gsk-20241231

As filed with the Securities and Exchange Commission on March 3, 2025

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

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

1934

For the fiscal year ended December 31, 2024

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

1934

☐ 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

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:


Title of Each Class	Trading Symbol(s)	Name of Each Exchange On Which Registered
American Depositary Shares, each representing 2 Ordinary Shares, Par value 31 1⁄4 pence	GSK	New York Stock Exchange
3.625% Notes due 2025	GSK/25	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
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 each4,314,303,734

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 the International Accounting Standards Board ☒	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 2024 Annual Report on Form 20-F

Form 20-F Cross Reference Guide


20F Item		Page and caption references in this document*
1	Identity of Directors, Senior Management and Advisers	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	265 - 268, 277 - 285

4	Information on the Company
	A. History and development of the company	92, 93, 97, 237 - 241, 292 - 293, 313, 314

	B. Business overview	1- 29, 32 - 40, 44 - 58, 62 - 74, 196 - 198, 237 - 241, 271 - 276

	C. Organisational structure	264, 303 - 310

	D. Property, plant and equipment	93, 198, 208 - 209

4A	Unresolved staff comments	Not applicable

5	Operating and Financial Review and Prospects
	A. Operating results	8 - 9, 75 - 102, 246, 253 - 256, 259 - 260

	B. Liquidity and capital resources	92 - 97, 99, 216, 218 - 219, 232, 245 - 261

	C. Research and development, patents and licences, etc.	10 - 29, 271 - 276

	D. Trend information	75 - 102

	E. Critical accounting estimates	Not applicable

6	A. Directors, Senior Managers and Employees
	A. Directors and senior management	104 - 109

	B. Compensation	134 - 172, 262 - 263

	C. Board practices	5, 104 - 107, 113, 127 - 133, 134, 163 - 172

	D. Employees	201, 220 - 228, 270

	E. Share ownership	144, 149 - 150, 160 - 161, 262 - 263

	F. Disclosure of a registrant’s action to recover erroneously awarded compensation	Not applicable

7	Major Shareholders and Related Party Transactions
	A. Major shareholders	173, 286 - 288

	B. Related party transactions	236, 294

	C. Interests of experts and counsel	Not applicable

8	Financial Information
	A. Consolidated Financial Statements and Other Financial Information	175 - 268, 198, 288

	B. Significant Changes	265 - 268

9	The Offer and Listing
	A. Offer and listing details	287

	B. Plan of distribution	Not applicable

	C. Markets	286, 287

	D. Selling shareholders	Not applicable

	E. Dilution	Not applicable



											GSK 2024 Annual Report on Form 20-F

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	292 - 293, 314

	C. Material contracts	294

	D. Exchange controls	286

	E. Taxation	290 - 291

	F. Dividends and paying agents	Not applicable

	G. Statement by experts	Not applicable

	H. Documents on display	289

	I. Subsidiary information	Not applicable

	J. Annual Report to Security Holders	Not applicable

11	Quantitative and Qualitative Disclosures about Market Risk	99, 245 - 261

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	295

13	Defaults, Dividend Arrearages and Delinquencies	Not applicable

14	Material Modifications to the Rights of Security Holders and Use of Proceeds	Not applicable

15	Controls and Procedures	130, 299 - 300, 301

16	[Reserved]

16	A. Audit Committee Financial Expert	105, 112, 299

16	B. Code of Ethics	133, 297

16	C. Principal Accountant Fees and Services	133, 297

16	D. Exemptions from the Listing Standards for Audit Committees	Not applicable

16	E. Purchase of Equity Securities by the Issuer and Affiliated Purchasers	Not applicable

16	F. Change in Registrant’s Certifying Accountant	Not applicable

16	G. Corporate Governance	302

16	H. Mine Safety Disclosure	Not applicable

16	I. Disclosure regarding Foreign Jurisdictions that Prevent Inspections	Not applicable

16	J. Insider Trading Policies	296

16	K. Cybersecurity Disclosures	60, 107, 108, 128, 282,296

17	Financial Statements	See Item 8 above

18	Financial Statements	Not applicable

19	Exhibits	Exhibit Index

Contents


Strategic report
1	Ahead Together
2	Business model
4	Chair’s statement
6	CEO’s statement
8	Our external environment
10	Research and development
30	Commercial operations
44	Responsible business
56	Our culture and people
59	Risk management and disclosure statements
75	Group financial review

Corporate governance
104	The Board and GSK Leadership Team
110	Chair’s governance statement
113	Corporate governance architecture
116	Board activities
122	Board committee reports
134	Remuneration report
164	Remuneration policy
173	Directors’ report


How to navigate this report
	Page reference for more information within this Annual Report
	Visit gsk.com for more information

Our supplements
	Our Responsible Business Performance Report is available on gsk.com

Cautionary statement

See page 313 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 77 and 78 and reconciliations to the nearest IFRS measures are on pages 88 to 90.

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.


Financial statements
176	Directors’ statement of responsibilities
178	Report of Independent Registered Public Accounting Firm
182	Financial statements
186	Notes to the financial statements

Investor information
270	Number of employees
271	Product development pipeline
277	Risk factors
286	Share capital and control
288	Dividends
289	Financial calendar 2025
289	Annual General Meeting 2025
290	Tax information for shareholders
292	Additional information
298	Shareholder services and contacts
299	US law and regulation
301	Report of Independent Registered Public Accounting Firm
302	Corporate governance comparison
303	Group companies
311	Glossary of terms

Front cover image: Lungs

As well as supplying vaccines to

help prevent respiratory

infections, we are developing

treatments that could transform

the standard of care for people

affected by conditions including

asthma and chronic obstructive

pulmonary disease. Our pipeline

also includes potential new

approaches for unmet lung cancer

needs.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Business model

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

and vaccines. 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...

68,600

GSK people across

75 countries worldwide

manufacturing sites

£6.4bn

R&D investment in 2024

18,000

suppliers working directly

with GSK

...who are identifying,

researching, developing

and delivering...

Specialty Medicines

Our specialty medicines prevent

and treat diseases, from HIV, cancer

and asthma to immune-inflammation

diseases like lupus. Many are first or

best-in-class.



	Read more on page 32

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.



	Read more on page 38

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

RSV, meningitis, shingles, hepatitis

and many more.



	Read more on page 35

...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.



	Read more on page 13

HIV

We’re leaders in HIV, focused

on ending the global epidemic.

We have an industry-leading

pipeline, driven by patient insights.



	Read more on page 20

Oncology

Our ambition is to help increase

overall quality of life, maximise survival

and change the course of disease,

expanding from our current focus on

blood and women’s cancers into lung

and gastrointestinal cancers, as well

as other solid tumours.



	Read more on page 16

Infectious diseases

Our infectious diseases pipeline and

portfolio, including HIV, is the broadest

in the industry.



	Read more on page 22



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Business model continued

(1)We believe that we are on track to achieve our ambition of reaching 2.5 billion people by the end of the decade. Our estimated patient reach figure from

2021 to the end of 2024 is at least 2 billion people, excluding patient reach for albendazole donations in 2024 as this data is not yet available. For more

detail see Access on page 46 and for more detail on our methodology see our Responsible Business Performance Report.

…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.


	Read how technology enables our R&D on page 26

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.

...steered by our

long-term priorities...

Innovation

We develop and launch

new medicines and

vaccines where they

are needed, with better,

faster and smarter R&D.



	Read more about our R&D on page 10

Performance

Driven by our innovation,

we have delivered

consistent sales and profit

growth and improved our

long-term strategy.



	Read about our commercial operations on page 30

Trust

We focus on issues that

matter most to our

business, our stakeholders,

and society, and where we

can have the greatest

impact.



	Read more in Responsible Business on page 44

…creating

value for...

Patients

>2bn

estimated patients reached

between 2021 and 20241

Shareholders

61p

per share dividend

Society and the economy

£1.3bn

corporate income tax paid; in addition

we pay duties, levies, transactional and

employment taxes

People

85%

of GSK people surveyed agree that their

job gives them the opportunity to do

challenging and interesting work

...and enabling

reinvestment to

get ahead of disease

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

developing new medicines and vaccines to prevent and change the

course of disease. Helping people to live healthier lives eases

pressure on health systems and supports economic prosperity.


	Being a responsible business is an integral part of our strategy and culture. Read more on page 44		Our strategy is supported by a robust framework for monitoring and managing risk, described on page 60



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Chair’s statement

Another year of strong performance

and meaningful R&D progress

2024 provided further evidence that

Emma and her executive team have

seized the opportunity of the demerger

to make fundamental improvements to

GSK’s operational performance,

competitiveness and pipeline.

Our long-term conviction remains that

changing population demographics

and disease patterns mean that GSK’s

purpose to get ahead of disease

matters more than ever. By delivering

innovative new medicines and

vaccines to prevent and change the

course of disease, GSK is creating

sustained value for patients,

healthcare systems and society at

large. Over time, we are determined

that this will also translate into

sustained increased value for

shareholders.

Strategic progress

GSK continues to perform to a new

standard. 2024 marked the third

consecutive year of strong sales and

core operating profit and earnings per

share growth.

We have built a much stronger

platform for GSK to deliver consistent

and dependable performance,

underpinned by a new resilience and

sales mix across the portfolio.

This was demonstrated in 2024, with

strong performance delivered despite

some challenges in Vaccines.

These were outweighed by strong

growth across our Specialty Medicines

business, with our Respiratory/

Immunology, Oncology and HIV

franchises all registering sales growth

at AER and CER.

The first phase of GSK’s

transformation, since the demerger,

has built a foundation of consistent

execution and delivery. The priority

now is to build on this foundation as

GSK moves into the second phase of

its transformation, focused on

executing pipeline delivery, preparing

for the next wave of innovation.

Shareholder returns

Equally, the Board recognises that the

value of GSK shares does not currently

reflect our confidence in our growth

strategy. The Board is extremely

mindful of this and the need to deliver

better shareholder value over the

short-, medium- and long-term

timeframes.

The Board has thought deeply about

this gap between the market’s view of

valuation and our own. While investing

in the business will always be the first

priority for use of capital, the Board

believes that the balance sheet is

now strong enough to support a

share buyback.

This should be seen as a clear

demonstration in the Board’s belief in

the medium- and long-term growth

prospects for GSK.

R&D progress

The company’s core focus remains

progressing and strengthening the

pipeline and R&D performance. This is

the number one priority for the Board

as a whole and the Science

Committee specifically. We continue to

constructively challenge the executive

team on their scientific and

commercial assumptions and the

financial returns expected from

proposed R&D investments.

The Board was encouraged to see

good progress made during the year,

both organically and through business

development, with 13 positive phase

III readouts. This pipeline progress

supports the Board’s confidence in the

delivery of expected growth by 2031.

As a result, the Board is increasingly

turning its attention to pipeline

opportunities beyond 2031 based on

the company’s deep understanding of

the immune system and leading

capabilities in platform and data

technologies.

Disciplined deployment of capital

towards R&D remains central to this.

We have chosen to both progress and

decline business development

opportunities over the course of this

year, not least as we now see

opportunities to accelerate certain

assets in Respiratory, Immunology &

Inflammation and Oncology.

Remuneration

We continue to evolve our

Remuneration Policy to support

delivery against the company’s goals

and seek to further increase alignment

of shareholder and management

experiences.

In the Remuneration Report we set out

proposed changes which seek to both

anchor our remuneration against the

peer group we compete with and to

ensure we are even more focused on

incentivising financial over-

performance and pipeline over-

delivery in the near, mid and long

term.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Chair’s statement continued

We have consulted extensively with

shareholders in developing the new

proposals, which will be voted on in

the usual way at our 2025 AGM.

Resolving Zantac litigation

Beyond the company’s strategic and

R&D priorities, the Board has focused

on reducing unnecessary exposures

for the company and shareholders.

The retirement of the Zantac risk,

through the settling of the vast majority

of cases in the US, was clear

demonstration of this.

We strongly believe this action is in the

best long-term interests of

shareholders, helping draw a line

under the litigation and providing

closure without any admission of

liability.

This was a good example of the Board

and leadership team working closely

together, along with independent

experts, to act in shareholder

interests.

Culture and responsibility

As I have said before, I believe that

one of the strongest drivers of GSK’s

long-term performance is the culture

shift which Emma and her team are

driving. This is seen in a focus on

behaviours such as accountability and

smart decision-making; and continued

very high engagement scores among

GSK people.

The Board continues to support the

long-standing proactive approach

taken by the company to build trust

and operate responsibility. Through

the relevant Board committees, we

examined progress in priority areas

such as access to medicines, where

the company again ranked strongly in

external benchmarks in 2024,

antimicrobial resistance (AMR), and

our climate and nature sustainability

commitments.

Board evolution

As I’ve noted previously, we continue

to evolve the Board to ensure we

provide robust oversight and scrutiny

of management. We have now built

deep industry skills and experience

across all parts of the biopharma value

chain, including strategically important

areas to GSK such as genetics,

immunology and AI.

In 2024, we were delighted to welcome

Dr Jeannie Lee to the Board. Jeannie is

Vice Chair of the Department of

Genetics at Harvard Medical School.

Her deep expertise in scientific and

medical innovation, including in the field

of RNA biology and epigenetics, which

are key parts of GSK’s R&D approach,

together with her experience in public

health, bring a strong additional

perspective to Board discussions.

We will also bid farewell to Dr Jesse

Goodman, who will step down from

the Board at the 2025 AGM having

served nine years as a Non-Executive

Director. The Board as a whole, and

the Science Committee in particular,

have benefitted hugely from Jesse’s

wealth of expertise in infectious

diseases, regulation and public health.

He has made a fantastic contribution

to GSK and we wish him all the very

best for the future. As Jesse steps

down, we are delighted that Dr Gavin

Screaton will join the Board as a Non-

Executive Director from 1 May 2025.

His deep expertise in immunology and

infectious diseases, together with his

considerable experience in public

health, will help to replace Jesse’s

skillset and experience; and bring a

valuable perspective to the Board.

Conclusion

We believe the company continues to

strengthen across all parts of the

business. That we have not

demonstrated this more in shareholder

value is a source of determination to

do so. The Board is strongly focused

on this and helping the executive

achieve the growth strategy set, which

will ultimately drive investor

confidence and in parallel, shareholder

value.

There are many things that are

precious about GSK but one that sits

above all is our people – and the

purpose that drives them to improve

health and the lives of patients

worldwide. I would like to thank all our

people, as well as our partners,

customers and shareholders, for their

continued commitment through the

past year. Together, we look forward to

another year of success in 2025.

Sir Jonathan Symonds

Chair



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

CEO’s statement

(1)Penmenvy, our 5-in-1 meningococcal vaccine,

was approved in the US in February 2025

2025 will mark three years since the

demerger and the creation of GSK

as a new dedicated biopharma

company, for patients and for

shareholders.

The demerger enabled a fundamental

restructure of GSK and its balance

sheet, bringing new capacity to invest

in growth and to deliver returns to

shareholders.

Three years on, we have established a

strong track record of performance

delivery.

We have developed an attractive,

reshaped portfolio and pipeline of

Specialty Medicines and Vaccines,

with Specialty now representing close

to 40% of GSK’s sales.

We have delivered sustained year-on-

year sharper operational performance,

profitability and cash improvements.

Strong 2024 performance

GSK’s excellent performance in 2024

demonstrates the transformation of the

business.

Group sales were £31.4 billion, up 3%

AER, 7% CER, and excluding

COVID-19 sales, growth was up 4%

AER, 8% CER.

This was driven by strong growth and

increasing contribution from Specialty

Medicines, with growth in all areas,

more than offsetting headwinds in

Vaccines.

In Respiratory/Immunology, sales

were up 9% AER, 13% CER, driven by

Nucala, our anti-IL5 biologic medicine

and Benlysta, our treatment for auto-

immune disease lupus.

Oncology sales almost doubled to

more than £1.4 billion. Specialty

medicines for ovarian and endometrial

cancers, together with Ojjaara, our

new treatment for myelofibrosis

patients with anaemia, all grew rapidly,

driven by increased uptake and

recognition of their benefit by

oncologists.

HIV sales grew 10% AER, 13% CER,

with 20% of total HIV sales now

coming from new long-acting

injectables for treatment and

prevention (PrEP).

Vaccine sales were down 7% AER,

4% CER, reflecting challenges we

have seen from external pressures, in

the US and China, for Arexvy and

Shingrix. While we expect these to

continue in 2025, we are confident that

these vaccines, together with the

pipeline opportunities we have in this

part of our portfolio, will deliver

meaningful contributions to medium-

and long-term growth.

General Medicines also delivered

another strong year of performance,

with sales up 2% AER, 6% CER and

Trelegy strengthening its position even

further as the top-selling medicine

worldwide for COPD and asthma.

Pipeline momentum

In R&D, execution in the late-stage

pipeline was exceptional, with 13

positive phase III clinical trial readouts

in 2024 across Respiratory,

Immunology & Inflammation (RI&I),

Oncology, HIV and Infectious

Diseases – a record for the company.

We are now focused on the clinical

development of 14 scale innovation

opportunities – the majority in

Specialty medicines.

These include five new product

approvals expected in 20251, at the

forefront of which are potential step-

changes in treatment for multiple

myeloma, with Blenrep our novel ADC

treatment; and depemokimab – our

new ultra-long-acting medicine for the

treatment of severe asthma.

I was also pleased to see further

strengthening of our mid- and early-

stage pipeline, with progress and

addition of several new assets

including two high-potential oncology

medicines – targeting B7-H3 and B7-

H4 antigens; novel IL33 and TSLP

respiratory treatments; and successful

steps forward in our development

programmes for ultra-long-acting HIV

medicines.



Strategic report	Corporate governance	Financial statements	Investor information	2024 Annual Report on Form 20-F

CEO’s statement continued

Targeted business development (BD)

also remains a key priority. In 2024,

we completed transactions to acquire

assets in oncology and RI&I;

strengthened platform capabilities in

mRNA and oligonucleotides; and

entered into several new research

alliances, including a collaboration

with Flagship Pioneering – providing

us with access to a portfolio of more

than 40 bioplatform companies. Our

recent agreement to acquire IDRx, Inc

is a good example of what we expect

to do going forward.

Capital allocation and shareholder

returns

We remain extremely focused on

disciplined allocation of capital.

Our first priority for capital remains to

invest in growth and in R&D – both

organically and in targeted business

development – at scale and pace.

R&D expenditure was over £6 billion in

2024, and we invested £2.3 billion of

capital in targeted BD.

With the pipeline opportunities we now

have, we are deliberately prioritising

investment to accelerate development

of key assets in RI&I and Oncology –

alongside long-acting HIV medicines

and existing core Vaccines

opportunities.

In addition to investing in growth, we

remain focused on improving returns

for shareholders.

Our primary mechanism for this

remains our progressive dividend. For

2024 we declared a full year dividend

of 61p, and we expect to pay 64p in

2025.

We also look to deliver further returns,

when circumstances and opportunities

allow, and have announced our

intention to buy back £2 billion of

shares over the next 18 months. We

believe this offers a very attractive

return for shareholders at current

share price levels.

Very importantly, our outperformance

and stronger balance sheet support all

our plans to invest competitively for

growth – in pipeline and in BD – as

well as deliver enhanced returns to

shareholders.

Operating as a Responsible

Business

GSK is committed to operating

responsibly. This is core to who we are

as a company and to delivering our

ambition for patients, our people and

long-term business success.

We maintained good progress in our

six priority areas to build Trust in 2024,

with an overall performance rating of

“on track” for the third consecutive

year.

Importantly, we retained a leadership

position in the Access to Medicine

Index where we have been placed first

or second since its inception in 2008.

We are also making great progress

against the ambition we set ourselves

in 2021 to positively impact the health

of 2.5 billion people over ten years,

with latest estimates indicating that we

have reached at least two billion

people.

Being responsive to the environment

in which we operate and the changing

expectations of our key stakeholders,

is critical to building trust. With that in

mind, we continue to review and

evolve the actions we are taking in all

of our six areas.

Culture

At GSK, our culture is centred around

being ambitious for patients,

accountable for our impact and doing

the right thing and we continue to

make meaningful progress.

Our culture lays the foundation for

how, together, we deliver our strategy,

our business performance and positive

health impact at scale. It also drives

our strong commitment to creating an

environment where talented people

can thrive, feel valued, included, are

able to focus on what matters and

pursue exciting career development

opportunities.

We continue to see highly positive

engagement of our people – with

scores of more than 80% again last

year in our internal survey. Increased

confidence in the delivery of our

strategy was also reflected in the

survey, and we were delighted to see

positive feedback on the effectiveness

of our managers – with 79% rated as

highly effective by their teams.

Clear momentum as we look ahead

As we look ahead, I am very optimistic

for the future at GSK and our ability to

deliver our growth strategy and

develop the next wave of meaningful

R&D innovation.

Our portfolio is demonstrating growth

and resilience in key areas of

therapeutic strength.

This comes on the back of a strong

track record of operational delivery

and accelerating progress in

innovation and pipeline development.

As ever, it is our wonderful teams and

partners who fuel this progress, and I

want to thank them for all they have

achieved during 2024, for the

momentum they are bringing into

2025, and for the inspiration they bring

to us all.

All of this underscores GSK’s clear

opportunity to deliver scale health

impact to patients, and attractive

returns to shareholders, through the

decade and beyond. Combining

science, technology, and the talent of

our people, to get ahead of disease

together.

Emma Walmsley

Chief Executive Officer



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Our external environment

Our Ahead Together strategy and long-term priorities of Innovation, Performance

and Trust respond to major trends influencing the healthcare landscape.

Innovation

Convergence of science and technology continues

to shape research and development opportunities

A deeper insight into human biology, combined with the

potential to access and compute vast amounts of data,

continues to shape discovery and development of new

therapies. Advances in understanding of human genetics

and functional genomics, in tandem with artificial

intelligence and machine learning (AI/ML), are enabling

scientists to decode the mechanisms of disease. A better

understanding of biological processes, such as

inflammation and ageing of the immune system, is paving

the way for earlier, more precise intervention to change the

course of disease.

In 2024, the biopharma industry continued to look to new

mechanisms, technologies and opportunities. Oncology,

respiratory and infectious diseases are forecast to be

among the top ten therapy areas by 2028, based on global

spend. Around a quarter of oncology trials now focus on

novel mechanisms, especially antibody drug conjugates,

multi-specific antibodies, and cell and gene therapies. While

obesity drug trials are increasing, there is also more

attention on obesity medications in the context of studies

into other diseases; and the longer-term health needs that

could emerge due to obesity being effectively controlled.

The transformative potential of scientific and technological

advances continues to prompt innovative partnerships and

collaborations across sectors. The biopharma industry

completed around 60 AI/ML focused deals in 2024.

Countries also continue to look to innovation generated by

strategic industries, including biopharma, to support growth.

China has taken steps to bolster its R&D environment, with

its share of global biopharma companies rising to 16% in

2024. The US retains the greatest share, with 39%.

Our response

The convergence of science and technology is

changing discovery and development. At all stages of

our R&D, we’re harnessing the opportunity to be more

precise in our research targets, to identify the right

patients, and to increase the chances of successfully

developing medicines and vaccines that make a

difference to them.

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

medicines and vaccines. Our R&D approach

combines our scientific focus on the immune system,

including human genetics, functional genomics and

single-cell profiling, with the use of advanced

technologies. Our innovation is driven through both

in-house R&D as well as partnering with leading

institutions to access cutting-edge research and

technology.

We work with our peers and governments to make

sure that the policy and regulatory environment

stimulates and protects innovative research and

development within a culture that builds trust with

transparency. This includes policies at a national level

to invest in and recognise the value of innovation, as

well as global frameworks to enable responsible and

appropriate access to, and deployment of, data and

new technologies.


	Read more about our R&D to prevent and change the course of disease on pages 10 to 29

£9.9bn

Total deal value of AI/ML transactions

completed by the biopharma sector in 2024.

$440bn

Projected global spending on oncology medicines

by 2028, according to IQVIA, making it the leading

therapy area as novel cancer treatments continue

to be launched.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Our external environment continued

Performance

Changing demographics and health system pressures

pave the way for a shift to preventative healthcare

Life expectancy is rising once again, following a dip during

the COVID-19 pandemic. By 2030, the share of the world’s

population aged 60 and over will have risen to 1.4 billion.

But a longer life does not always equate to a healthier life.

In the US and Europe, rates of chronic disease, obesity and

disability have increased over successive generations.

Changing demographics, and more complex health needs,

put economies and health systems under increasing strain.

Although medicines comprise a relatively small proportion

of overall health budgets, containing drug costs remains

a priority including for countries across Europe and the

US as they look to manage health spending. Under the US

Inflation Reduction Act, Medicare reduced prices for ten

medicines. But as population dynamics change, there is

increasing recognition of the value of preventative, pre-

emptive healthcare to support future health system

sustainability and economic growth. Adult immunisation

alone can return up to 19 times its initial investment through

health and wider socio-economic benefits.

Our response

Preventing and mitigating the effects of disease,

and helping people to live well, is an important lever

to improve health and strengthen productivity and

economic growth. We are investing in innovation to

help prevent illness in the first place and prevent

progression of disease. Realising the full potential of

this innovation needs the right systems in place to

value the full health, social and economic benefits of

preventative healthcare. It also needs the appropriate

infrastructure to help people access care at the right

time and in the right place. We are engaging with

stakeholders to identify constructive policy solutions

that would shift health systems from spending on

sickness to investing in health.


		Read more about our commercial operations and performance on pages 30 to 43

Trust

Building trust and transparency is key to implementing innovation

People’s understanding of, and familiarity with, the

biopharma industry remains relatively low. This contributes

to a lack of trust in the sector and levels of trust vary

significantly across geographies. The industry faces

continued scrutiny across a range of issues. Questions

span from how the industry delivers a consistent, safe and

reliable supply of products that address unmet needs,

through to sourcing and using health data. Despite

significant strides to widen access to medicines and

vaccines, inequities remain both within and between

countries. As a result, the industry’s business model

continues to come into question.

The role of the sector in responding to sustainability and

health security challenges, including pandemics and the

rising tide of antimicrobial resistance (AMR), was also in the

spotlight again during 2024. Governments around the world

agreed a new political declaration on AMR, calling for

concerted investment in new medicines and vaccines and

improved access to antibiotics, vaccines and diagnostics.

Our response

Building trust and transparency remains central to

sustaining innovation and bringing medicines and

vaccines to patients; it is also core to delivering on

our ambitions for shareholders and society at large.

We recognise that challenge and it’s why we have

embedded six areas of responsible business –

access; global health and health security;

environment; inclusion and diversity; ethical

standards; and product governance. These are areas

where we can have the greatest impact. This ranges

from delivering medicines and vaccines to the right

patient, at the right time, to responding to risks posed

by new pandemics, increasing resistance to

antimicrobials and the consequences of climate

change and nature loss.


		Read more in the Responsible Business section on pages 44 to 55



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Research and development

We focus on the science of the immune system and advanced technologies

to drive innovation – preventing and treating the most challenging diseases,

better and faster.

Highlights

assets in the pipeline

assets in phase III/registration

positive phase III readouts



	–Positive phase III data and regulatory filing for Nucala in COPD –Positive phase III data and regulatory filings for depemokimab, ultra-long-acting anti-IL5 biologic including for severe eosinophilic asthma – Positive phase III data for Blenrep, including overall survival, and filings in 2L+ relapsed/ refractory multiple myeloma –Ojjaara/Omjjara approval for myelofibrosis patients with anaemia in Japan following approvals in the US, EU and UK –Jemperli approval expanded to all adult patients with primary advanced or recurrent endometrial cancer in the US and EU		–Breakthrough Therapy (US) and Priority Medicine (EU) designations for B7-H3- targeted ADC, GSK’227, in relapsed/ refractory osteosarcoma –Fast-Track designation for bepirovirsen in chronic hepatitis B in the US and Japan –Gepotidacin filed in the US as potential first new antibiotic for uUTI in 20 years –Arexvy approval in adults aged 50-59 in the US, EU and Japan) and data indicating protection over three full RSV seasons –Targeted business development including deals with Elsie Biotechnologies and acquisition of IDRx1

Our R&D approach

By combining our understanding of the science of the

immune system with cutting-edge technology, we can

discover and develop new medicines and vaccines with

the potential to transform people’s lives.

In 2024, we invested £6.4 billion in R&D across our

portfolio, up 3% AER and 5% CER on 2023. We have 71

assets in development, most of which have the potential to

be the first or best of their kind.

We focus our research and development on four therapy

areas: respiratory, immunology and inflammation; oncology;

HIV; and infectious diseases. These are areas where

significant patient need remains and where we have the

strongest expertise and ability to deliver differentiated and

needed medicines and vaccines at scale. Patients are at

the heart of everything we do – we engage with them and

their healthcare providers to deeply understand the impact

of disease and deliver innovation where it matters most.

Rapid advances in science and technology are unlocking

new opportunities to prevent and treat disease. Being able

to better predict and pre-empt the course of disease means

we can prevent it occurring in the first place and intervene

earlier to slow its progress and limit further complications.

This can result in better outcomes, not only for patients, but

for health systems and societies too.

Focusing on execution, technology and

culture

Three priorities guide our research and development:

–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:


	See page 12

–Technology – acting as a catalyst for R&D at all stages,

from how we choose research targets to making clinical

trials as effective as possible. Discover how we deploy

advanced data and platform technologies to develop

medicines and vaccines that make a meaningful

difference to people’s health:


	See page 26

–Culture – focusing on delivering what matters most – for

patients, stakeholders and our people – better and faster.

See how we foster an environment where our people can

thrive, make the right decisions, take smart risks and

work effectively with each other and our partners:


	See page 58

(1) Closed in February 2025



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Research and development continued

Execution

Accelerating delivery of our pipeline of innovative

medicines and vaccines for patients who need them

Our pipeline continues to grow and strengthen and we now

have 54 medicines and 17 vaccines in development.

Over the past year we began nine phase I development

programmes, moved six assets into phase II and two into

phase III. We had 13 positive phase III data readouts and

23 approvals or regulatory filings.

Our focus and investment in R&D are driving increased

productivity with end-to-end success rates more than

doubling from 2018-2023. Our phase III development cycle

times are now in the top quartile for the industry1.

Our rate of progress gives us confidence in our medium-

and long-term growth strategy. From 2025 onwards we

expect a series of major launches with peak year sales of

over £2 billion, with five approvals in 20252 alone. We’re

also looking ahead to the next wave of R&D innovation

based on an even deeper understanding of the science of

the immune system with investment in scientific

partnerships and advanced platform and data technologies,

to identify the right target, the right intervention and the right

patient. This will drive longer-term growth and value for

patients, shareholders and our people.

In respiratory, we reported positive pivotal results for Nucala

in COPD and depemokimab, the world’s first six-monthly

injectable for severe asthma and chronic rhinosinusitis with

nasal polyps (CRSwNP). This reinforced our ambition to

redefine the future of respiratory medicine.

We also continued to see significant momentum in our

expanding oncology portfolio. This included approvals for

Jemperli in endometrial cancer and Ojjara in myelofibrosis.

We saw positive phase III data for Blenrep in multiple

myeloma, including significantly improved overall survival

rates versus standard of care. This data highlighted its

potential to materially redefine clinical practice.

We made progress towards introducing innovative long-

acting injectable regimens for HIV treatment and

prevention, with positive real-world data for Apretude and

promising phase I data for our ultra-long-acting formulation

of cabotegravir.

We continued to strengthen our leadership in infectious

diseases. Our market-leading RSV vaccine, Arexvy, gained

expanded approvals in adults aged 50-59 and

demonstrated sustained efficacy over three RSV seasons.

We submitted gepotidacin for regulatory review. This is

potentially the first in a new class of oral antibiotics in 20

years for uncomplicated urinary tract infections, which

recurrently affects around one third of women. Our

oligonucleotide, bepirovirsen, was granted Fast-Track

status in the US and Japan. This takes us a step closer

towards a functional cure for chronic hepatitis B, which

affects around 300 million people worldwide.

Strengthening innovation through collaboration

and business development

To complement our in-house R&D, we partner with the

world’s best minds and leading institutions to enable access

to novel science and technology. This allows us to add to

our pipeline, bring in unique data insights and integrate

platform technologies to find new ways of addressing

disease.

Targeted business development in 2024 resulted in 12

acquisitions and discovery collaborations across biotech. In

June 2024 we acquired Elsie Biotechnologies whose

platform technology will expand our oligonucleotide

pipeline. We supplemented our pipeline with acquisitions

such as the T-cell engager CMG1A46 from Chimagen for

development in lupus, and a TSLP inhibitor from Aiolos Bio

for asthma and other respiratory conditions.

We also partnered with Flagship Pioneering and its portfolio

of 40+ bioplatform companies, aiming to discover and

develop new potential medicines and vaccines. Our

presence in gastrointestinal oncology was strengthened

with our acquisition of IDRx Inc. which includes IDRx-42, a

highly selective KIT tyrosine kinase inhibitor3. In addition,

we have the option to acquire DB-1324, an antibody drug

conjugate (ADC), from Duality Biologics.

Collaboration with academia is at the heart of scientific

progress and a fundamental part of our R&D approach to

better understand disease processes. In October 2024, we

announced a five-year collaboration with Cambridge

University focusing on kidney and respiratory disease.

We’re also working with Boston University’s Center for

Regenerative Medicine to develop a better understanding of

respiratory diseases such as pulmonary fibrosis and with

Oxford University to advance novel cancer research,

focused on the potential of cancer prevention through

vaccination.


	Read more about our technology collaborations on page 28

Focusing on our four core therapeutic areas


	Respiratory, immunology and inflammation, see page 13
	Oncology, see page 16
	HIV, see page 20
	Infectious diseases, see page 22

(1)Source: Centre for Medicines Research

(2)Penmenvy, our 5-in-1 meningococcal vaccine, was approved in the

US in February 2025

(3)Acquisition completed in February 2025



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Research and development continued

Respiratory, immunology and inflammation

For over five decades, we have been at the forefront of the

most complex respiratory health challenges. We have a

deep understanding of the underlying drivers of disease in

different groups of patients with conditions like asthma and

chronic obstructive pulmonary disease (COPD). Our

ambition is to redefine the future of respiratory medicine

with a broad portfolio of next-generation long-acting

treatments that work in distinct ways to help as many

patients as possible. We continue to pursue the most

ambitious treatment goals, aiming for early interventions

that prevent, treat and stop disease, limiting future

complications for patients.

Our deep understanding of the immune system is also

leading to advances in our growing immunology pipeline.

Here, we’re building on our decades of knowledge in

inflammatory mechanisms to target fibrotic lung, liver and

kidney disease with innovative treatments that aim to

modify underlying disease dysfunction and prevent disease

progression.

In this section:


Asset	Potential indication/ label expansion1
Nucala1 (mepolizumab)	Anti-IL5 monoclonal antibody for five respiratory conditions
Depemokimab	Anti-IL5 monoclonal antibody for four respiratory conditions
Camlipixant	P2X3 inhibitor for refractory chronic cough
Benlysta1 (belimumab)	Anti-BLyS monoclonal antibody for systemic lupus erythematosus and lupus nephritis
CMG1A46	Dual CD19 and CD20-targeted T-cell engager for lupus and related auto-immune conditions
GSK’990	Antisense oligonucleotide for metabolic dysfunction- associated steatohepatitis and alcoholic liver disease
Linerixibat	IBAT inhibitor for cholestatic pruritus in primary biliary cholangitis


	See a more detailed pipeline listing on pages 29 and 271

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

are italicised

Respiratory

–Half of the top six causes of death globally are

lung diseases, which claim around seven million

lives each year.

–Alongside lung cancer, COPD and lower respiratory

tract infections are critical healthcare challenges with

COPD affecting more than 300 million

people globally.

Respiratory diseases can create a significant physical,

social and emotional burden for those affected, along with

financial impact on people and healthcare systems. Older

treatments that are typically used to manage them are not

always adequate. This is why we’re focusing our research

on medicines that can potentially better control symptoms

and slow disease progression by targeting underlying

drivers of disease, like inflammation. For some patients, it

may even be possible to achieve clinical remission, where

they no longer experience symptoms and exacerbations,

don’t need to use oral steroids, and have stabilised lung

function.

Next-generation treatments for patients

with IL5 mediated conditions

For some patients with respiratory conditions like severe

asthma, COPD and chronic rhinosinusitis with nasal polyps

(CRSwNP), their disease is driven by ‘type 2’ inflammation.

A cytokine (protein), known as interleukin-5 (IL5), plays a

key role in driving this inflammation, making it a proven

treatment target for these patients.

Type 2 inflammation is the underlying driver of

unpredictable exacerbations and is seen in more than 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 IL5.

We now have two anti-IL5 biologic treatments in our

pipeline. Our aim is to achieve more than simply controlling

the symptoms of these inflammatory diseases. Instead, we

strive to identify and target the underlying disease process

to slow, or even stop, disease progression. This may help

reduce the risk of organ damage and achieve clinical

remission, where possible.

We pioneered the research that established the role of IL5

in respiratory diseases and continue to apply our knowledge

as we explore other inflammatory pathways which may be

future targets.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Research and development continued

Extending the impact of Nucala to more patients

Despite the availability of inhaled therapies, around half

of respiratory patients continue to experience debilitating

attacks (exacerbations) of their disease each year.

Preventing these exacerbations, including the most severe

events that lead to emergency hospital visits or

hospitalisation, is a key treatment goal to reduce the

impact on patients and on healthcare resources.

Nucala (mepolizumab), our anti-IL5 biologic (monoclonal

antibody), is the only treatment in the US and Europe with

indications in four IL5 mediated diseases.

In 2024, we gained new approvals for Nucala. In Japan,

it was approved for CRSwNP in cases where standard

treatments aren’t controlling disease. An estimated two

million people suffer from chronic rhinosinusitis in Japan,

with 200,000 needing surgery for nasal polyps.

Nucala was also approved for use in two additional

indications in China. Alongside its indication in EGPA,

Nucala is now approved as a treatment for severe asthma

with an eosinophilic phenotype and in CRSwNP, making it

the first targeted IL5 treatment in both conditions.

In China, asthma affects 46 million adults, 6% of whom

experience severe asthma, and CRSwNP affects

approximately 35 million people.

In September 2024, we presented positive pivotal results

from our phase III MATINEE trial of mepolizumab in patients

with COPD. The study met its primary endpoint, with data

showing a statistically significant and clinically meaningful

reduction in the annualised rate of moderate or severe

exacerbations compared to placebo.

Based on these data, in December 2024, the US FDA

accepted a regulatory submission seeking a new indication

for the use of mepolizumab in patients with COPD.

Improving outcomes for patients with ultra-long-acting

treatments

Long-acting therapies that target the underlying drivers of

disease to provide sustained suppression of inflammation

could further advance treatment of severe asthma and other

respiratory or immune mediated disease.

Depemokimab has the potential to be the first approved

ultra-long-acting anti-IL5 biologic with six-month dosing.

This could offer millions of patients with respiratory diseases

sustained efficacy benefits including a reduction in

exacerbations and hospitalisations, as well as limiting

cumulative lung damage and disease progression with just

two injections per year. Extended dosing intervals could

also help tackle other barriers to patients achieving optimal

outcomes, such as adherence challenges or the

inconvenience of frequent healthcare appointments.

In 2024, we announced positive results from the SWIFT-1

and SWIFT-2 phase III trials of depemokimab in patients

with severe asthma with type 2 inflammation. Both trials

met their primary endpoints with statistically significant

reductions in the annualised rate of clinically significant

exacerbations (asthma attacks) over 52 weeks versus

placebo. Importantly, there was also a 72% reduction in

exacerbations leading to hospitalisation.

In October 2024, we also announced positive phase III

data from our ANCHOR-1 and ANCHOR-2 trials for

depemokimab in patients with CRSwNP. Data from the

ANCHOR and SWIFT programmes have been used to

support filing acceptances in China, Japan and Europe,

and regulatory submission in the US, for the use of

depemokimab for two indications; in asthma with type 2

inflammation and CRSwNP. Additional submissions will

occur through 2025.

We continue to explore other potential long-acting

respiratory treatments in our early pipeline that could benefit

a broader range of patients. These include our

long-acting anti-thymic stromal lymphopoietin (TSLP)

monoclonal antibody, currently in phase II for patients

whose asthma is not driven by type 2 inflammation;

and our anti-IL33 asset in phase I for COPD.

Addressing the unmet need in refractory chronic cough

with camlipixant

Camlipixant, our potential treatment for patients with

refractory chronic cough (RCC), became part of our pipeline

through the acquisition of Bellus Health in 2023. It is in

phase III development.

Clinical data has shown that by selectively inhibiting P2X3

receptors, camlipixant may reduce cough frequency for

RCC patients with a relatively low incidence of dysgeusia.

Chronic cough affects around 28 million people, and around

10 million suffer from RCC for over a year. RCC is a cough

that lasts for more than eight weeks, doesn’t respond to

treatment for an underlying condition and is otherwise

unexplained. There’s currently no effective treatment, with

patients often cycling through other therapies and seeing

specialists with no resolution. They can also suffer from

depression, incontinence and sleep loss.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Research and development continued

Immunology

Our deep understanding of the immune system is opening up

new opportunities to help patients with a range of immune-

mediated conditions beyond respiratory. Data and platform

technology collaborations are enabling us to understand

underlying disease processes, reach previously inaccessible

targets and better identify patients for treatment. Our work in

human genetics and phenotyping is generating insights that

are informing moves into other areas, including liver disease.

Broadening use of Benlysta for immune-mediated

conditions

We continue to develop Benlysta, our anti-B lymphocyte

stimulator monoclonal antibody, for a range of immune-

mediated conditions, as well as systemic lupus

erythematosus (SLE) and lupus nephritis (LN).

Benlysta has been approved to treat adults and children

with SLE and LN in more than 60 countries, including

the US, Japan, Europe and the UK.

Benlysta’s robust and expansive evidence includes nine

randomised controlled trials (RCT), including six placebo-

controlled phase III trials in adult SLE, including LN.

These data underpin Benlysta’s potential in the short-

and long-term treatment of SLE and LN, including reduction

of flares, tapering of oral corticosteroids (OCS) and helping

to prevent damage to vital organs via a disease modifying

action.

Reinforcing our portfolio for lupus

In October 2024, we acquired CMG1A46 from Chimagen

Biosciences to reinforce our portfolio for the treatment of

lupus and underlying drivers of autoimmune disease.

CMG1A46, a clinical-stage dual CD19 and CD20-targeted

T cell-engager, has the potential to deplete uncontrolled B

cells present in autoimmune diseases, such as lupus.

Phase I trials in lupus are likely to begin in 2025.

Building on our early pipeline to address liver disorders

GSK’990

GSK’990 is our investigational RNA interference therapeutic

for steatotic liver disease (SLD), an area of substantial

unmet need. Around 26 million patients globally have

advanced alcoholic liver disease (ALD) and it accounts for

half of liver-related deaths in developed countries. There are

currently no pharmacological treatments available. Around

265 million patients globally have metabolic dysfunction-

associated steatohepatitis (MASH), which causes a build-up

of fat in the liver that can eventually lead to scarring and, in

some cases, severe liver damage, liver failure and even

death.

Genetic analysis has shown a strong association between

the HSD17B13 gene and advanced ALD and MASH.

GSK’990 targets HSD17B13 resulting in highly specific

binding to receptors that are only expressed on liver cells.

It is now in early development to address the liver fibrosis

associated with ALD and MASH and prevent disease

progression with an improved dosing schedule versus

current treatment options.

Linerixibat

Linerixibat is our investigational product for the treatment

of cholestatic pruritus in patients with primary biliary

cholangitis (PBC).

Cholestatic pruritus causes an internal itch that cannot be

relieved by scratching. Linerixibat has the potential to be

the first global therapy to treat this itch. It is a minimally

absorbed small molecule inhibitor of an ileal bile acid

transporter (IBAT), administered as an oral tablet.

In November 2024, positive phase III results demonstrated

a statistically significant improvement in itch versus

placebo, potentially supporting patients whose quality of life

is significantly affected by persistent itching.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Research and development continued

Oncology

Cancer is one of the world’s leading causes of death, and

treatment options are still limited for many patients. Our

ambition is to help increase overall quality of life, maximise

survival and change the course of disease, expanding from

our current focus on blood and gynaecologic cancers into

lung and gastrointestinal cancers, as well as other solid

tumours with our antibody drug conjugates. Our research

uses precision medicine-based technology to match the

right treatment to the right patient.

Cancer is complex with multiple, connected biological

processes contributing to the development and progression

of disease. Our oncology portfolio includes a range of

medicines that target different aspects of cancer biology,

including uncontrolled cell division (Blenrep; Ojjaara),

immune system evasion (Jemperli) and DNA mutation

(Zejula, B7-H3 ADC; B7-H4 ADC). As our understanding of

these disease processes deepens, we’re exploring the

potential of our medicines, alone and in combination, across

multiple cancer types with the aim of offering

transformational solutions for as many patients as possible.

In this section:


Asset	Potential indication/label expansion1
Blenrep (belantamab mafodotin)	BCMA-targeted antibody drug conjugate (ADC) for multiple myeloma
Ojjaara/Omjjara (momelotinib)	JAK1, JAK2 and ACVR1 inhibitor for myelofibrosis with anaemia
Jemperli (dostarlimab)	Anti-PD1 monoclonal antibody for endometrial, colorectal, head and neck, and lung cancers
Zejula (niraparib)	PARP inhibitor for ovarian, brain and lung cancer
GSK’227	B7-H3-targeted ADC for lung cancer and other solid tumours
GSK’584	B7-H4-targeted ADC for gynaecological cancers


	See a more detailed pipeline listing on pages 29 and 271

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

are italicised

Targeting uncontrolled cell division

Blenrep – potential to redefine multiple myeloma

treatment

–Multiple myeloma is the third most common blood

cancer globally, with around 180,000 cases

diagnosed every year.

–The five-year survival rate is under 60%, and the

disease is considered treatable but not curable.

–Multiple myeloma often becomes resistant to existing

treatments, which may require inpatient care,

underlining the need for new therapies with novel

mechanisms of action that can be easily

administered in the clinic.

Blenrep (belantamab mafodotin) is our antibody-drug

conjugate treatment for relapsed/refractory multiple

myeloma, which we’re evaluating in early lines of treatment

in combination with novel therapies and current standard of

care treatments.

In 2024, we announced pivotal data from our DREAMM

development programme showing the potential for

belantamab mafodotin to become a new standard of care at

first relapse or later for patients with multiple myeloma.

The DREAMM-7 phase III trial showed patients receiving

Blenrep, combined with bortezomib and dexamethasone

(BVd), lived a median of almost three times longer without

their disease progressing than those receiving a

daratumumab-based combination. A subsequent planned

analysis, presented at ASH in December 2024, showed that

patients receiving the Blenrep combination had a

statistically significant and clinically meaningful 42%

reduction in the risk of death versus standard of care which

may translate to giving patients a median additional three

years of life, based on projections. The DREAMM-8 phase

III study showed a nearly 50% lower risk of disease

progression or death, as well as a positive overall survival

trend, for Blenrep, in combination with pomalidomide plus

dexamethasone (BPd), compared to standard of care.

Both studies also reinforced the well-characterised side-

effect profile of Blenrep, with patient quality of life that is

comparable to standards of care. Eye-related side effects

were shown to be managed effectively through dose

modifications without compromising efficacy. Ease of

administration in a community setting is likely to be an

additional advantage for patients and their healthcare

professionals.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Research and development continued

In 2024, the Blenrep combinations were accepted for

regulatory review in the US, Europe, Japan, UK, Canada

and China under priority review. Blenrep was also granted

orphan drug designation in Japan and, in combination with

BorDex, received Breakthrough Therapy Designation in

China, reflecting the high unmet need and potential for

improvement in patient outcomes over available treatment

options in relapsed/refractory multiple myeloma.

In December 2024, we started a phase III trial,

DREAMM-10, with belantamab mafodotin as a first-line

multiple myeloma treatment.

Ojjaara/Omjjara – improving outcomes for patients

with myelofibrosis with anaemia

–Myelofibrosis (MF) is a rare blood cancer that affects

around 1 in 500,000 people around the world.

–About 40% of MF patients are anaemic at diagnosis,

and nearly all eventually develop anaemia and

become dependent on regular blood transfusions.

–This leads to around 30% stopping treatment with

established therapies.

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

medicine indicated for newly diagnosed and previously

treated MF patients with anaemia. It is a new standard of

care, as more established MF treatments can exacerbate

anaemia. Taken orally once a day it is the only therapy

demonstrating durable clinical benefit on spleen response,

symptoms and anaemia for patients with MF.

In 2024, Ojjaara was approved under the brand name

Omjjara in the EU and UK, as well as in Japan, where 70%

of patients with primary MF and 50% with secondary MF

have moderate to severe anaemia when they’re diagnosed.

These approvals followed US approval in 2023.

Targeting immune system evasion

Jemperli – treating more patients with endometrial

cancer

–Endometrial, or uterine, cancer is the most common

gynaecologic cancer in developed countries.

–Globally around 1.6 million people live with active

disease, with 417,000 new cases reported each year.

–Around 15-20% of patients have advanced disease

when they’re diagnosed.

Jemperli (dostarlimab) is the foundation of our ongoing

immuno-oncology-based research and development

programme. Our targeted research approach has identified

opportunities to address a specific biomarker, known as

dMMR/MSI-H, that is present in some gynaecologic and

other cancer types, such as colorectal cancer.

In combination with chemotherapy, Jemperli was the

first new medicine to be approved for patients with dMMR/

MSI-H primary advanced or recurrent endometrial cancer in

decades. It is the only immuno-oncology-based treatment to

show a statistically significant improvement in overall

survival for all patients with this type of endometrial cancer.

Our phase III RUBY trial showed that patients treated with

Jemperli and chemotherapy had a 31% lower risk of death

than those treated only with chemotherapy.

In 2024, the US FDA expanded approval for Jemperli plus

chemotherapy to include all patients with primary advanced

or recurrent endometrial cancer. In January 2025, the

European Commission also expanded approval to the same

group in the EU. This broadens the previous indication to

include mismatch repair proficient (MMRp)/microsatellite

stable (MSS) tumours. These represent approximately 75%

of patients diagnosed with this type of endometrial cancer,

who have limited treatment options.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Research and development continued

Unprecedented results in locally advanced dMMR

rectal cancer

–Colorectal cancer is the third most diagnosed cancer

in the world.

–It accounts for around a tenth of all cancer cases, and

is the second leading cause of cancer-related death.

The dMMR/MSI-H biomarker is also present in colorectal

cancers, so we’re using this, along with our advanced AI

and ML technologies, to inform our development

programme for dostarlimab beyond endometrial cancer.

In 2024, we announced updated results from a phase II

study of dostarlimab in locally advanced, dMMR rectal

cancer, with all 42 patients showing no evidence of disease

after treatment. This is a collaborative study with Memorial

Sloan Kettering Cancer Center evaluating dostarlimab as a

first-line treatment and alternative to life-altering surgery.

Our AZUR-1 trial is an ongoing global phase II registrational

clinical trial that aims to confirm these promising findings.

Based on these data, the FDA granted Breakthrough

Therapy Designation for dostarlimab reflecting its potential

in this patient population.

We are also advancing studies evaluating dostarlimab in

patients with advanced/metastatic stages of dMMR/MSI-H

colon cancer. AZUR-2 is our ongoing phase III trial for

dMMR/MSI-H advanced colon cancer to replace

chemotherapy as the current standard of care after surgery.

Differentiated clinical trial design in unresected

head and neck cancer

–Head and neck cancer accounts for approximately

5% of all cancer cases and deaths, globally, with

the incidence increasing across many countries.

–Nine in 10 patients with head and neck cancer have

squamous cell carcinoma, and the majority are

diagnosed with locally advanced disease.

In 2024, we started our JADE phase III study evaluating

dostarlimab in locally advanced head and neck cancer,

where long-term survival remains poor and significant

unmet need exists. Building on learnings from previous

studies, JADE has key design characteristics that

differentiate from other approaches and increase our

confidence that dostarlimab has the potential to benefit

patients where other immunotherapies have failed.

Exploring the impact of dostarlimab combinations

We’re studying dostarlimab in combination with several

potential therapeutic options for non-small cell lung cancer

(NSCLC).

The GALAXIES-Lung 301 phase III trial is investigating our

anti-TIGIT antibody, belrestotug, in combination with

dostarlimab in first-line PDL1-high NSCLC. We started this

trial in 2024 based on promising interim results from the

GALAXIES-Lung 201 phase II trial.

Our phase III COSTAR-Lung trial in second-line advanced

NSCLC continues to evaluate a triplet combination of

cobolimab, our anti-TIM-3 antibody, plus dostarlimab plus

chemotherapy, compared to a doublet combination of

dostarlimab plus chemotherapy, compared to standard of

care chemotherapy alone. We expect the trial to read out in

2025.



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Research and development continued

Targeting mutation and repair of DNA

Niraparib – our PARP inhibitor for ovarian cancer

and beyond

We continue to assess the potential of niraparib, currently

approved as Zejula for ovarian cancer, across multiple

tumour types and in combination with other agents.In June

2024, the GLIOFOCUS phase III trial began, evaluating

niraparib in newly diagnosed MGMT unmethylated

glioblastoma (brain cancer). This is sponsored by the Ivy

Brain Tumor Center and supported by GSK. The decision to

progress to phase III was prompted by positive results in an

earlier clinical trial, conducted by the Ivy Brain Tumor

Center, where niraparib showed significant results in

reaching the tumour and changing how the cancer grew.

The broader development programme for niraparib includes

the ZEAL-1L phase III trial evaluating niraparib in

combination with standard of care for the maintenance

treatment of first-line advanced NSCLC, and the FIRST

phase III trial assessing its potential in combination with

dostarlimab in first-line ovarian cancer which met its primary

endpoint.

GSK’227 B7-H3 targeted ADC – promising preliminary

data in extensive stage small-cell lung cancer

–Lung cancer is the leading cause of cancer-related

deaths worldwide, accounting for the highest mortality

rates among both men and women.

–Most lung cancers are non-small-cell lung cancer

(NSCLC) which is often diagnosed at advanced

stages where treatment options are limited.

GSK’227 is our investigational B7-H3-targeted antibody-

drug conjugate (ADC). B7-H3 is over-expressed in a wide

range of solid tumour types, including lung.

In 2024, the US FDA granted Breakthrough Therapy

Designation for GSK’227 for patients with extensive-stage

small-cell lung cancer (ES-SCLC) with disease progression

on or after platinum-based chemotherapy (relapsed or

refractory). GSK’227 also received Priority Medicines

(PRIME) Designation from the EMA. These designations

reflect the significant unmet need in ES-SCLC and are

based on promising early data from the ARTEMIS-001

phase I study which were presented at the 2024 World

Conference on Lung Cancer.

We expect to conduct a broad development programme for

GSK’227 and, in 2024, started a phase I platform study for

advanced solid tumours, which includes a cohort for

patients with relapsed or refractory ES-SCLC. In December

2024, the US FDA granted Breakthrough Therapy

Designation for GSK’227 in late-line relapsed or refractory

osteosarcoma.

We’re also exploring two other ADCs. GSK’584, our B7-H4-

targeted ADC, is being evaluated for gynaecologic cancers,

such as endometrial and ovarian cancer. And we have an

exclusive option to acquire ADC, DB-1324 from Duality

Biologics for gastrointestinal tumours.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Research and development continued

HIV

For nearly four decades, we’ve worked to improve the lives

of people living with HIV or those who could benefit from

HIV prevention. Having launched the first long-acting

injectable options for HIV treatment and prevention, patients

now only need to take medication a few times a year

instead of every day. We are focused on even longer-acting

options for treatment and prevention, including the option to

treat at home as well as ultimately finding a cure.

–40 million people live with HIV globally, with

1.3 million new cases diagnosed in 2023. In the US,

around one third of people living with HIV struggle

to maintain viral suppression.

–HIV incidence continues to grow despite progress in

care, highlighting that an urgent need still exists for

new options to prevent and treat HIV.

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

majority-own, with Pfizer and Shionogi as shareholders.

ViiV Healthcare is the only company exclusively dedicated

to treating and preventing HIV with an ambition to end the

HIV epidemic.

ViiV Healthcare’s integrase strand transfer inhibitors

(INSTIs), the core of our current long-acting and daily

therapies, are trusted by healthcare professionals

worldwide for their potency, durability, long-term tolerability

and high barrier to resistance. The foundation was set with

our first INSTI-based medicine, dolutegravir, which

established a gold-standard for daily oral therapy. The

follow up, long-acting cabotegravir injectables, increased

dosing intervals to every two months. And now, our aim is to

increase the treatment and prevention dosing interval to

every four to six months. This could mean fewer visits to the

clinic for people, as well as more choices for treatment and

prevention, and the assurance of long-term efficacy.

Working towards a clear mission to leave no person living

with HIV behind, and grounded in our deep understanding

of patient insights, we took more steps in 2024 towards

developing a new generation of longer-acting medicines to

treat or prevent HIV.

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

are italicised

In this section:


Asset	Potential indication/label expansion1
Cabenuva (cabotegravir/ rilpivirine)	Long-acting 2DR for HIV treatment
Dovato (dolutegravir/ lamivudine)	2DR for HIV treatment
Apretude (cabotegravir)	Long-acting PrEP for HIV prevention
GSK’744 (cabotegravir/ CAB-ULA)	Ultra-long-acting HIV treatment and prevention
VH’184	Third-generation INSTI for HIV treatment
VH’310	Ultra-long-acting HIV treatment


	See a more detailed pipeline listing on pages 29 and 271

Cabenuva – underlining the efficacy

of our long-acting treatment

Cabenuva (cabotegravir; rilpivirine) is the world’s first and

only complete, long-acting injectable treatment for HIV,

launched in 32 markets around the world. Administered in a

clinic, only six times a year, it provides people living with

HIV with an alternative to daily pills. The result is that

people living with HIV may have a better quality of life by

improving their treatment adherence and reducing stigma or

fear of disclosure.

In 2024, interim data from the LATITUDE phase III trial

showed Cabenuva was more effective than daily oral

therapy at maintaining viral load suppression in people

living with HIV with a history of antiretroviral treatment

adherence challenges. There are many reasons why it is

difficult for people to stick to daily treatment including pill

fatigue, the daily reminder of HIV or the fear of having their

HIV status disclosed. CROWN, a follow-up study to

LATITUDE, is a clinical trial evaluating the use of Cabenuva

in people living with HIV who are experienced with daily oral

treatment, but have not successfully suppressed the virus

and have detectable levels of HIV.

Dovato – showing the effectiveness

of our oral daily treatment option

Dovato is our oral two-drug daily treatment regimen, based

on dolutegravir, and approved in the US, Europe, Japan,

Australia and other countries.

In 2024, the phase IV PASO DOBLE study comparing

Dovato to the three-drug regimen Biktarvy showed Dovato

had non-inferior efficacy, while participants also showed

statistically significantly lower weight gain when taking

Dovato over the course of 48 weeks.

We know that people living with HIV are concerned about

taking more medicines as they age, as well as being

interested in their metabolic health.



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Research and development continued

Apretude – UK approval and real-world

studies reinforcing more than 99%

effectiveness for Apretude

Prevention is a vital part of ending the HIV epidemic, but

globally only about 15% of people who could benefit from

pre-exposure prophylaxis (PrEP) are taking it to reduce the

risk of sexually transmitted HIV. Apretude (long-acting

cabotegravir) is the world’s first long-acting injectable PrEP.

It is administered by a healthcare physician six times a year.

Since the pioneering US launch of Apretude in 2022, it has

also been approved in the EU, Australia, South Africa and

several other countries. In 2024, Apretude received

marketing authorisation in the UK from the Medicines and

Health products Regulatory Agency (MHRA). Additional

regulatory submissions are underway.

In July 2024, we announced positive data for Apretude use

during pregnancy. Women of childbearing age in sub-

Saharan Africa experience disproportionately high rates of

HIV. These data showed that Apretude was generally well

tolerated among women who became pregnant and that

pregnancy outcomes were similar to those with no

cabotegravir exposure. These data add to the evidence for

Apretude as a prevention option for women.

We also saw high effectiveness, 99%, of Apretude in studies

that spanned gender diverse populations in the US and

participants from Black and Hispanic communities.

Ultra-long-acting pipeline – positive data

supports continued progression to extended

dosing intervals

We are focused on enabling even longer treatment and

prevention intervals of up to four months and longer,

building our leadership in long-acting therapies. This would

see people making just three clinic visits a year, doubling

the current dosing interval available today for Cabenuva

and Apretude.

Data from the phase I trial of GSK’744, our investigational

ultra-long-acting formulation of cabotegravir (CAB-ULA),

showed a dosing interval of at least four months was

possible. This supports a move to the next stage of clinical

development.

The trial demonstrated that intramuscular (IM) dosing of

CAB-ULA slows drug absorption compared to the current

CAB-LA formulation, producing a more desirable

pharmacokinetic profile that supports less frequent dosing.

Also, the safety and tolerability of the new formulation was

comparable to our current profile for IM dosing with the

approved CAB-LA formulation.

Additionally, we selected rilpivirine as the partner for CAB-

ULA for our every four-month treatment option. This

regimen selection is based on progress in formulation

studies for rilpivirine and builds on existing positive patient

and physician experience with these medicines in our

current portfolio.

A registrational study is also in progress to evaluate using

CAB-ULA to prevent HIV in adults.

Extending dosing and delivery options

Our goal is to offer treatment and prevention options that

allow for every-six-monthly dosing as well as self-

administered medicines by the end of the decade. As part of

our development work, we are exploring the next generation

of integrase inhibitors and partner agents to reach six

months and beyond.

In 2024, we announced data for VH’184, our third-

generation investigational INSTI. Early phase I data showed

positive findings to support the development of VH’184, as

a potential for ultra-long-acting dosing and coverage of

INSTI-resistant viruses. As well as a unique resistance

profile, further analysis also showed a good safety and

tolerability profile for VH184. Building on our legacy of

developing new integrase inhibitors, these positive findings

reinforce that integrase inhibitors will remain the gold

standard in HIV, trusted for their efficacy, long-term

tolerability and high barrier to resistance. As such, VH184 is

an excellent candidate for further development for ultra-

long-acting and self-administered therapy.

Another compound, VH’310, is an inactive compound

(known as a prodrug) that converts to active cabotegravir

when administered into the body. Preclinical studies

showed that VH310 delivered long-duration cabotegravir for

more than 50 weeks. A first-time-in-human study that will

look at the pharmacokinetic and safety profile is planned for

2025.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Research and development continued

Infectious diseases

Infectious diseases cause around one in six deaths

worldwide. They also put significant strain on healthcare

systems and societies.

We intend to have a positive impact on the lives of more

than 2.5 billion people by the end of the decade and a

significant proportion of this will be through our work in

infectious diseases. Our portfolio here is the broadest in

our industry.

Our priorities include seasonal infections, like respiratory

syncytial virus (RSV) and influenza; chronic infections, like

hepatitis B, shingles and HIV; common childhood diseases,

including measles; and rarer but critical conditions like

meningitis. We also focus on bacterial infections, where

antimicrobial resistance is creating an urgent need for new

treatments.

In this section:


Asset	Potential indication/label expansion1
Arexvy	Vaccine for respiratory syncytial virus
Shingrix	Vaccine for shingles
MenABCWY vaccine candidate	Vaccine candidate for meningitis
Bepirovirsen	Antisense oligonucleotide for chronic hepatitis B
Pneumococcal vaccine candidates	Vaccine for pneumococcal diseases in adults and infants
mRNA vaccine candidates	mRNA vaccines for seasonal influenza, H5N1 pre-pandemic influenza, and SARS-CoV-2
Gepotidacin	Antibiotic for uncomplicated urinary tract infections and uncomplicated urogenital gonorrhoea
Tebipenem	Antibiotic for complicated urinary tract infections


	See a more detailed pipeline listing on pages 29 and 271

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

are italicised

Arexvy – expanding protection against RSV

with our market-leading vaccine

–RSV affects around 64 million people of all ages

every year, causing approximately 470,000

hospitalisations and 33,000 deaths annually in people

60 and over in industrialised countries.

–Over 33 million people in the US and Europe aged

50-59 have a medical condition that increases their

risk of severe RSV outcomes.

–People with certain underlying medical conditions,

like COPD, asthma, heart failure and diabetes, are

at increased risk from RSV, which can worsen these

conditions and lead to pneumonia or death.

In 2024, Arexvy, our RSV vaccine, gained expanded

approvals in the US, Europe and Japan for the prevention

of lower respiratory tract infection disease (LRTD) in adults

aged 50 to 59 at increased risk. Arexvy was originally

approved for adults 60 and over in a number of markets in

2023. It is now available for that group in over 50 countries.

Further adding to the body of evidence supporting Arexvy,

we shared new data from the AReSVi-006 phase III trial.

This showed that one dose of the vaccine is efficacious

against RSV-LRTD and severe LRTD in adults aged 60 and

older over three full RSV seasons. These results included

efficacy against different RSV subtypes, in adults with

advanced age (70-79 years of age) and those with certain

underlying medical conditions. Safety and reactogenicity

data were consistent with initial observations from the

phase III programme.

Positive data were also reported showing the vaccine’s

efficacy and safety in adults aged 18 and above at

increased risk from RSV, including immunocompromised

patients. We continue to provide data on longer-term follow-

up to help recommending bodies determine future RSV

revaccination schedules.

To ease access to important adult vaccines, we generate

data to show our vaccines can be co-administered.

Following data on co-administration with seasonal flu

vaccines in 2023, in 2024 we presented data confirming

that Arexvy can also be administered together with our

shingles vaccine, Shingrix. Further co-administration trials,

including with pneumococcal vaccines, are ongoing.



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Research and development continued

Shingrix – showing our vaccine’s long-lasting

duration of protection against shingles

–Up to one in three people develop shingles in their

lifetime, sometimes with serious consequences,

including loss of vision and nerve pain, which affects

up to 30% of people.

–By the age of 50, most adults already have the virus

that causes shingles inside their body, even though

not everyone will develop it.

–As people age, and their immune response to

infection wanes, the risk of developing shingles

increases.

Shingrix, our shingles vaccine, is available in 52 countries

for people over 50. In most of these countries it is also

available for people over 18 who are at increased risk of

shingles. The vaccine combines one of our adjuvants with

an antigen chosen to enhance a protective immune

response. This formulation may help to address the natural

age-related decline in immune response that can make it

more difficult to protect older people from disease.

In 2024, the China National Medical Products

Administration (NMPA) accepted our regulatory application

for Shingrix to prevent shingles in people of 18 years and

over at increased risk. The vaccine is already approved in

China for people of 50 and over.

In 2024, we published data showing that Shingrix gives a

high level of protection for more than a decade in people

aged 50 and over. The ZOSTER-049 long-term follow-up

phase III trial showed 82% efficacy within the 11th year

following vaccination. The study, covering 7,000 people in

18 countries, also showed over 73% cumulative efficacy

from year 6 to 11 for Shingrix in people over 70.

A separate retrospective observational study sponsored by

GSK, ZOSTER-122, evaluated a potential association

between Shingrix vaccination and reduced dementia risk,

compared to the risk in those who received one or more of

two other elective adult vaccines recommended for similar

age groups. These earlier initial results were encouraging

and were consistent with the growing body of evidence. The

ZOSTER-122 results were presented at the Alzheimer's

Association's 2024 International Conference. We continue

to investigate this area.

Reducing the burden of meningitis with

our meningococcal vaccines

–There are approximately 1.2 million cases of invasive

meningococcal disease (IMD) worldwide each year.

–Up to one in 10 people diagnosed with IMD will die,

despite treatment.

Our meningitis ACWY vaccine Menveo and meningitis B

vaccine Bexsero protect against most forms of IMD. Our 5-

in-1 MenABCWY vaccine candidate combines them, aiming

to protect against the five most common types of

meningococcus with one vaccine. In 2024, the US FDA

accepted the file for this vaccine candidate for regulatory

review1.

The vaccine could simplify immunisation by reducing the

number of injections required. In turn, this could increase

immunisation rates. Although meningitis B is the most

common group of IMD-causing bacteria in US adolescents

and young adults, just under 12% of them have had the two

doses of vaccine needed to provide protection.

Our phase III trial to assess the safety and effectiveness of

the MenABCWY vaccine candidate found the breadth of

immune response to be consistent with Bexsero and

Menveo.

Fast-track designations for our

investigational medicine for chronic hepatitis

B (CHB)

–257 million people worldwide are living with CHB,

though only around 10% are diagnosed.

–Nearly one million people die each year from hepatitis

B and related complications, such as liver cancer.

The WHO has highlighted hepatitis B as a global public

health threat, setting targets for its elimination by 2030

through improved diagnosis and treatment, and

preventative vaccination programmes.

Bepirovirsen, our triple-action antisense oligonucleotide, is

a potential new treatment option for people with CHB when

combined with oral antiviral therapies, called nucleoside/

nucleotide analogues (NAs).

Data from the B-Clear and B-Sure phase IIb trials show

bepirovirsen is the only single agent in phase III

development to provide evidence of clinically meaningful

functional cure response when combined with oral NAs.

Current treatments (pegylated interferon) provide less than

8% functional cure rate, with less than 1% for oral

treatments.

(1) This vaccine was approved in the US in February 2025, as Penmenvy



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Research and development continued

In 2024, bepirovirsen was granted Fast Track designation

for the treatment of CHB by the US FDA, as well as SENKU

designation by the Japanese Ministry of Health, Labour and

Welfare, reflecting its potential to address an unmet medical

need for a serious and life-threatening condition.

The B-Well phase III clinical trial programme is now

underway with both pivotal trials achieving full recruitment

ahead of schedule.

Other infectious diseases

Influenza and respiratory combinations

–Influenza is an enduring public health challenge.

There are around one billion seasonal influenza

cases each year worldwide, with up to five million

leading to severe illness and up to 650,000 proving

fatal.

–Globally, over 772 million cases of COVID-19 have

been confirmed and nearly seven million deaths

have been reported.

We’re developing mRNA-based vaccines for influenza and

COVID-19, including combinations. In 2024, we achieved

several important milestones across our mRNA

development programme.

We reported positive data from a phase II study for a

COVID-19 vaccine candidate. This showed single booster

doses for both monovalent and bivalent modified vaccine

candidates produced meaningful immune responses with

acceptable reactogenicity profiles across all tested dose

levels.

For seasonal influenza, we announced positive results from

our phase II trial. This studied a range of mRNA

formulations in older and younger adults to evaluate

vaccine candidates that could improve on standard immune

responses against influenza A and B strains. Data

confirmed that the mRNA vaccine candidates elicited strong

overall antibody titres with an acceptable safety profile.

These results supported progression of our seasonal

influenza vaccine programme into late-stage development.

Positive data from both programmes enabled the start of a

combined phase I/II study for a seasonal influenza and

COVID-19 combination vaccine candidate in 2024.

As part of our commitment to helping governments around

the world with pandemic preparedness, we started a phase

I/II study of an investigational influenza A (H5N1) pre-

pandemic vaccine candidate. The investigational vaccine

has received Fast Track designation from the US FDA.

In 2024, we restructured our collaboration with CureVac into

a new licensing agreement. Under the new terms, we

assumed full control of developing and manufacturing

candidate vaccines for influenza and COVID-19, including

combinations, together with worldwide rights to

commercialise them.

Pneumococcal disease

–Worldwide, around one million children lose their lives

to pneumococcal disease each year.

–In the US, pneumococcal pneumonia causes around

150,000 hospitalisations annually.

–Pneumococcal resistance to antimicrobials is a

serious and growing global problem.

We are using the innovative MAPS vaccine platform

technology to progress development of new vaccine

candidates with best-in-class potential for pneumococcal

diseases. MAPS technology potentially enables higher

antibody responses against more disease-causing

serotypes for broader and stronger protection.

We have programmes to develop multivalent vaccines for

both infants and adults that provide the broadest possible

coverage and high immunogenicity. We are prioritising 30

plus-valent pneumococcal vaccine candidates for adults

and infants currently in pre-clinical development with first

subject, first visit expected in 2025. Our 24-valent vaccine

candidate for infants is currently in phase II development.

Herpes simplex virus

Following a combined phase I/II proof-of-concept study to

assess our early-stage therapeutic herpes simplex virus

(HSV) vaccine candidate, we decided not to progress it to

phase III. We will continue to generate follow-up data that

could offer valuable insights into recurrent genital herpes.

Given the unmet medical need, we’ll review all our relevant

data and studies to progress further research.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Research and development continued

Antibiotics and antimicrobial resistance

Gepotidacin – progress towards a new treatment for

uncomplicated urinary tract infections (uUTIs) and

gonorrhoea

–Over half of all women are affected by uUTIs in their

lifetime, with around 30% suffering from recurrent

disease which can cause significant discomfort,

impact daily activities, and lead to other

complications.

–There are around 82 million new cases of gonorrhoea

globally each year and neisseria gonorrhoeae, the

bacteria causing gonorrhoea, is recognised by the

World Health Organization as a priority pathogen.

Gepotidacin is our investigational, first-in-class oral

antibiotic, with a novel mechanism of action for the

treatment of female adults and adolescents with uUTIs.

New treatments are needed, as the number of uUTIs

caused by drug-resistant bacteria is increasing. This can

result in higher treatment failure rates.

Following positive results from our phase III EAGLE-2 and

EAGLE-3 trials, gepotidacin was accepted for priority review

by the US FDA in 2024. In these studies, gepotidacin

demonstrated non-inferiority to the current standard of care

for uUTIs. If approved, gepotidacin will offer a much-needed

additional oral treatment option for patients at risk of

treatment failure associated with resistance or recurrence of

uUTI.

Gepotidacin is also in development for uncomplicated

urogenital gonorrhoea in adolescents and adults. In 2024,

we announced positive data from our phase III EAGLE-1

trial. Gepotidacin performed as well as intramuscular

ceftriaxone plus oral azithromycin, a leading combination

treatment for gonorrhoea. The results show gepotidacin has

the potential to be a novel treatment option amid rising

resistance to other treatments, and for patients who have

allergies and intolerances to other treatments.

We had also been investigating a potential vaccine for

gonorrhoea. Following results from the phase I/II study, we

decided not to progress to phase III.

Tebipenem – treating complicated urinary tract

infections

Through our partnership with Spero Therapeutics, Inc., we

have an exclusive licence agreement for tebipenem HBr, a

late-stage oral carbapenem antibiotic with the potential to

treat complicated urinary tract infections (cUTIs). If

approved, tebipenem HBr will address an unmet medical

need for a novel oral antibiotic as an alternative to

intravenous hospital therapy for drug-resistant cUTIs.

PIVOT-PO, the pivotal phase III trial for tebipenem, is

ongoing.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Research and development continued

Technology

Technology is helping us to understand the human immune

system and the underlying biology of disease like never

before. This gives us the opportunity to transform every part

of R&D, from how we choose research targets and identify

patients, to how we design medicines and vaccines, and

make clinical trials as effective as possible.

Increasingly, technology is enabling a more dynamic

approach to R&D. For example, we’re using machine

learning algorithms to identify potential drug targets and

advanced data analytics to predict patient responses. We’re

also implementing digital twins, which will help us realise

our ambition of accelerating our clinical trials and getting

medicines and vaccines to patients faster. In 2024, we

continued to advance our pipeline by harnessing both data

and platform technologies.

Data technology – deep understanding of

disease

Data tech, including data itself, digital capabilities, artificial

intelligence (AI) and machine learning (ML), gives us an

unprecedented depth of understanding of patients, human

biology, and disease mechanisms. Our world-leading data

sources allow us to push the boundaries of what’s possible

and enable our teams to work faster and with greater

precision. For example, applying AI and ML to our work in

human genetics and functional genomics has significantly

enhanced our understanding of disease processes. This

means we can more accurately target the molecular

pathways responsible for diseases such as cancer or

chronic disorders, helping to prevent disease progression

and alter its course more effectively.

Platform technology – finding the right match

Platform technologies enable us to design and develop new

medicines and vaccines for diseases that are hard to treat

with traditional small molecules or biologics. Across our four

therapy areas, these new platforms enable us to evaluate

the best possible clinical effect for patients and could lead to

solutions for diseases previously thought untreatable.

Our novel platform technologies include:

Advanced monoclonal antibodies

These modulate a patient’s immune system and are

produced by a single clone of cells or cell lines, consisting

of identical molecules. We have the platforms to create

best-in-class monoclonal antibodies (eg IL5) with favourable

tolerability profiles, as well as bi-specific and tri-specific

antibodies, These advancements aim to provide more

effective and durable treatment options, addressing both

the treatment and prevention of disease, and helping

improve long-term health outcomes for patients.

Antibody-drug conjugates

Antibody-drug conjugates (ADCs) consist of monoclonal

antibodies linked to potent cytotoxic drugs. They are

designed to target malignant cells more precisely, sparing

healthy tissue and addressing a key challenge in treating

cancer. Our portfolio includes Blenrep as a potential

treatment for relapsed/refractory multiple myeloma, and two

investigational ADCs targeting B7-H3 and B7-H4, proteins

that are highly expressed across a range of different cancer

types. We also have an exclusive option agreement to

license ADC, DB-1324 from Duality Biologic for

gastrointestinal tumours.

Small molecule design

This is the process of creating tiny chemical compounds

that can precisely target and interact with specific proteins

or enzymes in the body to treat diseases. We’re building a

digital chemistry platform to transform the discovery of small

molecule medicines by using AI/ML and automation. This

will help create chemical compounds at an industry-

leading scale, quickly and efficiently, through a unique

generative design platform that we have developed. This

platform should enable us to deliver small molecules,

covalent medicines, and innovative treatments like

antibody-drug conjugates (ADCs) to patients with increased

success and speed.

Oligonucleotides

These address hard-to-treat diseases with high unmet need

by modulating gene expression and transcription. About half

of therapeutic targets are difficult to solve with traditional

small molecules or biologics. Oligonucleotides could

address RNA-based diseases which were previously

thought to be untreatable with traditional drugs.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Research and development continued

Our oligonucleotides include bepirovirsen for chronic

hepatitis B (see page 23), and GSK’990 (see page 15)

which we’re developing as a potential treatment for steatotic

liver disease. Our acquisition of Elsie Biotechnologies in

2024 brings together Elsie’s expertise and our internal

capabilities in AI/ML to accelerate a next-generation

oligonucleotide platform. This will further enable us to create

predictive models for designing oligonucleotides aimed at

difficult-to-treat diseases that affect large numbers of

patients.

MAPS technology

This technology targets complex infections through

multivalent vaccines which generate multiple different

immune responses to both disease-specific

polysaccharides and protein antigens. We’re using MAPS

technology to develop a portfolio of vaccines against

pneumococcal disease. MAPS technology has the potential

to expand the coverage of vaccines against current and

future pathogens.

mRNA technology

This technology helps the human immune system to

prevent or fight disease with vaccines that enable the

body’s own cells to produce specific proteins and antigens.

This technology has the potential for rapid deployment with

new vaccine targets. We have influenza and COVID-19

mRNA vaccine programmes.

Advanced adjuvants

These enhance the body’s immune response to increase

the efficacy of vaccines and open up new vaccine targets.

We design combinations of adjuvant/antigens specific to the

need of the patient groups we want to help protect.

Adjuvants are a key part of our Arexvy and Shingrix

vaccines and may help overcome the natural age-related

decline in immunity that contributes to the challenge of

protecting older adults.

Accelerating innovation in our pipeline

Data and platform technologies help us in four main ways:

Choosing the right targets

Data tech helps us to choose and prioritise genetic targets

most likely to have a positive impact on patients’ health and

change the course of disease. This accelerates

development and increases probability of success, so we

can bring new medicines to patients who need them, faster.

For depemokimab, predictive modelling, alongside our work

to understand disease processes, has enabled us to

progress straight to phase III from phase I for four

respiratory indications.

For our oligonucleotide GSK’990, computational analysis of

genetic data, including gene expression profiles and genetic

variations associated with metabolic dysfunction-associated

steatohepatitis (MASH) across several genetic datasets,

enabled us to identify and validate targets for MASH, giving

us confidence to in-license the asset. The analysis also

found a link to alcohol-related liver disease (ALD), opening

up another potential indication and increasing the asset’s

potential value.

Identifying the right patients

Our technologies help us understand which patients may

respond best to our treatments at specific points in their

disease.

In the case of our oligonucleotide bepirovirsen, AI and ML

are helping us to achieve functional cure in more patients

with chronic hepatitis B. Modelling retrospective data from

our phase II trial showed us how different patients might

respond to treatment.

We’re using the dMMR/MSI-H biomarker, present in some

endometrial and colorectal cancer tumours, to inform

clinical development of our treatment Jemperli. And we’re

using advanced technologies like organoids (3D tumour

models grown in the lab), deep-tissue profiling and digital

pathology to match it to the right patients.

These predictive approaches improve our development

success rates, so we’re more likely to observe a substantial

clinical effect. They also help us see which patients are

most likely to respond. This enables doctors to make more

informed and tailored decisions about which treatments are

right for an individual patient’s cancer. This is particularly

important for tumours with dMMR/MSI-H, which don’t

respond as well to chemotherapy.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Research and development continued

Designing and manufacturing the right treatment

Technology gives us more options to reach our genetically

validated targets by choosing the treatment method

(modality) most likely to succeed and make a meaningful

difference. It also allows us to sustain and control quality

and consistency throughout development and

manufacturing.

In oncology, we’re evaluating targeted ADCs in certain

types of small-cell lung cancer, ovarian cancer and

endometrial cancer. ADCs combine an antibody that targets

a specific characteristic of a tumour cell with a payload

carrying an anti-cancer agent, such as chemotherapy. The

targeted antibody acts like a ‘lock-and-key,’ so that the

payload can deliver the cancer-killing medicine inside the

tumour.

In HIV, we’re using platform technologies to develop ultra-

long-acting treatment and prevention medicines, based on

cabotegravir. We’re improving drug delivery with an enzyme

to safely open up more space under the skin to inject more

drug subcutaneously. We can also extend the drug’s dosing

interval by slowing down its absorption and deliver a longer-

lasting option using other biopharmaceutical approaches to

modify formulation.

Making clinical trials more effective

Technology is also a tool for accelerating our clinical studies

and improving their outcomes, from the early stages of

design to recruiting patients, collecting samples and making

regulatory submissions.

To reach more patients faster, we’re saving time and cost by

automating clinical and regulatory submission documents

with AI, for instance in certain phase III trials of Jemperli

and depemokimab. In 2024, we continued our year-on-year

reduction in submission times with median submission time

being 24% less than in 2023. This has enabled us to file key

assets, such as depemokimab, faster. We’re also

implementing digital twins across 10 studies in 2025,

alongside other cutting-edge technology, to help realise our

ambition of reducing the number of patients needed by an

average of 15%, in clinical trials where these methods are

applicable.

Technology also helps with clarifying complex decisions.

For example, when planning the phase III study for Arexvy,

our RSV vaccine, we used predictive modelling algorithms

to identify where in the world the first RSV cases would

occur, clarifying decisions such as when to start, where to

recruit and how many people to enrol. This ultimately made

development faster and more precise for what is now the

market leading RSV vaccine for older adults.

Getting ahead together with our network

of collaborations across tech

We work with current and potential collaborators on the

most impactful data sources, platform technologies, and

translational tools to foster transformational innovation and

accelerate our pipeline.

Collaborations with UK Biobank, Alliance for Genomic

Discovery (new in 2024) and FinnGen give us access to

large genetic datasets to deepen our understanding of

disease. We integrate them with other datasets, including

our own, and use AI and ML to generate insights that

enable us to significantly improve and accelerate drug

discovery and development.

We work with Tempus, a precision medicine biotech, and

King’s College London as part of our work to match the right

patient to the right treatment and the right point of disease.

For instance, we’re replicating clinical conditions using

tumour models from patient-derived organoids alongside

digital pathology and AI to increase our speed and

probability of success in development at our Digital

Biological Twin Lab in Stevenage.

In 2024, we announced new collaborations that

complement our existing rich data sources and help us get

a deeper understanding of disease mechanisms and human

biology. They include:

–Ochre Bio, to explore drivers of liver disease by using

pathology-derived human in vitro models.

–Relation, to identify and validate new therapeutic targets

for fibrotic disease.

–University of Cambridge and Cambridge Hospitals to

establish the Cambridge-GSK Translational Immunology

Collaboration (CG-TIC) focused on kidney and respiratory

diseases.

–Center for Regenerative Medicine of Boston University

and Boston Medical Center to focus on pulmonary

fibrosis.

–Oxford University to advance novel cancer research,

focused on the potential of cancer prevention through

vaccination.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Research and development continued

Pipeline overview

We have 71 assets in development, of which 19 are late-stage.

Phase III/Registration

camlipixant (P2X3 receptor antagonist) Refractory chronic cough

depemokimab (Long-acting anti-IL5 antibody)1 Asthma2,3

latozinemab (Anti-sortilin antibody)1 Frontotemporal dementia4

linerixibat (IBAT inhibitor) Cholestatic pruritus in primary biliary

cholangitis

Low carbon version of MDI5, Ventolin (Beta 2 adrenergic receptor

agonist) Asthma

Nucala (Anti-IL5 antibody) COPD3

belrestotug (Anti-TIGIT antibody)1 Non-small cell lung cancer2

Blenrep (Anti-BCMA ADC)1 Multiple myeloma

cobolimab (Anti-TIM-3 antibody)1 Non-small cell lung cancer

Jemperli (Anti-PD-1 antibody)1 dMMR/MSI-H colon cancer2

Zejula (PARP inhibitor)1 Ovarian cancer2

Arexvy (Recombinant protein, adjuvanted)1 RSV adults (18-49 YoA

AIR)2

bepirovirsen (Antisense oligonucleotide)1 Chronic HBV infection2

Bexsero (Recombinant protein, OMV) Meningitis B (infants US)

gepotidacin (BTI inhibitor)1 Uncomplicated UTI2,3

ibrexafungerp (Antifungal glucan synthase inhibitor)1 Invasive

candidiasis

MenABCWY vaccine (Recombinant protein, OMV, conjugated vaccine)

MenABCWY, 1st Gen3, 10

tebipenem pivoxil (Antibacterial carbapenem)1 Complicated UTI

GSK4178116 (Live, attenuated) Varicella new strain

Phase II

Benlysta (Anti-BLys antibody) Systemic sclerosis associated ILD2,6

GSK1070806 (Anti-IL18 antibody) Atopic dermatitis

GSK3915393 (TG2 inhibitor)1 Pulmonary fibrosis

GSK4527226 (Anti-sortilin antibody)1 Alzheimer’s disease

GSK4532990 (HSD17B13 RNA interference)1 NASH/MASH2

GSK5784283 (TSLP monoclonal antibody)1 Asthma7

GSK4381562 (Anti-PVRIG antibody)1 Cancer

nelistotug (Anti-CD96 antibody)1 Cancer

cabotegravir (Integrase inhibitor) HIV

VH3810109 (Broadly neutralizing antibody)1 HIV

VH3739937 (Maturation inhibitor) HIV

VH4011499 (Capsid protein inhibitor) HIV

VH4524184 (Integrase inhibitor)1 HIV

alpibectir (Ethionamide booster)1 Tuberculosis

ganfeborole (Leucyl t-RNA synthetase inhibitor)1 Tuberculosis

GSK3437949 (Recombinant protein, adjuvanted)1 Malaria fractional

dose

GSK3536852 (GMMA)1 Shigella

GSK3993129 (Recombinant subunit, adjuvanted) Cytomegalovirus8

GSK4023393 (Recombinant protein, OMV, conjugated vaccine)

MenABCWY, 2nd Gen8

GSK4077164 (Bivalent GMMA)1 Invasive non-typhoidal salmonella2

GSK4382276 (mRNA)1 Seasonal flu

GSK4396687 (mRNA)1 COVID-19

GSK4406371 (Live, attenuated) MMRV new strain

GSK5101955 (MAPS Pneumococcal 24-valent paed)1 Paediatric

pneumococcal disease

GSK5536522 (mRNA)1 Flu H5N1 pre-pandemic8

GSK5637608 (Hepatitis B virus-targeted siRNA)1 Chronic HBV

infection

sanfetrinem cilexetil (Serine beta lactamase inhibitor)1 Tuberculosis

Phase I

GSK3862995 (Anti-IL33 antibody) COPD

GSK3888130 (Anti-IL7 antibody)1 Autoimmune disease

GSK4172239 (DNMT1 inhibitor)1 Sickle cell disease

GSK4347859 (Interferon pathway modulator) Systemic lupus

erythematosus

GSK4527363 (B-cell modulator) Systemic lupus erythematosus

GSK4528287 (Anti-IL23-IL18 bispecific antibody) Inflammatory bowel

disease

GSK4771261 (Monoclonal antibody against novel kidney target)

Autosomal dominant PKD

GSK5462688 (RNA-editing oligonucleotide)1 Alpha-1 antitrypsin

deficiency

GSK5926371 (Anti-CD19-CD20-CD3 trispecific antibody)1

Autoimmune disease

belantamab (Anti-BCMA antibody) Multiple myeloma2

GSK4418959 (Werner helicase inhibitor)1 dMMR/MSI-H solid tumours8

GSK4524101 (DNA polymerase theta inhibitor)1 Cancer8

GSK5733584 (ADC targeting B7-H4)1 Gynaecologic malignancies

GSK5764227 (ADC targeting B7-H3)1 Solid tumours

XMT-20569 (STING agonist ADC)1 Cancer

VH4527079 (HIV entry inhibitor) HIV

GSK3536867 (Bivalent conjugate)1 Salmonella (typhoid + paratyphoid)

GSK3772701 (P. falciparum whole cell inhibitor)1 Malaria

GSK3882347 (FimH antagonist)1 Uncomplicated UTI

GSK3923868 (PI4K beta inhibitor) Rhinovirus disease

GSK3965193 (PAPD5/PAPD7 inhibitor) Chronic HBV infection8

GSK4024484 (P. falciparum whole cell inhibitor)1 Malaria

GSK5251738 (TLR8 agonist)1 Chronic HBV infection

GSK5102188 (Recombinant subunit, adjuvanted) UTI

GSK5475152 (mRNA)1 Seasonal flu/COVID-19

Assets are ordered by therapy area within each phase: respiratory,

immunology and inflammation; oncology; HIV; and infectious diseases.

Only the most advanced indications are shown for each asset.

(1)In-licence or other alliance relationship with third party

(2)Additional indications or candidates also under investigation

(3)In registration

(4)Phase III trial in patients with progranulin gene mutation

(5)Metered dose inhaler

(6)In phase II/III study

(7)Phase II study start expected in 2025

(8)In phase I/II study

(9)GSK has an exclusive global license option to co-develop and

commercialise the candidate

(10) Approved in February 2025 in the US as Penmenvy

ADC: antibody drug conjugate; AIR: at increased risk;

COPD: chronic obstructive pulmonary disease; GMMA: generalised

modules for membrane antigens; HBV: hepatitis B virus; ILD: interstitial lung

disease; MMRV: measles, mumps, rubella & varicella; NASH/MASH: non-

alcoholic steatohepatitis/metabolic dysfunction-associated steatohepatitis;

OMV: outer membrane vesicle; PKD: polycystic kidney disease;

RSV: respiratory syncytial virus; siRNA: small interfering RNA;

UTI: urinary tract infection; YoA: years of age.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Performance: Specialty Medicines continued


Key marketed products
Product	Disease	Total revenue	AER	CER	Key information
Dovato	HIV treatment	£2.2bn	23%	27%	Dolutegravir-based two-drug regimen. Now launched in 54 markets
Tivicay	HIV treatment	£1.4bn	-3%	1%	Dolutegravir tablet for use in combination with other antiretroviral agents. Marketed in 69 countries
Triumeq	HIV treatment	£1.3bn	-14%	-11%	Dolutegravir-based fixed-dose combination tablets. Marketed in 64 countries
Cabenuva (Vocabria + Rekambys in Europe and Japan)	HIV treatment	£1.0bn	43%	47%	First complete long-acting injectable regimen (cabotegravir, rilpivirine). Launched in 32 markets
Juluca	HIV treatment	£685m	4%	7%	Dolutegravir-based two-drug regimen. Marketed in 30 countries
Apretude	HIV prevention	£279m	87%	93%	First long-acting injectable (cabotegravir) for HIV prevention. Approved in 25 markets
Rukobia	HIV treatment	£161m	38%	41%	Extended-release tablets for people living with multi- drug resistant HIV-1 for use in combination with other antiretrovirals. Launched in 17 markets
Nucala	Respiratory eosinophil- driven diseases	£1.8bn	8%	12%	The first treatment to be indicated in the US and Europe for use across four IL-5 mediated diseases (see page 14 in R&D)
Benlysta	Lupus and lupus nephritis	£1.5bn	10%	14%	Only biologic approved to treat both SLE and LN, in adults and paediatrics, in the US, Europe and elsewhere
Zejula	Ovarian cancer	£593m	13%	17%	PARP inhibitor commercially available in over 40 markets
Jemperli	Endometrial cancer	£467m	>100	>100	PD-1-blocking antibody available in 33 countries that we are continuing to investigate for future monotherapy and combination regimens in multiple tumour types
Ojjaara/Omjjara	Myelofibrosis	£353m	>100	>100	Approved in 13 markets as the only treatment specifically indicated for myelofibrosis patients with anaemia

Specialty medicines, along with vaccines, now dominate our

reshaped portfolio and pipeline. Specialty Medicines sales

were £11.8 billion, up 15% AER, 19% CER, reflecting

continued growth across disease areas, with strong

performances in respiratory/immunology, oncology and HIV.

We drive growth by accelerating our pipeline as well as

prioritising business development, targeting acquisitions

and partnerships to strengthen and complement our core

therapy areas.

Respiratory/immunology

In respiratory/immunology, sales growth for our market-

leading medicines Nucala and Benlysta continued, driven

by patient demand across US, European and International

markets.

Nucala, our IL5 antagonist monoclonal antibody with

indications across four IL5 mediated diseases (eosinophil

disease), continues to drive growth. Strong performance

across all regions reflects the higher patient demand for

treatments addressing eosinophilic-led disease.

Benlysta, our monoclonal antibody treatment for lupus,

continues to grow as the only biologic approved for both

systemic lupus erythematosus and lupus nephritis. We’re

focused on helping to identify and treat patients earlier,

before lupus progresses and organ damage occurs.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Performance: Specialty Medicines continued

Oncology

Oncology sales growth was driven by strong performance

across the portfolio for Jemperli, Ojjaara/Omjjara and

Zejula. With pivotal trial data and regulatory filings in place,

we are also preparing for a new launch of Blenrep.

Jemperli, a PD-1-blocking antibody, is the backbone of our

ongoing immuno-oncology-based research and

development programme. Strong sales at the end of 2024

followed FDA approval expanding the indication to include

all adults with primary advanced or recurrent endometrial

cancer. A robust clinical trial programme includes studies of

Jemperli alone and in combination with other therapies in

gynaecologic, colorectal and lung cancers, as well as where

there are opportunities for transformational outcomes.

Omjjara, a JAK-1, JAK-2 and ACVR1 inhibitor, has grown

strongly largely driven by continued uptake in the US since

its launch in 2023. This was followed by successful 2024

launches in the UK, Germany and Japan. The robust

market response reflects the significant unmet need that

Omjjara can help address. It’s a myelofibrosis therapy that

treats enlarged spleen and constitutional symptoms, like

bone pain and night sweats, but is also specifically

indicated for patients with anaemia, which can be

exacerbated by more established treatments.

In ovarian cancer, Zejula delivered continued double-digit

growth driven by increased patient demand and volume

across all regions, as well as geographical expansion. In

2024 more than 16,000 patients every month were treated

worldwide with Zejula as a maintenance therapy for

advanced ovarian cancer.

HIV

HIV sales were driven by strong demand for long-acting

injectable medicines (Cabenuva, Apretude) and Dovato.

Our long-acting medicines continue to see increased

momentum and are critical to our long-term growth. By the

end of 2024 they represented 20% of total HIV sales

compared to 16% for 2023 and contributed over 50% of the

total HIV growth.

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

regimen for HIV treatment, is available in the US, Europe,

Japan, China and Australia and continues to be supported

by strong label evolution and data.

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

prevention, is approved in 25 countries including the US,

UK, EU, Australia and South Africa, and is critical to ending

the global epidemic.

Sales of oral two-drug regimen (Dovato, Juluca) now

represent 42% of the total HIV portfolio. and Dovato

continues to be the largest product. It is a dolutegravir-

based oral two-drug regimen, approved in the US, Europe,

Japan, Australia, and other countries worldwide. Sales of

Tivicay and Triumeq fell during the year.

Our strategy for growth is centred on our innovative portfolio

of medicines that are transforming HIV treatment and

prevention while delivering on individual needs.


	See Group financial review on page 75 for more detail.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Performance: Vaccines continued


Key products
Product	Disease	Total revenue	AER	CER	Key information
Shingrix	Herpes zoster (shingles)	£3.4bn	-2%	1%	Market-leading recombinant, adjuvanted vaccine indicated for the prevention of shingles in adults. Launched in 52 markets
Bexsero	Meningitis group B	£1.0bn	19%	23%	Approved in 55 countries for the prevention of invasive meningococcal disease (IMD) caused by Neisseria meningitis serogroup B
Menveo	Meningitis group A, C, W and Y	£387m	2%	5%	Menveo helps protect against IMD caused by Neisseria meningitidis serogroups A, C, Y and W and is available in more than 60 countries
Arexvy	RSV	£590m	-52%	-51%	Market-leading RSV vaccine in the US for older adults, approved in more than 50 countries
Fluarix, FluLaval	Seasonal influenza	£408m	-19%	-16%	Trivalent vaccine available in the US, with other markets transitioning from quadrivalent to trivalent by 2027
Engerix, Twinrix, Havrix	Hepatitis	£692m	13%	17%	Growing hepatitis portfolio leadership through increased coverage and strengthened recommendations. Engerix adult is available in 91 countries, Twinrix adult in 51 countries, and Havrix adult in 86 countries
Boostrix	Diphtheria, tetanus, acellular pertussis booster	£681m	11%	14%	Available in 77 countries and market leader in the US
Rotarix	Rotavirus	£587m	-4%	-1%	Paediatric vaccine available in over 100 countries and on 96 national immunisation programmes
Infanrix, Pediarix	Diphtheria, tetanus, pertussis, polio, hepatitis B, haemophilus influenza type B	£512m	-8%	-5%	Infanrix is available in 170 countries. Pediarix is available in the US
Synflorix	Invasive disease, pneumonia, acute otitis media	£226m	-18%	-15%	Synflorix, available in 91 countries, including WHO pre-qualification
Priorix, Priorix Tetra, Varilrix	Measles, mumps, rubella and chickenpox	£323m	22%	26%	Priorix continues to gain share in the US. Priorix is available in 70 countries, Varilrix in 54 countries, and Priorix Tetra in 5 countries
Cervarix	Human papilloma virus	£72m	-40%	-38%	An important option against HPV. Cervarix two-dose schedule for girls aged 9-14 launched in China in 2023

Our portfolio of more than 20 marketed vaccines is one of

the broadest in the industry. Vaccines sales were £9.1

billion, down 7% AER and 4% CER. This reflected the

challenges we’ve seen from external pressures in the US

and China for Arexvy and Shingrix. We expect these to

continue in 2025, but remain confident that Arexvy, Shingrix

and our vaccines pipeline will contribute meaningfully in the

medium and long term.

Our focus is on strong execution in key markets with our

existing portfolio, and on delivering the value of our pipeline

with new launches so we can bring our vaccines to as many

people as possible. Preventing seasonal viral and high-risk

bacterial diseases remains a key focus for us. This is

becoming even more important as populations age. From

the age of around 50, our immune system starts to decline,

leading to increased risk from infectious diseases. Our adult

vaccination portfolio is critical to helping older adults remain

active, healthy participants in society.

Our discovery, development and supply of vaccines at scale

are built on a long-term commitment to building trust

through transparency; and ensuring the quality and safety

of our products.

Vaccines are complex and highly technical to develop and

manufacture. Our established platform technologies,

adjuvanted vaccines and the new platforms we're building,

including mRNA technologies and MAPS technology, are

core to our continued growth in vaccines. They enable us to

tackle the most challenging diseases at every stage of life

including influenza and pneumococcal disease.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Performance: Vaccines continued

Drivers of growth across the portfolio

Arexvy

Sales of Arexvy declined in 2024. US sales decreased due

to lower demand partly related to a more limited

recommendation from the Advisory Committee on

Immunization Practices (ACIP) for individuals aged 60 to

74.

Despite lower sales in the US, Arexvy maintained a market-

leading position. More than ten million of the 83 million US

adults aged 60 and older at risk have been vaccinated with

Arexvy. Data on safety, immunogenicity and duration of

protection reinforce the strong and durable defence this

uniquely adjuvanted vaccine offers against RSV. Through

expanded indications in the US, EU, and other countries

and geographic expansion, Arexvy continues to support our

market leadership ambition with multi-billion-pound sales

potential and we believe we’re well positioned for growth

over the medium and longer term. This is a result of

Arexvy’s differentiated profile, our partnering retailers,

established expertise in the older adult population and

ability to co-administer Arexvy with other important adult

vaccines such as Shingrix and seasonal flu.

Arexvy is approved in over 50 markets globally, 17

countries have national RSV vaccination recommendations

for older adults and six, including the US, have

reimbursement programmes. With further approvals

expected in 2025-26, 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.

Shingrix

Shingrix grew significantly in International in the year, driven

by a national immunisation programme in Australia and

supply to our co-promotion partner in China, but declined in

the final quarter reflecting lower sales in China.

Nearly 87 million people are already protected with at least

one dose of Shingrix and our ambition is to vaccinate more

than 100 million people by 2026. In the US, 40% of the 120

million adults recommended to receive Shingrix have been

vaccinated. Shingrix is now available in 52 countries.

A number of factors drove growth outside the US, including

the launch of the national immunisation programme in

Australia and expanded European public funding. We

supply China through our exclusive agreement with

Chongqing Zhifei Biological Products, Ltd. to distribute and

promote Shingrix through its network of over 30,000

vaccination points. In 2024, we revised and extended our

strategic collaboration with Zhifei, to bring innovative

vaccines to more than 500 million people in China. We

continue to see large opportunities for growth across the top

10 markets outside the US where the average immunisation

rate is around 7%.

Bexsero and Menveo

Meningitis vaccines achieved double-digit growth with

Bexsero (meningitis B) achieving sales of over £1 billion for

the first time. Bexsero continues to grow strongly due to

factors including a recommendation in Germany and

increased demand from Australian immunisation

programmes. Menveo (meningitis ACWY) grew due to

favourable delivery timing in International markets and US

CDC purchasing patterns. We’re now planning for our

pentavalent MenABCWY vaccine candidate that combines

these established vaccines. To improve our

competitiveness, we’ll look to drive future growth with

multiple lifecycle innovations in the coming years, including

launching Menveo in a convenient liquid formulation in

additional countries.

Established vaccines

Our established vaccines portfolio remains key. This

portfolio includes vaccines that protect against hepatitis,

rotavirus and measles – it represents a third of our total

vaccines business. Established vaccines continued to grow

as we sought to maximise uptake among those who need

them. This is achieved through prioritising specific

segments for growth, such as strengthened

recommendations for hepatitis in adults, and increasing

awareness of the importance of vaccination.


	See Group financial review on page 75 for more detail



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Performance: General Medicines continued


Key marketed products
Product	Disease	Total revenue	AER	CER	Key information
Trelegy Ellipta	Asthma, COPD	£2.7bn	23%	27%	Top-selling brand in asthma and COPD globally and most prescribed single inhaler triple therapy (SITT) worldwide. Available in 60 countries for COPD, with dual indications for asthma and COPD in 22 countries
Relvar/Breo Ellipta	Asthma, COPD	£1.1bn	-3%	1%	One of the leading ICS/LABA1 treatments worldwide by sales value, available in 69 countries
Seretide/Advair	Asthma, COPD	£1.1bn	-7%	-3%	One of the leading ICS/LABA1 treatments worldwide by sales value, available in over 100 countries
Ventolin	Asthma, COPD	£702m	-6%	-3%	Global market-leading SABA2 reliever by sales value, available in over 100 countries
Anoro Ellipta	COPD	£572m	3%	6%	Global market leader in the LAMA/LABA3 class by value and volume (unit sales), approved in over 70 countries
Augmentin	Common bacterial infections	£635m	1%	7%	Global leader in oral antibiotics by sales value, available in over 100 countries
Avodart & Duodart	Benign prostatic hyperplasia (BPH)	£336m	-3%	3%	Market leaders by sales value and volume in the global dutasteride and dutasteride+tamsulosin FDC4 market respectively, and approved in over 85 and 80 countries respectively
Avamys	Allergic rhinitis	£252m	-16%	-11%	Global leader in the intranasal corticosteroids prescription class by sales value and volume, available in over 80 countries
Dermovate, Betnovate, Cutivate, Eumovate	Inflammatory skin conditions	£207m	6%	11%	Dermovate is the global leader in the topical corticosteroids market by value and volume sales and available across around 75 markets globally, excluding the US

(1)ICS/LABA: inhaled corticosteroid/long-acting beta agonists

(2)SABA: short-acting beta agonist

(3)LABA/LAMA: long-acting beta agonists/long-acting muscarinic antagonists

(4)FDC: fixed-dose combination

Key information source IQVIA

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 £10.4 billion, up 2% AER,

6% CER. Sales growth was primarily driven by Trelegy. For

other general medicines, growth in antibiotics and

dermatology in International markets was offset by global

declines from 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 over 92% of our total medicines and

vaccines supply volume. In 2024, General Medicines

contributed 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

77% 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 our low-

carbon Ventolin inhaler (see below) and novel infectious

disease medicines (gepotidacin and tebipenem).


	Read more in R&D on page 25



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Performance: General Medicines continued

Drivers of growth

Our main growth drivers in General Medicines in 2024 were

Trelegy, Anoro and Augmentin.

Trelegy

In 2024, Trelegy, our single inhaler triple therapy (SITT) for

asthma and COPD, continued to grow globally. It’s licensed

in 60 countries for COPD, with dual indications for asthma

and COPD in 22 countries, including the US and Japan. We

received new approvals in 2024, extending Trelegy’s

availability to asthma patients in Saudi Arabia and

Indonesia.

Trelegy is the number one SITT globally, selling over 37

million packs – more than twice the volume of the nearest

competitor. In 2024, Trelegy reinforced its position as the

top-selling brand in asthma and COPD globally, supported

by its leading position in the two largest markets, the US

and Japan, and by the SITT class’s positive positioning in

COPD scientific evidence and global guidelines.

The 2023 Global Initiative for Chronic Obstructive Lung

Disease (GOLD) guidelines recommended triple therapy

over ICS/LABA for exacerbating patients. This has helped

to continue the strengthening of the SITT market which,

seven years after first launch, is still growing at over 30%

year on year.

Increasing scientific evidence and new biological

therapeutic options in COPD are now reinforcing the

opportunity for more ambitious goals for COPD

management for HCPs and patients. We expect a market

shift towards optimising treatments, favouring growth for the

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

the backbone for add-on biologic treatments.

We expect Trelegy to be a key driver of growth in General

Medicines in the coming years.

Anoro

Anoro is approved in approximately 70 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, and International at AER) 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

Ventolin remains an important medicine for approximately

35 million patients in more than 100 countries, some 55

years after it launched. Our Ventolin metered dose inhalers

(MDIs) represent a significant proportion of our carbon

emissions. In 2024, we began phase III clinical trials of our

R&D programme to redevelop Ventolin MDIs by

transitioning to a lower-carbon propellant; this could reduce

greenhouse gas emissions from our Ventolin inhalers by

approximately 90%.

Augmentin

Since launching more than 40 years ago, Augmentin – a

global leader in oral antibiotics – has reached over 2.73

billion people 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.


	See Group financial review on page 75 for more detail



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Manufacturing and supply

Our global supply chain is critical

to manufacturing and supplying

reliable, high-quality medicines

and vaccines to meet patients’

needs and drive our performance.

In 2024 we saw the first full year of our integrated

network of medicines and vaccines manufacturing

sites. This is part of our strategy to build an ever-

more competitive and resilient global supply chain.

By bringing together our teams and expertise in

medicines and vaccines, we’ve increased efficiency

and helped make sure we have the capacity and

capabilities, especially in areas like digital and

technology, to deliver our new products.

This network of 37 medicines and vaccines

manufacturing sites delivered 1.7 billion packs of

medicines and 409 million vaccine doses in 2024

to help make a positive impact on the health of

millions of people.

Our focus on productivity and efficiency contributed

to an improvement in gross profit margin in 2024.

Accelerating innovation

Our global supply chain is not just core to our

operations; it’s vital for innovation too.

Our global supply chain teams are part of how 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 scaled up

to commercial production.

These teams support the lifecycle management of

recently launched assets to secure supply and enable

growth. In 2024, this included, for example, increasing

capacity to meet demand and future growth for Ojjaara/

Omjjara, our medicine for myelofibrosis in patients with

anaemia, following expanded approval in the EU, the

UK and Japan.

Image: HIV virus

Smart manufacturing, including use of digital twins,

is helping us to scale up manufacturing and launch

plans – including for our HIV pipeline.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Operations: Manufacturing and supply continued

They also support the development of second-generation

products. For example, we’re bringing on additional

capacity to deliver Menveo liquid to more patients around

the world following regulatory approvals in Argentina and

the European Union. Menveo liquid is a new single-vial,

fully liquid presentation of our Menveo meningococcal

vaccine.

We’ve also started to prepare for the production of Shingrix

fully liquid, a new presentation of our shingles vaccine that,

if approved, would offer a convenient option for

pharmacists, physicians and other healthcare professionals

who administer vaccinations.

Also, the supply chain teams are preparing for the new

assets that we’re expecting to register and launch in the

coming years, for example Blenrep (multiple myeloma),

gepotidacin (uncomplicated urinary tract infections),

camlipixant (refractory chronic cough) and bepirovirsen

(chronic hepatitis B).

To advance the discovery and development of best-in-class

medicines and vaccines, we’re investing and partnering in

a range of platform technologies, including antibody drug

conjugates (ADCs), oligonucleotides, mRNA and MAPS

technology. As manufacturing platform technologies

become more complex, the need for collaboration between

R&D and manufacturing increases. Bringing R&D and

manufacturing together at the same locations helps us

make a seamless transition from process development to

clinical trials production to commercial production. This co-

location is already happening at our sites in Upper Merion in

the US, Ware in the UK, Wavre in Belgium and Jurong in

Singapore.

Investing for the future

We continue to invest in reshaping, simplifying and

strengthening our network.

As part of an investment of up to $800 million at our

Marietta site in Pennsylvania, our largest US manufacturing

investment to date, we’re bringing R&D and manufacturing

together in one location. The new R&D and commercial

facilities will double the size and capacity of the site.

The new multi-purpose facility will be capable of

manufacturing sterile liquid medicines and vaccines for

which there is ever-increasing demand. This facility will also

house a state-of-the-art R&D pilot plant to manufacture

medicines for clinical trials. Also, we’ll establish a new

vaccines drug substance facility at the site, dedicated to

manufacturing products based on our novel MAPS

technology, subsequent to future regulatory submissions

and approvals.

The new multi-purpose facility at the Marietta site will

incorporate the latest technologies for solar panels, electric

heat generation, and water and energy reclamation. Both

facilities will feature smart utility and electrical system

monitoring and controls, digital twins for continuous process

optimisation, robotics for material handling, and predictive

maintenance and digital scheduling enabled by artificial

intelligence.

These investments in innovative technologies and platforms

demonstrate our commitment to advancing science,

technology and sustainability.

To support the delivery of our innovative portfolio and

pipeline, we’re also investing up to £128 million to expand

sterile manufacturing capacity at our Barnard Castle facility

in the UK. This investment will expand manufacturing of our

newest, next-generation specialty medicines at the site,

underpinning our commitment to cutting-edge

pharmaceutical manufacturing in the UK. As part of the

modernisation of our Barnard Castle site, we are also

proposing to transfer production of some older products

from the dermatology portfolio to external manufacturing

partners.

In the UK, we also confirmed that in 2025 we will close our

cephalosporin antibiotics manufacturing operations – our

site at Ulverston and a facility in Barnard Castle. This

follows our 2021 announcement, when we said that, in the

absence of alternatives, we would close these operations

following the completion of our contract manufacturing

agreement with Sandoz.

Harnessing technology

Technology is transforming how we manufacture medicines

and vaccines, enabling us to increase the speed, quality

and scale of product supply.

Technology helps us optimise efficiency and effectiveness

across our operations. We’re reducing cycle time and cost

in the Chemistry, Manufacturing and Controls (CMC)

development process, the manufacturing and quality

processes as well as the end-to-end supply chain and

distribution processes.

We’re using data to help us monitor production in real time,

spot ways to increase yields and predict when equipment

needs maintenance.

We’re using smart manufacturing technologies for greater

efficiency, productivity, sustainability and cost savings.

Smart manufacturing is not about replacing people with

technology, it’s about enabling us to work smarter and more

efficiently. We can augment our human creativity, expertise

and problem solving with data and AI, increasing our impact

and delivering better and faster for patients.

For example, we have introduced an AI tool to quickly

determine the best transportation route to deliver our

medicines and vaccines to patients. The tool does this by

analysing vast amounts of data, including stock availability,

cost, carbon emissions and batch details such as readiness

to ship at a given time. As a result, we can save costs,

reduce carbon emissions and make sure stock reaches its

destination on time for patients.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Operations: Manufacturing and supply continued

Across our supply chain we’re using 54 digital twin models

on 12 products to digitally simulate the process, anticipate

failures and accelerate manufacturing. For Shingrix, using a

digital twin helped us optimise the lyophilisation (freeze-

drying) step and unlock capacity to produce an extra 1

million doses to protect more people from shingles. Digital

twins are also helping us deliver right first-time technology

transfer to scale up manufacturing and launch plans for our

HIV pipeline, including cabotegravir.

Automation and robotics also help to improve ergonomics,

increase efficiency and deliver more medicines and

vaccines around the world, on time every time. At Upper

Merion in the US, a digitised scheduling system alone has

created 10% extra capacity by removing bottlenecks in

operations, while other technology has improved safety,

reduced deviations and human error, and improved yields.

We’ve also gained external recognition. Our Wavre vaccine

formulation unit in Belgium received the ‘Factory of the

Future’ label from a group of Belgian and European

agencies dedicated to digital and pharmaceutical industries.

This label recognised our continuous investment in

digitisation, talent development, smart processes,

sustainable products and world-class production.

Building sustainability

In 2024 we activated a 56-acre solar farm and two wind

turbines at our antibiotics manufacturing site at Irvine in the

UK. The new infrastructure will generate over half of the

facility’s electricity, effectively tripling its on-site renewable

electricity generation.

We also opened a €50 million vaccines logistics hub at

Gembloux in Belgium, which will run on 100% renewable

power and be self-sufficient by 2025, thanks to solar panels

covering its roof. The 40,000 square-metre facility, our

largest warehouse worldwide, exports 1 million doses of

vaccines a day and stores millions more destined for more

than 160 countries.

Our low-carbon Ventolin inhaler for asthma and COPD,

currently in phase III trials, has the potential to cut the

product’s carbon emissions by approximately 90%, through

new propellant technology. We confirmed plans to invest in

our site at Evreux in France to manufacture the inhaler, so

that we’re ready to start supply, should clinical trials and

regulatory processes be successful. The first of three filling

lines is already installed and operational.


	For more on our approach to sustainability and progress made at our sites, see our Responsible Business Performance Report

(1)Analysis for GSK conducted by McKinsey & Company’s POBOS

benchmark

Promoting responsible manufacturing

We’re also committed to responsible manufacturing. Our

Worthing antibiotics site became the first in the UK to

achieve BSI AMR Kitemark certification. This gives

independent assurance that the antibiotics manufacturing

process at Worthing meets rigorous international standards

and is part of our broader efforts to address antimicrobial

resistance (AMR) and support global health.

Our goal is for all our global antibiotics manufacturing sites

to be certified in the coming years, demonstrating our

commitment to responsible manufacturing and getting

ahead of AMR.

Delivering quality, safety and reliability

To meet patients’ needs and keep ourselves competitive,

quality, safety and reliable supply are essential.

Our reliability remains strong, with an on-time, in-full (OTIF)

measure of 99%, putting us in the top quartile against the

industry benchmark1.

In 2024, we had 104 regulatory inspections at our

manufacturing sites and local operating companies,

compared with 114 in 2023. We received zero warning

letters from the US FDA, one critical finding from the MHRA

and no critical findings from the European Medicines

Agency (EMA) in 2024.


	Read more about product governance on page 55



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Responsible business

Our approach

Being a responsible business is an integral part of our

strategy and culture. Our Trust priority supports our

business performance and long-term growth. It helps us

build trust with our stakeholders, reduce risk, supports our

people to thrive and to deliver health impact at scale.

Six focus areas help us to address what is most material to

our business and most important to our stakeholders.

They are:

–Access to healthcare

–Global health and health security

–Environment

–Inclusion and diversity

–Ethical standards

–Product governance

These focus areas are core to our strategy, help support

long-term business success and are where we can have the

greatest positive impact on some of society’s most urgent

challenges.

Being responsive to the environment in which we operate

and the changing expectations of our key stakeholders is

critical to building trust. With that in mind, we continue to

review and evolve the actions we are taking in all of our six

areas.

Specifically for inclusion and diversity, we are presently

working to understand and evaluate the impact of the legal

environment. We are progressing this work and reviewing

activities, with the following principles in mind:

–Firstly, as ever, we will always comply with the law and be

respectful of the environment in which we operate.

–Secondly, we remain fully committed to equal

employment opportunity, non-discrimination, and merit-

based decision-making in the way we recruit, manage

and develop our people.

–And thirdly, we continue to believe that an inclusive

culture, with different perspectives and experiences,

helps drive superior business performance and deliver

better health outcomes for patients.

We periodically undertake materiality assessments to

assess key issues. In 2024, we undertook a double

materiality assessment in preparation for the new reporting

requirements under the EU's Corporate Sustainability

Reporting Directive, which will inform our reporting for the

financial year 2025, published in 2026.

(1)We have met our previously set overarching ethnicity and gender

aspirations but not all individual components

Our Responsible Business Performance

Rating

Our Responsible Business Performance Rating measures

the progress we are making on delivering against our Trust

priority. The rating is one of our corporate KPIs and tracks

progress against key metrics aligned to each of our six

focus areas. We continue to evolve our Performance Rating

to ensure it measures what matters most and meets the

expectations of our stakeholders. We review our metrics

each year, so that they are stretching and achievable and

guide progress towards our long-term goals. The executive

leadership team and the Board, via the Corporate

Responsibility Committee (CRC), review the metrics that

make up this rating each year.

In this report, we set out progress made against inclusion

and diversity (I&D) commitments previously set for 2024,

and which are reflected in our overall Responsible Business

Performance Rating for the year. In 2024, we measured

progress towards our previously stated 2025 aspirations

(set out on page 52). In 2024, we largely met1 the

leadership aspirations. Going forward, we will make

changes in several areas related to inclusion and diversity

to ensure continued compliance with the law and being

respectful of our operating environment, including no longer

setting aspirational targets for our leadership and supplier

programmes.

How we assess performance

The GSK Leadership Team (GLT) is accountable for

delivering progress against the metrics and regularly

reviews performance along with the CRC.


	See page 108

Each individual metric is assessed as either: on track (the

metric has been met or exceeded); on track with work to do

(at least 80% of the metric has been achieved); or off track

(metric has been missed by more than 20%). To calculate

the overall Performance Rating, we aggregate performance

across all metrics into a single score. This score shows

whether we are 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

2024 Responsible Business

Performance Rating

Our 2024 Responsible Business Performance Rating

is on track, based on 91% of all performance metrics

being met or exceeded.

Since we introduced the metric in 2022, we’ve

maintained on-track performance against our

performance rating each year. Where we have work to

do, we have plans in place and monitor our progress.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Responsible business continued

External benchmarking (as at February 2025)

Investors frequently ask us about our performance in key

ratings including:

–Access to Medicines: 2nd in the Access to Medicines

Index, among 20 of the world’s largest pharmaceutical

companies

–S&P Corporate Sustainability Assessment: 78 and

included in the DJSI World and Europe indices

–FTSE4Good: Member of FTSE4Good Index since 2004

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

B in Forests

–Sustainalytics: Low risk rating

–MSCI: AA rating

–Moody's Analytics: ESG Overall Score of 62

(out of 100, sector average 38)

–ISS Corporate Rating: B+ rating

Access

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

–Progress towards our 2030 goal of reaching 1.3 billion

people in lower income countries with our products

Progress in 2024

By making our medicines and vaccines available at prices

that are both accessible to our patients and sustainable for

our business, we are able to grow our business and secure

a return to invest in future R&D. As well as through

responsible pricing, we expand our reach through strategic

access and partnerships to make our medicines and

vaccines more widely available in lower income countries.

Measuring our progress on access and impact on

health at scale

In 2021, we set the ambition to positively impact the health

(1)Excluding patient reach for albendazole donations in 2024 as the

data is not yet available.

of 2.5 billion people over ten years. This includes 1.2 billion

people in high and upper-middle countries and 1.3 billion in

low and lower-middle income countries. We believe that we

are on track to achieve our ambition. Our estimated patient

reach figure from 2021 to the end of 20241 is at least two

billion people, of which 1.5 billion are in low and lower-

middle income countries.

Although we have exceeded our original estimate in low

and lower-middle income countries, we don’t expect

progress towards our ambition to be linear. Reaching

individuals becomes increasingly challenging the nearer we

are to our goal as we don’t recount those we’ve already

reached, and those not yet reached may be harder to

access. We are also working with our partners to help

eradicate diseases like Lymphatic filariasis so expect the

number of patients reached by this programme to naturally

decline. Estimating patient reach and measuring health

impact is a complex and emerging area and we recognise

the importance of transparency and industry collaboration to

advance in this area.

Evidence-based pricing that recognises benefits

We set responsible prices in line with the benefits we bring

to patients and health systems, measured by clinical,

economic and social outcomes. We compare our offer to

what is already available for patients and we generate

evidence from clinical trials to establish the added value

provided by our medicines and vaccines.

We aim to create stability and predictability for payers and

our business while focusing on access to our medicines to

improve patient outcomes, engaging proactively on

upcoming product launches for budget planning, and

adjusting prices to account for inflation. In the US in 2024,

our combined average net price (after discounts, rebates or

other allowances) for our pharmaceutical and vaccines

portfolio increased by 5.2%, due to product mix and gross

to net pricing favourability, while the average list price

increased by 1.5%, compared with 2.3% (list) for the

industry. Over the past five years, the average net price for

our products increased 2.3% annually, while the average list

price rose by 3.1%, compared with 4.2% (list) for the

industry.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Responsible business continued

Access strategies focused on lower income countries

Vaccines

We reserve our lowest vaccine prices for Gavi, the Vaccine

Alliance, and similar organisations. These commitments

enable us to deliver manufacturing efficiencies, which help

us to maintain lower prices for lower-income countries. We

have partnered with Gavi, which is a public-private

partnership, since its foundation in 2000 and have supplied

more than one billion vaccine doses to date.

Through our partnership with Gavi, in 2024 we delivered

around 6 million doses of Cervarix, supplied around 45

million doses of our pneumococcal vaccine, Synflorix, and

43 million doses of Rotarix.

We are a long-standing supplier of oral polio vaccines

through UNICEF. In 2024, we supplied around 131 million

doses to help eradicate the disease.

Malaria

Following the end of the WHO-coordinated Malaria Vaccine

Implementation Programme, we continue to support the

onward roll-out of RTS,S/AS01 in endemic countries. From

2019 to 2023, over two million children in Ghana, Kenya

and Malawi received at least one dose of the vaccine, which

was developed by GSK and our partners. WHO evaluations

of the pilot showed high public health impact due to

reduction in mortality and hospitalisation rates.

We’re also rolling out doses of RTS,S/AS01 to nine African

countries, as part of our commitment to supply 18 million

doses to Gavi-eligible countries between 2023 and 2025.

We plan to produce 15 million doses of RTS,S/AS01

annually from 2026-2028.

In 2024, Brazil and Thailand became the first malaria-

endemic countries to introduce new single-dose radical cure

medicines to prevent the relapse of Plasmodium vivax (P.

vivax) malaria. Tafenoquine targets the liver-stage of P.

vivax malaria and, when used in combination with

chloroquine for the blood-stage infection, is effective in

preventing malaria relapses. Approvals for tafenoquine have

been granted in 11 countries, including the US, and the drug

is undergoing marketing authorisation evaluation in a

number of other countries where P. vivax is endemic.

In December, the 150mg tablet formulation of tafenoquine

received WHO Pre-qualification. We anticipate that up to

ten additional countries could introduce tafenoquine in

2025-28.

Lymphatic filariasis (LF)

In 2024, we donated 442 million albendazole tablets to help

end these NTDs. This brings the total we have donated to

over 12 billion tablets. The number of tablets we are

donating is declining each year, given the gradual

eradication of the NTDs that the medicine is targeting. The

programme has benefited over 935 million people since it

began, according to WHO data. We remain committed to

supplying albendazole to endemic countries until LF is

eliminated everywhere.

HIV

By the end of 2024, CAB LA for PrEP had been supplied at

a non-profit price in a total of 11 low and middle income

countries. We have also committed to tripling our annual

supply of CAB LA for PrEP for programmatic use, making at

least two million doses available in 2025-26 to meet

growing demand where HIV burden and unmet need are

greatest. In addition, ViiV has prioritised countries for

registration of CAB LA for PrEP based on high HIV burden

and PrEP readiness.

Following the signing of voluntary licences for CAB LA for

PrEP with three generic manufacturers, via the Medicines

Patent Pool (MPP), ViiV is engaging with these companies

to expedite generic development and access. ViiV also has

voluntary licensing agreements with 15 generic

manufacturers to produce and sell low-cost single or fixed-

dose combination products containing our HIV medicine

dolutegravir for adults, with one direct licence and the

others via the Medicines Patent Pool (MPP).

There are similar agreements with 14 generic

manufacturers for paediatric dolutegravir, as well as

separate agreements to drive access to dolutegravir in

certain upper-middle income countries.

Over the 10 years of partnership between ViiV, the MPP,

and generic manufacturers, more than one billion packs of

generic dolutegravir-based medicines have been supplied.

By the end of 2024, more than 23 million people across 129

countries had access to a generic dolutegravir-containing

product.

Generic paediatric formulations of dolutegravir are now

available in more than 100 countries, increasing access to

age-appropriate treatment options for children living with

HIV where the burden of need is highest. This was

accelerated by a public-private partnership between ViiV,

the Clinton Health Access Initiative, Unitaid and generic

manufacturers with sublicences from the MPP.


	For full details of our progress in our six focus areas, please see our Responsible Business Performance Report



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Responsible business continued

Global health and health security

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 2024

–Progress six 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)

Progress in 2024

We have a unique and important role to play in improving

health for patients around the world and helping the world

prepare for future health security challenges. We do this by

developing products and technologies to treat and prevent

priority diseases. We have the largest priority pipeline

among 20 of the world’s largest pharmaceutical

companies1, addressing high-burden diseases identified as

priorities by external global health stakeholders, including

the WHO. This supports our long-term growth by driving

product innovation and helps us attract and retain

outstanding people.

R&D for high-burden diseases in lower income

(1)2024 Access to Medicine Index

countries

We’re committed to changing the trajectory of high burden

diseases in lower income countries with a focus on

prevention and treatment of infectious diseases, including

those with AMR potential.

In 2022, we announced an investment of £1 billion over 10

years to accelerate global health R&D (together with ViiV

Healthcare). By the end of 2024, we had invested 33% of

this and progressed six Global Health pipeline assets to

address priority WHO diseases. The current Global Health

R&D pipeline consists of more than 25 medicines and

vaccines in development, of which more than one third are

in clinical development.

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).

We have partnered with the Bill and Melinda Gates Medical

Research Institute (Gates MRI). Gates MRI has begun a

phase III trial in seven countries (funded by the Gates

Foundation and the Wellcome Trust), with the first doses

given in South Africa in March 2024. If proven effective,

M72 could potentially become the first new TB vaccine that

meets the WHO target product profile for over 100 years.

To date, together with our partners, we’ve brought two

products for the prevention and treatment of malaria to

market – the world’s first vaccine against malaria (see

Access, page 46), and a single-dose, radical cure for P.

vivax malaria, which are both WHO pre-qualified.

Strengthening health security

Getting ahead of antimicrobial resistance

with our innovation

AMR is an urgent threat to public health. We’re developing

new antimicrobials and vaccines to prevent and treat

infectious diseases. Our investment in innovation to respond

to AMR has resulted in one of the largest AMR relevant R&D

pipelines in the industry. We have more than 30 R&D

projects across medicines and vaccines that are relevant to

AMR, of which 12 target pathogens deemed ‘critical’ by

WHO and/or ‘urgent’ by the Centers for Disease Control and

Prevention, excluding TB which was added by WHO earlier

in 2024.

In 2024, gepotidacin, our investigational, first-in-class oral

antibiotic, with a novel mechanism of action for the

treatment of female adults and adolescents with

uncomplicated urinary tract infections (uUTI), was accepted

for priority review by the US FDA. Gepotidacin is also in

development for uncomplicated urogenital gonorrhoea in

adolescents and adults. We announced positive data from

our phase III EAGLE-1 trial.

We continue to progress candidate vaccines against

several enteric diseases which contribute to the burden of

AMR in lower income countries, including invasive non-

typhoidal salmonella, klebsiella, shigella, typhoid and

paratyphoid fever.

Ensuring sustainable, appropriate use and manufacture

of antibiotics

We continue to run several initiatives to support appropriate

use of antibiotics. We provide education for healthcare

professionals around the world about using and prescribing

antibiotics appropriately, and the importance of surveillance

studies. We’ve maintained our long-running multinational

Survey of Antibiotic Resistance programme and are running

antibiotic surveillance studies to support antimicrobial

assets in late-stage development.

Investing in innovation and partnership to find

and scale solutions to AMR

In 2024, we announced a £45 million pledge to support the

Fleming Initiative, a new global network combining

scientific, technology, clinical, policy and public engagement

expertise to develop new AMR interventions.

The initiative will bring together our infectious disease

expertise with Imperial College London and Imperial

College Healthcare NHS Trust’s clinical and research

capabilities and a global network of experts to find, test, and

scale solutions to AMR.



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Responsible business continued

We have also committed €4.5 million to the Global Antibiotic

Research & Development Partnership (GARDP) to support

sustainable access to antibiotics in lower income countries.

GARDP focuses on developing and providing access to

much-needed antibiotics that are effective against WHO-

priority pathogens, particularly in low and middle income

countries.

Partnering for pandemic preparedness

With outbreaks of Mpox, bird flu and the Marburg virus,

health security remained high on the global agenda during

2024. To help prevent and respond to future health security

emergency, we are working with governments and other

stakeholders to strengthen global preparedness.

In April 2024, we initiated a combined phase I/II study of an

investigational influenza A (H5N1) pre-pandemic vaccine

candidate, evaluating safety, reactogenicity and

immunogenicity in healthy younger and older adults. The

vaccine candidate has been granted Fast Track designation

by the US FDA. This programme reflects GSK’s

commitment to helping authorities with pandemic

preparedness.


	For full details of our progress in our six focus areas, please see our Responsible Business Performance Report

Environment

Climate change and nature loss threaten human health and

pose risks to business resilience. To get ahead of disease

and to help ensure long-term business success,

we need to take action on climate and nature.

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 20241

Climate

–Operational emissions reduction (Scope 1 & 2 market-

based emissions)

–Industrialisation of low-carbon Ventolin initiated, and

clinical and non-clinical data available to support

regulatory submissions; in 2024, to complete clinical

studies to enable filing of low carbon Ventolin

–Percentage of carbon credit volume in project pipeline

Freshwater

–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

Land

–Percentage of paper packaging and palm oil certified

Waste

–Operational waste reduction at our sites

(1)These metrics are related to the Responsible Business Performance

Rating 2024. See Responsible Business Performance Report 2024 for

more information. We also measure and report performance against our

wider set of long-term environmental sustainability targets, which we

publish on gsk.com

Progress in 2024

Climate change and nature loss are changing the spread

and burden of disease and are an urgent threat to human

health. That’s why we have set ambitious environmental

goals for 2030 and 2045. These goals address our impacts

across our entire value chain, from drug discovery to

disposal of our products. Meeting them will help support our

long-term performance by protecting our supply chains,

help us adapt ahead of anticipated regulation change and

providing potential growth opportunities as demand

increases for medicines and vaccines 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 footprint1 is made up of Scope 1 &

2 emissions from our own operations (7%) and Scope 3

emissions from our supply chain (37%), logistics (3%), from

people using our products (mostly metered-dose inhalers)

(53%) and from the disposal of our products (<1%).

Long-term targets

–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% imported renewable electricity by 2025 and 100%

renewable electricity (imported and generated) by 2030

(Scope 2)



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Responsible business continued

Progress to date on carbon reduction pathway

–In 2024, we reduced our Scope 1 & 2 carbon emissions

by 12% compared with 2023, and by 36% compared with

our 2020 baseline.

–Our overall Scope 3 emissions are 10% lower than our

baseline year of 2020, falling by 0.14% in 2023 (our latest

available data) compared with 20221.

Progress in 2024

The reduction in our Scope 1 & 2 carbon emissions in 2024

was primarily driven by energy efficiency measures in our

manufacturing processes, our ongoing transition to

renewable energy and reducing propellant emissions during

the manufacturing of inhalers.

In 2024, we reached 90% imported renewable electricity, 7

percentage points higher than the 83% we used in 2023.

We also have a longer-term target to have 100% of all

electricity imported and from self-generated from renewable

sources by 2030, and in 2024 we achieved 90%.

The goods and services we buy to make our medicines and

vaccines account for approximately 31% of our total carbon

emissions footprint. In 2023 (our latest available data), the

emissions from our supply chain increased by 6%, primarily

driven by an increase in purchased goods and services. As

our supply chain initiatives mature, and we move to activity

based rather than spend based emissions, we expect to

see the effects in reduced upstream Scope 3 emissions. As

part of our Sustainable Procurement Programme, we have

engaged with the top 30 carbon emitting suppliers involved

in the production of our medicines and vaccines. At the end

of 2024, 22 of these suppliers had shared their action plans

with us to achieve carbon reductions by 2030 in line with

our Scope 3 targets. We actively support our highest

emitting suppliers, engage with service providers and

continue to embed sustainability into procurement

processes. We’re also collaborating with our peers to

address the shared challenge posed by supply chain

emissions.

The use of our medicines and vaccines makes up 53% of

our total footprint. Most of this is from the propellant used in

metered-dose inhalers for asthma and chronic obstructive

pulmonary disease (COPD).

Millions of people with respiratory conditions worldwide use

our rescue metered dose inhaler (MDI) medication, Ventolin

(salbutamol). We completed the 2024 planned clinical

studies and began phase III trials in 2024 of a low carbon

version containing a next generation propellant which has

the potential to reduce emissions of the inhaler by

approximately 90%. If successful, regulatory submissions

will begin in 2025. This is in addition to dry powder inhaler

alternatives which already exist, are propellant-free, and

have a lower carbon footprint.

(1)Our Scope 3 data is currently based on the latest available 2023

data, however, from 2025 we are aiming to report in-year data

across all scopes

Investing in carbon credits

–Target: 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).

At the end of 2024, we had secured 33% of carbon credit

volume we need by 2030 in the project pipeline. We invest

in nature across our value chain and are also prioritising

long-term nature projects for carbon credits. We are

currently contributing to the protection and restoration of

over 2 million hectares of land.

Nature

Human health relies on the fundamentals of nature like

clean air and fresh water, and nature loss has a range of

negative impacts on health. Protecting nature helps make

our business more resilient and helps to ensure the ongoing

supply of raw materials needed to manufacture our

medicines and vaccines.

We are part of the first group of companies to be working

with the Science Based Target Network (SBTN) in a pilot to

set validated science-based targets for nature, starting with

freshwater.

We are closely following the evolving policy landscape on

access and benefit sharing related to Digital Sequence

Information from genetic resources. We publish our latest

position on Access and Benefit Sharing of Genetic

Resources and Related Information on gsk.com.

Freshwater

We use water across our operations and supply chain for

the production of our medicines and vaccines.

–Target: Achieve good water stewardship at 100% of our

sites by 2025

In 2024, 100% of our sites continued to achieve good water

stewardship status, in line with the Alliance for Water

Stewardship’s definition.

–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 2024, we reduced overall water use in

our operations by an additional 5% compared with 2023

This is a decrease of 28% 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 used water risk data from the World Resources Institute

(WRI) and the World Wildlife Fund (WWF) to understand

which of our sites are located in water-stressed basins and

therefore face increasing water availability, quality and

access risks. We define water neutrality at these sites using

three criteria: achieving the Alliance for Water Stewardship

Standard certification, reducing water use by 20% and by

replenishing water quantity in the basin equivalent to the

site’s 2030 footprint. We’ve identified five sites in three

water-stressed basins where we have operations across

Algeria, India and Pakistan. We have projects underway to

achieve water neutrality in one of these, the Godavari basin

in India.



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Responsible business continued

–Target: Achieve zero active API levels1 for all sites and

key suppliers by 2030

In 2024, >99% 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 87% in 2023.

This improvement has been driven by successful

engagement with suppliers. 100% of our own sites

remained within AMR Alliance and API Wastewater

discharge limits.

Land

Land degradation and conversion can have a range of

negative health impacts. We’ve identified six priority sites in

Belgium, France, Spain, the US and UK based on proximity

to Protected Areas and Key Biodiversity Areas.

–Target: Positive impact on biodiversity2 at all GSK owned

sites by 2030

66% of GSK sites are under biodiversity management

plans, an increase of 45% from 2023. In 2024, we delivered

projects to remove non-native species and restore native

fauna at our Ware, Wavre, Zebulon and Evreux

manufacturing sites, with the aim of achieving a biodiversity

uplift.

–Target: 100% of key3 naturally-derived materials

sustainably sourced and deforestation free by 2030

58% of our total spend on the 12 highest priority materials4

is covered by an action plan to achieve sustainable

sourcing by 2030. We are committed to 100% paper

packaging and palm oil certified by 2025. In 2024, 93% of

our paper packaging was derived from certified sources or

from recycled raw materials, up from 86% in 2023. 93% of

our core palm oil materials were credible third-party

certified5, a decrease from 98% from 2023. We're also

looking at opportunities to reduce or avoid the use of some

natural materials. For example, an extract from the

soapbark tree is an essential ingredient in vaccine

adjuvants. We are working on a process improvement to

deliver a significant yield increase, reducing our nature

impact and improving supply resilience.

Oceans

Degradation of the world’s oceans, caused by factors such

as climate change, marine pollution and over-fishing,

impacts human health and business resilience.

Target

–100% of key marine-derived materials to be sustainably

sourced by 2030

(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)We consider the principles and criteria determined by the Forest

Stewardship Council (FSC) and the Programme for the Endorsement

of Forest Certification (PEFC) as an appropriate standard for

sustainable forest management

(6)Including a 20% reduction in routine hazardous and non-hazardous

waste. Target updated in 2024 to remove specific reference to the

elimination of operational single-use plastics. This work has been

integrated into the overall operational waste target

The long-term focus for these specific materials is

avoidance of use, through moving to horseshoe crab blood

free alternatives. A horseshoe crab blood-derived material,

Limulus amebocyte lysate (LAL) is required by some

regulators to be used in pharmaceutical quality control

processes to ensure the quality and safety of medicines and

vaccines. We continue to make progress on LAL volume

reductions and transitioning to LAL-free alternatives for new

products, where applicable, and water testing, which

accounts for the majority of our use.

We are engaging with regulators to seek further guidance

on requirements to switch to LAL-free alternative,

particularly for legacy products. In 2024, we became co-

lead of an industry group through the Pharmaceutical

Supply Chain Initiative to accelerate the transition to LAL-

free testing.

Squalene is used as an ingredient in one of our pandemic

vaccine adjuvants. In 2024, we identified and are currently

evaluating potential non-animal alternatives.

Waste

The overuse of natural resources and the generation of

waste and pollution are key drivers of climate change and

nature loss. Using fewer natural resources can reduce the

business risk of material scarcity, while also reducing costs.

–Target: 25% environmental impact reduction for our

products and packaging by 2030

From 2024, all newly developed or acquired medicines will

now have Sustainable Design Plans applied. These use

industry-leading product sustainability methodologies to

include environmental considerations at every step of the

product decision-making process, from product design to

disposal.

–Target: Zero operational waste6 by 2030

In 2024, we reduced operational waste by 5% compared

with 2023, a total of 25% since 2020. The amount of

materials recovered by circular routes increased by 1%

from 2023 to 54%. This was driven by a revision to our

definition of circularity to exclude waste streams subject to

regulatory requirements which prevent them from entering

circular routes. We have maintained zero operational waste

to landfill.

–Target: 10% waste reduction from our supply chain by

2030

For our supply chain, we’re working on a waste footprint

assessment to help with supplier engagement on waste

reduction.


	For full details of our progress in our six focus areas, please see our Responsible Business Performance Report



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Responsible business continued

Inclusion and diversity

To be a successful business and deliver positive health

impact at scale, we must meet patients’ needs with

research that includes those impacted by the disease

under study, attract and retain the best talent

regardless of background, and support all GSK people

to thrive.

In this report, we set out progress made against I&D

commitments previously set for 2024, and which are

reflected in our overall Responsible Business Performance

Rating for the year.

Our Responsible Business Performance Rating

metrics 2024

Representative clinical studies

–50% of phase III trials completing enrolment in 2024 that

have met our required threshold1 of trial participants,

consistent with disease epidemiology

In 2024, we measured progress towards our previously

stated 2025 aspirations (set out below). In 2024, we largely

met2 the leadership aspirations. Going forward, we will

make changes in several areas related to inclusion and

diversity to ensure continued compliance with the law and

being respectful of our operating environment, including no

longer setting aspirational targets for our leadership and

supplier programmes.

Previous leadership aspirations through fair and

equitable opportunities

–aspire to have women hold at least 45% of VP-and-above

roles globally

–aspire to have at least 30% ethnically diverse leaders in

our roles at VP-and-above in the US, and increase the

percentage of Black or African American, and Hispanic or

Latino(a) VP-and-above leaders year on year

–aspire to have at least 18% ethnically diverse leaders in

our roles at VP-and-above in the UK, and increase the

percentage of Black VP-and-above leaders year on year

Previous supplier programme aspirational targets

–Improve year-on-year spend with US-based certified

diverse-owned suppliers

Progress in 2024

Representative clinical studies

Diseases and medicines can affect people differently

depending on their ethnicity, sex, race and age so we need

to make sure that our clinical trials include those affected by

the disease under study. This supports our business

performance by providing healthcare providers and the

individuals who are prescribed our medicines and vaccines

confidence in the safety and effectiveness of our products.

(1)Defined by meeting ≥70% of each demographic objective described

in the plan based on disease epidemiology.

(2)We have met our previously set overarching ethnicity and gender

aspirations but not all individual components.

Since 2022, all our phase III clinical trials have

representation plans in place before commencing enrolment

to reflect the people most impacted by a particular disease.

For example, our respiratory syncytial virus (RSV) clinical

development programme has been recognised by external

experts for the robustness of the data reflecting the

population at risk, hence informing prescribers and people

of the vaccine's potential impact. Our phase III RSV clinical

trials were designed to ensure the broadest geographic

footprint and the broadest population representing people

with underlying health conditions.

Now our focus is on actual enrolment of participants

impacted by the disease under study. 88% of phase III trials

completing enrolment in 2024 met our enrolment thresholds

needed so that trial participants represent the disease

epidemiology under study. This exceeds our 2024 target of

50%.

Building a high-performing, inclusive organisation

Over recent years, we’ve delivered a step-change in

performance and we believe in the power of an inclusive

culture and differing perspectives and experiences to unlock

the full potential of the company. This helps attract and

retain outstanding talent, develop innovative solutions, and

drive better decision-making, supporting long-term

performance and better health outcomes for patients.

We want GSK to be a workplace where our employees can

feel a sense of belonging, be themselves, and have their

different perspectives and characteristics valued, because

this helps everyone perform at their best. We measure

employee sentiment on inclusion as part of our employee

survey, which includes questions on employees feeling

welcome and included, feeling able to be themselves,

valuing different perspectives, and agreeing on ways of

working that enable them to perform at their best. In 2024,

our employee engagement was strong at 81% favourable.

Our ERGs, employee-led communities that are open to all

employees, are key partners to help us build an inclusive

culture. For example, in 2024, we worked in partnership

with our Disability Confidence Network to launch our new

Global Accessibility Inclusion Standard that sets out

minimum expectations to help address accessibility for

people living with disabilities and long-term health

conditions.

We are committed to equal employment opportunity, non-

discrimination and merit-based decision-making in the way

we recruit, manage and develop our people. We previously

set leadership aspirations for race and ethnicity in senior

positions in the US and UK and gender aspirations for

senior positions globally. At the end of 2024, we had largely

met2 these aspirations.

At the end of 2024, women held 48% of VP-and-above

roles globally, and made up 48% of all employees in 2024,

and 51% of all management roles.



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Responsible business continued

In the UK at the end of 2024, 21.8% of our leaders at VP-

and-above were ethnically diverse and we had 3.1% Black

leaders at VP-and-above. In the US, 38.3% of our leaders

at VP-and-above were ethnically diverse. We had 8.4%

Black or African American leaders at VP-and-above and

5.9% Hispanic or Latino(a) leaders at VP-and-above.

We remain committed to abiding by the laws in all

jurisdictions in which we operate, including anti-

discrimination laws. We make changes as necessary as law

and policy evolves. Going forward, we will make changes in

several areas related to inclusion and diversity to ensure

continued compliance with the law and being respectful of

our operating environment, including no longer setting

aspirational targets for our leadership and supplier

programmes.

Fair and equal pay practices are crucial to create an

environment where people feel welcome, valued, included

and supported to thrive.

We conduct country-based reviews and ensure all markets

have clear guidance, tools and support to ensure pay

fairness.

If unexplained differences are detected, we address them

through our compensation processes. Our UK pay gap

reporting is available on gsk.com.

Supplier programme

Over the last year, we have increased our spending with

suppliers owned by people in under-represented groups in

the US and we expanded this programme to the UK.

In 2025, we will no longer set aspirational targets and will

review this programme to ensure continued compliance with

the law and being respectful of our operating environment,

with the aim of continued outreach to a broad range of

suppliers and delivery of business value.


	For full details of our progress in our six focus areas, please see our Responsible Business Performance Report

Ethical standards

We expect all of our people to behave ethically, do the right

thing and Speak Up about any concerns they have. We

expect the same behaviour from our suppliers.

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 2024

–Percentage of employees and complementary workers

complete GSK’s 2024 mandatory training

–Percentage of employees who believe they ‘can and do

Speak Up if things don’t feel right’ is above the general

industry benchmark1

–80% of direct high-risk suppliers achieve GSK’s minimum

EcoVadis score or have an improvement plan in place

Progress in 2024

How we do things is as important as what we do. This

(1)The general industry benchmark is 67% according to research by

KornFerry

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 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.

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 2024,

100% of our employees and 99% of complementary

workers completed this training.

We have additional ABAC training for our people in certain

high-risk roles or geographic regions. This helps them

identify and mitigate any potential ABAC risk – especially in

third-party relationships – and recognise, report and

manage conflicts of interest. In 2024, 100% of this subset of

employees and 98% of complementary workers completed

this training.  Our approach to managing ABAC risk, and

other risks relating to ethical standards, forms part of our

well-embedded risk management framework, which is

described on page 60. 

Reporting and investigating concerns 

Anyone inside or outside GSK can raise concerns or speak

to our integrity lines, confidentially and anonymously,

without fear of retaliation. We take every concern seriously

and review every report to see whether we need to

investigate formally. If our investigations show an employee

has breached our policies, we take action in line with our

policies, procedures and local requirements. In 2024, we

continued our focus on enhancing our controls, monitoring

activities and timely case closure. The number of

employees disciplined for policy violations increased from

the prior year primarily due to localised incidents in a few

countries with large workforces. These incidents mainly

involved individual breaches of internal policy and

procedures.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Responsible business continued

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 2024, we updated our salient issues – those areas where

GSK’s potential to impact on human rights is greatest – to

reflect how and where we influence human rights.

Our refreshed salient issues are healthcare access and

affordability, safety of patients and trial participants, working

conditions, environmental health impacts, and artificial

intelligence and data protection. We continue to make

progress in integrating the management of these issues

within our operations and how we conduct our business.

Working with third parties

We expect our third parties to comply with applicable laws

and regulations and to adopt, at minimum, our ABAC and

labour rights principles and, where relevant, to comply with

our standards on quality, patient safety, health and safety,

data and cyber security, and the environment.

In 2024, we assessed our high-risk third parties, totalling

over 12,500 assessments across 17 risk areas. We also

use tools to assess how suppliers manage risks, including

EcoVadis desktop assessments.

We also conducted 41 supplier audits in 2024 following

industry standard Pharmaceutical Supply Chain Initiative

guidelines. We trained almost 1,400 supplier employees on

EHS this year, strengthened EHS contractual obligations

and worked with suppliers to help them improve their

EcoVadis scores. If a third party has a significant EHS

incident, we have a process in place to pause supply, with

the decision on whether to restart or discontinue work with

the third party depending on completion of an improvement

plan and trajectory.

In 2024, we deployed a contractor safety programme

across all GSK operations. This is a management system

using best-known methods to reduce risks associated with

services performed by contractors.

Using data and AI responsibly

We take our responsibility for data ethics and privacy

seriously and we exercise high standards of integrity in

dealing with the personal information of our employees,

patients, clinical research participants, healthcare providers

and other stakeholders.

Our Digital and Privacy Governance Board oversees our

overall data ethics and privacy operating model, supported

by digital and privacy legal experts and compliance

professionals. The board monitors fast-evolving legislation,

regulations, guidance and requirements being published by

global regulators.

Cyber security threats have become more sophisticated and

are increasing with our expanding digital footprint. We deploy

cyber security controls, monitor and mitigate new and

emerging cyber threats to protect GSK from cyber security

risks.

In 2024, we continued to embed our cross-functional AI

Governance Council (AIGC) to oversee our AI strategy and

to ensure responsible adoption of AI/ML. We also introduced

a new responsible AI Standard Operating Procedure, which

defines the requirements for all development and/or

procurement of AI systems across GSK, and established a

framework for business functions to integrate AI risk review

and management within existing risk management

compliance boards. Our public policy position on responsible

AI sets out our views, commitments and asks of

policymakers.

Political engagement

We are committed to the highest ethical standards and

legislative requirements in all of our political engagements.

We do not make corporate political contributions, nor do we

sponsor party political meetings anywhere around the

world.


	For full details of our progress in our six focus areas, please see our Responsible Business Performance Report



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Responsible business continued

Product governance

Our commitment

We commit to maintaining robust quality and safety

processes, and using data and new technologies

responsibly.

Our Responsible Business Performance Rating

metrics 2024

–Average number of critical and major findings per

inspection by FDA/MHRA/EMA regulators1

–Percentage of inspections from all regulators with no

critical findings or official action indicated

–Number of FDA warning letters

–Total number of Class I/II external product recalls across

all markets

–Register and disclose all interventional clinical trials of

GSK products. Specifically, register protocol summaries

for studies initiated in 2024; and disclose results

summaries for studies with results due in 2024

Progress in 2024

To be ambitious for patients, we’re focused on delivering a

high-quality, safe and reliable supply of our products around

the world. This supports our long-term growth. To ensure we

meet the high standards we set ourselves, and that are

expected of us externally, we have rigorous quality systems

in place across the company. These systems make sure the

medicines and vaccines we deliver are safe and reliable.

When issues arise, our quality systems, in line with our

values-driven culture, help us respond swiftly and

transparently. In these instances, we prioritise patient safety

and work collaboratively to investigate the cause of issues,

focused on science. By way of example, we initiated a

voluntary recall of Zantac products and suspended the

release, distribution and supply of all dose forms of Zantac

in 2019. GSK and the scientific community have undertaken

extensive tests and investigations into the safety of the

product. The scientific consensus remains that there is no

consistent or reliable evidence that ranitidine increases the

risk of any cancer. For information on the recent Zantac

settlements, see Legal proceedings on page 266.

A focus on quality

Our detailed and specific quality framework describes how

we comply with regulatory requirements and other

standards across our markets.

Our Quality Management System provides the standards

(1)We consider any observations from the US FDA as major

that must be followed by GSK people to support good

distribution and manufacturing practice. It helps us maintain

a standardised and compliant approach to all our quality

activities, aligned to the regulatory expectations of the

markets that we supply to.

Regulatory inspections and recalls

In 2024, we had 104 regulatory inspections at our

manufacturing sites and local operating companies,

compared with 114 in 2023. We received zero warning

letters from the US FDA, one critical finding from the MHRA

and no critical findings from the European Medicines

Agency (EMA) in 2024. We respond to and learn from all

inspection findings, taking the necessary actions to address

them.

During 2024, we had two Class I and two Class II product

recalls. We engaged with regulators and responded quickly

to prioritise patient safety. We will not hesitate to recall

products voluntarily if necessary to protect patients.

Clinical data transparency

We are committed to transparency of data from clinical

studies that evaluate our medicines and vaccines, because

we want to enable access to information about our research

to study participants, patients, healthcare providers and the

wider public. It also allows us to acknowledge the invaluable

contribution of the people who take part in our clinical

research.

Clinical trial transparency is an area that is becoming

increasingly regulated globally. Our policy regarding the

disclosure of human subject research enables us to comply

with international regulations and balances our commitment

to transparency with the increasing need to ensure that our

data assets are appropriately protected.

In the past two years, we have broadened our policy to

encompass the dissemination of plain language summaries

of our trial results to both trial participants and the general

public. This applies to trials starting after 1 January 2023.

Since the GSK trial register was set up in 2004, we have

made 8,036 protocol summaries and 7,029 summaries of

results available. We have also listed 2,721 clinical trials for

data sharing via www.vivli.org.


	For full details of our progress in our six focus areas, please see our Responsible Business Performance Report



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Our culture and people

Our purpose – to unite science,

technology and talent to get ahead

of disease together – puts our

people at the heart of our success

and we have defined a single

culture for GSK globally.

Our culture

Ambitious for patients to deliver what

matters better and faster

Accountable for impact with clear

ownership and support to succeed

Do the right thing with integrity and care

because people count on us

People and patients around the world count on the

medicines and vaccines we make – so we’re committed

to creating an environment where our people can thrive

and focus on what matters most.

Our culture of being ambitious for patients, accountable

for impact and doing the right thing is the foundation for

how, together, we deliver for patients, shareholders and

our people.

This means we support our people to focus, doing

things better and faster. It means setting clear

objectives, creating accountability for results and giving

everyone the support and space they need to succeed.

It also means doing everything responsibly with integrity

and care.

Our culture is embedded in everything we do, from our

recruitment and onboarding, training and development, to

our assessments of performance and promotion. The Board

regularly monitors and assesses how we've embedded our

culture.

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. And each year, we measure our progress in making

this culture the way we work together every day.


	See The Code on gsk.com

An intern who joined us

in 2024 in the UK. We

are committed to giving

outstanding people the

chance to build their skills

and capabilities.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Our culture and people continued

Developing outstanding people

To develop and deliver transformative medicines and

vaccines, we recruit and develop outstanding people and

give them opportunities to build their skills and capabilities.

From the moment people join GSK, we deliver an engaging

onboarding approach to accelerate the growth of our new

joiners with support from their manager and team.

We expect all our people to have an agreed development

plan and we invest in learning and development initiatives

which everyone can access.

Technology remains key to our purpose and to delivering

our ambitions. Building digital fluency and behaviours

across the organisation is a priority, with a focus on AI,

data & analytics, experimentation and fostering curiosity.

We have built our people's skills with training, as well as

global events such as DataCon, where our people can learn

how to apply digital, data and technology tools to become

more digitally fluent. This year, more than 13,000 of our

people took part.

Our managers play a crucial role in helping their teams

to perform and thrive. We expect them to motivate, focus,

care for and develop their teams and we deliver training

anchored in these four areas. In 2024, approximately 700

senior directors attended our three-day in-person event

called Leading Leaders across 24 global sessions. We also

continue to invest in growing the next generation of senior

leaders. In 2024 over 1,300 people attended our refreshed

First Line Leader programme to support our foundational

expectations of leadership at GSK.

To measure the effectiveness of our managers, their teams

provide feedback through an annual One80 survey, and

managers receive anonymised aggregate feedback. In

2024, 79% of our managers were rated as highly effective

by their teams.

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 performance

across the company, and we also award 10% of our people

each year with ‘Ahead Together’ awards for delivering

exceptional performance and being ambitious for patients,

accountable for their impact, and doing the right thing. We

also identify 5% of people as having missed performance

for not delivering on their objectives or living the culture.

Helping people thrive

People thrive in different ways, but there are common

themes that matter to everyone. We strive to be a place

where people feel welcome and valued, in an environment

(including our policies, workplaces and ways of working)

that enables and supports them to deliver at their best. This

includes our approach to hybrid working for those in office-

based roles, which allows the right balance of on-site and

remote working.

Health, wellbeing and volunteering

Preventing disease and keeping people well are at the heart

of what we do. 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:

–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 eight countries,

reaching 56% 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, which

offers free, confidential help and support for our people

and their families 24/7.

–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 2024 Annual Report on Form 20-F

Our culture and people continued

To enable our managers to better care for their teams by

identifying and responding to their people's challenges, 88%

of managers have undertaken mental health training since

the end of 2019.

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 47,000 hours of volunteering time.

How people experience GSK

We are committed to listening to our people. We regularly

measure their experience of GSK as a place to work,

including through an annual survey for all our people

featuring questions on engagement, confidence, inclusivity,

our culture focus areas and trust priorities. In 2024 we

continued to see a high engagement score of 81% and

increased confidence in the delivery of our strategy. We

also continued to see high scores in our culture focus areas

– ambitious for patients, accountability for impact and doing

the right thing – as well as measures of inclusion, with

improvements in many areas.

Our culture in action – driving R&D

Our culture pillars – ambitious for patients,

accountable for impact, and doing the right thing – are

fundamental to our success in researching and

developing innovative medicines and vaccines.

Alongside execution and technology, culture is one of

our three R&D priorities – as culture is what unites us

to deliver better and faster for patients.

In 2024, we’ve continued to encourage behaviours

across our R&D organisation that embed our culture.

Our employee engagement survey in R&D showed an

increased score in all three culture pillars.

We aim to give everyone – scientists, researchers,

data experts, trial specialists, technologists and more

– the chance to thrive and make smart choices so we

can get ahead of disease together. To enable people

to succeed today and tomorrow, people have focused

annual objectives, with a stretch goal to support their

future development.

Being ambitious for patients means an absolute focus

on our key assets and four therapy areas, where we

have the strongest expertise and the greatest chance

of making an impact for patients, and driving growth,

on a large scale. We put the patient at the centre of

everything we do. Through interviews, focus groups

and regular collaboration with patient councils, we’ve

integrated insights from patients, including those living

with cancer and respiratory diseases, across the

product lifecycle, helping us to deliver improved

outcomes for those living with and at risk of disease.

Our R&D teams and leaders are dedicated to making

informed decisions at pace. Accountability for smart

decision-making is enhanced by streamlined

governance structures and an environment of robust

scientific debate. This approach is supporting

enhanced productivity in R&D, including an

improvement in end-to-end success rates and an

accelerated development strategy for key assets

including depemokimab.

Patients are counting on us, so it’s critical that we act

with integrity and care. Our ambition for patients

drives us to do the right thing, making sure that we

focus our efforts on accelerating significant assets that

meet their needs and have the highest probability of

success.


		Read more about our innovation in R&D on pages 10 to 29



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Risk management

Our strategy for growth is underpinned by a well-embedded risk management

and internal control framework, overseen and evaluated by our Board.

Managing risk effectively through controls

and guidance

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. We routinely

evaluate our risk management and internal control

framework for improvements.

Board oversight and clear accountability

The Board oversees our system of risk management and

internal control and establishes our risk appetite, supported

by the Audit & Risk Committee (ARC). The Corporate

Responsibility Committee (CRC) and Science Committee

assess the effectiveness of risk management strategies

that fall within their remits. 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 113.

Our Risk Oversight and Compliance Council (ROCC), co-

chaired by our Group General Counsel and our Chief

Compliance Officer, helps the ARC, CRC and Science

Committee to oversee risks, and the strategies used 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.

Management is accountable for delivering on its objectives

in line with the established risk appetite that applies to

principal risks. The Disclosure Committee is responsible for

considering the materiality of information and determining

the disclosure of this information in a timely way.

An enterprise risk owner is responsible for each principal

risk, overseen by a GSK Leadership Team (GLT) member,

and reports risk and mitigation to ROCC and the

appropriate Board committee each quarter. Significant risks

or issues can also be escalated to the GLT, RMCB, or

appropriate risk governance forum (eg Global Safety Board)

throughout the year as needed. Legal & Compliance

support these efforts by advising on our business

strategies, activities, risks and controls. Audit & Assurance

assesses the adequacy and effectiveness of our framework.

Assessing current, evolving and emerging

risks

We use our enterprise risk assessment methodology to

assess all risk, including our principal risks. Our enterprise

risk assessment methodology considers the likelihood and

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.

As well as considering current and evolving risks, we

evaluate emerging risks that could affect our ability to

achieve our long-term priorities over a three-year horizon.

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 keep emerging risks and their

impact on the company under evaluation to assess whether

they should be elevated to principal risks.

Our risk management and compliance boards at all levels

scan for emerging risks year-round, and ROCC discusses

evolving and emerging risks at each meeting. We also scan

the risk horizon throughout the year to identify external

trends that may be opportunities and/or emerging risks and

monitor our business activities and internal environment.

ROCC conducts an annual risk review to assess principal

and emerging risks for the company, supported by

extensive analysis of external trends and insights, senior-

level interviews and recommendations from risk

management and compliance boards and risk owners. This

annual review is shared with the ARC and Board for

assessment and agreement and forms the basis for the

following year’s risk management focus.

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.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Risk management continued

Our risk management and internal control

framework

Our risk management and internal control framework is

in line with industry standards and legal and regulatory

requirements, and we regularly monitor for proposed or

new requirements. The framework defines the essential

elements we expect and helps us to identify, assess,

manage, report and oversee risk relevant to our business

activities. This 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. We’re assessing the

revised UK Corporate Governance Code and implementing

the new requirements.

For our principal risks, which include information and cyber

security, we define enterprise risk plans that include a

description of the risk, its context, our assessment, risk

appetite, how we will treat the risk and the actions

businesses will take to mitigate the risk in line with our

internal control framework. These plans enable our Board

committees to assess the effectiveness of our risk

management strategies. We report on our principal risks

and emerging risks to ROCC and the respective Board

committees every quarter, to drive more dynamic, data-

driven discussions, agile risk management strategies and

oversight. We report on existing control measures,

implementation, emerging risks, external insights and key

risk indicators with risk reporting thresholds aligned to risk

appetite. We include risks and mitigations associated with

relevant events around us, such as geopolitical tensions.

Our Code 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 GLT, checks that key risks are

well managed, and that actions are in place to address

gaps. Our principal risks include controls for responding to

problems within their risk plans. We also have business

continuity planning embedded in our framework and our

critical processes, so we can continue business operations

in the event of a crisis.

How we report our risks

For full risk definitions, potential impact, context and

mitigating activities, see Risk Factors on page 277. Other

risks related to ESG that are not assessed as principal

risks, including environmental sustainability and climate

change, are managed through our six focus areas, as

described in our Responsible Business Performance

Report.


	See page 62 for more about climate-related risk management

Changes to our risks for 2025

In our December 2024 annual risk review, the ARC agreed

to ROCC’s recommendation of our principal and emerging

risks for 2025. Our principal risks will remain largely the

same, with consistent ROCC member ownership and minor

risk definition updates. We will also include a pipeline

delivery principal risk (the risk that we fail or have delays in

the delivery of our pipeline). This risk will continue to be

overseen by our well established R&D governance and the

Chief Scientific Officer. This addition reflects the evolving

external reporting regulations and paramount importance of

discovering and developing new medicines and vaccines to

the company.

Additionally for 2025, the following emerging risk themes

will be assessed throughout the year:

– Skills and capability planning (the risk that we fail to

ensure adequate skills and capability planning to enable

delivery of our strategic priorities);

–Regulatory environment (the risk that GSK fails to adapt

to changes in the regulatory environment, new or

amended legislation in relation to the pharmaceutical and

healthcare industry); and

–Geopolitical developments (the risk that geopolitical and

social tensions give rise to restrictive measures that may

negatively impact GSK’s operations).

Our prior data management emerging risk is now

embedded in our business operations and principal risks

and will be removed as an emerging risk for 2025. We will

continue to monitor the external landscape and ensure that

any new emerging risks are adequately addressed within

our existing risk management governance.


	Environment – see page 49
	Climate-related financial disclosures – see page 62
	ARC report – see page 127
	Internal control framework – see page 130
	Legal proceedings – see page 265



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

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, 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,

including overseeing major capital expenditures,

acquisitions and divestments.

The Corporate Responsibility Committee (CRC) exercises

oversight, provides guidance and reviews our responsible

business performance, including climate-related risks and

opportunities, and environmental performance against our

climate and nature targets.

The CRC receives quarterly updates on environmental

sustainability, including climate. Regular attendees

include the CEO and the President Global Supply Chain.


	See page 113 for further details of the Board architecture

In 2024, the CRC met five times and discussed climate-

related issues on three separate occasions with

management. The CRC:

–assessed mid-point performance towards our 2030 and

2045 nature positive and net zero ambitions

–discussed the health impacts of climate change

–reviewed mid-year performance of the metrics used in the

Responsible Business Performance Rating for 2024

–approved our climate disclosure statement and final

Responsible Business Performance Rating for 2023 and

other public environmental reporting and disclosures

Management’s role in assessing and managing climate-

related risks and opportunities

GSK Leadership Team (GLT)

The GLT meets regularly, giving members an opportunity

to discuss strategic, financial and reputational matters.

The President, Global Supply Chain, a GLT 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 the risks and opportunities across

each of our business units. The framework also enables us

to deliver on our commitments to a net zero, nature positive,

healthier planet, with ambitious goals set for 2030 and 2045

across our entire value chain.

The GLT reviewed and discussed the mid-year and year-

end performance for key climate and nature metrics (see

page 49) 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, HR, Compliance, R&D,

Manufacturing and Corporate Affairs. The Council is co-

chaired by the President Global Supply Chain and the Vice

President Sustainability (VP Sustainability) and supported

by the global Sustainability team and external third parties,

who provide specialist expertise and advice to the business.

In 2024, the Council:

–approved the annual targets for the climate and nature

key performance indicators (KPIs) of the sustainability

programme

–reviewed monthly performance and escalations of any

potential concerns or issues

–approved the annual climate risk review and approach

for risk disclosure

–reviewed how we are preparing for the new EU reporting

regulations

–reviewed the sustainability data strategy and

implementation plan to create a robust data foundation for

ESG reporting and compliance

–reviewed R&D’s approach to use Sustainable Design

Plans for new products in development

Other business support

The Sustainability Council is supported in assessing and

managing climate-related risks and opportunities by:

–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.

–the Sustainability Risk and Opportunity Committee, which

was established in 2024 and is a cross-functional team

from the Sustainability, EHS, Finance, Supply Chain and

Procurement. The Committee meets quarterly and reports

to the Sustainability Council.

–the results of climate scenario modelling are shared with

the Sustainability Council and business unit Risk

Management Control Boards (RMCB).

–business sustainability councils which meet quarterly to

review their business unit performance and delivery

against our sustainability ambition. These are chaired by

senior leaders who also attend the Sustainability Council.



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–the Metered Dose Inhaler steering team, which is

attended by senior leaders from across the commercial,

supply chain, regulatory and R&D teams aligned to our

respiratory business. This team is chaired by the

President Global Supply Chain, who also chairs the

Sustainability Council, and is the decision-making body

for the programme to reduce the climate impact of

metered dose inhalers which make up to approximately

50% of our total GHG emissions.

–the Capital Allocations Board (CAB), which is chaired

by the CFO and includes the Group Financial Controller,

reviews climate-related capital expenditure as part of its

annual planning and capital allocation process.

–a reporting hub, which was established in 2023, provides

oversight and assurance of data, including on carbon

emissions.

–the carbon credit programme steering committee, which

includes the Group Financial Controller and the VP

Sustainability, who also attends Sustainability Council,

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 consider climate-related risks and opportunities in

three different 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 have identified and prioritised these climate-related

risks and opportunities:

Risks:

–changes to regulations governing the supply of high

global warming potential (GWP) substances by the EU,

UK and US governments could restrict our ability to

manufacture metered dose inhalers.

–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.

–increasing levels of water stress could lead to

interruptions to supply of water to our and third-party

supply sites.

–increasing frequency and impact of extreme weather

events could disrupt GSK and third-party supplier sites.

–nature-based projects might not deliver enough carbon

credits to offset 2 million tonnes CO2e per year from

2030, meaning that we have to buy more credits at higher

cost.

Opportunities:

–At COP28 in 2023, more than 70 countries committed to

provide low-carbon healthcare systems. This could lead

to increasing demand for low-carbon medicines and

vaccines.

We set out the processes for identifying and assessing

climate-related risks and opportunities in the Risk

Management section. The Sustainability Risk and

Opportunity Committee monitors for emerging risks and

new data to include in future assessments.

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,

always considering the social, environmental and

governance impacts of everything we do from laboratory to

patient. Our overall target to reach net zero greenhouse gas

emissions across the value chain by 2045 from a 2020 base

year was approved by the Science Based Targets initiative

(SBTi) in 2023. Underpinning this headline target are our

SBTi-approved near-term and long-term carbon reduction

targets aligned to the 1.5°C pathway.

–Our near-term carbon reduction target is an 80%

reduction in Scope 1 & 2 and Scope 3 carbon emissions

by 2030.

–Our long-term carbon reduction target is a 90% reduction

in Scope 1 & 2 and Scope 3 carbon emissions by 2045.

Both targets are measured against a 2020 baseline.

Transition plan

We’re taking action to reduce emissions across our full

value chain, prioritising the highest-impact areas. We'll

invest around £1 billion from 2020-30 to deliver emissions

reductions and removals to achieve our targets through the

activities outlined below.

Beyond 2030 we expect we will be left with the harder-

to-tackle emissions from across our supply chain, our

own operations, logistics, and disposal. In many cases,

addressing these residual emissions is likely to depend

on technologies, infrastructure and regulatory frameworks

that require broad public/private collaboration. So our

decarbonisation plan is interdependent with the broader

economic transition and follows a similar timeframe.


	See page 49 for further details of our progress in reducing carbon emissions



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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

–transitioning to 100% imported renewable electricity

by 2025 and to 100% imported and generated renewable

electricity by 2030

–exploring opportunities to use biogas to replace natural

gas for energy and heat production

–increasing the use of electric vehicles by our sales fleet

Risks and uncertainties

In some markets where we operate, accessing renewable

electricity will be challenging because of the limited

generation capacity and the market boundary rules

governing imported electricity. In 2024, we’ve taken action

to mitigate this risk by signing a 10-year deal from 2025 to

supply our manufacturing sites in Singapore with 100%

renewable electricity purchased through renewable energy

certificates from solar projects.

There are uncertainties in the transition to renewable heat.

High-temperature heat produced by electricity is not

generally commercially available today. 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 sourcing of key materials for battery

production.

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. We also

work with suppliers, particularly those with the largest

footprint, to encourage them to adopt new sustainability

measures. We’re exploring the sourcing of low-carbon

materials for use in our products and packaging.

Supply chain emissions are a shared challenge across our

sector, and we’re working with our peers on collaborative

initiatives such as:

–the Activate programme to help active pharmaceutical

ingredients (API) suppliers accelerate decarbonisation

initiatives

–the Energize programme to encourage the use of

renewable energy throughout the pharmaceutical sector’s

supply chain

–the Manufacture 2030 initiative to encourage suppliers

to measure, manage and reduce their emissions

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.

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.

Many suppliers are based in regions where renewable

electricity and heat are less available than elsewhere.

Measuring Scope 3 emissions is complex and challenging

and there's a lack of primary data from suppliers.

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 53% of our carbon

footprint. Patient use of our rescue metered dose inhaler

(MDI) medication, Ventolin (salbutamol), accounts for 45%

of our carbon footprint. In 2024, we began phase III clinical

trials for our low-carbon Ventolin programme to redevelop

this inhaler by transitioning to a next-generation propellant,

which has the potential to reduce emissions from the inhaler

by approximately 90%. If trials are successful, regulatory

submissions will begin in 2025 and work is underway to

establish manufacturing capability for this inhaler at our site

in Evreux, France, and at strategic contract manufacturing

partners.

We are playing a leading role in developing a new standard

to measure and report the environmental footprints of

pharmaceutical products. 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 are complex devices, and any new

medical propellant must meet a specific range of technical

performance characteristics to be safe and efficacious for

patients.

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.



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Carbon credits

While we’re focused on emissions reductions to meet our

carbon targets, we’re also investing in high-quality nature

protection and restoration projects. These support our net

zero and nature positive goals and deliver co-benefits to

human health to generate carbon credits to offset annually

the 20% of our baseline value chain carbon footprint from

2030. The volume of credits required will taper down to 10%

as we continue to reduce our emissions, aiming to achieve

net zero emissions across our full value chain by 2045.

Our criteria for high-quality projects include avoidance of

harm, transparency, additionality, permanence, mitigation of

leakage, project monitoring, reporting and verification

of claims and avoidance of double counting.

For our 2030 target, we’re prioritising carbon removal

credits, but we’ll also secure a proportion of carbon

avoidance and reductions credits in recognition of their

critical role in conserving existing carbon stocks and

protecting nature. For our 2045 net zero target, we’ll

aim to secure only carbon removal credits.

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.

There’s a risk that the nature-based projects don’t deliver

enough carbon credits to meet our needs in a given year

and that we may need to buy more credits at higher cost.

Climate scenarios

We use climate scenarios to inform management about

climate risks, reporting the results to Risk Management

Control Boards (RMCB) in the business, as well as to the

Sustainability Council.

We’ve developed modelling 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.

We intend to review the climate scenarios we use again in

2025 to make sure they’ll stay up to date.

(1)IEA Net Zero emissions scenario, https://www.iea.org/reports/global-

energy-and-climate-model/net-zero-emissions-by-2050-scenario-nze

last accessed 17 November 2022

(2)IEA World Energy Outlook 2021, Chapter 2, p94, download report from

https://www.iea.org/reports/world-energy-outlook-2021/overview, last

accessed 17 November 2022

(3)IEA Announced Pledges, https://www.iea.org/reports/global-energy-

and-climate-model/announced-pledges-scenario-aps last accessed 17

November 2022

Net zero scenario (SSP 1 – RCP 1.9)

This scenario sets out a narrow but achievable pathway for

the global energy sector to achieve net zero CO2 emissions

by 20501. It doesn’t rely on emissions reduction from

outside the energy sector to achieve its goal. The scenario

is consistent with limiting the global temperature rise to

1.5°C without a temperature overshoot. Net zero means

huge declines in the use of coal, oil and gas and a shift to

renewable energy sources.

Low-carbon scenario (SSP 1 – RCP 2.6)

In this scenario, all current net zero pledges are achieved in

full and there are extensive efforts to realise near-term

emissions reductions; advanced economies reach net zero

emissions by 2050, China around 2060, and all other

countries by 2070 at the latest2. The scenario is consistent

with limiting the global temperature rise to below 2°C. With

some level of net negative emissions after 2070, the

temperature rise could be reduced to 1.5°C in 2100.

Current trajectory scenario (SSP 2 – RCP 4.5)

This scenario sets out to show to what extent announced

ambitions and targets are on the path to deliver the

emissions reductions required to achieve net zero

emissions by 20503. The temperature rise will exceed 2°C

by 2100, with a more noticeable shift to happen in the latter

half of the century. A net zero pledge for emissions within

the scenario does not necessarily mean that CO2 emissions

from the energy sector need to reach net zero, but there’s

an allocation for carbon offsetting within the pledges.

Breach of planetary boundaries scenarios (SSP 5 – RCP

8.5)

This scenario is not aligned to any of the pledges laid out in

the Paris Agreement and is one where countries are unable

to meet the United Nations Sustainable Development

Goals. This scenario will have the most severe physical

consequences for the planet. The temperature rise will

exceed 4°C by 2100, leading to high loss of biodiversity and

species extinction.

Risk management

Our processes for identifying and assessing climate-related

risks

The nature of the risks and opportunities from climate

change depends not only on the physical aspects of climate

change, but also regulatory and commercial changes in the

markets in which we operate, including pressures to reduce

the climate impact of our metered dose inhaler medicines.

Our risk management policies are designed to address all

types of risks, including the Group principal risks and

uncertainties. Climate risk management follows the same

policy and framework. 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.



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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

For the purposes of 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. They’re identified at enterprise

level and at market level. We manage transition risks

through our investment decisions, our sustainability

transformation programme and our procedures. For

example, we manage risks which may arise from product

claims based on environmental performance by using

external accreditation processes and organisations to

review the evidence used to support these claims. We use

a shadow carbon price of $100 per tonne CO2e 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 by identifying and monitoring

climate-related issues and undertaking

both proactive and reactive engagement with relevant

stakeholder groups.

Details of how we manage our prioritised risks are in

the Risk Table below.

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 in a paper to

the Sustainability Council. Risk assessment papers are

prepared for the prioritised risks, considering the likelihood

and financial impact on us 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 our total profit using a low

(<£100 million), medium (£100 million–£250 million) or high

(>£250 million) threshold.

The impact assessments are approved by the VP

Sustainability and a Finance VP from our Global Supply

Chain business unit. 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 below. The modelling didn’t identify

any material impact to our business resilience.

The transition to supplying renewable energy to our own

operations and our supply chain through power purchase

agreements and continuing our long-standing energy and

water efficiency programmes increases the resilience of our

business.



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Physical risks


Risk description	Potential impact	Our response	Assumptions

The risk from increasing levels of water stress leading to interruptions to supply of water to our sites and third-party supply sites.	Current trajectory scenario õ p ò p	We’ve identified three water basins in water- stressed areas in Algeria, India and Pakistan where we have manufacturing sites, and where we aim to be water neutral. At our manufacturing facility in Nashik, India we’ve built plants for rainwater harvesting. The climate scenario analysis has identified a number of sites and supplier sites located in water basins that could become water- stressed by 2050, and which have been added to a watch list. We’ll monitor changes to the risk levels and update our site water risk assessments appropriately.	The financial impact is based on a three-month supply chain interruption as a worst case.
We and our third-party suppliers use freshwater as the main source of water to manufacture medicines and vaccines. If water availability was restricted at a factory, operations would be interrupted.	Breach of planetary boundaries scenario õ p ò p


Increasing frequency of extreme weather events causing disruption to our and third-party supplier sites.	Current trajectory scenario õ £ ò £	The climate scenario modelling indicated that, of the seven physical perils, flood from rainfall presents the highest likelihood of an acute interruption. However, the risk of flooding from rainfall and from the other extreme weather events is expected to remain very low. We’ve performed risk assessments for our manufacturing and other operations and have business continuity plans which we review annually to respond to the impacts of extreme weather events, including adopting appropriate mitigation plans. We have a well-established loss prevention and risk engineering programme to identify a range of risks that could affect our sites and, where flood risks exist, we’ve taken action to mitigate them.	The financial impact is based on a three-month supply chain interruption as a worst case.
Extreme weather events from any one of precipitation (rainfall), flood from precipitation, riverine flood, extreme wind, wildfire, and extreme heat can result in short-term interruptions to manufacturing at our or supplier sites.	Breach of planetary boundaries scenario õ £ ò £


Nature-based projects fail to deliver the anticipated volumes of carbon credits from lower- than-expected growth or the result of a natural catastrophe.	Lower-than- anticipated growth scenario õ £	We established a governance framework to manage each project with our external partners. Any issues are escalated to the Carbon Credit Programme Steering Committee.	We assume a future cost of $100 per tonne CO2e by 2030. For the lower-than- anticipated growth scenario we assume a 25% under- delivery in a single year as the issues will have been identified early enough to take other preventative actions. For a natural catastrophe scenario, we assume 25% of the projects will be affected and the impact will last five years.
This could lead to buying more carbon credits at higher cost to make up the shortfall.	Natural catastrophe scenario õ p

Key


Å	Short term	£	Low financial impact <£100m
õ	Medium term	§	Medium financial impact £100m–£250m
ò	Long term	¢	High financial impact >£250m



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Transition risks


Risk description	Potential impact	Our response	Assumptions

Regulations governing the use of high GWP substances have been updated in the EU and US. This could lead to increasing costs and restrict the ability to manufacture our metered dose inhaler (MDI) products that use a high GWP propellant (HFA134a).	Current trajectory scenario õ ¢	We are investing in a R&D programme to redevelop our Ventolin (salbutamol) inhaler by transitioning to a lower-carbon propellant that could potentially reduce its carbon emissions by approximately 90%, if clinical trials are successful. Work is underway to establish manufacturing capability for this inhaler at our site in Evreux, France, and at strategic contract manufacturing partners. We already have a portfolio of dry powder inhaler products that don’t use propellants and that are not affected by this risk.	The financial impact assumes the reformulated product is approved by regulators and launched according to plan.


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.	Net zero scenario õ p ò p Low-carbon scenario õ p ò £ Current trajectory scenario õ £ ò £	We are managing this risk by reducing our value chain carbon emissions in line with our transition plan described above. We’ll review our carbon tax modelling in 2025 to account for changes to announced commitments to introduce carbon taxes since 2022.	The financial impact assumes we deliver an 80% reduction in carbon emissions by 2030 and assumes carbon tax values are as per IEA scenarios, supplemented by data from policy pledges for a small number of countries.

Key


Å	Short term	£	Low financial impact <£100m
õ	Medium term	§	Medium financial impact £100m–£250m
ò	Long term	¢	High financial impact >£250m



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Opportunity


Risk description	Potential impact	Our response	Assumptions

At COP28 in November 2023, more than 70 countries committed to provide low- carbon healthcare systems. This could lead to increasing demand for low-carbon medicines and vaccines.	No financial impact available	We’re reducing our own Scope 1 & 2 carbon emissions, which in turn reduces the Scope 3 footprint of our customers and suppliers. We’re investing in a R&D programme to redevelop our Ventolin (salbutamol) inhaler by transitioning to a lower-carbon propellant that could potentially reduce its carbon emissions by approximately 90%, if clinical trials are successful. From 2024, all newly developed or acquired medicines will have Sustainable Design Plans applied. We are a founding member of the Circularity in Primary Pharmaceutical Packaging Accelerator (CiPPPA), which brings together partners from across the sector to address the sustainable packaging of medicines and vaccines. We are playing a leading role in developing a new standard to measure and report the environmental footprints of pharmaceutical products as part of the Pharma LCA consortium. We’re developing methodologies to calculate the environmental impact of products and vaccines from a patient care pathway perspective.	.

Key


Å	Short term	£	Low financial impact <£100m
õ	Medium term	§	Medium financial impact £100m<£250m
ò	Long term	¢	High financial impact >£250m



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Metrics and targets

The metrics we use to assess climate-related risks and opportunities in line with our strategy and risk management process.


a. Disclose the metrics used by the organisation to assess climate risks and opportunities in line with its strategy and risk management process	We have considered the key metrics following the TCFD guidance of Tables A1.1 and A1.2 as well as the metrics consistent with cross-industry, climate-related metrics. Based on that, our strategic metrics are: –Scope 1 & 2 emissions (market-based and location-based approach), described in the table below –Scope 3 emissions, described in the table below –% renewably sourced electricity, described in the table below –Total supplied water, described in the table below –Total waste and materials, described in the table below –Responsible Business Performance Rating, as part of our senior leaders’ remuneration policy - see on page 134 –Sites that have achieved water stewardship, described in the table below Our Responsible Business Performance Report includes more metrics used to support the strategic metrics listed above.
b. Disclose Scope 1, 2 and if applicable Scope 3 GHG emissions and related risks	In energy and carbon emissions, see table below: –Scope 1 emissions from energy –Scope 1 emissions from other sources –Scope 2 emissions (market-based) –Scope 2 emissions (location-based) –Scope 3 emissions metrics –Scope 1 & 2 emissions intensity metrics Prioritised physical and transition risks are included in the Risk Table above.
c. Describe the targets used by the organisation to manage climate-related risks and opportunities and performance against targets	Our targets (measured against a 2020 baseline where applicable) are: – 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% renewable electricity by 2025 (Scope 2) –Achieve good water stewardship at 100% of our sites by 2025 –Reduce overall water use in our operations by 20% in 2030 –Zero operational waste1 by 2030 –Be water neutral in our own operations and at key suppliers in water-stressed regions by 2030 The performance against our targets is on page 49.2

(1)Including a 20% reduction in routine hazardous and non-hazardous waste. Target updated in 2024 to remove specific reference to the elimination of

operational single-use plastics. This work has been integrated into the overall operational waste target

(2)See Basis of Reporting 2024 in the ESG resources section of gsk.com (https://www.gsk.com/en-gb/responsibility/esg-resources/) for detailed

methodologies for measuring and reporting all GSK environmental KPIs

We commit to a net zero, nature positive, healthier planet, with ambitious goals set for 2030 and 2045 across our entire

value chain. We report progress in reducing Scope 1 & 2 carbon emissions, Scope 3 carbon emissions, energy use, %

renewable energy, water and waste annually towards these targets in the Environment section on page 49 and in our public

responses to the CDP Climate, Water and Forest questionnaires.



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Metrics data

Carbon emissions1


Carbon emissions ‘000 tonnes CO2e	2024	2023	2022
Scope 1 emissions (from energy)	289	301	320
Scope 1 emissions (other2)	232	279	306
Scope 2 emissions (market-based)	444	64	88
Scope 2 emissions (location-based)	2344	240	265
Scope 3 emissions3	–	8,983	8,995
UK Scope 1 & 2 emissions	92	102	111


Other metrics	2024	2023	2022
Scope 1 & 2 emissions from energy/sales revenue (tonnes CO2e/£m)	10.6	12.0	13.9
Scope 1 & 2 emissions from energy/FTE (tonnes CO2e/FTE)	4.9	5.2	5.9
Total energy used (GWh)	2,5774	2,636	2,759
UK energy used (GWh)	658	711	735
% renewably sourced electricity	90%	83%	73%
Total supplied water million m3	7.04	7.4	7.5
Total supplied water in areas of high water stress million m3	0.34	0.3	0.3
Total waste ‘000 metric tonnes	47.3	49.7	50.2
% 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 Performance

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 2023 as the process of compiling the 2024 data is

not yet complete, except for 2024 Scope 3 emissions from patient use of inhalers, which are disclosed in the Responsible Business Performance Report.

We will publish this data once it becomes available and it will be included in the 2025 Responsible Business Performance Report

(4)Methodologies for reporting and measurements are provided in the Basis of Reporting 2024 in the ESG resources section of gsk.com (https://

www.gsk.com/en-gb/responsibility/esg-resources/)

Nature-related financial disclosures

We’re committed to contributing to a nature positive world

by avoiding and reducing nature impacts, as well as

protecting and restoring nature.

Human health relies on the fundamentals of nature: clean

air and fresh water. Nature loss has a range of negative

impacts on health, for example, reduced air quality

increases the incidence and severity of respiratory diseases

and habitat degradation and deforestation are increasing

the risk of new human pathogens and pandemics.

To protect human health and get ahead of disease,

we need to protect nature.

We’re members of several working groups of the Taskforce

on Nature-related Financial Disclosures (TNFD) and were

involved in developing the TNFD Additional sector guidance

– Biotechnology and pharmaceuticals publication. We’ve

committed to make a full disclosure against the TNFD

framework in early 2026 and we’re now piloting the

framework for a second year.

Governance

The Board’s oversight of nature-related dependencies,

impacts, risks and opportunities

As described on page 62.

Management’s role in assessing and managing nature-

related dependencies, impacts, risks and opportunities

As well as the disclosure on page 62, the Sustainability

Council reviewed the results of the pilot process to set

Science Based Targets for Nature (SBTN).

A new Nature Working Group chaired by the Nature Lead

was established to support the Sustainability Council and

Steering Committee. It’s attended by representatives of

Procurement, Manufacturing, Communications and

Government Affairs, and subject matter experts.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Nature-related financial disclosures continued

Our human rights policies, engagement activities and

oversight with respect to indigenous peoples, local

communities, and other affected stakeholders

We publish our position on human rights on gsk.com. We

have a responsibility to respect human rights through our

engagements with patients, our employees, our suppliers

and the communities in which we live and operate.

We’ll continue to develop policies and procedures related to

stakeholders’ engagement and human rights specifically in

relation to our assessment of impacts and our action on

nature.

–As nature investments are always context-dependant, it is

key for us to work with expert partners and NGOs to make

sure project implementation includes local experts and

local communities

–Before we make decisions on protection and restoration

projects, we run a human rights assessment as part of

our broader due diligence. This allows us to understand

the local context and history, the process that partners

use or plan to use to engage and involve local

communities (including Free, Prior and Informed Consent

(FPIC) and grievance mechanisms) and how benefits will

be shared

–We’ve developed a toolkit to support project developers,

investors and buyers to understand and enable health

outcomes from protecting and restoring nature

Strategy

The nature-related dependencies, impacts, risks and

opportunities we’ve identified over the short, medium

and long term

Freshwater

Freshwater is essential for the production of our medicines

and vaccines.

Our primary operational impact on water availability is

through our own manufacturing sites and key suppliers

located in areas of water stress.

Releases of Active Pharmaceutical Ingredients are a priority

focus for us regarding water quality.1 Pharmaceutical

residues may sometimes pass into the environment as

part of the normal biological process following patient use.

To a lesser extent, pharmaceuticals can also enter the

environment from unused medical products or factory

discharges.

There are concerns that long-term exposure to

pharmaceuticals in the environment can pose a risk to

environmental species, including aquatic life. The presence

of antibiotics in the environment, and its potential impact

on driving antibiotic resistance as well as reducing microbial

biodiversity, is a growing concern for many stakeholders2.

(1)For more information see our public policy: https://www.gsk.com/

media/8867/gsk-position-on-pharmaceuticals-in-the-environment-

march-2022.pdf

(2)Read more about our position on antimicrobial resistance in our public

policy

Land

Our primary dependency and impact on land is due to the

natural materials we source, some of which derive from

land-based commodities, a key driver of deforestation and

land use change, globally.

Oceans

Our impacts and dependencies on oceans come primarily

from two marine-derived materials that are part of

manufacturing medicines and vaccines, specifically

horseshoe crab blood and squalene.

Atmosphere

Our primary impact on air quality is from combustion of

fossil fuels in our operations and supply chain.

The effect nature-related dependencies, impacts, risks

and opportunities have on our business model, value

chain, strategy and financial planning, as well as any

transition plans or analysis in place

We’re committed to contributing to a nature-positive world in

line with the Global Biodiversity Framework to halt and

reverse biodiversity loss by 2030. Our approach is through

four focus areas, which are aligned to the ‘realms’ of nature

as defined by TNFD and SBTN – freshwater, land, oceans

and atmosphere – including the biodiversity of living species

in them.

We’re taking action across the four realms of nature in

these ways:

–Avoiding and reducing our impacts on nature across our

full value chain

–Investing in the protection and restoration of nature

–Helping to drive collective action for nature

We set targets in 2020 with a focus on the realms of nature,

as well as supportive targets on waste and materials. We

report progress against our nature plan and targets on page

49.

The resilience of our strategy to nature-related risks

and opportunities, taking into consideration different

scenarios

We manage organisational resilience to nature related risks

through the implementation of our sustainability

programme. We’re working to develop nature scenarios in

line with emerging guidance.

The locations of our direct operations that meet the criteria

for priority locations

Freshwater

We’ve identified five of our sites located in three water-

stressed basins in Algeria, India and Pakistan, which we’ve

prioritised for investment in water neutrality.

Land

We’ve identified six priority sites in Belgium, France, Spain,

the US and UK based on proximity to Protected Areas and

Key Biodiversity Areas.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Nature-related financial disclosures continued

Risk and impact management

Our processes for identifying, assessing and

prioritising nature-related dependencies, impacts, risks

and opportunities in our direct operations and value

chain

We’re following the TNFD LEAP (Locate, Evaluate, Assess

and Prepare) methodology to better understand our

nature-related risks and opportunities. We’re part of the first

group of companies to be working with the Science Based

Target Network (SBTN) in a pilot to set validated science-

based targets for nature, starting with freshwater.

Our processes for managing nature-related dependencies,

impacts, risks and opportunities

We manage nature-related dependencies, impacts, risks

and opportunities by implementing our sustainability

programme. We set targets in 2020 with a focus on the

realms of nature, as well as supportive targets on waste

and materials.

Water

All our sites complete a GSK water stewardship

assessment and implement action plans to comply with our

standard. For our sites located in water-stressed areas, we

aim to secure certification under the Alliance for Water

Stewardship standard.

Our sites located in water-stressed areas are prioritised for

catchment-level projects of water replenishment,

restoration, and regeneration activities that aim to deliver

measurable environmental and social outcomes.

We’re committed to making sure discharges from the

manufacturing of active pharmaceutical ingredients (API),

including antibiotics, don’t adversely affect people or the

environment.

Land

We’re implementing land management action plans across

our estate which aim to deliver a biodiversity improvement

with a focus on our highest-priority sites.

We have an Eco-design programme to reduce the impacts

of all our products and packaging and all newly developed

or acquired medicines now have Sustainable Design Plans

applied. These use industry-leading product sustainability

methodologies to make sure we consider environmental

impact at every step of the product decision-making

process, from product design to disposal.

We’ve set ambitious standards for suppliers who provide us

with materials that are highly dependent on nature.

We have roadmaps with an aim to achieve 100% certified

paper and palm oil by 2025. We’ve engaged with

associated suppliers to map the full supply chains involved,

understand existing sustainability standards, identify gaps

and establish action plans.

We’re a founding member of the Circularity in Primary

Pharmaceutical Packaging Accelerator (CiPPPA), a

collaborative initiative across the pharmaceutical supply

chain to develop and deploy solutions for the recycling of

primary pharmaceutical packaging.

Oceans

We’re working to reduce the volume of marine-derived

materials, for example through process efficiencies, and are

looking to transition to alternative materials.

In the meantime, we’re working to implement our Marine

Sustainable Sourcing Standard, which outlines the specific

requirements that we ask our suppliers of marine-derived

materials to follow.

Atmosphere

In 2024, we completed an in-depth air quality assessment

with the Stockholm Environment Institute (SEI) and the

University of York, using the methodology outlined in the

Practical Guide for Business written by the Climate & Clean

Air Coalition and SEI.

We’re managing our impacts on air pollution by transitioning

to renewable electricity and an electric fleet, and increasing

the volumes of waste sent to circular routes of disposal.

We’re members of the Alliance for Clean Air through the

Clean Air Fund (CAF) and the World Economic Forum,

which aims to drive corporate action on clean air to

accelerate climate action and create healthy communities

around the world.

How our processes for identifying, assessing,

prioritising and monitoring nature-related risks are

integrated into and inform our overall risk management

processes

We manage any identified impacts, dependencies and

nature-related risks through our sustainability governance

structures. We’re working to develop nature scenarios in

line with emerging guidance.

Metrics and targets

We report performance against three nature metrics which

are part of our Responsible Business performance metric.

Our targets for managing our nature commitments are in

the table below.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Nature-related financial disclosures continued


Realm	Key performance indicator
Freshwater	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
Land	Percentage of paper packaging and palm oil certified
Waste and materials	Operational waste reduction at our sites

We set these targets for managing our nature commitments:


Focus area	Target
Freshwater	–100% of our sites to achieve good water stewardship by 2025 and reduce overall water use by 20% by 2030 –Be water neutral in own operations and at key suppliers in water-stressed regions by 2030 –Achieve zero impact API levels1 for all sites and key suppliers by 20302
Land	–Positive impact on biodiversity3 at all GSK owned sites by 2030 –100% of key4 naturally-derived materials sustainably sourced and deforestation free by 20302,
Oceans	–100% of marine-derived materials sustainably sourced by 2030
Atmosphere	–100% renewable electricity by 2025 (Scope 2)2 –80% reduction in carbon emissions across our full value chain by 20302 –Net zero carbon emissions across our full value chain by 20452
Waste and materials	–Zero operational waste5 by 20302,6 –10% waste reduction from supply chain by 2030 –25% environmental impact reduction for our products and packaging by 2030

(1)Below the Predicted No-Effect Concentration level, as defined by the AMR Alliance and API Wastewater discharge limits

(2)Linked with the remuneration of our senior leaders

(3)Using the Natural England Biodiversity Net Gain methodology

(4)Definition clarified in 2024 to reflect priority materials

(5)Including a 20% reduction in routine hazardous and non-hazardous waste

(6)Target updated in 2024 to remove specific reference to the elimination of operational single-use plastics. This work has been integrated into the overall

operational waste target

Employees by gender

Reported in compliance with the Companies Act s.212C(8):


	Male	Female	Total
Board1	6	6	12
Management1,2	8,735	9,046	17,781
All employees3	35,413	33,216	68,629

(1)Headcounts as of 31 December 2024

(2)Senior managers as defined in the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013

(3)‘Total’ calculated as full-time equivalent employees (FTEs) as of 31 December 2024. ‘Male’ and ‘female’ calculated by applying ‘all employees’ gender

diversity percentages to ‘total’ FTE number



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Group financial review continued

Financial performance summary

The Total results of the Group are set out below.


		2024		2023	Growth
	£m	% of turnover	£m	% of turnover	£%	CER%
Turnover	31,376	100	30,328	100	3	7
Cost of sales	(9,048)	(28.8)	(8,565)	(28.2)	6	8
Gross profit	22,328	71.2	21,763	71.8	3	7
Selling, general and administration	(11,015)	(35.1)	(9,385)	(30.9)	17	20
Research and development	(6,401)	(20.4)	(6,223)	(20.5)	3	5
Royalty income	639	2.0	953	3.1	(33)	(33)
Other operating income/(expense)	(1,530)	(4.9)	(363)	(1.3)	>(100)	>(100)
Operating profit	4,021	12.8	6,745	22.2	(40)	(33)
Net finance costs	(547)		(677)
Share of after tax profits/(losses) of associates and joint ventures	(3)		(5)
Profit/(loss) on disposal of interest in associates and joint ventures	6		1
Profit before taxation	3,477		6,064		(43)	(34)
Taxation	(526)		(756)
Profit after taxation	2,951		5,308		(44)	(36)
Total profit attributable to non-controlling interests	376		380
Total profit attributable to shareholders	2,575		4,928
	2,951		5,308		(44)	(36)
Total earnings per share (pence)	63.2p		121.6p		(48)	(40)

Total earnings per ADS (US$)	1.62		3.02

The Core results for the Group are set out below. Reconciliations between Total results and Core results for 2024 and 2023 are set

out on pages 88 to 89.


		2024		2023	Growth
	£m	% of turnover	£m	% of turnover	£%	CER%
Turnover	31,376	100	30,328	100	3	7
Cost of sales	(7,870)	(25.1)	(7,716)	(25.4)	2	4
Selling, general and administration	(8,974)	(28.6)	(9,029)	(29.8)	(1)	2
Research and development	(6,023)	(19.2)	(5,750)	(19.0)	5	7
Royalty income	639	2.0	953	3.2	(33)	(33)
Core operating profit	9,148	29.2	8,786	29.0	4	11
Core profit before taxation	8,613		8,112		6	13
Taxation	(1,462)		(1,257)		16	24
Core profit after taxation	7,151		6,855		4	11
Core profit attributable to non-controlling interest	654		572
Core profit attributable to shareholders	6,497		6,283
Core profit after taxation	7,151		6,855		4	11
Core earnings per share (p)	159.3p		155.1p		3	10



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Group financial review continued

Reporting framework

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 made one update to its reporting framework in Q1 2024

which was to change the description of Adjusted results to Core

to align with European peers in the pharmaceutical industry but

with no change to the basis or figures. In Q2 2024 an update

was made to the definition of Core results to exclude amounts

greater than £25 million from the foreign currency translation

reserve which are reclassified to the income statement upon

the liquidation of a subsidiary. There is no change to Total

Results.

GSK also uses a number of adjusted, 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 78.

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 and when determining compensation. 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’s 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)

–impairment of intangible assets (excluding computer

software) and goodwill

–Major restructuring costs, which include impairments of

tangible assets and computer software, (under specific

Board approved programmes that are structural, of a

significant scale and where the costs of individual or related

projects exceed £25 million) including integration costs

following material acquisitions

–transaction-related accounting or other adjustments related

to significant acquisitions

–proceeds and costs of disposals 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

Costs for all other ordinary course smaller scale restructuring

and legal charges and expenses are retained within both Total

and Core results.

As Core results include the benefits of Major restructuring

programmes but exclude significant costs (such as

amortisation of intangible assets except for computer software

and capitalised development costs, significant legal, major

restructuring and transaction items), they should not be

regarded as a complete picture of the Group’s financial

performance, which is presented in its 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 are materially larger than more

regularly occurring individual matters. They also include certain

major legacy matters.

Reconciliations between Total and Core results, providing

further information on the key Adjusting items for 2024, 2023

and 2022, are set out on pages 88 to 90.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Group financial review continued Reporting framework continued

Historical record of Adjusting items

The reconciliations between Total and Core operating profit from continuing operations over the last three years can be

summarised as follows:


	2024 £m	2023 £m	2022 £m
Total operating profit from continuing operations	4,021	6,745	6,433
Intangible amortisation	1,002	719	739
Intangible impairment	314	398	296
Major restructuring	353	382	321
Transaction-related items	1,881	572	1,750
Significant legal, divestments and other items	1,577	(30)	(1,388)

Core results	9,148	8,786	8,151

The analysis of the impact of transaction-related items on operating profit for each of the last three years is as follows:


	2024 £m	2023 £m	2022 £m
Contingent consideration on former Shionogi-ViiV Healthcare JV (including Shionogi preferential dividends)	1,533	934	1,431
ViiV Healthcare put options and Pfizer preferential dividends	67	(245)	85
Contingent consideration on former Novartis Vaccines business	206	(187)	193
Contingent consideration on acquisition of Affinivax	(22)	44	17
Other adjustments	97	26	24

Transaction-related items	1,881	572	1,750

Full reconciliations between Total and Core results for 2022–2024 including continuing and discontinued operations are set out on

pages 88 to 90. Further explanations on the Adjusting items for 2024, including the Zantac settlement, are reported on page 91.

Other non-IFRS measures

CER and AER growth

In order to illustrate underlying performance, 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 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

continuing 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. 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 to free cash flow is set out on

page 92.

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. Please see Note 30 ‘Net Debt’ for the calculation of net

debt.

Working capital

Working capital represents inventory and trade receivables

less trade payables.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Group financial review continued 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 (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 85% of the Total earnings and 83% of the

Core earnings of ViiV Healthcare for 2024.

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 re-measurements 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 2024 were

£1,190 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:


	2024 £m	2023 £m
Contingent consideration at beginning of the year	5,718	5,890
Remeasurement through income statement and other movements	1,533	934
Cash payments: operating cash flows	(1,190)	(1,106)
Cash payments: investing activities	–	–
Contingent consideration at end of the year	6,061	5,718

Of the contingent consideration payable (on a post-tax basis) to

Shionogi at 31 December 2024, £1,127 million (31 December

2023: £1,017 million) is expected to be paid within one year.

Exit rights

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. 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.

Pfizer has 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.

The closing balances of the liabilities related to Pfizer’s

shareholding are as follows:


	2024 £m	2023 £m
Pfizer put option	915	848



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Group financial review continued Reporting framework continued

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

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.

COVID-19 solutions

COVID-19 solutions include the sales of pandemic adjuvant

and other COVID-19 solutions principally during the year 2020 -

2023 and including vaccine manufacturing and Xevudy and the

associated costs but does not include reinvestment in R&D.

This categorisation is used by management and we believe is

helpful to investors through providing clarity on the results of

the Group by showing the contribution to growth from

COVID-19 solutions during this period.

Discontinued operations

Consumer Healthcare was presented as a discontinued

operations from Q2 2022. The demerger of Consumer

Healthcare was completed on 18 July 2022. The Group

Income Statement and Group Cash Flow Statement distinguish

discontinuing operations from continuing operations for 2022.

General Medicines

General medicines are usually prescribed in the primary

care or community settings by general healthcare practitioners.

For GSK, this includes medicines in 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 in infectious diseases, HIV, Oncology,

Respiratory/Immunology and Other.

Turnover excluding COVID-19 solutions

Turnover excluding COVID-19 solutions excludes the impact of

sales of pandemic adjuvant within Vaccines and Xevudy within

Specialty Medicines related to the COVID-19 pandemic.

Management believes that the exclusion of the impact of these

COVID-19 solutions sales aids comparability in the reporting

periods and understanding of GSK’s growth including by region

versus prior periods.

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 2024 Annual Report on Form 20-F

Group financial review continued

Financial performance

Group turnover


	2024 £m	2023 £m	Growth £%	Growth CER%
Total Group turnover	31,376	30,328	3	7
Total Group pandemic	12	194	(94)	(94)
Total Group turnover ex COVID-19 solutions	31,364	30,134	4	8

Group turnover by business

l Vaccines

£9.1bn

AER decline 7% CER decline 4%

l Speciality Medicines

£11.8bn

AER growth 15% CER growth 19%

l General Medicines

£10.4bn

AER growth 2% CER growth 6%

Group turnover by geographic region

l US

£16.4bn

AER growth 4% CER growth 6%

l Europe

£6.7bn

AER growth 2% CER growth 4%

l International

£8.3bn

AER growth 5% CER growth 11%

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 Vaccines, Specialty Medicines, and General Medicines.

–Vaccines products, which includes sales of Shingrix and

Arexvy

–Specialty Medicines products which includes GSK’s

marketed products for HIV, oncology, respiratory/immunology

and other specialty medicines (including Nucala)

–General Medicines products, which includes medicines in

inhaled respiratory, dermatology, antibiotics and other

diseases that are typically accessed by patients through

primary care settings

(1) Advisory Committee on Immunization Practices

(2) Centres for Disease Control and Prevention

(3) Based on data from IQVIA up until the end of Q3 2024

(4) Centers for Medicare & Medicaid Services

Vaccines

Turnover (£bn)


£9.1bn	AER decline	CER decline
£9.1bn	-7%	-4%
29% of Group turnover


	2024 £m	2023 £m	Growth £%	Growth CER%
Total Vaccines	9,138	9,864	(7)	(4)
Pandemic	–	150	(100)	(100)
Vaccines ex COVID-19 solutions	9,138	9,714	(6)	(3)

Vaccines sales decreased primarily due to lower demand for

Arexvy related to a more limited ACIP(1) recommendation in the

US and channel inventory consumption compared to launch

year stocking in 2023. Meningitis vaccines had their strongest

year of sales to date with double-digit growth across all regions

and Established vaccines continued to grow across

International and the US. Overall, Vaccines performance was

also adversely impacted due to COVID-19 solution sales and

US CDC(2) stockpile replenishments in 2023, each impacting

full year growth by 1 percentage point.

Shingles


	2024 £m	2023 £m	Growth £%	Growth CER%
Shingles	3,364	3,446	(2)	1

Sales of Shingrix a vaccine against shingles, declined 2% AER

and grew 1% CER, with ex-US sales growth more than

offsetting lower sales in the US.

The US cumulative immunisation rate reached 40%, up five

percentage points compared to 12 months earlier.(3) Sales

decreased by 21% AER, 18% CER reflecting the slowing pace

of penetration of harder-to-reach unvaccinated consumers,

partially offset by favourable pricing. Shingrix sales were also

negatively impacted by changes in retail vaccine prioritisation

partly due to a transition to a new CMS(4) rule that changed how

pharmacies process reimbursements from payers.

Shingrix grew significantly in International, driven by a national

immunisation programme in Australia and supply to our co-

promotion partner in China. In Europe, Shingrix sales growth

was driven by expanded public funding and higher uptake

across multiple countries, partly offset by lower demand in

Germany. Markets outside the US represented 56% of 2024

global sales (2023: 45%), with Shingrix launched in 52

countries. The overwhelming majority of ex-US Shingrix

opportunity is concentrated in 10 markets where the average

immunisation rate is around 7% with significantly higher uptake

in funded cohorts.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Group financial review continued Financial performance continued

Meningitis


	2024 £m	2023 £m	Growth £%	Growth CER%
Meningitis	1,437	1,260	14	18

Meningitis vaccines achieved double-digit growth. Bexsero, a

vaccine against meningitis B, achieved sales of over £1 billion

for the first time. Growth was primarily due to favourable pricing

mix and increased full year purchases from the CDC in the US,

recommendation in Germany and launch in Vietnam.

RSV


	2024 £m	2023 £m	Growth £%	Growth CER%
RSV (Arexvy)	590	1,238	(52)	(51)

Arexvy, a RSV(1) vaccine for older adults had declining sales in

the year. US sales decreased due to lower demand partly

related to a more limited recommendation from ACIP for

individuals aged 60 to 74. Sales were also adversely impacted

by channel inventory consumption compared to the launch year

stocking in 2023. Arexvy maintained the market leading position

in retail where the overwhelming majority of doses are

administered. More than ten million US adults(2) aged 60 and

older at risk have been protected by Arexvy since the launch in

Q3 2023.

In countries outside the US, sales growth reflected uptake

following a positive recommendation in Germany, initial tender

deliveries in Saudi Arabia and new launch inventory builds in

Australia and Brazil, partly offset in the quarter by lower

demand in Canada. While Arexvy is approved in 59 markets

globally, 17 countries had national RSV vaccination

recommendations for older adults and 6, including the US, had

reimbursement programmes in place at the year end.

Influenza


	2024 £m	2023 £m	Growth £%	Growth CER%
Influenza	408	504	(19)	(16)

Fluarix/FluLaval sales decreased driven by competitive

pressure and lower market demand primarily in the US.

Established Vaccines


	2024 £m	2023 £m	Growth £%	Growth CER%
Established Vaccines	3,339	3,266	2	6

Established Vaccines growth reflected increased sales of

Hepatitis vaccines across all regions, higher US market share

and European demand for Boostrix and increased International

supply and US uptake of MMR/V(3) vaccines. This was partly

offset by adverse CDC stockpile movements for Rotarix and

Infanrix/Pediarix. Established Vaccine sales in 2024 included

around £130 million of non-repeating contracted sales including

divested brands which have now ceased.

(1) Respiratory syncytial virus (2) Based on data from IQVIA

(3) Measles, mumps, rubella and varicella

(4) Based on sales data from 2024 and 2023: DoT Volume Market Share -

IQVIA , GERS(France), Czech State Institute for Drug Control (SUKL),

DLI Market Intelligence (Denmark), farmINFORM (Netherlands),

Cegedim Healthcare (Romania)

Specialty Medicines

Turnover (£bn)


£11.8bn	AER growth	CER growth
£11.8bn	15%	19%
38% of Group Turnover


	2024 £m	2023 £m	Growth £%	Growth CER%
Total Specialty Medicines	11,810	10,244	15	19
Pandemic	12	44	(73)	(73)
Speciality Medicines ex COVID-19 solutions	11,798	10,200	16	19

Specialty Medicines sales grew by double-digit percentages

reflecting continued growth across disease areas, with strong

performances in HIV, Respiratory/Immunology and Oncology.

HIV


	2024 £m	2023 £m	Growth £%	Growth CER%
HIV	7,089	6,444	10	13

HIV sales continue to grow double-digits driven by strong

patient demand for long-acting injectable medicines

(Cabenuva, Apretude) and Dovato. This demand primarily

reflected a 2 percentage point(4) increase in market share

compared to the prior period which contributed 10 percentage

points of growth in 2024. The remainder of the growth was

driven by favourable in-year pricing, including the positive

impact from channel mix.

Oral 2DR


	2024 £m	2023 £m	Growth £%	Growth CER%
Oral 2DR	2,924	2,480	18	21

Sales of Oral 2DR (Dovato, Juluca) now represent 42% of the

total HIV portfolio. 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 £2,239

million in 2024 and growing 23% AER, 27% CER versus 2023.

Long-Acting Medicines


	2024 £m	2023 £m	Growth £%	Growth CER%
Long-Acting Medicines	1,292	857	51	55

Long-Acting Injectable Medicine sales contributed over 50% of

the total HIV growth in 2024. Cabenuva, the only complete

long-acting injectable regimen for HIV treatment, reached sales

of £1,013 million in 2024, growing 43% AER, 47% CER, due to

strong patient demand across US and Europe. Apretude, the

first long-acting injectable option for HIV prevention delivered

sales of £279 million in 2024, growing 87% AER, 93% CER

compared to 2023.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Group financial review continued Financial performance continued

Respiratory/Immunology and other


	2024 £m	2023 £m	Growth £%	Growth CER%
Respiratory/Immunology and Other	3,299	3,025	9	13

Sales primarily comprised contributions from Nucala in

respiratory and Benlysta in immunology. Sales growth in the full

year was delivered for both Nucala and Benlysta, driven by

patient demand globally across US, European and International

markets.

Nucala


	2024 £m	2023 £m	Growth £%	Growth CER%
Nucala	1,784	1,655	8	12

Nucala, is an IL-5 antagonist monoclonal antibody treatment for

severe asthma, with additional indications including chronic

rhinosinusitis with nasal polyps, eosinophilic granulomatosis

with polyangiitis (EGPA), and hypereosinophilic syndrome

(HES). Sales growth was driven particularly by strong

performance in Europe and International regions, reflecting

higher patient demand for treatments addressing eosinophilic-

led disease.

Benlysta


	2024 £m	2023 £m	Growth £%	Growth CER%
Benlysta	1,490	1,349	10	14

Benlysta, a monoclonal antibody treatment for Lupus, continues

to grow by double-digit percentages representing strong

demand and volume growth in US, European and International

regions, with bio-penetration rates having increased across

many markets.

Oncology


	2024 £m	2023 £m	Growth £%	Growth CER%
Oncology	1,410	731	93	98

Strong Oncology sales growth continued driven by increasing

patient demand for Zejula, a PARP(1) inhibitor, Jemperli, a

PD-1(2) blocking antibody, and Ojjaara/Omjjara, a daily JAK1/

JAK2 and ACVR1(3) inhibitor.

Zejula


	2024 £m	2023 £m	Growth £%	Growth CER%
Zejula	593	523	13	17

Zejula, a PARP inhibitor treatment for ovarian cancer, grew by

double-digit percentages, with strong growth delivered across

all regions with sustained increases in patient demand and

higher volumes, further enhanced by positive price impacts in

the US.

(1) PARP: a Poly ADP ribose polymerase

(2) PD-1: a programmed death receptor-1 blocking antibody

(3) JAK1/JAK2 and ACVR1: once a-day, oral JAK1/JAK2 and activin A

receptor type 1 (ACVR1) inhibitor

(4) Chronic obstructive pulmonary disease

(5) Average manufacturer price

Jemperli


	2024 £m	2023 £m	Growth £%	Growth CER%
Jemperli	467	–	>100	>100

Jemperli, a medicine for first-line treatment in combination with

chemotherapy for patients with primary advanced or recurrent

endometrial cancer, continued to grow strongly. Strong sales

were driven largely by increased patient uptake in the US,

following Q3 2024 FDA approval expanding the indication to

include all adult patients with primary advanced or recurrent

endometrial cancer.

Ojjaara/Omjjara


	2024 £m	2023 £m	Growth £%	Growth CER%
Ojjaara/Omjjara	353	–	>100	>100

Ojjaara/Omjjara, a treatment for myelofibrosis patients with

anaemia, grew strongly largely driven by the US with continued

uptake in patients since its product launch in Q3 2023. Sales

included increasing contributions from Europe and International

regions following launches in the UK and Germany in Q1 2024,

and in Japan in Q3 2024.

General Medicines

Turnover (£bn)


£10.4bn	AER growth	CER growth
£10.4bn	2%	6%
33% of Group turnover

Sales include contributions from both the Respiratory and Other

General Medicine portfolios. Sales growth was primarily driven

by Trelegy, a COPD(4) and asthma medicine, with strong

demand across all regions. Performance was adversely

impacted by the removal of the AMP(5) cap on Medicaid drug

prices in the US. This removal impacted Advair, Flovent, and

Lamictal due to significant pricing reductions, reduced

commercial contracting, and the decision to discontinue

branded Flovent. However, this has been fully offset by the

increased use of authorised generic versions of Advair and

Flovent while, significantly, continuing to provide access to

patients.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Group financial review continued Financial performance continued

Respiratory


	2024 £m	2023 £m	Growth £%	Growth CER%
Respiratory	7,213	6,825	6	10

Sales growth reflected Trelegy's strong performance in all

regions. In the US adverse impacts from the removal of the

AMP cap were fully offset by the increased use of authorised

generic versions of Advair and Flovent, providing access to

medicines for patients.

Trelegy


	2024 £m	2023 £m	Growth £%	Growth CER%
Trelegy	2,702	2,202	23	27

Trelegy is the most prescribed SITT(1) treatment worldwide for

COPD and asthma. Sales grew 23% AER, 27% CER in the

year, driven largely by volume growth, whilst also benefiting

from favourable pricing. Strong volume growth continued

across all regions reflecting patient demand, SITT class growth,

and increased market share. Overall favourable pricing in the

year was driven by US channel mix price adjustments in the

first six months of 2024, which moderated in the second half.

Seretide/Advair


	2024 £m	2023 £m	Growth £%	Growth CER%
Seretide/Advair	1,057	1,139	(7)	(3)

Seretide/Advair is a combination treatment used to treat

asthma and COPD. Sales decreased in Europe and

International reflecting continued generic erosion by competitor

products. This was partially offset by growth in the US driven

largely by favourable impacts from channel mix adjustments.

Other general medicines


	2024 £m	2023 £m	Growth £%	Growth CER%
Other general medicines	3,215	3,395	(5)	–

Other general medicines’ growth decreased 5% at AER and

was flat at CER, with growth in antibiotics and dermatology in

International markets offset by global declines from continued

generic competition across the portfolio.

(1) Single inhaler triple therapy

Turnover by regions


	2024 £m	2023 £m	Growth £%	Growth CER%
Total	16,384	15,820	4	6
Pandemic	10	10	–	10
Excluding COVID	16,374	15,810	4	6

Specialty Medicines double-digit growth in the year was driven

by strong Oncology and HIV performance, and continued

growth in Nucala and Benlysta. Vaccine sales decreased

primarily in Arexvy due to lower demand related to a more

limited ACIP recommendation and related channel inventory

consumption compared to the 2023 launch year stocking.

Shingrix also decreased reflecting lower demand driven by the

continued challenge of activating harder-to-reach consumers.

General Medicine’s growth in the year was primarily driven by

increased demand for Trelegy, with strong volume growth from

higher patient demand and growth of the SITT market as well

as favourable price benefits. Performance continues to be

impacted following the removal of the AMP cap on Medicaid

drug prices, which particularly impacted Advair, Flovent and

Lamictal. This was fully offset by the increased use of

authorised generic versions of Advair and Flovent, providing

access to medicines for patients.

Europe


	2024 £m	2023 £m	Growth £%	Growth CER%
Total	6,666	6,564	2	4
Pandemic	1	133	(99)	(99)
Excluding COVID	6,665	6,431	4	6

Specialty Medicines sales grew by double-digits in the year due

to continued strong performance in Oncology, Benlysta in

immunology, and Nucala in respiratory including the benefit

from new indication launches. HIV growth continued at a mid-

to-high single-digit percentage.Vaccine sales grew in the year

excluding the adverse impact of COVID-19 sales in 2023.

Shingrix growth was driven by expanded public funding across

several markets, partly offset by lower demand in Germany.

Bexsero and Arexvy sales increased following

recommendations in Germany. General Medicines sales were

broadly stable. Strong double-digit growth for Trelegy and

Anoro was offset by decreases across other general medicine

products.

International


	2024 £m	2023 £m	Growth £%	Growth CER%
Total	8,326	7,944	5	11
Pandemic	1	51	(97)	>(100)
Excluding COVID	8,325	7,893	5	12

Specialty Medicine’s double-digit growth in the year was driven

by HIV, Nucala in Respiratory, Benlysta in Immunology, and

Oncology. Vaccine sales grew strongly in the year driven by

Shingrix related to the national immunisation program in

Australia and supply to our co-promotion partner in China

together with strong momentum in Meningitis vaccines and

single-digit growth in Established Vaccines sales. General

Medicines sales decreased 3% at AER and grew 3% at CER,

with strong growth in Trelegy, Augmentin and dermatology

products, partially offset by a decrease in other general

medicine products.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Group financial review continued Financial performance continued

Cost of sales


	2024 £m	2023 £m	Growth £%	Growth CER%
Total cost of sales	(9,048)	(8,565)	6	8
% of sales	28.8%	28.2%	0.6	0.2
Core cost of sales	(7,870)	(7,716)	2	4
% of sales	25.1%	25.4%	(0.4)	(0.7)

Total and Core cost of sales as a percentage of sales benefited

from price and channel mix benefits, as well as ongoing mix

benefits in higher margin Specialty Medicines products, and

supply chain efficiencies. These benefits were offset in the year

by charges of £150 million in Q4 2024 to drive future supply

chain efficiencies. Total cost of sales also increased due to

additional amortisation for Zejula and Jemperli.

Selling, general and administration


	2024 £m	2023 £m	Growth £%	Growth CER%
Total selling, general and administration	(11,015)	(9,385)	17	20
% of sales	35.1%	30.9%	4.2	3.8
Core selling, general and administration	(8,974)	(9,029)	(1)	2
% of sales	28.6%	29.8%	(1.2)	(1.3)

Total SG&A growth was primarily driven by the increase in

Significant legal costs reflecting the charge of £1.8 billion ($2.3

billion) in Q3 2024 in relation to Zantac for the State Courts

Settlement, the Qui Tam Settlement, and the remaining 7% of

pending state court product liability cases, partially offset by

reduced future legal costs. Since that time, the vast majority of

the remaining state court cases have been resolved or been

dismissed such that less than 1% of the state court cases

remain (see details on page 265).

Core SG&A growth was broadly flat at AER, with growth at

CER driven by continued disciplined investment to support

global market expansion and disease awareness for key assets

including Arexvy, Nucala, Shingrix and Jemperli, and

investment behind long-acting HIV medicines. Growth was

partly offset by a 1 percentage point favourable impact of the

reversal of the legal provision taken in Q1 2023 for the Zejula

royalty dispute, following a successful appeal.

Research and development


	2024 £m	2023 £m	Growth £%	Growth CER%
Total research and development	(6,401)	(6,223)	3	5
% of sales	20.4%	20.5%	(0.1)	(0.4)
Core research and development	(6,023)	(5,750)	5	7
% of sales	19.2%	19.0%	0.2	–

Total R&D growth was driven by an increase in Core R&D

investment, partly offset by lower impairment charges

compared with the full year 2023.

Core R&D investment increased driven by progression across

the portfolio.

In Specialty Medicines, investment increased in Respiratory,

Immunology and Inflammation to support late-stage clinical

development programmes for camlipixant (refractory chronic

cough), the long-acting TSLP asset acquired from the Aiolos

acquisition, bepirovirsen (chronic hepatitis B) and Benlysta

(autoimmune diseases), with ongoing strong investment in

depemokimab (asthma and eosinophilic inflammation).

In Oncology, increased investment reflected acceleration on

antibody-drug-conjugates (ADCs) including those acquired from

Hansoh Pharma at the end of 2023, and studies into Blenrep

(multiple myeloma) and Jemperli (endometrial cancer). In HIV

investment increased on next-generation long-acting treatment

and preventative medicines.

In Vaccines, clinical trial programmes associated with the

pneumococcal Multi Antigen Presenting System (MAPS)

technology and mRNA continued to drive investment.

These increases were partly offset by reductions following the

launches of Arexvy and Ojjaara, and progression to completion

of gepotidacin and Zejula studies.

Royalty income


	2024 £m	2023 £m	Growth £%	Growth CER%
Total royalty income	639	953	(33)	(33)
Core royalty income	639	953	(33)	(33)

The decrease in Total and Core royalty income primarily

reflected the cessation of the majority of Gardasil royalties at

the end of 2023, with 2024 Gardasil royalties of £42 million

(2023: £472 million).

This was partly offset by increases in Kesimpta and Biktarvy

royalties.

Other operating income/(expense)


	2024 £m	2023 £m	Growth £%	Growth CER%
Other operating income/ (expenses)	(1,530)	(363)	>(100)	>(100)

Other operating expense reflected a charge of £1,839 million

(2023: £546 million) principally arising from the remeasurement

of contingent consideration liabilities (CCL). This primarily

reflected improved longer term HIV prospects as well as

smaller foreign currency movements compared to 2023 and an

increase in liability for the Vaccines CCL. This was partly offset

by higher other net income of £287 million (2023: £200 million)

as well as a fair value gain of £22 million (2023: £17 million

loss) on the retained stake in Haleon plc.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Group financial review continued Financial performance continued

Operating profit


	2024 £m	2023 £m	Growth £%	Growth CER%
Total operating profit	4,021	6,745	(40)	(33)
% of sales	12.8%	22.2%	(9.4)	(8.3)
Core operating profit	9,148	8,786	4	11
% of sales	29.2%	29.0%	0.2	0.9

Total operating profit and margin were lower primarily due to

the charge of £1.8 billion ($2.3 billion) for the Zantac

settlement, higher CCL charges driven by improved longer term

HIV prospects and other remeasurements as well as

unfavourable foreign currency movements, additional

amortisation for Zejula and Jemperli, and minimal movements

on Haleon plc shares (2023 fair value loss).

Core operating profit growth benefited from strong Specialty

Medicines sales performance, with favourable product and

regional mix. This was partly offset by increased investment in

R&D and growth assets, and lower royalty income. 2024 also

includes a favourable impact from the reversal of the legal

provision taken in Q1 2023 for the Zejula royalty dispute,

following a successful appeal.

The adverse impact of lower sales of COVID-19 solutions had a

two percentage points impact in the full year on Total and Core

operating profit growth and a 0.4 percentage point impact on

Total and Core operating profit margin.

Core operating profit by business


	2024 £m	2023 £m	Growth £%	Growth CER%
Commercial operations	15,335	14,656	5	9
% of sales	48.9%	48.3%	0.5	1.0
R&D	(5,845)	(5,607)	4	7

Commercial Operations Core operating profit benefited from

strong Specialty Medicines sales performance and favourable

product and regional mix, as well as price and channel mix

benefits and supply chain efficiencies, and a reversal of the

Zejula royalty dispute legal provision in Q1 2024. This was

partly offset by charges to drive future supply chain efficiencies,

continued disciplined investment in growth assets and lower

royalty income.

The R&D segment operating expenses growth was driven by

continued spend across the portfolio, and increased investment

in Specialty Medicines including camlipixant, bepirovirsen and

Benlysta, as well as the long-acting TSLP asset acquired as

part of the Aiolos acquisition. In Oncology, increased

investment in Jemperli and ADC assets was offset by

investment decreases following the launches of Ojjaara and

progression to completion of Zejula studies. In HIV, investment

on long-acting medicines continued, and in Vaccines,

pneumococcal (MAPS) and mRNA continued to drive

investment.

Net finance costs


	2024 £m	2023 £m	Growth £%	Growth CER%
Total net finance cost	(547)	(677)	(19)	(18)
Core net finance cost	(532)	(669)	(20)	(19)

The decrease in net finance costs was mainly driven by lower

interest on short-term financing as a result of cash received

from the disposal of all Haleon plc shares, savings from

maturing bonds, and higher interest income on cash, partly

offset by fair value movements on net investment hedges. The

comparator to 2023 also benefited from the net cost of bond

buybacks completed in Q1 2023.

Share of after tax profits of associates and

joint ventures

The share of after tax loss of associates and joint ventures was

£3 million (2023: £5 million share of loss).

Profit on disposal of interest in associates

In 2024, the Group also reported a profit on disposal of

interests in associates and joint ventures of £6 million (2023:

£1 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 £3,477 million

compared with £6,064 million in 2023.

Taxation


	2024 £m	2023 £m
UK current year charge	186	207
Rest of world current year charge	1,458	1,371
Charge/(credit) in respect of prior periods	(92)	43
Total current taxation	1,552	1,621
Total deferred taxation	(1,026)	(865)
Taxation on total profits	526	756

The charge of £526 million represented an effective tax rate on

Total results of 15.1% (2023: 12.5%) and reflected the different

tax effects of the various Adjusting items. Tax on Core profit

amounted to £1,462 million and represented an effective Core

tax rate of 17.0% (2023: 15.5%). 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 2024 Annual Report on Form 20-F

Group financial review continued Financial performance continued

Non-controlling interests (NCI)


	2024 £m	2023 £m	Growth £%	Growth CER%
Total continuing	376	380	(1)	8
Core	654	572	14	20

The decrease in total NCIs at AER was driven by lower ViiV

Healthcare Total profits, reflecting adverse currency impacts,

with an allocation of £356 million (2023: £374 million). The

increase in Total NCIs at CER was driven by higher ViiV

Healthcare Total profits (partly offset by a higher

remeasurement loss on the CCL) as well as higher net profits in

some of the Group's other entities.

The increase in Core NCIs primarily reflected higher core profit

allocations from ViiV Healthcare, with £634 million in 2024

(2023: £566 million), as well as higher net profits in some of the

Group’s other entities with NCIs.

Earnings per share from operations


	2024 £m	2023 £p	Growth £%	Growth CER%
Total earnings per share	63.2p	121.6p	(48)	(40)
Core earnings per share	159.3p	155.1p	3	10

The decrease in Total EPS was primarily due to a charge of

£1.8 billion ($2.3 billion) for the Zantac settlement (see details

on page 266) and higher CCL charges.

The increase in the Core EPS primarily reflected the growth in

Core operating profit as well as lower finance costs, partly

offset by a higher effective taxation rate and higher non-

controlling interests. Lower sales of COVID-19 solutions

reduced Core EPS by two percentage points in the full year.

Currency impact on results


	2024 £m/£p	2023 £m/£p	Growth £%	Growth CER%
Turnover	31,376	30,328	3	7
Total earnings per share	63.2p	121.6p	(48)	(40)
Core earnings per share	159.3p	155.1p	3	10

The adverse currency impact primarily reflected the

strengthening of Sterling against the US Dollar, Euro, Yen and

emerging market currencies. Exchange gains or losses on the

settlement of intercompany transactions had a negligible impact

on Total and Core EPS.

Dividends

The Board has declared four interim dividends resulting in a

total dividend for the year of 61p per share. The GSK Group

dividend in 2023 was 58p 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 16p for Q4 2024 and 61p per

share for full year 2024. The expected dividend for 2025 is 64p

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	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Group financial review continued

Adjusting items


Core results reconciliation 31 December 2024	Total results £m	Intangible asset amortisation £m	Intangible asset impairment £m	Major restructuring £m	Transaction- related £m	Significant legal, Divestments and other items £m	Core results £m
Gross profit	22,328	947		163	40	28	23,506
Operating profit	4,021	1,002	314	353	1,881	1,577	9,148
Profit before taxation	3,477	1,002	314	354	1,881	1,585	8,613
Profit after taxation	2,951	794	251	274	1,570	1,311	7,151
Profit attributable to shareholders	2,575	794	251	274	1,292	1,311	6,497
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)	4,077						4,077

The following adjustments are made in arriving at Core gross profit
Cost of sales	(9,048)	947		163	40	28	(7,870)

The following adjustments are made in arriving at Core operating profit
Selling, general and administration	(11,015)			160	2	1,879	(8,974)
Research and development	(6,401)	55	314	9			(6,023)
Other operating (expense)/income	(891)			21	1,839	(330)	639

The following adjustments are made in arriving at Core profit before tax
Net finance costs	(547)			1		14	(532)
Share of after tax losses of associates and joint ventures	(3)						(3)
Profit/(loss) on disposal of interest in associates	6					(6)	–

The following adjustments are made in arriving at Core profit after tax
Taxation	(526)	(208)	(63)	(80)	(311)	(274)	(1,462)

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 2024 Annual Report on Form 20-F

Group financial review continued Adjusting items continued


Core results reconciliation 31 December 2023	Total results £m	Intangible asset amortisation £m	Intangible asset impairment £m	Major restructuring £m	Transaction- related £m	Significant legal, Divestments and other items £m	Core results £m
Gross profit	21,763	647		164	13	25	22,612
Operating profit	6,745	719	398	382	572	(30)	8,786
Profit before taxation	6,064	719	398	383	572	(24)	8,112
Profit after taxation	5,308	565	304	300	472	(94)	6,855
Profit attributable to shareholders	4,928	565	304	300	280	(94)	6,283
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)	4,052						4,052

The following adjustments are made in arriving at Core gross profit
Cost of sales	(8,565)	647		164	13	25	(7,716)

The following adjustments are made in arriving at Core operating profit
Selling, general and administration	(9,385)			216	13	127	(9,029)
Research and development	(6,223)	72	398	2		1	(5,750)
Other operating (expense)/income	590				546	(183)	953

The following adjustments are made in arriving at Core profit before tax
Net finance costs	(677)			1		7	(669)
Share of after tax losses of associates and joint ventures	(5)						(5)
Profit/(loss) on disposal of interest in associates	1					(1)	–

The following adjustments are made in arriving at Core profit after tax
Taxation	(756)	(154)	(94)	(83)	(100)	(70)	(1,257)

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 2024 Annual Report on Form 20-F

Group financial review continued Adjusting items continued


Core results reconciliation 31 December 2022	Total results £m	Profit from discontinued operations £m	Intangible asset amortisation £m	Intangible asset impairment £m	Major restructuring £m	Transaction- related £m	Significant legal, Divestments and other items £m	Core results £m
Gross profit from continuing operations	19,770		648		102	45	18	20,583
Operating profit from continuing operations	6,433		739	296	321	1,750	(1,388)	8,151
Profit before taxation from continuing operations	5,628		739	296	323	1,750	(1,378)	7,358
Profit after taxation from continuing operations	4,921		589	232	236	1,508	(1,266)	6,220
Profit after taxation from discontinued operations	10,700	(10,700)
Total profit after taxation	15,621	(10,700)	589	232	236	1,508	(1,266)	6,220
Profit attributable to shareholders from continuing operations	4,461		589	232	236	1,373	(1,266)	5,625
Profit attributable to shareholders from discontinued operations	10,495	(10,495)
Total profit attributable to shareholders	14,956	(10,495)	589	232	236	1,373	(1,266)	5,625
Basic earnings per share (pence) from continuing operations	110.8p		14.6p	5.8p	5.9p	34.1p	(31.5)p	139.7p
Basic earnings per share (pence) from discontinued operations	260.6p	(260.6)p
Total Basic earnings per share (pence)	371.4p	(260.6)p	14.6p	5.8p	5.9p	34.1p	(31.5)p	139.7p
Weighted average number of shares (millions)	4,026							4,026

The following adjustments are made in arriving at Core gross profit from continuing operations
Cost of sales	(9,554)		648		102	45	18	(8,741)

The following adjustments are made in arriving at Core operating profit from continuing operations
Selling, general and administration	(8,372)				180	13	51	(8,128)
Research and development	(5,488)		91	296	39			(5,062)
Other operating (expense)/income	523					1,692	(1,457)	758

The following adjustments are made in arriving at Core profit before tax from continuing operations
Net finance costs	(803)				2		10	(791)
Share of after tax losses of associates and joint ventures	(2)							(2)

The following adjustments are made in arriving at Core profit after tax from continuing operations
Taxation	(707)		(150)	(64)	(87)	(242)	112	(1,138)

The following adjustments are made in arriving at Core profit attributable to shareholders
Profit attributable to non-controlling interests from continuing operations	460					135		595
Profit attributable to non-controlling interests from discontinued operations	205	(205)
Total profit attributable to non-controlling interests	665	(205)				135		595



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Group financial review continued Adjusting items continued

Intangible asset amortisation

See page 211 for description and information on Intangible

asset amortisation.

Intangible asset impairment

See page 211 for description and information on Intangible

asset impairment. No individual intangible asset accounted for

a material impairment.

Major restructuring and integration

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 and are excluded

from Core results. Major restructuring programmes, including

integration costs following material acquisitions, are those that

are structural and are of a significant scale where the costs of

individual or related projects exceed £25 million. Other ordinary

course smaller-scale restructuring costs are retained within

Total and Core results.

Total Major restructuring charges incurred in 2024 were £353

million (2023: £382 million), analysed as follows:


			2024			2023
	Cash £m	Non- cash £m	Total £m	Cash £m	Non- cash £m	Total £m
Separation restructuring programme	200	36	236	199	117	316
Significant acquisitions	59	1	60	65	1	66
Legacy programmes	48	9	57	(1)	1	–
	307	46	353	263	119	382

The Separation restructuring programme incurred cash

charges of £200 million primarily from the restructuring of some

commercial and administrative functions as well as Global

Supply Chain. The non-cash charges of £36 million primarily

reflected the write-down of assets in administrative and

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 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

Sierra Oncology Inc. (Sierra) and Affinivax Inc. (Affinivax) which

were acquired in Q3 2022, BELLUS Health Inc. (Bellus)

acquired in Q2 2023 and Aiolos acquired in Q1 2024.

Cash charges of £48 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

£1,881 million (2023: £572 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)	2024 £m	2023 £m
Contingent consideration on former Shionogi-ViiV Healthcare Joint Venture (including Shionogi preferential dividends)	1,533	934
ViiV Healthcare put options and Pfizer preferential dividends	67	(245)
Contingent consideration on former Novartis Vaccines business	206	(187)
Contingent consideration on acquisition of Affinivax	(22)	44
Other adjustments	97	26
Total transaction-related charges	1,881	572

The £1,533 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 £1,107

million from updated future sales forecasts and exchange rates,

and the unwind of the discount for £426 million.

The £67 million charge relating to the ViiV Healthcare put

option and Pfizer preferential dividends represented an

increase in the valuation of the put option primarily as a result

of updated sales forecasts partly offset by higher preference

dividends. 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 79.

The £206 million charge relating to the contingent

consideration on the former Novartis Vaccines business

primarily related to changes to future sales forecasts.

The £22 million charge relating to the contingent consideration

on the former Novartis Vaccines business primarily related to

changes to future sales forecasts.

Significant legal charges, Divestments and

other items

Significant legal charges in the full year primarily reflected the

Q3 2024 charge of £1.8 billion ($2.3 billion) in relation to Zantac

for the State Courts Settlement, the Qui Tam Settlement, and

the remaining 7% of pending state court product liability cases,

partially offset by reduced future legal costs.

Legal charges provide for all significant legal matters and are

not broken out separately by litigation or investigation.

Divestments and other items primarily included other net

income from milestones and dividends related to investments,

as well as amounts reclassified from the foreign currency

translation reserve to the income statement upon the liquidation

of subsidiaries.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Group financial review continued

Cash generation and conversion

A summary of the consolidated cash flow statement is set out

below.


	2024 £m	2023 £m
Total net cash inflow from operating activities	6,554	6,768
Total net cash (outflow) from investing activities	(1,229)	(1,595)
Total net cash inflow/(outflow) from financing activities	(4,726)	(5,641)
Increase /(decrease) in cash and bank overdrafts	599	(468)

Cash and bank overdrafts at beginning of year	2,858	3,425
Exchange adjustments	(54)	(99)
Increase /(decrease) in cash and bank overdrafts	599	(468)
Cash and bank overdrafts at end of year	3,403	2,858

Cash and bank overdrafts at end of year comprise:
Cash and cash equivalents	3,870	2,936
Overdrafts	(467)	(78)
	3,403	2,858

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.


	2024 £m	2023 £m
Net cash inflow/(outflow) from operating activities	6,554	6,768
Purchase of property, plant and equipment	(1,399)	(1,314)
Proceeds from sale of property, plant and equipment	65	28
Purchase of intangible assets	(1,583)	(1,030)
Proceeds from sale of intangible assets	131	12
Net finance costs	(494)	(651)
Dividends from joint ventures and associates	15	12
Contingent consideration paid (reported in investing activities)	(19)	(11)
Distributions to non-controlling interests	(416)	(412)
Contribution from non-controlling interests	9	7
Free cash inflow	2,863	3,409

Net cash generated from operating activities was £6,554 million

(2023: £6,768 million), including £672 million payments for the

Zantac settlement. The increase excluding Zantac reflected

higher Core operating profit, the benefit of Q4 2023 Arexvy

receivables' collections in Q1 2024, lower pension contributions

and lower corporation tax payments, partly offset by the timing

impact from lower returns and rebates, including the impact of

the removal of the AMP cap, and lower receivables at the end

of the year.

Capital expenditure and financial investment

Cash payments for tangible fixed assets amounted to £1,399

million (2023: £1,314 million) and intangible fixed assets

amounted to £1,583 million (2023: £1,030 million) and

disposals realised £196 million (2023: £40 million). The

increase in intangible assets primarily related to acquisitions

during the year and an upfront payment to CureVac N.V. for

£342 million. Cash payments to acquire equity investments

amounted to £103 million (2023: £123 million ) and sales of

equity investments realised £2,356 million (2023: £1,832

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.


	2024 £m	2023 £m
Free cash inflow	2,863	3,409

Total cash payments to Shionogi in relation to the ViiV

Healthcare contingent consideration liability in the year were

£1,190 million (2023: £1,106 million), all of which was

recognised in cash flows from operating activities. 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 277 to 285. 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.

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 2023 for

a discussion of 2023 financial results compared to 2022.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Group financial review continued

Financial position and resources


	2024 £m	2023 £m
Assets
Non-current assets
Property, plant and equipment	9,227	9,020
Right of use assets	846	937
Goodwill	6,982	6,811
Other intangible assets	15,515	14,768
Investments in associates and joint ventures	96	55
Other investments	1,100	1,137
Derivative instruments	1	–
Deferred tax assets	6,757	6,049
Other non-current assets	1,942	1,584
Total non-current assets	42,466	40,361

Current assets
Inventories	5,669	5,498
Current tax recoverable	489	373
Trade and other receivables	6,836	7,385
Derivative financial instruments	109	130
Current equity investments	–	2,204
Liquid investments	21	42
Cash and cash equivalents	3,870	2,936
Assets held for sale	3	76
Total current assets	16,997	18,644
Total assets	59,463	59,005

Liabilities
Current liabilities
Short-term borrowings	(2,349)	(2,813)
Contingent consideration liabilities	(1,172)	(1,053)
Trade and other payables	(15,335)	(15,844)
Derivative financial instruments	(192)	(114)
Current tax payable	(703)	(500)
Short-term provisions	(1,946)	(744)
Total current liabilities	(21,697)	(21,068)

Non-current liabilities
Long-term borrowings	(14,637)	(15,205)
Corporation tax payable	–	(75)
Deferred tax liabilities	(382)	(311)
Pensions and other post-employment benefits	(1,864)	(2,340)
Other provisions	(589)	(495)
Contingent consideration liabilities	(6,108)	(5,609)
Other non-current liabilities	(1,100)	(1,107)
Total non-current liabilities	(24,680)	(25,142)
Total liabilities	(46,377)	(46,210)
Net assets	13,086	12,795

Total equity	13,086	12,795

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 2024 was £19,710 million, with a net book value

of £9,227 million. Of this, land and buildings represented

£2,766 million,, plant, equipment and vehicles £4,147 million

and assets in construction £2,314 million. In 2024, we

invested £1,393 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 2024, we

had contractual commitments for future capital expenditure of

£754 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 £846 million at 31 December

2024 compared with £937 million at 31 December 2023. The

decrease in the year primarily reflected depreciation of

£211 million, and disposals and impairments amounting to

£102 million, partially offset by additions of £230 million.

Goodwill

Goodwill increased to £6,982 million at 31 December 2024,

from £6,811 million primarily as a result of £210 million from

acquisitions-related transactions, partially offset by exchange

rate losses and other small movements of £39 million.

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 2024 was £15,515

million (2023: £14,768 million). The increase primarily reflected

additions, net of disposals and write-offs, of £2,585 million

partly offset by impairment losses, net of reversals and

amortisation, of £1,771 million and exchange rate losses of £91

million.

Investments in associates and joint ventures

We held investments in associates and joint ventures with a

carrying value at 31 December 2024 of £96 million (2023:

£55 million). See Note 21, 'Investments in associates and joint

ventures' to the financial statements, for more details.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Group financial review continued Financial position and resources continued

Current equity investments

Current equity investments amounted to £nil at 31 December

2024 (2023: £2,204 million). Current equity investments

comprise equity investments which the Group holds with the

intention to sell and which it may sell in the short term. Where

acquired with this intention, they are measured at fair value

through the profit and loss (FVTPL). 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 the income statement. During 2024,

the disposal of the remaining Haleon plc shares resulted in

gross proceeds of £2,226 million (2023: £1,863 million).

Other investments

At 31 December 2024 we held other investments with a

carrying value of £1,100 million (2023: £1,137 million). The

most significant investments held at 31 December 2024 were

in WAVE Life Sciences Ltd, SR One Capital Fund I-B, LP and

Crispr Therapeutics AG. These investments had a fair value at

31 December 2024 of £165 million (2023: £55 million), £135

million (2023: £102 million) and £101 million (2023: : £158

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.

Derivative financial instruments: assets

We held current derivative financial assets at fair value of £109

million (2023: £130 million). The majority of these financial

instruments related to foreign exchange contracts both

designated and not designated as accounting hedges..

Inventories

Inventories amounted to £5,669 million (2023: £5,498 million)

at 31 December 2024.

Trade and other receivables

Trade and other receivables amounted to £6,836 million (2023:

£7,385 million) at 31 December 2024. The decrease is mainly

driven by lower Arexvy sales in the US.

Deferred tax assets

Deferred tax assets amounted to £6,757 million (2023: £6,049

million) at 31 December 2024.

Derivative financial instruments: liabilities

We held current derivative financial liabilities at fair value of

£192 million: 2023: £114 million). This is primarily related to

foreign exchange contracts both designated and not

designated as accounting hedges.

Trade and other payables

At 31 December 2024, trade and other payables were £15,335

million compared with £15,844 million at 31 December 2023.

The decrease was primarily driven by lower returns and rebates

accruals. See Note 29, 'Trade and other payables' to the

financial statements.

Provisions

We carried deferred tax provisions and other short-term and

non-current provisions of £2,917 million at 31 December 2024

(2023: £1,550 million). Other provisions at the year-end

included £1,446 million (2023: £267 million) related to legal and

other disputes, including the Zantac settlement, and £273

million (2023: £282 million) related to Major restructuring

programmes. 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 deficits were

£103 million (2023: £763 million) on pension arrangements and

£863 million (2023: £943 million) on unfunded post-employment

liabilities. See Note 31, 'Pensions and other post-employment

benefits' to the financial statements.

Other non-current liabilities

Other non-current liabilities amounted to £1,100 million at

31 December 2024 (2023: £1,107 million).

Contingent consideration liabilities

Contingent consideration amounted to £7,280 million at

31 December 2024 (2023: £6,662 million), of which £6,061

million (2023: £5,718 million) represented the estimated

present value of amounts payable to Shionogi relating to ViiV

Healthcare, £502 million (2023: £516 million) ) represented the

estimated present value of contingent consideration payable to

the former shareholders of Affinivax and £575 million (2023:

£424 million) represented the estimated present value of

contingent consideration payable to Novartis related to the

Vaccines acquisition.

The liability due to Shionogi was £289 million in respect of

preferential dividends. An explanation of the accounting for the

non-controlling interests in ViiV Healthcare is set out on page

79.

Of the total contingent consideration payable (on a post-tax

basis) at 31 December 2024, £1,127 million (2023: £1,107

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 9.0%, and the Novartis Vaccines

contingent consideration liability is discounted partly at 8.0%

and partly at 9.0%.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Group financial review continued Financial position and resources continued

Maturity profile of bond debt

£m equivalent

€


$ US bonds	€ EUR bonds	£ GBP bonds	¥ JPY bonds

Net debt


	2024 £m	2023 £m
Liquid investments	21	42
Cash and cash equivalents	3,870	2,936
Short-term borrowings	(2,349)	(2,813)
Long-term borrowings	(14,637)	(15,205)
Net debt the end of the year	(13,095)	(15,040)

At 31 December 2024, net debt was £13.1 billion, compared

with £15.0 billion as at 31 December 2023, comprising gross

debt of £17.0 billion and cash and liquid investments of £3.9

billion. Net debt decreased by £1.9 billion primarily due to £2.9

billion net cash inflow, after £0.7 billion of Zantac settlement

payments, and £2.4 billion proceeds from the disposal of

investments, primarily due to sale of the remaining retained

stake in Haleon plc. This was partly offset by the net acquisition

costs of Aiolos and Elsie Biotechnologies of £0.8 billion and

dividends paid to shareholders of £2.4 billion.

At 31 December 2024, GSK had short-term borrowings

(including overdrafts and lease liabilities) repayable within

12 months of £2.3 billion and £1.4 billion repayable in the

subsequent year.

At 31 December 2024, GSK’s cash and liquid investments were

held as follows::


	2024 £m	2023 £m
Bank balances and deposits	2,590	1,942
US Treasury and Treasury repo only money market funds	300	155
Liquidity funds	980	839
Cash and cash equivalents	3,870	2,936
Liquid investments – government securities	21	42
	3,891	2,978

Cash and liquid investments of £3.1 billion (2023:£2.2 billion))

were held centrally at 31 December 2024.

The analysis of cash and gross debt after the effects of hedging

is as follows:


	2024 £m	2023 £m
Liquid investments	21	42
Cash and cash equivalents	3,870	2,936
Gross debt – fixed	(16,060)	(16,898)
– floating	(924)	(1,120)
– non-interest bearing	(2)	–
Net debt	(13,095)	(15,040)



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Group financial review continued Financial position and resources continued

Movements in net debt


	2024 £m	2023 £m
Total net debt at beginning of year	(15,040)	(17,197)
Increase/(decrease) in cash and bank overdrafts	599	(468)
Increase/(decrease) in liquid investments	(21)	(72)
Repayment of long-term loans(1)	1,615	2,260
Issue of long-term notes	(1,075)	(223)
Net (increase)/decrease in short-term loans	811	333
Increase in other short-term loans(2)	(266)	–
Repayment of other short-term loans(2)	81	–
Repayment of lease liabilities	226	197
Net investments/(debt) of subsidiary undertakings acquired	–	50
Exchange adjustments	117	554
Other non-cash movements	(142)	(474)
Decrease/(increase) in net debt	1,945	2,157
Total net debt at end of year	(13,095)	(15,040)


(1)	Repayment of long-term loans for 2024 of £1,615 million (2023: £2,260 million; 2022: £6,668 million) includes the current portion of long-term borrowings of £1,615 million (2023: £2,116 million; 2022: £5,074 million) which was classified as short term borrowing on the balance sheet and previously presented as repayment of short-term loans.
(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.

Total equity

At 31 December 2024, total equity had increased from

£12,795 million at 31 December 2023 to £13,086 million.

A summary of the movements in equity is set out below:


	2024 £m	2023 £m
Total equity at beginning of year	12,795	10,096
Total comprehensive income for the year	2,778	4,991
Deconsolidation of former subsidiaries	(2)	–
Dividends to shareholders	(2,444)	(2,247)
Shares issued	20	10
Changes in non-controlling interests	4	–
Hedging gain/loss transferred to non-financial assets	(6)	36
Share-based incentive plans	344	307
Tax on share-based incentive plans	4	7
Contributions from non-controlling interests	9	7
Distributions to non-controlling interests	(416)	(412)
Total equity at end of year	13,086	12,795

Share purchases

At 31 December 2024, GSK held 169.2 million shares as

Treasury shares (2023: 197.1 million shares) at a cost of

£2,958 million (2023: £3,447 million), which has been deducted

from retained earnings.

On 5 February, GSK announced an intention to commence a

£2 billion share buyback programme, to be implemented over

the next 18 months. The programme commenced on 24

February 2025.

In 2024, 27.8 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 2024, the ESOP Trusts held 64.3 million

(2023: 58.8 million) GSK shares against the future exercise

of share options and share awards and for the Executive

Supplemental Savings plan. The carrying value of

£397 million (2023: £288 million) has been deducted from

other reserves. The market value of these shares was £866

million (2023: £853 million).



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Group financial review continued Financial position and resources continued

Contractual obligations and commitments

Financial commitments are summarised in Note 36,

'Commitments' and Note 44, ‘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 2024, the Group anticipates gross contractual

cash flows of £16 billion for borrowings (excluding interest) of

which £2 billion is payable within one year and £14 billion is

payable after one year. Total undiscounted interest payable on

these loans amounts to £5.2 billion of which £0.5 billion is

payable within one year and £4.7 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 44. ‘Financial

instruments and related disclosures’ on page 245 for more

details.

At 31 December 2024, the Group had intangible assets capital

commitments of £19 billion. Of these, £1 billion would fall due

within one year and £18 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 36. ‘Commitments’ on page 232 for

more details.

At 31 December 2024, the Group anticipates gross contractual

cash flows of £1.1 billion for lease liabilities (excluding interest)

of which £0.2 billion is payable within one year and £0.9 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 44. ‘Financial

instruments and related disclosures’ on page 261 for more

details.

At 31 December 2024, 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 36. ‘Commitments’ on page 232

for more details.

At 31 December 2024, 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.

Contingent liabilities

Other contingent liabilities are set out in Note 35, 'Contingent

liabilities' to the financial statements.

The following table sets out contingent liabilities, comprising

guarantees and other items arising in the normal course of

business, and when they are expected to expire.


	Total	Under 1 yr	1-3 yrs	3-5 yrs	5 yrs+
	£m	£m	£m	£m	£m
Guarantees	6	4.0	1.0	–	1.0
Other contingent liabilities	20	–	3.0	9.0	8.0
Total	26	4.0	4.0	9.0	9.0

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 32,

'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

2024, 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 277 to 285 and Note 47, 'Legal proceedings'

to the financial statements.



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Group financial review continued

Approach to tax

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 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.

We support the exchange of country-by-country reporting

(CBCR) data between tax authorities as, validated against

existing information held on taxpayers, it will support their ability

to ensure multinational groups pay the right amount of tax in

the right places. Our published Tax Strategy includes a

summary of our country-by-country reporting (CBCR) data.

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 and 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 the use of ‘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), are 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 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 2024, the Group corporate tax charge was £526 million

(2023: £756 million) on profits before tax of £3,477 million

(2023: £6,064 million) representing an effective tax rate of

15.1% (2023: 12.5%). We made cash tax payments of £1,307

million in the year (2023: £1,328 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 2024 of 15.1% (2023: 12.5%)

was lower than the Core tax rate reflecting the different tax

effects of various Adjusting items, including the impact of

amortisation and impairments of intangible assets at higher tax

rates and the impact of the Zantac settlement.

Our Core tax rate for 2024 was 17% (2023: 15.5%). 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 2 model rules, with effect from 1

January 2024.

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 2024 Annual Report on Form 20-F

Group financial review continued

Treasury policies

We report in Sterling and pay dividends out of Sterling cash

flows. 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 10 October 2024. 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 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 Standard & Poor’s. Usage of these limits is

actively monitored and any breach of these limits would be

reported to the Chief Financial Officer immediately.

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.

100



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Group financial review continued


Capital allocation

Capital allocation framework to support

investment and returns

Priority is to invest for growth, coupled with attractive

shareholder returns

(1)£2bn share buyback programme to be completed over 18 months

Our capital allocation framework to support

investment and returns

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 61p per share for the full year 2024. The expected

dividend for 2025 is 64p.

In the event of surplus cash, the excess would be considered

for further returns to shareholders. We remain committed to

maintaining a balance sheet with a strong investment grade

credit rating.

Given the significant transformation since the demerger, we

now have a strong balance sheet, which gives us a high level of

flexibility for the acceleration of organic investments and further

business development, whilst also enabling a step up in

shareholder returns. We expect to augment our dividend with a

£2 billion share buyback programme to be completed over the

next 18 months.

101



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Group financial review continued

Critical accounting policies

The Group 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 International Financial Reporting

Standards (IFRS) as issued by the International Accounting

Standard Boards (IASB).

We are required to make 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 critical accounting policies relate to the following areas:

–Turnover

–Taxation (Note 14)

–Legal and other disputes (Note 47)

–Contingent liabilities (Note 35)

–Pensions and other post-employment benefits (Note 31)

–Impairment of intangible assets (Note 20)

Information on the judgements and estimates made in these

areas is given in Note 3, 'Critical accounting judgements and

key sources of estimation uncertainty' to the financial

statements.

Turnover

In respect of the turnover accounting policy, our largest

business is US Commercial Operations, and the US market

has the most complex arrangements for rebates, discounts and

allowances. The following briefly describes the nature of the

arrangements in existence in our US Commercial Operations:

–We have arrangements with certain indirect customers

whereby the customer is able to buy products from

wholesalers at reduced prices. A chargeback represents the

difference between the invoice price to the wholesaler and

the indirect customer’s contractual discounted price. Accruals

for estimating chargebacks are calculated based on the

terms of each agreement, historical experience and product

growth rates.

–Customer rebates are offered to key managed care and

Group Purchasing Organisations and other direct and

indirect customers. These arrangements require the

customer to achieve certain formulary status, performance

targets relating to the value of product purchased or pre-

determined market shares relative to competitors. The

accrual for customer rebates is estimated based on the

specific terms in each agreement, historical experience and

product growth rates.

–The US Medicaid programme is a state-administered

programme providing assistance to certain poor and

vulnerable patients. In 1990, the Medicaid Drug Rebate

Program was established to reduce state and federal

expenditure on prescription drugs. In 2010, the Patient

Protection and Affordable Care Act became law. We

participate by providing rebates to states. Accruals for

Medicaid rebates are calculated based on the specific terms

of the relevant regulations or the Patient Protection and

Affordable Care Act.

–Cash discounts are offered to customers to encourage

prompt payment. These are accrued for at the time of

invoicing and adjusted subsequently to reflect actual

experience.

–We record an accrual for estimated sales returns by applying

historical experience of customer returns to the amounts

invoiced, together with market-related information such as

stock levels at wholesalers, anticipated price increases and

competitor activity.

A reconciliation of gross turnover to net turnover for US

Commercial Operations is as follows:


	2024		2023		2022
	£m	Margin %	£m	Margin %	£m	Margin %
Gross turnover	30,484	100	32,359	100	29,814	100

Market-driven segments	(7,704)	(25)	(8,874)	(27)	(8,275)	(28)
Government mandated and state programmes	(5,394)	(18)	(6,385)	(20)	(6,218)	(21)
Cash discounts	(502)	(2)	(566)	(2)	(536)	(2)
Customer returns	(272)	(1)	(344)	(1)	(255)	(1)
Prior year adjustments	631	2	591	2	780	3
Other items	(859)	(3)	(961)	(3)	(768)	(2)
Total deductions	(14,100)	(47)	(16,539)	(51)	(15,272)	(51)
Net turnover	16,384	53	15,820	49	14,542	49

Market-driven segments consist primarily of managed care and

Medicare plans with which we negotiate contract pricing that is

honoured via rebates and chargebacks. Mandated segments

consist primarily of Medicaid and federal government

programmes which receive government-mandated pricing via

rebates and chargebacks.

102



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Group financial review continued Critical accounting policies continued

Overall sales deduction as a percentage of sales have

decreased year over year in line with our commercial

contracting strategy, movement in product mix and steps taken

to address removal of the Average Manufacturer Price (AMP)

Cap. Deductions within the year were split approximately as

follows: General Medicines 61%, Specialty Medicines 28% and

Vaccines 11%.

At 31 December 2024, the total accrual for discounts, rebates,

allowances and returns for US Commercial Operations

amounted to £5,235 million (2023: £5,951 million).

A monthly process is operated to monitor inventory levels at

wholesalers for any abnormal movements. This process uses

gross sales volumes, prescription volumes based on third-party

data sources and information received from key wholesalers.

The aim of this is to maintain inventories at a consistent level

from year to year based on the pattern of consumption.

On this basis, US Commercial Operations inventory levels at

wholesalers and in other distribution channels at 31 December

2024 were estimated to amount to approximately four weeks of

turnover. This calculation uses third-party information, the

accuracy of which cannot be totally verified, but is believed to

be sufficiently reliable for this purpose.

Legal and other disputes

In respect of the accounting policy for legal and other disputes,

the following briefly describes the process by which we

determine the level of provision that is necessary.

In accordance with the requirements of IAS 37, ‘Provisions,

contingent liabilities and contingent assets’, we provide for

anticipated settlement costs where an outflow of resources is

considered probable and a reliable estimate may be made of

the likely outcome of the dispute and legal and other expenses

arising from claims against the Group.

We 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,

appropriate disclosure about such cases would be included in

the Annual Report, but no provision would be made.

This 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.

Like many pharmaceutical companies, we are faced with

various complex product liability, anti-trust and patent litigation,

as well as investigations of our operations conducted by

various governmental regulatory agencies. Throughout the

year, the General Counsel of the Group, as head of the Group’s

legal function, supported by the Senior Vice President and

Head of Global Litigation for the Group, who is responsible for

all litigation and government investigations, routinely brief the

Chief Executive Officer, the Chief Financial Officer and the

Board of Directors on the significant litigation pending against

the Group and governmental investigations of the Group.

These meetings, as appropriate, detail the status of significant

litigation and government investigations and review matters

such as the number of claims notified to us, information on

potential claims not yet notified, assessment of the validity of

claims, progress made in settling claims, recent settlement

levels and potential reimbursement by insurers.

The meetings also include an assessment of whether or not

there is sufficient information available for us to be able to

make a reliable estimate of the potential outcomes of the

disputes. Often, external counsel assisting us with various

litigation matters and investigations will also assist in the

briefing of the Board and senior management. Following these

discussions, for those matters where it is possible to make a

reliable estimate of the amount of a provision, if any, that may

be required, the level of provision for legal and other disputes is

reviewed and adjusted as appropriate. These matters are

discussed further in Note 47, 'Legal proceedings' to the

financial statements.

104



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

The Board


Sir Jonathan Symonds, CBE Non-Executive Chair Age: 65 Nationality: British Appointed: 1 September 2019	Skills and experience Jon has extensive international financial, life sciences and governance experience. Jon served as an Independent Non-Executive Director of HSBC Holdings plc from April 2014 and as Chairman of the Group Audit Committee from 1 September 2014 and Deputy Group Chairman from August 2018, until his retirement from the Board in February 2020. He was previously Chairman of HSBC Bank plc, Chief Financial Officer of Novartis AG, Partner and Managing Director of Goldman Sachs, Chief Financial Officer of AstraZeneca plc, and a Partner at KPMG. Jon was previously a Senior Advisor to Chatham House. Jon is a Fellow of the Institute of Chartered Accountants in England and Wales, an Honorary Fellow of the Oxford School of Pharmacology, and an Honorary Member of the Academy of Medical Sciences. External appointments Non-Executive Director, Genomics England Limited having previously served as its Chairman; Non-Executive Chair, Energy Aspects; Member, European Round Table for Industry; Member, Investor & Issuer Forum (I&IF) Steering Committee.
Dame Emma Walmsley Chief Executive Officer Age: 55 Nationality: British Appointed: 1 January 2017 Chief Executive Officer from 1 April 2017	Skills and experience Before being appointed as GSK’s CEO, Emma was the CEO of GSK Consumer Healthcare, a joint venture between GSK and Novartis, from its creation in March 2015. Emma joined GSK in 2010 from L’Oreal, having worked there for 17 years in a variety of roles in Paris, London, New York and Shanghai. Emma’s position as an Independent Director of Microsoft, Inc., further supplements the technology and cyber security experience she brings to the Board. Emma holds an MA in Classics and Modern Languages from Oxford University. External appointments Independent Director, Microsoft, Inc.
Julie Brown Chief Financial Officer Age: 62 Nationality: British Appointed: 1 May 2023	Skills and experience Julie has an extensive financial and life sciences background, having been the Group CFO of Smith & Nephew from 2013 to 2017 and serving as a Non-Executive Director and Audit Chair of Roche Holding AG from 2016 to 2022. Before this, Julie was Interim Group CFO of AstraZeneca plc, having worked in a wide range of commercial, strategic and financial positions across three continents over a 25 year period. Julie was also Chief Operating Officer and CFO and Executive Director of Burberry Group plc from 2017 to 2023, where her responsibilities included Finance, Transformation, Information Technology and oversight of cyber security, Investor Relations and Sustainability. Julie is a Fellow of the Institute of Chartered Accountants and the Institute of Tax. External appointments Co-Chair, CFO Leadership Network, Accounting for Sustainability (part of the King Charles III Charitable Fund Group of Companies); Patron, Oxford University Women in Business; Non- Executive Director and Chair of the Audit Committee, Diageo plc.
Elizabeth (Liz) McKee Anderson Independent Non-Executive Director Age: 67 Nationality: American Appointed: 1 September 2022	Skills and experience Liz brings significant experience in commercial biopharmaceuticals and is a seasoned biotech board member. Her significant experience in commercial biopharmaceuticals, both operationally and at Board level, as well as her deep understanding of the biotechnology sector and application of technology, are invaluable to GSK as a pure biopharma company. Before her current roles, Liz served as Worldwide Vice President and commercial leader in infectious diseases and vaccines and also for immunology and oncology at Janssen Pharmaceuticals, and as Vice President and General Manager at Wyeth Vaccines. Liz was also previously a Board member of Huntsworth Plc and a Board Member and Chair of the Science, Technology and Investment Committee of Bavarian Nordic A/S. Liz has a degree in Engineering and Technical Management and an MBA in Finance. External appointments Board Member, BioMarin Pharmaceutical, Inc; Board Member, Revolution Medicines, Inc; Board Member, Insmed, Inc; Trustee, The Wistar Institute; Director, Aro Biotherapeutics Company, a private company.

Key

Committee Chair

Corporate Responsibility

Science

Nominations & Corporate Governance

Audit & Risk

Remuneration

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The Board continued


Charles Bancroft Senior Independent Non-Executive Director Age: 65 Nationality: American Appointed: 1 May 2020 Senior Independent Non-Executive Director from 18 July 2022	Skills and experience Charlie has a wealth of financial and management experience in global biopharma. Charlie retired from a successful career at Bristol Myers Squibb (BMS) in March 2020 where he held a number of leadership roles in commercial, strategy and finance. Beginning his career at BMS in 1984, he held positions of increasing responsibility within the finance organisation and had commercial operational responsibility for Latin America, Middle East, Africa, Canada, Japan and several Pacific Rim countries. He was appointed Chief Financial Officer in 2010, Chief Financial Officer and Executive Vice President, Global Business Operations in 2016 and Executive Vice President and Head of Integration and Strategy & Business Development in 2019. As Chief Financial Officer, Charlie had line management responsibility for Information Technology, including cyber security. Charlie successfully steered BMS through a period of strategic transformation, including its $74 billion acquisition of Celgene. Charlie also served as a member of the Board of Colgate-Palmolive Company from 2017 until March 2020. External appointments Board Member, Kodiak Sciences Inc; Board Member, BioVector Inc; Advisory Board Member, Drexel University’s LeBow College of Business; Advisor, Patent Protection Research. The Board determined that Charlie has recent and relevant financial experience and agreed that he has the appropriate qualifications and background to be an audit committee financial expert.
Dr Hal Barron Non-Executive Director Age: 62 Nationality: American Appointed: 1 January 2018 Chief Scientific Officer and President, R&D from 1 April 2018 Transitioned to the role of Non-Executive Director on 1 August 2022	Skills and experience Hal has had a distinguished career in biosciences, with a strong track record of research and development (R&D). He joined the Board of GSK in 2018 as Chief Scientific Officer and President, R&D, where he brought a new approach to R&D which focused on science related to the immune system, the use of human genetics and advanced technologies to help identify the next generation of transformational medicines. In August 2022, he transitioned to a Non- Independent Non-Executive Director, with additional responsibilities to support R&D. Before joining GSK, Hal was President, R&D at Calico LLC (California Life Company), an Alphabet-funded company that uses advanced technologies to increase understanding of lifespan biology. Hal was previously Executive Vice President, Head of Global Product Development, and Chief Medical Officer of Roche, responsible for all the products in the combined portfolio of Roche and Genentech. At Genentech, he was Senior Vice President of Development and Chief Medical Officer. Hal was a Non-Executive Director and Chair of the Science & Technology Committee at Juno Therapeutics, Inc until March 2018, when it was acquired by Celgene Corporation. He previously served as a Non-Executive Board Director of GRAIL, Inc and an Advisory Board Member of Verily Life Sciences LLC. External appointments CEO and Board Co-Chair, Altos Labs Inc; Associate Adjunct Professor, Epidemiology & Biostatistics, University of California, San Francisco.
Dr Anne Beal Independent Non-Executive Director Age: 62 Nationality: American Appointed: 6 May 2021	Skills and experience Anne brings extensive healthcare experience to the Board as a physician and entrepreneur combined with a passion for patient advocacy. She is a recognised health policy expert in the development of global and national programmes for improving healthcare access for all patient groups and in ensuring the voice of patients is reflected in research programmes. Prior to her current roles, Anne spent six years at Harvard Medical School and Massachusetts General Hospital, where she was an instructor in paediatrics. She has also held leadership roles at the Commonwealth Fund and the Aetna Foundation. Anne was previously Deputy Executive Director and Chief Engagement Officer for The Patient-Centered Outcomes Research Institute in the US and Chief Patient Officer and Global Head of Patient Solutions at Sanofi. In addition, Anne was previously a member of the Board of Academy Health. External appointments Founder and CEO, AbsoluteJOI Skincare; Board Member, Prolacta Bioscience; Board Member, Omada Health, Inc; Member of Board of Trustees, Brown University.

Key

Committee Chair

Corporate Responsibility

Science

Nominations & Corporate Governance

Audit & Risk

Remuneration

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The Board continued


Wendy Becker Independent Non-Executive Director Age: 59 Nationality: American Appointed: 1 October 2023	Skills and experience Wendy is a highly experienced Non-Executive Director and has held significant leadership positions in a wide range of global businesses in public, private and non-profit sectors. She possesses a wealth of strategic and consumer marketing expertise in particular across the technology and life sciences sectors. Wendy has strong executive management experience, having been Chief Executive Officer at Jack Wills Limited, Group Chief Marketing Officer at Vodafone Group plc and Partner at McKinsey & Company. Wendy’s interest in science, healthcare and medical research dates to her time at McKinsey, where she worked with a range of healthcare clients in the US and Europe. This was furthered during the years that she served on the Board of Cancer Research UK. More recently, Wendy spent time as a Non-Executive Director of NHS England and as Chair of the British Heart Foundation. Wendy has held several Non-Executive Director roles, amongst others, as Chair of the Remuneration Committees of Great Portland Estates plc and Ocado Group plc, a member of the Remuneration and Audit Committees of Whitbread plc and Senior Independent Director and Chair of the Remuneration Committee of Oxford Nanopore Technologies plc. Through her current and prior roles in technology companies, Wendy adds to the Board’s experience in cyber security. External appointments Chair of Logitech International S.A.; Vice Chair of the Board and Chair of the Compensation Committee, Sony Group Corporation; Member of the governing bodies of the University of Oxford; Trustee, University of Oxford.
Dr Harry (Hal) C Dietz Independent Non-Executive Director and Scientific & Medical Expert Age: 66 Nationality: American Appointed: 1 January 2022	Skills and experience Hal brings extensive experience in the field of human genetics which is central to GSK’s approach to R&D. He is a former President of the American Society of Human Genetics and is recognised as the world’s leading authority on the genetic disorder known as Marfan Syndrome. He also brings experience in developing novel therapies, particularly in relation to disease- modifying treatments for fibrotic and neurodegenerative diseases. In total, Hal has authored 282 original publications in peer-reviewed journals during his career. As a physician scientist, he has dedicated his entire career to the care and study of individuals with heritable connective tissue disorders with primary perturbations of extracellular matrix homeostasis and function. His lab has identified the genes for many of these conditions, for which he uses model systems to explain disease mechanisms. Hal has received many prestigious awards including the Curt Stern Award from the American Society of Human Genetics, the Colonel Harland Sanders Lifetime Achievement Award in Medical Genetics, the Taubman Prize for excellence in translational medical science, the Harrington Prize from the American Society for Clinical Investigation and the Harrington Discovery Institute, the Pasarow Award in Cardiovascular Research, the InBev-Baillet Latour Health Prize from Belgium, and the Research Achievement Award from the American Heart Association. He is an inductee of the American Society for Clinical Investigation, the American Association for the Advancement of Science, the Association of American Physicians, the National Academy of Medicine, and the National Academy of Sciences. Hal was previously an Investigator at the Howard Hughes Medical Institute. External appointments Victor A. McKusick Professor of Paediatrics, Medicine, and Molecular Biology & Genetics in the Department of Genetic Medicine, The Johns Hopkins University School of Medicine; Non- Executive Board Director, Altius Institute for Biomedical Sciences; Independent Chair, GSK’s Human Genetics Scientific Advisory Board.

Key

Committee Chair

Corporate Responsibility

Science

Nominations & Corporate Governance

Audit & Risk

Remuneration

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The Board continued


Dr Jesse Goodman Independent Non-Executive Director and Scientific & Medical Expert Age: 73 Nationality: American Appointed: 1 January 2016	Skills and experience Jesse brings scientific and public health expertise to the Board’s deliberations. He has a wealth of experience spanning science, medicine, vaccines, regulation and public health, and has a proven record in addressing pressing public health needs in both the academic and federal sectors. Jesse previously served in senior leadership positions at the US Food and Drug Administration (FDA), including most recently as the FDA’s Chief Scientist and previously as Deputy Commissioner for Science and Public Health and as Director of the Center for Biologics Evaluation and Research (CBER). Jesse played a leadership role in developing the FDA’s Regulatory Science and Medical Countermeasures Initiatives and has worked collaboratively with industry, academia, government and global public health and regulatory partners to prepare for and respond to major public health threats, including emerging infectious diseases, disasters and terrorism. He led the FDA’s response to West Nile Virus and to the 2009 H1N1 influenza pandemic and served on the Senior Leadership Team for the 2010 White House Medical Countermeasure Review. Jesse was previously a member of both the Scientific Advisory Committee and the Regulatory and Legal Working Group of the Coalition for Epidemic Preparedness Innovations (CEPI). In addition, Jesse was a Board Member of the Scientific Counselors for Infectious Diseases, Centers for Disease Control and Prevention (CDC). External appointments Professor of Medicine and Attending Physician, Infectious Diseases, Georgetown University and directs the Georgetown University Center on Medical Product Access, Safety and Stewardship (COMPASS); Board Member (formerly President), United States Pharmacopeia (USP); Board Member, Intellia Therapeutics Inc; Member, US National Academy of Medicine; Board Member, BiomX Inc; Member of Committee on the Evidence Base for Lyme Infection-Associated Chronic Illnesses Treatment, National Academies Sciences Engineering Medicine.
Dr Jeannie Lee Independent Non-Executive Director and Scientific & Medical Expert Age: 60 Nationality: American Appointed: 4 March 2024	Skills and experience Jeannie is a pioneer in the field of RNA Biology and its application to drug development and therapeutics. In addition to senior leadership positions held at both Harvard Medical School and the Massachusetts General Hospital, Jeannie co-founded Translate Bio and Fulcrum Therapeutics, two biotech companies specialising in RNA and epigenetic therapies. Jeannie is a Member of the National Academy of Sciences and the National Academy of Medicine. She is a Harrington Rare Disease Scholar of the Harrington Discovery Institute, a recipient of the Lurie Prize from the Foundation for the National Institutes of Health, an awardee of the Centennial Prize from the Genetics Society of America, the 2010 Molecular Biology Prize and the 2020 Cozzarelli Prize from the National Academy of Sciences, U.S.A, and a Fellow of the American Association for the Advancement of Science. She has also served on the Board of the Genetics Society of America. External appointments Endowed Chair of Molecular Biology, Vice Chair of Genetics and Professor of Genetics (& Pathology), Harvard Medical School; Chair of Molecular Biology, Massachusetts General Hospital; Co-Founder and Consultant, Fulcrum Therapeutics; Scientific Advisory Board member, Skyhawk Therapeutics Inc.; Manager and Registered Agent, Pink Onion LLC.
Dr Vishal Sikka Independent Non-Executive Director Age: 57 Nationality: American Appointed: 18 July 2022	Skills and experience Vishal has a distinguished background in technology, particularly in Artificial Intelligence (AI) and Machine Learning (ML), which are central to GSK’s approach to R&D. He also brings a deep understanding of cyber security to the Board. He is the founder and CEO of Vianai Systems, Inc, a Silicon Valley-based company that provides advanced technological software and services in AI and ML to large enterprises around the world. Before founding Vianai Systems in 2019, Vishal served as CEO of Infosys Limited, where he led an innovative strategy to help clients renew existing IT landscapes, using AI/automation, design thinking and next-generation technologies to transform customer experiences. He also served as a member of the Executive Board of SAP SE, prior to which he was its Chief Technology Officer, and also as a Board Member of Oracle Corporation. Vishal has a PhD in AI from Stanford University and has co-authored several research abstracts related to AI, technology and database management. External appointments Founder and CEO, Vianai Systems, Inc; Member, Supervisory Board, BMW AG; Member of the Advisory Board of Stanford University's AI Center (Institute for Human-Centered Artificial Intelligence).

Key

Committee Chair

Corporate Responsibility

Science

Nominations & Corporate Governance

Audit & Risk

Remuneration


Directors departing during 2024
Urs Rohner	1 January 2015 to 8 May 2024	Retired from the company on 8 May 2024

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. Dr Jesse Goodman

reached nine years of service and will step down from the Board at the 2025 AGM as planned. He continues to demonstrate all

the characteristics of independence expected by the Board in carrying out his role as a Director.

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GSK Leadership Team (GLT)


	Skills and experience
Emma Walmsley Chief Executive Officer	Emma joined GSK in 2010 and the GLT in 2011. See Board biographies on pages 104 to 107.
Julie Brown Chief Financial Officer	Julie joined GSK and the GLT in 2023. See Board biographies on pages 104 to 107.
Diana Conrad Chief People Officer	Diana was appointed Chief People Officer and member of the GLT in April 2019. She was previously Senior Vice President, HR, Pharmaceuticals R&D from 2016 where she played a key strategic role as leader of the R&D people and culture agenda to support its transformation. Diana joined GSK Canada’s HR team in 2000 where she held several roles of increasing responsibility before becoming Senior Vice President, HR for Consumer Healthcare in 2009. Prior to joining GSK, she held HR roles in companies including GE Capital, Gennum Corporation and Zenon Environmental Laboratories. Diana has an Honours Bachelor of Arts from McMaster University in Canada.
James Ford SVP & Group General Counsel, Legal and Compliance	James joined the GLT in 2018, when he was appointed Senior Vice President and Group General Counsel, later taking responsibility for Compliance, Corporate Security and Investigations in 2021. He joined GSK in 1995 and has served as General Counsel Consumer Healthcare, General Counsel Global Pharmaceuticals, Vice President of Corporate Legal and was Acting Head of Global Ethics and Compliance. Prior to GSK, James was a solicitor at Clifford Chance and DLA. He holds a law degree from the University of East Anglia and a Diploma in Competition Law from King's College. He is qualified as a solicitor in England and Wales and is an attorney at the New York State Bar. James is based in London and has practised law and lived in the US, Singapore and Hong Kong. James was co-chair of the US- based Civil Justice Reform Group 2019-2022, and is a director of the European General Counsel Association and the Association of Corporate Counsel.
Sally Jackson SVP, Global Communications and CEO Office	Sally joined the GLT in March 2019 as Senior Vice President, Global Communications and CEO Office. She leads our Communications and Government Affairs function globally and is also the CEO’s Chief of Staff. Prior to this, Sally was Senior Vice President, Office of the CEO and CFO and she previously served as Head of Investor Relations. She joined GSK in 2001. Sally holds a degree in Natural Sciences from the University of Cambridge.
Luke Miels Chief Commercial Officer	Luke joined GSK and the GLT in 2017. As Chief Commercial Officer he is responsible for our commercial portfolio of medicines and vaccines. Luke also co-chairs the Portfolio Investment Board with Tony Wood and is a member of the ViiV Healthcare Board. Outside of GSK, Luke is a member of the Singapore Economic Development Board. He previously worked for AstraZeneca as Executive Vice President of their European business and, prior to that, was Executive Vice President of Global Product and Portfolio Strategy, Global Medical Affairs and Corporate Affairs. Before that, he was head of Asia for Roche, based in Shanghai and then Singapore. Prior to that he held roles of increasing seniority at Roche, Sanofi-Aventis and AstraZeneca in the US, Europe and Asia. Luke holds a Bachelor of Science degree in Biology from Flinders University in Adelaide and a MBA from the Macquarie University, Sydney.
Shobie Ramakrishnan Chief Digital and Technology Officer	Shobie joined the GLT in 2021. As Chief Digital and Technology Officer, she is responsible for Technology and Cyber Security at GSK. She joined GSK in 2018 as CDTO for GSK’s Commercial business and has deep and broad experience in both biotech and hi-tech companies. Prior to GSK, Shobie held senior technology leadership roles in organisations including AstraZeneca, Salesforce, Genentech and Roche. She is Board Member Emeritus at SustainableIT.org and was formerly a member of the board of directors at Remediant. Outside of GSK, Shobie is a Non-Executive Director at Deliveroo. Shobie holds a Bachelor’s degree in Electronics Engineering from Vellore Institute of Technology, University of Madras, India.

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GSK Leadership Team (GLT) continued


	Skills and experience
David Redfern President, Corporate Development	David joined the GLT as Chief Strategy Officer in 2008 and is responsible for corporate development and strategic planning. Previously, he was Senior Vice President, Northern Europe with responsibility for GSK’s pharmaceutical businesses in that region and, before that, he was Senior Vice President for Central and Eastern Europe. He joined GSK in 1994. David was appointed Chairman of the Board of ViiV Healthcare Limited in 2011 and a Non-Executive Director of the Aspen Pharmacare Holdings Limited Board in 2015. He has a Bachelor of Science degree from Bristol University and is a Chartered Accountant.
Regis Simard President, Global Supply Chain	Regis joined the GLT in 2018, when he became President, Pharmaceuticals Supply Chain. He is responsible for the manufacturing and supply of GSK’s medicines and vaccines. In addition, he leads Quality and Environment, Health, Safety and Sustainability at a corporate level. Regis joined GSK in 2005 as a Site Director in France, rising to become Senior Vice President of Global Pharmaceuticals Manufacturing before his current role. Previously, he held senior positions at Sony, Konica Minolta and Tyco Healthcare. He is a member of the Board of ViiV Healthcare. He is a mechanical engineer and holds an MBA.
Phil Thomson President, Global Affairs	Phil joined the GLT in 2011. He was appointed President, Global Affairs in 2017, and has responsibility for the Group’s strategic approach to stakeholder engagement, reputation and policy development. Previously, Phil was Senior Vice President, Communications and Government Affairs. He joined Glaxo Wellcome as a commercial trainee in 1996. Phil holds a degree in English, History and Russian Studies from Durham University.
Deborah Waterhouse CEO, ViiV Healthcare and President, GSK Global Health	Deborah was appointed to the GLT in January 2020. She became Chief Executive Officer of ViiV Healthcare in April 2017. In addition to ViiV, Deborah also leads GSK’s Global Health organisation. Deborah joined GSK in 1996 and, prior to ViiV, was the Senior Vice President of Primary Care within GSK’s US business. She has a strong track record of performance in both specialty and primary care. Deborah led the HIV business in the UK before heading the HIV Centre of Excellence for Pharma Europe and held roles as General Manager of Australia and New Zealand and Senior Vice President for Central and Eastern Europe. Deborah is a Non-Executive Director of Schroders plc and holds a degree in Economic History and English Literature from Liverpool University.
Tony Wood Chief Scientific Officer	Tony was appointed Chief Scientific Officer (CSO), Head of R&D and a member of GLT on 1 August 2022, following his appointment as CSO designate on 19 January 2022. He joined GSK from Pfizer in 2017 as Senior Vice President, Medicinal Science and Technology, responsible for all science and technology platforms driving the delivery of new innovation. Tony has led large-scale global organisations in drug discovery and development in multiple therapeutic areas, including immunology, oncology and infectious diseases. During his time at Pfizer, Tony was responsible for the invention of a new antiretroviral medication used to treat HIV infection. He is a Fellow of the Academy of Medical Sciences, an Honorary Fellow of the Royal Society of Chemistry (RSC), the highest honour given by the RSC, and a Fellow of the Royal Society of Biology. Tony has a BSc in chemistry and PhD in organic synthesis from the University of Newcastle, and was a postdoctoral fellow at Imperial College, London. He is also currently a visiting professor at IMCM Oxford.

GLT members departing during 2024

There were no changes to the composition of the GLT during 2024.

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Chair’s governance statement

The primary focus of the Board’s work

in 2024 was on building confidence in

the growth strategy to 2031. In 2025,

the Board will spend significantly more

time on the period beyond 2031 and the

advanced technologies that will shape

the industry

Sir Jonathan Symonds, Chair

Board evolution

The Board is now three years into GSK’s transition as a pure

biopharma company. Each of my Board colleagues now brings

unique expertise and experience, contributing to the collective

strength of the Board’s scientific and technological capabilities

to oversee, support and challenge delivery of our strategy and

its underlying value proposition.

We now have the right balance of skills, background and

knowledge to equip us to challenge and support GSK’s

leadership team on performance. Board discussions are richer

and have increased intensity with every Board member

contributing based on their specialist areas of knowledge. Our

discussions focus on delivering our strategy and value creation,

whilst driving sustained value for patients, healthcare systems

and society at large.

Board changes

Given the appointments made in recent years, I am pleased to

report that looking forward we have reached a period of stability

in the Board’s membership. I reported last year that Urs Rohner

would step down at the AGM and be succeeded by Wendy

Becker. I set out in last year’s report the process we followed

for Wendy’s selection and appointment.

Board industry experience

The Nominations & Corporate Governance Committee has

since undertaken two further search processes in collaboration

with the Science Committee to refresh the Board’s scientific

expertise. These follow the departure of Dr Laurie Glimcher

from the Board in October 2022 and in anticipation of Dr Jesse

Goodman retiring from the Board after nine years’ service in

May 2025.

We were pleased to announce the appointment of Dr Jeannie

Lee in March last year. In addition, Dr Gavin Screaton will join

the Board in May, as Jesse retires. They both bring expertise in

key parts of our R&D approach.

Jeannie is Vice Chair of the Department of Genetics at Harvard

Medical School. She has brought her deep expertise in

scientific and medical innovation, including in the field of RNA

biology and epigenetics.

Gavin is a prominent figure in the field of immunology and

infectious diseases. He is Head of the Medical Sciences

Division at the University of Oxford, one of the world’s leading

academic research centres. Gavin’s work extends to other

critical infectious diseases, including HIV, SARS, and

COVID-19, where his research has influenced treatment and

prevention strategies worldwide.

Non-Executive Director tenure


n	Up to 3 years: 40%
n	3-6 years: 40%
n	6-9 years: 10%
n	Over 9 years: 10%

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Chair’s governance statement continued

Board focus in 2024

The Board, both individually and collectively, has been deeply committed to driving forward GSK's purpose, strategy and

culture to support the creation of long-term shareholder value. During the year, the Board’s priorities and time was broadly

focused as follows:

GSK is continuing to deliver meaningful and consistent

performance improvements. This needs to be sustained

through effective capital allocation and thoughtful strategic

choices. The Board and management’s agendas are

completely aligned with a clear focus on the three time periods

that management communicates on – financial performance to

2026, pipeline progress and business development to support

the growth ambitions to 2031, and the science and

technologies that support the long-term growth of the business

beyond 2031.

The primary focus of the Board’s work in 2024 was on building

confidence in growth to 2031. In 2025, the Board will spend

significantly more time on the period beyond 2031 and the

advanced technologies that will shape the industry.

The Board remains extremely focused on disciplined allocation

of capital. The Board reviewed all of the strategies and priorities

prior to updates provided to the market. Our first priority for

capital remains to invest in growth in R&D. The growth strategy,

the launch of a share buyback programme and the increased

dividend expectations provided with the 2024 annual results

were reviewed extensively in the second half of the year, along

with GSK’s longer-term strategic plan. This followed the Board,

the Audit & Risk Committee and management’s significant work

in reducing the unnecessary exposures for the company and

shareholders in respect of the Zantac litigation. The retirement

of the Zantac risk, through the settlement of the vast majority of

the cases in the US, was an important step.

Targeted business development remains a key priority. The

Board and Science Committee worked alongside Emma and

the management team to understand the scientific rationale,

competitiveness of the assets under consideration, and the

potential returns and value creation. This was a significant

activity in 2024.

Board visits are an important element of our Board programme.

In March, the Board had a three-day immersion in our HIV

franchise with a visit to ViiV’s hub in North Carolina, US. This

provided an opportunity to ensure that the Board has a deeper

understanding of the future prospects of the HIV business. The

meetings involved a panel discussion with key external

stakeholders from the HIV community, together with meetings

with the ViiV management team and its key talent. It then

concluded with a poster session with the R&D team in their lab

to review the HIV pipeline and ongoing projects. In March this

year, the Board will hold its meeting in Philadelphia, US, for an

immersion in Oncology.

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Chair’s governance statement continued

R&D progress and technology

The longer-term future of the company will come from deep

sustainable productivity of internally and externally sourced

R&D and from our investment in technology. We continue to

focus on the significant opportunities that can come from AI/ML,

which continues to be a theme running through every Board

meeting. Indeed, the path we set out on is rooted in our

commitment to transform our productivity through the use of

technology.Last year’s Board’s R&D updates centred on

Oncology – including ADCs, mRNA and RNA vaccines, immune

ageing and B cell depletion. We also reviewed therapy area

tech and target discovery. These discussions as always are

supported and validated by prior deep dives undertaken by the

Science Committee. The Board was also very pleased to track

R&D’s execution in the late stage pipeline during the year with

an exceptional 13 positive phase III clinical trial readouts across

Respiratory, Immunology & Inflammation, Oncology, HIV and

Infectious Diseases – a record for the company.

The Board continues to embrace the potential of AI/ML in every

part of the business. It is crucial to our medium- and long- term

success. We draw from the Tech expertise of our Board

members, most especially Dr Hal Barron, with his experience at

Verily and Google, and Dr Vishal Sikka’s tech vantage points

and experience.

Our CEO also continues to bring insights from her role at

Microsoft, along with my own experience of the use of

technology in biotechs and the UK’s national genomics

programmes. We hold educational briefings on new

developments in AI/ML and review cyber and tech incidents in

the external environment to seek to ensure GSK’s environment

continues to safely evolve at pace. Our biggest investment has

been in R&D, but every part of GSK now has technology built

into its optimisation. Given the importance of Tech it was a

specific focus of the CEO’s 2024 objectives.

Sir Jonathan Symonds

Chair

25 February 2025

Financial Reporting Council’s UK Corporate Governance Code (FRC Code)

Financial experience

In accordance with the FRC Code, the Board determined that

Charles Bancroft has recent and relevant financial

experience. It also agreed that he has the appropriate

qualifications and background to be an audit committee

financial expert as defined by the Sarbanes-Oxley Act of

2002, and has determined that he is independent within the

meaning of the Securities Exchange Act of 1934,

as amended.

Members of the Audit & Risk Committee also have financial

and industry experience, details of which can be found in their

biographies on pages 104 to 107.

Compliance statement

The Board is pleased to report in 2024 it was in full alignment

with the provisions of the FRC Code. The Board’s

explanation of how the Board considers its workforce

engagement arrangements to be effective is set out on page

117.

The Board is also pleased to report that it has consistently

applied the principles of the Code, as set out on the pages of

this Corporate Governance report. A copy of the FRC Code

is available on the FRC’s website at www.frc.org.uk.

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Corporate governance architecture

Our corporate governance architecture is a framework designed to improve the Board's effectiveness and to support its oversight of

the GSK Leadership Team (GLT) 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 60 to 71 and page 130.

To make sure 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 114

–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 2024, the Committee undertook such a review of the structure to ensure the Board was operating effectively. Further

details and the results of this review are set out on page 122.


Committee roles			Committee report on page
Committee	Role and focus	Membership	Committee report on page
Nominations & Corporate Governance	Reviews the structure, size and composition of the Board, including appointment of members to Board committees. Makes recommendations to the Board as appropriate. Plans and assesses orderly succession for Executive and Non-Executive Directors and reviews management's succession plan to ensure its adequacy Is responsible for overseeing, monitoring and making recommendations to the Board on corporate governance arrangements. Reviews Board and GLT conflicts of interest	Sir Jonathan Symonds (Chair) Charles Bancroft Dr Anne Beal Wendy Becker Dr Hal Dietz	122-123
Science	Supports the Board in its understanding of business development transactions and the key strategic themes on which the company's R&D strategy is based, by reviewing underlying scientific assumptions in detail and giving the Board technical assurance. Supports oversight of R&D-related risks	Dr Hal Dietz (Chair) Dr Hal Barron Dr Jesse Goodman Dr Jeannie Lee	124-125
Corporate Responsibility	Considers GSK's Trust priority and has oversight of our Responsible Business approach and strategy, performance and reporting. This reflects the most important issues for responsible and sustainable business growth. Has oversight of the views and interests of our internal and external stakeholders, and reviews issues that could have a serious impact on GSK’s business and reputation	Dr Anne Beal (Chair) Wendy Becker Dr Jesse Goodman Dr Jeannie Lee Dr Vishal Sikka	125-126
Audit & Risk	Reviews the financial reporting process, the integrity of the company’s financial statements, the external and internal audit process, the system of internal control, and the identification and management of risks such as Information and cyber security, and the company’s process for monitoring compliance with laws, regulations and ethical codes of practice Oversees Responsible Business data reporting and assurance. Initiates audit tenders, the selection and appointment of the external auditor, setting the auditor's remuneration and overseeing its work	Charles Bancroft (Chair) Elizabeth McKee Anderson Wendy Becker	127-133
Remuneration	Sets the company’s Remuneration policy having regard to GSK’s workforce remuneration so that GSK is able to recruit, retain and motivate its executives Regularly reviews the Remuneration policy to make sure that it is consistent with the company’s scale and scope of operations, supports the business strategy and growth plans, is aligned to the wider workforce and helps drive the creation of shareholder value (The Chair and the CEO are responsible for evaluating and making recommendations to the Board about remuneration arrangements and policy for the Non-Executive Directors)	Wendy Becker (Chair) Elizabeth McKee Anderson Charles Bancroft Dr Anne Beal	134-174
Chairs’	Acts on behalf of the Board between its scheduled meetings to take decisions on urgent matters in accordance with matters and authority delegated to it by the Board from time to time	Sir Jonathan Symonds (company Chair) Senior Independent Director Board committee Chairs	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 comply with the latest legal and regulatory requirements and reflect best practice developments. The Terms of reference of each Board committee is available at gsk.com.

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Corporate governance architecture continued



	Leadership Chair Jonathan Symonds –leads and manages the business of the Board –provides direction and focus –makes sure there is a clear structure for the Board and its committees to enable them to operate effectively –maintains a dialogue with shareholders about the governance of the company –sets the Board agenda and ensures sufficient time is allocated to promote effective debate and sound decision-making –makes sure the Board receives accurate, timely and clear information –meets regularly with each Non-Executive Director to discuss individual contributions, performance and training and development needs –shares peer feedback as part of the Board evaluation process –meets regularly with all the Non-Executive Directors independently of the Executive Directors The Chair’s role description is available at gsk.com Chief Executive Officer Emma Walmsley –manages the Group and its business –develops the Group’s strategic direction for the Board's consideration and approval –implements the agreed strategy –is supported by the GLT –maintains a continuous dialogue with shareholders about the company’s performance The Chief Executive Officer’s role description is available at gsk.com



	Independent oversight and rigorous challenge Senior Independent Non-Executive Director Charles Bancroft –acts as a sounding board for the Chair and a trusted intermediary for other Directors –together with the Non-Executive Directors, leads the annual review of the Chair’s performance, taking into account the views of the Executive Directors –discusses the results of the Chair’s effectiveness review with the Chair –leads the search and appointment process and makes the recommendation to the Board for a new Chair –acts as an additional point of contact for shareholders and maintains an understanding of their issues and concerns through meetings with shareholders and briefings from the Company Secretary and Investor Relations The Senior Independent Non-Executive Director’s role description is available at gsk.com Non-Executive Directors –provide a strong independent element to the Board –constructively support and challenge management and scrutinise its performance in achieving agreed deliverables –shape proposals about strategy and offer specialist advice to management –each has a letter of appointment setting out the terms and conditions of their directorship –devote such time as is necessary to properly carry out their duties –are expected to attend all meetings as required The Non-Executive Directors' role description is available at gsk.com

Company Secretary

Victoria Whyte

–secretary to the Board and all Board committees

–supports the Board and Committee Chairs to plan agendas and annual programmes

–ensures information is made available to Board members in a timely fashion

–supports the Chair to design and deliver Board inductions

–coordinates continuing business awareness and training for the Non-Executive Directors

–undertakes internal Board and committee evaluations at the Chair's request

–advises the Directors on Board practice and procedures and corporate governance matters

–chairs the Group's Disclosure Committee

–operates a Board-approved appointments policy that reflects the Board and external

appointment requirements of the UK Corporate Governance Code

–is a point of contact for shareholders on all corporate governance matters

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Corporate governance architecture continued

2024 Board and committee attendance


	Board	Chairs’	Nominations & Corporate Governance	Science	Corporate Responsibility	Audit & Risk	Remuneration
Total number of routine meetings	6	4	5	3	4	6	4
Current members	Attended	Attended	Attended	Attended	Attended	Attended	Attended
Sir Jonathan Symonds	6	4	5
Emma Walmsley	6
Julie Brown	6
Elizabeth McKee Anderson	6					6	4
Charles Bancroft	6	4	4 (5)			6	4
Dr Hal Barron	6			3
Dr Anne Beal	5 (6)	3 (4)	4 (5)		4		4
Wendy Becker	6	3 (3)	3 (3)		4	6	4
Dr Hal Dietz	6	4	3 (3)	3
Dr Jesse Goodman	6			3	4
Dr Jeannie Lee (joined 4 March 2024)	4 (5)			3	3 (4)
Dr Vishal Sikka	6				4
Retired members
Urs Rohner (until 8 May 2024)	3 (3)	1 (1)	2 (2)			3 (3)	1 (1)
Number of additional meetings	7			8	1	3	1
In agreement with the Chair, Charles Bancroft and Dr Anne Beal missed meetings in December and March 2024 respectively due to extenuating circumstances. Dr Jeannie Lee joined the Board in March 2024. In her first year as a director she was able to attend all meetings, other than the Board’s meetings in May 2024 which unfortunately clashed with pre existing external commitments. 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 committee members’ skills and experience are included in their biographies on pages 104 to 107.

Board appointments policy

All our Non-Executive Directors are expected to devote such time as is necessary for the performance of their duties. Each

Director is required to attend a minimum of 75% of scheduled Board and committee meetings. However, we recognise that

there may be rare occasions when this is not possible. Special allowance is also given during the first year of Board

membership while calendars are aligned.

Our Board Directors’ external appointments are governed by a Board-approved policy. External appointments can help Board

and GLT members widen their expertise and knowledge, and perform their roles more effectively. When proposing a new Non-

Executive Director appointment to the Board for approval, the Board considers the other demands on the individual’s time.

Before being appointed to the Board, an individual is required to disclose the significant commitments they may have with an

indication of the time involved.

The Board considers and approves all additional external appointments for serving Directors, noting the nature of the role and

type of organisation, time commitment and any potential conflicts that could arise.

The Company Secretary maintains a register of commitments and potential conflicts. The Board is satisfied that given

Directors’ other interests, each has sufficient time to carry out their GSK role. Our Executive and Non-Executive Directors may

undertake a maximum of one and up to four other listed-company directorships respectively.

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Board activities

Engagement

Prioritising continuous 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 covered

in the pages of the Strategic report.

Patients and our people are the heart of our culture. Our people

are accountable for outcomes and committed to doing the right

thing. Our culture is described on pages 56 to 58 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.

Continuous 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 GLT, 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 125 and 126.

Board members regularly receive:

–the CEO’s Board report

–a specific external stakeholder insights report. 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, Charles Bancroft,

sometimes joins, and is available for individual meetings with

investors.

Other opportunities: Board members also receive wider

stakeholder views during the annual strategy meeting with the

GLT, as part of the yearly review of strategy, budget 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, the Annual Governance Meeting, our Annual

General Meeting, and through the work of our Investor

Relations team, the Chair, Jonathan Symonds, and our

Company Secretary, Victoria Whyte. Our Senior Independent

Non-Executive Director, Charles Bancroft, is another point of

contact for our shareholders.

Each quarter, our CEO, Emma Walmsley, and CFO, Julie

Brown, give results presentations to institutional investors,

analysts and the media by webcast. They are also regularly

joined by the Chief Scientific Officer, the Chief Commercial

Officer, and CEO, ViiV Healthcare and President, Global

Health, GSK. They are able to provide investors with more

detailed insights into their specific areas of responsibility.

Through regular meetings, Emma and Julie each have an

ongoing and active dialogue with institutional shareholders

about the company's performance, plans and objectives. In

2024:

–CEO: 69 engagements, representing 36% of the company's

issued share capital

–CFO: 134 engagements, comprising 41% 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 2024, and up to the date of publication of this Annual

Report, Jon held over 30 individual meetings with a range of

institutional shareholders, and met or corresponded with

shareholders which make up approximately 60% of the

company’s share capital. This enables him to gain a current

understanding of shareholders' views, insights and

perspectives of the company. He also discusses the continual

evolution of the many aspects of Board governance,

performance oversight and succession.

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Board activities continued

Annual Governance Meeting

We held this year’s hybrid meeting in central London at our new

HQ. We invited institutional shareholders (representing

approximately 60% of our share capital), key investment

industry bodies and proxy advisory firms. Approximately 25

representatives of various institutional shareholders and proxy

advisers attended the event, comprising around 30% of GSK’s

share capital.

The meeting is designed to be as interactive as possible. It

began with our Chair sharing the Board's priorities and focus

for 2024 and beyond, with our Remuneration Committee Chair

then giving an update on the initial 2025 Remuneration Policy

proposals. Our Chair, Remuneration Committee Chair and our

Non-Executive Directors then held an informal and open

discussion of those issues on shareholders' minds, which

helped foster a richer dialogue.

The key themes covered included the:

–Board’s focus on value creation, governance and oversight of

strategy

–Board focus areas of 2024

–Initial proposals for the 2025 Remuneration Policy

The meeting was well received and shareholder feedback was

shared with the Board.

Annual General Meeting

We were pleased to hold the company's AGM at the Royal

Lancaster Hotel in May 2024 for shareholders to attend in-

person or virtually (a hybrid meeting). We welcomed 125

shareholders in person and 38 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 this year will be held at a new venue, The

Landmark London hotel in Central London, which is located

near our new global headquarters. For more details see page

289.

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 56 to 58.

Four key governance channels help the Board understand what

our people are thinking:

–regular Board updates from our Chief People Officer and the

CEO on culture and talent (please see pages 56 to 58 for

further details on our culture and people)

–feedback from an annual employee engagement survey,

including 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 and direct engagement

by the Board

Workforce engagement: Before the company's demerger, the

Board reviewed its formal workforce engagement

arrangements. We decided to move from a specific Workforce

Engagement Director model and to apply an ‘alternative

arrangement’ to the three methods set out in the FRC Code.

Given that the GSK Board was refreshed in terms of tenure

with a renewed purpose and focus as a global biopharma

company, we considered at that time the importance of

adopting a collective Board engagement model. The Board

continues to agree this to be the most effective approach to

ensure it hears employees’ views directly.

The model operated effectively in 2024 through:

–in-person receptions with local employees during Board site

visits, including in Durham (North Carolina, US), Boston

(Massachusetts, US) and our new global headquarters in

central London

–the Chair's site visits, including to Upper Providence

(Pennsylvania, US) and Wavre (Belgium)

–the Chair's attendance at management meetings, including

Saudi Arabia and China

–the Chair and Corporate Responsibility Committee Chair

organising and attending ongoing meetings with leaders of

our employee resource groups to talk about how they

experience GSK and to hear their suggestions to further

enhance support and ensure that we meet the needs of all

our employees to enable them to 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

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Board activities continued

Meeting programme

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 that 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 2025 the

Board will spend increased time on our strategy beyond 2031.

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, and contribute to

its oversight of business performance and ensure good governance.


Areas of focus in 2024
Execution of long-term strategy	Overseeing GSK as a pure biopharma business and delivery of our 2031 growth strategy and beyond included:
	–setting and approving the Board's 2024-2025 priorities
	–scrutinising updates on R&D strategy and progress, and progression of our pipeline
	–reviewing approach to data technology to accelerate our ambitions
	–reviewing the critical role and ambitions for our global supply chain
	–discussing our overall commercial strategy
	–discussing progress on our AI adoption strategy
Strengthening of business model	Overseeing the fundamentals of commercial execution, cost-base management, capital allocation, pipeline and culture included:
	–receiving regular reports from the CEO, CFO and CSO including the assessment of delivery of performance targets
	–assessing the product area strategy reports on Specialty Medicines, General Medicines and Vaccines
	–increased growth strategy to 2031 and set short-term guidance
	–reviewing GSK's capital allocation priorities to ensure investment for growth to deliver improved returns for shareholders
	–instigating a £2 billion share buyback programme
	–evaluating business development transactions, acquisitions and strategic partnerships with third parties including iDRX, Chimagen Biosciences, Flagship Pioneering, CureVac and Aiolos Bio
	–scrutinising the Group's financial performance, shareholder value creation and development of Investor Relations Roadmap
	–reviewing and endorsing approach to concluding Zantac litigation
	–approving the monetisation of the retained shares in Haleon
Enhancing Responsible Business leadership	Overseeing culture and embedding Responsible Business included:
	–endorsing approach to Double Materiality Assessment reviewed by the Audit & Risk and Corporate Responsibility committees’ joint session
	–approving the Responsible Business Performance Report
	–reviewing stakeholder perception research
Regular oversight of corporate governance	The Board’s programme of governance included:
	–reviewing the quarterly financial results, dividend proposals, earnings guidance, investor materials, results announcements and 2023 Annual Report and Form 20F, and receiving related reports from the external auditor
	–setting the annual budget and the forward-looking three-year plan and long-range forecast
	–conducting an annual review of the enterprise risk responsibility framework and enterprise-wide risks
	–undertaking an annual Board evaluation and implementing its agreed outcomes
	–receiving reports on Board committee work and reviewing and continuing to evolve the Board’s governance architecture
	–evaluating the CEO’s 2024 performance, and setting her 2025 objectives
	–reviewing culture, talent and succession plans
	–engaging with our stakeholders and people to gather and understand their views about our activities, operations and culture
	–reviewing the employee pulse survey results
	–receiving reports on wider corporate governance and regulatory developments, and the Company Secretary’s report
	–approving the company's modern slavery statement and gender pay gap positioning

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Board activities continued

Key decisions

In its decision-making, the Board focuses on GSK's priorities as a pure biopharma company with strong momentum and big

ambitions, whilst balancing the interests of our stakeholders. Examples of some of the key decisions taken by either the Board or

its Committees to drive our purpose, momentum and strategy include:


Decision	How the Board/Committee regarded stakeholder interests	Stakeholder groups
Upgraded ambition for growth The Board considered upgrades to the long-term ambitions for GSK, through investing for the future and demonstrating belief in the short-, medium, and long- term and delivering attractive returns to shareholders.	In June 2021, GSK articulated to shareholders the growth strategy for the periods to 2026 and 2031. This was updated at the beginning of 2024 Given GSK’s continued improved performance and strong momentum as a focused biopharma company in addition to the settlement of the Zantac litigation, the Board and Audit & Risk Committee agreed that a further update to investor expectations was appropriate. The second update was announced with the company’s 2024 annual results in February 2025 The Board has reviewed with management the product and business forecasts and the gap between the market’s view of valuation and our own. The Board discussed with management appropriate presentation of this to the market at a number of meetings throughout the year	Governments and regulators, employees, healthcare providers, patients and investors
Share buyback programme The Board reviewed and approved plans for a £2 billion share buyback programme	The Board reviewed and approved plans for a £2 billion share buyback programme, to be implemented over the next 18 months. The programme commenced on 24 February 2025 with an initial tranche of up to £0.7 billion The priority for capital remains to invest in growth and in R&D. Equally, the Board recognises that the value of GSK shares does not currently reflect its confidence in our growth strategy. The Board was very mindful of this and the need to deliver better shareholder value over the short-, medium- and long-term timeframes. We thought deeply about the gap between the market’s view of valuation and our own. Whilst investing in the business will always be the first priority for the use of capital, the Board believes that the balance sheet is now strong enough to support a share buyback. This was intended to be a clear demonstration of the Board’s belief in the medium- and long-term growth prospects of GSK Importantly, the company will maintain planned increased levels of investment in R&D, new launches and targeted business development, alongside the share buybacks	Patients, employees and investors
Zantac litigation resolution The Board approved the settlement of the vast majority of Zantac litigation cases	The Audit & Risk Committee exercised primary oversight for the Zantac litigation, including the related accounting, disclosure and communication assessments. The Board approved the terms of the settlement of 93% (approximately 80,000 cases) of US state court Zantac product liability cases for up to $2.2 billion. It also approved a separate settlement to pay a total of $70 million to resolve the separate Zantac qui tam complaint. The settlements were agreed with no admission of liability The costs of these settlements were funded through existing resources, with no changes to GSK’s growth agenda or investment plans for R&D as a result. The latest status of the Zantac litigation is set out in Note 47 to the Financial statements, Legal proceedings	Governments and regulators, employees, patients and investors
Responsible Business reporting The Board endorsed the recommendations of the Audit & Risk and Corporate Responsibility committees to adopt management's proposals regarding the Double Materiality Assessment (DMA) and evolution of Responsible Business reporting	In a joint session, the Audit & Risk and Corporate Responsibility committees reviewed management's roadmap to compliance with the European Union Corporate Sustainability Reporting Directive (CSRD), for inclusion in GSK’s 2025 Annual and Responsible Business Performance & Disclosure reports The DMA, which comprised both financial (risks and opportunities) and impact (positive and negative) materiality assessments resulted in the identification of eight subtopics broadly aligned with our six focus areas and our Responsible Business Performance Rating system The committees agreed, and the Board endorsed: –management's assessment of the subtopics identified as being material –the materiality threshold used, based on the assessment of financial and impact materiality –the proposed updates to our Responsible Business reporting strategy, including –the production of a Responsible Business Performance & Disclosure Report	Governments and regulators, employees, patients and investors

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Board activities continued Key decisions continued


Decision	How the Board/Committee regarded stakeholder interests	Stakeholder groups
Data technology and accelerating GSK's ambition The Board reviewed and endorsed plans, including progress made on our AI adoption strategy	The Board reviewed and provided feedback on the technology priority objectives and management's approach to integrating technology into the core of GSK. In particular, AI represented a transformative opportunity for patient and shareholder impact, with a focus on achieving significant breakthroughs in scientific innovation, target identification and accelerating the progress of our pipeline While the opportunities presented by AI are clear and would be progressed at pace, this would need to be balanced against: –People and change: enlisting everyone at GSK in this effort and increasing digital fluency across the company –Data & Trust: meeting and maintaining the highest standards with regard to trust and integrity in how we use and manage data –External healthcare ecosystem: assessing the ecosystem of healthcare providers, payers and regulators for digital opportunities and risks to manage The Audit & Risk Committee also undertook a review of the evolution and operational effectiveness of our AI Governance arrangements	Patients, employees, investors, governments and regulators, healthcare providers, payers
Business development The Science Committee considered the scientific merits of business development opportunities and, where relevant, for late stage assets commercial reviews, prior to the Board's review and approval	The Board, with support from the Science Committee and commercial reviews for late stage assets, reviewed many business development opportunities during the year. Those leading to concluded transactions included: –restructuring of the CureVac collaboration under which GSK has assumed full control of developing and manufacturing candidates for seasonal influenza and COVID-19 in phase II and avian influenza in phase I –acquisition of an investigational T cell-engager from Chimagen Biosciences to expand the immunology pipeline –acquisition of iDRX, including the lead molecule being developed as a first- and- second-line therapy for the treatment of Gastrointestinal Stromal Tumour (GIST) –partnership with Flagship Pioneering to discover novel medicines and vaccines –acquisition of Aiolos Bio, including the phase II-ready long-acting antibody for the treatment of adult patients with asthma and with potential for additional indications These deals were considered in the context of their potential to help us deliver transformational medicines to patients and drive growth by accelerating our pipeline	Patients, employees and investors
Remuneration policy review The Remuneration Committee approved a new 2025 Remuneration policy and performance measures, which is subject to a binding shareholder vote at our 2025 Annual General Meeting	Prior to developing the 2025 Remuneration policy, the Remuneration Committee and Board chairs, on behalf of the Committee: –undertook an extensive consultation process with our major investors, as well as proxy advisers, on the proposed changes –met with the Chief People Officer and HR leads for each area of the business to hear their views on our remuneration arrangements at GSK and wider workforce pay alignment opportunities The Committee then carefully considered the feedback before finalising the Policy. Further details are on pages 134 to 164.	Our people, investors, patients, governments, regulators and proxy advisers

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Board activities continued

Evaluation

Board performance

The Board evaluates its performance, and that of its

committees, every year.

The evaluation is normally carried out externally every third

year. The most recent external evaluation was facilitated in

2022 by Jan Hall of No 4, a business advisory company that

does not have any other connection with GSK.

The 2024 Board and committee evaluation was conducted

internally by the Senior Independent Non-Executive Director

(SID), supported by the Company Secretary.

Action points

After due consideration and discussion, the Board noted that

the Board had performed well during the year and was

continuing to deliver to a new standard. The first phase of

GSK’s transformation since the demerger had built a foundation

of consistent execution and delivery. The Board’s priorities,

programme and meetings were well targeted and Board

materials continued to improve and focus on key areas of

discussion. Board discussions were robust and intense.

In terms of evaluating its performance for 2024, the Board’s key

consideration was that the value of GSK shares does not

currently reflect its confidence in GSK’s growth strategy. The

Non-Executive Directors were very determined that GSK

deliver better shareholder value over the short-, medium- and

long- term timeframes.

The Board thought deeply about the gap between the market’s

view of GSK’s valuation and its own, during the course of 2024.

Whilst the Board was clear that investing in the business will

always be the first priority for the use of capital, the balance

sheet is now strong enough to support a share buyback. The

Board wanted this to be seen as a clear demonstration of its

belief in the medium- and long-term growth prospects for GSK.

The Board will continue to review performance in this regard

and consider other actions to address the gap if necessary.

In terms of the action points from the 2024 Board evaluation, it

was noted that:

–the Board held a deep dive with the Chief People Officer on

GSK culture and considered the key elements of GSK’s

culture training provided to each employee. The Board would

continue to be briefed on the evolution of GSK’s culture

–Board engagement opportunities with employees were

increased and had evolved to provide more focused

engagements. In addition, from 2025 the Board will begin

engaging more frequently with the participants in GSK’s

Enterprise Leadership Programme

–the Nominations & Corporate Governance Committee

undertook a review of each Board committee’s remit and

scope to ensure that they remained appropriate. They were

then updated to reflect the changes

Board committee evaluations

The review of the Board committees focused on potential

opportunities to further support GSK's momentum in its third

year as a pure biopharma company, to help remove duplication

and support the delivery of the Board's priorities identified for

2025. In addition, each committee reviewed its members'

tenure, knowledge, expertise and composition.

Each committee was considered to have operated effectively

and the following enhancements were agreed:

Corporate Responsibility Committee: was considered to be

performing well despite a challenging external environment.

The focus for 2025 would be to ensure that increased

monitoring was in place so that GSK was able to respond to the

evolving global environment.

Science Committee: would be spending even more time on

considering and identifying new science and technology

platforms that can continue to drive performance beyond 2030.

More time would also be allocated to strategy review

discussions and blue sky thinking.

Nominations & Corporate Governance Committee’s:

primary focus had resulted in the identification of excellent new

Board members. Consideration would be given to creating time

to identify expertise needed for the future to accelerate what

comes next. Consideration would also be given to further map

the potential routes for securing new Board members with

scientific experience in the future. The Committee would

continue to ensure that its succession planning work was

regularly refreshed.

Audit & Risk Committee’s: continued progress had been

made in streamlining Committee materials. It was agreed that

this should continue to be an objective. Opportunities would be

sought to create more time for the consideration and discussion

of risk.

Remuneration Committee: was considered to be performing

well despite a challenging environment. The focus for 2025

would be to finalise the Remuneration Policy for approval at the

company’s AGM. The Committee would continue to balance,

understand and navigate shareholder views and positions on

remuneration across the globe to ensure that GSK’s

remuneration policy could be as competitive as possible to

retain and recruit the talent needed for successful strategy

delivery. The Committee wanted to continue to track the wider

group’s philosophy on remuneration with a view that GSK could

be competitive in protecting and rewarding talent.

Opportunities to further streamline routine papers for the

Committee would also be explored.

Chair's evaluation

The SID carried out the Chair's evaluation. He sought feedback

on the Chair's performance from the Directors individually and

collectively. From this review, the Non-Executive Directors

concluded that the Chair was leading the Board appropriately

and effectively. The Chair and SID then discussed the results of

the review.

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Board committee reports

Nominations & Corporate Governance Committee report

During the year, we further strengthened the

scientific and medical expertise of the Board. Each of

my Board colleagues brings a unique skill set to

contribute to our collective purpose

Jonathan Symonds, Nominations & Corporate Governance

Committee

I am pleased to present my sixth report as Chair of the

Nominations & Corporate Governance Committee (the

Committee).

Board succession

In my Chair’s Governance statement, I discussed the important

Board appointment processes that have been undertaken

during 2024. A particular focus of the Committee this year has

been succession for the scientific and medical expertise of the

Board. Dr Jeannie Lee was appointed to the Board and

Science Committee in March 2024. The appointment of Dr

Gavin Screaton will also be effective from 1 May 2025. Further

details on the appointment of Dr Screaton are set out in my

Chair’s Governance statement.

The Committee seeks to follow best practice in all the searches

it makes, and appointments it recommends, to the Board,

agreeing the criteria for each role, the interview panel and

considering a comprehensive longlist of candidates. Shortlisted

candidates are interviewed and assessed against the chosen

criteria. Due diligence is then undertaken before the Committee

makes its final recommendation. Executive search firms are

appointed according to the company’s procurement policy and

based on their expertise relative to each role.

The Committee only engages search firms that are signatories

to the Voluntary Code of Conduct of Executive Search Firms.

The Committee worked with Russell Reynolds during 2024.

They also 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. With the exception of the planned retirement of

Dr Jesse Goodman, there are no imminent Non-Executive

Director retirements for the Committee to consider.

Corporate governance architecture

As part of its regular reviews of the company’s Corporate

Governance architecture on behalf of the Board, the

Committee monitors the composition of all Board committees

in consultation with each Committee Chair. This is with a view

to ensuring their composition is appropriate and makes the

best use of the Board members’ knowledge, skills and

experience. After the 2024 AGM, the Committee undertook an

in-depth review of the each Board committee’s membership to

ensure their composition was effectively calibrated to support

the Board’s priorities This resulted in:

–updates to the Nominations & Corporate Governance

Committee’s membership to include the Science Committee

Chair

–although no changes to the Remuneration Committee’s

membership were needed, it was agreed that the Science

Committee Chair would be invited to attend meetings where

his expertise would be of assistance in the Remuneration

Committee’s deliberations. This would be particularly helpful

with reviews of R&D performance measures and targets

–the appointment of Wendy Becker to the Corporate

Responsibility Committee (CRC) to create a membership

overlap between the CRC and Audit & Risk Committee,

which was deemed to be helpful to both

In parallel, we have overseen a complementary exercise to

further enhance the company’s Corporate Governance

architecture. This involved an in-depth review of each Board

committee’s Terms of Reference (Terms). This review sought

to:

–simplify and improve consistency

–ensure continued alignment internally with current practice at

GSK and externally with laws, regulations and best practice

and

–accurately reflect the Board committees’ continuing remit and

the delegation of respective duties and authorities continue to

complement one another

The agreed updated Terms included the creation of a ‘Common

Terms of Reference’ document to eliminate duplication of

administrative and logistical matters common to all our Board

committees. All our Terms are available at gsk.com.

123



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Board committee reports continued

Corporate governance

The Committee regularly reviews, on behalf of the Board,

GSK’s corporate governance positioning, the external rating of

GSK’s corporate governance practices and emerging corporate

governance requirements.

Board and GLT composition

We are committed to ensuring the most appropriate

composition of our Board and its committees. 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 review our talent and succession

pipelines and the development plans for key management roles

and their successors. During the year, we undertook our regular

deep dive of the emerging senior talent that the GLT had

identified. These are employees who were exceeding

expectations or who are exceptionally talented and who have

the potential to take on a GLT role in the future. These

discussions include reviewing our strategic approach to talent

development planning. The Board seeks to meet with these

individuals at employee receptions and through other Board

engagement opportunities. Non Executive Directors now also

meet more informally with participants in our Enterprise

Leadership Programme to get to know them better on a

personal level and support their continued development as

potential successors to our GLT leaders.

In 2024, the work of the Committee also included monitoring

our performance against the policy objectives we set to ensure

that our Board and committee composition and succession

planning promotes diversity, inclusion and equal opportunity,

pursuant to the principles of the FRC Code. These objectives

included gender and ethnicity representation targets for the

Board in accordance with the Financial Conduct Authority

(FCA)’s diversity targets, which we report on below (as required

by the UK Listing Rules). We met or exceeded these objectives

in the reporting period.

The Committee recognises that, going forward, the company

will make changes in several areas related to inclusion and

diversity to ensure continued compliance with the law and

being respectful of our operating environment, including no

longer applying a Board diversity policy.

Board and GLT diversity data collection

In 2024, diversity data has been gathered directly on a self-

identified basis as follows:

–Board members: using a questionnaire

–GLT members: individual election held on GSK's HR

database

As required by the UK Listing Rules, all data published in the

following section of the report are as at 31 December 2024 and

the date of publication. We also continue to oversee the

developing pipeline of direct reports to the GLT. The Committee

is reviewing its future position with regards to the collection of

diversity data.

Sir Jonathan Symonds

Nominations & Corporate Governance Committee Chair

25 February 2025

FCA UK Listing Rule 6.6.6R(9) reporting


	Number of Board members	Percentage of the Board	Number of senior positions on the Board (CEO, CFO, SID and Chair)	Number in Executive Management	Percentage of executive management
Gender identity or sex
Men	6	50%	2	6	50%
Women	6	50%	2	6	50%
Not specified/preferred not to say	—	—	—	—	—
Ethnic background
White British or other White (including minority white groups)	9	75%	4	10	83.3%
Mixed/Multiple Ethnic Groups	—	—	—	—	—
Asian/Asian British	2	17%	—	1	8.3%
Black/African/Caribbean/Black British	1	8%	—	—	—
Other ethnic group	—	—	—	—	—
Not specified/preferred not to say	—	—	—	1	8.3%

124



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Board committee reports continued

Science Committee report

The Committee has been impressed with the depth of

scientific talent within GSK, as well as the use of

technology to accelerate scientific research. This has

driven exceptional progress in R&D across each of our

therapeutic areas

Dr Hal Dietz, Science Committee

I am pleased to present my second report as Chair of the

Science Committee (the Committee) on our activities during

2024.

The Committee’s key activities in 2024 were split into three

important areas:

–pipeline reviews: monitoring of GSK’s pipeline

–business development: undertaking technical reviews and

assessment of the scientific foundation for potential business

development transactions

–scientific deep-dives: discussing and analysing the key

scientific and technology themes which drive the company’s

R&D strategy

Pipeline progress

During 2024, the Committee continued to monitor the strong

progress of R&D. Our 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, vaccines and infectious diseases, which

has included 13 positive pivotal data readouts. Particular

highlights noted by the Committee during the year included:

–Positive results for ultra long-acting biologic depemokimab,

supporting dual indication filings for severe asthma and

chronic rhinosinusitis with nasal polyps (CRSwNP)

–Expanded approval for Jemperli to all adult patients with

primary advanced or recurrent endometrial cancer in the US

and EU, including MMRp/MSS tumours which represent

approximately 75% of cases

–Positive phase III data for Blenrep, including progression free

survival and overall survival, and multiple regulatory filings in

2L+ relapsed/refractory multiple myeloma

–Expanded approvals for Arexvy in adults aged 50-59 at

increased risk in the US, EU and Japan, in addition to

positive new data demonstrating protection over three full

RSV seasons

–Gepotidacin filed in the US as a potential first new antibiotic

for uncomplicated UTIs in 20 years

–Regulatory designations, including Breakthrough Therapy

Designations and Priority Reviews, in the US, EU, China and

Japan for several assets including: Blenrep for 2L multiple

myeloma, Jemperli in dMMR/MSI-H locally advanced rectal

cancer, GSK’227 (B7-H3 ADC) in extensive-stage small-cell

lung cancer and osteosarcoma, gepotidacin in uUTI and

bepirovirsen in hepatitis B, recognising their potential in

areas of significant unmet need

Business development transactions

The Committee continued to be actively engaged in evaluating

the scientific principles of business development transactions

during the year, aligned to therapeutic area focus and strategy.

Key transactions reviewed by the Committee during the year

included:

Respiratory, immunology and inflammation (RI&I)

–Aiolos Bio: acquisition of a potentially best-in-class TSLP

antibody (AIO-001) from Aiolos Bio, expanding GSK’s

respiratory biologics and portfolio of mechanisms in COPD.

–Chimagen Biosciences: acquisition of an investigational T

cell-engager from Chimagen Biosciences to expand GSK’s

immunology pipeline in autoimmune diseases such as lupus

–Flagship Pioneering: collaboration with the bioplatform

innovation company Flagship Pioneering, with the goal of

discovering and developing a portfolio of future

transformational medicines and vaccines, starting in

respiratory and immunology

–Relation Therapeutics: agreement with Relation

Therapeutics, using their Lab in the Loop platform to discover

novel targets for osteoarthritis, systemic sclerosis and other

fibrotic mechanisms, supporting our data-tech driven

approach in respiratory, immunology and inflammation

Oncology

–Duality Biologics and IDRx: licence agreement with Duality

Biologics for a CDH17 antibody-drug conjugate with potential

best-in-class treatment options in gastrointestinal cancers

and acquisition of IDRx, including lead molecule IDRX-41, a

highly selective KIT tyrosine kinase inhibitor being developed

as a first- and second-line therapy for the treatment of GIST.

These transactions add to GSK’s growing portfolio in

gastrointestinal cancers

Data and platform technologies

–Ochre Bio: licence agreement with Ochre Bio on a human

liver cell platform and multi-modal data for AI/ML modelling

and discovery to strengthen our data and platform

technology capabilities

–Elsie Biotechnologies: acquisition of Elsie Biotechnologies,

an oligonucleotide discovery and chemistry platform,

strengthening our platform technology capabilities

125



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Board committee reports continued

Deep-dives into innovative science

During the year, the Committee has continued to undertake

deep-dives into some of the scientific principles and highly

innovative technologies that support the execution of our R&D

priorities. These included, but were not limited to, the

underlying scientific rationale for key transactions and the

application of data and platform technologies across target

choice, patient identification, molecule design and clinical trial

effectiveness. The Committee is confident in the strategic

approach to generate pipeline value with competitive

advantage.

Collaborating with other Board committees

We also supported the Remuneration Committee during its

review and implementation of the updated 2025 Remuneration

Policy. In particular, we provided specialist guidance to the

Remuneration Committee during the key considerations for the

selection, design, measurement and adoption of:

–a new stretching Pipeline measure for the Annual bonus plan

to reward delivery of shorter-term milestones for GSK's

priority pipeline assets

–the evolution of the Pipeline Sustainability measure for our

Performance Share Plan which now focuses on

replenishment of the pipeline and longer-term performance

The Committee already reviews the Performance Share Plan

Pipeline Progress targets annually prior to their approval by the

Remuneration Committee.

Going forward, we will also assist in assessing and disclosing

performance against both these measures.

Committee changes

We welcomed Dr Jeannie Lee to the Committee following her

appointment to the Board on 4 March 2024. Dr Lee’s expertise

in the field of RNA biology and its application to drug

development and therapeutics has already offered useful

insights into the Committee’s work and I look forward to her

continued contributions.

We also look forward to welcoming Dr Gavin Screaton to the

Committee, who will succeed Dr Jesse Goodman from 1 May

2025. His knowledge of immunology and infectious diseases

will provide invaluable perspective to the Committee’s

discussions.

Dr Hal Dietz

Science Committee Chair

25 February 2025

Corporate Responsibility Committee report

As a Committee, we oversee our performance, progress

and future plans across GSK’s six Responsible Business

areas. We view these areas as fundamental to

sustainable growth, positive societal impact and

consequential value for patients

Dr Anne Beal, Corporate Responsibility Committee

I am pleased to present this report, which is my third as Chair

of the Corporate Responsibility Committee (the Committee).

To be successful over the long term, GSK needs to consider its

responsible business impacts and risks. The Committee

oversees the six areas that address what is most material to

the business. These comprise the issues that matter the most

to our internal and external 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.

As we worked through our programme of activities this year, my

Committee asked management 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 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 as we continue

to adapt to the reporting requirements of the UK, US and EU

To support this, we built a number of in-depth sessions into our

programme, including a combined session with the Audit & Risk

Committee on interrelated Annual Report and Responsible

Business performance.

External context

At the start of the year, we receive and discuss a

comprehensive update on management’s assessment of and

view on the external trends and outlook relevant to responsible

business issues. This sets the scene on the evolving investor,

economic, political, regulatory and cultural backdrop to our

Trust priority, and provides valuable context 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 to help inform

our approach going forward.

126



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Board committee reports continued

Responding to health impacts of climate

change

The Committee heard from the Chief Scientific Officer and the

President, Global Affairs on the health impacts of climate

change. This helped us gain a greater understanding of how

GSK might need to evolve its therapy areas due to climate

change and nature loss. It also helped us identify the potential

business risks and opportunities of our products, so they can

be factored into planning our R&D. An independent review was

commissioned by management which assessed GSK’s product

and pipeline portfolio. These results were shared with the

Committee. This analysis suggested that GSK is well

positioned with innovative vaccines and medicines to address

some of the biggest health impacts arising from climate

change, especially in Infectious Diseases, HIV and Respiratory.

The Committee encouraged management to continue this work

to support the company’s long-term value proposition through

effective development of our R&D portfolio, strategic clinical

choices and future investments in the supply chain.

Progress on climate and nature ambition

The Committee received a performance update on our pathway

towards our net zero and nature goals. We discussed how the

company was responding to external trends that could

accelerate or disrupt our progress to achieving these goals and

we were satisfied that these are being properly addressed. We

also considered and endorsed the implementation of a number

of key adjustments to maintain momentum against these

stretching goals.

Health impact

GSK’s President, Global Health and President, Global Affairs,

outlined initial work that management had been undertaking to

explore how we might develop an appropriate approach to

measuring health impact. This includes working with two third

parties to shape and pilot new methodologies for both a

commercial and global health portfolio. The Committee asked

management to keep in mind the importance of scale, access,

reach and health impact as key concepts to help reinforce

GSK’s value proposition to society and shareholders.

Culture

The Committee heard from the Chief People Officer on the

continuing work to build a high-performing organisation with an

inclusive culture. We were pleased with the progress that had

been made across many aspects of talent and inclusion.

Responsible Business Performance Rating

The Responsible Business Performance Rating is one of our

KPIs and helps us measure delivery of progress on the six

areas most material to our business. This is the third year that

the Rating has been used and together with the Audit & Risk

Committee, we jointly continue to oversee its evolution to make

sure it meets the expectations of key stakeholders and remains

relevant in respect of upcoming regulations.

We monitored and evaluated GSK’s progress in 2024 against

the 22 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 more details, see page 45 of the Strategic report

and in the Responsible Business Performance Report – both of

which are available at gsk.com.

Collaborating with other Board Committees

We supported the Remuneration Committee during its review

and implementation of the updated 2025 Remuneration Policy.

Together with the Audit & Risk Committee we jointly considered

the EU Corporate Sustainability Reporting Directive compliance

requirements for inclusion in GSK’s 2025 Annual and

Responsible Business Performance reports for publication in

Q1 2026. For more details on this review, please see page 127

of our Audit & Risk Committee Chair’s report.

Dr Anne Beal

Corporate Responsibility Committee Chair

25 February 2025

127



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Board committee reports continued

Audit & Risk Committee report

The Committee’s activities during the year have focused

on Financial, Legal and Risk and assurance aspects of

the business. Our work has underscored GSK's

commitment to maintaining robust governance

frameworks and adapting to evolving regulatory

requirements

Charles Bancroft, Audit & Risk Committee

I am pleased to present this report, which is my fourth as Chair

of the Audit & Risk Committee (the Committee), and in the

following pages I aim to share insights into the activities

undertaken or overseen by the Committee during the year.

At the beginning of the year, the Committee considered and

agreed the Annual Programme for 2024 (the Programme)

which is designed to complement and underpin the Board’s

priorities. These comprise the approach to financial, legal and

compliance, risk and assurance, internal control framework and

external auditing areas of oversight for the Committee.

Management prepares and submits concise 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. These include private Committee

sessions or regular one-on-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 which runs throughout the organisation.

We hold a selection of in-depth sessions in the Programme,

including regular reviews of cyber security and AI/ML control

environment, and a combined meeting with the Corporate

Responsibility Committee (the Committees) on our Responsible

Business performance, assurance and reporting, is discussed

below.

Financial

Financial reporting: The integrity of our financial statements,

including the Annual Report and quarterly results, remain at the

core of what the Committee does. This includes the review of

investor materials, our progressive dividend policy, and

payments 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 with the Auditor’s

key audit matters. Further details are included on page 131 of

my report and the Auditor’s report on pages 178 to 181. We are

committed to representing GSK’s financial reporting disclosures

in a clear and transparent way and can confirm that the

financial reporting and controls framework remains robust. No

fundamental changes were required during the year.

UK Corporate Governance Code updates: In January 2024, the

Financial Reporting Council published an updated Code, which

includes a provision, effective 1 January 2026, requiring

companies to report on the effectiveness of material financial,

operational, reporting, and compliance controls. As a dual-listed

company, GSK is well-positioned to meet these new

requirements. We reviewed and endorsed management’s

approach to focusing on GSK’s most material controls, which

involved aligning our Internal Control framework with US

Sarbanes-Oxley processes. I look forward to providing further

details of the implementation of this approach in our next

Annual Report, before formally reporting against these new

controls in GSK’s 2026 Annual Report.

Responsible business reporting: The Committees jointly

considered the EU Corporate Sustainability Reporting Directive

(CSRD) compliance requirements for inclusion in GSK’s 2025

Annual and Responsible Business Performance reports for

publication in Q1 2026.

CSRD establishes externally assured, mandatory reporting of

sustainability issues, in relation to financial risks/opportunities

and positive or negative impacts on society and the

environment, against a standardised framework and taxonomy.

The Committees considered the roadmap to CSRD

compliance, then assessed and recommended to the Board

the:

–double materiality topics, based around GSK’s six

Responsible Business focus areas, identified by

management as being the correct ones for disclosure and to

be embedded into strategic decision-making

–adoption of an appropriate Responsible Business reporting

strategy for GSK in future years, as outlined by management

Assurance Hub: 2024 saw the Hub complete its first full year

of operation after its successful launch in September 2023. The

Committees scrutinised measures taken by management in

continuing to strengthen the Hub’s governance, processes,

assurance and controls, how the Hub was discharging

business as usual activities and progress being made in the

projects the Hub is undertaking ahead of, and in readiness for,

GSK’s compliance with EU CSRD and SEC Climate reporting

and data requirements from 2025.

The Committees’ joint consideration of, and update on, the

Responsible Business Performance Rating for 2024 are set out

in the Corporate Responsibility Committee (CRC) Chair’s report

on page 125.

128



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Board committee reports continued

Legal

At each scheduled meeting, the Committee reviews legal

privileged reports given by the General Counsel on material

litigation and investigations. The Chief Compliance Officer

(CCO) also gives us updates. We monitor through to resolution

material and/or privileged investigations across the enterprise

that are either substantiated or unsubstantiated. Where

appropriate any corrective/mitigatory actions and lessons

learned will be discussed.

The Committee continued to exercise primary oversight for

Zantac litigation, including related accounting, disclosure and

communication assessments. This included assessing and

agreeing the details of GSK’s proposed resolution of the Zantac

settlement:

–of 93% (approximately 80,000 cases) of US state court

Zantac product liability cases for up to $2.2 billion and

–a separate settlement of the associated qui tam complaint for

$70 million, prior to the public disclosure of the settlement

The Committee is pleased to see the Zantac risk retired for the

best long-term interests of shareholders, with no admission of

liability. The latest status of the Zantac litigation is set out in

Note 47 to the Financial statements, Legal proceedings.

Risk and assurance

Risk management: GSK has a well-established and mature

risk management and internal control framework which is

described on page 130. The Committee continues to scrutinise

the operation of this framework and reviews refinements

proposed by management to ensure it remains fit for purpose

and is sustainable.

We monitor a dashboard of all GSK’s enterprise risks and the

process by which they are identified and prioritised. Key

enterprise risk topics for consideration by the Committee are

determined dynamically during the year following reviews

undertaken at Risk and Oversight Council (ROCC) meetings.

Following the review of the governance of enterprise risk

management oversight, the CCO and I proposed an enhanced

approach, with the Committee conducting more detailed

reviews of GSK’s Research practices, Patient safety and

Scientific and patient engagement. These reviews were

previously overseen by the Science Committee. The Science

Committee Chair now joins the Committee when we review

these enterprise risks together. The CRC leads on the review of

those enterprise risks relating to its key areas of focus. The

Committee continues to review any significant enterprise risk

escalations or associated investigations.

Following the 2024 review, we agreed to add Pipeline delivery

as a principal risk from 2025. This was agreed given the

evolving external reporting regulations and the paramount

importance of discovering and developing new medicines and

vaccines. All enterprise risk plans were updated in 2024 to

include assessment of data management and technology, in

addition to the existing areas of impact of geopolitics and the

exposure presented by third parties. In recognition of external

changes to the wider workforce ecosystem, going forward we

will oversee the mitigation of the potential risk of GSK failing to

deliver our strategic priorities as a result of inadequate skills or

planning.

Information and cyber security: This is a principal risk for

GSK and a key oversight area for the Committee. 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. We are joined by

my Board colleague, Dr Vishal Sikka, for these discussions.

Dr Sikka and the CDTO’s skills and experience, especially

those related to cyber security, are set out on pages 107 and

108 respectively. The CISO and CCO’s experience and

responsibilities relating to cyber security are set out on page

133 of last year’s Annual Report.

During the year, the Committee discussed a scheduled external

NIST review of ongoing delivery against GSK’s Cyber Security

Plan by a specialist firm of independent cyber experts. This

industry best practice framework is known as the National

Institute of Standards and Technology Cyber Security

Framework (NIST-CSF). We are pleased that GSK’s cyber

maturity rating is currently positioned in the upper quartile of

our peers. This reflects an accelerated rate of execution and

maturity growth since the plan was approved by the Committee

in mid-2022 when the maturity rating baseline was established.

Since then, there has been a significant improvement in control

effectiveness. This continued strengthening of controls will help

to protect against the principal cyber security threats to GSK.

Given the ever-changing environment, we are currently

considering recalibrating GSK's cyber maturity goals to further

challenge GSK management to further enhance the protection

of our systems.

The Committee is pleased with the rate of execution of the plan

and progress made so far. We will continue to be briefed on

how the NIST assessment framework and methodologies

continue to adapt. We are also keen to observe management’s

deployment of other capabilities so that the company’s

defences remain relevant and robust in this rapidly evolving

dynamic threat environment.

Further details of the other measures taken during the year to

mitigate this risk are described on pages 60 and 282.

129



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Board committee reports continued

AI Governance: Our Responsible AI framework helps us

maintain clear guardrails as we scale adoption of AI across

GSK to drive innovation, growth and productivity and, in doing

so, to accelerate our purpose.

In my report last year, I described the establishment by the

Board of the AI Governance Council (Council), its purpose and

activities that helped to define, establish and oversee these

guardrails. The Council is aligned to the ROCC and

Committee’s reporting arrangements, as well as our other

governance forums, as appropriate. A year after the Council’s

creation, the Committee was keen to examine the:

–structure and evolving operational effectiveness of the

Council

–functioning of the responsible AI governance architecture,

including the complementary roles, duties, ownership and

composition of each of these AI forums

–overall increase in maturity of our AI risk management

arrangements

The Committee was pleased with the significant initiatives that

the Council had pursued and rolled out across the Group to

further enhance GSK’s AI environment. These included:

–approving an AI Policy that embeds new AI principles and

establishes guidelines for use of AI within the company. The

Policy applies to all AI developed, procured, or used by our

people at GSK. Responsible AI training modules continue to

be rolled out

–developing, adopting and publishing an AI Standard

Operating Procedure (AI SOP), defining steps required for all

development and/or procurement of AI systems across GSK

–monitoring an inventory of all AI models developed across

GSK. This is being actively monitored through the Council, as

the number of AI applications in use expands at pace across

the enterprise

The Committee received a briefing from the Head of Audit &

Assurance (A&A) on the results of an initial audit, that primarily

focused on evaluating how the AI Governance framework is

embedding across GSK. This has also helped strengthen

oversight capabilities by increasing the experience of the A&A

team in conducting audits and oversight of new technologies.

In 2025, the Committee is looking forward to monitoring how

the Council progresses its key focus areas. These include:

–supporting business units in further improving and refocusing

their AI systems to align to the AI SOP

–continuing to embed and grow the Responsible AI SOP

adoption throughout the organisation

–continuing to oversee and monitor AI systems, including

developing technical and operational best practices

–refining and maturing the Council’s governance approach for

scaled adoption of AI across GSK

During the formative stage of AI development and adoption, the

Committee is keen to ensure an appropriate balance is

maintained between identifying, mitigating and monitoring key

AI risk areas across the enterprise and with our third parties,

while harnessing the opportunities and capabilities of this

technology.

Assurance: The Head of A&A provides regular updates on

progress against the agreed Assurance Plan. During the year

we reviewed detailed briefings on:

–Third parties: The level of assurance work undertaken by

A&A and other assurance groups within the business,

covering exposure to third party services and suppliers used

by GSK was covered. Given GSK’s increasing reliance on

third parties, particularly in high-risk areas such as R&D,

there is a need to continue to strengthen the application of

internal control management in this area. We reviewed

initiatives to drive sustainable improvements and further

enhance oversight in this regard.

–Business development (BD): The execution of targeted BD

deals is a key Board priority to help drive the future growth of

the company. We reviewed a series of audits that examined

various aspects of BD, including diligence, governance,

decision-making, contracting processes, and subsequent

integration into the business. During future audits, A&A will

focus on the effectiveness of the implemented corrective

actions identified and embedded in such deals post approval.

130



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Board committee reports continued

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 FRC 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 in overseeing 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.

Each principal risk has an assigned risk owner, drawn from

senior management, who is accountable for managing the

principal risk with oversight from a GLT member, which includes

setting and implementing risk mitigation plans. Risk owners

report quarterly on their respective risk management approach

and progress at the ROCC and the appropriate Board

committee. 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 comply 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 2024, 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 FRC 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 further discussed in the Risk management section

of the strategic report on pages 59 to 74.

The management of each principal risk is explained in ‘Risk

Factors’ on pages 277 to 285.

131



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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 2024 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 2024 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 178 to 181.


Significant issues considered by the Committee in relation to the financial statements	How the issue was addressed by the Committee
Going concern basis for the preparation of the financial statements	The Committee considered the outcome of management’s half-yearly and year-end reviews of current and forecast net debt positions and the various financing facilities and options available to the Group. The Committee also considered management’s review of the impacts of both the current economic environment and climate change. Following consideration of these assessments, which included stress testing and viability scenarios, sources of liquidity and funding, forecasts and estimates, the Committee confirmed that the application of the going concern basis for the preparation of the financial statements continued to be appropriate.
Revenue recognition, including returns and rebates (RAR) accruals	The Committee reviewed management’s approach to the timing of recognition of revenue and accruals for customer returns and rebates. The RAR accrual for US Commercial Operations was £5.2 billion at 31 December 2024 and the Committee reviewed the basis on which the accrual had been made and concurred with management’s judgements on the amounts involved. A fuller description of the process operated in US Commercial Operations in determining the level of accrual necessary is set out in Note 3 ‘Critical accounting judgements and key sources of estimation uncertainty’ on pages 101 and 102.
Provisions for legal matters, including investigations into various aspects of the Group’s operations	The Committee received detailed reports on actual and potential litigation from both internal and external legal counsel including the Zantac litigation, together with a number of detailed updates on investigations into various aspects of the Group’s operations. See Note 47 to the financial statements ‘Legal Proceedings’ for more details including the Zantac litigation. Management outlined the levels of provision and corresponding disclosure considered necessary in respect of potential adverse litigation outcomes and also those areas where it was not yet possible to determine if a provision was necessary, or its amount. At 31 December 2024, the provision for legal matters was £1.4 billion; see Note 32 to the financial statements, ‘Other provisions’ for more details.
Provisions for uncertain tax positions	The Committee considered current tax disputes and areas of potential risk and concurred with management’s judgement on the levels of tax contingencies required. At 31 December 2024, a tax payable liability of £0.7 billion, including provisions for uncertain tax positions was recognised on the Group’s balance sheet.
Impairments of intangible assets	The Committee reviewed management’s process for reviewing and testing goodwill and other intangible assets for potential impairment. The Committee accepted management’s judgements on the intangible assets that required writing down and the resulting impairment losses of £0.3 billion in 2024. See Note 20 to the financial statements, ‘Other intangible assets’ for more details.
Valuation of contingent consideration in relation to ViiV Healthcare	The Committee considered management’s judgement that it was necessary to increase the liability to pay contingent consideration primarily as a result of increases in sales forecasts, updated exchange rate assumptions and the unwind of the discount. After cash payments of nearly £1.2 billion in the year, at 31 December 2024, the Group's balance sheet included a contingent consideration liability of £6.1 billion in relation to ViiV Healthcare. See Note 33 to the financial statements, ‘Contingent consideration liabilities’ for more details.
ViiV Healthcare put option	The Committee reviewed and agreed the accounting for the Pfizer put option and concurred with management’s judgement on the valuation of the put option of £0.9 billion at 31 December 2024.

132



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Board committee reports continued

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 2024, prior to making a

recommendation on its reappointment in early 2025, the

Committee reviewed the effectiveness of its performance

against the criteria which it agreed with management at the

beginning of 2024.

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 relationship and value for money.

The Committee monitors engagements with external

stakeholders relevant to our areas of oversight, including the

FRC and Securities and Exchange Commission.

We sought to ensure that Deloitte would deliver a smooth,

thorough and efficiently executed audit for 2024 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.

Deloitte’s length of tenure was not taken into account when

assessing its independence and objectivity, given it only

commenced its role as auditor in 2018. However, the

Committee did consider how effectively it had assumed its role

as auditor. The Committee also considered the outcomes of an

audit effectiveness review undertaken by a team independent

of the auditor at Deloitte. As part of this process, interviews

were undertaken with key GSK stakeholders including

Executive and Non-Executive Directors and key corporate

functions.

The interviews focused on assessment in a number of areas

including:

–alignment to expectations of external auditor

–feedback on Deloitte team members, including on their skills

and experience

–effectiveness of communication and ways of working

–audit approach and quality

–areas of focus for improvement

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.

Having reviewed the above feedback, and noted any areas of

improvement to be implemented by the audit team for 2025, the

Committee was satisfied with the:

–effectiveness of the auditor and the external audit process

–auditor’s independence, qualifications, objectivity, expertise

and resources

We 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


External auditor appointment
Last tender	May–December 2016
Transition year	2017
First shareholder approval of current auditor	May 2018
First audited Annual Report and 20-F	Year ending 31 December 2018
New lead audit engagement partner	2023
Next audit tender required by regulations	2026 (to take effect from 2028)

There were no contractual or similar obligations restricting the

Group’s choice of external auditor.

Audit tender

The Committee considers that, during 2024, the company

complied with the mandatory audit processes and audit

committee responsibility provisions of the Competition and

Markets Authority Statutory Audit Services Order 2014.

As Deloitte continues to maintain its independence and

objectivity, and the Committee remains satisfied with its

performance, GSK does not currently intend to tender the

external auditor contract before the end of the current required

period of 10 years identified above and considers that this is in

the best interests of shareholders.

The Committee was mindful that there were appointments of a

new CFO for GSK and lead audit partner for Deloitte during the

2023 financial year. These changes help further mitigate the

risks of any over-familiarity between the company and the

auditor.

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Board committee reports continued

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:

GSK non-audit services policy, key features:


Process:	All non-audit services over £50,000 are put to competitive tender with other financial services providers, in line with the Group’s procurement process, unless the skills and experience of the external auditor make it the only suitable supplier.
Safeguards:	Adequate safeguards are established so that the objectivity and independence of the Group audit are not threatened or compromised.
Fee cap:	The total fee payable for non-audit services should not exceed 50% of the annual audit fee, except in special circumstances where there would be a clear advantage in the auditor undertaking the additional work.
Prohibitions:	GSK’s policy includes a ‘whitelist’ of permitted non-audit services in line with the relevant regulations. Any service not on this list is prohibited.
Pre-approval:	All non-audit services require pre-approval as set out in the table below to ensure services approved are consistent with GSK’s non-audit policy for permissible services. This process ensures all services fall within the scope of services permitted and pre-approved by the Committee and does not represent a delegation of authority for pre-approval.
	Value More than £50,000 Between £25,000 and £50,000 Under £25,000	Pre-approver Committee Chair and CFO Group Financial Controller Designate of the Group Financial Controller

Audit and other services comparison (£m)


l	Audit services
l	Other Assurance services
Further fees payable to Deloitte for non-audit services relating to the Consumer Healthcare demerger was £4.4 million in 2022 as set out on page 129 of the 2022 Annual Report. A fee of £0.2 million was paid to the auditor in respect of GSK pension schemes in each of 2022, 2023 and 2024.

The fees paid to the company's auditor and its associates are

set out above. Further details are given in Note 8 to the

financial statements, ‘Operating profit’ on page 200.

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 2024.

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 2024 Annual Report to ensure it met the requirements of

the FRC Code. This enabled the Committee, and the Board, to

confirm that GSK’s 2024 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 on gsk.com, together

with details of our confidential Speak Up lines for reporting and

investigating unlawful conduct.

Charles Bancroft

Audit & Risk Committee Chair

25 February 2025

134



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Remuneration report

GSK is successfully entering its next stage as a global

biopharma company, delivering strong operational

performance. After active engagement with a range of

stakeholders, we are proposing an updated Policy to enable

delivery of our Ahead Together strategy, outperformance

against our ambitions and the company’s ability to attract and

retain global high-calibre executives

Wendy Becker, Remuneration Committee


Remuneration Report contents include:	Page reference
Remuneration Committee Chair’s statement	134
2025 Remuneration policy consultation	135
2024 Total remuneration	144
2025 Pay for performance	151
2025 Remuneration policy	164

Dear Shareholder

On behalf of the Remuneration Committee, I am pleased to

present our Remuneration Report for 2024.

This is my first report since I succeeded Urs Rohner as

Committee Chair following our AGM in May 2024. I joined GSK

in October 2023 after many years of UK and multinational

board experience and have enjoyed learning about GSK and

how the Committee can continue to support GSK’s

transformation as a focused global biopharma business.

I will first report on the performance of GSK, the CEO and CFO

last year and the remuneration they have earned as a result. I

will then turn to the Committee’s work in reviewing our

Remuneration Policy for the next three years, ahead of our

Remuneration Policy renewal in May 2025.

Progress and Performance in 2024

GSK delivered another year of strong operational performance

in 2024, with strong sales and core operating profit growth

driven by accelerating momentum of our Specialty Medicines

portfolio. This was achieved together with outstanding phase III

pipeline progress. We were also pleased to have resolved the

vast majority of the Zantac litigation overhang. We announced

the closure of 93% of state court cases in October 2024 and

now have less than 1% of these state cases outstanding.

Beyond financial achievements and positive progress behind a

reshaped pipeline, GSK has continued its momentum in

operating as a Responsible Business (RB), as well as

strengthening its culture, with already high people survey

results increasing further, while attracting and building

outstanding capability in areas such as R&D and AI.

2024 Annual bonus

It is against this performance that the Committee reviewed the

annual bonus measures for the CEO and CFO. Annual bonus

targets are set to incentivise yearly progress towards the

delivery of our long-term strategy with a focus on delivering

outperformance.

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.

In terms of the two financial measures, the company delivered

strong growth in sales and core operating profit, both above

target. This demonstrated the resilience of the business given

the challenging environment for our Vaccines business in the

second half of the year.

The Committee also carefully reviewed performance against

the non-financial individual strategic and operational measures

for the CEO and CFO for 2024. We have provided greater

detail on performance against each of their objectives and

achievements on pages 147 and 148.

Before finalising the bonus outcomes, the Committee

considered the broader performance of the company and the

individuals. The Committee was satisfied that the payouts were

appropriate given the strong financial and operational results

for 2024, supporting delivery of our long-term strategy, though

also recognising a less robust share price performance.

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Remuneration report continued

When all bonus measures are combined, the final payout

against the maximum of 300% was 210% of base salary for the

CEO (of which 110% of base salary was delivered in shares

deferred for 3 years), and 198% of base salary for the CFO (of

which 99% of base salary was delivered in deferred shares),

i.e. 70% and 66% of maximum respectively. Both of them over-

achieved on their personal objectives. This compares to 2023

bonuses of 288% for the CEO and 264% for the CFO, with the

2024 step back driven by vaccine challenges in the second half

of the year.

Long-term incentive (LTI) awards

Moving on to the performance of our 2022 Performance Share

Plan (PSP) LTI award. This marks the end of the first grant

made under our 2022 Policy. The Committee was pleased at

the progress being made. Overall 80.75% of the total award

under the 2022 grant vested based on performance over the

three-year period from January 2022 to December 2024.

The grant had five measures, all of which vested to some

extent. Three of the five measures were fully vested, including

Total Sales growth, Core operating profit growth and our

Responsible Business: Environment measure. The Committee

was encouraged that, for the first time in several years,

following repeated strong operational business performance,

the company’s relative TSR positioning has improved. GSK

ranked in fifth position against our current ten global pharma

peers (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. In terms of our

Pipeline Progress measure (which currently tracks major

regulatory approvals and phase III pivotal trial starts), 18.75%

of this element vested out of a total 20%. We are hopeful that

the progress we are making to develop our portfolio, together

with the continued improvement of our longer-term growth

strategy, will be increasingly reflected in GSK’s valuation.

Further detail of the performance against these measures is

given on pages 149 and 150.

Before confirming the final total vesting level, the Committee

considered the overall performance measure outcomes of the

award, as well as shareholder experience. We agreed that,

given the progress made, the outcome for the three-year period

was appropriate.

Total Variable Performance Pay for 2024

Overall, 2024 resulted in total variable performance pay at 77%

of maximum opportunity for the CEO. This was considered a

fair reflection of the performance achieved. The CFO was not in

role at the time of the 2022 PSP grant and, therefore, did not

receive this award. Her performance resulted in a 66% bonus

outturn. The formulaic outturns for the CEO and CFO were

approved without the exercise of any discretion.

2025 Remuneration policy

Given that our 2022 Policy is due for renewal at our AGM in

May 2025, my first action on becoming Chair of the Committee

was to lead our Policy review. This coincides with the second

phase of GSK’s transformation as a global biopharma

business. The 2022 Policy has been a critical ‘carrot and stick’

tool in our transformation journey. We continue to believe in the

fundamental principle of incentivising out-performance and

penalising under-performance to support our performance

culture and long-term strategy. This remains central to our 2025

Policy proposal. We are looking to retain the majority of its

elements.

By way of reminder, phase one of GSK’s transformation

commenced in July 2022 with the separation of our consumer

healthcare business, now called Haleon plc. GSK then

changed from a global pharma and consumer healthcare

company to a focused global biopharma business. This reset

followed shareholders’ approval of our 2022 Policy in May

2022.

That Policy sought to reinforce the establishment of a strong

performance culture, setting a foundation for consistent

execution and delivery. The business has since demonstrated

consistent operational delivery and financial dependability with

a clear and growing number of pipeline assets developed to

deliver our growth strategy to 2031. Since 2021, GSK has

secured 17 approvals from the FDA and has 19 assets in

Phase III trials. The number of key pipeline scale opportunities

with potential peak year sales1 launching between 2025 and

2031 has grown to 14. We believe that the 2022 Policy

approved by shareholders, was instrumental in driving this

improvement.

GSK is a very different business to four years ago. Our global

sales have increased from approximately £25 billion in 2021

(including COVID-19 solutions) to over £31 billion in 2024 with

consistent quarter on quarter delivery. Our product mix has

improved with 67% derived from Specialty Medicines and

Vaccines. The progressive dividend policy we set has seen the

annual dividend payout increase too. The total dividend for

2024 is 61p with an expectation of 64p for 2025. A £2 billion

share buy-back programme was also announced in February

2025.

Before reviewing GSK’s remuneration arrangements, the

Committee reflected on GSK’s position globally today. The US

is our largest commercial market and represents more than

52% of sales. Only 2% of our sales originate from the UK. The

balance of 46% of sales originate from the rest of the world.

The US is not only our largest market, it is also our largest

employer across the globe. We employ 12,108 people in the

US (16% of our workforce) and the balance across the rest of

the world. Our GLT is also multinational in its composition,

including American, Australian, British, Canadian and French

nationals. We are truly an international business.

Changes for the 2025 Remuneration policy

The purpose of our 2025 Policy is, therefore, to:

–incentivise the delivery of the company’s Ahead Together

strategy and 2031 growth strategy

–reinforce the company’s pay for performance, particularly

out-performance, philosophy

–enable the retention and attraction of talent as a global

biopharma company

–create the headroom to deliver market competitive reward

through the organisation

(1)Excluding COVID-19 solutions

136



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Remuneration report continued

It was with this in mind that we went on to develop our 2025

Policy proposal. We were driven by the need to be fully aligned

to support successful delivery of our strategy and to ensure that

incumbents are paid appropriately to be retained and

incentivised and that the policy has sufficient flexibility to permit

us to manage succession when required. We sought to be

evidence-based in our approach – but without being slavish to

data. We interrogated numbers but we also looked more deeply

to our talent base today and into the future. We analysed our

current competitors for talent as a global biopharma business.

This work leveraged several internal and external data points to

ensure it was comprehensive. The Committee drew on the

expertise of the Science and the Corporate Responsibility

committees for specialist input too.

The conclusions supported the importance of:

1.Size-adjusted Global Biopharma Peer Group: Evolving and

focusing on one main performance and remuneration

comparator peer group, rather than three. Since the

demerger of Haleon, an assessment of our talent flows

reflect that we are a biopharma company versus a generalist

company and this new peer group is more relevant to those

wins and losses. Within the peer group we are proposing, 11

of the 13 companies benchmark their performance against

GSK today. Aligning our diverse comparator peer groups

enables us to ensure that pay is better aligned with the

shareholder experience and is appropriate throughout GSK’s

global leadership team, using a robust basis for

benchmarking and consistency in the assessment of our

achievements. In addition to ensuring incumbents are paid

appropriately, it also gives increased confidence that our

policies will enable succession at the appropriate time to

ensure that GSK remains able to attract and retain the best

available global talent.

The new peer group is intended to prove enduring and should

remain relevant for some time as GSK’s growth. continues. Our

methodology for setting the peer group is described on page

137.



Size-adjusted global biopharma peer group
Amgen	Gilead	Roche Holding
AstraZeneca	Merck KGaA	Sanofi
Bayer	Moderna	Takeda
BMS	Novartis
CSL	Pfizer

2.Competitive Compensation: Having reset our peer group, we

considered the remuneration arrangements for our CEO and

CFO. Our CEO, whom we regard as a high performer, is

currently positioned below the lower quartile of the new size-

adjusted global biopharma peer group across all

compensation metrics, except base salary where she is

positioned below median. This remains true even when

excluding US companies from our new group (see page

137).

In addition, analysis reflects that GSK is facing meaningful

external pay compression, with our CEO’s pay being more

consistent with ‘number 2’ roles in our peer group, making

attracting external talent challenging. GSK has significant

internal pay compression within our peer group, with the

‘headroom gap’ (i.e. the gap from CEO to number 2 role

compensation) being over 40% less than the group average,

which brings with it retention risk (see page 138). We

therefore intend to begin the move towards the median of the

new peer group in 2025, and during the term of the 2025

Policy.

138



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Remuneration report continued


External compression: GSK CEO vs. #2 at pharma peers
TDC

(£m)


	GSK


Internal compression: headroom between #2 pay and CEO pay
Base salary	Total direct compensation

4.Alignment to Shareholder Experience: Finally, in recognition

of the importance of further aligning shareholder and

management experiences and shareholder input, we

propose to increase the weighting of our relative TSR PSP

measure from 30% to 40%. This will be achieved by reducing

the other PSP elements equally by 2.5%. We recognise that

not all shareholders are supportive of the use of TSR

measures in LTI plans. To further align with shareholders and

simplify our arrangements our Share Ownership

Requirement (SOR) will be updated to track the PSP LTI

grant multiple given to executive directors and to require that

level be maintained for 2 years after cessation of

employment.

Engagement

The Chair and I met to share our initial proposals with certain of

our major shareholders before refining our thinking and holding

broader discussions in October and November 2024. This

culminated in the presentation of our proposals at our Annual

Governance Meeting in December 2024 and writing to

shareholders representing approximately 60% of our share

capital. We subsequently met again with shareholders to further

refine our proposals.

The full process we followed is set out on page 141. I would like

to thank the many shareholders who engaged with us and for

their time and the thoughtfulness in their responses. The

feedback was greatly valued and carefully considered before

the Committee decided how to proceed.

While it is never possible to reflect all feedback (as some views

were irreconcilable), we carefully considered all feedback and

made a number of changes to reflect suggestions. There was

acknowledgement of GSK as a global biopharma company, the

progress that has been made operationally and the stronger

positioning of the company, We also discussed: (1) the

appropriate level of alignment with shareholder experience, (2)

comparability with our geographically local peers, (3) our

confidence in the long-term pipeline and short-, medium- and

long-term growth strategy, and (4) the importance of providing

flexibility in the potential remuneration policy application over

time.

Following these collaborative conversations and engagement,

we refined our Bonus, LTIP and SOR proposals twice – once

after initial discussions with shareholders and then after more

broader engagement.

Though there is recognition of the performance and progress

made by our highly respected CEO, the importance of aligning

our proposals to the shareholder experience meant it was

appropriate to make changes to better align to shareholder

experience with phased share implementation, stronger

shareholding requirements and greater reporting transparency.

Our revised proposals will initially result in our CEO being

remunerated between lower and median quartile of our new

size-adjusted global biopharma peer group. We will have the

flexibility to move towards median remuneration by the end of

the 2025 Policy period in line with shareholder experience.

139



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Remuneration report continued

Journey towards peer group median for Total Direct

Compensation (TDC)

All our analysis has confirmed that material changes are not

currently required to the CFO’s package at this point. It also

confirmed the Committee’s starting point that the CEO’s current

package, which is currently in the lower quartile of the new

size-adjusted global biopharma peer group, is insufficient either

to reward her performance, or to provide the appropriate

capacity for succession. As a result, we will look to target

median of the proposed new peer group’s total direct

compensation levels over time, with a continued strong bias

towards performance-related pay.

This will be achieved for the CEO by:

–Annual bonus: the current 3.00 times base salary maximum

will be held. However, we will increase on-target bonus from

1.00 times to 1.50 times base salary to help reach the new

peer-group median level. The current approach of setting

targets on a challenging basis consistent with our growth

strategy will be maintained.

–LTI: the CEO’s LTI Policy award maximum multiple will be

increased from our current CEO Policy maximum of 6.00

(with current grants at 5.75 times) to a maximum of 8.00

times base salary. The Committee will then increase the

CEO’s PSP LTI grant to 7.25 for 2025.

Thereafter we will only increase the CEO’s PSP LTI award

multiple from 7.25 times salary after GSK shares are re-rated,

or if required for succession purposes.

In addition, for the CEO this increase will be aligned to a more

demanding performance scale with the percentage of base

salary payable at threshold (TSR median) maintained at

approximately the current level of 143.75% of base salary. In

this way any benefit from the increase in quantum will clearly

be linked to out-performance.

Further, the top end of the TSR scale will be linked to upper

quintile (20th percentile) performance, rather than the current

upper quartile (25th percentile). This would then be one of the

most demanding relative TSR measures in our new peer group

and will apply to the executive leadership team.

These combined changes will result in the CEO’s total ‘on

target’ remuneration opportunity being £8.76 million, positioned

above the lower quartile of this peer group. Albeit, this remains

closer to the lower quartile than the median. We will have the

capacity to move from here in line with shareholder experience.

The Committee recognises that if GSK operated solely within

the UK, the 2025 Policy proposal could be viewed differently.

That said, we are of the view that these changes are essential

to move towards competitive performance-related pay

opportunity in the context of GSK’s global operations. Hence a

pure FTSE 100 peer group would not be appropriate.

Full details of the proposed 2025 Policy are set out on pages

164 to 172.

Remuneration policy implementation for 2025

During the 2025 Policy consultation process we also shared the

changes we were proposing to the way we implement our

Policy, in particular in terms of our long- and short-term

performance measures.

2025 Annual bonus and LTI performance measures

Given the strategic importance of continued delivery of our

pipeline as explained earlier, we have chosen to add a Pipeline

measure to the Annual bonus. The 2025 Annual bonus

measures for 2025 will therefore be changed as follows:


Current	New for 2025
Sales: 30%	Sales: 25%
Core Operating Profit: 30%	Core Operating Profit: 25%
RB: Inclusion: 10%	Pipeline: 20%
Strategic and operational: 30%	Strategic, operational and RB: 30%

The new short-term Pipeline measure is described in full on

page 151. It rewards 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 supports the

Committee in confirming the appropriateness and stretch in the

Pipeline measure.

Our 2025 PSP LTI measures have been updated too and will

be:


Current	New for 2025
Relative TSR: 30%	Relative TSR: 40%
Sales: 20%	Sales: 17.5%
Core Operating Profit: 20%	Core Operating Profit: 17.5%
Pipeline: 20%	Pipeline: 17.5%
RB: Environment: 10%	RB: Composite Score: 7.5%

These measures seek to reinforce over-delivery of our longer-

term growth strategy. The Pipeline measure has been updated

and 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 sales outlook remains at a specified level. Our RB

measure has been simplified to be directly aligned and reward

delivery against the company’s full RB programme. You can

read in detail about our progress in year and our ambitions in

the context of our six RB focus areas set out on pages 45 to 58.

We will continue to have transparency of measures and

performance.

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Remuneration report continued

Path to ensuring competitive compensation

The Committee 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%, and the CEO an

increase of 5%.

The CEO’s increase was set marginally higher than that of the

general workforce increase given her very strong performance

in 2024 and previous years, and her experience in the role,

whilst noting the benchmark data. This increase also

recognises that the CEO’s base salary was 4-5% behind our

new size-adjusted performance group median based on 12-

month old (i.e. 2024) data. It supports the long-term aim of the

Committee to position CEO TDC at the median of our new size-

adjusted global biopharma peer group over the course of the

2025 Policy. The Committee also noted the compression

impact on other colleagues of the CEO’s remuneration both

internally and against peers. The increase is insufficient to

bridge the differential on TDC but, combined with the proposed

increase in performance pay, will begin to move CEO’s TDC,

towards the median TDC of our new size-adjusted peer group.

Thank you

Once again, I would like to take this opportunity to thank

shareholders for their input and engagement during this

Remuneration Policy review, to help shape the new Policy

presented in this report. During this consultation we were

pleased to be able to engage with the majority of the

company’s shareholder register. I would like to congratulate all

our people for all they have achieved in 2024 and the delivery

of another excellent year of performance, and thank my fellow

Committee colleagues for their wise counsel and support in

developing the new Policy. Last but not least, I would also like

to thank colleagues on the Board from the Science and the

Corporate Responsibility committees for their collaboration and

support in ensuring that these changes are robust and well

validated. I welcome all shareholders’ feedback on this report

ahead of our AGM. We look forward to receiving your support

for our new Remuneration policy and Annual report on

remuneration at our Annual General Meeting on 7 May 2025.

Wendy Becker

Remuneration Committee Chair

25 February 2025

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2025 Remuneration policy consultation

2025 Remuneration policy renewal: Key changes for GSK as a pure biopharma company



1 Refocus on meaningful competitive peer benchmark – aligned to GSK purpose and talent flows	2 Globally competitive compensation for GSK and performance pay potential for CEO	3 Strategic alignment - deeper and sharper pipeline focus across short- and long-term incentives	4 Alignment to shareholder experience

GSK consultation process and impact


What we did
Engagement event	Dates	Investor participation (approx.)	Share capital represented (approx.)
Review and understanding of existing policy and strategy	May - July 2024
Consultation with Board and senior Human Resources Leaders on employee perspectives	July - October 2024
Initial individual investor consultation	October - December 2024	25 investors	40%
2024 Annual Governance Meeting	December 2024	Invited: 60 investors and proxy advisors Attended: 25 investors	60% 30%
Consultation letter - seeking feedback on proposal	December 2024	60 investors and proxy advisors	60%
Letter - explaining how feedback was considered and incorporated	February 2025	60 investors and proxy advisors	60%
Meetings held with shareholders up to publication of Annual Report	December 2024 - February 2025	12 investors and proxy advisors	20%

What we heard
Reinforced:	Emphasised:
Logic of global biopharma group	Better alignment with shareholder experience
Uncompetitive CEO pay	Differentiate GSK’s policy from other geographically local peers of a larger scale
Performance stretch	Request for greater transparency of Pipeline measures
Pipeline focus	Need for global compensation competitiveness, especially for succession
Impact on proposals
Peer group & salary	–Keep peer group and median aim but phase over the life of the plan
Annual bonus	–Reach market practice of 50% of bonus max for target, keeping max at market practice of 3.00 times base salary –Retain current Annual bonus deferral requirement, even after shareholding requirement is met, to enhance disclosure on pipeline and strategic operational measures
LTIP	–Adjust LTIP maximum award to 8.00 times CEO base salary –Cap the CEO’s award at 7.25 times base salary until a meaningful and sustained re-rating of GSK’s shares or succession requires it –Maintain Emma Walmsley’s payout at threshold at approximately the current percentage of base salary (143.75% of base salary) –Increase maximum vesting for TSR to be top quintile related performance –Increase weighting of relative TSR measure from 30 to 40% of the PSP award –Increase transparency of the pipeline measure and add a vesting underpin to demand 2031 sales outlook at the time of vesting remains at a specified level
SOR	–Increase to match executives’ PSP level. Increase post-cessation requirement to apply in full for 2 years post-cessation

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Annual report on remuneration

2024 Total remuneration (audited)


Fixed pay	Pay for performance
Salary			Total remuneration
Pension	Annual Bonus	LTI awards (2022 PSP award vesting)	Total remuneration
Benefits
Read more on
page 145	pages 146 to 148	pages 149 and 150	below

The following sections from this page to page 163 provide details of each element of 2024 ‘Total remuneration’ and how the

Committee implemented the company’s shareholder-approved 2022 Remuneration policy during the year in terms of fixed and

performance pay.

2024 Total remuneration (audited)


	Emma Walmsley, CEO		Julie Brown, CFO
	2024 £000	2023 £000	2024 £000	2023 £000
Fixed pay
Salary(1)	1,363	1,310	990	635
Benefits	180	212	64	50
Pension	98	94	69	44
Other(2)	—	—	1,088	2,411
Total fixed pay	1,641	1,616	2,211	3,140

Pay for performance
Annual bonus(3)	2,855	3,774	1,955	1,687
Vesting of PSP LTI awards(4)	6,063	7,328	—	—
Total pay for performance	8,918	11,102	1,955	1,687

Total remuneration	10,559	12,718	4,166	4,827

(1)Salary: Julie Brown joined the company on 3 April 2023. Her 2023 base salary of £915,335 was pro-rated to reflect the time she worked as CFO Designate

until 1 May 2023 and as CFO until 31 December 2023

(2)Other: Represents the sum paid in cash to Julie Brown, the CFO, as part of her buyout arrangements in relation to leaving Burberry, as set out in full on

page 149 of the 2022 Annual Report. In setting the Buyout arrangements, which are staged over a two year period, the Committee sought to ensure she

was compensated on a like-for-like basis as far as possible. In fulfilment of these arrangements, the CFO purchased 22,500 shares in June 2023

(3)Deferred Annual Bonus Plan (DABP): The mandatory DABP bonus deferrals for 2023 and 2024 are set out on page 160

(4)2022 PSP vesting in 2025: For the CEO, the figure has been valued based on the closing price on 18 February 2025 of £14.43. The share price on 15

February 2022, the date of grant, was £15.71. Of the vested amounts for the CEO, nothing was attributable to share price appreciation over the

performance period. The Committee did not exercise any discretion in relation to the vesting of the awards or share price changes

All-employee share plans: The CEO and CFO each contribute the maximum of £250 and £125 a month into the Share Save plan and to buy shares

under the Share Reward plan respectively. Further details of these HM Revenue & Customs (HMRC) approved all-employee plans are set out on page 154

Malus and clawback: The Committee may in specific circumstances, and in line with stated principles, apply malus and clawback, as it determines

appropriate. 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 2024 in respect of either the CEO or CFO

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Annual report on remuneration continued

Fixed pay 2024 and 2025 (audited)

Salary

The Committee is very aware of the sensitivity amongst stakeholders to levels of pay. Before setting or reviewing salary, it

considered the average increases awarded to employees below Executive Directors 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 2024 and 2025

for the Executive Directors compared to increases for the UK workforce.


	2024 and 2025 effective dates		% change			Salary £000
	2024 and 2025 effective dates	2025	2024	2025	2024	2023
UK employees	1 April	3.3	4.0
Emma Walmsley	1 January	5.0	4.0	1,431	1,363	1,310
Julie Brown	1 January	3.3	4.0	1,023	990	952

The CEO’s base salary increase was set marginally higher than that of the general workforce increase given her very strong

performance in 2024 and previous years, and her experience in role. This increase also recognises that the CEO’s base salary was

4-5% behind the median of our new size-adjusted global biopharma performance group (based on previously disclosed peer

company CEO remuneration). Further, the increase supports the long-term aim of the Committee to position CEO total direct

compensation at the median of our size-adjusted global biopharma peer group over the course of the 2025 Policy.

Benefits

This table provides an analysis of total benefits (grossed up

for tax) received by the Executive Directors in 2024 and 2023.

The UK remuneration reporting regulations require the

company to add into each Executive Director’s total benefits

all items which 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. As these are

business expenses, the company meets the tax which arises

on them and therefore the items are shown grossed up for tax.


		Benefits £000
	2024	2023
Emma Walmsley
Benefits available to employees	103	118
Business-related services	77	94
Total benefits	180	212


Julie Brown
Benefits available to employees	39	25
Business-related services	25	25
Total benefits	64	50

Pensions

From 1 January 2023, pension arrangements for Executive Directors were aligned to 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 2024.

The table below shows the breakdown of the pension values included in 2024 Total remuneration on page 144.



Pension remuneration values	Emma Walmsley (£000)		Julie Brown (£000)
Pension remuneration values	2024	2023	2024	2023
UK defined contribution	7	6	—	—
Employer cash contributions	91	88	69	44
Pension	98	94	69	44

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Annual report on remuneration continued

2024 Pay for performance (audited)

Annual Bonus

Core

operating profit

growth

30%

Strategic and

operational

measures

30%

Total sales

growth

30%

RB:

Inclusion

10%

Annual Bonus


l	Financial Measures: 60%	l	Operational: 40%

2024 Annual bonus performance

The following table shows the Annual bonuses earned compared to the bonus opportunity for 2024:


	2024 Bonus opportunity			2024 Bonus earned			2024 Bonus Paid as (£000)
	Target (% of salary)	Maximum (% of salary)	2024 salary £000	% of Maximum Bonus	% of Salary earned	Total 2024 bonus (£000)	Cash	Shares (DABP Award)
Bonus	Target (% of salary)	Maximum (% of salary)	2024 salary £000	% of Maximum Bonus	% of Salary earned	Total 2024 bonus (£000)	Cash	Shares (DABP Award)
Emma Walmsley	100	300	1,363	70	210	2,855	1,362.7	1,492.1
Julie Brown	100	300	990	66	198	1,955	977.7	977.7

Details of the mandatory deferral by Executive Directors into the Deferred Annual Bonus Plan for the 2024 bonus are set out on

page 160.

2024 Financial measures outcomes

Total sales growth excluding COVID-19 solutions Core operating profit growth excluding COVID-19 solutions

GSK AR24 Rem financial measures - 20F.jpg

Target setting

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 and excluding the commercial benefit

from COVID-19 solutions.

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Annual report on remuneration continued Pay for performance (audited) continued

2024 Strategic and operational measures outcomes

Target setting and review process

At the beginning of the year, after agreeing GSK’s three-year plan for 2024 – 2026 and following review of the company’s long term

growth strategy, and the Board and Management’s priorities for the year ahead, the Committee agreed the financial bonus targets

for the CEO and CFO. The Committee agreed their key deliverables for the year ahead as their individual strategic and operational

measures for 2024.

At the end of the year, after the Board’s review of GSK’s performance for 2024, 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. As with the financial bonus measures, the Committee was satisfied with the scale of the Executive

Directors’ achievements. In completing their assessment, the Committee considered shareholder experience and acknowledged in

particular that the market’s view of the valuation of GSK is substantially lower than the company’s own view and that the Board

remains mindful of the need to deliver improving shareholder value over the short-, medium- and long-term timeframes.


	Achievement during 2024	Performance assessment
Emma Walmsley Emma led the executive team and the wider organisation to deliver continued, improved operating performance in 2024, with GSK’s reshaped product portfolio demonstrating both strength and resilience, notably with an increased contribution from Specialty Medicines. Pipeline development was also strong, with a record number of positive Ph III readouts in 2024, and the company now focused on development of 14 scale growth opportunities expected to launch before 2031. This has resulted in further improvement to GSK’s growth strategy. Alongside this, there was meaningful progress in culture, talent development and exemplary leadership as a responsible business The following table sets out her performance against the Innovation, Performance, Trust and Culture objectives
Innovation	–Delivered pipeline progression above target with 13 positive Ph III read outs –Delivered innovation sales above plan, accounting for 37% of total sales. Material over-delivery in Specialty and General Medicines compensated for shortfall in Vaccines –R&D now focused on clinical development of 14 potential scale opportunities expected to launch before 2031. These include five product approvals planned in 2025, at the forefront of which are Blenrep and depemokimab –Completed transactions to acquire assets in Oncology and Respiratory, Immunology & Inflammation; strengthened platform capabilities in mRNA and oligonucleotides; several new material research alliances established –Good progress across the R&D data/AI technology goals – target choice, patient identification, molecule design/chemical manufacturing and controls (CMC) and clinical trial effectiveness –AI enabled acceleration of digital submissions, reducing number of weeks for last patient visit (LPV) first regulatory submission by over 35%	Exceeded
Performance	–Delivered the financial plan exceeding guidance set for 2024, driven by strong growth and increasing contribution from Specialty Medicines, with growth in all therapy areas, more than offsetting impact of the US and China environment on Vaccines –Continued embedding of scale AI capability in global functions, manufacturing and commercial operations with measurable impact in sales and marketing ROI cost savings, quality and forecast accuracy –Significant increase in deployment and upskilling of AI usage with >29K attendees at the group-wide Data Academy	Met
Trust	–Personal leadership to deliver successful resolution of vast majority of US Zantac litigation – managed in best interests of shareholders and without any admission of liability –2024 Responsible Business Performance Rating ‘on track’ for third consecutive year, demonstrating sustained momentum in all six priority areas, alongside strong track record of performance delivery –Ranked second in the latest global Access to Medicine Index, where we have been placed first or second since its inception in 2008 –Progressed development of six Global Health pipeline assets to address priority World Health Organisation (WHO) diseases –Environmental Sustainability – 16 of the 17 GSK KPIs at or above target. Low carbon Ventolin Ph III ongoing –88% of Ph III trials completing enrolment met our thresholds for participants to represent the disease epidemiology under study – well ahead of our 50% target for 2024	Exceeded
Culture	–Annual employee survey improvement in confidence – up 3% to 83% overall –Highly positive engagement scores of more than 80% again in internal survey –Strong champion of leadership and learning, sponsoring a range of leadership programs for first and second line leaders and successful delivery of our Enterprise Leadership Program with excellent feedback and engagement –Strong progress in executive leadership succession planning and quality –New headquarters (HQ) move successfully completed	Exceeded
The Committee determined that the CEO clearly exceeded her individual objectives and that 78% out of the 90% maximum should be attributed to her overall bonus

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Annual report on remuneration continued Pay for performance (audited) continued


	Achievement during 2024	Performance assessment
Julie Brown Julie led the Finance Leadership Team and worked alongside the GSK Leadership Team (GLT) to deliver continued, improved operating performance in 2024. Julie led a deep review of pipeline forecasting to support the upgrading of long-term growth strategy, and a strategic review of R&D investments to support smart resource allocation and ROI. Improved profits were delivered by securing a more competitive P&L and increased use of SG&A analytics. Julie continues to oversee the cyber security plan for GSK, with improvements in maturity and control effectiveness. Alongside this, she successfully led progress in culture, talent development and engagement of the Finance organisation
Demonstrate financial leadership	–Deep review of pipeline forecasting to support upgrading of long-term growth strategy –Strategic review of R&D investments to increase spend and smart resource allocation to improve ROI. Total R&D investment of £6.4bn in 2024 –Strong focus on further improving momentum with business development, organic performance and productivity drivers to deliver a competitive P&L –Delivery of investor engagement programme including Investor Roadmap, 2024 Investor Update and Meet the Management events for Oncology and Early-Stage Pipeline –Led detailed shareholder value gap analysis informing the investor communication programme –Guidance, reporting, financial controls and external audit delivered effectively with no issues, with a step up in the clarity of the published quarterly reporting to the market	Exceeded
Cost discipline and cash flow management	–Organisational delivery of a more competitive P&L, coupled with SG&A analytics, delivering enhanced core operating profit and core operating margin –Cash generated from operations of £7.9bn –Effective, disciplined capital deployment to support business growth and shareholder returns including £2.3bn allocated to targeted business development –Significant progress in tech and AI-enabled changes in Finance, including Source to Pay, financial process improvement, cash and treasury –Successfully led the SG&A ROI project with the purpose of driving competitive, precision analytics to drive increased ROI whilst retaining a growth mindset	Exceeded
Demonstrate strong culture and leadership	–Positive progress on engagement and culture scores in the GSK survey driven by a focus on growth, development and continued wellbeing –Successful implementation of succession and talent development planning including appointment of three new Finance Leadership Team members –Cyber Maturity Plan: All 40 projects planned for 2024 delivery completed	Met
The Committee determined that the CFO clearly met her individual objectives and that 66% out of the 90% maximum should be attributed to her overall bonus

2024 Responsible Business (RB): previously set inclusion aspirations1


	Emma Walmsley	Julie Brown	Payout level
	Enterprise targets not met	Directorate targets not met	Nil (0%)
	Enterprise targets met, but not all directorate targets	Personal directorate targets met	Target (10%)
	Enterprise and all directorate targets met		Maximum (20%)
Outcome achieved	Maximum payout – 20%	Maximum payout – 20%

Overview of performance against previously set leadership inclusion aspirations

We previously set aspirational targets for diversity of senior leadership to be achieved by 2025. The Committee agreed interim,

annual aspirational targets for 2024 as part of this effort, including global gender representation and US and UK race and ethnicity

representation at an enterprise level for the CEO and at a directorate level for the CFO. An internal governance team audited

performance against these aspirations for the Committee. Going forward, we expect to make changes in several areas related to

inclusion, including no longer setting leadership aspirations.

Delivery: The interim aspirations were met in 2024, and resulted in the leadership aspirational targets set for 2025 being largely

met. At the year end, the GSK Enterprise performance was 48%2 gender representation and 38.3% US ethnicity and 21.8% UK

ethnicity in our VP and above employee population.

1This measure ceased to operate at the end of 2024

2Rounded percentile

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Annual report on remuneration continued Pay for performance (audited) continued

Vesting of 2022 PSP LTI awards

Relative Total

Shareholder

Return

30%

Core

Operating

Profit Growth

20%

Pipeline

Progress

20%

RB:

Environment

10%

Total Sales

Growth

20%

Total Vested LTI

Overview of PSP LTI performance

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 necessary to exercise any discretion in relation to the

vesting of the awards or due to share price changes. Overall, 80.75% of the 2022 PSP awards vested against the targets set out

below.

2022 PSP Outcomes


						Vesting level
Performance measures and relative weighting	Performance targets						% of maximum	% of award
Relative TSR (30%)		TSR ranking within comparator group (10 companies)		% vesting			40	12
	Maximum		1st, 2nd, 3rd	100
			4th	70
			5th	40
	Threshold(1)		Median	25
			6th to 10th	0
	(1) The median vesting threshold falls between two companies. The Relative TSR comparator group is set out on page 156.
Total sales growth(2) (20%)	Recognises the importance of the company's commercial ambitions with regard to operating profit growth. The measure vests in accordance with the same table as set out below for core operating profit growth, against a target of £76.47bn.						100	20
Core operating profit growth(2) (20%)	Recognises the importance of the company's commercial ambitions with regard to operating profit growth against a target of £22.49bn.						100	20
Core operating profit growth(2) (20%)		Performance vs Target		% vesting
	Maximum		105%	100
			103%	75
			100%	50
	Threshold		99%	25
			<99%	0

Pipeline progress (20%)	Targets strengthening our pipeline through progression of high quality assets into pivotal trials and the achievement of regulatory approvals in major markets. The points are allocated on achievement of these two equally weighted elements of 10%.
	Measure	Threshold 25%	50%	75%	Maximum 100%
	Pivotal Trial starts	11	13	15	17		100	18.75
	Major regulatory approval milestones	16	18	20	22		87.5	18.75

RB: Environment (10%)	Recognises the importance of our Responsible Business priority and ambitions of having a Nature Net positive and Climate Net Zero impact by 2030. The measure includes six key performance measures (3x Climate ambitions and 3x Nature ambitions).
	100% vesting	Every measure must have been achieved, and at least two of the six measures, at least one in Climate and one in Nature, must have exceeded their targets at the end of 2024.					100	10

Total vesting in respect of 2022 PSP awards								80.75
(2) excluding COVID-19 solutions

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Annual report on remuneration continued Pay for performance (audited) continued

Pipeline progress - overview of assets contributing to outcome of this measure


	Assets contributing to outcome achieved
Pivotal trial starts (17 points)	depemokimab - CRSwNP, bepirovirsen - HBV, cobolimab + dostarlimab + docetaxel NSCLC, Blenrep - 1L MM, dostarlimab - colon, camlipixant - RCC, tebipenem pivoxil - cUTI, dostarlimab unresect HNSCC, CD226 GALAXIES Lung-301, niraparib GBM study, Low Carbon Ventolin and Benlysta - CTD - ILD.
Regulatory approval milestones (21 points)	RSV OA PreF3 US, RSV OA PreF3 EU, cabotegravir HIV PrEP EU, dostarlimab (RUBY) US, dostarlimab (RUBY) EU, momelotinib - myelofibrosis US, momelotinib - myelofibrosis EU, Shingrix - China, and dostarlimib (RUBY - all comers)

2022 PSP vesting


	Granted	Vested(1)	Value of vested shares(1) (£000)
Emma Walmsley	461,059	420,177	£6,063

(1)The number of shares which vested and the value they represented at vesting includes dividend reinvestments during the performance period. These

are based on the vesting price of £14.43 on 18 February 2025

(2)The CFO joined GSK on 3 April 2023 and therefore did not receive the 2022 PSP award.

2024 LTI grants

The 2024 DABP awards, in respect of the deferral of 2023 bonus, and the 2024 PSP awards are set out below.


		2024 DABP awards				2024 PSP awards
	% of total 2023 bonus deferred	Number of shares	Face value of award(1) £000	Award level as % of base salary	Face value of award(2)(3) £000	Number of shares
Emma Walmsley	65	147,271	2,463	575	7,835	468,449
Julie Brown	50	56,190	940	400	3,960	236,763

(1)The face values of the DABP and PSP awards has been calculated based on a share price of £16.726, being the closing price on 7 February 2024 (the day

before the grants). DABP awards are nil-cost options for the Executive Directors. No performance conditions are attached to the DABP awards, as they

reflect the mandatory three-year deferrals in respect of the Annual Bonus for 2023

(2)PSP awards are conditional shares, based on the performance measures set out on page 149 of the 2023 Annual Report

(3)The performance period for the 2024 PSP awards is from 1 January 2024 to 31 December 2026. Awards vest at 25% of maximum for threshold

performance. Please see the 2023 Remuneration Report for details of the measures and targets for the 2024 awards

Malus and clawback policy

For the purposes of the 2025 Remuneration policy, there are no changes to the malus and clawback policy (as set out on pages

166 to 167).

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, where it is

legally permissible to disclose and where it can be made without unduly prejudicing the company and therefore shareholders. In

line with these disclosure guidelines, there were no matters to report during 2024.

151



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Annual report on remuneration continued Pay for performance (audited) continued

Pay for performance in 2025

Target setting

Following careful review of performance towards GSK’s 2031 growth strategy at the end of 2024 and pipeline progression, the

three-year plan for 2025 – 2027 was set. The Board then agreed the guidance for the year ahead and the key priorities for the 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. The Committee does not therefore

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 2025 Annual Report. The targets and outcomes are calculated based on CER.

2025 Annual bonus measures

Total sales

growth

25%

Pipeline

performance

20%

Core operating

profit growth

25%

Strategic,

Operational and RB

30%

Annual bonus

award


l	Financial Measures: 50%	l	Operational: 50%


Total sales and Core operating profit growth	These targets are set following the Board’s annual planning process and consideration of analysts’ consensus to ensure that the targets are sufficiently stretching and support the Committee’s aim to incentivise and reward over performance.
Pipeline performance	This is a new element of the Annual Bonus for 2025. It is focused on ensuring that executives have a direct link to the delivery of our pipeline milestones. It is 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 also creates alignment across the full Executive team. Priority assets represent major launches and next wave programmes expected to deliver commercial success both in the near- and mid-term, and beyond. For each of the major launches and next wave assets, key inflection points which are expected in 2025 have been set as the respective thresholds, targets and stretch deliverables, with those priorities weighted and assigned points based on their value potential (i.e. contribution to Peak Year sales). Points will then be awarded in each case based on the milestones actually achieved for the relevant assets. 82% of points are available for priority assets and 18% for business development. The schedule of assets contributing to this measure for 2025, and their prioritisation were reviewed and approved by the Science Committee before being agreed by the Committee. The 2025 assets are:
	–Asthma portfolio: depemokimab & TSLP –COPD portfolio: mepolizumab, depemokimab, TSLP & IL33 –Camlipixant –Blenrep –B7-H3 & B7-H4 ADCs –Jemperli –HIV: Cab ULA, N6LS, ‘499, ‘301	–mRNA respiratory –Pneumococcal franchise –MenABCWY –Bepirovirsen –Gepotidacin –Tebipenem
	The milestones achieved during the year (including business development) will be disclosed by therapeutic area:
	–Respiratory, Immunology and Inflammation	–Oncology
	–HIV	–Infectious Diseases
	in the 2025 Annual Report together with the resulting bonus multiplier and the total points achieved (including for business development). The progress achieved will be reviewed by the Science Committee before the Committee agrees the remuneration outcomes.
Strategic, Operational and Responsible Business	The CEO and CFO’s key deliverables are agreed in principle by the Board before being set by the Committee in January each year. They focus on supporting delivery of our guidance for the year, and towards the ultimate delivery of our medium and longer term strategic goals to 2031 and beyond.

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Annual report on remuneration continued Pay for performance (audited) continued

2025 Performance Share Plan measures

Total sales

growth

17.5%

Pipeline

Sustainability

17.5%

RB:

Composite

scorecard

7.5%

Performance

Share Plan

award

Relative TSR

40%

Core

operating

profit growth

17.5%


l	Financial Measures: 35%	l	Operational: 25%	l	Shareholder alignment: 40%


Total sales and Core operating profit growth	These targets are set following the Board’s annual planning process and consideration of analysts’ consensus to ensure that the targets are sufficiently stretching and support the Committee’s aim to incentivise and reward over performance
		Performance vs Target	Proportion vesting
	Below threshold	<99% of Target	Nil
	Threshold	99% of Target	20%: CEO \| 25%: CFO
	Target	100% of Target	50%
		103% of Target	75%
	Maximum	105% of Target	100%
Pipeline Sustainability	The Annual Bonus Pipeline Performance Measure focuses on OTIF delivery of near-term milestones for priority assets which are expected to contribute to the growth in sales by 2031. The PSP measure focuses on GSK’s replenishment of the pipeline and longer term pipeline performance. For inclusion, a Programme must be either a New Moleculer Entity (NME), or a new indication which adds £0.5 billion to Peak Year Sales. Programmes approved and launched during the three-year window will contribute to the total number of assets and to the sales contribution. It is based on a matrixed assessment of: –Pipeline sales contribution to GSK’s long range forecast (LRF) outlook. The target and vesting will each be based on 10 year net risk adjusted sales forecast i.e. the 2025 -2027 target based on the 2034 LRF and vesting based on the 2037 LRF and –the Number of Programmes in Phase 2 and 3 and Registration and Approval 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 published 2031 sales outlook remains at a specified level. At the end of the period a list of the Programmes added or removed during the period will be disclosed. However, the pipeline sales contributions in the 2034 and 2037 LRFs and the assessment matrix will not be disclosed, as they are commercially sensitive. For the achievement of Threshold performance for both the Pipeline Sales contribution and the number of Programmes, the vesting proportions shall be 20% for the CEO, and 25% for the CFO
RB: Composite scorecard	The Composite scorecard focuses on all the Responsible Business metrics within the Responsible Business Performance Rating. The rating is reported on in detail in each year’s Annual Report with the scorecard providing a balanced assessment of performance against all our Responsible Business priorities. Further details on the Rating and performance in 2024 are given on page 45. Performance will be calculated by aggregating the annual performance across all the individual annual metrics within the rating for the 3 years of the PSP performance period
	Performance	Vesting Schedule
	70% or more of all metrics are on track	100%
	60% of all metrics are on track	75%
	50% of all metrics are on track	50%
	Less than 50% of all metrics are on track, but progress is being made because at least 50% are either on track, or on track with work to do (the ‘threshold’ vesting level)	20%: CEO 25%: CFO
	Less than 50% of all metrics are either on track or on track with work to do, the rest (i.e. more than 50%) are off track	Nil

Relative TSR	Performance against our new size-adjusted global biopharma peer group of 13 companies (set out on page 156) will be assessed using a percentile vesting approach. This compares GSK’s actual TSR performance with that of our peers, rather than our previous approach which was to rank where GSK was placed within our previous global pharma peer group. Threshold remains at median performance. Maximum performance has been stretched to require upper quintile performance for 100% vesting. Vesting levels between median and upper quintile are determined on the basis of a straight line interpolation
	TSR Performance	Vesting Schedule
	Above upper quintile	100%
	Upper quintile	100%
	Between median and upper quintile	Straight-line interpolation
	Median (threshold vesting)	20%: CEO 25%: CFO
	Below median of peer group	Nil

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Annual report on remuneration continued

Directors’ pay in a wider setting

Internal context

Workforce fairness

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, the Committee Chair on an annual basis,

meets with senior Human Resources Leaders from across the company to understand their perspectives on pay and GSK’s

remuneration arrangements for the wider workforce globally. This year was the sixth such annual meeting held and my first since

becoming Chair of the Committee.

Comparison of remuneration for employees and Executive Directors during 2024


Element	Wider workforce and Executive Director pay
Salary	The market competitiveness of base salaries across the company is assessed at a local market level. The competitiveness of roles is kept under regular review Increases may also be made to reflect a change in scope of an individual’s role, responsibilities or experience
	For our Executive Directors following a performance review, increases in base salaries are considered in line with market practice, the average increase for the wider employee population and other comparator tools In agreeing increases for Executive Directors, the Committee is mindful of the multiplier effect on the individual’s total remuneration
Benefits and pensions	The company seeks to provide an appropriate benefits and pensions package that is aligned to competitive market practices in those countries in which the company operates and where our employees and Executive Directors are based
Annual Bonus	With the exception of our sales force, who participate in separate arrangements, our wider workforce participates in a plan based on performance against four business and financial measures. These are structured to reflect the priorities of each specific business area This plan is designed to reward our employees’ collective contribution to business achievement Separate mechanisms are in place to recognise outstanding individual performance and to address under- performance Our Executive Directors participate in the plan as follows. Any bonus up to 200% of salary is paid 50% in cash and 50% in shares deferred for three years. Bonus earned in excess of this (up to a maximum of 300% of salary) would be delivered fully in shares deferred for three years. Clawback and/or malus provisions apply
LTI plans	Senior Vice President (SVP) and Vice President (VP) employees participate in the same Performance Share Plan as our Executive Directors. Clawback and/or malus provisions apply Our SVP and VP employees, together with directors and managers below the GLT, receive annual Share Value Plan awards of restricted shares
Share ownership	All UK-based employees can participate in HMRC approved Share Save and Share Reward employee share plans

Dilution limits

All awards are made under plans which incorporate dilution limits consistent with the guidelines published by the Investment

Association. This limit is 10% in any rolling ten-year period for discretionary and all-employee plans. Estimated dilution from

existing awards made over the last ten years up to 31 December 2024 is 0.82%.

All-employee share plans

The Executive Directors may participate in HMRC approved all-employee share plans, namely the company’s Share Save and

Share Reward plans, along with the wider UK workforce. Participants of the Share Save plan may save up to £250 a month for

three years and from which they have the option to buy GSK shares at a discount of up to 20% to the share price at the start of the

savings contract. Participants of the Share Reward plan contribute up to £125 a month to purchase GSK shares which the

company then matches on a one-for-one basis.

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Annual report on remuneration continued Directors’ pay in a wider setting continued

CEO and wider employee pay ratio


Financial year	Lower quartile P25	Median P50	Upper quartile P75
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 lower than in 2023. This is influenced

by the delivery of a slightly lower bonus for all, which impacts variable pay outcomes more significantly for our CEO who has a

larger proportion of her pay based on performance than individuals at P25, P50 and P75. The CEO’s LTI vest was also lower than

in 2023 with nothing attributable to share price appreciation over the performance period. The 2022 award was granted at £15.71

and vested at £14.43.

The pay ratios above are calculated using actual earnings for the CEO and UK employees. The CEO’s total single figure

remuneration of £10.559 million for 2024 and £12.718 million for 2023 are detailed on page 144.

Total remuneration for all UK full-time equivalent employees on 31 December 2024 has been calculated in line with the single figure

methodology. This reflects their actual earnings received in 2024 (which excludes business expenses), which were used to produce

the percentile calculation under Option A of the Remuneration regulations. Business expenses have been excluded as 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 (£)		P50 (£)		P75 (£)
	Salary	Total pay and benefits	Salary	Total pay and benefits	Salary	Total pay and benefits
2024	41,845	62,876	57,635	85,924	82,629	136,010
2023	39,903	61,490	55,057	83,783	78,496	135,819
2022	37,776	58,883	52,107	79,428	74,905	126,594
2021	37,251	53,151	51,492	76,234	72,997	122,852
2020	36,924	54,133	50,000	73,340	70,203	113,830
2019	34,510	50,467	47,029	68,200	66,561	110,638

The Committee believes that 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.

Relative importance of spend on pay

The table shows total employee pay and dividends paid to shareholders.


	Change %	2024 £m	2023 £m
Total employee pay	3.4	8,759	8,473
Dividends paid in the year	8.8	2,444	2,247

The figures in this table, reflecting payments made during each year and the impact of movements in exchange rates, are as set

out on pages 201 and 207. However, cash dividends declared in respect of 2024 were £2,489 million (2023: £2,355 million) an

increase of 5.7%. Please see Note 16 to the financial statements for further details.

Total employee pay is based on 69,305 employees, the average number of people employed during 2024 (2023: 70,244). See

Note 9 to the financial statements for further details.

The last share repurchase made by the company was in 2014. On 5 February 2025, GSK announced its intention to implement a

£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.

Provision 40 of the FRC Code

The company’s 2022 Remuneration policy was approved on 4 May 2022 at GSK’s Annual General Meeting (and amended at the

2023 Annual General Meeting) and has operated as intended in terms of company performance and quantum since its approval.

Details of how the 2022 Policy reflects Provision 40 of the FRC Code are set out on page 159 of the 2023 Annual Report.

156



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Annual report on remuneration continued Directors’ pay in a wider setting continued

External context

2024 target CEO total remuneration

positioning

When reviewing the CEO’s remuneration, the Committee’s

primary comparator group is the European cross-industry

comparator group. It also references pay for the Global

pharmaceutical comparator group.

Remuneration includes salary and the expected value of incentives based on

the Committee’s agreed benchmarking methodology

Historic CEO remuneration


Emma Walmsley								£000
	2024	2023	2022	2021	2020	2019	2018	2017
Total remuneration	10,559	12,718	8,449	8,203	7,031	8,084	5,887	4,883
% of maximum
Annual Bonus award	70%	96%	83%	93%	49%	79%	93%	77%
Vesting of LTI awards	81%	69%	52%	58%	67%	67%	59%	69%


Sir Andrew Witty			£000
	2017	2016	2015
Total remuneration	715	6,830	6,661
% of maximum
Annual Bonus award	0%	97%	100%
Vesting of LTI awards	0%	33%	38%

(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

(3)PSP and DABP awards for Sir Andrew Witty granted in 2015 did not vest

until April 2018, in accordance with the terms of the Recoupment Policy

Comparator groups

For 2024, the European cross-industry comparator group was

the Committee's primary comparator group for the CEO and

CFO. The Global pharmaceutical comparator group was the

secondary group for the CEO, and was also used to measure

relative TSR performance. Details of the new Size-adjusted

Global Biopharma peer group to apply from 2025 onwards are

also set out below:


2024: European cross-industry comparator group
Roche Holding AG Novartis LVMH Anheuser-Busch InBev Unilever SAP L’Oreal Novo Nordisk A/S Airbus	Linde Sanofi AstraZeneca Diageo Siemens Christian Dior Inditex BAT Volkswagen	Deutsche Telekom Kering Heineken BASF Vinci Adidas Bayer Safran Reckitt Benckiser


2024: Global pharmaceutical comparator group
France Sanofi Switzerland Novartis Roche Holdings UK AstraZeneca	US AbbVie(1) Amgen(1) Bristol-Myers Squibb Eli Lilly Johnson & Johnson Merck & Co Pfizer

(1)AbbVie and Amgen were included for remuneration benchmarking, but

were not included in the relative TSR performance comparator group


2025: Size-adjusted Global Biopharma peer group
Amgen AstraZeneca Bayer Bristol-Myers Squibb CSL	Gilead Merck KGaA Moderna Novartis Pfizer	Roche Holding Sanofi Takeda

TSR Performance graph

The following graph sets out the performance of the company

relative to the FTSE 100 Index and to the size-adjusted global

biopharma peer group comparator group for the ten-year period

to 31 December 2024. These indices were selected for

comparison purposes as they reflect both the primary index of

which GSK is a constituent and the industry in which GSK

operates.

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Annual report on remuneration continued

Remuneration governance

Committee role and membership

These details are available on page 113 and are incorporated

by reference into this Report. The Chair, CEO, Chief People

Officer, Head of Reward, Group Financial Controller and the

Company Secretary assisted the Committee during the year.

Adviser to the Committee


	Willis Towers Watson plc (WTW)	FIT Remuneration Consultants (FIT)
Independent adviser	Both advisors are members of the Remuneration Consultants Group and operate under its code of conduct for executive remuneration consulting in the UK which can be accessed at: www.remunerationconsultantsgroup.com
Advice provided	The Committee noted that neither WTW nor FIT engagement partners or teams that provide remuneration advice to the Committee have connections with the company or its Directors that may impair their independence
Appointed	Appointed as the Committee’s principal remuneration advisor in December 2022	Appointed in October 2024 to provide specific advice on the 2025 Remuneration Policy development process
Fees (charged on a time and materials basis)	2024: £162,220 (2023: £67,419)	2024: £21,243
Conflicts of interest	WTW provides market data and other HR consulting services to the company. The Committee regularly reviews the arrangements for potential conflicts and where appropriate ensures safeguards are in place	The Remuneration Committee Chair declared a prior business relationship with FIT from other companies where she has worked with the consultant in her capacity as a Remuneration Committee Chair and/or member. Appropriate safeguards are in place to ensure independence

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.

Details of the additional engagement undertaken in 2024 in

support of the Remuneration policy review are given on pages

138 and 141.

The principal proxy advisory firms are also consulted regularly.

They were also invited to our Annual Governance Meeting 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 (billion)	Total votes for (%)	Total votes against (%)	Votes withheld (million)
2024 AGM
Remuneration Report	2.8	92.7	7.3	38.7
2023 AGM
Remuneration Report	2.8	88.8	11.2	70.1
Amendments to 2022 Remuneration Policy	2.9	99.0	1.0	10.7
2022 AGM
Remuneration Report	3.6	91.1	8.9	12.3
Remuneration Policy	3.6	61.8	38.2	13.3

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Annual report on remuneration continued Remuneration governance continued

Committee focus during 2024


	Items discussed
Remuneration policy	–Reviewed the current remuneration arrangements and developed and proposed 2025 Remuneration policy in consultation with the other Non-Executive Directors and employee insights –Consultation with shareholders and consideration of feedback
Fixed Pay	–Considered Executive Director and GLT performance, benchmarking competitiveness against GSK comparator groups –Reviewed GLT and Company Secretary salary recommendations for 2024 –Executive Director salary review recommendations for 2025 –Reviewed company Chair’s fees for 2024 and 2025
Pay for Performance Annual Bonus	–Executive Director and GLT 2023 bonus recommendations and set 2024 Executive Directors’ bonus objectives
LTI plans	–Considered the LTI performance outcomes and award vesting for the CEO, Executive Directors, GLT and below –Confirmed LTI grants for Executive Directors, GLT and below
Governance and other areas of focus	–Remuneration considerations and Committee programme for 2024 and 2025 –Committee evaluation and Annual Review of its Terms of Reference –Approved 2023 Remuneration report –Confirmed 2024 Group Budget for remuneration purposes –Considered AGM and Remuneration report feedback, the external remuneration environment and performance target disclosure for incentive plans –Agreed Committee's key messages for Annual Governance Meeting –Committee Chair consulted with employee representatives on wider workforce pay practices and pay generally


Payments (audited):
to past Directors	Iain Mackay stepped down from the Board in May 2023 and left the company on 31 December 2023: –The vesting of Mr Mackay’s LTI awards, in accordance with the Recoupment policy, resulted in 232,302 shares vesting (including dividends) in respect of his 2021 PSP award in January 2025. 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 –In accordance with the Remuneration policy, 141,577 shares vested (including dividends) in respect of the 2022 PSP award. Based on the closing share price on 18 February 2025 of £14.43 per share, the value of his vested shares was £2,042,956 –These awards remain subject to the following holding periods. The 2021 PSP award holding period expires in February 2026, and the 2022 PSP award holding period expires in February 2027 –In line with his service contract, Mr Mackay received gross benefits of £160,761
for loss of office	No loss of office payments were made during 2024

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Annual report on remuneration continued

Non-Executive Directors’ fees

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 its Articles of Association.

2024 and 2025 Non-Executive Directors’ fees

The Non-Executive Directors’ fees that applied during 2024, and will apply for 2025, are set out in the table below together with the

fees for 2025:


	Per annum
	2025	2024
Chair fee	£800,000	£764,400
Standard NED annual fee	£122,258	£118,352
Supplemental fees
Chair of the Audit & Risk Committee	£80,000	£80,000
Senior Independent Director	£50,000	£50,000
Scientific & Medical Experts	£30,000	£30,000
Chairs of the Remuneration, Corporate Responsibility and Science committees and, when appointed, Workforce Engagement Director	£40,000	£40,000
Science Committee members undertaking significant additional responsibilities on behalf of GSK	Up to £200,000	Up to £200,000

Annual Fee Review

Following the annual review by the Committee at the end of 2024, it was determined that the Chair’s fee should be increased to

£800,000, an increase of 4.7%, marginally above the increase for the wider workforce of 3.3%. This increase reflects the additional

contribution made by the Chair and was supported by external benchmarking. The Chair and CEO reviewed the Non-Executive

Directors’ standard fee at the end of 2024, and agreed that it should be increased by 3.3%, in line with the wider workforce,

increasing it to £122,258.

2024 Total Non-Executive Director fees (audited)

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 2024. In 2024, fees were converted to US Dollars using an exchange rate of $1.242. 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’ emoluments (000) (audited)			2024				2023
					Fixed fees
	Fixed fees	Benefits	Total pay	Cash	Shares/ADS	Benefits	Total pay
Sir Jonathan Symonds	£764	£17	£781	£551	£184	£30	£765
Elizabeth Anderson	$147	$59	$206	$100	$33	$30	$163
Charles Bancroft	$308	$25	$333	—	$295	$28	$323
Dr Hal Barron	$396	$66	$462	$344	$33	$78	$455
Dr Anne Beal	$197	$58	$255	$156	$33	$34	$223
Wendy Becker	£145	£12	£157	£21	£7	£4	£32
Dr Hal Dietz	$234	$41	$275	$191	$33	$40	$264
Dr Jesse Goodman	$185	$43	$228	$144	$33	$44	$221
Dr Jeannie Lee	$152	$14	$166	$—	$—	$—	$—
Dr Vishal Sikka	$147	$25	$172	—	$134	$13	$147
Retired Directors
Urs Rohner	£57	£17	£74	£133	£28	£40	£201

Non-Executive Director section of 2022 Remuneration policy

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 Non-Executive Director plan to be delivered to the Chair

and Non-Executive Directors at such time as the Committee and Board considered appropriate after any applicable tax withholding.

The Chair and Mr Rohner's notional shares were released to them after the AGM in 2023. It is expected that the other Non-

Executive Directors holdings will be released to them before the company's AGM in May 2025.

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Annual report on remuneration continued

Directors’ interests in shares (audited)

Executive Directors’ interests in shares

The interests of the Executive Directors of the company in office during 2024 and their persons closely associated (PCA) are

shown in the table below:


			As at 31 December 2024
					Unvested share plan interests
	Total directors’ interests(1)		Beneficial interests	Not subject to performance		Subject to performance
	20 February 2025	31 December 2024	Shares(2)	Shares(3)	Options(4,6)	Shares(5)
Emma Walmsley	2,391,096	2,011,795	925,267	719,827	366,701	1,533,961
Julie Brown	169,340	100,532	42,655	—	57,877	523,727

None of the Directors hold vested but unexercised options.

(1)Total directors’ interests includes beneficial interests and unvested share plan interests not subject to performance. For Emma Walmsley, the balance as at

20 February 2025 includes shares awarded in 2022, under the PSP and the DABP which vested in February 2025, less those sold to satisfy tax liabilities on

the vested amounts where relevant. Executive Directors’ shareholdings against their SOR are outlined below

(2)Beneficial interests includes shares held by the Executive Directors and their PCAs. For Emma Walmsley and Julie Brown, this includes 2,751 shares and

276 shares respectively purchased through the Share Reward plan

(3)Unvested shares not subject to performance represent PSP shares which 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 6

below). This figure excludes 790 options and 828 options held by Emma Walmsley and Julie Brown respectively under the Share Save plan

(5)Unvested shares subject to performance represent unvested PSP awards

(6)DABP: The table below shows bonus deferrals and subsequent reinvestment of dividends under the DABP. The amounts represent the gross share

balances prior to the sale of any shares to satisfy tax liabilities on vesting


DABP (Bonus deferrals)	20 February 2025	31 December 2024	1 January 2024
Emma Walmsley	393,053	366,701	258,843
Julie Brown	126,649	57,877	—

The following table sets out details of nil-cost options exercised during 2024 by Executive Directors:


	Date of grant	Number of shares under option	Date of exercise	Grant price	Market price at exercise	Gain on exercise (000)
Emma Walmsley	10.02.2021	52,435	12.02.24	£0.00	£16.52	£866

The nil-cost options awarded in 2021 under the DABP represent the bonus deferred by the Executive Director and recorded as

remuneration (under Annual Bonus) in the 2020 Total remuneration table. The number of shares under option includes the initial

award together with reinvested dividends accrued to the date of exercise.

Executive Directors’ Share ownership requirements (SOR) (audited)

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 100% of their

SOR for the first 12 months after leaving GSK and not less than 50% of their SOR for months 13-24 thereafter. Shares subject to

performance conditions are excluded from the SOR calculation until the end of the performance period. These vested shares are

then included to the extent that the performance conditions are met. The value of the holdings has been calculated on a post-tax

basis. Iain Mackay exceeded his SOR at the date of his retirement from the Board and continues to maintain his SOR.


		Value of holdings as % of salary
	SOR % of salary	20 February 2025	31 December 2024
Emma Walmsley	6.5	17.25	16.01
Julie Brown	3.0	1.48	1.08

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Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Annual report on remuneration continued Directors interests in shares (audited) continued

Non-Executive Directors’ interests in shares

The interests of the Non-Executive Directors in office during 2024 and their persons closely associated (PCA) are shown in the

table below:


					Prior NED share allocation plan
		Total directors’ interests as at(2)					Number of shares/ADS
	NED SOR 20 February 2025(1)	20 February 2025	31 December 2024 or date of retirement	Beneficial interests at 31 December 2024 or date of retirement(4)	Dividends reinvested after year end	31 December 2024	Elected & allocated during the year(5)	1 January 2024
Shares
Sir Jonathan Symonds	Met	81,757	81,757	81,757	—	—	—	—
Wendy Becker	In progress	2,367	2,367	2,367	—	—	—	—
ADS
Elizabeth Anderson	In progress	2,180	2,159	2,159	—	—	—	—
Charles Bancroft	Met	32,164	31,270	14,757	754	16,513	709	15,804
Dr Hal Barron	Met	640,414(3)	661,080	661,080	—	—	—	—
Dr Anne Beal	In progress	3,899	3,795	1,914	85	1,881	80	1,800
Dr Hal Dietz	In progress	3,673	3,579	1,914	76	1,665	71	1,593
Dr Jesse Goodman	Met	15,714	15,094	1,914	602	13,180	566	12,614
Dr Jeannie Lee	In progress	796	790	790	—	—	—	—
Vishal Sikka	Met	8,337	8,257	8,257	—	—	—	—
Retired Directors
Urs Rohner(6)	—	—	17,769	17,769	—	—	—	—

(1)NED Share Ownership Requirements: Since July 2022, the company has operated a minimum Non-Executive Director share ownership requirement (NED

SOR) of at least one times the standard NED annual fee (or the Chair’s fee) to be maintained until after retirement. from the Board. The Chair and Non-

Executive Directors have transitioned from the previous NED share allocation plan (NED Plan) to purchasing shares and ADSs in the market from their net

fees. The company provides an arrangement so that they can use their net fees to purchase GSK shares or ADSs in the market.

(2)Total directors’ interests include beneficial interests and any notional shares/ADS received as all or part of their fees under the previously operated NED

Plan. Dividends received on notional shares/ADS under the prior NED Plan during the year and in January 2025 were converted into notional shares/ADS

as at 9 February 2025.

(3)The Total interests for Dr Barron have reduced since 31 December 2024 following the vesting of DABP awards granted to him in his former executive

capacity as CSO. The DABP vest relates to the deferral of shares from the 2022 annual bonus. On vesting, shares are sold to meet an executive's tax

liabilities. Details of his transition from CSO to a Non-Executive Director are given on page 135 of the 2022 Annual Report

(4)Beneficial interests includes shares/ADS held by the Non-Executive Directors and their PCAs

(5)Notional shares/ADS allocated during the year under the NED plan relates to dividends reinvested during the year

(6)Urs Rohner retired from the Board on 8 May 2024

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Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Annual report on remuneration continued

Percentage change in remuneration of Directors


	2024 percentage change			2023 percentage change			2022 percentage change			2021 percentage change			2020 percentage change
	Salary/ fees %	Benefits %	Bonus %	Salary/ fees %	Benefits %	Bonus %	Salary/ fees %	Benefits %	Bonus %	Salary/ fees %	Benefits %	Bonus %	Salary/ fees %	Benefits %	Bonus %
UK employees(1)	4.0	(0.2)	(16.0)	7.1	0.92	34.8	3.0	2.3	44.81	2.0	0.0	4.85	2.5	—	11.0
Executive Directors(2,3)
Emma Walmsley	4.0	(15.1)	(24.4)	4.0	61.8	20.1	3.0	(2.2)	38.2	2.0	(5.0)	94.6	8.0	(26.6)	(33.4)
Julie Brown(4)	55.9	28.0	15.9	—	—	—	—	—	—	—	—	—	—	—	—
Non-Executive Directors(2,3)
Jonathan Symonds	3.9	(43.3)	—	5.0	200.0	—	0.0	233.3	—	0.0	50.0	—	201.7	0.0	—
Elizabeth Anderson	10.5	96.7	—	209.3	—	—	—	—	—	—	—	—	—	—	—
Charles Bancroft	4.4	(10.7)	—	2.8	180.0	—	36.7	100.0	—	156.1	—	—	—	—	—
Dr Hal Barron(5)	5.0	(15.4)	—	127.1	609.1	—	—	—	—	—	—	—	—	—	—
Dr Anne Beal	4.2	70.6	—	2.7	126.7	—	121.7	—	—	—	—	—	—	—	—
Wendy Becker	417.9	200.0	—	—	—	—	—	—	—	—	—	—	—	—	—
Dr Hal Dietz	4.5	2.5	—	(3.4)	1900.0	—	—	—	—	—	—	—	—	—	—
Dr Jesse Goodman	4.5	(2.3)	—	(27.2)	41.9	—	11.0	34.8	—	(5.6)	0.0	—	(12.5)	(65.2)	—
Dr Jeannie Lee	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Dr Vishal Sikka	9.7	92.3	—	131.0	—	—	—	—	—	—	—	—	—	—	—
Retired Non-Executive Directors
Urs Rohner	(64.6)	(57.5)	—	12.6	73.9	—	5.9	109.1	—	(5.6)	175.0	—	16.3	(69.2)	—

(1)This table is provided in accordance with Schedule 8 of The Companies (Directors’ Remuneration Policy and Directors’ Remuneration Report)

Regulations 2020. The UK employee population was considered to be the most relevant comparison as it most closely reflects the economic environment

encountered by the Executive Directors

(2)Percentage changes have been calculated based on the 2024 Total remuneration table on page 144 for Executive Directors and the 2024 Total fees table

on page 159 for Non-Executive Directors

(3)Further information on Executive Directors’ salary and benefits can be found on page 145

(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

Directors and Senior Management

Further 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 GLT and the Company

Secretary. For the financial year 2024, the following table sets out aggregate remuneration for the group for the periods during

which they served in that capacity.


Remuneration for 2024	£
Total compensation paid	31,954,832
Aggregate increase in accrued pension benefits (net of inflation)	12,530
Aggregate payments to defined contribution schemes	1,366,412

During 2024, 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 GLT members are required

to build and maintain significant holdings of shares in GSK over time. GLT 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
Awarded during 2024	Shares	ADS	Shares	ADS
Performance Share Plan	2,106,865	57,636	269,308	6,409
Deferred Investment Awards(1,2)	—	—	7,490	169
Share Value Plan(2)	10,050	—	—	—

(1)Notional shares and ADS

(2)Executive Directors are not eligible to receive Deferred Investment Awards or participate in the Share Value Plan

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Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Annual report on remuneration continued Directors and Senior Management continued

At 20 February 2025, the group and their PCAs had the following interests in shares and ADS of the company. Interests awarded

under the various LTI plans are described in Note 45 to the financial statements, ‘Employee share schemes’ on pages 262 to 263.


Interests at 20 February 2025	Shares	ADS
Owned	4,351,616	700,013
Unexercised options	4,810	—
Deferred Annual Bonus Plan	1,414,721	42,027
Performance Share Plan	8,095,450	302,840
Deferred Investment Awards(1,2)	76,815	2,439
Share Value Plan(2)	20,100	—

(1)Notional shares

(2)Executive Directors are not eligible to receive Deferred Investment Awards or participate in the Share Value Plan

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. Emma Walmsley is an independent non-executive director of Microsoft Corporation.

Julie Brown is an independent non-executive Director of Diageo plc.

Service contracts and letters of appointment

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
Emma Walmsley	29.03.17	01.04.17	30.06.34
Julie Brown	25.09.22	01.05.23	n/a

Non-Executive Directors have letters of appointment, which are also available to view at the company’s registered office. Each

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 or two, three year terms, depending on the needs of the Board.

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Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

2025 Remuneration policy report

2025 Remuneration policy

Remuneration policy renewal

Our current Remuneration policy (policy) was approved by our

shareholders at our Annual General Meeting on 4 May 2022

when it received a 61.76% vote in favour. Shareholders are

being asked to approve a new policy at our Annual General

Meeting on 7 May 2025 which is intended to apply for the next

three years.

During 2024, the Committee considered the policy to define the

biopharma business’ new approach to remuneration. The

decision-making engagement process that the Committee

followed for its determination, review and implementation of the

proposed new policy are set out on pages 135 to 142.

The Committee’s review of the policy sought to:

–incentivise the delivery of the company’s Ahead Together

strategy and 2031 growth strategy

–reinforce the company’s pay for performance, particularly in

over delivery

–enable retention and attraction of talent as a global

biopharma company and

–create headroom to deliver market competitive reward

throughout the organisation

In addition, changes to the policy have been made to ensure its

implementation will support the delivery of our business

strategy whilst delivering a clear, understandable and

appropriately globally competitive package to attract, retain and

motivate executive talent.

The Committee developed the new policy for Executive and

Non-Executive Directors in the context of its oversight of wider

workforce pay, not directly with employees. It sought employee

insights from the Chief People Officer and senior Human

Resources Leaders. It consulted with our largest shareholders

in respect of the proposed changes and took shareholders’

feedback into account when finalising the new policy.

The full policy that shareholders are asked to approve is set out

below on this page to page 172.

Subject to shareholder approval on 7 May 2025 at GSK's

Annual General Meeting, the Remuneration policy for each

remuneration element will be as outlined in the table below.

Future policy table


Salary	To provide a core reward for the role. Set at a level appropriate to secure and retain high calibre individuals needed to deliver the Group’s strategic priorities.	No change

Operation

Individual’s role, experience, performance and independently

sourced data for relevant comparator groups considered when

determining salary levels.

Salary increases typically take effect in the first quarter of each

year.

Salaries are normally paid in the currency of the Executive

Director’s home country.

Opportunity

There is no formal maximum limit and, ordinarily, salary

increases will be broadly in line with the average increases for

the wider GSK workforce.

However, increases may be higher to reflect a change in the

scope of the individual’s role, responsibilities or experience.

Salary adjustments may also reflect wider market conditions in

the geography in which the individual operates and

outperformance.

Details of current salary levels are set out in the Annual report

on remuneration.

Performance measures

The overall performance of the individual is a key consideration

when determining salary increases.


Benefits	Levels are set to recruit and retain high calibre individuals to execute the business strategy	No change

Operation

Executive Directors are eligible to receive benefits in line with

the policy for other employees which may vary by location.

These include, but are not limited to, car allowances,

healthcare, life assurance/death in service (where not provided

as part of the individual’s pension arrangements), personal

financial advice and contractual post-retirement benefits. In line

with the policy for other employees, Executive Directors may be

eligible to receive overseas relocation allowances and

international transfer-related benefits when required. Executive

Directors in the UK are also eligible to participate in all-

employee share schemes (e.g. Share Save and Share Reward

Plan), under which they are subject to the same terms as all

other employees.

To recognise the high business travel requirements of the role,

Executive Directors are also entitled to car travel and

exceptionally may be accompanied by their spouse/partner on

business trips. Other benefits include expenses incurred in the

ordinary course of business, which are deemed to be taxable

benefits on the individual.

Where an Executive Director is based outside the UK, but is

required to travel to the UK to fulfil the responsibilities of their

role and to attend Board Meetings, they may be subject to tax

on their business travel expenses to and from the UK and on

the provision of any accommodation in the UK. Although in

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Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

2025 Remuneration policy report continued

reality it represents a business expense, the tax treatment

requires that their travel and accommodation expenses are

then included as benefits. Because of the business context, the

tax liabilities will be covered by the company on a grossed-up

basis.

Benefit provision is tailored to reflect market practice in the

geography in which the Executive Director is based and

different policies may apply if current or future Executive

Directors are based in a different country.

Opportunity

There is no formal maximum limit as benefits costs can

fluctuate depending on changes in provider cost and individual

circumstances.

Details of current benefits and costs are set out in the Annual

report on remuneration.

Performance measure

None


Pension	Pension arrangements provide a competitive level of retirement income.	No change

Operation

Pension arrangements are structured in accordance with the

plans operated in the country in which the individual is likely to

retire.

Where the Executive Director chooses not to become a

member of the pension plan the approach differs depending on

the country in which the individual is located.

Where an individual is a member of a GSK legacy defined

benefit plan, a defined contribution plan or an alternative

pension plan arrangement and is subsequently appointed to

the Board, he or she may remain a member of that plan.

Opportunity

UK:

From the date of appointment, all new UK Executive Directors

receive:

–7% of base salary contribution to defined contribution plan

and a further 3% in matched contributions subject to any

relevant cap and in line with implementation principles for

other members of the plan; and

–7% of base salary as a cash payment in lieu of pension

contribution for the portion above the relevant cap;

– 7% of base salary as a cash payment in lieu of pension

contribution.

US:

–From the date of appointment, all new US Executive

Directors will participate in the GSK 401(k) plan(1) and the

Executive Supplemental Savings Plan (ESSP)(1) with core

contributions of 7% of base salary and bonus(2) and matched

contributions of 4% of base salary and bonus(2).

–If the Executive Director chooses not to make a contribution

to the 401(k) and/or ESSP, there is no cash payment in lieu

of pension contribution. GSK will continue to provide the

relevant core contributions.

Global:

–Eligible for appropriate equivalent arrangement not in excess

of the US/UK arrangements.

Performance measures

None.

(1) In the event of any change to the plans operated in the US, a similar

treatment would be provided under any successor arrangements

introduced within the market

(2) Less bonus deferred under the DABP


Annual bonus	To incentivise and recognise execution of the business strategy on an annual basis. Rewards the achievement of stretching annual financial, pipeline, strategic, operational and trust measures.	Change

Operation

Financial, operational and business targets are set at the start

of the year by the Committee and bonus levels are determined

by the Committee based on performance against those targets.

Strategic, operational and Responsible Business measures are

set at the start of the year by the Committee and performance

against those measures is assessed by the Committee and,

where appropriate, with the Corporate Responsibility

Committee.

Executive Directors are required to defer part of any bonus

earned into shares, or ADS as appropriate, for three years.

50% of the equivalent of the first 200% of salary is deferred,

and any portion in excess of 200% is deferred in full. Deferred

bonus shares are eligible for dividend equivalents up to the

date of vesting.

The Committee may adjust the formulaic vesting outcome

(either up or down) to ensure that the overall outcome reflects

underlying business performance over the vesting period.

Clawback and/or malus provisions apply as described on

pages 166 to 167.

Opportunity

The maximum bonus opportunity for Executive Directors is

300% of salary. Below 99% of target performance, the bonus

payout on the financial measures will be nil. For target

performance, the bonus payout will be 150% of salary for the

CEO and 100% of salary for the CFO.

Performance measures

Based on a combination of financial, operational and business

targets with at least 50% of the bonus assessed against the

financial measures. The weighting between different measures

will be determined each year according to business priorities.

Further details, including the measures to be used in the

financial year, are provided in the Annual report on

remuneration.

Selection of annual bonus measures

The annual bonus is designed to drive the achievement of

GSK’s annual financial, strategic and operational measures.

The annual bonus opportunity is based on a formal review of

performance against the prevailing targets.

The annual bonus financial targets are set by reference to

internal budget and external consensus targets.

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Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

2025 Remuneration policy report continued


Performance Share Plan (PSP)	To incentivise and recognise delivery of the longer term business priorities, financial growth and increases in shareholder value compared to other global biopharma companies. In addition, to provide alignment with shareholder interests, a retention element, to encourage long-term shareholding and discourage excessive risk taking.	Change

Operation

Conditional awards are made annually with vesting dependent

on the achievement of performance conditions over three years

and are subject to an additional two-year holding period. PSP

targets are set by reference to internal budget and external

consensus targets.

Awards are eligible for dividend equivalents up to the date of

vesting and release.

The Committee may adjust the formulaic vesting outcome

(either up or down) to ensure that the overall outcome reflects

underlying business performance over the vesting period.

Clawback and/or malus provisions apply as described on

pages 166 to 167.

Opportunity

The normal maximum award limits that may be granted under

the PSP to an individual in any one year are set out in the table

below:


	% of salary
CEO	800
CFO	400
Other Executive Director	500

Performance measures

Based on a combination of financial, share price related and

strategic and Responsible Business performance conditions

which are aligned to the company’s strategic plan. For all

measures, 25% of awards will vest at threshold performance,

except for the CEO where awards will vest at 20% for threshold

performance. Further details, including the performance targets

attached to the PSP in respect of each year, and the weightings

of the targets for the 2025 PSP awards are provided in the

Annual report on remuneration.

Selection of long-term incentive measures

The Committee selects performance measures which focus

Executive Directors’ long-term remuneration on the delivery of

GSK’s key strategic priorities over the longer term and which

align to shareholder experience. In addition to setting robust

targets, the Committee has implemented a number of

safeguards to ensure the targets are met in a sustainable way

and performance reflects genuine achievement against targets

and therefore represents the delivery of value for shareholders.

For each performance measure, the impact of any acquisition

or divestment may be quantified and adjusted for after the

event.

Any major adjustment in the calculation of performance

measures will be disclosed to shareholders on vesting.

The Audit & Risk Committee chair and other members, who are

also members of the Committee, provide input on the Audit &

Risk Committee’s review of the Group’s performance and

oversight of any risk factors relevant to remuneration decisions.

Details of the rationale behind the performance measures

selected and how they are calculated are set out in the Annual

report on remuneration.


Share Ownership Requirements	Change

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.

As a minimum, Executive Directors are required to maintain

100% of their share ownership requirements for two years after

retirement from the company.

Executive Directors’ Share Ownership Requirements have

been reset to match their current annual PSP award level.


Clawback and malus	No change

The various incentive plans include broad discretion when

assessing the outturn to consider wider factors and reduce

levels accordingly.

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.

In addition, in respect of PSP awards made from 2020, if a

participant is subject to an investigation, then the vesting of

their awards may be delayed until the outcome of that

investigation.

A separate Recoupment Committee has been established to

investigate relevant ‘triggering events’. The Recoupment

Committee exercises this authority for the wider employee

base. It comprises of senior executives with relevant oversight

and appropriate experience, including the Senior Vice

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Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

2025 Remuneration policy report continued

President, Chief Compliance Officer, and the Senior Vice

President and Group General Counsel, Legal and Compliance.

In respect of each financial year, the Committee will disclose

whether it (or the Recoupment Committee) has exercised

clawback or malus. Disclosure will be made as required by law,

regulation or the rules of any relevant securities exchange, and

otherwise only when the matter has been subject to public

reports of misconduct, where it has been fully resolved, where it

is legally permissible to disclose and where it can be made

without unduly prejudicing the company and therefore

shareholders.

Additionally, where there has been continuity of responsibility

between initiation of an adverse event and its emergence as a

problem, the adverse event should be taken into account in

assessing annual bonus awards and LTI vesting levels in the

year the problem is identified and for future periods. The

Committee (or Recoupment Committee) may make appropriate

adjustments to individual annual bonuses as well as grant and

vesting levels of LTI awards to reflect this.


Approach to recruitment remuneration	No change

The Committee determines the remuneration package of new

Executive Directors on a case-by-case basis depending on

the role, the market from which they will operate and their

experience. Total remuneration levels will be set by reference to

a relevant pay comparator group and, where appropriate, will

allow for future development in the role.

It is expected that new Executive Directors will participate in

short and long-term incentive plans on the same basis as

existing directors. However, in exceptional circumstances, the

Committee reserves the flexibility to set the incentive limit for a

new Executive Director at up to an additional 50% of the

existing limits.

The Committee retains this flexibility in recognition of the high

levels of variable pay in GSK’s global pharmaceutical

competitors. However, the Committee will only use this

flexibility when it is considered to be in the best interests of the

company and its investors.

Pension arrangements for any external recruit as an Executive

Director will be as set out in the Remuneration policy table on

page 165.

Other benefits will be provided in line with the policy for existing

Executive Directors.

Where required and deemed appropriate by the Committee, the

costs of financial planning, legal and tax advice may be

reimbursed.

Where required to meet business needs, relocation support will

be provided in line with company policy.

For any internal appointments, entitlements under existing

remuneration elements will continue, including pension

entitlements and any outstanding awards. However, where not

already the case, internal appointments will be required to

move to Executive Director contractual terms, including

termination provisions.

The Committee is mindful of the sensitivity relating to

recruitment packages and, in particular, the ‘buying out’ of

rights relating to previous employment. It will therefore seek to

minimise such arrangements. However, in certain

circumstances, to enable the recruitment of exceptional talent,

the Committee may determine that such arrangements are in

the best interests of the company and its shareholders. Such

arrangements will, where possible, be on a like-for-like basis

with the forfeited remuneration terms. Arrangements will

therefore vary depending on the plans and arrangements put in

place by the previous employer and may be in the form of cash

or shares and may or may not be subject to performance

conditions. Explanations will be provided where payments are

made as compensation for previous remuneration forfeited.

The remuneration arrangements for any newly appointed

Executive Director will be disclosed as soon as practicable after

the appointment.


Loss of office payment policy	No change

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 as

applicable on the dates shown on page 163.

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.

168



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

2025 Remuneration policy report continued

Termination of employment

In the event that an Executive Director’s employment with the company terminates, the following policies and payments will apply.


Element of Remuneration	Loss of office payment policy
Termination payment	Termination by notice: 12 months’ annual salary payable on termination by the company (pro-rated where part of the notice period is worked). No termination payment is made in respect of any part of a notice period that extends beyond the contract expiry date. A bonus element is not normally included in the termination payment. However, the terms of the contracts seek to balance commercial imperatives and best practice. Redundancy: As above, for termination by notice. In the UK, only statutory redundancy pay will apply. In the US, the general severance policy does not apply. Retirement, death and ill-health, injury or disability: No termination payment.
LTI awards	PSP awards are governed by the plan rules as approved by shareholders. The following provisions will normally apply: Termination by notice: Unvested awards will lapse. Redundancy, retirement, death, ill-health, injury, disability or any other reason: Generally, awards will continue to vest over the original timescales subject to performance and normally pro-rated for time. In the event of a change of control, PSP awards will vest, taking into account performance to date and normally taking into account the proportion of the performance period that has elapsed. Alternatively, the awards may be exchanged for new awards.
Annual bonus	Termination by notice by individual: If an individual serves notice and the termination date falls before 31 December, the bonus is forfeited. Termination by notice by the company, redundancy, retirement, death, ill-health, injury or disability: If the termination date falls during the financial year, eligible for pro-rated on-target bonus (if employed on 31 December, bonus payable based on actual results).
Mandatorily deferred bonus under the DABP	DABP deferred bonus awards in respect of mandatorily deferred bonus amounts are governed by the plan rules as approved by shareholders. The following provisions will normally apply: Termination for gross misconduct: Generally, unvested awards will lapse Any other reason: Generally, awards will vest in full on the original vesting date. In the event of a change of control, awards will vest or may be exchanged for new awards.
Pensions	Pension scheme contributions by the individual and the company, and any pension scheme benefit accruals, generally cease at the termination date in accordance with pension scheme rules. Access to pension scheme benefits is governed by the pension scheme rules and country legislation.
Benefits	Generally, benefits will continue to apply until the termination date. The Committee may make payments in connection with an existing legal obligation or in respect of any claim related to the cessation of employment. This may include fees for outplacement assistance, legal and/or professional advice. Termination by notice by the company and retirement (US executives): In line with the policy applicable to US senior executives, they may become eligible, at a future date, to receive continuing medical and dental insurance after termination/retirement.

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 pages 166 to 167).

169



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

2025 Remuneration policy report continued


Differences between Remuneration policy for Executive Directors and other employees

When setting remuneration for the Executive Directors, the

Committee considers the company’s strategic priorities,

prevailing market conditions for global talent, the competitive

environment (through comparison with the remuneration of

executives at companies of similar size, complexity and

international reach) and the positioning and relativities of pay

and employment conditions across the broader GSK workforce.

In particular, the Committee considers the range of base salary

rises for the workforces of those parts of GSK where the

Executive Directors are employed. This is considered to be the

most relevant comparison as these populations reflect most

closely the economic environments encountered by the

individuals.

The same principles apply to the Remuneration policy for

Executive Directors and other employees although the

remuneration offered to Executive Directors under this policy

has a stronger emphasis on performance-related pay than that

offered to other employees of the Group.

–Salary and benefits (including pension) are tailored to the

local market.

–The annual bonus plan applies to the wider employee

population and is based on business performance.

–A combination of performance-related and restricted share

plans apply to the wider employee population.

–All-employee share plans are available to employees in the

UK, including the HM Revenue & Customs approved UK

Share Save and Share Reward Plans.

While employees are not directly consulted in respect of the

Remuneration policy, Wendy Becker, the Committee Chair,

meets with the Chief People Officer and senior HR

representatives from across the business to review employee

feedback. Board members engage with employees around

during Board meetings where they are encouraged to share

their views on the company, management and remuneration.

In the wider organisation, we have aligned our performance

and reward systems with our strategic priorities and a culture

anchored in purpose and performance. Our performance

system evaluates employees on both ‘what’ they need to do

and ‘how’ they do it. Also, for our most senior people we

disincentivise unethical working practices using a clawback

mechanism that allows us to recover performance-related pay.

170



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

2025 Remuneration policy report continued


2025 Non-Executive Director remuneration policy	No change


Element	Purpose and link to strategy	Operation
Chair's fees	To provide an inclusive flat rate fee that is competitive with those paid by other companies of equivalent size and complexity subject to the limits contained in GSK’s Articles of Association.	There is no formal maximum. However, fees are reviewed annually and set by reference to a review of the Chair’s performance and independently sourced market data. The Committee is responsible for evaluating and making recommendations to the Board on the fees payable to the Chair. The Chair does not participate in discussions in respect of their fees.
Basic fees	As above	There is no formal maximum. As with the Chair, fees are reviewed annually and set by reference to independently sourced data. The Chair and CEO are responsible for evaluating and making recommendations to the Board on the fees payable to the company’s Non-Executive Directors.
Fee payment	Alignment with shareholders	Fees are paid in cash. Non-Executive Directors (including the Chair) are required to build an ownership requirement to hold shares or ADS with an aggregate value at or above one times their standard annual fee until their retirement from the Board.
Supplemental fees	To compensate Non-Executive Directors (other than the Chair) for taking on additional Board responsibilities	Additional fees for the Senior Independent Director, Committee Chairs, Science & Medical Experts and the Workforce Engagement Director role as applicable. The company has the authority to pay an additional fee, up to the equivalent of the Committee Chair supplement to a Non-Executive Director, should the company require significant additional time commitment in exceptional or unforeseen circumstances. The company has the authority to pay an additional fee of up to £200,000 to Non-Executive Directors (excluding the Chair) who are members of the Science Committee for undertaking additional responsibilities on behalf of GSK and to support R&D.
Benefits	To facilitate execution of responsibilities and duties required by the role.	Travel and subsistence costs for Non-Executive Directors are incurred in the normal course of business in relation to meetings on Board and Committee matters and other GSK-hosted events. For overseas- based Non-Executive Directors, this includes travel to meetings in the UK. In the event it is necessary for business purposes, whilst not normal practice, Non-Executive Directors may be accompanied by their spouse or partner to these meetings or events. The costs associated with the above are all met by the company and, in some instances, they are deemed to be taxable and therefore treated as benefits for the Non-Executive Director.


Approach to recruitment fees	No change

The following policy and principles apply to the roles of Chair

and Non-Executive Director. It seeks to ensure alignment with

shareholders through the requirement to invest in company

shares and ADS.

Chair

Fees will be set at a level that is competitive with those paid by

other companies of equivalent size and complexity.

Non-Executive Directors

Fee levels for new Non-Executive Directors will be set on the

same basis as for existing Non-Executive Directors of the

company, subject to local laws and regulations.

In the event of a Non-Executive Director with a different role

and responsibilities being appointed, fee levels will be

benchmarked and set by reference to comparable roles in

companies of equivalent size and complexity.


Loss of office	No change

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.

171



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

2025 Remuneration policy report continued


Scenarios for future total remuneration

The charts opposite provide illustrations of the future total

remuneration for each of the Executive Directors in respect of

the remuneration opportunity to be granted to each of them in

2025 under the proposed 2025 Remuneration policy. A range of

potential outcomes is provided for each Executive Director and

the underlying assumptions are set out below.

All scenarios use:

–2025 base salary and pension contributions.

–2024 benefits figures.

–The amounts shown under value of 2025 PSP award

multiples are based upon the relevant multiples for 2025.

Fixed:

–Includes base salary, pension and benefits. Excludes Pay for

performance, ie. no Annual bonus would be paid and PSP

awards would not vest.

Expected:

–Includes Fixed pay.

–For the Annual bonus, it is assumed that target performance

is achieved.

–For PSP awards, amounts reflect 50% vesting levels.

Maximum:

–It is assumed that the Annual bonus would be payable at the

maximum level (i.e. 300% of salary) and that the awards

under the PSP would vest in full.

Maximum with 50% share price increase:

–All elements are the same as Maximum but assuming a 50%

increase in share price.

Emma Walmsley

Julie Brown

172



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

2025 Remuneration policy report continued


Operation and scope of Remuneration policy

The Remuneration policy (Policy) is set out on pages 164 to

172 of this 2024 Annual Report on Form 20-F and it is intended

that the Policy for GSK’s Executive and Non-Executive

Directors will operate for a period of three years from the date

of approval at the company’s Annual General Meeting on 7 May

2025.

The Committee wrote the Policy principally in relation to the

remuneration arrangements for the Executive Directors, whilst

taking into account the possible recruitment of a replacement or

an additional Executive Director during the operation of the

Policy. The Committee intends the Policy to operate for the

period set out above in its entirety. However, it may after due

consideration seek to change the Policy during this period, but

only if it believes it is appropriate to do so for the long-term

success of the company, after consultation with shareholders

and having sought shareholder approval at a general meeting.

The Committee reserves the right to make any remuneration

payments and/or payments for loss of office (including

exercising any discretions available to it in connection with such

payments) notwithstanding that they are not in line with the

Policy where the terms of the payment were agreed:

(i)before the AGM on 7 May 2014 (the date the company’s

first shareholder-approved Directors’ remuneration policy

came into effect);

(ii)before the Policy came into effect, provided that the terms

of the payment were consistent with the shareholder-

approved Remuneration policy in force at the time they

were agreed; or

(iii)at a time when the relevant individual was not a Director of

the company and, in the opinion of the Committee, the

payment was not in consideration for the individual

becoming a Director of the company. For these purposes

‘payments’ includes the Committee satisfying awards of

variable remuneration and, in relation to an award over

shares or ADS, the terms of the payment are ‘agreed’ at the

time the award is granted.

Performance Share Plan (PSP) awards are subject to the terms

of the PSP plan rules under which the award has been granted.

The Committee may adjust or amend awards only in

accordance with the provisions of the plan rules. This includes

making adjustments to reflect one-off corporate events, such as

a change in the company’s capital structure.

The Committee may also make minor amendments to the

Policy (for regulatory, exchange control, tax or administrative

purposes or to take account of a change in legislation) without

obtaining shareholder approval for such amendments.

Statement of consideration of shareholder views

The Committee engages in regular dialogue with shareholders

and holds annual meetings with GSK’s largest investors to

discuss and take feedback on its Remuneration policy practices

and governance matters.


Basis of preparation

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 in pages 178-181. 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

25 February 2025

173



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

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 to be elected by

shareholders.

Our Articles also provide that all Directors are required to seek

re-election annually at our Annual General Meeting 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

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 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 Conflict authorisations (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 2024 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

2022 Remuneration policy which is available on gsk.com in the

Investors section.

Content of the Directors’ report

For the purposes of the UK Companies Act 2006, the Directors’

report of GSK plc for the year ended 31 December 2024

comprises:

Directors’ report


Section	Pages
Corporate governance report	113 to 186
Employee engagement	125
Directors’ statements of responsibilities	188 and 189
Investor information	287 to 338

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	62 to 81 and 307 to
Likely future developments of the company	1 to 111
Research and development activities	13 to 31
Business relationships	47 to 60
Diversity	54 and 55
Provision of information to and consultations with employees	54, 55 and 58 to 60
Carbon emissions	51 to 53

174



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Directors’ report continued

The following information is also incorporated into the Directors’

report:


	Location in Annual Report
Interest capitalised	Financial statements, Notes 17 and 20
Particulars of important post-balance sheet events of the company or its subsidiaries	Financial statements, Note 48
Publication of unaudited financial information	Group financial review
Details of any long-term incentive schemes	Remuneration report
Waiver of emoluments by a Director	Not applicable
Waiver of future emoluments by a Director
Non pre-emptive issues of equity for cash
Non pre-emptive issues of equity for cash by any unlisted major subsidiary undertaking
Parent company participation in a placing by a listed subsidiary
Provision of services by a controlling shareholder
Shareholder waiver of dividends	Financial statements, Notes 16 and 45
Shareholder waiver of future dividends	Financial statements, Notes 16 and 45
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 25 February 2025

and signed on its behalf by:

Sir Jonathan Symonds

Chair

25 February 2025

176



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

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 International Financial Reporting

Standards (IFRS) 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 2024, comprising principal statements and

supporting notes, are set out in the ‘Financial statements’ on

pages 182 to 268 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 178 to 181.

The financial statements for the year ended 31 December

2024 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 2024 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 statement, 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.

177



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

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 76 to 102 and pages 62 to 70 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 44, '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

130.

The 2018 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 103 to 174. 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 2024,

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

25 February 2025

178



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Report of Independent Registered Public Accounting Firm

Report on the audit of the financial statements

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 2024 and 2023, 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 2024, and the

related notes, included on pages 182 to 268 (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 2024 and

2023, and the results of its operations and its cash flows for

each of the three years in the period ended 31 December 2024,

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 2024, 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 3 March 2025, 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 the ViiV Healthcare Shionogi

contingent consideration liability

Accounts impacted: Contingent consideration liabilities and

Other operating expense

Refer to Notes 3 and 33 to 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 2024 the

liability was valued at £6,061 million.

We identified the ViiV CCL as a critical audit matter because of

the significant estimates and assumptions relating to the 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. There is incremental

challenge in forecasting sales associated with recently

launched products due to the lack of historical actual data. 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 the

reasonableness of these, 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;

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Report of Independent Registered Public Accounting Firm Report on the audit of the financial statements continued

–Evaluated the reasonableness of US pricing assumptions 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 expected changes in payer policy;

–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 18 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 valuations specialists, assessed the

reasonableness of the overall valuation methodology,

including testing the valuation model for mechanical

accuracy.

Valuation of US Returns and Rebates (RAR)

accruals

Accounts impacted: Turnover and Trade and other payables

Refer to Notes 3 and 29 to the financial statements

Critical Audit Matter Description

In the 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 and rebates provided to customers under

these arrangements are accounted for as variable

considerations, and recognised as a reduction to revenue in the

form of gross-to-net sales adjustments. These adjustments are

known as the Returns and Rebates (RAR) accruals and are a

source of significant estimation uncertainty which could have a

material impact on reported revenue.

In the US Commercial Operations in 2024, £14,100 million of

RAR deductions were made to gross revenue of £30,484

million, resulting in net revenue of £16,384 million. The balance

sheet accrual at 31 December 2024 for US Commercial

operations amounted to £5,235 million.

The four most significant buying group to which the RAR

accrual relates are Managed Care, Medicaid, Ryan White and

Medicare Part D.

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 group 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 and other

macroeconomic factors. As such, we focus on the utilisation

assumptions for those products where we deem the level of

estimation uncertainty to be the most significant.

We also focus on the period-end adjustments made to the RAR

accruals. These adjustments reflected updates made to the

initial assumptions included within the forecasted RAR rates

and, in our view, present the greatest opportunity for fraud in

revenue recognition (notwithstanding the existence of internal

controls).

How the Critical Audit Matter Was Addressed in the Audit

We performed the following audit procedures, amongst others,

related to estimates in the RAR accruals:

–Tested the key controls over the estimation of RAR accruals

including the controls associated with the forecasting of

utilisation rates process and the month-end accrual review

controls;

–Evaluated 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 historical utilisation rates,

consideration of historical accuracy and assessment of

projected market conditions such as the impact of

competition, new product launches, changes in government

legislation and macroeconomic factors are appropriately

reflected in the RAR accruals;

–Supplemented this with substantive analytical procedures by

developing an independent expectation of the accrual

balance for each of the key segments, based 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 to evaluate

the appropriateness of the year ending accrual position;

–Considered the historical accuracy of estimates and

evaluated whether forecast assumptions had been

appropriately updated in a selection of cases where the

actual rebate claims differed to the amount accrued;

–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 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 41 to the financial statements

Critical Audit Matter Description

As at 31 December 2024, the Group held £14,936 million of

other intangible assets (including licenses, patents, trademarks,

and trade names, but excluding goodwill and computer

software). This includes £886 million of intangible assets

acquired as part of the acquisition of Aiolos Bio, Inc (Aiolos)

during the year.

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Report of Independent Registered Public Accounting Firm Report on the audit of the financial statements continued

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 is recognised.

Recoverability of an intangible asset is derived from certain

assumptions and estimates of future trading performance which

create significant estimation uncertainty.

The underlying assumptions include forecast sales pricing,

volume, growth rates and 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 2024, impairment charges of £314 million were

recorded. These were primarily full impairments due to

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 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), 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, currently 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;

–Engaged our fair valuation specialists to assess the

reasonableness of the valuation methodology applied as well

as performing mechanical accuracy checks; 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.

Valuation of uncertain tax positions,

including transfer pricing

Accounts impacted: Corporation tax payable, Deferred tax

liabilities and Taxation charge

Refer to Notes 3 and 14 to 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

over multiple tax laws and regulations.

At 31 December 2024, the Group has recorded provisions of

£636 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:

–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;

–Involved 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.

181



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Report of Independent Registered Public Accounting Firm Report on the audit of the financial statements continued

Valuation of provisions and contingent

liabilities for significant legal proceedings

Accounts impacted: Contingent liabilities and Other operating

expense

Refer to Notes 35 and 47 to the financial statements

Critical Audit Matter Description

The Group operates in an environment where it is subject to

significant legal and administrative proceedings, including

product liability, intellectual property, tax, anti-trust, consumer

fraud and governmental regulations.

The Group is exposed to a number of regulatory and litigation

matters. The Group’s provision for these matters is £1,446

million at 31 December 2024 and the income statement charge

for the year is £2,039 million. Other matters are disclosed as

contingent liabilities where the criteria for recognising a

provision under IAS 37 Provisions, Contingent Liabilities and

Contingent Assets are not met.

The most significant charges and provisions recorded in

respect of regulatory and litigation matters in the year relate to

the Zantac product litigation matter, which is classified as a

Significant legal matter by the Group.

Significant judgement is required by the Group in assessing the

following, as required by IAS 37 Provisions, Contingent

Liabilities and Contingent Assets, as to:

–Whether a present obligation exists and whether the

outcome will result in a probable outflow, particularly where

the outcome of litigation is uncertain and subject to additional

court proceedings;

–The determination of a reliable estimate of the amounts of

the obligation; and

–The nature and extent of any contingent liabilities and

underlying significant estimation uncertainties disclosed.

How the Critical Audit Matter Was Addressed in the Audit

We performed the following audit procedures, amongst others,

to address the valuation of provisions and contingent liabilities

for significant legal proceedings:

–Tested the Group’s controls over the valuation of provisions,

the robustness of the provision against the requirements of

IAS 37, the appropriateness of judgements used to

determine a ‘best estimate’ and completeness and accuracy

of data used in the process;

–Evaluated the assessment of the provisions, associated

probabilities, and potential outcomes in accordance with IAS

37;

–Evaluated whether the methodology, data and significant

judgements and assumptions used in the valuation of the

provisions are appropriate in the context of the applicable

financial reporting framework;

–Inquired with and inspected correspondence from the

Group’s internal and external counsel to assess the litigation

matters and evaluate the Group’s significant judgements and

assumptions;

–Read board minutes and settlement agreements to evaluate

management’s approach in respect of the litigation and

agreed the terms and conditions of such arrangements to the

payments made to evaluate the provisions already recorded

and whether there is a requirement for additional provisions;

–Evaluated external information, including analyst reports,

subject matter expert analysis and analogous litigation cases

to understand the views and expectations of the external

market; and

–Evaluated whether the disclosures made in the financial

statements appropriately reflect the facts and critical

accounting judgements.

/s/ Deloitte LLP

London, United Kingdom

3 March 2025

The first accounting period we audited was 31 December 2018.

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Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Consolidated income statement for the year ended 31 December 2024


	Notes	2024 £m	2023 £m	2022 £m
Turnover	6	31,376	30,328	29,324
Cost of sales		(9,048)	(8,565)	(9,554)
Gross profit		22,328	21,763	19,770
Selling, general and administration		(11,015)	(9,385)	(8,372)
Research and development		(6,401)	(6,223)	(5,488)
Royalty income		639	953	758
Other operating income/(expense)	7	(1,530)	(363)	(235)
Operating profit	8	4,021	6,745	6,433
Finance income	11	122	115	76
Finance expense	12	(669)	(792)	(879)
Share of after tax profit/(loss) of associates and joint ventures	13	(3)	(5)	(2)
Profit/(loss) on disposal of interests in associates and joint ventures		6	1	–
Profit before taxation		3,477	6,064	5,628
Taxation	14	(526)	(756)	(707)
Profit after taxation from continuing operations		2,951	5,308	4,921
Profit after taxation from discontinued operations and other gains/(losses) from the demerger		–	–	3,049
Re-measurement of discontinued operations distributed to shareholders on demerger		–	–	7,651
Profit after taxation from discontinued operations		–	–	10,700
Total profit after taxation for the year		2,951	5,308	15,621
Profit attributable to non-controlling interests from continuing operations		376	380	460
Profit attributable to shareholders from continuing operations		2,575	4,928	4,461
Profit attributable to non-controlling interests from discontinued operations		–	–	205
Profit attributable to shareholders from discontinued operations		–	–	10,495
		2,951	5,308	15,621
Total profit attributable to non-controlling interests		376	380	665
Total profit attributable to shareholders		2,575	4,928	14,956
		2,951	5,308	15,621
Basic earnings per share (pence) from continuing operations	15	63.2	121.6	110.8
Basic earnings per share (pence) from discontinued operations		–	–	260.6
Total basic earnings per share (pence)		63.2	121.6	371.4
Diluted earnings per share (pence) from continued operations	15	62.2	119.9	109.2
Diluted earnings per share (pence) from discontinued operations		–	–	257.0
Total diluted earnings per share (pence)		62.2	119.9	366.2

Consolidated statement of comprehensive income

for the year ended 31 December 2024


	Notes	2024 £m	2023 £m	2022 £m
Total profit for the year		2,951	5,308	15,621
Other comprehensive income/(expense) for the year
Items that may be reclassified subsequently to continuing operations income statement:
Exchange movements on overseas net assets and net investment hedges	38	(392)	(22)	113
Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries and associates	38	(87)	(34)	2
Fair value movements on cash flow hedges		–	(1)	(18)
Deferred tax on fair value movements on cash flow hedges		1	1	9
Cost of hedging		(4)	–	–
Reclassification of cash flow hedges to income statement		4	4	14
		(478)	(52)	120
Items that will not be reclassified to continuing operations income statement:
Exchange movements on overseas net assets of non-controlling interests	38	(4)	(25)	(28)
Fair value movements on equity investments		(100)	(244)	(754)
Tax on fair value movements on equity investments		17	14	56
Fair value movements on cash flow hedges		8	(40)	(6)
Remeasurement gains/(losses) on defined benefit plans		506	71	(786)
Tax on remeasurement losses/(gains) on defined benefit plans		(122)	(41)	211
		305	(265)	(1,307)
Other comprehensive income /(expense) for the year from continuing operations	38	(173)	(317)	(1,187)
Other comprehensive income for the year from discontinued operations		–	–	356
Total comprehensive income for the year		2,778	4,991	14,790
Total comprehensive income for the year attributable to:
Shareholders		2,406	4,636	14,153
Non-controlling interests		372	355	637
Total comprehensive income for the year		2,778	4,991	14,790

183



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Consolidated balance sheet for the year ended 31 December 2024


	Notes	2024 £m	2023 £m
Assets
Non-current assets
Property, plant and equipment	17	9,227	9,020
Right of use assets	18	846	937
Goodwill	19	6,982	6,811
Other intangible assets	20	15,515	14,768
Investments in associates and joint ventures	21	96	55
Other investments	23	1,100	1,137
Deferred tax assets	14	6,757	6,049
Derivative financial instruments	44	1	–
Other non-current assets	24	1,942	1,584
Total non-current assets		42,466	40,361

Current assets
Inventories	25	5,669	5,498
Current tax recoverable	14	489	373
Trade and other receivables	26	6,836	7,385
Derivative financial instruments	44	109	130
Current equity investments	22	–	2,204
Liquid investments	30	21	42
Cash and cash equivalents	27	3,870	2,936
Assets held for sale	28	3	76
Total current assets		16,997	18,644
Total assets		59,463	59,005

Liabilities
Current liabilities
Short-term borrowings	30	(2,349)	(2,813)
Contingent consideration liabilities	33	(1,172)	(1,053)
Trade and other payables	29	(15,335)	(15,844)
Derivative financial instruments	44	(192)	(114)
Current tax payable	14	(703)	(500)
Short-term provisions	32	(1,946)	(744)
Total current liabilities		(21,697)	(21,068)

Non-current liabilities
Long-term borrowings	30	(14,637)	(15,205)
Corporation tax payable	14	–	(75)
Deferred tax liabilities	14	(382)	(311)
Pensions and other post-employment benefits	31	(1,864)	(2,340)
Other provisions	32	(589)	(495)
Contingent consideration liabilities	33	(6,108)	(5,609)
Other non-current liabilities	34	(1,100)	(1,107)
Total non-current liabilities		(24,680)	(25,142)
Total liabilities		(46,377)	(46,210)
Net assets		13,086	12,795

Equity
Share capital	37	1,348	1,348
Share premium account	37	3,473	3,451
Retained earnings	38	7,796	7,239
Other reserves	38	1,054	1,309
Shareholders’ equity		13,671	13,347
Non-controlling interests		(585)	(552)
Total equity		13,086	12,795

The financial statements on pages 182 to 268 were approved by the Board on 25 February 2025 and signed on its behalf by

Sir Jonathan Symonds

Chair

184



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Consolidated statement of changes in equity for the year ended 31 December 2024


	Shareholders’ equity
	Share capital £m	Share premium £m	Retained earnings £m	Other reserves* £m	Total £m	Non-controlling interests £m	Total equity £m
At 31 December 2021	1,347	3,301	7,944	2,463	15,055	6,287	21,342
Profit for the year	–	–	14,956	–	14,956	665	15,621
Other comprehensive income/(expense) for the year	–	–	(89)	(714)	(803)	(28)	(831)
Total comprehensive income/(expense) for the year	–	–	14,867	(714)	14,153	637	14,790
Distributions to non-controlling interests	–	–	–	–	–	(1,409)	(1,409)
Non-cash distribution to non-controlling interests	–	–	–	–	–	(2,960)	(2,960)
Contributions from non-controlling interests	–	–	–	–	–	8	8
Changes to non-controlling interests	–	–	–	–	–	(20)	(20)
Deconsolidation of former subsidiaries	–	–	–	–	–	(3,045)	(3,045)
Dividends to shareholders	–	–	(3,467)	–	(3,467)	–	(3,467)
Non-cash dividend to shareholders	–	–	(15,526)	–	(15,526)	–	(15,526)
Realised after tax profit/(losses) on disposal or liquidation of equity investments	–	–	14	(14)	–	–	–
Share of associates and joint ventures realised profits/(losses) on disposal of equity investments	–	–	7	(7)	–	–	–
Shares issued	–	25	–	–	25	–	25
Write-down of shares held by ESOP Trusts	–	–	(911)	911	–	–	–
Shares acquired by ESOP Trusts	–	114	1,086	(1,200)	–	–	–
Share-based incentive plans	–	–	357	–	357	–	357
Tax on share-based incentive plans	–	–	(8)	–	(8)	–	(8)
Hedging gain after taxation transferred to non-financial assets	–	–	–	9	9	–	9
At 31 December 2022	1,347	3,440	4,363	1,448	10,598	(502)	10,096
Profit for the year	–	–	4,928	–	4,928	380	5,308
Other comprehensive income/(expense) for the year	–	–	(45)	(247)	(292)	(25)	(317)
Total comprehensive income/(expense) for the year	–	–	4,883	(247)	4,636	355	4,991
Distributions to non-controlling interests	–	–	–	–	–	(412)	(412)
Contributions from non-controlling interests	–	–	–	–	–	7	7
Dividends to shareholders	–	–	(2,247)	–	(2,247)	–	(2,247)
Realised after tax profit/(losses) on disposal or liquidation of equity investments	–	–	(26)	26	–	–	–
Share of associates and joint ventures realised profits/(losses) on disposal of equity investments	–	–	(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 after taxation transferred to non-financial assets	–	–	–	36	36	–	36
Tax on share-based incentive plans	–	–	7	–	7	–	7
At 31 December 2023	1,348	3,451	7,239	1,309	13,347	(552)	12,795
Profit for the year	–	–	2,575	–	2,575	376	2,951
Other comprehensive income/(expense) for the year	–	–	(83)	(86)	(169)	(4)	(173)
Total comprehensive income/(expense) for the year	–	–	2,492	(86)	2,406	372	2,778
Distributions to non-controlling interests	–	–	–	–	–	(416)	(416)
Contributions from non-controlling interests	–	–	–	–	–	9	9
Changes to non-controlling interests	–	–	–	–	–	4	4
Dividends to shareholders	–	–	(2,444)	–	(2,444)	–	(2,444)
Deconsolidation of former subsidiary	–	–	–	–	–	(2)	(2)
Realised after tax profit/(losses) on disposal or liquidation of equity investments	–	–	14	(14)	–	–	–
Share of associates and joint ventures realised profits/(losses) on disposal of equity investments	–	–	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	1,348	3,473	7,796	1,054	13,671	(585)	13,086

*An analysis of Other reserves is presented as part of Note 38, ‘Movements in equity’.

185



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Consolidated cash flow statement for the year ended 31 December 2024


	Notes	2024 £m	2023 £m	2022 £m
Cash flow from operating activities
Profit after taxation from continuing operations for the year		2,951	5,308	4,921
Adjustments reconciling profit after tax to operating cash flows	42	4,910	2,788	3,023
Cash generated from operations attributable to continuing operations		7,861	8,096	7,944
Taxation paid		(1,307)	(1,328)	(1,310)
Net cash inflow/(outflow) from continuing operating activities		6,554	6,768	6,634
Cash generated from operations attributable to discontinued operations		–	–	932
Taxation paid from discontinued operations		–	–	(163)
Net operating cash flows attributable to discontinued operations		–	–	769
Total net cash inflow/(outflow) from operating activities		6,554	6,768	7,403

Cash flow from investing activities
Purchase of property, plant and equipment		(1,399)	(1,314)	(1,143)
Proceeds from sale of property, plant and equipment		65	28	146
Purchase of intangible assets		(1,583)	(1,030)	(1,115)
Proceeds from sale of intangible assets		131	12	196
Purchase of equity investments		(103)	(123)	(143)
(Increase)/decrease in liquid investments		21	72	1
Purchase of businesses, net of cash acquired	41	(805)	(1,457)	(3,108)
Proceeds from sale of equity investments		2,356	1,832	238
Share transactions with non-controlling interests		(1)	–	–
Contingent consideration paid		(19)	(11)	(79)
Disposal of businesses	41	(18)	49	(43)
Investments in joint ventures and associates		(43)	–	(1)
Proceeds from disposal of associates and joint ventures		–	1	–
Interest received		138	115	64
Dividend and distributions from investments		16	220	–
Dividends from joint ventures and associates		15	11	6
Net cash inflow/(outflow) from continuing investing activities		(1,229)	(1,595)	(4,981)
Net investing cash flows attributable to discontinued operations		–	–	(3,791)
Total net cash inflow/(outflow) from investing activities		(1,229)	(1,595)	(8,772)

Cash flow from financing activities
Issue of share capital	37	20	10	25
Repayment of long-term loans (1)		(1,615)	(2,260)	(6,668)
Issue of long-term notes		1,075	223	1,025
Net increase/(decrease) in short-term loans		(811)	(333)	1,021
Increase in other short-term loans (1)		266	–	–
Repayment of other short-term loans (1)		(81)	–	–
Repayment of lease liabilities		(226)	(197)	(202)
Interest paid		(632)	(766)	(848)
Dividends paid to shareholders		(2,444)	(2,247)	(3,467)
Distributions to non-controlling interests		(416)	(412)	(521)
Contributions from non-controlling interests		9	7	8
Other financing items		129	334	376
Net cash inflow/(outflow) from continuing financing activities		(4,726)	(5,641)	(9,251)
Net financing cash flows attributable to discontinued operations		–	–	10,074
Total net cash inflow/(outflow) from financing activities		(4,726)	(5,641)	823
Increase/(decrease) in cash and bank overdrafts	43	599	(468)	(546)

Cash and bank overdrafts at the beginning of year		2,858	3,425	3,819
Exchange adjustments		(54)	(99)	152
Increase/(decrease) in cash and bank overdrafts in the year		599	(468)	(546)
Cash and bank overdrafts at the end of year		3,403	2,858	3,425

Cash and bank overdrafts at end of year comprise:
Cash and cash equivalents		3,870	2,936	3,723
Overdrafts		(467)	(78)	(298)
		3,403	2,858	3,425


(1)	In 2024, there was a change in the presentation of cash flows from long-term and other short-term loans. For further information see Note 43 'Reconciliation of net cash flow to movement in net debt'.

186



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements

1. Presentation of the financial statements

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 International Financial Reporting

Standards as issued by the IASB ("IFRS Accounting

Standards").

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 46, ‘Principal Group

companies’.

Financial period

These consolidated financial statements cover the financial

year from 1 January to 31 December 2024, with comparative

figures for the financial years from 1 January to 31 December

2023 and, where appropriate, from 1 January to 31 December

2022.

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 by the revaluation of certain

items, 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’. Information on the application of these accounting

policies, including areas of estimation and judgement is given in

Note 3, ‘Critical accounting judgements and key sources of

estimation uncertainty’.

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.

In preparing the consolidated financial statements, the Group

has evaluated the potential effects of both physical and

transitional climate change risks, along with planned mitigation

efforts, on the valuation of assets and liabilities; with

consideration of the risks outlined in the Task Force on Climate-

related Financial Disclosures (TCFD).

As of 31 December 2024, 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 the impact on metered dose

inhalers (MDI). The Group is mitigating 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.

187



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

2. Accounting principles and policies

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 de-consolidated 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 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.

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 taken to a separate component of equity within

retained earnings.

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.

188



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

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, 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 cost of £7 million (2023: net

recoveries of cost of £45 million; 2022: cost of £1,635 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. Commercial

Operations turnover includes co-promotion revenue of

£1 million (2023: £1 million; 2022: £3 million). 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-licences 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.

Provision is made when an obligation exists for a future liability

in respect of a past event and where the amount of the

obligation can be reliably estimated.

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. Property, plant and equipment used for

research and development is capitalised and depreciated in

accordance with the Group’s policy.

189



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

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, together with 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.

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 cost of

purchase or construction, less accumulated depreciation and

accumulated impairment. Financing costs are capitalised within

the cost of qualifying assets in construction.

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.

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.

190



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

2. Accounting principles and policies continued

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.

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. The Group

recognises the assets, liabilities, revenue and expenses of joint

operations in accordance with its rights and obligations.

191



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

2. Accounting principles and policies continued

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.

Current equity investments

Current equity investments comprise equity investments which

the Group holds with the intention to sell and which it may sell

in the short term. Where acquired with this intention, they 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. Dividend income is recognised in the

income statement when the Group’s right to receive payment is

established. Purchases and sales of current equity investments

are accounted for on the trade date.

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 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.

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.

Borrowings

All borrowings are initially recorded at the amount of proceeds

received, net of transaction costs. Borrowings are subsequently

carried at amortised cost, with the difference between the

proceeds, net of transaction costs, and the amount due on

redemption being recognised as a charge to the income

statement over the period of the relevant borrowing.

192



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

2. Accounting principles and policies continued

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 the hedging instruments are

classified at inception of the hedge relationship as cash flow

hedges, net investment hedges or fair value hedges.

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 which are reclassified to the income

statement when the hedged item affects profit or loss.

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.

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

separately 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.

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 sale or

distribution in their present condition and the sale or distribution

is considered highly probable. Assets held in Assets held for

sale or distribution are measured at the lower of their carrying

amount and fair value less costs to sell or distribute. Assets

included in Assets 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. 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.

193



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

3. Critical accounting judgements and key sources of

estimation uncertainty

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 2024 was £31,376 million (2023:

£30,328 million).

Estimates

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

2024 of £16,384 million (2023: £15,820 million) was after

recording deductions of £14,100 million (2023: £16,539 million)

for rebates, allowances, returns and other discounts. At

31 December 2024, the total accrual amounted to £5,235

million (2023: £5,951 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 £526 million (2023: £756

million). At 31 December 2024, current tax payable was £703

million (2023: £500 million), non-current corporation tax

payable was £nil million (2023: £75 million) and current tax

recoverable was £489 million (2023: £373 million).

Judgement and estimates

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 2024, the Group had recognised provisions of

£636 million in respect of uncertain tax positions (2023: £584

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.

Legal and other disputes

Legal costs for the year were £1,964 million (2023: £271

million).

At 31 December 2024 provisions for legal and other disputes

amounted to £1,446 million (2023: £267 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.

194



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

3. Critical accounting judgements and key sources of estimation uncertainty continued

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 47, ‘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 2024 income statement charge for contingent

consideration was £1,762 million (2023: £768 million).

At 31 December 2024, the liability for contingent consideration

amounted to £7,280 million (2023: £6,662 million). Of this

amount, £6,061 million (2023: £5,718 million) related to the

acquisition of the former Shionogi-ViiV Healthcare joint venture

in 2012.

Estimates

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. See Note 33, ‘Contingent consideration liabilities’.

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

(2023: three UK schemes), with a combined surplus of £725

million at 31 December 2024 (2023: £457 million).

There are further recognised pension surpluses totalling £173

million spread across five countries (2023: £177 million across

five countries). GSK has made the judgement that these

amounts meet the requirements of recoverability.

Estimates

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, and are disclosed in Note

31, ‘Pensions and other post-employment benefits’.

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. A sensitivity

analysis is provided in Note 31, ‘Pensions and other post-

employment benefits’, a 0.25% reduction in the discount rate

would lead to an increase in the net pension deficit of

approximately £320 million and an increase in the annual

pension cost of approximately £17 million. Similarly, a 0.25%

increase in the discount rate would lead to a decrease in the

net pension deficit of approximately £309 million and a

decrease in the annual pension cost of approximately £19

million.

A 0.75% reduction in the discount rate would lead to an

increase in the net pension deficit of approximately £1,012

million and an increase in the annual pension cost of

approximately £51 million. Similarly, a 0.75% increase in the

discount rate would lead to a decrease in the net pension deficit

of approximately £883 million and a decrease in the annual

pension cost of approximately £55 million. The selection of

different assumptions could affect the future results of the

Group.

Impairment of intangible assets

The Group's intangible assets primarily comprise acquired

licences, patents, amortised brands, and product development

costs. At 31 December 2024, these assets have a carrying

amount of £14,936 million (2023: £14,166 million). Intangible

assets are tested for impairment when indicators of impairment

arise, or annually where the asset is not yet in use.

Estimates

Given the inherent uncertainty in pharmaceutical development

and commercialisation, there is significant estimation involved

in determining the recoverable amount of intangible assets. The

recoverable amount of intangible assets is determined as the

higher of their fair value less costs of disposal and their value in

use. 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 source of estimation uncertainty is in relation

to the portfolio of intangible assets as a whole. Based on the

number of assets held and the different assumptions for each

asset, it is not practicable to give a meaningful sensitivity

analysis.

195



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

4. New accounting requirements

Amendments to IFRS accounting standards applicable

from 1 January 2024

GSK has adopted the following amendments to IFRS

accounting standards, with no material impact to the Group in

the year ended 31 December 2024:

–Classification of Liabilities as Current or Non-current and

Non-current Liabilities with Covenants - Amendments to IAS

–Supplier Finance Arrangements - Amendments to IAS 7 and

IFRS 7.

–Lease Liability in a Sale and Leaseback - Amendments to

IFRS 16.

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 2024 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:

–Lack of Exchangeability - Amendments to IAS 21 (effective

from 1 January 2025, endorsed by the UKEB).

–Classification and Measurement of Financial Instruments -

Amendments to IFRS 9 and IFRS 7 (effective from 1 January

2026, not yet endorsed by the UKEB).

–IFRS 19 Subsidiaries without Public Accountability:

Disclosures (effective from 1 January 2027, not yet endorsed

by the UKEB).

–Contracts Referencing Nature-dependent Electricity -

Amendments to IFRS 9 and IFRS 7 (effective from 1 January

2026, not yet endorsed by the UKEB).

IFRS 18 Presentation and Disclosure in Financial Statements

was issued by the IASB on 9 April 2024 and introduces new

presentation and disclosure requirements, particularly for the

Income statement.

Furthermore the new accounting standard provides enhanced

principles on aggregation and disaggregation of information

and introduces new disclosures for Management Performance

Measures.

The requirements are effective for periods beginning on or after

1 January 2027 and are not yet endorsed by the UKEB.

GSK is assessing the impact of adopting the new requirements

introduced by IFRS 18, and will adopt the standard for the

reporting period ending 31 December 2027, subject to

endorsement in the UK.

5. Exchange rates

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:


	2024	2023	2022
Average rates:
US$/£	1.28	1.24	1.24
Euro/£	1.18	1.15	1.17
Yen/£	193	175	161


	2024	2023	2022
Period end rates:
US$/£	1.25	1.27	1.20
Euro/£	1.20	1.15	1.13
Yen/£	197	180	159

196



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

6. Turnover and segment information

Operating segments are reported based on the financial information provided to the Chief Executive Officer and the responsibilities

of the GSK Leadership Team (GLT). GSK reports under two segments; Commercial Operations and Total R&D. Members of the

GLT are responsible for each segment.

Originally, GSK reported 2021 results under four segments: Pharmaceuticals, Pharmaceuticals R&D, Vaccines and Consumer

Healthcare. However, the reporting of operating segments was changed in 2022 and with the demerger of Consumer Healthcare

only two operating segments are reportable. There is no change to the reportable segments in the current or prior periods.

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 includes 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	2024 £m	2023 £m	2022 £m
Commercial Operations	31,376	30,328	29,324
	31,376	30,328	29,324

Product sales are reported within three product groups: Vaccines, Specialty Medicines and General Medicines.


Commercial Operations:	2024 £m	2023 £m	2022 £m
Shingles	3,364	3,446	2,958
Meningitis	1,437	1,260	1,116
RSV	590	1,238	–
Influenza	408	504	714
Established Vaccines	3,339	3,266	3,085
	9,138	9,714	7,873
Pandemic Vaccines	–	150	64
Vaccines	9,138	9,864	7,937

HIV	7,089	6,444	5,749
Respiratory/Immunology and Other	3,299	3,025	2,609
Oncology	1,410	731	602
	11,798	10,200	8,960
Pandemic	12	44	2,309
Specialty Medicines	11,810	10,244	11,269

Respiratory	7,213	6,825	6,548
Other General Medicines	3,215	3,395	3,570
General Medicines	10,428	10,220	10,118

Total Commercial Operations	31,376	30,328	29,324

197



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

6. Turnover and segment information continued

During 2024, sales were made to three US wholesalers of £4,538 million (2023: £4,494 million; 2022: £4,045 million),

£4,792 million (2023: £4,498 million; 2022: £4,161 million) and £3,366 million (2023: £3,531 million; 2022: £3,227 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 RAR (returns and rebates) accruals of £740 million (2023: £728 million).


Segment profit	2024 £m	2023 £m	2022 £m
Commercial Operations	15,335	14,656	13,590
Research and development	(5,845)	(5,607)	(5,060)
Segment profit	9,490	9,049	8,530
Corporate and other unallocated costs	(342)	(263)	(379)
Other reconciling items between segment profit and operating profit	(5,127)	(2,041)	(1,718)
Total Operating profit	4,021	6,745	6,433

Finance income	122	115	76
Finance costs	(669)	(792)	(879)
Gain on disposal of interest in associates	6	1	–
Share of after-tax losses of associates and joint ventures	(3)	(5)	(2)
Profit before taxation from continuing operations	3,477	6,064	5,628
Taxation	(526)	(756)	(707)
Profit after taxation for the year from continuing operations	2,951	5,308	4,921

Other reconciling items between segment profit and operating profit comprise items not specifically allocated to segment profit.

These include impairment and amortisation of intangible assets; major restructuring costs, which include impairments of tangible

assets and computer software; transaction-related adjustments related to significant acquisitions; proceeds and costs of disposals

of products and businesses; significant legal charges 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. Please

refer to the detail of Other reconciling items between segment profit and operating profit in the analysis of adjusting items in the

Group financial review.


Depreciation and amortisation by segment	2024 £m	2023 £m	2022 £m
Commercial Operations	906	893	829
Research and development	569	572	467
Segment depreciation and amortisation	1,475	1,465	1,296
Corporate and other unallocated depreciation and amortisation	74	110	112
Other reconciling items between segment depreciation and amortisation and total depreciation and amortisation	1,002	719	739
Total depreciation and amortisation	2,551	2,294	2,147

198



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

6. Turnover and segment information continued


PP&E, intangible asset and goodwill impairment by segment	2024 £m	2023 £m	2022 £m
Commercial Operations	102	27	29
Research and development	22	13	32
Segment impairment	124	40	61
Corporate and other unallocated impairment	11	35	20
Other reconciling items between segment impairment and total impairment	302	432	420
Total impairment	437	507	501


PP&E and intangible asset impairment reversals by segment
Commercial Operations	(28)	(16)	(6)
Research and development	(2)	(9)	(19)
Segment impairment reversals	(30)	(25)	(25)
Corporate and other unallocated impairment reversals	(3)	(14)	–
Other reconciling items between segment impairment reversals and total impairment reversals	–	–	(1)
Total impairment reversals	(33)	(39)	(26)


Net operating assets by segment	2024 £m	2023 £m
Commercial Operations	12,501	12,302
Research and development	7,459	7,021
Segment net operating assets	19,960	19,323
Corporate and other unallocated net operating assets	43	625
Net operating assets	20,003	19,948

Net debt	(13,095)	(15,040)
Investments in associates and joint ventures	96	55
Current equity investment	–	2,204
Derivative financial instruments	(82)	16
Current and deferred taxation	6,161	5,536
Assets held for sale (excluding cash and cash equivalents)	3	76
Net assets	13,086	12,795

The Commercial Operations segment includes the Shionogi-ViiV Healthcare contingent consideration liability of £6,061 million

(2023: £5,718 million) and the Pfizer put option of £915 million (2023: £848 million).

Geographical information

The UK is regarded as being the Group’s country of domicile.


Turnover by location of customer	2024 £m	2023 £m	2022 £m
UK	708	693	695
US	16,384	15,820	14,542
Rest of World	14,284	13,815	14,087
External turnover	31,376	30,328	29,324


Non-current assets by location of subsidiary	2024 £m	2023 £m
UK	7,803	6,464
US	13,977	13,280
Belgium	5,378	5,337
Rest of World	5,588	6,606
Non-current assets	32,746	31,687

Non-current assets by location excludes 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 external revenue or non-current assets.

199



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Notes to the financial statements continued

7. Other operating income/(expense)


	2024 £m	2023 £m	2022 £m
Upfront settlement income(1)	–	–	922
Fair value remeasurements of equity investments	51	(122)	256
Disposal of businesses and assets	246	61	215
Fair value remeasurements on contingent consideration recognised in business combinations(2)	(1,751)	(791)	(1,607)
Remeasurement of ViiV Healthcare put option liabilities and preferential dividends	(67)	245	(85)
Fair value adjustments on derivative financial instruments	–	7	3
Other (expense)/income	(9)	237	61
	(1,530)	(363)	(235)

(1)On 1 February 2022, ViiV Healthcare reached agreement with Gilead Sciences, Inc (Gilead) to settle the global patent infringement litigation relating to the

commercialisation of Gilead’s Biktarvy concerning ViiV Healthcare’s patents relating to dolutegravir, an anti-retroviral medication used, together with other

medicines, to treat human immunodeficiency virus (HIV). Under the terms of the global settlement and licensing agreement, Gilead made an upfront

payment of $1.25 billion (£922 million) to ViiV Healthcare on 15 February 2022. In addition, Gilead will also pay a 3% royalty on all future US sales of

Biktarvy and in respect of the bictegravir component of any other future bictegravir-containing products sold in the US. These royalties will be payable by

Gilead to ViiV Healthcare from 1 February 2022 until the expiry of ViiV Healthcare’s US Patent No. 8,129,385 on 5 October 2027 and will be recorded as

royalty income in the income statement.

(2)Fair value remeasurements on contingent consideration disclosed above includes the fair value movements on related hedging contracts.

Fair value remeasurements of equity investments in 2024 included a gain of £22 million (2023: £17 million loss) from the

remeasurement of the Group’s retained investment in Haleon plc. See details in Note 22, 'Current equity investments'.

Disposal of businesses and assets in 2024 and 2023 primarily includes milestone income.

Disposal of businesses and assets in 2022 includes milestone income and the reversal of provisions no longer required.

Fair value remeasurements on contingent consideration recognised as business combinations included a net charge of £1,533

million related to the acquisition of the former Shionogi-ViiV Healthcare joint venture, and a £206 million net charge payable to

Novartis related to the Vaccines acquisition, together with fair value movements on related hedging contracts.

Other income in 2023 primarily included net income from dividends related to investments, including £49 million dividends received

from the retained investment in Haleon plc.

200



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

8. Operating profit


The following items have been included in operating profit:	2024 £m	2023 £m	2022 £m
Employee costs (Note 9)	8,759	8,473	7,693
Advertising	851	835	735
Distribution costs	198	199	192
Depreciation of property, plant and equipment	886	892	885
Impairment of property, plant and equipment, net of reversals	88	17	70
Depreciation of right of use assets	211	190	176
Impairment of right of use assets, net of reversals	(1)	10	40
Amortisation of intangible assets	1,454	1,212	1,086
Impairment of intangible assets, net of reversals	317	418	365
Impairment of tangible and intangible assets held for sale, net of reversals	–	23	–
Net foreign exchange (gains)/losses	13	11	11
Inventories:
Cost of inventories included in cost of sales	6,495	6,576	6,137
Write-down of inventories	1,046	979	687
Reversal of prior year write-down of inventories	(630)	(598)	(483)
Short-term lease charge	13	8	6
Low-value lease charge	2	2	2
Variable lease payments	15	17	9
Fees payable to the company’s auditor and its associates in relation to the Group (see below)	23.3	22.0	26.9

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 £87 million (2023: £34 million gain; 2022: £2 million loss) arising from the

recycling of exchange on liquidation or disposal of overseas subsidiaries. The recycling of exchange on disposal of overseas

associates is £nil (2023: £nil). The recycling of exchange on disposal of overseas subsidiaries does not include recycling of

exchange on disposal of Consumer Healthcare subsidiaries as this is reported as Profit after taxation on demerger of discontinued

operations.

Included within operating profit are Major restructuring charges of £353 million (2023: £382 million; 2022: £321 million), see Note

10, ‘Major restructuring costs’.


Fees payable to the company’s auditor and its associates:	2024 £m	2023 £m	2022 £m
Audit of parent company and consolidated financial statements including attestation under s.404 of Sarbanes-Oxley Act 2002	10.8	10.2	10.9
Audit of the company’s subsidiaries	10.3	10.2	9.7
Total audit services	21.1	20.4	20.6
Audit-related and other assurance services	2.2	1.6	6.3
Total audit services, audit-related and other assurance services	23.3	22.0	26.9

The other assurance services provided by the auditor related to agreed-upon procedures and other assurance services outside of

statutory audit requirements. Audit-related and other assurance services include £nil (2023: £nil; 2022: £4.4 million) due to

reporting accountant work performed in preparation for the Consumer Healthcare demerger.

In addition to the above, fees paid to the auditor in respect of the GSK pension schemes were:


	2024 £m	2023 £m	2022 £m
Audit	0.2	0.2	0.2

201



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

9. Employee costs


	2024 £m	2023 £m	2022 £m
Wages and salaries	6,750	6,706	6,110
Social security costs	862	818	763
Pension and other post-employment costs, including augmentations (Note 31)	368	356	369
Cost of share-based incentive plans	347	321	314
Severance and other costs from integration and restructuring activities	432	272	137
	8,759	8,473	7,693

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:


	2024 £m	2023 £m	2022 £m
Share value plan	260	244	243
Performance share plan	67	58	55
Share option plans	6	5	4
Cash settled and other plans	14	14	12
	347	321	314

The average number of persons employed by the Group (including Directors) during the year:


	2024 Number	2023 Number	2022 Number
Manufacturing	23,206	23,209	22,946
Selling, general and administration	33,503	34,446	34,642
Research and development	12,596	12,589	11,542
Total Continuing Operations	69,305	70,244	69,130

Discontinued Operations	–	–	21,292

Total	69,305	70,244	90,422

Note: Consumer Healthcare was divested on 18 July 2022 and is shown as Discontinued Operations in the above table

The average monthly number of Group employees excludes temporary and contract staff.

The compensation of the Directors and senior management (members of the GLT) in aggregate, was as follows:


	2024 £m	2023 £m	2022 £m
Wages and salaries	32	37	31
Social security costs	6	4	5
Pension and other post-employment costs	1	1	2
Cost of share-based incentive plans	38	32	28
	77	74	66

202



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

10. Major restructuring costs

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 January 2020, the Board approved a Separation restructuring programme to prepare for the separation of GSK into two

companies. This programme is largely complete. After the acquisition of Sierra Oncology (July 2022) and Affinivax (August 2022),

the Board approved a Major restructuring programme for the integration of significant acquisitions designed to integrate and

achieve synergies. GSK acquired Bellus Health Inc. in June 2023 and Aiolos Bio, Inc. in February 2024.

The total restructuring costs of £353 million in 2024 (2023: £382 million; 2022: £321 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

–Continued transformation of central functions, including GSK technology platforms and interfaces, to deliver greater digital

synergies, simplification of applications and staff reductions

–The integration of acquisitions

The analysis of the costs charged to operating profit under these programmes was as follows:


	2024 £m	2023 £m	2022 £m
Increase in provision for Major restructuring programmes (see Note 32)	195	172	138
Amount of provision reversed unused (see Note 32)	(51)	(55)	(111)
Impairment (reversals)/losses recognised	(12)	33	122
Other non-cash charges/(credit)	58	86	(7)
Other cash costs	163	146	179
	353	382	321

Provision reversals of £51 million mainly relate to the Separation restructuring programme. Asset impairment credit of £12 million

and other non-cash charges of £58 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:


	2024
	Cash £m	Non-cash £m	Total £m
Separation restructuring programme	200	36	236
Significant acquisitions	59	1	60
Legacy programmes	48	9	57
	307	46	353


	2023
	Cash £m	Non-cash £m	Total £m
Separation restructuring programme	199	117	316
Significant acquisitions	65	1	66
Legacy programmes	(1)	1	–
	263	119	382

The analysis of Major restructuring charges by income statement line was as follows:


	2024 £m	2023 £m	2022 £m
Cost of sales	163	164	102
Selling, general and administration	160	216	180
Research and development	9	2	39
Other operating expense	21	–	–
	353	382	321

203



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

11. Finance income


	2024 £m	2023 £m	2022 £m
Finance income arising from:
Financial assets measured at amortised cost	60	48	31
Financial assets measured at fair value through profit or loss	72	60	31
(Net losses)/net gains arising from net investment hedge relationships(1)	(16)	–	12
Other finance income	6	7	2
	122	115	76

(1) (Net losses)/net gains arising from net investment hedge relationships contains a £15 million loss relating to ineffectiveness on net investment hedges

(2023: £nil 2022: £nil).

12. Finance expense


	2024 £m	2023 £m	2022 £m
Finance expense arising on:
Financial liabilities at amortised cost	(569)	(672)	(789)
Net losses arising from:
Financial instruments mandatorily measured at fair value through profit or loss	(262)	(23)	743
Retranslation of loans	266	25	(761)
Reclassification of hedges from other comprehensive income	(4)	(4)	(2)
Unwinding of discounts on provisions	(25)	(15)	(7)
Finance expense arising on lease liabilities	(46)	(38)	(30)
Other finance expense	(29)	(65)	(33)
	(669)	(792)	(879)

13. Associates and joint ventures

The Group’s share of after-tax profits and losses of associates and joint ventures is set out below:


	2024 £m	2023 £m	2022 £m
Share of after-tax (losses)/profits of associates	(3)	(2)	1
Share of after-tax losses of joint ventures	–	(3)	(3)
	(3)	(5)	(2)

Aggregated financial information in respect of GSK’s share of other associated undertakings and joint ventures is set out below:


	2024 £m	2023 £m	2022 £m
Share of after-tax losses	(3)	(5)	(2)
Share of other comprehensive income/(expense)	21	7	(9)
Share of total comprehensive income/(expense)	18	2	(11)

The Group’s sales to associates and joint ventures were £nil in 2024 (2023: £nil; 2022: £nil).

Please refer to the balance sheet information on Note 21, 'Investments in associates and joint ventures'.

204



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

14. Taxation

The Group’s tax charge is the sum of the total current and deferred tax expense.


Taxation charge based on profits for the year	2024 £m	2023 £m	2022 £m
UK current year charge	186	207	200
Rest of World current year charge	1,458	1,371	1,351
Charge/(credit) in respect of prior periods	(92)	43	(60)
Current taxation	1,552	1,621	1,491
Deferred taxation	(1,026)	(865)	(784)
	526	756	707

In 2024, GSK made corporate income tax payments globally of £1.3 billion (2023: £1.3 billion), of which £106 million (2023: £205

million) was UK corporation tax paid to HMRC. These amounts are for 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. The latter relates primarily to the unwind of deferred tax liabilities on intangible assets.

The following table reconciles the tax charge calculated at the UK statutory rate on the Group profit before tax with the actual tax

charge for the year.


Reconciliation of taxation on Group profits	2024 £m	2024 %	2023 £m	2023 %	2022 £m	2022 %
Profit before tax	3,477		6,064		5,628
UK statutory rate of taxation	869	25.0	1,425	23.5	1,069	19.0
Differences in overseas taxation rates	185	5.3	159	2.6	318	5.6
Benefit of intellectual property incentives	(602)	(17.3)	(696)	(11.5)	(600)	(10.7)
R&D credits	(89)	(2.6)	(121)	(2.0)	(119)	(2.1)
Permanent differences on disposals, acquisitions and transfers	2	0.1	10	0.2	275	4.9
Other permanent differences	302	8.7	102	1.7	82	1.5
Re-assessments of prior year current tax estimates	(92)	(2.6)	43	0.7	(60)	(1.1)
Re-assessments of prior year deferred tax estimates	(40)	(1.2)	(147)	(2.4)	(233)	(4.1)
Changes in tax rates	(9)	(0.3)	(19)	(0.3)	(25)	(0.4)
Tax charge/tax rate	526	15.1	756	12.5	707	12.6

As a global biopharmaceutical company, we have a substantial business and employment presence in many countries around the

world. The impact of differences in overseas taxation rates arose from profits being earned in countries with tax rates higher than

the UK statutory rate, the most significant of which in 2024 were France, Germany and Italy. This adverse impact was offset 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. The introduction of new global minimum corporate income tax rules

introduced in the UK and Belgium with effect from 1 January 2024 (in line with the OECD’s Pillar 2 framework) resulted in a

reduction in these incentives and an additional tax charge of £6 million.

Other permanent differences includes the impact of the partial deductibility of Zantac settlement costs.

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 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.

205



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

14. Taxation continued


Tax on items charged to equity and statement of comprehensive income	2024 £m	2023 £m	2022 £m
Current taxation
Share-based payments	(4)	(1)	(3)
Defined benefit plans	–	(143)	–
Fair value movements on cash flow hedges	–	–	–
Fair value movements on equity investments	4	(6)	12
	–	(150)	9
Deferred taxation
Share-based payments	–	(6)	11
Defined benefit plans	122	184	(211)
Fair value movements on cash flow hedges	(1)	(1)	(9)
Fair value movements on equity investments	(21)	(8)	(68)
	100	169	(277)
Total charge/(credit) to equity and statement of comprehensive income	100	19	(268)

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 2024 the Group had recognised provisions of £636 million in

respect of such uncertain tax positions (2023: £584 million). The net increase in recognised provisions during 2024 was driven by

the reassessment of estimates and the 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 £159 million as at 31 December 2024 (2023: £165 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 (2023: £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 £696 million (2023: £869 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.

206



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

14. Taxation continued

Movement in deferred tax assets and liabilities


	Accelerated capital allowances £m	Intangible assets £m	Contingent consideration £m	Intra- Group profit £m	Pensions & other post employment benefits £m	Tax losses £m	Share option and award schemes £m	Other net temporary differences £m	Total
At 1 January 2023	(57)	(819)	992	1,099	794	1,661	57	1,642	5,369
Exchange adjustments	11	58	–	(70)	(24)	(2)	–	(100)	(127)
Credit/(charge) to income statement	72	229	(71)	223	(15)	335	12	80	865
Credit/(charge) to statement of comprehensive income	–	–	–	–	(184)	–	5	10	(169)
Acquisitions/disposals	–	(144)	–	–	–	–	–	–	(144)
R&D credits utilisation	–	–	–	–	–	–	–	(56)	(56)
At 31 December 2023	26	(676)	921	1,252	571	1,994	74	1,576	5,738
Exchange adjustments	9	(37)	2	(10)	(5)	–	–	11	(30)
Credit/(charge) to income statement	97	197	50	32	(103)	455	(8)	306	1,026
Credit/(charge) to statement of comprehensive income	–	–	–	–	(122)	–	–	22	(100)
Acquisitions/disposals	–	(190)	–	–	–	–	–	–	(190)
R&D credits utilisation	–	–	–	–	–	–	–	(69)	(69)
At 31 December 2024	132	(706)	973	1,274	341	2,449	66	1,846	6,375

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 Aiolos Bio, Inc. (see Note 41, '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 £2,449 million (2023: £1,994 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:


	2024 £m	2023 £m
Deferred tax assets	6,757	6,049
Deferred tax liabilities	(382)	(311)
	6,375	5,738


		2024		2023
Unrecognised tax losses and attributes	Tax losses £m	Unrecognised deferred tax asset £m	Tax losses £m	Unrecognised deferred tax asset £m
Trading losses and attributes expiring:
Within 10 years	1,034	145	939	149
More than 10 years	1,598	84	1,238	66
Available indefinitely	693	161	228	47
At 31 December	3,325	390	2,405	262

Capital losses expiring:
Available indefinitely	2,253	565	2,261	567
At 31 December	2,253	565	2,261	567

Deferred tax assets are only recognised where it is probable that future taxable profit will be available to utilise losses.

207



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

15. Earnings per share


	2024 pence	2023 pence	2022 pence
Basic earnings per share from continuing operations	63.2	121.6	110.8
Basic earnings per share from discontinued operations	–	–	260.6
Total basic earnings per share	63.2	121.6	371.4

Diluted earnings per share from continuing operations	62.2	119.9	109.2
Diluted earnings per share from discontinued operations	–	–	257.0
Total diluted earnings per share	62.2	119.9	366.2

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. 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	2024 millions	2023 millions	2022 millions
Basic	4,077	4,052	4,026
Dilution for share options and awards	65	59	58
Diluted	4,142	4,111	4,084

16. Dividends


			2024			2023			2022
	Paid/payable	Dividend per share (pence)	Total dividend £m	Paid	Dividend per share (pence)	Total dividend £m	Paid	Dividend per share (pence)	Total dividend £m
First interim	11 July 2024	15.00	612	13 July 2023	14.00	567	1 July 2022	17.50	704
Second interim	10 October 2024	15.00	612	12 October 2023	14.00	568	6 October 2022	16.25	654
Third interim	9 January 2025	15.00	612	11 January 2024	14.00	568	12 January 2023	13.75	555
Fourth interim	10 April 2025	16.00	653	11 April 2024	16.00	652*	13 April 2023	13.75	557**
Total		61.00	2,489		58.00	2,355		61.25	2,470

*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.

**The estimate for the fourth interim dividend for 2022 disclosed in the 2022 annual report was £555 million, £2 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

2024 financial statements recognise those dividends paid in 2024, namely the third and fourth interim dividends for 2023, and the

first and second interim dividends for 2024.

The demerger of Consumer Healthcare in 2022 was effected by GSK declaring an interim dividend in specie of Haleon plc shares.

The fair value of the distribution was £15,526 million.

The amounts recognised in each year were as follows:


	2024 £m	2023 £m	2022 £m
Cash dividends to shareholders	2,444	2,247	3,467
Dividends in specie to shareholders in Haleon plc shares (Note 41)	–	–	15,526
	2,444	2,247	18,993

208



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

17. Property, plant and equipment


	Land and buildings £m	Plant, equipment and vehicles £m	Assets in construction £m	Total £m
Cost at 1 January 2023	6,648	10,953	1,850	19,451
Exchange adjustments	(189)	(265)	(44)	(498)
Additions	11	99	1,185	1,295
Capitalised borrowing costs	–	–	36	36
Disposals and write-offs	(136)	(732)	(16)	(884)
Reclassifications	134	701	(869)	(34)
Transfer to assets held for sale/distribution	(13)	(52)	(22)	(87)
Cost at 31 December 2023	6,455	10,704	2,120	19,279
Exchange adjustments	(141)	(233)	(51)	(425)
Additions	42	166	1,185	1,393
Capitalised borrowing costs	–	–	20	20
Disposals and write-offs	(144)	(381)	(5)	(530)
Reclassifications	179	762	(949)	(8)
Transfer to assets held for sale/distribution	(16)	(3)	–	(19)
Cost at 31 December 2024	6,375	11,015	2,320	19,710

Depreciation at 1 January 2023	(3,275)	(6,469)	–	(9,744)
Exchange adjustments	90	153	–	243
Charge for the year	(210)	(682)	–	(892)
Disposals and write-offs	66	662	–	728
Transfer to assets held for sale/distribution	6	29	–	35
Reclassifications	–	(4)	–	(4)
Depreciation at 31 December 2023	(3,323)	(6,311)	–	(9,634)
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/distribution	14	2	–	16
Reclassifications	(27)	26	–	(1)
Depreciation at 31 December 2024	(3,350)	(6,494)	–	(9,844)

Impairment at 1 January 2023	(260)	(472)	(42)	(774)
Exchange adjustments	4	7	1	12
Disposals and write-offs	27	114	13	154
Impairment losses	(11)	(32)	–	(43)
Reversal of impairments	3	23	–	26
Impairment at 31 December 2023	(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)
Total accumulated depreciation and impairment at 31 December 2023	(3,560)	(6,671)	(28)	(10,259)
Total accumulated depreciation and impairment at 31 December 2024	(3,609)	(6,868)	(6)	(10,483)
Net book value at 1 January 2023	3,113	4,012	1,808	8,933
Net book value at 31 December 2023	2,895	4,033	2,092	9,020
Net book value at 31 December 2024	2,766	4,147	2,314	9,227

209



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

17. Property, plant and equipment continued

The weighted average interest rate for capitalised borrowing costs in the year was 4% (2023: 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% (2023: 7%), 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% (2023: 9%).

Net impairment losses have been charged to cost of sales: £62 million (2023: net impairment reversals £1 million), R&D: £15

million (2023: net impairment reversals £5 million) and SG&A: £11 million (2023: £23 million), after crediting net impairment

reversals of £10 million (2023: net impairment losses £27 million) arising from the Major restructuring programmes.

Reversals of impairment arose from subsequent reviews of the impaired assets where the conditions which gave rise to the original

impairments were deemed no longer to apply. £15 million (2023: £17 million) of the impairment reversal has been credited to cost

of sales, £nil (2023: £5 million) of the impairment reversal has been credited to R&D expenses and £13 million (2023: £4 million) of

the impairment reversal has been credited to SG&A.

During 2024, £65 million (2023: £34 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 2024, £97 million (2023: £53 million) has been

capitalised in property, plant, and equipment regarding the transition to a lower-carbon propellant.

18. Right of use assets


	Land and buildings £m	Plant and equipment £m	Vehicles £m	Total £m
Net book value at 1 January 2023	561	6	120	687
Exchange adjustments	(30)	–	(6)	(36)
Additions through business combinations	1	–	–	1
Other additions	355	–	144	499
Depreciation	(121)	(2)	(67)	(190)
Disposals	(11)	–	(9)	(20)
Impairments	(10)	–	–	(10)
Reclassifications	6	–	–	6
Net book value at 31 December 2023	751	4	182	937
Exchange adjustments	(5)	–	(4)	(9)
Other 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

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 twelve months are not material.

An analysis of lease liabilities is set out in Note 30, ‘Net debt’.

210



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

19. Goodwill


	2024 £m	2023 £m
Cost at 1 January	6,811	7,046
Exchange adjustments	(39)	(313)
Additions through business combinations (Note 41)	210	109
Other movements (Note 41)	–	(31)
Cost at 31 December	6,982	6,811
Net book value at 1 January	6,811	7,046
Net book value at 31 December	6,982	6,811

All goodwill is allocated to the Group’s segments as follows:


	2024 £m	2023 £m
Commercial operations	6,076	5,951
Research and development	906	860
Net book value at 31 December	6,982	6,811

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% (2023: 7%), 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 Research & development 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 Profit margins Terminal growth rate Discount rate Taxation rate
Determination of assumptions	Growth rates are internal forecasts based on both internal and external market information. Margins reflect past experience, adjusted for expected changes. Terminal growth rates based on management’s estimate of future long-term average growth rates. Discount rates based on Group WACC, adjusted where appropriate. 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
	2024
	Commercial operations	1% p.a.	7.5% p.a.
	Research and development	1% p.a.	7.5% p.a.
	2023
	Commercial operations	0% p.a.	7% p.a.
	Research and development	0% p.a.	7% 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.

211



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

20. Other intangible assets


	Computer software £m	Licences, patents, amortised brands £m	Total £m
Cost at 1 January 2023	1,959	25,717	27,676
Exchange adjustments	(30)	(664)	(694)
Capitalised development costs	–	363	363
Additions through business combinations	–	1,438	1,438
Other additions	144	525	669
Disposals and asset write-offs	(125)	(13)	(138)
Transfer to assets held for sale/distribution	2	–	2
Reclassifications	34	(3)	31
Cost at 31 December 2023	1,984	27,363	29,347
Exchange adjustments	(8)	(176)	(184)
Capitalised development costs	–	246	246
Additions through business combinations	–	913	913
Other additions	166	1,270	1,436
Disposals and asset write-offs	(39)	(140)	(179)
Reclassifications	65	(5)	60
Cost at 31 December 2024	2,168	29,471	31,639

Amortisation at 1 January 2023	(1,223)	(9,181)	(10,404)
Exchange adjustments	18	174	192
Charge for the year	(203)	(1,009)	(1,212)
Disposals and asset write-offs	100	8	108
Transfer to assets held for sale	(3)	–	(3)
Reclassifications	4	1	5
Amortisation at 31 December 2023	(1,307)	(10,007)	(11,314)
Exchange adjustments	7	83	90
Charge for the year	(211)	(1,243)	(1,454)
Disposals and asset write-offs	33	47	80
Reclassifications	(1)	(13)	(14)
Amortisation at 31 December 2024	(1,479)	(11,133)	(12,612)

Impairment at 1 January 2023	(81)	(2,873)	(2,954)
Exchange adjustments	1	70	71
Impairment losses	(23)	(398)	(421)
Reversal of impairments	3	–	3
Disposals and asset write-offs	25	11	36
Impairment at 31 December 2023	(75)	(3,190)	(3,265)
Exchange adjustments	(1)	4	3
Impairment losses	(6)	(314)	(320)
Reversal of impairments	3	–	3
Disposals and asset write-offs	5	84	89
Impairment at 31 December 2024	(110)	(3,402)	(3,512)

Total accumulated amortisation and impairment at 31 December 2023	(1,382)	(13,197)	(14,579)
Total accumulated amortisation and impairment at 31 December 2024	(1,589)	(14,535)	(16,124)
Net book value at 1 January 2023	655	13,663	14,318
Net book value at 31 December 2023	602	14,166	14,768
Net book value at 31 December 2024	579	14,936	15,515

The weighted average interest rate for capitalised borrowing costs in the year was 4% (2023: 4%).

The net book value of computer software included £231 million (2023: £270 million) of internally generated costs.

The carrying amount at 31 December 2024 of intangible assets, for which impairments have been charged in the year following

those impairments, was £427 million (2023: £533 million), resulting from the appraisal of GSK’s assumptions related to in-licences

and collaboration agreements. The carrying amount at 31 December 2024 of intangible assets, after which impairment reversals

have been charged in the year was £nil million (2023: £nil million). No individual intangible asset accounted for a material

impairment.

212



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

20. Other intangible assets continued

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		Net impairment losses
	2024 £m	2023 £m	2024 £m	2023 £m
Cost of sales	982	668	–	1
Selling, general and administration	84	103	6	18
Research and development	388	441	311	399
	1,454	1,212	317	418

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 41, ‘Acquisitions and disposals’ gives details of

additions through business combinations in the year. The carrying amounts of the largest individual items are as follows:


	2024 £m	2023 £m
Tesaro Assets	2,350	2,656
Meningitis Portfolio	1,473	1,717
Affinivax Assets	1,452	1,429
Camlipixant	1,438	1,438
Momelotinib	1,408	1,470
Dolutegravir (including Cabotegravir)	967	1,059
Aiolos Assets	887	–
CureVac Assets	535	191
Iteos Assets	471	443
Alector Assets	371	425
Benlysta	298	424
Shingrix	277	289
Hansoh Pharma Assets	247	–
Chimagen	227	–
RSV	201	139
BMS Assets	173	191
Spero	163	163
Wave Life Sciences	115	116
Arrowhead	114	114
UCB	93	115
DT	91	104
Relvar/Breo/Anoro	86	125
Stiefel Trade Name	84	116
Fluarix/FluLaval	55	100
Okairos	–	198
Others	1,360	1,144
Total	14,936	14,166

On 14 February 2024, GSK completed its acquisition of Aiolos Bio, Inc. The main asset acquired is AIO-001.

On 3 July 2024, GSK and CureVac N.V. announced a restructuring of their existing collaboration into a new licensing agreement, in

order to work together to develop mRNA vaccines for infectious diseases.

In 2024, GSK announced collaborations with Hansoh Pharma to develop HS-20093 and HS-20089.

On 29 October 2024, GSK entered into an agreement to acquire CMG1A46 from Chimagen Biosciences to expand its immunology

pipeline.

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.

213



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

21. Investments in associates and joint ventures


	Joint ventures £m	Associates £m	2024 Total £m	Joint ventures £m	Associates £m	2023 Total £m
At 1 January	–	55	55	10	64	74
Exchange adjustments	–	(3)	(3)	–	(3)	(3)
Additions	–	43	43	–	–	–
Disposals	–	(2)	(2)	(7)	–	(7)
Distributions received	–	(15)	(15)	–	(11)	(11)
Net fair value movements through other comprehensive income	–	21	21	–	7	7
Profit/(loss) after tax recognised in the consolidated income statement	–	(3)	(3)	(3)	(2)	(5)
At 31 December	–	96	96	–	55	55

During the year GSK entered into a new research alliance with Flagship Pioneering, Inc. with an initial investment of $50 million

(£39 million).

Please refer to the income statement information in Note 13, 'Associates and joint ventures'.

22. Current equity investments


Current	Investments measured at FVTPL 2024 £m	Investments measured at FVTPL 2023 £m
At 1 January	2,204	4,087
Net fair value movements through profit or loss	22	(17)
Disposals and settlements	(2,226)	(1,863)
Exchange adjustments	–	(3)
At 31 December	–	2,204

Current equity investments represented Haleon plc shares held after the demerger of Consumer Healthcare. Shares were held for

trading and measured at fair value through profit or loss (FVTPL) based on the Haleon plc share price with changes in fair value

presented as Other operating income/(expense) in continuing operations. The Group’s investment in Haleon plc was fully disposed

of in May 2024.

214



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

23. Other investments


Non-current	Investments designated as measured at FVTOCI £m	Investments measured at FVTPL £m	2024 £m	Investments designated as measured at FVTOCI £m	Investments measured at FVTPL £m	2023 £m
At 1 January	931	206	1,137	1,153	314	1,467
Exchange adjustments	4	4	8	(26)	(15)	(41)
Additions	70	38	108	93	29	122
Net fair value movements through other comprehensive income	(107)	–	(107)	(253)	–	(253)
Net fair value movements through profit or loss	–	29	29	–	(122)	(122)
Held for sale	–	–	–	(16)	–	(16)
Disposals	(55)	(20)	(75)	(20)	–	(20)
31 December	843	257	1,100	931	206	1,137

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. Net fair value movements include the impact of exchange gains of £2 million through other comprehensive income and £nil

through profit or loss (2023: exchange losses of £37 million through other comprehensive income and £nil through profit or loss).

Other investments include listed investments of £646 million (2023: £741 million).

GSK has elected to designate the majority of its equity investments as measured at fair value through other comprehensive income

(FVTOCI). The most significant of these investments held at 31 December 2024 were in Wave life Sciences Ltd, which had a fair

value at 31 December 2024 of £165 million (2023: £55 million) and Crispr Therapeutics AG which had a fair value at 31 December

2024 of £101 million (2023: £158 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 £55 million (2023: £20 million) were disposed of

during the year. The cumulative profit on these investments after tax was £14 million (2023: loss of £26 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 (FVTPL). The most significant of these investments held at 31 December 2024 was SR

One Capital Fund I-B, LP which had a fair value at 31 December 2024 of £135 million (2023: £102 million).

24. Other non-current assets


	2024 £m	2023 £m
Amounts receivable under insurance contracts	957	854
Pension schemes in surplus	898	634
Other receivables	87	96
	1,942	1,584

Amounts receivable under insurance contracts are held at cash surrender value with movements through profit or loss.

Within the other receivables of £87 million (2023: £96 million), £36 million (2023: £27 million) is classified as financial assets of

which £31 million (2023: £18 million) is classified as fair value through profit or loss. On the remaining balance of £5 million

(2023: £9 million), the expected credit loss allowance was immaterial at 31 December 2024 and 2023.

Other receivables include £7 million relating to nature-based carbon credits projects (2023: £7 million).

215



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

25. Inventories


	2024 £m	2023 £m
Raw materials and consumables	1,361	1,594
Work in progress	2,683	2,449
Finished goods	1,625	1,455
	5,669	5,498

As part of the TCFD one of the climate-related risks identified affects the metered dose inhalers (MDI). There is no impact on the

recoverable value of the associated inventories held at year end.

26. Trade and other receivables


	2024 £m	2023 £m
Trade receivables, net of loss allowance	5,563	5,905
Accrued income	18	69
Prepayments	390	355
Interest receivable	1	2
Employee loans and advances	7	9
Other receivables	857	1,045
	6,836	7,385

There were no trade or other receivable balances (2023: £nil) due from associates and joint ventures. The most significant

component of other receivables comprises receivables for indirect and other taxes of £447 million (2023: £565 million). Other

significant balance within other receivables is royalties receivable of £164 million (2023: £226 million).


Loss allowance-trade receivables	2024 £m	2023 £m
At 1 January	85	91
Exchange adjustments	(2)	(6)
Charge for the year	34	11
Transfer to assets held for sale	(1)	–
Subsequent recoveries of amounts provided for	(12)	(9)
Utilised	(5)	(2)
At 31 December	99	85

Of the total trade receivables balance, £13 million (2023: £10 million) is considered credit impaired, against which a £5 million

(2023: £8 million) expected credit loss allowance has been applied. No amount was purchased or originated credit impaired.

Within the other receivables of £857 million (2023: £1,045 million), £360 million (2023: £408 million) is classified as financial assets

of which £2 million (2023: £nil) is classified as held at fair value through profit or loss. At 31 December 2024, an expected credit

loss allowance of £9 million (2023: £3 million) was recognised in respect of financial assets, with a release in expected credit loss

allowance of £6 million (2023: £3 million) reported in profit or loss during the year.

For more discussion on credit risk practices, please refer to Note 44, 'Financial instruments and related disclosures'.

217



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

29. Trade and other payables


	2024 £m	2023 £m
Trade payables	3,462	3,717
Wages and salaries	1,465	1,683
Social security	125	126
ViiV Healthcare put option	915	848
Other payables	420	346
Deferred income	171	222
Customer return and rebate accruals	6,486	6,799
Other accruals	2,291	2,103
	15,335	15,844

Trade and other payable included £nil (2023: £nil) due to associates and joint ventures. The Group provides limited supplier

financing arrangements to certain suppliers. The amounts involved at 31 December 2024 were not material.

Revenue recognised in the year that was included in deferred income at 1 January 2024 was £176 million (2023: £192 million).

Customer return and rebate accruals 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 2024, customer return and rebate accruals included £5,235 million (2023:

£5,781 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 amounts 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.

Pfizer’s put option over its shareholding in ViiV Healthcare is currently 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 held on the gross redemption basis, is

derived from an internal valuation of the ViiV Healthcare business, utilising both discounted forecast future cash flow and multiples-

based methodologies.

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.


Increase/(decrease) in financial liability and loss/(gain) in income statement	2024 £m	2023 £m
10% increase in sales forecasts*	92	84
15% increase in sales forecasts*	139	126
10% decrease in sales forecasts*	(92)	(84)
15% decrease in sales forecast*	(138)	(126)
1% (100 basis points) increase in discount rate	(22)	(18)
1.50% (150 basis points) increase in discount rate	(32)	(26)
1% (100 basis points) decrease in discount rate	23	19
1.50% (150 basis points) decrease in discount rate	34	28
10 cent appreciation of US Dollar	62	54
15 cent appreciation of US Dollar	97	85
10 cent depreciation of US Dollar	(53)	(46)
15 cent depreciation of US Dollar	(76)	(67)
10 cent appreciation of Euro	20	22
15 cent appreciation of Euro	31	34
10 cent depreciation of Euro	(17)	(18)
15 cent depreciation of Euro	(24)	(26)

*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 £162 million (2023: £162 million).

218



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

30. Net debt


	Listing exchange	2024 £m	2023 £m
Current assets:
Liquid investments		21	42
Cash and cash equivalents		3,870	2,936
		3,891	2,978
Short-term borrowings:
Commercial paper		–	(815)
Bank loans, overdrafts and other		(762)	(191)
3.000% US$ US Medium Term Note 2024	New York Stock Exchange	–	(784)
1.375% € Euro Medium Term Note 2024	London Stock Exchange	–	(867)
4.000% € Euro Medium Term Note 2025	London Stock Exchange	(622)	–
3.625% US$ US Medium Term Note 2025	New York Stock Exchange	(797)	–
Lease liabilities		(168)	(156)
		(2,349)	(2,813)
Long-term borrowings:
4.000% € Euro Medium Term Note 2025	London Stock Exchange	–	(650)
3.625% US$ US Medium Term Note 2025	New York Stock Exchange	–	(783)
1.000% € Euro Medium Term Note 2026	London Stock Exchange	(581)	(608)
1.250% € Euro Medium Term Note 2026	London Stock Exchange	(829)	(867)
3.000% € Euro Medium Term Note 2027	London Stock Exchange	(414)	(434)
3.375% £ Euro Medium Term Note 2027	London Stock Exchange	(307)	(306)
3.875% US$ US Medium Term Note 2028	New York Stock Exchange	(1,393)	(1,370)
0.883% ¥ Euro Medium Term Note 2028	London Stock Exchange	(216)	(235)
1.250% £ Euro Medium Term Note 2028	London Stock Exchange	(746)	(745)
3.375% US$ US Medium Term Note 2029	New York Stock Exchange	(792)	(778)
1.375% € Euro Medium Term Note 2029	London Stock Exchange	(414)	(433)
1.750% € Euro Medium Term Note 2030	London Stock Exchange	(621)	(650)
2.875% € Euro Medium Term Note 2031	London Stock Exchange	(576)	–
3.125% € Euro Medium Term Note 2032	London Stock Exchange	(577)	(604)
5.250% £ Euro Medium Term Note 2033	London Stock Exchange	(567)	(566)
5.375% US$ US Medium Term Note 2034	London Stock Exchange	(396)	(390)
1.625% £ Euro Medium Term Note 2035	London Stock Exchange	(745)	(745)
3.250% € Euro Medium Term Note 2036	London Stock Exchange	(494)	–
6.375% US$ US Medium Note 2038	New York Stock Exchange	(2,176)	(2,139)
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	(392)	(385)
4.250% £ Euro Medium Term Note 2045	London Stock Exchange	(366)	(366)
Other long-term borrowings		(2)	(1)
Lease liabilities		(934)	(1,051)
		(14,637)	(15,205)
Net debt		(13,095)	(15,040)

219



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

30. Net debt continued

Current assets

Liquid investments are classified as financial assets at amortised cost. At 31 December 2024, they included US Treasury Notes

and other government bonds. The effective interest rate on liquid investments at 31 December 2024 was approximately 4.3%

(2023: approximately 0.9%). Liquid investment balances at 31 December 2024 earning interest at floating rates amount to £11

million (2023: £31 million). Liquid investment balances at 31 December 2024 earning interest at fixed rates amount to £10 million

(2023: £11 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 2024 was approximately 4.8% (2023: approximately 4.7%). Cash and cash equivalents

at 31 December 2024 earning interest at floating and fixed rates amounted to £3,746 million and £1 million respectively (2023:

£2,720 million and £38 million) and non-interest bearing holdings amounted to £123 million (2023: £178 million).

GSK’s policy regarding the credit quality of cash and cash equivalents is set out in Note 44, ‘Financial instruments and related

disclosures’.

Short-term borrowings

GSK has a $10 billion (£8.0 billion) US commercial paper programme. There was no US commercial paper in issue at

31 December 2024 (2023: $850 million (£667 million)). GSK has a £5 billion Euro commercial paper programme. There was no

Euro commercial paper in issue at 31 December 2024 (2023: €170 million (£148 million)). GSK has £1.6 billion of three-year

committed facilities and $2.2 billion (£1.8 billion) of 364 day committed facilities. The three-year committed facilities were signed in

February 2022 and extended by one year in August 2024 to September 2027. The 364-day committed facilities were signed in

September 2024. All facilities were undrawn at 31 December 2024.

There was no commercial paper in issue at 31 December 2024. The weighted average interest rate on commercial paper

borrowings at 31 December 2023 was 5.1%.

The weighted average interest rate on current bank loans and overdrafts at 31 December 2024 was 3.4% (2023: 4.6%).

The average effective pre-swap interest rate of notes classified as short-term at 31 December 2024 was 3.9% (2023: 2.4%).

Long-term borrowings

At 31 December 2024 GSK had long-term borrowings of £14.6 billion (2023: £15.2 billion), of which £8.4 billion (2023: £8.7 billion)

fell due in more than five years.

The average effective pre-swap interest rate of all notes in issue at 31 December 2024 was approximately 3.8% (2023:

approximately 3.7%).

Long-term borrowings repayable after five years carry interest at effective rates between 1.7% and 6.4% (2023: 1.5% and 6.6%),

with repayment dates ranging from 2030 to 2045 (2023: 2029 to 2045).

During 2023, through a bilateral buyback of outstanding Sterling Notes, GSK repurchased £76 million of the 5.250% £ Euro

Medium Term Note 2033 and £69 million of the 6.375% £ Euro Medium Term Note 2039.

Effective rates shown for 2023 exclude the impact of one-off premiums associated with the repurchase of the Sterling Notes.

Pledged assets

The Group held pledged investments in US Treasury Notes with a par value of $26 million (£21 million), (2023: $54 million

(£42 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 32,

'Other provisions’.

Lease liabilities

The total cash outflow for leases for the year ended 31 December 2024 was £256 million (2023: £197 million).

The maturity analysis of discounted lease liabilities recognised on the Group balance sheet is as follows:


	2024 £m	2023 £m
Rental payments due within one year	168	156
Rental payments due between one and two years	222	214
Rental payments due between two and three years	146	134
Rental payments due between three and four years	109	114
Rental payments due between four and five years	73	88
Rental payments due after five years	384	501
Total lease liabilities	1,102	1,207

220



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

31. Pensions and other post-employment benefits


Pension and other post-employment costs	2024 £m	2023 £m	2022 £m
UK pension schemes	120	96	114
US pension schemes	40	56	48
Other overseas pension schemes	151	146	154
Unfunded post-retirement healthcare schemes	57	58	53
	368	356	369
Analysed as:
Funded defined benefit/hybrid pension schemes	132	134	152
Unfunded defined benefit pension schemes	29	35	31
Unfunded post-retirement healthcare schemes	57	58	53
Defined benefit schemes	218	227	236
Defined contribution pension schemes	150	129	133
	368	356	369

The costs of the defined benefit pension and post-retirement healthcare schemes are charged in the income statement as follows:
	2024 £m	2023 £m	2022 £m
Cost of sales	87	94	104
Selling, general and administration	92	91	90
Research and development	39	42	42
	218	227	236

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 2023

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 2044 for an individual then at

the age of 60 is as follows:


	UK		US
	Male Years	Female Years	Male Years	Female Years
Current	26.8	28.3	27.4	28.8
Projected for 2044	27.9	29.5	28.9	30.2

221



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

31. 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 36% to return-seeking assets and 64% 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 2024, the value

of the insurance contract was £340 million (2023: £387 million). The asset allocation of the US plans 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.

The interest rate risk in the US is partially hedged, with the target based on an accounting measure of the plan 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.

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. All defined benefit plan participants who were

still active at 1 April 2022 received a defined pension contribution of £10,000 each in 2022.

The cash funding or technical provision deficits of £1,080 million identified in the 31 December 2020 pension scheme valuations in

three GSK UK defined benefit pension schemes and increased by £7 million notional interest, were fully paid in 2023, (2023:

£353 million; 2022: £691 million). The contributions were collateralised by the creation of three Scottish Limited Partnerships

(SLPs) during the GSK Consumer Healthcare Holdings Limited demerger, each SLP providing a funding mechanism for each of the

three principal UK defined benefit pension schemes (two benefiting current and former Glaxo Wellcome employees, with the third

benefiting current and former SmithKline Beecham employees).

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
	2024 % pa	2023 % pa	2022 % pa	2024 % pa	2023 % pa	2022 % pa	2024 % pa	2023 % pa	2022 % pa
Rate of increase of future earnings	n/a	n/a	n/a	n/a	n/a	n/a	3.20	3.20	3.40
Discount rate	5.50	4.60	4.80	5.50	5.00	5.30	3.30	3.10	3.40
Expected pension increases	2.90	2.90	3.10	n/a	n/a	n/a	2.40	2.50	2.40
Cash balance credit/conversion rate	n/a	n/a	n/a	4.80	4.00	3.90	1.10	0.60	0.80
Inflation rate	2.90	2.90	3.10	2.50	2.50	2.50	1.90	2.00	2.30

Sensitivity analysis detailing the effect of changes in assumptions is provided on page 228. The analysis provided reflects the

assumption changes which have the most material impact on the results of the Group.

222



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

31. 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

2024 in relation to the defined benefit pension and post-retirement healthcare schemes were as follows:


				Pensions	Post-retirement benefits
2024	UK £m	US £m	Rest of World £m	Group £m	Group £m
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 comprehensive income	237	90	129	456	50


				Pensions	Post-retirement benefits
2023	UK £m	US £m	Rest of World £m	Group £m	Group £m
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 comprehensive income	28	45	38	111	(40)


				Pensions	Post-retirement benefits
2022	UK £m	US £m	Rest of World £m	Group £m	Group £m
Amounts charged to operating profit
Current service cost	13	7	126	146	22
Past service cost/(credit)	6	—	—	6	—
Net interest (income)/cost	(11)	20	9	18	32
Gains from settlements	–	–	(22)	(22)	–
Expenses	14	21	—	35	(1)
	22	48	113	183	53

Remeasurement gains/(losses) recorded in the statement of comprehensive income1	(1,169)	36	261	(872)	228

The amounts included within past service costs in the UK included £18 million (2023: £3 million; 2022: £6 million) of augmentation

costs which arose from Major restructuring programmes.

223



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

31. 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:


	2024 £m	2023 £m	2022 £m
Recognised in other non-current assets:
Pension schemes in surplus	898	634	229
Recognised in pensions and other post-employment benefits:
Pension schemes in deficit	(1,001)	(1,397)	(1,585)
Post-retirement benefits	(863)	(943)	(994)
	(1,864)	(2,340)	(2,579)

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 2024		UK £m	US £m	Rest of World £m	Group £m
Equities:	– listed	1,669	472	364	2,505
	– unlisted	–	–	2	2
Multi-asset funds		923	–	–	923
Property:	– listed	–	–	–	–
	– unlisted	407	99	24	530
Corporate bonds:	– listed	2,104	739	208	3,051
	– unlisted	–	–	15	15
Government bonds:	– listed	4,107	772	489	5,368
Insurance contracts		883	–	822	1,705
Other (liabilities)/assets		(1,291)	125	81	(1,085)
Fair value of assets		8,802	2,207	2,005	13,014
Present value of scheme obligations		(8,241)	(2,596)	(2,280)	(13,117)
Net surplus/(obligation)		561	(389)	(275)	(103)
Included in other non-current assets		725	–	173	898
Included in pensions and other post-employment benefits		(164)	(389)	(448)	(1,001)
		561	(389)	(275)	(103)
Actual return/(loss) on plan assets		(213)	132	121	40

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 investments in this asset class with a quoted market price were fully

redeemed during the year (2023: £209 million).

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 £1,634 million at

31 December 2024 (2023: £1,853 million; 2022: £2,376 million) is deducted within ‘Other assets’.

224



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

31. Pensions and other post-employment benefits continued


At 31 December 2023		UK £m	US £m	Rest of World £m	Group £m
Equities:	– listed	1,647	447	349	2,443
	– unlisted	–	–	2	2
Multi-asset funds		852	–	–	852
Property:	– listed	–	–	–	–
	– unlisted	467	119	24	610
Corporate bonds:	– listed	2,019	698	205	2,922
	– unlisted	–	–	15	15
Government bonds:	– listed	4,897	774	527	6,198
Insurance contracts		990	–	771	1,761
Other (liabilities)/assets		(1,374)	104	89	(1,181)
Fair value of assets		9,498	2,142	1,982	13,622
Present value of scheme obligations		(9,222)	(2,757)	(2,406)	(14,385)
Net surplus/(obligation)		276	(615)	(424)	(763)
		—	—	—	—
Included in other non-current assets		457	–	177	634
Included in pensions and other post-employment benefits		(181)	(615)	(601)	(1,397)
		276	(615)	(424)	(763)

Actual return on plan assets		647	196	138	981


At 31 December 2022		UK £m	US £m	Rest of World £m	Group £m
Equities:	– listed	1,351	437	371	2,159
	– unlisted	–	–	2	2
Multi-asset funds		1,101	–	–	1,101
Property:	– listed	–	–	19	19
	– unlisted	464	140	1	605
Corporate bonds:	– listed	1,692	779	124	2,595
	– unlisted	–	–	15	15
Government bonds:	– listed	4,048	723	558	5,329
Insurance contracts		1,003	–	691	1,694
Other (liabilities)/assets		(645)	181	89	(375)
Fair value of assets		9,014	2,260	1,870	13,144
Present value of scheme obligations		(9,117)	(3,030)	(2,353)	(14,500)
Net surplus/(obligation)		(103)	(770)	(483)	(1,356)

Included in Other non-current assets		109	–	120	229
Included in Pensions and other post-employment benefits		(212)	(770)	(603)	(1,585)
		(103)	(770)	(483)	(1,356)

Actual return on plan assets		(4,710)	(253)	(550)	(5,513)

225



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued


31. Pensions and other post-employment benefits continued
				Pensions	Post-retirement benefits
Movements in fair values of assets	UK £m	US £m	Rest of World £m	Group £m	Group £m
Assets at 1 January 2022	13,632	2,524	2,906	19,062	–
Exchange adjustments	–	286	122	408	–
Interest income	271	71	28	370	–
Expenses	(14)	(21)	–	(35)	–
Settlements and curtailments	–	–	(8)	(8)	–
Remeasurement	(4,981)	(324)	(578)	(5,883)	–
Employer contributions	755	50	114	919	117
Scheme participants’ contributions	–	–	15	15	18
Transfer to assets held for sale/distribution	–	–	(624)	(624)	–
Benefits paid	(649)	(326)	(105)	(1,080)	(135)
Assets at 31 December 2022	9,014	2,260	1,870	13,144	–
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	9,498	2,142	1,982	13,622	–
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	8,802	2,207	2,005	13,014	–

During 2024, the Group made a deficit reduction contribution to the UK pension schemes of £30 million (2023: £nil), eliminating the

deficit identified in the 31 December 2023 triennial funding valuation. The Group also made a contribution to the US Cash Balance

Plan of £150 million (2023: £96 million).

Employer contributions for 2025 are estimated to be approximately £270 million in respect of defined benefit pension schemes and

£80 million in respect of other post-retirement benefits.

226



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

31. Pensions and other post-employment benefits continued


				Pensions	Post-retirement benefits
Movements in defined benefit obligations	UK £m	US £m	Rest of World £m	Group £m	Group £m
Obligations at 1 January 2022	(13,299)	(3,248)	(3,644)	(20,191)	(1,243)
Exchange adjustments	–	(371)	(124)	(495)	(125)
Service cost	(13)	(7)	(126)	(146)	(22)
Past service cost	(6)	–	–	(6)	–
Interest cost	(260)	(91)	(37)	(388)	(32)
Settlements and curtailments	–	–	29	29	–
Remeasurement	3,812	360	839	5,011	228
Scheme participants’ contributions	–	–	(15)	(15)	(18)
Transfer to assets held for sale/distribution	–	–	621	621	83
Benefits paid	649	326	105	1,080	135
Obligations at 31 December 2022	(9,117)	(3,031)	(2,352)	(14,500)	(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	(9,222)	(2,757)	(2,406)	(14,385)	(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	1,003	50
Scheme participants’ contributions	–	–	(11)	(11)	(18)
Benefits paid	534	272	101	907	112
Obligations at 31 December 2024	(8,241)	(2,596)	(2,280)	(13,117)	(863)

227



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

31. Pensions and other post-employment benefits continued

The defined benefit pension obligation is analysed as follows:


	2024 £m	2023 £m	2022 £m
Funded	(12,564)	(13,782)	(13,887)
Unfunded	(553)	(603)	(613)
	(13,117)	(14,385)	(14,500)

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 6.50% (2023: 6.75%) in 2024, grading down to 5% in 2031 and

thereafter. At 31 December 2024, the US post-retirement healthcare scheme obligation was £748 million (2023: £785 million; 2022:

£870 million). Post-retirement benefits are unfunded.

The movement in the net defined benefit liability is as follows:


	2024 £m	2023 £m	2022 £m
At 1 January	(763)	(1,356)	(1,129)
Exchange adjustments	14	44	(87)
Service cost	(97)	(96)	(146)
Past service cost	(18)	(3)	(6)
Interest cost	(25)	(45)	(18)
Settlements and curtailments	2	6	21
Remeasurements:
Return on plan assets, excluding amounts included in interest	(547)	380	(5,883)
Gain/(loss) from change in demographic assumptions	90	135	92
Gain/(loss) from change in financial assumptions	890	(137)	5,868
Experience gain/(loss)	23	(267)	(949)
Employer contributions	351	606	919
Transfer to assets held for sale/distribution	–	–	(3)
Expenses	(23)	(30)	(35)
At 31 December	(103)	(763)	(1,356)

The remeasurements included within post-retirement benefits are detailed below:


	2024 £m	2023 £m	2022 £m
Gain from change in demographic assumptions	7	7	21
Gain/(loss) from change in financial assumptions	44	(43)	219
Experience gain/(loss)	(1)	(4)	(12)
	50	(40)	228

The defined benefit pension obligation analysed by membership category is as follows:


	2024 £m	2023 £m	2022 £m
Active	1,418	1,508	1,390
Retired	8,147	8,730	8,540
Deferred	3,552	4,147	4,570
	13,117	14,385	14,500

The post-retirement benefit obligation analysed by membership category is as follows:


	2024 £m	2023 £m	2022 £m
Active	277	277	306
Retired	586	666	688
Deferred	–	–	–
	863	943	994

The weighted average duration of the defined benefit obligation is as follows:


	2024 years	2023 years	2022 years
Pension benefits	11	11	12
Post-retirement benefits	9	10	10

228



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

31. 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.


	0.25% increase £m	0.25% decrease £m
Discount rate
(Decrease)/increase in annual pension cost	(19)	17
Increase/(decrease) in annual post-retirement benefits cost	1	(1)
(Decrease)/increase in pension obligation	(309)	320
(Decrease)/increase in post-retirement benefits obligation	(17)	18
	0.75% increase £m	0.75% decrease £m
(Decrease)/increase in annual pension cost	(55)	51
Increase/(decrease) in annual post-retirement benefits cost	2	(3)
(Decrease)/increase in pension obligation	(883)	1,012
(Decrease)/increase in post-retirement benefits obligation	(49)	55

	0.25% increase £m	0.25% decrease £m
Inflation rate
Increase/(decrease) in annual pension cost	13	(12)
Increase/(decrease) in pension obligation	234	(229)
	0.75% increase £m	0.75% decrease £m
Increase/(decrease) in annual pension cost	42	(36)
Increase/(decrease) in pension obligation	737	(646)

	1 year increase £m
Life expectancy
Increase in annual pension cost	20
Increase in annual post-retirement benefits cost	2
Increase in pension obligation	380
Increase in post-retirement benefits obligation	29

	1% increase £m
Rate of future healthcare inflation
Increase in annual post-retirement benefits cost	2
Increase in post-retirement benefits obligation	22

229



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

32. Other provisions


	Legal and other disputes £m	Major restructuring programmes £m	Employee- related provisions £m	Other provisions £m	Total £m
At 1 January 2024	267	282	383	307	1,239
Exchange adjustments	57	(3)	(6)	(14)	34
Charge for the year	2,039	195	216	161	2,611
Reversed unused	(50)	(51)	(52)	(30)	(183)
Unwinding of discount	18	1	–	–	19
Utilised	(885)	(149)	(123)	(70)	(1,227)
Reclassifications and other movements	–	16	8	36	60
Transfer to pension obligations	–	(18)	–	–	(18)
At 31 December 2024	1,446	273	426	390	2,535

To be settled within one year	1,393	178	178	197	1,946
To be settled after one year	53	95	248	193	589
At 31 December 2024	1,446	273	426	390	2,535

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 47, ‘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 £1,989 million (including

reversals and estimated insurance recoveries) primarily

reflected the £1.8 billion charge for the Zantac settlement and

related legal fees, as well as provisions for other product

liability cases, commercial disputes and various other

government investigations.

The discount on the provision is £18 million in 2024 (2023:

£10 million). The discount was calculated using risk-adjusted

projected cash flows and risk-free rates of return.

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 £1,393 million of the amount provided at

31 December 2024 will be settled within one year, primarily

related to the resolution of Zantac. For a discussion of legal

issues, see Note 47, ‘Legal proceedings’.

Major restructuring programmes

During 2024, the Group had two major restructuring

programmes: the Separation restructuring programme which

focused on the separation of GSK into two companies and is

now 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 discount on the provisions increased by £1 million in 2024

(2023: increased by £0.4 million).

Transfer to pension obligations reflects augmentation costs of

£18 million relating to defined benefit plans arising from staff

redundancies, as shown in Note 31, ‘Pensions and other post-

employment benefits’.

230



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

32. 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 2024, the provision for these benefits

amounted to £46 million (2023: £48 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.

33. Contingent consideration liabilities

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 Healthcare £m	Affinivax £m	Novartis Vaccines £m	Other £m	Total £m
At 1 January 2022	5,559	–	479	38	6,076
Remeasurement through income statement	1,431	17	231	(34)	1,645
Exchange movement through reserves	–	2	–	–	2
Initial recognition from business combinations	–	482	–	–	482
Cash payments: operating cash flows	(1,031)	–	(27)	–	(1,058)
Cash payments: investing activities	(69)	–	(10)	–	(79)
At 31 December 2022	5,890	501	673	4	7,068
Remeasurement through income statement	934	44	(210)	–	768
Exchange movement through reserves	–	(29)	–	–	(29)
Cash payments: operating cash flows	(1,106)	–	(28)	–	(1,134)
Cash payments: investing activities	–	–	(11)	–	(11)
At 31 December 2023	5,718	516	424	4	6,662
Initial recognition from business combinations	–	–	–	104	104
Remeasurement through income statement	1,533	(22)	215	36	1,762
Exchange movement through reserves	–	8	–	(2)	6
Cash payments: operating cash flows	(1,190)	–	(45)	–	(1,235)
Cash payments: investing activities	–	–	(19)	–	(19)
At 31 December 2024	6,061	502	575	142	7,280

Contingent consideration payable of £96 million was recognised at acquisition for the purchase of 100% of the equity of Aiolos

Bio, Inc. Further information on the acquisition is provided in Note 41, ‘Acquisitions and disposals’.

Of the contingent consideration payable at 31 December 2024, £1,172 million (2023: £1,053 million) is expected to be paid within

one year.

The considerations payable for the acquisition of the Shionogi-ViiV Healthcare joint venture, Affinivax and the Novartis Vaccines

business 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% (2023: 8%), the Affinivax

contingent consideration liability is discounted at 9.0% (2023: 8.5%) and the Novartis Vaccines contingent consideration liability is

discounted at 8.0% (2023: 7.5%) for commercialised products and at 9.0% (2023: 8.5%) for pipeline assets.

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 two potential milestone payments, each of $0.6 billion (£0.5 billion) which will

be paid if certain paediatric clinical development milestones are achieved.

231



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

33. 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.


		2024		2023
Increase/(decrease) in financial liability and loss/(gain) in income statement	Shionogi-ViiV Healthcare £m	Affinivax £m	Novartis Vaccines £m	Shionogi-ViiV Healthcare £m	Affinivax £m	Novartis Vaccines £m
10% increase in sales forecasts*	573	N/A	83	539	n/a	63
15% increase in sales forecasts*	857	N/A	125	807	n/a	94
10% decrease in sales forecasts*	(572)	N/A	(83)	(539)	n/a	(62)
15% decrease in sales forecasts*	(856)	N/A	(125)	(808)	n/a	(92)
1% increase in discount rate	(180)	N/A	(38)	(174)	(12)	(26)
1.5% increase in discount rate	(267)	(20)	(55)	(256)	(18)	(38)
1% decrease in discount rate	194	14	43	184	13	30
1.5% decrease in discount rate	298	21	67	281	19	47
10 cent appreciation of US Dollar	431	43	14	386	44	11
15 cent appreciation of US Dollar	677	68	22	604	69	17
10 cent depreciation of US Dollar	(368)	(37)	(12)	(330)	(38)	(8)
15 cent depreciation of US Dollar	(533)	(54)	(17)	(478)	(54)	(12)
10 cent appreciation of Euro	77	N/A	22	91	n/a	19
15 cent appreciation of Euro	123	N/A	35	144	n/a	30
10 cent depreciation of Euro	(65)	N/A	(19)	(79)	n/a	(16)
15 cent depreciation of Euro	(95)	N/A	(27)	(113)	n/a	(22)
10% increase in probability of milestone success	N/A	N/A	22	n/a	75	21
10% decrease in probability of milestone success	N/A	(73)	(11)	n/a	(75)	(10)

*The sales forecast is for ViiV Healthcare sales only in respect of the Shionogi-ViiV Healthcare contingent consideration.

34. Other non-current liabilities


	2024 £m	2023 £m
Accruals	6	4
Deferred income	165	254
Other payables	929	849
	1,100	1,107

Other payables includes a number of employee-related liabilities including employee savings plans.

35. Contingent liabilities

At 31 December 2024, 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 £26 million (2023: £32 million). At 31 December 2024, £0.5

million (2023: £0.2 million) of financial assets were pledged as collateral for contingent liabilities. 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 47, ‘Legal proceedings’.

232



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

36. Commitments


Contractual obligations and commitments	2024 £m	2023 £m
Contracted for but not provided in the financial statements:
Intangible assets	19,183	16,329
Property, plant and equipment	754	762
Investments	203	153
	20,140	17,244

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 increase in intangible asset commitments in

2024 is mainly attributable to new R&D collaborations and acquisitions, including with Shanghai Hansoh Biomedical Co. Ltd and

Jiangsu Hengrui Pharmaceuticals Co., Ltd.

In addition, within intangible assets commitments the Group has disclosed £38 million (2023: £30 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 £34 million (2023: £46 million) related to the transition to a lower-carbon propellant solution.

In the previous year, £30 million relating to nature-based carbon credits projects was included in purchase commitments and is now

included in intangible asset commitments. 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 44 'Financial

instruments’.

The table excludes any amounts already capitalised in the financial statements for the year ended 31 December 2024.

233



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

37. Share capital and share premium account

Share Consolidation

Following completion of the Consumer Healthcare business demerger on 18 July 2022, GSK plc Ordinary shares were

consolidated to maintain share price comparability before and after demerger. The consolidation was approved by GSK

shareholders at a General Meeting held on 6 July 2022. Shareholders received 4 new Ordinary shares with a nominal value of 31¼

pence each for every 5 existing Ordinary shares which had a nominal value of 25 pence each. Earnings per share, diluted earnings

per share, adjusted earnings per share and dividends per share were retrospectively adjusted to reflect the Share Consolidation in

2022.


	Ordinary shares of 25p each pre-share consolidation Ordinary shares of 31¼p each post-share consolidation		Share premium
	Number	£m	£m
Share capital issued and fully paid:
At 1 January 2022	5,387,015,059	1,347	3,301
Impact of share consolidation	(1,077,403,011)	–	–
Issued under employee share schemes	1,731,293	–	25
Ordinary shares acquired by ESOP Trusts	–	–	114
At 31 December 2022	4,311,343,341	1,347	3,440
Issued under employee share schemes	802,642	1	9
Ordinary shares acquired by ESOP Trusts	–	–	2
At 31 December 2023	4,312,145,983	1,348	3,451
Issued under employee share schemes	2,157,751	–	20
Ordinary shares acquired by ESOP Trusts	–	–	2
At 31 December 2024	4,314,303,734	1,348	3,473

At 31 December 2024, of the issued share capital, 64,314,305 shares were held in the ESOP Trusts, out of which 63,666,947

shares were held for the future exercise of share awards and 647,358 shares were held for the Executive Supplemental Savings

plan. 169,171,555 shares were held as Treasury shares and 4,080,818,273 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 45, ‘Employee share schemes’.

38. Movements in equity

Retained earnings and other reserves amounted to £8,850 million at 31 December 2024 (2023: £8,548 million; 2022: £5,811

million) of which £452 million (2023: £451 million; 2022: £463 million) related to associates and joint ventures.

The cumulative translation exchange in equity is as follows:


	Net translation exchange included in:
	Retained earnings £m	Fair value reserve £m	Non- controlling interests £m	Total translation exchange £m
At 1 January 2022	(803)	(9)	(181)	(993)
Exchange movements on overseas net assets and net investment hedges	109	4	(28)	85
Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries and associates	2	–	–	2
Movement attributable to continuing operations	(692)	(5)	(209)	(906)
Movement attributable to discontinued operations1	263	–	112	375
At 31 December 2022	(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 and associates	(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 and associates	(87)	–	–	(87)
At 31 December 2024	(971)	2	(126)	(1,095)

(1)Includes £554 million reclassification to the consolidated income statement of net exchange gains related to the demerger of the Consumer Healthcare

business.

234



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

38. Movements in equity continued

The analysis of other comprehensive income by equity category is as follows:


2024	Retained earnings £m	Other reserves £m	Non- controlling interests £m	Total £m
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 and associates	(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 (expense)/income for the year	(83)	(86)	(4)	(173)


2023	Retained earnings £m	Other reserves £m	Non- controlling interests £m	Total £m
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 and associates	(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 (expense)/income for the year	(45)	(247)	(25)	(317)


2022	Retained earnings £m	Other reserves £m	Non- controlling interests £m	Total £m
Items that may be subsequently reclassified to income statement:
Exchange movements on overseas net assets and net investment hedges	109	4	–	113
Reclassification of exchange movements on liquidation or disposal of subsidiaries and associates	2	–	–	2
Fair value movements on cash flow hedges	–	(18)	–	(18)
Deferred tax on fair value movements on cash flow hedges	–	9	–	9
Reclassification of cash flow hedges to income statement	–	14	–	14
Items that will not be reclassified to income statement:	–	–	–	–
Exchange movements on overseas net assets of non-controlling interests	–	–	(28)	(28)
Fair value movements on equity investments	–	(754)	–	(754)
Tax on fair value movements on equity investments	–	56	–	56
Remeasurement on defined benefit plans	(786)	–	–	(786)
Tax on remeasurement defined benefit plans	211	–	–	211
Fair value movements on cash flow hedges	–	(6)	–	(6)
Other comprehensive (expense)/income for the year from continuing operations	(464)	(695)	(28)	(1,187)
Other comprehensive (expense)/income for the year from discontinued operations	375	(19)	–	356
Total other comprehensive (expense)/income for the year	(89)	(714)	(28)	(831)

235



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

38. Movements in equity continued

Information on net investment hedges is provided in part (d) of Note 44 ‘Financial instruments and related disclosures'.

The analysis of other reserves is as follows:


	ESOP Trust shares £m	Fair value reserve £m	Cash flow hedge reserve £m	Other reserves £m	Total £m
At 1 January 2022	(28)	383	(21)	2,129	2,463
Exchange adjustments	(36)	28	12	–	4
Transferred to retained earnings in the year on disposal of equity investments	–	(21)	17	–	(4)
Balances derecognised on demerger	–	–	(169)	–	(169)
Net fair value movement in the year (including tax)	–	(698)	141	–	(557)
Ordinary shares acquired by ESOP Trusts	(1,200)	–	–	–	(1,200)
Write-down of shares held by ESOP Trusts	911	–	–	–	911
At 31 December 2022	(353)	(308)	(20)	2,129	1,448
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)	2,129	1,309
Exchange adjustments	(12)	–	–	–	(12)
Transferred to retained earnings in the year on disposal 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)	2,129	1,054

Other reserves include various non-distributable merger and pre-merger reserves amounting to £1,849 million at 31 December

2024 (2023: £1,849 million; 2022: £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 2024 (2023: £280 million; 2022: £280 million)

which ceased in 2014.

236



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

39. Non-controlling interests

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:


	2024 £m	2023 £m	2022 £m
Turnover	7,023	6,308	5,619
Profit after taxation	1,619	2,034	1,528
Other comprehensive income/(expense)	7	(19)	94
Total comprehensive income	1,626	2,015	1,622


	2024 £m	2023 £m
Non-current assets	2,649	2,528
Current assets	3,479	3,330
Total assets	6,128	5,858

Current liabilities	(4,218)	(3,881)
Non-current liabilities	(8,566)	(8,453)
Total liabilities	(12,784)	(12,334)
Net liabilities	(6,656)	(6,476)


	2024 £m	2023 £m	2022 £m
Net cash inflow from operating activities	2,554	2,192	3,442
Net cash outflow from investing activities	(106)	(2)	(174)
Net cash outflow from financing activities	(2,518)	(2,463)	(2,718)
Increase/(decrease) in cash and bank overdrafts in the year	(70)	(273)	550

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 £1,619 million (2023:

£2,034 million; 2022: £1,528 million) is stated after charging preferential dividends payable to GSK and Pfizer and after a charge of

£1,377 million (2023: £858 million; 2022: £1,483 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 financial statements:


	2024 £m	2023 £m	2022 £m
Share of profit for the year attributable to non-controlling interest	357	373	415
Dividends paid to non-controlling interest	392	398	480
Non-controlling interest in the consolidated balance sheet	(683)	(648)	(611)

40. Related party transactions

At 31 December 2024, a loan of £0.8 million (2023: £0.8 million) to Index Ventures and a loan of £2.3 million (2023: £0.6 million ) to

Medicxi Ventures I LP remained due to GSK. Cash distributions were received from the investment in Medicxi Ventures I LP of

£15.3 million (2023: Medicxi Ventures I LP of £10.7 million).

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 GLT is given in Note 9, ‘Employee costs’.

237



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

41. Acquisitions and disposals

Details of the acquisition and disposal of significant subsidiaries, associates, joint ventures and other businesses are given below:

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 £m
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.

Cash flows


	Business acquisitions £m	Business disposals £m
Cash consideration paid	(773)	–
Net deferred consideration paid	(57)	(18)
Transaction costs	(5)	–
Cash and cash equivalents acquired	25	–
Cash outflow	(810)	(18)

238



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

41. Acquisitions and disposals continued

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 £m
Net assets acquired:
Intangible assets	1,438
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)
	1,496
Non-controlling interest	–
Goodwill	109
Total consideration	1,605

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 acquisitions £m	Business disposals £m
Cash consideration (paid)/received	(1,605)	68
Net deferred consideration paid	–	(19)
Transaction costs	(17)	–
Cash and cash equivalents acquired/(divested)	148	–
Cash (outflow)/inflow	(1,474)	49

239



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

41. Acquisitions and disposals continued

2022

Business acquisitions

On 1 July 2022, GSK completed the acquisition of 100% of Sierra Oncology, Inc., a California-based, late-stage biopharmaceutical

company focused on targeted therapies for the treatment of rare forms of cancer, for $1.9 billion (£1.6 billion). The main asset is

momelotinib which targets the medical needs of myelofibrosis patients with anaemia. Total transaction costs were £52 million.

On 15 August 2022, GSK completed the acquisition of 100% of Affinivax, Inc. a clinical-stage biopharmaceutical company based in

Cambridge, Boston, Massachusetts focused on pneumococcal vaccine candidates. The consideration for the acquisition comprised

an upfront payment of $2.2 billion (£1.8 billion) as adjusted for working capital acquired paid upon closing and two potential

milestone payments each of $0.6 billion (£0.5 billion) to be paid upon the achievement of certain paediatric clinical development

milestones. The estimated fair value of the contingent consideration payable was £482 million. The values were provisional and

were subject to change. The total transaction costs were £71 million.

During 2022, no sales arising from the Sierra Oncology or Affinivax businesses were included in Group turnover and no revenue is

expected until regulatory approval is received on the 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 was impracticable to quantify these development costs or the impact on Total profit after taxation for the period

ended 31 December 2022.

Goodwill of £1,127 million (£162 million for Sierra Oncology and £965 million for Affinivax), which is not expected to be deductible

for tax purposes, has been recognised. The goodwill represents workforce in place, and specific synergies available to GSK from

the business combinations. The goodwill has been allocated to the Group’s Commercial Operations and R&D segments (refer to

Note 19 ‘Goodwill’ for allocation methodology).


	Sierra Oncology £m	Affinivax £m	Total £m
Net assets acquired
Intangible assets	1,497	1,467	2,964
Property, plant and equipment	–	30	30
Right of use assets	1	52	53
Inventory	60	–	60
Trade and other receivables	2	17	19
Cash and cash equivalents	175	109	284
Lease liabilities	(1)	(55)	(56)
Trade and other payables	(40)	(77)	(117)
Taxation	(259)	(236)	(495)
	1,435	1,307	2,742
Goodwill	162	965	1,127
Total	1,597	2,272	3,869
Total cash	1,597	1,790	3,387
Fair value of contingent consideration	–	482	482

On 24 November 2022 GSK signed an agreement to buy out the 25% non-controlling interest in Glaxo Saudi Arabia Ltd for

SAR94 million (£21 million), paid in 2023.

240



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

41. Acquisitions and disposals continued

Demerger of Consumer Healthcare business

On 18 July 2022, GSK plc separated its Consumer Healthcare business from the GSK Group to form Haleon plc, an independent

listed company. The separation was effected by way of a demerger of 80.1% of GSK’s 68% holding in the Consumer Healthcare

business to GSK shareholders. Following the demerger, 54.5% of Haleon plc was held in aggregate by GSK shareholders, 6.0% was

held by GSK (including shares received by GSK’s consolidated ESOP trusts) and 7.5% was held by certain Scottish Limited

Partnerships (SLPs) set up to provide collateral for a funding mechanism pursuant to which GSK will provide additional funding for

GSK’s UK defined benefit pension schemes (Note 31, 'Pensions and other post-employment benefits'). The aggregate ownership by

GSK (including ownership by the ESOP trusts and SLPs) after the demerger of 13.5% was measured at fair value with changes

through profit or loss. In 2022, Pfizer held 32% of Haleon plc after the demerger.

Under IFRIC 17 ‘Distributions of Non-cash Assets to Owners’ a liability and an equity distribution are measured at the fair value of

the assets to be distributed when the dividend is appropriately authorised and it is no longer at the entity’s discretion. The liability

and equity movement, and associated gain on distribution were recognised in Q3 2022 when the demerger distribution was

authorised and occurred.

The asset distributed was the 54.5% ownership of the Consumer Healthcare business. The net carrying amount of the Consumer

Healthcare business in the consolidated financial statements, including the retained 13.5% and net of the amount attributable to the

non-controlling interest, was approximately £11 billion at the end of June. GSK’s £6.3 billion share of the shareholder loans made in

Q1 2022 in advance of the pre-separation dividends was eliminated in the consolidated financial statements. The assets distributed

were reduced by Consumer Healthcare transactions up to 18 July that principally included pre-separation dividends declared and

settled after the end of Q2 2022 and before 18 July 2022. Those dividends included: £10.4 billion (£7.1 billion attributable to GSK)

of dividends funded by Consumer Healthcare debt that was partially on-lent during Q1 2022 and dividends of £0.6 billion

(£0.4 billion attributable to GSK) from available cash balances.

The fair value of the 54.5% ownership of the Consumer Healthcare business distributed was £15.5 billion. This was measured by

reference to the quoted average Haleon plc share price over the first five days of trading, this being a fair value measured with

observable inputs which was considered to be representative of the fair value at the distribution date. A gain on distribution of this

fair value less book value of the attributable net assets of the Consumer Healthcare business of £7.7 billion was recorded in the

income statement in 2022. There was an additional gain of £2.4 billion to remeasure the retained 13.5% from its book value to fair

value of £3.9 billion using the same fair value methodology as used for the distributed shares. The gain on distribution and on

remeasurement of the retained stake upon demerger was presented as part of discontinued operations. Any future gains or losses

on the retained stake in Haleon plc will be recognised in continuing operations. In addition, there was a reclassification of the

Group’s share of cumulative exchange differences arising on translation of the foreign currency net assets of the divested

subsidiaries and offsetting net investment hedges from reserves into the income statement of £0.6 billion. The total gain on

demerger of Consumer Healthcare was £10.1 billion. These transactions were presented in profit from discontinued operations in

2022.


	2022 £m
Fair value of the Consumer Healthcare business distributed (54.5%)	15,526
Fair value of the retained ownership in Haleon plc (13.5%)	3,853
Total fair value	19,379
Carrying amount of the net assets and liabilities distributed/de-recognised	(12,887)
Carrying amount of the non-controlling interest de-recognised	3,038
Gain on demerger before exchange movements and transaction costs	9,530
Reclassification of exchange movements and net investment hedge movements on disposal of overseas subsidiaries	554
Total gain on the demerger of Consumer Healthcare	10,084

Consumer Healthcare was presented as a discontinued operation as at 30 June 2022 and disclosed as such in the interim financial

statements. The Consolidated Income Statement and Consolidated Cash Flow Statement distinguish discontinued operations from

continuing operations. Financial information relating to the operations of Consumer Healthcare for the period is set out on the

following page and includes financial information until 18 July 2022.

This financial information differs both in purpose and basis of preparation from the Historical Financial Information and the Interim

Financial Information included in the Haleon prospectus and from that which was published by Haleon plc on 2 March 2023. As a

result, whilst the two sets of financial information are similar, they are not the same because of certain differences in accounting

and disclosure under IFRS.

242



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

42. Adjustments reconciling Total profit after tax to operating

cash flows


	2024 £m	2023 £m	2022 £m
Total profit after tax from continuing operations	2,951	5,308	4,921

Tax on profits	526	756	707
Share of after-tax (profits)/losses of associates and joint ventures	3	5	2
Finance expense net of finance income	547	677	803
Depreciation	1,097	1,082	1,061
Amortisation of intangible assets	1,454	1,212	1,086
Impairment and assets written off	408	467	481
(Profit)/loss on sale of businesses	11	–	(36)
Profit on sale of intangible assets	(170)	(12)	(185)
Profit on sale of investments in associates	(6)	(1)	–
Profit on sale of equity investments	(10)	–	(1)
Changes in working capital:
Decrease/(increase) in inventories	(294)	(424)	(269)
Decrease/(increase) in trade receivables	298	(794)	(158)
Increase/(decrease) in trade payables	(179)	(15)	494
Decrease/(increase) in other receivables	42	145	(458)
Contingent consideration paid (see Note 33)	(1,235)	(1,134)	(1,058)
Other non-cash increase in contingent consideration liabilities	1,834	492	1,628
Increase/(decrease) in other payables	(610)	689	(5)
Increase/(decrease) in pension and other provisions	999	(457)	(962)
Share-based incentive plans	344	307	346
Fair value adjustments	(39)	(107)	(283)
Other	(110)	(100)	(170)
Operating cash flow from continuing operations	7,861	8,096	7,944
Operating cash flow from discontinued operations	–	–	932

Total cash generated from operations	7,861	8,096	8,876

243



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

43. Reconciliation of net cash flow to movement in net debt


	2024 £m	2023 £m	2022 £m
Net debt, at beginning of year, as adjusted	(15,040)	(17,197)	(19,838)
Increase/(decrease) in cash and bank overdrafts	599	(468)	(7,597)
Decrease in liquid investments	(21)	(72)	(1)
Repayment of long-term loans(1)	1,615	2,260	6,668
Issue of long-term notes	(1,075)	(223)	(1,025)
Net decrease/(increase) in short-term loans	811	333	(1,021)
Increase in other short-term loans(2)	(266)	–	–
Repayment of other short-term loans(2)	81	–	–
Repayment of lease liabilities	226	197	202
Net investments/(debt) of subsidiary undertakings acquired	–	50	(24)
Exchange adjustments	117	554	(1,531)
Other non-cash movements	(142)	(474)	(207)
Decrease/(increase) in net debt from continuing operations	1,945	2,157	(4,536)
Decrease/(increase) in net debt from discontinued operations	–	–	7,177

Total net debt at end of year	(13,095)	(15,040)	(17,197)


(1)	Repayment of long-term loans for 2024 of £1,615 million (2023: £2,260 million; 2022: £6,668 million) includes the current portion of long-term borrowings of £1,615 million (2023: £2,116 million; 2022: £5,074 million) which was classified as short-term borrowing on the balance sheet and previously presented as repayment of short-term loans
(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 2024 £m	Exchange £m	Other £m	Interest expense £m	Change in fair value £m	Reclass- ifications £m	Cash flow £m	At 31 December 2024 £m
Liquid investments	42	–	–	–	–	–	(21)	21
		–	–	–	–	–	–	–
Cash and cash equivalents	2,936	(54)	–	–	–	–	988	3,870
Overdrafts	(78)	–	–	–	–	–	(389)	(467)
	2,858	(54)	–	–	–	–	599	3,403
Debt due within one year:
Commercial paper	(815)	4	–	–	–	–	811	–
European/US MTN & Bank facilities	(1,651)	51	(20)	–	–	(1,414)	1,615	(1,419)
Lease liabilities	(156)	5	6	–	–	(249)	226	(168)
Other	(113)	(11)	14	–	–	–	(185)	(295)
	(2,735)	49	–	–	–	(1,663)	2,467	(1,882)
Debt due after one year:
European/US MTN & Bank facilities	(14,154)	127	–	(15)	–	1,414	(1,075)	(13,703)
Lease liabilities	(1,051)	5	(137)	–	–	249	–	(934)
	(15,205)	132	(137)	(15)	–	1,663	(1,075)	(14,637)

Net debt	(15,040)	127	(137)	(15)	–	–	1,970	(13,095)

Interest payable	(162)	–	(30)	(602)	–	–	632	(162)
Derivative financial instruments	16	–	–	–	31	–	(129)	(82)
Total liabilities from financing activities*	(18,086)	181	(167)	(617)	31	–	1,895	(16,763)


*	Excluding cash and cash equivalents, overdrafts and liquid investments.

244



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

43. Reconciliation of net cash flow to movement in net debt continued


Analysis of changes in net debt	At 1 January 2023 £m	Exchange £m	Other £m	Interest expense £m	Change in fair value £m	Reclass- ifications £m	Cash flow £m	At 31 December 2023 £m
Liquid investments	67	(4)	51				(72)	42

Cash and cash equivalents	3,723	(105)	–	–	–	–	(682)	2,936
Overdrafts	(298)	6	–	–	–	–	214	(78)
	3,425	(99)	–	–	–	–	(468)	2,858

Debt due within one year:
Commercial paper	(1,191)	56	–	–	–	–	320	(815)
European/US MTN & Bank facilities	(2,146)	48	–	–	–	(1,669)	2,116	(1,651)
Lease liabilities	(167)	12	(3)	–	–	(195)	197	(156)
Other	(150)	21	3	–	–	–	13	(113)
	(3,654)	137	–	–	–	(1,864)	2,646	(2,735)

Debt due after one year:
European/US MTN & Bank facilities	(16,194)	469	–	(19)	–	1,669	(79)	(14,154)
Lease liabilities	(841)	42	(447)	–	–	195	–	(1,051)
	(17,035)	511	(447)	(19)	–	1,864	(79)	(15,205)

Net debt	(17,197)	545	(396)	(19)	–	–	2,027	(15,040)

Interest payable	(207)	1	(29)	(693)	–	–	766	(162)
Derivative financial instruments	8	–	–	–	343	–	(335)	16
Total liabilities from financing activities*	(20,888)	649	(476)	(712)	343	–	2,998	(18,086)

*Excluding cash and cash equivalents, overdrafts and liquid investments.

For further information on significant changes in net debt see Note 30, ‘Net debt’.

245



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

44. Financial instruments and related disclosures

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 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 £13

billion (2023: £15 billion) (see Note 30, ‘Net debt’) and total

equity, including items related to non-controlling interests, of

£13 billion (2023: £13 billion ) (see ‘Consolidated statement of

changes in equity’ on page 184). Total capital, including that

provided by non-controlling interests, is £26 billion (2023:

£28 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. The Group’s long-term credit rating

with Standard & Poor’s is A (stable outlook) and with Moody’s

Investor Services is A2 (stable outlook). The Group’s short-term

credit ratings are A-1 and P-1 with Standard & Poor’s and

Moody’s respectively.

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 2024, GSK had £2.3 billion (2023: £2.8 billion)

of borrowings repayable within one year and held £3.9 billion

(2023: £3.0 billion) of cash and cash equivalents and liquid

investments of which £3.1 billion (2023: £2.2 billion) was held

centrally.

GSK has access to short-term finance under a $10 billion (£8

billion) US commercial paper programme. There was no US

commercial paper in issue at 31 December 2024 (2023: $850

million (£667 million)). Maximum drawdowns under the US

Commercial Paper programme during the year were

$1,315 million (£1,048 million) (2023: $3,262 million (£2,579

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 2024 (2023: €170

million (£148 million)). Maximum drawdowns under the Euro

Commerical Paper programme during the year were €170

million (£145 million) (2023: €927 million (£800 million)).

GSK has £1.6 billion of three-year and $2.2 billion (£1.8 billion)

of 364 day committed facilities. These committed facilities were

undrawn at 31 December 2024. 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 2024, £9.2 billion of notes were in issue under

this programme. The Group also had $7.5 billion (£5.9 billion)

of notes in issue at 31 December 2024 under a US shelf

registration. GSK’s borrowings mature at dates between 2025

and 2045.

The put option owned by Pfizer in ViiV Healthcare is

exercisable. In reviewing liquidity requirements GSK considers

that sufficient financing options are available should the put

option be exercised.

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.

246



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

44. 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.

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

2024 to be £9,986 million (31 December 2023: £9,528 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 249 for details on the Group’s total financial assets. At

31 December 2024, GSK’s greatest concentration of credit risk

was £1.1 billion with a wholesaler in the US (2023: £1.2 billion

with a wholesaler in the US). See page 247 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 Standard & Poor’s. Usage of these

limits is actively monitored.

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 ISDA

agreements, the amount at risk is the net position with each

counterparty. Table (e) on page 257 sets out the Group’s

financial assets and liabilities on an offset basis.

247



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

44. Financial instruments and related disclosures continued

At 31 December 2024, £24 million (2023: £44 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: £14 million with Halk Bank in the UK; £5 million in Honduras held with Banco de America Central

and Banco de Honduras; £1 million in Ecuador held with Banco De La Produccion; and £1 million in Brazil held with Banco

Bradesco, Itau Unibanco, Banco Do Brasil and Caixa Ecomonica Federal. Of the £80 million (2023: £55 million) of bank balances

and deposits held with BBB/Baa rated counterparties, £41 million was held with BBB-/Baa3 rated counterparties, including

balances or deposits of £33 million with Banca Popolare Di Sondrio in the UK; £5 million with OTP Bank in Russia; £2 million with

State Bank of India in India and £1 million with Banco De Credito Del Peru in Peru. These banks are used for local investment

purposes.

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 2024.

Credit ratings are assigned by Standard & Poor’s 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 Standard & Poor’s 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.


2024	AAA/Aaa £m	AA/Aa £m	A/A £m	BBB/Baa £m	BB+/Ba1 and below /unrated £m	Total £m
Bank balances and deposits	–	36	2,450	80	24	2,590
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	1,280	57	2,560	80	24	4,001


2023	AAA/Aaa £m	AA/Aa £m	A/A £m	BBB/Baa £m	BB+/Ba1 and below /unrated £m	Total £m
Bank balances and deposits	–	28	1,815	55	44	1,942
US Treasury and Treasury repo only money market funds	155	–	–	–	–	155
Liquidity funds	839	–	–	–	–	839
Government securities	–	42	–	–	–	42
Third-party financial derivatives	–	–	130	–	–	130
Total	994	70	1,945	55	44	3,108

GSK’s centrally managed cash reserves amounted to £3.1

billion (2023: £2.2 billion) at 31 December 2024, all available

within three months. This includes £1.9 billion (2023: £2.0

billion) of cash managed by the Group for ViiV Healthcare, a

78.3% (2023: 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 77% (2023: 79%) of the sales of the US

Commercial Operations business in 2024.

At 31 December 2024, the Group had trade receivables due

from these three wholesalers totalling £2,766 million or 50% of

total trade receivables (2023: £3,319 million or 56%). 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 Standard & Poor’s 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 will be 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, Standard & Poor’s)

reports, payment performance history (from trade references,

industry credit groups) and bank references.

248



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

44. 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 26, ‘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 2024,

£307 million (2023: £421 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.

Fair value of financial assets and liabilities

excluding lease liabilities

The table on page 249 presents the carrying amounts and the

fair values of the Group’s financial assets and liabilities

excluding lease liabilities at 31 December 2024 and

31 December 2023.

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, 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 values 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, including put options, carried at

amortised cost – approximates to the carrying amount

–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.

249



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

44. Financial instruments and related disclosures continued


		2024		2023
	Notes	Carrying amount £m	Fair value £m	Carrying amount £m	Fair value £m

Financial assets measured at amortised cost:
Other non-current assets	b	5	5	9	9
Trade and other receivables	b	3,733	3,733	3,829	3,829
Liquid investments		21	21	42	42
Cash and cash equivalents		2,590	2,590	1,942	1,942

Financial assets measured at fair value through other comprehensive income (FVTOCI):
Other investments designated at FVTOCI	a	843	843	931	931
Trade and other receivables	a,b	2,163	2,163	2,541	2,541

Financial assets mandatorily measured at fair value through profit or loss (FVTPL):
Current equity investments and other investments	a	257	257	2,410	2,410
Other non-current assets	a,b	31	31	18	18
Trade and other receivables	a,b	53	53	23	23
Held for trading derivatives that are not in a designated and effective hedging relationship	a,d,e	75	75	98	98
Cash and cash equivalents	a	1,280	1,280	994	994

Derivatives designated and effective as hedging instruments (fair value movements through other comprehensive income)	a,d,e	35	35	32	32
Total financial assets		11,086	11,086	12,869	12,869

Financial liabilities measured at amortised cost:
Borrowings excluding obligations under lease liabilities:
– bonds in a designated hedging relationship	d	(5,346)	(5,278)	(5,348)	(5,233)
– other bonds		(9,774)	(9,597)	(10,456)	(10,762)
– bank loans and overdrafts		(762)	(762)	(191)	(191)
– commercial paper in a designated hedging relationship		–	–	(148)	(148)
– other commercial paper		–	–	(667)	(667)
– other borrowings		(2)	(2)	(1)	(1)
Total borrowings excluding lease liabilities	f	(15,884)	(15,639)	(16,811)	(17,002)
Trade and other payables	c	(13,160)	(13,160)	(13,383)	(13,383)
Other provisions	c	(182)	(182)	(199)	(199)
Other non-current liabilities	c	(46)	(46)	(54)	(54)


Financial liabilities mandatorily measured at fair value through profit or loss (FVTPL):
Contingent consideration liabilities	a,c	(7,280)	(7,280)	(6,662)	(6,662)
Held for trading derivatives that are not in a designated and effective hedging relationship	a,d,e	(35)	(35)	(78)	(78)

Derivatives designated and effective as hedging instruments (fair value movements through other comprehensive income)	a,d,e	(157)	(157)	(36)	(36)
Total financial liabilities excluding lease liabilities		(36,744)	(36,499)	(37,223)	(37,414)

Net financial assets and financial liabilities excluding lease liabilities		(25,658)	(25,413)	(24,354)	(24,545)

The valuation methodology used to measure fair value in the above table is described and categorised on page 248.

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 251 to 252.

250



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

44. Financial instruments and related disclosures continued

Fair value of investments in GSK shares

At 31 December 2024, the Employee Share Ownership Plan (ESOP) Trusts held GSK shares with a carrying amount of £397

million (2023: £288 million) and a market value of £866 million (2023: £853 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 2024, 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 2024, GSK held Treasury shares at a cost of £2,958 million (2023: £3,447 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 2024	Level 1 £m	Level 2 £m	Level 3 £m	Total £m
Financial assets at fair value
Financial assets measured at fair value through other comprehensive income (FVTOCI):
Other investments designated at FVTOCI	646	–	197	843
Trade and other receivables	–	2,163	–	2,163
Financial assets mandatorily measured at fair value through profit or loss (FVTPL):
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	1,280	–	–	1,280
Derivatives designated and effective as hedging instruments (fair value movements through OCI)	–	35	–	35
	1,926	2,324	487	4,737
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss (FVTPL):
Contingent consideration liabilities	–	–	(7,280)	(7,280)
Held for trading derivatives that are not in a designated and effective hedging relationship	–	(35)	–	(35)
Derivatives designated and effective as hedging instruments (fair value movements through OCI)	–	(157)	–	(157)
	–	(192)	(7,280)	(7,472)


At 31 December 2023	Level 1 £m	Level 2 £m	Level 3 £m	Total £m
Financial assets at fair value
Financial assets measured at fair value through other comprehensive income (FVTOCI):
Other investments designated at FVTOCI	741	–	190	931
Trade and other receivables	–	2,541	–	2,541
Financial assets mandatorily measured at fair value through profit or loss (FVTPL):
Current equity investments and other investments	2,204	–	206	2,410
Other non-current assets	–	–	18	18
Trade and other receivables	–	23	–	23
Held for trading derivatives that are not in a designated and effective hedging relationship	–	98	–	98
Cash and cash equivalents	994	–	–	994
Derivatives designated and effective as hedging instruments (fair value movements through OCI)	–	32	–	32
	3,939	2,694	414	7,047
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss (FVTPL):
Contingent consideration liabilities	–	–	(6,662)	(6,662)
Held for trading derivatives that are not in a designated and effective hedging relationship	–	(78)	–	(78)
Derivatives designated and effective as hedging instruments (fair value movements through OCI)	–	(36)	–	(36)
	–	(114)	(6,662)	(6,776)

251



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

44. Financial instruments and related disclosures continued

Movements in the year for financial instruments measured using Level 3 valuation methods are presented below:


	2024 £m	2023 £m
At 1 January	(6,248)	(6,411)
Exchange adjustments	(1)	–
Net losses recognised in the income statement	(1,733)	(863)
Net losses recognised in other comprehensive income	(42)	(142)
Contingent consideration related to business acquisitions in the period	(104)	–
Settlement of contingent consideration liabilities	1,254	1,145
Additions	111	57
Disposals and settlements	(30)	(25)
Transfers from Level 3	–	(9)
At 31 December	(6,793)	(6,248)

Of the total net losses of £1,733 million (2023: £863 million) attributable to Level 3 financial instruments which were recognised in

the income statement, £1,733 million (2023: £857 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 £1,533 million (2023: £934 million) arose from

remeasurement of the contingent consideration payable for the acquisition of the former Shionogi-ViiV Healthcare joint venture. A

remeasurement charge of £215 million (2023: £210 million gain) arose from remeasurement of the contingent consideration

payable for the acquisition of the Novartis Vaccines business. A gain of £22 million (2023: £44 million charge) arose on the

remeasurement of the Affinivax contingent consideration liability for the year.

Contingent consideration payable for the acquisition of Aiolos, amounting to £96 million, was recognised during the year. Further

information on the Aiolos acquisition is provided in Note 41, ‘Acquisitions and disposals’.

There were transfers of £nil out of Level 3 financial instruments in the year (2023: £9 million out of Level 3 financial instruments).

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 included £6,061 million (2023: £5,718 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 £575 million (2023: £424 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 payable for the acquisition of Affinivax in 2022 of £502 million (2023: £516

million) is recognised at 31 December. This consideration is expected to be paid over a number of years and will vary in line with

the achievement of certain development milestones and movements in the USD/GBP exchange rate. Sensitivity analysis on these

balances is provided in Note 33, ‘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.


				2024						2023
	At FVTPL £m	At FVTOCI £m	Amortised cost £m	Financial instruments £m	Non- financial instruments £m	Total £m	At FVTPL £m	At FVTOCI £m	Amortised cost £m	Financial instruments £m	Non- financial instruments £m	Total £m
Trade and other receivables (Note 26)	53	2,163	3,733	5,949	887	6,836	23	2,541	3,829	6,393	992	7,385
Other non-current assets (Note 24)	31	–	5	36	1,906	1,942	18	–	9	27	1,557	1,584
	84	2,163	3,738	5,985	2,793	8,778	41	2,541	3,838	6,420	2,549	8,969

Trade and other receivables include trade receivables of £5,563 million (2023: £5,905 million). The Group has portfolios in each of

the three business models under IFRS 9: £51 million (2023: £23 million), measured at FVTPL, is held to sell the contractual cash

flows as the receivables will be sold under a factoring arrangement, £2,163 million (2023: £2,541 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 £3,349

million (2023: £3,341 million), measured at amortised cost, is held to collect the contractual cash flows and there is no factoring

agreement in place.

252



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

44. Financial instruments and related disclosures continued

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.


			2024					2023
	At FVTPL £m	Amortised cost £m	Financial instruments £m	Non- financial instruments £m	Total £m	At FVTPL £m	Amortised cost £m	Financial instruments £m	Non- financial instruments £m	Total £m
Trade and other payables (Note 29)	–	(13,160)	(13,160)	(2,175)	(15,335)	–	(13,383)	(13,383)	(2,461)	(15,844)
Other provisions (Note 32)	–	(182)	(182)	(2,353)	(2,535)	–	(199)	(199)	(1,040)	(1,239)
Contingent consideration liabilities (Note 33)	(7,280)	–	(7,280)	–	(7,280)	(6,662)	–	(6,662)	–	(6,662)
Other non-current liabilities (Note 34)	–	(46)	(46)	(1,054)	(1,100)	–	(54)	(54)	(1,053)	(1,107)
	(7,280)	(13,388)	(20,668)	(5,582)	(26,250)	(6,662)	(13,636)	(20,298)	(4,554)	(24,852)

(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:


	2024 Fair value		2023 Fair value
	Assets £m	Liabilities £m	Assets £m	Liabilities £m
Current
Cash flow hedges – Foreign exchange contracts (net principal amount – £nil (2023: £175 million))	–	–	–	(2)
Net investment hedges – Foreign exchange contracts (net principal amount – £13,206 million (2023: £12,339 million))1	35	(157)	32	(34)
Derivatives designated and effective as hedging instruments	35	(157)	32	(36)
Non current
Foreign exchange contracts (net principal amount – £35 million (2023: £nil))	1	–	–	–
Current
Foreign exchange contracts (net principal amount – £8,676 million (2023: £10,375 million))	73	(35)	98	(78)
Embedded and other derivatives	1	–	–	–
Derivatives classified as held for trading	75	(35)	98	(78)
Total derivative instruments	110	(192)	130	(114)
(1)Includes options with net principal amount EUR 1.25 billion

253



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

44. Financial instruments and related disclosures continued

Fair value hedges

At 31 December 2024 and 31 December 2023, the Group had no designated fair value hedges.

Net investment hedges

At 31 December 2024, 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) and Japanese (JPY) foreign operations as shown in the table below.

The carrying amount of bonds on page 247 included £5,346 million (2023: £5,348 million) that were designated as hedging

instruments in net investment hedges.

Cash flow hedges

During 2023 and 2024, 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.

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. 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 £15 million. No ineffectiveness was recorded from cash flow hedges in 2024 (2023: £nil). No other ineffectiveness was

recorded from net investment hedges (2023: £nil).

In 2024, the movement in the time value of options recognised in reserves is £4 million (2023: £nil) and is accounted for as a cost

of hedging.

254



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

44. Financial instruments and related disclosures continued


					2024
Hedging instruments	Average exchange rate	Foreign currency	Net notional value £m	Carrying amount £m	Periodic change in value for calculating hedge ineffectiveness £m
Net investment hedges
Foreign exchange contracts
Sell foreign currency:
Less than 3 months	1.20	EUR	8,201	19	359
	197.82	JPY	84	(1)	13
	1.29	USD	2,417	(66)	(56)
	9.26	CNH	61	(1)	(1)
3 to 6 months	1.31	USD	1,827	(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	4,524	(4,508)	157
			18,570	(5,468)	507


	2024
Hedged items	Periodic change in value for calculating hedge ineffectiveness £m	Cumulative balance in cash flow hedge reserve/foreign currency translation reserve for continuing hedges £m	Balance in cash flow hedge reserve arising from hedging relationships for which hedge accounting is no longer applied £m
Net investment hedges
Net investment in foreign operations	(522)	(208)	–


	2023
Hedging instruments	Average exchange rate	Foreign currency	Net notional value £m	Carrying amount £m	Periodic change in value for calculating hedge ineffectiveness £m
Cash flow hedges
Foreign exchange contracts
Buy foreign currency:
Less than 3 months	1.27	USD	145	(1)	(1)
3 to 6 months	–	–	–	–	–
Over 6 months	1.25	USD	35	(1)	(1)
Sell foreign currency:
Less than 3 months	1.16	EUR	(5)	–	–
			175	(2)	(2)

255



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

44. Financial instruments and related disclosures continued


					2023
Hedging instruments	Average exchange rate	Foreign currency	Net notional value £m	Carrying amount £m	Periodic change in value for calculating hedge ineffectiveness £m
Net investment hedges
Foreign exchange contracts
Sell foreign currency:
Less than 3 months	1.15	EUR	9,146	(12)	126
	181.42	JPY	133	(1)	28
	1.27	USD	2,633	8	97
Over 6 months	1.67	CAD	260	2	10
	1.66	SGD	167	1	7
Borrowings:
Less than 3 months		EUR	148	(148)	12
3 to 6 months		–	–	–	–
Over 6 months		JPY	236	(235)	(3)
		EUR	5,127	(5,113)	125
			17,850	(5,498)	402


	2023
Hedged items	Periodic change in value for calculating hedge ineffectiveness £m	Cumulative balance in cash flow hedge reserve/foreign currency translation reserve for continuing hedges £m	Balance in cash flow hedge reserve arising from hedging relationships for which hedge accounting is no longer applied £m
Cash flow hedges
Variability in cash flows from a highly probable forecast transaction	2	(2)	–
Variability in cash flows from foreign exchange exposure arising on Euro denominated coupon payments relating to debt issued	–	–	–
Net investment hedges
Net investment in foreign operations	(402)	(725)	–

£nil (2023: £nil million) of balances in the cash flow hedge reserve arise from hedging relationships for which hedge accounting is

no longer applied.

The following table details the effectiveness of the hedging relationships and the amounts reclassified from the hedging reserve to

profit or loss:


									2024
				Amount reclassified to profit or loss				Amount reclassified to balance sheet
	Hedging gains/(losses) recognised in reserves £m	Amount of hedge ineffectiveness recognised in profit or loss £m	Line item in profit or loss in which hedge ineffectiveness is included	Hedged future cash flows no longer expected to occur £m	Due to hedged item affecting profit or loss £m	Line item in profit or loss in which reclassification adjustment is included		Due to hedged item affecting balance sheet £m	Line item in balance sheet in which reclassification adjustment is included
Cash flow hedges
Variability in cash flows from a highly probable forecast transaction	8	–	Finance income or expense	–	–	Finance income or expense		(6)	Intangible assets

Net investment hedges
Net investment in foreign operations	522	(15)	Finance income	–	5	Other income or expense		–	–
Time value of options	(4)	–	Finance income or expense	–	–	Other income or expense	–	–	–

256



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

44. Financial instruments and related disclosures continued


								2023
				Amount reclassified to profit or loss			Amount reclassified to balance sheet
	Hedging gains/(losses) recognised in reserves £m	Amount of hedge ineffectiveness recognised in profit or loss £m	Line item in profit or loss in which hedge ineffectiveness is included	Hedged future cash flows no longer expected to occur £m	Due to hedged item affecting profit or loss £m	Line item in profit or loss in which reclassification adjustment is included	Due to hedged item affecting balance sheet £m	Line item in balance sheet in which reclassification adjustment is included
Cash flow hedges
Variability in cash flows from a highly probable forecast transaction	(41)	–	Finance income or expense	–	–	–	37	Intangible assets

Variability in cash flows from foreign exchange exposure arising on Euro denominated coupon payments relating to debt issued	(1)	–	Finance income or expense	–	–	Finance income or expense	–	–
Net investment hedges
Net investment in foreign operations	402	–	Finance income or expense	–	7	Other income or expense	–	–

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.

There are none of these swaps outstanding at 31 December 2024 or at 31 December 2023.

The only 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 (2023: £21 million) of balances in the cash flow hedge reserve arise from hedge relationships for which hedge

accounting is no longer applied.

The following table details the effectiveness of the hedging relationships and the amounts reclassified from the hedging reserve to

profit or loss:


			2024
				Amount reclassified to profit or loss
	Hedging gains/(losses) recognised in reserves £m	Amount of hedge ineffectiveness recognised in profit or loss £m	Line item in profit or loss in which hedge ineffectiveness is included	Due to hedged future cash flows no longer expected to occur £m	Due to hedged item affecting profit or loss £m	Line item in profit or loss in which reclassification adjustment is included
Cash flow hedges
Pre-hedging of long-term interest rates: Matured in the past	–	–	Finance income or expense	–	4	Finance income or expense

257



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

44. Financial instruments and related disclosures continued


			2023
				Amount reclassified to profit or loss
	Hedging gains/(losses) recognised in reserves £m	Amount of hedge ineffectiveness recognised in profit or loss £m	Line item in profit or loss in which hedge ineffectiveness is included	Due to hedged future cash flows no longer expected to occur £m	Due to hedged item affecting profit or loss £m	Line item in profit or loss in which reclassification adjustment is included
Cash flow hedges
Pre-hedging of long-term interest rates:
Matured in the past	–	–	Finance income or expense	–	4	Finance income or expense

(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 2024 and 31 December 2023. The column ‘Net amount’ shows the

impact on the Group’s balance sheet if all offset rights were exercised.


31 December 2024	Gross financial assets/ (liabilities) £m	Gross financial (liabilities)/ assets set off £m	Net financial assets/ (liabilities) per balance sheet £m	Related amounts not set off in the balance sheet £m	Net £m
Financial assets
Trade and other receivables	5,950	(1)	5,949	–	5,949
Derivative financial instruments	110	–	110	(89)	21

Financial liabilities
Trade and other payables	(13,161)	1	(13,160)	–	(13,160)
Derivative financial instruments	(192)	–	(192)	89	(103)


31 December 2023	Gross financial assets/ (liabilities) £m	Gross Financial (liabilities)/ assets offset £m	Net financial assets/ (liabilities) £m	Related amounts not offset £m	Net balance £m
Financial assets
Trade and other receivables	6,394	(1)	6,393	–	6,393
Derivative financial instruments	130	–	130	(108)	22

Financial liabilities
Trade and other payables	(13,384)	1	(13,383)	–	(13,383)
Derivative financial instruments	(114)	–	(114)	108	(6)

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 (International Swaps and Derivatives Association) 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.

259



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

44. Financial instruments and related disclosures continued

(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.


	2024	2023
Income statement impact of non-functional currency foreign exchange exposures	Increase/(decrease) in income £m	Increase/(decrease) in income £m
10 cent appreciation of the US Dollar	106	61
15 cent appreciation of the US Dollar	167	97
10 cent appreciation of the Euro	(42)	(4)
15 cent appreciation of the Euro	(66)	(7)
10 yen appreciation of the Yen	–	–
15 yen appreciation of the Yen	–	–


	2024	2023
Income statement impact of non-functional currency foreign exchange exposures	Increase/(decrease) in income £m	Increase/(decrease) in income £m
10 cent depreciation of the US Dollar	(91)	(52)
15 cent depreciation of the US Dollar	(131)	(76)
10 cent depreciation of the Euro	36	4
15 cent depreciation of the Euro	51	5
10 yen depreciation of the Yen	–	–
15 yen depreciation of the Yen	–	–

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.


	2024	2023
Equity impact of non-functional currency foreign exchange exposures	Increase/(decrease) in equity £m	Increase/(decrease) in equity £m
10 cent appreciation of the US Dollar	(368)	(209)
15 cent appreciation of the US Dollar	(577)	(327)
10 cent appreciation of the Euro	(1,188)	(1,372)
15 cent appreciation in Euro	(1,834)	(2,160)


	2024	2023
Equity impact of non-functional currency foreign exchange exposures	Increase/(decrease) in equity £m	Increase/(decrease) in equity £m
10 cent depreciation of the US Dollar	313	178
15 cent depreciation of the US Dollar	453	258
10 cent depreciation of the Euro	958	1,152
15 cent depreciation of the Euro	1,384	1,662

260



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

44. Financial instruments and related disclosures continued

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 30, 'Net debt', adjusted for the effects of foreign exchange derivatives that are not

part of net debt but affect future foreign currency cash flows.


	2024	2023
Impact of foreign exchange movements on adjusted net debt	(Increase)/decrease in adjusted net debt £m	(Increase)/decrease in adjusted net debt £m
10 cent appreciation of the US Dollar	(555)	(622)
15 cent appreciation of the US Dollar	(870)	(974)
10 cent appreciation of the Euro	178	386
15 cent appreciation of the Euro	279	609
10 yen appreciation of the Yen	(5)	(5)
15 yen appreciation of the Yen	(8)	(7)


	2024	2023
Impact of foreign exchange movements on adjusted net debt	(Increase)/decrease in adjusted net debt £m	(Increase)/decrease in adjusted net debt £m
10 cent depreciation of the US Dollar	473	531
15 cent depreciation of the US Dollar	684	769
10 cent depreciation of the Euro	(150)	(325)
15 cent depreciation of the Euro	(217)	(468)
10 yen depreciation of the Yen	5	4
15 yen depreciation of the Yen	7	6

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 EUR, USD or Sterling

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

EUR, USD or Sterling interest rates would have an equal and opposite impact to that shown below.


	2024	2023
Income statement impact of interest rate movements	Increase/(decrease) in income £m	Increase/(decrease) in income £m
1% (100 basis points) increase in Sterling interest rates	72	41
1.5% (150 basis points) increase in Sterling interest rates	108	62
1% (100 basis points) increase in US Dollar interest rates	(43)	(34)
1.5% (150 basis points) increase in US Dollar interest rates	(64)	(51)
1% (100 basis points) increase in Euro interest rates	(20)	(9)
1.5% (150 basis points) increase in Euro interest rates	(30)	(13)

261



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

44. Financial instruments and related disclosures continued

(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. 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 2024	Debt £m	Interest on debt £m	Lease liabilities £m	Finance charge on lease liabilities £m	Trade payables and other liabilities not in net debt £m		Total £m
Due in less than one year	(2,181)	(540)	(168)	(41)	(14,440)	–	(17,370)
Between one and two years	(1,411)	(500)	(222)	(34)	(1,247)	–	(3,414)
Between two and three years	(723)	(484)	(146)	(29)	(1,593)	–	(2,975)
Between three and four years	(2,362)	(434)	(109)	(23)	(1,461)	–	(4,389)
Between four and five years	(1,213)	(383)	(73)	(20)	(913)	–	(2,602)
Between five and ten years	(2,759)	(1,646)	(299)	(53)	(2,318)	–	(7,075)
Greater than ten years	(5,320)	(1,251)	(85)	(14)	(1,313)	–	(7,983)
Gross contractual cash flows	(15,969)	(5,238)	(1,102)	(214)	(23,285)	–	(45,808)


At 31 December 2023	Debt £m	Interest on debt £m	Lease liabilities £m	Finance charge on lease liabilities £m	Trade payables and other liabilities not in net debt £m	Total £m
Due in less than one year	(2,660)	(547)	(156)	(41)	(14,526)	(17,930)
Between one and two years	(1,436)	(507)	(214)	(36)	(1,469)	(3,662)
Between two and three years	(1,477)	(466)	(134)	(31)	(1,150)	(3,258)
Between three and four years	(742)	(449)	(114)	(27)	(1,406)	(2,738)
Between four and five years	(2,359)	(399)	(88)	(23)	(940)	(3,809)
Between five and ten years	(3,054)	(1,611)	(325)	(75)	(2,037)	(7,102)
Greater than ten years	(5,172)	(1,467)	(176)	(21)	(1,043)	(7,879)
Gross contractual cash flows	(16,900)	(5,446)	(1,207)	(254)	(22,571)	(46,378)

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.


	2024		2023
	Gross cash inflows	Gross cash outflows	Gross cash inflows	Gross cash outflows
	Foreign exchange forward contracts and swaps £m	Foreign exchange forward contracts and swaps £m	Foreign exchange forward contracts and swaps £m	Foreign exchange forward contracts and swaps £m
Less than one year	28,567	(28,634)	31,961	(31,944)
Between one and two years	36	(35)	–	–
Gross contractual cash flows	28,603	(28,669)	31,961	(31,944)

262



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

45. Employee share schemes

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 2024 was £347 million (2023: £321 million; 2022: £314 million). Of this amount,

£260 million (2023: £244 million; 2022: £243 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 3.4% (2023: 3.8%; 2022: 3.2%) over the

duration of the award.


Number of shares and ADS issuable	Shares Number (000)	Weighted fair value	ADS Number (000)	Weighted fair value
At 1 January 2022	28,244		15,529
Awards granted	10,987	£13.00	6,133	$30.64
Awards exercised	(9,538)		(4,919)
Awards cancelled	(1,718)		(1,314)
At 31 December 2022	27,975		15,429
Awards granted	11,548	£12.79	6,449	$31.65
Awards exercised	(8,599)		(4,856)
Awards cancelled	(1,144)		(797)
At 31 December 2023	29,780		16,225
Awards granted	12,023	£15.17	6,431	$39.49
Awards exercised	(9,384)		(5,199)
Awards cancelled	(1,225)		(877)
At 31 December 2024	31,194		16,580

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 from 2020, 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, 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%).

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 2024, awards were made of 4.2 million shares at a weighted fair value of £13.65 and 0.9 million ADS at a weighted fair

value of $34.26. At 31 December 2024, there were outstanding awards over 13.7 million shares and 2.4 million ADS.

263



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

45. 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:


	2024 Grant	2023 Grant	2022 Grant
Risk-free interest rate	4.24%	4.57%	3.37%
Dividend yield	4.3%	4.0%	3.3%
Volatility	34%	34%	36%
Expected life	3 years	3 years	3 years
Savings-related options grant price (including 20% discount)	£11.27	£11.20	£11.39

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 share option schemes
	Number 000	Weighted exercise price
At 31 December 2024	5,449	£11.44
Range of exercise prices on options outstanding at year end	£10.34	— £12.07
Weighted average market price on exercise during year		£16.24
Weighted average remaining contractual life		2.1 years

Options over 1.7 million shares were granted during the year under the savings-related share option scheme at a weighted average

fair value of £4.03. At 31 December 2024, 4.3 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 2024, 64,314,305 shares were held in the ESOP Trusts, out of which 63,666,947 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	2024	2023
Number of shares (000)	64,314	58,817

	£m	£m
Nominal value	20	18
Carrying amount	397	288
Market value	866	853

264



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

46. Principal Group companies

The following represent the principal subsidiaries and their countries of incorporation of the Group at 31 December 2024. 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
GSK Finance (No. 2) Limited	100
GlaxoSmithKline Holdings Limited(a)	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(a)	100
GlaxoSmithKline UK Limited	100
GlaxoSmithKline US Trading 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	%
GlaxoSmithKline AG (Switzerland)	100
Glaxo Wellcome Production S.A.S (France)	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 Ireland)(b)	100
GSK Capital B.V. (Netherlands)(b)	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
Corixa Corporation	100
GlaxoSmithKline Capital Inc.	100
GlaxoSmithKline Holdings (Americas) Inc.	100
GlaxoSmithKline LLC	100
Human Genome Sciences, Inc.	100
Stiefel Laboratories, Inc.	100
Tesaro, Inc.	100
ViiV Healthcare Company	78.3


Others	%
Glaxo Saudi Arabia Limited (Saudi Arabia)	100
GSK Life Sciences FZE (United Arab Emirates)	100
GlaxoSmithKline Colombia S.A.	100
Glaxo Wellcome Manufacturing Pte Ltd (Singapore)	100
GlaxoSmithKline (Thailand) Limited (Thailand)	100
GSK Biopharma Argentina S.A.	100
GlaxoSmithKline Australia Pty Ltd (Australia)	100
GlaxoSmithKline Brasil Limitada (Brazil)	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 Enterprise Management Co, Ltd (China)	100
GSK Pharma Vietnam Company Limited (Vietnam)	100
ID Biomedical Corporation of Quebec (Canada)	100
ViiV Healthcare K.K (Japan)	78.3

(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.

265



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

47. Legal proceedings

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 32, ‘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 2024, the Group’s aggregate provision for

legal and other disputes (not including tax matters described in

Note 14, ‘Taxation’) was £1,446 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.

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, a divided panel

of 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. Certain issues

remain to be resolved at the District Court. On 12 December

2024, the trial judge ruled that further briefing is needed. The

briefing is to be completed by 24 February 2025.

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®. 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 has yet to be scheduled.

On 12 October 2024, GSK filed two separate patent

infringement suits against Moderna, Inc. in the United States

District Court for the District of Delaware. The first suit alleges

infringement of 7 GSK patents by the COVID-19 vaccine,

SPIKEVAX. The second suit alleges infringement of 6 GSK

patents by the RSV vaccine, mRESVIA.

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.

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. 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.

266



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

47. Legal proceedings continued

The trial in the UK action took place in June 2023. On 7

October 2024, the London High Court ruled in Pfizer’s favour

and invalidated two of GSK’s patents relating to RSV vaccine

technology. The Court held a hearing on 13 December 2024 at

which GSK sought the Court’s permission to appeal its 7

October 2024 ruling. On 16 January 2025, the court issued a

decision refusing permission to appeal. GSK is seeking

permission to appeal from the Court of Appeal. In the

Netherlands, two separate first-instance hearings were held

and the parties await a decision. Trial dates have not been set

in Belgium or the UPC. In the US, the Court has set a trial date

of 3 August 2026. GSK is seeking monetary compensation from

Pfizer for Pfizer’s infringing sales of Abrysvo. GSK’s sales of

Arexvy are not at issue in these litigations.

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 judgements granted in

favour of the Group and remanded the third-party payer cases

back to district court. Discovery is complete, and class

certification and summary judgment briefing has been

completed. 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. The Court has scheduled a hearing on Plaintiffs’ motion

for class certification for 12 March 2025, and a hearing on

GSK’s motion for summary judgment for 21 April 2025.

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 pending in the United

States District Court for the Southern District of Florida. Cases

have also been filed in a number of state courts, the majority of

which are in Delaware.

As announced on 9 October 2024 GSK reached agreements

with 10 plaintiff firms who together represent 93%

(approximately 80,000 claimants) of the Zantac state court

product liability cases pending against GSK in the United

States. Under these agreements, GSK will make an aggregate

payment of up to $2.2 billion to resolve all U.S. state court

product liability cases handled by these plaintiff firms that meet

agreed eligibility and participation criteria (the “State Courts

Settlement”). The participating plaintiff firms are unanimously

recommending to their clients that they accept the terms of the

State Courts Settlement, which is expected to be fully

implemented by the end of H1 2025.

As of February 2025, the vast majority of the remaining state

court cases have resolved or been dismissed, such that less

than 1% of the state court cases remain. There are no cases

with trial dates in 2025 and just two personal injury cases with

trial dates in 2026, both of which are in Nevada.

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. The agreement in

principle is subject to final approval from the Department of

Justice.

GSK’s appeal of the Delaware Superior Court’s decision

allowing Plaintiffs to present expert evidence of general

causation on all ten cancer types to a jury remains pending.

Oral argument has been scheduled before the Delaware

Supreme Court on 16 April 2025. 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. 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.

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. This case remains

pending. 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. Fact and expert discovery is ongoing. The court

has set a trial date of 28 September 2026.

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.

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.

267



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

47. Legal proceedings continued

There remains one state court case and four proposed class

actions in Canada, which are not currently active and plaintiffs’

counsel are seeking to discontinue.

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 alleging violation of the state consumer protection

statute. The lawsuit alleges that GSK engaged in deceptive and

unfair practices with respect to Flovent.

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 are 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. The case is

now before the Korea Supreme Court.

The Korea Fair Trade Commission (KFTC) also commenced

proceedings regarding the same matter. KFTC hearings took

place in July 2023 and GSK Korea was found in violation of

applicable fair trade law. The KFTC imposed a fine of

KRW351 million which is approximately £212,000.

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 is

cooperating with this 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 is cooperating

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 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.

268



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Notes to the financial statements continued

47. Legal proceedings continued

Commercial and corporate

The Group is involved in certain contractual and/or commercial

disputes.

Zejula Royalty Dispute

In October 2012, Tesaro, Inc. (now a wholly owned subsidiary

of GSK) entered into two worldwide patent licence 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 in the week of 6 March 2023 and judgment was

entered against the Group on 5 April 2023, ruling that all current

uses of Zejula generate royalty-bearing sales under the

wording of the two licence agreements. On 12 June 2023, the

Court of Appeal of England and Wales granted the Group’s

request for permission to appeal the 5 April 2023 judgment.

The appeal was heard on 17 January 2024 and 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.

48. Post balance sheet events

On 13 January 2025, GSK announced it had entered into an agreement to acquire IDRx, Inc. (IDRx) a clinical-stage

biopharmaceutical company dedicated to transforming cancer care with intelligently designed precision therapies. The acquisition

includes lead molecule, IDRX-42, a highly selective investigational small molecule tyrosine kinase inhibitor (TKI) being developed

as a first- and second-line therapy for the treatment of gastrointestinal stromal tumours.

GSK acquired all of the outstanding equity interests (including all options and other incentive equity) in IDRx for up to

US$1.15 billion of total cash consideration, comprising an upfront payment of US$1 billion with potential for an additional

US$150 million success-based regulatory approval milestone payment. GSK is also be responsible for success-based milestone

payments as well as tiered royalties for IDRX-42 owed to Merck KGaA, Darmstadt, Germany. The transaction was subject to

customary conditions, including applicable regulatory agency clearances under the Hart-Scott-Rodino Act in the US, and

subsequently closed on 21 February 2025. Given the timing of the closure of the transaction, GSK expects to disclose the

provisional accounting for the acquisition in the Q1 2025 Results Announcement.

On 5 February 2025, GSK announced its intention to implement a £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.

271



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Pipelines, products and intellectual property

Pharmaceuticals and Vaccines product development pipeline


Key	†	In-license or other alliance relationship with third party
	^	ViiV Healthcare, a global specialist HIV company with GSK, Pfizer, Inc. and Shionogi Limited as shareholders, is responsible for developing and delivering HIV medicines
	BLA	Biological Licence Application
	MAA	Marketing Authorisation Application (Europe)
	NDA	New Drug Application (US)


A	Approved
S	Submitted
Phase I	Evaluation of clinical pharmacology, usually conducted in volunteers
Phase II	Determination of dose and initial evaluation of efficacy, conducted in a small number of patients
Phase III	Large comparative study (compound versus placebo and/or established treatment) in patients to establish clinical benefit and safety

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 review milestones
Compound	Mechanism of Action/Vaccine Type	Indication	Phase	MAA	NDA/BLA
Respiratory Immunology and Inflammation
Nucala	Anti-interleukin 5 (IL5) antibody	COPD	Registration		S: Nov24
depemokimab†	Long-acting anti-interleukin 5 (IL5) antibody	Asthma	Registration	S: Dec24	S: Dec24
		Chronic rhinosinusitis with nasal polyps (CRSwNP)	Registration	S: Dec24	S: Dec24
		Eosinophilic granulomatosis with polyangiitis (EGPA)	Phase III
		Hypereosinophilic syndrome (HES)	Phase III
camlipixant	P2X3 receptor antagonist	Refractory chronic cough	Phase III
latozinemab†	Anti-sortilin monoclonal antibody	Frontotemporal dementia (FTD) due to heterozygous mutations in the progranulin gene	Phase III
linerixibat	Ileal bile acid transporter (IBAT) inhibitor	Cholestatic pruritus in primary biliary cholangitis (PBC)	Phase III
Ventolin	Beta 2 adrenergic receptor agonist	Asthma, low carbon version of metered dose inhaler	Phase III
Benlysta(1)	Anti-B lymphocyte stimulator (BLys) monoclonal antibody	Systemic sclerosis associated interstitial lung disease	Phase II
Benlysta(1)	Anti-B lymphocyte stimulator (BLys) monoclonal antibody	Interstitial lung disease associated with connective tissue disease	Phase III
GSK1070806	Anti-interleukin 18 (IL18) antibody	Atopic dermatitis	Phase II
GSK3915393†	Transglutaminase 2 (TG2) inhibitor	Pulmonary fibrosis	Phase II
GSK4527226 (AL101)†	Anti-sortilin monoclonal antibody	Alzheimer’s disease	Phase II
GSK4532990†	HSD17B13 RNA interference	Non-alcoholic steatohepatitis/Metabolic dysfunction-associated steatohepatitis (NASH/ MASH)	Phase II
GSK4532990†	HSD17B13 RNA interference	Alcohol-related liver disease (ALD)	Phase II
GSK5784283†(2)	Long-acting anti-thymic stromal lymphopoietin (TSLP) monoclonal antibody	Asthma	Phase II
belantamab(3)	B-cell maturation antigen binder	Systemic lupus erythematosus	Phase I
GSK3862995	Anti-interleukin 33 (IL33) antibody	COPD	Phase I
GSK3888130†	Anti-interleukin 7 (IL7) antibody	Autoimmune disease	Phase I
GSK4172239†	DNMT1 inhibitor	Sickle cell disease	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)Phase II study start expected in 2025.

(3)Phase I study start imminent.

(4)Non-registrational.

(5)In Phase I/II study

(6)GSK has an exclusive global license option to co-develop and commercialise the candidate.

272



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Pipelines, products and intellectual property continued Pharmaceuticals and Vaccines product development pipeline continued


				Achieved regulatory review milestones
Compound	Mechanism of Action/Vaccine Type	Indication	Phase	MAA	NDA/BLA
Respiratory Immunology and Inflammation continued
GSK4527363	B-cell modulator	Systemic lupus erythematosus	Phase I
GSK4528287	Anti IL23-IL18 bispecific antibody	Inflammatory bowel disease	Phase I
GSK4771261	Monoclonal antibody against novel kidney target	Autosomal dominant polycystic kidney disease	Phase I
GSK5462688†	RNA-editing oligonucleotide	Alpha-1 antitrypsin deficiency	Phase I
GSK5926371†	Anti CD19-CD20-CD3 trispecific antibody	Autoimmune disease	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)Phase II study start expected in 2025.

(3)Phase I study start imminent.

(4)Non-registrational.

(5)In Phase I/II study

(6)GSK has an exclusive global license option to co-develop and commercialise the candidate.


Oncology
Blenrep (belantamab mafodotin)†	ADC targeting B-cell maturation antigen	2L+ Multiple myeloma combination with Pomalyst and dexamethasone	Registration	S: Jun24	S: Sep24
		2L+ Multiple myeloma combination with Velcade and dexamethasone	Registration	S: Jun24	S: Sep24
		1L Multiple myeloma combination with Revlimid and dexamethasone	Phase III
		Multiple myeloma in combination with anti- cancer treatments (platform study)	Phase II
		1L Multiple myeloma combination with Velcade, Revlimid and dexamethasone	Phase I
Jemperli (dostarlimab)†	Anti-programmed cell death protein 1 receptor (PD-1) antibody	1L primary advanced/recurrent endometrial cancer	Approved	A: Jan25	A: Aug 24
		1L Endometrial cancer combination with niraparib	Phase III
		Peri-operative dMMR/MSI-H colon cancer	Phase III
		Unresected head and neck squamous cell carcinoma	Phase III
		Non-small cell lung cancer(4)	Phase II
		Neoadjuvant dMMR/MSI-H rectal cancer	Phase II
		Previously untreated MMRp/MSS colon cancer	Phase II
Ojjaara/Omjjara (momelotinib)†	JAK1, JAK2 and ACVR1 inhibitor	Myelofibrosis with anaemia	Approved	A: Jan24	A: Sep23
belrestotug†	Anti-TIGIT antibody	Non-small cell lung cancer combination with novel immunotherapy combinations	Phase III
belrestotug†	Anti-TIGIT antibody	Squamous cell carcinoma of the head and neck combination with novel immunotherapy combinations	Phase II
cobolimab†	Anti-T-cell immunoglobulin and mucin domain-3 (TIM-3) antibody	2L Non-small cell lung cancer combination with Jemperli (dostarlimab) and docetaxel	Phase III
Zejula (niraparib)†	Poly (ADP-ribose) polymerase (PARP) 1/2 inhibitor	1L Maintenance ovarian cancer combination with Jemperli (dostarlimab)	Phase III
Zejula (niraparib)†	Poly (ADP-ribose) polymerase (PARP) 1/2 inhibitor	1L Maintenance non-small cell lung cancer combination with pembrolizumab	Phase III

273



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Pipelines, products and intellectual property continued Pharmaceuticals and Vaccines product development pipeline continued


				Achieved regulatory review milestones
Compound	Mechanism of Action/Vaccine Type	Indication	Phase	MAA	NDA/BLA
GSK4381562†	Anti-PVRIG antibody	Cancer	Phase II
nelistotug†	Anti-CD96 antibody	Cancer	Phase II
belantamab	B-cell maturation antigen binder	Multiple myeloma	Phase I
GSK4418959 (IDE-275)†(5)	Werner Helicase inhibitor	dMMR/MSI-H solid tumours	Phase I
GSK4524101†(5)	DNA polymerase theta inhibitor	Cancer	Phase I
GSK5733584†	ADC targeting B7-H4	Gynaecologic malignancies	Phase I
GSK5764227†	ADC targeting B7-H3	Solid tumours	Phase I
XMT-2056 (wholly owned by Mersana Therapeutics)†(6)	STING agonist ADC	Cancer	Phase I
HIV^
cabotegravir	HIV integrase inhibitor	HIV infection	Phase II
VH3810109†	HIV broadly neutralizing antibody	HIV infection	Phase II
VH3739937	HIV maturation inhibitor	HIV infection	Phase II
VH4011499	HIV capsid protein inhibitor	HIV infection	Phase II
VH4524184†	HIV integrase inhibitor	HIV infection	Phase II
VH4527079	HIV entry inhibitor	HIV infection	Phase I


Infectious Diseases
Arexvy (RSV vaccine)†	Recombinant protein, adjuvanted vaccine	Respiratory syncytial virus prophylaxis in older adult population 50-59 years of age	Approved	A: Jul24	A: Aug24
Arexvy (RSV vaccine)†	Recombinant protein, adjuvanted vaccine	Respiratory syncytial virus prophylaxis in adult population 18-49 years of age at increased risk	Phase III
Penmenvy (Men ABCWY 1st Gen)	Recombinant protein, outer membrane vesicle, glycoconjugate vaccine	Prevention of invasive disease caused by N. meningitis serogroups A, B, C, W and Y in adolescents 10-25 years of age	Approved		A: Feb25
gepotidacin†	Triazaacenaphthylene bacterial type II topoisomerase inhibitor	Uncomplicated urinary tract infection (uUTI)	Registration		S: Jul24
gepotidacin†		Urogenital gonorrhoea (GC)	Phase III
bepirovirsen†	HBV antisense oligonucleotide	Chronic hepatitis B virus infection	Phase III
Bexsero vaccine	Recombinant protein and outer membrane vesicle vaccine	Prevention of invasive disease caused by N. meningitis serogroup B in individuals 2 months of age and older (US)	Phase III
ibrexafungerp†	Antifungal glucan synthase inhibitor	Invasive candidiasis	Phase III
tebipenem pivoxil†	Antibacterial carbapenem	Complicated urinary tract infection (cUTI)	Phase III
Varicella new strain†	Live, attenuated vaccine	Active immunization for the prevention of varicella in individuals 12 months of age and older	Phase III
alpibectir†	Ethionamide booster	Tuberculosis	Phase II
ganfeborole†	Leucyl t-RNA synthetase inhibitor	Tuberculosis	Phase II
Malaria RTS,S (fractional dose)†	Recombinant protein, adjuvanted vaccine	Malaria prophylaxis (Plasmodium falciparum)	Phase II
Shigella†	Generalized Modules for Membrane Antigens (GMMA) vaccine	Shigella diarrhea prophylaxis	Phase II

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)Phase II study start expected in 2025.

(3)Phase I study start imminent.

(4)Non-registrational.

(5)In Phase I/II study

(6)GSK has an exclusive global license option to co-develop and commercialise the candidate.

274



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Pipelines, products and intellectual property continued Pharmaceuticals and Vaccines product development pipeline continued


				Achieved regulatory review milestones
Compound	Mechanism of Action/Vaccine Type	Indication	Phase	MAA	NDA/BLA
Infectious Diseases continued
CMV(5)	Adjuvanted recombinant subunit vaccine	Cytomegalovirus (CMV) infection prophylaxis in females 16-49 years of age	Phase II
Men ABCWY (2nd Gen)(5)	Recombinant protein, outer membrane vesicle, conjugated vaccine	Prevention of invasive disease caused by N. meningitis serogroup A,B,C,W and Y in adolescents and children 6 weeks of age and older	Phase II
iNTS (Typhimurium + Enteritidis)†	Bivalent Generalized Modules for Membrane Antigens (GMMA) vaccine	Invasive non-typhoidal salmonella	Phase II
iNTS (S. typhimurium + S. enteritidis + S.Typhi)†	Bivalent Generalized Modules for Membrane Antigens (GMMA) vaccine and typhoid conjugate vaccine (TCV)	Invasive non-typhoidal salmonella and typhoid fever	Phase II
mRNA Seasonal Flu†	mRNA vaccine	Active immunization for the prevention of influenza disease in adults 18 years and older	Phase II
mRNA COVID-19†	mRNA vaccine	Active immunization to prevent COVID-19 disease caused by SARS-CoV-2 in individuals 12 years and older	Phase II
Measles, mumps, rubella & varicella new strain vaccine	Live, attenuated vaccine	Active immunization for the prevention of measles, mumps, rubella, and varicella in children 12 months through 12 years of age	Phase II
Pneumococcal 24- valent - paed†	MAPS Pneumococcal 24-valent paed	Prevention of invasive pneumococcal disease, pneumonia, and acute otitis media caused by the Streptococcus pneumoniae 24 serotypes included in the vaccine in children aged 6 weeks - 17 years	Phase II
mRNA Flu H5N1 pre- pandemic†(5)	mRNA vaccine	Pandemic preparedness registration for active immunization of adults 18+ YoA for the prevention of disease caused by influenza A virus H5N1 subtype contained in the vaccine	Phase II
daplusiran + tomligisiran†	Hepatitis B virus-targeted siRNA sequential combination	Chronic hepatitis B virus infection	Phase II
sanfetrinem cilexetil†	Serine beta lactamase inhibitor	Tuberculosis	Phase II
Salmonella (typhoid + paratyphoid A)†	Bivalent conjugate vaccine	Salmonella (typhoid + paratyphoid A) enteric fever	Phase I
GSK3772701†	P. falciparum whole cell inhibitor	Malaria	Phase I
GSK3882347†	FimH antagonist	Uncomplicated urinary tract infection (uUTI)	Phase I
GSK3923868	PI4K beta inhibitor	Rhinovirus disease	Phase I
GSK3965193(5)	PAPD5/PAPD7 inhibitor	Chronic hepatitis B virus infection	Phase I
GSK4024484†	P. falciparum whole cell inhibitor	Malaria	Phase I
GSK5251738†	TLR8 agonist	Chronic hepatitis B virus infection	Phase I
GSK5102188(5)	Adjuvanted recombinant subunit vaccine	Active immunization for the prevention of urinary tract infection (UTI) caused by uropathogenic Escherichia coli (UPEC) in 18+ adults at increased risk.	Phase I
mRNA Seasonal Flu/ COVID-19†(5)	mRNA vaccine	Active immunization for the prevention of influenza disease and COVID-19 disease caused by SARS-CoV-2 in adults 18 years and older	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)Phase II study start expected in 2025.

(3)Phase I study start imminent.

(4)Non-registrational.

(5)In Phase I/II study

(6)GSK has an exclusive global license option to co-develop and commercialise the candidate.

275



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Pipelines, products and intellectual property continued

Pharmaceutical products and intellectual property


			Patent expiry dates1
Products	Compounds	Indication(s)	US	EU
Specialty Medicines and Intellectual Property
HIV
Apretude	Cabotegravir	HIV prevention	2031* 2026-2031	2031 2031
Cabenuva/Vocabria + Rekambys	Cabotegravir, rilpivirine	HIV/AIDS	2031* 2026-2038	2031 2031
Rukobia	Fostemsavir	HIV/AIDS	2029 2025-2027	2025 2034
Dovato	Dolutegravir, lamivudine	HIV/AIDS	2028 2030-2031	2029 2029-2034*
Juluca	Dolutegravir, rilpivirine	HIV/AIDS	2028 2025-2038	2029 2025-2029
Triumeq	Dolutegravir, lamivudine and abacavir	HIV/AIDS	2028 2030	2029 2029
Tivicay	Dolutegravir	HIV/AIDS	2028 2030	2029 2029
Respiratory/Immunology
Benlysta, Benlysta (SC and IV)	belimumab	systemic lupus erythematosus, lupus nephritis	2025 2029- 2035	2026 2035
Nucala	mepolizumab	Asthma, CRSwNP, EGPA, HES	2029-2036	2028- 2031
Oncology
Blenrep	belantamab mafodotin	relapsed/refractory multiple myeloma	2032 2038	2032
Jemperli	dostarlimab	dMMR/MSI-H recurrent/ advanced endometrial cancer, dMMR solid tumours	2035* 2034-2038	2036 2038
Ojjaara/Omjjara	momelotinib	myelofibrosis in patients with anemia	2030 2035-2040	2028 2039*
Zejula	niraparib	ovarian cancer	2031 2027-2039	2032 2029-2037
Pandemic
Xevudy	sotrovimab	Early treatment of COVID-19	2041	2041


General Medicines and Intellectual Property
Respiratory
Anoro Ellipta	umeclidinium bromide/vilanterol trifenatate	COPD	2027 2025-2031	2029 2025-2030
Flixotide/Flovent	fluticasone propionate	Asthma	2026	expired
Relvar/Breo Ellipta	fluticasone furoate/vilanterol trifenatate	Asthma, COPD	2025 2027-2031	2028 2025-2029
Seretide/Advair	salmeterol xinafoate/fluticasone propionate	Asthma, COPD	2026	expired
Trelegy Ellipta	fluticasone furoate/vilanterol trifenatate/ umeclidinium bromide	COPD, asthma	2027 2025-2031	2029 2025-2032
Ventolin	Salbutamol sulphate	Asthma, COPD	2026	expired
Other General Medicines
Augmentin	Amoxicillin trihydrate/potassium clavulanate	Common bacterial infections	NA	expired
Lamictal	lamotrigine	Epilepsy, bipolar disorder	expired	expired

(1)Patent expiry dates 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)

276



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Pipelines, products and intellectual property continued Pharmaceutical products and intellectual property continued

Vaccines and Intellectual Property


			Patent expiry dates1
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 pertussis	diphtheria, tetanus, acellular Pertussis booster vaccination	expired	expired
Infanrix/Pediarix	diphtheria, tetanus, pertussis, polio, hepatitis B, Haemophilus influenzae type B (EU)	Prophylaxis against diphtheria, tetanus, pertussis, polio, hepatitis B, Haemophilus influenzae type B (EU)	expired	expired
Cervarix	HPV 16 & 18 virus like particles (VLPs), AS04 adjuvant (MPL + aluminium hydroxide)	human papilloma virus type 16 and 18	Not marketed in US	expired
Fluarix	split inactivated influenza antigens (2 virus subtypes A and 2 subtype B)	seasonal influenza prophylaxis	expired	expired
FluLaval	split inactivated influenza antigens (2 virus subtypes A and 2 subtype B)	seasonal influenza prophylaxis	expired	expired
Menveo	meningococcal group A, C, W-135 and Y conjugate vaccine	Meningitis group A, C, W-135 and Y prophylaxis	2025	2025
Priorix, Priorix Tetra, Varilrix	live attenuated MMR, Varicella and MMRV vaccines	measles, mumps, rubella and chickenpox prophylaxis	expired	expired
Rotarix	Human rotavirus RIX4414 strain	Rotavirus prophylaxis	expired	expired
Synflorix	conjugated pneumococcal polysaccharide	Prophylaxis against invasive disease, pneumonia, acute otitis media	Not marketed in US	2026
Shingrix	zoster vaccine recombinant, adjuvanted	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. 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)

277



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

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 47

‘Legal proceedings’ on page 265.

Patient safety

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-to-risk profile of a medicine

or vaccine in a timely manner.

Risk impact

GSK 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, so we uphold 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.

Context.

We are accountable for protecting patients and participants in

clinical trials who receive our medicines and vaccines, whether

they are in development or marketed, from harm. An

unforeseen event that unfavourably shifts the benefit-to-risk

profile is not a probable occurrence, but such an event cannot

be fully discounted, and more generally, we cannot predict all

circumstances impacting safety and efficacy that could

potentially result in harm to patients. We operate in a complex

and restrictive pharmacovigilance regulatory environment,

which can be further complicated by differing requirements

among regulatory agencies. Such regulatory complexity is

further illustrated by instances of regulatory agencies taking

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 potentially 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.

Numerous information sources, including publications not

based on robust scientific research, media coverage, social

media, Artificial Intelligence (AI) tools and government health

authorities, could potentially lead to a surge in reports related to

products and/or adverse events. 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, and 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 GSK and our industry

frequently encounter.

278



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Risk Factors continued

Product quality

Risk definition

The risk that GSK or our 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 far-reaching

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. The impact of continuing nationalism and

geopolitical tensions, and of new and emerging regulations with

a gradual divergence in regulatory expectations by some health

authorities, as well as a strong focus from regulators on

inspections and prevention of drug shortages present a broad

set of challenges to our sites and functions as they support

product quality and our licence to operate. The rapid

advancement and use of digital technologies, particularly the

use of AI and Machine Learning (ML), within an evolving

regulatory framework, introduce both the opportunity to

accelerate ways of working and the potential to impact product

quality if not adequately controlled. We need to align to new

and updated regulatory guidance as it emerges. The threat of

cyber-attacks and data breaches across the industry could risk

the integrity of product quality data and its audit trail. Attracting

and retaining key specialised skills to deliver quality innovation

in manufacturing and development is potentially challenging in

a highly competitive environment and remains a focus for our

innovative new platforms.

Financial controls and reporting

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 existing or new financial or ESG reporting

and disclosure requirements, or changes to the recognition of

income and expenses, could expose GSK to litigation and

regulatory action and could materially and adversely affect our

financial results. Failure to comply with changes in the

substance or application of the laws governing transfer pricing,

dividends, tax credits and intellectual property could also

materially and adversely affect our financial results. Failure to

comply with applicable laws and regulations could result in

GSK being investigated by relevant government agencies and

authorities and/or in legal proceedings against us. Government

investigations and litigation, can be unpredictable and

regardless of their outcome, may be costly, require significant

management attention, and damage our reputation.

Inconsistent application of treasury policies, transactional or

settlement errors, or counterparty defaults could lead to

significant losses.

Context

The laws of various jurisdictions require us to publicly disclose

our financial results and any events that could materially affect

the Group’s financial results. Regulators routinely review the

financial statements of listed companies for compliance with

new, revised, or existing accounting and regulatory

requirements. We believe that we comply with the appropriate

regulatory requirements concerning our financial statements

and the disclosure of material information, including any

transactions relating to business restructuring such as

acquisitions and divestitures. However, should we be subject to

an investigation into potential non-compliance with accounting

and disclosure requirements, this could lead to restatements of

previously reported results and significant penalties. Our

Treasury group deals daily in high value transactions, mostly

foreign exchange and cash management transactions. These

transactions involve market volatility and counterparty risk. The

Group’s effective tax rate reflects the locations of our activities

and the value they generate, which determine the jurisdictions

in which profits arise and the applicable tax rates.

These may be higher or lower than the UK statutory rate and

may reflect regimes that encourage innovation and investment

in R&D by providing tax incentives which, if changed, could

affect GSK’s effective tax rate. In addition, the worldwide nature

of our operations means that our cross-border supply routes,

necessary to ensure supplies of medicines and vaccines, 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. The complexity of tax regulations also

means that we may occasionally disagree with tax authorities

on the technical interpretation of a particular area of tax law.

The tax charge included in our financial statements is our best

estimate of tax liability pending any audits by tax authorities.

We expect there to be a continued focus on tax reform, driven

by international initiatives set by the OECD, the European

Commission and the UN, as well as various domestic

initiatives. These may result in significant changes to

established tax principles and an increase in tax authority

disputes. Regardless of their merit or outcomes, these may be

costly, divert management attention and adversely impact our

reputation and relationship with key stakeholders. Laws,

regulations, orders and other measures restrict dealings with

certain countries, governments, government officials, entities

and individuals, and the use of financial institutions and

movement of funds.

279



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Risk Factors continued

Legal matters

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, and sanctions. Any failure to comply with 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 GSK’s ability to supply

its products under certain government contracts. Moreover,

failure to manage legal risk could have substantial implications

for GSK’s reputation and the reputation of its 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,

competitive practices, and sanctions and export controls

continues to be challenging with increased scrutiny from

government agencies. Authorities remain committed to robust

foreign bribery investigations and prosecutions, with a particular

focus on the conduct of multi-national companies regardless of

their location. 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. The applicable

laws are often uncertain, unstable or evolving and can conflict

across different markets making it challenging to determine

exact requirements of local laws in every market.

Developments in the external environment include an increase

in transparency and collaboration among enforcement

authorities with the aim of reducing bribery and corruption

globally.

Commercial practices

Risk definition

The risk that GSK or our third parties potentially engage in

commercial activities that fail to comply with laws, regulations,

industry codes, and internal controls and requirements.

Risk impact

It could materially and adversely affect our ability to deliver our

strategy and long-term priorities if we fail to engage in activities

that are consistent with: the letter and spirit of the law, industry

regulations, or the Group’s requirements relating to sales and

promotion of medicines and vaccines; appropriate interactions

with healthcare professionals (HCPs), organisations and

patients; legitimate and transparent transfers of value; and

pricing and competition regulations in commercial practices,

including trade channel activities and business tendering.

Additionally, such a failure may result in incomplete awareness

of the risk/benefit profile of our products and possibly

suboptimal treatment of patients and consumers; governmental

investigation, regulatory action and legal proceedings brought

against the Group by governmental and private plaintiffs which

could result in government sanctions; and criminal and/or

financial penalties. Any practices that are found to be

misaligned with our culture could also result in reputational

harm and dilute the trust established with external

stakeholders.

Context

We operate in a highly regulated and extremely competitive

biopharma industry, amongst peers who make significant

product innovations and technical advances and intensify price

competition. The external environment is challenging.

Governments have increased their focus on initiatives to drive

down medicine and vaccines costs for consumers. There is an

expectation there will be continued focus on regulating drug

prices . Additional external factors include access limitations to

our customers, major geopolitical events in key markets,

macroeconomic inflationary dynamics, and pricing pressure

across markets. For example, in the US, a number of

legislative proposals have been introduced and/or signed into

law that attempt to lower drug prices, including the Inflation

Reduction Act. To achieve our strategic objectives, we must

continue to develop commercially viable new products, sustain

reliable supply, and deliver additional uses for existing products

that address the needs of patients, consumers, HCPs and

payers.

Financially, new products/indications carry with them an

uncertainty of future success. Product development is costly,

lengthy, and uncertain, and carries the potential for failure at

any stage. Even after successful product development, we face

challenges in how we launch, and competitors’ products or

pricing strategies could render our assets less competitive. We

support product innovation through our continued focus on both

in-person and virtual engagement, with a constant focus on our

patient. Once we have an approved medicine or vaccine, it is

our obligation to provide important information to the healthcare

community in various ways, always in a responsible, legal, and

ethical manner.

Appropriate product promotion ensures HCPs have access to

the information they need, that patients and consumers have

the facts about the medicines and vaccines they require, and

that products are prescribed, recommended, or used in a lawful

and compliant manner that provides healthcare benefit.

280



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Risk Factors continued

Scientific and patient engagement

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, GSK is 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, regulatory inspections with

subsequent corrective actions, or civil litigation.

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, healthcare professionals, payers,

regulators, and governments.

Context

Scientific and patient engagements are diverse non-

promotional activities directed at healthcare professionals,

patients, payers, and other external stakeholders. Such

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.

Data ethics and privacy

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

Non-compliance with data privacy laws could lead to harm to

individuals and GSK. It could also damage trust between GSK

and individuals, communities, business partners and

government authorities. Many countries have increased the

enforcement powers of their data protection authorities, allowing

them to impose significant fines, restrict cross-border data

flows, or temporarily ban data processing. Many new national

laws also enable individuals to bring collective legal actions

against companies for failing to follow data privacy laws.

Context

Data protection and privacy legislation is diverse, with limited

global harmonisation or simplification, making it challenging for

any multi-national company to standardise its approach to

compliance. Governments are enforcing compliance with data

protection and privacy laws more rigorously.

The approach and focus of data protection and privacy

regulators also differs between regions and countries, which

creates further challenges for global organisations seeking to

implement a single harmonised global privacy programme.

Increases in the volume of data processed and advances in

technology have resulted in a greater focus on data

governance and the ethical use of personal information, over

and above compliance with data privacy laws. Companies

seeking to foster innovation in AI/ML and other new

technologies are faced with evolving decisions from

policymakers on how best to promote trust in these systems

and avoid unintended outcomes or harmful impacts. Regulators

(including in the EU, UK, US and China) continue to introduce

regulatory developments around the use of AI/ML. This

evolving regulatory landscape adds more complexity to our

activities.

Additionally, the geopolitical environment significantly

influences the evolution of laws concerning the localisation of

data, restrictions on international transfers and data security

(including, in 2024, the proposed BIOSECURE Act in the US).

This increasing trend for data sovereignty may impact our

ability to innovate and to effectively operate internationally.

281



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Risk Factors continued

Research practices

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 GSK’s R&D efforts and negatively impact our

reputation. Any of these could severely impact our financial

results and erode trust among patients and customers.

Context

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.

Additionally, our work with human biological samples is crucial

to the discovery, development, and safety monitoring of our

products. We are committed to managing these human

biological samples in accordance with relevant laws,

regulations, and ethical principles, and in a manner that

respects the interests of sample donors.

Data is pivotal to our R&D strategy, and we continue to

leverage healthcare technologies and maximise the use of data

to serve patients. Governing our data in accordance with

relevant laws, regulations, contractual obligations,

expectations, and our culture across data ethics, privacy,

information and cyber security, and data integrity is essential .

The external environment is increasingly challenging and

influenced by the regulatory and political environment in

addition to the rising trend of data sovereignty and the

developing global landscape of quality standards, data

protection, privacy and cyber laws with potential impact on how

we conduct our research in a global setting. Research involving

animals can raise ethical concerns. In many cases, however,

research involving animals is the only way to investigate the

effects of a potential new medicine or vaccines in a living body

other than in humans. Animal research provides critical

information about the causes and mechanisms of diseases and

therefore remains a 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 and reducing the

impact on the animals used.

Biological materials are required for the discovery, research,

and development of our assets. We are committed to

conducting research is compliance with 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 (ABS) 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.

282



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Risk Factors continued

Environment, health, and safety (EHS)

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 disrupt supply or harm 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

GSK is 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. The external regulations continue to arise and evolve,

notably new sustainability directives from the EU and Canada

and proposed rules in the US and evolving PFAS regulations.

Developments in AI and data protection have also added both

opportunities and challenges.

Information and cyber security

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. This could be due to unauthorised

access, disclosure, loss, theft, unavailability or corruption of

GSK's information, key systems, or technology infrastructure.

Risk impact

Failure to adequately protect our information and systems

against cyber security threats may cause harm to patients,

workforce and customers, disruption to our business and/or

loss of commercial or strategic advantage, regulatory sanction,

or damage to our reputation.

Context

The external environment remains challenging, with increased

geopolitical conflict and digital nationalism, rising frequency of

data breaches, and growing sophistication of cyber threat

actors. New cyber regulations and privacy laws, along with the

anonymity provided by cryptocurrencies and the dark web, are

complicating the environment. GSK’s business relies on a

highly connected information network, making our systems and

information targets for cyber security threats. This means that

companies’ systems and information have been and will

continue to be targeted by cyber security threat actors.

Acceleration in the use of digital, data and analytics, AI/ML and

could computing capabilities to drive GSK’s pipeline,

performance and productivity requires us to continuously adapt

and strengthen our controls and defensive capabilities. We also

rely on third-party contractors, partners, and suppliers who face

similar cyber security threats.

283



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Risk Factors continued

Supply continuity

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, from Active Pharmaceutical Ingredient (API)

manufacturers and raw material suppliers through to third party

logistics providers and contract engineering firms.

We continue to operate our global supply chains in a rapidly

changing geopolitical environment. Increasing nationalism and

friction between the US and China creates divergence from

global 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.

Climate change

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, UK and US

governments will restrict our ability to manufacture metered

dose inhalers;

–Increasing levels of water stress could lead to interruptions to

supply of water to our 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;

–Our nature-based projects might not deliver sufficient

volumes of carbon credits to meet our needs in a given year,

requiring us to buy additional credits at higher costs;

–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

from health systems with increasing demands for low carbon

medicines and vaccines, affecting demand for our products,

which may have an adverse impact on our financial results

and longer-term loss of trust, undermining the credibility of

the company.

Context

It is increasingly understood that the interconnected effects of

climate change, nature loss, and society’s impact on both 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, such as the EU Corporate

Sustainability Reporting Directive, 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.

284



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Risk Factors continued

Pipeline delivery

Risk definition

The risk that GSK fails or has delay in the delivery of our

pipeline of new medicines, vaccines or other products.

Risk impact

Failure to ensure appropriate controls and governance over

pipeline delivery risk could cause product launch delays,

adversely impact our ability to deliver new medicines and

vaccines to patients, and negatively impact our reputation,

financial results and ability to deliver on our strategy.

Context

The discovery and development of new products and new

approved uses for existing products is essential for the

sustained strength of our business. It is crucial to continually

replenish the pipeline to offset revenue loss when products lose

exclusivity or market share, and to respond to emerging

healthcare and patient needs.

Developing pharmaceutical and vaccine products can be

complex, risky, costly and lengthy. The regulatory and payer

(such as health insurance companies, governments or

employers that cover costs for prescription medicines and

vaccines) landscape continues to evolve and can influence the

drug approval process and drug pricing and shapes the

potential use of our medicines and vaccines in the market.

The use of technology and partnerships are increasingly

important in successful R&D execution, adding greater

predictability and pace in pipeline delivery. Seeking and

acquiring external innovation through licensing deals, mergers,

and acquisitions to access new technologies and high potential

drug candidates is another key driver for pipeline growth. There

is, however, increasing competition from companies to secure

the most promising deals. This increased competition could

adversely impact our ability to support pipeline delivery with

external opportunities. Additionally, we may miscalculate risks

or value associated with business development transactions to

support our pipeline based on information available to us at the

time of deal, which could adversely impact our pipeline growth,

business operations, or financial results.

The convergence of science and technology continues to

shape the discovery, development and delivery of medicines

and vaccines to patients. The biopharma industry and

governments continue to work together to develop a policy and

regulatory environment, including a global framework, which

will stimulate and protect innovative research and development

with trust and transparency considering these technology

advances. We invest in data tech, including AI, and platform

technologies to be faster, more effective and more predictive in

discovering and developing highly innovative and impactful

medicines and vaccines. We invest in technology to reach

people and patients better and faster and empower our

scientists to do their best work. Our investments in technology

and stakeholder engagement to influence the global framework

may not achieve intended benefits, adversely impacting our

financial operations, ability to deliver new medicines and

vaccines to patients, and delivery on our strategy.

Emerging risks

Skills and capability planning

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 reputation, damage

trust between GSK and our employees, and our 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, driving

increasing need for robust skills and capabilities planning.

Significant advances in science and technology are rapidly

evolving the skills and capabilities needed for jobs across the

pharmaceutical and healthcare industry. The talent pool is small

and highly competitive, with companies increasingly evaluating

how they attract, integrate, incentivise and retain talent over

time and reskill and develop capability internally. It is essential

we continue to assess and evolve the skills and capability

needed to achieve our business priorities in a dynamic

environment.

285



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Risk Factors continued

Regulatory environment

Risk definition

The risk that GSK fails to adapt to changes in the regulatory

environment, new or amended legislation and governmental

action in relation to the pharmaceutical and healthcare industry.

Risk impact

Changes in the regulatory environment, the introduction of new

or amended legislation, government spending and policies and

other actions in relation to the pharmaceutical and healthcare

industry may continue to have an impact on prices for GSK’s

products, GSK’s ability to introduce products to the market,

adversely impact the availability of and access to GSK’s

products, and increase GSK’s regulatory burdens and costs,

which have adversely affected and may adversely affect in the

future GSK’s business, cash flows, results of operations,

financial condition and prospects.

Context

The pharmaceutical and healthcare industry in which GSK

operates is subject to an increasing number of extensive

governmental laws and regulations, investigations and legal

actions by national and local governmental agencies, in the

countries in which GSK operates. Legislative and regulatory

proposals and enactments to reform healthcare insurance

programs and increasing economic pressure could significantly

influence the manner in which GSK’s products are prescribed

and purchased. For example, in the United States, provisions

of the Affordable Care Act have resulted in changes in the way

healthcare is paid for by both governmental and private

insurers. Certain other U.S. laws, such as the Inflation

Reduction Act and the American Rescue Plan Act, have

introduced other measures relating to drug prices, including

government price-setting for certain drugs, statutory caps on

rebates drug manufacturers pay to Medicaid, and financial

penalties for drug prices that rise faster than the rate of

inflation.

In the UK, EU and other international markets, governments

provide healthcare at low costs and regulate drug prices,

patient eligibility and/or reimbursement levels, and have

announced or implemented measures, and may implement

new or additional measures, to reduce and further control

healthcare costs in order to limit government spending and

control costs.

In addition, changes to regulatory authorities’ timing or

requirements for approval or clearance of GSK’s drugs may

have a negative impact on GSK’s ability to bring new products

to the market, and a rescission of a previous approval may

require GSK to withdraw a product from the market.

Geopolitical developments

Risk definition

The risk that geopolitical and social tensions, give rise to

restrictive measures that may negatively impact GSK’s

operations.

Risk impact

Geopolitical and social tensions, such as changes in

government, sovereign risks, acts of war or aggression or

terrorism, have had and could continue to have a direct and

indirect impact on the pharmaceutical industry and GSK’s

operations. The introduction of aggressive trade, monetary and

fiscal policies by governments and/or central banks generally in

response to geopolitical and social tensions, or to address

market-specific factors such as inflation, could lead to

recessions in the jurisdictions in which we operate and raise the

cost-of-living in those markets, resulting in further pressure on

prices for our products and costs. Any of these developments

may materially and adversely affect GSK’s business, cash

flows, results of operations, financial condition and prospects.

Context

Geopolitical and social tensions in recent years have led

governments to introduce, or threaten to introduce protectionist

measures, including tariffs and other trade restrictions. For

example, the introduction of tariffs or other trade restrictions on

pharmaceutical products or active pharmaceutical ingredients

could cause an interruption in or disruption to our supply chain

and our ability to produce and deliver our products, and our

ability to pass on the related costs may be limited due to our

inability to influence reimbursement mechanisms, challenge

government limits on drug prices or competitive pressures.

286



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Shareholder information

Share capital and control

Details of our issued share capital and the number of shares

held in Treasury as at 31 December 2024 can be found in Note

37 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 and where it is listed refer to Note 30 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 shares of GSK

plc 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, 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 2024		20 February 2025
	No. of voting rights	Percentage of total voting rights(1)	No. of voting rights	Percentage of total voting rights(1)
BlackRock, Inc.	231,975,400(2)	5.60%	231,975,400(2)	5.60%
Dodge & Cox	253,464,108(3)	6.11%	253,464,108(3)	6.11%

(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 and a

holding of 2,840,717 Qualifying Financial Instruments (Contracts for

Difference).

(3)Comprising an indirect interest in 99,377,874 Ordinary Shares and

154,086,234 ADS.

The company has not acquired or disposed of any interests in

its own shares during the period under review.

Share buyback programme

The Board has been authorised 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 shareholder

authorities which are sought on an annual basis at our Annual

General Meeting (AGM). Any shares purchased by the

company may be cancelled, held as Treasury shares or used

for satisfying share options and grants under the Group's

employee share plans.

Our programme covers purchases of shares for cancellation or

to be held as Treasury shares, in accordance with the authority

renewed by shareholders at the AGM in May 2024, when the

company was authorised to purchase a maximum of

411,703,340 shares.

In determining specific share repurchase levels, the company

considers the development of free cash flow during the year.

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 37 to the financial statements, ‘Share capital and share

premium account’.

On 5 February 2025 GSK announced its intention to implement

a £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.

287



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Shareholder information continued Share capital and control continued

Market capitalisation

The market capitalisation, based on shares in issue excluding

Treasury shares, of GSK at 31 December 2024 was £55.8

billion. At that date, GSK was the 11th largest company by

market capitalisation in the FTSE index.


Share price	2024 £	2023 £	2022 £
At 1 January	14.80	14.51	16.13
At 31 December	13.47	14.50	14.38
Increase/(decrease)	(9)%	(0.06)%	(12)%
High during the year	18.13	15.36	18.31
Low during the year	13.00	13.16	12.96

The table above sets out middle market closing prices. The

company’s share price decreased by (9)% in 2024. This

compares with an increase in the FTSE 100 index of 5.7%

during the year. The middle market closing share price on 20

February 2025 was £14.47.

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

ADSs on the NYSE is GSK.

Share price trend in the three years ended

31 December 2024

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		ADS
	UK£ per share		US$ per share
	High	Low	High	Low
February 2025*	14.85	13.80	37.70	34.84
January 2025	14.05	12.94	35.50	32.08
December 2024	13.83	13.20	35.99	33.43
November 2024	14.20	13.00	37.02	33.35
October 2024	15.22	13.93	40.30	36.76
September 2024	16.71	15.17	44.26	40.56
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
Quarter ended 31 December 2023	15.21	13.82	37.56	34.17
Quarter ended 30 September 2023	15.36	13.16	38.07	33.81
Quarter ended 30 June 2023	15.23	13.46	38.32	33.60
Quarter ended 31 March 2023	15.03	13.77	36.43	33.50
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
Year ended 31 December 2020	14.68	12.92	39.17	33.42

* to 20 February 2025

288



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Shareholder information continued

Analysis of shareholdings at 31 December 2024


	Number of accounts	% of total accounts	% if total shares	Number of shares
Holding of shares
Up to 1,000	43,735	75.37	0.30	12,841,103
1,001 to 5,000	10,671	18.39	0.52	22,424,074
5,001 to 100,000	2,652	4.57	1.16	49,934,290
100,001 to 1,000,000	643	1.11	5.27	227,421,834
Over 1,000,000	326	0.56	92.75	4,001,682,433
	58,027	100.00	100.00	4,314,303,734
Held by
Institutional and corporate holders	2,699	4.65	75.33	3,249,766,038
Individuals and other corporate bodies	55,326	95.35	1.26	54,190,742
Guaranty Nominees Limited (ADR programme)	1	0.00	19.50	841,175,799
Held as Treasury shares by GSK	1	0.00	3.92	169,171,155
	58,027	100.00	100.00	4,314,303,734

JP Morgan Chase Bank NA is the Depositary for the company’s American Depositary Receipt (ADR) programme. The company’s

ADS are listed on the NYSE. Ordinary Shares representing the company’s ADR programme, which is managed by the Depositary,

are registered in the name of Guaranty Nominees Limited. At 20 February 2025, Guaranty Nominees Limited held 850,772,953

Ordinary Shares representing 20.52% of the issued share capital (excluding Treasury shares).

At 20 February 2025, the number of holders of Ordinary Shares in the US was 894 with holdings of 750,483 Ordinary Shares, and

the number of registered holders of ADS was 14,455 with holdings of 425,386,476 ADS. Certain of these Ordinary Shares and ADS

were held by brokers or other nominees. As a result, the number of holders of record or registered holders in the US is not

representative of the number of beneficial holders or of the residence of beneficial holders.

Dividends

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.

From 2022, GSK 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

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$(1)
2024	61(2)	— (4)
2023	58	1.47
2022	61.25(3)	2.00
2021	80	2.16
2020	80	2.12

(1)An annual fee of $0.03 per ADS (or $0.0075 per ADS per quarter) will be

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 2024 were 15p per share for

Q1 2024, 15p per share for Q2 2024 and 15p per share for Q3 2024. A

dividend of 16p per share has been declared for Q4 2024.

(3)Adjusted for the Share Consolidation (2022 only; prior years have not

been adjusted).

(4)The Q4 2024 ordinary dividend receivable by ADS holders will be

calculated based on the exchange rate on 8 April 2025. The cumulative

dividend receivable by ADS holders for Q1, Q2 and Q3 2024 was £1.15.

The expected dividend for 2025 is 64p per Ordinary Share.

Details of the dividends declared, the amounts and the

payment dates are given in Note 16 to the financial statements,

‘Dividends’.

2025 Dividend calendar


Quarter	Ex-dividend date	ADS Ex- dividend date	Record date	Payment date
Q4 2024	20 February 2025	21 February 2025	21 February 2025	10 April 2025
Q1 2025	15 May 2025	16 May 2025	16 May 2025	10 July 2025
Q2 2025	14 August 2025	15 August 2025	15 August 2025	9 October 2025
Q3 2025	13 November 2025	14 November 2025	14 November 2025	8 January 2026
Q4 2025	19 February 2026	20 February 2026	20 February 2026	9 April 2026

289



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Shareholder information continued

Financial calendar 2025


Event	Date
Quarter 1 results announcement	30 April 2025
Annual General Meeting	7 May 2025
Quarter 2 results announcement	30 July 2025
Quarter 3 results announcement	29 October 2025
Preliminary/Quarter 4 Results announcement	4 February 2026
Annual Report publication	February/March 2025
Annual Report distribution	March 2025

Information about the company, including the 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 298 for the contact details).

Annual General Meeting 2025

Our Annual General Meeting (AGM) will be held at 2.30pm (UK

time) on Wednesday, 7 May 2025 at The Landmark London,

222 Marylebone Road, London, NW1 6JQ, United Kingdom

and will also be broadcast live for you 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 2025 (AGM Notice) which will

be made available on our website at gsk.com on or around 24

March 2025.

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.

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.

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Shareholder information continued

Tax information for shareholders

A summary of certain UK tax and US federal income tax

consequences for holders of 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 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 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 shares as capital assets.

Taxation of dividends

For the 2024/25 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. Note that from 6 April

2024 the dividend allowance was reduced from £1,000 to £500.

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 shares or ADS.

For disposals by individuals in the 2024/25 UK tax year, the

capital gains tax rate is dependant on the date of sale. Prior to

30 October 2024, a taxable capital gain accruing on a disposal

of shares or ADS will be taxed at 10% for basic rate taxpayers,

or 20% if, after all allowable deductions, the individual’s taxable

income for the year exceeds the basic rate income tax banding.

Disposals made on or after 30 October 2024 the rates are

increased to 18% and 24% respectively. Note this is 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 (UK-domiciled or otherwise) shareholders may be

liable to UK inheritance tax on the transfer of 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 an exposure to UK inheritance tax and US estate

or gift tax exists, careful planning must be undertaken to

understand the opportunity to utilise the US/UK Estate and Gift

Double Tax Convention to manage tax credits and avoid double

taxation.

The overall exposure will be dependent on the specific

circumstances of each situation and it is also important to note

that tax charges may arise in other jurisdictions. 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. This market value override also

applies where non-listed shares are transferred to a company

connected to the transferor where the consideration includes an

issue of shares.

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 shares or ADS) that holds shares or ADS

as capital assets, is not resident in the UK for UK tax purposes

and does not hold shares 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 shares or ADS as part of an

integrated investment (including a ‘straddle’) comprised of a

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.

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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 receive the dividends, in

the case of Ordinary Shares, or the date the depositary

receives the dividends, in the case of ADSs. 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 shares or ADS. Such gains will be

long-term capital gains (subject to reduced rates of taxation for

individual holders) if the shares or ADS were held for more than

one year, from the date the shares 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 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 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.

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Additional information


Articles of Association of GSK plc

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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Additional information continued

(d)Dividends and distribution of assets

on liquidation

Subject to the provisions of the Articles and applicable

legislation, the Company in 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 be 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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Additional information continued


Material contracts

Agreements with Novartis

On April 22, 2014, GSK and Novartis AG (“Novartis”) entered

into a three-part, inter-conditional transaction, in connection

with which they executed, among other agreements, a share

and business sale agreement relating to the acquisition by GSK

of the vaccines business of Novartis (the “Vaccines SAPA”).

GSK’s shareholders approved the transaction on December 18,

2014. The transaction closed on March 2, 2015. GSK

continues to have obligations to pay further sales and

milestone-based consideration to Novartis under the Vaccines

SAPA.

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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Additional information continued


American Depositary Shares

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 law,

rule or regulation (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 2024

the Depositary made payments of approximately $11.18 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.

296



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Additional information continued

Insider Trading Policies

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

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, and Sarbanes-Oxley

(SOX) for assessment of internal controls. Furthermore, 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 25 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 Owner and manages and reports

regularly on the GSK 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, how we treat and monitor the risk in line with our ICF.

The Board, Audit & Risk Committee, and Risk Oversight and

Compliance Council 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, GSK

Leadership Team, and Company Secretary. Material incidents

are escalated to the Board and Audit & Risk Committee 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.

297



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Additional information continued


Code of Ethics

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

As of 31 December 2024, 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.:

•3.625% Notes due 2025

•3.875% Notes due 2028

•5.375% Notes due 2034

•6.375% Notes due 2038

•4.200% Notes due 2043

GlaxoSmithKline Capital plc:

•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.


Principal Accountant Fees and Services

Audit Fees for 2024 and 2023 were paid to Deloitte LLP as follows:


	2024 £m	2023 £m
Audit Fees	21.1	20.4
Audit-Related Fees¹	2.2	1.6
Tax Fees	–	–
All Other Fees	–	–

1 The other assurance services provided by the auditor related to agreed upon procedures and other assurance services outside of

statutory audit requirements.

298



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Other statutory disclosures

Shareholder services and contacts

Registrar

The company’s registrar is:

Computershare Investor Services PLC

The Pavillions, Bridgwater Road Bristol, BS99 6ZY

www.investorcentre.co.uk

Tel: +44 (0)370 707 1595*

Computershare provides a range of services for shareholders:

Individual Savings Accounts (ISAs)

Equiniti Financial Services Limited provide the EQi Flexible ISA

to hold GSK shares.

Details (including information on fees) are available from

www.eqi.co.uk or can be requested by calling the Equiniti

Customer Experience Team on 0345 0700 720. Lines are open

8:00am to 5:30pm, UK time Monday to Friday (excluding UK

public holidays).†

ADS Depositary

The ADR programme is administered by JPMorgan

Chase Bank, N.A.:

Regular Correspondence:

EQ Shareowner Services

P.O. Box 64504

St. Paul, MN 55164-0504

Delivery of Stock Certificates and Overnight Mail:

EQ Shareowner Services

1110 Centre Pointe Curve, Suite 101

Mendota Heights, MN 55120-4100

shareowneronline.com/informational/contact-us/

From the US: +1 877 353 1154

From outside the US: +1 651 453 2128

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.

Contacts

Investor relations

Investor relations may be contacted as follows:

79 New Oxford Street,

London, WC1A 1DG

Tel: +44 (0)20 8047 5000

2929 Walnut Street

Philadelphia PA 19104

Tel: +1 888 825 5249 (US toll free)

Tel: +1 215 751 4000 (outside the US)

GSK Response Center

Tel: +1 888 825 5249 (US toll free)

Tel: +1 215 751 4600 (outside the US)

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.

†The provision of share dealing details is not intended to be an invitation

or inducement to engage in an investment activity. Advice on share

dealing should be obtained from a stockbroker or independent financial

adviser.

299



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Other statutory disclosures continued

US law and regulation

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 in the Corporate Governance comparison on

page 302. 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. In 2024, the

Committee met 22 times, 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 members of

the ARC (Charles Bancroft) is included in the Board Committee

information area of the Corporate Governance report on page

103 and in his biography on page 105.

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 2024.

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.

Based on the Group’s evaluation, the CEO and CFO have

concluded that, as at 31 December 2024, 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.

300



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Other statutory disclosures continued US law and regulation continued

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 2024 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 2024 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

2024, has also assessed the effectiveness of the Group’s

internal control over financial reporting as at 31 December

2024 under Auditing Standard 2201 of the Public Company

Accounting Oversight Board (United States). Their audit

report is on page 301.

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 exported certain medicines to Iran via sales by non-

US entities that are not subsidiaries of a US entity to a

distributor in Iran pursuant to a specific licence issued by the

Office of Foreign Assets Control. The Group ceased exports

and sales to Iran in June 2024.

The Group did not regularly receive information regarding the

identity of the distributor's downstream customers and

intermediaries in Iran, and it is possible that these parties

included entities, such as hospitals and pharmacies, that are

owned directly or indirectly by the Iranian Government or by

persons or entities sanctioned in connection with terrorism or

proliferation activities.

As the Group does not regularly receive information regarding

the identity of its distributor's downstream customers and

intermediaries, it cannot establish the proportion of gross

revenue or sales potentially attributable to entities affiliated with

the Iranian Government or parties sanctioned for disclosable

activities. As a result, the Group is reporting the entire gross

revenues £2.6 million and net profits £5.6 million from the

Group's sales to Iran in 2024.

Some hospitals or other medical facilities in Lebanon may be

affiliated with or controlled by Hezbollah or other groups that

are designated by the United States pursuant to Executive

Order 13224. Again, the Group does not deal directly with such

hospitals or facilities and instead sells through distributors. The

Group is unable to establish the proportion of gross revenue or

sales potentially attributable to reportable activities. As a result,

the Group is reporting the entire gross revenues £7.3 million

and net profits £3.3 million from the Group's sales to Lebanon

in 2024.

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 Crimea, Cuba, the so-called Donetsk People's

Republic, Iran, the so-called Luhansk People's Republic, North

Korea and Syria, as well as with the Government of Venezuela

(though not with the country of Venezuela as a whole) and

certain agencies of the Government of the Russian Federation.

The Group engages in some activity in certain such

jurisdictions having assessed applicable licences 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.

301



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Other statutory disclosures continued

Report of Independent Registered Public Accounting Firm

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

2024, 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 2024, 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 2024, of the Group and our report

dated 3 March 2025, 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” included on page 300 of the Form 20-F. 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

3 March 2025

302



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Other statutory disclosures continued Group companies continued

Corporate governance comparison

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 112.

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 113

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 173 and 174.

303



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Other statutory disclosures continued

Group companies

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 2024 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
14245563 Canada Inc.	Common	75 Rue Queen, Unité 1400, Montreal, QC 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, SG1 2 NY, United Kingdom
Adechsa GmbH (ii)	Ordinary	c/o GlaxoSmithKline AG, Zweigniederlassung Baar/Zug, Neuhofstrasse 4, 6340 Baar, Switzerland
Affinivax, Inc.	Common	Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States
Aiolos Bio, Inc.	Common Stock	Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States
Aiolos Bio Limited	Ordinary	79 New Oxford Street, London, WC1A 1DG, United Kingdom
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, Austria
Beecham Group p.l.c	£0.20 Ordinary A; £0.05 Ordinary B	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- Produtos Farmaceuticos e Quimicos, Lda,	Quota	Rua Dr Antonio Loureiro Borges No 3, Arquiparque, Miraflores, 1495-131, Alges, Portugal
Beecham S.A.	Ordinary	Avenue Fleming 20, 1300 Wavre, Belgium
Bellus Health Inc	Common	75 Rue Queen, Unité 1300, Montreal, QC H3C 2N6, Canada
Biovesta Ilaçlari Ltd. Sti. (ii)	Nominative	Esentepe Mah, Bahar Sk. Ozdilek River Plaza, Vyndham Grand No: 12 Kat: 22, Kapi: 58, Sisli, Istanbul 32394, Turkey
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, United States
Corixa Corporation	Common	Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States
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, Madrid, Spain
Duncan Pharmaceuticals Philippines Inc.	Common	23rd Floor, The Finance Centre, 26th Street Corner 9th Avenue, Bonifacio Global City, Taguig City, 1634, Philippines
Elsie Biotechnologies, Inc	Common Stock	Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States
Etex Farmaceutica Ltda	Social Capital	Av. Andrés Bello 2457, Costanera Center, Torre 2, Piso 20, Providencia, Santiago, 7510689, Chile
Glaxo Group Limited	Ordinary	GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, SG1 2 NY, United Kingdom
Glaxo Kabushiki Kaisha (ii)	Ordinary	1-8-1 Akasaka Minato-ku, Tokyo, Japan
Glaxo New Zealand Pension Plan Trustee Limited	Ordinary	Level 2 E.2, Generator at GridAKL, 12 Madden Street, Wynyard Quarter, Auckland, 1010, New Zealand
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, Jeddah 21416, Saudi Arabia
Glaxo Verwaltungs GmbH	Ordinary	Prinzregentenplatz 9, 81675, Munich, Bavaria, Germany
Glaxo Wellcome Farmaceutica, Limitada	Ordinary	Rua Dr Antonio Loureiro Borges No 3, Arquiparque, Miraflores, 1495-131, Alges, Portugal
Glaxo Wellcome International B.V. (iii)	Ordinary	Huis ter Heideweg 62, 3705 LZ, Zeist, 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

304



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Other statutory disclosures continued Group companies continued


Name	Security	Registered address
Wholly owned subsidiaries continued
Glaxo Wellcome Vidhyasom Limited (in liquidation)	Ordinary	12th Floor Wave Place, 55 Wireless Road, Lumpini, Pathumwan, Bangkok, 10330, Thailand
Glaxo Wellcome, S.A.	Ordinary	Poligono Industrial Allendeduero, Avenida de Extremadura, 3, Aranda de Duero, 09400, Burgos, Spain
Glaxo, S.A.	Ordinary	Severo Ochoa, 2, Parque Tecnologico de Madrid, Tres Cantos, 28760, Madrid, Spain
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, Alges, Portugal
GlaxoSmithKline (Cambodia) Co., Ltd.	Ordinary	5th Floor DKSH Building, No.797 Preah Monivong Boulevard (Co, Sangkat Phsar Deum Thakov, Khan Chamkarmon, Phnom Penh, Cambodia
GlaxoSmithKline (China) Investment Co Ltd	Ordinary	Room 901, 902, 903, 905, 908, 909 and 910, Unit 901, Floor 9, No. 56 Mid 4 th East Ring Road, Chaoyang District, Beijing, China
GlaxoSmithKline (China) R&D Company Limited	Equity	F1-3, No.18 Building, 999 Huanke Road, Pilot Free Trade Zone, Shanghai, 201210, China
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, 10330, Thailand
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, 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: Preference	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	Wilmington Trust SP Services, Inc., 1100 N. Market Street, 4th Floor, Wilmington DE 19890, United States
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 Metropolitana, Chile
GlaxoSmithKline Colombia S.A.	Ordinary	Avenida Calle 116, No 7-15, Interior 2 Oficina 601 A, Bogota, 110111, Colombia
GlaxoSmithKline doo Beograd-Novi Beograd (In liquidation)	Ordinary	Milutin Milankovic, 1J, Novi Beograd, Belgrade, 11070, Serbia
GlaxoSmithKline Ecuador S.A.	Ordinary	Av. 6 de diciembre E10-A, y Juan Boussingault, Edificio Torre 6, Piso 4, Oficina 408, Quito, Ecuador
GlaxoSmithKline El Salvador S.A. de C.V.	Ordinary	Municipio de San Salvador, Departamento de San Salvador, El Salvador
GlaxoSmithKline EOOD	Ordinary	119 Oborishte Str., Sofia 1505, 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, 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	Wilmington Trust SP Services Inc., 1100 North Market Street, 4th Floor, Wilmington, Delaware, 19890, United States
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
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 Grand No: 12 Kat: 22, Kapi: 58, Sisli, Istanbul 32394, Turkey

305



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Other statutory disclosures continued Group companies continued


Name	Security	Registered address
Wholly owned subsidiaries continued
GlaxoSmithKline Inc.	Class A Common; Class C Preference	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, Hamilton, Hamilton, HM12, Bermuda
GlaxoSmithKline Intellectual Property (No.2) Limited	Ordinary	GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, SG1 2 NY, United Kingdom
GlaxoSmithKline Intellectual Property Development Limited	Ordinary	GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, SG1 2 NY, United Kingdom
GlaxoSmithKline Intellectual Property Holdings Limited	A Ordinary; B Ordinary	GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, SG1 2 NY, United Kingdom
GlaxoSmithKline Intellectual Property Limited	Deferred; Ordinary	GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, SG1 2 NY, United Kingdom
GlaxoSmithKline Intellectual Property Management Limited	Ordinary	GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, SG1 2 NY, United Kingdom
GlaxoSmithKline Investigación y Desarrollo, S.L.	Ordinary	Severo Ochoa 2 Parque Tecnológico de Madrid, Tres Cantos, 28760, Madrid, Spain
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-gu, Seoul, 04386, Korea, Republic of
GlaxoSmithKline Latin America, S.A.	Ordinary	Panama City, Republic of Panama, Panama
GlaxoSmithKline Limited	Ordinary	Suites 1004-10. 10F, Tower 6, The Gateway, 9 Kanton Road, Tsimshatsui, Kowloon, Hong Kong
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, United States
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; Ordinary B	Av. Real Mayorazgo 130 Piso 20, Colonia Xoco, Alcaldia Benito Juárez, Ciudad de Mexico, 03330, Mexico
GlaxoSmithKline NZ Limited	Ordinary	Level 2 E.2, Generator @GridAKL, 12 Madden Street, Wynyard Quarter, Auckland, 1010, New Zealand
GlaxoSmithKline Oy	Ordinary	Porkkalankatu 20 A, Helsinki, 00180, Finland
GlaxoSmithKline Peru S.A.	Ordinary	Av. Víctor Andrés Belaúnde N°147, Vía Principal °133, Piso 7, Distrito de San Isidro, Lima, Perú
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, 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, Ban dar Utama, 47800 Petaling Jaya, Selangor, Malaysia
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, edificio uno, cuarto piso, San Diego, Cartago, 30302, Costa Rica
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 Global City, Taguig City, 1634, Philippines
GlaxoSmithKline Pte Ltd	Ordinary	23 Rochester Park, 139234, Singapore
GlaxoSmithKline Puerto Rico, Inc.	Common	CORPORATION SERVICE COMPANY PUERTO RICO INC., c/o RVM Professional Services, LLC, A4 Reparto Mendoza, Humacao, 00791, Puerto Rico
GlaxoSmithKline Republica Dominicana S..A	Ordinary	Blue Mall Tower, Floor 23 Ave., Winston Churchill 95, Santa Domingo, Dominican Republic
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, Madrid, Spain
GlaxoSmithKline S.p.A.	Ordinary	Viale dell’Agricoltura 7, 37135, Verona, Italy
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, United States
GlaxoSmithKline SL LP (ii)(v)	Partnership	79 New Oxford Street, London, WC1A 1DG, United Kingdom
GlaxoSmithKline South Africa (Pty) Limited	Ordinary	155 West Street, Sandown, Sandton 2031, South Africa

306



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Other statutory disclosures continued Group companies continued


Name	Security	Registered address
Wholly owned subsidiaries continued
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, Montevideo, 11300, Uruguay
GlaxoSmithKline US Trading Limited	Ordinary	79 New Oxford Street, London, WC1A 1DG, United Kingdom
GlaxoSmithKline Venezuela C.A.	Ordinary	calle Altagracia, edificio P&G, piso Mezzanina, torre Torre Sur, Urbanizacion Sorokaima, La Trinidad, Caracas, 1080, Venezuela
GlaxoSmithKline Vietnam Limited Liability Company (ii)	Equity Capital	The Metropolitan, 235 Dong Khoi Street, District 1, 7th Floor Unit 701, Ho C hi Minh City, Vietnam
GlycoVaxyn AG (in liquidation)	Common; Preferred A; Preferred B; Preferred C	Neumühlequai 6, Zürich, 8001 Switzerland
Groupe GlaxoSmithKline	Ordinary	23 rue François Jacob, 92500, Rueil-Malmaison, France
GSK Biopharma Argentina S.A.	Nominative Non Endorseable O rdinary	Tucumán 1, piso 4, Buenos Aires, C1049AAA, Argentina
GSK Capital B.V (iii) (vi)	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	Ameriška ulica 8,, Ljubljana, 1000, Slovenia
GSK Enterprise Management Co, Ltd	Ordinary	Floor 4, 18 Lane 999 Huanke Road, No. 1358 Zhongke Road, Shanghai, Ch ina
GSK Equity Investments, Limited	Units	Corporation Service Company, 2595 Interstate Drive, Suite 103, Harrisburg, PA 17110, United States
GSK Finance (No.3) (in liquidation)	Ordinary	c/o BDO LLP, 5 Temple Square, Temple Street, Liverpool, L2 5RH, United Kingdom
GSK Finance (No 2) Limited	Ordinary	79 New Oxford Street, London, WC1A 1DG, United Kingdom
GSK GP 1 Limited (strike-off requested)	A Shares; B Shares	50 Lothian Road, Festival Square, Edinburgh, Scotland, EH3 9WJ, United Kingdom
GSK GP 2 Limited (strike-off requested)	Ordinary	50 Lothian Road, Festival Square, Edinburgh, Scotland, EH3 9WJ, United Kingdom
GSK India Global Services Private Limited	Equity	Level 1, 2 & 3 Luxor North Tower, Bagmane Capital Business Park Outer Ri ng Road, Bangalore, Karnataka, 560037, India
GSK International Holding and Finance BV	Ordinary	Van Asch van Wijckstraat 55h, 3811 LP, Amersfoort, Netherlands
GSK Kazakhstan LLP	Participation Interest	Nursultan Nazarbayev Ave 273, Business center USKO, 3rd fl., Almaty, 050059, Kazakhstan
GSK Life Sciences FZE	Ordinary	LB06015, Jebel Ali Freezone, Dubai, United Arab Emirates
GSK LP Limited (i)	Ordinary	79 New Oxford Street, London, WC1A 1DG, United Kingdom
GSK Pharma India Private Limited	Equity	1, Battery House, Bhulabhai Desai Raod, Mumbai, Maharashtra, 400026, India
GSK Pharma Vietnam Company Limited	Chartered Capital	Unit 702/703 7th Floor, The Metropolitan Tower, 235 Dong Khoi Street, Ben Nghe Ward, District 1, Ho Chi Minh, Vietnam
GSK Pharmaceutical Trading S.A. (ii)	Ordinary	Bucureşti Sectorul 1, Şoseaua BUCUREŞTI-PLOIEŞTI, Nr. 89A Romania
GSK PSC Poland sp. z o.o.	Ordinary	ul. Grunwaldzka 189, Poznań, 60-322, Pol
GSK Regional Headquarters Company	Ordinary	Olaya Tower, Prince Mohamed Ibn Abdelaziz Street, Olaya, Riyadh, 12821, Saudi Arabia
GSK Services Sp z o.o.	Ordinary	Ul. Grunwaldzka 189, 60-322, Poznan, Poland
GSK Vaccines BV	Ordinary	De Entree 201,1101 HG, Amsterdam
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
GSK Vaccines Vertriebs GmbH	Ordinary	Rudolf-Diesel-Ring 27, 83607, Holzkirchen, Germany
Human Genome Sciences, Inc.	Common	Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States
ID Biomedical Corporation of Quebec	Common	2323, boul. Du Parc Technologique, Québec Québec G1P 4R8, Canada
Instituto Luso Farmaco, Limitada (in liquidation)	Quota	Rua Dr Antonio Loureiro Borges No 3, Arquiparque, Miraflores, 1495-131, Alges, Portugal
InterPharma Dienstleistungen GmbH	Quota	Wienerbergstraße 7, Wien, 1100, Austria, Austria
J&J Technologies, LC (ii)	LLC Interests	Corporation Service Company, 100 Shockoe Slip, 2nd Floor, Richmond VA 2 3219,, United States
JSC GlaxoSmithKline Trading	Ordinary	Leningradskiy Prospect 37A, Building 4, Floor 3, Premises XV, Room 1, 125 167, Moscow, Russian Federation
Laboratoire GlaxoSmithKline	Ordinary	23 rue François Jacob, 92500, Rueil-Malmaison, France

307



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Other statutory disclosures continued Group companies continued


Name	Security	Registered address
Wholly owned subsidiaries continued
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; Ordinary B	Av. Real Mayorazgo 130 Piso 20, Colonia Xoco, Alcaldia Benito Juárez, Ciudad de Mexico, 03330, Mexico
Laboratorios Farmaceuticos Stiefel (Portugal) LTDA (in liquidation)	Ordinary	Rua Dr Antonio Loureiro Borges No 3, Arquiparque, Miraflores, 1495-131, Alges, Portugal
Laboratorios Stiefel de Venezuela SA	Ordinary	Calle Altagracia, edificio P&G, nivel Mezzanina,, piso Mezzanina, local Torre Sur, Urbanizacion Sorokaima, La Trinidad, Caracas, 1080, Venezuela, Bolivarian Republic of
Laboratorios Stiefel Ltda.	Ordinary	Avenida Doutor Timóteo Penteado nº 2289, Box XXIII, Vila Hulda, Guarulhos, São Paulo 07094-000, Brazil
Laboratorios Wellcome De Portugal Limitada (in liquidation)	Quota	Rua Dr Antonio Loureiro Borges No 3, Arquiparque, Miraflores, 1495-131, Alges, Portugal
Maxinutrition Limited (in liquidation)	Ordinary	c/o BDO LLP, 5 Temple Square, Temple Street, Liverpool, L2 5RH
Montrose Fine Chemical Company Ltd. (in liquidation)	Ordinary	c/o BDO LLP, 2 Atlantic Square, 31 York Street, Glasgow, G2 8NJ
PT Glaxo Wellcome Indonesia	Class A; Class B	JL. Pulobuaran Raya Kav.III/ DD 2,3,4 KWS. Industri, Pulogadung, Jatinegara, Cakung, Jakarta Timur, Indonesia
Qeparo Acquisition Co	Common Stock	Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States
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 (Shanghai) Pilot Free Trade Zone, Shanghai, China
Sitari Pharma, Inc.	Common	Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States
Smith Kline & French Laboratories Limited (in liquidation)	Ordinary	c/o BDO LLP, 5 Temple Square, Temple Street, Liverpool, L2 5RH, United Kingdom
Smith Kline & French Portuguesa- Produtos Farmaceuticos, LDA (ii)	Ordinary	Rua Dr Antonio Loureiro Borges No 3, Arquiparque, Miraflores, 1495-131, Alges, Portugal
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, Ireland
SmithKline Beecham Egypt L.L.C.	Quota	Amoun Street, El Salam City, Cairo, Egypt
SmithKline Beecham Farma, S.A.	Ordinary	Severo Ochoa, 2, Parque Tecnologico de Madrid, Tres Cantos, 28760, Madrid, Spain
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 202 1, South Africa
SmithKline Beecham Senior Executive Pension Plan Truste e Limited (ii)	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, Irelan d
Stiefel Laboratories Pte Limited	Ordinary	1 Pioneer Sector, 628413, Singapore
Stiefel Laboratories, Inc.	Common	Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States
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, United States
Strebor Inc.	Common	Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States
Tesaro Bio GmbH (In liquidation)	Ordinary	Poststrasse 6, 6300 Zug, Switzerland
Tesaro Bio Netherlands B.V	Ordinary	Joop Geesinkweg 901, 1114 AB, Amsterdam-Duivendrecht, Netherlands
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, United States
The Sydney Ross Co. (ii)	Ordinary	Corporation Service Company, Princeton South Corporate Center, Suite 160 , 100 Charles Ewing Blvd, Ewing NJ 08628, United States

Name	Security	Registered address

308



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Other statutory disclosures continued Group companies continued


Name	Security	Registered address
Wholly owned subsidiaries continued
UCB Pharma Asia Pacific Sdn Bhd (ii)	Ordinary	12th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 1 3, 46200 Petaling Jaya, Malaysia
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


Name	Security	Effective % Ownership	Registered address
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)	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 19808, United States
Galvani Bioelectronics Limited	A Ordinary; B Ordinary	55.00% -	GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, SG1 2 NY, United Kingdom
Glaxo Laboratories (Nigeria) Limited (ii)	Ordinary	99.99%	82 Marine Road, Apapa, Lagos, Nigeria
Glaxo-Allenburys (Nigeria) Limited (ii)	Ordinary	99.00%	41 Creek Road, Apapa, Lagos, PMB 1401, Nigeria
GlaxoSmithKline (Tianjin) Co. Ltd	Ordinary	90.00%	No. 65, the Fifth Avenue, Tai Feng Industrial Park, Tianjin Economic and Technological Development Area, Tianjin, 300457, China
GlaxoSmithKline Algérie S.P.A.	Ordinary	99.99%	Zone Industrielle Est, Boudouaou, Wilaya de Boumerdes, Algeria
GlaxoSmithKline Consumer Nigeria plc (iv)	Ordinary	46.42%	1 Industrial Avenue, Ilupeju, Ikeja, Lagos, PM B 21218, Nigeria
GlaxoSmithKline Pakistan Limited	Ordinary	82.59%	The Sykes Building, 35 Dockyard Road, West Wharf, Karachi, 74000, Pakistan
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) - 1st District, Town Center - 5th Tagammoe, New Cairo City, Egypt
Laboratorios ViiV Healthcare, S.L.	Ordinary	78.30%	Severo Ochoa, 2, Parque Tecnologico de Madrid, Tres Cantos, 28760, Madrid, Spain
Limited Liability Company SmithKline Beecham- Biomed O.O.O.	Participation Interest	97.00%	Leningradskiy Prospect 37A, Building 4, Floor 2, Premises XIV, Room 42, 1 25167, Moscow, Russian Federation
Modern Pharma Trading Company L.L.C.	Quota	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) Limited	Ordinary	78.30%	Flushing Meadows Building, The Campus, 57 Sloane Street, Bryanston 202 1, South Africa
ViiV HealthCare BV	Ordinary	78.30%	Van Asch van, Wijckstraat 55h, 3811 LP Amersfoort, The Netherlands, Netherlands
ViiV Healthcare Company	Common	78.30%	Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States
ViiV Healthcare Finance 2 Limited	Ordinary	78.30%	79 New Oxford Street, London, WC1A 1DG, United Kingdom
ViiV Healthcare Finance Limited	Ordinary; Redeemable Preference	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%	Talstrasse 3 , 3053 Muenchenbuchsee, Switzerland
ViiV Healthcare K.K.	Ordinary	78.30%	1-8-1 Akasaka Minato-ku, Tokyo, Japan
ViiV Healthcare Limited	A Ordinary; B Ordinary; C Ordinary; D1 Preference; D2 Ordinary; Deferred; E 5% Cumulative Preference	78.30%	GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, SG1 2 NY, United Kingdom
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 Professional Services, LLC, A4 Reparto Mendoza, Humacao, Puerto Rico, 00791
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, 1 25167, Moscow, Russian Federation
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, SG1 2 NY, United Kingdom
ViiV Healthcare UK (No.4) Limited	Ordinary	78.30%	GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, SG1 2 NY, United Kingdom

309



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Other statutory disclosures continued Group companies continued


Name	Security	Effective % Ownership	Registered address
Subsidiaries where the effective interest is less than 100% continued
ViiV Healthcare UK (No.5) Limited	Ordinary	78.30%	GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, SG1 2 NY, United Kingdom
ViiV Healthcare UK (No.6) Limited	Ordinary	78.30%	GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, SG1 2 NY, United Kingdom
ViiV Healthcare UK (No.7) Limited	Ordinary	78.30%	GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, SG1 2 NY, United Kingdom
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, Alges, Portugal
Winster Pharmaceuticals Limited	Ordinary	46.42%	2A Association Avenue, Ilupeju Industrial Estate, Lagos, PO Box 3199, Nigeria


Name	Security	Effective % Ownership	Registered address
Associates
GlaxoSmithKline Landholding Company, Inc	Common	39.93%	23rd Floor, The Finance Centre, 26th Street Corner 9th Avenue, Bonifacio Global City, Taguig City, 1634, Philippines
Index Ventures Life VI (Jersey) LP	Partnership Interest (24.94%)	24.94%	44 Esplanade, St Helier, Jersey, JE4 9WG, Channel Islands
Kurma Biofund II FCPR	Partnership Interest (32.06%)	32.06%	24 rue Royale, 5th Floor, 75008, Paris, France
Longwood Fund I, LP	Partnership Interest (35%)	35.00%	The Prudential Tower, Suite 1715, 800 Boylston Street, Boston, MA 02199, United States
Medicxi Ventures I LP	Partnership Interest (26.10%)	26.10%	44 Esplanade, St Helier, Jersey, JE4 9WG, Channel Islands
Other significant holdings
Alpheus Medical, Inc.	Series A Preference (13.77%) Series A-1 Preference (7.27%)	21.04%	3510 Hopkins Place, North Oakdale, Minnesota 55128, United States
Global Farm S.A.	A Shares (0%) B Shares (0%) C Shares (100%) of C Shares	20% 100% of C Shares	Mendoza 1259, Ciudad Autónoma de Buenos Aires, Argentina
Longwood Fund II, LP	Partnership Interest (20.00%)	20.00%	The Prudential Tower, Suite 1715, 800 Boylston Street, Boston, MA 02199, United States
Sanderling Ventures VII, L.P. A63	Partnership Interest (25.31%)	25.31%	1300 S. El Camino Real, Suite 203, San Mateo, CA 94402, United States
SR One Capital Fund I-B, LP	Partnership Interest (44%)	44.00%	Corporation service company, 251 Little Falls Drive, City of Wilmington, County of New Castle, Delaware 19808, United States
SR One Capital Fund III, LP	Parnership Interest (43.5%)	43.50%	Corporation service company, 251 Little Falls, Drive, City of Wilmington, County of New Castle, Delaware 19808, United States
SR One Capital Opportunities Fund I, LP	Partnership Interest (24.19%)	24.19%	Corporation service company, 251 Little Falls Drive, City of Wilmington, County of New Castle, Delaware 19808, United States

310



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Other statutory disclosures continued 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 2024. Unless otherwise stated, the undertakings listed below are owned, either directly

or indirectly, by GSK plc.


Name	Security	Effective % Ownership	Registered address	Company Number
UK registered subsidiaries exempted from audit
Burroughs Wellcome International Limited	Ordinary	100.00%	79 New Oxford Street, London, WC1A 1DG, United Kingdom	543757
Domantis Limited	Ordinary	100.00%	GSK Medicines Research Centre, Gunnels Wood Road, Stevenage SG1 2NY, United Kingdom	3907643
Edinburgh Pharmaceutical Industries Limited (ii)	Ordinary; Preference;	100.00%	Shewalton Road, Irvine, Ayrshire, KA11 5AP, United Kingdom	SC005534
Eskaylab Limited	Ordinary	100.00%	79 New Oxford Street, London, WC1A 1DG, United Kingdom	99025
Glaxo Wellcome UK Limited	Ordinary	100.00%	79 New Oxford Street, London, WC1A 1DG, United Kingdom	480080
Glaxochem (UK) Unlimited	Ordinary; Ordinary B; Ordinary C	100.00%	79 New Oxford Street, London, WC1A 1DG, United Kingdom	4299472
GlaxoSmithKline Intellectual Property (No.3) Limited	Ordinary	100.00%	79 New Oxford Street, London, WC1A 1DG, United Kingdom	11480952
GlaxoSmithKline Intellectual Property (No.4) Limited	Ordinary	100.00%	79 New Oxford Street, London, WC1A 1DG, United Kingdom	11721880
GlaxoSmithKline Intellectual Property (No.5) Limited	Ordinary	100.00%	79 New Oxford Street, London, WC1A 1DG, United Kingdom	11959399
GlaxoSmithKline International Limited	Ordinary	100.00%	79 New Oxford Street, London, WC1A 1DG, United Kingdom	2298366
PHIVCO UK II Limited	Ordinary	78.30%	79 New Oxford Street, London, WC1A 1DG, United Kingdom	6944229
PHIVCO UK Limited	Ordinary	78.30%	79 New Oxford Street, London, WC1A 1DG, United Kingdom	6944223
SmithKline Beecham (Export) Limited	Ordinary	100.00%	79 New Oxford Street, London, WC1A 1DG, United Kingdom	2860752
SmithKline Beecham (H) Limited	Non-cumulative Non-redeemable; Ordinary	100.00%	79 New Oxford Street, London, WC1A 1DG, United Kingdom	3296131
SmithKline Beecham (Investments) Limited	Ordinary	100.00%	79 New Oxford Street, London, WC1A 1DG, United Kingdom	302065
SmithKline Beecham Marketing and Technical Services Limited	Ordinary	100.00%	79 New Oxford Street, London, WC1A 1DG, United Kingdom	494385
SmithKline Beecham Nominees Limited	Ordinary	100.00%	79 New Oxford Street, London, WC1A 1DG, United Kingdom	503868
SmithKline Beecham Overseas Limited	Ordinary	100.00%	79 New Oxford Street, London, WC1A 1DG, United Kingdom	2552828
Stiefel Laboratories (U.K.) Ltd	Ordinary	100.00%	79 New Oxford Street, London, WC1A 1DG, United Kingdom	831160
Tesaro UK Limited	Ordinary	100.00%	79 New Oxford Street, London, WC1A 1DG, United Kingdom	7890847
The Wellcome Foundation Limited	Ordinary	100.00%	79 New Oxford Street, London, WC1A 1DG, United Kingdom	194814
ViiV Healthcare Overseas Limited	Ordinary	78.30%	79 New Oxford Street, London, WC1A 1DG, United Kingdom	7027385

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 2024 the total sum of these debts and liabilities is £370 million (2023 – £317 million)

Key

(i)Directly owned by GSK plc.

(ii)Dormant entity.

(iii)Tax resident in the UK.

(iv)Consolidated as a subsidiary in accordance with Section 1162 (4)(a) of the Companies Act 2006 on the grounds of dominant influence.

(v)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.

(vi) Incorporated in the Netherlands

311



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

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 the charging and payment of tax. The equivalent of tax depreciation.
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 currencies, at agreed exchange rates and dates
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 of the pension fund.
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 making off-setting commitments.
Intangible fixed assets	Assets without physical substance, such as computer software, brands, licences, patents, know-how and marketing rights purchased from outside parties.
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 how it has applied the best practice corporate governance provisions of the Financial Reporting Council’s UK Corporate Governance Code.

312



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

Index

Access43

Accounting principles and policies187

Acquisitions and disposals237

Adjustments reconciling Total profit after tax to operating

cash flows242

American depositary shares295

Annual General Meeting 2023289

Approach to tax92

Articles of Association of GSK plc292

Assets held for sale216

Associates and joint ventures203

Audit & Risk Committee Report124

Business model2

Cash and cash equivalents216

Cash generation and conversion86

CEO’s statement6

Chair’s statement4

Chair’s Governance statement110

Chair’s Remuneration annual statement133

Climate-related financial disclosure62

Code of Ethics297

Commitments 232

Consolidated balance sheet 183

Consolidated cash flow statement185

Consolidated income statement182

Consolidated statement of changes in equity184

Consolidated statement of comprehensive income182

Contingent consideration liabilities230

Contingent liabilities231

Corporate governance103

Corporate governance comparison302

Corporate Responsibility Committee Report117

Critical accounting judgements and key sources of

estimation uncertainty193

Critical accounting policies94

Cyber security296

Data and engagement49

Demerger of Consumer Healthcare business238

Directors and senior management156

Directors’ interests in shares154

Directors’ report130

Directors’ statement of responsibilities166

Dividends207

Earnings per share207

Employee costs201

Employee share schemes262

Environment45

Ethical standards48

Exchange rates195

Finance expense203

Finance income203

Financial calendar 2025289

Financial instruments and related disclosures245

Financial performance81

Financial position and resources87

General Medicines38,75

Glossary of terms215

Goodwill210

Group companies303

Group financial review75

GSK Leadership Team108

Innovation09

Insider trading policies296

Inventories215

Investments in associates and joint ventures213

Investor relations303

Legal proceedings265

Major restructuring costs202

Material contracts294

Movements in equity233

Net debt218

New accounting requirements195

Nominations Committee Report120

Non-controlling interests236

Non-controlling interests in ViiV Healthcare71

Non-Executive Directors’ fees152

Notes to the financial statements186

Operating profit200

Other intangible assets211

Other investments214

Other non-current assets214

Other non-current liabilities231

Other operating income/(expense)199

Other provisions229

Our culture56

Our external environment 12

Our long-term priorities09

Pensions and other post-employment benefits220

Pharmaceutical products, competition and intellectual

property281

Pipeline271

Post balance sheet events267

Presentation of the financial statements269

Principal accountant fees and services297

Principal Group companies264

Property, plant and equipment208

Reconciliation of net cash flow to movement in net debt243

Registrar302

Related party transactions 236

Reliable supply17

Remuneration governance150

Remuneration report134

Reporting framework69

Reports of Independent Registered Public

Accounting Firm 178, 301

Responsible business42

Right of use assets209

Risk Factors277

Risk management59

Science and technology16

Science Committee report118

Share capital and control296

Share capital and share premium account233

Share Consolidation233

Shareholder information296

Shareholder services and contacts302

Specialty Medicines33,73

Stakeholder engagement112

Supplemental guarantor information297

Task Force on Climate-related Financial Disclosures55

Taxation204

Tax information for shareholders299

Three-year selected financial data276

The Board104

Trade and other payables217

Trade and other receivables215

Treasury policies93

Trust09

Turnover and segment information195

US law and regulation304

Vaccines29,74

Vaccine products, competition and intellectual property284

313



Strategic report	Corporate governance	Financial statements	Investor information	GSK 2024 Annual Report on Form 20-F

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, 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.

Download PDFs:

– Annual Report 2024

– Form 20-F

– ESG Performance Report 2024

– Full-year and Fourth Quarter 2024 Results

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 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’ 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 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 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 277 to 285 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 pages 79 to 79 and a reconciliation of Core

results to Total results is set out on pages 88 to 90.

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

173 and 174), 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 75

to 102, 134 to 172, 173 and 174, 207 to 209, 211 and

212, 262 to 263 and 268 comprise the Directors’ Report,

pages 1 to 102 inclusive comprise the Strategic report

and pages 134 to 172 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.


£31.4bn	+3%	+7%
	AER	CER



	Read about how our business model delivers our strategy on page 2


HIV	£7.1bn
Respiratory/ immunology and other	£3.3bn
Oncology	£1.4bn


Shingles	£3.4bn
Established	£3.3bn
Meningitis	£1.4bn
RSV	£0.6bn
Influenza	£0.4bn


In this section
Risk management	60
Climate-related financial disclosures	62
Nature-related financial disclosures	71
Employees by gender	74


In this section
The Board and GSK Leadership Team	104
Chair’s governance statement	110
Corporate governance architecture	113
Board activities	116
Board committee reports	122
Remuneration report	134
Remuneration policy	164
Directors’ report	173


Net impact
Our revised proposals will initially result in our CEO being remunerated between lower quartile and median of our new size- adjusted global biopharma peer group. We will have the flexibility to move towards median remuneration by the end of the 2025 Policy period in line with shareholder experience. Net impact post consultation on CEO remuneration


	Emma Walmsley	Julie Brown
Fixed remuneration
Salary	£1,430,792	£1,022,697
Pension	Aligned to wider UK workforce
Performance Pay
Annual bonus (% of salary)	Maximum opportunity: 300%
	On-target: 150%	On-target: 100%
LTI(1) (% of salary)	Maximum: 725%	Maximum: 400%
	Threshold: 145%	Threshold: 100%
Share ownership requirement (% of salary)	725%	400%


l		Fixed pay – salary, benefits, pensions and other	l		Performance pay – annual bonus and vested LTIs


		% of salary
	Target	Maximum(1)
Emma Walmsley	150	300
Julie Brown	100	300


	2025 DABP awards					2025 PSP awards
	2024 bonus deferred into shares (% of salary)	Number of shares	Face value of award (£000)	% base salary1	Number of shares	Face value of award (£000)
Emma Walmsley	110	103,980	1,492	575	573,313	8,227
Julie Brown	99	68,129	978	400	285,072	4,091


In this section
Directors’ statement of responsibilities	176
Report of the Independent Registered Public Accounting Firm - Deloitte LLP	178
Financial statements	182
Notes to the financial statements	186


	2024 £m	2023 £m
Cash at bank and in hand	943	748
Cash equivalents	2,927	2,188
	3,870	2,936


Cash flows	Business acquisitions £m	Business disposals - demerger £m	Business disposals - other £m
Cash consideration	(3,392)	–	–
Net deferred consideration paid	–	–	(34)
Cash and cash equivalents (divested)/acquired	284	(933)	(9)
	(3,108)	(933)	(43)
Transaction costs paid	(79)	(141)	–
Cash (outflow)/inflow	(3,187)	(1,074)	(43)


	2024	2023
	Total debt £m	Total £m
Floating and fixed rate debt less than one year	(2,181)	(2,657)
Between one and two years	(1,410)	(1,434)
Between two and three years	(721)	(1,475)
Between three and four years	(2,355)	(740)
Between four and five years	(1,207)	(2,350)
Between five and ten years	(2,738)	(3,031)
Greater than ten years	(5,272)	(5,124)
Total	(15,884)	(16,811)
Original issuance profile:
Fixed rate interest	(15,126)	(15,847)
Floating rate interest	(756)	(964)
Non interest bearing	(2)	–
	(15,884)	(16,811)


Item 19	Exhibits

1.1	Articles of Association of the Registrant as in effect on the date hereof are incorporated by reference to Exhibit 1.1 to the Registrant’s Annual Report on Form 20-F filed with the commission on March 5, 2024.

2.1	Second Amended and Restated Deposit Agreement, dated as of July 21, 2019, among the Registrant and JPMorgan Chase Bank, N.A. as Depositary, and the owners and holders from time to time of the American Depositary Shares issued thereunder, including the form of American Depositary Receipt, is incorporated by reference to Exhibit (a)(1) to the registration statement on Form F-6 (No. 333-264759) filed with the Commission on May 6, 2022.

2.2	Amendment No. 1 to Deposit Agreement, dated as of March 15, 2021, including the Form of American Depositary Receipt, is incorporated by reference to Exhibit (a)(2) to the registration statement on Form F-6 (No. 333-264759) filed with the Commission on May 6, 2022.

2.3	Form of American Depositary Share is incorporated by reference to the filing pursuant to Rule 424(b)(3) in connection with the registration statement on Form F-6 (Nos. 333-232726 and 333-264759) filed with the Commission on May 17, 2022.

2.4	Description of the Registrant’s securities registered pursuant to Section 12 of the Securities Exchange Act of 1934.

2.5	Long Term Debt Instruments: GSK plc is not party to any single instrument relating to long-term debt pursuant to which a total amount of securities exceeding 10% of its total assets (on a consolidated basis) is authorised to be issued. GSK plc hereby agrees to furnish to the Securities and Exchange Commission (the “Commission”), upon its request, a copy of any instrument defining the rights of holders of its long-term debt or the rights of holders of the long-term debt of any of its subsidiaries for which consolidated or unconsolidated financial statements are required to be filed with the Commission.

4.3	UK Service Agreement between GlaxoSmithKline Services Unlimited and Emma N. Walmsley dated March 29, 2017 is incorporated by reference to Exhibit 4.3 to the Registrant’s Annual Report on Form 20-F filed with the Commission on March 15, 2019.

4.4	UK Service Agreement between GlaxoSmithKline Services Unlimited and Julie Brown dated September 25, 2022 is incorporated by reference to Exhibit 4.4 to the Registrant’s Annual Report on Form 20-F filed with the commission on March 5, 2024.

4.5	Share and Business Sale Agreement relating to the Vaccines Group made on April 22, 2014, as amended and restated on May 29, 2014, as amended on October 9, 2014, and as further amended and restated on March 1, 2015, between Novartis AG and GlaxoSmithKline plc is incorporated by reference to Exhibit 4.9 of the Registrant’s Annual Report on Form 20-F filed with the Commission on March 18, 2016. Confidential portions of this exhibit have been omitted pursuant to a request for confidential treatment and filed separately with the SEC.

4.6	Stock and Asset Purchase Agreement by and among Pfizer Inc., GlaxoSmithKline plc and GlaxoSmithKline Consumer Healthcare Holdings Limited dated as of December 19, 2018 is incorporated by reference to Exhibit 4.10 to the Registrant’s Annual Report on Form 20-F filed with the Commission on March 15, 2019. Confidential portions of this exhibit have been omitted pursuant to a request for confidential treatment and filed separately with the SEC.

4.7	Amendment Agreement dated July 31, 2019 to the Stock and Asset Purchase Agreement by and among Pfizer Inc., GlaxoSmithKline plc, GlaxoSmithKline Consumer Healthcare Holdings Limited and GlaxoSmithKline Consumer Healthcare Holdings (No. 2) Limited dated as of July 31, 2019 is incorporated by reference to Exhibit 4.8 to the Registrant’s Annual Report on Form 20-F filed with the Commission on March 6, 2020.

4.8	Second Amendment Agreement dated June 1, 2022 to the Stock and Asset Purchase Agreement by and among Pfizer Inc., GSK plc, GlaxoSmithKline Consumer Healthcare Holdings Limited and GlaxoSmithKline Consumer Healthcare Holdings (No. 2) Limited dated as of 19 December 2018. Certain confidential information contained in this exhibit has been omitted from this exhibit because it is both (i) not material and (ii) would likely cause competitive harm to the Registrant if publicly disclosed.

8.1	A list of the Registrant’s principal subsidiaries as at 31 December 2024 can be found in Note 46 to the financial statements on page 264.

11.1	GSK plc Code for Dealing in Securities

12.1	Certification Required by Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934 – Emma Walmsley.


12.2	Certification Required by Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934 – Julie Brown.

13.1	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).

15.1	Consent of Deloitte LLP.

17	List of Subsidiary Issuers of Guaranteed Securities .

97.1	GSK Group Clawback Policy for the Recovery of Erroneously Awarded Compensation is incorporated by reference to Exhibit 97.1 to the Registrant’s Annual Report on Form 20-F filed with the Commission on March 5, 2024.

101.INS*	XBRL Instance Document

101.SCH*	XBRL Taxonomy Extension Schema Document

101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document 101.DEFXBRL Taxonomy Extension Definition Linkbase Document 101.LABXBRL Taxonomy Extension Label Linkbase Document 101.PRE**XBRL Taxonomy Extension Presentation

Linkbase Document


*In accordance with Rule 402 of Regulation S-T, the information in these exhibits shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.