# EDGAR Filing Document

**Accession Number:** 0001131399
**File Stem:** 0001131399-26-000004
**Filing Date:** 2026-3
**Character Count:** 1999709
**Document Hash:** 78bf872813a45ddaeacdf11ba71c5034
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001131399-26-000004.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001131399-26-000004

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 372

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GSK plc
- **CENTRAL INDEX KEY:** 0001131399
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** X0

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-15170
- **FILM NUMBER:** 26728707

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 79 NEW OXFORD STREET
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0
- **ZIP:** WC1A 1DG
- **BUSINESS PHONE:** 44 20 8047 5000

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 79 NEW OXFORD STREET
- **CITY:** LONDON
- **PROVINCE COUNTRY:** X0
- **ZIP:** WC1A 1DG

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GSK PLC
- **DATE OF NAME CHANGE:** 20220516

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GLAXOSMITHKLINE PLC
- **DATE OF NAME CHANGE:** 20010105

?xml version='1.0' encoding='ASCII'? gsk-20251231

**As filed with the Securities and Exchange Commission on March 6, 2026**

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 20-F**

☐ **REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE** 

**ACT OF 1934**

**OR**

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT** 

**OF 1934**

**For the fiscal year ended December 31, 2025**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE** 

**ACT OF 1934**

**OR**

☐ **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES** 

**EXCHANGE ACT OF 1934**

Date of event requiring this shell company report

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**For the transition period fromto**

**Commission file number 1-15170**

**GSK plc**

**(Exact name of Registrant as specified in its charter)**

**England**

**(Jurisdiction of incorporation or organization)**

**79 New Oxford Street, London, WC1A 1DG, England**

**(Address of principal executive offices)**

**Victoria Whyte** 

**Company Secretary** 

**GSK plc**

**79 New Oxford Street,** 

**London, WC1A 1DG** 

**England**

**+44 20 8047 5000**

**company.secretary@gsk.com**

**(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)**

**Securities registered or to be registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **<u>Title of Each Class</u>** | **<u>Trading Symbol(s)</u>** | **<u>Name of Each Exchange On Which Registered</u>**  |
| **American Depositary Shares, each** <br>**representing 2 Ordinary Shares, Par value** <br>**31 1⁄4 pence**<br>| **GSK** | **New York Stock Exchange** |
| **4.315% Notes due 2027** | **GSK/27** | **New York Stock Exchange** |
| **Floating Rate Notes due 2027** | **GSK/27A** | **New York Stock Exchange** |
| **3.875% Notes due 2028** | **GSK/28** | **New York Stock Exchange** |
| **3.375% Notes due 2029** | **GSK/29** | **New York Stock Exchange** |
| **4.500% Notes due 2030** | **GSK/30** | **New York Stock Exchange** |
| **4.875% Notes due 2035** | **GSK/35** | **New York Stock Exchange** |
| **6.375% Notes due 2038** | **GSK/38** | **New York Stock Exchange** |
| **4.200% Notes due 2043** | **GSK/43** | **New York Stock Exchange** |

---

**Securities registered or to be registered pursuant to Section 12(g) of the Act:**

**None**

**(Title of class)**

**Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:**

**None**

**(Title of class)**

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered

by the annual report.

**Ordinary Shares of Par value 31 1⁄4 pence each4,315,445,026**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

☒ Yes ☐ No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or

15(d) of the Securities Exchange Act of 1934.

☐ Yes ☒ No

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities

Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports to be filed by Section 13 or 15(d) of the Securities Exchange Act of

1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been

subject to such filing requirements for the past 90 days.

☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to

Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was

required to submit such files).

☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging

growth company. See definition of "accelerated filer," "large accelerated filer," and "emerging growth company" in Rule 12b-2 of the

Exchange Act:

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Emerging growth company ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the

registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards†

provided pursuant to Section 13 (a) of the Exchange Act. ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its

Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of

its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public

accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant

included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based

compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

---

| | | |
|:---|:---|:---|
| U.S. GAAP ☐ | International Financial Reporting Standards as issued by <br>the International Accounting Standards Board ☒<br>| Other **☐** |

---

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has

elected to follow.

Item 17 ☐ Item 18 ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

☐ Yes ☒ No

Auditor Firm - Deloitte LLP - PCAOB ID No 1147

---

| | |
|:---|:---|
| | GSK 2025 Annual Report on Form 20-F |
| Form 20-F Cross Reference Guide | Form 20-F Cross Reference Guide |

---

---

| | | |
|:---|:---|:---|
| **20-F Item** | **20-F Item** | **Page and caption references**<br>**in this document\***<br>|
| **1** | **Identity of Directors, Senior Management and** <br>**Advisers**<br>| Not applicable |
| **2** | **Offer Statistics and Expected Timetable** | Not applicable |
| **3** | **Key information** |  |
|  | A. [Reserved] |  |
|  | B. Capitalisation and Indebtedness | Not applicable |
|  | C. Reasons for offer and use of proceeds | Not applicable |
|  | D. Risk Factors | [248](#i3aaa8ac4abd04d46b4dd0a747bea132b_0-0-1-1-1055496) - [251](#iaa1a4c8b2dea428ebf38936b78238e00_25156), [260](#ifb4441ee7846461bae6837496c068c1d_1688) - [268](#i1f7e8e7db4da43678ddece58bd1d22a8_0-0-1-1-1055496) |
| **4** | **Information on the Company** |  |
|  | A. History and development of the company | [88](#if62b0be8e0f341298ab6cacc0d234c99_0-0-1-1-1060159), [89](#i1241988ae3ea4fdda557968405424eaf_0-0-1-1-1060161), [92](#i1e31e3abc5af4daabcbfb4f2dd0cf090_1178), [221](#i0c98fb50e8fc44a68ca80df8c0c51404_0-0-1-1-1060155) - [223](#i89df37907e6e4fef819deabea3743e1f_7594), [275](#i30fab47f9cd7409795ce13566c9da036_0-0-1-1-1060151) - [276](#i29cc3be6220b4953936fbfeb39f5eebb_39815), [300](#i9c25fdf33c024430825a17a21a6caee7_10900) |
|  | B. Business overview | [1](#i7078518da36243ed92a6aa6488da37e7_88) - [32](#i259e754fc6474352978e93c1a59f4bf6_89), [35](#i5a46309d131f409c8dc8e6f739fc758a_1179) - [46](#if8d36e10b93b420aad37a90eded732a1_0-0-1-1-1060209), [57](#i6cd323c12bbd46b984cabbc3513b3897_2487) - [59](#i6cd323c12bbd46b984cabbc3513b3897_2488), [63](#i6f492b720d6c45c3a54dffc47dc26f29_19534) - [70](#i06704c71fcc040a0beec5dc2b11b5cfc_0-0-1-1-1060215), [180](#idec3cca8799243c787e874714300feef_0-0-1-1-1060217) - [182](#i664043c5b2004535b10270442160626d_0-0-1-1-1055496), [221](#i0c98fb50e8fc44a68ca80df8c0c51404_0-0-1-1-1060155) <br>- [223](#i89df37907e6e4fef819deabea3743e1f_7594), [255](#i0372e6c0d0e6443181d6ee683dec66dc_0-0-1-1-1060909) - [268](#i1f7e8e7db4da43678ddece58bd1d22a8_0-0-1-1-1055496)<br>|
|  | C. Organisational structure | [247](#ie1f0a2f4a5d042038e8ec88920f47d3e_0-0-1-1-1060225), [288](#i283477dd935343f18a4e197e306e7487_0-0-1-1-1060227) - [295](#i52579e3a63454776b8efa68dac3be6f9_1383) |
|  | D. Property, plant and equipment | [89](#i1241988ae3ea4fdda557968405424eaf_0-0-1-1-1060161), [181](#ifed1154191f84c3c9aadfa5d0e76d398_2605), [192](#i26ee04e7c2014089bfa1bda1f5d7de72_0-0-1-1-1060957) - [193](#ieab5ee418cd94dbba9dd76ecc33b2b8a_2512) |
| **4A** | **Unresolved staff comments** | Not applicable |
| **5** | **Operating and Financial Review and Prospects** |  |
|  | A. Operating results | [9](#idb7f754b92964837a6df8697a322f83b_12114) - [10](#idb7f754b92964837a6df8697a322f83b_12115), [71](#i04cdcf6104554fd1b9896918b5e35591_36) - [96](#ia2c9239789374595987b88755ca00b4a_44), [228](#i5eaa5ce4785f4a989a562e6235e630f8_37342), [235](#i5eaa5ce4785f4a989a562e6235e630f8_37344) - [238](#i5eaa5ce4785f4a989a562e6235e630f8_37343), [241](#i5eaa5ce4785f4a989a562e6235e630f8_37341) - [242](#i5eaa5ce4785f4a989a562e6235e630f8_37293) |
|  | B. Liquidity and capital resources | [88](#if62b0be8e0f341298ab6cacc0d234c99_0-0-1-1-1060159) - [93](#i1e31e3abc5af4daabcbfb4f2dd0cf090_1182), [95](#i05fd4868fe6b47e39b0a7c08ae6f4fb9_0-0-1-1-1060987), [96](#ia2c9239789374595987b88755ca00b4a_44), [199](#i238a55e5af0d4993884fd5c0e9fdc96b_1054), [201](#i2a801ca026934896af294d1c9f4a64a9_0-0-1-1-1055496) - [202](#i58f85f76beaa43daa37ca0efdc544f14_3123), [215](#id5e4b952c4e9476893c48d262fde5231_0-0-1-1-1060893), [227](#i662ee1396d6c4ee3ae5557a395b62afb_0-0-1-1-1060895) - [244](#i5eaa5ce4785f4a989a562e6235e630f8_37340) |
|  | C. Research and development, patents and licences, etc. | [12](#i2c786f5db0304e9b9c8a1132cffacca5_30) - [32](#i259e754fc6474352978e93c1a59f4bf6_89), [255](#i0372e6c0d0e6443181d6ee683dec66dc_0-0-1-1-1060909) - [259](#ief1e5dfb6d404641bcfaa84c16b24c08_0-0-1-1-1055496) |
|  | D. Trend information | [71](#i04cdcf6104554fd1b9896918b5e35591_36) - [96](#ia2c9239789374595987b88755ca00b4a_44) |
|  | E. Critical accounting estimates | Not applicable |
| **6** | **A. Directors, Senior Managers and Employees** |  |
|  | A. Directors and senior management | [98](#i4635f5f0cb8949c3a93b500dac691ce1_0-0-1-1-1055496) - [103](#ib0ecffa90ab0471e90578f44999de630_17-0-1-1-1060843) |
|  | B. Compensation | [127](#i7a16d6566cc6424599f6c904274ff29e_1-1-1-1-1055496) - [155](#ia7e2048b98184015a23c9fa594be0796_0-0-1-1-1061015), [245](#i31e0196220be4966b80566b840b0174b_0-0-1-1-1060899) - [246](#ie73dc3b8d2c444f99de7e28ce2f316b0_4777) |
|  | C. Board practices | [6](#iac2c22e8faf84928af1f236a33f9ad24_376) - [7](#iac2c22e8faf84928af1f236a33f9ad24_377), [98](#i4635f5f0cb8949c3a93b500dac691ce1_0-0-1-1-1055496) - [101](#i363abdea76454994909ee3d25df31889_1-0-1-1-1061021), [106](#i7b0c27e639a4413eb0afa1ba1e147c8d_1-0-1-5-1055496), [120](#i2f8bb124627a4df3bc908478ddaec1bd_0-0-1-1-1055496) - [127](#i7a16d6566cc6424599f6c904274ff29e_1-1-1-1-1055496), [148](#if63ad16302ce4a61ac322d3edaefd3fe_12383), [280](#i38ca4f2dcbb046e3ba4c53b4e38a00b3_0-0-1-5-1056356) - [281](#i29cc3be6220b4953936fbfeb39f5eebb_39817),  |
|  | D. Employees | [185](#i6c98bb0c0ad1400780426a23ebc2af95_0-0-1-1-1060879), [203](#i46e4acd8ca874ab0be0e7445b540ff68_0-0-1-1-1060889) - [211](#ie525a10cd9a84ee1a30e023f29227704_9102), [254](#i0f9c8b867b6e45df9d1321e8488d97b1_0-0-1-1-1060907) |
|  | E. Share ownership | [134](#ia292c6e6e5ec4a739b90398752d93f0d_0-0-1-1-1055496), [136](#i60295fdee0984de9ad386970634c8cd8_0-0-1-1-1055496), [140](#ibece497f6951404e8134e9a2c80ac0e9_8476), [141](#ibece497f6951404e8134e9a2c80ac0e9_8477), [151](#ie643d6fd6fa3453b99f7bdab141c75f3_0-0-1-1-1060861) - [152](#iaa14317c7fb54864804b3ca8cf4b830d_0-0-1-1-1058631), [245](#i31e0196220be4966b80566b840b0174b_0-0-1-1-1060899) - [246](#ie73dc3b8d2c444f99de7e28ce2f316b0_4777) |
|  | F. Disclosure of a registrant's action to recover <br>erroneously awarded compensation<br>| Not applicable |
| **7** | **Major Shareholders and Related Party Transactions** |  |
|  | A. Major shareholders | [156](#ifdbe62f5e8034d5a94163c4d12a8dc87_5391), [269](#i1eb882b07ede47e68883eb87850c971b_0-0-1-1-1060915) - [271](#ibdca8a55b36a41d89515606ebb1ac6d7_952) |
|  | B. Related party transactions | [220](#idd00e3463d714a9b98a17dcc7fccbeb0_0-0-1-1-1061037) |
|  | C. Interests of experts and counsel | Not applicable |
| **8** | **Financial Information** |  |
|  | A. Consolidated Financial Statements and Other Financial <br>Information<br>| [158](#if5be084f30d24459be47555be8eb6a12_11) - [252](#i771ea3bee5cc4094a57bc7a0925a12da_0-0-1-1-1060801), [271](#ide2762910b8b4409b253aed6dfefa418_0-0-1-1-1055496) |
|  | B. Significant Changes | [248](#i3aaa8ac4abd04d46b4dd0a747bea132b_0-0-1-1-1055496) - [251](#iaa1a4c8b2dea428ebf38936b78238e00_24960) |
| **9** | **The Offer and Listing** |  |
|  | A. Offer and listing details | [270](#idbd7fe8c3fce457a8e53150fd7e6f705_6144) |
|  | B. Plan of distribution | Not applicable |
|  | C. Markets | [269](#i1eb882b07ede47e68883eb87850c971b_0-0-1-1-1060915) - [270](#idbd7fe8c3fce457a8e53150fd7e6f705_6144) |
|  | D. Selling shareholders | Not applicable |
|  | E. Dilution | Not applicable |

---

---

| | |
|:---|:---|
| | GSK 2025 Annual Report on Form 20-F |
| Form 20-F Cross Reference Guide continued | Form 20-F Cross Reference Guide continued |

---

---

| | | |
|:---|:---|:---|
|  | F. Expenses of the issue | Not applicable |
| **10** | **Additional information** |  |
|  | A. Share Capital | Not applicable |
|  | B. Memorandum and Articles of Association | [275](#i30fab47f9cd7409795ce13566c9da036_0-0-1-1-1060151) - [276](#i29cc3be6220b4953936fbfeb39f5eebb_39815) |
|  | C. Material contracts | [277](#i29cc3be6220b4953936fbfeb39f5eebb_39816) |
|  | D. Exchange controls | [269](#i1eb882b07ede47e68883eb87850c971b_0-0-1-1-1060915) |
|  | E. Taxation | [273](#i417b7b866daa41e6a3913e32cab763b0_0-0-1-1-1060921) - [274](#i0ff073ab32af4f9290568cebbb375917_10795) |
|  | F. Dividends and paying agents | Not applicable |
|  | G. Statement by experts | Not applicable |
|  | H. Documents on display | [272](#icc0322ad11234f70b652bad94ef38ee0_0-0-1-1-1055496) |
|  | I. Subsidiary information | Not applicable |
|  | J. Annual Report to Security Holders | Not applicable |
| **11** | **Quantitative and Qualitative Disclosures about Market** <br>**Risk**<br>| [95](#i05fd4868fe6b47e39b0a7c08ae6f4fb9_0-0-1-1-1060987), [227](#i662ee1396d6c4ee3ae5557a395b62afb_0-0-1-1-1060895) - [244](#i5eaa5ce4785f4a989a562e6235e630f8_37340) |
| **12** | **Description of Securities Other Than Equity Securities** |  |
|  | A. Debt securities | Not applicable |
|  | B. Warrants and Rights | Not applicable |
|  | C. Other Securities | Not applicable |
|  | D. American Depository Shares | [278](#i5cc99bec959946329a04d3f1763026f8_0-0-1-5-1056347) |
| **13** | **Defaults, Dividend Arrearages and Delinquencies** | Not applicable |
| **14** | **Material Modifications to the Rights of Security** <br>**Holders and Use of Proceeds**<br>| Not applicable |
| **15** | **Controls and Procedures** | [122](#id2aa7758435841fcbba6b785bdcd6468_46090), [284](#i5ae7247d61bb4dc4a4d8fad031427c03_0-0-1-1-1055496) - [286](#if85b5978d04b4383b93b62b5ecc7e249_0-0-1-1-1062637) |
| **16** | **[Reserved]** |  |
| **16** | **A. Audit Committee Financial Expert** | [99](#ie758ce1442ae4594991187d68278ac19_0-0-1-1-1055496), [106](#i7b0c27e639a4413eb0afa1ba1e147c8d_1-0-1-5-1055496), [284](#i5ae7247d61bb4dc4a4d8fad031427c03_0-0-1-1-1055496) |
| **16** | **B. Code of Ethics** | [126](#id2aa7758435841fcbba6b785bdcd6468_46091), [280](#i38ca4f2dcbb046e3ba4c53b4e38a00b3_0-0-1-5-1056356) |
| **16** | **C. Principal Accountant Fees and Services** | [126](#id2aa7758435841fcbba6b785bdcd6468_46091), [282](#i4c61185692414ce484f366dca507857d_0-0-1-5-1056360) |
| **16** | **D. Exemptions from the Listing Standards for Audit** <br>**Committees**<br>| Not applicable |
| **16** | **E. Purchase of Equity Securities by the Issuer and** <br>**Affiliated Purchasers**<br>| [215](#id5e4b952c4e9476893c48d262fde5231_0-0-1-1-1060893) - [216](#ib28c27c70ced48f596710d66142a4b6c_1623) |
| **16** | **F. Change in Registrant's Certifying Accountant** | Not applicable |
| **16** | **G. Corporate Governance** | [287](#ic51646943495479fa0c7863653ad19ca_0-0-1-1-1057382) |
| **16** | **H. Mine Safety Disclosure** | Not applicable |
| **16** | **I. Disclosure regarding Foreign Jurisdictions that** <br>**Prevent Inspections**<br>| Not applicable |
| **16** | **J. Insider Trading Policies** | [279](#i3e48232bc4b44eb3b0c491004599f775_0-0-1-5-1056353) |
| **16** | **K. Cybersecurity Disclosures** | [61](#ib0031109c7d14009b7c223fbd839f585_99), [103](#ib0ecffa90ab0471e90578f44999de630_17-0-1-1-1060843), [120](#id2aa7758435841fcbba6b785bdcd6468_48976), [265](#ifdee65334a6548b194221fe518d20d99_0-0-1-1-1055496), [279](#i3e48232bc4b44eb3b0c491004599f775_0-0-1-5-1056353) |
| **17** | **Financial Statements** | See Item 8 above |
| **18** | **Financial Statements** | Not applicable |
| **19** | **Exhibits** | Exhibit Index |

---

![AR_AR25_Cover_20-F_V1.jpg](gsk-20251231_g1.jpg)

![IFC NEW IMAGE.jpg](gsk-20251231_g2.jpg)

**Inside this report**

---

| | |
|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** |  |
| [Ahead Together](#ie22c70781ec24e178b4ec838768832e2_31) | [1](#ie22c70781ec24e178b4ec838768832e2_31) |
| [Business model](#ie22c70781ec24e178b4ec838768832e2_34) | [2](#ie22c70781ec24e178b4ec838768832e2_34) |
| Chair's statement | [6](#ie22c70781ec24e178b4ec838768832e2_49) |
| CEO's statement | [8](#ie22c70781ec24e178b4ec838768832e2_55) |
| [Our external environment](#ie22c70781ec24e178b4ec838768832e2_58) | [9](#ie22c70781ec24e178b4ec838768832e2_58) |
| [Research and development](#ie22c70781ec24e178b4ec838768832e2_61) | [12](#ie22c70781ec24e178b4ec838768832e2_61) |
| [Commercial operations](#ie22c70781ec24e178b4ec838768832e2_106) | [33](#ie22c70781ec24e178b4ec838768832e2_106) |
| [Responsible business](#ie22c70781ec24e178b4ec838768832e2_136) | [45](#ie22c70781ec24e178b4ec838768832e2_136) |
| [Our culture and people](#ie22c70781ec24e178b4ec838768832e2_166) | [57](#ie22c70781ec24e178b4ec838768832e2_169) |
| [Risk management and](#ie22c70781ec24e178b4ec838768832e2_172)<br>[disclosure statements](#ie22c70781ec24e178b4ec838768832e2_172) | [60](#ie22c70781ec24e178b4ec838768832e2_175) |
| [Group financial review](#ie22c70781ec24e178b4ec838768832e2_211) | [71](#ie22c70781ec24e178b4ec838768832e2_208) |
| **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** |  |
| [The Board and](#ie22c70781ec24e178b4ec838768832e2_274) <br>Executive Committee | [98](#ie22c70781ec24e178b4ec838768832e2_277) |
| [Chair's governance statement](#ie22c70781ec24e178b4ec838768832e2_283) | [104](#ie22c70781ec24e178b4ec838768832e2_283) |
| [Corporate governance architecture](#ie22c70781ec24e178b4ec838768832e2_286) | [107](#ie22c70781ec24e178b4ec838768832e2_286) |
| Board activities | [110](#ie22c70781ec24e178b4ec838768832e2_289) |
| [Board committee reports](#ie22c70781ec24e178b4ec838768832e2_304) | [115](#ie22c70781ec24e178b4ec838768832e2_304) |
| Remuneration report | [127](#ie22c70781ec24e178b4ec838768832e2_307) |
| [Directors' report](#ie22c70781ec24e178b4ec838768832e2_343) | [156](#ie22c70781ec24e178b4ec838768832e2_343) |

---

---

| | |
|:---|:---|
| **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** |  |
| [Directors' statement of responsibilities](#ie22c70781ec24e178b4ec838768832e2_352) | [159](#ie22c70781ec24e178b4ec838768832e2_355) |
| Report of Independent Registered Public <br>Accounting Firm | [161](#ie22c70781ec24e178b4ec838768832e2_361) |
| [Financial statements](#ie22c70781ec24e178b4ec838768832e2_364) | [165](#ie22c70781ec24e178b4ec838768832e2_364) |
| [Notes to the financial statements](#ie22c70781ec24e178b4ec838768832e2_379) | [169](#ie22c70781ec24e178b4ec838768832e2_379) |
| **[Investor information](#ie22c70781ec24e178b4ec838768832e2_547)** |  |
| Number of employees | [254](#ie22c70781ec24e178b4ec838768832e2_559) |
| [Product development pipeline](#ie22c70781ec24e178b4ec838768832e2_562) | [255](#ie22c70781ec24e178b4ec838768832e2_562) |
| Risk Factors | [260](#ie22c70781ec24e178b4ec838768832e2_574) |
| [Share capital and control](#ie22c70781ec24e178b4ec838768832e2_667) | [269](#ie22c70781ec24e178b4ec838768832e2_667) |
| [Dividends](#ie22c70781ec24e178b4ec838768832e2_673) | [271](#ie22c70781ec24e178b4ec838768832e2_673) |
| [Financial calendar 202](#ie22c70781ec24e178b4ec838768832e2_676)6 | [272](#ie22c70781ec24e178b4ec838768832e2_676) |
| [Annual General Meeting 202](#ie22c70781ec24e178b4ec838768832e2_679)6 | [272](#ie22c70781ec24e178b4ec838768832e2_679) |
| [Tax information for shareholders](#ie22c70781ec24e178b4ec838768832e2_682) | [273](#ie22c70781ec24e178b4ec838768832e2_682) |
| Additional information | [275](#ie22c70781ec24e178b4ec838768832e2_685) |
| Shareholder services and contacts | [283](#i25d2f0304ba34cde96696e8935909708_0-0-1-1-1055496) |
| US law and regulation | [284](#ie22c70781ec24e178b4ec838768832e2_697) |
| Report of Independent Registered Public <br>Accounting Firm | [286](#ie22c70781ec24e178b4ec838768832e2_700) |
| Corporate governance comparison | [287](#ie22c70781ec24e178b4ec838768832e2_703) |
| Group companies | [288](#ie22c70781ec24e178b4ec838768832e2_709) |
| Glossary of terms | [296](#ie22c70781ec24e178b4ec838768832e2_712) |

---

![IFC_roundedbox-V2.jpg](gsk-20251231_g3.jpg)

---

| | |
|:---|:---|
| **How to navigate this report** | **How to navigate this report** |
| ![Read-more.jpg](gsk-20251231_g4.jpg) | Page reference for more <br>information within this <br>Annual Report<br>|

---

**Cover image:** Multiple myeloma

cancer cells among red blood cells

and antibodies.

We focus our oncology innovation

on where we can make the most

meaningful difference. This includes

in multiple myeloma, a blood

cancer where new therapies are

needed as it commonly becomes

resistant to available treatments. In

2025, we received major approvals

for *Blenrep*, including in the US,

Europe and Japan, for patients

with multiple myeloma.

**Cautionary statement**

See page [300](#i9c25fdf33c024430825a17a21a6caee7_4931) of this document for the cautionary statement regarding forward-looking

statements.

**Non-IFRS measures**

We use a number of adjusted, non-International Financial Reporting Standards (IFRS)

measures to report the performance of our business. Total reported results represent the

Group's overall performance under IFRS. Core results and other non-IFRS measures may be

considered in addition to, but not as a substitute for or superior to, information presented in

accordance with IFRS. Core results and other non-IFRS measures are defined on pages [73](#ia0eb48ba7c1c40fe987251ac32319822_410)

and [74](#ia2ee7538fb2d47e98d9b00529b4a25d7_0-0-1-1-1056960) and reconciliations to the nearest IFRS measures are on pages [84](#ie22c70781ec24e178b4ec838768832e2_235) to [86](#i940bd8db10b841dca26cfc09ca5075a0_0-0-1-1-1055496).

**Websites**

Information on our website or any other website referenced in this Annual Report on Form 20-F

is not incorporated into this Annual Report on Form 20-F and should not be considered to be

a part of this Annual Report on Form 20-F. We have included any references to the website as

an inactive textual reference only.

GSK 2025 Annual Report on Form 20-F<br>

![P1 NEW IMAGE.jpg](gsk-20251231_g5.jpg)

**Our purpose**

We unite science,

technology and

talent to get ahead

of disease together

**for health impact**

**+ shareholder returns** 

**+ thriving people**

**Our strategy**

We prevent and treat disease with specialty

medicines, vaccines and general medicines.

We focus on the science of the immune system

and advanced technologies, investing in four core

therapeutic areas – respiratory, immunology and

inflammation; oncology; HIV; and infectious diseases

– to impact health at scale.

We operate responsibly for all our stakeholders.

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) |  |
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read about how our business model delivers our strategy on page [2](#ie22c70781ec24e178b4ec838768832e2_34) |
| ![ReadMore.gif](gsk-20251231_g6.gif) |  |

---

**Our culture**

We are ambitious for patients, accountable

for impact and we do the right thing.

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) |  |
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read about our culture and people on page [57](#ie22c70781ec24e178b4ec838768832e2_169) |
| ![ReadMore.gif](gsk-20251231_g6.gif) |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Business model | Business model | Business model | Business model | Business model |

---

As a focused biopharma company, we discover, develop and deliver

medicines and vaccines to create value for patients and shareholders. We aim

to positively impact the health of 2.5 billion people by the end of the decade.

**Central to our success**

**are our people: experts**

**in science, technology,** 

**manufacturing and** 

**commercialisation...**

66,800

GSK people across

70 countries worldwide

manufacturing sites

£7.5bn

Total R&D expense in 2025

18,000

suppliers working directly

with GSK

![GSK_Line_Dip_RGB.gif](gsk-20251231_g7.gif)

**...who are identifying,** 

**researching, developing** 

**and delivering...**

**Specialty Medicines**

Our specialty medicines prevent

and treat diseases, from asthma,

cancer and HIV to autoimmune

diseases like lupus. Many are first

or best-in-class.

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) |  |
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read more on page [35](#ie22c70781ec24e178b4ec838768832e2_121) |
| ![ReadMore.gif](gsk-20251231_g6.gif) |  |

---

**General Medicines**

Our broad portfolio of general

medicines, from inhalers for asthma

and COPD to antibiotics, improve life

for millions of people around the

world. Many are market leaders.

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) |  |
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read more on page [40](#ie22c70781ec24e178b4ec838768832e2_127) |
| ![ReadMore.gif](gsk-20251231_g6.gif) |  |

---

**Vaccines**

We have one of the broadest

portfolios of vaccines in the

industry, targeting infectious

diseases at every stage of

life, helping to protect people

from meningitis, shingles, RSV,

hepatitis and many more.

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) |  |
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read more on page [37](#ie22c70781ec24e178b4ec838768832e2_124)  |
| ![ReadMore.gif](gsk-20251231_g6.gif) |  |

---

![GSK_Line_Dip_RGB.gif](gsk-20251231_g7.gif)

**...products that prevent** 

**and change the course** 

**of disease in our four core** 

**therapeutic areas...**

**Respiratory, immunology** 

**and inflammation** 

We're harnessing our deep knowledge

of inflammatory mechanisms and

the science of the immune system

to redefine the future of respiratory

medicine and target lung, liver and

kidney disease.

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) |  |
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read more on page [15](#ie22c70781ec24e178b4ec838768832e2_79) |
| ![ReadMore.gif](gsk-20251231_g6.gif) |  |

---

**HIV**

For nearly four decades we've led the

way in HIV innovation, pioneering

medicines that continue to transform

the lives of people impacted by HIV.

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) |  |
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read more on page [23](#ie22c70781ec24e178b4ec838768832e2_91) |
| ![ReadMore.gif](gsk-20251231_g6.gif) |  |

---

**Oncology**

We focus on where we can make the

most meaningful difference, applying

our understanding of the underlying

drivers of disease to help match the

right patients with the right treatment

to improve survival and quality of life.

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) |  |
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read more on page [19](#ie22c70781ec24e178b4ec838768832e2_85) |
| ![ReadMore.gif](gsk-20251231_g6.gif) |  |

---

**Infectious diseases**

We focus on developing prevention

and treatment options for infectious

diseases that impact people across

their lifespan.

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) |  |
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read more on page [26](#ie22c70781ec24e178b4ec838768832e2_97) |
| ![ReadMore.gif](gsk-20251231_g6.gif) |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Business model continued | Business model continued | Business model continued | Business model continued | Business model continued |

---

![GSK_Line_Dip_RGB.gif](gsk-20251231_g7.gif)

**…using advanced**

**technologies…**

**Pipeline**

At every step of the R&D

process, we are using data

tech, including AI, and

platform technologies to

be faster, more effective

and more predictive in

discovering and

developing innovative

medicines and vaccines.

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read how technology <br>enables our R&D on page <br>[30](#ie22c70781ec24e178b4ec838768832e2_100)<br>|

---

**Performance**

We use technology to

reach people and patients

better and faster through

smart manufacturing;

helping patients and

their carers to manage

their conditions; and

empowering our people

to do their best work.

**Partnership**

We collaborate in new

ways across the

technology and biotech

industries and academia,

so that we can work with

the latest advances in

expertise and technology

to get ahead of disease

together.

![GSK_Line_Dip_RGB.gif](gsk-20251231_g7.gif)

**...operating** 

**responsibly** 

**for all our** 

**stakeholders...**

Being a responsible business is vital to our strategy and long-term performance.

It helps us build and sustain trust with our stakeholders, reduce risk, support our people

to thrive and deliver positive health impact at scale. We focus on issues that matter to

our stakeholders, society and business success.

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read more in Responsible Business on page [45](#ie22c70781ec24e178b4ec838768832e2_136) |
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read more in Responsible Business on page [45](#ie22c70781ec24e178b4ec838768832e2_136) |
| ![ReadMore.gif](gsk-20251231_g6.gif) |  |

---

![GSK_Line_Dip_RGB.gif](gsk-20251231_g7.gif)

**… creating** 

**value for...**

**Patients**

## >2 bn
packs of medicines and

vaccine doses supplied

**Shareholders**

66p

per share dividend

**The economy**

£1.2bn

corporate income tax paid;

in addition we pay duties,

levies, transactional and

employment taxes

![GSK_Line_Dip_RGB.gif](gsk-20251231_g7.gif)

**...and enabling** 

**reinvestment to**

**develop new specialty** 

**medicines and** 

**vaccines**

The returns we make set us up to reinvest in discovering and developing new medicines

and vaccines that are, based on clinical merit, better than what are available to patients

today. We do this through our own R&D and business development and partnerships.

Meeting patient need and helping people to live healthier lives eases pressure on

health systems and supports economic prosperity.

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | Our strategy is supported by a robust framework for <br>monitoring and managing risk, described on page [61](#ie22c70781ec24e178b4ec838768832e2_181)<br>|

---

![GSK_AR25_Master_P6.jpg](gsk-20251231_g8.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| 5 key approvals in 2025 | 5 key approvals in 2025 | 5 key approvals in 2025 | 5 key approvals in 2025 | 5 key approvals in 2025 |

---

We achieved five major product approvals in 2025. Our deep understanding

of the science of the immune system, combined with advanced technologies,

is delivering innovative medicines and vaccines that can help transform

people's lives.

**Severe asthma:** 

*Exdensur* 

Respiratory diseases such as severe asthma

pose significant challenges to millions of patients

worldwide. In 2025, *Exdensur* was approved in

the US for the treatment of severe asthma with

an eosinophilic phenotype. Its ultra-long-acting

profile and twice-yearly dosing offers patients

sustained protection from exacerbations and

could help reduce hospital stays and limit

cumulative lung damage. It is also approved for

patients with chronic rhinosinusitis with nasal

polyps (CRSwNP) in several other markets.

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read more on page [15](#ia663de16a9884999a916026625fb0662_186)  |

---

Lungs

**Multiple myeloma:** 

*Blenrep*

Multiple myeloma is a complex blood cancer that

is generally considered treatable but not curable,

with nearly all patients experiencing relapse as

the disease becomes resistant to available

treatments. *Blenrep,* in combination, was

approved by the US FDA in October 2025 after

two or more lines of therapy, and in other markets,

following one or more prior treatment lines. As the

only anti-BCMA antibody drug conjugate (ADC)

that is accessible across healthcare settings,

including in community centres where 70% of

patients receive care, *Blenrep* could fulfil a major

patient need.

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read more on page [19](#i5777a3dcbbb84a24a6169429c60f7ba2_170) |

---

Multiple myeloma cancer cells among

red blood cells and antibodies

![Key approvals_visual_V2.jpg](gsk-20251231_g9.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| 5 key approvals in 2025 continued | 5 key approvals in 2025 continued | 5 key approvals in 2025 continued | 5 key approvals in 2025 continued | 5 key approvals in 2025 continued |

---

**COPD:** 

*Nucala*

Many chronic obstructive pulmonary disease

(COPD) patients experience persistent symptoms

and exacerbations – acute episodes of worsening

symptoms – which can result in hospitalisation

and irreversible lung damage. In May, *Nucala* was

approved by the US FDA for use in adults with

COPD characterised by an eosinophilic phenotype,

providing an important option for COPD patients.

The approval was based on data which included a

reduction of exacerbations leading to hospitalisation

and/or emergency department visits.

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read more on page [16](#ia663de16a9884999a916026625fb0662_187) |

---

Eosinophils among red blood cells

**uUTI and uncomplicated gonorrhoea:** 

*Blujepa*

More than half of all women experience an

uncomplicated urinary tract infection (uUTI) in

their lifetime. In 2025, *Blujepa* was approved in

the US as an oral treatment for uUTI. It was also

approved in the US for uncomplicated

gonorrhoea which affects both men and women,

and can lead to infertility and other reproductive

health complications. *Blujepa* is the first in a new

class of oral antibiotics for these conditions in

nearly 30 years.

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read more on page [28](#i09f033b690a040d7ad0e00d40787c51f_134) |

---

E.coli bacteria

**Invasive meningococcal disease:** 

*Penmenvy*

Invasive meningococcal disease (IMD) is a rare

but devastating illness that can progress rapidly

and lead to death or long-term, life-changing

consequences. *Penmenvy*, our new 5-in-1

vaccine for IMD, was approved in the US in 2025

and is now part of the adolescent meningococcal

immunisation schedule. By reducing the number

of injections needed for protection, *Penmenvy* 

could increase immunisation rates and help

protect more young people from this serious

disease.

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read more on page [26](#i09f033b690a040d7ad0e00d40787c51f_135) |

---

Meningococcal serogroups ABCWY

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Chair's statement | Chair's statement | Chair's statement | Chair's statement | Chair's statement |

---

As 2025 drew to a close, GSK turned

the page on a significant chapter.

Having led an extensive

transformation of GSK, Emma

Walmsley stepped down as CEO at

the end of December and handed over

to Luke Miels, previously our Chief

Commercial Officer.

The Board and I are grateful to Emma

for her outstanding leadership; and

we look forward to the even brighter

future we have ahead with Luke, as

he builds on the momentum we have

and leads GSK into the next phase of

its transformation.

**Strategic progress** 

GSK has a long and proud heritage,

but a decade ago it quite clearly

wasn't fulfilling its potential for

patients or shareholders. When

Emma became CEO in 2017, she

seized the opportunity to reinvigorate

the company's performance and

restore its leadership in science –

including of course through the

demerger of Haleon in 2022 to

create a focused biopharma

company with a re-set balance

sheet to invest in innovation.

On almost every measure, GSK is

now a changed company – with a

confident, ambitious purpose; clear

strategic priorities; a stronger pipeline

and more balanced portfolio; a

sharper focus on capital allocation;

and a reformed culture where talented

people can focus on what matters

most and be accountable for delivery.

At the same time, GSK has kept

what makes the company special

– a distinctive focus on people

and patients, a truly global reach

and a deep commitment to doing

the right thing.

**2025 performance**

GSK's performance in 2025

exemplified the strengthening of

all the fundamentals of the strategy:

total sales, total and core operating

profit, and total and core earnings per

share all grew, driven in particular by

very strong performance of Speciality

Medicines, with double-digit sales

growth in respiratory, immunology and

inflammation (RI&I), oncology

and HIV.

Alongside strong financial

performance, there was also excellent

progress in R&D with five major

product approvals achieved. These

mark the start of a series of major

launches expected before 2031.

The pipeline has also been

significantly strengthened through

internal and externally acquired

assets, particularly in RI&I and

oncology and we continue to invest

significantly in the transformational

capability afforded by AI/ML.

The Board also remains committed

to the company's long-standing

proactive approach to operating

responsibly, evident in 92% of

Responsible Business Performance

Rating metrics being 'met' or

'exceeded' in 2025 – see page [46](#i7a02a4838f6641d480906d43a8ef4d87_0-0-1-1-1055496).

**Leadership transition**

Positioning GSK for the next phase

of growth was front of mind as we

embarked on seamlessly selecting

and transitioning to GSK's next CEO.

At the outset the Board thought

deeply about its ambitions for the

company in its next chapter and the

skills and attributes that we wanted

in a CEO. Central to this was what

was needed to deliver increased

value recognition for the company.

As such, we sought an individual

with ambition and excellent global

biopharma pipeline development and

commercialisation experience; and an

understanding of the levers available

within GSK to drive delivery and

generate new options for growth.

Guided by these criteria, our search

was rigorous, including internal and

external candidates and it is worth

noting that Emma's recruitment

of outstanding talent and their

development strengthened this

![Chairman_Image_New.jpg](gsk-20251231_g10.jpg)

process immeasurably.

In Luke, we have selected the

outstanding candidate. His

experience and demonstrated

contribution to GSK, including

building the Specialty Medicines

portfolio, make him exceptionally well

qualified to lead the company. Luke

believes in creating value by

delivering the best possible outcomes

for patients, founded on deep

scientific expertise and courage

coupled with operational excellence.

On the following pages, you'll hear

more from Luke on his perspective

and ambitions for the company.

---

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|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Chair's statement continued | Chair's statement continued | Chair's statement continued | Chair's statement continued | Chair's statement continued |

---

While succession was a key focus

for the Board during the year, other

priorities including remuneration

were important. We were pleased

with strong shareholder support for

the updated Remuneration Policy

at the 2025 AGM that enabled us to

approach succession with confidence

in attracting the right candidates.

The new policy locks in incentives

for management to outperform and

aligns management compensation

even more with shareholder

experience.

**Next phase of transformation**

As Luke steps into his new role, there

are three key priorities for him, his

management team, and the Board

to deliver the next phase of GSK's

transformation.

First, leading management to fulfil

GSK's ambitious 2031 growth strategy

and deliver sustained shareholder

value creation. This primarily means

executing excellent launches of newly

approved products, including in

cancer and respiratory disease, and

opportunities in the late-stage pipeline

before the end of the decade.

Second, that GSK can drive the

next wave of innovation and growth

beyond 2031, including through

deploying capital to targeted business

development to further strengthen

the pipeline. GSK has cultivated a

deep expertise in the science of the

immune system and is taking this

further to target an emerging portfolio

of potentially differentiated medicines

that can outperform the competition

including in lung, liver and kidney

disease as well as cancer. If the next

wave of innovation coming through

the pipeline is realised, there is a

clear pathway to deliver patient

benefit, at scale, and drive

competitive growth beyond 2031.

Third, the Board is acutely aware

that these priorities can only be

fulfilled through ambitious adoption

of technology. This is an area where

GSK has already made significant

strides. In October, the Board spent

two days getting hands-on with the

tech tools that are transforming how

GSK works, from development to

manufacturing and marketing.

There remains profound potential

for advanced technologies, including

AI, to bring medicines and vaccines

to patients with more precision, pace

and probability of success. The focus

now should be on embedding these

technologies at scale to ensure GSK

remains competitive and invests time,

resources and capabilities in the

right areas.

**External environment**

The current geopolitical operating

landscape is undeniably dynamic

and requires agile leadership to

respond to these challenges and at

the same time stay focused on clear

business priorities and longer-term

fundamentals. The Board is pleased

by the way GSK has navigated the

pressures in the external environment

this year, including in our largest

market the United States. This has

involved diligently working to ensure

that innovation is both fairly rewarded

and accessible to the patients who

need it, as seen in the pricing

agreement which Emma and her

team reached with the US

Administration in December.

The Board continues to believe that

GSK's business model, with its R&D

focus and investment in technology

capabilities, is well set to meet

societal needs now and in the future.

The convergence of increasing

demand on health systems and

advances in technology is creating an

unprecedented need and opportunity

to move towards new models of care

that strengthen access to innovative

medicines and vaccines and enable

earlier action to keep people well.

By delivering this innovation, GSK can

create sustained value for patients,

shareholders, healthcare systems,

economies and society at large.

**Shareholder returns**

Robust performance in 2025

coincided with a significant rise

in the value of GSK's shares and

improved shareholder returns,

including payment of a dividend

of 66p, up from 61p in 2024. This is

welcome and reflects more tangible

market appreciation of the value in

our pipeline and consistent delivery

of our growth strategy.

However, the Board is very aware that

GSK's share price has

underperformed for many years and

this marks only the start of a long-

awaited recovery. Under Luke's

leadership we are determined to build

on the progress seen during 2025 and

continue to deliver significantly

improved shareholder returns over the

short and longer term.

**Conclusion**

On behalf of the Board, and everyone

at GSK, we wish Emma all the very

best as she embarks on new

adventures – and thank her once

again for all she delivered at GSK. I

would also like to thank the Board for

their work this year, particularly in

delivering the successful CEO

transition. Jesse Goodman stepped

down from the Board at the 2025

AGM and we wish him well in his next

endeavours; and we welcome Dr

Gavin Screaton, Head of Medical

Sciences at the University of Oxford,

who joined the Board in May 2025.

GSK's transformation is also enabled

by the tens of thousands of people

working around the world, who strive

every day to bring medicines and

vaccines to the people who need

them. Many thanks to you, as well

as our partners and shareholders,

for your continued commitment.

Together, with Luke, we look forward

to delivering even greater impact for

patients, shareholders and our people

in 2026.

Sir Jonathan Symonds

Chair

---

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| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| CEO's statement | CEO's statement | CEO's statement | CEO's statement | CEO's statement |

---

It is a privilege to lead GSK into its

next phase of growth as CEO and

I am encouraged by the collective

determination to realise new levels

of performance for patients and

shareholders.

**Strong 2025 performance**

GSK delivered another strong

performance in 2025, with sales up

4% AER, 7% CER to more than £32

billion. Total operating profit grew

97% AER, >100% CER and Core

operating profit grew 7% AER, 11%

CER. Total earnings per share

increased more than 100% both at

AER and CER, while core earnings

per share rose 8% AER, 12% CER.

Cash generation was strong at £8.9

billion, supporting future investment

and returns to shareholders, including

the dividend of 66 pence.

Growth was driven by a 14% AER,

17% CER increase in sales of

Specialty Medicines with double-digit

growth in oncology; respiratory,

immunology and inflammation; and

HIV. Vaccines sales were stable at

AER and up 2% CER while

General Medicines sales fell by 4%

AER, 1% CER.

Good R&D progress also continued,

with five major product approvals

and several acquisitions and new

partnerships to strengthen the

pipeline further.

We also maintained our high

standards for being a responsible

business.

Looking ahead to 2026, we expect

momentum to continue with another

year of profitable growth.

**Key focus areas to drive value** 

We have a clear strategy to develop

a high-quality portfolio of specialty

medicines and vaccines. The priority

now is delivery and overall operational

execution.

There are three areas where we

are focused to drive value in 2026.

First, drive topline growth by

maximising launch products –

not least *Exdensur*, our new ultra-

long-acting biologic for asthma

and *Blenrep*, for multiple myeloma.

Second, accelerate key assets in our

late-stage portfolio like our oncology

ADCs; and in our earlier portfolio, like

our long-acting TSLP for COPD and

regimen selection for our 6-monthly

treatment for HIV.

And third, continue to execute

business development where we see

a clear pathway to value creation.

Our acquisition of IDRx in 2025, and

more recently RAPT Therapeutics,

are examples of this.

Underpinning this will be a drive to

simplify how we work – with greater

pace, accountability and focus.

This starts with matching our best

people and resources to the best

opportunities to create value.

We'll also have an increased focus

on leveraging the practical use of

technology, including AI.

**Evolving GSK to create value** 

**for shareholders**

For our growth strategy, I see two

clear priorities to create value for

shareholders.

The first is topline. This means

delivering our sales ambition for

2031 and addressing the loss of

dolutegravir exclusivity.

Second is pipeline. Accelerating R&D

is our biggest opportunity to create

value as a company. We need to go

faster with what we have and add to it

through smart business development.

We also need our labs to produce

more competitive products.

To achieve this, we need to evolve

the company.

Building on our strong patient-led

purpose and culture, we must be

more product-centric. Everyone in

the company should be clear on

how they are helping to bring better

products to patients.

And to accelerate the pipeline, we

need to have more scientific courage

and be more agile to capitalise on

opportunities when we see them.

**Conclusion**

Thank you to all our people and

partners who have driven our strong

performance in 2025.

![R6AC6982.jpg Print - CMYK 300 dpi_RGB.jpg](gsk-20251231_g11.jpg)

For the long term, we know what

we need to do to create value for

shareholders and patients. The focus

is now on evolving GSK to do it.

When we succeed, the result is

better outcomes for patients and

a stronger company.

Luke Miels

Chief Executive Officer

---

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| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Our external environment | Our external environment | Our external environment | Our external environment | Our external environment |

---

In a dynamic and challenging operating landscape, our purpose and strategy

keep us focused on delivering for patients and shareholders. Here, we set out

three major themes shaping our environment and how we're responding.

Sharper focus on affordability, innovation and supply <br>

All businesses are adjusting to a more volatile and

fragmented landscape. Political shifts are reordering policy

priorities and reshaping relationships and institutions

established over decades. In 2025, this was particularly

evident in trade policy, where uncertainty over tariffs

dominated the agenda. Combined with a continued

emphasis on pricing and access to medicines, this put

a sharper focus on the biopharma industry.

Rising healthcare costs and attention to domestic supply

chains are driving policy reforms to balance affordability,

innovation and supply. While medicines comprise a

relatively small proportion of overall health budgets,

governments continue to concentrate on reducing drug

costs. The US Administration is seeking to lower the

nation's drug prices by tying them to international pricing,

as well as providing direct-to-patient purchasing channels.

This has added to the pricing pressure that has intensified

in the US over the past decade.

In the UK and Europe, there are continued questions over

how health systems are valuing the benefits that innovation

brings to patients, and incentivising it appropriately.

This comes alongside a growing recognition that pricing

mechanisms and relative spend compared to the US are

a factor in bilateral trade relations. In December 2025,

the UK and the US agreed to maintain a zero tariff on

pharmaceutical products manufactured in the UK for

a three-year period.

As part of a move to strengthen national manufacturing

bases and medicine supply, domestic supply chains are

being prioritised in regions including the EU and the US,

where the Administration's potential tariffs on

pharmaceutical imports aim to bring drug production

back to the US. This is partly in response to perceptions

that the US drug supply chain is overly reliant on China.

Factors including regulatory reforms in China over the past

decade have advanced the country's biopharma innovation

and leadership in international science. In 2025, the share of

drug licensing deals involving Chinese assets was anticipated

to reach almost 40%, compared to fewer than 5% in 2020.<sup>1</sup>

Even as pricing pressure intensifies, governments continue

to look to the biopharma industry as a strategic driver of

innovation and economic renewal. As well as the US seeking

to incentivise domestic research and production, both the EU

and UK published life science strategies aimed at spurring

growth in the sector. This highlights the potential for the

biopharma industry to be a partner for growth, providing

solutions that help prevent and change the course of disease

and bring value to individuals, health systems and societies.

Chronic illness influencing industry and public policy <br>priorities while infectious diseases pose a continuing threat<br>

One of the factors contributing to rising healthcare costs

is chronic disease. In the US alone, 90% of the nation's

$4.9 trillion in annual healthcare expenditures are for people

with chronic and mental health conditions.<sup>2</sup> Over the next

decade, the impact of chronic disease on individuals, health

systems and economies is expected to increase. Cancer,

chronic respiratory diseases and neurological illnesses are

projected to be among the top ten disease burdens

worldwide by 2032, due in part to ageing populations and

increasing obesity rates.<sup>3</sup>

Biopharma innovation is increasingly focused on disease

areas with potentially large populations and opportunity for

health impact, including metabolic diseases,

cardiovascular disease and neurology. Oncology remains

an enduring priority as cancer rates continue to accelerate.

It's the fastest-growing disease burden and early onset

cancers are becoming more common. New modalities,

including next-generation antibody drug conjugates

(ADCs), offer potential for more precise, targeted

treatments to improve survival rates and overall quality of

life. Oncology and immunology are expected to be the

fastest-growing fields, after GLP-1s, over the rest of the

decade.<sup>4</sup>

---

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| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Our external environment continued | Our external environment continued | Our external environment continued | Our external environment continued | Our external environment continued |

---

Living with a chronic illness can also put people at higher

risk of infectious diseases. While there have been

significant strides in innovation to get ahead of infectious

diseases, they continue to threaten the health of

individuals and communities. Factors such as changes to

global health financing and vaccine hesitancy can pose a

risk to immunisation efforts. In 2025, the World Health

Organization (WHO), UNICEF and Gavi warned that

outbreaks of vaccine-preventable diseases such as

measles and meningitis were increasing globally.<sup>5</sup>

Infections could also become more difficult to manage due

to antimicrobial resistance (AMR). According to the 2025

WHO GLASS report, in 2023 around one in six laboratory-

confirmed bacterial infections were caused by bacteria

resistant to antibiotics.<sup>6</sup>

Rising rates of chronic ill health are increasing the strain

on health systems and limiting productivity by keeping

people out of work. Policymakers are turning their attention

to preventing chronic disease and intervening earlier

to improve outcomes and contain healthcare costs.

Addressing chronic disease is a major focus of the US

Administration. Prevention is also a key pillar of the UK

Government's health policy agenda.

As countries contend with increasing rates of chronic

illness, as well as the ongoing impact of infectious

diseases, there is a clear opportunity to shift towards

preventative, pre-emptive healthcare to support future

health system sustainability and economic growth.

Tech transformation depends on talent and trust <br>

Geopolitical unrest in 2025 was set against a backdrop

of continued rapid acceleration in technological innovation

and adoption. As generative and agentic artificial

intelligence (AI) becomes more sophisticated, it's

transforming how many of us live and work.

For the biopharma industry, one of the most significant

use cases for AI remains R&D productivity. A proliferation

of health data, coupled with the power of AI to interpret

ever-larger datasets, offers the potential to develop

medicines and vaccines with more pace, precision

and probability of success. Currently, AI adoption is

concentrated in areas from early research through

to clinical development. Automation can transform

processes such as target selection and molecule design,

which are otherwise lengthy, manual and costly. Advanced

technologies, including AI, create potential to more deeply

understand human biology and develop more targeted

solutions to prevent and alter the course of disease.

Once drugs are developed, robotics, AI, machine learning

and other innovations can all enable manufacturers to get

vaccines and medicines of the highest quality standards

to those who need them faster, and more consistently.

The potential of technology to strengthen efficiency and

quality of manufacturing operations is particularly relevant

in an environment of evolving regulatory expectations.

From manufacturing to marketing, as well as streamlining

corporate processes, data and technology are optimising

the pathway to reach patients.

Realising the potential of AI at scale depends on human

ingenuity, skill and judgement. Around 4 in 10 core job

skills are expected to change within the next five years<sup>7</sup>.

Public discourse focuses on the potential impact on jobs.

But there are opportunities for organisations to develop

new capabilities – for example, biopharma companies are

increasingly seeking talent in fields such as bioinformatics.

Crucially, realising the potential of AI for human health will

also depend on building trust in how data and technologies

are being used to develop healthcare interventions. While

AI offers significant opportunity for improving health

outcomes, there are risks associated with data privacy and

security; potential for misinformation; and exacerbating

existing biases. Mitigating these risks is key in an

environment where trust in science and technology is

under pressure.

Companies play an important role in embedding ethical

guardrails around the use of data and AI and

communicating clearly with the public and stakeholders.

Action by policymakers is also needed to build a high-

quality data environment and regulate AI in a harmonised,

proportionate and pragmatic way. The approach to AI

regulation is currently diverging in the US and EU. With

the right capabilities and frameworks in place, advanced

technologies, including AI, have the potential to transform

healthcare, from discovering and developing medicines

and vaccines to reaching the right patients, at the right

time and in the right place.

---

| | | |
|:---|:---|:---|
| **The biopharma sector continues to grow as demand increases.**  | **The biopharma sector continues to grow as demand increases.**  | **The biopharma sector continues to grow as demand increases.**  |
| $2.4trn | 46% | 9.3% |
| The global medicine market – <br>using invoice price levels – is <br>expected to grow at 5–8% CAGR, <br>reaching about $2.4 trillion by 2029.<sup>8</sup> <br>| Specialty medicines are projected <br>to represent about 46% of global <br>spending in 2029, up from 27% <br>in 2014.<sup>9</sup> <br>| OECD's Health at a Glance 2025 <br>estimated that OECD countries <br>allocated around 9.3% of their GDP <br>to health on average in 2024.<sup>10</sup> <br>|

---

---

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|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Our external environment continued | Our external environment continued | Our external environment continued | Our external environment continued | Our external environment continued |

---

Our response <br>

We're in a new era of volatility. The external environment

is evolving at an unprecedented pace. But as health needs

intensify, stakeholder expectations become more complex

and technological advances transform innovation, our

purpose to get ahead of disease matters more than ever.

Amid near-term uncertainty, our purpose and strategy

keep us focused on delivering value for patients,

shareholders and society.

**Research and development** 

We continue to invest for growth in new, best-in-class

innovation, creating a stronger portfolio balanced across

specialty medicines and vaccines. Technology is one of

our three R&D priorities and we're expanding the

deployment of advanced data and platform technologies

end-to-end in R&D. Harnessing our deep understanding of

the science of the immune system, and application of

advanced technologies, our R&D is focused on our core

therapeutic areas of respiratory, immunology and

inflammation; oncology; HIV; and infectious diseases. Our

pipeline and portfolio is targeting both chronic and

infectious diseases as areas where there's greatest unmet

patient need and opportunity for positive impact on

individuals, health systems and societies. Our in-house

R&D, business development and strategic partnerships are

driving clear pipeline progress and momentum.

**Commercial operations** 

Innovative medicines and vaccines to prevent and change

the course of disease are among the best investments

governments can make, generating returns for individuals,

health systems and economies. We continue to engage

constructively with stakeholders around the world to strike

a balance in which industry, governments and health

systems ensure value while reaching patients and

incentivising the next wave of innovation.

This includes in the US, where we continue to see

significant potential for discovering, developing and

launching innovation, and we invest accordingly. In

December 2025, we entered into an agreement with the US

Government to lower the cost of prescription medicines for

American patients. This includes our broad respiratory

portfolio, used to treat more than 40 million Americans who

suffer from respiratory conditions such as asthma and

COPD.

(1)World Preview 2025, Evaluate, June 2025

(2)Fast Facts: Health and Economic Costs of Chronic Conditions, CDC,

August 2025

(3)Institute for Health Metrics and Evaluation (IHME). GBD Compare

Data Visualization. Seattle, WA: IHME, University of Washington,

2025. Available from https://vizhub.healthdata.org/gbd-compare.

(Accessed May 2025)

(4)World Preview 2025 Evaluate, June 2025

(5)Increases in vaccine-preventable disease outbreaks threaten years

of progress, warn WHO, UNICEF, Gavi, WHO, April 2025

(6)World Health Organization (2025). Global antibiotic resistance

surveillance report 2025: WHO Global Antimicrobial Resistance and

Use Surveillance System (GLASS): summary. World Health

Organization. https://doi.org/10.2471/B09585. License: CC BY-NC-

SA 3.0 IGO

Reaching patients at scale with our medicines and

vaccines depends on a robust supply chain. Through the

demerger of Haleon, we made deliberate choices to reset

our supply chain, including regional manufacturing and

dual sourcing. This means we have a resilient, diversified

supply chain that positions us strongly in the current

environment.

**Responsible business** 

Being a responsible business is more important than ever.

Even as attitudes and policies diverge over how to address

global issues from health security to climate change,

they still pose an enduring challenge. Getting ahead of

these challenges helps to protect people's health and

protect our business. We work with governments and

stakeholders to make sure that the policy and regulatory

environment stimulates and protects innovative science,

and strengthens patient uptake of medicines and vaccines,

within a culture that builds trust with transparency. This

includes embedding our own governance framework for

the development and adoption of AI.

The landscape is challenging, but we also have an

unprecedented opportunity to move towards new models

of care that strengthen access to innovation and enable

earlier action to prevent disease, keep people out of

hospital and keep people well.

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read more about our innovative R&D on pages [12](#ie22c70781ec24e178b4ec838768832e2_61) to [32](#ie22c70781ec24e178b4ec838768832e2_103) |
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read about our commercial operations, including our supply <br>chain, on pages [33](#ie22c70781ec24e178b4ec838768832e2_106) to [44](#i3434fbd2cac8462393ae3a92497553cb_194)<br>|
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read more about our responsible business approach on pages <br>[45](#ie22c70781ec24e178b4ec838768832e2_136) to [56](#i1793f5b9da324fb7918f9a9c2206449a_4721)<br>|
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read about how we manage risk on pages [61](#ie22c70781ec24e178b4ec838768832e2_181) to [62](#ib0031109c7d14009b7c223fbd839f585_89) |

---

(7)'The Future of Jobs Report 2025', World Economic Forum, January

2025

(8)IQVIA Institute for Human Data Science. The Global Use of

Medicines Outlook through 2029: Increasing Access, Use, and

Spending. June 2025. Available from www.iqviainstitute.org

(9)IQVIA, The Global Use of Medicines Outlook through 2029

(10)OECD (2025), Health at a Glance 2025: OECD Indicators, OECD

Publishing, Paris, https://doi.org/10.1787/8f9e3f98-en

![AR_SR_2025 divider pages_R&D.jpg](gsk-20251231_g12.jpg)

---

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| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |

---

Research and development

---

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|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Research and development | Research and development | Research and development | Research and development | Research and development |

---

We combine the science of the immune system with advanced technologies,

enhanced by targeted business development and world-class partnerships,

to develop new medicines and vaccines that can help transform people's lives.

---

| | | |
|:---|:---|:---|
| **Highlights** | **Highlights** | **Highlights** |
| 5<br>major FDA <br>approvals<br>| 17<br>assets in <br>phase III <br>| 58<br>assets in <br>the pipeline<br>|
| Major approvals for five key assets – *Exdensur,* <br>*Blenrep, Nucala, Blujepa* and *Penmenvy* | Major approvals for five key assets – *Exdensur,* <br>*Blenrep, Nucala, Blujepa* and *Penmenvy* | Major approvals for five key assets – *Exdensur,* <br>*Blenrep, Nucala, Blujepa* and *Penmenvy* |
| Positive pivotal phase III data for bepirovirsen <br>demonstrating statistically significant and clinically <br>meaningful functional cure rate for chronic hepatitis B  | Positive pivotal phase III data for bepirovirsen <br>demonstrating statistically significant and clinically <br>meaningful functional cure rate for chronic hepatitis B  | Positive pivotal phase III data for bepirovirsen <br>demonstrating statistically significant and clinically <br>meaningful functional cure rate for chronic hepatitis B  |
| Tebipenem HBr PIVOT-PO phase III study in <br>complicated urinary tract infection stopped early <br>for efficacy | Tebipenem HBr PIVOT-PO phase III study in <br>complicated urinary tract infection stopped early <br>for efficacy | Tebipenem HBr PIVOT-PO phase III study in <br>complicated urinary tract infection stopped early <br>for efficacy |
| Expanded approvals for RSV and shingles vaccines <br>*Arexvy* and *Shingrix*  | Expanded approvals for RSV and shingles vaccines <br>*Arexvy* and *Shingrix*  | Expanded approvals for RSV and shingles vaccines <br>*Arexvy* and *Shingrix*  |
| Positive pivotal phase III data for next-generation <br>low-carbon version of *Ventolin* | Positive pivotal phase III data for next-generation <br>low-carbon version of *Ventolin* | Positive pivotal phase III data for next-generation <br>low-carbon version of *Ventolin* |
| Seven pivotal trial starts including: risvutatug <br>rezetecan for 2L/3L ES-SCLC; efimosfermin for <br>fibrosis caused by MASH; *Exdensur* for COPD; and <br>velzatinib for GIST | Seven pivotal trial starts including: risvutatug <br>rezetecan for 2L/3L ES-SCLC; efimosfermin for <br>fibrosis caused by MASH; *Exdensur* for COPD; and <br>velzatinib for GIST | Seven pivotal trial starts including: risvutatug <br>rezetecan for 2L/3L ES-SCLC; efimosfermin for <br>fibrosis caused by MASH; *Exdensur* for COPD; and <br>velzatinib for GIST |
| Targeted business development including deals with <br>Hengrui (RI&I and oncology); Empirico (COPD); and <br>LTZ Therapeutics (oncology) | Targeted business development including deals with <br>Hengrui (RI&I and oncology); Empirico (COPD); and <br>LTZ Therapeutics (oncology) | Targeted business development including deals with <br>Hengrui (RI&I and oncology); Empirico (COPD); and <br>LTZ Therapeutics (oncology) |
| New collaborations including the GSK-Oxford <br>Experimental Medicine Collaboration and a first-of <br>-its-kind research initiative with the UK Dementia <br>Research Institute and Health Data Research UK | New collaborations including the GSK-Oxford <br>Experimental Medicine Collaboration and a first-of <br>-its-kind research initiative with the UK Dementia <br>Research Institute and Health Data Research UK | New collaborations including the GSK-Oxford <br>Experimental Medicine Collaboration and a first-of <br>-its-kind research initiative with the UK Dementia <br>Research Institute and Health Data Research UK |

---

![](gsk-20251231_g13.gif)

![Key_Highlights_box.gif](gsk-20251231_g14.gif)

**Our R&D approach**

Our R&D approach combines our deep understanding

of the science of the immune system with advanced

technologies to develop best-in-class medicines and

vaccines that address major areas of medical need.

Advances in science and technology mean we are

increasingly able to target the underlying drivers of disease

so we can predict, pre-empt and even prevent it, giving

people the chance to live not just longer, but healthier lives.

Our extensive clinical trial data, early use of human

genetics and functional genomics, and investment in data

and translational collaborations give us a deep

understanding of human biology. We're applying this

expertise to drive innovation across our pipeline with more

opportunity and focus than ever before.

We focus on four therapeutic areas – respiratory,

immunology and inflammation; oncology; HIV; and

infectious diseases – where we have the strongest

expertise and significant patient need remains. By

developing differentiated medicines and vaccines across

these areas, we can deliver patient benefit at scale and

generate value for people, health systems, shareholders

and society.

**Focusing on execution, technology and** 

**culture**

Three priorities underpin our R&D to ensure we

competitively deliver what matters most:

–Execution – accelerating delivery of our pipeline of

innovative medicines and vaccines for patients who

need them. Find out more about the latest developments

across our four therapy areas:

---

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|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | See page [14](#ie22c70781ec24e178b4ec838768832e2_73) |

---

–Technology –Technology is driving innovation across all

aspects of our R&D. Discover how we deploy advanced

data and platform technologies to develop medicines

and vaccines with greater pace, precision and

probability of success:

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | See page [30](#ie22c70781ec24e178b4ec838768832e2_100) |

---

–Culture – Our company's culture is to be ambitious for

patients, accountable for impact and do the right thing.

In R&D, this creates an environment where we can focus

on developing medicines and vaccines that, based on

clinical merit, are better than what's available to patients

today. We continue to take action at all levels of R&D

to accelerate our culture. This includes continuing to

strengthen accountability and scientific courage. We aim

to empower individuals to make data-driven decisions,

increasingly enabled by tech, so we can deploy

resources to projects with the potential for greatest

impact:

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read about our company's culture and people on page [57](#ie22c70781ec24e178b4ec838768832e2_169) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Research and development continued | Research and development continued | Research and development continued | Research and development continued | Research and development continued |

---

Execution<br>

**Accelerating delivery of our pipeline of innovative** 

**medicines and vaccines for patients who need them.** 

Our focus on the science of the immune system, use of

advanced technologies and targeted partnerships are

resulting in clear pipeline progress and momentum.

In 2025, total R&D expense was £7.5 billion, up 18% AER,

19% CER. We have 58 assets in our pipeline with over half

of these coming through business development. Over the

past year we began six phase I development programmes,

moved two assets into phase II and three into phase III. We

had seven positive phase III data readouts and 15

approvals across major geographies, including achieving

five key approvals in the US.

In 2025, we extended our leadership in respiratory with

FDA approvals for *Nucala*, the first and only once-monthly

biologic in chronic obstructive pulmonary disease (COPD)

characterised by an eosinophilic phenotype and *Exdensur* 

in asthma with type 2 inflammation. We also made

progress with our growing hepatology pipeline with positive

pivotal phase III data for bepirovirsen in chronic hepatitis

B. In oncology, we continued to build momentum with major

approvals for *Blenrep*, including in the US, Europe and

Japan, for patients with multiple myeloma.

In HIV, we added to the growing body of clinical and

real-world efficacy, safety and tolerability data for our

current portfolio and progressed our innovative pipeline

of next generation long-acting medicines that people

tell us they want and need.

We also made progress in infectious diseases with

approvals for *Penmenvy*, our 5-in-1 meningococcal

vaccine, and *Blujepa*, the first in a new class of oral

antibiotics for uncomplicated urinary tract infections and

uncomplicated gonorrhoea in almost three decades.

Over 75% of our pipeline assets have best-in-class and/or

first-in-class potential meaning we are well-positioned to

address future medical need across our core therapeutic

areas and confident in our medium- and long-term growth

strategy.

**Strengthening innovation through collaboration** 

**and business development** 

Over half of our pipeline has been shaped through

business development and strategic partnerships with

leading academic institutions and pioneering companies at

the forefront of scientific and technological innovation.

In 2025, our business development focused on further

strengthening our respiratory, immunology and

inflammation (RI&I) and oncology pipelines, resulting

in more than 10 acquisitions and discovery collaborations,

including assets with first- and/or best-in-class potential.

Our agreement with Hengrui Pharma to develop up

to 12 innovative medicines across RI&I and oncology

included HRS-9821, a PDE3/4 inhibitor for treatment of

COPD. We also entered into an agreement with Empirico

for EMP-012, a highly selective siRNA – a type of

oligonucleotide – currently in phase I for COPD. These

agreements support our ambition to treat patients across a

wide spectrum and complement our current portfolio of

inhaled and biologic treatments.

Other RI&I acquisitions included efimosfermin, a medicine

to treat and prevent progression of steatotic liver disease

(SLD) and RAPT Therapeutics including ozureprubart, a

potentially best-in-class anti-IgE antibody, in development

for prophylactic protection against food allergens.

We strengthened our oncology pipeline with the acquisition

of velzatinib (formerly IDRX-42) for gastrointestinal stromal

tumours (GIST) and a novel preclinical antibody-drug-

conjugate (ADC) from Syndivia for metastatic castration-

resistant prostate cancer (mCRPC). Our research

collaboration with LTZ will advance up to four potential first-

in-class myeloid cell engager therapies targeting

haematologic cancers and solid tumours.

Academic collaborations are integral to our approach

and central to advancing scientific discovery. In 2025,

we progressed initiatives such as the GSK-Oxford Cancer

Immuno-Prevention programme studying pre-cancer

biology to inform novel approaches to cancer vaccination.

We also announced the Oxford-GSK Experimental

Medicine Collaboration, a five-year partnership to fund the

Oxford Experimental Medicine Clinical Research Facility to

accelerate testing of multiple medicines across cellular

mechanisms in immune-mediated inflammatory diseases.

We are also collaborating with the UK Dementia Research

Institute and Health Data Research UK to apply rigorous,

population-scale health data science to explore whether

the Recombinant Zoster Vaccine may help reduce

inflammation and support healthy ageing.

Our targeted approach to collaboration and business

development strengthens our portfolio in areas of high

unmet need, using both internal innovation and external

partnerships to deliver transformative medicines to patients

at pace and scale.

---

| | |
|:---|:---|
| ![Read.more.jpg](gsk-20251231_g15.jpg) | Read more about our technology collaborations on page [30](#ie22c70781ec24e178b4ec838768832e2_100) |

---

**Focusing on our four core therapeutic areas**

---

| | |
|:---|:---|
| ![Read.more.jpg](gsk-20251231_g15.jpg) | [Respiratory, immunology and inflammation, see page](#ie22c70781ec24e178b4ec838768832e2_76)[15](#ie22c70781ec24e178b4ec838768832e2_79) |
| ![Read.more.jpg](gsk-20251231_g15.jpg) | Oncology, see page [19](#ie22c70781ec24e178b4ec838768832e2_85) |
| ![Read.more.jpg](gsk-20251231_g15.jpg) | HIV, see page [23](#ie22c70781ec24e178b4ec838768832e2_91) |
| ![Read.more.jpg](gsk-20251231_g15.jpg) | Infectious diseases, see page [26](#ie22c70781ec24e178b4ec838768832e2_97) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Research and development continued | Research and development continued | Research and development continued | Research and development continued | Research and development continued |

---

Respiratory, immunology and inflammation <br>

We're building on decades of knowledge in inflammatory

mechanisms to lead in respiratory and target fibrotic lung,

liver and kidney disease. We're harnessing our expertise in

![](gsk-20251231_g16.gif)

–Three of the top six causes of death worldwide are

lung diseases, which claim 7 million lives each year.

–Asthma and COPD affect around 550 million people

globally.

–Many people with asthma and COPD continue to

experience symptoms and exacerbations despite

currently available treatments

the science of the immune system to deeply understand

the underlying drivers of disease and using advanced

technologies to explore and validate new treatment

pathways so we can reach even more patients.

With over five decades of expertise in conditions like

asthma and COPD, we have a deep understanding of the

drivers of respiratory disease and the role that inflammation

plays. We're using this insight, along with cutting-edge

data and platform technologies, to deliver next-generation

treatments, moving beyond symptom control to modify

underlying disease dysfunction.

Building on our understanding of the science of the

immune system, we're extending our expertise to target

fibrotic diseases of the lung, liver and kidneys so we can

intervene earlier and prevent, treat, stop and even

potentially reverse disease.

**In this section:**

---

| | |
|:---|:---|
| **Asset** | **Potential indication/**<br>**label expansion**<sup>1</sup><br>|
| *Exdensur* (depemokimab) | Ultra-long-acting anti-IL-5 <br>monoclonal antibody for five <br>conditions<br>|
| *Nucala* (mepolizumab) | Anti-IL-5 monoclonal antibody <br>for five conditions<br>|
| Camlipixant | P2X3 inhibitor for refractory <br>chronic cough <br>|
| Low-carbon *Ventolin* <br>(salbutamol)<br>| Short-acting beta 2 agonist for <br>asthma and COPD with next-<br>generation propellant <br>HFA-152a<br>|
| Bepirovirsen<sup>2</sup> | Antisense oligonucleotide for <br>chronic hepatitis B<br>|
| Efimosfermin | FGF21 analog therapeutic <br>for metabolic dysfunction-<br>associated steatohepatitis <br>(MASH) and alcoholic liver <br>disease (ALD)<br>|
| Gatuzosiran (GSK'990) | Oligonucleotide for MASH <br>and ALD<br>|
| Linerixibat  | IBAT inhibitor for cholestatic <br>pruritus in primary biliary <br>cholangitis <br>|

---

---

| | |
|:---|:---|
| ![Read.more.jpg](gsk-20251231_g15.jpg) | See a more detailed pipeline listing on pages [32](#ie22c70781ec24e178b4ec838768832e2_103) and [255](#ie22c70781ec24e178b4ec838768832e2_562) |

---

**Respiratory**

Respiratory diseases like asthma and COPD pose

significant challenges to the physical, social and emotional

wellbeing of millions of patients worldwide. Despite the

availability of inhaled therapies, around half of respiratory

patients continue to experience exacerbations. Preventing

these, especially severe exacerbations leading to

hospitalisation, is essential to improve patient outcomes

and reduce pressure on healthcare systems.

**Next-generation treatments for patients** 

**with type 2 inflammation**

Type 2 inflammatory conditions encompass a range

of diseases including asthma, COPD and chronic

rhinosinusitis with nasal polyps (CRSwNP). A cytokine

(protein), known as interleukin-5 (IL-5), plays a key role

in driving this inflammation, making it a proven target for

treatment. Type 2 inflammation is the underlying driver

of unpredictable exacerbations and impacts over 80% of

people with severe asthma and up to 40% of people with

COPD. Rarer diseases including eosinophilic

granulomatosis with polyangiitis (EGPA) and

hypereosinophilic syndrome (HES) are also driven by IL-5.

Long-acting therapies that target the underlying drivers of

disease to provide sustained suppression of inflammation

could help control these diseases more effectively and for

longer periods, potentially improving patient outcomes and

quality of life.

***Exdensur* (depemokimab) – the first ultra-long-acting** 

**biologic with twice-yearly dosing for patients with** 

**asthma** 

In 2025, we made substantial progress in advancing

therapies that target the underlying drivers of disease.

IL-5 is an underlying driver of type 2 inflammation;

*Exdensur* targets IL-5 and is the first and only ultra-long-

acting twice-yearly treatment for people with asthma with

type 2 inflammation. An estimated two million Americans

live with severe asthma and 50% continue to experience

frequent exacerbations and hospitalisations. *Exdensur*'s

ultra-long-acting profile and twice-yearly dosing could

(1)Assets with existing approval or in development for label expansion

are italicised

(2)Bepirovirsen is an infectious disease asset, reported on here in the

context of our hepatology pipeline

offer sustained protection from exacerbations, fewer

hospital stays, and limit cumulative lung damage.

It represents a significant step forward, potentially

redefining care for millions of patients.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Research and development continued | Research and development continued | Research and development continued | Research and development continued | Research and development continued |

---

In December 2025, *Exdensur* was approved in the US for

the treatment of severe asthma. It was also approved in the

UK and Japan for severe asthma and CRSwNP and in early

2026, it was granted approval for both conditions in

Europe. Regulatory submissions are under review across

the globe, including in China, supported by data from the

positive pivotal SWIFT and ANCHOR phase III trials.

SWIFT-1 and -2 showed depemokimab significantly

reduced exacerbations (asthma attacks), including those

leading to hospitalisation, versus placebo in patients with

asthma with type 2 inflammation. ANCHOR-1 and -2,

published in The Lancet in 2025, showed early and

sustained reductions in nasal polyp size and nasal

obstruction versus placebo.

Depemokimab is also being explored in HES and EGPA,

and in 2025 we initiated several phase III trials in COPD.

The ENDURA-1 and -2 trials are evaluating depemokimab

as an add-on therapy for patients with uncontrolled

moderate to severe COPD with type 2 inflammation. The

VIGILANT phase III trial is assessing early use in COPD

patients with type 2 inflammation who have experienced

one exacerbation and are at considerable risk for future

exacerbations.

**Offering a new treatment option for COPD with *Nucala***

*Nucala* (mepolizumab), our first-in-class anti-IL-5 biologic,

is approved in over 56 countries for multiple diseases with

underlying type 2 inflammation, including severe asthma

and CRSwNP. This has now expanded to include COPD

with an eosinophilic phenotype.

COPD-related hospitalisations are a major healthcare

challenge and are projected to become the leading cause

of medical admissions, surpassing ischaemic heart

disease. A quarter of patients hospitalised for a COPD

exacerbation will return within 30 days and almost 90% will

return within the year, marking one of the highest

readmission rates. There is a need for earlier intervention to

improve outcomes for patients, communities and health

systems. COPD alone could cost the global economy $4

trillion by 2050 due to factors like hospital stays.

In 2025, the US FDA approved *Nucala* as an add-on

maintenance treatment for adults with inadequately

controlled COPD and an eosinophilic phenotype.

Eosinophils, a type of white blood cell, are a biomarker

for type 2 inflammation and can indicate if a patient is

at risk of COPD exacerbations.

The FDA approval was based on data from our MATINEE

phase III trial, published in the New England Journal of

Medicine in 2025, and METREX phase III trial. In these

studies, *Nucala* showed a clinically meaningful and

statistically significant reduction in the rate of moderate

or severe exacerbations versus placebo in a wide range

of COPD patients with an eosinophilic phenotype. It is

the only biologic with data that specifically demonstrated

a reduction in emergency department visits and/or

hospitalisation in a phase III trial.

In early 2026*, Nucala* was also approved for patients

with COPD in China and Europe, with further regulatory

submissions under review globally.

**Addressing the unmet need in refractory chronic cough** 

**with camlipixant**

Refractory chronic cough (RCC) is a debilitating condition

with an estimated 10 million people diagnosed globally

who could be suitable for a potential new treatment like

camlipixant. RCC is a disease that may be associated with

hypersensitive nerves. It can cause patients to cough more

than 400 times a day alongside complications such as

urinary incontinence. Despite its significant burden, there

are few, if any, effective and approved therapeutic options

available for patients with RCC.

Lack of awareness of RCC means patients can live with the

condition for decades, undergoing diagnostic procedures

and taking treatments that are not necessarily effective

because they don't target the underlying cause of their

disease. This can severely impact patients' quality of life

and lead to inefficient use of healthcare resources. Patients

also face an economic burden due to time missed from

work and societal stigma and isolation.

Camlipixant is our oral, highly selective P2X3 receptor

antagonist currently in phase III development as a potential

treatment for patients with RCC. Clinical data have shown

that by selectively inhibiting P2X3 receptors, camlipixant

may lower cough frequency for RCC patients with a

potential best-in-class tolerability profile. The CALM-1 trial

has been completed. Results will be disclosed in 2026

when the second phase III trial CALM-2 is expected to

read out.

**One step closer to a low-carbon reliever MDI**

Used during an exacerbation, salbutamol in a metered

dose inhaler (MDI) can help by immediately treating a

sudden onset of respiratory symptoms, such as

breathlessness. Each year, 300 million salbutamol MDIs

are sold globally. Due to the scale of volume and

worldwide use of salbutamol, our MDI *Ventolin* accounts for

approximately 45% of our total carbon footprint, driven by

the propellant's high global warming potential.

To address this, we've developed a next-generation

*Ventolin* MDI using HFA-152a, a low-carbon propellant,

alongside advanced manufacturing. Data from our low-

carbon version programme confirm therapeutic

equivalence and comparable safety, and published

findings show a 92% reduction in carbon footprint per

inhaler. These findings support regulatory submissions for

the next-generation version, an important advance towards

bringing a more sustainable option for patients worldwide.

---

| | |
|:---|:---|
| ![Read.more.jpg](gsk-20251231_g15.jpg) | For more, read page [50](#ie22c70781ec24e178b4ec838768832e2_154) on our commitment to work towards a net <br>zero, nature positive, healthier planet.  |
|  | For more, read page [50](#ie22c70781ec24e178b4ec838768832e2_154) on our commitment to work towards a net <br>zero, nature positive, healthier planet.  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Research and development continued | Research and development continued | Research and development continued | Research and development continued | Research and development continued |

---

**Immunology and inflammation** 

We're driving innovation across immune-mediated

conditions by combining deep expertise in immunology

and inflammatory mechanisms supported by our in-house

proprietary data and platform technologies. This integrated

approach is unlocking new opportunities to understand

disease biology, identify novel targets and match the right

treatments to the right patients.

In liver disease, we're applying insights from genomics

and disease phenotyping to target inflammation and

fibrosis, aiming to slow or even reverse disease

progression. Our growing hepatology pipeline includes

assets for chronic hepatitis B and steatotic liver disease

(SLD).

**Advancing hepatitis B treatment towards functional cure**

Over 250 million people are chronically infected with

hepatitis B virus (CHB) which causes approximately

1.1 million deaths each year, and accounts for around

56% of liver cancer cases.

Despite the WHO identifying hepatitis B as a global

public health threat and setting ambitious targets for

its elimination by 2030, progress remains a significant

challenge. Intensified action across diagnosis, treatment,

and vaccination is needed to meet these targets.

Bepirovirsen, our triple-action antisense oligonucleotide,

is a potential new treatment option for people with CHB

when combined with the current standard of care –

nucleoside / nucleotide analogues.

Positive results from the B-Well 1 and B-Well 2 phase III

trials were shared in early 2026. Bepirovirsen

demonstrated a statistically significant and clinically

meaningful functional cure rate – where levels of virus in

the blood and liver are so low that the infection is controlled

without medication.

Functional cure rates were significantly higher with

bepirovirsen plus standard of care compared with

standard of care alone which typically sees approximately

1% of patients achieve functional cure. Functional cure

is associated with significant reduction in the risk of long-

term liver complications, including liver cancer, as well as

all-cause mortality.

Bepirovirsen has been recognised by global regulatory

authorities for its innovation and potential to address

significant unmet need in hepatitis B, with Fast Track

designation from the US FDA, Breakthrough Therapy

designation in China and SENKU designation in Japan.

We have licensed daplusiran/tomligisiran (GSK5637608,

formerly JNJ-3989), an investigational hepatitis B therapy,

to support development of a new sequential regimen with

bepirovirsen aimed at achieving a functional cure in more

patients. In 2025, we completed recruitment of B-United,

a sequential phase II trial ahead of schedule. The trial is

evaluating daplusiran/tomligisiran followed by bepirovirsen

in participants with chronic hepatitis B. We expect this trial

to read out in 2027.

**Advancing treatments for steatotic liver disease** 

Steatotic liver disease (SLD) affects up to 5% of adults

around the world. It includes several conditions associated

with accumulation of fat in the liver, including metabolic

dysfunction-associated steatohepatitis (MASH), which

affects up to 300 million people, and advanced alcoholic

liver disease (ALD), which affects around 26 million people.

**Efimosfermin** 

In 2025, we acquired efimosfermin alfa, a potentially best-in-

class investigational medicine aimed at treating, preventing

and potentially reversing the progression of SLD.

This novel once-monthly FGF21 analog therapeutic is in

development for treating MASH, including cirrhosis, with

potential for future development in ALD. Currently, MASH

and ALD have limited treatment options and are the leading

causes of liver transplant in the US, representing a

significant cost to healthcare systems.

We presented phase II data in 2025 showing that once-

monthly efimosfermin delivered improvements in fibrosis

and MASH resolution over 48 weeks. This included

improvements in liver and cardiometabolic markers, versus

patient baseline and placebo groups, plus a generally well-

tolerated safety profile.

Efimosfermin has now advanced to phase III development

following the start of the ZENITH trials. These trials are

investigating its efficacy and safety in patients with

moderate and advanced fibrosis caused by MASH.

Efimosfermin has a direct anti-fibrotic mechanism of action

which may have an impact in more advanced stages of

SLD. We also see opportunities in combination with

gatuzosiran (GSK'990), our siRNA therapeutic in

development for other subsets of patients with SLD.

**Gatuzosiran (GSK'990)**

Gatuzosiran is our investigational RNA interference

therapeutic for SLD to help address liver fibrosis in ALD

and MASH. Genetic analysis shows a strong association

between the HSD17B13 gene and advanced ALD and

MASH. Gatuzosiran targets HSD17B13 resulting in highly

specific binding to receptors that are only expressed on

liver cells.

Gatuzosiran is currently in phase II development to address

liver fibrosis associated with ALD and MASH, and prevent

disease progression, with an improved dosing schedule

versus current treatment.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Research and development continued | Research and development continued | Research and development continued | Research and development continued | Research and development continued |

---

**Linerixibat – for treatment of cholestatic pruritus**

Primary biliary cholangitis (PBC) is a rare autoimmune

liver disease that disrupts the flow of bile from the liver,

leading to the accumulation of bile acids. This can lead

to cholestatic pruritus, an intense internal itch. While

first-line treatments for PBC effectively control the

disease, around 70% fail to address the debilitating

effects of pruritus.

Linerixibat is our investigational targeted inhibitor of the

ileal bile acid transporter (IBAT). Regulatory applications

were accepted by the US FDA and European Medicines

Agency in 2025, supported by the GLISTEN phase III trial

which showed rapid, significant, and sustained

improvement in itch and sleep interference versus standard

of care.

**Latozinemab – for frontotemporal dementia (FTD-GRN)**

In 2025, headline results from the INFRONT-3 phase III

trial showed that although latozinemab treatment

increased plasma progranulin concentrations, it did not

show a clinical benefit of slowing FTD-GRN progression.

As a result, we discontinued the open-label extension

portion of the INFRONT-3 trial and the continuation

study for latozinemab.

**Nivisnebart – for early Alzheimer's disease**

Our PROGRESS-AD phase II clinical trial assessing

nivisnebart (AL101) in early Alzheimer's disease is

ongoing and fully enrolled, with an independent interim

analysis planned in the first half of 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Research and development continued | Research and development continued | Research and development continued | Research and development continued | Research and development continued |

---

Oncology<br>

Cancer is one of the world's leading causes of death, with

cases continuing to rise, placing a substantial burden on

healthcare systems and economies. We focus on where we

can make the most significant and meaningful difference,

aiming to intervene earlier to modify the course of disease,

redefine patient care and help prevent cancer before it starts.

![](gsk-20251231_g17.gif)

–Multiple myeloma is the third most common blood <br>cancer globally, with approximately 180,000 new <br>cases a year.<br>–Some current treatment options require treatment <br>in specialised centres, despite 70% of patients <br>receiving care in community settings. <br>–New therapies are needed as multiple myeloma often <br>becomes resistant to available treatments. <br>

Globally, one in five people will be diagnosed with cancer

in their lifetime, yet treatment options remain limited and

sub-optimal for many. In 2022, around 10 million people

died from the disease and, despite medical advances, the

overall five-year survival rate for all cancers is only around

69%. Cancer is complex, shaped by how cells grow,

communicate, and respond to the immune system. Our

oncology portfolio is designed to intervene based on how

cancer behaves, using the right targets and treatment

modalities to achieve the greatest impact.

Innovation in cancer care is critically needed, both to extend

survival and to significantly improve quality of life for those

living with, and being treated for, the disease. To get ahead

of cancer, we're harnessing our deep knowledge of the

immune system and advanced technologies to redefine

what's possible in cancer treatment. By understanding the

underlying drivers of disease, we're working to match the

right patients with the right treatment to improve survival

and quality of life and reduce side effects. We're expanding

rapidly beyond our focus in haematological and

gynaecological cancers into lung and gastrointestinal

cancers, prostate cancers, and other solid tumours. We're

advancing a promising and high-potential portfolio of

innovative oncology medicines – accelerating programmes

including our ADCs, immuno-oncology treatments, T-cell

engagers, and next-generation targeted small molecules.

**In this section:**

---

| | |
|:---|:---|
| **Asset** | **Potential indication/label** <br>**expansion**<sup>1</sup><br>|
| *Blenrep* (belantamab <br>mafodotin)<br>| BCMA-targeted ADC for multiple <br>myeloma <br>|
| GSK'227 (risvutatug <br>rezetecan)<br>| B7-H3-targeted ADC for lung, <br>prostate, colorectal and other <br>solid tumours<br>|
| GSK'584 (mocertatug <br>rezetecan)<br>| B7-H4-targeted ADC for <br>gynaecological cancers<br>|
| *Jemperli* (dostarlimab) | Anti-PD-1 monoclonal antibody <br>for endometrial, colorectal, and <br>head and neck cancers<br>|
| *Zejula* (niraparib) | PARP inhibitor for ovarian and <br>brain cancers<br>|
| *Ojjaara/Omjjara* <br>(momelotinib)<br>| JAK1, JAK2 and ACVR1 <br>inhibitor for myelofibrosis with <br>anaemia<br>|
| velzatinib<br>(formerly IDRX-42)<br>| A highly selective TKI for <br>gastrointestinal stomal tumours<br>|

---

---

| | |
|:---|:---|
| ![Read.more.jpg](gsk-20251231_g15.jpg) | See a more detailed pipeline listing on pages [32](#ie22c70781ec24e178b4ec838768832e2_103) and [255](#ie22c70781ec24e178b4ec838768832e2_562) |

---

(1)Assets with existing approval or in development for label expansion

are italicised

**Antibody drug conjugates**

***Blenrep* – potential to redefine multiple myeloma** 

**treatment** 

Multiple myeloma is a complex blood cancer that is

generally considered treatable but not curable, with nearly

all patients experiencing relapse as the disease becomes

resistant to available treatments. Re-treating with existing

therapies following relapse often results in sub-optimal

outcomes, highlighting the need for new and novel

therapies.

*Blenrep* (belantamab mafodotin) is our ADC treatment

for relapsed or refractory multiple myeloma. As the only

anti-BCMA ADC therapy approved for this disease it could

redefine treatment for patients with relapsed or refractory

multiple myeloma who need additional effective and

accessible options.

Data from two phase III head-to-head studies, DREAMM-7

and DREAMM-8, showed *Blenrep* in combination with

bortezomib and dexamethasone (BVd) or pomalidomide

plus dexamethasone (BPd) has the potential to extend

remission and improve survival compared to standard of

care for patients experiencing their first relapse or beyond

after at least one prior line of therapy. *Blenrep* is also fully

accessible across healthcare settings, including in

community centres where most patients receive care.

In 2025, *Blenrep* received approvals for both combinations

in second line and later relapsed or refractory multiple

myeloma in the US, EU, UK and Japan, plus several other

markets including Canada, Switzerland and Brazil. It is

currently under review in many other countries, including

China.

In the US, BVd is approved for adult patients with relapsed

or refractory multiple myeloma who have received at least

two prior lines of therapy.

Our robust DREAMM clinical development programme

is ongoing, aiming to advance *Blenrep* in earlier lines of

treatment, including for newly diagnosed patients. This

includes the ongoing phase III DREAMM-10 trial in newly

diagnosed transplant-ineligible patients, who represent

over 70% of patients starting therapy.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Research and development continued | Research and development continued | Research and development continued | Research and development continued | Research and development continued |

---

**Risvutatug rezetecan (Ris-Rez; GSK'227) – expanding** 

**treatment options for patients with solid tumours**

Risvutatug rezetecan is our investigational B7-H3-targeted

ADC. B7-H3 is a cell-surface protein frequently over-

expressed across a range of solid tumours, including lung,

prostate and colorectal cancers.

Our global development programme, EMBOLD, is

expanding into multiple cancer types. In 2025, we initiated

a phase III study in second-line extensive-stage small cell

lung cancer (ES-SCLC). GSK-led phase I and II studies are

also ongoing, evaluating both monotherapy and

combination approaches to inform registrational pathways.

In 2025, the European Medicines Agency (EMA) granted

risvutatug rezetecan orphan drug designation for the

treatment of pulmonary neuroendocrine carcinoma,

a category of cancer that includes ES-SCLC. The US FDA

also granted orphan drug designation for small-cell lung

cancer. Both designations recognise the potential of

risvutatug rezetecan to address a significant unmet need

for ES-SCLC, an aggressive cancer with poor outcomes

and limited treatment options. This follows previous

![](gsk-20251231_g18.gif)

–An estimated 1.6 million women live with active <br>disease, and 417,000 new cases are reported each <br>year worldwide. <br>–Around 15-20% of patients have advanced disease <br>when they're diagnosed.<br>–Incidence rates are expected to rise by approximately <br>40% between 2020 and 2040. <br>

regulatory designations in 2024, including EMA Priority

Medicines (PRIME) designation and FDA Breakthrough

Therapy Designation for relapsed or refractory ES-SCLC.

In 2025, the US FDA also granted risvutatug rezetecan

Breakthrough Therapy Designation for late-line relapsed

or refractory osteosarcoma (bone cancer). There are

currently no FDA-approved treatment options for patients

where osteosarcoma returns for a second time after lines

of therapy. Breakthrough Therapy Designation is granted

to medicines with the potential to treat serious conditions

and where clinical evidence shows substantial

improvement over current therapies

We expect data from GSK-led studies in the EMBOLD

programme to be presented in 2026 and beyond.

**Mocertatug rezetecan (Mo-Rez; GSK'584) – a potential** 

**treatment for endometrial and ovarian cancer**

Gynaecologic cancers remain an area of significant unmet

need. Many patients with endometrial and ovarian cancers

still face poor survival outcomes, especially in recurrent or

advanced disease. Mocertatug rezetecan (GSK'584) is our

ADC targeting B7-H4, a promising antigen highly

expressed in endometrial and ovarian cancers, with limited

expression in normal tissue.

Through our BEHOLD global development programme,

we're advancing mocertatug rezetecan in areas of high

unmet medical need, with plans to initiate registrational

phase III trials in 2026.

We also expect data from the GSK-led phase I/II studies for

this ADC to be presented in 2026.

**Immuno-oncology treatments**

***Jemperli* – the backbone of our immuno-oncology** 

**therapy** 

**Endometrial cancer**

*Jemperli* (dostarlimab) is the backbone of our immuno-

oncology-based research and development. Our ongoing

development programme includes studies investigating

*Jemperli* alone and in combination with other therapies in

gynaecologic, colon, rectal and head and neck cancers.

In 2025, the European Commission approved *Jemperli* 

in combination with chemotherapy (carboplatin and

paclitaxel) for first-line treatment of adult patients with

primary advanced or recurrent endometrial cancer who

are candidates for systemic therapy. Endometrial, or

uterine, cancer is the most common gynaecologic cancer

in developed countries.

This approval broadened the previous indication for

*Jemperli* plus chemotherapy in the EU to include patients

with mismatch repair proficient (MMRp)/microsatellite

stable (MSS) tumours. They represent approximately 75%

of patients diagnosed with endometrial cancer, who have

limited treatment options. *Jemperli* in combination with

chemotherapy as first line treatment for primary advanced

or recurrent endometrial cancer is the only approved

regimen to demonstrate a statistically significant overall

survival benefit versus chemotherapy alone.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Research and development continued | Research and development continued | Research and development continued | Research and development continued | Research and development continued |

---

**Rectal cancer**![](gsk-20251231_g19.gif)

–Rectal cancer is a form of colorectal cancer – <br>the world's third most diagnosed cancer globally.<br>–Colorectal cancer accounts for around a tenth of <br>all cancer cases and is the second-leading cause <br>of cancer-related death. <br>

In 2025, new data in patients with locally advanced

dMMR / MSI-H rectal cancer were shared from a GSK-

supported collaborative study with Memorial Sloan

Kettering Cancer Center. The study continued to show an

unprecedented 100% clinical complete response rate (no

evidence of tumours) in 42 patients treated with

dostarlimab monotherapy. These findings add to the

growing body of evidence of dostarlimab in the curative-

intent setting for locally advanced dMMR/MSI-H rectal

cancer, where there is a significant unmet need for new

treatment options that preserve quality of life.

We are evaluating dostarlimab in this setting in the ongoing

phase II registrational AZUR-1 trial. Initial data are

expected in 2026. In the US, dostarlimab has received

both Breakthrough and Fast Track designations in this

indication, reinforcing its potential to address significant

unmet need. It was also awarded a Commissioner's

National Priority Voucher in the US in 2025.

The AZUR-2 trial in colon cancer is also ongoing.

**Other investigational combination programmes** 

**with *Jemperli***

We see significant potential to further explore the benefits

of *Jemperli* alone and in combination. In 2025, we

continued to progress the phase III JADE study in locally

advanced head and neck cancer which affect hundreds of

thousands of patients – over 90% of whom have squamous

cell carcinoma with the majority diagnosed at a locally

advanced stage. This is expected to read out in 2028.

We are also exploring the potential use of *Jemperli* in

combination with our antibody drug conjugates.

In 2025, we discontinued development of select

programmes to focus on areas with greater potential

impact.

This included our CD226 axis development programme –

comprising of belrestotug (anti-TIGIT), nelistotug (anti-

CD96) and remsistotug (anti-PVRIG) – following interim

analyses from the phase II GALAXIES Lung-201 and

GALAXIES H&N-202 studies, which didn't meet the

established efficacy criteria for continued development.

The decision is in line with data-driven inflection points

built into the programme, ensuring interim data inform

development and capital allocation.

We also announced the decision to end the cobolimab

development programme based on the phase III COSTAR

Lung trial evaluating cobolimab, dostarlimab and docetaxel

combinations.

**Next-generation small targeted molecules**

***Zejula* – our PARP inhibitor for the treatment of ovarian** 

**cancer – now being explored for glioblastoma**

![](gsk-20251231_g20.gif)

–Glioblastoma is the most aggressive and most <br>common type of brain cancer.<br>–Around 250,000 cases of glioblastoma are newly <br>diagnosed each year around the world and are often <br>associated with a poor prognosis and quality of life. <br>–The five-year survival rate of less than 7% has <br>remained nearly unchanged for decades, <br>highlighting an urgent need for more innovation. <br>

We continue to assess the potential of niraparib, currently

approved as *Zejula* as a maintenance therapy for treating

advanced ovarian cancer, in addressing other challenging

cancers.

Niraparib monotherapy is being evaluated in patients

with newly diagnosed, MGMT unmethylated glioblastoma

in the phase III GLIOFOCUS trial sponsored by the Ivy

Brain Tumor Center and supported by GSK.

In October 2025, the US FDA granted orphan drug

designation (ODD) to niraparib for the treatment of

malignant glioma, including glioblastoma. ODD is a special

status granted by the FDA to medicines intended to treat,

diagnose or prevent rare diseases. Early clinical data

suggest that niraparib could have potential as an effective

treatment for patients with newly diagnosed, MGMT

unmethylated glioblastoma.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Research and development continued | Research and development continued | Research and development continued | Research and development continued | Research and development continued |

---

***Ojjaara/Omjjara* – a standard of care for myelofibrosis** 

**with anaemia**

Myelofibrosis (MF) is a rare disease affecting about

1 in 500,000 people worldwide, with most patients

eventually developing severe anaemia that requires

regular transfusions.

*Ojjaara*, known as *Omjjara* in several countries, is the only

medicine indicated for newly diagnosed and previously

treated MF adults with anaemia. More established MF

treatments can exacerbate anaemia, while *Ojjaara* is the

only therapy demonstrating durable clinical benefit on

spleen response, symptoms and anaemia for patients

with MF.

In 2025, *Ojjaara* continued to demonstrate its potential,

with new analyses underscoring the importance of earlier

intervention to achieving a dual response and improving

outcomes. Studies are underway to potentially expand the

label into additional indications including myelodysplastic

syndromes.

**Strengthening our oncology pipeline with targeted** 

**business development and world-leading partnerships**

In 2025, we acquired IDRx, the Boston-based clinical-

stage biopharmaceutical company which developed

precision therapeutics to treat gastrointestinal stromal

tumours (GIST). The acquisition included lead molecule

IDRX-42 (now velzatinib), an investigational, highly

selective tyrosine kinase inhibitor (TKI) designed to

improve outcomes for GIST patients. Phase III trials in

second-line (2L) GIST started late in 2025. We are also

aiming to initiate the first-line (1L) phase III study in 2026.

GIST typically presents in the gastrointestinal tract with

80% of cases driven by mutations in the KIT gene that lead

to the growth, proliferation and survival of tumour cells.

Velzatinib has demonstrated activity pre-clinically against

all clinically relevant primary and secondary KIT mutations,

a key medical need in current GIST treatment.

We also acquired a novel preclinical antibody-drug-

conjugate (ADC) from Syndivia for metastatic castration-

resistant prostate cancer (mCRPC) and entered into a

research collaboration with LTZ to advance up to four

potential first-in-class myeloid cell engager therapies

targeting haematologic cancers and solid tumours.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Research and development continued | Research and development continued | Research and development continued | Research and development continued | Research and development continued |

---

HIV<br>

**For nearly four decades we've led the way in HIV** 

**innovation, pioneering medicines that continue to** 

**transform the lives of people living with HIV or those** 

**who could benefit from HIV pre-exposure prophylaxis** 

**(PrEP). Having launched the first long-acting injectable** 

**options for HIV treatment and prevention, people now** 

**have the option to take medication a few times a year** 

**instead of every day. We're now focused on even** 

**longer dosing intervals and options for people to treat** 

**at home, as well as ultimately finding a cure.**![GSK_AR25_Grey_Panels_HIV_P25.gif](gsk-20251231_g21.gif)

–Around 40.8 million people live with HIV worldwide.<br>–1.3 million new cases of HIV are diagnosed each <br>year highlighting an urgent need for new options <br>to prevent and treat HIV.<br>

Our work on HIV is led by ViiV Healthcare, which we

majority-own, with Pfizer and Shionogi as shareholders.<sup>1</sup>

ViiV Healthcare is the only company 100% dedicated to

preventing, treating and curing HIV, with a mission to leave

no person living with HIV behind and an ambition to end

the HIV and AIDS epidemics.

As pioneers in HIV care, our portfolio reflects a deep

understanding of the HIV community. From launching

the first oral two-drug regimens; developing a dispersible

once-daily treatment for children living with HIV; and being

the first to market long-acting injectables, we continue to

lead the way in transforming the HIV treatment and

prevention paradigm.

Both our portfolio and pipeline are built on the foundation of

integrase strand transfer inhibitors (INSTIs) which are

trusted by healthcare professionals (HCPs) worldwide due

to their potency, long-term tolerability and high barrier to

resistance. We began with dolutegravir, the first second-

generation INSTI, which set the standard for daily oral

treatment. Following this, we introduced cabotegravir,

a long-acting injectable that allows for treatment (when

combined with rilpivirine) and prevention of HIV with a

visit to the clinic every two months, rather than taking

daily tablets.

Long-acting injectables continue to transform HIV care

by tackling common challenges associated with daily

oral medications, such as stigma, fear of disclosure and

treatment adherence.

In 2025, we built on our growing and differentiated body

of clinical data, implementation studies and real-world

evidence showing the effectiveness of – and patient

preference for – long-acting injectables, reinforcing the

strength of our current portfolio. We also continued to

progress our innovative pipeline that will not only enable us

to deliver the next generation of HIV medicines that people

tell us they want and need but also navigate dolutegravir's

loss of exclusivity towards the end of the decade.

**In this section:**

---

| | |
|:---|:---|
| **Asset** | **Indication/potential indication**<sup>2</sup> |
| *Cabenuva* <br>*(*cabotegravir/rilpivirine)<br>| Two-monthly long-acting injectable <br>for HIV treatment<br>|
| *Apretude* (cabotegravir) | Two-monthly long-acting injectable <br>for HIV prevention<br>|
| *Dovato* (dolutegravir/<br>lamivudine)<br>| Oral 2-drug daily regimen for HIV <br>treatment<br>|
| VH184 | Third-generation INSTI for long-<br>acting HIV treatment <br>|
| VH310 | A pro-drug of cabotegravir for <br>long-acting HIV treatment and <br>prevention<sup>3</sup><br>|
| CAB-ULA | UItra-long-acting cabotegravir with <br>a pharmacokinetics profile that <br>supports four-monthly dosing <br>|
| VH499 | Capsid inhibitor for long-acting HIV <br>treatment and self-administration <br>|
| N6LS | Broadly neutralising antibody <br>(bNAb) for long-acting HIV <br>treatment and cure <br>|

---

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | See a more detailed pipeline listing on pages [32](#ie22c70781ec24e178b4ec838768832e2_103) and [255](#ie22c70781ec24e178b4ec838768832e2_562) |

---

**Reinforcing the strength of our current** 

**portfolio**

***Cabenuva* – new approval and data for our world-first** 

**long-acting injectable treatment** 

*Cabenuva* (cabotegravir; rilpivirine, known as *Vocabria* 

*+ Rekambys* in Europe and Japan) is the world's first and

only complete, long-acting injectable treatment for HIV,

available in 29 markets and currently benefiting 103,000

people living with HIV. Administered in a clinic as few as

six times a year, it offers an alternative to daily pills.

Following 24-week MOCHA trial data – which showed

our long-acting treatment regimen was highly acceptable

and tolerable for adolescents, with 99% of participants

preferring it to a daily oral regimen when given the option –

the European Commission authorised *Vocabria +* 

*Rekambys* in 2025 to treat HIV in adolescents aged 12 and

over who are virologically suppressed. In 2023, there were

1.55 million 10-19-year-olds living with HIV. People in this

age bracket typically have lower viral suppression and

reported adherence to treatment than older age groups.

(1)On 20 January 2026, GSK reached agreement with Pfizer and

Shionogi for the 11.7% economic interest in ViiV Healthcare currently

held by Pfizer to be replaced with an investment by Shionogi. GSK will

maintain its 78.3% economic interest. For more information, see the

Group financial review on pages [71](#ie22c70781ec24e178b4ec838768832e2_208) to [96](#ie22c70781ec24e178b4ec838768832e2_259)

(2)Assets with existing approval or in development for label expansion

are italicised

(3)VH310 is an inactive compound (known as a pro-drug) that converts

to active cabotegravir when administered into the body. This chemical

modification allows the drug to stay in the system for longer, allowing

for extended intervals between doses

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Research and development continued | Research and development continued | Research and development continued | Research and development continued | Research and development continued |

---

In 2025, we added to the growing body of real-world

evidence – now including over 25,000 people living with

HIV – demonstrating not only the high long-term

effectiveness of *Cabenuva* but also high patient preference

and treatment satisfaction compared to daily pills. We also

shared data from our VOLITION phase IIIb study, showing

that 89% of eligible treatment-naive people with HIV chose

to switch from daily pills to *Cabenuva* after achieving rapid

viral suppression with a dolutegravir-based regimen.

***Apretude* – new data on effectiveness of our long-acting** 

**injectable for HIV prevention**

*Apretude* (cabotegravir long-acting or CAB LA) is our

first-to-market long-acting injectable PrEP, administered

intramuscularly by a physician six times a year. Over three

years of real-world data have shown more than 99%

effectiveness, as well as high tolerability across broad

groups of users<sup>1</sup>. Around 28,000 people are currently

benefiting from *Apretude* in the US.

In 2025, National Institute for Health and Care Excellence

(NICE) and the Scottish Medicines Consortium (SMC)

issued positive recommendations for *Apretude*, making it

the first and only long-acting injectable for PrEP available

for reimbursement in the UK. This is important as it

expands the range of prevention options available in the

UK for people at risk of acquiring HIV who cannot have oral

PrEP.

Data from two implementation studies in 2025 showed no

cases of HIV acquisition with *Apretude*. The first – PILLAR

– focused on 12-month data from 17 clinics in the US, and

the second – ImPrEP CAB Brazil – also found 83%

(n=1200/1447) of participants chose CAB LA over oral

PrEP for HIV prevention.

We also shared results from CLARITY, a phase I study

comparing acceptability and tolerability of single-dose

CAB LA for PrEP with lenacapavir. We know patient

experience is an important factor for injectables. Results

showed 69% (n=42/61) of participants found CAB LA to

be 'totally or very acceptable' compared to 48% with

lenacapavir, and 90% (n=54/60) of participants and 86%

(n=6/7) of HCPs preferred CAB LA over lenacapavir after

a single dose. These findings underscore the importance

of individual choice and informed decision making in

choice of long-acting injectable HIV therapy or prevention

options.

***Dovato* – data underline long-term efficacy**

*Dovato* (dolutegravir/lamividine) is our oral two-drug daily

treatment regimen, anchored by dolutegravir, and

approved in the US, Europe, Japan, Australia and other

countries. Currently, around 758,000 people living with HIV

take *Dovato*.

In 2025, data presented from the PASO DOBLE study

showed over 96 weeks the sustained, non-inferior efficacy

of *Dovato*, with less weight gain, among participants

compared to the three-drug treatment regimen, Biktarvy.

We know that people living with HIV are concerned about

taking more medicines as they age, as well as being

interested in their long-term metabolic health.

**Our pipeline – developing the next generation** 

Built on the foundation of INSTIs, our pipeline momentum

continued in 2025 with key readouts across multiple long-

acting options, all with strong profiles that will deliver what

patients have told us they want and need.

As part of our development work, we're exploring a range

of next-generation INSTIs, a capsid inhibitor and a bNAb

that will enable us to continue the transition of our portfolio

to long-acting injectables and deliver the next phase of HIV

innovation.

**VH184 – a potent, investigational third-generation INSTI** 

In 2025, we shared data from a phase IIa proof-of-concept

trial using an oral formulation of VH184, which has the

potential for patent protection through to at least 2040.

These data demonstrated that with its potency, enhanced

resistance profile and tolerability, VH184 has the potential

to be a key player in the future of HIV treatment. As such, it

is currently being evaluated as a candidate for inclusion in

twice-yearly and self-administered long-acting injectables.

**VH310 – a pro-drug of cabotegravir with a half-life at** 

**least four times longer than the current cabotegravir** 

**formulation**

This INSTI is being evaluated for inclusion in twice-yearly

injectables for treatment and prevention.

**CAB-ULA – ultra-long-acting cabotegravir with a** 

**pharmacokinetics profile that supports dosing three** 

**times a year**

CAB-ULA has been chosen as the asset for our long-acting

four-monthly PrEP option and the EXTEND 4M phase IIb

study is fully recruited and progressing well. We are also

combining CAB-ULA with rilpivirine for our long-acting four

monthly treatment option and expect to begin our phase III

registrational study in 2026.

**N6LS – a broadly neutralising antibody (bNAb) currently** 

**in development** 

In 2025, we shared phase IIb data showing that N6LS

achieved high efficacy and tolerability with potential to be

a potent antiviral that can function as a component of a

complete antiretroviral regimen. These results combined

with pharmacokinetics data support progressing this asset

to explore twice-yearly dosing for HIV treatment.

(1)Delany-Moretlwe S, et al. AIDS 2022. Oral OALBX0108; Mills AM, et

al. IDWeek 2024. Oral 508; Ramgopal M, et al. IDWeek 2024. Oral

505; Heise MJ, et al. HIVR4P 2024. Or OA0503; Turner C, et al.

HIVR4P 2024. Poster 01725; Hazra A, et al. CROI 2024. Poster 1241;

Traeger M, et al. CROI 2025. Oral 191

---

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|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Research and development continued | Research and development continued | Research and development continued | Research and development continued | Research and development continued |

---

**VH499 – investigational capsid inhibitor**

In 2025, we shared phase IIa trial data showing

VH499's positive antiviral activity for HIV-1 and that

it was well tolerated. The findings support continued

development of VH499 as a long-acting antiretroviral

for treatment. This asset is being assessed for inclusion

in a twice-yearly, long-acting treatment option and

self-administered therapies.

**Towards a cure for HIV**

Finding a cure for HIV is challenging, as the virus adapts

easily and rapidly and can hide in host cells, evading

detection by the immune system. Our approach aims

to free people from their treatment regimen by drawing

dormant HIV out of hiding so we can seek to eliminate it.

In 2025, we started ENTRANCE, a proof-of-concept study

that seeks to explore clinically the in vitro finding that

temsavir (fostemsavir, marketed as *Rukobia*) enhances

the ability of our bNAb, N6LS, to kill HIV-infected cells.

This is our first clinical study focused on cure and

remission.

---

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|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Research and development continued | Research and development continued | Research and development continued | Research and development continued | Research and development continued |

---

Infectious diseases<br>

Infectious diseases remain one of the greatest health

challenges, responsible for one in seven deaths worldwide.

They impact millions of people each year, putting significant

![](gsk-20251231_g22.gif)

–Around 1.2 million people are diagnosed with IMD <br>every year.<br>–Adolescents and young adults between the ages <br>of 16 and 23 are one of the groups at highest risk <br>of infection.<br>–Up to one in six people diagnosed with IMD may die <br>despite treatment, while one in five survivors suffer <br>life-changing long-term consequences. <br>

strain on healthcare systems and societies.

For more than 70 years, we've been at the forefront of

research into diseases caused by bacteria and viruses.

Today, we have one of the largest, and most diverse,

infectious disease portfolios in our industry, helping us

to meet our goal of positively impacting the health of

2.5 billion people by the end of the decade.

We focus on the development of prevention and treatment

options for infectious diseases that impact people across

their lifespan. This includes rarer but critical conditions like

meningitis; seasonal infections, like respiratory syncytial

virus (RSV) and influenza; latent infections like shingles;

and common childhood diseases. We also focus on drug-

resistant bacterial infections like urinary tract infections

(UTIs) and gonorrhoea, where antimicrobial resistance

(AMR) highlights the pressing need for innovative new

medicines and vaccines.

**In this section:**

---

| | |
|:---|:---|
| **Asset** | **Potential indication/label** <br>**expansion**<sup>1</sup><br>|
| *Penmenvy* | Vaccine for meningitis |
| *Arexvy* | Vaccine for respiratory <br>syncytial virus <br>|
| *Shingrix* | Vaccine for shingles |
| mRNA vaccine <br>candidates<br>| Vaccine for influenza and <br>COVID-19, including <br>combinations<br>|
| Vaccine candidates with <br>MAPS technology<br>| Vaccine for pneumococcal <br>disease in adults and infants<br>|
| *Blujepa (gepotidacin)* | Antibiotic for uncomplicated <br>urinary tract infections and <br>uncomplicated urogenital <br>gonorrhoea<br>|
| tebipenem HBr | Antibiotic for complicated <br>urinary tract infections<br>|

---

---

| | |
|:---|:---|
| ![Read.more.jpg](gsk-20251231_g15.jpg) | See a more detailed pipeline listing on pages [32](#ie22c70781ec24e178b4ec838768832e2_103) and [255](#ie22c70781ec24e178b4ec838768832e2_562) |

---

***Penmenvy* – a new 5-in-1 vaccine for invasive** 

**meningococcal disease (IMD)** 

Invasive meningococcal disease is a rare but devastating

illness that can progress rapidly. The highest rates of IMD

occur in infants, whose developing immune systems leave

them highly vulnerable. A second peak in incidence is

seen in adolescents and young adults due to close-contact

behaviours. There is a clear need for effective,

comprehensive protection for these vulnerable populations.

*Penmenvy*, our 5-in-1 MenABCWY vaccine combines our

meningitis ACWY vaccine, *Menveo*, and our meningitis B

vaccine, *Bexsero*, helping to provide protection for the five

most common causes of IMD with one vaccine.

In February 2025, *Penmenvy* was approved by the US FDA

to protect people aged 10 to 25, following two positive

phase III trials. *Penmenvy* also received a positive

recommendation in the US from the Advisory Committee

on Immunisation Practices (ACIP) as an alternative for

people aged 10 and over to receiving *Bexsero* and

*Menveo*. This was adopted as a recommendation by the

US Centers for Disease Control (CDC) and *Penmenvy* is

now part of the national adolescent meningococcal

immunisation schedule in the US.

Despite meningitis B being the leading cause of IMD

among US adolescents and young adults, uptake remains

low with less than 13% completing the recommended two

doses. *Penmenvy* aims to simplify immunisation by

reducing the number of injections needed for protection,

which could increase immunisation rates and protect more

young people from this serious disease.

*Penmenvy* builds on our global leadership in

meningococcal vaccination and represents a significant

step in protecting adolescents and young adults at a life

stage when they are at an increased risk of IMD.

.

(1)Assets with existing approval or in development for label expansion

are italicised

---

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|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Research and development continued | Research and development continued | Research and development continued | Research and development continued | Research and development continued |

---

***Shingrix* – exploring the potential for broader** 

**benefits of shingles vaccination**

–Shingles typically presents as a rash with painful <br>blisters, with up to 30% of people then experiencing <br>post-hepatic neuralgia – a long lasting nerve pain <br>that can last for weeks or months.<br>–Over 90% of adults have the varicella-zoster virus <br>(VZV) dormant in their nervous system which can <br>reactivate as they age. This causes shingles, which <br>affects up to one in three people in their lifetime.<br>

![](gsk-20251231_g23.gif)

![](gsk-20251231_g24.gif)

*Shingrix* is now launched in over 60 countries, and has

been shown to provide more than a decade of shingles

protection in people aged 50 and over.

In 2025, the China National Medical Products Administration

(NMPA) approved *Shingrix* for the prevention of shingles in

adults aged 18 and over who are at increased risk due to

immunodeficiency or immunosuppression. We also

received approval from the US FDA and the EU for *Shingrix* 

in a prefilled syringe for adults aged 50 and over, and

adults aged 18 and over at increased risk.

This presentation of *Shingrix* makes the vaccination

process simpler for healthcare professionals.

While *Shingrix* is only designed and approved to provide

protection from shingles, we continue to investigate

its potential broader benefits. In 2025, we presented new

evidence on the potential association between shingles

vaccination and lower risk of dementia and cardiovascular

events.<sup>1</sup> We also published research in Nature Medicine

that used AI and machine learning models to show that

reactivation of the virus that causes shingles may be a risk

factor for dementia.

We also announced a first-of-its-kind collaboration with the

UK Dementia Research Institute and Health Data Research

UK to apply rigorous, population-scale health data science

to explore whether the Recombinant Zoster Vaccine may

help reduce inflammation and support healthy ageing.

Exploring these important scientific questions aligns with

our goal of advancing science to improve health outcomes

for patients and society.

***Arexvy* – extending respiratory syncytial** 

**virus (RSV) protection to more adults** 

–RSV affects around 64 million people of all ages <br>each year globally, causing an estimated 160,000 <br>deaths.<br>–It leads to around 470,000 hospitalisations per year <br>in adults aged 60 and over in high-income countries.<br>–People with certain underlying conditions like <br>COPD, asthma, heart failure and diabetes are at <br>higher risk from RSV, which can worsen these <br>conditions and lead to pneumonia, hospitalisation or <br>death. <br>

Over 14 million people worldwide have received *Arexvy*,

our vaccine to provide adults with protection from RSV-

associated lower respiratory tract disease (LRTD).

Recognising the risk RSV poses to adults in younger age

groups living with health issues such as lung or heart

conditions, we continue to make progress in expanding

the groups of people who can benefit from *Arexvy*. In 2025,

the US ACIP recommended expanding RSV vaccination,

including *Arexvy*, to adults aged 50-59 years at increased

risk for severe RSV disease. *Arexvy* is now recommended

in the US for adults aged 50-74 at increased risk and for all

adults aged 75 and over. *Arexvy* also received approval in

the EU for expanded use in all adults 18 years and older.

Regulatory applications to expand the indication were also

accepted for review in the US and Japan for adults aged

18-49 at increased risk.

We continue to generate data that offer critical insights to

guide public health strategies and support the use of

*Arexvy* to prevent RSV-LRTD in adults. In 2025, new

research highlighted the significant burden of RSV in adults

at risk, due to age or certain underlying conditions, and the

potential impact of RSV vaccination on hospitalisation and

severe outcomes following RSV infection. We also shared

new data on how *Arexvy* can be used in clinical practice,

including the ability to administer at the same time as

pneumococcal and shingles vaccines.

(1)Any data regarding association between *Shingrix* (shingles vaccine)

and reduced risk or delayed onset of dementia and/or cardiovascular

disease are off-label information.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Research and development continued | Research and development continued | Research and development continued | Research and development continued | Research and development continued |

---

**Other infectious diseases**

We're committed to driving vaccine innovation to protect

those most vulnerable and to reduce the global burden of

infectious diseases.

**Influenza and respiratory combinations**

Older adults, pregnant women and people with underlying

health conditions are most at risk from influenza and

–More than half of all women experience a uUTI <br>in their lifetime, with approximately 30% suffering <br>from at least one recurrent episode.<br>–uUTIs affect up to 16 million women in the US <br>each year.<br>–Gonorrhoea is the second most commonly reported <br>sexually transmitted infection in the US, with over <br>over 600,000 cases reported annually.<br>

![](gsk-20251231_g25.gif)

COVID-19, the leading causes of severe respiratory

disease in US adults. During the 2024-25 season, these

illnesses led to an estimated 1.37 million hospitalisations

and 92,000 deaths in the US alone, putting a significant

burden on the healthcare system with combined annual

costs of over $45 billion.

We continue to develop mRNA-based vaccines to provide

protection against influenza and COVID-19, including

combinations. We now have four candidates in clinical

development, three in phase II for seasonal influenza,

pandemic influenza and COVID-19, and a seasonal

influenza/COVID-19 combination in phase I. In 2025,

we initiated additional phase II studies for seasonal

influenza to continue our evaluation of the safety and

immunogenicity of vaccine candidates in adults aged 18

and over.

**Pneumococcal disease**

Globally, there are around 100 serotypes of streptococcus

pneumoniae, the bacteria that causes pneumococcal

disease, which is responsible for the deaths of around

700,000 children worldwide each year. Older adults are

also at risk of severe illness and death from pneumonia

due to age-related immune decline and other medical

conditions.

For pneumococcal disease, MAPS technology is designed

to target more strains (serotypes) at the same time,

without compromising the immune response to each

strain. This has the potential to provide broader protective

coverage and a stronger immune response. We're

developing new multivalent vaccines for infants and adults

using MAPS technology with best-in-class potential for

pneumococcal disease. In 2025, we started a phase I trial

of our investigational Pn-MAPS30 plus vaccine in adults

aged 50 to 65.

.

**Antibiotics and antimicrobial resistance**

Beyond vaccines, we are delivering innovation through

a novel portfolio of anti-infectives designed to combat

increasingly resistant bacterial infections.

***Blujepa* – a new treatment for uncomplicated urinary** 

**tract infections (uUTIs) and uncomplicated gonorrhoea**

*Blujepa* (gepotidacin) is the first in a new class of oral

antibiotics for uUTIs in nearly 30 years. It was approved in

2025 by the US FDA and UK MHRA for the treatment of

females aged 12 and over with uUTIs, supported by

positive pivotal data from the phase III EAGLE-2 and

EAGLE-3 trials.

With a novel mechanism of action-targeting bacterial

enzymes essential for DNA replication, *Blujepa* offers a

new approach to combat these resistant strains. *Blujep*a

can help address the growing prevalence of drug-resistant

uUTIs, which can lead to higher treatment failure rates,

severe discomfort and anxiety. Designed for administration

in a community setting, *Blujep*a also provides more

accessible and convenient treatment options for patients

versus those currently available. In 2025, we presented the

first real-world evidence that *Blujepa* provides early uUTI

symptom relief and positively impacts patients' quality of

life.

In 2025, the US FDA also approved *Blujepa* for the

treatment of uncomplicated urogenital gonorrhoea in

people aged 12 and over based on positive data from the

EAGLE-1 phase III trial. Gonorrhoea is a common sexually

transmitted infection caused by Neisseria gonorrhoeae,

which has been recognised by the WHO as a high-priority

pathogen and an urgent public health threat by the US

CDC. It affects both men and women and, if left untreated

or inadequately treated, it can lead to infertility and other

sexual and reproductive health complications. *Blujepa* 

offers a new option for patients who currently rely on

injectable treatments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Research and development continued | Research and development continued | Research and development continued | Research and development continued | Research and development continued |

---

**Tebipenem HBr – treating complicated urinary tract** 

**infections (cUTIs), including drug-resistant infections**

We also continue to make progress towards a new

oral treatment option for cUTIs. An estimated 2.8 million

cases of cUTIs are treated annually in the US alone,

where they contribute to more than $6 billion a year

in healthcare costs.

Tebipenem HBr is our investigational oral treatment for

cUTIs, developed with Spero Therapeutics. In 2025, we

announced positive data from the pivotal phase III

PIVOT-PO trial, which was stopped early for efficacy,

demonstrating that cUTIs, including pyelonephritis, can

be treated with an oral carbapenem antibiotic as effectively

as with an intravenous one. A regulatory submission was

accepted by the US FDA and, if approved, tebipenem HBr

could be the first oral carbapenem antibiotic for patients in

the US who suffer from cUTIs.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Research and development continued | Research and development continued | Research and development continued | Research and development continued | Research and development continued |

---

Technology<br>

Advanced technologies enable us to develop medicines and

vaccines with greater pace, precision and probability of

success. In 2025, we accelerated and expanded the

deployment of advanced data and platform technologies

end-to-end in R&D. Combined with artificial intelligence

(AI), these innovations deepen our understanding of the

human immune system and disease biology, enhancing

our potential to prevent and change the course of disease.

**Data technology** 

We use advanced data assets, digital capabilities and

generative AI (GenAI) to gain deeper insights into patients,

human biology and disease mechanisms. Our teams use

our diverse, deep and proprietary data sources to work

with greater speed and precision, accelerating the delivery

of solutions to address pressing health challenges.

For example, the integration of GenAI and agentic AI

into our discovery process significantly enhances our

ability to identify genetically validated targets and

optimise molecular pathways. Paired with our use of

platform technologies, this allows us to accelerate R&D

timelines and improve the precision of our therapies.

**Platform technology** 

Platform technologies are revolutionising the development

of medicines and vaccines. By integrating advanced

scientific approaches, we are pioneering precision

interventions that target diseases at every stage. These

platform capabilities enable emerging modalities designed

to prevent disease onset, halt progression and potentially

reverse damage, delivering meaningful benefits for

patients. Our platform technologies include:

**Advanced monoclonal antibodies** 

These modulate the immune system with precision,

providing effective and durable treatment options with

favourable tolerability profiles. Our platforms enable the

development of best-in-class monoclonal antibodies

(e.g., targeting IL-5), and bi- and tri-specific antibodies

by integrating advanced computational protein modelling

with an end-to-end automated lab-in-the-loop platform. This

closes the design-build-test cycle so we can reliably

deliver therapeutic large molecules, faster.

**Antibody-drug conjugates (ADCs)**

ADCs target malignant cells by linking monoclonal

antibodies to cytotoxic medicines, minimising damage to

healthy tissues and addressing a key challenge in cancer

treatment. Our portfolio includes *Blenrep* for relapsed/

refractory multiple myeloma and investigational ADCs

targeting proteins highly expressed in multiple cancer

types.

**Small molecules** 

Small molecules are designed to target specific proteins or

enzymes with precision. Our digital chemistry platform

uses AI/machine learning (ML) and automation to

accelerate design-build-test cycles in small-molecule

discovery. Within this, our unique generative design

system, combined with automation, will rapidly create

chemical compounds at an industry-leading scale and

enable us to accelerate identification and optimisation of

candidates.

**Oligonucleotides**

Oligonucleotides tackle RNA-based diseases and

modulate gene expression, targeting conditions once

deemed untreatable. Unlike most traditional medicines that

primarily target proteins, oligonucleotides act directly on

RNA, the messenger between DNA and protein, allowing

us to reach targets that are often inaccessible to small

molecules or antibodies. We're advancing oligonucleotide

discovery with a growing portfolio that includes

bepirovirsen for chronic hepatitis B, gatuzosiran (GSK'990)

for steatotic liver disease (SLD) and a clinical-stage, first-in-

class candidate, licensed from Empirico in 2025, for

COPD.

Our AI-powered, end-to-end oligonucleotide platform,

'Oligopolis', which incorporates the Elsie platform we

acquired in 2024, is redefining research in chemistry and

biology. The platform automates cycles of design,

synthesis and testing to accelerate delivery of molecules

that are optimised for safety, efficacy and

manufacturability.

**MAPS technology** 

MAPS technology builds on traditional pneumococcal

conjugate vaccines (PCVs) by optimising the presentation

of multiple polysaccharide and protein antigens. Including

a greater number of polysaccharides can potentially broaden

protection, while protein antigens can elicit T-cell responses

to strengthen immunity. We're applying this approach to

develop pneumococcal vaccines, with the potential to

expand protection against current and future pathogens.

**mRNA technology** 

mRNA instructs the body's own cells to produce specific

proteins and antigens, helping the immune system prevent

and fight disease. Using this advanced, adaptable

platform technology with demonstrated application in

emerging and constantly changing viral pathogens, we

are developing vaccines for influenza and COVID-19,

including combinations.

**Advanced adjuvants**

Advanced adjuvants enhance the body's immune

response, making vaccines more effective and enabling

new vaccine targets. Adjuvant-antigen combinations help

to protect specific patient groups, including older adults,

where vaccines like *Arexvy* and *Shingrix* can contribute to

addressing age-related declines in immunity.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Research and development continued | Research and development continued | Research and development continued | Research and development continued | Research and development continued |

---

**Accelerating innovation in our pipeline**

In 2025, we saw clear examples of the impact integrated

data and platform technologies are having across R&D:

**Choosing the right targets**

We're focused on identifying targets with the highest

potential to prevent or alter the course of disease. By

integrating diverse data, advanced technologies,

predictive modelling and insights from strategic

partnerships, we're increasing confidence in our target

choice. An example of this is our recent licensing

partnership with Noetik, an AI-native biotech, which grants

us access to foundation models for colorectal and non-

small cell lung cancer research.

In COPD, our data-driven disease models combine human

genetics, genomics, cell biology and clinical studies to

strengthen our understanding of disease mechanisms. This

helped us validate and prioritise IL-33 and thymic stromal

lymphopoietin (TSLP) as promising targets for new

treatments and has the potential to reduce research

timelines and costs by up to tenfold. Collaborations with

leading institutions, such as Cambridge University, Boston

Medical Center and Boston University's Center for

Regenerative Medicine (CReM), are helping us scale these

efforts and improve the accuracy of early target validation.

In SLD, we're using single-cell technology, which analyses

individual cells rather than population averages, significantly

improving precision in identifying targets. It's estimated that

this approach could triple the chances of advancing to

phase III trials.

**Identifying the right patients** 

We're dedicated to ensuring our medicines and vaccines

reach the patients most likely to respond, based on the

characteristics of their disease. By integrating advanced

technologies such as AI/ML, organoids and biomarkers,

we are increasingly able to precisely match treatments to

individual patient characteristics, maximising therapeutic

impact.

In oncology, organoids – 3D tumour models grown from

patient tissue – have proven key to advancing personalised

cancer care. By replicating tumour behaviour, organoids

allow comprehensive testing of drug combinations and

more accurate prediction of treatment responses. Scaling

organoid technologies through partnerships with King's

College London and our acquisition of CELLphenomics is

accelerating development of therapies like our B7-H3 and

B7-H4 ADCs, bringing us closer to cancer treatments

tailored to each patient's unique tumour profile.

Circulating tumour DNA (ctDNA) technology enables

earlier cancer detection and tailored treatment strategies.

When combined with AI algorithms, ctDNA insights help

predict therapy responses, equipping healthcare providers

with data to inform precise treatment decisions.

AI/ML is also driving significant progress across chronic

and infectious diseases. AI-powered phenotype analysis

using UK Biobank data has reduced research timelines by

over 50% in Metabolic Dysfunction-Associated

Steatohepatitis (MASH). Similarly, we're using AI/ML

analysis of real-world data to explore the potential

association between *Shingrix*, our shingles vaccine, and a

reduced risk of dementia. Our Zoster 122 study published

in Nature Medicine leveraged advanced AI/ML models to

uncover complex patterns within large-scale data sets,

often missed by traditional methods. This large-scale study

conducted on the equivalent of over 25 million patient

years of observation time, allowed researchers to evaluate

potential links between varicella zoster virus (VZV)

reactivation and dementia onset, strengthening the

hypothesis that VZV reactivation may have a role in

dementia risk.

**Designing and manufacturing the right treatment** 

We're revolutionising our approach to molecule design and

Chemistry, Manufacturing and Controls (CMC) using

innovative technologies that enable us to reach genetically

validated targets with the most effective treatment

modalities. Integrated tools, including AI, digital twins and

automated platforms, are driving improved quality,

consistency, and efficiency across research, development

and manufacturing. This includes using highly targeted

delivery mechanisms, such as ADCs in oncology (page [19](#ie22c70781ec24e178b4ec838768832e2_85))

and oligonucleotides for hepatitis B virus and liver disease

(page [17](#ia663de16a9884999a916026625fb0662_188)).

Across our portfolio, digital twins are transforming

manufacturing efficiency, including for infectious diseases.

For *Blujepa* (gepotidacin) (page [28](#i09f033b690a040d7ad0e00d40787c51f_134)), *in silico* models

predicted impurity formation during storage, enabling the

submission of nine months of stability data to regulators

instead of the standard 12. For bepirovirsen (page [17](#ia663de16a9884999a916026625fb0662_1130)),

digital twins lowered costs by reducing freeze-drying cycle

times by 23%, and for *Menveo* (our MenACWY vaccine),

they maximised yields through real-time process

optimisation and shortened early development timelines by

25%.

Finally, our AI/ML-powered lab-in-the-loop automated

systems, which scale experimentation and reduce

resource duplication, are redefining how we optimise

therapies in HIV and immunology.

**Accelerating clinical trials**

Innovative technologies – including predictive modelling,

automation, and advanced data technologies – are

optimising the way we conduct clinical trials, enabling

faster timelines, improved efficiency and reduced patient

burden. These advances aim to accelerate trials by 15%,

and priority studies by up to 50%, by 2028. By using data

insights, we're automating clinical trial start-up, optimising

site selection, easing patient burden and enhancing

decision making. This has already helped reduce study

sites by 10% for the B7-H3 ADC phase III trial and avoid a

six-month delay for the B7-H4 ADC phase III trial. Also,

streamlined protocols, wearable devices and fewer lab

collections saved costs in our depemokimab phase III

trials, while improving patient experience and data quality.

Finally, advanced technologies like digital twins and

machine learning are also helping to reduce trial

complexity, cutting patient numbers by up to 15% without

compromising statistical power. In 2025, retrospective

study analysis and testing of new methods in 10 protocol-

stage trials demonstrated efficiency gains, with plans for

widespread adoption in 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Research and development continued | Research and development continued | Research and development continued | Research and development continued | Research and development continued |

---

**Pipeline overview**

We have 58 assets in development, of which 17 are late-stage.

---

| |
|:---|
| Phase III/Registration |
| camlipixant (P2X3 receptor antagonist) Refractory chronic cough |
| efimosfermin alfa (FGF21 analog)<sup>1</sup>MASH |
| *Exdensur* (Long-acting anti-IL5 antibody)<sup>1</sup> Asthma<sup>2,3</sup> |
| linerixibat (IBAT inhibitor) Cholestatic pruritus in primary biliary <br>cholangitis<sup>3</sup><br>|
| *Nucala* (Anti-IL5 antibody) COPD<sup>3</sup> |
| Low-carbon version of MDI, *Ventolin* (Beta 2 adrenergic receptor <br>agonist) Asthma<br>|
| *Blenrep* (Anti-BCMA ADC)<sup>1</sup> Multiple myeloma<sup>3</sup> |
| *Jemperli* (Anti-PD-1 antibody)<sup>1</sup> dMMR/MSI-H colon cancer<sup>2</sup> |
| risvutatug rezetecan (ADC targeting B7-H3)<sup>1</sup> ES-SCLC<sup>2</sup> |
| velzatinib (KIT inhibitor)<sup>1</sup> GIST |
| *Zejula* (PARP inhibitor)<sup>1</sup> Newly diagnosed glioblastoma multiforme<sup>2</sup> |
| *Arexvy* (Recombinant protein, adjuvanted)<sup>1</sup> RSV adults (18-49 YoA <br>AIR)<sup>2,3</sup><br>|
| bepirovirsen (Antisense oligonucleotide)<sup>1</sup> Chronic HBV infection<sup>2</sup> |
| *Bexsero* (Recombinant protein, OMV) Meningitis B (infants US) |
| *Blujepa* (BTI inhibitor)<sup>1</sup> Uncomplicated UTI<sup>2,3</sup> |
| GSK4178116 (Live, attenuated) Varicella new seed |
| tebipenem pivoxil (Antibacterial carbapenem)<sup>1</sup> Complicated UTI<sup>3</sup> |
| Phase II |
| *Benlysta* (Anti-BLys antibody) Systemic sclerosis associated ILD<sup>2,4</sup> |
| GSK4532990 (HSD17B13 RNA interference)<sup>1</sup> MASH<sup>2</sup> |
| GSK5784283 (TSLP monoclonal antibody)<sup>1</sup> Asthma |
| nivisnebart (Anti-sortilin antibody)<sup>1</sup> Alzheimer's disease |
| *Ojjaara/Omjjara* (JAK1, JAK2 and ACVR1 inhibitor)<sup>1</sup> Myelodysplastic <br>syndrome<sup>2</sup><br>|
| cabotegravir (Integrase inhibitor) HIV |
| VH3810109 (Broadly neutralising antibody)<sup>1</sup> HIV |
| VH4011499 (Capsid protein inhibitor) HIV |
| VH4524184 (Integrase inhibitor)<sup>1</sup> HIV |
| alpibectir (Ethionamide booster)<sup>1</sup> Tuberculosis |
| ganfeborole (Leucyl t-RNA synthetase inhibitor)<sup>1</sup> Tuberculosis |
| GSK4077164 (Bivalent GMMA and TCV)<sup>1</sup> Invasive non-typhoidal <br>salmonella<br>|
| GSK4382276 (mRNA)<sup>1</sup> Seasonal flu |
| GSK4396687 (mRNA)<sup>1</sup> COVID-19 |
| GSK4406371 (Live, attenuated) MMRV new seed |
| GSK5102188 (Recombinant subunit, adjuvanted) UTI<sup>5</sup> |
| GSK5536522 (mRNA)<sup>1</sup> Flu H5N1 pre-pandemic<sup>5</sup> |
| GSK5637608 (Hepatitis B virus-targeted siRNA)<sup>1</sup> Chronic HBV <br>infection<br>|

---

---

| |
|:---|
| Phase I |
| GSK3862995 (Anti-IL33 antibody) COPD |
| GSK4347859 (Interferon pathway modulator) Systemic lupus <br>erythematosus<br>|
| GSK4527363 (B-cell modulator) Systemic lupus erythematosus |
| GSK4528287 (Anti-IL23-IL18 bispecific antibody)<sup>1</sup> Inflammatory bowel <br>disease<br>|
| GSK4771261 (Monoclonal antibody against novel kidney target) <br>Autosomal dominant PKD<br>|
| GSK5926371 (Anti-CD19-CD20-CD3 trispecific antibody)<sup>1</sup> <br>Autoimmune disease<br>|
| GSK6582701 (PDE3/4 inhibitor)<sup>1</sup> COPD |
| GSK6759821 (siRNA for novel target) COPD |
| belantamab (Anti-BCMA antibody) Multiple myeloma |
| GSK5458514 (PSMAxCD3 T cell engaging bispecific antibody)<sup>1</sup> <br>Prostate cancer<sup>5</sup><br>|
| GSK5460025 (Nucleotide excision repair targeting agent)<sup>1</sup> <br>Solid tumours<sup>5</sup><br>|
| mocertatug rezetecan (ADC targeting B7-H4)<sup>1</sup> Gynaecologic <br>malignancies<sup>2</sup><br>|
| XMT-2056<sup>6</sup> (STING agonist ADC)<sup>1</sup> Cancer |
| VH4527079 (HIV entry inhibitor) HIV |
| GSK3772701 (*P. falciparum* whole cell inhibitor)<sup>1</sup> Malaria |
| GSK3882347 (FimH antagonist)<sup>1</sup> Uncomplicated UTI |
| GSK3923868 (PI4K beta inhibitor) Rhinovirus disease |
| GSK3965193 (PAPD5/PAPD7 inhibitor) Chronic HBV infection<sup>5</sup> |
| GSK4024484 (*P. falciparum* whole cell inhibitor)<sup>1</sup> Malaria |
| GSK4424989 (Recombinant/glycoconjugate vaccine)<sup>1</sup> <br>Group A streptococcal infections<br>|
| GSK5251738 (TLR8 agonist)<sup>1</sup> Chronic HBV infection |
| GSK5459248 (*MAPS* Pneumococcal 30+ valent adults)<sup>1</sup> <br>Pneumococcal disease<br>|
| GSK5475152 (mRNA)<sup>1</sup> Seasonal flu/COVID-19<sup>5</sup> |
| Assets are ordered by therapy area within each phase: respiratory, <br>immunology and inflammation; oncology; HIV; and infectious <br>diseases. Only the most advanced indications are shown for each <br>asset. <br>(1)In-licence or other alliance relationship with third party<br>(2)Additional indications or candidates also under investigation<br>(3)In registration<br>(4)In phase II/III study<br>(5)In phase I/II study<br>(6)GSK has an exclusive global licence option to co-develop and <br>commercialise the candidate<br>ADC: antibody drug conjugate; AIR: at increased risk; <br>COPD: chronic obstructive pulmonary disease; GMMA: generalised <br>modules for membrane antigens; HBV: hepatitis B virus; ILD: interstitial <br>lung disease; <br>ES-SCLC: Extensive-stage small-cell lung cancer;<br>GIST: Gastrointestinal stromal tumours;<br>MASH: metabolic dysfunction-associated steatohepatitis; <br>MDI: Metered dose inhaler;<br>MMRV: measles, mumps, rubella and varicella; <br>OMV: outer membrane vesicle; PKD: polycystic kidney disease; <br>RSV: respiratory syncytial virus; siRNA: small interfering RNA; <br>UTI: urinary tract infection; YoA: years of age. <br>|

---

![Page_35.jpg](gsk-20251231_g26.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |

---

Commercial operations

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Commercial operations | Commercial operations | Commercial operations | Commercial operations | Commercial operations |

---

We delivered another year of strong performance in 2025. Sales grew to over

£32 billion, driven mainly by momentum in Specialty Medicines and with growth

across all regions.

**Total sales**<br>

---

| | | |
|:---|:---|:---|
| £32.7bn | +4% | +7% |
|  | AER | CER |

---

**Sales contribution by product groups**<br>

![15](gsk-20251231_g27.gif)

---

| | | | |
|:---|:---|:---|:---|
| ■ | **2024** | ■ | **2025** |

---

**Turnover by product groups**<br>

Specialty Medicines

£13.5bn +14% AER; +17% CER

Vaccines

£9.2bn –% AER; +2% CER

General Medicines

£10.0bn -4% AER; -1% CER

**Sales contribution by region**<br>

![129](gsk-20251231_g28.gif)

---

| | | | |
|:---|:---|:---|:---|
| ■ | **2024** | ■ | **2025** |

---

**Turnover by region**<br>

US

£16.9bn +3% AER; +6%CER

Europe

£7.5bn +13% AER; +12% CER

International

£8.3bn -1% AER; +4% CER;

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | See Group financial review on page [71](#ie22c70781ec24e178b4ec838768832e2_208) for more detail |

---

Absolute values at AER; changes at CER, unless stated otherwise

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Specialty Medicines | Specialty Medicines | Specialty Medicines | Specialty Medicines | Specialty Medicines |

---

Our specialty medicines prevent and treat diseases, from asthma, cancer

and HIV to autoimmune diseases like lupus. Many are first or best-in-class.

---

| |
|:---|
| **Specialty Medicines** <br>**sales**<br>|
| £13.5bn |
| +14% AER; +17% CER |
| Respiratory, immunology <br>& inflammation<br>|
| £3.8bn |
| +15% AER; +18% CER  |
| Oncology |
| £2.0bn |
| +40% AER; +43% CER  |
| HIV sales |
| £7.7bn |
| +8% AER; +11% CER |

---

![GSK_CommOps_Divider_boxes_Speciality_Medicnes.gif](gsk-20251231_g29.gif)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Key marketed products** | **Key marketed products** | **Key marketed products** | **Key marketed products** | **Key marketed products** |
| **Product** | **Disease** | **Total revenue** | **AER** | **CER** |
| *Dovato* | HIV treatment | £2.7bn | 20% | 22% |
| *Cabenuva* <br>*(Vocabria + Rekambys* <br>*i*n Europe and Japan*)*<br>| HIV treatment | £1.4bn  | 38% | 42% |
| *Tivicay* | HIV treatment | £1.3bn  | -2% | –% |
| *Triumeq* | HIV treatment | £1.0bn  | -25% | -23% |
| *Juluca* | HIV treatment | £656m  | -4% | -2% |
| *Apretude* | HIV prevention | £439m  | 57% | 62% |
| *Rukobia* | HIV treatment | £169m  | 5% | 8% |
| *Nucala* | Respiratory eosinophil-driven <br>diseases<br>| £2.0bn  | 13% | 15% |
| *Benlysta* | Lupus and lupus nephritis | £1.8bn  | 19% | 22% |
| *Jemperli* | Endometrial cancer | £861m  | 84% | 89% |
| *Zejula* | Ovarian cancer | £557m  | -6% | -4% |
| *Ojjaara/Omjjara* | Myelofibrosis | £554m  | 57% | 60% |
| *Blenrep* | Multiple myeloma | £17m | >100% | >100% |

---

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | For full commentary see Group financial review |
| ![ReadMore.gif](gsk-20251231_g6.gif) | For full commentary see Group financial review |
| For full commentary see Group financial review |  |

---

![Page_37.jpg](gsk-20251231_g30.jpg)

Multiple myeloma cancer cells among

red blood cells and antibodies

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Specialty Medicines continued | Specialty Medicines continued | Specialty Medicines continued | Specialty Medicines continued | Specialty Medicines continued |

---

Specialty Medicines continues to be the most important

driver of our business, with double-digit growth in

Respiratory, Immunology & Inflammation and Oncology, as

well as growth in HIV of 8% AER, 11% CER. Specialty

Medicines is our largest business, accounting for over 40%

of sales. Sales were £13.5 billion in 2025, up 14% AER,

17% CER.

In the last three years we have launched innovations in

respiratory, immunology, oncology and HIV; three of the

five major FDA product approvals in 2025 were in Specialty

Medicines. We expect Specialty Medicines to be a major

driver of growth in the future and account for over 50% of

sales by 2031.

To drive growth, we're accelerating our pipeline and

prioritising business development that targets acquisitions

and partnerships to strengthen and complement our core

therapy areas.

**Respiratory, immunology and inflammation**

Double-digit sales growth in respiratory, immunology and

inflammation was primarily driven by *Nucala* and *Benlysta*.

*Nucala* is our IL-5 antagonist monoclonal antibody treatment

for multiple diseases with underlying type 2 inflammation,

including severe asthma and chronic rhinosinusitis with nasal

polyps. There was double-digit growth across all regions,

reflecting the higher patient demand for treatments

addressing eosinophilic-led disease.

The strong performance in 2025 was driven by our

successful launch in COPD, following the US FDA's

approval of *Nucala* in COPD in May. We're applying the

lessons from the severe asthma market with *Nucala* to the

launch of *Exdensur*, our ultra long-acting IL-5, which is now

approved in the US, UK and Japan.

*Benlysta*, our monoclonal antibody treatment for lupus,

continues to see strong demand and volume growth,

supported by all major guidelines. In the US, 82% of

biologic naive patients are now starting on *Benlysta*.

We're focused on helping to identify and treat patients

earlier, before lupus progresses and organ damage

occurs.

**Oncology** 

Strong oncology sales growth was largely driven by

increasing patient demand for *Jemperli* and *Ojjaara*/

*Omjjara*, partially offset by decreases in *Zejula.* 

*Blenrep* (belantamab mafodotin) is our antibody-drug

conjugate treatment for relapsed or refractory multiple

myeloma. It has now been approved in 15 markets. In the

US, we received approval in the third line or later setting.

Over one third of total multiple myeloma treated patients

are in this setting. We expect *Blenrep* to meaningfully

advance treatment options for patients with multiple

myeloma and we continue to expect *Blenrep* to be a

material growth driver in the next three to four years.

*Jemperli*, a PD-1-blocking antibody, is the backbone

of our ongoing immuno-oncology-based research and

development programme. Sales of *Jemperli* grew strongly

following approvals in 2024 and 2025 expanding the

indication to include all adult patients with primary

advanced or recurrent endometrial cancer. Strong growth

continues in the US from high patient uptake, with the

Europe and International regions increasingly contributing

to sales and growth. *Jemperli* is now available in over

39 countries worldwide.

*Ojjaara/Omjjara,* a treatment for myelofibrosis patients with

anaemia, grew strongly in the full year. Growth

contributions from Europe and International continued to

increase following high patient uptake, and from

commercial launches in 2025 across the regions including

in France, Spain, Italy, Australia and Canada. *Ojjaara/*

*Omjjara* is now available in over 30 countries worldwide.

In ovarian cancer, *Zejula* saw a decrease in sales, driven

by ongoing volume reductions, including impacts of an

FDA labelling update restricting use to certain patient

populations, and the impacts of IRA Medicare Part D

redesign in the US.

**HIV** 

HIV sales growth was driven by strong patient demand,

with our long-acting injectables (*Cabenuva, Apretude*) and

our daily oral single-dose tablet, *Dovato.* In 2025, long-

acting medicines contributed over 75% of total HIV growth

with *Cabenuva* contributing 55%. Long-acting injectables

now represent around a third of US sales.

*Cabenuva*, the world's first and only complete long-acting

regimen for HIV treatment, is available in 29 markets

including the US, Europe, Japan, China and Australia and

is currently transforming the lives of 103,000 people living

with HIV.

*Apretude*, the world's first long-acting medicine for HIV

prevention, is approved in 60 countries including the US,

UK, EU, Australia and South Africa. Around 28,000 people

are currently benefiting from *Apretude* in the US.

*Dovato* – approved in the US, Europe, Japan, Australia

and other countries worldwide – remains our biggest

oral regimen.

Our strategy for growth is centred on our current innovative

portfolio of medicines and the development of even longer-

acting INSTI-based options for HIV treatment and

prevention, which patients tell us they want and need.

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | See Group financial review on page [71](#ie22c70781ec24e178b4ec838768832e2_208) for more detail |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Vaccines | Vaccines | Vaccines | Vaccines | Vaccines |

---

Our vaccines portfolio targets infectious diseases at every stage of life,

helping to protect people from meningitis, shingles, RSV and many more.

---

| |
|:---|
| **Vaccine sales** |
| £9.2bn |
| –% AER; +2% CER |
| *Shingrix* |
| £3.6bn |
| +6% AER; +8% CER |
| Meningitis vaccines |
| £1.6bn |
| +10% AER; +12% CER |
| *Arexvy* |
| £593m |
| +1% AER; +2% CER |

---

![GSK_CommOps_Divider_boxes_Vaccines.gif](gsk-20251231_g31.gif)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Key products** | **Key products** | **Key products** | **Key products** | **Key products** |
| **Product** | **Disease** | **Total revenue** | **AER** | **CER** |
| *Shingrix* | Herpes zoster (shingles) | £3.6bn  | 6% | 8% |
| *Bexsero* | Meningitis group B | £1.2bn  | 14% | 16% |
| *Menveo* | Meningitis group A, C, W and Y | £402m  | 4% | 6% |
| *Penmenvy* | Meningitis group A, B, C, W and Y | £8m | –% | –% |
| *Arexvy* | RSV | £593m  | 1% | 2% |
| *Fluarix, FluLaval* | Seasonal influenza | £303m  | -26% | -24% |
| *Engerix, Twinrix, Havrix* | Hepatitis | £643m  | 13% | 17% |
| *Boostrix* | Diphtheria, tetanus, acellular <br>pertussis booster<br>| £654m  | -4% | -2% |
| *Rotarix* | Rotavirus | £546m  | -7% | -5% |
| *Infanrix, Pediarix* | Diphtheria, tetanus, pertussis, polio, <br>hepatitis B, haemophilus influenza <br>type B<br>| £519m  | 1% | 4% |
| *Priorix, Varilrix,* <br>*Priorix Tetra*<br>| Measles, mumps, rubella and <br>chickenpox<br>| £425m | 32% | 33% |
| *Synflorix* | Invasive disease, pneumonia, <br>acute otitis media<br>| £159m  | -30% | -29% |
| *Cervarix* | Human papilloma virus | £23m  | -68% | -68% |

---

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | For full commentary see Group financial review |
| ![ReadMore.gif](gsk-20251231_g6.gif) | For full commentary see Group financial review |
| For full commentary see Group financial review |  |

---

![VaccinesImage.jpg](gsk-20251231_g32.jpg)

Meningococcal serogroups

(ABCWY) meningitis bacteria

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Vaccines continued | Vaccines continued | Vaccines continued | Vaccines continued | Vaccines continued |

---

Our portfolio of marketed vaccines – one of the broadest

in the industry – helps to protect people from infectious

diseases at every stage of life. We deliver on average more

than one million doses of our vaccines every day.

Vaccines sales were £9.2 billion, stable at AER and up 2%

CER. This reflected strong demand outside the US for

*Shingrix*, *Arexvy* and meningitis vaccines, partly offset by

lower US demand for *Shingrix*, *Arexvy* and influenza

vaccines together with lower international sales of

established vaccines.

In line with our commercial strategies, we successfully

broadened access through age and geographic

expansion, improving vaccination rates by focusing on

adult patients at risk and further differentiation of our

vaccines. We exceeded expectations in getting more

patients protected in key markets, particularly with *Shingrix* 

and *Bexsero*.

Prevention through vaccination is more important than ever

amid growing patient need in existing and new diseases.

With populations ageing, comorbidities cause significant

public health need. This will drive sustained growth in the

vaccines market.

We keep investing in innovation. This includes further

expanding the reach and enhancing the profile of our

vaccines, as well as delivering the next wave of innovation

through our mRNA and MAPS programmes. We're also

entering a new phase in investigating and expanding the

growing body of evidence exploring a potential link

between shingles vaccination and reduced risks for

dementia and cardiovascular disease.

Vaccines are complex and highly technical to develop and

manufacture. Our discovery, development and supply of

vaccines at scale are built on a long-term commitment to

address unmet need, build trust through transparency and

ensure the quality and safety of our products. We continue

to adapt to evolving market dynamics.

Through our strong portfolio and multi-platform pipeline,

our vaccines are well-positioned to contribute to our

ambition of positively impacting the health of 2.5 billion

people by the end of the decade.

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | For more on our vaccines R&D, see pages [26](#ie22c70781ec24e178b4ec838768832e2_97) to [29](#i09f033b690a040d7ad0e00d40787c51f_1962). |

---

***Shingrix*** 

*Shingrix* had another record year. Sales grew strongly

reflecting double-digit growth in Europe and International

markets, driven by significant increased demand and

partly offset by lower sales in the US.

A number of factors drove growth, including increased

demand in Europe following the launch in France and

expanded public funding across several countries in

Europe and in Japan. We supply China through our

exclusive agreement with Chongqing Zhifei Biological

Products, Ltd. to distribute and promote *Shingrix* through

its network of over 29,000 vaccination points.

In the US, 44% of the 120 million adults recommended to

receive *Shingrix* have been vaccinated, up 4% compared

to 2024. Sales in the US declined due to the continued

slowdown in the pace of reaching harder-to-activate

unvaccinated consumers.

*Shingrix* is now launched in 61 countries, with countries

outside the US representing 66% of 2025 sales. We

continue to see significant opportunities for growth across

the top 10 markets outside the US where the average

immunisation rate is around 10% and uptake is significantly

higher where it is funded.

***Arexvy***

*Arexvy* sales grew, driven by recommendation and

reimbursement in Germany and tender deliveries in Spain

and Canada*.* While *Arexvy* maintained its market-leading

position in the US for older adults, sales declined due to

harder-to-activate consumers and lower market share.

More than 14 million adults globally have received our

RSV vaccine *Arexvy* since it was launched in 2023. *Arexvy* 

continues to support our commercial ambitions. We believe

we are well positioned for sustained growth over the

medium and long term, with multi-billion pound sales

potential. This confidence is driven by *Arexvy's* 

differentiated clinical profile, the strength of our in-market

partnerships, and building on our established performance

across Europe and International markets. We also benefit

from our established expertise in serving the older adult

population and from the flexibility to co-administer *Arexvy* 

alongside *Shingrix* and other key adult vaccines,

enhancing both convenience and public health impact.

*Arexvy* is approved in 69 markets globally, 21 countries

have national RSV vaccination recommendations for older

adults and nine countries, including the US, have

reimbursement programmes. With further approvals of

expanded indications expected in 2026, as well as

appropriate recommendations from public health

authorities, *Arexvy* has the potential to relieve pressure on

healthcare systems and help prevent the severe

consequences of RSV globally.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Vaccines continued | Vaccines continued | Vaccines continued | Vaccines continued | Vaccines continued |

---

**Meningitis vaccines**

Strong performance of our meningitis vaccines was led

by *Bexsero*, our meningitis B vaccine. *Bexsero* continues to

see double-digit growth primarily due to recommendation

and reimbursement in Germany, expanded cohort

recommendations in France, and solid commercial

execution in Turkey and Vietnam. We'll drive future growth

of our portfolio through geographic and cohort expansion

and strengthening of our market position.

In 2025 initial sales for *Penmenvy*, our pentavalent

MenABCWY vaccine approved by the US FDA to

protect people aged 10 to 25 years, reached £8 million.

*Penmenvy* also received a positive recommendation from

ACIP as an alternative for people aged 10 years and over

to receiving *Bexsero* and *Menveo* (our meningitis ACWY

vaccine). This recommendation was adopted and

published as an official CDC recommendation and

*Penmenvy* is now part of the national adolescent

immunisation schedule.

**Established vaccines**

Our established vaccines remain an important part of

our portfolio. These include vaccines that protect against

hepatitis, rotavirus and measles – which represents a

third of our total vaccines business.

Established vaccines sales decreased as a result of the

impact of divested brands, competitive pressure for

*Synflorix* and *Cervarix* and lower US demand and

unfavourable pricing for hepatitis vaccines. This was partly

offset by higher sales of measles, mumps, rubella and

varicella (MMRV) vaccines.

We seek to maximise uptake of our established vaccines

among those who need them through prioritising specific

segments for growth, such as for MMRV vaccines, as we

continue to raise awareness of the importance of

vaccination.

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | See Group financial review on page [71](#ie22c70781ec24e178b4ec838768832e2_208) for more detail |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| General Medicines | General Medicines | General Medicines | General Medicines | General Medicines |

---

Our broad portfolio of general medicines, from inhalers for asthma and

COPD to antibiotics, improve life for millions of people around the world.

Many are market leaders.

---

| |
|:---|
| **General Medicines sales** |
| £10.0bn |
| -4% AER; -1% CER |
| *Trelegy* |
| £3.0bn |
| +11% AER; +13% CER |

---

![GSK_CommOps_Divider_boxes_General_Medicines.gif](gsk-20251231_g33.gif)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Key marketed products** | **Key marketed products** | **Key marketed products** | **Key marketed products** | **Key marketed products** |
| **Product** | **Disease** | **Total revenue** | **AER** | **CER** |
| *Trelegy Ellipta* | Asthma, COPD | £3bn  | 11% | 13% |
| *Relvar/Breo Ellipta* | Asthma, COPD | £1bn  | -5% | -3% |
| *Seretide/Advair* | Asthma, COPD | £0.9bn  | -19% | -17% |
| *Ventolin* | Asthma, COPD | £703m  | –% | 3% |
| *Anoro Ellipta* | COPD | £542m  | -5% | -4% |
| *Augmentin* | Common bacterial infections | £602m | -5% | -1% |
| *Avodart & Duodart* | Benign prostatic hyperplasia (BPH) | £297m  | -12% | -10% |
| *Avamys* | Allergic rhinitis | £222m  | -12% | -10% |
| *Dermovate, Betnovate,* <br>*Cutivate, Eumovate*<br>| Inflammatory skin conditions | £204m  | -2% | 3% |

---

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | For full commentary see Group financial review |
| ![ReadMore.gif](gsk-20251231_g6.gif) | For full commentary see Group financial review |
| For full commentary see Group financial review |  |

---

![GenMedImage.jpg](gsk-20251231_g34.jpg)

E.coli bacteria

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| General Medicines continued | General Medicines continued | General Medicines continued | General Medicines continued | General Medicines continued |

---

Every day, our broad portfolio of General Medicines

products, many of them market leaders, make life better

for millions of people all over the world. Over the next

decade, our ambition is for these products to have a

positive impact on the lives of hundreds of millions of

patients.

General Medicines sales were £10 billion, -4% AER, -1%

CER. Growth in *Trelegy* was offset by reductions in other

respiratory and other general medicine product sales as a

result of continued generic competition across the

portfolio.

The portfolio includes medicines typically prescribed in

primary care. We supply them in more than 100 countries,

and they represent more than 70% of our total medicines

and vaccines supply volume. In 2025, General Medicines

contributed almost one third of our sales, helping to fund

growth and investment in R&D and returns to

shareholders.

Respiratory and infectious diseases therapeutics make up

76% of our General Medicines revenue, and we expect

our asthma and COPD medicines *Trelegy* and *Anoro* to

grow further, alongside continued growth for select

established products in emerging markets.

To maximise returns, we prioritise investment in brands that

are growing strongly, while managing the expected decline

of other products in mature markets as they lose their

patent exclusivity. We use our deep expertise in respiratory

and infectious diseases to support the launch of new

medicines.

Those currently in development include a low-carbon

version of our *Ventolin* metered dose inhaler and novel

infectious disease medicine tebipenem which has the

potential to treat complicated UTIs. We also recently

launched *Blujepa* – the first in a new class of oral

antibiotics for the treatment of uncomplicated UTIs in

nearly 30 years.

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read more about *Blujepa* in R&D on page [28](#i09f033b690a040d7ad0e00d40787c51f_134) |

---

***Trelegy***

*Trelegy*, our single inhaler triple therapy (SITT) for COPD

and asthma, is licensed in over 60 countries for COPD,

with dual indications for asthma and COPD in more than

20 countries, including the US and Japan.

In January 2026, following asthma indication approval,

*Trelegy* became the only SITT in China approved for both

COPD and asthma.

In 2025, *Trelegy* reinforced its position as the number one

SITT and as the top-selling brand in COPD and asthma

globally. This has been driven by its leading position in the

two largest markets, the US and Japan, and by the SITT

class's positive positioning across COPD scientific

evidence and global guidelines.

The 2026 Global Initiative for Chronic Obstructive Lung

Disease (GOLD) report, re-enforced the recommendation

for triple therapy over ICS/LABA for exacerbating patients,

with a new lower threshold of only one moderate or severe

exacerbation. This, alongside increasing scientific evidence

generation and competitiveness within the class, will

continue to dynamise the SITT market, which, eight years

after first launch, continues to grow at over 20% year on

year.

The 2026 GOLD report also for the first time included a

section on Disease activity, stability and control, indicating

a positive shift towards more ambitious treatment goals for

HCPs and patients. New biologic therapeutic options in

COPD and asthma are also reinforcing this opportunity for

more ambitious treatment goals. We expect a market shift

towards optimising treatments, favouring growth for the

SITT class, as the combination of ICS, LABA and LAMA is

expected to be the predominant inhaled treatment

backbone for add-on biologics where available.

***Anoro***

*Anoro* is approved in approximately 80 countries to treat

symptomatic COPD. It remains the global market leader in

the LAMA/LABA class by volume (unit sales), with global

sales (excluding US) continuing to grow. *Anoro's* strong

clinical data profile includes head-to-head data in the

LAMA/LABA class and versus other common initial

maintenance therapy options, such as LAMA.

***Ventolin***

Almost six decades after its first development, *Ventolin* 

remains highly valued by patients and healthcare

professionals. Due to the scale of volume and worldwide

use, our *Ventolin* metered dose inhaler (MDI) represents a

significant proportion of our carbon emissions. In 2025, we

completed phase III clinical trials in our R&D programme to

redevelop *Ventolin* MDIs using a low global warming

potential (low-GWP) propellant. If approved, this next-

generation version has the potential to reduce greenhouse

gas emissions by 92% per inhaler.

***Augmentin***

Since its launch more than 40 years ago, *Augmentin* – a

global leader in oral antibiotics – has been used to treat

over two billion patients and demand continues to be

strong across all regions. *Augmentin*, which is available in

over 100 countries, is categorised by the World Health

Organization as an AWaRE Access antibiotic. Access

antibiotics are recommended as first or second choice

treatments for common infections because of factors like

their lower potential for antimicrobial resistance.

***Relvar***

*Relvar* is available in 84 countries for the treatment of

moderate-to-severe asthma, and for COPD patients who

require an inhaled corticosteroid. *Relvar* is the second-

largest product in the General Medicines portfolio, with

global sales exceeding £1 billion in 2025. *Relvar*'s strong

clinical data profile is supported by a wealth of real-world

evidence supporting the positive outcomes patients can

achieve. Sales growth continues to outpace the ICS/LABA

market globally ex-US. ICS/LABA remains the mainstay of

asthma treatment. Accordingly, *Relvar* will continue to be a

strong contributor to General Medicines revenue in the

coming years.

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | See Group financial review on page [71](#ie22c70781ec24e178b4ec838768832e2_208) for more detail |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Manufacturing<br>and supply | Manufacturing<br>and supply | Manufacturing<br>and supply | Manufacturing<br>and supply | Manufacturing<br>and supply |

---

![AR_SR_2025 subdivider page GMS.jpg](gsk-20251231_g35.jpg)

We continue to invest in a resilient

global supply chain that can

consistently deliver medicines

and vaccines to meet patient

needs at pace and scale.

Our global supply chain is critical to manufacturing and

supplying reliable, high-quality medicines and vaccines

to positively impact health and drive our performance.

More than 24,000 people are working across our global

network of 33 manufacturing sites to ensure the flow of

medicines and vaccines needed to get ahead of disease

together. In 2025, our network delivered 1.64 billion packs

of medicines and 389 million vaccine doses.

Following the integration of our medicines and vaccines

manufacturing network in 2024, we continue to transform

our supply chain to strengthen our resilience and future-

proof our operations. By bringing together our teams

and expertise in medicines and vaccines, we've increased

efficiency and enhanced our capabilities to deliver our

new products.

We're harnessing new technologies to transform how we

manufacture medicines and vaccines. At the same time,

we're taking further steps to protect continuity of supply

for products, critical materials and components. Together,

these efforts drive efficiency, maintain product quality

and increase capacity so that we can consistently deliver

medicines and vaccines to meet patient needs at pace

and scale.

**Investing for the future**

We continue to invest in reshaping, simplifying and

strengthening our operations. Our investments are

focused on creating an agile network with the capacity

and capability to bring the next generation of specialty

medicines and vaccines to patients.

In September 2025, we announced a $1.2 billion investment

over the next five years in advanced manufacturing

facilities, AI and advanced digital technologies, to deliver

new, next-generation biopharma factories and laboratories

in the US. These investments, which are part of our

manufacturing investment commitment in the US, build on

our strong existing innovation and manufacturing footprint

and capabilities in the US.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Manufacturing and supply continued | Manufacturing and supply continued | Manufacturing and supply continued | Manufacturing and supply continued | Manufacturing and supply continued |

---

The investments include construction of an additional new

biologics flex factory at Upper Merion, Pennsylvania. A flex

factory is a multipurpose production facility that can adapt

quickly to produce different types of medicines, often using

modular equipment and standardised processes. The new

biologics flex factory will focus on delivering potential best-

in-class medicines for respiratory disease and cancer for

patients in the US and around the world.

Alongside the new flex factory, we'll be investing in AI and

digital capability across our five existing US manufacturing

sites, as well as new drug substance manufacturing and

device and auto-injector assembly capabilities.

The investments follow an $800 million expansion of our

site in Marietta, Pennsylvania, which was announced in

2024. We officially broke ground on the new facilities in

April 2025. The new facilities will double the size and

capacity of the existing site. As part of this project, we're

bringing R&D and manufacturing together in one location,

enabling even closer collaboration on delivery of our

pipeline.

In the UK, at our Barnard Castle site an investment of

£120 million is underway to expand the manufacturing

of next-generation specialty medicines. This investment

includes installing a high-speed aseptic syringe filling line,

enhancing the site's existing specialist capabilities and

ensuring we continue to meet growing demand.

As part of streamlining and simplifying our network, in

2025, we closed our sites in Tianjin, China and Quality

Road, Singapore, following successful transfers of

production to outsourced partners. As planned, we also

closed our Ulverston site in the UK following the divestment

of our cephalosporins antibiotics portfolio.

In the US, the Binney Street facility is transitioning solely to

an R&D facility, with the manufacturing operations being

decommissioned. We also reached an agreement to divest

our Rockville site to one of our valued, long-term Contract

Development and Manufacturing Organisation (CDMO)

partners. The sale is expected to close towards the end of

the first quarter of 2026.

**Accelerating innovation** 

Our global supply chain teams play a pivotal role in the

way we prevent and change the course of disease,

bringing our innovations to patients as quickly, efficiently

and effectively as possible. They're involved early in

product and process development, working with R&D to

make sure that what works in clinical trials can be smoothly

scaled up to commercial production.

Five key product approvals in 2025 underline the strength

of our portfolio and pipeline. As such, our supply chain

teams have never played a more pivotal role in preparing

for and delivering these product expansions and new

launches to patients around the world.

–***Blenrep*:** Within one week of regulatory approval in the

UK, our sites in the US, Italy and Singapore worked

together to prepare the first batch for shipment.

–***Exdensur:*** The first batch was ready for launch within

days of the first approval, and shipped from our Barnard

Castle site before the end of the year.

–***Nucala:*** Our agile respiratory supply chain enabled us to

meet immediate demand for this product expansion in

the US. To further strengthen our supply chain resilience,

we've established a new external supply partnership for

manufacturing *Nucala*, complementing our existing

internal capabilities.

–***Blujepa:*** We successfully supplied launch volumes in

2025. In preparation for demand at launch, our teams

used a digital twin of the manufacturing process to

model various production scenarios to select the right

equipment for scaled commercial production.

–***Penmenvy*:** Our sites at Wavre in Belgium, Rosia in Italy,

and Marietta in the US, coordinated to supply doses of

this vaccine for US adolescents and young people in the

summer of 2025.

---

| | |
|:---|:---|
| ![Read.more.jpg](gsk-20251231_g15.jpg) | Read more about our five key product approvals on page [4](#ie22c70781ec24e178b4ec838768832e2_40) |
| ![Read.more.jpg](gsk-20251231_g15.jpg) | Read more about our research and development on page [13](#ie22c70781ec24e178b4ec838768832e2_67) |

---

**Harnessing technology** 

Across our supply chain, we're implementing integrated

digital solutions, smart manufacturing and AI to ensure our

factories are fit for the future and to enhance speed, quality

and efficiency.

Smart manufacturing is a broad programme incorporating

many new technologies such as intelligent digital

automation, dynamic simulation and process modelling

tools. We're initially focusing on three pilot sites before

broader implementation. At the heart of our smart

manufacturing strategy is a centralised interface that

consolidates data from multiple sources. This enables us to

quickly gain insights and deploy advanced AI applications.

We've already implemented several successful examples,

including supporting accurate execution of complex

manufacturing steps, process changeovers, and

maintenance. Also, by combining Process Analytical

Technology with digital twins, we can track production in

real time and optimise process yield, leading to

improvements in product costs.

A key project in our digital transformation is the

implementation of integrated business planning. This year

we successfully rolled out advanced demand planning

across a large part of our global network and we'll

accelerate this deployment in the coming year. By

integrating our planning processes with advanced

forecasting AI, we'll drive improvements in planning

accuracy and supply chain efficiency, leading to optimised

inventory levels.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Manufacturing and supply continued | Manufacturing and supply continued | Manufacturing and supply continued | Manufacturing and supply continued | Manufacturing and supply continued |

---

AI applications are also delivering tangible benefits in

several other key areas: enhancing production through

advanced parameter analysis; enabling predictive

maintenance to minimise downtime; and ensuring

robust environmental monitoring and control.

Generative AI has been implemented at over 20 sites to

review historical investigation data and identify trends for

improvement. Also, in 2025 we launched an AI

investigation tool to enhance the quality of investigations. In

2026, we're launching a multi-agent platform to support

inspection readiness by detecting and preventing issues in

real time before they lead to investigations.

**Building sustainable and responsible** 

**manufacturing** 

We're committed to responsible, sustainable practices in

our supply chain. This helps to protect our environment

and to future-proof our network against potential climate

and nature-related risks.

A key priority is our supply chain's preparedness for the

launch of low-carbon *Ventolin* from 2026. Following positive

phase III clinical results, teams across our sites are

working to make sure we're ready for launch. This will

significantly reduce the carbon footprint of one of our key

medicines by over 90%, helping us to deliver on our

sustainability commitments.

In 2025, we continued to progress the deployment of solar

energy in our manufacturing sites. In total, 23 of our sites

are now using solar energy to contribute towards

sustainable energy consumption.

This year we adopted new automation and robotics to

enhance production efficiency and reduce material waste.

We are also transitioning from manual to electronic batch

records to reduce paper waste, resulting in an 83%

reduction in time taken for quality reviews of batch records.

As part of our broader efforts to get ahead of antimicrobial

resistance (AMR), which is a major threat to global health,

in 2025 we extended our BSI AMR Kitemark certifications.

The kitemark gives independent assurance that the

antibiotics manufacturing process meets rigorous

international standards. Our Worthing antibiotics site

achieved certification in 2024 and this year, five more

sites completed their certification.

**Delivering quality, safety and reliability** 

We're committed to delivering medicines with the highest

quality and safety standards, ensuring a reliable supply to

meet patient needs and maintain our competitive edge.

Our supply chain continues to perform strongly, achieving

99% on-time, in-full (OTIF) delivery.

In 2025, we had 134 regulatory inspections across our

manufacturing sites and local operating companies,

compared with 114 in 2024.

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read more about product governance, including regulatory <br>inspections, on page [56](#ie22c70781ec24e178b4ec838768832e2_163)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |

---

## Responsible b usiness
![Page_47.jpg](gsk-20251231_g36.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Responsible business continued | Responsible business continued | Responsible business continued | Responsible business continued | Responsible business continued |

---

Our approach<br>

Being a responsible business is vital to our strategy and

long-term success. It helps us build and sustain trust with

our stakeholders, reduce risk, support our people to thrive

and deliver positive health impact at scale.

To deliver on our purpose, we must consider our impacts,

risks and opportunities across everything we do, in our

business and value chain. We focus on six areas to help

us address what's most material to our business and most

important to our stakeholders:

–Access to healthcare

–Global health and health security

–Environment

–Inclusion

–Ethical standards

–Product governance

To sustain trust, we must be responsive to the environment

we operate in, and to our key stakeholders' changing

expectations. This means we continue to review and evolve

what we do in all six focus areas and monitor our external

environment and strategic priorities to make sure we're

focusing on the right areas.

**Materiality**

We regularly undertake materiality assessments to assess

the key issues that matter most to our business and

stakeholders. The results inform our approach to reporting

and the metrics we include in our Responsible Business

Performance Rating (see below).

In 2024, we carried out a double materiality assessment

to prepare for reporting under the Corporate Sustainability

Reporting Directive (CSRD), following guidance from

European Sustainability Reporting Standards. In 2025, we

updated our materiality assessment to ensure continued

readiness for CSRD. The assessment built on the 2024

findings and reflected changes to the external environment

over the preceding 12 months. The assessment reaffirmed

that the most material issues for our business are well-

**2025 Responsible Business Performance** <br>**Rating**<br>Our 2025 Responsible Business Performance Rating <br>is on track, based on 92% (12 out of 13) of <br>performance metrics being met or exceeded. One <br>metric, on clinical trial representation, fell short of its <br>target. <br>Since we introduced the metric in 2022, we've <br>maintained on-track performance against our <br>performance rating each year. Where we have work to <br>do, we have plans in place and monitor our progress. <br>

aligned with our six focus areas. GSK will be in scope for

CSRD from the 2027 financial year, with our first CSRD

report published in 2028.

**Our Responsible Business Performance** 

**Rating**

Our Responsible Business Performance Rating is one

of our corporate KPIs and tracks progress against key

metrics across our responsible business priority areas.

Each year, we review the metrics that contribute to

the overall Performance Rating. For 2025, we have

set 13 metrics (down from 22 in 2024) which support

greater focus on our most material topics.

The changes were:

–Environment: removed a waste metric and a paper and

palm oil metric in order to focus on our most material

environmental impacts

–Inclusion: removed four metrics, as outlined in our 2024

report, after reviewing our inclusion approach and the

completion of our overarching ethnicity and gender

aspirations

–Ethical standards: removed one metric, as it relied on

employee survey data, which was unavailable in 2025

–Product governance: removed a clinical trial

transparency metric as we'd consistently met the

maximum limit for the target, and a metric for inspections

from all regulators to avoid duplicating metrics on this

topic

**How we assess performance** 

The GSK Executive Committee (ExCom) is accountable for

delivering progress against the metrics and regularly

reviews performance along with the Corporate

Responsibility Committee (CRC). The ExCom is

accountable for delivering progress against our

Responsible Business Performance Rating and the

individual metrics that contribute to it. It regularly reviews

performance along with the CRC, embedding

accountability in the business. Each metric is assessed as:

on track (we've met or exceeded the metric); on track with

work to do (we've achieved at least 80% of the metric); or

off track (we've missed the metric by more than 20%).

To calculate the overall Performance Rating, we

aggregate performance across all 13 metrics into a single

score. This score shows whether we're on track, on track

with work to do, or off track. This rating is defined below:

On track: 70% or more of all metrics are on track

On track with work to do: more than 50% of all metrics

are either on track, or on track with work to do

Off track: more than 50% of all metrics are off track

![GSK_AR25_Grey_Panels_2025_RBPR_P48.gif](gsk-20251231_g37.gif)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Responsible business continued | Responsible business continued | Responsible business continued | Responsible business continued | Responsible business continued |

---

![GSK_AR25_Grey_Panels_External_Benchmarking_P49.gif](gsk-20251231_g38.gif)

**External benchmarking (as at February 2026)** 

Investors frequently ask us about our performance in key

ratings including:

**–Access to Medicine:** 2nd among 20 of the world's

largest pharmaceutical companies in the Access to

Medicine Index 2024

– **FTSE4Good:** Member of FTSE4Good Index since

2004

**–CDP:** A in Climate change, A in Water security,

B in Forests and Supplier Engagement Leader

**–Sustainalytics:** Low risk rating

**–MSCI:** AA rating

**–ISS Corporate Rating:** B+ rating

Access<br>

**Our aim is to positively impact the health of 2.5 billion** 

**people by the end of 2030 by making our medicines and** 

**vaccines available as widely as possible. We will do** 

**this through responsible pricing, strategic access** 

**programmes and partnerships.** 

**Our commitment**

Make our products available at value-based prices that

are sustainable for our business and implement access

strategies that increase the use of our medicines and

vaccines to treat and protect underserved people.

**Our Responsible Business Performance Rating** 

**metric 2025**

–Progress towards our 2030 goal of reaching 1.3 billion

people in lower income countries with our products

**Our progress in 2025**

We believe access has to start with understanding patients

– who they are, how a disease affects them and the context

in which they access care – so that we can reach them in

the right way with innovation that is relevant to them.

This could mean helping uninsured and under-insured

people in higher income countries. Or it could mean

partnering with global health organisations, local

governments and communities to reach people in lower

income countries, which are disproportionately affected

by the infectious diseases where we have expertise.

To grow sustainably, we must support access in different

ways across a broad range of markets. We are committed

to partnering with patients, communities, payers, regulators

and policymakers to help strengthen health systems and

find new ways to get the right products to the right people.

**Measuring our progress on access and impact on** 

**health at scale**

We are on track to make a positive impact on the health

of 2.5 billion people by 2030. We estimate that we reached

at least two billion people between 2021 and the end of

2024<sup>1</sup>, 1.5 billion of them in low- and lower-middle-income

countries. The remainder were in high- and upper-middle-

income countries.

(1)Date of latest progress calculation. Includes patient reach for

donations of albendazole tablets up to 2023. 2024 data was

unavailable at time of calculation

(2)Drug Channels Institute 2021-2025 industry drug pricing analysis

While we have exceeded our original estimate of 1.3 billion

for low- and lower-middle-income countries, we don't see

progress towards our ambition in linear terms. Because we

don't double-count those we've already reached once,

reaching people becomes harder the closer we get to our

goal, especially as the people we haven't reached yet

might be the hardest to access. Also, as we work with

partners to eliminate diseases like lymphatic filariasis, the

number of people we reach with programmes like this will

naturally fall, reflecting the programme's effectiveness.

We will continue to refine how we measure our progress as

we pursue our commitment to discover and deliver the

specialty medicines, vaccines and general medicines that

will make a large-scale positive impact on health. We report

more detail on our methodology in our Responsible Business

Report.

**Evidence-based pricing that recognises benefits** 

To set responsible prices for our products, we look at the

benefits they bring to patients and healthcare systems,

measured in terms of clinical, economic and social

outcomes. We must strike the right balance between

responsible pricing and sustainable business, as our

medicines and vaccines are the backbone of the revenue

that funds the R&D behind our next generation of products.

We want patients to get better outcomes through access to

our medicines, while also creating predictability and

stability for payers and our business. We proactively

engage with payers on upcoming product launches to

support effective budget planning, as well as adjust prices

to account for inflation.

In the US in 2025, our combined average net price (after

discounts, rebates or other allowances) for our medicines

and vaccines decreased by 0.1%. The average list price

increased by 3.8%, compared with 3.5% for the industry<sup>.2</sup>.

In the last five years, the average net price of our products

rose 2.5% per year, and the average list price rose by

3.2%, compared with 4.1% (list) for the industry<sup>2</sup>.

In December 2025, we entered into an agreement with the

US Government to lower the cost of prescription medicines

for American patients. This includes our broad respiratory

portfolio, used to treat more than 40 million Americans

who suffer from respiratory conditions such as asthma

and COPD.

---

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| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Responsible business continued | Responsible business continued | Responsible business continued | Responsible business continued | Responsible business continued |

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**Access strategies focused on lower income countries** 

**Vaccines**

We've supported Gavi, the global public-private vaccines

alliance, since it was founded in 2000, supplying over

1.2 billion vaccine doses overall and nearly 99 million in

2025 alone. In 2025, we underlined our commitment to

Gavi with overall contributions to the Gavi replenishment

of up to €100 million, making GSK the largest private sector

contributor.

In 2025, through our partnership with Gavi, we delivered

99 million of doses of critical vaccines to protect vulnerable

populations in lower income countries: approximately

four million doses of *Cervarix* to address cervical cancer,

eight million doses of our malaria vaccine RTS,S/AS01,

around 44 million doses of *Synflorix* our pneumococcal

vaccine provided to 21 Gavi-eligible countries at our lowest

price and 43 million doses of *Rotarix*, our rotavirus vaccine

supplied to children across 26 Gavi-eligible countries and

four former Gavi countries.

We're also a longstanding supplier of oral polio vaccines

through UNICEF, supplying around 55 million doses in

2025. **Malaria**

Since WHO recommended our first-in-class RTS,S/AS01

malaria vaccine, developed with PATH and partners, in

2021, 12 countries have introduced it. A 2024 WHO

evaluation of the vaccine pilot in Ghana, Kenya and

Malawi, where over two million children received the RTS,S

vaccine between 2019 and 2023, reported a reduction in

all-cause mortality and a fall in hospitalisations with severe

malaria among children age-eligible for vaccinations

during this period.<sup>1</sup>

In 2025, Burundi and Guinea became the latest to

announce rollout of the vaccine. Bharat Biotech will

become the sole supplier following the transfer of

technology and know-how from GSK. This collaboration

exemplifies our model of shared responsibility in delivering

innovative vaccines to those who need them most.

**Lymphatic filariasis** 

Lymphatic filariasis (LF) is a debilitating disease caused

by a parasite transmitted to humans by mosquitoes.

We're committed to eliminating it by donating albendazole

tablets as part of an overall drive to tackle neglected

tropical diseases. We've donated over 10 billion tablets,

and the disease is now eliminated in 21 countries. The

programme, which marked its 25th anniversary in 2025,

has benefited over 943 million people according to WHO.

**HIV**

Our longest-standing voluntary licences cover single or

fixed dose combination products containing generic

dolutegravir for HIV treatment and through our partnerships

over 1.75 billion packs have been supplied. By the end of

2025 more than 26 million people across 129 countries had

access to a generic product containing dolutegravir –

that's at least 90% of people living with HIV on antiretroviral

in generic-accessible low- and middle-income countries.

Although children only account for 3% of people living with

HIV, in 2024, they made up 12% of AIDS-related deaths.

We work with partners to get age-appropriate HIV

treatment options into the hands of those who need them.

For example, following FDA approval, we saw a rapid

rollout of paediatric dispersible dolutegravir and paediatric

formulations are now available in 123 countries.

We believe long-acting injectables are the key to ending

the HIV epidemic. That's why, since 2022, we've focused

on increasing access to our long-acting injectable

cabotegravir for HIV prevention (CAB LA for PrEP). This

includes not only voluntary licences but committing to

make at least two million doses available for procurement

in low- and middle-income countries in 2025-26 and

providing funding of over £1.2 million to implementation

partners to ensure continuity of service.

Following updated guidance from the WHO, this year we

expanded our voluntary licence with the Medicines Patent

Pool to include long-acting cabotegravir (in combination

with J&J's rilpivirine) for HIV treatment in 133 countries.

(1)World Health Organization, World Malaria Report 2024

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| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Responsible business continued | Responsible business continued | Responsible business continued | Responsible business continued | Responsible business continued |

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Global health and health security<br>

**We are helping to address the biggest health** 

**challenges faced by people around the world.**

**Our commitment**

To develop novel products and technologies to treat and

prevent priority diseases, including pandemic threats.

**Our Responsible Business Performance Rating** 

**metrics 2025**

–Progress four Global Health pipeline assets to address

priority WHO diseases

–Progress eight active R&D projects that address

pathogens prioritised by WHO and CDC as posing

the highest level of concern due to drug resistance

(critical and/or urgent threats)

**Our progress in 2025**

We are experts in many infectious diseases, including

tuberculosis (TB), malaria and HIV, that cause death and ill-

health for millions of people. We're committed to developing

novel products and technologies to treat and prevent

priority diseases in lower income countries. Our work on

global health also helps us to attract and hold on to

outstanding people motivated by tackling some of the

world's biggest health challenges. We have the largest

priority pipeline among the world's 20 largest

pharmaceutical companies<sup>1</sup>, that seeks to address high-

burden diseases flagged as priorities by global health

stakeholders including the WHO.

**R&D to tackle high-burden diseases in lower income** 

**countries** 

We want to change the course of high-burden diseases

in lower income countries by preventing and treating

infectious diseases, including ones where AMR is a threat.

By the end of 2025, we'd invested 46% of the £1 billion we

committed in 2022 to accelerate R&D for Global Health.

We had also progressed seven Global Health pipeline

assets to address WHO priority diseases, including ones

exacerbated by changing climate conditions and those

that disproportionately affect people in lower income

countries.

We are committed to tackling TB, one of the world's

deadliest infectious diseases. We have developed a

promising candidate vaccine, M72/AS01E, up to proof of

concept (phase IIb). In 2020, we partnered with the Gates

Medical Research Institute (Gates MRI) to advance its

development. The M72/AS01E vaccine candidate has now

progressed into phase III trials, funded by the Gates

Foundation and Wellcome. In 2025, enrolment of

approximately 20,000 people, including people living with

HIV, across five countries was completed 11 months ahead

of schedule.

In 2025, the European Medicines Agency granted

orphan drug designation to alpibectir and ethionamide

(AlpE) to treat TB, a status intended to encourage the

(1)2024 Access to Medicine Index

development of therapies for rare diseases. AlpE,

developed with BioVersys, is a combination of the small

molecule alpibectir and the antibiotic ethionamide, and it

received orphan drug designation from the FDA in 2023.

Following the 2024 launch of our world-first malaria vaccine

for children in endemic countries, targeting the deadliest

form of malaria, P. falciparum, we are developing a second-

generation malaria vaccine designed to further improve

protection against the disease. Development is currently

at the pre-clinical phase.

**Strengthening health security**

**Innovating to counter antimicrobial resistance**

AMR is a growing threat to people, healthcare and

economies, which could kill an estimated 10 million people

a year by 2050. By addressing AMR, we support people

and communities against infectious disease but also

protect our portfolio of medicines and vaccines, which

could become less effective as resistance increases. We

have more than 30 R&D projects including medicines and

vaccines relevant to AMR, with 17 targeting pathogens

deemed 'critical' (by WHO) and/or 'urgent' (by Centers

for Disease Control and Prevention).

In 2025, we reached important regulatory milestones in

AMR with the approval in the UK and US of *Blujepa* 

(gepotidacin) as oral treatment for uncomplicated urinary

tract infections – also known as acute cystitis – with the US

also approving it for uncomplicated urogenital gonorrhoea.

These common infections are increasingly caused by

multidrug-resistant pathogens that are recognised by the

WHO and CDC as urgent health threats requiring new oral

antibiotics. In addition, Tebipenem HBr, which we're

developing with Spero Therapeutics, could be the first oral

carbapenem antibiotic for patients with complicated urinary

tract infections (cUTIs). For more details see R&D on page

[28](#i09f033b690a040d7ad0e00d40787c51f_134).

**Supporting appropriate use of antibiotics**

We run several initiatives to support appropriate use of

antibiotics. This includes educating healthcare

professionals about using and prescribing antibiotics in the

right way, and the importance of surveillance studies. We

maintain our multinational Survey of Antibiotic Resistance

programme, which helps us generate and share data on

pathogens' susceptibility to antibiotics. We also run

surveillance studies to support antimicrobial assets in late-

stage development.

**Investing in innovation and partnership to find** 

**and scale solutions to AMR**

We're investing £45 million to support the Fleming Initiative,

a global network combining scientific, technology, clinical,

policy and public engagement expertise to develop new

AMR interventions. In November, we announced six major

new research programmes with the Fleming Initiative,

combining scientific expertise with cutting-edge AI

technology to accelerate AMR research. This includes

funding for around 50 dedicated UK scientific and

academic positions focused on AMR research.

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We've also committed €4.5 million to the Global Antibiotic

Research & Development Partnership (GARDP) for

2025-27 to shape the policy environment for sustainable

and appropriate use of antibiotics in lower income

countries. In 2025, we worked together to understand

the current access ecosystem and explore pathways

to market for antibiotics.

**Partnering for pandemic preparedness**

To help prevent and respond to health security

emergencies, we work with governments and other

stakeholders to strengthen global preparedness and

get ahead of disease together. This means drawing

on what we've learned from COVID-19 and previous

outbreaks, championing innovation and promoting

sustainable approaches for the biopharmaceutical

sector and public health.

As part of the President's Strategic Active Pharmaceutical

Ingredients Reserve (SAPIR), in December 2025 GSK

entered into an agreement with the US Government to

strengthen the resilience of the US supply chain for critical

medicines by securing a domestic reserve of albuterol

(also known as salbutamol), the active ingredient used

in many inhalers.

We have contracts with the European Commission's Health

Emergency Preparedness and Response Authority (HERA),

Canada, the US, and WHO to supply *Adjupanrix* (to 12

European countries) and *Arepanrix* (US and Canada) if

the WHO declares an influenza pandemic. These contracts

reserve production and supply of the vaccine and together

could provide at least 200 million doses.

We also have an influenza A (H5N1) pre-pandemic vaccine

candidate in phase II development, which has been

granted fast track designation by the FDA.

Environment<br>

**Climate change and nature loss pose risks to human** 

**health and business resilience. By reducing our** 

**environmental impact, we help safeguard our long-term** 

**business success and boost our ability to get ahead of** 

**disease.** 

**Our commitment**

Commit to a net zero, nature positive, healthier planet

with ambitious goals set for 2030 and 2045.

**Our Responsible Business Performance Rating** 

**metrics 2025**

–Operational emissions reduction (Scope 1 & 2 market-

based emissions)

–Complete Clinical Studies to enable filing of low carbon

version of *Ventolin* MDI

–Percentage of carbon credit volume in project pipeline

–Average of the percentage of GSK sites and suppliers

compliant with wastewater active pharmaceutical

ingredient (API) limits and the percentage of sites and

suppliers that are compliant with the AMR Industry

Alliance Common Antibiotic Manufacturing Framework

and discharge limits

**Our progress in 2025**

Climate change and nature loss are changing the spread

and burden of disease and pose a threat to human health,

putting increasing, putting growing pressure on healthcare

systems. This is why we've set environmental goals for

2030 and 2045 across our value chain. Working to meet

these goals reduces our impact on the planet and supports

our long-term performance, helping us to adapt to

anticipated changes in regulation and meet growing

demand for medicines with a lower environmental impact.

**Climate**

We have a clear pathway to a net zero impact on climate

with ambitious targets for 2030 and 2045. These targets

are approved by the Science Based Targets initiative

(SBTi) Net Zero Standard.

Our value chain carbon footprint<sup>1</sup> is made up of Scope 1 &

2 emissions from our own operations (6%) and Scope 3

emissions from our supply chain (38%), emissions from

logistics (4%), from people using our products (mostly

metered-dose inhalers) (52%) and from the disposal

of our products (<1%).

**Long-term targets**<sup>2</sup>

–80% absolute reduction in greenhouse gas emissions

from a 2020 baseline, across all scopes, and investment

in nature-based solutions for the remaining 20% of our

footprint by 2030

–Net zero greenhouse gas emissions across our full value

chain by 2045: 90% absolute reduction in emissions from

a 2020 baseline, across all scopes, and all residual

emissions neutralised

–100% renewably imported and generated electricity

by 2030 (Scope 2)

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(1)Based on 2024 data

(2) The target boundary includes biogenic land-related emissions and

removals from bioenergy feedstocks

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**Progress to date on carbon reduction pathway**

From our baseline year in 2020 to 2024 (latest available

data), we have reduced carbon emissions by 17% across

all scopes, while increasing our revenue by 29%. This

means we have reduced our overall carbon to revenue

ratio by 36%, showing how we are decoupling growth

and environmental impact.

–In 2025, we reduced our Scope 1 & 2 carbon emissions

by 14% compared with 2024, and by 45% compared

with our 2020 baseline

–This year we achieved our 2025 target to transition

100% of imported electricity to renewable sources.

We're making progress towards our remaining 2030

target to have 100% renewably imported and generated

electricity by 2030 (currently at 85%)

–Scope 3 emissions are 16% lower than our baseline year

of 2020, falling by 7% in 2024 (our latest available data)

compared with 2023<sup>1</sup>

**Progress in 2025**

Key factors in reducing our Scope 1 & 2 carbon emissions

in 2025 were switching to renewable electricity at our

Singapore facilities, installing onsite renewable electricity

generation at five sites and investment in process

efficiencies.

Millions of people use *Ventolin*, our reliever metered dose

inhaler medication, which currently accounts for 43% of our

total carbon footprint. We have announced positive pivotal

phase III data for a next-generation low-carbon version of

*Ventolin* MDI, and these findings will support regulatory

submissions. If approved, this version has the potential to

reduce greenhouse gas emissions by 92% per inhaler, with

launch expected from 2026.

Our supply chain emissions decreased by 6%, primarily

due to suppliers switching to renewable electricity.

Through the Sustainable Markets Initiative (SMI) Health

Systems Task Force, we co-led a Power Purchase

Agreement (PPA) with peers and suppliers in China. This

collaboration among 12 companies will unlock

approximately 225 GWh of renewable electricity annually

for the research, development and manufacture of

medicines.

We also engaged with suppliers on updated minimum

sustainability targets set out by the SMI Health Task Force.

Increased engagement with our suppliers has enabled us

to reflect real emissions reductions from suppliers.

**Investing in carbon credits**

Target: We plan to secure high-quality carbon credits

for the 20% emissions we estimate to have as residual in

2030, and for a maximum of 10% residual emissions by

2045 (from a 2020 baseline).

At the end of 2025, we'd secured carbon credits for 8% of

the estimated residual emissions, that is 40% of the carbon

credit volume required. This included additional investment

in a peat and mangrove restoration project in Indonesia.

(1)Our Scope 3 data is currently based on the latest available 2024

data, except for 2025 Scope 3 emissions from patient use of

inhalers. However from 2026 we are aiming to report in-year data

across all scopes

**Nature**

Human health relies on the fundamentals of nature: clean

air and freshwater. Nature loss has a range of negative

impacts on health. For example, reduced air quality

increases the incidence and severity of respiratory

diseases, while habitat degradation and deforestation are

increasing the risk of new human pathogens and

pandemics.

At the same time, nature can inspire innovation in science,

as scientists can find new solutions by observing the

natural world. By working to protect nature we protect

human health and safeguard the supply of raw materials

we need to manufacture our medicines and vaccines.

We were selected by the Science Based Target Network

(SBTN) pilot to set science-based nature targets and we're

now among the first companies globally with independently

validated targets for land and freshwater. We also report

against the Taskforce for Nature-related Financial

Disclosures (TNFD) framework on gsk.com.

**Freshwater**

We use water across our operations and supply chain

for the production of our medicines and vaccines.

**Target:** 100% of our sites to practice good water

stewardship by 2030

We met our original target to achieve good water

stewardship, as defined by the Alliance for Water

Stewardship's definition, at 100% of sites in 2023, two

years ahead of the target date. We intend to maintain this

performance through to 2030. We continue to evolve our

assessment methodology in line with external best

practice.

**Target:** Reduce overall water use in our operations by 20%

by 2030

We met our overall water reduction target across our

network in 2022. In 2025, we reduced overall water use in

our operations by an additional 3% compared with 2024.

This is a decrease of 30% for overall water use from our

2020 baseline.

**Target:** Be water neutral in our own operations and at key

suppliers in water-stressed regions by 2030

We have five sites across three water-stressed basins –

specifically in Algeria, India and Pakistan – where we

operate and have suppliers. We define water neutrality

as practising water stewardship, reduced water use, water

replenishment and addressing shared water challenges,

and have specific requirements for both our sites and co-

located suppliers.

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We have reduced water use in these water-stressed areas

by an additional 4%, a total of 19% since 2020. We are

engaging with co-located suppliers on the setting of water

targets, including providing support to define criteria and

plans where necessary.

To deliver water replenishment, we commenced a

partnership with WWF. This aims to build business

resilience by protecting and restoring freshwater

ecosystems in our own operations and our supply chain in

water-stressed basins in India and Pakistan.

Target: All sites and key suppliers meet 'predicted no

effect concentrations' (PNECs) for active pharmaceutical

ingredients in the environment by 2030<sup>1</sup>

In 2025, 100% of all sites and key suppliers had API

discharges below predicted no-effect concentration

levels, as defined by the AMR Industry Alliance and API

Wastewater Discharge limits, compared with >99% in

2024. This increase has been driven by successful

engagement with remaining suppliers. 100% of our own

sites remained within AMR Alliance and API Wastewater

discharge limits.

**Land**

Some of our products use natural resources that derive

from agricultural commodities, which can be a factor

in deforestation and changing land use if not sourced

sustainably. Our Land targets have been independently

validated by the Science Based Target Network.

Target: Positive impact on biodiversity at all GSK-owned

sites by 2030<sup>2</sup>

In 2025, 100% of our sites have assessed their baseline

and have biodiversity net gain management plans in place.

Some sites such as Stevenage, Zebulon and Wavre have

already started implementation and are evaluating the

biodiversity increase they achieved.

**Target:** 100% of key<sup>3</sup> naturally-derived materials

sustainably sourced and deforestation free by 2030

Our approach to sustainable sourcing focuses on naturally

derived materials that are important to our business and

where there are multiple impacts on nature. We've

developed Sustainable Sourcing Standards, in consultation

with third-party experts, for our 12 key naturally-derived

materials<sup>4</sup>. In 2025, 51% of those materials were

sustainably sourced and deforestation free. We can

achieve sustainable sourcing for these materials either

through purchasing certified materials or completing

supplier audits.

**Oceans**

We make an impact on marine ecosystems primarily

(1)Below the predicted no-effect concentration level, as defined by the AMR

Alliance and API Wastewater discharge limits

(2)Using the Natural England Biodiversity Net Gain methodology

(3)Definition clarified in 2024 to reflect priority materials

(4)Aluminium, cellulose (HPMC & MCC), eggs, horseshoe crab blood,

lactose, palm oil, paper packaging, rapeseed oil, soap bark extract

(QS-21), soy, squalene, sugar (glucose, mannitol, sorbitol, sucrose)

(5)Including a 20% reduction in routine hazardous and non-hazardous waste

(6)We achieved zero operational waste to landfill except where local legal

requirements specify that regulated wastes must be disposed in a landfill

through our use of horseshoe crab blood and squalene

to manufacture our vaccines and medicines.

**Target:** 100% of key marine-derived materials to be

sustainably sourced by 2030

In the long-term, we are seeking to transition to

alternatives to marine-derived materials, wherever

possible from both a technical and regulatory perspective.

We use limulus amoebocyte lysate (LAL), derived from

horseshoe crabs, for endotoxin testing to ensure the safety

and quality of medicines and vaccines and for water testing.

Water testing accounts for most of our LAL use. We've

reduced that by 60% since 2020 through process

efficiencies, and are working with regulators and suppliers to

adopt LAL-free alternatives for our products.

Squalene is used as an ingredient in one of our pandemic

vaccine adjuvants. We have identified and are currently

evaluating potential non-animal alternatives.

**Waste**

We are committed to reducing our operational and supply

chain waste.

**Target:** Zero operational waste<sup>5</sup>by 2030

In 2025, we reduced operational waste by 18% compared

to 2024, and a total of 38% since 2020. The amount of

materials recovered by circular routes increased by 4% to

58%. We maintained zero operational waste to landfill.<sup>6</sup>

Target: 10% waste reduction from our supply chain

by 2030

In 2025 we established a 2022 baseline for upstream waste

of 3.8 million tonnes, using a third-party lifecycle analysis

(LCA)-based methodology. This means our 10% waste

reduction target is to reduce upstream waste by 380,000

tonnes by 2030.

We have achieved a 3% reduction, primarily through

engagement with our aluminium packaging supply chain,

as part of our Sustainable Procurement Programme.

**Product and packaging**

Target: 25% environmental impact reduction for our

products and packaging by 2030

Building on the foundational work completed over the last

few years to conduct lifecycle assessments of our

products, this year we have finalised the scope and

methodology to measure progress against this target. This

target focuses on the products, including the packaging,

that are anticipated to be the main drivers of our 2030

carbon footprint if no eco design action was taken. Moving

forward we will track the environmental impact reduction of

eco-design interventions on these products, measured

through carbon emissions reductions. 42% of the products

in scope, which include products in our anti-infectives and

respiratory portfolios, have environmental impact reduction

plans in place. We aim to have plans in place for all of the

products in scope by the end of 2026.

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| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
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Inclusion <br>

Inclusion is an integral part of our ambition and strategy –

for patients and for our people.

We're committed to making sure clinical trials, patient

and community outreach and partnerships are inclusive

of the people affected by the diseases we address. This

is fundamental to developing medicines and vaccines that

are rooted in sound science, meet patients' needs and

reach the people who need them.

We're also committed to supporting our people to thrive.

We believe in the power of an inclusive culture and

differing perspectives and experiences to unlock the full

potential of the company.

**Our Responsible Business Performance Rating** 

**metrics 2025**

–% of phase III trials completing enrolment in 2025 that

have met our required threshold<sup>1</sup> of trial participants,

consistent with disease epidemiology

**Our progress in 2025**

**Representative clinical studies**

Diseases and medicines can affect people differently

depending on their ethnicity, sex, race and age. This

means we need to make sure our clinical trials include

people affected by the disease being studied. This

supports our business performance by giving healthcare

providers and the people who are prescribed our

medicines and vaccines confidence in the safety and

effectiveness of our products.

Before starting enrolment, all our phase III clinical trials

have representation plans to reflect the people most

affected by a particular disease. In 2025, four phase III

trials completed enrolment. Of these, two (50%) met

the enrolment thresholds<sup>1</sup> we set to ensure trial participants

represent the disease epidemiology under study. This

outcome fell short of the 2025 target of 75%. We will

continue to focus our efforts on improving trial participant

representation.

Patients can often struggle to join clinical trials because

of issues like travel to trial sites, especially when suffering

from disease symptoms. As part of our global study of

an investigational medicine for cholestatic pruritus, we

enabled patients in the US to participate from home.

This also allowed us to collect real-time data from them

in their homes. This approach, in collaboration with our

partner, Science 37, helped expand the pool of

participants, who would otherwise have had to travel

hundreds of miles to a clinical site. It also made it more

likely they'd finish the trial, with 82.3% completing part A of

the trial – the crucial milestone for evaluating the

investigational drug's initial effects compared to placebo.

**Supporting inclusion as part of our culture**

To unlock the potential of our people and perform at our

best, we're committed to creating a workplace environment

anchored in:

–Fairness – a culture, policies and practices that reinforce

respect, equal opportunity and non-discrimination and

provide the support people need

–Belonging – everyone feeling safe to express themselves

and their ideas, valued for their contributions and

included as part of a thriving workforce which welcomes

and celebrates varying backgrounds and perspectives

–Opportunity – everyone, whoever they are, having

access to opportunities and support to develop and

realise their full potential based on their skills and

experience

We remain committed to equal opportunities, non-

discrimination and merit-based decision making in the

recruitment, leadership, support and development of our

people. This means making sure we have fair processes

and broad outreach designed to be inclusive and

accessible to potential candidates, so that we find the best

people.

We set out our expectations for everyone on Inclusion in

our Code and mandatory learning programme. Our 2026

employee engagement survey will include new questions

to measure how people feel about our commitment to

building an inclusive work environment.

In 2025, we kept Inclusion in-focus in our learning

and development programmes. We continue to introduce

new content to enable our people to learn from different

perspectives and to contribute to an environment where

people feel supported, confident and motivated to perform

at their best. Our programmes build key Inclusion skills,

such as active listening, self-awareness and openness to

learning.

Our leadership programmes specifically emphasise

behaviours that foster a culture where people feel safe,

valued and empowered to thrive.

In 2025, we formed a new Global Inclusion Council to act

as a strategic advisory group, bringing together internal

perspectives to inform, support, and amplify our people-

focused Inclusion efforts across the company. The Council

offers insights, identifies opportunities, and advises on

integrating inclusive practices that support our principles of

Fairness, Belonging and Opportunity. Chaired by the Chief

People Officer, membership is drawn from across GSK and

ViiV Healthcare and includes another ExCom member, and

employees representing the perspectives of our workforce.

(1)Defined by meeting ≥80% of each demographic objective (up to a ceiling

of 120%) described in the plan based on disease epidemiology

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Responsible business continued | Responsible business continued | Responsible business continued | Responsible business continued | Responsible business continued |

---

Ethical standards<br>

Conducting ourselves in the right way, and making

sure those we work with do likewise, sustains trust in

our work and strengthens our business.

**Our commitment** 

Promote ethical behaviour across our business by

supporting our employees to do the right thing and

working with suppliers that share our standards and

operate in a responsible way.

**Our Responsible Business Performance Rating** 

**metrics 2025**

–Percentage of employees and complementary workers

complete GSK's 2025 mandatory training

–80% of direct high-risk suppliers achieve GSK's minimum

EcoVadis score or have an improvement plan in place

**Our progress in 2025**

How we do things is as important as what we do.

This means that it is important that all our people, and

everyone who works on our behalf, conducts themselves

in the right way. This builds trust in what we do, protects

our business and helps create a workplace where we all

thrive. Getting this wrong is costly to our business in terms

of legal, reputational and financial risk, as well as

undermining trust with key stakeholders.

Our Code of Conduct (The Code) guides our people to

do the right thing and act on any concerns they have.

We expect everyone who works for us to live up to this,

and we expect the same of our suppliers. The Code is

supported by specific global policies and standards and

an accompanying global learning curriculum, which

all our people are required to complete. In 2025, 100%

of our employees and 99% of complementary workers

completed this training.

We have separate specialist ABAC training for our people

working with very high-risk third parties, which helps them

identify and manage any ABAC risk.

**Reporting and investigating concerns**

Anyone – whether internal or external to GSK – can report

concerns through our Speak Up channels, which include

line managers, compliance, legal and HR teams, as well as

our independently managed web reporting platform and

helpline. People can report concerns anonymously where

permissible by local laws. All reports are treated

confidentially, and we have zero tolerance for retaliation.

Each concern is carefully assessed to determine whether

a formal investigation is required. Where breaches of our

Code, policies, or applicable laws and regulations are

identified, we take appropriate action in line with our

procedures, disciplinary framework and local legal

requirements.

In 2025, we strengthened our monitoring processes to

better detect instances of non-compliance with hybrid

working and cyber security policies and focused

management attention on the criteria triggering

management or disciplinary action. We also updated our

processes to include non-compliance with attendance

policies. As a result of these changes, along with localised

incidents involving individual breaches of internal policies,

the number of employees disciplined in 2025 increased

from the previous year<sup>1</sup>.

**Our commitment to human rights** 

We are committed to respecting internationally recognised

human rights wherever we do business. We are signatories

to the UN Global Compact and our Human Rights Position

Statement lays out our commitment to the UN Guiding

Principles on Business and Human Rights.

In 2025, we reviewed the measures and controls that help

us manage risks related to our salient issues – the areas

where GSK's potential to impact on human rights is

greatest. Potential risks are currently well managed and we

are working to address areas where we can further

strengthen our approach, such as monitoring emerging

risks. We also reviewed our approach to labour rights

management of third parties and plan to integrate

enhanced controls, supported with additional training for

key members.

**Working with third parties** 

We want to work with business partners who share our

commitment to high ethical standards and operate in

a responsible way. How these third parties act can have

a direct impact on us. It's important to manage our

relationships with them well, including the way we choose,

contract and monitor them.

Our third-party risk management programme provides a

framework for identifying and managing risks linked to our

external partners. We expect our third parties to comply

with applicable laws and adopt, as a minimum, our

standards on ABAC, labour rights and cyber security.

Where relevant, they must also meet our expectations for

quality, patient safety, health and safety, data and the

environment. New partners undergo an initial risk

assessment, while existing ones are reassessed

periodically, with corrective action taken when standards

are not met.

We classify third parties as low, medium, high or very

high risk based on factors including legal jurisdiction,

markets involved and the nature of the activity. In 2025,

we conducted 11,999 risk assessments across 18 risk

areas to identify what level of additional engagement is

required.

(1) We have restated 2024 data using the new methodology to enable

comparison

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Responsible business continued | Responsible business continued | Responsible business continued | Responsible business continued | Responsible business continued |

---

We monitor and give extra support to manage our third-

party environment, health and safety (EHS) risk<sup>1</sup>. In 2025,

we conducted 41 EHS audits of third parties to evaluate

EHS risk in line with Pharmaceutical Supply Chain Initiative

guidelines. We also worked with suppliers to help them

improve their EcoVadis scores and in 2025, 92% of direct

high-risk suppliers achieved GSK's minimum Ecovadis

score, or have an improvement plan in place.

**Responsible use of data and AI**

Data is critical for achieving our goals for patients, and

advancements in artificial intelligence (AI) and machine

learning (ML) offer huge potential. As these technologies

evolve, we must use them responsibly and ethically. With

the increasing volume and sensitivity of data processed

by AI/ML, our focus extends beyond regulatory compliance

to robust data governance, ethical safeguards, and

embedding privacy into every project from the very start.

We uphold high standards of data ethics and privacy and

require our partners to do the same. Our Responsible AI

framework is embedded across the enterprise through

governance, oversight and operational controls.

Our cross-functional AI Governance Council (AIGC) sets

enterprise-wide governance and standards to foster a

responsible AI/ML ecosystem. It monitors the external

regulatory landscape and anticipates emerging risks. We

continue to embed our AI governance, policy, principles

and procedures. GSK businesses and global functions

conduct risk-based assessments to ensure AI systems

align with our AI principles and the ethical standards set

out in The Code.

Our public policy position on responsible AI sets out

our views and commitments and expectations from

policymakers. We take a holistic, principles-led approach

to global regulation, engaging with policymakers to

promote innovation while protecting safety and trust.

Human oversight is a foundational element of our

Responsible AI framework. This year, we continued to

provide two types of training for our people: general

enterprise training on the basics of AI and how to use

AI models safely and ethically, and more targeted training

on rules of engagement for different types of systems and

platforms.

Our Digital and Privacy Governance Board oversees

data ethics and privacy, ensuring alignment with evolving

regulations and risk management practices. We also

deploy cyber security controls and monitor and mitigate

new and emerging cyber threats to protect ourselves from

these risks. For more on our approach to both data and

ethics and cyber security, including governance and

mitigation, see Risk Factors on page [260](#ie22c70781ec24e178b4ec838768832e2_574).

(1)We determine priority EHS suppliers using risk model criteria that

consider spend, revenue critical, medically critical, single-sourced

with no alternative, and for those suppliers that apply to R&D criteria

that considers the multiple stages of development and the number of

projects/developments assigned to the suppliers

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Responsible business continued | Responsible business continued | Responsible business continued | Responsible business continued | Responsible business continued |

---

Product governance<br>

**Ensuring the quality, safety and reliable** 

**supply of our products helps us to meet the** 

**high standards we set ourselves as a** 

**company.**

**Our commitment** 

We commit to maintaining robust quality and safety

processes, and using data and new technologies

responsibly.

**Our Responsible Business Performance Rating** 

**metrics 2025**

–Average number of critical and major findings per

inspection by FDA/MHRA/EMA regulators<sup>1</sup>

–Number of FDA warning letters

–Total number of Class I/II external product recalls across

all markets

**Our progress in 2025**

We aim for a mindset that prioritises quality throughout

the business, supported by a global network of quality and

compliance professionals across our business, from site

level to senior management. We have an ongoing

programme to drive continuous improvement of quality

management maturity and behaviours.

In 2025, we enhanced our quality systems with advanced

digital technologies, strengthening data protection and

improving data integrity and governance. We've also

improved our key quality processes and manufacturing

and distribution practices, establishing new internal

standards to support continued compliance and inspection

readiness.

**A focus on quality** 

Our Quality Management System provides the standards

our people must follow to support good distribution and

manufacturing practice. It helps us maintain a compliant

approach to all our quality activities, in line with regulatory

expectations in the markets we supply. We continue to

strengthen our Quality Management System and audit and

quality assurance programmes across R&D. In 2025, we

expanded these efforts to include regulatory processes,

ensuring that product quality risks are effectively identified

and mitigated throughout all stages of our operations.

**Regulatory inspections and recalls** 

In 2025, we had 134 regulatory inspections at our

manufacturing sites and local operating companies,

compared with 114<sup>2</sup> in 2024. We received no warning

letters from the US Food and Drug Administration (FDA),

no critical findings from the UK Medicines and Healthcare

products Regulatory Agency (MHRA) and no critical

findings from the European Medicines Agency (EMA)

national competent authorities. We respond to, and learn

from, all inspection findings from all regulators and take the

necessary action to address them.

In 2025, we had no Class I product recalls and two Class II

product recalls. We engaged with regulators and

responded quickly to withdraw any impacted product. We

don't hesitate to recall products voluntarily where

appropriate. In 2025, we launched several initiatives to

improve our systems and processes, to reduce the risk of

product quality and compliance issues that lead to market

action.

We are also investing in our facilities to stay ahead of

regulatory requirements, utilising AI and digital

technologies to transform our approach to product

development and manufacturing, allowing us to predict

issues before they arise. This includes our smart

manufacturing programme, which aims to improve first-

time quality, reduce deviations, and ensure compliance,

ultimately enabling faster delivery of our portfolio and

pipeline.

**Pharmacovigilance** 

Our pharmacovigilance system monitors and reviews the

safety of our products throughout clinical development and

after regulatory approval. This system is designed to

monitor and review patient safety for our marketed and

investigational medicines and vaccines. We also use the

system to provide reliable, comprehensive information on

our products' overall benefit-risk balance. This in turn helps

to support public health programmes.

**Counterfeit medicines and vaccines**

Counterfeit products pose serious risks to patient health

and GSK's reputation. We are committed to a robust

programme to combat counterfeiting, encompassing

global online monitoring and enforcement, trademark

registration with customs in high-risk markets, proactive

investigations in collaboration with authorities and other

pharmaceutical companies and chemical forensic testing

of counterfeits and sharing the results with the authorities.

We report all confirmed cases of counterfeit products to the

WHO and to relevant regulatory authorities.

In 2025, GSK's investigations led to successful raids and

seizures, notably the confiscation of large quantities of fake

*Augmentin* tablets and the dismantling of a manufacturing

facility in India which had been producing counterfeit

medicines of several pharmaceutical companies, resulting

in multiple arrests. Intelligence sharing with law

enforcement was key to these operations. GSK also

delivered substantial training to Customs, law enforcement

and our internal sales and quality teams in high-risk

regions.

(1)We consider any observations from the US FDA as major findings

(2)2024 data has been updated for accuracy

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Our culture <br>and people | Our culture <br>and people | Our culture <br>and people | Our culture <br>and people | Our culture <br>and people |

---

![Culture_lo res.jpg](gsk-20251231_g39.jpg)

Our purpose puts our people at

the heart of our success. We have

defined and continue to embed

a culture that supports delivery

of our ambitions and enables

our people to thrive.

**Our culture**

---

| |
|:---|
| **Ambitious for patients** to deliver what <br>matters better and faster<br>|
| Accountable for impact with clear ownership <br>and support to succeed<br>|
| Do the right thing with integrity and care <br>because people count on us<br>|

---

Our culture is the foundation for how we achieve our

purpose and ambitions by uniting science, technology

and talent to get ahead of disease together. By all

living our culture, we can unlock the full potential of

our company so that we can perform and deliver for

patients, shareholders and our people.

This means we support our people to focus and do things

better and faster. It means setting focused, ambitious

objectives, creating accountability for impact and giving

everyone the support and space they need to succeed.

It also means doing the right thing with integrity and care.

We continue to embed our culture globally. This includes how

we recruit and onboard, train and develop, as well as assess

our people's performance and readiness for promotion. Each

year, everyone signs up to the Code, which sets out our

culture as well as the commitments GSK and our people

make so we can deliver on our ambition in the right way.

Every year we measure our progress on embedding the

culture at GSK. In 2025, we engaged a cohort of our leaders

to understand people's day-to-day experience of our culture

more deeply. The outcomes validated steps we're taking to

accelerate our culture, including building skills in decision

making to drive results, making it easier to try new things and

supporting leaders to create an environment where people

can safely speak up and share ideas. The Board also

regularly monitors and assesses how we've embedded our

culture.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Our culture and people continued | Our culture and people continued | Our culture and people continued | Our culture and people continued | Our culture and people continued |

---

**Developing outstanding people**

Recruiting and developing outstanding, talented people

is central to delivering transformative medicines and

vaccines that people need.

As technology advances and business needs change,

the skills we need to drive future innovation and growth

evolve. We actively recruit for these skills and give our

people opportunities to build their capabilities,

strengthening our internal talent pipeline.

From the moment people join GSK, we deliver an engaging

onboarding approach to accelerate the growth of our

new joiners, with the support of their manager and team.

Development is a continued focus throughout people's

careers at GSK, with everyone expected to take ownership

of their development and have an agreed development

plan.

In response to changing skills needs and expectations of

our employees and business, we launched a new Learning

and Development (L&D) Hub in 2025. Our L&D Hub uses

AI to create a personalised learning experience for

individuals, helping to build skills specific to their current or

future roles, alongside leadership and culture skills.

Our managers play a crucial role in helping their teams

to grow, perform and thrive. We expect them to motivate,

focus, care for and develop their teams and we deliver

training anchored in these four areas. We invest in

developing the skills and capabilities of current leaders,

as well as growing the next generation of senior leaders.

Our leadership development programmes include First

Line Leader, to support our foundational expectations

of leadership at GSK, and our award-winning Leading

Leaders for senior directors.

**Helping everyone get ahead with AI**

Given the speed of technological change and the

opportunities this creates for us to deliver innovation to

patients at pace, continuing to strengthen our people's

capabilities in using and applying AI is a priority.

Whatever people's role or experience, we want them to

feel confident in using AI effectively and responsibly to

support their work. We now have several AI agents across

GSK; and GiGi, an AI-powered digital assistant for

everyone, that helps people manage day-to-day tasks.

More than 50,000 people across GSK use GiGi monthly.

This year, DataCon, our annual global digital development

event, focused on helping people get the most out of our

AI tools. At DataCon, we launched our new AI Pioneers

community. Open to all, AI Pioneers gives people early

access to learn about and test new AI tools and

capabilities.

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read about how technology is accelerating our R&D on page [30](#ie22c70781ec24e178b4ec838768832e2_100) |

---

**Recognising and rewarding people**

Sharing our success and recognising and rewarding our

people fairly, not just on the progress we have made but

how we have made it, continues to be an important part of

our culture. Our bonus scheme rewards people annually

based on company performance. Each year, we also

award 10% of our people with 'Ahead Together' awards for

delivering exceptional performance and living our culture

of being ambitious for patients, accountable for their

impact, and doing the right thing. Those who are not

delivering on their objectives, are significantly behind

peers, or do not meet standards including not living our

culture, are noted as 'missed performance'. The 5% of our

people identified annually as 'missed performance' are

supported with appropriate action to deliver improvement.

**Supporting people to thrive**

People thrive in different ways, but there are common

themes that matter to everyone. We strive to be an

inclusive workplace where everyone can be themselves

and where different perspectives and contributions are

valued. Everything we do is anchored in the principles of

fairness, belonging and opportunity. This helps us attract

and retain the best people, and helps them perform at their

best, so that we can all get ahead of disease, together.

At GSK, preventing disease and keeping people well are

at the heart of what we do – and that begins with our

own people. That's why we provide a range of health

and wellbeing benefits to support people to manage

their physical, emotional, mental and financial wellbeing

through different life stages in ways that work for them.

These include:

–Hybrid working for those in office-based roles allowing

the right balance of on-site and remote working.

–Thrive Global, a science-led digital platform which

supports mental resilience and overall wellbeing with

personalised, AI-driven micro steps towards individual

goals. We have so far launched this in 62 countries,

reaching 90% of our people with positive uptake and

engagement.

–Our global Partnership for Prevention programme,

which provides our people and their families with access

to preventive healthcare services in line with the

recommendations of the World Health Organization

(WHO).

–Our Global Employee Assistance Programme (EAP),

which offers free, confidential help and support for our

people and their families 24/7. In 2025 we enhanced our

EAP to bring our people even better access and a wider

range of support, wherever they are in the world.

–Financial wellbeing support for our people, which

includes access to 'Nudge', a financial education

platform in over 60 countries, helping people manage

their finances and achieve their financial goals.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Our culture and people continued | Our culture and people continued | Our culture and people continued | Our culture and people continued | Our culture and people continued |

---

To enable our managers to better care for their teams by

identifying and responding to their people's challenges,

92% of managers have undertaken mental health training

since the end of 2019. This year, we also introduced

content on mental health into our annual mandatory training

which 100% of employees and 99% of complementary

workers completed in 2025.

We encourage our people to volunteer so we can make

an even bigger impact on our communities. We match

volunteering opportunities to our ambition, strategy and

charitable investment themes: Health for people, Health

for the planet, Innovators for the future. This year our

people have donated over 55,000 hours of volunteering

time.

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read more on Inclusion on page [53](#ie22c70781ec24e178b4ec838768832e2_157)  |

---

**How people experience GSK**

We regularly measure people's experience of GSK as

a place to work. This has included running an annual

survey since 2017 for all our people, featuring questions on

engagement, confidence, inclusivity, our culture focus

areas and trust priorities. Listening to our people is

important. Responding and taking meaningful action, even

more so. In 2025 we therefore focused on responding to

insights and learning from previous surveys rather than

running a full annual survey. The launch of our new L&D

Hub is one example of this, addressing feedback from our

people who told us that they wanted a more individualised

and dynamic learning and development experience. We

plan to run a survey for all our people again in 2026.

GSK 2025 Annual Report on Form 20-F<br>

![AR__main_divider_pages background.jpg](gsk-20251231_g40.jpg)

Risk management

and disclosure

statements

---

| | |
|:---|:---|
| **In this section** |  |
| Risk management | [61](#ie22c70781ec24e178b4ec838768832e2_181) |
| Climate-related financial disclosures | [63](#ie22c70781ec24e178b4ec838768832e2_187) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Risk management | Risk management | Risk management | Risk management | Risk management |

---

Our strategy for growth is underpinned by a well-embedded risk management

and internal control framework, overseen and evaluated by our Board.

**Our risk management and internal control** 

**policy and framework**

Our risk management and internal control framework

enables our Board to evaluate and oversee how we

manage principal and emerging risks in line with our

strategy and long-term priorities. Our policy sets out the

requirements, roles and responsibilities for the

management and governance of risks and controls and

provides guidance on the essential elements of our internal

control framework. These essential elements help us to

identify, assess, manage, report and oversee risks relevant

to our business activities. The framework helps make sure

we manage our risks proportionately, in line with our risk

appetite, throughout the year in a timely and transparent

way to support our strategic objectives. Our framework

also incorporates business continuity planning so that we

can continue to operate in the event of a crisis.

Our framework is in line with industry standards and legal

and regulatory requirements. During the year, we assessed

our framework to make sure we met the UK Corporate

Governance Code requirements. Our Chief Compliance

Officer reports on the effectiveness of our risk management

and internal controls and areas for continuous

improvement to the Audit and Risk Committee (ARC)

biannually to enable their oversight of our framework.

Our Code of Conduct sets out the overarching expectations

for our employees and complementary workers. We aim

to do the right thing with integrity and care as part of our

culture. Our risk management framework complements our

culture and Speak Up processes in making sure that we

identify and mitigate risks effectively. We monitor our most

important risks and take action to address issues. Our

annual confirmation exercise with General Managers, Site

Directors, senior leaders and the Executive Committee

(ExCom), validates that key risks are well managed and that

actions are in place to address gaps.

---

| | |
|:---|:---|
| ![Read.more.jpg](gsk-20251231_g15.jpg) | Internal control framework - see page [122](#id2aa7758435841fcbba6b785bdcd6468_45385) |

---

**Board oversight and governance**

The Board oversees our system of risk management and

internal controls and establishes our risk appetite,

supported by the ARC. Cyber security risks are overseen

by both the ARC and the Board. We describe the

responsibilities and remits of the Board and its committees

on page [107](#ie22c70781ec24e178b4ec838768832e2_286).

Our Risk Oversight and Compliance Council (ROCC),

co-chaired by our Group General Counsel and our Chief

Compliance Officer, enables the ARC, CRC and Science

Committee to oversee risks, and the strategies to address

them. At the same time, risk management and compliance

boards (RMCBs) across the Group promote the 'tone from

the top', establish our risk culture, oversee the

effectiveness of risk management activities and

communicate information about internal controls. Our

business is expected to deliver its objectives in line with

the risk appetite established for our principal risks. The

Disclosure Committee is responsible for considering the

materiality of information and determining when it should

be disclosed.

An enterprise risk owner is responsible for each principal

risk, overseen by an ExCom member, and reports risk and

mitigation to ROCC or the ExCom and the appropriate

Board committee throughout the year. Significant risks or

issues can also be escalated to the ExCom, ROCC or

appropriate risk governance forum (e.g., Global Safety

Board) as needed. Legal & Compliance support these

efforts by advising on our business strategies, activities,

risks and controls. Audit & Assurance assess the

adequacy and effectiveness of our framework.

---

| | |
|:---|:---|
| ![Read.more.jpg](gsk-20251231_g15.jpg) | ARC report - see page [120](#i2f8bb124627a4df3bc908478ddaec1bd_0-0-1-1-1055496)  |

---

**Assessing current, evolving and emerging** 

**risks**

We use our corporate risk assessment methodology to

assess our risks, including our principal risks. This

considers the likelihood and potential impact of risks, and

the timescale over which a risk could occur based on the

most probable scenario and in the context of our existing

internal controls. Our impact assessments include

considerations across patient safety, quality and supply;

environment, health and safety; legal matters; people;

regulatory; reputation; strategic objectives; and finance,

incorporating materiality thresholds. A risk assessment

enables us to categorise our risks and ensure appropriate

controls, monitoring and oversight. We define our principal

risks as those that could negatively impact our business

model, future performance, solvency or liquidity.

We evaluate emerging risks that could affect our ability to

achieve our long-term priorities over a three-year horizon,

in line with our viability statement. We also define risks as

'emerging' if we need to know more about how likely they

are to materialise, or what impact they would have if they

did. We evaluate emerging risks to understand their impact

on the company and how they should be categorised,

managed and reported.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Risk management continued | Risk management continued | Risk management continued | Risk management continued | Risk management continued |

---

We continue to monitor the horizon throughout the year to

identify external trends, opportunities and risks, including

evolving and emerging risks, which may potentially impact

us. We assess these against our business activities and

controls to determine how to categorise and treat them,

and where we might need to take more action with relevant

results discussed at our RMCBs and ROCC.

ROCC conducts an annual risk review to assess principal

and emerging risks and other significant risk factors for the

company. The review is supported by extensive analysis of

external trends and insights, senior-level interviews, and

recommendations from RMCBs and risk owners. It includes

a description of the principal risks and how they were

managed within the year, as well as proposals for changes

to our risks for the following year. The review is shared with

the ARC and Board for assessment and agreement and

forms the basis for the following year's risk management

focus.

**Managing our principal risks** 

For our principal risks overseen by ROCC, we define our

strategy for how we will manage the risk through enterprise

risk plans. The plans include a description of the risk; its

context, including third-party aspects and AI implications;

our risk assessment and appetite; how we will treat the risk;

and the actions we will take to mitigate the risk. Also, the

plans include key risk indicators with risk reporting

thresholds aligned to risk appetite to support monitoring

and oversight throughout the year. These risks also have

internal control framework plans, which detail the controls

the business needs to perform or implement to support the

enterprise risk plan strategy, including controls for

responding to problems and crises. Enterprise risk owners

report every quarter on the status of the enterprise risk

plan, internal control framework implementation, relevant

external insights and emerging risks and mitigation within

the period, with significant results reported to ROCC. We

provide an executive summary of quarterly risk reports and

ROCC outcomes to ARC. This approach fosters dynamic,

flexible and agile oversight, important in a volatile and

uncertain external environment. It also enables us to

assess the effectiveness of our risk management strategies

and controls for our principal risks.

**Assessment and summary of our 2025 risks**

During 2025, we assessed our principal and emerging

risks and risk factors to understand the external

environment and context influencing the risks, potential

impact on the company and actions needed or completed.

Our geopolitical developments and regulatory environment

emerging risks evolved over the course of the year given

the change in potential impact on our strategy. We

combined these risks given their interconnected nature.

Our business strategy, results of operations and financial

condition have not, as far as we are aware, been materially

affected by risks from cyber security threats, including as a

result of previous cyber security incidents, but we cannot

provide assurance that they will not be materially affected

in the future by such risks and any future material

incidents.

We operate in a dynamic risk environment, where rapid

evolution of third-party relationships and advancements

in technology, particularly in generative and agentic AI,

present both significant opportunities and risks. These

elements are not viewed as isolated challenges; rather,

our principal risks incorporate these elements and we

evaluate them within their broader context, ensuring that

risk assessments are comprehensive and integrated,

enabling effective mitigating actions.

We have policies and frameworks governing the

application of AI with enterprise oversight and governance

provided by Group General Counsel and Chief Digital and

Technology Officer to ensure that AI-related initiatives align

with our risk appetite and ethical standards.

---

| | |
|:---|:---|
| ![Read.more.jpg](gsk-20251231_g15.jpg) | Risk factors - see pages [260](#ie22c70781ec24e178b4ec838768832e2_574) |
| ![Read.more.jpg](gsk-20251231_g15.jpg) | [Climate-related risk management and climate related](#ie22c70781ec24e178b4ec838768832e2_187)<br>[financial disclosures](#ie22c70781ec24e178b4ec838768832e2_187) - see page [63](#ie22c70781ec24e178b4ec838768832e2_187)<br>|
| ![Read.more.jpg](gsk-20251231_g15.jpg) | [Environment](#ie22c70781ec24e178b4ec838768832e2_151) - see page [50](#ie22c70781ec24e178b4ec838768832e2_154) |
| ![Read.more.jpg](gsk-20251231_g15.jpg) | [Legal proceedings](#ie22c70781ec24e178b4ec838768832e2_529) - see page [248](#ie22c70781ec24e178b4ec838768832e2_529) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Climate-related financial disclosures | Climate-related financial disclosures | Climate-related financial disclosures | Climate-related financial disclosures | Climate-related financial disclosures |

---

**About our climate-related financial** 

**disclosures**

Our climate-related financial disclosures are consistent

with the recommendations and recommended disclosures

of the Task Force on Climate-related Financial Disclosures

(TCFD), including the TCFD all-sector guidance, subject to

current year Scope 3 emissions (see footnote on page [70](#ie22c70781ec24e178b4ec838768832e2_193)

and in compliance with the requirements of UKLR 6.6.6

(8)R (UK Listing Rules). The disclosures are in compliance

with the Companies (Strategic report) (Climate-related

Financial Disclosure) Regulations 2022 of the Companies

Act 2006. We update our climate risk and impact

assessments annually.

**Governance** 

The Board's oversight of climate-related risks

and opportunities

**Board** 

The Board considers climate-related matters throughout

the year. This includes assessing risk management

processes, challenging and endorsing the business plan

and budgets, and overseeing major capital expenditures,

acquisitions and divestments.

The Corporate Responsibility Committee (CRC),

a subcommittee of the Board, exercises oversight,

provides guidance and reviews our responsible business

performance, including climate-related risks and

opportunities, and environmental performance against

our climate targets.

The CRC receives regular updates on environmental

sustainability, including climate. Regular attendees

include the CEO and the President Global Supply Chain.

In 2025, the CRC met four times and discussed climate-

related issues on four separate occasions with

management.

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | The work of the CRC is described further in the CRC Chair's report <br>on pages [118](#if1543a65ca024287884e2fbc80b08537_0-0-1-1-1055496) and [119](#id2aa7758435841fcbba6b785bdcd6468_45377). |
|  | The work of the CRC is described further in the CRC Chair's report <br>on pages [118](#if1543a65ca024287884e2fbc80b08537_0-0-1-1-1055496) and [119](#id2aa7758435841fcbba6b785bdcd6468_45377). |

---

**Management's role in assessing and managing** 

**climate-related risks and opportunities**

Two bodies within GSK have significant roles in managing

our exposure and response to climate-related matters: the

Executive Committee (ExCom) and the GSK Sustainability

Council. In doing so, they receive support from across the

business.

**Executive Committee** 

The regular meetings of the ExCom give members an

opportunity to discuss strategic, financial and reputational

matters.

The President Global Supply Chain, an ExCom member,

has management responsibility for environmental

sustainability, which includes our climate targets. The

President is responsible for governance and oversight of

risks and opportunities and makes sure there is an

effective framework to manage them across the business.

This framework also enables us to deliver on our

commitments to a net zero, nature positive, healthier

planet.

The ExCom reviewed and discussed the mid-year and

year-end performance for key climate and nature metrics

(see page [50](#ie22c70781ec24e178b4ec838768832e2_154)) as part of reviewing our Responsible

Business Performance Rating.

**GSK Sustainability Council** 

The Sustainability Council, held quarterly, is attended by

senior leaders from across the business. Members include

leaders from Procurement, Finance, Compliance, Research

& Development, Manufacturing and Corporate Affairs. The

Council is co-chaired by the President Global Supply Chain

and the Vice President (VP) Sustainability and supported

by the global Sustainability team and external third parties,

who provide specialist expertise and advice to the

business.

In 2025, the Council:

1. approved the annual targets for the climate and nature

key performance indicators (KPIs) of the sustainability

programme

2. reviewed monthly performance and escalations of any

potential concerns or issues

3. approved the annual climate risk review and approach

for risk disclosure

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Climate-related financial disclosures continued | Climate-related financial disclosures continued | Climate-related financial disclosures continued | Climate-related financial disclosures continued | Climate-related financial disclosures continued |

---

**Other business support**

The Sustainability Council is supported in assessing and

managing climate-related risks and opportunities by:

1. the Sustainability programme steering team, chaired

by the VP Sustainability, which meets monthly and

co-ordinates the sustainability programme. This team

monitors programme performance and the progress

of the enablers required to deliver the sustainability

programme.

2. the Sustainability Risk and Opportunity Committee,

which is a cross-functional team from Sustainability,

EHS, Finance, Supply Chain and Procurement.

The Committee meets quarterly and reports to

the Sustainability Council.

3. the Metered Dose Inhaler steering team, which is

attended by senior leaders from across the commercial,

supply chain, regulatory and R&D teams. This team is

chaired by the President Global Supply Chain and is the

decision-making body for the programme to reduce the

climate impact of metered dose inhalers which make up

52% of our total GHG emissions.

4. our ESG reporting hub, provides oversight and leads

assurance of data, including on carbon emissions.

5. the carbon credit programme steering committee,

which includes the Group Financial Controller and the

VP Sustainability, reviews the due diligence outcomes

of potential carbon credit projects and the performance

of established investments, and makes new investment

decisions.

**Strategy** 

The climate-related risks and opportunities we have

identified over the short, medium and long term

We identify climate-related risks and opportunities on the

basis of their significance to GSK's business performance

and resilience, including within our supply chain. In doing

so, we consider the effect over the following time horizons:

1. short term (up to three years) aligning with financial

planning timeframes.

2. medium term (four to ten years) aligning with long-term

business forecasting timeframes.

3. long term (more than ten years) to enable us to explore

the uncertainties in changes to weather, disease patterns

and societal responses to climate change across the

globe.

We also assess the potential financial implications of each

risk and opportunity over those time horizons, aligned with

our Enterprise Risk Management process.

Based on the time horizons for each risk or opportunity,

along with its financial impact, we have identified and

prioritised the climate-related risks and opportunities

outlined in the following table. Our climate scenario

analysis (described in more detail below) helps inform our

response.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Climate-related financial disclosures continued | Climate-related financial disclosures continued | Climate-related financial disclosures continued | Climate-related financial disclosures continued | Climate-related financial disclosures continued |

---

**Our risks and opportunities** 

**Physical risks**

---

| | | | |
|:---|:---|:---|:---|
| **Risk description** | **Potential impact** | **Our response** | **Assumptions** |
| The risk from increasing levels <br>of water stress leading to <br>interruptions to supply of water <br>to our sites and third-party <br>supply sites.<br>| Current trajectory <br>scenario<br>**Med term: £**<br>**Long term: £**<br>| We've identified five sites in three water-<br>stressed basins where we have operations <br>in India, Pakistan and Algeria, together with <br>suppliers co-located in these basins.<br>These basins are prioritised for catchment-<br>level projects of water replenishment, <br>restoration, and regeneration activities that <br>aim to deliver measurable environmental and <br>social outcomes. <br>We have also identified several sites and <br>suppliers in water basins that may face water <br>stress by 2050. These are on our watch list, <br>and we'll monitor and update water risk <br>assessments as needed. | The financial impact is <br>based on a three-month <br>supply chain interruption <br>as a worst case.  |
| We and our third-party <br>suppliers use freshwater as <br>the main source of water to <br>manufacture medicines and <br>vaccines. If water availability <br>was restricted at a factory, <br>operations would be <br>interrupted.<br>| Breach of planetary <br>boundaries scenario<br>**Med term: £**<br>**Long term: £**<br>| We've identified five sites in three water-<br>stressed basins where we have operations <br>in India, Pakistan and Algeria, together with <br>suppliers co-located in these basins.<br>These basins are prioritised for catchment-<br>level projects of water replenishment, <br>restoration, and regeneration activities that <br>aim to deliver measurable environmental and <br>social outcomes. <br>We have also identified several sites and <br>suppliers in water basins that may face water <br>stress by 2050. These are on our watch list, <br>and we'll monitor and update water risk <br>assessments as needed. | The financial impact is <br>based on a three-month <br>supply chain interruption <br>as a worst case.  |
| Increasing frequency of <br>extreme weather events <br>causing disruption to our <br>and third-party supplier sites. <br>| Current trajectory <br>scenario<br>**Med term: £**<br>**Long term: £**<br>| The climate scenario modelling indicated that, <br>of the seven physical perils, flood from rainfall <br>presents the highest likelihood of an acute <br>interruption. However, the risk of flooding from <br>rainfall and from the other extreme weather <br>events is expected to remain very low. <br>We've performed risk assessments for our <br>manufacturing and other operations and have <br>business continuity plans which we review <br>annually to respond to the impacts of extreme <br>weather events, including adopting <br>appropriate mitigation plans. <br>We have a well-established loss prevention <br>and risk engineering programme to identify a <br>range of risks that could affect our sites and, <br>where flood risks exist, we've taken action to <br>mitigate them.  | The financial impact is <br>based on a three-month <br>supply chain interruption <br>as a worst case.  |
| Extreme weather events from <br>any one of precipitation <br>(rainfall), flood from <br>precipitation, riverine flood, <br>extreme wind, wildfire, and <br>extreme heat can result in <br>short-term interruptions to <br>manufacturing at our or <br>supplier sites. <br>| Breach of <br>planetary <br>boundaries <br>scenario<br>**Med term: £**<br>**Long term: £**<br>| The climate scenario modelling indicated that, <br>of the seven physical perils, flood from rainfall <br>presents the highest likelihood of an acute <br>interruption. However, the risk of flooding from <br>rainfall and from the other extreme weather <br>events is expected to remain very low. <br>We've performed risk assessments for our <br>manufacturing and other operations and have <br>business continuity plans which we review <br>annually to respond to the impacts of extreme <br>weather events, including adopting <br>appropriate mitigation plans. <br>We have a well-established loss prevention <br>and risk engineering programme to identify a <br>range of risks that could affect our sites and, <br>where flood risks exist, we've taken action to <br>mitigate them.  | The financial impact is <br>based on a three-month <br>supply chain interruption <br>as a worst case.  |

---

Key

---

| |
|:---|
| £Low financial impact <£250m |
| High financial impact >£250m |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Climate-related financial disclosures continued | Climate-related financial disclosures continued | Climate-related financial disclosures continued | Climate-related financial disclosures continued | Climate-related financial disclosures continued |

---

**Transition risks**

---

| | | | |
|:---|:---|:---|:---|
| **Risk description** | **Potential impact** | **Our response** | **Assumptions** |
| Regulations governing the use <br>of high global warming potential <br>(GWP) substances have been <br>updated in the EU and US. <br>This could lead to increasing <br>costs and restrict the ability <br>to manufacture our metered <br>dose inhaler (MDI) products <br>that use a high GWP propellant <br>(HFA134a). <br>| Current trajectory <br>scenario<br>**Med term: ££**<br>| Millions of people use *Ventolin*, our reliever <br>MDI medication, which currently accounts for <br>43% of our total carbon footprint. We have <br>announced positive pivotal phase III data for a <br>next-generation low-carbon version of *Ventolin* <br>MDI, and these findings will support regulatory <br>submissions. If approved, this version has the <br>potential to reduce greenhouse gas emissions <br>by 92% per inhaler, with launch expected from <br>2026. <br>We already have a portfolio of dry powder <br>inhaler products that don't use propellants <br>and that are not affected by this risk. <br>| The financial impact assumes <br>the reformulated product is <br>approved by regulators and <br>launched according <br>to plan.<br>|
| Future regulatory policy <br>responses to address climate <br>change could lead to the <br>imposition of carbon taxes <br>by countries where we <br>manufacture and source <br>goods from third parties. <br>| Net zero scenario<br>**Med term: £**<br>**Long term: £**<br>Low-carbon <br>scenario<br>**Med term: £**<br>**Long term: £**<br>Current trajectory <br>scenario<br>**Med term: £**<br>**Long term: £**<br>| We are managing this risk by reducing our <br>value chain carbon emissions in line with our <br>transition plan described above. We've <br>updated our carbon tax modelling to account <br>for latest announcements and commitments <br>on carbon taxes since 2022. <br>| The financial impact assumes <br>we deliver an 80% reduction <br>in carbon emissions by 2030 <br>and assumes carbon tax <br>values are as per IEA <br>scenarios, supplemented by <br>data from policy pledges for <br>a small number of countries. <br>|

---

**Opportunity**

---

| | | | |
|:---|:---|:---|:---|
| **Risk description** | **Potential impact** | **Our response** | **Assumptions** |
| 84 countries have committed <br>to develop sustainable low-<br>carbon healthcare systems <br>through the WHO Alliance for <br>Transformative Action on <br>Climate and Health (ATACH). <br>This could lead to increasing <br>demand for low-carbon <br>medicines and vaccines.<br>| No financial impact <br>available<br>| We're reducing our own Scope 1 & 2 carbon <br>emissions, which in turn reduces the Scope 3 <br>footprint of our customers and suppliers. <br>Millions of people use *Ventolin*, our reliever <br>MDI medication, which currently accounts for <br>43% of our total carbon footprint. We have <br>announced positive pivotal phase III data for a <br>next-generation low-carbon version of *Ventolin* <br>MDI, and these findings will support regulatory <br>submissions. If approved, this version has the <br>potential to reduce greenhouse gas emissions <br>by 92% per inhaler, with launch expected from <br>2026.<br>We played a leading role in developing a new <br>standard to measure and report the <br>environmental footprints of pharmaceutical <br>products as part of the Pharma LCA <br>consortium. <br>We're developing methodologies to calculate <br>the environmental impact of products and <br>vaccines from a patient care pathway <br>perspective. <br>| N/A  |

---

Key

---

| |
|:---|
| £Low financial impact <£250m |
| High financial impact >£250m |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Climate-related financial disclosures continued | Climate-related financial disclosures continued | Climate-related financial disclosures continued | Climate-related financial disclosures continued | Climate-related financial disclosures continued |

---

The impact of climate-related risks and opportunities

on our business, strategy and financial planning

Our commitment to work towards a net zero, nature

positive, healthier planet with ambitious goals set for 2030

and 2045 is embedded in our strategic long-term priorities

and described in Environment on page [50](#ie22c70781ec24e178b4ec838768832e2_154), which includes

disclosures on our performance against targets approved

by the Science Based Targets initiative. The financial

impact of our prioritised climate-related risks and

opportunities is described in the tables above.

**Transition plan**

We have set a clear pathway to a net zero impact on

climate. By 2030, we aim to reduce carbon emissions by

80%, measured against a 2020 baseline, with the

remainder covered through investment in high-quality

nature-based solutions. By 2045, we aim to be at the

Science Based Target initiative Net Zero Standard, with

carbon emissions reduced by at least 90% and the

remainder tackled through high-quality carbon credits.

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | See page [50](#ie22c70781ec24e178b4ec838768832e2_154) for further details of our progress in reducing carbon <br>emissions<br>|

---

**Direct operations**

To continue reducing Scope 1 & 2 emissions across our

operations by 2030, we're focusing on:

–maximising energy efficiency in our sites through our

long-standing energy efficiency programme (see

Environment page [50](#ie22c70781ec24e178b4ec838768832e2_154) of the Strategic Report for further

detail)

–this year we achieved our 2025 target to transition 100%

of imported electricity to renewable sources and are now

focused on transitioning to 100% imported and

generated renewable electricity by 2030

–generating heat through renewable electricity or biofuels

–increasing the use of electric vehicles by our sales fleet

**Risks and uncertainties**

There are uncertainties in the transition to renewable heat.

Technology to electrify heat is developing quickly, although

there are still some limitations in delivering high

temperatures reliably, which we often require for

manufacturing processes. Biogas can replace natural

gas without introducing major changes to facilities, but

is not widely available in the locations where we operate.

The use of biomass as fuel could introduce issues of land

use change and impacts on local air quality.

The transition to 100% electric vehicles by 2030 could be

restricted by vehicle availability, lack of charging

infrastructure and battery production constraints.

**Supply chain**

Our Sustainable Procurement Programme requires our

suppliers to disclose emissions and set carbon reduction

targets aligned with a 1.5°C reduction pathway. At the

same time, we work with suppliers to encourage and

support them to adopt new sustainability measures. We

also work with our peers on collaborative initiatives.

**Risks and uncertainties**

Pharmaceutical manufacturing processes are highly

regulated by different agencies across the world, which

may slow down the implementation of some

decarbonisation initiatives. Many suppliers are based in

regions with limited renewable electricity and heat. Our

supply chains are complex and can involve several

intermediate stages of production that are highly product-

specific. Our volume demand on specific materials is quite

low, which can reduce our ability to influence where we

only purchase a small share of a supplier's production.

Measuring Scope 3 emissions is complex and primary data

from suppliers can be lacking. Methodologies involve using

spend-based estimates mixed in with activity-based data,

industry average data and extrapolations based on

subjective choices and judgements. As data systems,

processes and controls mature and more primary data

becomes available, there may be the need to restate

reported emissions data in the future.

**Product impact**

The use of our products makes up 52% of our carbon

footprint. Patient use of our reliever metered dose inhaler

(MDI) medication, *Ventolin* (salbutamol), accounts for 43%

of our carbon footprint. See Environment, page [50](#ie22c70781ec24e178b4ec838768832e2_154), for

more about our low carbon *Ventolin* programme.

We played a leading role in developing a new standard to

measure and report the environmental footprints of

pharmaceutical products, in response to increasing

requirements from payers. This work is co-sponsored with

the UK NHS and the Office of Life Sciences and the

Pharma LCA consortium of 11 global pharmaceutical

companies, with support from the Pharmaceutical

Environment Group and the Sustainable Markets Initiative.

**Risks and uncertainties**

Metered dose inhalers (MDIs) use a propellant that helps

push the medicine out of the inhaler and into the lungs.

Any new propellant must be appropriate for human use,

which means meeting criteria relating to safety, efficacy,

quality, and have minimal impact on the environment.

We're engaging with medical regulators such as the US

Food and Drug Administration (FDA), European Medicines

Agency (EMA) and the UK Medicines and Healthcare

Products Regulatory Agency (MHRA) on how advances

in pharmaceutical product design can reduce the

environmental impact of medicines.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Climate-related financial disclosures continued | Climate-related financial disclosures continued | Climate-related financial disclosures continued | Climate-related financial disclosures continued | Climate-related financial disclosures continued |

---

**Carbon credits**

At the same time as driving carbon emissions reductions

across our value chain, we're also investing in high-quality

nature protection and restoration projects for carbon

credits. We plan to secure carbon credits for the 20%

emissions we estimate to have as residual in 2030, and for

a maximum of 10% residual emissions by 2045 (from a

2020 baseline). We aim to secure all of the carbon credits

for the 2030 target through high-quality nature-based

project investments by 2028 and we report our progress

annually in the Responsible Business Report.

Our criteria for high-quality projects include prior consent

from communities, avoidance of harm, transparency,

additionality, permanence, mitigation of leakage, project

monitoring, reporting and verification of claims and

avoidance of double counting.

**Risks and uncertainties**

We recognise that this is a fast-moving field, and that

methodologies and guidelines will likely evolve as we

implement our plans. We commit to remaining flexible and

transparent about our progress and learning.

**Climate scenarios** 

We use climate scenario analysis to inform management

about climate-related risks and opportunities, reporting the

results to Risk Management Control Boards (RMCB) in the

business, as well as to the Sustainability Council.

We've developed tools with the support of third parties

that enable us to model the impacts of physical and

transition risks where our sites and supply chains are

located. For example, we have modelled the probability

of an interruption from an extreme weather event at our

key sites and supplier sites and the subsequent financial

impact of that interruption, assuming the inventory levels

carried under existing business continuity plans. We've

modelled the impact of future carbon taxes, such as direct

taxes on energy-related emissions, emissions trading

schemes and taxes from carbon border adjustment

mechanisms assuming we deliver our carbon reduction

glidepath to 2030 and beyond.

This year, we reviewed and updated the climate scenarios

we use.

**Net zero scenario (SSP 1 – RCP 1.9)** 

This scenario sets out a pathway for the global energy

sector to achieve net zero CO2 emissions by 2050. It does

not rely on emissions reductions from outside the energy

sector to achieve its goals<sup>1</sup>, with the transition facilitated by

rapid deployment of clean energy technology and a focus

on energy efficiency. Advanced economies reach net zero

in advance of others, and the overall pathway is aligned to

the IPCC's 1.5°C trajectory.

**Low-carbon scenario (SSP 1 – RCP 2.6)** 

This scenario assumes that all climate commitments made

by governments and industries around the world as of the

end of August 2024 will be met in full and on time<sup>2</sup>, with the

transition largely following the pathways laid out by world

governments and organisations. The impact of these

commitments will be to limit warming to a sub-2°C

temperature increase. Previously aligned to the IEA's

Sustainable Development Scenario, but now in line with the

IEA's Announced Pledges Scenario reflecting positive

climate action globally.

**Current trajectory scenario (SSP 2 – RCP 4.5)** 

This scenario reflects current policy settings based on a

sector-by-sector and country-by-country assessment of the

energy-related policies that are in place as of the end of

August 2024, as well as those that are under development.

A more conservative view on climate action is outlined, and

warming is likely to exceed 2°C relative to the pre-industrial

period, as captured in RCP 4.5. Previously aligned to the

IEA's Announced Pledges Scenario, but now in line with

the IEA's Stated Policies Scenario.

**Breach of planetary boundaries scenarios (SSP 5 – RCP** 

**8.5)** 

This scenario outlines minimal climate policies, resulting in

limited transition risk impacts while posing severe physical

consequences. This scenario leads to a warming at the

end of the 21st century of probably more than 4°C relative

to the pre-industrial period (1850–1900), as captured in

RCP 8.5.

(1)IEA. Net Zero Emissions by 2050. Accessed 7 April 2025. https://

www.iea.org/reports/global-energy-and-climate-model/

understanding-gec-model-scenarios

(2)IPCC, Newsroom Post - IPCC approves outlines of the first two

reports in the seventh assessment cycle. Accessed 30 May 2025.

https://www.ipcc.ch/2024/08/02/ipcc-approves-outlines-of-the-first-

two-reports-in-the-seventh-assessment-cycle

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Climate-related financial disclosures continued | Climate-related financial disclosures continued | Climate-related financial disclosures continued | Climate-related financial disclosures continued | Climate-related financial disclosures continued |

---

**Risk management**

Our processes for identifying and assessing climate-related

risks

In this disclosure we differentiate between 'physical' and

'transition' climate-related risks.

Physical risks are typically identified at the asset or project

level and are managed depending on the level of risk

assessed. We use climate scenario analysis to model the

potential impacts of our prioritised physical risks, which

helps us understand the resilience of our supply chains

against climate change.

Transition risks are typically risks associated with changes

to regulations or societal expectations during the transition

to a lower-carbon economy, including pressures to reduce

the climate impact of our metered dose inhaler medicines.

They're identified at enterprise level and at market level.

Climate risk management is aligned to our enterprise risk

management frameworks. Risks from climate change at

Group level fall under the governance of the CRC with the

support of the Sustainability Council. Individual risks from

climate change are raised with appropriate business unit or

functional Risk Management Control Boards to integrate

these risks into business risk management processes.

The Sustainability Risk and Opportunity Committee meets

quarterly to review and assess business intelligence,

regulatory monitoring reports, and escalations from across

GSK. The outcomes of impact assessments are reported to

the Sustainability Council.

Our processes for managing climate-related risk

Details of how we manage our prioritised risks are in

'Our risks and opportunities' on page [65](#i6f492b720d6c45c3a54dffc47dc26f29_19517), above.

We also manage transition risks through our investment

decisions, our sustainability transformation programme and

our procedures. For example, we use a shadow carbon

price of £70/tCO2 to inform decision making on investments

in major capital expenditure to understand the implications

on potential carbon offset costs for the carbon emissions

from our value chain in 2030. This value is based on the

recommendation by the Carbon Pricing Leadership

Coalition that concluded in 2017 that the explicit carbon

price level required to drive change to restrict temperature

increases to below 1.5°C is at least US$50–100/tCO2 by

2030. We monitor the value used for internal carbon pricing

against estimates for the future costs of carbon credits.

Our Communications and Government Affairs team

manages corporate reputation and regulatory risk by

identifying and monitoring climate-related issues and

undertaking both proactive and reactive engagement

with relevant stakeholder groups.

How we integrate our processes for identifying, assessing

and managing climate-related risks into overall risk

management

Once a year, a cross-functional team from Sustainability,

Finance, Supply Chain and Procurement functions reviews

climate risks. It considers climate-related risks from a

strategic and operational perspective to make sure we

maintain a comprehensive view of the different types of

climate risks we face and the different time horizons in

which they may affect us. The team reviews previously

identified climate risks, plus new or emerging risks and

opportunities, and makes recommendations to the

Sustainability Council. Risk assessment papers are

prepared for the prioritised risks, considering the likelihood

and financial impact of each risk under different climate

scenarios.

We analyse each risk and opportunity to understand how

we're managing them, the metrics and targets being used

and the potential impact on total profit. This year we

simplified our thresholds into either less than or equal to

£250 million, and greater than £250 million.

The impact assessments are approved by a VP

Sustainability and VP Finance. The results are shared with

the Sustainability Council, Business Unit Risk Management

and Compliance Boards (RMCB) and the Finance RMCB to

make sure risks are both contextualised with other

business risks and managed appropriately. This allows

management to take a holistic view and optimise risk

mitigation responses, to make sure that responses to

climate-related risks are properly integrated into the

relevant business unit and function activities.

The resilience of our strategy, considering different climate-

related scenarios, including a 2°C or lower scenario

We used the climate scenarios described above to stress

test the resilience of the business by considering the

impacts of potential physical and transition risks and

opportunities on the locations where we operate as

described in the table on page [65](#i6f492b720d6c45c3a54dffc47dc26f29_19548), above. The modelling

didn't identify any material impact to our business

resilience.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Climate-related financial disclosures continued | Climate-related financial disclosures continued | Climate-related financial disclosures continued | Climate-related financial disclosures continued | Climate-related financial disclosures continued |

---

Metrics data<br>

**Metrics and targets**

We commit to a net zero, nature positive, healthier planet, with ambitious goals set for 2030 and 2045 across our entire

value chain. We publish the metrics we use to assess climate-related risks and opportunities, in line with our strategy and

risk management process in the Environment section from page [50](#ie22c70781ec24e178b4ec838768832e2_154).

We report progress in reducing Scope 1 & 2 carbon emissions, Scope 3 carbon emissions, energy use, percentage

renewable energy, water and waste annually towards these targets in the Environment section from page [50](#ie22c70781ec24e178b4ec838768832e2_154) and in our

public responses to the CDP Climate, Water and Forest questionnaires.

Carbon emissions<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| **Carbon emissions '000 tonnes CO2e** | **2025** | **2024** | **2023** |
| Scope 1 emissions (from energy) | 280 | 289 | 301 |
| Scope 1 emissions (other<sup>2</sup>) | 199 | 232 | 279 |
| Scope 2 emissions (market-based) | 7 | 44 | 64 |
| Scope 2 emissions (location-based) | 212 | 234 | 240 |
| Scope 3 emissions<sup>3</sup> | 0 | 8385 | 8983 |
| UK Scope 1 & 2 emissions | 87 | 92 | 102 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Other metrics** | **2025** | **2024** | **2023** |
| Scope 1 & 2 emissions from energy/sales revenue (tonnes CO2e/£m) | 8.8 | 10.6 | 12.0 |
| Scope 1 & 2 emissions from energy/FTE (tonnes CO2e/FTE) | 4.3 | 4.9 | 5.2 |
| Total energy used (GWh) | 2482 | 2577 | 2636 |
| UK energy used (GWh) | 628 | 658 | 711 |
| % renewably sourced electricity | 99% | 90% | 83% |
| Total supplied water million m<sup>3</sup> | 6.8 | 7.0 | 7.4 |
| Total supplied water in areas of high water stress million m<sup>3</sup> | 0.3 | 0.3 | 0.3 |
| Total waste '000 metric tonnes | 39 | 47.3 | 49.7 |
| % sites that have achieved water stewardship | 100% | 100% | 100% |

---

(1)Carbon emissions are calculated according to the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (revised edition).

We use market-based Scope 2 emissions for reporting purposes and report Scope 3 emissions across all 15 categories in our Responsible Business

Report

(2)'Other' refers to emissions from sales force vehicles, propellant emissions released during manufacture of inhalers (the majority of propellant emissions,

released during patient use, are included in Scope 3 carbon emissions), on-site waste, or wastewater treatment and refrigerant gas losses

(3)We collect and publish Scope 3 data across 15 categories. The most recent Scope 3 data available is for 2024 as the process of compiling the 2025

data is not yet complete, except for 2025 Scope 3 emissions from patient use of inhalers

---

| |
|:---|
| GSK 2025 Annual Report on Form 20-F |
| GSK 2025 Annual Report on Form 20-F |

---

![AR__main_divider_pages background.jpg](gsk-20251231_g40.jpg)

Group financial

review

---

| | |
|:---|:---|
| **In this section** |  |
| Financial performance summary | [72](#ie22c70781ec24e178b4ec838768832e2_217) |
| Reporting framework | [73](#ie22c70781ec24e178b4ec838768832e2_223) |
| Financial performance | [77](#ie22c70781ec24e178b4ec838768832e2_229) |
| Adjusting items | [84](#ie22c70781ec24e178b4ec838768832e2_235) |
| Cash generation and conversion | [88](#ie22c70781ec24e178b4ec838768832e2_241) |
| Financial position and resources | [89](#ie22c70781ec24e178b4ec838768832e2_247) |
| Approach to tax | [94](#ie22c70781ec24e178b4ec838768832e2_250) |
| Treasury policies | [95](#ie22c70781ec24e178b4ec838768832e2_256) |
| Capital allocation and other items | [96](#ie22c70781ec24e178b4ec838768832e2_259) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Group financial review | Group financial review | Group financial review | Group financial review | Group financial review |

---

Financial performance summary<br>

The Total results of the Group are set out below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | **2025** |  | 2024 | Growth | Growth |
| **Total Results** | **£m** | **% of**<br>**turnover** <br>| £m | % of<br>turnover<br>| %AER | %CER |
| Turnover | **32667** | **100** | 31376 | 100 | 4 | 7 |
| Cost of sales | **(9017)** | **(27.6)** | (9048) | (28.8) | – | – |
| Gross profit | **23650** | **72.4** | 22328 | 71.2 | 6 | 9 |
| Selling, general and administration | **(9088)** | **(27.8)** | (11015) | (35.1) | (17) | (15) |
| Research and development | **(7525)** | **(23.0)** | (6401) | (20.4) | 18 | 19 |
| Royalty income | **879** | **2.7** | 639 | 2.0 | 38 | 38 |
| Other operating income/(expense) | **16** | **–** | (1530) | (4.9) |  |  |
| Operating profit | **7932** | **24.3** | 4021 | 12.8 | 97 | >100 |
| Net finance expense | **(532)** |  | (547) |  |  |  |
| Share of after tax profits/(losses) of associates and joint ventures | **1** |  | (3) |  |  |  |
| Profit/(loss) on disposal of interest in associates and joint ventures | **–** |  | 6 |  |  |  |
| Profit before taxation | **7401** |  | 3477 |  | >100 | >100 |
| Taxation | **(1112)** |  | (526) |  |  |  |
| Profit after taxation | **6289** |  | 2951 |  | >100 | >100 |
| Total profit attributable to non-controlling interests | **573** |  | 376 |  |  |  |
| Total profit attributable to shareholders | **5716** |  | 2575 |  |  |  |
|  | **6289** |  | 2951 |  | >100 | >100 |
| Total earnings per share (pence) | **141.1p** |  | 63.2p |  | >100 | >100 |
| Total earnings per ADS (US$) | **3.70** |  | 1.62 |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Group financial review continued | Group financial review continued | Group financial review continued | Group financial review continued | Group financial review continued |

---

Reporting framework<br>

**Total and Core results**

The Group financial review discusses the operating and

financial performance of the Group, its cash flows and financial

position and our resources. The results for each year are

compared primarily with the results of the preceding year.

**Total results**

Total reported results represent the Group's overall

performance.

GSK uses a number of non-IFRS measures to report the

performance of its business. Core results and other non-IFRS

measures may be considered in addition to, but not as a

substitute for, or superior to, information presented in

accordance with IFRS. Core results are defined below and

other non-IFRS measures are defined on page [74](#ia2ee7538fb2d47e98d9b00529b4a25d7_0-0-1-1-1056960).

GSK believes that Core results, when considered together with

Total results, provide investors, analysts and other

stakeholders with helpful complementary information to

understand better the financial performance and position of

the Group from period to period, and allow the Group's

performance to be more easily compared against the majority

of its peer companies. These measures are also used by

management for planning and reporting purposes. They may

not be directly comparable with similarly described measures

used by other companies.

GSK encourages investors and analysts not to rely on any

single financial measure but to review GSK Annual Reports,

including the financial statements and notes, in their entirety.

GSK is committed to continuously improving its financial

reporting, in line with evolving regulatory requirements and

best practice. In line with this practice, GSK expects to

continue to review and refine its reporting framework.

**Core results**

Core results exclude the following items in relation to our

operations from Total results, together with the tax effects of all

of these items:

–Amortisation of intangible assets (excluding computer

software and capitalised development costs) to reflect the

Group's performance excluding the effect of acquisitions

–Impairment of intangible assets (excluding computer

software) and goodwill to reflect the Group's performance

excluding the effect of acquisitions

–Major restructuring costs include the cash costs and

impairment of tangible assets and computer software of

Major restructuring programmes (which are specific

Board-approved programmes that are structural and of

significant scale, where the costs of individual or related

projects within such programmes exceed £25 million, or

relate to restructuring and integration following a significant

acquisition). Costs for other ordinary course, smaller-scale

restructuring costs are retained within both Total and Core

results

–Transaction-related accounting or other adjustments related

to significant acquisitions

–Proceeds and costs of disposal of associates, products

and businesses; significant settlement income; significant

legal charges (net of insurance recoveries) and expenses

on the settlement of litigation and government investigations;

other operating income other than royalty income, and other

items including amounts reclassified from the foreign

currency translation reserve to the income statement upon

the liquidation of a subsidiary where the amount exceeds

£25 million

As Core results include the benefits of Major restructuring

programmes but exclude significant costs (such as Significant

legal charges and expenses, major restructuring costs and

transaction items) they should not be regarded as a complete

picture of the Group's financial performance, which is

presented in Total results. The exclusion of other Adjusting

items may result in Core earnings being materially higher or

lower than Total earnings. In particular, when significant

impairments, restructuring charges and legal costs are

excluded, Core earnings will be higher than Total earnings.

GSK has undertaken a number of Major restructuring

programmes in response to significant changes in the Group's

trading environment or overall strategy or following material

acquisitions. Within the Pharmaceuticals sector, the highly

regulated manufacturing operations and supply chains and

long lifecycle of the business mean that restructuring

programmes, particularly those that involve the rationalisation

or closure of manufacturing or R&D sites are likely to take

several years to complete. Costs, both cash and non-cash, of

these programmes are provided for as individual elements are

approved and meet the accounting recognition criteria. As a

result, charges may be incurred over a number of years

following the initiation of a Major restructuring programme.

Significant legal charges and expenses are those arising from

the settlement of litigation or government investigations that

are not in the normal course and materially larger than more

regularly occurring individual matters. They also include

certain major legacy matters. Costs for all other ordinary

course, smaller scale legal charges and expenses are

retained within both Total and Core results.

Reconciliations between Total and Core results, providing

further information on the key Adjusting items are set out on

pages [84](#ie22c70781ec24e178b4ec838768832e2_235) to [86](#i940bd8db10b841dca26cfc09ca5075a0_0-0-1-1-1055496).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Group financial review continued<br>Reporting framework continued | Group financial review continued<br>Reporting framework continued | Group financial review continued<br>Reporting framework continued | Group financial review continued<br>Reporting framework continued | Group financial review continued<br>Reporting framework continued |

---

**Historical record of Adjusting items**

The reconciliations between Total and Core operating profit over the last three years can be summarised as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023 <br>£m<br>|
| Total operating profit | **7932** | 4021 | 6745 |
| Intangible assets amortisation | **808** | 1002 | 719 |
| Intangible assets impairment | **880** | 314 | 398 |
| Major restructuring | **109** | 353 | 382 |
| Transaction-related items | **507** | 1881 | 572 |
| Significant legal, Divestments and other items | **(453)** | 1577 | (30) |
| Core operating profit | **9783** | 9148 | 8786 |

---

The analysis of the impact of transaction-related items on operating profit for each of the last three years is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023 <br>£m<br>|
| Contingent consideration on former Shionogi-ViiV Healthcare JV (including Shionogi preferential dividends) | **649** | 1533 | 934 |
| ViiV Healthcare put options and Pfizer preferential dividends | **(93)** | 67 | (245) |
| Contingent consideration on former Novartis Vaccines business | **171** | 206 | (187) |
| Contingent consideration on acquisition of Affinivax | **(254)** | (22) | 44 |
| Other contingent consideration | **15** | 34 | – |
| Other adjustments | **19** | 63 | 26 |
| Transaction-related charges | **507** | 1881 | 572 |

---

Full reconciliations between Total and Core results for 2025–2023 are set out on pages [84](#ie22c70781ec24e178b4ec838768832e2_235) to [86](#i940bd8db10b841dca26cfc09ca5075a0_0-0-1-1-1055496). Further explanations on the

Adjusting items for 2025 are reported on page [87](#ife9bd570c0df4d01a7ef9af645b23507_195).

**Other non-IFRS measures**<br>

**CER and AER growth**

In order to provide investors with a measure of year-on-year

growth excluding the impact of exchange rate movements, it is

the Group's practice to discuss its results in terms of constant

exchange rate (CER) growth. This represents growth

calculated as if the exchange rates used to determine the

results of overseas companies in Sterling had remained

unchanged from those used in the comparative period. CER%

represents growth at constant exchange rates. £% or AER%

represents growth at actual exchange rates. For those

countries which qualify as hyperinflationary as defined by the

criteria set out in IAS 29 'Financial Reporting in

Hyperinflationary Economies' (Argentina and Turkey) CER

growth is adjusted using a more appropriate exchange rate

where the impact is significant, reflecting depreciation of their

respective currencies in order to provide comparability and not

to distort CER growth rates.

**Free cash flow**

Free cash flow is defined as the net cash inflow/outflow from

operating activities less capital expenditure on property, plant

and equipment and intangible assets, contingent

consideration payments, net finance costs, and dividends paid

to non-controlling interests, contributions from non-controlling

interests plus proceeds from the sale of property, plant and

equipment and intangible assets, and dividends received from

joint ventures and associates.

Free cash flow provides investors with a measure of cash flows

that are available to pay shareholder distributions and to fund

strategic acquisitions. It is used by management for planning

and reporting purposes and in discussions with and

presentations to investment analysts and rating agencies. Free

cash flow growth is calculated on a reported basis. A

reconciliation of net cash inflow from operations to free cash

flow from operations is set out on page [88](#i399c588d35ca4dc59c7513604d0eab57_968).

**Total net debt**

Net debt is defined as total borrowings less cash, cash

equivalents, liquid investments, and short-term loans to third

parties that are subject to an insignificant risk of change in

value (including those classified as assets held for sale and

liabilities relating to assets held for sale). The measure is used

by management as it is considered an indicator of GSK's

ability to meet its financial commitments and the strength of its

balance sheet. Please see Note 29, 'Net debt' for the

calculation of net debt.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Group financial review continued<br>Reporting framework continued | Group financial review continued<br>Reporting framework continued | Group financial review continued<br>Reporting framework continued | Group financial review continued<br>Reporting framework continued | Group financial review continued<br>Reporting framework continued |

---

**Non-controlling interests in ViiV Healthcare**

**Trading profit allocations**

As ViiV Healthcare is a subsidiary of the Group, 100%

of its operating results (turnover, operating profit, profit after

tax) are included within the Group income statement and then

a portion of the earnings is allocated to the non-controlling

interests owned by the other shareholders, in line with their

respective equity shareholdings as at 31 December 2025

(Pfizer, Inc. (Pfizer) 11.7% and Shionogi & Co. Ltd (Shionogi)

10%). Each of the shareholders, including GSK, is also entitled

to preferential dividends determined by the performance of

certain products that each shareholder contributed. As the

relative performance of these products changes over time, the

proportion of the overall earnings allocated to each

shareholder also changes. In particular, the increasing

proportion of sales of dolutegravir- and cabotegravir-

containing products has a favourable impact on the proportion

of the preferential dividends that is allocated to GSK. Adjusting

items are allocated to shareholders based on their equity

interests. GSK was entitled to approximately 83% of the Total

earnings and 83% of the Core earnings of ViiV Healthcare for

2025. Remeasurements of the liabilities for the preferential dividends

allocated to Pfizer and Shionogi are included within other

operating income/(expenses).

**Acquisition-related arrangements**

As consideration for the acquisition of Shionogi's interest in the

former Shionogi-ViiV Healthcare joint venture in 2012, Shionogi

received the 10% equity stake in ViiV Healthcare and ViiV

Healthcare also agreed to pay additional future cash

consideration to Shionogi, contingent on the future sales

performance of the products being developed by that joint

venture, dolutegravir and cabotegravir. Under IFRS 3

'Business combinations', GSK was required to provide for the

estimated fair value of this contingent consideration at the time

of acquisition and is required to update the liability to the latest

estimate of fair value at each subsequent period end. The

liability for the contingent consideration recognised in the

balance sheet at the date of acquisition was £659 million.

Subsequent remeasurements are reflected within other

operating income/(expenses) and within Adjusting items in the

income statement in each period.

Cash payments to settle the contingent consideration are

made to Shionogi by ViiV Healthcare each quarter, based on

the actual sales performance and other income of the relevant

products in the previous quarter. These payments reduce the

balance sheet liability and hence are not recorded in the

income statement, but are included in the cash flow. The cash

payments made to Shionogi by ViiV Healthcare in 2025 were

£1,277 million.

As the liability is required to be recorded at the fair value of

estimated future payments, there is a significant timing

difference between the charges that are recorded in the

Total income statement to reflect movements in the fair value

of the liability and the actual cash payments made to settle

the liability.

The cash payments are reflected in the cash flow statement

partly in operating cash flows and partly within investing

activities. All cash payments are now reflected in operating

activities. The tax relief on these payments is reflected in the

Group's Adjusting items as part of the tax charge. The part of

each payment relating to the original estimate of the fair value of

the contingent consideration on the acquisition of the Shionogi-

ViiV Healthcare joint venture in 2012 of £659 million is reported

within investing activities in the cash flow statement and the part

of each payment relating to the increase in the liability since the

acquisition is reported within operating cash flows.

Movements in contingent consideration payable to Shionogi

were as follows:

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>|
| Contingent consideration at beginning <br>of the year<br>| **6061** | 5718 |
| Remeasurement through income statement<br>and other movements<br>| **649** | 1533 |
| Cash payments: operating cash flows | **(1277)** | (1190) |
| Contingent consideration at end of the year | **5433** | 6061 |

---

Of the contingent consideration payable (on a post-tax basis)

to Shionogi at 31 December 2025, £1,194 million

(31 December 2024: £1,127 million) is expected to be paid

within one year.

**Exit rights as at 31 December 2025**

As at 31 December 2025 Pfizer could request an IPO of ViiV

Healthcare at any time and if either GSK did not consent to

such IPO, or an offering is not completed within nine months,

Pfizer could require GSK to acquire its shareholding. Under

the original agreements, GSK had the unconditional right, so

long as it made no subsequent distribution to its shareholders,

to withhold its consent to the exercise of the Pfizer put option

and, as a result, in accordance with IFRS, GSK did not

recognise a liability for the put option on its balance sheet.

However, during Q1 2016, GSK notified Pfizer that it had

irrevocably given up this right and accordingly recognised the

liability for the put option on the Group's balance sheet during

Q1 2016 at an initial value of £1,070 million. Consistent with

this revised treatment, at the end of Q1 2016 GSK also

recognised liabilities for the future preferential dividends

anticipated to become payable to Pfizer and Shionogi on the

Group's balance sheet.

Also, as at 31 December 2025, Pfizer had the right to require

GSK to acquire its shareholding in ViiV Healthcare in certain

circumstances at any time. A put option liability is therefore

recorded on the Group's balance sheet as a current liability. It

is measured on the gross redemption basis derived from an

internal valuation of the ViiV Healthcare business.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Group financial review continued<br>Reporting framework continued | Group financial review continued<br>Reporting framework continued | Group financial review continued<br>Reporting framework continued | Group financial review continued<br>Reporting framework continued | Group financial review continued<br>Reporting framework continued |

---

The closing balances of the liabilities related to Pfizer's

shareholding are as follows:

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>|
| Pfizer put option | **822** | 915 |

---

On 19 January 2026, GSK reached agreement with Pfizer and

Shionogi for the 11.7% economic interest in ViiV Healthcare

currently held by Pfizer to be replaced with an investment by

Shionogi. Details of this agreement are set out in Note 47, 'Post

balance sheet events'.

Under the original agreements, Shionogi could also have

requested GSK to acquire its shareholding in ViiV Healthcare

in six-month windows commencing in 2017, 2020 and 2022.

GSK had the unconditional right, so long as it made no

subsequent distribution to its shareholders, to withhold its

consent to the exercise of the Shionogi put option and, as a

result, GSK did not recognise a liability for the put option on its

balance sheet.

However, during Q1 2016, GSK notified Shionogi that it had

irrevocably given up this right and accordingly recognised the

liability for the put option on the Group's balance sheet during

Q1 2016 at an initial value of £926 million. In Q4 2016,

Shionogi irrevocably agreed to waive its put option and, as a

result, GSK de-recognised the liability for this put option on the

Group's balance sheet directly to equity. The value of the

liability was £1,244 million when it was de-recognised.

GSK also has a call option over Shionogi's shareholding in ViiV

Healthcare, which under the original agreements was

exercisable in six-month windows commencing in 2027, 2030

and 2032. GSK has now irrevocably agreed to waive the first

two exercise windows, but the last six-month window in 2032

remains. As this call option is at fair value, it has no value for

accounting purposes.

**Reporting definitions**<br>

**Brand names and partner acknowledgements**

Brand names appearing in italics throughout this document

are trademarks of GSK or associated companies or used

under licence by the Group.

**Core operating margin**

Core operating margin is Core operating profit divided by

turnover. Core operating profit is a key financial measure used

by management to evaluate performance.

**General Medicines**

General Medicines are usually prescribed in the primary

care or community settings by general healthcare

practitioners. For GSK, this includes medicines for inhaled

respiratory, dermatology, antibiotics and other diseases.

**Non-controlling interest**

Non-controlling interest is the equity in a subsidiary not

attributable, directly or indirectly, to a parent.

**Percentage points**

Percentage points of growth which is abbreviated to ppts.

**RAR (Returns and Rebates)**

GSK sells to customers, both commercial and government

mandated contracts, with reimbursement arrangements that

include rebates, chargebacks and a right of return for certain

pharmaceutical products principally in the US. Revenue

recognition reflects gross-to-net sales adjustments as a result.

These adjustments are known as the RAR accruals and are a

source of significant estimation uncertainty and fluctuation,

which can have a material impact on reported revenue from

one accounting period to the next.

**Specialty Medicines**

Specialty Medicines are typically prescription medicines used

to treat complex or rare chronic conditions. For GSK, this

comprises medicines for infectious diseases, HIV, Respiratory,

Immunology & Inflammation and Oncology.

**Total operating margin**

Total operating margin is Total operating profit divided by

turnover.

**Total earnings per share**

Unless otherwise stated, Total earnings per share refers to

Total basic earnings per share.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Group financial review continued | Group financial review continued | Group financial review continued | Group financial review continued | Group financial review continued |

---

Financial performance<br>

**Group turnover**<br>

Group turnover was £32,667 million in the year, up +4%

at AER, +7% at CER.

**Group turnover by business**

![1](gsk-20251231_g41.gif)

---

| |
|:---|
| **Specialty Medicines (S)** |
| £13.5bn<br>AER growth +14% CER growth +17% |
| **Vaccines (V)** |
| £9.2bn <br>AER stable –% CER growth +2% |
| **General Medicines (G)** |
| £10.0bn <br>AER decline -4% CER decline -1% |

---

**S**

**G**

**V**

**Group turnover by geographic region** 

**US**

![17](gsk-20251231_g42.gif)

**Int**

---

| |
|:---|
| **US** |
| £16.9bn<br>AER growth +3% CER growth +6% |
| **Europe** |
| £7.5bn<br>AER growth +13% CER growth +12% |
| **International** |
| £8.3bn <br>AER decline -1% CER growth +4% |

---

**Eur**

GSK reports results under two segments namely Commercial

Operations and Total R&D. See Note 6, 'Turnover and segment

information' to the consolidated financial statements for more

details.

The Commercial Operations segment has three product

groups of Specialty Medicines, Vaccines and General

Medicines.

–Specialty Medicines products which includes GSK's

marketed products for HIV, Respiratory, Immunology &

Inflammation (RI&I) and Oncology

–Vaccines products, which includes *Shingrix, Bexsero* and

*Arexvy*

–General Medicines products, which includes medicines in

inhaled respiratory, dermatology, antibiotics and other

diseases that are typically accessed by patients through

primary care settings

**Specialty Medicines**<br>

**Turnover (£bn)** 

---

| | | |
|:---|:---|:---|
| £13.5bn | AER growth | CER growth |
| £13.5bn | +14% | +17% |
| 41% of Group turnover |  |  |

---

![131](gsk-20251231_g43.gif)

Specialty Medicines sales grew by double-digit percentages

reflecting continued growth across disease areas, with strong

performances in HIV, Respiratory, Immunology & Inflammation,

and Oncology.

**HIV** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| Growth %AER <br>| Growth %CER <br>|
| HIV | **7687** | 7089 | 8 | 11 |

---

HIV sales grew 8% AER, 11% CER driven by strong patient

demand growth of +10 ppts with *Dovato*, *Cabenuva* and

*Apretude* more than offsetting the decline in *Triumeq* following

guideline changes at the end of 2024. Growth also benefitted

from continued favourable pricing due to channel mix in the

US, which offset the impact of the IRA Medicare Part D

redesign and pricing pressures across the other regions.

Long-acting medicines contributed over 75% of total HIV

growth in 2025 with *Cabenuva* contributing 55%.

**Oral 2DR**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| Growth %AER <br>| Growth %CER<br>|
| Oral 2DR | **3334** | 2924 | 14 | 16 |

---

*Dovato*, the first and only once-daily oral 2DR for the treatment

of HIV infection in both treatment naive and virally suppressed

adults and adolescents, continues to be the largest product in

the HIV portfolio with sales of £2,678 million growing 20% AER,

22% CER.

**Long-acting medicines**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| Growth %AER<br>| Growth %CER<br>|
| Long-Acting Medicines | **1841** | 1292 | 42 | 46 |

---

*Cabenuva*, the only complete long-acting injectable regimen

for HIV treatment, reached sales of £1,402 million, growing

38% AER, 42% CER due to strong patient demand across US

and Europe. *Apretude*, the first long-acting injectable option

for HIV prevention, delivered sales of £439 million , growing

57% AER, 62% CER. In the US, long-acting injectables now

account for 30% of total HIV sales.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Group financial review continued<br>Financial performance continued | Group financial review continued<br>Financial performance continued | Group financial review continued<br>Financial performance continued | Group financial review continued<br>Financial performance continued | Group financial review continued<br>Financial performance continued |

---

**Respiratory, Immunology & Inflammation**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| Growth %AER<br>| Growth %CER<br>|
| Respiratory,Immunology &<br>&nbsp;&nbsp;&nbsp;&nbsp;Inflammation<br>| **3810** | 3299 | 15 | 18 |

---

Sales grew at a double-digit rate and were primarily comprised

of contributions from *Nucala* in respiratory and *Benlysta* in

immunology.

***Nucala***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| Growth %AER<br>| Growth %CER<br>|
| *Nucala* | **2008** | 1784 | 13 | 15 |

---

*Nucala* is an IL-5 antagonist monoclonal antibody treatment for

severe asthma, with additional indications including CRSwNP,

EGPA, HES and COPD. Sales growth was driven by strong

global performance, with double-digit growth across all

regions reflecting higher patient demand for treatments

addressing eosinophilic-led disease. US growth accelerated

following the recent launch in COPD, with increases in volume

from higher patient uptake partially offset by ongoing pricing

pressures including the impact of IRA Medicare Part D

redesign.

***Benlysta***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| Growth %AER<br>| Growth %CER<br>|
| *Benlysta* | **1773** | 1490 | 19 | 22 |

---

Sales of *Benlysta*, a monoclonal antibody treatment for lupus,

grew representing strong demand and volume growth with

bio-penetration rates having increased across many markets.

**Oncology**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| Growth %AER<br>| Growth %CER<br>|
| Oncology | **1977** | 1410 | 40 | 43 |

---

Oncology sales are largely comprised of sales from *Jemperli,* 

*Zejula* and *Ojjaara*/*Omjjara*. Strong Oncology sales growth was

largely driven by increasing patient demand for *Jemperli* and

*Ojjaara*/*Omjjara*, partially offset by decreases in *Zejula*.

*Blenrep*, a treatment in relapsed/refractory multiple myeloma,

achieved sales in 2025 of £17 million following launch in the

UK in Q2 2025, US in Q4 2025 and from further initial

commercial introductions in some smaller markets during H2

2025. ***Jemperli***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| Growth %AER<br>| Growth %CER<br>|
| *Jemperli* | **861** | 467 | 84 | 89 |

---

Sales of *Jemperli* grew strongly driven largely by continued

volume growth following Q3 2024 FDA approval and Q1 2025

EMA approval expanding the indication to include all adult

patients with primary advanced or recurrent endometrial

cancer. Strong growth continues in the US from high patient

uptake, with the Europe and International regions increasingly

contributing to sales and growth, with *Jemperli* now available

in over 39 countries worldwide.

***Zejula***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| Growth %AER<br>| Growth %CER<br>|
| *Zejula* | **557** | 593 | (6) | (4) |

---

Sales of *Zejula*, a PARP inhibitor treatment for ovarian cancer,

reduced in the year. In the US, sales decreased driven by

ongoing volume reductions, including impacts of an FDA

labelling update restricting use to certain patient populations,

and unfavourable pricing including the impacts of IRA

Medicare Part D redesign. The Europe and International

regions continued to decline in the year largely driven by

reduced volumes from increased competition.

***Ojjaara/Omjjara***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| Growth %AER<br>| Growth %CER<br>|
| *Ojjaara/Omjjara* | **554** | 353 | 57 | 60 |

---

Sales of *Ojjaara*/*Omjjara*, a treatment for myelofibrosis patients

with anaemia, grew strongly. US sales growth was driven by

volume with continued increases in patient uptake. Sales and

growth contributions from Europe and International continued

to increase following high patient uptake, and from commercial

launches in 2025 across the regions including in France, Spain

Italy, Australia and Canada. *Ojjaara*/*Omjjara* is now available in

over 30 countries worldwide.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Group financial review continued<br>Financial performance continued | Group financial review continued<br>Financial performance continued | Group financial review continued<br>Financial performance continued | Group financial review continued<br>Financial performance continued | Group financial review continued<br>Financial performance continued |

---

**Vaccines**<br>

**Turnover (£bn)**

---

| | | |
|:---|:---|:---|
| £9.2bn | AER stable | CER growth |
| £9.2bn | –% | +2% |
| 28% of Group Turnover |  |  |

---

![358](gsk-20251231_g44.gif)

Vaccines sales growth was stable at AER and grew 2% CER

driven by strong ex-US demand for *Shingrix*, *Arexvy* and

meningitis vaccines, partly offset by lower US demand for

*Shingrix*, *Arexvy* and influenza vaccines together with lower

International sales of established vaccines.

**Shingles**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| Growth %AER<br>| Growth %CER<br>|
| Shingles | **3558** | 3364 | 6 | 8 |

---

*Shingrix* had another record year, in which sales grew strongly

reflecting growth in Europe and International driven by

significant increased demand, partly offset by lower sales in

the US.

In Europe, *Shingrix* sales grew 44% AER, 42% CER driven by

continuous strong uptake from the launch in France together

with higher market demand and expanded public funding

across several countries

Sales of *Shingrix* in International increased by 9% AER, 13%

CER reflecting accelerated demand in Japan following

expanded reimbursement from April 2025 together with

continued uptake across several countries, partially offset by a

strong 2024 comparator including rapid uptake from the

national immunisation programme (NIP) in Australia.

US sales decreased by 20% AER, 17% CER due to the

continuing slowdown in the pace of penetration of harder-to-

activate unvaccinated consumers. The US cumulative

immunisation rate reached 44%, up 4 percentage points

compared to 12 months earlier<sup>(1)</sup>.

*Shingrix* is now launched in 61 countries, 29 of those with

public funding, with markets outside the US representing 66%

of 2025 global sales (2024: 56%). The overwhelming majority

of ex-US *Shingrix* opportunity is concentrated in 10 markets

where the average immunisation rate is around 10% with

significantly higher uptake in funded cohorts.

(1) Based on data from IQVIA up until the end of Q3 2025

**Meningitis** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| Growth %AER<br>| Growth %CER<br>|
| Meningitis | **1583** | 1437 | 10 | 12 |

---

Strong double-digit growth of Meningitis vaccines was led by

*Bexsero*, a vaccine against meningitis B and also included

initial sales from the US launch of *Penmenvy*, a pentavalent

vaccine against meningitis A, B, C, W and Y. *Bexsero* grew in

Europe driven by continued uptake following recommendation

and reimbursement in Germany together with expanded

cohort recommendations in France. Sales also grew in

International due to higher demand and geographic

expansion.

**RSV**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| Growth %AER<br>| Growth %CER<br>|
| RSV  | **593** | 590 | 1 | 2 |

---

*Arexvy* sales growth was driven by Europe and International

related to recommendation and reimbursement in Germany

and tender deliveries in Spain and Canada. While *Arexvy* 

maintained US market leading share in the older adult setting

in 2025, sales declined reflecting slower market uptake

impacted by a harder-to-activate patient cohort and lower

market share partly offset by favourable returns provision

adjustments. *Arexvy* is approved in 69 markets globally, 21

countries have national RSV vaccination recommendations for

older adults and 9, including the US, have reimbursement

programmes for *Arexvy* in place at the year end.

**Influenza**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| Growth %AER<br>| Growth %CER<br>|
| Influenza | **303** | 408 | (26) | (24) |

---

Influenza vaccines sales declined mainly in the US driven by

competitive pressure.

**Established vaccines**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| Growth %AER<br>| Growth %CER<br>|
| Established vaccines | **3120** | 3339 | (7) | (5) |

---

Established vaccines sales decreased in the year as a result of

the impact of divested brands, competitive pressure for

*Synflorix* and *Cervarix* and lower US demand and

unfavourable pricing for Hepatitis vaccines. This was partly

offset by higher sales of measles, mumps, rubella and varicella

(MMRV) vaccines, including a one-off Q3 2025 sale of bulk

antigen together with favourable US CDC stockpile

movements for *Infanrix*/*Pediarix*.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Group financial review continued<br>Financial performance continued | Group financial review continued<br>Financial performance continued | Group financial review continued<br>Financial performance continued | Group financial review continued<br>Financial performance continued | Group financial review continued<br>Financial performance continued |

---

**General Medicines** <br>

**Turnover (£bn)**

---

| | | |
|:---|:---|:---|
| £10.0bn | AER decline | CER decline |
| £10.0bn | -4% | -1% |
| 31% of Group turnover |  |  |

---

![575](gsk-20251231_g45.gif)

Sales include contributions from both the Respiratory portfolio,

including *Trelegy*, and the Other General Medicine portfolio.

Sales growth in *Trelegy was* offset by reductions in other

respiratory and Other General Medicine product sales.

**Respiratory**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| Growth %AER<br>| Growth %CER<br>|
| Respiratory | **7068** | 7213 | (2) | – |

---

Sales decreased 2% AER and were broadly stable at CER in

the year with growth in *Trelegy* offset by decreases in other

respiratory products. Other respiratory products continue to

reduce across all regions as a result of continued generic

erosion and competitive pressures.

***Trelegy***

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| Growth %AER<br>| Growth %CER<br>|
| *Trelegy* | **2986** | 2702 | 11 | 13 |

---

*Trelegy* sales continued to grow with continued strong volume

growth across all regions reflecting patient demand, SITT class

growth, and increased market share. In the US, sales

exceeded £2 billion and grew double-digit, with continued

strong volume growth partially offset by unfavourable pricing

resulting from channel mix and pricing pressures, including

the impact of IRA Medicare Part D redesign.

**Other general medicines**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| Growth %AER<br>| Growth %CER<br>|
| Other general medicines | **2968** | 3215 | (8) | (4) |

---

Other General Medicines sales decreased reflecting the

impacts of generic competition across the portfolio.

**Turnover by regions**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024 <br>£m<br>| Growth %AER<br>| Growth %CER<br>|
| **US** | **16859** | 16384 | 3 | 6 |

---

US performance reflected the introduction of the IRA Medicare

Part D redesign, which adversely impacted a number of

products across Specialty Medicines, Vaccines and General

Medicines.

Specialty Medicines double-digit sales growth both at AER

and CER was driven by growth in Oncology, HIV and *Benlysta*,

driven largely by patient demand. *Nucala* also grew following

the recent launch in COPD, with increases in volume from

higher patient uptake partly offset by ongoing pricing

pressures.

Vaccines sales decreased due to lower demand for both

*Shingrix* and *Arexvy* driven primarily by the continued

challenge of activating harder-to reach consumers and

competitive pressure for influenza vaccines. established

vaccines growth in MMRV vaccines related to outbreaks and,

for *Infanrix*/*Pediarix*, to favourable CDC stockpile

replenishments which were more than offset by lower US

demand and unfavourable pricing for hepatitis vaccines

General Medicines sales -2% AER, +1% CER. *Trelegy* sales

grew double-digit at both AER and CER driven by strong

volume increases. Growth in *Trelegy* was offset by reductions

in other products across the other respiratory and Other

General Medicine portfolios.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024 <br>£m<br>| Growth %AER<br>| Growth %CER<br>|
| **Europe** | **7533** | 6666 | 13 | 12 |

---

Specialty Medicines sales grew double-digit at both AER and

CER due to continued strong performance in Oncology,

*Benlysta* and *Nucala* including the benefit from new indication

launches. HIV sales grew single-digit in the year driven by

patient demand.

Vaccines sales grew 32% AER, 30% CER driven by *Shingrix* 

launch uptake in France together with higher market demand

and expanded public funding across several countries. *Arexvy* 

and *Bexsero* sales also grew strongly mainly in Germany

following recommendations and reimbursements.

General Medicines sales decreased, with growth for *Trelegy* 

and *Anoro* being more than offset by decreases across Other

General Medicine products.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024 <br>£m<br>| Growth %AER<br>| Growth %CER<br>|
| **International** | **8275** | 8326 | (1) | 4 |

---

Specialty Medicines double-digit sales growth at both AER

and CER was driven by *Nucala* in respiratory, *Benlysta* in

immunology, and Oncology. HIV sales grew 2% AER, 6% CER.

Vaccines sales were driven by accelerated *Shingrix* demand

primarily in Japan, partly offset by a strong 2024 comparator in

Australia. Growth across *Shingrix*, Meningitis vaccines and

*Arexvy* was partly offset by lower sales of established vaccines

primarily reflecting the impact of divested brands and lower

demand.

General Medicines sales performance reflected growth in

*Trelegy* and *Anoro* being offset by decreases across Other

General Medicine products.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Group financial review continued<br>Financial performance continued | Group financial review continued<br>Financial performance continued | Group financial review continued<br>Financial performance continued | Group financial review continued<br>Financial performance continued | Group financial review continued<br>Financial performance continued |

---

**Cost of sales**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| Growth %AER<br>| Growth %CER<br>|
| Total cost of sales | **(9017)** | (9048) | – | – |
| % of sales | **27.6%** | 28.8% | (1.2) | (1.7) |
| Core cost of sales | **(8206)** | (7870) | 4 | 5 |
| % of sales | **25.1%** | 25.1% | – | (0.4) |

---

Total cost of sales as a percentage of sales decreased

primarily driven by core cost of sales benefits and from

additional amortisation in Q3 2024 for *Zejula* and *Jemperli* as

well as lower major restructuring and transaction-related items.

Core cost of sales as a percentage of sales decreased with

benefits from Specialty Medicines and regional mix as well as

operational efficiencies, being offset by inventory provision

movements compared to 2024. There were also pricing

impacts largely due to the implementation of Medicare Part D

reform as well as an adverse comparison to higher price

benefits in 2024.

**Selling, general and administration**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024 <br>£m<br>| Growth %AER<br>| Growth %CER<br>|
| Total selling, general and <br>administration<br>| **(9088)** | (11015) | (17) | (15) |
| % of sales | **27.8%** | 35.1% | (7.3) | (7.1) |
| Core selling, general <br>and administration<br>| **(8989)** | (8974) | – | 3 |
| % of sales | **27.5%** | 28.6% | (1.1) | (0.9) |

---

Total SG&A as a percentage of sales decreased primarily due

to lower Significant legal expenses, driven by the Q3 2024

charge of £1.8 billion ($2.3 billion) in relation to *Zantac*.

Core SG&A growth reflected continued disciplined investment

to support new asset launches, including *Blenrep*, *Penmenvy*,

*Exdensur* and *Blujepa*, as well as growth of key assets

including *Nucala*, *Shingrix*, long-acting HIV medicines and

*Ojjaara*/*Omjjara*, to drive future efficiencies. This was offset by

reallocation of spend from General Medicines and the

acceleration of ongoing productivity initiatives. Core SG&A

growth also included a one percentage point impact driven by

the Q1 2024 reversal of the legal provision related to the *Zejula* 

royalty dispute, following a successful appeal.

**Research and development**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024 <br>£m<br>| Growth %AER<br>| Growth %CER<br>|
| Total research and <br>development<br>| **(7525)** | (6401) | 18 | 19 |
| % of sales | **23.0%** | 20.4% | 2.6 | 2.4 |
| Core research and <br>development<br>| **(6568)** | (6023) | 9 | 11 |
| % of sales | **20.1%** | 19.2% | 0.9 | 0.8 |

---

Total R&D growth was driven by an increase in Core R&D

expense, as well as higher impairment charges including a

charge of £471 million related to the termination of the

belrestotug development programme (anti-TIGIT mAb) in Q2

2025. Core R&D investment increased reflecting progression across

the portfolio. In Oncology, this included acceleration in work on

ADCs (B7-H3 and B7-H4) and IDRX-42, the GIST treatment

acquired in Q1 2025. In Specialty Medicines, increased

investment was driven by efimosfermin acquired from Boston

Pharmaceuticals in Q3 2025 and bepirovirsen, as well as

progression of ULA treatment and PrEP programmes, notably

Q4M and Q6M. Growth was partly offset by lower spend on

depemokimab following filing in Q4 2024.

Investment also increased on clinical trial programmes

associated with the pneumococcal MAPS and mRNA

seasonal flu.

**Royalty income**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024 <br>£m<br>| Growth %AER<br>| Growth %CER<br>|
| Total royalty income | **879** | 639 | 38 | 38 |
| Core royalty income | **879** | 639 | 38 | 38 |

---

The increase in Total and Core royalty income was primarily

driven by Kesimpta<sup>(1)</sup>, Abrysvo<sup>(2)</sup> and Comirnaty<sup>(3)</sup> royalties, as

well as historic royalties recognised in association with the

settlement of an IP dispute.

**Other operating income/(expense)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024 <br>£m<br>| Growth %AER<br>| Growth %CER<br>|
| Other operating income/<br>(expense)<br>| **16** | (1530) | >100 | >100 |

---

The full year other operating income reflected a charge of

£488 million (2024: £1,839 million) principally arising from the

remeasurement of CCLs and the liabilities for the Pfizer, Inc

(Pfizer) put option, primarily reflecting the net impact of

discount unwind, updated sales and milestone forecasts and

foreign currency movements. Other net operating income at

£504m (2024: £309 million) includes the £367 million ($500

million) settlement from CureVac as well as fair value

movements on equity investments and other net income.

(1)Kesimpta is manufactured by and a trademark of Novartis AG

(2)Abrysvo is manufactured by and a trademark of Pfizer Inc.

(3)Comirnaty is manufactured by and a trademark of BioNTech and Pfizer

Inc.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Group financial review continued<br>Financial performance continued | Group financial review continued<br>Financial performance continued | Group financial review continued<br>Financial performance continued | Group financial review continued<br>Financial performance continued | Group financial review continued<br>Financial performance continued |

---

**Operating profit**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024 <br>£m<br>| Growth %AER<br>| Growth %CER<br>|
| Total operating profit | **7932** | 4021 | 97 | >100 |
| % of sales | **24.3%** | 12.8% | 11.5 | 11.9 |
| Core operating profit | **9783** | 9148 | 7 | 11 |
| % of sales | **29.9%** | 29.2% | 0.7 | 1.1 |

---

Total operating profit margin growth was primarily driven by

the £1.8 billion charge for the *Zantac* settlement in Q3 2024,

partly offset by higher impairment charges.

Core operating profit growth primarily reflected higher

turnover, favourable product mix and royalty income including

from IP settlements. Growth was partly offset by increased

investment in R&D, new asset launches and growth assets,

and adverse pricing impacts, as well as the Q1 2024 reversal

of the legal provision related to the *Zejula* royalty dispute,

following a successful appeal.

**Core operating profit by business**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024 <br>£m<br>| Growth %AER<br>| Growth %CER<br>|
| Commercial operations | **16260** | 15335 | 6 | 10 |
| % of sales | **49.8%** | 48.9% | 0.9 | 1.4 |
| R&D | **(6251)** | (5845) | 7 | 9 |

---

Commercial Operations Core operating profit of £16,260

million growth was driven by higher turnover, favourable

product mix and royalty income including from an IP

settlement, partly offset by increased investment in new asset

launches and growth assets, and adverse pricing impacts.

The R&D segment operating expense of £6,251 million

primarily reflected progression across the portfolio. In

Oncology, this included acceleration in work on ADCs (B7-H3

and B7-H4) and IDRX-42, the GIST treatment acquired in Q1

2025. In Specialty Medicines, increased investment was driven

by efimosfermin acquired from Boston Pharmaceuticals in Q3

2025 and bepirovirsen, as well as progression of ULA

treatment and PrEP programmes, notably Q4M and Q6M.

Growth was partly offset by lower spend on depemokimab

following filing in Q4 2024. Investment also increased on

clinical trial programmes associated with the pneumococcal

MAPS and mRNA seasonal flu.

**Net finance costs**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024 <br>£m<br>| Growth %AER<br>| Growth %CER<br>|
| Total net finance cost | **(532)** | (547) | (3) | (2) |
| Core net finance cost | **(508)** | (532) | (5) | (4) |

---

The decrease in net finance costs was mainly driven by

favourable movements on derivatives fair value, favourable

interest on tax and higher swap interest income, partly offset

by higher interest expense on debt. Strong operating

cashflows were partly offset by finance costs associated with

the share buyback programme and *Zantac* settlement

payments.

**Share of after tax profits of associates and** 

**joint ventures**

The share of after tax profit of associates and joint ventures

was £1 million (2024: £3 million share of loss).

**Profit on disposal of interest in associates**

In 2025, the Group also reported a profit on disposal of

interests in associates and joint ventures of £nil (2024: £6

million profit).

**Profit before tax**

Taking account of net finance costs, the share of profits or

losses of associates and profit or loss on disposal of interest in

associates,Total profit before taxation was £7,401 million

compared with £3,477 million in 2024.

**Taxation**

---

| | | |
|:---|:---|:---|
|  | **2025**<br> **£m**<br>| 2024 <br>£m<br>|
| UK current year charge | **181** | 186 |
| Rest of world current year charge | **1263** | 1458 |
| Charge/(credit) in respect of prior periods | **(49)** | (92) |
| Total current taxation | **1395** | 1552 |
| Total deferred taxation | **(283)** | (1026) |
| Taxation on total profits | **1112** | 526 |

---

The charge of £1,112 million represented an effective tax rate

on Total results of 15.0% (2024: 15.1%) and reflected the

different tax effects of the various Adjusting items included in

Total results, including non-taxable revaluations of contingent

consideration liabilities associated with recent acquisitions.

Tax on Core profit amounted to £1,584 million and represented

an effective Core tax rate of 17.1% (2024: 17.0%). Issues

related to taxation are described in Note 14, 'Taxation' to the

financial statements. The Group continues to believe it has

made adequate provision for the liabilities likely to arise from

periods which are open and not yet agreed by tax authorities.

The ultimate liability for such matters may vary from the

amounts provided and is dependent upon the outcome of

agreements with relevant tax authorities.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Group financial review continued<br>Financial performance continued | Group financial review continued<br>Financial performance continued | Group financial review continued<br>Financial performance continued | Group financial review continued<br>Financial performance continued | Group financial review continued<br>Financial performance continued |

---

**Non-controlling interests (NCIs)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024 <br>£m<br>| Growth %AER<br>| Growth %CER<br>|
| Total  | **573** | 376 | 52 | 58 |
| Core | **712** | 654 | 9 | 12 |

---

The increase in Total and Core NCIs in the year was primarily

driven by higher core profit allocations from ViiV Healthcare,

and a lower remeasurement loss on the CCL compared to

2024 impacting Total NCIs.

**Earnings per share from operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024 <br>£p<br>| Growth %AER<br>| Growth %CER<br>|
| Total earnings per share | **141.1p** | 63.2p | >100 | >100 |
| Core earnings per share | **172.0p** | 159.3p | 8 | 12 |

---

The increase in Total EPS was primarily driven by lower

Significant legal charges, lower CCL charges and higher other

net operating income, partly offset by higher impairment

charges.

The increase in Core EPS in the year primarily reflected the

growth in Core operating profit and the share buyback, as well

as lower net finance costs in the year, partly offset by higher

non-controlling interests.

**Currency impact on results**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**£m/£p**<br>| 2024 <br>£m/£p<br>| Growth %AER<br>| Growth %CER<br>|
| Turnover | **32667** | 31376 | 4 | 7 |
| Total earnings per share | **141.1p** | 63.2p | >100 | >100 |
| Core earnings per share | **172.0p** | 159.3p | 8 | 12 |

---

In the year the adverse currency impact primarily reflected the

strengthening of Sterling against US Dollar as well as

emerging market currencies, partly offset by strengthening of

the Euro. Exchange gains on the settlement of intercompany

transactions had a favourable full year impact of three

percentage points on Total EPS and one percentage point on

Core EPS.

**Dividends**

The Board has declared four interim dividends resulting in a

total dividend for the year of 66p per share. The GSK Group

dividend in 2024 was 61p per share. Please refer to Note 16,

'Dividends' to the financial statements.

**Dividend policy**

Dividends remain an essential component of total shareholder

return and GSK recognises the importance of dividends to

shareholders. On 23 June 2021, at the GSK Investor Update,

GSK set out that from 2022 a progressive dividend policy will

be implemented guided by a 40 to 60 percent pay-out ratio

through the investment cycle. Consistent with this, GSK

declared an increased dividend of 18p for Q4 2025 and 66p

per share for full year 2025. The expected dividend for 2026 is

70p per share. In setting its dividend policy, GSK considers

the capital allocation priorities of the Group and its investment

strategy for growth alongside the sustainability of the dividend.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Group financial review continued | Group financial review continued | Group financial review continued | Group financial review continued | Group financial review continued |

---

Adjusting items<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Core results reconciliation** <br>**31 December 2025**<br>| Total<br>results<br>£m<br>| Intangible<br>asset<br>amortisation<br>£m<br>| Intangible<br>asset<br>impairment<br>£m<br>| Major<br>restructuring<br>£m<br>| Transaction-<br>related<br>£m<br>| Significant <br>legal, <br>Divestments <br>and other <br>items<br>£m<br>| Core<br>results<br>£m<br>|
| Gross profit  | 23650 | 722 | 22 | 48 |  | 19 | 24461 |
| Operating profit  | 7932 | 808 | 880 | 109 | 507 | (453) | 9783 |
| Profit before taxation  | 7401 | 808 | 880 | 109 | 507 | (440) | 9265 |
| Profit after taxation  | 6289 | 630 | 660 | 77 | 360 | (335) | 7681 |
| Profit attributable to shareholders | 5716 | 630 | 660 | 77 | 221 | (335) | 6969 |
| Basic earnings per share (pence) | 141.1p | 15.6p | 16.3p | 1.9p | 5.4p | (8.3p) | 172.0p |
| Weighted average number of shares (millions) | 4051 |  |  |  |  |  | 4051 |
| **The following adjustments are made in arriving at Core gross profit** | **The following adjustments are made in arriving at Core gross profit** | **The following adjustments are made in arriving at Core gross profit** | **The following adjustments are made in arriving at Core gross profit** | **The following adjustments are made in arriving at Core gross profit** | **The following adjustments are made in arriving at Core gross profit** | **The following adjustments are made in arriving at Core gross profit** | **The following adjustments are made in arriving at Core gross profit** |
| Cost of sales | (9017) | 722 | 22 | 48 |  | 19 | (8206) |
| **The following adjustments are made in arriving at Core operating profit** | **The following adjustments are made in arriving at Core operating profit** | **The following adjustments are made in arriving at Core operating profit** | **The following adjustments are made in arriving at Core operating profit** | **The following adjustments are made in arriving at Core operating profit** | **The following adjustments are made in arriving at Core operating profit** | **The following adjustments are made in arriving at Core operating profit** | **The following adjustments are made in arriving at Core operating profit** |
| Selling, general and administration | (9088) |  |  | 44 | 23 | 32 | (8989) |
| Research and development | (7525) | 86 | 858 | 17 | (4) |  | (6568) |
| Other operating income/(expense) | 16 |  |  |  | 488 | (504) | – |
| **The following adjustments are made in arriving at Core profit before tax** | **The following adjustments are made in arriving at Core profit before tax** | **The following adjustments are made in arriving at Core profit before tax** | **The following adjustments are made in arriving at Core profit before tax** | **The following adjustments are made in arriving at Core profit before tax** | **The following adjustments are made in arriving at Core profit before tax** | **The following adjustments are made in arriving at Core profit before tax** | **The following adjustments are made in arriving at Core profit before tax** |
| Net finance costs | (532) |  |  |  |  | 24 | (508) |
| Share of after tax profit/(loss) of associates and joint<br>&nbsp;&nbsp;&nbsp;&nbsp;ventures<br>| 1 |  |  |  |  | (11) | (10) |
| **The following adjustments are made in arriving at Core profit after tax** | **The following adjustments are made in arriving at Core profit after tax** | **The following adjustments are made in arriving at Core profit after tax** | **The following adjustments are made in arriving at Core profit after tax** | **The following adjustments are made in arriving at Core profit after tax** | **The following adjustments are made in arriving at Core profit after tax** | **The following adjustments are made in arriving at Core profit after tax** | **The following adjustments are made in arriving at Core profit after tax** |
| Taxation | (1112) | (178) | (220) | (32) | (147) | 105 | (1584) |
| **The following adjustments are made in arriving at Core profit attributable to shareholders** | **The following adjustments are made in arriving at Core profit attributable to shareholders** | **The following adjustments are made in arriving at Core profit attributable to shareholders** | **The following adjustments are made in arriving at Core profit attributable to shareholders** | **The following adjustments are made in arriving at Core profit attributable to shareholders** | **The following adjustments are made in arriving at Core profit attributable to shareholders** | **The following adjustments are made in arriving at Core profit attributable to shareholders** | **The following adjustments are made in arriving at Core profit attributable to shareholders** |
| Profit attributable to non-controlling interests | 573 |  |  |  | 139 |  | 712 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Group financial review continued<br>Adjusting items continued | Group financial review continued<br>Adjusting items continued | Group financial review continued<br>Adjusting items continued | Group financial review continued<br>Adjusting items continued | Group financial review continued<br>Adjusting items continued |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Core results reconciliation** <br>**31 December 2024**<br>| Total<br>results<br>£m<br>| Intangible<br>asset<br>amortisation<br>£m<br>| Intangible<br>asset<br>impairment<br>£m<br>| Major<br>restructuring<br>£m<br>| Transaction-<br>related<br>£m<br>| Significant <br>legal, <br>Divestments <br>and other <br>items<br>£m<br>| Core<br>results<br>£m<br>|
| Gross profit | 22328 | 947 |  | 163 | 40 | 28 | 23506 |
| Operating profit | 4021 | 1002 | 314 | 353 | 1881 | 1577 | 9148 |
| Profit before taxation  | 3477 | 1002 | 314 | 354 | 1881 | 1585 | 8613 |
| Profit after taxation | 2951 | 794 | 251 | 274 | 1570 | 1311 | 7151 |
| Profit attributable to shareholders | 2575 | 794 | 251 | 274 | 1292 | 1311 | 6497 |
| Basic earnings per share (pence) | 63.2p | 19.5p | 6.1p | 6.7p | 31.7p | 32.1p | 159.3p |
| Weighted average number of shares (millions) | 4077 |  |  |  |  |  | 4077 |
| **The following adjustments are made in arriving at Core gross profit** | **The following adjustments are made in arriving at Core gross profit** | **The following adjustments are made in arriving at Core gross profit** | **The following adjustments are made in arriving at Core gross profit** | **The following adjustments are made in arriving at Core gross profit** | **The following adjustments are made in arriving at Core gross profit** | **The following adjustments are made in arriving at Core gross profit** | **The following adjustments are made in arriving at Core gross profit** |
| Cost of sales | (9048) | 947 |  | 163 | 40 | 28 | (7870) |
| **The following adjustments are made in arriving at Core operating profit** | **The following adjustments are made in arriving at Core operating profit** | **The following adjustments are made in arriving at Core operating profit** | **The following adjustments are made in arriving at Core operating profit** | **The following adjustments are made in arriving at Core operating profit** | **The following adjustments are made in arriving at Core operating profit** | **The following adjustments are made in arriving at Core operating profit** | **The following adjustments are made in arriving at Core operating profit** |
| Selling, general and administration | (11015) |  |  | 160 | 2 | 1879 | (8974) |
| Research and development | (6401) | 55 | 314 | 9 |  |  | (6023) |
| Other operating income/(expense) | (891) |  |  | 21 | 1839 | (330) | 639 |
| **The following adjustments are made in arriving at Core profit before tax** | **The following adjustments are made in arriving at Core profit before tax** | **The following adjustments are made in arriving at Core profit before tax** | **The following adjustments are made in arriving at Core profit before tax** | **The following adjustments are made in arriving at Core profit before tax** | **The following adjustments are made in arriving at Core profit before tax** | **The following adjustments are made in arriving at Core profit before tax** | **The following adjustments are made in arriving at Core profit before tax** |
| Net finance costs | (547) |  |  | 1 |  | 14 | (532) |
| Share of after tax profit/(loss) of associates and joint<br>&nbsp;&nbsp;&nbsp;&nbsp;ventures<br>| (3) |  |  |  |  |  | (3) |
| Profit/(loss) on disposal of interest in associates | 6 |  |  |  |  | (6) | – |
| **The following adjustments are made in arriving at Core profit after tax** | **The following adjustments are made in arriving at Core profit after tax** | **The following adjustments are made in arriving at Core profit after tax** | **The following adjustments are made in arriving at Core profit after tax** | **The following adjustments are made in arriving at Core profit after tax** | **The following adjustments are made in arriving at Core profit after tax** | **The following adjustments are made in arriving at Core profit after tax** | **The following adjustments are made in arriving at Core profit after tax** |
| Taxation | (526) | (208) | (63) | (80) | (311) | (274) | (1462) |
| **The following adjustments are made in arriving at Core profit attributable to shareholders** | **The following adjustments are made in arriving at Core profit attributable to shareholders** | **The following adjustments are made in arriving at Core profit attributable to shareholders** | **The following adjustments are made in arriving at Core profit attributable to shareholders** | **The following adjustments are made in arriving at Core profit attributable to shareholders** | **The following adjustments are made in arriving at Core profit attributable to shareholders** | **The following adjustments are made in arriving at Core profit attributable to shareholders** | **The following adjustments are made in arriving at Core profit attributable to shareholders** |
| Profit attributable to non-controlling interests | 376 |  |  |  | 278 |  | 654 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Group financial review continued<br>Adjusting items continued | Group financial review continued<br>Adjusting items continued | Group financial review continued<br>Adjusting items continued | Group financial review continued<br>Adjusting items continued | Group financial review continued<br>Adjusting items continued |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Core results reconciliation** <br>**31 December 2023**<br>| Total<br>results<br>£m<br>| Intangible<br>asset<br>amortisation<br>£m<br>| Intangible<br>asset<br>impairment<br>£m<br>| Major<br>restructuring<br>£m<br>| Transaction-<br>related<br>£m<br>| Significant <br>legal, <br>Divestments <br>and other <br>items<br>£m<br>| Core<br>results<br>£m<br>|
| Gross profit | 21763 | 647 |  | 164 | 13 | 25 | 22612 |
| Operating profit | 6745 | 719 | 398 | 382 | 572 | (30) | 8786 |
| Profit before taxation | 6064 | 719 | 398 | 383 | 572 | (24) | 8112 |
| Profit after taxation | 5308 | 565 | 304 | 300 | 472 | (94) | 6855 |
| Profit attributable to shareholders | 4928 | 565 | 304 | 300 | 280 | (94) | 6283 |
| Basic earnings per share (pence) | 121.6p | 13.9p | 7.5p | 7.4p | 6.9p | (2.2p) | 155.1p |
| Weighted average number of shares (millions) | 4052 |  |  |  |  |  | 4052 |
| **The following adjustments are made in arriving at Core gross profit** | **The following adjustments are made in arriving at Core gross profit** | **The following adjustments are made in arriving at Core gross profit** | **The following adjustments are made in arriving at Core gross profit** | **The following adjustments are made in arriving at Core gross profit** | **The following adjustments are made in arriving at Core gross profit** | **The following adjustments are made in arriving at Core gross profit** | **The following adjustments are made in arriving at Core gross profit** |
| Cost of sales | (8565) | 647 |  | 164 | 13 | 25 | (7716) |
| **The following adjustments are made in arriving at Core operating profit** | **The following adjustments are made in arriving at Core operating profit** | **The following adjustments are made in arriving at Core operating profit** | **The following adjustments are made in arriving at Core operating profit** | **The following adjustments are made in arriving at Core operating profit** | **The following adjustments are made in arriving at Core operating profit** | **The following adjustments are made in arriving at Core operating profit** | **The following adjustments are made in arriving at Core operating profit** |
| Selling, general and administration | (9385) |  |  | 216 | 13 | 127 | (9029) |
| Research and development | (6223) | 72 | 398 | 2 |  | 1 | (5750) |
| Other operating income/(expense) | 590 |  |  |  | 546 | (183) | 953 |
| **The following adjustments are made in arriving at Core profit before tax** | **The following adjustments are made in arriving at Core profit before tax** | **The following adjustments are made in arriving at Core profit before tax** | **The following adjustments are made in arriving at Core profit before tax** | **The following adjustments are made in arriving at Core profit before tax** | **The following adjustments are made in arriving at Core profit before tax** | **The following adjustments are made in arriving at Core profit before tax** | **The following adjustments are made in arriving at Core profit before tax** |
| Net finance costs | (677) |  |  | 1 |  | 7 | (669) |
| Share of after tax profit/(loss) of associates and joint<br>&nbsp;&nbsp;&nbsp;&nbsp;ventures<br>| (5) |  |  |  |  |  | (5) |
| Profit/(loss) on disposal of interest in associates | 1 |  |  |  |  | (1) | – |
| **The following adjustments are made in arriving at Core profit after tax** | **The following adjustments are made in arriving at Core profit after tax** | **The following adjustments are made in arriving at Core profit after tax** | **The following adjustments are made in arriving at Core profit after tax** | **The following adjustments are made in arriving at Core profit after tax** | **The following adjustments are made in arriving at Core profit after tax** | **The following adjustments are made in arriving at Core profit after tax** | **The following adjustments are made in arriving at Core profit after tax** |
| Taxation | (707) | (150) | (64) | (87) | (242) | 112 | (1138) |
| **The following adjustments are made in arriving at Core profit attributable to shareholders** | **The following adjustments are made in arriving at Core profit attributable to shareholders** | **The following adjustments are made in arriving at Core profit attributable to shareholders** | **The following adjustments are made in arriving at Core profit attributable to shareholders** | **The following adjustments are made in arriving at Core profit attributable to shareholders** | **The following adjustments are made in arriving at Core profit attributable to shareholders** | **The following adjustments are made in arriving at Core profit attributable to shareholders** | **The following adjustments are made in arriving at Core profit attributable to shareholders** |
| Profit attributable to non-controlling interests | 380 |  |  |  | 192 |  | 572 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Group financial review continued<br>Adjusting items continued | Group financial review continued<br>Adjusting items continued | Group financial review continued<br>Adjusting items continued | Group financial review continued<br>Adjusting items continued | Group financial review continued<br>Adjusting items continued |

---

**Intangible asset amortisation**

See page [195](#ie22c70781ec24e178b4ec838768832e2_445) for description and information on Intangible

asset amortisation.

**Intangible asset impairment**

See page [195](#ie22c70781ec24e178b4ec838768832e2_445) for description and information on Intangible

asset impairment. Total intangible asset impairments in 2025

included a charge of £471 million related to the termination of

the belrestotug development programme (anti-TIGIT mAb) in

Q2 2025.

**Major restructuring and integration**

See page [186](#ie22c70781ec24e178b4ec838768832e2_415) for description and information on Major

restructuring and integration charges.

Total Major restructuring charges incurred in 2025 were £109

million (2024: £353 million), analysed as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **2025** |  |  | 2024 |
|  | **Cash**<br>**£m**<br>| **Non-**<br>**cash**<br>**£m**<br>| **Total**<br>**£m**<br>| Cash<br>£m<br>| Non-<br>cash<br>£m<br>| Total<br>£m<br>|
| Separation<br>&nbsp;&nbsp;&nbsp;&nbsp;restructuring<br>&nbsp;&nbsp;&nbsp;&nbsp;programme<br>| **48** | **14** | **62** | 200 | 36 | 236 |
| Significant<br>&nbsp;&nbsp;&nbsp;&nbsp;acquisitions<br>| **26** | **–** | **26** | 59 | 1 | 60 |
| Legacy programmes | **13** | **8** | **21** | 48 | 9 | 57 |
|  | **87** | **22** | **109** | 307 | 46 | 353 |

---

The Separation restructuring programme incurred cash

charges of £48 million primarily from the restructuring of some

commercial and administrative functions. The non-cash

charges of £14 million primarily reflected the write-down of

assets in manufacturing locations.

The programme focussed on the separation of GSK into two

separate companies and is now largely complete. The

programme has delivered its target of £1.1 billion of annual

savings, with total costs still expected at £2.4 billion, with cash

charges of £1.7 billion and non-cash charges of £0.7 billion.

Costs of significant acquisitions relate to integration costs of

Affinivax Inc. (Affinivax) which was acquired in Q3 2022,

BELLUS Health Inc. (Bellus) acquired in Q2 2023, Aiolos Bio,

Inc. (Aiolos) acquired in Q1 2024, IDRx acquired in Q1 2025

and BP Asset IX acquired to access efimosfermin in Q3 2025.

Cash charges of £13 million under legacy programmes

primarily arose from the divestment of the cephalosporins

business.

**Transaction-related adjustments**

Transaction-related adjustments resulted in a net charge of

£507 million (2024: £1,881 million), the majority of which

related to charges/(credits) for the remeasurement of

contingent consideration liabilities, the liabilities for the Pfizer

put option, and Pfizer and Shionogi preferential dividends in

ViiV Healthcare.

---

| | | |
|:---|:---|:---|
| **Charge/(credit)** | **2025**<br>**£m**<br>| **2024**<br>**£m**<br>|
| Contingent consideration on former <br>&nbsp;&nbsp;&nbsp;&nbsp;Shionogi-ViiV Healthcare Joint Venture<br>&nbsp;&nbsp;&nbsp;&nbsp;(including Shionogi preferential dividends)<br>| **649** | 1533 |
| ViiV Healthcare put options and Pfizer <br>&nbsp;&nbsp;&nbsp;&nbsp;preferential dividends<br>| **(93)** | 67 |
| Contingent consideration on former Novartis<br>&nbsp;&nbsp;&nbsp;&nbsp;Vaccines business<br>| **171** | 206 |
| Contingent consideration on acquisition of <br>&nbsp;&nbsp;&nbsp;&nbsp;Affinivax<br>| **(254)** | (22) |
| Other contingent consideration | **15** | 34 |
| Other adjustments | **19** | 63 |
| Total transaction-related charges | **507** | 1881 |

---

The £649 million charge relating to the contingent

consideration for the former Shionogi-ViiV Healthcare joint

venture represented an increase in the valuation of the

contingent consideration due to Shionogi, driven by the

unwind of the discount for £404 million and net other

remeasurements of £245 million. The £93 million credit relating

to the ViiV Healthcare put option and Pfizer preferential

dividends represented a decrease in the valuation of the put

option primarily as a result of updated exchange rates and

sales forecasts. The ViiV Healthcare contingent consideration

liability is fair valued under IFRS. An explanation of the

accounting for the non-controlling interests in ViiV Healthcare

is set out on page [75](#ia0eb48ba7c1c40fe987251ac32319822_409).

The £171 million charge relating to the contingent

consideration on the former Novartis Vaccines business

primarily related to changes to future sales forecasts, updated

exchange rates and the unwind of the discount.

The £254 million credit relating to the contingent consideration

on the acquisition of Affinivax primarily related to updated

milestone forecasts, partly offset by the unwind of the discount.

**Significant legal charges, Divestments and** 

**other items**

Legal charges provide for all significant legal matters and are

not broken out separately by litigation or investigation.

Divestments and other items included £367 million ($500

million) of settlements from CureVac in connection with the

mRNA patent settlement, as well as other net income,

including income from divestments and fair value movements

on, and distributions from, equity investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Group financial review continued | Group financial review continued | Group financial review continued | Group financial review continued | Group financial review continued |

---

Cash generation and conversion<br>

A summary of the consolidated cash flow statement is set out

below.

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024 <br>£m<br>|
| Net cash inflow/(outflow) from operating <br>activities<br>| **7741** | 6554 |
| Total net cash inflow/(outflow) from investing <br>activities<br>| **(4233)** | (1229) |
| Total net cash inflow/(outflow) from financing <br>activities<br>| **(3685)** | (4726) |
| Increase /(decrease) in cash and bank <br>overdrafts<br>| **(177)** | 599 |
| Cash and bank overdrafts at beginning of <br>year<br>| **3403** | 2858 |
| Exchange adjustments | **(19)** | (54) |
| Increase/(decrease) in cash and bank <br>overdrafts<br>| **(177)** | 599 |
| Cash and bank overdrafts at end of year | **3207** | 3403 |
| Cash and bank overdrafts at end of year <br>comprise:<br>|  |  |
| Cash and cash equivalents | **3397** | 3870 |
| Overdrafts | **(190)** | (467) |
|  | **3207** | 3403 |

---

**Reconciliation of net cash inflow from** 

**operating activities to free cash inflow**

A reconciliation of net cash inflow from operating activities,

which is the closest equivalent IFRS measure to free cash flow,

is shown below.

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024 <br>£m<br>|
| Net cash inflow/(outflow) from operating <br>activities<br>| **7741** | 6554 |
| Purchase of property, plant and equipment | **(1348)** | (1399) |
| Proceeds from sale of property, plant and <br>equipment<br>| **24** | 65 |
| Purchase of intangible assets | **(1637)** | (1583) |
| Proceeds from disposal of intangible assets | **115** | 131 |
| Net finance costs | **(525)** | (494) |
| Dividends from associates and joint ventures | **67** | 15 |
| Contingent consideration paid (reported in <br>investing activities)<br>| **(17)** | (19) |
| Distributions to non-controlling interests | **(391)** | (416) |
| Contribution from non-controlling interests | **–** | 9 |
| Free cash inflow | **4029** | 2863 |

---

Net cash generated from operating activities was £7,741

million (2024: £6,554 million). The increase reflected higher

core operating profit, favourable timing and movements on

returns and rebates, including the impact of the removal of the

AMP cap in H1 2024, and the cash settlements from CureVac

as well as lower inventory build. The increase was partly offset

by an adverse movement in receivables driven by higher

*Arexvy* and *Shingrix* collections in Q1 2024, as well as higher

*Zantac* settlement payments of £1,195 million (2024: £672

million).

**Capital expenditure and financial investment**

Cash payments for tangible fixed assets amounted to £1,348

million (2024: £1,399 million) and intangible fixed assets

amounted to £1,637 million (2024: £1,583 million) and

disposals realised £139 million (2024: £196 million). Cash

payments to acquire equity investments amounted to £92

million (2024: £103 million) and sales of equity investments

realised £189 million (2024: £2,356 million).

**Free cash flow**

Free cash flow is the amount of cash generated by the Group

after meeting our obligations for contingent consideration,

interest, tax and dividends paid to non-controlling interests,

and after capital expenditure on property, plant and equipment

and intangible assets.

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>|
| Free cash inflow | **4029** | 2863 |

---

Total contingent consideration cash payments in 2025 were

£1,347 million (2024: £1,254 million). £1,330 million (2024:

£1,235 million) of these were recognised in cash flows from

operating activities, including cash payments made to

Shionogi & Co. Ltd (Shionogi) of £1,277 million (2024: £1,190

million). These payments are deductible for tax purposes.

**Future cash flow**

Over the long term, we expect that future cash generated from

operations will be sufficient to fund our operating and debt

servicing costs, normal levels of capital expenditure,

obligations under existing licensing agreements, expenditure

arising from restructuring programmes and other routine

outflows including tax, pension contributions and dividends,

subject to the 'Risk Factors' discussed on pages [260](#ie22c70781ec24e178b4ec838768832e2_574) to [268](#ie22c70781ec24e178b4ec838768832e2_661).

We may from time to time have additional demands for

finance, such as for acquisitions and share repurchases. We

have access to multiple sources of liquidity from short and

long-term capital markets and financial institutions for such

needs, in addition to the cash flow from operations.

**Working capital**

Working capital represents inventory and trade receivables

less trade payables.

The Group, has in its opinion, sufficient working capital to meet

its present requirements.

Please refer to "Group financial review" in the GSK Annual

Report on Form 20-F for the year ended 31 December 2024 for

a discussion of 2024 financial results compared to 2023.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Group financial review continued | Group financial review continued | Group financial review continued | Group financial review continued | Group financial review continued |

---

Financial position and resources<br>

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024 <br>£m<br>|
| Assets |  |  |
| Non-current assets |  |  |
| Property, plant and equipment | **9322** | 9227 |
| Right of use assets | **726** | 846 |
| Goodwill | **7018** | 6982 |
| Other intangible assets | **16748** | 15515 |
| Investments in associates and joint ventures | **89** | 96 |
| Other investments | **1037** | 1100 |
| Deferred tax assets | **6520** | 6757 |
| Derivative instruments | **–** | 1 |
| Other non-current assets | **2148** | 1942 |
| Total non-current assets | **43608** | 42466 |
| Current assets |  |  |
| Inventories | **5924** | 5669 |
| Current tax recoverable | **288** | 489 |
| Trade and other receivables | **7471** | 6836 |
| Derivative financial instruments | **121** | 109 |
| Liquid investments | **9** | 21 |
| Cash and cash equivalents | **3397** | 3870 |
| Assets held for sale | **300** | 3 |
| Total current assets | **17510** | 16997 |
| Total assets | **61118** | 59463 |
| Liabilities |  |  |
| Current liabilities |  |  |
| Short-term borrowings | **(3012)** | (2349) |
| Contingent consideration liabilities | **(1348)** | (1172) |
| Trade and other payables | **(15381)** | (15335) |
| Derivative financial instruments | **(75)** | (192) |
| Current tax payable | **(498)** | (703) |
| Short-term provisions | **(938)** | (1946) |
| Liabilities relating to assets held for sale | **(139)** | – |
| Total current liabilities | **(21391)** | (21697) |
| Non-current liabilities |  |  |
| Long-term borrowings | **(14708)** | (14637) |
| Deferred tax liabilities | **(291)** | (382) |
| Pensions and other post-employment benefits | **(1687)** | (1864) |
| Derivative financial instruments | **(67)** | – |
| Other provisions | **(610)** | (589) |
| Contingent consideration liabilities | **(5385)** | (6108) |
| Other non-current liabilities | **(1023)** | (1100) |
| Total non-current liabilities | **(23771)** | (24680) |
| Total liabilities | **(45162)** | (46377) |
| Net assets | **15956** | 13086 |
| Total equity | **15956** | 13086 |

---

**Property, plant and equipment**

Our business is science-based, technology-intensive and

highly regulated by governmental authorities. We allocate

significant financial resources to the renewal and maintenance

of our property, plant, equipment and vehicles to minimise

risks of interruption to production and to ensure compliance

with regulatory standards. A number of our processes use

hazardous materials.

The total cost of our property, plant and equipment at

31 December 2025 was £20,214 million, with a net book value

of £9,322 million. Of this, land and buildings represented

£2,543 million, plant, equipment and vehicles £4,271 million

and assets in construction £2,508 million. In 2025, we invested

£1,373 million in new property, plant and equipment. This was

mainly related to a large number of projects for the renewal,

improvement and expansion of facilities at various worldwide

sites to support new product development and launches as

well as to improve the efficiency of existing supply chains.

Property is mainly held freehold. New investment is financed

from our liquid resources. At 31 December 2025, we had

contractual commitments for future capital expenditure of £764

million. We believe that our property and plant facilities are

adequate for our current requirements.

**Right of use assets**

Right of use assets amounted to £726 million at 31 December

2025 compared with £846 million at 31 December 2024. The

decrease in the year primarily reflected depreciation of

£206 million, and disposals and impairments amounting to £62

million, partially offset by additions of £181 million.

**Goodwill**

Goodwill increased to £7,018 million at 31 December 2025,

from £6,982 million primarily as a result of £342 million from

acquisitions, partially offset by £276 million of exchange rate

losses and a £30 million transfer to assets held for sale.

**Other intangible assets**

Other intangible assets include the cost of intangibles

acquired from third parties and computer software. The net

book value of other intangible assets as at 31 December 2025

was £16,748 million (2024: £15,515 million).

**Investments in associates and joint ventures**

We held investments in associates and joint ventures with a

carrying value at 31 December 2025 of £89 million (2024:

£96 million). See Note 21, 'Investments in associates and joint

ventures' to the financial statements, for more details.

**Other investments**

At 31 December 2025 we held other investments with a

carrying value of £1,037 million (2024: £1,100 million). The

most significant investments held at 31 December 2025 were

in WAVE Life Sciences Ltd, Crispr Therapeutics AG and SR

One Capital Fund I-B, LP. These investments had a fair value

at 31 December 2025 of £231 million (2024: £165 million),

£126 million (2024: £101 million) and £120 million (2024: £135

million) respectively. The other investments included equity

stakes in companies with which we have research

collaborations, and which provide access to biotechnology

developments of potential interest and interests in companies

that arise from business divestments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Group financial review continued<br>Financial position and resources continued | Group financial review continued<br>Financial position and resources continued | Group financial review continued<br>Financial position and resources continued | Group financial review continued<br>Financial position and resources continued | Group financial review continued<br>Financial position and resources continued |

---

**Derivative financial instruments: assets**

We held current derivative financial assets at fair value of £121

million (2024: £109 million). The majority of these financial

instruments related to foreign exchange contracts both

designated and not designated as accounting hedges.

**Inventories**

Inventories amounted to £5,924 million (2024: £5,669 million)

at 31 December 2025.

**Trade and other receivables**

Trade and other receivables amounted to £7,471 million (2024:

£6,836 million) at 31 December 2025. The increase is mainly

driven by higher sales of Specialty Medicines and respiratory

medicines, as well as settlement income.

**Deferred tax assets**

Deferred tax assets amounted to £6,520 million (2024: £6,757

million) at 31 December 2025.

**Assets held for sale**

Assets held for sale amounted to £300 million (2024: £3

million) which primarily included the manufacturing facility

located in Rockville, Maryland. Liabilities relating to assets

held for sale, including lease liabilities for the Rockville site,

amounted to £139 million (2024: £nil). On 22 December 2025,

GSK entered into a definitive agreement with Samsung

Biologics for the sale of 100% of its equity investment in

Human Genome Sciences, principally including the Rockville

site, with closing anticipated towards the end of Q1 2026.

**Derivative financial instruments: liabilities**

We held current derivative financial liabilities at fair value of

£75 million (2024: £192 million). This is primarily related to

foreign exchange contracts both designated and not

designated as accounting hedges.

**Trade and other payables**

At 31 December 2025, trade and other payables were £15,381

million compared with £15,335 million at 31 December 2024.

See Note 28, 'Trade and other payables' to the financial

statements.

**Provisions**

We carried deferred tax provisions and other short-term and

non-current provisions of £1,839 million at 31 December 2025

(2024: £2,917 million). Other provisions included £210 million

(2024: £1,446 million) related to legal and other disputes, and

£185 million (2024: £273 million) related to Major restructuring

programmes. During the year, legal and other disputes

provisions of £1,313 million were utilised, primarily reflecting

*Zantac* settlement payments of £1,195 million. Provision has

been made for legal and other disputes, indemnified disposal

liabilities, employee-related liabilities and the costs of the

restructuring programme to the extent that at the balance

sheet date a legal or constructive obligation existed and could

be reliably estimated.

**Pensions and other post-employment** 

**benefits**

We account for pension and other post-employment

arrangements in accordance with IAS 19. The net surplus was

£229 million (2024: £103 million deficit) on pension

arrangements, and there were net deficits on unfunded post-

employment liabilities of £801 million (2024: £863 million). See

Note 30, 'Pensions and other post-employment benefits' to the

financial statements.

**Other non-current liabilities**

Other non-current liabilities amounted to £1,023 million at

31 December 2025 (2024: £1,100 million).

**Contingent consideration liabilities**

Contingent consideration amounted to £6,733 million at

31 December 2025 (2024: £7,280 million), of which £5,433

million (2024: £6,061 million) represented the estimated

present value of amounts payable to Shionogi relating to ViiV

Healthcare, £219 million (2024: £502 million) represented the

estimated present value of contingent consideration payable

to the former shareholders of Affinivax and £651 million (2024:

£575 million) represented the estimated present value of

contingent consideration payable to Novartis related to the

Vaccines acquisition.

The liability due to Shionogi was £266 million in respect of

preferential dividends. An explanation of the accounting for the

non-controlling interests in ViiV Healthcare is set out on page

[75](#ia0eb48ba7c1c40fe987251ac32319822_409).

Of the total contingent consideration payable (on a post-tax

basis) at 31 December 2025, £1,194 million (2024: £1,127

million) is expected to be paid within one year to Shionogi. The

consideration payable is expected to be paid over a number

of years. As a result, the total estimated liabilities are

discounted to their present values, on a post-tax basis using

post-tax discount rates.

The Shionogi-ViiV Healthcare contingent consideration liability

is discounted at 8%, the Affinivax contingent consideration

liability is discounted at 9%, the Novartis Vaccines contingent

consideration liability is discounted partly at 8.0% and partly at

9% and, the The BP Asset IX contingent consideration liability

is discounted at 9%.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Group financial review continued<br>Financial position and resources continued | Group financial review continued<br>Financial position and resources continued | Group financial review continued<br>Financial position and resources continued | Group financial review continued<br>Financial position and resources continued | Group financial review continued<br>Financial position and resources continued |

---

**Maturity profile of bond debt** 

£m equivalent

![661](gsk-20251231_g46.gif)

¥

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$

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€

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€

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€

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$

$

£

---

| | | | |
|:---|:---|:---|:---|
| **$ US bonds** | **€ EUR bonds** | **£ GBP bonds** | **¥ JPY bonds** |

---

**Net debt** 

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024 <br>£m<br>|
| Liquid investments | **9** | 21 |
| Cash and cash equivalents | **3397** | 3870 |
| Short-term borrowings | **(3012)** | (2349) |
| Long-term borrowings | **(14708)** | (14637) |
| Liabilities relating to assets held for sale | **(139)** | – |
| Net debt the end of the year | **(14453)** | (13095) |

---

At 31 December 2025, net debt was £14.5 billion, compared

with £13.1 billion at 31 December 2024, comprising gross

debt of £17.9 billion and cash and liquid investments of £3.4

billion. Net debt increased by £1.4 billion primarily due to the

net acquisition costs of IDRx, Inc. (IDRx), BP Asset IX, Inc. (BP

Asset IX) to access efimosfermin, and Cellphenomics GmbH

totalling £1.7 billion, dividends paid to shareholders of £2.6

billion and shares purchased as part of the share buyback

programme of £1.4 billion. This was partly offset by free cash

inflow £4.0 billion and exchange gain on net debt of £0.2

billion.

At 31 December 2025, GSK had short-term borrowings

(including overdrafts and lease liabilities) repayable within

12 months of £3.0 billion and long-term borrowings of £1.5

billion repayable in the subsequent year.

At 31 December 2025, GSK's cash and liquid investments

were held as follows:

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024 <br>£m<br>|
| Bank balances and deposits | **1604** | 2590 |
| US Treasury and Treasury repo only money <br>market funds<br>| **431** | 300 |
| Liquidity funds | **1362** | 980 |
| Cash and cash equivalents | **3397** | 3870 |
| Liquid investments – government securities | **9** | 21 |
|  | **3406** | 3891 |

---

Cash and liquid investments of £2.6 billion (2024:£3.1 billion)

were held centrally at 31 December 2025.

The analysis of cash and gross debt after the effects of

hedging is as follows:

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024 <br>£m<br>|
| Liquid investments | **9** | 21 |
| Cash and cash equivalents | **3397** | 3870 |
| Gross debt – fixed | **(16317)** | (16060) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– floating | **(1542)** | (924) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– non-interest bearing | **–** | (2) |
| Net debt | **(14453)** | (13095) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Group financial review continued<br>Financial position and resources continued | Group financial review continued<br>Financial position and resources continued | Group financial review continued<br>Financial position and resources continued | Group financial review continued<br>Financial position and resources continued | Group financial review continued<br>Financial position and resources continued |

---

**Movements in net debt**

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024 <br>£m<br>|
| Total net debt at beginning of year | **(13095)** | (15040) |
| Increase/(decrease) in cash and bank <br>overdrafts<br>| **(177)** | 599 |
| Increase/(decrease) in liquid investments | **(11)** | (21) |
| Repayment of long-term loans | **1400** | 1615 |
| Issue of long-term notes | **(1979)** | (1075) |
| Net decrease/(increase) in short-term loans | **(1085)** | 811 |
| Increase in other short-term loans | **(130)** | (266) |
| Repayment of other short-term loans | **288** | 81 |
| Repayment of lease liabilities | **241** | 226 |
| Net debt of subsidiary undertakings required | **(1)** | – |
| Exchange adjustments | **241** | 117 |
| Other non-cash movements | **(145)** | (142) |
| Decrease/(increase) in net debt | **(1358)** | 1945 |
| Total net debt at end of year | **(14453)** | (13095) |

---

**Total equity**

At 31 December 2025, total equity had increased from

£13,086 million at 31 December 2024 to £15,956 million.

A summary of the movements in equity is set out below:

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024 <br>£m<br>|
| Total equity at beginning of year | **13086** | 12795 |
| Total comprehensive income for the year | **6782** | 2778 |
| Distributions to non-controlling interests | **(391)** | (416) |
| Dividends to shareholders | **(2564)** | (2444) |
| Deconsolidation of former subsidiaries | **–** | (2) |
| Shares issued | **15** | 20 |
| Purchase of treasury shares | **(1377)** | – |
| Changes in non-controlling interests | **–** | 4 |
| Hedging gain/(loss) transferred to <br>non-financial assets<br>| **–** | (6) |
| Share-based incentive plans | **374** | 344 |
| Tax on share-based incentive plans | **31** | 4 |
| Contributions from non-controlling interests | **–** | 9 |
| Total equity at end of year | **15956** | 13086 |

---

**Share purchases**

On 5 February 2025, GSK announced a £2 billion share

buyback programme to be implemented over an 18 month

period. The programme commenced on 24 February 2025 and

is expected to complete by mid-2026. As at 31 December

2025, 93 million shares at an average price of £14.73 per

share have been repurchased under the programme, at a cost

of £1,377 million, including transaction costs of £8 million.

Shares repurchased under the programme are held as

Treasury shares.

At 31 December 2025, GSK held a total of 240 million Treasury

shares (2024: 169.2 million shares) at a cost of £3,948 million

(2024: £2,958 million), of which 147 million shares at a cost of

£2,571 million were repurchased as part of previous share

buyback programmes, which has been deducted from

retained earnings.

In 2025, 22 million Treasury shares were transferred to the

Employee Share Ownership Plan (ESOP) Trusts. Shares are

held by the Trusts to satisfy future exercises of options and

awards under the Group share option and award schemes.

A proportion of the shares held by the Trusts are in respect of

awards where the rules of the scheme require GSK to satisfy

exercises through market purchases rather than the issue of

new shares. The shares held by the Trusts are matched to

options and awards granted.

At 31 December 2025, the ESOP Trusts held 62.8 million

(2024: 64.3 million) GSK shares against the future exercise

of share options and share awards and for the Executive

Supplemental Savings plan. The carrying value of

£282 million (2024: £397 million) has been deducted from

other reserves. The market value of these shares was £1,147

million (2024: £866 million).

**Contractual obligations and commitments**

Financial commitments are summarised in Note 35,

'Commitments' and Note 43, 'Financial instruments and related

disclosures' to the financial statements. The amounts below

represent the anticipated undiscounted contractual cash flows

for the Group's key financial commitments.

At 31 December 2025, the Group anticipates gross contractual

cash flows of £17 billion for borrowings (excluding interest) of

which £3 billion is payable within one year and £14 billion is

payable after one year. Total undiscounted interest payable on

these loans amounts to £5 billion of which £0.6 billion is

payable within one year and £4.4 billion is payable after more

than one year. Commitments in respect of loans and future

interest payable on loans are disclosed before taking into

account the effect of derivatives. Refer to Note 43. 'Financial

instruments and related disclosures' on page [227](#ie22c70781ec24e178b4ec838768832e2_517) for more

details.

At 31 December 2025, the Group has intangible assets capital

commitments of £17 billion. Of these, £1 billion would fall due

within one year and £16 billion would fall due after more than

one year. These commitments include milestone payments,

which are dependent on successful clinical development or on

meeting specified sales targets, and which represent the

maximum that would be paid if all milestones, however

unlikely, were to be achieved. The amounts are not risk-

adjusted or discounted. Refer to Note 35. 'Commitments' on

page [215](#ie22c70781ec24e178b4ec838768832e2_493) for more details.

At 31 December 2025, the Group anticipates gross contractual

cash flows of £0.8 billion for lease liabilities (excluding interest)

of which £0.1 billion is payable within one year and £0.7 billion

is payable after one year. Total undiscounted interest payable

on lease liabilities amounts to £0.2 billion, most of which is

payable after more than one year. Refer to Note 43. 'Financial

instruments and related disclosures' on page [227](#ie22c70781ec24e178b4ec838768832e2_517) for more

details.

At 31 December 2025, the Group had property, plant and

equipment capital commitments of £0.8 billion of which £0.5

billion is payable within one year and £0.3 billion is payable

after one year. Refer to Note 35, 'Commitments' on page [215](#ie22c70781ec24e178b4ec838768832e2_493)

for more details.

At 31 December 2025, the Group had £0.2 billion of

investment commitments of which £0.1 billion is payable within

one year and £0.1 billion is payable after one year.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Group financial review continued<br>Financial position and resources continued | Group financial review continued<br>Financial position and resources continued | Group financial review continued<br>Financial position and resources continued | Group financial review continued<br>Financial position and resources continued | Group financial review continued<br>Financial position and resources continued |

---

**Contingent liabilities** 

Other contingent liabilities are set out in Note 34, 'Contingent

liabilities' to the financial statements.

Contingent liabilities, comprising guarantees and other items

arising in the normal course of business, potentially due within

one year and after one year amount to £3 million and £35

million respectively.

In the normal course of business, we have provided various

indemnification guarantees in respect of business disposals

in which legal and other disputes have subsequently arisen.

A provision is made where an outflow of resources is

considered probable and a reliable estimate can be made of

the likely outcome of the dispute and this is included in Note

31, 'Other provisions' to the financial statements.

We provide for the outcome of tax, legal and other disputes

when an outflow of resources is considered probable and a

reliable estimate of the outflow may be made. At 31 December

2025, other than for those disputes where provision has been

made, it was not possible to make a reliable estimate of the

potential outflow of funds that might be required to settle

disputes where the possibility of there being an outflow was

more than remote.

The ultimate liability for such matters may vary significantly

from the amounts provided and is dependent upon

negotiations with the relevant tax authorities and the outcome

of litigation proceedings, where relevant. This is discussed

further in 'Risk Factors' on pages [260](#ie22c70781ec24e178b4ec838768832e2_574) to [268](#ie22c70781ec24e178b4ec838768832e2_661) and Note 46,

'Legal proceedings' to the financial statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **[Strategic report](#ie22c70781ec24e178b4ec838768832e2_28)** | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Group financial review continued | Group financial review continued | Group financial review continued | Group financial review continued | Group financial review continued |

---

Approach to tax<br>

Business makes a major contribution to the public purse

through its tax contribution. This includes direct taxes (such as

corporate income tax) and indirect taxes (such as VAT,

environmental taxes and customs duties) as well as other

taxes (such as employment taxes and property taxes). It is

therefore important that companies explain their approach to

tax. This helps inform dialogue about tax and tax policy.

We are supportive of efforts to ensure companies are

appropriately transparent about how their tax affairs are

managed. To this end, our Tax Strategy (which includes a

summary of our Total Tax Contribution (TTC) and country-by-

country reporting (CBCR) data) is set out in detail within the

Public policies section of our website and we regularly engage

in discussions with stakeholders who are keen to understand

our tax profile and our approach to tax.

As a global biopharmaceutical company, we have a

substantial business and employment presence in many

countries around the world and pay a significant amount of tax.

This includes corporate income tax, other business taxes, and

tax associated with our employees. We also collect a

significant amount of tax on behalf of governments, such as

income tax from payments to our employees and VAT along

our supply chain. Further information in relation to GSK's total

tax contribution, giving a better reflection of our overall fiscal

contribution in a particular country, can be found in our

published Tax Strategy.

We are subject to taxation throughout our supply chain. The

worldwide nature of our operations means that our cross-

border supply routes, necessary to ensure supplies of

medicines into numerous countries, can result in conflicting

claims from tax authorities as to the profits to be taxed in

individual countries. This can lead to double taxation (with

profits taxed in more than one country).

To mitigate the risk of double taxation, profits are recognised in

territories by reference to the activities performed there and

the value they generate. To ensure the profits recognised in

jurisdictions are aligned to the activity undertaken there, and in

line with current OECD guidelines, we base our transfer pricing

policy on the arm's length principle and support our transfer

prices with economic analysis and reports.

We do not engage in artificial tax arrangements – those without

business or commercial substance. We do not seek to avoid

tax by using 'tax havens' or transactions we would not fully

disclose to a tax authority. We have a zero-tolerance approach

to tax evasion and the facilitation of tax evasion.

Tax risk in all countries in which we operate is managed

through robust internal policies, processes, training and

compliance programmes. Our Board of Directors, supported

by the Audit & Risk Committee (ARC), is responsible for

approving our tax policies and risk management arrangements

as part of our wider risk management and internal control

framework. Our Risk Oversight and Compliance Council

(ROCC) and the Audit and Assurance function help the ARC

oversee tax risks and the strategies used to address them.

We seek to maintain open and constructive relationships with

tax authorities worldwide, meeting regularly to discuss our tax

affairs and real time business updates wherever possible to

support their work and help manage tax risk in accordance

with our framework.

We monitor government debate on tax policy in our key

jurisdictions so that we can understand and share an informed

point of view regarding any potential future changes in tax law,

in support of a transparent and financially sustainable tax

system. Where relevant, we provide pragmatic and

constructive business input to tax policy makers either directly

or through industry trade bodies, to help inform reforms that

support economic growth and job creation.

In 2025, the Group corporate tax charge was £1,112 million

(2024: £526 million) on profits before tax of £7,401 million

(2024: £3,477 million) representing an effective tax rate of

15.0% (2024: 15.1%). We made cash tax payments of £1,202

million in the year (2024: £1,307 million). In addition to the

taxes we pay on our profits, we pay duties, levies,

transactional and employment taxes.

The Group's Total tax rate for 2025 of 15.0% (2024: 15.1%)

was lower than the Core tax rate reflecting the different tax

effects of various Adjusting items, including non-taxable

revaluations of contingent consideration liabilities associated

with recent acquisitions.

Our Core tax rate for 2025 was 17.1% (2024: 17.0%). The rate

continues to benefit from innovation incentives available in key

territories in which we operate, such as the UK and Belgium

Patent Box regimes, albeit at a reduced level following

introduction of global minimum corporate tax rate provisions, in

line with the OECD's Pillar Two model rules.

Further details about our corporate tax charges for the year are

set out in Note 14, 'Taxation' to the financial statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Group financial review continued | Group financial review continued | Group financial review continued | Group financial review continued | Group financial review continued |

---

Treasury policies <br>

The role of Treasury is to monitor and manage the Group's

external and internal funding requirements and financial risks

in support of our strategic objectives. GSK operates on a

global basis, primarily through subsidiary companies, and we

manage our capital to ensure that our subsidiaries are able to

operate as going concerns and to optimise returns to

shareholders through an appropriate balance of debt and

equity. Treasury activities are governed by policies approved

annually by the Board of Directors, and most recently on 8

October 2025. A Treasury Management Group (TMG) meeting,

chaired by our Chief Financial Officer, takes place on a regular

basis to review Treasury activities. Its members receive

management information relating to these activities.

**Treasury operations**

The objective of GSK's Treasury activities is to minimise the

post-tax net cost of financial operations and reduce its volatility

in order to benefit earnings and cash flows. GSK uses a variety

of financial instruments to finance its operations and derivative

financial instruments to manage market risks from these

operations. Derivatives principally comprise foreign exchange

forward contracts and swaps which are used to swap

borrowings and liquid assets into currencies required for

Group purposes, as well as interest rate swaps and cross

currency swaps which are used to manage exposure to

financial risks from changes in interest rates.

Derivatives are used exclusively for hedging purposes in

relation to underlying business activities and not as trading or

speculative instruments.

**Capital management**

GSK's financial strategy, implemented through the Group's

financial architecture, supports GSK's strategic priorities and is

regularly reviewed by the Board. We manage the capital

structure of the Group through an appropriate mix of debt and

equity. We continue to manage our financial policies to a credit

profile that particularly targets ratings of at least A2/A

(Moody's/S&P), through the cycle.

**Liquidity risk management**

GSK's policy is to borrow centrally in order to meet anticipated

funding requirements. Our cash flow forecasts and funding

requirements are monitored by the TMG on a regular basis.

Our strategy is to diversify liquidity sources using a range of

facilities and to maintain broad access to financial markets.

Each day, we sweep cash to or from a number of global

subsidiaries to central treasury accounts for liquidity

management purposes.

**Interest rate risk management**

GSK's objective is to minimise the effective net interest cost

and to balance the mix of debt at fixed and floating interest

rates over time. The policy on interest rate risk management

limits the net amount of floating rate debt to a specific cap,

reviewed and agreed no less than annually by the Board.

**Foreign exchange risk management**

Our objective is to minimise the exposure of overseas

operating subsidiaries to transaction risk by matching local

currency income with local currency costs where possible.

Foreign currency transaction exposures arising on external

and internal trade flows are selectively hedged. GSK's internal

trading transactions are matched centrally and we manage

inter-company payment terms to reduce foreign currency risk.

Where possible, we manage the cash surpluses or borrowing

requirements of subsidiary companies centrally using forward

contracts to hedge future repayments back into the originating

currency.

In order to reduce foreign currency translation exposure, we

seek to denominate borrowings in the currencies of our

principal assets and cash flows. These are primarily

denominated in US Dollars, Euros and Sterling.

Borrowings can be swapped into other currencies as required.

Borrowings denominated in, or swapped into, foreign

currencies that match investments in overseas Group assets

may be treated as a hedge against the relevant assets.

Forward contracts in major currencies are also used to reduce

exposure to the Group's investment in overseas Group assets.

The TMG reviews the ratio of borrowings to assets for major

currencies regularly.

**Commodity risk management**

Our objective is to minimise income statement volatility arising

from fluctuations in commodity prices, where practical and

cost effective to do so. The TMG is authorised to approve the

execution of certain financial derivatives to hedge commodity

price exposures.

**Counterparty risk management**

We set global counterparty limits for each of our banking and

investment counterparties based on long-term credit ratings

from Moody's and S&P. Usage of these limits is actively

monitored and any breach of these limits would be reported to

the Chief Financial Officer immediately. Credit Support

Annexes (CSAs) can be utilised to reduce credit risk on

selected trades, taking into consideration impact on current

and future liquidity.

In addition, relationship banks and their credit ratings are

reviewed regularly so that, when changes in ratings occur,

changes can be made to investment levels or to authority limits

as appropriate. All banking counterparty limits are reviewed at

least annually.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic report** | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Group financial review continued | Group financial review continued | Group financial review continued | Group financial review continued | Group financial review continued |

---

Capital allocation & other items<br>

**Capital allocation framework to support investment and returns**

Our priority is to invest for growth, coupled with attractive shareholder returns:

![GSK_Sustainable_profitable_growth_and_cash_generation_2025_V13.gif](gsk-20251231_g47.gif)

Our capital allocation framework means our first priority

remains to invest in the business, with capital allocated

towards development of the pipeline, both organic and

targeted business development.

We also remain committed to delivering attractive returns

to shareholders and pursuing a progressive dividend policy,

guided by a 40 to 60 percent pay-out ratio through the

investment cycle. In setting its dividend policy, GSK considers

the priorities of the Group and its investment strategy for

growth, alongside the sustainability of the dividend.

Consistent with this, and reflecting strong business

performance during the year, GSK declared an increased

dividend of 66p per share for the full year 2025. The expected

dividend for 2026 is 70p

We remain committed to maintaining a balance sheet with

a strong investment grade credit rating. In the event of surplus

cash, the excess would be considered for further returns

to shareholders.

Agreement with US Government<br>

On 19 December 2025 GSK entered into an agreement

with the US Administration to lower the cost of prescription

medicines for American patients. The agreement entered into

covers both GSK and ViiV Healthcare and, assuming expected

implementation, excludes both companies from s232 tariffs for

3 years. Detailed terms of the agreement remain confidential.

---

| |
|:---|
| GSK 2025 Annual Report on Form 20-F |
| GSK 2025 Annual Report on Form 20-F |

---

![AR__main_divider_pages background.jpg](gsk-20251231_g40.jpg)

Corporate

governance

---

| | |
|:---|:---|
| **In this section** |  |
| The Board and Executive Committee | [98](#ie22c70781ec24e178b4ec838768832e2_277) |
| Chair's governance statement | [104](#ie22c70781ec24e178b4ec838768832e2_283) |
| Corporate governance architecture | [107](#ie22c70781ec24e178b4ec838768832e2_286) |
| Board activities | [110](#ie22c70781ec24e178b4ec838768832e2_289) |
| Board committee reports | [115](#ie22c70781ec24e178b4ec838768832e2_304) |
| Remuneration report | [127](#ie22c70781ec24e178b4ec838768832e2_307) |
| Directors' report | [156](#ie22c70781ec24e178b4ec838768832e2_343) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| The Board | The Board | The Board | The Board | The Board |

---

---

| | |
|:---|:---|
| Sir Jonathan Symonds, CBE<br>Non-Executive Chair <br>**Age:** 67<br>**Nationality:** British<br>**Appointed:** 1 September 2019<br>| Skills and experience<br>Jon has extensive international financial, life sciences and governance experience.<br>Jon served as a Non-Executive Director of Genomics England from October 2013 to October <br>2025. From April 2014 until February 2020, he was an Independent Non-Executive Director of <br>HSBC Holdings plc where he also served as Chairman of the Group Audit Committee and as <br>Deputy Group Chairman from August 2018. Jon was previously Chairman of HSBC Bank plc, <br>Chief Financial Officer of Novartis AG, Partner and Managing Director of Goldman Sachs, <br>Chief Financial Officer of AstraZeneca plc, and a Partner at KPMG. He was also a Senior <br>Advisor to Chatham House.<br>Jon is a Fellow of the Institute of Chartered Accountants in England and Wales, an Honorary <br>Fellow of the Oxford School of Pharmacology, and an Honorary Fellow of the Academy of <br>Medical Sciences. <br>External appointments <br>Non-Executive Chair, Energy Aspects; Member, European Round Table for Industry; Member, <br>Investor & Issuer Forum (I&IF) Steering Committee.<br>|
| Luke Miels<br>Chief Executive Officer<br>**Age:** 51<br>**Nationality:** Australian<br>**Appointed:** 1 January 2026<br>| Skills and experience<br>Luke became CEO and joined the Board on 1 January 2026, following his appointment as CEO <br>designate in September 2025.<br>Luke joined GSK in 2017 as Chief Commercial Officer, responsible for our commercial portfolio <br>of medicines and vaccines. He previously worked for AstraZeneca as Executive Vice President <br>of their European business and, prior to that, was Executive Vice President of Global Product <br>and Portfolio Strategy, Global Medical Affairs and Corporate Affairs. Before that, he was head <br>of Asia for Roche, based in Shanghai and then Singapore. Prior to that he held roles of <br>increasing seniority at Roche and Sanofi-Aventis in the US, Europe and Asia.<br>Luke holds a Bachelor of Science degree in Biology from Flinders University in Adelaide and <br>an MBA from the Macquarie University, Sydney.<br>|
| Julie Brown <br>Chief Financial Officer<br>**Age:** 64<br>**Nationality:** British<br>**Appointed:** 1 May 2023<br>| Skills and experience<br>Julie has an extensive financial and life sciences background, having been the Group CFO of <br>Smith & Nephew from 2013 to 2017 and serving as a Non-Executive Director and Audit Chair of <br>Roche Holding AG from 2016 to 2022. Before this, Julie was Interim Group CFO of AstraZeneca <br>plc, having worked in a wide range of commercial, strategic and financial positions across three <br>continents over a 25-year period. Julie was also Chief Operating Officer and CFO and <br>Executive Director of Burberry Group plc from 2017 to 2023, where her responsibilities included <br>Finance, Transformation, Technology and oversight of cyber security, Investor Relations and <br>Sustainability. <br>Julie is a Fellow of the Institute of Chartered Accountants and the Institute of Tax. <br>External appointments <br>Member, CFO Leadership Network, Accounting for Sustainability (part of the King Charles III <br>Charitable Fund Group of Charities) having previously served as Co-Chair; Patron, Oxford <br>University Women in Business; Non-Executive Director and Chair of the Audit Committee, <br>Diageo plc; Member, Business Advisory Board to the Mayor of London.<br>|
| Elizabeth (Liz) McKee Anderson<br>Independent Non-Executive Director<br>**Age:** 68<br>**Nationality:** American<br>**Appointed:** 1 September 2022<br>| Skills and experience<br>Liz brings significant experience in commercial biopharmaceuticals and is a seasoned biotech <br>board member. Her significant experience in commercial biopharmaceuticals, both <br>operationally and at board level, as well as her deep understanding of the biotechnology sector <br>and application of technology, are invaluable to GSK as a pure biopharma company.<br>Before her current roles, Liz served as Worldwide Vice President and commercial leader in <br>infectious diseases and vaccines and also for immunology and oncology at Janssen <br>Pharmaceuticals, and as Vice President and General Manager at Wyeth Vaccines. Liz was also <br>previously a Board member of Huntsworth Plc and a Board Member and Chair of the Science, <br>Technology and Investment Committee of Bavarian Nordic A/S. Liz has a degree in Engineering <br>and Technical Management and an MBA in Finance.<br>External appointments <br>Board Member and Chair of the Compensation Committee, BioMarin Pharmaceutical, Inc; <br>Board Member and Chair of the Compensation Committee, Revolution Medicines, Inc; Board <br>Member and Chair of the Nominations & Governance Committee, Insmed, Inc; Trustee and <br>Chair of the Business Development Committee, The Wistar Institute; Director and Chair of the <br>Compensation Committee, Aro Biotherapeutics Company, a private company.<br>|

---

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Key** | Committee Chair | Corporate <br>Responsibility<br>| Science | Nominations & Corporate <br>Governance<br>| Audit & Risk | Remuneration |

---

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---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| The Board continued | The Board continued | The Board continued | The Board continued | The Board continued |

---

---

| | |
|:---|:---|
| Charles Bancroft<br>Senior Independent Non-Executive Director <br>**Age:** 66<br>**Nationality:** American<br>**Appointed:** 1 May 2020<br>Senior Independent Non-Executive Director <br>from 18 July 2022<br>| Skills and experience<br>Charlie has a wealth of financial and management experience in global biopharma.<br>Charlie retired from a successful career at Bristol Myers Squibb (BMS) in March 2020 where he <br>held a number of leadership roles in commercial, strategy and finance. Beginning his career at <br>BMS in 1984, he held positions of increasing responsibility within the finance organisation and <br>had commercial operational responsibility for Latin America, Middle East, Africa, Canada, <br>Japan and several Pacific Rim countries. He was appointed Chief Financial Officer in 2010, <br>Chief Financial Officer and Executive Vice President, Global Business Operations in 2016 and <br>Executive Vice President and Head of Integration and Strategy & Business Development in <br>2019. As Chief Financial Officer, Charlie had line management responsibility for Information <br>Technology, including cyber security. Charlie successfully steered BMS through a period of <br>strategic transformation, including its $74 billion acquisition of Celgene. Charlie also served as <br>a member of the Board of Colgate-Palmolive Company from 2017 until 2020 and as an advisor <br>at Patent Protection Research from 2024 until 2025.<br>External appointments <br>Board Member, Kodiak Sciences Inc; Board Member, BioVector Inc; Advisory Board Member, <br>Drexel University's LeBow College of Business.<br>The Board determined that Charlie has recent and relevant financial experience and agreed <br>that he has the appropriate qualifications and background to be an audit committee financial <br>expert.<br>|
| Dr Hal Barron<br>Non-Executive Director<br>**Age:** 63<br>**Nationality:** American<br>**Appointed:** 1 January 2018<br>Chief Scientific Officer and <br>President, R&D from 1 April 2018 <br>Transitioned to the role of Non-Executive <br>Director on 1 August 2022<br>| Skills and experience<br>Hal has had a distinguished career in biosciences, with a strong track record of research and <br>development (R&D). He joined the Board of GSK in 2018 as Chief Scientific Officer and <br>President, R&D, where he brought a new approach to R&D which focused on science related to <br>the immune system, the use of human genetics and advanced technologies to help identify the <br>next generation of transformational medicines. In August 2022, he transitioned to a Non-<br>Independent Non-Executive Director, with additional responsibilities to support R&D. <br>Before joining GSK, Hal was President, R&D at Calico LLC (California Life Company), an <br>Alphabet-funded company that uses advanced technologies to increase understanding <br>of lifespan biology. Hal was previously Executive Vice President, Head of Global Product <br>Development, and Chief Medical Officer of Roche, responsible for all the products in the <br>combined portfolio of Roche and Genentech. At Genentech, he was Senior Vice President of <br>Development and Chief Medical Officer. Hal was a Non-Executive Director and Chair of the <br>Science & Technology Committee at Juno Therapeutics, Inc until March 2018, when it was <br>acquired by Celgene Corporation. He previously served as a Non-Executive Board Director <br>of GRAIL, Inc and an Advisory Board Member of Verily Life Sciences LLC.<br>External appointments <br>CEO and Board Co-Chair, Altos Labs Inc; Associate Adjunct Professor, Epidemiology & <br>Biostatistics, University of California, San Francisco.<br>|
| Dr Anne Beal<br>Independent Non-Executive Director <br>**Age:** 63<br>**Nationality:** American<br>**Appointed:** 6 May 2021<br>| Skills and experience<br>Anne brings extensive healthcare experience to the Board as a physician and entrepreneur <br>combined with a passion for patient advocacy. She is a recognised health policy expert in the <br>development of global and national programmes for improving healthcare access for all patient <br>groups and in ensuring the voice of patients is reflected in research programmes.<br>Prior to her current roles, Anne spent six years at Harvard Medical School and Massachusetts <br>General Hospital, where she was an instructor in paediatrics. She has also held leadership roles <br>at the Commonwealth Fund and the Aetna Foundation. Anne was previously Deputy Executive <br>Director and Chief Engagement Officer for The Patient-Centered Outcomes Research Institute <br>in the US and Chief Patient Officer and Global Head of Patient Solutions at Sanofi. In addition, <br>Anne was previously a member of the Board of Academy Health.<br>External appointments <br>Founder and CEO, AbsoluteJOI Skincare; Board Member, Prolacta Bioscience; Board Member, <br>Omada Health, Inc; Member of Board of Trustees, Brown University. <br>|

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| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| The Board continued | The Board continued | The Board continued | The Board continued | The Board continued |

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|:---|:---|
| Wendy Becker<br>Independent Non-Executive Director<br>**Age:** 60<br>**Nationality:** American<br>**Appointed:** 1 October 2023<br>| **Skills and experience**<br>Wendy is a highly experienced Non-Executive Director and has held significant leadership <br>positions in a wide range of global businesses in public, private and non-profit sectors. She <br>possesses a wealth of strategic and consumer marketing expertise in particular across the <br>technology and life sciences sectors. <br>Wendy has strong executive management experience, having been Chief Executive Officer <br>at Jack Wills Limited, Group Chief Marketing Officer at Vodafone Group plc and Partner at <br>McKinsey & Company. Wendy's interest in science, healthcare and medical research dates to <br>her time at McKinsey, where she worked with a range of healthcare clients in the US and <br>Europe. This was furthered during the years that she served on the Board of Cancer Research <br>UK. More recently, Wendy spent time as a Non-Executive Director of NHS England and as <br>Chair of the British Heart Foundation. <br>Wendy has held several Non-Executive Director roles, among others, as Chair of Logitech <br>International S.A., Chair of the Remuneration Committees of Great Portland Estates plc and <br>Ocado Group plc, a member of the Remuneration and Audit Committees of Whitbread plc and <br>Senior Independent Director and Chair of the Remuneration Committee of Oxford Nanopore <br>Technologies plc. <br>Through her current and prior roles in technology companies, Wendy adds to the Board's <br>experience in cyber security. <br>**External appointments** <br>Chair of the Board and Chair of the Nominating Committee, Sony Group Corporation; Member <br>of the governing bodies of the University of Oxford; Trustee, University of Oxford. <br>|
| Dr Harry (Hal) C Dietz<br>Independent Non-Executive Director <br>and Scientific & Medical Expert <br>**Age:** 67<br>**Nationality:** American<br>**Appointed:** 1 January 2022<br>| **Skills and experience**<br>Hal brings extensive experience in the field of human genetics which is central to GSK's <br>approach to R&D. He is a former President of the American Society of Human Genetics and is <br>recognised as the world's leading authority on the genetic disorder known as Marfan <br>Syndrome. He also brings experience in developing novel therapies, particularly in relation to <br>disease-modifying treatments for fibrotic and neurodegenerative diseases. In total, Hal has <br>authored 282 original publications in peer-reviewed journals during his career.<br>As a physician scientist, he has dedicated his entire career to the care and study of individuals <br>with heritable connective tissue disorders with primary perturbations of extracellular matrix <br>homeostasis and function. His lab has identified the genes for many of these conditions, for <br>which he uses model systems to explain disease mechanisms.<br>Hal has received many prestigious awards including the Curt Stern Award from the American <br>Society of Human Genetics, the Colonel Harland Sanders Lifetime Achievement Award in <br>Medical Genetics, the Taubman Prize for excellence in translational medical science, the <br>Harrington Prize from the American Society for Clinical Investigation and the Harrington <br>Discovery Institute, the Pasarow Award in Cardiovascular Research, the InBev-Baillet Latour <br>Health Prize from Belgium, and the Research Achievement Award from the American Heart <br>Association.<br>He is an inductee of the American Society for Clinical Investigation, the American Association <br>for the Advancement of Science, the Association of American Physicians, the National <br>Academy of Medicine, and the National Academy of Sciences. Hal was previously an <br>Investigator at the Howard Hughes Medical Institute.<br>External appointments <br>Victor A. McKusick Professor of Paediatrics, Medicine, and Molecular Biology & Genetics in <br>the Department of Genetic Medicine, The Johns Hopkins University School of Medicine; Non-<br>Executive Board Director, Altius Institute for Biomedical Sciences; Independent Chair, GSK's <br>Human Genetics Scientific Advisory Board.<br>|

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| **Key** | Committee Chair | Corporate <br>Responsibility<br>| Science | Nominations & Corporate <br>Governance<br>| Audit & Risk | Remuneration |

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| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| The Board continued | The Board continued | The Board continued | The Board continued | The Board continued |

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| | |
|:---|:---|
| Dr Jeannie Lee<br>Independent Non-Executive Director <br>and Scientific & Medical Expert <br>**Age:** 61<br>**Nationality**: American<br>**Appointed**: 4 March 2024<br>| Skills and experience<br>Jeannie is a pioneer in the field of RNA Biology and its application to drug development and <br>therapeutics. In addition to senior leadership positions held at both Harvard Medical School <br>and the Massachusetts General Hospital, Jeannie co-founded Translate Bio and Fulcrum <br>Therapeutics, two biotech companies specialising in RNA and epigenetic therapies. <br>Jeannie is a Member of the National Academy of Sciences and the National Academy of <br>Medicine. She is a Harrington Rare Disease Scholar of the Harrington Discovery Institute, a <br>recipient of the Lurie Prize from the Foundation for the National Institutes of Health, an awardee <br>of the Centennial Prize from the Genetics Society of America, the 2010 Molecular Biology Prize <br>and the 2020 Cozzarelli Prize from the National Academy of Sciences, and a Fellow of the <br>American Association for the Advancement of Science. She has also served on the Board of the <br>Genetics Society of America. <br>External appointments <br>Endowed Chair of Molecular Biology, Vice Chair of Genetics and Professor of Genetics (& <br>Pathology), Harvard Medical School; Chair of Molecular Biology, Massachusetts General <br>Hospital; Co-Founder and Consultant, Fulcrum Therapeutics; Scientific Advisory Board <br>member, Skyhawk Therapeutics, Inc.<br>|
| **Dr Gavin Screaton**<br>Independent Non-Executive Director<br>and Scientific & Medical Expert <br>**Age:** 63<br>**Nationality:** British<br>**Appointed:** 1 May 2025<br>| Skills and experience<br>Gavin was appointed as Independent Non-Executive Director and designated a Scientific & <br>Medical Expert on 1 May 2025.<br>Gavin brings deep expertise in immunology and infectious diseases, together with considerable <br>experience in public health, bringing valuable perspective to the Board. Gavin is currently head <br>of the world-leading Medical Sciences Division at the University of Oxford and an expert in the <br>field of immunology and infectious diseases, two areas of science critical to GSK. Gavin is <br>Scientific Advisor and co-founder of RQ Biotechnology Limited, a biotech company focused on <br>the development of preventative medicines to provide immunity and protection against viral <br>infectious diseases.<br>Prior to his current roles, Gavin was Chair of Medicine at Hammersmith Hospital, Imperial <br>College, and became Dean of the Faculty of Medicine. His research, which has been supported <br>by a series of Fellowships awarded by the MRC and Wellcome Trust, has covered a variety of <br>topics from control of RNA processing and apoptosis to immunology. He is a former Senior <br>Investigator at the National Institute for Health Research. Gavin is a Fellow of the Academy of <br>Medical Sciences and the Royal College of Physicians.<br>External appointments <br>Head of Medical Sciences Division, University of Oxford; Non-Executive Director, Oxford <br>University Hospitals NHS Foundation Trust; Trustee, Jenner Vaccine Foundation; Scientific <br>Advisor and Co-Founder, RQ Biotechnology Limited.<br>|
| Dr Vishal Sikka<br>Independent Non-Executive Director <br>**Age:** 58<br>**Nationality:** American<br>**Appointed:** 18 July 2022<br>| Skills and experience<br>Vishal has a distinguished background in technology, particularly in Artificial Intelligence (AI) <br>and Machine Learning (ML), which are central to GSK's approach to R&D. He also brings a <br>deep understanding of cyber security to the Board. He is the founder and CEO of Vianai <br>Systems, Inc, a Silicon Valley-based company that provides advanced technological software <br>and services in AI and ML to large enterprises around the world.<br>Before founding Vianai Systems in 2019, Vishal served as CEO of Infosys Limited, where he led <br>an innovative strategy to help clients renew existing IT landscapes, using AI/automation, design <br>thinking and next-generation technologies to transform customer experiences. He also served <br>as a member of the Executive Board of SAP SE, prior to which he was its Chief Technology <br>Officer, and also as a Board Member of Oracle Corporation. Vishal has a PhD in AI from <br>Stanford University and has co-authored several research abstracts related to AI, technology <br>and database management.<br>External appointments <br>Founder and CEO, Vianai Systems, Inc; Member, Supervisory Board, BMW AG; Member of the <br>Advisory Board of Stanford University's AI Center (Institute for Human-Centered Artificial <br>Intelligence).<br>|

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| **Key** | Committee Chair | Corporate <br>Responsibility<br>| Science | Nominations & Corporate <br>Governance<br>| Audit & Risk | Remuneration |

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| | | |
|:---|:---|:---|
| **Directors departing during 2025** | **Directors departing during 2025** | **Directors departing during 2025** |
| Emma Walmsley | 1 January 2017 to 31 December 2025 | Retired from the Board on 31 December 2025 |
| Jesse Goodman | 1 January 2016 to 7 May 2025 | Retired from the Board on 7 May 2025 |

---

**Independence statement** 

The Board considers all its Non-Executive Directors who are identified above – except Dr Hal Barron – to be independent after

being assessed against Provision 10 of the Financial Reporting Council's UK Corporate Governance Code (the Code). Dr

Barron was formerly an Executive Director and is therefore not identified as independent in accordance with the Code.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Executive Committee | Executive Committee | Executive Committee | Executive Committee | Executive Committee |

---

To support delivery of the CEO's key priorities the CEO has expanded the GLT membership to provide greater strategic

product insight and operational focus. The Committee was also renamed the Executive Committee (the ExCom). This

change took effect from January 2026. See page [115](#ie22c70781ec24e178b4ec838768832e2_304) for more details on this evolution. The ExCom comprises:

---

| | |
|:---|:---|
|  | Skills and experience |
| Luke Miels<br>Chief Executive Officer <br>| Luke joined GSK and the Executive Committee in 2017. See Board biographies on pages [98](#ie22c70781ec24e178b4ec838768832e2_277) to [101](#idf9cc09a5e26439c8589ba7908d1a342_407). |
| Julie Brown<br>Chief Financial Officer<br>| Julie joined GSK and the Executive Committee in 2023. See Board biographies on pages [98](#ie22c70781ec24e178b4ec838768832e2_277) to [101](#idf9cc09a5e26439c8589ba7908d1a342_407). |
| Lynn Baxter <br>President, Europe<br>| Lynn joined the Executive Committee in 2026. As President, Europe, she is responsible for the commercial <br>performance and strategic direction of GSK's European markets, overseeing a diverse range of medicines <br>and vaccines across more than 30 countries.<br>Lynn joined GSK in 2009 where she held senior commercial operational and strategic leadership roles <br>across Europe, Asia Pacific and Emerging Markets, before becoming SVP Head of Global Product Strategy <br>Vaccines and then appointed SVP Head of North America at ViiV Healthcare.<br>Before joining GSK, Lynn held commercial roles of increasing seniority at Roche and Merck & Co., Lynn is <br>a member of the ViiV Healthcare Board. Lynn holds a Bachelor's degree from University of Strathclyde.<br>|
| Diana Conrad<br>Chief People Officer<br>| Diana was appointed Chief People Officer and member of the Executive Committee in April 2019. She was <br>previously Senior Vice President, HR, Pharmaceuticals R&D from 2016 where she played a key strategic <br>role as leader of the R&D people and culture agenda to support its transformation.<br>Diana joined GSK Canada's HR team in 2000 where she held several roles of increasing responsibility <br>before becoming Senior Vice President, HR for Consumer Healthcare in 2009.<br>Prior to joining GSK, she held HR roles in companies including GE Capital, Gennum Corporation and Zenon <br>Environmental Laboratories. Diana has an Honours Bachelor of Arts from McMaster University in Canada.<br>|
| Mike Crichton <br>President, International<br>| Mike joined the Executive Committee in 2026. As President, International he leads commercial growth and <br>operational excellence across all markets outside the US and Europe, including China and Japan.<br>Previously at GSK, Mike was Regional President, Greater China and Intercontinental, and previously led <br>GSK's Specialty Medicines Therapeutic Area. He joined GSK in 2018.<br>Before joining GSK, Mike held senior roles at Novartis, AstraZeneca and Roche. Mike holds a Bachelor's <br>degree in Chemistry from Bishop's University. <br>|
| James Ford<br>SVP & Group General Counsel, <br>Legal and Compliance<br>| James joined the Executive Committee in 2018, when he was appointed Senior Vice President and Group <br>General Counsel, later taking responsibility for Compliance, Corporate Security and Investigations in 2021. <br>He joined GSK in 1995 and has served as General Counsel Consumer Healthcare, General Counsel Global <br>Pharmaceuticals, Vice President of Corporate Legal and was Acting Head of Global Ethics and <br>Compliance. Prior to GSK, James was a solicitor at Clifford Chance and DLA. <br>He holds a law degree from the University of East Anglia and a Diploma in Competition Law from King's <br>College. He is qualified as a solicitor in England and Wales and is an attorney at the New York State Bar. <br>James is based in London and has practised law and lived in the US, Singapore and Hong Kong. James <br>was co-chair of the US-based Civil Justice Reform Group 2019-2022, and is a director of the European <br>General Counsel Association and the Association of Corporate Counsel.<br>|
| Dr Mondher Mahjoubi<br>Chief Patient Officer (CPO)<br>| Mondher joined the Executive Committee in 2026. As Chief Patient Officer he leads the development and <br>execution of GSK's global medical strategy, ensuring the scientific integrity and clinical value of GSK's <br>medicines and vaccines worldwide. He oversees medical governance, evidence generation and scientific <br>engagement. He joined GSK in 2024. <br>Before joining GSK, Mondher was CEO of Innate Pharma, and held senior leadership roles at AstraZeneca, <br>Genentech, Roche and Sanofi. <br>Mondher holds an MD from the University of Tunis and completed his medical oncology training at <br>Institut Gustave Roussy and the University of Paris Sud. <br>|
| Maya Martinez-Davis <br>President, US<br>| Maya joined the Executive Committee in 2026. She is President, US and leads GSK's US business, driving <br>sustainable revenue and profit growth across all therapeutic areas. She joined GSK in 2019.<br>Prior to GSK, Maya was President, Biopharma Latin America and Global Head of Oncology Franchise <br>at Merck KGaA, and Regional President, Oncology North America at Pfizer. <br>She is an Independent Director at Perspective Therapeutics. Maya holds a Bachelor's degree from Saint <br>Louis University and a Master's in Commercial Management and Marketing from IE Business School, <br>Madrid. <br>|

---

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| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Executive Committee continued | Executive Committee continued | Executive Committee continued | Executive Committee continued | Executive Committee continued |

---

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| | |
|:---|:---|
|  | Skills and experience |
| Dr Nina Mojas<br>President, Global Product <br>Strategy (GPS) <br>| Nina joined the Executive Committee in 2026 when she was appointed President, Global Product Strategy, <br>responsible for the global commercial strategy, lifecycle management, and market access for GSK's <br>portfolio of medicines and vaccines across all therapeutic areas. Nina joined GSK in 2020 as Vice <br>President, Immuno-Oncology and in 2022 became Senior Vice President, Global Product Strategy <br>Oncology, where she advanced the oncology portfolio, drove targeted business development, and led the <br>integration of scientific, commercial, and access functions. In 2024, her remit expanded to include Global <br>Market Access and Strategic Insights, leading a global team to set new standards for value demonstration <br>and market access.<br>Before joining GSK, Nina held several senior roles at AstraZeneca, including Vice President, Global <br>Medicine Lead and Vice President, Oncology Search and Evaluation, and served as Investor Relations <br>Officer at Roche.<br>Nina holds a PhD in Molecular Biology from the University of Zurich.<br>|
| Shobie Ramakrishnan<br>Chief Digital and <br>Technology Officer<br>| Shobie joined the Executive Committee in 2021. As Chief Digital and Technology Officer, she is responsible <br>for Technology and Cyber Security at GSK. She joined GSK in 2018 as CDTO for GSK's Commercial <br>business and has deep and broad experience in both biotech and hi-tech companies. <br>Prior to GSK, Shobie held senior technology leadership roles in organisations including AstraZeneca, <br>Salesforce, Genentech and Roche. She is Board Member Emeritus at SustainableIT.org and was formerly <br>a member of the board of directors at Remediant and Deliveroo.<br>Shobie holds a Bachelor's degree in Electronics Engineering from Vellore Institute of Technology, <br>University of Madras, India.<br>|
| David Redfern<br>President, Corporate <br>Development<br>| David joined the Executive Committee as Chief Strategy Officer in 2008 and is responsible for corporate <br>development and strategic planning. Previously, he was Senior Vice President, Northern Europe with <br>responsibility for GSK's pharmaceutical businesses in that region and, before that, he was Senior Vice <br>President for Central and Eastern Europe. He joined GSK in 1994. David was appointed Chairman of the <br>Board of ViiV Healthcare Limited in 2011 and a Non-Executive Director of the Aspen Pharmacare Holdings <br>Limited Board in 2015.<br>He has a Bachelor of Science degree from Bristol University and is a Chartered Accountant.<br>|
| Regis Simard<br>President, Global Supply Chain<br>| Regis joined the Executive Committee in 2018, when he became President, Pharmaceuticals Supply Chain.<br>He is responsible for the manufacturing and supply of GSK's medicines and vaccines. In addition, he leads <br>Quality and Environment, Health, Safety and Sustainability at a corporate level. Regis joined GSK in 2005 as <br>a Site Director in France, rising to become Senior Vice President of Global Pharmaceuticals Manufacturing <br>before his current role. Previously, he held senior positions at Sony, Konica Minolta and Tyco Healthcare. <br>He is a member of the Board of ViiV Healthcare.<br>He is a mechanical engineer and holds an MBA.<br>|
| Phil Thomson<br>President, Global Affairs<br>| Phil joined the Executive Committee in 2011. He was appointed President, Global Affairs in 2017, and has <br>responsibility for the Group's strategic approach to stakeholder engagement, reputation and policy <br>development. He joined Glaxo Wellcome as a commercial trainee in 1996. <br>Phil holds a degree in English, History and Russian Studies from Durham University.<br>|
| Deborah Waterhouse<br>CEO, ViiV Healthcare <br>and President, <br>GSK Global Health <br>| Deborah was appointed to the Executive Committee in January 2020. She has been Chief Executive Officer <br>of ViiV Healthcare since April 2017 and is also responsible for GSK's Global Health organisation.<br>Deborah joined GSK in 1996 and during her time with the company, has held a broad range of senior <br>leadership roles across both specialty and primary care in the US, Europe and Asia Pacific.<br>Deborah holds a degree in Economic History and English Literature from the University of Liverpool.<br>|
| Tony Wood<br>Chief Scientific Officer <br>| Tony was appointed Chief Scientific Officer (CSO), Head of R&D and a member of the Executive <br>Committee on 1 August 2022. He has significantly transformed the development of novel medicines and <br>vaccines in areas of high unmet patient need, including through a deep scientific understanding of the <br>immune system, the application of advanced technologies, and strategic partnering and business <br>development. <br>He joined GSK from Pfizer in 2017 as Senior Vice President, Medicinal Science and Technology. During his <br>time at Pfizer, Tony was responsible for the invention of a new antiretroviral medication used to treat HIV <br>infection. He is a Fellow of the Royal Society, Academy of Medical Sciences, an Honorary Fellow of the <br>Royal Society of Chemistry (RSC), the highest honour given by the RSC, and a Fellow of the Royal Society <br>of Biology.<br>Tony has a BSc in chemistry and PhD in organic synthesis from the University of Newcastle, and was a <br>postdoctoral fellow at Imperial College, London. He is also currently a visiting professor at IMCM Oxford.<br>|

---

The GLT operated throughout 2025. Emma Walmsley was succeeded as CEO by Luke Miels with effect from the end

of 2025. Sally Jackson stepped down from the ExCom on 8 January 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Chair's governance statement | Chair's governance statement | Chair's governance statement | Chair's governance statement | Chair's governance statement |

---

![Page_119.jpg](gsk-20251231_g53.jpg)

The primary focus of the Board's

discussions in 2025 was centred on

delivering our strategy of driving sustained

value for patients, healthcare systems and

the society at large. GSK's performance

during the year exemplified the progress

we are currently making in this respect

Sir Jonathan Symonds, Chair

Board evolution

The Board is now four years into GSK's transition as a pure

biopharma company and on almost every measure, GSK is

now a changed company, and so is the Board. In terms of

the Board, each of my colleagues brings unique expertise

and experience relevant to the company's mission.

We have the right balance of skills, background and

knowledge to equip us to challenge and support GSK's

leadership team on performance. Our discussions are

centred on delivering our strategy and value creation, while

driving sustained value for patients, healthcare systems

and society at large. GSK's performance during 2025

exemplified the progress we are seeking to make against

our strategy. However, there is still opportunity to be

unlocked.

CEO succession process and Board changes

As 2025 drew to a close, GSK turned the page on a

significant chapter. Having led an extensive transformation

of GSK, Emma Walmsley stepped down as CEO at the end

of December and handed over to Luke Miels, previously

our Chief Commercial Officer.

The Board and the Nominations & Corporate Governance

Committee oversaw a comprehensive, multi-year CEO

succession process to ensure strong leadership continuity

for the company's long-term success. Positioning GSK for

the next phase of growth was front of mind as we

embarked on the selection of GSK's next CEO.

Succession planning has been progressed on an orderly

basis over several years. This included structured

development of internal candidates, providing expanded

leadership roles, increased Board visibility, and regular

meetings with the Chair. Internal candidates also received

coaching from external leaders with deep public company

board and leadership experience. In the most recent

phase of succession, from July 2025, each internal

candidate participated in an intensive, structured

evaluation in which I dedicated many hours to support

them.

The Board's evaluation was underpinned with

independent assessments from Korn Ferry, incorporating

its own external benchmarking framework and a

rigorous inclusive review of external candidates.

Korn Ferry's industry-wide scan identified few external

candidates who would fit the Board's brief.

The internal candidates demonstrated strong leadership

credentials, extensive industry and US market experience

and strong alignment with the company's strategy and

values. They showed a clear understanding of the

imperatives for the next phase for GSK:

–delivering growth

–accelerating R&D delivery

–strong focus on shareholder value

–embedding scientific and technological leadership

across the business.

–maintaining sector-leadership as a responsible business

The Board unanimously agreed that Luke demonstrated

strong capabilities against the key criteria and was best

positioned to lead the company with a deep understanding

of the levers available within GSK to drive delivery and

generate new options for growth. Details of how Luke has

reshaped his leadership team to support his work are given

in my Nominations & Corporate Governance Report. I look

forward to reporting on Luke's first year in role in my

statement in the 2026 Annual Report.

In terms of Non-Executive Director succession, we have

reached a period of stability in the Board's membership

and composition. I reported last year that Dr Jesse

Goodman would step down at the AGM and be succeeded

as a designated scientific expert by Dr Gavin Screaton.

Gavin is a prominent figure in the field of immunology and

infectious diseases, which are key therapy areas for GSK.

In addition, he also leads Oxford University's Medical

Science's division, which is major partner in our science

efforts. I set out in my statement last year the process we

followed for Gavin's selection and appointment.

We continue to monitor the optimum blend of skills needed

by the Board as it and the external environment evolves.

We maintain a skills matrix of the key skills we believe are

important for the Board, to maintain oversight and

challenge to the CEO and executive management in

growing the business for the benefit of patients,

shareholders and our people.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Chair's governance statement continued | Chair's governance statement continued | Chair's governance statement continued | Chair's governance statement continued | Chair's governance statement continued |

---

**Board focus in 2025**

The Board, both individually and collectively, has continued to be deeply committed to driving forward GSK's purpose,

strategy and culture to support the creation of long-term shareholder value. During 2025, the Board's priorities and time

was broadly focused as follows:

![GSK_AR25_Board_Focus_Pipeline_V2.gif](gsk-20251231_g54.gif)

---

| | | |
|:---|:---|:---|
| **2021 to 2026** (20%) | **2026 to 2031** (50%) | **Post-2031** (30%) |

---

---

| | | |
|:---|:---|:---|
| **Financial Performance** | **Pipeline** | **Technology** |

---

**Audit & Risk**

–Cyber security

–AI Governance

–Responsible Business reporting

–Audit tender process

**Science** 

–Oncology including ADCs

–Vaccines: mRNA and RNA

–Technology (data and platform)

–Business Development

–Scientific principles

–R&D goal approvals and oversight

**Corporate Responsibility**

–Environmental sustainability goals

–Health impact and climate change

–Responsible Business reporting

**Nominations & Corporate** 

**Governance**

–Succession planning

–Talent pipeline

**Remuneration**

–2024–25 Performance reward

–2025 Remuneration Policy

---

| | | |
|:---|:---|:---|
| **Shareholder Returns** | **Valuation** | **Communication** |

---

The Board and I are pleased that GSK continues to deliver

consistent robust performance improvements and

enhanced shareholder returns. We are determined to build

on the strong progress seen during 2025. This was

reflected in more tangible market appreciation of the value

of our pipeline and consistent delivery towards our growth

strategy for 2031. The Board and management's agendas

for 2025 and 2026 remain aligned to support the growth

ambitions to 2031, and the science and technologies that

support the long-term growth of the business beyond 2031.

In 2026, the Board will be spending significantly more time

on the period beyond 2031 and the advanced technologies

that will help shape the industry.

Our first priority for capital remains to invest for growth in

R&D. The revised 2031 growth strategy (given at the start

of 2025 with the launch of the share buyback programme),

short-term guidance and the continued increase in

dividend expectations provided with the 2025 annual

results were reviewed extensively by the Board in the

second half of the year, along with GSK's longer-term

strategic plan.

Executing targeted business development remains a key

focus and activity for the Board. In 2025, the Board and

Science Committee worked alongside Emma and Luke,

in his capacity as Chief Commercial Officer, and the rest

of the executive team to understand the scientific rationale,

competitiveness of the assets under consideration, and the

potential returns and value creation.

Board visits are an important element of both our Board

programme and collective workforce engagement model

as set out on page [111](#i8dcc0455013049adade8ac794a07f543_9364). In March 2025, the Board had a

two-day immersion in our Oncology business with a visit

to our site in Philadelphia, US. This included a panel

discussion with key external stakeholders from the

Oncology community – including key opinion leaders,

healthcare professionals and patients – with a specific

focus on *Blenrep*. We then concluded with a strategic de-

brief, enabling the Board to debate the insights shared and

the implications for the future success of our Oncology

business and *Blenrep* in particular.

In October 2025, at the Board's annual joint Strategy

meeting in Boston with the executive team, there was a

particular spotlight on tech and how it was being

harnessed to support the business and, most particularly,

the pipeline. We heard from an external panel led by the

CSO on the opportunities and threats of health data and

applications of GenAI for R&D and commercial operations.

We then participated in an interactive exhibition with key

employees on the adoption of cutting-edge AI tools across

the business. These tools were already helping to

accelerate our pipeline, improve manufacturing, optimise

commercial performance and enhance productivity.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Chair's governance statement continued | Chair's governance statement continued | Chair's governance statement continued | Chair's governance statement continued | Chair's governance statement continued |

---

R&D progress and tech

As I have stressed, securing our longer-term future will

come from deep sustainable productivity, internally and

externally sourced R&D and smart investment in

technology. Last year's R&D updates centred on each of

our key therapy areas. We also reviewed therapy area tech

and target discovery. These discussions continue to be

supported and validated by prior deep dives undertaken

by the Science Committee. The Board tracked R&D's

execution in the late-stage pipeline during the year. This

included delivery of the targeted five major FDA approvals

by the end of the year and seven pivotal trial starts across

respiratory, immunology and inflammation, oncology, HIV

and infectious diseases – a new record for the company.

External environment

The Board also spent time during 2025 navigating the

dynamic global environment but with the clear focus on

delivery of the company's priorities and the longer term

fundamentals. The Board sought to ensure that innovation

was fairly rewarded in all markets and was accessible to

patients who need it including in our largest market the US.

The Board is looking forward to delivering on GSK's growth

strategy with Luke and the executive team, and continues

to believe in the capacity of GSK's business model, with its

R&D focus and investment in technology capabilities to

deliver medicines for patients, returns for investors, and to

help meet society's needs now and in the future.

**Sir Jonathan Symonds**

Chair

4 March 2026

---

| | |
|:---|:---|
| **Financial Reporting Council's UK Corporate Governance Code (the Code)** | **Financial Reporting Council's UK Corporate Governance Code (the Code)** |
| **Financial experience** | **Alignment statement** |
| In accordance with the Financial Reporting Council (FRC) <br>UK Corporate Governance Code, the Board determined <br>that Charles Bancroft has recent and relevant financial <br>experience. It also agreed that he has the appropriate <br>qualifications and background to be an audit committee <br>financial expert, as defined by the Sarbanes-Oxley Act of <br>2002, and has determined that he is independent within <br>the meaning of the Securities Exchange Act of 1934, <br>as amended. <br>Members of the Audit & Risk Committee also have financial <br>and industry experience, details of which can be found in <br>their biographies on pages [98](#ie22c70781ec24e178b4ec838768832e2_277) to [101](#idf9cc09a5e26439c8589ba7908d1a342_407).<br>| The Board is pleased to report it was in full alignment with <br>the provisions of the 2024 UK Corporate Governance Code <br>(UK Code) in 2025, with the exception of conducting an <br>external evaluation review of the Board and its committees <br>(provision 21). The delay in conducting this external review <br>until the first half of 2026 is explained on page [114](#i032e77ebb4d44a4fa0254b33d2a0b513_0-0-1-1-1057961). In <br>addition,the Board's explanation of how it engages with the <br>workforce effectively is set out on page [111](#i8dcc0455013049adade8ac794a07f543_9365). <br>The Board is also pleased to report that it has consistently <br>applied the principles of the UK Code, as set out on the <br>pages of this Corporate Governance report. A copy of the <br>UK Code is available on the FRC's website at frc.org.uk.<br>|

---

![GSK_AR25_Grey_Panels_P117.gif](gsk-20251231_g55.gif)

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Corporate governance architecture | Corporate governance architecture | Corporate governance architecture | Corporate governance architecture | Corporate governance architecture |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Board** | **Board** | **Board** | **Board** | **Board** | **Board** | **Board** |
| CEO<br>ExCom<br>| Nominations<br>& Corporate <br>Governance<br>Committee<br>| Science<br>Committee<br>| Corporate<br>Responsibility<br>Committee<br>| Audit & Risk<br>Committee<br>| Remuneration<br>Committee<br>| Chairs'<br>Committee<br>|

---

![Board_Focus_Panel.gif](gsk-20251231_g56.gif)

Our corporate governance architecture is a framework designed to improve the Board's effectiveness and to support its oversight

of the Executive Committee (the ExCom - previously the GSK Leadership Team until January 2026) as it delivers the company's

strategy. This framework continues to evolve to support our infrastructure and priorities as a pure biopharma business. GSK's

internal control and risk management arrangements are integral to our overall corporate governance framework and are

described on pages [61](#ie22c70781ec24e178b4ec838768832e2_181) to [70](#ie22c70781ec24e178b4ec838768832e2_193) and pages [122](#id2aa7758435841fcbba6b785bdcd6468_45385) and [124](#id2aa7758435841fcbba6b785bdcd6468_45546).

To ensure the framework is as effective as it can be, it:

–has a clear division of responsibilities for individual and collective Board roles, as described on page [108](#i10b78f11250f4973bba2d764214eb69a_1-1-1-1-1057981)

–distributes workload to Board committees that have the requisite skills and focus

–has highly committed Board Directors who are motivated to carry out their roles and responsibilities for the success of the

company

The Nominations & Corporate Governance Committee periodically reviews this architecture and recommends any changes to the

Board. In 2025, the Committee undertook such a review of the structure to ensure the Board was operating effectively. More

details and the results of this review are set out on page [115](#ie22c70781ec24e178b4ec838768832e2_304).

---

| | | | |
|:---|:---|:---|:---|
| Committee roles | Committee roles |  | Committee <br>report <br>on page |
| Committee | Role and focus | Membership | Committee <br>report <br>on page |
| Nominations <br>& Corporate <br>Governance<br>| Reviews the structure, size and composition of the Board, including appointment of <br>members to Board committees. Makes recommendations to the Board as appropriate. <br>Plans and assesses orderly succession for Executive and Non-Executive Directors and <br>reviews management's succession plan to ensure its adequacy<br>Is responsible for overseeing, monitoring and making recommendations to the Board on <br>corporate governance arrangements. Reviews Board and ExCom conflicts of interest<br>| Sir Jonathan Symonds <br>(Chair) <br>Charles Bancroft<br>Dr Anne Beal<br>Wendy Becker<br>Dr Hal Dietz<br>| [115](#i5a917b4e06184abe98b7134c305908de_0-0-1-1-1055496)-[116](#id2aa7758435841fcbba6b785bdcd6468_45388) |
| Science | Supports the Board in its understanding of business development transactions and the <br>key strategic themes on which the company's R&D strategy is based, by reviewing <br>underlying scientific assumptions in detail and giving the Board technical assurance. <br>Supports oversight of R&D-related risks<br>| Dr Hal Dietz (Chair)<br>Dr Hal Barron <br>Dr Jeannie Lee<br>Dr Gavin Screaton<br>| [117](#i4d2a5bb2d07e4481b7b97af44fa0ae55_0-0-1-1-1055496)-[118](#id2aa7758435841fcbba6b785bdcd6468_45547) |
| Corporate <br>Responsibility<br>| Considers GSK's Trust priority and has oversight of our Responsible Business approach <br>and strategy, performance and reporting. This reflects the most important issues for <br>responsible and sustainable business growth. Has oversight of the views and interests of <br>our internal and external stakeholders, and reviews issues that could have a serious <br>impact on GSK's business and reputation<br>| Dr Anne Beal (Chair)<br>Wendy Becker<br>Dr Jeannie Lee<br>Dr Gavin Screaton<br>Dr Vishal Sikka<br>| [118](#if1543a65ca024287884e2fbc80b08537_0-0-1-1-1055496)-[119](#id2aa7758435841fcbba6b785bdcd6468_45548) |
| Audit & Risk | Reviews the financial reporting process, the integrity of the company's financial <br>statements, the external and internal audit process, the system of internal control, and the <br>identification and management of risks such as Information and cyber security, and the <br>company's process for monitoring compliance with laws, regulations and ethical codes of <br>practice<br>Oversees Responsible Business data reporting and assurance. Initiates audit tenders, the <br>selection and appointment of the external auditor, setting the auditor's remuneration and <br>overseeing its work<br>| Charles Bancroft (Chair)<br>Elizabeth Anderson<br>Wendy Becker<br>| [120](#i2f8bb124627a4df3bc908478ddaec1bd_0-0-1-1-1055496)-[126](#id2aa7758435841fcbba6b785bdcd6468_45381) |
| Remuneration | Sets the company's Remuneration policy having regard to GSK's workforce remuneration <br>so that GSK is able to recruit, retain and motivate its executives<br>Regularly reviews the Remuneration policy to make sure that it is consistent with the <br>company's scale and scope of operations, supports the business strategy and growth <br>plans, is aligned to the wider workforce and helps drive the creation of shareholder value<br>(The Chair and the CEO are responsible for evaluating and making recommendations to <br>the Board about remuneration arrangements and policy for the Non-Executive Directors)<br>| Wendy Becker (Chair) <br>Elizabeth Anderson <br>Charles Bancroft <br>Dr Anne Beal<br>| [127](#ie22c70781ec24e178b4ec838768832e2_307)-[155](#ie22c70781ec24e178b4ec838768832e2_340) |
| Chairs' | Acts on behalf of the Board between its scheduled meetings to take decisions on urgent <br>matters in accordance with matters and authority delegated to it by the Board from time <br>to time<br>| Sir Jonathan Symonds <br>(company Chair)<br>Senior Independent <br>Director<br>Board committee Chairs<br>| n/a |
| Each Board committee has written terms of reference that are approved by the Board and reviewed at least annually to make sure they <br>comply with the latest legal and regulatory requirements and reflect best practice developments. The terms of reference of each Board <br>committee are available at gsk.com.  | Each Board committee has written terms of reference that are approved by the Board and reviewed at least annually to make sure they <br>comply with the latest legal and regulatory requirements and reflect best practice developments. The terms of reference of each Board <br>committee are available at gsk.com.  | Each Board committee has written terms of reference that are approved by the Board and reviewed at least annually to make sure they <br>comply with the latest legal and regulatory requirements and reflect best practice developments. The terms of reference of each Board <br>committee are available at gsk.com.  | Each Board committee has written terms of reference that are approved by the Board and reviewed at least annually to make sure they <br>comply with the latest legal and regulatory requirements and reflect best practice developments. The terms of reference of each Board <br>committee are available at gsk.com.  |

---

![GSK_AR25_Grey_Panels_Commitee_Roles_P118.gif](gsk-20251231_g57.gif)

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Corporate governance architecture continued | Corporate governance architecture continued | Corporate governance architecture continued | Corporate governance architecture continued | Corporate governance architecture continued |

---

![GSK_AR25_Corp_Gov_Leadership.jpg](gsk-20251231_g58.jpg)

**Leadership**<br>Chair<br>**Jonathan Symonds**<br>–leads and manages the business of the Board<br>–provides direction and focus<br>–makes sure there is a clear structure for the Board <br>and its committees to enable them to operate <br>effectively<br>–maintains a dialogue with shareholders about the <br>governance of the company<br>–sets the Board agenda and ensures sufficient time is <br>allocated to promote effective debate and sound <br>decision-making<br>–makes sure the Board receives accurate, timely and <br>clear information<br>–meets regularly with each Non-Executive Director to <br>discuss individual contributions, performance and <br>training and development needs<br>–shares peer feedback as part of the Board <br>evaluation process<br>–meets regularly with all the Non-Executive Directors <br>independently of the Executive Directors<br>The Chair's role description is available at gsk.com <br>Chief Executive Officer<br>**Luke Miels**<br>–manages the Group and its business<br>–develops the Group's strategic direction for the <br>Board's consideration and approval <br>–implements the agreed strategy<br>–is supported by the ExCom<br>–maintains a continuous dialogue with shareholders <br>about the company's performance<br>The Chief Executive Officer's role description is available <br>at gsk.com <br>

![ReadMore.gif](gsk-20251231_g6.gif)

![ReadMore.gif](gsk-20251231_g6.gif)

**Independent oversight and rigorous** <br>**challenge**<br>Senior Independent Non-Executive Director<br>**Charles Bancroft**<br>–acts as a sounding board for the Chair and a trusted <br>intermediary for other Directors<br>–together with the Non-Executive Directors, leads the <br>annual review of the Chair's performance, taking into <br>account the views of the Executive Directors<br>–discusses the results of the Chair's effectiveness <br>review with the Chair<br>–leads the search and appointment process and <br>makes the recommendation to the Board for a new <br>Chair<br>–acts as an additional point of contact for <br>shareholders and maintains an understanding of <br>their issues and concerns through meetings with <br>shareholders and briefings from the Company <br>Secretary and Investor Relations<br>The Senior Independent Non-Executive Director's role <br>description is available at gsk.com<br>**Non-Executive Directors**<br>–provide a strong independent element to the Board<br>–constructively support and challenge management <br>and scrutinise its performance in achieving agreed <br>deliverables<br>–shape proposals about strategy and offer specialist <br>advice to management<br>–each has a letter of appointment setting out the <br>terms and conditions of their directorship<br>–devote such time as is necessary to properly carry <br>out their duties<br>–are expected to attend all meetings as required<br>The Non-Executive Directors' role description is available <br>at gsk.com<br>

![ReadMore.gif](gsk-20251231_g6.gif)

![ReadMore.gif](gsk-20251231_g6.gif)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Company Secretary<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Victoria Whyte**<br>| –secretary to the Board and all Board committees<br>–supports the Board and Committee Chairs to plan agendas and annual programmes<br>–ensures information is made available to Board members in a timely fashion<br>–supports the Chair to design and deliver Board inductions<br>–coordinates continuing business awareness and training for the Non-Executive Directors<br>–undertakes internal Board and committee evaluations at the Chair's request<br>–advises the Directors on Board practice and procedures and corporate governance matters<br>–chairs the Group's Disclosure Committee<br>–operates a Board-approved appointments policy that reflects the Board and external <br>appointment requirements of the UK Code<br>–is a point of contact for shareholders on all corporate governance matters<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Corporate governance architecture continued | Corporate governance architecture continued | Corporate governance architecture continued | Corporate governance architecture continued | Corporate governance architecture continued |

---

**2025 Board and committee meeting attendance** 

The following table sets out attendance of Board and committee meetings held during 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Board** | **Chairs'** | **Nominations** <br>**& Corporate**<br>**Governance**<br>| **Science** | **Corporate** <br>**Responsibility**<br>| **Audit & Risk** | **Remuneration** |
| **Total number of routine meetings** | 6 | 2 | 2 | 3 | 4 | 6 | 3 |
| **Current members** | Attended | Attended | Attended | Attended | Attended | Attended | Attended |
| Sir Jonathan Symonds | 6 | 2 | 2 |  |  |  |  |
| Emma Walmsley | 6 |  |  |  |  |  |  |
| Julie Brown | 6 |  |  |  |  |  |  |
| Elizabeth McKee Anderson | 6 |  |  |  |  | 6 | 3 |
| Charles Bancroft | 6 | 2 | 2 |  |  | 6 | 3 |
| Dr Hal Barron | 6 |  |  | 3 |  |  |  |
| Dr Anne Beal | 6 | 2 | 2 |  | 4 |  | 3 |
| Wendy Becker | 6 | 2 | 2 |  | 4 | 6 | 3 |
| Dr Hal Dietz | 6 | 2 | 2 | 3 |  |  |  |
| Dr Jeannie Lee | 6 |  |  | 3 | 4 |  |  |
| Dr Gavin Screaton (from 1 May 2025) | 4 (4) |  |  | 2 (2) | 4 |  |  |
| Dr Vishal Sikka | 6 |  |  |  | 4 |  |  |
| **Retired members** |  |  |  |  |  |  |  |
| Dr Jesse Goodman (until 7 May 2025) | 3 (3) |  |  | 1 (1) | 1 (1) |  |  |
| Number of additional meetings | 8 |  | 5 | 2 | 1 | 3 | 4 |
| Dr Gavin Screaton joined the Board in May 2025. In his first year as a Director, he attended all meetings. Dr Goodman retired from the Board on 7 <br>May 2025. <br>For those Directors who served for part of the year, the numbers in brackets show the number of meetings they were eligible to attend. Details of <br>committee members' skills and experience are included in their biographies on pages [98](#ie22c70781ec24e178b4ec838768832e2_277) to [101](#idf9cc09a5e26439c8589ba7908d1a342_407). | Dr Gavin Screaton joined the Board in May 2025. In his first year as a Director, he attended all meetings. Dr Goodman retired from the Board on 7 <br>May 2025. <br>For those Directors who served for part of the year, the numbers in brackets show the number of meetings they were eligible to attend. Details of <br>committee members' skills and experience are included in their biographies on pages [98](#ie22c70781ec24e178b4ec838768832e2_277) to [101](#idf9cc09a5e26439c8589ba7908d1a342_407). | Dr Gavin Screaton joined the Board in May 2025. In his first year as a Director, he attended all meetings. Dr Goodman retired from the Board on 7 <br>May 2025. <br>For those Directors who served for part of the year, the numbers in brackets show the number of meetings they were eligible to attend. Details of <br>committee members' skills and experience are included in their biographies on pages [98](#ie22c70781ec24e178b4ec838768832e2_277) to [101](#idf9cc09a5e26439c8589ba7908d1a342_407). | Dr Gavin Screaton joined the Board in May 2025. In his first year as a Director, he attended all meetings. Dr Goodman retired from the Board on 7 <br>May 2025. <br>For those Directors who served for part of the year, the numbers in brackets show the number of meetings they were eligible to attend. Details of <br>committee members' skills and experience are included in their biographies on pages [98](#ie22c70781ec24e178b4ec838768832e2_277) to [101](#idf9cc09a5e26439c8589ba7908d1a342_407). | Dr Gavin Screaton joined the Board in May 2025. In his first year as a Director, he attended all meetings. Dr Goodman retired from the Board on 7 <br>May 2025. <br>For those Directors who served for part of the year, the numbers in brackets show the number of meetings they were eligible to attend. Details of <br>committee members' skills and experience are included in their biographies on pages [98](#ie22c70781ec24e178b4ec838768832e2_277) to [101](#idf9cc09a5e26439c8589ba7908d1a342_407). | Dr Gavin Screaton joined the Board in May 2025. In his first year as a Director, he attended all meetings. Dr Goodman retired from the Board on 7 <br>May 2025. <br>For those Directors who served for part of the year, the numbers in brackets show the number of meetings they were eligible to attend. Details of <br>committee members' skills and experience are included in their biographies on pages [98](#ie22c70781ec24e178b4ec838768832e2_277) to [101](#idf9cc09a5e26439c8589ba7908d1a342_407). | Dr Gavin Screaton joined the Board in May 2025. In his first year as a Director, he attended all meetings. Dr Goodman retired from the Board on 7 <br>May 2025. <br>For those Directors who served for part of the year, the numbers in brackets show the number of meetings they were eligible to attend. Details of <br>committee members' skills and experience are included in their biographies on pages [98](#ie22c70781ec24e178b4ec838768832e2_277) to [101](#idf9cc09a5e26439c8589ba7908d1a342_407). | Dr Gavin Screaton joined the Board in May 2025. In his first year as a Director, he attended all meetings. Dr Goodman retired from the Board on 7 <br>May 2025. <br>For those Directors who served for part of the year, the numbers in brackets show the number of meetings they were eligible to attend. Details of <br>committee members' skills and experience are included in their biographies on pages [98](#ie22c70781ec24e178b4ec838768832e2_277) to [101](#idf9cc09a5e26439c8589ba7908d1a342_407). |

---

![GSK_AR25_Grey_Panels_Appointments_Policy_P120.gif](gsk-20251231_g55.gif)

**Board Appointments policy**<br>All our Non-Executive Directors are expected to devote such time as is necessary for the performance of their duties. Each <br>Director is required to attend a minimum of 75% of scheduled Board and committee meetings. However, we recognise that <br>there may be rare occasions when this is not possible. Special allowance is also given during the first year of Board <br>membership while calendars are aligned. <br>Our Board Directors' external appointments are governed by a Board-approved policy. External appointments can help <br>Board and ExCom members widen their expertise and knowledge, and perform their roles more effectively. When <br>proposing a new Non-Executive Director appointment to the Board for approval, the Board considers the other demands on <br>the individual's time. Before being appointed to the Board, an individual is required to disclose the significant commitments <br>they may have, with an indication of the time involved. <br>The Board considers and approves all additional external appointments for serving Directors, noting the nature of the role <br>and type of organisation, time commitment and any potential conflicts that could arise.<br>The Company Secretary maintains a Register of Potential Conflict Authorisations. The Board is satisfied that, given <br>Directors' other interests, each has sufficient time to carry out their GSK role. Our Executive and Non-Executive Directors <br>may undertake a maximum of one and up to four other listed-company directorships respectively.<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Board activities | Board activities | Board activities | Board activities | Board activities |

---

**Engagement**<br>

**Prioritising continual engagement**

Our stakeholders rightly have high expectations of us, and our

dynamic operating environment presents many challenges

and opportunities. As a Board, we aim to balance our

commercial success with our stakeholders' expectations,

upholding our reputation, maintaining our licence to operate

and building trust. We engage with, or are briefed about, our

stakeholders' views to make sure we identify and respond to

their expectations effectively and appropriately.

How we engage with our main stakeholder groups – including

patients, shareholders, customers and our people – is set out

in the pages of the Strategic report.

Patients and our people are the heart of our culture. Our

people are accountable for outcomes and are committed to

doing the right thing. Our culture is also described on pages

[57](#ie22c70781ec24e178b4ec838768832e2_169) to [59](#i6cd323c12bbd46b984cabbc3513b3897_2482) of the Strategic report.

The influence and importance of different stakeholder groups

can vary, depending on the matter being considered. Certain

stakeholders' interests can be in conflict, meaning that we, as

a Board, need to make balanced judgements.

Continual stakeholder engagement and feedback helps us

identify emerging issues. It also enables us to make decisions

in the context of what is relevant and important to each of

them.

Our principal Board committees, and the ExCom members,

undertake engagement on the Board's behalf according to

their remit. This means that they can build a detailed

understanding of how our actions or plans are affecting or

might affect stakeholders. These insights are then shared with

the Board.

In particular, the Board receives briefings on stakeholders'

perspectives from the work of the Corporate Responsibility

Committee, which is discussed on pages [118](#if1543a65ca024287884e2fbc80b08537_0-0-1-1-1055496) and [119](#id2aa7758435841fcbba6b785bdcd6468_45548).

Board members regularly receive:

–the CEO's Board report including progress against our

internal plans

–a specific external stakeholder insights update. This

provides strategic insights based on an analysis of key

developments, achievements and risks affecting our

reputation and the perceptions of all our external

stakeholders

–a regular investor relations report, which summarises

investor perceptions

–regular corporate governance, litigation and regulatory

updates

The Board also learns of stakeholders' views through:

**Engagement and feedback events:** such as quarterly

investor results calls, the Annual General Meeting, employee

survey reports, the Board's workforce engagement activities,

and from experts presenting at Board or committee meetings.

The Chair also holds regular investor check-in meetings, which

the Senior Independent Non-Executive Director (SID), Charles

Bancroft, sometimes joins. The SID and the Chair are both

available for individual meetings with investors.

**Other opportunities:** Board members also receive wider

stakeholder views during the Annual Strategy meeting with the

ExCom, as part of the yearly review of strategy, long-range

forecast and planning processes. This also includes a review

of specific aspects of the company's policies or strategy.

In addition, Board members are encouraged to meet

individually with employees, shareholders and other key

stakeholders during their induction, and then on an ongoing

basis. They are expected to report to the Board on such

experiences where relevant and material.

**Engaging with our shareholders**

As a Board, we aim to directly engage with, and be directly

accountable to, institutional investors and private retail

shareholders. We do this in several ways, including regular

communications, Governance Meetings, our Annual General

Meeting, and through the work of our Investor Relations team,

the Chair, Jonathan Symonds, and our Company Secretary,

Victoria Whyte. Our SID, Charles Bancroft, is another point of

contact for our shareholders.

Each quarter in 2025, our outgoing CEO, Emma Walmsley,

and the continuing CFO, Julie Brown, gave results

presentations to institutional investors, analysts and the media

by webcast. They were also regularly joined by the Chief

Scientific Officer, the former Chief Commercial Officer (Luke

Miels, our current CEO), and the CEO, ViiV Healthcare and

President, Global Health, GSK. They were able to provide

investors with more detailed insights into their specific areas of

responsibility.

Through regular meetings, our CEO and CFO each have an

ongoing and active dialogue with institutional shareholders

about the company's performance, plans and objectives. In

2025:

–CEO (Emma Walmsley): 51 engagements, representing 43%

of the company's issued share capital

–CFO (Julie Brown): 94 engagements, representing 45% of

the company's issued share capital

Our Chair maintains a consistent dialogue with shareholders

too – including fund and portfolio managers – and regularly

engages with governance and sustainability professionals.

During 2025, and up to the date of publication of this Annual

Report, Jon held 44 individual meetings with a range of

institutional shareholders and associated industry

stakeholders, and met or corresponded with shareholders that

make up over 40% of the company's share capital. This

enables him to gain a current understanding of shareholders'

views, insights and perspectives of the company, which he

shares with the Board. He also discusses the continual

evolution of the many aspects of Board governance,

performance oversight and succession.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Board activities continued | Board activities continued | Board activities continued | Board activities continued | Board activities continued |

---

**Governance event**

We usually hold a governance event at the end of each year in

central London with institutional shareholders, key investment

industry bodies and proxy advisory firms, at which our Chair,

SID and each of our committee Chairs discuss particular areas

of corporate governance, including Board oversight of

strategy, succession, responsible business and remuneration

issues.

The 2025 governance event was deferred to the first half of

2026, because the CEO succession process had just been

concluded. It is due to be held before the end of March 2026.

This will enable us to share more details of progress against

the Board's ambition and the new CEO's priorities as the

company moves to the next phase of its development, based

on strategic execution to deliver growth. Details of this key

investor engagement event will be included in the company's

2026 Annual Report.

**Annual General Meeting**

We were pleased to hold the company's 2025 AGM at the

Landmark Hotel for shareholders to attend in person or virtually

(a hybrid meeting). We welcomed 130 shareholders in person

and 25 shareholders virtually via the Lumi platform to watch

and hear updates from our Chair and the CEO, ask questions

and to vote. Our shareholders approved all resolutions, with

majorities ranging from 92% to 99%.

Our hybrid AGM will be held in May 2026 at the Royal Marriott

Hotel in central London, which is located near our new global

headquarters. For more details see page [272](#ie22c70781ec24e178b4ec838768832e2_679).

**Engaging with our people**

We have well-established and strong engagement

mechanisms with our employees, which the Board monitors

regularly. These engagement mechanisms are described on

pages [57](#ie22c70781ec24e178b4ec838768832e2_169) to [59](#i6cd323c12bbd46b984cabbc3513b3897_2482). The Board uses several key governance

channels to understand what people are thinking, how the

company's culture is embedding across the organisation and

to inform any adjustments needed, including:

–regular Board updates from our Chief People Officer and the

CEO on culture and talent (see pages [57](#ie22c70781ec24e178b4ec838768832e2_169) to [59](#i6cd323c12bbd46b984cabbc3513b3897_2482) for more

details on our culture and people)

–in October, the Board participated in a panel session with

the ExCom on future talent culture at our annual joint

strategy meeting

–feedback from our regular employee engagement surveys,

which include questions on engagement, confidence and

inclusivity

–a range of pulse surveys of different-sized employee groups

to help check sentiment on a quicker and more frequent

basis, and to provide valuable insights on the impact of

major initiatives, events or communications

–direct engagement with employees by the Board

**Workforce engagement:** We apply an 'alternative

arrangement' to the three workforce engagement methods set

out in the UK Code.

When the Board was refreshed in terms of tenure, with a

renewed purpose and focus as a global biopharma company,

it was considered important to adopt a collective Board

engagement model in 2022. The Board continues to agree this

to be the most effective approach to ensure it hears

employees' views directly.

The model operated effectively in 2025 through:

–in-person engagement events with local employees during

Board site visits, including in Philadelphia (Pennsylvania,

US) and our global headquarters in central London

–the Chair's site visits, including to Upper Providence

(Pennsylvania, US) and Stevenage (UK)

–the Chair's attendance at management meetings, including

in the UAE, China and Saudi Arabia

–the Chair and Corporate Responsibility Committee Chair

organising and attending ongoing meetings with leaders of

our Employee Resource Groups (ERGs) to talk about how

they experience GSK, and to hear their suggestions to

enhance support and ensure that we meet the needs of all

our employees so they can do their best work for GSK

–a variety of bespoke engagements that have enabled a

broad and open dialogue and facilitated first-hand

engagement discussions between the Non-Executive

Directors and our people individually and as part of small

groups, encompassing perspectives on our strategy,

purpose and Ahead Together culture

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Board activities continued | Board activities continued | Board activities continued | Board activities continued | Board activities continued |

---

**2025 Meeting programme**<br>

To work in the most effective way, the Board's annual meeting programme focuses on delivering our short-, medium- and long-

term strategy. The Board meeting programme is completely aligned with the Board committees' and management's agendas,

with a clear focus on these three strategic time periods, which we communicate on: financial performance to 2026, pipeline

progress and business development to support our growth ambitions to 2031, and the science and technologies that support

growth beyond 2031.

During the year, the overriding focus of the Board's work was on building confidence in our growth strategy to 2031. In 2026, the

Board will spend more time on our strategy beyond 2031. The Board also focused on ensuring a successful CEO succession

transition in the second half of the year.

In support of this work, the Board received papers and presentations and discussed progress with management and our people

on the key areas of focus set out below. These materials and discussions help the Board make effective decisions, contribute to

its oversight of business performance and ensure good governance.

---

| | |
|:---|:---|
| Areas of focus in 2025 |  |
| **Execution of long-term** <br>**strategy** | Overseeing GSK as a pure biopharma business and delivery of our 2031 growth strategy and beyond included: |
| **Execution of long-term** <br>**strategy** | –setting and approving the Board's 2025 and 2026 priorities |
| **Execution of long-term** <br>**strategy** | –scrutinising updates on R&D strategy and progress, and progression of our pipeline |
| **Execution of long-term** <br>**strategy** | –reviewing progress on science and technology ambitions, including AI adoption plans |
| **Execution of long-term** <br>**strategy** | –reviewing the critical role and ambitions for our global supply chain, including platform technologies  |
| **Execution of long-term** <br>**strategy** | –discussing our overall commercial strategy  |
| **Execution of long-term** <br>**strategy** | –CEO succession — conclusion of a planned and structured succession process with the appointment of Luke Miels <br>as CEO Designate |
| **Strengthening of** <br>**business model** | Overseeing the fundamentals of commercial execution, cost-base management, capital allocation, pipeline and culture <br>included: |
| **Strengthening of** <br>**business model** | –receiving regular reports from the CEO, CFO and CSO, including the assessment of delivery of performance <br>targets |
| **Strengthening of** <br>**business model** | –assessing the product area strategy reports on Specialty Medicines, Vaccines and General Medicines |
| **Strengthening of** <br>**business model** | –reviewing progress against guidance for 2025 and setting 2026 guidance |
| **Strengthening of** <br>**business model** | –reviewing GSK's capital allocation priorities to ensure investment for growth to deliver improved returns for <br>shareholders |
| **Strengthening of** <br>**business model** | –instigating a £2 billion share buyback programme |
| **Strengthening of** <br>**business model** | –evaluating business development transactions, acquisitions and strategic partnerships with third parties including <br>but not limited to, ABL Bio, Hengrui Pharma, Boston Pharmaceuticals, IDRx and Syndivia |
| **Strengthening of** <br>**business model** | –scrutinising the Group's financial performance, shareholder value creation and progress against the Investor <br>Relations Roadmap |
| **Enhancing** <br>**Responsible Business** <br>**leadership** | Overseeing culture and embedding Responsible Business included: |
| **Enhancing** <br>**Responsible Business** <br>**leadership** | –receiving a progress update on the approach to the double materiality assessment, reviewed by the Audit & Risk <br>and Corporate Responsibility committees |
| **Enhancing** <br>**Responsible Business** <br>**leadership** | –reviewing progress against GSK future talent and leadership initiatives |
| **Enhancing** <br>**Responsible Business** <br>**leadership** | –approving the Responsible Business Performance Report |
| **Enhancing** <br>**Responsible Business** <br>**leadership** | –reviewing stakeholder perception research |
| **Regular oversight of** <br>**corporate governance** | The Board's programme of governance included: |
| **Regular oversight of** <br>**corporate governance** | –reviewing the quarterly financial results, dividend proposals, earnings guidance, investor materials, results <br>announcements and 2024 Annual Report and Form 20F, and receiving related reports from the external auditor |
| **Regular oversight of** <br>**corporate governance** | –setting the annual budget and the forward-looking three-year plan and long-range forecast |
| **Regular oversight of** <br>**corporate governance** | –conducting an annual review of the enterprise risk responsibility framework and enterprise-wide risks |
| **Regular oversight of** <br>**corporate governance** | –receiving reports on Board committee work and reviewing and continuing to evolve the Board's governance <br>architecture |
| **Regular oversight of** <br>**corporate governance** | –evaluating the outgoing CEO's 2025 performance, and setting the new CEO's 2026 objectives |
| **Regular oversight of** <br>**corporate governance** | –reviewing culture, talent and succession plans |
| **Regular oversight of** <br>**corporate governance** | –engaging with our stakeholders and people to gather and understand their views about our activities, operations <br>and culture |
| **Regular oversight of** <br>**corporate governance** | –reviewing employee survey results |
| **Regular oversight of** <br>**corporate governance** | –receiving reports on wider corporate governance and regulatory developments, and the Company Secretary's <br>reports |
| **Regular oversight of** <br>**corporate governance** | –approving the company's modern slavery statement and gender pay gap positioning |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | **Corporate governance** | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Board activities continued | Board activities continued | Board activities continued | Board activities continued | Board activities continued |

---

**Key decisions in 2025**

In its decision-making, the Board focuses on GSK's priorities as a pure biopharma company with strong momentum and big

ambitions, while balancing the interests of our stakeholders. We are aware that outcomes may not cystallise as expected and that

not all decisions may have immediate available outcomes. We reported last year on the process which concluded in Q1 2025 with

an update to our 2031 growth strategy and the initiation of a share buyback programme. Examples of some of the key decisions

taken by either the Board or its committees to drive our purpose, momentum and strategy included:

---

| | | |
|:---|:---|:---|
| **Decision** | **How the Board/Committee considered stakeholder interests** | **Stakeholder groups**  |
| **CEO succession**<br>The Board approved a <br>recommendation from the <br>Nominations & Corporate <br>Governance Committee to <br>appoint a new CEO<br>| The Board appointed Luke Miels as CEO Designate during the year, following a <br>comprehensive, structured succession process. The Board considered <br>continuity of leadership and cultural alignment alongside the need to position <br>the company for its next phase of delivery and growth. Luke's experience in <br>global biopharma markets and his contribution to advancing the medicines <br>portfolio and commercial performance were key considerations. Luke assumed <br>full CEO responsibilities on 1 January 2026<br>The Board, through the Remuneration Committee, also reviewed remuneration <br>arrangements to support leadership continuity and market competitiveness, <br>ensuring alignment with the approved Directors' remuneration policy. <br>Stakeholder engagement expectations, including those of employees, <br>investors, patients and regulators, were taken into account, alongside <br>maintaining operational stability and organisational confidence<br>| Employees, shareholders <br>and investors, patients and <br>healthcare partners, <br>governments and regulators<br>|
| **Business development**<br>The Science Committee <br>considered the scientific <br>merits of business <br>development opportunities <br>and, where relevant, of <br>commercial reviews of late-<br>stage assets were <br>undertaken, before the <br>Board's review and approval<br>| The Board, with support from the Science Committee and commercial reviews <br>for late-stage assets, reviewed many business development opportunities <br>during the year. Those leading to concluded transactions included:<br>–Agreed to develop potential best-in-class PDE3/4 inhibitor in clinical <br>development for the treatment of COPD, with Hengrui Pharma. The <br>transaction also included agreements for an additional 11 programmes to <br>be developed by Hengrui Pharma and optioned by GSK following phase I <br>completion, across RI&I as well as Oncology<br>–Acquisition of efimosfermin alfa from Boston Pharmaceuticals, an <br>investigational specialty medicine aimed at treating and preventing <br>steatotic liver disease<br>–Grant of exclusive worldwide rights from Syndivia to develop and <br>commercialise a preclinical ADC for mCRPC prostate cancer<br>These deals were considered in the context of their potential to deliver <br>transformational medicines to patients and drive growth by accelerating our <br>pipeline<br>| Patients, employees and <br>investors <br>|
| **US investment**<br>The Board reviewed and <br>approved a multi-year <br>investment programme in the <br>US<br>| The Board reviewed and approved a multi-year investment programme <br>committing to expand R&D, clinical development and advanced biopharma <br>manufacturing capabilities in the US. The Board considered the decision in the <br>context of long-term growth, strategic pipeline needs and global supply chain <br>resilience. In reaching its decision, the Board evaluated management's <br>analysis of expected scientific, operational and financial outcomes, including <br>the potential to accelerate innovation in respiratory disease, oncology and other <br>priority therapeutic areas. The Board also reviewed the proposed allocation of <br>capital, including a planned $1.2 billion investment in next-generation biologics <br>manufacturing, AI and digital technologies, and the construction of a new <br>biologics 'flex' facility in Pennsylvania<br>Broader considerations included stakeholder engagement insights, anticipated <br>job creation in high-skilled roles, regulatory expectations and US clinical trial <br>capacity. The Board confirmed governance, implementation sequencing and <br>assurance mechanisms to monitor capital deployment, execution risk and value <br>delivery throughout the five-year investment period<br>| Patients, healthcare <br>providers, investors, <br>employees, governments <br>and regulators, partners and <br>suppliers <br>|
| **Most Favoured Nation** <br>**(MFN) pricing** <br>**agreement**<br>The Board reviewed and <br>agreed the MFN deal <br>reached with the US <br>Administration<br>| The Board reviewed and endorsed the agreement for GSK and ViiV Healthcare, <br>that addressed the four substantive policy elements included in the US <br>Administration's Executive Order on MFN pricing issued in May 2025. The <br>Board was pleased that the agreement focused on our respiratory portfolio <br>(particularly with the Direct To Patient and Medicaid components), where we <br>have the most significant patient reach and impact and further strengthened <br>our relationship with the US Administration<br>| Patients, <br>employees and <br>investors <br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | **Corporate governance** | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Board activities continued | Board activities continued | Board activities continued | Board activities continued | Board activities continued |

---

**Board Performance review**<br>

The Board evaluates its performance, and that of its

committees, rigorously every year. The evaluation is normally

carried out externally every third year in line with the new

Code. The most recent external review was facilitated in 2022

by Jan Hall of No 4, a business advisory company that does

not have any other connection with GSK.

Before proceeding with the CEO succession process in 2025,

the Board took time to assess its performance and ambition for

the next five years and to form a clear picture of what was

required of the next CEO to lead GSK through the delivery of

the growth strategy for 2031 and beyond. Given the depth of

this internal review – before the selection of Luke as GSK's

new CEO – it was agreed to defer the full Board's external

review until the first half of 2026, to enable the review to

include the new CEO.

**Areas of focus in 2025**

The Board noted the progress made against the actions identified following the internal 2024 Board evaluation, which was carried

out by the SID supported by the Company Secretary. That progress is summarised below.

---

| | |
|:---|:---|
| **The Board would continue to be** <br>**briefed on the evolution of GSK's** <br>**culture**<br>| The outgoing CEO provided an update on culture at each Board meeting through her CEO Report. The <br>Board also receives reports from the Chief People Officer on the ongoing development of GSK's <br>culture. The Board obtains its own reassurance on GSK's culture through its ongoing interaction with <br>employees and other stakeholders<br>|
| **From 2025, the Board will begin** <br>**engaging more frequently with the** <br>**participants in GSK's Enterprise** <br>**Leadership Programme**<br>| The Board has met regularly with participants in GSK's Enterprise Leadership Programme (ELP). These <br>interactions are tailored to the talent based near the meeting location or with expertise in the topic areas <br>under discussion at the meeting<br>In March, for example, Board members met with talent from the Oncology, Commercial and R&D teams. <br>In October, Board members met with ELP talent for demonstrations of how AI has been adopted to <br>bring efficiency across R&D, Supply and Commercial, and to support learning and development for all <br>employees<br>Opportunities will continue to be identified for Board members to interact with employees to monitor the <br>evolution of GSK's culture<br>|
| **Each Board committee remit and** <br>**scope was reviewed to ensure that** <br>**they remained appropriate**<br>| The updated committee remits sought to minimise duplication and streamline each committee's key <br>areas of focus<br>It is expected that the external review of the Board and its committees in the first half of 2026 will <br>provide another opportunity to evolve the role of the Board's committees<br>|

---

The Board noted the progress made against the key actions from the 2024 Committee reviews, as follows:

---

| | |
|:---|:---|
| **Corporate Responsibility**  | The Committee continued to work in collaboration with the Audit & Risk Committee to monitor progress <br>in the business against the rapidly evolving reporting requirements externally<br>|
| **Science** | The Committee has taken the opportunity to review the new science and technology platforms that GSK <br>has been exploring<br>|
| **Nominations & Corporate** <br>**Governance** <br>| The Committee's work, together with the other Non-Executive Directors, was especially focused in 2025 <br>on the next chapter for GSK in the CEO succession process. The Committee's work in overseeing the <br>ongoing development of internal candidates had created competitive internal succession candidates <br>for consideration with external candidates<br>|
| **Audit & Risk**  | Given the ever-challenging external environment, the Committee's work to streamline materials had <br>created additional capacity for the Committee and Board programmes<br>|
| **Remuneration** | The Committee's new remuneration policy was approved by shareholders at the AGM in May 2025. The <br>Committee will continue to track the competitiveness of GSK's ability to pay appropriately and to retain and <br>incentivise candidates. This was a primary consideration for CEO succession<br>|

---

**Directors' evaluations**

The Chair continues to provide feedback to Board members on an ongoing basis and seeks to meet with Board members in

advance of or during the Board's regular meetings. This also provides an opportunity for the Chair to ask Directors to lead the

debate and engage their colleagues on Board agenda items focused on their areas of expertise. This practice continued

throughout 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Board committee reports | Board committee reports | Board committee reports | Board committee reports | Board committee reports |

---

**Nominations & Corporate Governance Committee report** <br>

![Page_132.jpg](gsk-20251231_g59.jpg)

**During the year, we focused on a smooth CEO and** 

**Executive Committee succession process and** 

**approved the new CEO's proposal to evolve the** 

**operational governance and the leadership team to** 

**support the next phase of GSK's growth**

Jonathan Symonds, Nominations & Corporate Governance

Committee

I am pleased to present my seventh report as Chair of the

Nominations & Corporate Governance Committee

(Committee).

**Board and Executive Committee succession**

In my Chair's governance statement on pages [104](#ie22c70781ec24e178b4ec838768832e2_283) to [106](#i6e3e7b6442a348e6af6b77485f86bb7d_8800), I

discuss details of the Committee's particular focus during 2025

on the CEO succession process. This resulted in the

appointment of Luke Miels who succeeded Emma Walmsley

on 1 January 2026.

Dr Gavin Screaton joined the Board in May 2025 to replace Dr

Jesse Goodman as a scientific and medical expert when

Jesse retired and stepped down from the Board after our

AGM. On joining GSK, Gavin was also appointed a member of

the Science and Corporate Responsibility committees. Further

details on the appointment of Dr Screaton are set out in last

year's Chair's Governance statement. Gavin's biography is

given on page [101](#i363abdea76454994909ee3d25df31889_3-0-1-1-1055496).

The Committee worked with Korn Ferry and Russell Reynolds

Associates during 2025. They also each provided executive

search services to the company.

The Committee reviewed the potential for conflicts of interest

and judged that there were appropriate safeguards against

such conflicts. There are no imminent Non-Executive Director

retirements for the Committee to consider.

**ExCom and operational governance**

Following Luke's appointment as CEO the Committee

considered and approved his proposal to evolve operational

governance and the leadership team. The next phase for GSK

would focus on strategic execution to deliver growth,

accelerate R&D late-stage progress, and further strengthening

the early-stage/next wave of innovation for sustained

competitiveness post 2035.

The new CEO's executive team would be key to continue to

support the company's Patient-driven Purpose and Culture,

whilst delivering a further step change in:

–Accelerating R&D

–Delivering growth – through the launches of the next wave of

products in Oncology (*Blenrep*, B7-H3 & B7-H4), RI&I

(depemokimab, camlipixant, bepirovirsen, FGF21) and HIV

(Q6M) further strengthening the early-stage and next wave

of innovation for sustained competitiveness

–Competitive cost base

–Tech adoption

To support delivery of the CEO's key priorities the GSK

Leadership Team (GLT) membership was expanded to

provide greater strategic product insight and operational focus

and was renamed the Executive Committee (ExCom).

This expansion also reflects that the CEO's previous role would

not be backfilled. Otherwise, there was no fundamental

change to the ExCom's purpose or governance. The new

appointees are listed in the table below and their skills and

experience can be found on pages [102](#ie22c70781ec24e178b4ec838768832e2_280) to [103](#i8de1fc20cfb748d39298034d502ad385_861).

---

| | |
|:---|:---|
| **New appointee** | **Rationale** |
| **Nina Mojas (PhD) – President,** <br>**Global Product Strategy**<br>| The President, Global Product <br>Strategy would represent the four <br>global product strategy therapy <br>areas which interface with R&D<br>|
| **Maya Martinez-Davis –** <br>**President, USA**<br>**Lynn Baxter – President,** <br>**Europe**<br>**Mike Crichton –** <br>**President, International**<br>| The leaders of the geographic <br>regions who drive commercial <br>execution <br>|
| **Mondher Mahjoubi (MD) –** <br>**Chief Patient Officer**<br>| The Chief Patient Officer was an <br>important appointee given the <br>primacy of the patients' voice in <br>decision making and the criticality <br>of the Medical Organisation for <br>Life Cycle Management<br>|

---

In addition, Roanne Parry has been appointed Chief People

Officer to succeed Diana Conrad from May 2026 who has

decided to retire after serving seven years on the ExCom.

Sally Jackson, SVP Global Communications and CEO Office

stepped down from the ExCom in January 2026 after serving

for nearly seven years.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Board committee reports continued | Board committee reports continued | Board committee reports continued | Board committee reports continued | Board committee reports continued |

---

**Board industry experience**<br>

![2901](gsk-20251231_g60.gif)

**Non-Executive Director tenure**<br>

![2905](gsk-20251231_g61.gif)

---

| | |
|:---|:---|
| ⚫<br>A | Up to 3 years: 30% |
| ⚫<br> B | 3-6 years: 50% |
| ⚫<br> C | 6-9 years: 20% |

---

**C**

**A**

**B**

**Board and ExCom composition and inclusion**

We are committed to ensuring the most appropriate

composition of our Board, its committees and the ExCom. The

Board and management seek to support and encourage an

inclusive culture throughout the company and being respectful

of our operating environment.

An effective Board includes a range and balance of skills,

experience and knowledge, as well as professional and social-

economic background and independence, with individuals

who are prepared to challenge each other collaboratively. This

mix is complemented by a range of personal Board attributes,

including character, intellect, judgement, honesty and

courage.

The Committee, in collaboration with all our Non Executive

Directors, continued to conduct in-depth reviews of our

emerging talent and succession pipelines and the

development plans for key leadership roles and their

successors. This included continuing to meet informally with

participants in our Enterprise Leadership Programme, which I

discussed in last year's report. This meant that the Committee

was well positioned to consider the new leadership

appointments to the ExCom that had been identified and

nominated by Luke.

During 2025, the work of the Committee also included

continuing to monitor our performance against the objectives

we set to ensure that our Board and committee composition

and succession planning promotes inclusion and equal

opportunity, pursuant to the principles of the FRC Code. We

also continued to oversee the developing pipeline of direct

reports to the ExCom.

**Sir Jonathan Symonds**

Nominations & Corporate Governance Committee Chair

4 March 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Board committee reports continued | Board committee reports continued | Board committee reports continued | Board committee reports continued | Board committee reports continued |

---

**Science Committee report** <br>

![Page_134.jpg](gsk-20251231_g62.jpg)

![](gsk-20251231_g63.gif)

**The Committee has been encouraged by the** 

**consistent delivery of GSK's pipeline, with important** 

**regulatory approvals, late-stage progress and a** 

**growing set of future opportunities that reflect the** 

**strength of our science-led strategy**

Dr Hal Dietz, Science Committee

I am pleased to present my third report as Chair of the Science

Committee (Committee) on our key activities during 2025.

These were split into three important areas:

–pipeline reviews and monitoring GSK's pipeline

–business development: undertaking technical reviews and

assessing the scientific foundation for potential business

development transactions

–scientific deep dives: discussing and analysing the key

scientific and technology themes that drive the company's

R&D strategy

**Pipeline progress**

During 2025, the Committee continued to monitor the strong

progress of R&D. Our Chief Scientific Officer (CSO), Dr Tony

Wood, provided regular updates on pipeline progress across

the company's four therapeutic areas – respiratory,

immunology and inflammation (RI&I), oncology, HIV and

infectious diseases, which included five FDA product

approvals and four significant, positive pivotal data readouts.

Particular highlights noted in respect of GSK's 15 scale

opportunities expected to launch by 2031 included:

–US FDA approval of:

–*Penmenvy*, GSK's 5-in-1 meningococcal vaccine to

protect against MenABCWY

–*Blujepa*, the first in a new class of oral antibiotics in nearly

three decades for the treatment of uncomplicated urinary

tract infections

–*Nucala*, the anti-IL5 biologic, for the treatment of COPD

–*Blenrep*, the only accessible anti-BCMA, used in treatment

of relapsed/refractory multiple myeloma

–*Exdensur*, for the treatment of severe asthma

–breakthrough designation granted for GSK'227 (B7-H3 ADC)

in late-line relapsed or refractory osteosarcoma

–acquisition of efimosfermin alfa, growing the number of

scale opportunities in the R&D pipeline

–seven pivotal trial starts in 2025, including for efimosfermin,

risvutatug rezetecan, velzatinib and *Exdensur* for COPD

–positive data and regulatory filings for tebipenem, a potential

new antibiotic to treat complicated urinary tract infections

–data presented at CROI (Conference on Retroviruses and

Opportunistic Infections) for VH184, VH499 and N6LS

supported development plans for ULA HIV regimens

These approvals and developments represent exciting

opportunities with enormous potential to positively affect the

lives of patients.

**Business development transactions**

A key role of the Committee is to evaluate the scientific

foundations underlying potential business development

transactions. This year, these included:

Respiratory, immunology and inflammation (RI&I)

–Hengrui Pharma: agreement for clinical development of a

potential best-in-class PDE3/4 inhibitor for the treatment of

COPD. The transaction also included agreements for an

additional 11 programmes across RI&I and Oncology

–Boston Pharmaceuticals: acquisition of efimosfermin alfa,

a phase III-ready potential best-in-class investigational

specialty medicine aimed at treating and preventing

steatotic liver disease

–Empirico Inc: agreement reached to acquire a first-in-class,

and potentially best-in-class, oligonucleotide candidate for

the treatment of respiratory diseases

Oncology

–IDRx, Inc: acquisition of IDRx including IDRX-42, a highly

selective KIT tyrosine kinase inhibitor designed to treat

gastrointestinal stromal tumours

–Syndivia: licensing agreement for early-stage ADC targeting

prostate cancer

Data and platform technologies

–partnership with ABL Bio in neurodegenerative diseases

–novel research collaboration with UK Dementia Research

Institute and HDR UK to investigate shingles vaccination

with prevention of dementia

Deep-dives into innovative science

During the year, the Committee continued to undertake deep

dives into some of the scientific principles and highly

innovative technologies that support the company's R&D

priorities. These included, but were not limited to, scientific

rationale for key transactions, our oligonucleotide portfolio and

technology, the evolution and application of human genetics

and genomics to support target choice and patient

identification, cancer vaccines, and epigenetic editing.

Committee members also took opportunities outside formal

face-to-face Board meetings to spend time with GSK's

scientific teams. These engagements highlighted GSK's

outstanding talent and the exceptional progress within R&D.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Board committee reports continued | Board committee reports continued | Board committee reports continued | Board committee reports continued | Board committee reports continued |

---

**Collaborating with Other Committees**

The Committee conducts an annual review of the Performance

Share Plan Pipeline Progress targets before they are approved

by the Remuneration Committee. We also provided support to

develop the framework for setting the Pipeline Progression

Objectives for 2026.

**Committee changes**

We welcomed Dr Gavin Screaton to the Committee, following

his appointment to the Board on 1 May 2025. Dr Screaton's

deep expertise in immunology and infectious diseases has

already brought significant value to the Committee. I look

forward to his ongoing contributions, and am confident his

involvement will continue to benefit our work.

**Dr Hal Dietz**

Science Committee Chair

4 March 2026

**Corporate Responsibility Committee report** <br>

![Page_135.jpg](gsk-20251231_g64.jpg)

**The Committee held a number of in-depth sessions** 

**during the year in overseeing, supporting and** 

**challenging GSK's responsible business approach,** 

**together with providing feedback in the formative** 

**stages of the strategic review to evolve this** 

**approach and safeguard the company's position as** 

**a responsible business leader**

Dr Anne Beal, Corporate Responsibility Committee

I am pleased to present this report, which is my fourth as Chair

of the Corporate Responsibility Committee (the Committee).

Being a responsible business is an integral part of the

company's strategy and culture. Therefore, to be successful

over the long term, GSK needs to consider its responsible

business impacts, risks and opportunities. The Committee

oversees the six areas that address what is most material to

the business and most important to our stakeholders, including

investors, our people, healthcare professionals, governments

and regulators and particularly our patients who are the

recipients of our portfolio of products and the ultimate drivers

of our business value proposition.

My Committee seeks to support and challenge management

on their responsible business approach as we work through

our programme of activities during the year and in doing so we

scrutinise how:

–well the company is performing against, and making an

impact on, the six Responsible Business focus areas

embedded in our strategy

–this supports our sustainable performance and, in doing so,

creates business value and long-term growth

–further improvements can be identified and implemented –

we can best report to our key stakeholders on what we have

done and the level of impact we have made

To support this, we built a number of in-depth sessions into

our programme, including at the end of the year an initial

consideration and input by the Committee on the evolution of

our Responsible Business strategy to make sure we are

continuing to focus on the right areas.

**External context** 

As usual, at our first regular meeting of the year we receive

and discuss a comprehensive update on management's

assessment of and view on the external trends and growth

strategy relevant to GSK's Responsible Business agenda. It

provides an important political and regulatory context and

guides the Committee on investor sentiment and the direction

of travel in respect of our Trust priority which we pay close

attention to. This helps set the scene for the Committee in

advance of the business we undertake during the course of

the year. The Committee receives further updates if there are

any material changes to these external factors. This helps

inform our approach while retaining a long-term perspective

grounded firmly in GSK's purpose.

**Measuring health impacts** 

GSK's President, Global Health and President, Global Affairs

shared and discussed the results of different pilot

methodologies commissioned in 2024 with two third parties

to measure and help articulate the health impact and resulting

societal benefits of the company's innovative commercial and

global health portfolio. The results of these pilots will be

factored into the next phase of developing and refining this

work on health impact, which will be aligned to GSK's business

strategy to 2031 and will be underpinned by our ambition to

reach 2.5 billion patients by 2030. In doing so, the Committee

was pleased to see this would be geared to supporting the

company's strategic, commercial and global health assets and

help the Committee understand further how the broader

business case-driven health impact ambition could enhance

GSK's contribution to society.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Board committee reports continued | Board committee reports continued | Board committee reports continued | Board committee reports continued | Board committee reports continued |

---

**Inclusion**

The Committee reviewed an opportunity to differentiate the

company's approach to inclusion that was anchored externally

in patient inclusion to drive patient impact, alongside building

a culture of inclusion internally within GSK. Delivering health

impact at scale is at the core of GSK's purpose, fundamental

to driving long-term commercial success and a strong

motivator to attract talent.

The Committee discussed management's commitment to

making sure clinical trials, patient and community outreach

and partnerships are inclusive of the people affected by the

diseases we address. This is fundamental to developing

medicines and vaccines that are rooted in sound science,

meet patients' needs and impact the full breadth of patient

populations who have the potential to benefit from our

products. This included discussion of work to ensure phase III

clinical trials have representation plans to reflect the people

most affected by a particular disease.

The Committee considered work led by the Chief People

Officer to create a high-performing workplace environment

based on principles of fairness, belonging and equal

opportunity. The Committee discussed management's work to

reflect these principles in recruitment processes, learning

programmes, leadership behaviours and future plans to

assess through the employee survey.

**Environmental sustainability** 

We were pleased to see that management was currently on

track to deliver against our 2030 commitments against the

baseline set in 2020. We were also satisfied with a dual focus

approach on maximising the success of the in-flight initiatives

and developing targeted actions to maintain momentum was

the appropriate method in ensuring delivery against GSK's

stretching 2030 ambitions.

In particular, the Committee discussed significant progress

being made towards launching a next-generation low carbon

version of *Ventolin* MDI (metered dose inhaler), which was a

key element of GSK's net positive ambition. In 2025, the

company was pleased to announce positive pivotal phase III

data for low carbon *Ventolin*, these findings supported

regulatory submissions. If approved, this version of *Ventolin* 

has the potential to reduce greenhouse gas emissions by 92%

per inhaler. GSK is proceeding with regulatory filings, with

launch expected from 2026.

The Committee helped the Remuneration Committee in

determining the vesting level for the Responsible Business

LTI PSP environment measure. This performance measure was

first introduced in 2023, comprised a mix of climate and nature

targets in support of our 2030 ambition and made up 10% of

the award granted that year. Page [140](#ibece497f6951404e8134e9a2c80ac0e9_8389) sets out further details

on the performance against this LTI measure.

**Responsible Business Performance Rating**

We monitored and evaluated GSK's progress in 2025 against

the 13 metrics across the six focus areas comprising the

Rating at the half and full year, with a recommendation to the

Board to publish a final 'On Track' Responsible Business

Performance Rating for 2025. We are pleased that since the

metric was introduced in 2022 that an 'On Track' Rating has

been maintained, while continuing to ensure where there is

work to do it is addressed and delivered. For more details, see

page [46](#ie22c70781ec24e178b4ec838768832e2_142) of the Strategic report and in the Responsible

Business Performance Report – both of which are available at

gsk.com.

**Committee membership**

During the year, Dr Jesse Goodman stood down from the

Committee when he retired from the Board. During his

nine years of service as a Committee member he had made

a significant contribution to the Committee's work in

overseeing all aspects of the evolution of GSK's responsible

business agenda. Jesse was succeeded by Dr Gavin

Screaton and I have been impressed with the way in which he

has exercised his knowledge and understanding of this

contribution to our discussions of the issues.

**Strategic review** 

At the end of the year, the Committee was pleased to consider

and provide feedback at the formative stages of a strategic

review of GSK's approach to responsible business. This review

builds on our strong performance in responsible business over

many years aligned to the company's purpose, business

strategy to 2031 and beyond. It supports our long-term growth

and seeks to maximise the company's impact on society. As

the review progresses during 2026 and recommendations are

developed and tested with Committee, we look forward to

providing support, challenge and oversight to appropriately

safeguard GSK's position as a responsible business leader.

**Dr Anne Beal**

Corporate Responsibility Committee Chair

4 March 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Board committee reports continued | Board committee reports continued | Board committee reports continued | Board committee reports continued | Board committee reports continued |

---

**Audit & Risk Committee report** <br>

![Page_137.jpg](gsk-20251231_g65.jpg)

**The Committee's activities during the year** 

**complemented and underpinned the Board's** 

**priorities and covered our approach to financial** 

**matters and internal and external audit, legal and** 

**compliance, risk and assurance, and oversight of** 

**our internal control framework and Responsible** 

**Business data governance**

Charles Bancroft, Audit & Risk Committee

I am pleased to present this report, which is my fifth as Chair of

the Audit & Risk Committee (Committee). In the following pages

I will share insights into the specific activities undertaken or

overseen by the Committee during the year.

At the beginning of the year, the Committee considered and

agreed the 2025 Annual Programme (Programme) which is

designed to complement and underpin the Board's priorities.

This covers the Committee's approach to financial matters

and internal and external audit, legal and compliance, risk

and assurance, and oversight of our internal control framework

and Responsible Business data governance.

Management prepares and submits papers on the key issues

for the Committee to review, contribute to and make decisions

on. Crucially, as Committee Chair, I have unfettered access to

the senior leadership, key members of their teams and the

external auditor. This includes private Committee sessions or

regular one-to-one meetings outside the Committee cycle.

Based on the work the Committee has done or inspected during

the year, GSK continues to exhibit a strong compliance culture,

with a consistent tone and engagement from the top that runs

through the organisation.

We hold a focused selection of in-depth sessions, including

regular reviews of the cyber security and the AI control

environment and of enterprise risk management items,

and we initiated and are continuing to lead a formal audit

contract tender process.

**Financial**

**Financial reporting:** The integrity of our financial statements,

including the Annual Report and quarterly results, remains at the

core of the Committee's focus. This includes the review

of investor materials, our progressive dividend policy and

payments, the current share buyback programme and results

announcements.

Significant areas of judgement related to our financial

statements are presented to the Committee by management

and are commented on by the Auditor, including overlaps and

any variances to the Auditor's key observations. More details

are included on page [124](#id2aa7758435841fcbba6b785bdcd6468_45546) of my report and in the Auditor's

report on pages [161](#ie22c70781ec24e178b4ec838768832e2_361) to [164](#i357177bd90db44479edb21c22644ab13_19026). We are committed to representing

GSK's financial reporting disclosures in a clear and transparent

way and can confirm that during the year the financial reporting

and controls framework remained robust. No fundamental

changes were required.

The Committee considered the findings of a Financial Reporting

Council (FRC) review of the company's 2024 Annual Report. It is

pleasing to note that the FRC did not raise any questions or

queries at that time, nor take any action in relation to the 2024

Annual Report, and did not require a substantive response.

Some matters were noted to further improve reporting which

have been considered and addressed, as appropriate and

where material, while preparing this Annual Report. As

requested by the FRC, we note that their review was based

solely on the Annual Report and Accounts, and provides no

assurance that the Annual Report and Accounts are correct in

all material respects.

**Audit tender:** GSK last carried out an audit tender in 2016,

which resulted in the appointment of Deloitte as the company's

statutory auditor with effect from 2018. Under UK audit tender

regulations, GSK is required to tender the audit contract at least

every 10 years and to rotate the statutory auditor at least every

20 years. In March 2025 the Committee agreed to initiate

a formal external audit contract tender process which then

commenced in June 2025. The Committee is leading, directing

and supervising this process with appropriate support from

management, and has been following the FRC Audit

Committees and the External Audit: Minimum Standard. The

FRC's guidance includes promoting transparency, competition,

and fairness in auditor tendering, with a strong emphasis

on inclusion and impartial selection criteria. The Committee

reviewed and approved the appropriate governance,

competitive and independence considerations which have

been factored in to the audit tender preparation process.

During the initial phase of this re-tendering process, the

company issued an initial request for information (RFI) to six

audit firms, including challenger firms, to identity any

independence issues, or capability and capacity issues

associated with delivering a high-quality audit for a company of

GSK's size, complexity and global reach. The RFI sought

comprehensive insights into the audit firms' strategic initiatives

in the areas of technology integration and data science.

The Committee recognises that this re-tender process involves

the current Auditor, which is nearing a decade of service, and

that it is important to ensure a fair and competitive tender

opportunity for all the other participants. To facilitate the

participation of non-incumbent audit firms and provide them

with an equitable understanding of GSK, the company has

offered additional background information and support, as

needed.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Board committee reports continued | Board committee reports continued | Board committee reports continued | Board committee reports continued | Board committee reports continued |

---

In December 2025, I met face to face with the proposed lead

audit partner candidates from the interested firms to discuss our

requirements and their proposals.

In February 2026, the company then issued a request for

proposal (RFP) to the two shortlisted audit firms. This included

the Committee-endorsed critical success factors against which

it would assess the next audit firm to be appointed to provide

statutory audit services with effect from 1 January 2028. At the

conclusion of the audit tender in the summer, I expect the

Committee to recommend two audit firms to the Board, with the

Committee's preference for the appointment of one of them.

An announcement will be made following the Board's final

selection. I look forward to providing more details on the

outcome of this RFP process next year.

**Legal** 

At each scheduled meeting, the Committee reviews a legally

privileged report given by the General Counsel on material

litigation, investigations and other material evolving legal

matters. The Chief Compliance Officer (CCO) also gives us

updates. We monitor material and/or privileged investigations

across the Group through to resolution. Where appropriate any

corrective/mitigatory actions and lessons learned are discussed

by the Committee.

**Risk and assurance** 

**Risk management:** GSK has a well-established and mature risk

management and internal control framework which is described

on pages [122](#id2aa7758435841fcbba6b785bdcd6468_45385) and [124](#id2aa7758435841fcbba6b785bdcd6468_45546). Throughout the year we have monitored

the risk management and risk management control system and

reviewed the effectiveness of the material controls, including

financial, operational and compliance controls. The Committee

continues to scrutinise how the framework operates and reviews

refinements proposed by management to ensure it remains fit

for purpose and is sustainable.

We monitor a dashboard of all GSK's principal risks and the

process by which they are identified and prioritised. Key

principal risk topics for the Committee to consider are

determined dynamically during the year, following reviews

undertaken at Risk Oversight and Compliance Council (ROCC)

meetings. During the year, in addition to the standing

information and cyber security item that I discuss later, this saw

the Committee reviewing detailed principal risk plans and

mitigation activity updates for: data ethics and privacy, EHS,

financial controls and reporting, legal matters, patient safety,

research practices, and scientific and patient engagement.

The Committee discussed the annual risk review of principal

and emerging risks for the company, which is supported by

extensive analysis of external trends and insights, senior-level

interviews and recommendations from risk management and

compliance boards and risk owners. Following this risk review,

which I informed the Board and received its endorsement, we

agreed to add geopolitical and regulatory environment as a

principal risk from 2026. This change elevated its status from an

emerging risk in 2025. and was informed by the outcomes from

benchmarking of industry peers and other companies'

practices. In addition, the Committee has a standing agenda

item on emerging risks, that CCO and/or Committee members

can raise and discuss any relevant issues of interest or concern

and elevate to the Board as required.

In my last report, I confirmed that the Committee had reviewed

and agreed management's approach to leveraging and aligning

our risk management and Internal Control framework to align to

the UK Code Provision 29, effective 1 January 2026. During the

year, the company has been focusing on refining, testing and

implementing plans for our most materials controls, leveraging

our existing US Sarbanes Oxley processes. These material

controls considers our strategy, long-term sustainability,

principal risks, regulatory requirements, stakeholder interests,

responsible business strategy, and our risk management and

Internal Control framework including alignment with our risk

rating guidance.

I look forward to reporting next year how the effectiveness of our

risk management and Internal Control framework has been

monitored and reviewed during 2026.

**Information and cyber security:** This principal risk for GSK

remains a key oversight area for the Committee, for which

we continue to scrutinise the evolution and robustness of our

'offence' and 'defence' capabilities. The Chief Digital and

Technology Officer (CDTO), Chief Information and Security

Officer (CISO) and CCO present updates regularly on

information and cyber security, as well as assessments of the

status of their associated key risk indicators (KRIs). We are

joined by my Board colleague, Dr Vishal Sikka, for these

discussions.

Dr Sikka's and the CDTO's skills and experience, especially

those related to cyber security, are set out on pages [101](#idf9cc09a5e26439c8589ba7908d1a342_406) and

[103](#ib0ecffa90ab0471e90578f44999de630_19-0-1-1-1055496) respectively.

Our CISO has spent his career building and leading technology

teams across several functional areas, including cyber security

and IT infrastructure for digital communications and healthcare

companies. He was also responsible for establishing the cyber

security function for Haleon plc before its demerger.

Our CCO focuses on ensuring a consistent and cohesive

approach across all aspects of the business and enterprise risk

management. The CCO is also responsible for the Risk

Analytics and Monitoring organisation. He has previous

experience in creating a dedicated global risk office that

combines enterprise risk management and reporting activities

for GSK.

The Committee has regularly assessed progress against our

multi-year Cyber Security Plan (Plan) which was updated in

2022 and benchmarked against the National Institute of

Standards and Technology Cyber Security Framework (NIST-

CSF). I have shared these assessments in my previous

Committee reports. I am pleased to confirm that by the end of

2025, the Plan's remaining objectives and commitments to

continue to improve maturity, reduce risk and strengthen

controls across GSK have been delivered. A final external NIST-

CSF assessment is now in progress by specialist independent

cyber experts to validate our Tech team's achievement of its

overall cyber maturity target. This was set back in 2022 and is

positioned in the upper quartile of our peers.

Given the ever-changing threat environment, the Committee

was pleased to observe in 2024 that the Tech team had been

recalibrating GSK's cyber maturity goals to continue

to get ahead of such threats. As a result, we have transitioned

from the one-time maturity-focused Plan to a continuous

threat-informed defence plan (evolved Plan). This is due to run

until 2028, so I will continue to use my Committee reports to

provide status updates on delivery against the objectives of the

evolved Plan.

---

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|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Board committee reports continued | Board committee reports continued | Board committee reports continued | Board committee reports continued | Board committee reports continued |

---

The Committee also reviewed our approach to managing KRIs,

governance controls and remediation plans. Given the strong

performance of these KRIs to date, we discussed details of the

plan presented by the CDTO and CISO, reviewing and refining

these metrics for 2026. This is designed to ensure continued

improvement to our approach to oversight through KRIs, while

recognising areas of risk maturity. These updated KRIs will be

implemented in phases, with the controlled introduction due

to be completed by the end of 2026. The Committee will monitor

progress during the year.

**AI use and governance:** The Committee was pleased to track

the partnership between Tech and Legal & Compliance to

respond proactively to the evolving cyber-regulatory

environment by the creation of a dedicated regulatory task force

to anticipate and address new global and local cyber-regulatory

requirements. As part of this initiative, an advanced AI-driven

platform is being developed to automate regulatory-change

monitoring across GSK's markets, continuing to enhance

visibility and facilitate targeted, risk-based compliance planning

and harmonisation.

Our Responsible AI framework helps us maintain clear guardrails

as we scale adoption of AI across GSK to drive innovation,

growth and productivity to accelerate our purpose. The

Committee continued to review the work of the AI Governance

Council (Council) in overseeing the integrity and strength of these

guardrails. During the year, the Committee discussed oversight

of emerging AI systems trends and software. This included the

design and development of AI agent (agentic) systems and,

critically, the governance controls and security standards

required for safe adoption, deployment and use in GSK such as

ensuring that human oversight was embedded together with

escalation protocols. The Committee stressed that as a guiding

principle management should keep in mind not only the

productivity and efficiency benefits that AI tools, software and

systems could deliver for GSK, but also their limitations. The

Committee reiterated that strong AI governance was vital to

protecting GSK's patients, employees, intellectual property and

reputation by reducing safety, compliance and security risks. It

also noted key achievements, including closing outstanding audit

actions and introducing enhanced security standards for AI. The

Committee received a report from the General Counsel

highlighting the importance of monitoring the evolving AI-litigation

landscape, and regulatory and enforcement trends, and of

incorporating lessons learnt from monitoring GSK's AI processes.

In 2026, the Committee is looking forward to updates on how

the Council progresses its key focus areas, which include:

–strengthening controls for more autonomous, decision-

making agentic AI systems

–continuing to mature governance practices across the

business and

–completing an external benchmarking exercise to provide

independent assurance of management's approach

**Assurance:** The Head of Audit & Assurance (A&A) – GSK's

internal audit team – provides regular updates on internal audit

matters, including progress against the Assurance Plan

endorsed by the Committee. During the year, we reviewed

briefings on a number of significant internal audits, including:

commercial audits in Asia; audits in the manufacturing and

global supply chain organisation; the management and

oversight of third parties in the company's R&D research labs;

as well as other key areas across the enterprise. In doing so, the

Committee was pleased to review the assurance outcomes and

gained a good understanding of the proactive risk management

across the organisation, clear monitoring practices and timely

remediation of actions to address issues as they arose.

During the year, the Committee also reviewed an internal quality

assessment by the A&A team to assess how it conformed with

new Internal Audit Standards, and to identify any gaps and

adjust processes as appropriate.

**Internal control framework**

The Board recognises its obligation to present a fair, balanced

and understandable assessment of GSK's current position and

prospects. It is accountable for evaluating and approving the

effectiveness of GSK's internal controls, including financial,

operational and compliance controls, and risk management

processes.

We ensure the reliability of our financial reporting, and

compliance with laws and regulations, through our internal

control framework. This is a comprehensive enterprise-wide risk

management model, which supports the Board to identify,

evaluate and manage the Group's principal and emerging risks,

as required by the UK Code. The framework is designed to

manage the risk of GSK not achieving its business objectives.

A fit-for-purpose framework – complemented by our corporate

culture and Speak Up processes – ensures that the risks

associated with our business activities are actively and

effectively controlled in line with our agreed risk appetite. We

believe GSK's framework provides reasonable, but not absolute,

assurance against material misstatement or loss.

The Board mandates the Group's Risk Oversight and

Compliance Council (ROCC) of senior leaders to support the

Committee to oversee risk management and internal control

activities. It also provides the business with a framework for risk

management and escalation of significant risks. Risk

management and compliance boards (RMCBs) across the

Group promote the 'tone from the top' and establish our risk

culture, and ensure effective oversight of internal controls and

risk management processes.

---

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|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Board committee reports continued | Board committee reports continued | Board committee reports continued | Board committee reports continued | Board committee reports continued |

---

Each principal risk has an assigned risk owner, drawn from

senior management, who is accountable for managing the

principal risk with oversight from an ExCom member, which

includes setting and implementing risk mitigation plans.

Enterprise risk owners report every quarter on the status of the

enterprise risk plan, internal control framework implementation,

relevant external insights and emerging risks and mitigation

within the period, with significant results reported to ROCC. An

executive summary of quarterly risk reports is provided to the

Committee. This approach fosters dynamic, flexible and agile

oversight, important in a volatile and uncertain external

environment. It also enables us to assess the effectiveness of

our risk management strategies and controls for our principal

risks. Our Compliance function assists the ROCC and RMCBs.

Compliance is responsible for advancing enterprise-wide risk

management and for developing risk-based and ethically sound

working practices. It also actively promotes ethical behaviours

by enabling all employees to operate in line with our culture and

ensure compliance with applicable laws and regulations.

Our Audit & Assurance (A&A) function provides independent

assurance to senior management and the Board on the

effectiveness of risk management Group-wide, in line with an

agreed assurance plan. This helps senior management and the

Board to meet their oversight and advisory responsibilities to

fulfil GSK's strategic objectives and build trust with patients and

other stakeholders.

A&A has a dual reporting line to the CFO and the Committee. As

a Committee we receive regular reports from principal risk

owners, Compliance and A&A on areas of significant risk to the

Group and on related internal controls. These reports assess

the internal control environment within each principal risk area,

including enhancements to strengthen controls. Once we have

considered these reports, the Committee reports annually to the

Board on the effectiveness of GSK's internal controls.

In 2025, through the authority delegated to the Committee, the

Board conducted a robust assessment of the Group's principal

and emerging risks. This assessment, in line with the UK Code,

included consideration of the nature and extent of risk the Board

is willing to take to achieve GSK's strategic objectives.

The Board, via the Committee, also oversaw the effectiveness of

our internal control environment and risk management

processes across the Group for the whole year, up to the

approval date of this Annual Report. More detail about the

review of the Group's risk management approach is discussed

in the Risk management section of the Strategic report on

pages [61](#ie22c70781ec24e178b4ec838768832e2_181) to [70](#ie22c70781ec24e178b4ec838768832e2_193).The management of each principal risk is

explained in Risk Factors on pages [260](#ie22c70781ec24e178b4ec838768832e2_574) to [268](#ie22c70781ec24e178b4ec838768832e2_661).

---

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|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Board committee reports continued | Board committee reports continued | Board committee reports continued | Board committee reports continued | Board committee reports continued |

---

**Significant issues relating to the financial statements**

In considering GSK's quarterly financial results announcements and the financial results in the 2025 Annual Report, the

Committee reviewed the significant issues and management judgements in determining those results. It reviewed management

papers setting out the key areas of risk, actions taken to quantify the effects of the relevant issues, and judgements made by

management on the appropriate accounting required to address those issues in the financial statements.

The significant issues considered in relation to the financial statements for the year ended 31 December 2025 are set out in the

following table, with a summary of the financial outcomes where appropriate. The Committee and the external auditor have

discussed the significant issues addressed by the Committee during the year and the areas of particular audit focus, as

described in the Independent Auditor's Report on pages [161](#ie22c70781ec24e178b4ec838768832e2_361) to [164](#i357177bd90db44479edb21c22644ab13_19026).

---

| | |
|:---|:---|
| **Significant issues considered by the Committee** <br>**in relation to the financial statements**<br>| **How the issue was addressed by the Committee** |
| Going concern basis for the preparation <br>of the financial statements<br>| The Committee considered the outcome of management's half-yearly and year-end <br>reviews of current and forecast net debt positions and the various financing <br>facilities and options available to the Group. The Committee also considered <br>management's review of the impacts of both the current economic environment and <br>climate change. Following consideration of these assessments, which included <br>stress testing and viability scenarios, sources of liquidity and funding, forecasts <br>and estimates, the Committee confirmed that the application of the going concern <br>basis for the preparation of the financial statements continued to be appropriate.<br>|
| Revenue recognition, including returns <br>and rebates (RAR) accruals<br>| The Committee reviewed management's approach to the timing of recognition of <br>revenue and accruals for customer returns and rebates. The RAR accrual for US <br>Commercial Operations was £4.9 billion at 31 December 2025 and the Committee <br>reviewed the basis on which the accrual had been made and concurred with <br>management's judgements on the amounts involved. A fuller description of the <br>process operated in US Commercial Operations in determining the level of accrual <br>necessary is set out in Note 3 to the Financial Statements, 'Critical accounting <br>judgements and key sources of estimation uncertainty'.<br>|
| Provisions for legal matters, including <br>investigations into various aspects of the <br>Group's operations<br>| The Committee received detailed reports on actual and potential litigation from both <br>internal and external legal counsel, together with a number of detailed updates on <br>investigations into various aspects of the Group's operations. See Note 46 to the <br>financial statements 'Legal Proceedings' for more details. Management outlined the <br>levels of provision and corresponding disclosure considered necessary in respect <br>of potential adverse litigation outcomes and also those areas where it was not yet <br>possible to determine if a provision was necessary, or its amount. At 31 December <br>2025, the provision for legal matters was £0.2 billion; see Note 32 to the financial <br>statements, 'Other provisions' for more details.<br>|
| Provisions for uncertain tax positions | The Committee considered current tax disputes and areas of potential risk and <br>concurred with management's judgement on the levels of tax contingencies <br>required. At 31 December 2025, a tax payable liability of £0.5 billion, including <br>provisions for uncertain tax positions was recognised on the Group's balance <br>sheet. <br>|
| Impairments of intangible assets | The Committee reviewed management's process for reviewing and testing goodwill <br>and other intangible assets for potential impairment. The Committee accepted <br>management's judgements on the intangible assets that required writing down and <br>the resulting impairment losses of £0.9 billion in 2025. See Note 20 to the financial <br>statements, 'Other intangible assets' for more details.<br>|
| Valuation of contingent consideration <br>in relation to ViiV Healthcare<br>| The Committee considered management's judgement that it was necessary to <br>increase the liability to pay contingent consideration primarily as a result of <br>increases in sales forecasts, updated exchange rate assumptions and the unwind <br>of the discount. After cash payments of nearly £1.3 billion in the year, at <br>31 December 2025, the Group's balance sheet included a contingent consideration <br>liability of £5.4 billion in relation to ViiV Healthcare. See Note 32 to the financial <br>statements, 'Contingent consideration liabilities' for more details.<br>|
| ViiV Healthcare put option | The Committee reviewed and agreed the accounting for the Pfizer put option <br>and concurred with management's judgement on the valuation of the put option <br>of £0.8 billion at 31 December 2025. The Committee noted the agreement reached <br>with Pfizer and Shionogi on 19 January 2026 for the 11.7% economic interest in ViiV <br>Healthcare currently held by Pfizer to be replaced with an investment by Shionogi. <br>See Note 47 to the financial statements, 'Post balance sheet events' for more <br>details.<br>|

---

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| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Board committee reports continued | Board committee reports continued | Board committee reports continued | Board committee reports continued | Board committee reports continued |

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**Effectiveness and quality of external** 

**audit process**

The Committee is committed to making sure that GSK receives

a high-quality and effective external audit.

In evaluating Deloitte's performance during 2025, before

making a recommendation on its reappointment in early 2026,

the Committee reviewed its performance against the criteria

agreed at the beginning of 2025. The detailed criteria used to

judge Deloitte's effectiveness as external auditor are available

at gsk.com. These are based on the audit approach and

strategy, ensuring a high-quality independent audit, effective

relationships and value for money.

We sought to ensure that Deloitte would deliver a smooth,

thorough and efficiently executed audit for 2025 and so

considered:

–the overall quality of the audit

–the independence of Deloitte

–whether Deloitte showed an appropriate level of challenge

and scepticism in its work

The Committee initiated an audit tender process in June 2025.

and invited Deloitte to participate. During this tender process,

the Committee has been subjecting Deloitte to extensive

scrutiny. To avoid unnecessary duplication, the Committee

considered the outcomes of a short and focused audit

effectiveness review undertaken by management as part of the

2026 appointment process. The review focused on

assessment of four key areas:

–understanding of the business, and key risks

–communication and ways of working

–audit planning, (including resourcing, planning and

centralisation)

–professional scepticism and the quality audit judgement

In addition, the Committee considered the requirements FRC's

Audit Committee and the External Audit: Minimum Standard,

where relevant, were met in 2025.

As Committee Chair, I regularly meet independently with the

audit partner. We also meet with the auditor privately at the

end of each Committee meeting to discuss progress, as

appropriate.

The Committee monitors engagements with external

stakeholders relevant to our areas of oversight, including the

FRC and Securities and Exchange Commission.

The FRC Audit Quality Review (AQR) findings were published

during the year, although the audit of GSK 2024 Annual Report

was not included as part of the AQR's process. The Committee

acknowledged the continuing strength the results of

inspections show, with 95% of Deloitte's public interest audits

rated as 'good or limited improvements' and, for a fifth

consecutive year, the FRC AQRs for Deloitte have improved.

Having reviewed the above feedback, and noted any areas for

further improvement to be implemented by the audit team for

2026, the Committee was satisfied with the:

–effectiveness of the auditor and the external audit process

–auditor's independence, qualifications, objectivity, expertise

and resources

The Committee therefore agreed to recommend to the Board

Deloitte's reappointment at the next AGM, and did so free from

the influence of any third party.

**Auditor's reappointment**

---

| | |
|:---|:---|
| **External auditor appointment** |  |
| Last tender | May–December 2016 |
| Transition year | 2017 |
| First shareholder approval of current <br>auditor<br>| May 2018 |
| First audited Annual Report and 20-F | Year ending 31 December <br>2018<br>|
| New lead audit engagement partner | 2023 |
| Current tender commenced  | 2025 |
| Due to complete | 2026 |
| Due to take effect | 2028 |

---

There were no contractual or similar obligations restricting the

Group's choice of external auditor.

**Audit tender**

The Committee considers that, during 2025, the company

complied with the mandatory audit processes and audit

committee responsibility provisions of the Competition and

Markets Authority Statutory Audit Services Order 2014.

In June 2025 GSK commenced a formal external audit

contract tender process. The tender process is due to be

concluded in the summer of 2026. The successful audit firm

will then be appointed to provide statutory audit services with

effect from 1 January 2028. More details are set out earlier in

my report on pages [120](#i2f8bb124627a4df3bc908478ddaec1bd_0-0-1-1-1055496) and [126](#id2aa7758435841fcbba6b785bdcd6468_45381).

**Non-audit services**

Management operates on the presumption that other

accountancy firms will ordinarily provide non-audit services to

GSK. However, where the external auditor's skills and

experience make it the only suitable supplier of non-audit

support – such

as for audit-related matters, tax and other services – it may be

used, in the best interests of the company.

In line with GSK's non-audit services policy, the Committee

ensures that auditor objectivity and independence are

safeguarded by reviewing and pre-approving the external

auditor's provision of such services. The company policy

complies with the FRC's 2024 Revised Ethical Standard and

the Sarbanes-Oxley Act of 2002. It observes the following core

policy features on engaging the external auditor for non-audit

services as set out on the next page:

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| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
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Key features of GSK's non-audit services policy:

---

| | | |
|:---|:---|:---|
| **Process** | All non-audit services of more than £50,000 are put to <br>competitive tender with other financial services <br>providers, in line with the Group's procurement <br>process, unless the skills and experience of the <br>external auditor make it the only suitable supplier. | All non-audit services of more than £50,000 are put to <br>competitive tender with other financial services <br>providers, in line with the Group's procurement <br>process, unless the skills and experience of the <br>external auditor make it the only suitable supplier. |
| **Safeguards** | Adequate safeguards are established so that the <br>objectivity and independence of the Group audit are <br>not threatened or compromised. | Adequate safeguards are established so that the <br>objectivity and independence of the Group audit are <br>not threatened or compromised. |
| **Fee cap** | The total fee payable for non-audit services should <br>not exceed 50% of the annual audit fee, except in <br>special circumstances where there would be a clear <br>advantage in the auditor undertaking the additional <br>work. | The total fee payable for non-audit services should <br>not exceed 50% of the annual audit fee, except in <br>special circumstances where there would be a clear <br>advantage in the auditor undertaking the additional <br>work. |
| **Prohibitions** | GSK's policy includes a list of permitted non-audit <br>services in line with the relevant regulations. <br>Any service not on this list is prohibited. | GSK's policy includes a list of permitted non-audit <br>services in line with the relevant regulations. <br>Any service not on this list is prohibited. |
| **Pre-approval** | All non-audit services require pre-approval, as set out <br>in the table below, to ensure services approved are <br>consistent with GSK's non-audit policy for permissible <br>services. This process ensures all services fall within <br>the scope of services permitted and pre-approved by <br>the Committee and does not represent a delegation of <br>authority for pre-approval. | All non-audit services require pre-approval, as set out <br>in the table below, to ensure services approved are <br>consistent with GSK's non-audit policy for permissible <br>services. This process ensures all services fall within <br>the scope of services permitted and pre-approved by <br>the Committee and does not represent a delegation of <br>authority for pre-approval. |
|  | **Value** <br>More than £50,000<br>Between £25,000 <br>and £50,000<br>Under £25,000<br>| **Pre-approver**<br>Committee Chair and CFO<br>Group Financial Controller<br>Designate of the Group <br>Financial Controller<br>|

---

**Audit and other services comparison (£m)**![43767](gsk-20251231_g66.gif)

---

| | |
|:---|:---|
| 2025 | 1.9 |

---

---

| | |
|:---|:---|
| 2024 | 2.2 |

---

---

| | |
|:---|:---|
| 2023 | 1.6 |

---

---

| | |
|:---|:---|
| ●  | Audit services |
| ●  | Other Assurance services |
| A fee of £0.2 million was paid to the auditor in respect of GSK pension <br>schemes in each of 2023, 2024 and 2025. | A fee of £0.2 million was paid to the auditor in respect of GSK pension <br>schemes in each of 2023, 2024 and 2025. |

---

The fees paid to the company's auditor and its associates are

set out above. More details are given in Note 8 to the financial

statements, 'Operating profit', on page [184](#ie22c70781ec24e178b4ec838768832e2_406).

The Committee considered the level of non-audit services

incurred as part of its annual review of Deloitte's

independence set out on the previous page, and was satisfied

that the auditor continued to be independent and exercised

objectivity throughout 2025.

**Fair, balanced and understandable** 

**assessment**

The need for an annual report to be fair, balanced and

understandable is one of the key compliance requirements for

a company's financial statements. To ensure that GSK's

Annual Report meets this requirement, we have a well-

established and documented process governing the

coordination and review of Group-wide contributions to the

publication. This runs in parallel with the process followed by

the external auditor. The Committee received a summary of

management's approach to GSK's 2025 Annual Report to

ensure it met the requirements of the UK Code. This enabled

the Committee, and the Board, to confirm that GSK's 2025

Annual Report as a whole is fair, balanced and

understandable and provides the necessary information for

shareholders to assess the company's position and

performance, business model and strategy.

**Code of Conduct and reporting lines** 

We have a number of well-established policies (including a

Code of Conduct), which are available at gsk.com, together

with details of our confidential Speak Up lines for reporting and

investigating unlawful conduct.

**Charles Bancroft**

Audit & Risk Committee Chair

4 March 2026

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|:---|:---|:---|:---|:---|
| Strategic report | **Corporate governance** | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Remuneration report | Remuneration report | Remuneration report | Remuneration report | Remuneration report |

---

**2025 was an exceptional year with GSK strengthening all** <br>**of the fundamentals of its strategy contributing to a TSR** <br>**of 41% for our shareholders over the year. In this** <br>**context, our performance assessments were considered** <br>**appropriate and underpin our commitment to rewarding** <br>**out-performance. We applied these principles to our CEO** <br>**succession process which highlighted the** <br>**need to continue our goal of moving to the median of our** <br>**global biopharma peer group**<br>Wendy Becker, Remuneration Committee<br>

![Page_143.jpg](gsk-20251231_g67.jpg)

---

| | |
|:---|:---|
| **Remuneration report contents include:**  | **Page reference** |
| Remuneration Committee Chair's statement | [127](#ie22c70781ec24e178b4ec838768832e2_307) |
| 2025 Executive Directors' total remuneration | [134](#ie22c70781ec24e178b4ec838768832e2_313) |
| Pay for performance and operation of current Policy | [136](#ie22c70781ec24e178b4ec838768832e2_319) |

---

Dear Shareholder

On behalf of the Remuneration Committee, I am pleased

DRAFT

to present our Remuneration report for 2025.

I am grateful to shareholders for supporting the new

Remuneration Policy (Policy) at the 2025 AGM, with more

than 93% support. This endorsed our move to review our

senior executive pay in the context of a global peer group

of 13 biopharma companies within a revenue and market

capitalisation range of 1/3 to 3x that of the company at the time

of its adoption.

The revised approach has already proved appropriate, both in

incentivising management to deliver excellent progress on all

elements of our strategy and in the recruitment of a new CEO.

This is evidenced in the delivery of strong financial results and

the excellent progress in R&D which have facilitated an

approximate 35% increase in share price during the course of

the year with approximately 41% total shareholder return (TSR)

for 2025. This momentum has been maintained with a further

21% increase to £22.14 per share from the year end up to 25

February 2026.

The Chair explains the process we followed regarding CEO

succession on page [104](#ie22c70781ec24e178b4ec838768832e2_283), which included full consideration of

external and internal candidates before we selected Luke

Miels.

The recruitment process reaffirmed the peer group we had

selected and our commitment to achieving total target pay

at the median level against this group over the next two to

three years. The Committee considers our peer group to be

appropriate for the foreseeable future and does not propose

any short-term revisions to it as a result of our improved

positioning within the group.

**Progress and performance in 2025**

In my last report, I outlined strong financial results for 2024

and I am very pleased to be able to report that that success

has been built upon and reinforced with another strong year

of operational performance in 2025, with outstanding sales

and core operating profit growth and core EPS growth, driven

by the strong achievement of our growing Specialty Medicines

portfolio. This was delivered together with outstanding phase

III pipeline progress and five regulatory approvals taking the

number of scale opportunities to 15.

Given this level of achievement, on top of similar levels of

growth in the previous year, the Committee feels that the

outturn demonstrates the continued benefit of setting stretching

targets and our focus on delivering out-performance. I was

particularly pleased to see the consistency of delivery in terms

of both financial results and in respect of the pipeline reflected

in GSK's TSR with a material improvement in the share price

reinforcing the changes we made to the remuneration policy.

**2025 Annual bonus** 

2025 was the first year operating the new bonus scorecard

introduced as part of the policy review with a 50% weighting

applying to strategically important financial measures, 20%

to a new pipeline measure and 30% relating to strategic/

personal objectives.

The bonus is primarily focused on rewarding over-delivery

of financial performance against the targets set at the start

of the year, with those targets generally being ahead of

external consensus forecasts at the time they were set.

The scorecard comprised a 25% weighting on each of sales

and core operating profit growth with a bonus outturn of 69.5%

and 59.3% of their respective maximums for the outgoing CEO

and the CFO (reflecting their different on-target starting point

levels) for the financial elements of the bonus.

The new Pipeline performance measure was designed to

incentivise and reward 'on-time in full' delivery of our near-term

outcome-based milestones across our priority assets and

business development objectives, and overall performance

was significantly above target. The Committee was very

pleased to be supported by the Science Committee which

reviewed performance against this measure from a scientific

perspective before the Committee reviewed the outturn of this

measure. This resulted in an overall assessment of 86.25%

and 81.7% of maximum for the outgoing CEO and the CFO

respectively. The Committee also carefully reviewed

performance against the third element of the annual bonus –

the non-financial individual strategic and operational measures

for the outgoing CEO and the CFO for 2025.

Emma Walmsley led the company through delivering

exceptional results in 2025 and I wanted to add my thanks to

those delivered by the Chair in his report for her leadership

and contribution and wish her every success for the future. As

a Committee, we assessed her performance with the usual

scrutiny as part of the bonus scorecard. It was pleasing in

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---

Emma's final year as CEO to see her excellent achievement

of not only her pre-agreed objectives but also successfully

absorbing the complexity of MFN and other industry issues

as well as providing full support to the CEO transition. On this

basis, and after careful thought, we recognised this impact in

her achieving maximum potential on the personal element of

her bonus. Our CFO also made significant contributions which

the Committee also recognised. We have provided greater

detail on performance against each of their strategic and

operational objectives and achievements on pages [138](#ibece497f6951404e8134e9a2c80ac0e9_8391) and

[139](#ibdbc15430a524bc4b6ae5c7f5e36c655_14-0-1-3-1058353) which show the outturn for the two Executive directors at

100% and 86.7% of maximum for the outgoing CEO and the

CFO respectively for this portion of their bonuses.

Before finalising the overall bonus outcomes, the Committee

took time to consider the broader performance of the company

and the outgoing CEO and the CFO's contributions. The

Committee was satisfied that the payouts were appropriate

given the exceptional financial and operational results for

2025, supporting delivery of our long-term strategy, and the

35% increase in share price performance.

When all bonus measures are combined, the final payout

against the maximum of 300% (on-target outgoing CEO 150%

and the CFO 100%) was c.246% of base salary for the

outgoing CEO (of which 146% of base salary was delivered in

shares deferred for three years), and c.216% of base salary for

the CFO (of which 116% of base salary was delivered in

deferred shares), i.e. 82% and 72% of maximum respectively.

This compares to 2024 bonuses of 210% for the outgoing CEO

and 198% for the CFO (or 70% and 66% of maximum).

**Long-term incentive (LTI) awards**

With regards to the performance of our 2023 Performance

Share Plan (PSP) LTI award, this is the second grant made

under our previous Policy. The Committee was again very

pleased at the progress being made, particularly seeing the

continued improvement in TSR performance over the year of

41% (resulting from a 35% increase in the share price). Overall,

approximately 82% of the total award under the 2023 grant

vested based on performance over the three-year period from

January 2023 to December 2025.

The grant had five measures, all of which vested to some extent

with the details set out on page [140](#ibece497f6951404e8134e9a2c80ac0e9_8389) of this report. In terms of

TSR, GSK ranked in 5th position against our former global

pharma peer group of ten companies (including GSK) for

relative TSR performance, resulting in above median

positioning for GSK and an element of vesting (12% of a

possible 30%) for this component.

A primary measure of success for any biopharma group is

the strength of its products and pipeline. Over the three-year

performance period, the pipeline delivered maximum

performance i.e. 100% outturn. The Science Committee

provided scientific scrutiny of performance of this measure

prior to the Committee's review of the outturn.

Before confirming the final total vesting level, the Committee

considered the overall performance measure outcomes of

this PSP award, as well as the overall shareholder experience.

We agreed that, given the progress made, the outcome for the

three-year period was appropriate.

**Total variable performance pay for 2025** 

Overall, 2025 resulted in total variable performance pay at

82% of maximum opportunity for the outgoing CEO. This was

considered a fair reflection of the performance achieved. The

CFO's performance pay resulted in a 77.7% achievement of

her maximum opportunity. The formulaic outturns for the

outgoing CEO and the CFO were, therefore, approved without

the exercise of any discretion.

Finally, in terms of the 2025 outturn, I would like to add some

context to the increase in the figure for benefits in 2025

compared with 2024. This does not reflect any material

change in our practices and arises from two separate matters.

Following the tragic death of UnitedHealthcare's CEO and

other similar tragic events, we, consistent with many other

global companies, commissioned an external review of the

security arrangements in place to safeguard our executives

and approved enhanced procedures in line with their advice.

This led to an increase in the total spend on improved security

protection arrangements for our Chair (see page [146](#i097d4713ff7c46d7928b459a8aad8b40_0-0-1-1-1058378)) and

Executive Directors following an increase to the threat

landscape. This is not currently anticipated to involve annual

recurring expenses at this level but is included in the 2025

figures. In addition, certain medical expenses were incurred

under our pre-existing arrangements.

**Change in CEO**

As announced in September 2025, GSK and Emma Walmsley

agreed that she would step down as CEO and a Director on

31 December 2025 but would remain an employee through

to 30 September 2026 during which time she is supporting the

new CEO and Chair with an orderly transition, in particular,

in considering the potential impact to GSK's operating

environment arising from geopolitics and new technologies.

Her agreed departure terms are set out in the section headed

'Leaving Arrangements' on page [149](#if63ad16302ce4a61ac322d3edaefd3fe_12380) of this report. These

briefly comprise continued salary and bonus opportunity (at

on-target level) while she remains employed provided she

continues to deliver satisfactory personal performance, and

'good leaver' status under the rules of our incentive plans

consistent with the policy and her contractual terms.

She will remain subject to the 7.25x salary share ownership

requirement for two years after her departure (until September

2028) consistent with our Policy.

As part of her departure terms, it was agreed to preserve her

right to certain medical support for her and her family for up

to three years from her leaving date. This was consistent with

her long-standing expectations.

Luke joined the Board as our new CEO on 1 January 2026.

His terms are provided on page [131](#i38573db3aeab47229e2ff32abcf53f4e_0-0-1-1-1055496) of this report. In summary,

they comprise a starting salary of £1.375m (being

approximately 4% lower than that of Emma's 2025 base salary

and 5.5% lower than the global biopharma peer group

median, putting his total pay in the lower quartile). He will

broadly receive the same terms as Emma with a 1.5x salary for

on-target bonus delivery (3x at maximum) and a 7.25x salary

PSP award level. He will also be subject to a 7.25x salary

share ownership requirement. His benefits have been aligned

with our current company practices.

The Committee feels strongly that this package as well as

the plan design underscores the importance of our current

shareholder approved Policy to move the incumbent CEO's

total target pay to the median of the global peer group of

biopharma companies in a way that encourages out-

performance.

Luke's positioning as CEO against his peers and versus the

outgoing CEO, can clearly be seen in the CEO Benchmarks

section on page [132](#i41a802f3e7cb4f189815e9fccd9f09c5_60) of this report.

The Committee is always led by performance first. Subject to

satisfactory personal performance, it hopes to increase the

CEO's package in increments to the median of the group by

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---

2028. This is likely to be achieved through a combination of:

salary increases above the rate applicable to his UK

colleagues generally in each of the next three years; an

increase to the PSP grant level to 8x in 2027; and his annual

grant level being subject to re-benchmarking and consultation

as part of the 2028 Remuneration policy renewal process.

In line with the company's long-standing practices, applicable

to all employees, Luke will also receive for a limited period

reimbursement of certain relocation expenses including flights

and payment of shipping costs in locating to the UK.

**Remuneration policy implementation for 2026**

**2026 Annual bonus and LTI performance measures**

Given the fundamental strategic importance of continued

delivery of our pipeline and that 2025 was only the first year of

the new scorecard's operation, we will continue to operate the

same measures for our Annual bonus.

The Annual bonus measures for 2026 will remain:

---

| | |
|:---|:---|
| **Measure** | **Weighting**  |
| Sales | 25% |
| Core operating profit | 25% |
| Pipeline | 20% |
| Strategic, operational and Responsible <br>Business (RB)<br>| 30% |

---

Targets will continue to be set in the context of the Board's

priorities of continuing the transformation of the company,

fulfilling ambitious revenue targets and delivering sustained

creation of shareholder value through financial ambition,

innovation and growth of the pipeline and continued

consideration of whether new technologies can both improve

our ways of delivering and enable us to deliver new things.

In managing all of these goals, we continue to focus on

navigating the geo-political landscape and embracing new

opportunities.

Both the scorecard measures and specific targets will be kept

under review in subsequent years to ensure it remains relevant

and aligned to the Board's priorities.

We set out how the annual bonus Pipeline measure works

in full on page [137](#ibece497f6951404e8134e9a2c80ac0e9_8395). In summary, it seeks to reward delivery of

shorter-term, large, publicly reported R&D milestones for

GSK's priority pipeline assets, which together are expected to

deliver the company's 2031 growth strategy. The Science

Committee supported our Committee in confirming the

appropriateness and stretch in the Pipeline measure.

Our 2026 PSP LTI measures will also remain:

---

| | |
|:---|:---|
| **Measure** | **Weighting**  |
| Relative TSR | 40% |
| Sales | 17.5% |
| Core operating profit | 17.5% |
| Pipeline | 17.5% |
| RB: Composite score | 7.5% |

---

These measures seek to reinforce over-delivery of our longer-

term growth strategy. The PSP LTI Pipeline measure is

differentiated to the Annual bonus measure as importantly it

focuses on the value and volume achievement of the overall

pipeline supporting our 2031 growth strategy and beyond.

This measure will only vest, either in full or in part, if at the time

of vesting the most recently governed and published 2031

growth strategy for sales remains at a specified level.

Our RB measure directly aligns and rewards delivery against

the company's full RB programme. The Committee

appreciates the prior review of this measure by the Corporate

Responsibility Committee as the subject matter experts in

setting challenging longer term targets here.

You can read in detail about our continued progress in year,

and our ambitions in the context of our six RB focus areas, on

pages [45](#ie22c70781ec24e178b4ec838768832e2_136) to [56](#i1793f5b9da324fb7918f9a9c2206449a_4723).

**Path to ensuring competitive compensation**

As mentioned at the outset of this statement, the Committee

wishes to ensure that total target pay for our senior executives

are at the median against the peer group over the next two to

three years. Given the caps on variable pay, this will require

setting the base salary moderately above median level.

The Committee also always takes time to consider the internal

relativities of pay in the Group and noted that the UK wider

workforce annual increase was 3.3%. It was agreed that the

CFO's performance merited a base salary increase of 3.3%

consistent with that level. The new CEO's salary was set in

September 2025 at below the level of his predecessor, even

though this clearly resulted in the package initially being

further below the median. His salary is not due to be reviewed

until December 2026. The outgoing CEO's base salary will

remain unchanged during her employment for 2026.

For completeness, the Chair also received a 3.3% increase in

line with the wider workforce. An explanation of changes to the

Non-Executive Director fees is given on pages [145](#ie22c70781ec24e178b4ec838768832e2_322) and [146](#i097d4713ff7c46d7928b459a8aad8b40_0-0-1-1-1058378).

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**Thank you**

Once again, I would like to take this opportunity to thank

shareholders for their support and engagement with our

new Policy. We were pleased to be able to engage with

the majority of the company's shareholder register and

received very clear support for the current Policy. I would

like to congratulate all our people for all they have

achieved in 2025 and the delivery of another strong year of

performance, and thank my fellow Committee colleagues

for their support. Last but not least, I would also like to

thank colleagues on the Board from the Science and the

Corporate Responsibility committees for their continued

collaboration in supporting the Committee's aim to set

stretching targets and in assessing performance against

them.

I welcome all shareholders' feedback on this report ahead

of our AGM. We look forward to receiving your support for our

Annual report on remuneration at our Annual General Meeting

on 6 May 2026.

**Wendy Becker**

Remuneration Committee Chair

4 March 2026

![GSK_AR25_Case_Study_Keylines_P143.gif](gsk-20251231_g68.gif)

---

| | | |
|:---|:---|:---|
| **2026 Executive Director remuneration summary** | **2026 Executive Director remuneration summary** |  |
|  | **Luke Miels (CEO)** | **Julie Brown (CFO)** |
| **Fixed remuneration** |  |  |
| Salary | £1,375,000 | £1,056,446 – 3.3% increase |
| Pension | 7% (plus up to 3% of £66,666 if matched)<br>Aligned to wider UK workforce | 7% (plus up to 3% of £66,666 if matched)<br>Aligned to wider UK workforce |
| **Performance pay** |  |  |
| Annual bonus<br>(% of salary) | Maximum opportunity: 300% | Maximum opportunity: 300% |
| Annual bonus<br>(% of salary) | On-target: 150% | On-target: 100% |
| LTI<br>(% of salary)<br>| Maximum: 725% | Maximum: 400% |
|  | Threshold: 145% | Threshold: 100% |
| **Share ownership requirement** <br>**(% of salary)**<br>| 725% | 400% |

---

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CEO transition<br>

**Appointment arrangements for Luke Miels**

Luke Miels joined the Board as CEO on 1 January 2026, as announced on 29 September 2025. Luke was not a Director during

2025, so no disclosures are required in the various tables in this report. Details of the appointment process the Board followed are

outlined on page [104](#ie22c70781ec24e178b4ec838768832e2_283). Consistent with our aim to be transparent, the key terms of appointment are summarised for 2026 below.

---

| | |
|:---|:---|
| **Key terms** | **Summary** |
| Starting salary | £1,375,000 with effect from 1 January 2026. This is likely to be subject to 10-12% salary increases in each of 2027 and <br>2028 to reach total target pay towards the median of our size-adjusted global peer group of biopharma companies<br>|
| Standard benefits | In line with long-standing practices, these include reimbursement of certain relocation expenses, including flights <br>and shipping costs etc (grossed up for relevant taxes). Private medical benefits are consistent with the company's <br>policies and do not envisage continuation following cessation beyond any notice period<br>|
| Annual bonus | Annual bonus will be at the same level as the previous CEO, with an on-target level of 1.5x salary (maximum 3x salary) <br>and the same deferral terms. The annual bonus measures scorecard for 2026 is set out on page [142](#ibece497f6951404e8134e9a2c80ac0e9_8396) of this report<br>|
| Performance Share <br>Plan (PSP)<br>| A 2026 PSP grant will be made at the 2025 multiple level for the previous CEO of 7.25x salary. This is within the <br>Policy maximum of 8x salary approved at the 2025 AGM. We envisage moving to that level for the 2027 grant. <br>To reach the median of our peer group, it will require another increase in 2028. The performance measures for <br>the 2026 PSP grants are set out on page [143](#ibece497f6951404e8134e9a2c80ac0e9_8397) of this report<br>|
| Share ownership <br>requirements<br>(SOR) | Consistent with our Policy, Luke's SOR will be aligned to his PSP grant level, so is currently set at 7.25x for 2026 <br>but is expected to increase to 8x in 2027<br>|
| Share ownership <br>requirements<br>(SOR) |  |
| Share ownership <br>requirements<br>(SOR) | Luke currently holds 1,435,418.32 shares in respect of his new SOR, i.e. 7.25x his new base salary. This only <br>includes shares held under any share plans once any performance conditions have been met and then only on a <br>net-of-tax basis. He intends to retain shares arising from outstanding and new awards (other than to settle tax) until <br>he reaches his new CEO SOR of 7.25x<br>|
| Service contract | His service contract requires 12 months' notice from either side and is generally consistent with that of the CFO, except <br>that the opportunity was taken to update the contract to include specific provisions that permit the Board to make any <br>termination payments on a phased basis and offset any remuneration from any succeeding role<br>|

---

![GSK_AR25_Case_Study_Keylines_P144a.gif](gsk-20251231_g69.gif)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Overview of new CEO's 2026 remuneration package**<br>The following table compares Luke Miels remuneration to the outgoing CEO's 2025 arrangements.  | **Overview of new CEO's 2026 remuneration package**<br>The following table compares Luke Miels remuneration to the outgoing CEO's 2025 arrangements.  | **Overview of new CEO's 2026 remuneration package**<br>The following table compares Luke Miels remuneration to the outgoing CEO's 2025 arrangements.  | **Overview of new CEO's 2026 remuneration package**<br>The following table compares Luke Miels remuneration to the outgoing CEO's 2025 arrangements.  | **Overview of new CEO's 2026 remuneration package**<br>The following table compares Luke Miels remuneration to the outgoing CEO's 2025 arrangements.  |
|  | **Overview** | **Comparison with** <br>**outgoing CEO**<br>| **Trend versus** <br>**outgoing CEO**<br>| **Rationale** |
| Base salary | £1,375,000 | 4.1% decrease on <br>2025 base<br>| ↓ | Lower salary awarded on initial <br>appointment reflecting that Luke <br>is new in role<br>To achieve the agreed target of <br>delivering a median package will <br>require meaningful increases in <br>base salary over the next few years <br>as he develops into the role <br>|
| Pension | GSK pension contributions or <br>cash supplements of 7% of <br>base salary and matching <br>contributions of up to 3% on <br>the first £66,666 of salary<br>| Identical opportunity | → | Aligned with wider workforce in the <br>UK<br>|
| Annual bonus | On-target bonus of 150% with <br>maximum of 300%<br>| Identical opportunity | → | To incentivise the CEO to over-deliver <br>and recognise execution of the <br>business strategy on an annual basis<br>|
| LTIs | 2026: 7.25x base salary | Identical opportunity | → | To incentivise the CEO to over-deliver <br>and recognise execution of the <br>longer term strategy |
| LTIs | 2027: 8x base salary | Increase is permitted under <br>the Policy assuming <br>performance merits it<br>| → | To incentivise the CEO to over-deliver <br>and recognise execution of the <br>longer term strategy |
| SOR | 7.25x base salary aligned to <br>LTI multiple<br>| Identical, aligned to LTI <br>multiple <br>| → | To align the interests of the CEO with <br>those of shareholders<br>|
| Details of the leaving arrangements for Emma are given on page [149](#if63ad16302ce4a61ac322d3edaefd3fe_12380) | Details of the leaving arrangements for Emma are given on page [149](#if63ad16302ce4a61ac322d3edaefd3fe_12380) | Details of the leaving arrangements for Emma are given on page [149](#if63ad16302ce4a61ac322d3edaefd3fe_12380) | Details of the leaving arrangements for Emma are given on page [149](#if63ad16302ce4a61ac322d3edaefd3fe_12380) | Details of the leaving arrangements for Emma are given on page [149](#if63ad16302ce4a61ac322d3edaefd3fe_12380) |

---

![GSK_AR25_Case_Study_Keylines_P144b.gif](gsk-20251231_g70.gif)

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**Understanding the new CEO remuneration package**

We continue to believe in the fundamental principle of incentivising out-performance and penalising underperformance to support

our performance culture and long term strategy. The Committee is driven by the need to ensure our Policy is aligned to support

strategic delivery and that incumbents are paid appropriately to be retained and incentivised. While this section focuses on

progression to peer group median, the Committee does not wish to slavishly follow the median and is also focused on individual

performance and capability of senior executives. That said, the current discounts to our competitors are considered much too

great and drive internal compression, and assuming continued strong performance, we would expect to move the policy over the

next few years.

To that end, as provided for in the new Policy approved by shareholders at the 2025 AGM, the Committee's objective is to ensure

that the new CEO's total target pay is set around the median of our size-adjusted global biopharma peers. The former CEO's

package for 2025 was set at c.82% of the median with a view to reaching median remuneration over the next few years, subject

to performance. Setting a lower starting salary for Luke Miels, the new CEO, reflects that this is his first group CEO role. However,

this means he is commencing his tenure even further below our peer group median at around 78%, given another year of peer

group increase.

While the Board decided that Luke was the best available candidate regardless of the package other candidates could

command, the Committee did note that several candidates earned considerably more than the outgoing CEO which reinforces

our commitment, subject to ongoing performance, of moving to a competitive median level.

To meet the Committee's longer-term objective, subject to Luke's performance in role, this will require a c.26% salary increase if

the bonus and PSP multiples remain unchanged. Over 2025, GSK has achieved a significant re-rating of its share price (up 35%)

which we committed to achieving prior to increasing the PSP award level to 8x. Given the re-rating, we proposed to increase

Luke's PSP grant level to the current policy maximum of 8x salary in 2027. This reduces the gap to median (based on 2025 data)

to c20%. If his CEO PSP grant level is increased further beyond the current 8x maximum multiple at the next policy review in

2028, it would reduce the gap to the 2025 median further and better reflect our commitment to maintaining and further

strengthening our performance culture. This will need to be confirmed against updated market data which we will share at our

next formal consultation.

These forward projections to our peer group are all to 2025 data with no allowance for increases to constituent CEO peers'

packages or ageing of their data. Going forward, the Committee will be monitoring Luke's performance, as he takes on his new

role, and the competitiveness of his total target remuneration.

![GSK_AR25_Case_Study_Keylines_P150.gif](gsk-20251231_g71.gif)

**Competitive CEO remuneration**

Median TDC (£m)

![330](gsk-20251231_g72.gif)

£8.4m

**Key**

Luke Miels, CEO - 2026

£8.8m

---

| | |
|:---|:---|
| ■ | Salary |
| ■ | Annual bonus |
| ■ | LTI |

---

Emma Walmsley, outgoing CEO - 2025

Size-adjusted global biopharma peers - 2025

£10.8m

**£m**

**GSK CEO remuneration versus new peer group (2025 data)**

Other

peers

Emma

Walmsley

Luke

Miels

![302](gsk-20251231_g73.gif)

**Key**

---

| |
|:---|
| LTI |
| Bonus |
| Salary |

---

---

| |
|:---|
| 17.5 |
| 15 |
| 12.5 |
| 10 |
| 7.5 |
| 5 |
| 2.5 |
| 0 |

---

![](gsk-20251231_g74.gif)

**Median**

![](gsk-20251231_g75.gif)

![](gsk-20251231_g76.gif)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | **Corporate governance** | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| 2025 remuneration at a glance | 2025 remuneration at a glance | 2025 remuneration at a glance | 2025 remuneration at a glance | 2025 remuneration at a glance |

---

![GSK_AR25_Case_Study_Keylines_P146a.gif](gsk-20251231_g77.gif)

---

| | |
|:---|:---|
| **2025 Total remuneration**  |  |
| **Emma Walmsley, outgoing CEO**  | **Julie Brown, CFO** |

---

![67](gsk-20251231_g78.gif)

![80](gsk-20251231_g79.gif)

---

| | | |
|:---|:---|:---|
| **53%** | **47%** | **£4.17m** |

---

---

| | | |
|:---|:---|:---|
| **16%** | **84%** | **£10.56m** |

---

---

| | | |
|:---|:---|:---|
| **23%** | **77%** | **£9.73m** |

---

---

| | | |
|:---|:---|:---|
| **13%** | **87%** | **£15.68m** |

---

---

| | | | |
|:---|:---|:---|:---|
| ●  | Fixed pay – salary, benefits, pensions and CFO buyout | ●  | Performance pay – annual bonus and vested LTIs |

---

---

| | | |
|:---|:---|:---|
| **2025 Pay for performance**  | **2025 Pay for performance**  |  |
| **2025 Annual bonus outcome: Overall payout 82% and 72% of maximum for outgoing CEO and the CFO** <br>**respectively** | **2025 Annual bonus outcome: Overall payout 82% and 72% of maximum for outgoing CEO and the CFO** <br>**respectively** | **2025 Annual bonus outcome: Overall payout 82% and 72% of maximum for outgoing CEO and the CFO** <br>**respectively** |
| **Measures** | **Performance** |  |
| Total sales growth<sup>1</sup>  |  | **50.25 of 75%** |
| Total sales growth<sup>1</sup>  |  | **42 of 75%** |
| Core operating profit growth  |  | **54 of 75%** |
| Core operating profit growth  |  | **47 of 75%** |
| Pipeline performance |  | **51.75 of 60%** |
| Pipeline performance |  | **49 of 60%** |
| Strategic and operational <br>and RB  |  | **90 of 90%** |
| Strategic and operational <br>and RB  |  | **78 of 90%** |

---

![GSK_AR25_Case_Study_Keylines_P146b.gif](gsk-20251231_g80.gif)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ●  | Outgoing CEO | ●  | CFO | ●  | Lapsed |

---

![318](gsk-20251231_g81.gif)

![330](gsk-20251231_g82.gif)

![294](gsk-20251231_g83.gif)

![306](gsk-20251231_g84.gif)

![270](gsk-20251231_g85.gif)

![282](gsk-20251231_g86.gif)

![342](gsk-20251231_g87.gif)

![355](gsk-20251231_g88.gif)

---

| | |
|:---|:---|
| **2025 Annual bonus delivery**  |  |
| **Emma Walmsley,** <br>**outgoing CEO** <br>Overall bonus 246% of salary | **246%** |
| **Emma Walmsley,** <br>**outgoing CEO** <br>Overall bonus 246% of salary | **246%** |
| **Julie Brown, CFO** <br>Overall bonus 216% of salary | **216%** |
| **Julie Brown, CFO** <br>Overall bonus 216% of salary | **216%** |

---

---

| | |
|:---|:---|
| **146%** | **100%** |

---

![246](gsk-20251231_g89.gif)

---

| | |
|:---|:---|
| **116%** | **100%** |

---

![258](gsk-20251231_g90.gif)

---

| | | | |
|:---|:---|:---|:---|
| ●  | Shares deferred for 3 years | ●  | Cash |

---

---

| | |
|:---|:---|
| **2023 LTI PSP outcome: Overall vesting 82% of maximum**  | **2023 LTI PSP outcome: Overall vesting 82% of maximum**  |
| **Measures** | **Performance** |
| Total sales growth<sup>1, 2</sup> |  |
| Core operating profit growth<sup>2</sup> |  |
| Pipeline performance |  |
| Relative TSR |  |
| RB: environment |  |

---

![222](gsk-20251231_g91.gif)

**20% of a maximum 20%**<br>

**20% of a maximum 20%**<br>

**20% of a maximum 20%**<br>

![234](gsk-20251231_g92.gif)

**12% of a maximum 30%**<br>

**10% of a maximum 10%**<br>

---

| | | | |
|:---|:---|:---|:---|
| ●  | Vested | ●  | Lapsed |

---

(1)Total sales is referred to as Group turnover elsewhere in the report

(2) Excluding COVID-19 solutions

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | **Corporate governance** | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Annual report on remuneration | Annual report on remuneration | Annual report on remuneration | Annual report on remuneration | Annual report on remuneration |

---

2025 Executive Directors' total remuneration (audited)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fixed pay** | **Fixed pay** | **Pay for performance** | **Pay for performance** |  |
| **Salary**<br>**Pension**<br>| Benefits<br>Other<br>| **Annual bonus** | LTI awards <br>(2023 PSP award vesting)<br>| **Total remuneration** |

---

![](gsk-20251231_g93.gif)

![GSK_Rem_Measures_BG_2025_Fixed_Pay_measures.gif](gsk-20251231_g94.gif)

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read more on page <br>[135](#ie22c70781ec24e178b4ec838768832e2_316)<br>|

---

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read more on pages <br>[136](#ie22c70781ec24e178b4ec838768832e2_319) to [139](#ibdbc15430a524bc4b6ae5c7f5e36c655_14-0-1-3-1058353)<br>|

---

---

| | |
|:---|:---|
| ![ReadMore.gif](gsk-20251231_g6.gif) | Read more on pages <br>[140](#ibece497f6951404e8134e9a2c80ac0e9_8389) and [141](#ibece497f6951404e8134e9a2c80ac0e9_8398)<br>|

---

![](gsk-20251231_g95.gif)

![](gsk-20251231_g95.gif)

![](gsk-20251231_g96.gif)

The following sections from this page to page [155](#ie22c70781ec24e178b4ec838768832e2_340) provide details of each element of '2025 Total remuneration' and how the

![](gsk-20251231_g95.gif)

Committee implemented the company's shareholder-approved 2025 Remuneration policy during the year in terms of fixed and

![](gsk-20251231_g95.gif)

performance pay.

**2025 Total remuneration (audited)**<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **Emma Walmsley,** <br>**Outgoing CEO**<sup>(1)</sup><br>|  | **Julie Brown,** <br>**CFO** <br>|
|  | 2025<br>£000<br>| 2024<br>£000<br>| 2025<br>£000<br>| 2024<br>£000<br>|
| **Fixed pay** |  |  |  |  |
| Salary | **1431** | 1363 | **1023** | 990 |
| Benefits | **583** | 180 | **101** | 64 |
| Pension | **102** | 98 | **72** | 69 |
| Other<sup>(2)</sup> | **—** |  | **1088** | 1088 |
| Total fixed pay | **2116** | 1641 | **2284** | 2211 |
| **Pay for performance** |  |  |  |  |
| Annual bonus<sup>(3)</sup> | **3520** | 2855 | **2209** | 1955 |
| Vesting of PSP LTI awards<sup>(4)</sup> | **10045** | 6063 | **5237** |  |
| Total pay for performance | **13565** | 8918 | **7446** | 1955 |
| **Total remuneration** | **15681** | 10559 | **9730** | 4166 |

---

**(1)CEO succession:** Emma Walmsley was succeeded by Luke Miels as CEO on 1 January 2026. Details of his remuneration for 2026 can be found on

page [131](#i38573db3aeab47229e2ff32abcf53f4e_0-0-1-1-1055496). Details of the leaving arrangements for Emma are given on page [149](#if63ad16302ce4a61ac322d3edaefd3fe_12380)

**(2)Other:** In 2025 Julie Brown received the last of two payments as part of her buyout arrangements in relation to her joining GSK from Burberry Group

during 2023. The Committee sought to ensure that Julie was compensated on a like-for-like basis as far as possible. In fulfilment of these arrangements,

the CFO purchased 22,500 GSK shares in June 2023

**(3)Annual bonus:** Comprises the total bonus (both cash and deferred shares under the Deferred Annual Bonus Plan (DABP)). Details of the mandatory

DABP deferrals for 2025 and 2026 are set out on page [151](#ie22c70781ec24e178b4ec838768832e2_331)

**(4)2023 Performance Share Plan (PSP) vesting in 2026**: For the outgoing CEO and the CFO, the figure has been valued based on the closing price on 13

February 2026 of £21.65. The share price on 8 February 2023, one day prior to the date of grant for the outgoing CEO, was £15.01. The CFO joined GSK

during 2023 and received her 2023 grant on 27 April 2023. The share price on 26 April 2023, one day prior to the date of grant, was £14.42. This award

will not vest until April 2026. The final actual value of the amount the CFO received and any actual value attributed to share price appreciation over the

performance period will be restated in the 2026 Annual Report. Of the vested amounts for the outgoing CEO and the CFO, £3.08 million (31%) and £1.73

million (33%) were attributable to the overall share price appreciation over the performance period respectively. Following consideration, the Committee

did not exercise any discretion in relation to the vesting of the awards or share price appreciation, given that shareholders have also benefitted from this

improvement

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | **Corporate governance** | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Annual report on remuneration continued | Annual report on remuneration continued | Annual report on remuneration continued | Annual report on remuneration continued | Annual report on remuneration continued |

---

Fixed pay 2025 and 2026 (audited)<br>

**Salary**

The Committee is very aware of the sensitivity among stakeholders to levels of pay. Before setting or reviewing salary, it

considered the average increases awarded to employees below Executive Director level and the multiplier effect of increases in

base salaries on total remuneration opportunity. The Committee considered the wider economic context, individual performance

and market positioning of the increases awarded. The table below sets out the base salaries and increases agreed for 2025 and

2026 for the Executive Directors compared to increases for the UK workforce.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 and 2026 <br>effective dates |  | % change |  |  | Salary £000 |
|  | 2025 and 2026 <br>effective dates | 2026 | 2025 | 2026 | 2025 | 2024 |
| UK employees | 1 April | 3.3 | 3.3 |  |  |  |
| **Luke Miels** | 1 January | N/A | N/A | 1375 |  |  |
| **Julie Brown** | 1 January | 3.3 | 3.3 | 1056 | 1023 | 990 |
| **Emma Walmsley** | 1 January |  | 5.0 | 1431 | 1431 | 1363 |

---

**Benefits**

This table provides an analysis of total benefits (grossed up for tax) received by the Executive Directors in 2025 and 2024.

The UK remuneration reporting regulations require the company to add into each Executive Director's total benefits all items that

are deemed by tax authorities to be a taxable benefit for them. These include employee benefits as well as business-related

services provided to employees to assist or enable them to carry out their role, which a tax authority has deemed to be a taxable

'benefit' to the individual. Given these are business expenses, the company meets the tax that arises on them, so the items are

shown grossed up for tax.

The overall spend on employee 'Business-related services' increased significantly in 2025 in addressing the advice resulting from

an external security review most especially in respect of the CEO. This advice is in line with the actions of many industry peers to

further improve security protection arrangements for our Executive Directors and the Chair (as can be seen from the table on

page [146](#i097d4713ff7c46d7928b459a8aad8b40_0-0-1-1-1058378)) following an increase in the external threat landscape at the end of 2024. This is not currently anticipated to involve

annual recurring expenses at this level for these individuals. The increase in Emma Walmsley's 'Benefits available to employees'

is mainly attributed to family private medical support.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Emma Walmsley** | **Emma Walmsley** | **Julie Brown** | **Julie Brown** |
|  |  | Benefits <br>£000<br>|  | Benefits <br>£000<br>|
|  | 2025 | 2024 | 2025 | 2024 |
| Business-related services | **400** | 77 | **55** | 25 |
| Benefits available to employees | **183** | 103 | **46** | 39 |
| Total benefits | **583** | 180 | **101** | 64 |

---

**Pensions**

Pension arrangements for Executive Directors are aligned with the wider workforce. They received GSK pension contributions or

cash supplements of 7% of base salary and matching contributions of up to 3% on the first £66,666 of salary for 2025.

The table below shows the breakdown of the pension values included in 2025 Total remuneration on page [134](#ie22c70781ec24e178b4ec838768832e2_313).

---

| | | | | |
|:---|:---|:---|:---|:---|
| Pension remuneration values | **Emma Walmsley** <br>**(£000)** | **Emma Walmsley** <br>**(£000)** | **Julie Brown** <br>**(£000)** | **Julie Brown** <br>**(£000)** |
| Pension remuneration values | 2025 | 2024 | 2025 | 2024 |
| UK defined contribution | **7** | 7 |  |  |
| Employer cash contributions | **95** | 91 | 72 | 69 |
| Pension | **102** | 98 | **72** | 69 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | **Corporate governance** | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  |

---

2025 Pay for performance (audited)<br>

**Annual Bonus**

![GSK_Rem_Measures_BG_2026_Annual_bonus_measures.gif](gsk-20251231_g97.gif)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Total sales<br>growth <br>25%<br>| Core operating <br>profit growth<br>25%<br>| Pipeline <br>performance<br>20%<br>| Strategic, <br>operational and RB <br>30%<br>| **Annual bonus** |

---

---

| | | | |
|:---|:---|:---|:---|
| ●  | Financial measures: 50% | ●  | Operational measures: 50% |

---

**2025 Annual bonus** 

The following table shows the Annual bonuses earned compared to the bonus opportunity for 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 2025 and 2026 Bonus opportunity | 2025 and 2026 Bonus opportunity | 2025 and 2026 Bonus opportunity | 2025 Bonus earned  | 2025 Bonus earned  | 2025 Bonus earned  | 2025 Bonus paid as<br>(£000) | 2025 Bonus paid as<br>(£000) |
|  | Target<br>(% of salary) | Maximum<br>(% of salary) | 2025 salary <br>(£000) | % <br>of Maximum <br>bonus | %<br> of Salary <br>earned | Total 2025 <br>bonus <br>(£000) | Cash | Value of <br>DABP share <br>award |
| Bonus | Target<br>(% of salary) | Maximum<br>(% of salary) | 2025 salary <br>(£000) | % <br>of Maximum <br>bonus | %<br> of Salary <br>earned | Total 2025 <br>bonus <br>(£000) | Cash | Value of <br>DABP share <br>award |
| **Emma Walmsley** | 150 | 300 | 1431 | **82** | **246** | **3520** | **1431** | **2089** |
| **Julie Brown** | 100 | 300 | 1023 | **72** | **216** | **2209** | **1023** | **1186** |

---

Details of the mandatory deferral by Executive Directors into the DABP for the 2025 bonus are set out on page [151](#ie22c70781ec24e178b4ec838768832e2_331).

**2025 Annual bonus performance**

**2025 Financial measures outcomes**

**Total sales growth**

---

| | |
|:---|:---|
| Threshold: **3.8%**  | Maximum: **9.8%** |
| Target: **4.8%**  | Target: **4.8%**  |
|  | 50.25% of salary for <br>outgoing CEO<br>42% of salary for CFO |
|  | 50.25% of salary for <br>outgoing CEO<br>42% of salary for CFO |

---

**Core operating profit growth**

---

| | |
|:---|:---|
| Threshold: **7.4%**  | Maximum: **13.4%** |
| Target: **8.4%**  | Target: **8.4%**  |
| 54% of salary for <br>outgoing CEO<br>47% of salary for CFO | 54% of salary for <br>outgoing CEO<br>47% of salary for CFO |
| 54% of salary for <br>outgoing CEO<br>47% of salary for CFO | 54% of salary for <br>outgoing CEO<br>47% of salary for CFO |

---

![174](gsk-20251231_g98.gif)

![106](gsk-20251231_g99.gif)

![](gsk-20251231_g100.gif)

![](gsk-20251231_g100.gif)

**2025 Financial performance**

These targets were set following consideration of analyst consensus as well as internal budgets. Threshold and maximum

performance was at 1% below and 5% above target growth respectively. The Total sales growth and Core operating profit growth

targets and outcomes for the purposes of the Annual bonus calculation are based on CER.

2025 Financial performance<br>

–GSK delivered strong performance in 2025 with strong sales, Core operating profit and Core EPS growth driven by momentum

of the Specialty Medicines portfolio, across respiratory, immunology & inflammation, oncology and HIV. This was higher than

the guidance provided at the start of the year and affirms delivery of GSK's growth strategy for the period 2021-26

–Delivered full-year reported Group sales of £32.7bn (+4% AER, +7% CER)

–Specialty Medicines growth was 14% AER, 17% CER. Vaccines was stable at AER, but increased 2% CER. General Medicines

was broadly stable with a decline 4% AER, 1% CER

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | **Corporate governance** | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  |

---

**2025 Pipeline performance** 

This new element of the Annual bonus was introduced in 2025. It focuses on ensuring that executives have a direct link to the

delivery of pipeline milestones. It was designed to incentivise and reward 'on-time in full' delivery of near-term outcome-based

milestones across our priority assets and business development objectives. It reinforces alignment across the entire executive

team.

![GSK_AR25_Case_Study_Keylines_P150.gif](gsk-20251231_g71.gif)

---

| | | |
|:---|:---|:---|
| **Points achieved against milestones:** |  |  |
| Threshold: **12.7 Points**  | Maximum: **59.0 Points** | Maximum: **59.0 Points** |
| Target: **30.4 Points**  | Target: **30.4 Points**  |  |
|  |  | Actual: 51.12 points<br>86.6% of maximum points<br>–51.75% of salary for <br>outgoing CEO<br>–49.00% of salary for CFO  |
|  |  | Actual: 51.12 points<br>86.6% of maximum points<br>–51.75% of salary for <br>outgoing CEO<br>–49.00% of salary for CFO  |

---

![13](gsk-20251231_g101.gif)

![](gsk-20251231_g100.gif)

**Target-setting and performance review process**

These targets were set at the start of the year following the Science Committee's review of the assets in the pipeline and the short-

term opportunities to accelerate them. For each of the launches and next-wave assets, key inflection points that could be

achieved in 2025 were agreed by the Committee and set as the respective threshold, target and stretch deliverables. Each of

those priorities were weighted and assigned points based on their contribution to peak-year sales or their 'value potential'.

At the end of 2025, the Science Committee reviewed performance against the milestones during 2025 and recommended the

following performance levels, which were subsequently approved by the Committee. Full details of the progress achieved by R&D

in 2025 is provided on pages [12](#ie22c70781ec24e178b4ec838768832e2_61) to [32](#i259e754fc6474352978e93c1a59f4bf6_88). (The full pharmaceutical and vaccine pipeline is set out on pages [32](#i259e754fc6474352978e93c1a59f4bf6_88) and [255](#ie22c70781ec24e178b4ec838768832e2_562) to [259](#ie22c70781ec24e178b4ec838768832e2_568))

---

| | |
|:---|:---|
| **Overview of milestones achieved during the year by therapeutic area (including business development)**  | **Total points for therapeutic** <br>**area**<br>|
| **Respiratory, immunology and inflammation** <br>(Asthma portfolio, COPD portfolio, camlipixant, <br>Low-carbon *Ventolin*)<br>| 15.12 points |
| **HIV** <br>(Cab ultra, N6LS, VH'499)<br>| 2.50 points |
| **Oncology** <br>(*Blenrep,* B7-H3, B7-H4 and *Jemperli*)<br>| 12.50 points |
| **Vaccines and Infectious Diseases** <br>(mRNA respiratory, Pneumococcal franchise, Men ACBWY, <br>bepirovirsen, gepotidacin and tebipenem)<br>| 16.00 points |
| **Commitments to Target and Phase II starts** | 5.00 points |
| **Total points** | **51.12 points** |

---

![REM chart_Images.jpg](gsk-20251231_g102.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | **Corporate governance** | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  |

---

**2025 Strategic, operational and RB performance** 

At the beginning of 2025, after agreeing GSK's three-year plan for 2025-2027 and following review of the company's long-term

growth strategy and the Board's priorities for the year ahead, the Committee agreed the financial bonus targets for the CEO and

CFO and set their individual strategic and operational measures for 2025. At year-end, after the Board's review of GSK's

performance, the Committee received and considered specific performance assessment reports against the deliverables set for

each Executive Director. These showed the extent of achievement against each deliverable. In completing its assessment, the

Committee also considered shareholder experience and external market valuation alongside performance outcomes.

---

| | | |
|:---|:---|:---|
| Objectives | Achievement during 2025 | Performance <br>assessment<br>|
| **Emma Walmsley**<br>**Financial performance was strong with GSK delivering at the top end, of our twice upgraded guidance, closing the year** <br>**with top line sales growth and core operating profit. GSK's reshaped portfolio is demonstrating resilience with a** <br>**strengthening contribution from Specialty Medicines. For the longer term and the achievement of the 2031 growth** <br>**strategy, Innovation delivery and pipeline execution remained a core focus. GSK achieved five new FDA approvals, and** <br>**the early and late-stage pipeline was strengthened with targeted BD and collaborations in technology and AI/ML. In** <br>**addition to the targets set at the beginning of the year, Emma personally provided significant engagement and** <br>**leadership for GSK on MFN and tariff management to ensure the conclusion of an agreement with the US government** <br>**before the end of the year. She also contributed significantly to an effective and smooth CEO transition**<br>**The following table sets out her performance against her objectives** | **Emma Walmsley**<br>**Financial performance was strong with GSK delivering at the top end, of our twice upgraded guidance, closing the year** <br>**with top line sales growth and core operating profit. GSK's reshaped portfolio is demonstrating resilience with a** <br>**strengthening contribution from Specialty Medicines. For the longer term and the achievement of the 2031 growth** <br>**strategy, Innovation delivery and pipeline execution remained a core focus. GSK achieved five new FDA approvals, and** <br>**the early and late-stage pipeline was strengthened with targeted BD and collaborations in technology and AI/ML. In** <br>**addition to the targets set at the beginning of the year, Emma personally provided significant engagement and** <br>**leadership for GSK on MFN and tariff management to ensure the conclusion of an agreement with the US government** <br>**before the end of the year. She also contributed significantly to an effective and smooth CEO transition**<br>**The following table sets out her performance against her objectives** | **Emma Walmsley**<br>**Financial performance was strong with GSK delivering at the top end, of our twice upgraded guidance, closing the year** <br>**with top line sales growth and core operating profit. GSK's reshaped portfolio is demonstrating resilience with a** <br>**strengthening contribution from Specialty Medicines. For the longer term and the achievement of the 2031 growth** <br>**strategy, Innovation delivery and pipeline execution remained a core focus. GSK achieved five new FDA approvals, and** <br>**the early and late-stage pipeline was strengthened with targeted BD and collaborations in technology and AI/ML. In** <br>**addition to the targets set at the beginning of the year, Emma personally provided significant engagement and** <br>**leadership for GSK on MFN and tariff management to ensure the conclusion of an agreement with the US government** <br>**before the end of the year. She also contributed significantly to an effective and smooth CEO transition**<br>**The following table sets out her performance against her objectives** |
| **Deliver pipeline** <br>**goals for priority** <br>**assets**<br>| –Five out of five major FDA approvals were delivered in 2025 (*Blujepa, Penmenvy, Nucala* COPD*,* <br>*Blenrep* and *Exdensur*)<br>–Strong overall pipeline progress, with pipeline progression above target, notably for depemokimab <br>COPD, *Nucala* COPD, B7-H3, B7-H4, *MAPS*, bepirovirsen and gepotidacin<br>–15 scale opportunities expected to launch and contribute to sales before 2031 (previously 14, with <br>FGF21 added)<br>–Completed BD transactions to acquire assets in respiratory, immunology and inflammation, and <br>oncology; several new material research alliances and partnerships established<br>| Exceeded |
| **Deliver Innovation** <br>**sales** <br>| –Delivered Innovation Sales above Plan accounting for 23% of total sales. Material over delivery of <br>Specialty and ViiV Innovation sales portfolio<br>| Exceeded |
| **Deliver financial Plan** <br>**and effective external** <br>**communication for** <br>**the company**<br>| –Delivered the financial Plan exceeding guidance for 2025, driven by strong growth and increasing <br>growth in Specialty, Oncology and HIV<br>–Significant focus on SG&A enabling improvement to the SG&A to sales ratio with Q4 restructuring <br>charges absorbed in the plan <br>–Share buyback programme executed as per plan<br>| Exceeded |
| **Deliver digital, data** <br>**and tech milestones**<br>| –Leveraged unique insight and connection to tech companies to drive continued AI capability <br>embedding at scale in global functions, manufacturing, R&D and commercial with measurement of <br>efficiencies achieved<br>–Excellent progress across the R&D data/AI technology goals driving improvements in cycle time, <br>cost and attrition<br>–7,900 employees completed the Enterprise Digital Fluency training, local training at 50+ sites <br>–Two-day demonstration with the Board on AI/ML in action across the business<br>| Exceeded |
| **Meet Trust goals and** <br>**protect and build** <br>**GSK's reputation**<br>| –Constructive engagement with governments and response to changes in macro-trading <br>environment <br>–Global Health and Access ahead of goal <br>–Low Carbon *Ventolin* filing delivered in December 2025 and all commercial activities on track for <br>launch in 2026<br>–Cyber maturity program exceeding commitments<br>–Highly effective external CEO communication and engagement building reputation and shaping of <br>policy, including prevention, technology and access<br>| Exceeded |
| **Culture progress** | –Embedded 'Ahead Together' culture with measurable progress on accountability and performance <br>mindsets, notably in R&D<br>–Successfully launched the new Learning & Development Hub to deliver personalised learning via <br>an integrated digital experience positioning GSK to accelerate capability development at scale. <br>Close to 60% of employees accessed in first two months<br>| Fully met |
| **GLT succession** <br>**planning**<br>| –Personally led and invested in the management programme to ensure multiple strong internal and <br>external candidates were identified and developed for all GLT roles for best in class succession <br>culture<br>–CEO transition - providing support and development for incoming CEO<br>| Exceeded |
| The Committee commended the outgoing CEO on her performance in her last year and determined that she had clearly exceeded her <br>individual objectives and that 90% out of the 90% maximum should be attributed to her overall bonus | The Committee commended the outgoing CEO on her performance in her last year and determined that she had clearly exceeded her <br>individual objectives and that 90% out of the 90% maximum should be attributed to her overall bonus | The Committee commended the outgoing CEO on her performance in her last year and determined that she had clearly exceeded her <br>individual objectives and that 90% out of the 90% maximum should be attributed to her overall bonus |

---

![](gsk-20251231_g103.gif)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | **Corporate governance** | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  |

---

---

| | | |
|:---|:---|:---|
| Objectives | Achievement during 2025 | Performance <br>assessment<br>|
| **Julie Brown**<br>**Julie again delivered strong financial leadership and operational discipline in 2025, achieving significant** <br>**overperformance against plan while advancing cyber security maturity and building a high-performing Finance** <br>**Leadership Team**<br>**The following table sets out her performance against her objectives** | **Julie Brown**<br>**Julie again delivered strong financial leadership and operational discipline in 2025, achieving significant** <br>**overperformance against plan while advancing cyber security maturity and building a high-performing Finance** <br>**Leadership Team**<br>**The following table sets out her performance against her objectives** | **Julie Brown**<br>**Julie again delivered strong financial leadership and operational discipline in 2025, achieving significant** <br>**overperformance against plan while advancing cyber security maturity and building a high-performing Finance** <br>**Leadership Team**<br>**The following table sets out her performance against her objectives** |
| **Deliver financial plan** <br>**and guidance** <br>| –Delivered full-year financial over-performance including two upgrades during the year<br>–Maintained robust forecasting and resource allocation discipline supporting near- and mid-term <br>growth<br>–Strategies were implemented successfully to manage tariffs and global pricing<br>| Exceeded |
| **Deliver path to** <br>**competitive P&L and** <br>**cash flow** <br>**optimisation** <br>**including through** <br>**Tech**<br>| –Achieved competitive P&L structure through SG&A optimisation and analytics-driven decisions <br>allowing additional capacity for R&D investments <br>–Improved profitability and cash conversion versus plan while enabling targeted investments behind <br>key brands and productivity drivers<br>–Enhanced transparency and granularity in management performance reviews <br>–Identified and progressed top three technology enablement priorities in finance (forecasting AI, <br>Smart resource allocation, Agentic AI) and the traversal AI enabled resource allocation program <br>has gone live in five markets<br>| Exceeded |
| **Lead exceptional IR** <br>**deployment**<br>| –Partnering with GLT to deliver the investor program strengthening engagement around our catalysts <br>and improving quality of IR materials<br>–Held 94 investor engagements where she personally met with 100 shareholders (representing 45% <br>of ISC), 90 prospective holders and 24 sell-side analysts <br>| Exceeded |
| **Support execution of** <br>**Cyber security plan** <br>**and** <br>| –Strengthened protection against key threat vectors (ransomware, data theft, third-party risk <br>operational tech and resiliency) through targeted projects. The cybersecurity programme has been <br>successfully completed, delivering 129 projects in total, and is now transitioning to the BAU plan <br>for 2026<br>| Exceeded |
| **Continue to build a** <br>**high performing and** <br>**high potential** <br>**finance leadership** <br>**team**<br>| –The Finance Leadership Team has been strengthened through successful onboarding, <br>engagement, and succession planning. Step change delivered in Talent Management, Inclusion <br>and Wellness and Ahead Together culture<br>| Met |
| The Committee determined that the CFO clearly exceeded her individual objectives and that 78% out of the 90% maximum should be attributed <br>to her overall bonus | The Committee determined that the CFO clearly exceeded her individual objectives and that 78% out of the 90% maximum should be attributed <br>to her overall bonus | The Committee determined that the CFO clearly exceeded her individual objectives and that 78% out of the 90% maximum should be attributed <br>to her overall bonus |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | **Corporate governance** | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  |

---

**LTI awards**![GSK_Rem_Measures_BG_Vesting_of_2023_PSP_LTI_awards.gif](gsk-20251231_g104.gif)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Relative total <br>shareholder <br>return <br>30%<br>| Total sales <br>growth<br>20%<br>| Core operating <br>profit growth<br>20%<br>| Pipeline <br>progress<br>20%<br>| RB: <br>Environment<br>10%<br>| **Total vested LTI** |

---

**Vesting of 2023 PSP LTI awards**

The targets for the 2023 awards were set in February 2023. In line with the Committee's agreed principles, actual performance

against each measure is carefully reviewed and adjustments are made, as appropriate. This ensures that the vesting outcome

reflects genuine underlying business performance and has been delivered in line with our culture and values. The Committee

did not deem it appropriate to exercise any discretion in relation to the vesting of the awards or due to share price changes

since the grant of this award. Overall, 82% of the 2023 PSP awards vested against the targets set out below.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | Vesting level | Vesting level |
| Performance measures<br>and relative weighting<br>| Performance targets | Performance targets | Performance targets | Performance targets | Performance targets | % of<br>maximum<br>| % of<br>award<br>|
| Relative TSR <br>(30%) |  | TSR ranking within comparator group <br>(10 companies) | TSR ranking within comparator group <br>(10 companies) | % vesting | % vesting | 40 | 12 |
| Relative TSR <br>(30%) | **Maximum** |  | 1st, 2nd, 3rd | 100 | 100 |  |  |
| Relative TSR <br>(30%) |  |  | 4th | 70 | 70 |  |  |
| Relative TSR <br>(30%) |  |  | 5th | 40 | 40 |  |  |
| Relative TSR <br>(30%) | **Threshold**<sup>(1)</sup> |  | Median | 25 | 25 |  |  |
| Relative TSR <br>(30%) |  |  | 6th or below | 0 | 0 |  |  |
| Relative TSR <br>(30%) | (1) The median vesting threshold falls between two companies. | (1) The median vesting threshold falls between two companies. | (1) The median vesting threshold falls between two companies. | (1) The median vesting threshold falls between two companies. | (1) The median vesting threshold falls between two companies. |  |  |
| Total sales growth<br>(20%)<br>| Recognises the importance of the company's commercial ambitions with regard to sales <br>growth. The measure vests in accordance with the same vesting schedule as for core <br>operating profit (shown below), Growth for the performance period is calculated using <br>constant exchange rates (CER) and excluding COVID-19 solutions), with a target of <br>£90.08bn | Recognises the importance of the company's commercial ambitions with regard to sales <br>growth. The measure vests in accordance with the same vesting schedule as for core <br>operating profit (shown below), Growth for the performance period is calculated using <br>constant exchange rates (CER) and excluding COVID-19 solutions), with a target of <br>£90.08bn | Recognises the importance of the company's commercial ambitions with regard to sales <br>growth. The measure vests in accordance with the same vesting schedule as for core <br>operating profit (shown below), Growth for the performance period is calculated using <br>constant exchange rates (CER) and excluding COVID-19 solutions), with a target of <br>£90.08bn | Recognises the importance of the company's commercial ambitions with regard to sales <br>growth. The measure vests in accordance with the same vesting schedule as for core <br>operating profit (shown below), Growth for the performance period is calculated using <br>constant exchange rates (CER) and excluding COVID-19 solutions), with a target of <br>£90.08bn | Recognises the importance of the company's commercial ambitions with regard to sales <br>growth. The measure vests in accordance with the same vesting schedule as for core <br>operating profit (shown below), Growth for the performance period is calculated using <br>constant exchange rates (CER) and excluding COVID-19 solutions), with a target of <br>£90.08bn | 100 | 20 |
| Core operating profit <br>growth<br>(20%) | Recognises the importance of the company's commercial ambitions with regard to <br>operating profit growth. Growth for the performance period is calculated using CER, <br>excluding COVID-19 solutions, with a target of £28.03bn | Recognises the importance of the company's commercial ambitions with regard to <br>operating profit growth. Growth for the performance period is calculated using CER, <br>excluding COVID-19 solutions, with a target of £28.03bn | Recognises the importance of the company's commercial ambitions with regard to <br>operating profit growth. Growth for the performance period is calculated using CER, <br>excluding COVID-19 solutions, with a target of £28.03bn | Recognises the importance of the company's commercial ambitions with regard to <br>operating profit growth. Growth for the performance period is calculated using CER, <br>excluding COVID-19 solutions, with a target of £28.03bn | Recognises the importance of the company's commercial ambitions with regard to <br>operating profit growth. Growth for the performance period is calculated using CER, <br>excluding COVID-19 solutions, with a target of £28.03bn | 100 | 20 |
| Core operating profit <br>growth<br>(20%) |  | Performance vs target | Performance vs target | % vesting | % vesting |  |  |
|  | **Maximum** |  | 105% | 100 | 100 |  |  |
|  |  |  | 103% | 75 | 75 |  |  |
|  |  |  | 100% | 50 | 50 |  |  |
|  | **Threshold** |  | 99% | 25 | 25 |  |  |
|  |  |  | <99% | 0 | 0 |  |  |
| Pipeline progress<br>(20%)<br>| Targets strengthening our pipeline through progression of high-quality assets into pivotal <br>trials and the achievement of regulatory approvals in major markets. The points are <br>allocated on achievement of these two equally weighted elements of 10% | Targets strengthening our pipeline through progression of high-quality assets into pivotal <br>trials and the achievement of regulatory approvals in major markets. The points are <br>allocated on achievement of these two equally weighted elements of 10% | Targets strengthening our pipeline through progression of high-quality assets into pivotal <br>trials and the achievement of regulatory approvals in major markets. The points are <br>allocated on achievement of these two equally weighted elements of 10% | Targets strengthening our pipeline through progression of high-quality assets into pivotal <br>trials and the achievement of regulatory approvals in major markets. The points are <br>allocated on achievement of these two equally weighted elements of 10% | Targets strengthening our pipeline through progression of high-quality assets into pivotal <br>trials and the achievement of regulatory approvals in major markets. The points are <br>allocated on achievement of these two equally weighted elements of 10% |  |  |
|  | Measure | Threshold<br>25%<br>| 50% | 75% | Maximum<br>100%<br>|  |  |
|  | **Pivotal trial** <br>**starts**<br>| 12 | 14 | 16 | 20 | 100 | 20 |
|  | **Major** <br>**regulatory** <br>**approval** <br>**milestones**<br>| 17 | 19 | 20 | 22 | 100 | 20 |
| RB: Environment (10%) | Recognises the importance of our Responsible Business priority and ambitions of having a <br>Nature Net positive and Climate Net Zero impact by 2030. The measure includes six key <br>performance measures (3x Climate ambitions and 3x Nature ambitions) | Recognises the importance of our Responsible Business priority and ambitions of having a <br>Nature Net positive and Climate Net Zero impact by 2030. The measure includes six key <br>performance measures (3x Climate ambitions and 3x Nature ambitions) | Recognises the importance of our Responsible Business priority and ambitions of having a <br>Nature Net positive and Climate Net Zero impact by 2030. The measure includes six key <br>performance measures (3x Climate ambitions and 3x Nature ambitions) | Recognises the importance of our Responsible Business priority and ambitions of having a <br>Nature Net positive and Climate Net Zero impact by 2030. The measure includes six key <br>performance measures (3x Climate ambitions and 3x Nature ambitions) | Recognises the importance of our Responsible Business priority and ambitions of having a <br>Nature Net positive and Climate Net Zero impact by 2030. The measure includes six key <br>performance measures (3x Climate ambitions and 3x Nature ambitions) |  |  |
|  | **100% vesting** | Every measure must have been achieved, and at least two of the six <br>measures, at least one in Climate and one in Nature, must have <br>exceeded their targets at the end of 2025 | Every measure must have been achieved, and at least two of the six <br>measures, at least one in Climate and one in Nature, must have <br>exceeded their targets at the end of 2025 | Every measure must have been achieved, and at least two of the six <br>measures, at least one in Climate and one in Nature, must have <br>exceeded their targets at the end of 2025 | Every measure must have been achieved, and at least two of the six <br>measures, at least one in Climate and one in Nature, must have <br>exceeded their targets at the end of 2025 | 100 | 10 |
| Total vesting in respect of 2023 PSP awards | Total vesting in respect of 2023 PSP awards | Total vesting in respect of 2023 PSP awards |  |  |  |  | 82 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | **Corporate governance** | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  |

---

**Pipeline progress (2023-25): Overview of assets contributing to outcome of this measure**

---

| | | |
|:---|:---|:---|
|  | Points achieved | Assets contributing to outcome achieved |
| **Pivotal trial starts**  | 28 | bepirovirsen, dostarlimab, *Blenrep*, tebipenem, <br>camlipixant, Q4M ULA PrEP, niraparib, Low <br>Carbon *Ventolin, Benlysta*, depemokimab, B7-H3 <br>ADC iv, IDRX-42 oral, and FGF21<br>|
| **Major regulatory approval milestones**  | 24 | gepotidacin, RSV OA PreF3, Men ABCWY, <br>dostarlimab iv, momelotinib, *Blenrep*, <br>mepolizumab, depemokimab and cab LAP im <br>|

---

**2023 PSP performance outcome by Executive Director**

---

| | | | |
|:---|:---|:---|:---|
|  | Granted | Vested<sup>(1)</sup> | Value of vested shares<sup>(1)</sup><br>(£000) <br>|
| **Emma Walmsley**<sup>(2)</sup> | 501927 | 463962 | 10045 |
| **Julie Brown**<sup>(3)</sup> | 264026 | 241871 | 5237 |

---

(1)The number of shares that vested and the value they represented at vesting includes dividend reinvestments during the performance period. These

are based on the vesting price of £21.65 on 13 February 2026

(2)The outgoing CEO's award was made on 9 February 2023 when the share price was £15.01.

(3)The CFO joined GSK during 2023 and received her 2023 grant on 27 April 2023 when the share price was £14.42, this award will not vest until until April

2026. The final actual value of the amount received and any actual value attributed to share price appreciation over the performance period will be

restated in the 2026 Annual Report.

**2025 LTI grants**

The 2025 DABP awards, in respect of the deferral of 2024 bonus, and the 2025 PSP awards are set out below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | 2025 DABP awards | 2025 DABP awards |  |  | 2025 PSP awards |
|  | % of total 2024 <br>bonus deferred<br>| Number of <br>shares<br>| Face value <br>of award<sup>(1)</sup><br>£000<br>| Award level as % <br>of base salary<br>| Face value <br>of award<sup>(3)</sup><br>£000<br>| Number of <br>shares<br>|
| **Emma Walmsley**<sup>(2)</sup> | 52 | **103980** | 1492 | 725 | 10373 | **722873** |
| **Julie Brown** | 50 | **68129** | 978 | 400 | 4091 | **285072** |

---

(1)The face values of the DABP and PSP awards have been calculated based on a share price of £14.35, being the closing price on 17 February 2025 (the

day before the grants). DABP awards are nil-cost options for the Executive Directors. No performance conditions are attached to the DABP awards,

because they reflect the mandatory three-year deferrals in respect of the Annual bonus for 2024

(2)The 2025 PSP award of 725% of base salary for the outgoing CEO was delivered via two grants. An initial grant of 575% of base salary was made in

February 2025 and a top-up award was granted in May 2025 of the balance of 150% of base salary (following shareholder approval of the 2025

remuneration policy at the company's 2025 AGM). The top-up grant was calculated based on the same share price as the original grant of £14.35. The

initial grant will vest in February 2028 and the top-up will vest in May 2028, and is otherwise on the same terms

(3)The performance period for the 2025 PSP awards is from 1 January 2025 to 31 December 2027. Awards vest at 20% for the outgoing CEO and 25% for

the CFO of maximum for threshold performance

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | **Corporate governance** | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  |

---

2026 Performance pay<br>

**2026 Annual bonus measures** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| Total sales <br>growth <br>25%<br>| Core operating <br>profit growth<br>25%<br>| Pipeline <br>performance<br>20%<br>| Strategic, <br>operational and RB<br>30%<br>| **Annual bonus** <br>**award**<br>|

---

![GSK_Rem_Measures_BG_2026_Annual_bonus_measures.gif](gsk-20251231_g97.gif)

---

| | | | |
|:---|:---|:---|:---|
| ●  | Financial measures: 50% | ●  | Operational measures: 50% |

---

**Target-setting**

Following careful review of performance towards GSK's 2031 growth strategy at the end of 2025 and pipeline progression, the

three-year plan for 2026-2028 was set. The Board then agreed the guidance for the year ahead and the key priorities for the new

CEO and the CFO. The Committee then considered these carefully together with current consensus expectations, before setting

the Executive Directors' targets for the year ahead.

Inevitably, targets linked directly to our financial and strategic plan are commercially sensitive. So, the Committee does not

consider it appropriate to disclose these targets until the end of the year. To disclose them earlier may result in competitive harm.

Details will be disclosed in the 2026 Annual Report. The targets and outcomes are calculated based on CER.

**Measures**

---

| | | |
|:---|:---|:---|
| **Total sales and Core** <br>**operating profit growth**<br>| These targets are set following the Board's annual planning process and consideration of analysts' consensus, to <br>ensure that the targets are sufficiently stretching and support the Committee's aim to incentivise and reward over-<br>performance | These targets are set following the Board's annual planning process and consideration of analysts' consensus, to <br>ensure that the targets are sufficiently stretching and support the Committee's aim to incentivise and reward over-<br>performance |
| **Pipeline performance** | This element is focused on ensuring that executives have a direct link to the delivery of our pipeline milestones. It <br>is designed to incentivise and reward 'on-time in full' (OTIF) delivery of near-term outcome-based milestones <br>across our priority assets and pipeline acceleration and responsible business objectives. It also creates <br>alignment across the full Executive team<br>Priority assets represent major launches and next-wave programmes expected to deliver commercial success <br>both in the near and mid-term and beyond<br>For each of the major launches and next-wave assets, key inflection points which are expected in 2026 have <br>been set as the respective thresholds, targets and stretch deliverables, with those priorities weighted and <br>assigned points based on their value potential (i.e. contribution to peak-year sales). Points will then be awarded <br>in each case based on the milestones actually achieved for the relevant assets. 82% of points are available for <br>priority assets and 18% for early pipeline acceleration and responsible business.<br>The schedule of assets contributing to this measure for 2026, and their prioritisation were reviewed and approved <br>by the Science Committee before being agreed by the Committee. The 2026 assets are:  | This element is focused on ensuring that executives have a direct link to the delivery of our pipeline milestones. It <br>is designed to incentivise and reward 'on-time in full' (OTIF) delivery of near-term outcome-based milestones <br>across our priority assets and pipeline acceleration and responsible business objectives. It also creates <br>alignment across the full Executive team<br>Priority assets represent major launches and next-wave programmes expected to deliver commercial success <br>both in the near and mid-term and beyond<br>For each of the major launches and next-wave assets, key inflection points which are expected in 2026 have <br>been set as the respective thresholds, targets and stretch deliverables, with those priorities weighted and <br>assigned points based on their value potential (i.e. contribution to peak-year sales). Points will then be awarded <br>in each case based on the milestones actually achieved for the relevant assets. 82% of points are available for <br>priority assets and 18% for early pipeline acceleration and responsible business.<br>The schedule of assets contributing to this measure for 2026, and their prioritisation were reviewed and approved <br>by the Science Committee before being agreed by the Committee. The 2026 assets are:  |
| **Pipeline performance** | –Bepirovirsen | –MAPS |
| **Pipeline performance** | *–Blenrep* | –Mocertatug rezetecan |
| **Pipeline performance** | –Camlipixant | –mRNA |
| **Pipeline performance** | –Depemokimab | –Risvutatug rezetecan |
| **Pipeline performance** | –Efimosfermin alfa | –Tebipenem |
| **Pipeline performance** | –HIV: CMC ULA PrEP; Q6M Tx & Q6M PrEP | –TSLP |
| **Pipeline performance** | –IL33 | –Velatinub  |
| **Pipeline performance** | *–Jemperli* |  |
| **Pipeline performance** | The milestones achieved during the year (including business development) will be disclosed by therapeutic area:  | The milestones achieved during the year (including business development) will be disclosed by therapeutic area:  |
| **Pipeline performance** | –Respiratory, immunology and inflammation | –Oncology |
| **Pipeline performance** | –Infectious diseases | –HIV |
| **Pipeline performance** | in the 2026 Annual Report together with the resulting bonus multiplier and the total points achieved (including for <br>business development). The progress achieved will be reviewed by the Science Committee before the <br>Committee agrees the remuneration outcomes | in the 2026 Annual Report together with the resulting bonus multiplier and the total points achieved (including for <br>business development). The progress achieved will be reviewed by the Science Committee before the <br>Committee agrees the remuneration outcomes |
| **Strategic, operational and** <br>**RB**<br>| The CEO and CFO's key deliverables are agreed in principle by the Board before being set by the Committee in <br>January each year. They focus on supporting delivery of our performed guidance for the year, and towards the <br>ultimate delivery of our medium- and longer-term strategic goals to 2031 and beyond | The CEO and CFO's key deliverables are agreed in principle by the Board before being set by the Committee in <br>January each year. They focus on supporting delivery of our performed guidance for the year, and towards the <br>ultimate delivery of our medium- and longer-term strategic goals to 2031 and beyond |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | **Corporate governance** | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  |

---

**2026 Performance Share Plan measures**

![GSK_Rem_Measures_BG_2026_Performance_Share_Plan_measures.gif](gsk-20251231_g105.gif)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Total sales <br>growth<br>17.5%<br>| Core operating <br>profit growth<br>17.5%<br>| Pipeline <br>sustainability<br>17.5%<br>| RB:<br>Composite <br>scorecard<br>7.5%<br>| Relative TSR<br>40%<br>| **Performance** <br>**Share Plan** <br>**award**<br>|

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| ●  | Financial measures: 35% | ●  | Operational measures: 25% | ●  | Shareholder alignment: 40% |

---

**Target-setting and measures** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Total sales and** <br>**Core operating** <br>**profit growth** | These targets are set following the Board's annual <br>planning process and consideration of analysts' <br>consensus to ensure that the targets are sufficiently <br>stretching and support the Committee's aim to <br>incentivise and reward over-performance. The <br>targets are commercially sensitive at the time of <br>grant. |  | **Performance vs** <br>**target**<br>| **Proportion vesting** |
| **Total sales and** <br>**Core operating** <br>**profit growth** | These targets are set following the Board's annual <br>planning process and consideration of analysts' <br>consensus to ensure that the targets are sufficiently <br>stretching and support the Committee's aim to <br>incentivise and reward over-performance. The <br>targets are commercially sensitive at the time of <br>grant. | Below threshold | <99% of target | Nil |
| **Total sales and** <br>**Core operating** <br>**profit growth** | These targets are set following the Board's annual <br>planning process and consideration of analysts' <br>consensus to ensure that the targets are sufficiently <br>stretching and support the Committee's aim to <br>incentivise and reward over-performance. The <br>targets are commercially sensitive at the time of <br>grant. | Threshold | 99% of target | CEO: 20%, CFO: 25% |
| **Total sales and** <br>**Core operating** <br>**profit growth** | These targets are set following the Board's annual <br>planning process and consideration of analysts' <br>consensus to ensure that the targets are sufficiently <br>stretching and support the Committee's aim to <br>incentivise and reward over-performance. The <br>targets are commercially sensitive at the time of <br>grant. | Target | 100% of target | 50% |
| **Total sales and** <br>**Core operating** <br>**profit growth** | These targets are set following the Board's annual <br>planning process and consideration of analysts' <br>consensus to ensure that the targets are sufficiently <br>stretching and support the Committee's aim to <br>incentivise and reward over-performance. The <br>targets are commercially sensitive at the time of <br>grant. |  | 103% of target | 75% |
| **Total sales and** <br>**Core operating** <br>**profit growth** | These targets are set following the Board's annual <br>planning process and consideration of analysts' <br>consensus to ensure that the targets are sufficiently <br>stretching and support the Committee's aim to <br>incentivise and reward over-performance. The <br>targets are commercially sensitive at the time of <br>grant. | Maximum | 105% of target | 100% |
| **Total sales and** <br>**Core operating** <br>**profit growth** | These targets are set following the Board's annual <br>planning process and consideration of analysts' <br>consensus to ensure that the targets are sufficiently <br>stretching and support the Committee's aim to <br>incentivise and reward over-performance. The <br>targets are commercially sensitive at the time of <br>grant. |  |  |  |
| **Pipeline** <br>**sustainability**<br>| The Annual bonus Pipeline performance measure focuses on OTIF delivery of near-term milestones for priority assets that <br>are expected to contribute to the growth in sales by 2031. The PSP measure focuses on GSK's replenishment of the <br>pipeline and longer-term pipeline performance. For inclusion, a programme must be either a New Moleculer Entity (NME), <br>or a new indication that adds £0.5bn to peak-year sales. Programmes approved and launched during the three-year <br>window will contribute to the total number of assets and to the sales contribution. It is based on a matrixed assessment of: <br>–pipeline sales contribution to GSK's long-range forecast (LRF) strategy. The target and vesting will each be based on 10-<br>year net risk-adjusted sales forecast i.e. the 2026-2028 target based on the 2035 LRF, and vesting based on the 2038 LRF <br>and<br>–the number of programmes in Phase 2 and 3, and Registration and Approval<br>This element of the PSP will only vest, either in full or in part, if at the time of vesting the most recently governed and <br>published 2031 growth strategy for sales remains at a specified level. At the end of the period, a list of the programmes <br>added or removed during the period will be disclosed. However, the pipeline sales contributions in the 2035 and 2038 LRFs <br>and the assessment matrix will not be disclosed, because they are commercially sensitive. For the achievement of <br>threshold performance for both the pipeline sales contribution and the number of programmes, the vesting proportions shall <br>be 20% for the CEO, and 25% for the CFO | The Annual bonus Pipeline performance measure focuses on OTIF delivery of near-term milestones for priority assets that <br>are expected to contribute to the growth in sales by 2031. The PSP measure focuses on GSK's replenishment of the <br>pipeline and longer-term pipeline performance. For inclusion, a programme must be either a New Moleculer Entity (NME), <br>or a new indication that adds £0.5bn to peak-year sales. Programmes approved and launched during the three-year <br>window will contribute to the total number of assets and to the sales contribution. It is based on a matrixed assessment of: <br>–pipeline sales contribution to GSK's long-range forecast (LRF) strategy. The target and vesting will each be based on 10-<br>year net risk-adjusted sales forecast i.e. the 2026-2028 target based on the 2035 LRF, and vesting based on the 2038 LRF <br>and<br>–the number of programmes in Phase 2 and 3, and Registration and Approval<br>This element of the PSP will only vest, either in full or in part, if at the time of vesting the most recently governed and <br>published 2031 growth strategy for sales remains at a specified level. At the end of the period, a list of the programmes <br>added or removed during the period will be disclosed. However, the pipeline sales contributions in the 2035 and 2038 LRFs <br>and the assessment matrix will not be disclosed, because they are commercially sensitive. For the achievement of <br>threshold performance for both the pipeline sales contribution and the number of programmes, the vesting proportions shall <br>be 20% for the CEO, and 25% for the CFO | The Annual bonus Pipeline performance measure focuses on OTIF delivery of near-term milestones for priority assets that <br>are expected to contribute to the growth in sales by 2031. The PSP measure focuses on GSK's replenishment of the <br>pipeline and longer-term pipeline performance. For inclusion, a programme must be either a New Moleculer Entity (NME), <br>or a new indication that adds £0.5bn to peak-year sales. Programmes approved and launched during the three-year <br>window will contribute to the total number of assets and to the sales contribution. It is based on a matrixed assessment of: <br>–pipeline sales contribution to GSK's long-range forecast (LRF) strategy. The target and vesting will each be based on 10-<br>year net risk-adjusted sales forecast i.e. the 2026-2028 target based on the 2035 LRF, and vesting based on the 2038 LRF <br>and<br>–the number of programmes in Phase 2 and 3, and Registration and Approval<br>This element of the PSP will only vest, either in full or in part, if at the time of vesting the most recently governed and <br>published 2031 growth strategy for sales remains at a specified level. At the end of the period, a list of the programmes <br>added or removed during the period will be disclosed. However, the pipeline sales contributions in the 2035 and 2038 LRFs <br>and the assessment matrix will not be disclosed, because they are commercially sensitive. For the achievement of <br>threshold performance for both the pipeline sales contribution and the number of programmes, the vesting proportions shall <br>be 20% for the CEO, and 25% for the CFO | The Annual bonus Pipeline performance measure focuses on OTIF delivery of near-term milestones for priority assets that <br>are expected to contribute to the growth in sales by 2031. The PSP measure focuses on GSK's replenishment of the <br>pipeline and longer-term pipeline performance. For inclusion, a programme must be either a New Moleculer Entity (NME), <br>or a new indication that adds £0.5bn to peak-year sales. Programmes approved and launched during the three-year <br>window will contribute to the total number of assets and to the sales contribution. It is based on a matrixed assessment of: <br>–pipeline sales contribution to GSK's long-range forecast (LRF) strategy. The target and vesting will each be based on 10-<br>year net risk-adjusted sales forecast i.e. the 2026-2028 target based on the 2035 LRF, and vesting based on the 2038 LRF <br>and<br>–the number of programmes in Phase 2 and 3, and Registration and Approval<br>This element of the PSP will only vest, either in full or in part, if at the time of vesting the most recently governed and <br>published 2031 growth strategy for sales remains at a specified level. At the end of the period, a list of the programmes <br>added or removed during the period will be disclosed. However, the pipeline sales contributions in the 2035 and 2038 LRFs <br>and the assessment matrix will not be disclosed, because they are commercially sensitive. For the achievement of <br>threshold performance for both the pipeline sales contribution and the number of programmes, the vesting proportions shall <br>be 20% for the CEO, and 25% for the CFO |
| **RB: Composite** <br>**scorecard** | The composite scorecard focuses on all the RB metrics within the Responsible Business Performance Rating. The rating is <br>reported on in detail in each year's Annual Report, with the scorecard providing a balanced assessment of performance <br>against all our RB priorities. More details on the Rating and performance in 2025 are given on page [46](#ie22c70781ec24e178b4ec838768832e2_142). Performance will be <br>calculated by aggregating the annual performance across all the individual annual metrics within the rating for the three years <br>of the PSP performance period  | The composite scorecard focuses on all the RB metrics within the Responsible Business Performance Rating. The rating is <br>reported on in detail in each year's Annual Report, with the scorecard providing a balanced assessment of performance <br>against all our RB priorities. More details on the Rating and performance in 2025 are given on page [46](#ie22c70781ec24e178b4ec838768832e2_142). Performance will be <br>calculated by aggregating the annual performance across all the individual annual metrics within the rating for the three years <br>of the PSP performance period  | The composite scorecard focuses on all the RB metrics within the Responsible Business Performance Rating. The rating is <br>reported on in detail in each year's Annual Report, with the scorecard providing a balanced assessment of performance <br>against all our RB priorities. More details on the Rating and performance in 2025 are given on page [46](#ie22c70781ec24e178b4ec838768832e2_142). Performance will be <br>calculated by aggregating the annual performance across all the individual annual metrics within the rating for the three years <br>of the PSP performance period  | The composite scorecard focuses on all the RB metrics within the Responsible Business Performance Rating. The rating is <br>reported on in detail in each year's Annual Report, with the scorecard providing a balanced assessment of performance <br>against all our RB priorities. More details on the Rating and performance in 2025 are given on page [46](#ie22c70781ec24e178b4ec838768832e2_142). Performance will be <br>calculated by aggregating the annual performance across all the individual annual metrics within the rating for the three years <br>of the PSP performance period  |
| **RB: Composite** <br>**scorecard** | **Performance** |  |  | **Vesting schedule** |
| **RB: Composite** <br>**scorecard** | 70% or more of all metrics are on track | 70% or more of all metrics are on track | 70% or more of all metrics are on track | 100% |
| **RB: Composite** <br>**scorecard** | 60% of all metrics are on track | 60% of all metrics are on track | 60% of all metrics are on track | 75% |
| **RB: Composite** <br>**scorecard** | 50% of all metrics are on track | 50% of all metrics are on track | 50% of all metrics are on track | 50% |
| **RB: Composite** <br>**scorecard** | Less than 50% of all metrics are on track, but progress is being <br>made because at least 50% are either on track, or on track with <br>work to do (the 'threshold' vesting level) | Less than 50% of all metrics are on track, but progress is being <br>made because at least 50% are either on track, or on track with <br>work to do (the 'threshold' vesting level) |  | CEO: 20%, CFO: 25% |
| **RB: Composite** <br>**scorecard** |  |  |  |  |
| **RB: Composite** <br>**scorecard** | Less than 50% of all metrics are either on track or on track with <br>work to do, the rest (i.e. more than 50%) are off track | Less than 50% of all metrics are either on track or on track with <br>work to do, the rest (i.e. more than 50%) are off track |  | Nil |
| **RB: Composite** <br>**scorecard** |  |  |  |  |
| **Relative TSR** | Performance against our global biopharma peer <br>group of 13 companies (set out on page [147](#ie22c70781ec24e178b4ec838768832e2_325)) will be <br>assessed using a percentile vesting approach. This <br>compares GSK's actual TSR performance with that of <br>our peers. Threshold is at median performance and <br>maximum 100% vesting is set at upper quintile <br>performance. Vesting levels between median and <br>upper quintile are determined on the basis of <br>a straight-line interpolation | **TSR performance** | **TSR performance** | **Vesting schedule** |
| **Relative TSR** | Performance against our global biopharma peer <br>group of 13 companies (set out on page [147](#ie22c70781ec24e178b4ec838768832e2_325)) will be <br>assessed using a percentile vesting approach. This <br>compares GSK's actual TSR performance with that of <br>our peers. Threshold is at median performance and <br>maximum 100% vesting is set at upper quintile <br>performance. Vesting levels between median and <br>upper quintile are determined on the basis of <br>a straight-line interpolation | Above upper quintile | Above upper quintile | 100% |
| **Relative TSR** | Performance against our global biopharma peer <br>group of 13 companies (set out on page [147](#ie22c70781ec24e178b4ec838768832e2_325)) will be <br>assessed using a percentile vesting approach. This <br>compares GSK's actual TSR performance with that of <br>our peers. Threshold is at median performance and <br>maximum 100% vesting is set at upper quintile <br>performance. Vesting levels between median and <br>upper quintile are determined on the basis of <br>a straight-line interpolation | Upper quintile | Upper quintile | 100% |
| **Relative TSR** | Performance against our global biopharma peer <br>group of 13 companies (set out on page [147](#ie22c70781ec24e178b4ec838768832e2_325)) will be <br>assessed using a percentile vesting approach. This <br>compares GSK's actual TSR performance with that of <br>our peers. Threshold is at median performance and <br>maximum 100% vesting is set at upper quintile <br>performance. Vesting levels between median and <br>upper quintile are determined on the basis of <br>a straight-line interpolation | Between median and upper quintile | Between median and upper quintile | Straight-line interpolation |
| **Relative TSR** | Performance against our global biopharma peer <br>group of 13 companies (set out on page [147](#ie22c70781ec24e178b4ec838768832e2_325)) will be <br>assessed using a percentile vesting approach. This <br>compares GSK's actual TSR performance with that of <br>our peers. Threshold is at median performance and <br>maximum 100% vesting is set at upper quintile <br>performance. Vesting levels between median and <br>upper quintile are determined on the basis of <br>a straight-line interpolation | Median (threshold vesting) | Median (threshold vesting) | CEO: 20%, CFO: 25% |
| **Relative TSR** | Performance against our global biopharma peer <br>group of 13 companies (set out on page [147](#ie22c70781ec24e178b4ec838768832e2_325)) will be <br>assessed using a percentile vesting approach. This <br>compares GSK's actual TSR performance with that of <br>our peers. Threshold is at median performance and <br>maximum 100% vesting is set at upper quintile <br>performance. Vesting levels between median and <br>upper quintile are determined on the basis of <br>a straight-line interpolation | Below median of peer group | Below median of peer group | Nil |
| **Relative TSR** | Performance against our global biopharma peer <br>group of 13 companies (set out on page [147](#ie22c70781ec24e178b4ec838768832e2_325)) will be <br>assessed using a percentile vesting approach. This <br>compares GSK's actual TSR performance with that of <br>our peers. Threshold is at median performance and <br>maximum 100% vesting is set at upper quintile <br>performance. Vesting levels between median and <br>upper quintile are determined on the basis of <br>a straight-line interpolation |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | **Corporate governance** | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  |

---

**2026 LTI grants**

The table below provides details of:

–the mandatory deferral of the 2025 Annual bonus earned and delivered as a DABP share award. The shares awarded have no

performance conditions, but must be held for three years, regardless of continued employment, and

–2026 awards granted under the PSP

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | 2025 awards |  |  | 2026 awards |
| | DABP | DABP | DABP |  |  | PSP |
| | 2025 bonus deferred into <br>shares (% of salary)<br>| Number of <br>shares<br>| Face value of <br>award (£000)<br>| % base salary | Number of shares | Face value of <br>award (£000)<sup>(1)</sup><br>|
| **Luke Miels** | 56 | 27962 | 601 | 725 | 463662 | 9969 |
| **Julie Brown** | 116 | 55178 | 1186 | 400 | 196548 | 4226 |
| **Emma Walmsley**<sup>(2)</sup> | 146 | 97160 | 2089 |  | 0 | 0 |

---

(1) The share price used to calculate the face value of the award was £21.50 which was the closing share price on the day prior to the date of the grant (11

February 2026)

(2) Emma Walmsley did not receive a PSP award in 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | **Corporate governance** | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  |

---

Non-Executive Directors' fees<br>

The company aims to provide the Chair and other Non-Executive Directors with fees that are competitive with those paid by other

companies of equivalent size and complexity, subject to the limits contained in the company's Articles of Association.

**2025 and 2026 Non-Executive Directors' fees**<br>

The Non-Executive Directors' fees that applied during 2025, and which will apply for 2026, are set out in the table below.

---

| | | |
|:---|:---|:---|
|  |  | Per annum |
|  | 2026 | 2025 |
| Chair fee | **£826,400** | £800,000 |
| Standard NED annual fee | £122,258 | £122,258 |
| **Supplemental fees** |  |  |
| Chair of the Audit & Risk Committee | £80,000 | £80,000 |
| Chair of the Remuneration Committee | **£80,000** | £40,000 |
| Senior Independent Director | £50,000 | £50,000 |
| Scientific & Medical Experts (to be expanded to Science, Specialty Tech and Medical Experts) | £30,000 | £30,000 |
| Chairs of the Corporate Responsibility and Science committees | **£55,000** | £40,000 |
| Chair of the Nominations & Corporate Governance (when not the company Chair) and, when appointed, <br>Workforce Engagement Director<br>| £40,000 | £40,000 |
| Members of the Audit & Risk, Corporate Responsibility, Remuneration and Science committees | **£25,000** | N/A |
| Science Committee members undertaking significant additional responsibilities on behalf of GSK  | Up to £200,000 | Up to £200,000 |

---

**Annual Chair and Non-Executive Directors' fee review**

Following the update to the company's remuneration policy

and the adoption of the new size-adjusted global biopharma

peer group in 2025, the Board considered it appropriate to

apply a consistent approach and to review the Non-Executive

Directors' (NED) fees against the same peer group given the

desire to ensure that the company is able to recruit and retain

NEDs globally of the calibre necessary to support its continued

growth. The Board's composition reflects the global operations

of the company and is currently 64% US, 27% UK and 9% rest

of the world. The Board noted the guidance from investor

groups, including the Investment Association, which stressed

the importance of ensuring that NED fees were adequate to

secure and remunerate NEDs appropriately.

**NED fees**

The review identified that NED fees were significantly less than

the new peer group median; in some cases with NEDs

receiving less than 50% of the peer median and in certain

cases less than 75%. The main differences were in terms of

the payment of committee membership fees and the inclusion

of a specific equity component at many of the peer

companies. Following careful consideration, noting the

improved company performance, and with additional

reference to benchmark data for UK FTSE Top 10 companies,

it was agreed to seek to reduce the gap to the new peer group

median by making the following changes to the Board fee

structure:

–Introduction of Committee Membership fee of £25k per

annum for members of the Audit & Risk (ARC),

Remuneration, Corporate Responsibility (CR) and Science

committees. However, membership fees will not be

introduced for the Nominations & Corporate Governance

Committee at this time

–Alignment of the Remuneration Committee Chair's fee

(currently £40k per annum) to that of the ARC Chair at £80k

per annum given that, following a review of the workload and

responsibilities, both roles involve a similar level of expertise

and time commitment from the NED carrying them out

–Increase to the committee chair fee for Chairs of the CR and

Science committees from £40k to £55k per annum

–Supplemental fee paid to Science and Medical Experts to

be expanded to cover Science, Specialty Tech and Medical

Experts to include AI/ML and cyber technical expertise or

equivalent future specialisms as required by the Board. This

fee recognises the expertise and additional time

commitment these Board members provide to support the

CSO, CFO and/or other members of the executive team in

connection with projects and reviews, as required

These changes will not completely eliminate the gap to

median, but will move GSK NED fees considerably closer to

that level. It is proposed to address this further over time,

subject to performance of the business in line with the

approach adopted for Executive remuneration.

The NEDs are currently required to build towards a Share

Ownership Requirement (SOR) of 1x their base NED

fee. Recognising that the global biopharma peer group fee

structure typically involves a greater element of shares, it is

proposed that the SOR is doubled to 200% of their base fee.

This will ensure that NED fees are further aligned with

shareholders' interests; and aligns with the recent policy

update from the Investment Association and the FRC's UK

Code. NEDs will normally be expected to invest 50% of their

after-tax total fees in GSK Shares or ADSs (to be retained until

they leave the Board) until such time as they achieve their

SOR. Details of current positioning of NEDs shareholding

against their 1x SOR are given on page [152](#iaa14317c7fb54864804b3ca8cf4b830d_0-0-1-1-1058631).

Given these changes, it is not proposed to increase the NED

base fee this year in line with the wider workforce increase of

3.3% in the UK and 3.4% in the US. NED fees will continue to

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | **Corporate governance** | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Annual report on remuneration continued <br>Non-Executive Directors' fees continued | Annual report on remuneration continued <br>Non-Executive Directors' fees continued | Annual report on remuneration continued <br>Non-Executive Directors' fees continued | Annual report on remuneration continued <br>Non-Executive Directors' fees continued | Annual report on remuneration continued <br>Non-Executive Directors' fees continued |

---

be reviewed on an annual basis against the new size-adjusted

global biopharma peer group. It is expected that an increase

may be made to the NED base fee in 2027 subject to company

performance.

NED fees are reviewed by the Chair and CEO in conjunction

with the rest of the Board.

**Chair fees** 

The Chair's fees are reviewed by the Remuneration Committee

and, following review, it was agreed to increase the Chair's fee

by 3.3% in line with the rate applicable to the wider UK

workforce. The Chair's SOR will be maintained at 100%. The

Chair has continued to invest in GSK since his appointment,

his current holding is over 200% of his fees.

**Implementation** 

Two additional resolutions will be proposed at the company's

AGM in May 2026 to facilitate these changes, namely to:

–amend the company's Remuneration policy (Policy) in

respect of NED fees to authorise the introduction of

committee membership fees, and to extend the

supplemental fees payable to members of the Science

Committee to include NEDs with AI/ML and Specialty Tech

expertise and other such skills beyond Science Committee

membership. The revision to the Policy will also increase the

NED SOR from 1x to 2x their base fee and include the

standard policy wording, which permits the Board to review

and change the components of NED fees from time to time.

–update the company's Articles of Association to remove the

aggregate cap on NED fees and to specify that fees will be

determined by the Board in line with the Policy.

It is not proposed to implement these changes until after these

resolutions have been passed at the AGM, at which time they

would take effect retrospectively from the start of the year,

1 January 2026.

**2025 Total Non-Executive Director fees (audited)**<br>

The audited table below sets out the value of fees and benefits received by the Non-Executive Directors. Fees paid in a currency

other than Sterling are converted using an average exchange rate that is reviewed from time to time. The average exchange rates

were updated in 2025. In 2025, fees were converted to US Dollars using an exchange rate of $1.2813. Benefits comprise the

grossed-up cash value of travel and subsistence costs incurred in the normal course of business, in relation to attendance at

Board and committee meetings, and in fulfilling their role.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Non-Executive Directors' <br>emoluments (000) (audited) |  |  | 2025 |  |  | 2024 |
| Non-Executive Directors' <br>emoluments (000) (audited) | Fixed fees | Benefits | Total pay | Fixed fees | Benefits | Total pay |
| Sir Jonathan Symonds<sup>(1)</sup> | £800 | £33 | £833 | £764 | £17 | £781 |
| Elizabeth Anderson | $157 | $43 | $200 | $147 | $59 | $206 |
| Charles Bancroft | $323 | $31 | $354 | $308 | $25 | $333 |
| Dr Hal Barron | $413 | $49 | $462 | $396 | $66 | $462 |
| Dr Anne Beal | $208 | $40 | $248 | $197 | $58 | $255 |
| Wendy Becker<sup>(2)</sup> | £202 | £— | £202 | £145 | £12 | £157 |
| Dr Hal Dietz | $247 | $37 | $284 | $234 | $41 | $275 |
| Dr Jeannie Lee | $195 | $29 | $224 | $152 | $14 | $166 |
| Dr Vishal Sikka<sup>(3)</sup> | $157 | $85 | $242 | $147 | $25 | $172 |
| Dr Gavin Screaton (from 1 May 2025) | £102 | £6 | £108 |  |  | **—** |
| **Retired Directors** |  |  |  |  |  |  |
| Dr Jesse Goodman (until 7 May 2025) | $69 | $14 | $83 | $185 | $43 | $228 |

---

(1)The overall benefits for the Chair for 2025 increased in part due to a decision, in line with many industry peers, to improve his security protection

arrangements following an increase in the external threat landscape

(2)The Remuneration Committee Chair, Wendy Becker, was awarded the additional fee supplement of £40,000 in 2025. This was in recognition of her

significant investment in the Remuneration Policy renewal and engagement process, and for her support to the Chair and the SID in the overall design

and operation of the CEO succession process. The Remuneration Policy review process involved over 60 meetings with investors and proxy advisers

and considerable time in planning and preparation which far exceeded the time and commitment levels anticipated when setting the Remuneration

Committee Chair's fee

(3)Dr Vishal Sikka's benefits in 2025 include reimbursement for 2023 ($40,573) and 2024 ($32,641) travel costs for 2022, 2023 and 2024 incurred since his

appointment in 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | **Corporate governance** | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  | Annual report on remuneration continued  |

---

Remuneration governance<br>

**Committee's role and membership**

These details are available on page [107](#ie22c70781ec24e178b4ec838768832e2_286) of this report and are incorporated by reference into this remuneration report. The Chair,

CEO, Chief People Officer, Head of Reward, Group Financial Controller and the Company Secretary assisted the Committee

during the year.

**Committee's focus during 2025**

---

| | |
|:---|:---|
|  | Items discussed |
| **Remuneration policy** | –Finalised and proposed 2025 Remuneration policy to shareholders, which were overwhelmingly approved by <br>shareholders at the 2025 AGM.<br>–Consulted with shareholders and proxy advisers. This included consideration of feedback from a number of one-<br>to-one meetings with investors and the Company Chair and Committee Chair and a group meeting with investors <br>at our Governance event<br>|
| **Remuneration** <br>**requirements for CEO** <br>**succession** <br>| –Considered remuneration for the successful CEO candidate ahead of conclusion of the CEO succession process<br>–Finalised the new CEO's remuneration, taking account of the successful candidate's personal circumstances, <br>and finalised the transition arrangements for the outgoing CEO <br>|
| **Remuneration for new** <br>**Executive Committee** <br>**(ExCom) members**<br>| –Agreed the compensation arrangements for the new ExCom members |
| **Fixed pay** | –Considered Executive Director and the former GLT (now ExCom) members' performance, benchmarking <br>competitiveness against GSK comparator groups<br>–Reviewed GLT and Company Secretary salary recommendations for 2025<br>–Reviewed Executive Director salary recommendations for 2026<br>–Reviewed company Chair's fees for 2025<br>|
| **Pay for performance:** <br>Annual bonus<br>| –Reviewed Executive Director and ExCom 2024 bonus recommendations and set 2025 Executive Directors' bonus <br>objectives<br>|
| LTI plans  | –Considered the LTI performance outcomes and award vesting level for the CEO, Executive Directors, ExCom and <br>below <br>–Confirmed LTI grants for Executive Directors, ExCom and below for 2025<br>|
| **Governance and other** <br>**areas of focus**<br>| –Reviewed remuneration considerations and Committee programme for 2025 and 2026<br>–Undertook Committee evaluation and reviewed our Terms of Reference<br>–Approved 2024 Remuneration report, including the proposed 2025 Remuneration policy<br>–Confirmed 2025 Group budget for remuneration purposes <br>–Considered AGM and Remuneration report and policy feedback, the external remuneration environment and <br>performance target disclosure for incentive plans<br>|

---

**Global biopharma peer group** 

The global biopharma comparator group is set out below.

---

| | | |
|:---|:---|:---|
| Global biopharma peer group | Global biopharma peer group | Global biopharma peer group |
| Amgen<br>AstraZeneca<br>Bayer<br>Bristol-Myers Squibb<br>CSL<br>| Gilead<br>Merck KGaA<br>Moderna<br>Novartis<br>Pfizer<br>| Roche Holding<br>Sanofi<br>Takeda<br>|

---

**Adviser to the Committee** 

Following a review of remuneration advisory services, FIT Remuneration Consultants (FIT) was appointed as the Committee's sole

remuneration adviser from June 2025. During the year, fees charged by FIT were £153,100. Fees paid to Willis Towers Watson plc

(WTW), as a joint adviser to the Committee up to June 2025 were £64,000. WTW continues to provide additional market data

services to the company. The Committee selects advisers on the basis that they are members of the Remuneration Consultants

Group and operate under its code of conduct for executive remuneration consulting. This can be accessed at

remunerationconsultantsgroup.com.

No engagement partners or teams who provide remuneration advice to the Committee have current connections with the company

or its Directors that may impair their independence. The Committee regularly reviews the arrangements for potential conflicts and,

where appropriate, ensures safeguards are in place.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | **Corporate governance** | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Annual report on remuneration continued <br>Remuneration governance continued | Annual report on remuneration continued <br>Remuneration governance continued | Annual report on remuneration continued <br>Remuneration governance continued | Annual report on remuneration continued <br>Remuneration governance continued | Annual report on remuneration continued <br>Remuneration governance continued |

---

**Executive Directors' service contracts**

The table below sets out the dates of the Executive Directors' service contracts, which are available at the company's registered

office and on gsk.com.

---

| | | | |
|:---|:---|:---|:---|
|  | Date of contract | Effective date | Expiry date |
| **Luke Miels** | 23.10.25 | 01.01.26 | N/A |
| **Julie Brown** | 25.09.22 | 01.05.23 | N/A |
| **Emma Walmsley**<sup>(1)</sup> | 29.03.17 | 01.04.17 | 30.09.26 |

---

(1)On 29 September, the company and Emma Walmsley announced that she would step down as CEO and a director from 31 December 2025 and as an

employee from 30 September 2026

**Non-Executive Directors' letters of appointment**

Non-Executive Directors have letters of appointment, which are also available to view at the company's registered office. Each

independent Non-Executive Director is expected to serve on the Board until the end of the AGM following the third anniversary of

their appointment, provided that they are elected and subsequently re-elected annually. Subject to mutual agreement, they may

serve a further one-, two- or three-year term, depending on the needs of the Board.

**Executive Directors' external appointments**

The company recognises that Executive Directors may be invited to become non-executive directors of other companies. Such

appointments can broaden their knowledge and experience to the benefit of the company. Executive Directors are entitled to

retain any fees received from such appointments.

Julie Brown is an independent non-executive director of Diageo plc. Emma Walmsley, the outgoing CEO, was an independent

non-executive director of Microsoft Corporation throughout 2025.

**Malus and clawback**

In the event of a 'triggering event' (i.e. significant misconduct by way of violation of regulation, law, a significant GSK policy, such

as the Code of Conduct, or a material misstatement or restatement of results, or serious reputational damage), the company will

have the ability to claw back up to three years' annual and deferred bonuses as well as vested and unvested LTIs. GSK may

specify additional 'triggering events' and/or different clawback periods where required to do so by regulatory requirements,

including the rules of any government or regulatory authority or relevant securities exchange. The company has chosen a three-

year backward period to exercise clawback because it aligns to the length of our LTI grant performance periods, while providing

sufficient time to identify and address any issues that may arise.

Following due consideration by the Committee, there has been no recovery of sums paid (clawback) or reduction of outstanding

awards or vesting levels (malus) applied during 2025 in respect of either the outgoing CEO or the CFO.

The Committee reviews and discloses whether it, or the Recoupment Committee, has exercised malus or clawback. Disclosure is

only made when the matter has been the subject of public reports of misconduct, where it has been fully resolved, it is legally

permissible to disclose and where disclosure can be made without unduly prejudicing the company and therefore shareholders.

In line with these disclosure guidelines, there were no matters to report from 2025.

**Statement of consideration of shareholder views** 

The Committee engages in regular dialogue with shareholders and holds meetings with GSK's largest investors to discuss and

take feedback on its Remuneration policy practices and governance matters. The principal proxy advisory firms are also

consulted regularly. They are also invited to Governance Meetings and are sent engagement letters from the Committee and

company Chairs.

**AGM voting**

Details of voting levels in respect of remuneration arrangements are set out below.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Total votes cast <br>(billion)<br>| Total votes <br>for (%)<br>| Total votes <br>against (%)<br>| Votes withheld <br>(million)<br>|
| **2025 AGM** |  |  |  |  |
| Remuneration policy | 3.0 | 93.1 | 6.9 | 56.4 |
| Remuneration report | 3.0 | 92.5 | 7.5 | 10.0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | **Corporate governance** | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Annual report on remuneration continued <br>Remuneration governance continued | Annual report on remuneration continued <br>Remuneration governance continued | Annual report on remuneration continued <br>Remuneration governance continued | Annual report on remuneration continued <br>Remuneration governance continued | Annual report on remuneration continued <br>Remuneration governance continued |

---

**Former Directors**

**Payments to Past Directors (audited)**

No payments were paid to Directors in 2025 for loss of office.

**Iain Mackay**

Iain Mackay stepped down from the Board in May 2023

and was succeeded by Julie Brown. He left the company on

31 December 2023. In line with his service contract he

received gross benefits of £76,805 in 2025 (2024; £161,030).

Details of his LTI awards are set out below.

**PSP**

On 21 January 2025, 232,302 shares vested (including

dividends) in respect of Iain Mackay's 2021 PSP award.

Based on the closing share price on 21 January 2025 of

£13.585 per share, the value of his vested shares was

£3,155,823. This award remained subject to a holding period

which expired on 9 February 2026. In total, 242,156 shares

were released to him (including dividends) on 9 February

2026. In accordance with the Remuneration policy, on 18 February

2025, 141,577 shares vested (including dividends) in respect

of Iain Mackay's 2022 PSP award. Based on the closing share

price on 18 February 2025 of £14.430 per share, the value of

his vested shares was £2,042,956. This award remains subject

to a holding period which expires in February 2027.

**DABP**

On 17 February 2025, Iain Mackay exercised 37,841 nil-cost

options (including dividends) granted under the DABP in 2021.

Based on the closing share price on 17 February 2025 of

£14.195 per share, the value of his vested shares was

£537,153.

In accordance with the Remuneration policy, on 17 February

2025, Iain Mackay exercised 56,485 nil-cost options (including

dividends) granted under the DABP in 2022. Based on the

closing share price on 17 February 2025 of £14.195 per share,

the value of his vested shares was £801,805. Furthermore, on

9 February 2026, he exercised 87,640 nil-cost options

(including dividends) granted under the DABP in 2023. Based

on the closing share price on 9 February 2026 of £21.590 per

share, the value of his vested shares was £1,892,148.

**Leaving Arrangements for Emma Walmsley**

On 29 September 2025 it was announced that GSK and Emma

Walmsley had agreed that she would step down as both CEO

and a Director on 31 December 2025, and that her

employment would cease on 30 September 2026. This

agreement with the company was based on GSK's current

Policy. As part of her departure terms, it was agreed to

preserve her right to certain medical support for her and her

family for up to three years from her leaving date. This was

consistent with her long-standing expectations. The

arrangements briefly comprise continued salary and bonus

opportunity while she remains employed, and 'good leaver'

status under the rules of our incentive plans.

**Fixed Pay**

Emma will continue to receive her normal remuneration

arrangements until 30 September 2026: salary albeit with

no salary increase for 2026, bonus and benefits.

Emma will support the new CEO and Chair in an orderly

transition throughout this period. In addition, given the

potential impact to GSK's operating environment arising from

geopolitics and new technologies, the Board has asked Emma

to support the company and the new CEO on these matters in

particular.

**Pay for performance**

It is envisaged that she will receive a time prorated bonus for

2026 to the end of her employment at the 'on-target' level (i.e.

150% of salary reduced for time pro-rating) assuming

continued satisfactory personal performance. Any such bonus

will be subject to deferral in accordance with the company's

normal bonus deferral policy for Executive Directors.

Emma will be treated as a good leaver under the various share

plans, with the vesting terms remaining unchanged other than

to be delayed to align with the company's recoupment policy.

The recoupment policy requires any awards that would vest

in the period of 12 months from the end of employment i.e. 30

September 2026 to have vesting postponed to 30 September

2027. Consistent with normal practice, PSP awards will be

subject to normal performance conditions and holding periods

and time pro-rated to the end of her employment.

Emma did not receive a 2026 PSP grant.

**Share ownership requirement**

Emma will remain subject to the 7.25x salary share ownership

requirement for 2 years after her departure (until September

2028) consistent with our Policy.

**Benefits and other**

Emma's 2022 Share Save Plan award of 790 shares vested

and was released in January 2026 when the award matured.

She does not have any other Share Save Plan awards.

Emma's shares held under the company's all employee Share

Reward Plan 2022 will be treated in accordance with the rules

of that plan, and any shares that are subject to forfeiture

provisions under the rules of the plan will be forfeited when she

ceases employment.

GSK will continue to provide or reimburse the costs of private

medical support for Emma and her family for up to three years

from the end of her employment (with such provision ceasing if

she commences a new role with equivalent provision).

GSK will also provide or reimburse the costs of Emma's tax

consultancy services in respect of completing her personal tax

returns in relevant jurisdictions for the period of her

employment with GSK and for the two tax years after the year

in which her employment ends.

These benefits will be provided on a tax grossed up basis.

Certain post-employment benefits will end if she starts a new

executive role that offers comparable benefits. She will also

retain her work mobile phone and iPad.

Emma is receiving some limited advisory support in

connection with personal security until the end of her

employment. She has also received executive support

services of circa. £70,000 (plus VAT). GSK has contributed

£40,000 (plus VAT) in respect of Emma's legal costs.

The relevant remuneration details relating to Emma will be

included in the remuneration report in the relevant GSK Annual

Report.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | **Corporate governance** | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Annual report on remuneration continued | Annual report on remuneration continued | Annual report on remuneration continued | Annual report on remuneration continued | Annual report on remuneration continued |

---

Workforce fairness<br>

In setting Executive pay it is important that the Committee does so with a good understanding of the Group's wider workforce

approach to pay, with an emphasis on fairness and equal opportunities. To that end, each year, the Committee Chair meets with

senior Human Resources leaders from across the company to understand the perspective of the workforce on pay and GSK's

remuneration arrangements globally. This year was the seventh such an annual meeting held.

**Comparison of remuneration for employees and Executive Directors during 2025** 

---

| | |
|:---|:---|
| **Element** | **Wider workforce and Executive Director pay**  |
| **Salary** | The market competitiveness of base salaries across the company is assessed at a local market <br>level. The competitiveness of roles is kept under regular review<br>Increases may also be made to reflect a change in scope of an individual's role, responsibilities <br>or experience<br>For our Executive Directors, following a performance review, increases in base salaries are <br>considered in line with market practice, the average increase for the wider employee population and <br>other comparator tools<br>In agreeing increases for Executive Directors, the Committee is mindful of the multiplier effect on the <br>individual's total remuneration |
| **Benefits and pensions** | The company seeks to provide an appropriate benefits and pensions package that is aligned to <br>competitive market practices in those countries in which the company operates and where <br>employees and Executive Directors are based |
| **Annual bonus** | With the exception of our sales force, who participate in separate arrangements, our wider <br>workforce participates in a plan based on performance against four business and financial <br>measures. These are structured to reflect the priorities of each specific business area<br>This plan is designed to reward our employees' collective contribution to business achievement<br>Separate mechanisms are in place to recognise outstanding individual performance and to address <br>underperformance<br>Our Executive Directors participate in the plan as follows. Any bonus earned up to 200% of salary is <br>paid 50% in cash and 50% in shares deferred for three years. Bonus earned in excess of this (up to <br>a maximum of 300% of salary) is delivered fully in shares deferred for three years. Clawback and/or <br>malus provisions apply |
| **LTI plans** | Senior Vice President (SVP) and Vice President (VP) employees participate in the same <br>Performance Share Plan as our Executive Directors. Clawback and/or malus provisions apply<br>Managers, Directors, VPs and SVPs below ExCom, receive annual Share Value Plan awards of <br>restricted shares  |
| **Share ownership and All** <br>**Employee Plans**<br>| All UK-based employees, including UK-based Executive Directors, can participate in HMRC-<br>approved Share Save and Share Reward employee share plans. <br>Participants of the Share Save plan may save up to £250 a month for three years and from which <br>they have the option to buy GSK shares at a discount of up to 20% of the share price at the start of <br>the savings contract. Participants of the Share Reward plan contribute up to £125 a month to <br>purchase GSK shares, which the company then matches on a one-for-one basis. <br>The awards made under all-employee and discretionary share plans incorporate dilution limits <br>consistent with the guidelines published by the Investment Association. This limit is 10% in any <br>rolling ten-year period for discretionary and all-employee plans. Estimated dilution from existing <br>awards made over the past ten years up to 31 December 2025 is 0.87% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | **Corporate governance** | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Annual report on remuneration continued | Annual report on remuneration continued | Annual report on remuneration continued | Annual report on remuneration continued | Annual report on remuneration continued |

---

Directors' interests in shares (audited)<br>

**Executive Directors' interests in shares**<br>

The interests of the Executive Directors of the company in office during 2025, or subsequently appointed, and their persons

closely associated (PCAs) are shown in the table below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 | As at 31 December 2025 |
|  | | |  |  | **Unvested share plan interests** | **Unvested share plan interests** |
|  | **Total Directors' interests**<sup>(1)</sup> | **Total Directors' interests**<sup>(1)</sup> | **Beneficial interests** | **Not subject to performance** | **Not subject to performance** | **Subject to** <br>**performance**<br>|
|  | 25 February 2026 | 31 December 2025  | Shares<sup>(2)</sup> | Shares<sup>(3)</sup> | Options<sup>(48)</sup> | Shares<sup>(5)</sup> |
| Emma Walmsley<sup>(6)</sup> |  | **2433672** | 1117961 | 909427 | 406284 | 1810677 |
| Julie Brown | **230077** | **173767** | 42857 |  | 130910 | 842053 |
| Luke Miels<sup>(7)</sup> | **1478024** |  |  |  |  |  |

---

None of the Directors holds vested but unexercised options.

(1)Total Directors' interests includes beneficial interests and unvested share plan interests not subject to performance. Executive Directors' shareholdings

against their SOR are outlined below. During the year ended 31 December 2025, the outgoing CEO and the CFO each contributed the maximum of £250

and £125 a month into the Share Save plan and under the Share Reward plan respectively. More details of these HMRC-approved all-employee plans

are set out on page [150](#ie22c70781ec24e178b4ec838768832e2_328)

(2)Beneficial interests includes shares held by the Executive Directors and their PCAs

(3)Unvested shares not subject to performance represent PSP shares that have vested but are subject to an additional two-year holding period

(4)Unvested options not subject to performance represent bonus deferrals under the DABP, which are awarded as nil-cost options (as described in note 8

below). This figure excludes 790 options and 828 options held by Emma Walmsley and Julie Brown respectively under the Share Save plan. Emma

Walmsley subsequently exercised her 2022 Share Save options over 790 shares on 2 January 2026 following their maturity on 1 January 2026

(5)Unvested shares subject to performance represent unvested PSP awards

(6)Emma Walmsley retired from the Board on 31 December 2025 and therefore her interests are shown as at 31 December 2025 only

(7)Luke Miels was appointed to the Board as CEO on 1 January 2026 and therefore his interests are shown as at 25 February 2026 only

(8)DABP: The table below shows bonus deferrals and subsequent reinvestment of dividends under the DABP. The amounts represent the gross share

balances before the sale of any shares to satisfy tax liabilities on vesting:

---

| | | | |
|:---|:---|:---|:---|
| | 25 February 2026 | 31 December 2025 | 1 January 2025 |
| Emma Walmsley |  | 406,284 | 366,701 |
| Julie Brown | 187,194 | 130,910 | 57,877 |
| Luke Miels | 142,019 |  |  |

---

The following table sets out details of options exercised during 2025 by Executive Directors under the DABP.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Date of grant | Number of shares<br>under option<br>| Date of <br>exercise<br>| Grant price | Market price <br>at exercise<br>| Gain on exercise <br>(000)<br>|
| Emma Walmsley | 15.02.2022 | 81703 | 17.02.2025 | £0.00 | £14.18 | £1,159 |

---

The nil-cost options awarded in 2022 under the DABP represent the bonus deferred by the Executive Director and recorded as

remuneration (under Annual bonus) in the 2021 Total remuneration table. The number of shares under option includes the initial

award together with reinvested dividends accrued to the date of exercise.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | **Corporate governance** | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Annual report on remuneration continued <br>Directors interests in shares (audited) continued | Annual report on remuneration continued <br>Directors interests in shares (audited) continued | Annual report on remuneration continued <br>Directors interests in shares (audited) continued | Annual report on remuneration continued <br>Directors interests in shares (audited) continued | Annual report on remuneration continued <br>Directors interests in shares (audited) continued |

---

**Executive Directors' Share ownership requirements (SOR) (audited)**<br>

To align the interests of Executive Directors with those of shareholders, they are required to build and maintain significant

holdings of shares in GSK over time. Executive Directors are required to continue to satisfy this SOR by holding a minimum of

100% of their

SOR for two years after retirement from the company. Executive Directors' SORs were reset in the 2025 Remuneration policy to

match their annual PSP award level.

---

| | | | |
|:---|:---|:---|:---|
| | | Value of holdings as multiple of salary  | Value of holdings as multiple of salary  |
|  | SOR<br> as multiple of salary<br>| 25 February 2026 | 31 December 2025 |
| Emma Walmsley<sup>(1)</sup> | 7.25 |  | 21.22 |
| Julie Brown | 4.00 | 2.52 | 1.84 |

---

(1)Emma Walmsley retired from the Board on 31 December 2025 and continues to maintain her SOR in accordance with the company's Remuneration

policy

Following his appointment as CEO on 1 January 2026, Luke Miels' SOR is currently 7.25x salary. The value of his holdings as at

25 February 2026 was equivalent to 19.53x salary.

**Non-Executive Directors' interests in shares and SOR**<br>

The interests of the Non-Executive Directors in office during 2025 and their PCAs are shown in the table below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | Prior NED share allocation plan<sup>(3)</sup> | Prior NED share allocation plan<sup>(3)</sup> | Prior NED share allocation plan<sup>(3)</sup> |
| |  | Total Directors' interests as at | Total Directors' interests as at |  | Number of shares/ADS | Number of shares/ADS |
|  | NED SOR<sup>(1)</sup> <br>25 February 2026<br>| 25 February 2026 | 31 December 2025 <br>or date of retirement<br>| ADS released on 25 <br>March 2025 before <br>closure of the NED <br>plan<br>| Dividend <br>reinvestment <br>allocated <br>during the year<sup>(2)</sup><br>| 1 January 2025 |
| **Shares** |  |  |  |  |  |  |
| Sir Jonathan Symonds | **Met** | **89007** | **86507** |  |  |  |
| Wendy Becker | **Met** | **7749** | **4415** |  |  |  |
| Dr Gavin Screaton<sup>(4)</sup> | **Met** | **8675** | **8675** |  |  |  |
| **ADS** |  |  |  |  |  |  |
| Elizabeth Anderson | **Met** | **3231** | **3206** |  |  |  |
| Charles Bancroft | **Met** | **39380** | **39064** | 17446 | 933 | 16513 |
| Dr Hal Barron | **Met** | **602126** | **664799** |  |  |  |
| Dr Anne Beal | **Met** | **3971** | **3940** | 1987 | 106 | 1881 |
| Dr Hal Dietz | **Met** | **3848** | **3817** | 1759 | 94 | 1665 |
| Dr Jeannie Lee | **In progress** | **1791** | **1778** |  |  |  |
| Dr Vishal Sikka | **Met** | **12034** | **11940** |  |  |  |
| **Retired Directors** |  |  |  |  |  |  |
| Dr Jesse Goodman<sup>(5)</sup> | **—** | **—** | 9045 | 13924 | 744 | 13180 |

---

(1)NED Share Ownership Requirements: The company operates a minimum Non-Executive Director (NED) share ownership requirement (the NED SOR).

Since July 2022, the NED SOR requires NEDs to build a shareholding in the company of at least 1x the value of the standard NED annual fee (or, in the

case of the Chair, 1x the value of the Chair's fee) to be maintained until retirement from the Board. The Chair and NEDs purchase shares and ADS in the

market. The company provides an arrangement so that NEDs can, if they wish, use their net fees to purchase GSK shares or ADS in the market on a

quarterly basis

(2)Notional ADS allocated during the year under the prior NED share allocation plan (NED plan) relate to dividends reinvested before closure of the NED

plan. Dividends allocated on notional ADS under the NED plan were converted into notional ADS in Q1 2025 and included in the ADS release in March

2025

(3)At the 2023 AGM, shareholders approved an administrative amendment to the Non-Executive Director section of the Remuneration policy to allow the

notional shares or ADS previously allocated under the NED plan to be delivered to the Chair and NEDs at such time as the Committee and Board

considered appropriate after any applicable tax withholding. The Chair and certain Non-Executive Directors who participated in the NED plan have now

all had their notional pre-tax shareholdings converted into actual shares or ADS. The Chair's notional shares were converted and released to him after

the AGM in 2023. The notional ADS for the US-based NEDs in the NED plan (Charles Bancroft, Dr Anne Beal, Dr Hal Dietz and Dr Jesse Goodman) were

converted and released to them in March 2025, after appropriate tax deductions

(4)Dr Gavin Screaton joined the Board on 1 May 2025

(5)Dr Jesse Goodman retired from the Board on 7 May 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | **Corporate governance** | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Annual report on remuneration continued | Annual report on remuneration continued | Annual report on remuneration continued | Annual report on remuneration continued | Annual report on remuneration continued |

---

**CEO and wider employee pay ratio** <br>

---

| | | | |
|:---|:---|:---|:---|
| Financial year | Lower quartile<br>P25<br>| <br>Median<br>P50<br>| Upper quartile<br>P75<br>|
| 2025 | 233:1 | 167:1 | 105:1 |
| 2024 | 168:1 | 123:1 | 78:1 |
| 2023 | 207:1 | 152:1 | 94:1 |
| 2022 | 144:1 | 106:1 | 67:1 |
| 2021 | 154:1 | 108:1 | 67:1 |
| 2020 | 130:1 | 96:1 | 62:1 |
| 2019 | 160:1 | 119:1 | 73:1 |

---

GSK continues to use the Option A methodology because it is

the most robust and statistically accurate way to calculate the

three ratios from the options available under the Remuneration

regulations. The pay ratio is higher than in 2024. This is

influenced by higher CEO LTI vesting in 2025 due to the

increase in GSK share price, as well as an increase in taxable

benefits in the year 2025, as referenced on page [136](#ie22c70781ec24e178b4ec838768832e2_319).

The pay ratios are calculated using actual earnings for the

CEO and UK employees. The CEO's total single figure

remuneration of £15.68 million for 2025 and £10.6 million for

2024 are detailed on page [134](#ie22c70781ec24e178b4ec838768832e2_313).

Total remuneration for all UK full-time equivalent employees on

31 December 2025 has been calculated in line with the single

figure methodology. This reflects their actual earnings received

in 2025 (excluding business expenses), which were used to

produce the percentile calculation under Option A of the

Remuneration regulations. Business expenses have been

excluded because they are reimbursed to employees and are

not sufficiently substantial in value to significantly impact the

ratios.

The table below shows the salary, total pay and benefits for each of the percentiles.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | P25 (£) | P25 (£) | P50 (£) | P50 (£) | P75 (£) | P75 (£) |
|  | Salary | Total pay and benefits | Salary | Total pay and benefits | Salary | Total pay and benefits |
| 2025 | 45387 | 67293 | 62882 | 93970 | 89007 | 148978 |
| 2024 | 41845 | 62876 | 57635 | 85924 | 82629 | 136010 |
| 2023 | 39903 | 61490 | 55057 | 83783 | 78496 | 135819 |
| 2022 | 37776 | 58883 | 52107 | 79428 | 74905 | 126594 |
| 2021 | 37251 | 53151 | 51492 | 76234 | 72997 | 122852 |
| 2020 | 36924 | 54133 | 50000 | 73340 | 70203 | 113830 |
| 2019 | 34510 | 50467 | 47029 | 68200 | 66561 | 110638 |

---

The Committee believes that targeting the median pay ratio is consistent with the company's pay, reward and progression

policies.

The base salaries of all employees, including the Executive Directors, are set with reference to a range of factors including

market practice, experience and performance in role.

**Historic CEO remuneration**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Emma Walmsley<sup>(1)</sup> | Emma Walmsley<sup>(1)</sup> | Emma Walmsley<sup>(1)</sup> | Emma Walmsley<sup>(1)</sup> | Emma Walmsley<sup>(1)</sup> | Emma Walmsley<sup>(1)</sup> | Emma Walmsley<sup>(1)</sup> | Emma Walmsley<sup>(1)</sup> |  | £000 |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** | **2017** |
| Total <br>remuneration<br>| 15681 | 10559 | 12718 | 8449 | 8203 | 7031 | 8084 | 5887 | 4883 |
| % of <br>maximum<br>|  |  |  |  |  |  |  |  |  |
| Annual <br>bonus <br>award<br>| 82% | 70% | 96% | 83% | 93% | 49% | 79% | 93% | 77% |
| Vesting of <br>LTI awards<br>| 82% | 81% | 69% | 52% | 58% | 67% | 67% | 59% | 69% |

---

---

| | | |
|:---|:---|:---|
| Sir Andrew Witty<sup>(2)</sup> |  | £000 |
|  | 2017 | 2016 |
| Total remuneration | 715 | 6830 |
| % of maximum |  |  |
| Annual bonus award | 0% | 97% |
| Vesting of LTI awards | 0% | 33% |

---

(1)Emma Walmsley's total remuneration for 2017 includes her pay for the

period 1 January to 31 March 2017, before she became CEO

(2)Sir Andrew Witty received a pro-rata payment for 2017 in lieu of a

variable bonus opportunity, in accordance with the 2014 Remuneration

policy

**Relative importance of spend on pay**<br>

The table below shows total employee pay and dividends paid

to shareholders.

---

| | | | |
|:---|:---|:---|:---|
|  | Change %<br>| 2025<br>£m<br>| 2024<br>£m<br>|
| Total employee pay | (100.0) | **—** | 8759 |
| Dividends paid in the year | 4.9 | **2564** | 2444 |

---

The figures in this table reflect payments made during each

year, and the impact of movements in exchange rates are as

set out on pages [185](#ie22c70781ec24e178b4ec838768832e2_412) and [191](#ie22c70781ec24e178b4ec838768832e2_433). However, cash dividends

declared in respect of 2025 were £2,661 million (2024:

£2,489 million), an increase of 6.9%.

Please see Note 16 to the financial statements for more details.

Total employee pay is based on 68,307 employees, the

average number of people employed during 2025 (2024:

69,305). See Note 9 to the financial statements for more

details.

On 5 February 2025, GSK announced its intention to

implement an up-to-£2 billion share buyback programme to be

completed over an 18-month period. The programme

commenced on 24 February 2025 with an initial tranche of up

to £0.7 billion, which completed on 3 June 2025. This was

followed by a second tranche of up to £0.45 billion, which

completed on 18 September 2025. A third tranche of up to

£0.3 billion commenced on 30 September 2025 and

completed on 19 December 2025. Before this programme, the

last share repurchases were made in 2014.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | **Corporate governance** | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Annual report on remuneration continued | Annual report on remuneration continued | Annual report on remuneration continued | Annual report on remuneration continued | Annual report on remuneration continued |

---

**TSR Performance graph**

The following graph sets out the performance of the company relative to the FTSE 100 Index and to the global biopharma peer

group comparator group for the ten-year period to 31 December 2025. These indices were selected for comparison purposes

because they reflect both the primary index of which GSK is a constituent and the industry in which GSK operates.

![371](gsk-20251231_g106.gif)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| 31.12.15 | 31.12.16 | 31.12.17 | 31.12.18 | 31.12.19 | 31.12.20 | 31.12.21 | 31.12.22 | 31.12.23 | 31.12.24 | 31.12.25 |

---

Percentage change in remuneration of Directors<br>

---

| | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | 2025 percentage change | 2025 percentage change | 2025 percentage change | 2024 percentage change | 2024 percentage change | 2024 percentage change | 2023 percentage change | 2023 percentage change | 2023 percentage change | 2022 percentage change | 2022 percentage change | 2022 percentage change | 2021 percentage change | 2021 percentage change | 2021 percentage change |
|  | Salary/<br>fees%<br>| Benefits%<br>| Bonus%<br>| Salary/<br>fees%<br>| Benefits%<br>| Bonus%<br>| Salary/<br>fees%<br>| Benefits%<br>| Bonus%<br>| Salary/<br>fees %<br>| Benefits%<br>| Bonus%<br>| Salary/<br>fees %<br>| Benefits%<br>| Bonus%<br>|
| UK employees<sup>(1)</sup> | 3.3 | (3.3) | 4.0 | 4.0 | (0.2) | (16.0) | 7.1 | 0.92 | 34.8 | 3.0 | 2.3 | 44.81 | 2.0 | 0.0 | 4.85 |
| Executive Directors<sup>(23)</sup> | Executive Directors<sup>(23)</sup> | Executive Directors<sup>(23)</sup> | Executive Directors<sup>(23)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |
| Emma Walmsley | 5.0 | 223.9 | 23.3 | 4.0 | (15.1) | (24.4) | 4.0 | 61.8 | 20.1 | 3.0 | (2.2) | 38.2 | 2.0 | (5.0) | 94.6 |
| Julie Brown<sup>(4)</sup> | 3.3 | 57.8 | 13.0 | 55.9 | 28.0 | 15.9 |  |  |  |  |  |  |  |  |  |
| Non-Executive Directors<sup>(23)</sup> | Non-Executive Directors<sup>(23)</sup> | Non-Executive Directors<sup>(23)</sup> | Non-Executive Directors<sup>(23)</sup> |  |  |  |  |  |  |  |  |  |  |  |  |
| Jonathan Symonds | 4.7 | 94.1 |  | 3.9 | (43.3) |  | 5.0 | 200.0 |  | 0.0 | 233.3 |  | 0.0 | 50.0 |  |
| Elizabeth Anderson | 6.8 | (27.1) |  | 10.5 | 96.7 |  | 209.3 |  |  |  |  |  |  |  |  |
| Charles Bancroft | 4.9 | 24.0 |  | 4.4 | (10.7) |  | 2.8 | 180.0 |  | 36.7 | 100.0 |  | 156.1 |  |  |
| Dr Hal Barron<sup>(5)</sup> | 4.3 | (25.8) |  | 5.0 | (15.4) |  | 127.1 | 609.1 |  |  |  |  |  |  |  |
| Dr Anne Beal | 5.6 | (31.0) |  | 4.2 | 70.6 |  | 2.7 | 126.7 |  | 121.7 |  |  |  |  |  |
| Wendy Becker | 39.3 | (100.0) |  | 417.9 | 200.0 |  |  |  |  |  |  |  |  |  |  |
| Dr Hal Dietz | 5.6 | (9.8) |  | 4.5 | 2.5 |  | (3.4) | 1900.0 |  |  |  |  |  |  |  |
| Dr Jeannie Lee | 28.3 | 107.1 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Dr Gavin Screaton |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Dr Vishal Sikka | 6.8 | 240.0 |  | 9.7 | 92.3 |  | 131.0 |  |  |  |  |  |  |  |  |
| Retired Non-Executive Directors | Retired Non-Executive Directors | Retired Non-Executive Directors | Retired Non-Executive Directors |  |  |  |  |  |  |  |  |  |  |  |  |
| Dr Jesse Goodman | (62.7) | (67.4) |  | 4.5 | (2.3) |  | (27.2) | 41.9 |  | 11.0 | 34.8 |  | (5.6) |  |  |

---

(1)This table is provided in accordance with Schedule 8 of The Companies (Directors' Remuneration Policy and Directors' Remuneration Report)

Regulations 2020. This is the last year this will be provided as this disclosure is not required for the Company for 2026. The UK employee population was

considered to be the most relevant comparison because it most closely reflects the economic environment encountered by the Executive Directors.

(2)Percentage changes have been calculated based on the 2025 Total remuneration table on page [134](#ie22c70781ec24e178b4ec838768832e2_313) for Executive Directors and the 2025 Total fees

table on page [146](#i097d4713ff7c46d7928b459a8aad8b40_0-0-1-1-1058378) for Non-Executive Directors

(3)More information on Executive Directors' salary and benefits can be found on page [135](#ie22c70781ec24e178b4ec838768832e2_316)

(4)Julie Brown joined the company on 3 April 2023. Her 2023 base salary of £915,335 was prorated to reflect the time she worked as CFO Designate until 1

May 2023 and as CFO until 31 December 2023

(5)Dr Hal Barron transitioned to a Non-Executive Director role on 1 August 2022

(6)Percentage changes are only provided where there is a prior year balance to calculate a percentage change. The date of each director's appointment to

the Board is given on pages [98](#ie22c70781ec24e178b4ec838768832e2_277) to [101](#idf9cc09a5e26439c8589ba7908d1a342_407)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | **Corporate governance** | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F |
| Annual report on remuneration continued | Annual report on remuneration continued | Annual report on remuneration continued | Annual report on remuneration continued | Annual report on remuneration continued |

---

Directors and Senior Management<br>

More information is provided on compensation and interests of Directors and Senior Management as a group (the group).

For this purpose, the group is defined as the Executive and Non-Executive Directors, other members of the ExCom and the

Company Secretary. For the financial year 2025, the following table sets out aggregate remuneration for the group for the periods

during which they served in that capacity.

---

| | |
|:---|:---|
| Remuneration for 2025 | £ |
| Total compensation paid | 34460883 |
| Aggregate increase in accrued pension benefits (net of inflation) | 20297 |
| Aggregate payments to defined contribution schemes | 1433723 |

---

During 2025, members of the group were awarded shares and ADS under the company's various LTI plans, as set out in the table

below. To align the interests of Senior Management with those of shareholders, Executive Directors and ExCom members are

required to build and maintain significant holdings of shares in GSK over time. ExCom members are required to hold shares to an

equivalent multiple of two times their base salary, and must continue to satisfy these share ownership requirements for a minimum

of 12 months after leaving GSK.

---

| | | | | |
|:---|:---|:---|:---|:---|
| |  | Awards | Dividend reinvestment awards | Dividend reinvestment awards |
| Awarded during 2025 | Shares | ADS | Shares | ADS |
| Performance Share Plan | 2704357 | 69302 | 355183 | 8557 |
| Deferred Investment Awards<sup>(12)</sup> |  |  | 4751 | 91 |
| Share Value Plan<sup>(2)</sup> | 10050 |  |  |  |

---

(1)Notional shares and ADS

(2)Executive Directors are not eligible to receive Deferred Investment Awards or participate in the Share Value Plan

At 25 February 2026, the group and their PCAs had the following interests in shares and ADS. Interests awarded under the

various LTI plans are described in Note 45 to the financial statements, 'Employee share schemes' on pages [245](#ie22c70781ec24e178b4ec838768832e2_520) and [246](#ie7e2d3bf571e4b71a792202db96de45e_6-0-1-1-1055496).

---

| | | |
|:---|:---|:---|
| Interests at 25 February 2026 | Shares | ADS |
| Owned | 3891839 | 851057 |
| Unexercised options<sup>(1)</sup> | 4043 |  |
| Deferred Annual Bonus Plan | 962955 | 37802 |
| Performance Share Plan | 5812775 | 342645 |
| Deferred Investment Awards<sup>(23)</sup>  | 15036 |  |
| Share Value Plan<sup>(3)</sup> | 132833 | 19916 |

---

(1)Unexercised options under Share Save plan

(2)Notional shares

(3)Executive Directors are not eligible to receive Deferred Investment Awards or participate in the Share Value Plan

**Basis of preparation**<br>

The Annual report on remuneration has been prepared in

accordance with the Companies Act 2006 and The Large and

Medium-sized Companies and Groups (Accounts and

Reports) (Amendment) Regulations 2013 (the Regulations). In

accordance with the Regulations, the following parts of the

Annual report on remuneration are subject to audit: total

remuneration figures for Executive Directors including further

details for each element of remuneration (salary, benefits,

pension, annual bonus and long-term incentive awards);

Non-Executive Directors' fees and emoluments received in the

year; Directors' interests in shares, including interests in GSK

share plans; payments to past Directors; payments for loss of

office; and share ownership requirements and holdings, for

which the opinion thereon is expressed on pages [161](#ie22c70781ec24e178b4ec838768832e2_361) to [164](#i357177bd90db44479edb21c22644ab13_19026).

The remaining sections of the Annual report on remuneration

are not subject to audit nor are the pages referred to from

within the audited sections.

The Annual report on remuneration has been approved by the

Board of Directors and signed on its behalf by:

**Wendy Becker**

Remuneration Committee Chair

4 March 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Directors' report | Directors' report | Directors' report | Directors' report | Directors' report |

---

**Directors' powers**

GSK Directors' powers are determined by UK legislation and

our Articles of Association, which contain rules about their

appointment and replacement. They provide that Directors

may be appointed by an ordinary resolution of the members or

by a resolution of the Board. If appointed by the Board, the

Director must retire at the next Annual General Meeting (AGM)

to be elected by shareholders.

Our Articles also provide that all Directors are required to seek

re-election annually at our AGM in accordance with the FRC

Code.

A Director will then cease to be a Director if he or she:

–becomes bankrupt

–ceases to be a Director by virtue of the Companies Act or

the Articles

–suffers mental or physical ill health and the Board resolves

that he or she shall cease to be a Director

–has missed Directors' meetings for a continuous period of

six months without permission and the Board resolves that

he or she shall cease to be a Director

–is otherwise prohibited from being a Director by law

–resigns, or offers to resign and the Board accepts that offer

–is required to resign by the Board

Any amendment to the Articles may be made in accordance

with the provisions of the Companies Act 2006, by way of

special resolution.

**Directors' conflicts of interest**

All Directors have a duty under the Companies Act 2006 to

avoid a situation in which they have, or could have, a direct or

indirect conflict of interest or possible conflict with the

company. Our Articles provide a general power for the Board

to authorise such conflicts.

The Board reviews any new potential or actual conflict, which

is recorded by the Company Secretary. Directors are not

counted in the quorum for the authorisation of their own actual

or potential conflicts. The Nominations & Corporate

Governance Committee reviews the Register of Potential

Conflict Authorisation (the Register of Potential Conflicts) on an

annual basis which the Board subsequently approves.

On a continuing basis, the Directors are responsible for

informing the Company Secretary of any such new actual or

potential conflicts that may arise or if there are any changes in

circumstances that may affect an authorisation previously

given. Even when provided with authorisation, a Director is not

absolved from his or her statutory duty to promote the success

of the company. If an actual conflict arises post-authorisation,

the Board may choose to exclude the Director from receipt of

the relevant information and participation in the debate, or

suspend the Director from the Board, or, as a last resort,

require the Director to resign.

The Nominations & Corporate Governance Committee

reviewed the Register of Potential Conflicts in January 2026.

The Committee reported to the Board that the conflicts had

been appropriately authorised and that the process for

authorisation continued to operate effectively. The Committee

then recommended the approval of the Register of Potential

Conflicts to the Board which it subsequently approved. Except

as described in Note 40 to the financial statements, 'Related

party transactions', during or at the end of the financial year no

Director or Person Closely Associated had any material

interest in any contract of significance with a Group company.

Our Articles prohibit a Director from voting on any resolution

concerning his or her appointment or the terms or termination

of his or her appointment.

**Independent advice**

The company has an agreed procedure for Directors to take

independent legal and/or financial advice at the company's

expense where they deem it necessary.

**Indemnification of Directors**

Qualifying third party indemnity provisions (as defined in the

Companies Act 2006) are in force for the benefit of Directors

and former Directors who held office during 2025 and up to the

approval and signature of the Annual Report.

**Change of control and essential contracts**

We do not have contracts or other arrangements which

individually are fundamental to the ability of the business to

operate effectively. Neither is the company party to any

material agreements that would take effect, be altered, or

terminate upon a change of control following a takeover bid.

We do not have agreements with any Director that would

provide compensation for loss of office or employment

resulting from a takeover, except that provisions of the

company's share plans may cause options and awards

granted under such plans to vest on a takeover Details of the

termination provisions in the Executive Directors' service

contracts are given in the full version of the company's 2025

Remuneration policy which is available on gsk.com in the

Investors section.

**Content of the Directors' report**<br>

For the purposes of the UK Companies Act 2006, the

Directors' report of GSK plc for the year ended 31 December

2025 comprises:

**Directors' report**

---

| | |
|:---|:---|
| Section | Pages |
| Corporate governance report | [98](#ie22c70781ec24e178b4ec838768832e2_277) to [157](#ifdbe62f5e8034d5a94163c4d12a8dc87_5386) |
| Employee engagement | [110](#ie22c70781ec24e178b4ec838768832e2_289) |
| Directors' statements of responsibilities | [159](#ie22c70781ec24e178b4ec838768832e2_355) and [160](#i3ce69a74a15b4ff29c1b690ca3fddb76_1295) |
| Investor information | [254](#ie22c70781ec24e178b4ec838768832e2_559) to [298](#i0eea073c566e4ad7b09f0cbea3339193_67-0-1-1-1058725) |

---

The Strategic report sets out those matters required to be

disclosed in the Directors' report which are considered to be of

strategic importance:

**Strategic report**

---

| | |
|:---|:---|
| Section | Pages |
| Risk management objectives and policies | [61](#ie22c70781ec24e178b4ec838768832e2_181) to [70](#ie22c70781ec24e178b4ec838768832e2_193) and <br>[261](#ie22c70781ec24e178b4ec838768832e2_586) to 270<br>|
| Likely future developments of the company | [1](#ie22c70781ec24e178b4ec838768832e2_28) to [96](#ie22c70781ec24e178b4ec838768832e2_259) |
| Research and development activities | [12](#ie22c70781ec24e178b4ec838768832e2_61) to [32](#i259e754fc6474352978e93c1a59f4bf6_88) |
| Business relationships | [46](#ie22c70781ec24e178b4ec838768832e2_142) to [59](#i6cd323c12bbd46b984cabbc3513b3897_2482) |
| Inclusion | [53](#ie22c70781ec24e178b4ec838768832e2_157) |
| Our culture and people, including provision of <br>information to and consultations with <br>employees<br>| [53](#ie22c70781ec24e178b4ec838768832e2_157) and [57](#ie22c70781ec24e178b4ec838768832e2_169) to <br>[59](#i6cd323c12bbd46b984cabbc3513b3897_2482)<br>|
| Carbon emissions | [50](#ie22c70781ec24e178b4ec838768832e2_154) to [52](#ifb266bbd90c448079f23ed45926d4156_335) and <br>[70](#ie22c70781ec24e178b4ec838768832e2_193)<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | **[Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271)** | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Directors' report continued | Directors' report continued | Directors' report continued | Directors' report continued | Directors' report continued |

---

The following information is also incorporated into the

Directors' report:

---

| | |
|:---|:---|
|  | Location in Annual Report |
| Interest capitalised | Financial statements, <br>Notes 17 and 20<br>|
| Share capital and share premium <br>account<br>| Financial statements Note <br>36<br>|
| Particulars of important post-balance <br>sheet events of the company or its <br>subsidiaries<br>| Financial statements, <br>Note 47<br>|
| Publication of unaudited financial <br>information<br>| Group financial review |
| Details of any long-term incentive <br>schemes<br>| Remuneration report |
| Waiver of emoluments by a Director | Not applicable |
| Waiver of future emoluments by a <br>Director<br>| Not applicable |
| Non pre-emptive issues of equity for cash | Not applicable |
| Non pre-emptive issues of equity for cash <br>by any unlisted major subsidiary <br>undertaking<br>| Not applicable |
| Parent company participation in a placing <br>by a listed subsidiary<br>| Not applicable |
| Provision of services by a controlling <br>shareholder<br>| Not applicable |
| Shareholder waiver of dividends | Financial statements, <br>Notes 16 and 44<br>|
| Shareholder waiver of future dividends | Financial statements, <br>Notes 16 and 44<br>|
| Agreements with controlling shareholders | Not applicable |

---

**The Directors' report** 

–has been drawn up and presented in accordance with and

in reliance upon English company law and the liabilities of

the Directors in connection with that Report shall be subject

to the limitations and restrictions provided by such law.

–was approved by the Board of Directors on 4 March 2026

and signed on its behalf by:

**Sir Jonathan Symonds**

Chair

4 March 2026

---

| |
|:---|
| GSK 2025 Annual Report on Form 20-F |
| GSK 2025 Annual Report on Form 20-F |

---

![AR__main_divider_pages background.jpg](gsk-20251231_g40.jpg)

Financial

statements

---

| | |
|:---|:---|
| **In this section** |  |
| [Directors' statement of responsibilities](#ie22c70781ec24e178b4ec838768832e2_352) | [159](#ie22c70781ec24e178b4ec838768832e2_355) |
| Report of the Independent Registered Public Accounting Firm - <br>Deloitte LLP<br>| [161](#ie22c70781ec24e178b4ec838768832e2_361) |
| Financial statements | [165](#ie22c70781ec24e178b4ec838768832e2_364) |
| Notes to the financial statements | [169](#ie22c70781ec24e178b4ec838768832e2_379) |

---

---

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|:---|:---|:---|:---|:---|
| Strategic report | Corporate governance | **Financial statements** | Investor information | GSK 2025 Annual Report on Form 20-F |
| Directors' statement of responsibilities | Directors' statement of responsibilities | Directors' statement of responsibilities | Directors' statement of responsibilities | Directors' statement of responsibilities |

---

The Directors are responsible for preparing the Annual Report,

the Remuneration report and the Group and parent company

financial statements in accordance with applicable law and

regulations.

UK company law requires the Directors to prepare financial

statements for each financial year. The Directors are required

to prepare the Group consolidated financial statements in

accordance with UK-adopted international accounting

standards in conformity with the requirements of the

Companies Act 2006 and the IFRS Accounting Standards as

issued by the International Accounting Standards Board

(IASB). Under company law the Directors must not approve

the financial statements unless they are satisfied that they give

a true and fair view of the state of affairs of the Group and its

profit or loss for that period. In preparing the financial

statements, the Directors are required to:

–select suitable accounting policies and then apply them

consistently;

–make judgements and accounting estimates that are

reasonable and prudent;

–state that the Group financial statements comply with IFRS,

as issued by the IASB and in conformity with the

requirements of the Companies Act 2006; and

–prepare the financial statements on a going concern basis

unless it is inappropriate to presume that the Group and the

parent company will continue in business.

In preparing the Group financial statements, International

Accounting Standard 1 requires that directors properly select

and apply accounting policies; present information, including

accounting policies, in a manner that provides relevant,

reliable, comparable and understandable information; provide

additional disclosures when compliance with the specific

requirements in IFRS Standards are insufficient to enable

users to understand the impact of particular transactions,

other events and conditions on the entity's financial position

and financial performance; and make an assessment of the

company's ability to continue as a going concern.

The Directors are responsible for keeping adequate

accounting records that are sufficient to show and explain the

company's transactions and disclose with reasonable

accuracy at any time the financial position of the Group and to

enable them to ensure that the Group financial statements and

the Remuneration report comply with the Companies Act

2006. They are also responsible for safeguarding the assets of

the Group and hence for taking reasonable steps for the

prevention and detection of fraud and other irregularities.

The Group financial statements for the year ended

31 December 2025, comprising principal statements and

supporting notes, are set out in the 'Financial statements' on

pages [165](#ie22c70781ec24e178b4ec838768832e2_364) to [252](#ie22c70781ec24e178b4ec838768832e2_535) of this report.

The responsibilities of the auditor in relation to the financial

statements are set out in the Independent Auditor's report on

pages [161](#ie22c70781ec24e178b4ec838768832e2_361) to [164](#i357177bd90db44479edb21c22644ab13_19026).

The financial statements for the year ended 31 December

2025 are included in the Annual Report, which is published in

printed form and made available on our website. The Directors

are responsible for the maintenance and integrity of the

corporate and financial information included on the company's

website. Legislation in the United Kingdom governing the

preparation and dissemination of financial statements may

differ from legislation in other jurisdictions.

Each of the current Directors, whose names and functions are

listed in the Corporate Governance section of the Annual

Report 2025 confirms that, to the best of his or her knowledge:

–the Group financial statements, which have been prepared

in accordance with the applicable set of accounting

standards and in conformity with the requirements of

Companies Act 2006, give a true and fair view of the assets,

liabilities, financial position and profit of the Group;

–the Strategic report and risk sections of the Annual Report,

which represent the management report, include a fair

review of the development and performance of the business

and the position of the company and the Group taken as a

whole, together with a description of the principal risks and

uncertainties that it faces; and

–the Annual Report and financial statements, taken as a

whole, are fair, balanced and understandable and provide

the information necessary for shareholders to assess the

company's position and performance, business model and

strategy.

---

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|:---|:---|:---|:---|:---|
| Strategic report | Corporate governance | **Financial statements** | Investor information | GSK 2025 Annual Report on Form 20-F |
| Directors' statement of responsibilities continued | Directors' statement of responsibilities continued | Directors' statement of responsibilities continued | Directors' statement of responsibilities continued | Directors' statement of responsibilities continued |

---

**Disclosure of information to auditor**

The Directors in office at the date of this Annual Report have

each confirmed that:

–so far as he or she is aware, there is no relevant audit

information of which the company's auditor is unaware; and

–he or she has taken all the steps that he or she ought to

have taken as a Director to make himself or herself aware of

any relevant audit information and to establish that the

company's auditor is aware of that information.

This confirmation is given and should be interpreted in

accordance with the provisions of section 418 of the

Companies Act 2006.

**Going concern basis**

Pages [72](#ie22c70781ec24e178b4ec838768832e2_217) to [96](#ie22c70781ec24e178b4ec838768832e2_259) and pages [63](#ie22c70781ec24e178b4ec838768832e2_187) to [69](#i6f492b720d6c45c3a54dffc47dc26f29_19525) contain information on the

performance of the Group, its financial position, cash flows, net

debt position, borrowing facilities and climate-related risks.

Further information, including Treasury risk management

policies, exposures to market and credit risk and hedging

activities, is given in Note 43, 'Financial instruments and

related disclosures' to the financial statements. Having

assessed the principal risks and other matters considered in

connection with the viability statement, the Directors

considered it appropriate to adopt the going concern basis of

accounting in preparing the financial statements.

**Internal control**

The Board, through the Audit & Risk Committee, has reviewed

the assessment of risks and the internal control framework that

operates in GSK and has considered the effectiveness of the

system of internal control in operation in the Group for the year

covered by this Annual Report and up to the date of its

approval by the Board of Directors. Further detail on the review

of internal controls is set out in the Governance report on page

[122](#id2aa7758435841fcbba6b785bdcd6468_45385).

**The UK Corporate Governance Code**

The Board considers that GSK plc applies the principles and

complies with the provisions of the UK Corporate Governance

Code maintained by the Financial Reporting Council, as

described in the Corporate Governance section including

Remuneration on pages [98](#ie22c70781ec24e178b4ec838768832e2_277) to [157](#ifdbe62f5e8034d5a94163c4d12a8dc87_5387). The Board further

considers that the Annual Report, taken as a whole, is fair,

balanced and understandable, and provides the information

necessary for shareholders to assess the Group's position and

performance, business model and strategy.

As required by the Financial Conduct Authority's Listing Rules,

the auditor has considered the Directors' statement of

compliance in relation to those points of the UK Corporate

Governance Code which are specified for their review.

**Annual Report**

The Annual Report for the year ended 31 December 2025,

comprising the Report of the Directors, the Remuneration

report, the Financial statements and Additional information for

investors, has been approved by the Board of Directors and

signed on its behalf by

**Sir Jonathan Symonds**

Chair

4 March 2026

---

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|:---|:---|:---|:---|:---|
| Strategic report | Corporate governance | **Financial statements** | Investor information | GSK 2025 Annual Report on Form 20-F |
| Report of Independent Registered Public <br>Accounting Firm | Report of Independent Registered Public <br>Accounting Firm | Report of Independent Registered Public <br>Accounting Firm | Report of Independent Registered Public <br>Accounting Firm | Report of Independent Registered Public <br>Accounting Firm |

---

Report on the audit of the financial statements<br>

To the shareholders and the Board of Directors of GSK plc

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance

sheets of GSK plc and subsidiaries (the "Group") as at 31

December 2025 and 2024, the related consolidated income

statements, statements of comprehensive income, statements

of changes in equity, and cash flow statements, for each of the

three years in the period ended 31 December 2025, and the

related notes, included on pages [165](#ie22c70781ec24e178b4ec838768832e2_364) to [252](#ie22c70781ec24e178b4ec838768832e2_535) (collectively

referred to as the "financial statements"). In our opinion, the

financial statements present fairly, in all material respects, the

financial position of the Group as at 31 December 2025 and

2024 and the results of its operations and its cash flows for

each of the three years in the period ended 31 December

2025, in conformity with IFRS Accounting Standards as issued

by the International Accounting Standards Board (IASB).

We have also audited, in accordance with the standards of the

Public Company Accounting Oversight Board (United States)

(PCAOB), the Group's internal control over financial reporting

as at 31 December 2025, based on criteria established in

Internal Control — Integrated Framework (2013) issued by the

Committee of Sponsoring Organizations of the Treadway

Commission and our report dated 6 March 2026, expressed

an unqualified opinion on the Group's internal control over

financial reporting.

**Basis for Opinion**

These financial statements are the responsibility of the Group's

management. Our responsibility is to express an opinion on

the Group's financial statements based on our audits. We are

a public accounting firm registered with the PCAOB and are

required to be independent with respect to the Group in

accordance with the U.S. federal securities laws and the

applicable rules and regulations of the Securities and

Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of

the PCAOB. Those standards require that we plan and perform

the audit to obtain reasonable assurance about whether the

financial statements are free of material misstatement, whether

due to error or fraud. Our audits included performing

procedures to assess the risks of material misstatement of the

financial statements, whether due to error or fraud, and

performing procedures that respond to those risks. Such

procedures included examining, on a test basis, evidence

regarding the amounts and disclosures in the financial

statements. Our audits also included evaluating the

accounting principles used and significant estimates made by

management, as well as evaluating the overall presentation of

the financial statements. We believe that our audits provide a

reasonable basis for our opinion.

**Critical Audit Matters**

The critical audit matters communicated below are matters

arising from the current-period audit of the financial statements

that were communicated or required to be communicated to

the audit committee and that (1) relate to accounts or

disclosures that are material to the financial statements and (2)

involved our especially challenging, subjective, or complex

judgments. The communication of critical audit matters does

not alter in any way our opinion on the financial statements,

taken as a whole, and we are not, by communicating the

critical audit matters below, providing separate opinions on the

critical audit matters or on the accounts or disclosures to

which they relate.

**Valuation of US Returns and Rebates (RAR)** 

**accruals** 

***Accounts impacted:*** Turnover and Trade and other payables

Refer to Notes 3 and 18 of the financial statements

***Critical Audit Matter Description***

In the United States (US), the Group sells to customers under

various commercial and government mandated contracts and

reimbursement arrangements that include rebates,

chargebacks and a right of return for certain pharmaceutical

products. Returns, chargebacks and rebates provided to

customers under these arrangements are accounted for as

variable consideration and recognised as a reduction to

revenue in the form of gross-to-net sales adjustments. These

adjustments are known as the US Returns and Rebates ("US

RAR") accruals and are a source of significant estimation

uncertainty which could have a material impact on reported

revenue.

The US RAR balance sheet accrual at 31 December 2025

amounted to £4,891 million.

The five most significant buying groups to which the RAR

accrual relates are Managed Care, Medicaid, Ryan White,

Medicare Part D, and the Medicare Part D Manufacturer

Discount Program.

The two main causes of significant estimation uncertainty are:

–The utilisation rate, which is the portion of total sales that will

be made into each buying group, estimated in recording the

accruals. The utilisation assumption is the most challenging

of the key assumptions used to derive the accrual given that

it is influenced by historical trends, projected market

conditions and other factors outside the control of the

Group; and

–The time lag between the point of sale and the point at

which exact rebate amounts are known to the Group upon

receipt of a claim. Those buying groups with the longest

time lag result in a greater accrued period, and therefore, a

greater level of estimation uncertainty in estimating the

period-end accrual.

The level of estimation uncertainty is also impacted by

significant shifts in channel mix driven by changes in the

competitive landscape, including competitor and generic

product launches, changes in government legislation, pricing

agreements and other macroeconomic factors. Further, where

relevant, the Group makes specific period-end adjustments to

the US RAR accruals. These adjustments reflect updates

made to the initial assumptions included within the forecasted

US RAR rates and, in our view, present the greatest

opportunity for fraud in revenue recognition (notwithstanding

the existence of internal controls).

We have identified a critical audit matter relating to the

valuation of the US RAR balance sheet accrual, including both

the utilisation rate assumptions and period-end adjustments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | Corporate governance | **Financial statements** | Investor information | GSK 2025 Annual Report on Form 20-F |
| Report of Independent Registered Public Accounting Firm continued<br>Report on the audit of the financial statements continued | Report of Independent Registered Public Accounting Firm continued<br>Report on the audit of the financial statements continued | Report of Independent Registered Public Accounting Firm continued<br>Report on the audit of the financial statements continued | Report of Independent Registered Public Accounting Firm continued<br>Report on the audit of the financial statements continued | Report of Independent Registered Public Accounting Firm continued<br>Report on the audit of the financial statements continued |

---

***How the Critical Audit Matter Was Addressed in the Audit***

We performed the following audit procedures, amongst others,

related to estimates in the US RAR accruals:

–Tested the controls over the key inputs and assumptions

used in the valuation of US RAR accruals. These included

review controls over forecasting of utilisation rates, period-

end adjustments and the month-end accrual reviews;

–Tested management's process to develop the estimate by

evaluating assumptions for a selection of utilisation rates,

focusing on certain products where we concluded the

accrual is most sensitive to these assumptions. Our

procedures included comparison to the historical utilisation

rates, consideration of the historical accuracy of

management's assumptions and an assessment of whether

projected market conditions are appropriately reflected in

the RAR accruals. Such conditions included the impact of

competition, new product launches, changes in government

legislation, pricing agreements and macroeconomic factors;

–Tested management's estimate by developing an

independent expectation of the accrual balance for each of

the key segments and products. The expectation was

developed using data on historical claims received adjusted

to reflect market changes in the period, third party

information on inventory held by customers, and an

assessment of the time lag between the initial point of sale

and the claim receipt. We then compared this independent

expectation to those recorded claims to evaluate the

appropriateness of the year-end accrual position;

–Performed a retrospective review of the historical accuracy

of management's forecast assumptions and where actual

claims have differed to these assumptions, we have

evaluated whether this has been appropriately reflected in

subsequent accruals for a sample of claims;

–Evaluated the accuracy and completeness of period-end

adjustments to the liability made as part of the Group's

ongoing review of the estimated accrual; and

–Performed audit procedures over the actual rebate

payments made in the year by agreeing to the relevant

contract to assess whether the rebate payments were in line

with the contractual terms.

**Valuation of the ViiV Healthcare Shionogi** 

**contingent consideration liability** 

***Accounts impacted:*** Contingent consideration liabilities and

Other operating expense

Refer to Notes 3 and 32 of the financial statements

***Critical Audit Matter Description***

The Group has completed a number of significant transactions

which resulted in the recognition of material contingent

consideration liabilities, which are a key source of estimation

uncertainty. The most significant of these liabilities was the ViiV

Healthcare Shionogi Contingent Consideration Liability (ViiV

CCL).

The Group completed the acquisition of the remaining 50%

interest in the Shionogi-ViiV Healthcare joint venture in 2012.

Upon completion, the Group recognised a contingent

consideration liability for the fair value of the expected future

payments to be made to Shionogi. As at 31 December 2025

the liability was valued at £5,433 million.

We identified the ViiV CCL as a critical audit matter because of

the significant estimates and assumptions relating to the HIV

treatment and prevention markets sales forecasts used in

valuing the ViiV CCL, and the sensitivity of the valuation to

these inputs. The most significant of these relate to sales

forecasts in the United States (US) on certain products in the

treatment and prevention portfolio. Such forecasts are based

on an assessment of the expected launch dates for pipeline

assets, the ability to shift market practice and prescriber

behaviour towards long-acting injectable treatments and 2-

drug regimens, the size of the long-acting prevention market

and subsequent sales volumes. The sales forecasts also

required significant audit effort to perform appropriate audit

procedures to challenge and evaluate the reasonableness of

those forecasts.

***How the Critical Audit Matter Was Addressed in the Audit***

We performed the following audit procedures, amongst others,

related primarily to the sales forecasts:

–Tested the controls over the key inputs and assumptions

used in the valuation of the contingent consideration liability,

including review controls over the sales forecasts of the

treatment product portfolio used to value the ViiV CCL;

–Obtained the Group's assessment of the key inputs and

assumptions used in the sales forecasts and evaluated their

reasonableness, including through enquiries of key

individuals from the senior leadership team, commercial

strategy team and key personnel involved in the budgeting

and forecasting process, and inspection of supporting

evidence;

–Evaluated the US volume assumptions made by the Group

to estimate sales forecasts. This involved benchmarking

forecast market share data against external data, such as

total prescription volumes and new patient prescription

volumes, in order to assess for any sources of contradictory

evidence;

–Evaluated the reasonableness of US pricing assumptions

used by the Group, by comparing the forecasted Returns

and Rebates rate by product against the current rate, and

assessing the forecasted Returns and Rebates against

comparable products and taking into account expected

changes in payer policy, changes in government legislation

and pricing agreements;

–Considered the results of clinical studies undertaken in the

year by the Group and key competitors in order to assess

whether these are corroborative or contradictory to

assumptions used in the product portfolio sales forecasts in

the US;

–Benchmarked the Group's sales forecasts against those

included in reports from 7 analysts and considered sales

forecasts on both a total ViiV basis and an individual product

basis, assessing against identified contradictory data; and

–Together with our fair valuation specialists, assessed the

reasonableness of the overall valuation methodology,

including testing the valuation model for mechanical

accuracy.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | Corporate governance | **Financial statements** | Investor information | GSK 2025 Annual Report on Form 20-F |
| Report of Independent Registered Public Accounting Firm continued<br>Report on the audit of the financial statements continued | Report of Independent Registered Public Accounting Firm continued<br>Report on the audit of the financial statements continued | Report of Independent Registered Public Accounting Firm continued<br>Report on the audit of the financial statements continued | Report of Independent Registered Public Accounting Firm continued<br>Report on the audit of the financial statements continued | Report of Independent Registered Public Accounting Firm continued<br>Report on the audit of the financial statements continued |

---

**Valuation of other intangible assets** 

***Accounts impacted:*** Other intangible assets, Cost of sales,

Research and development, and Selling, general and

administration

Refer to Notes 3, 20 and 40 of the financial statements

***Critical Audit Matter Description***

As at 31 December 2025, the Group held £16,141 million of

other intangible assets (including licenses, patents,

trademarks, and trade names, but excluding goodwill and

computer software). This includes intangible assets acquired

as part of the acquisitions of IDRx, Inc. and BP Asset IX, Inc.

during the year.

Intangible assets which are in development and not available

for use should be tested at least annually for impairment

irrespective of whether an indication of impairment exists.

When the carrying amount of an individual intangible asset, or

cash-generating unit to which an intangible asset belongs,

exceeds its recoverable amount, an impairment should be

recorded. Recoverability of an intangible asset is derived from

certain assumptions and estimates of future trading

performance which create significant estimation uncertainty.

The underlying assumptions used, for both acquired

intangibles and impairment of existing intangibles, include

forecast sales pricing, volume, growth rates, profit margin, and

the probability of technical and regulatory success of ongoing

clinical trials. This includes assumptions on timing of cash

flows determined by anticipated launch year, peak year sales,

subsequent sales erosion due to generic product competition,

and profit margin levels.

During 2025, impairment charges of £880 million were

recorded. These were primarily full impairments due to the

cessation of research and development dictated by negative

clinical trial readouts or lack of commercial attractiveness.

We identified the valuation of other intangible assets as a

critical audit matter due to the inherent judgements involved in

estimating future cash flows. Auditing such assumptions and

estimates required extensive audit effort to evaluate the

reasonableness of forecasts and management judgements.

**How the Critical Audit Matter Was Addressed in the Audit** 

We performed the following audit procedures, amongst others,

over the forecast sales pricing, volume, growth rates,

probability of technical and regulatory success, and profit

margin levels, used in the assessment of the valuation of other

intangible assets:

–Tested review controls over the key inputs and assumptions

used in the valuation of other intangible assets. The controls

encompass the review of the valuation models, which

contain a number of assumptions such as the probability of

technical and regulatory success, launch dates, plus other

revenue and cost assumptions;

–Inquired with key individuals from the corporate

development team, commercial forecasting leads, and key

personnel involved in the assets research and development

process. We used the outcome of these inquiries to evaluate

the Group's evidence to support key assumptions such as

overall sales forecasts, peak year sales (including

anticipated market share, volume and uptake alongside

price points where required), the foreseeable competitive

landscape, growth rates, probability of regulatory and

technical success and margins;

–Evaluated the key inputs and assumptions applied in

estimating sales and profit margin forecasts, including

benchmarking of forecasts against external market data.

This included independent market research of therapeutic

area price points, price growth rates, and anticipated

competitor market landscape, both current and at the time

of forecast regulatory approval, plus assessment of any

sources of contradictory evidence;

–Compared the forecast sales and profit margin levels to the

Plan data (asset by asset internal forecasts) approved by

the GSK Leadership Team and the Board of Directors,

where the in-development intangible asset is forecast to

launch within the next 3-year period;

–Assessed the historical accuracy of sales forecasts by

performing retrospective reviews across marketed assets

within the business;

–Using web scanning technology, identified and considered

whether events or transactions that occurred after the

balance sheet date, but before the reporting date, affect the

conclusions reached on the carrying values of the assets

and associated disclosures. We also use this output to

evaluate any contradictory evidence compared to

managements' forecasted assumptions; and

–Engaged our fair valuation specialists to assess the

reasonableness of the valuation methodology applied as

well as performing mechanical accuracy checks.

**Valuation of uncertain tax positions,** 

**including transfer pricing** 

***Accounts impacted:*** Corporation tax payable, Deferred tax

liabilities and Taxation charge

Refer to Note 3 and 14 of the financial statements

***Critical Audit Matter Description***

The Group operates in numerous jurisdictions and there are

open tax and transfer pricing matters and exposures with UK,

US and overseas tax authorities that give rise to uncertain tax

positions. There is a wide range of possible outcomes for

provisions and contingencies. Certain judgements in respect

of estimates of tax exposures and contingencies are required

in order to assess the adequacy of tax provisions, which are

sometimes complex as a result of the considerations required

by differing tax laws and regulations.

At 31 December 2025, the Group has recorded provisions of

£649 million in respect of uncertain tax positions.

**How the Critical Audit Matter Was Addressed in the Audit** 

With the support of our tax specialists, we assessed the

appropriateness of the uncertain tax provisions, focused on

those jurisdictions where the Group has the greatest potential

exposure and where the highest level of judgement is

required, by performing the following audit procedures,

amongst others:

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| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | Corporate governance | **Financial statements** | Investor information | GSK 2025 Annual Report on Form 20-F |
| Report of Independent Registered Public Accounting Firm continued<br>Report on the audit of the financial statements continued | Report of Independent Registered Public Accounting Firm continued<br>Report on the audit of the financial statements continued | Report of Independent Registered Public Accounting Firm continued<br>Report on the audit of the financial statements continued | Report of Independent Registered Public Accounting Firm continued<br>Report on the audit of the financial statements continued | Report of Independent Registered Public Accounting Firm continued<br>Report on the audit of the financial statements continued |

---

–Tested key controls over preparation, review and reporting

of judgmental tax balances and transactions, which include

provisions for uncertain tax provisions;

– Assessed the assumptions and judgements that are

required to determine the range of possible outcomes for

recognition and measurement of provisions for uncertain tax

positions in compliance with the requirements of IFRIC 23

Uncertainty over Income Tax Treatments;

– Engaged our transfer pricing specialists to evaluate the

transfer pricing methodology of the Group and associated

approach to provision recognition and measurement; and

–Considered evidence such as the actual results from the

recent tax authority audits and enquiries, third-party tax

advice obtained by the Group and our tax specialists' own

knowledge of market practice in relevant jurisdictions.

/s/ Deloitte LLP

London, United Kingdom

06 March 2026

The first accounting period we audited was 31 December

2018. 165

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Consolidated income statement<br>for the year ended 31 December 2025 | Consolidated income statement<br>for the year ended 31 December 2025 | Consolidated income statement<br>for the year ended 31 December 2025 | Consolidated income statement<br>for the year ended 31 December 2025 | Consolidated income statement<br>for the year ended 31 December 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Notes | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Turnover | 6 | **32667** | 31376 | 30328 |
| Cost of sales |  | **(9017)** | (9048) | (8565) |
| Gross profit |  | **23650** | 22328 | 21763 |
| Selling, general and administration |  | **(9088)** | (11015) | (9385) |
| Research and development |  | **(7525)** | (6401) | (6223) |
| Royalty income |  | **879** | 639 | 953 |
| Other operating income/(expense) | 7 | **16** | (1530) | (363) |
| **Operating profit** | 8 | **7932** | 4021 | 6745 |
| Finance income | 11 | **169** | 122 | 115 |
| Finance expense | 12 | **(701)** | (669) | (792) |
| Share of after tax profit/(loss) of associates and joint ventures | 13 | **1** | (3) | (5) |
| Profit/(loss) on disposal of interests in associates and joint ventures |  | **–** | 6 | 1 |
| **Profit before taxation** |  | **7401** | 3477 | 6064 |
| Taxation | 14 | **(1112)** | (526) | (756) |
| **Profit after taxation** |  | **6289** | 2951 | 5308 |
| Profit attributable to non-controlling interests |  | **573** | 376 | 380 |
| Profit attributable to shareholders |  | **5716** | 2575 | 4928 |
|  |  | **6289** | 2951 | 5308 |
| Basic earnings per share (pence) | 15 | **141.1** | 63.2 | 121.6 |
| Diluted earnings per share (pence) | 15 | **138.8** | 62.2 | 119.9 |

---

Consolidated statement of comprehensive income

for the year ended 31 December 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Notes | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Total profit for the year |  | **6289** | 2951 | 5308 |
| **Other comprehensive income/(expense) for the year** |  |  |  |  |
| Items that may be reclassified subsequently to income statement: |  |  |  |  |
| Exchange movements on overseas net assets and net investment hedges | 37 | **231** | (392) | (22) |
| Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries <br>&nbsp;&nbsp;&nbsp;&nbsp;and associates<br>| 37 | **(12)** | (87) | (34) |
| Fair value movements on cash flow hedges |  | **(41)** | – | (1) |
| Cost of hedging |  | **4** | (4) | – |
| Reclassification of cash flow hedges to income statement |  | **36** | 4 | 4 |
| Deferred tax on fair value movements on cash flow hedges |  | **(2)** | 1 | 1 |
|  |  | **216** | (478) | (52) |
| Items that will not be reclassified to income statement: |  |  |  |  |
| Exchange movements on overseas net assets of non-controlling interests | 37 | **(18)** | (4) | (25) |
| Fair value movements on equity investments |  | **215** | (100) | (244) |
| Tax on fair value movements on equity investments |  | **(20)** | 17 | 14 |
| Fair value movements on cash flow hedges |  | **–** | 8 | (40) |
| Remeasurement gains/(losses) on defined benefit plans |  | **133** | 506 | 71 |
| Tax credit/(charge) on remeasurement of defined benefit plans |  | **(33)** | (122) | (41) |
|  |  | **277** | 305 | (265) |
| Other comprehensive income/(expense) for the year | 37 | **493** | (173) | (317) |
| **Total comprehensive income for the year** |  | **6782** | 2778 | 4991 |
| Total comprehensive income for the year attributable to: |  |  |  |  |
| Shareholders |  | **6227** | 2406 | 4636 |
| Non-controlling interests |  | **555** | 372 | 355 |
| **Total comprehensive income for the year** |  | **6782** | 2778 | 4991 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Consolidated balance sheet<br>for the year ended 31 December 2025 | Consolidated balance sheet<br>for the year ended 31 December 2025 | Consolidated balance sheet<br>for the year ended 31 December 2025 | Consolidated balance sheet<br>for the year ended 31 December 2025 | Consolidated balance sheet<br>for the year ended 31 December 2025 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Notes | **2025**<br>**£m**<br>| 2024<br>£m<br>|
| **Assets** |  |  |  |
| **Non-current assets** |  |  |  |
| Property, plant and equipment | 17 | **9322** | 9227 |
| Right of use assets | 18 | **726** | 846 |
| Goodwill | 19 | **7018** | 6982 |
| Other intangible assets | 20 | **16748** | 15515 |
| Investments in associates and joint ventures | 21 | **89** | 96 |
| Other investments | 22 | **1037** | 1100 |
| Deferred tax assets | 14 | **6520** | 6757 |
| Derivative financial instruments | 43 | **–** | 1 |
| Other non-current assets | 23 | **2148** | 1942 |
| Total non-current assets |  | **43608** | 42466 |
| **Current assets** |  |  |  |
| Inventories | 24 | **5924** | 5669 |
| Current tax recoverable | 14 | **288** | 489 |
| Trade and other receivables | 25 | **7471** | 6836 |
| Derivative financial instruments | 43 | **121** | 109 |
| Liquid investments | 29 | **9** | 21 |
| Cash and cash equivalents | 26 | **3397** | 3870 |
| Assets held for sale | 27 | **300** | 3 |
| Total current assets |  | **17510** | 16997 |
| Total assets |  | **61118** | 59463 |
| **Liabilities** |  |  |  |
| **Current liabilities** |  |  |  |
| Short-term borrowings | 29 | **(3012)** | (2349) |
| Contingent consideration liabilities | 32 | **(1348)** | (1172) |
| Trade and other payables | 28 | **(15381)** | (15335) |
| Derivative financial instruments | 43 | **(75)** | (192) |
| Current tax payable | 14 | **(498)** | (703) |
| Short-term provisions | 31 | **(938)** | (1946) |
| Liabilities relating to assets held for sale | 27 | **(139)** | – |
| Total current liabilities |  | **(21391)** | (21697) |
| **Non-current liabilities** |  |  |  |
| Long-term borrowings | 29 | **(14708)** | (14637) |
| Deferred tax liabilities | 14 | **(291)** | (382) |
| Pensions and other post-employment benefits | 30 | **(1687)** | (1864) |
| Derivative financial instruments | 43 | **(67)** | – |
| Other provisions | 31 | **(610)** | (589) |
| Contingent consideration liabilities | 32 | **(5385)** | (6108) |
| Other non-current liabilities | 33 | **(1023)** | (1100) |
| Total non-current liabilities |  | **(23771)** | (24680) |
| Total liabilities |  | **(45162)** | (46377) |
| Net assets |  | **15956** | 13086 |
| **Equity** |  |  |  |
| Share capital | 36 | **1349** | 1348 |
| Share premium | 36 | **3498** | 3473 |
| Retained earnings | 37 | **10209** | 7796 |
| Other reserves | 37 | **1321** | 1054 |
| Shareholders' equity |  | **16377** | 13671 |
| Non-controlling interests |  | **(421)** | (585) |
| Total equity |  | **15956** | 13086 |

---

The financial statements on pages [165](#ie22c70781ec24e178b4ec838768832e2_364) to [252](#ie22c70781ec24e178b4ec838768832e2_535) were approved by the Board on 4 March 2026 and signed on its behalf by

**Sir Jonathan Symonds**

Chair

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Consolidated statement of changes in equity<br>for the year ended 31 December 2025 | Consolidated statement of changes in equity<br>for the year ended 31 December 2025 | Consolidated statement of changes in equity<br>for the year ended 31 December 2025 | Consolidated statement of changes in equity<br>for the year ended 31 December 2025 | Consolidated statement of changes in equity<br>for the year ended 31 December 2025 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Shareholders' equity | Shareholders' equity | Shareholders' equity | Shareholders' equity | Shareholders' equity |  |  |
|  | Share<br>capital<br>£m<br>| Share<br>premium<br>£m<br>| Retained<br>earnings<br>£m<br>| Other<br>reserves\*<br>£m<br>| Total<br>£m<br>| Non-<br>controlling <br>interests<br>£m<br>| Total<br>equity<br>£m<br>|
| At 31 December 2022 | 1347 | 3440 | 4363 | 1448 | 10598 | (502) | **10096** |
| Profit for the year | – | – | 4928 | – | 4928 | 380 | **5308** |
| Other comprehensive income/(expense) for the year | – | – | (45) | (247) | (292) | (25) | **(317)** |
| **Total comprehensive income/(expense) for the year** | **–** | **–** | **4883** | **(247)** | **4636** | **355** | **4991** |
| Distributions to non-controlling interests | – | – | – | – | – | (412) | **(412)** |
| Contributions from non-controlling interests | – | – | – | – | – | 7 | **7** |
| Dividends to shareholders | – | – | (2247) | – | (2247) | – | **(2247)** |
| Realised after tax gains/(losses) on disposal or liquidation of <br>&nbsp;&nbsp;&nbsp;&nbsp;equity investments<br>| – | – | (26) | 26 | – | – | **–** |
| Share of associates and joint ventures realised gains/(losses)<br>&nbsp;&nbsp;&nbsp;&nbsp;on disposal of equity investments<br>| – | – | (7) | 7 | – | – | **–** |
| Shares issued | 1 | 9 | – | – | 10 | – | **10** |
| Write-down of shares held by ESOP Trusts | – | – | (324) | 324 | – | – | **–** |
| Shares acquired by ESOP Trusts | – | 2 | 283 | (285) | – | – | **–** |
| Share-based incentive plans | – | – | 307 | – | 307 | – | **307** |
| Hedging gain/(loss) after taxation transferred to non-financial assets | – | – | – | 36 | 36 | – | **36** |
| Tax on share-based incentive plans | – | – | 7 | – | 7 | – | **7** |
| At 31 December 2023 | 1348 | 3451 | 7239 | 1309 | 13347 | (552) | **12795** |
| Profit for the year | – | – | 2575 | – | 2575 | 376 | **2951** |
| Other comprehensive income/(expense) for the year | – | – | (83) | (86) | (169) | (4) | **(173)** |
| **Total comprehensive income/(expense) for the year** | **–** | **–** | **2492** | **(86)** | **2406** | **372** | **2778** |
| Distributions to non-controlling interests | – | – | – | – | – | (416) | **(416)** |
| Contributions from non-controlling interests | – | – | – | – | – | 9 | **9** |
| Changes to non-controlling interests | – | – | – | – | – | 4 | **4** |
| Dividends to shareholders | – | – | (2444) | – | (2444) | – | **(2444)** |
| Deconsolidation of former subsidiary | – | – | – | – | – | (2) | **(2)** |
| Realised after tax gains/(losses) on disposal or liquidation of <br>&nbsp;&nbsp;&nbsp;&nbsp;equity investments<br>| – | – | 14 | (14) | – | – | **–** |
| Share of associates and joint ventures realised gains/(losses)<br>&nbsp;&nbsp;&nbsp;&nbsp;on disposal of equity investments<br>| – | – | 52 | (52) | – | – | **–** |
| Shares issued | – | 20 | – | – | 20 | – | **20** |
| Write-down of shares held by ESOP Trusts | – | – | (362) | 362 | – | – | **–** |
| Shares acquired by ESOP Trusts | – | 2 | 457 | (459) | – | – | **–** |
| Share-based incentive plans | – | – | 344 | – | 344 | – | **344** |
| Hedging gain/(loss) after taxation transferred to non-financial assets | – | – | – | (6) | (6) | – | **(6)** |
| Tax on share-based incentive plans | – | – | 4 | – | 4 | – | **4** |
| At 31 December 2024 | 1348 | 3473 | 7796 | 1054 | 13671 | (585) | **13086** |
| Profit for the year | – | – | 5716 | – | 5716 | 573 | **6289** |
| Other comprehensive income/(expense) for the year | – | – | 323 | 188 | 511 | (18) | **493** |
| **Total comprehensive income/(expense) for the year** | **–** | **–** | **6039** | **188** | **6227** | **555** | **6782** |
| Distributions to non-controlling interests | – | – | – | – | – | (391) | **(391)** |
| Dividends to shareholders | – | – | (2564) | – | (2564) | – | **(2564)** |
| Realised after tax gains/(losses) on disposal or liquidation of <br>&nbsp;&nbsp;&nbsp;&nbsp;equity investments<br>| – | – | (66) | 66 | – | – | **–** |
| Share of associates and joint ventures realised gains/(loss)<br>&nbsp;&nbsp;&nbsp;&nbsp;on disposal of equity investments<br>| – | – | 58 | (58) | – | – | **–** |
| Shares issued | 1 | 14 | – | – | 15 | – | **15** |
| Purchase of treasury shares | – | – | (1377) | – | (1377) | – | **(1377)** |
| Write-down on shares held by ESOP Trusts | – | – | (467) | 467 | – | – | **–** |
| Shares acquired by ESOP Trusts | – | 11 | 385 | (396) | – | – | **–** |
| Share-based incentive plans | – | – | 374 | – | 374 | – | **374** |
| Tax on share-based incentive plans | – | – | 31 | – | 31 | – | **31** |
| **At 31 December 2025** | **1349** | **3498** | **10209** | **1321** | **16377** | **(421)** | **15956** |

---

\*An analysis of Other reserves is presented as part of Note 37, 'Movements in equity'.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Consolidated cash flow statement<br>for the year ended 31 December 2025 | Consolidated cash flow statement<br>for the year ended 31 December 2025 | Consolidated cash flow statement<br>for the year ended 31 December 2025 | Consolidated cash flow statement<br>for the year ended 31 December 2025 | Consolidated cash flow statement<br>for the year ended 31 December 2025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Notes | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| **Cash flow from operating activities** |  |  |  |  |
| Profit after tax |  | **6289** | 2951 | 5308 |
| Adjustments reconciling profit after tax to operating cash flows | 41 | **2654** | 4910 | 2788 |
| Cash generated from operations |  | **8943** | 7861 | 8096 |
| Taxation paid |  | **(1202)** | (1307) | (1328) |
| **Total net cash inflow/(outflow) from operating activities** |  | **7741** | 6554 | 6768 |
| **Cash flow from investing activities** |  |  |  |  |
| Purchase of property, plant and equipment |  | **(1348)** | (1399) | (1314) |
| Proceeds from sale of property, plant and equipment |  | **24** | 65 | 28 |
| Purchase of intangible assets |  | **(1637)** | (1583) | (1030) |
| Proceeds from sale of intangible assets |  | **115** | 131 | 12 |
| Purchase of equity investments |  | **(92)** | (103) | (123) |
| Proceeds from sale of equity investments |  | **189** | 2356 | 1832 |
| Share transactions with non-controlling interests |  | **–** | (1) | – |
| Purchase of businesses, net of cash acquired | 40 | **(1692)** | (805) | (1457) |
| Investments in associates and joint ventures |  | **–** | (43) | – |
| Proceeds from disposal of associates and joint ventures |  | **–** | – | 1 |
| Contingent consideration paid |  | **(17)** | (19) | (11) |
| Disposal of businesses | 40 | **(27)** | (18) | 49 |
| Interest received |  | **154** | 138 | 115 |
| (Increase)/decrease in liquid investments |  | **11** | 21 | 72 |
| Dividends from joint ventures and associates |  | **67** | 15 | 11 |
| Dividend and distributions from investments |  | **20** | 16 | 220 |
| **Total net cash inflow/(outflow) from investing activities** |  | **(4233)** | (1229) | (1595) |
| **Cash flow from financing activities** |  |  |  |  |
| Issue of share capital | 36 | **15** | 20 | 10 |
| Repayment of long-term loans |  | **(1400)** | (1615) | (2260) |
| Issue of long-term notes |  | **1979** | 1075 | 223 |
| Net increase/(decrease) in short-term loans |  | **1085** | (811) | (333) |
| Increase in other short-term loans |  | **130** | 266 | – |
| Repayment of other short-term loans |  | **(288)** | (81) | – |
| Repayment of lease liabilities |  | **(241)** | (226) | (197) |
| Interest paid |  | **(679)** | (632) | (766) |
| Dividends paid to shareholders |  | **(2564)** | (2444) | (2247) |
| Purchase of treasury shares |  | **(1377)** | – | – |
| Distribution to non-controlling interests |  | **(391)** | (416) | (412) |
| Contributions from non-controlling interests |  | **–** | 9 | 7 |
| Other financing items |  | **46** | 129 | 334 |
| **Total net cash inflow/(outflow) from financing activities** |  | **(3685)** | (4726) | (5641) |
| **Increase/(decrease) in cash and bank overdrafts in the year** | 42 | **(177)** | 599 | (468) |
| Cash and bank overdrafts at the beginning of the year |  | **3403** | 2858 | 3425 |
| Exchange adjustments |  | **(19)** | (54) | (99) |
| Increase/(decrease) in cash and bank overdrafts in the year |  | **(177)** | 599 | (468) |
| **Cash and bank overdrafts at the end of the year** |  | **3207** | 3403 | 2858 |
| Cash and bank overdrafts at end of the year comprise: |  |  |  |  |
| Cash and cash equivalents |  | **3397** | 3870 | 2936 |
| Bank overdrafts |  | **(190)** | (467) | (78) |
|  |  | **3207** | 3403 | 2858 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements | Notes to the financial statements | Notes to the financial statements | Notes to the financial statements | Notes to the financial statements |

---

1. Presentation of the financial statements <br>

**Description of business**

GSK is a global biopharma group which prevents and treats

disease with specialty medicines, vaccines and general

medicines. GSK focuses on the science of the immune system

and advanced technologies, investing in four core therapeutic

areas: respiratory, immunology and inflammation; oncology;

HIV; and infectious diseases.

**Compliance with applicable law and IFRS**

The consolidated financial statements have been prepared in

accordance with UK-adopted international accounting

standards in conformity with the requirements of the

Companies Act 2006 and the IFRS Accounting Standards as

issued by the International Accounting Standards Board

(IASB).

**Composition of the consolidated financial** 

**statements**

The consolidated financial statements are for the Group

consisting of GSK plc and its subsidiaries. The consolidated

financial statements are drawn up in Sterling, the functional

currency of GSK plc, and in accordance with the presentation

requirements of IFRS Accounting Standards. The consolidated

financial statements comprise:

–Consolidated income statement

–Consolidated statement of comprehensive income

–Consolidated balance sheet

–Consolidated statement of changes in equity

–Consolidated cash flow statement

–Notes to the financial statements

**Composition of the Group**

A list of the subsidiaries and associates which, in the opinion

of the Directors, principally affected the amount of profit or net

assets of the Group is given in Note 45, 'Principal Group

companies'.

**Financial period**

These consolidated financial statements cover the financial

year from 1 January to 31 December 2025, with comparative

figures for the financial years from 1 January to 31 December

2024 and, where appropriate, from 1 January to 31 December

2023. **Accounting principles and policies**

The Directors have, at the time of approving the consolidated

financial statements, a reasonable expectation that the Group

has adequate resources to continue in operational existence

for the foreseeable future. Thus, the financial statements have

been prepared on a going concern basis and using the

historical cost convention, modified to include revaluation to

fair value of certain financial instruments, contingent

consideration liabilities, pension assets and liabilities and

employee share plans, as stated in the accounting policies.

The consolidated financial statements have been prepared in

accordance with the Group's accounting policies approved by

the Board as described in Note 2, 'Accounting principles and

policies'.

The preparation of the consolidated financial statements in

conformity with generally accepted accounting principles

requires management to make estimates and assumptions that

affect the reported amounts of assets and liabilities and

disclosure of contingent assets and liabilities at the date of the

consolidated financial statements and the reported amounts of

revenues and expenses during the reporting period. Actual

results could differ from those estimates. Note 3, 'Critical

accounting judgments and key sources of estimation

uncertainty' provides details on the critical judgements that

management have applied that have the most significant effect

on the consolidated financial statements and the key sources

of estimation uncertainty that have a significant risk of resulting

in a material adjustment to the carrying amount of assets and

liabilities within the next financial year.

In preparing the consolidated financial statements, the Group

has evaluated the potential effects of both physical and

transition climate-related risks, along with planned mitigation

efforts, on the valuation of assets and liabilities; with

consideration of the risks outlined in our climate-related

financial disclosures.

As of 31 December 2025, the Group has determined that

climate-related risks do not have a material impact on the

significant judgements and estimates and, as a result, the

valuation of the assets or liabilities have not been impacted.

The Group has reviewed the recoverable values of key assets

impacted such as property, plant and equipment, inventories,

goodwill, and intangible assets given their potential exposure

to climate-related risks, as well as the Group's planned

transition efforts.

Among the risks identified is our reliever MDI medication

(*Ventolin*). The Group is responding to this risk by transitioning

to a lower-carbon propellant. This transition is not anticipated

to materially affect the recoverable amounts, or estimated

useful lives, of related property, plant and equipment.

Additional information can be found in Note 17, 'Property, plant

and equipment'.

While the Group does not foresee any significant medium-term

impact at present, it remains aware of the evolving nature of

climate-related risks. The Group continues to evaluate the

implications on judgements and estimates, as well as on any

potential effects on the preparation of the consolidated

financial statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued | Notes to the financial statements continued | Notes to the financial statements continued | Notes to the financial statements continued | Notes to the financial statements continued |

---

2. Accounting principles and policies<br>

**Consolidation**

The consolidated financial statements include:

–the assets and liabilities, and the results and cash flows, of

the company and its subsidiaries, including ESOP Trusts;

–the Group's share of the results and net assets of associates

and joint ventures; and

–the Group's share of assets, liabilities, revenue and

expenses of joint operations

The financial statements of entities consolidated are made up

to 31 December each year.

Entities over which the Group has control are accounted for as

subsidiaries and consolidated in the Group financial

statements. Control is achieved when an entity in the Group:

–has power over the investee;

–is exposed, or has rights, to variable returns from its

involvement with the investee; and

–has the ability to use its power to affect its returns

This is generally through control over the financial and

operating policies of the subsidiary.

Where the Group has the ability to exercise joint control over,

and rights to, the net assets of entities, the entities are

accounted for as joint ventures. Where the Group has the

ability to exercise joint control over an arrangement, but has

rights to specified assets and obligations for specified

liabilities of the arrangement, the arrangement is accounted for

as a joint operation. Where the Group has the ability to

exercise significant influence over entities, they are accounted

for as associates. The results, assets and liabilities of

associates and joint ventures are incorporated into the

consolidated financial statements using the equity method of

accounting. The assets, liabilities, revenue and expenses of

joint operations are included in the consolidated financial

statements in accordance with the Group's rights and

obligations. Interests acquired in entities are consolidated from

the date the Group acquires control and interests sold are

deconsolidated from the date control ceases.

Transactions and balances between subsidiaries are

eliminated and no profit before tax is taken on sales between

subsidiaries until the products are sold to customers outside

the Group. The relevant proportion of profits on transactions

with joint ventures, joint operations and associates is also

deferred until the products are sold to third parties.

Transactions with non-controlling interests are recorded

directly in equity. Deferred tax relief on unrealised intra-Group

profit is accounted for only to the extent that it is considered

recoverable.

**Business combinations**

Business combinations are accounted for using the acquisition

accounting method. Identifiable assets, liabilities and

contingent liabilities acquired are measured at fair value at

acquisition date. The consideration transferred is measured at

fair value and includes the fair value of any contingent

consideration.

The fair value of contingent consideration liabilities is

reassessed at each balance sheet date with changes

recognised in the income statement. Payments of contingent

consideration reduce the balance sheet liability and as a result

are not recorded in the income statement.

The part of each payment relating to the original estimate of

the fair value of the contingent consideration on acquisition is

reported within investing activities in the cash flow statement

and the part of each payment relating to the increase in the

liability since the acquisition date is reported within operating

cash flows.

Where fair value of the consideration transferred, together with

the non-controlling interest, exceeds the fair value of the

assets, liabilities and contingent liabilities acquired, the excess

is recorded as goodwill. The costs of effecting an acquisition

are charged to the income statement in the period in which

they are incurred.

Goodwill is capitalised as a separate item in the case of

subsidiaries and as part of the cost of investment in the case

of joint ventures and associates. Goodwill is denominated in

the currency of the operation acquired.

Where fair value of the consideration transferred is below the

Group's interest in the net assets acquired, the difference is

recognised directly in the income statement.

Where not all of the equity of a subsidiary is acquired, the non-

controlling interest is recognised either at fair value or at the

non-controlling interest's share of the net assets of the

subsidiary, on a case-by-case basis. Changes in the Group's

ownership percentage of subsidiaries where control is not lost

are accounted for within equity.

**Foreign currency translation**

Foreign currency transactions are booked in the functional

currency of the Group company at the exchange rate ruling on

the date of transaction. Foreign currency monetary assets and

liabilities are retranslated into the functional currency at rates

of exchange ruling at the balance sheet date. Exchange

differences are included in the income statement.

On consolidation, assets and liabilities, including related

goodwill, of overseas subsidiaries, associates and joint

ventures, are translated into Sterling at rates of exchange

ruling at the balance sheet date. The results and cash flows of

overseas subsidiaries, associates and joint ventures are

translated into Sterling using average rates of exchange which

approximate to the actual exchange rates on the date of the

transactions.

Exchange adjustments arising when the opening net assets

and the profits for the year retained by overseas subsidiaries,

associates and joint ventures are translated into Sterling, less

exchange differences arising on related foreign currency

borrowings which hedge the Group's net investment in these

operations are recognised in other comprehensive income and

accumulated in a separate component of equity within

retained earnings. Foreign currency borrowings used to hedge

net investments in foreign operations are accounted for in

accordance with IFRS 9, with hedge documentation and

effectiveness testing maintained as required.

When translating into Sterling the assets, liabilities, results and

cash flows of overseas subsidiaries, associates and joint

ventures which are reported in currencies of hyper-inflationary

economies, adjustments are made where material to reflect

current price levels. Any gain or loss on net monetary position

is charged to the consolidated income statement.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued<br>2. Accounting principles and policies continued | Notes to the financial statements continued<br>2. Accounting principles and policies continued | Notes to the financial statements continued<br>2. Accounting principles and policies continued | Notes to the financial statements continued<br>2. Accounting principles and policies continued | Notes to the financial statements continued<br>2. Accounting principles and policies continued |

---

**Revenue**

**Turnover**

The Group receives revenue for supply of goods to external

customers against orders received. The majority of contracts

that GSK enters into relate to sales orders containing single

performance obligations for the delivery of pharmaceutical and

vaccine products. The average duration of a sales order is less

than 12 months so there is no significant element of financing.

Revenue from the product sales is recognised when control of

the goods is passed to the customer. The point at which

control passes is determined by each customer arrangement,

but generally occurs on delivery to the customer.

Revenue from the product sales represents net invoice value

including fixed and variable consideration. Variable

consideration arises on the sale of goods as a result of

discounts and allowances given and accruals for estimated

future returns and rebates. Revenue is not recognised in full

until it is highly probable that a significant reversal in the

amount of cumulative revenue recognised will not occur. The

methodology and assumptions used to estimate rebates and

returns are monitored and adjusted regularly in the light of

contractual and legal obligations, historical trends, past

experience and projected market conditions. Estimates

associated with returns and rebates are revisited at each

reporting date or when they are resolved and revenue is

adjusted accordingly. Please refer to Note 3, 'Critical

accounting judgements and key sources of estimation

uncertainty' for the details on rebates, discounts and

allowances.

The Group has entered into collaboration agreements, typically

with other pharmaceutical or biotechnology companies to

develop, produce and market medicines and vaccines that do

not qualify as joint arrangements. When GSK has control over

the commercialisation activities and considers itself as a

principal in the arrangement, the Group recognises turnover

and cost of sales on a gross basis. Profit sharing amounts and

royalties due to the counterparty are recorded within cost of

sales. Cost of sales includes net recoveries of cost of

£1 million (2024: cost of £7 million; 2023: net recoveries of cost

of £45 million) from profit sharing arrangements and royalties

due to the counterparty. When the counterparty controls the

commercialisation activities and records the sale, the Group is

not the principal in the customer contract and instead records

its share of gross profit as co-promotion income, on a net

basis, within turnover. The nature of co-promotion activities is

such that the Group records no costs of sales.

Reimbursements to and from the counterparty under

collaboration agreements for 'selling, general and

administration' and 'research and development' costs are

recorded net in the respective lines in the income statement.

**Other operating income and royalty income**

GSK enters into development and marketing collaborations

and out-licenses of the Group's compounds or products to

other parties. These contracts give rise to fixed and variable

consideration from upfront payments, development

milestones, sales-based milestones and royalties.

Income dependent on the achievement of a development

milestone is recognised when it is highly probable that a

significant reversal in the amount of cumulative revenue

recognised will not occur, which is usually when the related

event occurs. Sales-based milestone income is recognised

when it is highly probable that the sales threshold will be

reached.

Sales-based royalties on a licence of intellectual property are

not recognised until the relevant product sale occurs.

For all revenue, if the time between the recognition of revenue

and payment from the customer is expected to be more than

one year and the impact is material, the amount of

consideration is discounted using appropriate discount rates.

Value added tax and other sales taxes are excluded from

revenue.

**Expenditure**

Expenditure is recognised in respect of goods and services

received when supplied in accordance with contractual terms

in the period to which they relate. Provision is made when an

obligation exists for a future liability in respect of a past event,

the amount of the obligation can be reliably estimated and it is

probable that an outflow of economic benefits will be required

to settle the obligation.

Manufacturing start-up costs between validation and the

achievement of normal production are expensed as incurred.

Advertising and promotion expenditure is charged to the

income statement as incurred.

Shipment costs on inter-company transfers are charged to

cost of sales; distribution costs on sales to customers are

included in selling, general and administration expenditure.

Restructuring costs are recognised and provided for, where

appropriate, in respect of the direct expenditure of a business

reorganisation where the plans are sufficiently detailed and

well advanced, and where appropriate communication to

those affected has been undertaken.

Software as a service (SaaS) configuration costs are expensed

as they are incurred where the software being configured is

controlled by the SaaS provider.

**Research and development**

Research and development expenditure is charged to the

income statement in the period in which it is incurred.

Development expenditure is capitalised when the criteria for

recognising an asset are met, usually when a regulatory filing

has been made in a major market and approval is considered

highly probable. Intangible assets and property, plant and

equipment used for research and development are capitalised

and amortised/depreciated in accordance with the Group's

policy.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued<br>2. Accounting principles and policies continued | Notes to the financial statements continued<br>2. Accounting principles and policies continued | Notes to the financial statements continued<br>2. Accounting principles and policies continued | Notes to the financial statements continued<br>2. Accounting principles and policies continued | Notes to the financial statements continued<br>2. Accounting principles and policies continued |

---

**Legal and other disputes**

Provision is made for the anticipated settlement costs of legal

or other disputes against the Group where an outflow of

resources is considered probable and a reliable estimate can

be made of the likely outcome. In respect of product liability

claims related to certain products, provision is made when

there is sufficient history of claims made and settlements to

enable management to make a reliable estimate of the

provision required to cover asserted and unasserted claims.

In certain cases, an incurred but not reported (IBNR) actuarial

technique is used to determine this estimate. In addition,

provision is made for legal or other expenses arising from

claims received or other disputes.

The Group may become involved in legal proceedings, in

respect of which it is not possible to meaningfully assess

whether the outcome will result in a probable outflow, or to

quantify or reliably estimate the liability. In these cases,

appropriate disclosure about such cases is included but no

provision is made.

Costs associated with claims made by the Group against third

parties are charged to the income statement as they are

incurred.

**Pensions and other post-employment** 

**benefits**

The costs of providing pensions under defined benefit

schemes are calculated using the projected unit credit method

and spread over the period during which benefit is expected

to be derived from the employees' services, consistent with the

advice of qualified actuaries.

Pension obligations are measured as the present value of

estimated future cash flows discounted at rates reflecting the

yields of high-quality corporate bonds. Pension scheme assets

are measured at fair value at the balance sheet date.

The costs of other post-employment liabilities are calculated in

a similar way to defined benefit pension schemes and spread

over the period during which benefit is expected to be derived

from the employees' services, in accordance with the advice

of qualified actuaries.

The service cost of providing retirement benefits to employees

during the year, cost of plans, net interest (income)/cost and

the cost of any curtailment, is charged to operating profit in the

year.

Actuarial gains and losses and the effect of changes in

actuarial assumptions are recognised in the statement of

comprehensive income in the year in which they arise.

The Group's contributions to defined contribution plans are

charged to the income statement as incurred.

**Employee share plans**

Incentives in the form of shares are provided to employees

under share option and share award schemes.

The fair values of these options and awards are calculated at

their grant dates using a Black-Scholes option pricing model

and charged to the income statement over the relevant vesting

periods after adjusting for expected forfeitures and any non-

market based performance conditions.

The Group provides finance to ESOP Trusts to purchase

Company shares to meet the obligation to provide shares

when employees exercise their options or awards. Costs of

running the ESOP Trusts are charged to the income statement.

Shares held by the ESOP Trusts are deducted from other

reserves. A transfer is made between other reserves and

retained earnings over the vesting periods of the related share

options or awards to reflect the ultimate proceeds receivable

from employees on exercise.

**Property, plant and equipment**

Property, plant and equipment (PP&E) is stated at the historical

cost of purchase or construction, less accumulated

depreciation and accumulated impairment. Financing costs

are capitalised within the cost of qualifying assets under

construction.

Subsequent costs are added in the asset's carrying amount or

recognised as a separate asset, as appropriate, only if the

spending results in a real enhancement in the value, capacity,

performance or useful economic life of the asset. All other

repairs and maintenance are charged to the income statement

during the reporting period in which they are incurred.

Depreciation is calculated to write off the cost less residual

value of PP&E, excluding freehold land and assets under

construction, using the straight-line basis over the expected

useful life. Residual values and expected useful lives are

reviewed, and where appropriate adjusted annually. The

normal expected useful lives of the major categories of PP&E

are:

---

| | |
|:---|:---|
| Freehold buildings | 20 to 50 years |
| Leasehold land and buildings | Lease term or 20 to 50 years |
| Plant and machinery | 10 to 20 years |
| Equipment and vehicles | 3 to 10 years |

---

On disposal of PP&E, the cost and related accumulated

depreciation and impairments are removed from the financial

statements and the net amount, less any proceeds, is taken to

the income statement.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued<br>2. Accounting principles and policies continued | Notes to the financial statements continued<br>2. Accounting principles and policies continued | Notes to the financial statements continued<br>2. Accounting principles and policies continued | Notes to the financial statements continued<br>2. Accounting principles and policies continued | Notes to the financial statements continued<br>2. Accounting principles and policies continued |

---

**Leases**

The Group recognises right of use assets under lease

arrangements in which it is the lessee, except for short-term

leases (defined as leases with a lease term of 12 months or

less) and leases of low value assets. Rights to use assets

owned by third parties under lease agreements are capitalised

at the inception of the lease and recognised on the balance

sheet. Right of use assets are initially measured at the amount

of the corresponding lease liability plus lease payments made

at or before the commencement day, initial incremental direct

costs, asset retirement obligations and less any lease

incentives received. They are subsequently measured at cost

less accumulated depreciation and impairment losses.

The corresponding liability to the lessor is recognised as a

lease obligation within short- and long-term borrowings. The

lease liability is initially measured at the discounted present

value of the lease payments that are not paid at the

commencement date. The carrying amount of the lease liability

is subsequently increased to reflect interest on the liability and

reduced by lease payments made.

For calculating the discounted lease liability on leases with

annual payments of £2 million or more, or a non-cancellable

term of more than 10 years, the implicit rate in the lease is

used. If this is not available, the incremental borrowing rate

with a lease specific adjustment is used. If neither of these is

available, and for leases with annual payments of less than £2

million, or a non-cancellable term of 10 years or less, the

incremental borrowing rate is used. The incremental borrowing

rate is the rate of interest at which GSK would have been able

to borrow for a similar term and with a similar security the

funds necessary to obtain a similar asset in a similar market.

Finance costs are charged to the income statement so as to

produce a constant periodic rate of charge on the remaining

balance of the obligations for each accounting period.

Variable rents which are not linked to an index or a rate are not

part of the lease liability and the right of use asset. These

payments are charged to the income statement as incurred.

Lease rental costs for short-term and low-value leases which

are not capitalised are also charged to the income statement

as incurred.

Non-lease components are accounted for separately from the

lease components in plant and equipment leases. For land

and buildings or vehicle leases the lease and non-lease

components are accounted for together in the lease when the

non-lease components can be reliably determined in advance

and are charged directly by the lessor.

If modifications or reassessments of lease obligations occur,

the lease liability and right of use asset are remeasured.

Right of use assets where title is expected to pass to GSK at a

point in the future are depreciated on a basis consistent with

similar owned assets. In other cases, right of use assets are

depreciated over the shorter of the useful life of the asset or

the lease term.

**Goodwill**

Goodwill is stated at cost less accumulated impairments.

Goodwill is deemed to have an indefinite useful life and is

tested for impairment at least annually.

Where the fair value of the interest acquired in an entity's

assets, liabilities and contingent liabilities exceeds the

consideration paid, this excess is recognised immediately as a

gain in the income statement.

**Other intangible assets**

Intangible assets have a finite life and are stated at cost less

accumulated amortisation and accumulated impairments.

Licences, patents, know-how and marketing rights separately

acquired or acquired as part of a business combination are

amortised over their estimated useful lives, generally not

exceeding 30 years, using the straight-line basis, from the time

they are available for use. The estimated useful lives for

determining the amortisation charge take into account patent

lives (exclusivity period), where applicable, as well as the

value obtained from periods of non-exclusivity. For

Pharmaceutical intangible assets, depending on the

characteristics, competitive environment and estimated long-

term profits of the asset, between 80% to 90% of the book

value is amortised over the exclusivity period on a straight-line

basis and the remaining book value is amortised over a non-

exclusivity period of 5-15 years on a straight-line basis. For

Vaccines intangible assets, cost is usually amortised over the

patent period plus 10 years, or 30 years if no patent is granted,

on a straight-line basis. Asset lives are reviewed, and where

appropriate adjusted, annually.

Contingent milestone payments are recognised at the point

that the contingent event becomes probable. Any

development costs incurred by the Group subsequent to the

acquisition of licences, patents, know-how or marketing rights

are written off to the income statement when incurred, unless

the criteria for recognition of an internally generated intangible

asset are met, usually when a regulatory filing has been made

in a major market and approval is considered highly probable.

Acquired in-process R&D and marketed products are valued

independently as part of the fair value of businesses acquired

from third parties where they have a value which is substantial

and long term and where the assets either are contractual or

legal in nature or can be sold separately from the rest of the

businesses acquired.

The costs of acquiring and developing computer software for

internal use are capitalised as other intangible assets where

the software supports a significant business system and the

expenditure leads to the creation of a durable asset controlled

by the Group. ERP systems software is amortised over 7-10

years and other computer software over 2-5 years using the

straight-line basis.

The Group capitalises certain implementation costs related to

cloud computing arrangements when it has control over the

underlying software.

**Impairment of non-current assets**

The carrying amounts of all non-current assets are reviewed

for impairment, either on a stand-alone basis or as part of a

larger cash generating unit, when there is an indication that the

assets might be impaired. Additionally, goodwill and intangible

assets which are not yet available for use are tested for

impairment annually. Any provision for impairment is charged

to the income statement in the year concerned.

Impairments of goodwill are not reversed. Impairment losses

on other non-current assets are only reversed if there has been

a change in estimates used to determine recoverable amounts

and only to the extent that the revised recoverable amounts do

not exceed the carrying amounts that would have existed, net

of depreciation or amortisation, had no impairments been

recognised.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued<br>2. Accounting principles and policies continued | Notes to the financial statements continued<br>2. Accounting principles and policies continued | Notes to the financial statements continued<br>2. Accounting principles and policies continued | Notes to the financial statements continued<br>2. Accounting principles and policies continued | Notes to the financial statements continued<br>2. Accounting principles and policies continued |

---

**Investments in associates, joint ventures and** 

**joint operations**

Investments in associates and joint ventures are carried in the

consolidated balance sheet at the Group's share of their net

assets at date of acquisition and of their post-acquisition

retained profits or losses and other comprehensive income

together with any goodwill arising on the acquisition.

Distributions received/receivable from the associates are

accounted for as a reduction in the investment in associates

carrying amount. The Group recognises the assets, liabilities,

revenue and expenses of joint operations in accordance with

its rights and obligations.

**Inventories**

Inventories are included in the consolidated financial

statements at the lower of cost (including raw materials, direct

labour, other direct costs and related production overheads)

and net realisable value. Cost is generally determined on a first

in, first out basis. Pre-launch inventory is held as an asset

when there is a high probability of regulatory approval for the

product. Before that point a provision is made against the

carrying amount to reduce it to its net realisable value; the

provision is then reversed at the point when a high probability

of regulatory approval is determined.

**Financial instruments**

**Financial assets**

Financial assets are measured at amortised cost, fair value

through other comprehensive income (FVTOCI) or fair value

through profit or loss (FVTPL). The measurement basis is

determined by reference to both the business model for

managing the financial asset and the contractual cash flow

characteristics of the financial asset. For financial assets other

than trade receivables a 12-month expected credit loss (ECL)

allowance is recorded on initial recognition. If there is

subsequent evidence of a significant increase in the credit risk

of an asset, the allowance is increased to reflect the full lifetime

ECL. If there is no realistic prospect of recovery, the asset is

written off.

Expected credit losses are recognised in the income

statement on financial assets measured at amortised cost and

at fair value through other comprehensive income apart from

equity investments.

**Other investments**

Other investments comprise equity investments and

investments in limited life funds. The Group has elected to

designate the majority of its equity investments as measured at

FVTOCI. They are initially recorded at fair value plus

transaction costs and then remeasured at subsequent

reporting dates to fair value. Unrealised gains and losses are

recognised in other comprehensive income. On disposal of the

equity investment, gains and losses that have been deferred in

other comprehensive income are transferred directly to

retained earnings.

Investments in limited life funds are measured at FVTPL. They

are initially recorded at fair value and then remeasured at

subsequent reporting dates to fair value. Unrealised gains and

losses are recognised in the income statement.

Dividends on equity investments and distributions from funds

are recognised in the income statement when the Group's

right to receive payment is established.

Purchases and sales of other investments are generally

accounted for on the settlement date, except for regular-way

purchases and sales of listed investments traded on a

regulated stock exchange, which are accounted for on the

trade date.

**Trade receivables**

Trade receivables are measured in accordance with the

business model under which each portfolio of trade

receivables is held. The Group has portfolios in each of the

three business models under IFRS 9: to collect the contractual

cash flows where there is no factoring agreement in place

(measured at amortised cost); to sell the contractual cash

flows where the trade receivables will be sold under a

factoring agreement (measured at FVTPL); and both to collect

and to sell the contractual cash flows where the trade

receivables may be sold under a factoring arrangement

(measured at FVTOCI). Trade receivables measured at

amortised cost are carried at the original invoice amount less

allowances for expected credit losses.

In accordance with IFRS 9, trade receivables under factoring

arrangements are derecognised when the Group has

transferred substantially all the risks and rewards of the

receivables, including credit risk. Consistent with the

underlying nature of the activity, the cash inflows from

factoring arrangements are recognised within cash flows from

operating activities.

Expected credit losses are calculated in accordance with the

simplified approach permitted by IFRS 9, using a provision

matrix applying lifetime historical credit loss experience to the

trade receivables. The expected credit loss rate varies

depending on whether, and the extent to which, settlement of

the trade receivables is overdue and it is also adjusted as

appropriate to reflect current economic conditions and

estimates of future conditions. For the purpose of determining

credit loss rates, customers are classified into groupings that

have similar loss patterns. The key drivers of the loss rate are

the nature of the business unit and the location and type of

customer.

When a trade receivable is determined to have no reasonable

expectation of recovery it is written off, firstly against any

expected credit loss allowance available and then to the

income statement.

Subsequent recoveries of amounts previously provided for or

written off are credited to the income statement. Long-term

receivables are discounted where the effect is material.

**Cash and cash equivalents**

Cash comprises cash in hand and on-demand deposits at

bank.

Cash equivalents include cash in transit, deposits made with

banks or financial institutions with a maturity of three months or

less from the date of acquisition and are measured at

amortised cost. Investments in money market funds are held at

fair value through profit or loss because the funds fail the

solely payments of principal and interest on principal

outstanding (SPPI) test.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued<br>2. Accounting principles and policies continued | Notes to the financial statements continued<br>2. Accounting principles and policies continued | Notes to the financial statements continued<br>2. Accounting principles and policies continued | Notes to the financial statements continued<br>2. Accounting principles and policies continued | Notes to the financial statements continued<br>2. Accounting principles and policies continued |

---

**Borrowings**

All borrowings are initially recorded at fair value, being the

amount of proceeds received, net of directly attributable

transaction costs. Borrowings are subsequently carried at

amortised cost, using the effective interest method. Borrowing

costs (including the amortisation of transaction costs) are

recognised in profit or loss over the term of the borrowing,

except to the extent that they are directly attributable to the

acquisition, construction, or production of a qualifying asset, in

which case they are capitalised as part of the cost of that

asset.

**Derivative financial instruments**

Derivative financial instruments are used to manage exposure to

market risks. The principal derivative instruments used by GSK

are foreign currency swaps, interest rate swaps, foreign

exchange forward contracts and options. The Group does not

hold or issue derivative financial instruments for trading or

speculative purposes.

Derivative financial assets and liabilities, including derivatives

embedded in host contracts which have been separated from

the host contract, are measured at fair value. Changes in the fair

value of any derivative instruments that do not qualify for hedge

accounting are recognised immediately in the income

statement.

**Hedge accounting**

Derivatives designated as hedging instruments are classified

at the inception of the hedge relationship as cash flow hedges,

net investment hedges or fair value hedges. At inception, the

Group documents the relationship between the hedging

instrument and the hedged item, the risk management

objective and the strategy for undertaking the hedge. Hedge

effectiveness is assessed on an ongoing basis to ensure the

hedge continues to meet IFRS 9 criteria.

Changes in the fair value of derivatives designated as cash

flow hedges are recognised in other comprehensive income to

the extent that the hedges are effective and accumulated in

the cash flow hedge reserve. Ineffective portions are

recognised in profit or loss immediately. Amounts deferred in

the cash flow hedge reserve are reclassified to the income

statement when the hedged item affects profit or loss, or if the

hedged forecast transaction is to purchase a non-financial

asset, the amount deferred in the cash flow hedge reserve is

transferred directly from equity and included in the carrying

amount of the recognised non-financial asset.

Net investment hedges are accounted for in a similar way to

cash flow hedges. Amounts deferred in the net investment

hedge reserve are only reclassified to the income statement on

disposal (or partial disposal) of the foreign operation.

Changes in the fair value of derivatives designated as fair

value hedges are recorded in the income statement, together

with the changes in the fair value of the hedged asset or

liability.

Hedge accounting is discontinued when the hedging

instrument expires, is sold, is terminated, or no longer qualifies

for hedge accounting.

**Taxation**

Current tax is provided at the amounts expected to be paid,

applying tax rates that have been enacted or substantively

enacted by the balance sheet date. The tax charge for the

period is recognised in the consolidated income statement, the

consolidated statement of comprehensive income or directly in

equity, according to the accounting treatment of the related

transaction.

Deferred tax is provided in full, using the liability method, on

temporary differences arising between the tax bases of assets

and liabilities and their carrying amounts in the consolidated

financial statements. Deferred tax assets are recognised to the

extent that it is probable that future taxable profits will be

available against which the temporary differences can be

utilised. Deferred tax is provided on temporary differences

arising on investments in subsidiaries, associates and joint

ventures, except where the timing of the reversal of the

temporary difference can be controlled and it is probable that

the temporary difference will not reverse in the foreseeable

future. Deferred tax is provided using rates of tax that have

been enacted or substantively enacted by the balance sheet

date. Deferred tax assets and liabilities are offset when there is a

legally enforceable right to offset current tax assets against

current tax liabilities and when they relate to income taxes levied

by the same tax authority and the company and its subsidiaries

intend to settle their current tax assets and liabilities on a net

basis.

Deferred tax assets and liabilities are not recognised if the

temporary differences arise from the initial recognition of

goodwill or from the initial recognition of other assets and

liabilities in a transaction (other than a business combination)

that affects neither the accounting nor the taxable profit or

loss. The exception to this is situations where there are equal

taxable and deductible temporary differences arising from the

same transaction. Unrecognised deferred tax assets are

reassessed at each reporting date and are recognised to the

extent that it has become probable that future taxable profits

will allow the deferred tax asset to be recovered.

Where an uncertain tax position is identified, management will

make a judgement as to what the probable outcome will be,

assuming the relevant tax authority has full knowledge of the

situation. Where it is assessed that an economic outflow is

probable to arise, a provision is made for the best estimate of

the liability. In estimating any such liability GSK applies a risk-

based approach which takes into account, as appropriate, the

probability that the Group would be able to obtain

compensatory adjustments under international tax treaties.

These estimates take into account the specific circumstances

of each dispute and relevant external advice.

**Restructuring**

Costs of restructuring arise from restructuring programmes

that are planned and controlled by the Group. A provision for

restructuring is recognised when there is a detailed formal

plan in place, and management has created a valid

expectation by announcing the main features of the plan to

those affected by it, or has started implementation.

**Discounting**

Where the time value of money is material, balances are

discounted to current values using appropriate discount rates.

The unwinding of the discounts is recorded in finance income

and finance expense.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued<br>2. Accounting principles and policies continued | Notes to the financial statements continued<br>2. Accounting principles and policies continued | Notes to the financial statements continued<br>2. Accounting principles and policies continued | Notes to the financial statements continued<br>2. Accounting principles and policies continued | Notes to the financial statements continued<br>2. Accounting principles and policies continued |

---

**Assets and liabilities held for sale or** 

**distribution and discontinued operations**

Non-current assets or disposal groups are classified as held for

sale or distribution if their carrying amount will be recovered

principally through sale or a distribution to shareholders rather

than through continuing use, they are available for immediate sale

or distribution in their present condition and the sale or distribution

is considered highly probable and expected to be completed

within one year. Assets classified as held for sale or distribution

are measured at the lower of their carrying amount and fair value

less costs to sell or distribute. Assets classified as held for sale or

distribution are not depreciated or amortised. Assets and

liabilities classified as held for sale or distribution are presented in

current assets and current liabilities separately from the other

assets and liabilities in the balance sheet.

A discontinued operation is a component of the Group that has

been disposed of, distributed or is classified as held for sale or

distribution and that represents a separate major line of

business or geographical area of operations. The results of

discontinued operations are presented separately in the

consolidated income statement, the consolidated statement of

comprehensive income and the consolidated statement of

cash flows and comparatives are restated on a consistent

basis.

**Share buyback**

Where the Group purchases the Company's equity instruments,

for example as a result of a share buyback programme, the

consideration paid, including any directly attributable incremental

costs (net of income taxes), is deducted from retained earnings

as Treasury shares until the shares are cancelled or re-issued.

Where such ordinary shares are subsequently re-issued, any

consideration received, net of any directly attributable incremental

transaction costs and the related income tax effects, is included

in shareholders' equity. Where it is determined that the terms and

conditions of a contract to purchase the Company's shares

results in the Group being unable to cancel the obligation arising

under the contract, a financial liability is recognised for the

unavoidable obligation.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  |

---

3. Critical accounting judgements and key sources of<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;estimation uncertainty <br>

In preparing the financial statements, management is required

to make judgements about when or how items should be

recognised in the financial statements and estimates and

assumptions that affect the amounts of assets, liabilities,

revenue and expenses reported in the financial statements.

Actual amounts and results could differ from those estimates.

The following are considered to be the critical accounting

judgements and key sources of estimation uncertainty.

**Turnover**

Reported Group turnover for 2025 was £32,667 million (2024:

£31,376 million).

**Estimate**

Gross turnover is reduced by rebates, discounts, allowances

and product returns given or expected to be given, which vary

by product arrangements and buying groups. These

arrangements with purchasing organisations are dependent

upon the submission of claims some time after the initial

recognition of the sale. Accruals are made at the time of sale

for the estimated rebates, discounts or allowances payable or

returns to be made, based on available market information and

historical experience.

Sales of pharmaceutical and vaccine products in the US have

complex arrangements for rebates, discounts and allowances.

Turnover of Commercial Operations products in the US for

2025 of £16,859 million (2024: £16,384 million) was after

recording deductions of £15,427 million (2024: £14,100 million)

for rebates, allowances, returns and other discounts. At

31 December 2025, the total accrual amounted to £4,891

million (2024: £5,235 million). Due to the nature of these

accruals it is not practicable to give meaningful sensitivity

estimates due to the large volume of variables that contribute

to the overall rebates, chargebacks, returns and other revenue

accruals.

As there can be significant variability in final outcomes, the

Group applies a constraint when measuring the variable

element within revenue, so that revenue is recognised at a

suitably cautious amount. The objective of the constraint is to

ensure that it is highly probable that a significant reversal of

revenue will not occur when the uncertainties are resolved. The

constraint is applied by making suitably cautious estimates of

the inputs and assumptions used in estimating the variable

consideration. Because the amounts are estimated they may

not fully reflect the final outcome, and the amounts are subject

to change dependent upon, amongst other things, the types of

buying group and product sales mix. The constraints applied

in recognising revenue mean that the risk of a material

downward adjustment to revenue in the next financial year is

low.

The level of accrual for rebates and returns is reviewed and

adjusted regularly in the light of contractual and legal

obligations, historical trends, past experience and projected

market conditions. Market conditions are evaluated using

wholesaler and other third-party analyses, market research

data and internally generated information. It is reasonably

possible that there could be a significant adjustment within the

next 12 months to recognise additional revenue, if actual

outcomes are better than the cautious constrained estimates.

Revenue is not recognised in full until it is highly probable that

a significant reversal in the amount of cumulative revenue

recognised will not occur. The amount of turnover recognised

in the year from performance obligations satisfied in previous

periods is set out in Note 6, 'Turnover and segment

information', and is an indication of the level of sensitivity in the

estimate.

Future events could cause the assumptions on which the

accruals are based to change, which could materially affect

the future results of the Group.

**Taxation**

The tax charge for the year was £1,112 million (2024: £526

million). At 31 December 2025, current tax payable was £498

million (2024: £703 million), and current tax recoverable was

£288 million (2024: £489 million).

**Judgement and estimate** 

The Group has open tax issues with a number of revenue

authorities. Management makes a judgement of whether there

is sufficient information to be able to make a reliable estimate

of the outcome of the dispute. If insufficient information is

available, no provision is made.

If sufficient information is available, in estimating a potential tax

liability GSK applies a risk-based approach which takes into

account, as appropriate, the probability that the Group would

be able to obtain compensatory adjustments under

international tax treaties. These estimates take into account the

specific circumstances of each dispute and relevant external

advice, are inherently judgemental and could change

substantially over time as each dispute progresses and new

facts emerge.

At 31 December 2025, the Group had recognised provisions

of £649 million in respect of uncertain tax positions (2024:

£636 million). Due to the number of uncertain tax positions

held and the number of jurisdictions to which these relate, it is

not practicable to give meaningful sensitivity estimates. No

uncertain tax position is individually material to the Group.

Factors affecting the tax charge in future years are set out in

Note 14, 'Taxation'. GSK continues to believe that it has made

adequate provision for the liabilities likely to arise from open

assessments. Where open issues exist, the ultimate liability for

such matters may vary from the amounts provided and is

dependent upon the outcome of negotiations with the relevant

tax authorities or, if necessary, litigation proceedings.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>3. Critical accounting judgements and key sources of estimation uncertainty continued | Notes to the financial statements continued <br>3. Critical accounting judgements and key sources of estimation uncertainty continued | Notes to the financial statements continued <br>3. Critical accounting judgements and key sources of estimation uncertainty continued | Notes to the financial statements continued <br>3. Critical accounting judgements and key sources of estimation uncertainty continued | Notes to the financial statements continued <br>3. Critical accounting judgements and key sources of estimation uncertainty continued |

---

**Legal and other disputes**

Legal costs for the year were £192 million (2024: £1,964

million).

At 31 December 2025 provisions for legal and other disputes

amounted to £210 million (2024: £1,446 million).

**Judgement**

Management makes a judgement of whether there is sufficient

information to be able to make a reliable estimate of the likely

outcome of the dispute and the legal and other expenses

arising from claims against the Group. If insufficient information

is available, no provision is made and disclosure of the claim is

given.

The estimated provisions take into account the specific

circumstances of each dispute and relevant external advice,

are inherently judgemental and could change substantially

over time as each dispute progresses and new facts emerge.

Details of the status and various uncertainties involved in the

significant unresolved disputes are set out in Note 46, 'Legal

proceedings'.

The company's Directors, having taken legal advice, have

established provisions after taking into account the relevant

facts and circumstances of each matter and in accordance

with accounting requirements. In respect of product liability

claims related to certain products, there is sufficient history of

claims made and settlements to enable management to make

a reliable estimate of the provision required to cover

unasserted claims.

The Group may become involved in legal proceedings, in

respect of which it is not possible to meaningfully assess

whether the outcome will result in a probable outflow, or to

quantify or reliably estimate the liability. In these cases,

appropriate disclosure about such cases would be provided,

but no provision would be made and no contingent liability can

be quantified.

The ultimate liability for legal claims may vary from the

amounts provided and is dependent upon the outcome of

litigation proceedings, investigations and possible settlement

negotiations. The position could change over time and,

therefore, there can be no assurance that any losses that result

from the outcome of any legal proceedings will not exceed the

amount of the provisions reported in the Group's financial

statements by a material amount.

**Contingent consideration**

The 2025 income statement charge for contingent

consideration was £556 million (2024: £1,762 million).

At 31 December 2025, the liability for contingent consideration

amounted to £6,733 million (2024: £7,280 million). Of this

amount, £5,433 million (2024: £6,061 million) related to the

acquisition of the former Shionogi-ViiV Healthcare joint venture

in 2012.

**Estimate**

Any contingent consideration included in the consideration

payable for a business combination is recorded at fair value at

the date of acquisition. These fair values are generally based

on risk-adjusted future cash flows discounted using

appropriate post-tax discount rates. The fair values are

reviewed on a regular basis, and any changes are reflected in

the income statement. The key sources of estimation

uncertainty are sales forecasts and discount rate. Refer to

Note 32, 'Contingent consideration liabilities' for further

information and sensitivity analysis.

**Pensions and other post-employment** 

**benefits**

**Judgement**

Where a surplus on a defined benefit scheme arises, or there

is potential for a surplus to arise from committed future

contributions, the rights of the Trustees to prevent the Group

obtaining a refund of that surplus in the future are considered

in determining whether it is necessary to restrict the amount of

the surplus that is recognised. Three UK schemes are in

surplus (2024: three), with a combined surplus of £848 million

at 31 December 2025 (2024: £725 million). There are further

recognised pension surpluses totalling £267 million spread

across six countries (2024: £173 million across five countries).

GSK has made the judgement that these amounts would be

recoverable.

**Estimate**

The costs of providing pensions and other post-employment

benefits are assessed on the basis of assumptions selected by

management. These assumptions include future earnings and

pension increases, discount rates, expected long-term rates of

return on assets and mortality rates. The key source of

estimation uncertainty is the discount rate. Refer to Note 30,

'Pensions and other post-employment benefits' for further

information and sensitivity analysis.

**Impairment of intangible assets**

The Group's intangible assets primarily comprise acquired

licences, patents, amortised brands, and product

development costs. At 31 December 2025, these assets have

a carrying amount of £16,141 million (2024: £14,936 million).

Intangible assets are tested for impairment when indicators of

impairment arise, or annually where the asset is not yet in use.

**Estimate**

The recoverable amount of intangible assets is determined as

the higher of their fair value less costs of disposal and their

value in use. Given the inherent uncertainty in pharmaceutical

development and commercialisation, there is significant

estimation involved in determining the recoverable amount of

intangible assets. The value in use is estimated using

discounted cash flow models, which require estimates such as

future sales forecasts, discount rates, probability of technical

and regulatory success (PTRS) and the results from research

and development activities. The key sources of estimation

uncertainty are sales forecasts and PTRS. The key sources of

estimation uncertainty are in relation to the portfolio of

intangible assets as a whole and based on the number of

assets held and the different assumptions for each asset, it is

not practicable to give a meaningful sensitivity analysis.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued | Notes to the financial statements continued | Notes to the financial statements continued | Notes to the financial statements continued | Notes to the financial statements continued |

---

4. New accounting requirements<br>

**Amendments to IFRS Accounting Standards applicable** 

**from 1 January 2025**

GSK has adopted the following amendments to IFRS

Accounting Standards, with no material impact to the Group in

the year ended 31 December 2025:

–Lack of Exchangeability - Amendments to IAS 21.

**New IFRS Accounting Standards and amendments** 

**issued but not yet effective**

Certain amendments to IFRS Accounting Standards and

interpretations have been published that are not mandatory for

the 31 December 2025 reporting period and have not been

early adopted by the Group. The amendments and

interpretations that are not expected to have a material impact

on the results or financial position of the Group in future

reporting periods are:

–Annual Improvements to IFRS Accounting Standards -

Volume 11 (effective from 1 January 2026, endorsed by the

United Kingdom Endorsement Board (UKEB));

–Classification and Measurement of Financial Instruments -

Amendments to IFRS 9 and IFRS 7 (effective from 1 January

2026, endorsed by the UKEB);

–Contracts Referencing Nature-dependent Electricity -

Amendments to IFRS 9 and IFRS 7 (effective from 1 January

2026, endorsed by the (UKEB);

–IFRS 19 Subsidiaries without Public Accountability:

Disclosures (effective from 1 January 2027, not yet

endorsed by the UKEB).

IFRS 18 'Presentation and Disclosure in Financial Statements'

was issued by the IASB in April 2024 and has been endorsed

by the UKEB. IFRS 18 replaces IAS 1 'Presentation of Financial

Statements' and introduces new presentation and disclosure

requirements, particularly for the income statement. IFRS 18

does not affect the recognition or measurement of items in the

financial statements.

The requirements are effective for periods beginning on or

after 1 January 2027, with retrospective application required,

including specified reconciliations for comparative periods.

The Group is currently assessing the impact of IFRS 18 on

presentation and disclosures in the consolidated financial

statements. Although the adoption of IFRS 18 will have no

impact on the Group's profit after taxation, there will be an

impact on presentation of the primary financial statements and

certain disclosures. To date, the following potential impacts

have been identified:

–items of income and expenses presented in the

Consolidated income statement will be grouped into the new

categories: operating, investing, financing, income taxes,

and discontinued operations;

–an additional mandatory subtotal for 'Profit/ (loss) before

financing and income taxes' will be presented;

–the enhanced principles on aggregation and

disaggregation, and the 'useful structured summary'

concept, will require some changes to line items presented

in the primary financial statements, however this change is

not expected to be significant;

–certain new or enhanced disclosures will be required for:

–management-defined performance measures (MPMs),

most of which are currently disclosed in the Group

Financial Review;

–a breakdown of the nature of expenses for line items

presented by function in the operating category of the

Consolidated income statement;

–a reconciliation for each line item in the Consolidated

income statement between the restated amounts and

amounts previously published upon transition from IAS

1 to IFRS 18;

–there will be a minor impact on the presentation of the

Consolidated statement of cash flows as the starting point

for the cash flow statement will be the 'Operating profit/

(loss)' subtotal

The Group intends to adopt IFRS 18 for the reporting period

commencing 1 January 2027. Preparatory activities are

underway to ensure readiness for adoption, including updates

to reporting systems and chart of accounts.

5. Exchange rates<br>

The Group uses the average of exchange rates prevailing during the period to translate the results and cash flows of overseas

subsidiaries, joint ventures and associates into Sterling and period end rates to translate the net assets of those entities. The

currencies which most influence these translations and the relevant exchange rates were:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
| **Average rates:** |  |  |  |
| US$/£ | **1.31** | 1.28 | 1.24 |
| Euro/£ | **1.17** | 1.18 | 1.15 |
| Yen/£ | **198** | 193 | 175 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | 2024 | 2023 |
| **Period end rates:** |  |  |  |
| US$/£ | **1.35** | 1.25 | 1.27 |
| Euro/£ | **1.15** | 1.20 | 1.15 |
| Yen/£ | **211** | 197 | 180 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  |

---

6. Turnover and segment information<br>

Operating segments are reported based on the financial information provided to the Chief Executive Officer, who is the Chief

Operating Decision Maker, and the responsibilities of the Executive Committee (ExCom). GSK reports under two segments;

Commercial Operations and Total R&D. Members of the ExCom are responsible for each segment.

R&D investment is essential for the sustainability of the business. However, for segment reporting the Commercial Operating

profits exclude allocations of globally funded R&D.

The Total R&D segment is the responsibility of the Chief Scientific Officer and is reported as a separate segment. The operating

costs of this segment include R&D activities across Specialty Medicines, including HIV and Vaccines. It includes R&D and some

Selling, General and Administrative (SG&A) costs relating to regulatory and other functions.

The Group's management reporting process allocates intra-Group profit on a product sale to the segment in which that sale is

recorded, and the profit analyses below have been presented on that basis.

---

| | | | |
|:---|:---|:---|:---|
| **Turnover by segment** | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Commercial Operations | **32667** | 31376 | 30328 |
|  | **32667** | 31376 | 30328 |

---

Product sales are reported within three product groups: Specialty Medicines, Vaccines and General Medicines.

---

| | | | |
|:---|:---|:---|:---|
| **Commercial Operations** | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| HIV | **7687** | 7089 | 6444 |
| Respiratory, Immunology & Inflammation | **3810** | 3299 | 3025 |
| Oncology | **1977** | 1410 | 731 |
|  | **13474** | 11798 | 10200 |
| Pandemic | **–** | 12 | 44 |
| Specialty Medicines | **13474** | 11810 | 10244 |
| Shingles | **3558** | 3364 | 3446 |
| Meningitis | **1583** | 1437 | 1260 |
| RSV (*Arexvy*) | **593** | 590 | 1238 |
| Influenza | **303** | 408 | 504 |
| Established Vaccines | **3120** | 3339 | 3266 |
|  | **9157** | 9138 | 9714 |
| Pandemic Vaccines | **–** | – | 150 |
| Vaccines | **9157** | 9138 | 9864 |
| Respiratory | **7068** | 7213 | 6825 |
| Other General Medicines | **2968** | 3215 | 3395 |
| General Medicines | **10036** | 10428 | 10220 |
| Total Commercial Operations | **32667** | 31376 | 30328 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Turnover by region** | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| UK (the Group's country of domicile) | **683** | 708 | 693 |
| US | **16859** | 16384 | 15820 |
| Europe | **6850** | 5958 | 5871 |
| International | **8275** | 8326 | 7944 |
| Total Commercial Operations | **32667** | 31376 | 30328 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>6. Turnover and segment information continued | Notes to the financial statements continued <br>6. Turnover and segment information continued | Notes to the financial statements continued <br>6. Turnover and segment information continued | Notes to the financial statements continued <br>6. Turnover and segment information continued | Notes to the financial statements continued <br>6. Turnover and segment information continued |

---

During 2025, sales were made to three US wholesalers of £5,345 million (2024: £4,538 million; 2023: £4,494 million), £4,802

million (2024: £4,792 million; 2023: £4,498 million) and £3,206 million (2024: £3,366 million; 2023: £3,531 million) respectively,

after allocating final-customer discounts to the wholesalers.

Revenue recognised in the year from performance obligations satisfied in previous periods impacting turnover arises from

changes to prior year estimates of returns and rebates accruals of £873 million (2024: £740 million).

---

| | | | |
|:---|:---|:---|:---|
| **Segment profit** | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Commercial Operations | **16260** | 15335 | 14656 |
| Research and Development | **(6251)** | (5845) | (5607) |
| Segment profit | **10009** | 9490 | 9049 |
| Corporate and other unallocated costs | **(226)** | (342) | (263) |
| Other reconciling items between segment profit and operating profit | **(1851)** | (5127) | (2041) |
| Total Operating profit | **7932** | 4021 | 6745 |
| Finance income | **169** | 122 | 115 |
| Finance costs | **(701)** | (669) | (792) |
| Share of after tax profit/(loss) of associates and joint ventures | **1** | (3) | (5) |
| Profit/(loss) on disposal of interests in associates and joint ventures | **–** | 6 | 1 |
| Profit before taxation | **7401** | 3477 | 6064 |
| Taxation | **(1112)** | (526) | (756) |
| Profit after taxation for the year | **6289** | 2951 | 5308 |

---

Other reconciling items between segment profit and operating profit comprise items not specifically allocated to segment profit.

These include intangible asset amortisation (2025: £808 million; 2024: £1,002 million; 2023: £719 million), intangible asset

impairment (2025: £880 million; 2024: £314 million; 2023: £398 million), major restructuring (2025: £109 million; 2024: £353 million;

2023: £382 million), transaction-related items (2025: £507 million; 2024: £1,881 million; 2023: £572 million) and significant legal,

divestments and other items (2025: £453 million gain; 2024: £1,577 million loss; 2023: £30 million gain).

---

| | | | |
|:---|:---|:---|:---|
| **Depreciation and amortisation by segment** | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Commercial Operations | **874** | 906 | 893 |
| Research and Development | **553** | 569 | 572 |
| Segment depreciation and amortisation | **1427** | 1475 | 1465 |
| Corporate and other unallocated depreciation and amortisation | **79** | 74 | 110 |
| Other reconciling items between segment depreciation and amortisation and total depreciation and<br>&nbsp;&nbsp;&nbsp;&nbsp;amortisation<br>| **808** | 1002 | 719 |
| Total depreciation and amortisation | **2314** | 2551 | 2294 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PP&E, intangible asset and goodwill impairment by segment** | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Commercial Operations | **149** | 102 | 27 |
| Research and Development | **49** | 22 | 13 |
| Segment impairment | **198** | 124 | 40 |
| Corporate and other unallocated impairment | **36** | 11 | 35 |
| Other reconciling items between segment impairment and total impairment | **880** | 302 | 432 |
| Total impairment | **1114** | 437 | 507 |

---

---

| | | | |
|:---|:---|:---|:---|
| **PP&E and intangible asset impairment reversals by segment** |  |  |  |
| Commercial Operations | **(9)** | (28) | (16) |
| Research and Development | **(3)** | (2) | (9) |
| Segment impairment reversals | **(12)** | (30) | (25) |
| Corporate and other unallocated impairment reversals | **(1)** | (3) | (14) |
| Other reconciling items between segment impairment reversals and total impairment reversals | **(3)** | – | – |
| Total impairment reversals | **(16)** | (33) | (39) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>6. Turnover and segment information continued | Notes to the financial statements continued <br>6. Turnover and segment information continued | Notes to the financial statements continued <br>6. Turnover and segment information continued | Notes to the financial statements continued <br>6. Turnover and segment information continued | Notes to the financial statements continued <br>6. Turnover and segment information continued |

---

---

| | | |
|:---|:---|:---|
| **Net operating assets by segment** | **2025**<br>**£m**<br>| 2024<br>£m<br>|
| Commercial Operations | **13286** | 12501 |
| Research and Development | **9637** | 7459 |
| Segment net operating assets | **22923** | 19960 |
| Corporate and other unallocated net operating assets | **1099** | 43 |
| Net operating assets | **24022** | 20003 |
| Net debt | **(14453)** | (13095) |
| Investments in associates and joint ventures | **89** | 96 |
| Derivative financial instruments | **(21)** | (82) |
| Current and deferred taxation | **6019** | 6161 |
| Assets held for sale (excluding cash and cash equivalents) | **300** | 3 |
| Net assets | **15956** | 13086 |

---

The Commercial Operations segment includes the Shionogi-ViiV Healthcare contingent consideration liability of £5,433 million

(2024: £6,061 million) and the Pfizer put option of £822 million (2024: £915 million).

**Geographical information**

---

| | | |
|:---|:---|:---|
| **Non-current assets by location of subsidiary** | **2025**<br>**£m**<br>| 2024<br>£m<br>|
| UK | **8466** | 7803 |
| US | **14522** | 13977 |
| Belgium | **5453** | 5378 |
| Rest of World | **5532** | 5588 |
| Non-current assets | **33973** | 32746 |

---

Non-current assets by location exclude amounts relating to other investments, deferred tax assets, derivative financial

instruments, pension assets, amounts receivable under insurance contracts and certain other non-current receivables. There are

no other countries with individually material non-current assets.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  |

---

7. Other operating income/(expense)<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Fair value remeasurements of equity investments  | **(24)** | 51 | (122) |
| Disposal of businesses and assets | **106** | 246 | 61 |
| Fair value remeasurements on contingent consideration recognised in business combinations<sup>(1)</sup> | **(581)** | (1751) | (791) |
| Remeasurement of ViiV Healthcare put option liabilities and preferential dividends | **93** | (67) | 245 |
| Fair value adjustments on derivative financial instruments | **–** | – | 7 |
| Other income/(expense) | **422** | (9) | 237 |
|  | **16** | (1530) | (363) |

---

(1)Fair value remeasurements on contingent consideration disclosed above includes the fair value movements on related hedging contracts.

Disposal of businesses and assets in 2025, 2024 and 2023 primarily included milestone and royalty income.

Fair value remeasurements on contingent consideration recognised as business combinations included: a net charge of

£649 million (2024: £1,533 million, 2023: £934 million) related to the acquisition of the former Shionogi-ViiV Healthcare joint

venture; a net credit of £254 million (2024: £22 million, 2023: net charge £44 million) relating to the acquisition of Affinivax; and a

net charge of £171 million (2024: £206 million, 2023: net credit £187 million) payable to Novartis related to the Vaccines

acquisition, together with fair value movements on related hedging contracts.

Other income in 2025 included £367 million ($500 million) of cash settlement from CureVac. Other income in 2023 primarily

included net income from dividends related to investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  |

---

8. Operating profit<br>

---

| | | | |
|:---|:---|:---|:---|
| **The following items have been included in operating profit:** | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Employee costs (Note 9) | **8772** | 8759 | 8473 |
| Advertising | **738** | 851 | 835 |
| Distribution costs | **202** | 198 | 199 |
| Depreciation of property, plant and equipment | **850** | 886 | 892 |
| Impairment of property, plant and equipment, net of reversals | **193** | 88 | 17 |
| Depreciation of right of use assets | **206** | 211 | 190 |
| Impairment of right of use assets, net of reversals | **17** | (1) | 10 |
| Amortisation of intangible assets | **1258** | 1454 | 1212 |
| Impairment of intangible assets, net of reversals | **888** | 317 | 418 |
| Impairment of tangible and intangible assets held for sale, net of reversals | **–** | – | 23 |
| Net foreign exchange (gains)/losses | **(9)** | 13 | 11 |
| Inventories: |  |  |  |
| Cost of inventories included in cost of sales | **6362** | 6495 | 6576 |
| Write-down of inventories | **1064** | 1046 | 979 |
| Reversal of prior year write-down of inventories | **(575)** | (630) | (598) |

---

The reversals of prior year write-downs of inventories principally arise from the reassessment of usage or demand expectations

prior to inventory expiration.

Net foreign exchange (gains)/losses include a net gain of £12 million (2024: £87 million; 2023: £34 million) arising from the

recycling of exchange on liquidation or disposal of overseas subsidiaries. The recycling of exchange on disposal of overseas

associates is £nil (2024: £nil).

Included within operating profit are Major restructuring charges of £109 million (2024: £353 million; 2023: £382 million), see Note

10, 'Major restructuring costs'.

---

| | | | |
|:---|:---|:---|:---|
| **Fees payable to the company's auditor and its associates:** | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Audit of parent company and consolidated financial statements including attestation under <br>&nbsp;&nbsp;&nbsp;&nbsp;s.404 of Sarbanes-Oxley Act 2002<br>| **10.9** | 10.8 | 10.2 |
| Audit of the company's subsidiaries | **10.0** | 10.3 | 10.2 |
| Total audit services | **20.9** | 21.1 | 20.4 |
| Audit-related and other assurance services | **1.9** | 2.2 | 1.6 |
| Total audit services, audit-related and other assurance services | **22.8** | 23.3 | 22.0 |

---

The other assurance services provided by the auditor related to agreed-upon procedures and other assurance services outside

of statutory audit requirements.

In addition to the above, fees paid to the auditor in respect of the GSK pension schemes were:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Audit | **0.2** | 0.2 | 0.2 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | Corporate governance | **Financial statements** | Investor information | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued | Notes to the financial statements continued | Notes to the financial statements continued | Notes to the financial statements continued | Notes to the financial statements continued |

---

9. Employee costs<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Wages and salaries | **6843** | 6750 | 6706 |
| Social security costs | **865** | 862 | 818 |
| Pension and other post-employment costs, including augmentations (Note 30) | **300** | 368 | 356 |
| Cost of share-based incentive plans | **390** | 347 | 321 |
| Severance and other costs from integration and restructuring activities | **374** | 432 | 272 |
|  | **8772** | 8759 | 8473 |

---

The Group provides benefits to employees, commensurate with local practice in individual countries, including in some markets,

healthcare insurance, subsidised car schemes and personal life assurance.

The cost of share-based incentive plans is analysed as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Share Value Plan | **288** | 260 | 244 |
| Performance Share Plan | **75** | 67 | 58 |
| Share option plans | **6** | 6 | 5 |
| Cash settled and other plans | **21** | 14 | 14 |
|  | **390** | 347 | 321 |

---

The average number of persons employed by the Group (including Directors) during the year:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**Number**<br>| 2024<br>Number<br>| 2023<br>Number<br>|
| Manufacturing | **22686** | 23206 | 23209 |
| Selling, general and administration | **32743** | 33503 | 34446 |
| Research and development | **12878** | 12596 | 12589 |
| Total | **68307** | 69305 | 70244 |

---

The average monthly number of Group employees excludes temporary and contract staff.

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Wages and salaries | **34** | 32 | 37 |
| Social security costs | **6** | 6 | 4 |
| Pension and other post-employment costs | **2** | 1 | 1 |
| Cost of share-based incentive plans | **39** | 38 | 32 |
|  | **81** | 77 | 74 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  |

---

10. Major restructuring costs<br>

Within the pharmaceuticals sector, the highly regulated manufacturing operations and supply chains and long lifecycle of the

business mean that restructuring programmes, particularly those that involve the rationalisation or closure of manufacturing or

R&D sites, are likely to take several years to complete.

Major restructuring costs are those related to specific Board-approved Major restructuring programmes, including integration

costs following material acquisitions, which are structural and are of a significant scale where the costs of individual or related

projects exceed £25 million.

In 2022, the Board approved a Major restructuring programme for the integration of significant acquisitions designed to integrate

and achieve synergies. Costs of significant acquisitions relate to integration costs of Affinivax Inc. acquired in Q3 2022, BELLUS

Health Inc. acquired in Q2 2023, Aiolos Bio Inc. acquired in Q1 2024, IDRx, Inc acquired in Q1 2025 and BP Asset IX, Inc.

acquired to access efimosfermin in Q3 2025.

The total restructuring costs of £109 million in 2025 (2024: £353 million; 2023: £382 million) were incurred in the following areas:

–Restructuring costs for separation of GSK into two companies aiming to provide a robust and sustainable state for the

pharmaceutical organisation which is now largely complete

–The integration of acquisitions

–Continued transformation of central functions, including GSK technology platforms and interfaces, to deliver greater digital

synergies, simplification of applications and staff reductions

The analysis of the costs charged to operating profit under these programmes was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Increase in provision for Major restructuring programmes (see Note 31) | **67** | 195 | 172 |
| Amount of provision reversed unused (see Note 31) | **(51)** | (51) | (55) |
| Impairment (reversals)/losses recognised | **4** | (12) | 33 |
| Other non-cash charges | **18** | 58 | 86 |
| Other cash costs | **71** | 163 | 146 |
|  | **109** | 353 | 382 |

---

Provision reversals of £51 million mainly relate to the Separation restructuring programme. Asset impairment of £4 million and

other non-cash charges of £18 million principally comprised fixed asset write-downs of manufacturing and accelerated

depreciation where asset lives have been shortened in the supply chain manufacturing network as a result of the Major

restructuring programmes. All other charges have been or will be settled in cash and include site closure costs, consultancy and

project management costs.

The analysis of Major restructuring charges by programme was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** |
|  | Cash<br>£m<br>| Non-cash<br>£m<br>| **Total**<br>**£m**<br>|
| Separation restructuring programme | 48 | 14 | **62** |
| Significant acquisitions | 26 | – | **26** |
| Legacy programmes | 13 | 8 | **21** |
|  | 87 | 22 | **109** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | 2024 | 2024 | 2024 |
|  | Cash<br>£m<br>| Non-cash<br>£m<br>| Total<br>£m<br>|
| Separation restructuring programme | 200 | 36 | 236 |
| Significant acquisitions | 59 | 1 | 60 |
| Legacy programmes | 48 | 9 | 57 |
|  | 307 | 46 | 353 |

---

The analysis of Major restructuring charges by income statement line was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Cost of sales | **48** | 163 | 164 |
| Selling, general and administration | **44** | 160 | 216 |
| Research and development | **17** | 9 | 2 |
| Other operating expense | **–** | 21 | – |
|  | **109** | 353 | 382 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  |

---

11. Finance income<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Finance income arising from: |  |  |  |
| Financial assets measured at amortised cost | **56** | 60 | 48 |
| Financial assets mandatorily measured at fair value through profit or loss | **91** | 72 | 60 |
| Net gains/(losses) arising from net investment hedge relationships<sup>(1)</sup> | **15** | (16) | – |
| Other finance income | **7** | 6 | 7 |
|  | **169** | 122 | 115 |

---

(1)Net gains/(losses) arising from net investment hedge relationships relates to forward points which are excluded from the hedge relationship and taken

directly to the income statement (2024 : £1 million; 2023: £nil) and contains £nil gains or losses relating to ineffectiveness on net investment hedges

(2024: £15 million loss; 2023: £nil).

12. Finance expense<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Finance expense arising on: |  |  |  |
| Financial liabilities at amortised cost | **(612)** | (569) | (672) |
| Net losses arising from: |  |  |  |
| Financial instruments mandatorily measured at fair value through profit or loss | **337** | (262) | (23) |
| Retranslation of loans | **(338)** | 266 | 25 |
| Reclassification of hedges from other comprehensive income | **(4)** | (4) | (4) |
| Unwinding of discounts on provisions | **(29)** | (25) | (15) |
| Finance expense arising on lease liabilities | **(46)** | (46) | (38) |
| Other finance expense | **(9)** | (29) | (65) |
|  | **(701)** | (669) | (792) |

---

13. Associates and joint ventures<br>

The Group's share of after-tax profits and losses of associates and joint ventures is set out below:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Share of after tax profit/(loss) of associates | **1** | (3) | (2) |
| Share of after tax profit/(loss) of joint ventures | **–** | – | (3) |
|  | **1** | (3) | (5) |

---

Aggregated financial information in respect of GSK's share of other associated undertakings and joint ventures is set out below:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Share of after tax profit/(loss) | **1** | (3) | (5) |
| Share of other comprehensive income/(expense) | **56** | 21 | 7 |
| Share of total comprehensive income/(expense) | **57** | 18 | 2 |

---

The Group's sales to associates and joint ventures were £nil in 2025 (2024: £nil; 2023: £nil).

Please refer to the balance sheet information in Note 21, 'Investments in associates and joint ventures'.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  |

---

14. Taxation<br>

The Group's tax charge is the sum of the total current and deferred tax expense.

---

| | | | |
|:---|:---|:---|:---|
| **Taxation charge based on profits for the year** | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| UK current year charge | **181** | 186 | 207 |
| Rest of World current year charge | **1263** | 1458 | 1371 |
| Charge/(credit) in respect of prior periods | **(49)** | (92) | 43 |
| Current taxation | **1395** | 1552 | 1621 |
| Deferred taxation | **(283)** | (1026) | (865) |
|  | **1112** | 526 | 756 |

---

In 2025, GSK made corporate income tax payments globally of £1.2 billion (2024: £1.3 billion), of which £164 million (2024: £106

million) was UK corporation tax paid to HMRC. These amounts relate to corporate income tax only and do not include the various

other business taxes borne by GSK each year.

The deferred tax credits in each period reflect current year losses where offset against taxable profits in future periods is

probable, and the release of deferred tax liabilities, primarily in respect of temporary differences arising as a result of historic

business combinations.

The following table reconciles the tax charge calculated at the UK statutory rate on Group profit before tax with the actual tax

charge for the year.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reconciliation of taxation on Group profits** | **2025**<br>**£m**<br>| **2025%**<br>| 2024<br>£m<br>| 2024%<br>| 2023<br>£m<br>| 2023%<br>|
| Profit before tax | **7401** |  | 3477 |  | 6064 |  |
| UK statutory rate of taxation | **1850** | **25.0** | 869 | 25.0 | 1425 | 23.5 |
| Differences in overseas taxation rates | **(20)** | **(0.3)** | 179 | 5.1 | 159 | 2.6 |
| Benefit of intellectual property incentives | **(756)** | **(10.2)** | (602) | (17.3) | (696) | (11.5) |
| R&D credits | **(80)** | **(1.1)** | (89) | (2.6) | (121) | (2.0) |
| Pillar Two tax | **169** | **2.3** | 6 | 0.2 |  |  |
| Other permanent differences | **33** | **0.5** | 304 | 8.8 | 112 | 1.9 |
| Re-assessments of prior year current tax estimates | **(49)** | **(0.7)** | (92) | (2.6) | 43 | 0.7 |
| Re-assessments of prior year deferred tax estimates | **(97)** | **(1.3)** | (40) | (1.2) | (147) | (2.4) |
| Changes in tax rates | **62** | **0.8** | (9) | (0.3) | (19) | (0.3) |
| Tax charge/tax rate | **1112** | **15.0** | 526 | 15.1 | 756 | 12.5 |

---

As a global biopharmaceutical company, we have a substantial business and employment presence in many countries. The

impact of differences in overseas taxation rates arose from profits being earned in countries with tax rates differing from the UK

statutory rate, the most significant of which in 2025 was the US. This favourable impact was complemented by the benefit of

intellectual property incentives such as the UK Patent Box and Belgian Innovation Income Deduction (IID) regimes, which provide

a reduced rate of corporation tax on profits earned from qualifying patents. We claim these incentives in the manner intended by

the relevant statutory or regulatory framework. Global minimum corporate income tax rules in the UK and Belgium (in line with the

OECD's Pillar Two framework) reduced the benefit of these incentives by £169 million.

Other permanent differences includes the impact of non-taxable revaluations of contingent consideration liabilities associated

with recent acquisitions.

The Group's tax rate is also influenced by updates to estimates of prior period tax liabilities following closure of open issues with

tax authorities in various jurisdictions, and by changes in tax rates.

Future tax charges, and therefore our effective tax rate, may be affected by factors such as acquisitions, disposals, restructuring,

the location of research and development activity, tax regime reforms and resolution of open matters as we continue to bring our

tax affairs up to date around the world.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>14. Taxation continued | Notes to the financial statements continued <br>14. Taxation continued | Notes to the financial statements continued <br>14. Taxation continued | Notes to the financial statements continued <br>14. Taxation continued | Notes to the financial statements continued <br>14. Taxation continued |

---

---

| | | | |
|:---|:---|:---|:---|
| **Tax on items charged to equity and statement of comprehensive income** | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Current taxation |  |  |  |
| Share-based payments | **(4)** | (4) | (1) |
| Defined benefit plans | **–** | – | (143) |
| Fair value movements on cash flow hedges | **–** | – | – |
| Fair value movements on equity investments | **11** | 4 | (6) |
|  | **7** | – | (150) |
| Deferred taxation |  |  |  |
| Share-based payments | **(27)** | – | (6) |
| Defined benefit plans | **33** | 122 | 184 |
| Fair value movements on cash flow hedges | **2** | (1) | (1) |
| Fair value movements on equity investments | **9** | (21) | (8) |
|  | **17** | 100 | 169 |
| Total charge/(credit) to equity and statement of comprehensive income | **24** | 100 | 19 |

---

All of the above items have been charged to the statement of comprehensive income except for tax on share-based payments.

**Issues relating to taxation**

We are subject to taxation throughout our supply chain. The worldwide nature of our operations means that our cross-border

supply routes, necessary to ensure supplies of medicines into numerous countries, can result in conflicting claims from tax

authorities as to the profits to be taxed in individual countries. This can lead to double taxation (with the same profits taxed in

more than one country). To mitigate the risk of double taxation, profits are recognised in territories by reference to the activities

performed there and the value they generate. To ensure the profits recognised in jurisdictions are aligned to the activity

undertaken there, and in line with current OECD guidelines, we base our transfer pricing policy on the arm's length principle and

support our transfer prices with economic analysis and reports. The Group also has open items in several jurisdictions concerning

such matters as the deductibility of particular expenses and the tax treatment of certain business transactions. GSK applies a

risk-based approach to determine the transactions most likely to be subject to challenge and the probability that the Group would

be able to obtain compensatory adjustments under international tax treaties.

The calculation of the Group's total tax charge therefore necessarily involves a degree of estimation and judgement in respect of

certain items whose tax treatment cannot be finally determined until resolution has been reached with the relevant tax authority or,

as appropriate, through a formal legal process. At 31 December 2025, the Group had recognised provisions of £649 million in

respect of such uncertain tax positions (2024: £636 million). The increase in recognised provisions during 2025 was driven by the

reassessment of estimates, net of the impact of agreement of a number of open issues with tax authorities in various jurisdictions.

Whilst the ultimate liability for such matters may vary from the amounts provided and is dependent upon the outcome of

agreements with the relevant tax authorities, or litigation where appropriate, the Group continues to consider that it has made

appropriate provision for periods which are open and not yet agreed by the tax authorities.

A provision for deferred tax liabilities of £178 million as at 31 December 2025 (2024: £159 million) has been made in respect of

taxation that would be payable on the remittance of profits by certain overseas subsidiaries. Whilst the aggregate amount of

unremitted profits at the balance sheet date was approximately £18 billion (2024: £18 billion), the majority of these unremitted

profits would not be subject to tax (including withholding tax) on repatriation, as UK legislation relating to company distributions

provides for exemption from tax for most overseas profits, subject to certain exceptions. Deferred tax is not provided on

temporary differences of £739 million (2024: £696 million) arising on unremitted profits as management has the ability to control

any future reversal and does not consider such a reversal to be probable.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>14. Taxation continued | Notes to the financial statements continued <br>14. Taxation continued | Notes to the financial statements continued <br>14. Taxation continued | Notes to the financial statements continued <br>14. Taxation continued | Notes to the financial statements continued <br>14. Taxation continued |

---

**Movement in deferred tax assets and liabilities**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Accelerated<br>capital<br>allowances<br>£m<br>| Intangible<br>assets<br>£m<br>| Contingent <br>consideration<br>£m<br>| Intra-<br>Group<br>profit<br>£m<br>| Pensions & <br>other post <br>employment <br>benefits<br>£m<br>| Tax<br>losses<br>£m<br>| Share<br>option<br>and award<br>schemes<br>£m<br>| Other<br>net<br>temporary<br>differences<br>£m<br>| Total |
| At 1 January 2024 | 26 | (676) | 921 | 1252 | 571 | 1994 | 74 | 1576 | 5738 |
| Exchange adjustments | 9 | (37) | 2 | (10) | (5) | – | – | 11 | (30) |
| Credit/(charge) to income statement | 97 | 197 | 50 | 32 | (103) | 455 | (8) | 306 | 1026 |
| Credit/(charge) to statement of comprehensive<br>&nbsp;&nbsp;&nbsp;&nbsp;income<br>| – | – | – | – | (122) | – | – | 22 | (100) |
| Acquisitions/disposals | – | (190) | – | – | – | – | – | – | (190) |
| R&D credits utilisation | – | – | – | – | – | – | – | (69) | (69) |
| At 31 December 2024 | 132 | (706) | 973 | 1274 | 341 | 2449 | 66 | 1846 | 6375 |
| Exchange adjustments | (5) | 111 | (1) | (56) | (8) | (1) | (3) | (116) | (79) |
| Credit/(charge) to income statement | 77 | 50 | (90) | (292) | (50) | 493 | 3 | 92 | 283 |
| Credit/(charge) to statement of comprehensive<br>&nbsp;&nbsp;&nbsp;&nbsp;income<br>| – | – | – | – | (28) | – | 17 | (6) | (17) |
| Acquisitions/disposals | 5 | (417) | – | – | 14 | 67 | – | 10 | (321) |
| Transfer of assets held for sale/distribution | 18 | 7 | – | – | – | – | – | (37) | (12) |
| At 31 December 2025 | 227 | (955) | 882 | 926 | 269 | 3008 | 83 | 1789 | 6229 |

---

Deferred tax liabilities in relation to intangible assets predominantly relate to temporary differences arising as a result of historic

business combinations. Acquisitions within the year predominantly relate to IDRx, Inc. and BP Asset IX, Inc. (see Note 40,

'Acquisitions and disposals').

The Group continues to recognise deferred tax assets on future obligations in respect of contingent consideration amounts

payable to minority shareholders. These payments are tax deductible at the point in time at which payment is made.

A deferred tax asset is recognised on intra-Group profits arising on inter-company inventory which are eliminated within the

consolidated accounts. As intra-Group profits are not eliminated from the individual entities' tax returns a temporary difference

arises that will reverse at the point in time inventory is sold externally.

The deferred tax asset of £3,008 million (2024: £2,449 million) recognised on tax losses relates to trading losses. Such deferred

tax assets are only recognised to the extent Group long-range forecasts indicate sufficient future taxable profits will be available

to utilise such assets (forecast by around 2030). Other net temporary differences included accrued expenses for which a tax

deduction is only available on a paid basis. The Group has adopted the mandatory temporary exception to the recognition and

disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules, as required under IAS 12.

Deferred tax asset and liabilities are recognised on the balance sheet as follows:

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>|
| Deferred tax assets | **6520** | 6757 |
| Deferred tax liabilities | **(291)** | (382) |
|  | **6229** | 6375 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | 2025 |  | 2024 |
| **Unrecognised tax losses and attributes** | Tax losses<br>£m<br>| Unrecognised <br>deferred tax <br>asset<br>£m<br>| Tax losses<br>£m<br>| Unrecognised <br>deferred tax <br>asset<br>£m<br>|
| Trading losses and attributes expiring: |  |  |  |  |
| Within 10 years | **1625** | **154** | 1034 | 145 |
| More than 10 years | **1150** | **66** | 1598 | 84 |
| Available indefinitely | **241** | **50** | 693 | 161 |
| At 31 December | **3016** | **270** | 3325 | 390 |
| Capital losses expiring: |  |  |  |  |
| Available indefinitely | **2250** | **564** | 2253 | 565 |
| At 31 December | **2250** | **564** | 2253 | 565 |

---

Deferred tax assets are only recognised where it is probable that future taxable profit will be available to utilise losses.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  |

---

15. Earnings per share<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**pence**<br>| 2024<br>pence<br>| 2023<br>pence<br>|
| Basic earnings per share | **141.1** | 63.2 | 121.6 |
| Diluted earnings per share | **138.8** | 62.2 | 119.9 |

---

Basic earnings per share has been calculated by dividing the profit attributable to shareholders by the weighted average number

of shares in issue during the period after deducting shares held by the ESOP Trusts for the future exercise of share options and

share awards and Treasury shares, including shares acquired in the share buyback programme. The trustees have waived their

rights to cash dividends on the GSK shares held by the ESOP Trusts.

Diluted earnings per share has been calculated after adjusting the weighted average number of shares used in the basic

calculation to assume the conversion of all potentially dilutive shares. A potentially dilutive share forms part of the employee share

schemes where its exercise price is below the average market price of GSK shares during the period and any performance

conditions attaching to the scheme have been met at the balance sheet date.

The numbers of shares used in calculating basic and diluted earnings per share are reconciled below:

---

| | | | |
|:---|:---|:---|:---|
| **Weighted average number of shares in issue** | **2025**<br>**millions**<br>| 2024<br>millions<br>| 2023<br>millions<br>|
| Basic | **4,051** | 4,077 | 4,052 |
| Dilution for share options and awards | **66** | 65 | 59 |
| Diluted | **4,117** | 4,142 | 4,111 |

---

16. Dividends<br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **2025** |  |  | 2024 |  |  | 2023 |
|  | **Paid/payable** | **Dividend**<br>**per share**<br>**(pence)**<br>| **Total**<br>**dividend**<br>**£m**<br>| Paid | Dividend<br>per share<br>(pence)<br>| Total<br>dividend<br>£m<br>| Paid | Dividend<br>per share<br>(pence)<br>| Total<br>dividend<br>£m<br>|
| First interim | **10 July 2025** | **16.00** | **650** | 11 July 2024 | 15.00 | 612 | 13 July 2023 | 14.00 | 567 |
| Second interim | **9 October 2025** | **16.00** | **646** | 10 October 2024 | 15.00 | 612 | 12 October 2023 | 14.00 | 568 |
| Third interim | **8 January 2026** | **16.00** | **643** | 9 January 2025 | 15.00 | 612 | 11 January 2024 | 14.00 | 568 |
| Fourth interim | **9 April 2026** | **18.00** | **722** | 10 April 2025 | 16.00 | 656\* | 11 April 2024 | 16.00 | 652\*\* |
| Total |  | **66.00** | **2661** |  | 61.00 | 2492 |  | 58.00 | 2355 |

---

\*The estimate for the fourth interim dividend for 2024 disclosed in the 2024 Annual Report was £653 million, £3 million less than the dividend that was

ultimately paid.

\*\*The estimate for the fourth interim dividend for 2023 disclosed in the 2023 Annual Report was £649 million, £3 million less than the dividend that was

ultimately paid.

Under IFRS Accounting Standards, interim dividends are only recognised in the financial statements when paid and not when

declared. GSK normally pays a dividend two quarters after the quarter to which it relates and one quarter after it is declared. The

2025 financial statements recognise those dividends paid in 2025, namely the third and fourth interim dividends for 2024, and the

first and second interim dividends for 2025.

The amounts recognised in each year were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Cash dividends to shareholders | **2564** | 2444 | 2247 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  |

---

17. Property, plant and equipment<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Land and<br>buildings<br>£m<br>| Plant,<br>equipment<br>and vehicles<br>£m<br>| Assets in<br>construction<br>£m<br>| **Total**<br>**£m**<br>|
| Cost at 1 January 2024 | 6455 | 10704 | 2120 | **19279** |
| Exchange adjustments | (141) | (233) | (51) | **(425)** |
| Additions | 42 | 166 | 1185 | **1393** |
| Capitalised borrowing costs | – | – | 20 | **20** |
| Disposals and write-offs | (144) | (381) | (5) | **(530)** |
| Reclassifications | 179 | 762 | (949) | **(8)** |
| Transfer to assets held for sale | (16) | (3) | – | **(19)** |
| Cost at 31 December 2024 | 6375 | 11015 | 2320 | **19710** |
| Exchange adjustments | 26 | 99 | 25 | **150** |
| Additions | 7 | 132 | 1234 | **1373** |
| Capitalised borrowing costs | – | – | 15 | **15** |
| Disposals and write-offs | (36) | (485) | (26) | **(547)** |
| Reclassifications | (26) | 1027 | (1027) | **(26)** |
| Transfer to assets held for sale | (189) | (242) | (30) | **(461)** |
| Cost at 31 December 2025 | 6157 | 11546 | 2511 | **20214** |
| Depreciation at 1 January 2024 | (3323) | (6311) | – | **(9634)** |
| Exchange adjustments | 76 | 139 | – | **215** |
| Charge for the year | (211) | (675) | – | **(886)** |
| Disposals and write-offs | 121 | 325 | – | **446** |
| Transfer to assets held for sale | 14 | 2 | – | **16** |
| Reclassifications | (27) | 26 | – | **(1)** |
| Depreciation at 31 December 2024 | (3350) | (6494) | – | **(9844)** |
| Exchange adjustments | (16) | (56) | – | **(72)** |
| Charge for the year | (195) | (655) | – | **(850)** |
| Disposals and write-offs | 19 | 406 | – | **425** |
| Transfer to assets held for sale | 100 | 112 | – | **212** |
| Reclassifications | 157 | (175) | – | **(18)** |
| Depreciation at 31 December 2025 | (3285) | (6862) | – | **(10147)** |
| Impairment at 1 January 2024 | (237) | (360) | (28) | **(625)** |
| Exchange adjustments | 3 | 5 | 1 | **9** |
| Disposals and write-offs | 22 | 55 | 3 | **80** |
| Impairment losses | (27) | (84) | (5) | **(116)** |
| Reversal of impairments | 4 | 23 | 1 | **28** |
| Reclassifications | (24) | (13) | 22 | **(15)** |
| Impairment at 31 December 2024 | (259) | (374) | (6) | **(639)** |
| Exchange adjustments | (4) | (6) | – | **(10)** |
| Disposals and write-offs | 21 | 74 | 26 | **121** |
| Impairment losses | (81) | (102) | (25) | **(208)** |
| Reversal of impairments | (1) | 16 | – | **15** |
| Transfer to assets held for sale | 5 | 2 | – | **7** |
| Reclassifications | (10) | (23) | 2 | **(31)** |
| Impairment at 31 December 2025 | (329) | (413) | (3) | **(745)** |
| Total accumulated depreciation and impairment at 31 December 2024 | (3609) | (6868) | (6) | **(10483)** |
| Total accumulated depreciation and impairment at 31 December 2025 | (3614) | (7275) | (3) | **(10892)** |
| Net book value at 1 January 2024 | 2895 | 4033 | 2092 | **9020** |
| Net book value at 31 December 2024 | 2766 | 4147 | 2314 | **9227** |
| Net book value at 31 December 2025 | 2543 | 4271 | 2508 | **9322** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>17. Property, plant and equipment continued | Notes to the financial statements continued <br>17. Property, plant and equipment continued | Notes to the financial statements continued <br>17. Property, plant and equipment continued | Notes to the financial statements continued <br>17. Property, plant and equipment continued | Notes to the financial statements continued <br>17. Property, plant and equipment continued |

---

The weighted average interest rate for capitalised borrowing costs in the year was 4% (2024: 4%). Disposals and write-offs in the

year included a number of assets with nil net book value that are no longer in use in the business.

The impairment losses principally arose from decisions to rationalise facilities and were calculated based on fair value less costs

of disposal. The fair value less costs of disposal valuation methodology uses significant inputs which are not based on observable

market data, and therefore this valuation technique is classified as Level 3 of the fair value hierarchy. These calculations

determine the net present value of the projected risk-adjusted, post-tax cash flows of the relevant asset or cash generating unit,

applying a discount rate of the Group post-tax weighted average cost of capital (WACC) of 7.5% (2024: 7.5%), adjusted where

appropriate for specific segment, country and currency risk.

Assets that continue to be used by the Group are generally assessed as part of their associated cash generating unit on a value

in use basis. For value in use calculations, the post-tax cash flows do not include the impact of future uncommitted restructuring

plans or improvements. Where an impairment is indicated and a pre-tax cash flow calculation is expected to give a materially

different result, the test would be reperformed using pre-tax cash flows and a pre-tax discount rate. The Group WACC is

equivalent to a pre-tax discount rate of approximately 9% (2024: 9%).

Net impairment losses have been charged to cost of sales: £125 million (2024: £62 million), R&D: £22 million (2024: £15 million)

and SG&A: £46 million (2024: £11 million), This included reversal of impairments of £3 million (2024: £10 million) arising from the

Major restructuring programmes.

Reversal of impairments arose from subsequent reviews of the impaired assets where the conditions which gave rise to the

original impairments were deemed no longer to apply. £13 million (2024: £15 million) of the impairment reversal has been

credited to cost of sales and £2 million (2024: £13 million) of the impairment reversal has been credited to SG&A.

During 2025, £78 million (2024: £65 million) of computer software was reclassified from assets in construction to intangible assets

on becoming ready for use.

The Group has evaluated both the qualitative and quantitative effects of climate-related risks on the recoverable amounts of

assets and has determined that there are no material impairments. As of 31 December 2025, £152 million (2024: £97 million) has

been capitalised in property, plant and equipment regarding the transition to a lower-carbon propellant.

18. Right of use assets<br>

The table below provides information about the Group's right of use assets:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Land and <br>buildings <br>£m<br>| Plant and <br>equipment<br>£m<br>| Vehicles<br>£m<br>| **Total**<br>**£m**<br>|
| Net book value at 1 January 2024 | 751 | 4 | 182 | **937** |
| Exchange adjustments | (5) | – | (4) | **(9)** |
| Additions | 107 | 6 | 117 | **230** |
| Depreciation | (126) | (2) | (83) | **(211)** |
| Disposals | (92) | – | (10) | **(102)** |
| Net impairment reversals | 1 | – | – | **1** |
| Net book value at 31 December 2024 | 636 | 8 | 202 | **846** |
| Exchange adjustments | (17) | – | – | **(17)** |
| Additions | 81 | 1 | 99 | **181** |
| Depreciation | (113) | (3) | (90) | **(206)** |
| Disposals | (23) | – | (22) | **(45)** |
| Net impairment loss | (17) | – | – | **(17)** |
| Transfer to assets held for sale | (16) | – | – | **(16)** |
| Net book value at 31 December 2025 | 531 | 6 | 189 | **726** |

---

Commitments for future payments related to leases not yet commenced but which we have committed to, leases of low-value

assets and leases which are less than 12 months are not material.

An analysis of lease liabilities is set out in Note 29, 'Net debt'.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  |

---

19. Goodwill<br>

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>|
| Cost at 1 January | **6982** | 6811 |
| Exchange adjustments | **(276)** | (39) |
| Additions through business combinations (Note 40) | **342** | 210 |
| Transfer to assets held for sale | **(30)** | – |
| Cost at 31 December | **7018** | 6982 |
| Net book value at 1 January | **6982** | 6811 |
| Net book value at 31 December | **7018** | 6982 |

---

All goodwill is allocated to the Group's segments as follows:

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**£m**<br>| **2024**<br>**£m**<br>|
| Commercial Operations | **6091** | 6076 |
| Research and Development | **927** | 906 |
| Net book value at 31 December | **7018** | 6982 |

---

The recoverable amounts of the cash generating units are assessed using a fair value less costs of disposal model. Fair value

less costs of disposal is calculated using a discounted cash flow approach, with a post-tax discount rate applied to the projected

risk-adjusted post-tax cash flows and terminal value.

The discount rate used is based on the Group WACC of 7.5% (2024: 7.5%), as most cash generating units have integrated

operations across large parts of the Group. The discount rate is adjusted where appropriate for specific segment, country and

currency risks. The valuation methodology uses significant inputs which are not based on observable market data, therefore this

valuation technique is classified as Level 3 in the fair value hierarchy.

The Total R&D segment is evaluated on an arm's length pricing model, see assumptions below.

Details relating to the discounted cash flow models used in the impairment tests are as follows:

---

| | | | |
|:---|:---|:---|:---|
| Valuation basis | Fair value less costs of disposal |  |  |
| Key assumptions | Sales growth rates <br>Profit margins<br>Terminal growth rate<br>Discount rate<br>Taxation rate<br>|  |  |
| Determination of assumptions | Growth rates are internal forecasts based on both internal and external market information.<br>Margins reflect past experience, adjusted for expected changes.<br>Terminal growth rates based on management's estimate of future long-term average growth rates.<br>Discount rates based on Group WACC, adjusted where appropriate.<br>Taxation rates based on appropriate rates for each jurisdiction. | Growth rates are internal forecasts based on both internal and external market information.<br>Margins reflect past experience, adjusted for expected changes.<br>Terminal growth rates based on management's estimate of future long-term average growth rates.<br>Discount rates based on Group WACC, adjusted where appropriate.<br>Taxation rates based on appropriate rates for each jurisdiction. | Growth rates are internal forecasts based on both internal and external market information.<br>Margins reflect past experience, adjusted for expected changes.<br>Terminal growth rates based on management's estimate of future long-term average growth rates.<br>Discount rates based on Group WACC, adjusted where appropriate.<br>Taxation rates based on appropriate rates for each jurisdiction. |
| Period of specific projected cash flows | Five years  |  |  |
| Terminal growth rate and discount rate |  | Terminal growth rate | Discount rate |
|  | 2025 |  |  |
|  | Commercial Operations | 1% p.a. | 7.5% p.a. |
|  | Research and Development | 1% p.a. | 7.5% p.a. |
|  | 2024 |  |  |
|  | Commercial Operations | 1% p.a. | 7.5% p.a. |
|  | Research and Development | 1% p.a. | 7.5% p.a. |

---

The terminal growth rate does not exceed the long-term projected growth rates for relevant markets, reflects the impact of future

generic competition and takes account of new product launches. Goodwill is monitored for impairment at the segmental level and

the valuations indicated sufficient headroom such that a reasonably possible change to key assumptions is unlikely to result in an

impairment of the related goodwill.

The Group has assessed the qualitative and quantitative impact of climate-related risks on asset recoverable amounts and

concluded that there are no material impairments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  |

---

20. Other intangible assets<br>

---

| | | | |
|:---|:---|:---|:---|
|  | Computer<br>software<br>£m<br>| Licences, patents, <br>amortised brands <br>£m<br>| **Total**<br>**£m**<br>|
| Cost at 1 January 2024 | 1984 | 27363 | **29347** |
| Exchange adjustments | (8) | (176) | **(184)** |
| Capitalised development costs | – | 246 | **246** |
| Additions through business combinations | – | 913 | **913** |
| Other additions | 166 | 1270 | **1436** |
| Disposals and asset write-offs | (39) | (140) | **(179)** |
| Reclassifications | 65 | (5) | **60** |
| Cost at 31 December 2024 | 2168 | 29471 | **31639** |
| Exchange adjustments | (20) | (475) | **(495)** |
| Capitalised development costs | – | 323 | **323** |
| Additions through business combinations | – | 1985 | **1985** |
| Other additions | 195 | 1086 | **1281** |
| Disposals and asset write-offs | (117) | (953) | **(1070)** |
| Other movements <sup>(1)</sup> | – | (4534) | **(4534)** |
| Transfer to Assets Held for Sale | (12) | – | **(12)** |
| Reclassifications | 78 | 7 | **85** |
| Cost at 31 December 2025 | 2292 | 26910 | **29202** |
| Amortisation at 1 January 2024 | (1307) | (10007) | **(11314)** |
| Exchange adjustments | 7 | 83 | **90** |
| Charge for the year | (211) | (1243) | **(1454)** |
| Disposals and asset write-offs | 33 | 47 | **80** |
| Reclassifications | (1) | (13) | **(14)** |
| Amortisation at 31 December 2024 | (1479) | (11133) | **(12612)** |
| Exchange adjustments | 11 | 106 | **117** |
| Charge for the year | (220) | (1038) | **(1258)** |
| Disposals and asset write-offs | 106 | 209 | **315** |
| Other movements <sup>(1)</sup> | – | 2008 | **2008** |
| Transfer to Assets Held for Sale | 6 | – | **6** |
| Reclassifications | (2) | 14 | **12** |
| Amortisation at 31 December 2025 | (1578) | (9834) | **(11412)** |
| Impairment at 1 January 2024 | (75) | (3190) | **(3265)** |
| Exchange adjustments | (1) | 4 | **3** |
| Impairment losses | (6) | (314) | **(320)** |
| Reversal of impairments | 3 | – | **3** |
| Disposals and asset write-offs | 5 | 84 | **89** |
| Reclassifications | (36) | 14 | **(22)** |
| Impairment at 31 December 2024 | (110) | (3402) | **(3512)** |
| Exchange adjustments | 1 | 99 | **100** |
| Impairment losses | (8) | (880) | **(888)** |
| Reversal of impairments | – | – | **–** |
| Disposals and asset write-offs | 10 | 744 | **754** |
| Other movements <sup>(1)</sup> | – | 2526 | **2526** |
| Reclassifications | – | (22) | **(22)** |
| Impairment at 31 December 2025 | (107) | (935) | **(1042)** |
| Total accumulated amortisation and impairment at 31 December 2024 | (1589) | (14535) | **(16124)** |
| Total accumulated amortisation and impairment at 31 December 2025 | (1685) | (10769) | **(12454)** |
| Net book value at 1 January 2024 | 602 | 14166 | **14768** |
| Net book value at 31 December 2024 | 579 | 14936 | **15515** |
| Net book value at 31 December 2025 | 607 | 16141 | **16748** |

---

(1) Other movements reflected the derecognition of historical intangible assets with a £nil net book value that are either no longer in use or for which the

Group no longer holds the rights.

The weighted average interest rate for capitalised borrowing costs in the year was 4% (2024: 4%).

The net book value of computer software included £197 million (2024: £231 million) of internally generated costs.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>20. Other intangible assets continued | Notes to the financial statements continued <br>20. Other intangible assets continued | Notes to the financial statements continued <br>20. Other intangible assets continued | Notes to the financial statements continued <br>20. Other intangible assets continued | Notes to the financial statements continued <br>20. Other intangible assets continued |

---

The carrying amount at 31 December 2025 of intangible assets after which impairments have been charged in the year was

£102 million (2024: £427 million), resulting from the appraisal of GSK's assumptions and programme updates related to in-

licences and collaboration agreements. The carrying amount at 31 December 2025 of intangible assets, after which impairment

reversals have been charged in the year, was £nil (2024: £nil).

The impairment charge includes £471m related to the full impairment of the belrestotug development programme (anti-TIGIT

mAb) due to its termination. There was no other individual intangible asset that accounted for a material impairment.

Please refer to Note 2, 'Accounting principles and policies' for the Group's accounting policy and estimate of the useful life for

intangible assets.

Amortisation and impairment losses net of reversals have been charged in the income statement as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Amortisation** | **Amortisation** | **Net impairment losses** | **Net impairment losses** |
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| **2025**<br>**£m**<br>| 2024<br>£m<br>|
| Cost of sales | **757** | 982 | **22** | – |
| Selling, general and administration | **73** | 84 | **8** | 6 |
| Research and development | **428** | 388 | **858** | 311 |
|  | **1258** | 1454 | **888** | 317 |

---

Licences, patents and amortised brands include a large number of acquired licences, patents, know-how agreements and

marketing rights, which are either marketed or in use, or still in development. Note 40, 'Acquisitions and disposals' gives details of

additions through business combinations in the year. The carrying amounts of the individual largest items are as follows:

---

| | | |
|:---|:---|:---|
|  | 2025<br>£m<br>| 2024<br>£m<br>|
| Tesaro Assets | 2119 | 2350 |
| Meningitis Portfolio Assets | 1445 | 1473 |
| Bellus Health Assets (Camlipixant) | 1438 | 1438 |
| Affinivax Assets | 1353 | 1452 |
| Sierra Oncology Assets (Momelotinib) | 1252 | 1408 |
| BP Asset IX Assets | 1107 | – |
| Dolutegravir (including Cabotegravir) | 873 | 967 |
| Aiolos Assets | 826 | 887 |
| IDRx Assets | 826 | – |
| CureVac Assets | 601 | 535 |
| Hengrui Pharma Assets | 373 | – |
| Alector Assets | 371 | 371 |
| Hansoh Pharma Assets | 326 | 247 |
| *Shingrix* | 282 | 277 |
| *Benlysta* | 238 | 298 |
| Iteos Assets | – | 471 |
| Others | 2711 | 2762 |
| **Total** | 16141 | 14936 |

---

On 21 February 2025, GSK completed the acquisition of IDRx, Inc. This acquisition includes lead molecule IDRX-42.

On 7 July 2025, GSK completed the acquisition of BP Asset IX, Inc. The main asset acquired is efimosfermin alfa.

During 2025, GSK entered into an agreement with Hengrui Pharma to develop up to 12 medicines in Respiratory Immunology &

Inflammation (RI&I) and Oncology, including a licence for potential best-in-class PDE3/4 inhibitor in clinical development for

treatment of COPD.

The Group has evaluated both the qualitative and quantitative effects of climate-related risks on the recoverable amounts of

assets and has determined that there are no material impairments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  |

---

21. Investments in associates and joint ventures<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Associates<br>£m<br>| Joint<br>ventures<br>£m<br>| **2025**<br>**Total**<br>**£m**<br>| Associates<br>£m<br>| 2024<br>Total<br>£m<br>|
| 1 January | 96 | – | **96** | 55 | 55 |
| Exchange adjustments | 3 | – | **3** | (3) | (3) |
| Additions | – | – | **–** | 43 | 43 |
| Disposals | – | – | **–** | (2) | (2) |
| Distributions received | (67) | – | **(67)** | (15) | (15) |
| Net fair value movements through other comprehensive income | 56 | – | **56** | 21 | 21 |
| Profit/(loss) after tax recognised in the consolidated income <br>&nbsp;&nbsp;&nbsp;&nbsp;statement<br>| 1 | – | **1** | (3) | (3) |
| 31 December | 89 | – | **89** | 96 | 96 |

---

Please refer to the income statement information in Note 13, 'Associates and joint ventures'.

22. Other investments<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Non-current** | Investments <br>designated as <br>measured at <br>FVTOCI<br>£m<br>| Investments <br>measured at <br>FVTPL<br>£m<br>| **2025**<br>**Total**<br>**£m**<br>| Investments <br>designated as <br>measured at <br>FVTOCI<br>£m<br>| Investments <br>measured at <br>FVTPL<br>£m<br>| 2024<br>Total<br>£m<br>|
| 1 January | 843 | 257 | **1100** | 931 | 206 | 1137 |
| Exchange adjustments | (73) | (17) | **(90)** | 4 | 4 | 8 |
| Additions | 97 | 56 | **153** | 70 | 38 | 108 |
| Net fair value movements through OCI | 157 | – | **157** | (107) | – | (107) |
| Net fair value movements through profit or loss | – | (27) | **(27)** | – | 29 | 29 |
| Disposals | (236) | (20) | **(256)** | (55) | (20) | (75) |
| 31 December | 788 | 249 | **1037** | 843 | 257 | 1100 |

---

Non-current other investments comprise non-current equity investments which are recorded at fair value at each balance sheet

date. For investments traded in an active market, the fair value is determined by reference to the relevant stock exchange quoted

bid price. For other investments, the fair value is estimated by management with reference to relevant available information,

including the current market value of similar instruments, recent financing rounds and discounted cash flows of the underlying net

assets. Other investments include listed investments of £592 million (2024: £646 million).

GSK has elected to designate the majority of its equity investments as measured at fair value through other comprehensive

income. The most significant of these investments held at 31 December 2025 were in Wave Life Sciences Ltd, which had a fair

value at 31 December 2025 of **£231 million** (2024: £165 million) and Crispr Therapeutics AG which had a fair value at

31 December 2025 of £126 million (2024: £101 million). The other investments include equity stakes in companies with which

GSK has research collaborations and in companies which provide access to biotechnology developments of potential interest.

On disposal of equity investments measured at FVTOCI, the accumulated fair value movements are reclassified from the fair value

reserve to retained earnings. Investments measured at FVTOCI with a fair value of £236 million (2024: £55 million) were disposed

of during the year. The cumulative loss on these investments after tax was £66 million (2024: profit of £14 million).

Certain other investments, such as investments in funds with limited lives and investments acquired with an intention to sell, are

measured at fair value through profit or loss. The most significant of these investments held at 31 December 2025 was SR One

Capital Fund I-B, LP which had a fair value at 31 December 2025 of £120 million (2024: £135 million).

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  |

---

23. Other non-current assets<br>

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>|
| Amounts receivable under insurance contracts | **953** | 957 |
| Pension schemes in surplus (Note 30) | **1115** | 898 |
| Other receivables | **80** | 87 |
|  | **2148** | 1942 |

---

Amounts receivable under insurance contracts are held at cash surrender value with movements through profit or loss.

Within the other receivables of £80 million (2024: £87 million), £16 million (2024: £36 million) is classified as financial assets of

which £14 million (2024: £31 million) is classified as fair value through profit or loss. On the remaining balance of £2 million

(2024: £5 million), the expected credit loss allowance was immaterial at 31 December 2025 and 2024.

Other receivables include £10 million relating to nature-based carbon credits projects (2024: £7 million).

24. Inventories<br>

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>|
| Raw materials and consumables | **608** | 1361 |
| Work in progress | **3699** | 2683 |
| Finished goods | **1617** | 1625 |
|  | **5924** | 5669 |

---

The Group has evaluated both the qualitative and quantitative effects of climate-related risks on the recoverable amounts of

inventories, in particular in relation to the metered dose inhaler (MDI), and has determined that there is no material impact.

25. Trade and other receivables<br>

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>|
| Trade receivables, net of loss allowance | **5913** | 5563 |
| Accrued income | **13** | 18 |
| Prepayments | **385** | 390 |
| Interest receivable | **2** | 1 |
| Employee loans and advances | **11** | 7 |
| Other receivables | **1147** | 857 |
|  | **7471** | 6836 |

---

There were no trade or other receivable balances (2024: £nil) due from associates and joint ventures. The most significant

component of other receivables comprises receivables for indirect and other taxes of £511 million (2024: £447 million). The other

significant balance within other receivables is royalties receivable of £217 million (2024: £164 million).

---

| | | |
|:---|:---|:---|
| **Trade receivables loss allowance** | **2025**<br>**£m**<br>| 2024<br>£m<br>|
| 1 January | **99** | 85 |
| Exchange adjustments | **–** | (2) |
| Charge for the year | **49** | 34 |
| Transfer to assets held for sale | **–** | (1) |
| Subsequent recoveries of amounts provided for | **(65)** | (12) |
| Utilised | **(8)** | (5) |
| At 31 December | **75** | 99 |

---

Of the total trade receivables balance, £13 million (2024: £13 million) is considered credit impaired, against which a £4 million

(2024: £5 million) expected credit loss allowance has been applied. No amount was purchased or originated credit impaired.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>25. Trade and other receivables continued | Notes to the financial statements continued <br>25. Trade and other receivables continued | Notes to the financial statements continued <br>25. Trade and other receivables continued | Notes to the financial statements continued <br>25. Trade and other receivables continued | Notes to the financial statements continued <br>25. Trade and other receivables continued |

---

Within the other receivables of £1,147 million (2024: £857 million), £554 million (2024: £360 million) is classified as financial assets

of which £15 million (2024: £2 million) is classified as held at fair value through profit or loss. At 31 December 2025, an expected

credit loss allowance of £11 million (2024: £9 million) was recognised in respect of financial assets, with a release in expected

credit loss allowance of £2 million (2024: £6 million) reported in profit or loss during the year.

For more discussion on credit risk practices, please refer to Note 43, 'Financial instruments and related disclosures'.

26. Cash and cash equivalents<br>

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>|
| Cash at bank and in hand | **761** | 943 |
| Cash equivalents | **2636** | 2927 |
|  | **3397** | 3870 |

---

Cash and cash equivalents included £247 million (2024: £177 million) not available for general use due to restrictions applicable

in the subsidiaries where it is held. Restrictions include exchange controls and taxes on repatriation.

27. Assets and liabilities held for sale<br>

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>|
| Goodwill | **30** | – |
| Property, plant and equipment | **239** | 3 |
| Other assets | **31** | – |
| Assets held for sale | **300** | 3 |
| Lease liabilities | **(139)** | – |
| Liabilities relating to assets held for sale | **(139)** | – |

---

Non-current assets, liabilities and disposal groups are classified as assets held for sale and liabilities relating to assets held for

sale when it is expected that their carrying amounts will be recovered principally through disposal and a sale is considered highly

probable. They are held at the lower of carrying amount and fair value less costs to sell.

Assets held for sale and liabilities relating to assets held for sale primarily related to the disposal group arising from GSK's

definitive agreement with Samsung Biologics for the sale of 100% of its equity investment in Human Genome Sciences,

announced in December 2025. The disposal group principally including the Rockville site, and completion of the transaction is

anticipated toward the end of Q1 2026. See Note 40, 'Acquisitions and disposals'.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  |

---

28. Trade and other payables<br>

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>|
| Trade payables | **3535** | 3462 |
| Wages and salaries | **1513** | 1465 |
| Social security | **138** | 125 |
| ViiV Healthcare put option | **822** | 915 |
| Other payables | **438** | 420 |
| Deferred income | **153** | 171 |
| Customer return and rebate accruals and payables | **6450** | 6486 |
| Other accruals | **2332** | 2291 |
|  | **15381** | 15335 |

---

Trade and other payables include £nil (2024: £nil) due to associates and joint ventures. The Group provides limited supplier

financing arrangements to certain suppliers. The amounts involved at 31 December 2025 were not material.

Revenue recognised in the year that was included in deferred income at 1 January 2025 was £127 million (2024: £176 million).

Customer rebate and return accruals and payables primarily comprise accruals that are provided for by the Group at the point of

sale in respect of estimated rebates, discounts or allowances payable to customers. At 31 December 2025, customer rebate and

return accruals and payables included £4,891 million (2024: £5,235 million) in respect of US Commercial Operations. Accruals are

made at the time of sale but the actual amounts paid are based on claims made some time after the initial recognition of the sale. As

the accruals are estimated, they may not fully reflect the final outcome and are subject to change dependent upon, amongst other

things, the types of buying group and product sales mix. The level of accrual is reviewed and adjusted quarterly in light of historical

experience of actual amounts paid and any changes in arrangements. Future events could cause the assumptions on which the

accruals are based to change, which could affect the future results of the Group. Customer return and rebate accruals and payables

also includes an immaterial payables balance, where claims have been processed but not yet paid. The estimation uncertainty

described above does not apply to the payables balance.

At 31 December 2025, Pfizer's put option over its shareholding in ViiV Healthcare was exercisable. While the option is exercisable,

Pfizer may request an IPO of ViiV Healthcare at any time and if either GSK does not consent to such IPO or an offering is not completed

within nine months, Pfizer could require GSK to acquire its shareholding. The amount of the liability for this put option, which is carried at

amortised cost and is held on the gross redemption basis, is derived from an internal valuation of the ViiV Healthcare business, utilising

a discounted forecast future cash flow methodology. On 19 January 2026, GSK reached agreement with Pfizer and Shionogi for the

11.7% economic interest in ViiV Healthcare currently held by Pfizer to be replaced with an investment by Shionogi. Completion of the

transaction is subject to certain regulatory clearances in relevant markets and is expected to occur during Q1 2026. On completion,

GSK will extinguish the Pfizer put option liability through retained earnings. See Note 47, 'Post balance sheet events' for further

information.

The table below shows on an indicative basis the income statement and balance sheet sensitivity of the Pfizer put option to

reasonably possible changes in key assumptions, as at 31 December 2025.

---

| | | |
|:---|:---|:---|
| **Increase/(decrease) in financial liability and loss/(gain) in income statement** | **2025**<br>**£m**<br>| 2024<br>£m<br>|
| 10% increase in sales forecasts\* | **88** | 92 |
| 15% increase in sales forecasts\* | **132** | 139 |
| 10% decrease in sales forecasts\* | **(87)** | (92) |
| 15% decrease in sales forecast\* | **(131)** | (138) |
| 1% (100 basis points) increase in discount rate | **(16)** | (22) |
| 1.50% (150 basis points) increase in discount rate | **(24)** | (32) |
| 1% (100 basis points) decrease in discount rate | **18** | 23 |
| 1.50% (150 basis points) decrease in discount rate | **27** | 34 |
| 10 cent appreciation of US Dollar | **56** | 62 |
| 15 cent appreciation of US Dollar | **86** | 97 |
| 10 cent depreciation of US Dollar | **(47)** | (53) |
| 15 cent depreciation of US Dollar | **(68)** | (76) |
| 10 cent appreciation of Euro | **18** | 20 |
| 15 cent appreciation of Euro | **28** | 31 |
| 10 cent depreciation of Euro | **(14)** | (17) |
| 15 cent depreciation of Euro | **(21)** | (24) |

---

\*The sales forecast is for ViiV Healthcare sales only in respect of the ViiV Healthcare put option.

Other accruals includes interest accrued on financial liabilities at amortised cost of £161 million (2024: £162 million).

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  |

---

29. Net debt<br>

---

| | | | |
|:---|:---|:---|:---|
|  | Listing exchange | **2025**<br>**£m**<br>| 2024<br>£m<br>|
| Current assets: |  |  |  |
| Liquid investments |  | **9** | 21 |
| Cash and cash equivalents |  | **3397** | 3870 |
|  |  | **3406** | 3891 |
| Short-term borrowings: |  |  |  |
| Commercial paper |  | **(1078)** | – |
| Bank loans, overdrafts and other |  | **(314)** | (762) |
| 4.000% € Euro Medium Term Note 2025  | London Stock Exchange  | **–** | (622) |
| 3.625% US$ US Medium Term Note 2025  | New York Stock Exchange  | **–** | (797) |
| 1.250% € Euro Medium Term Note 2026  | London Stock Exchange  | **(873)** | – |
| 1.000% € Euro Medium Term Note 2026  | London Stock Exchange  | **(610)** | – |
| Lease liabilities |  | **(137)** | (168) |
|  |  | **(3012)** | (2349) |
| Long-term borrowings: |  |  |  |
| 1.250% € Euro Medium Term Note 2026 | London Stock Exchange | **–** | (829) |
| 1.000% € Euro Medium Term Note 2026 | London Stock Exchange | **–** | (581) |
| 4.315% US$ US Medium Term Note 2027 | New York Stock Exchange | **(297)** | – |
| SOFR + 0.500% US$ US Medium Term Note 2027 | New York Stock Exchange | **(445)** | – |
| 3.000% € Euro Medium Term Note 2027 | London Stock Exchange | **(436)** | (414) |
| 3.375% £ Euro Medium Term Note 2027 | London Stock Exchange | **(307)** | (307) |
| 3.875% US$ US Medium Term Note 2028 | New York Stock Exchange | **(1299)** | (1393) |
| 0.883% ¥ Euro Medium Term Note 2028 | London Stock Exchange | **(201)** | (216) |
| 1.250% £ Euro Medium Term Note 2028 | London Stock Exchange | **(747)** | (746) |
| 3.375% US$ US Medium Term Note 2029 | New York Stock Exchange | **(739)** | (792) |
| 1.375% € Euro Medium Term Note 2029 | London Stock Exchange | **(435)** | (414) |
| 4.500% US$ US Medium Term Note 2030 | New York Stock Exchange | **(627)** | – |
| 1.750% € Euro Medium Term Note 2030 | London Stock Exchange | **(654)** | (621) |
| 2.875% € Euro Medium Term Note 2031 | London Stock Exchange | **(607)** | (576) |
| 3.125% € Euro Medium Term Note 2032 | London Stock Exchange | **(608)** | (577) |
| 5.250% £ Euro Medium Term Note 2033 | London Stock Exchange | **(568)** | (567) |
| 5.375% US$ US Medium Term Note 2034 | London Stock Exchange | **(370)** | (396) |
| 4.875% US$ US Medium Term Note 2035 | New York Stock Exchange | **(551)** | – |
| 1.625% £ Euro Medium Term Note 2035 | London Stock Exchange | **(745)** | (745) |
| 3.250% € Euro Medium Term Note 2036 | London Stock Exchange | **(520)** | (494) |
| 6.375% US$ US Medium Term Note 2038 | New York Stock Exchange | **(2028)** | (2176) |
| 6.375% £ Euro Medium Term Note 2039 | London Stock Exchange | **(627)** | (627) |
| 5.250% £ Euro Medium Term Note 2042 | London Stock Exchange | **(472)** | (472) |
| 4.200% US$ US Medium Term Note 2043 | New York Stock Exchange | **(365)** | (392) |
| 4.250% £ Euro Medium Term Note 2045 | London Stock Exchange | **(366)** | (366) |
| Other long-term borrowings |  | **(1)** | (2) |
| Lease liabilities |  | **(693)** | (934) |
|  |  | **(14708)** | (14637) |
| Liabilities relating to assets held for sale: |  |  |  |
| Lease liabilities |  | **(139)** | – |
|  |  | **(139)** | – |
| Net debt |  | **(14453)** | (13095) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>29. Net debt continued | Notes to the financial statements continued <br>29. Net debt continued | Notes to the financial statements continued <br>29. Net debt continued | Notes to the financial statements continued <br>29. Net debt continued | Notes to the financial statements continued <br>29. Net debt continued |

---

**Current assets**

Liquid investments are classified as financial assets at amortised cost. At 31 December 2025, they included US Treasury Notes

and other government bonds. The effective interest rate on liquid investments at 31 December 2025 was approximately 5.6%

(2024: approximately 4.3%). Liquid investment balances at 31 December 2025 earning interest at floating rates amount to £1

million (2024: £11 million). Liquid investment balances at 31 December 2025 earning interest at fixed rates amount to £8 million

(2024: £10 million).

Balances reported within cash and cash equivalents have an original maturity of three months or less. The effective interest rate

on cash and cash equivalents at 31 December 2025 was approximately 3.8% (2024: approximately 4.8%). Cash and cash

equivalents at 31 December 2025 earning interest at floating and fixed rates amounted to £3,242 million and £1 million

respectively (2024: £3,746 million and £1 million) and non-interest bearing holdings amounted to £154 million (2024: £123 million).

GSK's policy regarding the credit quality of cash and cash equivalents is set out in Note 43, 'Financial instruments and related

disclosures'.

**Short-term borrowings**

GSK has access to short-term finance under a $10 billion (£7.4 billion) US commercial paper programme; $1,450 million (£1,078

million) was in issue at 31 December 2025 (2024: nil). GSK has access to short-term finance under a £5 billion Euro commercial

paper programme. There was no Euro commercial paper in issue at 31 December 2025 (2024: nil). GSK has £1.6 billion of three-

year committed facilities and $2.2 billion (£1.6 billion) of 364 day committed facilities. In August 2025 GSK cancelled both these

facilities and replaced them with new revolving facilities of equivalent size with maturities of September 2028 for the three-year

facility and September 2026 for the 364-day facility. All facilities were undrawn at 31 December 2025. GSK considers this level of

committed facilities to be adequate, given current liquidity requirements.

The weighted average interest rate on commercial paper borrowings at 31 December 2025 was 3.8%. There was no commercial

paper in issue at 31 December 2024.

The weighted average interest rate on current bank loans and overdrafts at 31 December 2025 was 5.0% (2024: 3.4%).

The average effective pre-swap interest rate of notes classified as short-term at 31 December 2025 was 1.2% (2024: 3.9%).

**Long-term borrowings**

At 31 December 2025 GSK had long-term borrowings of £14.7 billion (2024: £14.6 billion), of which £8.1 billion (2024: £8.4 billion)

fell due in more than five years.

The average effective pre-swap interest rate of all notes in issue at 31 December 2025 was approximately 3.8% (2024:

approximately 3.8%).

Long-term borrowings repayable after five years carry interest at effective rates between 1.7% and 6.6% (2024: 1.7% and 6.4%),

with repayment dates ranging from 2031 to 2045 (2024: 2030 to 2045).

**Pledged assets**

The Group held pledged investments in US Treasury Notes with a par value of $12 million (£9 million), (2024: $26 million

(£21 million)) as security against irrevocable letters of credit issued on the Group's behalf in respect of the Group's self-insurance

activity. Provisions in respect of self-insurance are included within the provisions for legal and other disputes discussed in Note

31, 'Other provisions'.

**Lease liabilities**

The total cash outflow for leases for the year ended 31 December 2025 was £260 million (2024: £256 million).

The maturity analysis of discounted lease liabilities recognised on the Group balance sheet is as follows:

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>|
| Rental payments due within one year | **137** | 168 |
| Rental payments due between one and two years | **217** | 222 |
| Rental payments due between two and three years | **108** | 146 |
| Rental payments due between three and four years | **71** | 109 |
| Rental payments due between four and five years | **50** | 73 |
| Rental payments due after five years | **247** | 384 |
| Total lease liabilities | **830** | 1102 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  |

---

30. Pensions and other post-employment benefits<br>

---

| | | | |
|:---|:---|:---|:---|
| **Pension and other post-employment costs** | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| UK pension schemes | **83** | 120 | 96 |
| US pension schemes | **27** | 40 | 56 |
| Other overseas pension schemes | **130** | 151 | 146 |
| Unfunded post-retirement healthcare schemes | **60** | 57 | 58 |
|  | **300** | 368 | 356 |
| Analysed as: |  |  |  |
| Funded defined benefit/hybrid pension schemes | **83** | 132 | 134 |
| Unfunded defined benefit pension schemes | **27** | 29 | 35 |
| Unfunded post-retirement healthcare schemes | **60** | 57 | 58 |
| Defined benefit schemes | **170** | 218 | 227 |
| Defined contribution pension schemes | **130** | 150 | 129 |
|  | **300** | 368 | 356 |
| The costs of the defined benefit pension and post-retirement healthcare schemes are charged in the income statement as <br>follows: | The costs of the defined benefit pension and post-retirement healthcare schemes are charged in the income statement as <br>follows: | The costs of the defined benefit pension and post-retirement healthcare schemes are charged in the income statement as <br>follows: | The costs of the defined benefit pension and post-retirement healthcare schemes are charged in the income statement as <br>follows: |
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Cost of sales | **69** | 87 | 94 |
| Selling, general and administration | **69** | 92 | 91 |
| Research and development | **32** | 39 | 42 |
|  | **170** | 218 | 227 |

---

GSK entities operate pension arrangements which cover the Group's material obligations to provide pensions to retired

employees. These arrangements have been developed in accordance with local practices in the countries concerned. Pension

benefits can be provided by state schemes; by defined contribution schemes, whereby retirement benefits are determined by the

value of funds arising from contributions paid in respect of each employee; or by defined benefit schemes, whereby retirement

benefits are based on factors such as employee pensionable remuneration and length of service.

Pension costs of defined benefit schemes for accounting purposes have been calculated using the projected unit credit method.

In certain countries pension benefits are provided on an unfunded basis, some administered by trustee companies. Formal,

independent actuarial valuations of the Group's main plans are undertaken regularly, normally at least every three years.

Remeasurement movements in the year are recognised through the statement of comprehensive income. Discount rates are

derived from AA-rated corporate bond yields except in countries where there is no deep market in corporate bonds where

government bond yields are used. Discount rates are selected to reflect the term of the expected benefit payments. Projected

inflation rates and pension increases are long-term predictions based on the yield gap between long-term index-linked and fixed

interest government bonds. In the UK, mortality rates are determined by adjusting the SAPS S3 standard mortality tables to reflect

recent scheme experience. These rates are then projected to reflect improvements in life expectancy in line with the CMI 2024

projections with a long-term rate of improvement of 1.0% per year for both males and females. In the US, mortality rates are

calculated using the PRI-2012 white collar table adjusted to reflect recent experience. These rates are projected using MP-2020

to allow for future improvements in life expectancy.

---

| | | | | |
|:---|:---|:---|:---|:---|
| The average life expectancy assumed now for an individual at the age of 60 and projected to apply in 2045 for an individual then at the age of 60 <br>is as follows: | The average life expectancy assumed now for an individual at the age of 60 and projected to apply in 2045 for an individual then at the age of 60 <br>is as follows: | The average life expectancy assumed now for an individual at the age of 60 and projected to apply in 2045 for an individual then at the age of 60 <br>is as follows: | The average life expectancy assumed now for an individual at the age of 60 and projected to apply in 2045 for an individual then at the age of 60 <br>is as follows: | The average life expectancy assumed now for an individual at the age of 60 and projected to apply in 2045 for an individual then at the age of 60 <br>is as follows: |
|  | **UK** | **UK** | **US** | **US** |
|  | Male<br>Years<br>| Female<br>Years<br>| Male<br>Years<br>| Female<br>Years<br>|
| Current | 27.1 | 28.4 | 27.5 | 28.8 |
| Projected for 2045 | 28.2 | 29.7 | 29.0 | 30.3 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued |

---

The assets of funded schemes are generally held in separately administered trusts, either as specific assets or as a proportion of

a general fund, or are insurance contracts. Assets are invested in different classes in order to maintain a balance between risk

and return. Investments are diversified to limit the financial effect of the failure of any individual investment. The target exposure

for three of the four UK plans is split 31% to return-seeking assets and 69% to liability-matching assets. During 2019, a buy-in

insurance contract was purchased to cover substantially all of the obligations of the other UK plan. At 31 December 2025, the

value of the insurance contract was £345 million (2024: £340 million). The asset allocation of the US plan is currently set at 25%

return-seeking assets and 75% liability-matching assets.

The pension plans are exposed to risk that arises because the market value of the plans' assets might decline or the estimated

value of the plans' liabilities might increase.

Within the broad investment strategy outlined above, the return-seeking assets are primarily intended to generate future returns

while the liability-matching assets are intended to match future pension obligations. Each pool invests across a broad range of

assets. The main risks within the portfolios are against credit risk, interest rates, long-term inflation, equities, property, currency

and bank counterparty risk.

The plan liabilities are a series of future cash flows with relatively long duration. On an IAS 19 basis, these cash flows are sensitive

to changes in the expected long-term inflation rate and the discount rate (AA corporate bond yield curve) where an increase in

long-term inflation corresponds with an increase in the liabilities, and an increase in the discount rate corresponds with a

decrease in the liabilities.

For the UK plans, there is an interest rate and inflation hedging strategy in place. The targets are based on an economic measure

of the plan liabilities.The interest rate risk in the US is partially hedged with the target based on an accounting measure of the plan

liabilities.

Climate-related impacts, along with other environmental, social and governance (ESG) considerations, can be financially material

with regard both to expected returns and to risk implications. The incorporation of such considerations into investment policy is

subject to local regulations and fiduciary obligations.

In the UK, the defined benefit pension schemes operated for the benefit of former Glaxo Wellcome employees and former

SmithKline Beecham employees remain separate. These schemes were closed to new entrants in 2001 and subsequent UK

employees are entitled to join a defined contribution scheme. In addition, the Group operates a number of post-retirement

healthcare schemes, the principal one of which is in the US.

The UK defined benefit plans closed to future accrual effective from 31 March 2022. As a result, post closure the accrued

benefits of active participants are revalued in line with inflation (RPI for the legacy Glaxo Wellcome plans and CPI for the legacy

SmithKline Beecham plans subject to the relevant caps for each arrangement) rather than capped pay increases. From 1 April

2022, former defined benefit plans employees were transferred to the defined contribution plans.

The US cash balance pension plan closed to future accrual from 1 January 2021.

The Group has applied the following financial assumptions in assessing the defined benefit liabilities:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | UK |  |  | US | Rest of World | Rest of World | Rest of World |
|  | **2025**<br>**% pa**<br>| 2024% pa<br>| 2023% pa<br>| **2025**<br>**% pa**<br>| 2024% pa<br>| 2023% pa<br>| **2025**<br>**% pa**<br>| 2024% pa<br>| 2023% pa<br>|
| Rate of increase of future earnings | **n/a** | n/a | n/a | **n/a** | n/a | n/a | **3.20** | 3.20 | 3.20 |
| Discount rate | **5.50** | 5.50 | 4.60 | **5.10** | 5.50 | 5.00 | **4.00** | 3.30 | 3.10 |
| Expected pension increases | **2.70** | 2.90 | 2.90 | **n/a** | n/a | n/a | **2.40** | 2.40 | 2.50 |
| Cash balance credit/conversion rate | **n/a** | n/a | n/a | **4.80** | 4.80 | 4.00 | **2.10** | 1.10 | 0.60 |
| Inflation rate | **2.70** | 2.90 | 2.90 | **2.50** | 2.50 | 2.50 | **2.00** | 1.90 | 2.00 |

---

The liability for the US post-retirement healthcare scheme has been assessed using the same assumptions as for the US pension

scheme, together with the assumption for future medical inflation of 7.00% in 2026 grading down to 5.0% in 2034 and thereafter

(2024: 6.50% in 2025, grading down to 5.0% in 2031 and thereafter).

Sensitivity analysis detailing the effect of changes in assumptions is provided on page [211](#ie525a10cd9a84ee1a30e023f29227704_9064). The analysis provided reflects the

assumption changes which have the most material impact on the results of the Group.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued |

---

The amounts recorded in the income statement and statement of comprehensive income for the three years ended 31 December

2025 in relation to the defined benefit pension and post-retirement healthcare schemes were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Pensions** | **Post-retirement**<br>**benefits**<br>|
| **2025** | UK<br>£m<br>| US<br>£m<br>| Rest of World<br>£m<br>| **Group**<br>**£m**<br>| **Group**<br>**£m**<br>|
| Amounts charged to operating profit |  |  |  |  |  |
| Current service cost | – | 3 | 89 | **92** | **17** |
| Past service cost | 2 | 1 | – | **3** | **2** |
| Net interest (income)/cost | (30) | 17 | 9 | **(4)** | **41** |
| Gains from settlements | – | – | – | **–** | **–** |
| Expenses | 13 | 6 | – | **19** | **–** |
|  | (15) | 27 | 98 | **110** | **60** |
| Remeasurement gains/(losses) recorded in the statement of <br>&nbsp;&nbsp;&nbsp;&nbsp;comprehensive income<br>| 80 | 42 | 26 | **148** | **(15)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Pensions | Post-retirement<br>benefits<br>|
| 2024 | UK<br>£m<br>| US<br>£m<br>| Rest of World<br>£m<br>| Group<br>£m<br>| Group<br>£m<br>|
| Amounts charged to operating profit |  |  |  |  |  |
| Current service cost | – | 3 | 94 | 97 | 14 |
| Past service cost | 18 | – | – | 18 | – |
| Net interest (income)/cost | (15) | 26 | 14 | 25 | 43 |
| Gains from settlements | – | – | (2) | (2) | – |
| Expenses | 12 | 11 | – | 23 | – |
|  | 15 | 40 | 106 | 161 | 57 |
| Remeasurement gains/(losses) recorded in the statement of <br>&nbsp;&nbsp;&nbsp;&nbsp;comprehensive income<br>| 237 | 90 | 129 | 456 | 50 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Pensions | Post-retirement<br>benefits<br>|
| 2023 | UK<br>£m<br>| US<br>£m<br>| Rest of World<br>£m<br>| Group<br>£m<br>| Group<br>£m<br>|
| Amounts charged to operating profit |  |  |  |  |  |
| Current service cost | – | 5 | 91 | 96 | 12 |
| Past service cost/(credit) | 3 | – | – | 3 | – |
| Net interest (income)/cost | (5) | 35 | 16 | 46 | 47 |
| Gains from settlements | – | – | (6) | (6) | – |
| Expenses | 14 | 16 |  | 30 | (1) |
|  | 12 | 56 | 101 | 169 | 58 |
| Remeasurement gains/(losses) recorded in the statement of <br>&nbsp;&nbsp;&nbsp;&nbsp;comprehensive income<br>| 28 | 45 | 38 | 111 | (40) |

---

Past service cost in the UK included £2 million (2024: £18 million; 2023: £3 million) of augmentation costs which arose from Major

restructuring programmes.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued |

---

A summarised balance sheet presentation of the Group defined benefit pension schemes and other post-retirement benefits is set

out in the table below:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Recognised in other non-current assets (Note 23): |  |  |  |
| Pension schemes in surplus | **1115** | 898 | 634 |
| Recognised in pensions and other post-employment benefits: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension schemes in deficit | **(886)** | (1001) | (1397) |
| &nbsp;&nbsp;&nbsp;&nbsp;Post-retirement benefits | **(801)** | (863) | (943) |
|  | **(1687)** | (1864) | (2340) |

---

In the event of a plan wind-up, GSK believes the UK pension scheme rules provide the company with the right to a refund of

surplus assets following the full settlement of plan liabilities. As a result, the net surplus in the UK defined benefit pension

schemes is recognised in full.

The fair values of the assets and liabilities of the UK and US defined benefit pension schemes, together with aggregated data for

other defined benefit pension schemes in the Group, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **At 31 December 2025** |  | UK<br>£m<br>| US<br>£m<br>| Rest of World<br>£m<br>| **Group**<br>**£m**<br>|
| Equities: | – listed | 1376 | 508 | 395 | **2279** |
|  | – unlisted | – | – | – | **–** |
| Multi-asset funds |  | 867 | – | – | **867** |
| Property: | – listed | – | – | – | **–** |
|  | – unlisted | 413 | 78 | 24 | **515** |
| Corporate bonds: | – listed | 1491 | 755 | 233 | **2479** |
|  | – unlisted | – | – | – | **–** |
| Government bonds: | – listed | 4553 | 739 | 456 | **5748** |
| Insurance contracts |  | 878 | – | 889 | **1767** |
| Other (liabilities)/assets |  | (759) | 90 | 88 | **(581)** |
| Fair value of assets |  | 8819 | 2170 | 2085 | **13074** |
| Present value of scheme obligations | Present value of scheme obligations | (8130) | (2391) | (2324) | **(12845)** |
| Net surplus/(obligation) | Net surplus/(obligation) | 689 | (221) | (239) | **229** |
| Included in other non-current assets | Included in other non-current assets | 848 | – | 267 | **1115** |
| Included in pensions and other post-employment benefits | Included in pensions and other post-employment benefits | (159) | (221) | (506) | **(886)** |
|  |  | 689 | (221) | (239) | **229** |
| Actual return/(loss) on plan assets | Actual return/(loss) on plan assets | 538 | 215 | (10) | **743** |

---

The multi-asset funds comprise investments in pooled investment vehicles that are invested across a range of asset classes,

increasing diversification within the growth portfolio.

The 'Other (liabilities)/assets' category comprises cash and mark to market values of derivative positions.

Index-linked gilts held as part of a UK repo programme are included in government bonds. The related loan of £1,857 million at

31 December 2025 (2024: £1,634 million; 2023: £1,853 million) is deducted within 'Other (liabilities)/assets'.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| At 31 December 2024 |  | UK<br>£m<br>| US<br>£m<br>| Rest of World<br>£m<br>| Group<br>£m<br>|
| Equities: | – listed | 1669 | 472 | 364 | 2505 |
|  | – unlisted | – | – | 2 | 2 |
| Multi-asset funds |  | 923 | – | – | 923 |
| Property: | – listed | – | – | – | – |
|  | – unlisted | 407 | 99 | 24 | 530 |
| Corporate bonds: | – listed | 2104 | 739 | 208 | 3051 |
|  | – unlisted | – | – | 15 | 15 |
| Government bonds: | – listed | 4107 | 772 | 489 | 5368 |
| Insurance contracts |  | 883 | – | 822 | 1705 |
| Other (liabilities)/assets |  | (1291) | 125 | 81 | (1085) |
| Fair value of assets | Fair value of assets | 8802 | 2207 | 2005 | 13014 |
| Present value of scheme obligations | Present value of scheme obligations | (8241) | (2596) | (2280) | (13117) |
| Net surplus/(obligation) | Net surplus/(obligation) | 561 | (389) | (275) | (103) |
| Included in other non-current assets | Included in other non-current assets | 725 | – | 173 | 898 |
| Included in pensions and other post-employment benefits | Included in pensions and other post-employment benefits | (164) | (389) | (448) | (1001) |
|  |  | 561 | (389) | (275) | (103) |
| Actual return/(loss) on plan assets | Actual return/(loss) on plan assets | (213) | 132 | 121 | 40 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| At 31 December 2023 |  | UK<br>£m<br>| US<br>£m<br>| Rest of World<br>£m<br>| Group<br>£m<br>|
| Equities: | – listed | 1647 | 447 | 349 | 2443 |
|  | – unlisted | – | – | 2 | 2 |
| Multi-asset funds |  | 852 | – | – | 852 |
| Property: | – listed | – | – | – | – |
|  | – unlisted | 467 | 119 | 24 | 610 |
| Corporate bonds: | – listed | 2019 | 698 | 205 | 2922 |
|  | – unlisted | – | – | 15 | 15 |
| Government bonds: | – listed | 4897 | 774 | 527 | 6198 |
| Insurance contracts |  | 990 | – | 771 | 1761 |
| Other (liabilities)/assets |  | (1374) | 104 | 89 | (1181) |
| Fair value of assets | Fair value of assets | 9498 | 2142 | 1982 | 13622 |
| Present value of scheme obligations | Present value of scheme obligations | (9222) | (2757) | (2406) | (14385) |
| Net surplus/(obligation) | Net surplus/(obligation) | 276 | (615) | (424) | (763) |
| Included in Other non-current assets | Included in Other non-current assets | 457 | – | 177 | 634 |
| Included in Pensions and other post-employment benefits | Included in Pensions and other post-employment benefits | (181) | (615) | (601) | (1397) |
|  |  | 276 | (615) | (424) | (763) |
| Actual return on plan assets | Actual return on plan assets | 647 | 196 | 138 | 981 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Pensions** | **Post-retirement**<br>**benefits**<br>|
| **Movements in fair values of assets** | UK<br>£m<br>| US<br>£m<br>| Rest of World<br>£m<br>| **Group**<br>**£m**<br>| **Group**<br>**£m**<br>|
| Assets at 1 January 2023 | 9014 | 2260 | 1870 | **13144** | **–** |
| Exchange adjustments | – | (125) | (84) | **(209)** | **–** |
| Interest income | 430 | 111 | 60 | **601** | **–** |
| Expenses | (14) | (16) | – | **(30)** | **–** |
| Settlements and curtailments | – | – | 2 | **2** | **–** |
| Remeasurement | 217 | 85 | 78 | **380** | **–** |
| Employer contributions | 363 | 125 | 118 | **606** | **98** |
| Scheme participants' contributions | – | – | 11 | **11** | **18** |
| Benefits paid | (512) | (298) | (73) | **(883)** | **(116)** |
| Assets at 31 December 2023 | 9498 | 2142 | 1982 | **13622** | **–** |
| Exchange adjustments | – | 37 | (116) | **(79)** | **–** |
| Interest income | 426 | 102 | 59 | **587** | **–** |
| Expenses | (12) | (11) | – | **(23)** | **–** |
| Settlements and curtailments | – | – | (1) | **(1)** | **–** |
| Remeasurement | (639) | 30 | 62 | **(547)** | **–** |
| Employer contributions | 63 | 179 | 109 | **351** | **94** |
| Scheme participants' contributions | – | – | 11 | **11** | **18** |
| Benefits paid | (534) | (272) | (101) | **(907)** | **(112)** |
| Assets at 31 December 2024 | 8802 | 2207 | 2005 | **13014** | **–** |
| Exchange adjustments | – | (153) | 57 | **(96)** | **–** |
| Interest income | 469 | 111 | 65 | **645** | **–** |
| Expenses | (13) | (6) | – | **(19)** | **–** |
| Settlements and curtailments | – | – | – | **–** | **–** |
| Remeasurement | 69 | 104 | (75) | **98** | **–** |
| Employer contributions | 33 | 128 | 122 | **283** | **87** |
| Scheme participants' contributions | – | – | 12 | **12** | **18** |
| Benefits paid | (541) | (221) | (101) | **(863)** | **(105)** |
| Assets at 31 December 2025 | 8819 | 2170 | 2085 | **13074** | **–** |

---

During 2025, the Group made £nil (2024: £30 million) deficit reduction contributions to the UK pension schemes. The Group

made a contribution to the US Cash Balance Plan of £100 million (2024: £150 million).

Employer contributions for 2026 are estimated to be approximately £170 million in respect of defined benefit pension schemes

and £70 million in respect of other post-retirement benefits.

Effective from January 2026, contributions to the GSK Pension Scheme defined contributions section, ordinarily payable by the

Group, will be met from surplus assets in the GSK Pension Scheme defined benefits section, provided certain conditions are met.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | Pensions | Post-retirement<br>benefits<br>|
| **Movements in defined benefit obligations** | UK<br>£m<br>| US<br>£m<br>| Rest of World<br>£m<br>| Group<br>£m<br>| Group<br>£m<br>|
| Obligations at 1 January 2023 | (9117) | (3031) | (2352) | **(14500)** | **(994)** |
| Exchange adjustments | – | 166 | 87 | **253** | **53** |
| Service cost | – | (5) | (91) | **(96)** | **(13)** |
| Past service cost | (3) | – | – | **(3)** | **–** |
| Interest cost | (425) | (145) | (76) | **(646)** | **(47)** |
| Settlements and curtailments | – | – | 4 | **4** | **–** |
| Remeasurement | (189) | (40) | (40) | **(269)** | **(40)** |
| Scheme participants' contributions | – | – | (11) | **(11)** | **(18)** |
| Benefits paid | 512 | 298 | 73 | **883** | **116** |
| Obligations at 31 December 2023 | (9222) | (2757) | (2406) | **(14385)** | **(943)** |
| Exchange adjustments | – | (40) | 133 | **93** | **(7)** |
| Service cost | – | (3) | (94) | **(97)** | **(14)** |
| Past service cost | (18) | – | – | **(18)** | **–** |
| Interest cost | (411) | (128) | (73) | **(612)** | **(43)** |
| Settlements and curtailments | – | – | 3 | **3** | **–** |
| Remeasurement | 876 | 60 | 67 | **1003** | **50** |
| Scheme participants' contributions | – | – | (11) | **(11)** | **(18)** |
| Benefits paid | 534 | 272 | 101 | **907** | **112** |
| Obligations at 31 December 2024 | (8241) | (2596) | (2280) | **(13117)** | **(863)** |
| Exchange adjustments | – | 178 | (71) | **107** | **50** |
| Service cost | – | (3) | (89) | **(92)** | **(17)** |
| Past service cost | (2) | (1) | – | **(3)** | **(2)** |
| Interest cost | (439) | (128) | (74) | **(641)** | **(41)** |
| Settlements and curtailments | – | – | – | **–** | **–** |
| Remeasurement | 11 | (62) | 101 | **50** | **(15)** |
| Scheme participants' contributions | – | – | (12) | **(12)** | **(18)** |
| Benefits paid | 541 | 221 | 101 | **863** | **105** |
| Obligations at 31 December 2025 | (8130) | (2391) | (2324) | **(12845)** | **(801)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued |

---

The defined benefit pension obligation is analysed as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Funded | **(12323)** | (12564) | (13782) |
| Unfunded | **(522)** | (553) | (603) |
|  | **(12845)** | (13117) | (14385) |

---

At 31 December 2025, the US post-retirement healthcare scheme obligation was £684 million (2024: £748 million; 2023: £785

million). Post-retirement benefits are unfunded.

The movement in the net defined benefit liability is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| At 1 January | **(103)** | (763) | (1356) |
| Exchange adjustments | **11** | 14 | 44 |
| Service cost | **(92)** | (97) | (96) |
| Past service cost | **(3)** | (18) | (3) |
| Interest income/(cost) | **4** | (25) | (45) |
| Settlements and curtailments | **–** | 2 | 6 |
| Remeasurements: |  |  |  |
| Return on plan assets, excluding amounts included in interest | **98** | (547) | 380 |
| Gain/(loss) from change in demographic assumptions | **(62)** | 90 | 135 |
| Gain/(loss) from change in financial assumptions | **211** | 890 | (137) |
| Experience gain/(loss) | **(99)** | 23 | (267) |
| Employer contributions | **283** | 351 | 606 |
| Transfer to assets held for sale/distribution | **–** | – | – |
| Expenses | **(19)** | (23) | (30) |
| At 31 December | **229** | (103) | (763) |

---

The remeasurements included within post-retirement benefits are detailed below:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Gain from change in demographic assumptions | **–** | 7 | 7 |
| Gain/(loss) from change in financial assumptions | **(1)** | 44 | (43) |
| Experience gain/(loss) | **(14)** | (1) | (4) |
|  | **(15)** | 50 | (40) |

---

The defined benefit pension obligation analysed by membership category is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Active | **2232** | 1418 | 1508 |
| Retired | **8215** | 8147 | 8730 |
| Deferred | **2398** | 3552 | 4147 |
|  | **12845** | 13117 | 14385 |

---

The post-retirement benefit obligation analysed by membership category is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Active | **270** | 277 | 277 |
| Retired | **530** | 586 | 666 |
| Deferred | **1** | – | – |
|  | **801** | 863 | 943 |

---

The weighted average duration of the defined benefit obligation is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**years**<br>| 2024<br>years<br>| 2023<br>years<br>|
| Pension benefits | **10** | 11 | 11 |
| Post-retirement benefits | **9** | 9 | 10 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued | Notes to the financial statements continued <br>30. Pensions and other post-employment benefits continued |

---

**Sensitivity analysis**

The effect of changes in assumptions used on the benefit obligations and on the 2025 annual defined benefit pension and post-

retirement costs are detailed below. This information has been determined by taking into account the duration of the liabilities and

the overall profile of the plan memberships.

---

| | | |
|:---|:---|:---|
| Discount rate | 0.25% <br>increase<br>£m<br>| 0.25% <br>decrease<br>£m<br>|
| (Decrease)/increase in annual pension cost | (17) | 15 |
| Increase/(decrease) in annual post-retirement benefits cost | 1 | (1) |
| (Decrease)/increase in pension obligation | (289) | 303 |
| (Decrease)/increase in post-retirement benefits obligation | (16) | 17 |
|  | 0.75%<br>increase<br>£m<br>| 0.75%<br>decrease<br>£m<br>|
| (Decrease)/increase in annual pension cost | (51) | 44 |
| Increase/(decrease) in annual post-retirement benefits cost | 2 | (2) |
| (Decrease)/increase in pension obligation | (836) | 950 |
| (Decrease)/increase in post-retirement benefits obligation | (46) | 51 |
| Inflation rate | 0.25%<br>increase<br>£m<br>| 0.25%<br>decrease<br>£m<br>|
| Increase/(decrease) in annual pension cost | 15 | (16) |
| Increase/(decrease) in pension obligation | 237 | (229) |
|  | 0.75%<br>increase<br>£m<br>| 0.75%<br>decrease<br>£m<br>|
| Increase/(decrease) in annual pension cost | 44 | (47) |
| Increase/(decrease) in pension obligation | 712 | (689) |
| Life expectancy | 1 year<br>increase<br>£m<br>|  |
| Increase in annual pension cost | 19 |  |
| Increase in annual post-retirement benefits cost | 1 |  |
| Increase in pension obligation | 403 |  |
| Increase in post-retirement benefits obligation | 28 |  |
| Rate of future healthcare inflation | 1%<br>increase<br>£m<br>|  |
| Increase in annual post-retirement benefits cost | 1 |  |
| Increase in post-retirement benefits obligation | 21 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  |

---

31. Other provisions<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Legal<br>and other<br>disputes<br>£m<br>| Major<br>restructuring<br>programmes<br>£m<br>| Employee-<br>related<br>provisions<br>£m<br>| Other<br>provisions<br>£m<br>| **Total**<br>**£m**<br>|
| At 1 January 2025 | 1446 | 273 | 426 | 390 | **2535** |
| Exchange adjustments | (84) | 1 | 2 | (2) | **(83)** |
| Charge for the year | 148 | 67 | 391 | 234 | **840** |
| Reversed/unused | (11) | (51) | (59) | (27) | **(148)** |
| Unwinding of discount | 24 | 1 | 3 | – | **28** |
| Utilised | (1313) | (110) | (121) | (107) | **(1651)** |
| Transfer to assets held for sale/distribution | – | – | – | (1) | **(1)** |
| Additions through business combinations | – | – | 23 | – | **23** |
| Reclassifications and other movements | – | 6 | 9 | (8) | **7** |
| Transfer to pension obligations | – | (2) | – | – | **(2)** |
| At 31 December 2025 | 210 | 185 | 674 | 479 | **1548** |
| To be settled within one year | 189 | 100 | 370 | 279 | **938** |
| To be settled after one year | 21 | 85 | 304 | 200 | **610** |
| At 31 December 2025 | 210 | 185 | 674 | 479 | **1548** |

---

**Legal and other disputes**

The Group is involved in a substantial number of legal and

other disputes, including notification of possible claims, as set

out in Note 46, 'Legal proceedings'. Provisions for legal and

other disputes include amounts relating to product liability,

anti-trust, government investigations, contract terminations and

self insurance.

The Group may become involved in significant legal

proceedings in respect of which it is not possible to

meaningfully assess whether the outcome will result in a

probable outflow, or to quantify or reliably estimate the liability,

if any, that could result from ultimate resolution of the

proceedings. In these cases, the Group would provide

appropriate disclosures about such cases, but no provision

would be made.

The net charge for the year of £137 million (including reversals

and estimated insurance recoveries) primarily reflects

provisions for product liability cases, commercial disputes and

various other government investigations.

The effect of unwinding the discount on the provision is

£24 million in 2025 (2024:£18 million). The discount was

calculated using risk-adjusted projected cash flows and risk-

free rates of return.

During the year, provisions of £1,313 million were utilised,

primarily reflecting the *Zantac* settlement payments of £1,195

million made during the year.

In respect of product liability claims related to certain

products, provision is made when there is sufficient history of

claims made and settlements to enable management to make

a reliable estimate of the provision required to cover

unasserted claims, and to determine the probability of the

outflow of cash. The ultimate liability for such matters may vary

from the amounts provided and is dependent upon the

outcome of litigation proceedings, investigations and possible

settlement negotiations.

The Group's position could change over time and therefore,

there can be no assurance that any losses that result from the

outcome of any legal proceedings will not exceed by a

material amount the amount of the provisions reported in the

Group's financial statements.

It is in the nature of the Group's business that a number of

these matters may be the subject of negotiation and litigation

over many years. Litigation proceedings, including the various

appeal procedures, often take many years to reach resolution,

and out-of-court settlement discussions can also often be

protracted. Indemnified disputes will result in a provision

charge and a corresponding receivable.

The Group is in potential settlement discussions in a number of

the disputes for which amounts have been provided and,

based on its current assessment of the progress of these

disputes, estimates that £189 million of the amount provided at

31 December 2025 will be settled within one year. For a

discussion of legal issues, see Note 46, 'Legal proceedings'.

**Major restructuring programmes**

During 2025, the Group had two ongoing major restructuring

programmes: the Separation restructuring programme which

focused on the separation of GSK into two companies and is

largely complete, plus the Significant Acquisitions programme

which is focused on the integration of recent acquisitions.

Restructuring provisions primarily include severance costs

when management has made a formal decision to eliminate

certain positions and this has been communicated to the

groups of employees affected and appropriate consultation

procedures completed, where appropriate. No provision is

made for staff severance payments that are paid immediately.

The affect of unwinding the discount on the provision is

£1 million in 2025 (2024: increased by £1 million).

Transfer to pension obligations reflects augmentation costs of

£2 million relating to defined benefit plans arising from staff

redundancies, as shown in Note 30, 'Pensions and other post-

employment benefits'.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>31. Other provisions continued | Notes to the financial statements continued <br>31. Other provisions continued | Notes to the financial statements continued <br>31. Other provisions continued | Notes to the financial statements continued <br>31. Other provisions continued | Notes to the financial statements continued <br>31. Other provisions continued |

---

**Employee-related provisions**

Employee-related provisions include obligations for certain

medical benefits to disabled employees and their spouses in

the US.

At 31 December 2025, the provision for these benefits

amounted to £41 million (2024: £46 million). Other employee

benefits reflect a variety of provisions for severance costs,

jubilee awards and other long-service benefits.

Given the nature of these provisions, the amounts are likely to

be settled over many years.

**Other provisions**

Included in other provisions are provisions for onerous

contracts, insurance provisions and a number of other

provisions including vehicle insurance, environmental

remediation and regulatory matters.

32. Contingent consideration liabilities<br>

The consideration for certain acquisitions includes amounts contingent on future events such as development milestones or sales

performance. The Group has provided for the fair value of this contingent consideration as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Shionogi-ViiV <br>Healthcare<br>£m<br>| Novartis<br>Vaccines<br>£m<br>| BP Asset IX<br>£m<br>| Affinivax<br>£m<br>| Other<br>£m<br>| **Total**<br>**£m**<br>|
| At 1 January 2023 | 5890 | 673 |  | 501 | 4 | **7068** |
| Remeasurement through income statement | 934 | (210) |  | 44 | – | **768** |
| Exchange movement through reserves | – | – |  | (29) | – | **(29)** |
| Initial recognition from business combinations | – | – |  | – | – | **–** |
| Cash payments: operating cash flows | (1106) | (28) |  | – | – | **(1134)** |
| Cash payments: investing activities | – | (11) |  | – | – | **(11)** |
| At 31 December 2023 | 5718 | 424 |  | 516 | 4 | **6662** |
| Initial recognition from business combinations | – | – |  | – | 104 | **104** |
| Remeasurement through income statement | 1533 | 215 |  | (22) | 36 | **1762** |
| Exchange movement through reserves | – | – |  | 8 | (2) | **6** |
| Cash payments: operating cash flows | (1190) | (45) |  | – | – | **(1235)** |
| Cash payments: investing activities | – | (19) |  | – | – | **(19)** |
| At 31 December 2024 | 6061 | 575 | – | 502 | 142 | **7280** |
| Initial recognition from business combinations | – | – | 222 | – | 58 | **280** |
| Remeasurement through income statement | 649 | 146 | 7 | (254) | 8 | **556** |
| Exchange movement through reserves | – | – | 2 | (29) | (9) | **(36)** |
| Cash payments: operating cash flows | (1277) | (53) | – | – | – | **(1330)** |
| Cash payments: investing activities | – | (17) | – | – | – | **(17)** |
| At 31 December 2025 | 5433 | 651 | 231 | 219 | 199 | **6733** |

---

Contingent consideration payable of £222 million was recognised at acquisition for the purchase of 100% of BP Asset IX, Inc. a

subsidiary of Boston Pharmaceuticals which provides access to efimosfermin alfa. Contingent consideration payable of £58

million was recognised at acquisition for the purchase of IDRx, Inc. and Cellphenomics GmbH. Further information on the

acquisitions is provided in Note 40, 'Acquisitions and disposals.

Of the contingent consideration payable at 31 December 2025, £1,348 million (2024: £1,172 million) is expected to be paid within

one year.

The consideration payable for the acquisition of the Shionogi-ViiV Healthcare joint venture, Affinivax, the Novartis Vaccines

business and BP Asset IX, are expected to be paid over a number of years. As a result, the total estimated liabilities are

discounted to their present values, shown above. The Shionogi-ViiV Healthcare contingent consideration liability is discounted at

8% (2024: 8%), the Affinivax contingent consideration liability is discounted at 9.0% (2024: 9.0%), Novartis Vaccines contingent

consideration liability is discounted at 8.0% (2024: 8.0%) for commercialised products and at 9.0% (2024: 9.0%) for pipeline

assets, and the BP Asset IX contingent consideration liability is discounted at 9.0%.

The Shionogi-ViiV Healthcare and Novartis Vaccines contingent consideration liabilities are calculated principally based on the

forecast sales performance of specified products over the lives of those products.

The Affinivax contingent consideration is based upon one potential milestone payment of $0.6 billion (£0.4 billion) which will be

paid if certain paediatric clinical development milestones are achieved.

The BP Asset IX contingent consideration is based upon three milestone payments, totalling $0.8 billion (£0.6 billion), which will

be paid if certain clinical development and regulatory milestones are achieved.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>32. Contingent consideration liabilities continued | Notes to the financial statements continued <br>32. Contingent consideration liabilities continued | Notes to the financial statements continued <br>32. Contingent consideration liabilities continued | Notes to the financial statements continued <br>32. Contingent consideration liabilities continued | Notes to the financial statements continued <br>32. Contingent consideration liabilities continued |

---

The table below shows on an indicative basis the income statement and balance sheet sensitivity to reasonably possible changes

in key inputs to the valuations of the largest contingent consideration liabilities.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** | 2024 | 2024 | 2024 |
| **Increase/(decrease) in financial liability and loss/(gain) in** <br>**income statement**<br>| **Shionogi-**<br>**ViiV**<br>**Healthcare**<br>**£m**<br>| **Novartis**<br>**Vaccines**<br>**£m**<br>| **Affinivax**<br>**£m**<br>| **BP Asset** <br>**IX**<br>**£m**<br>| Shionogi-<br>ViiV<br>Healthcare<br>£m<br>| Novartis<br>Vaccines<br>£m<br>| Affinivax<br>£m<br>|
| 10% increase in sales forecasts\* | **508** | **92** | **n/a** | **n/a** | 573 | 83 | n/a |
| 15% increase in sales forecasts\* | **762** | **137** | **n/a** | **n/a** | 857 | 125 | n/a |
| 10% decrease in sales forecasts\* | **(510)** | **(92)** | **n/a** | **n/a** | (572) | (83) | n/a |
| 15% decrease in sales forecasts\* | **(764)** | **(137)** | **n/a** | **n/a** | (856) | (125) | n/a |
| 1% (100 basis points) increase in discount rate | **(144)** | **(41)** | **(7)** | **(8)** | (180) | (38) | (14) |
| 1.5% (150 basis points) increase in discount rate | **(213)** | **(59)** | **(10)** | **(12)** | (267) | (55) | (20) |
| 1% (100 basis points) decrease in discount rate | **152** | **47** | **7** | **9** | 194 | 43 | 14 |
| 1.5% (150 basis points) decrease in discount rate | **233** | **73** | **11** | **13** | 298 | 67 | 21 |
| 10 cent appreciation of US Dollar | **360** | **15** | **18** | **19** | 431 | 14 | 43 |
| 15 cent appreciation of US Dollar | **562** | **24** | **27** | **29** | 677 | 22 | 68 |
| 10 cent depreciation of US Dollar | **(311)** | **(13)** | **(15)** | **(16)** | (368) | (12) | (37) |
| 15 cent depreciation of US Dollar | **(451)** | **(19)** | **(22)** | **(23)** | (533) | (17) | (54) |
| 10 cent appreciation of Euro | **73** | **24** | **n/a** | **n/a** | 77 | 22 | n/a |
| 15 cent appreciation of Euro | **116** | **38** | **n/a** | **n/a** | 123 | 35 | n/a |
| 10 cent depreciation of Euro | **(61)** | **(20)** | **n/a** | **n/a** | (65) | (19) | n/a |
| 15 cent depreciation of Euro | **(91)** | **(29)** | **n/a** | **n/a** | (95) | (27) | n/a |
| 10% increase in probability of milestone success | **n/a** | **22** | **68** | **24** | n/a | 22 | 73 |
| 10% decrease in probability of milestone success | **n/a** | **(11)** | **(32)** | **(31)** | n/a | (11) | (73) |

---

\*The sales forecast is for ViiV Healthcare sales only in respect of the Shionogi-ViiV Healthcare contingent consideration.

33. Other non-current liabilities<br>

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>|
| Accruals | **6** | 6 |
| Deferred income | **121** | 165 |
| Other payables | **896** | 929 |
|  | **1023** | 1100 |

---

Other payables includes a number of employee-related liabilities, including employee savings plans.

34. Contingent liabilities<br>

At 31 December 2025, contingent liabilities where GSK has a present obligation as a result of a past event, comprising

guarantees and other items arising in the normal course of business, amounted to £38 million (2024: £26 million). There are no

material amounts of financial assets pledged as collateral for contingent liabilities at 31 December 2025. Provision is made for the

outcome of tax, legal and other disputes where it is both probable that the Group will suffer an outflow of funds and it is possible

to make a reliable estimate of that outflow. If it is not possible to meaningfully assess whether the outcomes will result in a

probable outflow, or to quantify or reliably estimate the liability, if any, no provision is recorded. Descriptions of the significant

legal and other disputes to which the Group is a party are set out in Note 46, 'Legal proceedings'.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  |

---

35. Commitments<br>

---

| | | |
|:---|:---|:---|
| **Contractual obligations and commitments** | **2025**<br>**£m**<br>| 2024<br>£m<br>|
| Contracted for but not provided in the financial statements: |  |  |
| Intangible assets | **17048** | 19183 |
| Property, plant and equipment | **764** | 754 |
| Investments | **175** | 203 |
|  | **17987** | 20140 |

---

The commitments related to intangible assets include milestone payments, which are dependent on successful clinical

development or on meeting specified sales targets, and which represent the maximum that would be paid if all milestones,

however unlikely, are achieved. The amounts disclosed are not risk-adjusted or discounted.

The change in intangible asset commitments in 2025 is mainly attributable to a decrease in milestones payable relating to the

amendment to GSK's existing agreement with CureVac and certain other project terminations, including the collaboration with

iTeos Therapeutics, Inc., as well as the strengthening of GBP against USD. This is partially offset by additions to commitments for

new R&D collaborations and acquisitions, including with ABL Bio, Inc., and Jiangsu Hengrui Pharmaceuticals Co., Ltd.

Within intangible assets commitments the Group has disclosed £34 million (2024: £38 million) related to nature-based carbon

credit projects, which aligns with GSK's commitments to a net-zero, nature positive world, and within property, plant and

equipment commitments of £57 million (2024: £34 million) related to the transition to a lower-carbon propellant solution.

Lease contracts that have not commenced are not disclosed as these are not material.

For the Group's commitments related to interest on debt and future finance charges on leases refer to Note 43, 'Financial

instruments and related disclosures'.

The table excludes any amounts already capitalised in the financial statements for the year ended 31 December 2025.

36. Share capital and share premium account<br>

---

| | | | |
|:---|:---|:---|:---|
|  | Ordinary shares of 31¼p each | Ordinary shares of 31¼p each | Share<br>premium<br>|
|  | Number | £m | £m |
| Share capital issued and fully paid: |  |  |  |
| At 1 January 2023 | 4311343341 | 1347 | 3440 |
| Issued under employee share schemes | 802642 | 1 | 9 |
| Ordinary shares acquired by ESOP Trusts | – | – | 2 |
| At 31 December 2023 | 4312145983 | 1348 | 3451 |
| Issued under employee share schemes | 2157751 | – | 20 |
| Ordinary shares acquired by ESOP Trusts | – | – | 2 |
| At 31 December 2024 | 4314303734 | 1348 | 3473 |
| Issued under employee share schemes | 1141292 | 1 | 14 |
| Ordinary shares acquired by ESOP Trusts | – | – | 11 |
| At 31 December 2025 | 4315445026 | 1349 | 3498 |

---

At 31 December 2025, of the issued share capital, 62,875,215 shares were held in the ESOP Trusts, out of which 62,227,857

shares were held for the future exercise of share awards and 647,358 shares were held for the Executive Supplemental Savings

plan. 240,019,489 shares were held as Treasury shares and 4,012,550,322 shares were in free issue. All issued shares are fully

paid and there are no shares authorised but not in issue. The nominal, carrying and market values of the shares held in the ESOP

Trusts are disclosed in Note 44, 'Employee share schemes'.

During the year ended 31 December 2025, the Group purchased 93 million ordinary shares, representing approximately —% of

the issued ordinary share capital at 31 December 2025, at an average price of £14.73 pence per share, and an aggregate cost of

£1.4 billion including directly attributable transaction costs of £8 million under the 2025 share buyback programme.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>36. Share capital and share premium account continued | Notes to the financial statements continued <br>36. Share capital and share premium account continued | Notes to the financial statements continued <br>36. Share capital and share premium account continued | Notes to the financial statements continued <br>36. Share capital and share premium account continued | Notes to the financial statements continued <br>36. Share capital and share premium account continued |

---

The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to

Tranche 1 of the 2025 share buyback programme of up to £700 million, which began in February 2025 and was completed in

June 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of shares <br>purchased under share <br>buyback programme<br>| Average price paid  | Total cost | Authorised purchases <br>unutilised at month end<br>|
| Period | Number | £ per share | £m | £m |
| February 25 | 3953602 | 14.65 | 58 | 642 |
| March 25 | 14283285 | 15.00 | 214 | 428 |
| April 25 | 17492918 | 13.63 | 238 | 189 |
| May 25 | 12351970 | 14.13 | 175 | 15 |
| June 25 | 982305 | 15.08 | 15 | – |
| Total | 49064080 | 14.27 | 700 | – |

---

The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to

Tranche 2 of the 2025 share buyback programme of up to £450 million, which began in June 2025 and was completed in

September 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of shares <br>purchased under share <br>buyback programme<br>| Average price paid  | Total cost | Authorised purchases <br>unutilised at month end<br>|
| Period | Number | £ per share | £m | £m |
| June 25 | 8038188 | 14.57 | 117 | 333 |
| July 25 | 10871850 | 13.99 | 152 | 181 |
| August 25 | 7364050 | 14.19 | 105 | 76 |
| September 25 | 3056373 | 14.73 | 45 | – |
| Total | 29330461 | 14.28 | 419 | – |

---

The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to

Tranche 3 of the 2025 share buyback programme of up to £300 million, which began in September 2025 and was completed in

December 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of shares <br>purchased under share <br>buyback programme<br>| Average price paid  | Total cost | Authorised purchases <br>unutilised at month end<br>|
| Period | Number | £ per share | £m | £m |
| September 25 | 305000 | 15.49 | 5 | 295 |
| October 25 | 6998500 | 16.39 | 115 | 181 |
| November 25 | 3840233 | 17.86 | 68 | 112 |
| December 25 | 3410912 | 18.18 | 62 | – |
| Total | 14554645 | 17.18 | 250 | – |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  |

---

37. Movements in equity<br>

Retained earnings and other reserves amounted to £11,530 million at 31 December 2025 (2024: £8,850 million; 2023: £8,548

million) of which £444 million (2024: £452 million; 2023: £451 million) related to associates and joint ventures.

The cumulative translation exchange in equity is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Net translation exchange included in: | Net translation exchange included in: | Net translation exchange included in: |  |
|  | Retained<br>earnings<br>£m<br>| Fair value<br>reserve<br>£m<br>| Non-<br>controlling<br>interests<br>£m<br>| Total<br>translation<br>exchange<br>£m<br>|
| At 1 January 2023 | (429) | (5) | (97) | **(531)** |
| Exchange movements on overseas net assets and net investment hedges | (41) | 19 | (25) | **(47)** |
| Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries<br>&nbsp;&nbsp;&nbsp;&nbsp;and associates<br>| (34) | – | – | **(34)** |
| At 31 December 2023 | (504) | 14 | (122) | **(612)** |
| Exchange movements on overseas net assets and net investment hedges | (380) | (12) | (4) | **(396)** |
| Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries<br>&nbsp;&nbsp;&nbsp;&nbsp;and associates<br>| (87) | – | – | **(87)** |
| At 31 December 2024 | (971) | 2 | (126) | **(1095)** |
| Exchange movements on overseas net assets and net investment hedges | 235 | (4) | (18) | **213** |
| Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries<br>&nbsp;&nbsp;&nbsp;&nbsp;and associates<br>| (12) | – | – | **(12)** |
| At 31 December 2025 | (748) | (2) | (144) | **(894)** |

---

The analysis of other comprehensive income by equity category is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **2025** | Retained<br>earnings<br>£m<br>| Other<br>reserves<br>£m<br>| Non-<br>controlling<br>interests<br>£m<br>| **Total**<br>**£m**<br>|
| Items that may be subsequently reclassified to income statement: |  |  |  |  |
| Exchange movements on overseas net assets and net investment hedges | 235 | (4) | – | **231** |
| Reclassification of exchange movements on liquidation or disposal of subsidiaries<br>&nbsp;&nbsp;&nbsp;&nbsp;and associates<br>| (12) | – | – | **(12)** |
| Fair value movements on cash flow hedges | – | (41) | – | **(41)** |
| Cost of hedging | – | 4 | – | **4** |
| Reclassification of cash flow hedges to income statement | – | 36 | – | **36** |
| Deferred tax on fair value movements on cash flow hedges | – | (2) | – | **(2)** |
| Items that will not be reclassified to income statement: |  |  |  |  |
| Exchange movements on overseas net assets of non-controlling interests | – | – | (18) | **(18)** |
| Fair value movements on equity investments | – | 215 | – | **215** |
| Tax on fair value movements on equity investments | – | (20) | – | **(20)** |
| Remeasurement on defined benefit plans | 133 | – | – | **133** |
| Tax on remeasurement defined benefit plans | (33) | – | – | **(33)** |
| Fair value movements on cash flow hedges | – | – | – | **–** |
| Total other comprehensive income/(expense) for the year | 323 | 188 | (18) | **493** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>37. Movements in equity continued | Notes to the financial statements continued <br>37. Movements in equity continued | Notes to the financial statements continued <br>37. Movements in equity continued | Notes to the financial statements continued <br>37. Movements in equity continued | Notes to the financial statements continued <br>37. Movements in equity continued |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 2024 | Retained<br>earnings<br>£m<br>| Other<br>reserves<br>£m<br>| Non-<br>controlling<br>interests<br>£m<br>| Total<br>£m<br>|
| Items that may be subsequently reclassified to income statement: |  |  |  |  |
| Exchange movements on overseas net assets and net investment hedges | (380) | (12) | – | (392) |
| Reclassification of exchange movements on liquidation or disposal of subsidiaries<br>&nbsp;&nbsp;&nbsp;&nbsp;and associates<br>| (87) | – | – | (87) |
| Fair value movements on cash flow hedges | – | – | – | – |
| Deferred tax on fair value movements on cash flow hedges | – | 1 | – | 1 |
| Cost of hedging | – | (4) | – | (4) |
| Reclassification of cash flow hedges to income statement | – | 4 | – | 4 |
| Items that will not be reclassified to income statement: |  |  |  |  |
| Exchange movements on overseas net assets of non-controlling interests | – | – | (4) | (4) |
| Fair value movements on equity investments | – | (100) | – | (100) |
| Tax on fair value movements on equity investments | – | 17 | – | 17 |
| Remeasurement on defined benefit plans | 506 | – | – | 506 |
| Tax on remeasurement defined benefit plans | (122) | – | – | (122) |
| Fair value movements on cash flow hedges | – | 8 | – | 8 |
| Total other comprehensive income/(expense) for the year | (83) | (86) | (4) | (173) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| 2023 | Retained<br>earnings<br>£m<br>| Other<br>reserves<br>£m<br>| Non-<br>controlling<br>interests<br>£m<br>| Total<br>£m<br>|
| Items that may be subsequently reclassified to income statement: |  |  |  |  |
| Exchange movements on overseas net assets and net investment hedges | (41) | 19 | – | (22) |
| Reclassification of exchange movements on liquidation or disposal of subsidiaries<br>&nbsp;&nbsp;&nbsp;&nbsp;and associates<br>| (34) | – | – | (34) |
| Fair value movements on cash flow hedges | – | (1) | – | (1) |
| Deferred tax on fair value movements on cash flow hedges | – | 1 | – | 1 |
| Reclassification of cash flow hedges to income statement | – | 4 | – | 4 |
| Items that will not be reclassified to income statement: |  |  |  |  |
| Exchange movements on overseas net assets of non-controlling interests | – | – | (25) | (25) |
| Fair value movements on equity investments | – | (244) | – | (244) |
| Tax on fair value movements on equity investments | – | 14 | – | 14 |
| Remeasurement on defined benefit plans | 71 | – | – | 71 |
| Tax on remeasurement defined benefit plans | (41) | – | – | (41) |
| Fair value movements on cash flow hedges | – | (40) | – | (40) |
| Total other comprehensive income/(expense) for the year | (45) | (247) | (25) | (317) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>37. Movements in equity continued | Notes to the financial statements continued <br>37. Movements in equity continued | Notes to the financial statements continued <br>37. Movements in equity continued | Notes to the financial statements continued <br>37. Movements in equity continued | Notes to the financial statements continued <br>37. Movements in equity continued |

---

Information on net investment hedges is provided in part (d) of Note 43 'Financial instruments and related disclosures'.

The analysis of other reserves is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | ESOP Trust<br>shares<br>£m<br>| Fair value<br>reserve<br>£m<br>| Cash flow<br>hedge reserve <br>and cost of <br>hedging <br>reserve<br>£m<br>| Other<br>reserves<br>£m<br>| Total<br>£m<br>|
| At 1 January 2023 | (353) | (308) | (20) | 2129 | **1448** |
| Exchange adjustment | 26 | (5) | (2) | – | **19** |
| Transferred to Retained earnings in the year on disposals of equity investments | – | 33 | – | – | **33** |
| Reclassification of cash flow hedges to income statement | – | – | 4 | – | **4** |
| Hedging gain/loss transferred to non-financial assets | – | – | 36 | – | **36** |
| Net fair value movement in the year (including tax) | – | (230) | (40) | – | **(270)** |
| Ordinary shares acquired by ESOP Trusts | (285) | – | – | – | **(285)** |
| Write-down of shares held by ESOP Trusts | 324 | – | – | – | **324** |
| At 31 December 2023 | (288) | (510) | (22) | 2129 | **1309** |
| Exchange adjustment | (12) | – | – | – | **(12)** |
| Transferred to Retained earnings in the year on disposals of equity investments | – | (66) | – | – | **(66)** |
| Reclassification of cash flow hedges to income statement | – | – | 4 | – | **4** |
| Hedging gain/loss transferred to non-financial assets | – | – | (6) | – | **(6)** |
| Cost of hedging | – | – | (4) | – | **(4)** |
| Net fair value movement in the year (including tax) | – | (83) | 9 | – | **(74)** |
| Ordinary shares acquired by ESOP Trusts | (459) | – | – | – | **(459)** |
| Write-down of shares held by ESOP Trusts | 362 | – | – | – | **362** |
| At 31 December 2024 | (397) | (659) | (19) | 2129 | **1054** |
| Exchange adjustments | 44 | (50) | – | – | **(6)** |
| Transferred to retained earnings in the year on disposal of equity investments | – | 8 | – | – | **8** |
| Reclassification of cash flow hedges to income statement | – | – | 36 | – | **36** |
| Cost of hedging | – | – | 4 | – | **4** |
| Net fair value movement in the year (including tax) | – | 195 | (41) | – | **154** |
| Ordinary shares acquired by ESOP Trusts | (396) | – | – | – | **(396)** |
| Write-down of shares held by ESOP Trusts | 467 | – | – | – | **467** |
| At 31 December 2025 | (282) | (506) | (20) | 2129 | **1321** |

---

Other reserves include various non-distributable merger and pre-merger reserves amounting to £1,849 million at 31 December

2025 (2024: £1,849 million; 2023: £1,849 million). Other reserves also include the capital redemption reserve created as a result of

the previous share buyback programme amounting to £280 million at 31 December 2025 (2024: £280 million; 2023: £280 million)

which ceased in 2014. Under the current share buyback programme initiated in 2025, the repurchased shares are held as

Treasury shares and not cancelled, and so no capital redemptive reserve transfers have been made.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  |

---

38. Non-controlling interests<br>

Total non-controlling interests includes the following individually material non-controlling interests. Other non-controlling interests

are individually not material.

**ViiV Healthcare**

GSK holds 78.3% of the ViiV Healthcare sub-group, giving rise to a material non-controlling interest. Summarised financial

information available at the latest practicable date in respect of the ViiV Healthcare sub-group is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Turnover | **7458** | 7023 | 6308 |
| Profit after taxation | **2862** | 1619 | 2034 |
| Other comprehensive income/(expense) | **(11)** | 7 | (19) |
| Total comprehensive income | **2851** | 1626 | 2015 |

---

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>|
| Non-current assets | **2571** | 2649 |
| Current assets | **3710** | 3479 |
| Total assets | **6281** | 6128 |
| Current liabilities | **(4321)** | (4218) |
| Non-current liabilities | **(7486)** | (8566) |
| Total liabilities | **(11807)** | (12784) |
| Net liabilities | **(5526)** | (6656) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Net cash inflow from operating activities | **3042** | 2554 | 2192 |
| Net cash outflow from investing activities | **(149)** | (106) | (2) |
| Net cash outflow from financing activities | **(2452)** | (2518) | (2463) |
| Increase/(decrease) in cash and bank overdrafts in the year | **441** | (70) | (273) |

---

The above financial information relates to the ViiV Healthcare group on a stand-alone basis, before the impact of Group-related

adjustments, primarily related to the recognition of preferential dividends. The profit after taxation of £2,862 million (2024:

£1,619 million; 2023: £2,034 million) is stated after charging preferential dividends payable to GSK and Pfizer and after a charge

of £623 million (2024: £1,377 million; 2023: £858 million) for remeasurement of contingent consideration payable. This

consideration is expected to be paid over a number of years.

The following amounts attributable to the ViiV Healthcare group are included in GSK's consolidated financial statements:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Share of profit for the year attributable to non-controlling interest | **552** | 357 | 373 |
| Dividends paid to non-controlling interest | **374** | 392 | 398 |
| Non-controlling interest in the consolidated balance sheet | **(515)** | (683) | (648) |

---

39. Related party transactions<br>

At 31 December 2025, there were no outstanding loans due to GSK (2024: £0.8 million with Index Ventures and 2024: £2.3 million

with Medicxi Ventures I LP). Cash distributions were received from the investments in Medicxi Ventures I LP of £62 million (2024:

£15.3 million), Index Ventures l LP of £2.3 million (2024: £nil) and Kurma Biofund II FCPR of £2.3 million (2024: £nil).

The Group had no other significant related party transactions which might reasonably be expected to influence decisions made

by the users of these financial statements.

The aggregate compensation of the Directors and senior management (members of the Executive Committee, formerly known as

the GSK Leadership Team) is given in Note 9, 'Employee costs'.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  |

---

40. Acquisitions and disposals<br>

Details of the acquisition and disposal of significant subsidiaries, associates, joint ventures and other businesses are given below:

**2025**

On 21 February 2025, GSK completed the acquisition of 100% of IDRx, Inc, a Boston-based, clinical stage biopharmaceutical

company dedicated to developing precision therapies for the treatment of gastrointestinal stromal tumours (GIST). The acquisition

includes a lead molecule, IDRX-42, a highly selective investigational tyrosine kinase inhibitor (TKI) that is designed to improve the

outcomes for patients with GIST. The consideration for the acquisition comprised an upfront payment of US$1.1 billion (£840

million) as adjusted for working capital acquired paid upon closing and up to US$150 million (£119 million) as an additional

success-based regulatory milestone payment. The estimated fair value of the contingent consideration payable was US$56

million (£45 million). In addition, GSK will also be responsible for success-based milestone payments as well as tiered royalties for

IDRX-42 owed to Merck KGaA, Darmstadt, Germany.

On 7 July 2025, GSK completed the acquisition of 100% of BP Asset IX, Inc. a subsidiary of Boston Pharmaceuticals which

provides access to efimosfermin alfa. Efimosfermin is a phase III-ready, potential best-in-class, investigational speciality medicine

to treat and prevent progression of steatotic liver disease (SLD). The consideration for the acquisition comprised an upfront

payment of US$1.2 billion (£906 million) as adjusted for working capital acquired paid upon closing and up to US$800 million

(£588 million) in certain success-based regulatory milestone payments. The estimated fair value of the contingent consideration

payable was US$302 million (£222 million).

During the period to 31 December 2025, no sales arising from the IDRx or BP Asset IX's businesses were included in Group

turnover and no revenue is expected until regulatory approval is received on the respective acquired assets.

GSK continues to support the ongoing development of the acquired assets and consequently these assets will be loss making

until regulatory approval on these assets is received. The development of these assets has been integrated into the Group's

existing R&D activities, so it is impracticable to quantify these development costs or the impact on Total profit after taxation for the

period ended 31 December 2025.

Goodwill of £315 million (£109 million for IDRx and £206 million for BP Asset IX) has been recognised. The goodwill represents

specific synergies available to GSK from the business combinations. The goodwill has been allocated to the Group's Commercial

Operations and Total R&D segments (refer to Note 19, 'Goodwill' for allocation methodology). None of the goodwill is expected to

be deductible for tax purposes.

---

| | | | |
|:---|:---|:---|:---|
|  | IDRx Inc<br>£m<br>| BP Asset IX<br>£m<br>| Total<br>£m<br>|
| Net assets acquired |  |  |  |
| Intangible assets | 882 | 1088 | 1970 |
| Trade and other receivables | 5 | – | 5 |
| Cash and cash equivalents | 48 | 30 | 78 |
| Trade and other payables | (31) | (8) | (39) |
| Taxation | (128) | (188) | (316) |
|  | 776 | 922 | 1698 |
| Goodwill | 109 | 206 | 315 |
| Total consideration | 885 | 1128 | 2013 |

---

Of the total £2.0 billion consideration (£0.9 billion for IDRx and £1.1 billion for BP Asset IX), £267 million (£45 million for IDRx and

£222 million for BP Asset IX) of the contingent consideration recognised at acquisition was unpaid as at 31 December 2025. As at

31 December 2025, the present value of the contingent consideration payable was £45 million for IDRx and £231 million for BP

Asset IX.

On 15 January 2025, GSK completed the acquisition of a Berlin based private company, Cellphenomics GmbH, which has

developed proprietary capabilities in developing durable organoid models, for a total cash consideration of up to €44 million

(approximately £37 million) of which €15 million (£13 million) was unpaid as at 31 December 2025. The acquisition is accounted

for as a business combination but is not considered a significant acquisition for the Group.

**Business disposals**

GSK completed no material business disposals in 2025.

**Associates and joint ventures**

GSK completed no material investments or disposals of associates or joint ventures during the year.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>40. Acquisitions and disposals continued | Notes to the financial statements continued <br>40. Acquisitions and disposals continued | Notes to the financial statements continued <br>40. Acquisitions and disposals continued | Notes to the financial statements continued <br>40. Acquisitions and disposals continued | Notes to the financial statements continued <br>40. Acquisitions and disposals continued |

---

**Cash flows**

---

| | | |
|:---|:---|:---|
|  | Business <br>acquisitions<br>£m<br>| Business <br>disposals<br>£m<br>|
| Cash consideration paid | (1755) | (24) |
| Net deferred consideration paid | (15) | (3) |
| Transaction costs | (23) | – |
| Cash and cash equivalents acquired | 78 | – |
| Cash outflow | (1715) | (27) |

---

**2024**

On 9 January 2024, GSK announced it had entered into an agreement to acquire 100% of Aiolos Bio, Inc. (Aiolos), a clinical stage

biopharmaceutical company focused on addressing the unmet treatment needs of patients with certain respiratory and

inflammatory conditions, for a total cash consideration of US$1,004 million (£800 million) as adjusted for working capital acquired

paid upon closing and up to US$400 million (£319 million) in certain success-based regulatory milestone payments. The

estimated fair value of the contingent consideration payable was US$120 million (£96 million). In addition, GSK will also be

responsible for success-based milestone payments as well as tiered royalties owed to Jiangsu Hengrui Pharmaceuticals Co., Ltd.

(Hengrui). The acquisition completed on 14 February 2024.

During 2024, no sales arising from the Aiolos business were included in Group turnover and no revenue is expected until

regulatory approval is received on the acquired asset.

GSK continues to support the ongoing development of the acquired asset and consequently this asset will be loss making until

regulatory approval on this asset is received. The development of this asset has been integrated into the Group's existing R&D

activities, so it is impracticable to quantify these development costs or the impact on Total profit after taxation for the period

ended 31 December 2024.

Goodwill of £191 million has been recognised. The goodwill represents specific synergies available to GSK from the business

combination. The goodwill has been allocated to the Group's R&D segment. None of the goodwill is expected to be deductible for

tax purposes.

---

| | |
|:---|:---|
|  | Total<br>£m<br>|
| Net assets acquired: |  |
| Intangible assets | 886 |
| Trade and other receivables | 10 |
| Cash and cash equivalents | 23 |
| Trade and other payables | (26) |
| Deferred tax liabilities | (188) |
|  | 705 |
| Goodwill | 191 |
| Total consideration | 896 |

---

On 6 June 2024, GSK announced that it had acquired Elsie Biotechnologies, a San Diego-based private biotechnology company

dedicated to unlocking the full potential of oligonucleotide therapeutics, for a total consideration of up to US$51 million

(approximately £40 million), including up to US$10 million (£8 million) in certain success-based development and regulatory

milestone payments. The key assets and liabilities recognised at acquisition include goodwill of US$23 million (£19 million),

intangible assets of US$35 million (£27 million) and a deferred tax liability of US$7 million (£6 million). The acquisition is

accounted for as a business combination but is not considered a significant acquisition for the Group. This agreement is not

subject to closing conditions and the acquisition has been completed.

**Business disposals**

GSK completed no material business disposals in 2024.

**Associates and joint ventures**

GSK completed no material investments or disposals of associates or joint ventures during the year.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>40. Acquisitions and disposals continued | Notes to the financial statements continued <br>40. Acquisitions and disposals continued | Notes to the financial statements continued <br>40. Acquisitions and disposals continued | Notes to the financial statements continued <br>40. Acquisitions and disposals continued | Notes to the financial statements continued <br>40. Acquisitions and disposals continued |

---

**Cash flows**

---

| | | |
|:---|:---|:---|
|  | Business <br>acquisitions<br>£m<br>| Business <br>disposals<br>£m<br>|
| Cash consideration paid | (773) | – |
| Net deferred consideration paid | (57) | (18) |
| Transaction costs | (5) | – |
| Cash and cash equivalents acquired | 25 | – |
| Cash outflow | (810) | (18) |

---

**2023**

**Business acquisitions**

On 28 June 2023, GSK completed the acquisition of BELLUS Health Inc. ("Bellus") which was effected through a Plan of

Arrangement (the "Arrangement") pursuant to the Canada Business Corporations Act. The Arrangement was approved by Bellus'

shareholders on 16 June 2023. Upon completion, GSK acquired all outstanding common shares of Bellus for US$14.75 per

common share in cash, representing a total equity value of US$2 billion (£1.6 billion). The acquisition provides GSK access to

camlipixant, a potential best-in-class and highly selective P2X3 antagonist currently in phase III development for the first-line

treatment of adult patients with refractory chronic cough (RCC).

---

| | |
|:---|:---|
|  | Total<br>£m<br>|
| Net assets acquired: |  |
| Intangible assets | 1438 |
| Non-current equity investments | 2 |
| Right of use assets | 1 |
| Trade and other receivables | 96 |
| Investments held as current assets | 51 |
| Cash and cash equivalents | 148 |
| Lease liabilities | (1) |
| Trade and other payables | (103) |
| Deferred tax liabilities | (136) |
|  | 1496 |
| Non-controlling interest | – |
| Goodwill | 109 |
| Total consideration | 1605 |

---

In 2023, the provisional values of the identifiable assets and liabilities acquired in the Affinivax, Inc. business combination were

updated for the finalisation of the fair value of intangible assets, resulting in an increase in intellectual property of £39 million, a

decrease to goodwill of £31 million and a decrease to deferred tax of £8 million. The amounts recognised at 31 December 2022

have not been restated on the basis of materiality.

**Business disposals**

GSK completed no material business disposals in 2023.

**Associates and joint ventures**

GSK completed no material investments or disposals of associates or joint ventures during the year.

**Cash flows**

---

| | | |
|:---|:---|:---|
|  | Business <br>acquisitions<br>£m<br>| Business <br>disposals<br>£m<br>|
| Cash consideration (paid)/received | (1605) | 68 |
| Net deferred consideration paid | – | (19) |
| Transaction costs | (17) | – |
| Cash and cash equivalents acquired/(divested) | 148 | – |
| Cash (outflow)/inflow | (1474) | 49 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  |

---

41. Adjustments reconciling profit after tax to operating <br>cash flows<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Total profit after tax from operations | **6289** | 2951 | 5308 |
| Tax on profits | **1112** | 526 | 756 |
| Share of after tax (profits)/losses of associates and joint ventures | **(1)** | 3 | 5 |
| Finance expense net of finance income | **532** | 547 | 677 |
| Depreciation | **1056** | 1097 | 1082 |
| Amortisation of intangible assets | **1258** | 1454 | 1212 |
| Impairment and assets written off | **1098** | 408 | 467 |
| Loss on sale of businesses | **9** | 11 | – |
| Profit on sale of intangible assets | **(49)** | (170) | (12) |
| Profit on sale of investments in associates | **–** | (6) | (1) |
| Profit on sale of equity investments | **(4)** | (10) | – |
| Changes in working capital: |  |  |  |
| Decrease/(increase) in inventories | **(140)** | (294) | (424) |
| Decrease/(increase) in trade receivables | **(613)** | 298 | (794) |
| Increase/(decrease) in trade payables | **131** | (179) | (15) |
| Contingent consideration paid (see Note 32) | **(1330)** | (1235) | (1134) |
| Other non-cash increase in contingent consideration liabilities | **465** | 1834 | 492 |
| Decrease/(increase) in other receivables | **(484)** | 42 | 145 |
| Increase/(decrease) in other payables | **343** | (610) | 689 |
| Increase/(decrease) in pension and other provisions | **(1139)** | 999 | (457) |
| Share-based incentive plans | **374** | 344 | 307 |
| Fair value adjustments | **45** | (39) | (107) |
| Other | **(9)** | (110) | (100) |
| Total adjustments | **2654** | 4910 | 2788 |
| Total cash generated from operations | **8943** | 7861 | 8096 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  |

---

42. Reconciliation of net cash flow to movement in net debt<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>| 2023<br>£m<br>|
| Net debt, at beginning of year | **(13095)** | (15040) | (17197) |
| Increase/(decrease) in cash and bank overdrafts | **(177)** | 599 | (468) |
| Decrease in liquid investments | **(11)** | (21) | (72) |
| Repayment of long-term loans<sup>(1)</sup> | **1400** | 1615 | 2260 |
| Issue of long-term notes | **(1979)** | (1075) | (223) |
| Net decrease/(increase) in short-term loans | **(1085)** | 811 | 333 |
| Increase in other short-term loans<sup>(2)</sup> | **(130)** | (266) | – |
| Repayment of other short-term loans<sup>(2)</sup> | **288** | 81 | – |
| Repayment of lease liabilities | **241** | 226 | 197 |
| Net investments/(debt) of subsidiary undertakings acquired | **(1)** | – | 50 |
| Exchange adjustments | **241** | 117 | 554 |
| Other non-cash movements | **(145)** | (142) | (474) |
| Decrease/(increase) in net debt | **(1358)** | 1945 | 2157 |
| Total net debt at end of year | **(14453)** | (13095) | (15040) |

---

(1) Repayment of long-term loans includes the current portion of long-term borrowings which are classified as short-term borrowings on the balance sheet. This change in presentation was made in 2024. Previously, the repayment of short-term borrowings was presented as repayment of short-term loans (2023: £2,116 million)

(2) Other short-term loans include bank loans presented within short-term borrowings on the balance sheet, with an initial maturity of greater than three months

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Analysis of changes in net debt** | At 1 January <br>2025 <br>£m<br>| Exchange<br>£m<br>| Other<br>£m<br>| Interest <br>expense<br>£m<br>| Change <br>in fair value<br>£m<br>| Reclass-<br>ifications<br>£m<br>| Cash flow<br>£m<br>| **At** <br>**31 December** <br>**2025**<br>**£m**<br>|
| Liquid investments | 21 | (1) | – | – | – | – | (11) | **9** |
|  |  | – | – | – | – | – | – | **–** |
| Cash and cash equivalents | 3870 | (22) | – | – | – | – | (451) | **3397** |
| Bank overdrafts | (467) | 3 | – | – | – | – | 274 | **(190)** |
|  | 3403 | (19) | – | – | – | – | (177) | **3207** |
| Debt due within one year: |  |  |  |  |  |  |  |  |
| Commercial paper | – | 7 | – | – | – | – | (1085) | **(1078)** |
| European/US MTN & Bank facilities | (1419) | (43) | 35 | – | – | (1456) | 1400 | **(1483)** |
| Lease liabilities | (168) | 6 | 19 | – | – | (233) | 241 | **(135)** |
| Other | (295) | 51 | (38) | – | – | – | 158 | **(124)** |
|  | (1882) | 21 | 16 | – | – | (1689) | 714 | **(2820)** |
| Debt due after one year: |  |  |  |  |  |  |  |  |
| European/US MTN & Bank facilities | (13703) | 222 | – | (11) | – | 1456 | (1979) | **(14015)** |
| Lease liabilities | (934) | 26 | (18) | – | – | 233 | – | **(693)** |
|  | (14637) | 247 | (18) | (11) | – | 1689 | (1979) | **(14708)** |
| Liabilities relating to assets held for sale | – | – | (139) | – | – | – | – | **(139)** |
| Net debt | (13095) | 246 | (141) | (11) | 1 | – | (1453) | **(14453)** |
| Interest payable | (162) | 1 | (37) | (642) | – | – | 679 | **(161)** |
| Derivative financial instruments | (82) | – | – | – | 15 | – | 46 | **(21)** |
| Total liabilities from financing activities\* | (16763) | 267 | (178) | (653) | 16 | – | (540) | **(17851)** |

---

\* Excluding cash and cash equivalents, overdrafts and liquid investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>42. Reconciliation of net cash flow to movement in net debt continued | Notes to the financial statements continued <br>42. Reconciliation of net cash flow to movement in net debt continued | Notes to the financial statements continued <br>42. Reconciliation of net cash flow to movement in net debt continued | Notes to the financial statements continued <br>42. Reconciliation of net cash flow to movement in net debt continued | Notes to the financial statements continued <br>42. Reconciliation of net cash flow to movement in net debt continued |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Analysis of changes in net debt | At 1 January <br>2024<br>£m<br>| Exchange<br>£m<br>| Other<br>£m<br>| Interest <br>expense<br>£m<br>| Change <br>in fair value<br>£m<br>| Reclass-<br>ifications<br>£m<br>| Cash flow<br>£m<br>| At <br>31 December <br>2024<br>£m<br>|
| Liquid investments | 42 | – | – |  |  |  | (21) | 21 |
| Cash and cash equivalents | 2936 | (54) | – | – | – | – | 988 | 3870 |
| Overdrafts | (78) | – | – | – | – | – | (389) | (467) |
|  | 2858 | (54) | – | – | – | – | 599 | 3403 |
| Debt due within one year: |  |  |  |  |  |  |  |  |
| Commercial paper | (815) | 4 | – | – | – | – | 811 | – |
| European/US MTN & Bank facilities | (1651) | 51 | (20) | – | – | (1414) | 1615 | (1419) |
| Lease liabilities | (156) | 5 | 6 | – | – | (249) | 226 | (168) |
| Other | (113) | (11) | 14 | – | – | – | (185) | (295) |
|  | (2735) | 49 | – | – | – | (1663) | 2467 | (1882) |
| Debt due after one year: |  |  |  |  |  |  |  |  |
| European/US MTN & Bank facilities | (14154) | 127 | – | (15) | – | 1414 | (1075) | (13703) |
| Lease liabilities | (1051) | 5 | (137) | – | – | 249 | – | (934) |
|  | (15205) | 132 | (137) | (15) | – | 1663 | (1075) | (14637) |
| Net debt | (15040) | 127 | (137) | (15) | – | – | 1970 | (13095) |
| Interest payable | (162) | – | (30) | (602) | – | – | 632 | (162) |
| Derivative financial instruments | 16 | – | – | – | 31 | – | (129) | (82) |
| Total liabilities from financing<br>activities\*<br>| (18086) | 181 | (167) | (617) | 31 | – | 1895 | (16763) |

---

\*Excluding cash and cash equivalents, overdrafts and liquid investments.

For further information on significant changes in net debt see Note 29, 'Net debt'.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  |

---

43. Financial instruments and related disclosures<br>

The objective of GSK's Treasury activities is to minimise the net

cost of financial operations and reduce its volatility to benefit

earnings and cash flows. GSK uses a variety of financial

instruments to finance its operations and derivative financial

instruments to manage market risks from these operations.

Derivatives principally comprise foreign exchange forward

contracts and swaps which are used to swap borrowings and

liquid assets into currencies required for Group purposes as

well as interest rate swaps and cross currency swaps which

are used to manage exposure to financial risks from changes

in interest rates. These financial instruments reduce the

uncertainty of foreign currency transactions and interest

payments.

Derivatives are used exclusively for hedging purposes in

relation to underlying business activities and not as trading or

speculative instruments.

**Capital management**

GSK's financial strategy supports the Group's strategic

priorities and is regularly reviewed by the Board. GSK

manages the capital structure of the Group through an

appropriate mix of debt and equity.

The capital structure of the Group consists of net debt of £14.5

billion (2024: £13.1 billion) (see Note 29, 'Net debt') and total

equity, including items related to non-controlling interests, of

£16.0 billion (2024: £13.1 billion) (see 'Consolidated statement

of changes in equity' on page [167](#ie22c70781ec24e178b4ec838768832e2_373)). Total capital, including that

provided by non-controlling interests, is £30.5 billion (2024:

£26.2 billion).

The Group continues to manage its financial policies to a

credit profile that particularly targets ratings of at least A2/A

(Moody's/S&P), through the cycle.

**Liquidity risk management**

GSK's policy is to borrow centrally in order to meet anticipated

funding requirements. The strategy is to diversify liquidity

sources using a range of facilities and to maintain broad

access to financial markets. Each day, GSK sweeps cash to or

from a number of global subsidiaries and central Treasury

accounts for liquidity management purposes. GSK utilises

both physical and notional cash pool arrangements as

appropriate by location and currency. For notional cash pools,

liquidity is drawn against foreign currency balances to provide

both local funding and central liquidity as required and with

balances actively managed and maintained to appropriate

levels. As balances in notional pooling arrangements are not

settled across currencies, gross cash and overdraft balances

are reported.

At 31 December 2025, GSK had £3.0 billion (2024: £2.3 billion)

of borrowings repayable within one year and held £3.4 billion

(2024: £3.9 billion) of cash and cash equivalents and liquid

investments of which £2.6 billion (2024: £3.1 billion) was held

centrally.

GSK has access to short-term finance under a $10 billion (£7.4

billion) US commercial paper programme; $1,450 million

(£1,078 million) was in issue at 31 December 2025 (2024: $nil

(£nil)). Maximum drawdowns under the US commercial paper

programme during the year were $1,450 million (£1,078

million) (2024: $1,315 million (£1,048 million)). GSK has access

to short-term finance under a £5 billion Euro commercial paper

programme. There was no Euro commercial paper in issue at

31 December 2025 (2024: €nil (£nil)). Maximum drawdowns

under the Euro commercial paper programme during the year

were €750 million (£642 million) (2024: €170 million (£145

million)).

GSK has £1.6 billion of three-year and $2.2 billion (£1.6 billion)

of 364-day committed facilities. In August 2025 GSK cancelled

both these committed facilities and replaced them with new

revolving facilities of equivalent size with maturities of

September 2028 for the three-year facility and September

2026 for the 364-day facility. These committed facilities were

undrawn at 31 December 2025. GSK considers this level of

committed facilities to be adequate, given current liquidity

requirements.

GSK has a £20 billion Euro Medium Term Note programme

and at 31 December 2025, £8.8 billion of notes were in issue

under this programme. The Group also had $9.0 billion

(£6.7 billion) of notes in issue at 31 December 2025 under a

US shelf registration. GSK's borrowings mature at dates

between 2026 and 2045.

**Market risk**

**Interest rate risk management**

GSK's objective is to minimise the effective net interest cost

and to balance the mix of debt at fixed and floating rates over

time.

The Group's main interest rate risk arises from borrowings and

investments with floating rates and refinancing of maturing

fixed rate debt where any changes in interest rates will affect

future cash flows or the fair values of financial instruments. The

policy on interest rate risk management limits the net amount

of floating rate debt to a specific cap, reviewed and agreed no

less than annually by the Board.

The majority of debt is issued at fixed interest rates and

changes in the floating rates of interest do not significantly

affect the Group's net interest charge. Short-term borrowings

including bank facilities are exposed to the risk of future

changes in market interest rates as are the majority of cash

and liquid investments.

GSK has the ability to further manage interest rate risk through

the use of interest rate swaps and cross currency swaps.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued |

---

**Foreign exchange risk management** 

The Group's objective is to minimise the exposure of overseas

operating subsidiaries to transaction risk by matching local

currency income with local currency costs where possible.

Foreign currency transaction exposures arising on external

and internal trade flows are selectively hedged. GSK's internal

trading transactions are matched centrally and inter-company

payment terms are managed to reduce foreign currency risk.

Where possible, GSK manages the cash surpluses or

borrowing requirements of subsidiary companies centrally

using forward contracts to hedge future repayments back into

the originating currency.

In order to reduce foreign currency translation exposure, the

Group seeks to denominate borrowings in the currencies of

our principal assets and cash flows. These are primarily

denominated in US Dollars, Euros and Sterling. Borrowings

can be swapped into other currencies as required through the

use of cross currency swaps.

Borrowings denominated in, or swapped into, foreign

currencies that match investments in overseas Group assets

may be treated as a hedge against the relevant assets.

Forward contracts in major currencies are also used to reduce

exposure to the Group's investment in overseas assets (see

'Net investment hedges' section of this note for further details).

**Credit risk**

Credit risk is the risk that a counterparty will default on its

contractual obligations resulting in financial loss to the Group

and arises on cash and cash equivalents and favourable

derivative financial instruments held with banks and financial

institutions as well as credit exposures to wholesale and retail

customers, including outstanding receivables.

The Group considers its maximum credit risk at 31 December

2025 to be £10,036 million (31 December 2024: £9,986 million)

which is the total of the Group's financial assets with the

exception of 'Other investments' (comprising equity

investments) which bear equity risk rather than credit risk. See

page [231](#i0de08be7ce2043d8a94c7798af5f3199_0-0-1-1-1055496) for details on the Group's total financial assets. At

31 December 2025, GSK's greatest concentration of credit risk

was £1.3 billion with a wholesaler in the US (2024: £1.1 billion

with a wholesaler in the US). See page [229](#i5eaa5ce4785f4a989a562e6235e630f8_37057) for further

information on the Group's credit risk exposure in respect of

the three largest US wholesaler customers.

There has been no change in the estimation techniques or

significant assumptions made during the current and prior

reporting periods in assessing the loss allowance for financial

assets at amortised cost or at FVTOCI.

**Treasury-related credit risk**

GSK sets global counterparty limits for each of GSK's banking

and investment counterparties based on long-term credit

ratings from Moody's and S&P. Usage of these limits is actively

monitored. Credit Support Annexes (CSAs) can be utilised to

reduce credit risk on selected trades, taking into consideration

impact on current and future liquidity.

GSK actively manages its exposure to credit risk, reducing

surplus cash balances wherever possible. This is part of GSK's

strategy to regionalise cash management and to concentrate

cash centrally as much as possible. The table below sets out

the credit exposure to counterparties by rating for liquid

investments, cash and cash equivalents and derivatives.

The gross asset position on each derivative contract is

considered for the purpose of this table, although, under

International Swaps and Derivatives Association (ISDA)

agreements, the amount at risk is the net position with each

counterparty. Table (e) on page [240](#i5eaa5ce4785f4a989a562e6235e630f8_37074) sets out the Group's

financial assets and liabilities on an offset basis.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued |

---

At 31 December 2025, £51 million (2024: £24 million) of cash is categorised as held with unrated or sub-investment grade rated

counterparties (lower than BBB-/Baa3). This exposure is concentrated in overseas banks used for local cash management or

investment purposes, including: £29 million with Banco de Galicia Y Buenos Aires in Argentina; £15 million with Halk Bank in

Turkey; £4 million in Ecuador held with Banco De La Produccion; and £2 million in Brazil held with Banco Bradesco, Itaú

Unibanco, Banco Do Brasil and Caixa Econômica Federal. Of the £69 million (2024: £80 million) of bank balances and deposits

held with BBB/Baa rated counterparties, £23 million was held with BBB-/Baa3 rated counterparties, including balances or

deposits of £13 million with OTP Bank in Russia; £8 million with ICICI bank in India; and £2 million with State Bank of India in India.

These banks are used for local investment purposes, with the exception of Russia where there are no plans for new investments.

GSK measures expected credit losses over cash and cash equivalents as a function of individual counterparty credit ratings and

associated 12 month default rates. Expected credit losses over cash and cash equivalents and third-party financial derivatives

are deemed to be immaterial and no such loss has been experienced during 2025 or 2024.

Credit ratings are assigned by S&P and Moody's respectively. Where the opinions of the two rating agencies differ, GSK assigns

the lower rating of the two to the counterparty. Where local rating agency or Fitch data is the only source available, the ratings are

converted to global ratings equivalent to those of S&P or Moody's using published conversion tables. These credit ratings form

the basis of the assessment of the expected credit loss on Treasury-related balances held at amortised cost being bank balances

and deposits and Government securities.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **2025** | AAA/Aaa<br>£m<br>| AA/Aa<br>£m<br>| A/A<br>£m<br>| BBB/Baa<br>£m<br>| BB+/Ba1<br>and below<br>/unrated <br>£m<br>| **Total**<br>**£m**<br>|
| Bank balances and deposits | – | 48 | 1436 | 69 | 51 | **1604** |
| US Treasury and Treasury repo only money market funds | 431 | – | – | – | – | **431** |
| Liquidity funds | 1362 | – | – | – | – | **1362** |
| Government securities | – | 9 | – | – | – | **9** |
| Third-party financial derivatives | – | – | 121 | – | – | **121** |
| Total | 1793 | 57 | 1557 | 69 | 51 | **3527** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| 2024 | AAA/Aaa<br>£m<br>| AA/Aa<br>£m<br>| A/A<br>£m<br>| BBB/Baa<br>£m<br>| BB+/Ba1<br>and below<br>/unrated <br>£m<br>| Total<br>£m<br>|
| Bank balances and deposits | – | 36 | 2450 | 80 | 24 | 2590 |
| US Treasury and Treasury repo only money market funds | 300 | – | – | – | – | 300 |
| Liquidity funds | 980 | – | – | – | – | 980 |
| Government securities | – | 21 | – | – | – | 21 |
| Third-party financial derivatives | – | – | 110 | – | – | 110 |
| Total | 1280 | 57 | 2560 | 80 | 24 | 4001 |

---

GSK's centrally managed cash reserves amounted to £2.6

billion (2024: £3.1 billion) at 31 December 2025, all available

within three months. This includes £2.3 billion (2024: £1.9

billion) of cash managed by the Group for ViiV Healthcare, a

78.3% (2024: 78.3%) owned subsidiary. The Group has

invested centrally managed liquid assets in bank deposits,

Aaa/AAA rated US Treasury and Treasury repo only money

market funds and Aaa/AAA rated liquidity funds.

**Wholesale and retail credit risk**

Outside the US, no customer accounts for more than 5% of the

Group's trade receivables balance.

In the US, in line with other pharmaceutical companies, the

Group sells its products through a small number of

wholesalers in addition to hospitals, pharmacies, physicians

and other groups. Sales to the three largest wholesalers

amounted to approximately 79% (2024: 77%) of the sales of

the US Commercial Operations business in 2025.

At 31 December 2025, the Group had trade receivables due

from these three wholesalers totalling £3,127 million or 53% of

total trade receivables (2024: £2,766 million or 50%). The

Group is exposed to a concentration of credit risk in respect of

these wholesalers such that, if one or more of them encounters

financial difficulty, it could materially and adversely affect the

Group's financial results.

This concentration of trade receivables is reflective of standard

market practice in the US pharmaceuticals sector where a

significant portion of sales are made to these three

wholesalers, as disclosed in Note 6, 'Turnover and segment

information'. GSK's assessment is that there is limited credit

risk associated with these customers.

The Group's credit risk monitoring activities relating to these

wholesalers include a review of their quarterly financial

information and S&P credit ratings, development of GSK

internal risk ratings, and establishment and periodic review of

credit limits.

All new customers are subject to a credit vetting process and

existing customers are subject to a review at least annually.

The vetting process and subsequent reviews involve obtaining

information including the customer's status as a government or

private sector entity, audited financial statements, credit

bureau reports, debt rating agency (e.g. Moody's, S&P)

reports, payment performance history (from trade references,

industry credit groups) and bank references.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued |

---

Trade receivables consist of amounts due from a large number

of customers, spread across diverse industries and

geographical areas. Ongoing credit evaluation is performed

on the financial condition of accounts receivable and, where

appropriate, credit insurance is purchased or factoring

arrangements put in place.

The amount of information obtained is proportional to the level

of exposure being considered. The information is evaluated

quantitatively (i.e. credit score) and qualitatively (i.e.

judgement) in conjunction with the customer's credit

requirements to determine a credit limit.

Trade receivables are grouped into customer segments that

have similar loss patterns to assess credit risk while other

receivables and other financial assets are assessed

individually. Historical and forward-looking information is

considered to determine the appropriate expected credit loss

allowance.

The Group believes there is no further credit risk provision

required in excess of the allowance for expected credit losses

(see Note 25, 'Trade and other receivables').

**Credit enhancements**

The Group uses credit enhancements including factoring,

letters of credit and credit insurance to minimise the credit risk

of the trade receivables in the Group. At 31 December 2025,

£211 million (2024: £307 million) of trade receivables were

insured in order to protect the receivables from loss due to

credit risks such as default, insolvency and bankruptcy.

Each Group entity assesses the credit risk of its private

customers to determine if credit insurance is required.

Factoring arrangements are managed locally by entities and

are used to mitigate risk arising from large credit risk

concentrations. All factoring arrangements are non-recourse.

Trade receivables with a carrying amount of £754 million

(2024: £846 million), that would otherwise have appeared on

the Group balance sheet at 31 December 2025, were

derecognised under factoring arrangements.

**Fair value of financial assets and liabilities** 

**excluding lease liabilities**

The table on page [231](#i0de08be7ce2043d8a94c7798af5f3199_0-0-1-1-1055496) presents the carrying amounts and the

fair values of the Group's financial assets and liabilities

excluding lease liabilities at 31 December 2025 and

31 December 2024.

The fair values of the financial assets and liabilities are

included at the price that would be received to sell an asset or

paid to transfer a liability in an orderly transaction between

market participants at the measurement date.

The following methods and assumptions are used to measure

the fair values of significant financial instruments carried at fair

value on the balance sheet:

–Other investments – equity investments traded in an active

market determined by reference to the relevant stock

exchange quoted bid price; other equity investments

determined by reference to the current market value of

similar instruments, recent financing rounds or the

discounted cash flows of the underlying net assets

–Trade receivables carried at fair value – based on invoiced

amount

–Interest rate swaps, cross currency interest rate swaps,

foreign exchange forward contracts, swaps and options –

based on the present value of contractual cash ﬂows or

option valuation models using market sourced data (for

example exchange rates or interest rates) at the balance

sheet date

–Cash equivalents carried at fair value – based on net asset

value of the funds

–Contingent consideration for business acquisitions and

divestments – based on present value of expected future

cash flows

The following methods and assumptions are used to estimate

the fair values of significant financial instruments which are not

measured at fair value on the balance sheet:

–Receivables and payables, excluding put options, carried at

amortised cost – approximates to the carrying amount

–Payables relating to put options - approximates to the

carrying amount because the Pfizer put option liability is

measured on the gross redemption basis derived from an

internal valuation of the ViiV Healthcare business, utilising a

discounted forecast future cash flow methodology (see Note

28 'Trade and other payables' for further details)

–Liquid investments – approximates to the carrying amount

–Cash and cash equivalents carried at amortised cost –

approximates to the carrying amount

–Long-term loans – based on quoted market prices (a Level 1

fair value measurement) in the case of European and US

Medium Term Notes; approximates to the carrying amount in

the case of other fixed rate borrowings and floating rate

bank loans

–Short-term loans, overdrafts and commercial paper –

approximates to the carrying amount because of the short

maturity of these instruments

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **2025** | **2025** | 2024 | 2024 |
|  | Notes | **Carrying**<br>**amount**<br>**£m**<br>| **Fair**<br>**value**<br>**£m**<br>| Carrying<br>amount<br>£m<br>| Fair<br>value<br>£m<br>|
| Financial assets measured at amortised cost: |  |  |  |  |  |
| Other non-current assets | b | **2** | **2** | 5 | 5 |
| Trade and other receivables | b | **4091** | **4091** | 3733 | 3733 |
| Liquid investments |  | **9** | **9** | 21 | 21 |
| Cash and cash equivalents |  | **1604** | **1604** | 2590 | 2590 |
| Financial assets measured at fair value through other comprehensive <br>income:<br>|  |  |  |  |  |
| Other investments designated at FVTOCI | a | **788** | **788** | 843 | 843 |
| Trade and other receivables | a,b | **2346** | **2346** | 2163 | 2163 |
| Financial assets mandatorily measured at fair value through profit or loss: |  |  |  |  |  |
| Current equity investments and other investments | a | **249** | **249** | 257 | 257 |
| Other non-current assets | a,b | **14** | **14** | 31 | 31 |
| Trade and other receivables | a,b | **56** | **56** | 53 | 53 |
| Held for trading derivatives that are not in a designated and <br>effective hedging relationship<br>| a,d,e | **15** | **15** | 75 | 75 |
| Cash and cash equivalents | a | **1793** | **1793** | 1280 | 1280 |
| Derivatives designated and effective as hedging instruments (fair value <br>movements through other comprehensive income)<br>| a,d,e | **106** | **106** | 35 | 35 |
| Total financial assets |  | **11073** | **11073** | 11086 | 11086 |
| Financial liabilities measured at amortised cost: |  |  |  |  |  |
| Borrowings excluding obligations under lease liabilities: |  |  |  |  |  |
| – bonds in a designated hedging relationship | d | **(6524)** | **(6388)** | (5346) | (5278) |
| – other bonds |  | **(8973)** | **(9104)** | (9774) | (9597) |
| – bank loans and overdrafts |  | **(314)** | **(314)** | (762) | (762) |
| – commercial paper in a designated hedging relationship |  | **–** | **–** | – | – |
| – other commercial paper |  | **(1078)** | **(1078)** | – | – |
| – other borrowings |  | **(1)** | **(1)** | (2) | (2) |
| Total borrowings excluding lease liabilities | f | **(16890)** | **(16885)** | (15884) | (15639) |
| Trade and other payables | c | **(13185)** | **(13185)** | (13160) | (13160) |
| Other provisions | c | **(306)** | **(306)** | (182) | (182) |
| Other non-current liabilities | c | **(13)** | **(13)** | (46) | (46) |
| Financial liabilities mandatorily measured at fair value through profit or loss: |  |  |  |  |  |
| Contingent consideration liabilities | a,c | **(6733)** | **(6733)** | (7280) | (7280) |
| Held for trading derivatives that are not in a designated and <br>&nbsp;&nbsp;&nbsp;&nbsp;effective hedging relationship<br>| a,d,e | **(54)** | **(54)** | (35) | (35) |
| Derivatives designated and effective as hedging instruments (fair value <br>movements through other comprehensive income)<br>| a,d,e | **(88)** | **(88)** | (157) | (157) |
| Total financial liabilities excluding lease liabilities |  | **(37269)** | **(37264)** | (36744) | (36499) |
| Net financial assets and financial liabilities excluding lease liabilities |  | **(26196)** | **(26191)** | (25658) | (25413) |

---

The valuation methodology used to measure fair value in the above table is described and categorised on page [230](#i5eaa5ce4785f4a989a562e6235e630f8_37006).

Trade and other receivables, Other non-current assets, Trade and other payables, Other provisions, Contingent consideration

liabilities and Other non-current liabilities are reconciled to the relevant Notes on pages [233](#i5eaa5ce4785f4a989a562e6235e630f8_37051) to [234](#i5eaa5ce4785f4a989a562e6235e630f8_37044).

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued |

---

**Fair value of investments in GSK shares**

At 31 December 2025, the Employee Share Ownership Plan (ESOP) Trusts held GSK shares with a carrying amount of £282

million (2024: £397 million) and a market value of £1,147 million (2024: £866 million) based on quoted market price. The shares

are held by the ESOP Trusts to satisfy future exercises of options and awards under employee incentive schemes. In 2025, the

carrying amount, which is the lower of cost or expected proceeds, of these shares has been recognised as a deduction from

other reserves. At 31 December 2025, GSK held Treasury shares at a cost of £3,948 million (2024: £2,958 million) which has been

deducted from retained earnings.

**(a) Financial instruments held at fair value**

The following tables categorise the Group's financial assets and liabilities held at fair value by the valuation methodology applied

in determining their fair value. Where possible, quoted prices in active markets are used (Level 1). Where such prices are not

available, the asset or liability is classified as Level 2, provided all significant inputs to the valuation model used are based on

observable market data. If one or more of the significant inputs to the valuation model is not based on observable market data,

the instrument is classified as Level 3. Other investments classified as Level 3 in the tables below comprise equity investments in

unlisted entities with which the Group has entered into research collaborations and investments which provide access to

biotechnology developments of potential interest.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **At 31 December 2025** | Level 1<br>£m<br>| Level 2<br>£m<br>| Level 3<br>£m<br>| **Total**<br>**£m**<br>|
| Financial assets at fair value |  |  |  |  |
| Financial assets measured at fair value through other comprehensive income: |  |  |  |  |
| Other investments designated at FVTOCI | 592 | – | 196 | **788** |
| Trade and other receivables | – | 2346 | – | **2346** |
| Financial assets mandatorily measured at fair value through profit or loss: |  |  |  |  |
| Current equity investments and other investments | – | – | 249 | **249** |
| Other non-current assets | – | – | 14 | **14** |
| Trade and other receivables | – | 41 | 15 | **56** |
| Held for trading derivatives that are not in a designated and effective hedging relationship | – | 15 | – | **15** |
| Cash and cash equivalents | 1793 | – | – | **1793** |
| Derivatives designated and effective as hedging instruments | – | 106 | – | **106** |
|  | 2385 | 2508 | 474 | **5367** |
| Financial liabilities at fair value |  |  |  |  |
| Financial liabilities mandatorily measured at fair value through profit or loss: |  |  |  |  |
| Contingent consideration liabilities | – | – | (6733) | **(6733)** |
| Held for trading derivatives that are not in a designated and effective hedging relationship | – | (54) | – | **(54)** |
| Derivatives designated and effective as hedging instruments | – | (88) | – | **(88)** |
|  | – | (142) | (6733) | **(6875)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| At 31 December 2024 | Level 1<br>£m<br>| Level 2<br>£m<br>| Level 3<br>£m<br>| Total<br>£m<br>|
| Financial assets at fair value |  |  |  |  |
| Financial assets measured at fair value through other comprehensive income: |  |  |  |  |
| Other investments designated at FVTOCI | 646 | – | 197 | 843 |
| Trade and other receivables | – | 2163 | – | 2163 |
| Financial assets mandatorily measured at fair value through profit or loss: |  |  |  |  |
| Current equity investments and other investments | – | – | 257 | 257 |
| Other non-current assets | – | – | 31 | 31 |
| Trade and other receivables | – | 51 | 2 | 53 |
| Held for trading derivatives that are not in a designated and effective hedging relationship | – | 75 | – | 75 |
| Cash and cash equivalents | 1280 | – | – | 1280 |
| Derivatives designated and effective as hedging instruments | – | 35 | – | 35 |
|  | 1926 | 2324 | 487 | 4737 |
| Financial liabilities at fair value |  |  |  |  |
| Financial liabilities mandatorily measured at fair value through profit or loss: |  |  |  |  |
| Contingent consideration liabilities | – | – | (7280) | (7280) |
| Held for trading derivatives that are not in a designated and effective hedging relationship | – | (35) | – | (35) |
| Derivatives designated and effective as hedging instruments | – | (157) | – | (157) |
|  | – | (192) | (7280) | (7472) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued |

---

Movements in the year for financial instruments measured using Level 3 valuation methods are presented below:

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**£m**<br>| 2024<br>£m<br>|
| At 1 January | **(6793)** | (6248) |
| Exchange adjustments | **13** | (1) |
| Net losses recognised in the income statement | **(586)** | (1733) |
| Net losses recognised in other comprehensive income | **(30)** | (42) |
| Contingent consideration related to business acquisitions in the period | **(280)** | (104) |
| Settlement of contingent consideration liabilities | **1347** | 1254 |
| Additions | **172** | 111 |
| Disposals and settlements | **(85)** | (30) |
| Transfers from Level 3 | **(17)** | – |
| At 31 December | **(6259)** | (6793) |

---

Of the total net losses of £586 million (2024: £1,733 million) attributable to Level 3 financial instruments which were recognised in

the income statement, £586 million (2024: £1,733 million) were in respect of financial instruments which were held at the end of

the year and were reported in other operating income/expense. Charges of £649 million (2024: £1,533 million) arose from

remeasurement of the contingent consideration payable for the acquisition of the former Shionogi-ViiV Healthcare joint venture. A

remeasurement charge of £146 million (2024: £215 million) arose from remeasurement of the contingent consideration payable for

the acquisition of the Novartis Vaccines business. A gain of £254 million (2024: £22 million) arose on the remeasurement of the

Affinivax contingent consideration liability for the year.

Contingent consideration payable for the acquisition of BP Asset IX amounting to £222 million was recognised during the year.

Further information on the BP Asset IX acquisition is provided in Note 40, 'Acquisitions and disposals'.

There were transfers of £17 million (2024: £nil) out of Level 3 financial instruments in the year. Movements arising on the

translation of overseas net assets for consolidation into the Group accounts are recorded as exchange adjustments. Net gains

and losses include the impact of other exchange movements.

Financial liabilities measured using Level 3 valuation methods at 31 December 2025 included £5,433 million (2024:

£6,061 million) in respect of contingent consideration payable for the acquisition in 2012 of the former Shionogi-ViiV Healthcare

joint venture. This consideration is expected to be paid over a number of years and will vary in line with the future performance of

specified products and movements in certain foreign currencies. A further £651 million (2024: £575 million) is in respect of

contingent consideration for the acquisition in 2015 of the Novartis Vaccines business. This consideration is expected to be paid

over a number of years and will vary in line with the future performance of specified products, the achievement of certain

milestone targets and movements in certain foreign currencies. Contingent consideration liabilities for the acquisition of Affinivax

in 2022 of £219 million (2024: £502 million) and for the acquisition of BP Asset IX during the year of £231 million are recognised at

31 December 2025. The consideration for both Affinivax and BP Asset IX is expected to be paid over a number of years and will

vary in line with the achievement of certain development and regulatory milestones, and movements in the USD/GBP exchange

rate. Sensitivity analysis on these liabilities is provided in Note 32, 'Contingent consideration liabilities'.

**(b) Trade and other receivables and Other non-current assets in scope of IFRS 9**

The following table reconciles financial instruments within Trade and other receivables and Other non-current assets which fall

within the scope of IFRS 9 to the relevant balance sheet amounts. The financial assets are predominantly non-interest earning.

Non-financial instruments include tax receivables, amounts receivable under insurance contracts, pension surplus balances and

prepayments, which are outside the scope of IFRS 9.

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **2025** | **2025** | **2025** |  |  |  | 2024 | 2024 | 2024 |
|  | **At** <br>**FVTPL**<br>**£m**<br>| **At** <br>**FVTOCI**<br>**£m**<br>| **Amortised**<br>**cost**<br>**£m**<br>| **Financial** <br>**instruments**<br>**£m**<br>| **Non-**<br>**financial** <br>**instruments**<br>**£m**<br>| **Total**<br>**£m**<br>| At <br>FVTPL<br>£m<br>| At <br>FVTOCI <br>£m<br>| Amortised<br>cost<br>£m<br>| Financial <br>instruments<br>£m<br>| Non-<br>financial <br>instruments <br>£m<br>| Total<br>£m<br>|
| Trade and other<br>&nbsp;&nbsp;&nbsp;&nbsp;receivables (Note 25)<br>| 56 | 2346 | 4091 | **6493** | **978** | **7471** | 53 | 2163 | 3733 | 5949 | 887 | 6836 |
| Other non-current assets <br>&nbsp;&nbsp;&nbsp;&nbsp;(Note 23)<br>| 14 | – | 2 | **16** | **2132** | **2148** | 31 | – | 5 | 36 | 1906 | 1942 |
|  | 70 | 2346 | 4093 | **6509** | **3110** | **9619** | 84 | 2163 | 3738 | 5985 | 2793 | 8778 |

---

Trade and other receivables include trade receivables of £5,913 million (2024: £5,563 million). The Group has portfolios in each of

the three business models under IFRS 9: £41 million (2024: £51 million), measured at FVTPL, is held to sell the contractual cash

flows as the receivables will be sold under a factoring arrangement, £2,346 million (2024: £2,163 million), measured at FVTOCI, is

held to either collect or sell the contractual cash flows as the receivables may be sold under a factoring agreement, and £3,526

million (2024: £3,349 million), measured at amortised cost, is held to collect the contractual cash flows and there is no factoring

agreement in place.

![](gsk-20251231_g107.gif)

<sup>1</sup>

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued |

---

**(c) Trade and other payables, Other provisions, Contingent consideration liabilities and Other** 

**non-current liabilities in scope of IFRS 9**

The following table reconciles financial instruments within Trade and other payables, Other provisions, Contingent consideration

liabilities and Other non-current liabilities which fall within the scope of IFRS 9 to the relevant balance sheet amounts. The financial

liabilities are predominantly non-interest bearing. Non-financial instruments include payments on account, tax and social security

payables and provisions which do not arise from contractual obligations to deliver cash or another financial asset, which are

outside the scope of IFRS 9.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **2025** | **2025** | **2025** |  |  | 2024 | 2024 | 2024 |
|  | **At FVTPL**<br>**£m**<br>| **Amortised**<br>**cost**<br>**£m**<br>| **Financial** <br>**instruments**<br>**£m**<br>| **Non-**<br>**financial** <br>**instruments**<br>**£m**<br>| **Total**<br>**£m**<br>| At FVTPL<br>£m<br>| Amortised <br>cost<br>£m<br>| Financial <br>instruments<br>£m<br>| Non-<br>financial <br>instruments<br>£m<br>| Total<br>£m<br>|
| Trade and other payables<br>&nbsp;&nbsp;&nbsp;&nbsp;(Note 28)<br>| **–** | **(13185)** | **(13185)** | **(2196)** | **(15381)** | – | (13160) | (13160) | (2175) | (15335) |
| Other provisions <br>&nbsp;&nbsp;&nbsp;&nbsp;(Note 31)<br>| **–** | **(306)** | **(306)** | **(1242)** | **(1548)** | – | (182) | (182) | (2353) | (2535) |
| Contingent consideration<br>&nbsp;&nbsp;&nbsp;&nbsp;liabilities (Note 32)<br>| **(6733)** | **–** | **(6733)** | **–** | **(6733)** | (7280) | – | (7280) | – | (7280) |
| Other non-current liabilities<br>&nbsp;&nbsp;&nbsp;&nbsp;(Note 33)<br>| **–** | **(13)** | **(13)** | **(1010)** | **(1023)** | – | (46) | (46) | (1054) | (1100) |
|  | **(6733)** | **(13504)** | **(20237)** | **(4448)** | **(24685)** | (7280) | (13388) | (20668) | (5582) | (26250) |

---

**(d) Derivative financial instruments and hedging programmes**

Derivatives are only used for economic hedging purposes and not as speculative investments and are measured at FVTPL, other

than designated and effective hedging instruments. Derivatives are presented as current assets or liabilities if they are expected

to be settled within 12 months after the end of the reporting period, otherwise they are classified as non-current. The Group has

the following derivative financial instruments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025**<br>**Fair value** | **2025**<br>**Fair value** | 2024<br>Fair value | 2024<br>Fair value |
|  | **Assets**<br>**£m**<br>| **Liabilities**<br>**£m**<br>| Assets<br>£m<br>| Liabilities<br>£m<br>|
| Non-current: |  |  |  |  |
| Net investment hedges – Cross currency interest rate swaps<br>&nbsp;&nbsp;&nbsp;&nbsp;(net principal amount – £807 million (2024: £nil))<br>| **–** | **(24)** | – | – |
| Cash flow hedges – Cross currency interest rate swaps<br>&nbsp;&nbsp;&nbsp;&nbsp;(net principal amount – £743 million (2024: £nil))<br>| **–** | **(42)** | – | – |
| Fair value hedges – Interest rate swaps<br>&nbsp;&nbsp;&nbsp;&nbsp;(net principal amount – £849 million (2024: £nil))<br>| **–** | **(1)** | – | – |
| Cash flow hedges – Interest rate swaps<br>&nbsp;&nbsp;&nbsp;&nbsp;(net principal amount – £849 million (2024: £nil))<br>| **–** | **–** | – | – |
| Current: |  |  |  |  |
| Net investment hedges – Foreign exchange contracts <br>&nbsp;&nbsp;&nbsp;&nbsp;(net principal amount – £14,720 million (2024: £13,206 million))<sup>1</sup><br>| **106** | **(21)** | 35 | (157) |
| Derivatives designated and effective as hedging instruments | **106** | **(88)** | 35 | (157) |
| Non-current: |  |  |  |  |
| Foreign exchange contracts<br>&nbsp;&nbsp;&nbsp;&nbsp;(net principal amount – £nil (2024: £35 million))<br>| **–** | **–** | 1 | – |
| Current: |  |  |  |  |
| Foreign exchange contracts<br>&nbsp;&nbsp;&nbsp;&nbsp;(net principal amount – £9,884 million (2024: £8,676 million))<br>| **15** | **(54)** | 73 | (35) |
| Embedded and other derivatives | **–** | **–** | 1 | – |
| Derivatives classified as held for trading | **15** | **(54)** | 75 | (35) |
| Total derivative instruments | **121** | **(142)** | 110 | (192) |
| <sup>(1)</sup>Includes options with net principal amount EUR 1 billion (2024: EUR 1.25 billion). | <sup>(1)</sup>Includes options with net principal amount EUR 1 billion (2024: EUR 1.25 billion). | <sup>(1)</sup>Includes options with net principal amount EUR 1 billion (2024: EUR 1.25 billion). | <sup>(1)</sup>Includes options with net principal amount EUR 1 billion (2024: EUR 1.25 billion). | <sup>(1)</sup>Includes options with net principal amount EUR 1 billion (2024: EUR 1.25 billion). |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued |

---

**Fair value hedges**

At 31 December 2025, the Group had designated interest rate swaps as fair value hedges as mentioned below in the Interest rate

risk section. At 31 December 2024, the Group had no designated fair value hedges.

**Net investment hedges**

At 31 December 2025, certain foreign exchange contracts were designated as net investment hedges in respect of the foreign

currency translation risk arising on consolidation of the Group's net investment in its European (Euro), American (USD),

Singaporean (SGD), Canadian (CAD), Chinese (CNH), Swiss Franc (CHF) and Japanese (JPY) foreign operations as shown in the

table below.

Additionally, the Group had entered into cross currency interest rate swaps which were designated as net investment hedges and

cash flow hedges.

The carrying amount of bonds on page [231](#i0de08be7ce2043d8a94c7798af5f3199_1-0-1-1-1055496) included £4,944 million (2024: £5,346 million) that were designated as hedging

instruments in net investment hedges.

**Cash flow hedges**

During 2024 and 2025, the Group entered into forward foreign exchange contracts which have been designated as cash flow

hedges. These were entered into to hedge the foreign exchange exposure arising on cash flows from Euro denominated coupon

payments relating to notes issued under the Group's European Medium Term Note programme, and to hedge foreign currency

payments due on acquisitions, and collaboration or licensing arrangements.

As mentioned above, some of the cross currency interest rate swaps entered into in 2025 were designated as cash flow hedges.

The Group manages its cash flow interest rate risk by using floating-to-fixed interest rate swaps. In addition, the Group carries a

balance in reserves that arose from pre-hedging fluctuations in long-term interest rates when pricing bonds issued in prior years

and in the current year. The balance is reclassified to finance costs over the life of these bonds.

**Foreign exchange risk** 

In the current year, the Group has designated certain foreign exchange forward contracts and swaps as cash flow and net

investment hedges. Additionally, the Group has entered into cross currency interest rate swaps which are designated as (a) cash

flow hedges of foreign exchange and interest rate risk (floating USD to fixed GBP), (b) net investment hedges as mentioned

above (fixed GBP to fixed EUR), and (c) cash flow hedges of foreign exchange risk (fixed USD to fixed GBP). Foreign exchange

derivative financial assets and liabilities are presented in the line 'Derivative financial instruments' (either as assets or liabilities) on

the consolidated balance sheet. The following tables detail the foreign exchange forward contracts and swaps outstanding at the

end of the reporting period, as well as information on the related hedged items.

Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness

assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The Group enters

into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item, and

so a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such

that the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical

derivative method to assess effectiveness.

The main source of hedge ineffectiveness in these hedging relationships is the effect of the counterparty and the Group's own

credit risk on the fair value of the foreign exchange forward contracts and swaps, which is not reflected in the fair value of the

hedged item attributable to changes in foreign exchange rates. In 2024 another source of ineffectiveness emerged from these

hedging relationships namely the principal amount of USD net investment hedges exceeded the hedged item for a period of ten

days owing to an adjustment to the USD net assets of the Group because of a change in the provision for the *Zantac* litigation

between quarters but after the financial instruments were entered into with the counterparty. The ineffectiveness recorded for this

period was £nil (2024: £15 million). No ineffectiveness was recorded from cash flow hedges in 2025 (2024: £nil). No other

ineffectiveness was recorded from net investment hedges in 2025 (2024: £nil).

In 2025, the movement in the time value of options recognised in reserves is £4 million credit (2024: £4 million charge) and is

accounted for as a cost of hedging.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | | **2025** |
| **Hedging instruments** | Average <br>exchange rate<br>| Foreign<br>currency<br>| Net notional<br>value<br>£m<br>| Carrying<br>amount<br>£m<br>| **Periodic** <br>**change in** <br>**value for**<br> **calculating** <br>**hedge**<br>**ineffectiveness**<br>**£m**<br>|
| Cash flow hedges: |  |  |  |  |  |
| Cross currency interest rate swaps |  |  |  |  |  |
| Buy foreign currency: |  |  |  |  |  |
| Over 12 months | 1.29 | USD | 743 | (42) | (42) |
|  |  |  |  |  | **2025** |
| **Hedging instruments** | **Average** <br>**exchange** <br>**rate**<br>| **Foreign**<br>**currency**<br>| **Net notional**<br>**value**<br>**£m**<br>| **Carrying**<br>**amount**<br>**£m**<br>| **Periodic** <br>**change in** <br>**value for**<br> **calculating** <br>**hedge**<br>**ineffectiveness**<br>**£m**<br>|
| Net investment hedges: |  |  |  |  |  |
| Foreign exchange contracts: |  |  |  |  |  |
| Sell foreign currency: |  |  |  |  |  |
| Less than 3 months | 1.14 | EUR | 8669 | 18 | (410) |
|  | 210.89 | JPY | 47 | – | 5 |
|  | 1.33 | USD | 4437 | 43 | 216 |
|  | 8.77 | CNH | 60 | 4 | 2 |
| 3 to 6 months | 1.28 | USD | 223 | 12 | 12 |
| Over 6 months | 1.82 | CAD | 285 | – | 7 |
|  | 1.69 | SGD | 61 | – | 3 |
|  | 1.33 | USD | 735 | 8 | 8 |
|  | 9.33 | CNH | 123 | (1) | (2) |
|  | 1.02 | CHF | 80 | 1 | – |
| Cross currency swaps |  |  |  |  |  |
| Over 12 months | 1.19 | EUR | 807 | (24) | (30) |
| Borrowings: |  |  |  |  |  |
| Less than 3 months |  | EUR | – | – | (31) |
| 3 to 6 months |  | EUR | 873 | (873) | (43) |
| Over 6 months |  | JPY | 202 | (201) | 14 |
|  |  | EUR | 3885 | (3870) | (188) |
|  |  |  | 20487 | (4883) | (437) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** |
| **Hedged items** | **Periodic change in value** <br>**for calculating hedge** <br>**ineffectiveness**<br>**£m**<br>| **Cumulative balance in cash** <br>**flow hedge reserve/foreign** <br>**currency translation reserve** <br>**for continuing hedges**<br>**£m**<br>| **Balance in cash flow hedge** <br>**reserve arising from hedging** <br>**relationships for which** <br>**hedge accounting is no** <br>**longer applied**<br>**£m**<br>|
| Cash flow hedges: |  |  |  |
| Variability in cash flows from foreign exchange exposure and <br>interest rate risk arising on US Dollar denominated floating <br>debt issued<br>| 28 | 4 | – |
| Variability in cash flows from foreign exchange exposure and <br>interest rate risk arising on US Dollar denominated fixed debt <br>issued<br>| 14 | – | – |
| Net investment hedges: |  |  |  |
| Net investment in foreign operations | 437 | (648) | – |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | | | | 2024 |
| Hedging instruments | Average <br>exchange rate<br>| Foreign<br>currency<br>| Net notional<br>value<br>£m<br>| Carrying<br>amount<br>£m<br>| Periodic <br>change in <br>value for <br>calculating <br>hedge<br>ineffectiveness<br>£m<br>|
| Net investment hedges: |  |  |  |  |  |
| Foreign exchange contracts: |  |  |  |  |  |
| Sell foreign currency: |  |  |  |  |  |
| Less than 3 months | 1.20 | EUR | 8201 | 19 | 359 |
|  | 197.82 | JPY | 84 | (1) | 13 |
|  | 1.29 | USD | 2417 | (66) | (56) |
|  | 9.26 | CNH | 61 | (1) | (1) |
| 3 to 6 months | 1.31 | USD | 1827 | (75) | (75) |
| Over 6 months | 1.76 | CAD | 244 | 2 | 17 |
|  | 1.67 | SGD | 164 | – | 3 |
|  | 1.17 | EUR | 208 | – | 1 |
| Borrowings: |  |  |  |  |  |
| Less than 3 months |  | EUR | – | – | 42 |
| 3 to 6 months |  | EUR | 623 | (622) | 28 |
| Over 6 months |  | JPY | 216 | (216) | 19 |
|  |  | EUR | 4524 | (4508) | 157 |
|  |  |  | 18569 | (5468) | 507 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | 2024 | 2024 | 2024 |
| Hedged items | Periodic change in value <br>for calculating hedge <br>ineffectiveness<br>£m<br>| Cumulative balance in cash <br>flow hedge reserve/foreign <br>currency translation reserve <br>for continuing hedges<br>£m<br>| Balance in cash flow hedge <br>reserve arising from hedging <br>relationships for which hedge <br>accounting is no longer <br>applied<br>£m<br>|
| Net investment hedges: |  |  |  |
| Net investment in foreign operations | (522) | (208) | – |

---

£nil (2024: £nil) of balances in the cash flow hedge reserve arise from hedging relationships for which hedge accounting is no

longer applied.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued |

---

The following table details the effectiveness of the hedging relationships and the amounts reclassified from the hedging reserve to

profit or loss:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | | | | |  | **2025** |
|  |  |  |  | **Amount reclassified to profit or loss** | **Amount reclassified to profit or loss** | **Amount reclassified to profit or loss** | **Amount transferred to** <br>**balance sheet via basis** <br>**adjustment** | **Amount transferred to** <br>**balance sheet via basis** <br>**adjustment** |
|  | **Hedging** <br>**gains/**<br>**(losses)** <br>**recognised in** <br>**reserves**<br>**£m**<br>| **Amount** <br>**of hedge** <br>**ineffectiveness** <br>**recognised in** <br>**profit or loss**<br>**£m**<br>| **Line item** <br>**in profit or** <br>**loss in** <br>**which hedge** <br>**ineffectiveness** <br>**is included**<br>| **Hedged** <br>**future cash** <br>**flows** <br>**no longer** <br>**expected to** <br>**occur**<br>**£m**<br>| **Due to** <br>**hedged item** <br>**affecting** <br>**profit or loss** <br>**£m**<br>| **Line item in** <br>**profit or loss** <br>**in which** <br>**reclassification** <br>**adjustment** <br>**is included**<br>| **Due to** <br>**hedged item** <br>**affecting** <br>**balance sheet** <br>**£m**<br>| **Line item** <br>**in balance** <br>**sheet in which** <br>**reclassification** <br>**adjustment** <br>**is included**<br>|
| Cash flow hedges: |  |  |  |  |  |  |  |  |
| Variability in cash flows from <br>foreign exchange exposure <br>and interest rate risk arising on <br>US Dollar denominated <br>floating debt issued<br>| (23) | – | Finance <br>income or <br>expense<br>| – | 20 | Other income <br>or expense<br>| – | – |
| Variability in cash flows from <br>foreign exchange exposure <br>and interest rate risk arising on <br>US Dollar denominated fixed <br>debt issued<br>| (14) | – | Finance <br>income or <br>expense<br>| – | 13 | Other income <br>or expense<br>| – | – |
| Net investment hedges: |  |  |  |  |  |  |  |  |
| Net investment in foreign <br>operations<br>| (437) | – | Finance <br>income<br>| – | 3 | Other income <br>or expense<br>| – | – |
| Time value of options | 4 | – | Finance <br>income or <br>expense<br>| – | – | Other income <br>or expense<br>| – | – |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | | | | |  | 2024 |
|  |  |  |  | Amount reclassified to profit or loss | Amount reclassified to profit or loss | Amount reclassified to profit or loss | Amount transferred to balance <br>sheet via basis adjustment | Amount transferred to balance <br>sheet via basis adjustment |
|  | Hedging <br>gains/(losses) <br>recognised in <br>reserves<br>£m<br>| Amount <br>of hedge <br>ineffectiveness <br>recognised in <br>profit or loss<br>£m<br>| Line item <br>in profit or <br>loss in <br>which hedge <br>ineffectiveness <br>is included<br>| Hedged <br>future cash <br>flows <br>no longer <br>expected to <br>occur<br>£m<br>| Due to <br>hedged item <br>affecting <br>profit or loss <br>£m<br>| Line item in<br>profit or loss<br>in which<br>reclassification<br>adjustment<br>is included<br>| Due to hedged <br>item affecting<br>balance sheet <br>£m<br>| Line item <br>in balance <br>sheet in which <br>reclassification <br>adjustment <br>is included<br>|
| Cash flow hedges: |  |  |  |  |  |  |  |  |
| Variability in cash flows from <br>a highly probable forecast <br>transaction<br>| 8 | – | Finance <br>income or <br>expense<br>| – | – | – | (6) | Intangible <br>assets<br>|
| Net investment hedges: |  |  |  |  |  |  |  |  |
| Net investment in foreign <br>operations<br>| 522 | (15) | Finance <br>income<br>| – | 5 | Other <br>income or <br>expense<br>| – | – |
| Time value of options | (4) | – | Finance <br>income or <br>expense<br>| – | – | Other <br>income or <br>expense<br>| – | – |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued |

---

**Interest rate risk**

The Group manages its cash flow interest rate risk by using floating-to-fixed interest rate swaps, where at quarterly intervals the

difference between fixed contract rates and floating rate interest amounts calculated by reference to the agreed notional principal

amounts are exchanged.

During 2025, cross currency interest rate swaps were entered into, as mentioned above in the Foreign exchange risk section. The

floating USD to fixed GBP leg of these were hedges of interest rate risk.

There were no cross currency interest rate swaps or interest rate swaps outstanding at 31 December 2024.

Additionally, interest rate swaps were entered into in 2025 to minimise the interest cost of existing debt. This involved entering into

fixed GBP to floating GBP swaps (designated as fair value hedges) for the full remaining life of the bonds and floating GBP to

fixed GBP (designated as cash flow hedges) for a period of five years.

The only other impact on these financial statements of interest rate swaps is where the interest rate risk on an element of future

debt issuance has been managed by entering into forward starting interest rate swaps, effectively to lock in the interest rates on

the debt in advance. These were closed out at the time of issuing the debt, and the resulting gain or loss held in the cash flow

hedge reserve and reclassified to income statement as the interest payments on the debt impacted the income statement.

**Forward starting interest rate swaps**

Forward starting interest rate contracts, exchanging floating interest for fixed interest, were designated as cash flow hedges to

hedge the interest variability of the interest cash flows associated with future fixed rate debt.

**Interest rate swaps**

Interest rate swap contract assets and liabilities are presented (when applicable) in the line 'Derivative financial

instruments' (either as assets or liabilities) on the consolidated balance sheet.

£16 million (2024: £16 million) of balances in the cash flow hedge reserve arise from hedge relationships for which hedge

accounting is no longer applied.

The following tables provide information regarding interest rate swaps and the related hedged items at 31 December 2025. There

were none at 31 December 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  |  | **2025** |
| Hedging instruments | **Average** <br>**contracted** <br>**fixed rate %**<br>| **Notional** <br>**principal value** <br>**£m**<br>| **Change in fair** <br>**value for** <br>**recognising** <br>**hedge** <br>**ineffectiveness**<br>| **Fair value** <br>**assets/**<br>**(liabilities)**<br>|
| Cash flow hedges: |  |  |  |  |
| 1-5 years | 3.67% | 371 | – | – |
| 5-10 years | 3.70% | 478 | – | – |
| Fair value hedges: |  |  |  |  |
| 10-30 years | 4.37% | 849 | (1) | (1) |

---

---

| | | |
|:---|:---|:---|
|  |  | **2025** |
| Hedged items | **Change in fair** <br>**value for** <br>**recognising** <br>**hedge** <br>**ineffectiveness**<br>| **Balance in** <br>**cash flow** <br>**hedge reserve** <br>**for continuing** <br>**hedges**<br>|
| Variability in fair value of the Sterling external debt attributable to changes in Sterling <br>interest rates<br>| 1 | – |

---

The following table details the effectiveness of the hedging relationships and the amounts reclassified from the hedging reserve to

profit or loss:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **2025** | **2025** | **2025** | **2025** |
|  |  |  |  | **Amount reclassified to profit or loss** | **Amount reclassified to profit or loss** | **Amount reclassified to profit or loss** |
|  | **Hedging** <br>**gains/(losses)** <br>**recognised in** <br>**reserves**<br>**£m**<br>| **Amount** <br>**of hedge** <br>**ineffectiveness**<br>**recognised**<br>**in profit or loss**<br>**£m**<br>| **Line item** <br>**in profit or** <br>**loss in** <br>**which hedge** <br>**ineffectiveness** <br>**is included**<br>| **Due to** <br>**hedged future** <br>**cash flows** <br>**no longer** <br>**expected to** <br>**occur**<br>**£m**<br>| **Due to** <br>**hedged item** <br>**affecting** <br>**profit or loss**<br>**£m**<br>| **Line item** <br>**in profit or loss** <br>**in which** <br>**reclassification** <br>**adjustment** <br>**is included**<br>|
| Cash flow hedges: |  |  |  |  |  |  |
| Pre-hedging of long-term interest rates:<br>Matured in the past<br>| (3) | – | Finance <br>income or <br>expense<br>| – | 4 | Finance <br>income or <br>expense<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | 2024 | 2024 | 2024 | 2024 |
|  |  |  |  | Amount reclassified to profit or loss | Amount reclassified to profit or loss | Amount reclassified to profit or loss |
|  | Hedging <br>gains/(losses) <br>recognised in <br>reserves<br>£m<br>| Amount <br>of hedge <br>ineffectiveness <br>recognised in <br>profit or loss<br>£m<br>| Line item <br>in profit or <br>loss in <br>which hedge <br>ineffectiveness <br>is included<br>| Due to <br>hedged future <br>cash flows <br>no longer <br>expected to <br>occur<br>£m<br>| Due to <br>hedged item <br>affecting <br>profit or loss<br>£m<br>| Line item <br>in profit or loss <br>in which <br>reclassification <br>adjustment <br>is included<br>|
| Cash flow hedges: |  |  |  |  |  |  |
| Pre-hedging of long-term interest rates: |  |  |  |  |  |  |
| Matured in the past | – | – | Finance <br>income or <br>expense<br>| – | 4 | Finance <br>income or <br>expense<br>|

---

**(e) Offsetting of financial assets and liabilities**

Financial assets and liabilities are offset and the net amount reported in the balance sheet where there is a legally enforceable

right to offset the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability

simultaneously. There are also arrangements that do not meet the criteria for offsetting but still allow for the related amounts to be

offset in certain circumstances, such as bankruptcy or the termination of a contract.

The following tables set out the financial assets and liabilities that are offset, or subject to enforceable master netting

arrangements and other similar agreements but not offset, as at 31 December 2025 and 31 December 2024. The column 'Net

balance' shows the impact on the Group's balance sheet if all offset rights were exercised.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **31 December 2025** | **Gross**<br>**financial**<br>**assets/**<br>**(liabilities)**<br>**£m**<br>| **Gross** <br>**financial**<br>**(liabilities)/**<br>**assets offset**<br>**£m**<br>| **Net financial** <br>**assets/**<br>**(liabilities) per** <br>**balance sheet**<br>**£m**<br>| **Related** <br>**amounts not** <br> **offset in the** <br>**balance sheet**<br>**£m**<br>| **Net**<br>**balance**<br>**£m**<br>|
| Financial assets: |  |  |  |  |  |
| Trade and other receivables | 6495 | – | 6495 | **–** | 6495 |
| Derivative financial instruments | 121 | – | 121 | **(63)** | 58 |
| Financial liabilities: |  |  |  |  |  |
| Trade and other payables | (13185) | – | (13185) | **–** | (13185) |
| Derivative financial instruments | (142) | – | (142) | **63** | (79) |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 31 December 2024 | Gross<br>financial<br>assets/<br>(liabilities)<br>£m<br>| Gross<br>Financial<br>(liabilities)/<br>assets offset<br>£m<br>| Net financial <br>assets/<br>(liabilities)<br>£m<br>| Related <br>amounts not <br>offset<br>£m<br>| Net<br>balance<br>£m<br>|
| Financial assets: |  |  |  |  |  |
| Trade and other receivables | 5950 | (1) | 5949 | – | 5949 |
| Derivative financial instruments | 110 | – | 110 | (89) | 21 |
| Financial liabilities: |  |  |  |  |  |
| Trade and other payables | (13161) | 1 | (13160) | – | (13160) |
| Derivative financial instruments | (192) | – | (192) | 89 | (103) |

---

Amounts which do not meet the criteria for offsetting on the balance sheet but could be settled net in certain circumstances

principally relate to derivative transactions under ISDA agreements where each party has the option to settle amounts on a net

basis in the event of default of the other party. As there is presently not a legally enforceable right of offset, these amounts have

not been offset in the balance sheet, but have been presented separately in the table above.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued |

---

**(f) Debt interest rate repricing table**

The following table sets out the exposure of the Group to interest rates on debt, including commercial paper. The maturity

analysis of fixed rate debt is stated by contractual maturity and of floating rate debt by interest rate repricing dates. For the

purpose of this table, debt is defined as all classes of borrowings other than lease liabilities.

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
|  | **Total**<br>**debt**<br>**£m**<br>| Total<br>debt<br>£m<br>|
| Floating and fixed rate debt less than one year | **(2875)** | (2181) |
| Between one and two years | **(1487)** | (1410) |
| Between two and three years | **(2247)** | (721) |
| Between three and four years | **(1174)** | (2355) |
| Between four and five years | **(1646)** | (1207) |
| Between five and ten years | **(3920)** | (2738) |
| Greater than ten years | **(3541)** | (5272) |
| Total | **(16890)** | (15884) |
| Original issuance profile: |  |  |
| Fixed rate interest | **(15052)** | (15126) |
| Floating rate interest | **(1838)** | (756) |
| Non-interest bearing | **–** | (2) |
|  | **(16890)** | (15884) |

---

**(g) Sensitivity analysis**

The tables below illustrate the estimated impact on the income statement and equity as a result of hypothetical market

movements in foreign exchange and interest rates in relation to the Group's financial instruments. The range of variables chosen

for the sensitivity analysis reflects management's view of changes which are reasonably possible over a one-year period.

**Foreign exchange sensitivity**

The Group operates internationally and is primarily exposed to foreign exchange risk in relation to Sterling against movements in

US Dollar, Euro and Japanese Yen. Foreign exchange risk arises from the translation of financial assets and liabilities which are

not in the functional currency of the entity that holds them. Based on the Group's net financial assets and liabilities as at 31

December a weakening and strengthening of Sterling against these currencies, with all other variables held constant, is illustrated

in the tables below. The tables exclude financial instruments that expose the Group to foreign exchange risk where this risk is fully

hedged with another financial instrument.

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| **Income statement impact of non-functional currency foreign exchange exposures** | **Increase/(decrease) in**<br>**income**<br>**£m**<br>| Increase/(decrease) in<br>income<br>£m<br>|
| 10 cent appreciation of the US Dollar | **38** | 106 |
| 15 cent appreciation of the US Dollar | **59** | 167 |
| 10 cent appreciation of the Euro | **(10)** | (42) |
| 15 cent appreciation of the Euro | **(16)** | (66) |
| 10 yen appreciation of the Yen | **–** | – |
| 15 yen appreciation of the Yen | **–** | – |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| **Income statement impact of non-functional currency foreign exchange exposures** | **Increase/(decrease) in**<br>**income**<br>**£m**<br>| Increase/(decrease) in<br>income<br>£m<br>|
| 10 cent depreciation of the US Dollar | **(32)** | (91) |
| 15 cent depreciation of the US Dollar | **(47)** | (131) |
| 10 cent depreciation of the Euro | **9** | 36 |
| 15 cent depreciation of the Euro | **13** | 51 |
| 10 yen depreciation of the Yen | **–** | – |
| 15 yen depreciation of the Yen | **–** | – |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued |

---

The equity impact, shown below, for foreign exchange sensitivity relates to derivative and non-derivative financial instruments

hedging the Group's net investments in its European (Euro) foreign operations and cash flow hedges of its foreign exchange

exposure arising on Euro denominated coupon payments relating to notes issued under the Group's European Medium Term

Note programme.

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| **Equity impact of non-functional currency foreign exchange exposures** | **Increase/(decrease)** <br>**in equity**<br>**£m**<br>| Increase/(decrease) <br>in equity<br>£m<br>|
| 10 cent appreciation of the US Dollar | **(373)** | (368) |
| 15 cent appreciation of the US Dollar | **(584)** | (577) |
| 10 cent appreciation of the Euro | **(1297)** | (1188) |
| 15 cent appreciation in Euro | **(2031)** | (1834) |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| **Equity impact of non-functional currency foreign exchange exposures** | **Increase/(decrease)** <br>**in equity**<br>**£m**<br>| Increase/(decrease) <br>in equity<br>£m<br>|
| 10 cent depreciation of the US Dollar | **322** | 313 |
| 15 cent depreciation of the US Dollar | **467** | 453 |
| 10 cent depreciation of the Euro | **1108** | 958 |
| 15 cent depreciation of the Euro | **1581** | 1384 |

---

The tables below present the Group's sensitivity to a weakening and strengthening of Sterling against the relevant currency

based on the composition of net debt as shown in Note 29, 'Net debt', excluding lease liabilities within 'Liabilities relating to assets

held for sale' and adjusted for the effects of foreign exchange derivatives that are not part of net debt but affect future foreign

currency cash flows.

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| **Impact of foreign exchange movements on adjusted net debt** | **(Increase)/decrease** <br>**in adjusted net debt**<br>**£m**<br>| (Increase)/decrease <br>in adjusted net debt<br>£m<br>|
| 10 cent appreciation of the US Dollar | **(482)** | (555) |
| 15 cent appreciation of the US Dollar | **(753)** | (870) |
| 10 cent appreciation of the Euro | **240** | 178 |
| 15 cent appreciation of the Euro | **378** | 279 |
| 10 yen appreciation of the Yen | **(5)** | (5) |
| 15 yen appreciation of the Yen | **(7)** | (8) |

---

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| **Impact of foreign exchange movements on adjusted net debt** | **(Increase)/decrease** <br>**in adjusted net debt**<br>**£m**<br>| (Increase)/decrease <br>in adjusted net debt<br>£m<br>|
| 10 cent depreciation of the US Dollar | **415** | 473 |
| 15 cent depreciation of the US Dollar | **602** | 684 |
| 10 cent depreciation of the Euro | **(202)** | (150) |
| 15 cent depreciation of the Euro | **(291)** | (217) |
| 10 yen depreciation of the Yen | **4** | 5 |
| 15 yen depreciation of the Yen | **6** | 7 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued |

---

**Interest rate sensitivity**

The Group is exposed to interest rate risk on its outstanding borrowings and investments where any changes in interest rates will

affect future cash flows or the fair values of financial instruments.

The majority of debt is issued at fixed interest rates and changes in the floating rates of interest do not significantly affect the

Group's net interest charge, although the majority of cash and liquid investments earn floating rates of interest.

The table below hypothetically shows the Group's sensitivity to changes in interest rates in relation to Sterling, US Dollar and Euro

floating rate financial assets and liabilities. A 1% (100 basis points) or 1.5% (150 basis points) movement in Sterling, US Dollar or

Euro interest rates is not deemed to have a material effect on equity. A 1% (100 basis points) or 1.5% (150 basis points) decrease

in Sterling, US Dollar or Euro interest rates would have an equal and opposite impact to that shown below.

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| **Income statement impact of interest rate movements** | **Increase/(decrease)** <br>**in income**<br>**£m**<br>| Increase/(decrease) <br>in income<br>£m<br>|
| 1% (100 basis points) increase in Sterling interest rates | **71** | 72 |
| 1.5% (150 basis points) increase in Sterling interest rates | **106** | 108 |
| 1% (100 basis points) increase in US Dollar interest rates | **(52)** | (43) |
| 1.5% (150 basis points) increase in US Dollar interest rates | **(77)** | (64) |
| 1% (100 basis points) increase in Euro interest rates | **(21)** | (20) |
| 1.5% (150 basis points) increase in Euro interest rates | **(32)** | (30) |

---

**(h) Contractual cash flows for non-derivative financial liabilities and derivative instruments**

The following tables provide an analysis of the anticipated contractual cash flows including interest payable for the Group's non-

derivative financial liabilities on an undiscounted basis. For the purpose of this table, debt is defined as all classes of borrowings

except for lease liabilities and financial liabilities within liabilities relating to assets held for sale. Interest is calculated based on

debt held at 31 December without taking account of future issuance. Floating rate interest is estimated using the prevailing

interest rate at the balance sheet date. Cash flows in foreign currencies are translated using spot rates at 31 December.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **At 31 December 2025** | **Debt**<br>**£m**<br>| **Interest** <br>**on debt**<br>**£m**<br>| **Lease** <br>**liabilities**<br>**£m**<br>| **Finance** <br>**charge** <br>**on lease** <br>**liabilities**<br>**£m**<br>| **Trade payables** <br>**and other** <br>**liabilities not**<br>**in net debt**<br>**£m**<br>| **Total**<br>**£m**<br>|
| Due in less than one year | (2879) | (579) | (137) | (56) | (14733) | **(18384)** |
| Between one and two years | (1487) | (538) | (217) | (37) | (1382) | **(3661)** |
| Between two and three years | (2252) | (477) | (108) | (25) | (1182) | **(4044)** |
| Between three and four years | (1180) | (429) | (71) | (20) | (1352) | **(3052)** |
| Between four and five years | (1286) | (396) | (50) | (16) | (679) | **(2427)** |
| Between five and ten years | (3475) | (1619) | (176) | (39) | (1929) | **(7238)** |
| Greater than ten years | (4419) | (954) | (71) | (10) | (1222) | **(6676)** |
| Gross contractual cash flows | (16978) | (4992) | (830) | (203) | (22479) | **(45482)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| At 31 December 2024 | Debt<br>£m<br>| Interest <br>on debt<br>£m<br>| Lease <br>liabilities<br>£m<br>| Finance <br>charge <br>on lease <br>liabilities<br>£m<br>| Trade payables <br>and other<br>liabilities not<br>in net debt<br>£m<br>| Total<br>£m<br>|
| Due in less than one year | (2181) | (540) | (168) | (41) | (14440) | **(17370)** |
| Between one and two years | (1411) | (500) | (222) | (34) | (1247) | **(3414)** |
| Between two and three years | (723) | (484) | (146) | (29) | (1593) | **(2975)** |
| Between three and four years | (2362) | (434) | (109) | (23) | (1461) | **(4389)** |
| Between four and five years | (1213) | (383) | (73) | (20) | (913) | **(2602)** |
| Between five and ten years | (2759) | (1646) | (299) | (53) | (2318) | **(7075)** |
| Greater than ten years | (5320) | (1251) | (85) | (14) | (1313) | **(7983)** |
| Gross contractual cash flows | (15969) | (5238) | (1102) | (214) | (23285) | **(45808)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued | Notes to the financial statements continued <br>43. Financial instruments and related disclosures continued |

---

The table below provides an analysis of the anticipated contractual cash flows for the Group's derivative instruments excluding

equity options which do not give rise to cash flows, and other embedded derivatives, which are not material, using undiscounted

cash flows. Cash flows in foreign currencies are translated using spot rates at 31 December. The gross cash flows of foreign

exchange contracts are presented for the purpose of this table although, in practice, the Group uses standard settlement

arrangements to reduce its liquidity requirements on these instruments.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **2025** |  |  | 2024 |
|  | **Gross cash** <br>**inflows**<br>| **Gross cash** <br>**outflows**<br>| **Net cash inflows** | **Net cash** <br>**outflows**<br>| Gross cash <br>inflows<br>| Gross cash <br>outflows<br>| Net cash <br>outflows<br>|
|  | **Foreign** <br>**exchange** <br>**forward** <br>**contracts,** <br>**swaps and** <br>**cross currency** <br>**interest rate** <br>**swaps**<br>**£m**<br>| **Foreign** <br>**exchange** <br>**forward** <br>**contracts, swaps** <br>**and cross** <br>**currency interest** <br>**rate swaps**<br>**£m**<br>| **Interest rate** <br>**swap contracts**<br>**£m**<br>| **Interest rate** <br>**swap** <br>**contracts**<br>**£m**<br>| Foreign <br>exchange <br>forward <br>contracts and <br>swaps<br>£m<br>| Foreign <br>exchange <br>forward <br>contracts and <br>swaps<br>£m<br>| **Interest rate** <br>**swap** <br>**contracts**<br>**£m**<br>|
| Less than one year | **29815** | **(29748)** | **3** | **–** | 28567 | (28634) | – |
| Between one and <br>two years<br>| **1548** | **(1612)** | **8** | **(2)** | 36 | (35) | – |
| Between two and <br>three years<br>| **–** | **–** | **7** | **(1)** | – | – | – |
| Between three and <br>four years<br>| **–** | **–** | **6** | **–** | – | – | – |
| Between four and <br>five years<br>| **–** | **–** | **6** | **–** | – | – | – |
| Greater than five <br>years<br>| **–** | **–** | **6** | **(49)** | – | – | – |
| Gross contractual <br>cash flows<br>| **31363** | **(31360)** | **36** | **(52)** | 28603 | (28669) | – |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  |

---

44. Employee share schemes<br>

GSK operates several employee share schemes, including the Share Value Plan, whereby awards are granted to employees to

acquire shares or ADS in GSK plc at no cost after a three-year vesting period and the Performance Share Plan, whereby awards

are granted to employees to acquire shares or ADS in GSK plc at no cost, subject to the achievement by the Group of specified

performance targets. The Group also operates savings-related share option schemes, whereby options are granted to employees

to acquire shares in GSK plc at a discounted price.

Grants of restricted share awards are normally exercisable at the end of the three-year vesting or performance period. Awards

are normally granted to employees to acquire shares or ADS in GSK plc but in some circumstances may be settled in cash.

Grants under savings-related share option schemes are normally exercisable after three years' saving. In accordance with UK

practice, the majority of options under the savings-related share option schemes are granted at a price 20% below the market

price ruling at the date of grant.

The total charge for share-based incentive plans in 2025 was £390 million (2024: £347 million; 2023: £321 million). Of this amount,

£288 million (2024: £260 million; 2023: £244 million) arose from the Share Value Plan. See Note 9, 'Employee costs' for further

details.

**GSK share award schemes**

**Share Value Plan**

Under the Share Value Plan, share awards are granted to certain employees at no cost. The awards vest after two-and-a-half to

three years and there are no performance criteria attached. The fair value of these awards is determined based on the closing

share price on the day of grant, after deducting the expected future dividend yield of 4.0% (2024: 3.4%; 2023: 3.8%) over the

duration of the award.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number of shares and ADS issuable** | **Shares**<br>**Number (000)**<br>| **Weighted**<br>**fair value**<br>| **ADS**<br>**Number (000)**<br>| **Weighted**<br>**fair value**<br>|
| At 1 January 2023 | 27975 |  | 15429 |  |
| Awards granted | 11548 | £12.79 | 6449 | $31.65 |
| Awards exercised | (8599) |  | (4856) |  |
| Awards cancelled | (1144) |  | (797) |  |
| At 31 December 2023 | 29780 |  | 16225 |  |
| Awards granted | 12023 | £15.17 | 6431 | $39.49 |
| Awards exercised | (9384) |  | (5199) |  |
| Awards cancelled | (1225) |  | (877) |  |
| At 31 December 2024 | 31194 |  | 16580 |  |
| Awards granted | 12499 | £13.15 | 6697 | $35.01 |
| Awards exercised | (9683) |  | (5191) |  |
| Awards cancelled | (1213) |  | (982) |  |
| At 31 December 2025 | 32797 |  | 17104 |  |

---

**Performance Share Plan**

Under the Performance Share Plan, share awards are granted to Directors and senior executives at no cost. The percentage of

each award that vests is based upon the performance of the Group over a defined measurement period with dividends

reinvested during the same period. For awards granted in 2020 and 2021, the performance conditions are based on four

measures over a three-year performance period. These are adjusted free cash flow (30%), TSR (30%), R&D new product

performance (20%) and pipeline progress (20%). For awards granted from 2022 until 2024, the performance conditions are

based on five measures over a three-year performance period. These are TSR (30%), pipeline progress (20%), profit measure

(20%), sale measure (20%) and ESG environment (10%). For the awards granted from 2025, the performance conditions are

based on five measures over a three-year performance period. These are TSR (40%), pipeline progress (17.5%), profit measure

(17.5%), sale measure (17.5%) and ESG environment (7.5%).

The fair value of the awards is determined based on the closing share price on the day of grant. For TSR performance elements,

this is adjusted by the likelihood of that condition being met, as assessed at the time of grant.

During 2025, awards were granted of 4.9 million shares at a weighted fair value of £10.85 and 1.0 million ADS at a weighted fair

value of $27.46. At 31 December 2025, there were outstanding awards over 15.0 million shares and 2.4 million ADS.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>44. Employee share schemes continued | Notes to the financial statements continued <br>44. Employee share schemes continued | Notes to the financial statements continued <br>44. Employee share schemes continued | Notes to the financial statements continued <br>44. Employee share schemes continued | Notes to the financial statements continued <br>44. Employee share schemes continued |

---

**Share options and savings-related options**

For the purposes of valuing savings-related options to arrive at the share-based payment charge, a Black-Scholes option pricing

model has been used. The assumptions used in the model are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **2025 Grant** | 2024 Grant | 2023 Grant |
| Risk-free interest rate | **3.75%** | 4.24% | 4.57% |
| Dividend yield | **3.6%** | 4.3% | 4.0% |
| Volatility | **27%** | 34% | 34% |
| Expected life | **3 years** | 3 years | 3 years |
| Savings-related options grant price (including 20% discount) | **£14.19** | £11.27 | £11.20 |

---

Expected volatility has been based on an evaluation of the historical volatility of the Company's share price, particularly over the

historical period commensurate with the expected term.

---

| | | |
|:---|:---|:---|
| **Options outstanding for the Share Save Plan** | Savings-related<br>share option schemes | Savings-related<br>share option schemes |
|  | Number<br>000<br>| Weighted<br>exercise<br>price<br>|
| At 31 December 2025 | 4782 | £11.79 |
| Range of exercise prices on options outstanding at year end | £10.34 | — <br>£14.19<br>|
| Weighted average market price on exercise during year |  | — <br>£14.43<br>|
| Weighted average remaining contractual life |  | 1.9 years |

---

Options of 0.9 million shares were granted during the year under the savings-related share option scheme at a weighted average

fair value of £4.58. At 31 December 2025, 3.9 million of the savings-related share options were not exercisable.

There has been no change in the effective exercise price of any outstanding options during the year.

**Employee Share Ownership Plan Trusts**

The Group sponsors Employee Share Ownership Plan (ESOP) Trusts to acquire and hold shares in GSK plc to satisfy awards

made under employee incentive plans. The trustees of the ESOP Trusts purchase shares with finance provided by the Group by

way of loans or contributions. The costs of running the ESOP Trusts are charged to the income statement. Shares held by the

ESOP Trusts are deducted from other reserves and amortised down to the value of proceeds, if any, receivable from employees

on exercise by a transfer to retained earnings. The trustees have waived their rights to dividends on the shares held by the ESOP

Trusts.

At 31 December 2025, 62,875,215 shares were held in the ESOP Trusts, out of which 62,227,857 were held for the future exercise

of share awards and 647,358 shares were held for the Executive Supplemental Savings Plan.

---

| | | |
|:---|:---|:---|
| **Shares held for share award schemes** | **2025** | 2024 |
| **Number of shares (000)** | **62875** | 64314 |
|  | **£m** | £m |
| Nominal value | **20** | 20 |
| Carrying amount | **282** | 397 |
| Market value | **1147** | 866 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  |

---

45. Principal Group companies<br>

The following represent the principal subsidiaries and their countries of incorporation of the Group at 31 December 2025. The

equity share capital of these entities is shown in the percentage columns. All companies are incorporated in their principal

country of operation except where stated.

---

| | |
|:---|:---|
| **England** | % |
| Glaxo Group Limited | 100 |
| Glaxo Operations UK Limited  | 100 |
| Glaxo Wellcome UK Limited  | 100 |
| GlaxoSmithKline Capital plc  | 100 |
| GlaxoSmithKline Export Limited | 100 |
| GlaxoSmithKline Finance plc | 100 |
| GlaxoSmithKline Holdings Limited<sup>(a)</sup> | 100 |
| GlaxoSmithKline IHC Limited | 100 |
| GlaxoSmithKline Intellectual Property (No.2) Limited | 100 |
| GlaxoSmithKline Intellectual Property (No.3) Limited | 100 |
| GlaxoSmithKline Intellectual Property (No.4) Limited | 100 |
| GlaxoSmithKline Intellectual Property Development Limited | 100 |
| GlaxoSmithKline Intellectual Property Limited | 100 |
| GlaxoSmithKline Research & Development Limited | 100 |
| GlaxoSmithKline Services Unlimited<sup>(a)</sup> | 100 |
| GlaxoSmithKline UK Limited  | 100 |
| GSK Finance (No. 2) Limited | 100 |
| Setfirst Limited | 100 |
| SmithKline Beecham Limited | 100 |
| ViiV Healthcare Finance Limited  | 78.3 |
| ViiV Healthcare UK (No.3) Limited | 78.3 |
| ViiV Healthcare UK Limited | 78.3 |

---

---

| | |
|:---|:---|
| **Europe** | % |
| Glaxo Wellcome Production S.A.S (France) | 100 |
| GlaxoSmithKline AG (Switzerland) | 100 |
| GlaxoSmithKline B.V. (Netherlands) | 100 |
| GlaxoSmithKline Biologicals SA (Belgium) | 100 |
| GlaxoSmithKline GmbH & Co. KG (Germany) | 100 |
| GlaxoSmithKline Manufacturing SpA (Italy) | 100 |
| GlaxoSmithKline Pharma GmbH (Austria) | 100 |
| GlaxoSmithKline Pharmaceuticals SA (Belgium) | 100 |
| GlaxoSmithKline S.A. (Spain) | 100 |
| GlaxoSmithKline S.p.A. (Italy) | 100 |
| GlaxoSmithKline Single Member A.E.B.E. (Greece) | 100 |
| GlaxoSmithKline Trading Services Limited (Republic of <br>Ireland)<sup>(b)</sup><br>| 100 |
| GSK Capital B.V. (Netherlands)<sup>(b)</sup> | 100 |
| GSK Services Sp z o.o. (Poland) | 100 |
| GSK Vaccines GmbH (Germany) | 100 |
| GSK Vaccines S.r.l. (Italy) | 100 |
| JSC GlaxoSmithKline Trading (Russia) | 100 |
| Laboratoire GlaxoSmithKline (France) | 100 |
| Laboratorios ViiV Healthcare, S.L. (Spain) | 78.3 |
| ViiV Healthcare GmbH (Germany) | 78.3 |
| ViiV Healthcare S.r.l. (Italy) | 78.3 |
| ViiV Healthcare SAS (France) | 78.3 |

---

---

| | |
|:---|:---|
| **US** | % |
| Affinivax, Inc | 100 |
| Aiolos Bio, Inc. | 100 |
| BP Asset IX, Inc. | 100 |
| Corixa Corporation | 100 |
| GlaxoSmithKline Capital Inc. | 100 |
| GlaxoSmithKline Holdings (Americas) Inc. | 100 |
| GlaxoSmithKline LLC | 100 |
| Human Genome Sciences, Inc. | 100 |
| IDRx, Inc. | 100 |
| Stiefel Laboratories, Inc. | 100 |
| Tesaro, Inc. | 100 |
| ViiV Healthcare Company | 78.3 |

---

---

| | |
|:---|:---|
| **Others** | % |
| Glaxo Saudi Arabia Limited (Saudi Arabia) | 100 |
| Glaxo Wellcome Manufacturing Pte Ltd (Singapore) | 100 |
| GlaxoSmithKline (Thailand) Limited (Thailand) | 100 |
| GlaxoSmithKline Australia Pty Ltd (Australia) | 100 |
| GlaxoSmithKline Brasil Limitada (Brazil) | 100 |
| GlaxoSmithKline Colombia S.A. | 100 |
| GlaxoSmithKline Far East B.V. (Taiwan) | 100 |
| GlaxoSmithKline Ilaclari Sanayi ve Ticaret A.S. (Turkey) | 100 |
| GlaxoSmithKline Inc. (Canada) | 100 |
| GlaxoSmithKline K.K. (Japan) | 100 |
| GlaxoSmithKline Korea Limited (Republic of Korea) | 100 |
| GlaxoSmithKline Limited (Hong Kong) | 100 |
| GlaxoSmithKline Mexico S.A. de C.V. (Mexico) | 100 |
| GlaxoSmithKline Pakistan Limited (Pakistan) | 82.6 |
| GlaxoSmithKline Pharmaceuticals Limited (India) | 75 |
| GSK Biopharma Argentina S.A. | 100 |
| GSK Enterprise Management Co, Ltd (China) | 100 |
| GSK Life Sciences FZE (United Arab Emirates) | 100 |
| GSK Pharma Vietnam Company Limited (Vietnam) | 100 |
| ID Biomedical Corporation of Quebec (Canada) | 100 |

---

(a)Directly held wholly-owned subsidiary of GSK plc.

(b)Tax resident in UK.

The subsidiaries and associates listed above principally affect the figures in the Group's financial statements. Each of

GlaxoSmithKline Capital Inc., GlaxoSmithKline Capital plc, GlaxoSmithKline Finance plc, GSK Capital BV and GlaxoSmithKline LLC,

is a wholly-owned finance subsidiary of the company, and the company has fully and unconditionally guaranteed the securities

issued by each.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  | Notes to the financial statements continued  |

---

46. Legal proceedings<br>

The Group is involved in significant legal and administrative

proceedings, principally product liability, intellectual property,

tax, anti-trust, consumer fraud and governmental

investigations. The most significant of these matters, other than

tax matters, are described below. The Group makes provision

for these proceedings on a regular basis as summarised in

Note 2, 'Accounting principles and policies' and Note 31,

'Other provisions'. Note 2 also describes when disclosure is

made of proceedings for which there is no provision. Legal

expenses incurred and provisions related to legal claims are

charged to selling, general and administration costs. The

Group does not believe that information about the amount

sought by plaintiffs, if that is known, would be meaningful with

respect to those legal proceedings. This is due to a number of

factors, including, but not limited to, the stage of proceedings,

the entitlement of parties to appeal a decision and clarity as to

theories of liability, damages and governing law.

At 31 December 2025, the Group's aggregate provision for

legal and other disputes (not including tax matters described

in Note 14, 'Taxation') was £210 million. There can be no

assurance that any losses that result from the outcome of any

legal proceedings will not materially exceed the amount of the

provisions reported in the Group's financial statements. If this

were to happen, it could have a material adverse impact on

the results of operations of the Group in the reporting period in

which the judgements are incurred or the settlements entered

into.

**Intellectual property**

Intellectual property claims include challenges to the validity

and enforceability of the Group's patents on various products

or processes as well as assertions of non-infringement of those

patents. A loss in such cases could result in loss of patent

protection for the product at issue. The consequences of any

such loss could be a significant decrease in sales of that

product and could materially affect future results of operations

for the Group.

***Breo Ellipta***

In August 2025, GSK received a paragraph IV letter from

Transpire Bio Inc. ("Transpire") relating to *Breo*. On 25

September 2025, GSK filed a patent and trademark

infringement suit against Transpire in the United States District

Court for the Southern District of Florida alleging Transpire's

proposed generic of *Breo* infringes GSK patents, trademarks,

and trade dress. The court has set a trial date for 2 November

2026. ***Coreg***

In 2014, GSK initiated suit against Teva for inducing

infringement of its patent relating to the use of carvedilol

(*Coreg*) in decreasing mortality caused by congestive heart

failure. In June 2017, the case proceeded to a jury trial in the

US District Court for the District of Delaware. The jury returned

a verdict in GSK's favour, awarding GSK lost profits and

reasonable royalties for a total award of $235.51 million. On 29

March 2018, the trial judge ruled on post-trial motions filed by

Teva and found that substantial evidence at trial did not

support the jury's finding of induced infringement, overturning

the jury award. GSK appealed, and on 2 October 2020, the

Court of Appeals for the Federal Circuit reversed the district

court's ruling and reinstated the jury award in GSK's favour.

On 2 December 2020, Teva filed a petition for rehearing *en* 

*banc*. The court granted Teva's petition, but only for a

rehearing by the three-member panel that issued the original

decision. On 5 August 2021, the original panel issued its

rehearing opinion where the majority again reinstated the jury's

damages award of $235.51 million in GSK's favour.

Teva again filed a petition for rehearing *en banc* which was

rejected by the Court of Appeals for the Federal Circuit on 11

February 2022. On 11 July 2022, Teva filed a petition for writ of

certiorari with the Supreme Court of the United States seeking

to overturn the Federal Court decision. On 15 May 2023, the

US Supreme Court denied Teva's request. On 9 February

2026, GSK and Teva reached a confidential settlement,

resulting in the dismissal of the action with prejudice. This

matter is now concluded.

**mRNA**

On 25 April 2024, GSK filed a patent infringement suit against

Pfizer Inc. and BioNTech SE in the United States District Court

for the District of Delaware alleging infringement of five US

GSK patents by the COVID-19 vaccine, COMIRNATY<sup>®</sup>. On 14

August 2024, GSK filed a First Amended Complaint asserting

3 additional GSK patents against Pfizer/BioNTech bringing the

total number of asserted patents to 8. Pfizer/BioNTech filed an

Answer and Counterclaims to GSK's First Amended Complaint

on 30 August 2024. Trial is scheduled for 7 June 2027.

On 12 October 2024, GSK filed a patent infringement suit

against Moderna, Inc. in the United States District Court for the

District of Delaware, alleging infringement of 7 GSK patents by

the COVID-19 vaccine, SPIKEVAX<sup>®</sup>. On 4 September 2025,

GSK filed a First Amended Complaint asserting that Moderna's

COVID-19 vaccine, mNEXSPIKE<sup>®</sup> also infringes the same 7

GSK patents. Trial is scheduled for 19 July 2027. On 12

October 2024, GSK filed a separate suit in the same court

alleging infringement of 6 GSK patents by Moderna's RSV

vaccine, mRESVIA<sup>®</sup>, and trial is scheduled for 23 August 2027.

On 3 July 2025, GSK initiated a patent infringement suit in the

Unified Patent Court ("UPC") against Moderna, asserting a

single GSK patent and alleging infringement by Moderna's

SPIKEVAX<sup>®</sup>, mNEXSPIKE<sup>®</sup>, and mRESVIA<sup>®</sup> RSV vaccine

products ("Moderna mRNA Products"). The hearing has been

set to commence in a window between 1-3 September 2026.

On 4 July 2025, GSK initiated a second patent infringement

suit against Moderna in the UPC asserting infringement of

additional GSK patents by the Moderna mRNA Products. The

hearing has been set to commence in a window between 30

September-2 October 2026. On 13 November 2025, GSK filed

two patent infringement actions against Moderna in Spain

related to SPIKEVAX<sup>®</sup> and mRESVIA<sup>®</sup>. Hearings have yet to be

scheduled.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>46. Legal proceedings continued | Notes to the financial statements continued <br>46. Legal proceedings continued | Notes to the financial statements continued <br>46. Legal proceedings continued | Notes to the financial statements continued <br>46. Legal proceedings continued | Notes to the financial statements continued <br>46. Legal proceedings continued |

---

On 3 July 2025, GSK initiated a patent infringement suit in the

UPC against Pfizer and BioNTech alleging infringement by

Pfizer/BioNTech's COMIRNATY<sup>®</sup> COVID-19 vaccine products.

The hearing has been set to commence in a window between

1-3 September 2026. On 4 July 2025, GSK initiated another

patent infringement suit in the UPC against Pfizer and

BioNTech asserting additional patents and alleging

infringement by Pfizer/BioNTech's COMIRNATY<sup>®</sup> COVID-19

vaccine products. The hearing has been set to commence in a

window between 30 September-2 October 2026. On 7 July

2025, GSK initiated a patent infringement suit related to the

COMIRNATY<sup>®</sup> COVID-19 vaccine products in the Irish High

Court against Pfizer and BioNTech. A hearing has yet to be

scheduled.

On 5 September 2025, Pfizer and BioNTech initiated a patent

revocation suit against GSK in the UK Patents Court seeking

revocation of the UK counterparts of the patents that GSK has

asserted against them in the UPC and in Ireland. GSK has

counterclaimed that Pfizer and BioNTech infringe those

patents. A trial has been listed for 22 February 2027.

In January 2026, GSK filed two separate actions in the US,

pursuant to 28 U.S.C. § 1782, against Pfizer/BioNTech and

Moderna seeking targeted discovery for use in foreign

proceedings.

On 2 January 2025, Acuitas Therapeutics Inc. filed a

declaratory judgment complaint against GSK, seeking

judgment that COMIRNATY® does not infringe five GSK

patents. Acuitas also seeks a ruling that the patents are

invalid. GSK has moved to dismiss the complaint for lack of

subject matter jurisdiction.

**RSV**

On 7 June 2022, Pfizer, Inc. filed suit in the London High Court

challenging the validity and requesting revocation of three

GSK European patents relating to RSV vaccine technology.

Corresponding invalidity suits against additional patents were

filed in the District Court of the Hague in the Netherlands in

January 2023 and in the Enterprise Court of Brussels in

Belgium in March 2023. In each of those matters GSK

counterclaimed that Pfizer's RSV vaccine infringes GSK's

patents. On 2 August 2023, GSK filed a patent infringement

suit against Pfizer in the United States District Court for the

District of Delaware alleging infringement of four US GSK

patents by Pfizer's RSV vaccine, Abrysvo<sup>®</sup>. Additional patents

have been added to the US litigation. Pfizer counterclaimed in

the US that all patents are invalid, and that Pfizer's product

does not infringe. On 5 August 2024, GSK filed a patent

infringement suit on a fourth European patent in the European

Unified Patent Court ("UPC") at the Düsseldorf Local Division.

On 14 August 2024, Pfizer filed a patent revocation suit against

that same European patent in the UPC.

On 1 April 2025, GSK and Pfizer reached a global settlement

of all litigation whereby Pfizer has been granted a worldwide

license to certain patents controlled by GSK relating to

recombinant RSV prefusion F protein and GSK will receive a

royalty stream on sales of Abrysvo<sup>®</sup>. The pending litigation in

the United States District Court for the District of Delaware was

dismissed on 4 April 2025. Cases pending in other

jurisdictions have also been dismissed. This matter is now

concluded.

***Trelegy Ellipta***

On 22 January 2026, GSK received a paragraph IV letter from

Transpire relating to *Trelegy*. GSK is currently assessing the

letter and considering its options. Under the Hatch-Waxman

Act, companies who receive such letters have 45 days to bring

a lawsuit against the generic manufacturer.

***Zejula***

In August 2025, GSK received a paragraph IV letter from Sun

Pharmaceutical Industries Limited ("Sun") relating to *Zejula*.

On 19 September 2025, GSK filed a patent infringement suit

against Sun in the United States District Court for the District of

Delaware alleging Sun's proposed generic of *Zejula* infringes

GSK patents. The court has set a trial date for 24 July 2028.

**Product liability**

The Group is currently a defendant in a number of product

liability lawsuits.

***Avandia***

There are two pending US class actions (both filed in 2010) by

third-party payers which assert claims under the Racketeer

Inﬂuenced and Corrupt Organizations Act (RICO) and state

consumer protection laws. In December 2019, the Third Circuit

Court of Appeals reversed the summary judgments granted in

favour of the Group and remanded the third-party payer cases

back to district court. A hearing on certain *Daubert* motions

relating to experts was held on 1 February 2024. On 25

October 2024, the district court granted GSK's motion to

exclude plaintiffs' expert on causation, and excluded a portion

of plaintiffs' damages expert. A hearing on plaintiffs' motion for

class certification was held on 12 March 2025, and a hearing

on GSK's motion for summary judgment was held on 21 April

2025. On 22 May 2025, the district court granted the third-

party payor plaintiffs' motion for class certification, allowing

them to proceed with their claims as a class action. The district

court has not yet ruled on GSK's motion for summary

judgment. GSK filed a Rule 23(f) petition with the Third Circuit

seeking permission to appeal the class certification order. On

7 July 2025, the Third Circuit accepted the appeal. Briefing is

complete, and oral argument was held on 26 February 2026.

The district court has stayed the proceedings pending the

outcome of the appeal.

**Legacy Talc Products in the US**

The Group is defending product liability actions in the United

States regarding legacy products that were divested by the

Group many years ago. Most of the lawsuits are filed against

multiple defendants. The vast majority of cases generally

allege that plaintiffs were exposed to asbestos-contaminated

talc and developed mesothelioma as a result of use of the

products.

GSK is vigorously defending these claims. It has achieved

resolution and dismissal of a number of such claims. As of 31

December 2025, there were approximately 830 ongoing

product liability actions pending in various state courts. To

date, no cases have proceeded to trial.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>46. Legal proceedings continued | Notes to the financial statements continued <br>46. Legal proceedings continued | Notes to the financial statements continued <br>46. Legal proceedings continued | Notes to the financial statements continued <br>46. Legal proceedings continued | Notes to the financial statements continued <br>46. Legal proceedings continued |

---

***Zantac***

The Group has been named in product liability lawsuits on

behalf of individuals asserting personal injury claims arising

out of the use of *Zantac*. The federal cases are part of a

Multidistrict Litigation (MDL) proceeding in the United States

District Court for the Southern District of Florida that is pending

appeal in the United States Court of Appeals for the Eleventh

Circuit. Cases have also been filed in a number of state courts,

the majority of which are in Delaware.

As previously disclosed, on 9 October 2024 GSK reached

agreements to resolve 93% (approximately 80,000 claimants)

of the *Zantac* state court product liability cases pending

against GSK in the United States. Since that time, the vast

majority of the remaining cases have been resolved or been

dismissed such that 13 state court cases remain.

On 9 October 2024, GSK also reached an agreement in

principle to pay a total of $70 million to resolve the *Zantac qui* 

*tam* complaint previously filed by Valisure. Both the

Department of Justice and the participating State Attorneys

General approved the agreement which was signed on 3 April

2025. The *qui tam* complaint has been dismissed.

On 10 July 2025, the Delaware Supreme Court issued its

decision, reversing the lower court's decision and concluding

that plaintiffs did not establish that their experts' opinions are

admissible. After the Delaware Supreme Court issued its

decision, GSK and other defendants filed a motion for

summary judgment. Plaintiffs then filed a motion to allow

supplemental expert disclosures. A hearing on both motions

was held on 23 October 2025. On 1 December 2025, the

Delaware Superior Court issued its ruling denying plaintiffs'

motion for supplemental expert disclosures. The Superior

Court requested additional briefing as to which plaintiffs

should be bound by that ruling. Briefing on that issue

concluded on 30 January 2026. As previously disclosed,

approximately 14,000 product liability cases were dismissed

following the grant of defendants' *Daubert* motions in

December 2022 in the federal MDL proceeding. These are

now on appeal by the plaintiffs to the United States Court of

Appeals for the Eleventh Circuit, along with appeals in the

medical monitoring and consumer class action cases. Oral

argument was held on 10 October 2025. A decision is

expected in the first half of 2026. GSK remains confident in its

position and will continue to vigorously defend against those

appeals.

Outside the US, there are two proposed class actions pending

against GSK in Ontario and Quebec, Canada along with a

class action in Israel. The Ontario action is in the process of

being discontinued, and the Quebec action remains dormant.

The parties have reached a settlement in the Israel class

action and are in the process of seeking final court approval,

which is expected in H2 2026 or Q1 2027. There are also

approximately 120 individual actions that have been filed in

Canada.

On 20 March 2020, the New Mexico Attorney General filed a

lawsuit against multiple defendants, including the Group,

alleging violations of state consumer protection and false

advertising statutes, among other claims. On 11 November

2020, the Mayor & City of Baltimore filed an action against the

Group alleging that *Zantac* increased the risk of cancer and/or

caused cancer in Baltimore patients, and that the Group failed

to warn of or concealed those risks. GSK has resolved both

the New Mexico Attorney General and the Mayor & City of

Baltimore actions.

On 4 February 2025, a putative securities class action lawsuit

was filed in the US District Court for the Eastern District of

Pennsylvania against GSK and certain officers on behalf of

purchasers of GSK publicly traded securities during the period

5 February 2020 through 14 August 2022. The complaint

alleges that defendants made materially false and/or

misleading statements or omissions with regard to *Zantac*. On

7 July 2025, plaintiffs filed an amended complaint, removing

one of the GSK individually named defendants and changing

the class period to 5 February 2020 through 12 August 2022.

GSK filed a motion to dismiss the amended complaint. On 4

March 2026, the Court granted GSK's motion and dismissed

plaintiffs' amended complaint with prejudice.

***Zofran***

The Group was a defendant in over 400 product liability cases

involving *Zofran* pending in a Multidistrict Litigation (MDL)

proceeding in the District of Massachusetts. The cases

alleged that children suffered birth defects due to their

mothers' ingestion of *Zofran* and/or generic ondansetron for

pregnancy- related nausea and vomiting. Plaintiffs asserted

that the Group sold *Zofran* knowing it was unsafe for pregnant

women, failed to warn of the risks and illegally marketed *Zofran* 

"off-label" for use by pregnant women.

On 1 June 2021, the MDL Court granted the Group's motion

for summary judgment on federal pre-emption grounds. The

Court found that the FDA was fully informed of all relevant

safety information regarding *Zofran* and had repeatedly

rejected any attempt to add a birth defect warning to the label.

At that time, the Court granted judgment for the Group in all

cases pending in the MDL (approximately 431 cases) and

closed the MDL proceeding. Plaintiffs appealed this decision

and, on 9 January 2023, the United States Court of Appeals for

the First Circuit affirmed the district court's decision in favour of

the Group.

The one remaining state court case was voluntarily dismissed

by the plaintiff in July 2025. Three of the four proposed class

actions in Canada have been discontinued. The last remaining

class action is not currently active, and is also expected to be

discontinued.

**Sales and marketing and regulation**

The Group's marketing and promotion of its Pharmaceutical

and Vaccine products are the subject of certain governmental

investigations and private lawsuits brought by litigants under

various theories of law.

***Flovent* – Arizona Attorney General**

On 6 February 2025, the Arizona Attorney General filed a

lawsuit in Arizona state court alleging violation of the state

consumer protection statute. The lawsuit alleges that GSK

engaged in deceptive and unfair practices with respect to

*Flovent*. GSK removed the case to federal court and filed a

motion to dismiss. The plaintiff filed a motion to remand the

case to state court. On 26 August 2025, the federal court

remanded the case to state court, finding that the case did not

state a federal claim over which the court had subject-matter

jurisdiction, but did not rule on GSK's pending motion to

dismiss. The state court heard oral argument on the motion to

dismiss on 23 January 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | **[Financial statements](#ie22c70781ec24e178b4ec838768832e2_349)** | [Investor information](#ie22c70781ec24e178b4ec838768832e2_547) | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued <br>46. Legal proceedings continued | Notes to the financial statements continued <br>46. Legal proceedings continued | Notes to the financial statements continued <br>46. Legal proceedings continued | Notes to the financial statements continued <br>46. Legal proceedings continued | Notes to the financial statements continued <br>46. Legal proceedings continued |

---

**GSK Korea – Proceedings under Fair Trade Laws**

In August 2020, GSK Korea was indicted under Korea's

Monopoly Regulation and Fair Trade laws in relation to

government tenders of HPV (*Cervarix*) and PCV (*Synflorix*)

vaccines in 2018 and 2019. The prosecutor alleged that GSK

Korea, through the actions of at least one of its employees,

interfered with the tender process under the National

Immunisation Programme by using "straw bidders".

A former GSK Korea employee was also charged in his

individual capacity by the prosecutor in relation to the same

matter. Further, a number of wholesalers were co-defendants

in the proceedings. On 1 February 2023, the court rendered a

guilty verdict in respect of all defendants. GSK Korea was

fined KRW70 million which is approximately £45,000. In July

2024, the appellate court rendered a not-guilty verdict for all

defendants, overturning the lower court's decision. In

December 2025, the Korea Supreme Court affirmed the

appellate court's decision. This matter is now concluded.

**US electronic health records subpoena**

On 19 March 2023, the Group received a subpoena from the

United States Attorney's Office for the Western District of

Virginia, which is working with the United States Department of

Justice Civil Division, seeking documents relating to the

Group's electronic health record programmes. The Group

cooperated with the enquiry.

**Senate HELP Enquiry**

The Group received a letter dated 8 January 2024 from

majority members of the US Senate Health, Education, Labor

and Pensions ("HELP") Committee initiating an investigation

into the pricing of inhalers for the treatment of asthma and

COPD. The letter is similar to letters received by a number of

other pharmaceutical companies and requests information on

pricing, research in the treatment of respiratory diseases,

patenting and business practices. The Group cooperated with

the enquiry.

**Anti-trust/competition**

Certain governmental actions and private lawsuits have been

brought against the Group alleging violation of competition or

anti-trust laws.

***Lamictal***

Purported classes of direct purchasers filed suit in 2012 in the

US District Court for the District of New Jersey alleging that the

Group and Teva Pharmaceuticals unlawfully conspired to

delay generic competition for *Lamictal*, resulting in

overcharges to the purchasers, by entering into an allegedly

anti-competitive reverse payment settlement to resolve patent

infringement litigation. A separate count accuses the Group of

monopolising the market.

On 13 December 2018, the trial judge granted plaintiffs' class

certification motion, certifying a class of direct purchasers. The

Group filed a Rule 23(f) motion in the Court of Appeals for the

Third Circuit, challenging the class certification decision. On

22 April 2020, the Court of Appeals vacated the lower court's

grant of class certification and remanded the issue back to the

lower court for further analysis.

On 9 October 2020, the district court heard argument on

plaintiffs' renewed motion for class certification after remand.

On 9 April 2021, the district court denied plaintiffs' motion for

class certification of the putative direct purchaser class,

leaving a potential class of brand-only purchasers. Plaintiffs

moved to supplement their expert report and seek additional

discovery to support the addition of certain generic

purchasers. On 21 January 2022, the district court denied

plaintiffs' motion to supplement their expert report and seek

additional discovery and held that the issue of generic

purchasers had already been decided and denied in the

court's ruling on decertification. The parties conducted briefing

on class certification as to the remaining brand-only

purchasers, with plaintiffs also seeking to add a smaller

category of purchasers.

On 1 February 2023, the district court denied plaintiffs'

renewed class certification motion. A series of follow-on

complaints have been filed in the US District Court for the

Eastern District of Pennsylvania by groups of alleged

purchasers. The cases have been consolidated with the

previously pending case in the District of New Jersey.

Discovery is ongoing.

**Commercial and corporate**

The Group is involved in certain contractual and/or commercial

disputes.

**Tesaro, Inc. v. AnaptysBio**

On 20 November 2025, GSK subsidiaries Tesaro, Inc., and

Tesaro Development, Ltd. (collectively, "Tesaro") initiated

litigation against AnaptysBio, Inc. in the Delaware Chancery

Court. This action seeks a declaration that Tesaro has not

breached the Collaboration and Exclusive License Agreement

(the "Agreement") among the parties and that AnaptysBio

engaged in conduct that constituted an anticipatory breach of

the Agreement with respect to the oncology treatment *Jemperli* 

(dostarlimab). AnaptysBio filed a lawsuit against Tesaro and

GSK later the same day, in the same court, asserting claims

that Tesaro materially breached certain provisions of the

Agreement or the implied covenant of good faith and fair

dealing, and that GSK tortiously interfered with the contract by

inducing Tesaro's alleged breaches. Trial is currently set for

14-17 July 2026. AnaptysBio filed a partial motion to dismiss

seeking dismissal of Tesaro's anticipatory breach of contract

claim, which motion was heard by the court on 4 March 2026.

GSK and Tesaro intend to vigorously defend against

AnaptysBio's allegations.

***Zejula* royalty dispute**

In October 2012, Tesaro, Inc. (now a wholly owned subsidiary

of GSK) entered into two worldwide patent license agreements

with AstraZeneca UK Limited related to niraparib (later

approved as *Zejula*). In May 2021, AstraZeneca filed a lawsuit

against Tesaro in the High Court, England and Wales alleging

that Tesaro failed to pay some of the royalties due under the

license agreements. Tesaro has counterclaimed based on a

calculated overpayment. Trial was held the week of 6 March

2023 and judgment was entered against the Group on 5 April

2023. On 9 February 2024 the Court of Appeal ruled in the

Group's favour, overturning the trial court's judgment and

determining that only *Zejula* sales for uses falling within the

licensed patents could be deemed royalty-bearing.

AstraZeneca requested permission to appeal and on 28 May

2024, the UK Supreme Court rejected AstraZeneca's request.

The appropriate quantum of royalties following the Court of

Appeal's judgement may be the subject of further

proceedings.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | Corporate governance | **Financial statements** | Investor information | GSK 2025 Annual Report on Form 20-F |
| Notes to the financial statements continued | Notes to the financial statements continued | Notes to the financial statements continued | Notes to the financial statements continued | Notes to the financial statements continued |

---

47. Post balance sheet events<br>

On 19 January 2026, GSK reached an agreement with Pfizer and Shionogi for the 11.7% economic interest in ViiV Healthcare

currently held by Pfizer to be replaced with an investment by Shionogi. As a result of this transaction, Shionogi will increase its

economic interest to 21.7% and GSK will maintain its 78.3% economic interest. Under the terms of the agreement, ViiV Healthcare

will issue new shares to Shionogi for consideration of $2.125 billion and cancel Pfizer's holding in ViiV Healthcare for a

consideration of $1.875 billion. Additionally, GSK will receive a special dividend of $0.250 billion (payable in GBP). Completion of

the transaction is subject to certain regulatory clearances in relevant markets and is expected to occur during Q1 2026. On

completion, GSK will extinguish the Pfizer put option liability through retained earnings. The liability will be remeasured

immediately prior to completion, on the same methodology as at 31 December 2025, with any change in the value of the liability

recognised as an Adjusting item through other operating income/(expense). The carrying amount of the liability was £822 million

as at 31 December 2025.

On 19 January 2026, GSK entered into a definitive agreement to acquire RAPT Therapeutics (RAPT), a California-based, clinical-

stage biopharmaceutical company dedicated to developing novel therapies for patients living with inflammatory and immunologic

diseases. The acquisition includes ozureprubart, a long-acting anti-immunoglobulin E (IgE) monoclonal antibody, currently in

phase IIb clinical development for prophylactic protection against food allergens. Under the terms of the agreement, GSK's

subsidiary commenced a tender offer to acquire all outstanding shares of RAPT common stock for $58.00 per share in cash at

closing for an estimated aggregate equity value of $2.2 billion. Net of cash acquired, GSK's upfront investment is approximately

$1.9 billion. The transaction was subject to customary closing conditions, including the applicable waiting period under the Hart-

Scott-Rodino Act in the US, and subsequently closed on 3 March 2026. Given the timing of the closure of the transaction, GSK

expects to disclose the provisional accounting for the acquisition in the Q1 2026 Results Announcement.

On 25 February 2026, GSK announced that it has entered an agreement to acquire 100% of the equity of 35Pharma Inc., a

Canada-based, private, clinical-stage biopharmaceutical company specialised in the development of novel protein-based

therapeutics. The acquisition includes HS235, a potential best-in-class investigational medicine that has completed phase I

healthy volunteer clinical trials with studies to start imminently in pulmonary arterial hypertension (PAH) and pulmonary

hypertension due to heart failure with preserved ejection fraction (PH-HFpEF). The transaction is subject to customary conditions,

including applicable regulatory agency clearances under the Hart-Scott-Rodino Act in the US and the Competition Act in Canada,

along with a filing under the Investment Canada Act. Under the terms of the agreement, US$950 million is payable in cash at

closing.

GSK 2025 Annual Report on Form 20-F<br>

![AR__main_divider_pages background.jpg](gsk-20251231_g40.jpg)

Investor

information

---

| | | | |
|:---|:---|:---|:---|
| **In this section** |  |  |  |
| Number of employees | [254](#ie22c70781ec24e178b4ec838768832e2_559) | Insider Trading Policies | [279](#i8a897ea4a1454df18b14d6e614575730_0-0-1-5-1056350) |
| Pharmaceutical products and intellectual<br>property<br>| [258](#ie22c70781ec24e178b4ec838768832e2_565) | Cyber security | [279](#i3e48232bc4b44eb3b0c491004599f775_0-0-1-5-1056353) |
| Vaccine products and intellectual <br>property <br>| [259](#ie22c70781ec24e178b4ec838768832e2_568) | Code of Ethics | [280](#i38ca4f2dcbb046e3ba4c53b4e38a00b3_0-0-1-5-1056356) |
| Risk Factors | [260](#ie22c70781ec24e178b4ec838768832e2_574) | Supplemental Guarantor Information | [280](#i8570619c0e9b47c0be656858b532aeae_0-0-1-5-1056358) |
| Share capital and control | [269](#ie22c70781ec24e178b4ec838768832e2_667) | Remuneration Policy | [280](#i8570619c0e9b47c0be656858b532aeae_0-0-1-5-1056358) |
| Dividends | [271](#ie22c70781ec24e178b4ec838768832e2_673) | Principal Accountant Fees and <br>Services<br>| [282](#i4c61185692414ce484f366dca507857d_0-0-1-5-1056360) |
| Financial calendar 2026 | [272](#ie22c70781ec24e178b4ec838768832e2_676) | Shareholder services and contacts | [283](#i25d2f0304ba34cde96696e8935909708_0-0-1-1-1055496) |
| Annual General Meeting 2026 | [272](#ie22c70781ec24e178b4ec838768832e2_679) | US law and regulation | [284](#ie22c70781ec24e178b4ec838768832e2_697) |
| Tax information to shareholders | [273](#ie22c70781ec24e178b4ec838768832e2_682) | Report of Independent Registered Public <br>Accounting Firm<br>| [286](#ie22c70781ec24e178b4ec838768832e2_700) |
| Additional information |  | Corporate governance comparison | [287](#ie22c70781ec24e178b4ec838768832e2_703) |
| Articles of association of GSK plc | [275](#i30fab47f9cd7409795ce13566c9da036_0-0-1-5-1056335) | Group companies | [288](#ie22c70781ec24e178b4ec838768832e2_709) |
| Material contracts | [277](#ifa238d1c17584bc2b8072d236662d525_0-0-1-5-1056344) | Glossary of terms | [296](#ie22c70781ec24e178b4ec838768832e2_712) |
| American depository shares | [278](#i5cc99bec959946329a04d3f1763026f8_0-0-1-5-1056347) | Index | [299](#ie22c70781ec24e178b4ec838768832e2_715) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | Corporate governance | Financial statements | **Investor information** | GSK 2025 Annual Report on Form 20-F |

---

Number of employees<br>

---

| | | | |
|:---|:---|:---|:---|
| **Number of employees** | **2025** | 2024 | 2023 |
| US | **11807** | 12024 | 12205 |
| Europe | **31518** | 32208 | 32675 |
| International | **23516** | 24397 | 25332 |
|  | **66841** | 68629 | 70212 |
| Manufacturing | **21923** | 23082 | 23159 |
| Selling | **24631** | 25047 | 26193 |
| Administration | **7469** | 7806 | 7888 |
| Research and development | **12818** | 12694 | 12972 |
|  | **66841** | 68629 | 70212 |

---

The geographic distribution of employees in the table above is based on the location of GSK's subsidiary companies. The

number of employees is the number of permanent employed staff at the end of the financial period. It excludes those employees

who are employed and managed by GSK on a contract basis.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | **[Investor information](#ie22c70781ec24e178b4ec838768832e2_547)** | GSK 2025 Annual Report on Form 20-F |
| Pipelines, products and intellectual property | Pipelines, products and intellectual property | Pipelines, products and intellectual property | Pipelines, products and intellectual property | Pipelines, products and intellectual property |

---

Pharmaceuticals and Vaccines product development <br>pipeline<br>

---

| | | |
|:---|:---|:---|
| Key | <sup>†</sup> | In-license or other alliance relationship with third party |
|  | ^ | ViiV Healthcare, a global specialist HIV company with <br>GSK, Pfizer, Inc. and Shionogi Limited as shareholders, is <br>responsible for developing and delivering HIV medicines\*<br>|
|  | BLA | Biological Licence Application |
|  | MAA | Marketing Authorisation Application (Europe) |
|  | NDA | New Drug Application (US) |

---

\*For changes in shareholding in ViiV Healthcare, refer to Note 47

---

| | |
|:---|:---|
| A | Approved |
| S | Submitted |
| Phase I | Evaluation of clinical pharmacology, usually conducted in <br>volunteers<br>|
| Phase II | Determination of dose and initial evaluation of efficacy, <br>conducted in a small number of patients<br>|
| Phase III | Large comparative study (compound versus placebo and/or <br>established treatment) in patients to establish clinical benefit <br>and safety<br>|

---

MAA and NDA/BLA regulatory review milestones shown in the table below are those that have been achieved. Future filing dates

are not included in this list.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Achieved regulatory** <br>**review milestones** | **Achieved regulatory** <br>**review milestones** |
| **Compound** | **Mechanism of Action/Vaccine Type** | **Indication** | **Phase** | **MAA** | **NDA/BLA** |
| **Respiratory Immunology and Inflammation** | **Respiratory Immunology and Inflammation** | **Respiratory Immunology and Inflammation** |  |  |  |
| *Exdensur* <br>(depemokimab)<sup>†</sup> | Long-acting anti-interleukin 5 (IL5) <br>antibody | Asthma | Approved | A: 1Q26 | A: 4Q25 |
| *Exdensur* <br>(depemokimab)<sup>†</sup> | Long-acting anti-interleukin 5 (IL5) <br>antibody | Chronic rhinosinusitis with nasal polyps <br>(CRSwNP)<br>| Approved | A: 1Q26 |  |
| *Exdensur* <br>(depemokimab)<sup>†</sup> | Long-acting anti-interleukin 5 (IL5) <br>antibody | Chronic obstructive pulmonary disease (COPD) | Phase III |  |  |
| *Exdensur* <br>(depemokimab)<sup>†</sup> | Long-acting anti-interleukin 5 (IL5) <br>antibody | Eosinophilic granulomatosis with polyangiitis <br>(EGPA)<br>| Phase III |  |  |
| *Exdensur* <br>(depemokimab)<sup>†</sup> | Long-acting anti-interleukin 5 (IL5) <br>antibody | Hypereosinophilic syndrome (HES) | Phase III |  |  |
| *Nucala* (mepolizumab) | Anti-interleukin 5 (IL5) antibody | Chronic obstructive pulmonary disease (COPD) | Approved | A: 1Q26 | A: 2Q25 |
| linerixibat | Ileal bile acid transporter (IBAT) <br>inhibitor<br>| Cholestatic pruritus in primary biliary cholangitis <br>(PBC)<br>| Registration | S: 2Q25 | S: 2Q25 |
| camlipixant | P2X3 receptor antagonist | Refractory chronic cough (RCC) | Phase III |  |  |
| efimosfermin alfa<sup>†</sup> | Fibroblast growth factor 21 (FGF21) <br>analog<br>| Metabolic dysfunction-associated <br>steatohepatitis (MASH)<br>| Phase III |  |  |
| *Ventolin* (salbutamol) | Beta 2 adrenergic receptor agonist | Asthma, low carbon version of metered dose <br>inhaler<br>| Phase III |  |  |
| *Benlysta* (belimumab) | Anti-B lymphocyte stimulator (BLys) <br>monoclonal antibody | Systemic sclerosis associated interstitial lung <br>disease<br>| Phase II<sup>(1)</sup> |  |  |
| *Benlysta* (belimumab) | Anti-B lymphocyte stimulator (BLys) <br>monoclonal antibody | Interstitial lung disease associated with <br>connective tissue disease<br>| Phase III |  |  |
| GSK4532990<sup>†</sup>  | HSD17B13 RNA interference | Metabolic dysfunction-associated <br>steatohepatitis (MASH)<br>| Phase II |  |  |
| GSK4532990<sup>†</sup>  | HSD17B13 RNA interference | Alcohol-related liver disease (ALD) | Phase II |  |  |
| GSK5784283<sup>†</sup> | Long-acting anti-thymic stromal <br>lymphopoietin (TSLP) monoclonal <br>antibody <br>| Asthma | Phase II |  |  |
| nivisnebart<sup>†</sup> | Anti-sortilin monoclonal antibody | Alzheimer's disease | Phase II |  |  |
| GSK3862995 | Anti-interleukin 33 (IL33) antibody | Chronic obstructive pulmonary disease (COPD) | Phase I |  |  |
| GSK4347859 | Interferon pathway modulator | Systemic lupus erythematosus | Phase I |  |  |

---

Brand names appearing in italics are trade marks owned by or licensed to the GSK group of companies.

(1)In Phase II/III study.

(2)In Phase I/II study

(3)GSK has an exclusive global license option to co-develop and commercialise the candidate.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | **[Investor information](#ie22c70781ec24e178b4ec838768832e2_547)** | GSK 2025 Annual Report on Form 20-F |
| Pipelines, products and intellectual property continued<br>Pharmaceuticals and Vaccines product development pipeline continued  | Pipelines, products and intellectual property continued<br>Pharmaceuticals and Vaccines product development pipeline continued  | Pipelines, products and intellectual property continued<br>Pharmaceuticals and Vaccines product development pipeline continued  | Pipelines, products and intellectual property continued<br>Pharmaceuticals and Vaccines product development pipeline continued  | Pipelines, products and intellectual property continued<br>Pharmaceuticals and Vaccines product development pipeline continued  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Achieved regulatory** <br>**review milestones** | **Achieved regulatory** <br>**review milestones** |
| **Compound** | **Mechanism of Action/Vaccine Type** | **Indication** | **Phase** | **MAA** | **NDA/BLA** |
| **Respiratory Immunology and Inflammation continued** | **Respiratory Immunology and Inflammation continued** | **Respiratory Immunology and Inflammation continued** |  |  |  |
| GSK4527363 | B-cell modulator | Systemic lupus erythematosus | Phase I |  |  |
| GSK4528287<sup>†</sup> | Anti IL23-IL18 bispecific antibody | Inflammatory bowel disease | Phase I |  |  |
| GSK4771261 | Monoclonal antibody against novel <br>kidney target<br>| Autosomal dominant polycystic kidney disease  | Phase I |  |  |
| GSK5926371<sup>†</sup> | Anti CD19-CD20-CD3 trispecific <br>antibody<br>| Autoimmune disease | Phase I |  |  |
| GSK6582701<sup>†</sup> | PDE3/4 inhibitor | Chronic obstructive pulmonary disease (COPD) | Phase I |  |  |
| GSK6759821<sup>†</sup> | siRNA for novel target | Chronic obstructive pulmonary disease (COPD) | Phase I |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Oncology** | **Oncology** |  |  |  |  |
| *Blenrep* <br>(belantamab <br>mafodotin)<sup>†</sup> | ADC targeting B-cell maturation <br>antigen | 2L+ Multiple myeloma combination with <br>Pomalyst and dexamethasone<br>| Approved | A: 2Q25 | A: 3Q25 <br>(3L)<br>|
| *Blenrep* <br>(belantamab <br>mafodotin)<sup>†</sup> | ADC targeting B-cell maturation <br>antigen | 2L+ Multiple myeloma combination with <br>Velcade and dexamethasone<br>| Approved | A: 2Q25 |  |
| *Blenrep* <br>(belantamab <br>mafodotin)<sup>†</sup> | ADC targeting B-cell maturation <br>antigen | 1L Multiple myeloma combination with Revlimid <br>and dexamethasone<br>| Phase III |  |  |
| *Blenrep* <br>(belantamab <br>mafodotin)<sup>†</sup> | ADC targeting B-cell maturation <br>antigen | Newly diagnosed amyloid light chain <br>amyloidosis<br>| Phase II |  |  |
| *Blenrep* <br>(belantamab <br>mafodotin)<sup>†</sup> | ADC targeting B-cell maturation <br>antigen | 1L Multiple myeloma combination with Velcade, <br>Revlimid and dexamethasone<br>| Phase I |  |  |
| *Jemperli* <br>(dostarlimab)<sup>†</sup> | Anti-programmed cell death protein 1 <br>receptor (PD-1) antibody | Peri-operative dMMR/MSI-H colon cancer | Phase III |  |  |
| *Jemperli* <br>(dostarlimab)<sup>†</sup> | Anti-programmed cell death protein 1 <br>receptor (PD-1) antibody | Unresected head and neck squamous cell <br>carcinoma<br>| Phase III |  |  |
| *Jemperli* <br>(dostarlimab)<sup>†</sup> | Anti-programmed cell death protein 1 <br>receptor (PD-1) antibody | 1L Endometrial cancer  | Phase III |  |  |
| *Jemperli* <br>(dostarlimab)<sup>†</sup> | Anti-programmed cell death protein 1 <br>receptor (PD-1) antibody | Neoadjuvant dMMR/MSI-H rectal cancer | Phase II |  |  |
| *Jemperli* <br>(dostarlimab)<sup>†</sup> | Anti-programmed cell death protein 1 <br>receptor (PD-1) antibody | Previously untreated MMRp/MSS colon cancer | Phase II |  |  |
| risvutatug rezetecan<sup>†</sup> | ADC targeting B7-H3 | Extensive-stage small-cell lung cancer | Phase III |  |  |
| risvutatug rezetecan<sup>†</sup> | ADC targeting B7-H3 | PanGI | Phase I<sup>(2)</sup> |  |  |
| risvutatug rezetecan<sup>†</sup> | ADC targeting B7-H3 | Solid tumours | Phase I<sup>(2)</sup> |  |  |
| velzatinib<sup>†</sup> | KIT inhibitor | Gastrointestinal stromal tumours (GIST) | Phase III |  |  |
| *Zejula* (niraparib)<sup>†</sup> | Poly (ADP-ribose) polymerase (PARP) <br>1/2 inhibitor<br>| Newly diagnosed glioblastoma multiforme  | Phase III |  |  |
| *Ojjaara/Omjjara* <br>(momelotinib)<sup>†</sup> | JAK1, JAK2 and ACVR1 inhibitor | Myelodysplastic syndrome | Phase II |  |  |
| *Ojjaara/Omjjara* <br>(momelotinib)<sup>†</sup> | JAK1, JAK2 and ACVR1 inhibitor | Myelofibrosis | Phase II |  |  |
| belantamab | B-cell maturation antigen binder | Multiple myeloma | Phase I |  |  |
| GSK5458514<sup>†</sup> | PSMAxCD3 T-cell engager | Prostate cancer | Phase I<sup>(2)</sup> |  |  |
| GSK5460025 | Nucleotide excision repair targeting <br>agent<br>| Solid tumours | Phase I<sup>(2)</sup> |  |  |
| mocertatug rezetecan<sup>†</sup> | ADC targeting B7-H4 | Gynaecologic malignancies | Phase I |  |  |
| mocertatug rezetecan<sup>†</sup> | ADC targeting B7-H4 | Gynaecologic malignancies combination with <br>anti cancer therapies<br>| Phase I |  |  |
| XMT-2056 (wholly <br>owned by Mersana <br>Therapeutics)<sup>†(3)</sup><br>| STING agonist ADC | Cancer | Phase I |  |  |

---

Brand names appearing in italics are trade marks owned by or licensed to the GSK group of companies.

(1)In Phase II/III study.

(2)In Phase I/II study

(3)GSK has an exclusive global license option to co-develop and commercialise the candidate.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | **[Investor information](#ie22c70781ec24e178b4ec838768832e2_547)** | GSK 2025 Annual Report on Form 20-F |
| Pipelines, products and intellectual property continued<br>Pharmaceuticals and Vaccines product development pipeline continued  | Pipelines, products and intellectual property continued<br>Pharmaceuticals and Vaccines product development pipeline continued  | Pipelines, products and intellectual property continued<br>Pharmaceuticals and Vaccines product development pipeline continued  | Pipelines, products and intellectual property continued<br>Pharmaceuticals and Vaccines product development pipeline continued  | Pipelines, products and intellectual property continued<br>Pharmaceuticals and Vaccines product development pipeline continued  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **HIV^** | **HIV^** |  |  |  |  |
| cabotegravir | HIV integrase inhibitor | HIV treatment | Phase II |  |  |
| VH3810109<sup>†</sup> | HIV broadly neutralising antibody | HIV treatment | Phase II |  |  |
| VH4011499 | HIV capsid protein inhibitor | HIV treatment | Phase II |  |  |
| VH4524184<sup>†</sup> | HIV integrase inhibitor | HIV treatment | Phase II |  |  |
| VH4527079 | HIV entry inhibitor | HIV treatment | Phase I |  |  |
| **Infectious Diseases** | **Infectious Diseases** |  |  |  |  |
| *Arexvy*<br>(RSV vaccine)<sup>†</sup><br>| Recombinant protein, adjuvanted<br>vaccine<br>| Respiratory syncytial virus prophylaxis, adults <br>18-49 years of age at increased risk<br>| Approved | A: 1Q26 | S: 2Q25 |
| *Bluejpa (*gepotidacin)<sup>†</sup> | Triazaacenaphthylene bacterial type II <br>topoisomerase inhibitor | Uncomplicated urinary tract infection (uUTI) | Approved |  | A: 1Q25 |
| *Bluejpa (*gepotidacin)<sup>†</sup> | Triazaacenaphthylene bacterial type II <br>topoisomerase inhibitor | Urogenital gonorrhoea (GC) | Approved |  | A: 4Q25 |
| *Penmenvy* <br>(Men ABCWY 1<sup>st</sup> Gen)<br>| Recombinant protein, outer <br>membrane vesicle, glycoconjugate <br>vaccine<br>| MenABCWY, 1st Gen | Approved |  | A: 1Q25 |
| tebipenem pivoxil<sup>†</sup> | Antibacterial carbapenem | Complicated urinary tract infection (cUTI) | Registration |  | S: 4Q25 |
| bepirovirsen<sup>†</sup> | HBV antisense oligonucleotide | Chronic hepatitis B virus infection | Phase III |  |  |
|  |  | Human immunodeficiency virus (HIV)/hepatitis <br>B virus (HBV) co-infection<br>| Phase II |  |  |
| *Bexsero* vaccine | Recombinant protein and outer <br>membrane vesicle vaccine<br>| Meningitis B (infants US) | Phase III |  |  |
| Varicella new seed<sup>†</sup> | Live, attenuated vaccine | Varicella  | Phase III |  |  |
| alpibectir<sup>†</sup> | Ethionamide booster | Tuberculosis | Phase II |  |  |
| ganfeborole<sup>†</sup> | Leucyl t-RNA synthetase inhibitor | Tuberculosis | Phase II |  |  |
| iNTS (S. *typhimurium* + <br>S. *enteritidis* + <br>S.*typhi*)<sup>†</sup><br>| Bivalent Generalized Modules for <br>Membrane Antigens (GMMA) vaccine <br>and typhoid conjugate vaccine (TCV)<br>| Invasive non-typhoidal salmonella and typhoid <br>fever<br>| Phase II |  |  |
| mRNA Seasonal Flu<sup>†</sup> | mRNA vaccine | Seasonal flu | Phase II |  |  |
| mRNA COVID-19<sup>†</sup> | mRNA vaccine | COVID-19  | Phase II |  |  |
| Measles, mumps, <br>rubella & varicella new <br>seed<br>| Live, attenuated vaccine | Measles, mumps, rubella, and varicella | Phase II |  |  |
| Urinary tract infection <br>(UTI) <br>| Adjuvanted recombinant subunit <br>vaccine<br>| Urinary tract infection (UTI)  | Phase II<sup>(2)</sup> |  |  |
| mRNA Flu H5N1 pre-<br>pandemic<sup>†</sup><br>| mRNA vaccine | Influenza A virus H5N1  | Phase II<sup>(2)</sup> |  |  |
| daplusiran + <br>tomligisiran<sup>†</sup><br>| Hepatitis B virus-targeted siRNA <br>sequential combination<br>| Chronic hepatitis B virus infection | Phase II |  |  |
| GSK3772701<sup>†</sup> | P. *falciparum* whole cell inhibitor | Malaria | Phase I |  |  |
| GSK3882347<sup>†</sup> | FimH antagonist | Uncomplicated urinary tract infection (uUTI)  | Phase I |  |  |
| GSK3923868 | PI4K beta inhibitor | Rhinovirus disease | Phase I |  |  |
| GSK3965193 | PAPD5/PAPD7 inhibitor | Chronic hepatitis B virus infection | Phase I |  |  |
| GSK4024484<sup>†</sup> | P. *falciparum* whole cell inhibitor | Malaria | Phase I |  |  |
| GSK4424989<sup>†</sup> | Recombinant/glycoconjugate vaccine | Group A streptococcal infections | Phase I |  |  |
| GSK5251738<sup>†</sup> | TLR8 agonist | Chronic hepatitis B virus infection | Phase I |  |  |
| Pneumococcal 30+ <br>valent - adults<sup>†</sup><br>| *MAPS* Pneumococcal 30+ valent <br>adults<br>| Pneumococcal disease | Phase I |  |  |
| mRNA Seasonal Flu/<br>COVID-19<sup>†</sup><br>| mRNA vaccine | Seasonal flu and COVID-19  | Phase I<sup>(2)</sup> |  |  |

---

Brand names appearing in italics are trade marks owned by or licensed to the GSK group of companies.

(1)In Phase II/III study.

(2)In Phase I/II study

(3)GSK has an exclusive global license option to co-develop and commercialise the candidate.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | **[Investor information](#ie22c70781ec24e178b4ec838768832e2_547)** | GSK 2025 Annual Report on Form 20-F |
| Pipelines, products and intellectual property continued | Pipelines, products and intellectual property continued | Pipelines, products and intellectual property continued | Pipelines, products and intellectual property continued | Pipelines, products and intellectual property continued |

---

Pharmaceutical products and intellectual property<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Patent expiry dates**<sup>1</sup> | **Patent expiry dates**<sup>1</sup> |
| **Products** | **Compounds** | **Indication(s)** | **US** | **EU** |
| **Specialty Medicines and Intellectual Property** | **Specialty Medicines and Intellectual Property** |  |  |  |
| **HIV** | **HIV** |  |  |  |
| *Apretude* | cabotegravir | HIV prevention | 2031<br>*2026-2031*<br>| 2031 <br>*2031*<br>|
| *Cabenuva/Vocabria* <br>*+ Rekambys*<br>| cabotegravir, rilpivirine | HIV/AIDS | 2031<br>*2026-2038*<br>| 2031 <br>*2031*<br>|
| *Rukobia* | fostemsavir | HIV/AIDS | 2029 <br>*2027*<br>| expired <br>*2034*<br>|
| *Dovato* | dolutegravir, lamivudine | HIV/AIDS | 2028 <br>*2030-2031*<br>| 2029 <br>*2029-2034\**<br>|
| *Juluca* | dolutegravir, rilpivirine | HIV/AIDS | 2028 <br>*2030-2038*<br>| 2029 <br>*2026-2030*<br>|
| *Triumeq* | dolutegravir, lamivudine and abacavir | HIV/AIDS | 2028 <br>*2030*<br>| 2029 <br>*2029*<br>|
| *Tivicay* | dolutegravir | HIV/AIDS | 2028 <br>*2030*<br>| 2029 <br>*2029*<br>|
| **Respiratory/Immunology** | **Respiratory/Immunology** |  |  |  |
| *Exdensur* | depemokimab | Severe Asthma | 2039\*<br>*2039*<br>| 2038 <br>*2041*<br>|
| *Benlysta, Benlysta* <br>*(SC and IV)*<br>| belimumab | Systemic lupus erythematosus, lupus <br>nephritis<br>| expired <br>*2029- 2035*<br>| 2026<br>*2035*<br>|
| *Nucala* | mepolizumab | Asthma, CRSwNP, EGPA, HES | *2029-2036* | *2028- 2036* |
| **Oncology** | **Oncology** |  |  |  |
| *Blenrep* | belantamab mafodotin | Relapsed/refractory multiple myeloma | 2034\*<br>*2032-2038*<br>| 2032 |
| *Jemperli* | dostarlimab | dMMR/MSI-H recurrent/ advanced<br>endometrial cancer, dMMR solid <br>tumours<br>| 2035\* <br>*2034-2038*<br>| 2036 <br>*2038*<br>|
| *Ojjaara/Omjjara* | momelotinib | Myelofibrosis in patients with anaemia | 2035\*<br>*2035-2040*<br>| 2028<br>*2039*<br>|
| *Zejula* | niraparib | Ovarian cancer | 2031<br>*2027-2039*<br>| 2032 <br>*2029-2037*<br>|
| **Pandemic** | **Pandemic** |  |  |  |
| *Xevudy* | sotrovimab | Early treatment of COVID-19 | 2041<br>*2041*<br>| 2041 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **General Medicines and Intellectual Property** | **General Medicines and Intellectual Property** |  |  |  |
| *Blujepa* | gepotidacin | Uncomplicated UTI, Uncomplicated <br>Gonorrhoea<br>| 2034\*<br>*2035*<br>| 2028<br>*2035-2040*<br>|
| *Anoro Ellipta* | umeclidinium bromide/vilanterol <br>trifenatate<br>| COPD | 2027<br>*2027-2031*<br>| 2029<br>*2026-2030*<br>|
| *Flixotide/Flovent* | fluticasone propionate | Asthma | *2026* | *expired* |
| *Relvar/Breo Ellipta* | fluticasone furoate/vilanterol trifenatate | Asthma, COPD | expired <br>*2027-2031*<br>| 2028 <br>*2026-2029*<br>|
| *Seretide/Advair* | salmeterol xinafoate/fluticasone <br>propionate<br>| Asthma, COPD | *2026* | *expired* |
| *Trelegy Ellipta* | fluticasone furoate/vilanterol trifenatate/<br>umeclidinium bromide<br>| COPD, asthma | 2027<br>*2027-2031*<br>| 2029<br>*2026-2032*<br>|
| *Ventolin* | salbutamol sulphate | Asthma, COPD | *2026* | *expired* |

---

(1)Patent expiry dates (which include patent applications for which a notice of allowance has been received) in normal text relate to the latest expiring new

molecular entity patents in the relevant territory. *Patent expiry dates in italics relate to other patents*. Where appropriate, unless otherwise indicated all

patent expiry dates include granted Patent Term Extensions in the US, granted Supplementary Protection Certificates in EU, and Paediatric Exclusivity

periods. Additional exclusivities (for example regulatory data protection) may exist but are not listed in the table. (\* = date includes pending PTE in US or

SPC in EU)

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | **[Investor information](#ie22c70781ec24e178b4ec838768832e2_547)** | GSK 2025 Annual Report on Form 20-F |
| Pipelines, products and intellectual property continued | Pipelines, products and intellectual property continued | Pipelines, products and intellectual property continued | Pipelines, products and intellectual property continued | Pipelines, products and intellectual property continued |

---

Vaccines and Intellectual Property<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Patent expiry dates**<sup>1</sup> | **Patent expiry dates**<sup>1</sup> |
| **Products** | **Compounds** | **Indication(s)** | **US** | **EU** |
| *Arexvy* | respiratory syncytial virus vaccine | Respiratory syncytial virus vaccination | 2030 | 2032 |
| *Bexsero* | meningococcal group-B vaccine | Meningitis group B prophylaxis | 2027 | 2028 |
| *Boostrix* | diphtheria, tetanus, acellular<br>pertussis<br>| Diphtheria, tetanus, acellular<br>Pertussis booster vaccination<br>| expired | expired |
| *Infanrix/Pediarix* | diphtheria, tetanus, pertussis,<br>polio, hepatitis B, Haemophilus <br>influenzae type B (EU)<br>| Prophylaxis against diphtheria, tetanus, <br>pertussis, polio, hepatitis B, <br>Haemophilus influenzae type B (EU)<br>| expired | expired |
| *Cervarix* | HPV 16 & 18 virus like <br>particles (VLPs), AS04<br>adjuvant (MPL + aluminium hydroxide)<br>| Human papilloma virus type 16 and 18 | Not marketed <br>in US<br>| expired |
| *Fluarix* | split inactivated influenza<br>antigens (2 virus subtypes A <br>and 2 subtype B)<br>| Seasonal influenza prophylaxis | expired | expired |
| *FluLaval* | split inactivated influenza <br>antigens (2 virus subtypes A <br>and 2 subtype B)<br>| Seasonal influenza prophylaxis | expired | expired |
| *Menveo* | meningococcal group A, C, W-135 and <br>Y conjugate vaccine<br>| Meningitis group A, C, W-135<br>and Y prophylaxis<br>| expired | expired |
| *Penmenvy* | meningococcal group B proteins + <br>meningococcal group A, C, W-135 and <br>Y conjugates<br>| Meningitis group A, B, C, W-135 and Y <br>prophylaxis<br>| 2030 | 2028 |
| *Priorix, Priorix Tetra,* <br>*Varilrix*<br>| live attenuated MMR, Varicella and <br>MMRV vaccines<br>| Measles, mumps, rubella and <br>chickenpox prophylaxis <br>| expired | expired |
| *Rotarix* | human rotavirus RIX4414 strain | Rotavirus prophylaxis | expired | expired |
| *Synflorix* | conjugated pneumococcal<br>polysaccharide<br>| Prophylaxis against invasive<br>disease, pneumonia, acute otitis media<br>| Not marketed <br>in US<br>| 2026 |
| *Shingrix* | zoster vaccine<br>recombinant, adjuvanted<br>| Herpes zoster (shingles) | 2029 | 2031 |

---

(1)Patent expiry dates in normal text relate to the latest expiring new molecular entity patents in the relevant territory. Where appropriate, unless otherwise

indicated all patent expiry dates include granted Patent Term Extensions in the US, granted Supplementary Protection Certificates in EU, and Paediatric

Exclusivity periods. Additional exclusivities (for example regulatory data protection) may exist but are not listed in the table.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | Corporate governance | Financial statements | **Investor information** | GSK 2025 Annual Report on Form 20-F |
| Risk Factors | Risk Factors | Risk Factors | Risk Factors | Risk Factors |

---

We outline below the principal risks and uncertainties

relevant to our business, financial condition and operations

that may affect our performance and ability to achieve our

objectives. These are the risks that we believe could cause

our actual results to differ materially from expected and

historical results.

We must comply with a broad range of laws and

regulations which apply to the research and development

(R&D), manufacturing, testing, approval, distribution, sales

and marketing of pharmaceutical and vaccine products.

These affect the cost of product development, the time

required to reach the market and the likelihood of doing so

successfully on an uninterrupted basis.

As rules and regulations change, government interpretation

and policy evolves, and our business activities develop,

the nature of a particular risk may also alter. Changes to

regulatory regimes may be substantial. Any alteration in,

and failure to comply with, applicable laws and regulations

could materially and adversely affect our financial results.

Similarly, our global business exposes us to litigation and

government investigations, including product liability

litigation, patent and antitrust litigation and sales and

marketing litigation.

Litigation and government investigations, and the related

provisions we may make for unfavourable outcomes and

increases in related costs, such as insurance premiums,

could also materially and adversely affect our financial

results.

Detail on the status and various uncertainties in our

significant unresolved disputes and potential litigation is

set out in Note 46. 'Legal proceedings' on page [248](#ie22c70781ec24e178b4ec838768832e2_529).

Patient safety<br>

**Risk definition**

The risk that GSK, including our third parties, fails to

appropriately collect, assess, follow up, or report human safety

information, including adverse events, from all potential

sources or that GSK potentially fails to appropriately act on any

relevant findings that may affect the benefit-risk profile of a

medicine or vaccine in a timely manner.

**Risk impact**

We will not tolerate an unfavourable benefit-to-risk profile for

patients who use our products. The most important

consequence of ineffective pharmacovigilance is the potential

for harm to patients. We maintain stringent procedures for

managing human safety information, conducting timely safety

signal detection and ensuring appropriate measures are in

place to manage risks to patients. We are dedicated to

adhering fully to pharmacovigilance and other relevant

regulations globally. Failure to comply could lead to inspection

findings, regulatory scrutiny, civil or criminal sanctions and

either temporary or permanent revocation of product

marketing authorisation. We regularly review and respond to all

patient safety risks to limit the potential for reputational

damage, loss of trust from patients and healthcare providers,

product-related litigation, and reduced shareholder

confidence.

Information sources which are not based on robust scientific

research, including publications, media coverage, social

media and AI tools have increased. This could lead to more

critical reports related to our products. Such information and

reports, as well as poor management of patient safety risks

generally, could lead to harm to our reputation, reduced trust

from patients and healthcare providers, a decline in

shareholder confidence, as well as increased regulatory

scrutiny. It could also increase the number of product-related

legal cases, including class-action lawsuits, which we and our

industry encounter.

**Context** 

We are accountable for protecting patients and participants in

clinical trials from harm, whether they are receiving our

marketed medicines and vaccines or ones that are in

development. An unforeseen event that unfavourably shifts the

benefit-to-risk profile is unlikely but cannot be fully discounted.

We cannot predict all circumstances impacting safety and

efficacy that could result in harm to patients, regulatory action

or litigation. We operate in a complex and restrictive

pharmacovigilance regulatory environment, complicated by

differing requirements among regulatory agencies. In some

instances, regulatory agencies take decisions on the safety of

medicines and vaccines based on externally available data

that may not be accessible to the marketing authorisation

holder. This could hinder our ability to make prompt decisions

and take appropriate action in relation to the safety of our

products, or to confirm or refute conclusions asserted by

external parties. This issue could extend to next-generation

digital health data held by tech companies or other data

custodians, which may be inaccessible to our industry and/or

regulatory agencies.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | Corporate governance | Financial statements | **Investor information** | GSK 2025 Annual Report on Form 20-F |
| Risk Factors continued | Risk Factors continued | Risk Factors continued | Risk Factors continued | Risk Factors continued |

---

Product quality<br>

**Risk definition**

The risk that GSK or its third parties potentially fail to ensure

appropriate controls and governance of quality for

development and commercial products are in place;

compliance with industry practices and regulations in

manufacturing and distribution activities; and terms of GSK

product licenses and supporting regulatory activities are met.

**Risk impact**

A failure to ensure product quality could have implications for

patient safety; cause product launch delays, drug shortages or

product recalls; and have regulatory, legal, and financial

consequences. These could materially and adversely affect

GSK's reputation and financial results.

**Context**

The external environment for product quality remains

challenging, shaped by geopolitical instability; economic

volatility driven by new trade policies; an increased focus on

inspections throughout the supply chain; the accelerating

integration of AI and other technologies; and new and evolving

legislation and regulatory guidance. Combined, these factors

create a broad spectrum of challenges for our global sites and

teams. The threat of cyber-attacks and data breaches across

the industry could risk the integrity of product quality data.

Attracting and retaining key specialised skills to deliver

product quality and digital innovation is challenging in a highly

competitive environment.

Pipeline delivery<br>

**Risk definition** 

The risk that GSK fails or has delays in the delivery of our

pipeline of new medicines, vaccines or other products.

**Risk impact**

If we do not maintain strong controls and governance over

pipeline delivery risk, we may face delays in launching new

products. This could limit our ability to bring new medicines

and vaccines to patients. It may also harm our reputation,

affect our financial results, and hinder our progress toward our

strategy.

**Context**

Advancing new products and expanding uses for existing

medicines and vaccines is essential to our strategy. However,

pipeline delivery faces growing risks from complex regulations,

shifting pricing and access pressures, increased scrutiny from

payers (e.g., insurance companies, governments, pharmacy

benefit managers, and patients), and expectations around

responsible business conduct. Rapid changes in healthcare

needs, competitive dynamics, and scientific advances add

further uncertainty and cost to bringing innovative therapies to

market. To address these external challenges, it is essential to

continually replenish the pipeline. The pharmaceutical and

vaccine landscape is also shaped by frequent shifts in patient

expectations and competition, with loss of exclusivity and

market erosion amplifying risks. Regulatory changes and

payer demands can significantly affect the speed and success

of product launches. Moreover, the development and

regulatory approval of new products may be delayed due to

limits on relevant authorities' budgets.

Scientific and technological advances are rapidly changing

how medicines and vaccines are developed and delivered.

Close collaboration between the biopharma sector and

government agencies is crucial for building regulatory

frameworks that support innovation, trust and transparency in

light of rapid technological progress. As we invest in data-

driven technologies, including AI and advanced platforms to

improve R&D speed and effectiveness, we also recognise that

these are newly emerging technologies and therefore may

require some experimentation, time and effort before full

impact is realised.

Adopting new technologies and forming strategic partnerships

are essential for improving R&D efficiency and pipeline

delivery. Securing external innovation through licensing,

mergers, and acquisitions is also vital for accessing advanced

technologies and promising drug candidates. However,

competition among companies for the most attractive

opportunities continues to intensify, which may hinder our

ability to secure external assets that support pipeline delivery.

Furthermore, there is a risk that we could misjudge the risks or

value of business development transactions based on the

information available at the time, potentially affecting our

pipeline growth, operational performance, or financial

outcomes.

---

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|:---|:---|:---|:---|:---|
| Strategic report | Corporate governance | Financial statements | **Investor information** | GSK 2025 Annual Report on Form 20-F |
| Risk Factors continued | Risk Factors continued | Risk Factors continued | Risk Factors continued | Risk Factors continued |

---

Financial controls and reporting<br>

**Risk definition**

The risk that GSK fails to comply with current tax laws; fails to

report accurate financial information in compliance with

accounting standards and applicable legislation; or incurs

significant losses due to treasury activities.

**Risk impact**

Non-compliance with financial, ESG or disclosure

requirements, or deficiencies in internal controls during finance

transformation and digital integration, could result in regulatory

action, litigation and reputational harm and could materially

and adversely affect our financial results. Transitional risks

from system upgrades and acquisitions, combined with gaps

in compliance culture, policy engagement or working capital

management, increase the potential for fraud, error or

inefficiency. Failures in safeguarding critical systems,

managing third-party and banking dependencies, or

overseeing data and AI risks could further lead to operational

disruption, financial loss, and loss of stakeholder confidence.

**Context**

Externally, geopolitical tensions, economic uncertainty, stricter

regulatory requirements, climate disruption and rapid

technological change all drive higher scrutiny and operational

complexity. Social expectations for transparency, ethical

conduct and ESG disclosure continue to rise, reinforcing the

link to reputational and compliance risks. Internally, large-scale

transformation programmes – including SAP Enterprise

Resource Planning evolution, acquisitions and digital initiatives

– create interdependencies with third parties, offshore partners

and banking counterparties. These connections heighten

exposure to data, cyber and AI risks, while making

governance, resilience and effective controls central to

sustaining our financial integrity and long-term strategic

objectives. The shift towards automation and technology-

driven processes creates both efficiency and opportunities

and risks from skills gaps, inadequate controls and evolving

compliance expectations.

Legal matters<br>

**Risk definition**

The risk that GSK or our third parties potentially fail to comply

with certain legal requirements for the development and

management of our pipeline, supply and commercialisation of

our products and operation of business, and specifically in

relation to requirements for competition law, anti-bribery and

corruption, outgoing fraud, and sanctions. Any failure to meet

compliance and legal standards for these particular areas

could lead to increasing scrutiny and enforcement from

government agencies.

**Risk impact**

Failure to mitigate this risk could subject GSK and associated

persons to governmental investigation, regulatory action, and

civil and criminal liability. It may hinder our ability to supply

products under certain government contracts. Moreover,

failure to manage legal risk could have substantial implications

for our reputation and the reputation of our senior leadership. It

could undermine investor confidence in our governance, risk

management and future performance, and negatively affect

share performance. It could result in substantial financial

penalties and the imposition of additional reporting obligations.

**Context**

The general landscape for anti-bribery and corruption,

outgoing fraud, competitive practices, and sanctions and

export controls continues to be challenging, with increased

scrutiny from government agencies. Authorities in the US and

UK are committed to investigating corporate fraud, particularly

where there is a significant impact on the public. We have

observed evolving trends in relation to sanctions, where

penalties for violations which were previously imposed, mainly

on large international banks, are now also imposed on

companies across various industries. The financial penalties in

these cases are often substantial.

Competition law is increasingly being used to tackle perceived

issues affecting access to medicine, pricing and acquisitions.

The US has amended its merger control regime, with the new

guidelines and notification form having the potential to

heighten regulatory burdens, costs and uncertainties.

---

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| Strategic report | Corporate governance | Financial statements | **Investor information** | GSK 2025 Annual Report on Form 20-F |
| Risk Factors continued | Risk Factors continued | Risk Factors continued | Risk Factors continued | Risk Factors continued |

---

Commercial practices<br>

**Risk definition**

The risk that GSK or our third parties facing increased

pricing, access and competitive pressures potentially

engage in commercial activities that fail to comply with

laws, regulations, industry codes, and internal controls and

requirements.

**Risk impact**

Failure to comply with: the letter and spirit of laws; industry

regulations, including with respect to legitimate and

transparent transfers of value, pricing, trade channel activities

and business tendering; or requirements related to sales and

promotion of medicines and vaccines and proper interactions

with healthcare professionals (HCPs), healthcare

organisations, and patients, may hinder our ability to achieve

our strategic goals and long-term priorities.

Such failures could also limit understanding of our products'

risks and benefits, leading to suboptimal patient care, and

expose us to investigations, legal actions, and criminal and/or

financial penalties. Practices misaligned with our culture may

harm our reputation and weaken stakeholder trust.

**Context**

The biopharma industry operates under significant regulation

and is highly competitive. To meet our strategic objectives, we

need to develop commercially viable new products, maintain

reliable supply, and expand the uses for current products to

meet the needs of patients, consumers, HCPs and payers.

The external environment continues to present a range of

challenges. For example, in the US, there is increased

oversight and enforcement of laws governing direct to

consumer (DTC) pharmaceutical advertising, and increased

scrutiny on the use of social media influencers, and DTC

telehealth companies. Geopolitical events in key markets,

inflationary trends and restricted customer access are further

adding to this complexity.

The introduction of new products or indications involves

inherent financial uncertainty. Product development is an

expensive, protracted and unpredictable process, with the

possibility of setback at any stage. Even after successful

development, we can encounter challenges in launching the

product, as competitor offerings and pricing strategies may

affect our market competitiveness. We promote product

innovation through dedicated efforts in both in-person and

virtual engagement, maintaining a consistent focus on patient

needs. Upon obtaining approval for a medicine or vaccine, we

are committed to responsibly providing essential information to

the healthcare community, always adhering to legal, ethical

and professional standards.

Appropriate product promotion aims to provide HCPs with

necessary information, ensure patients and consumers have

access to relevant facts about medicines and vaccines, and

support the lawful and compliant prescription,

recommendation and use of products in healthcare settings.

Scientific and patient engagement<br>

**Risk definition**

The risk that GSK or our third parties potentially fail to engage

externally to gain insights, educate and communicate on the

science of our medicines and associated disease areas, and

provide healthcare and patient support, grants and donations

in a legitimate and transparent manner compliant with laws,

regulations, industry codes and internal controls and

requirements.

**Risk impact**

Without controls in place, we are exposed to the risk of

real, perceived or disguised promotion, including off-label

and prior authorisation promotion. This could lead to

reputational damage, competitor complaints, audits from

self-governing bodies, or regulatory inspections with

subsequent corrective actions or civil litigation. Such

events would be likely to increase costs, cause delays and

distract from launches.

We must fully and appropriately engage externally to bring

patient benefit, and to advance science and innovation,

while delivering our strategy. Otherwise, we risk reducing

the trust of the public, patients, HCPs, payers, regulators

and governments.

**Context**

Digital and technology tools continue to advance, furthering

the use of multiple channels and platforms to engage HCPs

and patients. We engage externally in complex and dynamic

disease areas and treatments.

Our scientific and patient engagement activities are non-

promotional and directed at external stakeholders such as

HCPs, patients and payers. Our engagements aim to improve

patient care through the exchange or provision of knowledge

on the use of our products and related diseases.

We expect our activities to be scientifically sound and

accurate, conducted ethically and transparently, and

compliant with applicable codes, laws and regulations. There

are many industry and local codes and laws and other

regulations that apply, including in the areas of privacy, data

integrity and pharmacovigilance.

---

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|:---|:---|:---|:---|:---|
| Strategic report | Corporate governance | Financial statements | **Investor information** | GSK 2025 Annual Report on Form 20-F |
| Risk Factors continued | Risk Factors continued | Risk Factors continued | Risk Factors continued | Risk Factors continued |

---

Data ethics and privacy<br>

**Risk definition**

The risk that GSK or our third parties potentially fail to ethically

collect; use, re-use through AI, data analytics or automation,

secure, share and destroy personal information in accordance

with laws, regulations, and internal controls and requirements.

**Risk impact**

We face increasing exposure to data ethics and privacy risks

due to a rapidly evolving and fragmented global regulatory

landscape. Non-compliance, whether by GSK or third parties,

could result in legal proceedings, regulatory fines, operational

restrictions, reputational damage and erosion of trust with

stakeholders. Strengthened enforcement powers of data

protection authorities, combined with new national laws

enabling collective legal actions and stricter rules on data

localisation and cross-border transfers, pose additional

challenges.

**Context**

The EU General Data Protection Regulation (GDPR) remains

the global standard, influencing laws worldwide, while

emerging regulations increasingly address national security

concerns tied to technologies like foreign government

surveillance. Privacy regulators' approaches differ globally,

creating challenges for organisations that are seeking to

implement a harmonised global privacy programme. Privacy

regulators continue to enforce compliance with privacy laws

rigorously. The growing emphasis on data sovereignty has led

countries to mandate local storage of personal information and

impose stringent restrictions on cross-border data transfers,

along with stricter controls around individual consent

requirements.

Research practices<br>

**Risk definition**

The risk that GSK or our third parties potentially fail to

adequately conduct ethical and credible pre-clinical and

clinical research, collaborate in research activities compliant

with laws, regulations, and internal controls and requirements.

**Risk impact**

The potential impacts of this risk include harm to human

subjects, reputational damage, failure to secure regulatory

approvals for our products; governmental investigation; legal

actions by governmental and private entities (including

product liability suits and claims for damages); revenue loss

due to inadequate patent protection or inability to supply our

products; and regulatory action such as fines, penalties, or

loss of product authorisation. Poor data integrity and

governance could compromise our R&D efforts and negatively

impact our reputation. Any of these could severely impact our

financial results and erode trust among patients.

**Context**

The external Research Practices risk exposure is increasing.

Geopolitical tensions are becoming increasingly unpredictable

and present new challenges to our industry as we contend

with not only industry-specific regulations, but broader

requirements related to national security and data sovereignty

that may disrupt R&D. Rapid technological expansion

particularly in the areas of AI and automation, present

opportunities but also exert significant competitive pressure in

the context of a disparate and evolving ethical, legal, and

regulatory landscape.

We are continually strengthening our resilience, adaptability

and forward planning to navigate the risks associated with

Research Practices. By proactively implementing and refining

a robust internal control framework, we strive to maintain a

stable and secure internal risk environment.

Human research is critical to assessing and demonstrating the

safety and efficacy of our investigational products, discovering

new products and for further evaluating our products post-

approval. This research includes clinical trials involving both

healthy volunteers and patients, and it adheres to stringent

regulations and the highest ethical, medical and scientific

standards. Our clinical trials reflect the populations affected by

the diseases we are aiming to address. We are committed to

ensuring we recruit participants to our clinical trials in line with

the epidemiology of the diseases in question and we ensure

that the patients and people enrolled in our clinical trials

represent the real-world patient/people population affected by

the disease under study and that will use our medicines and

vaccines. We are committed to transparency and disclose the

results of our human research externally, regardless of whether

they cast our products in a positive or negative light, to ensure

that the scientific community can benefit from our findings.

Our work with individual human data and human biological

samples is crucial to the discovery, development, and safety

monitoring of our products. We are committed to managing

these in accordance with informed consent provided by the

individuals from whom the data and samples were collected,

as well as the relevant laws, regulations, and ethical principles.

Data is pivotal to our R&D strategy; we apply robust and fit-for-

purpose data governance principles and comply with relevant

laws, regulations and contractual obligations in alignment with

our values and culture across data ethics, privacy, information

and cyber security, and data integrity.

Research involving animals can raise ethical concerns. In

many cases, however, it is the only way to investigate the

effects of a potential new medicine or vaccine in a living body

other than in humans. Animal research provides critical

information about the causes and mechanisms of diseases

and remains a small but vital part of our research. We

continually seek ways in which we can minimise or find

alternatives to the use of animals in research, development

and testing, while complying with regulatory requirements. We

reduce the impact on the animals we use by following our

"3Rs" strategy of replacement, reduction and refinement,

which is a science-led, ethical framework that guides our work

with animals.

---

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| Strategic report | Corporate governance | Financial statements | **Investor information** | GSK 2025 Annual Report on Form 20-F |
| Risk Factors continued | Risk Factors continued | Risk Factors continued | Risk Factors continued | Risk Factors continued |

---

Biological materials are required for the discovery, R&D of our

assets. We are committed to conducting research in

compliance with the terms and conditions of licenses,

agreements or authorisations under which we acquire, use or

transfer biological materials and technologies. Through the

Convention on Biological Diversity (CBD) and the Nagoya

Protocol, the international community has established a global

framework regulating access to, and use of, genetic resources

of non-human origin in research and development. We support

the equitable access and fairness principles of access and

benefit sharing outlined in the CBD and the Nagoya Protocol.

We also recognise the importance of appropriate, effective

and proportionate implementation measures at national and

regional levels.

Our R&D success is enabled by collaborations with academic

institutions, biotechnology innovators, Contract Research

Organizations and other third parties. These relationships

expand our scientific reach and business development

opportunities but may also expose us to compliance, data

security and reputational risks as well as requiring increased

resource to ensure adequate third-party oversight.

Environment, health, and safety (EHS)<br>

**Risk definition**

The risk that GSK or our third parties potentially fail to ensure

appropriate controls and governance of the organisation's

assets, facilities, infrastructure, and business activities,

including execution of hazardous activities, handling of

hazardous materials, or release of substances harmful to the

environment that disrupts supply or harms employees, third

parties or the environment.

**Risk impact**

Failure to manage EHS risks could result in significant harm to

people; the environment and the communities in which we

operate; fines; inability to meet stakeholder expectations and

regulatory requirements; litigation or regulatory action; and

damage to the company's reputation. This could materially

and adversely affect our financial results.

**Context**

We are subject to the health, safety and environmental laws of

various jurisdictions. These laws impose duties to protect

people, the environment and the communities in which we

operate. Regulations continue to arise and evolve, notably new

sustainability directives from the EU and Canada, and globally

evolving Per- and polyfluoroalkyl substances (PFAS)

regulations. We are committed to proactively addressing

ongoing changes; strengthening our EHS risk management

processes; and further developing the capabilities of our

leaders.

Information and cyber security<br>

**Risk definition**

The risk that GSK or our third parties fail to ensure appropriate

controls and governance to identify, protect, detect, respond,

and recover from cyber security incidents in accordance with

applicable laws, regulations, industry standards, internal

controls, and requirements.

**Risk impact**

Failure to adequately protect our information and systems

against cyber security threats may cause harm to our patients,

people and customers, disruption to our business and/or loss

of commercial or strategic advantage, regulatory sanction, or

damage to our reputation.

**Context**

The external landscape remains challenging, with increasing

geopolitical tensions, digital nationalism and the growing

complexity and frequency of cyberattacks. Emerging cyber

security regulations and privacy laws, combined with the

anonymity enabled by cryptocurrencies and the dark web, are

adding further layers of complexity. As a global business

dependent on a highly interconnected information network, we

recognise that our systems and data are targets for cyber

threats, as are those of other companies. Our drive to enhance

pipeline innovation, performance and productivity through

advanced technologies like digital tools, data analytics, AI/ML

and cloud computing demands continuous improvement in our

cyber security measures and defences. We depend on

external contractors, partners and suppliers, who face similar

cyber security risks, reinforcing the importance of collaboration

and vigilance across our ecosystem.

---

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|:---|:---|:---|:---|:---|
| Strategic report | Corporate governance | Financial statements | **Investor information** | GSK 2025 Annual Report on Form 20-F |
| Risk Factors continued | Risk Factors continued | Risk Factors continued | Risk Factors continued | Risk Factors continued |

---

Supply continuity<br>

**Risk definition**

The risk that GSK or our third parties potentially fail to deliver a

continuous supply of compliant finished product or respond

effectively to a crisis incident in a timely manner to recover and

sustain critical supply operations.

**Risk impact**

We recognise how important continuity of supply of our

products is to the patients who rely on them. Difficulties with

forecasting demand for our products or their manufacture or

distribution can lead to:

–Product shortages and product recalls.

–Regulatory intervention.

–Reputational harm.

–Lost sales revenue.

To respond, we need sophisticated end-to-end supply chain

management combined with robust crisis management and

business continuity plans.

**Context**

We operate our supply chains in a continually evolving, highly

regulated environment. There is no single set of global

regulations which governs the manufacture and distribution of

medicines, and we must adhere to the requirements in all

those markets in which we licence, sell or manufacture our

products. We rely on our internal Quality Management System

and our Internal Control Framework to ensure we maintain our

licence to operate.

Our complex end-to-end supply chains often involve third-

party suppliers, active pharmaceutical ingredients (API)

manufacturers, raw material suppliers and third party logistics

service providers. We rely on strategic partnerships with a

small number of contract manufacturing organisations.

We continue to operate our global supply chains in a rapidly

changing geopolitical environment. There is a global trend

towards nationalism which is driving regional and market-

driven supply strategy.

Increasing environmental regulation and reporting across the

healthcare sector has the potential to increase scrutiny by

investors, governments and non-governmental organisations

as net-zero climate targets progress. Evolving regulation and

increasing scrutiny is being incorporated into public

procurement of medicines and vaccines.

Skills and capability planning<br>

**Risk definition**

The risk that GSK potentially fails to ensure adequate skills and

capability planning to enable delivery of our strategic priorities.

**Risk impact**

Failure to mitigate this risk could impact our people and

adversely impact our operations and ability to deliver on our

strategy.

**Context**

Developing and maintaining a skilled and talented workforce

with the right capabilities to address our strategic goals

impacts our ability to deliver on long-term strategic objectives.

This drives an increasing need for robust skills and capabilities

planning. Significant advances in science and technology,

especially AI, mean that the skills and capabilities needed for

jobs across the pharmaceutical and healthcare industries are

rapidly evolving. This requires evaluation of how to attract,

integrate, incentivise and retain talent over time, as well as

reskilling and developing our people's capabilities internally.

---

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| Strategic report | Corporate governance | Financial statements | **Investor information** | GSK 2025 Annual Report on Form 20-F |
| Risk Factors continued | Risk Factors continued | Risk Factors continued | Risk Factors continued | Risk Factors continued |

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Geopolitical and regulatory environment<br>

**Risk definition**

The risk that GSK fails to adapt to rising geopolitical and social

tensions and changes in the regulatory and legislative

environment that may give rise to restrictive measures in

relation to the pharmaceutical and healthcare industry. These

tensions, changes and measures include but are not limited to

the following:

–Changes in governments.

–Increasing governmental protectionist measures.

–Sovereign risk, inflationary pressures including changes

in or limiting government spending and control of costs.

Mechanisms focused on healthcare reform, access and

pricing pressures. Aggressive trade, monetary and fiscal

policies from governments and central banks; tariffs and

trade restrictions on pharmaceutical products and active

pharmaceutical ingredients.

–Altered timing or requirements for approval and label

change processes, clearance of products or rescission

of prior approval decisions, government driven changes

that may deviate from standard procedures or scientific

data.

–Laws, regulations, investigations or legal actions, new or

amended legislative and regulatory proposals and

enactments.

–Acts of war, aggression or terrorism.

**Risk impact**

Geopolitical and social tensions, like changes in government,

war, or terrorism, can directly and indirectly affect GSK and the

pharmaceutical industry. Protectionist policies and new

regulations may make it harder for GSK to operate globally,

raise costs, and limit access to markets. Changes in

government spending, new laws, and actions by regulators

can affect how GSK prices and sells products, may increase

the cost and difficulty of getting products approved and

introduced to markets or adversely impact availability and

access of our products. Trade restrictions, tariffs, and strict

economic policies can lead to recessions, higher living costs,

and supply chain disruptions. All these factors can adversely

affect GSK's business performance, financial health, and

future prospects.

**Context**

Geopolitical and social tensions have prompted governments

to introduce or consider protectionist measures, such as tariffs

and trade restrictions, which can disrupt supply chains and the

production and delivery of pharmaceutical products. Although

in December 2025 the UK and the US agreed to maintain a

zero tariff on pharmaceutical products manufactured in the UK

for a three-year period, there can be no assurance that this

arrangement will not be amended or changed in the future.

Sovereign risk and inflationary pressures, along with changes

or limits in government spending and cost controls, can create

financial instability and unpredictability in the pharmaceutical

sector, affecting pricing, market access, and operational

costs. Regulatory changes, new laws, and government

policies—especially those affecting drug pricing and

reimbursement—are increasing across global markets.

Healthcare reforms and price controls in regions like the US,

UK, and EU are changing how drugs are prescribed,

purchased, and reimbursed. Changes to regulatory authorities'

timing or requirements for product approval, or rescission of

previous approvals, can affect the ability to bring new

products to market. Aggressive economic policies and global

instability may also trigger recessions and raise costs, putting

further pressure on product pricing and supply chains.

---

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| Strategic report | Corporate governance | Financial statements | **Investor information** | GSK 2025 Annual Report on Form 20-F |
| Risk Factors continued | Risk Factors continued | Risk Factors continued | Risk Factors continued | Risk Factors continued |

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Climate change<br>

**Risk definition** 

Failure in the management of:

–Physical climate and environmental risks;

–Current and future regulatory requirements for environmental

compliance, disclosure and taxes;

–Delivery and performance of management environmental

objectives leading to:

reduced supply chain resilience; product life cycle

management issues; loss of trust/reputation with employees,

investors, customers, regulators and other stakeholders,

increased costs; loss of sales or market access; negative

impacts on the environment.

**Risk impact**

We recognise that the way we respond to climate change and

manage environmental risks affects our ability to supply

products to patients and consumers and could lead to harm to

the environment and our reputation. For example:

–Changes to regulations governing the supply of high global

warming potential (GWP) substances by the EU and US

governments will restrict our ability to manufacture metered

dose inhalers.

–Increasing levels of water stress could lead to interruptions

to the supply of water to GSK and third-party supply sites.

–Increasing frequency and impact of extreme weather events

that could disrupt GSK and third-party supplier sites.

–Future regulatory policy responses to address climate

change could lead to the imposition of carbon taxes by

countries where we manufacture and source goods from

third parties.

–Failure to meet fast-evolving regulatory requirements on

disclosures and environmental compliance could lead to

regulatory actions or fines.

–Failure to meet changing stakeholder expectations, such as

increasing demands from health systems for low carbon

medicines and vaccines, could affect the demand for our

products, which may have an adverse impact on our

financial results, lead to a longer-term loss of trust and

undermine the credibility of the company.

**Context**

It is increasingly understood that the interconnected effects of

climate change, nature loss, and the impact of both on society

are influencing human health. Internal and external

expectations for companies to address their impact on the

environment are increasing, as are the effects of climate

change on operational resilience.

Regulations on environmental compliance, disclosure and

environmentally related taxation are rapidly evolving in

jurisdictions around the world, which requires increasing levels

of disclosure and data assurance.

Our ability to meet our targets of reducing carbon emissions

by 80% and 90% by 2030 and 2045 (in each case, from a

2020 baseline), respectively, is based on successful regulatory

outcomes from the programme to redevelop our *Ventolin* 

inhaler using a lower-carbon propellant.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | **[Investor information](#ie22c70781ec24e178b4ec838768832e2_547)** | GSK 2025 Annual Report on Form 20-F |
| Shareholder information | Shareholder information | Shareholder information | Shareholder information | Shareholder information |

---

Share capital and control<br>

Details of our issued share capital and the number of shares

held in Treasury as at 31 December 2025 can be found in

Note 36 to the financial statements, 'Share capital and share

premium account'.

Our Ordinary Shares are listed on the London Stock Exchange

(LSE) and are also quoted on the New York Stock Exchange

(NYSE) in the form of American Depositary Shares (ADS).

Each ADS represents two Ordinary Shares. (For details of

listed debt refer to Note 29 to the financial statements, 'Net

debt'.)

Holders of Ordinary Shares and ADS are entitled to receive

dividends (when declared) and a copy of the company's

Annual Report (if elected). They are also entitled to attend,

speak, appoint proxies and exercise voting rights at general

meetings of the company.

There are no restrictions on the transfer, or limitations on the

holding, of Ordinary Shares and ADS and no requirements to

obtain approval prior to any transfers. No Ordinary Shares or

ADS carry any special rights with regard to control of the

company and there are no restrictions on voting rights. Major

shareholders have the same voting rights per share as all other

shareholders. There are no known arrangements under which

financial rights are held by a person other than the holder of

the shares and no known agreements on restrictions on share

transfers or on voting rights.

Shares acquired through the Group's employee share plans

rank equally with the other shares in issue and have no special

rights. The trustees of our Employee Share Ownership Plan

Trusts have waived their rights to dividends on Ordinary

Shares and ADS held by those Trusts.

**Exchange controls and other limitations** 

**affecting holders**

Other than certain economic sanctions, which may be in force

from time to time, there are currently no applicable laws,

decrees or regulations in force in the UK restricting the import

or export of capital or restricting the remittance of dividends or

other payments to holders of the company's shares who are

non-residents of the UK.

Similarly, other than certain economic sanctions which may be

in force from time to time, there are no limitations relating only

to non-residents of the UK under English law or the company's

Articles of Association on the right to be a holder of, and to

vote in respect of, the company's shares.

**Interests in voting rights**

Other than as stated below, as far as as the company is

aware, there are no persons with significant direct or indirect

holdings in the company. Information provided to the company

pursuant to the FCA's Disclosure Guidance and Transparency

Rules (DTR 5) is published on a Regulatory Information Service

and on the company's website at gsk.com.

The company has received notifications in accordance with

DTR 5 of the following notifiable interests in the voting rights in

the company's issued share capital:

---

| | | |
|:---|:---|:---|
|  | 31 December 2025 | 25 February 2026 |
|  | Percentage<br>of total<br>voting <br>rights<sup>(1)</sup><br>| Percentage <br>of total <br>voting<br>rights<sup>(1)</sup><br>|
| BlackRock, <br>Inc.<br>231975400<sup>(2)</sup> | 5.69%<br>231975400<sup>(2)</sup> | 5.69% |
| Dodge & <br>Cox<br>253464108<sup>(3)</sup> | 5.04%<br>253464108<sup>(3)</sup> | 5.04% |

---

(1)Percentage of total voting rights at the date of notification to the

company.

(2)Comprising an indirect interest in 229,134,683 Ordinary Shares,

1,677,887 ADS and 1,162,830 financial instruments (CFDs).

(3)Comprising an indirect interest in 99,377,874 Ordinary Shares and

154,086,234 ADS.

**Share buyback programme**

The Board has been authorised by shareholders to issue and

allot Ordinary Shares under Article 9 of the company's Articles

of Association. The power under Article 9 and the authority for

the company to make purchases of its own shares are subject

to annual shareholder authorities which are sought at our

Annual General Meeting (AGM). Any shares purchased by the

company may be cancelled, held as Treasury shares or used

to satisfy share options and grants under the Group's

employee share plans.

At the AGM in May 2025, the company was authorised to

purchase a maximum of 413,957,879 shares.

Our share buyback programme covers purchases of shares

for cancellation or to be held as Treasury shares. In

determining specific share repurchase levels, the company

considers the development of free cash flow during the year.

On 5 February 2025, the company announced its intention to

implement a £2 billion share buyback programme to be

completed over an 18 month period. The purpose of the

programme is to return excess capital to shareholders and

reduce the share capital of the company. The first tranche of

the programme (of up to £0.7 billion) commenced on 24

February 2025 and completed on 3 June 2025. The second

tranche (of up to £0.45 billion) commenced on 4 June 2025

and completed on 18 September 2025 and the third tranche

(of up to £0.3 billion) commenced on 30 September 2025 and

completed on 19 December 2025. The fourth tranche (of up to

£0.45 billion) commenced on 17 February 2026.

In aggregate, the total number of shares purchased in the year

ended 31 December 2025 under the programme was

92,949,186 with an aggregate nominal value of approximately

£29 million, which represented 2.15% of issued share capital

as at 31 December 2025. The total consideration for the

purchase was £1,377 million, including transaction costs of £8

million.

Details of shares purchased, cancelled, held as Treasury

shares and subsequently transferred from Treasury to satisfy

awards under the Group's employee share plans are

disclosed in Note 36 to the financial statements, 'Share capital

and share premium account'.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | **[Investor information](#ie22c70781ec24e178b4ec838768832e2_547)** | GSK 2025 Annual Report on Form 20-F |
| Shareholder information continued<br>Share capital and control continued | Shareholder information continued<br>Share capital and control continued | Shareholder information continued<br>Share capital and control continued | Shareholder information continued<br>Share capital and control continued | Shareholder information continued<br>Share capital and control continued |

---

**Market capitalisation**

The market capitalisation of the company, based on shares in

issue excluding Treasury shares, at 31 December 2025 was

£74.4 billion. At that date, GSK was the 8th largest company

by market capitalisation in the FTSE index.

---

| | | | |
|:---|:---|:---|:---|
| **Share price** | **2025**<br>**£**<br>| 2024<br>£<br>| 2023<br>£<br>|
| At 1 January | 13.62 | 14.80 | 14.51 |
| At 31 December | 18.26 | 13.47 | 14.50 |
| Increase/(decrease) | 36% | (9)% | (0.06)% |
| High during the year | 18.33 | 18.13 | 15.36 |
| Low during the year | 12.64 | 13.00 | 13.16 |

---

The table above sets out middle market closing prices. The

company's share price increased by 36% in 2025. This

compares with an increase in the FTSE 100 index of 21.5%

during the year. The middle market closing share price on 25

February 2026 was £22.14.

The trading symbol for GSK's Ordinary Shares of 31 ¼ pence

each on the LSE is GSK and the trading symbol for GSK's ADS

on the NYSE is GSK.

**GSK share price trend in the three years** 

**ended 31 December 2025**

![5907](gsk-20251231_g108.gif)

**Nature of trading market** 

The following table sets out, for the periods indicated, the high and low middle market closing prices for the company's Ordinary

Shares on the LSE and for the ADS on the NYSE.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Ordinary Shares | Ordinary Shares | ADS | ADS |
| Period | Dates | UK£ per share  | UK£ per share  | US$ per share | US$ per share |
|  |  | High | Low | High | Low |
| Month ended | February 2026\* | 22.67 | 19.25 | 61.21 | 52.47 |
| Month ended | January 2026 | 19.01 | 17.88 | 51.61 | 47.65 |
| Month ended | December 2025 | 18.33 | 17.83 | 49.29 | 47.19 |
| Month ended | November 2025 | 18.25 | 17.57 | 48.41 | 46.11 |
| Month ended | October 2025 | 17.83 | 16.15 | 46.94 | 43.24 |
| Month ended | September 2025 | 15.75 | 14.43 | 43.16 | 38.96 |
| Quarter ended | 31 December 2025 | 18.33 | 16.14 | 49.29 | 43.24 |
| Quarter ended  | 30 September 2025 | 15.75 | 13.44 | 43.16 | 36.20 |
| Quarter ended  | 30 June 2025 | 15.50 | 12.64 | 42.49 | 33.60 |
| Quarter ended  | 31 March 2025 | 15.59 | 12.94 | 40.39 | 32.08 |
| Quarter ended  | 31 December 2024 | 15.22 | 13.00 | 40.30 | 33.35 |
| Quarter ended  | 30 September 2024 | 16.71 | 14.98 | 44.26 | 38.21 |
| Quarter ended | 30 June 2024 | 18.13 | 15.26 | 45.78 | 38.50 |
| Quarter ended | 31 March 2024 | 17.11 | 14.80 | 43.58 | 37.51 |
| Year ended | 31 December 2023 | 15.21 | 13.82 | 37.56 | 34.17 |
| Year ended | 31 December 2022 | 14.92 | 13.20 | 37.92 | 30.00 |
| Year ended | 31 December 2021 | 16.19 | 13.80 | 44.44 | 38.13 |

---

\* to 25 February 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | **[Investor information](#ie22c70781ec24e178b4ec838768832e2_547)** | GSK 2025 Annual Report on Form 20-F |
| Shareholder information continued | Shareholder information continued | Shareholder information continued | Shareholder information continued | Shareholder information continued |

---

Analysis of shareholdings at 31 December 2025<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Number of<br>accounts<br>| % of total<br>accounts<br>| % of total <br>shares<br>| Number of shares |
| **Holding of shares** |  |  |  |  |
| Up to 1,000 | 42324 | 75.46 | 0.29 | 12306928 |
| 1,001 to 5,000 | 10255 | 18.28 | 0.50 | 21627079 |
| 5,001 to 100,000 | 2589 | 4.62 | 1.15 | 49505003 |
| 100,001 to 1,000,000 | 611 | 1.09 | 4.99 | 215419870 |
| Over 1,000,000 | 311 | 0.55 | 93.07 | 4016586146 |
|  | 56090 | 100.00 | 100.00 | 4315445026 |
| **Held by** |  |  |  |  |
| Institutional and corporate holders | 2619 | 4.67 | 71.75 | 3096136250 |
| Individuals and other corporate bodies | 53469 | 95.33 | 1.20 | 51755790 |
| Guaranty Nominees Limited (ADR programme) | 1 | 0.00 | 21.49 | 927533497 |
| Held as Treasury shares by GSK | 1 | 0.00 | 5.56 | 240019489 |
|  | 56090 | 100.00 | 100.00 | 4315445026 |

---

JP Morgan Chase Bank NA is the Depositary for the company's American Depositary Receipt (ADR) programme, which is

managed by the Depositary. The company's American Depositary Shares (ADSs) are listed on the NYSE. Ordinary Shares

underlying the ADS are registered in the name of Guaranty Nominees Limited. At 25 February 2026, Guaranty Nominees Limited

held 909,622,927 Ordinary Shares representing 22.33% of issued share capital (excluding Treasury shares).

At 25 February 2026, the number of record holders of Ordinary Shares with addresses in the US was 862 with holdings of

1,081,484 Ordinary Shares, and the number of registered holders of ADSs was 13,313 with holdings of 452,769,404 ADSs.

Certain of these Ordinary Shares and ADSs were held by brokers or other nominees. As a result, the number of holders of record

or registered holders with addresses in the US is not representative of the number of beneficial holders or of the residence of

beneficial holders.

Dividends<br>

The company pays dividends quarterly and continues to return

cash to shareholders through its dividend policy. Dividends

remain an essential component of total shareholder return and

GSK recognises the importance of dividends to shareholders.

Since 2022, GSK has implemented a progressive dividend

policy guided by a 40% to 60% pay-out ratio through the

investment cycle. The dividend policy, the total expected cash

distribution, and the respective dividend pay-out ratios for GSK

remain unchanged.

**Dividends per share**<br>

The table below sets out the dividend per share and per ADS

for the last five years. The dividend per ADS is translated into

US dollars at applicable exchange rates.

---

| | | |
|:---|:---|:---|
| Year  | pence | US$<sup>(1)</sup> |
| 2025 | 66<sup>(2)</sup> | — <sup>(4)</sup> |
| 2024 | 61 | 1.56 |
| 2023 | 58 | 1.47 |
| 2022 | 61.25<sup>(3)</sup> | 2 |
| 2021 | 80 | 2.16 |

---

(1)An annual fee of $0.03 per ADS (or $0.0075 per ADS per quarter) is

charged by the Depositary. The amounts shown are the dividends paid

per ADS before the annual fee is charged.

(2)Dividends declared and paid in respect of 2025 were 16p per share for

Q1 2025, 16p per share for Q2 2025 and 16p per share for Q3 2025. A

dividend of 18p per share has been declared for Q4 2025.

The expected dividend for 2026 is 70p per Ordinary Share.

Details of the dividends declared, the amounts and the

payment dates are given in Note 16 to the financial statements,

'Dividends'.

**2026 Dividend calendar**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Quarter | Ex-dividend <br>date<br>| ADS Ex-<br>dividend date<br>| Record date | Payment date |
| Q4 2025 | 19 February<br>2026<br>| 20 February<br>2026<br>| 20 February<br>2026<br>| 9 April<br>2026<br>|
| Q1 2026 | 14 May<br>2026<br>| 15 May<br>2026<br>| 15 May<br>2026<br>| 9 July<br>2026<br>|
| Q2 2026 | 13 August <br>2026<br>| 14 August <br>2026<br>| 14 August <br>2026<br>| 8 October<br>2026<br>|
| Q3 2026 | 12 November<br>2026<br>| 13 November<br>2026<br>| 13 November<br>2026<br>| 7 January<br>2027<br>|
| Q4 2026 | 18 February<br>2027<br>| 19 February<br>2027<br>| 19 February<br>2027<br>| 8 April<br>2027<br>|

---

(3)Adjusted for the Share Consolidation (2022 only; prior years have not

been adjusted).

(4)The Q4 2025 dividend receivable by ADS holders will be calculated

based on the exchange rate on 7 April 2026. The cumulative dividend

receivable by ADS holders for Q1, Q2 and Q3 2025 was $1.30.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | **[Investor information](#ie22c70781ec24e178b4ec838768832e2_547)** | GSK 2025 Annual Report on Form 20-F |
| Shareholder information continued | Shareholder information continued | Shareholder information continued | Shareholder information continued | Shareholder information continued |

---

Financial calendar 2026<br>

---

| | |
|:---|:---|
| Event  | Date |
| Quarter 1 results announcement | 29 April 2026 |
| Annual General Meeting | 6 May 2026 |
| Quarter 2 results announcement | 29 July 2026 |
| Quarter 3 results announcement | 28 October 2026 |
| Quarter 4 Results announcement | 3 February 2027 |
| Annual Report publication | February/March 2027 |
| Annual Report distribution | March 2027 |

---

Information about the company, including the Ordinary Share

and ADS price, is available on our website at gsk.com.

Information made available on the website does not constitute

part of this Annual Report.

**Stock Exchange announcement notifications**

We provide shareholders with a service to receive automatic

email notifications when we publish a stock exchange

announcement. To receive email notifications, please sign up

for announcements at gsk.com in the Investors section.

**Results announcements**

Results announcements are issued to the LSE and are

available on its news service. They are also sent to the US

Securities and Exchange Commission (SEC) and the NYSE,

issued to the media and made available on our website.

**Financial reports** 

The Annual Report is made available on our website from the

date of publication. Shareholders may elect to receive

notification by email of the publication of Annual Reports by

registering on www.investorcentre.co.uk, and may also elect to

receive a printed copy of the Annual Report by contacting our

registrar, Computershare Investor Services PLC.

Copies of previous Annual Reports are available on our

website. Printed copies can also be obtained from our registrar

(see page [283](#ie22c70781ec24e178b4ec838768832e2_691) for contact details).

Annual General Meeting 2026<br>

Our Annual General Meeting (AGM) will be held at 2.30pm (UK

time) on Wednesday, 6 May 2026 at The London Marriott

Hotel, Grosvenor Square, London, W1K 6JP, United Kingdom

and will also be broadcast live for shareholders to join

electronically. The AGM is the company's principal forum for

communication with private shareholders. In addition to the

formal AGM business, there will be a presentation by the CEO

on the performance of the Group and its future development.

There will be an opportunity for questions to be asked of the

Board and Chairs of the Board's Committees will be available

to take questions relating to their roles.

Further details on how to access the AGM electronically or

attend in person, ask questions and vote, can be found in the

notice of Annual General Meeting 2026 (AGM Notice) which

will be made available on our website at gsk.com on or around

25 March 2026.

Investors holding shares through a nominee service should

arrange with that service for them to be appointed as a proxy

in respect of their shareholding to attend and vote at the

meeting electronically.

ADS holders wishing to attend the meeting electronically

should refer to the AGM Notice for details on how to request a

proxy appointment from the Depositary, JP Morgan Chase

Bank NA, see page [283](#ie22c70781ec24e178b4ec838768832e2_691) for contact details. This will enable

them to attend, ask questions and vote electronically on the

business to be transacted at the meeting.

ADS holders are reminded that if they do not instruct the

Depositary as to the way in which the shares represented by

their ADS should be voted by completing and returning the

voting card provided by the Depositary, their shares will not be

voted.

**Documents on display**

The Articles of Association of the company and Directors'

service contracts or, where applicable, letters of appointment

between Directors and the company or any of its subsidiaries

(and any side letters relating to severance terms and pension

arrangements) are available for inspection at the company's

registered office and will be made available for inspection at

the AGM.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | **[Investor information](#ie22c70781ec24e178b4ec838768832e2_547)** | GSK 2025 Annual Report on Form 20-F |
| Shareholder information continued | Shareholder information continued | Shareholder information continued | Shareholder information continued | Shareholder information continued |

---

Tax information for shareholders<br>

A summary of certain UK tax and US federal income tax

consequences for holders of Ordinary Shares and ADS who

are citizens of the UK or the US is set out below. It is not a

complete analysis of all the possible tax consequences of the

purchase, ownership or sale of these securities. It is intended

only as a general guide. Holders are advised to consult their

advisers with respect to the tax consequences of the

purchase, ownership or sale of their Ordinary Shares or ADS

and the consequences under state and local tax laws in the

US and the implications of the current UK/US tax conventions.

US holders of ADS generally will be treated as the owners of

the underlying Ordinary Shares for the purposes of the current

UK/US double taxation conventions relating to income and

gains (Income Tax Convention), estate and gift taxes (Estate

and Gift Tax Convention), and for the purposes of the Internal

Revenue Code of 1986, as amended.

**UK shareholders** 

This summary only applies to a UK resident shareholder that

holds Ordinary Shares as capital assets.

**Taxation of dividends** 

For the 2025/26 UK tax year, UK resident individuals are

entitled to a dividend tax allowance of up to £500, so that the

first £500 of dividends received in a tax year will be free of tax.

Dividends in excess of this allowance will be taxed at 8.75%

for basic rate taxpayers, 33.75% for higher rate tax payers and

39.35% for additional rate taxpayers.

UK resident shareholders that are corporation taxpayers

should note that dividends payable on Ordinary Shares are

generally entitled to exemption from corporation tax.

**Taxation of capital gains** 

UK resident shareholders may be liable for UK tax on gains on

the disposal of Ordinary Shares or ADS.

For disposals by individuals in the 2025/2026 UK tax year, the

taxable capital gain arising on a disposal of shares or ADS will

be subject to capital gains tax at 18% to the extent the gain

falls within the individual's basic rate income tax band, and

24% to the extent that it falls above the basic rate band, if,

after all allowable deductions, the individual's taxable income

for the year exceeds the basic rate income tax banding. Note

this applies following the use of any exemptions available to

the individual taxpayer, such as the annual exempt amount.

Corporation tax payers may be entitled to an indexation

allowance which applies to reduce capital gains to the extent

that such gains arise due to inflation. Indexation allowance

may reduce a chargeable gain but will not create an allowable

loss. For assets acquired on or before 1 January 2018,

legislation in the Finance Act 2018 freezes the level of

indexation allowance that is given in calculating a company's

chargeable gains at the value that would apply to the disposal

of an asset in December 2017. For assets acquired from 1

January 2018 onwards, legislation in the Finance Act 2018

removes any indexation allowance on disposal.

**Inheritance tax** 

Individual shareholders (whether or not they are UK-domiciled)

may be liable to UK inheritance tax on the transfer of Ordinary

Shares or ADS. Exposure to a UK inheritance tax charge

typically occurs on the death of the asset owner. However,

transfers of shares (other than commercial sales) within seven

years of death remain relevant to any inheritance tax exposure

at death. Further, transfers to a trust arrangement during

lifetime can give rise to an immediate inheritance tax charge.

Tax may be charged on the amount by which the value of the

shareholder's estate is reduced as a result of any transfer by

way of lifetime gift or other disposal at less than full market

value. In the case of a bequest on death, tax may be charged

on the value of the shares at the date of the shareholder's

death. Where shareholders are exposed to UK inheritance tax

and the equivalent tax of another jurisdiction, professional

advice should be sought in relation to the availability of any

relief from double taxation.

The overall exposure to such tax will be dependent on the

specific circumstances of each situation. Bespoke advice

tailored to an individual's personal circumstances should

therefore be obtained from a tax professional.

**Stamp duty and stamp duty reserve tax**

UK stamp duty and/or stamp duty reserve tax (SDRT) will,

subject to certain exemptions, be payable on the transfer of

shares at a rate of 0.5% (rounded up to the nearest £5 in the

case of stamp duty) of the consideration for the transfer.

Notwithstanding this, provided that an instrument is executed

in pursuance of the agreement that gave rise to the charge to

SDRT and that instrument is stamped within six years of the

agreement (including being stamped as exempt), any SDRT

charge should be cancelled and any SDRT which has already

been paid will be repaid. Where listed shares are transferred

to a company connected to the transferor the chargeable

consideration will be deemed to be not less than the market

value of the shares transferred.

**US shareholders** 

This summary only applies to a shareholder (who is a citizen or

resident of the US or a domestic corporation or a person that

is otherwise subject to US federal income tax on a net income

basis in respect of the Ordinary Shares or ADS) that holds

Ordinary Shares or ADS as capital assets, is not resident in the

UK for UK tax purposes and does not hold Ordinary Shares or

ADS for the purposes of a trade, profession or vocation that is

carried on in the UK through a branch or agency.

The summary also does not address the tax treatment of

holders that are subject to special tax rules, such as banks,

tax-exempt entities, insurance companies, dealers in securities

or currencies, persons that hold Ordinary Shares or ADS as

part of an integrated investment (including a 'straddle')

comprised of an Ordinary Share or ADS and one or more other

positions, and persons that own (directly, indirectly or

constructively) 10% or more of the company's stock (by vote

or value), nor does it address tax treatment that may be

applicable as a result of international income tax treaties.

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | **[Investor information](#ie22c70781ec24e178b4ec838768832e2_547)** | GSK 2025 Annual Report on Form 20-F |
| Shareholder information continued | Shareholder information continued | Shareholder information continued | Shareholder information continued | Shareholder information continued |

---

**Taxation of dividends** 

The gross amount of dividends received is treated as foreign

source dividend income for US tax purposes. It is not eligible

for the dividend received deduction allowed to US

corporations. Dividends paid in sterling generally will be

includable in income in a US dollar amount calculated by

reference to the exchange rate in effect on the day the US

holder receives the dividends, in the case of Ordinary Shares,

or the date the depositary receives the dividends, in the case

of ADS. Subject to certain exceptions for short-term or hedged

positions, an individual eligible US holder will be subject to US

taxation at a maximum federal rate of 23.8% plus applicable

state and local tax in respect of qualified dividends. A qualified

dividend as defined by the US Internal Revenue Service (IRS)

is a dividend that meets the following criteria:

1. It must be issued by a US corporation, a corporation

incorporated in a US possession, or a corporation that is

eligible for the benefits of a comprehensive income tax

treaty deemed satisfactory, as published by the IRS.

2. The dividends are not of a type listed by the IRS as

dividends that do not qualify.

3. The required dividend holding period has been met. The

shares must have been owned by you for more than 60 days

of the 'holding period' – which is defined as the 121-day

period that begins 60 days before the ex-dividend date, or

the day in which the stock trades without the dividend

priced in. For example, if a stock's ex-dividend date is 1

October, the shares must be held for more than 60 days in

the period between 2 August and 30 November of that year

in order to count as a qualified dividend.

Dividends that are not qualified are subject to taxation at the

US federal graduated tax rates, at a maximum rate of 40.8%.

Some types of dividends are automatically excluded from

being qualified dividends, even if they meet the other

requirements. These include (but are not limited to):

–Capital gains distributions

–Dividends on bank deposits

–Dividends held by a corporation in an Employee Stock

Ownership Plan (ESOP)

–Dividends paid by tax-exempt corporations.

US state and local tax rates on qualified and non-qualified

dividends may vary and would be assessed in addition to the

federal tax rates communicated above.

**Taxation of capital gains** 

Generally, US holders will not be subject to UK capital gains

tax, but will be subject to US tax on capital gains realised on

the sale or other disposal of Ordinary Shares or ADS. Such

gains will be long-term capital gains (subject to reduced rates

of taxation for individual holders) if the Ordinary Shares or ADS

were held for more than one year, from the date the Ordinary

Shares or ADS were vested/released. Short-term capital gains

can be subject to taxation of rates of up to 40.8%, whereas

long-term capital gains may be subject to rates of up to 23.8%.

State and local tax rates on capital gains may also apply.

**Information reporting and backup** 

**withholding** 

Dividends and payments of the proceeds on a sale of Ordinary

Shares or ADS, paid within the US or through certain US-

related financial intermediaries, are subject to information

reporting and may be subject to backup withholding unless

the US holder is a corporation or other exempt recipient or

provides a taxpayer identification number and certifies that no

loss of exemption has occurred. Non-US holders generally are

not subject to information reporting or backup withholding, but

may be required to provide a certification of their non-US

status in connection with payments received. Any amounts

withheld will be allowed as a refund or credit against a holder's

US federal income tax liability provided the required

information is furnished to the IRS.

**Estate and gift taxes** 

Under the Estate and Gift Tax Convention, a US shareholder is

not generally subject to UK inheritance tax. However, a US

holder may be subject to US federal estate and gift tax.

**Stamp duty** 

UK stamp duty and/or SDRT will, subject to certain

exemptions, be payable on any transfer of Ordinary Shares to

the ADS custodian or depositary at a rate of 1.5% of the

amount of any consideration provided (if transferred on sale),

or their value (if transferred for no consideration).

However, no stamp duty or SDRT should be payable on the

transfer of, or agreement to transfer an ADS or on transfers

within the clearance service. Notwithstanding the above,

where the clearance service operator has made an election

under s97A Finance Act 1986, broadly the 1.5% stamp duty/

SDRT charge should not arise on the transfer into the

clearance service, but transfers to, and within, the system

(where there is a change in beneficial ownership) would attract

a 0.5% charge.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | Corporate governance | Financial statements | **Investor information** | GSK 2025 Annual Report on Form 20-F |
| Additional information | Additional information | Additional information | Additional information | Additional information |

---

Articles of Association of GSK plc<br>

The following is a summary of certain provisions of the

company's Articles of Association (the "Articles"). This

summary is qualified in its entirety by reference to the UK

Companies Act 2006 (the "Companies Act") and the current

Articles which are available online on the company's website.

Any amendment to the Articles may be made in accordance

with the provisions of the Companies Act, by way of special

resolution.

GSK plc (the "company") is a public limited company

registered in England and Wales with a registered number

3888792. The company has no statement of objects in the

Articles; accordingly, its objects are unrestricted in

accordance with the provisions of the Companies Act.

**(a)Directors**

The Articles provide for a board of directors, consisting of

(unless otherwise determined by ordinary resolution of

shareholders) not less than two nor more than 24 directors, in

which all the powers of the company (whether relating to the

management of the business of the company or not) are

vested.

A director must not vote on, or count towards the quorum in

relation to, any resolution of the Board relating specifically to

their own appointment (including remuneration) or the terms of

their termination of appointment or relating to any contract in

which they have an interest.

This prohibition does not apply to any resolution where that

interest cannot reasonably be regarded as likely to give rise to

a conflict of interest or where that interest arises only from

certain specified matters, including (but not limited to): (a)

indemnifying the director in respect of obligations incurred at

the request of or for the benefit of the company or any of its

subsidiary undertakings; (b) indemnifying a third party in

respect of obligations of the company or any of its subsidiary

undertakings for which the director has assumed responsibility

in whole or in part under an indemnity or guarantee or by the

giving of security; (c) contracts concerning another company

in which the director is the holder of or beneficially interested

in less than 1% of any class of the equity share capital of such

company; (d) offers of securities by the company or any of its

subsidiary undertakings in which the director will or may be

entitled to participate as a holder of securities; (e) employee

benefits in relation to the company or any of its subsidiary

undertakings in which the director will share in a similar

manner to other employees; and (f) the purchase or

maintenance of insurance against any liability for, or for the

benefit of, any director or directors or for, or for the benefit of,

persons who include directors.

Directors may be elected by ordinary resolution of

shareholders or appointed by the Board. At each annual

general meeting, all the directors at the date of the notice

convening the annual general meeting shall retire from office

and may offer themselves for re-election by members. No

director is required to retire by reason of their age, nor do any

special formalities apply to the appointment or re-election of

any director who is over any age limit. No shareholding

qualification for directors shall be required. Directors may also

be removed before the expiration of their term of office in

accordance with the provisions of the Companies Act and the

Articles.

Subject to the provisions of the Companies Act, the directors

may exercise all the company's powers to borrow money; to

mortgage or charge all or any of the company's undertaking,

property (present and future), and uncalled capital; to issue

debentures and other securities; and to give security either

outright or as collateral security for any debt, liability or

obligation of the company or of any third party. The Articles

provide for the provision of benefits, by the payment of

gratuities, pensions or insurance or in any other manner, for

any director or former director or their relations, connected

persons or dependants.

**(b)Voting**

All resolutions put to the vote at general meetings, including

electronic general meetings, will be decided by poll. On a poll,

every shareholder who is present in person or by proxy shall

have one vote for every share held. Matters are transacted at

shareholders' meetings by the proposing and passing of two

kinds of resolution. An ordinary resolution requires the

affirmative vote of a majority of the votes cast by those entitled

to vote at a meeting at which there is a quorum. A special

resolution requires the affirmative vote of not less than three

quarters of the votes cast by those entitled to vote at a meeting

at which there is a quorum.

The necessary quorum for a meeting of the company is a

minimum of two shareholders present in person or by proxy

and entitled to vote. A shareholder is not entitled to vote any

share held by them at any general or class meeting if any call

or other sum then payable remains unpaid or if that

shareholder has been served with a restriction notice (as

defined in the Articles) after failure to provide the company

with information concerning interests in those shares required

to be provided under the Companies Act.

**(c)Transfer of shares**

Any shareholder may transfer their Ordinary Shares which are

in certificated form by an instrument of transfer in any usual

form or in any other form which the Board may approve. The

Board may decline to register a transfer of a certificated share

unless the instrument of transfer (a) is duly stamped or

certified or otherwise shown to the satisfaction of the Board to

be exempt from stamp duty, and is accompanied by the

relevant share certificate and such other evidence of the right

to transfer as the Board may reasonably require, (b) is in

respect of only one class of share, and (c) if to joint

transferees, is in favour of not more than four such transferees.

Registration of a transfer of an uncertificated share may be

refused in the circumstances set out in the uncertificated

securities rules (as defined in the Articles) and where, in the

case of a transfer to joint holders, the number of joint holders

to whom the uncertificated share is to be transferred exceeds

four.

The Board may decline to register a transfer of any of the

company's certificated shares by a person with a 0.25%

interest (as defined in the Articles) if such a person has been

served with a restriction notice (as defined in the Articles) after

failure to provide the company with information concerning

interests in those shares required to be provided under the

Companies Act, unless the transfer is shown to the Board to

be pursuant to an arm's length sale (as defined in the Articles).

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**(d)Dividends and distribution of assets** 

**on liquidation**

Subject to the provisions of the Articles and applicable

legislation, the Company in a general meeting may declare

dividends on the Ordinary Shares by ordinary resolution, but

any such dividend may not exceed the amount recommended

by the Board. If in their opinion the company's financial

position justifies such payments, the directors may, as far as

any applicable legislation allows, pay interim dividends on

shares of any class of such amounts and in respect of such

periods as they think fit.

Except in so far as the rights attaching to, or the terms of issue

of, any share otherwise provide, all dividends will be declared,

apportioned and paid pro rata according to the amounts paid

up on the shares during any portion of the period in respect of

which the dividend is paid. As the company has only one class

of Ordinary Shares, the holders of such Ordinary Shares will be

entitled to participate in any surplus assets on a winding-up in

proportion to their shareholdings.

If shareholders fail to provide the necessary details to enable

payment, or if payment cannot be made using the details

provided by the shareholder, the dividend or other amount

payable will be treated as unclaimed. Any dividend or other

sum unclaimed after a period of six years from the date it was

declared or became due for payment is forfeited and reverts to

the company unless the Board decides otherwise.

**(e)Share rights**

Subject to any rights attached to existing shares, the company

may issue (a) shares with such rights and restrictions as the

company may by ordinary resolution decide or (if there is no

such resolution or so far as it does not make specific provision)

as the Board may decide, and (b) redeemable shares, and the

Board may determine the terms, conditions and manner of

redemption of any redeemable share so issued. Such rights,

restrictions, terms and conditions shall apply to the relevant

shares as if they were set out in the Articles. Subject to the

Articles, any resolution passed by the shareholders and other

shareholders' rights, the Board may decide how to offer, allot,

grant options over or otherwise deal with any shares in the

company.

**(f)Variation of rights and changes in** 

**capital** 

Subject to the provisions of any statute (including any orders,

regulations or other subordinate legislation made under it) from

time to time in force concerning companies in so far as it

applies to the company, the rights attached to any class of

shares may be varied with the written consent of the holders of

three quarters in nominal value of the issued shares of that

class (excluding any shares of that class held as treasury

shares) or with the sanction of a special resolution passed at a

separate meeting of the holders of shares of that class. At

every such separate meeting, the provisions of the Articles

relating to general meetings shall apply, except the necessary

quorum shall be at least two persons entitled to vote and

holding or representing as proxy at least one-third in nominal

value of the issued shares of the relevant class (excluding any

shares of that class held as treasury shares) (but provided that

at any adjourned meeting one holder of shares of the relevant

class present in person or by proxy shall be a quorum).

If new shares are created or issued which rank equally with

any other existing shares, or if the company purchases or

redeems any of its own shares, the rights of existing shares will

not be regarded as changed or abrogated unless the terms of

the existing shares expressly say otherwise.

While holders of ordinary shares have no pre-emptive rights

under the Articles, the ability of the directors to cause the

company to issue shares, securities convertible into shares or

rights to shares, otherwise than pursuant to an employee share

scheme, is restricted. Under the Companies Act, the directors

of a company are, with certain exceptions, unable to allot any

equity securities without express authorisation, which may be

contained in a company's articles of association or given by its

shareholders in a general meeting, but which in either event

cannot last for more than five years. Under the Companies Act,

the company may also not allot shares for cash (otherwise

than pursuant to an employee share scheme) without first

making an offer to existing shareholders to allot such shares to

them on the same or more favourable terms in proportion to

their respective shareholdings, unless this requirement is

disapplied by a special resolution of the shareholders.

Holders of shares are not subject to calls on capital by the

company, provided that the amounts required to be paid on

issue have been paid off.

**(g)Limitations on rights of non-resident** 

**or foreign shareholders**

There are no limitations imposed by the Articles on the rights of

non-resident or foreign shareholders except that there is no

requirement for the company to serve notices on shareholders

outside the United Kingdom and the United States, if no postal

address in the United States or United Kingdom has been

provided to the company. The company may choose not to

serve, send or supply any notice to a particular shareholder

where it considers this necessary or appropriate to deal with

legal, regulatory or practical problems in, or under the laws of,

any territory.

**(h)General meetings of shareholders**

The company is required by the Companies Act to hold an

annual general meeting each year. General meetings of

shareholders may be called as necessary by the directors and

must be called promptly upon receipt of a requisition from

shareholders. Under the Companies Act, an annual general

meeting must be called by notice of at least 21 clear days. A

general meeting other than an annual general meeting may be

called on not less than 14 clear days' notice provided a

special resolution reducing the notice period to 14 clear days

has been passed at the immediately preceding annual general

meeting or a general meeting held since that annual general

meeting. The directors may determine that a general meeting

shall be held as a physical meeting or in combination with an

electronic platform or platforms that enables members to

participate in the meeting without physically attending (an

electronic general meeting).

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Material contracts<br>

**Agreement with Pfizer**

On December 19, 2018, GSK, GSK Consumer Healthcare and

Pfizer Inc. ("Pfizer") entered into a Stock and Asset Purchase

Agreement (the "Pfizer SAPA") pursuant to which the parties

agreed to form a consumer healthcare joint venture (the "GSK/

Pfizer JV") through the acquisition by GSK Consumer

Healthcare from Pfizer of Pfizer's consumer healthcare

business and the transfer by GSK to GSK Consumer

Healthcare of those parts of the GSK consumer healthcare

business not already part of GSK Consumer Healthcare as of

the date of the Pfizer SAPA (with certain limited exceptions).

As consideration for the acquisition of its consumer healthcare

business, Pfizer received shares in GSK Consumer Healthcare

representing a 32% ownership interest in the GSK/Pfizer JV.

GSK retained a controlling interest in GSK Consumer

Healthcare of 68%. On July 31, 2019, the parties entered into

an amendment to the Pfizer SAPA, pursuant to which: (i) GSK

Consumer Healthcare transferred by novation to

GlaxoSmithKline Consumer Healthcare Holdings (No. 2)

Limited ("GSK Consumer Healthcare (No. 2)") all rights, title,

interest, obligations duties and liabilities of GSK Consumer

Healthcare under and in respect of the Pfizer SAPA, (ii) the

parties released GSK Consumer Healthcare from its

obligations under the Pfizer SAPA in exchange for GSK

Consumer Healthcare (No. 2)'s assumption thereof and (iii)

certain other amendments to the Pfizer SAPA and other

arrangements in connection with the closing of the transaction,

including in relation to the delayed legal completion of the

transaction in a number of jurisdictions due to regulatory

constraints. The transaction closed on July 31, 2019.

Each of GSK and Pfizer gave customary and broadly

reciprocal representations and warranties to each other under

the Pfizer SAPA. GSK and Pfizer agreed to indemnify each

other and GSK Consumer Healthcare (No. 2) (as applicable) in

respect of losses (other than certain losses arising from tax

matters, which are subject to a specific indemnity under the

Pfizer SAPA) relating to: (i) certain liabilities which the parties

agreed will be retained by GSK or Pfizer; (ii) any breach of

their respective covenants or agreements under the Pfizer

SAPA or the related ancillary agreements implementing the

Pfizer SAPA; or (iii) any breach of their respective

representations and warranties given under the Pfizer SAPA or

the related ancillary agreements implementing the Pfizer SAPA

as of the date of completion of the transaction. GSK Consumer

Healthcare (No. 2) agreed to indemnify GSK and Pfizer in

respect of losses (other than certain losses arising from tax

matters, which are subject to a specific indemnity under the

Pfizer SAPA) relating to: (i) liabilities which GSK Consumer

Healthcare (No. 2) agreed to assume in connection with the

transaction; (ii) liabilities resulting from the conduct of GSK

Consumer Healthcare's business other than those liabilities

that GSK agreed to retain in connection with the transaction;

and (iii) any breach of GSK Consumer Healthcare (No.2)'s

post-completion covenants or agreements under the Pfizer

SAPA or the related ancillary agreements implementing the

Pfizer SAPA.

On June 1, 2022, GSK, Pfizer, GSK Consumer Healthcare (No.

2) and Haleon plc ("Haleon") entered into the second

amendment agreement to the Pfizer SAPA to implement

certain amendments in connection with the demerger of the

Consumer Healthcare business (the "Demerger") and to

include Haleon in the Pfizer SAPA indemnity framework by way

of a guarantee given by Haleon with respect to the

indemnification obligations of GSK Consumer Healthcare (No.

2) under the Pfizer SAPA.

**Demerger Agreements**

On June 1, 2022, GSK and Haleon entered into a demerger

agreement (the "Demerger Agreement") to effect the

Demerger and to govern aspects of the relationship between

GSK and Haleon following completion of the Demerger. The

Demerger Agreement contains certain customary indemnities

under which GSK indemnifies Haleon in respect of liabilities,

losses demands, claims, costs, taxes and damages arising,

directly or indirectly, from or in consequence of certain claims.

On June 1, 2022 GSK, GSK Consumer Healthcare and GSK

Consumer Healthcare (No. 2) entered into an asset transfer

framework agreement (the "Asset Transfer Framework

Agreement"), setting out the framework for the transfer of

certain businesses, assets, liabilities and employees that were

excluded from the original perimeter of the GSK/Pfizer JV as

contemplated in the Pfizer SAPA and others that were included

in the original perimeter of the GSK/Pfizer JV but had not yet

legally transferred or to record the transfer of other assets

under the Pfizer SAPA, in each case from the GSK group to

the Haleon group. The Asset Transfer Framework Agreement

also sets out the framework for the transfer of certain

businesses, assets, liabilities and employees from the Haleon

group to the GSK group. The Asset Transfer Framework

Agreement contained a substantially equivalent indemnity

regime to the Pfizer SAPA indemnification regime described

above.

The indemnities given by GSK pursuant to the Pfizer SAPA, the

Demerger Agreement and the Asset Transfer Framework

Agreement, as described above, survived the completion of

the Demerger and continue in perpetuity.

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American Depositary Shares<br>

**Fees and charges payable by ADR holders**

JPMorgan Chase Bank, N.A. serves as the depositary (the

"Depositary") for GSK's American Depositary Receipt ("ADR")

program. On July 29, 2019, GSK and the Depositary amended

and restated the deposit agreement and further amended the

deposit agreement on March 15, 2021 (the "Deposit

Agreement") between GSK, the Depositary and owners and

holders of ADRs. Pursuant to the Deposit Agreement, ADR

holders may be required to pay various fees to the Depositary,

and the Depositary may refuse to provide any service for

which a fee is assessed until the applicable fee has been paid.

In particular, the Depositary, under the terms of the Deposit

Agreement, shall charge (i) a fee of $5.00 per 100 American

Depositary Shares (or portion thereof) for the issuance,

delivery, reduction, cancellation or surrender (as the case may

be) of American Depositary Shares ("ADSs"), (ii) a fee of U.S.

$0.05 or less per ADS held (A) upon which any cash

distribution is made pursuant to the Deposit Agreement or (B)

in the case of an elective cash/stock dividend, upon which a

cash distribution or an issuance of additional ADSs is made as

a result of such elective dividend, (iii) a fee for the distribution

or sale of securities, such fee being in an amount equal to the

fee for the execution and delivery of ADSs referred to above

which would have been charged as a result of the deposit of

such securities but which securities or the net cash proceeds

from the sale thereof are instead distributed by the Depositary

to ADR holders entitled thereto, (iv) an aggregate fee of U.S.

$0.05 or less per ADS per calendar year (or portion thereof) for

services performed by the Depositary in administering the

ADRs (which fee may be charged on a periodic basis during

each calendar year and shall be assessed against ADR

holders as of the record date or record dates set by the

Depositary during each calendar year and shall be payable at

the sole discretion of the Depositary by billing such Holders or

by deducting such charge from one or more cash dividends or

other cash distributions), and (v) a fee for the reimbursement

of such fees, charges and expenses as are incurred by the

Depositary and/or any of its agents (including, without

limitation, the agent or agents of the Depositary (the

"Custodian") and expenses incurred on behalf of ADR holders

in connection with compliance with foreign exchange control

regulations or any law or regulation relating to foreign

investment) in connection with the servicing of the ordinary

shares or other Deposited Securities, the sale of securities

(including, without limitation, Deposited Securities), the

delivery of Deposited Securities or otherwise in connection

with the Depositary's or its Custodian's compliance with

applicable laws, rules or regulations (which fees and charges

shall be assessed on a proportionate basis against ADR

holders as of the record date or dates set by the Depositary

and shall be payable at the sole discretion of the Depositary

by billing such ADR holders or by deducting such charge from

one or more cash dividends or other cash distributions).

GSK will pay other charges and out of pocket expenses of the

Depositary and any agent of the Depositary (except the

Custodian) as specified in written agreements from time to

time between GSK and the Depositary, except (i) stock

transfer or other taxes and other governmental charges (which

are payable by ADR holders or persons depositing ordinary

shares), (ii) SWIFT, cable, telex and facsimile transmission and

delivery charges incurred at the request of persons depositing,

or ADR holders delivering, ordinary shares, ADRs or

Deposited Securities (which are payable by such persons or

ADR holders), (iii) transfer or registration fees for the

registration or transfer of Deposited Securities on any

applicable register in connection with the deposit or

withdrawal of Deposited Securities (which are payable by

persons depositing ordinary shares or ADR holders

withdrawing Deposited Securities) and (iv) in connection with

the conversion of foreign currency into U.S. dollars, the

Depositary shall deduct out of such foreign currency the fees,

expenses and other charges charged by it and/or its agent

(which may be a division, branch or affiliate) so appointed in

connection with such conversion. The Depositary and/or its

agent may act as principal for such conversion of foreign

currency. Such charges may at any time and from time to time

be changed by agreement between GSK and the Depositary.

**Direct and indirect payments by the** 

**Depositary**

The Depositary anticipates reimbursing GSK for certain

expenses incurred by GSK that are related to the

establishment and maintenance of the ADR program upon

such terms and conditions as GSK and the Depositary may

agree from time to time. The Depositary may make available to

GSK a set amount or a portion of the Depositary fees charged

in respect of the ADR program or otherwise upon such terms

and conditions as GSK and the Depositary may agree from

time to time. In 2025, the Depositary made payments of

approximately $11.53 million.

Under certain circumstances, including removal of the

Depositary or termination of the ADR program by GSK, GSK is

required to repay certain amounts paid to GSK and to

compensate the Depositary for payments made or services

provided on behalf of GSK.

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Insider Trading Policies<br>

We are committed to compliance with laws and regulations

and to financial integrity. We have adopted an insider trading

policy that governs the purchase, sale, and other dispositions

of GSK securities by directors, management, and employees

that is reasonably designed to promote compliance with

applicable insider trading laws, rules and regulations, and

listing standards. A copy of the policy is filed as Exhibit 11.1

to this Annual Report on Form 20-F.

Cyber Security<br>

**Risk management and strategy** 

We manage cyber security risk using our corporate enterprise

risk management and Internal Control Framework (ICF). Our

Chief Information Security Officer (CISO) heads our Cyber

Security Office and is responsible for identifying and

implementing controls to mitigate and manage cyber security

risks, while maintaining a set of key risk indicators and setting

tolerances and thresholds that balance risk and business

needs. We adhere to widely accepted standards and

frameworks to benchmark our internal environment and

controls, defining our security objectives and desired

outcomes. As our threat environment evolves, we also utilise

external frameworks such as the NIST Cyber Security

Framework to measure cyber readiness and maturity, ISO

27001/27002 for general information technology controls. We

assess our internal controls against Sarbanes-Oxley (SOX)

and other relevant regulations. We draw on third party

consultants' expertise in processes for assessing, identifying

and/or managing cyber security risks. We also have a third-

party security risk management programme to assess cyber

security risk when selecting and onboarding third parties.

**Information and Cyber Security Governance**

The Chief Digital and Technology Officer (CDTO) leads the

Digital and Technology function, including the CISO and

Cyber Security Office. Our CDTO has over 26 years of

experience as an IT professional, including with GSK since

2018, and is responsible for Technology and Cyber Security at

GSK. The CDTO is the Enterprise Risk Officer (ERO) and

manages and reports regularly on our Information and Cyber

Security risk.

The CISO coordinates risk, develops controls, and monitors

the enterprise risk plan. This plan includes a description of the

risk, its external and internal context, our assessment and risk

appetite and how we treat and monitor the risk in line with our

ICF. The Board, ARC, and ROCC oversee our cyber security

risk. The CISO regularly reports on cyber security risks. This

reporting covers external and internal insights, key risk

indicators, management actions, updates on implementing the

enterprise risk plan, and escalations. The Cyber Security

Office analyses potential cyber security incidents. Significant

cyber security incidents are escalated to the Chief Compliance

Officer, CDTO, Executive Committee (ExCom), and Company

Secretary. Material incidents are escalated to the Board and

ARC and appropriate disclosure committee as needed.

**Cyber Security Awareness, Training and Readiness**

Our cyber security awareness and training programmes

include phishing simulations, monthly awareness campaigns,

and mandatory annual refreshers for all employees. We also

run periodic crisis simulation exercises to test our response to

cyber security incidents.

**Compliance with various governmental cyber security** 

**regulations** 

Our Cyber Security Office works to stay abreast of emerging

government regulations, trends, and compliance expectations

regarding cyber security.

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Code of Ethics<br>

We have a number of well-established policies, including our

Code of Conduct ("The Code") for all employees, including the

CEO, CFO and other senior financial officers. The Code is

available at https://www.gsk.com/en-gb/company/governance/

compliance/#the-code.

During the year no waivers were granted from a provision of

our code of ethics to our principal executive officer, principal

financial officer, principal accounting officer or controller, or

persons performing similar functions.

Supplemental Guarantor Information<br>

As of 31 December 2025, GSK plc (the 'Guarantor') has fully

and unconditionally guaranteed certain debt securities

('Notes') issued by GlaxoSmithKline Capital plc and

GlaxoSmithKline Capital Inc. (the 'Issuers') in offerings under

the Guarantor's and the Issuers' registration statement on Form

F-3, including:

GlaxoSmithKline Capital Inc.:

• 3.875% Notes due 2028

• 4.500% Notes due 2030

• 5.375% Notes due 2034

• 4.875% Notes due 2035

• 6.375% Notes due 2038

• 4.200% Notes due 2043

GlaxoSmithKline Capital plc:

• 4.315% Notes due 2027

• Floating Rate Notes due 2027

• 3.375% Notes due 2029

The Issuers are 100% owned finance subsidiaries of GSK plc.

The Issuers have no assets or operations other than those

related to the issuance, administration and repayment of the

Notes being registered and other non-registered securities

guaranteed by GSK plc. GSK plc has fully and unconditionally

guaranteed the Notes and no other subsidiary of GSK plc

provides such guarantee.

The Notes are listed on the New York Stock Exchange or the

London Stock Exchange (in the case of 5.375% Notes due

2034). The guarantee is a full, irrevocable and unconditional

guarantee of the principal, interest, premium, if any, and any

other amounts payable in respect of the Notes.

Remuneration policy<br>

**Loss of office payment policy**

The company does not have a policy of fixed term contracts.

Generally, contracts for new appointments will expire in line

with the applicable policy on retirement age, which since 2009

has been 65.

Contracts for existing Executive Directors will expire on the

dates shown on page [148](#if63ad16302ce4a61ac322d3edaefd3fe_12377).

Notice period on termination by the employing company or the

Executive Director is 12 calendar months. Where required and

deemed appropriate by the Committee when recruiting

externally, an initial notice period of 2 years may be applied,

reducing to 12 calendar months over one year.

The ability to impose a 12-month non-compete period (and a

non-solicitation restriction) on an Executive Director is

considered important by the company to have the ability to

protect the Group's intellectual property and staff. In light of

this, the Committee believes that it would not be appropriate to

provide for mitigation in the contracts.

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**Termination of employment**

In the event that an Executive Director's employment with the company terminates, the following policies and payments will apply.

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| | |
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| Element of <br>Remuneration<br>| Loss of office payment policy |
| Termination <br>payment<br>| Termination by notice: 12 months' annual salary payable on termination by the company (pro-rated where part of the notice period <br>is worked). No termination payment is made in respect of any part of a notice period that extends beyond the contract expiry date.<br>A bonus element is not normally included in the termination payment. However, the terms of the contracts seek to balance <br>commercial imperatives and best practice.<br>Redundancy: As above, for termination by notice. In the UK, only statutory redundancy pay will apply. In the US, general severance <br>policy does not apply.<br>Retirement, death and ill-health, injury or disability: No termination payment.<br>|
| LTI awards | PSP awards are governed by the plan rules as approved by shareholders. The following provisions will normally apply:<br>Termination by notice: Unvested awards will lapse.<br>Redundancy, retirement, death, ill-health, injury, disability or any other reason: Generally, awards will continue to vest over the <br>original timescales subject to performance and pro-rated for time.<br>In the event of a change of control, PSP awards will vest, taking into account performance to date and normally taking into account <br>the proportion of the performance period that has elapsed. Alternatively, the awards may be exchanged for new awards.<br>|
| Annual bonus | Termination by notice by individual: If an individual serves notice and the termination date falls before 31 December, the bonus is <br>forfeited.<br>Termination by notice by the company, redundancy, retirement, death, ill-health, injury or disability: If the termination date falls <br>during the financial year, eligible for pro-rated on-target bonus (if employed on 31 December, bonus payable based on actual <br>results).<br>|
| Mandatorily <br>deferred <br>bonus under <br>the DABP<br>| DABP deferred bonus awards in respect of mandatorily deferred bonus amounts are governed by the plan rules<br>as approved by shareholders. The following provisions will normally apply:<br>Termination for gross misconduct: Generally, unvested awards will lapse.<br>Any other reason: Generally, awards will vest in full on the original vesting date.<br>In the event of a change of control, awards will vest or may be exchanged for new awards.<br>|
| Pensions | Pension scheme contributions by the individual and the company, and any pension scheme benefit accruals, generally cease at <br>the termination date in accordance with pension scheme rules. Access to pension scheme benefits is governed by the pension <br>scheme rules and country legislation.<br>|
| Benefits | Generally, benefits will continue to apply until the termination date. The Committee may make payments in connection with an <br>existing legal obligation or in respect of any claim related to the cessation of employment. This may include fees for outplacement <br>assistance, legal and/or professional advice.<br>Termination by notice by the company and retirement (US executives): In line with the policy applicable to US senior executives, <br>they may become eligible, at a future date, to receive continuing medical and dental insurance after termination/retirement.<br>|

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**Termination by mutual agreement**

In certain circumstances, it can be in the best interests of the

company for the Board to manage proactively succession

planning and the development of the senior talent pipeline. In

such circumstances, the Board may therefore agree that an

Executive's departure will be by mutual agreement. For this to

apply, the Committee will need to be satisfied that the

Executive has demonstrated performance in line with

expectations and where required they should have contributed

to an orderly succession. In the case of an Executive Director,

they would then be treated as a 'good leaver' for the purposes

of GSK's long-term incentive plans. If the termination date falls

during the financial year, they would be eligible for a pro-rated

on-target bonus and if they are employed on 31 December,

the bonus payable would be based on actual results.

The Committee does not anticipate the exercise of discretion

provided by the PSP and DABP plan rules in respect of

termination payments in a manner which would benefit an

Executive Director. However, there may be unforeseen

circumstances where this is in the best interests of the

company and its shareholders. Where it is necessary to

exercise discretion, explanations will be provided.

Where an Executive Director leaves the company, the

Committee will carry out an assessment of the individual's

performance and conduct over the time in role. If it is

determined that the individual's performance or conduct was

contrary to the legitimate expectations of the company, the

Committee reserves the right to apply appropriate

mechanisms such as clawback or reduction or lapsing of

outstanding incentive awards (malus), to ensure that any

termination payments are in the best interests of the company

and its shareholders (see page [148](#if63ad16302ce4a61ac322d3edaefd3fe_12377)).

**Loss of office payment for Non-Executive Directors**

The Chair and other Non-Executive Directors are not entitled to

receive any payments in respect of fees for loss of office when

they retire or step down from the Board.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | Corporate governance | Financial statements | **Investor information** | GSK 2025 Annual Report on Form 20-F |
| Additional information continued | Additional information continued | Additional information continued | Additional information continued | Additional information continued |

---

Principal Accountant Fees and Services<br>

Audit Fees for 2025 and 2024 were paid to Deloitte LLP as follows:

---

| | | |
|:---|:---|:---|
|  | **2025**<br>**£m**<br>| **2024**<br>**£m**<br>|
| Audit Fees | **20.9** | **21.1** |
| Audit-Related Fees¹ | **1.9** | **2.2** |
| Tax Fees | **–** | **–** |
| All Other Fees | **–** | **–** |

---

<sup>1</sup>The other assurance services provided by the auditor related to agreed upon procedures and other assurance services outside

of statutory audit requirements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | Corporate governance | Financial statements | **Investor information** | GSK 2025 Annual Report on Form 20-F |
| Other statutory disclosures | Other statutory disclosures | Other statutory disclosures | Other statutory disclosures | Other statutory disclosures |

---

Shareholder services and contacts<br>

**Registrar**

---

| | |
|:---|:---|
| **The company's registrar is:** | Computershare Investor Services PLC<br>The Pavillions, Bridgwater Road Bristol, BS99 6ZY<br>www.investorcentre.co.uk<br>Tel: +44 (0)370 707 1595\*<br>|

---

**ADS Depositary**

The company's ADR programme is administered by JPMorgan Chase Bank, N.A. whose contact details are as follows:

---

| | |
|:---|:---|
| Service | Contact |
| **Regular Correspondence** | Computershare Trust Company, N.A.<br>PO Box 43304<br>Providence, RI 02940-3304<br>From the US: +1 877 353 1154 <br>From outside the US: +1 781 575 2833<br>web.queries@computershare.com<br>|

---

The Depositary also provides Global Invest Direct, a direct ADS purchase/sale and dividend reinvestment plan for ADS holders.

For details on how to enrol, please visit www.adr.com or call the above helpline number to obtain an enrolment pack.

**Investor relations**

Investor relations may be contacted as follows:

---

| | |
|:---|:---|
| Service | Contact |
| **UK** | 79 New Oxford Street,<br>London, WC1A 1DG<br>Tel: +44 (0)20 8047 5000<br>|
| **US** | 2929 Walnut Street<br>Philadelphia PA 19104<br>Tel: +1 888 825 5249 (US toll free)<br>Tel: +1 215 751 4000 (outside the US)<br>|
| **GSK Response Center**  | Tel: +1 888 825 5249 (US toll free)<br>Tel: +1 215 751 4600 (outside the US)<br>|

---

**Share scam alert**

If you receive an unsolicited telephone call offering to sell or buy your shares, please take extra care. The caller may be part of a

highly organised financial scam.

If you are a UK shareholder, please contact the Financial Conduct Authority at www.fca.org.uk/consumers or on its consumer

helpline:

Tel: 0800 111 6768 (in the UK)\*

Tel: +44 207 066 1000 (outside the UK)\*

\*Lines are open from 8.00am to 6.00pm, UK time, Monday to Friday, except UK public holidays, and 9.00am to 1.00pm on Saturdays.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | Corporate governance | Financial statements | **Investor information** | GSK 2025 Annual Report on Form 20-F |
| Other statutory disclosures | Other statutory disclosures | Other statutory disclosures | Other statutory disclosures | Other statutory disclosures |

---

US law and regulation<br>

A number of provisions of US law and regulation apply to the

company because our shares are quoted on the NYSE in the

form of ADS.

**NYSE rules**

In general, the NYSE rules permit the company to follow UK

corporate governance practices instead of those applied in

the US, provided that we explain any significant variations.

This explanation is contained in the Corporate Governance

comparison on page [287](#ie22c70781ec24e178b4ec838768832e2_703). NYSE rules require us to file annual

and interim written affirmations concerning our Audit & Risk

Committee (ARC) and our statement on significant differences

in corporate governance.

**Sarbanes-Oxley Act of 2002**

Following a number of corporate and accounting scandals in

the US, Congress passed the Sarbanes-Oxley Act of 2002.

Sarbanes-Oxley is a wide-ranging piece of legislation

concerned largely with financial reporting and corporate

governance.

As recommended by the SEC, the company has an

established Disclosure Committee. The Committee reports to

the CEO, the CFO and to the ARC. It is chaired by the

Company Secretary and its members consist of senior

managers from finance, legal, corporate communications and

investor relations.

Where appropriate, external legal counsel, the external

auditors, our sponsor bank, and internal experts are invited to

attend the Disclosure Committee's meetings periodically. The

Committee has responsibility for considering the materiality of

information and, on a timely basis, determining the disclosure

of that information. It has responsibility for the timely filing of

reports with the SEC and the formal review of the Annual

Report and the Annual Report on Form 20-F. The Disclosure

Committee and its subcommittees met 24 times during 2025,

including for the purpose of receiving relevant and appropriate

training.

Sarbanes-Oxley requires that the Annual Report on Form 20-F

contains a statement as to whether a member of the ARC is an

audit committee financial expert, as defined in rules under

Sarbanes-Oxley. Such a statement for the relevant member of

the ARC (Charles Bancroft) is included in the Chair's

Governance Statement area of the Corporate Governance

report on page [106](#i7b0c27e639a4413eb0afa1ba1e147c8d_1-0-1-5-1055496) and in his biography on page [99](#ie758ce1442ae4594991187d68278ac19_0-0-1-1-1055496).

Additional disclosure requirements arise under section 302

and section 404 of Sarbanes-Oxley in respect of disclosure

controls and procedures and internal control over financial

reporting.

**Section 302: Corporate responsibility for** 

**financial reports**

Sarbanes-Oxley requires the CEO and the CFO to complete

formal certifications, confirming that:

–they have each reviewed the Annual Report on Form 20-F;

–based on their knowledge, the Annual Report on Form 20-F

contains no material misstatements or omissions;

–based on their knowledge, the financial statements and

other financial information fairly present, in all material

respects, the financial condition, results of operations and

cash flows as of the dates, and for the periods, presented in

the Annual Report on Form 20-F;

–they are responsible for establishing and maintaining

disclosure controls and procedures that ensure that material

information is made known to them, and have evaluated the

effectiveness of these controls and procedures as at the

year end, the results of such evaluation being contained in

the Annual Report on Form 20-F;

–they are responsible for establishing and maintaining

internal control over financial reporting that provides

reasonable assurance regarding the reliability of financial

reporting and the preparation of financial statements for

external purposes in accordance with generally accepted

accounting principles;

–they have disclosed in the Annual Report on Form 20-F any

changes in internal controls over financial reporting during

the period covered by the Annual Report on Form 20-F that

have materially affected, or are reasonably likely to affect

materially, the company's internal control over financial

reporting; and

– they have disclosed, based on their most recent evaluation

of internal control over financial reporting, to the external

auditor and the ARC, all significant deficiencies and material

weaknesses in the design or operation of internal controls

over financial reporting which are reasonably likely to affect

adversely the company's ability to record, process,

summarise and report financial information, and any fraud

(regardless of materiality) involving persons that have a

significant role in the company's internal control over

financial reporting.

The Group has carried out an evaluation under the supervision

and with the participation of its management, including the

CEO and CFO, of the effectiveness of the design and

operation of the Group's disclosure controls and procedures

as at 31 December 2025.

There are inherent limitations to the effectiveness of any

system of disclosure controls and procedures, including the

possibility of human error and the circumvention or overriding

of the controls and procedures. Accordingly, even effective

disclosure controls and procedures can only provide

reasonable assurance of achieving their control objectives.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | Corporate governance | Financial statements | **Investor information** | GSK 2025 Annual Report on Form 20-F |
| Other statutory disclosures continued<br>US law and regulation continued | Other statutory disclosures continued<br>US law and regulation continued | Other statutory disclosures continued<br>US law and regulation continued | Other statutory disclosures continued<br>US law and regulation continued | Other statutory disclosures continued<br>US law and regulation continued |

---

Based on the Group's evaluation, the CEO and CFO have

concluded that, as at 31 December 2025, the disclosure

controls and procedures were effective to provide reasonable

assurance that information required to be disclosed in the

reports that the Group files and submits under the US

Securities Exchange Act of 1934, as amended, is recorded,

processed, summarized and reported as and when required

and that it is accumulated and communicated to management,

including the CEO and CFO, as appropriate, to allow timely

decisions regarding disclosure.

**Section 404: Management's annual report on** 

**internal control over financial reporting**

In accordance with the requirements of section 404 of

Sarbanes-Oxley, the following report is provided by

management in respect of the company's internal control over

financial reporting (as defined in Rules 13a-15(f) and 15d-15(f)

under the US Securities Exchange Act of 1934, as amended

(the Exchange Act)):

–Management is responsible for establishing and maintaining

adequate internal control over financial reporting for the

Group. Internal control over financial reporting is designed

to provide reasonable assurance regarding the reliability of

financial reporting and the preparation of financial

statements for external purposes in accordance with IFRS.

–Management conducted an evaluation of the effectiveness

of internal control over financial reporting based on the

framework, Internal Control – Integrated Framework (2013)

issued by the Committee of Sponsoring Organisations of the

Treadway Commission (COSO).

–Management has assessed the effectiveness of internal

control over financial reporting as at 31 December 2025 and

has concluded that such internal control over financial

reporting was effective. In addition, there have been no

changes in the Group's internal control over financial

reporting during 2025 that have materially affected, or are

reasonably likely to affect materially, the Group's internal

control over financial reporting.

–Deloitte LLP, which has audited the consolidated financial

statements of the Group for the year ended 31 December

2025, has also assessed the effectiveness of the Group's

internal control over financial reporting as at 31 December

2025 under Auditing Standard 2201 of the Public Company

Accounting Oversight Board (United States). Their audit

report is on page [286](#ie22c70781ec24e178b4ec838768832e2_700).

**Section 13(r) of the Exchange Act**

Section 13(r) of the Exchange Act requires issuers to make

specific disclosure in their annual reports of certain types of

dealings with Iran, including transactions or dealings with

government-owned or controlled entities, as well as dealings

with entities sanctioned for activities related to terrorism or

proliferation of weapons of mass destruction, even when those

activities are not prohibited by US law and do not involve US

persons.

The Group ceased exports and sales to Iran in June 2024 and

had no dealings with the Government of Iran or relevant

sanctioned entities, and accordingly has no revenues or profit

to declare with respect to Iran or Section 13(r) of the Exchange

Act for 2025.

In addition to Section 13(r) of the Exchange Act, US law

generally restricts dealings by US persons and dealings that

otherwise are subject to US jurisdiction with certain countries

or territories that are subject to comprehensive sanctions.

Currently, the US maintains comprehensive sanctions against

Cuba, Iran, North Korea, the Crimea region of Ukraine, the so-

called "Donetsk People's Republic", and the so-called

"Luhansk People's Republic." The US maintained

comprehensive sanctions against Syria until their removal,

effective 1 July 2025. The US also maintains significant

sanctions programmes against Russia and Venezuela as well

as targeted sanctions programmes against specific

individuals, entities and organisations. The Group engages in

some activity in certain such jurisdictions and with certain such

individuals and entities having assessed applicable licenses

and exemptions.

While we believe the Group complies with all applicable US

sanctions in all material respects, such laws are complex and

continue to evolve rapidly.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | Corporate governance | Financial statements | **Investor information** | GSK 2025 Annual Report on Form 20-F |
| Other statutory disclosures continued | Other statutory disclosures continued | Other statutory disclosures continued | Other statutory disclosures continued | Other statutory disclosures continued |

---

Report of Independent Registered Public Accounting Firm <br>

To the shareholders and the Board of Directors of GSK plc

**Opinion on Internal Control over Financial** 

**Reporting** 

We have audited the internal control over financial reporting of

GSK plc and subsidiaries (the "Group") as at 31 December

2025, based on criteria established in Internal Control —

Integrated Framework (2013) issued by the Committee of

Sponsoring Organizations of the Treadway Commission

(COSO). In our opinion, the Group maintained, in all material

respects, effective internal control over financial reporting as at

31 December 2025, based on criteria established in Internal

Control — Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the

Public Company Accounting Oversight Board (United States)

(PCAOB), the consolidated financial statements as at and for

the year ended 31 December 2025, of the Group and our

report dated 6 March 2026, expressed an unqualified opinion

on those financial statements.

**Basis for Opinion** 

The Group's management is responsible for maintaining

effective internal control over financial reporting and for its

assessment of the effectiveness of internal control over

financial reporting, included in the accompanying Section 404:

Management's annual report on internal control over financial

reporting. Our responsibility is to express an opinion on the

Group's internal control over financial reporting based on our

audit. We are a public accounting firm registered with the

PCAOB and are required to be independent with respect to

the Group in accordance with the U.S. federal securities laws

and the applicable rules and regulations of the Securities and

Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of

the PCAOB. Those standards require that we plan and perform

the audit to obtain reasonable assurance about whether

effective internal control over financial reporting was

maintained in all material respects. Our audit included

obtaining an understanding of internal control over financial

reporting, assessing the risk that a material weakness exists,

testing and evaluating the design and operating effectiveness

of internal control based on the assessed risk, and performing

such other procedures as we considered necessary in the

circumstances. We believe that our audit provides a

reasonable basis for our opinion.

**Definition and Limitations of Internal Control** 

**over Financial Reporting**

A company's internal control over financial reporting is a

process designed to provide reasonable assurance regarding

the reliability of financial reporting and the preparation of

financial statements for external purposes in accordance with

generally accepted accounting principles. A company's

internal control over financial reporting includes those policies

and procedures that (1) pertain to the maintenance of records

that, in reasonable detail, accurately and fairly reflect the

transactions and dispositions of the assets of the company; (2)

provide reasonable assurance that transactions are recorded

as necessary to permit preparation of financial statements in

accordance with generally accepted accounting principles,

and that receipts and expenditures of the company are being

made only in accordance with authorizations of management

and directors of the company; and (3) provide reasonable

assurance regarding prevention or timely detection of

unauthorized acquisition, use, or disposition of the company's

assets that could have a material effect on the financial

statements.

Because of its inherent limitations, internal control over

financial reporting may not prevent or detect misstatements.

Also, projections of any evaluation of effectiveness to future

periods are subject to the risk that controls may become

inadequate because of changes in conditions, or that the

degree of compliance with the policies or procedures may

deteriorate.

/s/ Deloitte LLP

London, United Kingdom

6 March 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | Corporate governance | Financial statements | **Investor information** | GSK 2025 Annual Report on Form 20-F |
| Other statutory disclosures continued | Other statutory disclosures continued | Other statutory disclosures continued | Other statutory disclosures continued | Other statutory disclosures continued |

---

Corporate governance comparison<br>

**Description of differences between UK Corporate Governance and New York Stock Exchange** 

**("NYSE") requirements.**

GSK's primary listing is on the London Stock Exchange. GSK

is required to comply with the Financial Conduct Authority's

Listing Rules (Listing Rules) and Disclosure and Transparency

Rules (DTRs) and report compliance with the UK Corporate

Governance Code (Code). The Group's statement of

compliance with the Code is set out on page [106](#i7b0c27e639a4413eb0afa1ba1e147c8d_1-0-1-5-1055496).

GSK also has American Depositary Receipts listed on the New

York Stock Exchange (NYSE) and is subject to the application

of the NYSE Rules. As a foreign private issuer, GSK is exempt

from most of the NYSE Rules that US companies must follow.

However, GSK is required to disclose any significant ways in

which its corporate governance practices differ from those

followed by US companies listed on the NYSE. Significant

differences between GSK's current corporate governance

practices and the applicable NYSE corporate governance

standards are as follows:

**Director independence**

GSK complies with the Code, which requires at least half the

Board, excluding the Chair, to be independent Non-Executive

Directors. The NYSE Rules require the Board to have a majority

of independent directors. The Board considers the factors set

out in the Code when determining a Director's independence.

It does not explicitly consider the NYSE independence

requirements (which are different from those set out by the

Code).

**Board Committees**

GSK's Board Committees are broadly aligned in purpose and

composition to those required by the NYSE Rules. The NYSE

requires listed US companies to have compensation and

nominating/corporate governance committees composed

entirely of independent directors, as defined under the NYSE

Rules. The Board's Remuneration Committee is composed

solely of independent Non-Executive Directors who are

independent under the standards of the Code. The

Nominations & Corporate Governance Committee consists of

independent Non-Executive Directors and the Board's Chair,

who was deemed to be independent on appointment

according to the independence standards of the Code.

GSK complies with the NYSE Rules requirement to have an

audit committee comprised solely of independent directors, as

defined under Rule 10A-3 under the Securities Exchange Act

of 1934, as amended. However, GSK follows the Code

recommendations, rather than the NYSE Rules, regarding the

responsibilities of the Board's Audit & Risk Committee (except

for applicable mandatory responsibilities under the Sarbanes-

Oxley Act of 2002, as amended), although both are broadly

comparable. The Board has determined that Charles Bancroft,

Chair of the Audit & Risk Committee, has the appropriate

qualifications and background to be an "Audit Committee

Financial Expert" as defined under the US Securities and

Exchange Commission rules.

The roles of GSK's Board Committees are set out on page [107](#ie22c70781ec24e178b4ec838768832e2_286)

of the Annual Report and within each Board Committee's terms

of reference, available at gsk.com.

**Code of Business Conduct and Ethics**

The NYSE Rules require that listed US companies adopt and

disclose a code of business conduct and ethics for directors,

officers and employees, and promptly disclose any waivers of

the code for directors or executive officers. There is no

equivalent recommendation in the Code, but GSK has

adopted a Code of Conduct for all employees, including the

CEO, CFO and other senior financial officers, which is

available at gsk.com.

**Shareholder Approval of Equity-**

**compensation plans**

The NYSE Rules require that shareholders of listed US

companies be given the opportunity to vote on all equity

compensation plans and material revisions to those plans

(subject to limited exceptions). GSK complies with the

equivalent UK requirements, which are similar to the NYSE

Rules. However, the Board does not explicitly consider the

NYSE's detailed definition of 'material revisions'.

**Corporate Governance Guidelines**

The NYSE Rules require listed US companies to adopt and

disclose corporate governance guidelines. The Listing Rules

and the Code require GSK to include an explanation in its

Annual Report of how it applies the principles of the Code and

a confirmation that it complies with the Code's provisions or,

where it does not, provide an explanation of how and why it

does not comply. In addition, GSK is required to make certain

mandatory corporate governance statements in the Directors'

Report in accordance with the Listing Rules and DTRs, which it

does on pages [156](#ie22c70781ec24e178b4ec838768832e2_343) and [157](#ifdbe62f5e8034d5a94163c4d12a8dc87_5386).

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | **[Investor information](#ie22c70781ec24e178b4ec838768832e2_547)** | GSK 2025 Annual Report on Form 20-F |
| Other statutory disclosures continued | Other statutory disclosures continued | Other statutory disclosures continued | Other statutory disclosures continued | Other statutory disclosures continued |

---

Group companies<br>

In accordance with Section 409 of the Companies Act 2006 a full list of subsidiaries, associates, joint ventures and joint

arrangements, the address of the registered office and effective percentage of equity owned, as at 31 December 2025 are

disclosed below. Unless otherwise stated the share capital disclosed comprises ordinary shares which are indirectly held by GSK

plc. The percentage held by class of share is stated where this is less than 100%. Unless otherwise stated, all subsidiary

companies have their registered office and are tax resident in their country of incorporation.

---

| | | |
|:---|:---|:---|
| **Name** | **Security** | **Registered address** |
| **Wholly owned subsidiaries** |  |  |
| 1001508446 Ontario Inc. | Common | 199 Bay Street, Suite 4000, Ontario M5L 1A9 |
| 14245563 Canada Inc. | Common | 75 Rue Queen, Unité 1300, Montreal, Quebec H3C 2N6, Canada |
| 14934792 Canada Inc. | Common | 100 Milverton Drive, Suite 800, Mississauga ON L5R 4H1, Canada |
| 1506369 Alberta ULC | Common | 3500 855-2nd Street SW, Calgary AB T2P 4J8, Canada |
| Action Potential Venture Capital Limited | Ordinary | GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, <br>SG1 2NY, United Kingdom<br>|
| Adechsa GmbH (ii) | Ordinary | c/o GlaxoSmithKline AG, Zweigniederlassung Baar/<br>Zug, Neuhofstrasse 4, 6340, Baar, Switzerland<br>|
| Affinivax, Inc. | Common | Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, <br>United States<br>|
| Aiolos Bio Limited | Ordinary | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| Aiolos Bio, Inc. | Common | Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, <br>United States<br>|
| Allen & Hanburys Limited (ii) | Ordinary | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| Allen & Hanburys Pharmaceutical Nigeria Limited | Ordinary | 49, Town Planning Way, Ilupeju, Lagos, Nigeria |
| Allen Pharmazeutika Gesellschaft m.b.H. | Ordinary | Wienerbergstraße 7, Wien, 1100, Austria |
| ASC Oncology Schweiz AG (in liquidation) | Ordinary | Unterlettenstrasse 14, 9443, Widnau, Switzerland |
| Beecham Group plc | £0.05 Ordinary B;<br>£0.20 Ordinary A<br>| 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| Beecham Pharmaceuticals (Pte) Limited | Ordinary | 38 Quality Road, Jurong Industrial Estate, Jurong, 618809, Singapore |
| Beecham Portuguesa-<br>Produtos Farmaceuticos e Quimicos, Lda,<br>| Quota | Rua Dr Antonio Loureiro Borges No 3, Arquiparque, Miraflores, 1495-131, <br>Alges, Portugal<br>|
| Bellus Health Inc | Common | 75 Rue Queen, Unité 1300, Montreal QC H3C2N6, Canada |
| Biovesta Ilaçlari Ltd. Sti. (ii) | Nominative | Esentepe Mah, Bahar Sk. Ozdilek River Plaza, Vyndham Grand No: 13 <br>Kat: 22, Kapi: 58, Sisli, Istanbul, 34394, Turkey<br>|
| BP Asset IX, Inc. | Common | Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, <br>United States<br>|
| Cascan GmbH & Co. KG | Partnership Capital | Prinzregentenplatz 9, 81675, Munich, Bavaria, Germany |
| Cellzome GmbH | Ordinary | Meyerhofstrasse 1, 69117, Heidelberg, Germany |
| Clarges Pharmaceuticals Trustees Limited (ii) | Ordinary | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| Colleen Corporation | Common | Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, <br>United States<br>|
| Corixa Corporation | Common | Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, <br>United States<br>|
| Dealcyber Limited | Ordinary | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| Desarrollo Energia Solar Alternativa S.L. | Ordinary | Severo Ochoa, 2, Parque Tecnologico de Madrid, Tres Cantos, 28760, <br>Madrid, Spain<br>|
| Duncan Pharmaceuticals Philippines Inc. | Common | 23rd Floor, The Finance Centre, 26th Street corner 9th Avenue, Bonifacio <br>Global City, Taguig City, 1634, Philippines<br>|
| Elsie Biotechnologies, Inc. | Common | Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, <br>United States<br>|
| Etex Farmaceutica Ltda | Social Capital | Av. Andrés Bello 2457, Costanera Center, Torre 2, Piso 20, Providencia, <br>Santiago, 7510689, Chile<br>|
| Glaxo Group Limited | Ordinary | GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, <br>SG1 2NY, United Kingdom<br>|
| Glaxo Kabushiki Kaisha (ii) | Ordinary | 1-8-1 Akasaka Minato-ku, Tokyo, 107-0052, Japan |
| Glaxo New Zealand Pension Plan Trustee Limited | Ordinary | Aon Centre, Level 12/29 Customs Street West, Auckland 1010, New <br>Zealand<br>|
| Glaxo Operations UK Limited | Ordinary | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| Glaxo Saudi Arabia Limited | Ordinary | PO Box 22617, Area No 56 to 73, Warehouse City, First Stage Al Khomrah, <br>Jeddah 21416, Saudi Arabia<br>|
| Glaxo Verwaltungs GmbH | Ordinary | Prinzregentenplatz 9, 81675, Munich, Bavaria, Germany |
| Glaxo Wellcome Farmaceutica, Limitada | Ordinary Quota | Rua Dr Antonio Loureiro Borges No 3, Arquiparque, Miraflores, 1495-131, <br>Alges, Portugal<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | **[Investor information](#ie22c70781ec24e178b4ec838768832e2_547)** | GSK 2025 Annual Report on Form 20-F |
| Other statutory disclosures continued<br>Group companies continued | Other statutory disclosures continued<br>Group companies continued | Other statutory disclosures continued<br>Group companies continued | Other statutory disclosures continued<br>Group companies continued | Other statutory disclosures continued<br>Group companies continued |

---

---

| | | |
|:---|:---|:---|
| **Name** | **Security** | **Registered address** |
| **Wholly owned subsidiaries continued** |  |  |
| Glaxo Wellcome International B.V. (ii) (iii) | Ordinary | Huis ter Heideweg 62, 3705 LZ, Zeist, The Netherlands |
| Glaxo Wellcome Manufacturing Pte Ltd | Ordinary | 1 Pioneer Sector 1, Jurong Industrial Estate, Jurong, 628413, Singapore |
| Glaxo Wellcome Production | Ordinary | 23 rue François Jacob, 92500, Rueil-Malmaison, France |
| Glaxo Wellcome Vidhyasom Limited (in liquidation) | Ordinary | 12th Floor Wave Place, 55 Wireless Road, Lumpini, Pathumwan, Bangkok, <br>10330, Thailand<br>|
| Glaxo Wellcome, S.A. | Ordinary | Poligono Industrial Allendeduero, Avenida de Extremadura, 3, Aranda de <br>Duero, 09400, Burgos, Spain<br>|
| Glaxo, S.A. | Ordinary | Severo Ochoa, 2, Parque Tecnologico de Madrid, Tres Cantos, 28760, <br>Madrid, Spain<br>|
| Glaxochem Pte Ltd (iii) | Ordinary | 23 Rochester Park, 139234, Singapore |
| GlaxoSmithKline - Produtos Farmaceuticos, Limitada | Ordinary Quota | Rua Dr Antonio Loureiro Borges No 3, Arquiparque, Miraflores, 1495-131, <br>Alges, Portugal<br>|
| GlaxoSmithKline (Cambodia) Co., Ltd. | Ordinary | 5th Floor DKSH Building, No.797 Preah Monivong Boulevard (Co, Sangkat <br>Phsar Deum Thakov, Khan Chamkarmon, Phnom Penh, Cambodia<br>|
| GlaxoSmithKline (China) Investment Co Ltd | Ordinary | Room 901, 902, 903, 905, 908, 909 and 910, Unit 901, Floor 9, No. 56 <br>Mid 4th East Ring Road, Chaoyang District, Beijing, China<br>|
| GlaxoSmithKline (China) R&D Company Limited | Equity | F1-3, No.18 Building, 999 Huanke Road, Pilot Free Trade Zone, Shanghai, <br>201210, China<br>|
| GlaxoSmithKline (GSK) S.R.L. | Ordinary | Bucureşti Sectorul 1, Şoseaua Bucureşti-Ploieşti, Nr. 89A, Romania |
| GlaxoSmithKline (Ireland) Limited | Ordinary | 12 Riverwalk, Citywest Business Campus, Dublin 24, Ireland |
| GlaxoSmithKline (Israel) Ltd | Ordinary | 25 Basel Street, PO Box 10283, Petach-Tikva, 49002, Israel |
| GlaxoSmithKline (Private) Limited (ii) | Ordinary | Unit 3, 20 Anthony Road, Msasa, Harare, Zimbabwe |
| GlaxoSmithKline (Thailand) Limited | Ordinary | 12th Floor Wave Place, 55 Wireless Road, Lumpini, Pathumwan, Bangkok, <br>10330, Thailand<br>|
| GlaxoSmithKline AB | Ordinary | Hemvarnsg. 9, 171 54, Solna, Sweden |
| GlaxoSmithKline AG | Ordinary | Talstrasse 3 , 3053 Muenchenbuchsee, Switzerland |
| GlaxoSmithKline Angola Unipessoal Limitada | Quota | Luanda, Bairro Petrangol, Estrada de Cacuaco n ° 288, Angola |
| GlaxoSmithKline AS | Ordinary | Drammensveien 288, Oslo, NO-0283, Norway |
| GlaxoSmithKline Australia Pty Ltd | Ordinary | Level 4 , 436 Johnston Street , Abbotsford, Victoria, 3067, Australia |
| GlaxoSmithKline B.V. | Ordinary | Van Asch van, Wijckstraat 55h, 3811 LP Amersfoort, The Netherlands |
| GlaxoSmithKline Beteiligungs GmbH | Ordinary | Prinzregentenplatz 9, 81675, Munchen, Germany |
| GlaxoSmithKline Biologicals Kft. | Ordinary | 2100 Gödöllõ, Homoki Nagy István utca 1, Hungary |
| GlaxoSmithKline Biologicals S.A.S. | Ordinary | 637 Rue des Aulnois, Saint-Amand Les Eaux, 59230, France |
| GlaxoSmithKline Biologicals SA | Ordinary;<br>Preference<br>| Rue de l'Institut 89 B-1330 Rixensart, Belgium |
| GlaxoSmithKline Brasil Limitada | Quotas | Estrada dos Banderiantes, 8464, Rio de Janeiro, 22783-110, Brazil |
| GlaxoSmithKline Capital Inc. | Common | Circumference FS (USA) Inc, 1100 N. Market Street, 4th Floor, Wilmington <br>DE 19890, United States<br>|
| GlaxoSmithKline Capital plc | Ordinary | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| GlaxoSmithKline Caribbean Limited | Ordinary | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| GlaxoSmithKline Chile Farmaceutica Limitada | Social Capital | Av. Andrés Bello 2457, Torre 2, piso 20, Providencia, Santiago, Región <br>Metropolitana, Chile<br>|
| GlaxoSmithKline Colombia S.A. | Ordinary | Avenida Calle 116 No 7-15 Interior 2 Oficina 601 A, Bogotá, Bogota, <br>110111, Colombia<br>|
| GlaxoSmithKline doo Beograd-Novi Beograd -<br> U LIKVIDACIJI (In liquidation)<br>| Ordinary | Milutin Milankovic, 1J, Novi Beograd, Belgrade, 11070, Serbia |
| GlaxoSmithKline Ecuador S.A. | Ordinary | Av. 6 de diciembre E10A, y Juan Boussingault, Edificio Torre 6, Piso 4, <br>Oficina 408, Quito, Ecuador<br>|
| GlaxoSmithKline El Salvador S.A. de C.V. | Ordinary | Municipio de San Salvador, Departamento de San Salvador, El Salvador |
| GlaxoSmithKline EOOD (Liquidated 10-Feb-2026) | Ordinary | 119 Oborishte Str., Sofia 1505, Sofia, Bulgaria |
| GlaxoSmithKline Export Limited | Ordinary | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| GlaxoSmithKline Export Panama S.A. | Ordinary | Panama City, Republic of Panama, Panama |
| GlaxoSmithKline Far East B.V. | Ordinary | Van Asch van Wijckstraat 55h, 3811 LP, Amersfoort, The Netherlands |
| GlaxoSmithKline Finance plc | Ordinary | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| GlaxoSmithKline GmbH & Co. KG | Partnership Capital | Prinzregentenplatz 9, 81675, Munchen, Germany |
| GlaxoSmithKline Guatemala S.A. | Ordinary | 3ra. Av. 13-78 Zona 10, Torre Citibank, Nivel 8, Guatemala City, Guatemala |
| GlaxoSmithKline Holding AS | Ordinary | Drammensveien 288, Oslo, NO-0283, Norway |
| GlaxoSmithKline Holdings (Americas) Inc. | Common | Circumference FS (USA) Inc., 1100 North Market Street, 4th Floor, <br>Wilmington DE 19890, United States<br>|
| GlaxoSmithKline Holdings (One) Limited (i) | Ordinary | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| GlaxoSmithKline Holdings Limited (i) | Ordinary | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | **[Investor information](#ie22c70781ec24e178b4ec838768832e2_547)** | GSK 2025 Annual Report on Form 20-F |
| Other statutory disclosures continued<br>Group companies continued | Other statutory disclosures continued<br>Group companies continued | Other statutory disclosures continued<br>Group companies continued | Other statutory disclosures continued<br>Group companies continued | Other statutory disclosures continued<br>Group companies continued |

---

---

| | | |
|:---|:---|:---|
| **Name** | **Security** | **Registered address** |
| **Wholly owned subsidiaries continued** |  |  |
| GlaxoSmithKline Holdings Pty Ltd | Ordinary | Level 4 , 436 Johnston Street , Abbotsford, Victoria, 3067, Australia |
| GlaxoSmithKline Honduras S.A. | Ordinary | Tegucigalpa, MDC, Honduras |
| GlaxoSmithKline IHC Limited | Ordinary | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| GlaxoSmithKline Ilaclari Sanayi ve Ticaret A.S. | Nominative | Esentepe Mah, Bahar Sk. Ozdilek River Plaza, Vyndham <br>Grand No: 13 Kat: 22, Kapi: 58, Sisli, Istanbul, 34394, Turkey<br>|
| GlaxoSmithKline Inc. | Class A Common;<br>Class C Preference<br>| 100 Milverton Drive, Suite 800 , Mississauga ON L5R 4H1, Canada |
| GlaxoSmithKline Insurance Ltd. | Ordinary | c/o Trinity Corporate Services Ltd., Trinity Hall, 43 Cedar Avenue, <br>Hamilton, HM12, Bermuda<br>|
| GlaxoSmithKline Intellectual Property (No.2) Limited | Ordinary | GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, <br>SG1 2NY, United Kingdom<br>|
| GlaxoSmithKline Intellectual Property (No.5) Limited (In <br>liquidation)<br>| Ordinary | c/o BDO LLP, 5 Temple Square, Temple Street, Liverpool, L2 5RH, <br>United Kingdom<br>|
| GlaxoSmithKline Intellectual Property Development Limited | Ordinary | GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, <br>SG1 2NY, United Kingdom<br>|
| GlaxoSmithKline Intellectual Property Holdings Limited | Class A Ordinary;<br>Class B Ordinary<br>| GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, <br>SG1 2NY, United Kingdom<br>|
| GlaxoSmithKline Intellectual Property Limited | Deferred;<br>Ordinary<br>| GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, <br>SG1 2NY, United Kingdom<br>|
| GlaxoSmithKline Intellectual Property Management Limited | Ordinary | GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, <br>SG1 2NY, United Kingdom<br>|
| GlaxoSmithKline Investigación y Desarrollo, S.L. | Ordinary | Severo Ochoa 2 Parque Tecnológico de Madrid, Tres Cantos, 28760, <br>Madrid, Spain<br>|
| GlaxoSmithKline Investments Pty Ltd | Ordinary | Level 4 , 436 Johnston Street , Abbotsford, Victoria, 3067, Australia |
| GlaxoSmithKline K.K. | Ordinary | 1-8-1 Akasaka Minato-ku, Tokyo, Japan |
| GlaxoSmithKline Korea Limited | Ordinary | 9F LS Yongsan Tower, 92 Hangang-daero, Yongsan-<br>gu, Seoul, 04386, Korea, Republic of<br>|
| GlaxoSmithKline Latin America, S.A. | Ordinary | Panama City, Republic of Panama, Panama |
| GlaxoSmithKline Limited | Ordinary | Suites 1004-10, 10 F, Tower 6, The Gateway, 9 Canton Road, Tsimshatsui, <br>Kowloon, Hong Kong<br>|
| GlaxoSmithKline Limited (ii) | Ordinary | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| GlaxoSmithKline LLC | LLC Interests | Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, <br>United States<br>|
| GlaxoSmithKline Manufacturing SpA | Ordinary | Viale dell'Agricoltura 7, 37135, Verona, Italy |
| GlaxoSmithKline Maroc S.A. | Ordinary | 42-44 Angle Bd, Rachidi et Abou Hamed El Glaza, Casablanca, Morocco |
| GlaxoSmithKline Mercury Limited (i) | Ordinary | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| GlaxoSmithKline Mexico S.A. de C.V. | Ordinary A;<br>Ordinary B<br>| Av. Real Mayorazgo 130 Piso 20, Colonia Xoco, Alcaldia Benito Juárez, <br>Ciudad de Mexico, 03330, Mexico<br>|
| GlaxoSmithKline NZ Limited | Ordinary | Aon Centre, Level 12/29 Customs Street West, Auckland 1010, Auckland, <br>1010, New Zealand<br>|
| GlaxoSmithKline Oy | Ordinary | Porkkalankatu 20 A, Helsinki, 00180, Finland |
| GlaxoSmithKline Peru S.A. | Ordinary | Av. Víctor Andrés Belaúnde N°147, Vía Principal N°133, Piso 7, <br>Distrito de San Isidro, Lima, Perú<br>|
| GlaxoSmithKline Pharma A/S | Ordinary | Vallensbæk Company House III , Delta Park 37, DK-2665, Valle, Denmark |
| GlaxoSmithKline Pharma GmbH | Ordinary | Wienerbergstraße 7, Wien, 1100, Austria |
| GlaxoSmithKline Pharmaceutical Kenya Limited | Ordinary | P.O Box 78392-00507, Likoni Road, Nairobi, Kenya |
| GlaxoSmithKline Pharmaceutical Nigeria Limited | Ordinary | 1 Industrial Avenue, Ilupeju, Ikeja, Lagos, PM B 21218, Nigeria |
| GlaxoSmithKline Pharmaceutical Sdn Bhd | Ordinary | HZ.01, Horizon Penthouse, 1 Powerhouse, 1, Persiaran Bandar Utama, <br>Bandar Utama, 47800 Petaling Jaya, Selangor, Malaysia<br>|
| GlaxoSmithKline Pharmaceuticals (Pvt) Ltd | Ordinary | 121 Galle Road, Kaldemulla, Moratuwa, Sri Lanka |
| GlaxoSmithKline Pharmaceuticals Costa Rica S.A | Ordinary | Autopista Florencia del Castillo, kilómetro siete, Oficentro TerraCampus, <br>edificio uno, cuarto piso, San Diego, Cartago, 30302, Costa Rica<br>|
| GlaxoSmithKline Pharmaceuticals SA | Ordinary | Avenue Fleming 20, 1300 Wavre, Belgium |
| GlaxoSmithKline Pharmaceuticals Ukraine LLC | Chartered Capital | Pavla Tychyny avenue, 1-V, Kiev, 02152, Ukraine |
| GlaxoSmithKline Philippines, Inc. | Ordinary | 23rd Floor, The Finance Centre, 26th Street corner 9th Avenue, Bonifacio <br>Global City, Taguig City, 1634, Philippines<br>|
| GlaxoSmithKline Pte Ltd | Ordinary | 23 Rochester Park, 139234, Singapore |
| GlaxoSmithKline Puerto Rico, Inc. | Common | Corporation Service Company Puerto Rico Inc., c/o RVM <br>Professional Services, LLC, A4 Reparto Mendoza, Humacao, <br>00791, Puerto Rico<br>|
| GlaxoSmithKline Republica Dominicana S.A. | Ordinary | Blue Mall Tower, Floor 23 Ave., Winston Churchill 95, Santo Domingo, <br>Dominican Republic<br>|
| GlaxoSmithKline Research & Development Limited | Ordinary | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| GlaxoSmithKline S.A. | Ordinary | Severo Ochoa, 2, Parque Tecnologico de Madrid, Tres Cantos, 28760, <br>Madrid, Spain<br>|
| GlaxoSmithKline S.p.A. | Ordinary | Viale dell'Agricoltura 7, 37135, Verona, Italy |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | **[Investor information](#ie22c70781ec24e178b4ec838768832e2_547)** | GSK 2025 Annual Report on Form 20-F |
| Other statutory disclosures continued<br>Group companies continued | Other statutory disclosures continued<br>Group companies continued | Other statutory disclosures continued<br>Group companies continued | Other statutory disclosures continued<br>Group companies continued | Other statutory disclosures continued<br>Group companies continued |

---

---

| | | |
|:---|:---|:---|
| **Name** | **Security** | **Registered address** |
| **Wholly owned subsidiaries continued** |  |  |
| GlaxoSmithKline s.r.o. | Ordinary | Hvezdova 1734/2c, Prague, 4 140 00, Czech Republic |
| GlaxoSmithKline Services GmbH & Co. KG | Partnership Capital | Prinzregentenplatz 9, 81675, Munchen, Germany |
| GlaxoSmithKline Services Unlimited (i) | Ordinary | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| GlaxoSmithKline Single Member A.E.B.E. | Ordinary | 266 Kifissias Avenue, Halandri, Athens, 152 32, Greece |
| GlaxoSmithKline SL LLC | LLC Interests | Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, <br>United States<br>|
| GlaxoSmithKline SL LP (ii) (iv) | Partnership | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| GlaxoSmithKline South Africa (Pty) Limited | Ordinary | 155 West Street, Sandown, Sandton, 2031, South Africa |
| GlaxoSmithKline Trading Services Limited (iii) | Ordinary | 12 Riverwalk, Citywest Business Campus, Dublin 24, D24 YK11, Ireland |
| GlaxoSmithKline Tunisia S.A.R.L. | Ordinary | Immeuble Regus Lot B17, Centre Urbain Nord, Tunis, Tunisia |
| GlaxoSmithKline UK Limited | Ordinary | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| GlaxoSmithKline Uruguay S.A. | Registered Provisory Stock | Victor Soliño 349, Montevideo, 11300, Uruguay |
| GlaxoSmithKline US Trading Limited (In liquidation)  | Ordinary | c/o BDO LLP, 5 Temple Square, Temple Street, Liverpool, L2 5RH, <br>United Kingdom<br>|
| GlaxoSmithKline Venezuela C.A. | Ordinary | calle Altagracia, edificio P&G, piso Mezzanina, torre Torre Sur, Urbanizacio<br>n Sorokaima, La Trinidad, Caracas, 1080, Venezuela, Bolivarian <br>Republic of<br>|
| GlaxoSmithKline Vietnam Limited Liability Company (ii) | Equity Capital | The Metropolitan, 235 Dong Khoi Street, District 1, 7th Floor Unit 701, <br>Ho Chi Minh City, Vietnam<br>|
| Groupe GlaxoSmithKline | Ordinary | 23 rue François Jacob, 92500, Rueil-Malmaison, France |
| GSK Biopharma Argentina S.A. | Nominative Non Endorseable <br>Ordinary<br>| Tucumán 1, piso 4, Buenos Aires, C1049AAA, Argentina |
| GSK Business Service Centre Sdn Bhd | Ordinary | Level 6, Quill 9, 112 Jalan Prof. Khoo Kay Kim, Petaling Jaya, 46300 <br>Selangor, Malaysia<br>|
| GSK Capital B.V. (iii) (v) | Ordinary | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| GSK Capital K.K. | Ordinary | 1-8-1 Akasaka Minato-ku, Tokyo, Japan |
| GSK Commercial Sp. z o.o. | Ordinary | ul. Rzymowskiego 53, 02-697, Warsaw, Poland |
| GSK d.o.o., Ljubljana | Ordinary | Železna cesta 8A, 1000, Ljubljana, Slovenia |
| GSK Enterprise Management Co, Ltd | Ordinary | Floor 4, 18 Lane 999 Huanke Road, No. 1358 Zhongke Road, Shanghai, <br>China<br>|
| GSK Equity Investments, Limited | Units | Corporation Service Company, 5235 North Front Street, Harrisburg <br>PA 17110, United States<br>|
| GSK Finance (No 2) Limited | Ordinary | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| GSK Finance (No.3) Limited (Dissolved 17/02/2026) | Ordinary | c/o BDO LLP, 5 Temple Square, Temple Street, Liverpool, L2 5RH, <br>United Kingdom<br>|
| GSK HGS Legacy LLC (Incorporated 16/01/2026) | LLC Interests | Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, <br>United States<br>|
| GSK India Global Services Private Limited | Equity | Level 1, 2 & 3 Luxor North Tower, Bagmane Capital Business Park Outer <br>Ring Road, Bangalore, Karnataka, 560037, India<br>|
| GSK International Holding and Finance BV | Ordinary | Van Asch van Wijckstraat 55h, 3811 LP, Amersfoort, The Netherlands |
| GSK Kazakhstan LLP | Participation Interest | 050019, office No. 30, 71/66 building, Chaplin street, Medeu district, <br>Almaty city, Kazakhstan<br>|
| GSK Life Sciences FZE | Ordinary | LB06015, Jebel Ali Freezone, Dubai, United Arab Emirates |
| GSK Pharma India Private Limited | Equity | 1, Battery House, Bhulabhai Desai Road, Mumbai, Maharashtra, 400026, <br>India<br>|
| GSK Pharma Vietnam Company Limited | Chartered Capital | Unit 701, 7th Floor, The Metropolitan Tower, 235 Dong Khoi, Sai Gon Ward, <br>Hochiminh City, Vietnam<br>|
| GSK PSC Poland sp. z o.o. | Ordinary | ul. Grunwaldzka 189, Poznań, 60-322, Poland |
| GSK Regional Headquarters Company | Ordinary | Olaya tower, Prince Mohamed lbn Abdelaziz Street. Olaya, Riyadh,12821, <br>Saudi Arabia<br>|
| GSK Services Sp z o.o. | Ordinary | Ul. Grunwaldzka 189, 60-322, Poznan, Poland |
| GSK Vaccines BV | Ordinary | De Entree 201, Amsterdam, 1101 HG, The Netherlands |
| GSK Vaccines GmbH | Ordinary | Emil-von-Behring-Str.76, 35041 Marburg, Germany |
| GSK Vaccines Institute for Global Health S.r.l. | Quota | Via Fiorentina 1, 53100, Siena, Italy |
| GSK Vaccines S.r.l. | Quota | Via Fiorentina 1, 53100, Siena, Italy |
| Human Genome Sciences, Inc. | Common | Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, <br>United States<br>|
| IDRx, Inc. | Common | Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, <br>United States<br>|
| ID Biomedical Corporation of Quebec | Common | 2323, boul. Du Parc Technologique, Québec G1P 4R8, Canada |
| InterPharma Dienstleistungen GmbH | Quota | Wienerbergstraße 7, Wien, 1100, Austria |
| J&J Technologies, LC (ii) | Membership Interests | Corporation Service Company, 100 Shockoe Slip, 2nd Floor, Richmond VA <br>23219, United States<br>|
| JSC GlaxoSmithKline Trading | Ordinary | Leningradskiy Prospect 37A, Building 4, Floor 3, Premises XV, Room 1, <br>125167, Moscow, Russian Federation<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | **[Investor information](#ie22c70781ec24e178b4ec838768832e2_547)** | GSK 2025 Annual Report on Form 20-F |
| Other statutory disclosures continued<br>Group companies continued | Other statutory disclosures continued<br>Group companies continued | Other statutory disclosures continued<br>Group companies continued | Other statutory disclosures continued<br>Group companies continued | Other statutory disclosures continued<br>Group companies continued |

---

---

| | | |
|:---|:---|:---|
| **Name** | **Security** | **Registered address** |
| **Wholly owned subsidiaries continued** |  |  |
| Laboratoire GlaxoSmithKline | Ordinary | 23 rue François Jacob, 92500, Rueil-Malmaison, France |
| Laboratoire Pharmaceutique Algérien LPA Production SPA | Ordinary | Zone Industrielle Est, Boudouaou, Boumerdes, Algeria |
| Laboratoire Pharmaceutique Algérien SPA | Ordinary | Zone Industrielle Est, Boudouaou, Boumerdes, Algeria |
| Laboratoires Paucourt (ii) | Ordinary | 23 rue François Jacob, 92500, Rueil-Malmaison, France |
| Laboratoires Saint-Germain (ii) | Ordinary | 23 rue François Jacob, 92500, Rueil-Malmaison, France |
| Laboratorios Dermatologicos Darier, S.A de C.V. | Ordinary A;<br>Ordinary B<br>| Av. Real Mayorazgo 130 Piso 20, Colonia Xoco, Alcaldia Benito Juárez, <br>Ciudad de Mexico, 03330, Mexico<br>|
| Laboratorios Stiefel de Venezuela SA | Ordinary | Calle Altagracia, edificio P&G, nivel Mezzanina, piso Mezzanina, local Torre<br> Sur, Urbanizacion Sorokaima, La Trinidad, Caracas, 1080, Venezuela, <br>Bolivarian Republic of<br>|
| Laboratorios Stiefel Ltda. | Ordinary | Avenida Doutor Timóteo Penteado nº 2289, Box XXIII, Vila Hulda, <br>Guarulhos, São Paulo, 07094-000, Brazil<br>|
| Maxinutrition Limited (in liquidation) | Ordinary | c/o BDO LLP, 5 Temple Square, Temple Street, Liverpool, L2 5RH, <br>United Kingdom<br>|
| PT Glaxo Wellcome Indonesia | Class A;<br>Class B<br>| JL. Pulobuaran Raya Kav.III/DD 2,3,4 KWS. Industri, Pulogadung, <br>Jatinegara, Cakung, Jakarta Timur, Indonesia<br>|
| Setfirst Limited | Ordinary | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| Shanghai GlaxoSmithKline Pharmaceutical Co., Ltd. | Ordinary | Room 803, 804, Building A, 5 Shuntong Road, Lingang New Area, China <br>(Shanghai) Pilot Free Trade Zone, Shanghai, China<br>|
| Sitari Pharma, Inc. | Common | Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, <br>United States<br>|
| Smith Kline & French Laboratories Limited (Dissolved <br>21/01/2026)<br>| Ordinary | c/o BDO LLP, 5 Temple Square, Temple Street, Liverpool, L2 5RH, <br>United Kingdom <br>|
| Smith Kline & French Portuguesa-<br>Produtos Farmaceuticos, LDA (ii)<br>| Ordinary | Rua Dr Antonio Loureiro Borges No 3, Arquiparque, Miraflores, 1495-131, <br>Alges, Portugal<br>|
| SmithKline Beecham (Bangladesh) Private Limited (ii) | Ordinary | House-2/A, Road-138,Gulshan-1, Dhaka, 1212, Bangladesh |
| SmithKline Beecham (Cork) Limited | Ordinary | 12 Riverwalk, Citywest Business Campus, Dublin 24, D24 YK11, Ireland |
| SmithKline Beecham Egypt L.L.C. | Quotas | Amoun Street, El Salam City, Cairo, Egypt |
| SmithKline Beecham Farma, S.A. | Ordinary | Severo Ochoa, 2, Parque Tecnologico de Madrid, Tres Cantos, 28760, <br>Madrid, Spain<br>|
| SmithKline Beecham Legacy H Limited | Ordinary | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| SmithKline Beecham Limited | Ordinary | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| SmithKline Beecham Pension Plan Trustee Limited (ii) | Ordinary | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| SmithKline Beecham Pharma GmbH & Co KG | Partnership Capital | Prinzregentenplatz 9, 81675, Munchen, Germany |
| SmithKline Beecham Pharma Verwaltungs GmbH | Ordinary | Prinzregentenplatz 9, 81675, Munchen, Germany |
| SmithKline Beecham Pharmaceuticals (Pty) Limited (ii) | Ordinary | Flushing Meadows Building, The Campus, 57 Sloane Street, Bryanston <br>2021, South Africa<br>|
| SmithKline Beecham Senior Executive Pension Plan <br>Trustee Limited (ii)<br>| Ordinary | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| Stiefel GmbH & Co. KG | Partnership Capital | Prinzregentenplatz 9, 81675, Munchen, Germany |
| Stiefel Laboratories Legacy (Ireland) Limited | Ordinary | Unit 2 Building 2500, Avenue 2000 Cork Airport Business Park, Cork, <br>Ireland<br>|
| Stiefel Laboratories Pte Limited | Ordinary | 1 Pioneer Sector, 628413, Singapore |
| Stiefel Laboratories, Inc. | Common | Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, <br>United States<br>|
| Stiefel Maroc SARL | Ordinary | 275 Boulevard Zerktouni, Casablanca, Morocco |
| Stiefel Research (Australia) Holdings Pty Ltd | Ordinary | Level 4, 436 Johnston Street , Abbotsford, Victoria, 3067, Australia |
| Stiefel Research Australia Pty Ltd | Ordinary | Level 4, 436 Johnston Street , Abbotsford, Victoria, 3067, Australia |
| Stiefel West Coast LLC | LLC Interests | Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, <br>United States<br>|
| Strebor Inc. | Common | Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, <br>United States<br>|
| Tesaro Bio GmbH (in liquidation) | Ordinary | Poststrasse 6, 6300 Zug, Switzerland |
| Tesaro Bio Netherlands B.V | Ordinary | Joop Geesinkweg 901, 1114 AB, Amsterdam-Duivendrecht, The <br>Netherlands<br>|
| TESARO Development, Ltd. | Ordinary | Clarendon House, 2 Church Street, Hamilton HM11, Bermuda |
| Tesaro, Inc. | Common | Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, <br>United States<br>|
| The Sydney Ross Co. (ii) | Ordinary | Corporation Service Company, Princeton South Corporate Center, <br>Suite 160, 100 Charles Ewing Blvd, Ewing NJ 08628, United States<br>|
| UCB Pharma Asia Pacific Sdn Bhd (ii) | Ordinary | 12th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, <br>Seksyen 13, 46200 Petaling Jaya, Malaysia<br>|
| Wellcome Consumer Healthcare Limited (ii) | Ordinary | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| Wellcome Limited | Ordinary | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | **[Investor information](#ie22c70781ec24e178b4ec838768832e2_547)** | GSK 2025 Annual Report on Form 20-F |
| Other statutory disclosures continued<br>Group companies continued | Other statutory disclosures continued<br>Group companies continued | Other statutory disclosures continued<br>Group companies continued | Other statutory disclosures continued<br>Group companies continued | Other statutory disclosures continued<br>Group companies continued |

---

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Security** | **Effective %** <br>**Ownership**<br>| **Registered address** |
| **Subsidiaries where the effective interest is less than 100%** | **Subsidiaries where the effective interest is less than 100%** | **Subsidiaries where the effective interest is less than 100%** |  |
| Amoun Pharmaceutical Industries Co. S.A.E. | Monetary Shares | 90.71% | El Salam City 11491, PO Box 3001, Cairo, Egypt |
| Biddle Sawyer Limited | Equity | 75.00% | 252 Dr Annie Besant Road, Mumbai, 400030, India |
| British Pharma Group Limited (i)(ii) | Guarantee | 50.00% | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| Galvani Bioelectronics Inc. | Common | 55.00% | Corporation Service Company, 251 Little Falls Drive, Wilmington DE <br>19808, United States<br>|
| Galvani Bioelectronics Limited | A Ordinary;<br>B Ordinary<br>| 55.00% | GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, SG1 2<br>NY, United Kingdom<br>|
| GlaxoSmithKline (Tianjin) Co. Ltd | Ordinary | 90.00% | No. 65, the Fifth Avenue, Tai Feng Industrial Park, Tianjin Economic and <br>Technological Development Area, Tianjin, 300457, China<br>|
| GlaxoSmithKline Algérie S.P.A. | Ordinary | 99.99% | Zone Industrielle Est, Boudouaou, Wilaya de Boumerdes, Algeria |
| GlaxoSmithKline Pakistan Limited | Ordinary | 82.59% | The Sykes Building, 35 Dockyard Road, West Wharf, Karachi, 74000, <br>Pakistan<br>|
| GlaxoSmithKline Pharmaceuticals Limited | Equity | 75.00% | 252 Dr Annie Besant Road, Mumbai, 400030, India |
| GlaxoSmithKline S.A.E. | Ordinary | 91.20% | Boomerang Office Building - Land No. 46, Zone (J) -<br> 1st District, Town Center - 5th Tagammoe, New Cairo City, Egypt<br>|
| Laboratorios ViiV Healthcare, S.L. | Ordinary | 78.30% | Severo Ochoa, 2, Parque Tecnologico de Madrid, Tres Cantos, 28760, <br>Madrid, Spain<br>|
| Limited Liability Company SmithKline <br>Beecham-Biomed O.O.O.<br>| Participation Interest | 97.00% | Leningradskiy Prospect 37A, Building 4, Floor 2, Premises XIV, Room 42, <br>125167, Moscow, Russian Federation<br>|
| Modern Pharma Trading Company L.L.C. | Quotas | 98.24% | Amoun Street, PO Box 3001, El Salam City, Cairo, 11491, Egypt |
| Stiefel Egypt LLC (ii) | Quota | 99.00% | Amoun Street, PO Box 3001, El Salam City, Cairo, 11491, Egypt |
| ViiV Healthcare (South Africa) (Proprietary) <br>Limited<br>| Ordinary | 78.30% | Flushing Meadows Building, The Campus, 57 Sloane Street, Bryanston 20<br>21, South Africa<br>|
| ViiV HealthCare BV | Ordinary | 78.30% | Van Asch van, Wijckstraat 55h, 3811 LP Amersfoort, The Netherlands |
| ViiV Healthcare Company | Common | 78.30% | Corporation Service Company, 251 Little Falls Drive, Wilmington DE <br>19808, United States<br>|
| ViiV Healthcare Finance 2 Limited | Ordinary | 78.30% | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| ViiV Healthcare Finance Limited | Ordinary;<br>Redeemable Preference<br>| 78.30% | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| ViiV Healthcare GmbH | Ordinary | 78.30% | Prinzregentenplatz 9, 81675, Munchen, Germany |
| ViiV Healthcare GmbH | Ordinary | 78.30% | Neuhofstrasse 4, 6340, Baar, Switzerland |
| ViiV Healthcare K.K. | Ordinary | 78.30% | 1-8-1 Akasaka Minato-ku, Tokyo, Japan |
| ViiV Healthcare Limited | A Ordinary (100%);<br>B Ordinary (0%);<br>C Ordinary (0%);<br>D1 Preference (0%);<br>D2 Ordinary (0%);<br>Deferred (100%);<br>E 5% Cumulative Preference <br>(0%)<br>| 78.30% | GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, SG1 2<br>NY, United Kingdom<br>|
| ViiV Healthcare Pty Ltd | Ordinary | 78.30% | Level 4, 436 Johnston Street , Abbotsford, Victoria, 3067, Australia |
| ViiV Healthcare Puerto Rico, LLC | LLC Interests | 78.30% | Corporation Service Company Puerto Rico Inc., c/o RVM <br>Professional Services, LLC, A4 Reparto Mendoza, Humacao <br>00791, Puerto Rico<br>|
| ViiV Healthcare S.r.l. | Quota | 78.30% | Viale dell'Agricoltura 7, 37135, Verona, Italy |
| ViiV Healthcare SAS | Ordinary | 78.30% | 23 rue François Jacob, 92500, Rueil-Malmaison, France |
| ViiV Healthcare SRL | Ordinary | 78.30% | Avenue Fleming 20, 1300 Wavre, Belgium |
| ViiV Healthcare Trading LLC (ii) | Participation Interest | 78.30% | Leningradskiy Prospect 37A, Building 4, Floor 2, Premises XIV, Room 28, <br>125167, Moscow, Russian Federation<br>|
| ViiV Healthcare Trading Services UK Limited | Ordinary | 78.30% | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| ViiV Healthcare UK (No.3) Limited | Ordinary | 78.30% | GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, <br>SG1 2NY, United Kingdom<br>|
| ViiV Healthcare UK (No.4) Limited | Ordinary | 78.30% | GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, <br>SG1 2NY, United Kingdom<br>|
| ViiV Healthcare UK (No.5) Limited | Ordinary | 78.30% | GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, <br>SG1 2NY, United Kingdom<br>|
| ViiV Healthcare UK (No.6) Limited | Ordinary | 78.30% | GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, <br>SG1 2NY, United Kingdom<br>|
| ViiV Healthcare UK (No.7) Limited | Ordinary | 78.30% | GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, <br>SG1 2NY, United Kingdom<br>|
| ViiV Healthcare UK Limited | Ordinary | 78.30% | 79 New Oxford Street, London, WC1A 1DG, United Kingdom |
| ViiV Healthcare ULC | Common | 78.30% | 3500 855-2nd Street SW, Calgary AB T2P 4J8, Canada |
| ViiVHIV Healthcare Unipessoal Lda | Quota | 78.30% | Rua Dr Antonio Loureiro Borges No 3, Arquiparque, Miraflores, 1495-131, <br>Alges, Portugal<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | **[Investor information](#ie22c70781ec24e178b4ec838768832e2_547)** | GSK 2025 Annual Report on Form 20-F |
| Other statutory disclosures continued<br>Group companies continued | Other statutory disclosures continued<br>Group companies continued | Other statutory disclosures continued<br>Group companies continued | Other statutory disclosures continued<br>Group companies continued | Other statutory disclosures continued<br>Group companies continued |

---

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Security** | **Effective %** <br>**Ownership**<br>| **Registered address** |
| **Associates** | **Associates** | **Associates** | **Associates** |
| GlaxoSmithKline Landholding Company, Inc (In <br>liquidation)<br>| Common | 39.93% | 23rd Floor, The Finance Centre, 26th Street Corner 9th Avenue, Bonifacio <br>Global City, Taguig City, 1634, Philippines<br>|
| Index Ventures Life VI (Jersey) LP | Partnership Interest <br>(24.94%)<br>| 24.94% | 44 Esplanade, St Helier, Jersey, JE4 9WG, Channel Islands |
| Kurma Biofund II FCPR | Partnership Interest <br>(32.06%)<br>| 32.06% | 24 rue Royale, 5th Floor, 75008, Paris, France |
| Longwood Fund I, LP | Partnership Interest <br>(35%)<br>| 35.00% | The Prudential Tower, Suite 1715, 800 Boylston Street, Boston, MA 02199, <br>United States<br>|
| Medicxi Ventures I LP | Partnership Interest <br>(26.10%)<br>| 26.10% | 44 Esplanade, St Helier, Jersey, JE4 9WG, Channel Islands |
| **Other significant holdings** | **Other significant holdings** | **Other significant holdings** | **Other significant holdings** |
| Global Farm S.A. | A Shares (0%)<br>B Shares (0%) <br>C Shares (100%) <br>| 20.00% | Mendoza 1259, Ciudad Autónoma de Buenos Aires, Argentina |
| Longwood Fund II, LP | Partnership Interest <br>(20.00%) <br>| 20.00% | The Prudential Tower, Suite 1715, 800 Boylston Street, Boston, MA 02199, <br>United States<br>|
| Sanderling Ventures VII, L.P. A63 | Partnership Interest <br>(25.31%)<br>| 25.31% | 1300 S. El Camino Real, Suite 203, San Mateo, CA 94402, United States |
| SR One Capital Fund I-B, LP | Partnership Interest <br>(44%)<br>| 44.00% | Corporation Service Company, 251 Little Falls Drive, City of Wilmington, <br>County of New Castle, Delaware 19808, United States<br>|
| SR One Capital Fund III, LP | Partnership Interest <br>(21.08%)<br>| 21.08% | Corporation Service Company, 251 Little Falls, Drive, City of Wilmington, <br>County of New Castle, Delaware 19808, United States<br>|
| SR One Capital Opportunities Fund I, LP | Partnership Interest <br>(24.19%)<br>| 24.19% | Corporation Service Company, 251 Little Falls Drive, City of Wilmington, <br>County of New Castle, Delaware 19808, United States<br>|
| Synapse Investment, LP | Partnership Interest <br>(50.77%)<br>| 50.77% | Corporation Service Company, 251 Little Falls Drive, City of Wilmington, <br>County of New Castle, Delaware 19808, United States<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | **[Investor information](#ie22c70781ec24e178b4ec838768832e2_547)** | GSK 2025 Annual Report on Form 20-F |
| Other statutory disclosures continued<br>Group companies continued | Other statutory disclosures continued<br>Group companies continued | Other statutory disclosures continued<br>Group companies continued | Other statutory disclosures continued<br>Group companies continued | Other statutory disclosures continued<br>Group companies continued |

---

The following UK registered subsidiaries will take advantage of the audit exemption set out within Section 479A of the Companies

Act 2006 for the period ended 31 December 2025. Unless otherwise stated, the undertakings listed below are owned, either

directly or indirectly, by GSK plc.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name** | **Security** | **Effective %** <br>**Ownership**<br>| **Registered address** | **Company** <br>**Number**<br>|
| **UK registered subsidiaries exempted from audit** | **UK registered subsidiaries exempted from audit** |  |  |  |
| Burroughs Wellcome International Limited | Ordinary | 100.00% | 79 New Oxford Street, London, WC1A 1DG, United Kingdom | 00543757 |
| Domantis Limited | Ordinary | 100.00% | GSK Medicines Research Centre, Gunnels Wood Road, <br>Stevenage, SG1 2NY, United Kingdom<br>| 03907643 |
| Edinburgh Pharmaceutical Industries Limited | Ordinary;<br>Preference<br>| 100.00% | Shewalton Road, Irvine, Ayrshire, KA11 5AP, <br>United Kingdom<br>| SC005534 |
| Eskaylab Limited | Ordinary | 100.00% | 79 New Oxford Street, London, WC1A 1DG, United Kingdom | 00099025 |
| Glaxo Wellcome UK Limited | Ordinary | 100.00% | GSK Medicines Research Centre, Gunnels Wood Road, <br>Stevenage, SG1 2NY, United Kingdom<br>| 00480080 |
| Glaxochem (UK) Unlimited | Ordinary;<br>Ordinary B;<br>Ordinary C<br>| 100.00% | 79 New Oxford Street, London, WC1A 1DG, United Kingdom | 04299472 |
| GlaxoSmithKline Intellectual Property (No.3) Limited | Ordinary | 100.00% | GSK Medicines Research Centre, Gunnels Wood Road, <br>Stevenage, SG1 2NY, United Kingdom<br>| 11480952 |
| GlaxoSmithKline Intellectual Property (No.4) Limited | Ordinary | 100.00% | GSK Medicines Research Centre, Gunnels Wood Road, <br>Stevenage, SG1 2NY, United Kingdom<br>| 11721880 |
| GlaxoSmithKline International Limited | Ordinary | 100.00% | 79 New Oxford Street, London, WC1A 1DG, United Kingdom | 02298366 |
| PHIVCO UK II Limited | Ordinary | 78.30% | GSK Medicines Research Centre, Gunnels Wood Road, <br>Stevenage, SG1 2NY, United Kingdom<br>| 06944229 |
| PHIVCO UK Limited | Ordinary | 78.30% | GSK Medicines Research Centre, Gunnels Wood Road, <br>Stevenage, SG1 2NY, United Kingdom<br>| 06944223 |
| SmithKline Beecham (Export) Limited | Ordinary | 100.00% | 79 New Oxford Street, London, WC1A 1DG, United Kingdom | 02860752 |
| SmithKline Beecham (H) Limited | Non-cumulative <br>Non-redeemable;<br>Ordinary<br>| 100.00% | 79 New Oxford Street, London, WC1A 1DG, United Kingdom | 03296131 |
| SmithKline Beecham (Investments) Limited | Ordinary | 100.00% | 79 New Oxford Street, London, WC1A 1DG, United Kingdom | 00302065 |
| SmithKline Beecham Marketing and Technical Services <br>Limited<br>| Ordinary | 100.00% | 79 New Oxford Street, London, WC1A 1DG, United Kingdom | 00494385 |
| SmithKline Beecham Nominees Limited | Ordinary | 100.00% | 79 New Oxford Street, London, WC1A 1DG, United Kingdom | 00503868 |
| SmithKline Beecham Overseas Limited | Ordinary | 100.00% | 79 New Oxford Street, London, WC1A 1DG, United Kingdom | 02552828 |
| Stiefel Laboratories (U.K.) Ltd | Ordinary | 100.00% | 79 New Oxford Street, London, WC1A 1DG, United Kingdom | 00831160 |
| Tesaro UK Limited | Ordinary | 100.00% | 79 New Oxford Street, London, WC1A 1DG, United Kingdom | 07890847 |
| The Wellcome Foundation Limited | Ordinary | 100.00% | 79 New Oxford Street, London, WC1A 1DG, United Kingdom | 00194814 |
| ViiV Healthcare Overseas Limited | Ordinary | 78.30% | 79 New Oxford Street, London, WC1A 1DG, United Kingdom | 07027385 |

---

In accordance with Section 479C of the Companies Act 2006, the company will guarantee debts and liabilities of the above UK

subsidiary undertakings. As at 31 December 2025 the total sum of these debts and liabilities is £399 million (2024 – £370 million).

**Key**

(i)Directly owned by GSK plc.

(ii)Dormant entity.

(iii)Tax resident in the UK.

(iv)Exempt from the provisions of Regulations 4-6 of the Partnership (Accounts) Regulation 2008, in accordance with the exemptions noted in Regulation

7 of that Regulation.

(v)Incorporated in the Netherlands

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | Corporate governance | Financial statements | **Investor information** | GSK 2025 Annual Report on Form 20-F |
| Glossary of terms | Glossary of terms | Glossary of terms | Glossary of terms | Glossary of terms |

---

---

| | |
|:---|:---|
| **Terms used in the Annual Report** | **US equivalent or brief description** |
| Accelerated capital allowances | Tax allowance in excess of depreciation arising from the purchase of fixed assets that delay <br>the charging and payment of tax. The equivalent of tax depreciation.<br>|
| American Depositary Receipt (ADR) | Receipt evidencing title to an ADS. Each GSK ADR represents two Ordinary Shares |
| American Depositary Shares (ADS) | Listed on the New York Stock Exchange; represents two Ordinary Shares |
| Basic earnings per share | Basic income per share |
| Called up share capital | Ordinary Shares, issued and fully paid. |
| CER growth | Growth at constant exchange rates. |
| The Company | GSK plc |
| Currency swap | An exchange of two currencies, coupled with a subsequent re-exchange of those <br>currencies, at agreed exchange rates and dates<br>|
| Defined benefit plan | Pension plan with specific employee benefits, often called 'final salary scheme'. |
| Defined contribution plan | Pension plan with specific contributions and a level of pension dependent upon the growth <br>of the pension fund.<br>|
| Derivative financial instrument | A financial instrument that derives its value from the price or rate of some underlying item |
| Diluted earnings per share | Diluted income per share. |
| Employee Share Ownership Plan Trusts | Trusts established by the Group to satisfy share-based employee incentive plans |
| Equity Shareholders' funds | Shareholders' equity. |
| Finance lease | Capital lease. |
| Freehold | Ownership with absolute rights in perpetuity |
| The Group | GSK plc and its subsidiary undertakings. |
| GSK | GSK plc and its subsidiary undertakings. |
| Hedging | The reduction of risk, normally in relation to foreign currency or interest rate movements, by <br>making off-setting commitments.<br>|
| Intangible fixed assets | Assets without physical substance, such as computer software, brands, licences, patents, <br>know-how and marketing rights purchased from outside parties.<br>|
| Ordinary share | A fully paid up ordinary share in the capital of the Company. |
| Profit | Income |
| Profit attributable to shareholders | Net income |
| Share capital | Ordinary Shares, capital stock or common stock issued and fully paid. |
| Share option | Stock option. |
| Share premium account | Additional paid-up capital or paid-in surplus (not distributable). |
| Shares in issue | The number of shares outstanding. |
| Subsidiary | An entity in which GSK exercises control. |
| Treasury share | Treasury stock. |
| Turnover | Revenue. |
| UK Corporate Governance Code | As required by the UK Listing Authority, the company has disclosed in the Annual Report <br>how it has applied the best practice corporate governance provisions of the Financial <br>Reporting Council's UK Corporate Governance Code.<br>|

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | **[Investor information](#ie22c70781ec24e178b4ec838768832e2_547)** | GSK 2025 Annual Report on Form 20-F |
| Glossary of terms continued | Glossary of terms continued | Glossary of terms continued | Glossary of terms continued | Glossary of terms continued |

---

The following abbreviations and expressions have the meanings given below when used in this Annual Report:

---

| | |
|:---|:---|
| **Terms used in the Annual Report** | **Brief description** |
| 1L | First line |
| 2L | Second line |
| ACIP | Advisory Committee on Immunization Practices |
| ADC | Antibody-drug-conjugates |
| ADP | Adenosine diphosphate |
| AMP | Average manufacturer price |
| ASO | Antisense oligonucleotide |
| AS03 | Adjuvant system 03 |
| Bnab | Broadly neutralising antibody |
| CCL | Contingent consideration liability |
| CDC | Centre for Disease Control and Prevention |
| CHMP | Committee for Medicinal Products for Human Use |
| CMS | Centre for Medicare & Medicaid Services |
| COPD | Chronic obstructive pulmonary disease |
| CROI | Conference on Retroviruses and Opportunistic Infections |
| CRSwNP | Chronic rhinosinusitis with nasal polyps |
| cUTIs | complicated urinary tract infections |
| dMMR | Deficient mismatch repair |
| DTG | Dolutegravir |
| EGPA | Eosinophilic granulomatosis with polyangiitis |
| ERO | Enterprise Risk Owner |
| ES | Extensive stage |
| ESOP | Employee share ownership plan |
| FDA | Food and Drug Administration |
| GIST | Gastrointestinal stromal tumours |
| HBV | Hepatitis B virus |
| HES | Hypereosinophilic syndrome |
| IBATi | Ileal bile acid transporter inhibitor |
| Insti | Integrase nuclear strand transfer inhibitors |
| IRA | Inflation Reduction Act |
| JAK | Janus kinase inhibitor |
| JAK1/JAK2 and ACVR1 | once a-day, oral JAK1/JAK2 and activin A receptor type 1 (ACVR1) inhibitor |
| LA | Long acting includes *Cabenuva* and *Apretude* |
| MAPS | Multi antigen presenting system |
| MASH | Metabolic dysfunction-associated steatohepatitis |
| MDS | Myelodysplastic Syndromes |
| MGMT glioblastoma | methylated DNA protein cysteine methyltransferase |
| MMR/V | Measles, mumps, rubella and varicella |
| Mo-Rez | mocertatug rezetecan |
| mRNA | messenger ribonucleic acid |
| MSI-H | Microsatellite Instability-High |
| OA | Older adults |
| ODAC | Oncologic Drugs Advisory Committee |
| OECD | Organisation for Economic Co-operation and Development |
| Oral 2DR | Oral 2 drug regimen includes *Dovato* and *Juluca* |
| PARP | a Poly ADP ribose polymerase |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| [Strategic report](#ie22c70781ec24e178b4ec838768832e2_28) | [Corporate governance](#ie22c70781ec24e178b4ec838768832e2_271) | [Financial statements](#ie22c70781ec24e178b4ec838768832e2_349) | **[Investor information](#ie22c70781ec24e178b4ec838768832e2_547)** | GSK 2025 Annual Report on Form 20-F |
| Glossary of terms continued | Glossary of terms continued | Glossary of terms continued | Glossary of terms continued | Glossary of terms continued |

---

---

| | |
|:---|:---|
| **Terms used in the Annual Report** | **Brief description** |
| PBC | Primary biliary cholangitis |
| PD-1 | a programmed death receptor-1 blocking antibody |
| PDUFA | Prescription Drug User Fee Act |
| PK | Pharmacokinetics |
| ppts | percentage points |
| PrEP | pre-exposure prophylaxis |
| PYS | Peak year sales |
| Q4M | every 4 months |
| Q6M | every 6 months |
| RCC | Refractory chronic cough |
| Ris-Rez | risvutatug rezetecan |
| RNS | Regulatory news service |
| RSV | Respiratory syncytial virus |
| SCLC | small cell lung cancer |
| SITT | Single inhaler triple therapy |
| SLD | Steatotic liver disease |
| TIGIT | T cell immunoreceptor with Ig and ITIM domains |
| TIM3 | T-cell membrane protein-3 |
| TSLP | Long-acting anti-thymic stromal lymphopoietin monoclonal |
| ULA | Ultra long acting |
| uUTIs | uncomplicated urinary tract infections |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | Corporate governance | Financial statements | **Investor information** | GSK 2025 Annual Report on Form 20-F |
| Index | Index | Index | Index | Index |

---

About GSK[300](#ie22c70781ec24e178b4ec838768832e2_721)

Access[47](#ie22c70781ec24e178b4ec838768832e2_145)

Accounting principles and policies[170](#ie22c70781ec24e178b4ec838768832e2_388)

Acquisitions and disposals[221](#ie22c70781ec24e178b4ec838768832e2_508)

Additional information[275](#ie22c70781ec24e178b4ec838768832e2_685)

Adjusting items[84](#ie22c70781ec24e178b4ec838768832e2_235)

Adjustments reconciling profit after tax to operating

cash flows[224](#ie22c70781ec24e178b4ec838768832e2_511)

Annual General Meeting 2026[272](#ie22c70781ec24e178b4ec838768832e2_679)

Approach to tax[94](#ie22c70781ec24e178b4ec838768832e2_250)

Assets and liabilities held for sale[199](#ie22c70781ec24e178b4ec838768832e2_466)

Associates and joint ventures[187](#ie22c70781ec24e178b4ec838768832e2_424)

Audit & Risk Committee report[120](#i2f8bb124627a4df3bc908478ddaec1bd_0-0-1-1-1055496)

Board activities[110](#ie22c70781ec24e178b4ec838768832e2_289)

Business model[2](#ie22c70781ec24e178b4ec838768832e2_34)

Cash and cash equivalents[199](#ie22c70781ec24e178b4ec838768832e2_463)

Cash generation and conversion[88](#ie22c70781ec24e178b4ec838768832e2_241)

CEO's statement[8](#ie22c70781ec24e178b4ec838768832e2_55)

Chair's statement[6](#ie22c70781ec24e178b4ec838768832e2_49)

Chair's Governance statement[104](#ie22c70781ec24e178b4ec838768832e2_283)

Climate-related financial disclosure[63](#ie22c70781ec24e178b4ec838768832e2_187)

Commercial operations[33](#ie22c70781ec24e178b4ec838768832e2_106)

Commitments[215](#ie22c70781ec24e178b4ec838768832e2_493)

Continuous engagement and key decisions[110](#ie22c70781ec24e178b4ec838768832e2_289)

Consolidated balance sheet[166](#ie22c70781ec24e178b4ec838768832e2_370)

Consolidated cash flow statement[168](#ie22c70781ec24e178b4ec838768832e2_376)

Consolidated income statement[165](#ie22c70781ec24e178b4ec838768832e2_364)

Consolidated statement of changes in equity[167](#ie22c70781ec24e178b4ec838768832e2_373)

Consolidated statement of comprehensive income[165](#ie22c70781ec24e178b4ec838768832e2_367)

Contingent consideration liabilities[213](#ie22c70781ec24e178b4ec838768832e2_484)

Contingent liabilities[214](#ie22c70781ec24e178b4ec838768832e2_490)

Corporate governance[97](#ie22c70781ec24e178b4ec838768832e2_268)

Corporate governance comparison[287](#ie22c70781ec24e178b4ec838768832e2_703)

Corporate governance architecture[107](#ie22c70781ec24e178b4ec838768832e2_286)

Corporate Responsibility Committee report[118](#if1543a65ca024287884e2fbc80b08537_0-0-1-1-1055496)

Critical accounting judgements and key sources of

estimation uncertainty[177](#ie22c70781ec24e178b4ec838768832e2_391)

Directors and senior management[155](#ie22c70781ec24e178b4ec838768832e2_340)

Directors' interests in shares[151](#ie22c70781ec24e178b4ec838768832e2_331)

Directors' report[156](#ie22c70781ec24e178b4ec838768832e2_343)

Directors' statement of responsibilities[159](#ie22c70781ec24e178b4ec838768832e2_355)

Dividends[191](#ie22c70781ec24e178b4ec838768832e2_433)

Earnings per share[191](#ie22c70781ec24e178b4ec838768832e2_430)

Employee costs[185](#ie22c70781ec24e178b4ec838768832e2_412)

Employee share schemes[245](#ie22c70781ec24e178b4ec838768832e2_520)

Environment[50](#ie22c70781ec24e178b4ec838768832e2_154)

Ethical standards[54](#ie22c70781ec24e178b4ec838768832e2_160)

Exchange rates[179](#ie22c70781ec24e178b4ec838768832e2_397)

Finance expense[187](#ie22c70781ec24e178b4ec838768832e2_421)

Finance income[187](#ie22c70781ec24e178b4ec838768832e2_418)

Financial calendar 2026[272](#ie22c70781ec24e178b4ec838768832e2_676)

Financial instruments and related disclosures[227](#ie22c70781ec24e178b4ec838768832e2_517)

Financial performance[77](#ie22c70781ec24e178b4ec838768832e2_229)

Financial performance summary[72](#ie22c70781ec24e178b4ec838768832e2_217)

Financial position and resources[89](#ie22c70781ec24e178b4ec838768832e2_247)

Financial statements[158](#ie22c70781ec24e178b4ec838768832e2_346)

General Medicines[40](#ie22c70781ec24e178b4ec838768832e2_127)

Global health and health security[49](#ie22c70781ec24e178b4ec838768832e2_148)

Glossary of terms[296](#ie22c70781ec24e178b4ec838768832e2_712)

Goodwill[194](#ie22c70781ec24e178b4ec838768832e2_442)

Group companies[288](#ie22c70781ec24e178b4ec838768832e2_709)

Group financial review[71](#ie22c70781ec24e178b4ec838768832e2_208)

Executive Committee[102](#ie22c70781ec24e178b4ec838768832e2_280)

Inclusion[53](#ie22c70781ec24e178b4ec838768832e2_157)

Investments in associates and joint ventures[197](#ie22c70781ec24e178b4ec838768832e2_448)

Investor information[253](#ie22c70781ec24e178b4ec838768832e2_544)

Investor relations[283](#i30f32416a8df42deafd1fe19978a1ddf_53)

Key approvals in 2025[4](#ie22c70781ec24e178b4ec838768832e2_40)

Legal proceedings[248](#ie22c70781ec24e178b4ec838768832e2_529)

Manufacturing and supply[42](#ie22c70781ec24e178b4ec838768832e2_133)

Major restructuring costs[186](#ie22c70781ec24e178b4ec838768832e2_415)

Movements in equity[217](#ie22c70781ec24e178b4ec838768832e2_499)

Net debt[201](#ie22c70781ec24e178b4ec838768832e2_472)

New accounting requirements[179](#ie22c70781ec24e178b4ec838768832e2_394)

Nominations & Corporate Governance Committee report[115](#i5a917b4e06184abe98b7134c305908de_0-0-1-1-1055496)

Non-controlling interests[220](#ie22c70781ec24e178b4ec838768832e2_502)

Non-controlling interests in ViiV Healthcare[75](#ia0eb48ba7c1c40fe987251ac32319822_409)

Non-Executive Directors' fees[145](#ie22c70781ec24e178b4ec838768832e2_322)

Notes to the financial statements[169](#ie22c70781ec24e178b4ec838768832e2_379)

Operating profit[184](#ie22c70781ec24e178b4ec838768832e2_406)

Other intangible assets[195](#ie22c70781ec24e178b4ec838768832e2_445)

Other investments[197](#ie22c70781ec24e178b4ec838768832e2_451)

Other non-current assets[198](#ie22c70781ec24e178b4ec838768832e2_454)

Other non-current liabilities[214](#ie22c70781ec24e178b4ec838768832e2_487)

Other operating income/(expense)[183](#ie22c70781ec24e178b4ec838768832e2_403)

Other provisions[212](#ie22c70781ec24e178b4ec838768832e2_481)

Our culture and people[57](#ie22c70781ec24e178b4ec838768832e2_169)

Our external environment [9](#ie22c70781ec24e178b4ec838768832e2_58)

Pensions and other post-employment benefits[203](#ie22c70781ec24e178b4ec838768832e2_475)

Pharmaceutical products and intellectual property[258](#ie22c70781ec24e178b4ec838768832e2_565)

Pipeline[32](#ie22c70781ec24e178b4ec838768832e2_103)

Post balance sheet events[252](#ie22c70781ec24e178b4ec838768832e2_535)

Presentation of the financial statements[169](#ie22c70781ec24e178b4ec838768832e2_385)

Principal Group companies[247](#ie22c70781ec24e178b4ec838768832e2_526)

Product governance[56](#if3cf486e073847eb857cffa4bdd17c37_0-0-1-1-1055496)

Property, plant and equipment[192](#ie22c70781ec24e178b4ec838768832e2_436)

Reconciliation of net cash flow to movement in net debt[225](#ie22c70781ec24e178b4ec838768832e2_514)

Registrar[283](#i30f32416a8df42deafd1fe19978a1ddf_52)

Related party transactions[220](#ie22c70781ec24e178b4ec838768832e2_505)

Remuneration Committee Chair's annual statement[127](#ie22c70781ec24e178b4ec838768832e2_307)

Remuneration governance[147](#ie22c70781ec24e178b4ec838768832e2_325)

Remuneration report[127](#ie22c70781ec24e178b4ec838768832e2_307)

Reporting framework[73](#ie22c70781ec24e178b4ec838768832e2_223)

Reports of Independent Registered Public

Accounting Firm[161](#ie22c70781ec24e178b4ec838768832e2_361), [286](#ie22c70781ec24e178b4ec838768832e2_700)

Research and development[12](#ie22c70781ec24e178b4ec838768832e2_61)

Responsible business[45](#ie22c70781ec24e178b4ec838768832e2_136)

Responsible use of data and AI[55](#i82ce54483d88421aa1fa5c0f2886ef49_7493)

Right of use assets[193](#ie22c70781ec24e178b4ec838768832e2_439)

Risk Factors[260](#ie22c70781ec24e178b4ec838768832e2_574)

Risk management[61](#ie22c70781ec24e178b4ec838768832e2_181)

Science Committee report[117](#i4d2a5bb2d07e4481b7b97af44fa0ae55_0-0-1-1-1055496)

Share capital and control[269](#ie22c70781ec24e178b4ec838768832e2_667)

Share capital and share premium account[215](#ie22c70781ec24e178b4ec838768832e2_496)

Shareholder information[269](#ie22c70781ec24e178b4ec838768832e2_664)

Shareholder services and contacts[283](#i25d2f0304ba34cde96696e8935909708_0-0-1-1-1055496)

Specialty Medicines[35](#ie22c70781ec24e178b4ec838768832e2_121)

Strategic report[1](#ie22c70781ec24e178b4ec838768832e2_28)

Task Force on Climate-related Financial Disclosures[63](#ie22c70781ec24e178b4ec838768832e2_187)

Taxation[188](#ie22c70781ec24e178b4ec838768832e2_427)

Tax information for shareholders[273](#ie22c70781ec24e178b4ec838768832e2_682)

The Board[98](#ie22c70781ec24e178b4ec838768832e2_277)

Trade and other payables[200](#ie22c70781ec24e178b4ec838768832e2_469)

Trade and other receivables[198](#ie22c70781ec24e178b4ec838768832e2_460)

Treasury policies[95](#ie22c70781ec24e178b4ec838768832e2_256)

Turnover and segment information[180](#ie22c70781ec24e178b4ec838768832e2_400)

US law and regulation[284](#ie22c70781ec24e178b4ec838768832e2_697)

Vaccines[37](#ie22c70781ec24e178b4ec838768832e2_124)

Vaccines and intellectual property[259](#ie22c70781ec24e178b4ec838768832e2_568)

---

| | | | | |
|:---|:---|:---|:---|:---|
| Strategic report | Corporate governance | Financial statements | **Investor information** | GSK 2025 Annual Report on Form 20-F |
| About GSK | About GSK | About GSK | About GSK | About GSK |

---

GSK plc was incorporated as GlaxoSmithKline

plc, an English public limited company on

6 December 1999. We were formed by a merger

between Glaxo Wellcome plc and SmithKline

Beecham plc. GSK acquired these two English

companies on 27 December 2000 as part of the

merger arrangements. Effective 15 May 2022

GlaxoSmithKline plc changed its name to

GSK plc. On 18 July 2022, GSK plc separated

its Consumer Healthcare business from the

GSK Group to form Haleon plc, an independent

listed company.

Our shares are listed on the London Stock

Exchange and the New York Stock Exchange.

**gsk.com**

The SEC maintains an Internet site that contains

reports, proxy and information statements, and

other information regarding issuers that file

electronically with the SEC. The address of that

site is http://www.sec.gov.

GSK's internet address is gsk.com

**Brand names appearing in italics throughout this report are trade marks** 

**either owned by and/or licensed to GSK or associated companies.** 

**All other trade marks are the property of their respective owners.**

**Cautionary statement regarding forward-looking statements**

This document and the Group's other reports

published or filed with or furnished to the US Securities

and Exchange Commission (SEC), and any other

written information released, or oral statements made,

to the public in the past or future by or on behalf of the

Group, may contain forward-looking statements.

Forward-looking statements give the Group's current

expectations or forecasts of future events.

An investor can identify these statements by the fact

that they do not relate strictly to historical or current

facts. They use words such as 'anticipate', 'estimate',

'expect', 'intend', 'will', 'project', 'plan', 'believe',

'target', 'outlook', 'aim', 'ambition', 'could', 'goal', 'may',

'seek', 'should' and other words and terms of similar

meaning in connection with any discussion of future

operating or financial performance. In particular, these

include statements relating to future actions,

prospective products or product approvals, future

performance or results of current and anticipated

products, sales efforts, expenses, the outcome of

contingencies such as legal proceedings, dividend

payments and financial results. Other than in

accordance with its legal or regulatory obligations

(including under the Market Abuse Regulation, the UK

Listing Rules and the Disclosure and Transparency

Rules of the Financial Conduct Authority), the Group

undertakes no obligation to update any forward-

looking statements, whether as a result of new

information, future events or otherwise. The reader

should, however, consult any additional disclosures

that the Group may make in any documents which it

publishes and/or files with the SEC. All readers,

wherever located, should take note of these

disclosures. Accordingly, no assurance can be given

that any particular expectation will be met and readers

are cautioned not to place undue reliance on the

forward-looking statements.

Forward-looking statements are subject to

assumptions, inherent risks and uncertainties, many of

which relate to factors that are beyond the Group's

control or precise estimate. The Group cautions

investors that a number of important factors, including

those in this document, could cause actual results to

differ materially from those expressed or implied in any

forward-looking statement. Such factors include, but

are not limited to, those discussed under ''Risk

factors'' on pages [260](#ie22c70781ec24e178b4ec838768832e2_574) to [268](#ie22c70781ec24e178b4ec838768832e2_661) of this Annual Report.

Any forward-looking statements made by or on behalf

of the Group speak only as of the date they are made

and are based upon the knowledge and information

available to the Directors on the date of this report.

A number of non-IFRS measures are used to report the

performance of our business. These measures are

defined on page [74](#ia2ee7538fb2d47e98d9b00529b4a25d7_0-0-1-1-1056960) and a reconciliation of Core results

to Total results is set out on pages [84](#ie22c70781ec24e178b4ec838768832e2_235) to [86](#i940bd8db10b841dca26cfc09ca5075a0_0-0-1-1-1055496).

The information in this document does not constitute

an offer to sell or an invitation to buy shares in GSK plc

or an invitation or inducement to engage in any other

investment activities. Past performance cannot be

relied upon as a guide to future performance. Nothing

in this Annual Report should be construed as a profit

forecast.

**Notice regarding limitations on Director Liability** 

**under English Law**

Under the UK Companies Act 2006, a safe harbour

limits the liability of Directors in respect of statements

in and omissions from the Directors' report (for which

see page [156](#ie22c70781ec24e178b4ec838768832e2_343)), the Strategic report and the

Remuneration report. Under English law the Directors

would be liable to the company, but not to any third

party, if one or more of these reports contained errors

as a result of recklessness or knowing misstatement or

dishonest concealment of a material fact, but would

otherwise not be liable. Pages [156](#ie22c70781ec24e178b4ec838768832e2_343) to [157](#ifdbe62f5e8034d5a94163c4d12a8dc87_5386) inclusive

comprise the Directors' report, pages [1](#ie22c70781ec24e178b4ec838768832e2_31) to [70](#ie22c70781ec24e178b4ec838768832e2_193) inclusive

comprise the Strategic report and pages [127](#ie22c70781ec24e178b4ec838768832e2_307) to [155](#i705e42b8956e4dd6850d804221a80bb9_2645)

inclusive comprise the Remuneration report, each of

which have been drawn up and presented in

accordance with and in reliance upon English

company law and the liabilities of the Directors in

connection with these reports shall be subject to the

limitations and restrictions provided by such law.

**Website**

GSK's website www.gsk.com gives additional

information on the Group. Notwithstanding the

references we make in this Annual Report to GSK's

website, none of the information made available on the

website constitutes part of this Annual Report or shall

be deemed to be incorporated by reference herein.

![GSK_AR25_Cover_Master_V5.jpg](gsk-20251231_g109.jpg)

Head Office and Registered Office

GSK plc

79 New Oxford Street

London

United Kingdom

WC1A 1DG

Tel: +44 (0)20 8047 5000

Registered number: 3888792

---

| | |
|:---|:---|
| **Item 19** | **Exhibits** |
| 1.1 | <u>[Articles of Association of the Registrant as in effect on the date hereof are incorporated by reference to](https://www.sec.gov/Archives/edgar/data/1131399/000113139924000007/exhibit11-articlesofassoci.htm)</u><br><u>[Exhibit 1.1 to the Registrant's Annual Report on Form 20-F filed with the Commission on March 5, 2024.](https://www.sec.gov/Archives/edgar/data/1131399/000113139924000007/exhibit11-articlesofassoci.htm)</u> <br>|
| 2.1 | <u>[Second Amended and Restated Deposit Agreement, dated as of July 21, 2019, among the Registrant and](https://www.sec.gov/Archives/edgar/data/1131399/000110465922057023/tm2214709d1_ex99-a1.htm)</u><br><u>[JPMorgan Chase Bank, N.A. as Depositary, and the owners and holders from time to time of the American](https://www.sec.gov/Archives/edgar/data/1131399/000110465922057023/tm2214709d1_ex99-a1.htm)</u><br><u>[Depositary Shares issued thereunder, including the form of American Depositary Receipt, is incorporated by](https://www.sec.gov/Archives/edgar/data/1131399/000110465922057023/tm2214709d1_ex99-a1.htm)</u><br><u>[reference to Exhibit (a)(1) to the registration statement on Form F-6 (No. 333-264759) filed with the](https://www.sec.gov/Archives/edgar/data/1131399/000110465922057023/tm2214709d1_ex99-a1.htm)</u><br><u>[Commission on May 6, 2022.](https://www.sec.gov/Archives/edgar/data/1131399/000110465922057023/tm2214709d1_ex99-a1.htm)</u><br>|
| 2.2 | <u>[Amendment No. 1 to Deposit Agreement, dated as of March 15, 2021, including the Form of American](https://www.sec.gov/Archives/edgar/data/1131399/000110465922057023/tm2214709d1_ex99-a2.htm)</u><br><u>[Depositary Receipt, is incorporated by reference to Exhibit (a)(2) to the registration statement on Form F-6](https://www.sec.gov/Archives/edgar/data/1131399/000110465922057023/tm2214709d1_ex99-a2.htm)</u><br><u>[(No. 333-264759) filed with the Commission on May 6, 2022.](https://www.sec.gov/Archives/edgar/data/1131399/000110465922057023/tm2214709d1_ex99-a2.htm)</u><br>|
| 2.3 | <u>[Form of American Depositary Share is incorporated by reference to the filing pursuant to Rule 424(b)(3) in](https://www.sec.gov/Archives/edgar/data/1131399/000110465922061977/tm2214709d3_424b3.htm)</u><br><u>[connection with the registration statement on Form F-6 (Nos. 333-232726 and 333-264759) filed with the](https://www.sec.gov/Archives/edgar/data/1131399/000110465922061977/tm2214709d3_424b3.htm)</u><br><u>[Commission on May 17, 2022.](https://www.sec.gov/Archives/edgar/data/1131399/000110465922061977/tm2214709d3_424b3.htm)</u><br>|
| 2.4 | <u>[Description of the Registrant's securities registered pursuant to Section 12 of the Securities Exchange Act of](exhibit24-descriptionofsec.htm)</u><br><u>[1934.](exhibit24-descriptionofsec.htm)</u><br>|
| 2.5 | Long Term Debt Instruments: GSK plc is not party to any single instrument relating to long-term debt <br>pursuant to which a total amount of securities exceeding 10% of its total assets (on a consolidated basis) is <br>authorised to be issued. GSK plc hereby agrees to furnish to the Securities and Exchange Commission (the <br>"Commission"), upon its request, a copy of any instrument defining the rights of holders of its long-term debt <br>or the rights of holders of the long-term debt of any of its subsidiaries for which consolidated or <br>unconsolidated financial statements are required to be filed with the Commission.<br>|
| 4.1 | <u>[UK Service Agreement between GlaxoSmithKline Services Unlimited and Luke Miels dated October 23,](exhibit41lukemielsservicec.htm)</u><br><u>[2025.](exhibit41lukemielsservicec.htm)</u><br>|
| 4.2 | <u>[UK Service Agreement between GlaxoSmithKline Services Unlimited and Julie Brown dated September 25,](https://www.sec.gov/Archives/edgar/data/1131399/000113139924000007/exhibit44-juliebrownsservi.htm)</u><br><u>[2022 is incorporated by reference to Exhibit 4.4 to the Registrant's Annual Report on Form 20-F filed with](https://www.sec.gov/Archives/edgar/data/1131399/000113139924000007/exhibit44-juliebrownsservi.htm)</u><br><u>[the Commission on March 5, 2024](https://www.sec.gov/Archives/edgar/data/1131399/000113139924000007/exhibit44-juliebrownsservi.htm)</u>.<br>|
| 4.3 | <u>[Stock and Asset Purchase Agreement by and among Pfizer Inc., GlaxoSmithKline plc and GlaxoSmithKline](https://www.sec.gov/Archives/edgar/data/1131399/000119312519076716/d601746dex410.htm)</u><br><u>[Consumer Healthcare Holdings Limited dated as of December 19, 2018 is incorporated by reference to](https://www.sec.gov/Archives/edgar/data/1131399/000119312519076716/d601746dex410.htm)</u><br><u>[Exhibit 4.10 to the Registrant's Annual Report on Form 20-F filed with the Commission on March 15, 2019.](https://www.sec.gov/Archives/edgar/data/1131399/000119312519076716/d601746dex410.htm)</u><br><u>[Confidential portions of this exhibit have been omitted pursuant to a request for confidential treatment and](https://www.sec.gov/Archives/edgar/data/1131399/000119312519076716/d601746dex410.htm)</u><br><u>[filed separately with the Commission.](https://www.sec.gov/Archives/edgar/data/1131399/000119312519076716/d601746dex410.htm)</u><br>|
| 4.4 | <u>[Amendment Agreement dated July 31, 2019 to the Stock and Asset Purchase Agreement by and among](https://www.sec.gov/Archives/edgar/data/1131399/000119312520065064/d769953dex48.htm)</u><br><u>[Pfizer Inc., GlaxoSmithKline plc, GlaxoSmithKline Consumer Healthcare Holdings Limited and](https://www.sec.gov/Archives/edgar/data/1131399/000119312520065064/d769953dex48.htm)</u><br><u>[GlaxoSmithKline Consumer Healthcare Holdings (No. 2) Limited dated as of July 31, 2019 is incorporated by](https://www.sec.gov/Archives/edgar/data/1131399/000119312520065064/d769953dex48.htm)</u><br><u>[reference to Exhibit 4.8 to the Registrant's Annual Report on Form 20-F filed with the Commission on March](https://www.sec.gov/Archives/edgar/data/1131399/000119312520065064/d769953dex48.htm)</u><br><u>[6, 2020.](https://www.sec.gov/Archives/edgar/data/1131399/000119312520065064/d769953dex48.htm)</u><br>|
| 4.5 | <u>[Second Amendment Agreement dated June 1, 2022 to the Stock and Asset Purchase Agreement by and](https://www.sec.gov/Archives/edgar/data/1131399/000119312523067105/d382677dex48.htm)</u><br><u>[among Pfizer Inc., GSK plc, GlaxoSmithKline Consumer Healthcare Holdings Limited and GlaxoSmithKline](https://www.sec.gov/Archives/edgar/data/1131399/000119312523067105/d382677dex48.htm)</u><br><u>[Consumer Healthcare Holdings (No. 2) Limited dated as of 19 December 2018. Certain confidential](https://www.sec.gov/Archives/edgar/data/1131399/000119312523067105/d382677dex48.htm)</u><br><u>[information contained in this exhibit has been omitted from this exhibit because it is both (i) not material and](https://www.sec.gov/Archives/edgar/data/1131399/000119312523067105/d382677dex48.htm)</u><br><u>[(ii) would likely cause competitive harm to the Registrant if publicly disclosed.](https://www.sec.gov/Archives/edgar/data/1131399/000119312523067105/d382677dex48.htm)</u><br>|
| 8.1 | <u>[A list of the Registrant's principal subsidiaries as at 31 December 2025 can be found in Note 45 to the](#ie22c70781ec24e178b4ec838768832e2_526)</u><br><u>[financial statements on page](#ie22c70781ec24e178b4ec838768832e2_526)</u><u>[247.](#ie22c70781ec24e178b4ec838768832e2_526)</u><br>|
| 11.1 | <u>[GSK plc Share Dealing Policy](exhibit111sharedealingpoli.htm)</u> |
| 12.1 | <u>[Certification Required by Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934 – Luke](exhibit121-s302certxluke.htm)</u><br><u>[Miels](exhibit121-s302certxluke.htm)</u><br>|
| 12.2 | <u>[Certification Required by Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934 – Julie](exhibit122-s302certxjulie1.htm)</u><br><u>[Brown.](exhibit122-s302certxjulie1.htm)</u><br>|
| 13.1 | <u>[Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Subsections (a) and (b) of Section](exhibit131-s906certificate1.htm)</u><br><u>[1350, Chapter 63 of Title 18, United States Code).](exhibit131-s906certificate1.htm)</u><br>|
| 15.1 | <u>[Consent of Deloitte LLP.](exhibit151-deloittesconsen.htm)</u> |
| 17 | <u>[List of Subsidiary Issuers of Guaranteed Securities](exhibit17subsidiaryissuers.htm)</u> |

---

---

| | |
|:---|:---|
| 97.1 | <u>[GSK Group Clawback Policy for the Recovery of Erroneously Awarded Compensation is incorporated by](https://www.sec.gov/Archives/edgar/data/1131399/000113139924000007/exhibit971-clawbackpolicy.htm)</u><br><u>[reference to Exhibit 97.1 to the Registrant's Annual Report on Form 20-F filed with the Commission on](https://www.sec.gov/Archives/edgar/data/1131399/000113139924000007/exhibit971-clawbackpolicy.htm)</u><br><u>[March 5, 2024.](https://www.sec.gov/Archives/edgar/data/1131399/000113139924000007/exhibit971-clawbackpolicy.htm)</u><br>|
| 101.INS\*  | XBRL Instance Document |
| 101.SCH\* | XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF\*\*XBRL Taxonomy Extension Definition <br>Linkbase Document 101.LAB\*\*XBRL Taxonomy Extension Label Linkbase Document 101.PRE\*\*XBRL <br>Taxonomy Extension Presentation<br>|
| Linkbase Document | Linkbase Document |
| \*In accordance with Rule 402 of Regulation S-T, the information in these exhibits shall not be deemed to be "filed" for <br>purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be <br>incorporated by reference into any registration statement or other document filed under the Securities Act, or the <br>Exchange Act, except as shall be expressly set forth by specific reference in such filing. | \*In accordance with Rule 402 of Regulation S-T, the information in these exhibits shall not be deemed to be "filed" for <br>purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be <br>incorporated by reference into any registration statement or other document filed under the Securities Act, or the <br>Exchange Act, except as shall be expressly set forth by specific reference in such filing. |

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**Signature**

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and

authorized the undersigned to sign this Annual Report on its behalf.

**GSK plc**

March 6, 2026

<u>By: /s/ Julie Brown</u> 

Julie Brown

Chief Financial Officer

## Exhibit 2.4

**Exhibit 2.4**

**DESCRIPTION OF SECURITIES**

**REGISTERED UNDER SECTION 12 OF<br>THE EXCHANGE ACT**

As of December 31, 2025, GSK plc ("GSK," the "Company," "we," "us," and "our") had ordinary shares, American Depositary Receipts and debt securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 (the "Act").

**A.Description of Ordinary Shares**

This summary of the general terms and provisions of our ordinary shares does not purport to be complete and is subject to and qualified in its entirety by reference to our Articles of Association (the "Articles"), which are incorporated herein by reference to the Form 20-F filed on March [6], 2026 (File No. 001-15170).

GSK has ordinary shares in issue which are in registered form and are governed by the laws of England and Wales.

The holders of ordinary shares have statutory pre-emption rights under the UK Companies Act 2006 (the "Companies Act") on the issuance of new ordinary shares or rights to subscribe for, or to convert into, ordinary shares. Under the Companies Act, such pre-emption rights may be dis-applied by special resolution of the shareholders of GSK. The shareholders of GSK passed a special resolution on May 7, 2025 to allow Directors to be empowered to (i) disapply pre-emption rights in relation to an allotment of equity securities that is otherwise made on a pre-emptive basis in order to deal appropriately with fractional entitlements, jurisdictional issues and other legal, regulatory or practical problems and (ii) allot equity securities for cash and/or to sell ordinary shares held by GSK as treasury shares for cash up to an amount of £64,680,918.52 in nominal share capital as if pre-emption rights did not apply. This authorization is set to expire at the end of GSK's Annual General Meeting held in 2026 (or, if earlier, close of business on June 30, 2026). As at December 31, 2025 there were 4,315,445,026 ordinary shares of 31 1⁄4 pence each in issue.

Our Articles contain provisions to the following effect:

**Dividends**

All ordinary shares rank pari passu in respect of dividends and other distributions of profits. Subject to the provisions of the Articles and applicable legislation, GSK at any general meeting may declare dividends on the ordinary shares by ordinary resolution, but such dividends may not exceed the amount recommended by the board of directors of GSK (the "Board"). The Board may also pay interim or fixed rate dividends if it appears they are justified by our financial position.

All unclaimed dividends payable in respect of any share may be invested or otherwise made use of by the Board for the benefit of GSK until claimed. If a dividend is not claimed after 6 years of it being declared or becoming payable, it is forfeited and reverts to us.

GSK may, if authorized by an ordinary resolution, offer any holders of ordinary shares (excluding any member holding shares as treasury shares) the right to elect to receive ordinary shares, credited as fully paid, instead of cash in respect of the whole (or some part, to be determined by the Board) of any dividend specified by the ordinary resolution.

***Voting***

Subject to any special terms as to voting upon which any shares may be issued or may at the relevant time be held and to any other provisions of the Articles, members shall be entitled to vote at a general meeting as provided in the Companies Act.

At any general meeting, a resolution that is put to the vote of the meeting shall be decided on a poll, which shall be taken in such manner as the chair of the meeting shall direct, including by means of electronic vote casters. The result of the vote shall be deemed to be the resolution of the meeting at which the vote was demanded. A vote to elect the chair of the meeting or to adjourn the meeting must be taken immediately at the meeting. Any other vote may be taken at any other time (within 30 days of the meeting) and place determined by the chair. In the case of joint holders, only the vote of the senior holder (as determined by order in the share register) or his or her proxy may be counted. If any sum payable remains unpaid in relation to a member's shareholding, that member is not entitled to vote that share or exercise any other right in relation to a meeting of GSK unless the Board determines otherwise. For a proxy vote to be valid, the Board must have received satisfactory

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evidence such that the authority of the person claiming to exercise the right to vote or such other right has been received by the Company not later than the last time at which appointments of proxy should have been received in order to be valid for use at that meeting or on the holding of that poll.

Any objection or error shall be referred to the chair of the meeting and shall only vitiate the decision of the meeting on any resolution if the chair decides that the objection or error may have affected the decision of the meeting.

***Transfers***

Ordinary shares may be held in either certificated or uncertificated form. Certificated ordinary shares shall be transferred in any usual or other form approved by the Board and executed by or on behalf of the transferor. Transfers of uncertificated ordinary shares shall be made in accordance with the Companies Act and Uncertificated Securities Regulations 2001, as amended.

The Board is not bound to register (i) a transfer of partly paid ordinary shares, (ii) uncertificated shares in the circumstances set out in the Companies Act and Uncertificated Securities Regulations 2001 and (iii) transfers of uncertificated securities to joint holders where the number of such joint holders exceeds four. The Board may also decline to register an instrument of transfer of certificated ordinary shares unless (i) it is duly stamped, duly certified or otherwise shown to the satisfaction of the Board to be exempt from stamp duty and deposited at the prescribed place and accompanied by the share certificate(s) and such other evidence as reasonably required by the Board to evidence right to transfer, (ii) it is in respect of one class of shares only, and (iii) in the case of a transfer to joint holders, the number of joint holders to whom the share is to be transferred does not exceed four.

***Redemption***

Subject to any rights attached to existing shares, any share may be issued on terms that it is, at our option or the option of the holder of such share, redeemable. The directors are authorized to determine the terms, conditions and manner of redemption of any such shares under the Articles.

***Calls on capital***

The directors may make calls upon the members in respect of any monies unpaid on their shares. A person upon whom a call is made remains liable even if the shares in respect of which the call is made have been transferred. Interest will be chargeable on any unpaid amount called at a rate determined by the Board (not exceeding the Bank of England base rate by more than 5%).

If a member fails to pay any call or installment of a call in full (following notice from the Board that such failure will result in forfeiture of the relevant shares), such shares (including any dividends declared but not paid) may be forfeited by a resolution of the Board, and will become the property of GSK. Forfeiture shall not absolve a previous member for amounts payable by him/her (which may continue to accrue interest).

GSK also has a lien over all of our partly paid shares for all monies payable or called on such shares and over the debts and liabilities of a member to GSK. If any monies which are the subject of the lien remain unpaid after a notice from the Board demanding payment, we may sell such shares.

***Other Shareholder Rights***

On a distribution of capital on a winding-up, the ordinary shares rank pari passu with each other but behind the rights of all of GSK's creditors.

***Variation of Rights***

The rights attached to any class of shares may be varied either with the consent in writing of the holders of at least 75% in nominal value of the issued shares of that class or with the sanction of a special resolution passed at a separate meeting of the holders of the shares of that class.

If new shares are created or issued which rank equally with any other existing shares, or if the Company purchases or redeems any of its own shares, the rights of the existing shares will not be regarded as changed or abrogated unless the terms of the existing shares expressly say otherwise.

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***Limitations on Share Ownership***

There are no limitations on the rights of shareholders to own ordinary shares. In addition, there are no restrictions imposed by the Articles or (subject to the effect of any economic sanctions or UK or EU merger control laws that may be in force from time to time) by current UK laws which relate to non-residents or foreign shareholders and which limit the rights of such non-residents or foreign shareholders to hold or (when entitled to do so) exercise voting rights on the ordinary shares.

**B.Description of American Depositary Shares**

This summary of the general terms and provisions of our American Depositary Shares ("ADSs") does not purport to be complete and is subject to and qualified in its entirety by our Form F-6 filed on July 19, 2019, as amended on March 15, 2021 (Commission file No. 333-232726), including the exhibits thereto. In the following description, a "Holder" is the person registered with the Depositary (as defined below).

**General**

American Depositary Receipts ("ADRs") evidencing ADSs are issuable pursuant to an amended and restated deposit agreement dated July 19, 2019, between GSK, and JPMorgan Chase Bank, N.A., as depositary (the "Depositary"), and the Holders of the ADRs, as amended on March 15, 2021 (the "Deposit Agreement"). The principal executive office of the Depositary is 383 Madison Avenue, Floor 11, New York, New York 10179. Each ADS represents the right to receive two ordinary shares of GSK. An ADR may evidence any number of ADSs.

Our American Depositary Receipts are admitted to trading on the New York Stock Exchange under the symbol "GSK".

***Voting***

The Depositary or, if the deposited securities are registered in the name of or held by its nominee, its nominee, subject to and in accordance with the constituent documents of GSK irrevocably appointed each Holder for the time being on the record date (the "Voting Record Date") fixed by the Depositary in respect of any meeting (at which holders of deposited securities are entitled to vote) as its proxy to attend, vote and speak at the relevant meeting (or any adjournment thereof) in respect of the deposited securities represented by the ADS registered on the books of the Depositary in the name of such Holder on the Voting Record Date. In respect of any such meeting each such Holder can appoint any person as its substitute proxy to attend, vote and speak on behalf of the Holder subject to and in accordance with the provisions of the Deposit Agreement and the constituent documents of GSK.

As soon as practicable after receipt of notice of any meeting at which the holders of deposited securities are entitled to vote, or of solicitation of consents or proxies from holders of deposited securities, the Depositary shall fix the Voting Record Date in respect of such meeting or solicitation. The Depositary or, if GSK so determines, GSK, shall distribute to Holders of record on such Voting Record Date: (a) such information as is contained in such notice of meeting or in the solicitation materials, (b) an ADR proxy card in a form prepared by the Depositary, (c) a statement that each Holder at the close of business on the Voting Record Date will be entitled, subject to any applicable law, GSK's constituent documents and the provisions of or governing the deposited securities, either (i) to use such ADR proxy card in order to attend, vote and speak at such meeting as the proxy of the Depositary or its nominee solely with respect to the ordinary shares or other deposited securities represented by ADSs evidenced by such Holder's ADRs or (ii) to appoint any other person as the substitute proxy of such Holder, solely with respect to the ordinary shares or other deposited securities represented by ADSs evidenced by such Holder's ADRs, or (iii) to renounce the proxy initially provided by the Depositary or its nominee to such Holder or such Holder's substitute proxy and to provide voting instructions to the Depositary as to the exercise of the voting rights pertaining to the ordinary shares or other deposited securities represented by ADSs evidenced by their respective ADRs ("Voting Instructions"), and (d) if the Depositary is to be given Voting Instructions by such Holder, a brief statement as to the manner in which Voting Instructions may be given to the Depositary. Each Holder shall be solely responsible for the forwarding of voting information to the persons or entities having a beneficial ownership interest in ADSs (the "Beneficial Owners") registered in such Holder's name. There is no guarantee that Holders and Beneficial Owners generally or any Holder or Beneficial Owner in particular will receive the notice described above with sufficient time to enable such Holder or Beneficial Owner to return any voting instructions to the Depositary in a timely manner or for the Holder to arrange to attend, vote and/or speak at the relevant meeting. GSK shall provide notice to the Depositary of such vote or meeting in a timely manner and at least 30 days prior to the date of such vote or meeting (unless less than 30 days' notice of the meeting has been given in accordance with GSK's Articles of Association and English law, in which case GSK will provide to the Depositary such advance

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notice of the meeting as may be possible under the circumstances); provided that if the Depositary receives less than 30 days' notice of such vote or meeting, the Depositary shall only make such distribution to the extent it deems it to be practicable.

Upon actual receipt by the ADR department responsible for proxies and voting instructions (including, without limitation, instructions of any entity or entities acting on behalf of the nominee for the Depositary Trust Company ("DTC")) of Voting Instructions of a Holder on the Voting Record Date in the manner and on or before the time established by the Depositary for such purpose, the Depositary shall endeavor, insofar as practicable and permitted under applicable law, the provisions of GSK's constituent documents and the provisions of the deposited securities, to vote or cause to be voted the deposited securities represented by the ADSs evidenced by such Holder's ADRs in accordance with such Voting Instructions insofar as practicable and permitted under the provisions of or governing deposited securities. The Depositary will not itself exercise any voting discretion in respect of any deposited securities. Ordinary shares or other deposited securities represented by ADSs for which no specific Voting Instructions are received by the Depositary from the Holder shall not be voted by the Depositary but may be directly voted by such Holder in attendance at meetings of shareholders as proxy for the Depositary or its nominee, subject to, and in accordance with, the Deposit Agreement and GSK's constituent documents.

Holders and their substitute proxy (other than the Depositary) shall only be permitted to attend, vote and speak at meetings at which holders of deposited securities are entitled to vote as the proxy of the Depositary or its nominee with respect to the whole number of ordinary shares represented by the ADSs evidenced by ADRs held by such Holders on the record date set by the Depositary. For the avoidance of doubt, when the Depositary receives Voting Instructions from a substitute proxy of a Holder (including, without limitation, instructions from Broadridge Financial Solutions or any other entity acting on behalf of participants and/or customers of participants within DTC) or their agents, and such registered Holder has notified the Depositary that it holds ADRs on behalf of such substitute proxies, the Depositary shall treat such Voting Instructions as coming from an entity that holds ADRs on behalf of such substitute proxies and the Depositary shall vote or cause to be voted the deposited securities in accordance with such instructions.

Holders are strongly encouraged to forward their Voting Instructions as soon as possible. Voting Instructions will not be deemed received until such time as the ADR department responsible for proxies and voting has received such Voting Instructions notwithstanding that such Voting Instructions may have been physically received by the Depositary prior to such time.

Notwithstanding anything contained in the Deposit Agreement or any ADR, the Depositary may, to the extent not prohibited by any law, rule or regulation or the rules and/or requirements of the stock exchange on which the ADSs are listed, in lieu of distribution of the materials provided to the Depositary in connection with any meeting of or solicitation of consents or proxies from holders of deposited securities, distribute to the Holders a notice, after consulting GSK as to the form of such notice to the extent practicable, that provides Holders with, or otherwise publicizes to Holders, instructions on how to retrieve such materials or receive such materials upon request (i.e., by reference to a website containing the materials for retrieval or a contact for requesting copies of the materials).

***Procedures for Transmitting Notices, Reports and Proxy Soliciting Material***

In addition to the procedures for transmitting notices discussed above under "Voting", the Depositary or its agent will keep, at a designated transfer office (the "Transfer Office"), (i) a register (the "ADR Register") for the registration, registration of transfer, combination and split-up of ADRs and (ii) facilities for the delivery and receipt of ADRs. Title to an ADR (and to deposited securities represented by the ADSs), when properly endorsed (in the case of ADRs in certificated form) or upon delivery to the Depositary of proper instruments of transfer, is transferable by delivery with the same effect as in the case of negotiable instruments under the laws of the State of New York; provided that the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name such ADR is registered on the ADR Register as the absolute owner hereof for all purposes and neither the Depositary nor GSK will have any obligation or be subject to any liability under the Deposit Agreement or any ADR to any Beneficial Owner, unless such Beneficial Owner is the Holder hereof. Such ADR is transferable on the ADR Register and may be split into other ADRs or combined with other ADRs into one ADR, evidencing the aggregate number of ADSs surrendered for split-up or combination, by the Holder hereof or by duly authorized attorney upon surrender of this ADR at the Transfer Office properly endorsed (in the case of ADRs in certificated form) or upon delivery to the Depositary of proper instruments of transfer and duly stamped as may be required by applicable law; provided that the Depositary may close the ADR Register at any time or from time to time when deemed expedient by it and it shall also close the issuance book portion of the ADR Register when reasonably requested by GSK in order to enable GSK to comply with applicable law. At the request of a Holder, the Depositary shall, for the purpose of substituting a certificated ADR

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with a Direct Registration ADR (defined below), or vice versa, execute and deliver a certificated ADR or a Direct Registration ADR, as the case may be, for any authorized number of ADSs requested, evidencing the same aggregate number of ADSs as those evidenced by the certificated ADR or Direct Registration ADR, as the case may be, substituted.

The Deposit Agreement, the provisions of or governing deposited securities and any written communications from GSK, which are both received by the custodian or its nominee as a holder of deposited securities and made generally available to the holders of deposited securities, are available for inspection by Holders at the offices of the Depositary and its agent or agents (the "Custodian"), at the Transfer Office, on the U.S. Securities and Exchange Commission's (the "Commission") website, or upon request from the Depositary (which request may be refused by the Depositary at its discretion). The Depositary will distribute copies of such communications (or English translations or summaries thereof) to Holders when furnished by GSK. GSK is subject to the periodic reporting requirements of the Act and accordingly files certain reports with the Commission. Such reports and other information may be inspected and copied through the Commission's EDGAR system or at public reference facilities maintained by the Commission located at the date hereof at 100 F Street, NE, Washington, DC 20549.

"Direct Registration ADR" means an ADR, the ownership of which is recorded on the Direct Registration System.

"Direct Registration System" means the system for the uncertificated registration of ownership of securities established by DTC and utilized by the Depositary pursuant to which the Depositary may record the ownership of ADRs without the issuance of a certificate, which ownership shall be evidenced by periodic statements issued by the Depositary to the Holders entitled thereto.

***Sale or Exercising of Rights***

The Depositary will distribute to each Holder entitled thereto on the record date set by the Depositary therefor at such Holder's address shown on the ADR Register, in proportion to the number of deposited securities (on which the following distributions on deposited securities are received by the Custodian) represented by ADSs evidenced by such Holder's ADRs: (i) warrants or other instruments in the discretion of the Depositary representing rights to acquire additional ADRs in respect of any rights to subscribe for additional Shares or rights of any nature available to the Depositary as a result of a distribution on deposited securities ("Rights"), to the extent that GSK timely furnishes to the Depositary evidence satisfactory to the Depositary that the Depositary may lawfully distribute the same (GSK has no obligation to so furnish such evidence), or (ii) to the extent GSK does not so furnish such evidence and sales of Rights are practicable, any U.S. dollars available to the Depositary from the net proceeds of sales of Rights as in the case of cash, or (iii) to the extent GSK does not so furnish such evidence and such sales cannot practicably be accomplished by reason of the nontransferability of the Rights, limited markets therefor, their short duration or otherwise, nothing (and any Rights may lapse).

***Deposit or Sale of Securities Resulting from Dividends, Splits or Plans of Reorganization***

If GSK makes a dividend payable at the election of the holders of ordinary shares in either cash or additional ordinary shares that it wishes to be made available to the Holders, GSK shall give notice thereof to the Depositary at least 30 days prior to the proposed distribution stating whether or not it wishes such elective distribution to be made available to the Holders. The Depositary shall make such elective distribution available to the Holders only if, among other things, GSK has timely requested that the elective distribution is available to the Holders and the Depositary shall have determined that such distribution is reasonably practicable. If the conditions for making the elective distribution available to the Holders are satisfied, the Depositary will establish procedures to enable the Holders to elect the receipt of either cash or additional ADSs. If the conditions for making the elective distribution available to the Holders are not satisfied, the Depositary will, to the extent permitted by law, distribute either cash or additional ADSs to the Holders on the basis of the same determination as is made in the local market in respect of the ordinary shares for which no election is made. There can be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of ordinary shares.

To the extent the Depositary deems distribution of securities or property available to the Depositary resulting from any distribution on deposited securities (other than cash, ordinary shares or Rights) not to be equitable and practicable, the Depositary may distribute any U.S. dollars available to the Depositary from net proceeds of sale of such securities or property.

The Depositary may, in its discretion, and shall if reasonably requested by GSK, distribute additional or amended ADRs or cash, securities or property to reflect any change in par value, split-up, consolidation, cancellation or other reclassification of deposited securities, any ordinary share distributions or other distributions not distributed to Holders or any cash, securities or property available to the Depositary in respect of deposited securities from (and the Depositary is hereby authorized to surrender any deposited securities to any person and, irrespective

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of whether such deposited securities are surrendered or otherwise cancelled by operation of law, rule, regulation or otherwise, to sell by public or private sale any property received in connection with) any recapitalization, reorganization, merger, consolidation, liquidation, receivership, bankruptcy or sale of all or substantially all the assets of the Company. To the extent the Depositary does not amend ADRs or make a distribution to Holders to reflect any of the foregoing, or the net proceeds thereof, whatever cash, securities or property results from any of the foregoing shall constitute deposited securities and each ADS evidenced by this ADR shall automatically represent its pro rata interest in the deposited securities as then constituted. Promptly upon the occurrence of any of the aforementioned changes affecting deposited securities, GSK shall notify the Depositary in writing of such occurrence and as soon as practicable after receipt of such notice from GSK, may instruct the Depositary to give notice thereof, at GSK's expense, to Holders in accordance with the provisions hereof. Upon receipt of such instruction, the Depositary shall give notice to the Holders in accordance with the terms thereof, as soon as reasonably practicable.

For all cash dividends and other cash distributions that are made available to the Depositary after the date that will be published on www.adr.com (as updated by the Depositary from time to time, "ADR.com") and communicated to then current Holders by mail, the Depositary will distribute any cash to Holders solely via electronic funds transfer ("EFT"), except as otherwise provided in this paragraph. In order to receive such amounts, Holders must provide their bank deposit details to the Depositary in accordance with the instructions provided by the Depositary for this purpose. Subject to the last sentence of this paragraph, all such amounts owing to Holders who do not provide such bank deposit details shall be held by the Depositary on behalf of such Holders until such bank deposit details have been provided. All amounts so held by the Depositary will be reported for tax purposes as if paid to all Holders as of the date that funds are first made available to Holders and will neither accrue interest nor be invested for Holders while they are being held. A Holder will be unable to receive cash dividends or other cash distributions to which it is entitled until such time as such Holder either (i) provides its bank deposit details to the Depositary in accordance with the instructions provided by the Depositary for this purpose, (ii) transfers such Holder's ADS position into DTC or (iii) cancels its ADSs (whereupon, in the case of a transfer to DTC or a cancellation, such Holder will receive a check for the aggregate amount of cash dividends and/or cash distributions being held on its behalf).

Notwithstanding the foregoing, the Depositary shall, if instructed by GSK, distribute cash dividends and other cash distributions by check or by such other means as GSK and the Depositary may agree.

***Foreign Exchange Related Matters***

To facilitate the administration of various depositary receipt transactions, including disbursement of dividends or other cash distributions and other corporate actions, the Depositary may engage the foreign exchange desk within JPMorgan Chase Bank, N.A. (the "Bank") and/or its affiliates in order to enter into spot foreign exchange transactions to convert foreign currency into U.S. dollars ("FX Transactions"). For certain currencies, FX Transactions are entered into with the Bank or an affiliate, as the case may be, acting in a principal capacity. For other currencies, FX Transactions are routed directly to and managed by an unaffiliated local custodian (or other third party local liquidity provider), and neither the Bank nor any of its affiliates is a party to such FX Transactions.

The foreign exchange rate applied to an FX Transaction will be either (a) a published benchmark rate, or (b) a rate determined by a third party local liquidity provider, in each case plus or minus a spread, as applicable. The Depositary will disclose which foreign exchange rate and spread, if any, apply to such currency on ADR.com. Such applicable foreign exchange rate and spread may (and neither the Depositary, the Bank nor any of their affiliates is under any obligation to ensure that such rate does not) differ from rates and spreads at which comparable transactions are entered into with other customers or the range of foreign exchange rates and spreads at which the Bank or any of its affiliates enters into foreign exchange transactions in the relevant currency pair on the date of the FX Transaction. Additionally, the timing of execution of an FX Transaction varies according to local market dynamics, which may include regulatory requirements, market hours and liquidity in the foreign exchange market or other factors. Furthermore, the Bank and its affiliates may manage the associated risks of their position in the market in a manner they deem appropriate without regard to the impact of such activities on GSK, the Depositary, Holders or Beneficial Owners. The spread applied does not reflect any gains or losses that may be earned or incurred by the Bank and its affiliates as a result of risk management or other hedging related activity.

To the extent the Company provides U.S. dollars to the Depositary, neither the Bank nor any of its affiliates will execute an FX Transaction. In such case, the Depositary will distribute the U.S. dollars received from the Company.

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Further details relating to the applicable foreign exchange rate, the applicable spread and the execution of FX Transactions will be provided by the Depositary on ADR.com. The Company, Holders and Beneficial Owners each acknowledge and agree that the terms applicable to FX Transactions disclosed from time to time on ADR.com will apply to any FX Transaction executed pursuant to the Deposit Agreement.

***Amendment and Termination of the Deposit Agreement***

The form of ADRs evidencing ADSs and any provisions of the Deposit Agreement relating to those ADRs may be amended by GSK and the Depositary. Any amendment that imposes or increases any fees or charges, other than taxes and other governmental charges, transfer or registration fees, transmission costs, delivery costs or other such expenses, or that otherwise prejudices any substantial existing right of the Holders or Beneficial Owners, will not take effect as to any ADRs until 30 days after notice of the amendment has been given to the Holders. Every Holder and Beneficial Owner of any ADR, at the time an amendment becomes effective, will be deemed to continue to hold such ADR and to consent and agree to the amendment and to be bound by the Deposit Agreement or the ADR as amended. No amendment may impair the right of any Holder to surrender ADRs and receive in return the deposited securities represented by the ADSs. If any governmental body or regulatory body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit Agreement or the form of ADR to ensure compliance therewith, GSK and the Depositary may amend or supplement the Deposit Agreement and the ADR at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement in such circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance.

Whenever GSK directs, the Depositary has agreed to terminate the Deposit Agreement as to ADRs evidencing ADSs by mailing a termination notice to the Holders then outstanding at least 30 days before the date fixed in the notice of termination. The Depositary may likewise terminate the Deposit Agreement as to ADRs evidencing ADSs by mailing a termination notice to GSK and the Holders then outstanding at least 30 days before the date of termination, under the following circumstances: (i) in the event of GSK's bankruptcy or insolvency, (ii) if the ordinary shares cease to be listed on an internationally recognized stock exchange, (iii) if GSK effects (or will effect) a redemption of all or substantially all of the deposited securities, or a cash or share distribution representing a return of all or substantially all of the value of the deposited securities, or (iv) there occurs a merger, consolidation, sale of assets or other transaction as a result of which securities or other property are delivered in exchange for or in lieu of deposited securities, except where such transaction was commenced, announced by GSK or notified to the Depositary prior to the effective date of the Deposit Agreement.

After the date so fixed for termination, the Depositary and its agents will perform no further acts under the Deposit Agreement and this ADR, except to receive and hold (or sell) distributions on deposited securities and deliver deposited securities being withdrawn. As soon as practicable after the date so fixed for termination, the Depositary shall use its reasonable efforts to sell the deposited securities and shall thereafter (as long as it may lawfully do so) hold in an account (which may be a segregated or unsegregated account) the net proceeds of such sales, together with any other cash then held by it under the Deposit Agreement, without liability for interest, in trust for the pro rata benefit of the Holders of ADRs not theretofore surrendered. After making such sale, the Depositary shall be discharged from all obligations in respect of the Deposit Agreement and this ADR, except to account for such net proceeds and other cash. After the date so fixed for termination, GSK shall be discharged from all obligations under the Deposit Agreement except for its obligations to the Depositary and its agents.

***Rights of Holders to Inspect the Transfer Books of the Depositary and the List of Holders***

The Depositary will keep books for the registration and transfer of ADRs as well as facilities for the delivery and receipt of ADRs at the Transfer Office. These books will be open for inspection by Holders at all reasonable times. However, this inspection may not be for the purpose of communicating with Holders in the interest of a business or object other than GSK business or a matter related to the Deposit Agreement or the ADRs.

***Restrictions on the Right to Transfer or Withdraw the Underlying Securities***

As a condition precedent to the issue, registration, registration of transfer, split-up or combination of any ADR, the delivery of any distribution in respect thereof, or the withdrawal of any deposited securities, GSK, the Depositary, or custodian may require payment of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with respect to ordinary shares or other deposited securities being registered) and payment of any applicable fees as therein provided, may require the production of proof satisfactory to it as to the identity and genuineness of any signature, as well as such other

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information, including without limitation, information as to citizenship, residence, exchange control approval, beneficial or other ownership of any securities, compliance with applicable law, regulations, provisions of or governing deposited securities and terms of the Deposit Agreement and ADR, as it may deem necessary or proper, and may also require compliance with any regulations the Depositary may establish consistent with the provisions of the Deposit Agreement.

The issuance of ADRs, the acceptance of deposits of ordinary shares, the registration, registration of transfer, split-up or combination of ADRs or the withdrawal of deposited securities may be suspended, generally or in particular instances, when the ADR Register or any register for deposited securities is closed or when any such action is deemed advisable by the Depositary or GSK at any time or from time to time.

***Limitations on the Depositary's Liability***

The Depositary shall not incur any liability to any Holder or Beneficial Owners of ADRs, if by reason of any provision of any present or future law, rule, regulation, fiat, order or decree of the U.S., England, Wales or any other country or jurisdiction, or of any governmental or regulatory authority or any securities exchange or market or automated quotation system, or the provisions of or governing any deposited securities, or by reason of any provision, present or future, of the Company's charter, or by reason of any act of God or war or terrorism or other circumstances beyond its control, the Depositary shall be prevented or forbidden from or be subject to any civil or criminal penalty on account of doing or performing any act or thing which by the terms of the Deposit Agreement it is provided shall be done or performed; nor shall the Depositary incur any liability to any Holder or Beneficial Owner of any ADR by reason of any non-performance or delay, caused as aforesaid, in the performance of any act or thing which by the terms of the Deposit Agreement it is provided shall or may be done or performed, or by reason of any exercise of, or failure to exercise, any discretion provided for in the Deposit Agreement.

The Depositary assumes no obligation nor shall it be subject to any liability under the Deposit Agreement to any Holders or Beneficial Owners of any ADR (including, without limitation, liability with respect to the validity or worth of any deposited securities), except that it agrees to perform its obligations specifically set forth in the Deposit Agreement without gross negligence or willful misconduct. The Depositary shall not be a fiduciary or have any fiduciary duty to Holders or Beneficial Owners.

The Depositary and its agents shall not be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any deposited securities or in respect of the ADRs. The Depositary shall not be liable to Holders or Beneficial Owners for any action or non-action by it in reliance upon the advice of or information from the Company, legal counsel, accountants, any person presenting ordinary shares for deposit, any Holder or any other person believed by it to be competent to give such advice or information. The Depositary shall not be liable for the acts or omissions made by, or the insolvency of, any securities depository, clearing agency or settlement system.

The Depositary shall not be responsible for, and shall incur no liability in connection with or arising from, the insolvency of any custodian that is not a branch or affiliate of JPMorgan Chase Bank, N.A. The Depositary shall not have any liability for the price received in connection with any sale of securities, the timing thereof or any delay in action or omission to act nor shall it be responsible for any error or delay in action, omission to act, default or negligence on the part of the party so retained in connection with any such sale or proposed sale. The Depositary shall not be liable for any acts or omissions to act on the part of the custodian, except to the extent that any Holder has incurred liability directly as a result of the custodian having (i) committed fraud or willful misconduct in the provision of custodial services to the Depositary or (ii) failed to use reasonable care in the provision of custodial services to the Depositary as determined in accordance with the standards prevailing in the jurisdiction in which the custodian is located.

The Depositary and its respective agents may rely and shall be protected in acting upon any written notice, request, direction, instruction or document believed by it to be genuine and to have been signed, presented or given by the proper party or parties.

The Depositary shall be under no obligation to inform Holders or Beneficial Owners about the requirements of the laws, rules or regulations or any changes therein or thereto of any country or jurisdiction or of any governmental or regulatory authority or any securities exchange or market or automated quotation system.

The Depositary and its agents will not be responsible for any failure to carry out any Voting Instructions to vote any of the Deposited Securities, for the manner in which any such vote is cast, any act or omission to act on the part of Holders, Beneficial Owners, the Company or its agents in connection with voting at a meeting, or for the effect of any such vote.

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The Depositary may rely upon instructions from the Company or its counsel in respect of any approval or license required for any currency conversion, transfer or distribution.

The Depositary and its agents may own and deal in any class of securities of the Company and its affiliates and in ADRs.

Notwithstanding anything to the contrary set forth in the Deposit Agreement or any ADR, the Depositary shall have no liability or responsibility under the Deposit Agreement, any ADR or any related agreement, for any period prior to the effective date of the Deposit Agreement or for any act or omission of the predecessor to the Depositary or any of its agents (including the Custodian as defined in the Prior Deposit Agreement), under or in connection with this Deposit Agreement, any ADRs or any related agreement.

Notwithstanding anything to the contrary set forth in the Deposit Agreement or any ADR, the Depositary and its agents may fully respond to any and all demands or requests for information maintained by or on its behalf in connection with the Deposit Agreement, any Holder or Holders, any ADR or ADRs or otherwise related hereto or thereto to the extent such information is requested or required by or pursuant to any lawful authority, including without limitation laws, rules, regulations, administrative or judicial process, banking, securities or other regulators.

The Depositary shall not be liable for the failure by any Holder or Beneficial Owner to obtain the benefits of credits or refunds of non-U.S. tax paid against such Holder's or Beneficial Owner's income tax liability.

The Depositary is under no obligation to provide the Holders and Beneficial Owners, or any of them, with any information about the tax status of the Company. The Depositary shall not incur any liability for any tax or tax consequences that may be incurred by Holders and Beneficial Owners on account of their ownership or disposition of the ADRs or ADSs.

The Depositary shall not incur any liability for the content of any information submitted to it by or on behalf of the Company for distribution to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the deposited securities, for the validity or worth of the deposited securities, for the credit-worthiness of any third party, for allowing any rights to lapse upon the terms of the Deposit Agreement or for the failure or timeliness of any notice from the Company.

Notwithstanding anything to the contrary set forth in the Deposit Agreement or any ADR, the may use third party delivery services and providers of information regarding matters such as pricing, proxy voting, corporate actions, class action litigation and other services in connection herewith and the Deposit Agreement, and use local agents to provide extraordinary services such as attendance at annual meetings of issuers of securities. Although the Depositary will use reasonable care (and cause their agents to use reasonable care) in the selection and retention of such third party providers and local agents, they will not be responsible for any errors or omissions made by them in providing the relevant information or services.

The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary.

By holding an ADS or an interest therein, Holders and Beneficial Owners each irrevocably agree that any legal suit, action or proceeding against or involving the Depositary, arising out of or based upon the Deposit Agreement, the ADSs or the transactions contemplated herein, therein or hereby, may only be instituted in a state or federal court in New York, New York, and by holding an ADS or an interest therein each irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding.

The Company has agreed to indemnify the Depositary and its agents under certain circumstances and the Depositary has agreed to indemnify the Company under certain circumstances.

The Depositary shall not be liable to Holders or Beneficial Owners for any indirect, special, punitive or consequential damages (including, without limitation, legal fees and expenses) or lost profits, in each case of any form incurred by any person or entity (including, without limitation, Holders and Beneficial Owners), whether or not foreseeable and regardless of the type of action in which such a claim may be brought.

**C.Debt Securities**

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**General**

Each series of debt securities listed on the New York Stock Exchange and set forth on the cover page to GSK's annual report on Form 20-F for the year ended December 31, 2025 has been issued by either GlaxoSmithKline Capital Inc. ("GSK Capital Inc.") or GlaxoSmithKline Capital plc ("GSK Capital plc") and guaranteed by GSK. Each of these series of notes and related guarantees were issued pursuant to an effective registration statement and a related prospectus and prospectus supplement setting forth the terms of the relevant series of notes and related guarantees.

The following table sets forth the name of the series, interest rate, registration statements, dates of the base prospectuses and dates of issuance for each relevant series of notes (the "Notes").

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| | | | |
|:---|:---|:---|:---|
| **Series / Interest Rate** | **Registration Statement** | **Date of Base Prospectus** | **Date of Issuance** |
| &nbsp;&nbsp;4.315% Notes due 2027 | &nbsp;&nbsp;333-278205, 333-278205 and 333-278205 | &nbsp;&nbsp;March 25, 2024 | &nbsp;&nbsp;March 13, 2025 |
| &nbsp;&nbsp;Floating Rate Notes due 2027 (SOFR + 0.5%) | &nbsp;&nbsp;333-278205, 333-278205 and 333-278205 | &nbsp;&nbsp;March 25, 2024 | &nbsp;&nbsp;March 13, 2025 |
| &nbsp;&nbsp;4.500% Notes due 2030 | &nbsp;&nbsp;333-278205, 333-278205 and 333-278205 | &nbsp;&nbsp;March 25, 2024 | &nbsp;&nbsp;March 13, 2025 |
| &nbsp;&nbsp;4.875% Notes due 2035 | &nbsp;&nbsp;333-278205, 333-278205 and 333-278205 | &nbsp;&nbsp;March 25, 2024 | &nbsp;&nbsp;March 13, 2025 |
| &nbsp;&nbsp;3.375% Notes due 2029 | &nbsp;&nbsp;333-223982 | &nbsp;&nbsp;March 28, 2018 | &nbsp;&nbsp;March 25, 2019 |
| &nbsp;&nbsp;3.875% Notes due 2028 | &nbsp;&nbsp;333-223982 | &nbsp;&nbsp;March 28, 2018 | &nbsp;&nbsp;May 15, 2018 |
| &nbsp;&nbsp;4.200% Notes due 2043 | &nbsp;&nbsp;333-172621 | &nbsp;&nbsp;March 4, 2011 | &nbsp;&nbsp;March 18, 2013 |
| &nbsp;&nbsp;6.375% Notes due 2038 | &nbsp;&nbsp;333-149531 | &nbsp;&nbsp;March 4, 2008 | &nbsp;&nbsp;May 13, 2008 |

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Pursuant to an Agreement of Resignation, Appointment and Acceptance dated April 12, 2017 by and among GSK Capital plc, Law Debenture Trust Company of New York and Deutsche Bank Trust Company Americas, Deutsche Bank Trust Company Americas has become the successor trustee to Law Debenture Trust Company of New York under the indenture dated as of April 6, 2004 among GSK, GSK Capital plc and Law Debenture Trust Company of New York, as amended and supplemented.

Pursuant to an Agreement of Resignation, Appointment and Acceptance dated April 12, 2017 by and among GSK Capital Inc., Law Debenture Trust Company of New York and Deutsche Bank Trust Company Americas, Deutsche Bank Trust Company Americas has become the successor trustee to Law Debenture Trust Company of New York under the indenture dated as of April 6, 2004 among GSK, GSK Capital Inc. and Law Debenture Trust Company of New York, as amended and supplemented.

The paying agent under the indentures governing the Notes is the trustee under the relevant indenture. The address of the trustee and paying agent in relation to the Notes is 60 Wall Street, 24<sup>th</sup> Floor, New York, NY 10005.

*The summary set out below of the general terms and provisions of the Notes does not purport to be complete and is subject to and qualified by reference to, all of the definitions and provisions of the relevant indenture governing the applicable series of Notes, any supplement to the relevant indenture and the form of the instrument representing each series of Notes. Certain terms, unless otherwise defined herein, have the meaning given to them in the relevant indenture governing the applicable series of Notes.*

**1. Notes offered pursuant to the Base Prospectus dated March 25, 2024**

**a.<u>Prospectus Supplement (March 6, 2025) – 4.315% Notes due 2027, Floating Rate Notes due 2027, 4.500% Notes due 2030 and 4.875% Notes due 2035</u>**

**<u>Description of the Notes</u>**

**General**

GSK Capital Inc. issued the 4.500% Notes due 2030 (the "2030 Notes") and the <u>4.875%</u> Notes due 2035 (the "2035 Notes") pursuant to an indenture, dated as of April 6, 2004, among GSK plc, as guarantor, GSK Capital Inc., as issuer, and Deutsche Bank Trust Company Americas, as trustee (as successor to Law Debenture Trust Company of New York, pursuant to an Instrument of Resignation, Appointment and Acceptance dated April 12, 2017, among GSK Capital Inc., Law Debenture Trust Company of New York and Deutsche Bank Trust Company

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Americas), as amended and supplemented by a first supplemental indenture dated as of March 18, 2013, as further amended and supplemented by a second supplemental indenture dated as of March 21, 2014, and as further amended and supplemented by a third supplemental indenture dated as of May 15, 2018 (for purposes of this description of the 2030 Notes and the 2035 Notes only, the "GSK Capital Inc. Indenture").

GSK Capital Inc. issued the 2030 Notes in the aggregate principal amount of $850,000,000. The 2030 Notes will mature on April 15, 2030, unless redeemed or purchased prior to such date as described below. GSK Capital Inc. issued the 2035 Notes in the aggregate principal amount of $750,000,000. The 2035 Notes will mature on April 15, 2035, unless redeemed or purchased prior to such date as described below.

GSK Capital plc issued the 4.315% Notes due 2027 (the "2027 Notes") and the Floating Rate Notes due 2027 (the "Floating Rate Notes") pursuant to an indenture, dated as of April 6, 2004, among GSK plc, as guarantor, GSK Capital plc, as issuer, and Deutsche Bank Trust Company Americas, as trustee (as successor to Law Debenture Trust Company of New York, pursuant to an Instrument of Resignation, Appointment and Acceptance dated April 12, 2017, among GSK Capital plc, Law Debenture Trust Company of New York and Deutsche Bank Trust Company Americas), as amended and supplemented by a first supplemental indenture dated as of March 21, 2014, and as further amended and supplemented by a second supplemental indenture dated as of May 15, 2018 (for purposes of this description of the 2027 Notes and the Floating Rates Notes only, the "GSK Capital plc Indenture").

GSK Capital plc issued the 2027 Notes in the aggregate principal amount of $400,000,000. The 2027 Notes will mature on March 12, 2027, unless redeemed or purchased prior to such date as described below. GSK Capital plc issued the Floating Rate Notes in the aggregate principal amount of $600,000,000. The Floating Rate Notes will mature on March 12, 2027, unless redeemed or purchased prior to such date as described below.

References in this "Description of the Notes" to the "Fixed Rate Notes" refer to the 2027 Notes, the 2030 Notes and the 2035 Notes. References to the "Notes" refer to the Fixed Rate Notes and the Floating Rate Notes. We refer to GSK Capital Inc. and GSK Capital plc collectively as the "issuers."

The Notes are be fully and unconditionally guaranteed by GSK plc. If, for any reason, the issuers do not make any required payment in respect of the Notes when due, whether on the normal due date, on acceleration, redemption or otherwise, GSK plc will cause the payment to be made to or to the order of the trustee. You are entitled to payment under the guarantee of GSK plc without taking any action whatsoever against the issuers.

The issuers issued the Notes in book-entry form only, in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

"Business day" means any day other than a Saturday, a Sunday or a day on which banking institutions in the City of New York or London,

England are authorized or obligated by law, regulation or executive order to be closed.

We or any of our subsidiaries may at any time and from time to time purchase the Notes of any series in the open market or by tender or by private agreement, if applicable law allows. The Notes of any such series purchased by us or any of our subsidiaries may be held, resold or surrendered by the purchaser thereof through us to the trustee or any paying agent for cancellation.

**Interest**

*<u>Fixed Rate Notes</u>*

The Fixed Rate Notes each bear interest at the applicable interest rate shown in the table above and accrue interest from March 13, 2025, or from the most recent date to which interest has been paid (or provided for), to but not including the next date upon which interest is required to be paid.

Interest is payable on the 2027 Notes twice a year, on March 12 and September 12, commencing September 12, 2025 (short first interest period), to the person in whose name a 2027 Note is registered at the close of business on the February 25 or August 28 that precedes the date on which interest will be paid, whether or not a business day. Interest is payable on each of the 2030 Notes and the 2035 Notes twice a year, on April 15 and October 15, commencing October 15, 2025 (long first interest period), to the person in whose name a 2030 Note or a 2035 Note,

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respectively, is registered at the close of business on the March 31 or September 30 that precedes the date on which interest will be paid, whether or not a business day. Interest on the Notes will be paid on the basis of a 360-day year consisting of twelve 30-day months.

If an interest payment date or redemption date, or the maturity date, for any series of Fixed Rate Notes, as the case may be, would fall on a day that is not a business day, then the required payment will be made on the next succeeding business day, but no additional interest shall be paid unless we fail to make payment on such next succeeding business day.

*<u>Floating Rate Notes</u>*

The Floating Rate Notes each bear interest at a floating rate per annum, reset quarterly, equal to Compounded SOFR (as defined below), plus 0.500%, as determined by the calculation agent on each Floating Rate Interest Determination Date (as defined below). Deutsche Bank Trust Company Americas acts as the calculation agent for the Floating Rate Notes. GSK Capital plc will pay interest on the Floating Rate Notes quarterly in arrears on each March 12, June 12, September 12 and December 12, and on the maturity date. Interest on the Floating Rate Notes will accrue from, and including, March 13, 2025, and the first floating rate interest payment date will be June 12, 2025 (short first interest period). "Floating Rate Interest Payment Date" means every March 12, June 12, September 12 and December 12 of each year, commencing June 12, 2025. The regular record date for payments of interest is the 15th calendar day (whether or not a business day) immediately preceding the applicable Floating Rate Interest Payment Date. Interest will be computed on the basis of a 360-day year for the actual number of days elapsed.

Interest on the Floating Rate Notes accrues from, and including, the immediately preceding Floating Rate Interest Payment Date to which interest has been paid or provided for (or with respect to the initial interest period only, from, and including, March 13, 2025) to, but excluding, the immediately succeeding Floating Rate Interest Payment Date or, in the case of the last such period, the maturity date of the Floating Rate Notes or, in the case of any repurchase of the Floating Rate Notes, the date of repurchase, as the case may be. We refer to each of these periods as a "Floating Rate Notes Interest Period," and each such immediately succeeding Floating Rate Interest Payment Date, maturity date or repurchase date, as a "Latter Floating Rate Interest Payment Date."

The interest rate for any interest period is Compounded SOFR, as determined on the applicable date that is the second USGS Business Day (as defined below) immediately preceding such Floating Rate Interest Payment Date or, in the case of the last such period, the maturity date of the Floating Rate Notes or, in the case of any repurchase of the Floating Rate Notes, the date of repurchase, as the case may be (the "Floating Rate Interest Determination Date"), plus a margin of 0.500%. In no event will the interest on the Floating Rate Notes be less than zero.

The amount of accrued interest that we will pay on a Floating Rate Note for any interest period can be calculated by multiplying (i) the face amount of the Floating Rate Note by (ii) the product of (a) the interest rate for the relevant interest period and (b) the quotient of the actual number of calendar days in such interest period divided by 360.

If a Floating Rate Interest Payment Date, other than the maturity date or a redemption date, for the Floating Rate Notes would fall on a day that is not a business day, the Floating Rate Interest Payment Date will be postponed to the next succeeding business day and interest thereon will continue to accrue to but excluding such succeeding business day, except that if that business day falls in the next succeeding calendar month, the Floating Rate Interest Payment Date will be the immediately preceding business day and interest shall accrue to but excluding such preceding business day. If the maturity date or a redemption date for the Floating Rate Notes would fall on a day that is not a business day, the required payment will be made on the next succeeding business day, but no additional interest shall accrue and be paid unless we fail to make payment on such next succeeding business day.

*SOFR and the SOFR Index*

SOFR is published by the Federal Reserve Bank of New York and is intended to be a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities.

The SOFR Index is published by the Federal Reserve Bank of New York and measures the cumulative impact of compounding SOFR on a unit of investment over time, with the initial value set to 1.00000000 on April 2, 2018, the first value date of SOFR. The SOFR Index value reflects the effect of compounding SOFR each business day and allows the calculation of compounded SOFR averages over custom time periods.

The Federal Reserve Bank of New York notes on its publication page for the SOFR Index that use of the SOFR Index is subject to important limitations, indemnification obligations and disclaimers, including that the Federal Reserve Bank of New York may alter the methods

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of calculation, publication schedule, rate revision practices or availability of the SOFR Index at any time without notice. The interest rate for any interest period will not be adjusted for any modifications or amendments to the SOFR Index or SOFR data that the Federal Reserve Bank of New York may publish after the interest rate for that interest period has been determined.

As used herein the following terms have the meanings assigned to them:

"Compounded SOFR" means, with respect to any interest period, the rate computed in accordance with the following formula set forth below (and the resulting percentage will be rounded, if necessary, to the nearest one hundred-thousandth of a percentage point (e.g., 9.753973% (or .09753973) being rounded down to 9.75397% (or .0975397) and 9.753978% (or .09753978) being rounded up to 9.75398% (or .0975398)):

![image_0.jpg](image_0.jpg)where:

"SOFR IndexStart" is the SOFR Index value for the day that is two USGS Business Days preceding the first date of the relevant interest period;

"SOFR IndexEnd" is the SOFR Index value for the day that is two USGS Business Days preceding the Latter Floating Rate Interest Payment Date relating to such interest period; and "dc" is the actual number of calendar days from, and including, SOFR IndexStart to, but excluding, SOFR IndexEnd (the actual number of calendar days in the applicable Observation Period).

For purposes of determining Compounded SOFR, "SOFR Index" means, with respect to any USGS Business Day:

1)&nbsp;&nbsp;&nbsp;&nbsp;the SOFR Index value as published by the New York Federal Reserve as such index appears on the New York Federal Reserve's Website at 3:00 p.m. (New York time) on such USGS Business Day (the "SOFR Determination Time"); provided that:

2)&nbsp;&nbsp;&nbsp;&nbsp;if a SOFR Index value does not so appear as specified in clause (1) above at the SOFR Determination Time, then:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;if a Benchmark Transition Event and its related Benchmark Replacement Date (each as defined below) have not occurred with respect to SOFR, then Compounded SOFR shall be the rate determined pursuant to the "SOFR Index Unavailable" provisions described below; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to SOFR, then Compounded SOFR shall be the rate determined pursuant to the "Effect of a Benchmark Transition Event" provisions described below.

"New York Federal Reserve" means the Federal Reserve Bank of New York (or a successor administrator of the Secured Overnight Financing Rate).

"New York Federal Reserve's Website" means the website of the New York Federal Reserve, currently at http://www.newyorkfed.org, or any successor source.

"Observation Period" means, in respect of each interest period, the period from, and including, the day that is two USGS Business Days preceding the first date of such relevant interest period to, but excluding, the day that is two USGS Business Days preceding the Latter Floating Rate Interest Payment Date for such interest period; provided that the first Observation Period shall be the period from, and including, the day that is two USGS Business Days preceding the settlement date of the Floating Rate Notes to, but excluding, the day that is two USGS Business Days preceding the first Floating Rate Interest Payment Date.

"SOFR" means the daily secured overnight financing rate as provided by the New York Federal Reserve on the New York Federal Reserve's Website.

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"USGS Business Day" means any day except for a Saturday, Sunday or a day on which the Securities Industry and Financial Markets Association or any successor thereto recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in U.S. government securities.

*SOFR Index Unavailable*

If a SOFR IndexStart or SOFR IndexEnd is not published on the associated Floating Rate Interest Determination Date and a Benchmark Transition Event and its related Benchmark Replacement Date have not occurred with respect to the Secured Overnight Financing Rate, "Compounded SOFR" means, for the applicable interest period for which such index is not available, the rate of return on a daily compounded interest investment calculated in accordance with the formula for SOFR Averages, and definitions required for such formula, published on the New York Federal Reserve's Website at https://www.newyorkfed.org/markets/reference-rates/additional-information-about-reference-rates. For the purposes of this provision, references in the SOFR Averages compounding formula and related definitions to "calculation period" shall be replaced with "Observation Period" and the words "that is, 30-, 90-, or 180- calendar days" shall be removed. If the daily Secured Overnight Financing Rate ("SOFRi") does not so appear for any day, "i" in the Observation Period, SOFRi for such day "i" shall be SOFR published in respect of the first preceding USGS Business Day for which the Secured Overnight Financing Rate was published on the New York Federal Reserve's Website.

*Effect of a Benchmark Transition Event*

If GSK Capital plc or its designee determines on or prior to the relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the then-current Benchmark, the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Floating Rate Notes in respect of all determinations on such date and for all determinations on all subsequent dates.

In connection with the implementation of a Benchmark Replacement, GSK Capital plc or its designee will have the right to make Benchmark Replacement Conforming Changes from time to time.

Any determination, decision or election that may be made by GSK Capital plc or its designee pursuant to this section, including a determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection:

1)&nbsp;&nbsp;&nbsp;&nbsp;will be conclusive and binding absent manifest error;

2)&nbsp;&nbsp;&nbsp;&nbsp;will be made in the sole discretion of GSK Capital plc or its designee; and

3)&nbsp;&nbsp;&nbsp;&nbsp;notwithstanding anything to the contrary in the documentation relating to the Floating Rate Notes, shall become effective without consent from the holders of the Floating Rate Notes or any other party.

As used herein the following terms have the meanings assigned to them:

"Benchmark" means, initially, Compounded SOFR, as such term is defined above; provided that if GSK Capital plc or its designee determines on or prior to the Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Compounded SOFR (or the published daily SOFR Index used in the calculation thereof) or the then-current Benchmark, then "Benchmark" means the applicable Benchmark Replacement.

"Benchmark Replacement" means the first alternative set forth in the order below that can be determined by GSK Capital plc or its designee as of the Benchmark Replacement Date:

1)&nbsp;&nbsp;&nbsp;&nbsp;the sum of (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark and (b) the Benchmark Replacement Adjustment;

2)&nbsp;&nbsp;&nbsp;&nbsp;the sum of (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or

3)&nbsp;&nbsp;&nbsp;&nbsp;the sum of (a) the alternate rate of interest that has been selected by GSK Capital plc or its designee as the replacement for the then-current Benchmark giving due consideration to any industry-accepted rate of interest as a replacement for the

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then-current Benchmark for U.S. dollar-denominated floating rate notes at such time and (b) the Benchmark Replacement Adjustment.

"Benchmark Replacement Adjustment" means the first alternative set forth in the order below that can be determined by GSK Capital plc or its designee as of the Benchmark Replacement Date:

1)&nbsp;&nbsp;&nbsp;&nbsp;the spread adjustment, or method for calculating or determining such spread adjustment (which may be a positive or negative value or zero), that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;

2)&nbsp;&nbsp;&nbsp;&nbsp;if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, the ISDA Fallback Adjustment; or

3)&nbsp;&nbsp;&nbsp;&nbsp;the spread adjustment (which may be a positive or negative value or zero) that has been selected by GSK Capital plc or its designee giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated floating rate notes at such time.

"Benchmark Replacement Conforming Changes" means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of Floating Rate Notes Interest Period, timing and frequency of determining rates and making payments of interest, rounding of amounts or tenors and other administrative matters) that GSK Capital plc or its designee decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if GSK Capital plc or its designee decides that adoption of any portion of such market practice is not administratively feasible or if GSK Capital plc or its designee determines that no market practice for use of the Benchmark Replacement exists, in such other manner as GSK Capital plc or its designee determines is reasonably necessary).

"Benchmark Replacement Date" means the earliest to occur of the following events with respect to the then-current Benchmark (including the daily published component used in the calculation thereof):

1)&nbsp;&nbsp;&nbsp;&nbsp;in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or indefinitely ceases to provide the Benchmark (or such component); or

2)&nbsp;&nbsp;&nbsp;&nbsp;in the case of clause (3) of the definition of "Benchmark Transition Event," the date of the public statement or publication of information referenced therein.

For the avoidance of doubt, if the event that gives rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.

For the avoidance of doubt, for purposes of the definitions of Benchmark Replacement Date and Benchmark Transition Event, references to Benchmark also include any reference rate underlying such Benchmark.

"Benchmark Transition Event" means the occurrence of one or more of the following events with respect to the then-current Benchmark (including the daily published component used in the calculation thereof):

1)&nbsp;&nbsp;&nbsp;&nbsp;a public statement or publication of information by or on behalf of the administrator of the Benchmark (or such component) announcing that such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component);

2)&nbsp;&nbsp;&nbsp;&nbsp;a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark (or such component), the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the administrator for the Benchmark (or such component), a resolution authority with jurisdiction over the

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administrator for the Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark (or such component) has ceased or will cease to provide the Benchmark (or such component) permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such component); or

3)&nbsp;&nbsp;&nbsp;&nbsp;a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative.

"ISDA Definitions" means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. ("ISDA") or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time.

"ISDA Fallback Adjustment" means the spread adjustment (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor.

"ISDA Fallback Rate" means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.

"Reference Time" with respect to any determination of the Benchmark means (1) if the Benchmark is Compounded SOFR, the SOFR Determination Time, and (2) if the Benchmark is not Compounded SOFR, the time determined by GSK Capital plc or its designee after giving effect to the Benchmark Replacement Conforming Changes.

"Relevant Governmental Body" means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

"Unadjusted Benchmark Replacement" means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.

*Agreement with Respect to the Benchmark Replacement*

By its acquisition of any Floating Rate Notes, each noteholder (which, for these purposes, includes each beneficial owner) will (i) acknowledge, accept, consent and agree to be bound by GSK Capital plc's or its designee's determination of a Benchmark Transition Event, a Benchmark Replacement Date, the Benchmark Replacement, the Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes, including as may occur without any prior notice from GSK Capital plc and without the need for GSK Capital plc to obtain any further consent from such noteholder, (ii) waive any and all claims, in law and/or in equity, against the trustee, the paying agent and the calculation agent or GSK Capital plc's designee for, agree not to initiate a suit against the trustee, the paying agent and the calculation agent or GSK Capital plc's designee in respect of, and agree that none of the trustee, the paying agent or the calculation agent or GSK Capital plc's designee will be liable for, the determination of or GSK Capital plc's failure or delay to determine any Benchmark Transition Event, any Benchmark Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes, and any losses suffered in connection therewith and (iii) agree that none of the trustee, the paying agent or the calculation agent or GSK Capital plc's designee will have any obligation to determine, confirm or verify any Benchmark Transition Event, any Benchmark Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes (including any adjustments thereto), including in the event of any failure or delay by GSK Capital plc to determine any Benchmark Transition Event, any Benchmark Replacement Date, any Benchmark Replacement, any Benchmark Replacement Adjustment and any Benchmark Replacement Conforming Changes.

**Covenants**

Subject to certain exceptions, if we are required to withhold or deduct any amount for or on account of any U.K. or U.S. withholding taxes from any payment made on the Notes, we will pay additional amounts on those payments so that the amount received by noteholders will equal the amount that would have been received if no such taxes had been applicable. See "—Payment of Additional Amounts.".

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As contemplated by the section headed "Description of Debt Securities—Defeasance" below, the satisfaction of certain conditions will permit us to omit to comply with some or all of our obligations, covenants and agreements under the GSK Capital Inc. Indenture or the GSK Capital plc Indenture, as applicable, with respect to the Notes of any or all series, as applicable. In addition, we may omit to comply with certain covenants through covenant defeasance. We refer you to the information under "Description of Debt Securities—Defeasance" below for more information on how we may do this.

Except as described herein, neither the GSK Capital Inc. Indenture nor the GSK Capital plc Indenture contains any covenants or other provisions designed to protect holders of the Notes against a reduction in our creditworthiness in the event of a highly leveraged transaction or that would prohibit other transactions that might adversely affect holders of the Notes, including, among other things, through the incurrence of additional indebtedness.

***Payment of Additional Amounts***

The payment of additional amounts apply to the Notes as described under "Description of Debt Securities—Covenants—Payment of Additional Amounts" below.

**Tax Redemption**

In the event of changes in U.K. or U.S. withholding taxes applicable to payments of interest, we may redeem the Notes of a series in whole (but not in part) at any time prior to maturity, at a price equal to 100% of their principal amount plus any accrued and unpaid interest thereon to the redemption date. See "Description of Debt Securities—Optional Redemption for Tax Reasons" below.

**Optional Redemption**

Prior to March 15, 2030, in the case of the 2030 Notes and January 15, 2035, in the case of the 2035 Notes (each, a "Par Call Date"), GSK Capital Inc. may redeem the relevant series of Fixed Rate Notes at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the relevant redemption date (assuming the relevant Notes matured on the applicable Par Call Date) on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus: (i) 0.10% (or 10 basis points), in the case of the 2030 Notes; and (ii) 0.15% (or 15 basis points), in the case of the 2035 Notes; less (b) unpaid interest, if any, accrued thereon to the date of redemption, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 100% of the principal amount of the notes to be redeemed, plus, in either case, any accrued and unpaid interest thereon to the relevant redemption date.

On or after the applicable Par Call Date, GSK Capital Inc. may redeem the relevant series of Fixed Rate Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the relevant Fixed Rate Notes being redeemed plus any accrued and unpaid interest thereon to the relevant redemption date.

GSK Capital plc may redeem the 2027 Notes at its option, in whole or in part, at any time and from time to time, at a redemption price (expressed as a percentage of principal amount and rounded to three decimal places) equal to the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) (a) the sum of the present values of the remaining scheduled payments of principal and interest thereon discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 0.10% (or 10 basis points) less (b) unpaid interest, if any, accrued thereon to the date of redemption, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) 100% of the principal amount of the notes to be redeemed, plus, in either case, any accrued and unpaid interest thereon to the redemption date.

"Treasury Rate" means, with respect to any redemption date, the yield determined by the relevant issuer in accordance with the following two paragraphs.

The Treasury Rate shall be determined by the issuer after 4:15 p.m., New York City time (or after such time as yields on U.S. government securities are posted daily by the Board of Governors of the Federal Reserve System), on the third business day preceding the relevant redemption date based upon the yield or yields for the most recent day that appear after such time on such day in the most recent

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statistical release published by the Board of Governors of the Federal Reserve System designated as "Selected Interest Rates (Daily) - H.15" (or any successor designation or publication) ("H.15") under the caption "U.S. government securities–Treasury constant maturities–Nominal" (or any successor caption or heading) ("H.15 TCM"). In determining the Treasury Rate, the issuer shall select, as applicable: (1) the yield for the Treasury constant maturity on H.15 exactly equal to the period from the relevant redemption date to the applicable Par Call Date or, in the case of the 2027 Notes, the maturity date (the "Remaining Life"); or (2) if there is no such Treasury constant maturity on H.15 exactly equal to the Remaining Life, the two yields – one yield corresponding to the Treasury constant maturity on H.15 immediately shorter than and one yield corresponding to the Treasury constant maturity on H.15 immediately longer than the Remaining Life – and shall interpolate to the applicable Par Call Date or, in the case of the 2027 Notes, the maturity date, on a straight-line basis (using the actual number of days) using such yields and rounding the result to three decimal places; or (3) if there is no such Treasury constant maturity on H.15 shorter than or longer than the Remaining Life, the yield for the single Treasury constant maturity on H.15 closest to the Remaining Life. For purposes of this paragraph, the applicable Treasury constant maturity or maturities on H.15 shall be deemed to have a maturity date equal to the relevant number of months or years, as applicable, of such Treasury constant maturity from the relevant redemption date.

If on the third business day preceding the relevant redemption date H.15 TCM is no longer published, the issuer shall calculate the Treasury Rate based on the rate per annum equal to the semi-annual equivalent yield to maturity at 11:00 a.m., New York City time, on the second business day preceding such redemption date of the United States Treasury security maturing on, or with a maturity that is closest to, the applicable Par Call Date or, in the case of the 2027 Notes, the maturity date, as applicable. If there is no United States Treasury security maturing on the applicable Par Call Date or, in the case of the 2027 Notes, the maturity date but there are two or more United States Treasury securities with a maturity date equally distant from the applicable Par Call Date or, in the case of the 2027 Notes, the maturity date, one with a maturity date preceding such date and one with a maturity date following such date, the issuer shall select the United States Treasury security with a maturity date preceding such date. If there are two or more United States Treasury securities maturing on the applicable Par Call Date or, in the case of the 2027 Notes, the maturity date or two or more United States Treasury securities meeting the criteria of the preceding sentence, the issuer shall select from among these two or more United States Treasury securities the United States Treasury security that is trading closest to par based upon the average of the bid and asked prices for such United States Treasury securities at 11:00 a.m., New York City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places.

The relevant issuer's actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error.

Notice of any redemption will be mailed or electronically delivered (or otherwise transmitted in accordance with the depositary's procedures) at least 15 days but not more than 60 days before the redemption date to each registered holder of the Fixed Rate Notes of the applicable series to be redeemed by the relevant issuer or by the trustee on our behalf.

If less than all of the Fixed Rate Notes of the applicable series are to be redeemed, the Fixed Rate Notes to be redeemed shall be selected by lot by DTC, in the case of Notes represented by a global security, or by the trustee by such method as the trustee deems to be fair and appropriate, in the case of Notes that are not represented by a global security. No notes of a principal amount of $2,000 or less will be redeemed in part. If any note is to be redeemed in part only, the notice of redemption that relates to the note will state the portion of the principal amount of the note to be redeemed. A new note of the same series in a principal amount equal to the unredeemed portion of the note will be issued in the name of the holder of the note upon surrender for cancellation of the original note. For so long as the relevant Fixed Rate Notes are held by DTC, Euroclear or Clearstream (or another depositary), the redemption of such notes shall be done in accordance with the policies and procedures of the depositary.

Unless the relevant issuer defaults in payment of the redemption price, on and after the relevant redemption date interest will cease to accrue on the relevant series of Fixed Rate Notes or portions thereof called for redemption.

**Events of Default**

The events of default under the GSK Capital Inc. Indenture or the GSK Capital plc Indenture, as applicable, with respect to the Notes are defined under "Description of Debt Securities—Events of Default" below.

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**Further Issuances**

We initially offered the 2027 Notes in the aggregate principal amount of $400,000,000, the 2030 Notes in the aggregate principal amount of $850,000,000, the 2035 Notes in the aggregate principal amount of $750,000,000, and the Floating Rate Notes in the aggregate principal amount of $600,000,000. We may from time to time, without the consent of the holders of a series of Notes, create and issue further debt securities of the same series having the same terms and conditions in all respects as the applicable Notes being offered hereby, except for the issue date, the issue price and, in certain cases, the first payment of interest thereon. Any such additional debt securities shall be issued under a separate CUSIP or ISIN number unless the additional debt securities are issued pursuant to a "qualified reopening" of the original series, are otherwise treated as part of the same "issue" of debt instruments as the original series or are issued with less than a de minimis amount of original discount, in each case for U.S. federal income tax purposes.

**Book-Entry System**

We issued the Notes of each series in the form of one or more fully registered global securities. The global securities are deposited with, or on behalf of, DTC and registered in the name of DTC's nominee. Direct and indirect participants in DTC will record beneficial ownership of the Notes by individual investors. The transfer of ownership of beneficial interests in a global security will be effected only through records maintained by DTC or its nominee, or by participants or persons that hold through participants.

Investors may elect to hold beneficial interests in the global securities through either DTC, Clearstream Banking S.A. ("Cleastream") or Euroclear Bank SA/NV ("Euroclear") if they are participants in these systems, or indirectly through organizations which are participants in these systems. Beneficial interests in the global securities will be held in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

Upon receipt of any payment in respect of a global security, DTC or its nominee will immediately credit participants' accounts with amounts proportionate to their respective beneficial interests in the principal amount of the global security as shown in the records of DTC or its nominee. Payments by participants to owners of beneficial interests in a global security held through participants will be governed by standing instructions and customary practices and will be the responsibility of those participants.

DTC holds securities of institutions that have accounts with it or its participants. Through its maintenance of an electronic book-entry system, DTC facilitates the clearance and settlement of securities transactions among its participants and eliminates the need to deliver securities certificates physically. DTC's participants include securities brokers and dealers, including the underwriters of this offering, banks, trust companies, clearing corporations and other organizations. DTC is partially owned by some of these participants or their representatives. Access to DTC's book-entry system is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a participant, either directly or indirectly. DTC agrees with and represents to its participants that it will administer its book-entry system in accordance with its rules and bylaws and requirements of law. The rules applicable to DTC and its participants are on file with the Commission.

Clearstream and Euroclear hold interests on behalf of their participants through customers' securities accounts in Clearstream's and Euroclear's names on the books of their respective depositaries, which in turn hold interests in customers' securities accounts in the depositaries' names on the books of DTC. At the present time, Citibank, N.A. acts as U.S. depositary for Clearstream and JPMorgan Chase Bank, N.A. acts as U.S. depositary for Euroclear, or, collectively, the "U.S. Depositaries."

Clearstream holds securities for its participating organizations, or "Clearstream Participants," and facilitates the clearance and settlement of securities transactions between Clearstream Participants through electronic book-entry changes in accounts of Clearstream Participants, thereby eliminating the need for physical movement of certificates. Clearstream provides to Clearstream Participants, among other things, services for safekeeping, administration, clearance and settlement of internationally traded securities and securities lending and borrowing. Clearstream interfaces with domestic markets in several countries.

Clearstream is registered as a bank in Luxembourg and as such is subject to regulation by the Commission de Surveillance du Secteur Financier and the Banque Centrale du Luxembourg, which supervise and oversee the activities of Luxembourg banks. Clearstream Participants are worldwide financial institutions, including underwriters, securities brokers and dealers, banks, trust companies and clearing corporations, and may include the underwriters or their affiliates. Indirect access to Clearstream is available to other institutions that clear through or maintain a

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custodial relationship with a Clearstream Participant. Clearstream has established an electronic bridge with Euroclear as the operator of the Euroclear System, or the "Euroclear Operator," in Brussels to facilitate settlement of trades between Clearstream and the Euroclear Operator.

Distributions with respect to the Notes of a series held beneficially through Clearstream will be credited to cash accounts of Clearstream Participants in accordance with its rules and procedures, to the extent received by the U.S. Depositary for Clearstream.

Euroclear holds securities and book-entry interests in securities for participating organizations, or "Euroclear Participants" and facilitates the clearance and settlement of securities transactions between Euroclear Participants, and between Euroclear Participants and participants of certain other securities intermediaries through electronic computerized book-entry changes in accounts of such participants or other securities intermediaries. Euroclear provides Euroclear Participants with, among other things, safekeeping, administration, clearance and settlement, securities lending and borrowing, and related services.

Euroclear Participants are investment banks, securities brokers and dealers, banks, central banks, supranationals, custodians, investment managers, corporations, trust companies and certain other organizations and may include the underwriters or their affiliates. Non-participants in Euroclear may hold and transfer beneficial interests in a global security through accounts with a Euroclear Participant or any other securities intermediary that holds a book-entry interest in a global security through one or more securities intermediaries standing between such other securities intermediary and Euroclear.

Distributions with respect to Notes of a series held beneficially through Euroclear will be credited to the cash accounts of Euroclear Participants in accordance with the Terms and Conditions, to the extent received by the U.S. Depositary for Euroclear.

Transfers between Euroclear Participants and Clearstream Participants will be effected in the ordinary way in accordance with their respective rules and operating procedures.

Cross-market transfers between DTC's participating organizations, or the "DTC Participants," on the one hand, and Euroclear Participants or Clearstream Participants, on the other hand, will be effected through DTC in accordance with DTC's rules on behalf of Euroclear or Clearstream, as the case may be, by its U.S. Depositary; however, such cross-market transactions will require delivery of instructions to Euroclear or Clearstream, as the case may be, by the counterparty in such system in accordance with the rules and procedures and within the established deadlines (European time) of such system. Euroclear or Clearstream, as the case may be, will, if the transaction meets its settlement requirements, deliver instructions to its U.S. Depositary to take action to effect final settlement on its behalf by delivering or receiving interests in the global security in DTC, and making or receiving payment in accordance with normal procedures for same-day fund settlement applicable to DTC. Euroclear Participants and Clearstream Participants may not deliver instructions directly to their respective U.S. Depositaries.

Due to time zone differences, the securities accounts of a Euroclear Participant or Clearstream Participant purchasing an interest in a global security from a DTC Participant in DTC will be credited, and any such crediting will be reported, to the relevant Euroclear Participant or Clearstream Participant during the securities settlement processing day (which must be a business day for Euroclear or Clearstream) immediately following the settlement date of DTC. Cash received in Euroclear or Clearstream as a result of sales of interests in a global security by or through a Euroclear Participant or Clearstream Participant to a DTC Participant will be received with value on the settlement date of DTC but will be available in the relevant Euroclear or Clearstream cash account only as of the business day for Euroclear or Clearstream following DTC's settlement date.

The information in this section concerning DTC, Euroclear and Clearstream and their book-entry systems has been obtained from sources that we believe to be reliable, but neither we nor the underwriters take any responsibility for the accuracy or completeness of that information.

None of us, any of the underwriters or the trustee will have any responsibility for the performance by DTC, Euroclear or Clearstream or their respective participants of their respective obligations under the rules and procedures governing their operations.

Although DTC, Clearstream and Euroclear have agreed to the foregoing procedures in order to facilitate transfers of securities among participants of DTC, Clearstream and Euroclear, they are under no obligation to perform or continue to perform such procedures and they may discontinue the procedures at any time.

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**Same-Day Settlement and Payment**

Initial settlement for the Notes was made in immediately available funds. Secondary market trading between DTC participants will occur in the ordinary way in accordance with DTC rules and will be settled in immediately available funds using DTC's Same-Day Funds Settlement System.

**b.<u>Base Prospectus – March 24, 2024</u>**

**<u>Description of Debt Securities</u>**

**General**

As used in this "Description of Debt Securities", "debt securities" means the debentures, notes, bonds, guarantees and other evidences of indebtedness that GSK issues or that a finance subsidiary issues and GSK fully and unconditionally guarantees and, in each case, the trustee authenticates and delivers under the applicable indenture. The debt securities will be our direct unsecured obligations and will rank equally and ratably without preference among themselves and at least equally with all of our other unsecured and unsubordinated indebtedness.

The debt securities will be issued in one or more series under an indenture dated as of March 4, 2008 between GSK and Deutsche Bank Trust Company Americas, as trustee (the "trustee") (as successor to Law Debenture Trust Company of New York, pursuant to an Instrument of Resignation, Appointment and Acceptance dated April 12, 2017 among GSK, the trustee and Law Debenture Trust Company of New York), as supplemented by a first supplemental indenture dated as of March 21, 2014 between GSK and the trustee (the "GSK plc Indenture"), an indenture dated as of April 6, 2004 among GlaxoSmithKline Capital plc, GSK, as guarantor, and the trustee (as successor to Law Debenture Trust Company of New York, pursuant to an Instrument of Resignation, Appointment and Acceptance dated April 12, 2017 among GlaxoSmithKline Capital plc, the trustee and Law Debenture Trust Company of New York), as supplemented by a first supplemental indenture dated as of March 21, 2014 among GlaxoSmithKline Capital plc, the guarantor and the trustee and a second supplemental indenture dated as of May 15, 2018 among GlaxoSmithKline Capital plc, the guarantor and the trustee (the "GSK Capital plc Indenture"), or an indenture dated as of April 6, 2004 among GlaxoSmithKline Capital Inc., the guarantor and the trustee (as successor to Law Debenture Trust Company of New York, pursuant to an Instrument of Resignation, Appointment and Acceptance dated April 12, 2017, among GlaxoSmithKline Capital Inc., the trustee and Law Debenture Trust Company of New York), as supplemented by a first supplemental indenture dated as of March 18, 2013 among GlaxoSmithKline Capital Inc., the guarantor and the trustee, a second supplemental indenture dated as of March 21, 2014 among GlaxoSmithKline Capital Inc., the guarantor and the trustee and a third supplemental indenture dated as of May 15, 2018 among GlaxoSmithKline Capital Inc., the guarantor and the trustee (the "GSK Capital Inc. Indenture"). Each of the GSK plc Indenture, the GSK Capital plc Indenture and the GSK Capital Inc. Indenture has been qualified under the Trust Indenture Act of 1939, as amended (the "Trust Indenture Act"). In the following discussion, we sometimes refer to these indentures collectively as the "indentures."

This "Description of Debt Securities" briefly outlines the provisions of the indentures and is qualified in its entirety by reference to the indentures. The terms of the indentures will include both those stated in the indentures and those made part of the indentures by the Trust Indenture Act.

The indentures have been filed as exhibits to the registration statement of which the base prospectus forms a part, and you should read the indentures for provisions that may be important to you.

The indentures do not contain any covenants or other provisions designed to protect holders of the debt securities against a reduction in the creditworthiness of GSK or the finance subsidiaries in the event of a highly leveraged transaction or that would prohibit other transactions that might adversely affect holders of the debt securities.

**Issuances in Series**

The indentures do not limit the amount of debt securities that may be issued. The debt securities may be issued in one or more series with the same or various maturities, at a price of 100% of their principal amount or at a premium or a discount. Not all debt securities of any one series need be issued at the same time, and, unless otherwise provided, any series may be reopened, without the consents of the holders of debt securities of that series, for issuances of additional debt securities of that series. Except in the limited circumstances described below under "—Covenants—Limitation on Liens," the debt securities will not be secured by any property or assets of GSK, as issuer or guarantor, or the finance subsidiaries.

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The terms of any authorized series of debt securities will be described in a prospectus supplement. These terms will include some or all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the title, aggregate principal amount and denominations of the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date or dates on which principal will be payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the percentage of the principal amount at which the debt securities will be issued and whether the debt securities will be "original issue discount" securities for U.S. federal income tax purposes. If original issue discount debt securities are issued (generally, any security that provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the maturity), the special U.S. federal income tax and other considerations of a purchase of original issue discount debt securities will be described;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rate or rates, which may be fixed or variable, at which the debt securities will bear interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the interest payment dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any optional or mandatory redemption terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether any sinking fund is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the currency in which the debt securities will be denominated or principal, premium, interest or any additional amounts will be payable, if other than U.S. dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the debt securities are to be issued as individual certificates to each holder or in the form of global certificates held by a depositary on behalf of beneficial owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information describing any book-entry features;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the names and duties of any co-trustees, depositaries, authenticating agents, paying agents, transfer agents or registrars for any series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provisions for the defeasance, which provisions may modify the provisions described herein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any deletions from, modifications of or additions to the events of default or covenants with respect to the debt securities; and • any other terms of the debt securities.

The prospectus supplement relating to any series of debt securities may add to or change statements contained in the base prospectus. The prospectus supplement may also include, if applicable, a discussion of certain U.S. federal income tax and U.K. income tax considerations.

**GSK Guarantees**

Debt securities issued by the finance subsidiaries will be fully and unconditionally guaranteed by GSK. If for any reason the applicable finance subsidiary does not make any required payment in respect of its debt securities when due, whether on the normal due date, on acceleration, redemption or otherwise, GSK will cause the payment to be made to or to the order of the trustee. The holder of a guaranteed debt security will be entitled to payment under the applicable guarantee of GSK without taking any action whatsoever against the finance subsidiary

**Payment and Transfer**

The debt securities will be issued only as registered securities, which means that the name of the holder will be entered in a register that will be kept by the trustee or another agent appointed by us. Unless stated otherwise in a prospectus supplement, and except as described under "—Book-Entry System" below, payments of principal, interest and additional amounts, if any, will be made at the office of the paying agent or agents named in the prospectus supplement or by check mailed to you at your address as it appears in the register.

Unless other procedures are described in a prospectus supplement and except as described under "—Book Entry System" below, you will be able to transfer registered debt securities at the office of the transfer agent or agents named in the prospectus supplement. You may also exchange registered debt securities at the office of the transfer agent for an equal aggregate principal amount of registered debt securities of the same series having the same maturity date, interest rate and other terms as long as the debt securities are issued in authorized denominations.

Neither we nor the trustee will impose any service charge for any transfer or exchange of a debt security; however, we may ask you to pay any taxes or other governmental charges in connection with a transfer or exchange of debt securities.

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**Book-Entry System**

Debt securities may be issued under a book-entry system in the form of one or more global securities. The global securities will be registered in the name of a depositary or its nominee and deposited with that depositary or its custodian. Unless stated otherwise in the prospectus supplement, the Depository Trust Company, or DTC, will be the depositary if a depositary is used.

DTC has advised us as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DTC is a limited-purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code and a "clearing agency" registered pursuant to the provisions of Section 17A of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DTC was created to hold securities of its participants and to facilitate the clearance and settlement of securities transactions, such as through transfers and pledges, among its participants in such securities through electronic computerized book-entry changes to accounts of its participants, thereby eliminating the need for physical movement of securities certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DTC's participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of whom (and/or their representatives) own DTC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• access to DTC's book-entry system is also available to others, such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a participant, either directly or indirectly.

According to DTC, the foregoing information with respect to DTC has been provided to the financial community for informational purposes only and is not intended to serve as a representation, warranty or contract modification of any kind.

Following the issuance of a global security in registered form, the depositary will credit the accounts of its participants with the debt securities upon our instructions. Only persons who hold directly or indirectly through financial institutions that are participants in the depositary can hold beneficial interests in the global securities. Since the laws of some jurisdictions require certain types of purchasers to take physical delivery of such securities in definitive form, you may encounter difficulties in your ability to own, transfer or pledge beneficial interests in a global security.

So long as the depositary or its nominee is the registered owner of a global security, we and the trustee will treat the depositary as the sole owner or holder of the debt securities for purposes of the applicable indenture. Therefore, except as set forth below, you will not be entitled to have debt securities registered in your name or to receive physical delivery of certificates representing the debt securities. Accordingly, you will have to rely on the procedures of the depositary and the participant in the depositary through whom you hold your beneficial interest in order to exercise any rights of a holder under the indenture. We understand that under existing practices, the depositary would act upon the instructions of a participant or authorize that participant to take any action that a holder is entitled to take.

We will make all payments of principal, interest and additional amounts, if any, on the debt securities to the depositary. It is expected that the depositary will then credit participants' accounts proportionately with these payments on the payment date and that the participants will in turn credit their customers' accounts in accordance with their customary practices. Neither we nor the trustee will be responsible for making any payments to participants or customers of participants or for maintaining any records relating to the holdings of or payments to participants and their customers, and you will have to rely on the procedures of the depositary and its participants.

Global securities are generally not transferable. Physical certificates will be issued to beneficial owners in lieu of a global security only in the special situations described in the sixth paragraph under the heading "Legal Ownership of Debt Securities—Global Securities" below.

**Consolidation, Merger or Sale**

We and the finance subsidiaries have agreed in the indentures not to consolidate with or merge with or into any other person or convey or transfer all or substantially all of our respective properties and assets to any person (except that the finance subsidiaries may merge into us), unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we or the applicable finance subsidiary, as the case may be, are the continuing person, or the successor expressly assumes by supplemental indenture our obligations under the applicable indenture;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the continuing person is a U.S. or U.K. company or is organized and validly existing under the laws of a jurisdiction that is a member country of the Organisation for Economic Cooperation and Development (or any successor) and, if it is not a U.S. or U.K. company, the continuing person agrees by supplemental indenture to be bound by a covenant comparable to that described below under "—Covenants— Payment of Additional Amounts" with respect to taxes imposed in the continuing person's jurisdiction of organization (in which case the continuing person will benefit from a redemption option comparable to that described below under "—Optional Redemption for Tax Reasons" in the event of changes in taxes in that jurisdiction after the date of the consolidation, merger or sale);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• immediately after the transaction, no default under the debt securities has occurred and is continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we deliver to the trustee an officer's certificate and, if neither we nor the applicable subsidiary are the continuing person, an opinion of counsel, in each case stating, among other things, that the transaction and the supplemental indenture, if required, comply with these provisions and the indenture.

**Covenants**

***Payment of Additional Amounts***

Payments made by us under or with respect to the debt securities will be free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge of any nature whatsoever imposed or levied by or on behalf of (i) the government of the United Kingdom or of any territory of the United Kingdom or by any authority or agency therein or thereof having the power to tax or (ii) solely with respect to debt securities issued under the GSK Capital Inc. Indenture, the government of the United States or any state or territory of the United States or by any authority or agency therein or thereof having the power to tax, which we refer to collectively as "Taxes," unless we are required to withhold or deduct Taxes by law or by the interpretation or administration thereof.

If we are required to withhold or deduct any amount for or on account of Taxes from any payment made with respect to the debt securities, we will pay such additional amounts as may be necessary so that the net amount received by each holder (including additional amounts) after such withholding or deduction will not be less than the amount the holder would have received if the Taxes had not been withheld or deducted; provided that no additional amounts will be payable with respect to Taxes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed but for the existence of any present or former connection between such holder or beneficial owner of the debt securities (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such holder or beneficial owner, if such holder or beneficial owner is an estate, trust, partnership or corporation) and the United Kingdom or, solely with respect to debt securities issued under the GSK Capital Inc. Indenture, the United States or, as applicable, any political subdivision or territory or possession thereof or therein or area subject to its jurisdiction, including, without limitation, such holder or beneficial owner (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a citizen or resident thereof or treated as a resident thereof or domiciled thereof or a national thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that are estate, inheritance, gift, sales, transfer, personal property, wealth or similar taxes, duties, assessments or other governmental charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payable other than by withholding from payments of principal of or interest on the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed but for the failure of the applicable recipient of such payment to comply with any certification, identification, information, documentation or other reporting requirement to the extent such compliance is required by applicable law or administrative practice or an applicable treaty as a precondition to exemption from, or reduction in, the rate of deduction or withholding of such Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed but for the presentation of a debt security (where presentation is required) for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof was duly provided for, whichever occurred later;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• solely with respect to debt securities issued under the GSK plc Indenture, that are imposed on a payment to an individual and are required to be made pursuant to European Council Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN

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Council meeting of November 26-27, 2000 on the taxation of savings income, or any law implementing or complying with, or introduced in order to conform to, such Directive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed if presentation for payment of the relevant debt securities had been made to a paying agent other than the paying agent to which the presentation was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed but for a failure by the holder or beneficial owner (or any financial institution through which the holder or beneficial owner holds any debt security through which payment on the debt security is made) to comply with any certification, information, identification, documentation or other reporting requirements (including entering into and complying with an agreement with the U.S. Internal Revenue Service or any other governmental authority) imposed pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code as in effect on the date of issuance of the Notes or any successor or amended version of such provisions, or, solely with respect to debt securities issued under the GSK plc Indenture, any agreement entered into pursuant to Section 1471(b) of the U.S. Internal Revenue Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the U.S. Internal Revenue Code (or any law implementing such intergovernmental agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• solely with respect to debt securities issued under the GSK Capital Inc. Indenture and the GSK Capital plc Indenture, that are imposed solely by reason of the holder or beneficial owner owning or having owned, actually or constructively, 10% or more of the total combined voting power of all classes of the Company's stock entitled to vote; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any combination of the foregoing items; nor shall additional amounts be paid with respect to any payment of the principal of or interest on any debt security to any such holder who is a fiduciary or a partnership or a beneficial owner who is other than the sole beneficial owner of such payment to the extent a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner would not have been entitled to such additional amounts had it been the holder of the debt security.

We have agreed in each indenture that at least one paying agent for each outstanding series of debt securities will be located outside the United Kingdom. Solely with respect to debt securities issued under the GSK plc Indenture, we have also agreed that if we maintain a paying agent with respect to a particular series of debt securities in any member state of the European Union, we will maintain a paying agent in at least one member state that will not be obliged to withhold or deduct taxes pursuant to any law implementing European Council Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meeting of November 26-27, 2000 on the taxation of savings income, provided there is at least one member state that does not require a paying agent to withhold or deduct pursuant to such Directive.

Our obligation to pay additional amounts, if and when due, will survive the termination of the indentures and the payment of all amounts in respect of the debt securities.

***Limitation on Liens***

We have agreed in the indentures not to incur or assume (or permit any of our subsidiaries to incur or assume) any lien on or with respect to any of our or our subsidiaries' property, assets or revenues, present or future, to secure any relevant indebtedness (as this term is defined below) without making (or causing our subsidiaries to make) effective provision for securing the debt securities equally and ratably with such relevant indebtedness as to such property, assets or revenues, for as long as such relevant indebtedness is so secured.

The restrictions on liens will not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens arising by operation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens on property, assets or revenues of any person, which liens are existing at the time such person becomes a subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens on property, assets or revenues of a person existing at the time such person is merged with or into or amalgamated or consolidated with us or any of our subsidiaries or at the time of a sale, lease or other disposition to us of the properties of a corporation as an entirety or substantially as an entirety. For purposes of the limitation on liens covenant, the term "relevant indebtedness" means any of our debt that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is in the form of or represented by bonds, notes, loan stock, depositary receipts or other securities issued (otherwise than to constitute or represent advances made by banks or other lending institutions);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is denominated in, or confers any right of payment by reference to, any currency other than the currency of the country in which the issuer of the indebtedness has its principal place of business, or is denominated in or by reference to the currency of such country but more than 20% of which is placed or offered for subscription or sale by or on behalf of, or by agreement with, the issuer outside such country; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at its date of issue is, or is intended by the issuer to become, quoted, listed, traded or dealt in on any stock exchange, over-the-counter market or other securities market.

***Additional Covenants***

We may be subject to additional covenants, including restrictive covenants in respect of a particular series of debt securities. Such additional covenants will be set forth in the applicable prospectus supplement and, to the extent necessary, in the supplemental indenture or board resolution relating to that series of debt securities.

**Optional Redemption for Tax Reasons**

We may redeem any series of debt securities in whole but not in part at any time, solely with respect to debt securities issued under the GSK plc Indenture, on giving not less than 30 nor more than 60 days' notice of such redemption, or, solely with respect to debt securities issued under the GSK Capital Inc. Indenture and GSK Capital plc Indenture, on giving not less than 15 nor more than 60 days' notice of such redemption, at the applicable redemption price, together with accrued interest, if any, to the date fixed for redemption, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we determine that, as a result of any change in or amendment to the laws or any regulations or rulings promulgated thereunder of the United Kingdom (or of any political subdivision or taxing authority thereof) or, solely with respect to debt securities issued under the GSK Capital Inc. Indenture, the United States (or of any political subdivision or taxing authority thereof), or any change in the application or official interpretation of such laws, regulations or rulings, or any change in the application or official interpretation of, or any execution of or amendment to, any treaty or treaties affecting taxation to which any such jurisdiction is a party, which change, execution or amendment becomes effective on or after the issue date or such other date specified in the debt securities of that series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we would be required to pay additional amounts (as described under "—Covenants––Payment of Additional Amounts" above) with respect to that series of debt securities on the next succeeding interest payment date and the payment of such additional amounts cannot be avoided by the use of reasonable measures available to us; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• solely with respect to debt securities issued under the GSK Capital plc Indenture and the GSK Capital Inc. Indenture, withholding tax has been or would be required to be withheld with respect to interest income received or receivable by the applicable finance subsidiary directly from the guarantor (or any affiliate) and such withholding tax obligation cannot be avoided by the use of reasonable measures available to the applicable finance subsidiary or the guarantor (or any affiliate); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• solely with respect to debt securities issued under the GSK plc Indenture, withholding tax has been or would be required to be withheld with respect to interest income received or receivable by GSK directly from any affiliate and such withholding tax obligation cannot be avoided by the use of reasonable measures available to GSK (or any affiliate); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we determine, based upon an opinion of independent counsel of recognized standing that, as a result of any action taken by any legislative body of, taxing authority of, or any action brought in a court of competent jurisdiction in, the United Kingdom (or any political subdivision or taxing authority thereof) or, solely with respect to debt securities issued under the GSK Capital Inc. Indenture, the United States (or any political subdivision or taxing authority thereof) (whether or not such action was taken or brought with respect to GSK, as issuer or guarantor, or the applicable finance subsidiary, as the case may be), which action is taken or brought on or after the issue date or such other date specified in the debt securities of that series, there is a substantial probability that the circumstances described above would exist; provided, however, that no such notice of redemption may be given earlier than 90 days prior to the earliest date on which we would be obligated to pay such additional amounts.

We will also pay to each holder, or make available for payment to each such holder, on the redemption date any additional amounts resulting from the payment of such redemption price. Prior to the delivery of any notice of redemption, we will deliver to the trustee:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an officer's certificate stating that we are entitled to effect a redemption and setting forth a statement of facts showing that the conditions precedent of the right so to redeem have occurred; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an opinion of counsel to the effect that the conditions specified above have been satisfied. Any notice of redemption will be irrevocable once we deliver the officer's certificate to the trustee.

**Events of Default**

Unless otherwise specified in a prospectus supplement, an event of default with respect to a series of debt securities occurs upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default in payment of all or any part of the principal (or premium, if any) of any debt security of that series when due and payable (including as a sinking fund installment), and, in the case of technical or administrative difficulties, the continuance of that default for more than two business days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default in payment of interest on, or any additional amounts payable in respect of, any debt security of that series when due and payable, and the continuance of that default for 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default in performing any other covenant in the indenture applicable to that series for 90 days after the receipt of written notice specifying such default from the trustee or from the holders of 25% in principal amount of the debt securities of that series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default under any bond, debenture, note or other evidence of indebtedness for money borrowed of GSK or either finance subsidiary, as the case may be (not including any indebtedness for which recourse is limited to property purchased), having in any particular case an outstanding principal amount in excess of £100,000,000 (or its equivalent in any other currency) where any such failure results in such indebtedness being accelerated and becoming due and payable prior to its stated maturity and such acceleration shall not have been rescinded or annulled or such indebtedness shall not have been discharged; provided that there shall not be deemed to be an Event of Default if such acceleration is rescinded or annulled or such payment is made within 10 days after there has been given to GSK and either finance subsidiary by the trustee or to either finance subsidiary, GSK and the trustee by the holders of 25% or more in aggregate principal amount of the debt securities of such series a written notice specifying such default and requiring it to be remedied and stating that such notice is a "Notice of Default" hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain events of bankruptcy, insolvency or reorganization of GSK or either finance subsidiary, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other event of default provided with respect to that particular series of debt securities.

Any additional or different events of default applicable to a particular series of debt securities will be described in the prospectus supplement relating to such series.

An event of default with respect to a particular series of debt securities will not necessarily constitute an event of default with respect to any other series of debt securities. If an event of default occurs and continues, the trustee or the holders of the aggregate principal amount of the debt securities specified below may require us to repay immediately, or accelerate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the entire principal of the debt securities of such series; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the debt securities are original issue discount securities, such portion of the principal as may be described in the applicable prospectus supplement.

If the event of default occurs because of a default in a payment of principal or interest on the debt securities of any series, then the trustee or the holders of at least 25% of the aggregate principal amount of debt securities of that series can accelerate that series of debt securities. If the event of default occurs because of a failure to perform any other covenant in the applicable indenture or any covenant for the benefit of one or more, but not all, of the series of debt securities, then the trustee or the holders of at least 25% of the aggregate principal amount of debt securities of all series affected, voting as one class, can accelerate all of the affected series of debt securities. If the event of default occurs because of bankruptcy proceedings, then all of the debt securities under the indenture will be accelerated automatically. Therefore, except in the case of a default on a payment of principal or interest on the debt securities of your series or a default due to our bankruptcy or insolvency, it is possible that you may not be able to accelerate the debt securities of your series because of the failure of holders of other series to take action.

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The holders of a majority of the aggregate principal amount of the debt securities of all affected series, voting as one class, can rescind this accelerated payment requirement or waive any past default or event of default or allow noncompliance with any provision of the applicable indenture. However, they cannot waive a default in payment of principal of, premium, if any, or interest on, or additional amounts in respect of, any of the debt securities when due otherwise than as a result of acceleration.

After an event of default, the trustee must exercise the same degree of care a prudent person would exercise under the circumstances in the conduct of her or his own affairs. Subject to these requirements, the trustee is not obligated to exercise any of its rights or powers under the applicable indenture at the request, order or direction of any holders, unless the holders offer the trustee indemnity satisfactory to it. If they provide this indemnity, the holders of a majority in principal amount of all affected series of debt securities, voting as one class, may direct the time, method and place of conducting any proceeding for any remedy available to the trustee, or exercising any power conferred upon the trustee, for any series of debt securities. However, the trustee may refuse to follow any direction that conflicts with law or the indenture or is unduly prejudicial to the rights of other holders.

No holder will be entitled to pursue any remedy with respect to the indenture unless the trustee fails to act for 60 days after it is given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notice of default by that holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a written request to enforce the indenture by the holders of not less than 25% in principal amount of all outstanding debt securities of any affected series; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an indemnity to the trustee, reasonably satisfactory to the trustee;

and during this 60-day period the holders of a majority in principal amount of all outstanding debt securities of such affected series do not give a direction to the trustee that is inconsistent with the enforcement request. These provisions will not prevent any holder of debt securities from enforcing payment of the principal of (and premium, if any) and interest on, or additional amounts payable in respect of, the debt securities at the relevant due dates.

If an event of default with respect to a series of debt securities occurs and is continuing, the trustee will mail to the holders of those debt securities a notice of the event of default within 90 days after it occurs. However, except in the case of a default in any payment in respect of a series of debt securities, the trustee shall be protected in withholding notice of an event of default if it determines in good faith that this is in the interests of the holders of the relevant debt securities. A default is any event that is, or after notice or passage of time or both would be, an event of default.

**Modification of the Indentures**

In general, rights and obligations of us and the holders under the indentures may be modified if the holders of a majority in aggregate principal amount of the outstanding debt securities of each series affected by the modification consent to such modification. However, each of the indentures provides that, unless each affected holder agrees, an amendment cannot:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make any adverse change to any payment term of a debt security such as extending the maturity date, extending the date on which we have to pay interest or make a sinking fund payment, reducing the interest rate, reducing the amount of principal we have to repay, changing the currency in which we have to make any payment of principal, premium, interest or additional amount, modifying any redemption or repurchase right, or right to convert or exchange any debt security, to the detriment of the holder and impairing any right of a holder to bring suit for payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• waive any payment default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce the percentage of the aggregate principal amount of debt securities needed to make any amendment to the applicable indenture or to waive any covenant or default; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make any other change to the amendment provisions of the applicable indenture.

However, if we and the trustee agree, the applicable indenture may be amended without notifying any holders or seeking their consent if the amendment does not materially and adversely affect any holder. We and the trustee are permitted to make modifications and amendments to the applicable indenture without the consent of any holder of debt securities for any of the following purposes:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to cure any ambiguity, defect or inconsistency in the indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to comply with sections of the indenture governing when we may merge and substitute obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to comply with any requirements of the SEC in connection with the qualification of the indenture under the Trust Indenture Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to evidence and provide for the acceptance by a successor trustee of appointment under the indenture with respect to the debt securities of any or all series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to establish the form or forms or terms of the debt securities of any series or of the coupons appertaining to such debt securities as permitted under the indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to provide for uncertificated debt securities and to make all appropriate changes for such purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to provide for a further guarantee from a third party on outstanding debt securities of any series and the debt securities of any series that may be issued under the indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to change or eliminate any provision of the indenture; provided that any such change or elimination will become effective only when there are no outstanding debt securities of any series created prior to the execution of such supplemental indenture that is entitled to the benefit of such provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to supplement any of the provisions of the indenture to such extent as will be necessary to permit or facilitate the defeasance and discharge of any series of debt securities pursuant to the indenture; provided that any such action will not adversely affect the interests of the holders of such or any other series of debt securities in any material respect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to make any change that does not materially and adversely affect the rights of any holder of the debt securities.

**Defeasance**

The term defeasance means discharge from some or all of the obligations under the indentures. If we deposit with the trustee sufficient cash or government securities (if government securities, as deemed sufficient in the opinion of a nationally recognized firm of public accountants) to pay the principal, interest, any premium and any other sums due to the stated maturity date or a redemption date of the debt securities of a particular series, then at our option:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will be discharged from our respective obligations with respect to the debt securities of such series; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will no longer be under any obligation to comply with the restrictive covenants, if any, contained in the applicable indenture and any supplemental indenture or board resolution with respect to the debt securities of such series, and the events of default relating to failures to comply with covenants will no longer apply to us.

If this happens, the holders of the debt securities of the affected series will not be entitled to the benefits of the applicable indenture except for registration of transfer and exchange of debt securities and replacement of lost, stolen or mutilated debt securities. Instead, the holders will only be able to rely on the deposited funds or obligations for payment.

Unless the debt securities of the respective series mature within one year or all such securities are to be called for redemption within one year under arrangements satisfactory to the trustee for giving the notice of redemption, we must deliver to the trustee an opinion of counsel to the effect that the deposit and related defeasance would not cause the holders of the debt securities to recognize income, gain or loss for U.S. federal income tax purposes. We may, in lieu of an opinion of counsel, deliver a ruling to such effect from the U.S. Internal Revenue Service.

**Substitution of Issuer**

We may at our option at any time, without the consent of any holders of debt securities, cause GSK or any other subsidiary of GSK to assume the obligations of the applicable finance subsidiary under any series of debt securities, provided that the new obligor executes a supplemental indenture in which it agrees to be bound by the terms of those debt securities and the relevant indenture. If the new obligor is not a U.S. or U.K. company, it must be organized and validly existing under the laws of a jurisdiction that is a member country of the Organisation for Economic Cooperation and Development (or any successor) and it must also agree in the supplemental indenture to be bound by a covenant comparable to that described above under "— Covenants—Payment of Additional Amounts" with respect to taxes imposed in its jurisdiction of

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organization (in which case the new obligor will benefit from a redemption option comparable to that described above under "—Optional Redemption for Tax Reasons" in the event of changes in taxes in that jurisdiction after the date of the substitution). In the case of such a substitution, the applicable finance subsidiary will be relieved of any further obligation under the assumed series of debt securities.

**Information Concerning the Trustee**

Deutsche Bank Trust Company Americas, 60 Wall Street, 24th Floor, New York, NY 10005, will be the trustee. The trustee will be required to perform only those duties that are specifically set forth in the indentures, except when a default has occurred and is continuing with respect to the debt securities. After a default, the trustee must exercise the same degree of care that a prudent person would exercise under the circumstances in the conduct of her or his own affairs. Subject to these requirements, the trustee will be under no obligation to exercise any of the powers vested in it by the indentures at the request of any holder of debt securities unless the holder offers the trustee indemnity satisfactory to it against the costs, expenses and liabilities that might be incurred by exercising those powers.

**Governing Law**

The debt securities, the related guarantees and the indentures will be governed by and construed in accordance with the laws of the State of New York

**<u>Legal Ownership of Debt Securities</u>**

**"Street Name" and Other Indirect Holders**

We generally will not recognize investors who hold debt securities in accounts at banks or brokers as legal holders of those debt securities.

Holding securities in accounts at banks or brokers is called holding in "street name." If an investor holds debt securities in street name, we recognize only the bank or broker or the financial institution the bank or broker uses to hold the debt securities. These intermediary banks, brokers and other financial institutions pass along principal, interest and other payments on the debt securities, either because they agree to do so in their customer agreements or because they are legally required to do so. If you hold debt securities in street name, you should check with your own institution to find out:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how it handles payments and notices with respect to securities; • whether it imposes fees or charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how it would handle voting if ever required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how and when you should notify it to exercise on your behalf any rights or options that may exist under the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether and how you can instruct it to send you securities registered in your own name so you can be a direct holder as described below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how it would pursue rights under the debt securities if there were a default or other event triggering the need for holders to act to protect their interests.

**Registered Holders**

Our obligations, as well as the obligations of the trustee and those of any third parties employed by us or the trustee, extend only to persons who are registered as holders of debt securities. As noted above, we do not have obligations directly to you if you hold in street name or through other indirect means, either because you choose to hold debt securities in that manner or because the debt securities are issued in the form of global securities as described below. For example, once we make payment to the registered holder, we have no further responsibility for the payment even if that holder is legally required to pass the payment along to you but does not do so.

**Global Securities**

A global security is a special type of indirectly held security. If we choose to issue debt securities in the form of global securities, the ultimate beneficial owners of the debt securities will be indirect holders. We do this by requiring that the global security be registered in the name of a financial institution we select and by requiring that the debt securities represented by the global security not be registered in the name of any other holder except in the special situations described below. The financial institution that acts as the sole registered holder of the global security is called the depositary. Any person wishing to own a debt security may do so indirectly through an account with a broker, bank or other financial

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institution that in turn has an account with the depositary. The prospectus supplement will indicate whether your series of debt securities will be issued only as global securities.

Transfers of debt securities represented by the global security will be made only on the records of the depositary or its nominee by transferring such debt securities from the account of one broker, bank or financial institution to the account of another broker, bank or financial institution. These transfers are made electronically only and are also known as book-entry transfers. Securities in global form are sometimes also referred to as being in book-entry form.

As an indirect holder, your rights relating to a global security will be governed by the account rules of your broker, bank or financial institution and of the depositary, as well as general laws relating to securities transfers. We will not recognize you as a holder of debt securities and instead will deal only with the depositary that holds the global security.

You should be aware that if debt securities are issued only in the form of a global security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• except in very limited circumstances described below, you will not have any right to have debt securities registered in your own name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you cannot receive physical certificates for your interest in the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you will be a street name holder and must look to your own broker, bank or financial institution for payments on the debt securities and protection of your legal rights relating to the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you may not be able to sell interests in the debt securities to some insurance companies and other institutions that are required by law to own securities in the form of physical certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the depositary's policies will govern payments, transfers, exchanges and other matters relating to your indirect interest in the global security. We and the trustee will have no responsibility for any aspect of the depositary's actions or for its records of ownership interests in the global security. We and the trustee also will not supervise the depositary in any way; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the depositary will require that indirect interests in the global security be purchased or sold within its system using same-day funds for settlement.

In a few special circumstances described below, the global security will terminate and the indirect interests in it will be exchanged for registered debt securities represented by physical certificates. After that exchange, the choice of whether to hold debt securities in registered form or in street name will be up to you. You must consult your broker, bank or financial institution to find out how to have your interests in debt securities transferred to your name, so that you will be a registered holder of the debt securities.

Unless we specify otherwise in the prospectus supplement, the special circumstances for termination of a global security are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when the depositary notifies us that it is unwilling or unable to continue as depositary and we do not or cannot appoint a successor depositary within 90 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the depositary ceases to be a clearing agency registered under the Exchange Act and we do not appoint a successor depositary within 90 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an event of default has occurred and is continuing and beneficial owners representing a majority in principal amount of the applicable series of debt securities have advised the depositary to cease acting as the depositary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we decide we do not want to have the debt securities of that series represented by a global security.

The prospectus supplement may also list additional circumstances for terminating a global security that would apply only to the particular series of debt securities covered by the prospectus supplement. When a global security terminates, the depositary (and not us or the trustee) is responsible for deciding the names of the institutions that will be the initial registered holders.

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**The Term "Holder"**

In the descriptions of the debt securities included herein, when we refer to the "holder" of a given debt security as being entitled to certain rights or payments, or being permitted to take certain actions, we are in all cases referring to the registered holder of the debt security.

While you would be the registered holder if you held a certificated security registered in your name, it is likely that the holder will actually be either the broker, bank or other financial institution where you have your street name account or, in the case of a global security, the depositary. If you are an indirect holder, you will need to coordinate with the institution through which you hold your interest in a debt security in order to determine how the provisions involving holders described herein will actually apply to you. For example, if the debt security in which you hold a beneficial interest in street name can be repaid at the option of the holder, you cannot exercise the option yourself by following the procedures described in the prospectus supplement. Instead, you would need to cause the institution through which you hold your interest to take those actions on your behalf. Your institution may have procedures and deadlines different from or additional to those described in the prospectus supplement relating to the debt security.

**2. Notes offered pursuant to the Base Prospectus dated March 28, 2018**

**a.<u>Prospectus Supplement (March 19, 2019) – 3.375% Notes due 2029</u>**

**<u>Description of the Notes</u>**

**General**

GSK Capital plc issued the 3.375% Notes due 2029 (the "2029 Notes") pursuant to an indenture, dated as of April 6, 2004, among GSK, as guarantor, GSK Capital plc, as issuer, and Deutsche Bank Trust Company Americas, as trustee (as successor to Law Debenture Trust Company of New York, pursuant to an Instrument of Resignation, Appointment and Acceptance dated April 12, 2017, among GSK Capital plc, Law Debenture Trust Company of New York and Deutsche Bank Trust Company Americas), as amended and supplemented by a first supplemental indenture, dated as of March 21, 2014 and as further amended and supplemented by a second supplemental indenture dated as of May 15, 2018 (for purposes of this description of the 2029 Notes only, the "Indenture"). References in this "Description of the Notes" to the "Notes" refer to the 2029 Notes.

GSK Capital plc issued the 2029 Notes in the initial aggregate principal amount of $1,000,000,000. The 2029 Notes will mature on June 1, 2029 unless redeemed or purchased prior to such date as described below.

The Notes are fully and unconditionally guaranteed by GSK. If, for any reason, GSK Capital plc does not make any required payment in respect of the Notes when due, whether on the normal due date, on acceleration, redemption or otherwise, GSK will cause the payment to be made to or to the order of the trustee. You will be entitled to payment under the guarantee of GSK without taking any action whatsoever against us.

GSK Capital plc issued the Notes in book-entry form only, in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

As used herein, "business day" means any day other than a Saturday, a Sunday or a day on which banking institutions in the City of New York or London, England are authorized or obligated by law, regulation or executive order to be closed.

We or any of our subsidiaries may at any time and from time to time purchase the Notes of any series in the open market or by tender or by private agreement, if applicable law allows. The Notes of any such series purchased by us or any of our subsidiaries may be held, resold or surrendered by the purchaser thereof through us to the trustee or any paying agent for cancellation.

**Interest**

The Notes each bear interest at the applicable interest rate shown in the table above and accrue interest from March 25, 2019, or from the most recent date to which interest has been paid (or provided for), to but not including the next date upon which interest is required to be paid.

Interest is payable on each of the 2029 Notes twice a year, on June 1 and December 1, commencing December 1, 2019, to the person in whose name a 2029 Note, respectively, is registered at the close of business on the May 17 or November 16th that precedes the date on which interest will be paid. Interest on the 2029 Notes will be paid on the basis of a 360-day year consisting of twelve 30-day months.

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If an interest payment date or redemption date, or the maturity date, for the Notes, as the case may be, would fall on a day that is not a business day, then the required payment will be made on the next succeeding business day, but no additional interest shall be paid unless we fail to make payment on such next succeeding business day.

**Covenants**

Subject to certain exceptions, if we are required to withhold or deduct any amount for or on account of any U.K. or U.S. withholding tax from any payment made on the Notes, we will pay additional amounts on those payments so that the amount received by noteholders will equal the amount that would have been received if no such taxes had been applicable. See "—Payment of Additional Amounts."

As contemplated by the last paragraph under "Description of Debt Securities—Defeasance" below, the satisfaction of certain conditions will permit us to omit to comply with some or all of our obligations, covenants and agreements under the Indenture with respect to the Notes of any or all series, as applicable. In addition, we may omit to comply with certain covenants through covenant defeasance. We refer you to the information under "Description of Debt Securities—Defeasance" below for more information on how we may do this.

Except as described herein, the Indenture does not contain any covenants or other provisions designed to protect holders of the Notes against a reduction in our creditworthiness in the event of a highly leveraged transaction or that would prohibit other transactions that might adversely affect holders of the Notes, including, among other things, through the incurrence of additional indebtedness.

***Payment of Additional Amounts***

The provisions of the Indenture described under "Description of Debt Securities—Covenants—Payment of Additional Amounts" do not apply to the Notes. The following payment of additional amounts provisions apply to the Notes.

Payments made by us under or with respect to the Notes will be free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge of any nature whatsoever imposed or levied by or on behalf of (i) the government of the United Kingdom or of any territory of the United Kingdom or by any authority or agency therein or thereof having the power to tax or (ii) the government of the United States or any state or territory of the United States or by any authority or agency therein or thereof having the power to tax, which we refer to collectively as "Taxes," unless we are required to withhold or deduct Taxes by law.

If we are required to withhold or deduct any amount for or on account of Taxes from any payment made with respect to the Notes, we will pay such additional amounts as may be necessary so that the net amount received by each holder (including additional amounts) after such withholding or deduction will not be less than the amount the holder would have received if the Taxes had not been withheld or deducted; provided that no additional amounts will be payable with respect to Taxes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed but for the existence of any present or former connection between such holder or beneficial owner of the applicable Notes (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such holder or beneficial owner, if such holder or beneficial owner is an estate, trust, partnership or corporation) and the United Kingdom or the United States or any political subdivision or territory or possession thereof or therein or area subject to its jurisdiction, including, without limitation, such holder or beneficial owner (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a citizen or resident thereof or treated as a resident thereof or domiciled thereof or a national thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that are estate, inheritance, gift, sales, transfer, personal property, wealth or similar taxes, duties, assessments or other governmental charges,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payable other than by withholding from payments of principal of or premium, if any, or interest on the applicable Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed but for the failure of the applicable recipient of such payment to comply with any certification, identification, information, documentation or other reporting requirement to the extent such compliance is required by applicable law or administrative practice or an applicable treaty as a precondition to exemption from, or reduction in, the rate of deduction or withholding of such Taxes;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed but for the presentation of the applicable Notes (where presentation is required) for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof was duly provided for, whichever occurred later;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed if presentation for payment of the applicable Notes had been made to a paying agent other than the paying agent to which the presentation was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that are imposed solely by reason of the holder or beneficial owner owning or having owned, actually or constructively, 10% or more of the total combined voting power of all classes of our stock entitled to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed but for a failure by the holder or beneficial owner (or any financial institution through which the holder or beneficial owner holds any security through which payment on the security is made) to comply with any certification, information, identification, documentation or other reporting requirements (including entering into and complying with an agreement with the U.S. Internal Revenue Service) imposed pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code as in effect on the date of issuance of the applicable Notes or any successor or amended version of such provisions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any combination of the foregoing items; nor shall additional amounts be paid with respect to any payment of the principal of or premium, if any, or interest on any Notes to any such holder who is a fiduciary or a partnership or a beneficial owner who is other than the sole beneficial owner of such payment to the extent a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner would not have been entitled to such additional amounts had it been the holder of such Notes.

We have agreed in the Indenture that at least one paying agent for the Notes will be located outside the United Kingdom.

Our obligation to pay additional amounts if and when due will survive the termination of the Indenture and the payment of all amounts in respect of the Notes.

**Tax Redemption**

In the event of changes in U.K. or U.S. withholding taxes applicable to payments of interest, we may redeem the Notes of a series in whole (but not in part) at any time prior to maturity, at a price equal to 100% of their principal amount plus accrued interest to the redemption date. See "Description of Debt Securities—Optional Redemption for Tax Reasons" below.

**Optional Make-Whole Redemption**

Prior to March 1, 2029 (the date that is three months prior to the scheduled maturity date for the 2029 Notes) (the "2029 Notes Par Call Date"), we may redeem the 2029 Notes, in whole or in part, at our option at any time and from time to time at a redemption price equal to the greater of (i) 100% of the principal amount of the 2029 Notes to be redeemed on that redemption date; and (ii) as determined by the quotation agent (as defined below), the sum of the present values of the remaining scheduled payments of principal of and interest on the 2029 Notes to be redeemed on that redemption date (not including any portion of such payments of interest accrued as of the redemption date) that would be due if the 2029 Notes matured on the 2029 Notes Par Call Date, discounted to the redemption date on a semi-annual basis (assuming a 360 day year consisting of twelve 30 day months) at the Treasury Rate plus 0.150%, plus accrued and unpaid interest thereon to, but excluding, the redemption date. On or after the 2029 Notes Par Call Date, we may redeem the 2029 Notes, in whole or in part, at our option at any time and from time to time at a redemption price equal to 100% of the principal amount of the 2029 Notes to be redeemed, plus accrued and unpaid interest, if any, thereon to, but excluding, the redemption date.

The 2029 Notes Par Call Date is referred to herein as a "Par Call Date."

Notwithstanding the foregoing, installments of interest on the Notes to be redeemed that are due and payable on an interest payment date falling on or prior to a redemption date will be payable on the interest payment date to the registered holders as of the close of business on the relevant record date according to the Notes and the Indenture, as applicable.

"Comparable Treasury Issue" means the United States Treasury security selected by the quotation agent as having a maturity comparable to the remaining term of the Notes of the applicable series to be redeemed, assuming such Notes matured on the applicable Par Call

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Date, that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes, assuming such Notes matured on the applicable Par Call Date.

"Comparable Treasury Price" means, with respect to any redemption date, (i) the average of four Reference Treasury Dealer Quotations (as defined below) for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the quotation agent for the Notes obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations, or (iii) if only one Reference Treasury Dealer Quotation is received, the quotation.

"Quotation agent" means any Reference Treasury Dealer appointed by us.

"Reference Treasury Dealer" means (i) each of Deutsche Bank Securities Inc., Goldman Sachs & Co. LLC, HSBC Securities (USA) Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated (or their respective affiliates that are Primary Treasury Dealers) and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. government securities dealer in the United States (a "Primary Treasury Dealer"), we will substitute therefor another Primary Treasury Dealer, and (ii) any other Primary Treasury Dealer selected by us.

"Reference Treasury Dealer Quotations" means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by us, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the quotation agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such redemption date.

"Treasury Rate" means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that redemption date.

Notice of any redemption will be mailed at least 15 days but not more than 60 days before the redemption date to each registered holder of the Notes of the applicable series to be redeemed by us or by the trustee on our behalf. Notice of redemption will be published in a daily newspaper of general circulation in the United States, and we will give notice of any such redemption to any exchange on which such Notes are listed. On and after any redemption date, interest will cease to accrue on the Notes or portions thereof called for redemption. On or before the redemption date, we will deposit with a paying agent (or the trustee) money sufficient to pay the redemption price of and accrued interest on the Notes to be redeemed on that date. If less than all of the Notes of the applicable series are to be redeemed, the Notes to be redeemed shall be selected by lot by The Depository Trust Company ("DTC"), in the case of Notes represented by a global security, or by the trustee by such method as the trustee deems to be fair and appropriate, in the case of Notes that are not represented by a global security.

**Events of Default**

The events of default under the Indenture, as applicable, with respect to the Notes are defined under "Description of Debt Securities—Events of Default" below.

**Further Issuances**

We initially offered the 2029 Notes in the aggregate principal amount of $1,000,000, 0000. We may from time to time, without the consent of the holders of a series of Notes, create and issue further debt securities of the same series having the same terms and conditions in all respects as the applicable Notes being offered hereby, except for the issue date, the issue price and the first payment of interest thereon. Any such additional debt securities shall be issued under a separate CUSIP or ISIN number unless the additional debt securities are issued pursuant to a "qualified reopening" of the original series, are otherwise treated as part of the same "issue" of debt instruments as the original series or are issued with no more than a de minimis amount of original discount, in each case for U.S. federal income tax purposes.

**Book-Entry System**

We issued the Notes in the form of one or more fully registered global securities. We deposited these global securities with, or on behalf of, DTC and register these securities in the name of DTC's nominee. Direct and indirect participants in DTC will record beneficial ownership of the Notes by individual investors. The transfer of ownership of beneficial interests in a global security will be effected only through records maintained by DTC or its nominee, or by participants or persons that hold through participants.

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Investors may elect to hold beneficial interests in the global securities through either DTC, Clearstream Banking S.A. ("Clearstream") or Euroclear Bank SA/NV ("Euroclear") if they are participants in these systems, or indirectly through organizations which are participants in these systems. Beneficial interests in the global securities will be held in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

Upon receipt of any payment in respect of a global security, DTC or its nominee will immediately credit participants' accounts with amounts proportionate to their respective beneficial interests in the principal amount of the global security as shown in the records of DTC or its nominee.

Payments by participants to owners of beneficial interests in a global security held through participants will be governed by standing instructions and customary practices and will be the responsibility of those participants.

DTC holds securities of institutions that have accounts with it or its participants. Through its maintenance of an electronic book-entry system, DTC facilitates the clearance and settlement of securities transactions among its participants and eliminates the need to deliver securities certificates physically. DTC's participants include securities brokers and dealers, including the underwriters of this offering, banks, trust companies, clearing corporations and other organizations. DTC is partially owned by some of these participants or their representatives. Access to DTC's book-entry system is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a participant, either directly or indirectly. DTC agrees with and represents to its participants that it will administer its book-entry system in accordance with its rules and bylaws and requirements of law. The rules applicable to DTC and its participants are on file with the U.S. Securities and Exchange Commission's (the "Commission").

Clearstream and Euroclear hold interests on behalf of their participants through customers' securities accounts in Clearstream's and Euroclear's names on the books of their respective depositaries, which in turn will hold interests in customers' securities accounts in the depositaries' names on the books of DTC. At the date of the prospectus supplement, Citibank, N.A. acts as U.S. depositary for Clearstream and JPMorgan Chase Bank, N.A. acts as

U.S. depositary for Euroclear, or, collectively, the "U.S. Depositaries."

Clearstream holds securities for its participating organizations, or "Clearstream Participants," and facilitates the clearance and settlement of securities transactions between Clearstream Participants through electronic book-entry changes in accounts of Clearstream Participants, thereby eliminating the need for physical movement of certificates. Clearstream provides to Clearstream Participants, among other things, services for safekeeping, administration, clearance and settlement of internationally traded securities and securities lending and borrowing. Clearstream interfaces with domestic markets in several countries.

Clearstream is registered as a bank in Luxembourg and as such is subject to regulation by the Commission de Surveillance du Secteur Financier and the Banque Centrale du Luxembourg, which supervise and oversee the activities of Luxembourg banks. Clearstream Participants are worldwide financial institutions, including underwriters, securities brokers and dealers, banks, trust companies and clearing corporations, and may include the underwriters or their affiliates. Indirect access to Clearstream is available to other institutions that clear through or maintain a custodial relationship with a Clearstream Participant. Clearstream has established an electronic bridge with Euroclear as the operator of the Euroclear System, or the "Euroclear Operator," in Brussels to facilitate settlement of trades between Clearstream and the Euroclear Operator.

Distributions with respect to the Notes of a series held beneficially through Clearstream will be credited to cash accounts of Clearstream Participants in accordance with its rules and procedures, to the extent received by the U.S. Depositary for Clearstream.

Euroclear holds securities and book-entry interests in securities for participating organizations, or "Euroclear Participants" and facilitates the clearance and settlement of securities transactions between Euroclear Participants, and between Euroclear Participants and participants of certain other securities intermediaries through electronic book-entry changes in accounts of such participants or other securities intermediaries. Euroclear provides Euroclear Participants with, among other things, safekeeping, administration, clearance and settlement, securities lending and borrowing, and related services.

Euroclear Participants are investment banks, securities brokers and dealers, banks, central banks, supranationals, custodians, investment managers, corporations, trust companies and certain other organizations and may include the underwriters or their affiliates. Non-

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participants in Euroclear may hold and transfer beneficial interests in a global security through accounts with a Euroclear Participant or any other securities intermediary that holds a book-entry interest in a global security through one or more securities intermediaries standing between such other securities intermediary and Euroclear.

Distributions with respect to Notes of a series held beneficially through Euroclear will be credited to the cash accounts of Euroclear Participants in accordance with the Terms and Conditions, to the extent received by the U.S. Depositary for Euroclear.

Transfers between Euroclear Participants and Clearstream Participants will be effected in the ordinary way in accordance with their respective rules and operating procedures.

Cross-market transfers between DTC's participating organizations, or the "DTC Participants," on the one hand, and Euroclear Participants or Clearstream Participants, on the other hand, will be effected through DTC in accordance with DTC's rules on behalf of Euroclear or Clearstream, as the case may be, by its U.S. Depositary; however, such cross-market transactions will require delivery of instructions to Euroclear or Clearstream, as the case may be, by the counterparty in such system in accordance with the rules and procedures and within the established deadlines (European time) of such system. Euroclear or Clearstream, as the case may be, will, if the transaction meets its settlement requirements, deliver instructions to its U.S. Depositary to take action to effect final settlement on its behalf by delivering or receiving interests in the global security in DTC, and making or receiving payment in accordance with normal procedures for same-day fund settlement applicable to DTC. Euroclear Participants and Clearstream Participants may not deliver instructions directly to their respective U.S. Depositaries.

Due to time zone differences, the securities accounts of a Euroclear Participant or Clearstream Participant purchasing an interest in a global security from a DTC Participant in DTC will be credited, and any such crediting will be reported, to the relevant Euroclear Participant or Clearstream Participant during the securities settlement processing day (which must be a business day for Euroclear or Clearstream) immediately following the settlement date of DTC. Cash received in Euroclear or Clearstream as a result of sales of interests in a global security by or through a Euroclear Participant or Clearstream Participant to a DTC Participant will be received with value on the settlement date of DTC but will be available in the relevant Euroclear or Clearstream cash account only as of the business day for Euroclear or Clearstream following DTC's settlement date.

The information in this section concerning DTC, Euroclear and Clearstream and their book-entry systems has been obtained from sources that we believe to be reliable, but we take no responsibility for the accuracy or completeness of that information.

None of us, any of the underwriters and the trustee will have any responsibility for the performance by DTC, Euroclear or Clearstream or their respective participants of their respective obligations under the rules and procedures governing their operations.

Although DTC, Clearstream and Euroclear have agreed to the foregoing procedures in order to facilitate transfers of securities among participants of DTC, Clearstream and Euroclear, they are under no obligations to perform or continue to perform such procedures and they may discontinue the procedures at any time.

**Same-Day Settlement and Payment**

Initial settlement for the Notes was made in immediately available funds. Secondary market trading between DTC participants will occur in the ordinary way in accordance with DTC rules and will be settled in immediately available funds using DTC's Same-Day Funds Settlement System.

**b.<u>Prospectus Supplement (May 10, 2018) –3.875% Notes due 2028</u>**

**<u>Description of the Notes</u>**

**General**

GSK Capital Inc. issued the 3.875% Notes due 2028 pursuant to an indenture, dated as of April 6, 2004, among GSK, as guarantor, GSK Capital Inc., as issuer, and Deutsche Bank Trust Company Americas, as trustee (as successor to Law Debenture Trust Company of New York, pursuant to an Instrument of Resignation, Appointment and Acceptance dated April 12, 2017, among GSK Capital Inc., Law Debenture Trust Company of New York and Deutsche Bank Trust Company Americas), as amended and supplemented by a first supplemental indenture, dated as of March 18, 2013, as further amended and supplemented by a second supplemental indenture dated as of March 21, 2014 and as further

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amended and supplemented by a third supplemental indenture which was entered into on May 15, 2018 (for purposes of this description of notes only, the "GSK Capital Inc. Indenture").

References in this "Description of the Notes" to the "Notes" refer to the 3.875% Notes due 2028.

GSK Capital Inc. issued the Notes in the initial aggregate principal amount of $1,750,000,000. The Notes will mature on May 15, 2028 unless redeemed or purchased prior to such date as described below.

The Notes are fully and unconditionally guaranteed by GSK. If, for any reason, GSK Capital Inc does not make any required payment in respect of the Notes when due, whether on the normal due date, on acceleration, redemption or otherwise, GSK will cause the payment to be made to or to the order of the trustee. You will be entitled to payment under the guarantee of GSK without taking any action whatsoever against us.

GSK Capital Inc. issued the Notes in book-entry form only, in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

"Business day" means any day other than a Saturday, a Sunday or a day on which banking institutions in the City of New York or London,

England are authorized or obligated by law, regulation or executive order to be closed.

We or any of our subsidiaries may at any time and from time to time purchase the Notes in the open market or by tender or by private agreement, if applicable law allows. The Notes purchased by us or any of our subsidiaries may be held, resold or surrendered by the purchaser thereof through us to the trustee or any paying agent for cancellation.

**Interest**

The Notes each bear interest at the applicable interest rate shown in the table above and accrue interest from May 15, 2018, or from the most recent date to which interest has been paid (or provided for), to but not including the next date upon which interest is required to be paid.

Interest is payable on the Notes twice a year, on May 15 and November 15, commencing November 15, 2018, to the person in whose name a Note is registered at the close of business on the April 30 or October 31 that precedes the date on which interest will be paid. Interest on the Notes is paid on the basis of a 360-day year consisting of twelve 30-day months.

If an interest payment date or redemption date, or the maturity date, for the Notes, as the case may be, would fall on a day that is not a business day, then the required payment will be made on the next succeeding business day, but no additional interest shall be paid unless we fail to make payment on such next succeeding business day.

**Covenants**

Subject to certain exceptions, if we are required to withhold or deduct any amount for or on account of any U.K. or U.S. withholding tax from any payment made on the Notes, we will pay additional amounts on those payments so that the amount received by noteholders will equal the amount that would have been received if no such taxes had been applicable. See "—Payment of Additional Amounts."

As contemplated by the last paragraph under "Description of Debt Securities—Defeasance" below, the satisfaction of certain conditions will permit us to omit to comply with some or all of our obligations, covenants and agreements under the GSK Capital Inc. Indenture with respect to the Notes. In addition, we may omit to comply with certain covenants through covenant defeasance. We refer you to the information under "Description of Debt Securities—Defeasance" below for more information on how we may do this.

Except as described herein, the GSK Capital Inc. Indenture does not contain any covenants or other provisions designed to protect holders of the Notes against a reduction in our creditworthiness in the event of a highly leveraged transaction or that would prohibit other transactions that might adversely affect holders of the Notes, including, among other things, through the incurrence of additional indebtedness.

***Payment of Additional Amounts***

The provisions of the GSK Capital Inc. Indenture described under "Description of Debt Securities—Covenants—Payment of Additional Amounts" below do not apply to the Notes. The following payment of additional amounts provisions apply to the Notes.

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Payments made by us under or with respect to the Notes will be free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge of any nature whatsoever imposed or levied by or on behalf of (i) the government of the United Kingdom or of any territory of the United Kingdom or by any authority or agency therein or thereof having the power to tax or (ii) the government of the United States or any state or territory of the United States or by any authority or agency therein or thereof having the power to tax, which we refer to collectively as "Taxes," unless we are required to withhold or deduct Taxes by law.

If we are required to withhold or deduct any amount for or on account of Taxes from any payment made with respect to the Notes, we will pay such additional amounts as may be necessary so that the net amount received by each holder (including additional amounts) after such withholding or deduction will not be less than the amount the holder would have received if the Taxes had not been withheld or deducted; provided that no additional amounts will be payable with respect to Taxes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed but for the existence of any present or former connection between such holder or beneficial owner of the Notes (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such holder or beneficial owner, if such holder or beneficial owner is an estate, trust, partnership or corporation) and the United Kingdom or the United States or any political subdivision or territory or possession thereof or therein or area subject to its jurisdiction, including, without limitation, such holder or beneficial owner (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a citizen or resident thereof or treated as a resident thereof or domiciled thereof or a national thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that are estate, inheritance, gift, sales, transfer, personal property, wealth or similar taxes, duties, assessments or other governmental charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payable other than by withholding from payments of principal of or premium, if any, or interest on the Notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed but for the failure of the applicable recipient of such payment to comply with any certification, identification, information, documentation or other reporting requirement to the extent such compliance is required by applicable law or administrative practice or an applicable treaty as a precondition to exemption from, or reduction in, the rate of deduction or withholding of such Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed but for the presentation of the Notes (where presentation is required) for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof was duly provided for, whichever occurred later;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed if presentation for payment of the Notes had been made to a paying agent other than the paying agent to which the presentation was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that are imposed solely by reason of the holder or beneficial owner owning or having owned, actually or constructively, 10% or more of the total combined voting power of all classes of our stock entitled to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed but for a failure by the holder or beneficial owner (or any financial institution through which the holder or beneficial owner holds any security through which payment on the security is made) to comply with any certification, information, identification, documentation or other reporting requirements (including entering into and complying with an agreement with the U.S. Internal Revenue Service) imposed pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code as in effect on the date of issuance of the Notes or any successor or amended version of such provisions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any combination of the foregoing items; nor shall additional amounts be paid with respect to any payment of the principal of or premium, if any, or interest on any Notes to any such holder who is a fiduciary or a partnership or a beneficial owner who is other than the sole beneficial owner of such payment to the extent a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner would not have been entitled to such additional amounts had it been the holder of such Notes.

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We have agreed in the GSK Capital Inc. Indenture that at least one paying agent for the Notes will be located outside the United Kingdom.

Our obligation to pay additional amounts if and when due will survive the termination of the GSK Capital Inc. Indenture and the payment of all amounts in respect of the Notes.

**Tax Redemption**

In the event of changes in U.K. or U.S. withholding taxes applicable to payments of interest, we may redeem the Notes = in whole (but not in part) at any time prior to maturity, at a price equal to 100% of their principal amount plus accrued interest to the redemption date. See "Description of Debt Securities—Optional Redemption for Tax Reasons" below.

**Optional Make-Whole Redemption**

We may redeem the Notes in whole or in part, at our option at any time and from time to time, prior to maturity, at a redemption price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed on that redemption date; and (ii) as determined by the quotation agent (as defined below), the sum of the present values of the remaining scheduled payments of principal of and interest on the Notes being redeemed on that redemption date (not including any portion of such payments of interest accrued as of the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360 day year consisting of twelve 30 day months) at the Treasury Rate, plus 0.150%, plus, accrued and unpaid interest thereon to, but excluding, the date of redemption. Notwithstanding the foregoing, installments of interest on the Notes to be redeemed that are due and payable on an interest payment date falling on or prior to a redemption date will be payable on the interest payment date to the registered holders as of the close of business on the relevant record date according to the Notes and the GSK Capital Inc. Indenture.

"Comparable Treasury Issue" means the United States Treasury security selected by the quotation agent as having a maturity comparable to the remaining term (as measured from the date of redemption) of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such Notes.

"Comparable Treasury Price" means, with respect to any redemption date, (i) the average of four Reference Treasury Dealer Quotations (as defined below) for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the quotation agent for the Notes obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations, or (iii) if only one Reference Treasury Dealer Quotation is received, the quotation.

"Quotation agent" means any Reference Treasury Dealer appointed by us.

"Reference Treasury Dealer" means (i) each of Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Merrill Lynch, Pierce, Fenner & Smith Incorporated (or their respective affiliates that are Primary Treasury Dealers) and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. government securities dealer in the United States (a "Primary Treasury Dealer"), we will substitute therefor another Primary Treasury Dealer, and (ii) any other Primary Treasury Dealer selected by us.

"Reference Treasury Dealer Quotations" means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by us, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the quotation agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such redemption date.

Treasury Rate" means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that redemption date.

Notice of any redemption will be mailed at least 15 days but not more than 60 days before the redemption date to each registered holder of the Notes to be redeemed by us or by the trustee on our behalf. Notice of redemption will be published in a daily newspaper of general circulation in the United States, and we will give notice of any such redemption to any exchange on which such Notes are listed. On and after any

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redemption date, interest will cease to accrue on the Notes or portions thereof called for redemption. On or before the redemption date, we will deposit with a paying agent (or the trustee) money sufficient to pay the redemption price of and accrued interest on the Notes to be redeemed on that date. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by lot by The Depository Trust Company ("DTC"), in the case of Notes represented by a global security, or by the trustee by such method as the trustee deems to be fair and appropriate, in the case of Notes that are not represented by a global security.

**Events of Default**

The events of default under the GSK Capital Inc. Indenture with respect to the Notes are defined under "Description of Debt Securities—Events of Default" below.

**Further Issuances**

We initially offered the Notes in the aggregate principal amount of $1,750,000,000. We may from time to time, without the consent of the holders of a series of the Notes, create and issue further debt securities of the same series having the same terms and conditions in all respects as the applicable Notes being offered hereby, except for the issue date, the issue price and the first payment of interest thereon. Any such additional debt securities shall be issued under a separate CUSIP or ISIN number unless the additional debt securities are issued pursuant to a "qualified reopening" of the original series, are otherwise treated as part of the same "issue" of debt instruments as the original series or are issued with no more than a de minimis amount of original discount, in each case for U.S. federal income tax purposes.

**Book-Entry System**

We issued the Notes of each series in the form of one or more fully registered global securities. We deposited these global securities with, or on behalf of, DTC and register these securities in the name of DTC's nominee. Direct and indirect participants in DTC will record beneficial ownership of the Notes by individual investors. The transfer of ownership of beneficial interests in a global security will be effected only through records maintained by DTC or its nominee, or by participants or persons that hold through participants.

Investors may elect to hold beneficial interests in the global securities through either DTC, Clearstream Banking S.A. ("Clearstream") or Euroclear Bank SA/NV ("Euroclear") if they are participants in these systems, or indirectly through organizations which are participants in these systems. Beneficial interests in the global securities will be held in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

Upon receipt of any payment in respect of a global security, DTC or its nominee will immediately credit participants' accounts with amounts proportionate to their respective beneficial interests in the principal amount of the global security as shown in the records of DTC or its nominee.

Payments by participants to owners of beneficial interests in a global security held through participants will be governed by standing instructions and customary practices and will be the responsibility of those participants.

DTC holds securities of institutions that have accounts with it or its participants. Through its maintenance of an electronic book-entry system, DTC facilitates the clearance and settlement of securities transactions among its participants and eliminates the need to deliver securities certificates physically. DTC's participants include securities brokers and dealers, including the underwriters of this offering, banks, trust companies, clearing corporations and other organizations. DTC is partially owned by some of these participants or their representatives. Access to DTC's book-entry system is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a participant, either directly or indirectly. DTC agrees with and represents to its participants that it will administer its book-entry system in accordance with its rules and bylaws and requirements of law. The rules applicable to DTC and its participants are on file with the U.S. Securities and Exchange Commission.

Clearstream and Euroclear hold interests on behalf of their participants through customers' securities accounts in Clearstream's and Euroclear's names on the books of their respective depositaries, which in turn will hold interests in customers' securities accounts in the depositaries' names on the books of DTC. At the date of the prospectus supplement, Citibank, N.A. acts as U.S. depositary for Clearstream and JPMorgan Chase Bank, N.A. acts as

U.S. depositary for Euroclear, or, collectively, the "U.S. Depositaries."

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Clearstream holds securities for its participating organizations, or "Clearstream Participants," and facilitates the clearance and settlement of securities transactions between Clearstream Participants through electronic book-entry changes in accounts of Clearstream Participants, thereby eliminating the need for physical movement of certificates. Clearstream provides to Clearstream Participants, among other things, services for safekeeping, administration, clearance and settlement of internationally traded securities and securities lending and borrowing. Clearstream interfaces with domestic markets in several countries.

Clearstream is registered as a bank in Luxembourg and as such is subject to regulation by the Commission de Surveillance du Secteur Financier and the Banque Centrale du Luxembourg, which supervise and oversee the activities of Luxembourg banks. Clearstream Participants are worldwide financial institutions, including underwriters, securities brokers and dealers, banks, trust companies and clearing corporations, and may include the underwriters or their affiliates. Indirect access to Clearstream is available to other institutions that clear through or maintain a custodial relationship with a Clearstream Participant. Clearstream has established an electronic bridge with Euroclear as the operator of the Euroclear System, or the "Euroclear Operator," in Brussels to facilitate settlement of trades between Clearstream and the Euroclear Operator.

Distributions with respect to the Notes of a series held beneficially through Clearstream will be credited to cash accounts of Clearstream Participants in accordance with its rules and procedures, to the extent received by the U.S. Depositary for Clearstream.

Euroclear holds securities and book-entry interests in securities for participating organizations, or "Euroclear Participants" and facilitates the clearance and settlement of securities transactions between Euroclear Participants, and between Euroclear Participants and participants of certain other securities intermediaries through electronic book-entry changes in accounts of such participants or other securities intermediaries. Euroclear provides Euroclear Participants with, among other things, safekeeping, administration, clearance and settlement, securities lending and borrowing, and related services.

Euroclear Participants are investment banks, securities brokers and dealers, banks, central banks, supranationals, custodians, investment managers, corporations, trust companies and certain other organizations and may include the underwriters or their affiliates. Non-participants in Euroclear may hold and transfer beneficial interests in a global security through accounts with a Euroclear Participant or any other securities intermediary that holds a book-entry interest in a global security through one or more securities intermediaries standing between such other securities intermediary and Euroclear.

Distributions with respect to Notes of a series held beneficially through Euroclear will be credited to the cash accounts of Euroclear Participants in accordance with the Terms and Conditions, to the extent received by the U.S. Depositary for Euroclear.

Transfers between Euroclear Participants and Clearstream Participants will be effected in the ordinary way in accordance with their respective rules and operating procedures.

Cross-market transfers between DTC's participating organizations, or the "DTC Participants," on the one hand, and Euroclear Participants or Clearstream Participants, on the other hand, will be effected through DTC in accordance with DTC's rules on behalf of Euroclear or Clearstream, as the case may be, by its U.S. Depositary; however, such cross-market transactions will require delivery of instructions to Euroclear or Clearstream, as the case may be, by the counterparty in such system in accordance with the rules and procedures and within the established deadlines (European time) of such system. Euroclear or Clearstream, as the case may be, will, if the transaction meets its settlement requirements, deliver instructions to its U.S. Depositary to take action to effect final settlement on its behalf by delivering or receiving interests in the global security in DTC, and making or receiving payment in accordance with normal procedures for same-day fund settlement applicable to DTC. Euroclear Participants and Clearstream Participants may not deliver instructions directly to their respective U.S. Depositaries.

Due to time zone differences, the securities accounts of a Euroclear Participant or Clearstream Participant purchasing an interest in a global security from a DTC Participant in DTC will be credited, and any such crediting will be reported, to the relevant Euroclear Participant or Clearstream Participant during the securities settlement processing day (which must be a business day for Euroclear or Clearstream) immediately following the settlement date of DTC. Cash received in Euroclear or Clearstream as a result of sales of interests in a global security by or through a Euroclear Participant or Clearstream Participant to a DTC Participant will be received with value on the settlement date of DTC but will be available in the relevant Euroclear or Clearstream cash account only as of the business day for Euroclear or Clearstream following DTC's settlement date.

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The information in this section concerning DTC, Euroclear and Clearstream and their book-entry systems has been obtained from sources that we believe to be reliable, but we take no responsibility for the accuracy or completeness of that information.

None of us, any of the underwriters and the trustee will have any responsibility for the performance by DTC, Euroclear or Clearstream or their respective participants of their respective obligations under the rules and procedures governing their operations.

Although DTC, Clearstream and Euroclear have agreed to the foregoing procedures in order to facilitate transfers of securities among participants of DTC, Clearstream and Euroclear, they are under no obligation to perform or continue to perform such procedures and they may discontinue the procedures at any time.

**Same-Day Settlement and Payment**

Initial settlement for the Notes was made in immediately available funds. Secondary market trading between DTC participants will occur in the ordinary way in accordance with DTC rules and will be settled in immediately available funds using DTC's Same-Day Funds Settlement System.

**c.<u>Base Prospectus – March 28, 2018</u>**

**<u>Description of Debt Securities</u>**

**General**

As used in this "Description of Debt Securities," "debt securities" means the debentures, notes, bonds, guarantees and other evidences of indebtedness that GSK issues or that a finance subsidiary issues and GSK fully and unconditionally guarantees and, in each case, the trustee authenticates and delivers under the applicable indenture. The debt securities will be our direct unsecured obligations and will rank equally and ratably without preference among themselves and at least equally with all of our other unsecured and unsubordinated indebtedness.

The debt securities will be issued in one or more series under an indenture dated as of March 4, 2008 between GSK and Deutsche Bank Trust Company Americas, as trustee (the "trustee") (as successor to Law Debenture Trust Company of New York, pursuant to an Instrument of Resignation, Appointment and Acceptance dated April 12, 2017 among GSK, the trustee and Law Debenture Trust Company of New York), as supplemented by a first supplemental indenture dated as of March 21, 2014 between GSK and the trustee (for purposes of this "Description of Debt Securities," the "GSK plc Indenture"), an indenture dated as of April 6, 2004 among GSK Capital plc, GSK, as guarantor, and the trustee (as successor to Law Debenture Trust Company of New York, pursuant to an Instrument of Resignation, Appointment and Acceptance dated April 12, 2017 among GSK Capital plc, the guarantor, the trustee and Law Debenture Trust Company of New York), as supplemented by a first supplemental indenture dated as of March 21, 2014 among GSK Capital plc, the guarantor and the trustee (for purposes of this "Description of Debt Securities," the "GSK Capital plc Indenture"), or an indenture dated as of April 6, 2004 among GSK Capital Inc., the guarantor and the trustee (as successor to Law Debenture Trust Company of New York, pursuant to an Instrument of Resignation, Appointment and Acceptance dated April 12, 2017, among GSK Capital Inc., the guarantor, the trustee and Law Debenture Trust Company of New York), as supplemented by a first supplemental indenture dated as of March 18, 2013 among GSK Capital Inc., the guarantor and the trustee and a second supplemental indenture dated as of March 21, 2014 among GSK Capital Inc., the guarantor and the trustee (for purposes of this "Description of Debt Securities," the "GSK Capital Inc. Indenture"). Each of the GSK plc Indenture, the GSK Capital plc Indenture and the GSK Capital Inc. Indenture has been qualified under the Trust Indenture Act of 1939, as amended (the "Trust Indenture Act"). In the following discussion, we sometimes refer to these indentures collectively as the "indentures."

This "Description of Debt Securities" briefly outlines the provisions of the indentures and is qualified in its entirety by reference to the indentures. The terms of the indentures will include both those stated in the indentures and those made part of the indentures by the Trust Indenture Act.

The indentures have been filed as exhibits to the registration statement of which the base prospectus forms a part, and you should read the indentures for provisions that may be important to you.

The indentures do not contain any covenants or other provisions designed to protect holders of the debt securities against a reduction in the creditworthiness of GSK or the finance subsidiaries in the event of a highly leveraged transaction or that would prohibit other transactions that might adversely affect holders of the debt securities.

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**Issuances in Series**

The indentures do not limit the amount of debt securities that may be issued. The debt securities may be issued in one or more series with the same or various maturities, at a price of 100% of their principal amount or at a premium or a discount. Not all debt securities of any one series need be issued at the same time, and, unless otherwise provided, any series may be reopened, without the consents of the holders of debt securities of that series, for issuances of additional debt securities of that series. Except in the limited circumstances described below under "—Covenants—Limitation on Liens," the debt securities will not be secured by any property or assets of GSK, as issuer or guarantor, or the finance subsidiaries.

The terms of any authorized series of debt securities will be described in a prospectus supplement. These terms will include some or all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the title, aggregate principal amount and denominations of the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date or dates on which principal will be payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the percentage of the principal amount at which the debt securities will be issued and whether the debt securities will be "original issue discount" securities for U.S. federal income tax purposes. If original issue discount debt securities are issued (generally, securities that are issued at a substantial discount below their principal amount), the special U.S. federal income tax and other considerations of a purchase of original issue discount debt securities will be described;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rate or rates, which may be fixed or variable, at which the debt securities will bear interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the interest payment dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any optional or mandatory redemption terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether any sinking fund is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the currency in which the debt securities will be denominated or principal, premium or interest will be payable, if other than U.S. dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the debt securities are to be issued as individual certificates to each holder or in the form of global certificates held by a depositary on behalf of beneficial owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information describing any book-entry features;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the names and duties of any co-trustees, depositaries, authenticating agents, paying agents, transfer agents or registrars for any series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the applicability of the defeasance and covenant defeasance provisions described herein, or any modifications of those provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any deletions from, modifications of or additions to the events of default or covenants with respect to the debt securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other terms, conditions, rights or preferences of the debt securities.

Debt securities that have a maturity of less than one year from their date of issue and in respect of which the proceeds are to be received by us in the United Kingdom will have a minimum denomination of £100,000 (or its equivalent in another currency).

The prospectus supplement relating to any series of debt securities may add to or change statements contained in the base prospectus. The prospectus supplement may also include, if applicable, a discussion of certain U.S. federal income tax and U.K. income tax considerations.

**GSK Guarantees**

Debt securities issued by the GSK Capital Inc. or GSK Capital plc (the "finance subsidiaries") will be fully and unconditionally guaranteed by GSK. If for any reason the applicable finance subsidiary does not make any required payment in respect of its debt securities when due, whether on the normal due date, on acceleration, redemption or otherwise, GSK will cause the payment to be made to or to the order of the

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trustee. The holder of a guaranteed debt security will be entitled to payment under the applicable guarantee of GSK without taking any action whatsoever against the finance subsidiary.

**Payment and Transfer**

The debt securities will be issued only as registered securities, which means that the name of the holder will be entered in a register that will be kept by the trustee or another agent appointed by us. Unless stated otherwise in a prospectus supplement, and except as described under "—Book-Entry System" below, payments of principal, interest and additional amounts, if any, will be made at the office of the paying agent or agents named in the prospectus supplement or by check mailed to you at your address as it appears in the register.

Unless other procedures are described in a prospectus supplement and except as described under "—Book Entry System" below, you will be able to transfer registered debt securities at the office of the transfer agent or agents named in the prospectus supplement. You may also exchange registered debt securities at the office of the transfer agent for an equal aggregate principal amount of registered debt securities of the same series having the same maturity date, interest rate and other terms as long as the debt securities are issued in authorized denominations.

Neither we nor the trustee will impose any service charge for any transfer or exchange of a debt security; however, we may ask you to pay any taxes or other governmental charges in connection with a transfer or exchange of debt securities.

**Book-Entry System**

Debt securities may be issued under a book-entry system in the form of one or more global securities. The global securities will be registered in the name of a depositary or its nominee and deposited with that depositary or its custodian. Unless stated otherwise in the prospectus supplement, The Depository Trust Company, New York, New York, or DTC, will be the depositary if a depositary is used.

DTC has advised us as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DTC is a limited-purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code and a "clearing agency" registered pursuant to the provisions of Section 17A of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DTC was created to hold securities of its participants and to facilitate the clearance and settlement of securities transactions, such as through transfers and pledges, among its participants in such securities through electronic book-entry changes to accounts of its participants, thereby eliminating the need for physical movement of securities certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DTC's participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of whom (and/or their representatives) own DTC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• access to DTC's book-entry system is also available to others, such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a participant, either directly or indirectly; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the DTC rules applicable to its participants are on file with U.S. Securities and Exchange Commission.

According to DTC, the foregoing information with respect to DTC has been provided to the financial community for informational purposes only and is not intended to serve as a representation, warranty or contract modification of any kind.

Following the issuance of a global security in registered form, the depositary will credit the accounts of its participants with the debt securities upon our instructions. Only persons who hold directly or indirectly through financial institutions that are participants in the depositary can hold beneficial interests in the global securities. Since the laws of some jurisdictions require certain types of purchasers to take physical delivery of such securities in definitive form, you may encounter difficulties in your ability to own, transfer or pledge beneficial interests in a global security.

So long as the depositary or its nominee is the registered owner of a global security, we and the trustee will treat the depositary as the sole owner or holder of the debt securities for purposes of the applicable indenture. Therefore, except as set forth below, you will not be entitled to have debt securities registered in your name or to receive physical delivery of certificates representing the debt securities. Accordingly, you will have to rely on the procedures of the depositary and the participant in the depositary through whom you hold your beneficial interest in order

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to exercise any rights of a holder under the indenture. We understand that under existing practices, the depositary would act upon the instructions of a participant or authorize that participant to take any action that a holder is entitled to take.

We will make all payments of principal, interest and additional amounts, if any, on the debt securities to the depositary. It is expected that the depositary will then credit participants' accounts proportionately with these payments on the payment date and that the participants will in turn credit their customers' accounts in accordance with their customary practices. Neither we nor the trustee will be responsible for making any payments to participants or customers of participants or for maintaining any records relating to the holdings of or payments to participants and their customers, and you will have to rely on the procedures of the depositary and its participants.

Global securities are generally not transferable. Physical certificates will be issued to beneficial owners in lieu of a global security only in the special situations described in the sixth paragraph under the heading "Legal Ownership of Debt Securities—Global Securities" below.

**Consolidation, Merger or Sale**

We and the finance subsidiaries have agreed in the indentures not to consolidate with or merge with or into any other person or convey or transfer all or substantially all of our respective properties and assets to any person (except that the finance subsidiaries may merge into us), unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we or the applicable finance subsidiary, as the case may be, are the continuing person, or the successor expressly assumes by supplemental indenture our obligations under the applicable indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the continuing person is a U.S. or U.K. company or is organized and validly existing under the laws of a jurisdiction that is a member country of the Organisation for Economic Cooperation and Development (or any successor) and, if it is not a U.S. or U.K. company, the continuing person agrees by supplemental indenture to be bound by a covenant comparable to that described below under "—Covenants— Payment of Additional Amounts" with respect to taxes imposed in the continuing person's jurisdiction of organization (in which case the continuing person will benefit from a redemption option comparable to that described below under "—Optional Redemption for Tax Reasons" in the event of changes in taxes in that jurisdiction after the date of the consolidation, merger or sale);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• immediately after the transaction, no default under the debt securities has occurred and is continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we deliver to the trustee an officer's certificate and, if neither we nor the applicable subsidiary are the continuing person, an opinion of counsel, in each case stating, among other things, that the transaction and the supplemental indenture, if required, comply with these provisions and the indenture.

**Covenants**

***Payment of Additional Amounts***

Payments made by us under or with respect to the debt securities will be free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge of any nature whatsoever imposed or levied by or on behalf of the government of the United Kingdom or of any territory of the United Kingdom or by any authority or agency therein or thereof having the power to tax or solely with respect to debt securities issued under the GSK Capital Inc. Indenture, the government of the United States or any state or territory of the United States or by any authority or agency therein or thereof having the power to tax, which we refer to collectively as "Taxes," unless we are required to withhold or deduct Taxes by law.

If we are required to withhold or deduct any amount for or on account of Taxes from any payment made with respect to the debt securities, we will pay such additional amounts as may be necessary so that the net amount received by each holder (including additional amounts) after such withholding or deduction will not be less than the amount the holder would have received if the Taxes had not been withheld or deducted; provided that no additional amounts will be payable with respect to Taxes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed but for the existence of any present or former connection between such holder or beneficial owner of the debt securities (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such holder or beneficial owner, if such holder or beneficial owner is an estate, trust, partnership or corporation) and the United Kingdom or , solely with respect to debt securities issued under the GSK Capital Inc. Indenture, the United States or, as

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applicable, any political subdivision or territory or possession thereof or therein or area subject to its jurisdiction, including, without limitation, such holder or beneficial owner (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a citizen or resident thereof or treated as a resident thereof or domiciled thereof or a national thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that are estate, inheritance, gift, sales, transfer, personal property, wealth or similar taxes, duties, assessments or other governmental charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payable other than by withholding from payments of principal of or interest on the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed but for the failure of the applicable recipient of such payment to comply with any certification, identification, information, documentation or other reporting requirement to the extent such compliance is required by applicable law or administrative practice or an applicable treaty as a precondition to exemption from, or reduction in, the rate of deduction or withholding of such Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed but for the presentation of a debt security (where presentation is required) for payment on a date more than30 days after the date on which such payment became due and payable or the date on which payment thereof was duly provided for, whichever occurred later;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that are imposed on a payment to an individual and are required to be made pursuant to European Council Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meeting of November 26-27, 2000 on the taxation of savings income, or any law implementing or complying with, or introduced in order to conform to, such Directive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed if presentation for payment of the relevant debt securities had been made to a paying agent other than the paying agent to which the presentation was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed but for a failure by the holder or beneficial owner (or any financial institution through which the holder or beneficial owner holds any debt security through which payment on the debt security is made) to comply with any certification, information, identification, documentation or other reporting requirements (including entering into and complying with an agreement with the U.S. Internal Revenue Service or any other governmental authority) imposed pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code as in effect on the date of issuance of the Notes or any successor or amended version of such provisions, or any agreement entered into pursuant to Section 1471(b) of the U.S. Internal Revenue Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the U.S. Internal Revenue Code (or any law implementing such intergovernmental agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• solely with respect to debt securities issued under the GSK Capital Inc. Indenture, that are imposed solely by reason of the holder or beneficial owner owning or having owned, actually or constructively, 10% or more of the total combined voting power of all classes of the Company's stock entitled to vote; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any combination of the foregoing items; nor shall additional amounts be paid with respect to any payment of the principal of or interest on any debt security to any such holder who is a fiduciary or a partnership or a beneficial owner who is other than the sole beneficial owner of such payment to the extent a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner would not have been entitled to such additional amounts had it been the holder of the debt security.

We have agreed in each indenture that at least one paying agent for each series of debt securities will be located outside the United Kingdom. We have also agreed that if we maintain a paying agent with respect to a particular series of debt securities in any member state of the European Union, we will maintain a paying agent in at least one member state (other than the United Kingdom) that will not be obliged to withhold or deduct taxes pursuant to any law implementing European Council Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meeting of November 26-27, 2000 on the taxation of savings income, provided there is at least one member state that does not require a paying agent to withhold or deduct pursuant to such Directive.

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Our obligation to pay additional amounts if and when due will survive the termination of the indentures and the payment of all amounts in respect of the debt securities.

***Limitation on Liens***

We have agreed in the indentures not to incur or assume (or permit any of our subsidiaries to incur or assume) any lien on or with respect to any of our or our subsidiaries' property, assets or revenues, present or future, to secure any relevant indebtedness (as this term is defined below) without making (or causing our subsidiaries to make) effective provision for securing the debt securities equally and ratably with such relevant indebtedness as to such property, assets or revenues, for as long as such relevant indebtedness is so secured.

The restrictions on liens will not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens arising by operation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens on property, assets or revenues of any person, which liens are existing at the time such person becomes a subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens on property, assets or revenues of a person existing at the time such person is merged with or into or consolidated with us or any of our subsidiaries or at the time of a sale, lease or other disposition to us of the properties of a person as an entirety or substantially as an entirety.

For purposes of the limitation on liens covenant, the term "relevant indebtedness" means any of our debt that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is in the form of or represented by bonds, notes, loan stock, depositary receipts or other securities issued (otherwise than to constitute or by banks or other lending institutions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is denominated in, or confers any right of payment by reference to, any currency other than the currency of the country in which the issuer of the indebtedness has its principal place of business, or is denominated in or by reference to the currency of such country but more than 20% of which is placed or offered for subscription or sale by or on behalf of, or by agreement with, the issuer outside such country; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at its date of issue is, or is intended by the issuer to become, quoted, listed, traded or dealt in on any stock exchange, over-the-counter market or other securities market.

***Additional Covenants***

We may be subject to additional covenants, including restrictive covenants in respect of a particular series of debt securities. Such additional covenants will be set forth in the applicable prospectus supplement and, to the extent necessary, in the supplemental indenture or board resolution relating to that series of debt securities.

**Optional Redemption for Tax Reasons**

We may redeem any series of debt securities in whole but not in part at any time, on giving not less than 30 nor more than 60 days' notice of such redemption, at a redemption price equal to the principal amount plus accrued interest, if any, to the date fixed for redemption (except in the case of discounted debt securities, which may be redeemed at the redemption price specified by the terms of each series of such debt securities), if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we determine that, as a result of any change in or amendment to the laws or any regulations or rulings promulgated thereunder of the United Kingdom (or of any political subdivision or taxing authority thereof) or, solely with respect to debt securities issued under the GSK Capital Inc. Indenture, the United States (or of any political subdivision or taxing authority thereof), or any change in the application or official interpretation of such laws, regulations or rulings, or any change in the application or official interpretation of, or any execution of or amendment to, any treaty or treaties affecting taxation to which any such jurisdiction is a party, which change, execution or amendment becomes effective on or after the issue date or such other date specified in the debt securities of that series:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we would be required to pay additional amounts (as described under "—Covenants––Payment of Additional Amounts" above) with respect to that series of debt securities on the next succeeding interest payment date and the payment of such additional amounts cannot be avoided by the use of reasonable measures available to us; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• withholding tax has been or would be required to be withheld with respect to interest income received or receivable by the applicable finance subsidiary directly from the guarantor (or any affiliate) and such withholding tax obligation cannot be avoided by the use of reasonable measures available to the applicable finance subsidiary or the guarantor (or any affiliate); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we determine, based upon an opinion of independent counsel of recognized standing that, as a result of any action taken by any legislative body of, taxing authority of, or any action brought in a court of competent jurisdiction in, the United Kingdom (or any political subdivision or taxing authority thereof) or, solely with respect to debt securities issued under the GSK Capital Inc. Indenture, the United States (or any political subdivision or taxing authority thereof) (whether or not such action was taken or brought with respect to GSK, as issuer or guarantor, or the applicable finance subsidiary, as the case may be), which action is taken or brought on or after the issue date or such other date specified in the debt securities of that series, there is a substantial probability that the circumstances described above would exist; provided, however, that such notice of redemption may be given earlier than 90 days prior to the earliest date on which we would be obligated to pay such additional amounts.

We will also pay to each holder, or make available for payment to each such holder, on the redemption date any additional amounts resulting from the payment of such redemption price. Prior to the publication of any notice of redemption, we will deliver to the trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an officer's certificate stating that we are entitled to effect a redemption and setting forth a statement of facts showing that the conditions precedent of the right so to redeem have occurred; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an opinion of counsel to the effect that the conditions specified above have been satisfied. Any notice of redemption will be irrevocable once we deliver the officer's certificate to the trustee.

**Events of Default**

Unless otherwise specified in a prospectus supplement, an event of default with respect to a series of debt securities occurs upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default in payment of the principal (or premium, if any) of any debt security of that series when due (including as a sinking fund installment), and, in the case of technical or administrative difficulties, the continuance of that default for more than two business days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default in payment of interest on, or any additional amounts payable in respect of, any debt security of that series when due and payable, and the continuance of that default for 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default in performing any other covenant in the indenture applicable to that series for 90 days after the receipt of written notice specifying such default from the trustee or from the holders of 25% in principal amount of the debt securities of that series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default under any bond, debenture, note or other evidence of indebtedness for money borrowed of GSK or either finance subsidiary, as the case may be (not including any indebtedness for which recourse is limited to property purchased), having in any particular case an outstanding principal amount in excess of £100,000,000 (or its equivalent in any other currency) where any such failure results in such indebtedness being accelerated and becoming due and payable prior to its stated maturity and such acceleration shall not have been rescinded or annulled or such indebtedness shall not have been discharged; provided that there shall not be deemed to be an Event of Default if such acceleration is rescinded or annulled or such payment is made within 10 days after there has been given to GSK and either finance subsidiary by the trustee or to either finance subsidiary, GSK and the trustee by the holders of 25% or more in aggregate principal amount of the debt securities of such series a written notice specifying such default and requiring it to be remedied and stating that such notice is a "Notice of Default" hereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain events of bankruptcy, insolvency or reorganization of GSK or either finance subsidiary, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other event of default provided with respect to that particular series of debt securities.

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Any additional or different events of default applicable to a particular series of debt securities will be described in the prospectus supplement relating to such series.

An event of default with respect to a particular series of debt securities will not necessarily constitute an event of default with respect to any other series of debt securities.

The trustee may withhold notice to the holders of debt securities of any default (except in the payment of principal, premium or interest) if it, in good faith considers such withholding of notice to be in the best interests of the holders. A default is any event which is an event of default described above or would be an event of default but for the giving of notice or the passage of time.

If an event of default occurs and continues, the trustee or the holders of the aggregate principal amount of the debt securities specified below may require us to repay immediately, or accelerate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the entire principal of the debt securities of such series; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the debt securities are original issue discount securities, such portion of the principal as may be described in the applicable prospectus supplement.

If the event of default occurs because of a default in a payment of principal or interest on the debt securities of any series, then the trustee or the holders of at least 25% of the aggregate principal amount of debt securities of that series can accelerate that series of debt securities. If the event of default occurs because of a failure to perform any other covenant in the applicable indenture or any covenant for the benefit of one or more, but not all, of the series of debt securities, then the trustee or the holders of at least 25% of the aggregate principal amount of debt securities of all series affected, voting as one class, can accelerate all of the affected series of debt securities. If the event of default occurs because of bankruptcy proceedings, then all of the debt securities under the indenture will be accelerated automatically. Therefore, except in the case of a default on a payment of principal or interest on the debt securities of your series or a default due to our bankruptcy or insolvency, it is possible that you may not be able to accelerate the debt securities of your series because of the failure of holders of other series to take action.

The holders of a majority of the aggregate principal amount of the debt securities of all affected series, voting as one class, can rescind this accelerated payment requirement or waive any past default or event of default or allow noncompliance with any provision of the applicable indenture. However, they cannot waive a default in payment of principal of, premium, if any, or interest on any of the debt securities when due otherwise than as a result of acceleration.

After an event of default, the trustee must exercise the same degree of care a prudent person would exercise under the circumstances in the conduct of her or his own affairs. Subject to these requirements, the trustee is not obligated to exercise any of its rights or powers under the applicable indenture at the request, order or direction of any holders, unless the holders offer the trustee indemnity satisfactory to it. If they provide this indemnity, the holders of a majority in principal amount of all affected series of debt securities, voting as one class, may direct the time, method and place of conducting any proceeding for any remedy available to the trustee, or exercising any power conferred upon the trustee, for any series of debt securities. However, the trustee may refuse to follow any direction that conflicts with law or the indenture or is unduly prejudicial to the rights of other holders.

No holder will be entitled to pursue any remedy with respect to the indenture unless the trustee fails to act for 60 days after it is given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notice of default by that holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a written request to enforce the indenture by the holders of not less than 25% in principal amount of all outstanding debt securities of any affected series; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an indemnity to the trustee, reasonably satisfactory to the trustee;

and during this 60-day period the holders of a majority in principal amount of all outstanding debt securities of such affected series do not give a direction to the trustee that is inconsistent with the enforcement request. These provisions will not prevent any holder of debt securities from enforcing payment of the principal of (and premium, if any) and interest on the debt securities at the relevant due dates.

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If an event of default with respect to a series of debt securities occurs and is continuing, the trustee will mail to the holders of those debt securities a notice of the event of default within 90 days after it occurs. However, except in the case of a default in any payment in respect of a series of debt securities, the trustee shall be protected in withholding notice of an event of default if it determines in good faith that this is in the interests of the holders of the relevant debt securities.

**Modification of the Indentures**

In general, rights and obligations of us and the holders under the indentures may be modified if the holders of a majority in aggregate principal amount of the outstanding debt securities of each series affected by the modification consent to such modification. However, each of the indentures provides that, unless each affected holder agrees, an amendment cannot:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make any adverse change to any payment term of a debt security such as extending the maturity date, extending the date on which we have to pay interest or make a sinking fund payment, reducing the interest rate, reducing the amount of principal we have to repay, changing the currency in which we have to make any payment of principal, premium or interest, modifying any redemption or repurchase right, or right to convert or exchange any debt security, to the detriment of the holder and impairing any right of a holder to bring suit for payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• waive any payment default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce the percentage of the aggregate principal amount of debt securities needed to make any amendment to the applicable indenture or to waive any covenant or default; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make any other change to the amendment provisions of the applicable indenture.

However, if we and the trustee agree, the applicable indenture may be amended without notifying any holders or seeking their consent if the amendment does not materially and adversely affect any holder. We and the trustee are permitted to make modifications and amendments to the applicable indenture without the consent of any holder of debt securities for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to cure any ambiguity, defect or inconsistency in the indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to comply with sections of the indenture governing when we may merge and substitute obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to comply with any requirements of the U.S. Securities and Exchange Commission in connection with the qualification of the indenture under the Trust Indenture Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to evidence and provide for the acceptance by a successor trustee of appointment under the indenture with respect to the debt securities of any or all series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to establish the form or forms or terms of the debt securities of any series or of the coupons appertaining to such debt securities as permitted under the indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to provide for uncertificated debt securities and to make all appropriate changes for such purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to provide for a further guarantee from a third party on outstanding debt securities of any series and the debt securities of any series that may be issued under the indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to change or eliminate any provision of the indenture; provided that any such change or elimination will become effective only when there are no outstanding debt securities of any series created prior to the execution of such supplemental indenture that is entitled to the benefit of such provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to supplement any of the provisions of the indenture to such extent as will be necessary to permit or facilitate the defeasance and discharge of any series of debt securities pursuant to the indenture; provided that any such action will not adversely affect the interests of the holders of such or any other series of debt securities in any material respect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to make any change that does not materially and adversely affect the rights of any holder of the debt securities.

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**Defeasance**

The term defeasance means discharge from some or all of the obligations under the indentures. If we deposit with the trustee sufficient cash or government securities to pay the principal, interest, any premium and any other sums due to the stated maturity date or a redemption date of the debt securities of a particular series, then at our option:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will be discharged from our respective obligations with respect to the debt securities of such series; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will no longer be under any obligation to comply with the restrictive covenants, if any, contained in the applicable indenture and any supplemental indenture or board resolution with respect to the debt securities of such series, and the events of default relating to failures to comply with covenants will no longer apply to us.

If this happens, the holders of the debt securities of the affected series will not be entitled to the benefits of the applicable indenture except for registration of transfer and exchange of debt securities and replacement of lost, stolen or mutilated debt securities. Instead, the holders will only be able to rely on the deposited funds or obligations for payment.

We must deliver to the trustee an opinion of counsel to the effect that the deposit and related defeasance would not cause the holders of the debt securities to recognize income, gain or loss for U.S. federal income tax purposes. We may, in lieu of an opinion of counsel, deliver a ruling to such effect received from or published by the U.S. Internal Revenue Service.

**Substitution of Issuer**

We may at our option at any time, without the consent of any holders of debt securities, cause GSK or any other subsidiary of GSK to assume the obligations of the applicable finance subsidiary under any series of debt securities, provided that the new obligor executes a supplemental indenture in which it agrees to be bound by the terms of those debt securities and the relevant indenture. If the new obligor is not a U.S. or U.K. company, it must be organized and validly existing under the laws of a jurisdiction that is a member country of the Organisation for Economic Cooperation and Development (or any successor) and it must also agree in the supplemental indenture to be bound by a covenant comparable to that described above under "— Covenants—

Payment of Additional Amounts" with respect to taxes imposed in its jurisdiction of organization (in which case the new obligor will benefit from a redemption option comparable to that described above under "—Optional Redemption for Tax Reasons" in the event of changes in taxes in that jurisdiction after the date of the substitution). In the case of such a substitution, the applicable finance subsidiary will be relieved of any further obligation under the assumed series of debt securities.

For U.S. federal income tax purposes, a substitution of obligors as described above generally would be treated as a deemed taxable exchange of debt securities for new debt securities issued by the new obligor. As discussed further in the applicable prospectus supplement, a United States person who holds debt securities or owns a beneficial interest therein generally will recognize capital gain or loss in an amount equal to the difference between the issue price of the new debt securities and such person's adjusted tax basis in the debt securities. Such persons should consult their own tax advisors regarding the tax consequences of a deemed taxable exchange in the event of a substitution of obligors.

**Information Concerning the Trustee**

Deutsche Bank Trust Company Americas, 60 Wall Street, 16th Floor, New York, NY 10005, will be the trustee. The trustee will be required to perform only those duties that are specifically set forth in the indentures, except when a default has occurred and is continuing with respect to the debt **s**ecurities. After a default, the trustee must exercise the same degree of care that a prudent person would exercise under the circumstances in the conduct of her or his own affairs. Subject to these requirements, the trustee will be under no obligation to exercise any of the powers vested in it by the indentures at the request of any holder of debt securities unless the holder offers the trustee indemnity satisfactory to it against the costs, expenses and liabilities that might be incurred by exercising those powers.

**Governing Law**

The debt securities, the related guarantees and the indentures will be governed by and construed in accordance with the laws of the State of New York.

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**<u>Legal Ownership of Debt Securities</u>**

**"Street Name" and Other Indirect Holders**

We generally will not recognize investors who hold debt securities in accounts at banks or brokers as legal holders of those debt securities.

Holding securities in accounts at banks or brokers is called holding in "street name." If an investor holds debt securities in street name, we recognize only the bank or broker or the financial institution the bank or broker uses to hold the debt securities. These intermediary banks, brokers and other financial institutions pass along principal, interest and other payments on the debt securities, either because they agree to do so in their customer agreements or because they are legally required to do so. If you hold debt securities in street name, you should check with your own institution to find out:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how it handles payments and notices with respect to securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether it imposes fees or charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how it would handle voting if ever required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how and when you should notify it to exercise on your behalf any rights or options that may exist under the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether and how you can instruct it to send you securities registered in your own name so you can be a direct holder as described below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how it would pursue rights under the debt securities if there were a default or other event triggering the need for holders to act to protect their interests.

**Registered Holders**

Our obligations, as well as the obligations of the trustee and those of any third parties employed by us or the trustee, extend only to persons who are registered as holders of debt securities. As noted above, we do not have obligations directly to you if you hold in street name or through other indirect means, either because you choose to hold debt securities in that manner or because the debt securities are issued in the form of global securities as described below. For example, once we make payment to the registered holder, we have no further responsibility for the payment even if that holder is legally required to pass the payment along to you but does not do so.

**Global Securities**

A global security is a special type of indirectly held security. If we choose to issue debt securities in the form of global securities, the ultimate beneficial owners of the debt securities will be indirect holders. We do this by requiring that the global security be registered in the name of a financial institution we select and by requiring that the debt securities represented by the global security not be registered in the name of any other holder except in the special situations described below. The financial institution that acts as the sole registered holder of the global security is called the depositary. Any person wishing to own a debt security may do so indirectly through an account with a broker, bank or other financial institution that in turn has an account with the depositary. The prospectus supplement will indicate whether your series of debt securities will be issued only as global securities.

Transfers of debt securities represented by the global security will be made only on the records of the depositary or its nominee by transferring such debt securities from the account of one broker, bank or financial institution to the account of another broker, bank or financial institution. These transfers are made electronically only and are also known as book-entry transfers. Securities in global form are sometimes also referred to as being in book-entry form.

As an indirect holder, your rights relating to a global security will be governed by the account rules of your broker, bank or financial institution and of the depositary, as well as general laws relating to securities transfers. We will not recognize you as a holder of debt securities and instead will deal only with the depositary that holds the global security.

You should be aware that if debt securities are issued only in the form of a global security:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• except in very limited circumstances described below, you will not have any right to have debt securities registered in your own name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you cannot receive physical certificates for your interest in the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you will be a street name holder and must look to your own broker, bank or financial institution for payments on the debt securities and protection of your legal rights relating to the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you may not be able to sell interests in the debt securities to some insurance companies and other institutions that are required by law to own securities in the form of physical certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the depositary's policies will govern payments, transfers, exchanges and other matters relating to your indirect interest in the global security. We and the trustee will have no responsibility for any aspect of the depositary's actions or for its records of ownership interests in the global security. We and the trustee also will not supervise the depositary in any way; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the depositary will require that indirect interests in the global security be purchased or sold within its system using same-day funds for settlement.

In a few special circumstances described below, the global security will terminate and the indirect interests in it will be exchanged for registered debt securities represented by physical certificates. After that exchange, the choice of whether to hold debt securities in registered form or in street name will be up to you. You must consult your broker, bank or financial institution to find out how to have your interests in debt securities transferred to your name, so that you will be a registered holder of the debt securities.

Unless we specify otherwise in the prospectus supplement, the special circumstances for termination of a global security are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when the depositary notifies us that it is unwilling or unable to continue as depositary and we do not or cannot appoint a successor depositary within 90 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the depositary ceases to be a clearing agency registered under the Exchange Act and we do not appoint a successor depositary within 90 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an event of default has occurred and is continuing and beneficial owners representing a majority in principal amount of the applicable series of debt securities have advised the depositary to cease acting as the depositary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we decide we do not want to have the debt securities of that series represented by a global security.

The prospectus supplement may also list additional circumstances for terminating a global security that would apply only to the particular series of debt securities covered by the prospectus supplement. When a global security terminates, the depositary (and not us or the trustee) is responsible for deciding the names of the institutions that will be the initial registered holders.

**The Term "Holder"**

In the descriptions of the debt securities included herein, when we refer to the "holder" of a given debt security as being entitled to certain rights or payments, or being permitted to take certain actions, we are in all cases referring to the registered holder of the debt security.

While you would be the registered holder if you held a certificated security registered in your name, it is likely that the holder will actually be either the broker, bank or other financial institutions where you have your street name account, or, in the case of a global security, the depositary. If you are an indirect holder, you will need to coordinate with the institution through which you hold your interest in a debt security in order to determine how the provisions involving holders described in the descriptions of the debt securities included herein will actually apply to you. For example, if the debt security in which you hold a beneficial interest in street name can be repaid at the option of the holder, you cannot exercise the option yourself by following the procedures described in the prospectus supplement. Instead, you would need to cause the institution through which you hold your interest to take those actions on your behalf. Your institution may have procedures and deadlines different from or additional to those described in the prospectus supplement relating to the debt security.

**3. Notes offered pursuant to the Base Prospectus dated March 4, 2011**

**a.<u>Prospectus Supplement (March 13, 2013) –4.200% Notes due 2043</u>**

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**<u>Description of the Notes</u>**

**General**

We issued the 4.200% Notes due 2043 pursuant to an indenture, dated April 6, 2004, among GSK, as guarantor, GSK Capital Inc., as issuer, and Law Debenture Trust Company of New York, as the trustee for the notes (as successor to Citibank, N.A., pursuant to an Instrument of Resignation, Appointment and Acceptance dated December 27, 2007 among GSK Capital Inc., GSK, Law Debenture Trust Company of New York and Citibank, N.A.), as supplemented by a first supplemental indenture thereto dated March 18, 2013 (for purposes of this description of the notes only, the "indenture").

References in this "Description of the Notes" to the "notes" refer to the 4.200% Notes due 2043. The notes are each a series of our debt securities. GSK Capital Inc. issued the notes in the aggregate principal amount of $500,000,000. The notes will mature on March 18, 2043 unless redeemed or repurchased prior to such date as permitted below. GSK Capital Inc. issued the notes only in book-entry form, in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

The notes each bear interest at the applicable interest rate shown in the table above and accrue interest from March 18, 2013, or from the most recent date to which interest has been paid (or provided for), to but not including the next date upon which interest is required to be paid.

Interest is payable on the notes twice a year, on March 18 and September 18, commencing September 18, 2013, to the person in whose name a note is registered at the close of business on the March 3 or September 3 that precedes the date on which interest will be paid. Interest on the notes is paid on the basis of a 360-day year consisting of twelve 30-day months. "Business day" means any day other than a Saturday, a Sunday or a day on which banking institutions in the City of New York or London, England are authorized or obligated by law, regulation or executive order to be closed.

If an interest payment date or redemption date, or the maturity date, for the notes, as the case may be, would fall on a day that is not a business day, then the interest payment date or redemption date, or the maturity date, as the case may be, will be postponed to the next succeeding business day, but no additional interest shall be paid unless we fail to make payment on such next succeeding business day.

The notes are fully and unconditionally guaranteed by GSK. If, for any reason, GSK Capital Inc. does not make any required payment in respect of the notes when due, whether on the normal due date, on acceleration, redemption or otherwise, GSK will cause the payment to be made to or to the order of the trustee. You will be entitled to payment under the guarantee of GSK without taking any action whatsoever against us.

**Covenants**

Subject to certain exceptions, if we are required to withhold or deduct any amount for or on account of any U.K. or U.S. withholding tax from any payment made on the notes, we will pay additional amounts on those payments so that the amount received by noteholders will equal the amount that would have been received if no such taxes had been applicable. See "—Payment of Additional Amounts."

As contemplated by the last paragraph under "Description of Debt Securities—Defeasance" below, the satisfaction of certain conditions will permit us to omit to comply with some or all of our obligations, covenants and agreements under the indenture with respect to the notes. In addition, we may omit to comply with certain covenants through covenant defeasance. We refer you to the information under "Description of Debt Securities— Defeasance" below for more information on how we may do this.

Except as described herein, the indenture for the notes does not contain any covenants or other provisions designed to protect holders of the notes against a reduction in our creditworthiness in the event of a highly leveraged transaction or that would prohibit other transactions that might adversely affect holders of the notes, including, among other things, through the incurrence of additional indebtedness.

***Payment of Additional Amounts***

The provisions of the indenture described under "Description of Debt Securities—Covenants—Payment of Additional Amounts" below do not apply to the notes. The following payment of additional amounts provisions apply to the notes.

Payments made by us under or with respect to the notes will be free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge of any nature whatsoever imposed or levied by or on behalf of (i) the government of the United Kingdom or of any territory of the United Kingdom or by any authority or agency therein or

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thereof having the power to tax or (ii) the government of the United States or any state or territory of the United States or by any authority or agency therein or thereof having the power to tax, which we refer to collectively as "Taxes," unless we are required to withhold or deduct Taxes by law.

If we are required to withhold or deduct any amount for or on account of Taxes from any payment made with respect to the notes, we will pay such additional amounts as may be necessary so that the net amount received by each holder (including additional amounts) after such withholding or deduction will not be less than the amount the holder would have received if the Taxes had not been withheld or deducted; provided that no additional amounts will be payable with respect to Taxes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed but for the existence of any present or former connection between such holder or beneficial owner of the notes (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such holder or beneficial owner, if such holder or beneficial owner is an estate, trust, partnership or corporation) and the United Kingdom or the United States or any political subdivision or territory or possession thereof or therein or area subject to its jurisdiction, including, without limitation, such holder or beneficial owner (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a citizen or resident thereof or treated as a resident thereof or domiciled thereof or a national thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that are estate, inheritance, gift, sales, transfer, personal property, wealth or similar taxes, duties, assessments or other governmental charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payable other than by withholding from payments of principal of or premium, if any, or interest on the notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed but for the failure of the applicable recipient of such payment to comply with any certification, identification, information, documentation or other reporting requirement to the extent such compliance is required by applicable law or administrative practice or an applicable treaty as a precondition to exemption from, or reduction in, the rate of deduction or withholding of such Taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed but for the presentation of notes (where presentation is required) for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof was duly provided for, whichever occurred later;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that are imposed on a payment to an individual and are required to be made pursuant to European Council Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meeting of November 26-27, 2000 on the taxation of savings income, or any law implementing or complying with, or introduced in order to conform to, such Directive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed if presentation for payment of the relevant notes had been made to a paying agent other than the paying agent to which the presentation was made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that are imposed solely by reason of the holder or beneficial owner owning or having owned, actually or constructively, 10% or more of the total combined voting power of all classes of our stock entitled to vote;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed but for a failure by the holder or beneficial owner (or any financial institution through which the holder or beneficial owner holds any Security through which payment on the security is made) to comply with any certification, information, identification, documentation or other reporting requirements (including entering into and complying with an agreement with the U.S. Internal Revenue Service) imposed pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code as in effect on the date of issuance of the Notes or any successor or amended version of such provisions; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any combination of the foregoing items; nor shall additional amounts be paid with respect to any payment of the principal of or premium, if any, or interest on any notes to any such holder who is a fiduciary or a partnership or a beneficial owner who is other than the sole beneficial owner of such payment to the extent a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner would not have been entitled to such additional amounts had it been the holder of notes.

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We have agreed in the indenture that at least one paying agent for the notes will be located outside the United Kingdom. We have also agreed that if we maintain a paying agent with respect to the notes in any member state of the European Union, we will maintain a paying agent in at least one member state that will not be obliged to withhold or deduct taxes pursuant to any law implementing European Council Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meeting of November 26-27, 2000 on the taxation of savings income, provided there is at least one member state that does not require a paying agent to withhold or deduct pursuant to such Directive.

Our obligation to pay additional amounts if and when due will survive the termination of the indenture and the payment of all amounts in respect of the notes.

**Optional Make-Whole Redemption**

We may redeem the notes, in whole or in part, at our option at any time and from time to time at a redemption price equal to the greater of (i) 100% of the principal amount of the notes to be redeemed on that redemption date; and (ii) as determined by the quotation agent (as defined below), the sum of the present values of the remaining scheduled payments of principal and interest on the notes being redeemed on that redemption date (not including any portion of such payments of interest accrued as of the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 0.175%, plus accrued and unpaid interest thereon to, but excluding, the date of redemption. Notwithstanding the foregoing, installments of interest on notes to be redeemed that are due and payable on an interest payment date falling on or prior to a redemption date will be payable on the interest payment date to the registered holders as of the close of business on the relevant record date according to the notes and the indenture.

"Comparable Treasury Issue" means the United States Treasury security selected by the quotation agent as having a maturity comparable to the remaining term (as measured from the date of redemption) of the notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of such notes.

"Comparable Treasury Price" means, with respect to any redemption date, (i) the average of four Reference Treasury Dealer Quotations (as defined below) for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the quotation agent for the notes obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations, or (iii) if only one Reference Treasury Dealer Quotation is received, the quotation.

"Quotation agent" means any Reference Treasury Dealer appointed by us.

"Reference Treasury Dealer" means (i) each of Deutsche Bank Securities Inc., Goldman, Sachs & Co., J.P. Morgan Securities LLC and UBS Securities LLC (or their respective affiliates that are Primary Treasury Dealers) and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. government securities dealer in the United States (a "Primary Treasury Dealer"), we will substitute therefor another Primary Treasury Dealer, and (ii) any other Primary Treasury Dealer selected by us.

"Reference Treasury Dealer Quotations" means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by us, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the quotation agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such redemption date.

"Treasury Rate" means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that redemption date.

Notice of any redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each registered holder of the notes to be redeemed by us or by the trustee on our behalf. Notice of redemption will be published in a daily newspaper of general circulation in the United States, and we will give notice of any such redemption to any exchange on which such notes are listed. On and after any redemption date, interest will cease to accrue on the notes or portions thereof called for redemption. On or before the redemption date, we will deposit with a paying agent (or the trustee) money sufficient to pay the redemption price of and accrued interest on the notes to be redeemed on that date. If less than all of the notes are to be redeemed, the notes to be redeemed shall be selected by lot by The Depository Trust Company

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("DTC"), in the case of notes represented by a global security, or by the trustee by such method as the trustee deems to be fair and appropriate, in the case of notes that are not represented by a global security.

**Events of Default**

The definitions of an event of default with respect to a series of debt securities under "Description of Debt Securities—Events of Default" below do not apply to the notes.

The following are events of default under the indenture with respect to the notes of a series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default in payment of the principal of (or premium, if any, on) any such note when due, and, in the case of technical or administrative difficulties, the continuance of that default for more than two business days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default in payment of interest on, or any additional amounts payable in respect of, any such note when due and payable, and the continuance of that default for 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default in performing any other covenant in the indenture applicable to any such note for 90 days after the receipt of written notice specifying such default from the trustee or from the holders of 25% in principal amount of such notes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default under any bond, debenture, note or other evidence of indebtedness for money borrowed of GSK or GSK Capital Inc. (not including any indebtedness for which recourse is limited to property purchased), having in any particular case an aggregate outstanding principal amount in excess of £100,000,000 (or its equivalent in any other currency) whether such indebtedness now exists or shall hereafter be created, which default results in such indebtedness becoming or being accelerated and declared due and payable prior to its stated maturity and such acceleration shall not have been rescinded or annulled or such indebtedness shall not have been discharged; provided that there shall not be deemed to be an event of default if such acceleration is rescinded or annulled or such payment is made within 10 days after the receipt of written notice specifying such default from the trustee or from the holders of 25% in principal amount of such notes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain events of bankruptcy, insolvency or reorganization of GSK or GSK Capital Inc.

Because the applicable threshold amount of indebtedness the acceleration of which would give rise to an event of default under the indenture is lower, and the number of days that must pass before the ongoing default in the performance of any covenant under the indenture other than the payment of principal, interest or additional amounts that would give rise to an event of default under the indenture is lower, for each series of debt securities issued under the indenture before the date of the first supplemental indenture, the acceleration of outstanding indebtedness of GSK or GSK Capital Inc. or the ongoing default in the performance of any covenant in the indenture other than payment of principal, premium, interest or additional amounts may constitute an event of default with respect to one or more of such previously issued series, but may not constitute an event of default under the respective terms of the notes offered by the prospectus supplement.

**Further Issuances**

We initially offered the notes in the aggregate principal amount of $500,000,000. We may from time to time, without the consent of the holders of a series of notes, create and issue further notes of the same series having the same terms and conditions in all respects as the applicable notes being offered hereby, except for the issue date, the issue price and the first payment of interest thereon. We will not issue any further notes unless such further notes have no more than a de minimis amount of original issue discount or such issuance would constitute a "qualified reopening" for U.S. federal income tax purposes. Additional notes issued in this matter will be consolidated with and will form a single series with the notes being offered hereby.

**Book-Entry System**

We issued the notes of each series in the form of one or more fully registered global securities. We deposited these global securities with, or on behalf of, DTC and register these securities in the name of DTC's nominee. Direct and indirect participants in DTC will record beneficial ownership of the notes by individual investors. The transfer of ownership of beneficial interests in a global security will be effected only through records maintained by DTC or its nominee, or by participants or persons that hold through participants.

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Investors may elect to hold beneficial interests in the global securities through either DTC, Clearstream Banking S.A. ("Clearstream") or Euroclear Bank SA/NV ("Euroclear") if they are participants in these systems, or indirectly through organizations which are participants in these systems. Beneficial interests in the global securities will be held in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

Upon receipt of any payment in respect of a global security, DTC or its nominee will immediately credit participants' accounts with amounts proportionate to their respective beneficial interests in the principal amount of the global security as shown in the records of DTC or its nominee.

Payments by participants to owners of beneficial interests in a global security held through participants will be governed by standing instructions and customary practices and will be the responsibility of those participants.

DTC holds securities of institutions that have accounts with it or its participants. Through its maintenance of an electronic book-entry system, DTC facilitates the clearance and settlement of securities transactions among its participants and eliminates the need to deliver securities certificates physically. DTC's participants include securities brokers and dealers, including the underwriters of this offering, banks, trust companies, clearing corporations and other organizations. DTC is partially owned by some of these participants or their representatives. Access to DTC's book-entry system is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a participant, either directly or indirectly. DTC agrees with and represents to its participants that it will administer its book-entry system in accordance with its rules and bylaws and requirements of law. The rules applicable to DTC and its participants are on file with the U.S. Securities and Exchange Commission.

Clearstream and Euroclear hold interests on behalf of their participants through customers' securities accounts in Clearstream's and Euroclear's names on the books of their respective depositaries, which in turn will hold interests in customers' securities accounts in the depositaries' names on the books of DTC. At the date of the prospectus supplement, Citibank, N.A. acts as U.S. depositary for Clearstream and JPMorgan Chase Bank, N.A. acts as

U.S. depositary for Euroclear, or, collectively, the "U.S. Depositaries."

Clearstream holds securities for its participating organizations, or "Clearstream Participants," and facilitates the clearance and settlement of securities transactions between Clearstream Participants through electronic book-entry changes in accounts of Clearstream Participants, thereby eliminating the need for physical movement of certificates. Clearstream provides to Clearstream Participants, among other things, services for safekeeping, administration, clearance and settlement of internationally traded securities and securities lending and borrowing. Clearstream interfaces with domestic markets in several countries.

Clearstream is registered as a bank in Luxembourg and as such is subject to regulation by the Commission de Surveillance du Secteur Financier and the Banque Centrale du Luxembourg, which supervise and oversee the activities of Luxembourg banks. Clearstream Participants are worldwide financial institutions, including underwriters, securities brokers and dealers, banks, trust companies and clearing corporations, and may include the underwriters or their affiliates. Indirect access to Clearstream is available to other institutions that clear through or maintain a custodial relationship with a Clearstream Participant. Clearstream has established an electronic bridge with Euroclear as the operator of the Euroclear system, or the "Euroclear Operator," in Brussels to facilitate settlement of trades between Clearstream and the Euroclear Operator.

Distributions with respect to the notes of a series held beneficially through Clearstream will be credited to cash accounts of Clearstream Participants in accordance with its rules and procedures, to the extent received by the U.S. Depositary for Clearstream.

Euroclear holds securities and book-entry interests in securities for participating organizations, or "Euroclear Participants" and facilitates the clearance and settlement of securities transactions between Euroclear Participants, and between Euroclear Participants and participants of certain other securities intermediaries through electronic book-entry changes in accounts of such participants or other securities intermediaries. Euroclear provides Euroclear Participants with, among other things, safekeeping, administration, clearance and settlement, securities lending and borrowing, and related services.

Euroclear Participants are investment banks, securities brokers and dealers, banks, central banks, supranationals, custodians, investment managers, corporations, trust companies and certain other organizations and may include the underwriters or their affiliates. Non-

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participants in Euroclear may hold and transfer beneficial interests in a global security through accounts with a Euroclear Participant or any other securities intermediary that holds a book-entry interest in a global security through one or more securities intermediaries standing between such other securities intermediary and Euroclear.

Distributions with respect to notes of a series held beneficially through Euroclear will be credited to the cash accounts of Euroclear Participants in accordance with the Terms and Conditions, to the extent received by the U.S. Depositary for Euroclear.

Transfers between Euroclear Participants and Clearstream Participants will be effected in the ordinary way in accordance with their respective rules and operating procedures.

Cross-market transfers between DTC's participating organizations, or the "DTC Participants," on the one hand, and Euroclear Participants or Clearstream Participants, on the other hand, will be effected through DTC in accordance with DTC's rules on behalf of Euroclear or Clearstream, as the case may be, by its U.S. Depositary; however, such cross- market transactions will require delivery of instructions to Euroclear or Clearstream, as the case may be, by the counterparty in such system in accordance with the rules and procedures and within the established deadlines (European time) of such system. Euroclear or Clearstream, as the case may be, will, if the transaction meets its settlement requirements, deliver instructions to its U.S. Depositary to take action to effect final settlement on its behalf by delivering or receiving interests in the global security in DTC, and making or receiving payment in accordance with normal procedures for same-day fund settlement applicable to DTC. Euroclear Participants and Clearstream Participants may not deliver instructions directly to their respective U.S. Depositaries.

Due to time zone differences, the securities accounts of a Euroclear Participant or Clearstream Participant purchasing an interest in a global security from a DTC Participant in DTC will be credited, and any such crediting will be reported, to the relevant Euroclear Participant or Clearstream Participant during the securities settlement processing day (which must be a business day for Euroclear or Clearstream) immediately following the settlement date of DTC. Cash received in Euroclear or Clearstream as a result of sales of interests in a global security by or through a Euroclear Participant or Clearstream Participant to a DTC Participant will be received with value on the settlement date of DTC but will be available in the relevant Euroclear or Clearstream cash account only as of the business day for Euroclear or Clearstream following DTC's settlement date.

The information in this section concerning DTC, Euroclear and Clearstream and their book-entry systems has been obtained from sources that we believe to be reliable, but we take no responsibility for the accuracy of that information.

None of us, any of the underwriters and the trustee will have any responsibility for the performance by DTC, Euroclear or Clearstream or their respective participants of their respective obligations under the rules and procedures governing their operations.

Although DTC, Clearstream and Euroclear have agreed to the foregoing procedures in order to facilitate transfers of securities among participants of DTC, Clearstream and Euroclear, they are under no obligation to perform or continue to perform such procedures and they may discontinue the procedures at any time.

**Same-Day Settlement and Payment**

Initial settlement for the notes was made in immediately available funds. Secondary market trading between DTC participants will occur in the ordinary way in accordance with DTC rules and will be settled in immediately available funds using DTC's Same-Day Funds Settlement System.

**b.<u>Base Prospectus – March 4, 2011</u>**

**<u>Description of Debt Securities</u>**

**General**

As used in this "Description of Debt Securities," "debt securities" means the debentures, notes, bonds, guarantees and other evidences of indebtedness that GSK issues or that GSK Capital Inc. or GSK Capital plc (the "finance subsidiaries") issues and GSK fully and unconditionally guarantees and, in each case, the trustee authenticates and delivers under the applicable indenture. The debt securities will be our direct unsecured obligations and will rank equally and ratably without preference among themselves and at least equally with all of our other unsecured and unsubordinated indebtedness.

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The debt securities will be issued in one or more series under an indenture between GSK and Law Debenture Trust Company of New York, as trustee, or under indentures among the finance subsidiaries, Law Debenture Trust Company of New York, as trustee (as successor to Citibank, N.A., pursuant to Instruments of Resignation, Appointment and Acceptance among the finance subsidiaries, the guarantor, Law Debenture Trust Company of New York and Citibank, N.A.), and GSK, as guarantor. The indentures applicable to GSK, GSK Capital Inc. and GSK Capital plc will each be qualified under the Trust Indenture Act of 1939, as amended, or the Trust Indenture Act. In the following discussion, we sometimes refer to these indentures collectively as the "indentures."

This "Description of Debt Securities" briefly outlines the provisions of the indentures and is qualified in its entirety by reference to the indentures. The terms of the indentures will include both those stated in the indentures and those made part of the indentures by the Trust Indenture Act. The forms of the indentures have been filed as exhibits to the registration statement of which the base prospectus forms a part, and you should read the indentures for provisions that may be important to you.

The indentures do not contain any covenants or other provisions designed to protect holders of the debt securities against a reduction in the creditworthiness of GSK or the finance subsidiaries in the event of a highly leveraged transaction or that would prohibit other transactions that might adversely affect holders of the debt securities.

**Issuances in Series**

The indentures do not limit the amount of debt securities that may be issued. The debt securities may be issued in one or more series with the same or various maturities, at a price of 100% of their principal amount or at a premium or a discount. Not all debt securities of any one series need be issued at the same time, and, unless otherwise provided, any series may be reopened, without the consents of the holders of debt securities of that series, for issuances of additional debt securities of that series. Except in the limited circumstances described below under "— Covenants — Limitation on Liens," the debt securities will not be secured by any property or assets of GSK, as issuer or guarantor, or the finance subsidiaries.

The terms of any authorized series of debt securities will be described in a prospectus supplement. These terms will include some or all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the title, aggregate principal amount and denominations of the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date or dates on which principal will be payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the percentage of the principal amount at which the debt securities will be issued and whether the debt securities will be "original issue discount" securities for U.S. federal income tax purposes. If original issue discount debt securities are issued (generally, securities that are issued at a substantial discount below their principal amount), the special U.S. federal income tax and other considerations of a purchase of original issue discount debt securities will be described;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rate or rates, which may be fixed or variable, at which the debt securities will bear interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the interest payment dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any optional or mandatory redemption terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether any sinking fund is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the currency in which the debt securities will be denominated or principal, premium or interest will be payable, if other than U.S. dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the debt securities are to be issued as individual certificates to each holder or in the form of global certificates held by a depositary on behalf of beneficial owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information describing any book-entry features;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the names and duties of any co-trustees, depositaries, authenticating agents, paying agents, transfer agents or registrars for any series;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the applicability of the defeasance and covenant defeasance provisions described herein, or any modifications of those provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any deletions from, modifications of or additions to the events of default or covenants with respect to the debt securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other terms, conditions, rights or preferences of the debt securities.

Debt securities that have a maturity of less than one year from their date of issue and in respect of which the proceeds are to be received by us in the United Kingdom will have a minimum denomination of £100,000 (or its equivalent in another currency).

The prospectus supplement relating to any series of debt securities may add to or change statements contained in the base prospectus. The prospectus supplement may also include, if applicable, a discussion of certain U.S. federal income tax and U.K. income tax considerations.

**GSK Guarantees**

Debt securities issued by the finance subsidiaries will be fully and unconditionally guaranteed by GSK. If for any reason the applicable finance subsidiary does not make any required payment in respect of its debt securities when due, whether on the normal due date, on acceleration, redemption or otherwise, GSK will cause the payment to be made to or to the order of the trustee. The holder of a guaranteed debt security will be entitled to payment under the applicable guarantee of GSK without taking any action whatsoever against the finance subsidiary.

**Payment and Transfer**

The debt securities will be issued only as registered securities, which means that the name of the holder will be entered in a register that will be kept by the trustee or another agent appointed by us. Unless stated otherwise in a prospectus supplement, and except as described under "— Book-Entry System" below, payments of principal, interest and additional amounts, if any, will be made at the office of the paying agent or agents named in the prospectus supplement or by check mailed to you at your address as it appears in the register.

Unless other procedures are described in a prospectus supplement and except as described under "— Book Entry System" below, you will be able to transfer registered debt securities at the office of the transfer agent or agents named in the prospectus supplement. You may also exchange registered debt securities at the office of the transfer agent for an equal aggregate principal amount of registered debt securities of the same series having the same maturity date, interest rate and other terms as long as the debt securities are issued in authorized denominations.

Neither we nor the trustee will impose any service charge for any transfer or exchange of a debt security; however, we may ask you to pay any taxes or other governmental charges in connection with a transfer or exchange of debt securities.

**Book-Entry System**

Debt securities may be issued under a book-entry system in the form of one or more global securities. The global securities will be registered in the name of a depositary or its nominee and deposited with that depositary or its custodian. Unless stated otherwise in the prospectus supplement, The Depository Trust Company, New York, New York, or DTC, will be the depositary if a depositary is used.

DTC has advised us as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DTC is a limited-purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code and a "clearing agency" registered pursuant to the provisions of Section 17A of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DTC was created to hold securities of its participants and to facilitate the clearance and settlement of securities transactions, such as through transfers and pledges, among its participants in such securities through electronic book-entry changes to accounts of its participants, thereby eliminating the need for physical movement of securities certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DTC's participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of whom (and/or their representatives) own DTC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• access to DTC's book-entry system is also available to others, such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a participant, either directly or indirectly; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the DTC rules applicable to its participants are on file with the U.S. Securities and Exchange Commission.

According to DTC, the foregoing information with respect to DTC has been provided to the financial community for informational purposes only and is not intended to serve as a representation, warranty or contract modification of any kind.

Following the issuance of a global security in registered form, the depositary will credit the accounts of its participants with the debt securities upon our instructions. Only persons who hold directly or indirectly through financial institutions that are participants in the depositary can hold beneficial interests in the global securities. Since the laws of some jurisdictions require certain types of purchasers to take physical delivery of such securities in definitive form, you may encounter difficulties in your ability to own, transfer or pledge beneficial interests in a global security.

So long as the depositary or its nominee is the registered owner of a global security, we and the trustee will treat the depositary as the sole owner or holder of the debt securities for purposes of the applicable indenture. Therefore, except as set forth below, you will not be entitled to have debt securities registered in your name or to receive physical delivery of certificates representing the debt securities. Accordingly, you will have to rely on the procedures of the depositary and the participant in the depositary through whom you hold your beneficial interest in order to exercise any rights of a holder under the indenture. We understand that under existing practices, the depositary would act upon the instructions of a participant or authorize that participant to take any action that a holder is entitled to take.

We will make all payments of principal, interest and additional amounts, if any, on the debt securities to the depositary. It is expected that the depositary will then credit participants' accounts proportionately with these payments on the payment date and that the participants will in turn credit their customers' accounts in accordance with their customary practices. Neither we nor the trustee will be responsible for making any payments to participants or customers of participants or for maintaining any records relating to the holdings of participants and their customers, and you will have to rely on the procedures of the depositary and its participants.

Global securities are generally not transferable. Physical certificates will be issued to beneficial owners in lieu of a global security only in the special situations described in the sixth paragraph under the heading "Legal Ownership of Debt Securities — Global Securities" below.

**Consolidation, Merger or Sale**

We and the finance subsidiaries have agreed in the indentures not to consolidate with or merge with or into any other person or convey or transfer all or substantially all of our respective properties and assets to any person (except that the finance subsidiaries may merge into us), unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we or the applicable finance subsidiary, as the case may be, are the continuing person, or the successor expressly assumes by supplemental indenture our obligations under the applicable indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the continuing person is a U.S. or U.K. company or is organized and validly existing under the laws of a jurisdiction that is a member country of the Organisation for Economic Cooperation and Development (or any successor) and, if it is not a U.S. or U.K. company, the continuing person agrees by supplemental indenture to be bound by a covenant comparable to that described below under "— Covenants — Payment of Additional Amounts" with respect to taxes imposed in the continuing person's jurisdiction of organization (in which case the continuing person will benefit from a redemption option comparable to that described below under "— Optional Redemption for Tax Reasons" in the event of changes in taxes in that jurisdiction after the date of the consolidation, merger or sale);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• immediately after the transaction, no default under the debt securities has occurred and is continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we deliver to the trustee an officer's certificate and, if neither we nor the applicable subsidiary are the continuing person, an opinion of counsel, in each case stating, among other things, that the transaction and the supplemental indenture, if required, comply with these provisions and the indenture.

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**Covenants**

***Payment of Additional Amounts***

Payments made by us under or with respect to the debt securities will be free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge of any nature whatsoever imposed or levied by or on behalf of (i) the government of the United Kingdom or of any territory of the United Kingdom or by any authority or agency therein or thereof having the power to tax or (ii) the government of the United States or any state or territory of the United States or by any authority or agency therein or thereof having the power to tax, which we refer to collectively as "Taxes," unless we are required to withhold or deduct Taxes by law.

If we are required to withhold or deduct any amount for or on account of Taxes from any payment made with respect to the debt securities, we will pay such additional amounts as may be necessary so that the net amount received by each holder (including additional amounts) after such withholding or deduction will not be less than the amount the holder would have received if the Taxes had not been withheld or deducted; provided that no additional amounts will be payable with respect to Taxes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed but for the existence of any present or former connection between such holder or beneficial owner of the debt securities (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such holder or beneficial owner, if such holder or beneficial owner is an estate, trust, partnership or corporation) and the United Kingdom or the United States or any political subdivision or territory or possession thereof or therein or area subject to its jurisdiction, including, without limitation, such holder or beneficial owner (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a citizen or resident thereof or treated as a resident thereof or domiciled thereof or a national thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that are estate, inheritance, gift, sales, transfer, personal property, wealth or similar taxes, duties, assessments or other governmental charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payable other than by withholding from payments of principal of or interest on the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed but for the failure of the applicable recipient of such payment to comply with any certification, identification, information, documentation or other reporting requirement to the extent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such compliance is required by applicable law or administrative practice or an applicable treaty as a precondition to exemption from, or reduction in, the rate of deduction or withholding of such Taxes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least 30 days before the first payment date with respect to which such additional amounts shall be payable, we have notified such recipient in writing that such recipient is required to comply with such requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed but for the presentation of a debt security (where presentation is required) for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof was duly provided for, whichever occurred later;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that are imposed on a payment to an individual and are required to be made pursuant to European Council Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meeting of November 26-27, 2000 on the taxation of savings income, or any law implementing or complying with, or introduced in order to conform to, such Directive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed if presentation for payment of the relevant debt securities had been made to a paying agent other than the paying agent to which the presentation was made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any combination of the foregoing items; nor shall additional amounts be paid with respect to any payment of the principal of or interest on any debt security to any such holder who is a fiduciary or a partnership or a beneficial owner who is other than the sole beneficial owner of such payment to the extent a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner would not have been entitled to such additional amounts had it been the holder of the debt security.

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We have agreed in each indenture that at least one paying agent for each series of debt securities will be located outside the United Kingdom. We have also agreed that if we maintain a paying agent with respect to a particular series of debt securities in any member state of the European Union, we will maintain a paying agent in at least one member state (other than the United Kingdom) that will not be obliged to withhold or deduct taxes pursuant to any law implementing European Council Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meeting of November 26-27, 2000 on the taxation of savings income, provided there is at least one member state that does not require a paying agent to withhold or deduct pursuant to such Directive.

Our obligation to pay additional amounts if and when due will survive the termination of the indentures and the payment of all amounts in respect of the debt securities.

***Limitation on Liens***

We have agreed in the indentures not to incur or assume (or permit any of our subsidiaries to incur or assume) any lien on or with respect to any of our or our subsidiaries' property, assets or revenues, present or future, to secure any relevant indebtedness (as this term is defined below) without making (or causing our subsidiaries to make) effective provision for securing the debt securities equally and ratably with such relevant indebtedness as to such property, assets or revenues, for as long as such relevant indebtedness is so secured.

The restrictions on liens will not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens arising by operation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens on property, assets or revenues of any person, which liens are existing at the time such person becomes a subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens on property, assets or revenues of a person existing at the time such person is merged with or into or consolidated with us or any of our subsidiaries or at the time of a sale, lease or other disposition to us of the properties of a person as an entirety or substantially as an entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For purposes of the limitation on liens covenant, the term "relevant indebtedness" means any of our debt that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is in the form of or represented by bonds, notes, loan stock, depositary receipts or other securities issued (otherwise than to constitute or represent advances made by banks or other lending institutions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is denominated in, or confers any right of payment by reference to, any currency other than the currency of the country in which the issuer of the indebtedness has its principal place of business, or is denominated in or by reference to the currency of such country but more than 20% of which is placed or offered for subscription or sale by or on behalf of, or by agreement with, the issuer outside such country; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at its date of issue is, or is intended by the issuer to become, quoted, listed, traded or dealt in on any stock exchange, over-the-counter market or other securities market.

***Additional Covenants***

We may be subject to additional covenants, including restrictive covenants in respect of a particular series of debt securities. Such additional covenants will be set forth in the applicable prospectus supplement and, to the extent necessary, in the supplemental indenture or board resolution relating to that series of debt securities.

**Optional Redemption for Tax Reasons**

We may redeem any series of debt securities in whole but not in part at any time, on giving not less than 30 nor more than 60 days' notice of such redemption, at a redemption price equal to the principal amount plus accrued interest, if any, to the date fixed for redemption (except in the case of discounted debt securities, which may be redeemed at the redemption price specified by the terms of each series of such debt securities), if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we determine that, as a result of any change in or amendment to the laws or any regulations or rulings promulgated thereunder of the United Kingdom (or of any political subdivision or taxing authority thereof) or the United States (or of any political subdivision or taxing authority thereof), or any change in the application or official interpretation of such laws, regulations or rulings, or any change in the application or official interpretation of, or any execution of or amendment to, any treaty or treaties

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affecting taxation to which any such jurisdiction is a party, which change, execution or amendment becomes effective on or after the issue date or such other date specified in the debt securities of that series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we would be required to pay additional amounts (as described under "— Covenants — Payment of Additional Amounts" above) with respect to that series of debt securities on the next succeeding interest payment date and the payment of such additional amounts cannot be avoided by the use of reasonable measures available to us; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• withholding tax has been or would be required to be withheld with respect to interest income received or receivable by the applicable finance subsidiary directly from the guarantor (or any affiliate) and such withholding tax obligation cannot be avoided by the use of reasonable measures available to the applicable finance subsidiary or the guarantor (or any affiliate); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we determine, based upon an opinion of independent counsel of recognized standing that, as a result of any action taken by any legislative body of, taxing authority of, or any action brought in a court of competent jurisdiction in, the United Kingdom (or any political subdivision or taxing authority thereof) or the United States (or any political subdivision or taxing authority thereof) (whether or not such action was taken or brought with respect to GSK, as issuer or guarantor, or the applicable finance subsidiary, as the case may be), which action is taken or brought on or after the issue date or such other date specified in the debt securities of that series, there is a substantial probability that the circumstances described above would exist; provided, however, that no such notice of redemption may be given earlier than 90 days prior to the earliest date on which we would be obligated to pay such additional amounts.

We will also pay to each holder, or make available for payment to each such holder, on the redemption date any additional amounts resulting from the payment of such redemption price. Prior to the publication of any notice of redemption, we will deliver to the trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an officer's certificate stating that we are entitled to effect a redemption and setting forth a statement of facts showing that the conditions precedent of the right so to redeem have occurred; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an opinion of counsel to the effect that the conditions specified above have been satisfied.

Any notice of redemption will be irrevocable once we deliver the officer's certificate to the trustee.

**Events of Default**

Unless otherwise specified in a prospectus supplement, an event of default with respect to a series of debt securities occurs upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default in payment of the principal (or premium, if any) of any debt security of that series when due (including as a sinking fund installment), and, in the case of technical or administrative difficulties, the continuance of that default for more than two business days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default in payment of interest on, or any additional amounts payable in respect of, any debt security of that series when due and payable, and the continuance of that default for 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default in performing any other covenant in the indenture applicable to that series for 60 days after the receipt of written notice specifying such default from the trustee or from the holders of 25% in principal amount of the debt securities of that series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default under any bond, debenture, note or other evidence of indebtedness for money borrowed of GSK or either finance subsidiary, as the case may be (not including any indebtedness for which recourse is limited to property purchased), having in any particular case an outstanding principal amount in excess of $25,000,000 (or its equivalent in any other currency) where any such failure results in such indebtedness being accelerated and becoming due and payable prior to its stated maturity and such acceleration shall not have been rescinded or annulled or such indebtedness shall not have been discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain events of bankruptcy, insolvency or reorganization of GSK or either finance subsidiary, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other event of default provided with respect to that particular series of debt securities.

Any additional or different events of default applicable to a particular series of debt securities will be described in the prospectus supplement relating to such series.

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An event of default with respect to a particular series of debt securities will not necessarily constitute an event of default with respect to any other series of debt securities.

The trustee may withhold notice to the holders of debt securities of any default (except in the payment of principal, premium or interest) if it, in good faith, considers such withholding of notice to be in the best interests of the holders. A default is any event which is an event of default described above or would be an event of default but for the giving of notice or the passage of time.

If an event of default occurs and continues, the trustee or the holders of the aggregate principal amount of the debt securities specified below may require us to repay immediately, or accelerate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the entire principal of the debt securities of such series; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the debt securities are original issue discount securities, such portion of the principal as may be described in the applicable prospectus supplement.

If the event of default occurs because of a default in a payment of principal or interest on the debt securities of any series, then the trustee or the holders of at least 25% of the aggregate principal amount of debt securities of that series can accelerate that series of debt securities. If the event of default occurs because of a failure to perform any other covenant in the applicable indenture or any covenant for the benefit of one or more, but not all, of the series of debt securities, then the trustee or the holders of at least 25% of the aggregate principal amount of debt securities of all series affected, voting as one class, can accelerate all of the affected series of debt securities. If the event of default occurs because of bankruptcy proceedings, then all of the debt securities under the indenture will be accelerated automatically. Therefore, except in the case of a default on a payment of principal or interest on the debt securities of your series or a default due to our bankruptcy or insolvency, it is possible that you may not be able to accelerate the debt securities of your series because of the failure of holders of other series to take action.

The holders of a majority of the aggregate principal amount of the debt securities of all affected series, voting as one class, can rescind this accelerated payment requirement or waive any past default or event of default or allow noncompliance with any provision of the applicable indenture. However, they cannot waive a default in payment of principal of, premium, if any, or interest on any of the debt securities when due otherwise than as a result of acceleration.

After an event of default, the trustee must exercise the same degree of care a prudent person would exercise under the circumstances in the conduct of her or his own affairs. Subject to these requirements, the trustee is not obligated to exercise any of its rights or powers under the applicable indenture at the request, order or direction of any holders, unless the holders offer the trustee reasonable indemnity. If they provide this reasonable indemnity, the holders of a majority in principal amount of all affected series of debt securities, voting as one class, may direct the time, method and place of conducting any proceeding for any remedy available to the trustee, or exercising any power conferred upon the trustee, for any series of debt securities. However, the trustee may refuse to follow any direction that conflicts with law or the indenture or is unduly prejudicial to the rights of other holders.

No holder will be entitled to pursue any remedy with respect to the indenture unless the trustee fails to act for 60 days after it is given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notice of default by that holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a written request to enforce the indenture by the holders of not less than 25% in principal amount of all outstanding debt securities of any affected series; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an indemnity to the trustee, satisfactory to the trustee;

and during this 60-day period the holders of a majority in principal amount of all outstanding debt securities of such affected series do not give a direction to the trustee that is inconsistent with the enforcement request. These provisions will not prevent any holder of debt securities from enforcing payment of the principal of (and premium, if any) and interest on the debt securities at the relevant due dates.

If an event of default with respect to a series of debt securities occurs and is continuing, the trustee will mail to the holders of those debt securities a notice of the event of default within 90 days after it occurs. However, except in the case of a default in any payment in respect of a series of debt securities, the trustee shall be protected in withholding notice of an event of default if it determines in good faith that this is in the interests of the holders of the relevant debt securities.

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**Modification of the Indentures**

In general, rights and obligations of us and the holders under the indentures may be modified if the holders of a majority in aggregate principal amount of the outstanding debt securities of each series affected by the modification consent to such modification. However, each of the indentures provides that, unless each affected holder agrees, an amendment cannot:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make any adverse change to any payment term of a debt security such as extending the maturity date, extending the date on which we have to pay interest or make a sinking fund payment, reducing the interest rate, reducing the amount of principal we have to repay, changing the currency in which we have to make any payment of principal, premium or interest, modifying any redemption or repurchase right, or right to convert or exchange any debt security, to the detriment of the holder and impairing any right of a holder to bring suit for payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• waive any payment default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce the percentage of the aggregate principal amount of debt securities needed to make any amendment to the applicable indenture or to waive any covenant or default; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make any other change to the amendment provisions of the applicable indenture.

However, if we and the trustee agree, the applicable indenture may be amended without notifying any holders or seeking their consent if the amendment does not materially and adversely affect any holder. We and the trustee are permitted to make modifications and amendments to the applicable indenture without the consent of any holder of debt securities for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to cure any ambiguity, defect or inconsistency in the indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to comply with sections of the indenture governing when we may merge and substitute obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to comply with any requirements of the U.S. Securities and Exchange Commission in connection with the qualification of the indenture under the Trust Indenture Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to evidence and provide for the acceptance by a successor trustee of appointment under the indenture with respect to the debt securities of any or all series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to establish the form or forms or terms of the debt securities of any series or of the coupons appertaining to such debt securities as permitted under the indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to provide for uncertificated debt securities and to make all appropriate changes for such purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to provide for a further guarantee from a third party on outstanding debt securities of any series and the debt securities of any series that may be issued under the indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to change or eliminate any provision of the indenture; provided that any such change or elimination will become effective only when there are no outstanding debt securities of any series created prior to the execution of such supplemental indenture that is entitled to the benefit of such provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to supplement any of the provisions of the indenture to such extent as will be necessary to permit or facilitate the defeasance and discharge of any series of debt securities pursuant to the indenture; provided that any such action will not adversely affect the interests of the holders of such or any other series of debt securities in any material respect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to make any change that does not materially and adversely affect the rights of any holder of the debt securities.

**Defeasance**

The term defeasance means discharge from some or all of the obligations under the indentures. If we deposit with the trustee sufficient cash or government securities to pay the principal, interest, any premium and any other sums due to the stated maturity date or a redemption date of the debt securities of a particular series, then at our option:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will be discharged from our respective obligations with respect to the debt securities of such series; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will no longer be under any obligation to comply with the restrictive covenants, if any, contained in the applicable indenture and any supplemental indenture or board resolution with respect to the debt securities of such series, and the events of default relating to failures to comply with covenants will no longer apply to us.

If this happens, the holders of the debt securities of the affected series will not be entitled to the benefits of the applicable indenture except for registration of transfer and exchange of debt securities and replacement of lost, stolen or mutilated debt securities. Instead, the holders will only be able to rely on the deposited funds or obligations for payment.

We must deliver to the trustee an opinion of counsel to the effect that the deposit and related defeasance would not cause the holders of the debt securities to recognize income, gain or loss for U.S. federal income tax purposes. We may, in lieu of an opinion of counsel, deliver a ruling to such effect received from or published by the U.S. Internal Revenue Service.

**Substitution of Issuer**

We may at our option at any time, without the consent of any holders of debt securities, cause GSK or any other subsidiary of GSK to assume the obligations of the applicable finance subsidiary under any series of debt securities, provided that the new obligor executes a supplemental indenture in which it agrees to be bound by the terms of those debt securities and the relevant indenture. If the new obligor is not a U.S. or U.K. company, it must be organized and validly existing under the laws of a jurisdiction that is a member country of the Organisation for Economic Cooperation and Development (or any successor) and it must also agree in the supplemental indenture to be bound by a covenant comparable to that described above under "— Covenants — Payment of Additional Amounts" with respect to taxes imposed in its jurisdiction of organization (in which case the new obligor will benefit from a redemption option comparable to that described above under "— Optional Redemption for Tax Reasons" in the event of changes in taxes in that jurisdiction after the date of the substitution). In the case of such substitution, the applicable finance subsidiary will be relieved of any further obligation under the assumed series of debt securities.

For U.S. federal income tax purposes, a substitution of obligors as described above generally would be treated as a deemed taxable exchange of debt securities for new debt securities issued by the new obligor. As discussed further in the applicable prospectus supplement, a United States person who holds debt securities or owns a beneficial interest therein generally will recognize capital gain or loss in an amount equal to the difference between the issue price of the new debt securities and such person's adjusted tax basis in the debt securities. Such persons should consult their own tax advisors regarding the tax consequences of a deemed taxable exchange in the event of a substitution of obligors.

**Information Concerning the Trustee**

Law Debenture Trust Company of New York will be the trustee. The trustee will be required to perform only those duties that are specifically set forth in the indentures, except when a default has occurred and is continuing with respect to the debt securities. After a default, the trustee must exercise the same degree of care that a prudent person would exercise under the circumstances in the conduct of her or his own affairs. Subject to these requirements, the trustee will be under no obligation to exercise any of the powers vested in it by the indentures at the request of any holder of debt securities unless the holder offers the trustee reasonable indemnity against the costs, expenses and liabilities that might be incurred by exercising those powers.

**Governing Law**

The debt securities, the related guarantees and the indentures will be governed by and construed in accordance with the laws of the State of New York.

**<u>Legal Ownership of Debt Securities</u>**

**"Street Name" and Other Indirect Holders**

We generally will not recognize investors who hold debt securities in accounts at banks or brokers as legal holders of those debt securities. Holding securities in accounts at banks or brokers is called holding in "street name." If an investor holds debt securities in street name, we recognize only the bank or broker or the financial institution the bank or broker uses to hold the debt securities. These intermediary banks, brokers and other financial institutions pass along principal, interest and other payments on the debt securities, either because they agree to do so in their customer agreements or because they are legally required to do so. If you hold debt securities in street name, you should check with your own institution to find out:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how it handles payments and notices with respect to securities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether it imposes fees or charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how it would handle voting if ever required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how and when you should notify it to exercise on your behalf any rights or options that may exist under the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether and how you can instruct it to send you securities registered in your own name so you can be a direct holder as described below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how it would pursue rights under the debt securities if there were a default or other event triggering the need for holders to act to protect their interests.

**Registered Holders**

Our obligations, as well as the obligations of the trustee and those of any third parties employed by us or the trustee, extend only to persons who are registered as holders of debt securities. As noted above, we do not have obligations to you if you hold in street name or through other indirect means, either because you choose to hold debt securities in that manner or because the debt securities are issued in the form of global securities as described below. For example, once we make payment to the registered holder, we have no further responsibility for the payment even if that holder is legally required to pass the payment along to you as a street name customer but does not do so.

**Global Securities**

A global security is a special type of indirectly held security. If we choose to issue debt securities in the form of global securities, the ultimate beneficial owners of the debt securities will be indirect holders. We do this by requiring that the global security be registered in the name of a financial institution we select and by requiring that the debt securities represented by the global security not be registered in the name of any other holder except in the special situations described below. The financial institution that acts as the sole registered holder of the global security is called the depositary. Any person wishing to own a debt security may do so indirectly through an account with a broker, bank or other financial institution that in turn has an account with the depositary. The prospectus supplement will indicate whether your series of debt securities will be issued only as global securities.

Transfers of debt securities represented by the global security will be made only on the records of the depositary or its nominee by transferring such debt securities from the account of one broker, bank or financial institution to the account of another broker, bank or financial institution. These transfers are made electronically only and are also known as book- entry transfers. Securities in global form are sometimes also referred to as being in book-entry form.

As an indirect holder, your rights relating to a global security will be governed by the account rules of your broker, bank or financial institution and of the depositary, as well as general laws relating to securities transfers. We will not recognize you as a holder of debt securities and instead will deal only with the depositary that holds the global security.

You should be aware that if debt securities are issued only in the form of a global security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you cannot have debt securities registered in your own name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you cannot receive physical certificates for your interest in the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you will be a street name holder and must look to your own broker, bank or financial institution for payments on the debt securities and protection of your legal rights relating to the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you may not be able to sell interests in the debt securities to some insurance companies and other institutions that are required by law to own securities in the form of physical certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the depositary's policies will govern payments, transfers, exchanges and other matters relating to your indirect interest in the global security. We and the trustee will have no responsibility for any aspect of the depositary's actions or for its records of ownership interests in the global security. We and the trustee also will not supervise the depositary in any way; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the depositary will require that indirect interests in the global security be purchased or sold within its system using same-day funds for settlement.

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In a few special situations described below, the global security will terminate and the indirect interests in it will be exchanged for registered debt securities represented by physical certificates. After that exchange, the choice of whether to hold debt securities in registered form or in street name will be up to you. You must consult your broker, bank or financial institution to find out how to have your interests in debt securities transferred to your name, so that you will be a registered holder.

Unless we specify otherwise in the prospectus supplement, the special situations for termination of a global security are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when the depositary notifies us that it is unwilling or unable to continue as depositary and we do not or cannot appoint a successor depositary within 90 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the depositary ceases to be a clearing agency registered under the Exchange Act and we do not appoint a successor depositary within 90 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an event of default has occurred and is continuing and beneficial owners representing a majority in principal amount of the applicable series of debt securities have advised the depositary to cease acting as the depositary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we decide we do not want to have the debt securities of that series represented by a global security.

The prospectus supplement may also list additional situations for terminating a global security that would apply only to the particular series of debt securities covered by the prospectus supplement. When a global security terminates, the depositary (and not us or the trustee) is responsible for deciding the names of the institutions that will be the initial registered holders.

**The Term "Holder"**

In the descriptions of the debt securities included herein, when we refer to the "holder" of a given debt security as being entitled to certain rights or payments, or being permitted to take certain actions, we are in all cases referring to the registered holder of the debt security.

While you would be the registered holder if you held a certificated security registered in your name, it is likely that the holder will actually be either the broker, bank or other financial institution where you have your street name account, or, in the case of a global security, the depositary. If you are an indirect holder, you will need to coordinate with the institution through which you hold your interest in a debt security in order to determine how the provisions involving holders described herein will actually apply to you. For example, if the debt security in which you hold a beneficial interest in street name can be repaid at the option of the holder, you cannot exercise the option yourself by following the procedures described in the prospectus supplement. Instead, you would need to cause the institution through which you hold your interest to take those actions on your behalf. Your institution may have procedures and deadlines different from or additional to those described in the prospectus supplement relating to the debt security.

**4. Notes offered pursuant to the Base Prospectus dated March 4, 2008**

**a.<u>Prospectus Supplement (May 6, 2008) – 6.375% Notes due 2038</u>**

**<u>Description of the Notes</u>**

**General**

We issued the 6.375% Notes due 2038 pursuant to an indenture, dated April 6, 2004, among GSK, as guarantor, GSK Capital Inc., as issuer, and Law Debenture Trust Company of New York, the trustee for the notes (as successor to Citibank, N.A., pursuant to an Instrument of Resignation, Appointment and Acceptance dated December 27, 2007 among GSK Capital Inc., GSK, Law Debenture Trust Company of New York and Citibank, N.A.) (for purposes of this description of the 6.375% Notes due 2038 only, the "indenture"). References in this "Description of the Notes" to the "notes" refer to the 6.375% Notes due 2038. The notes are a series of our debt securities. GSK Capital Inc. issued the notes in the aggregate principal amount of $2,750,000,000. The notes will mature on May 15, 2038. GSK Capital Inc. issued the notes only in book-entry form, in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

The notes are fully and unconditionally guaranteed by GSK. If, for any reason, GSK Capital Inc. does not make any required payment in respect of the notes when due, whether on the normal due date, on acceleration, redemption or otherwise, GSK will cause the payment to be made to or to the order of the trustee. You will be entitled to payment under the guarantee of GSK without taking any action whatsoever against us.

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**Interest Payments**

The notes bear interest at the applicable interest rate shown in the table above and accrued interest from May 13, 2008, or from the most recent date to which interest has been paid (or provided for), to but not including the next date upon which interest is required to be paid.

Interest is payable on the notes twice a year, on May 15 and November 15, commencing November 15, 2008, to the person in whose name a note is registered at the close of business on the May 1 or November 1 that precedes the date on which interest will be paid. Interest on the notes are paid on the basis of a 360-day year consisting of twelve 30-day months. "Business day" means any day other than a Saturday, a Sunday or a day on which banking institutions in the City of New York or London, England are authorized or obligated by law, regulation or executive order to be closed.

If an interest payment date or redemption date, or the maturity date, for the notes, as the case may be, would fall on a day that is not a business day, then the interest payment date or redemption date, or the maturity date, as the case may be, will be postponed to the next succeeding business day, but no additional interest shall be paid unless we fail to make payment on such next succeeding business day.

**Covenants**

Subject to certain exceptions, if we are required to withhold or deduct any amount for or on account of any U.K. or U.S. withholding tax from any payment made on the notes, we will pay additional amounts on those payments so that the amount received by noteholders will equal the amount that would have been received if no such taxes had been applicable. See "Description of Debt Securities — Covenants — Payment of Additional Amounts" below.

As contemplated by the last paragraph under "Description of Debt Securities — Defeasance" below, the satisfaction of certain conditions will permit us to omit to comply with some or all of our obligations, covenants and agreements under the indenture with respect to the notes. In addition, we may omit to comply with certain covenants through covenant defeasance. We refer you to the information under "Description of Debt Securities — Defeasance" below for more information on how we may do this.

Except as described herein, the indenture for the notes does not contain any covenants or other provisions designed to protect holders of the notes against a reduction in our creditworthiness in the event of a highly leveraged transaction or that would prohibit other transactions that might adversely affect holders of the notes, including, among other things, through the incurrence of additional indebtedness.

**Optional Make-Whole Redemption**

We may redeem the notes, in whole or in part, at our option at any time and from time to time at a redemption price equal to the greater of (i) 100% of the principal amount of the notes to be redeemed on that redemption date; and (ii) as determined by the quotation agent (as defined below), the sum of the present values of the remaining scheduled payments of principal and interest on the notes being redeemed on that redemption date (not including any portion of such payments of interest accrued as of the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 0.25%, plus accrued and unpaid interest thereon to, but excluding, the date of redemption. Notwithstanding the foregoing, installments of interest on notes to be redeemed that are due and payable on interest payment dates falling on or prior to a redemption date will be payable on the interest payment date to the registered holders as of the close of business on the relevant record date according to the notes and the indenture.

"Comparable Treasury Issue" means the United States Treasury security selected by the quotation agent as having a maturity comparable to the remaining term (as measured from the date of redemption) of the notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the notes.

"Comparable Treasury Price" means, with respect to any redemption date, (i) the average of four Reference Treasury Dealer Quotations (as defined below) for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the quotation agent for the notes obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations, or (iii) if only one Reference Treasury Dealer Quotation is received, the quotation. "Quotation agent" means any Reference Treasury Dealer appointed by us.

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"Reference Treasury Dealer" means (i) each of Citigroup Global Markets Inc., J.P. Morgan Securities Inc. and Lehman Brothers Inc. (or their respective affiliates that are Primary Treasury Dealers) and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. government securities dealer in New York City (a "Primary Treasury Dealer"), we will substitute therefor another Primary Treasury Dealer, and (ii) any other Primary Treasury Dealer selected by us.

"Reference Treasury Dealer Quotations" means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by us, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the quotation agent by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such redemption date.

"Treasury Rate" means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that redemption date.

Notice of any redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each registered holder of the notes to be redeemed by us or by the trustee on our behalf. Notice of redemption will be published in a daily newspaper of general circulation in the United States, and we will give notice of any such redemption to any exchange on which the notes are listed. On and after any redemption date, interest will cease to accrue on the notes or portions thereof called for redemption. On or before the redemption date, we will deposit with a paying agent (or the trustee) money sufficient to pay the redemption price of and accrued interest on the notes to be redeemed on that date. If less than all of the notes are to be redeemed, the notes to be redeemed shall be selected by lot by The Depository Trust Company ("DTC"), in the case of notes represented by a global security, or by the trustee by such method as the trustee deems to be fair and appropriate, in the case of notes that are not represented by a global security.

**Further Issuances**

We initially offered the notes in the aggregate principal amount of $2,750,000,000. We may from time to time, without the consent of the holders of a series of notes, create and issue further notes of the same series having the same terms and conditions in all respects as the applicable notes being offered hereby, except for the issue date, the issue price and the first payment of interest thereon. We will not issue any further notes unless such further notes have no more than a de minimis amount of original issue discount or such issuance would constitute a "qualified reopening" for U.S. federal income tax purposes. Additional notes issued in this manner will be consolidated with and will form a single series with the notes being offered hereby.

**Book-Entry System**

We issued the notes of each series in the form of one or more fully registered global securities. We deposited these global securities with, or on behalf of, DTC and register these securities in the name of DTC's nominee. Direct and indirect participants in DTC will record beneficial ownership of the notes by individual investors. The transfer of ownership of beneficial interests in a global security will be effected only through records maintained by DTC or its nominee, or by participants or persons that hold through participants.

Investors may elect to hold beneficial interests in the global securities through either DTC, Clearstream Banking S.A. ("Clearstream") or Euroclear Bank SA/NV ("Euroclear") if they are participants in these systems, or indirectly through organizations which are participants in these systems. Beneficial interests in the global securities will be held in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

Upon receipt of any payment in respect of a global security, DTC or its nominee will immediately credit participants' accounts with amounts proportionate to their respective beneficial interests in the principal amount of the global security as shown in the records of DTC or its nominee.

Payments by participants to owners of beneficial interests in a global security held through participants will be governed by standing instructions and customary practices and will be the responsibility of those participants.

DTC holds securities of institutions that have accounts with it or its participants. Through its maintenance of an electronic book-entry system, DTC facilitates the clearance and settlement of securities transactions among its participants and eliminates the need to deliver securities

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certificates physically. DTC's participants include securities brokers and dealers, including the underwriters of this offering, banks, trust companies, clearing corporations and other organizations. DTC is owned by a number of its participants and by the New York Stock Exchange, Inc., the American Stock Exchange, Inc. and the National Association of Securities Dealers, Inc. Access to DTC's book- entry system is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a participant, either directly or indirectly. DTC agrees with and represents to its participants that it will administer its book-entry system in accordance with its rules and bylaws and requirements of law. The rules applicable to DTC and its participants are on file with the U.S. Securities and Exchange Commission.

Clearstream and Euroclear hold interests on behalf of their participants through customers' securities accounts in Clearstream's and Euroclear's names on the books of their respective depositaries, which in turn will hold interests in customers' securities accounts in the depositaries' names on the books of DTC. At the date of the prospectus supplement, Citibank, N.A. acts as U.S. depositary for Clearstream and JPMorgan Chase Bank, N.A. acts as

U.S. depositary for Euroclear, or, collectively, the "U.S. Depositaries."

Clearstream holds securities for its participating organizations, or "Clearstream Participants," and facilitates the clearance and settlement of securities transactions between Clearstream Participants through electronic book-entry changes in accounts of Clearstream Participants, thereby eliminating the need for physical movement of certificates. Clearstream provides to Clearstream Participants, among other things, services for safekeeping, administration, clearance and settlement of internationally traded securities and securities lending and borrowing. Clearstream interfaces with domestic markets in several countries.

Clearstream is registered as a bank in Luxembourg and as such is subject to regulation by the Commission de Surveillance du Secteur Financier and the Banque Centrale du Luxembourg, which supervise and oversee the activities of Luxembourg banks. Clearstream Participants are worldwide financial institutions, including underwriters, securities brokers and dealers, banks, trust companies and clearing corporations, and may include the underwriters or their affiliates. Indirect access to Clearstream is available to other institutions that clear through or maintain a custodial relationship with a Clearstream Participant. Clearstream has established an electronic bridge with Euroclear as the operator of the Euroclear System, or the "Euroclear Operator," in Brussels to facilitate settlement of trades between Clearstream and the Euroclear Operator.

Distributions with respect to the notes of a series held beneficially through Clearstream will be credited to cash accounts of Clearstream Participants in accordance with its rules and procedures, to the extent received by the U.S. Depositary for Clearstream.

Euroclear holds securities and book-entry interests in securities for participating organizations, or "Euroclear Participants" and facilitates the clearance and settlement of securities transactions between Euroclear Participants, and between Euroclear Participants and participants of certain other securities intermediaries through electronic book-entry changes in accounts of such participants or other securities intermediaries. Euroclear provides Euroclear Participants with, among other things, safekeeping, administration, clearance and settlement, securities lending and borrowing, and related services.

Euroclear Participants are investment banks, securities brokers and dealers, banks, central banks, supranationals, custodians, investment managers, corporations, trust companies and certain other organizations and may include the underwriters or their affiliates. Non-participants in Euroclear may hold and transfer beneficial interests in a global security through accounts with a Euroclear Participant or any other securities intermediary that holds a book-entry interest in a global security through one or more securities intermediaries standing between such other securities intermediary and Euroclear.

Distributions with respect to notes of a series held beneficially through Euroclear will be credited to the cash accounts of Euroclear Participants in accordance with the Terms and Conditions, to the extent received by the U.S. Depositary for Euroclear.

Transfers between Euroclear Participants and Clearstream Participants will be effected in the ordinary way in accordance with their respective rules and operating procedures.

Cross-market transfers between DTC's participating organizations, or the "DTC Participants," on the one hand, and Euroclear Participants or Clearstream Participants, on the other hand, will be effected through DTC in accordance with DTC's rules on behalf of Euroclear or Clearstream, as the case may be, by its U.S. Depositary; however, such cross-market transactions will require delivery of instructions to

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Euroclear or Clearstream, as the case may be, by the counterparty in such system in accordance with the rules and procedures and within the established deadlines (European time) of such system. Euroclear or Clearstream, as the case may be, will, if the transaction meets its settlement requirements, deliver instructions to its U.S. Depositary to take action to effect final settlement on its behalf by delivering or receiving interests in the global security in DTC, and making or receiving payment in accordance with normal procedures for same-day fund settlement applicable to DTC. Euroclear Participants and Clearstream Participants may not deliver instructions directly to their respective U.S. Depositaries.

Due to time zone differences, the securities accounts of a Euroclear Participant or Clearstream Participant purchasing an interest in a global security from a DTC Participant in DTC will be credited, and any such crediting will be reported to the relevant Euroclear Participant or Clearstream Participant during the securities settlement processing day (which must be a business day for Euroclear or Clearstream) immediately following the settlement date of DTC. Cash received in Euroclear or Clearstream as a result of sales of interests in a global security by or through a Euroclear Participant or Clearstream Participant to a DTC Participant will be received with value on the settlement date of DTC but will be available in the relevant Euroclear or Clearstream cash account only as of the business day for Euroclear or Clearstream following DTC's settlement date.

The information in this section concerning DTC, Euroclear and Clearstream and their book-entry systems has been obtained from sources that we believe to be reliable, but we take no responsibility for the accuracy of that information.

None of us, any of the underwriters and the trustee will have any responsibility for the performance by Euroclear or Clearstream or their respective participants of their respective obligations under the rules and procedures governing their operations.

Although DTC, Clearstream and Euroclear have agreed to the foregoing procedures in order to facilitate transfers of securities among participants of DTC, Clearstream and Euroclear, they are under no obligation to perform or continue to perform such procedures and they may discontinue the procedures at any time.

**Same-Day Settlement and Payment**

Initial settlement for the notes was made in immediately available funds. Secondary market trading between DTC participants will occur in the ordinary way in accordance with DTC rules and will be settled in immediately available funds using DTC's Same-Day Funds Settlement System.

**b.<u>Base Prospectus – March 4, 2008</u>**

**<u>Description of Debt Securities</u>**

**General**

As used in this "Description of Debt Securities," "debt securities" means the debentures, notes, bonds, guarantees and other evidences of indebtedness that GSK issues or that GSK Capital Inc. or GSK Capital plc (the "finance subsidiaries") issues and GSK fully and unconditionally guarantees and, in each case, the trustee authenticates and delivers under the applicable indenture. The debt securities will be our direct unsecured obligations and will rank equally and ratably without preference among themselves and at least equally with all of our other unsecured and unsubordinated indebtedness.

The debt securities will be issued in one or more series under an indenture between GSK and Law Debenture Trust Company of New York, as trustee, or under indentures among the finance subsidiaries, Law Debenture Trust Company of New York, as trustee (as successor to Citibank, N.A., pursuant to Instruments of Resignation, Appointment and Acceptance among the finance subsidiaries, the guarantor, Law Debenture Trust Company of New York and Citibank, N.A.), and GSK, as guarantor. The indentures applicable to GSK, GSK Capital Inc. and GSK Capital plc will each be qualified under the Trust Indenture Act of 1939, as amended. In the following discussion, we sometimes refer to these indentures collectively as the "indentures."

This "Description of Debt Securities" briefly outlines the provisions of the indentures. The terms of the indentures will include both those stated in the indentures and those made part of the indentures by the Trust Indenture Act. The forms of the indentures have been filed as exhibits to the registration statement of which this "Description of Debt Securities" forms a part, and you should read the indentures for provisions that may be important to you.

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The indentures do not contain any covenants or other provisions designed to protect holders of the debt securities against a reduction in the creditworthiness of GSK or the finance subsidiaries in the event of a highly leveraged transaction or that would prohibit other transactions that might adversely affect holders of the debt securities.

**Issuances in Series**

The indentures do not limit the amount of debt securities that may be issued. The debt securities may be issued in one or more series with the same or various maturities, at a price of 100% of their principal amount or at a premium or a discount. Not all debt securities of any one series need be issued at the same time, and, unless otherwise provided, any series may be reopened, without the consents of the holders of debt securities of that series, for issuances of additional debt securities of that series. Except in the limited circumstances described below under "— Covenants — Limitation on Liens," the debt securities will not be secured by any property or assets of GSK, as issuer or guarantor, or the finance subsidiaries.

The terms of any authorized series of debt securities will be described in a prospectus supplement. These terms will include some or all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the title, aggregate principal amount and denominations of the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the date or dates on which principal will be payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the percentage of the principal amount at which the debt securities will be issued and whether the debt securities will be "original issue discount" securities for U.S. federal income tax purposes. If original issue discount debt securities are issued (generally, securities that are issued at a substantial discount below their principal amount), the special U.S. federal income tax and other considerations of a purchase of original issue discount debt securities will be described;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the rate or rates, which may be fixed or variable, at which the debt securities will bear interest;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the interest payment dates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any optional or mandatory redemption terms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether any sinking fund is required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the currency in which the debt securities will be denominated or principal, premium or interest will be payable, if other than U.S. dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether the debt securities are to be issued as individual certificates to each holder or in the form of global certificates held by a depositary on behalf of beneficial owners;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• information describing any book-entry features;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the names and duties of any co-trustees, depositaries, authenticating agents, paying agents, transfer agents or registrars for any series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the applicability of the defeasance and covenant defeasance provisions described herein, or any modifications of those provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any deletions from, modifications of or additions to the events of default or covenants with respect to the debt securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other terms, conditions, rights or preferences of the debt securities.

Debt securities that have a maturity of less than one year from their date of issue and in respect of which the proceeds are to be received by us in the United Kingdom will have a minimum denomination of £100,000 (or its equivalent in another currency).

The prospectus supplement relating to any series of debt securities may add to or change statements contained in the base prospectus. The prospectus supplement may also include, if applicable, a discussion of certain U.S. federal income tax and U.K. income tax considerations.

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**GSK Guarantees**

Debt securities issued by the finance subsidiaries will be fully and unconditionally guaranteed by GSK. If for any reason the applicable finance subsidiary does not make any required payment in respect of its debt securities when due, whether on the normal due date, on acceleration, redemption or otherwise, GSK will cause the payment to be made to or to the order of the trustee. The holder of a guaranteed debt security will be entitled to payment under the applicable guarantee of GSK without taking any action whatsoever against the finance subsidiary.

**Payment and Transfer**

The debt securities will be issued only as registered securities, which means that the name of the holder will be entered in a register that will be kept by the trustee or another agent appointed by us. Unless stated otherwise in a prospectus supplement, and except as described under "— Book-Entry System" below, payments of principal, interest and additional amounts, if any, will be made at the office of the paying agent or agents named in the prospectus supplement or by check mailed to you at your address as it appears in the register.

Unless other procedures are described in a prospectus supplement and except as described under "— Book Entry System" below, you will be able to transfer registered debt securities at the office of the transfer agent or agents named in the prospectus supplement. You may also exchange registered debt securities at the office of the transfer agent for an equal aggregate principal amount of registered debt securities of the same series having the same maturity date, interest rate and other terms as long as the debt securities are issued in authorized denominations.

Neither we nor the trustee will impose any service charge for any transfer or exchange of a debt security; however, we may ask you to pay any taxes or other governmental charges in connection with a transfer or exchange of debt securities.

**Book-Entry System**

Debt securities may be issued under a book-entry system in the form of one or more global securities. The global securities will be registered in the name of a depositary or its nominee and deposited with that depositary or its custodian. Unless stated otherwise in the prospectus supplement, The Depository Trust Company, New York, New York, or DTC, will be the depositary if a depositary is used.

DTC has advised us as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DTC is a limited-purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code and a "clearing agency" registered pursuant to the provisions of Section 17A of the Exchange Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DTC was created to hold securities of its participants and to facilitate the clearance and settlement of securities transactions, such as through transfers and pledges, among its participants in such securities through electronic book-entry changes to accounts of its participants, thereby eliminating the need for physical movement of securities certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• DTC's participants include securities brokers and dealers, banks, trust companies, clearing corporations and certain other organizations, some of whom (and/or their representatives) own DTC; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• access to DTC's book-entry system is also available to others, such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a participant, either directly or indirectly.

According to DTC, the foregoing information with respect to DTC has been provided to the financial community for informational purposes only and is not intended to serve as a representation, warranty or contract modification of any kind.

Following the issuance of a global security in registered form, the depositary will credit the accounts of its participants with the debt securities upon our instructions. Only persons who hold directly or indirectly through financial institutions that are participants in the depositary can hold beneficial interests in the global securities. Since the laws of some jurisdictions require certain types of purchasers to take physical delivery of such securities in definitive form, you may encounter difficulties in your ability to own, transfer or pledge beneficial interests in a global security.

So long as the depositary or its nominee is the registered owner of a global security, we and the trustee will treat the depositary as the sole owner or holder of the debt securities for purposes of the applicable indenture. Therefore, except as set forth below, you will not be entitled

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to have debt securities registered in your name or to receive physical delivery of certificates representing the debt securities. Accordingly, you will have to rely on the procedures of the depositary and the participant in the depositary through whom you hold your beneficial interest in order to exercise any rights of a holder under the indenture. We understand that under existing practices, the depositary would act upon the instructions of a participant or authorize that participant to take any action that a holder is entitled to take.

We will make all payments of principal, interest and additional amounts, if any, on the debt securities to the depositary. It is expected that the depositary will then credit participants' accounts proportionately with these payments on the payment date and that the participants will in turn credit their customers' accounts in accordance with their customary practices. Neither we nor the trustee will be responsible for making any payments to participants or customers of participants or for maintaining any records relating to the holdings of participants and their customers, and you will have to rely on the procedures of the depositary and its participants.

Global securities are generally not transferable. Physical certificates will be issued to beneficial owners in lieu of a global security only in the special situations described in the sixth paragraph under the heading "Legal Ownership of Debt Securities — Global Securities" below.

**Consolidation, Merger or Sale**

We and the finance subsidiaries have agreed in the indentures not to consolidate with or merge with or into any other person or convey or transfer all or substantially all of our respective properties and assets to any person (except that the finance subsidiaries may merge into us), unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we or the applicable finance subsidiary, as the case may be, are the continuing person, or the successor expressly assumes by supplemental indenture our obligations under the applicable indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the continuing person is a U.S. or U.K. company or is organized and validly existing under the laws of a jurisdiction that is a member country of the Organisation for Economic Cooperation and Development (or any successor) and, if it is not a U.S. or U.K. company, the continuing person agrees by supplemental indenture to be bound by a covenant comparable to that described below under "— Covenants — Payment of Additional Amounts" with respect to taxes imposed in the continuing person's jurisdiction of organization (in which case the continuing person will benefit from a redemption option comparable to that described below under "— Optional Redemption for Tax Reasons" in the event of changes in taxes in that jurisdiction after the date of the consolidation, merger or sale);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• immediately after the transaction, no default under the debt securities has occurred and is continuing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we deliver to the trustee an officer's certificate and, if neither we nor the applicable subsidiary are the continuing person, an opinion of counsel, in each case stating, among other things, that the transaction and the supplemental indenture, if required, comply with these provisions and the indenture.

**Covenants**

***Payment of Additional Amounts***

Payments made by us under or with respect to the debt securities will be free and clear of and without withholding or deduction for or on account of any present or future tax, duty, levy, impost, assessment or other governmental charge of any nature whatsoever imposed or levied by or on behalf of (i) the government of the United Kingdom or of any territory of the United Kingdom or by any authority or agency therein or thereof having the power to tax or (ii) the government of the United States or any state or territory of the United States or by any authority or agency therein or thereof having the power to tax, which we refer to collectively as "Taxes," unless we are required to withhold or deduct Taxes by law.

If we are required to withhold or deduct any amount for or on account of Taxes from any payment made with respect to the debt securities, we will pay such additional amounts as may be necessary so that the net amount received by each holder (including additional amounts) after such withholding or deduction will not be less than the amount the holder would have received if the Taxes had not been withheld or deducted; provided that no additional amounts will be payable with respect to Taxes:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed but for the existence of any present or former connection between such holder or beneficial owner of the debt securities (or between a fiduciary, settlor, beneficiary, member or shareholder of, or possessor of a power over, such holder or beneficial owner, if such holder or beneficial owner is an estate, trust, partnership or corporation) and the United Kingdom or the United States or any political subdivision or territory or possession thereof or therein or area subject to its jurisdiction, including, without limitation, such holder or beneficial owner (or such fiduciary, settlor, beneficiary, member, shareholder or possessor) being or having been a citizen or resident thereof or treated as a resident thereof or domiciled thereof or a national thereof or being or having been present or engaged in trade or business therein or having or having had a permanent establishment therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that are estate, inheritance, gift, sales, transfer, personal property, wealth or similar taxes, duties, assessments or other governmental charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• payable other than by withholding from payments of principal of or interest on the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed but for the failure of the applicable recipient of such payment to comply with any certification, identification, information, documentation or other reporting requirement to the extent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• such compliance is required by applicable law or administrative practice or an applicable treaty as a precondition to exemption from, or reduction in, the rate of deduction or withholding of such Taxes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at least 30 days before the first payment date with respect to which such additional amounts shall be payable, we have notified such recipient in writing that such recipient is required to comply with such requirement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed but for the presentation of a debt security (where presentation is required) for payment on a date more than 30 days after the date on which such payment became due and payable or the date on which payment thereof was duly provided for, whichever occurred later;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that are imposed on a payment to an individual and are required to be made pursuant to European Council Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meeting of November 26-27, 2000 on the taxation of savings income, or any law implementing or complying with, or introduced in order to conform to, such Directive;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• that would not have been imposed if presentation for payment of the relevant debt securities had been made to a paying agent other than the paying agent to which the presentation was made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any combination of the foregoing items; nor shall additional amounts be paid with respect to any payment of the principal of or interest on any debt security to any such holder who is a fiduciary or a partnership or a beneficial owner who is other than the sole beneficial owner of such payment to the extent a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial owner would not have been entitled to such additional amounts had it been the holder of the debt security.

We have agreed in each indenture that at least one paying agent for each series of debt securities will be located outside the United Kingdom. We have also agreed that if we maintain a paying agent with respect to a particular series of debt securities in any member state of the European Union, we will maintain a paying agent in at least one member state (other than the United Kingdom) that will not be obliged to withhold or deduct taxes pursuant to any law implementing European Council Directive 2003/48/EC or any other Directive implementing the conclusions of the ECOFIN Council meeting of November 26-27, 2000 on the taxation of savings income, provided there is at least one member state that does not require a paying agent to withhold or deduct pursuant to such Directive.

Our obligation to pay additional amounts if and when due will survive the termination of the indentures and the payment of all amounts in respect of the debt securities.

***Limitation on Liens***

We have agreed in the indentures not to incur or assume (or permit any of our subsidiaries to incur or assume) any lien on or with respect to any of our or our subsidiaries' property, assets or revenues, present or future, to secure any relevant indebtedness (as this term is

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defined below) without making (or causing our subsidiaries to make) effective provision for securing the debt securities equally and ratably with such relevant indebtedness as to such property, assets or revenues, for as long as such relevant indebtedness is so secured.

The restrictions on liens will not apply to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens arising by operation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens on property, assets or revenues of any person, which liens are existing at the time such person becomes a subsidiary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liens on property, assets or revenues of a person existing at the time such person is merged with or into or consolidated with us or any of our subsidiaries or at the time of a sale, lease or other disposition to us of the properties of a person as an entirety or substantially as an entirety.

For purposes of the limitation on liens covenant, the term "relevant indebtedness" means any of our debt that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is in the form of or represented by bonds, notes, loan stock, depositary receipts or other securities issued (otherwise than to constitute or represent advances made by banks or other lending institutions);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is denominated in, or confers any right of payment by reference to, any currency other than the currency of the country in which the issuer of the indebtedness has its principal place of business, or is denominated in or by reference to the currency of such country but more than 20% of which is placed or offered for subscription or sale by or on behalf of, or by agreement with, the issuer outside such country; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• at its date of issue is, or is intended by the issuer to become, quoted, listed, traded or dealt in on any stock exchange, over-the-counter market or other securities market.

***Additional Covenants***

We may be subject to additional covenants, including restrictive covenants in respect of a particular series of debt securities. Such additional covenants will be set forth in the applicable prospectus supplement and, to the extent necessary, in the supplemental indenture or board resolution relating to that series of debt securities.

**Optional Redemption for Tax Reasons**

We may redeem any series of debt securities in whole but not in part at any time, on giving not less than 30 nor more than 60 days' notice of such redemption, at a redemption price equal to the principal amount plus accrued interest, if any, to the date fixed for redemption (except in the case of discounted debt securities, which may be redeemed at the redemption price specified by the terms of each series of such debt securities), if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we determine that, as a result of any change in or amendment to the laws or any regulations or rulings promulgated thereunder of the United Kingdom (or of any political subdivision or taxing authority thereof) or the United States (or of any political subdivision or taxing authority thereof), or any change in the application or official interpretation of such laws, regulations or rulings, or any change in the application or official interpretation of, or any execution of or amendment to, any treaty or treaties affecting taxation to which any such jurisdiction is a party, which change, execution or amendment becomes effective on or after the issue date or such other date specified in the debt securities of that series:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we would be required to pay additional amounts (as described under "— Covenants — Payment of Additional Amounts" above) with respect to that series of debt securities on the next succeeding interest payment date and the payment of such additional amounts cannot be avoided by the use of reasonable measures available to us; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• withholding tax has been or would be required to be withheld with respect to interest income received or receivable by the applicable finance subsidiary directly from the guarantor (or any affiliate) and such withholding tax obligation cannot be avoided by the use of reasonable measures available to the applicable finance subsidiary or the guarantor (or any affiliate); or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we determine, based upon an opinion of independent counsel of recognized standing that, as a result of any action taken by any legislative body of, taxing authority of, or any action brought in a court of competent jurisdiction in, the United Kingdom (or any political subdivision or taxing authority thereof) or the United States (or any political subdivision or taxing authority thereof) (whether or not such action was taken or brought with respect to GSK, as issuer or guarantor, or the applicable finance subsidiary, as the case may be), which action is taken or brought on or after the issue date or such other date specified in the debt securities of that series, there is a substantial probability that the circumstances described above would exist; provided, however, that no such notice of redemption may be given earlier than 90 days prior to the earliest date on which we would be obligated to pay such additional amounts.

We will also pay to each holder, or make available for payment to each such holder, on the redemption date any additional amounts resulting from the payment of such redemption price. Prior to the publication of any notice of redemption, we will deliver to the trustee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an officer's certificate stating that we are entitled to effect a redemption and setting forth a statement of facts showing that the conditions precedent of the right so to redeem have occurred; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an opinion of counsel to the effect that the conditions specified above have been satisfied. Any notice of redemption will be irrevocable once we deliver the officer's certificate to the trustee.

**Events of Default**

Unless otherwise specified in a prospectus supplement, an event of default with respect to a series of debt securities occurs upon:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default in payment of the principal (or premium, if any) of any debt security of that series when due (including as a sinking fund installment), and, in the case of technical or administrative difficulties, the continuance of that default for more than two business days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default in payment of interest on, or any additional amounts payable in respect of, any debt security of that series when due and payable, and the continuance of that default for 30 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default in performing any other covenant in the indenture applicable to that series for 60 days after the receipt of written notice from the trustee or from the holders of 25% in principal amount of the debt securities of that series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• default under any bond, debenture, note or other evidence of indebtedness for money borrowed of GSK or either finance subsidiary, as the case may be (not including any indebtedness for which recourse is limited to property purchased), having in any particular case an outstanding principal amount in excess of $25,000,000 (or its equivalent in any other currency) where any such failure results in such indebtedness being accelerated and becoming due and payable prior to its stated maturity and such acceleration shall not have been rescinded or annulled or such indebtedness shall not have been discharged;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain events of bankruptcy, insolvency or reorganization of GSK or either finance subsidiary, as the case may be;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any other event of default provided with respect to that particular series of debt securities.

Any additional or different events of default applicable to a particular series of debt securities will be described in the prospectus supplement relating to such series.

An event of default with respect to a particular series of debt securities will not necessarily constitute an event of default with respect to any other series of debt securities.

The trustee may withhold notice to the holders of debt securities of any default (except in the payment of principal, premium or interest) if it, in good faith, considers such withholding of notice to be in the best interests of the holders. A default is any event which is an event of default described above or would be an event of default but for the giving of notice or the passage of time.

If an event of default occurs and continues, the trustee or the holders of the aggregate principal amount of the debt securities specified below may require us to repay immediately, or accelerate:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the entire principal of the debt securities of such series; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the debt securities are original issue discount securities, such portion of the principal as may be described in the applicable prospectus supplement.

If the event of default occurs because of a default in a payment of principal or interest on the debt securities of any series, then the trustee or the holders of at least 25% of the aggregate principal amount of debt securities of that series can accelerate that series of debt securities. If the event of default occurs because of a failure to perform any other covenant in the applicable indenture or any covenant for the benefit of one or more, but not all, of the series of debt securities, then the trustee or the holders of at least 25% of the aggregate principal amount of debt securities of all series affected, voting as one class, can accelerate all of the affected series of debt securities. If the event of default occurs because of bankruptcy proceedings, then all of the debt securities under the indenture will be accelerated automatically. Therefore, except in the case of a default on a payment of principal or interest on the debt securities of your series or a default due to our bankruptcy or insolvency, it is possible that you may not be able to accelerate the debt securities of your series because of the failure of holders of other series to take action.

The holders of a majority of the aggregate principal amount of the debt securities of all affected series, voting as one class, can rescind this accelerated payment requirement or waive any past default or event of default or allow noncompliance with any provision of the applicable indenture. However, they cannot waive a default in payment of principal of, premium, if any, or interest on any of the debt securities when due otherwise than as a result of acceleration.

After an event of default, the trustee must exercise the same degree of care a prudent person would exercise under the circumstances in the conduct of her or his own affairs. Subject to these requirements, the trustee is not obligated to exercise any of its rights or powers under the applicable indenture at the request, order or direction of any holders, unless the holders offer the trustee reasonable indemnity. If they provide this reasonable indemnity, the holders of a majority in principal amount of all affected series of debt securities, voting as one class, may direct the time, method and place of conducting any proceeding for any remedy available to the trustee, or exercising any power conferred upon the trustee, for any series of debt securities. However, the trustee may refuse to follow any direction that conflicts with law or the indenture or is unduly prejudicial to the rights of other holders.

No holder will be entitled to pursue any remedy with respect to the indenture unless the trustee fails to act for 60 days after it is given:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notice of default by that holder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a written request to enforce the indenture by the holders of not less than 25% in principal amount of all outstanding debt securities of any affected series; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an indemnity to the trustee, satisfactory to the trustee; and during this 60-day period the holders of a majority in principal amount of all outstanding debt securities of such affected series do not give a direction to the trustee that is inconsistent with the enforcement request. These provisions will not prevent any holder of debt securities from enforcing payment of the principal of (and premium, if any) and interest on the debt securities at the relevant due dates.

If an event of default with respect to a series of debt securities occurs and is continuing, the trustee will mail to the holders of those debt securities a notice of the event of default within 90 days after it occurs. However, except in the case of a default in any payment in respect of a series of debt securities, the trustee shall be protected in withholding notice of an event of default if it determines in good faith that this is in the interests of the holders of the relevant debt securities.

**Modification of the Indentures**

In general, rights and obligations of us and the holders under the indentures may be modified if the holders of a majority in aggregate principal amount of the outstanding debt securities of each series affected by the modification consent to such modification. However, each of the indentures provides that, unless each affected holder agrees, an amendment cannot:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make any adverse change to any payment term of a debt security such as extending the maturity date, extending the date on which we have to pay interest or make a sinking fund payment, reducing the interest rate, reducing the amount of principal we have to repay, changing the currency in which we have to make any payment of principal, premium or interest, modifying any

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redemption or repurchase right, or right to convert or exchange any debt security, to the detriment of the holder and impairing any right of a holder to bring suit for payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• waive any payment default;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduce the percentage of the aggregate principal amount of debt securities needed to make any amendment to the applicable indenture or to waive any covenant or default; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• make any other change to the amendment provisions of the applicable indenture.

However, if we and the trustee agree, the applicable indenture may be amended without notifying any holders or seeking their consent if the amendment does not materially and adversely affect any holder. We and the trustee are permitted to make modifications and amendments to the applicable indenture without the consent of any holder of debt securities for any of the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to cure any ambiguity, defect or inconsistency in the indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to comply with sections of the indenture governing when we may merge and substituted obligors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to comply with any requirements of the U.S. Securities and Exchange Commission in connection with the qualification of the indenture under the Trust Indenture Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to evidence and provide for the acceptance by a successor trustee of appointment under the indenture with respect to the debt securities of any or all series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to establish the form or forms or terms of the debt securities of any series or of the coupons appertaining to such debt securities as permitted under the indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to provide for uncertificated debt securities and to make all appropriate changes for such purpose;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to provide for a further guarantee from a third party on outstanding debt securities of any series and the debt securities of any series that may be issued under the indenture;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to change or eliminate any provision of the indenture; provided that any such change or elimination will become effective only when there are no outstanding debt securities of any series created prior to the execution of such supplemental indenture that is entitled to the benefit of such provision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to supplement any of the provisions of the indenture to such extent as will be necessary to permit or facilitate the defeasance and discharge of any series of debt securities pursuant to the indenture; provided that any such action will not adversely affect the interests of the holders of such or any other series of debt securities in any material respect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• to make any change that does not materially and adversely affect the rights of any holder of the debt securities.

**Defeasance**

The term defeasance means discharge from some or all of the obligations under the indentures. If we deposit with the trustee sufficient cash or government securities to pay the principal, interest, any premium and any other sums due to the stated maturity date or a redemption date of the debt securities of a particular series, then at our option:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will be discharged from our respective obligations with respect to the debt securities of such series; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we will no longer be under any obligation to comply with the restrictive covenants, if any, contained in the applicable indenture and any supplemental indenture or board resolution with respect to the debt securities of such series, and the events of default relating to failures to comply with covenants will no longer apply to us.

If this happens, the holders of the debt securities of the affected series will not be entitled to the benefits of the applicable indenture except for registration of transfer and exchange of debt securities and replacement of lost, stolen or mutilated debt securities. Instead, the holders will only be able to rely on the deposited funds or obligations for payment.

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We must deliver to the trustee an opinion of counsel to the effect that the deposit and related defeasance would not cause the holders of the debt securities to recognize income, gain or loss for U.S. federal income tax purposes. We may, in lieu of an opinion of counsel, deliver a ruling to such effect received from or published by the U.S. Internal Revenue Service.

**Substitution of Issuer**

We may at our option at any time, without the consent of any holders of debt securities, cause GSK or any other subsidiary of GSK to assume the obligations of the applicable finance subsidiary under any series of debt securities, provided that the new obligor executes a supplemental indenture in which it agrees to be bound by the terms of those debt securities and the relevant indenture. If the new obligor is not a U.S. or U.K. company, it must be organized and validly existing under the laws of a jurisdiction that is a member country of the Organisation for Economic Cooperation and Development (or any successor) and it must also agree in the supplemental indenture to be bound by a covenant comparable to that described above under "— Covenants — Payment of Additional Amounts" with respect to taxes imposed in its jurisdiction of organization (in which case the new obligor will benefit from a redemption option comparable to that described above under "— Optional Redemption for Tax Reasons" in the event of changes in taxes in that jurisdiction after the date of the substitution). In the case of such a substitution, the applicable finance subsidiary will be relieved of any further obligation under the assumed series of debt securities.

For U.S. federal income tax purposes, a substitution of obligors as described above generally would be treated as a deemed taxable exchange of debt securities for new debt securities issued by the new obligor. As discussed further in the applicable prospectus supplement, a United States person who holds debt securities or owns a beneficial interest therein generally will recognize capital gain or loss in an amount equal to the difference between the issue price of the new debt securities and such person's adjusted tax basis in the debt securities. Such persons should consult their own tax advisors regarding the tax consequences of a deemed taxable exchange in the event of a substitution of obligors.

**Information Concerning the Trustee**

Law Debenture Trust Company of New York will be the trustee. The trustee will be required to perform only those duties that are specifically set forth in the indentures, except when a default has occurred and is continuing with respect to the debt securities. After a default, the trustee must exercise the same degree of care that a prudent person would exercise under the circumstances in the conduct of her or his own affairs. Subject to these requirements, the trustee will be under no obligation to exercise any of the powers vested in it by the indentures at the request of any holder of debt securities unless the holder offers the trustee reasonable indemnity against the costs, expenses and liabilities that might be incurred by exercising those powers.

**Governing Law**

The debt securities, the related guarantees and the indentures will be governed by and construed in accordance with the laws of the State of New York.

**<u>Legal Ownership of Debt Securities</u>**

**"Street Name" and Other Indirect Holders**

We generally will not recognize investors who hold debt securities in accounts at banks or brokers as legal holders of those debt securities.

Holding securities in accounts at banks or brokers is called holding in "street name." If an investor holds debt securities in street name, we recognize only the bank or broker or the financial institution the bank or broker uses to hold the debt securities. These intermediary banks, brokers and other financial institutions pass along principal, interest and other payments on the debt securities, either because they agree to do so in their customer agreements or because they are legally required to do so. If you hold debt securities in street name, you should check with your own institution to find out:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how it handles payments and notices with respect to securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether it imposes fees or charges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how it would handle voting if ever required;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how and when you should notify it to exercise on your behalf any rights or options that may exist under the debt securities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• whether and how you can instruct it to send you securities registered in your own name so you can be a direct holder as described below; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• how it would pursue rights under the debt securities if there were a default or other event triggering the need for holders to act to protect their interests.

**Registered Holders**

Our obligations, as well as the obligations of the trustee and those of any third parties employed by us or the trustee, extend only to persons who are registered as holders of debt securities. As noted above, we do not have obligations to you if you hold in street name or through other indirect means, either because you choose to hold debt securities in that manner or because the debt securities are issued in the form of global securities as described below. For example, once we make payment to the registered holder, we have no further responsibility for the payment even if that holder is legally required to pass the payment along to you as a street name customer but does not do so.

**Global Securities**

A global security is a special type of indirectly held security. If we choose to issue debt securities in the form of global securities, the ultimate beneficial owners of the debt securities will be indirect holders. We do this by requiring that the global security be registered in the name of a financial institution we select and by requiring that the debt securities represented by the global security not be registered in the name of any other holder except in the special situations described below. The financial institution that acts as the sole registered holder of the global security is called the depositary. Any person wishing to own a debt security may do so indirectly through an account with a broker, bank or other financial institution that in turn has an account with the depositary. The prospectus supplement will indicate whether your series of debt securities will be issued only as global securities.

Transfers of debt securities represented by the global security will be made only on the records of the depositary or its nominee by transferring such debt securities from the account of one broker, bank or financial institution to the account of another broker, bank or financial institution. These transfers are made electronically only and are also known as book- entry transfers. Securities in global form are sometimes also referred to as being in book-entry form.

As an indirect holder, your rights relating to a global security will be governed by the account rules of your broker, bank or financial institution and of the depositary, as well as general laws relating to securities transfers. We will not recognize you as a holder of debt securities and instead will deal only with the depositary that holds the global security.

You should be aware that if debt securities are issued only in the form of a global security:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you cannot have debt securities registered in your own name;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you cannot receive physical certificates for your interest in the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you will be a street name holder and must look to your own broker, bank or financial institution for payments on the debt securities and protection of your legal rights relating to the debt securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• you may not be able to sell interests in the debt securities to some insurance companies and other institutions that are required by law to own securities in the form of physical certificates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the depositary's policies will govern payments, transfers, exchanges and other matters relating to your indirect interest in the global security. We and the trustee will have no responsibility for any aspect of the depositary's actions or for its records of ownership interests in the global security. We and the trustee also will not supervise the depositary in any way; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the depositary will require that indirect interests in the global security be purchased or sold within its system using same-day funds for settlement.

In a few special situations described below, the global security will terminate and the indirect interests in it will be exchanged for registered debt securities represented by physical certificates. After that exchange, the choice of whether to hold debt securities in registered form or in street name will be up to you. You must consult your broker, bank or financial institution to find out how to have your interests in debt securities transferred to your name, so that you will be a registered holder.

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Unless we specify otherwise in the prospectus supplement, the special situations for termination of a global security are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• when the depositary notifies us that it is unwilling or unable to continue as depositary and we do not or cannot appoint a successor depositary within 90 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the depositary ceases to be a clearing agency registered under the Exchange Act and we do not appoint a successor depositary within 90 days;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an event of default has occurred and is continuing and beneficial owners representing a majority in principal amount of the applicable series of debt securities have advised the depositary to cease acting as the depositary; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we decide we do not want to have the debt securities of that series represented by a global security.

The prospectus supplement may also list additional situations for terminating a global security that would apply only to the particular series of debt securities covered by the prospectus supplement. When a global security terminates, the depositary (and not us or the trustee) is responsible for deciding the names of the institutions that will be the initial registered holders.

**The Term "Holder"**

In the descriptions of the debt securities included herein, when we refer to the "holder" of a given debt security as being entitled to certain rights or payments, or being permitted to take certain actions, we are in all cases referring to the registered holder of the debt security.

While you would be the registered holder if you held a certificated security registered in your name, it is likely that the holder will actually be either the broker, bank or other financial institution where you have your street name account, or, in the case of a global security, the depositary. If you are an indirect holder, you will need to coordinate with the institution through which you hold your interest in a debt security in order to determine how the provisions involving holders described herein will actually apply to you. For example, if the debt security in which you hold a beneficial interest in street name can be repaid at the option of the holder, you cannot exercise the option yourself by following the procedures described in the prospectus supplement. Instead, you would need to cause the institution through which you hold your interest to take those actions on your behalf. Your institution may have procedures and deadlines different from or additional to those described in the prospectus supplement relating to the debt security.

## Exhibit 4.1

**CONTRACT OF EMPLOYMENT**

23 October, 2025 To: Luke Miels Dear Luke

On behalf of GlaxoSmithKline Services Unlimited (the **Company**) I am delighted to offer you the role of Chief Executive Officer of GSK plc (**GSK**) starting on 1 January 2026 (the **Commencement Date**). In addition, and for no additional consideration, you will serve as a director on the GSK Board (subject to election by the shareholders of GSK plc at the 2026 annual general meeting and annual re-election thereafter and to the articles of association of GSK) and, if requested by the GSK Board, will serve as a director on any other board of directors of any Group Company. The key terms of your employment are set out in this letter and the accompanying Schedules (the or this **Agreement**).

For your convenience, we have consolidated the key terms and benefits in Schedule 1.

**1. Duties and obligations**

1.1You will:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)devote your full time, attention and abilities to the performance of your duties and role and carry out additional duties that the Company may reasonably require subject to the overall supervision and direction of the GSK Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)comply with the Company's Code of Conduct, Standards of Conduct, and all other policies and procedures of or applicable to the Company from time to time in force, and with all reasonable and lawful directions given to you by the Company, always acting in the Company's best interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)not work for anybody else during your employment or be directly or indirectly engaged in any other business activity without the prior written consent of the Board, except that: (i) you may continue the excluded activities outlined in Schedule 1 (Directorships); and (ii) you may hold by way of bona fide investment no more than 5% of any shares or other class of securities in any public company listed on a recognised stock exchange;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)comply with the UK Market Abuse Regulation and any regulations made under it, and all applicable rules made by the FCA, the London Stock Exchange plc and any other authority that regulates the Company or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)promptly disclose to the Company any interest which you have in any contract or transaction made by the Company or any Group Company, and any other conflict or potential conflict of interest which arises or may arise in relation to your duties under this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)use best endeavours to obtain and maintain the right to work in the UK, provide the Company with such evidence as may be required from time to time to demonstrate your right to work in the UK, and notify the Company immediately if you cease to be entitled to work in the UK; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)notify the Company immediately if you become aware of any actual or pending investigation which may result in you becoming an Ineligible Person.

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1.2Your continued employment by the Company in this role is conditional upon you not being an Ineligible Person. You will be an "**Ineligible Person**" if you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)are excluded, debarred, suspended or otherwise ineligible to participate in the United States Federal Health Care Programmes or in Federal procurement or non-procurement programs by reason of conduct for which GSK reasonably considers you to be personally culpable; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)have been convicted of a criminal offence that falls within the scope of 42 U.S.C. § 1320a- 7(a), but has not yet been excluded, debarred, suspended or otherwise declared ineligible.

1.3You are required to build over three years from the Commencement Date and maintain a holding of shares in GSK equivalent to a value of 725% of your basic salary from time to time. That percentage may increase in the future in line with any increases to your LTI grant multiple. Following the termination of your employment with the Company, as a minimum you will be required to maintain 100% of that share ownership requirement to the end of the second year following the termination date. The full terms of this share ownership requirement, including which share awards count towards it, are set out in GSK's annual report and may be amended from time to time.

1.4No probationary period applies to your employment under this Agreement.

**2. Salary and benefits**

2.1Your basic salary on commencement will be £1,375,000 per year. Your basic salary will be payable by monthly instalments in arrears on or around the 20th day of each month directly into your bank account, less such deductions for income tax and National Insurance contributions that the Company is obliged to deduct from time to time. Your salary will be reviewed annually without commitment to increase. This review will be based on your individual performance and achievement of objectives. The first review of your basic salary following the Commencement Date will take effect on 1 January, 2027.

2.2At any time during your employment, or on its termination (however arising), the Company shall be entitled to deduct from salary or any other payments due to you in respect of your employment any monies due from you to the Company or any Group Company including, without limitation, under the Recoupment Provisions and any overpayments or payments due from you in respect of your participation in any applicable pension plans.

2.3Details of the benefits you are entitled to as at the date of this Agreement are contained in Schedule 1 to this Agreement. Your eligibility and participation are subject to the rules of any applicable benefit plans and programs and all benefits are subject to amendment or withdrawal at the Company's discretion, provided that any such amendment and/or withdrawal is applied to all executive directors of GSK who are entitled to such benefit. Any payment or benefit made to you is subject to and conditional on such approval by the shareholders of GSK as may be required by law and/or the terms of GSK's approved remuneration policy. Notwithstanding anything in this clause, the Company reserves the right to withhold or require repayment of all or part of any such payment or benefit if and to the extent that it is necessary to do so in order to comply with regulatory or legal requirements, or the terms of GSK's approved remuneration policy.

**3. Termination**

3.1You or the Company may terminate your employment by giving 12 months' advance notice to the

other in writing.

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3.2The Company may, in its sole and absolute discretion (whether or not any notice of termination has been given under clause 3.1), terminate this Agreement at any time and with immediate effect by giving you notice in writing that it is exercising its rights pursuant to this clause 3.2. If the Company elects to terminate your employment in this way, it will, subject to clause [3.3,](#id179b8f6dbe5487b9f0259cb2778d146_4) make within 45 days a payment in lieu of notice (**Payment in Lieu**) equal to the basic salary only (as at the date of termination) which you would have been entitled to receive under this Agreement during the notice period referred to in clause 3.1 (or, if notice has already been given, during the remainder of the notice period) less income tax and required withholdings (such as National Insurance contributions). For the avoidance of doubt, the Payment in Lieu shall not include any element in relation to any holiday entitlement that would have accrued or benefits or bonus that you would have received or share awards that would have been granted or vested during the period for which the Payment in Lieu is made.

3.3The Company may, in its absolute discretion, operate clause [3.2](#id179b8f6dbe5487b9f0259cb2778d146_4)by paying the Payment in Lieu in monthly instalments (the **Monthly Payments**). Each Monthly Payment shall be calculated by dividing your basic salary (as at the date of termination) by 12 and shall be subject to the following additional terms:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)If the Company exercises its right under this clause [3.3](#id179b8f6dbe5487b9f0259cb2778d146_4) to pay the Payment in Lieu as Monthly Payments, you will be under an immediate and ongoing duty to mitigate your loss by actively seeking an Alternative Remunerated Position. You will provide the Company with such information as it may reasonably request in relation to your search for an Alternative Remunerated Position, and in any event inform the Company immediately on obtaining an Alternative Remunerated Position and advise the Company promptly of the amount of the remuneration and benefits earned by you from the Alternative Remunerated Position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)The Monthly Payments shall be payable at the same intervals and on the same dates as salary payments would have been made and shall commence on the date specified in the written notice under clause 18.1 (or such date within one month thereafter as the Company shall determine), and shall continue until:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)the expiry of the notice period (or the remainder of the notice period, if it had been served) under clause [3.2](#id179b8f6dbe5487b9f0259cb2778d146_4); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)if earlier, the date on which you obtain an Alternative Remunerated Position, in which case the Monthly Payments still outstanding shall be reduced by the amount of the remuneration and benefits earned by you from the Alternative Remunerated Position, and only the balance of such Monthly Payments shall be due to you. If any remuneration or benefit earned from the Alternative Remunerated Position is paid to you other than on a monthly basis or other than in cash, the Company will calculate the monthly cash value of such remuneration on such reasonable basis as it may determine; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)if earlier, the date on which the Company determines that you have failed to comply with your duty under clause [3.3(a)](#id179b8f6dbe5487b9f0259cb2778d146_4) to mitigate your loss by actively seeking an Alternative Remunerated Position.

Nothing in this clause [3](#id179b8f6dbe5487b9f0259cb2778d146_4) gives rise to any right for you to receive a Payment in Lieu or Monthly Payments. Any Payment in Lieu or Monthly Payment is made on the condition that as at the date of such payment you have not committed any act or made any omission which might amount to a repudiatory breach of this Agreement and that there are no circumstances which would entitle the Company to terminate your employment without notice. If you have committed any such act or

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omission or if there are any such circumstances, you will account for any Payment in Lieu or Monthly Payment to the Company.

3.4Save as expressly set out in this Agreement, you will not be entitled to any additional payments upon the termination of your employment including but not limited to any payments under any Company severance and/or redundancy policy or practice.

3.5The above notice provisions in this clause 3 are subject to the Company's right to terminate your employment at any time without notice (or payment in lieu of notice) if you:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)commit any act of significant or serious misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)commit any serious or repeated breach of your obligations to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)commit any conduct which in the opinion of the Company seriously prejudices or is likely seriously to prejudice the Company or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)refuse or neglect to carry out any of your duties or comply with any lawful orders given to you by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)commit any breach of the Company's policies on equal opportunities, harassment, bullying,

anti-corruption and bribery, tax evasion or fraud prevention;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)are convicted of an arrestable offence which in the opinion of the Company impacts or may impact your reputation or the reputation of the Company (you being under an obligation to advise the Company of any circumstances which may give rise to a possible conviction as well as any conviction received);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)remain unable to perform your duties properly due to sickness or injury once any applicable period of paid Company-sickness absence has expired, or if you are unable to perform your duties despite reasonable accommodations being made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)fail to comply with your obligation under clause [1.1(f)](#id179b8f6dbe5487b9f0259cb2778d146_1)to use best endeavours to obtain and maintain the right to work in the UK;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)resign as a director of GSK or any Group Company without the written consent of the GSK Board (except where you are obliged to resign under this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)are disqualified or otherwise prohibited by law from being a director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)become bankrupt or make any composition or enter into any voluntary arrangement with your creditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)become an Ineligible Person; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)fail to disclose to the GSK Board promptly (and in any event within two working days of you having actual knowledge of the fact) that one of the events listed in sub-clauses [(a)](#id179b8f6dbe5487b9f0259cb2778d146_4)-[(l)](#id179b8f6dbe5487b9f0259cb2778d146_4) above has occurred.

The Company's rights under clause [3.6](#id179b8f6dbe5487b9f0259cb2778d146_4)are without prejudice to any other rights that it may have as a matter of applicable law to terminate your employment or accept any breach of this Agreement by you as having brought this Agreement to an end. Any delay by the Company in exercising any of its

4

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rights to terminate the employment under this Agreement shall not constitute a waiver of those rights.

3.6If you are not re-elected as a director of GSK or if you are otherwise removed from office as a director of GSK (including, without limitation, under GSK's articles of association or by GSK's shareholders), then you will continue to serve the Company as an employee only and the terms of this Agreement (other than those relating to the holding of the office of director of GSK) will continue in full force and effect. You will have no claim against the Company under this Agreement by reason of any such cessation of office.

3.7On termination of your employment (or at any time upon the Company's request) you must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)immediately return to the Company, without keeping or making any copies in any format, any original and copy documents obtained by you in the course of your employment and all property belonging to the Company or any Group Company which is in your possession or under your control, including, without limitation, any credit or charge cards, security passes, keys, IT equipment, mobile telephone, laptop or tools;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)irretrievably delete (without keeping any copies in any format) any information relating to the business or affairs of the Company or any of its business contacts from any computer or communications systems, including any website or email account, owned or used by you outside the Company's premises;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)on request, provide the Company with such reasonable evidence of compliance as may be required and permit a representative of the Company to inspect any relevant electronic or digital storage or memory device in order to confirm your compliance with your obligations under sub-clauses [(a)](#id179b8f6dbe5487b9f0259cb2778d146_4)-[(b)](#id179b8f6dbe5487b9f0259cb2778d146_4)above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)immediately repay all outstanding debts or loans due to the Company or any Group Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)provide the Company and any Group Company with such assistance as may be required, regarding matters of which you have knowledge and/or experience, in any internal or external investigation, proceedings or potential proceedings in which the Company or any Group Company is or may be a party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)not without the consent of the Company at any time represent yourself or commit yourself to be held out as being in any way connected with or interested in the business of the Company or any Group Company (except as a former employee for the purpose of communicating with prospective employers or complying with any applicable statutory requirements); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)not make any untrue or misleading oral or written statement concerning the business or affairs of the Company or any Group Company.

At any time after notice has been given to terminate your employment (whether by you or the Company), the Company may require you to resign from any office held in the Company, GSK or any Group Company by written notice, and you must resign as soon as reasonably practicable after any such request is made. Any resignation which is effected under this clause [3.10](#id179b8f6dbe5487b9f0259cb2778d146_4) will not terminate your employment under this Agreement or amount to a breach of this Agreement by the Company. You hereby irrevocably authorise the Company to appoint some person in your name and on your behalf

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to execute all and any documents or do all such acts or things necessary or reasonable in order to give effect to this clause [3.10.](#id179b8f6dbe5487b9f0259cb2778d146_4)

3.8The Company may terminate this Agreement even if such termination results in you losing any existing or prospective benefits under this Agreement, including (without limitation) any benefits under any permanent health insurance scheme operated by the Company.

3.9Notice under this clause 3 will be served, and will be deemed to have been received, in accordance with the provisions of clause 7.

**4. Garden leave and suspension**

Following service of notice to terminate your employment by either party or if you purport to terminate your employment in breach of this Agreement or at any time in order to investigate any matter in which the Company reasonably believes that you are implicated or involved and to conduct any related disciplinary proceedings, the Company may suspend any of your duties for such periods and on such terms as it considers appropriate (**Garden Leave**), including a requirement that you will not attend at the Company's premises, be provided with any work, access the Company's communications systems or contact any of its customers, employees or other business contacts (other than purely social contact). During any period of Garden Leave under this clause 4, the Company may appoint a replacement to exercise your duties and may require you to take such actions as it reasonably requires to effect a proper handover of your duties and responsibilities. You will continue to be bound by your obligations under this Agreement and by your general duties of good faith. You will remain available to perform any reasonable duty requested by the Company, and should you fail to be available for work without good reason, you will forfeit your right to salary and benefits in respect of such period of non-availability.

**5. Confidential information, inventions & copyright**

5.1You acknowledge that you are likely to obtain trade secrets and Confidential Information (as defined in Schedule 3) belonging to or relating to the Company in the performance of your duties and understand that you must not and agree that you will not, either during your employment or at any time afterwards, use or communicate to any person any Confidential Information concerning the business or affairs of the Company or any Group Company or any of its or their employees or business contacts which comes to your knowledge during the course of your employment. However, nothing in this Agreement prohibits or restricts you (or your legal adviser acting on your behalf) from: initiating communications directly with, making a report to, responding to an inquiry from, co- operating with any investigation by, or providing testimony before any court, the Securities and Exchange Commission (SEC), or any other regulatory or law enforcement organisation or agency, or any other federal or state regulatory authority, any tax authority, or any other regulatory, ombudsman or supervisory authority; or from raising a grievance, complaint or claim in respect of your employment; or making a public interest disclosure under Part IV A of the Employment Rights Act 1996 (or comparable legislation) about any matter that arises during the course of your employment or a relevant pay disclosure under section 77 of the Equality Act 2010, or from making any other disclosure required by law.

5.2You will be bound by and agree to comply with the Company's standard policy on inventions and

copyright from time to time in force.

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**6. Data protection**

Details of how the Company processes your personal data can be found in the Company's Employee

Personal Information Protection Notice, a copy of which is available on the GSK intranet site.

**7. Notices**

7.1Any notices or other document to be served under this Agreement will be delivered by hand, or by email to the address habitually used by the receiving party, and will be deemed received at the time of delivery, or sent by recorded delivery at the address given in this Agreement, in which case it will be deemed received at the time recorded by the delivery service.

7.2This clause 7 does not apply to the service of any proceedings or other documents in any legal action.

**8. Miscellaneous**

8.1Schedule 1 to this Agreement contains the information which is required to be given to an employee under section 1 of the Employment Rights Act 1996.

8.2This Agreement is governed by and construed in accordance with English law and the parties irrevocably agree that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with this Agreement or its subject matter or formation (including non-contractual disputes or claims).

8.3This Agreement shall be binding upon and inure to the benefit of the Company or any other entity to which the Company may transfer all or substantially all of its assets and business and to which the Company may assign this Agreement, in which case "Company" as used in this Agreement, shall mean such entity. Your rights shall inure to the benefit of your heirs, executors, administrators and other personal representatives.

8.4No term of this Agreement may be amended or waived unless in writing, signed by you and a duly authorised officer of the Company.

8.5As from the Commencement Date, all other agreements or arrangements between the Company or any Group Company relating to your employment, save for any agreements or binding policies (such as the **Recoupment Provisions**) referred to within this Agreement or required to be entered into pursuant to this Agreement and save as expressly set out in your offer letter for the role of Chief Executive Officer, will cease to have effect. This Agreement including the Schedules comprises the whole agreement between you and the Company relating to your employment by the Company.

8.6All payments due to you under this Agreement, or to your estate or beneficiaries, shall be subject to withholding of such taxes and National Insurance/social security or similar contributions as the Company may be required to withhold by applicable law or regulation. You are responsible for worldwide taxes and social security due as a result of your relocation to the United Kingdom and you are expected to comply fully with all tax laws and pay all required taxes in all relevant jurisdictions except to the extent such taxes are withheld and paid directly by the Company. After you start working in the United Kingdom under this Agreement, social security payments will cease in your current location and you will be responsible for any past contributions (excluding any past employer's contributions which cannot be recovered from the employee) or future contributions made to the social security plan applicable in your current location.

Each Group Company shall have the right under the Contracts (Rights of Third Parties) Act 1999 to enforce the rights bestowed on it by this Agreement. The consent of a Group Company is not

7

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required to amend any terms of this Agreement. Except as set out in this clause 8, a person who is not a party to this Agreement may not enforce any of its provisions under the Contracts (Rights of Third Parties) Act 1999.

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**SCHEDULE 1**

**STATEMENT OF KEY TERMS & BENEFITS**

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| | |
|:---|:---|
| **Commencement Date** | 1 January 2026 is the date on which this employment will begin. Your period of continuous employment began on 4 September 2017. |
| **Location** | Your normal place of work will be at GSK plc's offices at 79 New Oxford Street, London WC1A 1DG, UK but you may be required to spend reasonable periods of time at, or relocate to, any other UK corporate headquarters of the company from time to time. In addition, in order to meet the requirements of the business, you may be required to work at other locations within the United Kingdom or overseas, either by travelling to, or spending reasonable periods of time at that location. It is acknowledged that you may be required to work outside the United Kingdom for a period of more than one month. No special terms will apply to any period in which you are working outside the UK. It is specifically acknowledged that you will continue to be based in Singapore from the Commencement Date until 7 April 2026 (inclusive) and your first day working in the UK will be 8 April 2026. Notwithstanding where you are performing your duties at any time, your remuneration will be paid in GBP.<br>In terms of relocation support, the Company will reimburse the costs of your flights to the UK and shipping costs to transport your belonging on the terms set out in the Company's relocation policy<br>– further details will be provided to you separately. Other than this relocation support, you will not receive any additional remuneration or benefits by reason of your work outside the United Kingdom and there are other no terms and conditions relating to your move to the United Kingdom. In the event of permanent relocation to another site, this will be discussed with you, appropriate notice will be given, and the Company will offer assistance, in accordance with any relocation rules applicable at that time, if this is required. |
| **Working hours** | 9.00 a.m. to 5.15 p.m. Monday to Friday, and such additional hours (without further remuneration) as are necessary for the proper performance of your duties. You agree that because of the autonomous nature of your role, the weekly limit on working time set out in Regulation 4 of the Working Time Regulations 1998 does not apply to your employment. |
| **Holiday entitlement** | You are entitled to 27 days' paid holiday in each holiday year (plus all statutory and Bank Holidays), which may be increased in accordance with your tenure with the Company in accordance with Company policy as in force from time to time. |

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| | |
|:---|:---|
| | The Company's holiday year runs from 1 January to 31 December.<br>Holiday dates must be agreed in advance by the Chairman of GSK plc. The Company reserves the right to require you to take (or not to take) holiday on particular dates. In order to allow flexibility for you and the Company, you agree that the provisions of Regulations 15(1) to 15(4) of the Working Time Regulations 1998 do not apply for the purposes of agreeing the timing/dates of your holidays.<br>Holiday which is not taken in the year in which it is accrued may be carried forward, in accordance with the Company's holiday policy in force from time to time. Any holiday not taken in a holiday year or banked in accordance with these rules will be lost. In any<br>event, you should ensure that you take a minimum of four weeks' holiday per year unless you are prevented from doing so by sickness absence or statutory maternity, paternity, adoption, shared parental, parental or parental bereavement leave.<br>On termination of your employment, you will be entitled to be paid in lieu of holiday that has accrued but not been taken in that holiday year, calculated at the rate of 1/260<sup>th</sup> of basic salary for<br>each day of holiday not taken. You shall not be entitled to payment in lieu of untaken holiday except on termination of<br>employment. If you give or receive notice of termination of your employment, the Company may require you to take during your notice period any accrued but unused holiday entitlement up to the date of termination of your employment. Should the holiday you have taken exceed your accrued entitlement for that holiday year on the date of termination, the Company will make a<br>deduction from your final salary in respect of the excess days, calculated at the rate of 1/260<sup>th</sup> of basic salary for each excess day. Payment in lieu of untaken holiday or any deduction for holiday taken in excess of your entitlement shall be calculated as set out in the Company's annual leave policy.<br>Further details may be found on the GSK intranet site. |
| **Collective Agreements** | None. |
| <br>**Disciplinary Rules & Procedures and Grievance Procedure** | The harassment and bullying policies, disciplinary rules and<br>procedures and grievance procedures of the Company, as in force from time to time, shall apply to your employment. Full details may be found on the GSK intranet site. These rules and procedures do not form part of this Agreement and the Company reserves the right vary, amend or replace them at any time, or to leave out any or all of the stages of those rules and procedures where it<br>considers it appropriate to do so.<br>If you are dissatisfied with any disciplinary decision relating to you, you will have the right to appeal. Details of the appeal process can be found in the Company's disciplinary rules and procedures. The name of the individual to whom you should direct your appeal will be confirmed as part of any disciplinary process.<br>If you wish to raise a grievance in relation to your employment, you should follow the Company's grievance procedure, which sets |

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| | |
|:---|:---|
| | out who you should write to in the case of a formal written grievance. |
| <br>**Directorships** | The Company will maintain a list of your directorships and outside interests which are approved by the GSK Board. The policy is that you are allowed one paid listed non-executive role in a non- competing business at any time, which the Chair will need to<br>review and agree before it is submitted to the main Board for approval. |
| <br>**Sickness Benefits** | Full salary (inclusive of any statutory sick pay) for the first 26 weeks' absence due to sickness or injury (whether or not consecutive) and half of your salary for the second 26 weeks (whether or not consecutive) in aggregate in any period of<br>24 calendar months. Full details, including the reporting and<br>certification requirements in the event you are unable to work due to sickness or injury and the conditions that apply to the receipt of Company sick pay, may be found on the GSK intranet site.<br>It is a condition of employment that, if requested by the Company during any period of sickness or at any other time, you agree to be medically examined, at a mutually convenient time, by an<br>independent doctor or such other medical adviser as may be appropriate in the circumstances, in each case as agreed between you and the Company. The doctor/medical adviser may disclose<br>the results of this examination to the Company, subject to your legal rights in relation thereto. |
| <br>**Chauffeur Services** | In lieu of a car allowance, you will be eligible to receive chauffeur services in the UK for both business and private journeys. When you are visiting the US or other markets, the provision of ground transportation in those other markets will however be limited to business-related journeys. The Company reserves the right to amend, change or withdraw this benefit in its absolute discretion |
| <br>**GlaxoSmithKline Healthcare Plan** | You will continue to receive private healthcare under the Cigna International Healthcare Plan (or a similar plan providing international coverage) for:<br>(a)yourself;<br>(b)your spouse/partner; and,<br>(c)any unmarried children up to the age of 21 (or up to and including the age of 25 if they are in full-time education).<br>Eligibility is subject to the terms and conditions of the Plan as amended from time to time.<br>This is a taxable benefit and the Plan is subject to amendment or withdrawal at the Company's discretion, provided that a similar amendment and/or withdrawal is applied to all executive directors of GSK who are entitled to private healthcare. |
| <br>**Pension & Life Assurance** | You are entitled to be a member of the GSK Pension Plan Senior Executive section subject to the conditions of the trust deed and governing rules of the plan from time to time which may be amended or withdrawn at the Company's discretion. Contributions payable by you will be deducted from your salary. If contributions |

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| | |
|:---|:---|
| | under the plan would cause you to exceed any HMRC limit on pension savings from time to time, or if you elect not to join or remain in the pension plan, a cash allowance (subject to such deductions as the Company is authorised or required by law to make, including for tax and National Insurance) in lieu of the core employer contribution to the plan (excluding any matching contributions) will be provided. The cash allowance will reflect the employer contribution rate (excluding any matching contributions) applicable to the Group's UK workforce from time to time, which is currently 7% of base salary (subject to such deductions as the Company is authorised or required by law to make, including for tax and National Insurance). Further details of the current plan are available on the GSK intranet site.<br>A meeting will be set up prior to your Commencement Date to take you through your pension options.<br>The Company shall provide you with the benefit of life cover which would provide a lump sum equivalent to four times the level of your base salary in the event of death in service. |
| <br>**Bonus Plan** | You will be eligible to participate in the GSK Bonus plan, subject always to the rules of the Plan as amended from time to time and the Company's Remuneration Policy (including mandatory deferral provisions), and conditional upon you entering into the<br>Recoupment Provisions and on the achievement of the applicable performance targets from time to time.<br>The on-target bonus opportunity for your role will be 150% of base salary, and the maximum bonus opportunity will be 300% of base salary. Information relating to the current bonus plan is contained<br>in the Remuneration Policy section of the Company's Annual<br>Report and further details are available on the GSK intranet site.<br>Any bonus will be in such amount as the Company, in its discretion, may determine and the bonus plan is subject to amendment or<br>withdrawal at the Company's discretion. You acknowledge that you have no right to receive a bonus, that the Company is under no obligation to operate a bonus scheme, and that you will not acquire any such right, nor shall the Company come under any such obligation, merely by virtue of you having received one or more bonus payments during the course of your employment.<br>You will not be entitled to receive a bonus if, on the date on which the bonus would otherwise be paid, you are no longer an<br>employee of the Company, you are under notice of termination of employment (whether notice was given by you or by the Company) or you are suspended.<br>Any payments made under the bonus plan will be subject to tax and National Insurance deductions. |

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| | |
|:---|:---|
| <br>**ShareSave Plan** | You will be entitled to participate in the GlaxoSmithKline UK<br>Savings Related Share Option Plan ('ShareSave'). Further details of the Plan are available on the GSK intranet site.<br>Participation in the ShareSave Plan is subject to the rules of the Plan as amended from time to time, and the Plan is subject to amendment or withdrawal at the Company's discretion. |
| <br>**Incentive Programmes** | Subject always to the rules of the relevant plans/programmes as amended from time to time, and conditional upon you entering<br>into the Recoupment Provisions, and the performance conditions determined by the Board, you are entitled to participate in the Company's Performance Share Plan and Deferred Annual Bonus Plan.<br>The Performance Share Plan and Deferred Annual Bonus Plan are subject to amendment or withdrawal at the Company's discretion.<br>You acknowledge that you have no right to receive an award under the Performance Share Plan or the Deferred Annual Bonus Plan, that the Company is under no obligation to operate those plans, and that you will not acquire any such right, nor shall the Company come under any such obligation, merely by virtue of you having received one or more award during the course of your employment.<br>On termination of your employment, any rights or benefits that you have under any incentive plan/programme will be determined solely in accordance with the rules of the programme, and no<br>rights arise under this Agreement to any compensation for the loss of any rights or benefits under such programme. |
| <br>**Tax-free Plans** | You are entitled to participate in the GlaxoSmithKline Tax-free Plans for Holiday, Childcare and Bikes.<br>Enrolment in the Tax-free Plans for Holiday and Bikes is offered on an annual basis.<br>You may opt-in to the Tax-free Plan for Childcare at any time.<br>Participation in these plans is subject to the rules of the relevant plan/s which the Company may amend or withdraw at any time in its discretion. Further details are available on the GSK intranet site. |
| <br>**Tax and Financial Planning Support** | You and your spouse are eligible to receive an uncapped (within reason) allowance per calendar year to be used towards the cost of tax return preparation and the cost of advice relating to your financial and estate planning affairs, and legal services related to your financial planning. You may use a provider(s) of your choice.<br>Invoices for services should be paid directly by you personally using a method of your choosing. The invoice and proof that it has<br>been paid should be submitted to the Director, Executive |

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| | |
|:---|:---|
| | Compensation Delivery. Reimbursement will be made through payroll.<br>Any taxable income arising from this benefit will be grossed up for taxes.<br>This uncapped (within reason) allowance will take effect from the execution of this agreement.<br>The Company reserves the right to amend, change or withdraw this benefit in its absolute discretion, provided that any such<br>amendment and/or withdrawal is applied to all executive directors of GSK who are entitled to such benefit. |
| <br>**Expenses** | You will be reimbursed for all expenses you reasonably incur in the proper performance of your duties in accordance with the terms of the Company's policy from time to time in force. |
| <br>**Other Paid Leave** | You may be eligible for other types of paid leave, including statutory maternity, paternity, adoption, shared parental, parental and/or parental bereavement leave. Paid leave is subject to statutory eligibility requirements or conditions and the Company's applicable rules and procedures from time to time in force, and the Company may replace, amend or withdraw its policies and procedures on paid leave at any time. Full details of the other types of paid leave which the Company currently offers can be found on the GSK intranet site. |
| <br>**Training** | You will be required to complete periodic mandatory training modules, the costs of which will be paid for by the Company. Further details can be found on the GSK intranet site. |
| <br>**Directors & Officers Liability Insurance** | The Company will maintain Directors' and Officers' liability insurance during your employment and for an industry standard run off period after you cease to hold any office in the Company, GSK and/or any Group Company, as permitted by law and in accordance with the Company's policy. |
| <br>**Home Security Support** | You will be eligible for home security support in accordance with the relevant policy of the Company from time to time in respect of its senior executives. |
| <br>**Death and Disability** | In the event that your employment ends by reason of your death or is terminated by the Company on the grounds of ill health evidenced to the satisfaction of the Company, you (or your estate, in the case of death) will:<br>(a)be reimbursed (in accordance with Group policy) for any expenses incurred by you prior to the termination of your employment;<br>(b)be paid any unpaid bonus pertaining to the previous financial year and the product of any target bonus for the financial year in which your employment terminates occurs multiplied by a fraction, the numerator of which is the number of days in the Company's current financial year up to the termination of your employment and the denominator of which is 365, provided that at the time of payment there are no circumstances that would give<br>any Group Company the power to deny or recoup any |

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remuneration under GSK's Executive and Senior Management Financial Recoupment Policy or any other policy or provisions regarding malus and clawback from time to time;<br>(c)be paid any remuneration previously deferred by you and not yet paid by the Company including payment for any accrued holiday not taken by you, provided that: (i) any share awards with performance conditions will vest subject to GSK's Remuneration Committee's assessment of performance and time pro-rating to the date of termination of employment and will remain subject to the rules applicable to those awards; and (ii) at the time of payment or vesting there are no circumstances that would give any Group Company the power to deny or recoup any remuneration under GSK's Executive and Senior Management Financial Recoupment Policy or any other policy or provisions regarding malus and clawback from time to time; and<br>(d)receive any other benefits (including, without limitation, the vesting of any options under the the GlaxoSmithKline plc Share Save Plan 2022 or any successor plan under Schedule 3 of the Income Tax (Earnings and Pensions) Act 2003 as amended from time to time) to which you are entitled, as determined in accordance with the applicable plans and policies of the Company.<br>

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**SCHEDULE 2 RESTRICTIVE COVENANTS**

In this schedule the defined terms shall have the following meaning:

**"Restricted Period"** means any period during which you are employed by the Company (including any period of Garden Leave) and the period of 12 months commencing on the Termination Date (reduced only by any period of your notice period that is spent on Garden Leave under clause 4 of the Agreement).

**"Restricted Business"** means the businesses or potential business interests of the Company, GSK plc, or any Group Company at the Termination Date with which you were involved to a material extent or about which you held Confidential Information in each case during the last 12 months of your employment.

1. To protect the legitimate business interests of the Company, GSK plc and the Group Companies, you agree that the following restrictions are reasonable and necessary for the protection of the Company and any Group Company and that you will not, without the prior written consent of the Company, during the Restricted Period:

(a)be employed or directly or indirectly engaged (other than as holder or beneficial owner (for investment purposes only) of any class of securities in a company and you (together with your spouse/partner, children, parents and parents' issue) neither hold nor are beneficially interested in more than 5% of the securities of that class) in any business concern which is in competition with the Restricted Business; or

(b)provide goods or services to, canvass or solicit in competition with the Company or any Group Company the custom of, or otherwise have any dealings with any person who was during the last 12 months of your employment (or, if you are placed on Garden Leave, the 12 months prior to the commencement of such Garden Leave) a customer or client of, or in the habit of dealing with, the Company or any Group Company, and in respect of which customer, client or dealings you held Confidential Information or with whose custom or business you were personally concerned in each case during that 12 month period; or

(c)interfere or endeavour to interfere with the continuance of the provision of goods or services to the Company or any Group Company, by any supplier which was a supplier of goods or services (other than utilities and goods or services supplied for administrative purposes) to the Company or any Group Company during the last 12 months of your employment (or, if you are placed on Garden Leave, the 12 months prior to the commencement of such Garden Leave) and with whom you dealt to a material extent during that period or about which supplier or provision of goods or services you held to Confidential Information during that period; or

(d)solicit, entice or try to entice away from the Company or any Group Company, or hire for any entity or assist directly or indirectly any entity to hire:

any person who is or was employed by the Company or a Group Company during the Restricted Period and is or was a Senior Employee, director or full time senior consultant of the Company or any Group Company and with whom you worked closely in the last six months of your employment or, if you are placed on Garden Leave, the six months prior to the commencement of such Garden Leave; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)any Senior Employee whom you learned about during a "talent review" discussion or whom was deemed to be a "high" or "key" talent in talent-related discussions.

2. Each of the obligations imposed on you by this Schedule 2 extend to you acting not only on your own account but also on behalf of any other firm, company or other person and shall apply whether you act directly or indirectly.

3. Following the Termination Date, save as a former employee and director, you will not represent yourself as being in any way connected with the businesses of the Company, GSK plc or of any other Group Company (except to the extent agreed in writing by such company).

4. Any benefit given or deemed to be given by you to any Group Company under the terms of this Schedule is received and held on trust by the Company for the relevant Group Company. You agree that you will enter into appropriate restrictive covenants directly with other Group Companies if asked to do so by the Company or GSK plc.

5. Each of the obligations on you contained in this Schedule constitute a separate and independent restriction on you notwithstanding that they may be contained in the same paragraph or sentence.

6. Should any of the restrictions contained in this Schedule 2 be found to be void but would be valid if some part there them were deleted or the period or radius of application reduced, then such restriction shall apply with such modification as may be necessary to make it valid and effective.

7. If, during the Restricted Period, you receive from any person, firm or company, an offer for you to provide services in any capacity whatsoever, or to enter into employment where acceptance of such offer, or the taking of such employment, might render you in breach of the provisions of this Agreement, you shall promptly advise the offeror of the existence of the restrictions in Schedule 2 of this Agreement and notify the Company of the offer.

8. You acknowledge that the Company may have no adequate remedy at law and would be irreparably harmed if you breach or threaten to breach the provisions of this Schedule 2 and, therefore, you agree that the Company shall be entitled to injunctive relief to prevent any breach or threatened breach of Schedule 2, and to specific performance of the terms of each restriction in addition to any other legal or equitable remedy it may have. Nothing in this Agreement shall be construed as prohibiting the Company from pursuing any other remedies at law or in equity that it may have.

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**SCHEDULE 3 DEFINITIONS**

In this Agreement (and any schedules to it):

"**Alternative Remunerated Position**" means any position whether under a contract of employment, consultancy arrangement or non-executive appointment or otherwise whereby you are directly or indirectly remunerated, whether by way of salary, bonus, pension, fees, equity or otherwise;

"**Board**" means the board of directors of the Company from time to time or any person or

committee nominated by that board as its representative for the purposes of this Agreement;

**"Confidential Information**" means information (whether or not marked confidential, recorded in documentary form, or otherwise) relating, without limitation, to clients, customers, confidential commercial, financial and strategic or technical data pertaining to the Group and any other confidential information relating to the business or affairs of the Group including, without limitation, any invention, trade secret, know-how relating to the business, manufacturing process, product or patent information. "Confidential Information" shall not include any information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)which is already or becomes generally available to the public; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)which is ordered to be disclosed by a court of competent jurisdiction or otherwise required to be disclosed by law; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)which is acquired by you apart from your association with the Group, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)which you are required to disclose by applicable law or regulation or by order of a court or governmental body of competent jurisdiction.

other than, in each case, as a result of disclosure by you or by any person to whom you have supplied information or by any person in breach of a duty of confidentiality. However, nothing in this Agreement prohibits or restricts you (or your legal adviser acting on your behalf) from: initiating communications directly with, making a report to, responding to an inquiry from, co- operating with any investigation by, or providing testimony before any court, the Securities and Exchange Commission (SEC), or any other regulatory or law enforcement organisation or agency, or any other federal or state regulatory authority, any tax authority, or any other regulatory, ombudsman or supervisory authority; or from raising a grievance, complaint or claim in respect of your employment; or making a public interest disclosure under Part IV A of the Employment Rights Act 1996 (or comparable legislation) about any matter that arises during the course of your employment or a relevant pay disclosure under section 77 of the Equality Act 2010, or from making any other disclosure required by law.

"**Group**" means the Company and any other company controlling, controlled by or under the direct or indirect common control of the Company, including, without limitation, GSK plc and any of its subsidiaries from time to time;

"**Group Company**" means a member of the Group and "**Group Companies**" will be interpreted

accordingly;

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**"GSK Board**" means the board of directors of GSK plc from time to time or any person or committee nominated by the GSK Board as its representative for the purposes of this Agreement;

**"Recoupment Policy**" means the forfeiture, recoupment and claw-back policy from time to time of or applicable to the Company;

**"Recoupment Provisions**" means the forfeiture, recoupment and claw-back arrangements you are required to enter into from time to time in accordance with the Recoupment Policy;

**"Senior Employee"** means an employee graded a personal or job grade "5" level or higher in the Company's grading system; and,

"**Termination Date**" means the date on which this Agreement terminates, whether on the expiration of notice to terminate the employment pursuant to clause 3 or otherwise pursuant to this Agreement.

References to any statutory provisions include any modifications or re-enactments of those provisions.

19

## Exhibit 11.1

**Share Dealing Policy**

**GSK Enterprise**

**VQD-POL-000957 (13.0)** 

**Purpose**

At GSK, doing the right thing is a key commitment we are asked to make together. Acting with integrity and care and complying with applicable laws, regulations, standards and policies is at the heart of what we do to make GSK a company that everyone trusts. We must meet the high standards we set ourselves as a company, and those that are expected of us externally.

This Policy supports the commitment we make in VQD-POL-001179: The GSK Code , to do the right thing. It is in place to ensure we comply with those laws and regulations which restrict our ability to deal in GSK Securities and in the securities of the companies with which we work. This is because some of us may have access to information through our work that is not publicly known, and which could affect GSK's share price. To deal in GSK Securities when in possession of such inside information is known as insider trading and is illegal.

This Policy is designed to give clear guidance on the procedures to be followed, and the restrictions which apply, when dealing in GSK Securities. This is to ensure compliance with our obligations under the Market Abuse Regulation and the Criminal Justice Act 1993 and to ensure that we do not abuse, or place ourselves under suspicion of abusing, inside information about GSK or about the companies with which we work.

**There are times, as explained in this Policy, when we (and some people connected with us such as family members) cannot deal in GSK Securities or securities in companies with which we work.** 

**If you fail to comply with any part of the Policy which applies to you, you may face disciplinary action up to and including termination of office, employment or contract and, depending on the circumstances, such non-compliance may also constitute a civil and/or criminal offence.** 

This Policy imposes dealing restrictions which go beyond those imposed by law.

**Some words in this Policy are defined. You can find their meaning in the Glossary.** 

**Business Activities / Content Covered**

This Policy covers the requirements which apply to certain GSK officers, employees and complementary workers when dealing in GSK Securities or in the securities of companies with which GSK works.

There is a separate guidance on the management and disclosure of Inside Information made available to individuals who are notified in writing by GSK that they are on an active Insider List and are therefore prohibited from dealing in GSK Securities.

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![image_1.jpg](image_1.jpg)

**Who needs to follow it?**

**Document Audience Scope** 

This Share Dealing Policy applies to:

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|:---|:---|:---|
| **Category** | **Description** | **Policy sections which apply** |
| **PDMRs** <br>**(and their PCAs and Investment Managers)** | Directors of GSK plc, ExCom members and the Company Secretary. | –Section 1: Paras 1.1 - 1.5, 1.7 & 1.8<br>–Section 2<br>–Appendices 1 - 3 |
| **DEs** <br>**(and their PCAs and Investment Managers)** | GSK employees or complementary workers who are not PDMRs but who have been identified by an ExCom member as being likely to have regular access to confidential, critical and sensitive information which may be determined to be Inside Information.<br>If you are a DE you will have received notification from Secretariat that you are on the DE List. | –Section 1: Paras 1.1 - 1.5, 1.7 & 1.8<br>–Appendices 1 - 3 |
| **Insiders** <br>**(and their PCAs and Investment Managers)** | Individuals who are notified in writing by GSK that they are on an active Insider List and are therefore prohibited from dealing in GSK Securities. | –Section 1: Paras 1.6, 1.7 & 1.8<br>–Appendix 1<br>–Appendix 2<br>–Appendix 3: Part B |

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Your categorisation may change (for example, if you are a DE you might also be included on an active Insider List and therefore you will also be an Insider). You **MUST** ensure you comply with all provisions of this Policy which apply to your categorisation.

**Every reference to a "PDMR", "DE" or "Insider" should also be read so as to refer to their PCAs and Investment Manager.**

**Roles and Responsibilities**

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|:---|:---|
| **Roles** | **Key Responsibilities** |
| PDMRs, DEs and Insiders | Comply with this Policy |
| Secretariat | Administer and monitor compliance with this Policy |

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**Policy Breach** 

All in scope of this Policy are expected to be aware of and comply with this Policy and immediately report any actual or suspected violations. All in scope of this Policy are required to co-operate with any management review or internal investigation that subsequently arises.

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![image_1.jpg](image_1.jpg)

If you breach this Policy, you will be subject to consequence management. This can include, but is not limited to, corrective actions, re-training, or disciplinary action up to and including termination of employment with GSK

**What do you need to know / do?**

**1. SECTION 1 - GENERAL DEALING REQUIREMENTS** 

**1.1.Requirement to obtain written clearance before dealing**

a.If you are a PDMR or DE, you must not deal on your own behalf or for anyone else, directly or indirectly, in GSK Securities without obtaining prior written clearance from GSK in accordance with this Section 1.1.

**What does "deal" mean?**<br>"**Deal**" has a very wide interpretation and includes ANY type of transaction in GSK Securities. Here are some examples but you can find more examples in **Appendix 1**: <br>–sale or purchase of GSK shares or ADSs (or cancelling or amending existing orders in relation to GSK shares or ADSs);<br>–transfer or gift of GSK shares or ADSs to another person including a family member;<br>–transfer of GSK shares or ADSs between your own accounts (even when there is no change in beneficial ownership);<br>–using GSK shares or ADSs as security for a loan;<br>–changing your dividend reinvestment election on your GSK shares or ADSs;<br>–applying to join a GSK share scheme such as Share Save or Share Reward or changing your regular savings amounts or dividend instructions within these schemes or within GSK US pension plans; <br>–transactions in GSK shares or ADSs undertaken by Investment Managers on your behalf; or<br>–transactions in GSK shares or ADSs you carry out for someone else.<br>**<u>As a general rule, you must assume that ANY transaction of ANY kind involving GSK Securities is dealing and therefore would require prior written clearance</u>. If you are in any doubt about whether a transaction is a "dealing" for the purpose of this Policy, you must contact Secretariat before proceeding.**<br>If you hold GSK shares or ADSs through a GSK share scheme or US pension plan, please refer to **Appendix 2** as it gives examples of when you need to seek clearance for matters relating to these schemes or plans. <br>**What does "GSK Securities" mean?**<br>GSK shares or ADSs as well as debt instruments (e.g., bonds) issued by GSK or its subsidiaries and derivatives or financial instruments linked to GSK shares, ADSs or debt instruments.<br>

b.Applications for clearance must be made through **Insidertrack** at https://insiders.gsk.com where a record of your application and clearance or refusal will be stored.

c.Once you have applied for clearance through Insidertrack, Secretariat will arrange for your application to be submitted to the appropriate authorised person (see table below) for clearance*.* You cannot give yourself clearance to deal.

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| | |
|:---|:---|
| **Dealings by:** | **Require clearance by:** |
| Chair | CEO or SID |
| CEO | Chair or SID |
| Other GSK plc Directors / Company Secretary | Any one of the Chair, CEO or CFO |
| ExCom members | Any one of the Chair, CEO, CFO or Company Secretary |
| DEs | Company Secretary (or, in her absence, any GSK plc Director) |

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d.You will receive a **written response** to your application from Secretariat (usually by email via Insidertrack) normally **within two UK business days of applying**. You must not plan to deal in the expectation that clearance may be granted within a shorter timeframe and you must note that it may take up to five UK business days to respond to your application. If you have not received a response within five UK business days, you must assume clearance has not been given.

e.You must not submit an application for clearance to deal if you are in possession of Inside Information. If you become aware that you are or may be in possession of Inside Information after you submit an application, you must inform Secretariat as soon as possible and you must refrain from dealing (even if you have been given clearance).

f.If you are granted clearance to deal and you wish to proceed with dealing, you must deal within your clearance authority as soon as possible and in any event **within two UK business days of receiving clearance**. If you have not completed the dealing within two business days, you must apply for clearance again.

g.If you are refused clearance to deal you will not normally be given any reasons. You must keep any refusal confidential and not discuss it with anyone else, including a PCA.

h.Clearance for you to deal **may be granted subject to specific conditions**, which you will be notified about. If this is the case, you must comply with those conditions when dealing.

i.Even if you are granted clearance to deal, **you remain subject at all times to the Market Abuse Regulation and the Criminal Justice Act 1993**. Nothing in this Policy sanctions a breach of the prohibitions of insider dealing or of unlawful disclosure of Inside Information under the Market Abuse Regulation, the provisions of the Criminal Justice Act 1993 relating to insider dealing and the improper disclosure of information or any other relevant legal or regulatory requirements.

**1.2.Circumstances when clearance will not be granted**

a.If you are a PDMR or DE, clearance to deal will not be granted during a Prohibited Period which means during:

-a Closed Period; or

-any period when Inside Information exists and you are either a PDMR or you are included on an active Insider List.

However, clearance to deal may be granted during a Prohibited Period in certain very limited circumstances:

-if you are in severe financial difficulty or there are other extremely exceptional circumstances which require the immediate sale of GSK shares or ADSs (as described more fully in **Appendix 3, Part A**); and

-in other limited circumstances, particularly in relation to some types of GSK share scheme transactions (as described more fully in **Appendix 3, Part B**).

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b.In addition, clearance to deal may not be granted when there is sensitive information relating to GSK (e.g., GSK is in the early stages of a significant transaction but the existence of such transaction does not yet constitute Inside Information).

**1.3.Dealings which are prohibited**

a.If you are a PDMR or DE, you must not deal in GSK Securities:

-on considerations of a **short-term nature**. A sale of GSK Securities which were acquired less than a year previously, or an investment with a maturity of one year or less, will be treated as being of a short-term nature; or

-if such dealing involves **short selling** in such securities.

b.In ordinary circumstances, a PDMR or DE will not be given clearance to enter into, amend or cancel a Trading Plan under which GSK Securities may be bought or sold.

**1.4.Restrictions on dealings by PCAs**

a.If you are a PDMR or DE:

-You must inform your PCAs that they are subject to the dealing restrictions under this Policy and therefore they must not deal:

-during Prohibited Periods; or

-on considerations of a short-term nature.

-You must ensure your PCAs do not deal in GSK Securities without obtaining prior clearance. You must apply for clearance on their behalf through Insidertrack at https://insiders.gsk.com.

-You must not disclose Inside Information (including the fact that GSK is in a Prohibited Period due to the existence of any matter which constitutes Inside Information) or any other confidential information to your PCAs at any time, including when informing them that they are subject to dealing restrictions under this Policy.

b.If you are a PDMR, you must provide Secretariat with a list of your PCAs and notify Secretariat of any changes to that list.

**1.5.Investment Managers**

a.If you are a PDMR, DE or their PCA, any dealings in GSK Securities undertaken by your Investment Manager (whether or not on a discretionary basis) are subject at all times to this Policy. This means that you must ensure your Investment Manager does not deal:

-during Prohibited Periods;

-on considerations of a short-term nature; or

-without obtaining prior clearance.

You must apply for clearance for dealings by your Investment Manager (or your PCA's Investment Manager) through Insidertrack at https://insiders.gsk.com.

b.For the avoidance of doubt, clearance is required, but is routinely given, for the purchase or sale by your Investment Manager of units or shares in, or financial instruments which provide exposure to, a Disregarded Undertaking.

**1.6.Insiders**

***This section applies to Insiders only.***

a.If you are an Insider and you have been notified in writing by Secretariat that you are included on an active Insider List, you **<u>must not:</u>**

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-deal in GSK Securities and you <u>must ensure</u> your PCAs and Investment Managers do not deal in GSK Securities; or

-recommend or encourage someone else to deal in GSK Securities, even if you will not profit or otherwise benefit from such dealings.

b.These restrictions apply until such time that you receive written notification from Secretariat that you are no longer included on an active Insider List.

**1.7.Dealing in other listed companies' securities** 

a.If you obtain or are given access to Inside Information in relation to a listed company other than GSK, you must not deal in the securities of that company, as doing so is very likely to constitute a civil and/or criminal offence. This applies whether you are a PDMR, DE, Insider or a PCA or Investment Manager of such individual.

**1.8.Summary of general dealing requirements** 

**SUMMARY**<br>**If you are a PDMR or DE:**<br>-**You MUST NOT deal in GSK Securities, and you MUST ensure your PCAs and Investment Managers DO NOT deal in GSK Securities, without obtaining prior written clearance.**<br>-**You must assume that ANY transaction of ANY kind involving GSK Securities amounts to "dealing" and would therefore require prior written clearance.**<br>-**There are periods when you MUST NOT deal and you MUST ensure your PCAs and Investment Managers DO NOT deal in GSK Securities - these are known as Prohibited Periods.**<br>**If you are an Insider:**<br>-**You MUST NOT deal and you MUST ensure your PCAs and Investment Managers DO NOT deal in GSK Securities until the Insider List is closed.** <br>**If you are in any doubt about any aspect of this Policy, contact Secretariat at plcteam@gsk.com** <br>

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**2. SECTION 2 - REQUIREMENTS FOR PDMRs AND THEIR PCAs ONLY**

**2.1.Notification of transactions**

a.PDMRs and their PCAs must notify GSK via Secretariat in writing of every Notifiable Transaction in GSK Securities conducted on their own account.

b.The notification must include:

-the PDMR's and, if appropriate, the PCA's name;

-the date and time of the transaction;

-the number of securities;

-the class of share (if relevant);

-the nature of the transaction; and

-the price (a copy of the contract note will suffice).

The notification must be sent to Secretariat as soon as possible after the transaction but in any event **within three UK business days** of the transaction date. If you engage an Investment Manager (whether discretionary or not), you must ensure that they notify you of any Notifiable Transactions conducted on your behalf promptly so as to allow you to notify Secretariat within this time frame.

c.PDMRs and their PCAs must also notify the FCA of every Notifiable Transaction in GSK Securities conducted on their own account within three UK business days of the transaction date. In practice, Secretariat notifies the FCA on behalf of PDMRs and PCAs after it receives a notification from the relevant PDMR/PCA containing all of the information listed in paragraph 2.1.b. above. <br>**It is the responsibility of each PDMR and their PCA to ensure Secretariat receives the requisite information no later than three UK business days after each Notifiable Transaction, to allow Secretariat to notify the FCA on their behalf before the applicable deadline. <br>If you are uncertain as to whether a particular transaction constitutes a Notifiable Transaction, you must contact Secretariat.** 

**2.2.Duty to notify PCAs of their obligations under the Market Abuse Regulation** 

a.PDMRs must notify their PCAs of their obligations pursuant to the Market Abuse Regulation, as outlined in this Policy. In particular, PCAs must be made aware of their obligations to:

-seek clearance to deal in GSK Securities and not to deal in GSK Securities during Prohibited Periods, and

-notify GSK and the FCA (via Secretariat) of Notifiable Transactions conducted on their own account.

b.The Market Abuse Regulation requires PDMRs to notify their PCAs of such obligations in writing, and to keep a record of such notification. Secretariat can assist with this process.

**What monitoring is required for this policy?**

General questions on risk management and monitoring can be raised to your business area Ethics & Compliance Business Partner, the Enterprise Risk Management Team in Global Ethics and Compliance, your embedded risk management group (if applicable), or the aligned Enterprise/Business/Function Risk Owners.

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**Glossary**

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| | | |
|:---|:---|:---|
| **Term** | **Definition** | **Definition** |
| **ADSs** | GSK plc American Depositary Shares. | GSK plc American Depositary Shares. |
| **Closed Period** | Each of the following periods: | Each of the following periods: |
| **Closed Period** | (A) | the period from the end of the relevant financial year up to and <br>including the time of the preliminary announcement of GSK's annual results or, if longer, the period of 30 calendar days immediately preceding (and including) the time of any such announcement; and |
| **Closed Period** | (B) | the period from the end of the relevant financial quarter up to and <br>including the announcement of GSK's first, second or third quarter <br>results or, if longer, the period of 30 calendar days immediately preceding (and including) the time of any such announcement. |
| **DE or Designated** <br>**Employee**  | A permanent or temporary employee or a complementary worker of GSK who: | A permanent or temporary employee or a complementary worker of GSK who: |
| **DE or Designated** <br>**Employee**  | (A) | is not a PDMR; |
| **DE or Designated** <br>**Employee**  | (B) | is deemed by the ExCom as being likely to have regular access to confidential, critical and sensitive information which may be determined to be Inside Information; and |
| **DE or Designated** <br>**Employee**  | (C) | following identification by an ExCom member, has been added to a DE List by Secretariat and has received notification from Secretariat that they are a DE for the purposes of this Policy. |
| **DE List** | A list of DEs which is maintained by Secretariat. | A list of DEs which is maintained by Secretariat. |
| **Disregarded Undertaking** | A collective investment undertaking (such as a UCITS or an Alternative Investment Fund) or portfolio of assets which satisfies the following two conditions: | A collective investment undertaking (such as a UCITS or an Alternative Investment Fund) or portfolio of assets which satisfies the following two conditions: |
|  | (A) | It is either:<br>i.a collective investment undertaking or portfolio of assets in respect of which the relevant PDMR, DE or their PCA has ascertained that the exposure to GSK Securities does not exceed 20% of the assets held by that collective investment undertaking or portfolio of assets; or<br>ii.a collective investment undertaking or portfolio of assets whose exposure to GSK Securities has not, and cannot, be ascertained by the relevant PDMR, DE or their PCA and there is no reason to believe that the investment composition or exposure of the relevant undertaking or portfolio of assets to GSK Securities exceeds 20%; and |
|  | (B) | the relevant PDMR, DE or PCA is unable to determine or influence the investment strategy or transactions of that collective investment undertaking or portfolio of assets. |
| **ExCom** | The Executive Committee of GSK plc. | The Executive Committee of GSK plc. |
| **FCA** | The UK Financial Conduct Authority. | The UK Financial Conduct Authority. |
| **GSK** | GSK plc and its subsidiaries or subsidiary undertakings. | GSK plc and its subsidiaries or subsidiary undertakings. |

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| | | |
|:---|:---|:---|
| **Term** | **Definition** | **Definition** |
| **GSK Securities** | Any publicly traded or quoted shares or debt instruments of GSK plc (or <br>of any GSK plc subsidiaries or subsidiary undertakings) and derivatives <br>or other financial instruments linked to any of them. | Any publicly traded or quoted shares or debt instruments of GSK plc (or <br>of any GSK plc subsidiaries or subsidiary undertakings) and derivatives <br>or other financial instruments linked to any of them. |
| **Inside Information** | Information which: | Information which: |
| **Inside Information** | (A) | Is precise; |
| **Inside Information** | (B) | relates directly or indirectly to GSK Securities; and |
| **Inside Information** | (C) | has not been made public and which would, if it were made public, be likely to have a significant effect on the price of those securities. |
| **Inside Information** | Information is "precise" if it is about existing circumstances or events <br>which may occur. Information is "likely to have a significant effect on <br>price" if it is information that a reasonable investor would be likely to use <br>as part of the basis of their investment decision. Information does not have to be specific enough to indicate whether the price of GSK Securities will go up or down for it to be "precise". | Information is "precise" if it is about existing circumstances or events <br>which may occur. Information is "likely to have a significant effect on <br>price" if it is information that a reasonable investor would be likely to use <br>as part of the basis of their investment decision. Information does not have to be specific enough to indicate whether the price of GSK Securities will go up or down for it to be "precise". |
| **Insider** | An individual who has been notified in writing by Secretariat that they are included on an Insider List. | An individual who has been notified in writing by Secretariat that they are included on an Insider List. |
| **Insider List** | A list maintained by Secretariat of individuals who have access to Inside Information. | A list maintained by Secretariat of individuals who have access to Inside Information. |
| **Investment Manager** | An investment professional who manages investments with or without discretion. | An investment professional who manages investments with or without discretion. |
| **Market Abuse Regulation** | UK version of the EU Market Abuse Regulation (596/2014) which came into effect on 1 January 2021 when the EU Market Abuse Regulation (596/2014) was incorporated into UK domestic law by the European Union (Withdrawal) Act 2018, as amended. | UK version of the EU Market Abuse Regulation (596/2014) which came into effect on 1 January 2021 when the EU Market Abuse Regulation (596/2014) was incorporated into UK domestic law by the European Union (Withdrawal) Act 2018, as amended. |
| **Notifiable Transaction (in relation to PDMRs and PCAs only)** | Any transaction relating to GSK Securities conducted for the account of any PDMR or any of their PCAs, whether the transaction was conducted by the PDMR or their PCA or on their behalf by a third party and regardless of whether the PDMR or PCA had control over the transaction. Transactions which are undertaken by a "family office", a trust, a discretionary portfolio arrangement and all other investment vehicles are likely to constitute Notifiable Transactions. | Any transaction relating to GSK Securities conducted for the account of any PDMR or any of their PCAs, whether the transaction was conducted by the PDMR or their PCA or on their behalf by a third party and regardless of whether the PDMR or PCA had control over the transaction. Transactions which are undertaken by a "family office", a trust, a discretionary portfolio arrangement and all other investment vehicles are likely to constitute Notifiable Transactions. |
| **PCA or Person Closely Associated** | A person closely associated with a PDMR, DE or Insider, being any of: | A person closely associated with a PDMR, DE or Insider, being any of: |
| **PCA or Person Closely Associated** | (A) | a spouse or civil partner; or |
| **PCA or Person Closely Associated** | (B) | a child or stepchild under the age of 18 years who is unmarried and does not have a civil partner; or |
| **PCA or Person Closely Associated** | (C) | a relative who has shared the same household as for at least one year on the date of the relevant dealing; or |
| **PCA or Person Closely Associated** | (D) | a legal person, trust or partnership, the managerial responsibilities of which are discharged by a PDMR, DE or Insider (or by a person referred to in (A), (B), or (C) of this definition), or which is directly or indirectly controlled by that person, or which is set up for the benefit of that person or which has economic interests which are substantially equivalent to those of that person. |

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| | | |
|:---|:---|:---|
| **Term** | **Definition** | **Definition** |
| **PDMR** | A person discharging managerial responsibilities at GSK being either: | A person discharging managerial responsibilities at GSK being either: |
| **PDMR** | (A) | a director of GSK plc; |
| **PDMR** | (B) | an ExCom member; |
| **PDMR** | (C) | the Company Secretary of GSK plc; or |
| **PDMR** | (D) | Any other employee who has been told that they are a PDMR. |
| **Prohibited Period** | Each of the following periods: | Each of the following periods: |
| **Prohibited Period** | (A) | any Closed Period; or |
| **Prohibited Period** | (B) | any period when there exists any matter which constitutes Inside <br>Information and you are either a PDMR or you are included on an active Insider List. |
| **Secretariat** | GSK Corporate Secretariat. | GSK Corporate Secretariat. |
| **SID** | The Senior Independent Director of GSK plc. | The Senior Independent Director of GSK plc. |
| **Trading Plan** | A written plan entered into by a PDMR/DE/Insider/PCA and an independent third party that sets out a strategy for the acquisition and/or disposal of GSK Securities by the PDMR/DE/Insider/PCA, and: | A written plan entered into by a PDMR/DE/Insider/PCA and an independent third party that sets out a strategy for the acquisition and/or disposal of GSK Securities by the PDMR/DE/Insider/PCA, and: |
| **Trading Plan** | (A) | specifies the amount of GSK Securities to be dealt in and the price(s) at which and the date(s) on which GSK Securities are to be dealt in; or |
| **Trading Plan** | (B) | gives discretion (subject to any restrictions or parameters set out in the plan) to that independent third party to make trading decisions about the amount of GSK Securities to be dealt in and the price at which and the date on which GSK Securities are to be dealt in; or |
| **Trading Plan** | (C) | includes a method for determining the amount of GSK Securities to be dealt in and the price at which and the date on which GSK Securities are to be dealt in. |

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**Where to raise questions, concerns or exceptions**

If you are unsure about how to apply this Policy, or feel you need to raise an exception to it please bring this to the attention of a manager, supervisor or by email to Corporate Secretariat (plcteam@gsk.com).

![image_0b.jpg](image_0b.jpg)

If you see any violations of this Policy, please report it through the appropriate Speak Up channels. To find your local Speak Up integrity line number or to report online, please visit: www.gsk.com/speakup

**References**

**Related Documents**

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| | |
|:---|:---|
| **Doc Number and Name** | **Doc Relationship** |
| VQD-POL-001179: The Code  | Related Policy |
| VQD-POL-003630: Inside Information  | Related Policy |

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**Additional related information**

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| | |
|:---|:---|
| **Information** | **Where to find it** |
| Training | DE training is required when an individual is added to the DE List and on an annual refresher basis |
| Other Help | Email Corporate Secretariat (plcteam@gsk.com). |

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**Administration**

**Version History and Changes**

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| | |
|:---|:---|
| **Current Version:** | VQD-POL-000957 (13.0) See system watermarked header and/or signature page for this version's effective date.<br>Changes since last revision:<br>–Updated GLT references to ExCom |
| **Previous Versions:** | 25-Nov-2025: VQD-POL-0009574 (12.0)<br>05-Jun-2025: VQD-POL-000957 (11.0)<br>08-Nov-2019: POL_87129 (10.0) |
| **Document Alias:** | POL_87129 (7.0); POL-GSK-008 |
| **Records Retention:** | Retain versions in accordance with GSK Records Retention Schedule unless over ridden by an active Legal Preservation Notices. |

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**Appendices**

**Appendix 1: &nbsp;&nbsp;&nbsp;&nbsp;Examples of transactions that constitute dealing**

The following is a **non-exhaustive** list of transactions which constitute dealing:

a.Entering or cancelling participation in a share acquisition scheme relating only to GSK Securities under which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.shares are purchased by a PDMR, DE, Insider or PCA pursuant to a regular standing order or direct debit or by regular deduction from the person's salary or director's fees; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.shares are acquired by a PDMR, DE, Insider or PCA by way of a standing election to re-invest dividends or other distributions received; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii.shares are acquired as part payment of a PDMR's, DE's, Insider's or PCA's remuneration or director's fees.

This includes, for example, entry into (or cancellation of participation in) GSK Share Reward, GSK Share Save and the GSK Dividend Reinvestment Plan (DRIP).<br>After clearance has been given to enter into a share acquisition scheme, purchases of GSK Securities under such a scheme, do not require clearance.

b.Changing an election to receive cash dividends to an election for dividend reinvestment (and vice versa) within GSK Share Reward.<br>After clearance has been given to change an election, purchases of GSK Securities via dividend reinvestment do not require clearance.

c.The pledging or lending of GSK Securities (although a pledge, or a similar security interest, of GSK Securities in connection with the depositing of GSK Securities in a custody account is not "Dealing", unless and until such pledge or other security interest is designated to secure a specific credit facility).

d.Transactions in GSK Securities undertaken by Investment Managers or any other persons professionally arranging or executing transactions on behalf of a PDMR, DE, Insider or a PCA, including where discretion is exercised.

e.Transactions in GSK Securities made under a life insurance policy, where: (i) the policyholder is a PDMR, DE, Insider or PCA; (ii) the investment risk is borne by the policyholder; and, (iii) the policyholder has the power or discretion to make investment decisions regarding specific instruments in that life insurance policy or to execute transactions regarding specific instruments for that life insurance policy.

f.An acquisition, disposal, short sale, subscription or exchange of GSK Securities.

g.The acceptance or exercise of an option over GSK Securities, including of a share option granted as part of a remuneration package, and the disposal of shares stemming from the exercise of a share option.

h.Entering into or exercise of equity swaps related to GSK Securities.

i.Transactions in or related to derivatives over GSK Securities, including cash-settled transactions.

j.Entering into a contract for difference on GSK Securities.

k.The acquisition, disposal or exercise of rights in relation to GSK Securities, including put and call options, and warrants.

l.Subscription to a share capital increase or debt instrument issuance of GSK.

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m.Transactions in derivatives and financial instruments linked to a debt instrument of GSK including credit default swaps.

n.Conditional transactions relating to GSK Securities.

o.Automatic or non-automatic conversion of a company security into another company security, including the exchange of convertible bonds to shares.

p.Transactions executed in index-related products, baskets and derivatives transacting in GSK Securities.

q.Transactions executed in shares or units of investment funds which transact in GSK Securities.

r.Transactions executed by the manager of an investment fund in which the PDMR, DE, Insider or PCA has invested and which transacts in GSK Securities.

s.Transactions executed by an Investment Manager or other third party under an individual portfolio or asset management mandate on behalf or for the benefit of the PDMR, DE, Insider or PCA.

t.Borrowing or lending of shares or debt instruments of GSK or derivatives or other financial instruments linked thereto.

u.Buying and selling units or shares in, or financial instruments which provide an exposure to, a Disregarded Undertaking (clearance is routinely given for this type of dealing).

**Transactions that DO NOT constitute dealing**

The following transactions do not constitute dealing for the purposes of this Policy but may still constitute dealing for the purpose of the Criminal Justice Act 1993 and Market Abuse Regulation. They may also give rise to a notification obligation for PDMRs and/or their PCAs:

a.the automatic vesting of a conditional award under a GSK employee share scheme;

b.the transfer of GSK Securities by an independent trustee of a GSK employee share scheme to a beneficiary who is not a PDMR, DE or Insider;

c.bona fide gifts and donations of GSK Securities received, or an inheritance of GSK Securities received;

d.at any time other than during a Closed Period, undertakings to accept, or the acceptance of, a takeover offer;

e.transactions in GSK Securities by the trustees where a PDMR, DE, Insider or their PCA act as trustee, provided that the PDMR, DE, Insider or their PCA is not a beneficiary of the trust and the decision to deal is taken by other trustees or by an Investment Manager on behalf of the trustees. The decision to deal must be taken independently of the PDMR, DE, Insider or their PCA and independence is assumed where the decision was (i) taken without consultation with or the involvement of the PDMR, DE, Insider or their PCA; or (ii) was delegated to a committee of which the PDMR, DE or PCA are not members; and

f.conditional transactions relating to GSK Securities. The completion of such transactions upon the fulfilment of the conditions (provided no further action is required by the PDMR, DE or Insider) does not constitute dealing and therefore does not require clearance, but such completion could give rise to a notification obligation for PDMRs and/or their PCAs.<br>

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**Appendix 2: &nbsp;&nbsp;&nbsp;&nbsp;Examples of when clearance is required in relation to GSK Share Schemes and US pension plans** 

The following is a **non-exhaustive** guide as to whether you need to obtain clearance to deal before undertaking a transaction in relation to GSK share schemes or US pension plans. **If you are in any doubt as whether you need to seek clearance before dealing contact Secretariat.**

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| | | |
|:---|:---|:---|
| **GSK share scheme** | **Transaction** | **Are you required to obtain clearance before transacting?** |
| **Deferred Annual Bonus Plan** | Award and automatic vesting of shares/ADSs | NO\* |
| **Deferred Annual Bonus Plan** | Dividend reinvestment during vesting period | NO\* |
| **Deferred Annual Bonus Plan** | Sale or transfer of shares/ADSs at vesting | **YES** |
| **Deferred Annual Bonus Plan** | Sale or transfer of shares/ADSs any time after vesting | **YES** |
| **Performance Share Plan** | Award and automatic vesting of shares/ADSs | NO\* |
| **Performance Share Plan** | Dividend reinvestment during vesting period | NO\* |
| **Performance Share Plan** | Sale or transfer of shares/ADSs at vesting | **YES** |
| **Performance Share Plan** | Sale or transfer of shares/ADSs any time after vesting | **YES** |
| **Share Value Plan** | Award and automatic vesting of shares/ADSs | NO\* |
| **Share Value Plan** | Sale or transfer of shares/ADSs at vesting | **YES** |
| **Share Value Plan** | Sale or transfer of shares/ADSs any time after vesting | **YES** |
| **Share Reward** | Application to join | **YES** |
| **Share Reward** | Change election from dividend reinvestment to cash and vice versa | **YES** |
| **Share Reward** | Change monthly contribution amount | **YES** |
| **Share Reward** | Monthly purchase of shares | NO |
| **Share Reward** | Purchase of shares using reinvested dividends | NO |
| **Share Reward** | Sale or transfer of shares | **YES** |
| Share Save | Application to join | **YES** |
| Share Save | Change monthly contribution amount | **YES** |
| Share Save | Exercise option and sell / transfer / retain shares | **YES** |
| **Transactions after shares/ADSs have vested:** | **Transactions after shares/ADSs have vested:** | **Transactions after shares/ADSs have vested:** |
| Computershare (EquatePlus) Vested Shares Account | Sale or transfer of shares | **YES** |

---

------

![image_1.jpg](image_1.jpg)

---

| | | |
|:---|:---|:---|
| **GSK share scheme** | **Transaction** | **Are you required to obtain clearance before transacting?** |
| Shares held in your name in certificated form or in the Corporate Sponsored Nominee with Computershare | Purchase of shares | **YES** |
| Shares held in your name in certificated form or in the Corporate Sponsored Nominee with Computershare | Change election from dividend reinvestment to cash and vice versa | **YES** |
| Shares held in your name in certificated form or in the Corporate Sponsored Nominee with Computershare | Sale of shares | **YES** |
| Shares held with a custodian or broker | Purchase of shares | **YES** |
| Shares held with a custodian or broker | Sale or transfer of shares | **YES** |
| 401k Plan | Sale of ADSs | **YES** |
| ESSP | Sale of ADSs | **YES** |
| 401k Plan | Change to the allocation of contributions made to the Plan | **YES** |
| ESSP | Change to the allocation of contributions made to the Plan | **YES** |

---

*\* GSK will ensure the appropriate arrangements are in place to allow for automated awards and vesting. You do not need to apply for clearance for these transactions but you must apply for, and obtain, clearance if you wish to sell GSK shares/ADSs at or after the time they vest.* 

------

![image_1.jpg](image_1.jpg)

**Appendix 3: &nbsp;&nbsp;&nbsp;&nbsp;Dealings which may be given clearance during a Prohibited Period** 

**Part A: In exceptional circumstances including if you are in severe financial difficulty**

a.You may be granted clearance to sell (but not to purchase) GSK shares or ADSs (but not other GSK Securities) during a Prohibited Period if you are in severe financial difficulty or there are other exceptional circumstances which require an immediate sale. If clearance is granted, you are only allowed to sell GSK shares or ADSs to the extent necessary to obtain the required financial resources.

b.You must accompany any request to deal with a written statement which describes the exceptional character of the circumstances, explains the transaction envisaged, why the sale of GSK shares or ADSs is the only reasonable means of obtaining funds required by you and why the proposed transaction cannot be executed at a time other than during the Prohibited Period.

c.Circumstances will only be treated as "exceptional" if they are extremely urgent, unforeseen and compelling and where their cause is external to you and over which you have or had no control. When considering whether the circumstances are exceptional, GSK will take into account (among other things) the extent to which you:

-are facing a legally enforceable financial commitment or claim such as a court order to sell the relevant shares or ADSs; and

-could not reasonably satisfy a financial commitment (entered into before the start of the relevant Prohibited Period) to a third party (including a tax authority) other than by selling the relevant shares or ADSs.

d.The determination as to whether you are in severe financial difficulty or that there are other exceptional circumstances which require the immediate sale of GSK shares or ADSs is made by the Chair or, in his absence, the CEO. Their decision shall be final and not open to any challenge or appeal.

e.Given the stringent requirements described above, clearance to deal under these circumstances is unlikely to be granted except in rare cases.

------

![image_1.jpg](image_1.jpg)

**Part B – Other dealings which may be given clearance during a Prohibited Period** 

The following tables sets out dealings which may be given clearance during a Prohibited Period provided certain conditions are met:

**If you are PDMR, DE or Insider:**

---

| | |
|:---|:---|
| **Type of dealing which may be given clearance in a Prohibited Period** | **Conditions which must be met for clearance to be considered (in each case all conditions must be met)** |
| **Employee share schemes:** | **Employee share schemes:** |
| Non-discretionary awards or grants of GSK Securities to PDMRs/DEs/Insiders under a GSK employee share scheme | –Employee share scheme and its terms were previously approved by GSK shareholders or Board (as applicable)<br>–Terms of the scheme specify the timing of the award or grant and the amount of GSK Securities awarded or granted, or the basis on which the amount is to be calculated, and do not allow for the exercise of discretion by the PDMR/DE/Insider<br>–PDMR/DE/Insider does not have any discretion as to the acceptance of the award or grant |
| Pre-planned awards and grants of GSK Securities to PDMRs/DEs/Insiders under a GSK employee share scheme | –Frequency and timing of the awards or grants, their conditions, the amount of GSK Securities to be awarded or granted and the group of recipients are determined in accordance with a framework established before the start of the Prohibited Period such that Inside Information cannot influence any such award or grant |
| Pre-approved exercise of option or other rights assigned to PDMRs/DEs/Insiders (as well as sales of shares acquired pursuant to such exercise) where the period for exercise is due to expire within a Prohibited Period | –PDMR/DE/Insider notifies GSK of their election to exercise (and, if relevant, sell) at least four months before the expiry date and such election is irrevocable<br>–PDMR/DE received clearance to exercise in accordance with Part A of this Policy prior to making such irrevocable notification  |
| Acquisition of GSK Securities by a PDMR/DE/Insider under an employee saving scheme (e.g. Share Save) | –PDMR/DE/Insider has entered the saving scheme before the start of the Prohibited Period, except when they cannot enter into the scheme at another time due to the commencement date of his or her employment<br>–PDMR/DE/Insider does not alter the terms of their participation in the saving scheme or cancel such participation during the Prohibited Period<br>–Arrangements for the purchase of GSK Securities are either clearly set under the saving scheme terms and the PDMR/DE/Insider cannot alter them during the Prohibited Period or are planned under the saving scheme to occur at a fixed date which falls in the Prohibited Period |

---

------

![image_1.jpg](image_1.jpg)

**If you are a PDMR or DE:**

---

| | | |
|:---|:---|:---|
| **Type of dealing which may be given clearance in a Prohibited Period** | **Conditions which must be met for clearance to be considered (in each case all conditions must be met)** | **Conditions which must be met for clearance to be considered (in each case all conditions must be met)** |
| **Entitlements in respect of rights issues and other offers:** | **Entitlements in respect of rights issues and other offers:** | **Entitlements in respect of rights issues and other offers:** |
| During a <u>Closed Period</u> only: <br>–An undertaking or election to take up entitlements under a rights issue or other offer (including an offer of GSK Securities instead of a cash dividend)<br>–The take up of entitlements under a rights issue or other offer (including an offer of GSK Securities instead of a cash dividend)<br>–Allowing entitlements to lapse under a rights issue or other offer (including an offer of GSK Securities instead of a cash dividend)<br>–Sale of sufficient entitlements nil-paid to take up the balance of the entitlements under a rights issue | –PDMR/DE does not have access to any information that constitutes Inside Information and explains the reasons why such dealing cannot take place at another time and GSK is satisfied with that explanation  | –PDMR/DE does not have access to any information that constitutes Inside Information and explains the reasons why such dealing cannot take place at another time and GSK is satisfied with that explanation  |
| **Transfers between accounts:** | **Transfers between accounts:** | **Transfers between accounts:** |
| During a <u>Closed Period</u> only: <br>Transfer of GSK Securities between two accounts of PDMR or Designated Employee  | –PDMR/DE does not have access to any information that constitutes Inside Information<br>–PDMR/DE explains the reasons why the transfer cannot take place at another time and GSK is satisfied with that explanation<br>–Transfer does not result in a change in the beneficial ownership or price of the relevant GSK Securities<br>NOTE: The transfer of GSK Securities between a PDMR/DE and another person (including their PCA) is <u>not</u> permitted during a Closed Period | –PDMR/DE does not have access to any information that constitutes Inside Information<br>–PDMR/DE explains the reasons why the transfer cannot take place at another time and GSK is satisfied with that explanation<br>–Transfer does not result in a change in the beneficial ownership or price of the relevant GSK Securities<br>NOTE: The transfer of GSK Securities between a PDMR/DE and another person (including their PCA) is <u>not</u> permitted during a Closed Period |
| **Vesting:** | **Vesting:** | **Vesting:** |
| Where GSK must decide if vesting can occur and the decision is taken by PDMRs (through their role on the Remuneration Committee) | Where GSK must decide if vesting can occur and the decision is taken by PDMRs (through their role on the Remuneration Committee) | –A PDMR can still make vesting decisions on behalf of GSK if GSK can show that it has established adequate internal procedures that ensure the PDMR who made the decision was not in possession of Inside Information  |

---

## Exhibit 12.1

**Exhibit 12.1**

**Section 302 Certificate**

**Form of Certification Required by Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934**

I, Luke Miels, certify that:

1. I have reviewed this Annual Report on Form 20-F of GSK plc;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4. The company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c.evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d.disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

5. The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 6, 2026 | /s/ Luke Miels |
| | Luke Miels<br>Chief Executive Officer |

---

## Exhibit 12.2

**Exhibit 12.2**

**Section 302 Certificate**

**Form of Certification Required by Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934**

I, Julie Brown, certify that:

1. I have reviewed this Annual Report on Form 20-F of GSK plc;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4. The company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;c.evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;d.disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

5. The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: March 6, 2026 | /s/ Julie Brown |
| | Julie Brown<br>Chief Financial Officer |

---

## Exhibit 13.1

**Exhibit 13.1**

**Section 906 Certificate**

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), each of the undersigned officers of GSK plc, a public limited company incorporated under English law (the "company"), does hereby certify, to such officer's knowledge, that:

The Annual Report on Form 20-F for the year ended December 31, 2025 (the "Form 20-F") of the company fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and information contained in the Form 20-F fairly presents, in all material respects, the financial condition and results of operations of the company.

---

| | |
|:---|:---|
| Date: March 6, 2026 | /s/ Luke Miels |
| | Luke Miels<br>Chief Executive Officer |
| Date: March 6, 2026 | /s/ Julie Brown |
| | Julie Brown<br>Chief Financial Officer |

---

## Exhibit 15.1

**Exhibit 15.1**

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

We consent to the incorporation by reference in Registration Statement Nos. 333-278205, 333-278205-01 and 333-278205-02 on Form F-3 of GSK plc, GlaxoSmithKline Capital Inc. and GlaxoSmithKline Capital plc and Registration Statement Nos. 333-88966, 333-100388, 333-162702, and 333-235651 on Form S-8 of GSK plc, of our reports dated 6 March 2026, relating to the financial statements of GSK plc and the effectiveness of GSK plc's internal control over financial reporting appearing in this Annual Report on Form 20-F for the year ended 31 December 2025.

London, United Kingdom

6 March 2026

## Ex-17

**Exhibit 17**

**List of Subsidiary Issuers of Guaranteed Securities**

Each of the following subsidiaries of GSK plc (the "Guarantor") is issuer of the following outstanding securities, which are fully and unconditionally guaranteed by the Guarantor:

<u>GlaxoSmithKline Capital Inc.</u>

3.875% Notes due 2028

4.500% Notes due 2030

5.375% Notes due 2034

4.875% Notes due 2035

6.375% Notes due 2038

4.200% Notes due 2043

<u>GlaxoSmithKline Capital plc</u>

4.315% Notes due 2027

Floating Rate Notes due 2027

3.375% Notes due 2029

<br>