GSK plc

Welcome everyone, and thanks for joining GSK's Q3 2026 results. Today's call will last approximately one hour, with the presentation taking around 30 minutes and the remaining time for your questions. Before we begin, this slide is our usual safe harbor statement. We will comment on our performance using constant exchange rates or CER unless otherwise stated. I will now hand over to Luke Miels, CEO.

Thanks, Jeff. I'm joined today by Tony Wood, who will give an update on the pipeline, Nina Moyes, who will cover growth drivers, Julie Brown, who will cover financial performance, and David Redfern will join for Q&A. First, let's review the company performance. Next slide, please. Q3 was strong, and we have continued operational momentum with sales up 5% to 8.9 billion pounds. As expected, specialty is driving our momentum, including launches in respiratory and oncology. Core operating profit grew 5% and core earnings per share were up 1%. Our cash generation remains very positive at 7.4 billion pounds year to date. Our Q3 dividend is 17 pence and we're on track with our responsible business rating. Given our operating momentum and launch progress, we're pleased to reconfirm 2026 guidance today. Next slide, please. This slide is a reminder of our key priorities to drive value for the business and our shareholders. To start, we're focused on maximising launches. This quarter, we've made good progress on Blend Rep, where repeat prescribers are growing as physicians and patients get comfortable using the medicine. and Accenture, where we're seeing momentum building with prescribers, patients and access, all increasing in the quarter. We've now also had our first launch in non-small cell lung cancer with Giadetro for TKI pre-treated ROS1 positive patients, which has already delivered 3 million pounds. And our oncology portfolio continues to grow with a further indication for Gemperli and locally advanced rectal cancer. We also received approval for Hipsaga in the US and Japan, the first fine art treatment to offer a functional cure for patients with chronic hepatitis B. Each of these products will meaningfully contribute to near-term growth as we continue to build momentum in our specialty business. At quarter two, we outlined clear plans to accelerate R&D and we're now delivering on those plans. We are recruiting in 18 of the 22 phase 3 trial starts for 2026 including two new phase 3 studies for flu and the rest on track to start recruiting before the end of the year. We also presented data for several of these assets including Gydatro, Rizrez, Mores and Gemperli demonstrating significant progress in our oncology pipeline and proof points for our approach to BD. Finally on simplification we made progress on the accelerate growth Thank you very much.

Thanks, Luke. It's been a busy period for R&D with a number of recent approvals and pivotal data readouts. Juditro and Hipsago approvals were received ahead of their FDA PDUFA dates, and Jen Purley received accelerated approval for rectal cancer. These, together with the strength of the data presented at recent medical congresses, demonstrate the value of assets in our late-stage pipeline, where the majority have potential to be best in class, and where we've added 12 new phase three study starts this quarter, bringing us to 18 for the year. Next slide, please. Moving to new products and indications. Juditro for ROS1 positive and Nelodalkib for ALK positive mutations in non-small cell lung cancer have the potential to meaningfully improve on standard of care. These mutations represent three to 5% of all non-small cell lung cancer. Here patients are often younger in their 40s and 50s and remain on therapy for years while experiencing high rates of central nervous system side effects and often developing brain metastases. Importantly, Judietro is the first and only ROS1 TKI to address both selective targeting of ROS1 resistance mutations and CNS activity, thus aiming to improve treatment for patients with brain metastases while minimizing truck-related CNS adverse events. Similarly, Nelodalkib is a once-a-day medicine designed to avoid off-target adverse events which can be treatment limited for patients. We anticipate FDA approval in November supported by the ALCO study which showed a median progression-free survival of 14.5 months in a previously TKI-treated population. Also in oncology, approval for Gemperli in locally advanced rectal cancer is based on the ASIO1 data which shows 68% of participants with no detectable signs of cancer one year or more after treatment. Current standard of care achieves complete clinical response in around 20 to 25% of cases and can have lasting consequences including bowel and urinary dysfunction and secondary cancers. and finally for Hipsargo. Nina will cover our launch plans for this important medicine in a moment but I want to reiterate how transformational Hipsargo will be for those living with chronic hepatitis B. These patients are at an increased risk of death from cirrhosis and liver cancer and current treatment options involve lifelong therapy. Hipsargo is the first finite treatment for chronic hepatitis B which provides the potential for a functional cure. We plan to share additional data from the development program at AASLD in November. Now moving to our development plans for Juditro and Nelodalkib in TKI-naive patients. Juditro data were presented at the recent World Lung Congress. The AROS-1 response rates are amongst the highest ever reported in this patient population with a 94% overall response rate and a 15% complete response rate. The median duration of response has not yet been reached, but 86% of patients have a duration of response of greater than 12 months. Data on brain metastases in this TKI-naive population show no CNS progression events observed in patients without metastases at baseline and a 100% response rate in those with brain metastases at study entry. The emerging clinical profile for Juditro suggests it has the potential to deliver meaningful outcomes as a best-in-class therapy for TKI naive patients. Nelodalkib is also in development for a TKI-naive population. And here the phase 1-2 ALCO study shows an 86% overall response rate. Median duration of response has not yet been reached. However, 91% of patients have a duration greater than 12 months, as you can see on this slide. The corresponding phase 3 TKI naive study Alcazar is more than 50% recruited. And based on available data today, we believe Nelodalkib could have the potential to drive years of progression-free survival. Next slide, please. Next for RISRES, where emerging data demonstrate robust and consistent outcomes across a range of solid tumor types. In small cell lung cancer, the Chinese phase III Artemis08 data presented at World Lung by Hanso showed a 54% reduction in risk of death and a median overall survival of 18.5 months. The Global Pantumor Phase 1-2 EMBOLD-101 study has now enrolled with more than 550 patients. Data from the small cell lung cancer cohort of this study were presented last weekend at ESMO and showed a 61% response rate, consistent with the 58% overall response rate observed in Artemis-08. The Global Phase 3 trial in bold SCLC301 is also recruiting well and we anticipate preliminary data by the end of 2027. Next slide please. Also for RISRES, data from the HANSO Phase 3 Artemis 11 study which looked at RISRES versus standard of care in Chinese patients with relapsed refractory osteosarcoma was selected for the Presidential Symposium at ESMO this week. Osteosarcoma is a rare tumour and relapsed patients have few treatment options. The current standard of care delivers around 2% response rate and 1.5 months of progression-free survival. In this trial, RIS-RES demonstrated a 67% reduction in risk of disease progression or death in patients with relapsed disease. A global GSK Phase 2 trial, EMBOLD Sarcoma 202, started earlier this year and is recruiting well. The global EMBOLD program has now over 1,000 patients who've received RIS-RES, with more than half of those enrolled in the past eight months. Over the next 12 months we anticipate data readouts across multiple indications and we look forward to sharing these as they mature. Next slide please. For Mores, new data presented at ESMO from the Global Phase 1 Behold1 trial confirms the potential for best-in-class activity in ovarian cancer, with median progression-free survival of around 11 months in a non-biomarker-selected population. These data compare favourably with current standard of care, which delivers around 6-8 months of PFS. As promised at the Accelerate Growth event in July, we've now started recruitment for five phase three trials in ovarian and endometrial cancer. Over the next 12 months, alongside Hanso, we will continue to generate longer term data to demonstrate the durability, response and safety profile of this novel ADC. Next slide, please. Also at ESMO, we presented interim pivotal results from ASIO1, which looked at Jim Purley in the treatment of patients with DMMR, locally advanced rectal cancer. The current standard of care for these patients achieves a complete clinical response in around 20-25% of cases, but involves chemotherapy, radiotherapy and surgery, and is associated with significant morbidity. In ASIA-1, over two-thirds of patients achieved a complete clinical response and after a two-year follow-up period, no disease recurrences were reported amongst patients who responded. The study continues to generate data and offers an important potentially curative option for patients with locally advanced rectal cancer. Next slide please. Turning now to vaccines. Last season, over 700,000 people, mostly older adults, were hospitalized with flu in the US. Currently, flu vaccines, which generally focus on hemagglutinin, protect unevenly. Our mRNA flu vaccine candidate, which has achieved fast-track designation from the FDA, targets both hemagglutinins and neuraminidase. Neuraminidase changes more slowly, so protection may be more durable when strains mismatch. Targeting both has the potential to offer broader immunity and better, more consistent protection. In phase two, our candidate produced stronger immune responses against both targets than a high dose comparator, supporting our decision to start a large phase three study in more than 50,000 adults aged 65 and over. The study started in September and more than two thirds of this season's enrollment target has already been recruited. This study will run over two seasons and we anticipate preliminary data next year pending a sufficient number of cases. Next slide, please. Across R&D, we continue to make fantastic progress in accelerating our late stage pipeline. At Q2, we described our plans to start 20 plus phase three studies in 2026. We've now started 18 phase three studies with a further four on track to start before the end of the year. These studies have been accelerated based on our confidence in the differentiation and benefit to patients of our late stage assets. I'm pleased with the continued hard work of our teams to deliver this previously unmatched pace of acceleration across a broad and growing portfolio. Next slide, please. Before I close, I momentarily want to share this slide, which we presented in July. It demonstrates the expansion of the late stage portfolio. And from 2028 onwards, we expect to build further as we progress phase one and two studies and continue to pursue external opportunities. I'll now hand over to Nina to cover commercial performance.