Q2 2026 GSK PLC Earnings Call

Speaker #1: Just writing for show.

Speaker #2: Good afternoon, and welcome to this GSK Q2 results and accelerate growth event. Today we look forward to having a good event, and if we could have the agenda slide on the screen, please.

Speaker #2: Just a few words on logistics before I hand over to Luke. The first thing is that we have a Q&A session for you planned at 2:45, and another one then at 4:20.

Speaker #1: Good afternoon, and welcome to the GSK Q2 Results and Accelerate Growth event. Today, we look forward to having a good event, and if we could have the agenda slide on the screen, please.

Speaker #2: After the first Q&A, you will have a short break, and the event is planned to end around 5:00 PM. Next slide, please. Also note the legal disclaimer on our cautionary statement regarding forward-looking statements, and I would like to add that any definitions in terms of our reporting as well as assumptions on accelerate growth can be found at the end of this deck.

Speaker #1: Just a few words on logistics before I hand over to Luke. First thing is that we have a Q&A session for you planned at 2:45, and another one then at 4:20.

Speaker #1: After the first Q&A, we will have a short break, and the event will end around 5:00 p.m. Next slide, please. Also, note the disclaimer on our cautionary statement regarding forward-looking statements, and I would like to add that any definitions in terms of our reporting, as well as assumptions on accelerated growth, can be found at the end of this deck.

Speaker #2: Lastly, if we comment on performance, any of these comments will be made at constant currency or CER, unless otherwise stated. And with this, I'm delighted to hand over to Luke.

Speaker #3: Thank you. Welcome, everyone, and thanks for investing your time here to join us in person at the London Stock Exchange. And on the webcast, if anyone wants photos of the South Cambridge Railway Station, which is a lovely orange-colored Mick Reddy has them, so we can send them to you after.

Speaker #1: Lastly, if we comment on performance, any of these comments will be made at constant currency, or CER, unless otherwise stated. And with this, I'm delighted to hand over to Luke.

Speaker #2: Thank you. Welcome, everyone, and thanks for your investing your time here. To join us in person at the London Stock Exchange, and on the webcast, if anyone wants photos of the South Cambridge railway station, which is a lovely orange-colored Mick Reddy has them, so we can send them to you after.

Speaker #3: Seriously, today is in two parts. The first will give you an overview of our Q2 results, then we'll move to what is the primary focus of today, which is GSK products, and our plan to grow the business.

Speaker #2: Seriously, today is in two parts. The first will give you an overview of our Q2 results. Then we'll move to what is the primary focus of the day, which is GSK products and our plan to grow the business.

Speaker #3: And how we'll create value for both patients and shareholders. So first, I'll cover the results we announced today quickly. So Q2 performance was strong, we've got continued operational momentum, with sales up 5% to more than 8.4 billion pounds.

Speaker #2: And how we'll create value for both patients and shareholders. So first, I'll cover the results we announced today quickly. Q2 performance was strong—we've got continued operational momentum, with sales up 5% to more than £8.4 billion.

Speaker #3: Core operating profit grew 7%, and core earnings per share were up 9%. Our cash generation remains very positive at 4.3 billion pounds, and our Q2 dividend is 17 pence.

Speaker #2: Core operating profit grew 7%, and core earnings per share were up 9%. Our cash generation remains very positive at £4.3 billion, and our Q2 dividend is 17%.

Speaker #3: And we're on track in terms of our responsible business rating. In July, we also closed the acquisition of New Valent, New Valent is a precision oncology company closely aligned to our approach to BD.

Speaker #2: business.

Speaker #3: And I'm delighted to say that this acquisition is already contributed to our portfolio with the approval of Jadetra and pre-treated ROS 1 positive non-small lung cancer just last week.

Speaker #3: Looking forward, we are updating our full year 2026 guidance with sales and operating profit now towards the upper half of the range, with EPS now expected in the lower half of the range following the acquisition of New Valent.

Speaker #3: I'll now hand over to Nina, who is going to summarize how we're delivering this growth, and she'll also take you through some color on New Carler and COPD, Accenture, and Blenrock.

Speaker #4: Roll it out for you.

Speaker #5: Thank you. Thank you, Luke. Hi, everyone. So commercial momentum continued in the second quarter, driven by key products across our specialty and vaccines portfolio.

Speaker #5: Growth was driven by specialty medicines, which grew 14%, and vaccines, which grew 8%. Vaccines growth benefited from the global expansion of Orexi, our RSV vaccine, strong performance from our meningitis vaccines, and Shingrix in Europe.

Speaker #5: Specifically, Orexi benefited from a tender win for a two-year supply in Australia. Specialty growth was driven by New Carler's continued COPD launch and our long-acting HIV treatment cabinova, as well as Dovato.

Speaker #5: General medicines was down 9% in the quarter, with declining sales of the older established portfolio. Also, there was a challenging pricing comparator for Trelegy in the US due to a positive true-up that took place in the second quarter last year, also softer inhaled respiratory market demand, both of which we expect to improve in the second half of this year.

Speaker #5: As Luke mentioned, we are focused on the product that drives the most value, including new launches and growth contributors. Next slide, please. Here we have pulled out the three major launches of 2026.

Speaker #5: Starting with New Carler, we once again had strong global growth driven by the COPD launch and its halo effect on the other indications. In the US, new-to-brand prescriptions were up 69%, with COPD driving more than 70% of the growth.

Speaker #5: Internationally, sales were up 18%, primarily driven by our success in China, where New Carler gained majority share of bio-naive patients in COPD, and already has NRDL listing in severe asthma and nasal polyps.

Speaker #5: We are also continuing with the launch of Accenture, our twice-yearly IL-5 for severe asthma. The J code went live. On July 1st, reducing the logistical burden on prescribers and providing certainty on reimbursement.

Speaker #5: We are continuing to build access and coverage with more than 50% of insured patients now being covered. The majority of new patients are coming from the bio-naive population, which we expect will continue as around 70% of patients who could be on a biologic for severe asthma still are not.

Speaker #5: And finally, Blenrock, our community-ready antibody drug conjugate, for multiple myeloma is building in line with our expectations, we now have approval in 49 countries, and recently we have gained reimbursement for Germany and Spain.

Speaker #5: In the UK, that's the country where Blenrock launched first, we are seeing a shift in second-line treatment, as shown in this very nice chart provided directly by NICE.

Speaker #5: With Blenrock now leading in new patient starts. In the US, we are receiving positive feedback from physicians with strong intent to continue use. As we've said before, our approach is to go slow, to ensure positive experience, helped by the J code, which is now in effect for Blenrock as well.

Speaker #5: As we enter the second half of the year, we will continue to focus on unlocking the community opportunity where the majority of the patients are.

Speaker #5: And with that, I will hand over to Deborah.

Speaker #2: Thanks, Nina. I'm delighted to report another quarter of double-digit sales growth at 10%, reflecting continued execution of our strategy and sustained market growth by long-acting injectable portfolio, which in Q2 represented 80% of our total HIV growth.

Speaker #2: In the US, we accelerated our market share growth, continuing to outpace the competition with sales growing 14%, long-acting injectables contributed 35% of sales, underscoring strong execution in a competitive market and increased demand for our HIV medicines.

Speaker #2: Cabinova continued to convert patient preference into sustained growth, with sales plus 33%. This performance was fueled by patient demand and, in the US, 77% of new prescriptions came from competitor products, reflecting increasing confidence among both healthcare providers and people living with HIV and the benefits of long-acting treatment.

Speaker #2: Apertured sales increased 39%, supported by more than four years of real-world evidence and tolerability data. At AIDS 2026, six-month follow-up clarity data further reinforced a more favorable injection experience versus lender cap of year after a single dose of each drug, with 70% of participants rating CAB as very or totally acceptable compared with 37% for LEN.

Speaker #2: In addition, fewer HCPs reported challenges, with administration and patient management. Given our continued growth momentum, we are raising our 2026 sales growth guidance to high single-digit growth from mid to high single-digit growth.

Speaker #2: I'll now hand over to Julie.

Speaker #3: Thank you, Deborah. And I will now cover financial performance.

Speaker #6: So, turning to the next slide. Starting with the core income statement for the quarter, with all commentary at CER, sales grew 5% and gross margin improved 250 basis points, due to product mix benefits driven by the growth of specialty and vaccines, together with supply chain optimization charges that we took in Q2 last year.

Speaker #6: SG&A grew 5%, driven by launch investments and phasing, compared with the prior period, partially offset by continued productivity gains. R&D growth in double digits continues to be driven by accelerated investment in the pipeline, with three phase threes initiated across specialty in half one.

Speaker #6: And the royalties decline, simply reflects the RSVIP settlement that we received last year. Operating profit grew 7% and EPS 9%, benefiting from a lower tax rate of 17.9% and the benefits of the share buyback.

Speaker #6: And then turning to the total P&L, results were impacted by the impairment of CAMLAPIXANT following the recent CARM2 readout. Now, turning to the first half cash flow, CGFO was 4.3 billion pounds, up half a billion versus last year, driven by operating profit, receivables, and the CureVac settlement income.

Speaker #6: Free cash flow improved by a billion pounds, with around half driven by the business and around half driven by one-off cash receipts, relating to linarexabact and VEV.

Speaker #6: On the 15th of July, we completed the acquisition of Nuvalent, at a net cost of 7.1 billion pounds, increasing net debt to 22 billion, just under two times net debt to 2025 core EBITDA.

Speaker #6: And the share buyback is now complete, with an average price of 16 pounds 13 over the 18 months. Now turning to guidance, I will now cover 2026, and at the end of the event, I will cover the longer-term outlooks.

Speaker #6: So, following the strong start to the year, we are pleased to be updating our sales and operating profit guidance towards the upper half of the range.

And around half is driven by one-off cash receipts relating to Linux, about and Viv.

Speaker #6: Sales by product area has been modified, with HIV and vaccines expectations improving to reflect the strong performance of Cabinova and also Shingrix, respectively. GenMed is downgraded to reflect the tough environment, together with generic competition.

On the 15th of July, we completed the acquisition of new valent. At a net cost of 7.1 billion pounds, increasing net debt to 22 billion just under 2 times. Net debt to 2025 cour, ebit are

And the share buyback is now complete, with an average price of £16.13 over the 18 months.

Speaker #6: Operating profit reflects the underlying strong business performance, and is now expected to be in the upper half of the range, with reduced SG&A and improved royalties partially offset by increased R&D investments.

Now, turning to guidance, I will now cover 2026. At the end of the event, I will cover the longer-term outlooks.

So following the strong start to the year, we are pleased to be updating our sales and operating profit guidance, towards the upper half of the range.

Speaker #6: EPS is now expected to be in the lower half of the range, and this is predominantly due to the additional interest of around 160 million following the acquisition of Nuvalent.

Speaker #6: Now, to support your modeling with respect to phasing, we expect operating profit growth to be significantly Q4 weighted. And a number of factors lead to this, including productivity charges taken in Q4 last year, wealth Q3 is impacted by the consolidation and phasing of Nuvalent costs, and the acquisition-related interest, together with a tough tax comparator.

sales by product area has been modified with HIV and vaccines expectations, improving to reflect the strong performance of kabanova and also shingrix respectively

Jem Med is downgraded to reflect the tough environment, together with generic competition.

Operating profit reflects the underlying strong business performance and is now expected to be in the upper half of the range, with reduced SG&A and improved royalties, partially offset by increased R&D investments.

Speaker #6: Thanks, and with that, I will hand back to Luke.

EPS is now expected to be in the lower half of the range, and this is predominantly due to the additional interest of around £160 million following the acquisition of Newvalent.

Speaker #1: Thanks, Julie. All right. So, coming back to the agenda, we'll now move to the accelerate portion of our event. As a reminder, we have allocated time for your questions halfway through, and then again at the end of the presentations.

Now, to support your modeling with respect to phasing, we expect operating profit growth to be significantly Q4 wasted.

And a number of factors lead to this, including productivity charges taken in Q4 last year.

Speaker #1: Now, at the start, I mentioned before that the focus of today is about products and growth, and we've now like you to take well, like to take you through our plan to do this.

Wealth, Q3 is impacted by the consolidation and phasing of new valent costs.

And the acquisition related interest.

Together with a tough tax comparator.

Thanks. And with that, I will hand back to Luke.

Speaker #1: So, first, we'll give you more details on our products and why we're confident in our ability to grow the business. And then second, we're going to update you on how our late-stage pipeline is evolving.

Thanks Julie.

Speaker #1: We're also going to talk about what we're doing to accelerate and expand our key late-stage assets, as well as working hard to improve our ability to find and develop new competitive products.

Speaker #1: And then finally, we'll update you on how we're funding all of this. And essentially, we will be reallocating capital and resources in a disciplined way to focus on what creates value.

Speaker #1: And hopefully, at the end, you'll have the same confidence that the team and I have in our plan and our ability to execute it.

Speaker #1: Next slide, please. So, what do we think our business is going to look like over time? Over the last few years, we have delivered considerable strong growth with commercial execution.

Right. So, um, coming back to the agenda, we'll now move to the, uh, accelerate, uh, portion of our event. Um, as a reminder, we have allocated time, uh, for your questions halfway through. And then again, at the end of the presentation. Now, um, at the start I mentioned before that, the focus of today is about products and growth and, uh, we'd now like you to take well, like to take you through our plan to do this. So first, we'll give you more details on our products and why we're confident in our ability to grow the business. And then second, we're going to update you on how, uh, late stage pipeline is evolving.

Speaker #1: And we will work very hard to maintain that growth in the near term, while we invest in the late-stage pipeline. In the mid-term, we've identified key growth drivers.

We're also going to talk uh about what we're doing to accelerate and expand our key late stage assets as well as working hard to improve our ability to find and develop new competitive products.

And then finally, we'll update you on how we're funding all of this.

Speaker #1: We think those growth drivers will compensate for the loss of dollar Tegravir exclusivity and allow us to push through this transition period that I'm talking about.

Speaker #1: In the longer term, the changes we're making now to how we operate will accelerate the next wave of products to continue delivering top-line growth.

And essentially, we will be reallocating capital and resources in a disciplined way to focus on what creates value. And hopefully, at the end, uh, you'll have the same confidence that the team and I have in our plan and our ability to execute it next. Slide, please.

Speaker #1: And finally, we remain very, very active in terms of BD. And here we're looking for incremental growth opportunities that make strategic sense for GSK.

Speaker #1: Next slide, please. So, the biopharma business, our biopharma business, has changed over the last 10 years. Here you can see that operational execution has driven a move from our being a company that was highly reliant on a genericizing base business of largely primary care products and commoditized vaccines, to a growth-oriented company with a broad mix of innovative products.

So, what do we think our business is going to look like over time? Over the last few years, we have delivered considerable, strong growth with commercial execution, and we will work very hard to maintain that growth in the near term while we invest in the late-stage pipeline.

In the midterm, we've identified key growth drivers. We think those growth drivers will compensate for the loss of dollar trade exclusivity and allow us to push through this transition period that I'm talking about.

In the longer term, the changes we're making now to how we operate will accelerate the next wave of products to continue delivering topline growth.

Speaker #1: And if we look at where we aim to be in 2031 and beyond, on the right-hand side, of this slide, GSK will continue to evolve to be more specialty-focused.

The GSK next slide, please.

Speaker #1: And that means a much larger proportion of our sales coming from oncology respiratory and hepatology. Supported by a differentiated long-acting HIV portfolio. Now, right now, our portfolio is built around five core therapy areas.

Speaker #1: So today, our team will engage with you about the Promasync potential we see in each of these areas. And these are the five areas we're investing in.

So the the biofarma business uh are biofarma business has changed over the last 10 years. Here you can see that operational execution has driven a move from being a company that was highly reliant. On a generic sizing base business of largely primary care products and commoditized, vaccines to a growth oriented company with a broad mix of innovative products.

Speaker #1: This is where we're focused. And whether they're walking into a lab, a manufacturing site, one of our offices, or meeting our customers, every single one of our people needs to know how their role helps us deliver on these five priority areas.

And if we look at where we aim to be in 2031 and Beyond on the right hand side uh of this slide GSK will continue to evolve to be more specialty focused and that means a much larger proportion of our sales coming from oncology respiratory and hepatology

Speaker #1: Because in our business, and certainly with this audience, you'll understand this, a company's valuation is based on products and the core ability of management to recognize and deliver competitive innovation.

Supported by a differentiated, long-acting HIV portfolio.

Speaker #1: And to do that, senior managers have got to be close to the products and the people leading the project teams. So we've taken material steps with the late-stage portfolio, BD, in advancing our early stage to ensure that we're evolving to do just that.

Right now, our portfolio is built around five core therapy areas. So today, our team will engage with you about the promising potential we see in each of these areas.

Speaker #1: Now, I'll cover the mid and early parts of this slide shortly, but starting with the late stage, on the top left-hand side. Every two weeks, a subset of the executive committee, so Tony, and Nina, as well as Regis, Regis, you're there?

And these are the five areas where investing in this is where we're focused. Whether they're walking into a lab, a manufacturing site, one of our offices, or meeting our customers, every single one of our people needs to know how their role helps us deliver on these five priority areas.

Speaker #1: I don't think many people know who Regis, so that's Regis there. And Monday, who everyone knows, Monday Majeevi, who everyone knows, who's on holidays right now.

Speaker #1: So we meet to look at the progress of our late-stage portfolio and selected assets every two weeks. These meetings are led by the product teams, the people running the projects.

Because in our business, and certainly with this audience—you'll understand this—a company's valuation is based on products and the core ability of management to recognize and deliver competitive innovation. And to do that, senior managers have got to be close to the products and the people leading the project teams.

Speaker #1: And this allows us to delay the organization and it promotes accountability. And the aim is to keep us all on top of the internal, but also critically, the external factors.

So we've taken material steps with the late-stage portfolio, BD, and advancing our early stage to ensure that we are evolving to do just that.

Speaker #1: That influence our success. Now, since these reviews were started in January, we have identified acceleration opportunities across seven assets, 18 indications, and 25 studies.

Speaker #1: And you'll learn more about all of this today. Now, as a result, of these efforts by our team, we have over 20 phase three starts this year.

Speaker #1: And that is more than double the expectations that we set out at the start of the year when we committed to 10. You can see on the right-hand side of this slide that there's a good spread across our therapy areas.

Speaker #1: And you can also see the increasing importance of oncology. These phase three trials are based on validated data with strong medicine profiles. And each opportunity has been thoroughly and interrogated as part of the strategic portfolio reviewing process.

Now I'll cover the mid uh and early parts of this slide shortly, but starting with the late stage on the top left hand side, um, every 2 weeks a subset of the executive committee. So Tony, uh, and Nina, uh, as well as Regis uh, Regis just you're there. I don't think many people know your registe so that's register there. And uh, mondor who everyone knows me? Everyone knows who's on holidays right now. So we meet to look at the progress of our late stage portfolio and selected assets. Every 2 weeks, these meetings are led by the product teams, uh, the people running the projects and this, uh, allows us to delay the organization and that promotes accountability. And the aim is to keep us all on top of the internal, but also critically the external factors that influence our success. Now, um, since these reviews were started in January, we have identified acceleration opportunities across 7 assets, 18 indicates and 25 studies, and uh you'll learn learn more.

About all of this today.

Speaker #1: And in order to give us the confidence to invest right now. This is a busy slide, but I love it. I think this slide does a good job of showing you how these elements come together, in terms of the late-stage portfolio, the momentum that we have, and the bolus that we've built up in phase three starts.

Now as a result, uh, of these efforts by our team, we have over 20 phase 3 starts this year. Uh, and that is more than double the expectations that we set out at the start of the year when we committed to 10.

You can see on the right-hand side of the slide that there's a good spread across our therapy areas, and you can also see the increasing importance of oncology.

Speaker #1: There will be attrition, after all, we are talking about drug development. But that's why we have a broad portfolio. And our portfolio really is a set of assets that we are confident that is competitive and that can drive growth.

Speaker #1: For the mid-stage portfolio, we will continue to supplement our pipeline with business development. And we'll focus on products that address a validated target. And where there is an efficacy or tolerability gap.

These uh phase 3 trials are based on validated data with strong medicine profiles, and each opportunity has been thoroughly interrogated, uh, as part of the Strategic portfolio of reviewing process and in order to give us the confidence to invest right now.

Speaker #1: So far this year, we have executed three deals. Looking at this list, we missed with Bellas and Camelopixant in cough, but we've just got approval with Jidetro in lung.

Speaker #1: And overall, the majority of assets we've acquired with these deals have progressed to phase three. Next slide, please. In the early stage we need to improve our output.

Um, this is a busy slide that, um, I love it. Uh, I think this slide does a good job of showing you how these elements come together in terms of the late stage portfolio. The momentum that we have, um, and the bolus that we've built up in Phase 3 starts, there will be attrition after all, we are talking about drug development but that's why we have a broad portfolio.

Speaker #1: And we've got to keep evolving how we work and who we work with. And I mean, this slide shows we're putting our money where our mouth is.

And our portfolio really is a set of assets that we are confident is competitive and that can drive growth.

Speaker #1: This is why we're closing Stephenage and moving our people up to Cambridge. I mean, having lived in Cambridge, and worked at one of the places listed up there, I know the power of relocating to this environment.

For the mid-stage portfolio, we will continue to supplement our pipeline with business development and will focus on products that address a validated target and where there is an efficacy or tolerability gap.

Speaker #1: And it is designed to help Tony and his team drive change. And to make us fundamentally better at discovering and developing new drugs. And Tony is going to take you through this in-depth shortly.

So far this year, we have executed 3 deals. Looking at this list, we missed with Bellis and CLA pixon in cough, but we've just got approval with Jetro in lung and overall, the majority of assets, we've acquired with these deals have progressed to phase 3 next slide, please.

Speaker #1: So, how we making all of this happen and how we paying for it. To realize the opportunities in the late stage portfolio and accelerate growth program.

Speaker #1: This program is about reload allocation within our existing P&L to fund these studies and labs. This is a three-year program that will enable us to increase investment in R&D by targeting annual cost savings of 1.9 billion pounds by 2029.

Speaker #1: To do that, we will incur an expected one-time cost of 2.4 billion pounds, which will be 2.1 billion in cash. The majority of these savings we were making will be reallocated to the late stage pipeline.

Franchise, we're putting our money where our mouth is. Um, this is why we're closing stevenage and moving our people up to Cambridge. Um, I mean, having lived in Cambridge, uh, and and worked at 1 of the places listed up there. Um, I know the power of relocating to this environment and it is designed to help Tony and his team Drive change and to make a fundamentally better at discovering and developing new drugs and Tony is going to take you through this in depth shortly.

So, uh, how do we make all of this happen, and how are we paying for it?

Speaker #1: And some of that money will also go towards strengthening the margin through the dollar Tegravir loss of exclusivity period between 2028 and '30. Now, this is fundamental to our strategy.

To realize the opportunities in the late stage, uh, portfolio and R&D. We have announced today an accelerate growth program

This program is about relooking at allocation within our existing P&L to fund these studies and labs.

Speaker #1: We plan to evolve the company's cost base in line with its shifting product portfolio and to accelerate to deliver accelerated long-term growth and shareholders.

This is a three-year program that will enable us to increase investment in R&D by targeting annual cost savings of £1.9 billion by 2029.

Speaker #1: Next slide, thanks. Finally, this is how we see the late-stage portfolio. As you can see, the portfolio will evolve over time, accelerating growth to drive long-term value for patients and shareholders.

To do that, we will incur an expected one-time cost of £2.4 billion, of which £2.1 billion will be in cash.

Speaker #1: Now, with that, let's get into the nuts and bolts of how we're going to make this happen as a team and to get that started gives me enormous pleasure to hand over to Tony.

The majority of these savings we are making will be reallocated to the late-stage pipeline, and some of that money will also go towards strengthening the margin through the Dolutegravir loss of exclusivity period between 2028 and 2030.

Speaker #1: Tony.

Speaker #2: Hi, everyone. Delighted to be here with you. And thanks, Luke. As Luke highlighted, earlier, accelerating R&D is a key priority for us. And this means focusing on three important areas.

Now, this is fundamental to our strategy. We plan to evolve the company's cost base in line with its shifting product portfolio. And to accelerate, uh, to deliver accelerated long-term growth and value to both patients, and our shareholders.

Speaker #2: Maximizing the value of the late-stage portfolio, supplementing that portfolio through business development, and of course, accelerating the progress we've been making in changing the way we work in R&D.

Next slide. Thanks, finally. This is how we see the late stage portfolio. As you can see, the portfolio will evolve over time. Accelerating growth to drive long-term value for patients and shareholders.

Speaker #2: I'm pleased with the progress we've already made, starting on the left-hand side of this slide, you can see the value of our pipeline is increasing.

Now, with that, let's get into the nuts and bolts of how we're going to make this happen as a team. To get things started, it gives me enormous pleasure to hand over to Tony. Tony?

Speaker #2: In fact, we've more than doubled the number of phase two and phase three assets, with blockbuster potential since 2022. Our pipeline's also moving 25% faster meaning we're now in the upper quartile of our peers based on recent CMR benchmarks.

Hi everyone, delighted to be here with you. And thanks, Luke. As Luke highlighted earlier, accelerating R&D is a key priority for us, and this means focusing on three important areas,

Speaker #2: We expect this trend to continue to improve. Together, this means we can do more. And as you can see, we've significantly increased the number of phase three starts this year compared to the past.

Maximizing the value of the later-stage portfolio, supplementing that portfolio through business development, and, of course, accelerating the progress we've been making in changing the way we work in our R&D.

Speaker #2: 2026 will be a bolus year for phase three starts based on our acceleration decisions, which I'll cover in more detail in a moment. Much of this has been achieved through our use of data and technology.

Speaker #2: It enables faster decision making with greater confidence, something we continue to embed in all aspects of R&D. As Luke mentioned, we're taking a new approach to reviewing the portfolio.

I'm pleased with the progress we've already made. Starting on the left-hand side of this slide, you can see the value of our pipeline is increasing—in fact, with more than double the number of Phase 2 and Phase 3 assets with blockbuster potential since 2022.

Our pipelines also moving 25% faster. Meaning we're now in the upper quartile of our peers based on recent CMR benchmarks,

Speaker #2: And this means experts from project teams present directly to myself, Luke, and Nina, so we can make quick decisions, resolve issues promptly, and provide support to advance exciting programs.

We expect this trend to continue to improve.

Together, this means we can do more. As you can see, we significantly increased the number of Phase 3 starts this year compared to the past.

Speaker #2: The approach ensures we have the right alignment across R&D, commercial, and medical to make the most informed decisions possible. It's fully cross-functional, data-driven, and is already allowed us to confidently make a number of acceleration decisions, which you can see on the right-hand side of this slide.

2026 will be a busy year for you, so you start based on our acceleration decisions, which I'll cover in more detail in a moment.

Much of this has been achieved through our use of data and Technology.

Speaker #2: These are the assets and programs you'll be hearing more about today. So you can understand where we're excited about them, based on their differentiation and potential benefit to patients.

It enables faster decision-making with greater confidence—something we continue to embed in all aspects of R&D. As Luke mentioned, we're taking a new approach to reviewing the portfolio.

Speaker #2: In oncology, our ADC portfolio has been significantly accelerated. This is supported by data from our partner Hanso, as well as our own global clinical program.

And this means experts from project teams present directly to myself, Luke, and Lena, so we can make quick decisions, resolve issues promptly, and provide support to advance exciting programs.

Speaker #2: Our decision to accelerate five phase three studies to MORES in gynecological tumors and four for RESRES in lung and prostate cancer demonstrates our confidence in these assets.

The approach ensures we have the right alignment across R&D, Commercial, and Medical to make the most informed decisions possible.

Speaker #2: In respiratory, we'll start six phase three indication sorry, six phase three trials. Across indications for our ultra-long-acting T-slip GSK283. This is a significant acceleration of its development path.

it's fully cross-functional data driven and is already allowed us to confidently make a number of acceleration decisions, which you can see on the right hand side of this slide

These are the assets and programs, you'll be hearing more about today so you can understand why we're excited about them based on their differentiation and potential benefit to patients.

Speaker #2: Kayvan will describe emerging data, which support the use of the six-monthly regimen for treatment of diseases like COPD. For a STIM best-in-class profile for the treatment of MASH.

In oncology, our ADC portfolio has been significantly accelerated. This is supported by data from our partner Hansoh, as well as our own global clinical program.

Speaker #2: The program's recently been accelerated against our original timelines and now includes F4 in addition to F2 and F3 patients. And I'm pleased to announce that the F4 program recruited its first patient only last week.

Our decision to accelerate five Phase 3 studies from more is in gynecological tumors, and four for is in lung and prostate cancer, demonstrates our confidence in these assets.

Speaker #2: As you can see on this slide, the changes we've been making in R&D particularly in development have led to a transformation in our late-stage portfolio, which is now much more focused in areas with greater patient benefit and value.

Speaker #2: Overall, we're significantly increasing the number of phase three starts significantly this year. We expect this trend to continue to be above that of the past, although not at the level we're seeing at this year.

Acceleration of its development path. Kazan will describe emerging data which support the use of the six-monthly arrangement for treatment of diseases like COPD.

Speaker #2: Importantly, these are in high value areas with the major driver of this being a significant increase in the number of oncology phase three studies.

For a thin ferment, data suggests a best-in-class profile for the treatment of MASH. The program's recently been accelerated against our original timelines and now includes F4, in addition to F2 and F3 patients. And I'm pleased to announce that the F4 program recruited its first patient only last week.

Speaker #2: 2026 will see the start of pivotal trials for MORES in gynecological cancers, RESRES in genitourinary cancers, VELSATANIB in first-line GIST, a FIMS firm in an F4 MASH, and our three-times-yearly treatment for HIV.

As you can see on this slide, the changes we've been making in R&D, particularly in development, have led to a transformation in our late-stage portfolio, which is now much more focused in areas with greater patient benefit and value.

Speaker #2: External innovation and business development have been and will continue to be an important part of accelerating R&D. Luke's highlighted the deals we've added important assets to our late-stage pipeline, most recently, of course, Nuvalent, will continue our approach of bringing in assets with validated targets that address efficacy or tolerability gaps to complement our mid-stage pipeline.

Overall, we're significantly increasing the number of Phase 3 starts this year. We expect this trend to continue to be above that of the past, although not at the level we're seeing this year.

Importantly, these are in high-value areas, with the major driver of this being a significant increase in the number of oncology phase 3 studies.

Speaker #2: We use the same data-driven scientifically courageous approach I just described for our BD decisions as well. It's true for both clinical and earlier platform deals.

2026 will see the start of pivotal trials. For more, res and gynecological cancers rise in genuine rec. Cancers felt set in in first line, gist of Finnish Furman and F4 mash, and our 3 times daily treatment for HIV.

Speaker #2: And in the latter case means R&D is increasingly externally focused. You'll hear more from me on the early-stage R&D later in the year. Now, as we become more externally focused, we're also making sure we co-locate our key laboratories with major external innovation hubs containing leading academic institutes.

External Innovation and Business Development have been, and will continue to be, an important part of accelerating R&D.

Speaker #2: We have four key locations, the East Coast of the US, UK, Europe, and China. Each with important academic partnerships. And I've highlighted the major ones on this slide.

Let's highlight the deals. We've added important assets to our late-stage pipeline. Most recently, of course, NewValent. We'll continue our approach of bringing in assets with validated targets that address efficacy or tolerability gaps, to complement our mid-stage pipeline.

We use the same data-driven scientifically courageous approach. I just described for our BD decisions as well.

Speaker #2: The partnerships span a portfolio of interests aligned to our core therapeutic areas and forge deep connections with leading researchers that expose us to groundbreaking innovation.

It's true for both clinical and earlier platform deals. And in the latter case means R&D is increasingly externally focused.

Speaker #2: The majority of these projects focus on human health data, giving us unique insights that de-risk our target identification and translational efforts, and allow us to advance faster, with greater confidence.

You'll hear more from me on the early-stage R&D later in the year.

Speaker #2: We continue to actively look to expand our partnerships on the East Coast of America and in China, and I look forward to sharing updates with you in the future.

now, as we become more externally focused, we're also making sure we co-locate our key, Laboratories with major external Innovation, hubs containing leading academic Institutes

We have four key locations: the East Coast of the US, the UK, Europe, and China.

Speaker #2: In Europe, we already have a significant presence with very strong partnerships like the one we have with Oxford University. The announcement today that we're establishing a hub in Cambridge UK shows our commitment to ensuring our people are in the right places with the right partners to accelerate innovation.

Each has important academic partnerships, and I've highlighted the major ones on this slide.

The partnership spanner portfolio of interests aligned to our core. Therapeutic areas and Forge deep connections with leading researchers that expose us to groundbreaking innovation.

Speaker #2: Our new Cambridge site will accelerate the changes we're making within R&D, reflecting the new way of working we've built to discover and develop medicines.

The majority of these projects focus on human health data, giving us unique insights that de-risk our target identification and translational efforts, and allow us to advance faster with greater confidence.

Speaker #2: CBC is one of the leading integrated biomedical campuses in the world, and as such is a perfect location for us. We'll be beside one of our key academic partners, Cambridge University, as well as with internationally recognized research hospitals and clinical infrastructure.

We continue to actively look to expand our partnerships on the East Coast of America and in China, and I look forward to sharing updates with you in the future.

In Europe, we already have a significant presence with very strong partnerships, like the one we have with Oxford University.

Speaker #2: Our scientists will be able to work in state-of-the-art technology-enabled labs with an ecosystem of innovative AI and biotech companies. This move is part of a broader transformation of R&D, which I'll continue to update you on.

The announcement today that we're establishing a hob in Cambridge UK shows our commitment to ensuring our people are in the right places with the right Partners to accelerate innovation.

Speaker #2: Finally, I want to reiterate the strength of our late-stage portfolio, which has been delivered from the momentum we've been building over the past years.

Our new Cambridge site will accelerate the changes we're making within R&D reflecting the new way of working. We've built to discover and develop medicines

Speaker #2: Through business development and most recently, our acceleration decisions. We have a number of exciting milestones ahead of us, and I look forward to updating on new updating you on these in the future.

CBC is one of the leading integrated biomedical campuses in the world, and as such, is a perfect location for us.

We'll be beside one of our key academic partners, Cambridge University, as well as with internationally recognized research hospitals and clinical infrastructure.

Speaker #2: With that in mind, I'm now going to hand over to the team to take you through these programs in more detail. And we're starting with Hesham and our oncology portfolio.

Our scientists will be able to work in state-of-the-art, technology-enabled labs with an ecosystem of innovative AI and biotech companies.

This move is part of a broader transformation of R&D, which I'll continue to update you on.

Speaker #1: Thank you, Tony. And good afternoon, everyone. I'm Hesham Abdullah, Global Head of Oncology R&D at GSK. Today, I'll highlight the significant progress we've made in oncology, building on our strength in gynecological and hematological cancers, and expanding into new tumor types.

Finally, I want to reiterate the strength of our late-stage portfolio, which has been delivered from the momentum we've been building over the past years.

Through business development and, most recently, our acceleration decisions.

Speaker #1: Given the additional R&D investment we're announcing today, I'll also discuss how we'll focus this investment to accelerate development and bring our pipeline of clinically meaningful medicines to patients faster.

We have a number of exciting milestones ahead of us, and I look forward to updating you on these in the future. With that in mind, I'm now going to hand over to the team to take you through these programs in more detail, and we're starting with Hashem and our oncology portfolio.

Speaker #1: Let's start with why oncology matters. Oncology is a large market opportunity defined by significant and persistent unmet need. Cancer incidence continues to rise, with many tumor types projected to see double-digit growth in incidence through 2030 and beyond.

Like, Global Head of Oncology R&D at GSK.

Speaker #1: Despite meaningful advances, over the past decade, driven by precision medicine and new modalities, many cancer diagnoses continue to have very low five-year survival rates.

Today, I'll highlight the significant progress we've made in oncology, building on our strengths in gynecological and hematological cancers, and expanding into new tumor types, given the additional R&D investment we're announcing today.

Speaker #1: There remains a substantial opportunity to improve patient outcomes. Our pipeline and team are well-positioned to address this growing unmet need. We built a portfolio of competitive high-potential assets and critically we have a talented team with a proven track record of execution in oncology.

I'll also discuss how we'll focus this investment to accelerate development and bring our pipeline of clinically meaningful medicines to patients faster.

Let's start with why oncology matters. Oncology is a large market opportunity, defined by significant and persistent unmet need.

Speaker #1: This combination of high unmet need, a high-potential portfolio, and a proven team will make oncology a key growth driver for GSK. We've been deliberate with how we've rebuilt the oncology pipeline at GSK.

Cancer incidence continues to rise with many tumor types, projected to see double-digit growth in incidence through 2030 and beyond.

Despite meaningful advances over the past decade, driven by precision medicine and new modalities, many cancer diagnoses continue to have very low 5-year survival rates.

Speaker #1: Starting with strong franchises in hematology and gynecologic malignancies, and now expanding into lung cancer, propelled by the recent Nuvalent acquisition. As well as gastrointestinal, prostate cancer, and other solid tumors.

There remains a substantial opportunity to improve patient outcomes.

Our pipeline and team are well positioned to address this growing unmet need.

Speaker #1: Building on our marketed anchor assets, we're advancing a deep clinical stage pipeline across multiple modalities, including ADCs, next-generation targeted small molecules, immune cell engagers, and novel precision oncology medicines.

We built a portfolio of competitive, high-potential assets, and, critically, we have a talented team with a proven track record of execution in oncology.

This combination of high unmet need, a high-potential portfolio, and a proven team will make oncology a key growth driver for GSK.

Speaker #1: We're focusing on developing a better understanding of cancer biology, generating unique insights from deep phenotyping, novel non-clinical model systems, and foundational models for patient identification and stratification.

We've been deliberate with how we've rebuilt the oncology pipeline at GSK.

Starting with strong franchises in hematology and gynecologic malignancies, and now expanding into lung cancer, propelled by their recent New Valent acquisition.

Speaker #1: These differentiated oncology technologies enable sustained growth and innovation, with a quality portfolio of assets in our research pipeline. End to end, our GSK oncology portfolio is designed for scale, and sustained leadership.

As well as gastrointestinal, prostate, cancer, and other solid tumors.

Speaker #1: Turning first to our two lead antibody-drug conjugates, MORES and RISVAS. Both ADCs utilize a proprietary TOPO1 payload, with a proven linker technology, designed to deliver enhanced stability, and tumor penetration.

Building on our market and anchor assets, we're advancing a deep clinical-stage pipeline across multiple modalities, including ADCs, next-generation targeted small molecules, immune cell engagers, and novel precision oncology medicines.

We're focusing on developing, a better understanding of cancer biology.

Speaker #1: With a potentially differentiated safety profile. For example, in our BEHOLD interim study results presented at SGO, we observed a 3% incidence of ILD pneumonitis, and we'll share further evidence of these potentially differentiated outcomes at ESMO with RISVAS.

Generating unique insights from deep phenotyping, novel non-clinical model systems, and foundational models for patient identification and stratification.

These differentiated oncology technologies enable sustained growth and innovation, with a quality portfolio of assets in our research pipeline.

End to end, our GSK oncology portfolio is designed for scale and sustained leadership.

Speaker #1: We've already advanced both ADCs into pivotal programs, based on an extensive range of clinical data spanning across ovarian, endometrial, small cell, and prostate cancer, with data generation ongoing across other solid tumors.

Turning first to our 2 lead antibody drug conjugates mores and rzz

Speaker #1: Early access to extensive HANSO clinical data sets in large patient populations combined with competitor insights and our own data in global populations allows us to rapidly incorporate learnings, design competitive phase III trials, and optimize our strategic positioning.

Both ADCs utilize a proprietary Topo 1 payload with a proven linker technology, designed to deliver enhanced stability and tumor penetration with a potentially differentiated safety profile.

For example, in our Behold-Interim study results presented at SGO, we observed a 3% incidence of ILD. We’ll share further evidence of these potentially differentiated outcomes at ESMO with more to come.

Speaker #1: At the same time, we're evaluating novel biomarkers to potentially further enhance activity, with a multi-pronged translational strategy. Across both programs, we're delivering at pace, striving for flawless execution, while making smart, disciplined choices along the way.

We've already advanced both ADCs into pivotal programs, based on an extensive range of clinical data spanning across ovarian and Dimitri's small cell and prostate cancer, with data generation ongoing across other solid tumors.

Speaker #1: Most certain type RESI-TCAN, or as we call it MORES, builds on the strong foundation of Sejula and Gemperli to drive GSK's next wave of innovation in gynecologic cancers.

Speaker #1: Strong clinical data in both ovarian and endometrial cancer position MORES in the top tier of a competitive and emerging class of antibody-drug conjugates in gynecologic malignancies.

Early access to extensive Hansoh clinical data sets in large patient populations, combined with competitor insights and our own data in global populations, allows us to rapidly incorporate learnings, design competitive Phase 3 trials, and optimize our strategic positioning.

At the same time, we're evaluating novel biomarkers to potentially further enhance activity with a multi-pronged translational strategy.

Speaker #1: MORES delivered numerically higher anti-tumor activity, combined with manageable safety, with a 62% response rate in platinum-resistant ovarian cancer, and a 67% response rate in second-line plus endometrial cancer.

Across both programs, we delivered at pace, striving for flawless execution while making smart, disciplined choices along the way.

Speaker #1: Importantly, this activity is independent of B7H4 expression level, with no unique toxicities. For example, none of the TROPE2-specific stomatitis. Supported by an extensive data set, we've moved at pace to initiate a scaled phase III development program, initiating five phase III studies.

Or as we call it Moores Builds on the strong Foundation of sulla and tempore to drive GSK next wave of innovation in gynecologic cancers.

Strong clinical data in both ovarian and endometrial cancer. Physician MORS in the top tier of a competitive and emerging class of antibody-drug conjugates in gynecologic malignancies.

Speaker #1: During 2026, including three ovarian and two endometrial cancer studies. Driven by a strong signal observed with MORES in early clinical trials, the BEHOLD clinical program has recruited over 600 patients.

And a 67% response rate in second line, plus endometrial cancer, importantly.

Speaker #1: And it has taken just 15 months to move from phase IB to initiating phase III. Expect further safety, and efficacy data updates for MORES at ESMO.

This activity is independent of B7-H4 expression level, with no unique toxicities; for example, none of the tropism to specific stomatitis.

Speaker #1: The second asset from this class-leading ADC platform is RISVAS, our B7H3 ADC, which is effectively an oncology pipeline in a single asset. B7H3 is widely expressed across a large number of solid tumors.

Supported by an extensive data set. We've moved at PACE to initiate a scaled phase 3, development program, initiating 5 phase 3 uh studies

During 2026, including 3, ovarian and 2 endometrial. Cancer studies.

Speaker #1: Across these potential indications, we're prioritizing early entry into small cell lung cancer and prostate cancer, where proof of concept has already been established. In parallel, signal confirmation in a global population is underway in non-small cell lung cancer and sarcoma, now that PLC has been established in China.

Driven by a strong signal, observed with mores in early clinical trials. The Behold clinical program has recruited over 600 patients.

And it has taken just 15 months to move from Phase 1b.

To initiating phase 3.

Expect further safety and efficacy data updates for Moores at ESMO.

Speaker #1: And we're also exploring additional opportunities across multiple other solid tumors. With already more than 930 patients dosed across in bold trials globally, we have established a strong foundation to further accelerate RISVAS development and maximize its potential.

The second asset from this class, leading ADC platform, is RIS our B73 ADC, which is effectively an oncology pipeline in a single asset.

B7 A3 is widely expressed across a large number of solid tumors.

Speaker #1: Similar to MORES, robust early clinical data provides conviction to move our RISVAS program with pace and at scale. In the second-line small cell lung cancer setting, FDA-granted RISVAS breakthrough therapy designation based on the initial data presented by HANSO at the World Conference on Lung Cancer in 2024.

Across these potential indications, we’re prioritizing early entry into small cell lung cancer and prostate cancer, where proof of concept has already been established.

In parallel, signal confirmation in a global population is underway in non-small cell lung cancer and sarcoma, now that PLC has been established in China.

Speaker #1: The updated data published in Cancer Cell this year showed an objective response rate of 60%, with a 6.3-month median progression-free survival, and a 14.9-month median overall survival in the TOPO1 naive cohort.

And we're also exploring additional opportunities across multiple other solid tumors.

With already more than 930 patients dosed across in-bulk trials globally, we have established a strong foundation to further accelerate RZZ development.

And maximize its potential.

Speaker #1: Earlier in July, our partner HANSO announced that ARTEMIS 008, a phase III China study, met its primary endpoint, demonstrating a clinically meaningful and statistically significant improvement in overall survival, for patients with second-line small cell lung cancer.

Similar to MOA's robust early clinical data, this provides conviction to move our wrist, rest program with pace and at scale.

Speaker #1: This marks a significant milestone. As the first positive phase III overall survival data for a B7H3 directed ADC in any tumor type. Our global GSK phase III study in second-line plus in bold small cell lung cancer 301 is actively recruiting, and we plan to initiate a first-line study later this year.

In the second line, small cell lung cancer setting, the FDA granted RZZ breakthrough therapy designation based on the initial data presented by HanSo at the World Conference on Lung Cancer in 2024.

The updated data, published in Cancer Cell this year, showed an objective response rate of 60%, with a 6.3-month median progression-free survival and a 14.9-month median overall survival in the T01 naive cohort.

Speaker #1: In a China non-squamous, non-small cell lung population, RISVAS has demonstrated meaningful activity, both as a monotherapy and in combination with a PD-L1 inhibitor. Our ongoing phase II combo study in bold pan-tumor 101 will aim to confirm this signal, in PD-1 exposed patients, in a global population.

Earlier in July, our partner Hanzo announced that Artemis 008, a Phase 3 China study, met its primary endpoint—demonstrating a clinically meaningful and statistically significant improvement in overall survival for patients with second-line small cell lung cancer.

Speaker #1: Prostate cancer is a key growth opportunity for RISVAS. And we will initiate a number of phase III studies in prostate cancer before the end of the year.

This marks a significant milestone, as the first positive Phase 3 overall survival data for a B7-3-directed ADC in any tumor type.

Speaker #1: The in bold program includes two phase III monotherapy studies, in late-line and chemo-naive metastatic castrate-resistant prostate cancer. As well as a phase III combination study in metastatic hormone-sensitive prostate cancer.

Our global GSK Phase 3 study in second-line, plus in bold, small cell lung cancer, 301, is actively recruiting, and we plan to initiate a first-line study later this year.

Speaker #1: These accelerated investments are supported by the response data shown here on the left, a 37% confirmed objective response rate in metastatic castrate-resistant prostate cancer patients, supported by nine months landmark PFS rate of 56%.

In China, non-squamous non-small cell lung cancer, second line, plus population, risk-res, has demonstrated meaningful activity both as a monotherapy and in combination with a PD-L1 inhibitor.

Our ongoing Phase 2 combo study in BOLD-Pan Tumor 101 will aim to confirm this signal in PD-1 exposed patients in a global population.

Speaker #1: RISVAS is complemented by a growing pipeline of early-stage prostate assets, that position us for future expansion, with different modalities. Highlights for the remainder of 2026 include the ARTEMIS 008 data set, which looked at RISVAS in second-line treatment of small cell lung cancer, this trial met the overall survival primary endpoint, and data will be published before the end of significant because this is the first pivotal trial to show a survival benefit for any B7H3 directed ADC in any indication.

Prostate cancer is a key growth opportunity for R&D, and we will initiate a number of phase 3 studies in prostate cancer before the end of the year.

The Being Bold program includes two Phase 3 monotherapy studies in late-line and chemo-naive, metastatic resistant prostate cancer, as well as a Phase 3 combination study in metastatic hormone-sensitive prostate cancer.

These accelerated investments are supported by the response data shown here on the left.

A 37% confirmed objective response rate in metastatic castrate-resistant prostate cancer patients, supported by a nine-month landmark PFS rate of 56%.

Speaker #1: In addition, our partner HANSO has just announced positive results from a second China phase III study, evaluating RISVAS in osteosarcoma patients, that have received at least two prior lines of therapy.

Risk is complemented by a growing pipeline of early-stage prostate assets that position us for future expansion with different modalities.

Speaker #1: The trial demonstrated a clinically meaningful and statistically significant improvement in its primary endpoint, IRC-assessed PFS. With consistent benefit observed in key secondary endpoints. Osteosarcoma is an area of high unmet need.

Highlights for the remainder of 2026 include the Artemis 008 data set, which looked like RZ res in second-line treatment of small cell lung cancer. This trial met the overall survival primary endpoint, and data will be published before the end of the year.

Speaker #1: And RISVAS has secured breakthrough therapy designation from FDA in this tumor type. Data from the phase III study will be presented at a scientific congress later this year.

Speaker #1: Additionally, at ESMO, we'll share the first RISVAS data from a global population alongside ILD analyses, that will further characterize the asset's potential differentiated monotherapy safety profile.

In addition, our partner Hansoh has just announced positive results from a second China Phase 3 study, evaluating Griz in osteoarthritis.

Speaker #1: This momentum is expected to continue into 2027, with RISVAS data being presented at major medical congresses throughout the year. Together, this represents a rich, multi-year data cadence across one of the broadest B7H3 development programs.

The trial demonstrated a clinically meaningful and statistically significant improvement in its primary endpoint, IRC-assessed PFS.

With consistent benefit observed in key secondary endpoints.

Osteo seroma is an area of high unmet need, and RES has secured Breakthrough Therapy designation from the FDA in this tumor type.

Speaker #1: Turning to our recent novellant acquisition, which provides assets and precision oncology lung cancer. Nel Adelcub and GIDiTRO have the potential to transform treatment in ALK-positive and ROS1-positive non-small cell lung cancer.

Data from the Phase 3 study will be presented at a scientific congress later this year.

Speaker #1: The potential to improve efficacy and tolerability in ALK-positive and ROS1-positive patient segments will support extrinded treatment duration and in turn, drive market growth. The ALK and ROS segments of the non-small cell lung cancer market represent around 2% to 4% of the overall population.

Additionally, at ASMO, we'll share the first Risa data from a global population, alongside IL-b analysis, that will further characterize the asset's potential differentiated monotherapy safety profile.

This momentum is expected to continue into 2027 with riss's data, being presented at Major Medical congresses throughout the year.

Together, this represents a rich, multi-year data cadence across one of the broadest B7A3 development programs.

Speaker #1: But these segments are typically younger, they are more frequently women, and fitter than the broader lung cancer population. Patients are usually diagnosed with metastatic disease and typically have a higher rate of CNS involvement at diagnosis.

Turning to our recent Neuvant acquisition, which provides assets and precision oncology in lung cancer.

Speaker #1: For patients with ALK, ROS, non-small cell lung cancer, next-generation agents like GIDiTRO and Nel Adelcub may extend median PFS beyond 46 months in ROS1-positive patients, and over 84 months in ALK-positive non-small cell lung cancer patients.

Now, a deliberate and Ditro have the potential to transform treatment in ALK-positive and ROS1-positive non-small cell lung cancer.

The potential to improve efficacy and tolerability in ALK-positive and ROS1-positive patients. Segments will support extended treatment duration and, in turn, drive market growth.

Speaker #1: While the majority of first-line lung cancer patients will be treated for around 9 to 10 months, the duration of therapy for a first-line the duration of therapy for a first-line ALK patient may be greater than seven years.

The ALK and ROS segments of the non-small cell lung cancer market represent around 2% to 4% of the overall population.

But these segments are typically younger; they are more frequently women and fitter than the broader lung cancer population.

Speaker #1: GIDiTRO was recently approved by FDA for the second-line treatment of ROS1-positive non-small cell lung cancer patients. We're also working with FDA to support Nel Adelcub approval with an FDA decision for second-line ALK-positive non-small cell lung cancer, expected by November 27th.

Patients are usually diagnosed with metastatic disease and typically have a higher rate of CNS involvement at diagnosis.

Speaker #1: First-line studies for both GIDiTRO and Nel Adelcub are still ongoing, and in enrollment in Nel Adelcub's first-line ALK-AZAR phase III trial is already more than 30% complete.

For patients with Al Ross. Non-muslim lung cancer Next Generation agents like ditro and nalip. May extend median PFS Beyond 46 months, in rawan positive patients and over 84 months. In O positive non-muslim, lung cancer patients. While the majority of first-line lung cancer, patients will be treated for around 9 to 10 months, the duration of a, the duration of therapy for a first line.

Speaker #1: In the cross-trial comparison shown here for ALK-positive, non-small cell lung cancer, post-second-generation TKI, Nel Adelcub shows 14.5 months median PFS, compared with 6.6 months achieved with Loralatinib, with 91% of patients maintaining a response for more than 12 months, versus 70% with Loralatinib in a TKI-naive population.

The duration of therapy for a first-line outpatient may be greater than seven years.

Gidro was recently approved by the FDA for second-line treatment of ROS1-positive non-small cell lung cancer patients.

We're also working with the FDA to support NDA-level approval, with an FDA decision for second-line, ALK-positive non-small cell lung cancer expected by November 27th.

Speaker #1: In ROS1-positive non-small cell lung cancer, post-TKI, GIDiTRO shows 23.8 months median PFS, compared with 9.7 months for teletrektinib, with 96% of patients maintaining a response for more than 12 months, versus 74% for teletrektinib in a TKI-naive population.

First line studies for both jedro and Nadal Kip are still ongoing and in Room enrollment in nad's. First line, alkazar phase 3 trial is already more than 30%, complete

Speaker #1: Acknowledging the caveats that exist with these cross-study comparisons, these data appear to suggest the potential to meaningfully prolong median PFS with Nela, and GIDiTRO.

Speaker #1: These are best-in-class efficacy profiles, and I will review safety and tolerability data on the next slide. Data from the Nel Adelcub clinical program indicate Nela is well tolerated, with the lowest rates of dose reductions and discontinuation when compared with other assets in the class.

In the cross trial, comparison, shown here for O positive non small cell lung cancer post-second, generation, tki nowad, Delk kid shows. 14.5 months, median PFS compared with 6.6 months achieved with lower Latin with 91% of patients maintaining a response from more than 12 months versus 70% with lower Latin in a tki naive population.

Speaker #1: Nela is a highly selective ALK inhibitor, which is reflected in the adverse event profile observed in clinical studies, Nela does not appear to be associated with the long-term metabolic and neurological adverse events seen with other TKIs in the class.

In Ross 1 positive non small cell, lung cancer post DKI J, ditro shows, 23.8 months, medium PFS, compared with 9.7 months perk in it. With 96% of patients, maintaining a response from more than 12 months versus 74% for telatin in a tki naive population.

Speaker #1: While Nel Adelcub does show higher liver enzyme elevations, physicians' feedback indicates these are largely clinically asymptomatic and manageable, with routine monitoring. In short, a tolerability profile designed for a long-term, first-line use.

Acknowledging the caveats that exists with these cross study comparisons, these data appear to suggest the potential to meaningfully prolong median PFS with Nella and jid.

These are best-in-class efficacy profiles, and I will review safety and tolerability data on the next slide.

Speaker #1: Vosatinib is another asset in our precision-targeted therapy portfolio. It's in phase III development for the treatment of GIST, or gastrointestinal stromal tumors, a rare type of cancer which develops in the digestive tract, most commonly in the stomach or small intestine.

Data from the Delta clinical program indicate it is well tolerated, with the lowest rates of dose reductions and discontinuation when compared with other assets in the class.

now, as a highly selective ALK inhibitor, which is reflected in the adverse event profile, observed in clinical studies,

Speaker #1: The first-line standard of care for GIST patients has not changed since the introduction of imatinib over 20 years ago. While this first-line therapy has improved the outlook for patients, over time, GIST tumors will ultimately become resistant to imatinib, and patients typically progress to a second-line treatment strategy.

Nella does not appear to be associated with the long-term, metabolic, and neurological adverse events seen with other TKIs in the class.

While no, availability—physicians' feedback indicates these are largely clinically asymptomatic and manageable with routine monitoring.

Speaker #1: The standard of care in second-line treatment is not well tolerated, with variable efficacy. Vosatinib is the only agent in the TKI landscape which targets all primary and key secondary KIT mutations.

In short, a tolerability profile designed for long-term first-line use.

Speaker #1: With a lower rate of adverse events when compared to other available treatment options or standard of care. At ASCO this year, we presented Vosatinib data.

Folio it's in Phase 3 development for the treatment of gist or gastrointestinal stromal tumors. A rare type of cancer which develops in the digestive tract, most commonly in the stomach or small intestine.

The first-line standard of care for just patients has not changed since the introduction of imatinib over 20 years ago.

Speaker #1: Which showed a 61% confirmed response rate and a 65% unconfirmed response rate for Vosatinib in the first-line setting, with every patient on the trial demonstrating a reduction in tumor volume.

While this first-line therapy has improved the outlook for patients over time, most tumors will ultimately become resistant to imatinib, and patients typically progress to a second-line treatment strategy.

Speaker #1: These data were used to inform the strategist front-line study, which recently started recruitment. We now have two phase III studies underway, strategist III and second-line GIST, and strategist front-line and first-line GIST, both exploring Vosatinib as monotherapy.

The standard of care in second-line treatment is not well tolerated, with variable efficacy.

Ripretinib is the only agent in the GIST landscape which targets all primary and key secondary KIT mutations, with a lower rate of adverse events when compared to other available treatment options or standard of care.

Speaker #1: Recruitment for both studies is progressing strongly ahead of schedule. This momentum underscores the pace at which we're advancing this asset and Vosatinib's potential to redefine the standard of care in GIST.

Speaker #1: Finally, I'd like to provide a short update on BLNREP, our ADC for the treatment of multiple myeloma. BLNREP's clinical development program is targeting all patient segments of newly diagnosed multiple myeloma.

At ASCO this year, we presented Vietnam data which showed a 61% confirmed response rate and a 65% unconfirmed response rate for VAT. In the first-line setting, with every patient on the trial demonstrating a reduction in tumor volume, these data were used to inform the Strategist Frontline study, which recently started recruitment.

Speaker #1: The dream 10 study is designed to investigate a BLNREP combination which is appropriate for the majority of first-line or newly diagnosed patients. These patients are described as either standard risk fit, or high-risk frail patients.

We now have two phase 3 studies underway: STRATEGIST-3 in second line, and STRATEGIST-Frontline in first line. Both are exploring belat as monotherapy.

Recruitment for both studies is progressing strongly, ahead of schedule.

Speaker #1: Dream 10 investigates a BLNREP triplet versus a daratumumab triplet, and we anticipate preliminary MRD negativity data in the first half of 2028. For high-risk non-frail, newly diagnosed patients, the phase III precoc study will investigate a quad regimen of BLNREP plus VRD, versus ACD38 combination of daratumumab plus VRD in a high-risk enriched population.

This momentum underscores the pace at which we're advancing this asset, and envelopes potential to redefine the standard of care in Geist.

Finally, I'd like to provide a short update on BLENREP, our 8C for the treatment of multiple myeloma.

Glenross, clinical development program is targeting all patient segments of newly diagnosed multiple Myoma.

Speaker #1: Addressing the need for deeper myeloma control, through higher treatment intensity. Together, these two pivotal studies should support BLNREP use in a large proportion of the first-line multiple myeloma patients.

The dream 10 study is designed to investigate a blunter up combination which is appropriate for the majority of first line or or newly diagnosed patients.

Speaker #1: BLNREP's projected median progression-free survival of BLNREP's BLNREP's projected median progression-free survival of 101.8 months from the TERPOS data presented at EMN is competitive versus 100 months for a CD38 quadruplet regimen, and 62 months from a CD38 triplet.

These patients are described as either standard-risk fit or high-risk frail patients. DREAM 10 investigates a Blenrep triplet versus a daratumumab triplet, and we anticipate preliminary MRD negativity data in the first half of 2028.

Speaker #1: Next, real-life burden of care. VRD offers a meaningfully lower burden of care, with dramatically fewer infusion days. This has real-world implications for patients, and then finally, the grade III/IV ocular event rate is significantly improved and matches first-line expectations.

For high-risk non frail, newly diagnosed patients the phase 3. Praecox study will investigate a quad regimen of blend wrap Plus vrd versus a cd38, uh, uh uh, combination of daratumumab.

Together, these two pivotal studies should support BlendRep use in a large proportion of first-line multiple myeloma patients.

Glen wraps. Projected, median progression, free, survival of

Speaker #1: This is achieved with 1.9 mic/cic dosing on a once-every-12-week dosing schedule in the maintenance setting. This is a regimen designed to optimize benefit-risk in this newly diagnosed patient population.

Blood reps projected median progression-free survival of 101.8 months. From the TURPIS data presented at EMN, this is competitive versus 100 months for a CD38 quadruplet regimen.

Speaker #1: Now, let me close with the big picture. Our GSK pipeline and team are well positioned to address the growing unmet needs in oncology. We have a highly competitive oncology pipeline, and we're continuing to apply various acceleration levers.

And 62 months from a CD38 triplet.

Next, real-life burden of care. BRD offers a meaningfully lower burden of care, with dramatically fewer infusion days.

Speaker #1: Starting in lung, we have a near-term acceleration opportunity into second-line with GIDiTRO now approved, and Nela on its heels. With first-line expansion for GIDiTRO planned in first half 2027.

Speaker #1: Both address clear efficacy and tolerability gaps. With our two ADCs, extensive clinical data sets provide conviction to progress multiple pivotal programs at pace, with MORES and GINONC and RISRES a pipeline in a single asset.

This has real world implications for patients, and then finally, the grade 34 ocular event rate is significantly improved and matches first line expectations. This is achieved with 1.9, make per kick dosing on a. Once every 12 week dosing schedule in the maintenance setting, this is a regimen designed to optimize benefit risk. In this newly diagnosed patient population.

Speaker #1: RISRES brings the first positive phase III OS data for any B73 directed ADC. With two positive phase III trials to be presented, in the second half of 2026.

Now, let me close with the big picture—our GSK pipeline and team are well positioned to address the growing unmet needs in oncology. We have a highly competitive oncology pipeline and we're continuing to apply various acceleration levers.

Speaker #1: Continuing with our pipeline of differentiated precision oncology medicines in areas of unmet need, Vosatinib has the potential to redefine a two-decade-old standard of care for GIST patients, as a well-tolerated monotherapy with potential superior activity, and tolerability profile.

Starting on long, we have a near-term acceleration opportunity into second-line with Ditro now approved, and Nella on its heels with first-line expansion for Ditro planned in the first half of 2027.

Both address clear efficacy and tolerability gaps.

Speaker #1: Finally, we will continue to see upside with BLNREP, the ongoing clinical development, and evidence generation program aims to ensure success in newly diagnosed patients, while creating broad access for community-based BCMA therapy.

Speaker #1: Taken together, this is a high-potential, competitive oncology pipeline, and one we're advancing with real pace and conviction. I'll now hand it back to Luke to commence the Q&A session, if I can also ask Julie, Nina, Deborah, and Tony to join me on the stage as well, too.

With our 2 adcolor.

As a well-tolerated monotherapy with a potential superior activity and tolerability profile.

Speaker #1: Right. Thanks, Heshin. And as you said, we'll open the floor. Goodness me. Open the floor to microphones. So please raise your hand. You guys clearly know what you're doing.

Speaker #1: And we'll get a microphone to you. If you are listening online and would like to ask a question, please raise the hand function, and we'll get to you shortly.

Finally, we will continue to see upside with Blenrep. The ongoing clinical development and evidence generation program aims to ensure success in newly diagnosed patients, while creating broad access for community-based BCMA therapy.

Taken together, this is a high-potential, competitive oncology pipeline and one we're advancing with real pace and conviction.

Speaker #1: So Matthew, I think you were the first. I think you get a job as a Formula One driver with those reflexes. So Matthew.

I'll now hand it back to Luke to commence the Q&A session. If I can also ask Julie, Nina, Deborah, and Tony to join me on the stage as well.

Speaker #2: Luke. Thank you. It's Matthew Weston from UBS. One question really about and it's about the financials before we get into all the detail, because there's more time to dig into the detail later.

Speaker #2: Slide 24, you gave the illustrative picture of the impact of the new 1.9 billion savings program, and it showed the cost base today, and then it showed a smaller cost base in the future.

Speaker #2: And I think you're on track to deliver about 31% margin based on guidance in 2026. So one of the most significant questions I've received today over and over is, does the new cost saving take that margin target higher?

Alright, thanks patient. And, and as you said, we'll we'll open the floor. Goodness me. Um, open the floor microphone. So please raise your hand, you guys clearly know what you're doing, uh, and we'll get a microphone to you. Um, if you are listening online and would like to ask a question, please, uh, rise the hand function and we'll get to you shortly. So, Matthew I think you were the first

Speaker #2: So am I right in interpreting slide 24 that, yes, you are now aiming for margins up at the end of the 2031 period, relative to where we are today?

You'd get a job as a Formula 1 driver with those reflexes! So, Matthew—Luke—thank you. Uh, it's Matthew Weston from UBS.

um,

One question really, and it's about the financials before we get into all the details, because there's more time to dig into the details later.

Speaker #1: Right. Matthew?

Speaker #3: Mm-hmm. Okay. Thank you, Matthew. Good question. Totally understand. So the position on the slide that we shared was basically saying it was the cost base as a percentage of sales first of all, as a result of accelerate growth.

Speaker #3: We are guiding to more than 31% margin in 2026. And what we've said previously, before today, was that the margin will be stable through dollar Tegravir, LOE, which is 28 to 30.

Um, slide 24, you gave the illustrative picture of the impact of the new £1.9 billion savings program, and it showed the cost base today and then it showed a smaller cost base in the future. And I think you're on track to deliver about a 31% margin based on guidance in '26. So one of the most significant questions I've received today, over and over, is: Does the new cost-saving take that margin target higher?

Speaker #3: And we feel confident of that, because the portfolio is pivoting more and more towards specialty, number one. And as you've seen over a number of years now, and with this program, we are driving productivity and improvement in the business.

So am I right in interpreting slide 24 that, yes, you are now aiming for margins up at the end of the 2031 period relative to where we are today?

Alright, thank you.

Speaker #3: So that brings us to date. Now, what we've said is, as a result of accelerate growth, we will also drop some of those savings through to the margin, in the period of dollar Tegravir.

For the position in the slide that, uh, that we shared, it was basically saying it was the cost basis as a percentage of sales. First of all, as a result of accelerated growth,

Speaker #3: So it builds in the dollar Tegravir, LOE period, 28 to 30. We've not given a specific percentage, but what we have done is changed the margin guidance through dollar Tegravir now to say it will be stable to improving.

Um, we are guiding to more than 31% margin in '26. And what we've said previously, before today, was that the margin will be stable through Dolutegravir LOE, which is 28 to 30%.

Speaker #3: So we're giving a range and recognizing the drop-through from the accelerate growth program.

Speaker #1: Right. I think Louise or you are next, right?

And we feel confident of that because the the portfolio is pivoting more and more towards specialty number 1, and as you've seen over a number of years now and with this program, we are driving productivity and Improvement in the business so that brings us to date. Now what we've said is as a result of accelerate growth,

Speaker #4: Thank you very much. Louise, Hector from Berenberg. I wanted to check on the asset accelerations. So you've highlighted seven. What are the criteria for accelerating?

We will also drop some of those savings through to the margin in the period of dollar TE. So, it builds in the dollar of LOE period, 28 to 30.

Speaker #4: Is there some new decision-making in that mix? And then I don't think Nela is an accelerated asset. Is there a reason for that? Maybe it's in flight too recent.

Speaker #4: And if I can also ask on probabilities of success and linking that to the validated target. So you have this awesome selection now of pipeline.

Um, we've not given a specific percentage, but what we have done is changed the margin guidance through dollar Tegra. Now, to say it will be stable to improving. So, we're giving a range and recognizing the drop-through from the Accelerate Growth program.

Right. I think Louise, are you next? Right?

Speaker #4: Is there a reason for probability of success being higher with the 25 phase III starts? You talk about the validated targets. I don't know how much of those what percentage of those are with validated targets and what that really means, validated target.

Thank you very much, Louisa Ha from Barenburg. Um, I wanted to check on the asset accelerations, so you've highlighted seven,

What are the criteria for accelerating? Is there some new decision-making in that mix?

Speaker #2: Yeah. Sure. Thanks, Louise. I'll start, and then I think this is very much going to be a bit of a tag team.

Speaker #4: Thank you.

Speaker #1: Yeah.

Speaker #2: Team answer. So maybe a little bit of heritage, a little bit of background. I mean, Nuvalent wasn't in there because it was running on a similar track with the deal and the programs were more advanced.

And then I don't think Nella is an accelerated asset. Is there a reason for that? Maybe it's in flight. Um, too recent.

Speaker #2: But if we can go faster, we'll certainly look to do that. But essentially, we wanted to sit down and look at the portfolio. Benchmark it versus external parameters, not just market your own homework, but if you look at a classical program in lung, what are the appropriate time frames?

And if I can also ask on probabilities of success, and linking that to the validated target. So, you know, you have this awesome selection now of pipeline,

Speaker #2: What's a typical white space that's a fair comparator? And then what could we do to compress that? Obviously, applying common sense that we didn't want to go so fast that we increased risk.

Is there a reason for the probability of success being higher with the 25 Phase 3 starts? You talk about the validated targets. I don't know how much of those—you know, what percentage of those are with validated targets, and...

What that really means: validated target. Yeah.

Sure, thank you.

Speaker #2: The other thing is, of course, as this portfolio is evolving, if you do have a validated target, you are removing elements of the risk.

Speaker #2: And therefore, we've got more confidence. I think just fundamentally, we want to look at ways that what were the things that were stopping us from making the decision?

Speaker #2: To go faster. Was there any biological risk? Was it a resource risk? Was it our own process? And really compressing all of those. And each program had different combinations.

Speaker #2: And then we ended up we ran up against Julie, who said, that's lovely. And she's doing her job. She said, this needs to be paid for.

Speaker #2: And that's what then triggered the second round of the process, which is to say, okay, well, then how do we effectively use our shareholders' money appropriately to try and unlock that?

Speaker #2: And clearly, moving it from historical areas of the business or areas where, frankly, we could partner or we could do things more simply and moving those monies to phase III programs and to BD, we felt is a better return.

Speaker #2: And a better use of our shareholders' money. So that's the high level answer. I don't know, Tony, if you wanted to give it a color.

Speaker #2: Nina, and then Julie, just sort of how that flows through. But clearly, at the end of the day, it's a benefit of combination of benefit risk that we're looking at with these programs, classic portfolio management.

Polio Benchmark versus external parameters, not just Mark your own homework, but you know if you look at a classical program in lung, what what are the appropriate time frames? What's a typical white space? That's a fair comparator. And then what could we do to compress that obviously applying common sense that we didn't want to, you know, go so fast that we increase risk. Um, the other thing is, of course, as this portfolio is evolving. If you do have a validated Target, you are removing elements of the risk, um, and therefore, if we've got more confidence, I think just fundamentally, we want to look at ways that, um, you know, what were the things that were stopping us from making the decision to go faster? Was there any biological risk? Was it a, a resource risk? Was it our own process and really compressing all of those and each program had different combinations? And then, we ended up. We ran out against Julie who said that's lovely. Um and she's doing her job. She said uh, this needs to be paid for

Speaker #2: Tony?

Speaker #1: Yeah. One thing that I just started a little bit with, what data underpins confidence? You're going to hear a lot more about that from Kayvan, for example.

Speaker #1: And you already did from Hesham. And so I think you start with the fact that our portfolio now has a significant number of assets that have broad potential associated with them.

Speaker #1: And what we've been doing and by that, I mean, a number of potential indications that carry significant value as well. And we've been integrating data from one end, human causal data from genetics, all the way through clinical characterization of patients to individually detailed molecular data.

And that's what then triggered the second round of the process, which is to say, okay, well then how do we effectively use our shareholders' money appropriately to try and unlock that? And clearly, moving it from historical areas of the business or areas where, frankly, we could partner or we could do things more simply, and moving those monies to Phase 3 programs and to BD, we felt is a better return and a better use of our shareholders' money. So that's the high level. Uh, so I don't know, Tony, if you wanted to give me—with a call in Nina and then Julie just sort of...

Speaker #1: And what that allows us to do is, if you like, draw lines of confidence and underline biology, across different indications. So that's one aspect of it.

Speaker #1: You'll hear some nice examples from Kayvan. And after the break on that, couple that then with the opportunity to be able to execute a clinical study in both an effective and, shall we say, appropriately gated way, when we're going with relatively strong data as I've just described, but perhaps the absence of a phase II and what you have is a set of ingredients that allow us to then put confidence behind the seven assets that we described.

Speaker #1: And that's why we've described it as seven assets with 18 indications. And I think 25 studies. All of that coupled with having my friend here, sat beside me, telling me whether or not she thinks it's worth anything.

How that flows through but clearly you know at the end of the day it's a benefit of combination of benefit risk that we're looking at with these programs classic you know portfolio management. Tony yeah. Why don't I just start a little bit with what data underpins confidence? You're you're going to hear a lot more about that from Kevon, for example and you already did from Hashem and so I think you start with the fact that our portfolio now has a significant number of assets that have broad potential associated with them and what we've been doing. And by that I mean a number of potential indications that carry um significant value as well. And we've been integrating data from a 1 end human causal data from genetics all the way through clinical. Um characterization of patients to individually detailed our molecular data and what that allows us to do is if you like draw lines of confidence in underlying biology across different indications, so that's 1 aspect of it. Um, you'll hear some nice

Speaker #1: Really, helps us to pull together a very different approach that we have now to accelerating the portfolio. I'll hand over to you if that needed.

Speaker #4: Yeah. Thank you, Tony. Not much to add, but Louise, to your point about the confidence, I'll use some examples. Velsatinib, we have seen we have ongoing second-line study, right?

Speaker #4: When you see a study recruiting at 200% rate, that gives you a bit of confidence that there is actually genuine interest in and desire to use the program, to use the asset.

Examples from Kay. And after the break, on that couple that, then with the opportunity to be able to execute a clinical study in both an effective and, shall we say, appropriately gated way, when we're going with relatively strong data, as I've just described, but perhaps the absence of a Phase 2. And what you have is a set of ingredients that allow us to then put confidence behind the seven assets that we described. And—

Speaker #4: And then we try to accelerate, obviously, starting first-line and support to make it possible to hopefully repeat the same. I'm not promising it, but there is high confidence that that is that study will recruit.

Speaker #4: Other examples are the two ADCs, we have this massive benefit of having Chinese partner who generate huge amount of data very quickly. We are all aware that sometimes data generated in specific Asian populations might not be repeated.

Speaker #4: So the question here is, which level of confidence we need to have in the global Western population to then embark very quickly into a phase III study?

That's why we've described it as certain assets with 18 indicators and I think 25, um, studies, all of that couples was having my friend here beside me telling me whether or not she thinks it's worth anything, um, really, um, helps us to to pull together a very different approach that we have now to accelerating the portfolio and over to you. Yeah, thank you. Tony not. Not much to add, but Louisa to your point about the confidence, you know, um, I'll I'll use some examples, you know, those at in it we have seen, we have ongoing second line study, right? When you see a study recruiting at 200% rate, that gives you a bit of confidence that there is actually genuine interest in and desire to use the to use the program to use the asset. And then we, we try to accelerate. Obviously start in first line and support to make it to make it possible to hopefully repeat the same. I'm not I'm not promising it but um,

Speaker #4: And some of these we, for some of these, we feel very confident already. So I think it's based to what Tony said, it's underpinned by data, definitely.

Speaker #4: And also, you can imagine that we have we ask the teams to come bottom up with proposals. If you have blue-sky scenario, what would you bring as acceleration?

Speaker #4: We had more than 100 opportunities that were brought by various teams. And we obviously looked at how big are certain opportunities and what does it mean for our 2030?

But you know, there there is high confidence, that that is that that study will recruit other examples are uh, the 2 ad CS. Uh, we have this massive benefit of having a Chinese partner um who generate huge amounts of data very quickly. Um, we are all aware that sometimes data generated in specification population might not be repeated. So the question here is, which level of confidence we need to have in the

Speaker #4: What does it mean for post-2030 growth? And I think we are very confident that at this point, we are our kind of cutoff is blockbuster.

Global Western population to then Embark very quickly into phase 3 study. And some of these we for for some of these we feel very confident already

Speaker #4: Indication. So that plays a role as well. Together with how much does it cost operational execution? Is it feasible to do it? And so on.

Speaker #1: And just to stress something, Luke said right at the beginning, we keep a very close eye on what's going on competitively. Particularly in, for example, Kayvan, I'm sorry if I get ahead of you, but the tea slips a nice example.

Speaker #1: We got a hint that our friends at Generate Bio were getting ahead of us, which we didn't like the idea of. So that was something that then went very quickly through this process.

Speaker #1: And you'll hear more about that program later.

Speaker #2: And I think, again, we want to build a culture that's obsessed with products. Graham?

Proposals, if you have blue sky scenario, what would you bring as acceleration? We had more than 100 opportunities that were that were brought by various teams and um, we obviously looked at, you know, how big are certain opportunities and what does it mean for our 2030? What does it mean for post 2030? Um, growth. And I think we are very confident that this point, you know, we are, we are our kind of cut off is Blockbuster indication

Speaker #5: Great. Thanks. It's Graham Parking City. On the accelerating growth post-2031, can you just help us understand what you're assuming for Cabotegravir IP protection there?

So that that plays uh that plays a role as well together with you know, how much does it cost, operational execution, Is it feasible to do it and, and so on.

Speaker #5: So you've talked about protecting through Dolutegravir, but the Cabotegravir LOE is 2031. It would be pretty major. If you actually lost it there, so you can detail how you're expecting to protect that.

And, and we just—to stress something Luke said right at the beginning—we keep a very close eye on what's going on competitively.

Speaker #5: And then secondly, on Zydazamtanib, what's your confidence in the ability to get approval on the first-line data? Given I think it's only a 35-patient cohort, and you've already got Talatrectanib approved from Trust12, which actually had more patients.

Um particularly in the for example. I I Kevin I'm sorry if I get ahead of you but they teach that it's a nice example. We we got a hint that our friends are generate bio. We're getting ahead of us which we didn't like the idea of. So that was something that then went very quickly through this process and you'll hear more about that program later.

Um, and I think, again, we want to build a culture that's obsessed with products and growth.

Speaker #5: And have you had any discussions with regulators regarding the filing yet?

Speaker #2: Great. Thanks, Graham. Deborah, do you want to give color on that? And then Regis, if you could just step through the process of making Cabotegravir, because I think that's it's quite interesting.

Speaker #2: That's what I would say. And then we'll come back to Zydazamtanib first-line

Speaker #4: Sure. So thanks for the question, Graham. So we've got a robust approach to intellectual property. You'll see on Charlotte's slides later, a little more detail on this, but I can talk about the additional intellectual property that we have.

Speaker #4: In our hand today, and potentially we'll have in the future, on Cabotegravir. So let's look at six times yearly treatments. So Cabonuva, that's in the market today.

Great. Thanks. It's a great parking city. Um on the accelerating growth post 2031. Can you just help us understand what you're assuming for? Cobra IP protection there. So you've talked about protecting through data, but the cabit LOE is 2031. It would be pretty major if you actually lost it there, so you can detail how you're expecting to protect that. Um, and then, uh, secondly on zida zanib. Um, what's your confidence in the ability to get approval on the first line data? Given I think it's only a 35 patient cohort, you've already got talent in the approved, uh, in from trust 1 to which, I actually had more patience and have you had any discussions with Regulators, um, regarding the filing? Um, yet,

Um, Deborah, do you want to give—

Color on that and then radius.

Speaker #4: We've got additional protection now granted through to 2040 for that asset. We've then got three times yearly treatment. Again, we've got additional protection pending through to 2047.

Speaker #4: And then when we come into six yearly prevention, we actually have the patent granted to 2031. We don't have an additional coverage for that asset.

If you could just step through the process of making cavat, because I think that's, um, it's quite interesting. That's what I would say. And then, we'll, we'll come back to data center near first line. Um, sure. So, um, thanks for the the question, Graham. So we've got a robust approach to intellectual property.

Speaker #4: And then three times yearly prevention, we've now got secondary patents pending, which takes us out to 2045. So it is an incredibly difficult medicine to make, and to bring real pivoting and Cabotegravir together in the treatment space enables us to have quite a motive intellectual property either available today or patents that are pending.

Um you'll see on Charlotte's slides later, a little more detail on this but I can talk about the additional intellectual property that we have in our hand today and potentially we'll have in the future on capitate. So let's look at 6 times yearly treatment so kabanova that's in the market today. Um we've got additional protection now granted through to

Um, 2040 for that asset.

Speaker #4: Which are broad and cover both the combination of the two, how you make it, and obviously the original composition of matter patent. So we feel really confident in the future of our IP to protect the assets that we have in our hands and in our pipeline.

Uh, We've then got 3 times the early treatment again. We've got additional uh, protection pending through to 2047.

Speaker #4: Just so we don't leave because we are on the topic of IP, VH184 and 499 out, the base patents there run until hopefully when they're granted 2040.

Speaker #4: But we have additional patents that would again take us out to 2047. Regis, do you want to just talk a little bit about how challenging it is to make these medicines?

Speaker #2: Yeah. I had no idea we'd be describing the process this afternoon, but first of all, your seatbelt. So we make the API in Singapore quite a standard process, long commit story, synthetic commit stories.

Speaker #2: And after you bring it in UK, where you do nano milling, when you have finished the nano milling, you will do gamma irradiation. When you have finished the gamma irradiation, you bring it back.

Speaker #2: You're going to fill it as a sterile product. You're going to gamma irradiate again, and you're going to inspect it. And then you're going to inject it.

And then, when we come into 6 yearly prevention, um, we actually have the patent granted to 2031. We don't have an additional, um, coverage for that asset, and then 3 times the early prevention. We've now got, um, secondary patents pending which takes us up to 2045. So it is an incredibly difficult medicine to make, and to bring real Pine and category together in the treatment space. Enables us to have, uh, quite a motive intellectual property, either available today or patents that are appending. Um, which are Broad and cover both the combination of the 2, how you make it, and obviously, the original composition of matter patent. So we feel really confident in the future of our IP to protect, um, the assets that we have, um, in our hands and in our pipeline. Just so we don't leave, um, because we're on the topic of Ip, uh, vh140c

Speaker #2: So if we do it, we are not the only one. To be someone else can do it, but not everyone. Thank you.

Speaker #5: Thanks, Regis.

Speaker #2: first line. And maybe just build on some insights we've got as part of the due diligence process, talking to physicians and again, we had insight into the regulatory exchanges as well.

Speaker #2: So over to you,

Speaker #5: Yeah. Thank you. Thank you, Luke. Yeah, I'll start out first by saying, of course, that the phase one study has actually been recruiting additional patients in that first-line cohort as well, too.

40, but we have additional patents that would again take us out to 2047. We just do want to just talk a little bit about how challenging it is to make these medicines. Yeah I I had no idea would be describing the process this afternoon but first time you sit there, uh so we met we make, we make the API in Singapore, quite a standard process longer mystery synthetic chemistry, then after you bring it in UK where you do Nano Milling. When you have finished a nano Milling, you will do gamma radiation when you have finished a gamma radiation, you bring in back, you're going to feel it as a sterile product.

Speaker #5: I think the key really when we think about first-line is the fact that we need the additional follow-up to be able to show that duration of response and that durability of response, which I think is really critical for regulators as well, too.

You're going to gamma-irradiate it again, and then you're going to inspect it, and then you're going to inject it. So,

If we do it, we are not the only ones.

Speaker #5: With that in mind, I think probably what I would probably focus on and point to is really when we look at the comparisons of the efficacy, especially in this TKI naive patient population, you look at the duration of response more than 12 months it's really at about maybe 96% for Zydazamtanib versus 74%, of course, for Talatrectanib.

To be able someone else can do it, but not everyone.

Thank you. Thanks raises. Um,

Hashem, first, let me just build on some insights. We've got, as part of the due diligence process, talking to...

Physicians. And, uh,

Speaker #5: And then, of course, to Luke's point, really had a lot of insight into physician experience with the drug, especially from a tolerability profile perspective as well, too.

Speaker #5: When we look at, for example, the GI side effects, including the diarrhea, the nausea, the vomiting, and then even, I would say, when we look at some of the CNS side effects as well, too, just given how selective and TREK be sparing the drug is, including on dizziness, where we see, of course, with Talatrectanib about the 22% incidence versus 12% only with Zydazamtanib as well, too.

Speaker #5: So I think we feel pretty confident about the first-line approach from a regulatory standpoint. We're expecting a filing probably before the end of the year.

Speaker #5: And then hopefully a regulatory decision in 2027.

Speaker #2: Great. Thanks. Constantine, I think we'd take one online, and then we'll go back to the room. Yep.

Speaker #3: Our next question comes from Steve Scala at TD Cohen. Please go ahead.

Site into the regulatory exchanges as well, so over to you. Yeah. Thank you. Thank you Luke. Yeah, I'll start off first by saying, of course that the um, that the phase 1 Study has actually been recruiting additional patients in that first line cohort as well too. I think the key really, when we think about first line is the fact that we need the additional follow-up to be able to show that duration of response and that durability of response which I think is really critical for Regulators as well too with that in mind. Um I think probably what I would probably focus on and point to is really when we look at the comparisons of the efficacy especially in the tki naive patient population, you look at the duration of response more than 12 months. Um, it's really at about maybe 96% for uh, Zoom Z Z zamp versus, um, 74% of course for telerex inibe. And then, of course, to to, to Luke's Point, um, really had a lot of insight into physician experience with the drugs, especially from a tolerability profile perspective as well too. When we look at, for example, the GI side effects, you know, including the diarrhea, the nausea, the vomiting, and then even I would say when we look at some of the

Speaker #6: Oh, thank you very much. Relative to the general medicines guidance decrease, it was in part attributed to the soft environment. I'm curious what emerged in the last three months that led to this softness.

Speaker #6: Specifically, the company signed the agreement with CMS on June 15. So were there any details of that agreement which were negative surprises? Thank you.

CNS side effects as well, too. Uh, just given how selective and TREK-B sparing, uh, the drug is, uh, including on dizziness, uh, where we see, of course, with telit about a 22% incidence versus 12%, only with, um, uh, the samip as well, too. So I think we feel pretty confident about the first-line, uh, approach from a regulatory standpoint. We're expecting a filing, uh, probably before the end of the year and then hopefully a regulatory decision, uh, in 2027.

Speaker #2: Thanks, Steve. Name is do you want to could you hear that? A little bit of an echo.

Correct. Thanks, close to 10. I think we take one online, and then we'll go back to the room. Yep.

Speaker #4: Yes. OK. So I think so look, this is a portfolio of mature older assets that continue to be in many regions under pressure, under pricing pressure, generic medicines coming on board.

Our next question comes from Steve Skyler at TD Cowen. Please go ahead.

Speaker #4: That's one element. The other element is Trelegy. And I think you have seen we spoke about this in the first quarter already. We do see increased abandonment rates in the US for Trelegy.

Oh, thank you very much. Relative to the general medicine's guidance decrease, it was in part attributed to the soft environment. I'm curious what emerged in the last three months that led to this softness. Specifically, the company signed the agreement with CMS on June 15th, so were there any details of that agreement which were negative surprises? Thank you.

Speaker #4: And Trelegy is not the only one. It happens to actually all the assets in the sit class. That is easing. Definitely. But overall, that level of abandonment, the trajectory is going down.

Speaker #4: But it's at the higher level than what we have seen in the previous years. And to some extent, that is contributing. We mentioned that we expect this to now be removed in the second half.

Thanks, Steve. My name is– could you hear that? Um, I think there's a little bit of an echo. Yes. Okay. So, um, I think so. Look, this is a portfolio of mature, older assets that continue to be, in many regions, under pressure—under pricing pressure. You know, generic medicines coming on board. That's, um, that's one element. The other element is trilogy.

Speaker #4: We expect the growth to come back, but it influences the whole year. And I would just ask Julie if she wants to add anything.

Speaker #4: I think that's a perfect summary. We've obviously seen GenMed under some pressure in Q1, and the pressure increased slightly in Q2. So the full year view reflects that.

And uh uh I think you have seen we we spoke about this in the first quarter already. Uh, we do see increased abandonment rates in the US for Trilogy, and Trilogy is not. The only 1, it happens to actually all the Assets in the in the sit class.

Speaker #4: I think very importantly, we knew Trelegy would be under pressure in the first half. And Trelegy has been the asset that's been growing double digits.

Um that is easing definitely but um overall that level of Abandonment the trajectory is is going down but it's it's at the higher level than what we have seen in the previous years.

Speaker #4: So it's taken away some of the strength in GenMed that we had before. So in the second half, we're anticipating there'll be less abandonment going on.

Speaker #4: And we haven't got a tough comp like we had in Q2 because of the rebate and return adjustment. So I think that's a summary.

Um and to to some extent that is that is contributing. We mentioned that, we expect this to now be removed in the second half. We expect the growth to to come back, but it influences um the whole year. And I'm just I'm just asking Julie if she wants to add

Speaker #2: Yeah. And there's a little bit of mix, of course, as a COPD component becomes more by Peter. Thanks, Steve.

Speaker #7: Thanks, Peter. BMP, just a few for Tony. Just what timelines are you working to ballpark to get your people into Cambridge? When it comes to this new accelerated R&D strategy, have there been I don't mind if it's not.

Speaker #7: The answer is no. But have there been any notable leadership changes to your team in the last 12 months? And then just specifically, when it comes to your B7 targeting ADCs, they are competitive.

Speaker #7: We agree with you. But there are a lot of others out there. And in many cases, they're ahead of you. So as part of this accelerated change in late-stage development and the nine studies you're doing, are there any indications you'd call out where you think you could be first to market as a B7, H3, or 4 targeting ADC?

Um, anything and I think that's, that's a perfect summary. We've we've obviously seen Jem Med under some pressure, in q1 and the pressure increase slightly in Q2. So the full year view, reflects that, I think very importantly we knew Trilogy would be under pressure in the first half and Trilogy has been the asset. That's been growing double digits. So it's taken away some of the strengths in Jem Med that we had before. So, in the second half, we're anticipating, there'll be less abandonment going on and we haven't got a tough comp like we had in Q2 because of the rebate and return adjustment. So I think that's, that's a summary. Yeah. And there's a little bit of a mix, of course, as a COPD component becomes more uh, like a Peter

Thanks Dave.

Speaker #2: Great.

Speaker #1: OK. Let me start in I'll give you a chance to have a think about where the B7, H3, and 4 question might go. First of all, in terms of Cambridge, remind me, there was three questions in there.

Speaker #1: The first question was. Timeframe, early 20. Early 29. We want to move the whole group and the first building is up. There are two more to go up.

Speaker #1: But early 29 is the plan for that. No immediate changes to my team. I've elevated one person, our head of clin ops, now reports directly to me.

Uh, thanks Pete BMP. Just a few for Tony. Um, just what timelines are you working to Ballpark to get your people uh, into Cambridge? Um, when it comes to this, new accelerated, um, you know, R&D strategy, you know, have there been, I don't mind if it's not, the answer is no. But have there. Have you have there, been any notable leadership changes to your team in the last 12 months and then just specifically, um, you know, when it comes to your B7 targeting, um, adc's, you know, they are competitive, we agree with you, but there are a lot of others out there and in many cases, they're ahead of you. So, as part of this accelerated, um, change in, in late stage development, and the 9 studies you're doing, are there any indications you'd call out where you think you could be first to Market as a B7 83 or 4 Target ADC.

Speaker #1: And that's all consistent with the way we're operating the business in R&D. She is an experienced leader and somebody we acquired, actually, from AstraZeneca.

Speaker #1: So she knows how to find the Cambridge Biomedical Campus. And in terms of what you where you will see changes and we will probably introduce you to some of these folks in the second half of the year when we do some of the earlier updates on research are the folks who report through to my colleagues who are here with us today.

Speaker #1: We continue to hire really exciting new leaders in MD, PhDs who are still clinically practicing individuals. These are the folks who are helping us, for example, to integrate across different data layers.

Speaker #1: So I'm delighted with the progress we're making in really bringing the patient right to the center of our thinking in early research. In terms then of the ADCs and with regards to acceleration, look, before I give the opportunity to talk about which of the programs we see as coming first, I think it's worthwhile underscoring what we see as an emerging picture for both molecules, both in terms of their overall quality for response rate and now the first OS data, as you heard from for MORES, together with an emerging, not yet fully qualified, but I think advantageous selectivity profile.

Let me start and Hashem. I'll give you a chance to have a think about where the the the b7h 3 and 4 question might might go first of all um in in terms of Cambridge reminding, there was 3 questions in there. The first question was yeah, time frame became time frame early. 20, early 29. We we want to move the whole group. And um, the the first building is up there are 2 more to go up, but early 29 is is the plan for that. Um, no immediate changes to my my team. I've elevated 1 person, our head of Clint Ops. Now reports directly to me and that's all consistent with the way we're operating the business. And in R&D, she is an experienced leader and somebody we acquired actually from astroica. Um, so she knows how to find the Cambridge biomedical campus. Um,

Speaker #1: And since Regis is in the room, I'll also mention the fact that our experience with BLNREP has set us up very well with regards to ensuring manufacture of these molecules, which is not the most straightforward proposition.

And and and in in, in terms of what you where you will see changes and we will probably introduce you to some of these folks, in in the um, second half of the year. When we do some of the earlier updates on, on Research are the folks who report, through to my my colleagues who are here with us today. We continue to, um, hire a really exciting new leaders in MD phds who are still Clinic clinically to be practicing individuals. These are the folks who are helping us for example, to integrate across different data layers. So, I'm delighted with the, um, progress, we're making in really bringing

Speaker #1: But you might talk about some more specifics on where we see acceleration.

Speaker #2: No, I'm happy to, Tony. And I think probably starting out first to say, it's not always about being first. I think there are a number of different variables when we think about these ADCs that we have to take into account.

Speaker #2: I think the platform that you have. I think we're pretty confident about the fact that we have a well-validated linker payload technology. We're seeing that in the data sets that we're generating.

Speaker #2: I think the second is you heard me talk a little bit about the fact that we've got a Nina touched on this as well, too.

Speaker #2: We've got different sources of data that not everyone has access to. We've got large amounts of data that have been generated in China with both H3 and H4.

Speaker #2: And then we're complementing that with the data that we're generating across our own development programs more than 600 patients for H4, more than 930 for H3.

Speaker #2: And that gives us unique insight in terms of not only which indications to pursue, which ones not to pursue. And I think the third really is more around how we're thinking about translational strategy.

The patient right to the center of our thinking in, in, in early research in terms of the adcs. And with regards to acceleration look, before I give Hashem the opportunity to talk about which of the programs we see is coming first. I think it's, it's worthwhile and scoring. Um, what we see as an emerging picture for both molecules both in terms of their overall quality for response rate. And now, the first OS data as you heard from hessen for, um, for, for Moes together with, um, an emerging not yet fully qualified, but I think advantageous selectivity profile. And since Regis is in the room. I also mentioned the fact that, you know, I experience with Blain rat to set us up very well with regards to ensuring manufacturer of these molecules which is not the most straightforward. Um, proposition but Hashem. You might talk about some more specifics on where we see acceleration, you know, I'm happy to Tony. And, and I think probably, um, starting up for us to say, it's not always about being first. Um, I think there are a number of different variables

Speaker #2: To me, at least, probably it feels like the most differentiated ADCs across different patient segments or tumors are going to be the ones that could better enhance the treatment effect relative to the ITT.

Speaker #2: And that comes through a really good understanding of the biology, but also how the drug actually works in the context of not only target expression, but also the linker and the payload, and their importance in terms of how sensitive the tumor is to them.

When we think about these ADCs that we have to take into account, I think the first one really is the type of technology platform that you have. I think we're pretty confident about the fact that we have a well-validated linker-payload technology. We're seeing that in the data sets that we're generating. I think the second is—you know, you heard me talk a little bit about the fact that we've got, and Nina touched on this as well too, we've got different sources of data that not everyone has access to. You know, we've got large amounts of data that have been generated in China with both H3 and H4, and then we're complementing that with the data we're generating across our own development.

Speaker #2: And so we've got a multi-pronged strategy where we're actually looking at a number of different technologies and platforms for biomarkers that we think will certainly be important in that regard.

Speaker #2: And then, of course, the execution is clear in terms of the pace and the scale, which is important but I would say probably maybe for B7, H3, the one maybe tumor type that I'd highlight that could be a potential interest and could be differentiated is actually non-small cell lung cancer.

Speaker #2: We're seeing the data, of course, that was presented at ACR, 47% response rate in combination with PD-L1 in a PD-1 pre-treated patient population. Again, it's data from China.

Speaker #2: We have to validate it. We've got ongoing phase two to do that and help confirm it. But it could certainly be an interesting opportunity that maybe is more unique, at least, in the short term.

Speaker #1: And look, probably worthwhile just quickly particularly for MORES, where the data is more advanced. I think it serves to take a look across the various patient characteristics and dose used for our molecule relative to our competitors there to get a sense of what is talking about in terms of the emerging properties of MORES relative to others.

Velopment programs more than 600 patients for Age, 4 or more than 93483 and that gives us unique Insight in terms of not only, which indications to pursue which 1's not to pursue. Um, and I think the third really is more around. Uh, how we're thinking about translational strategy? Um I to me at least probably it feels like um the most differentiated adcs across different patient segments or tumors are going to be the ones that could better enhance the treatment effect relative to the it. And that comes through a really good understanding of the biology. But also how the drug actually works, uh, in the context of not only target expression but also the Linker and the payload and their importance in terms of how sensitive the tumor is to them. And so we've got a multi-prong strategy where we're actually looking at a number of different Technologies and platforms for biomarkers that we think will certainly be important in that regard. And then of course the execution is clear in terms of the pace, uh and the scale which is important. Um, but I would say probably maybe for B7 A3 the 1, maybe tumor type that I'd highlight.

Speaker #2: Yeah. And I'd also add we've got a team the layers below that have a fantastic crack record across a number of companies in terms of navigating programs right.

Speaker #2: We've got time for one more question. Simon, then we'll go for a break.

That could be a potential interest and could be differentiated is is actually non small cell, lung cancer. We're seeing the data, of course, that was presented at ACR. 47% response rate um, in combination with pdl1 um, in a pd1 pre-treated, patient population again, uh, it's data from China, we have to validate it. Uh, we've got ongoing Phase 2 to do that and help confirm it. Um, and but it could certainly be an interesting opportunity that maybe is more unique at least in the short term

Speaker #3: Thank you, Simon, back from Rothschild & Co. Webb. And I'll try and be quick. A big picture one on R&D. It's clear that R&D at GSK in five years' time will be in a very different place in every sense of the phrase.

Speaker #3: But I just wonder if you could give us an idea of the moving parts between the additional resource that's going in, productivity changes, and really the key question is, how are you going to measure that change and improvement?

And look, probably worthwhile just quick quickly, particularly for Moz weather data is, is more advanced. I think it, it serves to take a look across the various patient characteristics and dose used for for our molecule runs to, to our competitors. There to get a sense of what Hashem is talking about, in terms of the emerging, um, properties of Moz relative to others.

Navigating programs.

Speaker #3: And how will we see that measure and improvement beyond simply looking back in eight years and thinking, GSK accomplished more than they did in the previous decade?

Right, we've got time for one more question. Sim, then we'll go for a break.

Speaker #3: Where are we now? Or where were we? Where are we now? And where could we be by the end of the decade? Thank you.

Speaker #2: Tony?

Speaker #1: Wow. That's certainly another one-minute answer, Simon. So look, I mean, where were we was a very distributed portfolio pointing to opportunities of little value and you saw that we've transformed that substantially in the past four years, also that we have a portfolio in which there are a number of meaningful lifecycle innovation opportunities.

Thank you from, I'll try and be quick. Um, a big picture 1 on on R&D. It's clear that that, um, R&D at GSK in 5 years, time will be in a very different place in every sense of the phrase,

Speaker #1: So I'm getting more out of each asset they're moving quicker. We're 25% quicker than we were. We're in upper quartile as far as that's concerned.

Speaker #1: The decisions that we make about that portfolio and in terms of BD as well are made by exactly the same people who make the decisions on the early stage portfolio.

but I just wondered, if you could give us an idea of the moving Parts between the additional resources that's that's going in productivity changes. And really the key question is, how are you going to measure that change and Improvement? And how will we see that mention Improvement, Beyond simply looking back in 8 years and thinking GSK accomplished more than they did in the previous decade where in sort of where are we now? Uh, or where were we? Where are we now? And where could we be? By the end of the decade? Thank you. Okay. Wow, that's certainly not a 1 minute answer. Sorry. Um,

Speaker #1: So you should expect to see the same discernment in terms of highlighting and accelerating assets for that as well. I will share with you at some point in time, if you want, the scorecard on how we evaluate individual areas of the business.

Speaker #1: I don't have time to go through that in detail right now. What you will see, hopefully, is continued momentum towards the areas of significant opportunity and competitiveness in terms of either pace and for first-in-class or careful decisions for best-in-class agents.

So look, I mean, where we were was a very distributed portfolio, pointing to opportunities of little value. And you saw that we've transformed that substantially in the past four years. Also, we have a portfolio in which there are a number of meaningful lifecycle innovation opportunities, so that I'm getting more out of each asset. They're moving quicker. We're 25% quicker than we were in upper quartile, as far as that's concerned.

Speaker #1: And the best way I can illustrate that is through the portfolio that we'll be sharing today. In earlier stages, I could pick different examples across all of the parts of our business, looking, for example, at how we execute our clinical programs at case in point might be as we apply more data there, for example, we're expecting to be able to half our study startup time by the time we get to 2028.

Speaker #1: So it would take me the next half an hour, Simon, to go through each one of the segments and give you the simple KPIs that we're using to judge progress there.

Speaker #1: But I can assure you they are in every single group. There are relatively small number because I don't like to give people the opportunity to hide behind long lists.

Speaker #1: And it's extremely data-enabled.

Speaker #2: So the good news, Tony, is you've got 20 minutes at the coffee break to do exactly that. That concludes our first Q&A. If we didn't get your questions, please obviously, you know the people to find.

The the decisions that we make about that portfolio and in terms of BD as well are made by exactly the same people who make the decisions on the early stage portfolio. So you should expect to see the same discernment in terms of highlighting and accelerating assets for that as well. Um I will share with you at some point in time if you if you want the the scorecard and how we evaluate individual areas of the business, I don't have time to go through that in detail right now what you will see hopefully is continued momentum towards the areas of significant opportunity and competitiveness in terms of these are pace and for first in class or careful decisions for for best-in-class agents. And the best way I can illustrate that is through the the portfolio that will be sharing today. In early stages, I could pick different examples across all of the um parts of our business looking, for example, at how we execute our clinical programs a case in point might be as we apply more data there. For example, we're expecting to be able

Speaker #2: And we'll make sure that we get to your questions in the second round. And of course, we've got time at the end as well because we want to get sure, make sure we capture and get your questions.

Speaker #2: 20.

To halve our study startup time by the time we get to 2028. So, it would take me the next half an hour or so to go through each one of the segments and give you the simple KPIs that we're using to judge progress there. But I can assure you, they are in every single group. There are a relatively small number, because I don't like to give people the opportunity to hide behind long lists, and it's extremely data-enabled.

So the good news Tony is you've got 20 minutes at the coffee break to do exactly that. Um, that concludes our first Q&A if we didn't get to your question please, um, obviously, you know, the people to find and we'll make sure that we get to your questions in the second round. Uh, and of course, we've got time at the end as well. We want to get sure, make sure we capture and get your questions. So with that, we'll have a break. Thanks guys, uh, we'll see you back in 20 minutes.

At uh, 35.

It's a little less than 20.

Speaker #1: three. I think we are ready to start. Thank you.

133, 123.

Speaker #2: So welcome back.

Speaker #1: And I'll now get to introduce Caleb. Over to you.

Speaker #3: Thanks, Luke. Good afternoon, everyone. My name is Caleb Cavandi. I'm the head of R&D at GSK for Respiratory Immunology and Inflammation. GSK is well recognized as the leader in respiratory medicine, having pioneered multiple products across indications, notably asthma and most recently with the launch of Extensure, the first ultra-long-acting biologic to be launched in airways disease.

I think we are ready to start. Thank you.

Speaker #3: However, when we think about the largest remaining unmet need and the sheer scale of opportunity this is undoubtedly in COPD, which is an area of enduring growth and represents a core focus of our future portfolio.

Welcome.

Back, and I'll now get to introduce Kevin. Over to you.

Speaker #3: Similarly, in hepatology, we have an important product launch planned with Beparovirstin for chronic hepatitis B, a rare opportunity to impact population health. And where, of course, we're committed to realizing the full breadth and value of that product through its lifecycle, including potential combinations but its steatotic liver disease, secondary to MASH, an alcohol where we see GSK continuing to innovate with ethimosphermine and beyond.

Thanks, Luke. Good afternoon, everyone. My name is Kevin Kavandi. I'm the Head of R&D at GSK for Respiratory, Immunology, and Inflammation.

GSK is well recognized as the leader in respiratory medicine, having pioneered, uh, multiple products across indications, notably asthma. And most recently, with the launch of Extension, the first ultra long-acting biologic to be launched in airways disease.

Speaker #3: What's underappreciated, though, is that these two areas are much more connected than at first apparent. Serious chronic diseases with shared underlying inflammatory and fibrotic, as well as vascular risk, which frequently coexist.

However, when we think about the largest remaining unmet need and the sheer scale of opportunity, this is undoubtedly in COPD, which is an area of enduring growth and represents a core focus of our future portfolio.

Speaker #3: Patients with primary disease of the liver, heart, and lung are also at risk of developing secondary pulmonary hypertension, a serious and much more expansive area than idiopathic PAH, for which there is largely no approved treatments.

Speaker #3: Together, these three areas form an unaddressed comorbid axis that carries a very high risk of mortality and for which GSK is strongly positioned to lead.

4, breadth and value of that product through its life cycle, including potential combinations, but it's the topic liver disease, secondary to mash and alcohol where we see a GSK continuing to innovate with fmin and Beyond.

Speaker #3: So with that background, when we look at recent product development at GSK, success has been demonstrated really as a consequence of mechanisms that stop the core inflammatory risk relevant to each disease.

What's underappreciated, though, is that these two areas are much more connected than at first appears. Serious chronic diseases have shared underlying inflammatory and fibrotic, as well as vascular, risk, which frequently coexists.

Speaker #3: In areas like asthma, nasal polyps, these are primarily driven by T2 pathways, identified by eosinophils and very well served with products like Nucala. Future innovation in these diseases will not come from marginal gains with new mechanisms, but from practical, real-world innovation from modalities that can help patients comply and persist on their medicines.

Patients with primary disease of the liver, heart, and lung are also at risk of developing secondary pulmonary hypertension, a serious and much more expansive area than idiopathic PAH, for which there is largely no approved treatments.

Together, these three areas form an unaddressed comorbid axis that carries a very high risk of mortality, and for which GSK is strongly positioned to lead.

Speaker #3: Enter ultra-long-acting portfolio with Extensure and ultra-long-acting TSLP. There is one overlooked T2-driven disease, and that's food allergy, where IgE targeting has only recently been shown to be effective and where we rapidly build on that observation and early commercial success with an improved long-acting and potentially best-in-class approach with osareprivax.

So with that background, when we look at recent product development, at GSK success has been demonstrated really as a consequence of mechanisms that stop, the core inflammatory risk relevant to each disease.

In areas like asthma and nasal polyps, these are primarily driven by T2 pathways, identified by eosinophils, and very well served with products like Nala.

Speaker #3: And that takes us to COPD and non-CF bronchiectasis. Whilst an important subset of COPD is T2-driven, most of it is not. And a different set of risk factors, with distinct inflammatory, metabolic, and vascular drivers, are responsible for disease progression.

Future Innovation and these diseases will not come from marginal gains with new mechanisms. But from practical real world Innovation from modalities that can help patients comply and persist on their medicines enter Ultra long-acting portfolio with extension and Ultra long-acting tsrp.

Speaker #3: Here, we do need mechanistic innovation, and we apply our deep translational insights directly to late-stage product developments, notably with IL-33. This bridges us to pulmonary hypertension that can, of course, result directly as a consequence of COPD, but is a pulmonary vascular disease by definition, with mechanisms of risk overlapping with COPD on the left and MASH on the right.

There is 1 overlooked T2 driven disease and that's food allergy where IG targeting has only recently been shown to be effective and where we rapidly build on that observation and early Commercial Success with an improved long-acting and potentially best-in-class approach with azure reprobar.

And that takes us to COPD and non-CF bronchitis.

Speaker #3: So with COPD really at the center in terms of the greatest burden of disease, GSK's competitive advantage and bridging these two worlds of inflammatory risk, let's take a moment to consider the scale of the problem.

Whilst an important subset of COPD is T2-driven, most of it is not, and a different set of risk factors with distinct inflammatory, metabolic, and vascular drivers are responsible for disease progression.

Speaker #3: And it's substantial. You might have heard these stats before, but when you see them contrasted versus enormous established markets like rheumatology, it becomes evident that we're only scratching the surface, with only two advanced therapies in one subtype of COPD reserved for late-stage disease.

Here we do need mechanistic Innovation and we apply our deep translational insights directly to late stage product developments notably with eel 33.

Speaker #3: But with 400 million patients affected globally, over 20 times more patients than RA and 100 times more deaths annually, it becomes very clear that multiple product solutions are needed.

This bridges us to pulmonary hypertension, that can of course result directly as a consequence of COPD, but is a pulmonary vascular disease by definition with mechanisms of risk overlapping with COPD on the left and MASH on the right.

Speaker #3: So what do things look like for a patient with asthma or COPD today? The orange line at the top figure shows exacerbations, and with them, the step changes in lung dysfunction.

So, with COPD really at the center, in terms of the greatest burden of disease, GSK competitive advantage, and bridging these 2 Worlds of inflammatory risk. Let's take a moment to consider the scale of the problem.

Speaker #3: Which in asthma leads to disease progression, and in COPD brings irreversible loss of lung. And as seen in the red line below, these are associated with surges in mortality.

And it's substantial. You might have heard these stats before, but when you see them contrasted versus enormous established markets like rheumatology, it becomes evident that we're only scratching the surface with only two advanced therapies in one subtype of CAPD, reserved for late-stage disease.

Speaker #3: Short-acting biologics today are started late, with poor persistence, leading to disease progression in asthma, and unfortunately hospitalizations and premature mortality in COPD. So what's the solution?

But with 400 million patients affected globally over 20 times. More patients than ra and a 100 times more deaths annually. It becomes very clear that multiple product Solutions are needed.

Speaker #3: Well, start biologics sooner and stay on them for longer. If we were able to move from 24 injections a year to just two and provide sustained coverage and protection, that would surely be the way to achieve this.

Speaker #3: And that's precisely what our portfolio is designed to do, with Extensure launched in asthma and shown in the graph how we're approaching COPD, a development program that seeks to sustain persistence but not just at the conventional point of treatment, but with these unique characteristics of the medicine, we had the confidence to start a third phase three study vigilance, enrolling patients after just one exacerbations.

So what these things look like for a patient with asthma or COPD today: the orange line at the top figure shows exacerbations, and with them, the step changes in lung dysfunction, which in asthma leads to disease progression and in COPD brings irreversible loss of lung. And as seen in the red line below, these are associated with surges in mortality.

Short-acting biologics today are started late with poor persistence, leading to disease progression in asthma and, unfortunately, hospitalizations and premature mortality in COPD.

Speaker #3: That's unprecedented for a biologic. So the prior slide showed how Extensure achieves greater coverage and clinical benefit in patients with T2 inflammation through earlier management.

Speaker #3: And that's illustrated in the rubric here by extending across the grid horizontally. But I mentioned that in COPD, we do need more mechanistic innovation to achieve greater coverage across different populations, who have different types of inflammation.

So what's the solution? Well, start biologics sooner and stay on them for longer. If we were able to move from 24 injections a year to just 2, and provide sustained coverage and protection, that would surely be the way to achieve this.

Speaker #3: And that's illustrated by extending vertically up the grid. Nucala was the first biologic to achieve a broader label owing to metrics which studied lower eosinophil levels, while Matané came in and showed efficacy for the most clinically impactful events emergency department visits.

And that's precisely what our portfolio is designed to do—with extension launched in asthma, as shown in the graph. How we're approaching CAPD, a development program that seeks to sustain persistence, but not just at the conventional point of treatment. With these unique characteristics of the medicine, we had the confidence to start a third Phase 3 study, VIGILANCE, enrolling patients after just one exacerbation—that's unprecedented for a biologic.

Speaker #3: TSLP is a mechanism that, by design, is able to extend into intermediate T2 inflammation and where data indicates efficacy in those with eosinophils as low as 150, but not lower.

With T2 inflammation, through earlier management, and thus illustrating the rubric here by extending across the grid horizontally,

Speaker #3: And that takes us to IL-33, where we probably need to ignore eosinophils altogether as this mechanism cuts COPD in a fundamentally different way and that's easier to visualize.

But I mentioned that in CAPD, we do need more mechanistic innovation to achieve greater coverage across different populations, who have different types of inflammation, and that's illustrated by extending vertically up the grid.

Speaker #3: All patients with COPD have innate immune dysfunction and a propensity to T1 and T17 inflammation. These patients are older than those with asthma, they're sicker, and they have a high burden of vascular and metabolic disease, represented on the right-hand side of the slide.

Nala was the first biologic to achieve a broader label owing to metrics which studied lower eosinophil levels, while Mata came in and showed efficacy to the most clinically impactful events emergency department visits.

Speaker #3: A proportion of these patients have truly high T2 risk. And a further group have mixed intermediate levels. This is the orange and middle overlap segments of the slide.

Tslp is a mechanism that by Design is able to extend into intermediate T2 inflammation and where data indicates efficacy in those with eosinophils as low as 150, but not lower.

Speaker #3: And this risk is well addressed with IL-5 and T-slit biologics, respectively. But how do we get to the backbone of pathobiology in COPD, the blue plane in the slide?

And that takes us to Isle 33 where we probably need to ignore aesthetic Fields altogether, as this mechanism cuts the OPD in a fundamentally different way and that's easier to visualize

Speaker #3: Well, a single dual or even triple cytokine approach won't be the answer if they're targeting the wrong biology. This is where we need to get to the tissue, vascular, and structural damage that results from repeat injury at the root of COPD.

All patients with COPD have innate immune dysfunction and a propensity to T1 and T7 inflammation.

These patients are older than those with asthma. They're sicker, and they have a high burden of vascular and metabolic disease, represented on the right-hand side of the slide.

Speaker #3: IL-33 is expressed primarily on lung epithelial and vascular endothelial cells. The dynamic barrier lining the airways and blood vessels. These are the first tissues to be exposed to and then attempt to respond to inflammatory injury, and are translational infights reveal how and when IL-33 governs this therapeutically untapped space.

A proportion of these patients, have truly High T2 risk and a further group have mixed intermediate levels. This is the orange and middle overlap, segments of the slide, and this risk is well addressed with il5 and

How do we get to the backbone of pathology in COPD, the blue plane in the slide?

Speaker #3: And so we're very excited to have a potentially best-in-class long-acting and phase three ready product, which will be deployed with the benefit of this deeper understanding.

Well, a single, dual, or even triple cycle approach won't be the answer if they're targeting the wrong biology.

This is where we need to get to the tissue vascular and structural damage that results from repeat injury at the root of COPD.

Speaker #3: We predicted the early success now showing clinically for anti-IL-33 when stratifying based on mucus score. With the luxury of what we believe to be the most complete set of respiratory data anywhere in the world, over 1,000 randomized controlled trials several million patients with deep genetic and cellular profiling and, of course, clinical interventional data in COPD with our product, we've designed pivotal studies based on patient profiles most likely to respond to IL-33.

R33 is expressed primarily on lung epithelial and vascular endothelial cells—the dynamic barrier lining the airways and blood vessels. These are the first tissues to be exposed to, and then attempt to respond to, inflammatory injury, and our translational insights reveal how and when IL-33 governs this therapeutically untapped space.

Speaker #3: These will include factors related to stage of disease by which I mean lung function, distinct from disease severity defined by exacerbation history, and other traits.

And so, we're very excited to have a potentially best-in-class long-acting and phase 3, ready products, which will be deployed with the benefits of this deeper understanding.

Speaker #3: And tested against new clinically important outcomes that can differentiate the product. Without disclosing too much, what I can share is that one of these pivotal studies starts includes a cardiorespiratory outcome study, which we will start next year in partnership with a major cardiovascular academic research organization.

We predicted the early success. Now showing clinically for anti IL 33 when stratifying based on mucus score

Speaker #3: In parallel, we will complete our phase two study in non-CF bronchiectasis and enormous market with no approved biologics, and where we're positioned to be best in class with IL-33, as well as testing combinations with TSLP, which are AI-enhanced models predict could provide synergistic efficacy.

With the luxury of what we believe to be the most complete set of respiratory data anywhere in the world—over 1,000 randomized controlled trials, several million patients with deep genetic and cellular profiling, and, of course, clinical interventional data—in COPD, with our product, we've designed pivotal studies based on patient profiles most likely to respond to i33.

Speaker #3: So we're looking forward to coming out of IL-33 stealth with conviction and material differentiation. Our ultra-long-acting TSLP program has been significantly accelerated by nine months across three indications now positioning this asset to start six pivotal phase three studies the persist program, integrating data from a GSK sponsored phase two study in asthma the Nizair study alongside data from our partner Hungray who studied nasal polyps.

These will include factors related to stage of disease—by which I mean lung function—distinct from disease severity, defined by exacerbation history and other traits, and tested against new clinically important outcomes that can differentiate the product.

Without disclosing too much, what I can share is that one of these pivotal study starts includes a cardio-respiratory outcome study, which we will start next year in partnership with a major cardiovascular academic research organization.

Speaker #3: This gives us dosing and pharmacodynamic data to confidently advance the first ultra-long-acting TSLP across all major indications. Asthma, nasal polyps, and COPD. Our BD strategy to access de-risk mechanisms with a high likelihood of success allows us to jump directly to testing for product differentiation rather than mechanistic relevance.

In parallel, we will complete our Phase 2 study in, non CF, bronchitis and enormous Market with no approved biologics and where we're positioned to be best in class, with Isle 33, as well as testing combinations with cslp, which are AI enhanced models, predict could provide synergistic efficacy.

So, we're looking forward to coming out of IL-33, stealth with conviction and material differentiation.

Speaker #3: And this is reflected in our deal since January. OSA reprobats builds on the proven efficacy of IgE in food allergy and CSU, but provides materially broader eligibility for those 25% of patients contraindicated for Zola, because of their weight or high IgE levels, and an optimized solution for all with three monthly dosing.

Speaker #3: This will be transformative for the prevalence adolescents population and children. This class has had a remarkable first launch within the first two years with Zola, now Roche's fastest growing product, and OSA is positioned to provide an objectively improved profile whilst benefiting from that momentum.

Our Ultra long acting tslp program has been significantly accelerated by 9 months, across 3 indicators. Now, positioning this asset to start 6, pivotal phase 3 studies. The persist program integrating data from a GSK sponsored Phase 2 study in asthma. The N study alongside data from our partner hungry, who studied nasal polyps. This gives us dosing and pharmacodynamic data to confidently Advance. The first Ultra long-acting tslp across all major indications asthma nasal polyps and capd.

Reflected in our deals since January.

Speaker #3: This overlooked space has understandably garnered interest and activity since our deal, but OSA is the most advanced next-generation product with clinical efficacy data in CSU, which importantly included an active arm with Zola, which didn't perform as well as OSA.

Ozarrepart builds on the proven efficacy of IG in food allergy and CSU, and provides materially broader eligibility for those 25% of patients contraindicated for Xolair.

because of their weight or high IG levels and an optimized solution for all with 3 monthly dosing,

Speaker #3: The program's rapidly enrolled in phase two, and has now recruited the sample size necessary to progress to an interim analysis which will enable phase three start in both food allergy and CSU by the end of 2027.

This will be transformative for the prevalent adolescent population and children.

Speaker #3: For HS235, we build on a new and transformative class of active in traps in pulmonary arterial hypertension but with an improved molecule that can both remove the liabilities of the incumbents in group one pH, namely bleeding, but what's equally exciting is the potential to unlock the full value of the mechanism.

This class has had a remarkable first launched within the first 2 years with Jolar now rocha's fastest growing products and ozu is positioned to provide an objectively improved profile, whilst benefiting from that momentum.

This overlooked space has understandably, garnered interest and activities since our deal. But ozu is the most advanced Next Generation products with clinical efficacy data in CSU, which importantly, included an active armed with Jolar, which didn't perform as well as ozie.

Speaker #3: Which extends to reducing inflammation, insulin resistance, and reducing visceral fat, all of which are substantial drivers of risk in group two and group three pulmonary hypertension secondary to chronic heart and lung disease.

The programs rapidly involve, uh, enrolled in Phase 2, and has now recruited the sample size necessary to progress to an interim analysis, which will enable phase 3 starts in both food, allergy and CSU by the end of 2027.

Speaker #3: Whilst this program's relatively earlier than other products being presented, we've seen evidence to support both the safety and efficacy profile described in the phase one B study, and I can share today that we've rapidly converted this post deal to phase two B starts that have now been initiated for both group one and group two pulmonary hypertension.

Speaker #3: And that takes us to our hepatology portfolio. Put succinctly, our portfolio is pointed to the three major causes of liver related cirrhosis and mortality.

Speaker #3: Chronic hepatitis B, metabolic dysfunction associated steatohepatitis, and alcohol related liver disease. All of these diseases have poor outcomes and inadequate standard of care. There's no approved treatment for alcohol related liver disease one liver directed treatments for MASH and no therapies that can drive cure in hepatitis B.

For HS 235 we build on a new and transformative class of active ENT traps in pulmonary arterial hypertension but with an improved molecule that can both remove the liabilities of the incumbents in group, 1 pH, namely bleeding. But what's equally? Exciting is the potential to unlock the full value of the mechanism, which extends to reducing inflammation, insulin resistance, and reducing visceral fat. All of which are substantial drivers of risk in group 2 and group 3 pommy hypertension, secondary to Chronic heart and lung disease.

Speaker #3: Let's start with bepiroversin, our first in class ASA for hepatitis B. Our program was ambitious, designed with a primary endpoint of functional cure. The is best illustrated in the comparator arm in B well, where what's labeled as placebo actually represents the standard of care.

While this program is relatively earlier than other products being presented, we've seen evidence to support both the safety and efficacy profile described in the Phase 1b study. I can share today that we've rapidly converted this post-deal to Phase 2b starts that have now been initiated for both Group 1 and Group 2 primary hypertension.

Speaker #3: 48 weeks of treatment with a nucleoside or nucleotide analog. And in that group, we saw zero patients achieve the primary endpoints. Functional cure in the ITT population.

And that takes us to our hepatology portfolio. Uh put succinctly our portfolio is pointed to the 3 major causes of liver related cirrhosis and mortality, chronic Hepatitis B metabolic dysfunction Associated static, hepatitis and alcohol-related liver disease. All of these diseases have poor outcomes and inadequate standard of care.

Speaker #3: Zero patients achieve functional cure in those with baseline surface antigen levels less than 1,000, and zero patients achieve an effect with surface antigen levels under 100, which would be consistent with the definition of partial cure.

There are no approved treatments for alcohol-related liver disease, one liver-directed treatment for MASH, and no therapies that can drive cure in hepatitis B.

Let's start with Bepirovirsen, our first-in-class ASO for hepatitis B.

Speaker #3: In comparison, bepi achieved 19% cure in the ITT population, 26% in those with surface antigen at baseline less than 1,000, and importantly, when you include partial cure, a response that's been reported in population studies to improve long-term outcomes, almost one in two patients studied in the ITT population received a response that would predict clinical benefits.

Our program was ambitious designed with a primary endpoint of functional. Cure, the very highest bar

This is best illustrated in the comparator arm in B. Well, what's labeled as 'Placebo' actually represents the standard of care—48 weeks of treatment with a nucleotide or nucleoside analog.

And in that group, we saw Zero patients achieve, the primary end points functional cure in the ITT population.

Speaker #3: And that increases to 62% in those with surface antigen levels less than 1,000 at baseline. Of note, this opportunity consolidates in three key markets.

Zero patients achieve functional cure in those with baseline surface antigen levels less than 1,000, and zero patients achieve an effect with surface antigen levels under 100, which would be consistent with the definition of partial cure.

Speaker #3: China, US, and Japan. You can see the epi and scale of the opportunity on the slide in the bottom left, which is vast. So a very exciting opportunity reflected in a suite of expedited regulatory designations setting up near-term expected marketing authorizations and product launches.

In comparison, Bethy achieves a 19% cure rate in the IT2 population, and 26% in those with certain standard baseline less than 1,000. Importantly, when you include partial cure—a response that's been reported in population studies to improve long-term outcomes—almost 1 in 2 patients studied in the IT2 population experienced a benefit.

Speaker #3: And then ethimospermin, our potentially best in class FGF21 analog in an area of major unmet need in steatosic liver disease. Let's start with the class.

Received a response that would predict clinical benefits.

And that increases the 62% in those of surf sanction levels less than a thousand at baseline.

Speaker #3: On the left in F2F3 MASH, you can see greater benefit on improvements in fibrosis with FGF21 analogs, when compared indirectly across studies with GLP-1 agonists, such as semaglutide and thyroid hormone agonists, resmetrol.

Speaker #3: Moving to the right in cirrhotic MASH, where currently there's no approved treatments, you can see placebo adjusted changes that are unprecedented with this class.

Of note, this opportunity consolidates in three key markets: China, US, and Japan. You can see the EPI and scale of the opportunity on the slide in the bottom left, which is vast—so a very exciting opportunity reflected in a suite of expedited regulatory designations, setting up near-term expected marketing authorizations and product launches.

Speaker #3: Showing the ability to reverse histological fibrosis and move a patient from cirrhotic to non-cirrhotic disease. In contrast, semaglutide showed directionally worse effects versus placebo.

And then FMC sperm and our potentially best-in-class FGF21 analogue in an area of major unmet need in stereotypic liver disease.

Speaker #3: And then within the class, we selected ethimospermin over other products, all available at the time of acquisition, based on its best in class credentials with monthly versus weekly or bi-weekly dosing regimens, and since the deal, ethimospermin has reported the fastest observed signal for an anti-fibrotic benefit of any in the class, with fibrosis biomarkers improving as soon as four weeks after treatments.

Fibrosis with FGF21 analogs, when compared indirectly across studies with GLP-1 agonists such as semaglutide, and thyroid hormone agonists, whereas Metron...

Speaker #3: And for which we've designed our pivotal program to substantiate as a potential additional differentiator. For all these reasons, we're committed to realizing the full value of this potentially transformative product.

Moving to the right in cirrhotic NASH, where currently there's no approved treatments, you can see placebo—just the changes that are unprecedented with this class. Showing the ability to reverse histological fibrosis and move a patient from cirrhotic to non-cirrhotic disease.

In contrast, magnetite showed directionally worse effects versus placebo,

Speaker #3: Seeing us initiate the zenith studies for F2F3 MASH, both recruiting since earlier this year, and we have now initiated the F4 cirrhotic MASH program, the nebula studies only in the last two weeks.

Speaker #3: And our phase two study in alcohol related liver disease all star has just had IND approved and will start this year. So a portfolio of specialty products pointed to serious and prevalent diseases with renewed discipline to truly focus on areas of greatest commercial value and in turn prioritize and accelerate those programs.

And then, within the class, we selected FMS Fermín over other products, all available at the time of acquisition, based on its best-in-class credentials with monthly versus weekly or bi-weekly dosing regimens. And since the deal, FMS Fermín has reported the fastest observed signal for an anti-fibrotic benefit of any in the class, with fibrosis biomarkers improving as soon as four weeks after treatment, and for which we've designed our pivotal program to substantiate as a potential additional differentiator.

For all these reasons, we're committed to realizing the full value of these potentially transformative products.

Speaker #3: Unprecedented data for bepiroversin, which resets the bar of efficacy, in chronic hepatitis B with functional and partial cure with a standard of care fails to achieve either.

Speaker #3: A portfolio in COPD that will provide modality and mechanistic innovation providing greater coverage and protection for a disease that's the third leading cause of death globally, and with material acceleration of programs like ultra long acting TSLP, and with both molecule and potential evidence and claims differentiation for our best in class long acting IL-33.

You’re seeing us initiate the Zenith studies to F2/F3 MASH, both recruiting since earlier this year, and we have now initiated the F4 cirrhotic MASH program. The Nebula study started only in the last two weeks, and our Phase 2 study in our correlated liver disease. All-Star has just had its IND approved and will start this year.

So, a portfolio of Specialty Products pointed to Cirrus and prevalent diseases, with renewed discipline to truly focus on areas of greatest commercial value, and in turn, prioritize and accelerate those programs.

Speaker #3: Ethimospermin advancing its speed across a comprehensive phase three program, which will capture the unique breadth and potential for this mechanism across all stages and etiologies of steatosic liver disease, F2 and F3 MASH, cirrhotic F4 MASH, alcohol related liver disease, and actually potentially beyond, with a molecule that has best in class properties.

Unprecedented data for Beren, which resets the bar of efficacy in chronic hepatitis B with functional and partial cure, where the standard of care fails to achieve either.

Speaker #3: And a portfolio enhanced by BD deals that bring best in class products de-risk mechanisms and which all fit within an axis of disease that physicians recognize that has yet to be applied to drug developments.

A portfolio in COPD that will provide modality and mechanistic innovation, providing greater coverage and protection for a disease that’s the third leading cause of death globally—and with material acceleration of programs like ultra long-acting TSLP, and with both molecule and potential evidence and claims differentiation for our best-in-class long-acting IL-33.

Speaker #3: And that's a gap that GSK is uniquely positioned to address. With that, I will hand over to my colleague Sanjay to cover vaccines.

FMS Furman advancing its speed across a comprehensive Phase 3 program, which will capture the unique breadth.

Speaker #1: Thank you, Kaiva. Good afternoon, everyone. My name is Sanjay Gurunathan. I head the global vaccines and infectious disease unit in R&D. Vaccines have a massive impact on public health.

And potential for this mechanism across all stages in NASH-related liver disease: F2 and F3, MASH, cirrhotic F4, MASH or correlated liver disease, and actually potentially beyond, with a molecule that has best-in-class properties.

Speaker #1: That's not new. We've known that for decades, that preventing disease takes real pressure off health systems. But here's the thing. The science and economics around vaccines are shifting, their pointing to something much bigger than we give them credit for.

And a portfolio enhanced by BD deals that bring best-in-class products, de-risked mechanisms, and which all fit within an axis of disease. The physicians recognize that this has yet to be applied to drug developments.

And that's a gap that GSK is uniquely positioned to address.

With that, I will hand over to my colleague, Sanjay, to cover vaccines.

Speaker #1: So let's dig into why this is the case. Here's a stat that always surprises people. Vaccines make up a tiny slice of our healthcare spending, less than 1% of the healthcare budget in high income countries.

Thank you, Kyler.

Good afternoon, everyone. My name is Sanjay G. Nathan. I head the Global Vaccine and Infectious Disease Unit in R&D.

Speaker #1: And yet that investment return on investment is roughly 19 times of what you put in. We already know how valuable it is to prevent an infection.

Vaccines have a massive impact on public health. That’s not new.

We've known for decades that preventing disease takes real pressure off health systems.

But here's the thing.

Speaker #1: What's missing in the economics is the big picture. The benefits that go beyond preventing the disease are vaccine was designed to stop. Now let's think about that.

The science and economics on vaccines are shifting.

The appointment is something much bigger than we give them credit for.

Speaker #1: That could be worth a lot but if it's not on the label, it doesn't count towards how a vaccine gets assessed or reimbursed. The science is starting to catch up.

So let's dig into why this is the case.

Here's a stat that always surprises people.

Speaker #1: We used to think of an infection as something that happens and then passes. It turns out that's not the whole story. A lot of infections go dormant in the body and some of them seem to be tied to long-term health effects even chronic disease down the road.

Vaccines make up a tiny slice of our health care spending—less than 1% of the health care budget in high-income countries.

And yet that investment,

Return on investment is roughly 19 times what you put in.

We already know how valuable it is to prevent an infection.

What's missing in the economics is the big picture.

Speaker #1: So preventing that initial infection might do a lot more than we thought. It could lower your risk of things like heart disease and dementia later in life.

The benefits that go beyond preventing the disease the vaccine was designed to stop.

Speaker #1: So the opportunity here is simple. We need to build the evidence that turns this potential into something that's recognized and reimbursed. And GSK is in a great spot to lead on this.

Now, let's think about that. That could be worth a lot, but if it's not on the label, it doesn't count toward how a vaccine gets assessed or reimbursed.

To catch up.

Speaker #1: We have already a broad well-established vaccine portfolio. Shingrix, RxV, flu vaccines. A strong meningitis franchise and a deep lineup of pediatric and travel vaccines.

We used to think of an infection as something that happens and then passes.

It turns out that's not the whole story.

A lot of infections go dormant in the body.

And some of them seem to be tied to long-term health effects, even chronic disease down the road.

Speaker #1: But more importantly, there's real room to expand beyond what these vaccines can already achieve. Shingrix is our best example of this. We have a huge amount of real world experience over 116 million adults have been vaccinated with Shingrix since it was launched nearly a decade ago.

So, preventing that initial infection might do a lot more than we thought.

It could lower your risk of things like heart disease and dementia later in life.

So the opportunity here is simple—we need to build the evidence that turns this potential into something that's recognized and reimbursed.

Speaker #1: There's growing body of evidence that herpes viruses, including herpes zoster, the virus that caused shingles, can influence cognitive decline. So why would that be the case?

And GSK is in a great spot to lead on this.

Speaker #1: Well, the shingles virus doesn't actually go away after a chickenpox infection. It just goes dormant hiding out in the brain neurons. When it wakes back up, it can spark local inflammation and that inflammation seems to play a role in cognitive decline over time.

We already have a broad, well-established vaccine portfolio—Shingrix, RSV, flu vaccines, a strong meningitis franchise, and a deep lineup of pediatric and travel vaccines—but more importantly,

There's real room to expand beyond what these vaccines can already achieve.

Shingrix is our best example of this.

Speaker #1: So by keeping the virus from reactivating in the first place, Shingrix may end up slowing down that decline. But there's likely more to the story.

We have a huge amount of real-world experience—over 116 million adults have been vaccinated, pitching Rick, since it was launched nearly a decade ago.

Speaker #1: We think Shingrix is adjuvant ASO1 might be doing some extra work behind the scenes beyond just blocking viral activation. It could possibly be dialing down inflammation more broadly including the kind of age related inflammation that builds up in the brain.

This growing body of evidence that herpes viruses, including herpes zoster—the virus that causes shingles—supports our findings.

Can influence cognitive decline?

So, why would that be the case?

Well, the shingles virus doesn't actually go away after a chickenpox infection—it just goes dormant, hiding out in the nerve cells.

Speaker #1: That's right. It could mean Shingrix is nudging the whole trajectory of neuroinflammation in a healthier direction. We've now seen through several observational studies risk reductions of dementia symptoms up to 50%.

When it breaks back up, it can spark local inflammation.

And that inflammation seems to play a role in cognitive decline over time.

So by keeping the virus from reactivating. The first place shingrix may end up slowing down that decline.

Speaker #1: This signal is now being put to test in two big pragmatic studies in Finland and Denmark covering around 200,000 people with results expected from 2029.

But there's likely more to the story.

We think shingrix is adjuvant Aso 1. Might be doing some extra work behind the scenes Beyond just blocking viral activation.

Speaker #1: We not only seeing this as how Shingrix affects neuroinflammation, but as we go to the next slide, when we look at cardiovascular risk, it gets even more interesting on Shingrix's broader protective effects.

It could possibly be dialing down inflammation, more broadly, including the kind of age related inflammation that builds up in the brain.

That's right, it could mean Shingrix is nudging the whole trajectory of neuroinflammation in a healthier direction.

Speaker #1: Real world data from several independent sources veterans affairs, Kaiser, Optum, Trinitex, all point the same way. Older adults who got Shingrix saw about a 25% drop in major adverse cardiac cardiovascular events or MACE.

We've now seen, through several observational studies, risk reductions of dementia symptoms by up to 50%.

Speaker #1: So why should that be? It turns out the shingles virus itself isn't exactly harmless to your blood vessels. It can damage them stir up inflammation and even trigger clotting.

This signal is now being put to the test in two big pragmatic studies in Finland and Denmark, covering around 200,000 people, with results expected from 2029.

We are not only seeing this as how Shingrix affects neuroinflammation, but as we go to the next slide,

Speaker #1: All of which nudge up your risk of stroke and heart attacks. We think Shingrix thanks to our ASO1 adjuvant might also be doing some quiet work behind the scene calming inflammation and potentially bending the curve on chronic diseases in older adults.

When we look at cardiovascular risk, it gets even more interesting on Shingrix—broad, protective effects.

Real-world data from several independent sources—Veterans Affairs, Kaiser, Optum, TrinetX—all point the same way.

Speaker #1: So what does this all mean? This matters a lot. Cardiovascular disease is expected to nearly double by 2050 with costs in the US alone set to top over $400 billion a year.

Older adults, who got Ching, rigs saw about a 25% drop in major adverse cardiac cardiovascular events or MS.

So why should that be?

Speaker #1: We believe the real world evidence you think on this slide is compelling enough that we are launching a formal phase three randomized controlled trial this year to nail down whether this is actually causal.

It turns out the shingles virus itself isn't exactly harmless to your blood vessels. It can damage them, stir up inflammation, and even trigger clotting.

All of which nudge up your risk of stroke and heart attacks.

Speaker #1: Not just correlational. We expect the study to start soon. Another opportunity to improve outcomes in older adults is to prevent influenza infection. This disease burden of influenza is significant in adults in older adults with the majority of hospitalizations occurring in older adults.

We think shingrix thanks to our ASO 1, add event.

Might also be doing some quiet work behind the scenes, calming inflammation and potentially bending the curve on chronic diseases in the right older adults.

So, what does this all mean? This matters a lot.

Speaker #1: It's a segment we've not previously competed in. We know from published literature that influenza vaccination reduces cardiovascular disease burden and respiratory complications. Underpinning the theme of broadening the protective effects of vaccine especially in older adults.

Cardiovascular disease is expected to nearly double by 2050, with costs in the US alone set to top over $400 billion a year.

Speaker #1: As you can see from this visual currently available flu vaccine effectiveness has varied from 20 to 60% over the past 15 flu seasons. Illustrating why there's a true unmet need to improve flu vaccine effectiveness.

We believe the real world evidence you are seeing on this slide is compelling enough that we are launching a formal Phase 3 randomized controlled trial this year to nail down whether this is actually causal, not just correlational. We expect the study to start soon.

Another opportunity to improve outcomes in older adults is to prevent influenza infection.

Speaker #1: We believe there's an opportunity using our mRNA technology to establish benefit over current standard of care. We can optimally leverage this technology its differentiating characteristics to develop our next best in class flu vaccine.

The disease burden of influenza is significant in adults and older adults, with the majority of hospitalizations occurring in older adults.

It's a segment. We've not previously competed in.

Underpinning, the team.

Speaker #1: We will present our positive phase two results at the options meeting next month where you'll hear the exciting data. So let me conclude. What's our focus and where's our focus?

Of broadening the protective effects of vaccine especially in older adults.

Speaker #1: Our focus is expanding the role of vaccines the vaccines play in helping older adults living a longer and healthier life. If you can back that up with strong clinical outcome data and a real understanding of the biology behind it, it could support future labels that reflect these broader benefits.

As you can see, from this visual currently available. Flu vaccine Effectiveness has varied from 20 to 60% over the past 15 flu seasons.

Illustrating why there is a true unmet need to improve flu vaccine effectiveness.

We believe there's an opportunity using our mRNA technology to establish benefits over current standard of care.

Speaker #1: And that changes things. It gives healthcare professionals more confidence to recommend vaccination and give more people reason to get vaccinated no matter what their current health status is.

We can optimally leverage this technology—its differentiating characteristics—to develop our next best-in-class flu vaccine.

we will present our positive phase to results at the options meeting next month, where you'll hear, uh, the exciting data

Speaker #1: What really excites us is the growing science connecting infection to chronic disease. It makes an already strong economic case for vaccination even stronger. Opens up new opportunities across our portfolio and it thanks to Shingrix it gives us a real working example of how to unlock that value and help shift the trajectory of chronic diseases for older adults.

So let me conclude what's our focus, and where is our Focus?

Our focus is expanding the role that vaccines play in helping our older adults live a longer and healthier life.

If you can back.

Strong clinical outcome data, and a real understanding of the biology behind it, could support future labels that reflect these broader benefits.

Speaker #1: It's now my pleasure to hand over to Charlotte who'll talk to you about our HIV business.

and that changes things, it gives Health Care Professionals more confidence to recommend vaccinations and give more people reason to get vaccinated no matter what their current health status is

Speaker #2: Thank you, Sanjay. I'm Charlotte Hallatan, head of R&D and CSO for VIEF Healthcare at GSK. Despite decades of progress, HIV remains a major unmet public health challenge.

what really excites us is the growing signs connecting infection to chronic disease.

It makes an already strong economic case for vaccination even stronger.

Speaker #2: More than 40 million people are living with HIV globally and in the US around 30% of people diagnosed with HIV are not virally suppressed.

Speaker #2: Equating to approximately 400,000 people, the majority of whom are still taking daily oral antiretroviral medications as their standard of care. Real world barriers such as adherence and stigma continue to negatively affect health outcomes, quality of life, and transmission risk, reinforcing the need for long acting medicines that address these challenges while delivering public health benefit and significant revenue growth.

Opens up new opportunities across our portfolio and it thanks to shingrix. It gives us a real working example of how to unlock that value and help shift the trajectory of chronic diseases for older adults,

It's now my pleasure to hand over to Charlotte, who will talk to you about our HIV business.

Thank you, Sanjay. I'm Charlotte Talatin, Head of R&D and CSO for V, Healthcare at GSK.

Speaker #2: Treatment represents 90% of the current HIV market, the largest unmet medical need and remains our priority. By 2035, we expect this market to be worth approximately $25 billion with growth driven by uptake of new long acting regimens, despite daily oral generics entry and pricing pressure.

Despite decades of progress, HIV remains a major unmet public health challenge. More than 40 million people are living with HIV globally, and in the US, around 30% of people diagnosed with HIV are not virally suppressed, equating to approximately 400,000 people, the majority of whom are still taking daily oral antiretroviral medications as their standard of care.

Speaker #2: For prevention, we expect this market to be worth approximately $6 billion by 2035. Across both treatment and prevention, long acting injectables are the fastest growing segment and we are leading this market transformation from daily oral to long acting HIV care that improves patient experience, supports adherence, and drives sustained competitive growth.

Real-world barriers, such as adherence and stigma, continue to negatively affect health outcomes, quality of life, and transmission risk.

Reinforcing the need for long-acting medicines, that address these challenges, while delivering public health benefits and significant Revenue growth.

Treatment represents 90% of the current HIV Market, the largest unmet medical need and remains our priority.

Speaker #2: We have been at the forefront of HIV innovation for nearly four decades leading transformational changes in patient care through the first two drug oral therapies and then Cabanuva, an apertute, the first to market long acting injectables for treatment and prevention.

By 2035, we expect this market to be worth approximately £25 billion, with growth driven by uptake of new long-acting regimens, despite daily oral generic entry and pricing pressure.

Speaker #2: Our current portfolio and future pipeline are built on the foundation of integrated strand transfer inhibitors or INSTIs which are trusted by healthcare providers worldwide due to their superior efficacy, long-term tolerability, high barrier to resistance, and they form the basis of over 80% of treatment regimens globally.

For prevention, we expect this Market to be worth approximately 6 billion pounds by 2035.

Both treatment and prevention long-acting injectables are the fastest growing segment, and we are leading this market transformation from daily oral to long-acting HIV care that improves patient experience, supports adherence, and drives sustained competitive growth.

Speaker #2: Today we will focus on our near-term growth drivers, three times a year treatment, two times a year treatment, and three times a year prevention.

Speaker #2: However, as you can see beyond these transformational opportunities, we will continue to innovate to address the health of people impacted by HIV for many years to come.

We have been at the forefront of HIV innovation for nearly four decades, leading transformational changes in patient care through the first two-drug oral therapies. And then Cabenuva and Apretude, the first-to-market long-acting injectables for treatment and prevention.

Speaker #2: This includes best in class long acting orals which we see as an opportunity to patients who are market research. Suggests may not choose injectable treatment.

Speaker #2: We have initiated a phase one study for VH359, a capsid inhibitor, and have multiple potential weekly oral INSTIs and capsid inhibitors in pre-clinical development.

Our current portfolio and future pipeline are built on the foundation of integrase strand transfer inhibitors, which are trusted by healthcare providers worldwide due to their superior efficacy, long-term tolerability, and high barrier to resistance. They form the basis of over 80% of treatment regimens globally.

Speaker #2: Our leadership in long acting will continue to fuel our growth with each innovation building on our expertise to shape the future standard of care and reach more people impacted by HIV.

Today we will focus on our near-term growth drivers, 3 times a year treatment 2 times a year treatment and 3 times a year prevention.

However, as you can see, beyond these transformational opportunities, we will continue to innovate to address the health of people impacted by HIV for many years to come.

Speaker #2: Given our lead, we will have launched our second and potentially third long acting injectable treatment before anyone else enters the market. Cabanuva is the first and only complete long acting injectable HIV treatment.

This includes best-in-class long-acting orals which we see as an opportunity to reach the around. 30% of patients who are market research. Suggests may not choose injectable treatment

Speaker #2: More than five years worth of real world and clinical evidence continues to validate the strength of Cabanuva showing robust antiviral effectiveness and barrier to resistance comparable to daily oral medications with strong persistence out to two years and substantial patient preference compared to oral therapy.

We have initiated a Phase 1 study for VH3-9, a capsid inhibitor, and have multiple potential weekly oral, insted, and capsid inhibitors in pre-clinical development.

Speaker #2: In addition, Cabanuva demonstrated superiority over oral standard of care in the latitude study delivering nearly two times lower regimen failure and four times lower virological failure leading to early study termination due to overwhelming efficacy in this suppressed high risk HIV population with adherence challenges.

Our leadership in long-acting, will continue to fuel our growth with each Innovation, building on our expertise, to shape the future standard of care and reach, more people impacted by HIV.

Given our lead, we will have launched our second and potentially third long-acting injectable treatment before anyone else. Enters the market.

Capanova is the first and only complete, long-acting injectable HIV treatment.

Speaker #2: The real world data in viremic patients is also compelling and we look forward to seeing data from our crown study in the second half of 26 assessing Cabanuva in viremic patients with adherence challenges to daily oral therapy.

More than 5 years worth of real world and clinical evidence continues to validate the strength of kabanova.

Showing robust, antiviral Effectiveness, and barrier to resistance comparable, to daily oral medications.

With strong persistence out to two years, and substantial patient preference, compared to oral therapy.

Speaker #2: The entirety of this data shows the power of Cabanuva to lead the long to lead the market growth in long acting injectables through addressing preference, stigma, adherence, and reducing the burden of daily oral therapies.

In addition, kabanova, demonstrated superiority over oral standard of care in the latitude study.

Speaker #2: Supported by a robust IP strategy with Cabotegravir NCE patent protection into 2031 and addition patent protection now granted into 2040. As the first mover in long acting treatment, we have built the market from the ground up, establishing the evidence, infrastructure, provider experience, and patient confidence needed to accelerate the adoption of future long acting injectable innovations.

Delivering nearly 2 times. Lower regimen, failure, and 4 times. Lower virological failure, leading to early study. Termination due to overwhelming. Efficacy in this suppressed, high-risk, HIV population, with adherence challenges,

The real world data in vimic patience is also compelling and we look forward to seeing data from our Crown study in the second half of 26 assessing kabanova in the remic patients with adherence challenges to daily oral therapy.

Speaker #2: We are now focused on franchise growth continuing to address stigma and adherence challenges while meeting patient and healthcare provider preference for less frequent administration.

Speaker #2: The profile of our three times a year treatment constituting novel formulations of Cabotegravir and Ropivirene is compelling it builds on the proven efficacy and trust experience with Cabanuva takes 365 oral daily treatment days down to just three injection visits per year doubling provider capacity compared to Cabanuva enabling clinics to serve more patients without increasing infrastructure and this competitive profile is underpinned by robust IP strategy with additional patent protection pending into 2047.

The entirety of this data shows the power of kabanova, to lead the long to lead the market growth in long-acting injectables through addressing preference stigma, adherence, and reducing the burden of daily oral therapies supported by a robust IP strategy with Capilla nce patent protection into 2031 and additional null patent protection now, granted into 2040.

As the first mover in long-acting treatment, we have built the market from the ground up, establishing the evidence infrastructure, provider experience, and patient confidence needed to accelerate the adoption of future long-acting injectable innovations.

Speaker #2: I am pleased to share that Quattro our three times a year phase three registrational study in suppressed switch patients has begun supporting potential approval in 2028.

We are now focused on franchise growth, continuing to address stigma and adherence challenges, while meeting patient and health care provider preference for less frequent administration.

The profile of our three-times-a-year treatment, constituting novel formulations of the category, and replying, is compelling.

Speaker #2: We remain confident that three times a year treatment will be transformational not incremental making long acting treatment easier to choose, deliver, and sustain unlocking substantial switch opportunity from both oral therapy and existing Cabanuva which will drive long acting injectable market growth.

It builds on The Proven efficacy and Trust experience with kavanah.

Takes 365 oral daily treatment days down to just 3 injection visits per year.

Doubling provider capacity compared to Cabenuva, NOAH enables clinics to serve more patients without increasing infrastructure.

Speaker #2: Having set a high bar with our three times a year treatment we are driven to keep innovating for people living with HIV by delivering a two times a year long acting injectable treatment.

And this competitive profile is underpinned by a robust IP strategy, with additional patent protection pending into 2047.

Speaker #2: Our preferred regimen is the combination of our third generation INSTI the H184 with our novel capsid inhibitor the H499 a combination with NCE patent protection into at least 2040 and additional patents pending into at least 2047.

I am pleased to share that Quattro, our three-times-a-year phase 3 registration study in suppress switch patients, has begun, supporting potential approval in 2028.

Speaker #2: We believe this regimen can set a new standard of care for a broad HIV population. Bringing confidence in efficacy and a high barrier to resistance while further addressing adherence challenges.

We remain confident that 3 times a year treatment will be transformational. Not incremental making long-acting treatment easier to choose deliver and sustain. Unlocking substantial switch opportunity from both oral therapy and existing cabin Nova which will drive long-acting injectable market growth.

Speaker #2: The H184 is currently in a phase two B clinical study where we have seen rapid patient recruitment reflecting the community's interest in its third generation INSTI profile.

having set a high bar with our 3 times a year treatment, we are driven to keep innovating for people living with HIV by delivering a 2 times a year long-acting injectable treatment

Speaker #2: Our differentiated capsid inhibitor the H499 will commence its phase two B study in the second half of 2026. And we have a bold plan to get to phase three in 2028 and approval by the end of the decade combining operational insights from our ongoing three times a year Quattro study and utilizing the entirety of our phase one and two data to select optimal doses and formulations to achieve what we believe will be a practice changing profile.

Our preferred regimen is the combination of our third-generation INSTI, the H184, with our novel capsid inhibitor, the H49A, a combination with NCE patent protection into at least 2040, and additional patents pending into at least 2047.

We believe this regimen can set a new standard of care for a broad HIV population, bringing confidence in efficacy and a high barrier to resistance, while further addressing adherence challenges.

Speaker #2: The data on this slide represents a subset of evidence of that practice changing profile the chart on the left shows VH184 retains superior potency over second generation INSTI Victegravir against the majority of second generation INSTI resistance mutations from the Dawning clinical study.

the h184 is currently in a phase 2B clinical study, where we have seen rapid patient recruitment reflecting, the community's interests in its third generation, instead profile,

Our differentiated capsid inhibitor, PH49, will commence its Phase 2b study in the second half of 2026.

Speaker #2: Its high potency and enhanced resistance profile positions it to transform HIV treatment and we plan to determine its clinical efficacy in an INSTI resistant population population to further inform our phase three plans.

Speaker #2: The graph on the right shows VH499 does not cause the CYP3A mediated drug drug interactions that can lead to safety concerns for patients taking common concomitant medications or recreational drugs.

I just wanted 2 Data to select optimal Doses and formulations to achieve what we believe will be a practice changing profile.

Speaker #2: It shows that VH499 had no effect on the pharmacokinetic profile of midazolam the FDA recommended probe for exploring CYP3A drug drug interactions. This data combined with 499 and 184's strong efficacy and encouraging tolerability gives us a combination that is not just less frequent but clinically and commercially differentiated.

The data on this slide represents a subset of evidence of that practice changing profile. The chart on the left shows, VH1 retains Superior potency over second generation. Instead bigger against the majority of second generation. Instead resistance mutations from the dawning clinical study.

Its high potency and enhanced resistance profile positions, it to transform HIV treatment and we plan to determine its clinical efficacy in an insty resistant population to further inform our phase 3 plans.

Speaker #2: Maximizing patient reach and transforming options for people living with HIV once again. Now moving to HIV prevention. The unmet need is significant despite the 2.2 million people in the US that could benefit from prevention only 25% use it.

The graph on the right shows VH4 999 does not cause the CYP3A-mediated drug-drug interactions that can lead to safety concerns for patients taking common concomitant medications or recreational drugs.

Speaker #2: Daily oral persistence remains low creating a major opportunity for long acting options that better fit people's lives. Our three times a year prevention candidate which contains a new formulation of Cabotegravir builds on aptitudes greater than 99% efficacy and extensive real world experience and is protected by a robust IP strategy with additional patents pending into 2045.

It shows that vh4 999 had no effect on the pharmacokinetic profile of mazzle, the FDA recommended probe for exploring sip 3A. Drug drug interactions.

This data, combined with 499 and 1,184 strong efficacy and tolerability, gives us a combination that is not just less frequent but clinically and commercially differentiated, maximizing patient reach and transforming options for people living with HIV once again.

Speaker #2: Six months after a single dose of Cabotegravir and Lenacapavir in our Clarity study follow-up data reinforced Cabotegravir's highly preferred injection profile with fewer less visible and shorter lasting injection site reactions whereas 90% of participants continue to report Lenacapavir associated nodules at six months with 20% being reported as severe over that time period.

Now, moving to HIV prevention, the unmet need is significant. Despite the 2.2 million people in the US who could benefit from prevention, only 25% use it.

Daily oral persistence remains low, creating a major opportunity for long-acting options that better fit people's lives.

Our three-times-a-year prevention candidate, which contains a new formulation of category.

Speaker #2: Delivered through a single intramuscular injection our three times a year prevention has the potential to combine strong tolerability a favorable drug drug interaction profile a dosing schedule aligned to routine sexual health visits and the fewest maintenance injections per year reducing treatment burden and supporting long-term persistence.

Builds on aptitudes greater than 99% efficacy and extensive real-world experience, and is protected by a robust IP strategy with additional patents pending into 2045.

Speaker #2: With registrational study data from extend 4M anticipated in the second half of 2026 and approval in 2027 we remain confident it represents the optimal prevention option for both patients and providers.

6 months after a single dose of capoterra and lenacapavir in our Clarity, study follow-up data, reinforced cabs, highly preferred injection profile with fewer less visible, and short and Lasting injection site reactions. Whereas 90% of participants continued to report lenacapavir Associated. Nodules at 6 months, with 20% being reported as severe over that time period.

Speaker #2: To close HIV remains a significant persistent and unresolved public health challenge. The market is moving towards long acting the innovation we have built and lead with INSTI at the core to drive the market transformation.

Speaker #2: Cabanuva demonstrates the power of long acting treatment and creates the foundation for continued innovation and a pipeline that keeps raising the standard of care.

Delivered through a single intramuscular injection, three times a year prevention has the potential to combine strong tolerability, a favorable drug-drug interaction profile, and a dosing schedule aligned to routine sexual health visits. It also offers the fewest maintenance injections per year, reducing treatment burden and supporting long-term persistence.

Speaker #2: Our near term long acting injectable growth drivers are clear. Three times a year treatment to unlock the next wave of growth targeted targeted for 28 approval.

Speaker #2: Two times a year treatment novel molecules designed for differentiation planned for phase three start in 28. And three times a year prevention optimized based on patient and provider feedback targeted for 27 approval.

With registration or study data from Extend 4M anticipated in the second half of 2026, and approval in 2027, we remain confident. It represents the optimal prevention option for both patients and providers.

To close, HIV remains a significant, persistent, and unresolved public health challenge.

Speaker #2: As HIV care continues to evolve we are uniquely positioned to shape where the market goes next combining scientific leadership long acting innovation and deep patient insight to deliver the next generation of treatment and prevention options.

The market is moving towards long-acting. The innovation we have built, and lead with, Insty at the core, is driving the market transformation.

Kanua demonstrates the power of long-acting treatment and creates the foundation for continued innovation, with a pipeline that keeps raising the standard of care.

Speaker #2: That brings us to the end of the R&D part of the presentation and I will now hand over to Julie to share more on the funding of Accelerate Growth and our outlooks.

Our near-term, long-acting injectable growth drivers are clear.

Three times a year treatment to unlock the next wave of growth target. Target targeted for 2028 approval.

Twice-a-year treatment with novel molecules designed for differentiation. Planning for Phase 3 to start in 2028.

Speaker #1: Thank you very much Charlotte and also to all my R&D colleagues. So as you've seen GSK has a broad and rich portfolio of opportunities and the purpose of this section is to show you how we plan to fund it.

And three times a year prevention, optimize based on patient and provide feedback targeted for 2027 approval.

Speaker #1: Moving on to the next one. So one of our three priorities is to simplify the way we work and this will be enabled by the Accelerate Growth program.

As HIV care continues to evolve, we are uniquely positioned to shape where the market goes next. Combining scientific leadership long-acting Innovation and deep, patient insight to deliver the next generation of treatment and prevention options.

Speaker #1: We've identified 1.9 billion of cumulative annual benefits to be delivered by 2029. And the majority of these will fund the investment opportunities outlined by Tony and his team today Accelerating seven assets across 18 indications and with more than more than 20 phase three trial starts in 2026.

That brings us to the end of the R&D part of the presentation and I will now hand over to Julie to share more on the funding of accelerate growth and our outlooks.

Thank you very much, Charlotte. And, uh, also to all my R&D colleagues,

Speaker #1: Now proportion of the savings will also drop through strengthening the margin through the dollar Tegravir loss of exclusivity period which is 28 to 30.

So, as you've seen, GSK has a broad and rich portfolio of opportunities. The purpose of this section is to show you how we plan to fund it.

Um, moving on to the next 1.

It is to simplify the way we work.

Speaker #1: The program will deliver incremental sales from 2030. It has a very strong IRR and it will be implemented with financial discipline as usual ensuring we retain capacity for business development.

And this will be enabled by the Accelerate Growth program.

We've identified $1.9 billion of cumulative annual benefits to be delivered by 2029.

Speaker #1: Turning to the details of the program we expect 90% of the cumulative annual savings to be delivered by 2028. And we have undertaken an enterprise wide review to identify opportunities with processes redesigned and enabled by tech and AI.

And the majority of these will fund the investment opportunities outlined by Tony and his team. Today, accelerating 7 assets across 18 indicators, and with more than 20 Phase 3 trial starts in 2026.

Speaker #1: Support functions and key processes across the organization will be streamlined for efficiency and impact. Procurement will be enhanced further to deliver maximum value. And we will also be reallocating resources from mature brands towards the key specialty growth drivers.

Now, the proportion of the savings will also drop through strengthening the margin during the dolutegravir loss of exclusivity period, which is 2028 to 2030.

The program will deliver incremental sales from 2030. It has a very strong IRR, and it will be implemented with financial discipline as usual, ensuring we retain capacity for business development.

Speaker #1: And finally there will be further automation and simplification of the supply chain and the network to align with the evolution of our portfolio. The program will cost 2.4 billion sterling to be reflected in adjusting items of which 2.1 billion is cash and the payback is two and a half years before the reinvestment.

Turning to the details of the program, we expect 90% of the cumulative annual savings to be delivered by 2028. We have undertaken an enterprise-wide review to identify opportunities, with processes redesigned and enabled by tech and AI.

Support functions and key processes across the organization will be streamlined for efficiency and impact.

Speaker #1: We have a compelling track record of deploying cash in line with our capital allocation framework. First invest for growth and second shareholder distributions all underpinned as you know by a strong investment grade balance sheet.

Procurement will be enhanced further to deliver maximum value.

And we will also be reallocating resources from mature Brands towards the key specialty growth drivers.

Speaker #1: Since the start of 2021 we have delivered more than 40 billion of cash generated from operations. We've deployed 18 billion to invest for growth by way of capital expenditure and business development.

And finally, there will be further Automation and simplification of the supply chain and the network to align with the evolution of our portfolio.

The program will cost £2.4 billion, to be reflected in adjusting items, of which £2.1 billion is cash.

Speaker #1: We have distributed 16 billion to shareholders through the dividends and the buyback. And we've reduced net debt through this period by 6 billion sterling decreasing net debt to core EBITDA to 1.3 times.

And the payback is two and a half years before the reinvestment.

We have a compelling track record of deploying cash in line with our capital allocation framework.

Speaker #1: This represents a considerable transformation of GSK and considerably improved cash generation and a significant reduction in net debt as to the strengthening of our balance sheet affording us the optionality to execute BD and further strengthen the pipeline as you've recently seen through the acquisition of New Valent.

First, invest for growth, and second, shareholder distributions. All underpinned, as you know, by a strong investment-grade balance sheet.

Since the start of 2021, we have delivered more than £40 billion of cash generated from operations.

We've deployed £18 million to invest for growth by way of capital expenditure and business development.

Speaker #1: We also have a strong track record of delivering profitable growth and increasing returns whilst continuing to increase the investment we've placed in R&D. So from 21 to 26 we are on track to deliver yearly sales growth of 8% operating profit growth of 13% and more than a 540 basis point improvement in the margin.

We have distributed $16 billion to shareholders through dividends and the buyback.

And we've reduced net debt through this period by 6 billion. Sterling decreasing net debt, to Corey bit data to 1.3 times,

Speaker #1: Now this is all well if R&D investment has stepped up. Increasing more than 50% to now more than 7 billion and supporting a doubling of phase three starts in 2026 is to be outlined.

This represents a considerable transformation of GSK and a considerable improvement in cash generation, and a significant reduction in net debt has led to the strengthening of our balance sheet, affording us the optionality to execute BD and further strengthen the pipeline, as you've recently seen through the acquisition of New Volant.

Speaker #1: So looking ahead to our longer term outlooks and the impact of Accelerate Growth. We remain committed to our outlook of more than 40 billion of sales in 2031.

We also have a strong track record of delivering profitable growth, and increasing returns whilst continuing to increase the investment we've placed in R&D.

Speaker #1: With more than 50% of our business in specialty medicines. Our operating margin is now expected to be stable to improving through the dollar Tegravir loss of exclusivity period supported by a number of things.

So, from 2021 to 2026, we are on track to deliver yearly sales growth of 8%, operating profit growth of 13%, and more than a 540 basis point improvement in the margin.

Speaker #1: First specialty continues to grow as a proportion of the portfolio. Second we are driving increased productivity gains across the business. And third part of the savings from the program overall will drop through to the margin in that three year period.

Now, this is all whilst R&D investment has stepped up, increasing more than 50% to now more than $7 billion and supporting a doubling of the Phase 3 starts in 2026, as Tony outlined.

So, looking ahead to our longer-term outlooks and the impact of accelerated growth.

Speaker #1: Growth is then expected to accelerate from 2031 onwards given the portfolio of products and the opportunity for further BD the latter of which would be incremental to our commitments.

We remain committed to our outlook of more than $40 billion of sales in 2031, with more than 50% of our business in specialty medicine.

Speaker #1: This program allows GSK to build on a strong foundations we've laid over the past five years and accelerate growth from 2031 onwards. Thank you and I will now hand back to Luke for final words.

Our operating margin is now expected to be stable to improving through the Dolutegravir (Tegra) exclusivity period.

Supported by a number of things.

First specialty continues to grow as a proportion of the portfolio.

Second, we were driving increased productivity gains across the business.

Speaker #2: Thanks Julie. Next slide please. So today I open by saying that our focus was on products and growth and this slide here shows the pathway we are building with our products to drive growth and with it delivering long term value.

And third, part of the savings from the program overall will drop through to the margin in that three-year period.

Speaker #2: So the the presentations from the team today were designed to give you greater insight into how we're actually going to make that happen. And to reanchor you at the start of the day I outlined that we would demonstrate to you the following.

Would be incremental to our commitments.

This program allows GSK to build on the strong foundations we've laid over the past five years, and accelerate growth from 2031 onwards.

Speaker #2: Firstly confidence in our ability to drive the business now and beyond to 2031. By showcasing our late stage pipeline and our focus on defined value propositions and by providing some detail on how we are reallocating capital and resources to change and invest in R&D.

Thank you. And I will now hand back to Luke for final words.

Thanks, Julie. Uh, next slide, please.

Speaker #2: With that I think we're going to go to questions. I'll ask for those are quick. Wouldn't want to get the gunfight with you. So we'll we'll bring the team up.

So, um, today I opened by saying that our focus was on products and growth, and, uh, this slide here shows the pathway we are building with our products to drive growth and, with it, delivering long-term value.

Speaker #2: So Julie, Nina, Charlotte, Kevin and I think Sanjay as well. So and as we said earlier raise your hand you guys clearly remember that.

So, the presentations from the team today were designed to give you greater insight into how we're actually going to make that happen. And to re-anchor you at the start of the day, I outlined that we would demonstrate to you the following:

Speaker #2: So Zane I think you were you want to go first and then just wait while everyone sits down. Great. Zane over to you.

Firstly, confidence in our ability to drive the business now and beyond to 2031.

Speaker #3: Great thanks for taking the question Zane over from JP Morgan. First question is just on the 2031 target. And beyond I think Julie you sort of ended with a comment on it in terms of 2031 now sounds like it's organic but just to confirm that New Valence included in the 2031 of greater than 40 billion and then the target for or ambition for accelerating growth beyond 2031 you mentioned that you know it's organic in terms of delivery on your commitments but how much of that is dependent on BD in terms of the ambition beyond 2031.

By showcasing, uh, late stage Pipeline and our focus on defined value propositions. And by providing some detail on how we are reallocating capital and resources to change and invest in R&D with that. I think we're going to go to questions. I'll ask critique, those are quick. Uh would want to get the gunfight with you? So uh we'll we'll bring the team up. So, Julie, Nina, Charlotte Kevin.

And I think Sanjay as well. So,

And, as we said earlier, raise your hand—you guys clearly remember that.

So Zane, I think you were—do you want to go first, and then...

Speaker #3: That's the first question. A second question is just a follow up on 2027 margins because I think the path on 28 to 30 is relatively clear.

Just wait while everyone sits down.

Speaker #3: And you'll have the cost savings that will help offset some of the dollar Tegravir LOE. But next year you've got the Gilead royalty going in Q4.

Great. Zane, over to you. Great, thanks for taking the questions. A from J.P. Morgan. First question is just on the 2031 target and beyond. I think Julie, you sort of ended with a comment on it in terms of...

Speaker #3: Treasury Breo IRA impact potentially. And R&D you've mentioned will significantly outgrow sales. So just how should we think about 27 in terms of margins that I think consensus has got margin expansion.

2031 now sounds like it's organic, but just to confirm, does New Valance get included in the 2031 figure of greater than $40 billion?

Speaker #3: So what are the other drivers that could get towards margin expansion?

Speaker #1: Mm-hmm. Okay. Okay. So in terms of the first the first question related to New Valent and so the we're we're we're emphasize that we are totally committed to more than 40.

Um, and then the target for—or ambition for—accelerating growth beyond 2031, you mentioned that, you know, it's organic in terms of delivery on your commitment. But how much of that is dependent on BD, in terms of the ambition beyond 2031? Um, that's the first question.

A second question is just a follow-up on 2027 margins, because I think the path on 2028 to 2030 is relatively clear.

Speaker #1: Obviously the New Valent acquisition happened recently and we've now got Accelerate Growth. Accelerate Growth the sales start in 2030 but they're quite minor in 2030.

And you'll have the cost savings, um, that will help offset some of the dollar tag of ALO. But next year, you've got the Gilead royalty going in Q4.

Speaker #1: It's more of a longer term play. But net net we've just we'd we'd like to emphasize that we are saying we will deliver and we will deliver more than 40 but we didn't want to get into minor increments each way along.

Speaker #1: I think as Luke mentioned it is a portfolio we obviously had the Camel Pixent used just over a week ago but it is a portfolio and we believe we will deliver more than 40 overall when you take it you know asset by asset everything we do as well I think as most people know is PTRS adjusted probability of technical and regulatory success but inevitably you get movements in the portfolio now that we've built to build that optionality.

Crazy, bro. IRA impact potentially and R&D—you've mentioned all the significant outgrowth sales. So, just how should we think about '27 in terms of margins? I think consensus has got margin expansion, so what are the other drivers that could get us towards margin expansion?

And, um, so we've emphasized that we are totally committed to more than 40.

Speaker #1: And then none of it at all is dependent on what you might call new BD. So if we do further deals which we do intend to do we've got capacity to do them as Luke's outlined they would be incremental on top if that answers that question.

Um, obviously the new Valence acquisition happened recently, um, and we've now got accelerated growth—accelerated growth for sales starting in 2030. But they're quite minor in 2030—it's more of a longer-term play.

Speaker #1: And then in terms of the margins I got this question in the break actually from quite a few people. So we have guided the margin to the end of 2026 which is more than 31% at 25 average exchange rates.

Speaker #1: We then guided the dollar Tegravir period because we knew and appreciated that investors were quite concerned about that period because of the profitability of HIV.

But net. Now we've just we we'd like to emphasize that. We are saying we will deliver and we will deliver more than 40 but we didn't want to get into minor increments each way along. I think, as Luke mentioned it is a portfolio. Um, we obviously had the camel, pixcent news just over a week ago, but it is a portfolio. And we believe we will deliver more than 40 overall, when you take it to, you know, asset by asset, everything we do as well. I think as most people know, if ptrs adjusted probability of Technical and Regulatory success but inevitably you get movements in the portfolio now that we've built uh to build that optionality.

And then, um, none of it.

It all is dependent on what you might call new BD.

Speaker #1: So we did an extensive amount of work as a team to basically understand how we could underpin that margin through that period. But we did not want to get into guiding a margin every year.

So, if we do further deals—which we do intend to do—we've got capacity to do them, as Luke outlined. They would be incremental on top, if that answers that question.

Speaker #1: So we gave the assurance based on a whole series of factors that we could hold the margin stable through the dollar Tegravir loss of exclusivity.

Speaker #1: What we're now saying because this program then generates the additional savings which total 1.9 billion by 2029 it allows us to drop through some of those benefits to give not just a stable margin but the optionality to also have an improving margin through that period.

And then in terms of the margins, I got this question in the break actually from quite a few people. So we have guided the margin to the end of 2026, which is more than 31%.

At 25 average exchange rates.

Speaker #1: And it builds 28 to 30. So the period when dollar Tegravir hits the most it's most protective.

During that period, because of the profitability of HIV, we did an extensive amount of work as a team to basically understand how we could underpin that margin through that period.

Speaker #3: Thanks very much.

Speaker #2: Great. Thanks. Okay. I'm trying to think the rest of you have you had a question before? And then we'll go James and then anyone at the back.

Speaker #2: Okay.

Speaker #3: Thank ank you. Naresh Johan from Intron Health. Thanks for taking my question. Just one on vaccines. Seems that the pharma business and the vaccines business are going to have increasingly different outlooks in terms of innovation and growth rates.

Um, but we did not want to get into guiding a margin every year. So we gave the assurance based on a whole series of factors that we could hold the margin stable through the dollar tag of a loss of exclusivity.

Speaker #3: Capital requirements. So how weighted are you to continuing to own vaccines which presumably if they were separated would not quite a lot of value.

Speaker #3: And would further simplify the business.

What we're now seeing, because this program then generates the additional savings, which total $1.9 billion by 2029, is that it allows us to drop through some of those benefits to give not just a stable margin, but the optionality to also have an improving margin through that period, and it builds 2028 to 2030. So, the period when Dolutegravir takeover hits the most, it's most protective.

Speaker #2: Short answer is very weighted. I mean the capital intensity really is in in register shop. I think the main challenge with vaccines frankly is the paucity of novel targets of of innovation.

Thanks very much. Right, thanks. Uh, I'm trying to think—the rest of you, have you had a question? And then we'll go to James, and then anyone at the back, okay.

Speaker #2: But you again we're trying to capitalize on that and some of the signals that we've observed there. But I mean it's a fantastic business.

Speaker #2: It's very hard to get into. Okay. It's under short term pressure. Frankly because of politics in some locations and post COVID hangover. But frankly I think if you we look at the median for longer term it's a very durable very durable business with very high barriers to entry.

And Nourish Johan from Intron Health. Thanks for taking my question. Just one on vaccines. It seems that the pharma business and the vaccines are going to have increasingly...

Speaker #2: The question is yeah what can we do to be more operationally effective? How do we make these plants more productive? And then when we do see innovation how do we make sure that we're participating in it faster and more aggressively than than others.

Different outlooks in terms of innovation and growth rates, capital requirements. Um, so how well do they allow you to continue to own vaccines, which, presumably, if they were separated, would unlock quite a lot of value and would further simplify the business?

Speaker #2: So yeah long story short we like the business. But again the hierarchy for us in terms of capital allocation you can see is specialty and again that's why we're highlighting that from 2031 plus.

Speaker #2: Thanks. And then James and then I think Sean will go to you. Is that Sean up there? I think yep Sean and then I promise we'll get to everyone.

Speaker #3: Great. Thank you. So James Gordon of Barclays. Two two on HIV and one quick one on R&D. So so on HIV I think the previous plan was to have a six monthly prevention product.

Speaker #3: I think it was in 2028 but I couldn't see it on the slide. So are you not doing six monthly prevention anymore? And on treatment I think it was six monthly treatment 28 to 30.

Short answer is very weirded. Uh, I mean, the capital intensity really is in, in regards to shop. I think the main challenge was actually frankly, it's the positive novel targets of of innovation. Um, but you again we're trying to capitalize on that and some of the signals that we've reserved there. But um I mean it's a fantastic business. It's very hard to get into, okay? It's under short-term pressure, frankly because of politics in some locations and uh postco hangover. But frankly I think if you look at the medium for longer term it's a very durable very durable business with very high barriers to entry. Uh, the question is, you know, what can we do to be more operationally effective? How do we make these plants more productive? And then when we do see Innovation, how do we make sure that we're participating in it faster and more aggressively than

Speaker #3: But so I could see that you're I think it's starting the phase three in 28. But when do you think that launches that beyond 29?

Speaker #3: So post dollar Tegravir LOE is when you'd have a six monthly treatment. And then also just a clarification orals I think you also talked about.

...than others. So, yeah, long story short, we like the business, but again, the hierarchy for us in terms of capital allocation, as you can see, is specialty. And again, that's why we're highlighting that from 2031 plus.

Speaker #3: But when do you think you could have a weekly oral or a monthly oral on the market please? And then the final one just squeezing just R&D spend I think before you said R&D would grow faster than sales was the way you put it.

Thanks, and then James, and then I think Sean, we'll go to you. Is that Sean up there? I think—yep, Sean, and then I promise we'll get to everyone.

Speaker #3: Should we assume that's the assumption that effectively you spend less on SG&A but R&D keeps on growing faster than sales? How should we model that please?

Speaker #2: Yep. Sure. I mean long story short yeah we want to drive R&D and there's a portfolio changes. You know when I when I joined GSK we launched Trellis you've had a few thousand people in the in the US.

Great, thank you. Uh, so, James Gordon, Barclays. Uh, two on HIV and one quick one on R&D. So, on HIV, I think the previous plan was to have a six-monthly prevention product, and I think it was in 2028, but I couldn't see it on the slide. So are you not doing six-monthly prevention anymore?

Speaker #2: You look at Zydus Anthony you know we're talking tens tens 20s of people. So Charlotte over to you and then Julie if you wanted to add anything on that one as well if I miss.

And on treatment, um, I think it was six-monthly treatment 28 to 30, but—so, I could see that your—I think it's starting the Phase 3 in 28, but when do you think that launches? Is that beyond 29? So, post-dolor takeover Eloy is when you'd have a six-monthly treatment?

Speaker #2: Cheers.

Speaker #1: Great. Thank you for the questions. I'll I'll start with the the two times a year prevention. So you know our market research in prevention says to us that really three times yearly is the optimal I updated on the three times yearly today with we hope data in the latter part of this year to support approval next year.

And then also just a clarification—Orals. I think you also talked about it, but when do you think you could have a weekly or order, or a monthly, all on the market, please?

And then the final one, just to squeeze, on R&D spend: I think before you said R&D would grow faster than sales was the way you put it. Should we assume that's the assumption—that effectively you spend less on SG&A, but R&D keeps on going faster than sales? How should we model that, please?

Speaker #1: It aligns very well with medics preference in terms of bringing people into the clinic and wellness checks and sexually transmitted disease checks. You know that set we know there'll be a subset of the market that will still seek for a twice yearly.

Speaker #1: And so we remained committed to that as a line extension. And we have actually a pro drug of Cabotegravir that we'll take into the clinic during the latter part of this year.

Speaker #1: We will look to develop that using PK bridging approaches and we'll update on on timelines on that more in due course. The twice yearly treatments that you asked about potential timelines for that we have a bold plan.

Sure. I'm in long story short. Yeah, we want to drive R&D and there's a portfolio changes, you know? And I, when I joined GSK we launched trellis, we've had a few thousand people in the, in the US. Um, you look at it, you know, we're talking tents 10 to 20 people. So, um, Charlotte over to you. And then Julie, if you wanted to add anything on that, 1 as well, if I miss. Cheers, great, thank you for the questions. I'll I'll start with the um, the 2 times a year prevention. Uh, so, you know, our market research and prevention.

Speaker #1: We have a bold plan looking to get to approval in the latter part of of 2030. And we have a bold plan because we like the profile of it and we want to take it out to the community as quickly as possible.

Speaker #1: It's it's too soon to be giving you the details of our phase three plans. We need to keep working those through and obviously discuss them with the agencies.

Speaker #1: But I can tell you how we're thinking about it. Which is firstly we're very focused on phase three start in 2028. That will be using the entirety of our phase one data on different formulations as well as our our phase two data for 184 and 499.

Speaker #1: For the phase two Bs as you heard 184 is underway 18 499 we will we will start soon. And then you know for the phase threes what I would say is that we're going to learn a great deal from our three times a year treatment trial quattro that we have started.

It says to us that really three times yearly is optimal. I updated it to the three-time slot.

Speaker #1: We started mid 26. We're looking to gain approval in in 2028. And we will taking those learnings into the phase three development of our of our twice yearly.

Speaker #1: Your last question was on orals.

Speaker #2: Yep.

Speaker #1: And you know this markets that we're leading in and we've just talked about one long acting injectables. We know 70% of patients from our market research are saying they'd prefer a long acting injectable.

Speaker #1: But we definitely want to cater to those who would rather avoid avoid the injections. And we know others have been leading in that space.

Speaker #1: However there for a long acting oral weekly that's INSTI based. And I've talked about why today in terms of the superior efficacy barrier to resistance.

Speaker #1: And also it's so familiar and highly trusted by patients and providers. So we will be focusing on a true best in class INSTI based oral weekly and moving pace.

Want to take it out to the community as quickly as possible. It's, it's too soon to be giving you the details of our phase 3 plans. We need to keep working those through and obviously discuss them with the agencies, but I can tell you how we're thinking about it uh which is firstly, we're very focused on phase 3 starting 2028 uh that will be using the entirety of our Phase 1 data and different formulations as well as our Phase 2 data for 1 184 and 499 for the phase 2 BS. As you heard 1 184 is underway, 1 499. We will we will start soon and then you know for the phase 3 is what I would say is that we're going to learn a great deal from our 3 times a year treatment trial. Quattro that we have started, we started mid 26. We're looking to gain approval in in uh, 2028. And we were taking those learnings into the phase 3 development of our of our twice yearly

Speaker #1: We have BH359 which we believe has the potential to be a best in class oral weekly capsid inhibitor in phase one. And we have multiple other INSTIs and capsid inhibitors and preclinical developments.

Speaker #1: And I would also say we have a long relationship in INSTI design with our other stakeholders Shinogi. And so we will update more on on timelines regarding the oral weekly in due course.

Speaker #2: Great. So we'll do Sean, Sarita and then Session. How about that? So Sean have you got a microphone up there?

Your last question was on orals. Yeah. Uh and you know there's markets that we're leading in and we've just talked about 1 long acting injectables. We know 70% of patients from our market. Research is saying, they'd prefer a long-acting injectable, but we definitely want to cater for those who would rather invoid. Avoid the injections. And we know others have been uh, leading in that space. However, the remains a strong opportunity for a long-acting. Um, oral weekly that's insty uh, uh, based. And I've talked about why today in terms of the superior efficacy barriers to resistance, and also it's so familiar and highly trusted by patients and providers. So we will be focusing on a true besting class in

Speaker #3: Hi there. Sean Conroy Shore Capital. Just firstly I will pick on the one phase three trial in vaccines that you announced of the 34 that you're planning.

Speaker #3: Is the ambition with this May study to ultimately get a labeling change for Shingrix and could you give us some idea of what that might ultimately mean for progress in the pricing over time?

Speaker #3: And then maybe for you Julie in terms of this this restructuring program and this steer of capital into specialty medicines is there a risk you know you've talked about this being for mature products.

Based on a weekly and moving pace, we have BH35, which we believe has the potential to be a best-in-class oral weekly capsid inhibitor in Phase 1. We have multiple other entities and capsid inhibitors in pre-clinical development. I would also say we have a long relationship in compound or institute design with our other stakeholders, Shionogi. We will update more on timelines regarding the oral weekly in due course. Great, so with that, I'll hand over to Sarah for the next session.

How about that?

So, Sean, have you got a microphone up there?

Speaker #3: So presumably the bulk of this is coming from GenMed. Is there a risk that you end up under investing in somebody's brands and this general medicines becomes diluted to the growth story?

Hi there, Sean Conroy, Shaw Capital. Um, just firstly, I’ll pick on the one Phase 3 trial in vaccines that you announced, of the 34 that you’re planning. Um,

Speaker #3: And if so how open would you be to divest in some of these brands in the future?

Speaker #2: Great. Thanks Sean. So Sandra and maybe Kyvanne feel free to give any color around some of the signal finding work and just the basic hypothesis that is there.

Speaker #2: I mean I think with Mace clearly the regulatory pathway is more robust than dementia. And that's why that's being prioritized. But Sandra do you want to get into that and then we'll we'll come to you Julie.

Is the ambition with this MAY study to ultimately get a labeling change, um, washing bricks? And could you give us some idea of what that might ultimately mean for progressing the pro pricing over time? And then maybe for you, Julie, um,

In terms of this restructuring program and this steer of capital into specialty medicines,

Speaker #2: Yeah.

Speaker #4: So the answer is the ambition to get a label is an emphatic yes. Right. So how do we get there? And why are we so confident?

Speaker #4: So first I showed you seven studies real world studies where what is remarkable about the effect size is this fairly consistent across these seven studies.

Is there a risk? You know, you've talked about this being for mature products. Presumably, the bulk of this is coming from General Medicines. Is there a risk that you end up underinvesting in some of these brands, and that General Medicines becomes diluted to the growth story? And if so, how open would you be to divesting some of these brands in the future?

Speaker #4: So despite all the limitations you have with real world studies the fact that the signal is so consistent gives us a lot of confidence.

Speaker #4: Second we have some unique insights into biology that we're exploring that might give a little bit of credibility to the bio biology and the mechanism of action.

Alright, thanks, John. So, Sandra and maybe Ka, feel free to give any color around some of the signal-finding work and just the basic hypothesis that is there. I mean, I think with MACE...

Speaker #4: So if you take these two things together the confidence that we are going to be successful in this study remains high. And that's why we're embarking on this.

Clearly, the regulatory pathway is more robust than dementia, and that's why that's being prioritized. But if you want to get into that, and then we'll come to you, Julie. Yeah.

Speaker #4: We are in discussion with the regulators and the reception so far has been very favorable. So we are progressing and hope to finalize those discussions over the next few months to really move forward with the May study.

Speaker #4: And as Luke said the pathway and the roadmap for Mace is relatively well established. The endpoints are fairly standardized. And I think Kyvanne can can speak to them the way we conduct these studies and the benchmarks are available already.

And why are we so confident? So, first I showed you seven real-world studies where, what is remarkable about the effect size is just how fairly consistent it is across these certain studies.

So, despite all the limitations you have with real-world studies,

The fact that the signal is so consistent gives us a lot of confidence.

Speaker #4: It's much more of a difficult discussion with dementia which is a much more heterogeneous condition. And we are in discussion with the regulators to try to solve that.

Speaker #2: Yeah just to add that my organization has significant experience in cardiovascular outcomes trials and so the design that's being implemented for Shingrix is adequate and well controlled to support a registrational label.

Second, we have some unique insights into biology that we're exploring. That might give a little bit of credibility to the biology in the mechanism of action. So, if you take these two things together, the confidence that we are going to be successful in this study remains high, and that's why we're embarking on this.

We are in discussion with regulators, and the reception so far has been very favorable.

Speaker #2: But as Sandra said this is a fairly unique setting where clearly the data and support of Shingrix's cardiovascular benefit appears to be working through inflammatory mechanisms rather than through lipids, blood sugar or blood pressure.

So we are progressing and hope to finalize those discussions over the next few months to really, uh, move forward with the May study. And as Luke said,

Speaker #2: And so we've done a lot of work to ensure that there's understandable mechanistic plausibility that. Go in concert with that large outcomes trial. And we've engaged the appropriate experts to make sure that's an integrated package.

The pathway and the roadmap for MACE is relatively well established. The endpoints are fairly standardized, and I think Kon Kan can speak to them—the way we conduct these studies and the benchmarks are available already.

It's much more of a difficult discussion with dementia, which is a much more heterogeneous condition. Uh, and we are in discussions with regulators to try to solve that.

Speaker #3: Great.

Speaker #1: Can I suggest for George maybe just to address.

Speaker #2: Yeah on pricing we didn't yeah do you want to cover that George?

Speaker #1: Overall the impact on the physicians and patients willingness to price subpopulations.

Speaker #3: Yeah maybe to talk a little bit more broader about what we think the benefit of such an indication would be. Just to take a step back when you get an additional indication for a vaccine like Shingrix it's not to get a license for a broader population.

Speaker #3: But to increase the motivation of people to be vaccinated. And we've got extensive research that shows that when there is a strong recommendation from a physician the willingness to be vaccinated increases from 40% to 80%.

Sad. That's my organization. It has significant experience in cardiovascular outcomes trials, and so the design that's being implemented ensures sugars are adequate and well-controlled to support a registration or, uh, label. Um, but as Sanjay said, this is a fairly unique setting where clearly the data in support of Shingrix's cardiovascular benefit appears to be working through inflammatory mechanisms rather than through lipids, blood sugar, or blood pressure. And so we've done a lot of work to ensure that there's understandable mechanistic plausibility that would go, uh, in concert with that large outcomes trial, and we've engaged the appropriate experts to make sure that's an integrated package.

Speaker #3: And we also know from research that an indication such as Mace or dementia for that matter increasing increases the confidence of the physician to provide a strong recommendation from 50% to 90%.

Speaker #3: So that gives you I think a very good understanding of what the benefit is of such an indication. But also it's a major driver in the short and mid term ahead of such an indication of why we are focusing so much on comorbidities and comorbid patients.

Correct. Can I, can I suggest for George? Maybe just, yeah, pricing—we didn't, yeah. You want to cover that overall, the impact on the physicians and patients, will it penetrate the population? Yeah. Maybe to talk a little bit more broadly about what we think the benefit of such an indication would be. Just to take a step back, when you get an additional indication for a vaccine, like RSV, is not...

to get the license for a broader population, but to increase

the motivation of people to be vaccinated.

And we've got extensive research that shows that when there is a strong—

Speaker #3: To be considered for vaccinations for Shingrix. And in fact more than 70% of the 50 plus population that Shingrix is indicated for are suffering from these comorbidities.

Uh, recommendation from a physician—the willingness to be vaccinated increases from 40% to 80%.

And we also know from research that,

an indication such as MAZE, or dementia for that matter.

Speaker #3: Obviously Sandra spoke about how this proposition improves the economics and if the study is positive and we have the data we will be looking obviously at at what that means in terms of price.

Speaker #2: Great. Thanks George. Julie.

Speaker #1: Yeah. Okay. GenMed the GenMed question. The the GenMed business is is a valuable part of our portfolio. A number of reasons for that. But one of them is that it's it's synergistic with the other parts where we sell respiratory.

Increasing, uh, increases the confidence of the physician to provide the strong recommendation from 50% to 90%. So that gives you, I think, a very good understanding of what the benefit, uh, is of such an indication. But also, uh, it's a major driver in the short and midterm ahead of such an indication of, um, why we are focusing so much on comorbidities and comorbid patients.

Speaker #1: So vaccines obviously with the Rexfee together with specialties such as new car extension. And so there's an ability to use the field force across multiple parts GenMed vaccines and specialty.

Uh, to be considered for vaccinations for Shingrix. And, in fact, more than 70% of the 50-plus population that Shingrix is indicated for are suffering from this. Comorbidities, obviously—Sanjay spoke about how this proposition improves the economics.

Speaker #1: The other point about GenMed is that although it's under some degree of pressure it is significantly a cash generative business. So it's part of the portfolio overall.

and if

The study is positive and we have the data. We will be looking, obviously, at what that means in terms of price.

Right. Thanks George.

Speaker #1: A very importantly the reason we're choosing to invest behind specialty more so and it's actually of the seven major assets that have been chosen to be accelerated specialty is six of them.

Speaker #1: It's just because of the longevity the future of that business and the growth and the profitability from that business as time moves on as you go out of investment phase into major launch and thereafter.

Speaker #1: Oncology in particular people probably know the margins that you get in oncology products. So that's essentially why.

Speaker #2: Yeah. And we've signed a series of deals in in emerging markets across multiple geographies. With companies like Zulic where there's a basically revenue targets and and profit sharing to obviously put some ballast with that.

Julie: Yeah, okay. Jen, the Gen Med question. The Gen Med, led by business, is a valuable part of our portfolio. There are a number of reasons for that, but one of them is that it's synergistic with the other part where we sell respiratory. So, vaccines overseas with the RSV together with specialty, such as Nucala extension. And so there's an ability to use the field force across multiple parts: Gen Med, vaccines, and specialty.

Um, the other point about Gen Med is that, although it's under some degree of pressure, it is significantly a cash-generative business, so it's part of the portfolio overall.

Speaker #2: So I think Sarita your your hand was up and then Session? Yep.

Speaker #1: Thanks Sarita from Morgan Stanley. So the latest stage pipeline appears to be waited to assets as you've highlighted that are de-risked mechanistically and clinically.

Speaker #1: But how should we think about the commercial risk of entering markets with potentially entrenched competitors? And are the convenience advantages alone so for example with IL33 wrapped enough to drive meaningful share.

Speaker #1: And then just a quick one on Nella and out positive lung frontline. Is it possible to get an earlier look versus 2030? So could it come at interim in 2028?

A very importantly, the reason we're choosing to invest behind specialty more so, and it's actually of the 7 major assets that have been chosen to be accelerated. Specialty is 6 of them. It's just because of the longevity, the future of that business, and the growth in the profitability from that business, as time moves on. As you go out of investment, phase into major launch and thereafter oncology in particular. People probably know the margins that you get in oncology products. So that's essentially why. Yeah, and we've signed a series of deals in in Emerging Markets across multiple geographies.

Speaker #1: And what percentage of the overall value or peak sales opportunity is contingent on frontline? Thank you.

With companies like Zuly, where there are basically revenue targets and profit sharing to obviously put some ballast with that. So I think, Serita, your hand was up and then Seshan. Yep.

Speaker #2: Sure. Okay. So Nina do you want to cover that? I'll resist adding two cents. My two cents worth because it's better we hear from the team today.

Speaker #2: And then we'll go to Hashim.

Speaker #1: Yeah. Let let's just with the with the last one. Is it possible to read out early? Yes it's possible. It's event driven. So events will determine you know how how early we get there.

Speaker #1: In terms of competing with long acting specifically I think we want to be in Kyvern can definitely add. But I want to be very specific.

Speaker #1: Long acting is first thought that comes to mind is it's convenience. It's actually not it it is convenience but it's a feature of the drug that ends up in better persistence or longer persistence and earlier use.

Speaker #1: So it's a feature of a drug that changes potentially benefit for patients and the willingness of the physicians to prescribe the drug earlier. So that both of those things are translating into patient benefit and outcome.

Speaker #1: And I think one core component of success of long acting formulations is to position it like that and profile profile it like that rather than just convenience.

2 cents, my 2 cents worth because it's better to hear from the team today and then we'll go to. Yeah. Let's let's um just with the with the last 1. Um is it possible to read out early? Yes it's possible. It's been driven. So events will determine um, you know how how early um we get there in terms of um competing with long acting specifically I think want to be in kiven can definitely add. But I want to be very specific long acting is

Speaker #1: And then on on Nella I'll yeah.

Speaker #2: Yeah. First line is the bulk of the value as you'd imagine. But we did an enormous amount of due diligence with physicians who had empirical exposure to the drug.

Speaker #2: And it's recruiting incredibly well. So it's always a good sign. Hashim anything you want to add?

Speaker #3: Good. Good. And maybe just Sachin and I are actually talking about this a little bit at the break as well too. Just a few points to highlight.

First thought that comes to mind is its convenience. It's actually not—it is convenient, but it's a feature of the drug that ends up in better persistence, or longer persistence, and earlier use. So, it's a feature of a drug that changes, potentially benefiting patients and the willingness of the physicians to prescribe the drug earlier.

Speaker #3: The first of course is as we think about the comparator in the study of course different comparator versus the lower Latin trial. So this is against a second gen TKI.

Speaker #3: So just something at least to take into account. The second of course to Luke's point recruitment rates are really important in terms of how these event driven studies actually read out as well too.

So, um, that—both of those things—are translating into patient benefit and outcome. Uh, and I think, uh, one core component of the success of long-acting formulations is to position it like that and profile, um, profile it like that, rather than just convenience.

Speaker #3: And then the third of course is how early does that separation actually take place? I mean when we look at the data with Nella especially in the TKI naive patient population we look at these 12 month duration of response 91% versus 70% with lower Latin the response rate 86% versus 76% as well too.

And then on Onella, I'll—yeah. First line is the bulk of the value, as you'd imagine. But we did an enormous amount of due diligence with physicians who had empirical exposure to the drug, and it's recruiting incredibly well. So,

Speaker #3: So I think these are all variables that we have to take into account. But in addition we're always going to be opportunistic. In the context of how the trial is designed and specifically again like I said how early that you know at least separation occurs and possibly when certain interim analyses could potentially read out as well too.

Speaker #2: Yeah. And I I'd just add just to build out on the commercial differentiation. I mean there's an example of the wrap transaction. I mean we had been following Xolair for multiple years and I can remember back at Roche this product was expected to be finished yet it kept growing.

Speaker #2: And initially we thought it might have been driven in asthma of course it's not. It's being ablated in that population. Then we identified Chris's team identified wrapped.

Speaker #2: And then we started to do market research and talk to physicians using it. And it's it was pretty clear the barriers there in terms of dosing.

Speaker #2: The 25% population that with obesity et cetera and just the frequency of having to treat children in particular. Then we characterized the BTKs and the safety profile of BTKs and it was pretty clear for pediatricians that they would be reluctant to use those drugs in in in in kids.

That's always a good sign, anything like that and maybe just start an hour. Actually talking about this a little bit at the break as well too, just a few points to highlight the first, of course, is um, as we think about the comparator and the study, um, of course, different comparative versus lower latinum trial. So this is against a second gen ti. So just something at least, to take into account. The second, of course, to Luke's Point, recruitment rates are really important in terms of how these event driven, uh, studies actually, read out as well too. Um, and then the third, of course, is how early does that separation actually take place? I I mean when we look at the data with Nella, especially in the uh Tiki and I patient population, we look at these 12-month duration of response, 91% versus 70% would lower a lot nib the response rate 86% versus 76% as well too. So, um, I think these are all variables that we have to take into account, but in addition, uh, we're always going to be opportunistic, uh, in the context of how the trial is designed and, uh, specifically again, like I said, how early that, you know, at least separation occurs and

Possibly, when certain interim analyses could potentially read out as well, too. Yeah.

Speaker #2: Plus the high half life is pretty short. So how much coverage you know if they're away away from supervision et cetera. So it's always a combination.

And I just want to add, just to build out on the commercial differentiation. I mean, you used the example of the wrap transaction.

I mean, we had been following for multiple years, and I can remember back at Ross.

Speaker #2: And then you had the target obviously de-risk and the learnings from Novartis there. So it's always a it's a combination of things that we that we do.

Speaker #2: So thanks Sarita. Sachin.

Speaker #3: Sachin James. Bank of America. A few questions for you. So firstly on Bepi. I know we've got a bit of time post ease. I wonder if you could just update us on your thoughts as to how you think about the speed of launch.

Speaker #3: So two deltas. Any sense on speed of payer uptake both commercially and in government channels given that government's a big section? And then and then you've commented to a bolus of patients.

Speaker #3: Again I wonder if you've got a better sense of that. So you listed today 50,000 patients in the US less than 1,000. Of that population do you have a sense how many could be fast adopters?

Speaker #3: Just to you know so just to sort of start thinking about the cadence of launch as we think about the back end of this year early next year.

Speaker #3: On the IL33 do you have a target exacerbation reduction profile that sort of puts together all of your sort of internal data mucus et cetera relative to existing biologics at 10 20 to 25% that sort of builds on the just duration?

This product was expected to be finished, yet it kept growing, and initially, we thought it might have been driven in asthma. Of course, it's not, it's being ablated and that population, um, then we identify Chris's team, identified W. And then we started to do market, research and talked to Physicians using it. And it's it was pretty clear that barriers there in terms of dosing uh the 25% population that uh with obesity Etc. And just the frequency of having to um treat children in particular, then we characterize the btk's and the safety profile of btk's. And it was pretty clear for pediatricians that they would be reluctant to use those drugs in in in in kids plus the high half life is pretty short. So how much coverage you know, if they're away or away from supervision Etc. So it's always a combination and then you had the target obviously deris and the learning from the vatis. Um, there. So it's always a it's a combination of things that we that we do. So thanks essay. Um, Sasha Jane, thank you for America, um, a few questions please. So firstly, I'm beppi. And then we've got a bit of time posties. I wonder if you could just update.

Speaker #3: And then just one follow on for Hashim which we didn't get to touch on earlier. Just it's the first disclosure of 35% of patients recruited in the study which I know you say it's in line but given I don't know the 300 you know KOLs or whatever you've spoken to are very excited.

Based on your thoughts as to how you think about it.

The speed of launch. So, two, Deltas—any sense on speed of payer?

Speaker #3: It seems to me that maybe a little bit slower than anticipated given the study's been running for a year. But just any sense there?

Speaker #3: And can you accelerate it? Thank you.

Speaker #2: Great. Do you want to cover that one first Hashim? Then we'll go Kyvern on IL33. And and then we'll do Bepi. And Pedro feel free to add in anything as well.

Uptake, both commercially and in government channels given the government's a big section and then and then you've commented to a bolus of patients. Again, I wonder if you got a better sense of that. So you listed today, 50,000 patients in the US less than a thousand of that population. You have a sense, how many could be fast adopters just to, you know, so just to sort of start thinking about the Cadence of launches, we think about the back end of this year, early next year,

um, on the Ile 33.

Speaker #2: Pedro's joined us from AbbVie. Has quite a bit of experience in that area.

Speaker #1: Yeah.

Speaker #3: No. Thank you Luke. I'll start off first maybe but Sachin by saying of course that recently ASCO we just saw the first line TKI naive data for Nella as well too.

Speaker #3: And prior to that I'd probably say the you know the data that had been communicated was probably relatively limited in its scope. So I think we're starting to see now certainly in terms of recruitment picking up quite significantly especially with the communication around the data the potential of the asset itself.

Speaker #3: And of course how we're seeing the not only the medicinal chemistry design of the drug itself but also the pharmacology playing out especially the fact that it has this activity against both single ALK mutations and compound ALK mutations as well too.

Speaker #3: Getting to the question specifically around recruitment. What I would say is no doubt are there opportunities to accelerate it. There is. We're actually engaging in NewValent has been engaging of course with patient advocacy groups certainly investigators there's a lot of excitement about the drug itself.

Speaker #3: And I think when you add to it the potential in terms of scale that GSK brings in terms of clinical operations and execution as well we see a lot of potential for that.

Speaker #3: I mean Luke talked about and touched on the fact that Nina as well too that we're seeing at least with Velzatnib you know more than 200 you know percent ahead of recruitment on our second line study.

Speaker #3: So we see the same potential here especially in these areas of high unmet need. And and we think that certainly that could pick up especially over the next 6 to 12 months.

Speaker #2: Great. Thanks Hashim. Kyvern?

Speaker #1: Yeah. So I think the the question was effectively the product profile we'd be targeting with IL33 and as Nina said you know the per the entire portfolio longer ultra long acting we don't have to trust our intuition.

Speaker #1: That's a good thing. Extension's gonna qualify and substantiate why that translates to clinical benefits in a real world setting. With IL33 we additionally have a mix of mechanistic and trial innovation.

All 33 and then we'll do beepy and Pedro. Feel free to add in anything as well. Pedro's joined us from ADI, has quite a bit of experience in that area. Yeah, thank you look. Um, I'll start off first maybe but sum by saying of course that uh recently at ASCO we just saw uh the first line tki naive data for nella as well too. And prior to that I probably say the, you know, the data that had been communicated was probably relatively limited uh in its scope. So I think we're starting to see now certainly in terms of recruitment picking up quite significantly especially with the communication around the data, the potential of the asset itself. And of course how we're seeing the um not only the Medicinal Chemistry design of the drug itself but also the pharmacology playing out especially the fact that it has this uh activity against both uh uh single amputations and compound amputations as well too. Getting to the questions specifically around recruitment what I would say is um no doubt are there opportunities to accelerate it? There is uh we're actually engaging in new valent has been engaging. Of course with um patient advocacy groups. Um so

Speaker #1: And so exacerbation reduction target sizes were a custom seeing those for T2 elevated disease. In T2 low disease there's there's no approved therapies. So the types of reductions we've seen with Nkarla for example I think would be transformative in T2 agnostic target medicine profiles.

Certainly, uh, investigators. There's a lot of excitement about the drug itself and I think when you add to it, the potential, um, in terms of scale that GSK brings in terms of quote unquote operations and execution, as well. We see a lot of potential for that. I mean, Luke talked about and touched on the fact that Nina as well too. Uh, that we're seeing at least with be, you know, more than 200, you know, percent, uh, ahead of recruitment on our second line study. So we see the same potential here, especially in these areas of high on need. And and we think that certainly, that could pick up, especially over the next 6 to 12 months.

Alright. Thanks patient. Okay.

Speaker #1: But what I would say is IL33 is very different from the mechanisms we've seen previously. So I wouldn't expect it necessarily to work on spirometry.

Speaker #1: But you might see an enhanced effect on severe events hospitalizations and as I've described the biology also potentially is having a direct effect that's protective on the vasculature.

Speaker #1: And so for us the types of effect sizes you've seen previously but extending into all types of COPD additionally in particular for severe events and the cardiopulmonary hard endpoints I think will materially differentiate our program.

Speaker #2: Thanks Kim. Nina uptake bolus.

Speaker #4: Yeah. And definitely. So on Bepi and then Pedro please as Luke mentioned Pedro has history of working in Hep C so pretty good idea of of where we might go.

Speaker #4: So bolus. Yes we we expect basically that patients who are currently on treatment and you know that these patients are on lifelong treatment are the first patients who will start therapy.

Yeah. So I think the question was effectively the product profile would be targeting. Well 33 and Nina said you know per the entire portfolio longer Ultra long acting, we don't have to trust our intuitions. That's a good thing extension is going to qualify and substantiate why that translates to clinical benefits in a real world setting with IO 33. We additionally have a mix of mechanistic and trial Innovation and so exacerbation reduction targets sizes. We're accustomed to seeing those for T2 elevated disease, in T2, low disease. There's there's no approved therapies. Um, so the types of reductions we've seen with, uh, Nala for example, I think would be transformative in T2, agnostic, Target, medicine profiles. But what I would say is that, I also is very different from the mechanisms we've seen previously. So I wouldn't expect it necessarily to work on spirometry, but you might see an enhanced effect on severe events. Hospitalizations, and, as I've described the bar,

Speaker #4: When we talk to the physicians and centers that treat Hep B patients they will quote frequently number of patients that they expect. They will start in therapy as soon as available.

You also potentially are having a direct effect that's protective on the vasculature. And so, for us, the types of effect sizes you've seen previously, but extending into all types of COPD.

Speaker #4: Testing in different geographies is a different stages. So in Asia testing is very present and part of routine care. As it doesn't determine diagnosis or treatment in the US it's definitely less present.

Additionally, in particular for severe events and the cardiopulmonary hard endpoints, I think it will materially differentiate our program.

Speaker #4: It's a relatively simple test. It's just not used because it doesn't help. At the moment in the treatment pathway. We are working on that as well supporting centers to implement or start having testing available.

Speaker #4: What we we have pretty good idea on price. Where what what is going to be acceptable and obviously you will see that price once the once the drug is approved I think we made the comment before we do expect to be in the scale of Hep C now you know that has been quite some time ago.

Okay, Nina, uptake bolus yeah definitely. So on beepy and then Pedro. Please um as Luke mentioned Pedro has history of working in hepc so pretty good idea of of where we uh might go so bonus. Um, yes we we expect basically that patients who are currently on treatment. Uh and you know these patients are lifelong. Treatment are the first patients who can start therapy when we talk to um The Physicians and centers that treat have be patients. They will quote frequently number of patients that they expect they will start in therapy as soon as available.

Speaker #4: We will see where we end up. Pricing then negotiations and specifically enabling access will happen as after the approval so end of 26 and and 27 discussions with the with the payers in the US which we expect to then unlock.

Speaker #4: In terms of barriers we do expect the testing will be required for as as part of prior authorization. I don't know Pedro if there is anything else you want to add.

Speaker #3: No. Yes to yes to add to that Luke. I'm sorry. Yes to add to that one that there was like in in the ECVS phase there was kind of a a bolus of patients and that's what everyone has in mind.

Uh, testing in different geographies is, uh, at different stages. So, in Asia, testing is very present and part of, uh, routine care. Um, as it doesn't determine diagnosis or, uh, treatment in the US, it's definitely less present. It's a relatively simple test; it's just not used because it doesn't help, um, at the moment in the treatment, um, pathway. We are working on that as well, supporting centers to implement or start having testing available. Um, we have a pretty good idea on price—what, what is going to be acceptable—and obviously you will see the price once...

Speaker #3: With Bepi we are expecting a different approach. We are very we are very pleased with the way the medical society is taking the B well data in the functional cure but also beyond functional cure.

Speaker #3: But what was was driven the ECVS uptake was mainly the zyrotic patients that were waiting to get that cure. Here the treatment is not on the zyrotic patients so we are expecting the patients really to be willing to be treated.

Speaker #3: Actually there is a segment quite sizable segment that in the market research are coming really willing to start the treatment as soon as possible.

Speaker #3: But but that will be basically going to the doctor when they need to go. We are not expecting what happen in ECV that basically.

Speaker #3: There was a a massive pressure to the doctors but also to the payers to get the product reimbursed mainly because these zyrotic status. So but but we we are expecting really a a fast uptake in in that population that that is really willing to be treated.

Speaker #2: Great.

Speaker #3: Yeah. Medicare the these patients basically are are all over the the commercial Medicare. So we are expecting Medicare to come a little bit later.

Speaker #3: Due to access situation but but there is a lot of these patients that are that are with the commercial.

Speaker #2: And relatively high geographical concentration in the US. Typically vertical as you as you'd imagine. Other questions. We'll do turn around then we'll go online.

Speaker #2: Michael.

Speaker #5: Thank you. It's Michael Oytun from from Jefferies. Two questions please. Just on HIV. The IP for capital up to 2040 may be longer. What are you assuming in your revenue estimates?

That was just to add to that 1. That there was like, in, in the ecv space there was kind of a, a bolus of patients and that's what everyone has in mind with VP. We are expecting a different approach. We are very, we are very pleased with the way the medical society. Just taking the vual data in the functional cure, but also Beyond functional cure. But what, what was driven the ACV? Uptake was, mainly the citic patient that we're waiting to get that cure here. The treatment is not on the citic patients. So we are expecting the patients really to be willing to be treated. Actually, there is a segment quite sizable segment that in the market research are coming really willing to start the treatment as soon as possible, but but that will be basically going to the doctor when they need to go. We are not expecting. What happened in ACV, that basically there was a, a massive pressure to the doctors, but also to the payers to get the product reimbursed, mainly because this erotic status,

So but but we we are expecting really a, a fast uptake in in that population that that is really willing to be treated.

Great. Yeah.

Speaker #5: So when we look at your indicative revenue chart what's in those assumptions? And then just maybe Kevin or Nina back to IL33. If I heard it right you're gonna do the carbometabolic endpoint with a partner.

Speaker #5: I think you said academic. Is that not going to slow you down given that this is going to be a competitive space?

These Medicare patients basically are all over, both in the commercial and Medicare segments. So, we are expecting Medicare to come a little bit later due to the access situation. But there are a lot of these patients with commercial insurance, and there is a relatively high geographical concentration in the US.

Speaker #2: Correct. Do you wanna go with that one first and then we'll we'll come to Julie and Deborah on the assumptions.

Typically vertical, as you can imagine. Other questions, we'll do a turn around, then we'll go online. Ah, Michael.

Speaker #1: Yeah. Yeah. To be clear it's not an academic alliance. It's with a professional ARO which are the organizations responsible for running most cardiovascular outcome trials.

Speaker #1: So so the opposite. We're gonna be partnering with an established entity that has delivered multiple Mace-like studies over the last 20 years. You can imagine there's a list of them that are familiar in the Boston area and beyond.

Speaker #4: And maybe just to clarify that's not the only outcome we will look at. So yeah if that's your question about slowing us down we will have the standard.

Speaker #1: Oh apologies. Do you mean in terms of the study timelines? Yeah. So we we this will be additional to a more conventional exacerbation endpoint study.

Thank you. It's Mike Len from from jeffy's 2 questions, please just on HOV. The uh, IP for cover up to 2040. Maybe longer what are you assuming in your Revenue estimate? So when we look at your indicative Revenue chart, uh, what's in those assumptions? And then just maybe Kevin or Nina back to Ill 33? Um, if I heard it right? You're going to do the copy metabolic endpoint with a partner, I think you said academic, is that not going to slow you down, given that this is going to be a competitive space.

Speaker #1: And you're right. It it won't be dramatically shifted. Exacerbation studies and this type of cardiopulmonary composite endpoint it might be that that study's a year later than the the exacerbation study which obviously we would file off the exacerbation study if it came sooner.

Speaker #2: Logically we're trying to aggressively exploit differentiation. And disrupt you know the target that's been de-risked for us. Okay. Julie and then Deborah. And then we'll take one online.

Do you want to go with that 1 first and then, we'll, we'll come to Julian and Deborah on the consumption? Yeah, yeah. To be clear. It's not an Academic Alliance. It's with a professional Aro which um are the organizations responsible for running most cardiovascular outcomes. So so the Opposites we're going to be partnering with an established entity. Um that has delivered multiple mace like studies over the last 20 years you can imagine there's a list of them that are familiar in the Boston area uh and Beyond.

Speaker #2: Yeah.

Speaker #6: Yeah. So in terms of capital the new chemical entity patent protection is into 2031. Obviously three-year patents three times a year patents are then pending.

And maybe just to clarify, that's not the only outcome. We will look at...

Speaker #6: And they would take you into the mid-2040s. I mean just in the way in terms of how we take these things into into our forecasts.

So, yeah, if that's your question about slowing us down, we will have the standard. I apologize—you meant in terms of the study timelines. Yeah. So, this will be additional to a more conventional exacerbation endpoint study.

Speaker #6: Until we get an extension or until we get a new combination we would always in the forecast we do we would use the the earlier date of expiry until we have extensions available to us et cetera.

Um, and you're right, so it won't be dramatically shifted. Exacerbation studies and this type of cardiopulmonary composite endpoint—it might be that study is a year later than the exacerbation study, which obviously, we would file off the exacerbation study if it came sooner.

Speaker #6: Deborah.

Speaker #4: Yeah. Yeah. So just to build a little bit on how we're thinking about this. So we've got patents granted for the six times yearly.

Logically, we're trying to aggressively exploit differentiation and disrupt, you know, the target that's been de-risked for us.

Speaker #4: So current cabin over to 2040. And we've got a number pending. So there is a robust intellectual property strategy that's playing out. The other way I'd think about it is how quickly can we cannibalize one product into another.

Speaker #4: So it took us 12 months to cannibalize the once monthly into the twice monthly about 70% in the first year and then everything else pretty rapidly afterwards.

Um, okay, Julie, and then Deborah and then we'll take 1 online. Yeah, uh, yes. So, in terms of capacity, the new chemical entity patent protection is into 2031. Obviously 3 year patterns, um, 3 times a year patents are then pending uh, and they would take you into the mid 240s. I mean, just in the way in terms of how we take these things into into our forecast,

Speaker #4: Our expectation is that we would rapidly cannibalize the six times yearly into the three times yearly. And obviously that's coming in 2028. And then we would rapidly cannibalize a big chunk of the the three times yearly into the two times yearly.

Until we get an extension or until we get a new combination, in the forecast we do, we would always use the earlier date of expiry until we have extensions available to us, etc.

Deborah.

Yeah, yeah. Just to build a little bit on how we're thinking about this. So we've got, um,

Speaker #4: Because in treatment there is a really strong value proposition for the twice yearly because of the unique assets VH184 and 499 in the way that Charlotte's described.

Patterns granted for the 6 timeslot.

So, there is a robust intellectual property strategy that's playing out.

Speaker #4: So in our model we are modeling a very rapid cannibalization in treatment product by product as you get further and further through the pipeline.

The other way I think about it is: how quickly can we cannibalize one product into another? So, it took us 12 months to cannibalize the once-monthly into...

Speaker #4: Prep is a little bit different. It's a much smaller opportunity for us. Market size-wise but also we absolute prioritize we absolutely prioritize treatment. So in prep I think you will find a coexistence of the three times yearly and the two times yearly because some physicians really as Charlotte described really want that three times yearly.

Speaker #4: They want people to come in and have their sexual health kind of dialogue rather than just leaving people you know unprotected for too long.

Speaker #4: So I think it's it it's the way of thinking about it would be IP and cannibalization. And as you bring it together the pipeline really is very very sustainable from a value perspective.

Speaker #2: Thanks Deborah. Okay. Last question. Is a fine one. Oh we've got three on phone. Okay. Is that three people with three questions or three one person with three questions?

Speaker #3: Three people.

Speaker #2: Okay. Three people. All right. Well who's up?

Speaker #5: Our next question comes from Seamus Fernandez at Guggenheim. Please go ahead.

Speaker #2: Hey Seamus. Hey Seamus.

Speaker #3: Hey everybody. Thanks for taking my question. So you know I wanted to ask a little bit more about the the the accelerated approach on the respiratory side.

Speaker #3: Particularly with the the long-acting TSLP it says on clinicaltrials.gov right now that there is an ongoing kind of formulation study but you are planning to move forward in the second half of this year.

And then we would rapidly cannibalize. A big chunk of the, um, the 3 times the early into the 2 times the early because in treatment, there is a really strong value proposition for the twice yearly because of the unique assets. The h184 and 499 in the way that Charlotte's, um, uh, described. So in our model, we are modeling a very rapid cannibalization in treatment, um, product by product, as you get, uh, further and further through the pipeline prep, is a little bit different. It's a much more opportunity for us Market size wise, but also we absolutely prioritize. We absolutely prioritize treatment. So in prep, I think you will find a coexistence of, um, the 3 times the early and the 2 times the yearly because some Physicians really as Charlotte described really want that 3 times yearly, they want people to come in and have their sexual health um kind of dialogue rather than just leaving people um you know, unprotected for too long. So I think it's it it's the way of thinking about it would be

IP and cannibalization. And as you bring it together, the pipeline really is very, very sustainable from a value perspective.

Speaker #3: I just wanted to get a little bit more color on your confidence that this formulation will have true kind of full six-month coverage you know all all the way through the the sort of end of of treatment.

Thanks, Deborah. Okay, last question is a phone one. Oh, we've got three on the phone, okay?

Is that three people with three questions, or three people with one question? Okay, three people. All right, well,

who's up?

Our next question comes from Seamus Fernandez at Guggenheim. Please go ahead. Hi, James.

Speaker #3: And then the second question is is just your conviction in the TSLP mechanism having a robust result in COPD. I think that's one where I think there's still some questions and you know whether or not TSLP should be targeted to patients with elevated eosinophils.

Speaker #3: Thanks so much.

Speaker #2: Right. Thanks Seamus. I mean I would start the answer and then we'll go to Kevin. We looked at every long-acting TSLP out there. And this was one that we clearly had the most confidence in in terms of its durability.

Speaker #2: Programs and context Kevin?

Speaker #1: Yeah. So very confident indeed because we've run a phase two study. We now have interim pharmacodynamic data that supports the Q6M profile in asthma and as I said earlier we also have data in nasal polyps from our partner Hungray which has allowed us to have confident discussions with regulatory authorities for end of phase two with actually now submitted all three phase three indications under the IND and we will be starting those So so very confident in terms of our ability to to select dose confidently across all three indications which I think is is unique in the ultra long-acting space for TSLP.

Hi everybody. Thanks for taking my question. So, um, you know, I wanted to ask a little bit more about the, uh, The Accelerated approach on the respiratory side, particularly with the uh, the long acting uh tslp. Um, it says on clinical trials.gov right now that there is an ongoing kind of formulation study. Uh, but you are planning to move forward in this second half of this year. I just wanted to get a little bit more color on, uh, your confidence that this, uh, formulation will have, uh, true kind of full 6-month coverage, um, you know, all all the way through the, the sort of end of of treatment. And then the second question is, is just your conviction, um, in the tslp mechanism, uh, having a robust result, in COPD, um, I think that's 1 where I think there's still some questions and, you know, whether

Whether or not DFLP, uh, should be targeted to, uh, uh, patients with elevated ESNL. Thanks so much. Alright, thanks, Jamis. I mean, I would start the answer and then we'll go to Cave. And, um, we looked at every long-acting tesla out there. And, um, this was one that we clearly had the most confidence in, in terms of its durability.

Programs, uh, and context Taven.

Speaker #1: Mechanism-wise you know I think that the data we saw with Tezspire demonstrates a best in disease profile for nasal polyps. In asthma clearly the differentiator is that it's truly eosinophil agnostic in asthma.

Speaker #1: But you're right in COPD we don't expect it to work in true T2 low disease. In contrast to what I described for IL33. So the COPD study will enrich based on either eosinophils pheno or a combination thereof.

Speaker #1: So that we're in that sort of intermediate high T2 space.

Speaker #2: Correct. Next question.

Speaker #5: Our next question comes from Carrie Holford at Berenberg. Please go ahead.

Speaker #2: Hi Carrie.

Speaker #7: Hi. Thank you for taking my question. And thank you for the full review of everything today. The one thing that stood out to me I think is very clear.

Yeah, so very confident, indeed, because we've run a phase 2 study. We now have interim Pharma Dynamic data that supports the q6 M profile in asthma. And, as I said earlier, we also have data in nasal polyps from our partner hungry, which has allowed us to have uh confident discussions with regulatory authorities for end of phase 2. We've actually now submitted all 3 uh phase 3 indications uh under the IND. And we will be starting those uh, 6 Studies by the end of the year. So uh, so very confidence in terms of our ability to to select those confidently across all 3 indications, which I think is is unique in the ultra long-acting space for tslp mechanism wise. Um, you know, I think that the data we saw uh, with test Spire demonstrates a best in disease profile for nasal polyps.

Speaker #7: Business development is increasingly central to your pipeline. And the commentary today suggests it will remain so. Going forward. So really my question is following the failure of Camapix that we saw recently are there any key learnings that you can now take from the Bellas acquisition?

Um, in asthma, clearly the differentiator is that it's truly eosinophil-agnostic in asthma, but you're right. In COPD, we don't expect it to work in true T2-low disease, in contrast to what I described for 33. So the COPD study will enrich based on…

Speaker #7: Anything you would highlight here particularly in the context of you know more recent business development decision making post that deal with Bellas and we're thinking about your recent round of BD but also your decision making when you are looking at future targets going forwards?

Either eosinophils pheno or a combination thereof, so that we're in that sort of intermediate, high T2 space.

Correct. Um, next question.

Our next question comes from Carrie Holford at Barron B. Please go ahead.

Hi Carrie.

Speaker #2: Great. Thanks Carrie. I mean I think and feel free to to add guys or or Tony as well. I mean I think with Bellas again we approached it.

Speaker #2: We tried to integrate the license from Jeff Epixon in terms of target selectivity, discursia, taste disturbance. The cough counter all of these elements. And in the end we had one study that that worked.

Speaker #2: And one that didn't. But then we looked at the totality of the data. We just thought okay this is not going to shift care.

Are there any key learnings that you can now take from the Bellas acquisition—anything you would highlight here?

Speaker #2: And so we took that decision to reallocate the resources. I'm not sure what else we could have done different. I mean in the effect the you know the the the effect was disrupted by a Hawthorne effect.

particularly in the context of, you know, more recent business development decision-making post that

uh, deal with Bellas, and we're thinking about

Speaker #2: You know obviously people changing their behavior when observed. And that's always a challenge. We knew that was a challenge in that program. So I I'm not sure it would drive a a main shift but you are correct.

your recent round of BD, but also your decision-making when you are looking at future targets going forward,

Speaker #2: I mean we are very committed to BD. We're very active with BD. We see it as an integral part of the strategy. But again disciplined.

Speaker #2: And the deals that you've seen us done this year already I think are a good framework to employ for the types of transactions that we would be looking to execute in the future.

Speaker #2: And at the end of the day this is drug to drug development. We have a portfolio for a reason. Typically phase three programs 75% probability.

Speaker #2: So you are going to have situations like we had. I don't know Tony you want to add anything else?

Speaker #3: Yeah. Just to reinforce it. Hi Carrie by the way. Look for for for Camapixon we we took it on because we saw a significant unmet need in an area of adjacency.

Speaker #3: If we if we learn anything from it and you can now see it entirely reflected in the portfolio you you've seen this afternoon which is where we can with focusing on hard endpoints.

Speaker #3: You heard that in the MACE versus dementia conversation that was going on around Shingrix as well. But again I mean you know let me just reinforce this was an area that we saw was.

Right. Thanks very. I mean, I think um, and feel free to to add guys or or tiny as well, and I think with Bellis again we approached it. We tried to integrate the license from Jeffer pixon in terms of Target selectivity disclosure taste disturbance, uh, the Cog counter, all of these elements. And in the end we had 1 study that that worked uh, and 1 that didn't. Uh, but then we looked at the totality of the data, we're just thought, okay? This is not going to shift care. Um, and so we took that decision to reallocate the resources, I'm not sure what else we could have done different. I mean, in the effect, the, you know, the the the effect was disrupted by a Hawthorne effect. You know, obviously people changing their behavior when observed. Um, and that's always a challenge. We ended up with a challenge in that program. Uh, so I, I'm not sure it would drive a, a main shift, but you are correct. I mean, we are very committed to BD. We're very active with BD. We see it as an integral part of the strategy. Um, but again disciplined, um, and the deals that you've seen us done this year already,

Speaker #3: An adjacency. For us. It had high unmet need. Obviously we're disappointed and particularly disappointed for patients with refractory chronic cough. They have no medications.

Speaker #3: Study read out in the three dimensions that we were anticipating the Hawthorne effect overwhelmed the outcome to a greater extent than we anticipated.

I think you're a good framework to employ for the types of transactions that we would be looking to execute in the future. Um, and at the end of the day, this is drug-to-drug development. We have a portfolio for a reason. Typically, Phase 3 programs have a 75% probability. Um, so you are going to have situations like we had—I don't know if Tony had anything else.

Speaker #2: Yeah. Thanks Tony. Thanks Carrie. Was that your only question?

Speaker #7: Well if I can squeeze another quick one in. I've been online throughout I promise. HIV I wonder if you can just talk briefly to how aptitude is faring in that prep market.

Speaker #7: I know you referenced it being less importance than the treatment. But how is that faring in prep relative to Gilead? And what do you expect for for market share evolution in that space if Merck succeeds with the once once a monthly pill?

Speaker #7: Thank you.

Speaker #2: Great. Thanks Carrie. So Deborah over to you.

Speaker #4: Thanks Carrie. So I think what you're seeing is a reshaping of the prep market. It's continuing to grow rapidly. And as more options come in less optimal daily treatments are being replaced by longer acting ones.

Yeah. Just to reinforce his hi Carrie by the way. Um, look for for for can the pixon we, we took it on because we saw a significant and that need in an area of adjacent seat. Um, if we, if we learn anything from it and you can now see it entirely reflected in the portfolio, you you've seen this afternoon which is where we can, we're focusing on hard end points. You heard that in the mace versus dementia conversation that was going on around chingri as well. Um, but again, I mean you, you know, let me just reinforce, this is an area that we saw. Was it a an adjacency for us. It had high unmet need obviously we're disappointed and particularly disappointed with the patients with refractory chronic cough. They have no medications. The study read out in the 3 Dimensions that we were anticipating the Hawthorne effect, overwhelmed the, um, outcome to a greater extent than we anticipated. Yeah. Thanks Tony. Thanks Carrie was that your only question?

Um, well, if I can squeeze another quick one in.

Speaker #4: And I think the work the Merck once monthly our own long acting injectables and obviously our competitor long acting injectables are all going to serve patients and protect them from acquiring HIV in a way that the the daily orals had not done because people just did not adhere to them in the way that they needed to.

Something online throughout, I promise. Um, HIV—um, I wonder if you can just briefly touch on how Aptitude is faring in that PrEP market. I know you referenced it being less important than the treatment.

But how is that faring in Brett relative?

Speaker #4: So I think that it's a really good story for innovation. In terms of what's happening at the moment so you will have seen that we grew aptitude 39%.

To Gilead. And what do you expect, for market share evolution in that space if Merck succeeds with the once-monthly pill? Thank you.

Great. Thanks, Carrie. So, Deborah, over to you.

Speaker #4: The market continues to grow. We're holding share in a fast growing market. And you will see years to go has had a relatively good uptake.

Thanks, Carrie. So, I think what you're seeing is,

Um, a reshaping of the PrEP market—it's continuing to grow rapidly.

And there are more options coming in.

Speaker #4: Long acting injectables are growing fast in the in the segment. But I think we're holding our own and I'm really delighted that versus our competitor we're holding our own and we're continuing to grow in this part of the in this part of the HIV market.

Speaker #4: But as I say more choice is good when what's there today is suboptimal. That's why only 25% of people who could benefit from prep are currently taking a prep.

Speaker #4: So I think it's going to be a good news story for those that are involved in that market.

Speaker #2: Great. We'll take one more question and then I think we'll close. Because it's very sunny outside.

Speaker #5: Our final question comes from Steve Scala at TD Cohen. Please go ahead.

Less optimal daily treatments by being replaced, by longer acting ones. And I think the work, the Merc once Monthly our own long-acting injectables and obviously our competitor long acting injectables are all going to serve patients and protect them from acquiring HIV in a way that the, the daily orals had not done because people just did not adhere to them in the way that they needed to. So, I think that it's a really good story for innovation in terms of what's happening at the moment. Um, so you will have seen that we grew aperture, uh, 39% the market continues to grow. We're holding share in a fast growing.

Speaker #6: Thank you very much. And I have two questions. First given that GSK seems to be an industry leader in organizing decades of in-house data why was the term AI spoken I think only twice today and certainly wasn't a focus?

Speaker #6: And then secondly I'm curious why is enlarging R&D presence in a country that is so difficult on pharma and you might not launch new drugs some new drugs in the future anyway.

Speaker #6: Why is that a good idea? As one example GSK employees won't even have access to the latest innovation. Is there some aspect that we're not seeing?

Speaker #6: I think you'll answer that the talent is so rich in Cambridge but there's certainly other parts of the world where that's the case as well.

Our final question comes from Steve Scarlett at TD Cowen. Please go ahead.

Speaker #6: Thank you.

Speaker #2: Thanks Steve. So I mean on the AI one my rule of thumb is the more people talk about it the less they're doing. So we are very very active but again I think we're quite selective in terms of what we disclose.

Thank you very much. I have two questions. First, given that GSK seems to be an industry leader in organizing decades of in-house data, why was the term 'AI' spoken only twice today, and it certainly wasn't a focus?

Speaker #2: Because I think it is so fluid right now. And these people are very difficult to attract and retain. We're quite cautious about how much we disclose.

Speaker #2: But clearly the you know the effort we're putting is really on the frontier of of Tony's organization. I mean did you want to provide a little bit of color and then I think Steve your second question is very fair.

Speaker #2: And you will hear the answer from Tony exactly as you just as you've just suggested it may be. But I'll I'll let Tony answer and then we'll close.

And then secondly I'm curious. Why is enlarging R&D presence in a country that is so difficult on Pharma and you might not launch new drugs, some new drugs in the future. Anyway, why is that a good idea as 1 example, GSK employees won't even have access to the latest Innovation. Is there some aspect that we're not seeing?

Speaker #3: So look AI is at the center of everything we do. We we don't talk about it so much because of what we feel is a competitive position.

Um, I think you'll answer that the talent is so rich in Cambridge, but there are certainly other parts of the world where that's the case as well. Thank you.

Speaker #3: It's pointless without data. So we focus very heavily on the acquisition of data and that really underpins the the approach that we've taken. I'll tell you more about it Steve when we talk about early R&D and how we're applying AI not just to the idea of matching targets and patients and opportunity but designing molecules and ultimately making clinical trial execution more effective.

Speaker #3: We've got 150 people in our AI group. These these folks have PhDs in mathematics in maths. We don't unwrap other people's shrink wrap to AI products.

Thanks, Steve. So, I mean, on the AI one, my rule of thumb is the more people talk about it, the less they're doing. Um, so we are very, very active. But again, I think we're quite selective in terms of what we disclose because I think it is so fluid right now. Uh, and these people are very difficult to, um, attract and retain. We're quite cautious about how much we, um, disclose. But clearly, you know, the effort we're putting in is really on the frontier of Chinese organization. I mean, do you want to provide a little bit of color? And then I think, Steve, your second question is very...

Fair, and you will hear the answer from Tony. Exactly as you just, um,

Speaker #3: We have access to token windows through our collaborations with Cerebras for example that leave us stable for the coming two to three years where GPU utilization is going to be a really big question.

Speaker #3: But I'm keeping what we do pretty close to my chest. We'll we'll share more of it. But as I say it's all about the data.

Speaker #3: And in fact indeed just Steve I don't want you to misinterpret. We are continuing to underpin our presence in the UK. I don't think we said we were increasing it in in terms of and again there again it's all about a focus on data.

Speaker #3: The relationships that we have with Cambridge University that I mentioned. We also have relationships with Oxford University and with King's College. And we'll continue to deepen that type of relationship elsewhere in the world as well.

Speaker #3: I mentioned in the in the deck that we'll be looking to do more on the East Coast of the US you'll hear more from us on that in in in the in the near term.

Speaker #3: And indeed in China. So I'd I'd say what we focus on is where we can access unique patient related data that helps us make the sorts of decisions that you you've heard.

Speaker #3: Illustrated throughout the afternoon. And we apply AI/ML where it enables those decisions in an effective way based on the nature of the data and the iteration that's available within it.

So we focus very heavily on the acquisition of data and that really underpins the the approach that we've taken. I'll tell you more about it. Steve, when we talk about early R&D and how we're applying AI, not just to the idea of matching targets, and patience, and opportunity, but designing molecules, and ultimately, making clinical trial, execution, more effective. We got 150 people in our AI group. That, these, these folks have phds in math in maths, we don't unwrap other people's shrink wrap to AI products. We have access to token Windows through our collaborations with cerebras, for example, that leave a stable for the, um, Coming 2 to 3 years, where GPU utilization is going to be a really big question, but I'm keeping what we do, pretty close to my chest. We'll, we'll share more of it. But as I say, it's all about the data and in fact, indeed, I'm just Steve, I don't want you to be misinterpret. We are continuing to underpin our presence.

Speaker #2: Great. Thanks Tony. So I I think we close now. Firstly I wanted to thank you all for participating and again very thoughtful and fair and challenging questions.

Speaker #2: So I appreciate that. Thank you to the IRT well firstly thank you to the presenters. I mean yeah I I personally couldn't be more proud.

Speaker #2: And there's a massive amount of thought and effort that's gone into this. And it's it's a privilege on my part frankly to to moderate this today.

Speaker #2: For the IR teams thank you. There's a huge amount of work particularly to Joanna who had to pull all these slides together. And also the LSE group and the comms group India has been coordinating it.

In the UK. I don't think we said we were increasing it in in terms of and again there. Again, it's all about a focus on data. The relationships that we have with Cambridge University armed, I mentioned, we also have relationships with Oxford University and with King's College and we'll continue to deepen that type of relationship elsewhere in the world as well. I mentioned in the in the deck that we'll be looking to do more on the east coast of the US you'll hear more from us on that in in in the in the near term and indeed in China. So I I'd say what we focus on is where we can access unique patient, related data that helps us make sort of decisions that you you've heard Illustrated throughout the afternoon and we apply a IML where it enables those decisions in an effective way based on the nature of the data and the iteration that's available within it. Great. Thanks Tony. So um I I think we closed now. Um firstly I wanted to thank you all for participating in the

Again, very thoughtful, uh, and appear and challenging questions, uh, so I appreciate that. Thank you to the well firstly. Thank you to the presenters. I mean, um, yeah, I I personally couldn't be more proud and there's a massive amount of thought and effort that's gone into this. And it's, it's a privilege on my part, frankly, to, to moderate this today, um, for the IR teams, thank you. Uh, there's a huge amount of work, particularly to Joanna who had to pull all these slides together. Um, and also the LSC group and the cons group. Um, India has been coordinating it and

And everyone else that helped out, so I thank you. That concludes it. If you're in the room and you would like a drink, we're serving.