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GlaxoSmithKline Pharmaceuticals Limited GSK House, Dr. Annie Besant Road, Worli, Mumbai - 400 030 Tel No: +91 22 2495 9595 Fax No: +91 22 2495 9494 Web: www.gsk-india.com Email: askus@gsk.com 8th November 2026 BSE LIMITED THE NATIONAL STOCK EXCHANGE OF INDIA LIMITED Phiroze Jeejeebhoy Towers Exchange Plaza, 5th Floor, Plot No. C/1, G Block Dalal Street Bandra-Kurla Complex, Bandra (East) Mumbai - 400001 Mumbai - 400051 Dear Sirs, Subject: Outcome of Schedule of Analyst / Institutional Investor Meetings Pursuant to Regulation 30 read with Part A of Schedule Ill of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the transcript link uploaded on the website at https:https://india-pharma.gsk.com/en-in/investors/analyst-meets/. Thanking you, Yours faithfully For GlaxoSmithKline Pharmaceuticals Limited Ajay Nadkarni Vice President – Administration, Real Estate & Company Secretary CIN: L24239MH1924PLC001151 “GlaxoSmithKline Pharmaceuticals Limited Q2 FY27 Earnings Conference Call” November 04, 2026 MANAGEMENT: MR. BHUSHAN AKSHIKAR – MANAGING DIRECTOR – GLAXOSMITHKLINE PHARMACEUTICALS LIMITED MR. RONOJIT BISWAS – CHIEF FINANCIAL OFFICER – GLAXOSMITHKLINE PHARMACEUTICALS LIMITED Page 1 of 13 GlaxoSmithKline Pharmaceuticals Limited November 04, 2026 Moderator: Hi. Good evening everyone. This is Dorwin Dias, your moderator from Chorus Call. Welcome to the GlaxoSmithKline Pharmaceuticals Limited Q2 FY27 Earnings Conference Call. From the management at GlaxoSmithKline Pharmaceuticals Limited, we have Mr. Bhushan Akshikar, Managing Director, GlaxoSmithKline Pharmaceuticals Limited; and Mr. Ronojit Biswas, Chief Financial Officer, GlaxoSmithKline Pharmaceuticals Limited. By participating in this event, you consent to the recording, distribution, and publication of this event. Kindly note that this call is meant for investors and analysts only. All participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation from the management concludes. I now hand the conference over to Mr. Bhushan Akshikar. Thank you, and over to you, sir. Bhushan Akshikar: Thank you very much, Dorwin. Very good afternoon to everyone who has graciously joined this earnings call this afternoon. In line with the practice that we've instituted over the last four years, here we are, once again giving you more colour, more flavour on the results that were just announced for the Q2 of 2027, post our board meeting yesterday. Just want to begin with where I've always started in the last couple of quarters, especially as we continue to evolve as a global biopharmaceutical company. I think our priorities remain firmly anchored around the three priorities that we have set for ourselves as a global biopharma corporation. The first one being relentless pursuit of the top-line growth. And that means growing at both ends of the spectrum, especially in India with a large established portfolio that we have both on the general medicines and paediatric vaccine side. Growing that part of the business. And then bolting on the second priority, which is really accelerating all the new launches. We have an extensive array of launches coming up in the next 24 to 36 months. So that will be another key priority for us. How quickly can we accelerate the launches of all the innovative assets that we have in the pipeline from the global assets into India. And third, anything that comes in the way of these two priorities, you know, hacking those inefficiencies and simplifying the ways of working. So, I think those three priorities remain at the core of everything that we do as a company. Just quickly move on to the external landscape. These numbers are in the public domain as shared by IQVIA for Q2. So, if you see after a couple of quarters, the externally at the industry level delivered a strong double digit growth. So, the market grew at about 14%, 14.5% overall. And in line with that market growth, GSK has continued its momentum for this quarter in line with what we had delivered for Q1 as well. I think the good news is, I will not go through each of the charts, but just pick up some of the relevant variables which make this performance, especially for our company for this quarter more meaningful. The first one being that after a long time, you've seen a volume growth. So, it's not just led by price and new introductions. I'm talking at the industry level and I'll talk about Page 2 of 13 GlaxoSmithKline Pharmaceuticals Limited November 04, 2026 what's happened at GSK as well. So, that's the first variable, I think it's been a good blend of all three variables price, new introductions, as well as volumes. I think the second big highlight for the external landscape is the growths were quite evenly keeled both on the chronic and acute side, as much as the chronic segments grew by 17%, where we operate primarily in the acute side, that market also grew externally by 13% with the contribution almost continued at 60% for the overall market. And I think we've seen this traction for the last couple of quarters. The share of multinationals has steadily been inching upwards thanks to the innovative assets contributing to many of the multinationals including ours. On the middle chart, I think you've seen this, but I just want to call out although the growth was above average across all therapy areas, some of the segments where we operate, particularly AI, which is the anti-infectives, saw a slightly subdued growth better than the last couple of quarters, but at 7.1%, it was almost half of what the industry delivered at 14%. It's just ditto for respiratory, but otherwise, all the segments where we primarily operate, be it derma, be it vaccines, they all grew well. The last two charts really talk about the performance of GSK in relation to our represented markets. Markets on therapy areas where we operate, we've had done well compared to both the therapy level as well as the geography level. I think it's been a very balanced performance for us, both at the overall market level as well as the therapy areas. The next slide please? Coming straight to the competitive performance. I think in line with our Q1 performance, we've continued the momentum and I think what's heartening about this growth that we've delivered for Q2 is, it's fairly well-balanced across our businesses. So, if you see our strategy of being broadly diversified with everything in general medicines at one end of the spectrum, having vaccines, and then of course building our muscles around specialty, especially in specialty respiratory as well as the holy grail of oncology, so, I think that's where you've seen across all four businesses, we've had some strong robust growth delivered for this quarter particularly. It's again borne out by the fact that it's not just the numbers that we've delivered internally, as you will see when Ron presents the financials. We've had the highest value delivered on a quarterly basis this quarter. But it's also borne out by what is represented externally. So if you see our competitive performance across our businesses beginning with general medicines, all our flagship brands in general medicines have delivered higher than 100% evolution index, which means we've grown significantly better than the market. Not only that, we've added market shares, so as you can see in that chart ticked up from the IQVIA subset. We've pretty much done well across the portfolio except for a couple of areas which we are working on for the subsequent quarter. I think what's also heartening is that we did have some supply challenges globally for a couple of our vaccines, but I think as before we closed out the quarter, we were able to service that demand, we've got the vaccines in time to be able to cater to that demand. Page 3 of 13 GlaxoSmithKline Pharmaceuticals Limited November 04, 2026 So, I think even in the paediatric vaccines b [Showing first 8,000 characters — download PDF for full document]