REG - GSK PLC - 2nd Quarter Results
30/07/2025 07:00
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RNS Number : 0713T GSK PLC 30 July 2025
GSK delivers continued strong performance
Strong Specialty Medicines performance drives sales and core operating profit
growth
• Total Q2 2025 sales £8.0 billion +1% AER; +6% CER
• Specialty Medicines sales £3.3 billion (+15%); Respiratory, Immunology &
Inflammation £1.0 billion (+10%); Oncology £0.5 billion (+42%); HIV sales
£1.9 billion (+12%)
• Vaccines sales £2.1 billion (+9%); Shingrix £0.9 billion (+6%); Meningitis
vaccines £0.4 billion (+22%); and Arexvy £0.1 billion (+13%)
• General Medicines sales £2.6 billion (-6%); Trelegy £0.8 billion (+4%)
• Total operating profit +33% and Total EPS +35% driven by lower CCL charges
partly offset by intangible asset impairments
• Core operating profit +12% and Core EPS +15% reflecting Specialty Medicines
and Vaccines growth, higher royalty income and disciplined increased
investment in R&D portfolio progression in Oncology and Vaccines
• Cash generated from operations of £2.4 billion with free cash flow of £1.1
billion
(Financial Performance - Q2 2025 results unless otherwise stated, growth % and
commentary at CER as defined on page 57. In Q2 2025, the adverse currency
impact of AER versus CER primarily reflected the strengthening of Sterling
against the USD. See page 10 for further details.)
Q2 2025 Year to date
£m % AER % CER £m % AER % CER
Turnover 7,986 1 6 15,502 2 5
Total operating profit 2,023 23 33 4,239 35 41
Total operating margin % 25.3% 4.5ppts 5.4ppts 27.3% 6.8ppts 7.2ppts
Total EPS 35.5p 23 35 75.3p 38 45
Core operating profit 2,631 5 12 5,164 4 8
Core operating margin % 32.9% 1.1ppts 1.8ppts 33.3% 0.8ppts 1.1ppts
Core EPS 46.5p 7 15 91.4p 6 10
Cash generated from operations 2,433 47 3,734 35
Pipeline progress and investment delivering future growth opportunities:
5 major new product approvals expected in 2025:
• 3 US Approvals now received for Penmenvy meningitis vaccine, Blujepa
first-in-class antibiotic treatment for uUTIs and Nucala, anti-IL5 biologic
for COPD
• Blenrep (for multiple myeloma) approved in EU, Japan, UK, Canada and
Switzerland. Constructive discussion ongoing with FDA with new PDUFA date set
for 23 October 2025
• US regulatory decision on depemokimab (for asthma with type 2 inflammation,
nasal polyps) expected in December 2025
Progress on 14 key opportunities expected to launch 2025-2031 each with PYS
potential above £2 billion:
• Phase III PIVOT-PO study for tebipenem, a potential new antibiotic for cUTIs,
stopped early for efficacy, with filing now planned by year end
• Phase III development programme for depemokimab COPD started with launch of
ENDURA studies
• Pivotal/Phase III trial starts planned in H2 25 for: potential cancer
treatments GSK'227 B7H3 ADC for ES-SCLC and GSK'981 IDRx-42 for 2L GIST;
efimosfermin for treatment of MASH; and cabotegravir ultra long acting +
rilpivirine (Q4M) for HIV treatment
Targeted business development continues strengthening RI&I and Oncology
pipeline
• Acquisition of efimosfermin a potential best in class specialty medicine for
steatotic liver disease from Boston Pharmaceuticals completed
• Agreements announced with Hengrui Pharma to develop up to 12 medicines in
RI&I and Oncology, including licence for potential best-in-class PDE3/4
inhibitor in clinical development for treatment of COPD
Continued commitment to shareholder returns
• Dividend declared of 16p for Q2 2025; 64p expected for full year 2025
• £822 million spent in H1 2025 as part of the £2 billion share buyback
programme announced at FY 2024
Confident for delivery of 2025 guidance - towards top of range
• Increase towards the top end of range for turnover growth of 3% to 5%; Core
operating profit growth of 6% to 8%; and Core EPS growth of 6% to 8%
Guidance all at CER
Emma Walmsley, Chief Executive Officer, GSK:
"GSK's strong momentum in 2025 continues with another quarter of excellent
performance driven mainly by Specialty Medicines, our largest business, with
double-digit sales growth in Respiratory, Immunology & Inflammation,
Oncology and HIV. We also continue to make very good progress in R&D, with
3 major FDA approvals achieved so far this year, 16 assets now in late-stage
development, and 4 more promising medicines to treat cancer, liver disease and
HIV expected to enter Phase III and pivotal development by the end of the
year. With all this, we now expect to be towards the top end of our financial
guidance for 2025 and remain confident in our long-term outlooks."
The Total results are presented in summary above and on page 7 and Core
results reconciliations are presented on pages 19 and 22. 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 57-58: 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 17. All expectations,
guidance and targets regarding future performance and dividend payments should
be read together with 'Guidance and outlooks, assumptions and cautionary
statements' on page 59-60. Abbreviations are defined on page 64.
2025 Guidance
GSK revises its full-year 2025 guidance at constant exchange rates (CER).
Guidance New 2025 guidance at CER Previous 2025 guidance at CER
Turnover Increase towards the top end of the range of between 3% to 5% Increase between 3% to 5%
Core operating profit Increase towards the top end of the range of between 6% to 8% Increase between 6% to 8%
Core earnings per share Increase towards the top end of the range of between 6% to 8% Increase between 6% to 8%
This guidance is supported by the following revised turnover expectations for
full-year 2025 at CER
Turnover expectations New 2025 guidance at CER Previous 2025 guidance at CER
Specialty Medicines Increase at a low-teens percentage Increase at a low double digit percentage
Vaccines Decrease of low single-digit per cent to broadly stable Decrease of a low single digit percent
General Medicines Broadly stable Broadly stable
Core operating profit is now expected to grow towards the top end of the range
of between 6 to 8 per cent at CER. GSK continues to expect to deliver gross
margin benefit 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 to take a returns-based approach
to SG&A investments, with SG&A expected to grow at a low single-digit
percentage. Royalty income is expected to be at £750-800 million, including
an IP settlement agreed in April. R&D is now expected to grow ahead of
sales reflecting accelerating investment in the pipeline including
reinvestment of this additional income.
Core earnings per share is now expected to increase towards the top end of the
range of between 6 to 8 per cent at CER, in line with Core operating profit
growth, reflecting a higher tax rate which is expected to rise to around 17.5%
and higher interest charges, offset by the expected benefit of up to 1% from
the share buyback programme. Expectations for non-controlling interests remain
unchanged relative to 2024.
Tariffs
GSK notes that the US Administration has initiated an investigation under
Section 232 of the Trade Expansion Act to determine the effects on national
security of imports of pharmaceutical products. Our guidance is inclusive of
tariffs enacted thus far and the European tariffs indicated this week. We are
positioned to respond to the potential financial impact of tariffs, with
mitigation options identified. Given the uncertain external environment, we
will continue to monitor developments.
Dividend policy
The Dividend policy and the expected pay-out ratio remain unchanged.
Consistent with this, GSK has declared a dividend for Q2 2025 of 16p per
share. GSK's future dividend policy and guidance regarding the expected
dividend pay-out in 2025 are provided on page 36.
GSK has commenced a £2 billion share buyback programme, to be implemented
over the period to the end of Q2 2026.
2021-2026 and 2031 Outlooks
In February 2025 GSK set out improved outlooks for 2031. Please see 2024 full
year and fourth quarter results on gsk.com
(https://www.gsk.com/media/11776/fy-2024-results-announcement.pdf) (1).
Exchange rates
If exchange rates were to hold at the closing rates on 30 June 2025
($1.37/£1, €1.17/£1 and Yen 198/£1) for the rest of 2025, the estimated
impact on 2025 Sterling turnover growth for GSK would be -4% and if exchange
gains or losses were recognised at the same level as in 2024, the estimated
impact on 2025 Sterling Core Operating Profit growth for GSK would be -7%.
Results presentation
A conference call and webcast for investors and analysts of the quarterly
results will be hosted by Emma Walmsley, CEO, at 12 noon BST (US EDT at 07.00
am) on 30 July 2025. 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.
(1) https://www.gsk.com/media/11776/fy-2024-results-announcement.pdf
(https://www.gsk.com/media/11776/fy-2024-results-announcement.pdf)
Performance: turnover
Turnover Q2 2025 Year to date
£m Growth Growth £m Growth Growth
AER% CER% AER% CER%
HIV 1,880 7 12 3,594 7 10
Respiratory, Immunology & Inflammation 963 6 10 1,767 14 18
Oncology 484 36 42 899 43 47
Specialty Medicines 3,327 10 15 6,260 13 16
Shingles 853 3 6 1,720 (3) (1)
Meningitis 379 17 22 729 17 21
RSV (Arexvy) 66 6 13 144 (41) (39)
Influenza 6 (14) - 7 (65) (60)
Established Vaccines 787 2 6 1,586 (2) 1
Vaccines 2,091 5 9 4,186 (2) 1
Respiratory 1,871 (9) (5) 3,581 (6) (3)
Other General Medicines 697 (12) (8) 1,475 (10) (5)
General Medicines 2,568 (10) (6) 5,056 (7) (3)
Total 7,986 1 6 15,502 2 5
By Region:
US 4,115 (1) 5 7,867 2 4
Europe 1,839 10 11 3,588 9 11
International 2,032 (2) 4 4,047 (4) 1
Total 7,986 1 6 15,502 2 5
Financial Performance - Q2 2025 results unless otherwise stated, growth % and
commentary at CER. In Q2 2025, the adverse currency impact of AER versus CER
primarily reflected the strengthening of Sterling against the USD. See page 10
for further details.
Q2 2025 Year to date
£m AER CER £m AER CER
Specialty Medicines 3,327 10% 15% 6,260 13% 16%
Specialty Medicines sales grew by double-digit percentages in the quarter and
YTD, reflecting continued growth across disease areas, with strong
performances in HIV, Respiratory, Immunology & Inflammation, and Oncology.
HIV 1,880 7% 12% 3,594 7% 10%
HIV sales grew by 12% in the quarter with +9ppts of strong patient demand
growth from Dovato, Cabenuva & Apretude and benefitted +3ppts from
customer stocking patterns and tender phasing. The US continued to grow
strongly at 14% in the quarter. YTD HIV sales grew 10% with +9ppts of strong
patient demand growth and benefitted +3ppts from customer stocking patterns
and tender phasing with an additional impact from pricing of -2ppts including
the IRA Medicare Part D redesign.
Oral 2DR 813 12% 16% 1,541 13% 16%
Sales of Oral 2DR now represent 43% of the total HIV portfolio. Dovato, the
first and only once-daily oral 2DR for the treatment of HIV infection in both
treatment naive and virally suppressed adults and adolescents continues to be
the largest product in the HIV portfolio with sales of £655 million in the
quarter and growing 23%.
Long-Acting 442 39% 47% 825 41% 45%
Long-Acting Medicine sales contributed more than 70% of the total HIV growth
in Q2 2025 with Cabenuva contributing 55%. Cabenuva, the only complete
long-acting injectable regimen for HIV treatment reached sales of £341
million in the quarter, growing 46% due to strong patient demand across US and
Europe. Apretude, the first long-acting injectable option for HIV prevention
delivered sales of £101 million in the quarter, growing 50% compared to Q2
2024.
Respiratory, Immunology & Inflammation 963 6% 10% 1,767 14% 18%
Sales continued to grow at a double-digit rate in the quarter and YTD, and are
primarily comprised of contributions from Nucala in respiratory and Benlysta
in immunology. Growth in the quarter on both products, was adversely affected
by the impact of channel inventory build in the US in Q2 2024.
Q2 2025 Year to date
£m AER CER £m AER CER
Nucala 498 3% 7% 942 10% 13%
Nucala, is an IL-5 antagonist monoclonal antibody treatment for severe asthma,
with additional indications including CRSwNP, EGPA, HES and more recently
COPD. Sales growth in the quarter was largely driven by strong performance in
the Europe and International regions, reflecting higher patient demand for
treatments addressing eosinophilic-led disease. This was partially offset by a
decline in the US, where growth from continued volume increases driven by
higher patient demand was more than offset by continued pricing pressures,
including the impact of IRA Medicare Part D redesign, and from unfavourable
impacts resulting from inventory build in Q2 2024. YTD growth was driven by
double digit growth in the Europe and International regions, with US growth
moderated to mid-single digit following the decrease in sales in the current
quarter.
Benlysta 451 8% 13% 810 19% 23%
Sales of Benlysta, a monoclonal antibody treatment for lupus, grew in the
quarter and YTD representing strong demand and volume growth with
bio-penetration rates having increased across many markets. Growth in the
quarter in the US was partially offset by impacts from channel inventory build
in Q2 2024.
Oncology 484 36% 42% 899 43% 47%
Oncology sales are largely comprised of sales from Jemperli, Zejula and
Ojjaara/Omjjara. Strong Oncology sales growth in the quarter and YTD were
driven in particular by increasing patient demand for Jemperli and
Ojjaara/Omjjara partially offset by decreases in Zejula. In the quarter,
Blenrep, a treatment in relapsed/refractory multiple myeloma, has been
approved and commercially launched in UK, with sales of £4 million.
Approvals have also been received in EU, Japan, Canada, Switzerland and UAE.
Jemperli 196 81% 91% 370 97% >100%
Sales of Jemperli grew strongly in the quarter and YTD, driven largely by
continued volume growth in the US following Q3 2024 FDA approval expanding the
indication to include all adult patients with primary advanced or recurrent
endometrial cancer. Europe and International regions increasingly contribute
to sales and growth, with Jemperli now available in over 30 countries
worldwide.
Zejula 151 (8%) (5%) 282 (8%) (5%)
Sales of Zejula, a PARP inhibitor treatment for ovarian cancer, declined in
the quarter with sales decreasing across all regions. Performance in the US
was adversely impacted by price unfavourability driven by ongoing channel
pricing pressure, including the impact of IRA Medicare Part D redesign, and
volume decreases due to relevant market and share declines.
Ojjaara/Omjjara 138 62% 69% 250 82% 87%
Sales of Ojjaara/Omjjara, a treatment for myelofibrosis patients with anaemia,
grew strongly in the quarter and YTD largely driven by the US with continued
patient uptake and volume growth. Sales in the quarter included increasing
contributions from Europe and International regions, following the recent
launch in Japan in Q3 2024, and with further new launches including France,
Spain and Italy in the first half of 2025.
Vaccines 2,091 5% 9% 4,186 (2%) 1%
Vaccines sales increased in the quarter reflecting growth in Meningitis
vaccines related to uptake following expanded recommendation and public
funding of Bexsero in Europe as well as growth in Shingrix driven by launch
uptake in France and strong demand across several other European markets and
Japan. YTD vaccine sales growth was adversely impacted by lower demand for
Shingrix in the US and a more limited ACIP recommendation for Arexvy received
in June 2024.
Shingles 853 3% 6% 1,720 (3%) (1%)
Sales of Shingrix increased in the quarter with growth across Europe partially
offset by lower sales in the US and International, however sales declined YTD
primarily due to a slowdown in immunisation rates in the US.
In Europe, Shingrix sales grew over 40% driven by new launch uptake and
related channel inventory build in France together with expanded public
funding and higher private market demand across several countries.
Sales of Shingrix decreased in International reflecting the timing of supply
to our co-promotion partner in China and a strong 2024 comparator which
included rapid uptake from the national immunisation programme (NIP) in
Australia, partially offset by accelerated demand following expanded public
funding in Japan from April 2025.
US sales decreased due to the continuing slowdown in the pace of penetration
of harder-to-reach unvaccinated consumers, partly offset in the quarter by
higher channel inventory consumption in Q2 2024. The US cumulative
immunisation rate reached 42%, up five percentage points compared to 12 months
earlier.(1)
Shingrix is now launched in 56 countries, with markets outside the US
representing 72% of Q2 2025 global sales (Q2 2024: 64%). The overwhelming
majority of ex-US Shingrix opportunity is concentrated in 10 markets where the
average immunisation rate is around 9% with significantly higher uptake in
funded cohorts.
Footnote: (1) Based on data from IQVIA up until the end of Q1 2025
Q2 2025 Year to date
£m AER CER £m AER CER
Meningitis 379 17% 22% 729 17% 21%
Meningitis vaccines continued to grow strongly, achieving double-digit growth.
Bexsero, a vaccine against meningitis B, grew in Europe driven by continued
uptake following recommendation and reimbursement in Germany together with
increased demand in France due to outbreaks and related expanded cohort
recommendations. Bexsero also grew in International due to higher demand and
geographic expansion.
Menveo, a vaccine against meningitis ACWY, grew in the quarter mainly due to
higher private market demand in the US while YTD sales growth resulted from
favourable pricing in the US and the timing of deliveries in International.
RSV 66 6% 13% 144 (41%) (39%)
Sales of Arexvy grew in the quarter driven by uptake in Europe and
International and declined YTD reflecting the continued decline in the US
market related to a more limited recommendation from ACIP for individuals aged
60 to 74 since June 2024. Arexvy maintained the US market leading position in
the older adult setting in H1 2025.
Arexvy is approved in 66 markets globally, 18 countries have national RSV
vaccination recommendations for older adults and 7, including the US, have
reimbursement programmes for Arexvy in place at the quarter end.
Established Vaccines 787 2% 6% 1,586 (2%) 1%
Established Vaccines sales increased in the quarter primarily due to
favourable CDC stockpile movements for Infanrix/Pediarix in the US. YTD sales
were also impacted by higher demand for MMRV vaccines, partly offset by 2024
sales of AS03 adjuvant, the impact of divested brands and competitive pressure
for Cervarix.
General Medicines 2,568 (10%) (6%) 5,056 (7%) (3%)
Sales include contributions from both the Respiratory and Other General
Medicine portfolios. Sales decreased in the quarter and YTD, with 4% growth in
Trelegy in the quarter impacted by higher favourable channel mix pricing
adjustments in Q2 2024, more than offset by decreases in Seretide/Advair, also
impacted by channel mix pricing adjustments, other respiratory and Other
General Medicine products reflecting continued generic competition.
Respiratory 1,871 (9%) (5%) 3,581 (6%) (3%)
Sales decreased in the quarter and YTD, with 4% growth in Trelegy more than
offset by decreases in other respiratory products, particularly
Seretide/Advair. Seretide/Advair sales decreased across all regions as a
result of continued generic erosion and competitive pressures, with US
performance particularly in this quarter impacted by unfavourable pricing
impacts from channel mix pricing adjustments.
Trelegy 835 (1%) 4% 1,510 5% 8%
Trelegy sales continued to grow in the quarter and year to date, with strong
volume growth continued across all regions reflecting patient demand, SITT
class growth, and increased market share. In the quarter, growth in Trelegy
moderated, with US performance broadly stable as volume growth was partially
offset by continued channel pricing pressure, including the impact of IRA
Medicare Part D redesign, and particularly in this quarter from the impact
of higher channel mix pricing adjustments in Q2 2024.
Other General Medicines 697 (12%) (8%) 1,475 (10%) (5%)
Other General Medicines sales decrease in the quarter and YTD was driven by
continued generic competition across the portfolio.
By Region
Q2 2025 Year to date
£m AER CER £m AER CER
US 4,115 (1%) 5% 7,867 2% 4%
Specialty Medicines double-digit sales growth in the quarter and YTD was
driven by strong Oncology, HIV and Benlysta performance. Sales of Nucala grew
mid-single digit YTD, but decreased in the quarter, where growth from
continued volume increases resulting from higher patient demand were more than
offset by continued pricing pressures, including the impact of IRA Medicare
Part D redesign, and from unfavourable impacts resulting from inventory build
in Q2 2024.
Vaccines sales were broadly flat in the quarter due to lower demand for
Shingrix driven by the continued challenge of activating harder-to reach
consumers offset by favourable CDC stockpile movements impacting Established
Vaccines. YTD sales decreased reflecting lower Shingrix sales together with a
decline in Arexvy following a more limited ACIP recommendation for RSV
vaccination in June 2024.
General Medicines sales decreased in the quarter, with Trelegy sales broadly
stable and decreases in other respiratory and Other General Medicine products.
Sales performance in Trelegy and Seretide/Advair were adversely impacted by
continued pricing pressures, and particularly in the quarter by unfavourable
pricing impacts from channel mix pricing adjustments. YTD sales decreased as
growth in Trelegy was more than offset by decreases in other respiratory and
other general medicine products.
US performance in the quarter and YTD reflected the introduction of the IRA
Medicare Part D redesign, which adversely impacted a number of products across
Specialty Medicines, Vaccines and General Medicines.
Europe 1,839 10% 11% 3,588 9% 11%
Specialty Medicines sales grew in the quarter and YTD due to continued strong
performance in Oncology, Benlysta and Nucala including the benefit from new
indication launches. HIV sales were broadly flat in the quarter and grew low
single digit YTD.
Vaccines sales grew double digit driven by Shingrix launch uptake in France
together with expanded public funding and higher private market demand across
several countries. Bexsero and Arexvy sales also grew strongly mainly in
Germany following recommendations and reimbursements.
General Medicines sales decreased in the quarter and YTD, with growth for
Trelegy and Anoro being more than offset by decreases across other general
medicine products.
International 2,032 (2%) 4% 4,047 (4%) 1%
Specialty Medicines double-digit sales growth in the quarter and YTD was
driven by Nucala in respiratory, Benlysta in immunology, Oncology and HIV.
Vaccines sales increased in the quarter driven by higher demand and geographic
expansion of Bexsero alongside higher demand for MMRV vaccines. This was
partly offset by decreased sales of Shingrix in China and Australia. YTD sales
were also impacted by 2024 sales of AS03 adjuvant, the impact of divested
brands and competitive pressure for Cervarix.
General Medicines sales decreased in the quarter and YTD, with double-digit
growth for Trelegy and growth in Anoro being more than offset by decreases
across other general medicine products.
Financial performance
Total Results Q2 2025 Year to date
£m % AER % CER £m % AER % CER
Turnover 7,986 1 6 15,502 2 5
Cost of sales (2,165) 2 3 (4,102) - 2
Selling, general and administration (2,140) (13) (9) (4,210) (8) (3)
Research and development (2,024) 37 40 (3,486) 20 22
Royalty income 246 71 70 426 44 45
Other operating income/(expense) 120 109
Operating profit 2,023 23 33 4,239 35 41
Net finance expense (134) (11) (8) (242) (15) (14)
Share of after tax profit/(loss) of associates and joint ventures (2) (2)
Profit before taxation 1,887 26 37 3,995 40 47
Taxation (241) (577)
Tax rate % 12.8% 14.4%
Profit after taxation 1,646 26 37 3,418 43 50
Profit attributable to non-controlling interests 203 351
Profit/(loss) attributable to shareholders 1,443 3,067
1,646 26 37 3,418 43 50
Earnings per share 35.5p 23 35 75.3p 38 45
Financial Performance - Q2 2025 results unless otherwise stated, growth % and
commentary at CER. In Q2 2025, the adverse currency impact of AER versus CER
primarily reflected the strengthening of Sterling against the USD. See page 10
for further details.
Core results
Reconciliations between Total results and Core results Q2 2025, Q2 2024, H1
2025 and H1 2024 are set out on pages 19, 20, 22 and 23.
Q2 2025 Year to date
£m % AER % CER £m % AER % CER
Turnover 7,986 1 6 15,502 2 5
Cost of sales (1,986) 6 7 (3,712) 3 4
Selling, general and administration (2,093) (6) (1) (4,153) (1) 3
Research and development (1,522) 8 11 (2,899) 5 7
Royalty income 246 71 70 426 44 45
Core operating profit 2,631 5 12 5,164 4 8
Core profit before taxation 2,504 6 13 4,936 6 10
Taxation (439) 4 11 (873) 6 10
Tax rate % 17.5% 17.7%
Core profit after taxation 2,065 6 14 4,063 6 10
Core profit attributable to non-controlling interests 175 337
Core profit attributable to shareholders 1,890 3,726
2,065 6 14 4,063 6 10
Core Earnings per share 46.5p 7 15 91.4p 6 10
Q2 2025 Year to date
£m AER CER £m AER CER
Cost of sales Total 2,165 2% 3% 4,102 -% 2%
% of sales 27.1% 0.2% (0.6%) 26.5% (0.4%) (0.9%)
Core 1,986 6% 7% 3,712 3% 4%
% of sales 24.9% 1.1% 0.3% 23.9% 0.3% (0.2%)
Total cost of sales as a percentage of sales decreased in the quarter and year
to date primarily driven by lower major restructuring and transaction-related
items.
Core cost of sales as a percentage of sales in the quarter and year to date
was broadly flat, with favourable mix benefits from growth in Specialty
Medicines, and regional mix driven by the US and Europe sales, being offset
primarily in the quarter by pricing impacts, including an adverse comparison
to higher price benefits in Q2 2024, as well as supply chain optimisation
charges.
Q2 2025 Year to date
£m AER CER £m AER CER
Selling, general & Total 2,140 (13%) (9%) 4,210 (8%) (3%)
administration
% of sales 26.8% (4.5%) (4.3%) 27.2% (2.7%) (2.4%)
Core 2,093 (6%) (1%) 4,153 (1%) 3%
% of sales 26.2% (2.0%) (1.9%) 26.8% (0.8%) (0.5%)
Total SG&A as a percentage of sales decreased in the quarter and year to
date due to lower Significant legal expenses.
Core SG&A growth in the year to date was driven by continued disciplined
investment to support new asset launches, including Blenrep, Penmenvy,
depemokimab and Blujepa, and growth of key assets including Shingrix, Nucala,
Ojjaara/Omjjara and long-acting HIV medicines, with spend reallocated from
General Medicines and the acceleration of ongoing productivity initiatives.
Year to date Core SG&A growth also includes a two percentage point impact
driven by the Q1 2024 reversal of the legal provision related to the Zejula
royalty dispute, following a successful appeal.
In the quarter, Core SG&A declined primarily due to the acceleration of
productivity initiatives and phasing of spend between quarters.
Q2 2025 Year to date
£m AER CER £m AER CER
Research & development Total 2,024 37% 40% 3,486 20% 22%
% of sales 25.3% 6.6% 6.1% 22.5% 3.4% 3.1%
Core 1,522 8% 11% 2,899 5% 7%
% of sales 19.1% 1.1% 0.9% 18.7% 0.5% 0.3%
In Q2 2025 and year to date, Total R&D was impacted by an impairment
charge of £471 million related to the termination of the belrestotug
development programme (anti-TIGIT mAb). Core R&D investment increased
reflecting progression across the portfolio.
In Oncology, increased investment primarily reflected acceleration in work on
ADC, and studies into Blenrep (1L) and Jemperli (endometrial cancer).
In Vaccines, clinical trial programmes associated with the pneumococcal MAPS
and mRNA continued to drive investment.
These increases were partly offset by lower spend predominantly due to the
status of late-stage clinical development programmes including depemokimab and
linerixibat following filing, and camlipixant (CALM-1) as studies progress
towards completion.
Q2 2025 Year to date
£m AER CER £m AER CER
Royalty income Total 246 71% 70% 426 44% 45%
Core 246 71% 70% 426 44% 45%
The increase in Total and Core royalty income in Q2 2025 and the year to date
primarily reflected historic royalties recognised in association with the
settlement of an IP dispute, as well as an increase in Kesimpta royalties.
Q2 2025 Year to date
£m AER CER £m AER CER
Other operating Total 120 >100% >100% 109 >100% >100%
income/(expense)
In Q2 2025 other operating income included a credit of £89 million (Q2 2024:
£378 million charge) arising from the remeasurement of contingent
consideration liabilities (CCL) and the liabilities for the Pfizer, Inc.
(Pfizer) put option. The credit in the current quarter primarily reflected
favourable foreign exchange movements, partly offset by discount unwind. See
page 21 for further details. Other net operating income at £31 million (Q2
2024: £60 million) includes fair value movements on equity investments and
other net income. Q2 2024 included a fair value loss of £35 million on the
stake in Haleon plc (Haleon).
The year to date other operating income reflected a credit of £87 million
(YTD 2024: £1,063 million charge) arising from the remeasurement of CCLs and
a decrease in the liabilities for the Pfizer put option primarily reflecting
favourable foreign currency movements, partly offset by discount unwind and
updated sales forecasts. See page 24 for further details. Other net operating
income at £22m (YTD 2024: £212 million) includes fair value movements on
equity investments and other net income. Year to date 2024 included a fair
value gain of £22 million on the stake in Haleon.
Q2 2025 Year to date
£m AER CER £m AER CER
Operating profit Total 2,023 23% 33% 4,239 35% 41%
% of sales 25.3% 4.5% 5.4% 27.3% 6.8% 7.2%
Core 2,631 5% 12% 5,164 4% 8%
% of sales 32.9% 1.1% 1.8% 33.3% 0.8% 1.1%
Total operating profit margin was higher in the quarter and year to date
mainly due to lower CCL charges, partly offset by higher impairment charges
and lower other net operating income.
Core operating profit growth in the quarter and year to date primarily
reflected higher turnover, favourable product mix and royalty income. Growth
was partly offset by increased investment in R&D, new asset launches and
growth assets and adverse pricing impacts, as well as in the year to date the
Q1 2024 reversal of the legal provision related to the Zejula royalty dispute,
following a successful appeal.
Q2 2025 Year to date
£m AER CER £m AER CER
Net finance expense Total 134 (11%) (8%) 242 (15%) (14%)
Core 125 (16%) (13%) 226 (19%) (18%)
The decrease in net finance costs in Q2 2025 and the year to date was mainly
driven by higher interest income on cash and favourable interest on tax,
partly offset by higher interest expense on debt. The year to date also
benefitted from higher swap interest income.
Q2 2025 Year to date
£m AER CER £m AER CER
Taxation Total 241 26% 41% 577 24% 31%
Tax rate % 12.8% 14.4%
Core 439 4% 11% 873 6% 10%
Tax rate % 17.5% 17.7%
The effective tax rate on Total results reflected the different tax effects of
the various Adjusting items included in Total results.
The effective tax rate on Core profits is broadly in line with expectations
for the year. Issues related to taxation are described in Note 14, 'Taxation'
in the Annual Report 2024. 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.
Q2 2025 Year to date
£m AER CER £m AER CER
Non-controlling Total 203 55% 63% 351 >100% >100%
interests ("NCIs")
Core 175 3% 9% 337 4% 7%
The increase in Total and Core NCIs in the quarter and year to date was
primarily driven by higher core profit allocations from ViiV Healthcare, and a
remeasurement gain on the CCL compared to a loss in the comparator periods
impacting Total NCIs.
Q2 2025 Year to date
£p AER CER £p AER CER
Earnings per share Total 35.5p 23% 35% 75.3p 38% 45%
Core 46.5p 7% 15% 91.4p 6% 10%
The increase in the Q2 2025 and year to date Total EPS was primarily driven by
CCL net credits compared to charges in Q2 2024, partly offset by higher
impairment charges.
The increase in the Core EPS in the quarter and year to date primarily
reflected the growth in Core operating profit as well as lower net finance
costs and the share buyback, partly offset by higher non-controlling
interests.
Currency impact on results
The results for Q2 2025 are based on average exchange rates, principally
$1.34/£1, €1.18/£1 and Yen194/£1. The period-end exchange rates were
$1.37/£1, €1.17/£1 and Yen198/£1. Comparative exchange rates are given on
page 37.
Q2 2025 Year to date
£m/£p AER CER £m/£p AER CER
Turnover 7,986 1% 6% 15,502 2% 5%
Earnings per share Total 35.5p 23% 35% 75.3p 38% 45%
Core 46.5p 7% 15% 91.4p 6% 10%
In Q2 2025 and year to date, the adverse currency impact primarily reflected
the strengthening of Sterling against US Dollar. Exchange gains on the
settlement of intercompany transactions resulted in a favourable impact from
currency of one percentage point on Total and Core EPS in the quarter and two
percentage points in the year to date.
Cash generation
Cash flow
Q2 2025 Q2 2024 H1 2025 H1 2024
£m £m £m £m
Cash generated from operations (£m) 2,433 1,650 3,734 2,776
Total net cash inflow/(outflow) from operating activities (£m) 2,096 1,113 3,241 2,071
Free cash inflow/(outflow)* (£m) 1,126 328 1,823 617
Free cash flow growth (%) >100% (6%) >100% >100%
Free cash flow conversion* (%) 78% 28% 59% 28%
Total net debt** (£m) 13,735 13,960 13,735 13,960
* Free cash flow and free cash flow conversion are defined on page 57. Free cash
flow is analysed on page 40.
** Net debt is analysed on page 40.
Q2 2025
Cash generated from operations for the quarter was £2,433 million (Q2 2024:
£1,650 million). The increase primarily reflected higher operating profit,
and a favourable timing impact from higher returns and rebates, including the
impact of the removal of the AMP cap in Q2 2024, as well as favourable working
capital movements driven primarily by lower inventory build.
Total contingent consideration cash payments in the quarter were
£333 million (Q2 2024: £317 million). £330 million (Q2 2024:
£313 million) of these were recognised in cash flows from operating
activities, including cash payments made to Shionogi & Co. Ltd (Shionogi)
of £319 million (Q2 2024: £305 million).
Free cash inflow was £1,126 million for the quarter (Q2 2024:
£328 million). The increase was primarily driven by higher cash generated
from operations and lower taxation payments, partly offset by higher capital
expenditure on intangible assets.
H1 2025
Cash generated from operating activities was £3,734 million (H1 2024: £2,776
million). The increase reflected higher Core operating profit and higher
returns and rebates, including the impact of the removal of the AMP cap in H1
2024, as well as favourable timing movements in payables and inventory build.
The increase was partly offset by an adverse movement in receivables driven by
higher Arexvy and Shingrix collections in Q1 2024.
Total contingent consideration cash payments in H1 2025 were £674 million
(H1 2024: £626 million). £668 million (H1 2024: £619 million) of these
were recognised in cash flows from operating activities, including cash
payments made to Shionogi & Co. Ltd (Shionogi) of £650 million (H1 2024:
£605 million).
Free cash inflow was £1,823 million for H1 2025 (H1 2024: £617 million). The
increase was driven by higher cash generated from operations, lower tax
payments, lower capital expenditure on property, plant and equipment, and
lower net interest cost, partly offset by higher capital expenditure on
intangible assets.
Total Net debt
At 30 June 2025, net debt was £13,735 million, compared with £13,095 million
at 31 December 2024, comprising gross debt of £17,354 million and cash and
liquid investments of £3,619 million. See net debt information on page 40.
Net debt increased by £640 million primarily due to the net acquisition costs
of IDRx, Inc. (IDRx) and Cellphenomics GmbH totalling £800 million, dividends
paid to shareholders of £1,268 million, and shares purchased as part of the
2025 share buyback programme of £808 million. This was partly offset by free
cash inflow of £1,823 million and exchange gain on net debt of £428 million.
At 30 June 2025, GSK had short-term borrowings (including overdrafts and lease
liabilities) repayable within 12 months of £2,050 million and £1,329 million
repayable in the subsequent year.
Contents
Page
Q2 2025 pipeline highlights 13
Responsible business 15
Total and Core results 17
Income statement 25
Statement of comprehensive income 26
Balance sheet 27
Statement of changes in equity 28
Cash flow statement 29
Sales tables 30
Segment information 33
Legal matters 35
Returns to shareholders 36
Additional information 37
R&D commentary 47
Principal risks and uncertainties 55
Reporting definitions 57
Guidance and outlooks, assumptions and cautionary statements 59
Directors' responsibility statement 61
Independent Auditor's review report to GSK plc 62
Glossary of terms 64
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 Simon Steel +44 (0) 7824 700619 (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)
Jeff McLaughlin +1 215 751 7002 (Philadelphia)
Frannie DeFranco +1 215 751 3126 (Philadelphia)
Registered in England & Wales:
No. 3888792
Registered Office:
79 New Oxford Street
London,
WC1A 1DG
Q2 2025 pipeline highlights (since 30 April 2025)
Medicine/vaccine Trial (indication, presentation) Event
Regulatory approvals or other regulatory actions Nucala MATINEE (chronic obstructive pulmonary disease) Regulatory approval (US)
Blenrep DREAMM-7/8 (2L+ multiple myeloma) Regulatory approval (EU, JP)
Blenrep DREAMM-7/8 (2L+ multiple myeloma) US FDA Advisory Committee vote. New PDUFA date of 23 October 2025
Shingrix Shingles, liquid formulation Regulatory approval (US)
Regulatory submissions or acceptances linerixibat GLISTEN (cholestatic pruritus in primary biliary cholangitis) Regulatory acceptance
(US, EU)
Arexvy RSV, adults aged 18 and above Regulatory acceptance
(EU)
Arexvy RSV, adults aged 18-49 at increased risk Regulatory acceptance (US, JP)
Phase III data readouts or other significant events depemokimab AGILE (severe asthma) Positive phase III data readout
belrestotug GALAXIES Lung-201 (1L non small cell lung cancer) Development ended
cobolimab COSTAR (non-small cell lung cancer) Phase III data readout
tebipenem pivoxil PIVOT-PO (complicated urinary tract infection) Positive phase III data readout
Anticipated pipeline milestones
Timing Medicine/vaccine Trial (indication, presentation) Event
H2 2025 camlipixant CALM-1 (refractory chronic cough) Phase III data readout*
depemokimab SWIFT-1/2 (severe asthma) Regulatory decision (US)
depemokimab ANCHOR-1/2 (chronic rhinosinusitis with nasal polyps) Regulatory decision (US)
depemokimab NIMBLE (severe asthma) Phase III data readout
latozinemab INFRONT-3 (frontotemporal dementia) Phase III data readout
linerixibat GLISTEN (cholestatic pruritus in primary biliary cholangitis) Regulatory submission (CN, JP)
Ventolin Low carbon MDI (asthma) Phase III data readout
Ventolin Low carbon MDI (asthma) Regulatory submission (EU)
Blenrep DREAMM-7/8 (2L+ multiple myeloma) Regulatory decision (US)
Blenrep DREAMM-8 (2L + multiple myeloma) Regulatory submission (CN)
Arexvy RSV, adults aged 60+ years Phase III readout (CN)
Arexvy RSV, adults aged 18+ immunocompromised Regulatory submission
(US, EU, JP)
Shingrix Shingles, adults aged 18+ years at increased risk Regulatory decision (CN)
Bexsero Meningococcal B (infants) Phase III data readout (US)
gepotidacin EAGLE-1 (urogenital gonorrhoea) Regulatory submission (US)
gepotidacin EAGLE-1 (urogenital gonorrhoea) Regulatory decision (US)
tebipenem pivoxil PIVOT-PO (complicated urinary tract infection) Regulatory submission (US)
*CALM-1 results will be disclosed together with CALM-2
Timing Medicine/vaccine Trial (indication, presentation) Event
H1 2026 depemokimab SWIFT-1/2 (severe asthma) Regulatory decision
(EU, CN, JP)
depemokimab ANCHOR-1/2 (chronic rhinosinusitis with nasal polyps) Regulatory decision
(EU, CN, JP)
linerixibat GLISTEN (cholestatic pruritus in primary biliary cholangitis) Regulatory decision
(US)
Nucala MATINEE (chronic obstructive pulmonary disease) Regulatory decision (EU, CN)
Blenrep DREAMM-7 (2L+ multiple myeloma) Regulatory decision (CN)
Arexvy RSV, adults aged 60+ years Regulatory submission (CN)
Arexvy RSV, adults aged 18-49 years at increased risk Regulatory decision
(US, JP)
Arexvy RSV, adults aged 18 and above Regulatory decision (EU)
bepirovirsen B-WELL 1/2 (hepatitis B virus) Phase III data readout
bepirovirsen B-WELL 1/2 (hepatitis B virus) Regulatory submission
(US, EU, CN, JP)
Bexsero Meningococcal B (infants) Regulatory submission (US)
H2 2026 camlipixant CALM-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
latozinemab INFRONT-3 (frontotemporal dementia) Regulatory submission (US, EU)
linerixibat GLISTEN (cholestatic pruritus in primary biliary cholangitis) Regulatory decision (EU, JP, CN)
Ventolin Low carbon MDI (asthma) Regulatory decision (EU)
Jemperli AZUR-1 (rectal cancer) Phase II (pivotal) data readout
cabotegravir Q4M PrEP (HIV) Phase II (pivotal) data readout
cabotegravir Q4M PrEP (HIV) Regulatory submission (US)
Arexvy RSV, adults aged 18-59 AIR Phase III readout (CN)
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 decision (US)
tebipenem pivoxil PIVOT-PO (complicated urinary tract infection) Regulatory decision (US)
Refer to pages 47 to 54 for further details on several key medicines and
vaccines in development by therapy area.
Trust: progress on our six priority areas for responsible business
Building Trust by operating responsibly is integral to GSK's strategy and
culture. This will support growth and returns to shareholders, reduce risk,
and help GSK's people thrive while delivering sustainable health impact at
scale. The Company has identified six Responsible Business focus areas that
address what is most material to GSK's business and the issues that matter the
most to its stakeholders. Highlights below include activity since Q1 2025
results. For more details on annual updates, please see GSK's Responsible
Business Performance Report 2024
(https://www.gsk.com/media/11863/responsible-business-performance-report-2024.pdf)
(1).
Access
Commitment: to make GSK's vaccines and medicines available at value-based
prices that are sustainable for the business and implement access strategies
that increase the use of GSK's vaccines and medicines to treat and protect
underserved people.
Progress since Q1 2025:
• In July, ViiV Healthcare extended a voluntary licensing agreement with
Medicines Patent Pool to enable access to its innovative long-acting
injectable HIV treatment. This agreement allows manufacturers to develop,
manufacture and supply generic long-acting injectable cabotegravir (CAB LA)
for treatment in 133 countries and builds on the voluntary licence for CAB LA
for HIV pre-exposure prophylaxis (PrEP), enabling increased access to
innovative long-acting injectables for HIV treatment. More information can be
found here
(https://viivhealthcare.com/hiv-news-and-media/news/press-releases/2025/july/long-acting-injectable-hiv-treatment/)
(2).
• Working in partnership with Bharat Biotech, GSK has made significant
investments to make process improvements, expand production capacity and
deliver cost effective manufacturing for the world's first malaria vaccine,
RTS,S. These enhancements, which have enabled a phased reduction in the price
of the malaria vaccine for more than 50% for children in endemic countries,
will be fully realised by 2028 when the transfer of production between the two
companies is complete. More information can be found here
(https://www.gsk.com/en-gb/media/press-releases/price-of-world-s-first-malaria-vaccine-rts-s-for-children-in-endemic-countries-to-be-reduced/)
(3).
• In June, GSK reaffirmed its support for Gavi, the Vaccine Alliance, with two
major vaccine commitments, together contributing up to €100m to the Gavi
replenishment. First, a reduction in unit costs and increased production
capacity of the RTS,S malaria vaccine, supporting Gavi's efforts to reach 50
million more children with malaria intervention by 2030. Second, a commitment
to a 17% price reduction for the new rotavirus vaccine presentation, which
will help save up to €80m for Gavi and implementing countries, assuming
constant demand and price over the period up to 2030, and will help countries
reduce their cold chain footprint by 30%, creating additional indirect cost
savings. More information can be found here(4).
• Performance metrics related to access are updated annually with related
details in GSK's Responsible Business Performance Report 2024
(https://www.gsk.com/media/11863/responsible-business-performance-report-2024.pdf)
(1) on page 11.
Global health and health security
Commitment: develop novel products and technologies to treat and prevent
priority diseases, including pandemic threats.
Progress since Q1 2025:
• The phase III clinical trial of M72/AS01E, a tuberculosis (TB) vaccine
candidate originally developed by GSK and sponsored by Gates Medical Research
Institute with funding support from the Gates Foundation and Wellcome, has
completed full enrollment of 20,000 participants, 11 months ahead of schedule.
The trial is taking place at 54 sites across sites in South Africa, Kenya,
Malawi, Zambia, and Indonesia. If proven effective, M72 could potentially
become the first new tuberculosis vaccine that meets the World Health
Organization's target product profile for over 100 years. More information can
be found here
(https://www.gatesfoundation.org/ideas/media-center/press-releases/2023/06/funding-commitment-m72-tb-vaccine-candidate)
(5).
• In May, GSK announced a programme to develop a second generation malaria
vaccine designed to help improve protection for children against the deadliest
form of malaria, P. falciparum. This work will build on the success of
first-generation vaccines by working at a different stage of the life cycle of
the malaria parasite. More information can be found here
(https://www.gsk.com/en-gb/behind-the-science-magazine/second-generation-malaria-vaccine)
(6).
• In May, Nature published groundbreaking research on Delftia, a naturally
occurring bacterium first identified by GSK scientists in 2023. Initially
recognised for its potential to disrupt malaria transmission by mosquitoes,
this new collaborative study with the National Institutes of Health has
revealed that Delftia may also inhibit the transmission of Leishmania
parasites by sand flies. The discovery represents a significant advancement in
vector control science and offers promising new avenues for combatting
leishmaniasis. More information can be found here
(https://www.nature.com/articles/s41467-025-58769-4) (7).
• In June, GSK announced the licensing of its Shigella vaccine candidate,
developed by scientists in GSK's Global Health team, to Bharat Biotech. The
agreement paves the way for the ongoing development and potential distribution
of the vaccine in low-and-middle-income countries where Shigella, the leading
bacterial cause of diarrhoea, poses a significant health threat to children
under five. More information can be found here
(https://www.gsk.com/en-gb/media/press-releases/gsk-licenses-shigella-vaccine-candidate-to-bharat-biotech-for-continued-development)
(8).
• Performance metrics related to global health and health security are updated
annually with related details in GSK's Responsible Business Performance Report
2024
(https://www.gsk.com/media/11863/responsible-business-performance-report-2024.pdf)
(1) on page 16.
Environment
Commitment: committed to a net zero, nature-positive, healthier planet with
ambitious goals set for 2030 and 2045.
Progress since Q1 2025:
• GSK ranked second and was recognised as an "industry pioneer" in a scorecard
developed by Revive and Restore, the Horseshoe Crab Recovery Coalition, and
the Center for Biological Diversity looking at companies championing synthetic
alternatives to horseshoe crab blood. The use of horseshoe crab blood is
currently required by some regulators to be used in pharmaceutical quality
control processes to ensure the quality and safety of medicines and vaccines.
More information can be found here
(https://reviverestore.org/sustainability-scorecard/) (9).
• Following the recent partnership with WWF, GSK was announced as an initial
signatory of the Freshwater Challenge Business Supporter Programme. The
Programme for the world's largest freshwater restoration and protection
initiative was launched during London Climate Action Week at an event
supported by GSK to encourage more businesses to take action on freshwater.
More information can be found here
(https://www.freshwaterchallenge.org/joining) (10).
• Performance metrics related to environment are updated annually with related
details in GSK's Responsible Business Performance Report 2024
(https://www.gsk.com/media/11863/responsible-business-performance-report-2024.pdf)
(1) on page 19.
Inclusion
Commitment: meet patients' needs with research that includes those impacted by
the disease under study, attract and retain the best talent regardless of
background, and support all GSK people to thrive.
• Performance metrics related to inclusion are updated annually with related
details in GSK's Responsible Business Performance Report 2024
(https://www.gsk.com/media/11863/responsible-business-performance-report-2024.pdf)
(1) on page 27.
Ethical standards
Commitment: promote ethical behaviour across GSK's business by supporting its
employees to do the right thing and working with suppliers that share GSK's
standards and operate responsibly.
• Performance metrics related to ethical standards are updated annually with
related details in GSK's Responsible Business Performance Report 2024
(https://www.gsk.com/media/11863/responsible-business-performance-report-2024.pdf)
(1) on page 29.
Product governance
Commitment: maintain robust quality and safety processes and responsibly use
data and new technologies.
• Performance metrics related to product governance are updated annually with
related details in GSK's Responsible Business Performance Report 2024
(https://www.gsk.com/media/11863/responsible-business-performance-report-2024.pdf)
((
(https://www.gsk.com/media/11863/responsible-business-performance-report-2024.pdf)
)1) on page 34.
Responsible Business rating performance
Detailed below is how GSK performs in key Responsible Business ratings(11).
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
Antimicrobial resistance benchmark 84% 86% Led the benchmark since its inception in 2018; Current ranking updated
November 2021
CDP Climate Change A A- Updated annually, current scores updated February 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 14.8 15.0 1st percentile in pharma subindustry group; lower score represents lower risk.
Current score as at July 2025
MSCI AA AA Last rating action date: September 2023
ISS Corporate Rating B+ B+ Current score updated October 2024
FTSE4Good Member Member Member since 2004, latest review in June 2024
ShareAction's Workforce Disclosure Initiative 79% 77% Current score updated January 2024
Footnotes:
(1)
https://www.gsk.com/media/11863/responsible-business-performance-report-2024.pdf
(https://www.gsk.com/media/11863/responsible-business-performance-report-2024.pdf)
(2)
https://viivhealthcare.com/hiv-news-and-media/news/press-releases/2025/july/long-acting-injectable-hiv-treatment
(https://viivhealthcare.com/hiv-news-and-media/news/press-releases/2025/july/long-acting-injectable-hiv-treatment)
(3)
https://www.gsk.com/en-gb/media/press-releases/price-of-world-s-first-malaria-vaccine-rts-s-for-children-in-endemic-countries-to-be-reduced
(https://www.gsk.com/en-gb/media/press-releases/price-of-world-s-first-malaria-vaccine-rts-s-for-children-in-endemic-countries-to-be-reduced/)
(4)
https://www.gavi.org/news/media-room/world-leaders-recommit-immunisation-amid-global-funding-shortfall
(https://www.gavi.org/news/media-room/world-leaders-recommit-immunisation-amid-global-funding-shortfall)
(5)
https://www.gatesfoundation.org/ideas/media-center/press-releases/2023/06/funding-commitment-m72-tb-vaccine-candidate
(https://www.gatesfoundation.org/ideas/media-center/press-releases/2023/06/funding-commitment-m72-tb-vaccine-candidate)
(6)
https://www.gsk.com/en-gb/behind-the-science-magazine/second-generation-malaria-vaccine
(https://www.gsk.com/en-gb/behind-the-science-magazine/second-generation-malaria-vaccine)
(7) https://www.nature.com/articles/s41467-025-58769-4
(https://www.nature.com/articles/s41467-025-58769-4)
(8)
https://www.gsk.com/en-gb/media/press-releases/gsk-licenses-shigella-vaccine-candidate-to-bharat-biotech-for-continued-development
(https://www.gsk.com/en-gb/media/press-releases/gsk-licenses-shigella-vaccine-candidate-to-bharat-biotech-for-continued-development)
(9) https://reviverestore.org/sustainability-scorecard
(https://reviverestore.org/sustainability-scorecard)
(10) https://www.freshwaterchallenge.org/joining
(https://www.freshwaterchallenge.org/joining)
(11) GSK's Responsible Business ratings are regularly reviewed to ensure the
external benchmarks listed remain high quality, appropriate and relevant to
investors. The outcome of these reviews may lead to changes in the table
above - last updated July 2025.
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 57 and 58.
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)
• impairment of intangible assets (excluding computer software) and goodwill
• major restructuring costs, which include impairments of tangible assets and
computer software, (under specific Board approved programmes that are
structural, of a significant scale and where the costs of individual or
related projects exceed £25 million), including integration costs following
material acquisitions
• 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
Costs for all other ordinary course smaller scale restructuring and legal
charges and expenses from operations are retained within both Total and Core
results.
As Core results include the benefits of Major restructuring programmes but
exclude significant costs (such as Significant legal, major restructuring 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 19 and 22.
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.
Earnings are allocated to the three shareholders of ViiV Healthcare on the
basis of their respective equity shareholdings (GSK 78.3%, Pfizer 11.7% and
Shionogi 10%) and their entitlement to preferential dividends, which are
determined by the performance of certain products that each shareholder
contributed. 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 85% of the Total earnings and 83% of the Core earnings of ViiV
Healthcare for 2024.
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 six
months ended 30 June 2025 were £650 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 89 and 90 of the Annual Report 2024.
The reconciliations between Total results and Core results for Q2 2025 and Q2
2024 are set out below.
Three months ended 30 June 2025
Total Intangible Intangible Major Trans- Significant Core
results amort- impair- restruct- action- legal, Divest- results
£m isation ment uring related ments and £m
£m £m £m £m other
items
£m
Turnover 7,986 7,986
Cost of sales (2,165) 173 6 (1,986)
Gross profit 5,821 173 6 6,000
Selling, general and administration (2,140) 8 1 38 (2,093)
Research and development (2,024) 21 476 4 1 (1,522)
Royalty income 246 246
Other operating income/(expense) 120 1 (89) (32) -
Operating profit 2,023 194 476 13 (88) 13 2,631
Net finance expense (134) 9 (125)
Share of after tax profit/(loss) of associates and joint ventures (2) (2)
Profit before taxation 1,887 194 476 13 (88) 22 2,504
Taxation (241) (54) (119) (3) (28) 6 (439)
Tax rate % 12.8% 17.5%
Profit after taxation 1,646 140 357 10 (116) 28 2,065
Profit attributable to non-controlling interests 203 (28) 175
Profit/(loss) attributable to shareholders 1,443 140 357 10 (88) 28 1,890
1,646 140 357 10 (116) 28 2,065
Earnings per share 35.5p 3.4p 8.8p 0.3p (2.2p) 0.7p 46.5p
Weighted average number of shares (millions) 4,063 4,063
Three months ended 30 June 2024
Total Intangible Intangible Major Trans- Significant Core
results amort- impair- restruct- action- legal, Divest- results
£m isation ment uring related ments and £m
£m £m £m £m other
items
£m
Turnover 7,884 7,884
Cost of sales (2,122) 180 41 19 5 (1,877)
Gross profit 5,762 180 41 19 5 6,007
Selling, general and administration (2,465) 75 1 166 (2,223)
Research and development (1,477) 13 47 2 (1,415)
Royalty income 144 144
Other operating income/(expense) (318) 6 378 (66) -
Operating profit 1,646 193 47 124 398 105 2,513
Net finance expense (150) 2 (148)
Share of after tax profit/(loss) of associates and joint ventures (1) (1)
Profit before taxation 1,495 193 47 124 398 107 2,364
Taxation (191) (43) (11) (34) (121) (23) (423)
Tax rate % 12.8% 17.9%
Profit after taxation 1,304 150 36 90 277 84 1,941
Profit attributable to non-controlling interests 131 39 170
Profit attributable to shareholders 1,173 150 36 90 238 84 1,771
1,304 150 36 90 277 84 1,941
Earnings per share 28.8p 3.7p 0.9p 2.2p 5.8p 2.0p 43.4p
Weighted average number of shares (millions) 4,079 4,079
Adjusting items Q2 2025
Major restructuring and integration
Charges of £13 million (Q2 2024: £124 million) were incurred in Q2 2025
relating to ongoing projects categorised as Major restructuring programmes,
analysed as follows:
Q2 2025 Q2 2024
Cash Non- Total Cash Non- Total
£m cash £m £m cash £m
£m £m
Separation restructuring programme 2 3 5 99 8 107
Significant acquisitions 7 - 7 16 1 17
Legacy programmes 1 - 1 - - -
10 3 13 115 9 124
The Separation restructuring programme incurred cash charges of £2 million
primarily from restructuring of some commercial and administrative functions.
The non-cash charges of £3 million primarily reflected the write down of
assets in manufacturing locations. The programme focused on the separation of
GSK into two separate companies is now largely complete.
Costs of significant acquisitions relate to integration costs of Affinivax
Inc. (Affinivax) which was acquired in Q3 2022, BELLUS Health Inc. acquired in
Q2 2023, Aiolos Bio, Inc. (Aiolos) acquired in Q1 2024 and IDRx acquired in Q1
2025.
Transaction-related adjustments
Transaction-related adjustments resulted in a net credit of £88 million (Q2
2024: £398 million net charge), the majority of which related to
charges/(credits) for the remeasurement of contingent consideration
liabilities, the liabilities for the Pfizer put option, and Pfizer and
Shionogi preferential dividends in ViiV Healthcare.
Charge/(credit) Q2 2025 Q2 2024
£m £m
Contingent consideration on former Shionogi-ViiV Healthcare joint Venture (127) 228
(including Shionogi preferential dividends)
ViiV Healthcare put options and Pfizer preferential dividends (29) 4
Contingent consideration on former Novartis Vaccines business 57 132
Contingent consideration on acquisition of Affinivax 7 11
Other contingent consideration 3 -
Other adjustments 1 23
Total transaction-related (credits)/charges (88) 398
The £127 million credit relating to the contingent consideration for the
former Shionogi-ViiV Healthcare joint venture represented a decrease in the
valuation of the contingent consideration due to Shionogi driven by updated
exchange rates and net other remeasurements of £226 million partly offset by
the unwind of the discount for £99 million. The £228 million charge in Q2
2024 primarily reflected updated sales forecasts due to improved longer term
HIV prospects, as well as the unwind of the discount. The £29 million credit
relating to the ViiV Healthcare put option and Pfizer preferential dividends
represented a decrease in the valuation of the put option primarily as a
result of updated exchange rates. An explanation of the accounting for the
non-controlling interests in ViiV Healthcare is set out on page 18.
There was a £57 million charge in the quarter relating to the contingent
consideration on the former Novartis Vaccines business primarily related to
changes to future sales forecasts, updated exchange rates and the unwind of
the discount.
The £7 million charge relating to the contingent consideration on the
acquisition of Affinivax primarily related to the unwind of the discount.
Significant legal charges, Divestments, and other items
Legal charges provide for all significant legal matters and are not broken out
separately by litigation or investigation.
Divestments and other items included other net income, including fair value
movements on equity investments.
The reconciliations between Total results and Core results for H1 2025 and H1
2024 are set out below.
Six months ended 30 June 2025
Total Intangible Intangible Major Trans- Significant Core
results amort- impair- restruct- action- legal, Divest- results
£m isation ment uring related ments and £m
£m £m £m £m other
items
£m
Turnover 15,502 15,502
Cost of sales (4,102) 371 11 8 (3,712)
Gross profit 11,400 371 11 8 11,790
Selling, general and administration (4,210) 16 9 32 (4,153)
Research and development (3,486) 42 540 5 (2,899)
Royalty income 426 426
Other operating income/(expense) 109 1 (87) (23) -
Operating profit 4,239 413 540 33 (78) 17 5,164
Net finance expense (242) 16 (226)
Share of after tax profit/(loss) of associates and joint venture (2) (2)
Profit before taxation 3,995 413 540 33 (78) 33 4,936
Taxation (577) (105) (135) (8) (58) 10 (873)
Tax rate % 14.4% 17.7%
Profit after taxation 3,418 308 405 25 (136) 43 4,063
Profit attributable to non-controlling interests 351 (14) 337
Profit/(loss) attributable to shareholders 3,067 308 405 25 (122) 43 3,726
3,418 308 405 25 (136) 43 4,063
Earnings per share 75.3p 7.6p 9.9p 0.6p (3.0p) 1.0p 91.4p
Weighted average number of shares (millions) 4,076 4,076
Six months ended 30 June 2024
Total Intangible Intangible Major Trans- Significant Core
results amort- impair- restruct- action- legal, results
£m isation ment uring related Divest- £m
£m £m £m £m ments and
other
items
£m
Turnover 15,247 15,247
Cost of sales (4,092) 362 74 38 8 (3,610)
Gross profit 11,155 362 74 38 8 11,637
Selling, general and administration (4,552) 92 1 257 (4,202)
Research and development (2,911) 27 101 9 (2,774)
Royalty income 295 295
Other operating income/(expense) (851) 6 1,063 (218) -
Operating profit 3,136 389 101 181 1,102 47 4,956
Net finance expense (284) 4 (280)
Share of after tax profit/(loss) of associates and joint ventures (2) (2)
Profit before taxation 2,850 389 101 181 1,102 51 4,674
Taxation (465) (84) (25) (47) (197) (9) (827)
Tax rate % 16.3% 17.7%
Profit after taxation 2,385 305 76 134 905 42 3,847
Profit attributable to non-controlling interests 166 158 324
Profit/(loss) attributable to shareholders 2,219 305 76 134 747 42 3,523
2,385 305 76 134 905 42 3,847
Earnings per share 54.5p 7.5p 1.9p 3.3p 18.3p 1.0p 86.5p
Weighted average number of shares (millions) 4,074 4,074
Adjusting items H1 2025
Major restructuring and integration
Charges of £33 million (H1 2024: £181 million) were incurred in H1 2025
relating to ongoing projects categorised as Major restructuring programmes,
analysed as follows:
H1 2025 H1 2024
Cash Non- Total Cash Non- Total
£m cash £m £m cash £m
£m £m
Separation restructuring programme 8 15 23 127 16 143
Significant acquisitions 8 - 8 35 1 36
Legacy programmes 2 - 2 2 - 2
18 15 33 164 17 181
The Separation restructuring programme incurred cash charges of £8 million
primarily from the restructuring of some commercial and administrative
functions. The non-cash charges of £15 million primarily reflected the
write-down of assets in manufacturing locations.
The programme focussed on the separation of GSK into two separate companies
and is now largely complete. The programme has delivered its target of £1.1
billion of annual savings, with total costs still expected at £2.4 billion,
with cash charges of £1.7 billion and non-cash charges of £0.7 billion.
Costs of significant acquisitions relate to integration costs of Affinivax
Inc. (Affinivax) which were acquired in Q3 2022, BELLUS Health Inc. (Bellus)
acquired in Q2 2023, Aiolos acquired in Q1 2024 and IDRx acquired in Q1 2025.
Cash charges of £2 million under Legacy programmes primarily arose from the
divestment of the cephalosporins business.
Transaction-related adjustments
Transaction-related adjustments resulted in a net credit of £78 million (H1
2024: £1,102 million net charge), the majority of which related to
charges/(credits) for the remeasurement of contingent consideration
liabilities, the liabilities for the Pfizer put option, and Pfizer and
Shionogi preferential dividends in ViiV Healthcare.
Charge/(credit) H1 2025 H1 2024
£m £m
Contingent consideration on former Shionogi-ViiV Healthcare joint Venture (88) 814
(including Shionogi preferential dividends)
ViiV Healthcare put options and Pfizer preferential dividends (89) 70
Contingent consideration on former Novartis Vaccines business 109 160
Contingent consideration on acquisition of Affinivax (26) 16
Other contingent consideration 7 -
Other adjustments 9 42
Total transaction-related charges (78) 1,102
The £88 million credit relating to the contingent consideration for the
former Shionogi-ViiV Healthcare joint venture represented a decrease in the
valuation of the contingent consideration due to Shionogi, driven by updated
exchange rates and net other remeasurements of £301 million, partly offset by
the unwind of the discount for £213 million. The £89 million credit relating
to the ViiV Healthcare put option and Pfizer preferential dividends
represented an decrease in the valuation of the put option primarily as a
result of updated exchange rates and sales forecasts. The ViiV Healthcare
contingent consideration liability is fair valued under IFRS. An explanation
of the accounting for the non-controlling interests in ViiV Healthcare is set
out on page 18.
The £109 million charge relating to the contingent consideration on the
former Novartis Vaccines business primarily related to changes to future sales
forecasts and updated exchange rates.
The £26 million credit relating to the contingent consideration on the
acquisition of Affinivax primarily related to updated milestone payment dates
partly offset by the unwind of the discount.
Significant legal charges, Divestments, and other items
Legal charges provide for all significant legal matters and are not broken out
separately by litigation or investigation.
Divestments and other items included other net income, including fair value
movements on equity investments.
Financial information
Income statement
Q2 2025 Q2 2024 H1 2025 H1 2024
£m £m £m £m
TURNOVER 7,986 7,884 15,502 15,247
Cost of sales (2,165) (2,122) (4,102) (4,092)
Gross profit 5,821 5,762 11,400 11,155
Selling, general and administration (2,140) (2,465) (4,210) (4,552)
Research and development (2,024) (1,477) (3,486) (2,911)
Royalty income 246 144 426 295
Other operating income/(expense) 120 (318) 109 (851)
OPERATING PROFIT 2,023 1,646 4,239 3,136
Finance income 50 24 104 56
Finance expense (184) (174) (346) (340)
Share of after tax profit/(loss) of associates and joint ventures (2) (1) (2) (2)
PROFIT BEFORE TAXATION 1,887 1,495 3,995 2,850
Taxation (241) (191) (577) (465)
Tax rate % 12.8% 12.8% 14.4% 16.3%
PROFIT AFTER TAXATION 1,646 1,304 3,418 2,385
Profit attributable to non-controlling interests 203 131 351 166
Profit attributable to shareholders 1,443 1,173 3,067 2,219
1,646 1,304 3,418 2,385
EARNINGS PER SHARE 35.5p 28.8p 75.3p 54.5p
Diluted earnings per share 35.1p 28.5p 74.4p 53.9p
Statement of comprehensive income
Q2 2025 Q2 2024 H1 2025 H1 2024
£m £m £m £m
Total profit for the period 1,646 1,304 3,418 2,385
Items that may be reclassified subsequently to income statement:
Exchange movements on overseas net assets and net investment hedges 129 (21) 267 (211)
Reclassification of exchange movements on liquidation or disposal of overseas (7) 1 (8) 1
subsidiaries and associates
Fair value movements on cash flow hedges (52) - (56) -
Cost of hedging 5 - 9 -
Reclassification of cash flow hedges to income statement 53 - 48 2
128 (20) 260 (208)
Items that will not be reclassified to income statement:
Exchange movements on overseas net assets of non-controlling interests (15) 4 (23) 7
Fair value movements on equity investments 87 (159) (34) (81)
Tax on fair value movements on equity investments (11) 18 (4) 3
Fair value movements on cash flow hedges - (2) - (1)
Remeasurement gains/(losses) on defined benefit plans 18 135 74 181
Tax on remeasurement losses/(gains) on defined benefit plans (2) (32) (16) (42)
77 (36) (3) 67
Other comprehensive income/(expense) for the period 205 (56) 257 (141)
Total comprehensive income for the period 1,851 1,248 3,675 2,244
Total comprehensive income for the period attributable to:
Shareholders 1,663 1,113 3,347 2,071
Non-controlling interests 188 135 328 173
1,851 1,248 3,675 2,244
Balance sheet
30 June 2025 31 December 2024
£m £m
ASSETS
Non-current assets
Property, plant and equipment 9,118 9,227
Right of use assets 800 846
Goodwill 6,734 6,982
Other intangible assets 15,376 15,515
Investments in associates and joint ventures 88 96
Other investments 889 1,100
Deferred tax assets 6,581 6,757
Derivative instruments - 1
Other non-current assets 1,999 1,942
Total non-current assets 41,585 42,466
Current assets
Inventories 6,072 5,669
Current tax recoverable 376 489
Trade and other receivables 7,321 6,836
Derivative financial instruments 200 109
Liquid investments 20 21
Cash and cash equivalents 3,599 3,870
Assets held for sale 85 3
Total current assets 17,673 16,997
TOTAL ASSETS 59,258 59,463
LIABILITIES
Current liabilities
Short-term borrowings (2,050) (2,349)
Contingent consideration liabilities (1,134) (1,172)
Trade and other payables (14,820) (15,335)
Derivative financial instruments (100) (192)
Current tax payable (581) (703)
Short-term provisions (1,693) (1,946)
Total current liabilities (20,378) (21,697)
Non-current liabilities
Long-term borrowings (15,304) (14,637)
Corporation tax payable (1) -
Deferred tax liabilities (384) (382)
Pensions and other post-employment benefits (1,752) (1,864)
Derivative financial instruments (68) -
Other provisions (575) (589)
Contingent consideration liabilities (5,442) (6,108)
Other non-current liabilities (1,000) (1,100)
Total non-current liabilities (24,526) (24,680)
TOTAL LIABILITIES (44,904) (46,377)
NET ASSETS 14,354 13,086
EQUITY
Share capital 1,349 1,348
Share premium account 3,486 3,473
Retained earnings 8,797 7,796
Other reserves 1,159 1,054
Shareholders' equity 14,791 13,671
Non-controlling interests (437) (585)
TOTAL EQUITY 14,354 13,086
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 2025 1,348 3,473 7,796 1,054 13,671 (585) 13,086
Profit for the period 3,067 3,067 351 3,418
Other comprehensive income /(expense) for the period 300 (20) 280 (23) 257
Total comprehensive income/(expense) for the period 3,367 (20) 3,347 328 3,675
Distributions to non-controlling interests (180) (180)
Dividends to shareholders (1,268) (1,268) (1,268)
Realised after tax losses on disposal or liquidation of equity investments 3 (3) -
Share of associates and joint ventures realised profit/(loss) on disposal of (1) 1 -
equity investments
Shares issued 1 13 14 14
Share buyback programme:
Purchase of treasury shares (1) (1,155) (1,155) (1,155)
Write-down on shares held by ESOP Trusts (127) 127 -
Shares acquired by ESOP Trusts -
Share-based incentive plans 182 182 182
At 30 June 2025 1,349 3,486 8,797 1,159 14,791 (437) 14,354
(1) Includes shares committed to repurchase under irrevocable contracts and
repurchases subject to settlement at the end of the period.
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 2024 1,348 3,451 7,239 1,309 13,347 (552) 12,795
Profit for the period 2,219 2,219 166 2,385
Other comprehensive income /(expense) for the period (69) (79) (148) 7 (141)
Total comprehensive income/(expense) for the period 2,150 (79) 2,071 173 2,244
Distributions to non-controlling interests (219) (219)
Dividends to shareholders (1,220) (1,220) (1,220)
Realised after tax losses on disposal or liquidation of equity investments (46) 46 -
Share of associates and joint ventures realised profit/(loss) on disposal of 52 (52) -
equity investments
Shares issued 19 19 19
Write-down of shares held by ESOP Trusts (204) 204 -
Shares acquired by ESOP Trusts 2 457 (459) -
Share-based incentive plans 155 155 155
Contributions from non-controlling interests 1 1
Changes to non-controlling interest (5) (5)
At 30 June 2024 1,348 3,472 8,583 969 14,372 (602) 13,770
Cash flow statement six months ended 30 June 2025
H1 2025 H1 2024
£m £m
Profit after tax 3,418 2,385
Tax on profits 577 465
Share of after tax loss/(profit) of associates and joint ventures 2 2
Net finance expense 242 284
Depreciation, amortisation and other adjusting items 1,982 1,188
(Increase)/decrease in working capital (1,253) (955)
Contingent consideration paid (668) (619)
Increase/(decrease) in other net liabilities (excluding contingent (566) 26
consideration paid)
Cash generated from operations 3,734 2,776
Taxation paid (493) (705)
Total net cash inflow/(outflow) from operating activities 3,241 2,071
Cash flow from investing activities
Purchase of property, plant and equipment (464) (550)
Proceeds from sale of property, plant and equipment 6 3
Purchase of intangible assets (617) (455)
Proceeds from sale of intangible assets 76 28
Purchase of equity investments (45) (47)
Proceeds from sale of equity investments 18 2,296
Purchase of businesses, net of cash acquired (800) (748)
Investment in joint ventures and associates - (3)
Contingent consideration paid (6) (7)
Disposal of businesses (29) (10)
Interest received 92 61
(Increase)/decrease in liquid investments - 22
Dividends from joint ventures and associates - 15
Dividend and distributions from investments - 16
Total net cash inflow/(outflow) from investing activities (1,769) 621
Cash flow from financing activities
Issue of share capital 14 19
Repayment of long-term loans (1,409) (788)
Issue of long-term notes 1,983 -
Net increase/(decrease) in short-term loans 637 (74)
Increase in other short-term loans 102 -
Repayment of other short-term loans (269) -
Repayment of lease liabilities (110) (114)
Interest paid (325) (342)
Dividends paid to shareholders (1,268) (1,220)
Purchase of treasury shares (808) -
Distribution to non-controlling interests (180) (207)
Contributions from non-controlling interests - 1
Other financing items 119 81
Total net cash inflow/(outflow) from financing activities (1,514) (2,644)
Increase/(decrease) in cash and bank overdrafts in the period (42) 48
Cash and bank overdrafts at beginning of the period 3,403 2,858
Exchange adjustments (37) (27)
Increase/(decrease) in cash and bank overdrafts in the period (42) 48
Cash and bank overdrafts at end of the period 3,324 2,879
Cash and bank overdrafts at end of period comprise:
Cash and cash equivalents 3,599 2,962
Overdrafts (275) (83)
3,324 2,879
Sales tables
Specialty Medicines turnover - three months ended 30 June 2025
Total US Europe International
Growth Growth Growth Growth
£m AER% CER% £m AER% CER% £m AER% CER% £m AER% CER%
HIV 1,880 7 12 1,288 8 14 380 (1) - 212 15 20
Dolutegravir products 1,386 - 4 868 (1) 4 325 (4) (3) 193 13 17
Tivicay 333 5 8 196 2 7 58 (12) (11) 79 34 36
Triumeq 240 (31) (27) 175 (27) (23) 38 (38) (38) 27 (39) (34)
Juluca 158 (10) (6) 127 (10) (4) 28 (12) (12) 3 - -
Dovato 655 19 23 370 21 27 201 12 13 84 29 35
Cabenuva 341 39 46 282 38 46 50 39 36 9 80 >100
Apretude 101 40 50 101 46 54 - 50 45 - >(100) (33)
Rukobia 44 16 21 38 6 11 2 - 50 4 >100 >100
Other 8 (27) (27) (1) >(100) - 3 (40) (60) 6 20 -
Respiratory, Immunology & Inflammation 963 6 10 635 - 5 154 12 12 174 28 34
Nucala 498 3 7 263 (8) (3) 127 13 14 108 30 35
Benlysta 451 8 13 372 6 12 32 7 7 47 24 32
Other 14 29 29 - - - (5) (21) (46) 19 27 33
Oncology 484 36 42 336 34 41 115 34 35 33 74 84
Jemperli 196 81 91 148 68 77 36 >100 >100 12 >100 >100
Zejula 151 (8) (5) 81 (8) (3) 57 (7) (5) 13 (19) (12)
Blenrep 4 >100 >100 - - - 4 >100 >100 - - -
Ojjaara/Omjjara 138 62 69 106 38 47 24 >100 >100 8 >100 >100
Other (5) >(100) >(100) 1 >100 100 (6) >(100) >(100) - >(100) >(100)
Specialty Medicines 3,327 10 15 2,259 9 15 649 7 8 419 24 29
Specialty Medicines turnover - six months ended 30 June 2025
Total US Europe International
Growth Growth Growth Growth
£m £% CER% £m £% CER% £m £% CER% £m £% CER%
HIV 3,594 7 10 2,421 9 12 753 1 3 420 4 9
Dolutegravir products 2,674 (1) 2 1,641 (1) 2 648 (2) (1) 385 2 6
Tivicay 647 (4) (1) 370 (2) - 116 (11) (9) 161 (1) 1
Triumeq 486 (26) (24) 343 (24) (22) 83 (31) (30) 60 (29) (23)
Juluca 316 (5) (3) 251 (5) (2) 59 (8) (6) 6 - -
Dovato 1,225 18 21 677 21 24 390 12 14 158 25 30
Cabenuva 635 39 42 522 39 43 96 35 37 17 42 58
Apretude 190 51 56 188 53 57 - - - 2 (33) -
Rukobia 82 15 18 70 4 7 5 25 25 7 >100 >100
Other 13 (35) (25) - (100) (75) 4 (50) (37) 9 12 13
Respiratory, Immunology & Inflammation 1,767 14 18 1,132 12 15 304 13 14 331 26 32
Nucala 942 10 13 476 2 5 252 14 16 214 27 33
Benlysta 810 19 23 656 20 23 63 11 12 91 25 32
Other 15 17 17 - - - (11) (36) (48) 26 24 29
Oncology 899 43 47 628 44 48 211 31 33 60 94 >100
Jemperli 370 97 >100 285 86 92 63 >100 >100 22 >100 >100
Zejula 282 (8) (5) 143 (11) (9) 113 (5) (3) 26 (4) 11
Blenrep 4 >100 >100 - 100 100 4 >100 >100 - - -
Ojjaara/Omjjara 250 82 87 200 57 62 38 >100 >100 12 >100 >100
Other (7) - - - - - (7) >(100) >(100) - >(100) >(100)
Specialty Medicines 6,260 13 16 4,181 14 17 1,268 8 10 811 17 22
Vaccines turnover - three months ended 30 June 2025
Total US Europe International
Growth Growth Growth Growth
£m AER% CER% £m AER% CER% £m AER% CER% £m AER% CER%
Shingles 853 3 6 241 (20) (14) 359 47 48 253 (12) (8)
Shingrix 853 3 6 241 (20) (14) 359 47 48 253 (12) (8)
Meningitis 379 17 22 144 1 6 157 35 36 78 22 33
Bexsero 282 22 26 78 (8) (4) 155 37 38 49 44 62
Menveo 92 10 15 66 14 21 2 - - 24 - 4
Other 5 (29) (29) - - - - (100) >(100) 5 (17) (17)
RSV 66 6 13 35 (37) (32) 18 >100 >100 13 >100 >100
Arexvy 66 6 13 35 (37) (32) 18 >100 >100 13 >100 >100
Influenza 6 (14) - - 100 100 - >100 >100 6 (33) (22)
Fluarix, FluLaval 6 (14) - - 100 100 - >100 >100 6 (33) (22)
Established Vaccines 787 2 6 296 11 18 171 (4) (4) 320 (3) 1
Boostrix 171 (7) (2) 102 (8) (4) 39 8 8 30 (17) (8)
Cervarix 15 (6) (6) - - - 4 33 33 11 (15) (15)
Hepatitis 154 (6) (1) 77 (16) (12) 50 9 7 27 8 28
Infanrix, Pediarix 125 33 39 68 >100 >100 27 (7) (7) 30 (27) (22)
Priorix, Priorix Tetra, 85 8 13 10 25 37 29 (9) (6) 46 18 23
Varilrix
Rotarix 133 7 12 29 4 11 27 (10) (7) 77 17 21
Synflorix 57 (8) (6) - - - 1 - - 56 (8) (7)
Other 47 (13) (13) 10 >100 >100 (6) >(100) >(100) 43 (14) (16)
Vaccines 2,091 5 9 716 (6) - 705 31 32 670 (4) 1
Vaccines turnover - six months ended 30 June 2025
Total US Europe International
Growth Growth Growth Growth
£m £% CER% £m £% CER% £m £% CER% £m £% CER%
Shingles 1,720 (3) (1) 613 (20) (18) 650 37 40 457 (14) (11)
Shingrix 1,720 (3) (1) 613 (20) (18) 650 37 40 457 (14) (11)
Meningitis 729 17 21 266 1 3 295 36 38 168 19 29
Bexsero 533 19 23 148 (6) (3) 290 37 40 95 17 31
Menveo 181 10 14 118 10 13 4 - - 59 11 17
Other 15 67 67 - - - 1 (50) (50) 14 100 >100
RSV 144 (41) (39) 90 (57) (56) 37 >100 >100 17 (48) (45)
Arexvy 144 (41) (39) 90 (57) (56) 37 >100 >100 17 (48) (45)
Influenza 7 (65) (60) (4) >(100) >(100) - >100 >100 11 (45) (40)
Fluarix, FluLaval 7 (65) (60) (4) >(100) >(100) - >100 >100 11 (45) (40)
Established Vaccines 1,586 (2) 1 639 7 10 338 (5) (4) 609 (8) (4)
Boostrix 322 - 3 190 (3) (1) 74 7 9 58 4 11
Cervarix 26 (46) (44) - - - 6 (14) (14) 20 (51) (49)
Hepatitis 324 (4) (1) 169 (8) (5) 96 (1) - 59 2 10
Infanrix, Pediarix 270 13 16 150 35 39 55 (8) (7) 65 (4) -
Priorix, Priorix Tetra, Varilrix 181 15 19 33 >100 >100 58 (5) (3) 90 10 15
Rotarix 274 (1) 2 83 (2) - 59 - 3 132 (1) 3
Synflorix 108 1 4 - - - 2 (33) (33) 106 2 5
Other 81 (35) (35) 14 75 88 (12) >(100) >(100) 79 (32) (32)
Vaccines 4,186 (2) 1 1,604 (13) (11) 1,320 26 28 1,262 (9) (5)
General Medicines turnover - three months ended 30 June 2025
Total US Europe International
Growth Growth Growth Growth
£m AER% CER% £m AER% CER% £m AER% CER% £m AER% CER%
Respiratory 1,871 (9) (5) 1,081 (12) (7) 341 (4) (4) 449 (6) (1)
Anoro Ellipta 146 (9) (6) 65 (20) (15) 57 2 2 24 4 9
Flixotide/Flovent 111 (16) (12) 74 (19) (13) 15 (17) (11) 22 (4) (9)
Relvar/Breo Ellipta 267 (5) (2) 106 (8) (3) 87 (5) (4) 74 - 3
Seretide/Advair 200 (33) (30) 61 (49) (46) 45 (18) (18) 94 (24) (19)
Trelegy Ellipta 835 (1) 4 642 (4) 1 80 5 5 113 14 19
Ventolin 166 (12) (6) 81 (19) (14) 29 12 12 56 (10) -
Other Respiratory 146 (11) (7) 52 (5) (2) 28 (15) (18) 66 (13) (7)
Other General Medicines 697 (12) (8) 59 (20) (18) 144 (17) (16) 494 (10) (4)
Augmentin 134 (6) 1 - - - 41 - - 93 (8) 1
Lamictal 99 (9) (6) 41 (16) (8) 25 (4) (4) 33 (3) (3)
Other General Medicines 464 (15) (10) 18 (28) (36) 78 (27) (26) 368 (11) (5)
General Medicines 2,568 (10) (6) 1,140 (13) (8) 485 (8) (8) 943 (8) (3)
General Medicines turnover - six months ended 30 June 2025
Total US Europe International
Growth Growth Growth Growth
£m £% CER% £m £% CER% £m £% CER% £m £% CER%
Respiratory 3,581 (6) (3) 1,968 (6) (3) 698 (3) (1) 915 (7) (2)
Anoro Ellipta 273 (2) 1 112 (10) (8) 113 5 6 48 4 11
Flixotide/Flovent 210 (23) (20) 135 (27) (25) 33 (8) (6) 42 (14) (10)
Relvar/Breo Ellipta 532 (3) (1) 207 (3) - 179 (6) (4) 146 (1) 3
Seretide/Advair 416 (28) (26) 117 (45) (43) 95 (18) (16) 204 (19) (15)
Trelegy Ellipta 1,510 5 8 1,121 3 5 163 8 9 226 19 24
Ventolin 351 (1) 3 189 2 4 59 16 18 103 (13) (7)
Other Respiratory 289 (10) (6) 87 13 16 56 (14) (15) 146 (18) (12)
Other General Medicines 1,475 (10) (5) 114 (10) (9) 302 (14) (13) 1,059 (8) (3)
Augmentin 307 (6) (1) - - - 91 (4) (3) 216 (7) -
Lamictal 201 (4) (1) 85 (1) 2 50 (7) (6) 66 (6) (3)
Other General Medicines 967 (12) (7) 29 (29) (32) 161 (21) (19) 777 (9) (4)
General Medicines 5,056 (7) (3) 2,082 (6) (4) 1,000 (7) (5) 1,974 (8) (2)
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 30 June 2025 7,986 1 6 4,115 (1) 5 1,839 10 11 2,032 (2) 4
Six months ended 30 June 2025 15,502 2 5 7,867 2 4 3,588 9 11 4,047 (4) 1
Segment information
Operating segments are reported based on the financial information provided to
the Chief Executive Officer and the responsibilities of the GSK Leadership
Team (GLT). GSK reports results under two segments: Commercial Operations and
Total R&D. Members of the GLT are responsible for each segment.
R&D investment is essential for the sustainability of the business.
However, for segment reporting the Commercial operating profits exclude
allocations of globally funded R&D.
The Total R&D segment is the responsibility of the Chief Scientific
Officer and is reported as a separate segment. The operating costs of this
segment includes R&D activities across Specialty Medicines, including HIV
and Vaccines. It includes R&D and some SG&A costs relating to
regulatory and other functions.
The Group's management reporting process allocates intra-Group profit on a
product sale to the market in which that sale is recorded, and the profit
analyses below have been presented on that basis.
Adjusting items reconciling segment profit and operating profit comprise items
not specifically allocated to segment profit. These include impairment and
amortisation of intangible assets (excluding computer software and capitalised
development costs), major restructuring costs, which include impairments of
tangible assets and computer software, transaction-related adjustments related
to significant acquisitions, proceeds and costs of disposals of associates,
products and businesses, Significant legal charges 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.
Turnover by segment
Q2 2025 Q2 2024 Growth Growth
£m £m AER% CER%
Commercial Operations (total turnover) 7,986 7,884 1 6
Operating profit by segment
Q2 2025 Q2 2024 Growth Growth
£m £m AER% CER%
Commercial Operations 4,107 3,962 4 10
Research and Development (1,467) (1,413) 4 7
Segment profit 2,640 2,549 4 11
Corporate and other unallocated costs (9) (36)
Core operating profit 2,631 2,513 5 12
Adjusting items (608) (867)
Total operating profit 2,023 1,646 23 33
Finance income 50 24
Finance costs (184) (174)
Share of after tax profit/(loss) of associates and joint ventures (2) (1)
Profit before taxation 1,887 1,495 26 37
Commercial Operations Core operating profit of £4,107 million increased in
the quarter driven by higher turnover, favourable product mix and royalty
income, partly offset by increased investment in new asset launches and growth
assets, as well as adverse pricing impacts in comparison to higher price
benefits in Q2 2024.
The R&D segment operating expense of £1,467 million in the quarter
primarily reflected increased investment in Oncology, driven by ADC, Blenrep
and Jemperli, and in Vaccines on clinical trial programmes associated with the
pneumococcal MAPS and mRNA. These increases were partly offset by lower spend
mainly due to the status of late-stage clinical development programmes.
Turnover by segment
H1 2025 H1 2024 Growth Growth
£m £m £% CER%
Commercial Operations (total turnover) 15,502 15,247 2 5
Operating profit by segment
H1 2025 H1 2024 Growth Growth
£m £m £% CER%
Commercial Operations 8,026 7,817 3 7
Research and Development (2,820) (2,721) 4 6
Segment profit 5,206 5,096 2 7
Corporate and other unallocated costs (42) (140)
Core operating profit 5,164 4,956 4 8
Adjusting items (925) (1,820)
Total operating profit 4,239 3,136 35 41
Finance income 104 56
Finance costs (346) (340)
Share of after tax profit/(loss) of associates and joint ventures (2) (2)
Profit before taxation 3,995 2,850 40 47
Commercial Operations Core operating profit of £8,026 million grew in the
year to date driven by higher turnover, favourable product mix and royalty
income, partly offset by increased investment in new asset launches and growth
assets, as well as adverse pricing impacts in comparison to higher price
benefits in H1 2024.
The R&D segment operating expense of £2,820 million grew in the year to
date primarily reflecting increased investment in Oncology, driven by ADC,
Blenrep and Jemperli, and in Vaccines on clinical trial programmes associated
with the pneumococcal MAPS and mRNA. These increases were partly offset by
lower spend mainly due to the status of late-stage clinical development
programmes.
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 2024. At 30 June 2025,
the Group's aggregate provision for legal and other disputes (not including
tax matters described on page 9) was £1,258 million (31 December 2024:
£1,446 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 Q1 2025 results:
Product Liability
Zantac
As previously disclosed, the vast majority of the remaining cases have been
resolved or dismissed such that 14 state court cases remain. GSK is in
negotiations with plaintiffs' counsel on the remaining cases, including two
cases in Nevada state court with trials scheduled in 2026. The trial in the
Mayor & City of Baltimore action is scheduled to begin 28 September 2026.
On 10 July 2025, the Delaware Supreme Court issued its decision, reversing the
lower court's decision and concluding that plaintiffs did not establish that
their experts' opinions are admissible. The case is being remanded back to the
lower court.
As previously disclosed, approximately 14,000 product liability cases were
dismissed following the grant of defendants' Daubert motions in December 2022
in the Federal MDL proceeding. These are now on appeal by the plaintiffs to
the United States Court of Appeals for the Eleventh Circuit, along with
appeals in the medical monitoring and consumer class action cases. Oral
argument is tentatively scheduled for the week of 6 October 2025.
Avandia
A hearing on GSK's motion for summary judgment was held on 21 April 2025 but
has not been ruled on yet. On 22 May 2025, the district court granted the
third-party payor plaintiffs' motion for class certification, allowing them to
proceed with their claims as a class action. GSK filed a Rule 23(f) petition
with the Third Circuit seeking permission to appeal the class certification
order. On 7 July 2025, the Third Circuit accepted the appeal. The district
court has entered a stay of proceedings, including removing the November 2025
trial date, during the pendency of the appeal. An expedited briefing
schedule has been set by the Third Circuit, with briefing to be completed in
September 2025.
Intellectual Property
GSK patent litigation against Pfizer & BioNTech
On 3 and 4 July 2025, GSK initiated two separate patent infringement suits
(involving three GSK patents in total) in the Unified Patent Court ("UPC")
against Pfizer and BioNTech alleging infringement by Pfizer/BioNTech's
Comirnaty® COVID-19 vaccine products. On 7 July 2025, GSK initiated a patent
infringement suit in the Irish High Court against Pfizer and BioNTech for the
infringement of the same three patents by Pfizer/BioNTech's Comirnaty®
COVID-19 vaccine products.
GSK patent litigation against Moderna
On 3 and 4 July 2025, GSK initiated two separate patent infringement suits
(involving three GSK patents in total) in the Unified Patent Court ("UPC")
against Moderna alleging infringement by Moderna's Spikevax® COVID-19 vaccine
products and alleging infringement of two of those patents by Moderna's
mRESVIA® RSV vaccine products.
Returns to shareholders
Quarterly dividends
The Board has declared a second interim dividend for Q2 2025 of 16p per share
(Q2 2024: 15p 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 16p
for Q2 2025. The expected dividend for 2025 is 64p 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.
Payment of dividends
The equivalent interim dividend receivable by ADR holders will be calculated
based on the exchange rate on 7 October 2025. An annual fee of $0.03 per ADS
(or $0.0075 per ADS per quarter) is charged by the Depositary. The ex-dividend
and record dates will be 15 August 2025 with a payment date of 9 October 2025.
Paid/ Pence per £m
Payable share
2025
First interim 10 July 2025 16 650
Second interim 9 October 2025 16 648
2024
First interim 11 July 2024 15 612
Second interim 10 October 2024 15 612
Third interim 9 January 2025 15 612
Fourth interim 10 April 2025 16 656
61 2,492
Share capital in issue
At 30 June 2025, 4,047 million shares (Q2 2024: 4,079 million) were in free
issue (excluding Treasury shares and shares held by the ESOP Trusts). The
Company issued 0.1 million shares in the quarter (Q2 2024: 0.2 million) under
employee share schemes for net proceeds of £2 million (Q2 2024: £1 million).
On 5 February 2025, GSK announced a £2 billion share buyback programme to be
completed over an 18 month period. As at 30 June 2025, 57 million shares were
repurchased and are being held as treasury shares, at a cost of £822 million,
including transaction costs of £5 million.
Treasury shares for these purposes include shares purchased by GSK plc on 27
June 2025 and 30 June 2025 under the second tranche of the share buyback
programme. As announced via RNS, GSK purchased 482,114 ordinary shares on 27
June 2025 and 483,834 ordinary shares on 30 June 2025, to be held as Treasury
shares. Upon settlement of the relevant trades, the shares purchased on those
dates are held as Treasury shares, and are therefore treated as Treasury
shares for the purposes of the Q2 2025 reporting period and this results
announcement. The settlement cost of these shares was £14 million.
At 30 June 2025, the Company held 226 million Treasury shares at a cost of
£3,779 million, of which 169 million shares of £2,957 million were
repurchased as part of previous share buyback programmes, which has been
deducted from retained earnings.
At 30 June 2025, the ESOP Trusts held 42.8 million shares of GSK shares, of
which 42.2 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 £219 million has been deducted from other
reserves. The market value of these shares was £596 million.
Weighted average number of shares
The numbers of shares used in calculating basic and diluted earnings per share
are reconciled below:
Weighted average number of shares
Q2 2025 Q2 2024 H1 2025 H1 2024
millions millions millions millions
Weighted average number of shares - basic 4,063 4,079 4,076 4,074
Dilutive effect of share options and share awards 47 43 47 43
Weighted average number of shares - diluted 4,110 4,122 4,123 4,117
Additional information
Accounting policies and basis of preparation
This unaudited Results Announcement contains condensed financial information
for the three and six months ended 30 June 2025 and should be read in
conjunction with the Annual Report 2024, 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 2024, except for the adoption
of the amended IFRS Accounting Standard as set out below.
The IASB's amendments to IAS 21 The Effects of Changes in Foreign Exchange
Rates specify how an entity should assess whether a currency is exchangeable
into another currency, and which spot exchange rate should be used when it is
not. GSK has adopted these new requirements for the reporting period beginning
on 1 January 2025, with no material impact on the Group's financial
statements.
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 2024.
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 2024 were published in the Annual Report 2024,
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.
Exchange rates
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:
Q2 2025 Q2 2024 H1 2025 H1 2024 2024
Average rates:
US$/£ 1.34 1.26 1.30 1.27 1.28
Euro/£ 1.18 1.17 1.19 1.17 1.18
Yen/£ 194 198 193 193 193
Period-end rates:
US$/£ 1.37 1.27 1.37 1.27 1.25
Euro/£ 1.17 1.18 1.17 1.18 1.20
Yen/£ 198 203 198 203 197
Contingent liabilities
There were contingent liabilities at 30 June 2025 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 35, and pages
287 to 290 of the 2024 Annual Report.
Net assets
The book value of net assets increased by £1,268 million from £13,086
million at 31 December 2024 to £14,354 million at 30 June 2025. This
primarily reflected contribution from Total comprehensive income for the
period partly offset by dividends paid to shareholders, and shares repurchased
under the first tranche and shares committed to be repurchased under the
second tranche of the 2025 share buyback programme and associated transaction
costs.
At 30 June 2025, the net surplus on the Group's pension plans was £15 million
compared with a £103 million net deficit at 31 December 2024. This movement
from a net deficit to a net surplus is primarily related to an increase to the
UK discount rate from 5.5% to 5.6% and a decrease to the UK inflation rate
from 2.90% to 2.70%. This is partially offset by a decrease to the US discount
rate from 5.5% to 5.3%, and lower UK and US asset values.
Other payables includes £332 million related to shares still to be purchased
as part of the second tranche of the 2025 share buyback programme, £14
million for shares purchased but not settled at 30 June 2025, and £0.5
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 £826 million (31 December 2024: £915 million).
Contingent consideration amounted to £6,576 million at 30 June 2025 (31
December 2024: £7,280 million) as follows:
Group Group
30 June 2025 31 December 2024
£m £m
Contingent consideration estimated present value of amounts payable relating
to:
Former Shionogi-ViiV Healthcare joint venture 5,323 6,061
Former Novartis Vaccines business acquisition 627 575
Affinivax acquisition 435 502
Aiolos acquisition 124 130
Others 67 12
Contingent consideration liability at end of the period 6,576 7,280
Of the contingent consideration payable to Shionogi at 30 June 2025,
£1,073 million (31 December 2024: £1,127 million) is expected to be paid
within one year.
Movements in contingent consideration are as follows:
H1 2025 ViiV Group
Healthcare £m
£m
Contingent consideration at beginning of the period 6,061 7,280
Additions - 58
Remeasurement through income statement and other movements (88) (88)
Cash payments: operating cash flows (650) (668)
Cash payments: investing activities - (6)
Contingent consideration at end of the period 5,323 6,576
H1 2024 ViiV Group
Healthcare £m
£m
Contingent consideration at beginning of the period 5,718 6,662
Additions - 104
Remeasurement through income statement and other movements 814 998
Cash payments: operating cash flows (605) (619)
Cash payments: investing activities - (7)
Contingent consideration at end of the period 5,927 7,138
Business acquisitions
On 13 January 2025, GSK announced it had entered into an agreement to acquire
100% of IDRx, Inc, a Boston based, clinical stage biopharmaceutical company
dedicated to developing precision therapies for the treatment of
gastrointestinal stromal tumours (GIST). The acquisition includes a lead
molecule, IDRX-42, a highly selective investigational tyrosine kinase
inhibitor (TKI) that is designed to improve the outcomes for patients with
GIST. GSK acquired all of the outstanding equity interests in IDRx for a total
consideration of US$1.1 billion (£840 million) as adjusted for working
capital acquired paid upon closing and up to US$150 million (£119 million)
as an additional success-based regulatory milestone payment. The estimated
fair value of the contingent consideration payable was US$56 million (£45
million). In addition, GSK will also be responsible for success-based
milestone payments as well as tiered royalties for IDRX-42 owed to Merck KGaA,
Darmstadt, Germany. The transaction was subject to customary conditions,
including applicable regulatory agency clearances under the Hart Scott-Rodino
Act in the US, and subsequently closed on 21 February 2025. The values in
the table below are provisional and subject to change. The purchase price
allocation is expected to be completed by the end of Q4 2025.
During H1 2025, no sales arising from the IDRx business were included in Group
turnover and no revenue is expected until regulatory approval is received on
the acquired asset.
GSK continues to support the ongoing development of the acquired asset and
consequently this asset will be loss making until regulatory approval on this
asset is received. The development of this asset has been integrated into the
Group's existing R&D activities, so it is impracticable to quantify these
development costs or the impact on Total profit after taxation for the period
ended 30 June 2025.
Goodwill of £109 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 R&D segment. 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 882
Cash and cash equivalents 48
Other net liabilities (26)
Deferred tax liabilities (128)
776
Goodwill 109
Total consideration 885
Of the £885 million consideration, £60 million was unpaid as at 30 June
2025. As at 30 June 2025, the present value of the contingent consideration
payable was £42 million.
On 15 January 2025, GSK acquired a Berlin based private company, Cellphenomics
GmbH, which has developed proprietary capabilities in developing durable
organoid models, for a total cash consideration of up to €44 million
(approximately £37 million) of which €15 million (£13 million) was unpaid
as at 30 June 2025. The acquisition is accounted for as a business combination
but is not considered a significant acquisition for the Group. This agreement
was not subject to closing conditions and the acquisition has been completed.
Net debt information
Reconciliation of cash flow to movements in net debt
H1 2025 H1 2024
£m £m
Total Net debt at beginning of the period (13,095) (15,040)
Increase/(decrease) in cash and bank overdrafts (42) 48
Increase/(decrease) in liquid investments - (22)
Repayment of long-term loans(1) 1,409 788
Issue of long-term notes (1,983) -
Net decrease/(increase) in short-term loans (637) 74
Increase in other short-term loans(2) (102) -
Repayment of other short-term loans(2) 269 -
Repayment of lease liabilities 110 114
Net debt of subsidiary undertakings acquired (1) -
Exchange adjustments 428 97
Other non-cash movements (91) (19)
Decrease/(increase) in net debt (640) 1,080
Total Net debt at end of the period (13,735) (13,960)
(1) Repayment of long-term loans for H1 2025 of £1,409 million (H1 2024: £788
million) includes the current portion of long-term borrowings which was
classified as short-term borrowings on the balance sheet and previously
presented as repayment of short-term loans.
(2) Other short-term loans include bank loans presented within short-term
borrowings on the balance sheet, with an initial maturity of greater than
three months but less than twelve months.
Net debt analysis
30 June 2025 31 December 2024
£m £m
Liquid investments 20 21
Cash and cash equivalents 3,599 3,870
Short-term borrowings (2,050) (2,349)
Long-term borrowings (15,304) (14,637)
Total Net debt at the end of the period (13,735) (13,095)
Free cash flow reconciliation
Q2 2025 Q2 2024 H1 2025 H1 2024
£m £m £m £m
Net cash inflow/(outflow) from operating activities 2,096 1,113 3,241 2,071
Purchase of property, plant and equipment (256) (302) (464) (550)
Proceeds from sale of property, plant and equipment 5 2 6 3
Purchase of intangible assets (377) (140) (617) (455)
Proceeds from disposals of intangible assets - 1 76 28
Net finance costs (217) (247) (233) (281)
Dividends from associates and joint ventures - 15 - 15
Contingent consideration paid (reported in investing activities) (3) (4) (6) (7)
Distributions to non-controlling interests (122) (111) (180) (208)
Contributions from non-controlling interests - 1 - 1
Free cash inflow/(outflow) 1,126 328 1,823 617
Post balance sheet events
On 13 May 2025, GSK entered into an agreement to acquire Boston
Pharmaceuticals' lead asset, efimosfermin alfa. Efimosfermin is a phase
III-ready, potential best-in-class, investigational specialty medicine to
treat and prevent progression of steatotic liver disease (SLD). Under the
agreement, GSK will pay $1.2 billion upfront, with potential for additional
success-based milestone payments totalling $800 million.
The transaction was subject to customary conditions, including applicable
regulatory agency clearances under the Hart-Scott-Rodino Act in the US, and
subsequently closed on 7 July 2025. Given the timing of the closure of the
transaction, GSK expects to disclose the provisional accounting for the
acquisition in the Q3 2025 Results Announcement.
On 28 July 2025, GSK entered into agreements with Hengrui Pharma to develop up
to 12 innovative medicines. The programmes were selected to complement GSK's
extensive Respiratory, Immunology & Inflammation (RI&I) and Oncology
pipeline, and assessed for their potential best- or first-in class profiles.
The agreements include an exclusive worldwide license (excluding mainland
China, Hong Kong, Macau and Taiwan) for a potential best-in-class, PDE3/4
inhibitor (HRS-9821) in clinical development for the treatment of chronic
obstructive pulmonary disease (COPD) as an add-on maintenance treatment,
irrespective of background therapy.
The agreements also include a pioneering scaled collaboration to generate up
to 11 programmes in addition to HRS-9821, each with its own financial
structure. Hengrui Pharma will lead the development of these programmes up to
completion of phase I trials, including patients outside of China. GSK will
have the exclusive option to further develop and commercialise each programme
worldwide (excluding mainland China, Hong Kong, Macau and Taiwan), at the end
of Phase I or earlier at GSK's election, as well as certain programme
substitution rights.
GSK will pay $500 million in upfront fees across the agreements including for
the license of the PDE3/4 programme. Hengrui Pharma will be eligible to
receive future success-based development, regulatory and commercial milestone
payments if programmes are optioned and milestones are achieved. In addition,
Hengrui Pharma will be eligible to receive tiered royalties on global product
net sales (excluding mainland China, Hong Kong, Macau and Taiwan). The license
to HRS-9821 is subject to customary conditions, including applicable
regulatory agency clearances under the Hart-Scott-Rodino Act in the US.
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
258 of the 2024 Annual Report.
Financial instruments fair value disclosures
The following tables categorise the Group's financial assets and liabilities
held at fair value by the valuation methodology applied in determining their
fair value. Where possible, quoted prices in active markets are used and the
asset or liability is classified as Level 1. Where such prices are not
available, the asset or liability is classified as Level 2, provided all
significant inputs to the valuation model used are based on observable market
data. If one or more of the significant inputs to the valuation model is not
based on observable market data, the instrument is classified as Level 3.
Other investments classified as Level 3 in the tables below comprise equity
investments in unlisted entities with which the Group has entered into
research collaborations and also investments in emerging life science
companies.
At 30 June 2025 Level 1 Level 2 Level 3 Total
£m £m £m £m
Financial assets at fair value
Financial assets at fair value through other comprehensive income (FVTOCI):
Other investments designated at FVTOCI 489 - 193 682
Trade and other receivables - 2,223 - 2,223
Financial assets mandatorily at fair value through profit or loss (FVTPL):
Other investments - - 207 207
Other non-current assets - - 30 30
Trade and other receivables - 34 3 37
Held for trading derivatives that are not in a designated and effective - 74 - 74
hedging relationship
Cash and cash equivalents 2,046 - - 2,046
Derivatives designated and effective as hedging instruments (FVTOCI) - 126 - 126
2,535 2,457 433 5,425
Financial liabilities at fair value
Financial liabilities mandatorily at fair value through profit or loss
(FVTPL):
Contingent consideration liabilities - - (6,576) (6,576)
Held for trading derivatives that are not in a designated and effective - (44) - (44)
hedging relationship
Derivatives designated and effective as hedging instruments (FVTOCI) - (124) - (124)
- (168) (6,576) (6,744)
At 31 December 2024 Level 1 Level 2 Level 3 Total
£m £m £m £m
Financial assets at fair value
Financial assets at fair value through other comprehensive income (FVTOCI):
Other investments designated at FVTOCI 646 - 197 843
Trade and other receivables - 2,163 - 2,163
Financial assets mandatorily at fair value through profit or loss (FVTPL):
Other investments - - 257 257
Other non-current assets - - 31 31
Trade and other receivables - 51 2 53
Held for trading derivatives that are not in a designated and effective - 75 - 75
hedging relationship
Cash and cash equivalents 1,280 - - 1,280
Derivatives designated and effective as hedging instruments (FVTOCI) - 35 - 35
1,926 2,324 487 4,737
Financial liabilities at fair value
Financial liabilities mandatorily at fair value through profit or loss
(FVTPL):
Contingent consideration liabilities - - (7,280) (7,280)
Held for trading derivatives that are not in a designated and effective - (35) - (35)
hedging relationship
Derivatives designated and effective as hedging instruments (FVTOCI) - (157) - (157)
- (192) (7,280) (7,472)
Movements in the six months to 30 June 2025 and the six months to 30 June 2024
for financial instruments measured using Level 3 valuation methods are
presented below:
Financial Financial
assets liabilities
£m £m
At 1 January 2025 487 (7,280)
Gains/(losses) recognised in the income statement (48) 30
Gains/(losses) recognised in other comprehensive income (11) -
Additions 48 (58)
Disposals and settlements (12) -
Payments in the period - 674
Exchange adjustments (31) 58
At 30 June 2025 433 (6,576)
At 1 January 2024 414 (6,662)
Gains/(losses) recognised in the income statement 22 (995)
Gains/(losses) recognised in other comprehensive income (18) -
Additions 50 (104)
Disposals and settlements (18) -
Payments in the period - 626
Exchange adjustments - (3)
At 30 June 2024 450 (7,138)
Net losses of £18 million (H1 2024: £973 million) reported in other
operating income were attributable to Level 3 financial instruments held at
the end of the period. Net gains and losses include the impact of exchange
movements.
Financial liabilities measured using Level 3 valuation methods at 30 June 2025
primarily included £5,323 million (31 December 2024: £6,061 million) of
contingent consideration for the acquisition in 2012 of the former
Shionogi-ViiV Healthcare joint venture, £627 million (31 December 2024: £575
million) of contingent consideration for the acquisition of the Novartis
Vaccines business in 2015 and £435 million (31 December 2024: £502 million)
of contingent consideration payable for the acquisition of Affinivax in 2022.
Contingent consideration is expected to be paid over a number of years and
will vary in line with the future performance of specified products, the
achievement of certain milestone targets and movements in certain foreign
currencies.
The financial liabilities are measured at the present value of expected future
cash flows, the most significant inputs and assumptions in the valuation
models being future sales forecasts, probability of milestone success, the
discount rate, the Sterling/US Dollar exchange rate and the Sterling/Euro
exchange rate. The exchange rates used are consistent with market rates at 30
June 2025.
The Shionogi-ViiV Healthcare contingent consideration liability is discounted
at 8% (31 December 2024: 8%), the Affinivax contingent consideration liability
is discounted at 9% (31 December 2024: 9%) and the Novartis Vaccines
contingent consideration liability is discounted at 8% (31 December 2024: 8%)
for commercialised products and at 9% (31 December 2024: 9%) for pipeline
assets.
The Shionogi-ViiV Healthcare and Novartis Vaccines contingent consideration
liabilities are calculated principally based on the forecast sales performance
of specified products over the lives of those products.
The Affinivax contingent consideration is based upon two potential milestone
payments, each of $0.6 billion (£0.5 billion) which will be paid if certain
paediatric clinical development milestones are achieved.
The table below shows, on an indicative basis, the income statement and
balance sheet sensitivity to reasonably possible changes in key inputs to the
valuation of the largest contingent consideration liabilities.
Increase/(decrease) in liability Shionogi- Novartis Affinivax
ViiV Vaccines contingent
Healthcare contingent consideration
contingent consideration £m
consideration £m
£m
10% increase in sales forecasts* 534 91 N/A**
15% increase in sales forecasts* 798 136 N/A
10% decrease in sales forecasts* (530) (91) N/A
15% decrease in sales forecasts* (797) (136) N/A
10% increase in probability of milestone success N/A 21 63
10% decrease in probability of milestone success N/A (10) (63)
1% increase in discount rate (152) (41) (14)
1.5% increase in discount rate (224) (60) (21)
1% decrease in discount rate 162 47 14
1.5% decrease in discount rate 248 73 22
10 cent appreciation of US Dollar 340 12 34
15 cent appreciation of US Dollar 530 19 53
10 cent depreciation of US Dollar (293) (10) (30)
15 cent depreciation of US Dollar (424) (15) (43)
10 cent appreciation of Euro 77 26 N/A
15 cent appreciation of Euro 121 41 N/A
10 cent depreciation of Euro (64) (22) N/A
15 cent depreciation of Euro (93) (32) N/A
*The sales forecasts for the Shionogi-ViiV Healthcare contingent consideration
are for ViiV Healthcare sales only ** N/A input is not applicable
The Group transfers financial instruments between different levels in the fair
value hierarchy when, as a result of an event or change in circumstances, the
valuation methodology applied in determining their fair values alters in such
a way that it meets the definition of a different level. There were no
transfers between the Level 1, Level 2 or Level 3 fair value measurement
categories.
The following methods and assumptions are used to measure the fair value of
the significant financial instruments carried at fair value on the balance
sheet:
• Other investments - equity investments traded in an active market determined
by reference to the relevant stock exchange quoted bid price; other equity
investments determined by reference to the current market value of similar
instruments, recent financing rounds or the discounted cash flows of the
underlying net assets
• Trade receivables carried at fair value - based on invoiced amount
• Interest rate swaps, foreign exchange forward contracts, swaps and options -
based on the present value of contractual cash flows or option valuation
models using market-sourced data (exchange rates or interest rates) at the
balance sheet date
• Cash and cash equivalents carried at fair value - based on net asset value of
the funds
• Contingent consideration for business acquisitions and divestments - based on
present values of expected future cash flows
There are no material differences between the carrying amount of the Group's
other financial assets and liabilities and their estimated fair value, with
the exception of bonds, for which the carrying amount and fair value are set
out in the table below:
30 June 2025 31 December 2024
Carrying Fair Carrying Fair
amount value amount value
£m £m £m £m
Bonds in a designated hedging relationship (5,591) (5,542) (5,346) (5,278)
Other bonds (9,700) (9,604) (9,774) (9,597)
(15,291) (15,146) (15,120) (14,875)
The following methods and assumptions are used to estimate the fair values of
financial assets and liabilities which are not measured at fair value on the
balance sheet:
• Receivables and payables, including put options, carried at amortised cost -
approximates to the carrying amount
• Liquid investments - approximates to the carrying amount
• Cash and cash equivalents carried at amortised cost - approximates to the
carrying amount
• Short-term loans, overdrafts and commercial paper - approximates to the
carrying amount because of the short maturity of these instruments
• Long-term loans - based on quoted market prices (a level 1 fair value
measurement) in the case of European and US Medium Term Notes; approximates to
the carrying amount in the case of other fixed rate borrowings and floating
rate bank loans
Other payables in Current liabilities includes the present value of the
expected redemption amount of the Pfizer put option over its non-controlling
interest in ViiV Healthcare of £826 million (31 December 2024: £915
million). This reflects a number of assumptions around future sales, profit
forecasts and the Sterling/US Dollar exchange rate and the Sterling/Euro
exchange rate. The exchange rates used are consistent with market rates at 30
June 2025.
The table below shows on an indicative basis the income statement and balance
sheet sensitivity to reasonably possible changes in the key inputs to the
measurement of this liability.
Increase/(decrease) in liability ViiV
Healthcare
put option
£m
10% increase in sales forecasts* 84
15% increase in sales forecasts* 126
10% decrease in sales forecasts* (84)
15% decrease in sales forecasts* (126)
1% increase in discount rate (16)
1.5% increase in discount rate (25)
1% decrease in discount rate 18
1.5% decrease in discount rate 28
10 cent appreciation of US Dollar 53
15 cent appreciation of US Dollar 82
10 cent depreciation of US Dollar (45)
15 cent depreciation of US Dollar (65)
10 cent appreciation of Euro 21
15 cent appreciation of Euro 33
10 cent depreciation of Euro (17)
15 cent depreciation of Euro (25)
* The sales forecasts for the ViiV Healthcare put option are for the ViiV
Healthcare sales only.
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)
• Nucala (anti-IL5 biologic) chronic obstructive pulmonary disease (COPD)
• depemokimab (ultra long-acting anti-IL5 biologic) severe eosinophilic asthma,
eosinophilic granulomatosis with polyangiitis (EGPA), chronic rhinosinusitis
with nasal polyps (CRSwNP), hyper-eosinophilic syndrome (HES), COPD
• latozinemab (AL001, anti-sortilin) frontotemporal dementia
• camlipixant (P2X3 receptor antagonist) refractory chronic cough
• Ventolin (salbutamol, Beta 2 adrenergic receptor agonist) asthma
• linerixibat (IBATi) cholestatic pruritus in primary biliary cholangitis
Oncology (4)
• 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) 1L ovarian cancer, glioblastoma
• cobolimab (anti-TIM-3) 2L non-small cell lung cancer
Infectious Diseases (6)
• Arexvy (RSV vaccine) RSV adults (18-49 years of age at increased risk (AIR)
and 18+ immunocompromised)
• Blujepa (gepotidacin; bacterial topoisomerase inhibitor) uncomplicated urinary
tract infection and urogenital gonorrhoea
• bepirovirsen (HBV ASO) hepatitis B virus
• Bexsero (meningococcal B vaccine) infants (US)
• tebipenem pivoxil (antibacterial carbapenem) complicated urinary tract
infection
• GSK4178116 (varicella vaccine) varicella new strain individuals 12 months of
age and older
Total medicines and vaccines in all phases of clinical development 66
Total projects in clinical development (inclusive of all phases and 84
indications)
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
antagonist currently in development for first-line treatment of adult patients
suffering from refractory chronic cough (RCC). The CALM phase III development
programme to evaluate the efficacy and safety of camlipixant for use in adults
with RCC is ongoing.
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: Active. Not recruiting.
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: Recruiting
and safety trial with open-label extension of camlipixant in adult
participants with refractory chronic cough, including unexplained chronic Q1 2023
cough
NCT05600777
depemokimab (long acting anti-IL5)
Depemokimab is in late-stage development in a range of IL-5 mediated
conditions including asthma with type 2 inflammation, chronic rhinosinusitis
with nasal polyps (CRSwNP), hypereosinophilic syndrome (HES) and eosinophilic
granulomatosis with polyangiitis (EGPA). GSK has also initiated the ENDURA-1
and ENDURA-2 phase III clinical trials assessing the efficacy and safety of
depemokimab as an add-on therapy in patients with uncontrolled moderate to
severe chronic obstructive pulmonary disease (COPD) with type 2 inflammation.
Depemokimab is the first ultra-long-acting biologic engineered to have an
extended half-life and high binding affinity and potency for IL-5, enabling
six-month dosing intervals in phase III clinical trials.
The AGILE phase IIIa trial reported results this quarter. AGILE is an
open-label 12-month extension study of severe asthma patients with type 2
inflammation, characterised by blood eosinophil count (BEC), who completed the
SWIFT-1 and SWIFT-2 phase III trials. The results show the long-term safety of
depemokimab is similar to that seen in the SWIFT-1 and SWIFT-2 phase III
trials. Patients who continued to receive depemokimab maintained the reduction
in rate of exacerbations seen in the parent trials. The trial also shows that
patients who crossed over from placebo saw a reduction in exacerbation rates.
Importantly, these findings underscore the sustained efficacy and safety of a
twice-yearly dose of depemokimab over the course of two years.
Regulatory reviews seeking approval for the use of depemokimab in patients
with asthma with type 2 inflammation and in patients with CRSwNP are ongoing
in four major markets; EU, China, Japan and the US. Submissions in other
markets are expected to progress through the year.
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) III A 52-week, randomised, double-blind, double-dummy, parallel group, Trial start: Active, not recruiting
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 treated with depemokimab compared
NCT04718389 with mepolizumab or benralizumab
ANCHOR-1 (chronic rhinosinusitis with nasal polyps; CRSwNP) III A 52-week randomised, double-blind, parallel group phase III study to assess Trial start: Complete; 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: Complete; 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 (eosinophilic granulomatosis with polyangiitis; EGPA) III A 52-week, randomised, double-blind, double-dummy, parallel-group, Trial start: 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 (hyper-eosinophilic syndrome; 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
Key phase III trials for depemokimab continued:
ENDURA-1 (chronic obstructive pulmonary disease; COPD) III A randomised, double-blind, placebo- controlled, parallel-group, multicenter Trial start: Q2 2025 Recruiting
study of the efficacy and safety of depemokimab in adult participants with
NCT06959095 COPD with type 2 inflammation
ENDURA-2 (COPD) III A randomised, double-blind, placebo- controlled, parallel-group, multicenter Trial start: Q2 2025 Recruiting
study of the efficacy and safety of depemokimab in adult participants with
NCT06961214 COPD with type 2 inflammation
Nucala (mepolizumab)
Nucala is a first in class anti-IL-5 biologic and the only treatment approved
for use in the US and Europe across five IL-5 medicated conditions: severe
asthma with an eosinophilic phenotype, EGPA, HES, CRSwNP and COPD (US only).
In April 2025, positive results from MATINEE, a phase III trial investigating
mepolizumab in patients with COPD were published in The New England Journal of
Medicine. The trial evaluated a wide spectrum of patients with COPD, including
the most severe and difficult to treat as categorised in the Global Initiative
for Chronic Obstructive Lung Disease (GOLD) guidelines. Patients recruited had
evidence of type 2 inflammation, characterised by blood eosinophil count
(BEC), and included those with chronic bronchitis, emphysema-only or both.
In May 2025, GSK announced that the US Food and Drug Administration (FDA) has
approved Nucala (mepolizumab) as an add-on maintenance treatment for adult
patients with inadequately controlled COPD and an eosinophilic phenotype. With
the US approval, mepolizumab is the only approved biologic evaluated in
patients with an eosinophilic phenotype characterized by a BEC threshold as
low as ≥150 cells/µL. Approximately 70% of COPD patients in the US who are
inadequately controlled on inhaled triple therapy and continue to exacerbate
have a BEC starting at 150 cells/μL and above.
Regulatory reviews seeking an indication for the use of mepolizumab in
patients with COPD based on the MATINEE data are ongoing in the EU and China.
Key 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: Complete; 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)
Since the start of 2025, GSK has secured a series of regulatory approvals for
Blenrep combinations in relapsed or refractory multiple myeloma, based on
superior efficacy results from the phase III head-to-head DREAMM-7 and
DREAMM-8 trials.
This includes approval in Europe in July 2025, Japan in May 2025, the UK in
April 2025, and other markets, including Canada and Switzerland (based on
the results of DREAMM-8). Applications are currently under review in all major
markets globally, including China (based on the results of DREAMM-7, with
Breakthrough Therapy Designation for the combination and priority review for
the application).
In July 2025, GSK announced that the FDA's review period for the Biologics
License Application (BLA) for Blenrep combinations has been extended. The new
Prescription Drug User Fee Act (PDUFA) action date is 23 October 2025,
providing the FDA with time to review additional information provided in
support of the application. This follows the US FDA Oncologic Drugs Advisory
Committee (ODAC) vote against the overall benefit/risk profile at the proposed
dosage of Blenrep combinations in adults with relapsed or refractory multiple
myeloma who have received at least one prior line of therapy.
GSK continues to explore the potential for belantamab mafodotin to help
address unmet need for patients with multiple myeloma, in early treatment
lines and in combination with novel therapies and standard of care treatments
through the DREAMM clinical trial programme. The programme includes DREAMM-10,
a phase III trial evaluating belantamab mafodotin plus lenalidomide and
dexamethasone (BRd) versus daratumumab plus lenalidomide and dexamethasone
(DRd) in patients with newly diagnosed transplant ineligible multiple
myeloma.
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 (dostarlimab) remains the foundation of GSK's immuno-oncology-based
research and development programme. It is the only approved
immuno-oncology-based treatment regimen to demonstrate a statistically
significant and clinically meaningful overall survival benefit 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 our AZUR programme (colorectal cancers), JADE (head and neck
cancer), and DOMENICA (supported-collaborative study with ARCAGY-GINECO in
endometrial cancer).
In July 2025, the phase III COSTAR Lung trial found that cobolimab,
dostarlimab, and docetaxel combinations (triplet and doublet) did not meet the
primary endpoint of improving overall survival in advanced non-small cell lung
cancer after prior immuno-oncology therapies. All regimens were well tolerated
and toxicities were consistent with known safety profiles of docetaxel and
immune checkpoint inhibitors. This remains a challenging treatment setting
where novel combinations have yet to improve outcomes for most patients.
Following interim analyses from the phase II GALAXIES Lung-201 and GALAXIES
H&N-202 studies in May 2025, GSK and iTeos Therapeutics, Inc., agreed to
end the development programme for belrestotug, an anti-TIGIT monoclonal
antibody which was being studied in combination with dostarlimab, nelistotug,
and GSK4381562. GSK and iTeos have subsequently terminated the Collaboration
and License Agreement for the alliance.
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: 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
COSTAR Lung (advanced non-small cell lung cancer that has progressed on prior II/III A multi-centre, randomised, parallel group treatment, open label trial Trial start: Complete, has results
PD-(L)1 therapy and chemotherapy) comparing cobolimab + dostarlimab + docetaxel to dostarlimab + docetaxel to
docetaxel alone in participants with advanced non-small cell lung cancer who Q4 2020
NCT04655976 have progressed on prior anti-PD-(L)1 therapy and chemotherapy
Key trials for Jemperli continued:
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
Zejula (niraparib)
GSK continues to assess the potential of niraparib, currently approved as
Zejula for treating ovarian cancer, in addressing other challenging cancers.
Niraparib monotherapy is being evaluated in patients with newly diagnosed,
MGMT unmethylated glioblastoma in the phase III GLIOFOCUS trial sponsored by
the Ivy Brain Tumor Center and supported by GSK.
In June 2025, at the request of the US FDA, GSK updated the US indication of
Zejula for the maintenance treatment of adult patients with advanced
epithelial ovarian, fallopian tube, or primary peritoneal cancer who are in a
complete or partial response to first-line platinum-based chemotherapy,
narrowing to patients with Homologous Repair Deficient (HRD; including BRCAm)
positive ovarian cancer only. This change only applies to the US.
Key phase III trials for Zejula (see also RUBY Part 2 in Jemperli section):
Trial name (population) Phase Design Timeline Status
GLIOFOCUS (Glioblastoma) - sponsored by the Ivy Brain Tumor Center and III An open-label, randomised 2-arm study comparing the clinical efficacy and Trial start: Recruiting
supported by GSK safety of niraparib with temozolomide in adult participants with newly
diagnosed, MGMT unmethylated glioblastoma Q2 2024
NCT06388733
HIV
As pioneers in long-acting injectables, 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, including three new INSTIs in
development and five planned launches by 2030, will continue to drive
performance over the coming decade and beyond.
In July 2025, ViiV Healthcare, majority owned by GSK, shared data at the
International AIDS Society (IAS) conference, reinforcing its leadership in HIV
innovation, with a focus on long-acting injectables.
Data included results from the VOLITION phase IIIb study demonstrating that a
majority of newly diagnosed people with HIV chose to switch to Cabenuva
(cabotegravir; rilpivirine), the first and only long-acting injectable HIV
treatment regimen, from daily pills after achieving viral suppression. These
data demonstrate high patient preference and satisfaction with Cabenuva
compared to daily pills. Implementation data for Apretude (cabotegravir), the
first long-acting injectable option for HIV prevention, were also shared,
showing that it is preferred versus daily orals and easy to implement for key
groups that could benefit from HIV prevention. These data reinforce confidence
in the competitive profile, efficacy, safety and tolerability of this
medicine. This quarter the phase I CLARITY study in healthy volunteers was
also initiated to evaluate the tolerability of a competitor long-acting
injectable against Apretude's robust profile.
Progress to develop next generation long-acting treatment and prevention
options with four-monthly (Q4M) and twice-yearly (Q6M) dosing continues. In
June 2025, the second phase of the EMBRACE phase IIb trial was initiated to
assess the safety and efficacy of investigational broadly neutralising
antibody (bNAb) N6LS (VH109), which is being explored as a potential component
of a Q6M treatment regimen.
In addition, work is ongoing to pursue potential cures for HIV with the start
of the ENTRANCE study. This is a first-time in human study featuring N6LS,
with or without fostemsavir (currently marketed as Rukobia).
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: Q3 2023 Active, not recruiting
with the dosing schedule as either intravenous (IV) infusion or subcutaneous
NCT05996471 (SC) infusion with recombinant hyaluronidase (rHuPH20), in combination with
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 RSV vaccine
for adults, with potential expanded indications in new populations and
geographies. In June, the vaccine was accepted for regulatory review by the
European Medicines Agency to expand use in adults 18 years and older, with a
regulatory decision anticipated in H1 2026. Regulatory submissions were also
accepted in the US and Japan to expand use in adults aged 18-49 at increased
risk of severe RSV disease.
The vaccine has now been approved for use in 66 markets worldwide.
Key phase III 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 ≥ 60 years old) investigational vaccine and different revaccination schedules in adults aged Q1 2021
60 years and above
NCT04732871 Primary data reported:
Q2 2022
RSV OA=ADJ-006 III A randomised, placebo-controlled, observer-blind, multi-country trial to Trial start: Complete; primary endpoint met
demonstrate the efficacy of a single dose of GSK's RSVPreF3 OA investigational
(ARESVI-006; Adults ≥ 60 years old) vaccine in adults aged 60 years and above Q2 2021
NCT04886596 Primary data reported:
Q2 2022;
two season data reported:
Q2 2023;
three season data reported: Q3 2024
RSV OA=ADJ-012 IIIb An Extension and Crossover Vaccination Study on the Immune Response and Safety Trial start: Recruiting
of a Vaccine Against Respiratory Syncytial Virus Given to Adults 60 Years of
(Adults aged 60 years and above) Age and Above Who Participated in RSV OA=ADJ-006 Study Q3 2024
NCT06534892
RSV OA=ADJ-007 III An open-label, randomised, controlled, multi-country trial to evaluate the Trial start: Complete; primary endpoint met
immune response, safety and reactogenicity of RSVPreF3 OA investigational
(Adults ≥ 60 years old) vaccine when co-administered with FLU-QIV vaccine in adults aged 60 years and Q2 2021
above
NCT04841577 Primary data reported:
Q4 2022
RSV OA=ADJ-008 III A phase III, open-label, randomised, controlled, multi country trial to Trial start: Complete; primary endpoint met
evaluate the immune response, safety and reactogenicity of RSVPreF3 OA
investigational vaccine when co-administered with FLU HD vaccine in adults Q4 2022
aged 65 years and above
(Adults ≥ 65 years old)
Primary data reported:
NCT05559476 Q2 2023
RSV OA=ADJ-009 III A randomised, double-blind, multi-country trial to evaluate consistency, Trial start: Complete; primary endpoint met
safety, and reactogenicity of 3 lots of RSVPreF3 OA investigational vaccine
(Adults ≥ 60 years old) administrated as a single dose in adults aged 60 years and above Q4 2021
NCT05059301 Trial end:
Q2 2022
RSV OA=ADJ-017 III A phase III, open-label, randomised, controlled, multi-country trial to Trial start: Complete; has results
evaluate the immune response, safety and reactogenicity of an RSVPreF3 OA
(Adults ≥ 65 years old) investigational vaccine when co-administered with FLU aQIV (inactivated Q4 2022
influenza vaccine - adjuvanted) in adults aged 65 years and above
NCT05568797 Primary data reported:
Q2 2023
RSV OA=ADJ-018 III A phase III, observer-blind, randomised, placebo-controlled trial to evaluate Trial start: Complete; primary endpoint met
the non-inferiority of the immune response and safety of the RSVPreF3 OA
(Adults 50-59 years) investigational vaccine in adults 50-59 years of age, including adults at Q4 2022
increased risk of respiratory syncytial virus lower respiratory tract disease,
NCT05590403 compared to older adults ≥60 years of age Primary data reported:
Q4 2023
Key phase III trials for Arexvy (continued):
RSV OA=ADJ-019 III An open-label, randomised, controlled, multi-country trial to evaluate the Trial start: Complete; primary endpoint met
immune response, safety and reactogenicity of RSVPreF3 OA investigational
(Adults ≥ 60 years old) vaccine when co-administered with PCV20 in adults aged 60 years and older Q2 2023
NCT05879107 Primary data reported: Q1 2025
RSV OA=ADJ-023 IIb A randomised, controlled, open-label trial to evaluate the immune response and Trial start: Active, not recruiting; primary endpoint met
safety of the RSVPreF3 OA investigational vaccine in adults (≥50 years of
(Immunocompromised Adults 50-59 years) age) when administered to lung and renal transplant recipients comparing one Q3 2023
versus two doses and compared to healthy controls (≥50 years of age)
receiving one dose Primary data reported:
NCT05921903 Q4 2024
RSV-OA=ADJ-020 III A study on the safety and immune response of investigational RSV OA vaccine in Trial start: Complete; primary endpoint met
combination with herpes zoster vaccine in healthy adults
(Adults aged >=50 years of age) Q3 2023
NCT05966090 Primary data reported:
Q3 2024
RSV-OA=ADJ-013 III An open-label, randomized, controlled study to evaluate the immune response, Trial start: Complete
safety and reactogenicity of RSVPreF3 OA investigational vaccine when
(Adults aged 50 years and above) co-administered with a COVID-19 mRNA vaccine Q2 2024
NCT06374394
RSV OA=ADJ-025 IIIb An open-label study to evaluate the non-inferiority of the immune response and Trial start: Complete; primary endpoint met
to evaluate the safety of the RSVPreF3 OA investigational vaccine in adults
(Adults, 18-49 years of age, at increased risk for RSV disease and older adult 18-49 years of age at increased risk for Respiratory Syncytial Virus disease, Q2 2024
participants, >=60 YOA) compared to older adults >=60 years of age
Primary data reported:
NCT06389487
Q3 2024
RSV OA=ADJ-021 III A study on the immune response, safety and the occurrence of Respiratory Trial start: Recruiting
Syncytial Virus (RSV)-associated respiratory tract illness after
(Adults aged 60 years and above) administration of RSV OA vaccine in adults 60 years and older in China and Q3 2024
other countries
NCT06551181
bepirovirsen (HBV ASO)
Bepirovirsen, a triple-action antisense oligonucleotide, is a potential new
treatment option for people with chronic hepatitis B (CHB) that has been
granted Fast Track designation by the US FDA and SENKU designation by the
Japanese Ministry of Health, Labour and Welfare in Japan for the treatment of
CHB. 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: Active, not recruiting
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: Active, not recruiting
the efficacy and safety of treatment with bepirovirsen in participants with
chronic hepatitis B virus Q1 2023
NCT05630820
B-United bepirovirsen sequential therapy with daplusiran/tomligisiran in IIb A multi-centre, randomized, partially placebo-controlled, double-blind study Trial start: 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
Blujepa (gepotidacin; bacterial topoisomerase inhibitor)
Blujepa (gepotidacin; bacterial topoisomerase inhibitor) is a first-in-class
oral antibiotic with a novel mechanism of action that is part of GSK's
infectious diseases portfolio approved in the US for the treatment of female
adults and paediatric patients (≥12 years, ≥40 kg) with uncomplicated
urinary tract infections (uUTIs). Regulatory reviews are ongoing in the UK and
Australia. Gepotidacin is also being investigated for the treatment of
uncomplicated urogenital gonorrhoea. Filing for gonorrhoea in the US is
expected to follow later in 2025.
Key phase III trials for gepotidacin:
Trial name (population) Phase Design Timeline Status
EAGLE-1 (uncomplicated urogenital gonorrhoea) III A randomised, multi-centre, open-label trial in adolescent and adult Trial start: Complete;
participants comparing the efficacy and safety of gepotidacin to ceftriaxone
plus azithromycin in the treatment of uncomplicated urogenital gonorrhoea Q4 2019 primary endpoint met
caused by Neisseria gonorrhoeae
NCT04010539
Data reported:
Q1 2024
EAGLE-2 (females with uUTI / acute cystitis) III A randomised, multi-centre, parallel-group, double-blind, double-dummy trial Trial start: Complete; primary endpoint met
in adolescent and adult female participants comparing the efficacy and safety
of gepotidacin to nitrofurantoin in the treatment of uncomplicated urinary Q4 2019
tract infection (acute cystitis)
NCT04020341
Data reported:
Q2 2023
EAGLE-3 (females with uUTI / acute cystitis) III A randomised, multi-centre, parallel-group, double-blind, double-dummy trial Trial start: Complete; primary endpoint met
in adolescent and adult female participants comparing the efficacy and safety
of gepotidacin to nitrofurantoin in the treatment of uncomplicated urinary Q2 2020
tract infection (acute cystitis)
NCT04187144
Data reported:
Q2 2023
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 plans to work with US regulatory authorities to
include the data as part of a filing in H2 2025. 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: Complete;
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
Principal risks and uncertainties
The principal risks and uncertainties affecting the Group for 2025 are those
described under the headings below. These are not listed in order of
significance. In our December 2024 annual risk review, the Audit & Risk
Committee agreed our principal risks for 2025, with consistent ROCC member
ownership and minor risk definition updates. We will now report on a pipeline
delivery principal risk (the risk that we fail or have delays in the delivery
of our pipeline). This risk will continue to be overseen by our well
established R&D governance and the Chief Scientific Officer. This addition
reflects the evolving external reporting regulations and paramount importance
of discovering and developing new medicines and vaccines to the Company.
Additionally for 2025, we agreed three additional risk themes described below
which will be assessed throughout the year: skills and capability planning,
regulatory environment and geopolitical developments. We will continue to
monitor the external landscape and ensure that any new risks are adequately
addressed within our existing risk management governance.
We describe our risk management process on pages 62-63 of our 2024 Annual
Report, along with more detailed information on our risks, including
definitions, trends, potential impact, context and mitigation activities as
set out on pages 307-318 of our 2024 Annual Report.
Other risks, not at the level of principal risk, and opportunities, related to
Environmental, Social, and Governance (ESG), including environmental
sustainability and climate change, are managed through our six focus areas, as
described in our 2024 Responsible Business Performance Report. Additional
information on climate related risk management is in our climate related
financial disclosure on pages 67-76 of our 2024 Annual Report.
2025 Principal Risks
Enterprise Risk Title Definition
Patient safety The risk that GSK, including our third parties, fails to appropriately
collect, assess, follow up, or report human safety information, including
adverse events, from all potential sources or that GSK potentially fails to
appropriately act on any relevant findings that may affect the benefit-risk
profile of a medicine or vaccine in a timely manner.
Product quality The risk that GSK or its third parties potentially fail to ensure appropriate
controls and governance of quality for development and commercial products are
in place; compliance with industry practices and regulations in manufacturing
and distribution activities; and terms of GSK product licenses and supporting
regulatory activities are met.
Financial controls and reporting The risk that GSK fails to comply with current tax laws; fails to report
accurate financial information in compliance with accounting standards and
applicable legislation; or incurs significant losses due to treasury
activities.
Legal matters The risk that GSK or our third parties potentially fail to comply with certain
legal requirements for the development and management of our pipeline, supply
and commercialisation of our products and operation of business, and
specifically in relation to requirements for competition law, anti-bribery and
corruption, fraud, and sanctions. Any failure to meet compliance and legal
standards for these particular areas could lead to increasing scrutiny and
enforcement from government agencies.
Commercial practices The risk that GSK or our third parties facing increased pricing, access and
competitive pressures potentially engage in commercial activities that fail to
comply with laws, regulations, industry codes, and internal controls and
requirements.
Scientific and patient engagement The risk that GSK or our third parties potentially fail to engage externally
to gain insights, educate and communicate on the science of our medicines and
associated disease areas, and provide healthcare and patient support, grants
and donations in a legitimate and transparent manner compliant with laws,
regulations, industry codes and internal controls and requirements.
Data ethics and privacy The risk that GSK or our third parties potentially fail to ethically collect;
use; re-use through artificial intelligence, data analytics or automation;
secure; share and destroy personal information in accordance with laws,
regulations, and internal controls and requirements.
Research practices The risk that GSK or our third parties potentially fail to adequately conduct
ethical and credible pre-clinical and clinical research, collaborate in
research activities compliant with laws, regulations, and internal controls
and requirements.
Environment, health and safety (EHS) The risk that GSK or our third parties potentially fail to ensure appropriate
controls and governance of the organization's assets, facilities,
infrastructure, and business activities, including execution of hazardous
activities, handling of hazardous materials, or release of substances harmful
to the environment that disrupts supply or harms employees, third parties or
the environment.
Information and cyber security The risk that GSK or our third parties fail to ensure appropriate controls and
governance to identify, protect, detect, respond, and recover from cyber
security incidents in accordance with applicable laws, regulations, industry
standards, internal controls, and requirements.
2025 Principal Risks continued
Enterprise Risk Title Definition
Supply continuity The risk that GSK or our third parties potentially fail to deliver a
continuous supply of compliant finished product or respond effectively to a
crisis incident in a timely manner to recover and sustain critical supply
operations.
Pipeline delivery The risk that GSK fails or has delay in the delivery of our pipeline of new
medicines, vaccines or other products.
2025 Emerging/ Additional Risks
Emerging Risk Title Definition, risk impact and context
Skills and capability planning The risk that GSK potentially fails to ensure adequate skills and capability
planning to enable delivery of our strategic priorities, which could impact
GSK's reputation, damage trust between GSK and its employees, and adversely
impact GSK's operations and ability to deliver on its strategy.
Regulatory environment The risk that GSK fails to adapt to changes in the regulatory environment, new
or amended legislation and governmental action in relation to the
pharmaceutical and healthcare industry, which is subject to an increasing
number of extensive governmental laws and regulations, investigations and
legal actions by national and local governmental agencies, in the countries in
which GSK operates.
Changes in the regulatory environment, the introduction of new or amended
legislation, government spending and policies and other actions in relation to
the pharmaceutical and healthcare industry, including changes to regulatory
authorities' timing or requirements for approval or clearance of GSK's
products or rescission of a previous approval, may continue to have an
impact on prices for GSK's products, GSK's ability to introduce products to
the market, adversely impact the availability of and access to GSK's products,
and increase GSK's regulatory burdens and costs, which have adversely affected
and may adversely affect in the future GSK's business, cash flows, results of
operations, financial condition and prospects.
Geopolitical developments The risk that geopolitical and social tensions give rise to restrictive
measures that may negatively impact GSK's operations.
Geopolitical and social tensions, such as changes in government, sovereign
risks, acts of war or aggression or terrorism, have had and could continue to
have a direct and indirect impact on the pharmaceutical industry and GSK's
operations. The introduction of, or threats to introduce, aggressive trade,
monetary and fiscal policies by governments and/or central banks generally in
response to geopolitical and social tensions, or to address market-specific
factors such as inflation, could lead to recessions in the jurisdictions in
which GSK operates and raise the cost-of-living in those markets, resulting in
further pressure on prices for GSK's products and costs. The introduction of
tariffs or other trade restrictions on pharmaceutical products or active
pharmaceutical ingredients could cause an interruption in or disruption to
GSK's supply chain or its ability to produce and deliver its products. Any of
these developments may materially and adversely affect GSK's business, cash
flows, results of operations, financial condition and prospects.
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.
CER and AER growth
In order to illustrate underlying performance, it is the Group's practice to
discuss its results in terms of constant exchange rate (CER) growth. This
represents growth calculated as if the exchange rates used to determine the
results of overseas companies in Sterling had remained unchanged from those
used in the comparative period. CER% represents growth at constant exchange
rates. For those countries which qualify as hyperinflationary as defined by
the criteria set out in IAS 29 'Financial Reporting in Hyperinflationary
Economies' (Argentina and Turkey) CER growth is adjusted using a more
appropriate exchange rate where the impact is significant, reflecting
depreciation of 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.
Free cash flow
Free cash flow is defined as the net cash inflow/outflow from operating
activities less capital expenditure on property, plant and equipment and
intangible assets, contingent consideration payments, net finance costs, and
dividends paid to non-controlling interests, contributions from
non-controlling interests plus proceeds from the sale of property, plant and
equipment and intangible assets, and dividends received from joint ventures
and associates. The measure is used by management as it is considered an
indicator of net cash generated from business activities (excluding any cash
flows arising from equity investments, business acquisitions or disposals and
changes in the level of borrowing) available to pay shareholders dividends and
to fund strategic plans. Free cash flow growth is calculated on a reported
basis. A reconciliation of net cash inflow from operations to free cash flow
from operations is set out on page 40.
Free cash flow conversion
Free cash flow conversion is free cash flow from operations as a percentage of
profit attributable to shareholders.
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.
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 17 and other non-IFRS measures are
defined in pages 57 and 58.
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.
Year to date
Year to date is the six-month period in the year to 30 June 2025 or the same
prior period in 2024 as appropriate.
Brand names and partner acknowledgements: brand names appearing in italics
throughout this document are trademarks of GSK or associated companies or used
under licence by the Group.
Guidance and Outlooks, assumptions and cautionary statements
2025 Guidance
GSK revises its full-year 2025 guidance at constant exchange rates (CER).
GSK expects its turnover to increase towards the top end of the range between
3% to 5% and Core operating profit to increase towards the top end of the
range between 6% to 8%. Core earnings per share is expected to increase
towards the top end of the range between 6% to 8%.
The Core earnings per share guidance includes the implementation of the £2
billion share buyback programme to the end of Q2 2026.
The Group has made planning assumptions that we expect turnover for Specialty
Medicines to increase at a low teens percentage, Vaccines to decrease by a
low-single digit per cent to broadly stable, and General Medicines to be
broadly stable.
2021-2026 and 2031 Outlooks
In February 2025 GSK set out improved outlooks for 2031. Please see 2024 full
year and fourth quarter results on gsk.com
(https://www.gsk.com/media/11776/fy-2024-results-announcement.pdf) (1).
Assumptions and basis of preparation related to 2025 Guidance, 2021-26 and
2031 Outlooks
In outlining the guidance for 2025, 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. GSK notes that the US Administration
has initiated an investigation under Section 232 of the Trade Expansion Act to
determine the effects on national security of imports of pharmaceutical
products. Our guidance is inclusive of tariffs enacted thus far and the
European tariffs indicated this week. We are positioned to respond to the
potential financial impact of tariffs, with mitigation options identified.
Given the uncertain external environment, we will continue to monitor
developments.
2025 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 2025
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
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 2024
average exchange rates as a base (£1/$1.28, £1/€1.18, £1/Yen 193).
(1) https://www.gsk.com/media/11776/fy-2024-results-announcement.pdf
(https://www.gsk.com/media/11776/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, 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' 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 investors 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 Q2 2025
earnings release and in the Group's 2024 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 Item 3.D 'Risk Factors' in the Group's Annual Report on Form
20-F for 2024. 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.
Directors' responsibility statement
The Board of Directors approved this Half-yearly Financial Report on 29 July
2025.
The Directors confirm that to the best of their knowledge the unaudited
condensed financial information has been prepared in accordance with IAS 34 as
contained in UK-adopted International Financial Reporting Standards (IFRS) and
that the interim management report includes a fair review of the information
required by DTR 4.2.7 and DTR 4.2.8.
After making enquiries, the Directors considered it appropriate to adopt the
going concern basis in preparing this Half-yearly Financial Report.
The Directors of GSK plc are as follows:
Sir Jonathan Symonds Chair & Nominations & Corporate Governance Committee Chair
Emma Walmsley Chief Executive Officer (Executive Director)
Julie Brown Chief Financial Officer (Executive Director)
Elizabeth McKee Anderson Independent Non-Executive Director
Charles Bancroft Senior Independent Non-Executive Director, Audit & Risk Committee Chair
Dr Hal Barron Non-Executive Director
Dr Anne Beal Independent Non-Executive Director, Corporate Responsibility Committee Chair
Wendy Becker Independent Non-Executive Director, Remuneration Committee Chair
Dr Harry (Hal) Dietz Independent Non-Executive Director, Science Committee Chair
Dr Jeannie Lee Independent Non-Executive Director
Dr Gavin Screaton Independent Non-Executive Director
Dr Vishal Sikka Independent Non-Executive Director
By order of the Board
Emma Walmsley Julie Brown
Chief Executive Officer Chief Financial Officer
29 July 2025
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
and six months ended 30 June 2025.
The condensed financial information comprises:
• the income statement and statement of comprehensive income for the three and
six month periods ended 30 June 2025 on page 25 and 26;
• the balance sheet as at 30 June 2025 on page 27;
• the statement of changes in equity for the six-month period then ended on page
28;
• the cash flow statement for the six-month period then ended on page 29; and
• the accounting policies and basis of preparation and the explanatory notes to
the condensed financial information on pages 30 to 46 that have been prepared
applying consistent accounting policies to those applied by GSK plc and its
subsidiaries ("the Group") in the Annual Report 2024, 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 and six months ended 30 June 2025 is not prepared, in all
material respects, in accordance with United Kingdom adopted International
Accounting Standard 34 and the Disclosure Guidance and Transparency Rules of
the United Kingdom's Financial Conduct Authority.
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 37, 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 United Kingdom adopted
International Accounting Standard 34, "Interim Financial Reporting".
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
29 July 2025
Glossary
Terms used in the Announcement Brief description
1L First line
2L Second line
ACIP Advisory Committee on Immunization Practices
ADC Antibody-drug-conjugates
ADP Adenosine diphosphate
AMP Average manufacturer price
ASO Antisense oligonucleotide
AS03 Adjuvant system 03
Bnab Broadly neutralising antibody
CCL Contingent consideration liability
CDC Centre for Disease Control and Prevention
CHMP Committee for Medicinal Products for Human Use
CMS Centre for Medicare & Medicaid Services
COPD Chronic obstructive pulmonary disease
CROI Conference on Retroviruses and Opportunistic Infections
CRSwNP Chronic rhinosinusitis with nasal polyps
cUTIs complicated urinary tract infections
DTG Dolutegravir
EGPA Eosinophilic granulomatosis with polyangiitis
ES Extensive stage
ESOP Employee share ownership plan
GIST Gastrointestinal stromal tumours
HBV Hepatitis B virus
HES Hypereosinophilic syndrome
IBATi Ileal bile acid transporter inhibitor
Insti Integrase nuclear strand transfer inhibitors
IRA Inflation Reduction Act
JAK Janus kinase inhibitor
JAK1/JAK2 and ACVR1 once a-day, oral JAK1/JAK2 and activin A receptor type 1 (ACVR1) inhibitor
LA Long acting includes Cabenuva and Apretude
MAPS Multi antigen presenting system
MASH Metabolic dysfunction-associated steatohepatitis
MDS Myelodysplastic Syndromes
MGMT glioblastoma methylated DNA protein cysteine methyltransferase
MMR/V Measles, mumps, rubella and varicella
mRNA messenger ribonucleic acid
OA Older adults
ODAC Oncologic Drugs Advisory Committee
OECD Organisation for Economic Co-operation and Development
Oral 2DR Oral 2 drug regimen includes Dovato and Juluca
PARP a Poly ADP ribose polymerase
PBC Primary biliary cholangitis
PD-1 a programmed death receptor-1 blocking antibody
PDUFA Prescription Drug User Fee Act
PK Pharmacokinetics
ppts percentage points
PYS Peak year sales
Q4M every 4 months
Q6M every 6 months
RCC Refractory chronic cough
RNS Regulatory news service
RSV Respiratory syncytial virus
SCLC small cell lung cancer
SITT Single inhaler triple therapy
SLD Steatotic liver disease
TIGIT T cell immunoreceptor with Ig and ITIM domains
TIM3 T-cell membrane protein-3
TSLP Long-acting anti-thymic stromal lymphopoietin monoclonal
ULA Ultra long acting
uUTIs uncomplicated urinary tract infections
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