don't underestimate how much technology is changing the way you can effectively and efficiently our sales and marketing work very differently than you know the history of this industry and we will say not tried shopping whilst allowing us since the very compare.

Emma Walmsley: Yeah. As I said, I think we all expect that to continue. I mean, just don't underestimate how much technology is changing the way you can effectively and efficiently do sales and marketing work very differently than, you know, has been the history of this industry, and we're all seeing that change happen whilst allowing us to invest very competitively behind the launches that, you know, you're continuing to see us deliver competitively on. Next question, please.

Emma Walmsley: We think these are going to be the key trigger points that will make a difference between ourselves and consensus. Thanks, Julie. As you pointed out before, it's always, we know, going to be a combination of the launch, execution, delivery as well as the data that comes. It is quite pleasing with our upgraded guidance this year as a reminder that our initial outlook of $33 billion to be delivered by 2031, we are well on track to be delivering this year six years early. Luke, the second part of the question was related to what's coming, despite our shared request and what's coming for 2026. As usual we are not going to give a huge amount of detail now about what's coming in 2026.

These are going to be the key trigger points that will make a difference between ourselves and consensus.

Totally behind the launches.

Yesterday and as he pointed out before it's always we know you're going to be a combination of the launch execution delivery as well as the date of the columns and is quite pleasing with our upgraded guidance. This year as a reminder, that our initial outlook of 33 billion to be delivered by 2031 are way up.

But considering you're continuing to see us deliver competitively.

Next question please.

This will come from Michael <unk> from Jefferies.

Operator: Next question comes from Michael Leuchten from Jefferies.

Yeah.

Thank you. Thank you two questions for Luc placed one four.

Michael Leuchten: Thank you. Thank you. Two questions for Luke, please. One for depemokimab with the pending approval. Luke, can you update us on your latest thinking on phasing of access, likely source of business for the product in into 2026? Then Blenrep, there's been a lot of debate after the approval on label, scope, REMS, and the like. Is there any learnings you can point to from the, albeit early experience in Europe or small experience in Europe that helps us understand sort of how the shape of the curve could look like in the US? Thank you.

And we'll come up with the pending approval looking at update us on your latest thinking on the phasing of access likely source of business for the product and into 2026.

All are well on track to be delivering this year six yesterday. So note. The second part of the question was related to what's coming spikes or shed request and again I think well see.

And then Glenn Rep, there's been a lot of debates after the approval on label scope Graham said alike.

So the 26 and as usual.

We are not going to give a huge amounts of detail now about what's coming in 'twenty six, but we do want to as a team and reiterate a very high confidence in those not only 26 outlooks, but also a third tier one the outlooks, which forecast it by this segment.

Are there any learnings that you could point to from the albeit early experience in Europe, a small expense in Europe that helps us understand sort of how how the shape of the curve could look like in the U S. Thank you.

Emma Walmsley: We do want to all as a team reiterate our very high confidence in those not only 2026 outlooks, but also 2031 outlooks which are forecasted by this team and committed by this team, as you've heard us all do together again today at the beginning of 2025 with the full year 2025 results. You'll hear the outlook for 2026. Later on in the year, the building blocks for delivering that longer term 2031 outlook. Luke, I know you don't want to say too much, but is there anything else you'd like to add to that?

Thanks, Michael I'll start with bandwidth first yeah, I think there's a number of lessons.

Emma Walmsley: Luke.

Luke Miels: Thanks, Michael. I mean, I'll start with Blenrep first. I think there's a number of lessons. I chair a task force every 2 weeks to look at this to ensure cross-functional learnings, and we're certainly incorporating those. I think the key, again, no surprise, is that once people have experience with this product, they tend to be, how would I say it? Pleasantly surprised by, you know, the reputation leading into this versus the experience of using it. That's why we've been very focused on supporting physicians with those first 5 patients to ensure that they understand the dosing and how to manage that and how to hold doses and integrate that into their practice. That's everything that we will then take into the US.

I Chair a task force every two weeks to look at this to ensure cross functional learnings.

Commissioned by this team as you've heard us all do together.

Certainly incorporating those I think the key again no surprise is that once people have experience with this product.

Again today.

Many of 'twenty with the full year 'twenty five results, you'll hear the outlook for 'twenty six and then.

They tend to be.

Later on in the yeah. The building blocks for delivering a that's longer term thoughts you want out of the I know you don't want to say too much but is there anything else you'd like to add to the Shaw. Thanks, Aman, Thanks paid out but what else is left.

Pleasantly surprised.

Bye.

<unk> leading into this versus the experience of unions I guess and that's why we've been very focused on supporting.

Operator: Sure. Thanks, Emma. Thanks, Peter. What I'll say is, the number 40 is doable and I stand behind it. The majority of the products in it were forecast by me.

Physicians with those first five patients to ensure that they understand the dosing.

Number 40 is doable.

How to manage that and how the whole doses and integrate that into their practice and that's everything that we will then take into into the US We also have close to 8000 patients now have been expires to blend ramp globally. So we've got a lot of clinical and operational experience.

Stand behind it.

But the majority of the products they never forecast by me.

Emma Walmsley: Right, that's clear and you'll hear more next year. Next question, please.

Alright, well, that's clear and you'll hear more nextgen. So next question. Please next question comes from Matthew Weston UBS.

Luke Miels: We also have close to 8,000 patients now, who've been exposed to Blenrep globally. We've got a lot of clinical and operational experience, in those centers as well. On depi, look, it's obviously a competitive environment right now, so I'll be careful around some of the phasing around access and our strategy there. What I will say is, you know, I think this is quite a fascinating opportunity. You know, the, the basic facts when I try and look at that to simplify things is that you've got a lot of eligible, you know, refractory patients who by definition are at risk of exacerbation. In the US, access is actually extremely good for all biologics.

Operator: Next question comes from Matthew Weston, UBS.

Our centers as well.

Luke Miels: Thank you, Constantin. Two questions, please. The first for Luke on Shingrix. There was a great benefit ex U.S. from the rollout in France, both in Q2 and Q3. Can you give us some help for the pushes and pulls on Shingrix into 2026? Should we assume that there's been a France bolus which wanes next year and then we need a geography to take up the baton?

Thank you constant team two questions. Please the first for Luke on <unk>, There was a great benefit ex U S from the rollout in France, both in Q2 and Q3.

Debbie.

Look it's obviously a competitive.

But right now so I'll be careful around so that's fine.

Zing around access and our strategy there, but what I will say this.

Can you give us some help for the pushes and pulls on Xing Greeks into 'twenty six should we assume that there's been a France bullets, which wayne's next year and then we need them, we need a geography to take up the baton, if so which one.

I think this is quite a fascinating opportunity.

<unk>.

The basic facts when I try and look at it that simplified things is that you've got a lot of eligible refractory patients who by definition are a risk of exacerbation.

Operator: If so, which one?

Luke Miels: Do you think there's just consistent rollouts which mean Shingrix ex U.S. can keep growing? A second one for Julie, another quarter of great margin leverage. I know this, I promise it's not really a 2026 guidance question, but can you at least help us with pushes and pulls of OpEx?

Or do you think thats, just consistent Rollouts, which mean <unk> ex U S can keep growing.

And then a second one for Julie another quarter of Great margin leverage I know this I promise, it's not really a 2006 guidance question. What can you help us with the pushes and pulls.

And in the U S access is actually extremely going for Obama objects.

The economic driven the paradox is that finding 'twenty. So.

Luke Miels: Yet the conundrum, the paradox is that only 27% of them actually get a biologic. I think a few physicians must scratch their heads on this one. Those that do get a biologic, you know, we see this with our data, it's true with Dupixent for Sanofi, et cetera. After 12 months, you're losing around two-thirds of them. Of course, if you're not adherent, you are put on a biologic for a reason. If you're not adherent, then you have a higher risk of an exacerbation and subsequent ER visit, for example. You know, for us, there's a clear opportunity here for ACP-driven administration with long intervals between dosing and a strong efficacy that's associated with that. The market research is very, very consistent. This is probably the most market research product in GSK.

Forget a biologic and then I think a few physicians must scratch their heads on this one doesn't do get a biologic.

Operator: Obviously, a statement about R&D.

So obviously a statements about R&D reinvestments into <unk>.

Luke Miels: D reinvestment in Q4. How much should we assume that carries on but also depemokimab, new Carlos COPD, and Blenrep launches. Should we think of SA needing more next year?

How much should we assume that carries all results, but also that the bulk came up and you call of COPD and blend rep launches should we think about needing more next year.

We've seen this with our daughter, it's true with Jupiter.

12 months, you are losing around two thirds of them.

And of course, if you are not adherent you put on a bottle for a reason and if you're not adherent, but do you have a higher risk of an exacerbation in subsequent visit for example.

Emma Walmsley: Right, so Luke first on Shingrix, and then Julie on our continued drive of meaningful SG&A leverage, please.

Right. So first on on Shang Rex and then Chile on all continue to drive meaningful SG&A leverage cause.

For us there's a clear opportunity here for ACP, driven administration with long intervals between dosing and a strong efficacy that's associated with that the market research is very very consistent this is probably the most market research product.

Operator: Thanks, Matthew. I mean, the short answer in Europe is yes. I mean, if you step back.

Thanks, Matthew I mean, the short answer in Europe as yet.

Stepping back.

<unk>.

Emma Walmsley: You.

Operator: know, we've quietly pursued a three stage strategy and I've mentioned this on multiple quarterly earnings calls where Shingrix has come up in line with the current label. You know, the first step of course was max the U.S. and get to a point where we penetrated, you know, where that starts to slow. We've got an immunization rate of 43%, which is in line with the 3 to 5% increment that we'd signaled. It's very much linked to flu though, and flu is softer. The plan of course was within the U.S., which we started to pivot on to focusing on the comorbid and high risk subgroups. That's just started now in June, and I think the results are encouraging. Maybe with hindsight we could have gone there earlier, but again, we're getting traction there. That's a good sign. The U.S.

We bought that you pursued or the three state strategy and I've mentioned this on multiple.

Quarterly earnings calls like fingers, just come out in line with the current label.

<unk>.

And 86% of Pulmonologists centers could be a new standard of care when we show them the target label and 92% of Pulmonologists sit there would consider using this product ahead about MLR strat.

The first step of course was Max the U S.

Luke Miels: Yeah, 86% of pulmonologists said this could be a new standard of care when we show them the target label. 82% of pulmonologists said they would consider using this product ahead of other MOAs. Our strategy is very simple. It will be focusing on the naive new patients that are first going onto biologics.

And get to a point, where we penetrated.

And where that stops as far as who's got any amortization right at 43%, which is in line with the 3% to 5% increment that would signal, it's very much linked to Florida and fluid Salter.

Strategy is very simple it will be focusing on the naive new patients.

That first guy on the biologics I mean this is just.

And then the plan of course was within the U S, which we started to pivot to focusing on the kind of a little bit of harvest subgroups and that's just started now in June and I think the results are encouraging.

An extraordinary opportunity when you say the material difference in compliance.

Emma Walmsley: I think this is just an extraordinary opportunity when you see the material difference in compliance, the material reduction, 72% reduction in the kind of attacks that cause hospitalization. Consequently, the very significant cost-sharing benefit for healthcare systems in such a scale disease as asthma. Of course, we're very excited about taking Depi into COPD and other indications too. Next question, please.

Limit reductions, 72% reduction in the kind of attacks that cause hospitalization and consequently.

Maybe with hindsight, we could have gone there earlier, but again, we're getting traction there.

Significant cost bearing a benefit for health care systems are in and start to scale disease asthma, and then of course, we're very excited about taking it up into say payday and other indications.

So that's that's a good sign but the U S will still be tough because of sort of macro factors around vaccines, which no doubt will get into the lineup.

Operator: will still be tough because the sort of macro factors around vaccines, which no doubt we'll get into later in Europe. I mean, really the strategy was to maintain pricing discipline and then build the evidence for the launch in Europe and Japan. That's exactly where we are now. The average immunization rate in the top 10 markets ex U.S. is around 10%. It's about 9.7% to be exact. There's more opportunities, more work to do as we broaden those populations in those countries. The third part, which we're really not in yet, is a pivot to the emerging markets in the midterm with more pricing flexibility. We did start, they were trying, we had a bit of a challenge there. We've got a pathway again focusing on comorbid and that is resonating despite a tough, tough backdrop. It's very much a midterm story with China and emerging markets.

In Europe, I mean really the strategy was to maintain pricing discipline and then build the evidence for the long term and in Europe, and Japan, and that's exactly where we are now so the average immunization right in the in the top 10 markets ex U S is around 10%, it's about $9 seven to be exact.

Indications Jay next question. Please next question comes from Luisa Hector from Bamdad.

Operator: Next question comes from Luisa Hector from Berenberg.

Lisa.

Hi, there.

Emma Walmsley: Hi, Luisa.

And maybe I can take this John.

Luisa Hector: Hi there. Maybe I could take this chance, Emma, end of an era, so thank you on behalf of all of us. Many insightful conversations and I think many significant achievements whilst navigating some of the challenges. Thank you very much.

So theres more opportunities more work to do as we broaden those populations in those countries and then the third part, which we were really not in yet is the pivot to the emerging markets and the midterm with more pricing flexibility. We did stop they were trying to quite a bit of a challenge there, but we've got a pathway again, focusing on kind of more of a.

End of an era.

And on behalf of one of the many insightful conversation than I think many significant achievements, while navigating some of the challenges. So thank you very much.

My my question would be on on business development.

Emma Walmsley: Thank you.

Luisa Hector: My questions would be on business development, because we've seen a very neat series of small deals. Where are we now in terms of appetite, capacity for the next round of deals and any changes in terms of size or area phasing, et cetera? Perhaps a quick check on the comments you made on J&J and rilpivirine. Should we assume that they can now supply everything you need and that this would not be any kind of constraint when you get closer to filing and launch? Thank you.

There is a small deal.

And that is resonating despite a tough backdrop. So it's very much a midterm story with China and emerging markets, but yes net net.

Where are we now in terms of appetite capacity for the next round of deals and any changes in.

Operator: Yeah, net net. I think we're in good shape with Europe and we just need to keep that going.

Besides or area amazing etcetera, and that's a quick check on the comments you made on J&J and real people I mean should we assume that that they can now apply everything you need and that this could be any kind of constraint when you get closer to filing and launch.

I think we're in good shape with Europe, and we just need to keep that going alright. Thanks Jay.

Emma Walmsley: Right. Thanks, Jude. Thank you very much. Thanks for the question. In terms of, first of all, we're confident in reaching 2026 margin target that we laid out of more than 31%. To your point about investment in R&D, we have deliberately been putting more investment behind R&D now for a number of years and we expect the same next year that R&D will grow ahead of sales. In terms of the investment in the launches, we are totally investing in the new launches. We're here to grow the business. Definitely investment gone already into Blenrep, depemokimab coming up, etc. Nucala, COPD, these are big areas of investment. The thing that we're doing in parallel, as you've probably seen, is that we are driving productivity benefits also through SG&A and the gross margin. Basically, we're looking at operating model cost and tech to modify and simplify what we do.

Thank you very much. Thanks for the question in terms of personal when confidence in reaching 26 margin target that we laid out more than 31%.

To your point about investments in R&D, we are deliberately being putting more investment behind R&D now for a number of years and we expect the same next to the R&D will grow ahead of sales and then in terms of the investments and the launches we are intentionally investing in the new launches with him to grow the business. So.

Thank you.

Right, Yeah, I mean, I think we all really say prime they called and although I can't say that but because of the momentum in the business and the prospects in the pipeline at all separately, so talk about that and in terms of BD.

Emma Walmsley: Right. Yeah. I mean, I think we are really supremely confident on long-acting portfolio, both because of the momentum in the business and the prospects in the pipeline. I'll ask Deborah to talk about that. In terms of BD, look, you know, once again, Luke and Tony and David have all been co-architects of some deals that we are extremely pleased with their progress on. It's great to see 3 out of the 4 phase III or the pivotal trials that are due to start at the end of this year are from deals that we've been very pleased to sign.

And once again ladies.

Can China and David have been opened in cobalt contracts of some deals that we are extremely pleased with that progress on its great to see readouts at the full phase III.

Definitely investments gone already into blown run that's going to come up coming up et cetera, and your condensate a P. D. These are big areas of investment and the thing that we're doing in parallel and you've probably seen is that we are driving productivity benefits also to I C. N E on the gross margin and basically were looking at operating level.

Pivotal trials of the <unk> stuff at the end of this year all from deals that we've been very pleased to sign with thrilled with the discipline, we put through in terms of value.

Emma Walmsley: We're thrilled with the discipline we've put through in terms of value and returns when we look at these deals, whether it's in the, you know, what's become more fashionable, FGF21 market, or indeed, our ADC plays, or of course. We're very excited to see what's going on in terms of pipeline development in China and thrilled to see where that partnership with Hengrui Pharma will do. Then, of course, once again, we added a couple more deals just this week in our earlier stage pipeline because, you know, we're all very focused and you're all very focused on the models of what's happening with the core 15.

Cost and tech to modify and simplify what we do but these are really important component and we now have a track record of doing this you know we've guided it move in the Sochi Olympics at large and by 26 basis will be over 500 basis points of accretion for the company between 'twenty, one and 26, which is really a considerable achievement.

Ah and returns when we look at these deals whether it's in the you know what it's become more fashionable F. G F 'twenty one market.

Emma Walmsley: These are really important components and we now have a track record of doing this. We've guided at more than a 31% margin by 2026. This will be over 500 basis points of accretion for the company between 2021 and 2026, which is really a considerable achievement as well as funding those launches. As I said, I think we all expect that to continue. Just don't underestimate how much technology is changing the way you can effectively and efficiently do sales and marketing work very differently than it has been the history of this industry and we're all seeing that change happen whilst allowing us to invest very competitively behind the launches that you're considering continuing to see us deliver competitively on. Next question, please.

Okay.

Oh, a D C but of course the.

Very excited to see what's going on in terms of pipeline development in China, and I'm thrilled to see what that partnership with hungry. It will do and then of course once again, we added a couple more deals just this week and our earlier stage pipeline because.

As well as funding those launches, but not as.

I said I think we all expect that to continue I mean, just don't underestimate how much technology is changing the way you can effectively and efficiently to the sales and marketing work very differently than you know this has been the history of this industry and what we will say not try and sharpen our whilst allowing us to invest very competitively.

We're all very bad because then you have a very focused on the models of what's happening with the cool 15, but you know I know how much. The team. We're also thinking about that next wave of development through the 2000 and so that is when we come out the other side of successfully digesting a dollar type of it. So I think you should expect.

Emma Walmsley: You know, I know how much the team are also thinking about that next wave of development through the 2030s when we come out the other side of successfully digesting dolutegravir. I think you should expect that BD will continue to be a very... It's about half of our pipeline, and it will continue to be a very material contributor to our pipeline with a focus on R&I and RON and, you know, the kind of scale and pace. We're always going to be looking out at things and review it very, very regularly. Obviously, the market stays competitive, and we're right in the middle of that. Not much more, I think, to add on that. Let's get back to long-acting. Now, 30% of our business in the US already.

Behind the launches.

The BD will continue to be very cautious about half of our pipeline and it will continue to be a very material contributor to our pipeline with a focus on our Idaho and all that.

Are you considering you're continuing to see us deliver that's too bill.

Next question please.

Operator: Next question comes from Michael Leuchten from Jefferies.

This will come from Michael <unk> from Jefferies.

Okay.

What kind of scale and pace, but we're always going to be looking out for things and review it very very regularly and oversee the market stays competitive and we're right in the middle of that but not much more I think to add on that but let's get back to long acting now a third of almost 30% of all business in the U S. Already so I definitely want to talk about that in the pipeline question, Yeah, I think I said that.

[Analyst]: Thank you. Thank you. Two questions for Luke, please. One for depemokimab with the pending approval. Luke, can you update us on your latest thinking on phasing of access, likely source of business for the product into 2026, and then Blenrep? There's been a lot of debate after the approval on label, scope, REMS and the like. Is there any learnings you can point to from the albeit early experience in Europe or small experience in Europe that helps us understand sort of how the shape of the curve could look like in the U.S.? Thank you.

Thank you. Thank you two questions for Luc placed one four.

With the pending approval leucadia update us on your latest thinking on the phasing of access like he sells a business product and into 2026.

And then Glenn Rep, there's been a lot of debates after the approval on label scope Graham said alike.

Emma Walmsley: Deborah, do you want to talk about that and the pipeline question?

So it wasn't just stop delighted with the company of his performance seven 5% growth in the quarter.

Deborah Waterhouse: Yeah. Thanks, Emma. Just to start, delighted with Cabenuva's performance, 75% growth in the quarter, and actually 75% of our Cabenuva switches now come from competitors. Our long-acting injectable performance is at the heart of why we've been able to upgrade our HIV guidance this quarter. Let's just talk a little bit about Q4M. Our Q4M QUATRO phase 3 study start is gonna be delayed into H1 2026, and that's due to a delay in the delivery of lenacapavir clinical trial supply by Janssen. There is no ongoing issue which would cause us anything but complete confidence from Janssen. They're a great partner. This is just a one-off. I think the key thing to communicate is that this is a clinical trial supply delay.

Is there any learnings that you can point to from the albeit early experience in Europe, a small expense in Europe that helps us understand sort of how how the shape of the curve could look like in the U S. Thank you.

75% of our company. The switch is now coming from income taxes, and a long acting injectable before but it sits at the heart of why we've been able to upgrade our HIV our guidance. This quarter. So, let's just talk a little bit about.

Operator: Thanks, Michael. I'll start with Blenrep first. I think there's a number of lessons. I chair a task force every two weeks to look at this to ensure cross-functional learnings, and we're certainly incorporating those. I think the key, again, no surprise, is that once people have experience with this product, they tend to be, how would I say it, pleasantly surprised by the reputation going into this versus the experience of using it. That's why we've been very focused on supporting physicians with those first five patients to ensure that they understand the dosing and how to manage that and how to hold doses and integrate that into their practice. That's everything that we will then take into the U.S. We also have close to 8,000 patients now who've been exposed to Blenrep globally. We've got a lot of clinical and operational experience in those centers as well.

Thanks, Michael I'll start with blend right first yeah, I think there's a number of lessons.

Q4, and so on Q4 and for a phase III study stocks can be delighting the H, one 'twenty 'twenty six.

I Chair a task force every two weeks to look at this to ensure cross functional learnings and we're certainly incorporating those I think the key again no surprise is that once people have experience with this product.

That's G towards the light and the delivery of recovering in clinical trial supply by young since there is no ongoing issue which would.

They tend to be.

Politically surprised.

Cause us.

Bye.

Anything, but simply confidence from young and they're a great partner. This is just a one off.

The reputation leading into this versus the experience of unions I guess and that's why we've been very focused on supporting physicians with those first five patients to ensure that they understand the dosing and.

The key thing to.

Communicated that this is a clinical trials by the light it's not related to efficacy or Tolerability concerns are told and we remain committed to 2027th filed in 2028 launch of peaceful added.

How to manage that and how the whole doses and integrate that into their practice.

Deborah Waterhouse: It's not related to efficacy or tolerability concerns at all, and we remain committed to 2027's file and 2028 launch of Q4M. We've looked over the financials, and there's no material impact on outlook from the delay because we've got Cabenuva in the market already, and that product is performing so well. Demand is high. We've got really fantastic momentum. Whilst we're disappointed, obviously, not to be able to launch Q4M at the end of 2027, as we originally said, actually, this is a marketplace where there's no competitor for a long, long period of time. We are the only long-acting injectable in treatment, and we're gonna remain that way for the foreseeable future. Cabenuva will power on, and we will do everything we can to get Q4M into the marketplace as soon as we can.

And that's everything that we will then take into into the U S. We also have close to 8000 patients now have been exposed to blend ramp globally. So we've got a lot of clinical operational experience in our centers as well.

We've looked at the financials on this no material impact on output from the delay because we got happened either in the market already.

Operator: On depemokimab, it's obviously a competitive environment right now, so I'll be careful around some of the phasing around access to our strategy there. What I will say is, I think this is quite a fascinating opportunity. The basic facts when I try and look at that, sort of simplify things, is that you've got a lot of eligible, refractory patients who by definition are at risk of exacerbation. In the U.S., access is actually extremely good for all biologics. Yet the conundrum, the paradox, is that only 27% of them actually get a biologic. I think a few physicians must scratch their heads on this one. Those that do get a biologic, we see this with our data. It's true with Dupixent, Placentra, et cetera.

On Debbie.

So while demand is high we got really fantastic momentum and whilst we're disappointed obviously not to be able to do that to pay for them at the end of 2027 as we originally said.

Look.

It's obviously a competitive environment right now so I'll be careful around some of the phasing.

By using around access and our strategy there, but what I will say is I think this is quite if outstanding opportunity.

This is a marketplace, where there's no competitor for a long long period of time. So we are the only long acting injectable in treatment and we're going to remain that way.

The basic facts when I try and look at it that simplified things is that you've got a lot of eligible.

For the foreseeable future copper capable power on and we will do everything we can to get key for them in the marketplace. As soon as we can and then obviously you've got T. Six I'm coming next year, we will be doing a regimen selection for Q six and then we will be launching that as a.

Fracturing patients who by definition are a risk of exacerbation.

Deborah Waterhouse: Obviously, we've got Q6M coming next year. We will be doing our regimen selection for Q6M, we will be launching that asset as the next phase of our long-acting injectable journey.

And in the U S access is actually extremely going for Obama objects.

The next phase of our long acting injectable Jenny I, it's just so important to remember that.

The economic driven the paradox is that finding a 27% of them actually get a biologic and then I think a few physicians must scratch their heads on this one doesn't do get a biologic.

Emma Walmsley: It's just so important to remember that we are the only one on the treatment market for a very long time ahead, and that is a business that, you know, continues to accelerate momentum.

We are the only one on the treatment market for a very long time ahead and that is a business that continues to.

We've seen this with our daughter, it's true with your picks and Sandra et cetera.

Operator: After 12 months, you're losing around two-thirds of them and of course if you're not adherent, you are put on a biologic for a reason and if you're not adherent then you have a higher risk of an exacerbation and subsequent ER visit, for example. For us, there's a clear opportunity here for HCP-driven administration with long intervals between dosing and a strong efficacy that's associated with that. The market research is very, very consistent. This is probably the most market-researched product in GSK and 86% of pulmonologists say this could be a new standard of care when we show them the target label and 82% of pulmonologists say they would consider using this product ahead of other MOAs. Our strategy is very simple. It will be focusing on the naive new patients that are first going on to biologics.

For 12 months, you are losing around two thirds of them.

To accelerate momentum in there.

And there are obviously and you know as as we've seen ourselves some sort of bumps in the road blown got injectables that we and our competitors experience play of weapons that are I think I think it's just a complicated area mainly around C&C, but in terms of the patient benefit really significant demand from patients is almost.

If you've not inherent you put on a bottom up there for a reason and if youre not adherent, but do you have a higher risk.

Deborah Waterhouse: There are obviously, Emma, you know, as we've seen ourselves, some sort of bumps in the road of long-acting injectables that we and our competitors experience. I think it's just a complicated area, mainly around CMC. In terms of the patient benefit, really significant, and the demand from patients is also very material.

A basin and subsequent visit for example.

And for US, there's a clear opportunity here for ACP, driven administration with long intervals between dosing and its strong efficacy that's associated with that the market research is very very consistent this is probably the most market research product.

Goodbye Newberry material, yeah definitely want to get watching next question. Please next question comes from Sachin Jain Bank of America.

Emma Walmsley: Yeah. Definitely one to keep watching. Next question, please.

GSK.

Operator: Next question comes from Sachin Jain from Bank of America.

And 86% of Pulmonologists centers could be a new standard of care when we show them the target label at 92% of Pulmonologists sit there would consider using this product ahead of other MLS.

Okay.

Seven.

Deborah Waterhouse: Sorry. Can you hear me now?

Sachin Jain: Sorry. Can you hear me now?

Hi.

Sorry can you hear me now.

And I'm sorry, if it does I just.

Strategy is very simple it we'll be focusing on the naive new patients.

Emma Walmsley: We can hear you now.

Just a follow on actually to the Q4 question. Sir Thank you for that update separate but wonder if you can just talk about the commercial impact of delay relative to gilead to weekly oral.

Deborah Waterhouse: Yeah. Sorry for the delay. Just to follow on actually to the Q4M question. Thank you for that update, Deborah. I wonder if you could just talk about the commercial impact of delay relative to Gilead's weekly oral, lenacapavir, which is probably 6 to 12 months ahead. We hear mixed KOL feedback on weekly oral versus Q4M. Secondly, I wonder if you could just update on US policy. Any color you're willing.

Sachin Jain: Yeah. Sorry for the delay. Just to follow on actually to the Q4M question. Thank you for that update, Deborah. I wonder if you could just talk about the commercial impact of delay relative to Gilead's weekly oral, lenacapavir, which is probably 6 to 12 months ahead. We hear mixed KOL feedback on weekly oral versus Q4M. Secondly, I wonder if you could just update on US policy. Any color you're willing.

First guy on the Biologics I mean this is just.

Emma Walmsley: I think this is just an extraordinary opportunity when you see the material difference in compliance, the material reduction, 72% reduction in the kind of attacks that cause hospitalization and consequently the very significant cost sparing benefit for healthcare systems in such a scale disease as asthma. We're very excited about taking depemokimab into COPD and other indications too. Next question please.

An extraordinary opportunity when you say the material difference in compliance.

It's not to where it was just 26 to 12 months I had we had mixed kols feedback on weekly oral versus Q4 of them.

Limits have been a reduction of 72% reduction in the kind of attacks that cause hospitalization and consequently.

Secondly, I.

And I Wonder if you can just update when U S policy. So any color you are willing to do a deal with administration given your high Medicaid exposure and then how's dialog around alright, Gary and then just one quick clarification, if I could transfer my answer league as a follow on <unk> question on blend right therapy, clearly bullish commentary, but just trying to triangulate your versus 'twenty.

Significant cost.

Alright.

Emma Walmsley: Yeah.

Deborah Waterhouse: -to give on ability to do a deal with the administration, given your high Medicaid exposure, how's dialogue around IRA going. Just one quick clarification, if I could chance my arm for Luke as a follow-on to earlier question on Blenrep Depi. Clearly bullish commentary, Luke. Just trying to triangulate it versus 2026 consensus for both, which is around GBP 200 million. I know it's a tough question, but any color direction would be helpful. Thank you.

Sachin Jain: -to give on ability to do a deal with the administration, given your high Medicaid exposure, how's dialogue around IRA going. Just one quick clarification, if I could chance my arm for Luke as a follow-on to earlier question on Blenrep Depi. Clearly bullish commentary, Luke. Just trying to triangulate it versus 2026 consensus for both, which is around GBP 200 million. I know it's a tough question, but any color direction would be helpful. Thank you.

<unk> benefits for health care systems are in and in such a scale disease asthma and then of course, we're very excited about taking definitely into say payday and other indications.

Indications Jay next question. Please next question comes from Luisa Hector from <unk>.

Operator: Next question comes from Louisa Hector from Berenberg.

Consensus for banks, which is around 200 million.

Emma Walmsley: Hi Louisa. Hi there. Maybe I could take this chance, Emma. End of an era. Thank you on behalf of all of us, many insightful conversations and I think many significant achievements whilst navigating some of the challenges. Thank you very much and my questions would be on business development because we've seen a very neat series of small deals. Where are we now in terms of appetite, capacity for the next round of deals, and any changes in terms of size or area, phasing, etc.? Perhaps a quick check on the comments you made on JJ and rilpiverine. Should we assume that they can now supply everything you need and that this would not be any kind of constraint when you get closer to filing and launch? Thank you. Great.

I know, it's tough question, but any color direction there would be helpful. Thank you.

Lisa.

Hi, there.

Maybe I can take this job and the end of an era.

They do want to say anything on that.

Emma Walmsley: Luke Miels, do you wanna say anything on that?

Oh God.

Thanks, Amit.

I would just say basically big asset to the long term, Hawaii, I cant give any sort of color, but anyway going to approach. This asset very aggressively and I would just point to the performance in New York and you call us here today.

On behalf of one of the many insightful conversation than I think many significant achievements, while navigating some of the challenges. Okay. Thank you very much.

Luke Miels: Look, I would just say these are big assets in the long term. I can't give any quarter color, but clearly we're going to approach both assets very aggressively. I would just point to the performance in Nucala COPD, where in May we had 0% market share, and we've now got 46% of those new patients in COPD against Dupixent. That's not a read-across depemokimab. It just tells you that the team is very effective at executing, we're going to be, you know, focused on that asset. Blenrep are already in the field and receiving very good feedback. Again, it's going to be more of a stage process to give people experience and confidence to use the product more broadly.

My my questions would be on business development.

In May we had zero percent market share.

There is a small deal so where are we now in terms of appetite capacity for the <unk>.

Now about 46% of those new patients.

And so you have been doing against your picks and that's not a read across step and welcome add that just tells you that the team is very effective at executing and we're going to be.

Next round of deals and any changes in.

In terms of size or area amazing et cetera, and perhaps a quick check on the comments you made on J&J and real people read.

Focused on that asset.

And in the field and receiving very good feedback again, it's going to be more of a stage process to get people experience and confidence to use the powerful broadly right.

Should we assume that that they can now supply everything you need and that this would be any kind of constraints when you get closer to filing of an orange. Thank you.

So.

Emma Walmsley: Great. On MFN, you know, I'm not really gonna give any more detail or get ahead of anything. Except to say, as you would expect, we're engaging, and as I've said, very constructively, with the administration. Medicaid is 10% of our total US business. I'm really confident in our ability to navigate this over the last 4 years through a variety of different environments. The strength and quality of our portfolio has continued to allow us to do, you know, repeated upgrades and navigate through these kinds of challenges. The US is our number 1 priority market. We're committed to very material investments there.

And that's fine.

I'm not really going to give any more detail Oh got ahead of us and I think is that to say as you would expect we're engaging.

Right, Yeah, I mean, I think we all really supremely confident in although that's important.

Emma Walmsley: I mean I think we are really supremely confident in our long-acting portfolio both because of the momentum in the business and the prospects in the pipeline and ask Deborah to talk about that. In terms of BD, Luke and Tony and David have all been co-architects of some deals that we are extremely pleased with their progress on. It's great to see three out of the four phase three or the pivotal trials that are due to start at the end of this year are from deals that we've been very pleased to sign. We're thrilled with the discipline we've put through in terms of value and returns when we look at these deals, whether it's in the, you know, what's become more fashionable SGF 21 market or indeed our ADC plays or of course that.

And as I've said very constructively with the administration.

Because of the momentum in the business and the prospects in the pipeline at all separate so talk about that and in terms of BD.

Medicaid is 10% of the total U S business.

Yeah once again.

I'm really confident in our ability to navigate this over the last four years for a variety of different environments, the strength and quality of our portfolio.

China and David has been holding co all contracts of some deals that we are extremely pleased with that progress on its great to see readouts at the full phase three pivotal.

Pivotal trials of the do it yourself at the end of this year all from deals that we have.

I will continue to allow us to kind of repeated.

Upgrades and navigate through these kinds of challenges the U S is our number one priority market, we are committed to a very material.

I'm very pleased to sign with thrilled with the discipline, we put through in terms of values are and where times. When we look at these deals whether it's in the you know what would become more fashionable F. G F 'twenty one market.

Investments are that and we fully agree.

We shouldn't be partnering and working towards being in a place where it's.

Emma Walmsley: We fully agree that we should be partnering and working towards being in a place where step change innovation can be made, you know, affordably available and sustainably available for innovators to American patients. We also fully agree that we'd like to see all countries recognize the value that innovation can bring to bring down the demand care on healthcare. The demand, sorry, curve, and therefore the cost on healthcare. You know, continue to engage here and we'll keep you updated. You know, very much bearing in mind and the sits with a strong underpin to our confidence on our outlooks overall. You mentioned IRA. I think Luke already said it.

Okay.

Oh, a D C. All of course the.

Step change innovation can be made you know affordably available and sustainably available for innovators to American patients and we also have 30 upgrade that we'd like to see all the countries recognize.

Emma Walmsley: Very excited to see what's going on in terms of pipeline development in China and thrilled to see where that partnership with Hengrui will do. Of course, once again we added a couple more deals just this week in our earlier stage pipeline because, you know, we're all very focused and you're all very focused on the models of what's happening with the core 15. I know how much the team are also thinking about that next wave of development through the 2030s when we come out the other side of successfully digesting dolutegravir. I think you should expect that BD will continue to be a very cause, about half of our pipeline, and it will continue to be a very material contributor to our pipeline with a focus on our iron, iron on and, you know, the kind of scale and pace.

Are the values that innovation can bring to bring down the demand Tyrone.

We're all very focused in Europe very focused on the models of what's happening with the cool 15, but you know I know how much. The team. We're also thinking about that next wave of development through the 20 <unk> of that is when we come out of the corporate side of successfully digesting a dollar type of it. So I think you should expect.

That said the demand sorry, Doug tough and that's what the costs on the health care side.

We continue to engage here and and we'll keep you.

Updated.

The BD will continue to be very cautious about half of our pipeline and it will continue to be a very material contributor to our pipeline with a focus on all of our law and all that.

And you know are very much bearing in mind.

But it's still not the Pep talk until our outlooks overall, you mentioned alright, I think Luc already said it we're very pleased.

What kind of scale and pace, but we're always going to be looking at things and review it very very regularly and oversee the market stays competitive and we're right in the middle of that but not much more I think to add on that but let's get back to long acting now a third of all 30% of our business in the U S. Already so I definitely want to talk about that in the pipeline question, Yeah, I think I said that.

Emma Walmsley: We're always going to be looking out at things and review it very, very regularly and obviously the market stays competitive and we're right in the middle of that. Not much more I think to add on that. Let's get back to long acting now. A third of our, or 30% of our business in the U.S. already. Deborah, do you want to talk about that in the pipeline question? Yeah, thanks, Emma. Just to start, delighted with Cabenuva's performance, 75% growth in the quarter and actually 75% of our Cabenuva switches now come from competitors. Our long acting injectable performance is at the heart of why we've been able to upgrade our HIV guidance this quarter. Let's just talk a little bit about Q4M.

Uh huh.

Emma Walmsley: We're very pleased to have concluded the latest round of IRA negotiations, and all fully factored into our outlook, so nothing more to report on that. On Deborah, I think that is an important point to remind people.

Of concluded the beaches.

Rounds of IL I negotiations are not fully factored into our outlook. So nothing more to report on that.

I think that is an important point.

To remind people, yes, but it's such a safe and there is an expectation that lend plus our flagship <unk>.

Deborah Waterhouse: Yes. Thanks, Achim. There is an expectation that lenacapavir plus islatravir will launch in 2027. All of the research that we have done indicates that the once weeklies will cannibalize other orals. Actually, there is on that particular asset a bit of a mixed view, firstly, because of the history of islatravir and the CD4 depletion. Secondly, I mean, we absolutely believe that you need to have an integrase at the core of any two-drug regimen, whether it is an oral weekly or a long-acting injectable. Integrases have got incredible potency, tolerability, high barrier to resistance, and 78% of those people who are on treatment stay or are on an integrase inhibitor because they are the cornerstone of HIV treatment.

So why don't just stop delighted with the company. This performance seven 5% growth in the quarter, but actually 75% of our company that switch is now coming from our competitors and our long acting injectable performance is at the heart of why we've been able to upgrade our HIV our guidance this quarter. So.

Although it is in 'twenty to 'twenty seven all of the research that we have done.

Indicates that once we place.

Well cannibalize other oral <unk>.

The rates on that particular asset a bit of a mixed view.

Let's just talk a little bit about.

So because of the history of our flagship at the C. D. Four depletion, but secondly, I mean, we absolutely believe that you need to have an integrated coal of any two drug regimen, whether it is an oral weekly.

Q4, and so on Q4 and for a phase III study stocks can be delighting the H, one 'twenty 'twenty six.

Emma Walmsley: Our Q4M Quattro Phase 3 study start is going to be delayed into H1 2026 and that's due to a delay in the delivery of recovery and clinical trials supplied by Janssen. There is no ongoing issue which would cause us anything but complete confidence from Janssen. They're a great partner. This is just a one off. The key thing to communicate is that this is a clinical trial supply delay. It's not related to efficacy or tolerability concerns. We remain committed to 2027 file and 2028 launch of Q4M. We've looked over the financials and there's no material impact on outlook from the delay because we've got Cabenuva in the market already and that product is performing so well.

That's G towards the light and the delivery of recovering in clinical trial supply by young since there is no ongoing issue which would.

Long acting injectable because it integrates the got incredible potency tolerability high barrier to resistance and 78% of those people who are on treatment state run an integrase inhibitor because they are the cornerstone of HIV treatment.

Cause us.

Anything, but complete confidence from young and they're a great partner. This is just a one off.

The key thing to commute.

Now we know that obviously.

Communicators that they see the clinical trials by the light, it's not related to efficacy or Tolerability concerns are told and we remain committed to 2027th filed in 2028 launch people added.

Deborah Waterhouse: Now we know that obviously, the other once weekly from our competitor, which is the prodrug of len and an integrase inhibitor, is on clinical hold. Again, you've just got the islatravir plus the lenacapavir option in 27, and we don't think that's gonna be a challenge to our Q4M, one, because the long-acting injectables is a very unique value proposition. Two, because we've got an INSTI at the core of that particular regimen. We're feeling very confident about our ability to keep driving our HIV business forward, and growing strongly and helping GSK navigate through the loss of exclusivity of dolutegravir.

The once weekly from our competitor, which is the pro drug of plan.

And integrate some habitats is on clinical hold so again, you just got the flat for the year plus the learner Carpathia auction in 2007, we don't think that's going to be a challenge to our Q4 and one because of long acting injectables is a very unique value proposition to because we've gotten them to stay at the course.

We've looked at the financials on this no material impact on output from the delay because we got happened either in the market already and that product is performing so well demand is high and we've got really fantastic momentum and whilst we're disappointed obviously not to be able to do that to say we're allowed to pay for them at the end of 2027.

Emma Walmsley: Demand is high, we've got really fantastic momentum and whilst we're disappointed obviously not to be able to launch Q4M at the end of 2027, as we originally said, this is a marketplace where there's no competitor for a long, long period of time. We are the only long acting injectable in treatment and we're going to remain that way for the foreseeable future. Cabenuva will power on and we will do everything we can to get Q4M into the marketplace as soon as we can. Obviously we've got Q6M coming next year. We will be doing our regimen selection for Q6M and then we will be launching that asset as the next phase of our long acting injectable journey.

That particular regimens that we figured very confident of biopharma with the ability to keep driving our HIV business forward and growing strongly and helping desk and navigate through the loss of exclusivity of donor check a bag.

As we originally said.

This is a marketplace, where there's no competitor for a long long period of time. So we are the only long acting injectable in treatment and we're going to remain that way.

Next question. Please next question comes from Simon Baker from Redburn.

Emma Walmsley: Thanks, Deborah. Next question, please.

Operator: Next question comes from Simon Baker from Redburn.

The foreseeable feature Cup of Naval power on and we will do everything we can to get key for them into the marketplace. As soon as we can and then obviously you've got Cheesecakes and coming next year, we will be doing a regimen selection acoustics and and then we will be launching box set as the next phase of our long acting <unk>.

Hi, Simon.

Good morning, I'm, sorry, just took me Walter you were on mute. Thanks for taking the questions two for me. Please.

Emma Walmsley: Hi, Simon.

Simon Baker: Good morning, all. Sorry, just took a little while to unmute there. Thank you for taking the question. Two if I may please. Luke, going back to something I asked you on the Blenrep call on Friday, around the 2031 target. Back in 2021, you gave a number of peak sales estimates for products in RSV, Blenrep, Zejula, and Jemperli. You've reiterated the GBP 40 billion target. I just wonder if you could give us thoughts on the pushes and pulls. You always said that there were a lot of factors going towards that aggregate figure, but just a check on where you see the pushes and pulls there would be very helpful.

Look I'm going back to something I'll show me the blend might call on Friday.

Around the 2031 target.

Back in 'twenty, one you gave a number of peak sales estimates for products and RSV.

Both journey.

Emma Walmsley: It's just so important to remember that we are the only one on the treatment market for a very long time ahead and that is a business that, you know, continues to accelerate momentum and there are obviously, Emma, as we've seen ourselves, some bumps in the road of long acting injectables that we and our competitors experience. I think it's just a complicated area mainly around CMC but in terms of the patient benefit, really significant and the demand from patients is also very material. Yeah, definitely want to keep watching. Next question please.

So important to remember that.

We are the only one on the treatment market for a very long time ahead and that is a business that it continues.

Glen mentioned July Jim poorly you've reiterated the 40 billion target I just wonder if you could give us thoughts on the pushes and pulls you always said that there were a lot of factors going towards the aggregate figure, but just a check on on where you see the pushes and pulls there would be very helpful. And then for Debra on on HIV.

To accelerate momentum in neurons and there are obviously you know as as we've seen ourselves some sort of bumps in the road of long acting Injectables that we and our competitors experience play Wow. So I think I think it's just a complicated area mainly around C&C.

Simon Baker: For Deborah on HIV, and the Q4 slight delay, that pushes it a little bit closer to the Q6.

The Q4, a slight delay that.

That pushes a little bit close to the Q six mm launch, but not materially. So so I'm guessing you you've always thought but it's not one duration fits so I just wonder if you could give us some thoughts on how the long acting market.

But in terms of the patient benefit really significant demand from patients.

Tony Wood: Launch, but not materially so. I'm guessing you've always thought that it's not one duration fits all. I just wonder if you could give us some thoughts on how the long-acting market will pan out with the various injection duration options that you will be offering. Thanks so much.

We'll say goodbye, but very material yeah definitely want to get watching next question. Please next question comes from Sachin Jain Bank of America.

Operator: Next question comes from Sachin Jain from Bank of America.

Will pan out with the various inject.

Injection duration options that you will be offering thanks, so much.

Okay.

Seven.

So now I'm going to come to that Brooks asked on this but I will say.

Emma Walmsley: I'm going to come to Deborah first on this, but also, and, you know, I will turn back to Luke. Just to be clear, as we've already said, it will be beginning of next year when Luke will give an outlook for 2026, and more likely much later in the year when he will talk about the building blocks to deliver on more than 40 and his more than 40 in 2030-2031. I just want to give Luke the permission not to get into detail of the ups and downs as the portfolio continues to mature. Deborah, let's come to you first, and Luke, if you want to add anything to that, then I'll let you.

I will turn back to late but just to be clear.

[Analyst]: Sorry, can you hear me now? Yeah, sorry for the delay. Just to follow on actually to the Q4M question. Thank you for that update, Deborah, but if one of you could just talk about the commercial impact of delay relative to Gilead's weekly oral Lenacapavir, which is probably 6 to 12 months ahead. We hear mixed KOL feedback on weekly oral versus Q4M. Secondly, I wonder if you could just update on U.S. policy, so any color you're willing to give on ability to do a deal with the administration given your high Medicaid exposure. How is dialogue around IRA going? One quick clarification, if I could chance my arm for Luke as a follow on to earlier question on Blenrep and depemokimab. Clearly bullish commentary, Luke, but just trying to triangulate it versus 2026 consensus for both, which is around $200 million.

Sorry can you hear me now.

No.

Oh as we've already said it would be beginning of next year, when we'll give an outlook for 'twenty six and more likely much later in the year. When he will talk about the building blocks to deliver more than 40 and his more than 40 and 32, one so I just want to get like they are commissioned.

Sorry, if it was.

Just a follow on actually to the key for them questions. Sir. Thank you for that update separate but wonder. If you can just talk about the commercial impact of delay relative to Gilead to weekly oral land. It's not your area, which is probably six to 12 months I had we had mixed kayrol feedback on weekly oral versus Q4 of them.

Secondly.

Not to get into this.

I Wonder if you could just update when U S policy, so any color you're willing to give them an ability to do a deal with the administration given your high Medicaid exposure and then how's dialog around alright, Gary and then just one quick clarification, if I could chance My answer League was a follow on question on Glentoran therapy, clearly bullish commentary, but just trying to triangulate to versus 2000.

The ups and downs are as the portfolio continues.

To mature but.

Let's come to your Boston like if you want to add any thing to that then.

All right. Thanks for the question Simon so.

Deborah Waterhouse: Thanks for the question, Simon. With Q2M, 15% of patients would be willing to take that regimen to treat their HIV. When you get up to Q4M, it doubles to 30%. When you get to Q6M, half of the people who are living with HIV in all of our research say that they would be willing and keen to take a six-month long-acting injectable. Within the research, though, and with physicians too, you are right. Some people say, Actually, I would like to give Q4M to my patients on an ongoing basis because I like to pull them back into the doctor's office three times a year to have viral load testing, sexually transmitted disease testing, and all the things that they do to care for their patients.

What keeps you earn 15% of patients would be willing to take that regimen and.

Consensus for banks, which is around 200 million.

[Analyst]: I know it's a tough question, but any color or direction would be helpful. Thank you.

I know, it's tough question, but any color direction. It would be helpful. Thank you.

To treat their HIV when you get to Q4 and it doubled to 30% and then when you get to six and half of the people who are living with HIV in all of our research say that they would be willing and can't take Oh.

Emma Walmsley: Lee, do you want to say anything?

They do want to say anything on that.

Operator: On that look, I would just say these are big assets in the long term. I can't give any forwarder color, but really we're going to approach both assets very aggressively. I would just point to the performance in Nucala COPD where in May we had 0% market share and we've now got 46% of those new patients in COPD against Dupixent. That's not a read across to depemokimab. It just tells you that the team is very effective at executing and we're going to be focused on that asset and already in the field and receiving very good feedback. Again, it's going to be more of a stage process to give people experience and confidence to use the product more broadly.

Oh God.

I would just say, there's a big asset to the long term, Hawaii, I cant give any sort of color, but any way going to approach. This asset very aggressively and I would just point to the performance in New York and you call US here today. We're in May we had zero percent market share.

Our six month long acting injectable within the research that I'm with physicians to you all right. Some people say actually I would like she gave cheerful and to my patients on an ongoing basis, because I like to pull them back into the Doctor's office three times, yeah to have viral load testing them.

And we've now got 46% of those new patients.

And so you have been doing against your picks and that's not a read across step them all come out of it. Just tells you that the team is very effective at executing and we're going to be.

Sexually transmitted disease testing and all the things that they do each kind of for that patients. This is a very dangerous.

Just on that asset and blame or already in the field and receiving very good feedback again, it's going to be more of a stage process to get people experience and confidence to use the product properly right.

Ah patients got to cheese sticks, and so that will not be one size fits all but what the movie it's a market expansion that is significant.

Deborah Waterhouse: Others are very keen to see that their patients go to Q6M. There will not be 1 size fits all, but what there will be is a market expansion that is significant as we extend the duration between administration from 2 to 4 to 6. Obviously, when we get to Q6M, it's a brand-new set of medicines because you've got the third-generation integrase inhibitor VH184, which has a unique resistance profile and is a third-generation integrase inhibitor, and then you have a capsid inhibitor or N6LS, depending on which regimen we select for our Q6M. It's great to have options. Feeling very bullish about the future of Q6M, but also see a place for Q4M as patient choice remains critical.

Emma Walmsley: Right. On MFN, I'm not really going to give any more detail or get ahead of anything except to say, as you would expect, we're engaging and, as I've said, very constructively with the administration. Medicaid is 10% of our total U.S. business. I'm really confident in our ability to navigate this over the last four years through a variety of different environments. The strength and quality of our portfolio has continued to allow us to do repeated upgrades and navigate through these kinds of challenges. The U.S. is our number one priority market. We've committed to very material investments there, and we fully agree that we should be partnering and working towards being in a place where step change innovation can be made affordably available and sustainably available for innovators to American patients. We also fully agree that we'd like to see all countries recognized.

So.

And that's fine.

As we extend the duration between administration from teacher for four to six and obviously when we get to Q six and it's a brand new set of medicines, because you've got the third generation integrates inhibitor V. H 184, which has a unique resistance profile and it's a third generation needs.

I'm not really going to give any more detail Oh got ahead of us and I think he is that to say as you would expect we're engaging.

And as I've said very constructively with the administration.

Medicaid is 10% of the total U S business.

I'm really confident in our ability to navigate this over the last four years through a variety of different environments, the strength and quality of our portfolio.

<unk> inhibitor and then you have a capsid inhibitor and.

Six are less dependent on which regimen we select.

For our chiefs examined it is great to have options. So feeling very bullish about the future of cheesecakes them, but also see a place, but Q4 and as patient choice remains critical.

I will continue to allow us to kind of repeat it.

Upgrades and navigate through these kinds of challenges the U S is our number one priority market. We are committed to a very material are investments that we fully agree.

So that's kind of how much you Wanna awesome. Thanks, Robert I mean, I would just say again.

Emma Walmsley: Thanks, Deborah. Luke, any comments you want to add to?

Luke Miels: Thanks, Simon. I mean, I would just say again, confident overall the late-stage assets. Yeah, look forward to updating everyone with the team next year. In terms of Blenrep, I mean, look, it's going to be material, I've said that over the next couple of years. The key is obviously the initial launch and then the pathway to second line, which Tony is very much at hand, and the usual pushes and pulls with competitive datasets.

For all of the lifestyle of assets.

We shouldn't be partnering and working towards being in a place where.

And you have to look forward to updating everyone with the same next year in terms of <unk> I mean look it's going to be material and said that over the next couple of years.

Step change innovation can be made you know affordably available unsustainably available for innovators to American patients somebody else I fully agree that we'd like to see all the countries recognize.

The key is obviously the initial launch and then the pathway of second line, which is very much in hand.

And the usual pushes and pulls with the competitive sets.

The values the innovation can bring to bring down the demand Cameroon.

Emma Walmsley: The.

Emma Walmsley: Value that innovation can bring to bring down the demand curve on healthcare and therefore the costs on healthcare. Continue to engage here and we'll keep you updated, very much bearing in mind and sits with a strong underpin to our confidence on our outlooks overall. You mentioned IRA. I think Luke already said it. We're very pleased to have concluded the latest rounds of IRA negotiations and all fully factored into our outlook. Nothing more to report on that. On Stevra, I think that is an important point to remind people of. Yes, thanks Akin. There is an expectation that Len Plus Islatravir will launch in 2027. All of the research that we have done indicates that the once weeklies will cannibalize other orals and actually there is on that particular asset a bit of a mixed view.

Next question. Please next question comes from our side he talked up either from Morgan Stanley. Please.

Emma Walmsley: Thank you. Next question, please.

How fast the demand sorry, Doug tough and that's what the cost on the health care side.

Tony Wood: Next question comes from Sarita Kapila from Morgan Stanley Keys.

Operator: Next question comes from Sarita Kapila from Morgan Stanley Keys.

Okay.

Hey, Thanks for taking my question and thanks for the color on your call I was just wondering if we could have a little bit more on the rollout in C. O P. D. How the launch is going versus your initial expectations and why you'll see the most used is it in the one to 300, a cynical grape or is it in the over 300 people.

We continue to engage here and and we'll kick it off.

Sarita Kapila: Hey, thanks for taking my question, and thanks for the color on Nucala. I was just wondering if we could have a little bit more on the rollout in COPD, how the launch is going versus your initial expectations and where you're seeing the most use. Is it in the 150 to 300 eosinophil group, or is it in the over 300s where it would be more head-to-head with Dupixent? The second one on Jemperli, please. It seems to be a very strong rollout in the US or momentum in the US. How penetrated are you now in endometrial cancer, and is this momentum sustainable into 2026? Should we think about Jemperli being able to get to your guide of over GBP 2 billion in the existing indications, or would you definitely need the pipeline to hit that? Thanks.

David.

And you know are very much bearing in mind.

But with a stone on the pet Coke FEMSA and our outlooks overall, you mentioned alright, I think Luc already said it we're very pleased to.

We'll head to head with <unk> and then the second one on Gen. Paddy piece it seems to be a very strong rollout in the U S. So momentum in the U S.

Concluded the latest rounds of I L. I negotiations are now fully factored into our outlook. So nothing more to report on that.

How penetrated are you now in endometrial cancer and is this momentum sustainable into 2026 and should we think about churn Patty being able to get to your guide of over 2 billion in the existing indications or would you definitely need the pipeline to hit that.

Deborah I think that is an important point to.

To remind people that you say.

And.

There is an expectation that land plus I flag for me.

What are the odds in 'twenty to 'twenty seven or the.

He steps that we have done.

And I'll come to Luke on both new color and jump at it but I think it would be good as well Oh. He told me he called loss just to hear a little bit from from tiny because I think we are all well I know, we're all getting more and more ambitious.

Emma Walmsley: we'll come to Luke on both Nucala and Jemperli, but I think it would be good as well, what we've heard on the Nucala launch, just to hear a little bit from Tony. Because I think we are all, well, I know, we're all getting more and more ambitious on the portfolio for COPD, whether that's Depi or the other assets that we're bringing forward. You know, I know when we announced the deal we just did, there's a statement that it's going to be the leading cause of hospitalization in coming years. We're talking about hundreds of millions of people. This is really a scale disease where we have a lot of expertise for the pipeline coming forward. But in terms of what's at hand right now, do you want to comment on Nucala and-

Indicates that once we place.

Well cannibalize other oral <unk>.

Actually the risk on that.

Ticket offset a bit of a mixed view.

Emma Walmsley: Firstly, because of the history of islatravir and the CD4 depletion, but secondly, we absolutely believe that you need to have an integrase at the core of any two drug regimen whether it is an oral weekly or a long-acting injectable because integrase have got incredible potency, tolerability, high barrier to resistance, and 78% of those people who are on treatment stay on an integrase inhibitor because they are the cornerstone of HIV treatment. We know that obviously the other once weekly from our competitor, which is the prodrug of Len and an integrase inhibitor, is on clinical hold. Again, you've just got the islatravir plus lenacapavir option in 2027 and we don't think that's going to be a challenge to our Q4M regimen because long-acting injectables is a very unique value proposition too because we've got an entity at the core of that particular regimen.

On the portfolio the CIP day, whether that step payroll the other assets that we're bringing to it you know.

Firstly because of the history of our flagship on the C. D. Four depletion, but secondly, I mean, we absolutely believe that you need to have an integrated at the core of any two drug regimen, whether it is an oral weekly or a long acting injectable.

We announced the deal we just did the statements that it's going to be the leading cause of hospitalization.

And coming is that we're talking about hundreds of millions of people. This is really a scale disease with where we have a lot of expertise to the pipeline coming forward, but in terms of what's at hand, right now I'm going to comment on your color.

I think <unk> got incredible potency tolerability high barrier to resistance and 78% of those people who are on treatment state run an integrase inhibitor because they are the cornerstone of HIV treatment.

Yeah.

Thanks, sorry that it's broad.

Luke Miels: Yeah, I mean, thanks, Sarita. It's broad. I mean, when I was talking to the BU head in the US about this, he said broad several times. Broad label, broad uptake, you know, broad resonance. I mean, another market research point that's interesting is nine out of 10 US pulmonologists strongly agree that preventing severe exacerbation is essential to COPD management. I'm not sure about the one in 10. I don't suggest you go and visit them.

Now we know that obviously the other once weekly from a competitor, which is the probably dragged up Glenn.

Maybe when I was talking to them.

B you had in the U S. About this he said broad several times broad label broad uptake.

And an integrase inhibitor is on clinical hold so again, you've just got the flatbed plus Atlanta Carpathia auction in 2007, we don't think that's going to.

Broad residents in a minute.

Market research points interesting is nine out of 10 years Pulmonologist strongly agree that preventing severe exacerbations successful is essential to COPD management I'm not sure about the one in 10.

They are challenge to our Q4 and one because of long acting Injectables is a very unique value proposition to because we've gotten even stay at the core of that particular regimens that we feel very confident about our ability to keep driving our HIV business forward and growing strongly and helping desk and navigate through the loss of exclusivity.

I suggest you go visit them.

Yeah, clearly, it's landed well as I've said on other calls you know.

Emma Walmsley: Yeah.

Luke Miels: Yeah, clearly it's landed well. As I've said on other calls, you know, this is a population of prescribers that only use it in one in three patients for many reasons. That is just a balance and caution. How we're going against Dupixent is very encouraging. It's a label both bronchiectasis, emphysema, and different EOS levels.

Emma Walmsley: We're feeling very confident about our ability to keep driving our HIV business forward and growing strongly and helping DFK navigate through the loss of exclusivity of dolutegravir. Thanks Rob. Next question please.

This is a population of prescribers that finally use it one in three patients for many reasons.

That is just the balancing of caution, but how are we going against your picks and it's very encouraging.

The label bus.

On the take or pay.

Next question. Please next question comes from Simon Baker from Redburn.

Operator: Next question comes from Simon Baker from Redburn.

Empathy and different niehaus levels.

Right.

Emma Walmsley: Hi Simon.

I'm fine.

Moving on.

Tony Wood: Great. Thanks. Just moving on and on Jemperli. In terms of endometrial, obviously, we're pleased that we have the only and first label with dual primary endpoints, PFS and OS in endometrial cancer. We're following that up with a study called DOMENICA, which is looking at evaluating Jemperli in a chemo-free regimen. Importantly as well, obviously, the rectal studies continue to progress well where we have fantastic complete responses. Just a quick reminder on some of those programs for you. AZUR-1, which is the locally advanced MSI-High rectal results, which we're expecting to read out in the second half of 2026. AZUR-2, which is colon cancer, and there's an interim for that in 2028. The JADE study, which is in the unresectable head and neck setting for which we're also expecting readouts in 2028.

[Analyst]: Good morning everyone. Sorry, just took a little while to unmute there. Thank you for taking the questions. Two FMA please. Luke, going back to something I asked you on the Blenrep call on Friday around the 2031 target. Back in 2021 you gave a number of peak sales estimates for products in RSV, Blenrep, Zejula, and depemokimab. You've reiterated the $40 billion target. I just wonder if you could give us thoughts on the pushes and pulls. You always said that there were a lot of factors going towards that aggregate figure, but just a check on where you see the pushes and pulls there would be very helpful. For Deborah on HIV and the Q4 slight delay that pushes it a little bit closer to the Q6 launch but not materially so. I'm guessing you've always thought that it's not one duration fits all.

Early.

Good morning, I'm, sorry, just took me Walter you were on mute. Thanks for taking the questions two for me. Please.

In terms of endometrial, obviously, but we're pleased that we have the only and first.

Look I'm going back to something I'll show me, the blending up call on Friday.

Label with dual primary endpoints PFS and OS meant Dmitry <unk>.

Around the 2031 target in 'twenty. One you gave a number of peak sales estimates for products and RSV.

We're following that up with a study called the Medica, which is looking at evaluating Gen chemo free regimen.

Ultimately as well obviously the rectal cities continue to progress. However, we have fantastic complete responses just a quick reminder, on some of those programs for you as you one which is the locally advanced MSI high Restful results, which are expected to read out in the second half of 'twenty six.

Glen mentioned, Jim poorly you've reiterated the 40 billion target I'm just wondering if you could give us thoughts on the pushes and pulls you always said that there were a lot of factors going towards the aggregate figure, but just a check on where you see the pushes and pulls there would be very helpful. And then for Debra on on HIV.

Two which as colon cancer and there is an interim for that in 'twenty eight.

The Q4 slight delay that.

That pushes a little bit close to the Q six mm launch, but not materially. So so I'm guessing you you've always thought it's not warm duration fixed so I just wonder if you could give us some thoughts on how the long acting market.

<unk> study, which is an unresectable has next.

Setting for which we also expect some readouts in 2008, so lots of momentum going around Gen study to continue.

[Analyst]: I just wonder if you could give us some thoughts on how the long-acting market will pan out with the various injection duration options that you will be offering. Thanks so much.

Tony Wood: Lots of momentum going around Jemperli to continue to support the growth of that mess.

Support and grow through government tenancy.

Will pan out with the various inject.

I don't think of it.

And on COPD.

Emma Walmsley: Do you want COPD?

Injection duration options that you will be offering thanks, so much.

Tony Wood: On COPD, just look, I'm delighted with where our COPD portfolio is currently sitting. You may have noticed we have now three phase iii studies starting in COPD. There are the ENDURA-1 and ENDURA-2 studies in the more typical COPD population and a study called VIGILANT, which is looking at earlier COPD patients. These are individuals who are not treated typically with bios, but for which they have secondary factors that predispose them to rapid progression. Coming along behind all of that solidly is the long-acting TSLP and IL-33 options. As Emma has mentioned, the Onguri option in PD-3-4 and the latest deal that we have with Empirico that was announced this week, which is two entirely new novel mechanism, which is all about base.

Look I'm delighted with where our COPD portfolio.

Emma Walmsley: I'm going to come to Deborah first on this, and I will turn back to Luke. Just to be clear, as we've already said, it will be the beginning of next year when Luke will give an outlook for 2026 and more likely much later in the year when he will talk about the building blocks to deliver on more than 40 and his more than 40 in 2030, 2031. I just want to give Luke the permission not to get into detail of the ups and downs as the portfolio continues to mature. Deborah, let's come to you first, and Luke, if you want to add anything to that, then I'll let you. Thanks for the question, Simon. With Q2M, 15% of patients would be willing to take that regimen to treat their HIV.

So now I'm going to come to that Brooks asked on this but the whole site.

It is currently facing.

You may have noticed we have now three phase III studies, starting in COPD. There are the two or one and two studies in the most difficult.

I will turn back to late but just to be clear.

As we've already said at the beginning of next year when they will give an outlook for 'twenty six and more likely much later in the year. When he will talk about the building blocks are.

TD population on a study called vigilant, which should looking at earlier.

<unk> patients. These are individuals who are not treated typically with buyers, but for which they have secondary factors.

They deliver more than 40 and his more than 42 to one so I just wanted to get a permission.

Disposal into rapid progression coming along behind all of that solidly as the long expertise but.

Commission not to get into this.

Ups and downs are as the portfolio continues.

33 offices.

As <unk> mentioned, the Ambry option in PV, three four and the latest deal that we have with empirical that was announced this week.

To mature, but let's come to your Boston like if you want to add anything to that then.

Thanks for the question Simon so.

I've got two entirely new novel mechanism, which is all about pace and trade. It back on your question on temporarily and eventual I don't I think the good news overall, because if you just look just in the last 12 months, we've gone from.

Well chi to earn 15% of patients would be willing to take that regimen and a tree.

Emma Walmsley: Yeah. Theresa, back on your question on Jemperli and imatinib. I mean, I think the good news overall is if you just look just in the last 12 months, you've gone from, you know, 80% of oncs using IO typically in imatinib to now 96%, which is great. You know, 90% of these patients are now on some form of IO. For us, there are clear opportunities. If a physician can accurately cite the RUBY overall survival figure, then their likelihood of using the drug is double that versus someone who can't. That's our focus is the DMMR population. We do have the broad label, of course. MMRP tends to be more dominated by pembro. Globally, there's about a 5% difference in market share in our favor against pembrolizumab, which is very encouraging.

Eric Tracy when you get out to Q4 and it doubles to 30% and then when you get Q six and half of the people who are living with HIV in all of our research say that they would be willing and can't take.

Emma Walmsley: When you get up to Q4M, it doubles to 30%, and then when you get to Q6M, half of the people who are living with HIV in all of our research say that they would be willing to and keen to take a six-month long-acting injectable. Within the research, though, and with physicians too, you are right. Some people say, actually, I would like to give Q4M to my patients on an ongoing basis because I like to pull them back into the doctor's office three times a year to have viral load testing, sexually transmitted disease testing, and all the things that they do to care for their patients.

80% of songs using typically in endometrial to now, 96%, which is great and a 90% of these patients in our sarcoma by us.

<unk>.

There are clear opportunities if a physician can accurately sought the.

Our six month long acting injectable within the research that I'm with physicians to you will rise some people say actually I would like she gave cheerful and my patients on an ongoing basis, because I like to pull them back into the Doctor's office three times, yeah to have viral load testing them.

The Ruby arval survival bigger than their likelihood of using the drug has doubled that.

Someone who caught so that's our focus isn't the MMR population, we do have the broad label of course, MLR piece tends to be more dominated by memory.

I believe there's about a 5% difference in market share in our favor against embolism map.

Sexually transmitted disease testing and all the things that they do each kind of for that patients. This is a very dangerous.

Emma Walmsley: Others are very keen to see that our patients go to Q6M, so there will not be one size fits all, but what there will be is a market expansion that is significant as we extend the duration between administration from 2 to 4, 4 to 6, and obviously when we get to Q6, then it's a brand new set of medicines because you've got the third generation integrase inhibitor BH, which has a unique resistance profile and is a third generation integrase inhibitor, and then you have a capsid inhibitor or N6LS, depending on which regimen we select for our Q6M, and it's great to have options. Feeling very bullish about the future of Q6M, but also see a place for Q4M as patient choice remains critical. Thanks, Deborah. Luke, any comments you want to add?

Which is very encouraging and also what's coming next question Bill.

Ah patients get to cheese sticks, and so that will not be one size fits all but what the movie it's a market expansion that is significant.

Tony Wood: Yeah. Lots more is coming on. Next question.

Next question comes from them.

Emma Walmsley: Yeah.

Operator: Next question comes from Zain Ebrahim from JPMorgan.

Ebrahim from JP Morgan Hi.

Hi.

Hello, Thanks for taking my question. This is Zane Abraham from Jpmorgan.

Emma Walmsley: Zain, hi.

As we extend the duration between administration from teacher for four to six and obviously when we get to Cheesecakes and it's a brand new set of medicines, because you've got the third generation integrated inhibitor V. H 184, which has a unique resistance profile and it's a third generation needs.

Zain Ebrahim: Hello. Thank you for taking my question. This is Zain Ebrahim from JPMorgan. My first question is on Blenrep revenue. You talked about it, but you mentioned you'd expect to be a material growth driver over the next 3 to 4 years. How much of that growth do you expect to come from the US based on the current label versus ex-US, and how much of that is driven by the expected in-indication expansion in 2028? That's my first question. My second question is just on general medicines. Sounds like the Trelegy IRA negotiation was in line with your expectations. How are you thinking about the development of general medicines over the midterm? Thank you.

My first question is on blended revenue yeah.

You talked about it but you mentioned that you expect to see a material growth driver over the next three to four years. So how much of that growth you expect to come from the U S. Based on the current label versus ex U S and how much of that is driven by the effects of.

<unk> inhibitor and then you have a capsid inhibitor, Oh and six are less dependent on which regimen we select.

And the indication expansion in 2028.

That's my first question and my second question is isn't trying no medicines.

It sounded like it's front as you already know station was in line with your expectations of how you're thinking about the development of general medicines over the midterm. Thank.

For our chiefs examined it's great to have options. So feeling very bullish about the future piece takes them, but also see a place for Q4 and as patient choice remains critical.

Thank you.

Yeah, I mean, I'll, just like we're not going to change a 'twenty, one 'twenty six guidance, which we upgraded slightly because of the operating performance.

Emma Walmsley: Yeah. I mean, on gen med, we're not gonna change our 2021 to 2026 guidance, which we upgraded slightly because of the operating performance. There's no more update on that. I'm not sure, Luke, how much you want to itemize. I know Darzalex is about half ex.

Right.

How much you want to answer and thanks, all of them and I would just say again.

Operator: Thanks, Simon. I mean, I would just say again, confident overall the late-stage assets, and yeah, look forward to updating everyone with the team next year. In terms of Blenrep, I mean, look, it's going to be material. I've said that over the next couple of years, and the key is obviously the initial launch and then the pathway to second line, which Tony is very much in hand, and the usual pushes and pulls with competitive data sets.

Namal update Oh that.

Several of the lifestyle of assets.

And look forward to updating everyone with the same next year in terms of blood Red Orlando gets kind of immaterial I've said that over the next couple of years.

I'm not sure how much you want to watch more than that dog likes about half ex yeah, that's right.

Thank you.

Look the priority is to get to a second line in the U S to match the arrest of wells label.

Tony Wood: That's right, Emma. I mean, I think, look, the priority is to get to second line in the US to match the rest of world's label. The US initially will be ahead of Europe because we're launching ahead. As markets like Germany and Japan come online, that should balance out and over time.

The key is obviously the initial launch and then the pathway of second line, which is very much in hand.

The U S. Initially well Bay.

Our head of Europe, because we're launching it.

And the usual pushes and pulls with the competitive sets.

As markets like Germany, and Japan come online that should balance out and having John Yeah, I know I think that as they can tell you went through.

Emma Walmsley: Thank you. Next question, please.

Thank you next question. Please next question comes from Tycho Peterson from Morgan Stanley. Please.

Operator: Next question comes from Sarita Kapila from Morgan Stanley.

Emma Walmsley: Yeah. I think as Luke Miels and Tony Wood went through in a great deal of detail on the calls, there is a material opportunity in third line, and we have a good pathway to getting to second line. In fact, you know, study 5, as you all know, in first line too. You know, I think this is definitely one to watch as part of our broader oncology portfolio, which continues to build. Look, I just want to say one last thing, because I know that was our last question, because we had a technical issue, I think, at the beginning. Apologies if you were made to wait. You know, you do know this, I know this because this is my last call to report as CEO.

Great deal of detail on the on the calls there is a material opportunity in the line and we have a good pathway to getting to second line and in fact.

Okay.

Julie Brown: Hey, thanks for taking my question. Thanks for the color on Nucala. Just wondering if we could have a little bit more on the rollout in COPD, how the launch is going versus.

Hey, Thanks for taking my question and thanks for the color on your call I was just wondering if we could have a little bit more on the rollout in C. O P. D. How the launch is going versus your initial expectations and where you'll see it in the most used is it in the one to 300 is clinical grade or is it in the over 300.

That he felt that he will die in the first one to say.

Deborah Waterhouse: Your initial expectations and where you're seeing the most use.

This is definitely one to watch as possible Buda oncology portfolio, which continues to build.

Julie Brown: Is it in the $150 to $300.

Deborah Waterhouse: the group or is it in the.

Julie Brown: Over 300 where it would be more head to head with Dupixent, and then the second one on Gen Pearly piece?

So I just want to say one last thing because I know that was our last question and we went.

People head to head with <unk>.

And then the second one on Gen Party piece it seems to be a very strong rollout in the U S. So momentum in the U S.

Deborah Waterhouse: There seems to be a very strong rollout in the US or momentum in.

Technical issue I think in the beginning so I apologize if you may so wage.

Julie Brown: The U.S., how penetrated are you now?

How penetrated all you know in endometrial cancer and is this momentum sustainable into 2026 and should we think about gen Patty being able to get killed guide of over 2 billion in the existing indications or would you definitely need the pipeline to hit that.

You know you deny this.

Deborah Waterhouse: In endometrial cancer, and is this momentum.

This is my last quarters too bold to say yet.

Julie Brown: Sustainable into 2026, and should we think about Zejula being able to get to your guide of over $2 billion in the existing indications, or would you?

And I do want to just take a moment.

Emma Walmsley: I do want to just take a moment to thank everyone on this call for your time and engagement with me, and most of all with this tremendous team, who over the last 9 years together have transformed our great company's performance, pipeline, and prospects. In doing so, we've set out a clear pathway for patient impact at serious scale, already 2 million, 2 billion, sorry, people around the planet. I firmly believe that GSK's value for shareholders will be fully recognized and sustained. When you step back and reflect, it's really hard to think of a sector that matters more than ours, where innovation and trust really can change people's lives and drive sustained performance and value for shareholders.

Does that everyone on this call and for your time and engagement with me and most of all with this tremendous pain over the last nine years together have transformed.

Deborah Waterhouse: Definitely need the pipeline to hit that?

Julie Brown: Thanks.

Emma Walmsley: We'll come to Luke on both new Carlo and Jen Perley, but I think it would be good as well when we've heard of the Nucala launch just to hear a little bit from Tony because I think we are all, well, I know we're all getting more and more ambitious on the portfolio for COPD, whether that's DEPI or the other assets that we're bringing forward. I know when we announced the deal we just did, there's a statement that it's going to be the leading cause of hospitalization in coming years and we're talking about hundreds of millions of people. This is really a scale disease where we have a lot of expertise for the pipeline coming forward. In terms of what's at hand right now, do you want to comment.

And then we'll come to Luke on both new color and Jeff part of it but I think it would be good as well Oh. He told me he called loss just to hear a little bit from from tiny because I think we are all well I know, we're all getting more and more ambitious on the portfolio. The CIP day, whether that step payroll the other assets that we're bringing to it you know.

<unk> company's performance pipeline and prospects.

And in doing so we set out a clear pathway for patient impact a serious scale, we're ready to millions to billions of people around the planet and I firmly believe that GSK is probably give the shareholders will be fully recognized and sustained.

When we announced the deal we just did the the statements that it's going to be the leading cause of hospitalization.

When you stand back and reflect its really hard to think of a sector that matters more than ours, where innovation and trust really can change People's lives I'm, drawing this drive sustained performance and value for shareholders.

And coming is that when we're talking about hundreds of millions of people. So this is really a scaled diseases, where we have a lots of expertise to the pipeline coming forward, but in terms of what's at hand, right now and you want to comment on your color on that thanks.

Operator: On Nucala and yeah, I mean thanks Sarita. It's broad. I mean when I was talking to the BU Head in the U.S. about this, he said broad several times. Broad label, broad uptake, broad resonance. I mean another market research point that's interesting is 9 out of 10 U.S. pulmonologists strongly agree that preventing severe exacerbation is essential to COPD management. I'm not sure about the 1 in 10. I don't suggest you go and visit them. Yeah, clearly it's landed well. As I said on other calls, you know, this is a population of prescribers that only use it in one in three patients for many reasons. That is just a balance in caution. How we're going against Dupixent is very encouraging. Yeah. It's across the label, both bronchiectatic, it's emphysema and different EOS levels. Great, thanks. Just moving on.

All of us whether it's those of US here in this room or everybody on the cool. We're all part of a really extraordinary incredible industry and it's a privilege to be part of it.

Thanks, sorry that it's broad.

Emma Walmsley: All of us, whether it's those of us here in this room or everybody on the call, well, we're all part of a really extraordinary, incredible industry. It's a privilege to be part of it, and it is not a responsibility to leave lightly. I am so delighted and very proud to be passing the baton to Luke and to be leaving all that GSK has to offer in such fantastically good hands. I just wanted to finish up for the last time, wishing everybody listening in just great good fortunes for the future. I, of course, look forward to cheering Luke and all the wonderful people working at GSK to a lot of further success as they combine science, technology, and their talent to get ahead of disease together. Thank you all very much.

When I was talking to them.

But do you have in the U S. About this he said broad several times broad label broad uptake.

And it is not our responsibility to leave lightly.

Broad residents and I'm in an another market research part that's interesting is nine out of 10 years Pulmonologist strongly agree that preventing severe exacerbations as successful as essential to COPD management I'm not sure about the one in 10.

I am so delighted.

I'm very proud to be passing the baton to lake and to be leaving all that GSK has to offer and such.

I suggest you go visit them.

Good times same.

Yeah, clearly, it's Atlanta as well.

So I just wanted to finish up the lost time wishing everybody listening and just write good fortune is gonna feature and I of course look forward to sharing leg and all the wonderful people working at GSK to a lot of the success as they combine science technology and talent.

I said on other calls you know this.

This is a population of prescribers that use it in one in three patients for many reasons.

That is just the balancing of caution, but how are we going against your picks and it's very encouraging.

So the label bus market setting.

At the same here and different new hospitals.

Great.

To get ahead of disease together, thank you very much.

Just moving on.

Operator: On Jemperli in terms of endometrial, obviously we're pleased that we have the only and first label with dual primary endpoints, PFS and OS in endometrial cancer. We're following that up with a study called DOMENICA which is looking at evaluating Jemperli in a chemo-free regimen. Importantly as well, obviously the rectal arm studies continue to progress well where we have fantastic complete responses. Just a quick reminder on some of those programs for you. AZUR-1 which is the locally advanced MMRd NSAI high rectal results which we're expecting to read out in 2H 2026. AZUR-2 which is colon cancer and there's an interim for that in 2028 and the JADE study which is in the unresectable head and neck setting for which we're also expecting readouts in 2028. Lots of momentum going around Jemperli to continue to support the growth of that medicine and the authority on COPD.

Early.

Alright.

In terms of endometrial, obviously, but we're pleased that we have the only and first.

Operator: All right. Bye-bye.

<unk> label with dual primary endpoints PFS and OS mesometrial kinds that we're following that up with a study called <unk>, which is looking at evaluating Jim in a chemo free regimen.

Two which as colon cancer and there is an interim for that in 'twenty eight.

<unk> study, which is an unresectable head and neck.

Setting for which we also expect some readouts in 2008, so lots of momentum going around Gen study to continue.

To support the growth of ominous and view it sounds like it is.

On COPD.

Operator: Look, I'm delighted with where our COPD portfolio is currently sitting. You may have noticed we have now three phase 3 studies starting in COPD. There are the ENDURO-1 and 2 studies in the more typical COPD population and a study called VIGILANT which is looking at earlier COPD patients. These are individuals who are not treated typically with biologics, but for which they have secondary factors that predispose them to rapid progression. Coming along behind all of that solidly is the long-acting TSLP and IL-33 options and as Emma has mentioned, the Hengrui option in PD34 and the latest deal that we have with Empirico that was announced this week with an entirely new novel mechanism which is oligo-based. Yeah.

Look I am delighted with where our COPD portfolio.

It is currently setting you may have noticed we have now three phase III studies, starting in COPD there are the <unk>.

Two one and two studies and the more typical COPD population on a study called vigilant looking at earlier COPD patients. These are individuals who are not treated typically with buyers, but for which they have secondary factors that predispose them to rapid progression coming along behind all of that so it leaves the long acting.

T Slim <unk> three options.

As Erez mentioned, the Amigurumi auction in PV, three four and the latest deal that we have with empirical that was announced this week.

Entirely new novel mechanism, which is all about pace and.

Operator: To read it back on your question on Graham Parry and endometrial, I think the good news overall is as you look just in the last 12 months, you've gone from 80% of ONCs using IO typically in endometrial to now 96%, which is great. 90% of these patients are now on some form of IO. For us, there are clear opportunities. If a physician can accurately cite the RUBY overall survival figure, then their likelihood of using the drug is double that versus someone who can't. That's our focus as the dMMR population. We do have the broader label. Of course, MMRp tends to be more dominated by pembro, but globally there's about a 5% difference in market share in our favor against pembrolizumab, which is very encouraging.

Im sorry, the back on your question on temporarily and eventual on I think the good news overall, because if you just look just in the last 12 months we've gone from.

80% of songs using typically in endometrial to now, 96%, which was great 90% of these patients announce uncle of Iowa.

<unk>.

Clear opportunities if a physician can accurately thought.

The Ruby arval survival bigger than their likelihood of using the drug is double that.

So someone who caught so that's our focus isn't the MMR population. We do have the broad label of course, MLR piece tends to be more dominated by what I remember, but globally, there's about a 5% difference in market share in all five of them.

<unk> is a map.

Which is very encouraging yeah lots, what's coming on next question next.

Emma Walmsley: Yeah, lots of what's coming on.

Operator: Next question. Next question comes from Zain Ibrahim from JP Morgan.

Our next question comes from assign Ebrahim from J P. Morgan.

Emma Walmsley: Zain, hi.

Hi.

Luke Miels: Hello.

Operator: Thanks for taking my question. This is Zain Ibrahim from JP Morgan. My first question is on Blenrep revenue.

Hello, and thank you for taking my question. This is Dan Abraham from Jpmorgan.

So that's my first question is on blend revenue.

Luke Miels: You.

Operator: You talked about it, but you mentioned you expect to see a material growth driver over the next three to four years. How much of that growth do you expect to come from the U.S. based on the current label versus ex-U.S., and how much of that is driven by the expected indication expansion in 2028? That's my first question. My second question is just in general medicines. It sounds like the trilogy IRA negotiation was in line with your expectations. How are you thinking about the development of general medicines over the midterm? Thank you.

So you talked about it but you mentioned you would expect to be a material growth driver over the next three to four years. So how much of that growth you expect to come from the U S. Based on the current label versus ex U S.

How much of that is driven by the effects of an.

An indication expansion in 2028.

My first question and my second question is isn't trying no medicines.

It sounds like this one as you already know station was in line with your expectations. So how are you thinking about the development of general medicines.

Thank you.

Emma Walmsley: Yeah, I mean on Gen Med, we're not going to change our 21 to 26 guidance, which we upgraded slightly because of the operating performance. There's no more update on that. I'm not sure, Luke, how much you want to itemize. I know Darzalex is about half X.

Yeah, I mean, I'll tell them that we're gonna change of 21 to 26 guidance, which we upgraded slightly because of the operating performance.

Namal update Oh that.

And I'm not sure how much you want to watch and that those who likes to about half that yeah. That's right.

Operator: Yeah, that's right, Emma. I mean, I think the priority is to get to second line in the U.S. to match the rest of world's label. The U.S. initially will be ahead of Europe because we're launching ahead. As markets like Germany and Japan come online, that should balance out in open time.

I think look.

The priority is to get to a second line in the U S to match the rest of the balls label.

The U S. Initially well Bay.

Our head of Europe, because we're launching it.

As markets like Germany, and Japan come online that should balance out and Ive been Todd Yeah, and I think that as I can tell you went through a great deal of detail on the on the calls there is a material opportunity in the line and we have a good pathway to getting to second line and in fact.

Emma Walmsley: Yeah, and I think as Luke and Tony went through in a great deal of detail on the calls, there is a material opportunity in third line and we have a good pathway to getting to second line and in fact, you know, study, as you all know, in first line. I think this is definitely one to watch as part of our broader oncology portfolio which continues to build. I just want to say one last thing because I know that was our last question and we went because we had a technical issue at the beginning. Apologies if you were made to wait. You know, you do know this.

But he felt that he will die and first one to say.

You know I think this is definitely one to watch as possible Buda oncology portfolio, which continues to build.

So I just want to say one last thing because I know that was our last question and we went.

Technical issue I think at the beginning so I apologize if you've made some wage.

You know you know this I know.

Emma Walmsley: I know this is my last quarter to report as CEO and I do want to just take a moment to thank everyone on this call for your time and engagement with me and most of all with this tremendous team who over the last nine years together have transformed our great company's performance, pipeline, and prospects. In doing so, we've set out a clear pathway for patient impact at serious scale. Already 2 billion people around the planet. I firmly believe that GSK's value for shareholders will be fully recognized and sustained.

This is my love cultures to report to see.

And I do want to just take a moment.

Because like everyone on this call and for your time and engagement with me and most of all with this tremendous pain.

The last nine years together have transformed.

<unk> company's performance pipeline and prospects.

And in doing so we set out a clear pathway for patient impact a serious scale already 2 million 2 billion, sorry people around the planet and I firmly believe that GSK is probably give the shareholders will be fully recognized and sustained.

Emma Walmsley: When you step back and reflect, it's really hard to think of a sector that matters more than ours, where innovation and trust really can change people's lives and drive sustained performance and value for shareholders and all of us, whether it's those of us here in this room or everybody on the call, we're all part of a really extraordinary, incredible industry. It's a privilege to be part of it. It is not a responsibility to leave lightly. I am so delighted and very proud to be passing the baton to Luke and to be leaving all that GSK has to offer in such fantastically good hands. I just wanted to finish up the last time, wishing everybody listening in just great good fortunes for the future.

When you stand back and reflect its really hard to think of a sector that matters more than all of us where innovation and trust really can change People's lives and drives disk drive sustained performance and value for shareholders.

All of us whether it's those of US here in this room or everybody on the cool. We're all part of a really extraordinary incredible industry and it's a privilege to be part of it.

It's not our responsibility to leave lightly.

I am so delighted and very proud to be pulsing, the bathroom for lake and to be leaving all that GSK has to offer and such fantastic clean tons.

I just wanted to finish up for lost time wishing everybody listening and just write good fortune for the future and I of course look forward to sharing leg and all the wonderful people working at GSK to a lot of the other success as they combine science technology and talent.

Emma Walmsley: I, of course, look forward to cheering Luke and all the wonderful people working at GSK to a lot of further success as they combine science, technology, and their talent to get ahead of disease together. Thank you all very much.

To get ahead of disease together, thank you very much.

Right.

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