Glaxosmithkline Pharmaceuticals Ltd Management Discussions

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Growth drivers for the Indian economy

Rising healthcare demand

A growing population, rising prevalence of lifestyle diseases and an increased focus on holistic health are driving the demand for a diverse range of medications and treatments. By 2031, Indias elderly population is projected to rise to 193.4 million,¹² further pushing up demand. Also, vaccination programmes for children and adults have gained momentum, with healthcare companies creating significant awareness on the need for adult and paediatric immunisation.

Rising healthcare access

The Indian government has implemented several policies to support the pharmaceutical sector. Initiatives such as Ayushman Bharat and the National Digital Health Mission aim to improve healthcare access and infrastructure.

The Ayushman Bharat Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) has revolutionised healthcare by providing health coverage to the bottom 40% of Indias most vulnerable populations. As of January 2025, more than 4 million senior citizens (60+ years) have been enrolled in the scheme, significantly expanding access to essential medicines.¹³

Patients p^ositively ^imp^{acted in} HCPs engaged in FY2024-25

FY2024-25

Source: MAT March25 IQVIA Medical Audit

Hormones

Eltroxin

Your Company, a pioneer in thyroid therapy in India, remains committed to innovation and expanding its portfolio to better serve the needs of patients and HCPs. As part of this commitment, your Company launched two new line extensions for Eltroxin - 12.5 mcg and 37.5 mcg - and introduced innovative protective packaging with scavenger technology, which ensures consistent dosing and stability. These additions have enabled HCPs to prescribe the most appropriate dosage to patients with hypothyroidism.

First ever commercial batch of Eltroxin tablets of 12.5 mcg and 37.5 mcg dispatched from Nashik Plant on 18^th Dec, 2024

Dermatology

Your Company maintains its leadership in the dermatology market, and four brands including T-Bact, Betnovate-N, Betnovate-C and Neosporin feature among the top 10 dermatological brands. Your Company has forayed into newer segments like emollients with Physiogel, which is now the fourth most prescribed emollient brand among Dermatologists.

In FY2024-25, your Company introduced Physiogel facial cleanser in the Indian market and forayed into the e-commerce space with Physiogel range of skincare products.

In FY2025-26, your Company is targeting double-digit growth by nurturing leadership in core therapies such as dermatology. Your Company is also committed to educating HCPs and patients on skin health, collaborating with key partners like the Indian Association of Dermatologists, Venereologists and Leprologists (IADVL). Additionally, your Company is scaling its omnichannel strategy by leveraging Artificial Intelligence (AI) and first-party data to deliver tailored, KPI-driven interactions that maximise impact and efficiency.

Respiratory

Your Company continues to strengthen its specialty medicines portfolio by focusing on revolutionising respiratory treatment through cutting-edge inhaled and biologic therapies. With a commitment to enhancing patient outcomes, your

Company is expanding access to advanced treatment options for severe eosinophilic asthma, hypereosinophilic syndrome (HES), eosinophilic granulomatosis with polyangiitis (EGPA) and chronic obstructive pulmonary

disease (COPD). In FY2024-25, your Companys specialty products Nucala (Mepolizumab) and Trelegy Ellipta demonstrated growth, backed by extensive scientific engagement and clinical advocacy initiatives.

Nucala

Your Companys first-in-class monoclonal antibody Nucala remains the only biologic treatment approved for three eosinophilic conditions - severe eosinophilic asthma (SEA), eosinophilic granulomatosis with polyangiitis (EGPA) and hypereosinophilic syndrome (HES). By targeting interleukin-5 (IL-5), Nucala significantly reduces eosinophil levels to help improve disease control and reduce exacerbations. In FY2024-25, your Company prioritised expanding the bio-penetration of Nucala in India by advocating timely biologic intervention as the standard of care for severe eosinophilic asthma. A multifaceted approach was adopted to drive awareness, enhance physician confidence and promote better disease management.

Trelegy Ellipta

Trelegy is the most prescribed Single Inhaler Triple Therapy (SITT) worldwide, making a significant impact on Chronic Obstructive Pulmonary Disease (COPD) patients across various countries. It offers a once-daily, easy-to-use solution that helps in more effective treatment and better outcomes.

In FY2024-25, your Company focused on strengthening Trelegys differentiation against other SITTs by emphasising its superior molecular composition, user- friendly device mechanism and proven efficacy. Your Company expanded its omnichannel engagement by integrating digital platforms and organised real-world case discussions to educate HCPs on optimising COPD treatment with Trelegy.

Vaccines

Your Company continues to lead the private vaccines market in India by offering a comprehensive portfolio of high-quality vaccines that cater to both paediatric and adult immunisation needs.

Paediatric Vaccination

For over 40 years, your Company has been at the forefront of paediatric vaccines with one of the largest portfolios of vaccines in India, protecting millions of children from vaccine-preventable diseases. In FY2024-25, your Company focused on expanding access to paediatric vaccines and conducting educational programmes for paediatricians. As part of its growth strategy, your Company is addressing vaccination gaps in Indias private/self-pay vaccine segment, which is supported by a focused customer-segmentation approach and engagement with key accounts.

2024 also marked 25 years since your Company became the first to introduce vaccines for Hepatitis A and Varicella (Chickenpox) in India.

7-Star Protection awareness campaign

Your Company continued its efforts to raise awareness among parents about seven vaccinations that help protect children aged one year and above against 14 diseases. During the year, this campaign reached over 26 million parents, leveraging digital platforms, TV, social media and mom-influencers.

Planned awareness campaign for Vaccination During Pregnancy

During the year, your Company created awareness among expecting parents through in-clinic activations about the importance of vaccination during pregnancy which can help protect both the mother and child from diseases such as pertussis (whooping cough), tetanus, diphtheria and flu (influenza).

Vaccination during pregnancy is important as some vaccinations are not an option for certain life-threatening infectious diseases such as pertussis (whooping cough) because infant immune systems are not fully developed during the first few weeks of life. This creates an immunity gap, wherein the fatality risk of infectious diseases is higher than at any other point. Vaccination during pregnancy helps provide protection to the child in the first few weeks from such diseases.

Seven recommended vaccinations for children aged 1 year and above

: Chickenpox Hepatitis A ) Meningitis ACWY Flu

: DTP Hib IPV (for Diphtheria, Tetanus, Pertussis, Haemophilus Influenza type B and Polio)

PCV (Pneumococcal vaccination)

) MMR (Mumps Measles Rubella)

Heightened scientific engagement with HCPs

Your Company collaborated with the Indian Academy of Paediatrics (IAP) to conduct scientific meetings to educate paediatricians about timely immunisation. In FY2024-25, your Company conducted more than 45 meetings with IAP to engage 2,500+ paediatricians.

VaxiKart expansion

VaxiKart is an online vaccine ordering app which helps HCPs manage inventory, place orders and avail offers from their preferred distributors in different parts of the country The success of VaxiKart has been a game- changer. With over 12,000 paediatricians onboarded, covering 80% of Indias paediatricians, VaxiKart has contributed significantly to your Companys paediatric vaccine business growth.

Adult Vaccination

Adult vaccination remains a largely underpenetrated category in India despite its critical role in preventing life-threatenin diseases and improving quality of life.

With rising urbanisation and increasing prevalence of chronic conditions, there is a growing need to integrate adult immunisation into routine healthcare.

Your Company has been at the forefront of driving awareness, accessibility and adoption of adult vaccines by focusing on shingles prevention and immunisation against age-related diseases. The

flagship product in this category, Shingrix (Herpes Zoster Adjuvanted Recombinant), a vaccine for shingles prevention, has seen increased adoption due to rising awareness about age- related diseases. Through strategic

partnerships with healthcare institutions, scientific engagement with specialists and targeted digital outreach initiatives, your Company is shaping the adult vaccination ecosystem in India. In FY2024-25, your Company partnered with over 700 clinics and key hospitals across India, to transform them into Adult Vaccination Centres and integrate vaccination into routine preventive care.

Your Company also undertook the training of 700 paramedics in collaboration with the Association of Healthcare Providers of India (AHPI) to enhance their knowledge of Shingles prevention, vaccine administration and patient counselling. Additionally, 640 high-impact digital disease awareness programmes were conducted, reaching over 18,000 patients and consumers.

Clinics and key hospitals across India partnered with to transform them into Adult Vaccination Centres

Patients benefitted from patient-led conversations about vaccination

Amitabh Bachchan campaign phase 2

Your Company launched Phase 2 of the Amitabh Bachchan campaign to raise awareness about Shingles among individuals. The campaign emphasised the risk of Shingles particularly for patients with a history of chickenpox and/or diabetes and encouraged proactive doctor-patient conversations. Through a multi-channel approach including television, digital and earned media, it reached millions, driving greater awareness and reinforcing your Companys leadership in adult vaccination.

To strengthen patient awareness and encourage patient-initiated conversations with HCPs, your Company is planning to launch a Disease Educator Programme

(a patient awareness initiative) at select Adult Vaccination Clinics. This initiative will aim to educate patients about vaccine-preventable diseases (VPDs) in a structured and personalised format. Additionally, in-clinic educational videos on shingles and VPDs will run in waiting areas using digital screens installed at select clinics, helping patients better understand the risk and the benefits of timely vaccination.

Omnichannel

Your Companys omnichannel strategy has evolved from digital transformation and capability building to delivering personalised, data-driven experiences for HCPs. By leveraging advanced digital tools and data-driven insights, your Company has successfully improved engagement, expanded its reach and strengthened its omnichannel ecosystem.

During the year, apart from the Augmentin mixed reality experience and HCP engagement during fever outbreaks, your Companys omnichannel efforts focused on strengthening WhatsApp-based engagements with HCPs.

Single-click registration and instant webinar access

Your Company faced a major challenge in the registration process for HCP webinars, with 60% of HCPs abandoning the process due to the need for manual data entry. To overcome this, your Company integrated WhatsApp with its webinar platform and HCP database, enabling real-time, single-click registration. This seamless registration process eliminated drop-offs during WhatsApp registrations, WhatsApp-based registrations increased by 28%, and webinar attendance grew by 236%.

Significant milestones in FY2024-25 achieved through digital outreach

Of total interactions with HCPs through digital channels

Increase in digital touchpoints

Growth in WhatsApp-based engagements

Source: Internal Data

Launch of Google RCS as a new communication channel

To overcome WhatsApp message delivery issues and address gaps in SMS communication, Google Rich Communication Services (RCS) was introduced. This platform provides an interactive, WhatsApp-like experience directly within Androids native messaging app. This initiative resulted in an 18% increase in reaching HCPs via instant messaging.

Selling excellence

Your Company is committed to establishing a modern selling excellence organisation that strengthens commercial execution and equips the sales force with the skills needed to excel today and adapt for tomorrow. Through structured capability-building initiatives, a strong training culture and performance-driven governance frameworks, your Company continues to elevate the effectiveness of its sales teams.

ASPIRE 2.0

Building on the foundation of ASPIRE 1.0, which focuses on omnichannel, coaching and people management skills, ASPIRE 2.0 was designed to unlock the full potential of sales leaders by strengthening business planning and performance diagnosis capabilities.

A standardised business planning template and process were successfully implemented, streamlining planning and execution across the sales team.

ASPIRE 2.0 was recognised for excellence in leadership development at the Pharma L&D and HR Summit & Awards in November 2024

Navigators programme

The Navigators programme empowered 49 first-line sales leaders (FLSLs) who self- nominated themselves to enhance their commercial skills. These leaders played a crucial role in strengthening product knowledge and in-clinic communication training across various regions. Under this programme, a strategic partnering model was introduced during the year with the sales leadership team to accelerate and build commercial capabilities.

Marketing excellence

A dedicated marketing excellence function was established to build marketing capabilities across teams. Tailored support was provided to eight key brands through dedicated brand coaches, enabling data-driven decision-making and more refined brand strategies. A building big brands workshop was conducted for 30+ marketing and cross-functional team members to create a collaborative environment that strengthened brand planning capabilities.

Sales force incentive & award governance

Strong governance frameworks were implemented to drive a fair, transparent and performance-driven incentive structure. The Do the Right Thing framework was reinforced through annual

compliance certifications and knowledge assessments for all in-scope colleagues and new joinees, ensuring adherence to ethical sales practices.

Technology

Your Company harnesses cutting-edge technology as a catalyst for innovation and operational excellence. Leveraging AI, Machine Learning (ML), and advanced data analytics, your Company has streamlined processes, enhanced decision-making, and unlocked new efficiencies across the organisation. Cybersecurity remains a top priority, with robust protocols protecting intellectual property, HCP data, and other sensitive information. These advancements have optimised operations, reduced costs, and significantly improved productivity.

Notable initiatives during the year include GSKs Gen Al-powered digital assistant, which simplifies employees tasks, and a Gen Al-based learning experience olatform for field representatives, enhancing their performance and knowledge. Additionally, WhatsApp ntegration streamlines HCP webinar ourneys, ensuring a seamless user experience.

Data and analytics drive key decisions n our innovation portfolio, enabling effective segmentation and targeted communication to HCPs based on their preferences and chosen channels. This ensures your Company provides relevant, timely information, fostering better engagement and collaboration.

Through these initiatives, your Company showcases its commitment to leveraging technology for innovation, operational excellence, and meeting stakeholder needs.

VaxiKart 2.0

Your Company launched an enhanced version of its e-commerce application for HCPs, featuring an improved user experience with easier vaccine search, restock reminders based on past orders, and advanced features like pre-booking.

Supply chain and manufacturing excellence

Your Company continues to drive supply chain excellence through innovation, digital transformation and sustainable practices. With a strong focus on manufacturing efficiency, external supply partnerships and customer service, your Company ensures uninterrupted access to high-quality medicines and vaccines for patients across India.

Your Companys Nashik manufacturing facility continues to be a cornerstone of its supply chain operations, producing 4.8 billion tablets and 150 million dermatology tubes annually. The site also contributes to global public health initiatives by supporting the World Health Organisation (WHO) for the elimination of Lymphatic Filariasis (LF) through the Albendazole donation programme.

Zero

Significant incidents or fatalities reported by Nashik Plant in FY2024-25

In FY2024-25, your Company organised several key events at the Nashik plant to promote safety, environmental awareness and quality

National Safety Week 2024

Focused on safety leadership for ESG, emphasising Safety Leadership Experience (SLE) and contractor safety management.

T

World Environment Day 2024

Addressed land restoration, desertification and drought resilience. Activities included waste management initiatives and seed ball preparation to restore green vegetation in forests and support ecosystem regeneration.

World Quality Week 2024

Centered on the theme Quality: from compliance to performance, the event emphasised leveraging quality as a competitive advantage and embedding a Quality Starts with Me culture among all employees.

Supply chain optimisation

Ensuring seamless and timely delivery of medicines is a priority for your Company, with continuous investments in digital transformation, predictive analytics and process optimisation to strengthen its Customer Supply Chain (CSC). During the year, your Company leveraged advanced data analytics and cross-functional collaboration to optimise demand planning. This improvement not only reduced write-offs and minimised waste but also enhanced cost efficiency, ensuring medicines were available at the right time and in the right quantities.

Sustainability

Environmental stewardship

In line with GSKs 2030 sustainability goals, your Company undertook significant environmental initiatives and achieved notable reductions in carbon emissions, water consumption and waste generation.

Enterprise initiatives

In FY2024-25, your Company successfully reduced CO₂ emissions across its Nashik Plant and GSK Worli site by 310 tonnes (tCO2e), conserved 5,164 kL of water, and cut down waste generation by 974 MT* The commissioning of a Zero Liquid Discharge (ZLD) system at the Nashik plant ensured full compliance with pollution control norms and strengthened your Companys commitment to combat AMR.

Water neutrality in operations and at key suppliers in water-stressed regions

GSK uses water risk data from World Resources Institute (WRI) and the World Wildlife Fund (WWF) to identify sites in water-stressed basins facing availability, quality, and access risks. GSK achieves water neutrality through Alliance for Water Stewardship certification, 20% water use reduction, and replenishing water to match the sites 2030 footprint. GSK addresses shared water challenges through collective

action, extending this approach to key suppliers.

GSK has identified five sites in water- stressed basins around the world. In October 2024, GSK adopted Science Based Targets for fresh water focused on direct operations in the Upper Godavari basin in Nashik. The project at the Nashik plant is in collaboration with Watershed

Global Initiative

Organisation Trust and the Women + Water Collaborative. In 2024, GSK became the Water Resilience Coalitions Basin Champion and convened the first Supplier and Partner Water Forum, which was attended by 55 suppliers, business and NGO partners active in the basin.

Reinforcing sustainability through third party partners

Your Company continues to strengthen third-party manufacturing (TPM) partnerships by reinforcing safety

protocols, sustainability measures and packaging innovations. To align with GSKs sustainability goals, your Company fulfilled its Extended Producer Responsibility (EPR) obligations by purchasing 2,446 MT of plastic credits to ensure responsible postconsumer plastic waste management.

Compliance measures have also been implemented across all third-party manufacturers to meet AMR Industry Alliance discharge limits and reduce the environmental impact of antibiotic production. Your Company introduced T-Bact ointment 15g in a new Lami pack format and Becadexamin capsules were launched in a 60s HDPE pack format to improve sustainability and efficiency.

Our sustainability efforts are being recognised

Communications and Government Affairs

The Communications & Government Affairs (CGA) team plays a pivotal role in creating belief and building engagement in GSKs purpose, strategy, and culture, with internal and external stakeholders.

The Communications team protects your Companys reputation by mitigating issues and managing crises. It also wins trust in your Companys brand by amplifying efforts through an integrated

communications approach on important initiatives including the Amitabh Bachchan Phase 2 campaign and the 7-Star Protection awareness campaign.

The Government Affairs team partners with the Government of India to shape policy based on empirical evidence to fulfill healthcare priorities while ensuring access to medicines and vaccines to a large population across the country.

Corporate Social Responsibility (CSR)

At GSK India, we believe that true progress lies in the health and empowerment of communities. Your Companys CSR initiatives are rooted in this belief, focusing on addressing critical national priorities in healthcare, education, and community development.

Aligned with key United Nations Sustainable Development Goals (SDGs), these programmes are designed to create measurable, meaningful impact for underserved communities.

Healthcare continues to be at the core of your Companys impact strategy, with initiatives focused on addressing critical health challenges. From supporting Indias mission to eliminate diseases, to improving maternal and child health to supporting families of children battling cancer, these programmes aim to foster resilience and provide compassionate care to vulnerable populations.

Education is a transformative force, and your Company is committed to unlocking opportunities for young minds—especially for the girl child. Through targeted programmes, your Company empowers girls with the tools, resources, and guidance needed to pursue meaningful careers and break cycles of inequality.

Flagship programmes: Creating lasting impact

Eliminating Lymphatic Filariasis (LF)

For over two decades, GSK has been at the forefront of Indias effort to eliminate Lymphatic Filariasis (LF), a debilitating disease affecting vulnerable populations, by supporting government efforts in partnership with the World Health Organisation (WHO). In 2023, India advanced its commitment to eliminate LF by 2027, three years ahead of the global target. GSK remains committed to

providing albendazole tablets until the disease is fully eliminated.

In FY2024-25, your company contributed 33 million tablets, bringing our cumulative contribution to an impressive 3.98 billion tablets.

3.98 billion

Albendazole tablets distributed till date to eliminate LF

GSK Scholars Programme: Nurturing the next generation of healthcare professionals

The GSK Scholars Programme empowers meritorious but financially challenged students to pursue careers in medicine.

In collaboration with Buddy for Study India Foundation and the Foundation for Excellence, GSK has supported 425 medical scholars, providing financial assistance of up to H 1,00,000 annually for 4.5 years.

I he GSK scholarship gave me the freedom to focus on my studies without worrying about my financial status. I am now closer than ever to achieving my dream of becoming a doctor and giving back to my community.

Chaitra S. Kurahatti

GSK Scholar, Belgaum Institute of Medical Sciences, Nagpur

Receiving the GSK scholarship was life-changing. It not only eased my financial burden but also motivated me to pursue my dream of becoming a doctor and serving rural communities. W !

Mukesh Sharma

GSK Scholar, Maulana Azad Medical College, New Delhi

Medical scholars supported

Healthcare and Education: Reaching the heart of communities

Maternal and child health: Transforming lives with SNEHA

Through the SNEHA Centre programme, your Company has been improving maternal and child health in vulnerable communities by strengthening public healthcare systems since 2012. As the programme enters its final phase, the goal is to establish a sustainable model for independent healthcare access.

The Saksham Anganwadi initiative, in alignment with the state Women and Child Development Ministrys vision, supports 102 anganwadis, enhancing service quality and benefitting more than 1,20,000 individuals.

Home away from home: Supporting childhood cancer fighters

Your Companys partnership with St. Jude India Childcare Centres offers essential support to children undergoing cancer treatment and their families. This support includes accommodation, nutritious meals, emotional assistance and access to education during treatment. In FY2024- 25, your Company extended its support to a second centre, increasing its reach to 145 families.

Smart classrooms in Nashik: Digital innovation for future learning

In todays digital era, access to technology is essential for effective learning. In collaboration with Yuva Unstoppable, your Company has established 100 smart classrooms in Nashik through its Smart Class Programme. Each of these classrooms are equipped with digital teaching tools including multimedia content, projectors, and audio systems, making learning more interactive and engaging for students

35,485 students

Benefitted from smart classrooms

Expanding our reach: Regional initiatives driving local impact

Project Puthri (Chennai & Trichy)

A structured career guidance programme designed to equip 231 young girls with essential life skills, career planning and mentorship to build confidence and prepare them for professional success.

Vidya & child (Noida)

A comprehensive support initiative assisting 125 children from marginalised communities to ensure their holistic growth, with 56 girls receiving direct educational assistance.

Save lives (Kolkata)

A maternal and child healthcare programme benefitting 1,030 households in underserved communities.

STEM classrooms (Noida)

An interactive science and technology education programme that has engaged 200+ children.

Mainstreaming out-of-school children (Delhi NCR)

Through this intervention, 400 children received non-formal education and daily nutrition support, and were integrated into government schools with enhanced literacy levels.

Holistic care for the underserved (Patna)

This initiative has empowered more than 200 underprivileged girls by providing safe accommodation, quality education, healthcare and vocational training.

Educational outreach programme (Valsad)

A dedicated initiative for tribal students in grades 6-12, focusing on academic excellence, career guidance and life skills training. This programme bridges the education gap and empowers students to pursue higher education and employment opportunities.

Employee volunteering: Creating meaningful change

Employees are at the heart of your Companys CSR efforts, playing an active role in supporting community well-being, Through the Together Day volunteering initiative, employees contributed to 123 diverse activities that promoted inclusion and health equity.

Diverse areas of intervention

Menstrual hygiene awareness School sanitation

Tree plantation and seedball making

Healthcare access for LGBTQIA+ communities

Raising awareness about shingles

Finance and Accounts

During FY2024-25, your Companys revenue from operations increased by 9% to J 3,723 crores. This increase was driven by growth in our General Medicines (Key Pharma brands volume grew by 8%), Vaccines (+12% growth led by Paediatric & Adult Vaccination) and Specialty portfolio, where we continued to gain market share in the respective categories.

Augmentin is the no. 1 brand in the IPM. Your Company continued to maintain market leadership in therapy areas where it operates.

Profit before tax (PBT) before exceptional items increased by 31% from the previous fiscal to H 1,244 crores and EBITDA margins improved by 500 basis points (bps) to 31.4%, driven by gross margin improvement and cost efficiencies.

Your Companys cash flow from operations remained robust throughout the year and was consistent with solid fundamental business performance. Your Companys efforts continued on improving working capital efficiencies and accelerating cash conversion.

There are no loans or guarantees given, securities provided, and investments covered under Section 186 of the

Companies Act, 2013. As of March 31, 2025, there was no outstanding amount owed to depositors for unclaimed deposits.

Further, there are no significant or material orders issued by regulators, courts, or tribunals that have an impact on the going concern status of your Company and its future operations. Your Companys financial position, as of the date of this report, has not been materially altered by recent events or obligations.

Regulatory Affairs

The Regulatory Affairs function is integral to supporting the launch of your Companys innovative portfolio in India. By securing approvals for clinical trials and registering a pipeline of vaccines and medicines, the function ensures that transformative therapies reach patients, and evolving and unmet healthcare needs are addressed.

It also plays a crucial role in maintaining compliance with Indian regulations, securing the necessary licences for manufacturing and importing products, thereby safeguarding business continuity Your Company collaborates with regulatory agencies to influence policies that facilitate early access to innovative healthcare solutions in India.

During the year, the regulatory affairs team worked towards obtaining regulatory approvals for Eltroxin tablets (12.5 mcg and 37.5 mcg) to enable dose titration in hypothyroidism treatment. It secured permission to initiate a local clinical study for Arexvy, the worlds first respiratory syncytial virus (RSV) vaccine for older adults aged 60 years and above, as well as high-risk adults aged 50-59 years.

The team also applied for marketing authorisation for Arexvy in India. Your Company also submitted its application for Fluarix, a trivalent influenza vaccine aligned with WHO recommendations, to support re-licensure and seasonal availability.

Medical Affairs

Medical efforts to address AMR

As part of its multi-faceted strategy to address AMR, your Company implemented a comprehensive evidence-generation and dissemination plan aimed at enhancing clinicians understanding of local evidence and guidelines. This was achieved through local, regional and national meetings, major congress presentations and industry-wide stakeholder discussions.

In FY2024-25, your Company led the AWARE Meet, a multidisciplinary discussion on antibiotic susceptibility patterns for respiratory pathogens and guideline alignment. The ASCENT (Advanced Surgical Conclave for ENTs) provided ENT surgeons with insights on advancements in surgery and perioperative infection management to emphasise the optimisation of antibiotic use in ENT procedures. The INFOBIOTICS

meetings facilitated interactive discussions between ENTs and paediatricians on the latest local antibiotic evidence and its practical application in clinical settings.

Dermatology

Your Company is dedicated to advancing dermatological care by promoting awareness of rational use of topical steroids and antibiotics, improving diagnostic accuracy and ensuring effective management of common skin disorders.

During the year, your Company led eight sessions under CONVERGE, a premier expert forum that addressed complex dermatological cases through an integrated, multidisciplinary approach.

Your Company also participated in the PedDerma Express, a specialised initiative that provided paediatricians with targeted clinical training on skin conditions.

HCPs across Dermatology and Paediatrics educated

Hypothyroidism

Hypothyroidism remains a major health concern in India, particularly among women, the elderly and patients with comorbidities. Your Company is committed to advancing the management of both overt and subclinical hypothyroidism through scientific education, localised evidence generation and precision-based therapy

During the year, your Company expanded its focus from general endocrinology to a multispecialty approach, ensuring that consulting physicians, cardiologists and gynaecologists were integrated into discussions. The shift from awarenessbuilding to deeper clinical decisionmaking enabled HCPs to enhance their approach to patient management through case-based and real-world patient discussions.

Respiratory

In FY2024-25, your Company continued to strengthen its leadership in respiratory care by engaging over 800 pulmonologists and chest physicians through medical education initiatives. These efforts focused on timely biologic interventions for asthma, achieving clinical remission and early optimisation of COPD management through singleinhaler triple therapy.

The year saw several landmark achievements, including the first-ever Indian data presentation on Nucala and Trelegy Ellipta at NAPCON 2024, one of Indias most prestigious pulmonology conferences. These Phase-4 studies provided valuable insights into the efficacy and safety of these treatments in Indian patients with severe asthma and COPD.

Adult vaccination

In adult immunisation, your Company focused on establishing structured vaccination protocols in hospitals and super-specialty settings, integrating preventive vaccination into routine medical practice. The team actively participated in physician congresses, where they presented the first Indian Phase III data on recombinant zoster vaccine.

Also, global data on shingles and their prevention were shared at national medical conferences to ensure that Indian HCPs were equipped with the latest evidence to guide their clinical decisions.

Paediatric vaccination

For paediatric vaccination, the medical team conducted focused engagements with over 300 HCPs, emphasising maternal immunisation and catch-up vaccination. Under the SURAKSHA initiative, discussions between obstetricians and paediatricians reinforced the importance of vaccination during pregnancy. The Vaxilogue programme highlighted the need for second-year immunisation, engaging leading paediatric experts to drive awareness and action.

Culture and people

GSK India remains committed to promoting a thriving work culture rooted in its core pillars of Culture, Capability, Talent and Leadership. Your Company creates an inclusive and high-performance environment that empowers employees to be their best selves and reach their full potential.

Through well-defined talent interventions, leadership development programmes and an inclusive workplace, your Company ensures that its people are equipped to excel in an evolving business landscape.

Key recognitions

Inclusion

At your Company, continuous listening is foundational to creating an inclusive workplace. The GSK Culture Survey serves as a key tool to capture employee feedback, assess the workplace experience, and guide meaningful action. The 2024 survey results reflect your Companys ongoing commitment to fostering an environment where everyone feels respected, supported, and empowered to succeed.

In addition to the survey, employees are encouraged to share their voices through c range of engagement platforms, including Lets Talk sessions, live-streamed townhalls, employee listening forums, feedback

discussions, and national and regional meets. This commitment to open dialogue is reinforced by a strong Speak Up culture, supported by a confidential, independently managed reporting channel that ensures transparency and prompt response.

The actions on building an inclusive workplace are based on leadership accountability and structured progress reviews that are focused on inclusive policies, leadership capability building, and equal career advancement opportunities.

Employee Resource Groups (ERGs) are a vital part of this journey. Their intent is to foster a sense of belonging and create supportive communities. The Womens Leadership Initiative (WLI) and Spectrum bring this mission to life by helping build a more inclusive environment.

Developing talent and leadership

Your Company has implemented comprehensive talent management initiatives to identify, nurture and retain future-ready leaders who can drive innovation and growth. This is in line with your Companys aim to build a future- ready organisation that can drive step change in performance and growth through its people strategy.

With GSKs growing focus on high-impact, specialised treatments and innovative assets, there is a renewed emphasis on organisational capability and commercial execution excellence. In 2024, your Company launched Project Unleash, a strategic initiative focused on enhancing talent, capability and culture to support long-term growth ambitions.

To retain and upskill talent, your Company is making increased investment in differentiated rewards and capability building particularly in areas such as consumer marketing, non-traditional channels, technology, data, digital, omnichannel and commercial excellence. A special focus is placed on creating diverse, accelerated career pathways to nurture future-fit leaders across levels.

Project Unleash

Strategic initiative launched in 2024 to elevate talent, capability and culture across the organisation.

Lakshya+

A flagship development programme designed to prepare medical representatives for First Line Leader roles.

Catalyst Neo

Focused on developing scalable talent at mid-leadership levels for future commercial leadership roles.

xCel Trainee Programme

Identifies top talent from prestigious business schools and provides crossfunctional exposure to prepare them for leadership roles.

Talent reviews and succession planning

Your Companys talent management approach facilitates a strong and steady pipeline of employees for its Indian and global operations.

Leadership Development

Your Companys leadership development programmes include the Emerging Market Trailblazers Programme, the Emerging Markets Talent Forum for Leadership Team (LT) Successors, the First Line Leaders (FLL) Programme, the Presidents Forum for General Manager (GM) Successors and the Leading Leaders Programme for senior managers. To promote inclusion, your company also has an Accelerating Differences Programme.

Global opportunities

Every year, your Company provides talented employees with global career opportunities to develop them for future leadership roles and gain global multicultural experience. In FY2024-25, your Company saw seven talent moves to key international roles.

Employee engagement

GSK Culture Survey

GSKs overall engagement score in the 2024 Culture Survey stood at 93%, demonstrating a positive increase in overall engagement, with more colleagues feeling connected and committed to our shared goals. Furthermore, the survey highlighted that 97% of colleagues understand our Ahead Together Purpose, Strategy, and Culture.

Manager One80 survey

This survey offers managers valuable insights for their development by gathering structured feedback from team members. One80 is the tool that allows teams to provide feedback on their managers leadership style, adherence to the Companys values, ability to promote a positive work culture and overall impact on others.

Strengthening employee relations

To strengthen employee relations, your Company engaged with internal unions and introduced key initiatives in 2024. These include trust-based collaborations between managers and employees, direct engagement through face-to-face sessions and the launch of interactive Employee Relations (ER) micro-learning modules.

A significant milestone was the Shaping Our Future Together workshop, where regional union leaders convened in Mumbai to promote open dialogue on culture, leadership and collaboration.

The workshop focused on mindset shifts, capability building and adapting to industry transformations.

Overall engagement score in the 2024 GSK Culture Survey

Average One80 Manager Survey Score

Employee well-being

At your Company, employee well-being is a key priority. Our well-being approach is holistic, supporting physical, mental, and financial health while encouraging a healthy work-life balance.

Employee well-being benefits*

Employee well-being programmes

Partnership for Prevention (P4P)

Employee Assistance Programme (EAP)

Nudge

Employees have access to 40 preventive healthcare services, including vaccinations, screenings for cardiovascular health, diabetes, communicable diseases, cancer and HIV as well as tobacco cessation programmes and annual health checkups.

A 24X7 tele-counselling service supports employees on family planning, pregnancy, parenting, financial planning, career guidance and workplace challenges.

Introduced in 2024, Nudge provides employees with personalised financial guidance, money management tools and reminders to help track financial goals.

Digital platform for health services

In 2024, your Company integrated Outpatient Benefit offerings into a single digital-first platform, allowing employees to access fully sponsored, cashless health services through a user-friendly app, developed in partnership with a digital health-tech platform.

Thrive

Launched in 2024, Thrive is a well-being platform designed to enhance health and productivity through science-backed behaviour change.

Ensuring a safe workplace

Your Company is committed to maintaining a safe workplace in accordance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition, and Redressal) Act, 2013 (India) and its associated rules.

To address complaints effectively, Internal Committees (ICs) have been established across various zones and the manufacturing facility, with all members trained to handle such cases.

In 2024, your Company received two sexual harassment complaints, both of which have been appropriately addressed.

Your Company introduced renewed e-learning modules and visual awareness posters across the organisation to ensure a culture of safety, awareness and zero tolerance towards harassment.

Environment Health and Safety (EHS)

Your Company remains dedicated to promoting a safe and healthy work environment by implementing robust EHS measures. Prioritising employee well-being, your Company has strengthened EHS governance and embedded safety as an essential part of daily operations. A key focus has been on raising awareness and equipping employees with the necessary tools and training to ensure a safer workplace.

Enhancing safety through training and awareness

To reinforce a strong safety culture, your Company conducted extensive awareness sessions and training programmes throughout the year. Employees received training on critical safety topics through both online platforms and in-person sessions. Field-based employees participated in Defensive Driving Techniques training to enhance road safety practices. The active promotion of Life Saving Rules further reinforced safety awareness across the organisation.

Your Company took significant steps toward cultivating a mature safety culture by introducing a safety coaching tool for field-based employees. A structured approach was adopted to integrate safety into everyday discussions, with all major meetings now beginning with a safety briefing. Moreover, a monthly safety broadcast was launched to keep employees engaged and informed on EHS matters throughout the year.

Leveraging technology for road safety

Your Company continues to emphasise road safety, particularly for its field-based workforce. To support this effort, the mobile phone-based mentor App remains an essential tool, providing insights and guidance to improve driving behaviour.

Your Company has improved driver safety protocols, which encompass accident reporting and instilling life-saving rules among employees through various channels to integrate them into daily operations. Additionally, all new recruits are offered training in defensive driving techniques before commencing fieldwork.

Legal

Your Companys Legal function has been pivotal in rendering critical advice to the Board of Directors and senior executives of your Company to ensure operations meet the highest standards of corporate governance.

As the external regulatory landscape evolved in FY2024-25 and continues to do so, the Legal team remains at the forefront, ready to address and adapt to any critical changes that could impact your Company.

Your Company is in compliance with the recently notified Uniform Code of Pharmaceutical Marketing Practices (UCPMP) 2024 (Code) issued by the

Ministry of Chemicals and Fertilizers Department of Pharmaceuticals (DOP).

As part of GSKs unwavering commitment to ethical practices and in accordance with the requirement of the Code, a selfdeclaration in the revised format specified by the DOP has been submitted to the Organisation of Pharmaceutical Producers of India (OPPI) for FY2024-25.

Risk management

The risk management culture of your Company is driven by the Internal Control Framework (ICF) approved by the Global GSK Leadership Team (GLT) and Global Risk Oversight and Compliance Council (ROCC).

The Risk Management and Compliance Board (RMCB) is responsible for mitigating risks within the country and is responsible for effective monitoring of internal controls and risk management systems.

The RMCB regularly monitors the risk through bi-monthly meetings. Further, the RMCB reviews the Risk Management Framework, encompassing business, financial and operational risks, twice a year and presents its observations to the Risk Management Committee of the Board of Directors.

Risks associated with every function are regularly evaluated, including their primary causes and existing controls. Mitigation measures are also agreed upon with intended timelines for their timely implementation. Internal risk management mechanisms further enhance crisis management and have successfully shifted the approach from risk mitigation to risk resilience.

Vigil mechanism

The Speak Up programme provides a platform for voicing concerns and reporting any misconduct. GSK employees, as well as others, can report concerns about potential unethical, unlawful or inappropriate behaviour without any fear of harassment or retaliation. An independent third party manages the reporting channels, and all reports are logged through their central system to ensure the integrity of the system. Every complaint is treated confidentially, and the anonymity of the caller is maintained. Your Company also has an extensive and comprehensive policy for preventing, discouraging and disciplining on sexual harassment. The Speak Up channels can be accessed on your Companys website www.gsk.com/speakup

Your Company also has a whistle-blower policy which enables employees/external stakeholders to approach local/group management or Audit Committee Chair in the event of any grievance or concern (accindrx.audicomitteechairmangskindiarx@ gsk.com).

The GSK Code, which sets out the commitments GSK and its employees make to get ahead together in the right way, can be accessed on GSKs global website (Codes, standards and reports I GSK)

Internal control framework

Your Company conducts its business with integrity and high standards of ethical behaviour, in compliance with the laws and regulations that govern the business. Your Companys Internal Control Framework (ICF) is a comprehensive enterprise-wide risk management model and supports the continuous process of identification, evaluation and

management of your Companys risks.

ICF is supported by standard operating procedures, policies and guidelines, including suitable monitoring procedures and self-assessment exercises.

Compliance with laws and regulations is monitored through a well-crafted framework. As required by the Companies Act 2013, your Company has implemented an Internal Financial Control (IFC) framework. It continues the annual Independent Business Monitoring (IBM) and periodic Management Monitoring exercises, designed by GSK plc to review activities, data, exceptions and deviations increasing and improving the quality of operations.

As part of the due diligence activities for onboarding of vendors and third parties engaged by your Company, vendors are required to confirm compliance with your Companys corporate values through a detailed Third-Party Training and Risk Management (TPRM) process.