REG - GSK PLC - Final Results
04/02/2026 07:00
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RNS Number : 5892R GSK PLC 04 February 2026
GSK delivers strong 2025 performance and re-affirms long-term outlooks
Sales, profit and earnings growth driven by strong Specialty Medicines
performance
• Total 2025 sales £32.7 billion +4% AER; +7% CER
• Specialty Medicines sales £13.5 billion (+17%); Respiratory, Immunology &
Inflammation £3.8 billion (+18%); Oncology £2.0 billion (+43%); HIV sales
£7.7 billion (+11%)
• Vaccines sales £9.2 billion (+2%); Shingrix £3.6 billion (+8%); Meningitis
vaccines £1.6 billion (+12%); and Arexvy £0.6 billion (+2%)
• General Medicines sales £10.0 billion (-1%); Trelegy £3.0 billion (+13%)
• 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 +12% reflecting Specialty Medicines
and Vaccines growth, SG&A productivity, higher royalty income and
disciplined increased investment in R&D portfolio progression in Oncology
and Vaccines
• Cash generated from operations of £8.9 billion with free cash flow of £4.0
billion
(Financial Performance - 2025 results unless otherwise stated, growth % and
commentary at CER as defined on page 53. In 2025 and Q4 2025, the adverse
currency impact on AER versus CER primarily reflected the strengthening of
Sterling against the USD. See page 11 for further details.)
2025 Q4 2025
£m % AER % CER £m % AER % CER
Turnover 32,667 4 7 8,618 6 8
Total operating profit 7,932 97 >100 1,100 58 65
Total operating margin % 24.3% 11.5ppts 11.9ppts 12.8% 4.2ppts 4.6ppts
Total EPS 141.1p >100 >100 15.8p 56 65
Core operating profit 9,783 7 11 1,634 14 18
Core operating margin % 29.9% 0.7ppts 1.1ppts 19.0% 1.4ppts 1.6ppts
Core EPS 172.0p 8 12 25.5p 10 14
Cash generated from operations 8,943 14 2,689 4
R&D momentum further strengthens growth prospects:
Strong pipeline progress in 2025:
• 5 major FDA approvals: Blenrep, Exdensur, Nucala COPD, Penmenvy, Blujepa
• 7 pivotal trial starts including: risvutatug rezetecan (ris-rez) for 2L/3L
ES-SCLC; efimosfermin in MASH; Exdensur for COPD; and velzatinib for 2L GIST
RI&I and Oncology pipelines strengthened:
• New assets acquired: efimosfermin (liver disease); velzatinib/IDRX-42
(gastrointestinal cancer); and agreement to acquire ozureprubart (food
allergies)
• Agreements/collaborations with Hengrui (RI&I and oncology); Empirico
(COPD); and LTZ Therapeutics (oncology)
• 29 projects currently in clinical development for RI&I and Oncology
diseases
Further pipeline acceleration expected in 2026:
• 2 new major product approvals expected: bepirovirsen, potential first-in-class
treatment for chronic hepatitis B; and tebipenem, first oral treatment for
complicated UTIs
• 5 pivotal readouts: bepirovirsen for chronic hepatitis B (positive);
camlipixant (chronic cough); Jemperli (rectal cancer);
Q4M HIV PrEP; and Exdensur for EGPA
• 10 pivotal trial starts, including for ADCs B7-H3 (ris-rez) & B7-H4
(mocertatug rezetecan, mo-rez) to treat multiple cancer types
Continued commitment to shareholder returns
• Q4 2025 dividend of 18p declared; 66p FY 2025; 70p expected for full year 2026
• £1.4 billion executed to date as part of the £2 billion share buyback
programme announced at FY 2024
2026 guidance and 2031 sales outlook reaffirmed
• Expect 2026 turnover growth of between 3% to 5%; Core operating profit growth
of between 7% to 9%; Core EPS growth of between 7% to 9%
• 2031 sales outlook of more than £40 billion
Guidance all at CER
Luke Miels, Chief Executive Officer, GSK:
"GSK delivered another strong performance in 2025, driven mainly by Specialty
Medicines, with double-digit sales growth in Respiratory, Immunology &
Inflammation (RI&I), Oncology and HIV. Good R&D progress also
continued, with 5 major product approvals achieved and several acquisitions
and new partnerships completed to strengthen the pipeline further in oncology
and RI&I. We expect this positive momentum to continue in 2026, which will
be a key year of execution and operational delivery with strong focus on
commercial launches and accelerating R&D. We are well placed to move
forward in this next phase for GSK - to deliver our outlooks - and to create
new value for patients and shareholders."
The Total results are presented in summary above and on page 8 and Core
results reconciliations are presented on pages 20-21 and 23-24. 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 53-54: 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 55-56. Abbreviations are defined on page 57.
2026 Guidance
GSK provides its full-year 2026 guidance at constant exchange rates (CER).
Turnover is expected to increase between 3 to 5 per cent
Core operating profit is expected to increase between 7 to 9 per cent
Core earnings per share is expected to increase between 7 to 9 per cent
This guidance is supported by the following turnover expectations for
full-year 2026 at CER
Specialty Medicines - expected increase of a low double-digit per cent in turnover
Vaccines - expected decline of a low single-digit per cent to stable in turnover
General Medicines - expected decline of a low single-digit per cent to stable in turnover
Core operating profit is expected to grow between 7 to 9 per cent at CER. GSK
expects to deliver leverage at a gross margin level due to improved product
mix from Specialty Medicines growth and continued operational efficiencies. In
addition, GSK anticipates further leverage in Operating profit as we continue
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. R&D is expected to grow ahead of
sales as we continue to invest in the pipeline while driving operational
efficiencies.
Core earnings per share is also expected to increase between 7 to 9 per cent
at CER, in line with Core operating profit growth, reflecting higher interest
charges and the tax rate which is expected to rise to around 17.5%, offset by
the expected benefit from the share buyback programme. Expectations for
non-controlling interests remain unchanged relative to 2025.
Agreement with US Government to lower the cost of prescription medicines for
American patients
As previously announced, on 19 December 2025 GSK entered into an agreement
with the US Administration to lower the cost of prescription medicines for
American patients. The agreement entered into covers both GSK and ViiV
Healthcare and, assuming expected implementation, excludes both companies from
s232 tariffs for 3 years. Detailed terms of the agreement remain confidential.
Our full year guidance is inclusive of the expected impact of the agreement.
Dividend policy
GSK has declared an increased dividend for Q4 2025 of 18p per share and 66p
per share for the full year 2025, reflecting strong business performance
during 2025 and consistent with the Dividend policy and the expected pay-out
ratio which remain unchanged. The expected dividend for 2026 is 70p per share.
GSK's future dividend policy and guidance regarding the expected dividend
pay-out in 2026 are provided on page 37.
GSK commenced a £2 billion share buyback programme in Q1 2025, to be
implemented over the period to the end of Q2 2026.
Exchange rates
If exchange rates were to hold at the closing rates on 28 January 2026
($1.38/£1, €1.15/£1 and Yen 210/£1) for the rest of 2026, the estimated
impact on 2026 Sterling turnover growth for GSK would be -3% and if exchange
gains or losses were recognised at the same level as in 2025, the estimated
impact on 2026 Sterling Core Operating Profit growth for GSK would be -6%.
Results presentation
A conference call and webcast for investors and analysts of the quarterly
results will be hosted by Luke Miels, CEO, at 11.00 am GMT (US EST at 06.00
am) on 4 February 2026. Presentation materials will be published on
www.gsk.com prior to the webcast and a transcript of the webcast will be
published subsequently.
Notwithstanding the inclusion of weblinks, information available on the
company's website, or from non GSK sources, is not incorporated by reference
into this Results Announcement.
Performance: turnover
Turnover 2025 Q4 2025
£m Growth Growth £m Growth Growth
AER% CER% AER% CER%
HIV 7,687 8 11 2,149 9 11
Respiratory, Immunology & Inflammation 3,810 15 18 1,089 18 21
Oncology 1,977 40 43 567 39 42
Specialty Medicines 13,474 14 17 3,805 15 18
Shingles 3,558 6 8 1,008 19 20
Meningitis 1,583 10 12 313 6 6
RSV (Arexvy) 593 1 2 198 25 25
Influenza 303 (26) (24) 80 (24) (21)
Established Vaccines 3,120 (7) (5) 694 (14) (13)
Vaccines 9,157 - 2 2,293 4 4
Respiratory 7,068 (2) - 1,785 (1) 1
Other General Medicines 2,968 (8) (4) 735 (8) (6)
General Medicines 10,036 (4) (1) 2,520 (3) (1)
Total 32,667 4 7 8,618 6 8
By Region:
US 16,859 3 6 4,443 3 7
Europe 7,533 13 12 2,067 18 13
International 8,275 (1) 4 2,108 4 7
Total 32,667 4 7 8,618 6 8
Financial Performance - 2025 and Q4 2025 results unless otherwise stated,
growth % and commentary at CER. In 2025 and Q4 2025, the adverse currency
impact on AER versus CER primarily reflected the strengthening of Sterling
against the USD. See page 11 for further details.
2025 Q4 2025
£m AER CER £m AER CER
Specialty Medicines 13,474 14% 17% 3,805 15% 18%
Specialty Medicines sales grew by double-digit percentages in the full year
and quarter, reflecting continued growth across disease areas, with strong
performances in HIV, Respiratory, Immunology & Inflammation, and Oncology.
HIV 7,687 8% 11% 2,149 9% 11%
HIV sales grew 11% for the full year, 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. Full year growth
also benefitted from continued favourable pricing due to channel mix in the
US, which offset the impact of the IRA Medicare Part D redesign and pricing
pressures across the other regions. Long-acting Medicines contributed over 75%
of total HIV growth in 2025 with Cabenuva contributing 55%.
Quarterly growth was 11%, driven by strong patient demand growth of +9ppts and
continued favourable pricing from channel mix, which offset the impact of the
IRA Medicare Part D redesign. The US maintained strong double-digit growth
with 15% for the quarter.
Oral 2DR 3,334 14% 16% 941 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 £2,678 million in 2025 and growing 22% versus 2024.
Long-Acting 1,841 42% 46% 539 37% 41%
Cabenuva, the only complete long-acting injectable regimen for HIV treatment,
reached sales of £1,402 million in 2025, growing 42% due to strong patient
demand across US and Europe. Apretude, the first long-acting injectable option
for HIV prevention, delivered sales of £439 million in 2025, growing 62%
compared to 2024. In the US, long-acting injectables now account for 30% of
total HIV sales.
2025 Q4 2025
£m AER CER £m AER CER
Respiratory, Immunology & Inflammation 3,810 15% 18% 1,089 18% 21%
Sales grew at a double-digit rate in the full year and in the quarter, and
were primarily comprised of contributions from Nucala in respiratory and
Benlysta in immunology.
Nucala 2,008 13% 15% 567 17% 19%
Nucala is an IL-5 antagonist monoclonal antibody treatment for severe asthma,
with additional indications including CRSwNP, EGPA, HES and COPD. Sales growth
was driven by strong global performance, with double-digit growth across all
regions in the full year and quarter reflecting higher patient demand for
treatments addressing eosinophilic-led disease. US double-digit growth in the
full year accelerated in the quarter following the recent launch in COPD, with
increases in volume from higher patient uptake partially offset by ongoing
pricing pressures including the impact of IRA Medicare Part D redesign.
Benlysta 1,773 19% 22% 516 22% 26%
Sales of Benlysta, a monoclonal antibody treatment for lupus, grew in the full
year and quarter representing strong demand and volume growth with
bio-penetration rates having increased across many markets.
Oncology 1,977 40% 43% 567 39% 42%
Oncology sales are largely comprised of sales from Jemperli, Zejula and
Ojjaara/Omjjara. Strong Oncology sales growth in the full year and quarter
were largely driven by increasing patient demand for Jemperli and
Ojjaara/Omjjara, partially offset by decreases in Zejula. Blenrep, a treatment
in relapsed/refractory multiple myeloma, achieved sales in 2025 of £17
million following launch in the UK in Q2 2025, US in Q4 2025 and from further
initial commercial introductions in some smaller markets during H2 2025.
Jemperli 861 84% 89% 261 75% 79%
Sales of Jemperli grew strongly in the full year and quarter, 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 39 countries worldwide.
Zejula 557 (6%) (4%) 138 (3%) (3%)
Sales of Zejula, a PARP inhibitor treatment for ovarian cancer, reduced in the
full year and quarter. In the US, sales decreased in the full year 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. In the quarter, the US
grew single digit as these impacts were more than offset by favourable channel
mix pricing adjustments. The Europe and International regions continued to
decline in the full year largely driven by reduced volumes from increased
competition. In the quarter, Europe declined whilst International was broadly
stable.
Ojjaara/Omjjara 554 57% 60% 158 34% 37%
Sales of Ojjaara/Omjjara, a treatment for myelofibrosis patients with anaemia,
grew strongly in the full year and quarter. US sales growth was 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.
2025 Q4 2025
£m AER CER £m AER CER
Vaccines 9,157 -% 2% 2,293 4% 4%
Vaccines sales increased in both the year and quarter driven by strong ex-US
demand for Shingrix, Arexvy and Meningitis vaccines, partly offset by lower US
demand for Shingrix, Arexvy and Influenza vaccines together with lower
International sales of Established vaccines. Growth in the quarter also
benefitted from higher Shingrix sales in China.
Shingles 3,558 6% 8% 1,008 19% 20%
Shingrix had another record year, in which sales grew strongly in both the
year and quarter reflecting double-digit growth in Europe and International
driven by significant increased demand, partly offset by lower sales in the
US.
In Europe, Shingrix sales grew at 42% for the year and quarter 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 13% for the year reflecting
accelerated demand in Japan following expanded reimbursement from April 2025
together with continued uptake across several countries, partially offset by a
strong 2024 comparator including rapid uptake from the national immunisation
programme (NIP) in Australia. Q4 2025 sales growth also benefitted from higher
sales to our co-promotion partner in China versus a low 2024 comparator.
US sales decreased by 17% in the year and quarter due to the continuing
slowdown in the pace of penetration of harder-to-activate unvaccinated
consumers. The US cumulative immunisation rate reached 44%, up 4 percentage
points compared to 12 months earlier(1).
Shingrix is now launched in 61 countries, 29 of those with public funding,
with markets outside the US representing 66% of 2025 global sales (2024: 56%).
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 1,583 10% 12% 313 6% 6%
Strong double-digit growth of Meningitis vaccines in the year 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 in Europe driven by continued uptake following
recommendation and reimbursement in Germany together with expanded cohort
recommendations in France. Sales also grew in International due to higher
demand and geographic expansion.
RSV 593 1% 2% 198 25% 25%
Arexvy sales growth was driven by Europe and International related to
recommendation and reimbursement in Germany and tender deliveries in Spain and
Canada. While Arexvy maintained US market leading share in the older adult
setting in 2025, sales declined reflecting slower market uptake impacted by a
harder-to-activate patient cohort and lower market share partly offset by
favourable returns provision adjustments. Q4 2025 global sales growth was
positively impacted by increasing uptake momentum in Germany. Arexvy is
approved in 69 markets globally, 21 countries have national RSV vaccination
recommendations for older adults and 9, including the US, have reimbursement
programmes for Arexvy in place at the year end.
Influenza 303 (26%) (24%) 80 (24%) (21%)
Influenza vaccines sales declined mainly in the US driven by competitive
pressure.
Established Vaccines 3,120 (7%) (5%) 694 (14%) (13%)
Established Vaccines sales decreased in the full year as a result of the
impact of divested brands, competitive pressure for Synflorix and Cervarix and
lower US demand and unfavourable pricing for Hepatitis vaccines. This was
partly offset by higher sales of measles, mumps, rubella and varicella (MMRV)
vaccines, including a one-off Q3 2025 sale of bulk antigen together with
favourable US CDC stockpile movements for Infanrix/Pediarix. The decline in
the quarter was also driven by the timing of deliveries of Synflorix and lower
sales of Rotarix.
(1) Based on data from IQVIA up until the end of Q3 2025
2025 Q4 2025
£m AER CER £m AER CER
General Medicines 10,036 (4%) (1%) 2,520 (3%) (1%)
Sales include contributions from both the Respiratory portfolio, including
Trelegy, and the Other General Medicine portfolio. Sales were broadly stable
in the full year and the quarter, with growth in Trelegy offset by reductions
in other respiratory and Other General Medicine product sales.
Respiratory 7,068 (2%) -% 1,785 (1%) 1%
Sales were broadly stable in the full year and quarter, with growth in Trelegy
offset by decreases in other respiratory products. Other respiratory products
continue to reduce across all regions as a result of continued generic erosion
and competitive pressures.
Trelegy 2,986 11% 13% 740 11% 14%
Trelegy sales continued to grow in the full year and quarter, with continued
strong volume growth across all regions reflecting patient demand, SITT class
growth, and increased market share. In the US, sales exceeded £2 billion for
the full year and grew double-digit, with continued strong volume growth
partially offset by unfavourable pricing resulting from channel mix and
pricing pressures, including the impact of IRA Medicare Part D redesign.
Other General Medicines 2,968 (8%) (4%) 735 (8%) (6%)
Other General Medicines sales decreased in the full year and quarter,
reflecting the impacts of generic competition across the portfolio.
By Region
2025 Q4 2025
£m AER CER £m AER CER
US 16,859 3% 6% 4,443 3% 7%
US performance in the full year and quarter reflected the introduction of the
IRA Medicare Part D redesign, which adversely impacted a number of products
across Specialty Medicines, Vaccines and General Medicines.
Specialty Medicines double-digit sales growth in the full year and quarter was
driven by strong double-digit growth in Oncology, HIV and Benlysta, driven
largely by patient demand. Nucala also grew double-digit in the full year and
accelerated in the quarter following the recent launch in COPD, with increases
in volume from higher patient uptake partly offset by ongoing pricing
pressures.
Vaccines sales decreased due to lower demand for both Shingrix and Arexvy
driven primarily by the continued challenge of activating harder-to reach
consumers and competitive pressure for Influenza vaccines. Established
vaccines growth in MMRV vaccines related to outbreaks and, for
Infanrix/Pediarix, to favourable CDC stockpile replenishments which were more
than offset by lower US demand and unfavourable pricing for Hepatitis vaccines
General Medicines sales were broadly stable in the full year and quarter.
Trelegy sales grew double-digit in the full year and quarter driven by strong
volume increases. Growth in Trelegy was offset by reductions in other products
across the other respiratory and Other General Medicine portfolios.
Europe 7,533 13% 12% 2,067 18% 13%
Specialty Medicines sales grew double-digit in the full year and quarter due
to continued strong performance in Oncology, Benlysta and Nucala including the
benefit from new indication launches. HIV sales grew single-digit in the full
year and quarter driven by patient demand.
Vaccines sales grew around 30% in both the year and quarter driven by Shingrix
launch uptake in France together with higher market demand and expanded public
funding across several countries. Arexvy and Bexsero sales also grew strongly
mainly in Germany following recommendations and reimbursements.
General Medicines sales decreased in the full year and quarter, with growth
for Trelegy and Anoro being more than offset by decreases across other general
medicine products.
International 8,275 (1%) 4% 2,108 4% 7%
Specialty Medicines double-digit sales growth in the full year and quarter was
driven by Nucala in respiratory, Benlysta in immunology, and Oncology. HIV
sales grew mid single-digit in the full year, however were broadly stable in
the quarter due to the timings of tenders.
Vaccines sales grew in the year driven by accelerated Shingrix demand
primarily in Japan, partly offset by a strong 2024 comparator in Australia.
Growth across Shingrix, Meningitis vaccines and Arexvy was partly offset by
lower sales of Established vaccines primarily reflecting the impact of
divested brands and lower demand. Sales in the quarter also benefitted from
higher Shingrix sales to our co-promotion partner in China versus a low 2024
comparator.
General Medicines sales were broadly stable in the full year and the quarter.
Performance reflected double-digit growth for Trelegy and growth in Anoro
being offset by decreases across other general medicine products.
Financial performance
Total Results 2025 Q4 2025
£m % AER % CER £m % AER % CER
Turnover 32,667 4 7 8,618 6 8
Cost of sales (9,017) - - (2,657) 4 4
Selling, general and administration (9,088) (17) (15) (2,639) (1) 2
Research and development (7,525) 18 19 (2,350) 16 17
Royalty income 879 38 38 245 39 39
Other operating income/(expense) 16 (117)
Operating profit 7,932 97 >100 1,100 58 65
Net finance expense (532) (3) (2) (149) 7 8
Share of after tax profit/(loss) of associates and joint ventures 1 (1)
Profit before taxation 7,401 >100 >100 950 69 78
Taxation (1,112) (223)
Tax rate % 15.0% 23.5%
Profit after taxation 6,289 >100 >100 727 45 53
Profit attributable to non-controlling interests 573 91
Profit attributable to shareholders 5,716 636
6,289 >100 >100 727 45 53
Earnings per share 141.1p >100 >100 15.8p 56 65
Financial Performance - 2025 and Q4 2025 results unless otherwise stated,
growth % and commentary at CER. In 2025 and Q4 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 Full Year 2025, Full
Year 2024, Q4 2025 and Q4 2024 are set out on pages 20, 21, 23 and 24.
2025 Q4 2025
£m % AER % CER £m % AER % CER
Turnover 32,667 4 7 8,618 6 8
Cost of sales (8,206) 4 5 (2,435) 4 4
Selling, general and administration (8,989) - 3 (2,677) (1) 2
Research and development (6,568) 9 11 (2,117) 16 18
Royalty income 879 38 38 245 39 39
Core operating profit 9,783 7 11 1,634 14 18
Core profit before taxation 9,265 8 11 1,481 15 19
Taxation (1,584) 8 12 (256) 47 52
Tax rate % 17.1% 17.3%
Core profit after taxation 7,681 7 11 1,225 9 13
Core profit attributable to non-controlling interests 712 199
Core profit attributable to shareholders 6,969 1,026
7,681 7 11 1,225 9 13
Core Earnings per share 172.0p 8 12 25.5p 10 14
2025 Q4 2025
£m AER CER £m AER CER
Cost of sales Total 9,017 -% -% 2,657 4% 4%
% of sales 27.6% (1.2%) (1.7%) 30.8% (0.7%) (1.3%)
Core 8,206 4% 5% 2,435 4% 4%
% of sales 25.1% -% (0.4%) 28.3% (0.6%) (1.2%)
Total cost of sales as a percentage of sales decreased in the full year and
quarter primarily driven by core cost of sales benefits and in the full year
from 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 decreased in the full year and
quarter, with benefits from Specialty Medicines and regional mix as well as
operational efficiencies, being offset by inventory provision movements
compared to 2024. The full year also included pricing impacts largely due to
the implementation of Medicare Part D reform as well as an adverse comparison
to higher price benefits in the comparator period. The quarter also included
higher margin Vaccines in International and supply chain charges at a similar
level to Q4 2024.
2025 Q4 2025
£m AER CER £m AER CER
Selling, general & administration Total 9,088 (17%) (15%) 2,639 (1%) 2%
% of sales 27.8% (7.3%) (7.1%) 30.6% (2.2%) (1.8%)
Core 8,989 -% 3% 2,677 (1%) 2%
% of sales 27.5% (1.1%) (0.9%) 31.1% (2.2%) (1.8%)
Total SG&A as a percentage of sales decreased in the full year driven by
lower Significant legal expenses, driven by the Q3 2024 charge of £1.8
billion ($2.3 billion) in relation to Zantac.
Core SG&A growth in the full year and quarter reflected continued
disciplined investment to support new asset launches, including Blenrep,
Penmenvy, Exdensur and Blujepa, as well as growth of key assets including
Nucala, Shingrix, long-acting HIV medicines and Ojjaara/Omjjara, as well as
charges in the quarter to drive future efficiencies. This was offset by
reallocation of spend from General Medicines and the acceleration of ongoing
productivity initiatives. Full year 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.
2025 Q4 2025
£m AER CER £m AER CER
Research & development Total 7,525 18% 19% 2,350 16% 17%
% of sales 23.0% 2.6% 2.4% 27.3% 2.2% 2.1%
Core 6,568 9% 11% 2,117 16% 18%
% of sales 20.1% 0.9% 0.8% 24.6% 2.1% 2.0%
Total R&D increase in the full year and quarter was driven by an increase
in Core R&D investment, as well as higher impairment charges in the full
year which 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 (B7-H3 and B7-H4) and
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 bepirovirsen, as well as progression of ULA
treatment and PrEP programmes, notably Q4M and Q6M. Growth in the full year
and quarter 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.
2025 Q4 2025
£m AER CER £m AER CER
Royalty income Total 879 38% 38% 245 39% 39%
Core 879 38% 38% 245 39% 39%
The increase in Total and Core royalty income in the full year and Q4 2025 was
primarily driven by Kesimpta(1), Abrysvo(2) and Comirnaty(3) royalties. The
full year 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.
2025 Q4 2025
£m AER CER £m AER CER
Other operating income/(expense) Total 16 >100% >100% (117) 66% 66%
The full year other operating income reflected a charge of £488 million
(2024: £1,839 million) principally arising from the remeasurement of CCLs and
the liabilities for the Pfizer, Inc (Pfizer) put option, primarily reflecting
the net impact of discount unwind, updated sales and milestone forecasts and
foreign currency movements. See page 22 for further details. Other net
operating income at £504m (2024: £309 million) includes the £367 million
($500 million) settlement from CureVac as well as fair value movements on
equity investments and other net income.
In Q4 2025 other operating income included a charge of £295 million (Q4 2024:
£417 million) arising from the remeasurement of contingent consideration
liabilities (CCL) and the liabilities for the Pfizer put option. The charge in
the current quarter primarily reflected the net impact of updated sales
forecasts, discount unwind and exchange movements partly offset by reduced
forecast milestone payments. See page 25 for further details. Other net
operating income at £178 million (Q4 2024: £73 million) includes £99
million ($130 million) of settlement from CureVac as well as fair value
movements on equity investments and other net income.
2025 Q4 2025
£m AER CER £m AER CER
Operating profit Total 7,932 97% >100% 1,100 58% 65%
% of sales 24.3% 11.5% 11.9% 12.8% 4.2% 4.6%
Core 9,783 7% 11% 1,634 14% 18%
% of sales 29.9% 0.7% 1.1% 19.0% 1.4% 1.6%
Total operating profit margin was higher in the full year mainly due to the
£1.8 billion charge for the Zantac settlement in Q3 2024, partly offset by
higher impairment charges. In the quarter operating profit margin was higher
due to higher other net operating income and lower CCL charges.
Core operating profit growth in the full year and quarter 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 full year the Q1 2024 reversal of the legal provision related to the
Zejula royalty dispute, following a successful appeal. In the quarter,
productivity programmes and supply chain charges totalled £300 million, split
evenly between cost of sales and SG&A.
2025 Q4 2025
£m AER CER £m AER CER
Net finance expense Total 532 (3%) (2%) 149 7% 8%
Core 508 (5%) (4%) 150 9% 10%
The decrease in net finance costs in the full year was mainly driven by
favourable movements on derivatives fair value, favourable interest on tax and
higher swap interest income, partly offset by higher interest expense on debt.
Strong operating cashflows in the full year were partly offset by finance
costs associated with the share buyback programme and Zantac settlement
payments. The increase in the quarter was mainly driven by lower interest
income on cash following Zantac settlement payments and the share buyback
programme partly offset by favourable movements on derivatives fair value.
2025 Q4 2025
£m AER CER £m AER CER
Taxation Total 1,112 >100% >100% 223 >100% >100%
Tax rate % 15.0% 23.5%
Core 1,584 8% 12% 256 47% 52%
Tax rate % 17.1% 17.3%
The effective tax rate on Total results reflected the different tax effects of
the various Adjusting items included in Total results, including non-taxable
revaluations of contingent consideration liabilities associated with recent
acquisitions.
The effective tax rate on Core profits was 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.
2025 Q4 2025
£m AER CER £m AER CER
Non-controlling interests ("NCIs") Total 573 52% 58% 91 5% 10%
Core 712 9% 12% 199 15% 18%
The increase in Total and Core NCIs in the full year and quarter was primarily
driven by higher core profit allocations from ViiV Healthcare, and in the full
year a lower remeasurement loss on the CCL compared to 2024 impacting Total
NCIs.
2025 Q4 2025
£p AER CER £p AER CER
Earnings per share Total 141.1p >100% >100% 15.8p 56% 65%
Core 172.0p 8% 12% 25.5p 10% 14%
The increase in the full year and Q4 2025 Total EPS was primarily driven by
lower Significant legal charges, lower CCL charges and higher other net
operating income, partly offset by higher impairment charges.
The increase in the Core EPS in the full year and quarter primarily reflected
the growth in Core operating profit and the share buyback, as well as lower
net finance costs in the full year, partly offset by higher non-controlling
interests.
Currency impact on results
The results for the year 2025 are based on average exchange rates, principally
$1.31/£1, €1.17/£1 and Yen198/£1. The results for Q4 2025 are based on
average exchange rates, principally $1.33/£1, €1.14/£1 and Yen206/£1. The
period-end exchange rates were $1.35/£1, €1.15/£1 and Yen211/£1.
Comparative exchange rates are given on page 38.
2025 Q4 2025
£m/£p AER CER £m/£p AER CER
Turnover 32,667 4% 7% 8,618 6% 8%
Earnings per share Total 141.1p >100% >100% 15.8p 56% 65%
Core 172.0p 8% 12% 25.5p 10% 14%
In the full year and Q4 2025, the adverse currency impact primarily reflected
the strengthening of Sterling against US Dollar as well as emerging market
currencies, partly offset by strengthening of the Euro. Exchange gains on the
settlement of intercompany transactions had a favourable full year impact of
three percentage points on Total EPS and one percentage point on Core EPS. In
the quarter there was a favourable impact of six percentage points on Total
EPS and three percentage points on Core EPS.
Cash generation
Cash flow
2025 2024 Q4 2025 Q4 2024
£m £m £m £m
Cash generated from operations (£m) 8,943 7,861 2,689 2,586
Total net cash inflow/(outflow) from operating activities (£m) 7,741 6,554 2,278 2,329
Free cash inflow/(outflow)* (£m) 4,029 2,863 960 924
Free cash flow growth (%) 41% (16%) 4% (56%)
Free cash flow conversion* (%) 70% >100% >100% >100%
Total net debt** (£m) 14,453 13,095 14,453 13,095
* Free cash flow and free cash flow conversion are defined on page 53. Free cash
flow is analysed on page 42.
** Net debt is analysed on page 42.
2025
Cash generated from operating activities was £8,943 million (2024: £7,861
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 settlements 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 higher Zantac settlement payments of £1,195 million (2024:
£672 million).
Total contingent consideration cash payments in 2025 were £1,347 million
(2024: £1,254 million). £1,330 million (2024: £1,235 million) of these
were recognised in cash flows from operating activities, including cash
payments made to Shionogi & Co. Ltd (Shionogi) of £1,277 million (2024:
£1,190 million).
Free cash inflow was £4,029 million for 2025 (2024: £2,863 million). The
increase was driven by higher cash generated from operations, lower tax
payments, lower capital expenditure on property, plant and equipment, and
higher dividends from joint ventures and associates, partly offset by higher
capital expenditure on intangible assets and lower proceeds from the sale of
property, plant and equipment.
Q4 2025
Cash generated from operations for the quarter was £2,689 million (Q4 2024:
£2,586 million). The increase primarily reflected higher Core operating
profit and lower Zantac settlement payments of £507 million (Q4 2024: £672
million), partly offset by adverse timing and movements on returns and
rebates.
Total contingent consideration cash payments in the quarter were
£347 million (Q4 2024: £319 million). £341 million (Q4 2024:
£311 million) of these were recognised in cash flows from operating
activities, including cash payments made to Shionogi of £321 million (Q4
2024: £290 million).
Free cash inflow was £960 million for the quarter (Q4 2024: £924 million).
The increase was primarily driven by higher cash generated from operations,
lower capital expenditure on intangible assets and higher dividends from joint
ventures and associates, partly offset by higher taxation payments and lower
proceeds from sale of property, plant and equipment.
Total Net debt
At 31 December 2025, net debt was £14,453 million, compared with £13,095
million at 31 December 2024, comprising gross debt of £17,859 million and
cash and liquid investments of £3,406 million. See net debt information on
page 42.
Net debt increased by £1,358 million primarily due to the net acquisition
costs of IDRx, Inc. (IDRx), BP Asset IX, Inc. (BP Asset IX) to access
efimosfermin, and Cellphenomics GmbH totalling £1,692 million, dividends paid
to shareholders of £2,564 million and shares purchased as part of the share
buyback programme of £1,377 million. This was partly offset by free cash
inflow of £4,029 million and exchange gain on net debt of £241 million.
At 31 December 2025, GSK had short-term borrowings (including overdrafts and
lease liabilities) repayable within 12 months of £3,012 million and £1,487
million repayable in the subsequent year.
Contents
Page
Q4 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 44
Reporting definitions 53
Guidance and outlooks, assumptions and cautionary statements 55
Glossary of terms 57
Contacts
GSK plc (LSE/NYSE:GSK) is a global biopharma company with a purpose to unite
science, technology, and talent to get ahead of disease together. Find out
more at www.gsk.com (http://www.gsk.com/) .
GSK enquiries:
Media Tim Foley +44 (0) 7780 494750 (London)
Kathleen Quinn +1 202 603 5003 (Washington)
Investor Relations Constantin Fest +44 (0) 7831 826525 (London)
James Dodwell +44 (0) 7881 269066 (London)
Mick Readey +44 (0) 7990 339653 (London)
Steph Mountifield +44 (0) 7796 707505 (London)
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
Q4 2025 pipeline highlights (since 29 October 2025)
Medicine/vaccine Trial (indication, presentation) Event
Regulatory approvals or other regulatory actions Exdensur SWIFT-1/2 (severe asthma with type 2 inflammation) Regulatory approval (US)
Exdensur SWIFT-1/2, ANCHOR-1/2 (severe asthma with type 2 inflammation and chronic Regulatory approval (JP, UK)
rhinosinusitis with nasal polyps)
Exdensur SWIFT-1/2, ANCHOR-1/2 (severe asthma with type 2 inflammation and chronic Positive CHMP opinion (EU)
rhinosinusitis with nasal polyps)
Nucala MATINEE (chronic obstructive pulmonary disease) Positive CHMP opinion (EU)
Nucala MATINEE (chronic obstructive pulmonary disease) Regulatory approval (CN)
Trelegy CAPTAIN (asthma) Regulatory approval (CN)
Arexvy RSV, adults aged 18 and above Regulatory approval (EU)
Blujepa EAGLE-1 (urogenital gonorrhoea) Regulatory approval (US)
Shingrix Shingles, liquid formulation Regulatory approval (EU)
Regulatory submissions or acceptances Arexvy RSV, adults aged 18+ immunocompromised Regulatory acceptance (US, EU, JP)
tebipenem pivoxil PIVOT-PO (complicated urinary tract infection) Regulatory acceptance (US)
Phase III data readouts or other significant events Arexvy RSV, adults aged 60+ years Positive phase III data readout (CN)
bepirovirsen B-Well 1 and B-Well 2 (chronic hepatitis B) Positive phase III data readout
Jemperli AZUR-1 (dMMR/MSI-H rectal cancer) Commissioner's National Priority Voucher (US)
risvutatug rezetecan Small cell lung cancer Orphan Drug Designation (EU, US)
Anticipated pipeline milestones
Timing Medicine/vaccine Trial (indication, presentation) Event
H1 2026 depemokimab SWIFT-1/2 (severe asthma with type 2 inflammation) Regulatory decision
(EU, CN)
depemokimab ANCHOR-1/2 (chronic rhinosinusitis with nasal polyps) Regulatory decision
(EU, CN)
depemokimab NIMBLE (severe asthma) Phase IIIb data readout*
linerixibat GLISTEN (cholestatic pruritus in primary biliary cholangitis) Regulatory decision
(US)
linerixibat GLISTEN (cholestatic pruritus in primary biliary cholangitis) Regulatory submission (JP, CN)
Nucala MATINEE (chronic obstructive pulmonary disease) Regulatory decision (EU)
Blenrep DREAMM-7 (2L+ multiple myeloma) Regulatory decision (CN)
Arexvy RSV, adults aged 60+ years Regulatory submission (CN)
Arexvy RSV, adults aged 18-49 years at increased risk Regulatory decision
(US, JP)
bepirovirsen B-WELL 1/2 (chronic hepatitis B) Regulatory submission
(US, EU, CN, JP)
Bexsero Meningococcal B (infants) Regulatory submission (US)
tebipenem pivoxil PIVOT-PO (complicated urinary tract infection) Regulatory decision (US)
*Non-registrational study
H2 2026 camlipixant CALM-1/2 (refractory chronic cough) Phase III data readout
camlipixant CALM-1/2 (refractory chronic cough) Regulatory submission (US, EU, JP)
depemokimab OCEAN (eosinophilic granulomatosis with polyangiitis) Phase III data readout
linerixibat GLISTEN (cholestatic pruritus in primary biliary cholangitis) Regulatory decision (EU)
Ventolin Low carbon MDI (asthma) Regulatory submission (EU)
Blenrep DREAMM-8 (2L + multiple myeloma) Regulatory submission (CN)
Jemperli AZUR-1 (rectal cancer) Phase II (pivotal) data readout
cabotegravir Q4M PrEP (HIV prevention) Phase II (pivotal) data readout
cabotegravir Q4M PrEP (HIV prevention) Regulatory submission (US)
Arexvy RSV, adults aged 18+ immunocompromised Regulatory decision (US, EU, JP)
bepirovirsen B-WELL 1/2 (hepatitis B virus) Regulatory decision (US, JP)
Bexsero Meningococcal B (infants) Regulatory decision (US)
2027 camlipixant CALM-1/2 (refractory chronic cough) Regulatory decision (US, EU, JP)
depemokimab OCEAN (Eosinophilic granulomatosis with polyangiitis) Regulatory submission (US, EU, CN, JP)
depemokimab OCEAN (Eosinophilic granulomatosis with polyangiitis) Regulatory decision (US)
linerixibat GLISTEN (cholestatic pruritus in primary biliary cholangitis) Regulatory decision (JP, CN)
Ventolin Low carbon MDI (asthma) Regulatory decision (EU)
Blenrep DREAMM 8 (2L+ multiple myeloma) Regulatory decision (CN)
Jemperli AZUR-1 (rectal cancer) Regulatory submission (US, EU, CN, JP)
Jemperli AZUR-1 (rectal cancer) Regulatory decision (US, EU, JP)
cabotegravir + rilpivirine CUATRO, Q4M treatment (HIV) Phase III data readout
cabotegravir Q4M PrEP (HIV) Regulatory decision (US)
Arexvy RSV, adults aged 60+ Regulatory decision (CN)
bepirovirsen B-WELL 1/2 (chronic hepatitis B) Regulatory decision (EU, CN)
gepotidacin EAGLE-2/3 (uncomplicated urinary tract infection) Regulatory submission (EU)
gepotidacin EAGLE-1 (urogenital gonorrhoea) Regulatory submission (EU)
Refer to pages 44 to 52 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 Q3 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 Q3 2025:
• In November GSK marked 25 years of partnership with the World Health
Organization on its Global Programme to Eliminate Lymphatic Filariasis (LF).
To date, GSK has donated more than 12 billion albendazole tablets to the
programme. By donating this essential treatment against LF, GSK continues to
help reduce the burden of LF in lower income countries, meaning that not only
are more people protected from this disease, but that more people can keep
working and contributing to their local economy. To date, 21 countries have
eliminated the disease which is testament to the partnership of the WHO, with
companies like GSK and most importantly country leaders, communities and
patients in endemic. More information can be found here((2
(https://www.linkedin.com/posts/thomas-breuer-md-msc_25-years-of-partnership-to-fight-lfmp4-activity-7400201399789068288-pqKH/)
)).
• 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 Q3 2025:
• GSK and ViiV have renewed their commitment to the Global Fund, pledging £6
million to strengthen community-led responses to HIV, tuberculosis and malaria
in lower income countries. The commitment will be matched by the Gates
Foundation, bringing this total investment in the Global Fund to £12 million.
This commitment reinforces the vital role of grassroots leadership in shaping
sustainable health solutions. More information can be found here((3
(https://www.gsk.com/en-gb/media/press-releases/global-fund-welcomes-renewed-commitment-from-gsk-and-viiv-healthcare-to-expand-community-led-health-solutions-with-6-million-joint-pledge/)
)).
• In November, GSK and the Fleming Initiative announced six major new research
programmes building on GSK's long-standing commitment to addressing
drug-resistant infections. These programmes will harness some of the best
scientific expertise and the latest technologies, including advanced AI, to
find new ways to slow the progress of antimicrobial resistance. All of the new
programmes will begin by early 2026 and are fully funded for three years. More
information can be found here((4
(https://www.gsk.com/en-gb/media/press-releases/gsk-and-fleming-initiative-scientists-unite-to-target-amr-with-advanced-ai/)
)).
• In December, GSK was announced as the industry lead for END2AMR (European
Novel Drug Research to Address Microbial Infections and Drug Resistance) - a
new public-private research initiative designed to tackle some of the most
difficult-to-treat bacterial infections. The project brings together leading
academic groups, research institutes, SMEs, and industry partners to develop a
new generation of antibacterial modalities and delivery technologies. More
information can be found here((5
(https://www.lygature.org/news/end2amr-launches-accelerate-innovation-against-drug-resistant-bacterial-infections)
)).
• 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 Q3 2025:
• GSK retained its position on the CDP 2025 A List for Climate Change and Water
and scored a B for its Forest submission. Securing a place on the A List means
GSK is among the top 4% of companies scored by CDP - the world's only
independent system for environmental disclosure.
• GSK worked with partners across the pharmaceutical industry and wider
healthcare systems to shape the development of a pharma-specific framework to
measure and report the environmental impact of medicines, in response to
increasing requirements from payers. The new global standard has been
published by BSI as PAS2090. More information can be found here((6
(https://knowledge.bsigroup.com/products/pharmaceutical-products-product-category-rules-for-life-cycle-assessments-specification)
)).
• 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 December 2025 (for supplier
engagement, July 2025)
CDP Water Security A A
CDP Forests (palm oil) B B
CDP Forests (timber) B B
CDP supplier engagement rating Leader Leader
Sustainalytics 13.7 14.8 1st percentile in pharma subindustry group; lower score represents lower risk.
Current score as at October 2025
MSCI AA AA Last rating action date: 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.linkedin.com/posts/thomas-breuer-md-msc_25-years-of-partnership-to-fight-lfmp4-activity-7400201399789068288-pqKH/
(https://www.linkedin.com/posts/thomas-breuer-md-msc_25-years-of-partnership-to-fight-lfmp4-activity-7400201399789068288-pqKH/)
(3)
https://www.gsk.com/en-gb/media/press-releases/global-fund-welcomes-renewed-commitment-from-gsk-and-viiv-healthcare-to-expand-community-led-health-solutions-with-6-million-joint-pledge/
(https://www.gsk.com/en-gb/media/press-releases/global-fund-welcomes-renewed-commitment-from-gsk-and-viiv-healthcare-to-expand-community-led-health-solutions-with-6-million-joint-pledge/)
(4)
https://www.gsk.com/en-gb/media/press-releases/gsk-and-fleming-initiative-scientists-unite-to-target-amr-with-advanced-ai/
(https://www.gsk.com/en-gb/media/press-releases/gsk-and-fleming-initiative-scientists-unite-to-target-amr-with-advanced-ai/)
(5)
https://www.lygature.org/news/end2amr-launches-accelerate-innovation-against-drug-resistant-bacterial-infections
(https://www.lygature.org/news/end2amr-launches-accelerate-innovation-against-drug-resistant-bacterial-infections)
(6)
https://knowledge.bsigroup.com/products/pharmaceutical-products-product-category-rules-for-life-cycle-assessments-specification
(https://knowledge.bsigroup.com/products/pharmaceutical-products-product-category-rules-for-life-cycle-assessments-specification)
(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 53 and 54.
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 20-23.
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 for the year 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 83% of the Total earnings and 83% of the
Core earnings of ViiV Healthcare for 2025.
As consideration for the acquisition of Shionogi's interest in the former
Shionogi-ViiV Healthcare joint venture in 2012, Shionogi received the 10%
equity stake in ViiV Healthcare and ViiV Healthcare also agreed to pay
additional future cash consideration to Shionogi, contingent on the future
sales performance of the products being developed by that joint venture,
dolutegravir and cabotegravir. Under IFRS 3 'Business combinations', GSK was
required to provide for the estimated fair value of this contingent
consideration at the time of acquisition and is required to update the
liability to the latest estimate of fair value at each subsequent period end.
The liability for the contingent consideration recognised in the balance sheet
at the date of acquisition was £659 million. Subsequent remeasurements are
reflected within other operating income/(expense) and within Adjusting items
in the income statement in each period.
Cash payments to settle the contingent consideration are made to Shionogi by
ViiV Healthcare each quarter, based on the actual sales performance and other
income of the relevant products in the previous quarter. These payments reduce
the balance sheet liability and hence are not recorded in the income
statement. The cash payments made to Shionogi by ViiV Healthcare in the year
ended 31 December 2025 were £1,277 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.
On 19 January 2026, GSK reached agreement with Pfizer and Shionogi for the
11.7% economic interest in ViiV Healthcare currently held by Pfizer to be
replaced with an investment by Shionogi. Details of this agreement are set out
in the post balance sheet event on page 43.
The reconciliations between Total results and Core results for 2025 and 2024
are set out below.
Year ended 31 December 2025
Total Intangible asset Intangible asset 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 32,667 32,667
Cost of sales (9,017) 722 22 48 19 (8,206)
Gross profit 23,650 722 22 48 19 24,461
Selling, general and administration (9,088) 44 23 32 (8,989)
Research and development (7,525) 86 858 17 (4) (6,568)
Royalty income 879 879
Other operating income/(expense) 16 488 (504) -
Operating profit 7,932 808 880 109 507 (453) 9,783
Net finance expense (532) 24 (508)
Share of after tax profit/(loss) of associates and joint ventures 1 (11) (10)
Profit before taxation 7,401 808 880 109 507 (440) 9,265
Taxation (1,112) (178) (220) (32) (147) 105 (1,584)
Tax rate % 15.0% 17.1%
Profit after taxation 6,289 630 660 77 360 (335) 7,681
Profit attributable to non-controlling interests 573 139 712
Profit/(loss) attributable to shareholders 5,716 630 660 77 221 (335) 6,969
6,289 630 660 77 360 (335) 7,681
Earnings per share 141.1p 15.6p 16.3p 1.9p 5.4p (8.3p) 172.0p
Weighted average number of shares (millions) 4,051 4,051
Year ended 31 December 2024
Total Intangible asset Intangible asset 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 31,376 31,376
Cost of sales (9,048) 947 163 40 28 (7,870)
Gross profit 22,328 947 163 40 28 23,506
Selling, general and administration (11,015) 160 2 1,879 (8,974)
Research and development (6,401) 55 314 9 (6,023)
Royalty income 639 639
Other operating income/(expense) (1,530) 21 1,839 (330) -
Operating profit 4,021 1,002 314 353 1,881 1,577 9,148
Net finance expense (547) 1 14 (532)
Share of after tax profit/(loss) of associates and joint ventures (3) (3)
Profit/(loss) on disposal of interest in associates 6 (6) -
Profit before taxation 3,477 1,002 314 354 1,881 1,585 8,613
Taxation (526) (208) (63) (80) (311) (274) (1,462)
Tax rate % 15.1% 17.0%
Profit after taxation 2,951 794 251 274 1,570 1,311 7,151
Profit attributable to non-controlling interests 376 278 654
Profit/(loss) attributable to shareholders 2,575 794 251 274 1,292 1,311 6,497
2,951 794 251 274 1,570 1,311 7,151
Earnings per share 63.2p 19.5p 6.1p 6.7p 31.7p 32.1p 159.3p
Weighted average number of shares (millions) 4,077 4,077
Adjusting items full year 2025
Major restructuring and integration
Charges of £109 million (2024: £353 million) were incurred relating to
ongoing projects categorised as Major restructuring programmes, analysed as
follows:
2025 2024
Cash Non- Total Cash Non- Total
£m cash £m £m cash £m
£m £m
Separation restructuring programme 48 14 62 200 36 236
Significant acquisitions 26 - 26 59 1 60
Legacy programmes 13 8 21 48 9 57
87 22 109 307 46 353
The Separation restructuring programme incurred cash charges of £48 million
primarily from the restructuring of some commercial and administrative
functions. The non-cash charges of £14 million primarily reflected the
write-down of assets in manufacturing locations.
The programme focussed on the separation of GSK into two separate companies
and is now largely complete. The programme has delivered its target of £1.1
billion of annual savings, with total costs still expected at £2.4 billion,
with cash charges of £1.7 billion and non-cash charges of £0.7 billion.
Costs of significant acquisitions relate to integration costs of Affinivax
Inc. (Affinivax) which 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 acquired to access efimosfermin in Q3
2025.
Cash charges of £13 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 £507 million
(2024: £1,881 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) 2025 2024
£m £m
Contingent consideration on former Shionogi-ViiV Healthcare joint venture 649 1,533
(including Shionogi preferential dividends)
ViiV Healthcare put options and Pfizer preferential dividends (93) 67
Contingent consideration on former Novartis Vaccines business 171 206
Contingent consideration on acquisition of Affinivax (254) (22)
Other contingent consideration 15 34
Other adjustments 19 63
Total transaction-related charges 507 1,881
The £649 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 £404 million and net other remeasurements of £245
million. The £93 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 £171 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 £254 million credit relating to the contingent consideration on the
acquisition of Affinivax primarily related to updated milestone forecasts,
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 £367 million ($500 million) of
settlements from CureVac in connection with the mRNA patent settlement, as
well as other net income, including income from divestments and fair value
movements on, and distributions from, equity investments.
The reconciliations between Total results and Core results for Q4 2025 and Q4
2024 are set out below.
Three months ended 31 December 2025
Total Intangible asset Intangible asset 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 8,618 8,618
Cost of sales (2,657) 176 22 18 6 (2,435)
Gross profit 5,961 176 22 18 6 6,183
Selling, general and administration (2,639) (10) (25) (3) (2,677)
Research and development (2,350) 21 206 10 (4) (2,117)
Royalty income 245 245
Other operating income/(expense) (117) 295 (178) -
Operating profit 1,100 197 228 18 266 (175) 1,634
Net finance expense (149) (1) (150)
Share of after tax profit/(loss) of associates and joint ventures (1) (2) (3)
Profit before taxation 950 197 228 18 266 (178) 1,481
Taxation (223) (44) (57) (10) (13) 91 (256)
Tax rate % 23.5% 17.3%
Profit after taxation 727 153 171 8 253 (87) 1,225
Profit attributable to non-controlling interests 91 108 199
Profit/(loss) attributable to shareholders 636 153 171 8 145 (87) 1,026
727 153 171 8 253 (87) 1,225
Earnings per share 15.8p 3.8p 4.3p 0.2p 3.6p (2.2p) 25.5p
Weighted average number of shares (millions) 4,019 4,019
Three months ended 31 December 2024
Total Intangible asset Intangible asset 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 8,117 8,117
Cost of sales (2,559) 183 22 15 (2,339)
Gross profit 5,558 183 22 15 5,778
Selling, general and administration (2,663) 35 1 (75) (2,702)
Research and development (2,031) 15 196 (1) (1,821)
Royalty income 176 176
Other operating income/(expense) (344) 16 417 (89) -
Operating profit 696 198 196 72 418 (149) 1,431
Net finance expense (139) 1 (138)
Profit/(loss) on disposal of interest in associates and joint ventures 6 (6) -
Profit before taxation 563 198 196 72 418 (154) 1,293
Taxation (62) (36) (35) (11) (11) (19) (174)
Tax rate % 11.0% 13.5%
Profit after taxation 501 162 161 61 407 (173) 1,119
Profit attributable to non-controlling interests 87 86 173
Profit/(loss) attributable to shareholders 414 162 161 61 321 (173) 946
501 162 161 61 407 (173) 1,119
Earnings per share 10.1p 4.0p 3.9p 1.5p 7.9p (4.2p) 23.2p
Weighted average number of shares (millions) 4,081 4,081
Adjusting items Q4 2025
Major restructuring and integration
Charges of £18 million (Q4 2024: £72 million) were incurred relating to
ongoing projects categorised as Major restructuring programmes, analysed as
follows:
Q4 2025 Q4 2024
Cash Non- Total Cash Non- Total
£m cash £m £m cash £m
£m £m
Separation restructuring programme (1) (3) (4) 31 22 53
Significant acquisitions 14 - 14 9 - 9
Legacy programmes 2 6 8 1 9 10
15 3 18 41 31 72
The credits on the Separation restructuring programme of £1 million in cash
and £3 million in non-cash are primarily from releases of restructuring
provisions for some commercial 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
which was acquired in Q3 2022, Bellus acquired in Q2 2023, Aiolos acquired in
Q1 2024, IDRx acquired in Q1 2025 and BP Asset IX acquired to access
efimosfermin in Q3 2025.
Transaction-related adjustments
Transaction-related adjustments resulted in a net charge of £266 million (Q4
2024: £418 million), the majority of which related to charges/(credits) for
the remeasurement of contingent consideration liabilities on acquisition of
Affinivax, Novartis vaccines business and Pfizer and Shionogi preferential
dividends in ViiV Healthcare.
Charge/(credit) Q4 2025 Q4 2024
£m £m
Contingent consideration on former Shionogi-ViiV Healthcare joint venture 488 427
(including Shionogi preferential dividends)
ViiV Healthcare put options and Pfizer preferential dividends 3 13
Contingent consideration on former Novartis Vaccines business 37 -
Contingent consideration on acquisition of Affinivax (238) (53)
Other contingent consideration 5 29
Other adjustments (29) 2
Total transaction-related charges/(credits) 266 418
The £488 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
sales forecasts and net other remeasurements of £392 million and the unwind
of the discount for £96 million. An explanation of the accounting for the
non-controlling interests in ViiV Healthcare is set out on page 19.
There was a £37 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 £238 million credit relating to the contingent consideration on the
acquisition of Affinivax primarily related to updated milestone forecasts,
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 £99 million ($130 million)
settlement from CureVac in connection with the mRNA patent settlement, as well
as other net income, including income from divestments and fair value
movements on, and distributions from, equity investments.
Financial information
Income statement
2025 2024 Q4 2025 Q4 2024
£m £m £m £m
TURNOVER 32,667 31,376 8,618 8,117
Cost of sales (9,017) (9,048) (2,657) (2,559)
Gross profit 23,650 22,328 5,961 5,558
Selling, general and administration (9,088) (11,015) (2,639) (2,663)
Research and development (7,525) (6,401) (2,350) (2,031)
Royalty income 879 639 245 176
Other operating income/(expense) 16 (1,530) (117) (344)
OPERATING PROFIT 7,932 4,021 1,100 696
Finance income 169 122 39 34
Finance expense (701) (669) (188) (173)
Share of after tax profit/(loss) of associates and joint ventures 1 (3) (1) -
Profit/(loss) on disposal of interests in associates and joint ventures - 6 - 6
PROFIT BEFORE TAXATION 7,401 3,477 950 563
Taxation (1,112) (526) (223) (62)
Tax rate % 15.0% 15.1% 23.5% 11.0%
PROFIT AFTER TAXATION 6,289 2,951 727 501
Profit attributable to non-controlling interests 573 376 91 87
Profit attributable to shareholders 5,716 2,575 636 414
6,289 2,951 727 501
EARNINGS PER SHARE 141.1p 63.2p 15.8p 10.1p
Diluted earnings per share 138.8p 62.2p 15.6p 10.0p
Statement of comprehensive income
2025 2024 Q4 2025 Q4 2024
£m £m £m £m
Total profit for the period 6,289 2,951 727 501
Items that may be reclassified subsequently to income statement:
Exchange movements on overseas net assets and net investment hedges 231 (392) (61) (345)
Reclassification of exchange movements on liquidation or disposal of overseas (12) (87) (3) (31)
subsidiaries and associates
Fair value movements on cash flow hedges (41) - (8) 1
Cost of hedging 4 (4) (8) 1
Reclassification of cash flow hedges to income statement 36 4 7 -
Deferred tax on fair value movements on cash flow hedges (2) 1 (1) 2
216 (478) (74) (372)
Items that will not be reclassified to income statement:
Exchange movements on overseas net assets of non-controlling interests (18) (4) (4) 13
Fair value movements on equity investments 215 (100) 134 8
Tax on fair value movements on equity investments (20) 17 (6) 11
Fair value movements on cash flow hedges - 8 - 6
Remeasurement gains/(losses) on defined benefit plans 133 506 1 133
Tax (charge)/credit on remeasurement of defined benefit plans (33) (122) (2) (35)
277 305 123 136
Other comprehensive income/(expense) for the period 493 (173) 49 (236)
Total comprehensive income for the period 6,782 2,778 776 265
Total comprehensive income for the period attributable to:
Shareholders 6,227 2,406 689 165
Non-controlling interests 555 372 87 100
6,782 2,778 776 265
Balance sheet
31 December 2025 31 December 2024
£m £m
ASSETS
Non-current assets
Property, plant and equipment 9,322 9,227
Right of use assets 726 846
Goodwill 7,018 6,982
Other intangible assets 16,748 15,515
Investments in associates and joint ventures 89 96
Other investments 1,037 1,100
Deferred tax assets 6,520 6,757
Derivative financial instruments - 1
Other non-current assets 2,148 1,942
Total non-current assets 43,608 42,466
Current assets
Inventories 5,924 5,669
Current tax recoverable 288 489
Trade and other receivables 7,471 6,836
Derivative financial instruments 121 109
Liquid investments 9 21
Cash and cash equivalents 3,397 3,870
Assets held for sale 300 3
Total current assets 17,510 16,997
TOTAL ASSETS 61,118 59,463
LIABILITIES
Current liabilities
Short-term borrowings (3,012) (2,349)
Contingent consideration liabilities (1,348) (1,172)
Trade and other payables (15,381) (15,335)
Derivative financial instruments (75) (192)
Current tax payable (498) (703)
Short-term provisions (938) (1,946)
Liabilities relating to assets held for sale (139) -
Total current liabilities (21,391) (21,697)
Non-current liabilities
Long-term borrowings (14,708) (14,637)
Deferred tax liabilities (291) (382)
Pensions and other post-employment benefits (1,687) (1,864)
Derivative financial instruments (67) -
Other provisions (610) (589)
Contingent consideration liabilities (5,385) (6,108)
Other non-current liabilities (1,023) (1,100)
Total non-current liabilities (23,771) (24,680)
TOTAL LIABILITIES (45,162) (46,377)
NET ASSETS 15,956 13,086
EQUITY
Share capital 1,349 1,348
Share premium account 3,498 3,473
Retained earnings 10,209 7,796
Other reserves 1,321 1,054
Shareholders' equity 16,377 13,671
Non-controlling interests (421) (585)
TOTAL EQUITY 15,956 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 year 5,716 5,716 573 6,289
Other comprehensive income /(expense) for the year 323 188 511 (18) 493
Total comprehensive income/(expense) for the year 6,039 188 6,227 555 6,782
Distributions to non-controlling interests (391) (391)
Dividends to shareholders (2,564) (2,564) (2,564)
Realised after tax profit/(losses) on disposal or liquidation of equity (66) 66 -
investments
Share of associates and joint ventures realised profit/(loss) on disposal of 58 (58) -
equity investments
Shares issued 1 14 15 15
Purchase of treasury shares (1,377) (1,377) (1,377)
Write-down on shares held by ESOP Trusts (467) 467 -
Shares acquired by ESOP Trusts 11 385 (396) -
Share-based incentive plans 374 374 374
Tax on share-based incentive plans 31 31 31
At 31 December 2025 1,349 3,498 10,209 1,321 16,377 (421) 15,956
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 year 2,575 2,575 376 2,951
Other comprehensive income /(expense) for the year (83) (86) (169) (4) (173)
Total comprehensive income/(expense) for the year 2,492 (86) 2,406 372 2,778
Distributions to non-controlling interests (416) (416)
Dividends to shareholders (2,444) (2,444) (2,444)
Deconsolidation of former subsidiaries (2) (2)
Realised after tax profit/(losses) on disposal or liquidation of equity 14 (14) -
investments
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 (362) 362 -
Shares acquired by ESOP Trusts 2 457 (459) -
Share-based incentive plans 344 344 344
Contributions from non-controlling interests 9 9
Changes to non-controlling interest 4 4
Hedging gain/(loss) after taxation transferred to non-financial assets (6) (6) (6)
Tax on share-based incentive plans 4 4 4
At 31 December 2024 1,348 3,473 7,796 1,054 13,671 (585) 13,086
Cash flow statement year ended 31 December 2025
2025 2024
£m £m
Profit after tax 6,289 2,951
Tax on profits 1,112 526
Share of after tax loss/(profit) of associates and joint ventures (1) 3
(Profit)/loss on disposal of interest in associates and joint ventures - (6)
Net finance expense 532 547
Depreciation, amortisation and other adjusting items 3,778 2,985
(Increase)/decrease in working capital (622) (175)
Contingent consideration paid (1,330) (1,235)
Increase/(decrease) in other net liabilities (excluding contingent (815) 2,265
consideration paid)
Cash generated from operations 8,943 7,861
Taxation paid (1,202) (1,307)
Total net cash inflow/(outflow) from operating activities 7,741 6,554
Cash flow from investing activities
Purchase of property, plant and equipment (1,348) (1,399)
Proceeds from sale of property, plant and equipment 24 65
Purchase of intangible assets (1,637) (1,583)
Proceeds from sale of intangible assets 115 131
Purchase of equity investments (92) (103)
Proceeds from sale of equity investments 189 2,356
Share transactions with non-controlling interests - (1)
Purchase of businesses, net of cash acquired (1,692) (805)
Investment in joint ventures and associates - (43)
Contingent consideration paid (17) (19)
Disposal of businesses (27) (18)
Interest received 154 138
(Increase)/decrease in liquid investments 11 21
Dividends from joint ventures and associates 67 15
Dividend and distributions from investments 20 16
Total net cash inflow/(outflow) from investing activities (4,233) (1,229)
Cash flow from financing activities
Issue of share capital 15 20
Repayment of long-term loans (1,400) (1,615)
Issue of long-term notes 1,979 1,075
Net increase/(decrease) in short-term loans 1,085 (811)
Increase in other short-term loans 130 266
Repayment of other short-term loans (288) (81)
Repayment of lease liabilities (241) (226)
Interest paid (679) (632)
Dividends paid to shareholders (2,564) (2,444)
Purchase of treasury shares (1,377) -
Distribution to non-controlling interests (391) (416)
Contributions from non-controlling interests - 9
Other financing items 46 129
Total net cash inflow/(outflow) from financing activities (3,685) (4,726)
Increase/(decrease) in cash and bank overdrafts in the year (177) 599
Cash and bank overdrafts at beginning of the year 3,403 2,858
Exchange adjustments (19) (54)
Increase/(decrease) in cash and bank overdrafts in the year (177) 599
Cash and bank overdrafts at end of the year 3,207 3,403
Cash and bank overdrafts at end of year comprise:
Cash and cash equivalents 3,397 3,870
Overdrafts (190) (467)
3,207 3,403
Sales tables
Specialty Medicines turnover - year ended 31 December 2025
Total US Europe International
Growth Growth Growth Growth
£m AER% CER% £m AER% CER% £m AER% CER% £m AER% CER%
HIV 7,687 8 11 5,312 11 14 1,558 4 3 817 2 6
Dolutegravir products 5,648 1 3 3,567 1 4 1,336 2 - 745 - 3
Tivicay 1,323 (2) - 801 3 6 237 (6) (7) 285 (10) (9)
Triumeq 991 (25) (23) 728 (23) (21) 153 (31) (32) 110 (32) (28)
Juluca 656 (4) (2) 527 (3) (1) 117 (8) (9) 12 - 8
Dovato 2,678 20 22 1,511 19 23 829 16 15 338 32 37
Cabenuva 1,402 38 42 1,160 40 44 202 29 28 40 54 62
Apretude 439 57 62 432 60 64 - - - 7 (22) (22)
Rukobia 169 5 8 150 1 4 10 25 25 9 >100 >100
Other 29 (22) (16) 3 (50) (50) 10 (38) (31) 16 7 13
Respiratory, Immunology & Inflammation 3,810 15 18 2,505 14 17 638 16 15 667 19 25
Nucala 2,008 13 15 1,040 7 10 521 16 15 447 23 28
Benlysta 1,773 19 22 1,464 20 23 134 17 15 175 14 20
Other 29 (22) (19) 1 (91) >(100) (17) (6) (6) 45 7 14
Oncology 1,977 40 43 1,364 36 40 469 39 38 144 97 >100
Jemperli 861 84 89 647 69 74 159 >100 >100 55 >100 >100
Zejula 557 (6) (4) 292 (4) (2) 215 (7) (8) 50 (12) (2)
Blenrep 17 >100 >100 8 >100 >100 9 80 80 - - -
Ojjaara/Omjjara 554 57 60 417 32 36 98 >100 >100 39 >100 >100
Other (12) >(100) >(100) - - - (12) >(100) >(100) - - -
Specialty Medicines 13,474 14 17 9,181 15 18 2,665 12 11 1,628 14 18
Specialty Medicines turnover - three months ended 31 December 2025
Total US Europe International
Growth Growth Growth Growth
£m AER% CER% £m AER% CER% £m AER% CER% £m AER% CER%
HIV 2,149 9 11 1,545 11 15 425 10 5 179 (3) (1)
Dolutegravir products 1,556 3 4 1,031 1 5 363 8 4 162 (2) -
Tivicay 346 1 2 235 9 14 63 2 (2) 48 (27) (32)
Triumeq 269 (22) (21) 209 (20) (17) 36 (28) (32) 24 (33) (33)
Juluca 183 (3) (1) 150 (3) (1) 30 (6) (9) 3 50 >100
Dovato 758 19 21 437 13 17 234 23 17 87 43 51
Cabenuva 410 32 35 343 34 39 55 20 13 12 50 37
Apretude 129 54 60 128 58 63 - - - 1 (67) (33)
Rukobia 46 (10) (6) 42 (7) - 3 50 50 1 (75) (100)
Other 8 - 25 1 >100 82 4 - 25 3 (25) 25
Respiratory, Immunology & Inflammation 1,089 18 21 752 19 23 169 21 15 168 14 19
Nucala 567 17 19 312 16 21 136 18 13 119 18 22
Benlysta 516 22 26 439 23 28 36 20 13 41 11 16
Other 6 (58) (58) 1 (89) >(100) (3) 36 36 8 (20) -
Oncology 567 39 42 387 29 34 136 55 49 44 >100 >100
Jemperli 261 75 79 191 55 61 52 >100 >100 18 >100 >100
Zejula 138 (3) (3) 76 4 8 51 (11) (18) 11 (15) -
Blenrep 13 >100 >100 8 >100 >100 5 >100 >100 - - -
Ojjaara/Omjjara 158 34 37 112 9 13 32 >100 >100 14 >100 >100
Other (3) - 33 - - - (4) (33) - 1 >100 >100
Specialty Medicines 3,805 15 18 2,684 15 19 730 19 14 391 11 15
Vaccines turnover - year ended 31 December 2025
Total US Europe International
Growth Growth Growth Growth
£m AER% CER% £m AER% CER% £m AER% CER% £m AER% CER%
Shingles 3,558 6 8 1,200 (20) (17) 1,317 44 42 1,041 9 13
Shingrix 3,558 6 8 1,200 (20) (17) 1,317 44 42 1,041 9 13
Meningitis 1,583 10 12 669 1 4 603 25 24 311 7 13
Bexsero 1,150 14 16 358 (2) 1 593 26 24 199 14 24
Menveo 402 4 6 303 2 5 8 14 14 91 11 12
Penmenvy 8 - - 8 - - - - - - - -
Other 23 (43) (40) - - - 2 (50) (50) 21 (42) (39)
RSV 593 1 2 301 (40) (39) 218 >100 >100 74 37 44
Arexvy 593 1 2 301 (40) (39) 218 >100 >100 74 37 44
Influenza 303 (26) (24) 212 (33) (31) 21 (32) (32) 70 17 22
Fluarix, FluLaval 303 (26) (24) 212 (33) (31) 21 (32) (32) 70 17 22
Established Vaccines 3,120 (7) (5) 1,268 (3) (1) 718 (1) (2) 1,134 (13) (11)
Boostrix 654 (4) (2) 400 (7) (4) 142 4 2 112 (3) 3
Cervarix 23 (68) (68) - - - 8 (43) (43) 15 (74) (74)
Hepatitis 643 (7) (5) 321 (17) (15) 202 6 5 120 6 12
Infanrix, Pediarix 519 1 4 295 11 14 115 (4) (5) 109 (14) (9)
Priorix, Priorix Tetra, Varilrix 425 32 33 60 54 56 134 10 9 231 43 46
Rotarix 546 (7) (5) 160 (7) (4) 128 4 3 258 (12) (9)
Synflorix 159 (30) (29) - - - 3 (73) (73) 156 (27) (27)
Other 151 (39) (39) 32 >100 >100 (14) >(100) >(100) 133 (41) (41)
Vaccines 9,157 - 2 3,650 (15) (12) 2,877 32 30 2,630 (1) 2
Vaccines turnover - three months ended 31 December 2025
Total US Europe International
Growth Growth Growth Growth
£m AER% CER% £m AER% CER% £m AER% CER% £m AER% CER%
Shingles 1,008 19 20 331 (20) (17) 370 48 42 307 69 73
Shingrix 1,008 19 20 331 (20) (17) 370 48 42 307 69 73
Meningitis 313 6 6 87 6 11 154 7 2 72 4 7
Bexsero 250 10 9 48 23 31 152 8 3 50 6 11
Menveo 53 6 8 36 (16) (12) 2 - - 15 >100 >100
Penmenvy 3 - - 3 - - - - - - - -
Other 7 (61) (56) - - - - (100) (100) 7 (59) (53)
RSV 198 25 25 71 (39) (36) 106 >100 >100 21 40 33
Arexvy 198 25 25 71 (39) (36) 106 >100 >100 21 40 33
Influenza 80 (24) (21) 53 (27) (23) 3 (82) (82) 24 60 60
Fluarix, FluLaval 80 (24) (21) 53 (27) (23) 3 (82) (82) 24 60 60
Established Vaccines 694 (14) (13) 240 (19) (16) 199 11 5 255 (22) (21)
Boostrix 150 1 3 88 (4) (1) 32 (3) (9) 30 25 33
Cervarix 8 33 50 - - - 1 (67) (67) 7 >100 >100
Hepatitis 136 (20) (19) 51 (46) (41) 52 11 4 33 10 17
Infanrix, Pediarix 104 (15) (13) 53 (10) (7) 33 - (3) 18 (40) (37)
Priorix, Priorix Tetra, Varilrix 98 18 19 12 (8) (8) 44 52 45 42 2 10
Rotarix 120 (23) (22) 23 (34) (29) 36 3 - 61 (29) (29)
Synflorix 23 (67) (70) - - - 1 (75) (75) 22 (66) (69)
Other 55 10 2 13 >100 >100 - >100 75 42 (14) (18)
Vaccines 2,293 4 4 782 (21) (17) 832 35 29 679 11 14
General Medicines turnover - year ended 31 December 2025
Total US Europe International
Growth Growth Growth Growth
£m AER% CER% £m AER% CER% £m AER% CER% £m AER% CER%
Respiratory 7,068 (2) - 3,816 (1) 1 1,394 (2) (3) 1,858 (3) 1
Anoro Ellipta 542 (5) (4) 207 (20) (17) 235 6 5 100 8 13
Flixotide/Flovent 421 (20) (18) 277 (23) (21) 63 (11) (11) 81 (16) (12)
Relvar/Breo Ellipta 1,017 (5) (3) 367 (7) (4) 352 (5) (6) 298 (1) 3
Seretide/Advair 858 (19) (17) 267 (27) (24) 184 (16) (16) 407 (14) (11)
Trelegy Ellipta 2,986 11 13 2,183 10 13 335 7 6 468 16 21
Ventolin 703 - 3 365 1 4 120 12 10 218 (6) (1)
Other Respiratory 541 (8) (5) 150 2 5 105 (13) (14) 286 (10) (7)
Other General Medicines 2,968 (8) (4) 212 (9) (6) 597 (12) (13) 2,159 (6) (2)
Augmentin 602 (5) (1) - - - 172 (7) (8) 430 (4) 2
Lamictal 391 (3) (1) 159 (2) - 102 (4) (5) 130 (4) -
Other General Medicines 1,975 (9) (6) 53 (25) (21) 323 (16) (17) 1,599 (7) (3)
General Medicines 10,036 (4) (1) 4,028 (2) 1 1,991 (5) (6) 4,017 (5) -
General Medicines turnover - three months ended 31 December 2025
Total US Europe International
Growth Growth Growth Growth
£m AER% CER% £m AER% CER% £m AER% CER% £m AER% CER%
Respiratory 1,785 (1) 1 930 (3) 1 357 (3) (7) 498 4 7
Anoro Ellipta 132 (10) (10) 44 (33) (30) 62 9 5 26 8 8
Flixotide/Flovent 113 (21) (19) 77 (23) (21) 16 (20) (20) 20 (13) (9)
Relvar/Breo Ellipta 229 (17) (16) 63 (32) (29) 86 (11) (14) 80 (6) (4)
Seretide/Advair 243 (6) (4) 89 (2) 1 45 (15) (17) 109 (5) (3)
Trelegy Ellipta 740 11 14 526 11 15 88 7 2 126 12 17
Ventolin 196 15 18 99 15 21 34 10 3 63 19 21
Other Respiratory 132 (8) (6) 32 (32) (28) 26 (7) (14) 74 9 12
Other General Medicines 735 (8) (6) 47 (15) (11) 148 (4) (8) 540 (9) (5)
Augmentin 158 (2) 1 - - - 43 (9) (15) 115 1 7
Lamictal 91 (10) (8) 32 (20) (15) 26 4 - 33 (8) (6)
Other General Medicines 486 (10) (7) 15 - - 79 (3) (7) 392 (11) (7)
General Medicines 2,520 (3) (1) 977 (3) - 505 (3) (7) 1,038 (3) -
Commercial Operations turnover
Total US Europe International
Growth Growth Growth Growth
£m AER% CER% £m AER% CER% £m AER% CER% £m AER% CER%
Year ended 31 December 2025 32,667 4 7 16,859 3 6 7,533 13 12 8,275 (1) 4
Three months ended 31 December 2025 8,618 6 8 4,443 3 7 2,067 18 13 2,108 4 7
Segment information
Operating segments are reported based on the financial information provided to
the Chief Executive Officer and the responsibilities of the Executive
Committee (formerly known as the GSK Leadership Team). GSK reports results
under two segments: Commercial Operations and Total R&D. Members of the
Executive Committee 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
2025 2024 Growth Growth
£m £m £% CER%
Commercial Operations (total turnover) 32,667 31,376 4 7
Operating profit by segment
2025 2024 Growth Growth
£m £m £% CER%
Commercial Operations 16,260 15,335 6 10
Research and Development (6,251) (5,845) 7 9
Segment profit 10,009 9,490 5 10
Corporate and other unallocated costs (226) (342)
Core operating profit 9,783 9,148 7 11
Adjusting items (1,851) (5,127)
Total operating profit 7,932 4,021 97 >100
Finance income 169 122
Finance costs (701) (669)
Share of after tax profit/(loss) of associates and joint ventures 1 (3)
Profit/(loss) on disposal of associates and joint ventures - 6
Profit before taxation 7,401 3,477 >100 >100
Commercial Operations Core operating profit of £16,260 million growth in the
full year was driven by higher turnover, favourable product mix and royalty
income including from an IP settlement, partly offset by increased investment
in new asset launches and growth assets, and adverse pricing impacts. In
addition, in Q4 2025 productivity programmes and supply chain charges totalled
£300 million.
The R&D segment operating expense of £6,251 million grew in the full year
primarily reflecting progression across the portfolio. In Oncology, this
included acceleration in work on ADCs (B7-H3 and B7-H4) and 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
bepirovirsen, as well as progression of ULA treatment and PrEP programmes,
notably Q4M and Q6M. 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.
Turnover by segment
Q4 2025 Q4 2024 Growth Growth
£m £m AER% CER%
Commercial Operations (total turnover) 8,618 8,117 6 8
Operating profit by segment
Q4 2025 Q4 2024 Growth Growth
£m £m AER% CER%
Commercial Operations 3,720 3,323 12 16
Research and Development (1,942) (1,790) 8 10
Segment profit 1,778 1,533 16 22
Corporate and other unallocated costs (144) (102)
Core operating profit 1,634 1,431 14 18
Adjusting items (534) (735)
Total operating profit 1,100 696 58 65
Finance income 39 34
Finance costs (188) (173)
Share of after tax profit/(loss) of associates and joint ventures (1) -
Profit/(loss) on disposal of associates and joint ventures - 6
Profit before taxation 950 563 69 78
Commercial Operations Core operating profit of £3,720 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, and adverse pricing impacts. In addition, in the quarter productivity
programmes and supply chain charges totalled £300 million.
The R&D segment operating expense of £1,942 million grew in the quarter
primarily reflecting progression across the portfolio. In Oncology, this
included acceleration in work on ADCs (B7-H3 and B7-H4) and 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 bepirovirsen, as well as 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.
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 31 December
2025, the Group's aggregate provision for legal and other disputes (not
including tax matters described on page 10) was £210 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 Q3 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 has recently
resolved the Mayor & City of Baltimore action as well as the New Mexico
Attorney General lawsuit.
In Delaware, following the Supreme Court's reversal of the lower court's
decision on admissibility of expert opinions, the defendants filed a motion
for summary judgment. Plaintiffs filed a motion to allow supplemental expert
disclosures. A hearing on both motions was held on 23 October 2025. On 1
December 2025, the Delaware Superior Court issued its ruling denying
Plaintiffs' motion for supplemental expert disclosures. The Court requested
additional summary judgment briefing as to which Plaintiffs should be bound by
that ruling. Briefing on that issue concluded on 30 January 2026.
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.
Avandia
On 22 May 2025, the district court granted the third-party payor plaintiffs'
motion for class certification, allowing them to proceed with their claims as
a class action. GSK filed a Rule 23(f) petition with the Third Circuit seeking
permission to appeal the class certification order, which was granted on 7
July 2025. Briefing is complete, and oral argument has been scheduled for 26
February 2026. The trial court has stayed the proceedings pending the outcome
of the appeal.
Commercial and corporate
Tesaro, Inc. v. AnaptysBio
On 20 November 2025, GSK subsidiary, Tesaro, Inc., initiated litigation
against AnaptysBio, Inc. in the Delaware Chancery Court. This action seeks a
declaration that Tesaro was not in breach and that AnaptysBio engaged in
conduct that was in anticipatory breach of the parties' collaboration
agreement regarding the oncology treatment Jemperli (dostarlimab). Tesaro
initiated this litigation following allegations made by AnaptysBio that Tesaro
breached the collaboration agreement, entitling AnaptysBio to a reversion of
rights to dostarlimab. AnaptysBio filed a lawsuit against Tesaro/GSK on the
same day, in the same court, seeking a declaration that Tesaro breached the
agreement and that GSK tortiously interfered with the agreement by inducing
Tesaro's alleged breaches. Trial is currently set for 14-17 July 2026.
AnaptysBio filed a partial motion to dismiss Tesaro's anticipatory breach of
contract claim which will be heard by the court on 4 March 2026. GSK and
Tesaro intend to vigorously defend against AnaptysBio's allegations.
Intellectual Property
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. The court has set a
trial date for 2 November 2026.
Trelegy
On 22 January 2026, GSK received a paragraph IV letter from Transpire relating
to Trelegy. GSK is currently assessing the letter and considering its options.
Under the Hatch-Waxman Act, companies who receive such letters have 45 days to
bring a lawsuit against the generic manufacturer.
Returns to shareholders
Quarterly dividends
The Board has declared a fourth interim dividend for Q4 2025 of 18p per share
(Q4 2024: 16p per share).
Dividends remain an essential component of total shareholder return and GSK
recognises the importance of dividends to shareholders. On 23 June 2021, at
the GSK Investor Update, GSK set out that from 2022 a progressive dividend
policy will be implemented guided by a 40 to 60 per cent pay-out ratio through
the investment cycle. Consistent with this, and reflecting strong performance
in 2025, GSK has declared an increased dividend of 18p for Q4 2025 and 66p per
share for full year 2025. The expected dividend for 2026 is 70p per share. In
setting its dividend policy, GSK considers the capital allocation priorities
of the Group and its investment strategy for growth alongside the
sustainability of the dividend.
Dividend dates Ex-dividend date Ex-dividend date Record date Payment date
(Ordinary shares) (ADRs)
Q4 2025 19 February 2026 20 February 2026 20 February 2026 9 April 2026
Ordinary shareholders may participate in the dividend reinvestment plan
(DRIP). The last date for DRIP elections is 17 March 2026. The equivalent
interim dividend receivable by ADR holders will be calculated based on the
exchange rate on 7 April 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 16 646
Third interim 8 January 2026 16 643
Fourth interim 9 April 2026 18 722
66 2,661
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 31 December 2025, 4,013 million shares (2024: 4,081 million) were in free
issue (excluding Treasury shares and shares held by the ESOP Trusts). The
Company issued 1.1 million shares under employee share schemes in the year for
net proceeds of £15 million (2024: £20 million).
On 5 February 2025, GSK announced a £2 billion share buyback programme to be
completed over an 18 month period. As at 31 December 2025, 93 million shares
have been repurchased and are being held as Treasury shares, at a cost of
£1,377 million, including transaction costs of £8 million.
At 31 December 2025, the Company held 240 million Treasury shares at a cost of
£3,948 million, of which 147 million shares at a cost of £2,571 million were
repurchased as part of previous share buyback programmes, which has been
deducted from retained earnings.
At 31 December 2025, the ESOP Trusts held 62.8 million shares, of which 62.2
million were held for the future exercise of share options and share awards
and 0.6 million were held for the Executive Supplemental Savings plan. The
carrying amount of £282 million has been deducted from other reserves. The
market value of these shares was £1,147 million.
Weighted average number of shares
The numbers of shares used in calculating basic and diluted earnings per share
are reconciled below:
2025 2024 Q4 2025 Q4 2024
millions millions millions millions
Weighted average number of shares - basic 4,051 4,077 4,019 4,081
Dilutive effect of share options and share awards 66 65 67 64
Weighted average number of shares - diluted 4,117 4,142 4,086 4,145
Additional information
Accounting policies and basis of preparation
This unaudited Results Announcement contains condensed financial information
for the year-end and three months ended 31 December 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:
2025 2024 Q4 2025 Q4 2024
Average rates:
US$/£ 1.31 1.28 1.33 1.27
Euro/£ 1.17 1.18 1.14 1.20
Yen/£ 198 193 206 195
Period-end rates:
US$/£ 1.35 1.25 1.35 1.25
Euro/£ 1.15 1.20 1.15 1.20
Yen/£ 211 197 211 197
Contingent liabilities
There were contingent liabilities at 31 December 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 £2,870 million from £13,086
million at 31 December 2024 to £15,956 million at 31 December 2025. This
primarily reflected contribution from Total comprehensive income for the
period partly offset by dividends paid to shareholders, shares repurchased
under the share buyback programme and associated transaction costs.
At 31 December 2025, the net surplus on the Group's pension plans was £229
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 in UK asset values, 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 5.1%.
Assets held for sale as at 31 December 2025 included the manufacturing
facility located in Rockville, Maryland. On 22 December 2025, GSK entered into
a definitive agreement with Samsung Biologics for the sale of 100% of its
equity investment in Human Genome Sciences, principally including the
Rockville site, with closing anticipated towards the end of Q1 2026.
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 £822 million (31 December 2024: £915 million).
Contingent consideration amounted to £6,733 million at 31 December 2025 (31
December 2024: £7,280 million) as follows:
Group Group
31 December 31 December
2025 2024
£m £m
Contingent consideration estimated present value of amounts payable relating
to:
Former Shionogi-ViiV Healthcare joint venture 5,433 6,061
Former Novartis Vaccines business acquisition 651 575
Affinivax acquisition 219 502
Aiolos acquisition 132 130
BP Asset IX Inc acquisition 231 -
Others 67 12
Contingent consideration liability at end of the period 6,733 7,280
Of the contingent consideration payable to Shionogi at 31 December 2025,
£1,194 million (31 December 2024: £1,127 million) is expected to be paid
within one year.
Movements in contingent consideration are as follows:
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 649 520
Cash payments: operating cash flows (1,277) (1,330)
Cash payments: investing activities - (17)
Contingent consideration at end of the period 5,433 6,733
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 1,533 1,768
Cash payments: operating cash flows (1,190) (1,235)
Cash payments: investing activities - (19)
Contingent consideration at end of the period 6,061 7,280
The liabilities for the Pfizer put option and the contingent consideration at
31 December 2025 have been calculated based on the period-end exchange rates,
primarily US$1.35/£1 and €1.15/£1. Sensitivity analyses for the Pfizer put
option and each of the largest contingent consideration liabilities are set
out below for the following scenarios:
Increase/(decrease) in financial liability and loss/(gain) in Income statement ViiV Shionogi-ViiV Healthcare Novartis Affinivax BP Asset IX contingent consideration
Healthcare contingent Vaccines contingent £m
put option consideration contingent consideration
£m £m consideration £m
£m
10% increase in sales forecasts* 88 508 92 n/a n/a
15% increase in sales forecasts* 132 762 137 n/a n/a
10% decrease in sales forecasts* (87) (510) (92) n/a n/a
15% decrease in sales forecasts* (131) (764) (137) n/a n/a
1% increase in discount rate (16) (144) (41) (7) (8)
1.5% increase in discount rate (24) (213) (59) (10) (12)
1% decrease in discount rate 18 152 47 7 9
1.5% decrease in discount rate 27 233 73 11 13
10 cent appreciation of US Dollar 56 360 15 18 19
15 cent appreciation of US Dollar 86 562 24 27 29
10 cent depreciation of US Dollar (47) (311) (13) (15) (16)
15 cent depreciation of US Dollar (68) (451) (19) (22) (23)
10 cent appreciation of Euro 18 73 24 n/a n/a
15 cent appreciation of Euro 28 116 38 n/a n/a
10 cent depreciation of Euro (14) (61) (20) n/a n/a
15 cent depreciation of Euro (21) (91) (29) n/a n/a
10% increase in probability of milestone success n/a n/a 22 68 24
10% decrease in probability of milestone success n/a n/a (11) (32) (31)
* The sales forecast is for ViiV Healthcare sales only in respect of the ViiV
Healthcare put option and the Shionogi-ViiV Healthcare contingent
consideration.
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 (£906 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).
During the period to 31st December 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 31 December 2025.
Goodwill of £315 million (£109 million for IDRx and £206 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 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 1,088 1,970
Cash and cash equivalents 48 30 78
Other net liabilities (26) (8) (34)
Deferred tax liabilities (128) (188) (316)
776 922 1,698
Goodwill 109 206 315
Total consideration 885 1,128 2,013
Of the total £2 billion consideration (£0.9 billion for IDRx and £1.1
billion for BP Asset IX), £267 million (£45 million for IDRx and £222
million for BP Asset IX) of the contingent consideration recognised at
acquisition was unpaid as at 31 December 2025. As at 31 December 2025, the
present value of the contingent consideration payable was £45 million for
IDRx and £231 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 31 December 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
2025 2024
£m £m
Total Net debt at beginning of the period (13,095) (15,040)
Increase/(decrease) in cash and bank overdrafts (177) 599
Increase/(decrease) in liquid investments (11) (21)
Repayment of long-term loans 1,400 1,615
Issue of long-term notes (1,979) (1,075)
Net decrease/(increase) in short-term loans (1,085) 811
Increase in other short-term loans (130) (266)
Repayment of other short-term loans 288 81
Repayment of lease liabilities 241 226
Net debt of subsidiary undertakings acquired (1) -
Exchange adjustments 241 117
Other non-cash movements (145) (142)
Decrease/(increase) in net debt (1,358) 1,945
Total Net debt at end of the period (14,453) (13,095)
Net debt analysis
31 December 2025 31 December 2024
£m £m
Liquid investments 9 21
Cash and cash equivalents 3,397 3,870
Short-term borrowings (3,012) (2,349)
Long-term borrowings (14,708) (14,637)
Liabilities relating to assets held for sale (139) -
Total Net debt at the end of the period (14,453) (13,095)
Free cash flow reconciliation
2025 2024 Q4 2025 Q4 2024
£m £m £m £m
Net cash inflow/(outflow) from operating activities 7,741 6,554 2,278 2,329
Purchase of property, plant and equipment (1,348) (1,399) (573) (544)
Proceeds from sale of property, plant and equipment 24 65 13 61
Purchase of intangible assets (1,637) (1,583) (452) (591)
Proceeds from disposals of intangible assets 115 131 3 5
Net finance costs (525) (494) (258) (200)
Dividends from associates and joint ventures 67 15 67 -
Contingent consideration paid (reported in investing activities) (17) (19) (6) (8)
Distributions to non-controlling interests (391) (416) (112) (128)
Contributions from non-controlling interests - 9 - -
Free cash inflow/(outflow) 4,029 2,863 960 924
Reconciliation of Total Operating Profit to Core EBITDA
The Total net debt/Core EBITDA ratio is disclosed solely for the purpose of
demonstrating a leverage ratio that is used by analysts, investors and other
stakeholders and which assesses the strength of the balance sheet. It is
calculated at the end of the financial reporting year.
2025 2024
£m £m
Total Operating profit 7,932 4,021
Adjusting items 1,851 5,127
Core Operating profit 9,783 9,148
Including:
Share of Core after tax profit/(loss) of associates and joint ventures (10) (3)
Excluding:
Core depreciation 1,055 1,096
Core amortisation 450 452
Core EBITDA 11,278 10,693
Total Net debt to Core EBITDA ratio
2025 2024
£m £m
Total Net debt 14,453 13,095
Core EBITDA 11,278 10,693
Total Net debt to Core EBITDA ratio 1.3 1.2
Post balance sheet events
On 19 January 2026, GSK reached agreement with Pfizer and Shionogi for the
11.7% economic interest in ViiV Healthcare currently held by Pfizer to be
replaced with an investment by Shionogi. As a result of this transaction,
Shionogi will increase its economic interest to 21.7% and GSK will maintain
its 78.3% economic interest. Under the terms of the agreement, ViiV Healthcare
will issue new shares to Shionogi for consideration of $2.125 billion and
cancel Pfizer's holding in ViiV Healthcare for a consideration of $1.875
billion. Additionally, GSK will receive a special dividend of $0.250 billion
(payable in GBP). Completion of the transaction is subject to certain
regulatory clearances in relevant markets and is expected to occur during Q1
2026. On completion, GSK will extinguish the Pfizer put option liability
through retained earnings. The liability will be remeasured immediately prior
to completion, on the same methodology as at 31 December 2025, with any change
in the value of the liability recognised as an adjusting item through other
operating income/(expense).
On 19 January 2026, GSK entered into a definitive agreement to acquire RAPT
Therapeutics (RAPT), a California-based, clinical-stage biopharmaceutical
company dedicated to developing novel therapies for patients living with
inflammatory and immunologic diseases. The acquisition includes ozureprubart,
a long-acting anti-immunoglobulin E (IgE) monoclonal antibody, currently in
phase IIb clinical development for prophylactic protection against food
allergens. Under the terms of the agreement, GSK's subsidiary has commenced a
tender offer to acquire all outstanding shares of RAPT common stock for $58.00
per share in cash at closing for an estimated aggregate equity value of $2.2
billion. Net of cash acquired, GSK's estimated upfront investment is $1.9
billion. The transaction is expected to close in Q1 2026 and is subject to
customary closing conditions, including the tender of a majority of RAPT's
outstanding shares of common stock in the tender offer and expiration or
termination of the applicable waiting period under the Hart-Scott-Rodino Act
in the US.
Related party transactions
There were no material related party transactions entered into and there have
been no material changes to the related party transactions disclosed on page
258 of the 2024 Annual Report.
R&D commentary
Pipeline overview
Medicines and vaccines in phase III development (including major lifecycle 17 Respiratory, Immunology & Inflammation (6)
innovation or under regulatory review)
• Nucala (anti-IL5 biologic) chronic obstructive pulmonary disease (COPD)
• Exdensur (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
• efimosfermin (FGF21 analog) metabolic dysfunction-associated steatohepatitis
(MASH)
• camlipixant (P2X3 receptor antagonist) refractory chronic cough
• Ventolin (salbutamol, Beta 2 adrenergic receptor agonist) asthma
• linerixibat (IBATi) cholestatic pruritus in primary biliary cholangitis
Oncology (5)
• Blenrep (anti-BCMA ADC) multiple myeloma
• Jemperli (anti-PD-1) 1L endometrial cancer, colon cancer, rectal cancer (ph II
registrational), head and neck cancer
• Zejula (PARP inhibitor), glioblastoma
• risvutatug rezetecan (B7-H3 ADC) 2L extensive-stage small cell lung cancer
• velzatinib (KIT inhibitor) gastro-intestinal tumours
Infectious Diseases (6)
• Arexvy (RSV vaccine) RSV, adults 18 years of age and above
• Blujepa (gepotidacin; bacterial topoisomerase inhibitor) uncomplicated urinary
tract infection and urogenital gonorrhoea
• bepirovirsen (HBV ASO) chronic hepatitis B
• Bexsero (meningococcal B vaccine) infants (US)
• tebipenem pivoxil (antibacterial carbapenem) complicated urinary tract
infection
• GSK'116 (varicella vaccine) varicella new seed, individuals 12 months of age
and older
Total medicines and vaccines in all phases of clinical development 58
Total projects in clinical development (inclusive of all phases and 79
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, designed to target the hypersensitive nerves that may be
associated with refractory chronic cough (RCC). Camlipixant is currently in
development as a potential first-line treatment of adult patients suffering
from RCC. The CALM phase III development programme to evaluate the efficacy
and safety of camlipixant for use in adults with RCC is ongoing.
Key phase III trials for camlipixant:
Trial name (population) Phase Design Timeline Status
CALM-1 (refractory chronic cough) III A 52-week, randomised, double-blind, placebo-controlled, parallel-arm efficacy Trial start: Completed, awaiting data analysis
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
efimosfermin (FGF21 analog)
Efimosfermin (GSK6519754) is an investigational, once-monthly subcutaneous
injection of a long-acting variant of FGF21, designed to regulate key
metabolic pathways to decrease liver fat, ameliorate liver inflammation, and
reverse liver fibrosis in patients with metabolic dysfunction-associated
steatohepatitis (MASH).
Efimosfermin has advanced to phase III development following the start of the
ZENITH trials. These trials are investigating its efficacy and safety in
patients with moderate and advanced fibrosis (F2 to F3) caused by MASH.
Key phase III trials for efimosfermin:
Trial name (population) Phase Design Timeline Status
ZENITH-1 (metabolic dysfunction-associated steatohepatitis III A phase III, randomized, double-blind, placebo-controlled, 3-arm study to Trial start: Recruiting
investigate the safety and efficacy of efimosfermin alfa in participants with
biopsy-confirmed F2- or F3-stage metabolic dysfunction-associated Q4 2025
steatohepatitis (MASH)
NCT07221227
ZENITH-2 (metabolic dysfunction-associated steatohepatitis) III A phase III, randomized, double-blind, placebo-controlled, 3-arm study to Trial start: Recruiting
investigate the safety and tolerability of efimosfermin alfa in participants
with known or suspected F2- or F3-stage metabolic dysfunction-associated Q4 2025
steatohepatitis (MASH)
NCT07221188
Exdensur (depemokimab; ultra-long-acting anti-IL5)
In Q4, GSK announced the approval of Exdensur (depemokimab) by the US Food and
Drug Administration (FDA) in severe asthma with an eosinophilic phenotype. In
addition, Exdensur received marketing authorisation from the UK's Medicines
and Healthcare products Regulatory Agency (MHRA) and Japan's Ministry of
Health, Labour and Welfare (MHLW) in severe asthma and chronic rhinosinusitis
with nasal polyps (CRSwNP). It also received a positive Committee for
Medicinal Products for Human Use (CHMP) opinion in the EU for severe asthma
and CRSwNP and it is currently under regulatory review in other countries,
including in China. Submissions in other markets are expected to progress
through the year.
Exdensur is the first and only ultra-long-acting biologic to address severe
asthma and CRSwNP. It is engineered to have an extended half-life and high
binding affinity and potency for IL-5, enabling twice-yearly dosing.
Exdensur is in late-stage development in a range of IL-5 mediated conditions
including hypereosinophilic syndrome (HES) and eosinophilic granulomatosis
with polyangiitis (EGPA).
GSK has also initiated the ENDURA-1 and ENDURA-2 phase III clinical trials
assessing the efficacy and safety of depemokimab as an add-on therapy in
patients with uncontrolled moderate to severe chronic obstructive pulmonary
disease (COPD) with type 2 inflammation. In Q4, GSK initiated a further phase
III trial, VIGILANT, 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.
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
Key phase III trials for depemokimab continued:
Trial name (population) Phase Design Timeline Status
AGILE (severe asthma) III A 52-week, open label extension phase of SWIFT-1 and SWIFT-2 to assess the Trial start: Completed, primary endpoint met
long-term safety and efficacy of depemokimab adjunctive therapy in adult and
(exten- adolescent participants with severe uncontrolled asthma with an eosinophilic Q1 2022
phenotype
NCT05243680 sion)
Data reported:
Q2 2025
NIMBLE (severe asthma) IIIb A 52-week, randomised, double-blind, double-dummy, parallel group, Trial start: Completed, awaiting data analysis
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: Completed; coprimary endpoints met
the efficacy and safety of 100 mg SC depemokimab in patients with chronic
rhinosinusitis with nasal polyps (CRSwNP) Q2 2022
NCT05281523
Data reported:
Q3 2024
OCEAN (eosinophilic granulomatosis with polyangiitis; EGPA) III A 52-week, randomised, double-blind, double-dummy, parallel-group, Trial start: Active, not recruiting
multi-centre, non-inferiority study to investigate the efficacy and safety of
depemokimab compared with mepolizumab in adults with relapsing or refractory Q3 2022
eosinophilic granulomatosis with polyangiitis (EGPA) receiving standard of
NCT05263934 care therapy
DESTINY (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
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 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
in the US for use across five diseases with underlying type 2 inflammation:
severe asthma with an eosinophilic phenotype, EGPA, HES, CRSwNP and COPD.
In Q4, Nucala was approved in China and the UK as an add-on maintenance
treatment for adult patients with inadequately controlled COPD characterised
by raised blood eosinophils. Nucala also received a positive CHMP opinion for
use in Europe in uncontrolled patients with COPD characterised by raised blood
eosinophils, with a regulatory decision expected in Q1 2026.
Key phase III trials for Nucala:
Trial name (population) Phase Design Timeline Status
MATINEE (chronic obstructive pulmonary disease; COPD) III A multicentre randomised, double-blind, parallel-group, placebo-controlled Trial start: Completed; primary endpoint met
trial of mepolizumab 100 mg subcutaneously as add-on treatment in participants
with COPD experiencing frequent exacerbations and characterised by eosinophil Q4 2019
levels
NCT04133909
Data reported:
Q3 2024
Oncology
Blenrep (belantamab mafodotin)
Blenrep in combination is approved in 3L+ relapsed or refractory multiple
myeloma in the US based on the DREAMM-7 trial and in the 2L+ setting based on
both DREAMM-7 and DREAMM-8 in more than a dozen markets including the EU, UK,
Japan, Canada, Switzerland, Brazil and Australia, with additional applications
under review globally.
GSK is advancing the DREAMM (DRiving Excellence in Approaches to Multiple
Myeloma) clinical development programme to demonstrate Blenrep's potential
benefit in earlier lines of treatment. This includes DREAMM-10, a phase III
trial in newly diagnosed transplant-ineligible patients, which represent over
70% of patients starting multiple myeloma therapy.
Key phase III trials for Blenrep:
Trial name (population) Phase Design Timeline Status
DREAMM-7 (2L+ multiple myeloma; MM) III A multi-centre, open-label, randomised trial to evaluate the efficacy and Trial start: Active, not recruiting; primary endpoint met
safety of the combination of belantamab mafodotin, bortezomib, and
dexamethasone (B-Vd) compared with the combination of daratumumab, bortezomib Q2 2020
and dexamethasone (D-Vd) in participants with relapsed/refractory multiple
NCT04246047 myeloma
Primary data reported:
Q4 2023
DREAMM-8 (2L+ MM) III A multi-centre, open-label, randomised trial to evaluate the efficacy and Trial start: Active, not recruiting, primary endpoint met
safety of belantamab mafodotin in combination with pomalidomide and
dexamethasone (B-Pd) versus pomalidomide plus bortezomib and dexamethasone Q4 2020
(P-Vd) in participants with relapsed/refractory multiple myeloma
NCT04484623
Primary data reported:
Q1 2024
DREAMM-10 (1L MM) III A multi-centre, open-label, randomised trial to evaluate the efficacy and Trial start: Recruiting
safety of belantamab mafodotin, lenalidomide and dexamethasone (B-Rd) versus
NCT06679101 daratumumab, lenalidomide, and dexamethasone (D-Rd) in participants with newly Q4 2024
diagnosed multiple myeloma who are ineligible for autologous stem cell
transplantation
Jemperli (dostarlimab)
Jemperli remains the foundation of GSK's immuno-oncology-based research and
development programme. It is the only approved immuno-oncology-based plus CP
treatment regimen to demonstrate a statistically significant and clinically
meaningful overall survival benefit vs. CP alone for the first-line treatment
of adult patients with primary advanced or recurrent endometrial cancer
irrespective of biomarker status. Ongoing pivotal trials include those in our
AZUR programme (colon / rectal cancers), JADE (head and neck cancer), and
DOMENICA (supported-collaborative study with ARCAGY-GINECO in endometrial
cancer).
In November 2025, the US FDA announced that it has granted a Commissioner's
National Priority Voucher to accelerate review of the potential upcoming
regulatory filing for dostarlimab for the treatment of locally advanced
dMMR/MSI-H rectal cancer. The current standard of care for these patients is
chemotherapy plus radiation followed by surgery, which can be associated with
significant negative quality-of-life complications, highlighting the urgent
need for new options in the curative-intent setting.
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
Key trials for Jemperli continued:
Trial name (population) Phase Design Timeline Status
AZUR-1 (stage II/III rectal cancer) II A single-arm, open-label trial with dostarlimab monotherapy in participants Trial start: Active, not recruiting
with untreated stage II/III dMMR/MSI-H locally advanced rectal cancer
Q1 2023
NCT05723562
AZUR-2 (untreated perioperative T4N0 or stage III colon cancer) III An open-label, randomised trial of perioperative dostarlimab monotherapy Trial start: Recruiting
versus standard of care in participants with untreated T4N0 or stage III
NCT05855200 dMMR/MSI-H resectable colon cancer Q3 2023
JADE (locally advanced unresected head and neck cancer) III A randomised, double-blind, study to evaluate dostarlimab versus placebo as Trial start: Recruiting
sequential therapy after chemoradiation in participants with locally advanced
NCT06256588 unresected head and neck squamous cell carcinoma Q1 2024
DOMENICA* (relapsed or advanced dMMR endometrial cancer) III A randomized, multicentre study to evaluate the efficacy and safety of Trial start: Active, not recruiting
dostarlimab versus carboplatin-paclitaxel in patients with dMMR relapsed or
NCT05201547 advanced endometrial cancer Q2 2022
*supported-collaborative study with ARCAGY-GINECO
Risvutatug rezetecan
GSK is advancing its B7H3-targeted antibody-drug conjugate, risvutatug
rezetecan through the EMBOLD global development programme across a range of
solid tumours, including certain types of lung, prostate and colorectal
cancers.
In December 2025, risvutatug rezetecan received orphan drug designation (ODD)
from the US FDA for the treatment of small-cell lung cancer (SCLC). The ODD
was supported by preliminary clinical data showing durable responses in
patients with extensive stage SCLC (ES-SCLC) who were treated with risvutatug
rezetecan in the phase I ARTEMIS-001 clinical trial. It is the fifth
regulatory designation for risvutatug rezetecan. Previously, the EMA granted
risvutatug rezetecan ODD for pulmonary neuroendocrine carcinoma, a category of
cancer that includes SCLC and Priority Medicines (PRIME) Designation for
relapsed or refractory ES-SCLC. The US FDA previously granted Breakthrough
Therapy Designations for relapsed or refractory ES-SCLC and relapsed or
refractory osteosarcoma.
Key phase III trials for risvutatug rezetecan:
Trial name (population) Phase Design Timeline Status
EMBOLD-SCLC-301 III A multicenter, randomized, open-label study of risvutatug rezetecan compared Trial start: Recruiting
with topotecan in participants with relapsed small cell lung cancer
Q3 2025
NCT07099898
Zejula (niraparib)
GSK continues to assess the potential of niraparib, currently approved as
Zejula as a maintenance treatment for advanced 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.
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 will continue to drive sustained performance and the ongoing
transition of the portfolio to long-acting regimens.
In 2025, data from VOLITION, LATITUDE and CLARITY trials reinforced ViiV's
leadership in long‑acting HIV care, with consistently superior
effectiveness, safety and patient preference, differentiating the portfolio
and setting the pace for the industry's next chapter. The phase II
registrational EXTEND trial of cabotegravir four-monthly HIV prevention is
progressing with data expected in 2026. The phase III CUATRO trial exploring
cabotegravir + rilpivirine four-monthly HIV treatment is expected to start in
2026.
Key HIV trials:
Trial name (population) Phase Design Timeline Status
EXTEND 4M (HIV) II Phase IIb open label, single arm, repeat dose study to investigate the safety, Trial start: Active, not recruiting
tolerability and pharmacokinetics (PK) of CAB ULA administered intramuscularly
NCT06741397 every four months in participants at risk of acquiring HIV-1. Q4 2024
EMBRACE (HIV) IIb The study aims at evaluating the efficacy of VH3810109, dosed in accordance Trial start: Q3 2023 Active, not recruiting
with the dosing schedule as either intravenous (IV) infusion or subcutaneous
NCT05996471 (SC) infusion with recombinant hyaluronidase (rHuPH20), in combination with
cabotegravir (CAB) intramuscular (IM) dosed in accordance with the dosing
schedule in virologically suppressed, Antiretroviral therapy (ART)-experienced
adult participants living with HIV.
Infectious Diseases
Arexvy (respiratory syncytial virus vaccine, adjuvanted)
GSK continues to progress the life-cycle management of Arexvy, its RSV vaccine
for adults, with potential expanded indications in new populations and
geographies.
In January 2026, the European Commission issued approved the expanded use of
Arexvy in adults 18 years and older, following a positive Committee for
Medicinal Products for Human Use (CHMP) opinion issued in December 2025.The
EMA is also reviewing the vaccine for use in immunocompromised adults aged 18
years and older with a decision expected in H1 2026. In October 2025, the EMA
approved an update to Arexvy's EU label to allow concomitant administration
with mRNA COVID-19 vaccine. Regulatory reviews are ongoing in the US and Japan
to expand use of Arexvy in adults aged 18-49 years of age at increased risk of
RSV disease and in immunocompromised adults aged 18 years and older.
Regulatory reviews are also ongoing for registration of an additional
vial/pre-filled syringe (Vial/PFS) presentation of Arexvy in both the EU and
the US.
The vaccine has now been approved for use in 69 markets worldwide.
Key trials for Arexvy:
Trial name (population) Phase Design Timeline Status
RSV OA=ADJ-004 III A randomised, open-label, multi-country trial to evaluate the immunogenicity, Trial start: Active, not recruiting; primary endpoint met
safety, reactogenicity and persistence of a single dose of the RSVPreF3 OA
(Adults ≥ 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-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 Primary data reported: Q3 2025
Key trials for Arexvy continued:
Trial name (population) Phase Design Timeline Status
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-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-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-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-031 II A non-randomized, controlled, open-label, extension study to evaluate the Trial start: Q3 2025 Recruiting
persistence of immune response of the adjuvanted RSVPreF3 vaccine and the
(Immunocompromised adults >=18 years of age) safety and immunogenicity following revaccination in lung and kidney
transplant recipients (>=18 years of age)
NCT07092865
RSV OA=ADJ-021 III A study on the immune response, safety and the occurrence of Respiratory Trial start: Complete; primary endpoint met
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
RSV OA=ADJ-028 III A randomized, controlled, observer blind, immuno-bridging study to evaluate Trial start: Recruiting
immunogenicity, reactogenicity and safety of a single dose of the RSVPreF3 OA
(Adults 18 to 59 years of age at increased risk for RSV Disease) investigational vaccine in Chinese adults 18-59 years of age at increased risk Q4 2025
of RSV Disease
NCT07220109
RSV OA=ADJ-024 III A randomized, placebo-controlled, observer-blind study in India to evaluate Trial start: Complete
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 is a triple-action antisense oligonucleotide with the potential
to be a first in class new treatment option for people with chronic hepatitis
B (CHB). In January 2026, GSK announced positive results from its two pivotal
phase III trials, B-Well 1 and B-Well 2. The trials met their primary
endpoints with bepirovirsen demonstrating a statistically significant and
clinically meaningful functional cure rate. Functional cure rates were
significantly higher with bepirovirsen plus standard of care compared with
standard of care alone. Global regulatory submissions are planned from Q1
2026. If approved, bepirovirsen has the potential to become the first finite,
six-month therapeutic option for CHB and to serve as a backbone for future
sequential treatment strategies.
Bepirovirsen has been recognised by global regulatory authorities for its
innovation and potential to address significant unmet need in hepatitis B,
with Fast Track designation from the US FDA, Breakthrough Therapy designation
in China and SENKU designation in Japan.
To further expand development of novel sequential regimens, GSK entered an
agreement for an exclusive worldwide license to develop and commercialise
daplusiran/tomligisiran (GSK5637608, formerly JNJ-3989), an investigational
hepatitis B virus-targeted small interfering ribonucleic acid (siRNA)
therapeutic. This agreement provides an opportunity to investigate a novel
sequential regimen to pursue functional cure in an even broader patient
population with bepirovirsen. Phase IIb trials for this sequential therapy
started in Q4 2024.
Key trials for bepirovirsen:
Trial name (population) Phase Design Timeline Status
B-Well 1 bepirovirsen in nucleos(t)ide treated patients (chronic hepatitis B) III A multi-centre, randomised, double-blind, placebo-controlled trial to confirm Trial Start: Completed; primary endpoint met
the efficacy and safety of treatment with bepirovirsen in participants with
NCT05630807 chronic hepatitis B virus Q1 2023
B-Well 2 bepirovirsen in nucleos(t)ide treated patients (chronic hepatitis B) III A multi-centre, randomised, double-blind, placebo-controlled trial to confirm Trial Start: Completed; primary endpoint met
the efficacy and safety of treatment with bepirovirsen in participants with
chronic hepatitis B virus Q1 2023
NCT05630820
B-United bepirovirsen sequential therapy with daplusiran/tomligisiran in IIb A multi-centre, randomized, partially placebo-controlled, double-blind study Trial start: Active, not recruiting
nucleos(t)ide treated patients (chronic hepatitis B) to investigate the safety and efficacy of sequential therapy with
daplusiran/tomligisiran followed by bepirovirsen in participants with chronic Q4 2024
NCT06537414 hepatitis B virus on background nucleos(t)ide analogue therapy
B-Sure Long-term Follow-up Study to Evaluate Durability of Treatment Response II A global multi-center, long-term follow-up study to assess durability of Trial Start: Q1 2021 Recruiting
in Previous Bepirovirsen Study Participants efficacy, as measured by maintenance of treatment response from the parent
study, in participants who participated in a previous bepirovirsen study and
NCT04954859 achieved a complete or partial response. Eligible participants will be
enrolled in this study after completing the end of study (EoS) visit in one of
five parent bepirovirsen studies.
Blujepa (gepotidacin; bacterial topoisomerase inhibitor)
Blujepa is a first-in-class oral antibiotic with a novel mechanism of action
that is part of GSK's infectious diseases portfolio. It is 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. In December 2025, the US FDA
approved 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 limited or no alternative.
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.
Following positive phase III data from the PIVOT-PO trial, GSK has filed a
regulatory submission in the US which has been accepted by the FDA. The PDUFA
date has been set as 18 June 2026. If approved, tebipenem HBr could be the
first oral carbapenem antibiotic for patients in the US who suffer from cUTIs,
adding to GSK's innovative anti-infectives portfolio and helping address the
challenges of antimicrobial resistance (AMR).
Key phase III trials for tebipenem HBr:
Trial name (population) Phase Design Timeline Status
PIVOT-PO (complicated urinary tract infections) III A randomised, double-blind, double-dummy, multi-centre study to assess the Trial start: 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 42.
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 (including those classified
as assets held for sale and liabilities relating to assets held for sale).
Total Net debt/Core EBITDA ratio
Core EBITDA is defined as Total operating profit excluding adjusting items and
core depreciation and amortisation (as described on page 43) and includes the
share of core after tax profit/(loss) of associates and joint ventures. Core
depreciation is total depreciation less depreciation arising as part of major
restructuring and is disclosed as part of adjusting items. Core amortisation
arises from computer software and internally capitalised R&D development
costs. Total Net debt is defined above. The ratio is Total Net debt expressed
as a multiple of Core EBITDA which demonstrates a key leverage metric which
assesses the strength of the 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 53 and 54.
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.
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
2026 Guidance
GSK expects its turnover to increase between 3 to 5 per cent and Core
operating profit to increase between 7 to 9 per cent. Core earnings per share
is also expected to increase between 7 to 9 per cent. GSK provides its
full-year 2026 guidance at constant exchange rates (CER).
The Group has made planning assumptions that we expect turnover for Specialty
Medicines to increase by a low double-digit per cent, Vaccines to decline by a
low-single digit per cent to stable, and General Medicines to decline by a
low-single digit per cent to stable.
2021-2026 and 2031 Outlooks
In February 2025 GSK set out improved outlooks for 2031 which are detailed in
the 2024 full year and fourth quarter results on gsk.com
(https://www.gsk.com/media/11776/fy-2024-results-announcement.pdf) (1).
Assumptions and basis of preparation related to 2026 Guidance, 2021-26 and
2031 Outlooks
In outlining the guidance for 2026, and outlooks for the period 2021-26 and
for 2031, the Group has made certain assumptions about the macro-economic
environment, the healthcare sector (including regarding existing and possible
additional governmental legislative and regulatory reform), the different
markets and competitive landscape in which the Group operates and the delivery
of revenues and financial benefits from its current portfolio, its development
pipeline and restructuring programmes. As previously announced, on 19 December
2025 GSK entered into an agreement with the US Administration to lower the
cost of prescription medicines for American patients. The agreement entered
into covers both GSK and ViiV Healthcare and, assuming expected
implementation, excludes both companies from s232 tariffs for 3 years.
Detailed terms of the agreement remain confidential. Our full year guidance is
inclusive of the expected impact of the agreement.
2026 Guidance
These planning assumptions as well as operating profit and earnings per share
guidance and dividend expectations assume no material interruptions to supply
of the Group's products, no material mergers, acquisitions or disposals, no
material litigation or investigation costs for the Company (save for those
that are already recognised or for which provisions have been made) and no
change in the Group's shareholdings in ViiV Healthcare. The assumptions also
assume no material changes in the healthcare environment or unexpected
significant changes in pricing or trade policies, including tariffs (except as
noted above), as a result of government or competitor action. The 2026
guidance factors in all divestments and product exits announced to date.
2021-26 and 2031 Outlooks
The assumptions for GSK's revenue, Core operating profit, Core operating
margin and cash flow outlooks, 2031 revenue outlook and margin expectations
through dolutegravir loss of exclusivity assume the delivery of revenues and
financial benefits from its current and development pipeline portfolio of
medicines and vaccines (which have been assessed for this purpose on a
risk-adjusted basis, as described further below); regulatory approvals of the
pipeline portfolio of medicines and vaccines that underlie these expectations
(which have also been assessed for this purpose on a risk-adjusted basis, as
described further below); no material interruptions to supply of the Group's
products; successful delivery of the ongoing and planned integration and
restructuring plans; no material mergers, acquisitions or disposals or other
material business development transactions; no material litigation or
investigation costs for the Company (save for those that are already
recognised or for which provisions have been made); and no change in the
Group's shareholdings in ViiV Healthcare. GSK assumes no premature loss of
exclusivity for key products over the period.
The assumptions for GSK's revenue, Core operating profit, Core operating
margin and cash flow outlooks, 2031 revenue outlook and margin expectations
through dolutegravir loss of exclusivity also factor in all divestments and
product exits announced to date as well as material costs for investment in
new product launches and R&D. Risk-adjusted sales includes sales for
potential planned launches which are risk-adjusted based on the latest
internal estimate of the probability of technical and regulatory success for
each asset in development.
Notwithstanding our guidance, outlooks and expectations, there is still
uncertainty as to whether our assumptions, guidance, outlooks and expectations
will be achieved.
All outlook statements are given on a constant currency basis and use 2025
average exchange rates as a base (£1/$1.31, £1/€1.17, £1/Yen 198).
(1) https://www.gsk.com/media/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 and policies, including the impact of any potential tariffs
or other restrictive trade policies on the Group's products, or intellectual
property protection, product development and approvals, actions by our
competitors, and other risks inherent to the industries in which we operate.
This document contains statements that are, or may be deemed to be,
"forward-looking statements". Forward-looking statements give the Group's
current expectations or forecasts of future events. An investor can identify
these statements by the fact that they do not relate strictly to historical or
current facts. They use words such as 'anticipate', 'estimate', 'expect',
'intend', 'will', 'project', 'plan', 'believe', 'target', 'outlook', 'aim',
'ambition', 'could', 'goal', 'may', 'seek', 'should' and other words and terms
of similar meaning in connection with any discussion of future operating or
financial performance. In particular, these include statements relating to
future actions, prospective products or product approvals, future performance
or results of current and anticipated products, sales efforts, expenses, the
outcome of contingencies such as legal proceedings, dividend payments and
financial results. Other than in accordance with its legal or regulatory
obligations (including under the Market Abuse Regulation, the UK Listing Rules
and the Disclosure Guidance and Transparency Rules of the Financial Conduct
Authority), the Group undertakes no obligation to update any forward-looking
statements, whether as a result of new information, future events or
otherwise. The reader should, however, consult any additional disclosures that
the Group may make in any documents which it publishes and/or files with the
SEC. All readers, wherever located, should take note of these disclosures.
Accordingly, no assurance can be given that any particular expectation will be
met and readers are cautioned not to place undue reliance on the
forward-looking statements.
All guidance, outlooks and expectations should be read together with the
guidance and outlooks, assumptions and cautionary statements in this full year
and Q4 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.
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
dMMR Deficient mismatch repair
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
mo-rez mocertatug rezetecan
mRNA messenger ribonucleic acid
MSI-H Microsatellite Instability-High
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
ris-rez risvutatug rezetecan
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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