GlaxoSmithKline : CEO AGM presentation

Emma Walmsley

Chief Executive Officer

Annual General Meeting

5 May 2021

Cautionary statement regarding forward-looking statements

This presentation 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' 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 Regulations, UK Listing Rules and the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority), the Group undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. Investors should, however, consult any additional disclosures that the Group may make in any documents which it publishes and/or files with the US Securities and Exchange Commission (SEC). All investors, wherever located, should take note of these disclosures. Accordingly, no assurance can be given that any particular expectation will be met and investors are cautioned not to place undue reliance on the forward-looking statements.

Forward-looking statements are subject to assumptions, inherent risks and uncertainties, many of which relate to factors that are beyond the Group's control or precise estimate. The Group cautions investors that a number of important factors, including those in this presentation, could cause actual results to differ materially from those expressed or implied in any forward-looking statement. Such factors include, but are not limited to, those discussed under Item 3.D 'Risk factors' in the Group's Annual Report on Form 20-F for FY 2020 and any impacts of the COVID-19 pandemic. Any forward-looking statements made by or on behalf of the Group speak only as of the date they are made and are based upon the knowledge and information available to the Directors on the date of this presentation.

A number of adjusted measures are used to report the performance of our business, which are non-IFRS measures. These measures are defined and reconciliations to the nearest IFRS measure are available in our first quarter 2021 earnings release and Annual Report on Form 20-F for FY 2020.

All expectations and targets regarding future performance and the dividend should be read together with the section "Outlook, assumptions and cautionary statements" on pages 42 and 43 of our first quarter 2021 earnings release.

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On track to deliver strategic transformation

Focused on creating significant shareholder value with new companies

2017

2022

Innovation

Performance

Trust

Culture

Invest in pipeline

Sharpen commercial execution

Improve cash generation and investment prioritisation

ESG leadership

New GSK

New Consumer Healthcare

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2020 - a year like no other

COVID-19	Vaccines and	Supporting	Impact
therapeutics	vaccine	on 2020
	collaboration	manufacture	performance

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2020: Strong Operating and Financial performance

Impact from COVID-19 and earnings guidance achieved

Sales

Group turnover	£34bn	+3%
Free cash flow
Total	£5.4bn	+7%
Earnings Per Share
Total	115.5p	+26%
Adjusted	115.9p	(4)%

80p

dividend per share

Percentage growth at CER; except free cash flow that is at AER

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