REG - GSK PLC - 3rd Quarter Results
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RNS Number : 1902F GSK PLC 29 October 2025
GSK delivers strong Q3 performance and upgrades 2025 guidance
Specialty Medicines, Vaccines and General Medicines drive sales, profit and
earnings growth
• Total Q3 2025 sales £8.5 billion +7% AER; +8% CER
• Specialty Medicines sales £3.4 billion (+16%); Respiratory, Immunology &
Inflammation £1.0 billion (+15%); Oncology £0.5 billion (+39%); HIV sales
£1.9 billion (+12%)
• Vaccines sales £2.7 billion (+2%); Shingrix £0.8 billion (+13%); Meningitis
vaccines £0.5 billion (+5%); and Arexvy £0.3 billion (+36%)
• General Medicines sales £2.5 billion (+4%); Trelegy £0.7 billion (+25%)
• Total operating profit >100% and Total EPS >100% driven by lower
Significant legal expenses, lower CCL charges and higher other operating
income, partly offset by intangible asset impairments
• Core operating profit +11% and Core EPS +14% 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 £2.5 billion with free cash flow of £1.2
billion
(Financial Performance - Q3 2025 results unless otherwise stated, growth % and
commentary at CER as defined on page 50. In Q3 2025 and YTD 2025, the adverse
currency impact on AER versus CER primarily reflected the strengthening of
Sterling against the USD. See page 11 for further details.)
Q3 2025 Year to date
£m % AER % CER £m % AER % CER
Turnover 8,547 7 8 24,049 3 6
Total operating profit 2,593 >100 >100 6,832 >100 >100
Total operating margin % 30.3% 28.0ppts 28.5ppts 28.4% 14.1ppts 14.5ppts
Total EPS 49.9p >100 >100 125.1p >100 >100
Core operating profit 2,985 8 11 8,149 6 9
Core operating margin % 34.9% 0.4ppts 0.9ppts 33.9% 0.7ppts 1.0ppts
Core EPS 55.0p 11 14 146.3p 7 11
Cash generated from operations 2,520 1 6,254 19
Pipeline progress and investment delivering future growth opportunities:
4 major new product approvals achieved so far this year:
• US & EU approvals for Blenrep for multiple myeloma, Penmenvy meningitis
vaccine, Blujepa first-in-class antibiotic treatment for uUTIs and Nucala for
COPD
• US decision on depemokimab (for asthma with type 2 inflammation, nasal polyps)
expected in December 2025
15 scale opportunities with PYS potential >£2 billion now expected to
launch 2025-2031:
• Pivotal trials started/to start by year-end for GSK'227 B7-H3 ADC for ES-SCLC;
efimosfermin for treatment of MASH; depemokimab for COPD; and GSK '981
(IDRx-42) for 2L GIST
• Positive data support filings for tebipenem, potential new antibiotic for
cUTIs; and Low Carbon Ventolin for asthma
Targeted business development further strengthens RI&I and Oncology
pipeline:
• Agreement with Empirico Inc. to acquire first - and potentially best-in-class
- oligonucleotide candidate to treat respiratory diseases
• Licensing agreement with Syndivia for early-stage ADC targeting prostate
cancer
Continued commitment to shareholder returns
• Dividend declared of 16p for Q3 2025; 64p expected for full year 2025
• £1.1 billion spent in YTD 2025 as part of the £2 billion share buyback
programme announced at FY 2024
2025 guidance upgraded
Now expect:
• 2025 turnover growth of between 6% to 7% (previously towards the top end of
the range of between 3% to 5%);
• Core operating profit growth of between 9% to 11% (previously towards the top
end of the range of between 6% to 8%); and
• Core EPS growth of between 10% to 12% (previously towards the top end of the
range of between 6% to 8%)
Guidance all at CER
Emma Walmsley, Chief Executive Officer, GSK:
"GSK's momentum continues with another quarter of strong performance,
supporting upgraded guidance for 2025, and positioning us well for 2026 and
achieving our longer-term growth outlooks. Sales grew in all areas, with
particularly strong performances in Specialty Medicines driven by double-digit
growth in Respiratory Inflammation & Immunology, Oncology and HIV. We have
also continued to make very good progress in R&D with four FDA product
approvals so far this year, including for Blenrep in the US last week, and the
start of pivotal trials and targeted business development to advance 15 scale
pipeline opportunities, all launching before 2031.
This is my final quarter reporting as CEO, and so I would like to thank
everyone who has contributed to the transformation of GSK in the last nine
years. Together, we have delivered a step-change in operating performance, new
prospects for growth and a clear pathway for scale patient impact and
sustained shareholder value. I am delighted to be passing the baton to Luke
and to be leaving all that GSK has to offer in such good hands. I look forward
to cheering him and everyone at GSK to further success."
The Total results are presented in summary above and on page 8 and Core
results reconciliations are presented on pages 20 and 23. 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 50-51: 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 18. 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 52-53. Abbreviations are defined on page 56.
2025 Guidance
GSK upgrades its full-year 2025 guidance at constant exchange rates (CER).
Guidance New 2025 guidance at CER Previous 2025 guidance at CER
Turnover Increase between 6% to 7% Increase towards the top end of the range of between 3% to 5%
Core operating profit Increase between 9% to 11% Increase towards the top end of the range of between 6% to 8%
Core earnings per share Increase between 10% to 12% Increase towards the top end of the range of between 6% to 8%
This guidance is supported by the following revised turnover expectations for
full-year 2025 at CER, with the overall turnover outcome, within the overall
range, dependent on the ongoing challenges for Vaccines in the US.
Turnover expectations New 2025 guidance at CER Previous 2025 guidance at CER
Specialty Medicines Increase at a mid-teens percentage Increase at a low-teens percentage
Vaccines Decrease of low single-digit per cent to broadly stable Decrease of low single-digit per cent to broadly stable
General Medicines Broadly stable Broadly stable
Core operating profit is now expected to grow between 9 to 11 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 now expected to be at £800-850 million, including an IP
settlement agreed in April and royalty income as part of the CureVac/BioNTech
mRNA patent litigation settlement in Q3. R&D continues to be expected to
grow ahead of sales reflecting accelerating investment in the pipeline
including reinvestment of the IP settlement income.
Core earnings per share is now expected to increase between 10 to 12 per cent
at CER, one percent above Core operating profit growth, reflecting the
expected benefit of up to 1% from the share buyback programme and now broadly
stable interest charges partly offset by a higher tax rate which is expected
to rise up to around 17.5%. Expectations for non-controlling interests remain
unchanged relative to 2024.
Tariffs
GSK notes the US Administration's ongoing investigation under Section 232 of
the Trade Expansion Act to determine the effects on national security of
imports of pharmaceutical products. Our full-year guidance is inclusive of
tariffs enacted thus far and indicated potential European tariffs impact of
15%. We are positioned to respond to the potential financial impact of
tariffs, with mitigation options identified. Given the uncertain external
environment, we 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 Q3 2025 of 16p per
share. GSK's future dividend policy and guidance regarding the expected
dividend pay-out in 2025 are provided on page 37.
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 September 2025
($1.34/£1, €1.14/£1 and Yen 199/£1) for the rest of 2025, the estimated
impact on 2025 Sterling turnover growth for GSK would be -3% 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 -5%.
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 GMT (US EDT at 08.00
am) on 29 October 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 Q3 2025 Year to date
£m Growth Growth £m Growth Growth
AER% CER% AER% CER%
HIV 1,944 11 12 5,538 8 10
Respiratory, Immunology & Inflammation 954 13 15 2,721 14 17
Oncology 511 37 39 1,410 41 44
Specialty Medicines 3,409 15 16 9,669 14 16
Shingles 830 12 13 2,550 1 3
Meningitis 541 4 5 1,270 11 14
RSV (Arexvy) 251 34 36 395 (9) (6)
Influenza 216 (24) (22) 223 (26) (24)
Established Vaccines 840 (9) (8) 2,426 (4) (2)
Vaccines 2,678 1 2 6,864 (1) 1
Respiratory 1,702 5 7 5,283 (2) -
Other General Medicines 758 (3) - 2,233 (8) (4)
General Medicines 2,460 3 4 7,516 (4) (1)
Total 8,547 7 8 24,049 3 6
By Region:
US 4,549 5 7 12,416 3 5
Europe 1,878 16 13 5,466 11 11
International 2,120 2 6 6,167 (2) 3
Total 8,547 7 8 24,049 3 6
Financial Performance - Q3 2025 results unless otherwise stated, growth % and
commentary at CER. In Q3 2025 and YTD 2025, the adverse currency impact on AER
versus CER primarily reflected the strengthening of Sterling against the USD.
See page 11 for further details.
Q3 2025 Year to date
£m AER CER £m AER CER
Specialty Medicines 3,409 15% 16% 9,669 14% 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 1,944 11% 12% 5,538 8% 10%
In Q3 2025 HIV sales grew by 12%, driven by strong patient demand growth of
+10ppts with Dovato, Cabenuva and Apretude more than offsetting the decline in
Triumeq following guideline changes at the end of 2024. Long-Acting Medicines
contributed over 75% of total HIV growth in the quarter with Cabenuva
contributing more than 50%. Growth also benefited from favourable pricing due
to channel mix, which offset the impact of the IRA Medicare Part D redesign.
The US grew 17% in the quarter. YTD, HIV sales grew by 10%, driven by +10ppts
of patient demand growth. Long-Acting Medicines contributed over 80% of total
HIV growth YTD with Cabenuva contributing more than 50%.
Oral 2DR 852 17% 18% 2,393 14% 16%
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 £695 million in the quarter and growing 24%.
Long-Acting 477 52% 54% 1,302 45% 48%
Cabenuva, the only complete long-acting injectable regimen for HIV treatment,
reached sales of £357 million in the quarter, growing 48% due to strong
patient demand across US and Europe. Apretude, the first long-acting
injectable option for HIV prevention, delivered sales of £120 million in the
quarter, growing 75% compared to Q3 2024.
Q3 2025 Year to date
£m AER CER £m AER CER
Respiratory, Immunology & Inflammation 954 13% 15% 2,721 14% 17%
Sales continued to grow at a double-digit rate in the quarter and YTD, and
were primarily comprised of contributions from Nucala in respiratory and
Benlysta in immunology.
Nucala 499 12% 14% 1,441 11% 13%
Nucala is an IL-5 antagonist monoclonal antibody treatment for severe asthma,
with additional indications including CRSwNP, EGPA, HES and COPD. Sales growth
in the quarter and YTD was driven by strong performance across all regions,
reflecting higher patient demand for treatments addressing eosinophilic-led
disease. Strong double-digit growth in the Europe and International regions
continued in the quarter and YTD. US sales in the quarter and YTD grew at
positive single digit percentages, with volume increases driven by higher
patient demand and the recent launch in COPD, partially offset by ongoing
pricing pressures, including the impact of IRA Medicare Part D redesign.
Benlysta 447 15% 17% 1,257 18% 21%
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.
Oncology 511 37% 39% 1,410 41% 44%
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. Blenrep, a treatment
in relapsed/refractory multiple myeloma, achieved YTD sales of £4m following
launch and associated inventory build in the UK in Q2 2025, and from further
initial commercial introductions in some smaller markets in Q3 2025.
Jemperli 230 77% 79% 600 89% 93%
Sales of Jemperli grew strongly in the quarter and YTD, driven largely by
continued volume growth following Q3 2024 FDA approval and Q1 2025 EMA
approval expanding the indication to include all adult patients with primary
advanced or recurrent endometrial cancer. Strong growth continues in the US
from high patient uptake, with the Europe and International regions
increasingly contributing to sales and growth, with Jemperli now available in
over 35 countries worldwide.
Zejula 137 (5%) (4%) 419 (7%) (5%)
Sales of Zejula, a PARP inhibitor treatment for ovarian cancer, reduced in the
quarter and YTD. In the US, mid-single digit sales growth in the quarter was
driven largely by favourable inventory movements and positive channel mix
pricing impacts, however sales decreased YTD driven by ongoing volume
reductions, including impacts of an FDA labelling update restricting use to
certain patient populations, and unfavourable pricing including the impacts of
IRA Medicare Part D redesign. The Europe and International regions continued
to decline in the quarter and YTD, largely driven by reduced volumes from
increased competition.
Ojjaara/Omjjara 146 49% 51% 396 69% 72%
Sales of Ojjaara/Omjjara, a treatment for myelofibrosis patients with anaemia,
grew strongly in the quarter and YTD. US sales grew driven by volume with
continued increases in patient uptake. Sales and growth contributions from
Europe and International continued to increase following high patient uptake,
and from commercial launches in 2025 across the regions including in France,
Spain Italy, Australia and Canada. Ojjaara/Omjjara is now available in over 30
countries worldwide.
Q3 2025 Year to date
£m AER CER £m AER CER
Vaccines 2,678 1% 2% 6,864 (1%) 1%
Vaccines sales increased in the quarter primarily driven by strong ex-US
demand for Shingrix and Arexvy, partly offset by lower Established and
Influenza vaccines sales. YTD sales growth was moderated by lower demand for
Arexvy in the US and lower Shingrix sales in China.
Shingles 830 12% 13% 2,550 1% 3%
Shingrix growth was driven primarily by increased demand in Europe partly
offset by lower sales in the US. Q3 2025 growth also benefitted from strong
performance in International.
In Europe, Shingrix sales grew at 48% driven by continuous strong uptake from
the launch in France together with higher market demand and expanded public
funding across several countries.
Sales of Shingrix in International increased by 21% reflecting accelerated
demand in Japan following expanded public funding from April 2025 partially
offset by a strong 2024 comparator including rapid uptake from the national
immunisation programme (NIP) in Australia. YTD sales reflected phasing of
lower H1 2025 deliveries to our co-promotion partner in China.
US sales decreased by 15% due to the continuing slowdown in the pace of
penetration of harder-to-activate unvaccinated consumers. The US cumulative
immunisation rate reached 43%, up 4 percentage points compared to 12 months
earlier(1).
Shingrix is now launched in 60 countries, with markets outside the US
representing 66% of YTD 2025 global sales (YTD 2024: 57%). The overwhelming
majority of ex-US Shingrix opportunity is concentrated in 10 markets where the
average immunisation rate is around 10% with significantly higher uptake in
funded cohorts.
Meningitis 541 4% 5% 1,270 11% 14%
Strong performance of our Meningitis vaccines was led by Bexsero, a vaccine
against meningitis B, and also included initial sales from the US launch of
Penmenvy, a pentavalent vaccine against meningitis A, B, C, W and Y.
Bexsero grew primarily in Europe driven by continued uptake following
recommendation and reimbursement in Germany together with expanded cohort
recommendations in France. Sales were also up in International due to higher
demand and geographic expansion.
RSV 251 34% 36% 395 (9%) (6%)
Arexvy sales increased in the quarter but decreased YTD. Q3 2025 growth was
driven by Europe and International related to recommendation and reimbursement
in Germany and tender deliveries in Canada and Spain. While YTD Arexvy
maintained the US market leading position in the older adult setting, in the
quarter US sales decreased reflecting lower pre-season channel inventory build
and slower market uptake partly offset by favourable returns provision
adjustments. YTD sales also reflected lower US H1 2025 demand, which was
impacted by a more limited ACIP recommendation for adults aged 60-74 since
June 2024.
Arexvy is approved in 67 markets globally, 20 countries have national RSV
vaccination recommendations for older adults and 9, including the US, have
reimbursement programmes for Arexvy in place at the quarter end.
Influenza 216 (24%) (22%) 223 (26%) (24%)
Influenza vaccines sales declined mainly in the US driven by competitive
pressure.
Established Vaccines 840 (9%) (8%) 2,426 (4%) (2%)
Established Vaccines sales decreased in the quarter as a result of the impact
of divested brands, lower sales for Cervarix and Synflorix and unfavourable US
CDC stockpile movements for Boostrix partly offset by higher demand for MMRV
vaccines, including a one-off sale of bulk antigen. The YTD decline is also
driven by 2024 sales of AS03 adjuvant partially offset by favourable CDC
stockpile movements for Infanrix/Pediarix.
(1) Based on data from IQVIA up until the end of Q2 2025
Q3 2025 Year to date
£m AER CER £m AER CER
General Medicines 2,460 3% 4% 7,516 (4%) (1%)
Sales include contributions from both the Respiratory portfolio, including
Trelegy, and the Other General Medicine portfolio. Sales grew in the quarter,
broadly stable on a YTD basis, with growth in Trelegy partially offset in the
quarter, and was more than offset YTD, by reductions in other respiratory and
Other General Medicine product sales.
Respiratory 1,702 5% 7% 5,283 (2%) -%
Sales grew in the quarter, with an increased growth in Trelegy of 25%
partially offset by decreases in other respiratory products, particularly in
European and International regions, as a result of continued generic erosion
and competitive pressures. YTD sales were broadly stable as Trelegy growth was
fully offset by declines in other respiratory products.
Trelegy 736 23% 25% 2,246 10% 13%
Trelegy sales continued to grow in the quarter and YTD, with strong volume
growth continued across all regions reflecting patient demand, SITT class
growth, and increased market share. Growth in the quarter increased due to
positive US pricing impacts, where favourable channel mix pricing adjustments
contributed 10ppts of global growth, more than offsetting ongoing channel
pricing pressures, including the impact of IRA Medicare Part D redesign.
Other General Medicines 758 (3%) -% 2,233 (8%) (4%)
Other General Medicines sales were broadly stable in the quarter and decreased
YTD, reflecting the impacts of generic competition across the portfolio.
By Region
Q3 2025 Year to date
£m AER CER £m AER CER
US 4,549 5% 7% 12,416 3% 5%
Specialty Medicines double-digit sales growth in the quarter and YTD was
driven by strong double-digit growth in Oncology, HIV and Benlysta, driven
largely by patient demand. Sales of Nucala grew single digit in the quarter
and YTD, where growth from continued volume increases resulting from higher
patient demand, including impacts from the recent launch in COPD, were
partially offset by continued pricing pressures, including the impact of IRA
Medicare Part D redesign.
Vaccines sales decreased in the quarter and YTD due to competitive pressure
for Influenza vaccines, lower demand for Shingrix and lower pre-season channel
inventory build together with slower market uptake for Arexvy. In addition in
the quarter there were unfavourable CDC stockpile movements in Established
vaccines. YTD Established vaccine sales benefitted from favourable CDC
stockpile movements for Infanrix/Pediarix and higher demand for MMR vaccines
related to measles outbreaks.
General Medicines sales increased double-digit in the quarter, driven by
strong Trelegy sales with volume increases and positive pricing impacts as
well as favourable channel mix pricing adjustments more than offsetting
ongoing channel pricing pressures, including the impact of IRA Medicare Part D
redesign. Growth in Trelegy was partially offset by reductions in other
products across the other respiratory and Other General Medicine portfolios.
YTD sales were broadly stable as Trelegy growth was offset by other reductions
across the General Medicine portfolio.
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 1,878 16% 13% 5,466 11% 11%
Specialty Medicines sales grew low double-digit in the quarter and YTD due to
continued strong performance in Oncology, Benlysta and Nucala including the
benefit from new indication launches. HIV sales grew low single-digit in the
quarter and YTD.
Vaccines sales grew double digit driven by Shingrix launch uptake in France
together with higher market demand and expanded public funding 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 2,120 2% 6% 6,167 (2%) 3%
Specialty Medicines double-digit sales growth in the quarter and YTD was
driven by Nucala in respiratory, Benlysta in immunology, and Oncology. HIV
sales grew single-digit in the quarter and YTD.
Vaccines sales grew in the quarter driven by accelerated Shingrix demand in
Japan and Arexvy tender supply in Canada partly offset by lower Established
vaccines sales. YTD vaccines sales decreased reflecting lower deliveries to
our co-promotion partner in China and a stronger 2024 comparator in Australia
for Shingrix together with sales of AS03 adjuvant in H1 2024.
General Medicines sales increased low single digit in the quarter, but
decreased low single digit YTD. Performance reflected double-digit growth for
Trelegy and growth in Anoro being offset by decreases across other general
medicine products.
Financial performance
Total Results Q3 2025 Year to date
£m % AER % CER £m % AER % CER
Turnover 8,547 7 8 24,049 3 6
Cost of sales (2,258) (6) (6) (6,360) (2) (1)
Selling, general and administration (2,239) (41) (41) (6,449) (23) (20)
Research and development (1,689) 16 16 (5,175) 18 20
Royalty income 208 24 23 634 37 37
Other operating income/(expense) 24 133
Operating profit 2,593 >100 >100 6,832 >100 >100
Net finance expense (141) 14 14 (383) (6) (5)
Share of after tax profit/(loss) of associates and joint ventures 4 2
Profit before taxation 2,456 >100 >100 6,451 >100 >100
Taxation (312) (889)
Tax rate % 12.7% 13.8%
Profit after taxation 2,144 >100 >100 5,562 >100 >100
Profit attributable to non-controlling interests 131 482
Profit/(loss) attributable to shareholders 2,013 5,080
2,144 >100 >100 5,562 >100 >100
Earnings per share 49.9p >100 >100 125.1p >100 >100
Financial Performance - Q3 2025 results unless otherwise stated, growth % and
commentary at CER. In Q3 2025 and YTD 2025, the adverse currency impact on AER
versus CER primarily reflected the strengthening of Sterling against the USD.
See page 11 for further details.
Core results
Reconciliations between Total results and Core results Q3 2025, Q3 2024, YTD
2025 and YTD 2024 are set out on pages 20, 21, 23 and 24.
Q3 2025 Year to date
£m % AER % CER £m % AER % CER
Turnover 8,547 7 8 24,049 3 6
Cost of sales (2,059) 7 7 (5,771) 4 5
Selling, general and administration (2,159) 4 5 (6,312) 1 4
Research and development (1,552) 9 10 (4,451) 6 8
Royalty income 208 24 23 634 37 37
Core operating profit 2,985 8 11 8,149 6 9
Core profit before taxation 2,848 8 11 7,784 6 10
Taxation (455) (1) 2 (1,328) 3 7
Tax rate % 16.0% 17.1%
Core profit after taxation 2,393 10 13 6,456 7 11
Core profit attributable to non-controlling interests 176 513
Core profit attributable to shareholders 2,217 5,943
2,393 10 13 6,456 7 11
Core Earnings per share 55.0p 11 14 146.3p 7 11
Q3 2025 Year to date
£m AER CER £m AER CER
Cost of sales Total 2,258 (6%) (6%) 6,360 (2%) (1%)
% of sales 26.4% (3.5%) (3.9%) 26.4% (1.5%) (1.9%)
Core 2,059 7% 7% 5,771 4% 5%
% of sales 24.1% 0.1% (0.2%) 24.0% 0.2% (0.2%)
Total cost of sales as a percentage of sales decreased in the quarter and year
to date primarily driven by additional amortisation in Q3 2024 for Zejula and
Jemperli, as well as 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 stable, with favourable mix benefits from growth in Specialty
Medicines and regional mix driven by US and Europe sales, as well as
operational efficiencies, being offset by inventory provision movements
compared to 2024. The year to date also included pricing impacts with an
adverse comparison to higher price benefits in the comparator period, as well
as supply chain optimisation charges.
Q3 2025 Year to date
£m AER CER £m AER CER
Selling, general & administration Total 2,239 (41%) (41%) 6,449 (23%) (20%)
% of sales 26.2% (21.2%) (21.3%) 26.8% (9.1%) (8.9%)
Core 2,159 4% 5% 6,312 1% 4%
% of sales 25.3% (0.6%) (0.7%) 26.2% (0.7%) (0.5%)
Total SG&A as a percentage of sales decreased in the quarter and year to
date driven by lower Significant legal expenses due to the Q3 2024 charge of
£1.8 billion ($2.3 billion) in relation to Zantac.
Core SG&A growth in the quarter and year to date reflected continued
disciplined investment to support new asset launches, including Blenrep,
Penmenvy, depemokimab and Blujepa, as well as 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 included a
one percentage point impact driven by the Q1 2024 reversal of the legal
provision related to the Zejula royalty dispute, following a successful
appeal.
Q3 2025 Year to date
£m AER CER £m AER CER
Research & development Total 1,689 16% 16% 5,175 18% 20%
% of sales 19.8% 1.6% 1.4% 21.5% 2.7% 2.5%
Core 1,552 9% 10% 4,451 6% 8%
% of sales 18.2% 0.3% 0.3% 18.5% 0.4% 0.3%
Total R&D growth in the quarter and year to date was driven by an increase
in Core R&D expense, as well as higher impairment charges. The year to
date included an impairment charge of £471 million related to the termination
of the belrestotug development programme (anti-TIGIT mAb) in Q2 2025.
Core R&D investment increased reflecting progression across the portfolio.
In Oncology, this included acceleration in work on ADCs and studies into
Blenrep (1L), as well as IDRX-42, the GIST treatment acquired in Q1 2025. In
Specialty Medicines, increased investment was driven by efimosfermin acquired
from Boston Pharmaceuticals in Q3 2025, and progression of ULA treatment and
PrEP programmes, notably Q4M and Q6M. Year to date growth was partly offset by
lower spend on depemokimab following filing in Q4 2024.
Investment also increased on clinical trial programmes associated with the
pneumococcal MAPS and mRNA seasonal flu.
Q3 2025 Year to date
£m AER CER £m AER CER
Royalty income Total 208 24% 23% 634 37% 37%
Core 208 24% 23% 634 37% 37%
The increase in Total and Core royalty income in Q3 2025 and the year to date
was primarily driven by Kesimpta(1), Abrysvo(2) and Comirnaty(3) royalties.
The year to date included historic royalties recognised in association with
the settlement of an IP dispute.
(1) Kesimpta is manufactured by and a trademark of Novartis AG (2) Abrysvo is
manufactured by and a trademark of Pfizer Inc. (3) Comirnaty is manufactured
by and a trademark of BioNTech and Pfizer Inc.
Q3 2025 Year to date
£m AER CER £m AER CER
Other operating income/(expense) Total 24 >100% >100% 133 >100% >100%
In Q3 2025 other operating income included a charge of £280 million (Q3 2024:
£359 million) arising from the remeasurement of contingent consideration
liabilities (CCL) and the liabilities for the Pfizer, Inc. (Pfizer) put
option. The charge in the current quarter primarily reflected exchange
movements and discount unwind. See page 22 for further details. Other net
operating income at £304 million (Q3 2024: £24 million) was driven by the
£268 million ($370 million) settlement from CureVac in connection with the
mRNA patent settlement, as well as fair value movements on equity investments
and other net income.
The year to date other operating income reflected a charge of £193 million
(YTD 2024: £1,422 million) arising from the remeasurement of CCLs and the
liabilities for the Pfizer put option, primarily reflecting discount unwind as
well as updated sales forecasts partly offset by favourable foreign currency
movements. See page 25 for further details. Other net operating income at
£326m (YTD 2024: £236 million) includes the £268 million ($370 million)
settlement from CureVac as well as fair value movements on equity investments
and other net income.
Q3 2025 Year to date
£m AER CER £m AER CER
Operating profit Total 2,593 >100% >100% 6,832 >100% >100%
% of sales 30.3% 28.0% 28.5% 28.4% 14.1% 14.5%
Core 2,985 8% 11% 8,149 6% 9%
% of sales 34.9% 0.4% 0.9% 33.9% 0.7% 1.0%
Total operating profit margin was higher in the quarter and year to date
mainly due to the £1.8 billion charge for the Zantac settlement in Q3 2024,
as well as higher other net operating income and lower CCL charges, partly
offset by higher impairment charges.
Core operating profit growth in the quarter and year to date primarily
reflected higher turnover, favourable product mix and royalty income including
from IP settlements. 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.
Q3 2025 Year to date
£m AER CER £m AER CER
Net finance expense Total 141 14% 14% 383 (6%) (5%)
Core 132 16% 16% 358 (9%) (8%)
The increase in net finance costs in Q3 2025 was mainly driven by higher
interest expense on debt. The decrease in the year to date was mainly driven
by higher interest income on favourable cash positions, favourable interest on
tax, higher swap interest and favourable movements on derivatives fair value,
partly offset by higher interest expense on debt.
Q3 2025 Year to date
£m AER CER £m AER CER
Taxation Total 312 >100% >100% 889 92% >100%
Tax rate % 12.7% 13.8%
Core 455 (1%) 2% 1,328 3% 7%
Tax rate % 16.0% 17.1%
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.
Q3 2025 Year to date
£m AER CER £m AER CER
Non-controlling interests ("NCIs") Total 131 7% 11% 482 67% 73%
Core 176 12% 15% 513 7% 10%
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
lower remeasurement loss on the CCL compared to the comparator periods
impacting Total NCIs in the year to date.
Q3 2025 Year to date
£p AER CER £p AER CER
Earnings per share Total 49.9p >100% >100% 125.1p >100% >100%
Core 55.0p 11% 14% 146.3p 7% 11%
The increase in the Q3 2025 and year to date Total EPS was primarily driven by
lower Significant legal charges, higher other net operating income and lower
CCL charges, 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 and the share buyback, as well
as lower net finance costs in the year to date, partly offset by higher
non-controlling interests.
Currency impact on results
The results for Q3 2025 are based on average exchange rates, principally
$1.33/£1, €1.16/£1 and Yen198/£1. The period-end exchange rates were
$1.34/£1, €1.14/£1 and Yen199/£1. Comparative exchange rates are given on
page 38.
Q3 2025 Year to date
£m/£p AER CER £m/£p AER CER
Turnover 8,547 7% 8% 24,049 3% 6%
Earnings per share Total 49.9p >100% >100% 125.1p >100% >100%
Core 55.0p 11% 14% 146.3p 7% 11%
In Q3 2025 and year to date, the adverse currency impact primarily reflected
the strengthening of Sterling against US Dollar as well as emerging market
currencies, partly offset in the quarter by strengthening of the Euro.
Exchange gains on the settlement of intercompany transactions resulted in a
minimal impact from currency on Core EPS in the quarter and a favourable one
percentage point in the year to date. There was minimal impact on Total EPS.
Cash generation
Cash flow
Q3 2025 Q3 2024 9 months 2025 9 months 2024
£m £m £m £m
Cash generated from operations (£m) 2,520 2,499 6,254 5,275
Total net cash inflow/(outflow) from operating activities (£m) 2,222 2,154 5,463 4,225
Free cash inflow/(outflow)* (£m) 1,246 1,322 3,069 1,939
Free cash flow growth (%) (6%) (20%) 58% 48%
Free cash flow conversion* (%) 62% >100% 60% 90%
Total net debt** (£m) 14,444 12,847 14,444 12,847
* Free cash flow and free cash flow conversion are defined on page 50. Free cash
flow is analysed on page 41.
** Net debt is analysed on page 41.
Q3 2025
Cash generated from operations for the quarter was £2,520 million (Q3 2024:
£2,499 million). The increase primarily reflected higher Core operating
profit and the cash settlement from CureVac as well as lower inventory build,
partly offset by £565 million Zantac settlement payments.
Total contingent consideration cash payments in the quarter were
£326 million (Q3 2024: £309 million). £321 million (Q3 2024:
£305 million) of these were recognised in cash flows from operating
activities, including cash payments made to Shionogi & Co. Ltd (Shionogi)
of £306 million (Q3 2024: £295 million).
Free cash inflow was £1,246 million for the quarter (Q3 2024:
£1,322 million). The decrease was primarily driven by higher capital
expenditure on intangible assets and lower proceeds from the sale of
intangible assets, partly offset by lower taxation payments and higher cash
generated from operations.
9 months 2025
Cash generated from operating activities was £6,254 million (9 months 2024:
£5,275 million). The increase reflected higher Core operating profit,
favourable timing and movements on returns and rebates, including the impact
of the removal of the AMP cap in H1 2024, and the cash settlement from CureVac
as well as lower inventory build. The increase was partly offset by an adverse
movement in receivables driven by higher Arexvy and Shingrix collections in Q1
2024, as well as £688 million Zantac settlement payments.
Total contingent consideration cash payments in 9 months 2025 were
£1,000 million (9 months 2024: £935 million). £989 million (9 months
2024: £924 million) of these were recognised in cash flows from operating
activities, including cash payments made to Shionogi & Co. Ltd (Shionogi)
of £956 million (9 months 2024: £900 million).
Free cash inflow was £3,069 million for 9 months 2025 (9 months 2024: £1,939
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 and lower proceeds from the sale of
intangible assets.
Total Net debt
At 30 September 2025, net debt was £14,444 million, compared with £13,095
million at 31 December 2024, comprising gross debt of £17,750 million and
cash and liquid investments of £3,306 million. See net debt information on
page 41.
Net debt increased by £1,349 million primarily due to the net acquisition
costs of IDRx, Inc. (IDRx), BP Asset IX, Inc. to access efimosfermin, and
Cellphenomics GmbH totalling £1,655 million, dividends paid to shareholders
of £1,918 million, and shares purchased as part of the share buyback
programme of £1,125 million. This was partly offset by free cash inflow of
£3,069 million and exchange gain on net debt of £241 million.
At 30 September 2025, GSK had short-term borrowings (including overdrafts and
lease liabilities) repayable within 12 months of £2,856 million and £744
million repayable in the subsequent year.
Contents
Page
Q3 2025 pipeline highlights 14
Responsible business 16
Total and Core results 18
Income statement 26
Statement of comprehensive income 27
Balance sheet 28
Statement of changes in equity 29
Cash flow statement 30
Sales tables 31
Segment information 34
Legal matters 36
Returns to shareholders 37
Additional information 38
R&D commentary 42
Reporting definitions 50
Guidance and outlooks, assumptions and cautionary statements 52
Independent Auditor's review report to GSK plc 54
Glossary of terms 56
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
Q3 2025 pipeline highlights (since 30 July 2025)
Medicine/vaccine Trial (indication, presentation) Event
Regulatory approvals or other regulatory actions Blenrep DREAMM-7 (3L+ multiple myeloma) Regulatory approval (US)
Shingrix Shingles, adults aged 18+ years at increased risk Regulatory approval (CN)
Shingrix Shingles, liquid formulation Positive CHMP Opinion (EU)
Regulatory submissions or acceptances gepotidacin EAGLE-1 (urogenital gonorrhoea) Regulatory acceptance with Priority Review (US)
Phase III data readouts or other significant events latozinemab INFRONT-3 (frontotemporal dementia) Phase III data readout*
Ventolin Low carbon MDI (asthma) Positive phase III data readout
Bexsero Meningococcal B (infants) Positive phase IIIb data readout (US)
Zejula glioblastoma Orphan Drug Designation (US)
*latozinemab did not show benefit on the clinical co-primary endpoint of
FTD-GRN progression (disclosed 21 October 2025; FTD-GRN: frontotemporal
dementia due to a mutation in the progranulin gene)
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
linerixibat GLISTEN (cholestatic pruritus in primary biliary cholangitis) Regulatory submission (CN)
Ventolin Low carbon MDI (asthma) Regulatory submission (EU)
Arexvy RSV, adults aged 18+ immunocompromised Regulatory submission
(US, EU, JP)
Shingrix Shingles, liquid formulation Regulatory decision (EU)
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)
linerixibat GLISTEN (cholestatic pruritus in primary biliary cholangitis) Regulatory submission (JP)
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 Phase III readout (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
linerixibat GLISTEN (cholestatic pruritus in primary biliary cholangitis) Regulatory decision (EU)
Ventolin Low carbon MDI (asthma) Regulatory decision (EU)
Jemperli AZUR-1 (rectal cancer) Phase II (pivotal) data readout
Blenrep DREAMM-8 (2L + multiple myeloma) Regulatory submission (CN)
cabotegravir Q4M PrEP (HIV) Phase II (pivotal) data readout
cabotegravir Q4M PrEP (HIV) Regulatory submission (US)
Arexvy RSV, adults aged 18+ immunocompromised Regulatory decision (US, EU, JP)
bepirovirsen B-WELL 1/2 (hepatitis B virus) Regulatory decision (US, JP)
Bexsero Meningococcal B (infants) Regulatory decision (US)
tebipenem pivoxil PIVOT-PO (complicated urinary tract infection) Regulatory decision (US)
Refer to pages 42 to 49 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 Q2 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 Q2 2025:
• In September, the Ministry of Health in Peru adopted single-dose tafenoquine
and related blood testing into its National Treatment Guidelines for adults
with relapsing vivax malaria. Peru is now the third country worldwide,
following Brazil and Thailand, to expand its antimalarial toolkit with
tafenoquine. More information can be found here
(https://www.mmv.org/newsroom/news-resources-search/peru-adopts-single-dose-tafenoquine-g6pd-testing-national-guidelines)
(2).
• 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 Q2 2025:
• In August, GSK announced its scientists will join forces with leading
infectious diseases teams from the University of Dundee and the University of
Exeter to discover new treatments for fungal diseases, addressing a critical
unmet need highlighted by the World Health Organization. This five-year
project, supported by Wellcome with a research grant of £17.9 million, seeks
to identify new antifungal treatments, with an initial focus on Cryptococcus
neoformans, a deadly fungus causing meningitis, and Candida auris, which is
thought to be the first human pathogenic fungus to have emerged as a result of
climate change. By identifying new antifungal treatment options, the research
also aims to help address the burden of antimicrobial resistance and
contribute to long-term health security. More information can be found here
(https://www.linkedin.com/posts/gsk_facts-about-cryptococcal-meningitis-activity-7351173774827757568-PjAz?utm_source=share&utm_medium=member_desktop&rcm=ACoAAANan98BXKzcNRNQatoSpSDzqglXItiBpVg)
(3).
• The European Medicines Agency (EMA) granted orphan drug designation to AlpE -
the combination of alpibectir and ethionamide - for the treatment of
tuberculosis (TB). Alpibectir was identified in a successful public-private
collaboration with GSK, the Pasteur Institute of Lille and the University of
Lille and is currently being studied in combination with first line TB drugs.
The EMA orphan designation marks a significant step forward in GSK's mission
to tackle drug-resistant TB and improve outcomes for patients worldwide. This
achievement reflects the strength of GSK's collaboration with BioVersys and
the broader UNITE4TB consortium, and underscores GSK's dedication to advancing
global health through science and partnership. More information can be found
here
(https://ir.bioversys.com/news/bioversys-receives-ema-orphan-designation-for-the-combination-of-alpibectir-and-ethionamide-for-the-treatment/5245c5c1-de2b-485e-a6a3-1cff577baea4)
(4).
• 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 Q2 2025:
• In September, GSK's science-based targets for Land were independently
validated using the Science Based Targets Network (SBTN) guidance, making GSK
one of the first companies to have validated targets for Land and Freshwater.
These targets focus on locations across its value chain where nature is
particularly under pressure, including how GSK sources the raw materials
needed to manufacture the medicines and vaccines that patients rely on. More
information can be found here
(https://sciencebasedtargetsnetwork.org/news/news/climate-week-nyc-leading-companies-step-up-for-nature/)
(5).
• In October, GSK announced positive pivotal phase III data for its
next-generation low carbon version of Ventolin (salbutamol) metered dose
inhaler. Data confirm therapeutic equivalence and comparable safety profile
for Ventolin (salbutamol) containing innovative low carbon propellant. If
approved, this next-generation low carbon salbutamol has the potential to
reduce greenhouse gas emissions by 92% per inhaler compared to the current
version. GSK will proceed with regulatory submissions, with launch expected in
some markets in 2026. More information can be found here
(https://www.gsk.com/en-gb/media/press-releases/gsk-announces-positive-pivotal-phase-iii-data-for-next-generation-low-carbon-version-of-ventolin-salbutamol-metered-dose-inhaler/)
(6).
• 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(7).
Current Previous
External benchmark score/ranking score/ranking Comments
Access to Medicines Index 3.72 4.06 Second in the Index, updated bi-annually, current results from November 2024.
Score ranging from 0 to 5
Antimicrobial resistance benchmark 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 13.7 14.8 1st percentile in pharma subindustry group; lower score represents lower risk.
Current score as at October 2025
MSCI AA AA Last rating action date: 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://www.mmv.org/newsroom/news-resources-search/peru-adopts-single-dose-tafenoquine-g6pd-testing-national-guidelines
(https://www.mmv.org/newsroom/news-resources-search/peru-adopts-single-dose-tafenoquine-g6pd-testing-national-guidelines)
(3)
https://www.linkedin.com/posts/gsk_facts-about-cryptococcal-meningitis-activity-7351173774827757568-PjAz?utm_source=share&utm_medium=member_desktop&rcm=ACoAAANan98BXKzcNRNQatoSpSDzqglXItiBpVg
(https://www.linkedin.com/posts/gsk_facts-about-cryptococcal-meningitis-activity-7351173774827757568-PjAz?utm_source=share&utm_medium=member_desktop&rcm=ACoAAANan98BXKzcNRNQatoSpSDzqglXItiBpVg)
(4) BioVersys receives EMA Orphan Designation for the combination of
alpibectir and ethionamide for the treatment of tuberculosis | BioVersys
(https://ir.bioversys.com/news/bioversys-receives-ema-orphan-designation-for-the-combination-of-alpibectir-and-ethionamide-for-the-treatment/5245c5c1-de2b-485e-a6a3-1cff577baea4)
(5)
https://sciencebasedtargetsnetwork.org/news/news/climate-week-nyc-leading-companies-step-up-for-nature/
(https://sciencebasedtargetsnetwork.org/news/news/climate-week-nyc-leading-companies-step-up-for-nature/)
(6)
https://www.gsk.com/en-gb/media/press-releases/gsk-announces-positive-pivotal-phase-iii-data-for-next-generation-low-carbon-version-of-ventolin-salbutamol-metered-dose-inhaler/
(https://www.gsk.com/en-gb/media/press-releases/gsk-announces-positive-pivotal-phase-iii-data-for-next-generation-low-carbon-version-of-ventolin-salbutamol-metered-dose-inhaler/)
(7) 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 on which ratings
are included 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 50 and 51.
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 charges and expenses,
major restructuring costs and transaction items) they should not be regarded
as a complete picture of the Group's financial performance, which is presented
in Total results. The exclusion of other Adjusting items may result in Core
earnings being materially higher or lower than Total earnings. In particular,
when significant impairments, restructuring charges and legal costs are
excluded, Core earnings will be higher than Total earnings.
GSK has undertaken a number of Major restructuring programmes in response to
significant changes in the Group's trading environment or overall strategy or
following material acquisitions. Within the Pharmaceuticals sector, the highly
regulated manufacturing operations and supply chains and long lifecycle of the
business mean that restructuring programmes, particularly those that involve
the rationalisation or closure of manufacturing or R&D sites are likely to
take several years to complete. Costs, both cash and non-cash, of these
programmes are provided for as individual elements are approved and meet the
accounting recognition criteria. As a result, charges may be incurred over a
number of years following the initiation of a Major restructuring programme.
Significant legal charges and expenses are those arising from the settlement
of litigation or government investigations that are not in the normal course
and materially larger than more regularly occurring individual matters. They
also include certain major legacy matters.
Reconciliations between Total and Core results, providing further information
on the key Adjusting items, are set out on pages 20 and 23.
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 nine
months ended 30 September 2025 were £956 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 Q3 2025 and Q3
2024 are set out below.
Three months ended 30 September 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 8,547 8,547
Cost of sales (2,258) 175 19 5 (2,059)
Gross profit 6,289 175 19 5 6,488
Selling, general and administration (2,239) 38 39 3 (2,159)
Research and development (1,689) 23 112 2 (1,552)
Royalty income 208 208
Other operating income/(expense) 24 (1) 280 (303) -
Operating profit 2,593 198 112 58 319 (295) 2,985
Net finance expense (141) 9 (132)
Share of after tax profit/(loss) of associates and joint ventures 4 (9) (5)
Profit before taxation 2,456 198 112 58 319 (295) 2,848
Taxation (312) (29) (28) (14) (76) 4 (455)
Tax rate % 12.7% 16.0%
Profit after taxation 2,144 169 84 44 243 (291) 2,393
Profit attributable to non-controlling interests 131 45 176
Profit/(loss) attributable to shareholders 2,013 169 84 44 198 (291) 2,217
2,144 169 84 44 243 (291) 2,393
Earnings per share 49.9p 4.2p 2.1p 1.1p 4.9p (7.2p) 55.0p
Weighted average number of shares (millions) 4,034 4,034
Three months ended 30 September 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 8,012 8,012
Cost of sales (2,397) 402 67 2 5 (1,921)
Gross profit 5,615 402 67 2 5 6,091
Selling, general and administration (3,800) 33 1,697 (2,070)
Research and development (1,459) 13 17 1 (1,428)
Royalty income 168 168
Other operating income/(expense) (335) (1) 359 (23) -
Operating profit 189 415 17 100 361 1,679 2,761
Net finance expense (124) 1 9 (114)
Share of after tax profit/(loss) of associates and joint ventures (1) (1)
Profit before taxation 64 415 17 101 361 1,688 2,646
Taxation 1 (88) (3) (22) (103) (246) (461)
Tax rate % (1.6%) 17.4%
Profit after taxation 65 327 14 79 258 1,442 2,185
Profit attributable to non-controlling interests 123 34 157
Profit attributable to shareholders (58) 327 14 79 224 1,442 2,028
65 327 14 79 258 1,442 2,185
Earnings per share (1.4p) 8.0p 0.3p 1.9p 5.5p 35.4p 49.7p
Weighted average number of shares (millions) 4,080 4,080
Adjusting items Q3 2025
Major restructuring and integration
Charges of £58 million (Q3 2024: £100 million) were incurred relating to
ongoing projects categorised as Major restructuring programmes, analysed as
follows:
Q3 2025 Q3 2024
Cash Non- Total Cash Non- Total
£m cash £m £m cash £m
£m £m
Separation restructuring programme 41 2 43 42 (2) 40
Significant acquisitions 4 - 4 15 - 15
Legacy programmes 9 2 11 45 - 45
54 4 58 102 (2) 100
The Separation restructuring programme incurred cash charges of £41 million
primarily from restructuring of some commercial and administrative functions.
The programme focussed on the separation of GSK into two separate companies
and 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. (Bellus)
acquired in Q2 2023, Aiolos Bio, Inc. (Aiolos) acquired in Q1 2024, IDRx
acquired in Q1 2025 and BP Asset IX, Inc. acquired to access efimosfermin in
Q3 2025.
Transaction-related adjustments
Transaction-related adjustments resulted in a net charge of £319 million (Q3
2024: £361 million), 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) Q3 2025 Q3 2024
£m £m
Contingent consideration on former Shionogi-ViiV Healthcare joint Venture 249 292
(including Shionogi preferential dividends)
ViiV Healthcare put options and Pfizer preferential dividends (7) (16)
Contingent consideration on former Novartis Vaccines business 25 46
Contingent consideration on acquisition of Affinivax 10 15
Other contingent consideration 3 -
Other adjustments 39 24
Total transaction-related charges/(credits) 319 361
The £249 million charge relating to the contingent consideration for the
former Shionogi-ViiV Healthcare joint venture represented an increase in the
valuation of the contingent consideration due to Shionogi driven by updated
exchange rates and net other remeasurements of £154 million and the unwind of
the discount for £95 million. An explanation of the accounting for the
non-controlling interests in ViiV Healthcare is set out on page 19.
There was a £25 million charge in the quarter relating to the contingent
consideration on the former Novartis Vaccines business primarily related to
updated exchange rates and the unwind of the discount.
The £10 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 the £268 million ($370 million)
settlement from CureVac in connection with the mRNA patent settlement, as well
as other net income, including fair value movements on equity investments.
The reconciliations between Total results and Core results for YTD 2025 and
YTD 2024 are set out below.
Nine months ended 30 September 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 24,049 24,049
Cost of sales (6,360) 546 30 13 (5,771)
Gross profit 17,689 546 30 13 18,278
Selling, general and administration (6,449) 54 48 35 (6,312)
Research and development (5,175) 65 652 7 (4,451)
Royalty income 634 634
Other operating income/(expense) 133 193 (326) -
Operating profit 6,832 611 652 91 241 (278) 8,149
Net finance expense (383) 25 (358)
Share of after tax profit/(loss) of associates and joint venture 2 (9) (7)
Profit before taxation 6,451 611 652 91 241 (262) 7,784
Taxation (889) (134) (163) (22) (134) 14 (1,328)
Tax rate % 13.8% 17.1%
Profit after taxation 5,562 477 489 69 107 (248) 6,456
Profit attributable to non-controlling interests 482 31 513
Profit/(loss) attributable to shareholders 5,080 477 489 69 76 (248) 5,943
5,562 477 489 69 107 (248) 6,456
Earnings per share 125.1p 11.7p 12.0p 1.7p 1.9p (6.1p) 146.3p
Weighted average number of shares (millions) 4,062 4,062
Nine months ended 30 September 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 23,259 23,259
Cost of sales (6,489) 764 141 40 13 (5,531)
Gross profit 16,770 764 141 40 13 17,728
Selling, general and administration (8,352) 125 1 1,954 (6,272)
Research and development (4,370) 40 118 10 (4,202)
Royalty income 463 463
Other operating income/(expense) (1,186) 5 1,422 (241) -
Operating profit 3,325 804 118 281 1,463 1,726 7,717
Net finance expense (408) 1 13 (394)
Share of after tax profit/(loss) of associates and joint ventures (3) (3)
Profit before taxation 2,914 804 118 282 1,463 1,739 7,320
Taxation (464) (172) (28) (69) (300) (255) (1,288)
Tax rate % 15.9% 17.6%
Profit after taxation 2,450 632 90 213 1,163 1,484 6,032
Profit attributable to non-controlling interests 289 192 481
Profit/(loss) attributable to shareholders 2,161 632 90 213 971 1,484 5,551
2,450 632 90 213 1,163 1,484 6,032
Earnings per share 53.0p 15.5p 2.2p 5.2p 23.8p 36.5p 136.2p
Weighted average number of shares (millions) 4,076 4,076
Adjusting items 9 months 2025
Major restructuring and integration
Charges of £91 million (9 months 2024: £281 million) were incurred relating
to ongoing projects categorised as Major restructuring programmes, analysed as
follows:
9 months 2025 9 months 2024
Cash Non- Total Cash Non- Total
£m cash £m £m cash £m
£m £m
Separation restructuring programme 49 17 66 169 14 183
Significant acquisitions 12 - 12 50 1 51
Legacy programmes 11 2 13 47 - 47
72 19 91 266 15 281
The Separation restructuring programme incurred cash charges of £49 million
primarily from the restructuring of some commercial and administrative
functions. The non-cash charges of £17 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
which were acquired in Q3 2022, Bellus acquired in Q2 2023, Aiolos acquired in
Q1 2024, IDRx acquired in Q1 2025 and BP Asset IX, Inc. acquired to access
efimosfermin in Q3 2025.
Cash charges of £11 million under Legacy programmes primarily arose from the
divestment of the cephalosporins business.
Transaction-related adjustments
Transaction-related adjustments resulted in a net charge of £241 million (9
months 2024: £1,463 million), 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) 9 months 2025 9 months 2024
£m £m
Contingent consideration on former Shionogi-ViiV Healthcare joint Venture 161 1,106
(including Shionogi preferential dividends)
ViiV Healthcare put options and Pfizer preferential dividends (96) 54
Contingent consideration on former Novartis Vaccines business 134 206
Contingent consideration on acquisition of Affinivax (16) 31
Other contingent consideration 10 -
Other adjustments 48 66
Total transaction-related charges 241 1,463
The £161 million charge relating to the contingent consideration for the
former Shionogi-ViiV Healthcare joint venture represented an increase in the
valuation of the contingent consideration due to Shionogi, driven by the
unwind of the discount for £308 million partly offset by updated exchange
rates and net other remeasurements of £147 million. The £96 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 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 19.
The £134 million charge 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 £16 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 the £268 million ($370 million)
settlement from CureVac in connection with the mRNA patent settlement, as well
as other net income, including fair value movements on equity investments.
Financial information
Income statement
Q3 2025 Q3 2024 9 months 2025 9 months 2024
£m £m £m £m
TURNOVER 8,547 8,012 24,049 23,259
Cost of sales (2,258) (2,397) (6,360) (6,489)
Gross profit 6,289 5,615 17,689 16,770
Selling, general and administration (2,239) (3,800) (6,449) (8,352)
Research and development (1,689) (1,459) (5,175) (4,370)
Royalty income 208 168 634 463
Other operating income/(expense) 24 (335) 133 (1,186)
OPERATING PROFIT 2,593 189 6,832 3,325
Finance income 26 32 130 88
Finance expense (167) (156) (513) (496)
Share of after tax profit/(loss) of associates and joint ventures 4 (1) 2 (3)
PROFIT BEFORE TAXATION 2,456 64 6,451 2,914
Taxation (312) 1 (889) (464)
Tax rate % 12.7% (1.6%) 13.8% 15.9%
PROFIT AFTER TAXATION 2,144 65 5,562 2,450
Profit attributable to non-controlling interests 131 123 482 289
Profit attributable to shareholders 2,013 (58) 5,080 2,161
2,144 65 5,562 2,450
EARNINGS PER SHARE 49.9p (1.4p) 125.1p 53.0p
Diluted earnings per share 49.1p (1.4p) 123.0p 52.2p
Statement of comprehensive income
Q3 2025 Q3 2024 9 months 2025 9 months 2024
£m £m £m £m
Total profit for the period 2,144 65 5,562 2,450
Items that may be reclassified subsequently to income statement:
Exchange movements on overseas net assets and net investment hedges 25 164 292 (47)
Reclassification of exchange movements on liquidation or disposal of overseas (1) (57) (9) (56)
subsidiaries and associates
Fair value movements on cash flow hedges 23 (1) (33) (1)
Cost of hedging 3 (5) 12 (5)
Deferred tax on fair value movements on cash flow hedges (1) (1) (1) (1)
Reclassification of cash flow hedges to income statement (19) 2 29 4
30 102 290 (106)
Items that will not be reclassified to income statement:
Exchange movements on overseas net assets of non-controlling interests 9 (24) (14) (17)
Fair value movements on equity investments 115 (27) 81 (108)
Tax on fair value movements on equity investments (10) 3 (14) 6
Fair value movements on cash flow hedges - 3 - 2
Remeasurement gains/(losses) on defined benefit plans 58 192 132 373
Tax on remeasurement losses/(gains) on defined benefit plans (15) (45) (31) (87)
157 102 154 169
Other comprehensive income/(expense) for the period 187 204 444 63
Total comprehensive income for the period 2,331 269 6,006 2,513
Total comprehensive income for the period attributable to:
Shareholders 2,191 170 5,538 2,241
Non-controlling interests 140 99 468 272
2,331 269 6,006 2,513
Balance sheet
30 September 2025 31 December 2024
£m £m
ASSETS
Non-current assets
Property, plant and equipment 9,342 9,227
Right of use assets 790 846
Goodwill 7,117 6,982
Other intangible assets 16,865 15,515
Investments in associates and joint ventures 129 96
Other investments 954 1,100
Deferred tax assets 6,168 6,757
Derivative instruments - 1
Other non-current assets 2,132 1,942
Total non-current assets 43,497 42,466
Current assets
Inventories 6,118 5,669
Current tax recoverable 367 489
Trade and other receivables 7,937 6,836
Derivative financial instruments 107 109
Liquid investments 10 21
Cash and cash equivalents 3,296 3,870
Assets held for sale 7 3
Total current assets 17,842 16,997
TOTAL ASSETS 61,339 59,463
LIABILITIES
Current liabilities
Short-term borrowings (2,856) (2,349)
Contingent consideration liabilities (1,236) (1,172)
Trade and other payables (15,675) (15,335)
Derivative financial instruments (113) (192)
Current tax payable (324) (703)
Short-term provisions (1,130) (1,946)
Total current liabilities (21,334) (21,697)
Non-current liabilities
Long-term borrowings (14,894) (14,637)
Deferred tax liabilities (390) (382)
Pensions and other post-employment benefits (1,663) (1,864)
Derivative financial instruments (66) -
Other provisions (673) (589)
Contingent consideration liabilities (5,547) (6,108)
Other non-current liabilities (1,020) (1,100)
Total non-current liabilities (24,253) (24,680)
TOTAL LIABILITIES (45,587) (46,377)
NET ASSETS 15,752 13,086
EQUITY
Share capital 1,349 1,348
Share premium account 3,486 3,473
Retained earnings 10,016 7,796
Other reserves 1,297 1,054
Shareholders' equity 16,148 13,671
Non-controlling interests (396) (585)
TOTAL EQUITY 15,752 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 5,080 5,080 482 5,562
Other comprehensive income/(expense) for the period 371 87 458 (14) 444
Total comprehensive income/(expense) for the period 5,451 87 5,538 468 6,006
Distributions to non-controlling interests (279) (279)
Dividends to shareholders (1,918) (1,918) (1,918)
Realised after tax losses on disposal or liquidation of equity investments 26 (26) -
Share of associates and joint ventures realised profit/(loss) on disposal of (1) 1 -
equity investments
Shares issued 1 13 14 14
Purchase of treasury shares (*) (1,425) (1,425) (1,425)
Write-down on shares held by ESOP Trusts (181) 181 -
Share-based incentive plans 268 268 268
At 30 September 2025 1,349 3,486 10,016 1,297 16,148 (396) 15,752
(*) 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 2,161 2,161 289 2,450
Other comprehensive income/(expense) for the period 146 (66) 80 (17) 63
Total comprehensive income/(expense) for the period 2,307 (66) 2,241 272 2,513
Distributions to non-controlling interests (288) (288)
Dividends to shareholders (1,832) (1,832) (1,832)
Realised after tax losses on disposal or liquidation of equity investments 15 (15) -
Share of associates and joint ventures realised profit/(loss) on disposal of 52 (52) -
equity investments
Shares issued 20 20 20
Write-down of shares held by ESOP Trusts (283) 283 -
Shares acquired by ESOP Trusts 2 457 (459) -
Share-based incentive plans 232 232 232
Contributions from non-controlling interests 9 9
Changes to non-controlling interest 4 4
At 30 September 2024 1,348 3,473 8,187 1,000 14,008 (555) 13,453
Cash flow statement nine months ended 30 September 2025
9 months 2025 9 months 2024
£m £m
Profit after tax 5,562 2,450
Tax on profits 889 464
Share of after tax loss/(profit) of associates and joint ventures (2) 3
Net finance expense 383 408
Depreciation, amortisation and other adjusting items 2,720 2,139
(Increase)/decrease in working capital (2,025) (1,669)
Contingent consideration paid (989) (924)
Increase/(decrease) in other net liabilities (excluding contingent (284) 2,404
consideration paid)
Cash generated from operations 6,254 5,275
Taxation paid (791) (1,050)
Total net cash inflow/(outflow) from operating activities 5,463 4,225
Cash flow from investing activities
Purchase of property, plant and equipment (775) (855)
Proceeds from sale of property, plant and equipment 11 4
Purchase of intangible assets (1,185) (992)
Proceeds from sale of intangible assets 112 126
Purchase of equity investments (52) (76)
Proceeds from sale of equity investments 138 2,354
Purchase of businesses, net of cash acquired (1,655) (748)
Investment in joint ventures and associates - (42)
Contingent consideration paid (11) (11)
Disposal of businesses (28) (13)
Interest received 117 91
(Increase)/decrease in liquid investments 11 21
Dividends from joint ventures and associates - 15
Dividend and distributions from investments 17 16
Total net cash inflow/(outflow) from investing activities (3,300) (110)
Cash flow from financing activities
Issue of share capital 14 20
Repayment of long-term loans (1,402) (787)
Issue of long-term notes 1,979 -
Net increase/(decrease) in short-term loans 551 (623)
Increase in other short-term loans 112 -
Repayment of other short-term loans (282) -
Repayment of lease liabilities (166) (170)
Interest paid (384) (385)
Dividends paid to shareholders (1,918) (1,832)
Purchase of treasury shares (1,125) -
Distribution to non-controlling interests (279) (288)
Contributions from non-controlling interests - 9
Other financing items 71 172
Total net cash inflow/(outflow) from financing activities (2,829) (3,884)
Increase/(decrease) in cash and bank overdrafts in the period (666) 231
Cash and bank overdrafts at beginning of the period 3,403 2,858
Exchange adjustments 22 (61)
Increase/(decrease) in cash and bank overdrafts in the period (666) 231
Cash and bank overdrafts at end of the period 2,759 3,028
Cash and bank overdrafts at end of period comprise:
Cash and cash equivalents 3,296 3,192
Overdrafts (537) (164)
2,759 3,028
Sales tables
Specialty Medicines turnover - three months ended 30 September 2025
Total US Europe International
Growth Growth Growth Growth
£m AER% CER% £m AER% CER% £m AER% CER% £m AER% CER%
HIV 1,944 11 12 1,346 15 17 380 5 1 218 1 5
Dolutegravir products 1,418 2 3 895 3 5 325 2 (1) 198 (2) 1
Tivicay 330 (1) - 196 5 6 58 (3) (7) 76 (14) (10)
Triumeq 236 (27) (26) 176 (23) (22) 34 (35) (37) 26 (37) (34)
Juluca 157 (4) (2) 126 (2) 1 28 (10) (13) 3 (25) (25)
Dovato 695 23 24 397 23 26 205 17 14 93 33 39
Cabenuva 357 46 48 295 47 50 51 31 28 11 83 >100
Apretude 120 74 75 116 76 80 - - - 4 33 (33)
Rukobia 41 5 8 38 3 3 2 - - 1 >100 >100
Other 8 (11) (33) 2 - - 2 (50) (75) 4 33 -
Respiratory, Immunology & Inflammation 954 13 15 621 12 14 165 19 16 168 13 17
Nucala 499 12 14 252 7 9 133 17 13 114 20 25
Benlysta 447 15 17 369 16 18 35 25 21 43 - 2
Other 8 (20) (10) - (100) >(100) (3) 1 34 11 - -
Oncology 511 37 39 349 32 34 122 39 35 40 90 >100
Jemperli 230 77 79 171 61 64 44 >100 >100 15 >100 >100
Zejula 137 (5) (4) 73 1 4 51 (7) (9) 13 (24) (24)
Blenrep - (100) >(100) - - - - (100) (100) - - -
Ojjaara/Omjjara 146 49 51 105 22 24 28 >100 >100 13 >100 >100
Other (2) - 50 - - - (1) 50 - (1) >(100) >100
Specialty Medicines 3,409 15 16 2,316 16 19 667 13 10 426 11 15
Specialty Medicines turnover - nine months ended 30 September 2025
Total US Europe International
Growth Growth Growth Growth
£m £% CER% £m £% CER% £m £% CER% £m £% CER%
HIV 5,538 8 10 3,767 11 14 1,133 2 2 638 3 7
Dolutegravir products 4,092 - 2 2,536 1 3 973 (1) (1) 583 - 4
Tivicay 977 (3) (1) 566 - 2 174 (8) (8) 237 (6) (3)
Triumeq 722 (26) (24) 519 (24) (22) 117 (32) (32) 86 (31) (26)
Juluca 473 (5) (3) 377 (4) (1) 87 (8) (8) 9 (10) (10)
Dovato 1,920 20 22 1,074 22 25 595 14 14 251 28 33
Cabenuva 992 41 44 817 42 45 147 34 34 28 56 72
Apretude 310 59 63 304 61 65 - - - 6 - (17)
Rukobia 123 12 15 108 4 6 7 17 17 8 >100 >100
Other 21 (28) (28) 2 (67) (50) 6 (50) (50) 13 18 9
Respiratory, Immunology & Inflammation 2,721 14 17 1,753 12 14 469 15 15 499 21 27
Nucala 1,441 11 13 728 4 6 385 15 15 328 25 30
Benlysta 1,257 18 21 1,025 18 21 98 15 15 134 16 21
Other 23 1 5 - (100) >(100) (14) (26) (26) 37 16 19
Oncology 1,410 41 44 977 39 43 333 34 34 100 92 >100
Jemperli 600 89 93 456 76 80 107 >100 >100 37 >100 >100
Zejula 419 (7) (5) 216 (7) (5) 164 (6) (5) 39 (11) (2)
Blenrep 4 >100 >100 - 100 100 4 - - - - -
Ojjaara/Omjjara 396 69 72 305 43 47 66 >100 >100 25 >100 >100
Other (9) >(100) >(100) - - - (8) >(100) >(100) (1) >(100) >100
Specialty Medicines 9,669 14 16 6,497 15 17 1,935 10 10 1,237 15 20
Vaccines turnover - three months ended 30 September 2025
Total US Europe International
Growth Growth Growth Growth
£m AER% CER% £m AER% CER% £m AER% CER% £m AER% CER%
Shingles 830 12 13 256 (17) (15) 297 53 48 277 16 21
Shingrix 830 12 13 256 (17) (15) 297 53 48 277 16 21
Meningitis 541 4 5 316 - 3 154 26 23 71 (13) (11)
Bexsero 367 10 11 162 (4) (1) 151 26 23 54 17 24
Menveo 168 (3) (1) 149 1 3 2 100 100 17 (29) (33)
Penmenvy 5 - - 5 - - - - - - - -
Other 1 (92) (92) - - - 1 - - - (100) (100)
RSV 251 34 36 140 (21) (20) 75 >100 >100 36 >100 >100
Arexvy 251 34 36 140 (21) (20) 75 >100 >100 36 >100 >100
Influenza 216 (24) (22) 163 (33) (32) 18 20 20 35 40 48
Fluarix, FluLaval 216 (24) (22) 163 (33) (32) 18 20 20 35 40 48
Established Vaccines 840 (9) (8) 389 (6) (4) 181 (3) (4) 270 (15) (15)
Boostrix 182 (14) (13) 122 (13) (11) 36 3 - 24 (31) (31)
Cervarix (11) >(100) >(100) - - - 1 (75) (75) (12) >(100) >(100)
Hepatitis 183 - 1 101 (10) (8) 54 17 15 28 12 12
Infanrix, Pediarix 145 (4) (1) 92 (3) (1) 27 - (4) 26 (10) -
Priorix, Priorix Tetra, Varilrix 146 76 73 15 25 25 32 - - 99 >100 >100
Rotarix 152 (1) - 54 4 6 33 14 7 65 (10) (7)
Synflorix 28 (44) (44) - - - - (100) >(100) 28 (39) (39)
Other 15 (79) (75) 5 67 67 (2) >(100) >(100) 12 (80) (78)
Vaccines 2,678 1 2 1,264 (13) (12) 725 39 35 689 3 6
Vaccines turnover - nine months ended 30 September 2025
Total US Europe International
Growth Growth Growth Growth
£m £% CER% £m £% CER% £m £% CER% £m £% CER%
Shingles 2,550 1 3 869 (19) (17) 947 42 42 734 (5) (1)
Shingrix 2,550 1 3 869 (19) (17) 947 42 42 734 (5) (1)
Meningitis 1,270 11 14 582 - 3 449 32 33 239 7 14
Bexsero 900 15 18 310 (5) (2) 441 33 34 149 17 28
Menveo 349 4 6 267 5 7 6 20 20 76 (1) 1
Penmenvy 5 - - 5 - - - - - - - -
Other 16 (27) (27) - - - 2 (33) (33) 14 (26) (26)
RSV 395 (9) (6) 230 (41) (39) 112 >100 >100 53 36 49
Arexvy 395 (9) (6) 230 (41) (39) 112 >100 >100 53 36 49
Influenza 223 (26) (24) 159 (35) (34) 18 29 29 46 2 9
Fluarix, FluLaval 223 (26) (24) 159 (35) (34) 18 29 29 46 2 9
Established Vaccines 2,426 (4) (2) 1,028 2 4 519 (4) (4) 879 (10) (7)
Boostrix 504 (5) (3) 312 (7) (5) 110 6 6 82 (10) (5)
Cervarix 15 (77) (79) - - - 7 (36) (36) 8 (85) (87)
Hepatitis 507 (3) (1) 270 (8) (6) 150 5 5 87 5 11
Infanrix, Pediarix 415 6 9 242 17 20 82 (6) (6) 91 (6) -
Priorix, Priorix Tetra, Varilrix 327 36 38 48 85 88 90 (3) (2) 189 56 58
Rotarix 426 (1) 1 137 - 2 92 5 5 197 (4) -
Synflorix 136 (13) (11) - - - 2 (71) (71) 134 (11) (9)
Other 96 (51) (49) 19 73 82 (14) >(100) >(100) 91 (48) (48)
Vaccines 6,864 (1) 1 2,868 (13) (11) 2,045 30 31 1,951 (5) (1)
General Medicines turnover - three months ended 30 September 2025
Total US Europe International
Growth Growth Growth Growth
£m AER% CER% £m AER% CER% £m AER% CER% £m AER% CER%
Respiratory 1,702 5 7 918 12 14 339 - (2) 445 (3) -
Anoro Ellipta 137 (6) (5) 51 (24) (22) 60 7 4 26 13 22
Flixotide/Flovent 98 (13) (12) 65 (11) (10) 14 (7) (13) 19 (24) (20)
Relvar/Breo Ellipta 256 6 7 97 13 14 87 2 (1) 72 3 9
Seretide/Advair 199 (9) (7) 61 - 3 44 (12) (16) 94 (12) (9)
Trelegy Ellipta 736 23 25 536 28 30 84 6 5 116 15 19
Ventolin 156 (11) (10) 77 (14) (13) 27 8 4 52 (15) (10)
Other Respiratory 120 (2) (2) 31 35 35 23 (18) (11) 66 (8) (10)
Other General Medicines 758 (3) - 51 (2) 4 147 (13) (16) 560 - 4
Augmentin 137 (6) (5) - - - 38 (12) (12) 99 (4) (2)
Lamictal 99 5 6 42 14 11 26 (4) (7) 31 3 13
Other General Medicines 522 (3) - 9 (40) (13) 83 (15) (20) 430 1 5
General Medicines 2,460 3 4 969 11 13 486 (4) (7) 1,005 (1) 2
General Medicines turnover - nine months ended 30 September 2025
Total US Europe International
Growth Growth Growth Growth
£m £% CER% £m £% CER% £m £% CER% £m £% CER%
Respiratory 5,283 (2) - 2,886 (1) 2 1,037 (2) (2) 1,360 (6) (1)
Anoro Ellipta 410 (4) (1) 163 (15) (13) 173 5 5 74 7 14
Flixotide/Flovent 308 (20) (18) 200 (23) (21) 47 (8) (8) 61 (18) (14)
Relvar/Breo Ellipta 788 (1) 2 304 1 4 266 (3) (3) 218 - 5
Seretide/Advair 615 (23) (21) 178 (35) (33) 139 (16) (16) 298 (17) (13)
Trelegy Ellipta 2,246 10 13 1,657 10 12 247 7 8 342 18 22
Ventolin 507 (5) (2) 266 (4) (1) 86 13 13 155 (14) (8)
Other Respiratory 409 (8) (5) 118 18 20 79 (15) (14) 212 (15) (12)
Other General Medicines 2,233 (8) (4) 165 (8) (5) 449 (14) (14) 1,619 (6) (1)
Augmentin 444 (6) (2) - - - 129 (7) (6) 315 (6) -
Lamictal 300 (1) 1 127 3 5 76 (6) (6) 97 (3) 2
Other General Medicines 1,489 (9) (5) 38 (32) (27) 244 (19) (20) 1,207 (6) (1)
General Medicines 7,516 (4) (1) 3,051 (1) 1 1,486 (6) (6) 2,979 (6) (1)
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 September 2025 8,547 7 8 4,549 5 7 1,878 16 13 2,120 2 6
Nine months ended 30 September 2025 24,049 3 6 12,416 3 5 5,466 11 11 6,167 (2) 3
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
Q3 2025 Q3 2024 Growth Growth
£m £m AER% CER%
Commercial Operations (total turnover) 8,547 8,012 7 8
Operating profit by segment
Q3 2025 Q3 2024 Growth Growth
£m £m AER% CER%
Commercial Operations 4,514 4,195 8 10
Research and Development (1,489) (1,334) 12 12
Segment profit 3,025 2,861 6 8
Corporate and other unallocated costs (40) (100)
Core operating profit 2,985 2,761 8 11
Adjusting items (392) (2,572)
Total operating profit 2,593 189 >100 >100
Finance income 26 32
Finance costs (167) (156)
Share of after tax profit/(loss) of associates and joint ventures 4 (1)
Profit before taxation 2,456 64 >100 >100
Commercial Operations Core operating profit of £4,514 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 Q3 2024.
The R&D segment operating expense of £1,489 million grew in the quarter
primarily reflecting progression across the portfolio. In Oncology, this
included acceleration in work on ADCs and studies into Blenrep (1L), as well
as IDRX-42, the GIST treatment acquired in Q1 2025. In Specialty Medicines,
increased investment was driven by efimosfermin acquired from Boston
Pharmaceuticals in Q3 2025, and progression of ULA treatment and PrEP
programmes, notably Q4M and Q6M. Investment also increased on clinical trial
programmes associated with the pneumococcal MAPS and mRNA seasonal flu.
Turnover by segment
9 months 2025 9 months 2024 Growth Growth
£m £m £% CER%
Commercial Operations (total turnover) 24,049 23,259 3 6
Operating profit by segment
9 months 2025 9 months 2024 Growth Growth
£m £m £% CER%
Commercial Operations 12,540 12,012 4 8
Research and Development (4,309) (4,055) 6 8
Segment profit 8,231 7,957 3 8
Corporate and other unallocated costs (82) (240)
Core operating profit 8,149 7,717 6 9
Adjusting items (1,317) (4,392)
Total operating profit 6,832 3,325 >100 >100
Finance income 130 88
Finance costs (513) (496)
Share of after tax profit/(loss) of associates and joint ventures 2 (3)
Profit before taxation 6,451 2,914 >100 >100
Commercial Operations Core operating profit of £12,540 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 YTD 2024.
The R&D segment operating expense of £4,309 million grew in the year to
date primarily reflecting progression across the portfolio. In Oncology, this
included acceleration in work on ADCs and studies into Blenrep (1L), as well
as IDRX-42, the GIST treatment acquired in Q1 2025. In Specialty Medicines,
increased investment was driven by efimosfermin acquired from Boston
Pharmaceuticals in Q3 2025, and progression of ULA treatment and PrEP
programmes, notably Q4M and Q6M. Year to date growth was partly offset by
lower spend on depemokimab following filing in Q4 2024. Investment also
increased on clinical trial programmes associated with the pneumococcal MAPS
and mRNA seasonal flu.
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 September
2025, the Group's aggregate provision for legal and other disputes (not
including tax matters described on page 10) was £731 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 Q2 2025 results:
Product Liability
Zantac
As previously disclosed, the vast majority of the remaining cases have been
resolved or dismissed such that 13 state court cases remain. GSK is in
negotiations with plaintiffs' counsel on the remaining cases and has recently
resolved the 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.
In Delaware, following the Supreme Court's reversal of the lower court's
decision on admissibility of expert opinions, the defendants filed a motion
for summary judgment. Plaintiffs filed a motion to allow supplemental expert
disclosures. A hearing on both motions was held on 23 October 2025.
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 was held on 10 October 2025. A decision is expected in the first half
of 2026.
Intellectual Property
Zejula
In August 2025, GSK received a paragraph IV letter from Sun Pharmaceutical
Industries Limited ("Sun") relating to Zejula. On 19 September 2025, GSK filed
a patent infringement suit against Sun in the United States District Court for
the District of Delaware alleging Sun's proposed generic of Zejula infringes
GSK patents.
Breo
In August 2025, GSK received a paragraph IV letter from Transpire Bio Inc.
("Transpire") relating to Breo. On 25 September 2025, GSK filed a patent and
trademark infringement suit against Transpire in the United States District
Court for the Southern District of Florida alleging Transpire's proposed
generic of Breo infringes GSK patents and trade dress.
Returns to shareholders
Quarterly dividends
The Board has declared a third interim dividend for 2025 of 16p per share (Q3
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 Q3 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.
Dividend dates Ex-dividend date Ex-dividend date Record date Payment date
(Ordinary shares) (ADRs)
Q3 2025 13 November 2025 14 November 2025 14 November 2025 8 January 2026
Ordinary shareholders may participate in the dividend reinvestment plan
(DRIP). The last date for DRIP elections is 15 December 2025. The equivalent
interim dividend receivable by ADR holders will be calculated based on the
exchange rate on 6 January 2026. An annual fee of $0.03 per ADS (or $0.0075
per ADS per quarter) is charged by the Depositary.
Paid/ Pence per £m
Payable share
2025
First interim 10 July 2025 16 650
Second interim 9 October 2025 16 645
Third interim 8 January 2026 16 644
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 September 2025, 4,026 million shares (Q3 2024: 4,080 million) were in
free issue (excluding Treasury shares and shares held by the ESOP Trusts). The
Company issued a small number of shares in the quarter (Q3 2024: minimal
number) under employee share schemes for net proceeds of £0.4 million (Q3
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 September 2025, 79 million shares
have been repurchased and are being held as treasury shares, at a cost of
£1,130 million, including transaction costs of £7 million.
Treasury shares for these purposes include shares purchased by GSK plc on 30
September 2025 under the third tranche of the share buyback programme. As
announced via RNS, GSK purchased 305,000 ordinary shares on 30 September 2025,
to be held as Treasury shares. Upon settlement of the relevant trades, the
shares purchased on that date are held as Treasury shares, and are therefore
treated as Treasury shares for the purposes of the Q3 2025 reporting period
and this results announcement. The settlement cost of these shares was £5
million.
At 30 September 2025, the Company held 248 million Treasury shares at a cost
of £4,087 million, of which 169 million shares at a cost of £2,957 million
were repurchased as part of previous share buyback programmes, which has been
deducted from retained earnings.
At 30 September 2025, the ESOP Trusts held 41.3 million shares, of which 40.7
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 £172 million has been deducted from other reserves. The
market value of these shares was £652 million.
Weighted average number of shares
The numbers of shares used in calculating basic and diluted earnings per share
are reconciled below:
Q3 2025 Q3 2024 9 months 2025 9 months 2024
millions millions millions millions
Weighted average number of shares - basic 4,034 4,080 4,062 4,076
Dilutive effect of share options and share awards 68 61 67 61
Weighted average number of shares - diluted 4,102 4,141 4,129 4,137
Additional information
Accounting policies and basis of preparation
This unaudited Results Announcement contains condensed financial information
for the three and nine months ended 30 September 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:
Q3 2025 Q3 2024 9 months 2025 9 months 2024 2024
Average rates:
US$/£ 1.33 1.31 1.31 1.28 1.28
Euro/£ 1.16 1.19 1.18 1.18 1.18
Yen/£ 198 192 195 192 193
Period-end rates:
US$/£ 1.34 1.34 1.34 1.34 1.25
Euro/£ 1.14 1.20 1.14 1.20 1.20
Yen/£ 199 191 199 191 197
Contingent liabilities
There were contingent liabilities at 30 September 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
36, and pages 287 to 290 of the 2024 Annual Report.
Net assets
The book value of net assets increased by £2,666 million from £13,086
million at 31 December 2024 to £15,752 million at 30 September 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 and second tranche and shares committed to be repurchased
under the third tranche of the share buyback programme and associated
transaction costs.
At 30 September 2025, the net surplus on the Group's pension plans was £192
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 5.8% and a decrease to the UK
inflation rate from 2.90% to 2.70%, and a $131 million contribution made to
the US Cash Balance Plan during Q3 2025. This is partially offset by a
decrease to the US discount rate from 5.5% to 5.0%, and lower UK and US asset
values.
Other payables includes £300 million related to shares still to be purchased
as part of the third tranche of the share buyback programme, including £5
million for shares purchased but not settled at 30 September 2025.
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 £819 million (31 December 2024: £915 million).
Contingent consideration amounted to £6,783 million at 30 September 2025 (31
December 2024: £7,280 million) as follows:
Group Group
30 September 2025 31 December 2024
£m £m
Contingent consideration estimated present value of amounts payable relating
to:
Former Shionogi-ViiV Healthcare joint venture 5,266 6,061
Former Novartis Vaccines business acquisition 640 575
Affinivax acquisition 453 502
Aiolos acquisition 130 130
Others 294 12
Contingent consideration liability at end of the period 6,783 7,280
Of the contingent consideration payable to Shionogi at 30 September 2025,
£1,095 million (31 December 2024: £1,127 million) is expected to be paid
within one year.
Movements in contingent consideration are as follows:
9 months 2025 ViiV Group
Healthcare £m
£m
Contingent consideration at beginning of the period 6,061 7,280
Additions - 280
Remeasurement through income statement and other movements 161 223
Cash payments: operating cash flows (956) (989)
Cash payments: investing activities - (11)
Contingent consideration at end of the period 5,266 6,783
9 months 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 1,106 1,294
Cash payments: operating cash flows (900) (924)
Cash payments: investing activities - (11)
Contingent consideration at end of the period 5,924 7,125
Business acquisitions
On 21 February 2025, GSK completed the acquisition of 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. The consideration for the acquisition
comprised an upfront payment 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.
On 7th July 2025, GSK completed the acquisition of 100% of BP Asset IX, Inc. a
subsidiary of Boston Pharmaceuticals which provides access to efimosfermin
alfa. Efimosfermin is a phase III-ready, potential best-in-class,
investigational speciality medicine to treat and prevent progression of
steatotic liver disease (SLD). The consideration for the acquisition comprised
an upfront payment of US$1.2 billion (£879 million) as adjusted for working
capital acquired paid upon closing and up to US$800 million (£588 million) in
certain success-based regulatory milestone payments. The estimated fair value
of the contingent consideration payable was US$302 million (£222 million).
The values in the table below are provisional and subject to change. The
purchase price allocations are expected to be completed by the end of Q4 2025.
During the period to 30th September 2025, no sales arising from the IDRx or BP
Asset IX's businesses were included in Group turnover and no revenue is
expected until regulatory approval is received on the respective acquired
assets.
GSK continues to support the ongoing development of the acquired assets and
consequently these assets will be loss making until regulatory approval on
these assets is received. The development of these assets 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 September 2025.
Goodwill of £377 million (£109 million for IDRx and £268 million for BP
Asset IX) has been recognised. The goodwill represents specific synergies
available to GSK from the business combinations. 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:
IDRx Inc BP Asset IX Total
£m £m £m
Net assets acquired:
Intangible assets 882 1,030 1,912
Cash and cash equivalents 48 30 78
Other net liabilities (26) (7) (33)
Deferred tax liabilities (128) (220) (348)
776 833 1,609
Goodwill 109 268 377
Total consideration 885 1,101 1,986
Of the total £2 billion consideration (£0.9 billion for IDRx and £1.1
billion for BP Asset IX), £277 million (£55 million for IDRx and £222
million for BP Asset IX) was unpaid as at 30 September 2025. As at 30
September 2025, the present value of the contingent consideration payable was
£44 million for IDRX and £229 million for BP Asset IX.
On 15 January 2025, GSK completed the acquisition of 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 September 2025. The acquisition is accounted for
as a business combination but is not considered a significant acquisition for
the Group.
Net debt information
Reconciliation of cash flow to movements in net debt
9 months 2025 9 months 2024
£m £m
Total Net debt at beginning of the period (13,095) (15,040)
Increase/(decrease) in cash and bank overdrafts (666) 231
Increase/(decrease) in liquid investments (11) (21)
Repayment of long-term loans(*) 1,402 787
Issue of long-term notes (1,979) -
Net decrease/(increase) in short-term loans (551) 623
Increase in other short-term loans(**) (112) -
Repayment of other short-term loans(**) 282 -
Repayment of lease liabilities 166 170
Net debt of subsidiary undertakings acquired (1) -
Exchange adjustments 241 504
Other non-cash movements (120) (101)
Decrease/(increase) in net debt (1,349) 2,193
Total Net debt at end of the period (14,444) (12,847)
* Repayment of long-term loans for 9 months 2025 of £1,402 million (9 months
2024: £787 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.
** 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 September 2025 31 December 2024
£m £m
Liquid investments 10 21
Cash and cash equivalents 3,296 3,870
Short-term borrowings (2,856) (2,349)
Long-term borrowings (14,894) (14,637)
Total Net debt at the end of the period (14,444) (13,095)
Free cash flow reconciliation
Q3 2025 Q3 2024 9 months 2025 9 months 2024
£m £m £m £m
Net cash inflow/(outflow) from operating activities 2,222 2,154 5,463 4,225
Purchase of property, plant and equipment (311) (305) (775) (855)
Proceeds from sale of property, plant and equipment 5 1 11 4
Purchase of intangible assets (568) (537) (1,185) (992)
Proceeds from disposals of intangible assets 36 98 112 126
Net finance costs (34) (13) (267) (294)
Dividends from associates and joint ventures - - - 15
Contingent consideration paid (reported in investing activities) (5) (4) (11) (11)
Distributions to non-controlling interests (99) (80) (279) (288)
Contributions from non-controlling interests - 8 - 9
Free cash inflow/(outflow) 1,246 1,322 3,069 1,939
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.
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) asthma with type 2
inflammation, 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
• GSK'227 (B7-H3 ADC) 2L extensive-stage small cell lung cancer
Infectious Diseases (6)
• Arexvy (RSV vaccine) RSV adults (18-49 years of age at increased risk (AIR)
and 18 years of age and above 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
• GSK'116 (varicella vaccine) varicella new seed, individuals 12 months of age
and older
Total medicines and vaccines in all phases of clinical development 62
Total projects in clinical development (inclusive of all phases and 80
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
receptor 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 (ultra-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). It 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.
In 2025, GSK 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. In Q3, the VIGILANT phase III trial
was also initiated to assess early use of depemokimab in patients with COPD
with type 2 inflammation who have experienced one exacerbation and are at high
risk for future exacerbations.
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: Completed
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: Completed, coprimary endpoints met
the efficacy and safety of 100 mg SC depemokimab in patients with chronic
rhinosinusitis with nasal polyps (CRSwNP) Q2 2022
NCT05274750
Data reported: Q3 2024
ANCHOR-2 (CRSwNP) III A 52-week randomised, double-blind, parallel group phase III study to assess Trial start: 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
VIGILANT (COPD) III A randomised, double-blind, parallel group, placebo-controlled study of the Trial start: Q4 2025 Not yet recruiting
efficacy and safety of early depemokimab initiation as add-on treatment in
NCT07177339 COPD patients 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 mediated conditions: severe
asthma with an eosinophilic phenotype, EGPA, HES, CRSwNP and COPD (US only).
Nucala was approved as an add-on maintenance treatment for adult patients with
inadequately controlled COPD and an eosinophilic phenotype in the US in May
2025.
Regulatory reviews seeking an indication use 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)
In October 2025, the US FDA approved Blenrep (belantamab mafodotin-blmf) in
combination with bortezomib and dexamethasone (BVd) for the treatment of adult
patients with relapsed or refractory multiple myeloma who have received at
least two prior lines of therapy, including a proteasome inhibitor and an
immunomodulatory agent. The approval was supported by data from the pivotal
DREAMM-7 phase III trial showing superior efficacy for Blenrep combinations
compared to standards of care, including overall survival versus a
daratumumab-based triplet. Blenrep is the only anti-BCMA accessible in the
community setting where 70% of patients receive care, and is available in the
US through a new streamlined Risk Evaluation and Mitigation Strategy (REMS)
programme.
Blenrep combinations are approved in 2L+ relapsed or refractory multiple
myeloma in the EU, UK, Japan, Canada, Switzerland and Brazil. Applications are
currently under review in other markets globally, including China where the
application is based on the results of DREAMM-7 and has been granted
Breakthrough Therapy Designation and Priority Review.
GSK is advancing the DREAMM (DRiving Excellence in Approaches to Multiple
Myeloma) clinical programme to demonstrate Blenrep's potential benefit in
earlier lines of treatment. Follow-up continues for overall survival in both
DREAMM-7 and DREAMM-8 with data expected in early 2028, including in patients
who have received only one prior line of therapy. DREAMM-10, a phase III trial
in newly diagnosed transplant-ineligible patients, which represent over 70% of
patients starting therapy, was initiated in Q4 2024. Interim efficacy and
safety data for Blenrep as a first line treatment are expected in early 2028
with enrolment expanded to US sites to increase US patient representation in
the study population.
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 (colon / rectal cancers), JADE (head and
neck cancer), and DOMENICA (supported-collaborative study with ARCAGY-GINECO
in endometrial cancer).
In September 2025, the decision was made to terminate the cobolimab
development programme. All GSK- and Tesaro-sponsored studies of cobolimab are
in the process of winding down and the global rights to the asset will be
returned to the original licensor, AnaptysBio.
Key trials for Jemperli:
Trial name (population) Phase Design Timeline Status
RUBY (1L stage III or IV endometrial cancer) III A randomised, double-blind, multi-centre trial of dostarlimab plus Trial start: Active, not recruiting; primary endpoints met
carboplatin-paclitaxel with and without niraparib maintenance versus placebo
plus carboplatin-paclitaxel in patients with recurrent or primary advanced Q3 2019
endometrial cancer
NCT03981796
Part 1 data reported:
Q4 2022
Part 2 data reported:
Q4 2023
GARNET (advanced solid tumours) I/II A multi-centre, open-label, first-in-human trial evaluating dostarlimab in Trial start: Active, not recruiting
participants with advanced solid tumours who have limited available treatment
options Q1 2016
NCT02715284
Primary data reported:
Q1 2019
AZUR-1 (stage II/III rectal cancer) II A single-arm, open-label trial with dostarlimab monotherapy in participants Trial start: Active, not recruiting
with untreated stage II/III dMMR/MSI-H locally advanced rectal cancer
Q1 2023
NCT05723562
AZUR-2 (untreated perioperative T4N0 or stage III colon cancer) III An open-label, randomised trial of perioperative dostarlimab monotherapy Trial start: Recruiting
versus standard of care in participants with untreated T4N0 or stage III
NCT05855200 dMMR/MSI-H resectable colon cancer Q3 2023
JADE (locally advanced unresected head and neck cancer) III A randomised, double-blind, study to evaluate dostarlimab versus placebo as Trial start: Recruiting
sequential therapy after chemoradiation in participants with locally advanced
NCT06256588 unresected head and neck squamous cell carcinoma Q1 2024
DOMENICA* (relapsed or advanced dMMR endometrial cancer) III A randomized, multicentre study to evaluate the efficacy and safety of Trial start: Active, not recruiting
dostarlimab versus carboplatin-paclitaxel in patients with dMMR relapsed or
NCT05201547 advanced endometrial cancer Q2 2022
*supported-collaborative study with ARCAGY-GINECO
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 October 2025, the US FDA granted Orphan Drug Designation (ODD) to niraparib
for the treatment of malignant glioma, including glioblastoma. ODD is a
special status granted by the FDA to medicines intended to treat, diagnose, or
prevent rare diseases. The five-year survival rate for glioblastoma of less
than 7% highlights a clear and urgent need for greater innovation. Early
clinical data suggest that niraparib could have potential as an effective
treatment for patients with newly diagnosed MGMT unmethylated glioblastoma.
Key phase III trials for Zejula:
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 a pioneer in long-acting injectables, ViiV Healthcare, majority owned by
GSK, is focused on the next-generation of HIV innovation with integrase
inhibitors (INSTIs), the gold standard for HIV regimens, at the core. The HIV
pipeline, including three new INSTIs in development and five planned launches
by 2030, will continue to drive performance over the coming decade and beyond.
In October 2025, data were shared at the European AIDS Conference (EACS) and
IDWeek 2025, reinforcing leadership in HIV innovation, with a focus on
long-acting injectables.
Data included results from CLARITY, a phase I study comparing acceptability
and tolerability of single-dose long-acting cabotegravir (CAB LA, marketed as
Apretude) versus lenacapavir. Patient experience is an important factor for
injectables and results showed a significant majority of participants and
healthcare professionals preferred CAB LA, with the majority finding CAB LA
injections to be totally or very acceptable. These data add to the growing
body of clinical and real-world efficacy, safety and tolerability evidence
supporting Apretude, and will help inform expectations and decision making
when initiating long-acting injectables for HIV prevention. Results were also
shared from part two of the phase IIb EMBRACE study evaluating N6LS, one of
the broadest and most potent broadly neutralising antibodies (bNABs) currently
in development in combination with CAB LA. This asset is seen as a potential
partner candidate for twice yearly dosing and the next phase of the study is
now fully recruited.
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. The vaccine is now under regulatory review by the European
Medicines Agency (EMA) to expand use in adults 18 years and older, with a
regulatory decision anticipated in H1 2026. Regulatory reviews are also
ongoing in the US and Japan to expand use in adults aged 18-49 at increased
risk of severe RSV disease. In September 2025, the EMA approved an update to
Arexvy's EU label, to allow its co-administration with Herpes zoster vaccine
(recombinant, adjuvanted) or with pneumococcal conjugate vaccine.
The vaccine has now been approved for use in 67 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-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: Complete; 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: Complete
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
Key phase III trials for Arexvy continued:
RSV OA=ADJ-024 III A randomized, placebo-controlled, observer-blind study in India to evaluate Trial start: Active, not recruiting
immune response, reactogenicity and safety of the RSVPreF3 OA investigational
(Adults ≥60 years of age and adults 50 59 years of age at increased risk for vaccine when administered to older adults ≥60 years of age and adults 50 59 Q3 2024
RSV disease) years of age at increased risk of RSV disease.
NCT06614725
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: Active, not recruiting
nucleos(t)ide treated patients (chronic hepatitis B) to investigate the safety and efficacy of sequential therapy with
daplusiran/tomligisiran followed by bepirovirsen in participants with chronic Q4 2024
NCT06537414 hepatitis B virus on background nucleos(t)ide analogue therapy
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 and the UK for the treatment
of female adults and paediatric patients (≥12 years, ≥40 kg) with
uncomplicated urinary tract infections (uUTIs). Regulatory review is ongoing
in Australia. Gepotidacin is also being investigated for the treatment of
uncomplicated urogenital gonorrhoea. In August 2025, the FDA accepted for
priority review a supplemental New Drug Application for gepotidacin as an oral
option for the treatment of uncomplicated urogenital gonorrhoea in patients 12
years of age and older (weighing ≥45 kg), with a Prescription Drug User Fee
Act action date of 11 December 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.
In October 2025, positive phase III data from the PIVOT-PO trial were
presented at IDWeek 2025. The data demonstrate non-inferiority compared with
intravenous carbapenem antibiotics and show tebipenem HBr's potential as the
first oral option for patients with cUTIs.
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
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 41.
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 18 and other non-IFRS measures are
defined in pages 50 and 51.
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 nine-month period in the year to 30 September 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 upgrades its full-year 2025 guidance at constant exchange rates (CER).
GSK now expects its turnover to increase between 6% to 7% and Core operating
profit to increase between 9% to 11%. Core earnings per share is expected to
increase between 10% to 12%. Within the overall range, the overall turnover
outcome is dependent on the ongoing challenges for Vaccines in the US.
The Group has made planning assumptions that we expect turnover for Specialty
Medicines to increase at a mid-teens percentage, Vaccines to decrease by a
low-single digit per cent to broadly stable, and General Medicines to be
broadly stable.
The Core earnings per share guidance includes the implementation of the £2
billion share buyback programme 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).
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 the US Administration's
ongoing investigation under Section 232 of the Trade Expansion Act to
determine the effects on national security of imports of pharmaceutical
products. Our full-year guidance is inclusive of tariffs enacted thus far and
indicated potential European tariffs impact of 15%. We are positioned to
respond to the potential financial impact of tariffs, with mitigation options
identified. Given the uncertain external environment, we 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 Q3 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 '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.
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 nine months ended 30 September 2025.
The condensed financial information comprises:
• the income statement and statement of comprehensive income for the three and
nine month periods ended 30 September 2025 on page 26 and 27;
• the balance sheet as at 30 September 2025 on page 28;
• the statement of changes in equity for the nine-month period then ended on
page 29;
• the cash flow statement for the nine-month period then ended on page 30; and
• the accounting policies and basis of preparation and the explanatory notes to
the condensed financial information on pages 31 to 41 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 nine months ended 30 September 2025 is not prepared, in all
material respects, in accordance with the accounting policies set out in the
accounting policies and basis of preparation section on page 38.
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 38, the annual financial statements of the Group are
prepared in accordance with United Kingdom adopted international accounting
standards. The condensed set of financial information included in this Results
Announcement have been prepared in accordance with the accounting policies set
out in the accounting policies and basis of preparation section on page 38.
Conclusion Relating to Going Concern
Based on our review procedures, which are less extensive than those performed
in an audit as described in the Basis for Conclusion section of this report,
nothing has come to our attention to suggest that the directors have
inappropriately adopted the going concern basis of accounting or that the
directors have identified material uncertainties relating to going concern
that are not appropriately disclosed.
This Conclusion is based on the review procedures performed in accordance with
ISRE (UK) 2410, however future events or conditions may cause the entity to
cease to continue as a going concern.
Responsibilities of the directors
The directors are responsible for preparing the Results Announcement of the
company in accordance with the Disclosure Guidance and Transparency Rules of
the United Kingdom's Financial Conduct Authority.
In preparing the Results Announcement, the directors are responsible for
assessing the company's ability to continue as a going concern, disclosing as
applicable, matters related to going concern and using the going concern basis
of accounting unless the directors either intend to liquidate the company or
to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the review of the financial information
In reviewing the Results Announcement, we are responsible for expressing to
the company a conclusion on the condensed financial information in the Results
Announcement. Our Conclusion, including our Conclusion Relating to Going
Concern, are based on procedures that are less extensive than audit
procedures, as described in the Basis for Conclusion paragraph of this report.
Use of our report
This report is made solely to the company in accordance with ISRE (UK) 2410.
Our work has been undertaken so that we might state to the company those
matters we are required to state to it in an independent review report and for
no other purpose. To the fullest extent permitted by law, we do not accept or
assume responsibility to anyone other than the company, for our review work,
for this report, or for the conclusions we have formed.
Deloitte LLP
Statutory Auditor
London, United Kingdom
28 October 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
PrEP pre-exposure prophylaxis
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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