REG - GSK PLC - 1st Quarter Results
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RNS Number : 2755C GSK PLC 29 April 2026
GSK delivers strong Q1 performance and start to 2026
Strong Specialty Medicines performance drives sales and core operating profit
growth
• Total Q1 sales £7.6 billion +2% AER; +5% CER
• Specialty Medicines sales £3.2 billion (+14%); Respiratory, Immunology &
Inflammation £0.9 billion (+16%); Oncology £0.5 billion (+28%); HIV sales
£1.8 billion (+10%)
• Vaccines sales £2.1 billion (+4%); Shingrix £1.0 billion (+20%); Meningitis
vaccines £0.3 billion (-3%); and Arexvy £0.1 billion (-18%)
• General Medicines sales £2.3 billion (-6%); Trelegy £0.6 billion (stable)
• Total operating profit +9% and Total EPS +15% driven by Core operating profit
growth and higher other income from disposals, partly offset by higher CCL
charges
• Core operating profit +10% and Core EPS +9% reflecting higher sales,
favourable product and regional mix, SG&A benefits and higher royalty
income, partly offset by increased investment in R&D and new asset
launches.
• Cash generated from operations of £1.4 billion with free cash flow of £0.8
billion
(Financial Performance - Q1 2026 results unless otherwise stated, growth % and
commentary at CER as defined on page 42. In Q1 2026, the adverse currency
impact on AER versus CER primarily reflected the strengthening of Sterling
against the USD. See page 8 for further details.)
Q1 2026
£m % AER % CER
Turnover 7,629 2 5
Total operating profit 2,293 3 9
Total operating margin % 30.1% 0.6ppts 1.3ppts
Total EPS 43.2p 9 15
Core operating profit 2,650 5 10
Core operating margin % 34.7% 1.0ppts 1.8ppts
Core EPS 46.5p 4 9
Cash generated from operations 1,350 4
Pipeline progress and R&D acceleration:
• New product approvals for: Exdensur (EU & China for severe asthma with an
eosinophilic phenotype and nasal polyps); Nucala COPD (EU); Blenrep (China for
multiple myeloma)
• Bepirovirsen, potential functional cure for chronic hepatitis B, regulatory
filings accepted in US, EU, China and Japan. Data to be presented at EASL in
Q2
• Efimosfermin (FGF21) granted US Breakthrough and EU PRIME designations for
liver disease MASH
• Phase I data for Mo-Rez ADC in difficult-to-treat endometrial and ovarian
cancer supports initiation of 5 phase III trials in 2026
• Further pivotal readouts expected in 2026: camlipixant (chronic cough);
Jemperli (rectal cancer); 3x yearly (Q4M) HIV PrEP; and Exdensur for EGPA
• Pipeline acquisitions completed for new high-potential best-in-class assets:
ozureprubart for food allergies; and HS235, pulmonary hypertension
Continued commitment to shareholder returns
• Q1 2026 dividend of 17p declared; 70p expected for full year 2026
• £1.7 billion executed to date as part of the £2 billion share buyback
programme announced at FY 2024
2026 guidance and 2031 sales outlook reaffirmed
• Expect 2026 turnover growth of between 3% to 5%; Core operating profit growth
of between 7% to 9%; Core EPS growth of between 7% to 9%
• 2031 sales outlook of more than £40 billion
Guidance all at CER
Luke Miels, Chief Executive Officer, GSK:
"GSK has made a strong start to 2026, with good performance from our key
growth drivers. Alongside operational delivery, we are focused on execution
and accelerating R&D. This is visible in filings we have achieved for
bepirovirsen, our potential functional cure for hepatitis B; updated phase III
plans for our oncology ADCs; and completed acquisitions for new pipeline
assets: ozureprubart for food allergies, and HS235 for pulmonary
hypertension."
The Total results are presented in summary above and on page 7 and Core
results reconciliations are presented on pages 17-18. Core results are a
non-IFRS measure that may be considered in addition to, but not as a
substitute for, or superior to, information presented in accordance with IFRS.
The following terms are defined on pages 42-43: Core results, AER% growth,
CER% growth and other non-IFRS measures. GSK provides guidance on a Core
results basis only for the reasons set out on page 15. All expectations,
guidance and outlooks regarding future performance and dividend payments
should be read together with 'Guidance and outlooks, assumptions and
cautionary statements' on pages 44-45. Abbreviations are defined on page 48.
2026 Guidance
GSK affirms its full-year 2026 guidance at constant exchange rates (CER).
Turnover is expected to increase between 3 to 5 per cent
Core operating profit is expected to increase between 7 to 9 per cent
Core earnings per share is expected to increase between 7 to 9 per cent
This guidance is supported by the following turnover expectations for
full-year 2026 at CER
Specialty Medicines - expected increase of a low double-digit per cent in turnover
Vaccines - expected decline of a low single-digit per cent to stable in turnover
General Medicines - expected decline of a low single-digit per cent to stable in turnover
Core operating profit is expected to grow between 7 to 9 per cent at CER. GSK
expects to deliver leverage at a gross margin level due to improved product
mix from Specialty Medicines growth and continued operational efficiencies. In
addition, GSK anticipates further leverage in Operating profit as we continue
with ongoing productivity initiatives and take a returns-based approach to
SG&A investments, with SG&A expected to grow at a low single-digit
percentage. Royalty income continues to be expected to be at £800-850
million. R&D is expected to grow ahead of sales as we continue to invest
in the pipeline while driving operational efficiencies.
Core earnings per share is also expected to increase between 7 to 9 per cent
at CER, in line with Core operating profit growth, reflecting higher interest
charges and the tax rate which is expected to rise to around 17.5%, offset by
the expected benefit from the share buyback programme. Expectations for
non-controlling interests remain unchanged relative to 2025.
Agreement with US Government to lower the cost of prescription medicines for
American patients
As previously announced, on 19 December 2025, GSK entered into an agreement
with the US Administration to lower the cost of prescription medicines for
American patients, which, once fully implemented, would exclude both GSK and
ViiV Healthcare from Section 232 tariffs for three years.
On 2 April 2026, President Trump issued a Section 232 proclamation imposing a
100% tariff on patented pharmaceuticals and associated pharmaceutical
ingredients beginning on 31 July 2026. On 9 April 2026, GSK, ViiV Healthcare,
and the US Government entered into a definitive agreement reflecting Section
232 tariff relief through 20 January 2029 (subject to final implementation,
including through participation in the US Government's Generous Model
programme). Our full year guidance is inclusive of the expected impact of
these agreements.
Dividend policy
The Dividend policy and the expected pay-out ratio remain unchanged.
Consistent with this, GSK has declared a dividend for Q1 2026 of 17p per
share. GSK's future dividend policy and guidance regarding the expected
dividend pay-out in 2026 are provided on page 29.
GSK commenced a £2 billion share buyback programme in Q1 2025, to be
implemented over the period to the end of Q2 2026.
Exchange rates
If exchange rates were to hold at the closing rates on 22 April 2026
($1.35/£1, €1.15/£1 and Yen 215/£1) for the rest of 2026, the estimated
impact on 2026 Sterling turnover growth for GSK would be -2% and if exchange
gains or losses were recognised at the same level as in 2025, the estimated
impact on 2026 Sterling Core Operating Profit growth for GSK would be -4%.
Results presentation
A conference call and webcast for investors and analysts of the quarterly
results will be hosted by Luke Miels, CEO, at 12 noon BST (US EST at 07.00 am)
on 29 April 2026. Presentation materials will be published on www.gsk.com
prior to the webcast and a transcript of the webcast will be published
subsequently.
Notwithstanding the inclusion of weblinks, information available on the
company's website, or from non GSK sources, is not incorporated by reference
into this Results Announcement.
Performance: turnover
Turnover Q1 2026
£m Growth Growth
AER% CER%
HIV 1,824 6 10
Respiratory, Immunology & Inflammation 890 11 16
Oncology 512 23 28
Specialty Medicines 3,226 10 14
Shingles (Shingrix) 1,026 18 20
Meningitis 335 (4) (3)
RSV (Arexvy) 65 (17) (18)
Influenza 10 >100 >100
Other Paediatric & Adult Vaccines(1) 713 (11) (9)
Vaccines 2,149 3 4
Respiratory 1,594 (7) (4)
Other General Medicines 660 (15) (12)
General Medicines 2,254 (9) (6)
Total 7,629 2 5
By Region:
US 3,737 - 6
Europe 2,083 19 14
International 1,809 (10) (6)
Total 7,629 2 5
Financial Performance - Q1 2026 results unless otherwise stated, growth % and
commentary at CER. In Q1 2026, the adverse currency impact on AER versus CER
primarily reflected the strengthening of Sterling against the USD. See page 8
for further details.
For product list - see page 49
Q1 2026 Key Drivers
£m AER% CER%
Specialty Medicines Total 3,226 10 14 Continued growth across disease areas, with strong performances in HIV,
Respiratory, Immunology & Inflammation, and Oncology.
HIV 1,824 6 10 Increase in patient demand for Dovato, Cabenuva and Apretude more than offset
mature portfolio declines; favourable pricing due to US channel mix offset
regional pricing pressures. LAIs contributed 73% of HIV growth. US sales grew
15% with LAIs contributing 34% of total US HIV sales.
Dovato 666 17 20 Strong demand across all regions.
Cabenuva 368 25 31 Cabenuva contributed more than 50% of total HIV growth with strong demand
across all regions.
Apretude 120 35 44 Strong demand in an increasingly competitive US long-acting PrEP market.
Apretude contributed more than 20% of total HIV growth in the quarter.
Respiratory, Immunology & Inflammation 890 11 16 Growth driven by Nucala and Exdensur in respiratory and Benlysta in
immunology.
Nucala 484 9 12 Higher patient demand across all regions. Strong US double digit volume
growth, enhanced by COPD, was partly offset by ongoing pricing headwinds from
competitive pressures and channel mix impacts.
Benlysta 384 7 13 Strong volume growth with bio-penetration rates having increased across many
markets.
Exdensur 11 - - Early commercial introductions with new patient starts in the US and channel
launch inventories in Japan and Germany.
(1) With effect from Q1 2026, the product group "Established Vaccines" has
been renamed to "Other Paediatric & Adult Vaccines"
Q1 2026 Key Drivers
£m AER% CER%
Oncology 512 23 28 Increasing patient demand for Jemperli, Ojjaara/Omjjara and Blenrep, partially
offset by a decrease in Zejula.
Jemperli 232 33 40 US and Europe approvals in prior years expanded the indication to all adult
patients with primary advanced or recurrent endometrial cancer. High patient
uptake across the regions, with strong growth in the US.
Ojjaara/Omjjara 144 29 34 Higher patient uptake across the regions and from continued commercial
launches across Europe and International markets. US volume growth was partly
offset by continuing pricing pressures.
Zejula 114 (13) (11) Significant US volume reduction due to new prior authorisation requirements
stemming from June 2025 FDA labelling updates restricting use, partly offset
by pricing favourability from channel mix and returns adjustments. Europe
declined due to increased competition.
Blenrep 23 - - US volume driven by patient uptake in both community and academic settings.
Sales outside the US driven by launches across the Europe and International
regions.
Q1 2026 Key Drivers
£m AER% CER%
Vaccines Total 2,149 3 4 Sales growth due to strong demand in Europe for Shingrix, partly offset by
lower sales of Other Paediatric & Adult Vaccines.
Shingrix 1,026 18 20 Record quarterly sales, driven by significant increased demand in Europe and
favourable channel inventory movement including the launch of a pre-filled
syringe presentation in the US, partly offset by lower sales in International.
The cumulative immunisation rate in the US reached 45%, up 4ppts compared to
12 months earlier(1). The overwhelming majority of ex-US Shingrix opportunity
is concentrated in 10 markets where the average immunisation rate is around
11%, with significantly higher uptake in funded cohorts. Public funding was in
place for 29 of the 61 countries where Shingrix is launched.
Meningitis 335 (4) (3) Timing of deliveries in International for Menveo, partly offset by growth in
Bexsero in Europe primarily driven by the timing of UK NIP sales, and post
launch uptake of Penmenvy.
Arexvy 65 (17) (18) Low out of season uptake; US sales declined due to slower market demand,
partly offset by growth in Europe.
Other Paediatric & Adult Vaccines 713 (11) (9) Sales decreased as a result of competitive pressure for Synflorix primarily in
Emerging Markets and lower sales for Hepatitis, Boostrix and Infanrix/Pediarix
vaccines in the US and International. This was partly offset by a bulk sale of
AS03 adjuvant.
(1) Based on data from IQVIA up until the end of Q4 2025
Q1 2026 Key Drivers
£m AER% CER%
General Medicines Total 2,254 (9) (6) Decreases in other respiratory and Other General Medicine products. Trelegy
performance broadly stable.
Respiratory 1,594 (7) (4) Decreases in other respiratory products due to generic erosion and competitive
pressures, with pricing adjustments positively impacting Flovent and adversely
impacting Relvar/Breo. Broadly stable performance in Trelegy.
Trelegy 646 (4) - US declined as phasing of sales volumes were adversely impacted by Medicare
benefit design changes and pricing unfavourability from channel mix pressures
and adjustments. Europe and International strong volume growth was driven by
patient demand, SITT class growth and increased market share.
Other General Medicines 660 (15) (12) Decreases from continued competitive pressures and generic competition across
the portfolio, a reduction in contract manufacturing sales and phasing
impacts.
By Region
Q1 2026 Key Drivers
£m AER% CER%
US 3,737 - 6 Specialty Medicines: +16%
Growth driven largely by patient demand in HIV, Oncology, Benlysta and Nucala.
Vaccines: -2%
Decrease driven by lower demand for Arexvy, Boostrix and Infanrix/Pediarix and
lower market share for Hepatitis vaccines, partly offset by Shingrix growth
related to favourable channel inventory movements.
General Medicines: -6%
Trelegy declines from sales volume decreases and unfavourable pricing impacts.
Decreases continued in other products across the other respiratory and Other
General Medicine portfolios from ongoing competitive and pricing pressures.
Europe 2,083 19 14 Specialty Medicines: +8%
Growth driven by Oncology, Nucala, Benlysta and HIV.
Vaccines: +33%
Growth driven by Shingrix strong uptake, expanded public funding and private
market demand and Arexvy following recommendation and reimbursement in Germany
and tender deliveries in Spain.
General Medicines: -2%
Growth in Trelegy and Anoro more than offset by decreases in other respiratory
products.
International 1,809 (10) (6) Specialty Medicines: +16%
Growth driven by Oncology, Nucala and Benlysta.
Vaccines: -17%
Decrease driven by channel inventory utilisation of Shingrix by our
co-promotion partner in China and competitive pressure for Synflorix.
General Medicines: -9%
Growth in Trelegy more than offset by decreases across other respiratory and
Other General Medicine products, which included reductions in contract
manufacturing income and phasing impacts.
Financial performance - Core results
Core operating profit growth in the quarter primarily reflected higher
turnover, favourable product and regional mix, lower SG&A driven by
ongoing productivity initiatives and net legal settlements and expenses, as
well as higher royalty income, partly offset by increased investment in
R&D and new asset launches.
The increase in Core EPS primarily reflected the growth in Core operating
profit and the share buyback, partly offset by higher net finance costs, a
higher effective rate of taxation and higher non-controlling interests.
Core Results Q1 2026
£m % AER % CER
Turnover 7,629 2 5
Cost of sales (1,701) (1) -
% of sales 22.3% (0.7) (1.1)
Selling, general and administration (1,980) (4) (2)
% of sales 26.0% (1.5) (1.8)
Research and development (1,493) 8 12
% of sales 19.6% 1.2 1.2
Royalty income 195 8 8
Core operating profit 2,650 5 10
% of sales 34.7% 1.0 1.8
Core net finance expense (143) 42 45
Share of after tax profit/(loss) of associates and joint ventures (4)
Core profit before taxation 2,503 3 9
Taxation (458) 6 11
Tax rate % 18.3%
Core profit after taxation 2,045 2 8
Core profit attributable to non-controlling interests 173 7 12
Core profit attributable to shareholders 1,872
2,045 2 8
Core Earnings per share 46.5p 4 9
Financial Performance - Q1 2026 results unless otherwise stated, growth % and
commentary at CER. See page 7 for Total results financial performance
commentary.
In Q1 2026, the adverse currency impact on AER versus CER primarily reflected
the strengthening of Sterling against the USD. See page 8 for further details.
Reconciliations between Total results and Core results Q1 2026 and Q1 2025 are
set out on pages 17 and 18.
Core cost of sales as a percentage of sales decreased primarily due to
favourable product and regional mix driven by higher specialty sales and the
growth of higher margin Vaccines products, particularly Shingrix in Europe and
the US.
Core SG&A decreased primarily due to net favourability on legal
settlements and expenses equivalent to around 4ppts impact in the quarter and
ongoing productivity initiatives, partly offset by disciplined investment to
support launches for new assets including Blenrep and Exdensur.
Core R&D investment increased reflecting progression across the portfolio.
In Oncology, this included acceleration in work on ADCs Ris-Rez and Mo-Rez,
and velzatinib acquired in Q1 2025. In Specialty Medicines, increased
investment was driven by efimosfermin acquired in Q3 2025 and depemokimab COPD
indication, as well as progression of ULA treatment and PrEP programmes,
notably 3x yearly and twice-yearly. Growth was partly offset by lower spend on
bepirovirsen which was filed in the quarter. Investment also increased on
clinical trial programmes associated with mRNA seasonal flu vaccines and adult
pneumococcal MAPS.
Core royalty income growth was primarily driven by Abrysvo(1) and Comirnaty(2)
royalties.
Core net finance expense increased mainly due to higher net debt following
Zantac payments and the share buyback, and a net adverse variance from hedging
activities, as well as higher interest on tax.
The effective tax rate on Core profits was broadly in line with expectations
for the year.
Core NCIs in the quarter were higher primarily due to higher core profit
allocations from ViiV Healthcare.
(1) Abrysvo is manufactured by and a trademark of Pfizer Inc. (2) Comirnaty is
manufactured by and a trademark of BioNTech and Pfizer Inc.
Financial performance - Total results
Total operating profit margin growth in the quarter was primarily driven by
higher Core operating profit and higher other net operating income, partly
offset by an increase in CCL charges.
The increase in Total EPS reflected higher Total operating profit, a lower
effective taxation rate and lower NCIs, partly offset by higher Total net
finance expense.
Total Results Q1 2026
£m % AER % CER
Turnover 7,629 2 5
Cost of sales (1,875) (3) (2)
% of sales 24.6% (1.2) (1.6)
Selling, general and administration (2,119) 2 4
% of sales 27.8% 0.2 (0.2)
Research and development (1,692) 16 19
% of sales 22.2% 2.7 2.7
Royalty income 195 8 8
Other operating income/(expense) 155 >100 >100
Operating profit 2,293 3 9
% of sales 30.1% 0.6 1.3
Net finance expense (145) 34 38
Share of after tax profit/(loss) of associates and joint ventures (4)
Profit before taxation 2,144 2 8
Taxation (305) (9) (4)
Tax rate % 14.2%
Profit after taxation 1,839 4 10
Profit attributable to non-controlling interests 102 (31) (26)
Profit attributable to shareholders 1,737
1,839 4 10
Earnings per share 43.2p 9 15
Financial Performance - Q1 2026 results unless otherwise stated, growth % and
commentary at CER. See page 6 for Core results financial performance
commentary.
In Q1 2026, the adverse currency impact on AER versus CER primarily reflected
the strengthening of Sterling against the USD. See page 8 for further details.
Reconciliations between Total results and Core results Q1 2026 and Q1 2025 are
set out on pages 17 and 18.
Total cost of sales as a percentage of sales decreased primarily driven by
Core cost of sales benefits and lower amortisation.
Total SG&A as a percentage of sales was broadly stable with Core SG&A
benefits offset by amounts reclassified from the foreign currency translation
reserve to the income statement upon the liquidation of a subsidiary, and
acquisition and integration costs related to RAPT Therapeutics ("RAPT").
Total R&D growth in the quarter was driven by an increase in Core R&D
investment, as well as higher impairments.
Total royalty income increase was driven by Core royalties.
Other operating income included net income of £420 million (Q1 2025: £9
million expense) primarily related to profit on the sale of the Rockville
manufacturing facility to Samsung Biologics, including £375m reclassified
from the foreign currency translation reserve to the income statement on
disposal of the related subsidiary, partly offset by a charge of £265 million
(Q1 2025: £2 million) principally arising from the remeasurement of CCLs and
the liabilities for the Pfizer, Inc ("Pfizer") put option. The put option was
fully derecognised at 31 March 2026 as Pfizer has exited its shareholding in
ViiV Healthcare. See pages 16 and 19 for further details.
Net finance costs increased mainly due to higher Core net finance expenses.
The effective tax rate on Total results reflected the different tax effects of
the various Adjusting items included in Total results. Issues related to
taxation are described in Note 14, 'Taxation' in the Annual Report 2025. The
Group continues to believe it has made adequate provision for the liabilities
likely to arise from periods that are open and not yet agreed by relevant tax
authorities. The ultimate liability for such matters may vary from the amounts
provided and is dependent upon the outcome of agreements with relevant tax
authorities.
The decrease in Total NCIs in the quarter was primarily driven by a higher
remeasurement loss on the Shionogi-ViiV CCL compared to Q1 2025 partly offset
by higher core profit allocations from ViiV Healthcare.
Exchange rates and impact on results
GSK operates in many countries and earns revenues and incurs costs in many
currencies. The results of the Group, as reported in Sterling, are affected by
movements in exchange rates between Sterling and other currencies. Average
exchange rates, as modified by specific transaction rates for large
transactions, prevailing during the period, are used to translate the results
and cash flows of overseas subsidiaries, associates and joint ventures into
Sterling. Period-end rates are used to translate the net assets of those
entities. The currencies which most influenced these translations and the
relevant exchange rates were:
Q1 2026 Q1 2025 2025
Average rates:
US$/£ 1.35 1.26 1.31
Euro/£ 1.15 1.20 1.17
Yen/£ 211 193 198
Period-end rates:
US$/£ 1.32 1.29 1.35
Euro/£ 1.15 1.20 1.15
Yen/£ 211 193 211
In Q1 2026, the adverse currency impact primarily reflected the strengthening
of Sterling against the US Dollar and Yen as well as emerging market
currencies, partly offset by strengthening of the Euro. Exchange losses on the
settlement of intercompany transactions had an adverse impact of one
percentage point on Total and Core EPS.
Cash generation
Cash flow
Q1 2026 Q1 2025
£m £m
Cash generated from operations (£m) 1,350 1,301
Total net cash inflow/(outflow) from operating activities (£m) 1,141 1,145
Free cash inflow/(outflow)* (£m) 815 697
Free cash flow growth (%) 17% >100%
Free cash flow conversion* (%) 47% 43%
Total net debt** (£m) 15,613 13,947
* Free cash flow and free cash flow conversion are defined on page 42. Free
cash flow is analysed on page 33.
** Net debt is analysed on page 33
Q1 2026
Cash generated from operations for the quarter was £1,350 million (Q1 2025:
£1,301 million). The increase primarily reflected higher Core operating
profit and the final cash settlement from CureVac, partly offset by exchange
and adverse timing and movements on trade payables and returns and rebates.
Total contingent consideration cash payments in the quarter were
£379 million (Q1 2025: £341 million). £375 million (Q1 2025:
£338 million) of these were recognised in cash flows from operating
activities, including cash payments made to Shionogi & Co. Ltd
("Shionogi") of £362 million (Q1 2025: £331 million).
Free cash inflow was £815 million for the quarter (Q1 2025: £697 million).
The increase was primarily driven by the special dividend of $250 million
(£187 million) related to the ViiV shareholding restructure, as well as
higher cash generated from operations, partly offset by higher tax payments
and higher standard dividends to NCIs.
Total Net debt
At 31 March 2026, net debt was £15,613 million, compared with £14,453
million at 31 December 2025, comprising gross debt of £19,056 million and
cash and liquid investments of £3,443 million. See net debt information on
page 33.
Net debt increased by £1,160 million primarily due to the net acquisition
costs of RAPT of £1,404 million, dividends paid to shareholders of £643
million, shares purchased as part of the share buyback programme of £326
million and an exchange loss on net debt of £154 million. This was partly
offset by primarily the free cash inflow of £815 million and £383 million
related to the disposal of the Rockville site including proceeds and a
reduction in lease liabilities.
At 31 March 2026, GSK had short-term borrowings (including overdrafts and
lease liabilities) repayable within 12 months of £5,044 million and £742
million repayable in the subsequent year.
Contents
Page
Q1 2026 pipeline highlights 11
Responsible business 13
Total and Core results 15
Income statement 20
Statement of comprehensive income 21
Balance sheet 22
Statement of changes in equity 23
Cash flow statement 24
Sales tables 25
Segment information 27
Legal matters 28
Returns to shareholders 29
Additional information 30
R&D commentary 35
Reporting definitions 42
Guidance and outlooks, assumptions and cautionary statements 44
Independent Auditor's review report to GSK plc 46
Glossary of terms 48
Contacts
GSK plc (LSE/NYSE:GSK) is a global biopharma company with a purpose to unite
science, technology, and talent to get ahead of disease together. Find out
more at www.gsk.com (http://www.gsk.com/) .
GSK enquiries:
Media Tim Foley +44 (0) 7780 494750 (London)
Kathleen Quinn +1 202 603 5003 (Washington)
Investor Relations Constantin Fest +44 (0) 7831 826525 (London)
James Dodwell +44 (0) 7881 269066 (London)
Mick Readey +44 (0) 7990 339653 (London)
Steph Mountifield +44 (0) 7796 707505 (London)
Sam Piper +44 (0) 7824 525779 (London)
Jeff McLaughlin +1 215 751 7002 (Philadelphia)
Frannie DeFranco +1 215 751 3126 (Philadelphia)
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WC1A 1DG
Q1 2026 pipeline highlights (since 4 February 2026)
Medicine/vaccine Trial (indication, presentation) Event
Regulatory approvals or other regulatory actions Exdensur SWIFT-1/2, ANCHOR 1/2 (severe asthma with type 2 inflammation and chronic Regulatory approval (EU, CN)
rhinosinusitis with nasal polyps)
Lynavoy* GLISTEN (cholestatic pruritus in primary biliary cholangitis) Regulatory approval (US)
Nucala MATINEE (chronic obstructive pulmonary disorder) Regulatory approval (EU)
Blenrep DREAMM-7 (2L+ multiple myeloma) Regulatory approval (CN)
Arexvy RSV, Adults aged 18-49 years at increased risk Regulatory approval (US)
Regulatory submissions or acceptances Lynavoy GLISTEN (cholestatic pruritic in primary biliary cholangitis) Regulatory acceptance (CN)
Arexvy RSV, adults aged 60+ years Regulatory acceptance (CN)
bepirovirsen B-Well 1 and B-Well 2 (chronic hepatitis B) Regulatory acceptance (US, EU, JP, CN)
Phase III data readouts or other significant events bepirovirsen B-Well 1 and B-Well 2 (chronic hepatitis B) Breakthrough Designation (US)
efimosfermin ZENITH-1 and ZENITH-2 (metabolic dysfunction-associated steatohepatitis) Breakthrough Designation (US)
PRIME Designation (EU)
Exdensur NIMBLE (severe asthma; non-registrational study) Phase III data read out
risvutatug rezetecan Small cell lung cancer Orphan Drug Designation (JP)
*On 22 April 2026, GSK entered into a licence agreement under which Alfasigma
S.p.A. acquired worldwide exclusive rights to develop, manufacture and
commercialise Lynavoy (linerixibat).
Anticipated pipeline milestones
Timing Medicine/vaccine Trial (indication, presentation) Event
H1 2026 Arexvy RSV, adults aged 18-49 years at increased risk Regulatory decision (JP)
tebipenem pivoxil PIVOT-PO (complicated urinary tract infection) Regulatory decision (US)
H2 2026 camlipixant CALM-1/2 (refractory chronic cough) Phase III data readout
camlipixant CALM-1/2 (refractory chronic cough) Regulatory submission (US, EU, JP)
depemokimab OCEAN (eosinophilic granulomatosis with polyangiitis) Phase III data readout
Ventolin Low carbon MDI (asthma) Regulatory submission (EU)
Jemperli AZUR-1 (rectal cancer) Phase II (pivotal) data readout
Blenrep DREAMM-8 (2L + multiple myeloma) Regulatory submission (CN)
cabotegravir 3x yearly (Q4M) PrEP (HIV prevention) Phase II (pivotal) data readout
cabotegravir 3x yearly (Q4M) PrEP (HIV prevention) Regulatory submission (US)
Arexvy RSV, adults aged 18+ immunocompromised Regulatory decision (US, EU, JP)
bepirovirsen B-WELL 1/2 (hepatitis B virus) Regulatory decision (US, JP)
Bexsero Meningococcal B (infants) Regulatory submission (US)
Timing Medicine/vaccine Trial (indication, presentation) Event
2027 camlipixant CALM-1/2 (refractory chronic cough) Regulatory decision (US, EU, JP)
depemokimab OCEAN (Eosinophilic granulomatosis with polyangiitis) Regulatory submission (US, EU, CN, JP)
depemokimab OCEAN (Eosinophilic granulomatosis with polyangiitis) Regulatory decision (US)
Ventolin Low carbon MDI (asthma) Regulatory decision (EU)
Blenrep DREAMM 8 (2L+ multiple myeloma) Regulatory decision (CN)
Jemperli AZUR-1 (rectal cancer) Regulatory submission (US, EU, CN, JP)
Jemperli AZUR-1 (rectal cancer) Regulatory decision (US, EU, JP)
cabotegravir + rilpivirine CUATRO, 3x yearly (Q4M) treatment (HIV) Phase III data readout
cabotegravir 3x yearly (Q4M) PrEP (HIV) Regulatory decision (US)
Arexvy RSV, adults aged 60+ Regulatory decision (CN)
bepirovirsen B-WELL 1/2 (chronic hepatitis B) Regulatory decision (EU, CN)
Bexsero Meningococcal B (infants) Regulatory decision (US)
Refer to pages 35 to 41 for further details on several key medicines and
vaccines in development by therapy area.
Progress on areas for responsible business
Being a responsible business is a fundamental part of GSK's strategy and
supports our long-term performance. We disclose annual progress against our
responsible business priorities, including metrics in our Responsible Business
Performance Rating, in our Annual Report and Responsible Business Report
(published March 2026).
Highlights from 2025 include:
• 2025 Responsible Business Performance Rating was "On track," based on 92% of
all performance metrics being met or exceeded.
• Access: In 2025, we supplied 560 million doses of our products to lower income
countries, including 99 million vaccine doses to Gavi, the global
public-private vaccines alliance.
• Global health and health security: We progressed seven Global Health pipeline
assets to address priority WHO diseases, including malaria and tuberculosis
(TB), and progressed 17 active R&D projects that address pathogens
considered critical and/or urgent threats due to drug resistance.(1)
• Environment: We reduced operational emissions (Scope 1 and 2) by 14% from
2024, a 45% reduction compared with our 2020 baseline and announced positive
pivotal phase III data for a next-generation low carbon version of Ventolin
MDI, and these findings will support regulatory submissions.
• Inclusion: 50% of phase III trials completing enrolment in 2025 met our
required threshold(2), consistent with disease epidemiology, falling short of
our target of 75%. We will continue to focus on clinical trial representation
consistent with disease epidemiology.
• Ethical standards: 100% of employees and complementary workers completed GSK's
2025 mandatory training on our code of conduct and 92% of direct high-risk
suppliers achieved GSK's minimum Ecovadis score or had an improvement plan in
place.
• Product governance: GSK had no FDA warning letters and had an average of one
finding per inspection by FDA/MHRA/EMA regulators. We respond and learn from
all inspection findings, taking the necessary actions to respond to them.
More details can be found in GSK's Responsible Business Report 2025
(https://www.gsk.com/media/di5bk40q/responsible-business-report.pdf) (3).
Highlights since Q4 2025
Additional progress on our responsible business priority areas since the last
quarter:
Access
• In January, GSK and the END Fund established
(https://endfund.org/impact-stories/gsk-to-support-the-end-fund-in-drive-to-eliminate-neglected-tropical-diseases/)
(4) a new initiative to accelerate progress of the elimination of neglected
tropical diseases (NTDs) including lymphatic filariasis and soil-transmitted
helminths.
Global health and health security
• GSK topped the Access to Medicine Foundation's 2026 Antimicrobial Resistance
(AMR) Benchmark
(https://accesstomedicinefoundation.org/insights-resources/amr-benchmark) (5)
among large biopharma companies, recognising the company's leadership in
addressing AMR.
• Tuberculosis is the deadliest infectious diseases worldwide
(https://iris.who.int/server/api/core/bitstreams/e97dd6f4-b567-4396-8680-717bac6869a9/content)
(6). In March, the first patient was dosed in a Phase 2b clinical trial of
Alpibectir-Ethionamide (AlpE) in pulmonary TB informed by earlier
proof-of-concept data from a GSK-BioVersys collaboration and published in the
New England Journal of Medicine in January.
Environment
• A year on from launching a five-year water partnership with WWF-UK
(https://www.wwf.org.uk/who-we-are/who-we-work-with/gsk) (7), GSK has expanded
its work into Algeria, building on the ongoing work in India and Pakistan.
This move is a key step towards our 2030 target of achieving water neutrality
in GSK's operations and at key suppliers in areas that face significant water
challenges and will help to safeguard the future of our operations and supply
chain.
Responsible Business rating performance
Detailed below is how GSK performs in key Responsible Business ratings
(https://www.gsk.com/en-gb/responsibility/responsibility-reports/#Externalratings)
(8).
Current Previous
External benchmark score/ranking score/ranking Comments
Access to Medicines Index 3.72 4.06 Second in the Index, updated bi-annually, current results from November 2024.
Score ranging from 0 to 5
Antimicrobial resistance benchmark 77% 84% Led the benchmark since its inception in 2018; Current ranking updated March
2026
CDP Climate Change A A Updated annually, current scores updated December 2025 (for supplier
engagement, July 2025)
CDP Water Security A A
CDP Forests (palm oil) B B
CDP Forests (timber) B B
CDP supplier engagement rating Leader Leader
Sustainalytics 13.7 14.8 1st percentile in pharma subindustry group; lower score represents lower risk.
Current score as at October 2025
MSCI AA AA Last rating action date: March 2026
ISS Corporate Rating B+ B+ Current score updated September 2025
FTSE4Good Member Member Member since 2004, latest review in June 2025
ShareAction's Workforce Disclosure Initiative 79% 77% Current score updated January 2024
(1) Based on the WHO Bacterial Priority Pathogens List, 2024, and the CDC
Antibiotic Resistance Threats in the United States, 2019 report
(2) Defined by meeting ≥80% of each demographic objective (up to a ceiling of
120%) described in the plan based on disease epidemiology
(3) https://www.gsk.com/media/di5bk40q/responsible-business-report.pdf
(https://www.gsk.com/media/di5bk40q/responsible-business-report.pdf)
(4) https://endfund.org/impact-stories/gsk-to-support-the-end-fund-in-drive-to-eliminate-neglected-tropical-diseases
(https://endfund.org/impact-stories/gsk-to-support-the-end-fund-in-drive-to-eliminate-neglected-tropical-diseases/)
(5) https://accesstomedicinefoundation.org/insights-resources/amr-benchmark
(https://accesstomedicinefoundation.org/insights-resources/amr-benchmark)
(6) https://iris.who.int/server/api/core/bitstreams/e97dd6f4-b567-4396-8680-717bac6869a9/content
(https://iris.who.int/server/api/core/bitstreams/e97dd6f4-b567-4396-8680-717bac6869a9/content)
(7) https://www.wwf.org.uk/who-we-are/who-we-work-with/gsk
(https://www.wwf.org.uk/who-we-are/who-we-work-with/gsk)
(8) https://www.gsk.com/en-gb/responsibility/responsibility-reports/#Externalratings
(https://www.gsk.com/en-gb/responsibility/responsibility-reports/#Externalratings)
Total and Core results
Total reported results represent the Group's overall performance.
GSK uses a number of non-IFRS measures to report the performance of its
business. Core results and other non-IFRS measures may be considered in
addition to, but not as a substitute for, or superior to, information
presented in accordance with IFRS. Core results are defined below and other
non-IFRS measures are defined on pages 42 and 43.
GSK believes that Core results, when considered together with Total results,
provide investors, analysts and other stakeholders with helpful complementary
information to understand better the financial performance and position of the
Group from period to period, and allow the Group's performance to be more
easily compared against the majority of its peer companies. These measures are
also used by management for planning and reporting purposes. They may not be
directly comparable with similarly described measures used by other companies.
GSK encourages investors and analysts not to rely on any single financial
measure but to review GSK's quarterly results announcements, including the
financial statements and notes, in their entirety.
GSK is committed to continuously improving its financial reporting, in line
with evolving regulatory requirements and best practice. In line with this
practice, GSK expects to continue to review and refine its reporting
framework.
Core results exclude the following items in relation to our operations from
Total results, together with the tax effects of all of these items:
• amortisation of intangible assets (excluding computer software and capitalised
development costs) to reflect the Group's performance excluding the effect of
acquisitions
• impairment of intangible assets (excluding computer software) and goodwill to
reflect the Group's performance excluding the effect of acquisitions
• major restructuring and integration costs, which are:
- cash and non-cash costs such as impairment of tangible assets and computer
software of Major restructuring programmes, which are specific Board-approved
programmes that are structural and of significant scale, where the costs of
individual or related projects within such programmes exceed £25 million; or
- costs that relate to restructuring and integration following a significant
acquisition.
Costs for other ordinary course, smaller-scale restructuring and integration
are retained within both Total and Core results
• transaction-related accounting or other adjustments related to significant
acquisitions
• proceeds and costs of disposal of associates, products and businesses;
significant settlement income; Significant legal charges (net of insurance
recoveries) and expenses on the settlement of litigation and government
investigations; other operating income other than royalty income, and other
items including amounts reclassified from the foreign currency translation
reserve to the income statement upon the liquidation of a subsidiary where the
amount exceeds £25 million
As Core results include the benefits of Major restructuring programmes but
exclude significant costs (such as Significant legal charges and expenses,
major restructuring costs and transaction items) they should not be regarded
as a complete picture of the Group's financial performance, which is presented
in Total results. The exclusion of other Adjusting items may result in Core
earnings being materially higher or lower than Total earnings. In particular,
when significant impairments, restructuring charges and legal costs are
excluded, Core earnings will be higher than Total earnings.
GSK has undertaken a number of Major restructuring programmes in response to
significant changes in the Group's trading environment or overall strategy or
following material acquisitions. Within the Pharmaceuticals sector, the highly
regulated manufacturing operations and supply chains and long lifecycle of the
business mean that restructuring programmes, particularly those that involve
the rationalisation or closure of manufacturing or R&D sites are likely to
take several years to complete. Costs, both cash and non-cash, of these
programmes are provided for as individual elements are approved and meet the
accounting recognition criteria. As a result, charges may be incurred over a
number of years following the initiation of a Major restructuring programme.
Significant legal charges and expenses are those arising from the settlement
of litigation or government investigations that are not in the normal course
and materially larger than more regularly occurring individual matters. They
also include certain major legacy matters.
Reconciliations between Total and Core results, providing further information
on the key Adjusting items, are set out on pages 17 and 18.
GSK provides earnings guidance to the investor community on the basis of Core
results. This is in line with peer companies and expectations of the investor
community, supporting easier comparison of the Group's performance with its
peers. GSK is not able to give guidance for Total results as it cannot
reliably forecast certain material elements of the Total results, particularly
the future fair value movements on contingent consideration and put options
that can and have given rise to significant adjustments driven by external
factors such as currency and other movements in capital markets.
ViiV Healthcare
ViiV Healthcare is a subsidiary of the Group and 100% of its operating results
(turnover, operating profit, profit after tax) are included within the Group
income statement.
On 19 January 2026, GSK reached agreement with Pfizer and Shionogi for the
11.7% economic interest in ViiV Healthcare held by Pfizer to be replaced with
an investment by Shionogi. On 31 March 2026, the transaction completed and
Shionogi increased its economic interest to 21.7% and GSK maintained its 78.3%
economic interest. ViiV Healthcare issued new shares to Shionogi for
consideration of $2.125 billion, and cancelled Pfizer's holding in ViiV
Healthcare, returning $1.875 billion to Pfizer. GSK received a special
dividend of $0.250 billion (£187 million). Further, on completion GSK
extinguished the Pfizer put option liability through retained earnings. The
put option liability was £822 million as at 31 December 2025 and was
remeasured immediately prior to completion, on the same methodology as at 31
December 2025, with the £33 million fair value change in the liability
recognised as an Adjusting item through other operating income/(expense).
Earnings for the year are allocated to the two shareholders of ViiV Healthcare
on the basis of their respective equity shareholdings (GSK 78.3% and Shionogi
21.7%) and their entitlement to preferential dividends, which are determined
by the performance of certain products attributable to each shareholder. As
the relative performance of these products changes over time, the proportion
of the overall earnings allocated to each shareholder also changes. In
particular, the increasing proportion of sales of dolutegravir and
cabotegravir-containing products has a favourable impact on the proportion of
the preferential dividends that is allocated to GSK. Adjusting items are
allocated to shareholders based on their equity interests. GSK was entitled to
approximately 83% of the Total earnings and 83% of the Core earnings of ViiV
Healthcare for 2025.
As consideration for the acquisition of Shionogi's interest in the former
Shionogi-ViiV Healthcare joint venture in 2012, Shionogi received the 10%
equity stake in ViiV Healthcare and ViiV Healthcare also agreed to pay
additional future cash consideration to Shionogi, contingent on the future
sales performance of the products being developed by that joint venture,
dolutegravir and cabotegravir. Under IFRS 3 'Business combinations', GSK was
required to provide for the estimated fair value of this contingent
consideration at the time of acquisition and is required to update the
liability to the latest estimate of fair value at each subsequent period end.
The liability for the contingent consideration recognised in the balance sheet
at the date of acquisition was £659 million. Subsequent remeasurements are
reflected within other operating income/(expense) and within Adjusting items
in the income statement in each period.
Cash payments to settle the contingent consideration are made to Shionogi by
ViiV Healthcare each quarter, based on the actual sales performance and other
income of the relevant products in the previous quarter. These payments reduce
the balance sheet liability and hence are not recorded in the income
statement. The cash payments made to Shionogi by ViiV Healthcare in the three
months ended 31 March 2026 were £362 million.
As the liability is required to be recorded at the fair value of estimated
future payments, there is a significant timing difference between the charges
that are recorded in the Total income statement to reflect movements in the
fair value of the liability and the actual cash payments made to settle the
liability.
Further explanation of the acquisition-related arrangements with ViiV
Healthcare are set out on pages 86 and 87 of the Annual Report 2025.
The reconciliations between Total results and Core results for Q1 2026 and Q1
2025 are set out below.
Three months ended 31 March 2026
Total Intangible asset Intangible asset Major restructuring and integration Trans- Divest-ments, Significant Core
results amort- impair- £m action- legal and results
£m isation ment related other £m
£m £m £m items
£m
Turnover 7,629 7,629
Cost of sales (1,875) 165 2 7 (1,701)
Gross profit 5,754 165 2 7 5,928
Selling, general and administration (2,119) 20 14 105 (1,980)
Research and development (1,692) 25 172 2 (1,493)
Royalty income 195 195
Other operating income/(expense) 155 265 (420) -
Operating profit 2,293 190 172 24 279 (308) 2,650
Net finance expense (145) 2 (143)
Share of after tax profit/(loss) of associates and joint ventures (4) (4)
Profit before taxation 2,144 190 172 24 279 (306) 2,503
Taxation (305) (41) (29) (5) (90) 12 (458)
Tax rate % 14.2% 18.3%
Profit after taxation 1,839 149 143 19 189 (294) 2,045
Profit attributable to non-controlling interests 102 71 173
Profit/(loss) attributable to shareholders 1,737 149 143 19 118 (294) 1,872
1,839 149 143 19 189 (294) 2,045
Earnings per share 43.2p 3.7p 3.6p 0.5p 2.8p (7.3p) 46.5p
Weighted average number of shares (millions) 4,023 4,023
Three months ended 31 March 2025
Total Intangible asset Intangible asset Major restructuring and integration Trans- Divest-ments, Significant Core
results amort- impair- £m action- legal and results
£m isation ment related other £m
£m £m £m items
£m
Turnover 7,516 7,516
Cost of sales (1,937) 198 11 2 (1,726)
Gross profit 5,579 198 11 2 5,790
Selling, general and administration (2,070) 8 8 (6) (2,060)
Research and development (1,462) 21 64 1 (1) (1,377)
Royalty income 180 180
Other operating income/(expense) (11) 2 9 -
Operating profit 2,216 219 64 20 10 4 2,533
Net finance expense (108) 7 (101)
Profit before taxation 2,108 219 64 20 10 11 2,432
Taxation (336) (51) (16) (5) (30) 4 (434)
Tax rate % 15.9% 17.8%
Profit after taxation 1,772 168 48 15 (20) 15 1,998
Profit attributable to non-controlling interests 148 14 162
Profit/(loss) attributable to shareholders 1,624 168 48 15 (34) 15 1,836
1,772 168 48 15 (20) 15 1,998
Earnings per share 39.7p 4.1p 1.2p 0.4p (0.9p) 0.4p 44.9p
Weighted average number of shares (millions) 4,088 4,088
Adjusting items Q1 2026
Major restructuring and integration
Charges of £24 million (Q1 2025: £20 million) were incurred relating to
ongoing projects categorised as Major restructuring programmes and integration
costs, analysed as follows:
Q1 2026 Q1 2025
Cash Non- Total Cash Non- Total
£m cash £m £m cash £m
£m £m
Significant acquisitions 22 - 22 1 - 1
Legacy programmes 2 - 2 7 12 19
24 - 24 8 12 20
Integration costs of significant acquisitions relate predominantly to
integration activities for RAPT acquired in Q1 2026, with smaller incremental
costs attributed to earlier acquisitions - BELLUS Health Inc. (Bellus) in Q2
2023, and BP Asset IX in Q3 2025.
Legacy programmes now include the Separation restructuring programme, which
focused on the separation of GSK into two companies and is now largely
complete.
Transaction-related adjustments
Transaction-related adjustments resulted in a net charge of £279 million (Q1
2025: £10 million), the majority of which related to charges/(credits) for
the remeasurement of contingent consideration liabilities on the former
Shionogi-ViiV Healthcare joint venture.
Charge/(credit) Q1 2026 Q1 2025
£m £m
Contingent consideration on former Shionogi-ViiV Healthcare joint venture 288 39
(including Shionogi preferential dividends)
ViiV Healthcare put options and Pfizer preferential dividends (33) (60)
Contingent consideration on former Novartis Vaccines business (14) 52
Contingent consideration on acquisition of Affinivax 2 (33)
Other contingent consideration 22 4
Other adjustments 14 8
Total transaction-related charges/(credits) 279 10
The £288 million charge relating to the contingent consideration for the
former Shionogi-ViiV Healthcare joint venture represented an increase in the
valuation of the contingent consideration due to Shionogi driven by exchange
movements and net other remeasurements of £186 million and the unwind of the
discount for £102 million.
The £33 million credit on the ViiV put option and Pfizer preferential
dividend relates to the remeasurement of the put option with Pfizer. The
agreement with Pfizer and Shionogi for the 11.7% economic interest in ViiV
Healthcare held by Pfizer to be replaced with an investment by Shionogi
completed on 31 March 2026 and as a result GSK extinguished the Pfizer put
option liability through retained earnings. An explanation of the accounting
for the non-controlling interests in ViiV Healthcare is set out on page 16.
There was a £14 million credit in the quarter relating to the contingent
consideration on the former Novartis Vaccines business primarily related to
remeasurements partly offset by the unwind of the discount.
Divestments, Significant legal charges, and other items
Divestments, Significant legal charges, and other items included net other
operating income of £420 million (Q1 2025: £9 million expense) primarily
related to profit on the sale of the Rockville manufacturing facility,
including £375m reclassified from the foreign currency translation reserve to
the income statement on disposal of the related subsidiary. This was partly
offset by amounts reclassified from the foreign currency translation reserve
to the income statement upon the liquidation of subsidiaries.
Legal charges provide for all significant legal matters and are not broken out
separately by litigation or investigation.
Financial information
Income statement
Q1 2026 Q1 2025
£m £m
TURNOVER 7,629 7,516
Cost of sales (1,875) (1,937)
Gross profit 5,754 5,579
Selling, general and administration (2,119) (2,070)
Research and development (1,692) (1,462)
Royalty income 195 180
Other operating income/(expense) 155 (11)
OPERATING PROFIT 2,293 2,216
Finance income 22 54
Finance expense (167) (162)
Share of after tax profit/(loss) of associates and joint ventures (4) -
PROFIT BEFORE TAXATION 2,144 2,108
Taxation (305) (336)
Tax rate % 14.2% 15.9%
PROFIT AFTER TAXATION 1,839 1,772
Profit attributable to non-controlling interests 102 148
Profit attributable to shareholders 1,737 1,624
1,839 1,772
EARNINGS PER SHARE 43.2p 39.7p
Diluted earnings per share 42.6p 39.3p
Statement of comprehensive income
Q1 2026 Q1 2025
£m £m
Total profit for the period 1,839 1,772
Items that may be reclassified subsequently to income statement:
Exchange movements on overseas net assets and net investment hedges (59) 138
Reclassification of exchange movements on liquidation or disposal of overseas (266) (1)
subsidiaries and associates
Fair value movements on cash flow hedges 31 (4)
Cost of hedging 1 4
Reclassification of cash flow hedges to income statement (14) (5)
Deferred tax on fair value movements on cash flow hedges (1) -
(308) 132
Items that will not be reclassified to income statement:
Exchange movements on overseas net assets of non-controlling interests 4 (8)
Share of the other comprehensive income of associates and joint ventures 14 -
Fair value movements on equity investments (38) (121)
Tax on fair value movements on equity investments 3 7
Fair value movements on fair value hedges 17 -
Remeasurement gains/(losses) on defined benefit plans 83 56
Tax (charge)/credit on remeasurement of defined benefit plans (21) (14)
62 (80)
Other comprehensive income/(expense) for the period (246) 52
Total comprehensive income for the period 1,593 1,824
Total comprehensive income for the period attributable to:
Shareholders 1,487 1,684
Non-controlling interests 106 140
1,593 1,824
Balance sheet
31 March 2026 31 December 2025
£m £m
ASSETS
Non-current assets
Property, plant and equipment 9,340 9,322
Right of use assets 698 726
Goodwill 7,287 7,018
Other intangible assets 18,138 16,748
Investments in associates and joint ventures 99 89
Other investments 859 1,037
Deferred tax assets 6,307 6,520
Derivative financial instruments 19 -
Other non-current assets 2,361 2,148
Total non-current assets 45,108 43,608
Current assets
Inventories 6,157 5,924
Current tax recoverable 181 288
Trade and other receivables 7,756 7,471
Derivative financial instruments 86 121
Liquid investments 1 9
Cash and cash equivalents 3,442 3,397
Assets held for sale 138 300
Total current assets 17,761 17,510
TOTAL ASSETS 62,869 61,118
LIABILITIES
Current liabilities
Short-term borrowings (5,044) (3,012)
Contingent consideration liabilities (1,395) (1,348)
Trade and other payables (14,335) (15,381)
Derivative financial instruments (192) (75)
Current tax payable (555) (498)
Short-term provisions (908) (938)
Liabilities relating to assets held for sale - (139)
Total current liabilities (22,429) (21,391)
Non-current liabilities
Long-term borrowings (14,012) (14,708)
Corporation tax payable (66) -
Deferred tax liabilities (292) (291)
Pensions and other post-employment benefits (1,695) (1,687)
Derivative financial instruments (56) (67)
Other provisions (579) (610)
Contingent consideration liabilities (5,278) (5,385)
Other non-current liabilities (1,040) (1,023)
Total non-current liabilities (23,018) (23,771)
TOTAL LIABILITIES (45,447) (45,162)
NET ASSETS 17,422 15,956
EQUITY
Share capital 1,349 1,349
Share premium account 3,506 3,498
Retained earnings 11,590 10,209
Other reserves 1,407 1,321
Shareholders' equity 17,852 16,377
Non-controlling interests (430) (421)
TOTAL EQUITY 17,422 15,956
Statement of changes in equity
Share Share Retained Other Share- Non- Total
capital premium earnings reserves holder's controlling equity
£m £m £m £m equity interests £m
£m £m
At 1 January 2026 1,349 3,498 10,209 1,321 16,377 (421) 15,956
Profit for the period 1,737 1,737 102 1,839
Other comprehensive income/(expense) for the period (258) 8 (250) 4 (246)
Total comprehensive income/(expense) for the period 1,479 8 1,487 106 1,593
Dividend distributions to non-controlling interests (115) (115)
Derecognition of liabilities with non-controlling interests 789 789 789
Contributions from non-controlling interests 187 187 1,399 1,586
Other distributions to non-controlling interests (1,399) (1,399)
Dividends to shareholders (643) (643) (643)
Realised after tax profit/(losses) on disposal or liquidation of equity (9) 9 -
investments
Share of associates and joint ventures realised profit/(loss) on disposal of (7) 7 -
equity investments
Shares issued 8 8 8
Purchase of treasury shares(*) (452) (452) (452)
Write-down on shares held by ESOP Trusts (62) 62 -
Share-based incentive plans 99 99 99
At 31 March 2026 1,349 3,506 11,590 1,407 17,852 (430) 17,422
Share Share Retained Other Share- Non- Total
capital premium earnings reserves holder's controlling equity
£m £m £m £m equity interests £m
£m £m
At 1 January 2025 1,348 3,473 7,796 1,054 13,671 (585) 13,086
Profit for the period 1,624 1,624 148 1,772
Other comprehensive income/(expense) for the period 172 (112) 60 (8) 52
Total comprehensive income/(expense) for the period 1,796 (112) 1,684 140 1,824
Dividend distributions to non-controlling interests (58) (58)
Dividends to shareholders (612) (612) (612)
Shares issued 1 11 12 12
Purchase of treasury shares(*) (701) (701) (701)
Write-down of shares held by ESOP Trusts (75) 75 -
Share-based incentive plans 103 103 103
At 31 March 2025 1,349 3,484 8,307 1,017 14,157 (503) 13,654
(*) Includes shares committed to repurchase under irrevocable contracts and
repurchases subject to settlement at the end of the period.
Cash flow statement three months ended 31 March 2026
Q1 2026 Q1 2025
£m £m
Profit after tax 1,839 1,772
Tax on profits 305 336
Share of after tax loss/(profit) of associates and joint ventures 4 -
Net finance expense 145 108
Depreciation, amortisation and other adjusting items 463 823
(Increase)/decrease in working capital (1,082) (788)
Contingent consideration paid (375) (338)
Increase/(decrease) in other net liabilities (excluding contingent 51 (612)
consideration paid)
Cash generated from operations 1,350 1,301
Taxation paid (209) (156)
Total net cash inflow/(outflow) from operating activities 1,141 1,145
Cash flow from investing activities
Purchase of property, plant and equipment (221) (208)
Proceeds from sale of property, plant and equipment 27 1
Purchase of intangible assets (222) (240)
Proceeds from sale of intangible assets 62 76
Purchase of equity investments (6) (22)
Proceeds from sale of equity investments 3 -
Purchase of businesses, net of cash acquired (1,404) (800)
Contingent consideration paid (4) (3)
Disposal of businesses 245 (1)
Interest received 45 53
(Increase)/decrease in liquid investments 9 -
Total net cash inflow/(outflow) from investing activities (1,466) (1,144)
Cash flow from financing activities
Issue of share capital 8 12
Issue of long-term notes - 2,018
Net increase/(decrease) in short-term loans 1,196 -
Increase in other short-term loans 6 59
Repayment of other short-term loans (20) (159)
Repayment of lease liabilities (53) (57)
Interest paid (85) (69)
Dividends paid to shareholders (643) (612)
Purchase of treasury shares (326) (247)
Dividend distributions to non-controlling interests (115) (58)
Other distributions to non-controlling interest (1,399) -
Contributions from non-controlling interests 1,586 -
Other financing items 117 (29)
Total net cash inflow/(outflow) from financing activities 272 858
Increase/(decrease) in cash and bank overdrafts in the period (53) 859
Cash and bank overdrafts at beginning of the period 3,207 3,403
Adjustment on initial application of amendments to IFRS 9 on 1 January 2026(1) 43 -
Cash and bank overdrafts at beginning of the period, as adjusted 3,250 3,403
Exchange adjustments 2 (11)
Increase/(decrease) in cash and bank overdrafts in the period (53) 859
Cash and bank overdrafts at end of the period 3,199 4,251
Cash and bank overdrafts at end of period comprise:
Cash and cash equivalents 3,442 4,464
Overdrafts (243) (213)
3,199 4,251
(1) For further details see page 30
Specialty Medicines turnover - three months ended 31 March 2026
Total US Europe International
Growth Growth Growth Growth
£m AER% CER% £m AER% CER% £m AER% CER% £m AER% CER%
HIV 1,824 6 10 1,220 8 15 399 7 2 205 (1) -
Dolutegravir products 1,295 1 4 769 (1) 6 340 5 - 186 (3) 1
Dovato 666 17 20 357 16 24 222 17 12 87 18 22
Juluca 146 (8) (3) 114 (8) (2) 30 (3) (10) 2 (33) -
Tivicay 311 (1) 2 178 2 9 57 (2) (5) 76 (7) (6)
Triumeq 172 (30) (27) 120 (29) (24) 31 (31) (36) 21 (36) (27)
Long Acting Injectables 488 27 34 417 28 36 56 22 17 15 50 50
Apretude 120 35 44 117 34 44 - - - 3 50 50
Cabenuva 368 25 31 300 25 33 56 22 17 12 50 50
Other 41 (5) (2) 34 3 18 3 (25) - 4 (33) >(100)
Respiratory, Immunology & Inflammation 890 11 16 534 7 15 176 17 11 180 15 22
Benlysta 384 7 13 302 6 14 37 19 13 45 2 9
Exdensur 11 - - 9 - - 1 - - 1 - -
Nucala 484 9 12 222 4 11 141 13 7 121 14 21
Other 11 >100 >100 1 >100 >(100) (3) 50 50 13 86 >100
Oncology 512 23 28 335 15 23 126 31 25 51 89 100
Blenrep 23 - - 14 - - 8 - - 1 - -
Jemperli 232 33 40 177 29 38 35 30 22 20 >100 >100
Ojjaara/Omjjara 144 29 34 94 - 6 36 >100 >100 14 >100 >100
Zejula 114 (13) (11) 51 (18) (13) 49 (12) (16) 14 8 15
Other (1) 50 50 (1) - 100 (2) (100) (100) 2 >100 >100
Specialty Medicines 3,226 10 14 2,089 9 16 701 13 8 436 11 16
Vaccines turnover - three months ended 31 March 2026
Total US Europe International
Growth Growth Growth Growth
£m AER% CER% £m AER% CER% £m AER% CER% £m AER% CER%
Shingles 1,026 18 20 389 5 12 461 58 51 176 (14) (10)
Shingrix 1,026 18 20 389 5 12 461 58 51 176 (14) (10)
Meningitis 335 (4) (3) 105 (14) (7) 156 13 8 74 (18) (16)
Bexsero 263 5 5 56 (20) (14) 154 14 9 53 15 22
Menveo 65 (27) (25) 43 (17) (12) 2 - - 20 (43) (46)
Penmenvy 6 - - 6 - - - - - - - -
Other 1 (90) (90) - - - - (100) >(100) 1 (89) (89)
RSV 65 (17) (18) 18 (67) (64) 43 >100 >100 4 - (25)
Arexvy 65 (17) (18) 18 (67) (64) 43 >100 >100 4 - (25)
Influenza 10 >100 >100 4 >100 >100 - - - 6 20 20
Fluarix, FluLaval 10 >100 >100 4 >100 >100 - - - 6 20 20
Other Paediatric & Adult Vaccines 713 (11) (9) 299 (13) (7) 197 18 13 217 (25) (23)
Boostrix 138 (9) (7) 75 (15) (9) 37 6 3 26 (7) (11)
Hepatitis 155 (9) (7) 70 (24) (18) 56 22 17 29 (9) (9)
Infanrix, Pediarix 122 (16) (12) 70 (15) (10) 28 - (4) 24 (31) (23)
Priorix, Priorix Tetra, Varilrix 90 (6) (4) 22 (4) - 38 31 24 30 (32) (25)
Rotarix 140 (1) 2 57 6 13 30 (6) (9) 53 (4) (2)
Other 68 (29) (30) 5 25 25 8 >100 >100 55 (42) (42)
Vaccines 2,149 3 4 815 (8) (2) 857 39 33 477 (19) (17)
General Medicines turnover - three months ended 31 March 2026
Total US Europe International
Growth Growth Growth Growth
£m AER% CER% £m AER% CER% £m AER% CER% £m AER% CER%
Respiratory 1,594 (7) (4) 792 (11) (5) 358 - (4) 444 (5) (2)
Anoro Ellipta 128 1 2 41 (13) (6) 64 14 9 23 (4) -
Flixotide/Flovent 128 29 35 93 52 64 17 (6) (11) 18 (10) (10)
Relvar/Breo Ellipta 230 (13) (12) 71 (30) (26) 89 (3) (8) 70 (3) 3
Seretide/Advair 188 (13) (11) 55 (2) 5 44 (12) (14) 89 (19) (17)
Trelegy Ellipta 646 (4) - 437 (9) (3) 90 8 5 119 5 11
Ventolin 144 (22) (19) 66 (39) (34) 28 (7) (10) 50 6 9
Other Respiratory 130 (9) (8) 29 (17) (11) 26 (7) (11) 75 (6) (5)
Other General Medicines 660 (15) (12) 41 (25) (22) 167 6 1 452 (20) (15)
Blujepa 1 - - 1 - - - - - - - -
Other General Medicines 659 (15) (12) 40 (27) (24) 167 6 1 452 (20) (15)
General Medicines 2,254 (9) (6) 833 (12) (6) 525 2 (2) 896 (13) (9)
Commercial Operations turnover
Total US Europe International
Growth Growth Growth Growth
£m AER% CER% £m AER% CER% £m AER% CER% £m AER% CER%
Three months ended 31 March 2026 7,629 2 5 3,737 - 6 2,083 19 14 1,809 (10) (6)
Segment information
Operating segments are reported based on the financial information provided to
the Chief Executive Officer, who is the Chief Operating Decision Maker, as
well as based on the responsibilities of the Executive Committee. GSK reports
results under two segments: Commercial Operations and Total R&D. The Group
reviews its assessment of reportable segments on an ongoing basis.
Adjusting items reconciling segment profit and operating profit comprise items
not specifically allocated to segment profit. Details of adjusting items can
be found on page 15.
Turnover by segment
Q1 2026 Q1 2025 Growth Growth
£m £m AER% CER%
Commercial Operations (total turnover) 7,629 7,516 2 5
Operating profit by segment
Q1 2026 Q1 2025 Growth Growth
£m £m AER% CER%
Commercial Operations 4,152 3,919 6 10
Research and Development (1,428) (1,353) 6 9
Segment profit 2,724 2,566 6 10
Corporate and other unallocated costs (74) (33)
Core operating profit 2,650 2,533 5 10
Adjusting items (357) (317)
Total operating profit 2,293 2,216 3 9
Finance income 22 54
Finance costs (167) (162)
Share of after tax profit/(loss) of associates and joint ventures (4) -
Profit before taxation 2,144 2,108 2 8
Commercial Operations Core operating profit of £4,152 million increased in
the quarter driven by higher turnover, favourable product and regional mix and
higher royalty income, partly offset by increased investment in new asset
launches.
The R&D segment operating expense of £1,428 million grew in the quarter
primarily reflecting progression across the portfolio. In Oncology, this
included acceleration in work on ADCs Ris-Rez and Mo-Rez, and velzatinib
acquired in Q1 2025. In Specialty Medicines, increased investment was driven
by efimosfermin in Q3 2025 and depemokimab COPD indication, as well as
progression of ULA treatment and PrEP programmes, notably 3x yearly and
twice-yearly. Growth was partly offset by lower spend on bepirovirsen which
was filed in the quarter. Investment also increased on clinical trial
programmes associated with mRNA seasonal flu vaccines and adult pneumococcal
MAPS.
Legal matters
The Group is involved in significant legal and administrative proceedings,
principally product liability, intellectual property, tax, anti-trust,
consumer fraud and governmental investigations, which are more fully described
in the 'Legal Proceedings' note in the Annual Report 2025. At 31 March 2026,
the Group's aggregate provision for legal and other disputes (not including
tax matters described on pages and 6 and 7) was £227 million (31 December
2025: £210 million).
The Group may become involved in significant legal proceedings in respect of
which it is not possible to meaningfully assess whether the outcome will
result in a probable outflow, or to quantify or reliably estimate the
liability, if any, that could result from ultimate resolution of the
proceedings. In these cases, the Group would provide appropriate disclosures
about such cases, but no provision would be made.
The ultimate liability for legal claims may vary from the amounts provided and
is dependent upon the outcome of litigation proceedings, investigations and
possible settlement negotiations. The Group's position could change over time,
and, therefore, there can be no assurance that any losses that result from the
outcome of any legal proceedings will not exceed by a material amount the
amount of the provisions reported in the Group's financial accounts.
Significant legal developments since the date of the Annual Report 2025:
Product Liability
Zantac
In Delaware, following the Supreme Court's reversal of the lower court's
decision on admissibility of expert opinions, the defendants filed a motion
for summary judgment. Plaintiffs filed a motion to allow supplemental expert
disclosures. A hearing on both motions was held on 23 October 2025. On 1
December 2025, the Delaware Superior Court issued its ruling denying
Plaintiffs' motion for supplemental expert disclosures. The Superior Court
requested additional summary judgment briefing as to which Plaintiffs should
be bound by that ruling. Briefing on that issue concluded on 30 January 2026.
On 13 April 2026, the Superior Court issued its decision granting summary
judgment as to all cases filed on or before 1 December 2025, as Plaintiffs
have not demonstrated general causation, which is a required element of each
of Plaintiffs' cases.
This ruling means that GSK has no further cases pending in Delaware.
On 4 March 2026, the court granted GSK's motion to dismiss the Zantac
securities class action lawsuit, finding that Plaintiffs' claims were barred
by the statute of limitations and dismissed the case with prejudice.
Plaintiffs did not file an appeal. This matter is now concluded.
Sales and marketing and regulation
Flovent - Arizona Attorney General
On 25 March 2026, the court issued a ruling granting GSK's motion to dismiss
with prejudice. The State has indicated it will not seek an appeal. This
matter is now concluded.
Commercial and corporate
Tesaro, Inc. v. AnaptysBio
On 24 April 2026, the Delaware Chancery Court granted the motion to dismiss
filed by AnaptysBio against Tesaro's claim for anticipatory breach of
contract. The court's ruling does not address the merits of the principal
contractual dispute between the parties and has no impact on Tesaro's
remaining claim against AnaptysBio for declaratory judgment. Trial remains
scheduled for 14-17 July 2026.
Intellectual Property
Breo Ellipta
On 8 April 2026, the court issued an amended scheduling order, rescheduling
the trial from 2 November 2026 to 20 September 2027.
Trelegy Ellipta
On 22 January 2026, GSK received a paragraph IV letter from Transpire relating
to Trelegy Ellipta. On 6 March 2026, GSK filed suit in the U.S. District Court
for the Southern District of Florida asserting infringement of the five Orange
Book listed patents by Transpire's proposed generic version of Trelegy
Ellipta. Transpire's answer to the complaint is due 11 May 2026. A case
schedule has not yet been set.
Returns to shareholders
Quarterly dividends
The Board has declared a first interim dividend for Q1 2026 of 17p per share
(Q1 2025: 16p per share).
Dividends remain an essential component of total shareholder return and GSK
recognises the importance of dividends to shareholders. On 23 June 2021, at
the GSK Investor Update, GSK set out that from 2022 a progressive dividend
policy will be implemented guided by a 40 to 60 per cent pay-out ratio through
the investment cycle. Consistent with this, GSK has declared a dividend of 17p
per share for Q1 2026. The expected dividend for 2026 is 70p per share. In
setting its dividend policy, GSK considers the capital allocation priorities
of the Group and its investment strategy for growth alongside the
sustainability of the dividend.
Dividend dates Ex-dividend date Ex-dividend date Record date Payment date
(Ordinary shares) (ADRs)
Q1 2026 14 May 2026 15 May 2026 15 May 2026 9 July 2026
Ordinary shareholders may participate in the dividend reinvestment plan
(DRIP). The last date for DRIP elections is 18 June 2026. The equivalent
interim dividend receivable by ADR holders will be calculated based on the
exchange rate on 7 July 2026. An annual fee of $0.03 per ADS (or $0.0075 per
ADS per quarter) is charged by the Depositary.
Paid/ Pence per £m
Payable share
2026
First interim 9 July 2026 17 684
2025
First interim 10 July 2025 16 650
Second interim 9 October 2025 16 646
Third interim 8 January 2026 16 643
Fourth interim 9 April 2026 18 726
66 2,665
Share capital in issue
At 31 March 2026, 4,020 million shares (Q1 2025: 4,085 million) were in free
issue (excluding Treasury shares and shares held by the ESOP Trusts). The
Company issued 0.7 million shares in the quarter (Q1 2025: 0.9 million) under
employee share schemes in the year for net proceeds of £8 million (Q1 2025:
£12 million).
On 5 February 2025, GSK announced a £2 billion share buyback programme to be
completed over an 18 month period. As at 31 March 2026, a total of 109 million
shares have been repurchased since the share buyback programme was initiated
and are being held as Treasury shares, at a cost of £1,716 million (Q1 2025:
£273 million) including transaction costs of £9.5 million (Q1 2025: £1
million).
The cost of shares repurchased in Q1 2026 was £340 million (Q1 2025: £273
million) including transaction costs of £2 million (Q1 2025: £1 million).
This includes 340,000 shares purchased on 30 March 2026 and 340,000 shares
purchased on 31 March 2026, as announced via RNS. The settlement cost of these
shares was £14 million.
At 31 March 2026, the Company held 256 million Treasury shares at a cost of
£4,285 million, of which 147 million shares at a cost of £2,571 million were
repurchased as part of previous share buyback programmes, which has been
deducted from retained earnings.
At 31 March 2026, the ESOP Trusts held 39.8 million shares, of which 39.2
million were held for the future exercise of share options and share awards
and 0.6 million were held for the Executive Supplemental Savings plan. The
carrying amount of £226 million has been deducted from other reserves. The
market value of these shares was £821 million.
Weighted average number of shares
The numbers of shares used in calculating basic and diluted earnings per share
are reconciled below:
Q1 2026 Q1 2025
millions millions
Weighted average number of shares - basic 4,023 4,088
Dilutive effect of share options and share awards 51 49
Weighted average number of shares - diluted 4,074 4,137
Additional information
Accounting policies and basis of preparation
This unaudited Results Announcement contains condensed financial information
for the three months ended 31 March 2026 and should be read in conjunction
with the Annual Report 2025, which was prepared in accordance with UK-adopted
international accounting standards in conformity with the requirements of the
Companies Act 2006 and the IFRS Accounting Standards as issued by the
International Accounting Standards Board (IASB). This Results Announcement has
been prepared applying consistent accounting policies to those applied by the
Group in the Annual Report 2025, except for the adoption of the amended IFRS
Accounting Standard as set out below. Other minor amendments to IFRS
Accounting Standards which were effective from 1 January 2026 did not have a
material impact on the Group accounting policies or Group financial
statements.
· Amendments to the Classification and Measurement of Financial
Instruments - Amendments to IFRS 9 and IFRS 7: the amendments to IFRS 9
'Financial Instruments', clarify the timing of recognition and derecognition
of a financial asset or financial liability, with a permitted exception
relating to a financial liability paid through an electronic payment system
which may be derecognised at its settlement date where specific conditions are
met. GSK has adopted these new requirements for the reporting period beginning
on 1 January 2026 and elected to derecognise financial liabilities paid
through an electronic payment system when the required conditions have been
met. The impact on the Group's financial statements on transition as at 1
January 2026 is disclosed below and primarily relates to cheques which were
issued but had not yet cleared from the bank account before the transition
date. As permitted under the transition requirements, the Group has elected
not to restate the comparative information to reflect the application of these
amendments.
As at Adjustment on initial application of amendments to As at
1 January 2026 IFRS 9 and IFRS 7 1 January 2026
£m £m as adjusted
£m
Trade and other payables (15,381) (43) (15,424)
Bank overdrafts (within short-term borrowings) (190) 29 (161)
Cash and cash equivalents 3,397 14 3,411
The Group has not identified any changes to its key sources of accounting
judgements or estimations of uncertainty compared with those disclosed in the
Annual Report 2025.
This Results Announcement does not constitute statutory accounts of the Group
within the meaning of sections 434(3) and 435(3) of the Companies Act 2006.
The full Group accounts for 2025 were published in the Annual Report 2025,
which has been delivered to the Registrar of Companies and on which the report
of the independent auditor was unqualified and did not contain a statement
under section 498 of the Companies Act 2006.
Contingent liabilities
There were contingent liabilities at 31 March 2026 in respect of arrangements
entered into as part of the ordinary course of the Group's business. No
material losses are expected to arise from such contingent liabilities.
Provision is made for the outcome of legal and tax disputes where it is both
probable that the Group will suffer an outflow of funds and it is possible to
make a reliable estimate of that outflow. Descriptions of the significant
legal disputes to which the Group is a party are set out on page 28, and pages
269 to 272 of the 2025 Annual Report.
Net assets
The book value of net assets increased by £1,466 million from £15,956
million at 31 December 2025 to £17,422 million at 31 March 2026. This
primarily reflected contribution from Total comprehensive income for the
period and the special dividend from the ViiV Healthcare shareholding
restructure, partly offset by dividends paid to shareholders, shares
repurchased under the share buyback programme and associated transaction
costs.
At 31 March 2026, the net surplus on the Group's pension plans was £303
million compared with a net surplus of £229 million at 31 December 2025. This
movement was primarily driven by an increase in the UK discount rate from 5.5%
to 6.1%, which was partially offset by an increase to the UK inflation rate
from 2.7% to 3.1%.
Other payables include £111 million related to shares still to be purchased
as part of the fourth tranche of the 2025 share buyback programme, £14
million for shares purchased but not settled at 31 March 2026, and £0.3
million of transaction costs.
The estimated present value of the potential redemption amount of the Pfizer
put option related to ViiV Healthcare, recorded in Other payables in Current
liabilities, was £nil (31 December 2025: £822 million). The liability was
fully derecognised as Pfizer has exited its shareholding in ViiV Healthcare.
Contingent consideration amounted to £6,673 million at 31 March 2026 (31
December 2025: £6,733 million) as follows:
Group Group
31 March 2026 31 December 2025
£m £m
Contingent consideration estimated present value of amounts payable relating
to:
Former Shionogi-ViiV Healthcare joint venture 5,359 5,433
Former Novartis Vaccines business acquisition 628 651
Affinivax acquisition 225 219
Aiolos acquisition 157 132
BP Asset IX Inc acquisition 237 231
Others 67 67
Contingent consideration liability at end of the period 6,673 6,733
Of the contingent consideration payable to Shionogi at 31 March 2026,
£1,242 million (31 December 2025: £1,194 million) is expected to be paid
within one year.
Movements in contingent consideration are as follows:
Q1 2026 ViiV Group
Healthcare £m
£m
Contingent consideration at beginning of the period 5,433 6,733
Additions - -
Remeasurement through income statement and other movements 288 319
Cash payments: operating cash flows (362) (375)
Cash payments: investing activities - (4)
Contingent consideration at end of the period 5,359 6,673
Q1 2025 ViiV Group
Healthcare £m
£m
Contingent consideration at beginning of the period 6,061 7,280
Additions - 61
Remeasurement through income statement and other movements 39 29
Cash payments: operating cash flows (331) (338)
Cash payments: investing activities - (3)
Contingent consideration at end of the period 5,769 7,029
Business acquisitions
On 3 March 2026, GSK completed the acquisition of 100% of the outstanding
equity of RAPT Therapeutics, Inc. ("RAPT") a California-based clinical stage
biopharmaceutical company dedicated to developing novel therapies for patients
living with inflammatory and immunologic diseases. The acquisition includes
ozureprubart, a long-acting anti-immunoglobulin E (IgE) monoclonal antibody,
currently in phase IIb clinical development for prophylactic protection
against food allergens.
Under the terms of the agreement, GSK paid RAPT shareholders US$58.00 per
share at closing, for an aggregate payment of US$2.3 billion (£1.7 billion),
including transaction fees. Net of cash acquired, GSK's upfront investment was
approximately US$1.9 billion (£1.4 billion).
The transaction gives GSK the global rights to the ozureprubart programme,
excluding mainland China, Macau, Taiwan and Hong Kong. GSK will also be
responsible for success-based milestone and royalty payments for ozureprubart
owed to RAPT's partner, Shanghai Jeyou Pharmaceutical Co., Ltd.
During the period to 31 March 2026, no sales arising from RAPT's business were
included in Group turnover and no revenue is expected until regulatory
approval is received on the acquired assets.
GSK continues to support the ongoing development of the acquired assets and
consequently these assets will be loss making until regulatory approval on
these assets is received. The impact on Total profit after taxation for the
period ended 31 March 2026 from this acquisition was immaterial. The
development of these assets will be integrated into the Group's existing
R&D activities, after which it will be impracticable to quantify these
development costs or the impact on Total profit after taxation.
The initial acquisition accounting was reflected in the first quarter of 2026
on a preliminary basis, the values below are provisional and subject to
change. The purchase price allocation is expected to be completed by the end
of Q4 2026.
Goodwill of £190 million has been recognised. The goodwill represents
specific synergies available to GSK from the business combination. The
goodwill has been allocated to the Group's Commercial Operations and R&D
segments. None of the goodwill is expected to be deductible for tax purposes.
The provisional fair values of the net assets acquired, including goodwill,
are as follows:
£m
Net assets acquired:
Intangible assets 1,488
Property, Plant & Equipment 1
Cash and cash equivalents 282
Other net liabilities (14)
Deferred tax liabilities (262)
1,495
Goodwill 190
Total consideration 1,685
As at 31 March 2026, the total consideration of £1.7 billion had been paid in
full.
Net debt information
Reconciliation of cash flow to movements in net debt
Q1 2026 Q1 2025
£m £m
Total Net debt at beginning of the period, as previously published (14,453) (13,095)
Adjustment on initial application of amendments to IFRS 9 on 1 January 2026 43 -
Total Net debt at beginning of the period, as adjusted (14,410) (13,095)
Increase/(decrease) in cash and bank overdrafts (53) 859
Increase/(decrease) in liquid investments (9) -
Issue of long-term notes - (2,018)
Net decrease/(increase) in short-term loans (1,196) -
Increase in other short-term loans (6) (59)
Repayment of other short-term loans 20 159
Repayment of lease liabilities 53 57
Disposal of lease liabilities related to assets held for sale 136 -
Net debt of subsidiary undertakings acquired (1) (1)
Exchange adjustments (154) 187
Other non-cash movements 7 (36)
Decrease/(increase) in net debt (1,203) (852)
Total Net debt at end of the period (15,613) (13,947)
Net debt analysis
31 March 2026 31 December 2025
£m £m
Liquid investments 1 9
Cash and cash equivalents 3,442 3,397
Short-term borrowings (5,044) (3,012)
Long-term borrowings (14,012) (14,708)
Liabilities relating to assets held for sale - (139)
Total Net debt at the end of the period (15,613) (14,453)
Free cash flow reconciliation
Q1 2026 Q1 2025
£m £m
Net cash inflow/(outflow) from operating activities 1,141 1,145
Purchase of property, plant and equipment (221) (208)
Proceeds from sale of property, plant and equipment 27 1
Purchase of intangible assets (222) (240)
Proceeds from disposals of intangible assets 62 76
Net finance costs (40) (16)
Contingent consideration paid (reported in investing activities) (4) (3)
Dividend distributions to non-controlling interests (115) (58)
Other distributions to non-controlling interest (1,399) -
Contributions from non-controlling interests 1,586 -
Free cash inflow/(outflow) 815 697
Post balance sheet events
On 14 April 2026, GSK completed the acquisition of 35Pharma Inc., a
Canada-based, private, clinical-stage biopharmaceutical company specialised in
the development of novel protein-based therapeutics. The acquisition includes
HS235, a potential best-in-class molecule for the treatment of pulmonary
hypertension (PH). HS235 targets the activin receptor signalling pathway, a
clinically validated therapeutic target in PH. GSK paid US$950 million for the
acquisition. The transaction was subject to customary conditions, including
applicable regulatory agency clearances under the Hart-Scott-Rodino Act in the
US and the Competition Act in Canada, along with a filing under the Investment
Canada Act. Given the timing of the closure of the transaction, GSK expects to
disclose the provisional accounting for the acquisition in the Q2 2026 Results
Announcement.
Related party transactions
There were no material related party transactions entered into and there have
been no material changes to the related party transactions disclosed on page
241 of the 2025 Annual Report.
R&D commentary
Pipeline overview
Medicines and vaccines in phase III development (including major lifecycle 16 Respiratory, Immunology & Inflammation (6)
innovation or under regulatory review)
• Benlysta (anti-B lymphocyte stimulator (Blys) mAb) interstitial lung disease)
• Exdensur (ultra long-acting anti-IL5 biologic), eosinophilic granulomatosis
with polyangiitis (EGPA), hyper-eosinophilic syndrome (HES), chronic
obstructive pulmonary disease (COPD)
• Lynavoy (IBATi) cholestatic pruritus in primary biliary cholangitis*
• camlipixant (P2X3 receptor antagonist) refractory chronic cough
• efimosfermin (FGF21 analog) metabolic dysfunction-associated steatohepatitis
(MASH)
• Ventolin (salbutamol, Beta 2 adrenergic receptor agonist) asthma
Oncology (5)
• Blenrep (anti-BCMA ADC) multiple myeloma
• Jemperli (anti-PD-1) 1L endometrial cancer, colon cancer, rectal cancer (ph II
registrational), head and neck cancer
• Zejula (PARP inhibitor), glioblastoma
• risvutatug rezetecan (B7-H3 ADC) 2L extensive-stage small cell lung cancer
• velzatinib (KIT inhibitor) gastro-intestinal tumours
Infectious Diseases (5)
• Arexvy (RSV vaccine) RSV, adults 18 years of age and above
• bepirovirsen (HBV ASO) chronic hepatitis B
• Bexsero (meningococcal B vaccine) infants (US)
• tebipenem pivoxil (antibacterial carbapenem) complicated urinary tract
infection
• GSK'116 (varicella vaccine) varicella new seed, individuals 12 months of age
and older
Total medicines and vaccines in all phases of clinical development 57
Total projects in clinical development (inclusive of all phases and 76
indications)
*On 22 April 2026, GSK entered into a licence agreement under which Alfasigma
S.p.A. acquired worldwide exclusive rights to develop, manufacture and
commercialise Lynavoy (linerixibat).
Therapy area updates
The following provides updates on key medicines and vaccines by therapy area
that will help drive growth for GSK to meet its future outlooks.
Respiratory, Immunology & Inflammation
camlipixant (P2X3 receptor antagonist)
Camlipixant (BLU-5937) is an investigational, highly selective oral P2X3
receptor antagonist, designed to target the hypersensitive nerves that may be
associated with refractory chronic cough (RCC). Camlipixant is currently in
development as a potential first-line treatment of adult patients suffering
from RCC. The CALM phase III development programme to evaluate the efficacy
and safety of camlipixant for use in adults with RCC is ongoing, including the
open-label extensions of CALM-1 and CALM-2.
Key phase III trials for camlipixant:
Trial name (population) Phase Design Timeline Status
CALM-1 (refractory chronic cough) III A 52-week, randomised, double-blind, placebo-controlled, parallel-arm efficacy Trial start: Completed, (open label extension ongoing).
and safety trial with open-label extension of camlipixant in adult
participants with refractory chronic cough, including unexplained chronic Q4 2022
cough
NCT05599191
CALM-2 (refractory chronic cough) III A 24-week, randomised, double-blind, placebo-controlled, parallel-arm efficacy Trial start: Active, not recruiting
and safety trial with open-label extension of camlipixant in adult
participants with refractory chronic cough, including unexplained chronic Q1 2023
cough
NCT05600777
efimosfermin (FGF21 analog)
Efimosfermin (GSK6519754) is an investigational, once-monthly subcutaneous
injection of a long-acting variant of FGF21, designed to regulate key
metabolic pathways to decrease liver fat, ameliorate liver inflammation, and
reverse liver fibrosis in patients with metabolic dysfunction-associated
steatohepatitis (MASH).
Efimosfermin has advanced to phase III development following the start of the
ZENITH trials. These trials are investigating its efficacy and safety in
patients with moderate and advanced fibrosis (F2 to F3) caused by MASH.
In Q1 2026, efimosfermin was granted Breakthrough Therapy Designation by the
US FDA and Priority Medicines (PRIME) Designation by the European Medicines
Agency (EMA) for the treatment of MASH. Breakthrough Designation is designed
to expedite the development and review of medicines for serious conditions,
where preliminary clinical evidence indicates potential for substantial
improvement over available therapy. PRIME designation provides scientific and
regulatory support for medicines that have the potential to address
significant unmet medical need.
Key phase III trials for efimosfermin:
Trial name (population) Phase Design Timeline Status
ZENITH-1 (metabolic dysfunction-associated steatohepatitis) III A phase III, randomized, double-blind, placebo-controlled, 3-arm study to Trial start: Recruiting
investigate the safety and efficacy of efimosfermin alfa in participants with
biopsy-confirmed F2- or F3-stage metabolic dysfunction-associated Q4 2025
steatohepatitis (MASH)
NCT07221227
ZENITH-2 (metabolic dysfunction-associated steatohepatitis) III A phase III, randomized, double-blind, placebo-controlled, 3-arm study to Trial start: Recruiting
investigate the safety and tolerability of efimosfermin alfa in participants
with known or suspected F2- or F3-stage metabolic dysfunction-associated Q4 2025
steatohepatitis (MASH)
NCT07221188
Exdensur (depemokimab; ultra-long-acting anti-IL5)
Exdensur (depemokimab) is the first and only ultra-long-acting biologic to
address severe asthma and chronic rhinosinusitis with nasal polyps (CRSwNP).
It is engineered to have an extended half-life and high binding affinity and
potency for IL-5, enabling twice-yearly dosing.
In Q1, GSK announced the approval of Exdensur for the treatment of severe
asthma and CRSwNP in both the EU and China. Exdensur has also been approved in
the US for the treatment of severe asthma, as well as in Japan and the UK for
the treatment of severe asthma and CRSwNP.
Results from the non-registrational, phase IIIb switch trial, NIMBLE, were
published in the American Journal of Respiratory and Critical Care Medicine.
The study evaluated patients with severe asthma, already stable on mepolizumab
or benralizumab for at least 12 months, who were randomised to continue their
biologic or switch to depemokimab. While depemokimab did not show statistical
non-inferiority, most patients maintained disease control. Exacerbation rates
were low and symptom control/lung function were maintained in all groups
suggesting that most participants with severe asthma on mepolizumab or
benralizumab may safely switch to twice-yearly depemokimab.
Depemokimab is currently being evaluated in phase III trials for the treatment
of other diseases with underlying type 2 inflammation, including OCEAN for
eosinophilic granulomatosis with polyangiitis (EGPA) and DESTINY for
hypereosinophilic syndrome (HES). GSK has also initiated the ENDURA-1,
ENDURA-2 and VIGILANT phase III trials assessing the efficacy and safety of
depemokimab as an add-on therapy in patients with uncontrolled moderate to
severe COPD with type 2 inflammation.
Key phase III trials for depemokimab:
Trial name (population) Phase Design Timeline Status
SWIFT-1 (severe asthma) III A 52-week, randomised, double-blind, placebo-controlled, parallel-group, Trial start: Completed; primary endpoint met
multi-centre trial of the efficacy and safety of depemokimab adjunctive
therapy in adult and adolescent participants with severe uncontrolled asthma Q1 2021
with an eosinophilic phenotype
NCT04719832 Data reported:
Q2 2024
SWIFT-2 (severe asthma) III A 52-week, randomised, double-blind, placebo-controlled, parallel-group, Trial start: Completed; primary endpoint met
multi-centre trial of the efficacy and safety of depemokimab adjunctive
therapy in adult and adolescent participants with severe uncontrolled asthma Q1 2021
with an eosinophilic phenotype
NCT04718103 Data reported:
Q2 2024
AGILE (severe asthma) III A 52-week, open label extension phase of SWIFT-1 and SWIFT-2 to assess the Trial start: Completed, primary endpoint met
long-term safety and efficacy of depemokimab adjunctive therapy in adult and
(exten- adolescent participants with severe uncontrolled asthma with an eosinophilic Q1 2022
phenotype
NCT05243680 sion)
Data reported:
Q2 2025
NIMBLE (severe asthma) IIIb non-registrational, switch study A 52-week, randomised, double-blind, double-dummy, parallel group, Trial start: Completed, non-inferiority threshold not met
multi-centre, non-inferiority trial assessing exacerbation rate, additional
measures of asthma control and safety in adult and adolescent severe asthmatic Q1 2021
participants with an eosinophilic phenotype when switched to depemokimab from
NCT04718389 treatment with mepolizumab or benralizumab
Data reported: Q1 2026
Key phase III trials for depemokimab continued:
ANCHOR-1 (CRSwNP) III A 52-week randomised, double-blind, parallel group phase III study to assess Trial start: Completed, coprimary endpoints met
the efficacy and safety of 100 mg SC depemokimab in patients with chronic
rhinosinusitis with nasal polyps (CRSwNP) Q2 2022
NCT05274750
Data reported: Q3 2024
ANCHOR-2 (CRSwNP) III A 52-week randomised, double-blind, parallel group phase III study to assess Trial start: Completed; coprimary endpoints met
the efficacy and safety of 100 mg SC depemokimab in patients with chronic
rhinosinusitis with nasal polyps (CRSwNP) Q2 2022
NCT05281523
Data reported:
Q3 2024
OCEAN (EGPA) III A 52-week, randomised, double-blind, double-dummy, parallel-group, Trial start: Active, not recruiting
multi-centre, non-inferiority study to investigate the efficacy and safety of
depemokimab compared with mepolizumab in adults with relapsing or refractory Q3 2022
eosinophilic granulomatosis with polyangiitis (EGPA) receiving standard of
NCT05263934 care therapy
DESTINY (HES) III A 52-week, randomised, placebo-controlled, double-blind, parallel group, Trial start: Recruiting
multicentre trial of depemokimab in adults with uncontrolled HES receiving
standard of care therapy Q3 2022
NCT05334368
ENDURA-1 (COPD) III A randomised, double-blind, placebo- controlled, parallel-group, multicenter Trial start: Recruiting
study of the efficacy and safety of depemokimab in adult participants with
NCT06959095 COPD with type 2 inflammation Q2 2025
ENDURA-2 (COPD) III A randomised, double-blind, placebo- controlled, parallel-group, multicenter Trial start: Recruiting
study of the efficacy and safety of depemokimab in adult participants with
NCT06961214 COPD with type 2 inflammation Q2 2025
VIGILANT (COPD) III A randomised, double-blind, parallel group, placebo-controlled study of the Trial start: Recruiting
efficacy and safety of early depemokimab initiation as add-on treatment in
NCT07177339 COPD patients with type 2 inflammation Q4 2025
Nucala (mepolizumab)
Nucala is a first in class anti-IL-5 biologic and the only treatment approved
in the US for use across five diseases with underlying type 2 inflammation:
severe asthma with an eosinophilic phenotype, EGPA, HES, CRSwNP and COPD.
In Q1, Nucala was approved in the EU as an add-on maintenance treatment for
uncontrolled patients with COPD characterised by raised blood eosinophils.
Key phase III trials for Nucala:
Trial name (population) Phase Design Timeline Status
MATINEE (chronic obstructive pulmonary disease; COPD) III A multicentre randomised, double-blind, parallel-group, placebo-controlled Trial start: Completed; primary endpoint met
trial of mepolizumab 100 mg subcutaneously as add-on treatment in participants
with COPD experiencing frequent exacerbations and characterised by eosinophil Q4 2019
levels
NCT04133909
Data reported:
Q3 2024
Oncology
Blenrep (belantamab mafodotin)
In April 2026, Blenrep was approved by the National Medical Products
Administration of China for the treatment of 2L+ relapsed or refractory
multiple myeloma in combination with bortezomib and dexamethasone based on the
DREAMM-7 trial. Blenrep in combination is also approved in 3L+ relapsed or
refractory multiple myeloma in the US based on DREAMM-7 results and has
received more than 15 regulatory approvals in the 2L+ setting based on both
DREAMM-7 and DREAMM-8, including in the EU, UK, Japan, Canada, Switzerland,
Brazil and Australia. Additional applications are under review globally.
GSK is advancing the DREAMM (DRiving Excellence in Approaches to Multiple
Myeloma) clinical development programme to demonstrate Blenrep's potential
benefit in earlier lines of treatment. This includes DREAMM-10, a phase III
trial in newly diagnosed transplant-ineligible patients, which represent over
70% of patients starting multiple myeloma therapy.
Key phase III trials for Blenrep:
Trial name (population) Phase Design Timeline Status
DREAMM-7 (2L+ multiple myeloma; MM) III A multi-centre, open-label, randomised trial to evaluate the efficacy and Trial start: Active, not recruiting; primary endpoint met
safety of the combination of belantamab mafodotin, bortezomib, and
dexamethasone (B-Vd) compared with the combination of daratumumab, bortezomib Q2 2020
and dexamethasone (D-Vd) in participants with relapsed/refractory multiple
NCT04246047 myeloma
Primary data reported:
Q4 2023
Key phase III trials for Blenrep continued:
DREAMM-8 (2L+ MM) III A multi-centre, open-label, randomised trial to evaluate the efficacy and Trial start: Active, not recruiting, primary endpoint met
safety of belantamab mafodotin in combination with pomalidomide and
dexamethasone (B-Pd) versus pomalidomide plus bortezomib and dexamethasone Q4 2020
(P-Vd) in participants with relapsed/refractory multiple myeloma
NCT04484623
Primary data reported:
Q1 2024
DREAMM-10 (1L MM) III A multi-centre, open-label, randomised trial to evaluate the efficacy and Trial start: Recruiting
safety of belantamab mafodotin, lenalidomide and dexamethasone (B-Rd) versus
NCT06679101 daratumumab, lenalidomide, and dexamethasone (D-Rd) in participants with newly Q4 2024
diagnosed multiple myeloma who are ineligible for autologous stem cell
transplantation
Jemperli (dostarlimab)
Jemperli remains the foundation of GSK's immuno-oncology-based research and
development programme. It is the only approved immuno-oncology-based plus
carboplatin-paclitaxel (CP) treatment regimen to demonstrate a statistically
significant and clinically meaningful overall survival benefit vs. CP alone
for the first-line treatment of adult patients with primary advanced or
recurrent endometrial cancer irrespective of biomarker status. Ongoing pivotal
trials include those in the AZUR programme (colon / rectal cancers), JADE
(head and neck cancer), and DOMENICA (supported-collaborative study with
ARCAGY-GINECO in endometrial cancer).
At the SGO Annual Meeting on Women's Cancer in April 2026, GSK presented
four-year survival outcomes from the RUBY phase III trial of Jemperli plus
chemotherapy in dMMR/MSI-H primary advanced or recurrent endometrial cancer.
These results showed profound and durable long-term disease control,
suggesting curative potential of adding Jemperli to chemotherapy in these
patients. The data represent a significant advancement in the treatment
paradigm for dMMR/MSI-H primary advanced or recurrent endometrial cancer,
challenging historical prognosis for these patients compared to chemotherapy
alone.
Key trials for Jemperli:
Trial name (population) Phase Design Timeline Status
RUBY (1L stage III or IV endometrial cancer) III A randomised, double-blind, multi-centre trial of dostarlimab plus Trial start: Active, not recruiting; primary endpoints met
carboplatin-paclitaxel with and without niraparib maintenance versus placebo
plus carboplatin-paclitaxel in patients with recurrent or primary advanced Q3 2019
endometrial cancer
NCT03981796
Part 1 data reported:
Q4 2022
Part 2 data reported:
Q4 2023
GARNET (advanced solid tumours) I/II A multi-centre, open-label, first-in-human trial evaluating dostarlimab in Trial start: Active, not recruiting
participants with advanced solid tumours who have limited available treatment
options Q1 2016
NCT02715284
Primary data reported:
Q1 2019
AZUR-1 (stage II/III rectal cancer) II A single-arm, open-label trial with dostarlimab monotherapy in participants Trial start: Active, not recruiting
with untreated stage II/III dMMR/MSI-H locally advanced rectal cancer
Q1 2023
NCT05723562
AZUR-2 (untreated perioperative T4N0 or stage III colon cancer) III An open-label, randomised trial of perioperative dostarlimab monotherapy Trial start: Recruiting
versus standard of care in participants with untreated T4N0 or stage III
NCT05855200 dMMR/MSI-H resectable colon cancer Q3 2023
JADE (locally advanced unresected head and neck cancer) III A randomised, double-blind, study to evaluate dostarlimab versus placebo as Trial start: Recruiting
sequential therapy after chemoradiation in participants with locally advanced
NCT06256588 unresected head and neck squamous cell carcinoma Q1 2024
DOMENICA* (relapsed or advanced dMMR endometrial cancer) III A randomized, multicentre study to evaluate the efficacy and safety of Trial start: Active, not recruiting
dostarlimab versus carboplatin-paclitaxel in patients with dMMR relapsed or
NCT05201547 advanced endometrial cancer Q2 2022
*supported-collaborative study with ARCAGY-GINECO
Risvutatug rezetecan (Ris-Rez)
GSK is advancing its B7H3-targeted antibody-drug conjugate, risvutatug
rezetecan (Ris-Rez) through the EMBOLD global development programme across a
range of solid tumours, including certain types of lung, prostate and
colorectal cancers.
In March 2026, Ris-Rez received orphan drug designation (ODD) from Japan's
Ministry of Health, Labour and Welfare for the treatment of small-cell lung
cancer (SCLC). The ODD was supported by preliminary clinical data showing
durable responses in patients with extensive stage SCLC (ES-SCLC) who were
treated with Ris-Rez in the phase I ARTEMIS-001 clinical trial. It is the
sixth regulatory designation for Ris-Rez. Previously, the EMA granted ODD for
pulmonary neuroendocrine carcinoma, a category of cancer that includes SCLC
and Priority Medicines (PRIME) Designation for relapsed or refractory ES-SCLC.
The US FDA previously granted ODD and Breakthrough Therapy Designations for
relapsed or refractory ES-SCLC and Breakthrough Therapy Designation for
relapsed or refractory osteosarcoma.
In April 2026, at the American Association for Cancer Research Annual Meeting,
GSK partner Hansoh presented data from the phase I ARTEMIS-101 trial of
Ris-Rez plus immuno-therapy in non-squamous non-small cell lung cancer
(nsqNSCLC) in patients without actionable genomic alterations. As the first
combination data presented for Ris-Rez, these data inform GSK's ongoing EMBOLD
clinical development programme, showing encouraging anti-tumour activity and a
manageable safety profile in this patient population. GSK has begun enrolling
patients with nsqNSCLC in its phase I EMBOLD-PanTumour-101 trial.
Key phase III trials for Ris-Rez:
Trial name (population) Phase Design Timeline Status
EMBOLD-SCLC-301 III A multicenter, randomized, open-label study of risvutatug rezetecan compared Trial start: Recruiting
with topotecan in participants with relapsed small cell lung cancer
Q3 2025
NCT07099898
HIV
As a pioneer in long-acting injectables, ViiV Healthcare, majority owned by
GSK, is focused on the next-generation of HIV innovation with integrase
inhibitors (INSTIs), the gold standard for HIV regimens, at the core. The HIV
pipeline will continue to drive sustained performance and the ongoing
transition of the portfolio to long-acting regimens.
In Q1, data were presented at CROI 2026 for a range of assets which are being
evaluated for twice-yearly long-acting injectable treatment. This included
data for VH184 - the only third-generation INSTI, with IP protection through
to at least 2040 - showing potential for six monthly dosing, with an enhanced
resistance profile compared to standard of care. Capsid inhibitor, VH499,
showed potential for six monthly dosing and the potential for fewer drug-drug
interactions. Data for bNAb lotivibart showed high efficacy for four monthly
dosing when combined with monthly cabotegravir. Six monthly data are expected
later in the year.
For Q4M treatment, the phase III CUATRO registrational study is on track with
an expected launch in 2028. For Q4M PrEP, the phase IIb registrational EXTEND
study data is progressing with data expected in H2 2026 and launch in H1 2027.
Key HIV trials:
Trial name (population) Phase Design Timeline Status
EXTEND 4M (HIV) II Phase IIb open label, single arm, repeat dose study to investigate the safety, Trial start: Active, not recruiting
tolerability and pharmacokinetics (PK) of CAB ULA administered intramuscularly
NCT06741397 every four months in participants at risk of acquiring HIV-1. Q4 2024
EMBRACE (HIV) IIb The study aims at evaluating the efficacy of VH3810109, dosed in accordance Trial start: Active, not recruiting
with the dosing schedule as either intravenous (IV) infusion or subcutaneous
NCT05996471 (SC) infusion with recombinant hyaluronidase (rHuPH20), in combination with Q3 2023
cabotegravir (CAB) intramuscular (IM) dosed in accordance with the dosing
schedule in virologically suppressed, Antiretroviral therapy (ART)-experienced
adult participants living with HIV.
Infectious Diseases
Arexvy (respiratory syncytial virus vaccine, adjuvanted)
GSK continues to progress the life-cycle management of Arexvy, its Respiratory
Syncytial Virus (RSV) vaccine for adults, with expanded indications in new
populations and geographies.
The vaccine is approved for the prevention of lower respiratory tract disease
(LRTD) caused by RSV in adults aged 60 years of age and older in 70 countries.
It is also approved for use in adults aged 50-59 at increased risk due to
certain underlying medical conditions in over 60 countries, including the US
and Japan. In the European Economic Area it is approved for adults aged 18
years and older.
In March, the US FDA approved an expanded indication to include adults aged
18-49 at increased risk for LRTD caused by RSV. Arexvy is not for use in
pregnant individuals. FDA review in immunocompromised adults aged 18 years and
older is ongoing.
In February, Arexvy received a Positive Opinion from the European Medicine
Agency's (EMA) Committee for Medicinal Products for Human Use (CHMP) for use
in immunocompromised adults aged 18 years and older. Regulatory reviews are
ongoing in Japan to expand use to adults aged 18-49 years of age at increased
risk of RSV disease and immunocompromised adults aged 18 years and older with
decisions expected this year.
China's Center for Drug Evaluation (CDE) has accepted for review a regulatory
application for Arexvy for the prevention of LRTD caused by RSV in adults aged
60 years and older. A decision is expected in 2027.
GSK is also progressing a new "vial/pre-filled syringe" presentation of Arexvy
to improve convenience for healthcare professionals. This was approved by the
EMA in April. US FDA review is ongoing.
Key trials for Arexvy:
Trial name (population) Phase Design Timeline Status
RSV OA=ADJ-004 III A randomised, open-label, multi-country trial to evaluate the immunogenicity, Trial start: Active, not recruiting; primary endpoint met
safety, reactogenicity and persistence of a single dose of the RSVPreF3 OA
(Adults aged ≥60 years) investigational vaccine and different revaccination schedules in adults aged Q1 2021
60 years and above
NCT04732871 Primary data reported:
Q2 2022
RSV OA=ADJ-012 IIIb An extension and crossover vaccination study on the immune response and safety Trial start: Active, not recruiting
of a vaccine against Respiratory Syncytial Virus given to adults 60 years of
(Adults aged ≥60 years ) age and above who participated in RSV OA=ADJ-006 study Q3 2024
NCT06534892
RSV OA=ADJ-031 II A non-randomized, controlled, open-label, extension study to evaluate the Trial start: Recruiting
persistence of immune response of the adjuvanted RSVPreF3 vaccine and the
(Immunocompromised adults aged ≥18 years) safety and immunogenicity following revaccination in lung and kidney Q3 2025
transplant recipients (aged 18 years and above)
NCT07092865
RSV OA=ADJ-028 III A randomized, controlled, observer blind, immuno-bridging study to evaluate Trial start: Recruiting
immunogenicity, reactogenicity and safety of a single dose of the RSVPreF3 OA
(Adults 18 to 59 years of age at increased risk for RSV disease) investigational vaccine in Chinese adults 18-59 years of age at increased risk Q4 2025
of RSV Disease
NCT07220109
bepirovirsen (HBV ASO)
Bepirovirsen is a triple-action antisense oligonucleotide with the potential
to be a first in class new treatment option for people with chronic hepatitis
B (CHB). It is designed to inhibit the replication of viral DNA in the body,
suppress the level of hepatitis B surface antigen (HBsAg) in the blood, and
stimulate the immune system to increase the chances of a durable and sustained
response.
In January 2026, GSK announced positive results from its two pivotal phase III
trials, B-Well 1 and B-Well 2. The trials met their primary endpoints with
bepirovirsen demonstrating a statistically significant and clinically
meaningful functional cure rate. Functional cure rates were significantly
higher with bepirovirsen plus standard of care compared with standard of care
alone. Functional cure occurs when the hepatitis B virus DNA and viral protein
(HbsAg) are undetectable in the blood for at least 24 weeks after stopping all
treatment, indicative of the disease being controlled by the immune system
without medication.
In Q1, the US FDA accepted for priority review a New Drug Application (NDA)
for bepirovirsen and set 26 October 2026 as the decision goal date. GSK has
filed regulatory submissions in Japan, China and the EU with further
submissions to take place throughout 2026. If approved, bepirovirsen has the
potential to become the first finite, six-month therapeutic option for CHB.
Bepirovirsen has been recognised by global regulatory authorities for its
innovation and potential to address significant unmet need in CHB, with a Fast
Track designation from the US FDA, Breakthrough Therapy designation in China
and SENKU designation in Japan. In Q1, bepirovirsen also received FDA
Breakthrough Therapy Designation which is reserved for investigational
medicines where preliminary clinical evidence indicates the potential for
substantial improvement over available therapies.
To further expand development of novel sequential regimens, GSK entered an
agreement for an exclusive worldwide license to develop and commercialise
daplusiran/tomligisiran (GSK5637608, formerly JNJ-3989), an investigational
hepatitis B virus-targeted small interfering ribonucleic acid (siRNA)
therapeutic. This agreement provides an opportunity to investigate a novel
sequential regimen to pursue functional cure in an even broader patient
population with bepirovirsen. Phase IIb trials for this sequential therapy
started in Q4 2024.
Key trials for bepirovirsen:
Trial name (population) Phase Design Timeline Status
B-Well 1 bepirovirsen in nucleos(t)ide treated patients (chronic hepatitis B) III A multi-centre, randomised, double-blind, placebo-controlled trial to confirm Trial Start: Completed; primary endpoint met
the efficacy and safety of treatment with bepirovirsen in participants with
NCT05630807 chronic hepatitis B virus Q1 2023
B-Well 2 bepirovirsen in nucleos(t)ide treated patients (chronic hepatitis B) III A multi-centre, randomised, double-blind, placebo-controlled trial to confirm Trial Start: Completed; primary endpoint met
the efficacy and safety of treatment with bepirovirsen in participants with
chronic hepatitis B virus Q1 2023
NCT05630820
Key trials for bepirovirsen continued:
B-United bepirovirsen sequential therapy with daplusiran/tomligisiran in IIb A multi-centre, randomized, partially placebo-controlled, double-blind study Trial start: Active, not recruiting
nucleos(t)ide treated patients (chronic hepatitis B) to investigate the safety and efficacy of sequential therapy with
daplusiran/tomligisiran followed by bepirovirsen in participants with chronic Q4 2024
NCT06537414 hepatitis B virus on background nucleos(t)ide analogue therapy
B-Sure Long-term Follow-up Study to Evaluate Durability of Treatment Response II A global multi-center, long-term follow-up study to assess durability of Trial Start: Q1 2021 Recruiting
in Previous Bepirovirsen Study Participants efficacy, as measured by maintenance of treatment response from the parent
study, in participants who participated in a previous bepirovirsen study and
NCT04954859 achieved a complete or partial response. Eligible participants will be
enrolled in this study after completing the end of study (EoS) visit in one of
five parent bepirovirsen studies.
tebipenem HBr
GSK has an exclusive licence agreement with Spero Therapeutics, Inc. for the
development of tebipenem HBr (oral carbapenem antibiotic). In May 2025, the
phase III PIVOT-PO trial evaluating tebipenem HBr as oral treatment for
complicated urinary tract infections (cUTIs), including pyelonephritis, was
stopped early for efficacy following a recommendation from an Independent Data
Monitoring Committee.
GSK has filed a regulatory submission in the US, based on these data, which
has been accepted by the FDA. The PDUFA date has been set as 18 June 2026.
If approved, tebipenem HBr could be the first oral carbapenem antibiotic for
patients in the US who suffer from cUTIs, adding to GSK's innovative
anti-infectives portfolio and helping address the challenges of antimicrobial
resistance (AMR).
Key phase III trials for tebipenem HBr:
Trial name (population) Phase Design Timeline Status
PIVOT-PO (complicated urinary tract infections) III A randomised, double-blind, double-dummy, multi-centre study to assess the Trial start: Completed;
efficacy and safety of orally administered tebipenem pivoxil hydrobromide
NCT06059846 compared to intravenously administered imipenem-cilastatin in patients with Q4 2023 primary endpoint met
complicated urinary tract infection (cUTI) or acute pyelonephritis (AP)
Data reported:
Q2 2025
Reporting definitions
CAGR (Compound annual growth rate)
CAGR is defined as the compound annual growth rate and shows the annualised
average rate for growth in sales and core operating profit between 2021 to
2026, assuming growth takes place at an exponentially compounded rate during
those years.
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the impact of exchange rate movements, it is the Group's practice to discuss
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overseas companies in Sterling had remained unchanged from those used in the
comparative period. CER% represents growth at constant exchange rates. For
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set out in IAS 29 'Financial Reporting in Hyperinflationary Economies'
(Argentina and Turkey) CER growth is adjusted using a more appropriate
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their respective currencies in order to provide comparability and not to
distort CER growth rates.
AER% represents growth at actual exchange rates.
Core Earnings per share
Unless otherwise stated, Core earnings per share refers to Core basic earnings
per share.
Core Operating Margin
Core Operating margin is Core operating profit divided by turnover. Core
operating profit is a key financial measure used by management to evaluate
performance.
Free cash flow
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activities less capital expenditure on property, plant and equipment and
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interests plus proceeds from the sale of property, plant and equipment and
intangible assets, and dividends received from joint ventures and associates.
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net cash inflow from operations to free cash flow from operations is set out
on page 33.
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General Medicines
General Medicines are usually prescribed in the primary care or community
settings by general healthcare practitioners. For GSK, this includes medicines
for inhaled respiratory, dermatology, antibiotics and other diseases.
Non-controlling interest
Non-controlling interest is the equity in a subsidiary not attributable,
directly or indirectly, to a parent.
Percentage points
Percentage points of growth which is abbreviated to ppts.
RAR (Returns and Rebates)
GSK sells to customers both commercial and government mandated contracts with
reimbursement arrangements that include rebates, chargebacks and a right of
return for certain pharmaceutical products principally in the US. Revenue
recognition reflects gross-to-net sales adjustments as a result. These
adjustments are known as the RAR accruals and are a source of significant
estimation uncertainty and fluctuation which can have a material impact on
reported revenue from one accounting period to the next.
Risk adjusted sales
Pipeline risk-adjusted sales are based on the latest internal estimate of the
probability of technical and regulatory success for each asset in development.
Specialty Medicines
Specialty Medicines are typically prescription medicines used to treat complex
or rare chronic conditions. For GSK, this comprises medicines for infectious
diseases, HIV, Respiratory, Immunology & Inflammation, and Oncology.
Total Net debt
Net debt is defined as total borrowings less cash, cash equivalents, liquid
investments, and short-term loans to third parties that are subject to an
insignificant risk of change in value. The measure is used by management as it
is considered a good indicator of GSK's ability to meet its financial
commitments and the strength of its balance sheet (including those classified
as assets held for sale and liabilities relating to assets held for sale).
Total and Core results
Total reported results represent the Group's overall performance. GSK uses a
number of non-IFRS measures to report the performance of its business. Core
results and other non-IFRS measures may be considered in addition to, but not
as a substitute for or superior to, information presented in accordance with
IFRS. Core results are defined on page 15 and other non-IFRS measures are
defined in pages 42 and 43.
Total Operating Margin
Total Operating margin is Total operating profit divided by turnover.
Total Earnings per share
Unless otherwise stated, Total earnings per share refers to Total basic
earnings per share.
Working capital
Working capital represents inventory and trade receivables less trade
payables.
Guidance and Outlooks, assumptions and cautionary statements
2026 Guidance
GSK affirms its full-year 2026 guidance at constant exchange rates (CER).
GSK expects its turnover to increase between 3 to 5 per cent and Core
operating profit to increase between 7 to 9 per cent. Core earnings per share
is also expected to increase between 7 to 9 per cent.
The Group has made planning assumptions that we expect turnover for Specialty
Medicines to increase by a low double-digit per cent, Vaccines to decline by a
low-single digit per cent to stable, and General Medicines to decline by a
low-single digit per cent to stable.
2021-2026 and 2031 Outlooks
In February 2025 GSK set out improved outlooks for 2031 which are detailed in
the 2024 full year and fourth quarter results on gsk.com
(https://www.gsk.com/media/slrhnzie/fy-2024-results-announcement.pdf) (1).
Assumptions and basis of preparation related to 2026 Guidance, 2021-26 and
2031 Outlooks
In outlining the guidance for 2026, and outlooks for the period 2021-26 and
for 2031, the Group has made certain assumptions about the macro-economic
environment, the healthcare sector (including regarding existing and possible
additional governmental legislative and regulatory reform), the different
markets and competitive landscape in which the Group operates and the delivery
of revenues and financial benefits from its current portfolio, its development
pipeline and restructuring programmes.
As previously announced, on 19 December 2025, GSK entered into an agreement
with the US Administration to lower the cost of prescription medicines for
American patients, which, once fully implemented, would exclude both GSK and
ViiV Healthcare from Section 232 tariffs for three years. On 2 April 2026,
President Trump issued a Section 232 proclamation imposing a 100% tariff on
patented pharmaceuticals and associated pharmaceutical ingredients beginning
on 31 July 2026. On 9 April 2026, GSK, ViiV Healthcare, and the US Government
entered into a definitive agreement reflecting Section 232 tariff relief
through 20 January 2029 (subject to final implementation, including through
participation in the US Government's Generous Model programme). Our full year
guidance is inclusive of the expected impact of these agreements.
2026 Guidance
These planning assumptions as well as operating profit and earnings per share
guidance and dividend expectations assume no material interruptions to supply
of the Group's products, no material mergers, acquisitions or disposals, no
material litigation or investigation costs for the Company (save for those
that are already recognised or for which provisions have been made) and no
change in the Group's shareholdings in ViiV Healthcare. The assumptions also
assume no material changes in the healthcare environment or unexpected
significant changes in pricing or trade policies, including tariffs (except as
noted above), as a result of government or competitor action. The 2026
guidance factors in all divestments and product exits announced to date.
2021-26 and 2031 Outlooks
The assumptions for GSK's revenue, Core operating profit, Core operating
margin and cash flow outlooks, 2031 revenue outlook and margin expectations
through dolutegravir loss of exclusivity assume the delivery of revenues and
financial benefits from its current and development pipeline portfolio of
medicines and vaccines (which have been assessed for this purpose on a
risk-adjusted basis, as described further below); regulatory approvals of the
pipeline portfolio of medicines and vaccines that underlie these expectations
(which have also been assessed for this purpose on a risk-adjusted basis, as
described further below); no material interruptions to supply of the Group's
products; successful delivery of the ongoing and planned integration and
restructuring plans; no material mergers, acquisitions or disposals or other
material business development transactions; no material litigation or
investigation costs for the Company (save for those that are already
recognised or for which provisions have been made); and no change in the
Group's shareholdings in ViiV Healthcare. GSK assumes no premature loss of
exclusivity for key products over the period.
The assumptions for GSK's revenue, Core operating profit, Core operating
margin and cash flow outlooks, 2031 revenue outlook and margin expectations
through dolutegravir loss of exclusivity also factor in all divestments and
product exits announced to date as well as material costs for investment in
new product launches and R&D. Risk-adjusted sales includes sales for
potential planned launches which are risk-adjusted based on the latest
internal estimate of the probability of technical and regulatory success for
each asset in development.
Notwithstanding our guidance, outlooks and expectations, there is still
uncertainty as to whether our assumptions, guidance, outlooks and expectations
will be achieved.
All outlook statements are given on a constant currency basis and use 2025
average exchange rates as a base (£1/$1.31, £1/€1.17, £1/Yen 198).
(1) https://www.gsk.com/media/slrhnzie/fy-2024-results-announcement.pdf
(https://www.gsk.com/media/slrhnzie/fy-2024-results-announcement.pdf)
Assumptions and cautionary statement regarding forward-looking statements
The Group's management believes that the assumptions outlined above are
reasonable, and that the guidance, outlooks, and expectations described in
this report are achievable based on those assumptions. However, given the
forward-looking nature of these guidance, outlooks, and expectations, they are
subject to greater uncertainty, including potential material impacts if the
above assumptions are not realised, and other material impacts related to
foreign exchange fluctuations, macro-economic activity, the impact of
outbreaks, epidemics or pandemics, changes in legislation, regulation,
government actions and policies, including the impact of any potential tariffs
or other restrictive trade policies on the Group's products, or intellectual
property protection, product development and approvals, actions by our
competitors, and other risks inherent to the industries in which we operate.
This document contains statements that are, or may be deemed to be,
"forward-looking statements". Forward-looking statements give the Group's
current expectations or forecasts of future events. An investor can identify
these statements by the fact that they do not relate strictly to historical or
current facts. They use words such as 'anticipate', 'estimate', 'expect',
'intend', 'will', 'project', 'plan', 'believe', 'target', 'outlook', 'aim',
'ambition', 'could', 'goal', 'may', 'seek', 'should' and other words and terms
of similar meaning in connection with any discussion of future operating or
financial performance. In particular, these include statements relating to
future actions, prospective products or product approvals, future performance
or results of current and anticipated products, sales efforts, expenses, the
outcome of contingencies such as legal proceedings, dividend payments and
financial results. Other than in accordance with its legal or regulatory
obligations (including under the Market Abuse Regulation, the UK Listing Rules
and the Disclosure Guidance and Transparency Rules of the Financial Conduct
Authority), the Group undertakes no obligation to update any forward-looking
statements, whether as a result of new information, future events or
otherwise. The reader should, however, consult any additional disclosures that
the Group may make in any documents which it publishes and/or files with the
SEC. All readers, wherever located, should take note of these disclosures.
Accordingly, no assurance can be given that any particular expectation will be
met and readers are cautioned not to place undue reliance on the
forward-looking statements.
All guidance, outlooks and expectations should be read together with the
guidance and outlooks, assumptions and cautionary statements in this Q1 2026
earnings release and in the Group's 2025 Annual Report on Form 20-F.
Forward-looking statements are subject to assumptions, inherent risks and
uncertainties, many of which relate to factors that are beyond the Group's
control or precise estimate. The Group cautions investors that a number of
important factors, including those in this document, could cause actual
results to differ materially from those expressed or implied in any
forward-looking statement. Such factors include, but are not limited to, those
discussed under 'Risk Factors' in the Group's Annual Report on Form 20-F for
2025. Any forward-looking statements made by or on behalf of the Group speak
only as of the date they are made and are based upon the knowledge and
information available to the Directors on the date of this report.
Independent review report to GSK plc
Conclusion
We have been engaged by GSK plc ("the company") to review the condensed
financial information in the Results Announcement of the company for the three
months ended 31 March 2026.
The condensed financial information comprises:
• the income statement and statement of comprehensive income for the three month
period ended 31 March 2026 on page 20 and 21;
• the balance sheet as at 31 March 2026 on page 22;
• the statement of changes in equity for the three-month period then ended on
page 23;
• the cash flow statement for the three-month period then ended on page 24; and
• the accounting policies and basis of preparation and the explanatory notes to
the condensed financial information on pages 25 to 34 that have been prepared
applying consistent accounting policies to those applied by GSK plc and its
subsidiaries ("the Group") in the Annual Report 2025, which was prepared in
accordance with UK-adopted international accounting standards in conformity
with the requirements of the Companies Act 2006 and the IFRS Accounting
Standards as issued by the International Accounting Standards Boards (IASB).
Based on our review, nothing has come to our attention that causes us to
believe that the condensed financial information in the Results Announcement
for the three months ended 31 March 2026 is not prepared, in all material
respects, in accordance with the accounting policies set out in the accounting
policies and basis of preparation section on page 30.
Basis for Conclusion
We conducted our review in accordance with International Standard on Review
Engagements (UK) 2410 "Review of Interim Financial Information Performed by
the Independent Auditor of the Entity" issued by the Financial Reporting
Council for use in the United Kingdom (ISRE (UK) 2410). A review of interim
financial information consists of making inquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical and
other review procedures. A review is substantially less in scope than an audit
conducted in accordance with International Standards on Auditing (UK) and
consequently does not enable us to obtain assurance that we would become aware
of all significant matters that might be identified in an audit. Accordingly,
we do not express an audit opinion.
As disclosed on page 30, the annual financial statements of the Group are
prepared in accordance with United Kingdom adopted international accounting
standards. The condensed set of financial information included in this Results
Announcement have been prepared in accordance with the accounting policies set
out in the accounting policies and basis of preparation section on page 30.
Conclusion Relating to Going Concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for Conclusion section of this report,
nothing has come to our attention to suggest that the directors have
inappropriately adopted the going concern basis of accounting or that the
directors have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This Conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410, however future events or conditions may cause the entity to
cease to continue as a going concern.
Responsibilities of the directors
The directors are responsible for preparing the Results Announcement of the
company in accordance with the Disclosure Guidance and Transparency Rules of
the United Kingdom's Financial Conduct Authority.
In preparing the Results Announcement, the directors are responsible for
assessing the company's ability to continue as a going concern, disclosing as
applicable, matters related to going concern and using the going concern basis
of accounting unless the directors either intend to liquidate the company or
to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the review of the financial information
In reviewing the Results Announcement, we are responsible for expressing to
the company a conclusion on the condensed financial information in the Results
Announcement. Our Conclusion, including our Conclusion Relating to Going
Concern, are based on procedures that are less extensive than audit
procedures, as described in the Basis for Conclusion paragraph of this report.
Use of our report
This report is made solely to the company in accordance with ISRE (UK) 2410.
Our work has been undertaken so that we might state to the company those
matters we are required to state to it in an independent review report and for
no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the company, for our review work,
for this report, or for the conclusions we have formed.
Deloitte LLP
Statutory Auditor
London, United Kingdom
28 April 2026
Glossary
Terms used in the Announcement Brief description
1L First line
2L Second line
ADC Antibody-drug conjugate
ADP Adenosine diphosphate
AMR Antimicrobial resistance
ASO Antisense oligonucleotide
AS03 Adjuvant system 03
Bnab Broadly neutralising antibody
CCL Contingent consideration liability
CDC Centre for Disease Control and Prevention
CDE Center for Drug Evaluation
CHMP Committee for Medicinal Products for Human Use
COPD Chronic obstructive pulmonary disease
CROI Conference on Retroviruses and Opportunistic Infections
CRSwNP Chronic rhinosinusitis with nasal polyps
cUTI Complicated urinary tract infection
dMMR Deficient mismatch repair
DRIP Dividend reinvestment plan
DTG Dolutegravir
EGPA Eosinophilic granulomatosis with polyangiitis
EMA European Medicines Agency
ES Extensive stage
ESOP Employee share ownership plan
GIST Gastrointestinal stromal tumour
HBV Hepatitis B virus
HES Hypereosinophilic syndrome
IBATi Ileal bile acid transporter inhibitor
Insti Integrase nuclear strand transfer inhibitors
IRA Inflation Reduction Act
IV Intravenous
LAI Long acting injectables (includes Apretude and Cabenuva)
LRTD Lower respiratory tract disease
MAPS Multi antigen presenting system
MASH Metabolic dysfunction-associated steatohepatitis
MMRV Measles, mumps, rubella and varicella
Mo-Rez Mocertatug rezetecan
mRNA Messenger ribonucleic acid
MSI-H Microsatellite instability high
NDA New Drug Application
NIP National Immunisation Program
OA Older adults
ODD Orphan drug designation
Oral 2DR Oral 2 drug regimen (includes Dovato and Juluca)
PARP Poly ADP ribose polymerase
PBC Primary biliary cholangitis
PD-1 Programmed death receptor-1 blocking antibody
PDUFA Prescription Drug User Fee Act
PK Pharmacokinetics
ppts Percentage points
PrEP Pre-exposure prophylaxis
PRIME Priority Medicines
PYS Peak year sales
Q4M Every 4 months / 3x yearly
Q6M Every 6 months / twice-yearly
RCC Refractory chronic cough
Ris-Rez Risvutatug rezetecan
RNS Regulatory news service
RSV Respiratory syncytial virus
SC Subcutaneous
SCLC Small cell lung cancer
SG&A Selling, general and administrative expenses, net of other sundry income
SiRNA Small interfering RNA
SITT Single inhaler triple therapy
TIM3 T-cell membrane protein-3
TSLP Long-acting anti-thymic stromal lymphopoietin monoclonal
ULA Ultra long acting
uUTI Uncomplicated urinary tract infection
Product List
Trademark Generic Product Area Indication(s)
Anoro Ellipta umeclidinium bromide/vilanterol trifenatate General medicines COPD
Apretude cabotegravir Specialty medicines HIV prevention
Arexvy respiratory syncytial virus vaccine Vaccines Respiratory syncytial virus vaccination
Benlysta belimumab Specialty medicines Systemic lupus erythematosus, lupus nephritis
(SC and IV)
Bexsero meningococcal group-B vaccine Vaccines Meningitis group B prophylaxis
Blenrep belantamab mafodotin Specialty medicines Relapsed/refractory multiple myeloma
Blujepa gepotidacin General medicines Uncomplicated UTI, Uncomplicated Gonorrhoea
Boostrix diphtheria, tetanus, acellular pertussis Vaccines Diphtheria, tetanus, acellular
Pertussis booster vaccination
Cabenuva/Vocabria + Rekambys cabotegravir, rilpivirine Specialty medicines HIV/AIDS
Cervarix HPV 16 & 18 virus like particles (VLPs), AS04 adjuvant (MPL + aluminium Vaccines Human papilloma virus type 16 and 18
hydroxide)
Dovato dolutegravir/lamivudine Specialty medicines HIV/AIDS
Exdensur depemokimab Specialty medicines Severe Asthma, CRSwNP
Flixotide / Flovent fluticasone propionate General medicines Asthma
Fluarix split inactivated influenza antigens (2 virus subtypes A and 2 subtype B) Vaccines Seasonal influenza prophylaxis
FluLaval split inactivated influenza antigens (2 virus subtypes A and 2 subtype B) Vaccines Seasonal influenza prophylaxis
Infanrix/Pediarix diphtheria, tetanus, pertussis, polio, hepatitis B, haemophilus influenzae Vaccines Prophylaxis against diphtheria, tetanus,
type B (EU)
pertussis, polio, hepatitis B, Haemophilus influenzae type B (EU)
Jemperli dostarlimab Specialty medicines dMMR/MSI-H recurrent/ advanced endometrial cancer, dMMR solid tumours
Juluca dolutegravir/rilpivirine Specialty medicines HIV/AIDS
Menveo meningococcal group A, C, W-135 and Y conjugate vaccine Vaccines Meningitis group A, C, W-135 and Y prophylaxis
Nucala mepolizumab Specialty medicines Asthma, CRSwNP, EGPA, HES
Ojjaara/Omjjara momelotinib Specialty medicines Myelofibrosis in patients with anaemia
Penmenvy meningococcal groups A, B, C, W, and Y vaccine Vaccines Meningitis group A, B, C, W-135 and Y prophylaxis
Priorix, Priorix Tetra, Varilrix live attenuated MMR, varicella and MMRV vaccines Vaccines Measles, mumps, rubella and chickenpox prophylaxis
Relvar/Breo Ellipta fluticasone furoate/vilanterol trifenatate General medicines Asthma, COPD
Rotarix human rotavirus RIX4414 strain Vaccines Rotavirus prophylaxis
Rukobia fostemsavir Specialty medicines HIV/AIDS
Seretide / Advair salmeterol xinofoate, fluticasone propionate General medicines Asthma, COPD
Shingrix zoster vaccine recombinant, adjuvanted Vaccines Herpes zoster (shingles)
Synflorix conjugated pneumococcal polysaccharide Vaccines Prophylaxis against invasive disease, pneumonia, acute otitis media
Tivicay dolutegravir Specialty medicines HIV/AIDS
Trelegy Ellipta fluticasone furoate/vilanterol trifenatate/umeclidinium bromide General medicines COPD, asthma
Triumeq dolutegravir, lamivudine and abacavir Specialty medicines HIV/AIDS
Ventolin salbutamol sulphate General medicines Asthma, COPD
Zejula niraparib Specialty medicines Ovarian cancer
Brand names appearing in italics throughout this document are trademarks of
GSK or associated companies or used under licence by the Group.
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