GlaxoSmithKline : Q4 2021 Pre announcement aide memoire

Pre-Quarterly Results Communication Q4 2021

Issued: Tuesday 11th January 2022

This Q4 2021 Pre-Quarterly Results Communication has been prepared by GSK in accordance with our standard prior practice. This Communication includes statements made previously by GSK in communications such as our Q3 2021 press release dated 27 October 2021, and our related Q3 2021 results presentation and analyst/investor call on that date. These statements are extracted from their original source and therefore, by definition, do not reflect subsequent or recent events, circumstances or developments, including divestments and the impact of the coronavirus outbreak since such statements were made (see the "Historic London Stock Exchange announcements (LSE announcements) and press releases" section of this Communication).

Any updates to these and other previously made statements would only be included in further communications by GSK to the market in our Q4 2021 release or otherwise. Accordingly, the extracted statements should only be taken as speaking as at the date they were originally made, and the inclusion of the extracted statements herein should not be taken as an indication that they will not be updated in the future.

As our Q3 2021 results announcement indicated, the potential impact of the ongoing COVID-19 pandemic on GSK's trading performance and all our principal risks were assessed with mitigation plans put in place. In the first nine months of 2021, as anticipated, the pandemic impacted Group performance primarily in demand for Vaccines as a result of governments' prioritisation of COVID-19 vaccination programmes and of ongoing containment measures impacting customers' ability and willingness to access vaccination services across all regions. At the time of our Q3 results announcement we remained confident in the underlying demand for our Vaccine products and continued to be encouraged by the rate at which COVID-19 vaccinations are being deployed in many countries which provides support for healthcare systems returning to normal. We continue to monitor the situation closely, as this continues to be a very dynamic and uncertain situation, with the ultimate severity, duration and impact unknown at this point including potential impacts on trading results, clinical trials, supply continuity and our employees. The situation could change at any time and there can be no assurance that the COVID-19 pandemic will not have a material adverse impact on the future results of the Group

Please read the assumptions and cautionary statements regarding forward-looking statements set out on pages 60 and 61 of the Q3 2021 results press release and on the further reports, announcements, press releases issued by the Company, including the "Basis of preparation, assumptions and cautionary statement" section of the announcement issued by the Company on 23 June 2021 in relation to its Investor Update. Please also read the definitions and reconciliations for non-IFRS measures on page 59 of the Q3 2021 results release and the annual report on Form 20-F for FY 2020.

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Contents
2022 Guidance ........................................................................................................................................	3
Key information for Q4 and Full Year 2021 ............................................................................................	3
Historic London Stock Exchange announcements (LSE announcements) and press releases ...............	5
Basic information for Q4 2021................................................................................................................	6
Foreign exchange ............................................................................................................................	6
Basic weighted average number of shares (WANS)........................................................................	7
Dividend ..........................................................................................................................................	8
Factors impacting recent quarterly comparisons ...................................................................................	9
Pharmaceuticals..............................................................................................................................	9
Vaccines ........................................................................................................................................	11
Consumer Healthcare ...................................................................................................................	12
Corporate and other unallocated turnover and costs ..................................................................	13
Operating and financial performance...................................................................................................	14
Operating performance ....................................................................................................................	14
Expected costs and savings under Major Restructuring Programmes .........................................	14
Operating costs: COGS, SG&A and R&D........................................................................................	15
Divisional operating margins ........................................................................................................	16
Financial performance ......................................................................................................................	16
Net finance expense .....................................................................................................................	16
Associates and joint ventures .......................................................................................................	17
Taxation.........................................................................................................................................	17
Profit / (loss) attributable to non-controlling interests (minority interests) ................................	17
Balance Sheet and Cashflow .............................................................................................................	18
Free cash flow ...............................................................................................................................	18
Net debt ........................................................................................................................................	18
Contingent consideration .............................................................................................................	19

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2022 Guidance

GSK intends to provide 2022 guidance on 9 February for 'New GSK', the biopharma business, at the level of sales growth and Adjusted operating profit growth (both in CER terms). As previously stated, guidance will exclude the impact of COVID-19 solutions. Separate outlooks and 2022 guidance for Consumer Healthcare will be provided at a Capital Markets Day planned to take place in Q1 (date to be communicated shortly).

'New GSK' will adopt the segment reporting framework set out at the June 2021 Investor Update (see slide 118 of the Investor Update slide deck https://www.gsk.com/media/7055/sustainable- growth-competitive-returns.pdf). To help with modelling 'New GSK', a reconciliation of the 2021 results to reflect the new reporting format is expected to become available later in Q1.

As previously stated, the Consumer Healthcare business is on track to be demerged in mid-2022. Until such time as the formal criteria for treating Consumer Healthcare as a 'Discontinued operation' have been satisfied (currently expected in Q2), GSK will continue to consolidate the business for reporting purposes.

Key information for Q4 and Full Year 2021

Foreign exchange:

• We expect that the impact of foreign exchange on 2021 sales will be around -5%.
• We expect that the negative impact of foreign exchange on 2021 sterling Adjusted EPS will be greater than the negative impact on sales.
  o Over the first nine months of 2021, the negative impact of currencies to adjusted EPS was -10% compared with the -6% impact to sales.

Weighted average number of shares (WANS)

• The basic WANS in 2021 was 5,003m (an increase of 0.5% relative to 2020)

2021 COVID-19 solutions expectations

Commentary from Q3 2021 press release: In the year to date, we had COVID-19 solution sales of £485 million including £352 million of pandemic adjuvant sales and £130 million of the treatment Xevudy. The contribution to year-to-date Adjusted EPS was approximately 6%. For the full year, we anticipate that COVID-19 solutions will contribute approximately 7% to 9% to Adjusted EPS (previously 4% to 6%) at CER. The precise Adjusted EPS contribution of COVID-19 solution sales within the 7% to 9% range depends on pandemic adjuvant contracting for 2022 and the resulting potential charges within COGS as we continue to manufacture for this potential.

Pharma

Commentary from Q3 2021 analyst/ investor call:

Full year outlook: In the year-to-date, overall revenues grew 5% [+4% excluding Xevudy], and we are raising our expectations for sales to increase low single digit in the full year, excluding Xevudy sales. Within this, we still expect Established Pharma sales to decline high single digits in 2021.

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HIV: Third quarter HIV sales grew by 8%, driven by the growth in the innovation portfolio and taking year-to-date growth to 4%. In Q3 around 2% of the growth was driven by favourable wholesaler purchasing patterns in the US, and 2% by the growth of tenders in the international region. Cabenuva: Cabenuva will take time to build and the COVID environment continues to constrain switch activity, particularly where a patient needs to visit a physician's office. We have robust lead indicators with over 80% market access and strong brand recognition. [note 9M YTD sales £18m] Zejula: We continue to see one in two new PARP patients receiving Zejula, despite a tough external environment where, unfortunately, diagnosis rates remain about 16% below pre-COVID levels.

Vaccines

Commentary from Q3 2021 analyst/ investor call:

Full year outlook: With sales YTD and a strong Q4 comparator, particularly for Shingrix, we now expect Vaccines sales to decline mid-single digits this year, excluding pandemic adjuvant (YTD -2%)

Shingrix 2021 outlook: Performance to be broadly similar to YTD (-11% CER)

Meningitis 2021 outlook: broadly flat, with pandemic impact

Flu 2021 outlook: Revenues broadly similar to slightly lower than 2020

COVID immunisation progress in the US is tracked by the Centers for Disease Control and Prevention (CDC). For US COVID vaccine demographics including adoption by age you can visit: https://covid.cdc.gov/covid-data-tracker/#vaccination-demographic

Consumer

Commentary from Q3 2021 analyst/ investor call: For Consumer in the full year, excluding brands divested or under review, we continue to expect low to mid-singledigit percent revenue growth. Sales of brands divested/under review to be around £150m

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Historic London Stock Exchange announcements (LSE announcements) and press releases

Since the beginning of Q4 2021 we have issued several LSE announcements and press releases, each of which can be accessed using the following links: https://www.gsk.com/en-gb/media/press-releases/https://us.gsk.com/en-us/media/press-releases/

https://us.gsk.com/en-us/products/https://www.gsk.com/en-gb/investors/stock-exchange-announcements/london-rns/

Key updates during Q4

20 December:ViiV Healthcare announces US FDA approval of Apretude (cabotegravir extended- release injectable suspension), the first and onlylong-actinginjectable option for HIV prevention |

GSK

15 December:GSK and Sanofi announce positive preliminary booster data for theirCOVID-19vaccine candidate and continuation of phase III trial per independent Monitoring Board recommendation |

GSK

07 December:Medicago and GSK announce positive Phase 3 efficacy and safety results for adjuvantedplant-basedCOVID-19vaccine candidate | GSK

24 November:GSK publishes provisional 2022 dividend dates - 16:00:09 24 Nov 2021 - GSK News article | London Stock Exchange

17 November:GSK and Vir Biotechnology announce United States government agreements to purchase sotrovimab, aCOVID-19treatment | GSK

05 November:GSK announces positive Phase III efficacy and safety data for daprodustat in patients with anaemia due to chronic kidney disease | GSK

23 July:GSK begins shipping another record supply of influenza vaccine for2021-22season in US |

GSK US

For your reference, the following pages include tables with historical financial information. We have also included some additional detail to help with modelling Q4 2021 and full year estimates.

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