Glaxosmithkline Pharmaceuticals Ltd Management Discussions

Annexure ‘A to Directors Report

Global Context

Across the world, businesses are adjusting to an increasingly volatile global environment shaped by heightened geopolitical uncertainty, supply chain disruptions and trade tensions.

With uncertainty over tariffs continuing to dominate the agenda, governments in major markets are prioritising affordability and access while also seeking to strengthen domestic drug manufacturing and supply chains, particularly in the US and EU. At the same time, biopharma remains strategically important to governments, reflected in continued support for life sciences strategies and trade agreements. Despite growing pressure on pricing, governments continue to view the biopharma sector as a key engine for innovation and economic growth.

Across major markets, rising rates of chronic illness are a major driver of healthcare costs and public policy focus. Driven in part by ageing populations and lifestyle factors, cancer, chronic respiratory diseases and neurological illness are projected to account for top ten disease burdens worldwide by 20321. Biopharma innovation is increasingly targeting these large, high-impact disease areas, with oncology remaining a top priority. New technologies such as advanced antibody drug conjugates (ADCs) are improving treatment precision and outcomes. Alongside this, infectious diseases continue to pose a significant risk, particularly for people with chronic conditions, as vaccine- preventable outbreaks increase and antimicrobial resistance grows. These pressures are accelerating the shift to preventive healthcare to improve outcomes.

Shifts in the biopharma environment are underpinned by rapid advances in digital technologies, especially artificial intelligence (AI). In the near-to-medium term, much of the impact will be visible in research and development (R&D) and manufacturing efficiency. AI and automation offer the potential to accelerate drug discovery, improve efficiency and ensure more consistent delivery of high-quality medicines and vaccines. This potential depends on access to skilled talent, evolving workforce capabilities and public trust in how data and AI are used.

India Context

Anchored by positive tax reforms, domestic demand, sustained infrastructure-led public spending and the continued strength of the services sector, Indias economic performance in FY2025-26 remained resilient despite the volatile global environment.

In line with its Viksit Bharat @ 2047 mission, the Government of India initiated policy efforts to promote domestic manufacturing and simplify compliance norms to help ease pressure on Corporate India. The rationalisation of Goods and Services Tax (GST) rates provided a much-needed fillip by creating a more efficient and growth-oriented tax regime and reinforced Indias competitiveness as a consumption-led growth market. Trade prospects strengthened during the year with the conclusion of Free Trade Agreements with the UK and EU, signalling deeper economic cooperation.

Looking ahead, structural reforms and the reduction of US tariffs will continue to provide support to medium-term growth prospects even as global trade uncertainties and tariff-related risks persist. As such, India continues to remain one of the fastest growing economies in the world, with the International Monetary Fund projecting Indias GDP growth at 6.5% in 2026 and 20272.

Indian Pharmaceutical Industry

As a supplier of quality, affordable generics and vaccines to the world, India has firmly established itself as the ‘Pharmacy of the World. It is the third largest globally by volume and the 11th largest by value, with an annual turnover of Rs. 4,720 Billion in FY2024-253.

Today, the Indian pharmaceutical industry is evolving beyond manufacturing to emerge as a global innovation hub, with a strong emphasis on R&D, biologics and specialised therapies?key pillars of Viksit Bharat. This innovation is being actively enabled by sustained investments in digital infrastructure, including advanced manufacturing technologies, data-driven R&D and integrated digital health ecosystems. Rising demand for prescription medicines is fuelled by the increasing prevalence of chronic and lifestyle-related conditions such as diabetes and heart disease. Preventive healthcare measures are also boosting demand for vaccines for children, adults and travellers. The industry is also seeing strong momentum in advanced treatments, including biosimilars, monoclonal antibodies and specialty medicines.

Put together, these developments are bolstering the sectors exponential growth story, with the domestic market projected to grow from the current USD 60 Billion to ~USD 130 Billion by 20304.

Growth Drivers

The Indian pharmaceutical industry continues to be supported by favourable structural demand drivers that underpin long-term growth.

Indias population aged 50 years and above is projected to increase from 193 million in 2011 to 404 million by 20365, reflecting a significant demographic shift that is likely to accelerate demand for medicines, vaccines and therapies for age- related and chronic conditions.

Rising life expectancy, improving health awareness and increasing disease burden are expected to further strengthen demand across therapeutic segments.

Healthcare access and affordability are also expanding through government-led initiatives. Under the Ayushman Bharat Pradhan Mantri Jan Arogya Yojana scheme, annual health coverage of Rs. 5,00,000 per family now extends to 120 million families6.

As insurance coverage broadens and treatment access improves, demand for pharmaceuticals is expected to rise across primary care, chronic disease management and hospital-based therapies.

The Union Budget 2026-27 signals a clear repositioning of Indias pharmaceutical agenda, with biopharma and biologic medicines emerging as core pillars of the countrys healthcare and manufacturing ambitions.

The approach is closely aligned with the Government of Indias goal of building a globally competitive innovation ecosystem and securing a 5% share of the worldwide biopharmaceutical market7. In support of this vision, the budget introduced a series of targeted interventions, including:

Q An outlay of Rs. 100 Billion for the Biopharma SHAKTI (Strategy for Healthcare Advancement through Knowledge, Technology and Innovation) initiative to enhance biologics, biosimilars, advanced research and clinical trial infrastructure8.

^2 Establishment of over 1,000 accredited clinical trial sites nationwide to strengthen Indias positioning as a global hub for high quality, ethical clinical research9.

[3 100% basic customs duty exemption on 17 new cancer drugs10.

[4 An allocation of Rs. 47,700 million to the Pradhan Mantri Ayushman Bharat Health Infrastructure Mission (PM- ABHIM) to upgrade district hospitals, critical care units and public health laboratories11.

This is complemented by wide-scale digital transformation. Ambitious investments under the Ayushman Bharat Digital Mission and National Biopharma Mission are building long-term digital infrastructure and capabilities for quality and scalable healthcare. Your Company is poised to harness opportunities offered by this rapidly evolving landscape to deepen its presence across the healthcare continuum and build healthier lives for millions in India.

About the Company

GlaxoSmithKline Pharmaceuticals Limited (referred to as “GSK” or “your Company”) is the Indian subsidiary of GSK plc, a UK-based, science-led global healthcare organisation focused on uniting science, technology and talent to get ahead of disease.

With a foundation of trust built over more than a century, GSK is recognised among the leading multinational biopharmaceutical companies operating in India.

GSK has a broadly diversified portfolio in India that addresses the countrys healthcare needs across the full continuum?from preventive healthcare, including vaccines, to primary care and advanced curative therapies through specialty care.

The general medicines portfolio continues to anchor the business and your Company enjoys leadership positions in key focus areas such as Paediatric Vaccines, Anti-Infectives and Dermatology, reinforcing its relevance across critical patient needs.

At the same time, your Company is accelerating towards an innovation- led future with a growing specialty portfolio in Adult Vaccines, Respiratory Care and Oncology - a segment it forayed into in 2025. This focused evolution is designed to address critical unmet needs in the areas of vaccine-preventable diseases (VPD), asthma,

Chronic Obstructive Pulmonary Disease (COPD) and specialised cancer treatments.

Your Company operates a world-class manufacturing facility in Nashik, Maharashtra that supports the “Make in India, for India” vision by producing a wide range of oral solid dosage and dermatology products. It is complemented by a state-of-the-art Global Capability Centre (GCC) in Bengaluru, owned by GSK plc, which supports global business operations and pharmaceutical research and development. Serving as a hub where science, technology and data converge, the GCC leverages advanced tools, including AI, to accelerate drug development and improve operational efficiency.

Together, GSKs pharmaceutical operations in India and the GCC form a strong innovation ecosystem in India, supporting GSKs global ambition to positively impact 2.5 billion people worldwide while providing meaningful employment to more than 5,800 people in India.

Situational Analysis

Strengths^ig

Strong Brand Portfolio and Market Leadership

Your Company has a strong portfolio of flagship brands such as Augmentin, Calpol, Ceftum, Betnovate, Neosporin, T-bact, Tenovate, Boostrix, Infanrix Hexa, Varilrix and Havrix, which are endorsed by leading healthcare professionals (HCPs) for their quality and efficacy. Your Company maintains market leadership in Private Vaccines, Anti-Infectives and Dermatology. Leveraging the strong foundation of trust it has built, your Company is now driving meaningful engagement and endorsement by the HCP community as it scales its Oncology presence.

Global Scale and Expertise Advantage

As a subsidiary of GSK plc, your Company benefits from the global expertise of its parent and resources that strengthen our positioning in the Indian market.

Robust and Integrated Omnichannel Marketing

Your Company has developed a strong omnichannel ecosystem integrating scientific content, digital platforms and advanced analytics.

By combining in-person engagement with digital channels such as webinars, podcasts and virtual learning platforms, it delivers personalised, compliant communication to HCPs and deepens engagement with the scientific community.

Digital-Led Innovation Ecosystem

Technology integration sits at the heart of your Companys strategy to advance innovation and accelerate impact. Your Company has made progress in integrating advanced technologies, including AI, machine learning and advanced data analytics into its operations to improve decision-making, operational efficiency and business effectiveness. Responsible and ethical use of AI remains a central design principle across all initiatives..

Regulatory Price Controls

Pricing regulations under the National List of Essential Medicines (NLEM) continue to constrain revenue and margins. In response, your Company focuses on volume-led growth while ensuring a steady supply of high-quality, affordable medicines.

Market Contamination by Counterfeit Products

Your Company faces risks from counterfeit or substandard pharmaceutical products, which can compromise patient safety and brand trust. Your Company works closely with enforcement agencies, regulators, distributors and supply partners to strengthen product traceability and monitoring. It also invests in authentication systems and awareness initiatives to safeguard patients and product integrity.

Supply Chain Vulnerabilities

Your Company operates within a global supply ecosystem that may be disrupted by supply challenges and other external risks, necessitating robust crisis and continuity management. These risks are mitigated through diversified sourcing strategies and robust supply planning systems. Your Company continuously strengthens its supply chain resilience through proactive monitoring and risk management.

Opportunities

Key Business Strategies

As part of its strategic transformation, your Company is sharpening its focus on innovation-led growth, disciplined portfolio prioritisation and scalable impact.

By leveraging its scientific strength, trusted brands and digital capabilities, the Company is accelerating growth in General Medicines and Vaccines through competitive brand strategies and insight-driven engagement.

Building adult vaccination as a key preventive pillar, particularly for Cardiovascular and Metabolic Disease (CVMD) risk populations, scaling Oncology as the next frontier for precision-led growth and expanding patient access to differentiated therapies remain central to this transformation.

These priorities are enabled by a deeply integrated omnichannel and analytics-driven engagement model, reinforcing sustainable value creation and long-term relevance in Indias evolving healthcare landscape.

Business Performance

Guided by its strategic focus, GSK operates across three key business verticals?General Medicines, Vaccines and Specialty Medicines?through which it offers a diverse portfolio of healthcare products. Your Companys portfolio includes several well-established brands, many of which are positioned among the top brands in the Indian Pharmaceutical Market (IPM).

General Medicines

Your Companys General Medicines portfolio continues to demonstrate strong scale, wide reach and a leading position in the IPM. Covering nearly 16% of Indias population, this portfolio positively impacted the lives of ~235 million patients in FY2025-26, with 12 top brands achieving an Evolution Index (EI)* of over 100. Anchored in innovation, high-quality scientific dialogue and digital enablement, your Companys products continue to be endorsed by leading HCPs, with 80% of prescribing HCPs prescribing at least one brand from this portfolio.

Anti-lnfectives

In FY2025-26, your Companys Anti-lnfectives portfolio witnessed strong volume growth and consistent market share gains, driven by flagship brands Augmentin and Ceftum.

Augmentin

Augmentin is the number 3 brand in the IPM in FY2025-26 (Source: IQVIA MAT March 2026) and continues to maintain its dominant position as the most widely prescribed antibiotic.

It is a widely used oral antibiotic for respiratory tract infections, surgical prophylaxis, dental infections and skin infections. During the year, your Company introduced dynamic QR codes on Augmentin 625 packs to verify product authenticity and further strengthen patient safety and trust. Your Company also implemented child-resistant, senior-friendly push-and-turn caps for Augmentin liguid packs, enhancing safety while improving ease of use.

Ceftum

In FY2025-26, Ceftum strengthened its leadership in the Cefuroxime segment, delivering a two-fold growth in volumes despite price reductions mandated in 2023, underscoring strong demand and brand equity. This performance was driven by a focused strategy encompassing targeted outreach, deeper and higher- quality engagement with existing prescribers, and penetrating newer customer bases to increase the use of Ceftum. This momentum was further reinforced by increasing adoption by specialists.

Pain Management Calpol

The India Paracetamol Market, growing at a CAGR of 4.46%, is expected to reach USD 1.75 Billion by 203012, supported by strong retail recommendations and high competition. Within this highly commoditised landscape, Calpol continued to lead in FY2025-26, accounting for nearly one-third of the market share, thanks to its strong presence across the 500mg solid-dosage segment and liquid formulations.

Further strengthening differentiation, Calpol+?powered by OPTIZORB technology for faster absorption and quicker relief?completed three years in FY2025-26. Calpol+ is available in both 500 mg and 650 mg strengths.

Scientific innovation aside, your Company relies on year-round, high-quality HCP engagement.

During monsoons, when cases of malaria, dengue and yellow fever spike, your Company maintains real-time communication with HCPs, enabling timely diagnosis and better patient outcomes.

Hormones

Eltroxin

India continues to see rising hypothyroidism cases, highlighting the importance of early diagnosis and personalised treatment. As a pioneer of levothyroxine therapy in India and supported by its 75-year-old portfolio, your Company continues to demonstrate its commitment to advancing innovation to meet the evolving needs of patients and HCPs.

During the year, this segment recorded several notable milestones.

The introduction of Eltroxin dosage options?12.5 mcg and 37.5 mcg?in 2024 continued to support more precise, patient-specific treatment to better manage hypothyroidism. Your Company engaged with HCPs to share best practices on hypothyroid treatment. During Thyroid Awareness Month (TAM), your Company ran a scaled, omnichannel effort enabling over 2,00,000 HCP touchpoints via in-clinic initiatives, targeted outreach and scientific engagements.

Dermatology

Your Company continues to strengthen its leadership in the dermatology segment, particularly in key areas such as topical antibiotics, emollients, cleansers and corticosteroids. In the mupirocin segment, your Company advanced its position by focusing on prescription-driven dermatology care. Brands such as T-bact and Tenovate continued to grow and gain market share.

T-bact executed a successful hyperlocal campaign strategy by aligning communication with geographic prescription nuances and prevalent local sources of infections, enabling stronger clinical relevance and improved market engagement.

Physiogel stood out as the fastest-growing brand in the portfolio, outperforming the overall emollients category. It continued to gain relevance with the growing adoption of barrier therapy as an adjunct in both clinical dermatology and cosmetology practice.

Specialty Medicines

Respiratory

Your Companys respiratory portfolio is focused on advancing the management of chronic respiratory diseases through innovative inhaled and biologic therapies. It continues to improve care for patients with conditions such as Chronic Obstructive Pulmonary Disease (COPD), severe eosinophilic asthma (SEA) and other eosinophilic disorders.

Nucala

Your Company offers Nucala (mepolizumab), a first-in-class monoclonal antibody targeting interleukin-5 (IL-5) that helps reduce eosinophil levels and improve disease control in patients with eosinophilic disorders, including severe eosinophilic asthma, eosinophilic granulomatosis with polyangiitis and hypereosinophilic syndrome. Working closely with HCPs and using both global and local clinical evidence, including nearly 10 years of safety data, your Company has demonstrated how Nucala supports patients in achieving clinical remission and experience fewer flare-ups.

Trelegy Ellipta

Trelegy Ellipta is the worlds most prescribed single-inhaler triple therapy (SITT) for COPD which supports long-term disease stability and improved quality of life for patients globally. In FY2025-26, your Company promoted the therapys leadership in an increasingly competitive SITT market through focused scientific engagement programmes and collaborations with healthcare organisations. Your Company is focusing on increasing access to treatment and helping patients continue their therapy.

Oncology

FY2025-26 marked a pivotal year for your Company as it forayed into Oncology with the launch of its much-awaited advanced therapies, Jemperli (dostarlimab) and Zejula (niraparib) in India.

With this launch, your Company reaffirmed its long-term commitment to building the Specialty Medicines portfolio in India. These therapies address a critical unmet need in gynaecological cancers in India and represent meaningful progress in womens cancer care. Improving access to such treatments also aligns closely with the Governments Nari Shakti Abhiyan by strengthening womens health, productivity and economic resilience.

During the year, your Company strengthened its presence in Oncology through targeted initiatives. These included launch engagements across 50+ centres for Jemperli and Zejula, alongside scientific and media outreach that amplified awareness and engagement.

Through participation at key forums and an omnichannel medical education programme, your Company reached over 1,200 HCPs and engaged more than 300 oncologists. Your Company also secured a RUBY study-based indication expansion for first-line endometrial cancer, increasing the eligible patient pool nearly 7.5 times, while advancing key opinion leader advisory engagement and outreach to nearly 500 oncologists.

To improve access to treatment and continuity of care, your Company introduced the Phoenix Patient Support Programme. Access was further expanded through CARE ecosystems, including the Central Government Health Scheme (CGHS), Ex-Servicemen Contributory Health Scheme (ECHS) and Employees State Insurance Corporation (ESIC), accounting for over 24% of patient enrolments. Through these initiatives, your Company not only accelerated its entry into Oncology but also built a strong, patient-focused foundation for sustained growth in the sector.

Vaccines

Paediatric Vaccination

India continues to be one of the worlds largest immunisation markets, with nearly 25 million births each year13. While overall coverage has improved, gaps persist in maternal immunisation and second-year vaccinations. Against this backdrop, your Company accelerated efforts during FY2025-26 to improve vaccine access through more innovative, integrated engagement models that combine point-of-care solutions with clinic-based education.

Medical Partnerships

In collaboration with local and national medical associations such as the Indian Academy of Pediatrics (IAP) and the Federation of Obstetric and Gynaecological Societies of India (FOGSI), your Company conducted 227 programmes that focused on improving maternal immunisation awareness and uptake, strengthening second-year vaccination adherence and driving guideline-aligned vaccination practices in paediatric and obstetric care.

Your Company successfully launched its first international speaker program across multiple cities, engaging over 1,800 paediatricians through in-person interactions. The initiative highlighted the evolving landscape on pertussis (whooping cough) across the world and reinforced the critical role of a three component acellular pertussis vaccine.

Patient Empowerment Efforts

GSKs 7-Star Awareness Campaign was scaled significantly. Over 3,000 paediatric clinics were transformed into ‘7-Star Clinics through an industry-first integrated patient-awareness journey, supported by the fi rst-of-its- kind augmented reality experience, designed to take parents on a journey that explains why second-year vaccination is important.

Your Company also equipped 5,000+ gynaecology clinics with on-site educational materials on vaccination during pregnancy, aligned with national and global guidance advocating immunisation to protect both mother and newborn.

Digital Enablement

GSKs industry-first vaccines ordering app for HCPs, VaxiKart, scaled rapidly with 12,000+ HCPs onboarded and transacting regularly. The launch of the new user interface in FY2025-26 further strengthened ordering convenience, inventory planning, and stock management for clinics. Today, VaxiKart accounts for 45% of paediatric vaccine revenues.

Adult Vaccination

In India, adult immunisation remains at a nascent stage, even as risks associated with an ageing population and the rising burden of chronic and lifestyle-related diseases continue to grow. Adults with certain chronic conditions are particularly vulnerable to vaccine-preventable diseases, underscoring the need to make preventive vaccination a routine and integral component of adult healthcare, especially for those with underlying comorbidities.

Adult vaccination is a key pillar of your Companys life-course immunisation strategy, with Shingrix (Herpes Zoster Recombinant, Adjuvanted), a vaccine for the prevention of shingles, playing a critical role. During the year, your Company continued to strengthen the adult vaccination ecosystem through a range of scientific and commercial initiatives aimed at addressing critical gaps across the adult immunisation journey.

Recognising the significant impact of shingles among elderly patients with underlying cardiovascular and metabolic diseases (CVMD), your Company shifted focus to these key specialties. During the year, over 1,100 peer-to-peer medical education sessions were conducted. Your Company participated in more than 120 third-party scientific meetings across multiple specialties, covering comorbid and immunocompromised conditions, where Shingrix efficacy data strongly reinforced the case for prevention and recommendation.

To address the limited counselling time available to HCPs, your Company launched the ‘Disease Educator Programme across key metro markets. Through this initiative, trained educators engaged with patients in clinic waiting areas, raising awareness of vaccine-preventable diseases and their potential impact on existing health conditions. In addition, 300 digital screens were deployed across waiting areas in clinics and hospitals, delivering specialty-specific and localised educational content.

This initiative created significant momentum, driving patients to initiate conversations with their HCPs on adult immunisation.

Partnerships continued to be a key focus area. Your Company entered joint business partnerships with strategic hospital partners to expand institutional access to adult vaccination services. Simultaneously, it explored additional access channels through collaborations with private hospitals, armed forces and railways with the aim of further improving vaccine availability and reach.

Commissioned in 2022, Shingles Awareness Week (SAW) helped bring shingles to the forefront of Indias public health discourse, positioning it among important vaccine-preventable diseases affecting ageing adults. After four years of raising awareness, Shingles Awareness Week evolved into Shingles Action Week in 2026, shifting the focus from awareness to mobilising action.

Recognising the role the media plays in promoting healthy ageing and adult immunisation in the country, your Company organised a high-impact media roundtable, which culminated in 150+ earned media stories that focused on the themes of prevention, adult immunisation, shingles and the need for proactive conversations between patients and HCPs. These stories appeared in national and regional publications, with coverage in both English and vernacular media, and organic reposts and amplification by doctors.

With a total reach of 881 million*, Shingles Action Week became a catalytic moment in advancing the adult immunisation agenda and raising critical awareness on shingles and its prevention.

Supply Chain

Your Companys Nashik manufacturing facility remains integral to its supply chain operations, producing oral solid dosage and dermatology products, including ~4.8 billion tablets and ~150 million tubes annually. The site also contributes to global public health efforts by supporting the World Health Organisation (WHO) and the Government of India in eliminating lymphatic filariasis (LF) through the Albendazole donation programme.

Supply Chain Impact

During the year, your Company witnessed the impact of supply chain disruptions, including a fire at one of its Contract Manufacturing Operations, which affected the supply of key products. Your Company recognises the significance of manufacturing reliability and seamless availability of its products. It is accelerating efforts to strengthen supplier diversification, enhancing risk assessment processes, and building greater resilience across its manufacturing and distribution systems. These actions are designed to ensure continuity of supply and support sustainable growth going forward.

Supply Chain Optimisation

Your Company made targeted investments in FY2025-26 in advanced analytics, demand forecasting and digital capabilities. These initiatives were aimed at improving planning accuracy, enhancing inventory efficiency and reducing operational inefficiencies, while supporting consistently high service levels. Your Company also undertook the onboarding of new logistics service providers to reduce supplier concentration risk, alongside a seamless, zero-impact transition during the GST 2.0 rollout.

Sustainability Initiatives

Sustainability initiatives at the Nashik plant remained central to your Companys operational strategy, with continued emphasis on resource efficiency and responsible manufacturing practices. The Zero Liquid Discharge (ZLD) system at the Nashik plant continued to support environmental compliance and promote responsible water management. The plant also achieved the BSI Kitemark™ Certification for Minimised Risk of AMR for seven antimicrobial products, along with recognitions for sustainable manufacturing.

The deployment of its first electric vehicle at the Mumbai warehouse for last-mile distribution further reflects a growing focus on sustainable logistics.

In FY2025-26, your Company reduced carbon dioxide emissions across its Nashik plant by 1,076 tonnes (tCO2e), conserved 10,106 kilo litres of water and reduced waste generation by 10 metric tonnes.

Strengthening Sustainability and Compliance Through Third-Party Partnerships

Your Company further supported governance and sustainability standards across its third-party manufacturing network, ensuring alignment with safety protocols, environmental compliance and packaging sustainability requirements. Extended Producer Responsibility (EPR) obligations continued to be met through responsible plastic waste management practices, supporting circular economy objectives. Packaging optimisation initiatives were further expanded to improve material efficiency and reduce environmental impact. 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.

Global Initiative

Global Water Neutrality Initiative

Through its partnership with the Alliance for Water Stewardship, GSK pic is advancing water neutrality by ensuring targeted water-use reductions aligned to its 2030 footprint, and replenishment in water-stressed basins, supported by supplier engagement and collective action.

The Company operates five sites in water-stressed regions, including India, and has reduced water use by 19% since 2020. In October 2024, GSK adopted Science-Based Targets for freshwater, with a focus on the Upper Godavari basin in Nashik.

During the year, progress in India was driven through partnerships with the Watershed Organisation Trust (WOTR) and the Women + Water Collaborative, alongside broader ecosystem and basin-level action with the Water Resilience Coalition (as Basin Champion). Centred on watershed restoration, community-led conservation and demand-side efficiency measures, these efforts aim to replenish water equivalent to operational use and contribute to addressing shared challenges in the water basin where the Nashik site is located.

In parallel, GSK is partnering with the World Wide Fund for Nature (WWF) in the Sutlej River basin (Punjab) to establish innovative nature-based solutions that aim to positively impact freshwater resources, for local communities and wildlife.

Omnichannel

FY2025-26 marked a year of strong omnichannel expansion, driven by increased digital adoption and improved content delivery efficiency across channels. Your Company achieved over 18 million total touchpoints across face-to-face and digital engagement models, with digital touchpoints exceeding 13.5 million. Notably, digital channels accounted for 76% of all engagement, reflecting a clear shift towards digital-first scientific communication within the HCP ecosystem.

HCP participation was enhanced through a simulcast model that extended GSK webinars across partner doctor networks, contributing to upto 30% of attendees in simulcast-supported webinars.

By humanising scientific storytelling, a focused omnichannel campaign broadened digital engagement, reaching over 62,000 additional HCPs and delivering a two-fold jump in engagement on GSK Pro, your Companys doctor-facing platform.

Your Company expanded innovative content formats through initiatives such as the “Bridge the Immunity Gap” podcast, which improved both attendance and engagement metrics. It also developed proprietary scientific content ecosystems, such as “Echoes of Shingles” and “Avax Chronicles”, to deliver consistent, cross-channel storytelling that strengthened message recall and engagement.

A comprehensive audit and assurance process further strengthened the Omnichannel ecosystem, resulting in a green ‘Embed and Grow rating, indicative of mature, scalable and well-integrated systems.

Selling Excellence

In FY2025-26, your Company strengthened commercial capability by embedding continuous learning into workflows and accelerating field performance through technology-enabled platforms and structured coaching models.

Minerva

Sales enablement platform, Minerva, was launched in FY2025-26 to provide field teams access to scientific content, structured learning journeys and Al-powered

Interactive Roleplay Assistant (AIRA) engine, enabling more effective and compliant customer interactions. Minervas success is reflected in a positive 4.29/5 rating from learners.

PRARAMBH

The PRARAMBH induction programme was redesigned to accelerate early commercial and cultural assimilation for new employees. Face-to-face onboarding was shifted to the start of the employee journey and incorporated structured interactions with HCPs, personalised coaching sessions, leadership connects and group learning presentations. It received a favourable rating of 4.9/5.

ASPIRE 3.0

The ASPIRE 3.0 programme was successfully implemented to strengthen sales leadership capabilities, reaching over 250 sales managers through 11 structured, coaching-led sessions. The programme emphasised enhancing performance management discipline, enabling managers to transition from problem identification to driving outcome-oriented results. The initiative received strong learner endorsement, achieving an effectiveness rating of 4.8 out of 5.

Consultative Selling Transformation

Your Company accelerated the shift from information-led engagement to insight-driven scientific dialogue with HCPs, based on the Adult Vaccination teams consultative selling approach. A 13-persona HCP playbook was developed to support clinic-level interventions to personalise engagement, strengthen awareness of adult vaccination and improve treatment adoption journeys.

Finance and Accounts

During FY2025-26, your Companys revenue from operations grew by 2% to Rs. 3,790 Crores. This growth was driven by performance across General Medicines (key pharma brands grew by 2%), Vaccines (11% growth led by Paediatric and Adult Vaccination), and Specialty Medicines with the launch of the Oncology segment.

Augmentin ranked No. 3 in the IPM in FY2025-26 and continues to hold its position as the most widely prescribed antibiotic. Your Company continued to strengthen its leadership position across the therapy areas in which it operates.

Profit before tax (PBT), before exceptional items, increased by 10% YoY to Rs. 1,374 Crores, while EBITDA margins improved by 290 basis points to 34.3%, supported by better gross margins and operational cost efficiencies. Profit after tax (PAT), before exceptional items, crossed Rs. 1,000 Crores for the first time in your Companys history.

Cash flows from operations remained strong throughout the year, reflecting the underlying strength of the business. Your Company also focused on improving working capital management and faster cash conversion.

GST 2.0 was successfully implemented with zero-impact on transition the entire value chain, reinforcing your Companys commitment to improving access to essential medicines for patients across India.

There were no loans, guarantees, securities or investments under Section 186 of the Companies Act, 2013, and no outstanding amounts related to unclaimed deposits as of 31st March 2026. In addition, there were no significant regulatory, judicial or tribunal orders affecting your Companys going concern status, and its financial position remained stable, with no material adverse changes during the reporting period.

Key Changes in Significant Financial Ratios

Profitability Ratios	Formula	FY2025-26	FY2024-25
Operating Profit Margin	Profit from Operations/Sale of Products	32.8%	29.9%
Net Profit Margin	Profit after tax (Excl. Exceptional items)/Revenue from Operations	26.6%	24.6%
Return on Net Worth	Profit after tax (Excl. Exceptional items)/Shareholders Equity	45.0%	46.9%
EBITDA	EBITDA/Revenue from Operations	34.3%	31.4%
Return on Capital Employed	Profit before tax (Excl. Exceptional items)/Net Worth	61.3%	63.8%
Efficiency Ratios
Current Ratio	Current Assets/Current Liabilities	2.0	1.8
Inventory Turnover Ratio	Sale of Products/Average Inventories	8.4	7.5
Debtors Turnover Ratio	Sale of Products/Average Trade Receivables	13.3	14.3

GSK cares

Strengthening Systems, Expanding Opportunity, Building Healthier Communities

Your Company believes sustainable impact is created when communities are empowered through equitable and reliable access to healthcare and education.

In FY2025-26, your Companys Corporate Social Responsibility (CSR) efforts were unified under GSK cares, an integrated platform spanning healthcare, education and community resilience, with a consistent focus on delivering measurable, long-term outcomes for underserved populations. These efforts are aligned with national priorities and the UN Sustainable Development Goals (SDGs).

Creating Sustained Social Impact: Key Focus Areas

Health Equity and Disease Elimination

Eliminating Lymphatic Filariasis:

A Long-Term Commitment

For over two decades, your Company has partnered with the World Health Organisation to support elimination of lymphatic filariasis (LF) in India by 2027. Your Company continues to supply Albendazole, contributing 30 million tablets in FY2025-26 alone, helping protect vulnerable populations and accelerate progress towards eliminating this preventable disease.

Strengthening LF Elimination Systems in Chhattisgarh

Beyond contributions in medicine, your Company is strengthening health systems through a new initiative in Chhattisgarh, reaching a population of 13.27 million across 65 blocks in 18 mass drug administration districts. The programme is building the capacity of more than 2,279 Community Health Officers and 28,633 Drug Administrators, with a focus on improving drug compliance. By strengthening community-based surveillance and monitoring, the initiative is enhancing programme implementation, community mobilisation and last mile service delivery for more effective LF control.

Maternal and Child Health:

Building Sustainable Community Care

The SNEHA Centre Programme, initiated in 2017, continues to improve

Education:

From Access to Aspiration

GSK Scholars Programme:

Building Indias Healthcare Workforce

The GSK Scholars Programme supports students from underserved backgrounds to pursue medicine. Implemented with Buddy4Study India Foundation and the Foundation for Excellence, the programme currently supports 517 medical students in government colleges with financial assistance of up to Rs.1,00,000 annually for 4.5 years. In FY2025-26, 116 scholars graduated and joined the GSK Scholars Alumni Connect network, receiving continued mentorship, peer learning and engagement beyond graduation, access to primary healthcare and promote health-seeking behaviour in vulnerable communities.

This is complemented by the Saksham Anganwadi initiative, which supports 102 Anganwadis and reaches over 120,000 individuals, strengthening nutrition, early childhood care and maternal health outcomes.

Home Away from Home:

Supporting Children Battling Cancer

Through its partnership with St. Jude India ChildCare Centres, your Company supports children undergoing cancer treatment and their families with accommodation, nutrition, education continuity and emotional care. In FY2025-26, the initiative benefited 316 families, providing stability, continuity and dignity during long treatment journeys.

Classroom Transformation in Nashik: From Digital Access to Model Schools

What began as a digital learning initiative has evolved into a broader school transformation programme. In partnership with Yuva Unstoppable, your Company has established 115 digital schools in Nashik, with eight schools upgraded to Model Schools in FY2025-26. The Model School approach integrates digital learning into daily teaching, strengthens teacher capacity in digital pedagogy, improves infrastructure, and creates safe and inclusive learning environments to improve learning outcomes.

Community Resilience and Inclusion: Regional Initiatives

Across regions, your Companys community initiatives have expanded access to education, healthcare, livelihoods and environmental stewardship for underserved populations.

Education, Skills and Career Readiness

Projects in Chennai, Noida, Patna, and Valsad provide children and adolescents with academic assistance STEM learning, residential education and career guidance. Collectively, these initiatives have benefitted over 2,100 learners, including adolescent girls, tribal students and children from marginalised communities by strengthening learning outcomes, life skills and future-readiness.

Health and Well-Being

In Kolkata, a maternal and child healthcare outreach programme improved access to essential health services for 940 individuals in underserved communities, supporting healthier outcomes for mothers and children.

Environmental Enhancement

A streetscaping initiative transformed an 830-foot stretch in Mumbai by planting over 2,360 shrubs, enhancing green cover.

Employee Volunteering

Together Day

Employee engagement is a core pillar of GSK cares, evolving from participation to purpose-led action aligned with community needs. In FY2025-26, nearly 3,000 employees contributed to volunteering initiatives on healthcare, education, inclusion and the environment.

Key interventions included:

• Menstrual hygiene and adolescent health awareness

• Enhancing school sanitation and learning environments

• ‘Run for a cause marathon in New Delhi and Mumbai to raise shingles awareness

People and Culture

Your Company is focusing on building a future-ready organisation where employees can grow, thrive and make a meaningful impact. It is strengthening culture, capabilities and leadership to cultivate a high-performance environment that encourages innovation, collaboration and sustainable results.

Inclusion

Your Company is committed to maintaining an inclusive workplace that promotes fairness and equal opportunity through non-discriminatory policies and merit-based career growth. Your Company supports inclusion through Employee Resource Groups such as the Womens Leadership Initiative, which supports women employees through their career journeys and Spectrum, which promotes awareness and respect for LGBTQIA+ employees through targeted engagement programmes.

Talent and Leadership Development

In FY2025-26, your Company strengthened its talent management framework through structured succession planning, leadership development and systematic identification of high-potential talent. Leadership and commercial capabilities were enhanced through targeted development programmes, objective assessment methods and experiential learning opportunities, including cross-functional projects, to build a strong pipeline for India and global roles.

Commercial Talent Development	For evolving business needs, your Company requires leaders with diverse experiences, agility, and adaptability. In FY2025-26, commercial development programs were enhanced to prioritise the identification of high-potential talent, enhance assessment processes and offer varied learning opportunities.
Lakshya+	A flagship development programme designed to prepare medical representatives for First Line Leader (FLL) and equivalent roles. In FY2025-26, 25 employees received opportunities in FLL and equivalent roles.
Catalyst Neo	GSKs flagship development programme focused on developing scalable talent at mid-leadership levels for future commercial leadership roles.
Selling Excellence Programmes	Aspire and Minerva create a strong capability building framework for managers and the field force. Aspire develops managerial effectiveness through leadership, employee relations, and growth mindset skills, while Minerva enables field teams with scientific content, structured learning journeys and Al-powered role play to enhance in-clinic impact.
Early Talent Programmes	These programmes identify top talent from prestigious business schools across the country, offering them diverse roles that prepare them for leadership positions. In FY2025-26, experiences for early talent were redesigned to add more cross-functional exposure. A campus sales hiring model was launched to proactively identify talent pipeline for frontline roles.

Learning and Development Culture

Your Company supports a personalised learning environment through the L&D Hub, a centralised digital platform that offers customised content, skill assessments, mentorship and career development resources. It supports continuous professional growth through learning assistance policies and enables global career mobility.

Technology-Led Recruitment

In FY2025-26, recruitment and talent acguisition were strengthened through technology-driven solutions, including skills-matching models for fair and efficient shortlisting, data analytics dashboards for proactive sourcing and hiring decisions, and Al-assisted tools to support call screening and recruitment processes.

Tech-Enabled Employee Support

In 2025, your Company introduced GiGi, an AI-powered digital assistant to help GSK employees simplify day-to-day work. GiGi supports task and approval management, answers questions using GSK knowledge, assists with writing, translating, and summarising content and helps troubleshoot issues.

Employee Relations and Long-Term Settlement

Your Company maintained constructive engagement with trade unions across its commercial operations and the Nashik manufacturing facility, culminating in the successful implementation of a Long-Term Settlement (LTS).

It adopted a principle-based negotiation approach that enabled the introduction of new ways of working and productivity enhancements while ensuring fair and sustainable outcomes for employees. The process was supported by capability-building initiatives, collaborative implementation of revised compensation structures and continuous monitoring to strengthen long-term industrial relations stability.

Employee Well-Being and Benefits

To promote holistic employee well-being, your Company offers a comprehensive benefits framework covering physical, mental and financial health.

Employee Well-Being Benefits*

Apart from privilege and wellness leaves, your Company provides employees with other type of leaves to manage personal circumstances.

Childcare Support

Daycare facilities

For children of employees at the base location of work

Parental Leave

• 26 weeks maternity leave

• 18 weeks paternity leave

• 26 weeks adoption/surrogacy leave

Care of Family Member Leave (COFML)

Up to 4 weeks of paid leave per calendar year for immediate family members with serious health conditions

Sabbatical Leave (Up to 12 months)

• Medical treatment

• Higher education

• Self-development

• Primary caregiving for a family member with chronic illness

*Leaves for unionised employees are governed by LTS agreements

Employee Well-Being Programmes

40+ Preventive Health Services

Through Partnership for Prevention (P4P), employees access paediatric and adult vaccinations, cardiac and diabetes screenings, cancer checks, HIV screening, tobacco cessation support and annual health check-ups.

Enhanced Mental Health Support

Employee Assistance Programme (EAP) offers free and confidential support for employees and families, including counselling, resilience coaching, womens health and well-being support. Employees can access services through mobile, MS Teams and online booking in over 60 languages.

Digital-First Healthcare Experience

Single integrated platform offering fully company-sponsored, cashless outpatient health services.

Thrive

Science-backed well-being platform helping employees build healthier habits and improve productivity.

Nudge

Personalised financial well-being platform offering guidance, money tools and goal reminders.

Communication and Speak Up Culture

Your Company promotes transparent, two-way communication through multiple engagement platforms, including leadership townhalls, ‘Ask Me Anything sessions, listening forums, performance discussions and regional employee meetings.

The confidential Speak Up channel enables employees to report concerns anonymously, supporting a culture of trust, accountability and ethical conduct. Read more on page 54

Ensuring a Safe Workplace

Your Company is committed to maintaining a safe workplace, in line with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 (India) and the rules thereunder. It has established Internal Committees (ICs) across different zones and our manufacturing facility to address sexual harassment complaints. All the members of these ICs are trained to address such complaints. During the year, your Company received one sexual harassment complaint which has been appropriately addressed.

Your Company introduced renewed e-learning modules on the prevention of sexual harassment and visual posters across the organisation support awareness. All employees who joined during the year have successfully completed the mandatory Prevention of Sexual Harassment (POSH) standard e-learning module.

Environment, Health, Safety and Security (EHS&S)

A comprehensive EHS&S framework helps your Company further safeguard employees health, safety and well-being.

In FY2025-26, your Company conducted regular awareness sessions and capability-building programmes focused on road and workplace safety, ensuring all field employees completed online training on critical risk areas. Communication campaigns, including month-long thematic initiatives and a monthly safety broadcast, reinforced key safety topics such as road safety, office safety, wellness and life-saving rules. Field employees received real-time guidance via the Mentor App, while a structured EHS&S Rewards and Recognition programme encouraged responsible safety behaviour.

Risk preparedness was enhanced through region-specific policies for high-risk weather, distribution of “In Case of Emergency” keychains, and the use of a dedicated safety coaching tool to provide continuous feedback and guidance.

Regulatory Affairs

The Regulatory Affairs function plays a critical role in enabling the timely introduction of GSKs innovative medicines and vaccines in India. The team accelerates product licensure by submitting high-quality regulatory dossiers and ensuring prompt responses to health authority queries.

The Regulatory team also ensures business continuity by securing timely renewals of licenses for imported and locally manufactured medicines and vaccines, supporting uninterrupted supply to Indian patients. It contributes to the development and maintenance of accurate product labelling and packaging and supports tender participation by providing regulatory certificates within required timelines.

In addition, the team facilitates the conduct of global and local clinical studies by obtaining timely regulatory approvals.

Key regulatory milestones achieved during the year included re-licensure of trivalent influenza vaccine Fluarix, aligned with WHO recommendations, approval of an additional first-line endometrial cancer indication for Jemperli (dostarlimab), and submission of the marketing authorisation application for Blenrep (belantamab mafodotin) in relapsed or refractory multiple myeloma. The Regulatory Affairs team also played an important role in supporting its CMO partner in the setting up of local manufacturing of Augmentin ES in India.

Global and local clinical trials (ongoing and planned) across therapeutic areas including oncology, malaria, hepatitis B and metabolic dysfunction-associated steatohepatitis (MASH)

Medical Affairs

Anti-Infectives

In FY2025-26, your Company continued to lead scientific engagement on responsible antibiotic use and addressing antimicrobial resistance (AMR) through HCP education, evidence dissemination, and collaborative scientific platforms. Read more on page 52

Dermatology

Your Company is committed to scaling up dermatological care by driving rational treatment practices, improving disease awareness and supporting evidence-based management of common skin disorders. In FY2025-26, your Company supported broader clinical applications of existing products and delivered targeted scientific education on atopic dermatitis and skin and soft tissue infections.

It also collaborated with national dermatology thought leaders and contributed to evidence generation, including the publication of a cross-sectional survey on postpartum surgical site infection management among obstetricians in India.

Hypothyroidism

Your Company emphasises the clinical importance of managing both overt and subclinical hypothyroidism to reduce associated complications, including cardiovascular, neurological and reproductive health risks.

It focuses on strengthening hypothyroidism care by addressing unmet clinical needs such as delayed diagnosis, persistent symptom burden and misconceptions surrounding thyroid disorders. In FY2025-26, the “Precision in Thyroid Care” programme educated more than 1,000 cross-speciality HCPs across endocrinology, gynaecology and primary care to support personalised, guideline-aligned treatment approaches.

Respiratory

In FY2025-26, your Company aided HCPs in understanding new treatment ideas, such as using biologic therapy early in asthma, aiming for clinical remission and optimising single inhaler triple therapy early in the treatment of Chronic Obstructive Pulmonary Disease (COPD).

Your Company enhanced scientific collaboration through partnerships with the Indian Chest Society and other key opinion leaders. Hybrid educational programmes that engaged over 1,000 specialists demonstrated significant improvements in prior and post- programme learning outcomes.

Your Company also contributed to respiratory clinical research, including completing a Phase IV asthma trial and a post-marketing surveillance study in respiratory therapy, with findings submitted to international scientific congresses.

Vaccines Adult Vaccines

Your Company continued to strengthen scientific awareness of adult immunisation by improving evidence-based engagement with HCPs. Innovative physician networking platforms were also used to enable specialist-level scientific dialogue, including engagement with oncologists and other clinicians on preventive immunisation strategies.

Scientific engagement was further supported by medical congress sessions that highlighted the burden of shingles and its complications in high-risk populations. These initiatives contributed to the adoption of adult immunisation protocols across more than 50 hospital departments in India. Your Company plans to further expand scientific discussions on adult vaccination, particularly among specialists managing cardiovascular and metabolic conditions (CVMD), as new evidence links shingles to broader health risks.

Paediatric Vaccines

Your Company furthered its leadership in the paediatric vaccine segment by promoting the concept of life-course immunisation, extending protection across childhood, adolescence, maternal health, adulthood, travel and older age groups. The “Vaccine Desk Reference”, an evidence-based educational resource widely shared with paediatricians to support clinical decision-making and improve vaccination practices, was introduced during the year.

The Medical, Safety and Regulatory teams also collaborated to present vaccine safety surveillance data to regulatory authorities, supporting compliance with national immunisation safety standards and policies.

Oncology

In FY2025-26, your Companys medical strategy for Oncology primarily focused on gynaecological cancers and preparations for future haematological malignancies.

Medical education, collaboration with professional oncology organisations, and local clinical research to support evidence-based cancer care were prioritised. Partnerships with key oncology bodies enabled national scientific programmes on endometrial and ovarian cancers, engaging over 600 oncologists.

In clinical research and patient access, Phase IV studies for dostarlimab and niraparib were initiated to generate real-world evidence, with dostarlimab receiving regulatory approval for an additiona indication in first-line advanced and recurrent endometrial cancer. An early access programme for belantamab was also launched for patients with relapsed or refractory multiple myeloma.

Pharmacovigilance

Your Company holds a clear responsibility to safeguard patients wherever its products are used, which requires continuous vigilance?known in the pharmaceutical industry as pharmacovigilance (PV).

The PV framework emphasises robust training, reporting, and oversight. The team ensures training needs are identified, allocated and escalated appropriately, supported by a multi-layered and iterative Human Safety Information (HSI) and Adverse Event (AE) reporting training plan, which covers GSK employees as well as relevant third-party parties.

The team also ensures consistent collection of safety information from all sources, including spontaneous reports, clinical trials, commercial activities, social media, etc.

Antimicrobial Resistance

Described as “the silent pandemic”, antimicrobial resistance (AMR) continues to be a significant public health challenge in India. The country is one of the largest consumers of antibiotics in the world14 and growing resistance to commonly used medicines is making infections increasingly difficult to treat and manage, particularly in the case of community-acquired infections and respiratory pathogens. This highlights the urgent need for stronger surveillance systems, responsible prescribing practices and improved clinical awareness.

Recognising the urgency, your Company has adopted a multi-pronged approach that combines data tracking, awareness of responsible antibiotic use and continuous engagement with key stakeholders, including HCPs, communities and policymakers.

India Infection Index

Your Company actively promotes the India Infection Index, a real-time, interactive portal that provides zonal susceptibility data for antibiotics against common respiratory pathogens, supporting precise antibiotic prescribing and monitoring evolving trends. The tool has become an invaluable in-clinic resource, serving as a one-stop solution for HCPs and enabling quick, accurate, and data-driven decision-making when selecting the appropriate antibiotic. The portal also features the latest updates from SOAR (Survey of Antimicrobial Resistance)?GSKs global surveillance database?as well as current global and Indian clinical guidelines.

HCP Education through Scientific Engagement

As a leader in the Anti-lnfectives space with Augmentin and Ceftum, your Company promotes responsible antibiotic use through strategic partnerships and targeted scientific engagement. By collaborating with __ organisations such as the Indian Medical Association (IMA) and the Indian Academy of Paediatricians (IAP), your Company raises awareness on appropriate antibiotic use and responsible prescribing, particularly for community infections.

In FY2025-26, these efforts were expanded through structured programmes that shared evidence-based guidance with HCPs via national, regional, and local forums, as well as participation in major conferences and multi-stakeholder discussions. Your Companys dedicated scientific platforms, including the Improving Patient Care Through Awareness and Training (IMPACT) webinar series, extended its reach by delivering practical, evidence-based insights and fostering dialogue on resistance trends and treatment approaches.

Complementing these efforts, your Company designed and conducted two knowledge-attitude-practice (KAP) studies to generate real- world evidence, identify gaps in current practices, and inform targeted strategies to enhance antibiotic stewardship.

Responsible Manufacturing and Global Certification

In FY2025-26, the Nashik manufacturing site was awarded the BSI Kitemark™ for Minimised Risk of AMR for seven antimicrobial products, certifying that your Companys processes meet rigorous, independent standards to minimise environmental antibiotic-related waste. Compliance will be verified annually through rigorous surveillance audits. This certification is also part of a global strategy to have all internal antibiotic manufacturing sites certified by the end of 2026, reinforcing its global AMR position. To read about GSKs global position on AMR, go to: gsk-position-on-antimicrobial- resistance.pdf

Safe Disposal Programme

To tackle AMR through collective community effort, your Company has launched a ‘Safe Disposal of Medicines programme in Maharashtra. The programme focuses on building community awareness while also strengthening systems and promoting innovative solutions for the responsible disposal of unused and expired antibiotics, preventing residues from entering soil and water systems and slowing the spread of resistance.

Legal

GSKs Legal function upholds strong governance by ensuring that business activities comply with applicable laws and align with your Companys core values. In FY2025-26, your Companys Legal team supported key organisational initiatives across commercial, operational and supply chain functions, ensuring regulatory compliance and promoting ethical conduct. Your Company remained compliant with the Uniform Code of Pharmaceutical Marketing Practices (UCPMP) 2024 and continued to engage actively with the Organisation of Pharmaceutical Producers of India (OPPI). It also focused on preparing for the operationalisation of the Digital Personal Data Protection (DPDP) Rules, 2025, strengthening governance frameworks, policies and processes to enhance data privacy, security and regulatory compliance.

Risk Management

Your Companys risk management culture is driven by the Internal Control Framework (ICF), which has been approved by the Global GSK Leadership Team and the Global Risk Oversight and Compliance Council (ROCC). The framework supports a structured, proactive risk-governance culture across the organisation.

The Risk Management and Compliance Board (RMCB) oversees risk mitigation activities in the country and is responsible for effective monitoring of internal controls and audit risk management systems.

The RMCB regularly monitors internal controls and risk exposure through quarterly review meetings. In addition, the RMCB evaluates the overall Risk Management Framework twice a year, including business, financial and operational risks and presents its observations to the Risk Management Committee of the Board of Directors.

Risks across all functions are evaluated by the RMCB regularly, evaluating root causes, the effectiveness of existing controls and potential impact. Appropriate mitigation actions are defined with clear implementation timelines. The organisations internal risk management systems also support crisis preparedness and have evolved the risk management approach from reactive mitigation to proactive risk resilience.

Vigil Mechanism

Your Company operates a Speak Up programme that encourages employees and stakeholders to report unethical, unlawful, or inappropriate conduct without fear of retaliation. The reporting mechanism is managed by an independent third-party service provider, and all reports are recorded through a centralised system to ensure process integrity. Strict confidentiality standards are maintained for all complaints, including protecting the identity of the reporting individual when anonymity is requested.

Your Company also implements comprehensive policies to prevent and address workplace sexual harassment, supported by awareness programmes and disciplinary procedures. The Speak Up reporting channel is available on its website at www.gsk.com/speakup. Your Company also has a whistleblower policy that enables employees/external stakeholders to approach local/group management or the Audit Committee Chair in the event of any grievance or concern accindrx. auditcomitteechairmangskindiarx@ 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 (https://www.gsk.com/ en-gb/company/codes-standards- and-reports)

Internal Control Framework

Your Company operates with a strong commitment to ethical conduct, regulatory compliance and governance excellence. Your Company has established an enterprise-wide Internal Control Framework to support continuous risk identification, assessment and monitoring across operations. This framework is supported by standard operating procedures, internal policies and compliance guidelines, as well as by periodic monitoring and self-assessment mechanisms.

In line with statutory requirements under the Companies Act, 2013, your Company has implemented an Internal Financial Control framework. Governance practices are further strengthened through 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. Additionally, a Third-Party Risk Management (TPRM) process is applied during vendor onboarding to ensure that external partners adhere to your Companys ethical standards, corporate values and compliance expectations.

Concluding Statement

FY2025-26 reinforced GSKs role as a trusted partner in advancing healthcare outcomes in India.

By combining innovation, digital enablement and access focused initiatives, your Company continued to build relevance across the healthcare continuum. Your Company enters the next phase with a strengthened portfolio and a future-ready organisation. Guided by a clear strategy, strong values and scientific excellence, GSK remains committed to delivering sustained value for patients, partners and shareholders.