GSK plc

Ladies and gentlemen, a warm welcome to the GSK full year 2025 results call. I'm delighted to be joined today by Luke Miles, Nina Moyas, Deborah Waterhouse, Tony Wood and Julie Brown. And in our Q&A session, we will be joined by David Redfern. Today's call will last approximately one hour with the presentation taking around 30 minutes and the remaining time for your questions. Please ask only one to two questions so that everyone has a chance to participate. Before we start, please turn to slide three. This is the usual safe harbour statement. We will comment on our performance using constant exchange rates, or CR, unless otherwise stated. I will now hand over to Luke.

Thank you and welcome everyone. My introduction today will have two parts. Headline results for 2025, and are key focus areas in 2026 to drive value. Starting with 2025, results were strong. Sales were up 7% to more than 32 billion pounds. Growth was driven by specialty medicines, which were up 17%, with vaccines also contributing. Core operating profit grew 11% and EPS was up 12%. Cash generation was strong at 8.9 billion pounds, supporting future investment and returns to shareholders. enabling the dividend upgrade of 2p to 66 pence declared today. R&D output remained very positive with five FDA approvals and seven new pivotal trial starts. And we maintained our high standards for being a responsible business. Looking forwards, we expect another year of profitable growth reflected in the guidance given today. Next slide, please. In 2026, we expect momentum to continue and we'll get there by focusing on execution and operational delivery. There are three areas where we're focused. The first is driving top line growth by maximising launch products like BlendRep and Accenture, and ensuring success in overall operational execution. Second, accelerating key assets in our late stage portfolio, like B7H3, B7H4, and Veldathinib in Oncology, and Effie in MASH, and in our earlier portfolio, like the ultra-long-acting T-slip for respiratory diseases and regimen selection for our six-monthly treatment for HIV. And third, continue to execute business development, where we see a clear pathway to value creation, and our recent addition of the food allergy IgE antibody, oziracrubat, is consistent with this. Underpinning this will be a drive to simplify how we work with greater pace, accountability and focus. And this starts by matching our best people and resources to the best opportunities to create value. Linked to this, changes have already been made to the executive team, bringing on commercial leaders with deep industry experience to increase our focus on products and execution. And this includes Nina Moyes, our new head of global product strategy, who I worked with for a number of years at AstraZeneca and Roche, who will present the commercial update. And importantly, we'll have an increased focus on leveraging practical use of AI and technology. And I'll now hand over to Nina.

Thanks, Luke. Please turn to the next slide. Overall sales for the year were up 7%, with strong growth driven by specialty up 17%, and another year of growth in all regions. Next slide, please. Respiratory immunology and inflammation full-year sales were up 18%, driven by strong Bendlista and Nucala performance. In the year, Bendlista grew 22%, driven by higher demand and supported by all major guidelines. 82% of U.S. bio-naive patients are now starting on Bendlista due to its differentiated profile with organ damage prevention and more than 14 years of safety and experience. NUCALA grew 15% and delivered 2 billion for the year. This is the 10th consecutive year of double-digit growth for NUCALA. Moving to oncology, sales were up 43%. In the year, Gemperli sales were up 89%, reflecting our differentiated profile in endometrial cancer. OJARA grew 60%, driven by growth in all markets following the new data at IHA, emphasizing the importance of early intervention. And based on these data, NCCN included OJARA as category one for patients with anemia. We expect this to drive uptake in first line, although growth will be slower than what we have seen with second line. Zejula sales decreased reflecting FDA labeling restrictions, and we remain focused on the potential we have for Blendrep, now approved in 15 markets globally. Deborah will cover HIV shortly. Given the continued strong performance and momentum across the specialty portfolio, we are expecting sales to grow low double-digit for 2026. Next slide, please. The strong performance of Nucala in 2025 was driven by our successful launch in COPD. This launch also had a halo effect on all of Nucala's indications, resulting in higher market share in asthma and nasal polyps, also fueling brand growth in 2026. We are applying the lessons from the severe asthma market with Nucala to the launch of Extensure, which is now approved in the US, UK and Japan. We know that there is a significant opportunity in the bio-naive population as only 27% of US-eligible patients are on a biologic. And market research shows that 97% of patients would prefer or like to switch to a biologic with six monthly dosing. And Accenture has demonstrated a 72% reduction in exacerbations leading to hospitalizations in an indication where we know lack of therapy adherence leads to worse clinical outcomes. The second key launch this year is for BlendRep, our off-the-shelf BCMA agent for multiple myeloma, available in the community setting where 70% of patients are treated. We've made fast progress on our launch in the UK and are applying lessons learned in the US, particularly around eye care networks. We've now engaged around 18,000 eye care professionals in the US, enabling smooth collaboration between treating physicians and eye care professionals, and have had positive feedback on the simplification of our RIMS. We continue to expect this to be a slow ramp-up as we support prescribers and patients to ensure a positive first experience and robust adoption. I will now hand over to Deborah to cover HIV.