Profit jump, new CEO and key drug wins at GSK (NYSE: GSK) in 2025
Filing Impact
Filing Sentiment
Form Type
20-F
GSK plc filed its 2025 Form 20-F annual report, highlighting strong growth and major pipeline progress. Sales exceeded
Total earnings per share more than doubled, and core EPS increased
The report details a leadership transition, with Emma Walmsley stepping down as CEO at year-end and former Chief Commercial Officer Luke Miels taking over. Management emphasizes executing launches, advancing late-stage assets in respiratory, oncology, HIV and hepatology, and using AI and business development to drive growth toward and beyond 2031.
Positive
- Exceptional 2025 financial performance with sales above £32 billion, total operating profit up 97%, core EPS up 12% at constant exchange and cash generation of £8.9 billion supporting a higher 66p dividend.
- Robust innovation and pipeline depth shown by £7.5 billion R&D spend, 58 pipeline assets (17 in phase III) and five major product approvals in 2025 across asthma, COPD, oncology, infectious diseases and vaccines.
Negative
- None.
Insights
GSK posts sharply higher profit, deepens pipeline and shifts leadership.
GSK reports sales above
Pipeline momentum looks significant:
Strategically, the CEO transition to Luke Miels centers on delivering the 2031 growth plan, offsetting future dolutegravir exclusivity loss and embedding AI across R&D and manufacturing. Actual impact will depend on execution of key launches like Exdensur and Blenrep combinations and on navigating pricing pressure in major markets such as the US.
As filed with the Securities and Exchange Commission on March 6, 2026
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 20-F
ACT OF 1934
OR
OF 1934
For the fiscal year ended December 31 , 2025
OR
ACT OF 1934
OR
EXCHANGE ACT OF 1934
Date of event requiring this shell company report
For the transition period fromto
Commission file number 1-15170
(Exact name of Registrant as specified in its charter)
(Jurisdiction of incorporation or organization)
(Address of principal executive offices)
Company Secretary
GSK plc
+44 20 8047 5000
(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities registered or to be registered pursuant to Section 12(b) of the Act:
Title of Each Class | Trading Symbol(s) | Name of Each Exchange On Which Registered |
representing 2 Ordinary Shares, Par value 31 1⁄4 pence | ||
Securities registered or to be registered pursuant to Section 12(g) of the Act:
None
(Title of class)
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
None
(Title of class)
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered
by the annual report.
Ordinary Shares of Par value 31 1⁄4 pence each4,315,445,026
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
☒ Yes ☐ No
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or
15(d) of the Securities Exchange Act of 1934.
☐ Yes ☒ No
Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 from their obligations under those Sections.
Indicate by check mark whether the registrant (1) has filed all reports to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
☒ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to
Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was
required to submit such files).
☒ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging
growth company. See definition of “accelerated filer,” “large accelerated filer,” and “emerging growth company” in Rule 12b-2 of the
Exchange Act:
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards†
provided pursuant to Section 13 (a) of the Exchange Act. ☐
† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its
Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of
its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public
accounting firm that prepared or issued its audit report. ☒
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. ☐
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based
compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP ☐ | the International Accounting Standards Board ☒ | Other ☐ |
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has
elected to follow.
Item 17 ☐ Item 18 ☐
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
☐ Yes ☒ No
Auditor Firm - Deloitte LLP - PCAOB ID No 1147
GSK 2025 Annual Report on Form 20-F | |||||||||||
Form 20-F Cross Reference Guide | |||||||||||
20-F Item | Page and caption references in this document* | ||
1 | Identity of Directors, Senior Management and Advisers | Not applicable | |
2 | Offer Statistics and Expected Timetable | Not applicable | |
3 | Key information | ||
A. [Reserved] | |||
B. Capitalisation and Indebtedness | Not applicable | ||
C. Reasons for offer and use of proceeds | Not applicable | ||
D. Risk Factors | 248 - 251, 260 - 268 | ||
4 | Information on the Company | ||
A. History and development of the company | 88, 89, 92, 221 - 223, 275 - 276, 300 | ||
B. Business overview | 1 - 32, 35 - 46, 57 - 59, 63 - 70, 180 - 182, 221 - 223, 255 - 268 | ||
C. Organisational structure | 247, 288 - 295 | ||
D. Property, plant and equipment | 89, 181, 192 - 193 | ||
4A | Unresolved staff comments | Not applicable | |
5 | Operating and Financial Review and Prospects | ||
A. Operating results | 9 - 10, 71 - 96, 228, 235 - 238, 241 - 242 | ||
B. Liquidity and capital resources | 88 - 93, 95, 96, 199, 201 - 202, 215, 227 - 244 | ||
C. Research and development, patents and licences, etc. | 12 - 32, 255 - 259 | ||
D. Trend information | 71 - 96 | ||
E. Critical accounting estimates | Not applicable | ||
6 | A. Directors, Senior Managers and Employees | ||
A. Directors and senior management | 98 - 103 | ||
B. Compensation | 127 - 155, 245 - 246 | ||
C. Board practices | 6 - 7, 98 - 101, 106, 120 - 127, 148, 280 - 281, | ||
D. Employees | 185, 203 - 211, 254 | ||
E. Share ownership | 134, 136, 140, 141, 151 - 152, 245 - 246 | ||
F. Disclosure of a registrant’s action to recover erroneously awarded compensation | Not applicable | ||
7 | Major Shareholders and Related Party Transactions | ||
A. Major shareholders | 156, 269 - 271 | ||
B. Related party transactions | 220 | ||
C. Interests of experts and counsel | Not applicable | ||
8 | Financial Information | ||
A. Consolidated Financial Statements and Other Financial Information | 158 - 252, 271 | ||
B. Significant Changes | 248 - 251 | ||
9 | The Offer and Listing | ||
A. Offer and listing details | 270 | ||
B. Plan of distribution | Not applicable | ||
C. Markets | 269 - 270 | ||
D. Selling shareholders | Not applicable | ||
E. Dilution | Not applicable | ||
GSK 2025 Annual Report on Form 20-F | |||||||||||
Form 20-F Cross Reference Guide continued | |||||||||||
F. Expenses of the issue | Not applicable | ||
10 | Additional information | ||
A. Share Capital | Not applicable | ||
B. Memorandum and Articles of Association | 275 - 276 | ||
C. Material contracts | 277 | ||
D. Exchange controls | 269 | ||
E. Taxation | 273 - 274 | ||
F. Dividends and paying agents | Not applicable | ||
G. Statement by experts | Not applicable | ||
H. Documents on display | 272 | ||
I. Subsidiary information | Not applicable | ||
J. Annual Report to Security Holders | Not applicable | ||
11 | Quantitative and Qualitative Disclosures about Market Risk | 95, 227 - 244 | |
12 | Description of Securities Other Than Equity Securities | ||
A. Debt securities | Not applicable | ||
B. Warrants and Rights | Not applicable | ||
C. Other Securities | Not applicable | ||
D. American Depository Shares | 278 | ||
13 | Defaults, Dividend Arrearages and Delinquencies | Not applicable | |
14 | Material Modifications to the Rights of Security Holders and Use of Proceeds | Not applicable | |
15 | Controls and Procedures | 122, 284 - 286 | |
16 | [Reserved] | ||
16 | A. Audit Committee Financial Expert | 99, 106, 284 | |
16 | B. Code of Ethics | 126, 280 | |
16 | C. Principal Accountant Fees and Services | 126, 282 | |
16 | D. Exemptions from the Listing Standards for Audit Committees | Not applicable | |
16 | E. Purchase of Equity Securities by the Issuer and Affiliated Purchasers | 215 - 216 | |
16 | F. Change in Registrant’s Certifying Accountant | Not applicable | |
16 | G. Corporate Governance | 287 | |
16 | H. Mine Safety Disclosure | Not applicable | |
16 | I. Disclosure regarding Foreign Jurisdictions that Prevent Inspections | Not applicable | |
16 | J. Insider Trading Policies | 279 | |
16 | K. Cybersecurity Disclosures | 61, 103, 120, 265, 279 | |
17 | Financial Statements | See Item 8 above | |
18 | Financial Statements | Not applicable | |
19 | Exhibits | Exhibit Index |
Inside this report
Strategic report | ||
Ahead Together | 1 | |
Business model | 2 | |
Chair’s statement | 6 | |
CEO’s statement | 8 | |
Our external environment | 9 | |
Research and development | 12 | |
Commercial operations | 33 | |
Responsible business | 45 | |
Our culture and people | 57 | |
Risk management and disclosure statements | 60 | |
Group financial review | 71 | |
Corporate governance | ||
The Board and Executive Committee | 98 | |
Chair’s governance statement | 104 | |
Corporate governance architecture | 107 | |
Board activities | 110 | |
Board committee reports | 115 | |
Remuneration report | 127 | |
Directors’ report | 156 | |
Financial statements | ||
Directors’ statement of responsibilities | 159 | |
Report of Independent Registered Public Accounting Firm | 161 | |
Financial statements | 165 | |
Notes to the financial statements | 169 | |
Investor information | ||
Number of employees | 254 | |
Product development pipeline | 255 | |
Risk Factors | 260 | |
Share capital and control | 269 | |
Dividends | 271 | |
Financial calendar 2026 | 272 | |
Annual General Meeting 2026 | 272 | |
Tax information for shareholders | 273 | |
Additional information | 275 | |
Shareholder services and contacts | 283 | |
US law and regulation | 284 | |
Report of Independent Registered Public Accounting Firm | 286 | |
Corporate governance comparison | 287 | |
Group companies | 288 | |
Glossary of terms | 296 | |
How to navigate this report | |
 | Page reference for more information within this Annual Report |
Cover image: Multiple myeloma
cancer cells among red blood cells
and antibodies.
We focus our oncology innovation
on where we can make the most
meaningful difference. This includes
in multiple myeloma, a blood
cancer where new therapies are
needed as it commonly becomes
resistant to available treatments. In
2025, we received major approvals
for Blenrep, including in the US,
Europe and Japan, for patients
with multiple myeloma.
Cautionary statement
See page 300 of this document for the cautionary statement regarding forward-looking
statements.
Non-IFRS measures
We use a number of adjusted, non-International Financial Reporting Standards (IFRS)
measures to report the performance of our business. Total reported results represent the
Group’s overall performance under IFRS. 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 and other non-IFRS measures are defined on pages 73
and 74 and reconciliations to the nearest IFRS measures are on pages 84 to 86.
Websites
Information on our website or any other website referenced in this Annual Report on Form 20-F
is not incorporated into this Annual Report on Form 20-F and should not be considered to be
a part of this Annual Report on Form 20-F. We have included any references to the website as
an inactive textual reference only.
1
GSK 2025 Annual Report on Form 20-F | |||||||||||
Our purpose
We unite science,
technology and
talent to get ahead
of disease together
for health impact
+ shareholder returns
+ thriving people
Our strategy
We prevent and treat disease with specialty
medicines, vaccines and general medicines.
We focus on the science of the immune system
and advanced technologies, investing in four core
therapeutic areas – respiratory, immunology and
inflammation; oncology; HIV; and infectious diseases
– to impact health at scale.
We operate responsibly for all our stakeholders.
 | |
Read about how our business model delivers our strategy on page 2 | |
Our culture
We are ambitious for patients, accountable
for impact and we do the right thing.
| |
Read about our culture and people on page 57 | |
2
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Business model | |||||||||||
As a focused biopharma company, we discover, develop and deliver
medicines and vaccines to create value for patients and shareholders. We aim
to positively impact the health of 2.5 billion people by the end of the decade.
Central to our success
are our people: experts
in science, technology,
manufacturing and
commercialisation...
66,800
GSK people across
70 countries worldwide
33
manufacturing sites
£7.5bn
Total R&D expense in 2025
18,000
suppliers working directly
with GSK
...who are identifying,
researching, developing
and delivering...
Specialty Medicines
Our specialty medicines prevent
and treat diseases, from asthma,
cancer and HIV to autoimmune
diseases like lupus. Many are first
or best-in-class.
| |
Read more on page 35 | |
General Medicines
Our broad portfolio of general
medicines, from inhalers for asthma
and COPD to antibiotics, improve life
for millions of people around the
world. Many are market leaders.
| |
Read more on page 40 | |
Vaccines
We have one of the broadest
portfolios of vaccines in the
industry, targeting infectious
diseases at every stage of
life, helping to protect people
from meningitis, shingles, RSV,
hepatitis and many more.
| |
Read more on page 37 | |
...products that prevent
and change the course
of disease in our four core
therapeutic areas...
Respiratory, immunology
and inflammation
We’re harnessing our deep knowledge
of inflammatory mechanisms and
the science of the immune system
to redefine the future of respiratory
medicine and target lung, liver and
kidney disease.
| |
Read more on page 15 | |
HIV
For nearly four decades we’ve led the
way in HIV innovation, pioneering
medicines that continue to transform
the lives of people impacted by HIV.
| |
Read more on page 23 | |
Oncology
We focus on where we can make the
most meaningful difference, applying
our understanding of the underlying
drivers of disease to help match the
right patients with the right treatment
to improve survival and quality of life.
| |
Read more on page 19 | |
Infectious diseases
We focus on developing prevention
and treatment options for infectious
diseases that impact people across
their lifespan.
| |
Read more on page 26 | |
3
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Business model continued | |||||||||||
…using advanced
technologies…
Pipeline
At every step of the R&D
process, we are using data
tech, including AI, and
platform technologies to
be faster, more effective
and more predictive in
discovering and
developing innovative
medicines and vaccines.
| Read how technology enables our R&D on page 30 |
Performance
We use technology to
reach people and patients
better and faster through
smart manufacturing;
helping patients and
their carers to manage
their conditions; and
empowering our people
to do their best work.
Partnership
We collaborate in new
ways across the
technology and biotech
industries and academia,
so that we can work with
the latest advances in
expertise and technology
to get ahead of disease
together.
...operating
responsibly
for all our
stakeholders...
Being a responsible business is vital to our strategy and long-term performance.
It helps us build and sustain trust with our stakeholders, reduce risk, support our people
to thrive and deliver positive health impact at scale. We focus on issues that matter to
our stakeholders, society and business success.
| Read more in Responsible Business on page 45 |
… creating
value for...
Patients
>2bn
packs of medicines and
vaccine doses supplied
Shareholders
66p
per share dividend
The economy
£1.2bn
corporate income tax paid;
in addition we pay duties,
levies, transactional and
employment taxes
...and enabling
reinvestment to
develop new specialty
medicines and
vaccines
The returns we make set us up to reinvest in discovering and developing new medicines
and vaccines that are, based on clinical merit, better than what are available to patients
today. We do this through our own R&D and business development and partnerships.
Meeting patient need and helping people to live healthier lives eases pressure on
health systems and supports economic prosperity.
| Our strategy is supported by a robust framework for monitoring and managing risk, described on page 61 |
4
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
5 key approvals in 2025 | |||||||||||
We achieved five major product approvals in 2025. Our deep understanding
of the science of the immune system, combined with advanced technologies,
is delivering innovative medicines and vaccines that can help transform
people’s lives.
Severe asthma:
Exdensur
Respiratory diseases such as severe asthma
pose significant challenges to millions of patients
worldwide. In 2025, Exdensur was approved in
the US for the treatment of severe asthma with
an eosinophilic phenotype. Its ultra-long-acting
profile and twice-yearly dosing offers patients
sustained protection from exacerbations and
could help reduce hospital stays and limit
cumulative lung damage. It is also approved for
patients with chronic rhinosinusitis with nasal
polyps (CRSwNP) in several other markets.
| Read more on page 15 |
Lungs
Multiple myeloma:
Blenrep
Multiple myeloma is a complex blood cancer that
is generally considered treatable but not curable,
with nearly all patients experiencing relapse as
the disease becomes resistant to available
treatments. Blenrep, in combination, was
approved by the US FDA in October 2025 after
two or more lines of therapy, and in other markets,
following one or more prior treatment lines. As the
only anti-BCMA antibody drug conjugate (ADC)
that is accessible across healthcare settings,
including in community centres where 70% of
patients receive care, Blenrep could fulfil a major
patient need.
| Read more on page 19 |
Multiple myeloma cancer cells among
red blood cells and antibodies
5
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
5 key approvals in 2025 continued | |||||||||||
COPD:
Nucala
Many chronic obstructive pulmonary disease
(COPD) patients experience persistent symptoms
and exacerbations – acute episodes of worsening
symptoms – which can result in hospitalisation
and irreversible lung damage. In May, Nucala was
approved by the US FDA for use in adults with
COPD characterised by an eosinophilic phenotype,
providing an important option for COPD patients.
The approval was based on data which included a
reduction of exacerbations leading to hospitalisation
and/or emergency department visits.
| Read more on page 16 |
Eosinophils among red blood cells
uUTI and uncomplicated gonorrhoea:
Blujepa
More than half of all women experience an
uncomplicated urinary tract infection (uUTI) in
their lifetime. In 2025, Blujepa was approved in
the US as an oral treatment for uUTI. It was also
approved in the US for uncomplicated
gonorrhoea which affects both men and women,
and can lead to infertility and other reproductive
health complications. Blujepa is the first in a new
class of oral antibiotics for these conditions in
nearly 30 years.
| Read more on page 28 |
E.coli bacteria
Invasive meningococcal disease:
Penmenvy
Invasive meningococcal disease (IMD) is a rare
but devastating illness that can progress rapidly
and lead to death or long-term, life-changing
consequences. Penmenvy, our new 5-in-1
vaccine for IMD, was approved in the US in 2025
and is now part of the adolescent meningococcal
immunisation schedule. By reducing the number
of injections needed for protection, Penmenvy
could increase immunisation rates and help
protect more young people from this serious
disease.
| Read more on page 26 |
Meningococcal serogroups ABCWY
6
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Chair’s statement | |||||||||||
As 2025 drew to a close, GSK turned
the page on a significant chapter.
Having led an extensive
transformation of GSK, Emma
Walmsley stepped down as CEO at
the end of December and handed over
to Luke Miels, previously our Chief
Commercial Officer.
The Board and I are grateful to Emma
for her outstanding leadership; and
we look forward to the even brighter
future we have ahead with Luke, as
he builds on the momentum we have
and leads GSK into the next phase of
its transformation.
Strategic progress
GSK has a long and proud heritage,
but a decade ago it quite clearly
wasn’t fulfilling its potential for
patients or shareholders. When
Emma became CEO in 2017, she
seized the opportunity to reinvigorate
the company’s performance and
restore its leadership in science –
including of course through the
demerger of Haleon in 2022 to
create a focused biopharma
company with a re-set balance
sheet to invest in innovation.
On almost every measure, GSK is
now a changed company – with a
confident, ambitious purpose; clear
strategic priorities; a stronger pipeline
and more balanced portfolio; a
sharper focus on capital allocation;
and a reformed culture where talented
people can focus on what matters
most and be accountable for delivery.
At the same time, GSK has kept
what makes the company special
– a distinctive focus on people
and patients, a truly global reach
and a deep commitment to doing
the right thing.
2025 performance
GSK’s performance in 2025
exemplified the strengthening of
all the fundamentals of the strategy:
total sales, total and core operating
profit, and total and core earnings per
share all grew, driven in particular by
very strong performance of Speciality
Medicines, with double-digit sales
growth in respiratory, immunology and
inflammation (RI&I), oncology
and HIV.
Alongside strong financial
performance, there was also excellent
progress in R&D with five major
product approvals achieved. These
mark the start of a series of major
launches expected before 2031.
The pipeline has also been
significantly strengthened through
internal and externally acquired
assets, particularly in RI&I and
oncology and we continue to invest
significantly in the transformational
capability afforded by AI/ML.
The Board also remains committed
to the company’s long-standing
proactive approach to operating
responsibly, evident in 92% of
Responsible Business Performance
Rating metrics being ‘met’ or
‘exceeded’ in 2025 – see page 46.
Leadership transition
Positioning GSK for the next phase
of growth was front of mind as we
embarked on seamlessly selecting
and transitioning to GSK’s next CEO.
At the outset the Board thought
deeply about its ambitions for the
company in its next chapter and the
skills and attributes that we wanted
in a CEO. Central to this was what
was needed to deliver increased
value recognition for the company.
As such, we sought an individual
with ambition and excellent global
biopharma pipeline development and
commercialisation experience; and an
understanding of the levers available
within GSK to drive delivery and
generate new options for growth.
Guided by these criteria, our search
was rigorous, including internal and
external candidates and it is worth
noting that Emma’s recruitment
of outstanding talent and their
development strengthened this
process immeasurably.
In Luke, we have selected the
outstanding candidate. His
experience and demonstrated
contribution to GSK, including
building the Specialty Medicines
portfolio, make him exceptionally well
qualified to lead the company. Luke
believes in creating value by
delivering the best possible outcomes
for patients, founded on deep
scientific expertise and courage
coupled with operational excellence.
On the following pages, you’ll hear
more from Luke on his perspective
and ambitions for the company.
7
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Chair’s statement continued | |||||||||||
While succession was a key focus
for the Board during the year, other
priorities including remuneration
were important. We were pleased
with strong shareholder support for
the updated Remuneration Policy
at the 2025 AGM that enabled us to
approach succession with confidence
in attracting the right candidates.
The new policy locks in incentives
for management to outperform and
aligns management compensation
even more with shareholder
experience.
Next phase of transformation
As Luke steps into his new role, there
are three key priorities for him, his
management team, and the Board
to deliver the next phase of GSK’s
transformation.
First, leading management to fulfil
GSK’s ambitious 2031 growth strategy
and deliver sustained shareholder
value creation. This primarily means
executing excellent launches of newly
approved products, including in
cancer and respiratory disease, and
opportunities in the late-stage pipeline
before the end of the decade.
Second, that GSK can drive the
next wave of innovation and growth
beyond 2031, including through
deploying capital to targeted business
development to further strengthen
the pipeline. GSK has cultivated a
deep expertise in the science of the
immune system and is taking this
further to target an emerging portfolio
of potentially differentiated medicines
that can outperform the competition
including in lung, liver and kidney
disease as well as cancer. If the next
wave of innovation coming through
the pipeline is realised, there is a
clear pathway to deliver patient
benefit, at scale, and drive
competitive growth beyond 2031.
Third, the Board is acutely aware
that these priorities can only be
fulfilled through ambitious adoption
of technology. This is an area where
GSK has already made significant
strides. In October, the Board spent
two days getting hands-on with the
tech tools that are transforming how
GSK works, from development to
manufacturing and marketing.
There remains profound potential
for advanced technologies, including
AI, to bring medicines and vaccines
to patients with more precision, pace
and probability of success. The focus
now should be on embedding these
technologies at scale to ensure GSK
remains competitive and invests time,
resources and capabilities in the
right areas.
External environment
The current geopolitical operating
landscape is undeniably dynamic
and requires agile leadership to
respond to these challenges and at
the same time stay focused on clear
business priorities and longer-term
fundamentals. The Board is pleased
by the way GSK has navigated the
pressures in the external environment
this year, including in our largest
market the United States. This has
involved diligently working to ensure
that innovation is both fairly rewarded
and accessible to the patients who
need it, as seen in the pricing
agreement which Emma and her
team reached with the US
Administration in December.
The Board continues to believe that
GSK’s business model, with its R&D
focus and investment in technology
capabilities, is well set to meet
societal needs now and in the future.
The convergence of increasing
demand on health systems and
advances in technology is creating an
unprecedented need and opportunity
to move towards new models of care
that strengthen access to innovative
medicines and vaccines and enable
earlier action to keep people well.
By delivering this innovation, GSK can
create sustained value for patients,
shareholders, healthcare systems,
economies and society at large.
Shareholder returns
Robust performance in 2025
coincided with a significant rise
in the value of GSK’s shares and
improved shareholder returns,
including payment of a dividend
of 66p, up from 61p in 2024. This is
welcome and reflects more tangible
market appreciation of the value in
our pipeline and consistent delivery
of our growth strategy.
However, the Board is very aware that
GSK’s share price has
underperformed for many years and
this marks only the start of a long-
awaited recovery. Under Luke’s
leadership we are determined to build
on the progress seen during 2025 and
continue to deliver significantly
improved shareholder returns over the
short and longer term.
Conclusion
On behalf of the Board, and everyone
at GSK, we wish Emma all the very
best as she embarks on new
adventures – and thank her once
again for all she delivered at GSK. I
would also like to thank the Board for
their work this year, particularly in
delivering the successful CEO
transition. Jesse Goodman stepped
down from the Board at the 2025
AGM and we wish him well in his next
endeavours; and we welcome Dr
Gavin Screaton, Head of Medical
Sciences at the University of Oxford,
who joined the Board in May 2025.
GSK’s transformation is also enabled
by the tens of thousands of people
working around the world, who strive
every day to bring medicines and
vaccines to the people who need
them. Many thanks to you, as well
as our partners and shareholders,
for your continued commitment.
Together, with Luke, we look forward
to delivering even greater impact for
patients, shareholders and our people
in 2026.
Sir Jonathan Symonds
Chair
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CEO’s statement | |||||||||||
It is a privilege to lead GSK into its
next phase of growth as CEO and
I am encouraged by the collective
determination to realise new levels
of performance for patients and
shareholders.
Strong 2025 performance
GSK delivered another strong
performance in 2025, with sales up
4% AER, 7% CER to more than £32
billion. Total operating profit grew
97% AER, >100% CER and Core
operating profit grew 7% AER, 11%
CER. Total earnings per share
increased more than 100% both at
AER and CER, while core earnings
per share rose 8% AER, 12% CER.
Cash generation was strong at £8.9
billion, supporting future investment
and returns to shareholders, including
the dividend of 66 pence.
Growth was driven by a 14% AER,
17% CER increase in sales of
Specialty Medicines with double-digit
growth in oncology; respiratory,
immunology and inflammation; and
HIV. Vaccines sales were stable at
AER and up 2% CER while
General Medicines sales fell by 4%
AER, 1% CER.
Good R&D progress also continued,
with five major product approvals
and several acquisitions and new
partnerships to strengthen the
pipeline further.
We also maintained our high
standards for being a responsible
business.
Looking ahead to 2026, we expect
momentum to continue with another
year of profitable growth.
Key focus areas to drive value
We have a clear strategy to develop
a high-quality portfolio of specialty
medicines and vaccines. The priority
now is delivery and overall operational
execution.
There are three areas where we
are focused to drive value in 2026.
First, drive topline growth by
maximising launch products –
not least Exdensur, our new ultra-
long-acting biologic for asthma
and Blenrep, for multiple myeloma.
Second, accelerate key assets in our
late-stage portfolio like our oncology
ADCs; and in our earlier portfolio, like
our long-acting TSLP for COPD and
regimen selection for our 6-monthly
treatment for HIV.
And third, continue to execute
business development where we see
a clear pathway to value creation.
Our acquisition of IDRx in 2025, and
more recently RAPT Therapeutics,
are examples of this.
Underpinning this will be a drive to
simplify how we work – with greater
pace, accountability and focus.
This starts with matching our best
people and resources to the best
opportunities to create value.
We’ll also have an increased focus
on leveraging the practical use of
technology, including AI.
Evolving GSK to create value
for shareholders
For our growth strategy, I see two
clear priorities to create value for
shareholders.
The first is topline. This means
delivering our sales ambition for
2031 and addressing the loss of
dolutegravir exclusivity.
Second is pipeline. Accelerating R&D
is our biggest opportunity to create
value as a company. We need to go
faster with what we have and add to it
through smart business development.
We also need our labs to produce
more competitive products.
To achieve this, we need to evolve
the company.
Building on our strong patient-led
purpose and culture, we must be
more product-centric. Everyone in
the company should be clear on
how they are helping to bring better
products to patients.
And to accelerate the pipeline, we
need to have more scientific courage
and be more agile to capitalise on
opportunities when we see them.
Conclusion
Thank you to all our people and
partners who have driven our strong
performance in 2025.
For the long term, we know what
we need to do to create value for
shareholders and patients. The focus
is now on evolving GSK to do it.
When we succeed, the result is
better outcomes for patients and
a stronger company.
Luke Miels
Chief Executive Officer
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Our external environment | |||||||||||
In a dynamic and challenging operating landscape, our purpose and strategy
keep us focused on delivering for patients and shareholders. Here, we set out
three major themes shaping our environment and how we’re responding.
Sharper focus on affordability, innovation and supply |
All businesses are adjusting to a more volatile and
fragmented landscape. Political shifts are reordering policy
priorities and reshaping relationships and institutions
established over decades. In 2025, this was particularly
evident in trade policy, where uncertainty over tariffs
dominated the agenda. Combined with a continued
emphasis on pricing and access to medicines, this put
a sharper focus on the biopharma industry.
Rising healthcare costs and attention to domestic supply
chains are driving policy reforms to balance affordability,
innovation and supply. While medicines comprise a
relatively small proportion of overall health budgets,
governments continue to concentrate on reducing drug
costs. The US Administration is seeking to lower the
nation’s drug prices by tying them to international pricing,
as well as providing direct-to-patient purchasing channels.
This has added to the pricing pressure that has intensified
in the US over the past decade.
In the UK and Europe, there are continued questions over
how health systems are valuing the benefits that innovation
brings to patients, and incentivising it appropriately.
This comes alongside a growing recognition that pricing
mechanisms and relative spend compared to the US are
a factor in bilateral trade relations. In December 2025,
the UK and the US agreed to maintain a zero tariff on
pharmaceutical products manufactured in the UK for
a three-year period.
As part of a move to strengthen national manufacturing
bases and medicine supply, domestic supply chains are
being prioritised in regions including the EU and the US,
where the Administration’s potential tariffs on
pharmaceutical imports aim to bring drug production
back to the US. This is partly in response to perceptions
that the US drug supply chain is overly reliant on China.
Factors including regulatory reforms in China over the past
decade have advanced the country’s biopharma innovation
and leadership in international science. In 2025, the share of
drug licensing deals involving Chinese assets was anticipated
to reach almost 40%, compared to fewer than 5% in 2020.1
Even as pricing pressure intensifies, governments continue
to look to the biopharma industry as a strategic driver of
innovation and economic renewal. As well as the US seeking
to incentivise domestic research and production, both the EU
and UK published life science strategies aimed at spurring
growth in the sector. This highlights the potential for the
biopharma industry to be a partner for growth, providing
solutions that help prevent and change the course of disease
and bring value to individuals, health systems and societies.
Chronic illness influencing industry and public policy priorities while infectious diseases pose a continuing threat |
One of the factors contributing to rising healthcare costs
is chronic disease. In the US alone, 90% of the nation’s
$4.9 trillion in annual healthcare expenditures are for people
with chronic and mental health conditions.2 Over the next
decade, the impact of chronic disease on individuals, health
systems and economies is expected to increase. Cancer,
chronic respiratory diseases and neurological illnesses are
projected to be among the top ten disease burdens
worldwide by 2032, due in part to ageing populations and
increasing obesity rates.3
Biopharma innovation is increasingly focused on disease
areas with potentially large populations and opportunity for
health impact, including metabolic diseases,
cardiovascular disease and neurology. Oncology remains
an enduring priority as cancer rates continue to accelerate.
It’s the fastest-growing disease burden and early onset
cancers are becoming more common. New modalities,
including next-generation antibody drug conjugates
(ADCs), offer potential for more precise, targeted
treatments to improve survival rates and overall quality of
life. Oncology and immunology are expected to be the
fastest-growing fields, after GLP-1s, over the rest of the
decade.4
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Our external environment continued | |||||||||||
Living with a chronic illness can also put people at higher
risk of infectious diseases. While there have been
significant strides in innovation to get ahead of infectious
diseases, they continue to threaten the health of
individuals and communities. Factors such as changes to
global health financing and vaccine hesitancy can pose a
risk to immunisation efforts. In 2025, the World Health
Organization (WHO), UNICEF and Gavi warned that
outbreaks of vaccine-preventable diseases such as
measles and meningitis were increasing globally.5
Infections could also become more difficult to manage due
to antimicrobial resistance (AMR). According to the 2025
WHO GLASS report, in 2023 around one in six laboratory-
confirmed bacterial infections were caused by bacteria
resistant to antibiotics.6
Rising rates of chronic ill health are increasing the strain
on health systems and limiting productivity by keeping
people out of work. Policymakers are turning their attention
to preventing chronic disease and intervening earlier
to improve outcomes and contain healthcare costs.
Addressing chronic disease is a major focus of the US
Administration. Prevention is also a key pillar of the UK
Government’s health policy agenda.
As countries contend with increasing rates of chronic
illness, as well as the ongoing impact of infectious
diseases, there is a clear opportunity to shift towards
preventative, pre-emptive healthcare to support future
health system sustainability and economic growth.
Tech transformation depends on talent and trust |
Geopolitical unrest in 2025 was set against a backdrop
of continued rapid acceleration in technological innovation
and adoption. As generative and agentic artificial
intelligence (AI) becomes more sophisticated, it’s
transforming how many of us live and work.
For the biopharma industry, one of the most significant
use cases for AI remains R&D productivity. A proliferation
of health data, coupled with the power of AI to interpret
ever-larger datasets, offers the potential to develop
medicines and vaccines with more pace, precision
and probability of success. Currently, AI adoption is
concentrated in areas from early research through
to clinical development. Automation can transform
processes such as target selection and molecule design,
which are otherwise lengthy, manual and costly. Advanced
technologies, including AI, create potential to more deeply
understand human biology and develop more targeted
solutions to prevent and alter the course of disease.
Once drugs are developed, robotics, AI, machine learning
and other innovations can all enable manufacturers to get
vaccines and medicines of the highest quality standards
to those who need them faster, and more consistently.
The potential of technology to strengthen efficiency and
quality of manufacturing operations is particularly relevant
in an environment of evolving regulatory expectations.
From manufacturing to marketing, as well as streamlining
corporate processes, data and technology are optimising
the pathway to reach patients.
Realising the potential of AI at scale depends on human
ingenuity, skill and judgement. Around 4 in 10 core job
skills are expected to change within the next five years7.
Public discourse focuses on the potential impact on jobs.
But there are opportunities for organisations to develop
new capabilities – for example, biopharma companies are
increasingly seeking talent in fields such as bioinformatics.
Crucially, realising the potential of AI for human health will
also depend on building trust in how data and technologies
are being used to develop healthcare interventions. While
AI offers significant opportunity for improving health
outcomes, there are risks associated with data privacy and
security; potential for misinformation; and exacerbating
existing biases. Mitigating these risks is key in an
environment where trust in science and technology is
under pressure.
Companies play an important role in embedding ethical
guardrails around the use of data and AI and
communicating clearly with the public and stakeholders.
Action by policymakers is also needed to build a high-
quality data environment and regulate AI in a harmonised,
proportionate and pragmatic way. The approach to AI
regulation is currently diverging in the US and EU. With
the right capabilities and frameworks in place, advanced
technologies, including AI, have the potential to transform
healthcare, from discovering and developing medicines
and vaccines to reaching the right patients, at the right
time and in the right place.
The biopharma sector continues to grow as demand increases. | ||||
$2.4trn | 46% | 9.3% | ||
The global medicine market – using invoice price levels – is expected to grow at 5–8% CAGR, reaching about $2.4 trillion by 2029.8 | Specialty medicines are projected to represent about 46% of global spending in 2029, up from 27% in 2014.9 | OECD’s Health at a Glance 2025 estimated that OECD countries allocated around 9.3% of their GDP to health on average in 2024.10 | ||
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Our external environment continued | |||||||||||
Our response |
We’re in a new era of volatility. The external environment
is evolving at an unprecedented pace. But as health needs
intensify, stakeholder expectations become more complex
and technological advances transform innovation, our
purpose to get ahead of disease matters more than ever.
Amid near-term uncertainty, our purpose and strategy
keep us focused on delivering value for patients,
shareholders and society.
Research and development
We continue to invest for growth in new, best-in-class
innovation, creating a stronger portfolio balanced across
specialty medicines and vaccines. Technology is one of
our three R&D priorities and we’re expanding the
deployment of advanced data and platform technologies
end-to-end in R&D. Harnessing our deep understanding of
the science of the immune system, and application of
advanced technologies, our R&D is focused on our core
therapeutic areas of respiratory, immunology and
inflammation; oncology; HIV; and infectious diseases. Our
pipeline and portfolio is targeting both chronic and
infectious diseases as areas where there’s greatest unmet
patient need and opportunity for positive impact on
individuals, health systems and societies. Our in-house
R&D, business development and strategic partnerships are
driving clear pipeline progress and momentum.
Commercial operations
Innovative medicines and vaccines to prevent and change
the course of disease are among the best investments
governments can make, generating returns for individuals,
health systems and economies. We continue to engage
constructively with stakeholders around the world to strike
a balance in which industry, governments and health
systems ensure value while reaching patients and
incentivising the next wave of innovation.
This includes in the US, where we continue to see
significant potential for discovering, developing and
launching innovation, and we invest accordingly. In
December 2025, we entered into an agreement with the US
Government to lower the cost of prescription medicines for
American patients. This includes our broad respiratory
portfolio, used to treat more than 40 million Americans who
suffer from respiratory conditions such as asthma and
COPD.
(1)World Preview 2025, Evaluate, June 2025
(2)Fast Facts: Health and Economic Costs of Chronic Conditions, CDC,
August 2025
(3)Institute for Health Metrics and Evaluation (IHME). GBD Compare
Data Visualization. Seattle, WA: IHME, University of Washington,
2025.
Available from https://vizhub.healthdata.org/gbd-compare.
(Accessed May 2025)
(4)World Preview 2025 Evaluate, June 2025
(5)Increases in vaccine-preventable disease outbreaks threaten years
of progress, warn WHO, UNICEF, Gavi, WHO, April 2025
(6)World Health Organization (2025). Global antibiotic resistance
surveillance report 2025: WHO Global Antimicrobial Resistance and
Use Surveillance System (GLASS): summary. World Health
Organization. https://doi.org/10.2471/B09585. License: CC BY-NC-
SA 3.0 IGO
Reaching patients at scale with our medicines and
vaccines depends on a robust supply chain. Through the
demerger of Haleon, we made deliberate choices to reset
our supply chain, including regional manufacturing and
dual sourcing. This means we have a resilient, diversified
supply chain that positions us strongly in the current
environment.
Responsible business
Being a responsible business is more important than ever.
Even as attitudes and policies diverge over how to address
global issues from health security to climate change,
they still pose an enduring challenge. Getting ahead of
these challenges helps to protect people’s health and
protect our business. We work with governments and
stakeholders to make sure that the policy and regulatory
environment stimulates and protects innovative science,
and strengthens patient uptake of medicines and vaccines,
within a culture that builds trust with transparency. This
includes embedding our own governance framework for
the development and adoption of AI.
The landscape is challenging, but we also have an
unprecedented opportunity to move towards new models
of care that strengthen access to innovation and enable
earlier action to prevent disease, keep people out of
hospital and keep people well.
| Read more about our innovative R&D on pages 12 to 32 |
| Read about our commercial operations, including our supply chain, on pages 33 to 44 |
| Read more about our responsible business approach on pages 45 to 56 |
| Read about how we manage risk on pages 61 to 62 |
(7)‘The Future of Jobs Report 2025’, World Economic Forum, January
2025
(8)IQVIA Institute for Human Data Science. The Global Use of
Medicines Outlook through 2029: Increasing Access, Use, and
Spending. June 2025. Available from www.iqviainstitute.org
(9)IQVIA, The Global Use of Medicines Outlook through 2029
(10)OECD (2025), Health at a Glance 2025: OECD Indicators, OECD
Publishing, Paris, https://doi.org/10.1787/8f9e3f98-en
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Research and development
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Research and development | |||||||||||
We combine the science of the immune system with advanced technologies,
enhanced by targeted business development and world-class partnerships,
to develop new medicines and vaccines that can help transform people’s lives.
Highlights | ||||||
5 major FDA approvals | 17 assets in phase III | 58 assets in the pipeline | ||||
Major approvals for five key assets – Exdensur, Blenrep, Nucala, Blujepa and Penmenvy | ||||||
Positive pivotal phase III data for bepirovirsen demonstrating statistically significant and clinically meaningful functional cure rate for chronic hepatitis B | ||||||
Tebipenem HBr PIVOT-PO phase III study in complicated urinary tract infection stopped early for efficacy | ||||||
Expanded approvals for RSV and shingles vaccines Arexvy and Shingrix | ||||||
Positive pivotal phase III data for next-generation low-carbon version of Ventolin | ||||||
Seven pivotal trial starts including: risvutatug rezetecan for 2L/3L ES-SCLC; efimosfermin for fibrosis caused by MASH; Exdensur for COPD; and velzatinib for GIST | ||||||
Targeted business development including deals with Hengrui (RI&I and oncology); Empirico (COPD); and LTZ Therapeutics (oncology) | ||||||
New collaborations including the GSK-Oxford Experimental Medicine Collaboration and a first-of -its-kind research initiative with the UK Dementia Research Institute and Health Data Research UK | ||||||
Our R&D approach
Our R&D approach combines our deep understanding
of the science of the immune system with advanced
technologies to develop best-in-class medicines and
vaccines that address major areas of medical need.
Advances in science and technology mean we are
increasingly able to target the underlying drivers of disease
so we can predict, pre-empt and even prevent it, giving
people the chance to live not just longer, but healthier lives.
Our extensive clinical trial data, early use of human
genetics and functional genomics, and investment in data
and translational collaborations give us a deep
understanding of human biology. We’re applying this
expertise to drive innovation across our pipeline with more
opportunity and focus than ever before.
We focus on four therapeutic areas – respiratory,
immunology and inflammation; oncology; HIV; and
infectious diseases – where we have the strongest
expertise and significant patient need remains. By
developing differentiated medicines and vaccines across
these areas, we can deliver patient benefit at scale and
generate value for people, health systems, shareholders
and society.
Focusing on execution, technology and
culture
Three priorities underpin our R&D to ensure we
competitively deliver what matters most:
–Execution – accelerating delivery of our pipeline of
innovative medicines and vaccines for patients who
need them. Find out more about the latest developments
across our four therapy areas:
| See page 14 |
–Technology –Technology is driving innovation across all
aspects of our R&D. Discover how we deploy advanced
data and platform technologies to develop medicines
and vaccines with greater pace, precision and
probability of success:
| See page 30 |
–Culture – Our company’s culture is to be ambitious for
patients, accountable for impact and do the right thing.
In R&D, this creates an environment where we can focus
on developing medicines and vaccines that, based on
clinical merit, are better than what’s available to patients
today. We continue to take action at all levels of R&D
to accelerate our culture. This includes continuing to
strengthen accountability and scientific courage. We aim
to empower individuals to make data-driven decisions,
increasingly enabled by tech, so we can deploy
resources to projects with the potential for greatest
impact:
| Read about our company’s culture and people on page 57 |
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Research and development continued | |||||||||||
Execution |
Accelerating delivery of our pipeline of innovative
medicines and vaccines for patients who need them.
Our focus on the science of the immune system, use of
advanced technologies and targeted partnerships are
resulting in clear pipeline progress and momentum.
In 2025, total R&D expense was £7.5 billion, up 18% AER,
19% CER. We have 58 assets in our pipeline with over half
of these coming through business development. Over the
past year we began six phase I development programmes,
moved two assets into phase II and three into phase III. We
had seven positive phase III data readouts and 15
approvals across major geographies, including achieving
five key approvals in the US.
In 2025, we extended our leadership in respiratory with
FDA approvals for Nucala, the first and only once-monthly
biologic in chronic obstructive pulmonary disease (COPD)
characterised by an eosinophilic phenotype and Exdensur
in asthma with type 2 inflammation. We also made
progress with our growing hepatology pipeline with positive
pivotal phase III data for bepirovirsen in chronic hepatitis
B.
In oncology, we continued to build momentum with major
approvals for Blenrep, including in the US, Europe and
Japan, for patients with multiple myeloma.
In HIV, we added to the growing body of clinical and
real-world efficacy, safety and tolerability data for our
current portfolio and progressed our innovative pipeline
of next generation long-acting medicines that people
tell us they want and need.
We also made progress in infectious diseases with
approvals for Penmenvy, our 5-in-1 meningococcal
vaccine, and Blujepa, the first in a new class of oral
antibiotics for uncomplicated urinary tract infections and
uncomplicated gonorrhoea in almost three decades.
Over 75% of our pipeline assets have best-in-class and/or
first-in-class potential meaning we are well-positioned to
address future medical need across our core therapeutic
areas and confident in our medium- and long-term growth
strategy.
Strengthening innovation through collaboration
and business development
Over half of our pipeline has been shaped through
business development and strategic partnerships with
leading academic institutions and pioneering companies at
the forefront of scientific and technological innovation.
In 2025, our business development focused on further
strengthening our respiratory, immunology and
inflammation (RI&I) and oncology pipelines, resulting
in more than 10 acquisitions and discovery collaborations,
including assets with first- and/or best-in-class potential.
Our agreement with Hengrui Pharma to develop up
to 12 innovative medicines across RI&I and oncology
included HRS-9821, a PDE3/4 inhibitor for treatment of
COPD. We also entered into an agreement with Empirico
for EMP-012, a highly selective siRNA – a type of
oligonucleotide – currently in phase I for COPD. These
agreements support our ambition to treat patients across a
wide spectrum and complement our current portfolio of
inhaled and biologic treatments.
Other RI&I acquisitions included efimosfermin, a medicine
to treat and prevent progression of steatotic liver disease
(SLD) and RAPT Therapeutics including ozureprubart, a
potentially best-in-class anti-IgE antibody, in development
for prophylactic protection against food allergens.
We strengthened our oncology pipeline with the acquisition
of velzatinib (formerly IDRX-42) for gastrointestinal stromal
tumours (GIST) and a novel preclinical antibody-drug-
conjugate (ADC) from Syndivia for metastatic castration-
resistant prostate cancer (mCRPC). Our research
collaboration with LTZ will advance up to four potential first-
in-class myeloid cell engager therapies targeting
haematologic cancers and solid tumours.
Academic collaborations are integral to our approach
and central to advancing scientific discovery. In 2025,
we progressed initiatives such as the GSK-Oxford Cancer
Immuno-Prevention programme studying pre-cancer
biology to inform novel approaches to cancer vaccination.
We also announced the Oxford-GSK Experimental
Medicine Collaboration, a five-year partnership to fund the
Oxford Experimental Medicine Clinical Research Facility to
accelerate testing of multiple medicines across cellular
mechanisms in immune-mediated inflammatory diseases.
We are also collaborating with the UK Dementia Research
Institute and Health Data Research UK to apply rigorous,
population‑scale health data science to explore whether
the Recombinant Zoster Vaccine may help reduce
inflammation and support healthy ageing.
Our targeted approach to collaboration and business
development strengthens our portfolio in areas of high
unmet need, using both internal innovation and external
partnerships to deliver transformative medicines to patients
at pace and scale.
 | Read more about our technology collaborations on page 30 |
Focusing on our four core therapeutic areas
| Respiratory, immunology and inflammation, see page 15 |
| Oncology, see page 19 |
| HIV, see page 23 |
| Infectious diseases, see page 26 |
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Research and development continued | |||||||||||
Respiratory, immunology and inflammation |
We’re building on decades of knowledge in inflammatory
mechanisms to lead in respiratory and target fibrotic lung,
liver and kidney disease. We’re harnessing our expertise in
–Three of the top six causes of death worldwide are
lung diseases, which claim 7 million lives each year.
–Asthma and COPD affect around 550 million people
globally.
–Many people with asthma and COPD continue to
experience symptoms and exacerbations despite
currently available treatments
the science of the immune system to deeply understand
the underlying drivers of disease and using advanced
technologies to explore and validate new treatment
pathways so we can reach even more patients.
With over five decades of expertise in conditions like
asthma and COPD, we have a deep understanding of the
drivers of respiratory disease and the role that inflammation
plays. We’re using this insight, along with cutting-edge
data and platform technologies, to deliver next-generation
treatments, moving beyond symptom control to modify
underlying disease dysfunction.
Building on our understanding of the science of the
immune system, we’re extending our expertise to target
fibrotic diseases of the lung, liver and kidneys so we can
intervene earlier and prevent, treat, stop and even
potentially reverse disease.
In this section:
Asset | Potential indication/ label expansion1 |
Exdensur (depemokimab) | Ultra-long-acting anti-IL-5 monoclonal antibody for five conditions |
Nucala (mepolizumab) | Anti-IL-5 monoclonal antibody for five conditions |
Camlipixant | P2X3 inhibitor for refractory chronic cough |
Low-carbon Ventolin (salbutamol) | Short-acting beta 2 agonist for asthma and COPD with next- generation propellant HFA-152a |
Bepirovirsen2 | Antisense oligonucleotide for chronic hepatitis B |
Efimosfermin | FGF21 analog therapeutic for metabolic dysfunction- associated steatohepatitis (MASH) and alcoholic liver disease (ALD) |
Gatuzosiran (GSK'990) | Oligonucleotide for MASH and ALD |
Linerixibat | IBAT inhibitor for cholestatic pruritus in primary biliary cholangitis |
| See a more detailed pipeline listing on pages 32 and 255 |
Respiratory
Respiratory diseases like asthma and COPD pose
significant challenges to the physical, social and emotional
wellbeing of millions of patients worldwide. Despite the
availability of inhaled therapies, around half of respiratory
patients continue to experience exacerbations. Preventing
these, especially severe exacerbations leading to
hospitalisation, is essential to improve patient outcomes
and reduce pressure on healthcare systems.
Next-generation treatments for patients
with type 2 inflammation
Type 2 inflammatory conditions encompass a range
of diseases including asthma, COPD and chronic
rhinosinusitis with nasal polyps (CRSwNP). A cytokine
(protein), known as interleukin-5 (IL-5), plays a key role
in driving this inflammation, making it a proven target for
treatment. Type 2 inflammation is the underlying driver
of unpredictable exacerbations and impacts over 80% of
people with severe asthma and up to 40% of people with
COPD. Rarer diseases including eosinophilic
granulomatosis with polyangiitis (EGPA) and
hypereosinophilic syndrome (HES) are also driven by IL-5.
Long-acting therapies that target the underlying drivers of
disease to provide sustained suppression of inflammation
could help control these diseases more effectively and for
longer periods, potentially improving patient outcomes and
quality of life.
Exdensur (depemokimab) – the first ultra-long-acting
biologic with twice-yearly dosing for patients with
asthma
In 2025, we made substantial progress in advancing
therapies that target the underlying drivers of disease.
IL-5 is an underlying driver of type 2 inflammation;
Exdensur targets IL-5 and is the first and only ultra-long-
acting twice-yearly treatment for people with asthma with
type 2 inflammation. An estimated two million Americans
live with severe asthma and 50% continue to experience
frequent exacerbations and hospitalisations. Exdensur’s
ultra-long-acting profile and twice-yearly dosing could
(1)Assets with existing approval or in development for label expansion
are italicised
(2)Bepirovirsen is an infectious disease asset, reported on here in the
context of our hepatology pipeline
offer sustained protection from exacerbations, fewer
hospital stays, and limit cumulative lung damage.
It represents a significant step forward, potentially
redefining care for millions of patients.
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In December 2025, Exdensur was approved in the US for
the treatment of severe asthma. It was also approved in the
UK and Japan for severe asthma and CRSwNP and in early
2026, it was granted approval for both conditions in
Europe. Regulatory submissions are under review across
the globe, including in China, supported by data from the
positive pivotal SWIFT and ANCHOR phase III trials.
SWIFT-1 and -2 showed depemokimab significantly
reduced exacerbations (asthma attacks), including those
leading to hospitalisation, versus placebo in patients with
asthma with type 2 inflammation. ANCHOR-1 and -2,
published in The Lancet in 2025, showed early and
sustained reductions in nasal polyp size and nasal
obstruction versus placebo.
Depemokimab is also being explored in HES and EGPA,
and in 2025 we initiated several phase III trials in COPD.
The ENDURA-1 and -2 trials are evaluating depemokimab
as an add-on therapy for patients with uncontrolled
moderate to severe COPD with type 2 inflammation. The
VIGILANT phase III trial is assessing early use in COPD
patients with type 2 inflammation who have experienced
one exacerbation and are at considerable risk for future
exacerbations.
Offering a new treatment option for COPD with Nucala
Nucala (mepolizumab), our first-in-class anti-IL-5 biologic,
is approved in over 56 countries for multiple diseases with
underlying type 2 inflammation, including severe asthma
and CRSwNP. This has now expanded to include COPD
with an eosinophilic phenotype.
COPD-related hospitalisations are a major healthcare
challenge and are projected to become the leading cause
of medical admissions, surpassing ischaemic heart
disease. A quarter of patients hospitalised for a COPD
exacerbation will return within 30 days and almost 90% will
return within the year, marking one of the highest
readmission rates. There is a need for earlier intervention to
improve outcomes for patients, communities and health
systems. COPD alone could cost the global economy $4
trillion by 2050 due to factors like hospital stays.
In 2025, the US FDA approved Nucala as an add-on
maintenance treatment for adults with inadequately
controlled COPD and an eosinophilic phenotype.
Eosinophils, a type of white blood cell, are a biomarker
for type 2 inflammation and can indicate if a patient is
at risk of COPD exacerbations.
The FDA approval was based on data from our MATINEE
phase III trial, published in the New England Journal of
Medicine in 2025, and METREX phase III trial. In these
studies, Nucala showed a clinically meaningful and
statistically significant reduction in the rate of moderate
or severe exacerbations versus placebo in a wide range
of COPD patients with an eosinophilic phenotype. It is
the only biologic with data that specifically demonstrated
a reduction in emergency department visits and/or
hospitalisation in a phase III trial.
In early 2026, Nucala was also approved for patients
with COPD in China and Europe, with further regulatory
submissions under review globally.
Addressing the unmet need in refractory chronic cough
with camlipixant
Refractory chronic cough (RCC) is a debilitating condition
with an estimated 10 million people diagnosed globally
who could be suitable for a potential new treatment like
camlipixant. RCC is a disease that may be associated with
hypersensitive nerves. It can cause patients to cough more
than 400 times a day alongside complications such as
urinary incontinence. Despite its significant burden, there
are few, if any, effective and approved therapeutic options
available for patients with RCC.
Lack of awareness of RCC means patients can live with the
condition for decades, undergoing diagnostic procedures
and taking treatments that are not necessarily effective
because they don’t target the underlying cause of their
disease. This can severely impact patients’ quality of life
and lead to inefficient use of healthcare resources. Patients
also face an economic burden due to time missed from
work and societal stigma and isolation.
Camlipixant is our oral, highly selective P2X3 receptor
antagonist currently in phase III development as a potential
treatment for patients with RCC. Clinical data have shown
that by selectively inhibiting P2X3 receptors, camlipixant
may lower cough frequency for RCC patients with a
potential best-in-class tolerability profile. The CALM-1 trial
has been completed. Results will be disclosed in 2026
when the second phase III trial CALM-2 is expected to
read out.
One step closer to a low-carbon reliever MDI
Used during an exacerbation, salbutamol in a metered
dose inhaler (MDI) can help by immediately treating a
sudden onset of respiratory symptoms, such as
breathlessness. Each year, 300 million salbutamol MDIs
are sold globally. Due to the scale of volume and
worldwide use of salbutamol, our MDI Ventolin accounts for
approximately 45% of our total carbon footprint, driven by
the propellant’s high global warming potential.
To address this, we’ve developed a next-generation
Ventolin MDI using HFA-152a, a low-carbon propellant,
alongside advanced manufacturing. Data from our low-
carbon version programme confirm therapeutic
equivalence and comparable safety, and published
findings show a 92% reduction in carbon footprint per
inhaler. These findings support regulatory submissions for
the next-generation version, an important advance towards
bringing a more sustainable option for patients worldwide.
| For more, read page 50 on our commitment to work towards a net zero, nature positive, healthier planet. |
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Immunology and inflammation
We’re driving innovation across immune-mediated
conditions by combining deep expertise in immunology
and inflammatory mechanisms supported by our in-house
proprietary data and platform technologies. This integrated
approach is unlocking new opportunities to understand
disease biology, identify novel targets and match the right
treatments to the right patients.
In liver disease, we’re applying insights from genomics
and disease phenotyping to target inflammation and
fibrosis, aiming to slow or even reverse disease
progression. Our growing hepatology pipeline includes
assets for chronic hepatitis B and steatotic liver disease
(SLD).
Advancing hepatitis B treatment towards functional cure
Over 250 million people are chronically infected with
hepatitis B virus (CHB) which causes approximately
1.1 million deaths each year, and accounts for around
56% of liver cancer cases.
Despite the WHO identifying hepatitis B as a global
public health threat and setting ambitious targets for
its elimination by 2030, progress remains a significant
challenge. Intensified action across diagnosis, treatment,
and vaccination is needed to meet these targets.
Bepirovirsen, our triple-action antisense oligonucleotide,
is a potential new treatment option for people with CHB
when combined with the current standard of care –
nucleoside / nucleotide analogues.
Positive results from the B-Well 1 and B-Well 2 phase III
trials were shared in early 2026. Bepirovirsen
demonstrated a statistically significant and clinically
meaningful functional cure rate – where levels of virus in
the blood and liver are so low that the infection is controlled
without medication.
Functional cure rates were significantly higher with
bepirovirsen plus standard of care compared with
standard of care alone which typically sees approximately
1% of patients achieve functional cure. Functional cure
is associated with significant reduction in the risk of long-
term liver complications, including liver cancer, as well as
all-cause mortality.
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.
We have licensed daplusiran/tomligisiran (GSK5637608,
formerly JNJ-3989), an investigational hepatitis B therapy,
to support development of a new sequential regimen with
bepirovirsen aimed at achieving a functional cure in more
patients. In 2025, we completed recruitment of B-United,
a sequential phase II trial ahead of schedule. The trial is
evaluating daplusiran/tomligisiran followed by bepirovirsen
in participants with chronic hepatitis B. We expect this trial
to read out in 2027.
Advancing treatments for steatotic liver disease
Steatotic liver disease (SLD) affects up to 5% of adults
around the world. It includes several conditions associated
with accumulation of fat in the liver, including metabolic
dysfunction-associated steatohepatitis (MASH), which
affects up to 300 million people, and advanced alcoholic
liver disease (ALD), which affects around 26 million people.
Efimosfermin
In 2025, we acquired efimosfermin alfa, a potentially best-in-
class investigational medicine aimed at treating, preventing
and potentially reversing the progression of SLD.
This novel once-monthly FGF21 analog therapeutic is in
development for treating MASH, including cirrhosis, with
potential for future development in ALD. Currently, MASH
and ALD have limited treatment options and are the leading
causes of liver transplant in the US, representing a
significant cost to healthcare systems.
We presented phase II data in 2025 showing that once-
monthly efimosfermin delivered improvements in fibrosis
and MASH resolution over 48 weeks. This included
improvements in liver and cardiometabolic markers, versus
patient baseline and placebo groups, plus a generally well-
tolerated safety profile.
Efimosfermin has now 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 caused by MASH.
Efimosfermin has a direct anti-fibrotic mechanism of action
which may have an impact in more advanced stages of
SLD. We also see opportunities in combination with
gatuzosiran (GSK'990), our siRNA therapeutic in
development for other subsets of patients with SLD.
Gatuzosiran (GSK'990)
Gatuzosiran is our investigational RNA interference
therapeutic for SLD to help address liver fibrosis in ALD
and MASH. Genetic analysis shows a strong association
between the HSD17B13 gene and advanced ALD and
MASH. Gatuzosiran targets HSD17B13 resulting in highly
specific binding to receptors that are only expressed on
liver cells.
Gatuzosiran is currently in phase II development to address
liver fibrosis associated with ALD and MASH, and prevent
disease progression, with an improved dosing schedule
versus current treatment.
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Linerixibat – for treatment of cholestatic pruritus
Primary biliary cholangitis (PBC) is a rare autoimmune
liver disease that disrupts the flow of bile from the liver,
leading to the accumulation of bile acids. This can lead
to cholestatic pruritus, an intense internal itch. While
first-line treatments for PBC effectively control the
disease, around 70% fail to address the debilitating
effects of pruritus.
Linerixibat is our investigational targeted inhibitor of the
ileal bile acid transporter (IBAT). Regulatory applications
were accepted by the US FDA and European Medicines
Agency in 2025, supported by the GLISTEN phase III trial
which showed rapid, significant, and sustained
improvement in itch and sleep interference versus standard
of care.
Latozinemab – for frontotemporal dementia (FTD-GRN)
In 2025, headline results from the INFRONT-3 phase III
trial showed that although latozinemab treatment
increased plasma progranulin concentrations, it did not
show a clinical benefit of slowing FTD-GRN progression.
As a result, we discontinued the open-label extension
portion of the INFRONT-3 trial and the continuation
study for latozinemab.
Nivisnebart – for early Alzheimer’s disease
Our PROGRESS-AD phase II clinical trial assessing
nivisnebart (AL101) in early Alzheimer’s disease is
ongoing and fully enrolled, with an independent interim
analysis planned in the first half of 2026.
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Oncology |
Cancer is one of the world’s leading causes of death, with
cases continuing to rise, placing a substantial burden on
healthcare systems and economies. We focus on where we
can make the most significant and meaningful difference,
aiming to intervene earlier to modify the course of disease,
redefine patient care and help prevent cancer before it starts.
–Multiple myeloma is the third most common blood cancer globally, with approximately 180,000 new cases a year. –Some current treatment options require treatment in specialised centres, despite 70% of patients receiving care in community settings. –New therapies are needed as multiple myeloma often becomes resistant to available treatments. | ||
Globally, one in five people will be diagnosed with cancer
in their lifetime, yet treatment options remain limited and
sub-optimal for many. In 2022, around 10 million people
died from the disease and, despite medical advances, the
overall five-year survival rate for all cancers is only around
69%. Cancer is complex, shaped by how cells grow,
communicate, and respond to the immune system. Our
oncology portfolio is designed to intervene based on how
cancer behaves, using the right targets and treatment
modalities to achieve the greatest impact.
Innovation in cancer care is critically needed, both to extend
survival and to significantly improve quality of life for those
living with, and being treated for, the disease. To get ahead
of cancer, we’re harnessing our deep knowledge of the
immune system and advanced technologies to redefine
what’s possible in cancer treatment. By understanding the
underlying drivers of disease, we’re working to match the
right patients with the right treatment to improve survival
and quality of life and reduce side effects. We’re expanding
rapidly beyond our focus in haematological and
gynaecological cancers into lung and gastrointestinal
cancers, prostate cancers, and other solid tumours. We’re
advancing a promising and high-potential portfolio of
innovative oncology medicines – accelerating programmes
including our ADCs, immuno-oncology treatments, T-cell
engagers, and next-generation targeted small molecules.
In this section:
Asset | Potential indication/label expansion1 |
Blenrep (belantamab mafodotin) | BCMA-targeted ADC for multiple myeloma |
GSK’227 (risvutatug rezetecan) | B7-H3-targeted ADC for lung, prostate, colorectal and other solid tumours |
GSK’584 (mocertatug rezetecan) | B7-H4-targeted ADC for gynaecological cancers |
Jemperli (dostarlimab) | Anti-PD-1 monoclonal antibody for endometrial, colorectal, and head and neck cancers |
Zejula (niraparib) | PARP inhibitor for ovarian and brain cancers |
Ojjaara/Omjjara (momelotinib) | JAK1, JAK2 and ACVR1 inhibitor for myelofibrosis with anaemia |
velzatinib (formerly IDRX-42) | A highly selective TKI for gastrointestinal stomal tumours |
| See a more detailed pipeline listing on pages 32 and 255 |
(1)Assets with existing approval or in development for label expansion
are italicised
Antibody drug conjugates
Blenrep – potential to redefine multiple myeloma
treatment
Multiple myeloma is a complex blood cancer that is
generally considered treatable but not curable, with nearly
all patients experiencing relapse as the disease becomes
resistant to available treatments. Re-treating with existing
therapies following relapse often results in sub-optimal
outcomes, highlighting the need for new and novel
therapies.
Blenrep (belantamab mafodotin) is our ADC treatment
for relapsed or refractory multiple myeloma. As the only
anti-BCMA ADC therapy approved for this disease it could
redefine treatment for patients with relapsed or refractory
multiple myeloma who need additional effective and
accessible options.
Data from two phase III head-to-head studies, DREAMM-7
and DREAMM-8, showed Blenrep in combination with
bortezomib and dexamethasone (BVd) or pomalidomide
plus dexamethasone (BPd) has the potential to extend
remission and improve survival compared to standard of
care for patients experiencing their first relapse or beyond
after at least one prior line of therapy. Blenrep is also fully
accessible across healthcare settings, including in
community centres where most patients receive care.
In 2025, Blenrep received approvals for both combinations
in second line and later relapsed or refractory multiple
myeloma in the US, EU, UK and Japan, plus several other
markets including Canada, Switzerland and Brazil. It is
currently under review in many other countries, including
China.
In the US, BVd is approved for adult patients with relapsed
or refractory multiple myeloma who have received at least
two prior lines of therapy.
Our robust DREAMM clinical development programme
is ongoing, aiming to advance Blenrep in earlier lines of
treatment, including for newly diagnosed patients. This
includes the ongoing phase III DREAMM-10 trial in newly
diagnosed transplant-ineligible patients, who represent
over 70% of patients starting therapy.
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Risvutatug rezetecan (Ris-Rez; GSK’227) – expanding
treatment options for patients with solid tumours
Risvutatug rezetecan is our investigational B7-H3-targeted
ADC. B7-H3 is a cell-surface protein frequently over-
expressed across a range of solid tumours, including lung,
prostate and colorectal cancers.
Our global development programme, EMBOLD, is
expanding into multiple cancer types. In 2025, we initiated
a phase III study in second-line extensive-stage small cell
lung cancer (ES-SCLC). GSK-led phase I and II studies are
also ongoing, evaluating both monotherapy and
combination approaches to inform registrational pathways.
In 2025, the European Medicines Agency (EMA) granted
risvutatug rezetecan orphan drug designation for the
treatment of pulmonary neuroendocrine carcinoma,
a category of cancer that includes ES-SCLC. The US FDA
also granted orphan drug designation for small-cell lung
cancer. Both designations recognise the potential of
risvutatug rezetecan to address a significant unmet need
for ES-SCLC, an aggressive cancer with poor outcomes
and limited treatment options. This follows previous
–An estimated 1.6 million women live with active disease, and 417,000 new cases are reported each year worldwide. –Around 15-20% of patients have advanced disease when they’re diagnosed. –Incidence rates are expected to rise by approximately 40% between 2020 and 2040. | ||
regulatory designations in 2024, including EMA Priority
Medicines (PRIME) designation and FDA Breakthrough
Therapy Designation for relapsed or refractory ES-SCLC.
In 2025, the US FDA also granted risvutatug rezetecan
Breakthrough Therapy Designation for late-line relapsed
or refractory osteosarcoma (bone cancer). There are
currently no FDA-approved treatment options for patients
where osteosarcoma returns for a second time after lines
of therapy. Breakthrough Therapy Designation is granted
to medicines with the potential to treat serious conditions
and where clinical evidence shows substantial
improvement over current therapies
We expect data from GSK-led studies in the EMBOLD
programme to be presented in 2026 and beyond.
Mocertatug rezetecan (Mo-Rez; GSK’584) – a potential
treatment for endometrial and ovarian cancer
Gynaecologic cancers remain an area of significant unmet
need. Many patients with endometrial and ovarian cancers
still face poor survival outcomes, especially in recurrent or
advanced disease. Mocertatug rezetecan (GSK’584) is our
ADC targeting B7-H4, a promising antigen highly
expressed in endometrial and ovarian cancers, with limited
expression in normal tissue.
Through our BEHOLD global development programme,
we’re advancing mocertatug rezetecan in areas of high
unmet medical need, with plans to initiate registrational
phase III trials in 2026.
We also expect data from the GSK-led phase I/II studies for
this ADC to be presented in 2026.
Immuno-oncology treatments
Jemperli – the backbone of our immuno-oncology
therapy
Endometrial cancer
Jemperli (dostarlimab) is the backbone of our immuno-
oncology-based research and development. Our ongoing
development programme includes studies investigating
Jemperli alone and in combination with other therapies in
gynaecologic, colon, rectal and head and neck cancers.
In 2025, the European Commission approved Jemperli
in combination with chemotherapy (carboplatin and
paclitaxel) for first-line treatment of adult patients with
primary advanced or recurrent endometrial cancer who
are candidates for systemic therapy. Endometrial, or
uterine, cancer is the most common gynaecologic cancer
in developed countries.
This approval broadened the previous indication for
Jemperli plus chemotherapy in the EU to include patients
with mismatch repair proficient (MMRp)/microsatellite
stable (MSS) tumours. They represent approximately 75%
of patients diagnosed with endometrial cancer, who have
limited treatment options. Jemperli in combination with
chemotherapy as first line treatment for primary advanced
or recurrent endometrial cancer is the only approved
regimen to demonstrate a statistically significant overall
survival benefit versus chemotherapy alone.
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Rectal cancer
–Rectal cancer is a form of colorectal cancer – the world’s third most diagnosed cancer globally. –Colorectal cancer accounts for around a tenth of all cancer cases and is the second-leading cause of cancer-related death. | ||
In 2025, new data in patients with locally advanced
dMMR / MSI-H rectal cancer were shared from a GSK-
supported collaborative study with Memorial Sloan
Kettering Cancer Center. The study continued to show an
unprecedented 100% clinical complete response rate (no
evidence of tumours) in 42 patients treated with
dostarlimab monotherapy. These findings add to the
growing body of evidence of dostarlimab in the curative-
intent setting for locally advanced dMMR/MSI-H rectal
cancer, where there is a significant unmet need for new
treatment options that preserve quality of life.
We are evaluating dostarlimab in this setting in the ongoing
phase II registrational AZUR-1 trial. Initial data are
expected in 2026. In the US, dostarlimab has received
both Breakthrough and Fast Track designations in this
indication, reinforcing its potential to address significant
unmet need. It was also awarded a Commissioner’s
National Priority Voucher in the US in 2025.
The AZUR-2 trial in colon cancer is also ongoing.
Other investigational combination programmes
with Jemperli
We see significant potential to further explore the benefits
of Jemperli alone and in combination. In 2025, we
continued to progress the phase III JADE study in locally
advanced head and neck cancer which affect hundreds of
thousands of patients – over 90% of whom have squamous
cell carcinoma with the majority diagnosed at a locally
advanced stage. This is expected to read out in 2028.
We are also exploring the potential use of Jemperli in
combination with our antibody drug conjugates.
In 2025, we discontinued development of select
programmes to focus on areas with greater potential
impact.
This included our CD226 axis development programme –
comprising of belrestotug (anti-TIGIT), nelistotug (anti-
CD96) and remsistotug (anti-PVRIG) – following interim
analyses from the phase II GALAXIES Lung-201 and
GALAXIES H&N-202 studies, which didn’t meet the
established efficacy criteria for continued development.
The decision is in line with data-driven inflection points
built into the programme, ensuring interim data inform
development and capital allocation.
We also announced the decision to end the cobolimab
development programme based on the phase III COSTAR
Lung trial evaluating cobolimab, dostarlimab and docetaxel
combinations.
Next-generation small targeted molecules
Zejula – our PARP inhibitor for the treatment of ovarian
cancer – now being explored for glioblastoma
–Glioblastoma is the most aggressive and most common type of brain cancer. –Around 250,000 cases of glioblastoma are newly diagnosed each year around the world and are often associated with a poor prognosis and quality of life. –The five-year survival rate of less than 7% has remained nearly unchanged for decades, highlighting an urgent need for more innovation. | ||
We continue to assess the potential of niraparib, currently
approved as Zejula as a maintenance therapy for treating
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.
In October 2025, the US FDA granted orphan drug
designation (ODD) to niraparib for the treatment of
malignant glioma, including glioblastoma. ODD is a special
status granted by the FDA to medicines intended to treat,
diagnose or prevent rare diseases. Early clinical data
suggest that niraparib could have potential as an effective
treatment for patients with newly diagnosed, MGMT
unmethylated glioblastoma.
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Ojjaara/Omjjara – a standard of care for myelofibrosis
with anaemia
Myelofibrosis (MF) is a rare disease affecting about
1 in 500,000 people worldwide, with most patients
eventually developing severe anaemia that requires
regular transfusions.
Ojjaara, known as Omjjara in several countries, is the only
medicine indicated for newly diagnosed and previously
treated MF adults with anaemia. More established MF
treatments can exacerbate anaemia, while Ojjaara is the
only therapy demonstrating durable clinical benefit on
spleen response, symptoms and anaemia for patients
with MF.
In 2025, Ojjaara continued to demonstrate its potential,
with new analyses underscoring the importance of earlier
intervention to achieving a dual response and improving
outcomes. Studies are underway to potentially expand the
label into additional indications including myelodysplastic
syndromes.
Strengthening our oncology pipeline with targeted
business development and world-leading partnerships
In 2025, we acquired IDRx, the Boston-based clinical-
stage biopharmaceutical company which developed
precision therapeutics to treat gastrointestinal stromal
tumours (GIST). The acquisition included lead molecule
IDRX-42 (now velzatinib), an investigational, highly
selective tyrosine kinase inhibitor (TKI) designed to
improve outcomes for GIST patients. Phase III trials in
second-line (2L) GIST started late in 2025. We are also
aiming to initiate the first-line (1L) phase III study in 2026.
GIST typically presents in the gastrointestinal tract with
80% of cases driven by mutations in the KIT gene that lead
to the growth, proliferation and survival of tumour cells.
Velzatinib has demonstrated activity pre-clinically against
all clinically relevant primary and secondary KIT mutations,
a key medical need in current GIST treatment.
We also acquired a novel preclinical antibody-drug-
conjugate (ADC) from Syndivia for metastatic castration-
resistant prostate cancer (mCRPC) and entered into a
research collaboration with LTZ to advance up to four
potential first-in-class myeloid cell engager therapies
targeting haematologic cancers and solid tumours.
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HIV |
For nearly four decades we’ve led the way in HIV
innovation, pioneering medicines that continue to
transform the lives of people living with HIV or those
who could benefit from HIV pre-exposure prophylaxis
(PrEP). Having launched the first long-acting injectable
options for HIV treatment and prevention, people now
have the option to take medication a few times a year
instead of every day. We’re now focused on even
longer dosing intervals and options for people to treat
at home, as well as ultimately finding a cure.
–Around 40.8 million people live with HIV worldwide. –1.3 million new cases of HIV are diagnosed each year highlighting an urgent need for new options to prevent and treat HIV. | ||
Our work on HIV is led by ViiV Healthcare, which we
majority-own, with Pfizer and Shionogi as shareholders.1
ViiV Healthcare is the only company 100% dedicated to
preventing, treating and curing HIV, with a mission to leave
no person living with HIV behind and an ambition to end
the HIV and AIDS epidemics.
As pioneers in HIV care, our portfolio reflects a deep
understanding of the HIV community. From launching
the first oral two-drug regimens; developing a dispersible
once-daily treatment for children living with HIV; and being
the first to market long-acting injectables, we continue to
lead the way in transforming the HIV treatment and
prevention paradigm.
Both our portfolio and pipeline are built on the foundation of
integrase strand transfer inhibitors (INSTIs) which are
trusted by healthcare professionals (HCPs) worldwide due
to their potency, long-term tolerability and high barrier to
resistance. We began with dolutegravir, the first second-
generation INSTI, which set the standard for daily oral
treatment. Following this, we introduced cabotegravir,
a long-acting injectable that allows for treatment (when
combined with rilpivirine) and prevention of HIV with a
visit to the clinic every two months, rather than taking
daily tablets.
Long-acting injectables continue to transform HIV care
by tackling common challenges associated with daily
oral medications, such as stigma, fear of disclosure and
treatment adherence.
In 2025, we built on our growing and differentiated body
of clinical data, implementation studies and real-world
evidence showing the effectiveness of – and patient
preference for – long-acting injectables, reinforcing the
strength of our current portfolio. We also continued to
progress our innovative pipeline that will not only enable us
to deliver the next generation of HIV medicines that people
tell us they want and need but also navigate dolutegravir’s
loss of exclusivity towards the end of the decade.
In this section:
Asset | Indication/potential indication2 |
Cabenuva (cabotegravir/rilpivirine) | Two-monthly long-acting injectable for HIV treatment |
Apretude (cabotegravir) | Two-monthly long-acting injectable for HIV prevention |
Dovato (dolutegravir/ lamivudine) | Oral 2-drug daily regimen for HIV treatment |
VH184 | Third-generation INSTI for long- acting HIV treatment |
VH310 | A pro-drug of cabotegravir for long-acting HIV treatment and prevention3 |
CAB-ULA | UItra-long-acting cabotegravir with a pharmacokinetics profile that supports four-monthly dosing |
VH499 | Capsid inhibitor for long-acting HIV treatment and self-administration |
N6LS | Broadly neutralising antibody (bNAb) for long-acting HIV treatment and cure |
| See a more detailed pipeline listing on pages 32 and 255 |
Reinforcing the strength of our current
portfolio
Cabenuva – new approval and data for our world-first
long-acting injectable treatment
Cabenuva (cabotegravir; rilpivirine, known as Vocabria
+ Rekambys in Europe and Japan) is the world’s first and
only complete, long-acting injectable treatment for HIV,
available in 29 markets and currently benefiting 103,000
people living with HIV. Administered in a clinic as few as
six times a year, it offers an alternative to daily pills.
Following 24-week MOCHA trial data – which showed
our long-acting treatment regimen was highly acceptable
and tolerable for adolescents, with 99% of participants
preferring it to a daily oral regimen when given the option –
the European Commission authorised Vocabria +
Rekambys in 2025 to treat HIV in adolescents aged 12 and
over who are virologically suppressed. In 2023, there were
1.55 million 10-19-year-olds living with HIV. People in this
age bracket typically have lower viral suppression and
reported adherence to treatment than older age groups.
(1)On 20 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. GSK will
maintain its 78.3% economic interest. For more information, see the
Group financial review on pages 71 to 96
(2)Assets with existing approval or in development for label expansion
are italicised
(3)VH310 is an inactive compound (known as a pro-drug) that converts
to active cabotegravir when administered into the body. This chemical
modification allows the drug to stay in the system for longer, allowing
for extended intervals between doses
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Research and development continued | |||||||||||
In 2025, we added to the growing body of real-world
evidence – now including over 25,000 people living with
HIV – demonstrating not only the high long-term
effectiveness of Cabenuva but also high patient preference
and treatment satisfaction compared to daily pills. We also
shared data from our VOLITION phase IIIb study, showing
that 89% of eligible treatment-naive people with HIV chose
to switch from daily pills to Cabenuva after achieving rapid
viral suppression with a dolutegravir-based regimen.
Apretude – new data on effectiveness of our long-acting
injectable for HIV prevention
Apretude (cabotegravir long-acting or CAB LA) is our
first-to-market long-acting injectable PrEP, administered
intramuscularly by a physician six times a year. Over three
years of real-world data have shown more than 99%
effectiveness, as well as high tolerability across broad
groups of users1. Around 28,000 people are currently
benefiting from Apretude in the US.
In 2025, National Institute for Health and Care Excellence
(NICE) and the Scottish Medicines Consortium (SMC)
issued positive recommendations for Apretude, making it
the first and only long-acting injectable for PrEP available
for reimbursement in the UK. This is important as it
expands the range of prevention options available in the
UK for people at risk of acquiring HIV who cannot have oral
PrEP.
Data from two implementation studies in 2025 showed no
cases of HIV acquisition with Apretude. The first – PILLAR
– focused on 12-month data from 17 clinics in the US, and
the second – ImPrEP CAB Brazil – also found 83%
(n=1200/1447) of participants chose CAB LA over oral
PrEP for HIV prevention.
We also shared results from CLARITY, a phase I study
comparing acceptability and tolerability of single-dose
CAB LA for PrEP with lenacapavir. We know patient
experience is an important factor for injectables. Results
showed 69% (n=42/61) of participants found CAB LA to
be ‘totally or very acceptable’ compared to 48% with
lenacapavir, and 90% (n=54/60) of participants and 86%
(n=6/7) of HCPs preferred CAB LA over lenacapavir after
a single dose. These findings underscore the importance
of individual choice and informed decision making in
choice of long-acting injectable HIV therapy or prevention
options.
Dovato – data underline long-term efficacy
Dovato (dolutegravir/lamividine) is our oral two-drug daily
treatment regimen, anchored by dolutegravir, and
approved in the US, Europe, Japan, Australia and other
countries. Currently, around 758,000 people living with HIV
take Dovato.
In 2025, data presented from the PASO DOBLE study
showed over 96 weeks the sustained, non-inferior efficacy
of Dovato, with less weight gain, among participants
compared to the three-drug treatment regimen, Biktarvy.
We know that people living with HIV are concerned about
taking more medicines as they age, as well as being
interested in their long-term metabolic health.
Our pipeline – developing the next generation
of HIV innovation, powered by patient insight
Built on the foundation of INSTIs, our pipeline momentum
continued in 2025 with key readouts across multiple long-
acting options, all with strong profiles that will deliver what
patients have told us they want and need.
As part of our development work, we’re exploring a range
of next-generation INSTIs, a capsid inhibitor and a bNAb
that will enable us to continue the transition of our portfolio
to long-acting injectables and deliver the next phase of HIV
innovation.
VH184 – a potent, investigational third-generation INSTI
In 2025, we shared data from a phase IIa proof-of-concept
trial using an oral formulation of VH184, which has the
potential for patent protection through to at least 2040.
These data demonstrated that with its potency, enhanced
resistance profile and tolerability, VH184 has the potential
to be a key player in the future of HIV treatment. As such, it
is currently being evaluated as a candidate for inclusion in
twice-yearly and self-administered long-acting injectables.
VH310 – a pro-drug of cabotegravir with a half-life at
least four times longer than the current cabotegravir
formulation
This INSTI is being evaluated for inclusion in twice-yearly
injectables for treatment and prevention.
CAB-ULA – ultra-long-acting cabotegravir with a
pharmacokinetics profile that supports dosing three
times a year
CAB-ULA has been chosen as the asset for our long-acting
four-monthly PrEP option and the EXTEND 4M phase IIb
study is fully recruited and progressing well. We are also
combining CAB-ULA with rilpivirine for our long-acting four
monthly treatment option and expect to begin our phase III
registrational study in 2026.
N6LS – a broadly neutralising antibody (bNAb) currently
in development
In 2025, we shared phase IIb data showing that N6LS
achieved high efficacy and tolerability with potential to be
a potent antiviral that can function as a component of a
complete antiretroviral regimen. These results combined
with pharmacokinetics data support progressing this asset
to explore twice-yearly dosing for HIV treatment.
(1)Delany-Moretlwe S, et al. AIDS 2022. Oral OALBX0108; Mills AM, et
al. IDWeek 2024. Oral 508; Ramgopal M, et al. IDWeek 2024. Oral
505; Heise MJ, et al. HIVR4P 2024. Or OA0503; Turner C, et al.
HIVR4P 2024. Poster 01725; Hazra A, et al. CROI 2024. Poster 1241;
Traeger M, et al. CROI 2025. Oral 191
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VH499 – investigational capsid inhibitor
In 2025, we shared phase IIa trial data showing
VH499’s positive antiviral activity for HIV-1 and that
it was well tolerated. The findings support continued
development of VH499 as a long-acting antiretroviral
for treatment. This asset is being assessed for inclusion
in a twice-yearly, long-acting treatment option and
self-administered therapies.
Towards a cure for HIV
Finding a cure for HIV is challenging, as the virus adapts
easily and rapidly and can hide in host cells, evading
detection by the immune system. Our approach aims
to free people from their treatment regimen by drawing
dormant HIV out of hiding so we can seek to eliminate it.
In 2025, we started ENTRANCE, a proof-of-concept study
that seeks to explore clinically the in vitro finding that
temsavir (fostemsavir, marketed as Rukobia) enhances
the ability of our bNAb, N6LS, to kill HIV-infected cells.
This is our first clinical study focused on cure and
remission.
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Infectious diseases |
Infectious diseases remain one of the greatest health
challenges, responsible for one in seven deaths worldwide.
They impact millions of people each year, putting significant
–Around 1.2 million people are diagnosed with IMD every year. –Adolescents and young adults between the ages of 16 and 23 are one of the groups at highest risk of infection. –Up to one in six people diagnosed with IMD may die despite treatment, while one in five survivors suffer life-changing long-term consequences. | ||
strain on healthcare systems and societies.
For more than 70 years, we’ve been at the forefront of
research into diseases caused by bacteria and viruses.
Today, we have one of the largest, and most diverse,
infectious disease portfolios in our industry, helping us
to meet our goal of positively impacting the health of
2.5 billion people by the end of the decade.
We focus on the development of prevention and treatment
options for infectious diseases that impact people across
their lifespan. This includes rarer but critical conditions like
meningitis; seasonal infections, like respiratory syncytial
virus (RSV) and influenza; latent infections like shingles;
and common childhood diseases. We also focus on drug-
resistant bacterial infections like urinary tract infections
(UTIs) and gonorrhoea, where antimicrobial resistance
(AMR) highlights the pressing need for innovative new
medicines and vaccines.
In this section:
Asset | Potential indication/label expansion1 |
Penmenvy | Vaccine for meningitis |
Arexvy | Vaccine for respiratory syncytial virus |
Shingrix | Vaccine for shingles |
mRNA vaccine candidates | Vaccine for influenza and COVID-19, including combinations |
Vaccine candidates with MAPS technology | Vaccine for pneumococcal disease in adults and infants |
Blujepa (gepotidacin) | Antibiotic for uncomplicated urinary tract infections and uncomplicated urogenital gonorrhoea |
tebipenem HBr | Antibiotic for complicated urinary tract infections |
| See a more detailed pipeline listing on pages 32 and 255 |
Penmenvy – a new 5-in-1 vaccine for invasive
meningococcal disease (IMD)
Invasive meningococcal disease is a rare but devastating
illness that can progress rapidly. The highest rates of IMD
occur in infants, whose developing immune systems leave
them highly vulnerable. A second peak in incidence is
seen in adolescents and young adults due to close-contact
behaviours. There is a clear need for effective,
comprehensive protection for these vulnerable populations.
Penmenvy, our 5-in-1 MenABCWY vaccine combines our
meningitis ACWY vaccine, Menveo, and our meningitis B
vaccine, Bexsero, helping to provide protection for the five
most common causes of IMD with one vaccine.
In February 2025, Penmenvy was approved by the US FDA
to protect people aged 10 to 25, following two positive
phase III trials. Penmenvy also received a positive
recommendation in the US from the Advisory Committee
on Immunisation Practices (ACIP) as an alternative for
people aged 10 and over to receiving Bexsero and
Menveo. This was adopted as a recommendation by the
US Centers for Disease Control (CDC) and Penmenvy is
now part of the national adolescent meningococcal
immunisation schedule in the US.
Despite meningitis B being the leading cause of IMD
among US adolescents and young adults, uptake remains
low with less than 13% completing the recommended two
doses. Penmenvy aims to simplify immunisation by
reducing the number of injections needed for protection,
which could increase immunisation rates and protect more
young people from this serious disease.
Penmenvy builds on our global leadership in
meningococcal vaccination and represents a significant
step in protecting adolescents and young adults at a life
stage when they are at an increased risk of IMD.
.
(1)Assets with existing approval or in development for label expansion
are italicised
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Shingrix – exploring the potential for broader
benefits of shingles vaccination
–Shingles typically presents as a rash with painful blisters, with up to 30% of people then experiencing post-hepatic neuralgia – a long lasting nerve pain that can last for weeks or months. –Over 90% of adults have the varicella-zoster virus (VZV) dormant in their nervous system which can reactivate as they age. This causes shingles, which affects up to one in three people in their lifetime. | ||
Shingrix is now launched in over 60 countries, and has
been shown to provide more than a decade of shingles
protection in people aged 50 and over.
In 2025, the China National Medical Products Administration
(NMPA) approved Shingrix for the prevention of shingles in
adults aged 18 and over who are at increased risk due to
immunodeficiency or immunosuppression. We also
received approval from the US FDA and the EU for Shingrix
in a prefilled syringe for adults aged 50 and over, and
adults aged 18 and over at increased risk.
This presentation of Shingrix makes the vaccination
process simpler for healthcare professionals.
While Shingrix is only designed and approved to provide
protection from shingles, we continue to investigate
its potential broader benefits. In 2025, we presented new
evidence on the potential association between shingles
vaccination and lower risk of dementia and cardiovascular
events.1 We also published research in Nature Medicine
that used AI and machine learning models to show that
reactivation of the virus that causes shingles may be a risk
factor for dementia.
We also announced a first-of-its-kind collaboration with the
UK Dementia Research Institute and Health Data Research
UK to apply rigorous, population‑scale health data science
to explore whether the Recombinant Zoster Vaccine may
help reduce inflammation and support healthy ageing.
Exploring these important scientific questions aligns with
our goal of advancing science to improve health outcomes
for patients and society.
Arexvy – extending respiratory syncytial
virus (RSV) protection to more adults
–RSV affects around 64 million people of all ages each year globally, causing an estimated 160,000 deaths. –It leads to around 470,000 hospitalisations per year in adults aged 60 and over in high-income countries. –People with certain underlying conditions like COPD, asthma, heart failure and diabetes are at higher risk from RSV, which can worsen these conditions and lead to pneumonia, hospitalisation or death. | ||
Over 14 million people worldwide have received Arexvy,
our vaccine to provide adults with protection from RSV-
associated lower respiratory tract disease (LRTD).
Recognising the risk RSV poses to adults in younger age
groups living with health issues such as lung or heart
conditions, we continue to make progress in expanding
the groups of people who can benefit from Arexvy. In 2025,
the US ACIP recommended expanding RSV vaccination,
including Arexvy, to adults aged 50-59 years at increased
risk for severe RSV disease. Arexvy is now recommended
in the US for adults aged 50-74 at increased risk and for all
adults aged 75 and over. Arexvy also received approval in
the EU for expanded use in all adults 18 years and older.
Regulatory applications to expand the indication were also
accepted for review in the US and Japan for adults aged
18-49 at increased risk.
We continue to generate data that offer critical insights to
guide public health strategies and support the use of
Arexvy to prevent RSV-LRTD in adults. In 2025, new
research highlighted the significant burden of RSV in adults
at risk, due to age or certain underlying conditions, and the
potential impact of RSV vaccination on hospitalisation and
severe outcomes following RSV infection. We also shared
new data on how Arexvy can be used in clinical practice,
including the ability to administer at the same time as
pneumococcal and shingles vaccines.
(1)Any data regarding association between Shingrix (shingles vaccine)
and reduced risk or delayed onset of dementia and/or cardiovascular
disease are off-label information.
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Other infectious diseases
We’re committed to driving vaccine innovation to protect
those most vulnerable and to reduce the global burden of
infectious diseases.
Influenza and respiratory combinations
Older adults, pregnant women and people with underlying
health conditions are most at risk from influenza and
–More than half of all women experience a uUTI in their lifetime, with approximately 30% suffering from at least one recurrent episode. –uUTIs affect up to 16 million women in the US each year. –Gonorrhoea is the second most commonly reported sexually transmitted infection in the US, with over over 600,000 cases reported annually. | ||
COVID-19, the leading causes of severe respiratory
disease in US adults. During the 2024-25 season, these
illnesses led to an estimated 1.37 million hospitalisations
and 92,000 deaths in the US alone, putting a significant
burden on the healthcare system with combined annual
costs of over $45 billion.
We continue to develop mRNA-based vaccines to provide
protection against influenza and COVID-19, including
combinations. We now have four candidates in clinical
development, three in phase II for seasonal influenza,
pandemic influenza and COVID-19, and a seasonal
influenza/COVID-19 combination in phase I. In 2025,
we initiated additional phase II studies for seasonal
influenza to continue our evaluation of the safety and
immunogenicity of vaccine candidates in adults aged 18
and over.
Pneumococcal disease
Globally, there are around 100 serotypes of streptococcus
pneumoniae, the bacteria that causes pneumococcal
disease, which is responsible for the deaths of around
700,000 children worldwide each year. Older adults are
also at risk of severe illness and death from pneumonia
due to age-related immune decline and other medical
conditions.
For pneumococcal disease, MAPS technology is designed
to target more strains (serotypes) at the same time,
without compromising the immune response to each
strain. This has the potential to provide broader protective
coverage and a stronger immune response. We’re
developing new multivalent vaccines for infants and adults
using MAPS technology with best-in-class potential for
pneumococcal disease. In 2025, we started a phase I trial
of our investigational Pn-MAPS30 plus vaccine in adults
aged 50 to 65.
.
Antibiotics and antimicrobial resistance
Beyond vaccines, we are delivering innovation through
a novel portfolio of anti-infectives designed to combat
increasingly resistant bacterial infections.
Blujepa – a new treatment for uncomplicated urinary
tract infections (uUTIs) and uncomplicated gonorrhoea
Blujepa (gepotidacin) is the first in a new class of oral
antibiotics for uUTIs in nearly 30 years. It was approved in
2025 by the US FDA and UK MHRA for the treatment of
females aged 12 and over with uUTIs, supported by
positive pivotal data from the phase III EAGLE-2 and
EAGLE-3 trials.
With a novel mechanism of action-targeting bacterial
enzymes essential for DNA replication, Blujepa offers a
new approach to combat these resistant strains. Blujepa
can help address the growing prevalence of drug-resistant
uUTIs, which can lead to higher treatment failure rates,
severe discomfort and anxiety. Designed for administration
in a community setting, Blujepa also provides more
accessible and convenient treatment options for patients
versus those currently available. In 2025, we presented the
first real-world evidence that Blujepa provides early uUTI
symptom relief and positively impacts patients’ quality of
life.
In 2025, the US FDA also approved Blujepa for the
treatment of uncomplicated urogenital gonorrhoea in
people aged 12 and over based on positive data from the
EAGLE-1 phase III trial. Gonorrhoea is a common sexually
transmitted infection caused by Neisseria gonorrhoeae,
which has been recognised by the WHO as a high-priority
pathogen and an urgent public health threat by the US
CDC. It affects both men and women and, if left untreated
or inadequately treated, it can lead to infertility and other
sexual and reproductive health complications. Blujepa
offers a new option for patients who currently rely on
injectable treatments.
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Tebipenem HBr – treating complicated urinary tract
infections (cUTIs), including drug-resistant infections
We also continue to make progress towards a new
oral treatment option for cUTIs. An estimated 2.8 million
cases of cUTIs are treated annually in the US alone,
where they contribute to more than $6 billion a year
in healthcare costs.
Tebipenem HBr is our investigational oral treatment for
cUTIs, developed with Spero Therapeutics. In 2025, we
announced positive data from the pivotal phase III
PIVOT-PO trial, which was stopped early for efficacy,
demonstrating that cUTIs, including pyelonephritis, can
be treated with an oral carbapenem antibiotic as effectively
as with an intravenous one. A regulatory submission was
accepted by the US FDA and, if approved, tebipenem HBr
could be the first oral carbapenem antibiotic for patients in
the US who suffer from cUTIs.
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Technology |
Advanced technologies enable us to develop medicines and
vaccines with greater pace, precision and probability of
success. In 2025, we accelerated and expanded the
deployment of advanced data and platform technologies
end-to-end in R&D. Combined with artificial intelligence
(AI), these innovations deepen our understanding of the
human immune system and disease biology, enhancing
our potential to prevent and change the course of disease.
Data technology
We use advanced data assets, digital capabilities and
generative AI (GenAI) to gain deeper insights into patients,
human biology and disease mechanisms. Our teams use
our diverse, deep and proprietary data sources to work
with greater speed and precision, accelerating the delivery
of solutions to address pressing health challenges.
For example, the integration of GenAI and agentic AI
into our discovery process significantly enhances our
ability to identify genetically validated targets and
optimise molecular pathways. Paired with our use of
platform technologies, this allows us to accelerate R&D
timelines and improve the precision of our therapies.
Platform technology
Platform technologies are revolutionising the development
of medicines and vaccines. By integrating advanced
scientific approaches, we are pioneering precision
interventions that target diseases at every stage. These
platform capabilities enable emerging modalities designed
to prevent disease onset, halt progression and potentially
reverse damage, delivering meaningful benefits for
patients. Our platform technologies include:
Advanced monoclonal antibodies
These modulate the immune system with precision,
providing effective and durable treatment options with
favourable tolerability profiles. Our platforms enable the
development of best-in-class monoclonal antibodies
(e.g., targeting IL-5), and bi- and tri-specific antibodies
by integrating advanced computational protein modelling
with an end‑to‑end automated lab-in-the-loop platform. This
closes the design-build-test cycle so we can reliably
deliver therapeutic large molecules, faster.
Antibody-drug conjugates (ADCs)
ADCs target malignant cells by linking monoclonal
antibodies to cytotoxic medicines, minimising damage to
healthy tissues and addressing a key challenge in cancer
treatment. Our portfolio includes Blenrep for relapsed/
refractory multiple myeloma and investigational ADCs
targeting proteins highly expressed in multiple cancer
types.
Small molecules
Small molecules are designed to target specific proteins or
enzymes with precision. Our digital chemistry platform
uses AI/machine learning (ML) and automation to
accelerate design-build-test cycles in small‑molecule
discovery. Within this, our unique generative design
system, combined with automation, will rapidly create
chemical compounds at an industry-leading scale and
enable us to accelerate identification and optimisation of
candidates.
Oligonucleotides
Oligonucleotides tackle RNA-based diseases and
modulate gene expression, targeting conditions once
deemed untreatable. Unlike most traditional medicines that
primarily target proteins, oligonucleotides act directly on
RNA, the messenger between DNA and protein, allowing
us to reach targets that are often inaccessible to small
molecules or antibodies. We're advancing oligonucleotide
discovery with a growing portfolio that includes
bepirovirsen for chronic hepatitis B, gatuzosiran (GSK'990)
for steatotic liver disease (SLD) and a clinical-stage, first-in-
class candidate, licensed from Empirico in 2025, for
COPD.
Our AI-powered, end-to-end oligonucleotide platform,
‘Oligopolis’, which incorporates the Elsie platform we
acquired in 2024, is redefining research in chemistry and
biology. The platform automates cycles of design,
synthesis and testing to accelerate delivery of molecules
that are optimised for safety, efficacy and
manufacturability.
MAPS technology
MAPS technology builds on traditional pneumococcal
conjugate vaccines (PCVs) by optimising the presentation
of multiple polysaccharide and protein antigens. Including
a greater number of polysaccharides can potentially broaden
protection, while protein antigens can elicit T‑cell responses
to strengthen immunity. We’re applying this approach to
develop pneumococcal vaccines, with the potential to
expand protection against current and future pathogens.
mRNA technology
mRNA instructs the body’s own cells to produce specific
proteins and antigens, helping the immune system prevent
and fight disease. Using this advanced, adaptable
platform technology with demonstrated application in
emerging and constantly changing viral pathogens, we
are developing vaccines for influenza and COVID-19,
including combinations.
Advanced adjuvants
Advanced adjuvants enhance the body’s immune
response, making vaccines more effective and enabling
new vaccine targets. Adjuvant-antigen combinations help
to protect specific patient groups, including older adults,
where vaccines like Arexvy and Shingrix can contribute to
addressing age-related declines in immunity.
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Accelerating innovation in our pipeline
In 2025, we saw clear examples of the impact integrated
data and platform technologies are having across R&D:
Choosing the right targets
We’re focused on identifying targets with the highest
potential to prevent or alter the course of disease. By
integrating diverse data, advanced technologies,
predictive modelling and insights from strategic
partnerships, we’re increasing confidence in our target
choice. An example of this is our recent licensing
partnership with Noetik, an AI-native biotech, which grants
us access to foundation models for colorectal and non-
small cell lung cancer research.
In COPD, our data-driven disease models combine human
genetics, genomics, cell biology and clinical studies to
strengthen our understanding of disease mechanisms. This
helped us validate and prioritise IL-33 and thymic stromal
lymphopoietin (TSLP) as promising targets for new
treatments and has the potential to reduce research
timelines and costs by up to tenfold. Collaborations with
leading institutions, such as Cambridge University, Boston
Medical Center and Boston University's Center for
Regenerative Medicine (CReM), are helping us scale these
efforts and improve the accuracy of early target validation.
In SLD, we’re using single-cell technology, which analyses
individual cells rather than population averages, significantly
improving precision in identifying targets. It’s estimated that
this approach could triple the chances of advancing to
phase III trials.
Identifying the right patients
We’re dedicated to ensuring our medicines and vaccines
reach the patients most likely to respond, based on the
characteristics of their disease. By integrating advanced
technologies such as AI/ML, organoids and biomarkers,
we are increasingly able to precisely match treatments to
individual patient characteristics, maximising therapeutic
impact.
In oncology, organoids – 3D tumour models grown from
patient tissue – have proven key to advancing personalised
cancer care. By replicating tumour behaviour, organoids
allow comprehensive testing of drug combinations and
more accurate prediction of treatment responses. Scaling
organoid technologies through partnerships with King’s
College London and our acquisition of CELLphenomics is
accelerating development of therapies like our B7-H3 and
B7-H4 ADCs, bringing us closer to cancer treatments
tailored to each patient’s unique tumour profile.
Circulating tumour DNA (ctDNA) technology enables
earlier cancer detection and tailored treatment strategies.
When combined with AI algorithms, ctDNA insights help
predict therapy responses, equipping healthcare providers
with data to inform precise treatment decisions.
AI/ML is also driving significant progress across chronic
and infectious diseases. AI-powered phenotype analysis
using UK Biobank data has reduced research timelines by
over 50% in Metabolic Dysfunction-Associated
Steatohepatitis (MASH). Similarly, we’re using AI/ML
analysis of real-world data to explore the potential
association between Shingrix, our shingles vaccine, and a
reduced risk of dementia. Our Zoster 122 study published
in Nature Medicine leveraged advanced AI/ML models to
uncover complex patterns within large-scale data sets,
often missed by traditional methods. This large-scale study
conducted on the equivalent of over 25 million patient
years of observation time, allowed researchers to evaluate
potential links between varicella zoster virus (VZV)
reactivation and dementia onset, strengthening the
hypothesis that VZV reactivation may have a role in
dementia risk.
Designing and manufacturing the right treatment
We’re revolutionising our approach to molecule design and
Chemistry, Manufacturing and Controls (CMC) using
innovative technologies that enable us to reach genetically
validated targets with the most effective treatment
modalities. Integrated tools, including AI, digital twins and
automated platforms, are driving improved quality,
consistency, and efficiency across research, development
and manufacturing. This includes using highly targeted
delivery mechanisms, such as ADCs in oncology (page 19)
and oligonucleotides for hepatitis B virus and liver disease
(page 17).
Across our portfolio, digital twins are transforming
manufacturing efficiency, including for infectious diseases.
For Blujepa (gepotidacin) (page 28), in silico models
predicted impurity formation during storage, enabling the
submission of nine months of stability data to regulators
instead of the standard 12. For bepirovirsen (page 17),
digital twins lowered costs by reducing freeze-drying cycle
times by 23%, and for Menveo (our MenACWY vaccine),
they maximised yields through real-time process
optimisation and shortened early development timelines by
25%.
Finally, our AI/ML-powered lab-in-the-loop automated
systems, which scale experimentation and reduce
resource duplication, are redefining how we optimise
therapies in HIV and immunology.
Accelerating clinical trials
Innovative technologies – including predictive modelling,
automation, and advanced data technologies – are
optimising the way we conduct clinical trials, enabling
faster timelines, improved efficiency and reduced patient
burden. These advances aim to accelerate trials by 15%,
and priority studies by up to 50%, by 2028. By using data
insights, we’re automating clinical trial start-up, optimising
site selection, easing patient burden and enhancing
decision making. This has already helped reduce study
sites by 10% for the B7-H3 ADC phase III trial and avoid a
six-month delay for the B7-H4 ADC phase III trial. Also,
streamlined protocols, wearable devices and fewer lab
collections saved costs in our depemokimab phase III
trials, while improving patient experience and data quality.
Finally, advanced technologies like digital twins and
machine learning are also helping to reduce trial
complexity, cutting patient numbers by up to 15% without
compromising statistical power. In 2025, retrospective
study analysis and testing of new methods in 10 protocol-
stage trials demonstrated efficiency gains, with plans for
widespread adoption in 2026.
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Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Research and development continued | |||||||||||
Pipeline overview
We have 58 assets in development, of which 17 are late-stage.
Phase III/Registration |
camlipixant (P2X3 receptor antagonist) Refractory chronic cough |
efimosfermin alfa (FGF21 analog)1 MASH |
Exdensur (Long-acting anti-IL5 antibody)1 Asthma2,3 |
linerixibat (IBAT inhibitor) Cholestatic pruritus in primary biliary cholangitis3 |
Nucala (Anti-IL5 antibody) COPD3 |
Low-carbon version of MDI, Ventolin (Beta 2 adrenergic receptor agonist) Asthma |
Blenrep (Anti-BCMA ADC)1 Multiple myeloma3 |
Jemperli (Anti-PD-1 antibody)1 dMMR/MSI-H colon cancer2 |
risvutatug rezetecan (ADC targeting B7-H3)1 ES-SCLC2 |
velzatinib (KIT inhibitor)1 GIST |
Zejula (PARP inhibitor)1 Newly diagnosed glioblastoma multiforme2 |
Arexvy (Recombinant protein, adjuvanted)1 RSV adults (18-49 YoA AIR)2,3 |
bepirovirsen (Antisense oligonucleotide)1 Chronic HBV infection2 |
Bexsero (Recombinant protein, OMV) Meningitis B (infants US) |
Blujepa (BTI inhibitor)1 Uncomplicated UTI2,3 |
GSK4178116 (Live, attenuated) Varicella new seed |
tebipenem pivoxil (Antibacterial carbapenem)1 Complicated UTI3 |
Phase II |
Benlysta (Anti-BLys antibody) Systemic sclerosis associated ILD2,4 |
GSK4532990 (HSD17B13 RNA interference)1 MASH2 |
GSK5784283 (TSLP monoclonal antibody)1 Asthma |
nivisnebart (Anti-sortilin antibody)1 Alzheimer’s disease |
Ojjaara/Omjjara (JAK1, JAK2 and ACVR1 inhibitor)1 Myelodysplastic syndrome2 |
cabotegravir (Integrase inhibitor) HIV |
VH3810109 (Broadly neutralising antibody)1 HIV |
VH4011499 (Capsid protein inhibitor) HIV |
VH4524184 (Integrase inhibitor)1 HIV |
alpibectir (Ethionamide booster)1 Tuberculosis |
ganfeborole (Leucyl t-RNA synthetase inhibitor)1 Tuberculosis |
GSK4077164 (Bivalent GMMA and TCV)1 Invasive non-typhoidal salmonella |
GSK4382276 (mRNA)1 Seasonal flu |
GSK4396687 (mRNA)1 COVID-19 |
GSK4406371 (Live, attenuated) MMRV new seed |
GSK5102188 (Recombinant subunit, adjuvanted) UTI5 |
GSK5536522 (mRNA)1 Flu H5N1 pre-pandemic5 |
GSK5637608 (Hepatitis B virus-targeted siRNA)1 Chronic HBV infection |
Phase I |
GSK3862995 (Anti-IL33 antibody) COPD |
GSK4347859 (Interferon pathway modulator) Systemic lupus erythematosus |
GSK4527363 (B-cell modulator) Systemic lupus erythematosus |
GSK4528287 (Anti-IL23-IL18 bispecific antibody)1 Inflammatory bowel disease |
GSK4771261 (Monoclonal antibody against novel kidney target) Autosomal dominant PKD |
GSK5926371 (Anti-CD19-CD20-CD3 trispecific antibody)1 Autoimmune disease |
GSK6582701 (PDE3/4 inhibitor)1 COPD |
GSK6759821 (siRNA for novel target) COPD |
belantamab (Anti-BCMA antibody) Multiple myeloma |
GSK5458514 (PSMAxCD3 T cell engaging bispecific antibody)1 Prostate cancer5 |
GSK5460025 (Nucleotide excision repair targeting agent)1 Solid tumours5 |
mocertatug rezetecan (ADC targeting B7-H4)1 Gynaecologic malignancies2 |
XMT-20566 (STING agonist ADC)1 Cancer |
VH4527079 (HIV entry inhibitor) HIV |
GSK3772701 (P. falciparum whole cell inhibitor)1 Malaria |
GSK3882347 (FimH antagonist)1 Uncomplicated UTI |
GSK3923868 (PI4K beta inhibitor) Rhinovirus disease |
GSK3965193 (PAPD5/PAPD7 inhibitor) Chronic HBV infection5 |
GSK4024484 (P. falciparum whole cell inhibitor)1 Malaria |
GSK4424989 (Recombinant/glycoconjugate vaccine)1 Group A streptococcal infections |
GSK5251738 (TLR8 agonist)1 Chronic HBV infection |
GSK5459248 (MAPS Pneumococcal 30+ valent adults)1 Pneumococcal disease |
GSK5475152 (mRNA)1 Seasonal flu/COVID-195 |
Assets are ordered by therapy area within each phase: respiratory, immunology and inflammation; oncology; HIV; and infectious diseases. Only the most advanced indications are shown for each asset. (1)In-licence or other alliance relationship with third party (2)Additional indications or candidates also under investigation (3)In registration (4)In phase II/III study (5)In phase I/II study (6)GSK has an exclusive global licence option to co-develop and commercialise the candidate ADC: antibody drug conjugate; AIR: at increased risk; COPD: chronic obstructive pulmonary disease; GMMA: generalised modules for membrane antigens; HBV: hepatitis B virus; ILD: interstitial lung disease; ES-SCLC: Extensive-stage small-cell lung cancer; GIST: Gastrointestinal stromal tumours; MASH: metabolic dysfunction-associated steatohepatitis; MDI: Metered dose inhaler; MMRV: measles, mumps, rubella and varicella; OMV: outer membrane vesicle; PKD: polycystic kidney disease; RSV: respiratory syncytial virus; siRNA: small interfering RNA; UTI: urinary tract infection; YoA: years of age. |
33
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Commercial operations
34
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Commercial operations | |||||||||||
We delivered another year of strong performance in 2025. Sales grew to over
£32 billion, driven mainly by momentum in Specialty Medicines and with growth
across all regions.
Total sales |
£32.7bn | +4% | +7% |
AER | CER |
Sales contribution by product groups |
n | 2024 | n | 2025 |
Turnover by product groups |
Specialty Medicines
£13.5bn +14% AER; +17% CER
Vaccines
£9.2bn –% AER; +2% CER
General Medicines
£10.0bn -4% AER; -1% CER
Sales contribution by region |
n | 2024 | n | 2025 |
Turnover by region |
US
£16.9bn +3% AER; +6%CER
Europe
£7.5bn +13% AER; +12% CER
International
£8.3bn -1% AER; +4% CER;
| See Group financial review on page 71 for more detail |
Absolute values at AER; changes at CER, unless stated otherwise
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Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Specialty Medicines | |||||||||||
Our specialty medicines prevent and treat diseases, from asthma, cancer
and HIV to autoimmune diseases like lupus. Many are first or best-in-class.
Specialty Medicines sales | ||
£13.5bn | ||
+14% AER; +17% CER | ||
Respiratory, immunology & inflammation | ||
£3.8bn | ||
+15% AER; +18% CER | ||
Oncology | ||
£2.0bn | ||
+40% AER; +43% CER | ||
HIV sales | ||
£7.7bn | ||
+8% AER; +11% CER |
Key marketed products | ||||
Product | Disease | Total revenue | AER | CER |
Dovato | HIV treatment | £2.7bn | 20% | 22% |
Cabenuva (Vocabria + Rekambys in Europe and Japan) | HIV treatment | £1.4bn | 38% | 42% |
Tivicay | HIV treatment | £1.3bn | -2% | –% |
Triumeq | HIV treatment | £1.0bn | -25% | -23% |
Juluca | HIV treatment | £656m | -4% | -2% |
Apretude | HIV prevention | £439m | 57% | 62% |
Rukobia | HIV treatment | £169m | 5% | 8% |
Nucala | Respiratory eosinophil-driven diseases | £2.0bn | 13% | 15% |
Benlysta | Lupus and lupus nephritis | £1.8bn | 19% | 22% |
Jemperli | Endometrial cancer | £861m | 84% | 89% |
Zejula | Ovarian cancer | £557m | -6% | -4% |
Ojjaara/Omjjara | Myelofibrosis | £554m | 57% | 60% |
Blenrep | Multiple myeloma | £17m | >100% | >100% |
| For full commentary see Group financial review |
Multiple myeloma cancer cells among
red blood cells and antibodies
36
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Specialty Medicines continued | |||||||||||
Specialty Medicines continues to be the most important
driver of our business, with double-digit growth in
Respiratory, Immunology & Inflammation and Oncology, as
well as growth in HIV of 8% AER, 11% CER. Specialty
Medicines is our largest business, accounting for over 40%
of sales. Sales were £13.5 billion in 2025, up 14% AER,
17% CER.
In the last three years we have launched innovations in
respiratory, immunology, oncology and HIV; three of the
five major FDA product approvals in 2025 were in Specialty
Medicines. We expect Specialty Medicines to be a major
driver of growth in the future and account for over 50% of
sales by 2031.
To drive growth, we’re accelerating our pipeline and
prioritising business development that targets acquisitions
and partnerships to strengthen and complement our core
therapy areas.
Respiratory, immunology and inflammation
Double-digit sales growth in respiratory, immunology and
inflammation was primarily driven by Nucala and Benlysta.
Nucala is our IL-5 antagonist monoclonal antibody treatment
for multiple diseases with underlying type 2 inflammation,
including severe asthma and chronic rhinosinusitis with nasal
polyps. There was double-digit growth across all regions,
reflecting the higher patient demand for treatments
addressing eosinophilic-led disease.
The strong performance in 2025 was driven by our
successful launch in COPD, following the US FDA’s
approval of Nucala in COPD in May. We’re applying the
lessons from the severe asthma market with Nucala to the
launch of Exdensur, our ultra long-acting IL-5, which is now
approved in the US, UK and Japan.
Benlysta, our monoclonal antibody treatment for lupus,
continues to see strong demand and volume growth,
supported by all major guidelines. In the US, 82% of
biologic naive patients are now starting on Benlysta.
We’re focused on helping to identify and treat patients
earlier, before lupus progresses and organ damage
occurs.
Oncology
Strong oncology sales growth was largely driven by
increasing patient demand for Jemperli and Ojjaara/
Omjjara, partially offset by decreases in Zejula.
Blenrep (belantamab mafodotin) is our antibody-drug
conjugate treatment for relapsed or refractory multiple
myeloma. It has now been approved in 15 markets. In the
US, we received approval in the third line or later setting.
Over one third of total multiple myeloma treated patients
are in this setting. We expect Blenrep to meaningfully
advance treatment options for patients with multiple
myeloma and we continue to expect Blenrep to be a
material growth driver in the next three to four years.
Jemperli, a PD-1-blocking antibody, is the backbone
of our ongoing immuno-oncology-based research and
development programme. Sales of Jemperli grew strongly
following approvals in 2024 and 2025 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. Jemperli is now available in over
39 countries worldwide.
Ojjaara/Omjjara, a treatment for myelofibrosis patients with
anaemia, grew strongly in the full year. 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.
In ovarian cancer, Zejula saw a decrease in sales, driven
by ongoing volume reductions, including impacts of an
FDA labelling update restricting use to certain patient
populations, and the impacts of IRA Medicare Part D
redesign in the US.
HIV
HIV sales growth was driven by strong patient demand,
with our long-acting injectables (Cabenuva, Apretude) and
our daily oral single-dose tablet, Dovato. In 2025, long-
acting medicines contributed over 75% of total HIV growth
with Cabenuva contributing 55%. Long-acting injectables
now represent around a third of US sales.
Cabenuva, the world’s first and only complete long-acting
regimen for HIV treatment, is available in 29 markets
including the US, Europe, Japan, China and Australia and
is currently transforming the lives of 103,000 people living
with HIV.
Apretude, the world’s first long-acting medicine for HIV
prevention, is approved in 60 countries including the US,
UK, EU, Australia and South Africa. Around 28,000 people
are currently benefiting from Apretude in the US.
Dovato – approved in the US, Europe, Japan, Australia
and other countries worldwide – remains our biggest
oral regimen.
Our strategy for growth is centred on our current innovative
portfolio of medicines and the development of even longer-
acting INSTI-based options for HIV treatment and
prevention, which patients tell us they want and need.
| See Group financial review on page 71 for more detail |
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Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Vaccines | |||||||||||
Our vaccines portfolio targets infectious diseases at every stage of life,
helping to protect people from meningitis, shingles, RSV and many more.
Vaccine sales | ||
£9.2bn | ||
–% AER; +2% CER | ||
Shingrix | ||
£3.6bn | ||
+6% AER; +8% CER | ||
Meningitis vaccines | ||
£1.6bn | ||
+10% AER; +12% CER | ||
Arexvy | ||
£593m | ||
+1% AER; +2% CER |
Key products | ||||
Product | Disease | Total revenue | AER | CER |
Shingrix | Herpes zoster (shingles) | £3.6bn | 6% | 8% |
Bexsero | Meningitis group B | £1.2bn | 14% | 16% |
Menveo | Meningitis group A, C, W and Y | £402m | 4% | 6% |
Penmenvy | Meningitis group A, B, C, W and Y | £8m | –% | –% |
Arexvy | RSV | £593m | 1% | 2% |
Fluarix, FluLaval | Seasonal influenza | £303m | -26% | -24% |
Engerix, Twinrix, Havrix | Hepatitis | £643m | 13% | 17% |
Boostrix | Diphtheria, tetanus, acellular pertussis booster | £654m | -4% | -2% |
Rotarix | Rotavirus | £546m | -7% | -5% |
Infanrix, Pediarix | Diphtheria, tetanus, pertussis, polio, hepatitis B, haemophilus influenza type B | £519m | 1% | 4% |
Priorix, Varilrix, Priorix Tetra | Measles, mumps, rubella and chickenpox | £425m | 32% | 33% |
Synflorix | Invasive disease, pneumonia, acute otitis media | £159m | -30% | -29% |
Cervarix | Human papilloma virus | £23m | -68% | -68% |
| For full commentary see Group financial review |
Meningococcal serogroups
(ABCWY) meningitis bacteria
38
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Vaccines continued | |||||||||||
Our portfolio of marketed vaccines – one of the broadest
in the industry – helps to protect people from infectious
diseases at every stage of life. We deliver on average more
than one million doses of our vaccines every day.
Vaccines sales were £9.2 billion, stable at AER and up 2%
CER. This reflected strong demand outside the US 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.
In line with our commercial strategies, we successfully
broadened access through age and geographic
expansion, improving vaccination rates by focusing on
adult patients at risk and further differentiation of our
vaccines. We exceeded expectations in getting more
patients protected in key markets, particularly with Shingrix
and Bexsero.
Prevention through vaccination is more important than ever
amid growing patient need in existing and new diseases.
With populations ageing, comorbidities cause significant
public health need. This will drive sustained growth in the
vaccines market.
We keep investing in innovation. This includes further
expanding the reach and enhancing the profile of our
vaccines, as well as delivering the next wave of innovation
through our mRNA and MAPS programmes. We’re also
entering a new phase in investigating and expanding the
growing body of evidence exploring a potential link
between shingles vaccination and reduced risks for
dementia and cardiovascular disease.
Vaccines are complex and highly technical to develop and
manufacture. Our discovery, development and supply of
vaccines at scale are built on a long-term commitment to
address unmet need, build trust through transparency and
ensure the quality and safety of our products. We continue
to adapt to evolving market dynamics.
Through our strong portfolio and multi-platform pipeline,
our vaccines are well-positioned to contribute to our
ambition of positively impacting the health of 2.5 billion
people by the end of the decade.
| For more on our vaccines R&D, see pages 26 to 29. |
Shingrix
Shingrix had another record year. Sales grew strongly
reflecting double-digit growth in Europe and International
markets, driven by significant increased demand and
partly offset by lower sales in the US.
A number of factors drove growth, including increased
demand in Europe following the launch in France and
expanded public funding across several countries in
Europe and in Japan. We supply China through our
exclusive agreement with Chongqing Zhifei Biological
Products, Ltd. to distribute and promote Shingrix through
its network of over 29,000 vaccination points.
In the US, 44% of the 120 million adults recommended to
receive Shingrix have been vaccinated, up 4% compared
to 2024. Sales in the US declined due to the continued
slowdown in the pace of reaching harder-to-activate
unvaccinated consumers.
Shingrix is now launched in 61 countries, with countries
outside the US representing 66% of 2025 sales. We
continue to see significant opportunities for growth across
the top 10 markets outside the US where the average
immunisation rate is around 10% and uptake is significantly
higher where it is funded.
Arexvy
Arexvy sales grew, driven by recommendation and
reimbursement in Germany and tender deliveries in Spain
and Canada. While Arexvy maintained its market-leading
position in the US for older adults, sales declined due to
harder-to-activate consumers and lower market share.
More than 14 million adults globally have received our
RSV vaccine Arexvy since it was launched in 2023. Arexvy
continues to support our commercial ambitions. We believe
we are well positioned for sustained growth over the
medium and long term, with multi-billion pound sales
potential. This confidence is driven by Arexvy’s
differentiated clinical profile, the strength of our in-market
partnerships, and building on our established performance
across Europe and International markets. We also benefit
from our established expertise in serving the older adult
population and from the flexibility to co-administer Arexvy
alongside Shingrix and other key adult vaccines,
enhancing both convenience and public health impact.
Arexvy is approved in 69 markets globally, 21 countries
have national RSV vaccination recommendations for older
adults and nine countries, including the US, have
reimbursement programmes. With further approvals of
expanded indications expected in 2026, as well as
appropriate recommendations from public health
authorities, Arexvy has the potential to relieve pressure on
healthcare systems and help prevent the severe
consequences of RSV globally.
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Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Vaccines continued | |||||||||||
Meningitis vaccines
Strong performance of our meningitis vaccines was led
by Bexsero, our meningitis B vaccine. Bexsero continues to
see double-digit growth primarily due to recommendation
and reimbursement in Germany, expanded cohort
recommendations in France, and solid commercial
execution in Turkey and Vietnam. We’ll drive future growth
of our portfolio through geographic and cohort expansion
and strengthening of our market position.
In 2025 initial sales for Penmenvy, our pentavalent
MenABCWY vaccine approved by the US FDA to
protect people aged 10 to 25 years, reached £8 million.
Penmenvy also received a positive recommendation from
ACIP as an alternative for people aged 10 years and over
to receiving Bexsero and Menveo (our meningitis ACWY
vaccine). This recommendation was adopted and
published as an official CDC recommendation and
Penmenvy is now part of the national adolescent
immunisation schedule.
Established vaccines
Our established vaccines remain an important part of
our portfolio. These include vaccines that protect against
hepatitis, rotavirus and measles – which represents a
third of our total vaccines business.
Established vaccines sales decreased 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.
We seek to maximise uptake of our established vaccines
among those who need them through prioritising specific
segments for growth, such as for MMRV vaccines, as we
continue to raise awareness of the importance of
vaccination.
| See Group financial review on page 71 for more detail |
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Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
General Medicines | |||||||||||
Our broad portfolio of general medicines, from inhalers for asthma and
COPD to antibiotics, improve life for millions of people around the world.
Many are market leaders.
General Medicines sales | ||
£10.0bn | ||
-4% AER; -1% CER | ||
Trelegy | ||
£3.0bn | ||
+11% AER; +13% CER |
Key marketed products | ||||
Product | Disease | Total revenue | AER | CER |
Trelegy Ellipta | Asthma, COPD | £3bn | 11% | 13% |
Relvar/Breo Ellipta | Asthma, COPD | £1bn | -5% | -3% |
Seretide/Advair | Asthma, COPD | £0.9bn | -19% | -17% |
Ventolin | Asthma, COPD | £703m | –% | 3% |
Anoro Ellipta | COPD | £542m | -5% | -4% |
Augmentin | Common bacterial infections | £602m | -5% | -1% |
Avodart & Duodart | Benign prostatic hyperplasia (BPH) | £297m | -12% | -10% |
Avamys | Allergic rhinitis | £222m | -12% | -10% |
Dermovate, Betnovate, Cutivate, Eumovate | Inflammatory skin conditions | £204m | -2% | 3% |
| For full commentary see Group financial review |
E.coli bacteria
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Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
General Medicines continued | |||||||||||
Every day, our broad portfolio of General Medicines
products, many of them market leaders, make life better
for millions of people all over the world. Over the next
decade, our ambition is for these products to have a
positive impact on the lives of hundreds of millions of
patients.
General Medicines sales were £10 billion, -4% AER, -1%
CER. Growth in Trelegy was offset by reductions in other
respiratory and other general medicine product sales as a
result of continued generic competition across the
portfolio.
The portfolio includes medicines typically prescribed in
primary care. We supply them in more than 100 countries,
and they represent more than 70% of our total medicines
and vaccines supply volume. In 2025, General Medicines
contributed almost one third of our sales, helping to fund
growth and investment in R&D and returns to
shareholders.
Respiratory and infectious diseases therapeutics make up
76% of our General Medicines revenue, and we expect
our asthma and COPD medicines Trelegy and Anoro to
grow further, alongside continued growth for select
established products in emerging markets.
To maximise returns, we prioritise investment in brands that
are growing strongly, while managing the expected decline
of other products in mature markets as they lose their
patent exclusivity. We use our deep expertise in respiratory
and infectious diseases to support the launch of new
medicines.
Those currently in development include a low-carbon
version of our Ventolin metered dose inhaler and novel
infectious disease medicine tebipenem which has the
potential to treat complicated UTIs. We also recently
launched Blujepa – the first in a new class of oral
antibiotics for the treatment of uncomplicated UTIs in
nearly 30 years.
| Read more about Blujepa in R&D on page 28 |
Trelegy
Trelegy, our single inhaler triple therapy (SITT) for COPD
and asthma, is licensed in over 60 countries for COPD,
with dual indications for asthma and COPD in more than
20 countries, including the US and Japan.
In January 2026, following asthma indication approval,
Trelegy became the only SITT in China approved for both
COPD and asthma.
In 2025, Trelegy reinforced its position as the number one
SITT and as the top-selling brand in COPD and asthma
globally. This has been driven by its leading position in the
two largest markets, the US and Japan, and by the SITT
class’s positive positioning across COPD scientific
evidence and global guidelines.
The 2026 Global Initiative for Chronic Obstructive Lung
Disease (GOLD) report, re-enforced the recommendation
for triple therapy over ICS/LABA for exacerbating patients,
with a new lower threshold of only one moderate or severe
exacerbation. This, alongside increasing scientific evidence
generation and competitiveness within the class, will
continue to dynamise the SITT market, which, eight years
after first launch, continues to grow at over 20% year on
year.
The 2026 GOLD report also for the first time included a
section on Disease activity, stability and control, indicating
a positive shift towards more ambitious treatment goals for
HCPs and patients. New biologic therapeutic options in
COPD and asthma are also reinforcing this opportunity for
more ambitious treatment goals. We expect a market shift
towards optimising treatments, favouring growth for the
SITT class, as the combination of ICS, LABA and LAMA is
expected to be the predominant inhaled treatment
backbone for add-on biologics where available.
Anoro
Anoro is approved in approximately 80 countries to treat
symptomatic COPD. It remains the global market leader in
the LAMA/LABA class by volume (unit sales), with global
sales (excluding US) continuing to grow. Anoro’s strong
clinical data profile includes head-to-head data in the
LAMA/LABA class and versus other common initial
maintenance therapy options, such as LAMA.
Ventolin
Almost six decades after its first development, Ventolin
remains highly valued by patients and healthcare
professionals. Due to the scale of volume and worldwide
use, our Ventolin metered dose inhaler (MDI) represents a
significant proportion of our carbon emissions. In 2025, we
completed phase III clinical trials in our R&D programme to
redevelop Ventolin MDIs using a low global warming
potential (low-GWP) propellant. If approved, this next-
generation version has the potential to reduce greenhouse
gas emissions by 92% per inhaler.
Augmentin
Since its launch more than 40 years ago, Augmentin – a
global leader in oral antibiotics – has been used to treat
over two billion patients and demand continues to be
strong across all regions. Augmentin, which is available in
over 100 countries, is categorised by the World Health
Organization as an AWaRE Access antibiotic. Access
antibiotics are recommended as first or second choice
treatments for common infections because of factors like
their lower potential for antimicrobial resistance.
Relvar
Relvar is available in 84 countries for the treatment of
moderate-to-severe asthma, and for COPD patients who
require an inhaled corticosteroid. Relvar is the second-
largest product in the General Medicines portfolio, with
global sales exceeding £1 billion in 2025. Relvar’s strong
clinical data profile is supported by a wealth of real-world
evidence supporting the positive outcomes patients can
achieve. Sales growth continues to outpace the ICS/LABA
market globally ex-US. ICS/LABA remains the mainstay of
asthma treatment. Accordingly, Relvar will continue to be a
strong contributor to General Medicines revenue in the
coming years.
| See Group financial review on page 71 for more detail |
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Manufacturing and supply | |||||||||||
We continue to invest in a resilient
global supply chain that can
consistently deliver medicines
and vaccines to meet patient
needs at pace and scale.
Our global supply chain is critical to manufacturing and
supplying reliable, high-quality medicines and vaccines
to positively impact health and drive our performance.
More than 24,000 people are working across our global
network of 33 manufacturing sites to ensure the flow of
medicines and vaccines needed to get ahead of disease
together. In 2025, our network delivered 1.64 billion packs
of medicines and 389 million vaccine doses.
Following the integration of our medicines and vaccines
manufacturing network in 2024, we continue to transform
our supply chain to strengthen our resilience and future-
proof our operations. By bringing together our teams
and expertise in medicines and vaccines, we’ve increased
efficiency and enhanced our capabilities to deliver our
new products.
We’re harnessing new technologies to transform how we
manufacture medicines and vaccines. At the same time,
we’re taking further steps to protect continuity of supply
for products, critical materials and components. Together,
these efforts drive efficiency, maintain product quality
and increase capacity so that we can consistently deliver
medicines and vaccines to meet patient needs at pace
and scale.
Investing for the future
We continue to invest in reshaping, simplifying and
strengthening our operations. Our investments are
focused on creating an agile network with the capacity
and capability to bring the next generation of specialty
medicines and vaccines to patients.
In September 2025, we announced a $1.2 billion investment
over the next five years in advanced manufacturing
facilities, AI and advanced digital technologies, to deliver
new, next-generation biopharma factories and laboratories
in the US. These investments, which are part of our
manufacturing investment commitment in the US, build on
our strong existing innovation and manufacturing footprint
and capabilities in the US.
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The investments include construction of an additional new
biologics flex factory at Upper Merion, Pennsylvania. A flex
factory is a multipurpose production facility that can adapt
quickly to produce different types of medicines, often using
modular equipment and standardised processes. The new
biologics flex factory will focus on delivering potential best-
in-class medicines for respiratory disease and cancer for
patients in the US and around the world.
Alongside the new flex factory, we’ll be investing in AI and
digital capability across our five existing US manufacturing
sites, as well as new drug substance manufacturing and
device and auto-injector assembly capabilities.
The investments follow an $800 million expansion of our
site in Marietta, Pennsylvania, which was announced in
2024. We officially broke ground on the new facilities in
April 2025. The new facilities will double the size and
capacity of the existing site. As part of this project, we’re
bringing R&D and manufacturing together in one location,
enabling even closer collaboration on delivery of our
pipeline.
In the UK, at our Barnard Castle site an investment of
£120 million is underway to expand the manufacturing
of next-generation specialty medicines. This investment
includes installing a high-speed aseptic syringe filling line,
enhancing the site’s existing specialist capabilities and
ensuring we continue to meet growing demand.
As part of streamlining and simplifying our network, in
2025, we closed our sites in Tianjin, China and Quality
Road, Singapore, following successful transfers of
production to outsourced partners. As planned, we also
closed our Ulverston site in the UK following the divestment
of our cephalosporins antibiotics portfolio.
In the US, the Binney Street facility is transitioning solely to
an R&D facility, with the manufacturing operations being
decommissioned. We also reached an agreement to divest
our Rockville site to one of our valued, long-term Contract
Development and Manufacturing Organisation (CDMO)
partners. The sale is expected to close towards the end of
the first quarter of 2026.
Accelerating innovation
Our global supply chain teams play a pivotal role in the
way we prevent and change the course of disease,
bringing our innovations to patients as quickly, efficiently
and effectively as possible. They’re involved early in
product and process development, working with R&D to
make sure that what works in clinical trials can be smoothly
scaled up to commercial production.
Five key product approvals in 2025 underline the strength
of our portfolio and pipeline. As such, our supply chain
teams have never played a more pivotal role in preparing
for and delivering these product expansions and new
launches to patients around the world.
–Blenrep: Within one week of regulatory approval in the
UK, our sites in the US, Italy and Singapore worked
together to prepare the first batch for shipment.
–Exdensur: The first batch was ready for launch within
days of the first approval, and shipped from our Barnard
Castle site before the end of the year.
–Nucala: Our agile respiratory supply chain enabled us to
meet immediate demand for this product expansion in
the US. To further strengthen our supply chain resilience,
we've established a new external supply partnership for
manufacturing Nucala, complementing our existing
internal capabilities.
–Blujepa: We successfully supplied launch volumes in
2025. In preparation for demand at launch, our teams
used a digital twin of the manufacturing process to
model various production scenarios to select the right
equipment for scaled commercial production.
–Penmenvy: Our sites at Wavre in Belgium, Rosia in Italy,
and Marietta in the US, coordinated to supply doses of
this vaccine for US adolescents and young people in the
summer of 2025.
| Read more about our five key product approvals on page 4 |
| Read more about our research and development on page 13 |
Harnessing technology
Across our supply chain, we’re implementing integrated
digital solutions, smart manufacturing and AI to ensure our
factories are fit for the future and to enhance speed, quality
and efficiency.
Smart manufacturing is a broad programme incorporating
many new technologies such as intelligent digital
automation, dynamic simulation and process modelling
tools. We’re initially focusing on three pilot sites before
broader implementation. At the heart of our smart
manufacturing strategy is a centralised interface that
consolidates data from multiple sources. This enables us to
quickly gain insights and deploy advanced AI applications.
We've already implemented several successful examples,
including supporting accurate execution of complex
manufacturing steps, process changeovers, and
maintenance. Also, by combining Process Analytical
Technology with digital twins, we can track production in
real time and optimise process yield, leading to
improvements in product costs.
A key project in our digital transformation is the
implementation of integrated business planning. This year
we successfully rolled out advanced demand planning
across a large part of our global network and we’ll
accelerate this deployment in the coming year. By
integrating our planning processes with advanced
forecasting AI, we’ll drive improvements in planning
accuracy and supply chain efficiency, leading to optimised
inventory levels.
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AI applications are also delivering tangible benefits in
several other key areas: enhancing production through
advanced parameter analysis; enabling predictive
maintenance to minimise downtime; and ensuring
robust environmental monitoring and control.
Generative AI has been implemented at over 20 sites to
review historical investigation data and identify trends for
improvement. Also, in 2025 we launched an AI
investigation tool to enhance the quality of investigations. In
2026, we’re launching a multi-agent platform to support
inspection readiness by detecting and preventing issues in
real time before they lead to investigations.
Building sustainable and responsible
manufacturing
We’re committed to responsible, sustainable practices in
our supply chain. This helps to protect our environment
and to future-proof our network against potential climate
and nature-related risks.
A key priority is our supply chain’s preparedness for the
launch of low-carbon Ventolin from 2026. Following positive
phase III clinical results, teams across our sites are
working to make sure we’re ready for launch. This will
significantly reduce the carbon footprint of one of our key
medicines by over 90%, helping us to deliver on our
sustainability commitments.
In 2025, we continued to progress the deployment of solar
energy in our manufacturing sites. In total, 23 of our sites
are now using solar energy to contribute towards
sustainable energy consumption.
This year we adopted new automation and robotics to
enhance production efficiency and reduce material waste.
We are also transitioning from manual to electronic batch
records to reduce paper waste, resulting in an 83%
reduction in time taken for quality reviews of batch records.
As part of our broader efforts to get ahead of antimicrobial
resistance (AMR), which is a major threat to global health,
in 2025 we extended our BSI AMR Kitemark certifications.
The kitemark gives independent assurance that the
antibiotics manufacturing process meets rigorous
international standards. Our Worthing antibiotics site
achieved certification in 2024 and this year, five more
sites completed their certification.
Delivering quality, safety and reliability
We're committed to delivering medicines with the highest
quality and safety standards, ensuring a reliable supply to
meet patient needs and maintain our competitive edge.
Our supply chain continues to perform strongly, achieving
99% on-time, in-full (OTIF) delivery.
In 2025, we had 134 regulatory inspections across our
manufacturing sites and local operating companies,
compared with 114 in 2024.
| Read more about product governance, including regulatory inspections, on page 56 |
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Responsible business
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Our approach |
Being a responsible business is vital to our strategy and
long-term success. It helps us build and sustain trust with
our stakeholders, reduce risk, support our people to thrive
and deliver positive health impact at scale.
To deliver on our purpose, we must consider our impacts,
risks and opportunities across everything we do, in our
business and value chain. We focus on six areas to help
us address what’s most material to our business and most
important to our stakeholders:
–Access to healthcare
–Global health and health security
–Environment
–Inclusion
–Ethical standards
–Product governance
To sustain trust, we must be responsive to the environment
we operate in, and to our key stakeholders’ changing
expectations. This means we continue to review and evolve
what we do in all six focus areas and monitor our external
environment and strategic priorities to make sure we’re
focusing on the right areas.
Materiality
We regularly undertake materiality assessments to assess
the key issues that matter most to our business and
stakeholders. The results inform our approach to reporting
and the metrics we include in our Responsible Business
Performance Rating (see below).
In 2024, we carried out a double materiality assessment
to prepare for reporting under the Corporate Sustainability
Reporting Directive (CSRD), following guidance from
European Sustainability Reporting Standards. In 2025, we
updated our materiality assessment to ensure continued
readiness for CSRD. The assessment built on the 2024
findings and reflected changes to the external environment
over the preceding 12 months. The assessment reaffirmed
that the most material issues for our business are well-
2025 Responsible Business Performance Rating Our 2025 Responsible Business Performance Rating is on track, based on 92% (12 out of 13) of performance metrics being met or exceeded. One metric, on clinical trial representation, fell short of its target. Since we introduced the metric in 2022, we’ve maintained on-track performance against our performance rating each year. Where we have work to do, we have plans in place and monitor our progress. | ||
aligned with our six focus areas. GSK will be in scope for
CSRD from the 2027 financial year, with our first CSRD
report published in 2028.
Our Responsible Business Performance
Rating
Our Responsible Business Performance Rating is one
of our corporate KPIs and tracks progress against key
metrics across our responsible business priority areas.
Each year, we review the metrics that contribute to
the overall Performance Rating. For 2025, we have
set 13 metrics (down from 22 in 2024) which support
greater focus on our most material topics.
The changes were:
–Environment: removed a waste metric and a paper and
palm oil metric in order to focus on our most material
environmental impacts
–Inclusion: removed four metrics, as outlined in our 2024
report, after reviewing our inclusion approach and the
completion of our overarching ethnicity and gender
aspirations
–Ethical standards: removed one metric, as it relied on
employee survey data, which was unavailable in 2025
–Product governance: removed a clinical trial
transparency metric as we’d consistently met the
maximum limit for the target, and a metric for inspections
from all regulators to avoid duplicating metrics on this
topic
How we assess performance
The GSK Executive Committee (ExCom) is accountable for
delivering progress against the metrics and regularly
reviews performance along with the Corporate
Responsibility Committee (CRC). The ExCom is
accountable for delivering progress against our
Responsible Business Performance Rating and the
individual metrics that contribute to it. It regularly reviews
performance along with the CRC, embedding
accountability in the business. Each metric is assessed as:
on track (we’ve met or exceeded the metric); on track with
work to do (we’ve achieved at least 80% of the metric); or
off track (we’ve missed the metric by more than 20%).
To calculate the overall Performance Rating, we
aggregate performance across all 13 metrics into a single
score. This score shows whether we’re on track, on track
with work to do, or off track. This rating is defined below:
On track: 70% or more of all metrics are on track
On track with work to do: more than 50% of all metrics
are either on track, or on track with work to do
Off track: more than 50% of all metrics are off track
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External benchmarking (as at February 2026)
Investors frequently ask us about our performance in key
ratings including:
–Access to Medicine: 2nd among 20 of the world’s
largest pharmaceutical companies in the Access to
Medicine Index 2024
– FTSE4Good: Member of FTSE4Good Index since
2004
–CDP: A in Climate change, A in Water security,
B in Forests and Supplier Engagement Leader
–Sustainalytics: Low risk rating
–MSCI: AA rating
–ISS Corporate Rating: B+ rating
Access |
Our aim is to positively impact the health of 2.5 billion
people by the end of 2030 by making our medicines and
vaccines available as widely as possible. We will do
this through responsible pricing, strategic access
programmes and partnerships.
Our commitment
Make our products available at value-based prices that
are sustainable for our business and implement access
strategies that increase the use of our medicines and
vaccines to treat and protect underserved people.
Our Responsible Business Performance Rating
metric 2025
–Progress towards our 2030 goal of reaching 1.3 billion
people in lower income countries with our products
Our progress in 2025
We believe access has to start with understanding patients
– who they are, how a disease affects them and the context
in which they access care – so that we can reach them in
the right way with innovation that is relevant to them.
This could mean helping uninsured and under-insured
people in higher income countries. Or it could mean
partnering with global health organisations, local
governments and communities to reach people in lower
income countries, which are disproportionately affected
by the infectious diseases where we have expertise.
To grow sustainably, we must support access in different
ways across a broad range of markets. We are committed
to partnering with patients, communities, payers, regulators
and policymakers to help strengthen health systems and
find new ways to get the right products to the right people.
Measuring our progress on access and impact on
health at scale
We are on track to make a positive impact on the health
of 2.5 billion people by 2030. We estimate that we reached
at least two billion people between 2021 and the end of
20241, 1.5 billion of them in low- and lower-middle-income
countries. The remainder were in high- and upper-middle-
income countries.
(1)Date of latest progress calculation. Includes patient reach for
donations of albendazole tablets up to 2023. 2024 data was
unavailable at time of calculation
(2)Drug Channels Institute 2021-2025 industry drug pricing analysis
While we have exceeded our original estimate of 1.3 billion
for low- and lower-middle-income countries, we don’t see
progress towards our ambition in linear terms. Because we
don’t double-count those we’ve already reached once,
reaching people becomes harder the closer we get to our
goal, especially as the people we haven’t reached yet
might be the hardest to access. Also, as we work with
partners to eliminate diseases like lymphatic filariasis, the
number of people we reach with programmes like this will
naturally fall, reflecting the programme’s effectiveness.
We will continue to refine how we measure our progress as
we pursue our commitment to discover and deliver the
specialty medicines, vaccines and general medicines that
will make a large-scale positive impact on health. We report
more detail on our methodology in our Responsible Business
Report.
Evidence-based pricing that recognises benefits
To set responsible prices for our products, we look at the
benefits they bring to patients and healthcare systems,
measured in terms of clinical, economic and social
outcomes. We must strike the right balance between
responsible pricing and sustainable business, as our
medicines and vaccines are the backbone of the revenue
that funds the R&D behind our next generation of products.
We want patients to get better outcomes through access to
our medicines, while also creating predictability and
stability for payers and our business. We proactively
engage with payers on upcoming product launches to
support effective budget planning, as well as adjust prices
to account for inflation.
In the US in 2025, our combined average net price (after
discounts, rebates or other allowances) for our medicines
and vaccines decreased by 0.1%. The average list price
increased by 3.8%, compared with 3.5% for the industry.2.
In the last five years, the average net price of our products
rose 2.5% per year, and the average list price rose by
3.2%, compared with 4.1% (list) for the industry2.
In December 2025, we entered into an agreement with the
US Government to lower the cost of prescription medicines
for American patients. This includes our broad respiratory
portfolio, used to treat more than 40 million Americans
who suffer from respiratory conditions such as asthma
and COPD.
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Access strategies focused on lower income countries
Vaccines
We’ve supported Gavi, the global public-private vaccines
alliance, since it was founded in 2000, supplying over
1.2 billion vaccine doses overall and nearly 99 million in
2025 alone. In 2025, we underlined our commitment to
Gavi with overall contributions to the Gavi replenishment
of up to €100 million, making GSK the largest private sector
contributor.
In 2025, through our partnership with Gavi, we delivered
99 million of doses of critical vaccines to protect vulnerable
populations in lower income countries: approximately
four million doses of Cervarix to address cervical cancer,
eight million doses of our malaria vaccine RTS,S/AS01,
around 44 million doses of Synflorix our pneumococcal
vaccine provided to 21 Gavi-eligible countries at our lowest
price and 43 million doses of Rotarix, our rotavirus vaccine
supplied to children across 26 Gavi-eligible countries and
four former Gavi countries.
We’re also a longstanding supplier of oral polio vaccines
through UNICEF, supplying around 55 million doses in
2025.
Malaria
Since WHO recommended our first-in-class RTS,S/AS01
malaria vaccine, developed with PATH and partners, in
2021, 12 countries have introduced it. A 2024 WHO
evaluation of the vaccine pilot in Ghana, Kenya and
Malawi, where over two million children received the RTS,S
vaccine between 2019 and 2023, reported a reduction in
all-cause mortality and a fall in hospitalisations with severe
malaria among children age-eligible for vaccinations
during this period.1
In 2025, Burundi and Guinea became the latest to
announce rollout of the vaccine. Bharat Biotech will
become the sole supplier following the transfer of
technology and know-how from GSK. This collaboration
exemplifies our model of shared responsibility in delivering
innovative vaccines to those who need them most.
Lymphatic filariasis
Lymphatic filariasis (LF) is a debilitating disease caused
by a parasite transmitted to humans by mosquitoes.
We’re committed to eliminating it by donating albendazole
tablets as part of an overall drive to tackle neglected
tropical diseases. We’ve donated over 10 billion tablets,
and the disease is now eliminated in 21 countries. The
programme, which marked its 25th anniversary in 2025,
has benefited over 943 million people according to WHO.
HIV
Our longest-standing voluntary licences cover single or
fixed dose combination products containing generic
dolutegravir for HIV treatment and through our partnerships
over 1.75 billion packs have been supplied. By the end of
2025 more than 26 million people across 129 countries had
access to a generic product containing dolutegravir –
that’s at least 90% of people living with HIV on antiretroviral
in generic-accessible low- and middle-income countries.
Although children only account for 3% of people living with
HIV, in 2024, they made up 12% of AIDS-related deaths.
We work with partners to get age-appropriate HIV
treatment options into the hands of those who need them.
For example, following FDA approval, we saw a rapid
rollout of paediatric dispersible dolutegravir and paediatric
formulations are now available in 123 countries.
We believe long-acting injectables are the key to ending
the HIV epidemic. That’s why, since 2022, we’ve focused
on increasing access to our long-acting injectable
cabotegravir for HIV prevention (CAB LA for PrEP). This
includes not only voluntary licences but committing to
make at least two million doses available for procurement
in low- and middle-income countries in 2025-26 and
providing funding of over £1.2 million to implementation
partners to ensure continuity of service.
Following updated guidance from the WHO, this year we
expanded our voluntary licence with the Medicines Patent
Pool to include long-acting cabotegravir (in combination
with J&J’s rilpivirine) for HIV treatment in 133 countries.
(1)World Health Organization, World Malaria Report 2024
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Global health and health security |
We are helping to address the biggest health
challenges faced by people around the world.
Our commitment
To develop novel products and technologies to treat and
prevent priority diseases, including pandemic threats.
Our Responsible Business Performance Rating
metrics 2025
–Progress four Global Health pipeline assets to address
priority WHO diseases
–Progress eight active R&D projects that address
pathogens prioritised by WHO and CDC as posing
the highest level of concern due to drug resistance
(critical and/or urgent threats)
Our progress in 2025
We are experts in many infectious diseases, including
tuberculosis (TB), malaria and HIV, that cause death and ill-
health for millions of people. We’re committed to developing
novel products and technologies to treat and prevent
priority diseases in lower income countries. Our work on
global health also helps us to attract and hold on to
outstanding people motivated by tackling some of the
world’s biggest health challenges. We have the largest
priority pipeline among the world’s 20 largest
pharmaceutical companies1, that seeks to address high-
burden diseases flagged as priorities by global health
stakeholders including the WHO.
R&D to tackle high-burden diseases in lower income
countries
We want to change the course of high-burden diseases
in lower income countries by preventing and treating
infectious diseases, including ones where AMR is a threat.
By the end of 2025, we’d invested 46% of the £1 billion we
committed in 2022 to accelerate R&D for Global Health.
We had also progressed seven Global Health pipeline
assets to address WHO priority diseases, including ones
exacerbated by changing climate conditions and those
that disproportionately affect people in lower income
countries.
We are committed to tackling TB, one of the world’s
deadliest infectious diseases. We have developed a
promising candidate vaccine, M72/AS01E, up to proof of
concept (phase IIb). In 2020, we partnered with the Gates
Medical Research Institute (Gates MRI) to advance its
development. The M72/AS01E vaccine candidate has now
progressed into phase III trials, funded by the Gates
Foundation and Wellcome. In 2025, enrolment of
approximately 20,000 people, including people living with
HIV, across five countries was completed 11 months ahead
of schedule.
In 2025, the European Medicines Agency granted
orphan drug designation to alpibectir and ethionamide
(AlpE) to treat TB, a status intended to encourage the
(1)2024 Access to Medicine Index
development of therapies for rare diseases. AlpE,
developed with BioVersys, is a combination of the small
molecule alpibectir and the antibiotic ethionamide, and it
received orphan drug designation from the FDA in 2023.
Following the 2024 launch of our world-first malaria vaccine
for children in endemic countries, targeting the deadliest
form of malaria, P. falciparum, we are developing a second-
generation malaria vaccine designed to further improve
protection against the disease. Development is currently
at the pre-clinical phase.
Strengthening health security
Innovating to counter antimicrobial resistance
AMR is a growing threat to people, healthcare and
economies, which could kill an estimated 10 million people
a year by 2050. By addressing AMR, we support people
and communities against infectious disease but also
protect our portfolio of medicines and vaccines, which
could become less effective as resistance increases. We
have more than 30 R&D projects including medicines and
vaccines relevant to AMR, with 17 targeting pathogens
deemed ‘critical’ (by WHO) and/or ‘urgent’ (by Centers
for Disease Control and Prevention).
In 2025, we reached important regulatory milestones in
AMR with the approval in the UK and US of Blujepa
(gepotidacin) as oral treatment for uncomplicated urinary
tract infections – also known as acute cystitis – with the US
also approving it for uncomplicated urogenital gonorrhoea.
These common infections are increasingly caused by
multidrug-resistant pathogens that are recognised by the
WHO and CDC as urgent health threats requiring new oral
antibiotics. In addition, Tebipenem HBr, which we’re
developing with Spero Therapeutics, could be the first oral
carbapenem antibiotic for patients with complicated urinary
tract infections (cUTIs). For more details see R&D on page
28.
Supporting appropriate use of antibiotics
We run several initiatives to support appropriate use of
antibiotics. This includes educating healthcare
professionals about using and prescribing antibiotics in the
right way, and the importance of surveillance studies. We
maintain our multinational Survey of Antibiotic Resistance
programme, which helps us generate and share data on
pathogens’ susceptibility to antibiotics. We also run
surveillance studies to support antimicrobial assets in late-
stage development.
Investing in innovation and partnership to find
and scale solutions to AMR
We’re investing £45 million to support the Fleming Initiative,
a global network combining scientific, technology, clinical,
policy and public engagement expertise to develop new
AMR interventions. In November, we announced six major
new research programmes with the Fleming Initiative,
combining scientific expertise with cutting-edge AI
technology to accelerate AMR research. This includes
funding for around 50 dedicated UK scientific and
academic positions focused on AMR research.
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We’ve also committed €4.5 million to the Global Antibiotic
Research & Development Partnership (GARDP) for
2025-27 to shape the policy environment for sustainable
and appropriate use of antibiotics in lower income
countries. In 2025, we worked together to understand
the current access ecosystem and explore pathways
to market for antibiotics.
Partnering for pandemic preparedness
To help prevent and respond to health security
emergencies, we work with governments and other
stakeholders to strengthen global preparedness and
get ahead of disease together. This means drawing
on what we’ve learned from COVID-19 and previous
outbreaks, championing innovation and promoting
sustainable approaches for the biopharmaceutical
sector and public health.
As part of the President’s Strategic Active Pharmaceutical
Ingredients Reserve (SAPIR), in December 2025 GSK
entered into an agreement with the US Government to
strengthen the resilience of the US supply chain for critical
medicines by securing a domestic reserve of albuterol
(also known as salbutamol), the active ingredient used
in many inhalers.
We have contracts with the European Commission’s Health
Emergency Preparedness and Response Authority (HERA),
Canada, the US, and WHO to supply Adjupanrix (to 12
European countries) and Arepanrix (US and Canada) if
the WHO declares an influenza pandemic. These contracts
reserve production and supply of the vaccine and together
could provide at least 200 million doses.
We also have an influenza A (H5N1) pre-pandemic vaccine
candidate in phase II development, which has been
granted fast track designation by the FDA.
Environment |
Climate change and nature loss pose risks to human
health and business resilience. By reducing our
environmental impact, we help safeguard our long-term
business success and boost our ability to get ahead of
disease.
Our commitment
Commit to a net zero, nature positive, healthier planet
with ambitious goals set for 2030 and 2045.
Our Responsible Business Performance Rating
metrics 2025
–Operational emissions reduction (Scope 1 & 2 market-
based emissions)
–Complete Clinical Studies to enable filing of low carbon
version of Ventolin MDI
–Percentage of carbon credit volume in project pipeline
–Average of the percentage of GSK sites and suppliers
compliant with wastewater active pharmaceutical
ingredient (API) limits and the percentage of sites and
suppliers that are compliant with the AMR Industry
Alliance Common Antibiotic Manufacturing Framework
and discharge limits
Our progress in 2025
Climate change and nature loss are changing the spread
and burden of disease and pose a threat to human health,
putting increasing, putting growing pressure on healthcare
systems. This is why we’ve set environmental goals for
2030 and 2045 across our value chain. Working to meet
these goals reduces our impact on the planet and supports
our long-term performance, helping us to adapt to
anticipated changes in regulation and meet growing
demand for medicines with a lower environmental impact.
Climate
We have a clear pathway to a net zero impact on climate
with ambitious targets for 2030 and 2045. These targets
are approved by the Science Based Targets initiative
(SBTi) Net Zero Standard.
Our value chain carbon footprint1 is made up of Scope 1 &
2 emissions from our own operations (6%) and Scope 3
emissions from our supply chain (38%), emissions from
logistics (4%), from people using our products (mostly
metered-dose inhalers) (52%) and from the disposal
of our products (<1%).
Long-term targets2
–80% absolute reduction in greenhouse gas emissions
from a 2020 baseline, across all scopes, and investment
in nature-based solutions for the remaining 20% of our
footprint by 2030
–Net zero greenhouse gas emissions across our full value
chain by 2045: 90% absolute reduction in emissions from
a 2020 baseline, across all scopes, and all residual
emissions neutralised
–100% renewably imported and generated electricity
by 2030 (Scope 2)
| Task Force on Climate-related Financial Disclosures (TCFD) page 63 |
(1)Based on 2024 data
(2) The target boundary includes biogenic land-related emissions and
removals from bioenergy feedstocks
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Progress to date on carbon reduction pathway
From our baseline year in 2020 to 2024 (latest available
data), we have reduced carbon emissions by 17% across
all scopes, while increasing our revenue by 29%. This
means we have reduced our overall carbon to revenue
ratio by 36%, showing how we are decoupling growth
and environmental impact.
–In 2025, we reduced our Scope 1 & 2 carbon emissions
by 14% compared with 2024, and by 45% compared
with our 2020 baseline
–This year we achieved our 2025 target to transition
100% of imported electricity to renewable sources.
We’re making progress towards our remaining 2030
target to have 100% renewably imported and generated
electricity by 2030 (currently at 85%)
–Scope 3 emissions are 16% lower than our baseline year
of 2020, falling by 7% in 2024 (our latest available data)
compared with 20231
Progress in 2025
Key factors in reducing our Scope 1 & 2 carbon emissions
in 2025 were switching to renewable electricity at our
Singapore facilities, installing onsite renewable electricity
generation at five sites and investment in process
efficiencies.
Millions of people use Ventolin, our reliever metered dose
inhaler medication, which currently accounts for 43% of our
total carbon footprint. We have announced positive pivotal
phase III data for a next-generation low-carbon version of
Ventolin MDI, and these findings will support regulatory
submissions. If approved, this version has the potential to
reduce greenhouse gas emissions by 92% per inhaler, with
launch expected from 2026.
Our supply chain emissions decreased by 6%, primarily
due to suppliers switching to renewable electricity.
Through the Sustainable Markets Initiative (SMI) Health
Systems Task Force, we co-led a Power Purchase
Agreement (PPA) with peers and suppliers in China. This
collaboration among 12 companies will unlock
approximately 225 GWh of renewable electricity annually
for the research, development and manufacture of
medicines.
We also engaged with suppliers on updated minimum
sustainability targets set out by the SMI Health Task Force.
Increased engagement with our suppliers has enabled us
to reflect real emissions reductions from suppliers.
Investing in carbon credits
Target: We plan to secure high-quality carbon credits
for the 20% emissions we estimate to have as residual in
2030, and for a maximum of 10% residual emissions by
2045 (from a 2020 baseline).
At the end of 2025, we’d secured carbon credits for 8% of
the estimated residual emissions, that is 40% of the carbon
credit volume required. This included additional investment
in a peat and mangrove restoration project in Indonesia.
(1)Our Scope 3 data is currently based on the latest available 2024
data, except for 2025 Scope 3 emissions from patient use of
inhalers. However from 2026 we are aiming to report in-year data
across all scopes
Nature
Human health relies on the fundamentals of nature: clean
air and freshwater. Nature loss has a range of negative
impacts on health. For example, reduced air quality
increases the incidence and severity of respiratory
diseases, while habitat degradation and deforestation are
increasing the risk of new human pathogens and
pandemics.
At the same time, nature can inspire innovation in science,
as scientists can find new solutions by observing the
natural world. By working to protect nature we protect
human health and safeguard the supply of raw materials
we need to manufacture our medicines and vaccines.
We were selected by the Science Based Target Network
(SBTN) pilot to set science-based nature targets and we’re
now among the first companies globally with independently
validated targets for land and freshwater. We also report
against the Taskforce for Nature-related Financial
Disclosures (TNFD) framework on gsk.com.
Freshwater
We use water across our operations and supply chain
for the production of our medicines and vaccines.
Target: 100% of our sites to practice good water
stewardship by 2030
We met our original target to achieve good water
stewardship, as defined by the Alliance for Water
Stewardship’s definition, at 100% of sites in 2023, two
years ahead of the target date. We intend to maintain this
performance through to 2030. We continue to evolve our
assessment methodology in line with external best
practice.
Target: Reduce overall water use in our operations by 20%
by 2030
We met our overall water reduction target across our
network in 2022. In 2025, we reduced overall water use in
our operations by an additional 3% compared with 2024.
This is a decrease of 30% for overall water use from our
2020 baseline.
Target: Be water neutral in our own operations and at key
suppliers in water-stressed regions by 2030
We have five sites across three water-stressed basins –
specifically in Algeria, India and Pakistan – where we
operate and have suppliers. We define water neutrality
as practising water stewardship, reduced water use, water
replenishment and addressing shared water challenges,
and have specific requirements for both our sites and co-
located suppliers.
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We have reduced water use in these water-stressed areas
by an additional 4%, a total of 19% since 2020. We are
engaging with co-located suppliers on the setting of water
targets, including providing support to define criteria and
plans where necessary.
To deliver water replenishment, we commenced a
partnership with WWF. This aims to build business
resilience by protecting and restoring freshwater
ecosystems in our own operations and our supply chain in
water-stressed basins in India and Pakistan.
Target: All sites and key suppliers meet ‘predicted no
effect concentrations’ (PNECs) for active pharmaceutical
ingredients in the environment by 20301
In 2025, 100% of all sites and key suppliers had API
discharges below predicted no-effect concentration
levels, as defined by the AMR Industry Alliance and API
Wastewater Discharge limits, compared with >99% in
2024. This increase has been driven by successful
engagement with remaining suppliers. 100% of our own
sites remained within AMR Alliance and API Wastewater
discharge limits.
Land
Some of our products use natural resources that derive
from agricultural commodities, which can be a factor
in deforestation and changing land use if not sourced
sustainably. Our Land targets have been independently
validated by the Science Based Target Network.
Target: Positive impact on biodiversity at all GSK-owned
sites by 20302
In 2025, 100% of our sites have assessed their baseline
and have biodiversity net gain management plans in place.
Some sites such as Stevenage, Zebulon and Wavre have
already started implementation and are evaluating the
biodiversity increase they achieved.
Target: 100% of key3 naturally-derived materials
sustainably sourced and deforestation free by 2030
Our approach to sustainable sourcing focuses on naturally
derived materials that are important to our business and
where there are multiple impacts on nature. We’ve
developed Sustainable Sourcing Standards, in consultation
with third-party experts, for our 12 key naturally-derived
materials4. In 2025, 51% of those materials were
sustainably sourced and deforestation free. We can
achieve sustainable sourcing for these materials either
through purchasing certified materials or completing
supplier audits.
Oceans
We make an impact on marine ecosystems primarily
(1)Below the predicted no-effect concentration level, as defined by the AMR
Alliance and API Wastewater discharge limits
(2)Using the Natural England Biodiversity Net Gain methodology
(3)Definition clarified in 2024 to reflect priority materials
(4)Aluminium, cellulose (HPMC & MCC), eggs, horseshoe crab blood,
lactose, palm oil, paper packaging, rapeseed oil, soap bark extract
(QS-21), soy, squalene, sugar (glucose, mannitol, sorbitol, sucrose)
(5)Including a 20% reduction in routine hazardous and non-hazardous waste
(6)We achieved zero operational waste to landfill except where local legal
requirements specify that regulated wastes must be disposed in a landfill
through our use of horseshoe crab blood and squalene
to manufacture our vaccines and medicines.
Target: 100% of key marine-derived materials to be
sustainably sourced by 2030
In the long-term, we are seeking to transition to
alternatives to marine-derived materials, wherever
possible from both a technical and regulatory perspective.
We use limulus amoebocyte lysate (LAL), derived from
horseshoe crabs, for endotoxin testing to ensure the safety
and quality of medicines and vaccines and for water testing.
Water testing accounts for most of our LAL use. We’ve
reduced that by 60% since 2020 through process
efficiencies, and are working with regulators and suppliers to
adopt LAL-free alternatives for our products.
Squalene is used as an ingredient in one of our pandemic
vaccine adjuvants. We have identified and are currently
evaluating potential non-animal alternatives.
Waste
We are committed to reducing our operational and supply
chain waste.
Target: Zero operational waste5 by 2030
In 2025, we reduced operational waste by 18% compared
to 2024, and a total of 38% since 2020. The amount of
materials recovered by circular routes increased by 4% to
58%. We maintained zero operational waste to landfill.6
Target: 10% waste reduction from our supply chain
by 2030
In 2025 we established a 2022 baseline for upstream waste
of 3.8 million tonnes, using a third-party lifecycle analysis
(LCA)-based methodology. This means our 10% waste
reduction target is to reduce upstream waste by 380,000
tonnes by 2030.
We have achieved a 3% reduction, primarily through
engagement with our aluminium packaging supply chain,
as part of our Sustainable Procurement Programme.
Product and packaging
Target: 25% environmental impact reduction for our
products and packaging by 2030
Building on the foundational work completed over the last
few years to conduct lifecycle assessments of our
products, this year we have finalised the scope and
methodology to measure progress against this target. This
target focuses on the products, including the packaging,
that are anticipated to be the main drivers of our 2030
carbon footprint if no eco design action was taken. Moving
forward we will track the environmental impact reduction of
eco-design interventions on these products, measured
through carbon emissions reductions. 42% of the products
in scope, which include products in our anti-infectives and
respiratory portfolios, have environmental impact reduction
plans in place. We aim to have plans in place for all of the
products in scope by the end of 2026.
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Inclusion |
Inclusion is an integral part of our ambition and strategy –
for patients and for our people.
We’re committed to making sure clinical trials, patient
and community outreach and partnerships are inclusive
of the people affected by the diseases we address. This
is fundamental to developing medicines and vaccines that
are rooted in sound science, meet patients’ needs and
reach the people who need them.
We’re also committed to supporting our people to thrive.
We believe in the power of an inclusive culture and
differing perspectives and experiences to unlock the full
potential of the company.
Our Responsible Business Performance Rating
metrics 2025
–% of phase III trials completing enrolment in 2025 that
have met our required threshold1 of trial participants,
consistent with disease epidemiology
Our progress in 2025
Representative clinical studies
Diseases and medicines can affect people differently
depending on their ethnicity, sex, race and age. This
means we need to make sure our clinical trials include
people affected by the disease being studied. This
supports our business performance by giving healthcare
providers and the people who are prescribed our
medicines and vaccines confidence in the safety and
effectiveness of our products.
Before starting enrolment, all our phase III clinical trials
have representation plans to reflect the people most
affected by a particular disease. In 2025, four phase III
trials completed enrolment. Of these, two (50%) met
the enrolment thresholds1 we set to ensure trial participants
represent the disease epidemiology under study. This
outcome fell short of the 2025 target of 75%. We will
continue to focus our efforts on improving trial participant
representation.
Patients can often struggle to join clinical trials because
of issues like travel to trial sites, especially when suffering
from disease symptoms. As part of our global study of
an investigational medicine for cholestatic pruritus, we
enabled patients in the US to participate from home.
This also allowed us to collect real-time data from them
in their homes. This approach, in collaboration with our
partner, Science 37, helped expand the pool of
participants, who would otherwise have had to travel
hundreds of miles to a clinical site. It also made it more
likely they’d finish the trial, with 82.3% completing part A of
the trial – the crucial milestone for evaluating the
investigational drug's initial effects compared to placebo.
Supporting inclusion as part of our culture
To unlock the potential of our people and perform at our
best, we’re committed to creating a workplace environment
anchored in:
–Fairness – a culture, policies and practices that reinforce
respect, equal opportunity and non-discrimination and
provide the support people need
–Belonging – everyone feeling safe to express themselves
and their ideas, valued for their contributions and
included as part of a thriving workforce which welcomes
and celebrates varying backgrounds and perspectives
–Opportunity – everyone, whoever they are, having
access to opportunities and support to develop and
realise their full potential based on their skills and
experience
We remain committed to equal opportunities, non-
discrimination and merit-based decision making in the
recruitment, leadership, support and development of our
people. This means making sure we have fair processes
and broad outreach designed to be inclusive and
accessible to potential candidates, so that we find the best
people.
We set out our expectations for everyone on Inclusion in
our Code and mandatory learning programme. Our 2026
employee engagement survey will include new questions
to measure how people feel about our commitment to
building an inclusive work environment.
In 2025, we kept Inclusion in-focus in our learning
and development programmes. We continue to introduce
new content to enable our people to learn from different
perspectives and to contribute to an environment where
people feel supported, confident and motivated to perform
at their best. Our programmes build key Inclusion skills,
such as active listening, self-awareness and openness to
learning.
Our leadership programmes specifically emphasise
behaviours that foster a culture where people feel safe,
valued and empowered to thrive.
In 2025, we formed a new Global Inclusion Council to act
as a strategic advisory group, bringing together internal
perspectives to inform, support, and amplify our people-
focused Inclusion efforts across the company. The Council
offers insights, identifies opportunities, and advises on
integrating inclusive practices that support our principles of
Fairness, Belonging and Opportunity. Chaired by the Chief
People Officer, membership is drawn from across GSK and
ViiV Healthcare and includes another ExCom member, and
employees representing the perspectives of our workforce.
(1)Defined by meeting ≥80% of each demographic objective (up to a ceiling
of 120%) described in the plan based on disease epidemiology
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Ethical standards |
Conducting ourselves in the right way, and making
sure those we work with do likewise, sustains trust in
our work and strengthens our business.
Our commitment
Promote ethical behaviour across our business by
supporting our employees to do the right thing and
working with suppliers that share our standards and
operate in a responsible way.
Our Responsible Business Performance Rating
metrics 2025
–Percentage of employees and complementary workers
complete GSK’s 2025 mandatory training
–80% of direct high-risk suppliers achieve GSK’s minimum
EcoVadis score or have an improvement plan in place
Our progress in 2025
How we do things is as important as what we do.
This means that it is important that all our people, and
everyone who works on our behalf, conducts themselves
in the right way. This builds trust in what we do, protects
our business and helps create a workplace where we all
thrive. Getting this wrong is costly to our business in terms
of legal, reputational and financial risk, as well as
undermining trust with key stakeholders.
Our Code of Conduct (The Code) guides our people to
do the right thing and act on any concerns they have.
We expect everyone who works for us to live up to this,
and we expect the same of our suppliers. The Code is
supported by specific global policies and standards and
an accompanying global learning curriculum, which
all our people are required to complete. In 2025, 100%
of our employees and 99% of complementary workers
completed this training.
We have separate specialist ABAC training for our people
working with very high-risk third parties, which helps them
identify and manage any ABAC risk.
Reporting and investigating concerns
Anyone – whether internal or external to GSK – can report
concerns through our Speak Up channels, which include
line managers, compliance, legal and HR teams, as well as
our independently managed web reporting platform and
helpline. People can report concerns anonymously where
permissible by local laws. All reports are treated
confidentially, and we have zero tolerance for retaliation.
Each concern is carefully assessed to determine whether
a formal investigation is required. Where breaches of our
Code, policies, or applicable laws and regulations are
identified, we take appropriate action in line with our
procedures, disciplinary framework and local legal
requirements.
In 2025, we strengthened our monitoring processes to
better detect instances of non-compliance with hybrid
working and cyber security policies and focused
management attention on the criteria triggering
management or disciplinary action. We also updated our
processes to include non-compliance with attendance
policies. As a result of these changes, along with localised
incidents involving individual breaches of internal policies,
the number of employees disciplined in 2025 increased
from the previous year1.
Our commitment to human rights
We are committed to respecting internationally recognised
human rights wherever we do business. We are signatories
to the UN Global Compact and our Human Rights Position
Statement lays out our commitment to the UN Guiding
Principles on Business and Human Rights.
In 2025, we reviewed the measures and controls that help
us manage risks related to our salient issues – the areas
where GSK’s potential to impact on human rights is
greatest. Potential risks are currently well managed and we
are working to address areas where we can further
strengthen our approach, such as monitoring emerging
risks. We also reviewed our approach to labour rights
management of third parties and plan to integrate
enhanced controls, supported with additional training for
key members.
Working with third parties
We want to work with business partners who share our
commitment to high ethical standards and operate in
a responsible way. How these third parties act can have
a direct impact on us. It’s important to manage our
relationships with them well, including the way we choose,
contract and monitor them.
Our third-party risk management programme provides a
framework for identifying and managing risks linked to our
external partners. We expect our third parties to comply
with applicable laws and adopt, as a minimum, our
standards on ABAC, labour rights and cyber security.
Where relevant, they must also meet our expectations for
quality, patient safety, health and safety, data and the
environment. New partners undergo an initial risk
assessment, while existing ones are reassessed
periodically, with corrective action taken when standards
are not met.
We classify third parties as low, medium, high or very
high risk based on factors including legal jurisdiction,
markets involved and the nature of the activity. In 2025,
we conducted 11,999 risk assessments across 18 risk
areas to identify what level of additional engagement is
required.
(1) We have restated 2024 data using the new methodology to enable
comparison
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We monitor and give extra support to manage our third-
party environment, health and safety (EHS) risk1. In 2025,
we conducted 41 EHS audits of third parties to evaluate
EHS risk in line with Pharmaceutical Supply Chain Initiative
guidelines. We also worked with suppliers to help them
improve their EcoVadis scores and in 2025, 92% of direct
high-risk suppliers achieved GSK’s minimum Ecovadis
score, or have an improvement plan in place.
Responsible use of data and AI
Data is critical for achieving our goals for patients, and
advancements in artificial intelligence (AI) and machine
learning (ML) offer huge potential. As these technologies
evolve, we must use them responsibly and ethically. With
the increasing volume and sensitivity of data processed
by AI/ML, our focus extends beyond regulatory compliance
to robust data governance, ethical safeguards, and
embedding privacy into every project from the very start.
We uphold high standards of data ethics and privacy and
require our partners to do the same. Our Responsible AI
framework is embedded across the enterprise through
governance, oversight and operational controls.
Our cross-functional AI Governance Council (AIGC) sets
enterprise-wide governance and standards to foster a
responsible AI/ML ecosystem. It monitors the external
regulatory landscape and anticipates emerging risks. We
continue to embed our AI governance, policy, principles
and procedures. GSK businesses and global functions
conduct risk-based assessments to ensure AI systems
align with our AI principles and the ethical standards set
out in The Code.
Our public policy position on responsible AI sets out
our views and commitments and expectations from
policymakers. We take a holistic, principles-led approach
to global regulation, engaging with policymakers to
promote innovation while protecting safety and trust.
Human oversight is a foundational element of our
Responsible AI framework. This year, we continued to
provide two types of training for our people: general
enterprise training on the basics of AI and how to use
AI models safely and ethically, and more targeted training
on rules of engagement for different types of systems and
platforms.
Our Digital and Privacy Governance Board oversees
data ethics and privacy, ensuring alignment with evolving
regulations and risk management practices. We also
deploy cyber security controls and monitor and mitigate
new and emerging cyber threats to protect ourselves from
these risks. For more on our approach to both data and
ethics and cyber security, including governance and
mitigation, see Risk Factors on page 260.
(1)We determine priority EHS suppliers using risk model criteria that
consider spend, revenue critical, medically critical, single-sourced
with no alternative, and for those suppliers that apply to R&D criteria
that considers the multiple stages of development and the number of
projects/developments assigned to the suppliers
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Product governance |
Ensuring the quality, safety and reliable
supply of our products helps us to meet the
high standards we set ourselves as a
company.
Our commitment
We commit to maintaining robust quality and safety
processes, and using data and new technologies
responsibly.
Our Responsible Business Performance Rating
metrics 2025
–Average number of critical and major findings per
inspection by FDA/MHRA/EMA regulators1
–Number of FDA warning letters
–Total number of Class I/II external product recalls across
all markets
Our progress in 2025
We aim for a mindset that prioritises quality throughout
the business, supported by a global network of quality and
compliance professionals across our business, from site
level to senior management. We have an ongoing
programme to drive continuous improvement of quality
management maturity and behaviours.
In 2025, we enhanced our quality systems with advanced
digital technologies, strengthening data protection and
improving data integrity and governance. We’ve also
improved our key quality processes and manufacturing
and distribution practices, establishing new internal
standards to support continued compliance and inspection
readiness.
A focus on quality
Our Quality Management System provides the standards
our people must follow to support good distribution and
manufacturing practice. It helps us maintain a compliant
approach to all our quality activities, in line with regulatory
expectations in the markets we supply. We continue to
strengthen our Quality Management System and audit and
quality assurance programmes across R&D. In 2025, we
expanded these efforts to include regulatory processes,
ensuring that product quality risks are effectively identified
and mitigated throughout all stages of our operations.
Regulatory inspections and recalls
In 2025, we had 134 regulatory inspections at our
manufacturing sites and local operating companies,
compared with 1142 in 2024. We received no warning
letters from the US Food and Drug Administration (FDA),
no critical findings from the UK Medicines and Healthcare
products Regulatory Agency (MHRA) and no critical
findings from the European Medicines Agency (EMA)
national competent authorities. We respond to, and learn
from, all inspection findings from all regulators and take the
necessary action to address them.
In 2025, we had no Class I product recalls and two Class II
product recalls. We engaged with regulators and
responded quickly to withdraw any impacted product. We
don’t hesitate to recall products voluntarily where
appropriate. In 2025, we launched several initiatives to
improve our systems and processes, to reduce the risk of
product quality and compliance issues that lead to market
action.
We are also investing in our facilities to stay ahead of
regulatory requirements, utilising AI and digital
technologies to transform our approach to product
development and manufacturing, allowing us to predict
issues before they arise. This includes our smart
manufacturing programme, which aims to improve first-
time quality, reduce deviations, and ensure compliance,
ultimately enabling faster delivery of our portfolio and
pipeline.
Pharmacovigilance
Our pharmacovigilance system monitors and reviews the
safety of our products throughout clinical development and
after regulatory approval. This system is designed to
monitor and review patient safety for our marketed and
investigational medicines and vaccines. We also use the
system to provide reliable, comprehensive information on
our products’ overall benefit-risk balance. This in turn helps
to support public health programmes.
Counterfeit medicines and vaccines
Counterfeit products pose serious risks to patient health
and GSK’s reputation. We are committed to a robust
programme to combat counterfeiting, encompassing
global online monitoring and enforcement, trademark
registration with customs in high-risk markets, proactive
investigations in collaboration with authorities and other
pharmaceutical companies and chemical forensic testing
of counterfeits and sharing the results with the authorities.
We report all confirmed cases of counterfeit products to the
WHO and to relevant regulatory authorities.
In 2025, GSK’s investigations led to successful raids and
seizures, notably the confiscation of large quantities of fake
Augmentin tablets and the dismantling of a manufacturing
facility in India which had been producing counterfeit
medicines of several pharmaceutical companies, resulting
in multiple arrests. Intelligence sharing with law
enforcement was key to these operations. GSK also
delivered substantial training to Customs, law enforcement
and our internal sales and quality teams in high-risk
regions.
(1)We consider any observations from the US FDA as major findings
(2)2024 data has been updated for accuracy
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Our culture and people | |||||||||||
Our purpose puts our people at
the heart of our success. We have
defined and continue to embed
a culture that supports delivery
of our ambitions and enables
our people to thrive.
Our culture
Ambitious for patients to deliver what matters better and faster |
Accountable for impact with clear ownership and support to succeed |
Do the right thing with integrity and care because people count on us |
Our culture is the foundation for how we achieve our
purpose and ambitions by uniting science, technology
and talent to get ahead of disease together. By all
living our culture, we can unlock the full potential of
our company so that we can perform and deliver for
patients, shareholders and our people.
This means we support our people to focus and do things
better and faster. It means setting focused, ambitious
objectives, creating accountability for impact and giving
everyone the support and space they need to succeed.
It also means doing the right thing with integrity and care.
We continue to embed our culture globally. This includes how
we recruit and onboard, train and develop, as well as assess
our people’s performance and readiness for promotion. Each
year, everyone signs up to the Code, which sets out our
culture as well as the commitments GSK and our people
make so we can deliver on our ambition in the right way.
Every year we measure our progress on embedding the
culture at GSK. In 2025, we engaged a cohort of our leaders
to understand people’s day-to-day experience of our culture
more deeply. The outcomes validated steps we’re taking to
accelerate our culture, including building skills in decision
making to drive results, making it easier to try new things and
supporting leaders to create an environment where people
can safely speak up and share ideas. The Board also
regularly monitors and assesses how we've embedded our
culture.
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Developing outstanding people
Recruiting and developing outstanding, talented people
is central to delivering transformative medicines and
vaccines that people need.
As technology advances and business needs change,
the skills we need to drive future innovation and growth
evolve. We actively recruit for these skills and give our
people opportunities to build their capabilities,
strengthening our internal talent pipeline.
From the moment people join GSK, we deliver an engaging
onboarding approach to accelerate the growth of our
new joiners, with the support of their manager and team.
Development is a continued focus throughout people’s
careers at GSK, with everyone expected to take ownership
of their development and have an agreed development
plan.
In response to changing skills needs and expectations of
our employees and business, we launched a new Learning
and Development (L&D) Hub in 2025. Our L&D Hub uses
AI to create a personalised learning experience for
individuals, helping to build skills specific to their current or
future roles, alongside leadership and culture skills.
Our managers play a crucial role in helping their teams
to grow, perform and thrive. We expect them to motivate,
focus, care for and develop their teams and we deliver
training anchored in these four areas. We invest in
developing the skills and capabilities of current leaders,
as well as growing the next generation of senior leaders.
Our leadership development programmes include First
Line Leader, to support our foundational expectations
of leadership at GSK, and our award-winning Leading
Leaders for senior directors.
Helping everyone get ahead with AI
Given the speed of technological change and the
opportunities this creates for us to deliver innovation to
patients at pace, continuing to strengthen our people’s
capabilities in using and applying AI is a priority.
Whatever people’s role or experience, we want them to
feel confident in using AI effectively and responsibly to
support their work. We now have several AI agents across
GSK; and GiGi, an AI-powered digital assistant for
everyone, that helps people manage day-to-day tasks.
More than 50,000 people across GSK use GiGi monthly.
This year, DataCon, our annual global digital development
event, focused on helping people get the most out of our
AI tools. At DataCon, we launched our new AI Pioneers
community. Open to all, AI Pioneers gives people early
access to learn about and test new AI tools and
capabilities.
| Read about how technology is accelerating our R&D on page 30 |
Recognising and rewarding people
Sharing our success and recognising and rewarding our
people fairly, not just on the progress we have made but
how we have made it, continues to be an important part of
our culture. Our bonus scheme rewards people annually
based on company performance. Each year, we also
award 10% of our people with ‘Ahead Together’ awards for
delivering exceptional performance and living our culture
of being ambitious for patients, accountable for their
impact, and doing the right thing. Those who are not
delivering on their objectives, are significantly behind
peers, or do not meet standards including not living our
culture, are noted as ‘missed performance’. The 5% of our
people identified annually as ‘missed performance’ are
supported with appropriate action to deliver improvement.
Supporting people to thrive
People thrive in different ways, but there are common
themes that matter to everyone. We strive to be an
inclusive workplace where everyone can be themselves
and where different perspectives and contributions are
valued. Everything we do is anchored in the principles of
fairness, belonging and opportunity. This helps us attract
and retain the best people, and helps them perform at their
best, so that we can all get ahead of disease, together.
At GSK, preventing disease and keeping people well are
at the heart of what we do – and that begins with our
own people. That’s why we provide a range of health
and wellbeing benefits to support people to manage
their physical, emotional, mental and financial wellbeing
through different life stages in ways that work for them.
These include:
–Hybrid working for those in office-based roles allowing
the right balance of on-site and remote working.
–Thrive Global, a science-led digital platform which
supports mental resilience and overall wellbeing with
personalised, AI-driven micro steps towards individual
goals. We have so far launched this in 62 countries,
reaching 90% of our people with positive uptake and
engagement.
–Our global Partnership for Prevention programme,
which provides our people and their families with access
to preventive healthcare services in line with the
recommendations of the World Health Organization
(WHO).
–Our Global Employee Assistance Programme (EAP),
which offers free, confidential help and support for our
people and their families 24/7. In 2025 we enhanced our
EAP to bring our people even better access and a wider
range of support, wherever they are in the world.
–Financial wellbeing support for our people, which
includes access to ‘Nudge’, a financial education
platform in over 60 countries, helping people manage
their finances and achieve their financial goals.
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Our culture and people continued | |||||||||||
To enable our managers to better care for their teams by
identifying and responding to their people's challenges,
92% of managers have undertaken mental health training
since the end of 2019. This year, we also introduced
content on mental health into our annual mandatory training
which 100% of employees and 99% of complementary
workers completed in 2025.
We encourage our people to volunteer so we can make
an even bigger impact on our communities. We match
volunteering opportunities to our ambition, strategy and
charitable investment themes: Health for people, Health
for the planet, Innovators for the future. This year our
people have donated over 55,000 hours of volunteering
time.
| Read more on Inclusion on page 53 |
How people experience GSK
We regularly measure people’s experience of GSK as
a place to work. This has included running an annual
survey since 2017 for all our people, featuring questions on
engagement, confidence, inclusivity, our culture focus
areas and trust priorities. Listening to our people is
important. Responding and taking meaningful action, even
more so. In 2025 we therefore focused on responding to
insights and learning from previous surveys rather than
running a full annual survey. The launch of our new L&D
Hub is one example of this, addressing feedback from our
people who told us that they wanted a more individualised
and dynamic learning and development experience. We
plan to run a survey for all our people again in 2026.
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GSK 2025 Annual Report on Form 20-F | |||||||||||
Risk management
and disclosure
statements
In this section | |
Risk management | 61 |
Climate-related financial disclosures | 63 |
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Risk management | |||||||||||
Our strategy for growth is underpinned by a well-embedded risk management
and internal control framework, overseen and evaluated by our Board.
Our risk management and internal control
policy and framework
Our risk management and internal control framework
enables our Board to evaluate and oversee how we
manage principal and emerging risks in line with our
strategy and long-term priorities. Our policy sets out the
requirements, roles and responsibilities for the
management and governance of risks and controls and
provides guidance on the essential elements of our internal
control framework. These essential elements help us to
identify, assess, manage, report and oversee risks relevant
to our business activities. The framework helps make sure
we manage our risks proportionately, in line with our risk
appetite, throughout the year in a timely and transparent
way to support our strategic objectives. Our framework
also incorporates business continuity planning so that we
can continue to operate in the event of a crisis.
Our framework is in line with industry standards and legal
and regulatory requirements. During the year, we assessed
our framework to make sure we met the UK Corporate
Governance Code requirements. Our Chief Compliance
Officer reports on the effectiveness of our risk management
and internal controls and areas for continuous
improvement to the Audit and Risk Committee (ARC)
biannually to enable their oversight of our framework.
Our Code of Conduct sets out the overarching expectations
for our employees and complementary workers. We aim
to do the right thing with integrity and care as part of our
culture. Our risk management framework complements our
culture and Speak Up processes in making sure that we
identify and mitigate risks effectively. We monitor our most
important risks and take action to address issues. Our
annual confirmation exercise with General Managers, Site
Directors, senior leaders and the Executive Committee
(ExCom), validates that key risks are well managed and that
actions are in place to address gaps.
| Internal control framework - see page 122 |
Board oversight and governance
The Board oversees our system of risk management and
internal controls and establishes our risk appetite,
supported by the ARC. Cyber security risks are overseen
by both the ARC and the Board. We describe the
responsibilities and remits of the Board and its committees
on page 107.
Our Risk Oversight and Compliance Council (ROCC),
co-chaired by our Group General Counsel and our Chief
Compliance Officer, enables the ARC, CRC and Science
Committee to oversee risks, and the strategies to address
them. At the same time, risk management and compliance
boards (RMCBs) across the Group promote the ‘tone from
the top’, establish our risk culture, oversee the
effectiveness of risk management activities and
communicate information about internal controls. Our
business is expected to deliver its objectives in line with
the risk appetite established for our principal risks. The
Disclosure Committee is responsible for considering the
materiality of information and determining when it should
be disclosed.
An enterprise risk owner is responsible for each principal
risk, overseen by an ExCom member, and reports risk and
mitigation to ROCC or the ExCom and the appropriate
Board committee throughout the year. Significant risks or
issues can also be escalated to the ExCom, ROCC or
appropriate risk governance forum (e.g., Global Safety
Board) as needed. Legal & Compliance support these
efforts by advising on our business strategies, activities,
risks and controls. Audit & Assurance assess the
adequacy and effectiveness of our framework.
| ARC report - see page 120 |
Assessing current, evolving and emerging
risks
We use our corporate risk assessment methodology to
assess our risks, including our principal risks. This
considers the likelihood and potential impact of risks, and
the timescale over which a risk could occur based on the
most probable scenario and in the context of our existing
internal controls. Our impact assessments include
considerations across patient safety, quality and supply;
environment, health and safety; legal matters; people;
regulatory; reputation; strategic objectives; and finance,
incorporating materiality thresholds. A risk assessment
enables us to categorise our risks and ensure appropriate
controls, monitoring and oversight. We define our principal
risks as those that could negatively impact our business
model, future performance, solvency or liquidity.
We evaluate emerging risks that could affect our ability to
achieve our long-term priorities over a three-year horizon,
in line with our viability statement. We also define risks as
‘emerging’ if we need to know more about how likely they
are to materialise, or what impact they would have if they
did. We evaluate emerging risks to understand their impact
on the company and how they should be categorised,
managed and reported.
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Risk management continued | |||||||||||
We continue to monitor the horizon throughout the year to
identify external trends, opportunities and risks, including
evolving and emerging risks, which may potentially impact
us. We assess these against our business activities and
controls to determine how to categorise and treat them,
and where we might need to take more action with relevant
results discussed at our RMCBs and ROCC.
ROCC conducts an annual risk review to assess principal
and emerging risks and other significant risk factors for the
company. The review is supported by extensive analysis of
external trends and insights, senior-level interviews, and
recommendations from RMCBs and risk owners. It includes
a description of the principal risks and how they were
managed within the year, as well as proposals for changes
to our risks for the following year. The review is shared with
the ARC and Board for assessment and agreement and
forms the basis for the following year’s risk management
focus.
Managing our principal risks
For our principal risks overseen by ROCC, we define our
strategy for how we will manage the risk through enterprise
risk plans. The plans include a description of the risk; its
context, including third-party aspects and AI implications;
our risk assessment and appetite; how we will treat the risk;
and the actions we will take to mitigate the risk. Also, the
plans include key risk indicators with risk reporting
thresholds aligned to risk appetite to support monitoring
and oversight throughout the year. These risks also have
internal control framework plans, which detail the controls
the business needs to perform or implement to support the
enterprise risk plan strategy, including controls for
responding to problems and crises. Enterprise risk owners
report every quarter on the status of the enterprise risk
plan, internal control framework implementation, relevant
external insights and emerging risks and mitigation within
the period, with significant results reported to ROCC. We
provide an executive summary of quarterly risk reports and
ROCC outcomes to ARC. This approach fosters dynamic,
flexible and agile oversight, important in a volatile and
uncertain external environment. It also enables us to
assess the effectiveness of our risk management strategies
and controls for our principal risks.
Assessment and summary of our 2025 risks
During 2025, we assessed our principal and emerging
risks and risk factors to understand the external
environment and context influencing the risks, potential
impact on the company and actions needed or completed.
Our geopolitical developments and regulatory environment
emerging risks evolved over the course of the year given
the change in potential impact on our strategy. We
combined these risks given their interconnected nature.
condition have not, as far as we are aware, been materially
affected by risks from cyber security threats, including as a
result of previous cyber security incidents, but we cannot
provide assurance that they will not be materially affected
in the future by such risks and any future material
incidents.
We operate in a dynamic risk environment, where rapid
evolution of third-party relationships and advancements
in technology, particularly in generative and agentic AI,
present both significant opportunities and risks. These
elements are not viewed as isolated challenges; rather,
our principal risks incorporate these elements and we
evaluate them within their broader context, ensuring that
risk assessments are comprehensive and integrated,
enabling effective mitigating actions.
We have policies and frameworks governing the
application of AI with enterprise oversight and governance
provided by Group General Counsel and Chief Digital and
Technology Officer to ensure that AI-related initiatives align
with our risk appetite and ethical standards.
| Risk factors - see pages 260 |
| Climate-related risk management and climate related financial disclosures - see page 63 |
| Environment - see page 50 |
| Legal proceedings - see page 248 |
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Climate-related financial disclosures | |||||||||||
About our climate-related financial
disclosures
Our climate-related financial disclosures are consistent
with the recommendations and recommended disclosures
of the Task Force on Climate-related Financial Disclosures
(TCFD), including the TCFD all-sector guidance, subject to
current year Scope 3 emissions (see footnote on page 70
and in compliance with the requirements of UKLR 6.6.6
(8)R (UK Listing Rules). The disclosures are in compliance
with the Companies (Strategic report) (Climate-related
Financial Disclosure) Regulations 2022 of the Companies
Act 2006. We update our climate risk and impact
assessments annually.
Governance
The Board’s oversight of climate-related risks
and opportunities
Board
The Board considers climate-related matters throughout
the year. This includes assessing risk management
processes, challenging and endorsing the business plan
and budgets, and overseeing major capital expenditures,
acquisitions and divestments.
The Corporate Responsibility Committee (CRC),
a subcommittee of the Board, exercises oversight,
provides guidance and reviews our responsible business
performance, including climate-related risks and
opportunities, and environmental performance against
our climate targets.
The CRC receives regular updates on environmental
sustainability, including climate. Regular attendees
include the CEO and the President Global Supply Chain.
In 2025, the CRC met four times and discussed climate-
related issues on four separate occasions with
management.
| The work of the CRC is described further in the CRC Chair's report on pages 118 and 119. |
Management’s role in assessing and managing
climate-related risks and opportunities
Two bodies within GSK have significant roles in managing
our exposure and response to climate-related matters: the
Executive Committee (ExCom) and the GSK Sustainability
Council. In doing so, they receive support from across the
business.
Executive Committee
The regular meetings of the ExCom give members an
opportunity to discuss strategic, financial and reputational
matters.
The President Global Supply Chain, an ExCom member,
has management responsibility for environmental
sustainability, which includes our climate targets. The
President is responsible for governance and oversight of
risks and opportunities and makes sure there is an
effective framework to manage them across the business.
This framework also enables us to deliver on our
commitments to a net zero, nature positive, healthier
planet.
The ExCom reviewed and discussed the mid-year and
year-end performance for key climate and nature metrics
(see page 50) as part of reviewing our Responsible
Business Performance Rating.
GSK Sustainability Council
The Sustainability Council, held quarterly, is attended by
senior leaders from across the business. Members include
leaders from Procurement, Finance, Compliance, Research
& Development, Manufacturing and Corporate Affairs. The
Council is co-chaired by the President Global Supply Chain
and the Vice President (VP) Sustainability and supported
by the global Sustainability team and external third parties,
who provide specialist expertise and advice to the
business.
In 2025, the Council:
1.approved the annual targets for the climate and nature
key performance indicators (KPIs) of the sustainability
programme
2.reviewed monthly performance and escalations of any
potential concerns or issues
3.approved the annual climate risk review and approach
for risk disclosure
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Other business support
The Sustainability Council is supported in assessing and
managing climate-related risks and opportunities by:
1.the Sustainability programme steering team, chaired
by the VP Sustainability, which meets monthly and
co-ordinates the sustainability programme. This team
monitors programme performance and the progress
of the enablers required to deliver the sustainability
programme.
2.the Sustainability Risk and Opportunity Committee,
which is a cross-functional team from Sustainability,
EHS, Finance, Supply Chain and Procurement.
The Committee meets quarterly and reports to
the Sustainability Council.
3.the Metered Dose Inhaler steering team, which is
attended by senior leaders from across the commercial,
supply chain, regulatory and R&D teams. This team is
chaired by the President Global Supply Chain and is the
decision-making body for the programme to reduce the
climate impact of metered dose inhalers which make up
52% of our total GHG emissions.
4.our ESG reporting hub, provides oversight and leads
assurance of data, including on carbon emissions.
5.the carbon credit programme steering committee,
which includes the Group Financial Controller and the
VP Sustainability, reviews the due diligence outcomes
of potential carbon credit projects and the performance
of established investments, and makes new investment
decisions.
Strategy
The climate-related risks and opportunities we have
identified over the short, medium and long term
We identify climate-related risks and opportunities on the
basis of their significance to GSK’s business performance
and resilience, including within our supply chain. In doing
so, we consider the effect over the following time horizons:
1.short term (up to three years) aligning with financial
planning timeframes.
2.medium term (four to ten years) aligning with long-term
business forecasting timeframes.
3.long term (more than ten years) to enable us to explore
the uncertainties in changes to weather, disease patterns
and societal responses to climate change across the
globe.
We also assess the potential financial implications of each
risk and opportunity over those time horizons, aligned with
our Enterprise Risk Management process.
Based on the time horizons for each risk or opportunity,
along with its financial impact, we have identified and
prioritised the climate-related risks and opportunities
outlined in the following table. Our climate scenario
analysis (described in more detail below) helps inform our
response.
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Our risks and opportunities
Physical risks
Risk description | Potential impact | Our response | Assumptions | ||||
The risk from increasing levels of water stress leading to interruptions to supply of water to our sites and third-party supply sites. | Current trajectory scenario Med term: £ Long term: £ | We’ve identified five sites in three water- stressed basins where we have operations in India, Pakistan and Algeria, together with suppliers co-located in these basins. These basins are prioritised for catchment- level projects of water replenishment, restoration, and regeneration activities that aim to deliver measurable environmental and social outcomes. We have also identified several sites and suppliers in water basins that may face water stress by 2050. These are on our watch list, and we’ll monitor and update water risk assessments as needed. | The financial impact is based on a three-month supply chain interruption as a worst case. | ||||
We and our third-party suppliers use freshwater as the main source of water to manufacture medicines and vaccines. If water availability was restricted at a factory, operations would be interrupted. | Breach of planetary boundaries scenario Med term: £ Long term: £ | ||||||
Increasing frequency of extreme weather events causing disruption to our and third-party supplier sites. | Current trajectory scenario Med term: £ Long term: £ | The climate scenario modelling indicated that, of the seven physical perils, flood from rainfall presents the highest likelihood of an acute interruption. However, the risk of flooding from rainfall and from the other extreme weather events is expected to remain very low. We’ve performed risk assessments for our manufacturing and other operations and have business continuity plans which we review annually to respond to the impacts of extreme weather events, including adopting appropriate mitigation plans. We have a well-established loss prevention and risk engineering programme to identify a range of risks that could affect our sites and, where flood risks exist, we’ve taken action to mitigate them. | The financial impact is based on a three-month supply chain interruption as a worst case. | ||||
Extreme weather events from any one of precipitation (rainfall), flood from precipitation, riverine flood, extreme wind, wildfire, and extreme heat can result in short-term interruptions to manufacturing at our or supplier sites. | Breach of planetary boundaries scenario Med term: £ Long term: £ | ||||||
Key
£ | Low financial impact <£250m | ||
££ | High financial impact >£250m | ||
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Transition risks
Risk description | Potential impact | Our response | Assumptions | ||||
Regulations governing the use of high global warming potential (GWP) substances have been updated in the EU and US. This could lead to increasing costs and restrict the ability to manufacture our metered dose inhaler (MDI) products that use a high GWP propellant (HFA134a). | Current trajectory scenario Med term: ££ | Millions of people use Ventolin, our reliever MDI medication, which currently accounts for 43% of our total carbon footprint. We have announced positive pivotal phase III data for a next-generation low-carbon version of Ventolin MDI, and these findings will support regulatory submissions. If approved, this version has the potential to reduce greenhouse gas emissions by 92% per inhaler, with launch expected from 2026. We already have a portfolio of dry powder inhaler products that don’t use propellants and that are not affected by this risk. | The financial impact assumes the reformulated product is approved by regulators and launched according to plan. | ||||
Future regulatory policy responses to address climate change could lead to the imposition of carbon taxes by countries where we manufacture and source goods from third parties. | Net zero scenario Med term: £ Long term: £ Low-carbon scenario Med term: £ Long term: £ Current trajectory scenario Med term: £ Long term: £ | We are managing this risk by reducing our value chain carbon emissions in line with our transition plan described above. We’ve updated our carbon tax modelling to account for latest announcements and commitments on carbon taxes since 2022. | The financial impact assumes we deliver an 80% reduction in carbon emissions by 2030 and assumes carbon tax values are as per IEA scenarios, supplemented by data from policy pledges for a small number of countries. | ||||
Opportunity
Risk description | Potential impact | Our response | Assumptions | ||||
84 countries have committed to develop sustainable low- carbon healthcare systems through the WHO Alliance for Transformative Action on Climate and Health (ATACH). This could lead to increasing demand for low-carbon medicines and vaccines. | No financial impact available | We’re reducing our own Scope 1 & 2 carbon emissions, which in turn reduces the Scope 3 footprint of our customers and suppliers. Millions of people use Ventolin, our reliever MDI medication, which currently accounts for 43% of our total carbon footprint. We have announced positive pivotal phase III data for a next-generation low-carbon version of Ventolin MDI, and these findings will support regulatory submissions. If approved, this version has the potential to reduce greenhouse gas emissions by 92% per inhaler, with launch expected from 2026. We played a leading role in developing a new standard to measure and report the environmental footprints of pharmaceutical products as part of the Pharma LCA consortium. We’re developing methodologies to calculate the environmental impact of products and vaccines from a patient care pathway perspective. | N/A | ||||
Key
£ | Low financial impact <£250m | ||
££ | High financial impact >£250m |
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The impact of climate-related risks and opportunities
on our business, strategy and financial planning
Our commitment to work towards a net zero, nature
positive, healthier planet with ambitious goals set for 2030
and 2045 is embedded in our strategic long-term priorities
and described in Environment on page 50, which includes
disclosures on our performance against targets approved
by the Science Based Targets initiative. The financial
impact of our prioritised climate-related risks and
opportunities is described in the tables above.
Transition plan
We have set a clear pathway to a net zero impact on
climate. By 2030, we aim to reduce carbon emissions by
80%, measured against a 2020 baseline, with the
remainder covered through investment in high-quality
nature-based solutions. By 2045, we aim to be at the
Science Based Target initiative Net Zero Standard, with
carbon emissions reduced by at least 90% and the
remainder tackled through high-quality carbon credits.
| See page 50 for further details of our progress in reducing carbon emissions |
Direct operations
To continue reducing Scope 1 & 2 emissions across our
operations by 2030, we’re focusing on:
–maximising energy efficiency in our sites through our
long-standing energy efficiency programme (see
Environment page 50 of the Strategic Report for further
detail)
–this year we achieved our 2025 target to transition 100%
of imported electricity to renewable sources and are now
focused on transitioning to 100% imported and
generated renewable electricity by 2030
–generating heat through renewable electricity or biofuels
–increasing the use of electric vehicles by our sales fleet
Risks and uncertainties
There are uncertainties in the transition to renewable heat.
Technology to electrify heat is developing quickly, although
there are still some limitations in delivering high
temperatures reliably, which we often require for
manufacturing processes. Biogas can replace natural
gas without introducing major changes to facilities, but
is not widely available in the locations where we operate.
The use of biomass as fuel could introduce issues of land
use change and impacts on local air quality.
The transition to 100% electric vehicles by 2030 could be
restricted by vehicle availability, lack of charging
infrastructure and battery production constraints.
Supply chain
Our Sustainable Procurement Programme requires our
suppliers to disclose emissions and set carbon reduction
targets aligned with a 1.5°C reduction pathway. At the
same time, we work with suppliers to encourage and
support them to adopt new sustainability measures. We
also work with our peers on collaborative initiatives.
Risks and uncertainties
Pharmaceutical manufacturing processes are highly
regulated by different agencies across the world, which
may slow down the implementation of some
decarbonisation initiatives. Many suppliers are based in
regions with limited renewable electricity and heat. Our
supply chains are complex and can involve several
intermediate stages of production that are highly product-
specific. Our volume demand on specific materials is quite
low, which can reduce our ability to influence where we
only purchase a small share of a supplier’s production.
Measuring Scope 3 emissions is complex and primary data
from suppliers can be lacking. Methodologies involve using
spend-based estimates mixed in with activity-based data,
industry average data and extrapolations based on
subjective choices and judgements. As data systems,
processes and controls mature and more primary data
becomes available, there may be the need to restate
reported emissions data in the future.
Product impact
The use of our products makes up 52% of our carbon
footprint. Patient use of our reliever metered dose inhaler
(MDI) medication, Ventolin (salbutamol), accounts for 43%
of our carbon footprint. See Environment, page 50, for
more about our low carbon Ventolin programme.
We played a leading role in developing a new standard to
measure and report the environmental footprints of
pharmaceutical products, in response to increasing
requirements from payers. This work is co-sponsored with
the UK NHS and the Office of Life Sciences and the
Pharma LCA consortium of 11 global pharmaceutical
companies, with support from the Pharmaceutical
Environment Group and the Sustainable Markets Initiative.
Risks and uncertainties
Metered dose inhalers (MDIs) use a propellant that helps
push the medicine out of the inhaler and into the lungs.
Any new propellant must be appropriate for human use,
which means meeting criteria relating to safety, efficacy,
quality, and have minimal impact on the environment.
We’re engaging with medical regulators such as the US
Food and Drug Administration (FDA), European Medicines
Agency (EMA) and the UK Medicines and Healthcare
Products Regulatory Agency (MHRA) on how advances
in pharmaceutical product design can reduce the
environmental impact of medicines.
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Carbon credits
At the same time as driving carbon emissions reductions
across our value chain, we’re also investing in high-quality
nature protection and restoration projects for carbon
credits. We plan to secure carbon credits for the 20%
emissions we estimate to have as residual in 2030, and for
a maximum of 10% residual emissions by 2045 (from a
2020 baseline). We aim to secure all of the carbon credits
for the 2030 target through high-quality nature-based
project investments by 2028 and we report our progress
annually in the Responsible Business Report.
Our criteria for high-quality projects include prior consent
from communities, avoidance of harm, transparency,
additionality, permanence, mitigation of leakage, project
monitoring, reporting and verification of claims and
avoidance of double counting.
Risks and uncertainties
We recognise that this is a fast-moving field, and that
methodologies and guidelines will likely evolve as we
implement our plans. We commit to remaining flexible and
transparent about our progress and learning.
Climate scenarios
We use climate scenario analysis to inform management
about climate-related risks and opportunities, reporting the
results to Risk Management Control Boards (RMCB) in the
business, as well as to the Sustainability Council.
We’ve developed tools with the support of third parties
that enable us to model the impacts of physical and
transition risks where our sites and supply chains are
located. For example, we have modelled the probability
of an interruption from an extreme weather event at our
key sites and supplier sites and the subsequent financial
impact of that interruption, assuming the inventory levels
carried under existing business continuity plans. We’ve
modelled the impact of future carbon taxes, such as direct
taxes on energy-related emissions, emissions trading
schemes and taxes from carbon border adjustment
mechanisms assuming we deliver our carbon reduction
glidepath to 2030 and beyond.
This year, we reviewed and updated the climate scenarios
we use.
Net zero scenario (SSP 1 – RCP 1.9)
This scenario sets out a pathway for the global energy
sector to achieve net zero CO2 emissions by 2050. It does
not rely on emissions reductions from outside the energy
sector to achieve its goals1, with the transition facilitated by
rapid deployment of clean energy technology and a focus
on energy efficiency. Advanced economies reach net zero
in advance of others, and the overall pathway is aligned to
the IPCC’s 1.5°C trajectory.
Low-carbon scenario (SSP 1 – RCP 2.6)
This scenario assumes that all climate commitments made
by governments and industries around the world as of the
end of August 2024 will be met in full and on time2, with the
transition largely following the pathways laid out by world
governments and organisations. The impact of these
commitments will be to limit warming to a sub-2°C
temperature increase. Previously aligned to the IEA’s
Sustainable Development Scenario, but now in line with the
IEA’s Announced Pledges Scenario reflecting positive
climate action globally.
Current trajectory scenario (SSP 2 – RCP 4.5)
This scenario reflects current policy settings based on a
sector-by-sector and country-by-country assessment of the
energy-related policies that are in place as of the end of
August 2024, as well as those that are under development.
A more conservative view on climate action is outlined, and
warming is likely to exceed 2°C relative to the pre-industrial
period, as captured in RCP 4.5. Previously aligned to the
IEA’s Announced Pledges Scenario, but now in line with
the IEA’s Stated Policies Scenario.
Breach of planetary boundaries scenarios (SSP 5 – RCP
8.5)
This scenario outlines minimal climate policies, resulting in
limited transition risk impacts while posing severe physical
consequences. This scenario leads to a warming at the
end of the 21st century of probably more than 4°C relative
to the pre-industrial period (1850–1900), as captured in
RCP 8.5.
(1)IEA. Net Zero Emissions by 2050. Accessed 7 April 2025. https://
www.iea.org/reports/global-energy-and-climate-model/
understanding-gec-model-scenarios
(2)IPCC, Newsroom Post - IPCC approves outlines of the first two
reports in the seventh assessment cycle. Accessed 30 May 2025.
https://www.ipcc.ch/2024/08/02/ipcc-approves-outlines-of-the-first-
two-reports-in-the-seventh-assessment-cycle
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Risk management
Our processes for identifying and assessing climate-related
risks
In this disclosure we differentiate between ‘physical’ and
‘transition’ climate-related risks.
Physical risks are typically identified at the asset or project
level and are managed depending on the level of risk
assessed. We use climate scenario analysis to model the
potential impacts of our prioritised physical risks, which
helps us understand the resilience of our supply chains
against climate change.
Transition risks are typically risks associated with changes
to regulations or societal expectations during the transition
to a lower-carbon economy, including pressures to reduce
the climate impact of our metered dose inhaler medicines.
They’re identified at enterprise level and at market level.
Climate risk management is aligned to our enterprise risk
management frameworks. Risks from climate change at
Group level fall under the governance of the CRC with the
support of the Sustainability Council. Individual risks from
climate change are raised with appropriate business unit or
functional Risk Management Control Boards to integrate
these risks into business risk management processes.
The Sustainability Risk and Opportunity Committee meets
quarterly to review and assess business intelligence,
regulatory monitoring reports, and escalations from across
GSK. The outcomes of impact assessments are reported to
the Sustainability Council.
Our processes for managing climate-related risk
Details of how we manage our prioritised risks are in
‘Our risks and opportunities’ on page 65, above.
We also manage transition risks through our investment
decisions, our sustainability transformation programme and
our procedures. For example, we use a shadow carbon
price of £70/tCO2 to inform decision making on investments
in major capital expenditure to understand the implications
on potential carbon offset costs for the carbon emissions
from our value chain in 2030. This value is based on the
recommendation by the Carbon Pricing Leadership
Coalition that concluded in 2017 that the explicit carbon
price level required to drive change to restrict temperature
increases to below 1.5°C is at least US$50–100/tCO2 by
2030. We monitor the value used for internal carbon pricing
against estimates for the future costs of carbon credits.
Our Communications and Government Affairs team
manages corporate reputation and regulatory risk by
identifying and monitoring climate-related issues and
undertaking both proactive and reactive engagement
with relevant stakeholder groups.
How we integrate our processes for identifying, assessing
and managing climate-related risks into overall risk
management
Once a year, a cross-functional team from Sustainability,
Finance, Supply Chain and Procurement functions reviews
climate risks. It considers climate-related risks from a
strategic and operational perspective to make sure we
maintain a comprehensive view of the different types of
climate risks we face and the different time horizons in
which they may affect us. The team reviews previously
identified climate risks, plus new or emerging risks and
opportunities, and makes recommendations to the
Sustainability Council. Risk assessment papers are
prepared for the prioritised risks, considering the likelihood
and financial impact of each risk under different climate
scenarios.
We analyse each risk and opportunity to understand how
we’re managing them, the metrics and targets being used
and the potential impact on total profit. This year we
simplified our thresholds into either less than or equal to
£250 million, and greater than £250 million.
The impact assessments are approved by a VP
Sustainability and VP Finance. The results are shared with
the Sustainability Council, Business Unit Risk Management
and Compliance Boards (RMCB) and the Finance RMCB to
make sure risks are both contextualised with other
business risks and managed appropriately. This allows
management to take a holistic view and optimise risk
mitigation responses, to make sure that responses to
climate-related risks are properly integrated into the
relevant business unit and function activities.
The resilience of our strategy, considering different climate-
related scenarios, including a 2°C or lower scenario
We used the climate scenarios described above to stress
test the resilience of the business by considering the
impacts of potential physical and transition risks and
opportunities on the locations where we operate as
described in the table on page 65, above. The modelling
didn’t identify any material impact to our business
resilience.
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Climate-related financial disclosures continued | |||||||||||
Metrics data |
Metrics and targets
We commit to a net zero, nature positive, healthier planet, with ambitious goals set for 2030 and 2045 across our entire
value chain. We publish the metrics we use to assess climate-related risks and opportunities, in line with our strategy and
risk management process in the Environment section from page 50.
We report progress in reducing Scope 1 & 2 carbon emissions, Scope 3 carbon emissions, energy use, percentage
renewable energy, water and waste annually towards these targets in the Environment section from page 50 and in our
public responses to the CDP Climate, Water and Forest questionnaires.
Carbon emissions1
Carbon emissions ‘000 tonnes CO2e | 2025 | 2024 | 2023 |
Scope 1 emissions (from energy) | 280 | 289 | 301 |
Scope 1 emissions (other2) | 199 | 232 | 279 |
Scope 2 emissions (market-based) | 7 | 44 | 64 |
Scope 2 emissions (location-based) | 212 | 234 | 240 |
Scope 3 emissions3 | 0 | 8,385 | 8,983 |
UK Scope 1 & 2 emissions | 87 | 92 | 102 |
Other metrics | 2025 | 2024 | 2023 |
Scope 1 & 2 emissions from energy/sales revenue (tonnes CO2e/£m) | 8.8 | 10.6 | 12.0 |
Scope 1 & 2 emissions from energy/FTE (tonnes CO2e/FTE) | 4.3 | 4.9 | 5.2 |
Total energy used (GWh) | 2,482 | 2,577 | 2,636 |
UK energy used (GWh) | 628 | 658 | 711 |
% renewably sourced electricity | 99% | 90% | 83% |
Total supplied water million m3 | 6.8 | 7.0 | 7.4 |
Total supplied water in areas of high water stress million m3 | 0.3 | 0.3 | 0.3 |
Total waste ‘000 metric tonnes | 39 | 47.3 | 49.7 |
% sites that have achieved water stewardship | 100% | 100% | 100% |
(1)Carbon emissions are calculated according to the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (revised edition).
We use market-based Scope 2 emissions for reporting purposes and report Scope 3 emissions across all 15 categories in our Responsible Business
Report
(2)‘Other’ refers to emissions from sales force vehicles, propellant emissions released during manufacture of inhalers (the majority of propellant emissions,
released during patient use, are included in Scope 3 carbon emissions), on-site waste, or wastewater treatment and refrigerant gas losses
(3)We collect and publish Scope 3 data across 15 categories. The most recent Scope 3 data available is for 2024 as the process of compiling the 2025
data is not yet complete, except for 2025 Scope 3 emissions from patient use of inhalers
71
GSK 2025 Annual Report on Form 20-F | |||||||||||
Group financial
review
In this section | |
Financial performance summary | 72 |
Reporting framework | 73 |
Financial performance | 77 |
Adjusting items | 84 |
Cash generation and conversion | 88 |
Financial position and resources | 89 |
Approach to tax | 94 |
Treasury policies | 95 |
Capital allocation and other items | 96 |
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Group financial review | |||||||||||
Financial performance summary |
The Total results of the Group are set out below.
2025 | 2024 | Growth | ||||
Total Results | £m | % of turnover | £m | % of turnover | %AER | %CER |
Turnover | 32,667 | 100 | 31,376 | 100 | 4 | 7 |
Cost of sales | (9,017) | (27.6) | (9,048) | (28.8) | – | – |
Gross profit | 23,650 | 72.4 | 22,328 | 71.2 | 6 | 9 |
Selling, general and administration | (9,088) | (27.8) | (11,015) | (35.1) | (17) | (15) |
Research and development | (7,525) | (23.0) | (6,401) | (20.4) | 18 | 19 |
Royalty income | 879 | 2.7 | 639 | 2.0 | 38 | 38 |
Other operating income/(expense) | 16 | – | (1,530) | (4.9) | ||
Operating profit | 7,932 | 24.3 | 4,021 | 12.8 | 97 | >100 |
Net finance expense | (532) | (547) | ||||
Share of after tax profits/(losses) of associates and joint ventures | 1 | (3) | ||||
Profit/(loss) on disposal of interest in associates and joint ventures | – | 6 | ||||
Profit before taxation | 7,401 | 3,477 | >100 | >100 | ||
Taxation | (1,112) | (526) | ||||
Profit after taxation | 6,289 | 2,951 | >100 | >100 | ||
Total profit attributable to non-controlling interests | 573 | 376 | ||||
Total profit attributable to shareholders | 5,716 | 2,575 | ||||
6,289 | 2,951 | >100 | >100 | |||
Total earnings per share (pence) | 141.1p | 63.2p | >100 | >100 | ||
Total earnings per ADS (US$) | 3.70 | 1.62 | ||||
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Group financial review continued | |||||||||||
Reporting framework |
Total and Core results
The Group financial review discusses the operating and
financial performance of the Group, its cash flows and financial
position and our resources. The results for each year are
compared primarily with the results of the preceding year.
Total 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 page 74.
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 Annual Reports,
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
Core results exclude the following items in relation to our
operations from Total results, together with the tax effects of all
of these items:
–Amortisation of intangible assets (excluding computer
software and capitalised development costs) to reflect the
Group’s performance excluding the effect of acquisitions
–Impairment of intangible assets (excluding computer
software) and goodwill to reflect the Group’s performance
excluding the effect of acquisitions
–Major restructuring costs include the cash costs and
impairment of tangible assets and computer software of
Major restructuring programmes (which are specific
Board-approved programmes that are structural and of
significant scale, where the costs of individual or related
projects within such programmes exceed £25 million, or
relate to restructuring and integration following a significant
acquisition). Costs for other ordinary course, smaller-scale
restructuring costs are retained within both Total and Core
results
–Transaction-related accounting or other adjustments related
to significant acquisitions
–Proceeds and costs of disposal of associates, products
and businesses; significant settlement income; significant
legal charges (net of insurance recoveries) and expenses
on the settlement of litigation and government investigations;
other operating income other than royalty income, and other
items including amounts reclassified from the foreign
currency translation reserve to the income statement upon
the liquidation of a subsidiary where the amount exceeds
£25 million
As Core results include the benefits of Major restructuring
programmes but exclude significant costs (such as Significant
legal charges and expenses, major restructuring costs and
transaction items) they should not be regarded as a complete
picture of the Group’s financial performance, which is
presented in Total results. The exclusion of other Adjusting
items may result in Core earnings being materially higher or
lower than Total earnings. In particular, when significant
impairments, restructuring charges and legal costs are
excluded, Core earnings will be higher than Total earnings.
GSK has undertaken a number of Major restructuring
programmes in response to significant changes in the Group’s
trading environment or overall strategy or following material
acquisitions. Within the Pharmaceuticals sector, the highly
regulated manufacturing operations and supply chains and
long lifecycle of the business mean that restructuring
programmes, particularly those that involve the rationalisation
or closure of manufacturing or R&D sites are likely to take
several years to complete. Costs, both cash and non-cash, of
these programmes are provided for as individual elements are
approved and meet the accounting recognition criteria. As a
result, charges may be incurred over a number of years
following the initiation of a Major restructuring programme.
Significant legal charges and expenses are those arising from
the settlement of litigation or government investigations that
are not in the normal course and materially larger than more
regularly occurring individual matters. They also include
certain major legacy matters. Costs for all other ordinary
course, smaller scale legal charges and expenses are
retained within both Total and Core results.
Reconciliations between Total and Core results, providing
further information on the key Adjusting items are set out on
pages 84 to 86.
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Historical record of Adjusting items
The reconciliations between Total and Core operating profit over the last three years can be summarised as follows:
2025 £m | 2024 £m | 2023 £m | |
Total operating profit | 7,932 | 4,021 | 6,745 |
Intangible assets amortisation | 808 | 1,002 | 719 |
Intangible assets impairment | 880 | 314 | 398 |
Major restructuring | 109 | 353 | 382 |
Transaction-related items | 507 | 1,881 | 572 |
Significant legal, Divestments and other items | (453) | 1,577 | (30) |
Core operating profit | 9,783 | 9,148 | 8,786 |
The analysis of the impact of transaction-related items on operating profit for each of the last three years is as follows:
2025 £m | 2024 £m | 2023 £m | |
Contingent consideration on former Shionogi-ViiV Healthcare JV (including Shionogi preferential dividends) | 649 | 1,533 | 934 |
ViiV Healthcare put options and Pfizer preferential dividends | (93) | 67 | (245) |
Contingent consideration on former Novartis Vaccines business | 171 | 206 | (187) |
Contingent consideration on acquisition of Affinivax | (254) | (22) | 44 |
Other contingent consideration | 15 | 34 | – |
Other adjustments | 19 | 63 | 26 |
Transaction-related charges | 507 | 1,881 | 572 |
Full reconciliations between Total and Core results for 2025–2023 are set out on pages 84 to 86. Further explanations on the
Adjusting items for 2025 are reported on page 87.
Other non-IFRS measures |
CER and AER growth
In order to provide investors with a measure of year-on-year
growth excluding the impact of exchange rate movements, 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. £% or AER%
represents growth at actual 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.
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.
Free cash flow provides investors with a measure of cash flows
that are available to pay shareholder distributions and to fund
strategic acquisitions. It is used by management for planning
and reporting purposes and in discussions with and
presentations to investment analysts and rating agencies. 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 88.
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 (including those classified as assets held for sale and
liabilities relating to assets held for sale). The measure is used
by management as it is considered an indicator of GSK's
ability to meet its financial commitments and the strength of its
balance sheet. Please see Note 29, ‘Net debt’ for the
calculation of net debt.
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Non-controlling interests in ViiV Healthcare
Trading profit allocations
As ViiV Healthcare is a subsidiary of the Group, 100%
of its operating results (turnover, operating profit, profit after
tax) are included within the Group income statement and then
a portion of the earnings is allocated to the non-controlling
interests owned by the other shareholders, in line with their
respective equity shareholdings as at 31 December 2025
(Pfizer, Inc. (Pfizer) 11.7% and Shionogi & Co. Ltd (Shionogi)
10%). Each of the shareholders, including GSK, is also entitled
to preferential dividends 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.
Remeasurements of the liabilities for the preferential dividends
allocated to Pfizer and Shionogi are included within other
operating income/(expenses).
Acquisition-related arrangements
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/(expenses) 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, but are included in the cash flow. The cash
payments made to Shionogi by ViiV Healthcare in 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.
The cash payments are reflected in the cash flow statement
partly in operating cash flows and partly within investing
activities. All cash payments are now reflected in operating
activities. The tax relief on these payments is reflected in the
Group’s Adjusting items as part of the tax charge. The part of
each payment relating to the original estimate of the fair value of
the contingent consideration on the acquisition of the Shionogi-
ViiV Healthcare joint venture in 2012 of £659 million is reported
within investing activities in the cash flow statement and the part
of each payment relating to the increase in the liability since the
acquisition is reported within operating cash flows.
Movements in contingent consideration payable to Shionogi
were as follows:
2025 £m | 2024 £m | |
Contingent consideration at beginning of the year | 6,061 | 5,718 |
Remeasurement through income statement and other movements | 649 | 1,533 |
Cash payments: operating cash flows | (1,277) | (1,190) |
Contingent consideration at end of the year | 5,433 | 6,061 |
Of the contingent consideration payable (on a post-tax basis)
to Shionogi at 31 December 2025, £1,194 million
(31 December 2024: £1,127 million) is expected to be paid
within one year.
Exit rights as at 31 December 2025
As at 31 December 2025 Pfizer could request an IPO of ViiV
Healthcare at any time and if either GSK did not consent to
such IPO, or an offering is not completed within nine months,
Pfizer could require GSK to acquire its shareholding. Under
the original agreements, GSK had the unconditional right, so
long as it made no subsequent distribution to its shareholders,
to withhold its consent to the exercise of the Pfizer put option
and, as a result, in accordance with IFRS, GSK did not
recognise a liability for the put option on its balance sheet.
However, during Q1 2016, GSK notified Pfizer that it had
irrevocably given up this right and accordingly recognised the
liability for the put option on the Group’s balance sheet during
Q1 2016 at an initial value of £1,070 million. Consistent with
this revised treatment, at the end of Q1 2016 GSK also
recognised liabilities for the future preferential dividends
anticipated to become payable to Pfizer and Shionogi on the
Group’s balance sheet.
Also, as at 31 December 2025, Pfizer had the right to require
GSK to acquire its shareholding in ViiV Healthcare in certain
circumstances at any time. A put option liability is therefore
recorded on the Group’s balance sheet as a current liability. It
is measured on the gross redemption basis derived from an
internal valuation of the ViiV Healthcare business.
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The closing balances of the liabilities related to Pfizer’s
shareholding are as follows:
2025 £m | 2024 £m | |
Pfizer put option | 822 | 915 |
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 Note 47, ‘Post
balance sheet events’.
Under the original agreements, Shionogi could also have
requested GSK to acquire its shareholding in ViiV Healthcare
in six-month windows commencing in 2017, 2020 and 2022.
GSK had the unconditional right, so long as it made no
subsequent distribution to its shareholders, to withhold its
consent to the exercise of the Shionogi put option and, as a
result, GSK did not recognise a liability for the put option on its
balance sheet.
However, during Q1 2016, GSK notified Shionogi that it had
irrevocably given up this right and accordingly recognised the
liability for the put option on the Group’s balance sheet during
Q1 2016 at an initial value of £926 million. In Q4 2016,
Shionogi irrevocably agreed to waive its put option and, as a
result, GSK de-recognised the liability for this put option on the
Group’s balance sheet directly to equity. The value of the
liability was £1,244 million when it was de-recognised.
GSK also has a call option over Shionogi’s shareholding in ViiV
Healthcare, which under the original agreements was
exercisable in six-month windows commencing in 2027, 2030
and 2032. GSK has now irrevocably agreed to waive the first
two exercise windows, but the last six-month window in 2032
remains. As this call option is at fair value, it has no value for
accounting purposes.
Reporting definitions |
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.
Core operating margin
Core operating margin is Core operating profit divided by
turnover. Core operating profit is a key financial measure used
by management to evaluate performance.
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.
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 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.
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Financial performance |
Group turnover |
Group turnover was £32,667 million in the year, up +4%
at AER, +7% at CER.
Group turnover by business
Specialty Medicines (S) | |
£13.5bn AER growth +14% CER growth +17% | |
Vaccines (V) | |
£9.2bn AER stable –% CER growth +2% | |
General Medicines (G) | |
£10.0bn AER decline -4% CER decline -1% | |
S
G
V
Group turnover by geographic region
US
Int
US | |
£16.9bn AER growth +3% CER growth +6% | |
Europe | |
£7.5bn AER growth +13% CER growth +12% | |
International | |
£8.3bn AER decline -1% CER growth +4% | |
Eur
GSK reports results under two segments namely Commercial
Operations and Total R&D. See Note 6, ‘Turnover and segment
information’ to the consolidated financial statements for more
details.
The Commercial Operations segment has three product
groups of Specialty Medicines, Vaccines and General
Medicines.
–Specialty Medicines products which includes GSK’s
marketed products for HIV, Respiratory, Immunology &
Inflammation (RI&I) and Oncology
–Vaccines products, which includes Shingrix, Bexsero and
Arexvy
–General Medicines products, which includes medicines in
inhaled respiratory, dermatology, antibiotics and other
diseases that are typically accessed by patients through
primary care settings
Specialty Medicines |
Turnover (£bn)
£13.5bn | AER growth | CER growth |
+14% | +17% | |
41% of Group turnover |
Specialty Medicines sales grew by double-digit percentages
reflecting continued growth across disease areas, with strong
performances in HIV, Respiratory, Immunology & Inflammation,
and Oncology.
HIV
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
HIV | 7,687 | 7,089 | 8 | 11 |
HIV sales grew 8% AER, 11% CER driven by strong patient
demand growth of +10 ppts with Dovato, Cabenuva and
Apretude more than offsetting the decline in Triumeq following
guideline changes at the end of 2024. 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%.
Oral 2DR
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
Oral 2DR | 3,334 | 2,924 | 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 growing 20% AER,
22% CER.
Long-acting medicines
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
Long-Acting Medicines | 1,841 | 1,292 | 42 | 46 |
Cabenuva, the only complete long-acting injectable regimen
for HIV treatment, reached sales of £1,402 million, growing
38% AER, 42% CER due to strong patient demand across US
and Europe. Apretude, the first long-acting injectable option
for HIV prevention, delivered sales of £439 million , growing
57% AER, 62% CER. In the US, long-acting injectables now
account for 30% of total HIV sales.
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Respiratory, Immunology & Inflammation
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
Respiratory,Immunology & Inflammation | 3,810 | 3,299 | 15 | 18 |
Sales grew at a double-digit rate and were primarily comprised
of contributions from Nucala in respiratory and Benlysta in
immunology.
Nucala
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
Nucala | 2,008 | 1,784 | 13 | 15 |
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 reflecting higher patient demand for treatments
addressing eosinophilic-led disease. US growth accelerated
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
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
Benlysta | 1,773 | 1,490 | 19 | 22 |
Sales of Benlysta, a monoclonal antibody treatment for lupus,
grew representing strong demand and volume growth with
bio-penetration rates having increased across many markets.
Oncology
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
Oncology | 1,977 | 1,410 | 40 | 43 |
Oncology sales are largely comprised of sales from Jemperli,
Zejula and Ojjaara/Omjjara. Strong Oncology sales growth was
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
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
Jemperli | 861 | 467 | 84 | 89 |
Sales of Jemperli grew strongly 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
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
Zejula | 557 | 593 | (6) | (4) |
Sales of Zejula, a PARP inhibitor treatment for ovarian cancer,
reduced in the year. In the US, sales decreased driven by
ongoing volume reductions, including impacts of an FDA
labelling update restricting use to certain patient populations,
and unfavourable pricing including the impacts of IRA
Medicare Part D redesign. The Europe and International
regions continued to decline in the year largely driven by
reduced volumes from increased competition.
Ojjaara/Omjjara
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
Ojjaara/Omjjara | 554 | 353 | 57 | 60 |
Sales of Ojjaara/Omjjara, a treatment for myelofibrosis patients
with anaemia, grew strongly. 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.
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Vaccines |
Turnover (£bn)
£9.2bn | AER stable | CER growth |
–% | +2% | |
28% of Group Turnover |
Vaccines sales growth was stable at AER and grew 2% CER
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.
Shingles
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
Shingles | 3,558 | 3,364 | 6 | 8 |
Shingrix had another record year, in which sales grew strongly
reflecting growth in Europe and International driven by
significant increased demand, partly offset by lower sales in
the US.
In Europe, Shingrix sales grew 44% AER, 42% CER 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 9% AER, 13%
CER 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.
US sales decreased by 20% AER, 17% CER 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.
(1) Based on data from IQVIA up until the end of Q3 2025
Meningitis
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
Meningitis | 1,583 | 1,437 | 10 | 12 |
Strong double-digit growth of Meningitis vaccines was led by
Bexsero, a vaccine against meningitis B and also included
initial sales from the US launch of Penmenvy, a pentavalent
vaccine against meningitis A, B, C, W and Y. Bexsero grew 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
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
RSV | 593 | 590 | 1 | 2 |
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. 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
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
Influenza | 303 | 408 | (26) | (24) |
Influenza vaccines sales declined mainly in the US driven by
competitive pressure.
Established vaccines
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
Established vaccines | 3,120 | 3,339 | (7) | (5) |
Established vaccines sales decreased in the 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.
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General Medicines |
Turnover (£bn)
£10.0bn | AER decline | CER decline |
-4% | -1% | |
31% of Group turnover |
Sales include contributions from both the Respiratory portfolio,
including Trelegy, and the Other General Medicine portfolio.
Sales growth in Trelegy was offset by reductions in other
respiratory and Other General Medicine product sales.
Respiratory
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
Respiratory | 7,068 | 7,213 | (2) | – |
Sales decreased 2% AER and were broadly stable at CER in
the year 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
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
Trelegy | 2,986 | 2,702 | 11 | 13 |
Trelegy sales continued to grow 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 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
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
Other general medicines | 2,968 | 3,215 | (8) | (4) |
Other General Medicines sales decreased reflecting the
impacts of generic competition across the portfolio.
Turnover by regions
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
US | 16,859 | 16,384 | 3 | 6 |
US performance 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 both at AER
and CER was driven by growth in Oncology, HIV and Benlysta,
driven largely by patient demand. Nucala also grew 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 -2% AER, +1% CER. Trelegy sales
grew double-digit at both AER and CER driven by strong
volume increases. Growth in Trelegy was offset by reductions
in other products across the other respiratory and Other
General Medicine portfolios.
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
Europe | 7,533 | 6,666 | 13 | 12 |
Specialty Medicines sales grew double-digit at both AER and
CER due to continued strong performance in Oncology,
Benlysta and Nucala including the benefit from new indication
launches. HIV sales grew single-digit in the year driven by
patient demand.
Vaccines sales grew 32% AER, 30% CER 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, with growth for Trelegy
and Anoro being more than offset by decreases across Other
General Medicine products.
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
International | 8,275 | 8,326 | (1) | 4 |
Specialty Medicines double-digit sales growth at both AER
and CER was driven by Nucala in respiratory, Benlysta in
immunology, and Oncology. HIV sales grew 2% AER, 6% CER.
Vaccines sales were 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.
General Medicines sales performance reflected growth in
Trelegy and Anoro being offset by decreases across Other
General Medicine products.
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Cost of sales
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
Total cost of sales | (9,017) | (9,048) | – | – |
% of sales | 27.6% | 28.8% | (1.2) | (1.7) |
Core cost of sales | (8,206) | (7,870) | 4 | 5 |
% of sales | 25.1% | 25.1% | – | (0.4) |
Total cost of sales as a percentage of sales decreased
primarily driven by core cost of sales benefits and 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 with
benefits from Specialty Medicines and regional mix as well as
operational efficiencies, being offset by inventory provision
movements compared to 2024. There were also pricing
impacts largely due to the implementation of Medicare Part D
reform as well as an adverse comparison to higher price
benefits in 2024.
Selling, general and administration
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
Total selling, general and administration | (9,088) | (11,015) | (17) | (15) |
% of sales | 27.8% | 35.1% | (7.3) | (7.1) |
Core selling, general and administration | (8,989) | (8,974) | – | 3 |
% of sales | 27.5% | 28.6% | (1.1) | (0.9) |
Total SG&A as a percentage of sales decreased primarily due
to 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 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, to drive future efficiencies. This was offset by
reallocation of spend from General Medicines and the
acceleration of ongoing productivity initiatives. 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.
Research and development
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
Total research and development | (7,525) | (6,401) | 18 | 19 |
% of sales | 23.0% | 20.4% | 2.6 | 2.4 |
Core research and development | (6,568) | (6,023) | 9 | 11 |
% of sales | 20.1% | 19.2% | 0.9 | 0.8 |
Total R&D growth was driven by an increase in Core R&D
expense, as well as higher impairment charges including a
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 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.
Royalty income
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
Total royalty income | 879 | 639 | 38 | 38 |
Core royalty income | 879 | 639 | 38 | 38 |
The increase in Total and Core royalty income was primarily
driven by Kesimpta(1), Abrysvo(2) and Comirnaty(3) royalties, as
well as historic royalties recognised in association with the
settlement of an IP dispute.
Other operating income/(expense)
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
Other operating income/ (expense) | 16 | (1,530) | >100 | >100 |
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. 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.
(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.
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Operating profit
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
Total operating profit | 7,932 | 4,021 | 97 | >100 |
% of sales | 24.3% | 12.8% | 11.5 | 11.9 |
Core operating profit | 9,783 | 9,148 | 7 | 11 |
% of sales | 29.9% | 29.2% | 0.7 | 1.1 |
Total operating profit margin growth was primarily driven by
the £1.8 billion charge for the Zantac settlement in Q3 2024,
partly offset by higher impairment charges.
Core operating profit growth 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 the Q1 2024 reversal
of the legal provision related to the Zejula royalty dispute,
following a successful appeal.
Core operating profit by business
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
Commercial operations | 16,260 | 15,335 | 6 | 10 |
% of sales | 49.8% | 48.9% | 0.9 | 1.4 |
R&D | (6,251) | (5,845) | 7 | 9 |
Commercial Operations Core operating profit of £16,260
million growth 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.
The R&D segment operating expense of £6,251 million
primarily reflected 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.
Net finance costs
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
Total net finance cost | (532) | (547) | (3) | (2) |
Core net finance cost | (508) | (532) | (5) | (4) |
The decrease in net finance costs 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 were partly offset by finance costs associated with
the share buyback programme and Zantac settlement
payments.
Share of after tax profits of associates and
joint ventures
The share of after tax profit of associates and joint ventures
was £1 million (2024: £3 million share of loss).
Profit on disposal of interest in associates
In 2025, the Group also reported a profit on disposal of
interests in associates and joint ventures of £nil (2024: £6
million profit).
Profit before tax
Taking account of net finance costs, the share of profits or
losses of associates and profit or loss on disposal of interest in
associates,Total profit before taxation was £7,401 million
compared with £3,477 million in 2024.
Taxation
2025 £m | 2024 £m | |
UK current year charge | 181 | 186 |
Rest of world current year charge | 1,263 | 1,458 |
Charge/(credit) in respect of prior periods | (49) | (92) |
Total current taxation | 1,395 | 1,552 |
Total deferred taxation | (283) | (1,026) |
Taxation on total profits | 1,112 | 526 |
The charge of £1,112 million represented an effective tax rate
on Total results of 15.0% (2024: 15.1%) and 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.
Tax on Core profit amounted to £1,584 million and represented
an effective Core tax rate of 17.1% (2024: 17.0%). Issues
related to taxation are described in Note 14, ‘Taxation’ to the
financial statements. The Group continues to believe it has
made adequate provision for the liabilities likely to arise from
periods which are open and not yet agreed by 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.
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Group financial review continued Financial performance continued | |||||||||||
Non-controlling interests (NCIs)
2025 £m | 2024 £m | Growth %AER | Growth %CER | |
Total | 573 | 376 | 52 | 58 |
Core | 712 | 654 | 9 | 12 |
The increase in Total and Core NCIs in the year was primarily
driven by higher core profit allocations from ViiV Healthcare,
and a lower remeasurement loss on the CCL compared to
2024 impacting Total NCIs.
Earnings per share from operations
2025 £m | 2024 £p | Growth %AER | Growth %CER | |
Total earnings per share | 141.1p | 63.2p | >100 | >100 |
Core earnings per share | 172.0p | 159.3p | 8 | 12 |
The increase in 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 Core EPS in the year primarily reflected the
growth in Core operating profit and the share buyback, as well
as lower net finance costs in the year, partly offset by higher
non-controlling interests.
Currency impact on results
2025 £m/£p | 2024 £m/£p | Growth %AER | Growth %CER | |
Turnover | 32,667 | 31,376 | 4 | 7 |
Total earnings per share | 141.1p | 63.2p | >100 | >100 |
Core earnings per share | 172.0p | 159.3p | 8 | 12 |
In the year 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.
Dividends
The Board has declared four interim dividends resulting in a
total dividend for the year of 66p per share. The GSK Group
dividend in 2024 was 61p per share. Please refer to Note 16,
'Dividends' to the financial statements.
Dividend policy
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 percent pay-out ratio
through the investment cycle. Consistent with this, GSK
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.
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Adjusting items |
Core results reconciliation 31 December 2025 | Total results £m | Intangible asset amortisation £m | Intangible asset impairment £m | Major restructuring £m | Transaction- related £m | Significant legal, Divestments and other items £m | Core results £m |
Gross profit | 23,650 | 722 | 22 | 48 | 19 | 24,461 | |
Operating profit | 7,932 | 808 | 880 | 109 | 507 | (453) | 9,783 |
Profit before taxation | 7,401 | 808 | 880 | 109 | 507 | (440) | 9,265 |
Profit after taxation | 6,289 | 630 | 660 | 77 | 360 | (335) | 7,681 |
Profit attributable to shareholders | 5,716 | 630 | 660 | 77 | 221 | (335) | 6,969 |
Basic earnings per share (pence) | 141.1p | 15.6p | 16.3p | 1.9p | 5.4p | (8.3p) | 172.0p |
Weighted average number of shares (millions) | 4,051 | 4,051 | |||||
The following adjustments are made in arriving at Core gross profit | |||||||
Cost of sales | (9,017) | 722 | 22 | 48 | 19 | (8,206) | |
The following adjustments are made in arriving at Core operating profit | |||||||
Selling, general and administration | (9,088) | 44 | 23 | 32 | (8,989) | ||
Research and development | (7,525) | 86 | 858 | 17 | (4) | (6,568) | |
Other operating income/(expense) | 16 | 488 | (504) | – | |||
The following adjustments are made in arriving at Core profit before tax | |||||||
Net finance costs | (532) | 24 | (508) | ||||
Share of after tax profit/(loss) of associates and joint ventures | 1 | (11) | (10) | ||||
The following adjustments are made in arriving at Core profit after tax | |||||||
Taxation | (1,112) | (178) | (220) | (32) | (147) | 105 | (1,584) |
The following adjustments are made in arriving at Core profit attributable to shareholders | |||||||
Profit attributable to non-controlling interests | 573 | 139 | 712 | ||||
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Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Group financial review continued Adjusting items continued | |||||||||||
Core results reconciliation 31 December 2024 | Total results £m | Intangible asset amortisation £m | Intangible asset impairment £m | Major restructuring £m | Transaction- related £m | Significant legal, Divestments and other items £m | Core results £m |
Gross profit | 22,328 | 947 | 163 | 40 | 28 | 23,506 | |
Operating profit | 4,021 | 1,002 | 314 | 353 | 1,881 | 1,577 | 9,148 |
Profit before taxation | 3,477 | 1,002 | 314 | 354 | 1,881 | 1,585 | 8,613 |
Profit after taxation | 2,951 | 794 | 251 | 274 | 1,570 | 1,311 | 7,151 |
Profit attributable to shareholders | 2,575 | 794 | 251 | 274 | 1,292 | 1,311 | 6,497 |
Basic earnings per share (pence) | 63.2p | 19.5p | 6.1p | 6.7p | 31.7p | 32.1p | 159.3p |
Weighted average number of shares (millions) | 4,077 | 4,077 | |||||
The following adjustments are made in arriving at Core gross profit | |||||||
Cost of sales | (9,048) | 947 | 163 | 40 | 28 | (7,870) | |
The following adjustments are made in arriving at Core operating profit | |||||||
Selling, general and administration | (11,015) | 160 | 2 | 1,879 | (8,974) | ||
Research and development | (6,401) | 55 | 314 | 9 | (6,023) | ||
Other operating income/(expense) | (891) | 21 | 1,839 | (330) | 639 | ||
The following adjustments are made in arriving at Core profit before tax | |||||||
Net finance costs | (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) | – | ||||
The following adjustments are made in arriving at Core profit after tax | |||||||
Taxation | (526) | (208) | (63) | (80) | (311) | (274) | (1,462) |
The following adjustments are made in arriving at Core profit attributable to shareholders | |||||||
Profit attributable to non-controlling interests | 376 | 278 | 654 | ||||
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Group financial review continued Adjusting items continued | |||||||||||
Core results reconciliation 31 December 2023 | Total results £m | Intangible asset amortisation £m | Intangible asset impairment £m | Major restructuring £m | Transaction- related £m | Significant legal, Divestments and other items £m | Core results £m |
Gross profit | 21,763 | 647 | 164 | 13 | 25 | 22,612 | |
Operating profit | 6,745 | 719 | 398 | 382 | 572 | (30) | 8,786 |
Profit before taxation | 6,064 | 719 | 398 | 383 | 572 | (24) | 8,112 |
Profit after taxation | 5,308 | 565 | 304 | 300 | 472 | (94) | 6,855 |
Profit attributable to shareholders | 4,928 | 565 | 304 | 300 | 280 | (94) | 6,283 |
Basic earnings per share (pence) | 121.6p | 13.9p | 7.5p | 7.4p | 6.9p | (2.2p) | 155.1p |
Weighted average number of shares (millions) | 4,052 | 4,052 | |||||
The following adjustments are made in arriving at Core gross profit | |||||||
Cost of sales | (8,565) | 647 | 164 | 13 | 25 | (7,716) | |
The following adjustments are made in arriving at Core operating profit | |||||||
Selling, general and administration | (9,385) | 216 | 13 | 127 | (9,029) | ||
Research and development | (6,223) | 72 | 398 | 2 | 1 | (5,750) | |
Other operating income/(expense) | 590 | 546 | (183) | 953 | |||
The following adjustments are made in arriving at Core profit before tax | |||||||
Net finance costs | (677) | 1 | 7 | (669) | |||
Share of after tax profit/(loss) of associates and joint ventures | (5) | (5) | |||||
Profit/(loss) on disposal of interest in associates | 1 | (1) | – | ||||
The following adjustments are made in arriving at Core profit after tax | |||||||
Taxation | (707) | (150) | (64) | (87) | (242) | 112 | (1,138) |
The following adjustments are made in arriving at Core profit attributable to shareholders | |||||||
Profit attributable to non-controlling interests | 380 | 192 | 572 | ||||
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Intangible asset amortisation
See page 195 for description and information on Intangible
asset amortisation.
Intangible asset impairment
See page 195 for description and information on Intangible
asset impairment. Total intangible asset impairments in 2025
included a charge of £471 million related to the termination of
the belrestotug development programme (anti-TIGIT mAb) in
Q2 2025.
Major restructuring and integration
See page 186 for description and information on Major
restructuring and integration charges.
Total Major restructuring charges incurred in 2025 were £109
million (2024: £353 million), analysed as follows:
2025 | 2024 | |||||
Cash £m | Non- cash £m | Total £m | Cash £m | Non- cash £m | Total £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 £m | 2024 £m |
Contingent consideration on former Shionogi-ViiV Healthcare Joint Venture (including Shionogi preferential dividends) | 649 | 1,533 |
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 75.
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 £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.
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Group financial review continued | |||||||||||
Cash generation and conversion |
A summary of the consolidated cash flow statement is set out
below.
2025 £m | 2024 £m | |
Net cash inflow/(outflow) from operating activities | 7,741 | 6,554 |
Total net cash inflow/(outflow) from investing activities | (4,233) | (1,229) |
Total net cash inflow/(outflow) from financing activities | (3,685) | (4,726) |
Increase /(decrease) in cash and bank overdrafts | (177) | 599 |
Cash and bank overdrafts at beginning of year | 3,403 | 2,858 |
Exchange adjustments | (19) | (54) |
Increase/(decrease) in cash and bank overdrafts | (177) | 599 |
Cash and bank overdrafts at end of 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 |
Reconciliation of net cash inflow from
operating activities to free cash inflow
A reconciliation of net cash inflow from operating activities,
which is the closest equivalent IFRS measure to free cash flow,
is shown below.
2025 £m | 2024 £m | |
Net cash inflow/(outflow) from operating activities | 7,741 | 6,554 |
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 disposal of intangible assets | 115 | 131 |
Net finance costs | (525) | (494) |
Dividends from associates and joint ventures | 67 | 15 |
Contingent consideration paid (reported in investing activities) | (17) | (19) |
Distributions to non-controlling interests | (391) | (416) |
Contribution from non-controlling interests | – | 9 |
Free cash inflow | 4,029 | 2,863 |
Net cash generated from operating activities was £7,741
million (2024: £6,554 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).
Capital expenditure and financial investment
Cash payments for tangible fixed assets amounted to £1,348
million (2024: £1,399 million) and intangible fixed assets
amounted to £1,637 million (2024: £1,583 million) and
disposals realised £139 million (2024: £196 million). Cash
payments to acquire equity investments amounted to £92
million (2024: £103 million) and sales of equity investments
realised £189 million (2024: £2,356 million).
Free cash flow
Free cash flow is the amount of cash generated by the Group
after meeting our obligations for contingent consideration,
interest, tax and dividends paid to non-controlling interests,
and after capital expenditure on property, plant and equipment
and intangible assets.
2025 £m | 2024 £m | |
Free cash inflow | 4,029 | 2,863 |
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). These payments are deductible for tax purposes.
Future cash flow
Over the long term, we expect that future cash generated from
operations will be sufficient to fund our operating and debt
servicing costs, normal levels of capital expenditure,
obligations under existing licensing agreements, expenditure
arising from restructuring programmes and other routine
outflows including tax, pension contributions and dividends,
subject to the ‘Risk Factors’ discussed on pages 260 to 268.
We may from time to time have additional demands for
finance, such as for acquisitions and share repurchases. We
have access to multiple sources of liquidity from short and
long-term capital markets and financial institutions for such
needs, in addition to the cash flow from operations.
Working capital
Working capital represents inventory and trade receivables
less trade payables.
The Group, has in its opinion, sufficient working capital to meet
its present requirements.
Please refer to "Group financial review” in the GSK Annual
Report on Form 20-F for the year ended 31 December 2024 for
a discussion of 2024 financial results compared to 2023.
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Group financial review continued | |||||||||||
Financial position and resources |
2025 £m | 2024 £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 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 |
Total equity | 15,956 | 13,086 |
Property, plant and equipment
Our business is science-based, technology-intensive and
highly regulated by governmental authorities. We allocate
significant financial resources to the renewal and maintenance
of our property, plant, equipment and vehicles to minimise
risks of interruption to production and to ensure compliance
with regulatory standards. A number of our processes use
hazardous materials.
The total cost of our property, plant and equipment at
31 December 2025 was £20,214 million, with a net book value
of £9,322 million. Of this, land and buildings represented
£2,543 million, plant, equipment and vehicles £4,271 million
and assets in construction £2,508 million. In 2025, we invested
£1,373 million in new property, plant and equipment. This was
mainly related to a large number of projects for the renewal,
improvement and expansion of facilities at various worldwide
sites to support new product development and launches as
well as to improve the efficiency of existing supply chains.
Property is mainly held freehold. New investment is financed
from our liquid resources. At 31 December 2025, we had
contractual commitments for future capital expenditure of £764
million. We believe that our property and plant facilities are
adequate for our current requirements.
Right of use assets
Right of use assets amounted to £726 million at 31 December
2025 compared with £846 million at 31 December 2024. The
decrease in the year primarily reflected depreciation of
£206 million, and disposals and impairments amounting to £62
million, partially offset by additions of £181 million.
Goodwill
Goodwill increased to £7,018 million at 31 December 2025,
from £6,982 million primarily as a result of £342 million from
acquisitions, partially offset by £276 million of exchange rate
losses and a £30 million transfer to assets held for sale.
Other intangible assets
Other intangible assets include the cost of intangibles
acquired from third parties and computer software. The net
book value of other intangible assets as at 31 December 2025
was £16,748 million (2024: £15,515 million).
Investments in associates and joint ventures
We held investments in associates and joint ventures with a
carrying value at 31 December 2025 of £89 million (2024:
£96 million). See Note 21, 'Investments in associates and joint
ventures' to the financial statements, for more details.
Other investments
At 31 December 2025 we held other investments with a
carrying value of £1,037 million (2024: £1,100 million). The
most significant investments held at 31 December 2025 were
in WAVE Life Sciences Ltd, Crispr Therapeutics AG and SR
One Capital Fund I-B, LP. These investments had a fair value
at 31 December 2025 of £231 million (2024: £165 million),
£126 million (2024: £101 million) and £120 million (2024: £135
million) respectively. The other investments included equity
stakes in companies with which we have research
collaborations, and which provide access to biotechnology
developments of potential interest and interests in companies
that arise from business divestments.
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Derivative financial instruments: assets
We held current derivative financial assets at fair value of £121
million (2024: £109 million). The majority of these financial
instruments related to foreign exchange contracts both
designated and not designated as accounting hedges.
Inventories
Inventories amounted to £5,924 million (2024: £5,669 million)
at 31 December 2025.
Trade and other receivables
Trade and other receivables amounted to £7,471 million (2024:
£6,836 million) at 31 December 2025. The increase is mainly
driven by higher sales of Specialty Medicines and respiratory
medicines, as well as settlement income.
Deferred tax assets
Deferred tax assets amounted to £6,520 million (2024: £6,757
million) at 31 December 2025.
Assets held for sale
Assets held for sale amounted to £300 million (2024: £3
million) which primarily included the manufacturing facility
located in Rockville, Maryland. Liabilities relating to assets
held for sale, including lease liabilities for the Rockville site,
amounted to £139 million (2024: £nil). 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.
Derivative financial instruments: liabilities
We held current derivative financial liabilities at fair value of
£75 million (2024: £192 million). This is primarily related to
foreign exchange contracts both designated and not
designated as accounting hedges.
Trade and other payables
At 31 December 2025, trade and other payables were £15,381
million compared with £15,335 million at 31 December 2024.
See Note 28, 'Trade and other payables' to the financial
statements.
Provisions
We carried deferred tax provisions and other short-term and
non-current provisions of £1,839 million at 31 December 2025
(2024: £2,917 million). Other provisions included £210 million
(2024: £1,446 million) related to legal and other disputes, and
£185 million (2024: £273 million) related to Major restructuring
programmes. During the year, legal and other disputes
provisions of £1,313 million were utilised, primarily reflecting
Zantac settlement payments of £1,195 million. Provision has
been made for legal and other disputes, indemnified disposal
liabilities, employee-related liabilities and the costs of the
restructuring programme to the extent that at the balance
sheet date a legal or constructive obligation existed and could
be reliably estimated.
Pensions and other post-employment
benefits
We account for pension and other post-employment
arrangements in accordance with IAS 19. The net surplus was
£229 million (2024: £103 million deficit) on pension
arrangements, and there were net deficits on unfunded post-
employment liabilities of £801 million (2024: £863 million). See
Note 30, 'Pensions and other post-employment benefits' to the
financial statements.
Other non-current liabilities
Other non-current liabilities amounted to £1,023 million at
31 December 2025 (2024: £1,100 million).
Contingent consideration liabilities
Contingent consideration amounted to £6,733 million at
31 December 2025 (2024: £7,280 million), of which £5,433
million (2024: £6,061 million) represented the estimated
present value of amounts payable to Shionogi relating to ViiV
Healthcare, £219 million (2024: £502 million) represented the
estimated present value of contingent consideration payable
to the former shareholders of Affinivax and £651 million (2024:
£575 million) represented the estimated present value of
contingent consideration payable to Novartis related to the
Vaccines acquisition.
The liability due to Shionogi was £266 million in respect of
preferential dividends. An explanation of the accounting for the
non-controlling interests in ViiV Healthcare is set out on page
75.
Of the total contingent consideration payable (on a post-tax
basis) at 31 December 2025, £1,194 million (2024: £1,127
million) is expected to be paid within one year to Shionogi. The
consideration payable is expected to be paid over a number
of years. As a result, the total estimated liabilities are
discounted to their present values, on a post-tax basis using
post-tax discount rates.
The Shionogi-ViiV Healthcare contingent consideration liability
is discounted at 8%, the Affinivax contingent consideration
liability is discounted at 9%, the Novartis Vaccines contingent
consideration liability is discounted partly at 8.0% and partly at
9% and, the The BP Asset IX contingent consideration liability
is discounted at 9%.
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Group financial review continued Financial position and resources continued | |||||||||||
Maturity profile of bond debt
£m equivalent
¥
£
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€
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$
€
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€
$
$
£
€
€
$
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€
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$ US bonds | € EUR bonds | £ GBP bonds | ¥ JPY bonds |
Net debt
2025 £m | 2024 £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) | – |
Net debt the end of the year | (14,453) | (13,095) |
At 31 December 2025, net debt was £14.5 billion, compared
with £13.1 billion at 31 December 2024, comprising gross
debt of £17.9 billion and cash and liquid investments of £3.4
billion. Net debt increased by £1.4 billion 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 £1.7 billion, dividends paid to shareholders of £2.6
billion and shares purchased as part of the share buyback
programme of £1.4 billion. This was partly offset by free cash
inflow £4.0 billion and exchange gain on net debt of £0.2
billion.
At 31 December 2025, GSK had short-term borrowings
(including overdrafts and lease liabilities) repayable within
12 months of £3.0 billion and long-term borrowings of £1.5
billion repayable in the subsequent year.
At 31 December 2025, GSK’s cash and liquid investments
were held as follows:
2025 £m | 2024 £m | |
Bank balances and deposits | 1,604 | 2,590 |
US Treasury and Treasury repo only money market funds | 431 | 300 |
Liquidity funds | 1,362 | 980 |
Cash and cash equivalents | 3,397 | 3,870 |
Liquid investments – government securities | 9 | 21 |
3,406 | 3,891 |
Cash and liquid investments of £2.6 billion (2024:£3.1 billion)
were held centrally at 31 December 2025.
The analysis of cash and gross debt after the effects of
hedging is as follows:
2025 £m | 2024 £m | |
Liquid investments | 9 | 21 |
Cash and cash equivalents | 3,397 | 3,870 |
Gross debt – fixed | (16,317) | (16,060) |
– floating | (1,542) | (924) |
– non-interest bearing | – | (2) |
Net debt | (14,453) | (13,095) |
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Group financial review continued Financial position and resources continued | |||||||||||
Movements in net debt
2025 £m | 2024 £m | |
Total net debt at beginning of year | (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 required | (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 year | (14,453) | (13,095) |
Total equity
At 31 December 2025, total equity had increased from
£13,086 million at 31 December 2024 to £15,956 million.
A summary of the movements in equity is set out below:
2025 £m | 2024 £m | |
Total equity at beginning of year | 13,086 | 12,795 |
Total comprehensive income for the year | 6,782 | 2,778 |
Distributions to non-controlling interests | (391) | (416) |
Dividends to shareholders | (2,564) | (2,444) |
Deconsolidation of former subsidiaries | – | (2) |
Shares issued | 15 | 20 |
Purchase of treasury shares | (1,377) | – |
Changes in non-controlling interests | – | 4 |
Hedging gain/(loss) transferred to non-financial assets | – | (6) |
Share-based incentive plans | 374 | 344 |
Tax on share-based incentive plans | 31 | 4 |
Contributions from non-controlling interests | – | 9 |
Total equity at end of year | 15,956 | 13,086 |
Share purchases
On 5 February 2025, GSK announced a £2 billion share
buyback programme to be implemented over an 18 month
period. The programme commenced on 24 February 2025 and
is expected to complete by mid-2026. As at 31 December
2025, 93 million shares at an average price of £14.73 per
share have been repurchased under the programme, at a cost
of £1,377 million, including transaction costs of £8 million.
Shares repurchased under the programme are held as
Treasury shares.
At 31 December 2025, GSK held a total of 240 million Treasury
shares (2024: 169.2 million shares) at a cost of £3,948 million
(2024: £2,958 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.
In 2025, 22 million Treasury shares were transferred to the
Employee Share Ownership Plan (ESOP) Trusts. Shares are
held by the Trusts to satisfy future exercises of options and
awards under the Group share option and award schemes.
A proportion of the shares held by the Trusts are in respect of
awards where the rules of the scheme require GSK to satisfy
exercises through market purchases rather than the issue of
new shares. The shares held by the Trusts are matched to
options and awards granted.
At 31 December 2025, the ESOP Trusts held 62.8 million
(2024: 64.3 million) GSK shares against the future exercise
of share options and share awards and for the Executive
Supplemental Savings plan. The carrying value of
£282 million (2024: £397 million) has been deducted from
other reserves. The market value of these shares was £1,147
million (2024: £866 million).
Contractual obligations and commitments
Financial commitments are summarised in Note 35,
'Commitments' and Note 43, ‘Financial instruments and related
disclosures’ to the financial statements. The amounts below
represent the anticipated undiscounted contractual cash flows
for the Group’s key financial commitments.
At 31 December 2025, the Group anticipates gross contractual
cash flows of £17 billion for borrowings (excluding interest) of
which £3 billion is payable within one year and £14 billion is
payable after one year. Total undiscounted interest payable on
these loans amounts to £5 billion of which £0.6 billion is
payable within one year and £4.4 billion is payable after more
than one year. Commitments in respect of loans and future
interest payable on loans are disclosed before taking into
account the effect of derivatives. Refer to Note 43. ‘Financial
instruments and related disclosures’ on page 227 for more
details.
At 31 December 2025, the Group has intangible assets capital
commitments of £17 billion. Of these, £1 billion would fall due
within one year and £16 billion would fall due after more than
one year. These commitments include milestone payments,
which are dependent on successful clinical development or on
meeting specified sales targets, and which represent the
maximum that would be paid if all milestones, however
unlikely, were to be achieved. The amounts are not risk-
adjusted or discounted. Refer to Note 35. ‘Commitments’ on
page 215 for more details.
At 31 December 2025, the Group anticipates gross contractual
cash flows of £0.8 billion for lease liabilities (excluding interest)
of which £0.1 billion is payable within one year and £0.7 billion
is payable after one year. Total undiscounted interest payable
on lease liabilities amounts to £0.2 billion, most of which is
payable after more than one year. Refer to Note 43. ‘Financial
instruments and related disclosures’ on page 227 for more
details.
At 31 December 2025, the Group had property, plant and
equipment capital commitments of £0.8 billion of which £0.5
billion is payable within one year and £0.3 billion is payable
after one year. Refer to Note 35, ‘Commitments’ on page 215
for more details.
At 31 December 2025, the Group had £0.2 billion of
investment commitments of which £0.1 billion is payable within
one year and £0.1 billion is payable after one year.
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Group financial review continued Financial position and resources continued | |||||||||||
Contingent liabilities
Other contingent liabilities are set out in Note 34, 'Contingent
liabilities' to the financial statements.
Contingent liabilities, comprising guarantees and other items
arising in the normal course of business, potentially due within
one year and after one year amount to £3 million and £35
million respectively.
In the normal course of business, we have provided various
indemnification guarantees in respect of business disposals
in which legal and other disputes have subsequently arisen.
A provision is made where an outflow of resources is
considered probable and a reliable estimate can be made of
the likely outcome of the dispute and this is included in Note
31, 'Other provisions' to the financial statements.
We provide for the outcome of tax, legal and other disputes
when an outflow of resources is considered probable and a
reliable estimate of the outflow may be made. At 31 December
2025, other than for those disputes where provision has been
made, it was not possible to make a reliable estimate of the
potential outflow of funds that might be required to settle
disputes where the possibility of there being an outflow was
more than remote.
The ultimate liability for such matters may vary significantly
from the amounts provided and is dependent upon
negotiations with the relevant tax authorities and the outcome
of litigation proceedings, where relevant. This is discussed
further in ‘Risk Factors’ on pages 260 to 268 and Note 46,
'Legal proceedings' to the financial statements.
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Group financial review continued | |||||||||||
Approach to tax |
Business makes a major contribution to the public purse
through its tax contribution. This includes direct taxes (such as
corporate income tax) and indirect taxes (such as VAT,
environmental taxes and customs duties) as well as other
taxes (such as employment taxes and property taxes). It is
therefore important that companies explain their approach to
tax. This helps inform dialogue about tax and tax policy.
We are supportive of efforts to ensure companies are
appropriately transparent about how their tax affairs are
managed. To this end, our Tax Strategy (which includes a
summary of our Total Tax Contribution (TTC) and country-by-
country reporting (CBCR) data) is set out in detail within the
Public policies section of our website and we regularly engage
in discussions with stakeholders who are keen to understand
our tax profile and our approach to tax.
As a global biopharmaceutical company, we have a
substantial business and employment presence in many
countries around the world and pay a significant amount of tax.
This includes corporate income tax, other business taxes, and
tax associated with our employees. We also collect a
significant amount of tax on behalf of governments, such as
income tax from payments to our employees and VAT along
our supply chain. Further information in relation to GSK’s total
tax contribution, giving a better reflection of our overall fiscal
contribution in a particular country, can be found in our
published Tax Strategy.
We are subject to taxation throughout our supply chain. The
worldwide nature of our operations means that our cross-
border supply routes, necessary to ensure supplies of
medicines into numerous countries, can result in conflicting
claims from tax authorities as to the profits to be taxed in
individual countries. This can lead to double taxation (with
profits taxed in more than one country).
To mitigate the risk of double taxation, profits are recognised in
territories by reference to the activities performed there and
the value they generate. To ensure the profits recognised in
jurisdictions are aligned to the activity undertaken there, and in
line with current OECD guidelines, we base our transfer pricing
policy on the arm’s length principle and support our transfer
prices with economic analysis and reports.
We do not engage in artificial tax arrangements – those without
business or commercial substance. We do not seek to avoid
tax by using ‘tax havens’ or transactions we would not fully
disclose to a tax authority. We have a zero-tolerance approach
to tax evasion and the facilitation of tax evasion.
Tax risk in all countries in which we operate is managed
through robust internal policies, processes, training and
compliance programmes. Our Board of Directors, supported
by the Audit & Risk Committee (ARC), is responsible for
approving our tax policies and risk management arrangements
as part of our wider risk management and internal control
framework. Our Risk Oversight and Compliance Council
(ROCC) and the Audit and Assurance function help the ARC
oversee tax risks and the strategies used to address them.
We seek to maintain open and constructive relationships with
tax authorities worldwide, meeting regularly to discuss our tax
affairs and real time business updates wherever possible to
support their work and help manage tax risk in accordance
with our framework.
We monitor government debate on tax policy in our key
jurisdictions so that we can understand and share an informed
point of view regarding any potential future changes in tax law,
in support of a transparent and financially sustainable tax
system. Where relevant, we provide pragmatic and
constructive business input to tax policy makers either directly
or through industry trade bodies, to help inform reforms that
support economic growth and job creation.
In 2025, the Group corporate tax charge was £1,112 million
(2024: £526 million) on profits before tax of £7,401 million
(2024: £3,477 million) representing an effective tax rate of
15.0% (2024: 15.1%). We made cash tax payments of £1,202
million in the year (2024: £1,307 million). In addition to the
taxes we pay on our profits, we pay duties, levies,
transactional and employment taxes.
The Group’s Total tax rate for 2025 of 15.0% (2024: 15.1%)
was lower than the Core tax rate reflecting the different tax
effects of various Adjusting items, including non-taxable
revaluations of contingent consideration liabilities associated
with recent acquisitions.
Our Core tax rate for 2025 was 17.1% (2024: 17.0%). The rate
continues to benefit from innovation incentives available in key
territories in which we operate, such as the UK and Belgium
Patent Box regimes, albeit at a reduced level following
introduction of global minimum corporate tax rate provisions, in
line with the OECD’s Pillar Two model rules.
Further details about our corporate tax charges for the year are
set out in Note 14, 'Taxation' to the financial statements.
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Group financial review continued | |||||||||||
Treasury policies |
The role of Treasury is to monitor and manage the Group’s
external and internal funding requirements and financial risks
in support of our strategic objectives. GSK operates on a
global basis, primarily through subsidiary companies, and we
manage our capital to ensure that our subsidiaries are able to
operate as going concerns and to optimise returns to
shareholders through an appropriate balance of debt and
equity. Treasury activities are governed by policies approved
annually by the Board of Directors, and most recently on 8
October 2025. A Treasury Management Group (TMG) meeting,
chaired by our Chief Financial Officer, takes place on a regular
basis to review Treasury activities. Its members receive
management information relating to these activities.
Treasury operations
The objective of GSK’s Treasury activities is to minimise the
post-tax net cost of financial operations and reduce its volatility
in order to benefit earnings and cash flows. GSK uses a variety
of financial instruments to finance its operations and derivative
financial instruments to manage market risks from these
operations. Derivatives principally comprise foreign exchange
forward contracts and swaps which are used to swap
borrowings and liquid assets into currencies required for
Group purposes, as well as interest rate swaps and cross
currency swaps which are used to manage exposure to
financial risks from changes in interest rates.
Derivatives are used exclusively for hedging purposes in
relation to underlying business activities and not as trading or
speculative instruments.
Capital management
GSK’s financial strategy, implemented through the Group’s
financial architecture, supports GSK’s strategic priorities and is
regularly reviewed by the Board. We manage the capital
structure of the Group through an appropriate mix of debt and
equity. We continue to manage our financial policies to a credit
profile that particularly targets ratings of at least A2/A
(Moody's/S&P), through the cycle.
Liquidity risk management
GSK’s policy is to borrow centrally in order to meet anticipated
funding requirements. Our cash flow forecasts and funding
requirements are monitored by the TMG on a regular basis.
Our strategy is to diversify liquidity sources using a range of
facilities and to maintain broad access to financial markets.
Each day, we sweep cash to or from a number of global
subsidiaries to central treasury accounts for liquidity
management purposes.
Interest rate risk management
GSK’s objective is to minimise the effective net interest cost
and to balance the mix of debt at fixed and floating interest
rates over time. The policy on interest rate risk management
limits the net amount of floating rate debt to a specific cap,
reviewed and agreed no less than annually by the Board.
Foreign exchange risk management
Our objective is to minimise the exposure of overseas
operating subsidiaries to transaction risk by matching local
currency income with local currency costs where possible.
Foreign currency transaction exposures arising on external
and internal trade flows are selectively hedged. GSK’s internal
trading transactions are matched centrally and we manage
inter-company payment terms to reduce foreign currency risk.
Where possible, we manage the cash surpluses or borrowing
requirements of subsidiary companies centrally using forward
contracts to hedge future repayments back into the originating
currency.
In order to reduce foreign currency translation exposure, we
seek to denominate borrowings in the currencies of our
principal assets and cash flows. These are primarily
denominated in US Dollars, Euros and Sterling.
Borrowings can be swapped into other currencies as required.
Borrowings denominated in, or swapped into, foreign
currencies that match investments in overseas Group assets
may be treated as a hedge against the relevant assets.
Forward contracts in major currencies are also used to reduce
exposure to the Group’s investment in overseas Group assets.
The TMG reviews the ratio of borrowings to assets for major
currencies regularly.
Commodity risk management
Our objective is to minimise income statement volatility arising
from fluctuations in commodity prices, where practical and
cost effective to do so. The TMG is authorised to approve the
execution of certain financial derivatives to hedge commodity
price exposures.
Counterparty risk management
We set global counterparty limits for each of our banking and
investment counterparties based on long-term credit ratings
from Moody’s and S&P. Usage of these limits is actively
monitored and any breach of these limits would be reported to
the Chief Financial Officer immediately. Credit Support
Annexes (CSAs) can be utilised to reduce credit risk on
selected trades, taking into consideration impact on current
and future liquidity.
In addition, relationship banks and their credit ratings are
reviewed regularly so that, when changes in ratings occur,
changes can be made to investment levels or to authority limits
as appropriate. All banking counterparty limits are reviewed at
least annually.
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Group financial review continued | |||||||||||
Capital allocation & other items | |
Capital allocation framework to support investment and returns
Our priority is to invest for growth, coupled with attractive shareholder returns:
Our capital allocation framework means our first priority
remains to invest in the business, with capital allocated
towards development of the pipeline, both organic and
targeted business development.
We also remain committed to delivering attractive returns
to shareholders and pursuing a progressive dividend policy,
guided by a 40 to 60 percent pay-out ratio through the
investment cycle. In setting its dividend policy, GSK considers
the priorities of the Group and its investment strategy for
growth, alongside the sustainability of the dividend.
Consistent with this, and reflecting strong business
performance during the year, GSK declared an increased
dividend of 66p per share for the full year 2025. The expected
dividend for 2026 is 70p
We remain committed to maintaining a balance sheet with
a strong investment grade credit rating. In the event of surplus
cash, the excess would be considered for further returns
to shareholders.
Agreement with US Government | |
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.
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GSK 2025 Annual Report on Form 20-F | ||||||||
Corporate
governance
In this section | |
The Board and Executive Committee | 98 |
Chair’s governance statement | 104 |
Corporate governance architecture | 107 |
Board activities | 110 |
Board committee reports | 115 |
Remuneration report | 127 |
Directors’ report | 156 |
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The Board | |||||||||||
Sir Jonathan Symonds, CBE Non-Executive Chair Age: 67 Nationality: British Appointed: 1 September 2019 | Skills and experience Jon has extensive international financial, life sciences and governance experience. Jon served as a Non-Executive Director of Genomics England from October 2013 to October 2025. From April 2014 until February 2020, he was an Independent Non-Executive Director of HSBC Holdings plc where he also served as Chairman of the Group Audit Committee and as Deputy Group Chairman from August 2018. Jon was previously Chairman of HSBC Bank plc, Chief Financial Officer of Novartis AG, Partner and Managing Director of Goldman Sachs, Chief Financial Officer of AstraZeneca plc, and a Partner at KPMG. He was also a Senior Advisor to Chatham House. Jon is a Fellow of the Institute of Chartered Accountants in England and Wales, an Honorary Fellow of the Oxford School of Pharmacology, and an Honorary Fellow of the Academy of Medical Sciences. External appointments Non-Executive Chair, Energy Aspects; Member, European Round Table for Industry; Member, Investor & Issuer Forum (I&IF) Steering Committee. |
Luke Miels Chief Executive Officer Age: 51 Nationality: Australian Appointed: 1 January 2026 | Skills and experience Luke became CEO and joined the Board on 1 January 2026, following his appointment as CEO designate in September 2025. Luke joined GSK in 2017 as Chief Commercial Officer, responsible for our commercial portfolio of medicines and vaccines. He previously worked for AstraZeneca as Executive Vice President of their European business and, prior to that, was Executive Vice President of Global Product and Portfolio Strategy, Global Medical Affairs and Corporate Affairs. Before that, he was head of Asia for Roche, based in Shanghai and then Singapore. Prior to that he held roles of increasing seniority at Roche and Sanofi-Aventis in the US, Europe and Asia. Luke holds a Bachelor of Science degree in Biology from Flinders University in Adelaide and an MBA from the Macquarie University, Sydney. |
Julie Brown Chief Financial Officer Age: 64 Nationality: British Appointed: 1 May 2023 | Skills and experience Julie has an extensive financial and life sciences background, having been the Group CFO of Smith & Nephew from 2013 to 2017 and serving as a Non-Executive Director and Audit Chair of Roche Holding AG from 2016 to 2022. Before this, Julie was Interim Group CFO of AstraZeneca plc, having worked in a wide range of commercial, strategic and financial positions across three continents over a 25-year period. Julie was also Chief Operating Officer and CFO and Executive Director of Burberry Group plc from 2017 to 2023, where her responsibilities included Finance, Transformation, Technology and oversight of cyber security, Investor Relations and Sustainability. Julie is a Fellow of the Institute of Chartered Accountants and the Institute of Tax. External appointments Member, CFO Leadership Network, Accounting for Sustainability (part of the King Charles III Charitable Fund Group of Charities) having previously served as Co-Chair; Patron, Oxford University Women in Business; Non-Executive Director and Chair of the Audit Committee, Diageo plc; Member, Business Advisory Board to the Mayor of London. |
Elizabeth (Liz) McKee Anderson Independent Non-Executive Director Age: 68 Nationality: American Appointed: 1 September 2022 | Skills and experience Liz brings significant experience in commercial biopharmaceuticals and is a seasoned biotech board member. Her significant experience in commercial biopharmaceuticals, both operationally and at board level, as well as her deep understanding of the biotechnology sector and application of technology, are invaluable to GSK as a pure biopharma company. Before her current roles, Liz served as Worldwide Vice President and commercial leader in infectious diseases and vaccines and also for immunology and oncology at Janssen Pharmaceuticals, and as Vice President and General Manager at Wyeth Vaccines. Liz was also previously a Board member of Huntsworth Plc and a Board Member and Chair of the Science, Technology and Investment Committee of Bavarian Nordic A/S. Liz has a degree in Engineering and Technical Management and an MBA in Finance. External appointments Board Member and Chair of the Compensation Committee, BioMarin Pharmaceutical, Inc; Board Member and Chair of the Compensation Committee, Revolution Medicines, Inc; Board Member and Chair of the Nominations & Governance Committee, Insmed, Inc; Trustee and Chair of the Business Development Committee, The Wistar Institute; Director and Chair of the Compensation Committee, Aro Biotherapeutics Company, a private company. |
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The Board continued | |||||||||||
Charles Bancroft Senior Independent Non-Executive Director Age: 66 Nationality: American Appointed: 1 May 2020 Senior Independent Non-Executive Director from 18 July 2022 | Skills and experience Charlie has a wealth of financial and management experience in global biopharma. Charlie retired from a successful career at Bristol Myers Squibb (BMS) in March 2020 where he held a number of leadership roles in commercial, strategy and finance. Beginning his career at BMS in 1984, he held positions of increasing responsibility within the finance organisation and had commercial operational responsibility for Latin America, Middle East, Africa, Canada, Japan and several Pacific Rim countries. He was appointed Chief Financial Officer in 2010, Chief Financial Officer and Executive Vice President, Global Business Operations in 2016 and Executive Vice President and Head of Integration and Strategy & Business Development in 2019. As Chief Financial Officer, Charlie had line management responsibility for Information Technology, including cyber security. Charlie successfully steered BMS through a period of strategic transformation, including its $74 billion acquisition of Celgene. Charlie also served as a member of the Board of Colgate-Palmolive Company from 2017 until 2020 and as an advisor at Patent Protection Research from 2024 until 2025. External appointments Board Member, Kodiak Sciences Inc; Board Member, BioVector Inc; Advisory Board Member, Drexel University’s LeBow College of Business. The Board determined that Charlie has recent and relevant financial experience and agreed that he has the appropriate qualifications and background to be an audit committee financial expert. |
Dr Hal Barron Non-Executive Director Age: 63 Nationality: American Appointed: 1 January 2018 Chief Scientific Officer and President, R&D from 1 April 2018 Transitioned to the role of Non-Executive Director on 1 August 2022 | Skills and experience Hal has had a distinguished career in biosciences, with a strong track record of research and development (R&D). He joined the Board of GSK in 2018 as Chief Scientific Officer and President, R&D, where he brought a new approach to R&D which focused on science related to the immune system, the use of human genetics and advanced technologies to help identify the next generation of transformational medicines. In August 2022, he transitioned to a Non- Independent Non-Executive Director, with additional responsibilities to support R&D. Before joining GSK, Hal was President, R&D at Calico LLC (California Life Company), an Alphabet-funded company that uses advanced technologies to increase understanding of lifespan biology. Hal was previously Executive Vice President, Head of Global Product Development, and Chief Medical Officer of Roche, responsible for all the products in the combined portfolio of Roche and Genentech. At Genentech, he was Senior Vice President of Development and Chief Medical Officer. Hal was a Non-Executive Director and Chair of the Science & Technology Committee at Juno Therapeutics, Inc until March 2018, when it was acquired by Celgene Corporation. He previously served as a Non-Executive Board Director of GRAIL, Inc and an Advisory Board Member of Verily Life Sciences LLC. External appointments CEO and Board Co-Chair, Altos Labs Inc; Associate Adjunct Professor, Epidemiology & Biostatistics, University of California, San Francisco. |
Dr Anne Beal Independent Non-Executive Director Age: 63 Nationality: American Appointed: 6 May 2021 | Skills and experience Anne brings extensive healthcare experience to the Board as a physician and entrepreneur combined with a passion for patient advocacy. She is a recognised health policy expert in the development of global and national programmes for improving healthcare access for all patient groups and in ensuring the voice of patients is reflected in research programmes. Prior to her current roles, Anne spent six years at Harvard Medical School and Massachusetts General Hospital, where she was an instructor in paediatrics. She has also held leadership roles at the Commonwealth Fund and the Aetna Foundation. Anne was previously Deputy Executive Director and Chief Engagement Officer for The Patient-Centered Outcomes Research Institute in the US and Chief Patient Officer and Global Head of Patient Solutions at Sanofi. In addition, Anne was previously a member of the Board of Academy Health. External appointments Founder and CEO, AbsoluteJOI Skincare; Board Member, Prolacta Bioscience; Board Member, Omada Health, Inc; Member of Board of Trustees, Brown University. |
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The Board continued | |||||||||||
Wendy Becker Independent Non-Executive Director Age: 60 Nationality: American Appointed: 1 October 2023 | Skills and experience Wendy is a highly experienced Non-Executive Director and has held significant leadership positions in a wide range of global businesses in public, private and non-profit sectors. She possesses a wealth of strategic and consumer marketing expertise in particular across the technology and life sciences sectors. Wendy has strong executive management experience, having been Chief Executive Officer at Jack Wills Limited, Group Chief Marketing Officer at Vodafone Group plc and Partner at McKinsey & Company. Wendy’s interest in science, healthcare and medical research dates to her time at McKinsey, where she worked with a range of healthcare clients in the US and Europe. This was furthered during the years that she served on the Board of Cancer Research UK. More recently, Wendy spent time as a Non-Executive Director of NHS England and as Chair of the British Heart Foundation. Wendy has held several Non-Executive Director roles, among others, as Chair of Logitech International S.A., Chair of the Remuneration Committees of Great Portland Estates plc and Ocado Group plc, a member of the Remuneration and Audit Committees of Whitbread plc and Senior Independent Director and Chair of the Remuneration Committee of Oxford Nanopore Technologies plc. Through her current and prior roles in technology companies, Wendy adds to the Board’s experience in cyber security. External appointments Chair of the Board and Chair of the Nominating Committee, Sony Group Corporation; Member of the governing bodies of the University of Oxford; Trustee, University of Oxford. |
Dr Harry (Hal) C Dietz Independent Non-Executive Director and Scientific & Medical Expert Age: 67 Nationality: American Appointed: 1 January 2022 | Skills and experience Hal brings extensive experience in the field of human genetics which is central to GSK’s approach to R&D. He is a former President of the American Society of Human Genetics and is recognised as the world’s leading authority on the genetic disorder known as Marfan Syndrome. He also brings experience in developing novel therapies, particularly in relation to disease-modifying treatments for fibrotic and neurodegenerative diseases. In total, Hal has authored 282 original publications in peer-reviewed journals during his career. As a physician scientist, he has dedicated his entire career to the care and study of individuals with heritable connective tissue disorders with primary perturbations of extracellular matrix homeostasis and function. His lab has identified the genes for many of these conditions, for which he uses model systems to explain disease mechanisms. Hal has received many prestigious awards including the Curt Stern Award from the American Society of Human Genetics, the Colonel Harland Sanders Lifetime Achievement Award in Medical Genetics, the Taubman Prize for excellence in translational medical science, the Harrington Prize from the American Society for Clinical Investigation and the Harrington Discovery Institute, the Pasarow Award in Cardiovascular Research, the InBev-Baillet Latour Health Prize from Belgium, and the Research Achievement Award from the American Heart Association. He is an inductee of the American Society for Clinical Investigation, the American Association for the Advancement of Science, the Association of American Physicians, the National Academy of Medicine, and the National Academy of Sciences. Hal was previously an Investigator at the Howard Hughes Medical Institute. External appointments Victor A. McKusick Professor of Paediatrics, Medicine, and Molecular Biology & Genetics in the Department of Genetic Medicine, The Johns Hopkins University School of Medicine; Non- Executive Board Director, Altius Institute for Biomedical Sciences; Independent Chair, GSK’s Human Genetics Scientific Advisory Board. |
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The Board continued | |||||||||||
Dr Jeannie Lee Independent Non-Executive Director and Scientific & Medical Expert Age: 61 Nationality: American Appointed: 4 March 2024 | Skills and experience Jeannie is a pioneer in the field of RNA Biology and its application to drug development and therapeutics. In addition to senior leadership positions held at both Harvard Medical School and the Massachusetts General Hospital, Jeannie co-founded Translate Bio and Fulcrum Therapeutics, two biotech companies specialising in RNA and epigenetic therapies. Jeannie is a Member of the National Academy of Sciences and the National Academy of Medicine. She is a Harrington Rare Disease Scholar of the Harrington Discovery Institute, a recipient of the Lurie Prize from the Foundation for the National Institutes of Health, an awardee of the Centennial Prize from the Genetics Society of America, the 2010 Molecular Biology Prize and the 2020 Cozzarelli Prize from the National Academy of Sciences, and a Fellow of the American Association for the Advancement of Science. She has also served on the Board of the Genetics Society of America. External appointments Endowed Chair of Molecular Biology, Vice Chair of Genetics and Professor of Genetics (& Pathology), Harvard Medical School; Chair of Molecular Biology, Massachusetts General Hospital; Co-Founder and Consultant, Fulcrum Therapeutics; Scientific Advisory Board member, Skyhawk Therapeutics, Inc. |
Dr Gavin Screaton Independent Non-Executive Director and Scientific & Medical Expert Age: 63 Nationality: British Appointed: 1 May 2025 | Skills and experience Gavin was appointed as Independent Non-Executive Director and designated a Scientific & Medical Expert on 1 May 2025. Gavin brings deep expertise in immunology and infectious diseases, together with considerable experience in public health, bringing valuable perspective to the Board. Gavin is currently head of the world-leading Medical Sciences Division at the University of Oxford and an expert in the field of immunology and infectious diseases, two areas of science critical to GSK. Gavin is Scientific Advisor and co-founder of RQ Biotechnology Limited, a biotech company focused on the development of preventative medicines to provide immunity and protection against viral infectious diseases. Prior to his current roles, Gavin was Chair of Medicine at Hammersmith Hospital, Imperial College, and became Dean of the Faculty of Medicine. His research, which has been supported by a series of Fellowships awarded by the MRC and Wellcome Trust, has covered a variety of topics from control of RNA processing and apoptosis to immunology. He is a former Senior Investigator at the National Institute for Health Research. Gavin is a Fellow of the Academy of Medical Sciences and the Royal College of Physicians. External appointments Head of Medical Sciences Division, University of Oxford; Non-Executive Director, Oxford University Hospitals NHS Foundation Trust; Trustee, Jenner Vaccine Foundation; Scientific Advisor and Co-Founder, RQ Biotechnology Limited. |
Dr Vishal Sikka Independent Non-Executive Director Age: 58 Nationality: American Appointed: 18 July 2022 | Skills and experience Vishal has a distinguished background in technology, particularly in Artificial Intelligence (AI) and Machine Learning (ML), which are central to GSK’s approach to R&D. He also brings a deep understanding of cyber security to the Board. He is the founder and CEO of Vianai Systems, Inc, a Silicon Valley-based company that provides advanced technological software and services in AI and ML to large enterprises around the world. Before founding Vianai Systems in 2019, Vishal served as CEO of Infosys Limited, where he led an innovative strategy to help clients renew existing IT landscapes, using AI/automation, design thinking and next-generation technologies to transform customer experiences. He also served as a member of the Executive Board of SAP SE, prior to which he was its Chief Technology Officer, and also as a Board Member of Oracle Corporation. Vishal has a PhD in AI from Stanford University and has co-authored several research abstracts related to AI, technology and database management. External appointments Founder and CEO, Vianai Systems, Inc; Member, Supervisory Board, BMW AG; Member of the Advisory Board of Stanford University's AI Center (Institute for Human-Centered Artificial Intelligence). |
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Emma Walmsley | 1 January 2017 to 31 December 2025 | Retired from the Board on 31 December 2025 |
Jesse Goodman | 1 January 2016 to 7 May 2025 | Retired from the Board on 7 May 2025 |
Independence statement
The Board considers all its Non-Executive Directors who are identified above – except Dr Hal Barron – to be independent after
being assessed against Provision 10 of the Financial Reporting Council's UK Corporate Governance Code (the Code). Dr
Barron was formerly an Executive Director and is therefore not identified as independent in accordance with the Code.
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Executive Committee | |||||||||||
To support delivery of the CEO’s key priorities the CEO has expanded the GLT membership to provide greater strategic
product insight and operational focus. The Committee was also renamed the Executive Committee (the ExCom). This
change took effect from January 2026. See page 115 for more details on this evolution. The ExCom comprises:
Skills and experience | |
Luke Miels Chief Executive Officer | Luke joined GSK and the Executive Committee in 2017. See Board biographies on pages 98 to 101. |
Julie Brown Chief Financial Officer | Julie joined GSK and the Executive Committee in 2023. See Board biographies on pages 98 to 101. |
Lynn Baxter President, Europe | Lynn joined the Executive Committee in 2026. As President, Europe, she is responsible for the commercial performance and strategic direction of GSK’s European markets, overseeing a diverse range of medicines and vaccines across more than 30 countries. Lynn joined GSK in 2009 where she held senior commercial operational and strategic leadership roles across Europe, Asia Pacific and Emerging Markets, before becoming SVP Head of Global Product Strategy Vaccines and then appointed SVP Head of North America at ViiV Healthcare. Before joining GSK, Lynn held commercial roles of increasing seniority at Roche and Merck & Co., Lynn is a member of the ViiV Healthcare Board. Lynn holds a Bachelor’s degree from University of Strathclyde. |
Diana Conrad Chief People Officer | Diana was appointed Chief People Officer and member of the Executive Committee in April 2019. She was previously Senior Vice President, HR, Pharmaceuticals R&D from 2016 where she played a key strategic role as leader of the R&D people and culture agenda to support its transformation. Diana joined GSK Canada’s HR team in 2000 where she held several roles of increasing responsibility before becoming Senior Vice President, HR for Consumer Healthcare in 2009. Prior to joining GSK, she held HR roles in companies including GE Capital, Gennum Corporation and Zenon Environmental Laboratories. Diana has an Honours Bachelor of Arts from McMaster University in Canada. |
Mike Crichton President, International | Mike joined the Executive Committee in 2026. As President, International he leads commercial growth and operational excellence across all markets outside the US and Europe, including China and Japan. Previously at GSK, Mike was Regional President, Greater China and Intercontinental, and previously led GSK’s Specialty Medicines Therapeutic Area. He joined GSK in 2018. Before joining GSK, Mike held senior roles at Novartis, AstraZeneca and Roche. Mike holds a Bachelor’s degree in Chemistry from Bishop’s University. |
James Ford SVP & Group General Counsel, Legal and Compliance | James joined the Executive Committee in 2018, when he was appointed Senior Vice President and Group General Counsel, later taking responsibility for Compliance, Corporate Security and Investigations in 2021. He joined GSK in 1995 and has served as General Counsel Consumer Healthcare, General Counsel Global Pharmaceuticals, Vice President of Corporate Legal and was Acting Head of Global Ethics and Compliance. Prior to GSK, James was a solicitor at Clifford Chance and DLA. He holds a law degree from the University of East Anglia and a Diploma in Competition Law from King's College. He is qualified as a solicitor in England and Wales and is an attorney at the New York State Bar. James is based in London and has practised law and lived in the US, Singapore and Hong Kong. James was co-chair of the US-based Civil Justice Reform Group 2019-2022, and is a director of the European General Counsel Association and the Association of Corporate Counsel. |
Dr Mondher Mahjoubi Chief Patient Officer (CPO) | Mondher joined the Executive Committee in 2026. As Chief Patient Officer he leads the development and execution of GSK’s global medical strategy, ensuring the scientific integrity and clinical value of GSK’s medicines and vaccines worldwide. He oversees medical governance, evidence generation and scientific engagement. He joined GSK in 2024. Before joining GSK, Mondher was CEO of Innate Pharma, and held senior leadership roles at AstraZeneca, Genentech, Roche and Sanofi. Mondher holds an MD from the University of Tunis and completed his medical oncology training at Institut Gustave Roussy and the University of Paris Sud. |
Maya Martinez-Davis President, US | Maya joined the Executive Committee in 2026. She is President, US and leads GSK’s US business, driving sustainable revenue and profit growth across all therapeutic areas. She joined GSK in 2019. Prior to GSK, Maya was President, Biopharma Latin America and Global Head of Oncology Franchise at Merck KGaA, and Regional President, Oncology North America at Pfizer. She is an Independent Director at Perspective Therapeutics. Maya holds a Bachelor’s degree from Saint Louis University and a Master’s in Commercial Management and Marketing from IE Business School, Madrid. |
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Executive Committee continued | |||||||||||
Skills and experience | |
Dr Nina Mojas President, Global Product Strategy (GPS) | Nina joined the Executive Committee in 2026 when she was appointed President, Global Product Strategy, responsible for the global commercial strategy, lifecycle management, and market access for GSK’s portfolio of medicines and vaccines across all therapeutic areas. Nina joined GSK in 2020 as Vice President, Immuno-Oncology and in 2022 became Senior Vice President, Global Product Strategy Oncology, where she advanced the oncology portfolio, drove targeted business development, and led the integration of scientific, commercial, and access functions. In 2024, her remit expanded to include Global Market Access and Strategic Insights, leading a global team to set new standards for value demonstration and market access. Before joining GSK, Nina held several senior roles at AstraZeneca, including Vice President, Global Medicine Lead and Vice President, Oncology Search and Evaluation, and served as Investor Relations Officer at Roche. Nina holds a PhD in Molecular Biology from the University of Zurich. |
Shobie Ramakrishnan Chief Digital and Technology Officer | Shobie joined the Executive Committee in 2021. As Chief Digital and Technology Officer, she is responsible for Technology and Cyber Security at GSK. She joined GSK in 2018 as CDTO for GSK’s Commercial business and has deep and broad experience in both biotech and hi-tech companies. Prior to GSK, Shobie held senior technology leadership roles in organisations including AstraZeneca, Salesforce, Genentech and Roche. She is Board Member Emeritus at SustainableIT.org and was formerly a member of the board of directors at Remediant and Deliveroo. Shobie holds a Bachelor’s degree in Electronics Engineering from Vellore Institute of Technology, University of Madras, India. |
David Redfern President, Corporate Development | David joined the Executive Committee as Chief Strategy Officer in 2008 and is responsible for corporate development and strategic planning. Previously, he was Senior Vice President, Northern Europe with responsibility for GSK’s pharmaceutical businesses in that region and, before that, he was Senior Vice President for Central and Eastern Europe. He joined GSK in 1994. David was appointed Chairman of the Board of ViiV Healthcare Limited in 2011 and a Non-Executive Director of the Aspen Pharmacare Holdings Limited Board in 2015. He has a Bachelor of Science degree from Bristol University and is a Chartered Accountant. |
Regis Simard President, Global Supply Chain | Regis joined the Executive Committee in 2018, when he became President, Pharmaceuticals Supply Chain. He is responsible for the manufacturing and supply of GSK’s medicines and vaccines. In addition, he leads Quality and Environment, Health, Safety and Sustainability at a corporate level. Regis joined GSK in 2005 as a Site Director in France, rising to become Senior Vice President of Global Pharmaceuticals Manufacturing before his current role. Previously, he held senior positions at Sony, Konica Minolta and Tyco Healthcare. He is a member of the Board of ViiV Healthcare. He is a mechanical engineer and holds an MBA. |
Phil Thomson President, Global Affairs | Phil joined the Executive Committee in 2011. He was appointed President, Global Affairs in 2017, and has responsibility for the Group’s strategic approach to stakeholder engagement, reputation and policy development. He joined Glaxo Wellcome as a commercial trainee in 1996. Phil holds a degree in English, History and Russian Studies from Durham University. |
Deborah Waterhouse CEO, ViiV Healthcare and President, GSK Global Health | Deborah was appointed to the Executive Committee in January 2020. She has been Chief Executive Officer of ViiV Healthcare since April 2017 and is also responsible for GSK’s Global Health organisation. Deborah joined GSK in 1996 and during her time with the company, has held a broad range of senior leadership roles across both specialty and primary care in the US, Europe and Asia Pacific. Deborah holds a degree in Economic History and English Literature from the University of Liverpool. |
Tony Wood Chief Scientific Officer | Tony was appointed Chief Scientific Officer (CSO), Head of R&D and a member of the Executive Committee on 1 August 2022. He has significantly transformed the development of novel medicines and vaccines in areas of high unmet patient need, including through a deep scientific understanding of the immune system, the application of advanced technologies, and strategic partnering and business development. He joined GSK from Pfizer in 2017 as Senior Vice President, Medicinal Science and Technology. During his time at Pfizer, Tony was responsible for the invention of a new antiretroviral medication used to treat HIV infection. He is a Fellow of the Royal Society, Academy of Medical Sciences, an Honorary Fellow of the Royal Society of Chemistry (RSC), the highest honour given by the RSC, and a Fellow of the Royal Society of Biology. Tony has a BSc in chemistry and PhD in organic synthesis from the University of Newcastle, and was a postdoctoral fellow at Imperial College, London. He is also currently a visiting professor at IMCM Oxford. |
The GLT operated throughout 2025. Emma Walmsley was succeeded as CEO by Luke Miels with effect from the end
of 2025. Sally Jackson stepped down from the ExCom on 8 January 2026.
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Chair’s governance statement | |||||||||||
The primary focus of the Board’s
discussions in 2025 was centred on
delivering our strategy of driving sustained
value for patients, healthcare systems and
the society at large. GSK’s performance
during the year exemplified the progress
we are currently making in this respect
Sir Jonathan Symonds, Chair
Board evolution
The Board is now four years into GSK’s transition as a pure
biopharma company and on almost every measure, GSK is
now a changed company, and so is the Board. In terms of
the Board, each of my colleagues brings unique expertise
and experience relevant to the company’s mission.
We have the right balance of skills, background and
knowledge to equip us to challenge and support GSK’s
leadership team on performance. Our discussions are
centred on delivering our strategy and value creation, while
driving sustained value for patients, healthcare systems
and society at large. GSK’s performance during 2025
exemplified the progress we are seeking to make against
our strategy. However, there is still opportunity to be
unlocked.
CEO succession process and Board changes
As 2025 drew to a close, GSK turned the page on a
significant chapter. Having led an extensive transformation
of GSK, Emma Walmsley stepped down as CEO at the end
of December and handed over to Luke Miels, previously
our Chief Commercial Officer.
The Board and the Nominations & Corporate Governance
Committee oversaw a comprehensive, multi‑year CEO
succession process to ensure strong leadership continuity
for the company’s long‑term success. Positioning GSK for
the next phase of growth was front of mind as we
embarked on the selection of GSK’s next CEO.
Succession planning has been progressed on an orderly
basis over several years. This included structured
development of internal candidates, providing expanded
leadership roles, increased Board visibility, and regular
meetings with the Chair. Internal candidates also received
coaching from external leaders with deep public company
board and leadership experience. In the most recent
phase of succession, from July 2025, each internal
candidate participated in an intensive, structured
evaluation in which I dedicated many hours to support
them.
The Board’s evaluation was underpinned with
independent assessments from Korn Ferry, incorporating
its own external benchmarking framework and a
rigorous inclusive review of external candidates.
Korn Ferry’s industry‑wide scan identified few external
candidates who would fit the Board’s brief.
The internal candidates demonstrated strong leadership
credentials, extensive industry and US market experience
and strong alignment with the company’s strategy and
values. They showed a clear understanding of the
imperatives for the next phase for GSK:
–delivering growth
–accelerating R&D delivery
–strong focus on shareholder value
–embedding scientific and technological leadership
across the business.
–maintaining sector-leadership as a responsible business
The Board unanimously agreed that Luke demonstrated
strong capabilities against the key criteria and was best
positioned to lead the company with a deep understanding
of the levers available within GSK to drive delivery and
generate new options for growth. Details of how Luke has
reshaped his leadership team to support his work are given
in my Nominations & Corporate Governance Report. I look
forward to reporting on Luke’s first year in role in my
statement in the 2026 Annual Report.
In terms of Non-Executive Director succession, we have
reached a period of stability in the Board’s membership
and composition. I reported last year that Dr Jesse
Goodman would step down at the AGM and be succeeded
as a designated scientific expert by Dr Gavin Screaton.
Gavin is a prominent figure in the field of immunology and
infectious diseases, which are key therapy areas for GSK.
In addition, he also leads Oxford University’s Medical
Science’s division, which is major partner in our science
efforts. I set out in my statement last year the process we
followed for Gavin’s selection and appointment.
We continue to monitor the optimum blend of skills needed
by the Board as it and the external environment evolves.
We maintain a skills matrix of the key skills we believe are
important for the Board, to maintain oversight and
challenge to the CEO and executive management in
growing the business for the benefit of patients,
shareholders and our people.
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Chair’s governance statement continued | |||||||||||
Board focus in 2025
The Board, both individually and collectively, has continued to be deeply committed to driving forward GSK's purpose,
strategy and culture to support the creation of long-term shareholder value. During 2025, the Board’s priorities and time
was broadly focused as follows:
2021 to 2026 (20%) | 2026 to 2031 (50%) | Post-2031 (30%) |
Financial Performance | Pipeline | Technology |
Audit & Risk
–Cyber security
–AI Governance
–Responsible Business reporting
–Audit tender process
Science
–Oncology including ADCs
–Vaccines: mRNA and RNA
–Technology (data and platform)
–Business Development
–Scientific principles
–R&D goal approvals and oversight
Corporate Responsibility
–Environmental sustainability goals
–Health impact and climate change
–Responsible Business reporting
Nominations & Corporate
Governance
–Succession planning
–Talent pipeline
Remuneration
–2024–25 Performance reward
–2025 Remuneration Policy
Shareholder Returns | Valuation | Communication |
The Board and I are pleased that GSK continues to deliver
consistent robust performance improvements and
enhanced shareholder returns. We are determined to build
on the strong progress seen during 2025. This was
reflected in more tangible market appreciation of the value
of our pipeline and consistent delivery towards our growth
strategy for 2031. The Board and management’s agendas
for 2025 and 2026 remain aligned to support the growth
ambitions to 2031, and the science and technologies that
support the long-term growth of the business beyond 2031.
In 2026, the Board will be spending significantly more time
on the period beyond 2031 and the advanced technologies
that will help shape the industry.
Our first priority for capital remains to invest for growth in
R&D. The revised 2031 growth strategy (given at the start
of 2025 with the launch of the share buyback programme),
short-term guidance and the continued increase in
dividend expectations provided with the 2025 annual
results were reviewed extensively by the Board in the
second half of the year, along with GSK’s longer-term
strategic plan.
Executing targeted business development remains a key
focus and activity for the Board. In 2025, the Board and
Science Committee worked alongside Emma and Luke,
in his capacity as Chief Commercial Officer, and the rest
of the executive team to understand the scientific rationale,
competitiveness of the assets under consideration, and the
potential returns and value creation.
Board visits are an important element of both our Board
programme and collective workforce engagement model
as set out on page 111. In March 2025, the Board had a
two-day immersion in our Oncology business with a visit
to our site in Philadelphia, US. This included a panel
discussion with key external stakeholders from the
Oncology community – including key opinion leaders,
healthcare professionals and patients – with a specific
focus on Blenrep. We then concluded with a strategic de-
brief, enabling the Board to debate the insights shared and
the implications for the future success of our Oncology
business and Blenrep in particular.
In October 2025, at the Board’s annual joint Strategy
meeting in Boston with the executive team, there was a
particular spotlight on tech and how it was being
harnessed to support the business and, most particularly,
the pipeline. We heard from an external panel led by the
CSO on the opportunities and threats of health data and
applications of GenAI for R&D and commercial operations.
We then participated in an interactive exhibition with key
employees on the adoption of cutting-edge AI tools across
the business. These tools were already helping to
accelerate our pipeline, improve manufacturing, optimise
commercial performance and enhance productivity.
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Chair’s governance statement continued | |||||||||||
R&D progress and tech
As I have stressed, securing our longer-term future will
come from deep sustainable productivity, internally and
externally sourced R&D and smart investment in
technology. Last year’s R&D updates centred on each of
our key therapy areas. We also reviewed therapy area tech
and target discovery. These discussions continue to be
supported and validated by prior deep dives undertaken
by the Science Committee. The Board tracked R&D’s
execution in the late-stage pipeline during the year. This
included delivery of the targeted five major FDA approvals
by the end of the year and seven pivotal trial starts across
respiratory, immunology and inflammation, oncology, HIV
and infectious diseases – a new record for the company.
External environment
The Board also spent time during 2025 navigating the
dynamic global environment but with the clear focus on
delivery of the company’s priorities and the longer term
fundamentals. The Board sought to ensure that innovation
was fairly rewarded in all markets and was accessible to
patients who need it including in our largest market the US.
The Board is looking forward to delivering on GSK’s growth
strategy with Luke and the executive team, and continues
to believe in the capacity of GSK’s business model, with its
R&D focus and investment in technology capabilities to
deliver medicines for patients, returns for investors, and to
help meet society’s needs now and in the future.
Sir Jonathan Symonds
Chair
4 March 2026
Financial Reporting Council’s UK Corporate Governance Code (the Code) | ||||
Financial experience | Alignment statement | |||
In accordance with the Financial Reporting Council (FRC) UK Corporate Governance Code, the Board determined that Charles Bancroft has recent and relevant financial experience. It also agreed that he has the appropriate qualifications and background to be an audit committee financial expert, as defined by the Sarbanes-Oxley Act of 2002, and has determined that he is independent within the meaning of the Securities Exchange Act of 1934, as amended. Members of the Audit & Risk Committee also have financial and industry experience, details of which can be found in their biographies on pages 98 to 101. | The Board is pleased to report it was in full alignment with the provisions of the 2024 UK Corporate Governance Code (UK Code) in 2025, with the exception of conducting an external evaluation review of the Board and its committees (provision 21). The delay in conducting this external review until the first half of 2026 is explained on page 114. In addition,the Board’s explanation of how it engages with the workforce effectively is set out on page 111. The Board is also pleased to report that it has consistently applied the principles of the UK Code, as set out on the pages of this Corporate Governance report. A copy of the UK Code is available on the FRC’s website at frc.org.uk. | |||
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Corporate governance architecture | |||||||||||
Board | |||||||
CEO ExCom | Nominations & Corporate Governance Committee | Science Committee | Corporate Responsibility Committee | Audit & Risk Committee | Remuneration Committee | Chairs’ Committee | |
Our corporate governance architecture is a framework designed to improve the Board's effectiveness and to support its oversight
of the Executive Committee (the ExCom - previously the GSK Leadership Team until January 2026) as it delivers the company's
strategy. This framework continues to evolve to support our infrastructure and priorities as a pure biopharma business. GSK’s
internal control and risk management arrangements are integral to our overall corporate governance framework and are
described on pages 61 to 70 and pages 122 and 124.
To ensure the framework is as effective as it can be, it:
–has a clear division of responsibilities for individual and collective Board roles, as described on page 108
–distributes workload to Board committees that have the requisite skills and focus
–has highly committed Board Directors who are motivated to carry out their roles and responsibilities for the success of the
company
The Nominations & Corporate Governance Committee periodically reviews this architecture and recommends any changes to the
Board. In 2025, the Committee undertook such a review of the structure to ensure the Board was operating effectively. More
details and the results of this review are set out on page 115.
Committee roles | Committee report on page | ||
Committee | Role and focus | Membership | |
Nominations & Corporate Governance | Reviews the structure, size and composition of the Board, including appointment of members to Board committees. Makes recommendations to the Board as appropriate. Plans and assesses orderly succession for Executive and Non-Executive Directors and reviews management's succession plan to ensure its adequacy Is responsible for overseeing, monitoring and making recommendations to the Board on corporate governance arrangements. Reviews Board and ExCom conflicts of interest | Sir Jonathan Symonds (Chair) Charles Bancroft Dr Anne Beal Wendy Becker Dr Hal Dietz | 115-116 |
Science | Supports the Board in its understanding of business development transactions and the key strategic themes on which the company's R&D strategy is based, by reviewing underlying scientific assumptions in detail and giving the Board technical assurance. Supports oversight of R&D-related risks | Dr Hal Dietz (Chair) Dr Hal Barron Dr Jeannie Lee Dr Gavin Screaton | 117-118 |
Corporate Responsibility | Considers GSK's Trust priority and has oversight of our Responsible Business approach and strategy, performance and reporting. This reflects the most important issues for responsible and sustainable business growth. Has oversight of the views and interests of our internal and external stakeholders, and reviews issues that could have a serious impact on GSK’s business and reputation | Dr Anne Beal (Chair) Wendy Becker Dr Jeannie Lee Dr Gavin Screaton Dr Vishal Sikka | 118-119 |
Audit & Risk | Reviews the financial reporting process, the integrity of the company’s financial statements, the external and internal audit process, the system of internal control, and the identification and management of risks such as Information and cyber security, and the company’s process for monitoring compliance with laws, regulations and ethical codes of practice Oversees Responsible Business data reporting and assurance. Initiates audit tenders, the selection and appointment of the external auditor, setting the auditor's remuneration and overseeing its work | Charles Bancroft (Chair) Elizabeth Anderson Wendy Becker | 120-126 |
Remuneration | Sets the company’s Remuneration policy having regard to GSK’s workforce remuneration so that GSK is able to recruit, retain and motivate its executives Regularly reviews the Remuneration policy to make sure that it is consistent with the company’s scale and scope of operations, supports the business strategy and growth plans, is aligned to the wider workforce and helps drive the creation of shareholder value (The Chair and the CEO are responsible for evaluating and making recommendations to the Board about remuneration arrangements and policy for the Non-Executive Directors) | Wendy Becker (Chair) Elizabeth Anderson Charles Bancroft Dr Anne Beal | 127-155 |
Chairs’ | Acts on behalf of the Board between its scheduled meetings to take decisions on urgent matters in accordance with matters and authority delegated to it by the Board from time to time | Sir Jonathan Symonds (company Chair) Senior Independent Director Board committee Chairs | n/a |
Each Board committee has written terms of reference that are approved by the Board and reviewed at least annually to make sure they comply with the latest legal and regulatory requirements and reflect best practice developments. The terms of reference of each Board committee are available at gsk.com. | |||
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Corporate governance architecture continued | |||||||||||
Leadership Chair Jonathan Symonds –leads and manages the business of the Board –provides direction and focus –makes sure there is a clear structure for the Board and its committees to enable them to operate effectively –maintains a dialogue with shareholders about the governance of the company –sets the Board agenda and ensures sufficient time is allocated to promote effective debate and sound decision-making –makes sure the Board receives accurate, timely and clear information –meets regularly with each Non-Executive Director to discuss individual contributions, performance and training and development needs –shares peer feedback as part of the Board evaluation process –meets regularly with all the Non-Executive Directors independently of the Executive Directors The Chair’s role description is available at gsk.com Chief Executive Officer Luke Miels –manages the Group and its business –develops the Group’s strategic direction for the Board's consideration and approval –implements the agreed strategy –is supported by the ExCom –maintains a continuous dialogue with shareholders about the company’s performance The Chief Executive Officer’s role description is available at gsk.com |
Independent oversight and rigorous challenge Senior Independent Non-Executive Director Charles Bancroft –acts as a sounding board for the Chair and a trusted intermediary for other Directors –together with the Non-Executive Directors, leads the annual review of the Chair’s performance, taking into account the views of the Executive Directors –discusses the results of the Chair’s effectiveness review with the Chair –leads the search and appointment process and makes the recommendation to the Board for a new Chair –acts as an additional point of contact for shareholders and maintains an understanding of their issues and concerns through meetings with shareholders and briefings from the Company Secretary and Investor Relations The Senior Independent Non-Executive Director’s role description is available at gsk.com Non-Executive Directors –provide a strong independent element to the Board –constructively support and challenge management and scrutinise its performance in achieving agreed deliverables –shape proposals about strategy and offer specialist advice to management –each has a letter of appointment setting out the terms and conditions of their directorship –devote such time as is necessary to properly carry out their duties –are expected to attend all meetings as required The Non-Executive Directors' role description is available at gsk.com |
Company Secretary Victoria Whyte | –secretary to the Board and all Board committees –supports the Board and Committee Chairs to plan agendas and annual programmes –ensures information is made available to Board members in a timely fashion –supports the Chair to design and deliver Board inductions –coordinates continuing business awareness and training for the Non-Executive Directors –undertakes internal Board and committee evaluations at the Chair's request –advises the Directors on Board practice and procedures and corporate governance matters –chairs the Group's Disclosure Committee –operates a Board-approved appointments policy that reflects the Board and external appointment requirements of the UK Code –is a point of contact for shareholders on all corporate governance matters |
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Corporate governance architecture continued | |||||||||||
2025 Board and committee meeting attendance
The following table sets out attendance of Board and committee meetings held during 2025:
Board | Chairs’ | Nominations & Corporate Governance | Science | Corporate Responsibility | Audit & Risk | Remuneration | ||||||||
Total number of routine meetings | 6 | 2 | 2 | 3 | 4 | 6 | 3 | |||||||
Current members | Attended | Attended | Attended | Attended | Attended | Attended | Attended | |||||||
Sir Jonathan Symonds | 6 | 2 | 2 | |||||||||||
Emma Walmsley | 6 | |||||||||||||
Julie Brown | 6 | |||||||||||||
Elizabeth McKee Anderson | 6 | 6 | 3 | |||||||||||
Charles Bancroft | 6 | 2 | 2 | 6 | 3 | |||||||||
Dr Hal Barron | 6 | 3 | ||||||||||||
Dr Anne Beal | 6 | 2 | 2 | 4 | 3 | |||||||||
Wendy Becker | 6 | 2 | 2 | 4 | 6 | 3 | ||||||||
Dr Hal Dietz | 6 | 2 | 2 | 3 | ||||||||||
Dr Jeannie Lee | 6 | 3 | 4 | |||||||||||
Dr Gavin Screaton (from 1 May 2025) | 4 (4) | 2 (2) | 4 | |||||||||||
Dr Vishal Sikka | 6 | 4 | ||||||||||||
Retired members | ||||||||||||||
Dr Jesse Goodman (until 7 May 2025) | 3 (3) | 1 (1) | 1 (1) | |||||||||||
Number of additional meetings | 8 | — | 5 | 2 | 1 | 3 | 4 | |||||||
Dr Gavin Screaton joined the Board in May 2025. In his first year as a Director, he attended all meetings. Dr Goodman retired from the Board on 7 May 2025. For those Directors who served for part of the year, the numbers in brackets show the number of meetings they were eligible to attend. Details of committee members’ skills and experience are included in their biographies on pages 98 to 101. | ||||||||||||||
Board Appointments policy All our Non-Executive Directors are expected to devote such time as is necessary for the performance of their duties. Each Director is required to attend a minimum of 75% of scheduled Board and committee meetings. However, we recognise that there may be rare occasions when this is not possible. Special allowance is also given during the first year of Board membership while calendars are aligned. Our Board Directors’ external appointments are governed by a Board-approved policy. External appointments can help Board and ExCom members widen their expertise and knowledge, and perform their roles more effectively. When proposing a new Non-Executive Director appointment to the Board for approval, the Board considers the other demands on the individual’s time. Before being appointed to the Board, an individual is required to disclose the significant commitments they may have, with an indication of the time involved. The Board considers and approves all additional external appointments for serving Directors, noting the nature of the role and type of organisation, time commitment and any potential conflicts that could arise. The Company Secretary maintains a Register of Potential Conflict Authorisations. The Board is satisfied that, given Directors’ other interests, each has sufficient time to carry out their GSK role. Our Executive and Non-Executive Directors may undertake a maximum of one and up to four other listed-company directorships respectively. | ||
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Board activities | |||||||||||
Engagement |
Prioritising continual engagement
Our stakeholders rightly have high expectations of us, and our
dynamic operating environment presents many challenges
and opportunities. As a Board, we aim to balance our
commercial success with our stakeholders’ expectations,
upholding our reputation, maintaining our licence to operate
and building trust. We engage with, or are briefed about, our
stakeholders' views to make sure we identify and respond to
their expectations effectively and appropriately.
How we engage with our main stakeholder groups – including
patients, shareholders, customers and our people – is set out
in the pages of the Strategic report.
Patients and our people are the heart of our culture. Our
people are accountable for outcomes and are committed to
doing the right thing. Our culture is also described on pages
57 to 59 of the Strategic report.
The influence and importance of different stakeholder groups
can vary, depending on the matter being considered. Certain
stakeholders’ interests can be in conflict, meaning that we, as
a Board, need to make balanced judgements.
Continual stakeholder engagement and feedback helps us
identify emerging issues. It also enables us to make decisions
in the context of what is relevant and important to each of
them.
Our principal Board committees, and the ExCom members,
undertake engagement on the Board’s behalf according to
their remit. This means that they can build a detailed
understanding of how our actions or plans are affecting or
might affect stakeholders. These insights are then shared with
the Board.
In particular, the Board receives briefings on stakeholders’
perspectives from the work of the Corporate Responsibility
Committee, which is discussed on pages 118 and 119.
Board members regularly receive:
–the CEO’s Board report including progress against our
internal plans
–a specific external stakeholder insights update. This
provides strategic insights based on an analysis of key
developments, achievements and risks affecting our
reputation and the perceptions of all our external
stakeholders
–a regular investor relations report, which summarises
investor perceptions
–regular corporate governance, litigation and regulatory
updates
The Board also learns of stakeholders’ views through:
Engagement and feedback events: such as quarterly
investor results calls, the Annual General Meeting, employee
survey reports, the Board’s workforce engagement activities,
and from experts presenting at Board or committee meetings.
The Chair also holds regular investor check-in meetings, which
the Senior Independent Non-Executive Director (SID), Charles
Bancroft, sometimes joins. The SID and the Chair are both
available for individual meetings with investors.
Other opportunities: Board members also receive wider
stakeholder views during the Annual Strategy meeting with the
ExCom, as part of the yearly review of strategy, long-range
forecast and planning processes. This also includes a review
of specific aspects of the company’s policies or strategy.
In addition, Board members are encouraged to meet
individually with employees, shareholders and other key
stakeholders during their induction, and then on an ongoing
basis. They are expected to report to the Board on such
experiences where relevant and material.
Engaging with our shareholders
As a Board, we aim to directly engage with, and be directly
accountable to, institutional investors and private retail
shareholders. We do this in several ways, including regular
communications, Governance Meetings, our Annual General
Meeting, and through the work of our Investor Relations team,
the Chair, Jonathan Symonds, and our Company Secretary,
Victoria Whyte. Our SID, Charles Bancroft, is another point of
contact for our shareholders.
Each quarter in 2025, our outgoing CEO, Emma Walmsley,
and the continuing CFO, Julie Brown, gave results
presentations to institutional investors, analysts and the media
by webcast. They were also regularly joined by the Chief
Scientific Officer, the former Chief Commercial Officer (Luke
Miels, our current CEO), and the CEO, ViiV Healthcare and
President, Global Health, GSK. They were able to provide
investors with more detailed insights into their specific areas of
responsibility.
Through regular meetings, our CEO and CFO each have an
ongoing and active dialogue with institutional shareholders
about the company's performance, plans and objectives. In
2025:
–CEO (Emma Walmsley): 51 engagements, representing 43%
of the company's issued share capital
–CFO (Julie Brown): 94 engagements, representing 45% of
the company’s issued share capital
Our Chair maintains a consistent dialogue with shareholders
too – including fund and portfolio managers – and regularly
engages with governance and sustainability professionals.
During 2025, and up to the date of publication of this Annual
Report, Jon held 44 individual meetings with a range of
institutional shareholders and associated industry
stakeholders, and met or corresponded with shareholders that
make up over 40% of the company’s share capital. This
enables him to gain a current understanding of shareholders'
views, insights and perspectives of the company, which he
shares with the Board. He also discusses the continual
evolution of the many aspects of Board governance,
performance oversight and succession.
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Governance event
We usually hold a governance event at the end of each year in
central London with institutional shareholders, key investment
industry bodies and proxy advisory firms, at which our Chair,
SID and each of our committee Chairs discuss particular areas
of corporate governance, including Board oversight of
strategy, succession, responsible business and remuneration
issues.
The 2025 governance event was deferred to the first half of
2026, because the CEO succession process had just been
concluded. It is due to be held before the end of March 2026.
This will enable us to share more details of progress against
the Board’s ambition and the new CEO’s priorities as the
company moves to the next phase of its development, based
on strategic execution to deliver growth. Details of this key
investor engagement event will be included in the company’s
2026 Annual Report.
Annual General Meeting
We were pleased to hold the company's 2025 AGM at the
Landmark Hotel for shareholders to attend in person or virtually
(a hybrid meeting). We welcomed 130 shareholders in person
and 25 shareholders virtually via the Lumi platform to watch
and hear updates from our Chair and the CEO, ask questions
and to vote. Our shareholders approved all resolutions, with
majorities ranging from 92% to 99%.
Our hybrid AGM will be held in May 2026 at the Royal Marriott
Hotel in central London, which is located near our new global
headquarters. For more details see page 272.
Engaging with our people
We have well-established and strong engagement
mechanisms with our employees, which the Board monitors
regularly. These engagement mechanisms are described on
pages 57 to 59. The Board uses several key governance
channels to understand what people are thinking, how the
company's culture is embedding across the organisation and
to inform any adjustments needed, including:
–regular Board updates from our Chief People Officer and the
CEO on culture and talent (see pages 57 to 59 for more
details on our culture and people)
–in October, the Board participated in a panel session with
the ExCom on future talent culture at our annual joint
strategy meeting
–feedback from our regular employee engagement surveys,
which include questions on engagement, confidence and
inclusivity
–a range of pulse surveys of different-sized employee groups
to help check sentiment on a quicker and more frequent
basis, and to provide valuable insights on the impact of
major initiatives, events or communications
–direct engagement with employees by the Board
Workforce engagement: We apply an ‘alternative
arrangement’ to the three workforce engagement methods set
out in the UK Code.
When the Board was refreshed in terms of tenure, with a
renewed purpose and focus as a global biopharma company,
it was considered important to adopt a collective Board
engagement model in 2022. The Board continues to agree this
to be the most effective approach to ensure it hears
employees’ views directly.
The model operated effectively in 2025 through:
–in-person engagement events with local employees during
Board site visits, including in Philadelphia (Pennsylvania,
US) and our global headquarters in central London
–the Chair's site visits, including to Upper Providence
(Pennsylvania, US) and Stevenage (UK)
–the Chair's attendance at management meetings, including
in the UAE, China and Saudi Arabia
–the Chair and Corporate Responsibility Committee Chair
organising and attending ongoing meetings with leaders of
our Employee Resource Groups (ERGs) to talk about how
they experience GSK, and to hear their suggestions to
enhance support and ensure that we meet the needs of all
our employees so they can do their best work for GSK
–a variety of bespoke engagements that have enabled a
broad and open dialogue and facilitated first-hand
engagement discussions between the Non-Executive
Directors and our people individually and as part of small
groups, encompassing perspectives on our strategy,
purpose and Ahead Together culture
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2025 Meeting programme |
To work in the most effective way, the Board's annual meeting programme focuses on delivering our short-, medium- and long-
term strategy. The Board meeting programme is completely aligned with the Board committees’ and management’s agendas,
with a clear focus on these three strategic time periods, which we communicate on: financial performance to 2026, pipeline
progress and business development to support our growth ambitions to 2031, and the science and technologies that support
growth beyond 2031.
During the year, the overriding focus of the Board’s work was on building confidence in our growth strategy to 2031. In 2026, the
Board will spend more time on our strategy beyond 2031. The Board also focused on ensuring a successful CEO succession
transition in the second half of the year.
In support of this work, the Board received papers and presentations and discussed progress with management and our people
on the key areas of focus set out below. These materials and discussions help the Board make effective decisions, contribute to
its oversight of business performance and ensure good governance.
Areas of focus in 2025 | |||
Execution of long-term strategy | Overseeing GSK as a pure biopharma business and delivery of our 2031 growth strategy and beyond included: | ||
–setting and approving the Board's 2025 and 2026 priorities | |||
–scrutinising updates on R&D strategy and progress, and progression of our pipeline | |||
–reviewing progress on science and technology ambitions, including AI adoption plans | |||
–reviewing the critical role and ambitions for our global supply chain, including platform technologies | |||
–discussing our overall commercial strategy | |||
–CEO succession — conclusion of a planned and structured succession process with the appointment of Luke Miels as CEO Designate | |||
Strengthening of business model | Overseeing the fundamentals of commercial execution, cost-base management, capital allocation, pipeline and culture included: | ||
–receiving regular reports from the CEO, CFO and CSO, including the assessment of delivery of performance targets | |||
–assessing the product area strategy reports on Specialty Medicines, Vaccines and General Medicines | |||
–reviewing progress against guidance for 2025 and setting 2026 guidance | |||
–reviewing GSK's capital allocation priorities to ensure investment for growth to deliver improved returns for shareholders | |||
–instigating a £2 billion share buyback programme | |||
–evaluating business development transactions, acquisitions and strategic partnerships with third parties including but not limited to, ABL Bio, Hengrui Pharma, Boston Pharmaceuticals, IDRx and Syndivia | |||
–scrutinising the Group's financial performance, shareholder value creation and progress against the Investor Relations Roadmap | |||
Enhancing Responsible Business leadership | Overseeing culture and embedding Responsible Business included: | ||
–receiving a progress update on the approach to the double materiality assessment, reviewed by the Audit & Risk and Corporate Responsibility committees | |||
–reviewing progress against GSK future talent and leadership initiatives | |||
–approving the Responsible Business Performance Report | |||
–reviewing stakeholder perception research | |||
Regular oversight of corporate governance | The Board’s programme of governance included: | ||
–reviewing the quarterly financial results, dividend proposals, earnings guidance, investor materials, results announcements and 2024 Annual Report and Form 20F, and receiving related reports from the external auditor | |||
–setting the annual budget and the forward-looking three-year plan and long-range forecast | |||
–conducting an annual review of the enterprise risk responsibility framework and enterprise-wide risks | |||
–receiving reports on Board committee work and reviewing and continuing to evolve the Board’s governance architecture | |||
–evaluating the outgoing CEO’s 2025 performance, and setting the new CEO’s 2026 objectives | |||
–reviewing culture, talent and succession plans | |||
–engaging with our stakeholders and people to gather and understand their views about our activities, operations and culture | |||
–reviewing employee survey results | |||
–receiving reports on wider corporate governance and regulatory developments, and the Company Secretary’s reports | |||
–approving the company's modern slavery statement and gender pay gap positioning | |||
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Key decisions in 2025
In its decision-making, the Board focuses on GSK's priorities as a pure biopharma company with strong momentum and big
ambitions, while balancing the interests of our stakeholders. We are aware that outcomes may not cystallise as expected and that
not all decisions may have immediate available outcomes. We reported last year on the process which concluded in Q1 2025 with
an update to our 2031 growth strategy and the initiation of a share buyback programme. Examples of some of the key decisions
taken by either the Board or its committees to drive our purpose, momentum and strategy included:
Decision | How the Board/Committee considered stakeholder interests | Stakeholder groups | |||
CEO succession The Board approved a recommendation from the Nominations & Corporate Governance Committee to appoint a new CEO | The Board appointed Luke Miels as CEO Designate during the year, following a comprehensive, structured succession process. The Board considered continuity of leadership and cultural alignment alongside the need to position the company for its next phase of delivery and growth. Luke’s experience in global biopharma markets and his contribution to advancing the medicines portfolio and commercial performance were key considerations. Luke assumed full CEO responsibilities on 1 January 2026 The Board, through the Remuneration Committee, also reviewed remuneration arrangements to support leadership continuity and market competitiveness, ensuring alignment with the approved Directors’ remuneration policy. Stakeholder engagement expectations, including those of employees, investors, patients and regulators, were taken into account, alongside maintaining operational stability and organisational confidence | Employees, shareholders and investors, patients and healthcare partners, governments and regulators | |||
Business development The Science Committee considered the scientific merits of business development opportunities and, where relevant, of commercial reviews of late- stage assets were undertaken, before the Board's review and approval | The Board, with support from the Science Committee and commercial reviews for late-stage assets, reviewed many business development opportunities during the year. Those leading to concluded transactions included: –Agreed to develop potential best-in-class PDE3/4 inhibitor in clinical development for the treatment of COPD, with Hengrui Pharma. The transaction also included agreements for an additional 11 programmes to be developed by Hengrui Pharma and optioned by GSK following phase I completion, across RI&I as well as Oncology –Acquisition of efimosfermin alfa from Boston Pharmaceuticals, an investigational specialty medicine aimed at treating and preventing steatotic liver disease –Grant of exclusive worldwide rights from Syndivia to develop and commercialise a preclinical ADC for mCRPC prostate cancer These deals were considered in the context of their potential to deliver transformational medicines to patients and drive growth by accelerating our pipeline | Patients, employees and investors | |||
US investment The Board reviewed and approved a multi-year investment programme in the US | The Board reviewed and approved a multi-year investment programme committing to expand R&D, clinical development and advanced biopharma manufacturing capabilities in the US. The Board considered the decision in the context of long-term growth, strategic pipeline needs and global supply chain resilience. In reaching its decision, the Board evaluated management’s analysis of expected scientific, operational and financial outcomes, including the potential to accelerate innovation in respiratory disease, oncology and other priority therapeutic areas. The Board also reviewed the proposed allocation of capital, including a planned $1.2 billion investment in next-generation biologics manufacturing, AI and digital technologies, and the construction of a new biologics ‘flex’ facility in Pennsylvania Broader considerations included stakeholder engagement insights, anticipated job creation in high-skilled roles, regulatory expectations and US clinical trial capacity. The Board confirmed governance, implementation sequencing and assurance mechanisms to monitor capital deployment, execution risk and value delivery throughout the five-year investment period | Patients, healthcare providers, investors, employees, governments and regulators, partners and suppliers | |||
Most Favoured Nation (MFN) pricing agreement The Board reviewed and agreed the MFN deal reached with the US Administration | The Board reviewed and endorsed the agreement for GSK and ViiV Healthcare, that addressed the four substantive policy elements included in the US Administration’s Executive Order on MFN pricing issued in May 2025. The Board was pleased that the agreement focused on our respiratory portfolio (particularly with the Direct To Patient and Medicaid components), where we have the most significant patient reach and impact and further strengthened our relationship with the US Administration | Patients, employees and investors | |||
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Board Performance review |
The Board evaluates its performance, and that of its
committees, rigorously every year. The evaluation is normally
carried out externally every third year in line with the new
Code. The most recent external review was facilitated in 2022
by Jan Hall of No 4, a business advisory company that does
not have any other connection with GSK.
Before proceeding with the CEO succession process in 2025,
the Board took time to assess its performance and ambition for
the next five years and to form a clear picture of what was
required of the next CEO to lead GSK through the delivery of
the growth strategy for 2031 and beyond. Given the depth of
this internal review – before the selection of Luke as GSK’s
new CEO – it was agreed to defer the full Board’s external
review until the first half of 2026, to enable the review to
include the new CEO.
Areas of focus in 2025
The Board noted the progress made against the actions identified following the internal 2024 Board evaluation, which was carried
out by the SID supported by the Company Secretary. That progress is summarised below.
The Board would continue to be briefed on the evolution of GSK’s culture | The outgoing CEO provided an update on culture at each Board meeting through her CEO Report. The Board also receives reports from the Chief People Officer on the ongoing development of GSK’s culture. The Board obtains its own reassurance on GSK’s culture through its ongoing interaction with employees and other stakeholders | |
From 2025, the Board will begin engaging more frequently with the participants in GSK’s Enterprise Leadership Programme | The Board has met regularly with participants in GSK’s Enterprise Leadership Programme (ELP). These interactions are tailored to the talent based near the meeting location or with expertise in the topic areas under discussion at the meeting In March, for example, Board members met with talent from the Oncology, Commercial and R&D teams. In October, Board members met with ELP talent for demonstrations of how AI has been adopted to bring efficiency across R&D, Supply and Commercial, and to support learning and development for all employees Opportunities will continue to be identified for Board members to interact with employees to monitor the evolution of GSK’s culture | |
Each Board committee remit and scope was reviewed to ensure that they remained appropriate | The updated committee remits sought to minimise duplication and streamline each committee’s key areas of focus It is expected that the external review of the Board and its committees in the first half of 2026 will provide another opportunity to evolve the role of the Board’s committees | |
The Board noted the progress made against the key actions from the 2024 Committee reviews, as follows:
Corporate Responsibility | The Committee continued to work in collaboration with the Audit & Risk Committee to monitor progress in the business against the rapidly evolving reporting requirements externally | |
Science | The Committee has taken the opportunity to review the new science and technology platforms that GSK has been exploring | |
Nominations & Corporate Governance | The Committee’s work, together with the other Non-Executive Directors, was especially focused in 2025 on the next chapter for GSK in the CEO succession process. The Committee’s work in overseeing the ongoing development of internal candidates had created competitive internal succession candidates for consideration with external candidates | |
Audit & Risk | Given the ever-challenging external environment, the Committee’s work to streamline materials had created additional capacity for the Committee and Board programmes | |
Remuneration | The Committee’s new remuneration policy was approved by shareholders at the AGM in May 2025. The Committee will continue to track the competitiveness of GSK’s ability to pay appropriately and to retain and incentivise candidates. This was a primary consideration for CEO succession | |
Directors’ evaluations
The Chair continues to provide feedback to Board members on an ongoing basis and seeks to meet with Board members in
advance of or during the Board’s regular meetings. This also provides an opportunity for the Chair to ask Directors to lead the
debate and engage their colleagues on Board agenda items focused on their areas of expertise. This practice continued
throughout 2025.
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Nominations & Corporate Governance Committee report |
During the year, we focused on a smooth CEO and
Executive Committee succession process and
approved the new CEO’s proposal to evolve the
operational governance and the leadership team to
support the next phase of GSK’s growth
Jonathan Symonds, Nominations & Corporate Governance
Committee
I am pleased to present my seventh report as Chair of the
Nominations & Corporate Governance Committee
(Committee).
Board and Executive Committee succession
In my Chair’s governance statement on pages 104 to 106, I
discuss details of the Committee’s particular focus during 2025
on the CEO succession process. This resulted in the
appointment of Luke Miels who succeeded Emma Walmsley
on 1 January 2026.
Dr Gavin Screaton joined the Board in May 2025 to replace Dr
Jesse Goodman as a scientific and medical expert when
Jesse retired and stepped down from the Board after our
AGM. On joining GSK, Gavin was also appointed a member of
the Science and Corporate Responsibility committees. Further
details on the appointment of Dr Screaton are set out in last
year’s Chair’s Governance statement. Gavin’s biography is
given on page 101.
The Committee worked with Korn Ferry and Russell Reynolds
Associates during 2025. They also each provided executive
search services to the company.
The Committee reviewed the potential for conflicts of interest
and judged that there were appropriate safeguards against
such conflicts. There are no imminent Non-Executive Director
retirements for the Committee to consider.
ExCom and operational governance
Following Luke’s appointment as CEO the Committee
considered and approved his proposal to evolve operational
governance and the leadership team. The next phase for GSK
would focus on strategic execution to deliver growth,
accelerate R&D late-stage progress, and further strengthening
the early-stage/next wave of innovation for sustained
competitiveness post 2035.
The new CEO’s executive team would be key to continue to
support the company’s Patient-driven Purpose and Culture,
whilst delivering a further step change in:
–Accelerating R&D
–Delivering growth – through the launches of the next wave of
products in Oncology (Blenrep, B7-H3 & B7-H4), RI&I
(depemokimab, camlipixant, bepirovirsen, FGF21) and HIV
(Q6M) further strengthening the early-stage and next wave
of innovation for sustained competitiveness
–Competitive cost base
–Tech adoption
To support delivery of the CEO’s key priorities the GSK
Leadership Team (GLT) membership was expanded to
provide greater strategic product insight and operational focus
and was renamed the Executive Committee (ExCom).
This expansion also reflects that the CEO’s previous role would
not be backfilled. Otherwise, there was no fundamental
change to the ExCom’s purpose or governance. The new
appointees are listed in the table below and their skills and
experience can be found on pages 102 to 103.
New appointee | Rationale | |
Nina Mojas (PhD) – President, Global Product Strategy | The President, Global Product Strategy would represent the four global product strategy therapy areas which interface with R&D | |
Maya Martinez-Davis – President, USA Lynn Baxter – President, Europe Mike Crichton – President, International | The leaders of the geographic regions who drive commercial execution | |
Mondher Mahjoubi (MD) – Chief Patient Officer | The Chief Patient Officer was an important appointee given the primacy of the patients’ voice in decision making and the criticality of the Medical Organisation for Life Cycle Management | |
In addition, Roanne Parry has been appointed Chief People
Officer to succeed Diana Conrad from May 2026 who has
decided to retire after serving seven years on the ExCom.
Sally Jackson, SVP Global Communications and CEO Office
stepped down from the ExCom in January 2026 after serving
for nearly seven years.
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Board industry experience |
Non-Executive Director tenure |
n | A | Up to 3 years: 30% |
n | B | 3-6 years: 50% |
n | C | 6-9 years: 20% |
C
A
B
Board and ExCom composition and inclusion
We are committed to ensuring the most appropriate
composition of our Board, its committees and the ExCom. The
Board and management seek to support and encourage an
inclusive culture throughout the company and being respectful
of our operating environment.
An effective Board includes a range and balance of skills,
experience and knowledge, as well as professional and social-
economic background and independence, with individuals
who are prepared to challenge each other collaboratively. This
mix is complemented by a range of personal Board attributes,
including character, intellect, judgement, honesty and
courage.
The Committee, in collaboration with all our Non Executive
Directors, continued to conduct in-depth reviews of our
emerging talent and succession pipelines and the
development plans for key leadership roles and their
successors. This included continuing to meet informally with
participants in our Enterprise Leadership Programme, which I
discussed in last year’s report. This meant that the Committee
was well positioned to consider the new leadership
appointments to the ExCom that had been identified and
nominated by Luke.
During 2025, the work of the Committee also included
continuing to monitor our performance against the objectives
we set to ensure that our Board and committee composition
and succession planning promotes inclusion and equal
opportunity, pursuant to the principles of the FRC Code. We
also continued to oversee the developing pipeline of direct
reports to the ExCom.
Sir Jonathan Symonds
Nominations & Corporate Governance Committee Chair
4 March 2026
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Science Committee report |
The Committee has been encouraged by the
consistent delivery of GSK’s pipeline, with important
regulatory approvals, late-stage progress and a
growing set of future opportunities that reflect the
strength of our science-led strategy
Dr Hal Dietz, Science Committee
I am pleased to present my third report as Chair of the Science
Committee (Committee) on our key activities during 2025.
These were split into three important areas:
–pipeline reviews and monitoring GSK’s pipeline
–business development: undertaking technical reviews and
assessing the scientific foundation for potential business
development transactions
–scientific deep dives: discussing and analysing the key
scientific and technology themes that drive the company’s
R&D strategy
Pipeline progress
During 2025, the Committee continued to monitor the strong
progress of R&D. Our Chief Scientific Officer (CSO), Dr Tony
Wood, provided regular updates on pipeline progress across
the company’s four therapeutic areas – respiratory,
immunology and inflammation (RI&I), oncology, HIV and
infectious diseases, which included five FDA product
approvals and four significant, positive pivotal data readouts.
Particular highlights noted in respect of GSK’s 15 scale
opportunities expected to launch by 2031 included:
–US FDA approval of:
–Penmenvy, GSK’s 5-in-1 meningococcal vaccine to
protect against MenABCWY
–Blujepa, the first in a new class of oral antibiotics in nearly
three decades for the treatment of uncomplicated urinary
tract infections
–Nucala, the anti-IL5 biologic, for the treatment of COPD
–Blenrep, the only accessible anti-BCMA, used in treatment
of relapsed/refractory multiple myeloma
–Exdensur, for the treatment of severe asthma
–breakthrough designation granted for GSK'227 (B7-H3 ADC)
in late-line relapsed or refractory osteosarcoma
–acquisition of efimosfermin alfa, growing the number of
scale opportunities in the R&D pipeline
–seven pivotal trial starts in 2025, including for efimosfermin,
risvutatug rezetecan, velzatinib and Exdensur for COPD
–positive data and regulatory filings for tebipenem, a potential
new antibiotic to treat complicated urinary tract infections
–data presented at CROI (Conference on Retroviruses and
Opportunistic Infections) for VH184, VH499 and N6LS
supported development plans for ULA HIV regimens
These approvals and developments represent exciting
opportunities with enormous potential to positively affect the
lives of patients.
Business development transactions
A key role of the Committee is to evaluate the scientific
foundations underlying potential business development
transactions. This year, these included:
Respiratory, immunology and inflammation (RI&I)
–Hengrui Pharma: agreement for clinical development of a
potential best-in-class PDE3/4 inhibitor for the treatment of
COPD. The transaction also included agreements for an
additional 11 programmes across RI&I and Oncology
–Boston Pharmaceuticals: acquisition of efimosfermin alfa,
a phase III-ready potential best-in-class investigational
specialty medicine aimed at treating and preventing
steatotic liver disease
–Empirico Inc: agreement reached to acquire a first-in-class,
and potentially best-in-class, oligonucleotide candidate for
the treatment of respiratory diseases
Oncology
–IDRx, Inc: acquisition of IDRx including IDRX-42, a highly
selective KIT tyrosine kinase inhibitor designed to treat
gastrointestinal stromal tumours
–Syndivia: licensing agreement for early-stage ADC targeting
prostate cancer
Data and platform technologies
–partnership with ABL Bio in neurodegenerative diseases
–novel research collaboration with UK Dementia Research
Institute and HDR UK to investigate shingles vaccination
with prevention of dementia
Deep-dives into innovative science
During the year, the Committee continued to undertake deep
dives into some of the scientific principles and highly
innovative technologies that support the company’s R&D
priorities. These included, but were not limited to, scientific
rationale for key transactions, our oligonucleotide portfolio and
technology, the evolution and application of human genetics
and genomics to support target choice and patient
identification, cancer vaccines, and epigenetic editing.
Committee members also took opportunities outside formal
face-to-face Board meetings to spend time with GSK’s
scientific teams. These engagements highlighted GSK’s
outstanding talent and the exceptional progress within R&D.
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Collaborating with Other Committees
The Committee conducts an annual review of the Performance
Share Plan Pipeline Progress targets before they are approved
by the Remuneration Committee. We also provided support to
develop the framework for setting the Pipeline Progression
Objectives for 2026.
Committee changes
We welcomed Dr Gavin Screaton to the Committee, following
his appointment to the Board on 1 May 2025. Dr Screaton’s
deep expertise in immunology and infectious diseases has
already brought significant value to the Committee. I look
forward to his ongoing contributions, and am confident his
involvement will continue to benefit our work.
Dr Hal Dietz
Science Committee Chair
4 March 2026
Corporate Responsibility Committee report |
The Committee held a number of in-depth sessions
during the year in overseeing, supporting and
challenging GSK’s responsible business approach,
together with providing feedback in the formative
stages of the strategic review to evolve this
approach and safeguard the company’s position as
a responsible business leader
Dr Anne Beal, Corporate Responsibility Committee
I am pleased to present this report, which is my fourth as Chair
of the Corporate Responsibility Committee (the Committee).
Being a responsible business is an integral part of the
company’s strategy and culture. Therefore, to be successful
over the long term, GSK needs to consider its responsible
business impacts, risks and opportunities. The Committee
oversees the six areas that address what is most material to
the business and most important to our stakeholders, including
investors, our people, healthcare professionals, governments
and regulators and particularly our patients who are the
recipients of our portfolio of products and the ultimate drivers
of our business value proposition.
My Committee seeks to support and challenge management
on their responsible business approach as we work through
our programme of activities during the year and in doing so we
scrutinise how:
–well the company is performing against, and making an
impact on, the six Responsible Business focus areas
embedded in our strategy
–this supports our sustainable performance and, in doing so,
creates business value and long-term growth
–further improvements can be identified and implemented –
we can best report to our key stakeholders on what we have
done and the level of impact we have made
To support this, we built a number of in-depth sessions into
our programme, including at the end of the year an initial
consideration and input by the Committee on the evolution of
our Responsible Business strategy to make sure we are
continuing to focus on the right areas.
External context
As usual, at our first regular meeting of the year we receive
and discuss a comprehensive update on management’s
assessment of and view on the external trends and growth
strategy relevant to GSK’s Responsible Business agenda. It
provides an important political and regulatory context and
guides the Committee on investor sentiment and the direction
of travel in respect of our Trust priority which we pay close
attention to. This helps set the scene for the Committee in
advance of the business we undertake during the course of
the year. The Committee receives further updates if there are
any material changes to these external factors. This helps
inform our approach while retaining a long-term perspective
grounded firmly in GSK’s purpose.
Measuring health impacts
GSK’s President, Global Health and President, Global Affairs
shared and discussed the results of different pilot
methodologies commissioned in 2024 with two third parties
to measure and help articulate the health impact and resulting
societal benefits of the company’s innovative commercial and
global health portfolio. The results of these pilots will be
factored into the next phase of developing and refining this
work on health impact, which will be aligned to GSK’s business
strategy to 2031 and will be underpinned by our ambition to
reach 2.5 billion patients by 2030. In doing so, the Committee
was pleased to see this would be geared to supporting the
company’s strategic, commercial and global health assets and
help the Committee understand further how the broader
business case-driven health impact ambition could enhance
GSK’s contribution to society.
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Inclusion
The Committee reviewed an opportunity to differentiate the
company’s approach to inclusion that was anchored externally
in patient inclusion to drive patient impact, alongside building
a culture of inclusion internally within GSK. Delivering health
impact at scale is at the core of GSK’s purpose, fundamental
to driving long-term commercial success and a strong
motivator to attract talent.
The Committee discussed management’s commitment to
making sure clinical trials, patient and community outreach
and partnerships are inclusive of the people affected by the
diseases we address. This is fundamental to developing
medicines and vaccines that are rooted in sound science,
meet patients’ needs and impact the full breadth of patient
populations who have the potential to benefit from our
products. This included discussion of work to ensure phase III
clinical trials have representation plans to reflect the people
most affected by a particular disease.
The Committee considered work led by the Chief People
Officer to create a high-performing workplace environment
based on principles of fairness, belonging and equal
opportunity. The Committee discussed management’s work to
reflect these principles in recruitment processes, learning
programmes, leadership behaviours and future plans to
assess through the employee survey.
Environmental sustainability
We were pleased to see that management was currently on
track to deliver against our 2030 commitments against the
baseline set in 2020. We were also satisfied with a dual focus
approach on maximising the success of the in-flight initiatives
and developing targeted actions to maintain momentum was
the appropriate method in ensuring delivery against GSK’s
stretching 2030 ambitions.
In particular, the Committee discussed significant progress
being made towards launching a next-generation low carbon
version of Ventolin MDI (metered dose inhaler), which was a
key element of GSK’s net positive ambition. In 2025, the
company was pleased to announce positive pivotal phase III
data for low carbon Ventolin, these findings supported
regulatory submissions. If approved, this version of Ventolin
has the potential to reduce greenhouse gas emissions by 92%
per inhaler. GSK is proceeding with regulatory filings, with
launch expected from 2026.
The Committee helped the Remuneration Committee in
determining the vesting level for the Responsible Business
LTI PSP environment measure. This performance measure was
first introduced in 2023, comprised a mix of climate and nature
targets in support of our 2030 ambition and made up 10% of
the award granted that year. Page 140 sets out further details
on the performance against this LTI measure.
Responsible Business Performance Rating
We monitored and evaluated GSK’s progress in 2025 against
the 13 metrics across the six focus areas comprising the
Rating at the half and full year, with a recommendation to the
Board to publish a final ‘On Track’ Responsible Business
Performance Rating for 2025. We are pleased that since the
metric was introduced in 2022 that an ‘On Track’ Rating has
been maintained, while continuing to ensure where there is
work to do it is addressed and delivered. For more details, see
page 46 of the Strategic report and in the Responsible
Business Performance Report – both of which are available at
gsk.com.
Committee membership
During the year, Dr Jesse Goodman stood down from the
Committee when he retired from the Board. During his
nine years of service as a Committee member he had made
a significant contribution to the Committee’s work in
overseeing all aspects of the evolution of GSK’s responsible
business agenda. Jesse was succeeded by Dr Gavin
Screaton and I have been impressed with the way in which he
has exercised his knowledge and understanding of this
contribution to our discussions of the issues.
Strategic review
At the end of the year, the Committee was pleased to consider
and provide feedback at the formative stages of a strategic
review of GSK’s approach to responsible business. This review
builds on our strong performance in responsible business over
many years aligned to the company’s purpose, business
strategy to 2031 and beyond. It supports our long-term growth
and seeks to maximise the company’s impact on society. As
the review progresses during 2026 and recommendations are
developed and tested with Committee, we look forward to
providing support, challenge and oversight to appropriately
safeguard GSK’s position as a responsible business leader.
Dr Anne Beal
Corporate Responsibility Committee Chair
4 March 2026
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Audit & Risk Committee report |
The Committee’s activities during the year
complemented and underpinned the Board’s
priorities and covered our approach to financial
matters and internal and external audit, legal and
compliance, risk and assurance, and oversight of
our internal control framework and Responsible
Business data governance
Charles Bancroft, Audit & Risk Committee
I am pleased to present this report, which is my fifth as Chair of
the Audit & Risk Committee (Committee). In the following pages
I will share insights into the specific activities undertaken or
overseen by the Committee during the year.
At the beginning of the year, the Committee considered and
agreed the 2025 Annual Programme (Programme) which is
designed to complement and underpin the Board’s priorities.
This covers the Committee’s approach to financial matters
and internal and external audit, legal and compliance, risk
and assurance, and oversight of our internal control framework
and Responsible Business data governance.
Management prepares and submits papers on the key issues
for the Committee to review, contribute to and make decisions
on. Crucially, as Committee Chair, I have unfettered access to
the senior leadership, key members of their teams and the
external auditor. This includes private Committee sessions or
regular one-to-one meetings outside the Committee cycle.
Based on the work the Committee has done or inspected during
the year, GSK continues to exhibit a strong compliance culture,
with a consistent tone and engagement from the top that runs
through the organisation.
We hold a focused selection of in-depth sessions, including
regular reviews of the cyber security and the AI control
environment and of enterprise risk management items,
and we initiated and are continuing to lead a formal audit
contract tender process.
Financial
Financial reporting: The integrity of our financial statements,
including the Annual Report and quarterly results, remains at the
core of the Committee’s focus. This includes the review
of investor materials, our progressive dividend policy and
payments, the current share buyback programme and results
announcements.
Significant areas of judgement related to our financial
statements are presented to the Committee by management
and are commented on by the Auditor, including overlaps and
any variances to the Auditor’s key observations. More details
are included on page 124 of my report and in the Auditor’s
report on pages 161 to 164. We are committed to representing
GSK’s financial reporting disclosures in a clear and transparent
way and can confirm that during the year the financial reporting
and controls framework remained robust. No fundamental
changes were required.
The Committee considered the findings of a Financial Reporting
Council (FRC) review of the company’s 2024 Annual Report. It is
pleasing to note that the FRC did not raise any questions or
queries at that time, nor take any action in relation to the 2024
Annual Report, and did not require a substantive response.
Some matters were noted to further improve reporting which
have been considered and addressed, as appropriate and
where material, while preparing this Annual Report. As
requested by the FRC, we note that their review was based
solely on the Annual Report and Accounts, and provides no
assurance that the Annual Report and Accounts are correct in
all material respects.
Audit tender: GSK last carried out an audit tender in 2016,
which resulted in the appointment of Deloitte as the company’s
statutory auditor with effect from 2018. Under UK audit tender
regulations, GSK is required to tender the audit contract at least
every 10 years and to rotate the statutory auditor at least every
20 years. In March 2025 the Committee agreed to initiate
a formal external audit contract tender process which then
commenced in June 2025. The Committee is leading, directing
and supervising this process with appropriate support from
management, and has been following the FRC Audit
Committees and the External Audit: Minimum Standard. The
FRC’s guidance includes promoting transparency, competition,
and fairness in auditor tendering, with a strong emphasis
on inclusion and impartial selection criteria. The Committee
reviewed and approved the appropriate governance,
competitive and independence considerations which have
been factored in to the audit tender preparation process.
During the initial phase of this re-tendering process, the
company issued an initial request for information (RFI) to six
audit firms, including challenger firms, to identity any
independence issues, or capability and capacity issues
associated with delivering a high-quality audit for a company of
GSK’s size, complexity and global reach. The RFI sought
comprehensive insights into the audit firms’ strategic initiatives
in the areas of technology integration and data science.
The Committee recognises that this re-tender process involves
the current Auditor, which is nearing a decade of service, and
that it is important to ensure a fair and competitive tender
opportunity for all the other participants. To facilitate the
participation of non-incumbent audit firms and provide them
with an equitable understanding of GSK, the company has
offered additional background information and support, as
needed.
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In December 2025, I met face to face with the proposed lead
audit partner candidates from the interested firms to discuss our
requirements and their proposals.
In February 2026, the company then issued a request for
proposal (RFP) to the two shortlisted audit firms. This included
the Committee-endorsed critical success factors against which
it would assess the next audit firm to be appointed to provide
statutory audit services with effect from 1 January 2028. At the
conclusion of the audit tender in the summer, I expect the
Committee to recommend two audit firms to the Board, with the
Committee’s preference for the appointment of one of them.
An announcement will be made following the Board’s final
selection. I look forward to providing more details on the
outcome of this RFP process next year.
Legal
At each scheduled meeting, the Committee reviews a legally
privileged report given by the General Counsel on material
litigation, investigations and other material evolving legal
matters. The Chief Compliance Officer (CCO) also gives us
updates. We monitor material and/or privileged investigations
across the Group through to resolution. Where appropriate any
corrective/mitigatory actions and lessons learned are discussed
by the Committee.
Risk and assurance
Risk management: GSK has a well-established and mature risk
management and internal control framework which is described
on pages 122 and 124. Throughout the year we have monitored
the risk management and risk management control system and
reviewed the effectiveness of the material controls, including
financial, operational and compliance controls. The Committee
continues to scrutinise how the framework operates and reviews
refinements proposed by management to ensure it remains fit
for purpose and is sustainable.
We monitor a dashboard of all GSK’s principal risks and the
process by which they are identified and prioritised. Key
principal risk topics for the Committee to consider are
determined dynamically during the year, following reviews
undertaken at Risk Oversight and Compliance Council (ROCC)
meetings. During the year, in addition to the standing
information and cyber security item that I discuss later, this saw
the Committee reviewing detailed principal risk plans and
mitigation activity updates for: data ethics and privacy, EHS,
financial controls and reporting, legal matters, patient safety,
research practices, and scientific and patient engagement.
The Committee discussed the annual risk review of principal
and emerging risks for the company, which is supported by
extensive analysis of external trends and insights, senior-level
interviews and recommendations from risk management and
compliance boards and risk owners. Following this risk review,
which I informed the Board and received its endorsement, we
agreed to add geopolitical and regulatory environment as a
principal risk from 2026. This change elevated its status from an
emerging risk in 2025. and was informed by the outcomes from
benchmarking of industry peers and other companies’
practices. In addition, the Committee has a standing agenda
item on emerging risks, that CCO and/or Committee members
can raise and discuss any relevant issues of interest or concern
and elevate to the Board as required.
In my last report, I confirmed that the Committee had reviewed
and agreed management’s approach to leveraging and aligning
our risk management and Internal Control framework to align to
the UK Code Provision 29, effective 1 January 2026. During the
year, the company has been focusing on refining, testing and
implementing plans for our most materials controls, leveraging
our existing US Sarbanes Oxley processes. These material
controls considers our strategy, long-term sustainability,
principal risks, regulatory requirements, stakeholder interests,
responsible business strategy, and our risk management and
Internal Control framework including alignment with our risk
rating guidance.
I look forward to reporting next year how the effectiveness of our
risk management and Internal Control framework has been
monitored and reviewed during 2026.
Information and cyber security: This principal risk for GSK
remains a key oversight area for the Committee, for which
we continue to scrutinise the evolution and robustness of our
‘offence’ and ‘defence’ capabilities. The Chief Digital and
Technology Officer (CDTO), Chief Information and Security
Officer (CISO) and CCO present updates regularly on
information and cyber security, as well as assessments of the
status of their associated key risk indicators (KRIs). We are
joined by my Board colleague, Dr Vishal Sikka, for these
discussions.
Dr Sikka’s and the CDTO’s skills and experience, especially
those related to cyber security, are set out on pages 101 and
103 respectively.
Our CISO has spent his career building and leading technology
teams across several functional areas, including cyber security
and IT infrastructure for digital communications and healthcare
companies. He was also responsible for establishing the cyber
security function for Haleon plc before its demerger.
Our CCO focuses on ensuring a consistent and cohesive
approach across all aspects of the business and enterprise risk
management. The CCO is also responsible for the Risk
Analytics and Monitoring organisation. He has previous
experience in creating a dedicated global risk office that
combines enterprise risk management and reporting activities
for GSK.
The Committee has regularly assessed progress against our
multi-year Cyber Security Plan (Plan) which was updated in
2022 and benchmarked against the National Institute of
Standards and Technology Cyber Security Framework (NIST-
CSF). I have shared these assessments in my previous
Committee reports. I am pleased to confirm that by the end of
2025, the Plan’s remaining objectives and commitments to
continue to improve maturity, reduce risk and strengthen
controls across GSK have been delivered. A final external NIST-
CSF assessment is now in progress by specialist independent
cyber experts to validate our Tech team’s achievement of its
overall cyber maturity target. This was set back in 2022 and is
positioned in the upper quartile of our peers.
Given the ever-changing threat environment, the Committee
was pleased to observe in 2024 that the Tech team had been
recalibrating GSK’s cyber maturity goals to continue
to get ahead of such threats. As a result, we have transitioned
from the one-time maturity-focused Plan to a continuous
threat-informed defence plan (evolved Plan). This is due to run
until 2028, so I will continue to use my Committee reports to
provide status updates on delivery against the objectives of the
evolved Plan.
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The Committee also reviewed our approach to managing KRIs,
governance controls and remediation plans. Given the strong
performance of these KRIs to date, we discussed details of the
plan presented by the CDTO and CISO, reviewing and refining
these metrics for 2026. This is designed to ensure continued
improvement to our approach to oversight through KRIs, while
recognising areas of risk maturity. These updated KRIs will be
implemented in phases, with the controlled introduction due
to be completed by the end of 2026. The Committee will monitor
progress during the year.
AI use and governance: The Committee was pleased to track
the partnership between Tech and Legal & Compliance to
respond proactively to the evolving cyber-regulatory
environment by the creation of a dedicated regulatory task force
to anticipate and address new global and local cyber-regulatory
requirements. As part of this initiative, an advanced AI-driven
platform is being developed to automate regulatory-change
monitoring across GSK’s markets, continuing to enhance
visibility and facilitate targeted, risk-based compliance planning
and harmonisation.
Our Responsible AI framework helps us maintain clear guardrails
as we scale adoption of AI across GSK to drive innovation,
growth and productivity to accelerate our purpose. The
Committee continued to review the work of the AI Governance
Council (Council) in overseeing the integrity and strength of these
guardrails. During the year, the Committee discussed oversight
of emerging AI systems trends and software. This included the
design and development of AI agent (agentic) systems and,
critically, the governance controls and security standards
required for safe adoption, deployment and use in GSK such as
ensuring that human oversight was embedded together with
escalation protocols. The Committee stressed that as a guiding
principle management should keep in mind not only the
productivity and efficiency benefits that AI tools, software and
systems could deliver for GSK, but also their limitations. The
Committee reiterated that strong AI governance was vital to
protecting GSK’s patients, employees, intellectual property and
reputation by reducing safety, compliance and security risks. It
also noted key achievements, including closing outstanding audit
actions and introducing enhanced security standards for AI. The
Committee received a report from the General Counsel
highlighting the importance of monitoring the evolving AI-litigation
landscape, and regulatory and enforcement trends, and of
incorporating lessons learnt from monitoring GSK’s AI processes.
In 2026, the Committee is looking forward to updates on how
the Council progresses its key focus areas, which include:
–strengthening controls for more autonomous, decision-
making agentic AI systems
–continuing to mature governance practices across the
business and
–completing an external benchmarking exercise to provide
independent assurance of management’s approach
Assurance: The Head of Audit & Assurance (A&A) – GSK’s
internal audit team – provides regular updates on internal audit
matters, including progress against the Assurance Plan
endorsed by the Committee. During the year, we reviewed
briefings on a number of significant internal audits, including:
commercial audits in Asia; audits in the manufacturing and
global supply chain organisation; the management and
oversight of third parties in the company’s R&D research labs;
as well as other key areas across the enterprise. In doing so, the
Committee was pleased to review the assurance outcomes and
gained a good understanding of the proactive risk management
across the organisation, clear monitoring practices and timely
remediation of actions to address issues as they arose.
During the year, the Committee also reviewed an internal quality
assessment by the A&A team to assess how it conformed with
new Internal Audit Standards, and to identify any gaps and
adjust processes as appropriate.
Internal control framework
The Board recognises its obligation to present a fair, balanced
and understandable assessment of GSK’s current position and
prospects. It is accountable for evaluating and approving the
effectiveness of GSK’s internal controls, including financial,
operational and compliance controls, and risk management
processes.
We ensure the reliability of our financial reporting, and
compliance with laws and regulations, through our internal
control framework. This is a comprehensive enterprise-wide risk
management model, which supports the Board to identify,
evaluate and manage the Group’s principal and emerging risks,
as required by the UK Code. The framework is designed to
manage the risk of GSK not achieving its business objectives.
A fit-for-purpose framework – complemented by our corporate
culture and Speak Up processes – ensures that the risks
associated with our business activities are actively and
effectively controlled in line with our agreed risk appetite. We
believe GSK’s framework provides reasonable, but not absolute,
assurance against material misstatement or loss.
The Board mandates the Group’s Risk Oversight and
Compliance Council (ROCC) of senior leaders to support the
Committee to oversee risk management and internal control
activities. It also provides the business with a framework for risk
management and escalation of significant risks. Risk
management and compliance boards (RMCBs) across the
Group promote the ‘tone from the top’ and establish our risk
culture, and ensure effective oversight of internal controls and
risk management processes.
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Each principal risk has an assigned risk owner, drawn from
senior management, who is accountable for managing the
principal risk with oversight from an ExCom member, which
includes setting and implementing risk mitigation plans.
Enterprise risk owners report every quarter on the status of the
enterprise risk plan, internal control framework implementation,
relevant external insights and emerging risks and mitigation
within the period, with significant results reported to ROCC. An
executive summary of quarterly risk reports is provided to the
Committee. This approach fosters dynamic, flexible and agile
oversight, important in a volatile and uncertain external
environment. It also enables us to assess the effectiveness of
our risk management strategies and controls for our principal
risks. Our Compliance function assists the ROCC and RMCBs.
Compliance is responsible for advancing enterprise-wide risk
management and for developing risk-based and ethically sound
working practices. It also actively promotes ethical behaviours
by enabling all employees to operate in line with our culture and
ensure compliance with applicable laws and regulations.
Our Audit & Assurance (A&A) function provides independent
assurance to senior management and the Board on the
effectiveness of risk management Group-wide, in line with an
agreed assurance plan. This helps senior management and the
Board to meet their oversight and advisory responsibilities to
fulfil GSK’s strategic objectives and build trust with patients and
other stakeholders.
A&A has a dual reporting line to the CFO and the Committee. As
a Committee we receive regular reports from principal risk
owners, Compliance and A&A on areas of significant risk to the
Group and on related internal controls. These reports assess
the internal control environment within each principal risk area,
including enhancements to strengthen controls. Once we have
considered these reports, the Committee reports annually to the
Board on the effectiveness of GSK’s internal controls.
In 2025, through the authority delegated to the Committee, the
Board conducted a robust assessment of the Group’s principal
and emerging risks. This assessment, in line with the UK Code,
included consideration of the nature and extent of risk the Board
is willing to take to achieve GSK’s strategic objectives.
The Board, via the Committee, also oversaw the effectiveness of
our internal control environment and risk management
processes across the Group for the whole year, up to the
approval date of this Annual Report. More detail about the
review of the Group’s risk management approach is discussed
in the Risk management section of the Strategic report on
pages 61 to 70.The management of each principal risk is
explained in Risk Factors on pages 260 to 268.
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Significant issues relating to the financial statements
In considering GSK’s quarterly financial results announcements and the financial results in the 2025 Annual Report, the
Committee reviewed the significant issues and management judgements in determining those results. It reviewed management
papers setting out the key areas of risk, actions taken to quantify the effects of the relevant issues, and judgements made by
management on the appropriate accounting required to address those issues in the financial statements.
The significant issues considered in relation to the financial statements for the year ended 31 December 2025 are set out in the
following table, with a summary of the financial outcomes where appropriate. The Committee and the external auditor have
discussed the significant issues addressed by the Committee during the year and the areas of particular audit focus, as
described in the Independent Auditor’s Report on pages 161 to 164.
Significant issues considered by the Committee in relation to the financial statements | How the issue was addressed by the Committee |
Going concern basis for the preparation of the financial statements | The Committee considered the outcome of management’s half-yearly and year-end reviews of current and forecast net debt positions and the various financing facilities and options available to the Group. The Committee also considered management’s review of the impacts of both the current economic environment and climate change. Following consideration of these assessments, which included stress testing and viability scenarios, sources of liquidity and funding, forecasts and estimates, the Committee confirmed that the application of the going concern basis for the preparation of the financial statements continued to be appropriate. |
Revenue recognition, including returns and rebates (RAR) accruals | The Committee reviewed management’s approach to the timing of recognition of revenue and accruals for customer returns and rebates. The RAR accrual for US Commercial Operations was £4.9 billion at 31 December 2025 and the Committee reviewed the basis on which the accrual had been made and concurred with management’s judgements on the amounts involved. A fuller description of the process operated in US Commercial Operations in determining the level of accrual necessary is set out in Note 3 to the Financial Statements, ‘Critical accounting judgements and key sources of estimation uncertainty’. |
Provisions for legal matters, including investigations into various aspects of the Group’s operations | The Committee received detailed reports on actual and potential litigation from both internal and external legal counsel, together with a number of detailed updates on investigations into various aspects of the Group’s operations. See Note 46 to the financial statements ‘Legal Proceedings’ for more details. Management outlined the levels of provision and corresponding disclosure considered necessary in respect of potential adverse litigation outcomes and also those areas where it was not yet possible to determine if a provision was necessary, or its amount. At 31 December 2025, the provision for legal matters was £0.2 billion; see Note 32 to the financial statements, ‘Other provisions’ for more details. |
Provisions for uncertain tax positions | The Committee considered current tax disputes and areas of potential risk and concurred with management’s judgement on the levels of tax contingencies required. At 31 December 2025, a tax payable liability of £0.5 billion, including provisions for uncertain tax positions was recognised on the Group’s balance sheet. |
Impairments of intangible assets | The Committee reviewed management’s process for reviewing and testing goodwill and other intangible assets for potential impairment. The Committee accepted management’s judgements on the intangible assets that required writing down and the resulting impairment losses of £0.9 billion in 2025. See Note 20 to the financial statements, ‘Other intangible assets’ for more details. |
Valuation of contingent consideration in relation to ViiV Healthcare | The Committee considered management’s judgement that it was necessary to increase the liability to pay contingent consideration primarily as a result of increases in sales forecasts, updated exchange rate assumptions and the unwind of the discount. After cash payments of nearly £1.3 billion in the year, at 31 December 2025, the Group's balance sheet included a contingent consideration liability of £5.4 billion in relation to ViiV Healthcare. See Note 32 to the financial statements, ‘Contingent consideration liabilities’ for more details. |
ViiV Healthcare put option | The Committee reviewed and agreed the accounting for the Pfizer put option and concurred with management’s judgement on the valuation of the put option of £0.8 billion at 31 December 2025. The Committee noted the agreement reached with Pfizer and Shionogi on 19 January 2026 for the 11.7% economic interest in ViiV Healthcare currently held by Pfizer to be replaced with an investment by Shionogi. See Note 47 to the financial statements, ‘Post balance sheet events’ for more details. |
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Effectiveness and quality of external
audit process
The Committee is committed to making sure that GSK receives
a high-quality and effective external audit.
In evaluating Deloitte’s performance during 2025, before
making a recommendation on its reappointment in early 2026,
the Committee reviewed its performance against the criteria
agreed at the beginning of 2025. The detailed criteria used to
judge Deloitte's effectiveness as external auditor are available
at gsk.com. These are based on the audit approach and
strategy, ensuring a high-quality independent audit, effective
relationships and value for money.
We sought to ensure that Deloitte would deliver a smooth,
thorough and efficiently executed audit for 2025 and so
considered:
–the overall quality of the audit
–the independence of Deloitte
–whether Deloitte showed an appropriate level of challenge
and scepticism in its work
The Committee initiated an audit tender process in June 2025.
and invited Deloitte to participate. During this tender process,
the Committee has been subjecting Deloitte to extensive
scrutiny. To avoid unnecessary duplication, the Committee
considered the outcomes of a short and focused audit
effectiveness review undertaken by management as part of the
2026 appointment process. The review focused on
assessment of four key areas:
–understanding of the business, and key risks
–communication and ways of working
–audit planning, (including resourcing, planning and
centralisation)
–professional scepticism and the quality audit judgement
In addition, the Committee considered the requirements FRC’s
Audit Committee and the External Audit: Minimum Standard,
where relevant, were met in 2025.
As Committee Chair, I regularly meet independently with the
audit partner. We also meet with the auditor privately at the
end of each Committee meeting to discuss progress, as
appropriate.
The Committee monitors engagements with external
stakeholders relevant to our areas of oversight, including the
FRC and Securities and Exchange Commission.
The FRC Audit Quality Review (AQR) findings were published
during the year, although the audit of GSK 2024 Annual Report
was not included as part of the AQR’s process. The Committee
acknowledged the continuing strength the results of
inspections show, with 95% of Deloitte’s public interest audits
rated as ‘good or limited improvements’ and, for a fifth
consecutive year, the FRC AQRs for Deloitte have improved.
Having reviewed the above feedback, and noted any areas for
further improvement to be implemented by the audit team for
2026, the Committee was satisfied with the:
–effectiveness of the auditor and the external audit process
–auditor’s independence, qualifications, objectivity, expertise
and resources
The Committee therefore agreed to recommend to the Board
Deloitte's reappointment at the next AGM, and did so free from
the influence of any third party.
Auditor’s reappointment
External auditor appointment | ||
Last tender | May–December 2016 | |
Transition year | 2017 | |
First shareholder approval of current auditor | May 2018 | |
First audited Annual Report and 20-F | Year ending 31 December 2018 | |
New lead audit engagement partner | 2023 | |
Current tender commenced | 2025 | |
Due to complete | 2026 | |
Due to take effect | 2028 |
There were no contractual or similar obligations restricting the
Group’s choice of external auditor.
Audit tender
The Committee considers that, during 2025, the company
complied with the mandatory audit processes and audit
committee responsibility provisions of the Competition and
Markets Authority Statutory Audit Services Order 2014.
In June 2025 GSK commenced a formal external audit
contract tender process. The tender process is due to be
concluded in the summer of 2026. The successful audit firm
will then be appointed to provide statutory audit services with
effect from 1 January 2028. More details are set out earlier in
my report on pages 120 and 126.
Non-audit services
Management operates on the presumption that other
accountancy firms will ordinarily provide non-audit services to
GSK. However, where the external auditor’s skills and
experience make it the only suitable supplier of non-audit
support – such
as for audit-related matters, tax and other services – it may be
used, in the best interests of the company.
In line with GSK’s non-audit services policy, the Committee
ensures that auditor objectivity and independence are
safeguarded by reviewing and pre-approving the external
auditor’s provision of such services. The company policy
complies with the FRC’s 2024 Revised Ethical Standard and
the Sarbanes-Oxley Act of 2002. It observes the following core
policy features on engaging the external auditor for non-audit
services as set out on the next page:
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Key features of GSK’s non-audit services policy:
Process | All non-audit services of more than £50,000 are put to competitive tender with other financial services providers, in line with the Group’s procurement process, unless the skills and experience of the external auditor make it the only suitable supplier. | |||
Safeguards | Adequate safeguards are established so that the objectivity and independence of the Group audit are not threatened or compromised. | |||
Fee cap | The total fee payable for non-audit services should not exceed 50% of the annual audit fee, except in special circumstances where there would be a clear advantage in the auditor undertaking the additional work. | |||
Prohibitions | GSK’s policy includes a list of permitted non-audit services in line with the relevant regulations. Any service not on this list is prohibited. | |||
Pre-approval | All non-audit services require pre-approval, as set out in the table below, to ensure services approved are consistent with GSK’s non-audit policy for permissible services. This process ensures all services fall within the scope of services permitted and pre-approved by the Committee and does not represent a delegation of authority for pre-approval. | |||
Value More than £50,000 Between £25,000 and £50,000 Under £25,000 | Pre-approver Committee Chair and CFO Group Financial Controller Designate of the Group Financial Controller | |||
Audit and other services comparison (£m)
2025 | 1.9 |
2024 | 2.2 |
2023 | 1.6 |
l | Audit services |
l | Other Assurance services |
A fee of £0.2 million was paid to the auditor in respect of GSK pension schemes in each of 2023, 2024 and 2025. | |
The fees paid to the company's auditor and its associates are
set out above. More details are given in Note 8 to the financial
statements, ‘Operating profit’, on page 184.
The Committee considered the level of non-audit services
incurred as part of its annual review of Deloitte’s
independence set out on the previous page, and was satisfied
that the auditor continued to be independent and exercised
objectivity throughout 2025.
Fair, balanced and understandable
assessment
The need for an annual report to be fair, balanced and
understandable is one of the key compliance requirements for
a company’s financial statements. To ensure that GSK’s
Annual Report meets this requirement, we have a well-
established and documented process governing the
coordination and review of Group-wide contributions to the
publication. This runs in parallel with the process followed by
the external auditor. The Committee received a summary of
management’s approach to GSK’s 2025 Annual Report to
ensure it met the requirements of the UK Code. This enabled
the Committee, and the Board, to confirm that GSK’s 2025
Annual Report as a whole is fair, balanced and
understandable and provides the necessary information for
shareholders to assess the company’s position and
performance, business model and strategy.
Code of Conduct and reporting lines
We have a number of well-established policies (including a
Code of Conduct), which are available at gsk.com, together
with details of our confidential Speak Up lines for reporting and
investigating unlawful conduct.
Charles Bancroft
Audit & Risk Committee Chair
4 March 2026
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2025 was an exceptional year with GSK strengthening all of the fundamentals of its strategy contributing to a TSR of 41% for our shareholders over the year. In this context, our performance assessments were considered appropriate and underpin our commitment to rewarding out-performance. We applied these principles to our CEO succession process which highlighted the need to continue our goal of moving to the median of our global biopharma peer group Wendy Becker, Remuneration Committee | ||
Remuneration report contents include: | Page reference |
Remuneration Committee Chair’s statement | 127 |
2025 Executive Directors’ total remuneration | 134 |
Pay for performance and operation of current Policy | 136 |
Dear Shareholder
On behalf of the Remuneration Committee, I am pleased
DRAFT
to present our Remuneration report for 2025.
I am grateful to shareholders for supporting the new
Remuneration Policy (Policy) at the 2025 AGM, with more
than 93% support. This endorsed our move to review our
senior executive pay in the context of a global peer group
of 13 biopharma companies within a revenue and market
capitalisation range of 1/3 to 3x that of the company at the time
of its adoption.
The revised approach has already proved appropriate, both in
incentivising management to deliver excellent progress on all
elements of our strategy and in the recruitment of a new CEO.
This is evidenced in the delivery of strong financial results and
the excellent progress in R&D which have facilitated an
approximate 35% increase in share price during the course of
the year with approximately 41% total shareholder return (TSR)
for 2025. This momentum has been maintained with a further
21% increase to £22.14 per share from the year end up to 25
February 2026.
The Chair explains the process we followed regarding CEO
succession on page 104, which included full consideration of
external and internal candidates before we selected Luke
Miels.
The recruitment process reaffirmed the peer group we had
selected and our commitment to achieving total target pay
at the median level against this group over the next two to
three years. The Committee considers our peer group to be
appropriate for the foreseeable future and does not propose
any short-term revisions to it as a result of our improved
positioning within the group.
Progress and performance in 2025
In my last report, I outlined strong financial results for 2024
and I am very pleased to be able to report that that success
has been built upon and reinforced with another strong year
of operational performance in 2025, with outstanding sales
and core operating profit growth and core EPS growth, driven
by the strong achievement of our growing Specialty Medicines
portfolio. This was delivered together with outstanding phase
III pipeline progress and five regulatory approvals taking the
number of scale opportunities to 15.
Given this level of achievement, on top of similar levels of
growth in the previous year, the Committee feels that the
outturn demonstrates the continued benefit of setting stretching
targets and our focus on delivering out-performance. I was
particularly pleased to see the consistency of delivery in terms
of both financial results and in respect of the pipeline reflected
in GSK’s TSR with a material improvement in the share price
reinforcing the changes we made to the remuneration policy.
2025 Annual bonus
2025 was the first year operating the new bonus scorecard
introduced as part of the policy review with a 50% weighting
applying to strategically important financial measures, 20%
to a new pipeline measure and 30% relating to strategic/
personal objectives.
The bonus is primarily focused on rewarding over-delivery
of financial performance against the targets set at the start
of the year, with those targets generally being ahead of
external consensus forecasts at the time they were set.
The scorecard comprised a 25% weighting on each of sales
and core operating profit growth with a bonus outturn of 69.5%
and 59.3% of their respective maximums for the outgoing CEO
and the CFO (reflecting their different on-target starting point
levels) for the financial elements of the bonus.
The new Pipeline performance measure was designed to
incentivise and reward ‘on-time in full’ delivery of our near-term
outcome-based milestones across our priority assets and
business development objectives, and overall performance
was significantly above target. The Committee was very
pleased to be supported by the Science Committee which
reviewed performance against this measure from a scientific
perspective before the Committee reviewed the outturn of this
measure. This resulted in an overall assessment of 86.25%
and 81.7% of maximum for the outgoing CEO and the CFO
respectively. The Committee also carefully reviewed
performance against the third element of the annual bonus –
the non-financial individual strategic and operational measures
for the outgoing CEO and the CFO for 2025.
Emma Walmsley led the company through delivering
exceptional results in 2025 and I wanted to add my thanks to
those delivered by the Chair in his report for her leadership
and contribution and wish her every success for the future. As
a Committee, we assessed her performance with the usual
scrutiny as part of the bonus scorecard. It was pleasing in
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Emma's final year as CEO to see her excellent achievement
of not only her pre-agreed objectives but also successfully
absorbing the complexity of MFN and other industry issues
as well as providing full support to the CEO transition. On this
basis, and after careful thought, we recognised this impact in
her achieving maximum potential on the personal element of
her bonus. Our CFO also made significant contributions which
the Committee also recognised. We have provided greater
detail on performance against each of their strategic and
operational objectives and achievements on pages 138 and
139 which show the outturn for the two Executive directors at
100% and 86.7% of maximum for the outgoing CEO and the
CFO respectively for this portion of their bonuses.
Before finalising the overall bonus outcomes, the Committee
took time to consider the broader performance of the company
and the outgoing CEO and the CFO’s contributions. The
Committee was satisfied that the payouts were appropriate
given the exceptional financial and operational results for
2025, supporting delivery of our long-term strategy, and the
35% increase in share price performance.
When all bonus measures are combined, the final payout
against the maximum of 300% (on-target outgoing CEO 150%
and the CFO 100%) was c.246% of base salary for the
outgoing CEO (of which 146% of base salary was delivered in
shares deferred for three years), and c.216% of base salary for
the CFO (of which 116% of base salary was delivered in
deferred shares), i.e. 82% and 72% of maximum respectively.
This compares to 2024 bonuses of 210% for the outgoing CEO
and 198% for the CFO (or 70% and 66% of maximum).
Long-term incentive (LTI) awards
With regards to the performance of our 2023 Performance
Share Plan (PSP) LTI award, this is the second grant made
under our previous Policy. The Committee was again very
pleased at the progress being made, particularly seeing the
continued improvement in TSR performance over the year of
41% (resulting from a 35% increase in the share price). Overall,
approximately 82% of the total award under the 2023 grant
vested based on performance over the three-year period from
January 2023 to December 2025.
The grant had five measures, all of which vested to some extent
with the details set out on page 140 of this report. In terms of
TSR, GSK ranked in 5th position against our former global
pharma peer group of ten companies (including GSK) for
relative TSR performance, resulting in above median
positioning for GSK and an element of vesting (12% of a
possible 30%) for this component.
A primary measure of success for any biopharma group is
the strength of its products and pipeline. Over the three-year
performance period, the pipeline delivered maximum
performance i.e. 100% outturn. The Science Committee
provided scientific scrutiny of performance of this measure
prior to the Committee’s review of the outturn.
Before confirming the final total vesting level, the Committee
considered the overall performance measure outcomes of
this PSP award, as well as the overall shareholder experience.
We agreed that, given the progress made, the outcome for the
three-year period was appropriate.
Total variable performance pay for 2025
Overall, 2025 resulted in total variable performance pay at
82% of maximum opportunity for the outgoing CEO. This was
considered a fair reflection of the performance achieved. The
CFO’s performance pay resulted in a 77.7% achievement of
her maximum opportunity. The formulaic outturns for the
outgoing CEO and the CFO were, therefore, approved without
the exercise of any discretion.
Finally, in terms of the 2025 outturn, I would like to add some
context to the increase in the figure for benefits in 2025
compared with 2024. This does not reflect any material
change in our practices and arises from two separate matters.
Following the tragic death of UnitedHealthcare’s CEO and
other similar tragic events, we, consistent with many other
global companies, commissioned an external review of the
security arrangements in place to safeguard our executives
and approved enhanced procedures in line with their advice.
This led to an increase in the total spend on improved security
protection arrangements for our Chair (see page 146) and
Executive Directors following an increase to the threat
landscape. This is not currently anticipated to involve annual
recurring expenses at this level but is included in the 2025
figures. In addition, certain medical expenses were incurred
under our pre-existing arrangements.
Change in CEO
As announced in September 2025, GSK and Emma Walmsley
agreed that she would step down as CEO and a Director on
31 December 2025 but would remain an employee through
to 30 September 2026 during which time she is supporting the
new CEO and Chair with an orderly transition, in particular,
in considering the potential impact to GSK’s operating
environment arising from geopolitics and new technologies.
Her agreed departure terms are set out in the section headed
‘Leaving Arrangements’ on page 149 of this report. These
briefly comprise continued salary and bonus opportunity (at
on-target level) while she remains employed provided she
continues to deliver satisfactory personal performance, and
‘good leaver’ status under the rules of our incentive plans
consistent with the policy and her contractual terms.
She will remain subject to the 7.25x salary share ownership
requirement for two years after her departure (until September
2028) consistent with our Policy.
As part of her departure terms, it was agreed to preserve her
right to certain medical support for her and her family for up
to three years from her leaving date. This was consistent with
her long-standing expectations.
Luke joined the Board as our new CEO on 1 January 2026.
His terms are provided on page 131 of this report. In summary,
they comprise a starting salary of £1.375m (being
approximately 4% lower than that of Emma’s 2025 base salary
and 5.5% lower than the global biopharma peer group
median, putting his total pay in the lower quartile). He will
broadly receive the same terms as Emma with a 1.5x salary for
on-target bonus delivery (3x at maximum) and a 7.25x salary
PSP award level. He will also be subject to a 7.25x salary
share ownership requirement. His benefits have been aligned
with our current company practices.
The Committee feels strongly that this package as well as
the plan design underscores the importance of our current
shareholder approved Policy to move the incumbent CEO’s
total target pay to the median of the global peer group of
biopharma companies in a way that encourages out-
performance.
Luke’s positioning as CEO against his peers and versus the
outgoing CEO, can clearly be seen in the CEO Benchmarks
section on page 132 of this report.
The Committee is always led by performance first. Subject to
satisfactory personal performance, it hopes to increase the
CEO’s package in increments to the median of the group by
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2028. This is likely to be achieved through a combination of:
salary increases above the rate applicable to his UK
colleagues generally in each of the next three years; an
increase to the PSP grant level to 8x in 2027; and his annual
grant level being subject to re-benchmarking and consultation
as part of the 2028 Remuneration policy renewal process.
In line with the company’s long-standing practices, applicable
to all employees, Luke will also receive for a limited period
reimbursement of certain relocation expenses including flights
and payment of shipping costs in locating to the UK.
Remuneration policy implementation for 2026
2026 Annual bonus and LTI performance measures
Given the fundamental strategic importance of continued
delivery of our pipeline and that 2025 was only the first year of
the new scorecard’s operation, we will continue to operate the
same measures for our Annual bonus.
The Annual bonus measures for 2026 will remain:
Measure | Weighting |
Sales | 25% |
Core operating profit | 25% |
Pipeline | 20% |
Strategic, operational and Responsible Business (RB) | 30% |
Targets will continue to be set in the context of the Board’s
priorities of continuing the transformation of the company,
fulfilling ambitious revenue targets and delivering sustained
creation of shareholder value through financial ambition,
innovation and growth of the pipeline and continued
consideration of whether new technologies can both improve
our ways of delivering and enable us to deliver new things.
In managing all of these goals, we continue to focus on
navigating the geo-political landscape and embracing new
opportunities.
Both the scorecard measures and specific targets will be kept
under review in subsequent years to ensure it remains relevant
and aligned to the Board’s priorities.
We set out how the annual bonus Pipeline measure works
in full on page 137. In summary, it seeks to reward delivery of
shorter-term, large, publicly reported R&D milestones for
GSK's priority pipeline assets, which together are expected to
deliver the company's 2031 growth strategy. The Science
Committee supported our Committee in confirming the
appropriateness and stretch in the Pipeline measure.
Our 2026 PSP LTI measures will also remain:
Measure | Weighting |
Relative TSR | 40% |
Sales | 17.5% |
Core operating profit | 17.5% |
Pipeline | 17.5% |
RB: Composite score | 7.5% |
These measures seek to reinforce over-delivery of our longer-
term growth strategy. The PSP LTI Pipeline measure is
differentiated to the Annual bonus measure as importantly it
focuses on the value and volume achievement of the overall
pipeline supporting our 2031 growth strategy and beyond.
This measure will only vest, either in full or in part, if at the time
of vesting the most recently governed and published 2031
growth strategy for sales remains at a specified level.
Our RB measure directly aligns and rewards delivery against
the company’s full RB programme. The Committee
appreciates the prior review of this measure by the Corporate
Responsibility Committee as the subject matter experts in
setting challenging longer term targets here.
You can read in detail about our continued progress in year,
and our ambitions in the context of our six RB focus areas, on
pages 45 to 56.
Path to ensuring competitive compensation
As mentioned at the outset of this statement, the Committee
wishes to ensure that total target pay for our senior executives
are at the median against the peer group over the next two to
three years. Given the caps on variable pay, this will require
setting the base salary moderately above median level.
The Committee also always takes time to consider the internal
relativities of pay in the Group and noted that the UK wider
workforce annual increase was 3.3%. It was agreed that the
CFO’s performance merited a base salary increase of 3.3%
consistent with that level. The new CEO’s salary was set in
September 2025 at below the level of his predecessor, even
though this clearly resulted in the package initially being
further below the median. His salary is not due to be reviewed
until December 2026. The outgoing CEO’s base salary will
remain unchanged during her employment for 2026.
For completeness, the Chair also received a 3.3% increase in
line with the wider workforce. An explanation of changes to the
Non-Executive Director fees is given on pages 145 and 146.
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Thank you
Once again, I would like to take this opportunity to thank
shareholders for their support and engagement with our
new Policy. We were pleased to be able to engage with
the majority of the company’s shareholder register and
received very clear support for the current Policy. I would
like to congratulate all our people for all they have
achieved in 2025 and the delivery of another strong year of
performance, and thank my fellow Committee colleagues
for their support. Last but not least, I would also like to
thank colleagues on the Board from the Science and the
Corporate Responsibility committees for their continued
collaboration in supporting the Committee’s aim to set
stretching targets and in assessing performance against
them.
I welcome all shareholders’ feedback on this report ahead
of our AGM. We look forward to receiving your support for our
Annual report on remuneration at our Annual General Meeting
on 6 May 2026.
Wendy Becker
Remuneration Committee Chair
4 March 2026
2026 Executive Director remuneration summary | |||||
Luke Miels (CEO) | Julie Brown (CFO) | ||||
Fixed remuneration | |||||
Salary | £1,375,000 | £1,056,446 – 3.3% increase | |||
Pension | 7% (plus up to 3% of £66,666 if matched) Aligned to wider UK workforce | ||||
Performance pay | |||||
Annual bonus (% of salary) | Maximum opportunity: 300% | ||||
On-target: 150% | On-target: 100% | ||||
LTI (% of salary) | Maximum: 725% | Maximum: 400% | |||
Threshold: 145% | Threshold: 100% | ||||
Share ownership requirement (% of salary) | 725% | 400% | |||
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CEO transition |
Appointment arrangements for Luke Miels
Luke Miels joined the Board as CEO on 1 January 2026, as announced on 29 September 2025. Luke was not a Director during
2025, so no disclosures are required in the various tables in this report. Details of the appointment process the Board followed are
outlined on page 104. Consistent with our aim to be transparent, the key terms of appointment are summarised for 2026 below.
Key terms | Summary | ||||
Starting salary | £1,375,000 with effect from 1 January 2026. This is likely to be subject to 10-12% salary increases in each of 2027 and 2028 to reach total target pay towards the median of our size-adjusted global peer group of biopharma companies | ||||
Standard benefits | In line with long-standing practices, these include reimbursement of certain relocation expenses, including flights and shipping costs etc (grossed up for relevant taxes). Private medical benefits are consistent with the company’s policies and do not envisage continuation following cessation beyond any notice period | ||||
Annual bonus | Annual bonus will be at the same level as the previous CEO, with an on-target level of 1.5x salary (maximum 3x salary) and the same deferral terms. The annual bonus measures scorecard for 2026 is set out on page 142 of this report | ||||
Performance Share Plan (PSP) | A 2026 PSP grant will be made at the 2025 multiple level for the previous CEO of 7.25x salary. This is within the Policy maximum of 8x salary approved at the 2025 AGM. We envisage moving to that level for the 2027 grant. To reach the median of our peer group, it will require another increase in 2028. The performance measures for the 2026 PSP grants are set out on page 143 of this report | ||||
Share ownership requirements (SOR) | Consistent with our Policy, Luke’s SOR will be aligned to his PSP grant level, so is currently set at 7.25x for 2026 but is expected to increase to 8x in 2027 | ||||
Luke currently holds 1,435,418.32 shares in respect of his new SOR, i.e. 7.25x his new base salary. This only includes shares held under any share plans once any performance conditions have been met and then only on a net-of-tax basis. He intends to retain shares arising from outstanding and new awards (other than to settle tax) until he reaches his new CEO SOR of 7.25x | |||||
Service contract | His service contract requires 12 months’ notice from either side and is generally consistent with that of the CFO, except that the opportunity was taken to update the contract to include specific provisions that permit the Board to make any termination payments on a phased basis and offset any remuneration from any succeeding role | ||||
Overview of new CEO’s 2026 remuneration package The following table compares Luke Miels remuneration to the outgoing CEO’s 2025 arrangements. | ||||||||
Overview | Comparison with outgoing CEO | Trend versus outgoing CEO | Rationale | |||||
Base salary | £1,375,000 | 4.1% decrease on 2025 base | ↓ | Lower salary awarded on initial appointment reflecting that Luke is new in role To achieve the agreed target of delivering a median package will require meaningful increases in base salary over the next few years as he develops into the role | ||||
Pension | GSK pension contributions or cash supplements of 7% of base salary and matching contributions of up to 3% on the first £66,666 of salary | Identical opportunity | → | Aligned with wider workforce in the UK | ||||
Annual bonus | On-target bonus of 150% with maximum of 300% | Identical opportunity | → | To incentivise the CEO to over-deliver and recognise execution of the business strategy on an annual basis | ||||
LTIs | 2026: 7.25x base salary | Identical opportunity | → | To incentivise the CEO to over-deliver and recognise execution of the longer term strategy | ||||
2027: 8x base salary | Increase is permitted under the Policy assuming performance merits it | |||||||
SOR | 7.25x base salary aligned to LTI multiple | Identical, aligned to LTI multiple | → | To align the interests of the CEO with those of shareholders | ||||
Details of the leaving arrangements for Emma are given on page 149 | ||||||||
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Understanding the new CEO remuneration package
We continue to believe in the fundamental principle of incentivising out-performance and penalising underperformance to support
our performance culture and long term strategy. The Committee is driven by the need to ensure our Policy is aligned to support
strategic delivery and that incumbents are paid appropriately to be retained and incentivised. While this section focuses on
progression to peer group median, the Committee does not wish to slavishly follow the median and is also focused on individual
performance and capability of senior executives. That said, the current discounts to our competitors are considered much too
great and drive internal compression, and assuming continued strong performance, we would expect to move the policy over the
next few years.
To that end, as provided for in the new Policy approved by shareholders at the 2025 AGM, the Committee’s objective is to ensure
that the new CEO’s total target pay is set around the median of our size-adjusted global biopharma peers. The former CEO’s
package for 2025 was set at c.82% of the median with a view to reaching median remuneration over the next few years, subject
to performance. Setting a lower starting salary for Luke Miels, the new CEO, reflects that this is his first group CEO role. However,
this means he is commencing his tenure even further below our peer group median at around 78%, given another year of peer
group increase.
While the Board decided that Luke was the best available candidate regardless of the package other candidates could
command, the Committee did note that several candidates earned considerably more than the outgoing CEO which reinforces
our commitment, subject to ongoing performance, of moving to a competitive median level.
To meet the Committee’s longer-term objective, subject to Luke’s performance in role, this will require a c.26% salary increase if
the bonus and PSP multiples remain unchanged. Over 2025, GSK has achieved a significant re-rating of its share price (up 35%)
which we committed to achieving prior to increasing the PSP award level to 8x. Given the re-rating, we proposed to increase
Luke’s PSP grant level to the current policy maximum of 8x salary in 2027. This reduces the gap to median (based on 2025 data)
to c20%. If his CEO PSP grant level is increased further beyond the current 8x maximum multiple at the next policy review in
2028, it would reduce the gap to the 2025 median further and better reflect our commitment to maintaining and further
strengthening our performance culture. This will need to be confirmed against updated market data which we will share at our
next formal consultation.
These forward projections to our peer group are all to 2025 data with no allowance for increases to constituent CEO peers’
packages or ageing of their data. Going forward, the Committee will be monitoring Luke’s performance, as he takes on his new
role, and the competitiveness of his total target remuneration.
Competitive CEO remuneration
Median TDC (£m)
£8.4m
Key
Luke Miels, CEO - 2026
£8.8m
n | Salary | |
n | Annual bonus | |
n | LTI |
Emma Walmsley, outgoing CEO - 2025
Size-adjusted global biopharma peers - 2025
£10.8m
£m
GSK CEO remuneration versus new peer group (2025 data)
Other
peers
Emma
Walmsley
Luke
Miels
Key
LTI |
Bonus |
Salary |
17.5 |
15 |
12.5 |
10 |
7.5 |
5 |
2.5 |
0 |
Median
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2025 remuneration at a glance | |||||||||||
2025 Total remuneration | ||||
Emma Walmsley, outgoing CEO | Julie Brown, CFO | |||
53% | 47% | £4.17m |
16% | 84% | £10.56m |
23% | 77% | £9.73m |
13% | 87% | £15.68m |
l | Fixed pay – salary, benefits, pensions and CFO buyout | l | Performance pay – annual bonus and vested LTIs |
2025 Pay for performance | |||||
2025 Annual bonus outcome: Overall payout 82% and 72% of maximum for outgoing CEO and the CFO respectively | |||||
Measures | Performance | ||||
Total sales growth1 | 50.25 of 75% | ||||
42 of 75% | |||||
Core operating profit growth | 54 of 75% | ||||
47 of 75% | |||||
Pipeline performance | 51.75 of 60% | ||||
49 of 60% | |||||
Strategic and operational and RB | 90 of 90% | ||||
78 of 90% | |||||
l | Outgoing CEO | l | CFO | l | Lapsed |
2025 Annual bonus delivery | |||||
Emma Walmsley, outgoing CEO Overall bonus 246% of salary | 246% | ||||
Julie Brown, CFO Overall bonus 216% of salary | 216% | ||||
146% | 100% |
116% | 100% |
l | Shares deferred for 3 years | l | Cash |
2023 LTI PSP outcome: Overall vesting 82% of maximum | |||||
Measures | Performance | ||||
Total sales growth1, 2 | |||||
Core operating profit growth2 | |||||
Pipeline performance | |||||
Relative TSR | |||||
RB: environment | |||||
20% of a maximum 20% |
20% of a maximum 20% |
20% of a maximum 20% |
12% of a maximum 30% |
10% of a maximum 10% |
l | Vested | l | Lapsed |
(1)Total sales is referred to as Group turnover elsewhere in the report
(2) Excluding COVID-19 solutions
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Annual report on remuneration | |||||||||||
2025 Executive Directors’ total remuneration (audited) |
Fixed pay | Pay for performance | |||||||
Salary Pension | Benefits Other | Annual bonus | LTI awards (2023 PSP award vesting) | Total remuneration | ||||
| Read more on page 135 |
| Read more on pages 136 to 139 |
| Read more on pages 140 and 141 |
The following sections from this page to page 155 provide details of each element of ‘2025 Total remuneration’ and how the
Committee implemented the company’s shareholder-approved 2025 Remuneration policy during the year in terms of fixed and
performance pay.
2025 Total remuneration (audited) |
Emma Walmsley, Outgoing CEO(1) | Julie Brown, CFO | |||||
2025 £000 | 2024 £000 | 2025 £000 | 2024 £000 | |||
Fixed pay | ||||||
Salary | 1,431 | 1,363 | 1,023 | 990 | ||
Benefits | 583 | 180 | 101 | 64 | ||
Pension | 102 | 98 | 72 | 69 | ||
Other(2) | — | — | 1,088 | 1,088 | ||
Total fixed pay | 2,116 | 1,641 | 2,284 | 2,211 | ||
Pay for performance | ||||||
Annual bonus(3) | 3,520 | 2,855 | 2,209 | 1,955 | ||
Vesting of PSP LTI awards(4) | 10,045 | 6,063 | 5,237 | — | ||
Total pay for performance | 13,565 | 8,918 | 7,446 | 1,955 | ||
Total remuneration | 15,681 | 10,559 | 9,730 | 4,166 | ||
(1)CEO succession: Emma Walmsley was succeeded by Luke Miels as CEO on 1 January 2026. Details of his remuneration for 2026 can be found on
page 131. Details of the leaving arrangements for Emma are given on page 149
(2)Other: In 2025 Julie Brown received the last of two payments as part of her buyout arrangements in relation to her joining GSK from Burberry Group
during 2023. The Committee sought to ensure that Julie was compensated on a like-for-like basis as far as possible. In fulfilment of these arrangements,
the CFO purchased 22,500 GSK shares in June 2023
(3)Annual bonus: Comprises the total bonus (both cash and deferred shares under the Deferred Annual Bonus Plan (DABP)). Details of the mandatory
DABP deferrals for 2025 and 2026 are set out on page 151
(4)2023 Performance Share Plan (PSP) vesting in 2026: For the outgoing CEO and the CFO, the figure has been valued based on the closing price on 13
February 2026 of £21.65. The share price on 8 February 2023, one day prior to the date of grant for the outgoing CEO, was £15.01. The CFO joined GSK
during 2023 and received her 2023 grant on 27 April 2023. The share price on 26 April 2023, one day prior to the date of grant, was £14.42. This award
will not vest until April 2026. The final actual value of the amount the CFO received and any actual value attributed to share price appreciation over the
performance period will be restated in the 2026 Annual Report. Of the vested amounts for the outgoing CEO and the CFO, £3.08 million (31%) and £1.73
million (33%) were attributable to the overall share price appreciation over the performance period respectively. Following consideration, the Committee
did not exercise any discretion in relation to the vesting of the awards or share price appreciation, given that shareholders have also benefitted from this
improvement
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Fixed pay 2025 and 2026 (audited) |
Salary
The Committee is very aware of the sensitivity among stakeholders to levels of pay. Before setting or reviewing salary, it
considered the average increases awarded to employees below Executive Director level and the multiplier effect of increases in
base salaries on total remuneration opportunity. The Committee considered the wider economic context, individual performance
and market positioning of the increases awarded. The table below sets out the base salaries and increases agreed for 2025 and
2026 for the Executive Directors compared to increases for the UK workforce.
2025 and 2026 effective dates | % change | Salary £000 | |||||
2026 | 2025 | 2026 | 2025 | 2024 | |||
UK employees | 1 April | 3.3 | 3.3 | ||||
Luke Miels | 1 January | N/A | N/A | 1,375 | — | — | |
Julie Brown | 1 January | 3.3 | 3.3 | 1,056 | 1,023 | 990 | |
Emma Walmsley | 1 January | — | 5.0 | 1,431 | 1,431 | 1,363 |
Benefits
This table provides an analysis of total benefits (grossed up for tax) received by the Executive Directors in 2025 and 2024.
The UK remuneration reporting regulations require the company to add into each Executive Director’s total benefits all items that
are deemed by tax authorities to be a taxable benefit for them. These include employee benefits as well as business-related
services provided to employees to assist or enable them to carry out their role, which a tax authority has deemed to be a taxable
‘benefit’ to the individual. Given these are business expenses, the company meets the tax that arises on them, so the items are
shown grossed up for tax.
The overall spend on employee ‘Business-related services’ increased significantly in 2025 in addressing the advice resulting from
an external security review most especially in respect of the CEO. This advice is in line with the actions of many industry peers to
further improve security protection arrangements for our Executive Directors and the Chair (as can be seen from the table on
page 146) following an increase in the external threat landscape at the end of 2024. This is not currently anticipated to involve
annual recurring expenses at this level for these individuals. The increase in Emma Walmsley’s ‘Benefits available to employees’
is mainly attributed to family private medical support.
Emma Walmsley | Julie Brown | ||||
Benefits £000 | Benefits £000 | ||||
2025 | 2024 | 2025 | 2024 | ||
Business-related services | 400 | 77 | 55 | 25 | |
Benefits available to employees | 183 | 103 | 46 | 39 | |
Total benefits | 583 | 180 | 101 | 64 | |
Pensions
Pension arrangements for Executive Directors are aligned with the wider workforce. They received GSK pension contributions or
cash supplements of 7% of base salary and matching contributions of up to 3% on the first £66,666 of salary for 2025.
The table below shows the breakdown of the pension values included in 2025 Total remuneration on page 134.
Pension remuneration values | Emma Walmsley (£000) | Julie Brown (£000) | |||
2025 | 2024 | 2025 | 2024 | ||
UK defined contribution | 7 | 7 | — | — | |
Employer cash contributions | 95 | 91 | 72 | 69 | |
Pension | 102 | 98 | 72 | 69 | |
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2025 Pay for performance (audited) |
Annual Bonus
Total sales growth 25% | Core operating profit growth 25% | Pipeline performance 20% | Strategic, operational and RB 30% | Annual bonus |
l | Financial measures: 50% | l | Operational measures: 50% |
2025 Annual bonus
The following table shows the Annual bonuses earned compared to the bonus opportunity for 2025:
2025 and 2026 Bonus opportunity | 2025 Bonus earned | 2025 Bonus paid as (£000) | ||||||
Target (% of salary) | Maximum (% of salary) | 2025 salary (£000) | % of Maximum bonus | % of Salary earned | Total 2025 bonus (£000) | Cash | Value of DABP share award | |
Bonus | ||||||||
Emma Walmsley | 150 | 300 | 1,431 | 82 | 246 | 3,520 | 1,431 | 2,089 |
Julie Brown | 100 | 1,023 | 72 | 216 | 2,209 | 1,023 | 1,186 | |
Details of the mandatory deferral by Executive Directors into the DABP for the 2025 bonus are set out on page 151.
2025 Annual bonus performance
2025 Financial measures outcomes
Total sales growth
Threshold: 3.8% | Maximum: 9.8% | |||||
Target: 4.8% | ||||||
50.25% of salary for outgoing CEO 42% of salary for CFO | ||||||
Core operating profit growth
Threshold: 7.4% | Maximum: 13.4% | |||||||
Target: 8.4% | ||||||||
54% of salary for outgoing CEO 47% of salary for CFO | ||||||||
2025 Financial performance
These targets were set following consideration of analyst consensus as well as internal budgets. Threshold and maximum
performance was at 1% below and 5% above target growth respectively. The Total sales growth and Core operating profit growth
targets and outcomes for the purposes of the Annual bonus calculation are based on CER.
2025 Financial performance |
–GSK delivered strong performance in 2025 with strong sales, Core operating profit and Core EPS growth driven by momentum
of the Specialty Medicines portfolio, across respiratory, immunology & inflammation, oncology and HIV. This was higher than
the guidance provided at the start of the year and affirms delivery of GSK’s growth strategy for the period 2021-26
–Delivered full-year reported Group sales of £32.7bn (+4% AER, +7% CER)
–Specialty Medicines growth was 14% AER, 17% CER. Vaccines was stable at AER, but increased 2% CER. General Medicines
was broadly stable with a decline 4% AER, 1% CER
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2025 Pipeline performance
This new element of the Annual bonus was introduced in 2025. It focuses on ensuring that executives have a direct link to the
delivery of pipeline milestones. It was designed to incentivise and reward ‘on-time in full’ delivery of near-term outcome-based
milestones across our priority assets and business development objectives. It reinforces alignment across the entire executive
team.
Points achieved against milestones: | |||||||||
Threshold: 12.7 Points | Maximum: 59.0 Points | ||||||||
Target: 30.4 Points | |||||||||
Actual: 51.12 points 86.6% of maximum points –51.75% of salary for outgoing CEO –49.00% of salary for CFO | |||||||||
Target-setting and performance review process
These targets were set at the start of the year following the Science Committee’s review of the assets in the pipeline and the short-
term opportunities to accelerate them. For each of the launches and next-wave assets, key inflection points that could be
achieved in 2025 were agreed by the Committee and set as the respective threshold, target and stretch deliverables. Each of
those priorities were weighted and assigned points based on their contribution to peak-year sales or their ‘value potential’.
At the end of 2025, the Science Committee reviewed performance against the milestones during 2025 and recommended the
following performance levels, which were subsequently approved by the Committee. Full details of the progress achieved by R&D
in 2025 is provided on pages 12 to 32. (The full pharmaceutical and vaccine pipeline is set out on pages 32 and 255 to 259)
Overview of milestones achieved during the year by therapeutic area (including business development) | Total points for therapeutic area | ||
Respiratory, immunology and inflammation (Asthma portfolio, COPD portfolio, camlipixant, Low-carbon Ventolin) | 15.12 points | ||
HIV (Cab ultra, N6LS, VH’499) | 2.50 points | ||
Oncology (Blenrep, B7-H3, B7-H4 and Jemperli) | 12.50 points | ||
Vaccines and Infectious Diseases (mRNA respiratory, Pneumococcal franchise, Men ACBWY, bepirovirsen, gepotidacin and tebipenem) | 16.00 points | ||
Commitments to Target and Phase II starts | 5.00 points | ||
Total points | 51.12 points | ||
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2025 Strategic, operational and RB performance
At the beginning of 2025, after agreeing GSK’s three-year plan for 2025-2027 and following review of the company’s long-term
growth strategy and the Board’s priorities for the year ahead, the Committee agreed the financial bonus targets for the CEO and
CFO and set their individual strategic and operational measures for 2025. At year-end, after the Board’s review of GSK’s
performance, the Committee received and considered specific performance assessment reports against the deliverables set for
each Executive Director. These showed the extent of achievement against each deliverable. In completing its assessment, the
Committee also considered shareholder experience and external market valuation alongside performance outcomes.
Objectives | Achievement during 2025 | Performance assessment |
Emma Walmsley Financial performance was strong with GSK delivering at the top end, of our twice upgraded guidance, closing the year with top line sales growth and core operating profit. GSK’s reshaped portfolio is demonstrating resilience with a strengthening contribution from Specialty Medicines. For the longer term and the achievement of the 2031 growth strategy, Innovation delivery and pipeline execution remained a core focus. GSK achieved five new FDA approvals, and the early and late-stage pipeline was strengthened with targeted BD and collaborations in technology and AI/ML. In addition to the targets set at the beginning of the year, Emma personally provided significant engagement and leadership for GSK on MFN and tariff management to ensure the conclusion of an agreement with the US government before the end of the year. She also contributed significantly to an effective and smooth CEO transition The following table sets out her performance against her objectives | ||
Deliver pipeline goals for priority assets | –Five out of five major FDA approvals were delivered in 2025 (Blujepa, Penmenvy, Nucala COPD, Blenrep and Exdensur) –Strong overall pipeline progress, with pipeline progression above target, notably for depemokimab COPD, Nucala COPD, B7-H3, B7-H4, MAPS, bepirovirsen and gepotidacin –15 scale opportunities expected to launch and contribute to sales before 2031 (previously 14, with FGF21 added) –Completed BD transactions to acquire assets in respiratory, immunology and inflammation, and oncology; several new material research alliances and partnerships established | Exceeded |
Deliver Innovation sales | –Delivered Innovation Sales above Plan accounting for 23% of total sales. Material over delivery of Specialty and ViiV Innovation sales portfolio | Exceeded |
Deliver financial Plan and effective external communication for the company | –Delivered the financial Plan exceeding guidance for 2025, driven by strong growth and increasing growth in Specialty, Oncology and HIV –Significant focus on SG&A enabling improvement to the SG&A to sales ratio with Q4 restructuring charges absorbed in the plan –Share buyback programme executed as per plan | Exceeded |
Deliver digital, data and tech milestones | –Leveraged unique insight and connection to tech companies to drive continued AI capability embedding at scale in global functions, manufacturing, R&D and commercial with measurement of efficiencies achieved –Excellent progress across the R&D data/AI technology goals driving improvements in cycle time, cost and attrition –7,900 employees completed the Enterprise Digital Fluency training, local training at 50+ sites –Two-day demonstration with the Board on AI/ML in action across the business | Exceeded |
Meet Trust goals and protect and build GSK’s reputation | –Constructive engagement with governments and response to changes in macro-trading environment –Global Health and Access ahead of goal –Low Carbon Ventolin filing delivered in December 2025 and all commercial activities on track for launch in 2026 –Cyber maturity program exceeding commitments –Highly effective external CEO communication and engagement building reputation and shaping of policy, including prevention, technology and access | Exceeded |
Culture progress | –Embedded ‘Ahead Together’ culture with measurable progress on accountability and performance mindsets, notably in R&D –Successfully launched the new Learning & Development Hub to deliver personalised learning via an integrated digital experience positioning GSK to accelerate capability development at scale. Close to 60% of employees accessed in first two months | Fully met |
GLT succession planning | –Personally led and invested in the management programme to ensure multiple strong internal and external candidates were identified and developed for all GLT roles for best in class succession culture –CEO transition - providing support and development for incoming CEO | Exceeded |
The Committee commended the outgoing CEO on her performance in her last year and determined that she had clearly exceeded her individual objectives and that 90% out of the 90% maximum should be attributed to her overall bonus | ||
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Objectives | Achievement during 2025 | Performance assessment |
Julie Brown Julie again delivered strong financial leadership and operational discipline in 2025, achieving significant overperformance against plan while advancing cyber security maturity and building a high-performing Finance Leadership Team The following table sets out her performance against her objectives | ||
Deliver financial plan and guidance | –Delivered full-year financial over-performance including two upgrades during the year –Maintained robust forecasting and resource allocation discipline supporting near- and mid-term growth –Strategies were implemented successfully to manage tariffs and global pricing | Exceeded |
Deliver path to competitive P&L and cash flow optimisation including through Tech | –Achieved competitive P&L structure through SG&A optimisation and analytics-driven decisions allowing additional capacity for R&D investments –Improved profitability and cash conversion versus plan while enabling targeted investments behind key brands and productivity drivers –Enhanced transparency and granularity in management performance reviews –Identified and progressed top three technology enablement priorities in finance (forecasting AI, Smart resource allocation, Agentic AI) and the traversal AI enabled resource allocation program has gone live in five markets | Exceeded |
Lead exceptional IR deployment | –Partnering with GLT to deliver the investor program strengthening engagement around our catalysts and improving quality of IR materials –Held 94 investor engagements where she personally met with 100 shareholders (representing 45% of ISC), 90 prospective holders and 24 sell-side analysts | Exceeded |
Support execution of Cyber security plan and | –Strengthened protection against key threat vectors (ransomware, data theft, third-party risk operational tech and resiliency) through targeted projects. The cybersecurity programme has been successfully completed, delivering 129 projects in total, and is now transitioning to the BAU plan for 2026 | Exceeded |
Continue to build a high performing and high potential finance leadership team | –The Finance Leadership Team has been strengthened through successful onboarding, engagement, and succession planning. Step change delivered in Talent Management, Inclusion and Wellness and Ahead Together culture | Met |
The Committee determined that the CFO clearly exceeded her individual objectives and that 78% out of the 90% maximum should be attributed to her overall bonus | ||
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LTI awards
Relative total shareholder return 30% | Total sales growth 20% | Core operating profit growth 20% | Pipeline progress 20% | RB: Environment 10% | Total vested LTI |
Vesting of 2023 PSP LTI awards
The targets for the 2023 awards were set in February 2023. In line with the Committee’s agreed principles, actual performance
against each measure is carefully reviewed and adjustments are made, as appropriate. This ensures that the vesting outcome
reflects genuine underlying business performance and has been delivered in line with our culture and values. The Committee
did not deem it appropriate to exercise any discretion in relation to the vesting of the awards or due to share price changes
since the grant of this award. Overall, 82% of the 2023 PSP awards vested against the targets set out below.
Vesting level | |||||||||||
Performance measures and relative weighting | Performance targets | % of maximum | % of award | ||||||||
Relative TSR (30%) | TSR ranking within comparator group (10 companies) | % vesting | 40 | 12 | |||||||
Maximum | 1st, 2nd, 3rd | 100 | |||||||||
4th | 70 | ||||||||||
5th | 40 | ||||||||||
Threshold(1) | Median | 25 | |||||||||
6th or below | 0 | ||||||||||
(1) The median vesting threshold falls between two companies. | |||||||||||
Total sales growth (20%) | Recognises the importance of the company's commercial ambitions with regard to sales growth. The measure vests in accordance with the same vesting schedule as for core operating profit (shown below), Growth for the performance period is calculated using constant exchange rates (CER) and excluding COVID‑19 solutions), with a target of £90.08bn | 100 | 20 | ||||||||
Core operating profit growth (20%) | Recognises the importance of the company's commercial ambitions with regard to operating profit growth. Growth for the performance period is calculated using CER, excluding COVID-19 solutions, with a target of £28.03bn | 100 | 20 | ||||||||
Performance vs target | % vesting | ||||||||||
Maximum | 105% | 100 | |||||||||
103% | 75 | ||||||||||
100% | 50 | ||||||||||
Threshold | 99% | 25 | |||||||||
<99% | 0 | ||||||||||
Pipeline progress (20%) | Targets strengthening our pipeline through progression of high-quality assets into pivotal trials and the achievement of regulatory approvals in major markets. The points are allocated on achievement of these two equally weighted elements of 10% | ||||||||||
Measure | Threshold 25% | 50% | 75% | Maximum 100% | |||||||
Pivotal trial starts | 12 | 14 | 16 | 20 | 100 | 20 | |||||
Major regulatory approval milestones | 17 | 19 | 20 | 22 | 100 | ||||||
RB: Environment (10%) | Recognises the importance of our Responsible Business priority and ambitions of having a Nature Net positive and Climate Net Zero impact by 2030. The measure includes six key performance measures (3x Climate ambitions and 3x Nature ambitions) | ||||||||||
100% vesting | Every measure must have been achieved, and at least two of the six measures, at least one in Climate and one in Nature, must have exceeded their targets at the end of 2025 | 100 | 10 | ||||||||
Total vesting in respect of 2023 PSP awards | 82 | ||||||||||
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Pipeline progress (2023-25): Overview of assets contributing to outcome of this measure
Points achieved | Assets contributing to outcome achieved | |
Pivotal trial starts | 28 | bepirovirsen, dostarlimab, Blenrep, tebipenem, camlipixant, Q4M ULA PrEP, niraparib, Low Carbon Ventolin, Benlysta, depemokimab, B7-H3 ADC iv, IDRX-42 oral, and FGF21 |
Major regulatory approval milestones | 24 | gepotidacin, RSV OA PreF3, Men ABCWY, dostarlimab iv, momelotinib, Blenrep, mepolizumab, depemokimab and cab LAP im |
2023 PSP performance outcome by Executive Director
Granted | Vested(1) | Value of vested shares(1) (£000) | |
Emma Walmsley(2) | 501,927 | 463,962 | 10,045 |
Julie Brown(3) | 264,026 | 241,871 | 5,237 |
(1)The number of shares that vested and the value they represented at vesting includes dividend reinvestments during the performance period. These
are based on the vesting price of £21.65 on 13 February 2026
(2)The outgoing CEO’s award was made on 9 February 2023 when the share price was £15.01.
(3)The CFO joined GSK during 2023 and received her 2023 grant on 27 April 2023 when the share price was £14.42, this award will not vest until until April
2026. The final actual value of the amount received and any actual value attributed to share price appreciation over the performance period will be
restated in the 2026 Annual Report.
2025 LTI grants
The 2025 DABP awards, in respect of the deferral of 2024 bonus, and the 2025 PSP awards are set out below.
2025 DABP awards | 2025 PSP awards | ||||||
% of total 2024 bonus deferred | Number of shares | Face value of award(1) £000 | Award level as % of base salary | Face value of award(3) £000 | Number of shares | ||
Emma Walmsley(2) | 52 | 103,980 | 1,492 | 725 | 10,373 | 722,873 | |
Julie Brown | 50 | 68,129 | 978 | 400 | 4,091 | 285,072 | |
(1)The face values of the DABP and PSP awards have been calculated based on a share price of £14.35, being the closing price on 17 February 2025 (the
day before the grants). DABP awards are nil-cost options for the Executive Directors. No performance conditions are attached to the DABP awards,
because they reflect the mandatory three-year deferrals in respect of the Annual bonus for 2024
(2)The 2025 PSP award of 725% of base salary for the outgoing CEO was delivered via two grants. An initial grant of 575% of base salary was made in
February 2025 and a top-up award was granted in May 2025 of the balance of 150% of base salary (following shareholder approval of the 2025
remuneration policy at the company’s 2025 AGM). The top-up grant was calculated based on the same share price as the original grant of £14.35. The
initial grant will vest in February 2028 and the top-up will vest in May 2028, and is otherwise on the same terms
(3)The performance period for the 2025 PSP awards is from 1 January 2025 to 31 December 2027. Awards vest at 20% for the outgoing CEO and 25% for
the CFO of maximum for threshold performance
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2026 Performance pay |
2026 Annual bonus measures
Total sales growth 25% | Core operating profit growth 25% | Pipeline performance 20% | Strategic, operational and RB 30% | Annual bonus award |
l | Financial measures: 50% | l | Operational measures: 50% |
Target-setting
Following careful review of performance towards GSK’s 2031 growth strategy at the end of 2025 and pipeline progression, the
three-year plan for 2026-2028 was set. The Board then agreed the guidance for the year ahead and the key priorities for the new
CEO and the CFO. The Committee then considered these carefully together with current consensus expectations, before setting
the Executive Directors’ targets for the year ahead.
Inevitably, targets linked directly to our financial and strategic plan are commercially sensitive. So, the Committee does not
consider it appropriate to disclose these targets until the end of the year. To disclose them earlier may result in competitive harm.
Details will be disclosed in the 2026 Annual Report. The targets and outcomes are calculated based on CER.
Measures
Total sales and Core operating profit growth | These targets are set following the Board’s annual planning process and consideration of analysts’ consensus, to ensure that the targets are sufficiently stretching and support the Committee’s aim to incentivise and reward over- performance | |||
Pipeline performance | This element is focused on ensuring that executives have a direct link to the delivery of our pipeline milestones. It is designed to incentivise and reward ‘on-time in full’ (OTIF) delivery of near-term outcome-based milestones across our priority assets and pipeline acceleration and responsible business objectives. It also creates alignment across the full Executive team Priority assets represent major launches and next-wave programmes expected to deliver commercial success both in the near and mid-term and beyond For each of the major launches and next-wave assets, key inflection points which are expected in 2026 have been set as the respective thresholds, targets and stretch deliverables, with those priorities weighted and assigned points based on their value potential (i.e. contribution to peak-year sales). Points will then be awarded in each case based on the milestones actually achieved for the relevant assets. 82% of points are available for priority assets and 18% for early pipeline acceleration and responsible business. The schedule of assets contributing to this measure for 2026, and their prioritisation were reviewed and approved by the Science Committee before being agreed by the Committee. The 2026 assets are: | |||
–Bepirovirsen | –MAPS | |||
–Blenrep | –Mocertatug rezetecan | |||
–Camlipixant | –mRNA | |||
–Depemokimab | –Risvutatug rezetecan | |||
–Efimosfermin alfa | –Tebipenem | |||
–HIV: CMC ULA PrEP; Q6M Tx & Q6M PrEP | –TSLP | |||
–IL33 | –Velatinub | |||
–Jemperli | ||||
The milestones achieved during the year (including business development) will be disclosed by therapeutic area: | ||||
–Respiratory, immunology and inflammation | –Oncology | |||
–Infectious diseases | –HIV | |||
in the 2026 Annual Report together with the resulting bonus multiplier and the total points achieved (including for business development). The progress achieved will be reviewed by the Science Committee before the Committee agrees the remuneration outcomes | ||||
Strategic, operational and RB | The CEO and CFO’s key deliverables are agreed in principle by the Board before being set by the Committee in January each year. They focus on supporting delivery of our performed guidance for the year, and towards the ultimate delivery of our medium- and longer-term strategic goals to 2031 and beyond | |||
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2026 Performance Share Plan measures
Total sales growth 17.5% | Core operating profit growth 17.5% | Pipeline sustainability 17.5% | RB: Composite scorecard 7.5% | Relative TSR 40% | Performance Share Plan award |
l | Financial measures: 35% | l | Operational measures: 25% | l | Shareholder alignment: 40% |
Target-setting and measures
Total sales and Core operating profit growth | These targets are set following the Board’s annual planning process and consideration of analysts’ consensus to ensure that the targets are sufficiently stretching and support the Committee’s aim to incentivise and reward over-performance. The targets are commercially sensitive at the time of grant. | Performance vs target | Proportion vesting | |||
Below threshold | <99% of target | Nil | ||||
Threshold | 99% of target | CEO: 20%, CFO: 25% | ||||
Target | 100% of target | 50% | ||||
103% of target | 75% | |||||
Maximum | 105% of target | 100% | ||||
Pipeline sustainability | The Annual bonus Pipeline performance measure focuses on OTIF delivery of near-term milestones for priority assets that are expected to contribute to the growth in sales by 2031. The PSP measure focuses on GSK’s replenishment of the pipeline and longer-term pipeline performance. For inclusion, a programme must be either a New Moleculer Entity (NME), or a new indication that adds £0.5bn to peak-year sales. Programmes approved and launched during the three-year window will contribute to the total number of assets and to the sales contribution. It is based on a matrixed assessment of: –pipeline sales contribution to GSK’s long-range forecast (LRF) strategy. The target and vesting will each be based on 10- year net risk-adjusted sales forecast i.e. the 2026-2028 target based on the 2035 LRF, and vesting based on the 2038 LRF and –the number of programmes in Phase 2 and 3, and Registration and Approval This element of the PSP will only vest, either in full or in part, if at the time of vesting the most recently governed and published 2031 growth strategy for sales remains at a specified level. At the end of the period, a list of the programmes added or removed during the period will be disclosed. However, the pipeline sales contributions in the 2035 and 2038 LRFs and the assessment matrix will not be disclosed, because they are commercially sensitive. For the achievement of threshold performance for both the pipeline sales contribution and the number of programmes, the vesting proportions shall be 20% for the CEO, and 25% for the CFO | |||||
RB: Composite scorecard | The composite scorecard focuses on all the RB metrics within the Responsible Business Performance Rating. The rating is reported on in detail in each year’s Annual Report, with the scorecard providing a balanced assessment of performance against all our RB priorities. More details on the Rating and performance in 2025 are given on page 46. Performance will be calculated by aggregating the annual performance across all the individual annual metrics within the rating for the three years of the PSP performance period | |||||
Performance | Vesting schedule | |||||
70% or more of all metrics are on track | 100% | |||||
60% of all metrics are on track | 75% | |||||
50% of all metrics are on track | 50% | |||||
Less than 50% of all metrics are on track, but progress is being made because at least 50% are either on track, or on track with work to do (the ‘threshold’ vesting level) | CEO: 20%, CFO: 25% | |||||
Less than 50% of all metrics are either on track or on track with work to do, the rest (i.e. more than 50%) are off track | Nil | |||||
Relative TSR | Performance against our global biopharma peer group of 13 companies (set out on page 147) will be assessed using a percentile vesting approach. This compares GSK’s actual TSR performance with that of our peers. Threshold is at median performance and maximum 100% vesting is set at upper quintile performance. Vesting levels between median and upper quintile are determined on the basis of a straight-line interpolation | TSR performance | Vesting schedule | |||
Above upper quintile | 100% | |||||
Upper quintile | 100% | |||||
Between median and upper quintile | Straight-line interpolation | |||||
Median (threshold vesting) | CEO: 20%, CFO: 25% | |||||
Below median of peer group | Nil | |||||
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2026 LTI grants
The table below provides details of:
–the mandatory deferral of the 2025 Annual bonus earned and delivered as a DABP share award. The shares awarded have no
performance conditions, but must be held for three years, regardless of continued employment, and
–2026 awards granted under the PSP
2025 awards | 2026 awards | ||||||
DABP | PSP | ||||||
2025 bonus deferred into shares (% of salary) | Number of shares | Face value of award (£000) | % base salary | Number of shares | Face value of award (£000)(1) | ||
Luke Miels | 56 | 27,962 | 601 | 725 | 463,662 | 9,969 | |
Julie Brown | 116 | 55,178 | 1,186 | 400 | 196,548 | 4,226 | |
Emma Walmsley(2) | 146 | 97,160 | 2,089 | — | 0 | 0 | |
(1) The share price used to calculate the face value of the award was £21.50 which was the closing share price on the day prior to the date of the grant (11
February 2026)
(2) Emma Walmsley did not receive a PSP award in 2026
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Non-Executive Directors’ fees |
The company aims to provide the Chair and other Non-Executive Directors with fees that are competitive with those paid by other
companies of equivalent size and complexity, subject to the limits contained in the company’s Articles of Association.
2025 and 2026 Non-Executive Directors’ fees |
The Non-Executive Directors’ fees that applied during 2025, and which will apply for 2026, are set out in the table below.
Per annum | ||
2026 | 2025 | |
Chair fee | £826,400 | £800,000 |
Standard NED annual fee | £122,258 | £122,258 |
Supplemental fees | ||
Chair of the Audit & Risk Committee | £80,000 | £80,000 |
Chair of the Remuneration Committee | £80,000 | £40,000 |
Senior Independent Director | £50,000 | £50,000 |
Scientific & Medical Experts (to be expanded to Science, Specialty Tech and Medical Experts) | £30,000 | £30,000 |
Chairs of the Corporate Responsibility and Science committees | £55,000 | £40,000 |
Chair of the Nominations & Corporate Governance (when not the company Chair) and, when appointed, Workforce Engagement Director | £40,000 | £40,000 |
Members of the Audit & Risk, Corporate Responsibility, Remuneration and Science committees | £25,000 | N/A |
Science Committee members undertaking significant additional responsibilities on behalf of GSK | Up to £200,000 | Up to £200,000 |
Annual Chair and Non-Executive Directors’ fee review
Following the update to the company’s remuneration policy
and the adoption of the new size-adjusted global biopharma
peer group in 2025, the Board considered it appropriate to
apply a consistent approach and to review the Non-Executive
Directors’ (NED) fees against the same peer group given the
desire to ensure that the company is able to recruit and retain
NEDs globally of the calibre necessary to support its continued
growth. The Board’s composition reflects the global operations
of the company and is currently 64% US, 27% UK and 9% rest
of the world. The Board noted the guidance from investor
groups, including the Investment Association, which stressed
the importance of ensuring that NED fees were adequate to
secure and remunerate NEDs appropriately.
NED fees
The review identified that NED fees were significantly less than
the new peer group median; in some cases with NEDs
receiving less than 50% of the peer median and in certain
cases less than 75%. The main differences were in terms of
the payment of committee membership fees and the inclusion
of a specific equity component at many of the peer
companies. Following careful consideration, noting the
improved company performance, and with additional
reference to benchmark data for UK FTSE Top 10 companies,
it was agreed to seek to reduce the gap to the new peer group
median by making the following changes to the Board fee
structure:
–Introduction of Committee Membership fee of £25k per
annum for members of the Audit & Risk (ARC),
Remuneration, Corporate Responsibility (CR) and Science
committees. However, membership fees will not be
introduced for the Nominations & Corporate Governance
Committee at this time
–Alignment of the Remuneration Committee Chair’s fee
(currently £40k per annum) to that of the ARC Chair at £80k
per annum given that, following a review of the workload and
responsibilities, both roles involve a similar level of expertise
and time commitment from the NED carrying them out
–Increase to the committee chair fee for Chairs of the CR and
Science committees from £40k to £55k per annum
–Supplemental fee paid to Science and Medical Experts to
be expanded to cover Science, Specialty Tech and Medical
Experts to include AI/ML and cyber technical expertise or
equivalent future specialisms as required by the Board. This
fee recognises the expertise and additional time
commitment these Board members provide to support the
CSO, CFO and/or other members of the executive team in
connection with projects and reviews, as required
These changes will not completely eliminate the gap to
median, but will move GSK NED fees considerably closer to
that level. It is proposed to address this further over time,
subject to performance of the business in line with the
approach adopted for Executive remuneration.
The NEDs are currently required to build towards a Share
Ownership Requirement (SOR) of 1x their base NED
fee. Recognising that the global biopharma peer group fee
structure typically involves a greater element of shares, it is
proposed that the SOR is doubled to 200% of their base fee.
This will ensure that NED fees are further aligned with
shareholders’ interests; and aligns with the recent policy
update from the Investment Association and the FRC’s UK
Code. NEDs will normally be expected to invest 50% of their
after-tax total fees in GSK Shares or ADSs (to be retained until
they leave the Board) until such time as they achieve their
SOR. Details of current positioning of NEDs shareholding
against their 1x SOR are given on page 152.
Given these changes, it is not proposed to increase the NED
base fee this year in line with the wider workforce increase of
3.3% in the UK and 3.4% in the US. NED fees will continue to
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be reviewed on an annual basis against the new size-adjusted
global biopharma peer group. It is expected that an increase
may be made to the NED base fee in 2027 subject to company
performance.
NED fees are reviewed by the Chair and CEO in conjunction
with the rest of the Board.
Chair fees
The Chair’s fees are reviewed by the Remuneration Committee
and, following review, it was agreed to increase the Chair’s fee
by 3.3% in line with the rate applicable to the wider UK
workforce. The Chair’s SOR will be maintained at 100%. The
Chair has continued to invest in GSK since his appointment,
his current holding is over 200% of his fees.
Implementation
Two additional resolutions will be proposed at the company’s
AGM in May 2026 to facilitate these changes, namely to:
–amend the company’s Remuneration policy (Policy) in
respect of NED fees to authorise the introduction of
committee membership fees, and to extend the
supplemental fees payable to members of the Science
Committee to include NEDs with AI/ML and Specialty Tech
expertise and other such skills beyond Science Committee
membership. The revision to the Policy will also increase the
NED SOR from 1x to 2x their base fee and include the
standard policy wording, which permits the Board to review
and change the components of NED fees from time to time.
–update the company’s Articles of Association to remove the
aggregate cap on NED fees and to specify that fees will be
determined by the Board in line with the Policy.
It is not proposed to implement these changes until after these
resolutions have been passed at the AGM, at which time they
would take effect retrospectively from the start of the year,
1 January 2026.
2025 Total Non-Executive Director fees (audited) |
The audited table below sets out the value of fees and benefits received by the Non-Executive Directors. Fees paid in a currency
other than Sterling are converted using an average exchange rate that is reviewed from time to time. The average exchange rates
were updated in 2025. In 2025, fees were converted to US Dollars using an exchange rate of $1.2813. Benefits comprise the
grossed-up cash value of travel and subsistence costs incurred in the normal course of business, in relation to attendance at
Board and committee meetings, and in fulfilling their role.
Non-Executive Directors’ emoluments (000) (audited) | 2025 | 2024 | |||||
Fixed fees | Benefits | Total pay | Fixed fees | Benefits | Total pay | ||
Sir Jonathan Symonds(1) | £800 | £33 | £833 | £764 | £17 | £781 | |
Elizabeth Anderson | $157 | $43 | $200 | $147 | $59 | $206 | |
Charles Bancroft | $323 | $31 | $354 | $308 | $25 | $333 | |
Dr Hal Barron | $413 | $49 | $462 | $396 | $66 | $462 | |
Dr Anne Beal | $208 | $40 | $248 | $197 | $58 | $255 | |
Wendy Becker(2) | £202 | £— | £202 | £145 | £12 | £157 | |
Dr Hal Dietz | $247 | $37 | $284 | $234 | $41 | $275 | |
Dr Jeannie Lee | $195 | $29 | $224 | $152 | $14 | $166 | |
Dr Vishal Sikka(3) | $157 | $85 | $242 | $147 | $25 | $172 | |
Dr Gavin Screaton (from 1 May 2025) | £102 | £6 | £108 | — | — | — | |
Retired Directors | |||||||
Dr Jesse Goodman (until 7 May 2025) | $69 | $14 | $83 | $185 | $43 | $228 |
(1)The overall benefits for the Chair for 2025 increased in part due to a decision, in line with many industry peers, to improve his security protection
arrangements following an increase in the external threat landscape
(2)The Remuneration Committee Chair, Wendy Becker, was awarded the additional fee supplement of £40,000 in 2025. This was in recognition of her
significant investment in the Remuneration Policy renewal and engagement process, and for her support to the Chair and the SID in the overall design
and operation of the CEO succession process. The Remuneration Policy review process involved over 60 meetings with investors and proxy advisers
and considerable time in planning and preparation which far exceeded the time and commitment levels anticipated when setting the Remuneration
Committee Chair’s fee
(3)Dr Vishal Sikka’s benefits in 2025 include reimbursement for 2023 ($40,573) and 2024 ($32,641) travel costs for 2022, 2023 and 2024 incurred since his
appointment in 2022
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Remuneration governance |
Committee’s role and membership
These details are available on page 107 of this report and are incorporated by reference into this remuneration report. The Chair,
CEO, Chief People Officer, Head of Reward, Group Financial Controller and the Company Secretary assisted the Committee
during the year.
Committee’s focus during 2025
Items discussed | |
Remuneration policy | –Finalised and proposed 2025 Remuneration policy to shareholders, which were overwhelmingly approved by shareholders at the 2025 AGM. –Consulted with shareholders and proxy advisers. This included consideration of feedback from a number of one- to-one meetings with investors and the Company Chair and Committee Chair and a group meeting with investors at our Governance event |
Remuneration requirements for CEO succession | –Considered remuneration for the successful CEO candidate ahead of conclusion of the CEO succession process –Finalised the new CEO’s remuneration, taking account of the successful candidate’s personal circumstances, and finalised the transition arrangements for the outgoing CEO |
Remuneration for new Executive Committee (ExCom) members | –Agreed the compensation arrangements for the new ExCom members |
Fixed pay | –Considered Executive Director and the former GLT (now ExCom) members’ performance, benchmarking competitiveness against GSK comparator groups –Reviewed GLT and Company Secretary salary recommendations for 2025 –Reviewed Executive Director salary recommendations for 2026 –Reviewed company Chair’s fees for 2025 |
Pay for performance: Annual bonus | –Reviewed Executive Director and ExCom 2024 bonus recommendations and set 2025 Executive Directors’ bonus objectives |
LTI plans | –Considered the LTI performance outcomes and award vesting level for the CEO, Executive Directors, ExCom and below –Confirmed LTI grants for Executive Directors, ExCom and below for 2025 |
Governance and other areas of focus | –Reviewed remuneration considerations and Committee programme for 2025 and 2026 –Undertook Committee evaluation and reviewed our Terms of Reference –Approved 2024 Remuneration report, including the proposed 2025 Remuneration policy –Confirmed 2025 Group budget for remuneration purposes –Considered AGM and Remuneration report and policy feedback, the external remuneration environment and performance target disclosure for incentive plans |
Global biopharma peer group
The global biopharma comparator group is set out below.
Global biopharma peer group | ||
Amgen AstraZeneca Bayer Bristol-Myers Squibb CSL | Gilead Merck KGaA Moderna Novartis Pfizer | Roche Holding Sanofi Takeda |
Adviser to the Committee
Following a review of remuneration advisory services, FIT Remuneration Consultants (FIT) was appointed as the Committee’s sole
remuneration adviser from June 2025. During the year, fees charged by FIT were £153,100. Fees paid to Willis Towers Watson plc
(WTW), as a joint adviser to the Committee up to June 2025 were £64,000. WTW continues to provide additional market data
services to the company. The Committee selects advisers on the basis that they are members of the Remuneration Consultants
Group and operate under its code of conduct for executive remuneration consulting. This can be accessed at
remunerationconsultantsgroup.com.
No engagement partners or teams who provide remuneration advice to the Committee have current connections with the company
or its Directors that may impair their independence. The Committee regularly reviews the arrangements for potential conflicts and,
where appropriate, ensures safeguards are in place.
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Executive Directors’ service contracts
The table below sets out the dates of the Executive Directors’ service contracts, which are available at the company’s registered
office and on gsk.com.
Date of contract | Effective date | Expiry date | |
Luke Miels | 23.10.25 | 01.01.26 | N/A |
Julie Brown | 25.09.22 | 01.05.23 | N/A |
Emma Walmsley(1) | 29.03.17 | 01.04.17 | 30.09.26 |
(1)On 29 September, the company and Emma Walmsley announced that she would step down as CEO and a director from 31 December 2025 and as an
employee from 30 September 2026
Non-Executive Directors’ letters of appointment
Non-Executive Directors have letters of appointment, which are also available to view at the company’s registered office. Each
independent Non-Executive Director is expected to serve on the Board until the end of the AGM following the third anniversary of
their appointment, provided that they are elected and subsequently re-elected annually. Subject to mutual agreement, they may
serve a further one-, two- or three-year term, depending on the needs of the Board.
Executive Directors’ external appointments
The company recognises that Executive Directors may be invited to become non-executive directors of other companies. Such
appointments can broaden their knowledge and experience to the benefit of the company. Executive Directors are entitled to
retain any fees received from such appointments.
Julie Brown is an independent non-executive director of Diageo plc. Emma Walmsley, the outgoing CEO, was an independent
non-executive director of Microsoft Corporation throughout 2025.
Malus and clawback
In the event of a ‘triggering event’ (i.e. significant misconduct by way of violation of regulation, law, a significant GSK policy, such
as the Code of Conduct, or a material misstatement or restatement of results, or serious reputational damage), the company will
have the ability to claw back up to three years’ annual and deferred bonuses as well as vested and unvested LTIs. GSK may
specify additional ‘triggering events’ and/or different clawback periods where required to do so by regulatory requirements,
including the rules of any government or regulatory authority or relevant securities exchange. The company has chosen a three-
year backward period to exercise clawback because it aligns to the length of our LTI grant performance periods, while providing
sufficient time to identify and address any issues that may arise.
Following due consideration by the Committee, there has been no recovery of sums paid (clawback) or reduction of outstanding
awards or vesting levels (malus) applied during 2025 in respect of either the outgoing CEO or the CFO.
The Committee reviews and discloses whether it, or the Recoupment Committee, has exercised malus or clawback. Disclosure is
only made when the matter has been the subject of public reports of misconduct, where it has been fully resolved, it is legally
permissible to disclose and where disclosure can be made without unduly prejudicing the company and therefore shareholders.
In line with these disclosure guidelines, there were no matters to report from 2025.
Statement of consideration of shareholder views
The Committee engages in regular dialogue with shareholders and holds meetings with GSK’s largest investors to discuss and
take feedback on its Remuneration policy practices and governance matters. The principal proxy advisory firms are also
consulted regularly. They are also invited to Governance Meetings and are sent engagement letters from the Committee and
company Chairs.
AGM voting
Details of voting levels in respect of remuneration arrangements are set out below.
Total votes cast (billion) | Total votes for (%) | Total votes against (%) | Votes withheld (million) | |
2025 AGM | ||||
Remuneration policy | 3.0 | 93.1 | 6.9 | 56.4 |
Remuneration report | 3.0 | 92.5 | 7.5 | 10.0 |
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Former Directors
Payments to Past Directors (audited)
No payments were paid to Directors in 2025 for loss of office.
Iain Mackay
Iain Mackay stepped down from the Board in May 2023
and was succeeded by Julie Brown. He left the company on
31 December 2023. In line with his service contract he
received gross benefits of £76,805 in 2025 (2024; £161,030).
Details of his LTI awards are set out below.
PSP
On 21 January 2025, 232,302 shares vested (including
dividends) in respect of Iain Mackay’s 2021 PSP award.
Based on the closing share price on 21 January 2025 of
£13.585 per share, the value of his vested shares was
£3,155,823. This award remained subject to a holding period
which expired on 9 February 2026. In total, 242,156 shares
were released to him (including dividends) on 9 February
2026.
In accordance with the Remuneration policy, on 18 February
2025, 141,577 shares vested (including dividends) in respect
of Iain Mackay’s 2022 PSP award. Based on the closing share
price on 18 February 2025 of £14.430 per share, the value of
his vested shares was £2,042,956. This award remains subject
to a holding period which expires in February 2027.
DABP
On 17 February 2025, Iain Mackay exercised 37,841 nil-cost
options (including dividends) granted under the DABP in 2021.
Based on the closing share price on 17 February 2025 of
£14.195 per share, the value of his vested shares was
£537,153.
In accordance with the Remuneration policy, on 17 February
2025, Iain Mackay exercised 56,485 nil-cost options (including
dividends) granted under the DABP in 2022. Based on the
closing share price on 17 February 2025 of £14.195 per share,
the value of his vested shares was £801,805. Furthermore, on
9 February 2026, he exercised 87,640 nil-cost options
(including dividends) granted under the DABP in 2023. Based
on the closing share price on 9 February 2026 of £21.590 per
share, the value of his vested shares was £1,892,148.
Leaving Arrangements for Emma Walmsley
On 29 September 2025 it was announced that GSK and Emma
Walmsley had agreed that she would step down as both CEO
and a Director on 31 December 2025, and that her
employment would cease on 30 September 2026. This
agreement with the company was based on GSK’s current
Policy. As part of her departure terms, it was agreed to
preserve her right to certain medical support for her and her
family for up to three years from her leaving date. This was
consistent with her long-standing expectations. The
arrangements briefly comprise continued salary and bonus
opportunity while she remains employed, and ‘good leaver’
status under the rules of our incentive plans.
Fixed Pay
Emma will continue to receive her normal remuneration
arrangements until 30 September 2026: salary albeit with
no salary increase for 2026, bonus and benefits.
Emma will support the new CEO and Chair in an orderly
transition throughout this period. In addition, given the
potential impact to GSK’s operating environment arising from
geopolitics and new technologies, the Board has asked Emma
to support the company and the new CEO on these matters in
particular.
Pay for performance
It is envisaged that she will receive a time prorated bonus for
2026 to the end of her employment at the ‘on-target’ level (i.e.
150% of salary reduced for time pro-rating) assuming
continued satisfactory personal performance. Any such bonus
will be subject to deferral in accordance with the company’s
normal bonus deferral policy for Executive Directors.
Emma will be treated as a good leaver under the various share
plans, with the vesting terms remaining unchanged other than
to be delayed to align with the company’s recoupment policy.
The recoupment policy requires any awards that would vest
in the period of 12 months from the end of employment i.e. 30
September 2026 to have vesting postponed to 30 September
2027. Consistent with normal practice, PSP awards will be
subject to normal performance conditions and holding periods
and time pro-rated to the end of her employment.
Emma did not receive a 2026 PSP grant.
Share ownership requirement
Emma will remain subject to the 7.25x salary share ownership
requirement for 2 years after her departure (until September
2028) consistent with our Policy.
Benefits and other
Emma’s 2022 Share Save Plan award of 790 shares vested
and was released in January 2026 when the award matured.
She does not have any other Share Save Plan awards.
Emma’s shares held under the company’s all employee Share
Reward Plan 2022 will be treated in accordance with the rules
of that plan, and any shares that are subject to forfeiture
provisions under the rules of the plan will be forfeited when she
ceases employment.
GSK will continue to provide or reimburse the costs of private
medical support for Emma and her family for up to three years
from the end of her employment (with such provision ceasing if
she commences a new role with equivalent provision).
GSK will also provide or reimburse the costs of Emma’s tax
consultancy services in respect of completing her personal tax
returns in relevant jurisdictions for the period of her
employment with GSK and for the two tax years after the year
in which her employment ends.
These benefits will be provided on a tax grossed up basis.
Certain post-employment benefits will end if she starts a new
executive role that offers comparable benefits. She will also
retain her work mobile phone and iPad.
Emma is receiving some limited advisory support in
connection with personal security until the end of her
employment. She has also received executive support
services of circa. £70,000 (plus VAT). GSK has contributed
£40,000 (plus VAT) in respect of Emma’s legal costs.
The relevant remuneration details relating to Emma will be
included in the remuneration report in the relevant GSK Annual
Report.
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Workforce fairness |
In setting Executive pay it is important that the Committee does so with a good understanding of the Group’s wider workforce
approach to pay, with an emphasis on fairness and equal opportunities. To that end, each year, the Committee Chair meets with
senior Human Resources leaders from across the company to understand the perspective of the workforce on pay and GSK’s
remuneration arrangements globally. This year was the seventh such an annual meeting held.
Comparison of remuneration for employees and Executive Directors during 2025
Element | Wider workforce and Executive Director pay | |||
Salary | The market competitiveness of base salaries across the company is assessed at a local market level. The competitiveness of roles is kept under regular review Increases may also be made to reflect a change in scope of an individual’s role, responsibilities or experience For our Executive Directors, following a performance review, increases in base salaries are considered in line with market practice, the average increase for the wider employee population and other comparator tools In agreeing increases for Executive Directors, the Committee is mindful of the multiplier effect on the individual’s total remuneration | |||
Benefits and pensions | The company seeks to provide an appropriate benefits and pensions package that is aligned to competitive market practices in those countries in which the company operates and where employees and Executive Directors are based | |||
Annual bonus | With the exception of our sales force, who participate in separate arrangements, our wider workforce participates in a plan based on performance against four business and financial measures. These are structured to reflect the priorities of each specific business area This plan is designed to reward our employees’ collective contribution to business achievement Separate mechanisms are in place to recognise outstanding individual performance and to address underperformance Our Executive Directors participate in the plan as follows. Any bonus earned up to 200% of salary is paid 50% in cash and 50% in shares deferred for three years. Bonus earned in excess of this (up to a maximum of 300% of salary) is delivered fully in shares deferred for three years. Clawback and/or malus provisions apply | |||
LTI plans | Senior Vice President (SVP) and Vice President (VP) employees participate in the same Performance Share Plan as our Executive Directors. Clawback and/or malus provisions apply Managers, Directors, VPs and SVPs below ExCom, receive annual Share Value Plan awards of restricted shares | |||
Share ownership and All Employee Plans | All UK-based employees, including UK-based Executive Directors, can participate in HMRC- approved Share Save and Share Reward employee share plans. Participants of the Share Save plan may save up to £250 a month for three years and from which they have the option to buy GSK shares at a discount of up to 20% of the share price at the start of the savings contract. Participants of the Share Reward plan contribute up to £125 a month to purchase GSK shares, which the company then matches on a one-for-one basis. The awards made under all-employee and discretionary share plans incorporate dilution limits consistent with the guidelines published by the Investment Association. This limit is 10% in any rolling ten-year period for discretionary and all-employee plans. Estimated dilution from existing awards made over the past ten years up to 31 December 2025 is 0.87% | |||
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Directors’ interests in shares (audited) |
Executive Directors’ interests in shares |
The interests of the Executive Directors of the company in office during 2025, or subsequently appointed, and their persons
closely associated (PCAs) are shown in the table below.
As at 31 December 2025 | |||||||||
Unvested share plan interests | |||||||||
Total Directors’ interests(1) | Beneficial interests | Not subject to performance | Subject to performance | ||||||
25 February 2026 | 31 December 2025 | Shares(2) | Shares(3) | Options(4,8) | Shares(5) | ||||
Emma Walmsley(6) | — | 2,433,672 | 1,117,961 | 909,427 | 406,284 | 1,810,677 | |||
Julie Brown | 230,077 | 173,767 | 42,857 | — | 130,910 | 842,053 | |||
Luke Miels(7) | 1,478,024 | — | — | — | — | — | |||
None of the Directors holds vested but unexercised options.
(1)Total Directors’ interests includes beneficial interests and unvested share plan interests not subject to performance. Executive Directors’ shareholdings
against their SOR are outlined below. During the year ended 31 December 2025, the outgoing CEO and the CFO each contributed the maximum of £250
and £125 a month into the Share Save plan and under the Share Reward plan respectively. More details of these HMRC-approved all-employee plans
are set out on page 150
(2)Beneficial interests includes shares held by the Executive Directors and their PCAs
(3)Unvested shares not subject to performance represent PSP shares that have vested but are subject to an additional two-year holding period
(4)Unvested options not subject to performance represent bonus deferrals under the DABP, which are awarded as nil-cost options (as described in note 8
below). This figure excludes 790 options and 828 options held by Emma Walmsley and Julie Brown respectively under the Share Save plan. Emma
Walmsley subsequently exercised her 2022 Share Save options over 790 shares on 2 January 2026 following their maturity on 1 January 2026
(5)Unvested shares subject to performance represent unvested PSP awards
(6)Emma Walmsley retired from the Board on 31 December 2025 and therefore her interests are shown as at 31 December 2025 only
(7)Luke Miels was appointed to the Board as CEO on 1 January 2026 and therefore his interests are shown as at 25 February 2026 only
(8)DABP: The table below shows bonus deferrals and subsequent reinvestment of dividends under the DABP. The amounts represent the gross share
balances before the sale of any shares to satisfy tax liabilities on vesting:
25 February 2026 | 31 December 2025 | 1 January 2025 | |
Emma Walmsley | — | 406,284 | 366,701 |
Julie Brown | 187,194 | 130,910 | 57,877 |
Luke Miels | 142,019 | — | — |
The following table sets out details of options exercised during 2025 by Executive Directors under the DABP.
Date of grant | Number of shares under option | Date of exercise | Grant price | Market price at exercise | Gain on exercise (000) | |
Emma Walmsley | 15.02.2022 | 81,703 | 17.02.2025 | £0.00 | £14.18 | £1,159 |
The nil-cost options awarded in 2022 under the DABP represent the bonus deferred by the Executive Director and recorded as
remuneration (under Annual bonus) in the 2021 Total remuneration table. The number of shares under option includes the initial
award together with reinvested dividends accrued to the date of exercise.
152
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Annual report on remuneration continued Directors interests in shares (audited) continued | |||||||||||
Executive Directors’ Share ownership requirements (SOR) (audited) |
To align the interests of Executive Directors with those of shareholders, they are required to build and maintain significant
holdings of shares in GSK over time. Executive Directors are required to continue to satisfy this SOR by holding a minimum of
100% of their
SOR for two years after retirement from the company. Executive Directors’ SORs were reset in the 2025 Remuneration policy to
match their annual PSP award level.
Value of holdings as multiple of salary | |||
SOR as multiple of salary | 25 February 2026 | 31 December 2025 | |
Emma Walmsley(1) | 7.25 | — | 21.22 |
Julie Brown | 4.00 | 2.52 | 1.84 |
(1)Emma Walmsley retired from the Board on 31 December 2025 and continues to maintain her SOR in accordance with the company’s Remuneration
policy
Following his appointment as CEO on 1 January 2026, Luke Miels’ SOR is currently 7.25x salary. The value of his holdings as at
25 February 2026 was equivalent to 19.53x salary.
Non-Executive Directors’ interests in shares and SOR |
The interests of the Non-Executive Directors in office during 2025 and their PCAs are shown in the table below:
Prior NED share allocation plan(3) | |||||||
Total Directors’ interests as at | Number of shares/ADS | ||||||
NED SOR(1) 25 February 2026 | 25 February 2026 | 31 December 2025 or date of retirement | ADS released on 25 March 2025 before closure of the NED plan | Dividend reinvestment allocated during the year(2) | 1 January 2025 | ||
Shares | |||||||
Sir Jonathan Symonds | Met | 89,007 | 86,507 | — | — | — | |
Wendy Becker | Met | 7,749 | 4,415 | — | — | — | |
Dr Gavin Screaton(4) | Met | 8,675 | 8,675 | — | — | — | |
ADS | |||||||
Elizabeth Anderson | Met | 3,231 | 3,206 | — | — | — | |
Charles Bancroft | Met | 39,380 | 39,064 | 17,446 | 933 | 16,513 | |
Dr Hal Barron | Met | 602,126 | 664,799 | — | — | — | |
Dr Anne Beal | Met | 3,971 | 3,940 | 1,987 | 106 | 1,881 | |
Dr Hal Dietz | Met | 3,848 | 3,817 | 1,759 | 94 | 1,665 | |
Dr Jeannie Lee | In progress | 1,791 | 1,778 | — | — | — | |
Dr Vishal Sikka | Met | 12,034 | 11,940 | — | — | — | |
Retired Directors | |||||||
Dr Jesse Goodman(5) | — | — | 9,045 | 13,924 | 744 | 13,180 | |
(1)NED Share Ownership Requirements: The company operates a minimum Non-Executive Director (NED) share ownership requirement (the NED SOR).
Since July 2022, the NED SOR requires NEDs to build a shareholding in the company of at least 1x the value of the standard NED annual fee (or, in the
case of the Chair, 1x the value of the Chair’s fee) to be maintained until retirement from the Board. The Chair and NEDs purchase shares and ADS in the
market. The company provides an arrangement so that NEDs can, if they wish, use their net fees to purchase GSK shares or ADS in the market on a
quarterly basis
(2)Notional ADS allocated during the year under the prior NED share allocation plan (NED plan) relate to dividends reinvested before closure of the NED
plan. Dividends allocated on notional ADS under the NED plan were converted into notional ADS in Q1 2025 and included in the ADS release in March
2025
(3)At the 2023 AGM, shareholders approved an administrative amendment to the Non-Executive Director section of the Remuneration policy to allow the
notional shares or ADS previously allocated under the NED plan to be delivered to the Chair and NEDs at such time as the Committee and Board
considered appropriate after any applicable tax withholding. The Chair and certain Non-Executive Directors who participated in the NED plan have now
all had their notional pre-tax shareholdings converted into actual shares or ADS. The Chair’s notional shares were converted and released to him after
the AGM in 2023. The notional ADS for the US-based NEDs in the NED plan (Charles Bancroft, Dr Anne Beal, Dr Hal Dietz and Dr Jesse Goodman) were
converted and released to them in March 2025, after appropriate tax deductions
(4)Dr Gavin Screaton joined the Board on 1 May 2025
(5)Dr Jesse Goodman retired from the Board on 7 May 2025
153
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Annual report on remuneration continued | |||||||||||
CEO and wider employee pay ratio |
Financial year | Lower quartile P25 | Median P50 | Upper quartile P75 |
2025 | 233:1 | 167:1 | 105:1 |
2024 | 168:1 | 123:1 | 78:1 |
2023 | 207:1 | 152:1 | 94:1 |
2022 | 144:1 | 106:1 | 67:1 |
2021 | 154:1 | 108:1 | 67:1 |
2020 | 130:1 | 96:1 | 62:1 |
2019 | 160:1 | 119:1 | 73:1 |
GSK continues to use the Option A methodology because it is
the most robust and statistically accurate way to calculate the
three ratios from the options available under the Remuneration
regulations. The pay ratio is higher than in 2024. This is
influenced by higher CEO LTI vesting in 2025 due to the
increase in GSK share price, as well as an increase in taxable
benefits in the year 2025, as referenced on page 136.
The pay ratios are calculated using actual earnings for the
CEO and UK employees. The CEO’s total single figure
remuneration of £15.68 million for 2025 and £10.6 million for
2024 are detailed on page 134.
Total remuneration for all UK full-time equivalent employees on
31 December 2025 has been calculated in line with the single
figure methodology. This reflects their actual earnings received
in 2025 (excluding business expenses), which were used to
produce the percentile calculation under Option A of the
Remuneration regulations. Business expenses have been
excluded because they are reimbursed to employees and are
not sufficiently substantial in value to significantly impact the
ratios.
The table below shows the salary, total pay and benefits for each of the percentiles.
P25 (£) | P50 (£) | P75 (£) | ||||||
Salary | Total pay and benefits | Salary | Total pay and benefits | Salary | Total pay and benefits | |||
2025 | 45,387 | 67,293 | 62,882 | 93,970 | 89,007 | 148,978 | ||
2024 | 41,845 | 62,876 | 57,635 | 85,924 | 82,629 | 136,010 | ||
2023 | 39,903 | 61,490 | 55,057 | 83,783 | 78,496 | 135,819 | ||
2022 | 37,776 | 58,883 | 52,107 | 79,428 | 74,905 | 126,594 | ||
2021 | 37,251 | 53,151 | 51,492 | 76,234 | 72,997 | 122,852 | ||
2020 | 36,924 | 54,133 | 50,000 | 73,340 | 70,203 | 113,830 | ||
2019 | 34,510 | 50,467 | 47,029 | 68,200 | 66,561 | 110,638 | ||
The Committee believes that targeting the median pay ratio is consistent with the company’s pay, reward and progression
policies.
The base salaries of all employees, including the Executive Directors, are set with reference to a range of factors including
market practice, experience and performance in role.
Historic CEO remuneration
Emma Walmsley(1) | £000 | ||||||||
2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
Total remuneration | 15,681 | 10,559 | 12,718 | 8,449 | 8,203 | 7,031 | 8,084 | 5,887 | 4,883 |
% of maximum | |||||||||
Annual bonus award | 82% | 70% | 96% | 83% | 93% | 49% | 79% | 93% | 77% |
Vesting of LTI awards | 82% | 81% | 69% | 52% | 58% | 67% | 67% | 59% | 69% |
Sir Andrew Witty(2) | £000 | |
2017 | 2016 | |
Total remuneration | 715 | 6,830 |
% of maximum | ||
Annual bonus award | 0% | 97% |
Vesting of LTI awards | 0% | 33% |
(1)Emma Walmsley’s total remuneration for 2017 includes her pay for the
period 1 January to 31 March 2017, before she became CEO
(2)Sir Andrew Witty received a pro-rata payment for 2017 in lieu of a
variable bonus opportunity, in accordance with the 2014 Remuneration
policy
Relative importance of spend on pay |
The table below shows total employee pay and dividends paid
to shareholders.
Change % | 2025 £m | 2024 £m | |
Total employee pay | (100.0) | — | 8,759 |
Dividends paid in the year | 4.9 | 2,564 | 2,444 |
The figures in this table reflect payments made during each
year, and the impact of movements in exchange rates are as
set out on pages 185 and 191. However, cash dividends
declared in respect of 2025 were £2,661 million (2024:
£2,489 million), an increase of 6.9%.
Please see Note 16 to the financial statements for more details.
Total employee pay is based on 68,307 employees, the
average number of people employed during 2025 (2024:
69,305). See Note 9 to the financial statements for more
details.
On 5 February 2025, GSK announced its intention to
implement an up-to-£2 billion share buyback programme to be
completed over an 18-month period. The programme
commenced on 24 February 2025 with an initial tranche of up
to £0.7 billion, which completed on 3 June 2025. This was
followed by a second tranche of up to £0.45 billion, which
completed on 18 September 2025. A third tranche of up to
£0.3 billion commenced on 30 September 2025 and
completed on 19 December 2025. Before this programme, the
last share repurchases were made in 2014.
154
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Annual report on remuneration continued | |||||||||||
TSR Performance graph
The following graph sets out the performance of the company relative to the FTSE 100 Index and to the global biopharma peer
group comparator group for the ten-year period to 31 December 2025. These indices were selected for comparison purposes
because they reflect both the primary index of which GSK is a constituent and the industry in which GSK operates.
31.12.15 | 31.12.16 | 31.12.17 | 31.12.18 | 31.12.19 | 31.12.20 | 31.12.21 | 31.12.22 | 31.12.23 | 31.12.24 | 31.12.25 |
Percentage change in remuneration of Directors |
2025 percentage change | 2024 percentage change | 2023 percentage change | 2022 percentage change | 2021 percentage change | |||||||||||||||
Salary/ fees % | Benefits % | Bonus % | Salary/ fees % | Benefits % | Bonus % | Salary/ fees % | Benefits % | Bonus % | Salary/ fees % | Benefits % | Bonus % | Salary/ fees % | Benefits % | Bonus % | |||||
UK employees(1) | 3.3 | (3.3) | 4.0 | 4.0 | (0.2) | (16.0) | 7.1 | 0.92 | 34.8 | 3.0 | 2.3 | 44.81 | 2.0 | 0.0 | 4.85 | ||||
Executive Directors(2,3) | |||||||||||||||||||
Emma Walmsley | 5.0 | 223.9 | 23.3 | 4.0 | (15.1) | (24.4) | 4.0 | 61.8 | 20.1 | 3.0 | (2.2) | 38.2 | 2.0 | (5.0) | 94.6 | ||||
Julie Brown(4) | 3.3 | 57.8 | 13.0 | 55.9 | 28.0 | 15.9 | — | — | — | — | — | — | — | — | — | ||||
Non-Executive Directors(2,3) | |||||||||||||||||||
Jonathan Symonds | 4.7 | 94.1 | — | 3.9 | (43.3) | — | 5.0 | 200.0 | — | 0.0 | 233.3 | — | 0.0 | 50.0 | — | ||||
Elizabeth Anderson | 6.8 | (27.1) | — | 10.5 | 96.7 | — | 209.3 | — | — | — | — | — | — | — | — | ||||
Charles Bancroft | 4.9 | 24.0 | — | 4.4 | (10.7) | — | 2.8 | 180.0 | — | 36.7 | 100.0 | — | 156.1 | — | — | ||||
Dr Hal Barron(5) | 4.3 | (25.8) | — | 5.0 | (15.4) | — | 127.1 | 609.1 | — | — | — | — | — | — | — | ||||
Dr Anne Beal | 5.6 | (31.0) | — | 4.2 | 70.6 | — | 2.7 | 126.7 | — | 121.7 | — | — | — | — | — | ||||
Wendy Becker | 39.3 | (100.0) | — | 417.9 | 200.0 | — | — | — | — | — | — | — | — | — | — | ||||
Dr Hal Dietz | 5.6 | (9.8) | — | 4.5 | 2.5 | — | (3.4) | 1900.0 | — | — | — | — | — | — | — | ||||
Dr Jeannie Lee | 28.3 | 107.1 | — | — | — | — | — | — | — | — | — | — | — | — | — | ||||
Dr Gavin Screaton | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | |||
Dr Vishal Sikka | 6.8 | 240.0 | — | 9.7 | 92.3 | — | 131.0 | — | — | — | — | — | — | — | — | ||||
Retired Non-Executive Directors | |||||||||||||||||||
Dr Jesse Goodman | (62.7) | (67.4) | — | 4.5 | (2.3) | — | (27.2) | 41.9 | — | 11.0 | 34.8 | — | (5.6) | — | — | ||||
(1)This table is provided in accordance with Schedule 8 of The Companies (Directors’ Remuneration Policy and Directors’ Remuneration Report)
Regulations 2020. This is the last year this will be provided as this disclosure is not required for the Company for 2026. The UK employee population was
considered to be the most relevant comparison because it most closely reflects the economic environment encountered by the Executive Directors.
(2)Percentage changes have been calculated based on the 2025 Total remuneration table on page 134 for Executive Directors and the 2025 Total fees
table on page 146 for Non-Executive Directors
(3)More information on Executive Directors’ salary and benefits can be found on page 135
(4)Julie Brown joined the company on 3 April 2023. Her 2023 base salary of £915,335 was prorated to reflect the time she worked as CFO Designate until 1
May 2023 and as CFO until 31 December 2023
(5)Dr Hal Barron transitioned to a Non-Executive Director role on 1 August 2022
(6)Percentage changes are only provided where there is a prior year balance to calculate a percentage change. The date of each director’s appointment to
the Board is given on pages 98 to 101
155
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Annual report on remuneration continued | |||||||||||
Directors and Senior Management |
More information is provided on compensation and interests of Directors and Senior Management as a group (the group).
For this purpose, the group is defined as the Executive and Non-Executive Directors, other members of the ExCom and the
Company Secretary. For the financial year 2025, the following table sets out aggregate remuneration for the group for the periods
during which they served in that capacity.
Remuneration for 2025 | £ |
Total compensation paid | 34,460,883 |
Aggregate increase in accrued pension benefits (net of inflation) | 20,297 |
Aggregate payments to defined contribution schemes | 1,433,723 |
During 2025, members of the group were awarded shares and ADS under the company’s various LTI plans, as set out in the table
below. To align the interests of Senior Management with those of shareholders, Executive Directors and ExCom members are
required to build and maintain significant holdings of shares in GSK over time. ExCom members are required to hold shares to an
equivalent multiple of two times their base salary, and must continue to satisfy these share ownership requirements for a minimum
of 12 months after leaving GSK.
Awards | Dividend reinvestment awards | ||||
Awarded during 2025 | Shares | ADS | Shares | ADS | |
Performance Share Plan | 2,704,357 | 69,302 | 355,183 | 8,557 | |
Deferred Investment Awards(1,2) | — | — | 4,751 | 91 | |
Share Value Plan(2) | 10,050 | — | — | — | |
(1)Notional shares and ADS
(2)Executive Directors are not eligible to receive Deferred Investment Awards or participate in the Share Value Plan
At 25 February 2026, the group and their PCAs had the following interests in shares and ADS. Interests awarded under the
various LTI plans are described in Note 45 to the financial statements, ‘Employee share schemes’ on pages 245 and 246.
Interests at 25 February 2026 | Shares | ADS |
Owned | 3,891,839 | 851,057 |
Unexercised options(1) | 4,043 | — |
Deferred Annual Bonus Plan | 962,955 | 37,802 |
Performance Share Plan | 5,812,775 | 342,645 |
Deferred Investment Awards(2,3) | 15,036 | |
Share Value Plan(3) | 132,833 | 19,916 |
(1)Unexercised options under Share Save plan
(2)Notional shares
(3)Executive Directors are not eligible to receive Deferred Investment Awards or participate in the Share Value Plan
Basis of preparation |
The Annual report on remuneration has been prepared in
accordance with the Companies Act 2006 and The Large and
Medium-sized Companies and Groups (Accounts and
Reports) (Amendment) Regulations 2013 (the Regulations). In
accordance with the Regulations, the following parts of the
Annual report on remuneration are subject to audit: total
remuneration figures for Executive Directors including further
details for each element of remuneration (salary, benefits,
pension, annual bonus and long-term incentive awards);
Non-Executive Directors’ fees and emoluments received in the
year; Directors’ interests in shares, including interests in GSK
share plans; payments to past Directors; payments for loss of
office; and share ownership requirements and holdings, for
which the opinion thereon is expressed on pages 161 to 164.
The remaining sections of the Annual report on remuneration
are not subject to audit nor are the pages referred to from
within the audited sections.
The Annual report on remuneration has been approved by the
Board of Directors and signed on its behalf by:
Wendy Becker
Remuneration Committee Chair
4 March 2026
156
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Directors’ report | |||||||||||
Directors' powers
GSK Directors’ powers are determined by UK legislation and
our Articles of Association, which contain rules about their
appointment and replacement. They provide that Directors
may be appointed by an ordinary resolution of the members or
by a resolution of the Board. If appointed by the Board, the
Director must retire at the next Annual General Meeting (AGM)
to be elected by shareholders.
Our Articles also provide that all Directors are required to seek
re-election annually at our AGM in accordance with the FRC
Code.
A Director will then cease to be a Director if he or she:
–becomes bankrupt
–ceases to be a Director by virtue of the Companies Act or
the Articles
–suffers mental or physical ill health and the Board resolves
that he or she shall cease to be a Director
–has missed Directors’ meetings for a continuous period of
six months without permission and the Board resolves that
he or she shall cease to be a Director
–is otherwise prohibited from being a Director by law
–resigns, or offers to resign and the Board accepts that offer
–is required to resign by the Board
Any amendment to the Articles may be made in accordance
with the provisions of the Companies Act 2006, by way of
special resolution.
Directors’ conflicts of interest
All Directors have a duty under the Companies Act 2006 to
avoid a situation in which they have, or could have, a direct or
indirect conflict of interest or possible conflict with the
company. Our Articles provide a general power for the Board
to authorise such conflicts.
The Board reviews any new potential or actual conflict, which
is recorded by the Company Secretary. Directors are not
counted in the quorum for the authorisation of their own actual
or potential conflicts. The Nominations & Corporate
Governance Committee reviews the Register of Potential
Conflict Authorisation (the Register of Potential Conflicts) on an
annual basis which the Board subsequently approves.
On a continuing basis, the Directors are responsible for
informing the Company Secretary of any such new actual or
potential conflicts that may arise or if there are any changes in
circumstances that may affect an authorisation previously
given. Even when provided with authorisation, a Director is not
absolved from his or her statutory duty to promote the success
of the company. If an actual conflict arises post-authorisation,
the Board may choose to exclude the Director from receipt of
the relevant information and participation in the debate, or
suspend the Director from the Board, or, as a last resort,
require the Director to resign.
The Nominations & Corporate Governance Committee
reviewed the Register of Potential Conflicts in January 2026.
The Committee reported to the Board that the conflicts had
been appropriately authorised and that the process for
authorisation continued to operate effectively. The Committee
then recommended the approval of the Register of Potential
Conflicts to the Board which it subsequently approved. Except
as described in Note 40 to the financial statements, ‘Related
party transactions’, during or at the end of the financial year no
Director or Person Closely Associated had any material
interest in any contract of significance with a Group company.
Our Articles prohibit a Director from voting on any resolution
concerning his or her appointment or the terms or termination
of his or her appointment.
Independent advice
The company has an agreed procedure for Directors to take
independent legal and/or financial advice at the company’s
expense where they deem it necessary.
Indemnification of Directors
Qualifying third party indemnity provisions (as defined in the
Companies Act 2006) are in force for the benefit of Directors
and former Directors who held office during 2025 and up to the
approval and signature of the Annual Report.
Change of control and essential contracts
We do not have contracts or other arrangements which
individually are fundamental to the ability of the business to
operate effectively. Neither is the company party to any
material agreements that would take effect, be altered, or
terminate upon a change of control following a takeover bid.
We do not have agreements with any Director that would
provide compensation for loss of office or employment
resulting from a takeover, except that provisions of the
company’s share plans may cause options and awards
granted under such plans to vest on a takeover Details of the
termination provisions in the Executive Directors’ service
contracts are given in the full version of the company’s 2025
Remuneration policy which is available on gsk.com in the
Investors section.
Content of the Directors’ report |
For the purposes of the UK Companies Act 2006, the
Directors’ report of GSK plc for the year ended 31 December
2025 comprises:
Directors’ report
Section | Pages |
Corporate governance report | 98 to 157 |
Employee engagement | 110 |
Directors’ statements of responsibilities | 159 and 160 |
Investor information | 254 to 298 |
The Strategic report sets out those matters required to be
disclosed in the Directors’ report which are considered to be of
strategic importance:
Strategic report
Section | Pages |
Risk management objectives and policies | 61 to 70 and 261 to 270 |
Likely future developments of the company | 1 to 96 |
Research and development activities | 12 to 32 |
Business relationships | 46 to 59 |
Inclusion | 53 |
Our culture and people, including provision of information to and consultations with employees | 53 and 57 to 59 |
Carbon emissions | 50 to 52 and 70 |
157
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Directors’ report continued | |||||||||||
The following information is also incorporated into the
Directors’ report:
Location in Annual Report | |
Interest capitalised | Financial statements, Notes 17 and 20 |
Share capital and share premium account | Financial statements Note 36 |
Particulars of important post-balance sheet events of the company or its subsidiaries | Financial statements, Note 47 |
Publication of unaudited financial information | Group financial review |
Details of any long-term incentive schemes | Remuneration report |
Waiver of emoluments by a Director | Not applicable |
Waiver of future emoluments by a Director | |
Non pre-emptive issues of equity for cash | |
Non pre-emptive issues of equity for cash by any unlisted major subsidiary undertaking | |
Parent company participation in a placing by a listed subsidiary | |
Provision of services by a controlling shareholder | |
Shareholder waiver of dividends | Financial statements, Notes 16 and 44 |
Shareholder waiver of future dividends | Financial statements, Notes 16 and 44 |
Agreements with controlling shareholders | Not applicable |
The Directors’ report
–has been drawn up and presented in accordance with and
in reliance upon English company law and the liabilities of
the Directors in connection with that Report shall be subject
to the limitations and restrictions provided by such law.
–was approved by the Board of Directors on 4 March 2026
and signed on its behalf by:
Sir Jonathan Symonds
Chair
4 March 2026
158
GSK 2025 Annual Report on Form 20-F | ||||||||
Financial
statements
In this section | |
Directors’ statement of responsibilities | 159 |
Report of the Independent Registered Public Accounting Firm - Deloitte LLP | 161 |
Financial statements | 165 |
Notes to the financial statements | 169 |
159
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Directors’ statement of responsibilities | |||||||||||
The Directors are responsible for preparing the Annual Report,
the Remuneration report and the Group and parent company
financial statements in accordance with applicable law and
regulations.
UK company law requires the Directors to prepare financial
statements for each financial year. The Directors are required
to prepare the Group consolidated financial statements 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). Under company law the Directors must not approve
the financial statements unless they are satisfied that they give
a true and fair view of the state of affairs of the Group and its
profit or loss for that period. In preparing the financial
statements, the Directors are required to:
–select suitable accounting policies and then apply them
consistently;
–make judgements and accounting estimates that are
reasonable and prudent;
–state that the Group financial statements comply with IFRS,
as issued by the IASB and in conformity with the
requirements of the Companies Act 2006; and
–prepare the financial statements on a going concern basis
unless it is inappropriate to presume that the Group and the
parent company will continue in business.
In preparing the Group financial statements, International
Accounting Standard 1 requires that directors properly select
and apply accounting policies; present information, including
accounting policies, in a manner that provides relevant,
reliable, comparable and understandable information; provide
additional disclosures when compliance with the specific
requirements in IFRS Standards are insufficient to enable
users to understand the impact of particular transactions,
other events and conditions on the entity’s financial position
and financial performance; and make an assessment of the
company’s ability to continue as a going concern.
The Directors are responsible for keeping adequate
accounting records that are sufficient to show and explain the
company’s transactions and disclose with reasonable
accuracy at any time the financial position of the Group and to
enable them to ensure that the Group financial statements and
the Remuneration report comply with the Companies Act
2006. They are also responsible for safeguarding the assets of
the Group and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
The Group financial statements for the year ended
31 December 2025, comprising principal statements and
supporting notes, are set out in the ‘Financial statements’ on
pages 165 to 252 of this report.
The responsibilities of the auditor in relation to the financial
statements are set out in the Independent Auditor’s report on
pages 161 to 164.
The financial statements for the year ended 31 December
2025 are included in the Annual Report, which is published in
printed form and made available on our website. The Directors
are responsible for the maintenance and integrity of the
corporate and financial information included on the company’s
website. Legislation in the United Kingdom governing the
preparation and dissemination of financial statements may
differ from legislation in other jurisdictions.
Each of the current Directors, whose names and functions are
listed in the Corporate Governance section of the Annual
Report 2025 confirms that, to the best of his or her knowledge:
–the Group financial statements, which have been prepared
in accordance with the applicable set of accounting
standards and in conformity with the requirements of
Companies Act 2006, give a true and fair view of the assets,
liabilities, financial position and profit of the Group;
–the Strategic report and risk sections of the Annual Report,
which represent the management report, include a fair
review of the development and performance of the business
and the position of the company and the Group taken as a
whole, together with a description of the principal risks and
uncertainties that it faces; and
–the Annual Report and financial statements, taken as a
whole, are fair, balanced and understandable and provide
the information necessary for shareholders to assess the
company’s position and performance, business model and
strategy.
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Disclosure of information to auditor
The Directors in office at the date of this Annual Report have
each confirmed that:
–so far as he or she is aware, there is no relevant audit
information of which the company’s auditor is unaware; and
–he or she has taken all the steps that he or she ought to
have taken as a Director to make himself or herself aware of
any relevant audit information and to establish that the
company’s auditor is aware of that information.
This confirmation is given and should be interpreted in
accordance with the provisions of section 418 of the
Companies Act 2006.
Going concern basis
Pages 72 to 96 and pages 63 to 69 contain information on the
performance of the Group, its financial position, cash flows, net
debt position, borrowing facilities and climate-related risks.
Further information, including Treasury risk management
policies, exposures to market and credit risk and hedging
activities, is given in Note 43, 'Financial instruments and
related disclosures' to the financial statements. Having
assessed the principal risks and other matters considered in
connection with the viability statement, the Directors
considered it appropriate to adopt the going concern basis of
accounting in preparing the financial statements.
Internal control
The Board, through the Audit & Risk Committee, has reviewed
the assessment of risks and the internal control framework that
operates in GSK and has considered the effectiveness of the
system of internal control in operation in the Group for the year
covered by this Annual Report and up to the date of its
approval by the Board of Directors. Further detail on the review
of internal controls is set out in the Governance report on page
122.
The UK Corporate Governance Code
The Board considers that GSK plc applies the principles and
complies with the provisions of the UK Corporate Governance
Code maintained by the Financial Reporting Council, as
described in the Corporate Governance section including
Remuneration on pages 98 to 157. The Board further
considers that the Annual Report, taken as a whole, is fair,
balanced and understandable, and provides the information
necessary for shareholders to assess the Group’s position and
performance, business model and strategy.
As required by the Financial Conduct Authority’s Listing Rules,
the auditor has considered the Directors’ statement of
compliance in relation to those points of the UK Corporate
Governance Code which are specified for their review.
Annual Report
The Annual Report for the year ended 31 December 2025,
comprising the Report of the Directors, the Remuneration
report, the Financial statements and Additional information for
investors, has been approved by the Board of Directors and
signed on its behalf by
Sir Jonathan Symonds
Chair
4 March 2026
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Report of Independent Registered Public Accounting Firm | |||||||||||
Report on the audit of the financial statements |
To the shareholders and the Board of Directors of GSK plc
Opinion on the Financial Statements
We have audited the accompanying consolidated balance
sheets of GSK plc and subsidiaries (the “Group”) as at 31
December 2025 and 2024, the related consolidated income
statements, statements of comprehensive income, statements
of changes in equity, and cash flow statements, for each of the
three years in the period ended 31 December 2025, and the
related notes, included on pages 165 to 252 (collectively
referred to as the “financial statements”). In our opinion, the
financial statements present fairly, in all material respects, the
financial position of the Group as at 31 December 2025 and
2024 and the results of its operations and its cash flows for
each of the three years in the period ended 31 December
2025, in conformity with IFRS Accounting Standards as issued
by the International Accounting Standards Board (IASB).
We have also audited, in accordance with the standards of the
Public Company Accounting Oversight Board (United States)
(PCAOB), the Group’s internal control over financial reporting
as at 31 December 2025, based on criteria established in
Internal Control — Integrated Framework (2013) issued by the
Committee of Sponsoring Organizations of the Treadway
Commission and our report dated 6 March 2026, expressed
an unqualified opinion on the Group’s internal control over
financial reporting.
Basis for Opinion
These financial statements are the responsibility of the Group’s
management. Our responsibility is to express an opinion on
the Group’s financial statements based on our audits. We are
a public accounting firm registered with the PCAOB and are
required to be independent with respect to the Group in
accordance with the U.S. federal securities laws and the
applicable rules and regulations of the Securities and
Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of
the PCAOB. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement, whether
due to error or fraud. Our audits included performing
procedures to assess the risks of material misstatement of the
financial statements, whether due to error or fraud, and
performing procedures that respond to those risks. Such
procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the financial
statements. Our audits also included evaluating the
accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of
the financial statements. We believe that our audits provide a
reasonable basis for our opinion.
Critical Audit Matters
The critical audit matters communicated below are matters
arising from the current-period audit of the financial statements
that were communicated or required to be communicated to
the audit committee and that (1) relate to accounts or
disclosures that are material to the financial statements and (2)
involved our especially challenging, subjective, or complex
judgments. The communication of critical audit matters does
not alter in any way our opinion on the financial statements,
taken as a whole, and we are not, by communicating the
critical audit matters below, providing separate opinions on the
critical audit matters or on the accounts or disclosures to
which they relate.
Valuation of US Returns and Rebates (RAR)
accruals
Accounts impacted: Turnover and Trade and other payables
Refer to Notes 3 and 18 of the financial statements
Critical Audit Matter Description
In the United States (US), the Group sells to customers under
various commercial and government mandated contracts and
reimbursement arrangements that include rebates,
chargebacks and a right of return for certain pharmaceutical
products. Returns, chargebacks and rebates provided to
customers under these arrangements are accounted for as
variable consideration and recognised as a reduction to
revenue in the form of gross-to-net sales adjustments. These
adjustments are known as the US Returns and Rebates (“US
RAR”) accruals and are a source of significant estimation
uncertainty which could have a material impact on reported
revenue.
The US RAR balance sheet accrual at 31 December 2025
amounted to £4,891 million.
The five most significant buying groups to which the RAR
accrual relates are Managed Care, Medicaid, Ryan White,
Medicare Part D, and the Medicare Part D Manufacturer
Discount Program.
The two main causes of significant estimation uncertainty are:
–The utilisation rate, which is the portion of total sales that will
be made into each buying group, estimated in recording the
accruals. The utilisation assumption is the most challenging
of the key assumptions used to derive the accrual given that
it is influenced by historical trends, projected market
conditions and other factors outside the control of the
Group; and
–The time lag between the point of sale and the point at
which exact rebate amounts are known to the Group upon
receipt of a claim. Those buying groups with the longest
time lag result in a greater accrued period, and therefore, a
greater level of estimation uncertainty in estimating the
period-end accrual.
The level of estimation uncertainty is also impacted by
significant shifts in channel mix driven by changes in the
competitive landscape, including competitor and generic
product launches, changes in government legislation, pricing
agreements and other macroeconomic factors. Further, where
relevant, the Group makes specific period-end adjustments to
the US RAR accruals. These adjustments reflect updates
made to the initial assumptions included within the forecasted
US RAR rates and, in our view, present the greatest
opportunity for fraud in revenue recognition (notwithstanding
the existence of internal controls).
We have identified a critical audit matter relating to the
valuation of the US RAR balance sheet accrual, including both
the utilisation rate assumptions and period-end adjustments.
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How the Critical Audit Matter Was Addressed in the Audit
We performed the following audit procedures, amongst others,
related to estimates in the US RAR accruals:
–Tested the controls over the key inputs and assumptions
used in the valuation of US RAR accruals. These included
review controls over forecasting of utilisation rates, period-
end adjustments and the month-end accrual reviews;
–Tested management’s process to develop the estimate by
evaluating assumptions for a selection of utilisation rates,
focusing on certain products where we concluded the
accrual is most sensitive to these assumptions. Our
procedures included comparison to the historical utilisation
rates, consideration of the historical accuracy of
management’s assumptions and an assessment of whether
projected market conditions are appropriately reflected in
the RAR accruals. Such conditions included the impact of
competition, new product launches, changes in government
legislation, pricing agreements and macroeconomic factors;
–Tested management’s estimate by developing an
independent expectation of the accrual balance for each of
the key segments and products. The expectation was
developed using data on historical claims received adjusted
to reflect market changes in the period, third party
information on inventory held by customers, and an
assessment of the time lag between the initial point of sale
and the claim receipt. We then compared this independent
expectation to those recorded claims to evaluate the
appropriateness of the year-end accrual position;
–Performed a retrospective review of the historical accuracy
of management’s forecast assumptions and where actual
claims have differed to these assumptions, we have
evaluated whether this has been appropriately reflected in
subsequent accruals for a sample of claims;
–Evaluated the accuracy and completeness of period-end
adjustments to the liability made as part of the Group’s
ongoing review of the estimated accrual; and
–Performed audit procedures over the actual rebate
payments made in the year by agreeing to the relevant
contract to assess whether the rebate payments were in line
with the contractual terms.
Valuation of the ViiV Healthcare Shionogi
contingent consideration liability
Accounts impacted: Contingent consideration liabilities and
Other operating expense
Refer to Notes 3 and 32 of the financial statements
Critical Audit Matter Description
The Group has completed a number of significant transactions
which resulted in the recognition of material contingent
consideration liabilities, which are a key source of estimation
uncertainty. The most significant of these liabilities was the ViiV
Healthcare Shionogi Contingent Consideration Liability (ViiV
CCL).
The Group completed the acquisition of the remaining 50%
interest in the Shionogi-ViiV Healthcare joint venture in 2012.
Upon completion, the Group recognised a contingent
consideration liability for the fair value of the expected future
payments to be made to Shionogi. As at 31 December 2025
the liability was valued at £5,433 million.
We identified the ViiV CCL as a critical audit matter because of
the significant estimates and assumptions relating to the HIV
treatment and prevention markets sales forecasts used in
valuing the ViiV CCL, and the sensitivity of the valuation to
these inputs. The most significant of these relate to sales
forecasts in the United States (US) on certain products in the
treatment and prevention portfolio. Such forecasts are based
on an assessment of the expected launch dates for pipeline
assets, the ability to shift market practice and prescriber
behaviour towards long-acting injectable treatments and 2-
drug regimens, the size of the long-acting prevention market
and subsequent sales volumes. The sales forecasts also
required significant audit effort to perform appropriate audit
procedures to challenge and evaluate the reasonableness of
those forecasts.
How the Critical Audit Matter Was Addressed in the Audit
We performed the following audit procedures, amongst others,
related primarily to the sales forecasts:
–Tested the controls over the key inputs and assumptions
used in the valuation of the contingent consideration liability,
including review controls over the sales forecasts of the
treatment product portfolio used to value the ViiV CCL;
–Obtained the Group’s assessment of the key inputs and
assumptions used in the sales forecasts and evaluated their
reasonableness, including through enquiries of key
individuals from the senior leadership team, commercial
strategy team and key personnel involved in the budgeting
and forecasting process, and inspection of supporting
evidence;
–Evaluated the US volume assumptions made by the Group
to estimate sales forecasts. This involved benchmarking
forecast market share data against external data, such as
total prescription volumes and new patient prescription
volumes, in order to assess for any sources of contradictory
evidence;
–Evaluated the reasonableness of US pricing assumptions
used by the Group, by comparing the forecasted Returns
and Rebates rate by product against the current rate, and
assessing the forecasted Returns and Rebates against
comparable products and taking into account expected
changes in payer policy, changes in government legislation
and pricing agreements;
–Considered the results of clinical studies undertaken in the
year by the Group and key competitors in order to assess
whether these are corroborative or contradictory to
assumptions used in the product portfolio sales forecasts in
the US;
–Benchmarked the Group’s sales forecasts against those
included in reports from 7 analysts and considered sales
forecasts on both a total ViiV basis and an individual product
basis, assessing against identified contradictory data; and
–Together with our fair valuation specialists, assessed the
reasonableness of the overall valuation methodology,
including testing the valuation model for mechanical
accuracy.
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Valuation of other intangible assets
Accounts impacted: Other intangible assets, Cost of sales,
Research and development, and Selling, general and
administration
Refer to Notes 3, 20 and 40 of the financial statements
Critical Audit Matter Description
As at 31 December 2025, the Group held £16,141 million of
other intangible assets (including licenses, patents,
trademarks, and trade names, but excluding goodwill and
computer software). This includes intangible assets acquired
as part of the acquisitions of IDRx, Inc. and BP Asset IX, Inc.
during the year.
Intangible assets which are in development and not available
for use should be tested at least annually for impairment
irrespective of whether an indication of impairment exists.
When the carrying amount of an individual intangible asset, or
cash-generating unit to which an intangible asset belongs,
exceeds its recoverable amount, an impairment should be
recorded. Recoverability of an intangible asset is derived from
certain assumptions and estimates of future trading
performance which create significant estimation uncertainty.
The underlying assumptions used, for both acquired
intangibles and impairment of existing intangibles, include
forecast sales pricing, volume, growth rates, profit margin, and
the probability of technical and regulatory success of ongoing
clinical trials. This includes assumptions on timing of cash
flows determined by anticipated launch year, peak year sales,
subsequent sales erosion due to generic product competition,
and profit margin levels.
During 2025, impairment charges of £880 million were
recorded. These were primarily full impairments due to the
cessation of research and development dictated by negative
clinical trial readouts or lack of commercial attractiveness.
We identified the valuation of other intangible assets as a
critical audit matter due to the inherent judgements involved in
estimating future cash flows. Auditing such assumptions and
estimates required extensive audit effort to evaluate the
reasonableness of forecasts and management judgements.
How the Critical Audit Matter Was Addressed in the Audit
We performed the following audit procedures, amongst others,
over the forecast sales pricing, volume, growth rates,
probability of technical and regulatory success, and profit
margin levels, used in the assessment of the valuation of other
intangible assets:
–Tested review controls over the key inputs and assumptions
used in the valuation of other intangible assets. The controls
encompass the review of the valuation models, which
contain a number of assumptions such as the probability of
technical and regulatory success, launch dates, plus other
revenue and cost assumptions;
–Inquired with key individuals from the corporate
development team, commercial forecasting leads, and key
personnel involved in the assets research and development
process. We used the outcome of these inquiries to evaluate
the Group’s evidence to support key assumptions such as
overall sales forecasts, peak year sales (including
anticipated market share, volume and uptake alongside
price points where required), the foreseeable competitive
landscape, growth rates, probability of regulatory and
technical success and margins;
–Evaluated the key inputs and assumptions applied in
estimating sales and profit margin forecasts, including
benchmarking of forecasts against external market data.
This included independent market research of therapeutic
area price points, price growth rates, and anticipated
competitor market landscape, both current and at the time
of forecast regulatory approval, plus assessment of any
sources of contradictory evidence;
–Compared the forecast sales and profit margin levels to the
Plan data (asset by asset internal forecasts) approved by
the GSK Leadership Team and the Board of Directors,
where the in-development intangible asset is forecast to
launch within the next 3-year period;
–Assessed the historical accuracy of sales forecasts by
performing retrospective reviews across marketed assets
within the business;
–Using web scanning technology, identified and considered
whether events or transactions that occurred after the
balance sheet date, but before the reporting date, affect the
conclusions reached on the carrying values of the assets
and associated disclosures. We also use this output to
evaluate any contradictory evidence compared to
managements’ forecasted assumptions; and
–Engaged our fair valuation specialists to assess the
reasonableness of the valuation methodology applied as
well as performing mechanical accuracy checks.
Valuation of uncertain tax positions,
including transfer pricing
Accounts impacted: Corporation tax payable, Deferred tax
liabilities and Taxation charge
Refer to Note 3 and 14 of the financial statements
Critical Audit Matter Description
The Group operates in numerous jurisdictions and there are
open tax and transfer pricing matters and exposures with UK,
US and overseas tax authorities that give rise to uncertain tax
positions. There is a wide range of possible outcomes for
provisions and contingencies. Certain judgements in respect
of estimates of tax exposures and contingencies are required
in order to assess the adequacy of tax provisions, which are
sometimes complex as a result of the considerations required
by differing tax laws and regulations.
At 31 December 2025, the Group has recorded provisions of
£649 million in respect of uncertain tax positions.
How the Critical Audit Matter Was Addressed in the Audit
With the support of our tax specialists, we assessed the
appropriateness of the uncertain tax provisions, focused on
those jurisdictions where the Group has the greatest potential
exposure and where the highest level of judgement is
required, by performing the following audit procedures,
amongst others:
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–Tested key controls over preparation, review and reporting
of judgmental tax balances and transactions, which include
provisions for uncertain tax provisions;
– Assessed the assumptions and judgements that are
required to determine the range of possible outcomes for
recognition and measurement of provisions for uncertain tax
positions in compliance with the requirements of IFRIC 23
Uncertainty over Income Tax Treatments;
– Engaged our transfer pricing specialists to evaluate the
transfer pricing methodology of the Group and associated
approach to provision recognition and measurement; and
–Considered evidence such as the actual results from the
recent tax authority audits and enquiries, third-party tax
advice obtained by the Group and our tax specialists’ own
knowledge of market practice in relevant jurisdictions.
/s/ Deloitte LLP
06 March 2026
The first accounting period we audited was 31 December
2018.
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Consolidated income statement for the year ended 31 December 2025 | |||||||||||
Notes | 2025 £m | 2024 £m | 2023 £m | |
Turnover | 6 | |||
Cost of sales | ( | ( | ( | |
Gross profit | ||||
Selling, general and administration | ( | ( | ( | |
Research and development | ( | ( | ( | |
Royalty income | ||||
Other operating income/(expense) | 7 | ( | ( | |
Operating profit | 8 | |||
Finance income | 11 | |||
Finance expense | 12 | ( | ( | ( |
Share of after tax profit/(loss) of associates and joint ventures | 13 | ( | ( | |
Profit/(loss) on disposal of interests in associates and joint ventures | ||||
Profit before taxation | ||||
Taxation | 14 | ( | ( | ( |
Profit after taxation | ||||
Profit attributable to non-controlling interests | ||||
Profit attributable to shareholders | ||||
Basic earnings per share (pence) | 15 | |||
Diluted earnings per share (pence) | 15 |
Consolidated statement of comprehensive income
for the year ended 31 December 2025
Notes | 2025 £m | 2024 £m | 2023 £m | |
Total profit for the year | ||||
Other comprehensive income/(expense) for the year | ||||
Items that may be reclassified subsequently to income statement: | ||||
Exchange movements on overseas net assets and net investment hedges | 37 | ( | ( | |
Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries and associates | 37 | ( | ( | ( |
Fair value movements on cash flow hedges | ( | ( | ||
Cost of hedging | ( | |||
Reclassification of cash flow hedges to income statement | ||||
Deferred tax on fair value movements on cash flow hedges | ( | |||
( | ( | |||
Items that will not be reclassified to income statement: | ||||
Exchange movements on overseas net assets of non-controlling interests | 37 | ( | ( | ( |
Fair value movements on equity investments | ( | ( | ||
Tax on fair value movements on equity investments | ( | |||
Fair value movements on cash flow hedges | ( | |||
Remeasurement gains/(losses) on defined benefit plans | ||||
Tax credit/(charge) on remeasurement of defined benefit plans | ( | ( | ( | |
( | ||||
Other comprehensive income/(expense) for the year | 37 | ( | ( | |
Total comprehensive income for the year | ||||
Total comprehensive income for the year attributable to: | ||||
Shareholders | ||||
Non-controlling interests | ||||
Total comprehensive income for the year |
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Consolidated balance sheet for the year ended 31 December 2025 | |||||||||||
Notes | 2025 £m | 2024 £m | |
Assets | |||
Non-current assets | |||
Property, plant and equipment | 17 | ||
Right of use assets | 18 | ||
Goodwill | 19 | ||
Other intangible assets | 20 | ||
Investments in associates and joint ventures | 21 | ||
Other investments | 22 | ||
Deferred tax assets | 14 | ||
Derivative financial instruments | 43 | ||
Other non-current assets | 23 | ||
Total non-current assets | |||
Current assets | |||
Inventories | 24 | ||
Current tax recoverable | 14 | ||
Trade and other receivables | 25 | ||
Derivative financial instruments | 43 | ||
Liquid investments | 29 | ||
Cash and cash equivalents | 26 | ||
Assets held for sale | 27 | ||
Total current assets | |||
Total assets | |||
Liabilities | |||
Current liabilities | |||
Short-term borrowings | 29 | ( | ( |
Contingent consideration liabilities | 32 | ( | ( |
Trade and other payables | 28 | ( | ( |
Derivative financial instruments | 43 | ( | ( |
Current tax payable | 14 | ( | ( |
Short-term provisions | 31 | ( | ( |
Liabilities relating to assets held for sale | 27 | ( | |
Total current liabilities | ( | ( | |
Non-current liabilities | |||
Long-term borrowings | 29 | ( | ( |
Deferred tax liabilities | 14 | ( | ( |
Pensions and other post-employment benefits | 30 | ( | ( |
Derivative financial instruments | 43 | ( | |
Other provisions | 31 | ( | ( |
Contingent consideration liabilities | 32 | ( | ( |
Other non-current liabilities | 33 | ( | ( |
Total non-current liabilities | ( | ( | |
Total liabilities | ( | ( | |
Net assets | |||
Equity | |||
Share capital | 36 | ||
Share premium | 36 | ||
Retained earnings | 37 | ||
Other reserves | 37 | ||
Shareholders’ equity | |||
Non-controlling interests | ( | ( | |
Total equity |
The financial statements on pages 165 to 252 were approved by the Board on 4 March 2026 and signed on its behalf by
Sir Jonathan Symonds
Chair
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Consolidated statement of changes in equity for the year ended 31 December 2025 | |||||||||||
Shareholders’ equity | |||||||
Share capital £m | Share premium £m | Retained earnings £m | Other reserves* £m | Total £m | Non- controlling interests £m | Total equity £m | |
At 31 December 2022 | ( | ||||||
Profit for the year | – | – | – | ||||
Other comprehensive income/(expense) for the year | – | – | ( | ( | ( | ( | ( |
Total comprehensive income/(expense) for the year | – | – | ( | ||||
Distributions to non-controlling interests | – | – | – | – | – | ( | ( |
Contributions from non-controlling interests | – | – | – | – | – | ||
Dividends to shareholders | – | – | ( | – | ( | – | ( |
Realised after tax gains/(losses) on disposal or liquidation of equity investments | – | – | ( | – | |||
Share of associates and joint ventures realised gains/(losses) on disposal of equity investments | – | – | ( | – | |||
Shares issued | – | – | – | ||||
Write-down of shares held by ESOP Trusts | – | – | ( | – | |||
Shares acquired by ESOP Trusts | – | ( | – | ||||
Share-based incentive plans | – | – | – | – | |||
Hedging gain/(loss) after taxation transferred to non-financial assets | – | – | – | – | |||
Tax on share-based incentive plans | – | – | – | – | |||
At 31 December 2023 | ( | ||||||
Profit for the year | – | – | – | ||||
Other comprehensive income/(expense) for the year | – | – | ( | ( | ( | ( | ( |
Total comprehensive income/(expense) for the year | – | – | ( | ||||
Distributions to non-controlling interests | – | – | – | – | – | ( | ( |
Contributions from non-controlling interests | – | – | – | – | – | ||
Changes to non-controlling interests | – | – | – | – | – | ||
Dividends to shareholders | – | – | ( | – | ( | – | ( |
Deconsolidation of former subsidiary | – | – | – | – | – | ( | ( |
Realised after tax gains/(losses) on disposal or liquidation of equity investments | – | – | ( | – | |||
Share of associates and joint ventures realised gains/(losses) on disposal of equity investments | – | – | ( | – | |||
Shares issued | – | – | – | – | |||
Write-down of shares held by ESOP Trusts | – | – | ( | – | |||
Shares acquired by ESOP Trusts | – | ( | – | ||||
Share-based incentive plans | – | – | – | – | |||
Hedging gain/(loss) after taxation transferred to non-financial assets | – | – | – | ( | ( | – | ( |
Tax on share-based incentive plans | – | – | – | – | |||
At 31 December 2024 | ( | ||||||
Profit for the year | – | – | – | ||||
Other comprehensive income/(expense) for the year | – | – | ( | ||||
Total comprehensive income/(expense) for the year | – | – | |||||
Distributions to non-controlling interests | – | – | – | – | – | ( | ( |
Dividends to shareholders | – | – | ( | – | ( | – | ( |
Realised after tax gains/(losses) on disposal or liquidation of equity investments | – | – | ( | – | |||
Share of associates and joint ventures realised gains/(loss) on disposal of equity investments | – | – | ( | – | |||
Shares issued | – | – | – | ||||
Purchase of treasury shares | – | – | ( | – | ( | – | ( |
Write-down on shares held by ESOP Trusts | – | – | ( | – | |||
Shares acquired by ESOP Trusts | – | ( | – | ||||
Share-based incentive plans | – | – | – | – | |||
Tax on share-based incentive plans | – | – | – | – | |||
At 31 December 2025 | ( | ||||||
*An analysis of Other reserves is presented as part of Note 37, ‘Movements in equity’.
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Consolidated cash flow statement for the year ended 31 December 2025 | |||||||||||
Notes | 2025 £m | 2024 £m | 2023 £m | |
Cash flow from operating activities | ||||
Profit after tax | ||||
Adjustments reconciling profit after tax to operating cash flows | 41 | |||
Cash generated from operations | ||||
Taxation paid | ( | ( | ( | |
Total net cash inflow/(outflow) from operating activities | ||||
Cash flow from investing activities | ||||
Purchase of property, plant and equipment | ( | ( | ( | |
Proceeds from sale of property, plant and equipment | ||||
Purchase of intangible assets | ( | ( | ( | |
Proceeds from sale of intangible assets | ||||
Purchase of equity investments | ( | ( | ( | |
Proceeds from sale of equity investments | ||||
Share transactions with non-controlling interests | ( | |||
Purchase of businesses, net of cash acquired | 40 | ( | ( | ( |
Investments in associates and joint ventures | ( | |||
Proceeds from disposal of associates and joint ventures | ||||
Contingent consideration paid | ( | ( | ( | |
Disposal of businesses | 40 | ( | ( | |
Interest received | ||||
(Increase)/decrease in liquid investments | ||||
Dividends from joint ventures and associates | ||||
Dividend and distributions from investments | ||||
Total net cash inflow/(outflow) from investing activities | ( | ( | ( | |
Cash flow from financing activities | ||||
Issue of share capital | 36 | |||
Repayment of long-term loans | ( | ( | ( | |
Issue of long-term notes | ||||
Net increase/(decrease) in short-term loans | ( | ( | ||
Increase in other short-term loans | ||||
Repayment of other short-term loans | ( | ( | ||
Repayment of lease liabilities | ( | ( | ( | |
Interest paid | ( | ( | ( | |
Dividends paid to shareholders | ( | ( | ( | |
Purchase of treasury shares | ( | |||
Distribution to non-controlling interests | ( | ( | ( | |
Contributions from non-controlling interests | ||||
Other financing items | ||||
Total net cash inflow/(outflow) from financing activities | ( | ( | ( | |
Increase/(decrease) in cash and bank overdrafts in the year | 42 | ( | ( | |
Cash and bank overdrafts at the beginning of the year | ||||
Exchange adjustments | ( | ( | ( | |
Increase/(decrease) in cash and bank overdrafts in the year | ( | ( | ||
Cash and bank overdrafts at the end of the year | ||||
Cash and bank overdrafts at end of the year comprise: | ||||
Cash and cash equivalents | ||||
Bank overdrafts | ( | ( | ( | |
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Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements | |||||||||||
1. Presentation of the financial statements |
Description of business
GSK is a global biopharma group which prevents and treats
disease with specialty medicines, vaccines and general
medicines. GSK focuses on the science of the immune system
and advanced technologies, investing in four core therapeutic
areas: respiratory, immunology and inflammation; oncology;
HIV; and infectious diseases.
Compliance with applicable law and IFRS
The consolidated financial statements have been 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).
Composition of the consolidated financial
statements
The consolidated financial statements are for the Group
consisting of GSK plc and its subsidiaries. The consolidated
financial statements are drawn up in Sterling, the functional
currency of GSK plc, and in accordance with the presentation
requirements of IFRS Accounting Standards. The consolidated
financial statements comprise:
–Consolidated income statement
–Consolidated statement of comprehensive income
–Consolidated balance sheet
–Consolidated statement of changes in equity
–Consolidated cash flow statement
–Notes to the financial statements
Composition of the Group
A list of the subsidiaries and associates which, in the opinion
of the Directors, principally affected the amount of profit or net
assets of the Group is given in Note 45, ‘Principal Group
companies’.
Financial period
year from 1 January to 31 December 2025, with comparative
figures for the financial years from 1 January to 31 December
2024 and, where appropriate, from 1 January to 31 December
Accounting principles and policies
The Directors have, at the time of approving the consolidated
financial statements, a reasonable expectation that the Group
has adequate resources to continue in operational existence
for the foreseeable future. Thus, the financial statements have
been prepared on a going concern basis and using the
historical cost convention, modified to include revaluation to
fair value of certain financial instruments, contingent
consideration liabilities, pension assets and liabilities and
employee share plans, as stated in the accounting policies.
The consolidated financial statements have been prepared in
accordance with the Group’s accounting policies approved by
the Board as described in Note 2, ‘Accounting principles and
policies’.
The preparation of the consolidated financial statements in
conformity with generally accepted accounting principles
requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
consolidated financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual
results could differ from those estimates. Note 3, ‘Critical
accounting judgments and key sources of estimation
uncertainty’ provides details on the critical judgements that
management have applied that have the most significant effect
on the consolidated financial statements and the key sources
of estimation uncertainty that have a significant risk of resulting
in a material adjustment to the carrying amount of assets and
liabilities within the next financial year.
In preparing the consolidated financial statements, the Group
has evaluated the potential effects of both physical and
transition climate-related risks, along with planned mitigation
efforts, on the valuation of assets and liabilities; with
consideration of the risks outlined in our climate-related
financial disclosures.
As of 31 December 2025, the Group has determined that
climate-related risks do not have a material impact on the
significant judgements and estimates and, as a result, the
valuation of the assets or liabilities have not been impacted.
The Group has reviewed the recoverable values of key assets
impacted such as property, plant and equipment, inventories,
goodwill, and intangible assets given their potential exposure
to climate-related risks, as well as the Group’s planned
transition efforts.
Among the risks identified is our reliever MDI medication
(Ventolin). The Group is responding to this risk by transitioning
to a lower-carbon propellant. This transition is not anticipated
to materially affect the recoverable amounts, or estimated
useful lives, of related property, plant and equipment.
Additional information can be found in Note 17, 'Property, plant
and equipment'.
While the Group does not foresee any significant medium-term
impact at present, it remains aware of the evolving nature of
climate-related risks. The Group continues to evaluate the
implications on judgements and estimates, as well as on any
potential effects on the preparation of the consolidated
financial statements.
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Notes to the financial statements continued | |||||||||||
2. Accounting principles and policies |
The consolidated financial statements include:
–the assets and liabilities, and the results and cash flows, of
the company and its subsidiaries, including ESOP Trusts;
–the Group’s share of the results and net assets of associates
and joint ventures; and
–the Group’s share of assets, liabilities, revenue and
expenses of joint operations
The financial statements of entities consolidated are made up
to 31 December each year.
Entities over which the Group has control are accounted for as
subsidiaries and consolidated in the Group financial
statements. Control is achieved when an entity in the Group:
–has power over the investee;
–is exposed, or has rights, to variable returns from its
involvement with the investee; and
–has the ability to use its power to affect its returns
This is generally through control over the financial and
operating policies of the subsidiary.
Where the Group has the ability to exercise joint control over,
and rights to, the net assets of entities, the entities are
accounted for as joint ventures. Where the Group has the
ability to exercise joint control over an arrangement, but has
rights to specified assets and obligations for specified
liabilities of the arrangement, the arrangement is accounted for
as a joint operation. Where the Group has the ability to
exercise significant influence over entities, they are accounted
for as associates. The results, assets and liabilities of
associates and joint ventures are incorporated into the
consolidated financial statements using the equity method of
accounting. The assets, liabilities, revenue and expenses of
joint operations are included in the consolidated financial
statements in accordance with the Group’s rights and
obligations. Interests acquired in entities are consolidated from
the date the Group acquires control and interests sold are
deconsolidated from the date control ceases.
Transactions and balances between subsidiaries are
eliminated and no profit before tax is taken on sales between
subsidiaries until the products are sold to customers outside
the Group. The relevant proportion of profits on transactions
with joint ventures, joint operations and associates is also
deferred until the products are sold to third parties.
Transactions with non-controlling interests are recorded
directly in equity. Deferred tax relief on unrealised intra-Group
profit is accounted for only to the extent that it is considered
recoverable.
Business combinations are accounted for using the acquisition
accounting method. Identifiable assets, liabilities and
contingent liabilities acquired are measured at fair value at
acquisition date. The consideration transferred is measured at
fair value and includes the fair value of any contingent
consideration.
The fair value of contingent consideration liabilities is
reassessed at each balance sheet date with changes
recognised in the income statement. Payments of contingent
consideration reduce the balance sheet liability and as a result
are not recorded in the income statement.
The part of each payment relating to the original estimate of
the fair value of the contingent consideration on acquisition is
reported within investing activities in the cash flow statement
and the part of each payment relating to the increase in the
liability since the acquisition date is reported within operating
cash flows.
Where fair value of the consideration transferred, together with
the non-controlling interest, exceeds the fair value of the
assets, liabilities and contingent liabilities acquired, the excess
is recorded as goodwill. The costs of effecting an acquisition
are charged to the income statement in the period in which
they are incurred.
Goodwill is capitalised as a separate item in the case of
subsidiaries and as part of the cost of investment in the case
of joint ventures and associates. Goodwill is denominated in
the currency of the operation acquired.
Where fair value of the consideration transferred is below the
Group’s interest in the net assets acquired, the difference is
recognised directly in the income statement.
Where not all of the equity of a subsidiary is acquired, the non-
controlling interest is recognised either at fair value or at the
non-controlling interest’s share of the net assets of the
subsidiary, on a case-by-case basis. Changes in the Group’s
ownership percentage of subsidiaries where control is not lost
Foreign currency transactions are booked in the functional
currency of the Group company at the exchange rate ruling on
the date of transaction. Foreign currency monetary assets and
liabilities are retranslated into the functional currency at rates
of exchange ruling at the balance sheet date. Exchange
differences are included in the income statement.
On consolidation, assets and liabilities, including related
goodwill, of overseas subsidiaries, associates and joint
ventures, are translated into Sterling at rates of exchange
ruling at the balance sheet date. The results and cash flows of
overseas subsidiaries, associates and joint ventures are
translated into Sterling using average rates of exchange which
approximate to the actual exchange rates on the date of the
transactions.
Exchange adjustments arising when the opening net assets
and the profits for the year retained by overseas subsidiaries,
associates and joint ventures are translated into Sterling, less
exchange differences arising on related foreign currency
borrowings which hedge the Group’s net investment in these
operations are recognised in other comprehensive income and
accumulated in a separate component of equity within
retained earnings. Foreign currency borrowings used to hedge
net investments in foreign operations are accounted for in
accordance with IFRS 9, with hedge documentation and
effectiveness testing maintained as required.
When translating into Sterling the assets, liabilities, results and
cash flows of overseas subsidiaries, associates and joint
ventures which are reported in currencies of hyper-inflationary
economies, adjustments are made where material to reflect
current price levels. Any gain or loss on net monetary position
is charged to the consolidated income statement.
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Notes to the financial statements continued 2. Accounting principles and policies continued | |||||||||||
Turnover
The Group receives revenue for supply of goods to external
customers against orders received. The majority of contracts
that GSK enters into relate to sales orders containing single
performance obligations for the delivery of pharmaceutical and
vaccine products. The average duration of a sales order is less
than 12 months so there is no significant element of financing.
Revenue from the product sales is recognised when control of
the goods is passed to the customer. The point at which
control passes is determined by each customer arrangement,
but generally occurs on delivery to the customer.
Revenue from the product sales represents net invoice value
including fixed and variable consideration. Variable
consideration arises on the sale of goods as a result of
discounts and allowances given and accruals for estimated
future returns and rebates. Revenue is not recognised in full
until it is highly probable that a significant reversal in the
amount of cumulative revenue recognised will not occur. The
methodology and assumptions used to estimate rebates and
returns are monitored and adjusted regularly in the light of
contractual and legal obligations, historical trends, past
experience and projected market conditions. Estimates
associated with returns and rebates are revisited at each
reporting date or when they are resolved and revenue is
adjusted accordingly. Please refer to Note 3, 'Critical
accounting judgements and key sources of estimation
uncertainty' for the details on rebates, discounts and
allowances.
The Group has entered into collaboration agreements, typically
with other pharmaceutical or biotechnology companies to
develop, produce and market medicines and vaccines that do
not qualify as joint arrangements. When GSK has control over
the commercialisation activities and considers itself as a
principal in the arrangement, the Group recognises turnover
and cost of sales on a gross basis. Profit sharing amounts and
royalties due to the counterparty are recorded within cost of
sales. Cost of sales includes net recoveries of cost of
£1 million (2024: cost of £7 million; 2023: net recoveries of cost
of £45 million) from profit sharing arrangements and royalties
due to the counterparty. When the counterparty controls the
commercialisation activities and records the sale, the Group is
not the principal in the customer contract and instead records
its share of gross profit as co-promotion income, on a net
basis, within turnover. The nature of co-promotion activities is
such that the Group records no costs of sales.
Reimbursements to and from the counterparty under
collaboration agreements for ‘selling, general and
administration’ and ‘research and development’ costs are
recorded net in the respective lines in the income statement.
Other operating income and royalty income
GSK enters into development and marketing collaborations
and out-licenses of the Group’s compounds or products to
other parties. These contracts give rise to fixed and variable
consideration from upfront payments, development
milestones, sales-based milestones and royalties.
Income dependent on the achievement of a development
milestone is recognised when it is highly probable that a
significant reversal in the amount of cumulative revenue
recognised will not occur, which is usually when the related
event occurs. Sales-based milestone income is recognised
when it is highly probable that the sales threshold will be
reached.
Sales-based royalties on a licence of intellectual property are
not recognised until the relevant product sale occurs.
For all revenue, if the time between the recognition of revenue
and payment from the customer is expected to be more than
one year and the impact is material, the amount of
consideration is discounted using appropriate discount rates.
Value added tax and other sales taxes are excluded from
revenue.
Expenditure is recognised in respect of goods and services
received when supplied in accordance with contractual terms
in the period to which they relate. Provision is made when an
obligation exists for a future liability in respect of a past event,
the amount of the obligation can be reliably estimated and it is
probable that an outflow of economic benefits will be required
to settle the obligation.
Manufacturing start-up costs between validation and the
achievement of normal production are expensed as incurred.
Advertising and promotion expenditure is charged to the
income statement as incurred.
Shipment costs on inter-company transfers are charged to
cost of sales; distribution costs on sales to customers are
included in selling, general and administration expenditure.
Restructuring costs are recognised and provided for, where
appropriate, in respect of the direct expenditure of a business
reorganisation where the plans are sufficiently detailed and
well advanced, and where appropriate communication to
those affected has been undertaken.
Software as a service (SaaS) configuration costs are expensed
as they are incurred where the software being configured is
controlled by the SaaS provider.
Research and development expenditure is charged to the
income statement in the period in which it is incurred.
Development expenditure is capitalised when the criteria for
recognising an asset are met, usually when a regulatory filing
has been made in a major market and approval is considered
equipment used for research and development are capitalised
and amortised/depreciated in accordance with the Group’s
policy.
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Notes to the financial statements continued 2. Accounting principles and policies continued | |||||||||||
Provision is made for the anticipated settlement costs of legal
or other disputes against the Group where an outflow of
resources is considered probable and a reliable estimate can
be made of the likely outcome. In respect of product liability
claims related to certain products, provision is made when
there is sufficient history of claims made and settlements to
enable management to make a reliable estimate of the
provision required to cover asserted and unasserted claims.
In certain cases, an incurred but not reported (IBNR) actuarial
technique is used to determine this estimate. In addition,
provision is made for legal or other expenses arising from
claims received or other disputes.
The Group may become involved in 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. In these cases,
appropriate disclosure about such cases is included but no
provision is made.
Costs associated with claims made by the Group against third
parties are charged to the income statement as they are
incurred.
benefits
The costs of providing pensions under defined benefit
schemes are calculated using the projected unit credit method
and spread over the period during which benefit is expected
to be derived from the employees’ services, consistent with the
advice of qualified actuaries.
Pension obligations are measured as the present value of
estimated future cash flows discounted at rates reflecting the
yields of high-quality corporate bonds. Pension scheme assets
are measured at fair value at the balance sheet date.
The costs of other post-employment liabilities are calculated in
a similar way to defined benefit pension schemes and spread
over the period during which benefit is expected to be derived
from the employees’ services, in accordance with the advice
of qualified actuaries.
The service cost of providing retirement benefits to employees
during the year, cost of plans, net interest (income)/cost and
the cost of any curtailment, is charged to operating profit in the
year.
Actuarial gains and losses and the effect of changes in
actuarial assumptions are recognised in the statement of
comprehensive income in the year in which they arise.
The Group’s contributions to defined contribution plans are
charged to the income statement as incurred.
Incentives in the form of shares are provided to employees
under share option and share award schemes.
The fair values of these options and awards are calculated at
their grant dates using a Black-Scholes option pricing model
and charged to the income statement over the relevant vesting
periods after adjusting for expected forfeitures and any non-
market based performance conditions.
The Group provides finance to ESOP Trusts to purchase
Company shares to meet the obligation to provide shares
when employees exercise their options or awards. Costs of
running the ESOP Trusts are charged to the income statement.
Shares held by the ESOP Trusts are deducted from other
reserves. A transfer is made between other reserves and
retained earnings over the vesting periods of the related share
options or awards to reflect the ultimate proceeds receivable
from employees on exercise.
Property, plant and equipment (PP&E) is stated at the historical
cost of purchase or construction, less accumulated
depreciation and accumulated impairment. Financing costs
are capitalised within the cost of qualifying assets under
construction.
Subsequent costs are added in the asset’s carrying amount or
recognised as a separate asset, as appropriate, only if the
spending results in a real enhancement in the value, capacity,
performance or useful economic life of the asset. All other
repairs and maintenance are charged to the income statement
during the reporting period in which they are incurred.
Depreciation is calculated to write off the cost less residual
value of PP&E, excluding freehold land and assets under
construction, using the straight-line basis over the expected
useful life. Residual values and expected useful lives are
reviewed, and where appropriate adjusted annually. The
normal expected useful lives of the major categories of PP&E
are:
Freehold buildings | |
Leasehold land and buildings | Lease term or |
Plant and machinery | |
Equipment and vehicles |
On disposal of PP&E, the cost and related accumulated
depreciation and impairments are removed from the financial
statements and the net amount, less any proceeds, is taken to
the income statement.
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Notes to the financial statements continued 2. Accounting principles and policies continued | |||||||||||
The Group recognises right of use assets under lease
arrangements in which it is the lessee, except for short-term
leases (defined as leases with a lease term of 12 months or
less) and leases of low value assets. Rights to use assets
owned by third parties under lease agreements are capitalised
at the inception of the lease and recognised on the balance
sheet. Right of use assets are initially measured at the amount
of the corresponding lease liability plus lease payments made
at or before the commencement day, initial incremental direct
costs, asset retirement obligations and less any lease
incentives received. They are subsequently measured at cost
less accumulated depreciation and impairment losses.
The corresponding liability to the lessor is recognised as a
lease obligation within short- and long-term borrowings. The
lease liability is initially measured at the discounted present
value of the lease payments that are not paid at the
commencement date. The carrying amount of the lease liability
is subsequently increased to reflect interest on the liability and
reduced by lease payments made.
For calculating the discounted lease liability on leases with
annual payments of £2 million or more, or a non-cancellable
term of more than 10 years, the implicit rate in the lease is
used. If this is not available, the incremental borrowing rate
with a lease specific adjustment is used. If neither of these is
available, and for leases with annual payments of less than £2
million, or a non-cancellable term of 10 years or less, the
incremental borrowing rate is used. The incremental borrowing
rate is the rate of interest at which GSK would have been able
to borrow for a similar term and with a similar security the
funds necessary to obtain a similar asset in a similar market.
Finance costs are charged to the income statement so as to
produce a constant periodic rate of charge on the remaining
balance of the obligations for each accounting period.
Variable rents which are not linked to an index or a rate are not
part of the lease liability and the right of use asset. These
payments are charged to the income statement as incurred.
Lease rental costs for short-term and low-value leases which
are not capitalised are also charged to the income statement
as incurred.
Non-lease components are accounted for separately from the
lease components in plant and equipment leases. For land
and buildings or vehicle leases the lease and non-lease
components are accounted for together in the lease when the
non-lease components can be reliably determined in advance
and are charged directly by the lessor.
If modifications or reassessments of lease obligations occur,
the lease liability and right of use asset are remeasured.
Right of use assets where title is expected to pass to GSK at a
point in the future are depreciated on a basis consistent with
similar owned assets. In other cases, right of use assets are
depreciated over the shorter of the useful life of the asset or
Goodwill is stated at cost less accumulated impairments.
Goodwill is deemed to have an indefinite useful life and is
tested for impairment at least annually.
Where the fair value of the interest acquired in an entity’s
assets, liabilities and contingent liabilities exceeds the
consideration paid, this excess is recognised immediately as a
gain in the income statement.
Intangible assets have a finite life and are stated at cost less
accumulated amortisation and accumulated impairments.
Licences, patents, know-how and marketing rights separately
acquired or acquired as part of a business combination are
amortised over their estimated useful lives, generally not
exceeding 30 years, using the straight-line basis, from the time
they are available for use. The estimated useful lives for
determining the amortisation charge take into account patent
lives (exclusivity period), where applicable, as well as the
value obtained from periods of non-exclusivity. For
Pharmaceutical intangible assets, depending on the
characteristics, competitive environment and estimated long-
term profits of the asset, between 80 % to 90 % of the book
value is amortised over the exclusivity period on a straight-line
basis and the remaining book value is amortised over a non-
exclusivity period of 5 -15 years on a straight-line basis. For
Vaccines intangible assets, cost is usually amortised over the
patent period plus 10 years, or 30 years if no patent is granted,
on a straight-line basis. Asset lives are reviewed, and where
appropriate adjusted, annually.
Contingent milestone payments are recognised at the point
that the contingent event becomes probable. Any
development costs incurred by the Group subsequent to the
acquisition of licences, patents, know-how or marketing rights
are written off to the income statement when incurred, unless
the criteria for recognition of an internally generated intangible
asset are met, usually when a regulatory filing has been made
in a major market and approval is considered highly probable.
Acquired in-process R&D and marketed products are valued
independently as part of the fair value of businesses acquired
from third parties where they have a value which is substantial
and long term and where the assets either are contractual or
legal in nature or can be sold separately from the rest of the
businesses acquired.
The costs of acquiring and developing computer software for
internal use are capitalised as other intangible assets where
the software supports a significant business system and the
expenditure leads to the creation of a durable asset controlled
by the Group. ERP systems software is amortised over 7 -10
years and other computer software over 2 -5 years using the
straight-line basis.
The Group capitalises certain implementation costs related to
cloud computing arrangements when it has control over the
underlying software.
The carrying amounts of all non-current assets are reviewed
for impairment, either on a stand-alone basis or as part of a
larger cash generating unit, when there is an indication that the
assets might be impaired. Additionally, goodwill and intangible
assets which are not yet available for use are tested for
impairment annually. Any provision for impairment is charged
to the income statement in the year concerned.
Impairments of goodwill are not reversed. Impairment losses
on other non-current assets are only reversed if there has been
a change in estimates used to determine recoverable amounts
and only to the extent that the revised recoverable amounts do
not exceed the carrying amounts that would have existed, net
of depreciation or amortisation, had no impairments been
recognised.
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Notes to the financial statements continued 2. Accounting principles and policies continued | |||||||||||
joint operations
Investments in associates and joint ventures are carried in the
consolidated balance sheet at the Group’s share of their net
assets at date of acquisition and of their post-acquisition
retained profits or losses and other comprehensive income
together with any goodwill arising on the acquisition.
Distributions received/receivable from the associates are
accounted for as a reduction in the investment in associates
carrying amount. The Group recognises the assets, liabilities,
revenue and expenses of joint operations in accordance with
Inventories are included in the consolidated financial
statements at the lower of cost (including raw materials, direct
labour, other direct costs and related production overheads)
and net realisable value. Cost is generally determined on a first
in, first out basis. Pre-launch inventory is held as an asset
when there is a high probability of regulatory approval for the
product. Before that point a provision is made against the
carrying amount to reduce it to its net realisable value; the
provision is then reversed at the point when a high probability
of regulatory approval is determined.
Financial instruments
Financial assets are measured at amortised cost, fair value
through other comprehensive income (FVTOCI) or fair value
through profit or loss (FVTPL). The measurement basis is
determined by reference to both the business model for
managing the financial asset and the contractual cash flow
characteristics of the financial asset. For financial assets other
than trade receivables a 12-month expected credit loss (ECL)
allowance is recorded on initial recognition. If there is
subsequent evidence of a significant increase in the credit risk
of an asset, the allowance is increased to reflect the full lifetime
ECL. If there is no realistic prospect of recovery, the asset is
written off.
Expected credit losses are recognised in the income
statement on financial assets measured at amortised cost and
at fair value through other comprehensive income apart from
equity investments.
Other investments comprise equity investments and
investments in limited life funds. The Group has elected to
designate the majority of its equity investments as measured at
FVTOCI. They are initially recorded at fair value plus
transaction costs and then remeasured at subsequent
reporting dates to fair value. Unrealised gains and losses are
recognised in other comprehensive income. On disposal of the
equity investment, gains and losses that have been deferred in
other comprehensive income are transferred directly to
retained earnings.
Investments in limited life funds are measured at FVTPL. They
are initially recorded at fair value and then remeasured at
subsequent reporting dates to fair value. Unrealised gains and
losses are recognised in the income statement.
Dividends on equity investments and distributions from funds
are recognised in the income statement when the Group’s
right to receive payment is established.
Purchases and sales of other investments are generally
accounted for on the settlement date, except for regular-way
purchases and sales of listed investments traded on a
regulated stock exchange, which are accounted for on the
trade date.
Trade receivables are measured in accordance with the
business model under which each portfolio of trade
receivables is held. The Group has portfolios in each of the
three business models under IFRS 9: to collect the contractual
cash flows where there is no factoring agreement in place
(measured at amortised cost); to sell the contractual cash
flows where the trade receivables will be sold under a
factoring agreement (measured at FVTPL); and both to collect
and to sell the contractual cash flows where the trade
receivables may be sold under a factoring arrangement
(measured at FVTOCI). Trade receivables measured at
amortised cost are carried at the original invoice amount less
allowances for expected credit losses.
In accordance with IFRS 9, trade receivables under factoring
arrangements are derecognised when the Group has
transferred substantially all the risks and rewards of the
receivables, including credit risk. Consistent with the
underlying nature of the activity, the cash inflows from
factoring arrangements are recognised within cash flows from
operating activities.
Expected credit losses are calculated in accordance with the
simplified approach permitted by IFRS 9, using a provision
matrix applying lifetime historical credit loss experience to the
trade receivables. The expected credit loss rate varies
depending on whether, and the extent to which, settlement of
the trade receivables is overdue and it is also adjusted as
appropriate to reflect current economic conditions and
estimates of future conditions. For the purpose of determining
credit loss rates, customers are classified into groupings that
have similar loss patterns. The key drivers of the loss rate are
the nature of the business unit and the location and type of
customer.
When a trade receivable is determined to have no reasonable
expectation of recovery it is written off, firstly against any
expected credit loss allowance available and then to the
income statement.
Subsequent recoveries of amounts previously provided for or
written off are credited to the income statement. Long-term
receivables are discounted where the effect is material.
Cash comprises cash in hand and on-demand deposits at
bank.
Cash equivalents include cash in transit, deposits made with
banks or financial institutions with a maturity of three months or
less from the date of acquisition and are measured at
amortised cost. Investments in money market funds are held at
fair value through profit or loss because the funds fail the
solely payments of principal and interest on principal
outstanding (SPPI) test.
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Notes to the financial statements continued 2. Accounting principles and policies continued | |||||||||||
All borrowings are initially recorded at fair value, being the
amount of proceeds received, net of directly attributable
transaction costs. Borrowings are subsequently carried at
amortised cost, using the effective interest method. Borrowing
costs (including the amortisation of transaction costs) are
recognised in profit or loss over the term of the borrowing,
except to the extent that they are directly attributable to the
acquisition, construction, or production of a qualifying asset, in
which case they are capitalised as part of the cost of that
asset.
Derivative financial instruments are used to manage exposure to
market risks. The principal derivative instruments used by GSK
are foreign currency swaps, interest rate swaps, foreign
exchange forward contracts and options. The Group does not
hold or issue derivative financial instruments for trading or
speculative purposes.
Derivative financial assets and liabilities, including derivatives
embedded in host contracts which have been separated from
the host contract, are measured at fair value. Changes in the fair
value of any derivative instruments that do not qualify for hedge
accounting are recognised immediately in the income
statement.
Derivatives designated as hedging instruments are classified
at the inception of the hedge relationship as cash flow hedges,
net investment hedges or fair value hedges. At inception, the
Group documents the relationship between the hedging
instrument and the hedged item, the risk management
objective and the strategy for undertaking the hedge. Hedge
effectiveness is assessed on an ongoing basis to ensure the
hedge continues to meet IFRS 9 criteria.
Changes in the fair value of derivatives designated as cash
flow hedges are recognised in other comprehensive income to
the extent that the hedges are effective and accumulated in
the cash flow hedge reserve. Ineffective portions are
recognised in profit or loss immediately. Amounts deferred in
the cash flow hedge reserve are reclassified to the income
statement when the hedged item affects profit or loss, or if the
hedged forecast transaction is to purchase a non-financial
asset, the amount deferred in the cash flow hedge reserve is
transferred directly from equity and included in the carrying
amount of the recognised non-financial asset.
Net investment hedges are accounted for in a similar way to
cash flow hedges. Amounts deferred in the net investment
hedge reserve are only reclassified to the income statement on
disposal (or partial disposal) of the foreign operation.
Changes in the fair value of derivatives designated as fair
value hedges are recorded in the income statement, together
with the changes in the fair value of the hedged asset or
liability.
Hedge accounting is discontinued when the hedging
instrument expires, is sold, is terminated, or no longer qualifies
for hedge accounting.
Current tax is provided at the amounts expected to be paid,
applying tax rates that have been enacted or substantively
enacted by the balance sheet date. The tax charge for the
period is recognised in the consolidated income statement, the
consolidated statement of comprehensive income or directly in
equity, according to the accounting treatment of the related
transaction.
Deferred tax is provided in full, using the liability method, on
temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the consolidated
financial statements. Deferred tax assets are recognised to the
extent that it is probable that future taxable profits will be
available against which the temporary differences can be
utilised. Deferred tax is provided on temporary differences
arising on investments in subsidiaries, associates and joint
ventures, except where the timing of the reversal of the
temporary difference can be controlled and it is probable that
the temporary difference will not reverse in the foreseeable
future. Deferred tax is provided using rates of tax that have
been enacted or substantively enacted by the balance sheet
date. Deferred tax assets and liabilities are offset when there is a
legally enforceable right to offset current tax assets against
current tax liabilities and when they relate to income taxes levied
by the same tax authority and the company and its subsidiaries
intend to settle their current tax assets and liabilities on a net
basis.
Deferred tax assets and liabilities are not recognised if the
temporary differences arise from the initial recognition of
goodwill or from the initial recognition of other assets and
liabilities in a transaction (other than a business combination)
that affects neither the accounting nor the taxable profit or
loss. The exception to this is situations where there are equal
taxable and deductible temporary differences arising from the
same transaction. Unrecognised deferred tax assets are
reassessed at each reporting date and are recognised to the
extent that it has become probable that future taxable profits
will allow the deferred tax asset to be recovered.
Where an uncertain tax position is identified, management will
make a judgement as to what the probable outcome will be,
assuming the relevant tax authority has full knowledge of the
situation. Where it is assessed that an economic outflow is
probable to arise, a provision is made for the best estimate of
the liability. In estimating any such liability GSK applies a risk-
based approach which takes into account, as appropriate, the
probability that the Group would be able to obtain
compensatory adjustments under international tax treaties.
These estimates take into account the specific circumstances
of each dispute and relevant external advice.
Costs of restructuring arise from restructuring programmes
that are planned and controlled by the Group. A provision for
restructuring is recognised when there is a detailed formal
plan in place, and management has created a valid
expectation by announcing the main features of the plan to
Where the time value of money is material, balances are
discounted to current values using appropriate discount rates.
The unwinding of the discounts is recorded in finance income
and finance expense.
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Notes to the financial statements continued 2. Accounting principles and policies continued | |||||||||||
distribution and discontinued operations
Non-current assets or disposal groups are classified as held for
sale or distribution if their carrying amount will be recovered
principally through sale or a distribution to shareholders rather
than through continuing use, they are available for immediate sale
or distribution in their present condition and the sale or distribution
is considered highly probable and expected to be completed
within one year. Assets classified as held for sale or distribution
are measured at the lower of their carrying amount and fair value
less costs to sell or distribute. Assets classified as held for sale or
distribution are not depreciated or amortised. Assets and
liabilities classified as held for sale or distribution are presented in
current assets and current liabilities separately from the other
assets and liabilities in the balance sheet.
A discontinued operation is a component of the Group that has
been disposed of, distributed or is classified as held for sale or
distribution and that represents a separate major line of
business or geographical area of operations. The results of
discontinued operations are presented separately in the
consolidated income statement, the consolidated statement of
comprehensive income and the consolidated statement of
cash flows and comparatives are restated on a consistent
Where the Group purchases the Company’s equity instruments,
for example as a result of a share buyback programme, the
consideration paid, including any directly attributable incremental
costs (net of income taxes), is deducted from retained earnings
as Treasury shares until the shares are cancelled or re-issued.
Where such ordinary shares are subsequently re-issued, any
consideration received, net of any directly attributable incremental
transaction costs and the related income tax effects, is included
in shareholders’ equity. Where it is determined that the terms and
conditions of a contract to purchase the Company’s shares
results in the Group being unable to cancel the obligation arising
under the contract, a financial liability is recognised for the
unavoidable obligation.
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Notes to the financial statements continued | |||||||||||
3. Critical accounting judgements and key sources of estimation uncertainty |
In preparing the financial statements, management is required
to make judgements about when or how items should be
recognised in the financial statements and estimates and
assumptions that affect the amounts of assets, liabilities,
revenue and expenses reported in the financial statements.
Actual amounts and results could differ from those estimates.
The following are considered to be the critical accounting
judgements and key sources of estimation uncertainty.
Turnover
Reported Group turnover for 2025 was £32,667 million (2024:
£31,376 million).
Estimate
Gross turnover is reduced by rebates, discounts, allowances
and product returns given or expected to be given, which vary
by product arrangements and buying groups. These
arrangements with purchasing organisations are dependent
upon the submission of claims some time after the initial
recognition of the sale. Accruals are made at the time of sale
for the estimated rebates, discounts or allowances payable or
returns to be made, based on available market information and
historical experience.
Sales of pharmaceutical and vaccine products in the US have
complex arrangements for rebates, discounts and allowances.
Turnover of Commercial Operations products in the US for
2025 of £16,859 million (2024: £16,384 million) was after
recording deductions of £15,427 million (2024: £14,100 million)
for rebates, allowances, returns and other discounts. At
31 December 2025, the total accrual amounted to £4,891
million (2024: £5,235 million). Due to the nature of these
accruals it is not practicable to give meaningful sensitivity
estimates due to the large volume of variables that contribute
to the overall rebates, chargebacks, returns and other revenue
accruals.
As there can be significant variability in final outcomes, the
Group applies a constraint when measuring the variable
element within revenue, so that revenue is recognised at a
suitably cautious amount. The objective of the constraint is to
ensure that it is highly probable that a significant reversal of
revenue will not occur when the uncertainties are resolved. The
constraint is applied by making suitably cautious estimates of
the inputs and assumptions used in estimating the variable
consideration. Because the amounts are estimated they may
not fully reflect the final outcome, and the amounts are subject
to change dependent upon, amongst other things, the types of
buying group and product sales mix. The constraints applied
in recognising revenue mean that the risk of a material
downward adjustment to revenue in the next financial year is
low.
The level of accrual for rebates and returns is reviewed and
adjusted regularly in the light of contractual and legal
obligations, historical trends, past experience and projected
market conditions. Market conditions are evaluated using
wholesaler and other third-party analyses, market research
data and internally generated information. It is reasonably
possible that there could be a significant adjustment within the
next 12 months to recognise additional revenue, if actual
outcomes are better than the cautious constrained estimates.
Revenue is not recognised in full until it is highly probable that
a significant reversal in the amount of cumulative revenue
recognised will not occur. The amount of turnover recognised
in the year from performance obligations satisfied in previous
periods is set out in Note 6, ‘Turnover and segment
information’, and is an indication of the level of sensitivity in the
estimate.
Future events could cause the assumptions on which the
accruals are based to change, which could materially affect
the future results of the Group.
Taxation
The tax charge for the year was £1,112 million (2024: £526
million). At 31 December 2025, current tax payable was £498
million (2024: £703 million), and current tax recoverable was
£288 million (2024: £489 million).
Judgement and estimate
The Group has open tax issues with a number of revenue
authorities. Management makes a judgement of whether there
is sufficient information to be able to make a reliable estimate
of the outcome of the dispute. If insufficient information is
available, no provision is made.
If sufficient information is available, in estimating a potential tax
liability GSK applies a risk-based approach which takes into
account, as appropriate, the probability that the Group would
be able to obtain compensatory adjustments under
international tax treaties. These estimates take into account the
specific circumstances of each dispute and relevant external
advice, are inherently judgemental and could change
substantially over time as each dispute progresses and new
facts emerge.
At 31 December 2025, the Group had recognised provisions
of £649 million in respect of uncertain tax positions (2024:
£636 million). Due to the number of uncertain tax positions
held and the number of jurisdictions to which these relate, it is
not practicable to give meaningful sensitivity estimates. No
uncertain tax position is individually material to the Group.
Factors affecting the tax charge in future years are set out in
Note 14, ‘Taxation’. GSK continues to believe that it has made
adequate provision for the liabilities likely to arise from open
assessments. Where open issues exist, the ultimate liability for
such matters may vary from the amounts provided and is
dependent upon the outcome of negotiations with the relevant
tax authorities or, if necessary, litigation proceedings.
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Notes to the financial statements continued 3. Critical accounting judgements and key sources of estimation uncertainty continued | |||||||||||
Legal and other disputes
Legal costs for the year were £192 million (2024: £1,964
million).
At 31 December 2025 provisions for legal and other disputes
amounted to £210 million (2024: £1,446 million).
Judgement
Management makes a judgement of whether there is sufficient
information to be able to make a reliable estimate of the likely
outcome of the dispute and the legal and other expenses
arising from claims against the Group. If insufficient information
is available, no provision is made and disclosure of the claim is
given.
The estimated provisions take into account the specific
circumstances of each dispute and relevant external advice,
are inherently judgemental and could change substantially
over time as each dispute progresses and new facts emerge.
Details of the status and various uncertainties involved in the
significant unresolved disputes are set out in Note 46, ‘Legal
proceedings’.
The company’s Directors, having taken legal advice, have
established provisions after taking into account the relevant
facts and circumstances of each matter and in accordance
with accounting requirements. In respect of product liability
claims related to certain products, there is sufficient history of
claims made and settlements to enable management to make
a reliable estimate of the provision required to cover
unasserted claims.
The Group may become involved in 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. In these cases,
appropriate disclosure about such cases would be provided,
but no provision would be made and no contingent liability can
be quantified.
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 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 the
amount of the provisions reported in the Group’s financial
statements by a material amount.
Contingent consideration
The 2025 income statement charge for contingent
consideration was £556 million (2024: £1,762 million).
At 31 December 2025, the liability for contingent consideration
amounted to £6,733 million (2024: £7,280 million). Of this
amount, £5,433 million (2024: £6,061 million) related to the
acquisition of the former Shionogi-ViiV Healthcare joint venture
in 2012.
Estimate
Any contingent consideration included in the consideration
payable for a business combination is recorded at fair value at
the date of acquisition. These fair values are generally based
on risk-adjusted future cash flows discounted using
appropriate post-tax discount rates. The fair values are
reviewed on a regular basis, and any changes are reflected in
the income statement. The key sources of estimation
uncertainty are sales forecasts and discount rate. Refer to
Note 32, ‘Contingent consideration liabilities’ for further
information and sensitivity analysis.
Pensions and other post-employment
benefits
Judgement
Where a surplus on a defined benefit scheme arises, or there
is potential for a surplus to arise from committed future
contributions, the rights of the Trustees to prevent the Group
obtaining a refund of that surplus in the future are considered
in determining whether it is necessary to restrict the amount of
the surplus that is recognised. Three UK schemes are in
surplus (2024: three ), with a combined surplus of £848 million
at 31 December 2025 (2024: £725 million). There are further
recognised pension surpluses totalling £267 million spread
across six countries (2024: £173 million across five countries).
GSK has made the judgement that these amounts would be
recoverable.
Estimate
The costs of providing pensions and other post-employment
benefits are assessed on the basis of assumptions selected by
management. These assumptions include future earnings and
pension increases, discount rates, expected long-term rates of
return on assets and mortality rates. The key source of
estimation uncertainty is the discount rate. Refer to Note 30,
‘Pensions and other post-employment benefits’ for further
information and sensitivity analysis.
Impairment of intangible assets
The Group's intangible assets primarily comprise acquired
licences, patents, amortised brands, and product
development costs. At 31 December 2025, these assets have
a carrying amount of £16,141 million (2024: £14,936 million).
Intangible assets are tested for impairment when indicators of
impairment arise, or annually where the asset is not yet in use.
Estimate
The recoverable amount of intangible assets is determined as
the higher of their fair value less costs of disposal and their
value in use. Given the inherent uncertainty in pharmaceutical
development and commercialisation, there is significant
estimation involved in determining the recoverable amount of
intangible assets. The value in use is estimated using
discounted cash flow models, which require estimates such as
future sales forecasts, discount rates, probability of technical
and regulatory success (PTRS) and the results from research
and development activities. The key sources of estimation
uncertainty are sales forecasts and PTRS. The key sources of
estimation uncertainty are in relation to the portfolio of
intangible assets as a whole and based on the number of
assets held and the different assumptions for each asset, it is
not practicable to give a meaningful sensitivity analysis.
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Notes to the financial statements continued | |||||||||||
4. New accounting requirements |
Amendments to IFRS Accounting Standards applicable
from 1 January 2025
GSK has adopted the following amendments to IFRS
Accounting Standards, with no material impact to the Group in
the year ended 31 December 2025:
–Lack of Exchangeability - Amendments to IAS 21.
New IFRS Accounting Standards and amendments
issued but not yet effective
Certain amendments to IFRS Accounting Standards and
interpretations have been published that are not mandatory for
the 31 December 2025 reporting period and have not been
early adopted by the Group. The amendments and
interpretations that are not expected to have a material impact
on the results or financial position of the Group in future
reporting periods are:
–Annual Improvements to IFRS Accounting Standards -
Volume 11 (effective from 1 January 2026, endorsed by the
United Kingdom Endorsement Board (UKEB));
–Classification and Measurement of Financial Instruments -
Amendments to IFRS 9 and IFRS 7 (effective from 1 January
2026, endorsed by the UKEB);
–Contracts Referencing Nature-dependent Electricity -
Amendments to IFRS 9 and IFRS 7 (effective from 1 January
2026, endorsed by the (UKEB);
–IFRS 19 Subsidiaries without Public Accountability:
Disclosures (effective from 1 January 2027, not yet
endorsed by the UKEB).
IFRS 18 ‘Presentation and Disclosure in Financial Statements’
was issued by the IASB in April 2024 and has been endorsed
by the UKEB. IFRS 18 replaces IAS 1 ‘Presentation of Financial
Statements’ and introduces new presentation and disclosure
requirements, particularly for the income statement. IFRS 18
does not affect the recognition or measurement of items in the
financial statements.
The requirements are effective for periods beginning on or
after 1 January 2027, with retrospective application required,
including specified reconciliations for comparative periods.
The Group is currently assessing the impact of IFRS 18 on
presentation and disclosures in the consolidated financial
statements. Although the adoption of IFRS 18 will have no
impact on the Group’s profit after taxation, there will be an
impact on presentation of the primary financial statements and
certain disclosures. To date, the following potential impacts
have been identified:
–items of income and expenses presented in the
Consolidated income statement will be grouped into the new
categories: operating, investing, financing, income taxes,
and discontinued operations;
–an additional mandatory subtotal for ‘Profit/ (loss) before
financing and income taxes’ will be presented;
–the enhanced principles on aggregation and
disaggregation, and the ‘useful structured summary’
concept, will require some changes to line items presented
in the primary financial statements, however this change is
not expected to be significant;
–certain new or enhanced disclosures will be required for:
–management-defined performance measures (MPMs),
most of which are currently disclosed in the Group
Financial Review;
–a breakdown of the nature of expenses for line items
presented by function in the operating category of the
Consolidated income statement;
–a reconciliation for each line item in the Consolidated
income statement between the restated amounts and
amounts previously published upon transition from IAS
1 to IFRS 18;
–there will be a minor impact on the presentation of the
Consolidated statement of cash flows as the starting point
for the cash flow statement will be the ‘Operating profit/
(loss)’ subtotal
The Group intends to adopt IFRS 18 for the reporting period
commencing 1 January 2027. Preparatory activities are
underway to ensure readiness for adoption, including updates
5. Exchange rates |
The Group uses the average of exchange rates prevailing during the period to translate the results and cash flows of overseas
subsidiaries, joint ventures and associates into Sterling and period end rates to translate the net assets of those entities. The
currencies which most influence these translations and the relevant exchange rates were:
2025 | 2024 | 2023 | |
Average rates: | |||
US$/£ | |||
Euro/£ | |||
Yen/£ |
2025 | 2024 | 2023 | |
Period end rates: | |||
US$/£ | |||
Euro/£ | |||
Yen/£ |
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Notes to the financial statements continued | |||||||||||
6. Turnover and segment information |
Operating segments are reported based on the financial information provided to the Chief Executive Officer, who is the Chief
Operating Decision Maker, and the responsibilities of the Executive Committee (ExCom). GSK reports under two segments;
Commercial Operations and Total R&D. Members of the ExCom 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 include R&D activities across Specialty Medicines, including HIV and Vaccines. It includes R&D and some
Selling, General and Administrative (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 segment in which that sale is
recorded, and the profit analyses below have been presented on that basis.
Turnover by segment | 2025 £m | 2024 £m | 2023 £m |
Commercial Operations | |||
Product sales are reported within three product groups: Specialty Medicines, Vaccines and General Medicines.
Commercial Operations | 2025 £m | 2024 £m | 2023 £m |
HIV | |||
Respiratory, Immunology & Inflammation | |||
Oncology | |||
Pandemic | |||
Specialty Medicines | |||
Shingles | |||
Meningitis | |||
RSV (Arexvy) | |||
Influenza | |||
Established Vaccines | |||
Pandemic Vaccines | |||
Vaccines | |||
Respiratory | |||
Other General Medicines | |||
General Medicines | |||
Total Commercial Operations |
Turnover by region | 2025 £m | 2024 £m | 2023 £m |
UK (the Group’s country of domicile) | |||
US | |||
Europe | |||
International | |||
Total Commercial Operations |
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Notes to the financial statements continued 6. Turnover and segment information continued | |||||||||||
During 2025, sales were made to three US wholesalers of £5,345 million (2024: £4,538 million; 2023: £4,494 million), £4,802
million (2024: £4,792 million; 2023: £4,498 million) and £3,206 million (2024: £3,366 million; 2023: £3,531 million) respectively,
after allocating final-customer discounts to the wholesalers.
Revenue recognised in the year from performance obligations satisfied in previous periods impacting turnover arises from
changes to prior year estimates of returns and rebates accruals of £873 million (2024: £740 million).
Segment profit | 2025 £m | 2024 £m | 2023 £m |
Commercial Operations | |||
Research and Development | ( | ( | ( |
Segment profit | |||
Corporate and other unallocated costs | ( | ( | ( |
Other reconciling items between segment profit and operating profit | ( | ( | ( |
Total Operating profit | |||
Finance income | |||
Finance costs | ( | ( | ( |
Share of after tax profit/(loss) of associates and joint ventures | ( | ( | |
Profit/(loss) on disposal of interests in associates and joint ventures | |||
Profit before taxation | |||
Taxation | ( | ( | ( |
Profit after taxation for the year |
Other reconciling items between segment profit and operating profit comprise items not specifically allocated to segment profit.
These include intangible asset amortisation (2025: £808 million; 2024: £1,002 million; 2023: £719 million), intangible asset
impairment (2025: £880 million; 2024: £314 million; 2023: £398 million), major restructuring (2025: £109 million; 2024: £353 million;
2023: £382 million), transaction-related items (2025: £507 million; 2024: £1,881 million; 2023: £572 million) and significant legal,
divestments and other items (2025: £453 million gain; 2024: £1,577 million loss; 2023: £30 million gain).
Depreciation and amortisation by segment | 2025 £m | 2024 £m | 2023 £m |
Commercial Operations | |||
Research and Development | |||
Segment depreciation and amortisation | |||
Corporate and other unallocated depreciation and amortisation | |||
Other reconciling items between segment depreciation and amortisation and total depreciation and amortisation | |||
Total depreciation and amortisation |
PP&E, intangible asset and goodwill impairment by segment | 2025 £m | 2024 £m | 2023 £m |
Commercial Operations | |||
Research and Development | |||
Segment impairment | |||
Corporate and other unallocated impairment | |||
Other reconciling items between segment impairment and total impairment | |||
Total impairment |
PP&E and intangible asset impairment reversals by segment | |||
Commercial Operations | ( | ( | ( |
Research and Development | ( | ( | ( |
Segment impairment reversals | ( | ( | ( |
Corporate and other unallocated impairment reversals | ( | ( | ( |
Other reconciling items between segment impairment reversals and total impairment reversals | ( | ||
Total impairment reversals | ( | ( | ( |
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Notes to the financial statements continued 6. Turnover and segment information continued | |||||||||||
Net operating assets by segment | 2025 £m | 2024 £m |
Commercial Operations | ||
Research and Development | ||
Segment net operating assets | ||
Corporate and other unallocated net operating assets | ||
Net operating assets | ||
Net debt | ( | ( |
Investments in associates and joint ventures | ||
Derivative financial instruments | ( | ( |
Current and deferred taxation | ||
Assets held for sale (excluding cash and cash equivalents) | ||
Net assets |
The Commercial Operations segment includes the Shionogi-ViiV Healthcare contingent consideration liability of £5,433 million
(2024: £6,061 million) and the Pfizer put option of £822 million (2024: £915 million).
Geographical information
Non-current assets by location of subsidiary | 2025 £m | 2024 £m |
UK | ||
US | ||
Belgium | ||
Rest of World | ||
Non-current assets |
Non-current assets by location exclude amounts relating to other investments, deferred tax assets, derivative financial
instruments, pension assets, amounts receivable under insurance contracts and certain other non-current receivables. There are
no other countries with individually material non-current assets.
183
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Notes to the financial statements continued | |||||||||||
7. Other operating income/(expense) |
2025 £m | 2024 £m | 2023 £m | |
Fair value remeasurements of equity investments | ( | ( | |
Disposal of businesses and assets | |||
Fair value remeasurements on contingent consideration recognised in business combinations(1) | ( | ( | ( |
Remeasurement of ViiV Healthcare put option liabilities and preferential dividends | ( | ||
Fair value adjustments on derivative financial instruments | |||
Other income/(expense) | ( | ||
( | ( |
(1)Fair value remeasurements on contingent consideration disclosed above includes the fair value movements on related hedging contracts.
Disposal of businesses and assets in 2025, 2024 and 2023 primarily included milestone and royalty income.
Fair value remeasurements on contingent consideration recognised as business combinations included: a net charge of
£649 million (2024: £1,533 million, 2023: £934 million) related to the acquisition of the former Shionogi-ViiV Healthcare joint
venture; a net credit of £254 million (2024: £22 million, 2023: net charge £44 million) relating to the acquisition of Affinivax; and a
net charge of £171 million (2024: £206 million, 2023: net credit £187 million) payable to Novartis related to the Vaccines
acquisition, together with fair value movements on related hedging contracts.
Other income in 2025 included £367 million ($500 million) of cash settlement from CureVac. Other income in 2023 primarily
included net income from dividends related to investments.
184
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Notes to the financial statements continued | |||||||||||
8. Operating profit |
The following items have been included in operating profit: | 2025 £m | 2024 £m | 2023 £m |
Employee costs (Note 9) | |||
Advertising | |||
Distribution costs | |||
Depreciation of property, plant and equipment | |||
Impairment of property, plant and equipment, net of reversals | |||
Depreciation of right of use assets | |||
Impairment of right of use assets, net of reversals | ( | ||
Amortisation of intangible assets | |||
Impairment of intangible assets, net of reversals | |||
Impairment of tangible and intangible assets held for sale, net of reversals | |||
Net foreign exchange (gains)/losses | ( | ||
Inventories: | |||
Cost of inventories included in cost of sales | |||
Write-down of inventories | |||
Reversal of prior year write-down of inventories | ( | ( | ( |
The reversals of prior year write-downs of inventories principally arise from the reassessment of usage or demand expectations
prior to inventory expiration.
Net foreign exchange (gains)/losses include a net gain of £12 million (2024: £87 million; 2023: £34 million) arising from the
recycling of exchange on liquidation or disposal of overseas subsidiaries. The recycling of exchange on disposal of overseas
associates is £nil (2024: £nil ).
Included within operating profit are Major restructuring charges of £109 million (2024: £353 million; 2023: £382 million), see Note
10, ‘Major restructuring costs’.
Fees payable to the company’s auditor and its associates: | 2025 £m | 2024 £m | 2023 £m |
Audit of parent company and consolidated financial statements including attestation under s.404 of Sarbanes-Oxley Act 2002 | |||
Audit of the company’s subsidiaries | |||
Total audit services | |||
Audit-related and other assurance services | |||
Total audit services, audit-related and other assurance services |
The other assurance services provided by the auditor related to agreed-upon procedures and other assurance services outside
of statutory audit requirements.
2025 £m | 2024 £m | 2023 £m | |
Audit |
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Notes to the financial statements continued | |||||||||||
9. Employee costs |
2025 £m | 2024 £m | 2023 £m | |
Wages and salaries | |||
Social security costs | |||
Pension and other post-employment costs, including augmentations (Note 30) | |||
Cost of share-based incentive plans | |||
Severance and other costs from integration and restructuring activities | |||
The Group provides benefits to employees, commensurate with local practice in individual countries, including in some markets,
healthcare insurance, subsidised car schemes and personal life assurance.
2025 £m | 2024 £m | 2023 £m | |
Share Value Plan | |||
Performance Share Plan | |||
Share option plans | |||
Cash settled and other plans | |||
2025 Number | 2024 Number | 2023 Number | |
Manufacturing | |||
Selling, general and administration | |||
Research and development | |||
Total |
The average monthly number of Group employees excludes temporary and contract staff.
2025 £m | 2024 £m | 2023 £m | |
Wages and salaries | |||
Social security costs | |||
Pension and other post-employment costs | |||
Cost of share-based incentive plans | |||
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Notes to the financial statements continued | |||||||||||
10. Major restructuring costs |
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.
Major restructuring costs are those related to specific Board-approved Major restructuring programmes, including integration
costs following material acquisitions, which are structural and are of a significant scale where the costs of individual or related
projects exceed £25 million.
In 2022, the Board approved a Major restructuring programme for the integration of significant acquisitions designed to integrate
and achieve synergies. Costs of significant acquisitions relate to integration costs of Affinivax Inc. acquired in Q3 2022, BELLUS
Health Inc. acquired in Q2 2023, Aiolos Bio Inc. acquired in Q1 2024, IDRx, Inc acquired in Q1 2025 and BP Asset IX, Inc.
acquired to access efimosfermin in Q3 2025.
The total restructuring costs of £109 million in 2025 (2024: £353 million; 2023: £382 million) were incurred in the following areas:
–Restructuring costs for separation of GSK into two companies aiming to provide a robust and sustainable state for the
pharmaceutical organisation which is now largely complete
–The integration of acquisitions
–Continued transformation of central functions, including GSK technology platforms and interfaces, to deliver greater digital
synergies, simplification of applications and staff reductions
2025 £m | 2024 £m | 2023 £m | |
Increase in provision for Major restructuring programmes (see Note 31) | |||
Amount of provision reversed unused (see Note 31) | ( | ( | ( |
Impairment (reversals)/losses recognised | ( | ||
Other non-cash charges | |||
Other cash costs | |||
Provision reversals of £51 million mainly relate to the Separation restructuring programme. Asset impairment of £4 million and
other non-cash charges of £18 million principally comprised fixed asset write-downs of manufacturing and accelerated
depreciation where asset lives have been shortened in the supply chain manufacturing network as a result of the Major
restructuring programmes. All other charges have been or will be settled in cash and include site closure costs, consultancy and
project management costs.
2025 | |||
Cash £m | Non-cash £m | Total £m | |
Separation restructuring programme | |||
Significant acquisitions | |||
Legacy programmes | |||
2024 | |||
Cash £m | Non-cash £m | Total £m | |
Separation restructuring programme | |||
Significant acquisitions | |||
Legacy programmes | |||
2025 £m | 2024 £m | 2023 £m | |
Cost of sales | |||
Selling, general and administration | |||
Research and development | |||
Other operating expense | |||
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Notes to the financial statements continued | |||||||||||
11. Finance income |
2025 £m | 2024 £m | 2023 £m | |
Finance income arising from: | |||
Financial assets measured at amortised cost | |||
Financial assets mandatorily measured at fair value through profit or loss | |||
Net gains/(losses) arising from net investment hedge relationships(1) | ( | ||
Other finance income | |||
(1)Net gains/(losses) arising from net investment hedge relationships relates to forward points which are excluded from the hedge relationship and taken
directly to the income statement (2024 : £1 million; 2023: £nil ) and contains £nil gains or losses relating to ineffectiveness on net investment hedges
(2024: £15 million loss; 2023: £nil ).
12. Finance expense |
2025 £m | 2024 £m | 2023 £m | |
Finance expense arising on: | |||
Financial liabilities at amortised cost | ( | ( | ( |
Net losses arising from: | |||
Financial instruments mandatorily measured at fair value through profit or loss | ( | ( | |
Retranslation of loans | ( | ||
Reclassification of hedges from other comprehensive income | ( | ( | ( |
Unwinding of discounts on provisions | ( | ( | ( |
Finance expense arising on lease liabilities | ( | ( | ( |
Other finance expense | ( | ( | ( |
( | ( | ( |
13. Associates and joint ventures |
2025 £m | 2024 £m | 2023 £m | |
Share of after tax profit/(loss) of associates | ( | ( | |
Share of after tax profit/(loss) of joint ventures | ( | ||
( | ( |
2025 £m | 2024 £m | 2023 £m | |
Share of after tax profit/(loss) | ( | ( | |
Share of other comprehensive income/(expense) | |||
Share of total comprehensive income/(expense) |
The Group’s sales to associates and joint ventures were £nil in 2025 (2024: £nil ; 2023: £nil ).
Please refer to the balance sheet information in Note 21, 'Investments in associates and joint ventures'.
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Notes to the financial statements continued | |||||||||||
14. Taxation |
Taxation charge based on profits for the year | 2025 £m | 2024 £m | 2023 £m |
UK current year charge | |||
Rest of World current year charge | |||
Charge/(credit) in respect of prior periods | ( | ( | |
Current taxation | |||
Deferred taxation | ( | ( | ( |
In 2025, GSK made corporate income tax payments globally of £1.2 billion (2024: £1.3 billion), of which £164 million (2024: £106
million) was UK corporation tax paid to HMRC. These amounts relate to corporate income tax only and do not include the various
other business taxes borne by GSK each year.
The deferred tax credits in each period reflect current year losses where offset against taxable profits in future periods is
probable, and the release of deferred tax liabilities, primarily in respect of temporary differences arising as a result of historic
business combinations.
charge for the year.
Reconciliation of taxation on Group profits | 2025 £m | 2025 % | 2024 £m | 2024 % | 2023 £m | 2023 % |
Profit before tax | ||||||
UK statutory rate of taxation | ||||||
Differences in overseas taxation rates | ( | ( | ||||
Benefit of intellectual property incentives | ( | ( | ( | ( | ( | ( |
R&D credits | ( | ( | ( | ( | ( | ( |
Pillar Two tax | ||||||
Other permanent differences | ||||||
Re-assessments of prior year current tax estimates | ( | ( | ( | ( | ||
Re-assessments of prior year deferred tax estimates | ( | ( | ( | ( | ( | ( |
Changes in tax rates | ( | ( | ( | ( | ||
Tax charge/tax rate |
As a global biopharmaceutical company, we have a substantial business and employment presence in many countries. The
impact of differences in overseas taxation rates arose from profits being earned in countries with tax rates differing from the UK
statutory rate, the most significant of which in 2025 was the US. This favourable impact was complemented by the benefit of
intellectual property incentives such as the UK Patent Box and Belgian Innovation Income Deduction (IID) regimes, which provide
a reduced rate of corporation tax on profits earned from qualifying patents. We claim these incentives in the manner intended by
the relevant statutory or regulatory framework. Global minimum corporate income tax rules in the UK and Belgium (in line with the
OECD’s Pillar Two framework) reduced the benefit of these incentives by £169 million.
Other permanent differences includes the impact of non-taxable revaluations of contingent consideration liabilities associated
with recent acquisitions.
The Group’s tax rate is also influenced by updates to estimates of prior period tax liabilities following closure of open issues with
tax authorities in various jurisdictions, and by changes in tax rates.
Future tax charges, and therefore our effective tax rate, may be affected by factors such as acquisitions, disposals, restructuring,
the location of research and development activity, tax regime reforms and resolution of open matters as we continue to bring our
tax affairs up to date around the world.
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Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued 14. Taxation continued | |||||||||||
Tax on items charged to equity and statement of comprehensive income | 2025 £m | 2024 £m | 2023 £m |
Current taxation | |||
Share-based payments | ( | ( | ( |
Defined benefit plans | ( | ||
Fair value movements on cash flow hedges | |||
Fair value movements on equity investments | ( | ||
( | |||
Deferred taxation | |||
Share-based payments | ( | ( | |
Defined benefit plans | |||
Fair value movements on cash flow hedges | ( | ( | |
Fair value movements on equity investments | ( | ( | |
Total charge/(credit) to equity and statement of comprehensive income |
All of the above items have been charged to the statement of comprehensive income except for tax on share-based payments.
Issues relating to taxation
We are subject to taxation throughout our supply chain. The worldwide nature of our operations means that our cross-border
supply routes, necessary to ensure supplies of medicines into numerous countries, can result in conflicting claims from tax
authorities as to the profits to be taxed in individual countries. This can lead to double taxation (with the same profits taxed in
more than one country). To mitigate the risk of double taxation, profits are recognised in territories by reference to the activities
performed there and the value they generate. To ensure the profits recognised in jurisdictions are aligned to the activity
undertaken there, and in line with current OECD guidelines, we base our transfer pricing policy on the arm’s length principle and
support our transfer prices with economic analysis and reports. The Group also has open items in several jurisdictions concerning
such matters as the deductibility of particular expenses and the tax treatment of certain business transactions. GSK applies a
risk-based approach to determine the transactions most likely to be subject to challenge and the probability that the Group would
be able to obtain compensatory adjustments under international tax treaties.
The calculation of the Group’s total tax charge therefore necessarily involves a degree of estimation and judgement in respect of
certain items whose tax treatment cannot be finally determined until resolution has been reached with the relevant tax authority or,
as appropriate, through a formal legal process. At 31 December 2025, the Group had recognised provisions of £649 million in
respect of such uncertain tax positions (2024: £636 million). The increase in recognised provisions during 2025 was driven by the
reassessment of estimates, net of the impact of agreement of a number of open issues with tax authorities in various jurisdictions.
Whilst the ultimate liability for such matters may vary from the amounts provided and is dependent upon the outcome of
agreements with the relevant tax authorities, or litigation where appropriate, the Group continues to consider that it has made
appropriate provision for periods which are open and not yet agreed by the tax authorities.
A provision for deferred tax liabilities of £178 million as at 31 December 2025 (2024: £159 million) has been made in respect of
taxation that would be payable on the remittance of profits by certain overseas subsidiaries. Whilst the aggregate amount of
unremitted profits at the balance sheet date was approximately £18 billion (2024: £18 billion), the majority of these unremitted
profits would not be subject to tax (including withholding tax) on repatriation, as UK legislation relating to company distributions
provides for exemption from tax for most overseas profits, subject to certain exceptions. Deferred tax is not provided on
temporary differences of £739 million (2024: £696 million) arising on unremitted profits as management has the ability to control
any future reversal and does not consider such a reversal to be probable.
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Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued 14. Taxation continued | |||||||||||
Accelerated capital allowances £m | Intangible assets £m | Contingent consideration £m | Intra- Group profit £m | Pensions & other post employment benefits £m | Tax losses £m | Share option and award schemes £m | Other net temporary differences £m | Total | |
At 1 January 2024 | ( | ||||||||
Exchange adjustments | ( | ( | ( | ( | |||||
Credit/(charge) to income statement | ( | ( | |||||||
Credit/(charge) to statement of comprehensive income | ( | ( | |||||||
Acquisitions/disposals | ( | ( | |||||||
R&D credits utilisation | ( | ( | |||||||
At 31 December 2024 | ( | ||||||||
Exchange adjustments | ( | ( | ( | ( | ( | ( | ( | ( | |
Credit/(charge) to income statement | ( | ( | ( | ||||||
Credit/(charge) to statement of comprehensive income | ( | ( | ( | ||||||
Acquisitions/disposals | ( | ( | |||||||
Transfer of assets held for sale/distribution | ( | ( | |||||||
At 31 December 2025 | ( |
Deferred tax liabilities in relation to intangible assets predominantly relate to temporary differences arising as a result of historic
business combinations. Acquisitions within the year predominantly relate to IDRx, Inc. and BP Asset IX, Inc. (see Note 40,
'Acquisitions and disposals').
The Group continues to recognise deferred tax assets on future obligations in respect of contingent consideration amounts
payable to minority shareholders. These payments are tax deductible at the point in time at which payment is made.
A deferred tax asset is recognised on intra-Group profits arising on inter-company inventory which are eliminated within the
consolidated accounts. As intra-Group profits are not eliminated from the individual entities’ tax returns a temporary difference
arises that will reverse at the point in time inventory is sold externally.
The deferred tax asset of £3,008 million (2024: £2,449 million) recognised on tax losses relates to trading losses. Such deferred
tax assets are only recognised to the extent Group long-range forecasts indicate sufficient future taxable profits will be available
to utilise such assets (forecast by around 2030). Other net temporary differences included accrued expenses for which a tax
deduction is only available on a paid basis. The Group has adopted the mandatory temporary exception to the recognition and
disclosure of deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules, as required under IAS 12.
2025 £m | 2024 £m | |
Deferred tax assets | ||
Deferred tax liabilities | ( | ( |
2025 | 2024 | |||
Unrecognised tax losses and attributes | Tax losses £m | Unrecognised deferred tax asset £m | Tax losses £m | Unrecognised deferred tax asset £m |
Trading losses and attributes expiring: | ||||
Within 10 years | ||||
More than 10 years | ||||
Available indefinitely | ||||
At 31 December | ||||
Capital losses expiring: | ||||
Available indefinitely | ||||
At 31 December |
Deferred tax assets are only recognised where it is probable that future taxable profit will be available to utilise losses.
191
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued | |||||||||||
15. Earnings per share |
2025 pence | 2024 pence | 2023 pence | |
Basic earnings per share | |||
Diluted earnings per share |
Basic earnings per share has been calculated by dividing the profit attributable to shareholders by the weighted average number
of shares in issue during the period after deducting shares held by the ESOP Trusts for the future exercise of share options and
share awards and Treasury shares, including shares acquired in the share buyback programme. The trustees have waived their
rights to cash dividends on the GSK shares held by the ESOP Trusts.
Diluted earnings per share has been calculated after adjusting the weighted average number of shares used in the basic
calculation to assume the conversion of all potentially dilutive shares. A potentially dilutive share forms part of the employee share
schemes where its exercise price is below the average market price of GSK shares during the period and any performance
conditions attaching to the scheme have been met at the balance sheet date.
Weighted average number of shares in issue | 2025 millions | 2024 millions | 2023 millions |
Basic | |||
Dilution for share options and awards | |||
Diluted |
16. Dividends |
2025 | 2024 | 2023 | |||||||
Paid/payable | Dividend per share (pence) | Total dividend £m | Paid | Dividend per share (pence) | Total dividend £m | Paid | Dividend per share (pence) | Total dividend £m | |
First interim | 10 July 2025 | 11 July 2024 | 13 July 2023 | ||||||
Second interim | 9 October 2025 | 10 October 2024 | 12 October 2023 | ||||||
Third interim | 8 January 2026 | 9 January 2025 | 11 January 2024 | ||||||
Fourth interim | 9 April 2026 | 10 April 2025 | 11 April 2024 | ||||||
Total |
*The estimate for the fourth interim dividend for 2024 disclosed in the 2024 Annual Report was £653 million, £3 million less than the dividend that was
ultimately paid.
**The estimate for the fourth interim dividend for 2023 disclosed in the 2023 Annual Report was £649 million, £3 million less than the dividend that was
ultimately paid.
Under IFRS Accounting Standards, interim dividends are only recognised in the financial statements when paid and not when
declared. GSK normally pays a dividend two quarters after the quarter to which it relates and one quarter after it is declared. The
2025 financial statements recognise those dividends paid in 2025, namely the third and fourth interim dividends for 2024, and the
first and second interim dividends for 2025.
2025 £m | 2024 £m | 2023 £m | |
Cash dividends to shareholders |
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Notes to the financial statements continued | |||||||||||
17. Property, plant and equipment |
Land and buildings £m | Plant, equipment and vehicles £m | Assets in construction £m | Total £m | |
Cost at 1 January 2024 | ||||
Exchange adjustments | ( | ( | ( | ( |
Additions | ||||
Capitalised borrowing costs | ||||
Disposals and write-offs | ( | ( | ( | ( |
Reclassifications | ( | ( | ||
Transfer to assets held for sale | ( | ( | ( | |
Cost at 31 December 2024 | ||||
Exchange adjustments | ||||
Additions | ||||
Capitalised borrowing costs | ||||
Disposals and write-offs | ( | ( | ( | ( |
Reclassifications | ( | ( | ( | |
Transfer to assets held for sale | ( | ( | ( | ( |
Cost at 31 December 2025 | ||||
Depreciation at 1 January 2024 | ( | ( | ( | |
Exchange adjustments | ||||
Charge for the year | ( | ( | ( | |
Disposals and write-offs | ||||
Transfer to assets held for sale | ||||
Reclassifications | ( | ( | ||
Depreciation at 31 December 2024 | ( | ( | ( | |
Exchange adjustments | ( | ( | ( | |
Charge for the year | ( | ( | ( | |
Disposals and write-offs | ||||
Transfer to assets held for sale | ||||
Reclassifications | ( | ( | ||
Depreciation at 31 December 2025 | ( | ( | ( | |
Impairment at 1 January 2024 | ( | ( | ( | ( |
Exchange adjustments | ||||
Disposals and write-offs | ||||
Impairment losses | ( | ( | ( | ( |
Reversal of impairments | ||||
Reclassifications | ( | ( | ( | |
Impairment at 31 December 2024 | ( | ( | ( | ( |
Exchange adjustments | ( | ( | ( | |
Disposals and write-offs | ||||
Impairment losses | ( | ( | ( | ( |
Reversal of impairments | ( | |||
Transfer to assets held for sale | ||||
Reclassifications | ( | ( | ( | |
Impairment at 31 December 2025 | ( | ( | ( | ( |
Total accumulated depreciation and impairment at 31 December 2024 | ( | ( | ( | ( |
Total accumulated depreciation and impairment at 31 December 2025 | ( | ( | ( | ( |
Net book value at 1 January 2024 | ||||
Net book value at 31 December 2024 | ||||
Net book value at 31 December 2025 |
193
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued 17. Property, plant and equipment continued | |||||||||||
The weighted average interest rate for capitalised borrowing costs in the year was 4 % (2024: 4 %). Disposals and write-offs in the
year included a number of assets with nil net book value that are no longer in use in the business.
The impairment losses principally arose from decisions to rationalise facilities and were calculated based on fair value less costs
of disposal. The fair value less costs of disposal valuation methodology uses significant inputs which are not based on observable
market data, and therefore this valuation technique is classified as Level 3 of the fair value hierarchy. These calculations
determine the net present value of the projected risk-adjusted, post-tax cash flows of the relevant asset or cash generating unit,
applying a discount rate of the Group post-tax weighted average cost of capital (WACC) of 7.5 % (2024: 7.5 %), adjusted where
appropriate for specific segment, country and currency risk.
Assets that continue to be used by the Group are generally assessed as part of their associated cash generating unit on a value
in use basis. For value in use calculations, the post-tax cash flows do not include the impact of future uncommitted restructuring
plans or improvements. Where an impairment is indicated and a pre-tax cash flow calculation is expected to give a materially
different result, the test would be reperformed using pre-tax cash flows and a pre-tax discount rate. The Group WACC is
equivalent to a pre-tax discount rate of approximately 9 % (2024: 9 %).
Net impairment losses have been charged to cost of sales: £125 million (2024: £62 million), R&D: £22 million (2024: £15 million)
and SG&A: £46 million (2024: £11 million), This included reversal of impairments of £3 million (2024: £10 million) arising from the
Major restructuring programmes.
Reversal of impairments arose from subsequent reviews of the impaired assets where the conditions which gave rise to the
original impairments were deemed no longer to apply. £13 million (2024: £15 million) of the impairment reversal has been
credited to cost of sales and £2 million (2024: £13 million) of the impairment reversal has been credited to SG&A.
During 2025, £78 million (2024: £65 million) of computer software was reclassified from assets in construction to intangible assets
on becoming ready for use.
The Group has evaluated both the qualitative and quantitative effects of climate-related risks on the recoverable amounts of
assets and has determined that there are no material impairments. As of 31 December 2025, £152 million (2024: £97 million) has
18. Right of use assets |
Land and buildings £m | Plant and equipment £m | Vehicles £m | Total £m | |
Net book value at 1 January 2024 | ||||
Exchange adjustments | ( | ( | ( | |
Additions | ||||
Depreciation | ( | ( | ( | ( |
Disposals | ( | ( | ( | |
Net impairment reversals | ||||
Net book value at 31 December 2024 | ||||
Exchange adjustments | ( | ( | ||
Additions | ||||
Depreciation | ( | ( | ( | ( |
Disposals | ( | ( | ( | |
Net impairment loss | ( | ( | ||
Transfer to assets held for sale | ( | ( | ||
Net book value at 31 December 2025 |
Commitments for future payments related to leases not yet commenced but which we have committed to, leases of low-value
assets and leases which are less than 12 months are not material.
194
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Notes to the financial statements continued | |||||||||||
19. Goodwill |
2025 £m | 2024 £m | |
Cost at 1 January | ||
Exchange adjustments | ( | ( |
Additions through business combinations (Note 40) | ||
Transfer to assets held for sale | ( | |
Cost at 31 December | ||
Net book value at 1 January | ||
Net book value at 31 December |
2025 £m | 2024 £m | |
Commercial Operations | ||
Research and Development | ||
Net book value at 31 December |
The recoverable amounts of the cash generating units are assessed using a fair value less costs of disposal model. Fair value
less costs of disposal is calculated using a discounted cash flow approach, with a post-tax discount rate applied to the projected
risk-adjusted post-tax cash flows and terminal value.
The discount rate used is based on the Group WACC of 7.5 % (2024: 7.5 %), as most cash generating units have integrated
operations across large parts of the Group. The discount rate is adjusted where appropriate for specific segment, country and
currency risks. The valuation methodology uses significant inputs which are not based on observable market data, therefore this
valuation technique is classified as Level 3 in the fair value hierarchy.
The Total R&D segment is evaluated on an arm's length pricing model, see assumptions below.
Valuation basis | Fair value less costs of disposal | ||
Key assumptions | Sales growth rates Profit margins Terminal growth rate Discount rate Taxation rate | ||
Determination of assumptions | Growth rates are internal forecasts based on both internal and external market information. Margins reflect past experience, adjusted for expected changes. Terminal growth rates based on management’s estimate of future long-term average growth rates. Discount rates based on Group WACC, adjusted where appropriate. Taxation rates based on appropriate rates for each jurisdiction. | ||
Period of specific projected cash flows | |||
Terminal growth rate and discount rate | Terminal growth rate | Discount rate | |
2025 | |||
Commercial Operations | |||
Research and Development | |||
2024 | |||
Commercial Operations | |||
Research and Development | |||
The terminal growth rate does not exceed the long-term projected growth rates for relevant markets, reflects the impact of future
generic competition and takes account of new product launches. Goodwill is monitored for impairment at the segmental level and
the valuations indicated sufficient headroom such that a reasonably possible change to key assumptions is unlikely to result in an
impairment of the related goodwill.
The Group has assessed the qualitative and quantitative impact of climate-related risks on asset recoverable amounts and
concluded that there are no material impairments.
195
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued | |||||||||||
20. Other intangible assets |
Computer software £m | Licences, patents, amortised brands £m | Total £m | |
Cost at 1 January 2024 | |||
Exchange adjustments | ( | ( | ( |
Capitalised development costs | |||
Additions through business combinations | |||
Other additions | |||
Disposals and asset write-offs | ( | ( | ( |
Reclassifications | ( | ||
Cost at 31 December 2024 | |||
Exchange adjustments | ( | ( | ( |
Capitalised development costs | |||
Additions through business combinations | |||
Other additions | |||
Disposals and asset write-offs | ( | ( | ( |
Other movements (1) | ( | ( | |
Transfer to Assets Held for Sale | ( | ( | |
Reclassifications | |||
Cost at 31 December 2025 | |||
Amortisation at 1 January 2024 | ( | ( | ( |
Exchange adjustments | |||
Charge for the year | ( | ( | ( |
Disposals and asset write-offs | |||
Reclassifications | ( | ( | ( |
Amortisation at 31 December 2024 | ( | ( | ( |
Exchange adjustments | |||
Charge for the year | ( | ( | ( |
Disposals and asset write-offs | |||
Other movements (1) | |||
Transfer to Assets Held for Sale | |||
Reclassifications | ( | ||
Amortisation at 31 December 2025 | ( | ( | ( |
Impairment at 1 January 2024 | ( | ( | ( |
Exchange adjustments | ( | ||
Impairment losses | ( | ( | ( |
Reversal of impairments | |||
Disposals and asset write-offs | |||
Reclassifications | ( | ( | |
Impairment at 31 December 2024 | ( | ( | ( |
Exchange adjustments | |||
Impairment losses | ( | ( | ( |
Reversal of impairments | |||
Disposals and asset write-offs | |||
Other movements (1) | |||
Reclassifications | ( | ( | |
Impairment at 31 December 2025 | ( | ( | ( |
Total accumulated amortisation and impairment at 31 December 2024 | ( | ( | ( |
Total accumulated amortisation and impairment at 31 December 2025 | ( | ( | ( |
Net book value at 1 January 2024 | |||
Net book value at 31 December 2024 | |||
Net book value at 31 December 2025 |
(1) Other movements reflected the derecognition of historical intangible assets with a £nil net book value that are either no longer in use or for which the
Group no longer holds the rights.
The weighted average interest rate for capitalised borrowing costs in the year was 4 % (2024: 4 %).
The net book value of computer software included £197 million (2024: £231 million) of internally generated costs.
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Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued 20. Other intangible assets continued | |||||||||||
The carrying amount at 31 December 2025 of intangible assets after which impairments have been charged in the year was
£102 million (2024: £427 million), resulting from the appraisal of GSK’s assumptions and programme updates related to in-
licences and collaboration agreements. The carrying amount at 31 December 2025 of intangible assets, after which impairment
reversals have been charged in the year, was £nil (2024: £nil ).
The impairment charge includes £471 m related to the full impairment of the belrestotug development programme (anti-TIGIT
mAb) due to its termination. There was no other individual intangible asset that accounted for a material impairment.
Please refer to Note 2, 'Accounting principles and policies' for the Group’s accounting policy and estimate of the useful life for
intangible assets.
Amortisation | Net impairment losses | |||
2025 £m | 2024 £m | 2025 £m | 2024 £m | |
Cost of sales | ||||
Selling, general and administration | ||||
Research and development | ||||
Licences, patents and amortised brands include a large number of acquired licences, patents, know-how agreements and
marketing rights, which are either marketed or in use, or still in development. Note 40, ‘Acquisitions and disposals’ gives details of
additions through business combinations in the year. The carrying amounts of the individual largest items are as follows:
2025 £m | 2024 £m | |
Tesaro Assets | ||
Meningitis Portfolio Assets | ||
Bellus Health Assets (Camlipixant) | ||
Affinivax Assets | ||
Sierra Oncology Assets (Momelotinib) | ||
BP Asset IX Assets | ||
Dolutegravir (including Cabotegravir) | ||
Aiolos Assets | ||
IDRx Assets | ||
CureVac Assets | ||
Hengrui Pharma Assets | ||
Alector Assets | ||
Hansoh Pharma Assets | ||
Shingrix | ||
Benlysta | ||
Iteos Assets | ||
Others | ||
Total |
On 21 February 2025, GSK completed the acquisition of IDRx, Inc. This acquisition includes lead molecule IDRX-42.
On 7 July 2025, GSK completed the acquisition of BP Asset IX, Inc. The main asset acquired is efimosfermin alfa.
During 2025, GSK entered into an agreement with Hengrui Pharma to develop up to 12 medicines in Respiratory Immunology &
Inflammation (RI&I) and Oncology, including a licence for potential best-in-class PDE3/4 inhibitor in clinical development for
treatment of COPD.
The Group has evaluated both the qualitative and quantitative effects of climate-related risks on the recoverable amounts of
assets and has determined that there are no material impairments.
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Notes to the financial statements continued | |||||||||||
21. Investments in associates and joint ventures |
Associates £m | Joint ventures £m | 2025 Total £m | Associates £m | Joint ventures £m | 2024 Total £m | |
1 January | ||||||
Exchange adjustments | ( | ( | ||||
Additions | ||||||
Disposals | ( | ( | ||||
Distributions received | ( | ( | ( | ( | ||
Net fair value movements through other comprehensive income | ||||||
Profit/(loss) after tax recognised in the consolidated income statement | ( | ( | ||||
31 December |
Please refer to the income statement information in Note 13, 'Associates and joint ventures'.
22. Other investments |
Non-current | Investments designated as measured at FVTOCI £m | Investments measured at FVTPL £m | 2025 Total £m | Investments designated as measured at FVTOCI £m | Investments measured at FVTPL £m | 2024 Total £m |
1 January | ||||||
Exchange adjustments | ( | ( | ( | |||
Additions | ||||||
Net fair value movements through OCI | ( | ( | ||||
Net fair value movements through profit or loss | ( | ( | ||||
Disposals | ( | ( | ( | ( | ( | ( |
31 December |
Non-current other investments comprise non-current equity investments which are recorded at fair value at each balance sheet
date. For investments traded in an active market, the fair value is determined by reference to the relevant stock exchange quoted
bid price. For other investments, the fair value is estimated by management with reference to relevant available information,
including the current market value of similar instruments, recent financing rounds and discounted cash flows of the underlying net
assets. Other investments include listed investments of £592 million (2024: £646 million).
GSK has elected to designate the majority of its equity investments as measured at fair value through other comprehensive
income. The most significant of these investments held at 31 December 2025 were in Wave Life Sciences Ltd, which had a fair
value at 31 December 2025 of £231 million (2024: £165 million) and Crispr Therapeutics AG which had a fair value at
31 December 2025 of £126 million (2024: £101 million). The other investments include equity stakes in companies with which
GSK has research collaborations and in companies which provide access to biotechnology developments of potential interest.
On disposal of equity investments measured at FVTOCI, the accumulated fair value movements are reclassified from the fair value
reserve to retained earnings. Investments measured at FVTOCI with a fair value of £236 million (2024: £55 million) were disposed
of during the year. The cumulative loss on these investments after tax was £66 million (2024: profit of £14 million).
Certain other investments, such as investments in funds with limited lives and investments acquired with an intention to sell, are
measured at fair value through profit or loss. The most significant of these investments held at 31 December 2025 was SR One
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Notes to the financial statements continued | |||||||||||
23. Other non-current assets |
2025 £m | 2024 £m | |
Amounts receivable under insurance contracts | ||
Pension schemes in surplus (Note 30) | ||
Other receivables | ||
Amounts receivable under insurance contracts are held at cash surrender value with movements through profit or loss.
Within the other receivables of £80 million (2024: £87 million), £16 million (2024: £36 million) is classified as financial assets of
which £14 million (2024: £31 million) is classified as fair value through profit or loss. On the remaining balance of £2 million
(2024: £5 million), the expected credit loss allowance was immaterial at 31 December 2025 and 2024.
24. Inventories |
2025 £m | 2024 £m | |
Raw materials and consumables | ||
Work in progress | ||
Finished goods | ||
The Group has evaluated both the qualitative and quantitative effects of climate-related risks on the recoverable amounts of
25. Trade and other receivables |
2025 £m | 2024 £m | |
Trade receivables, net of loss allowance | ||
Accrued income | ||
Prepayments | ||
Interest receivable | ||
Employee loans and advances | ||
Other receivables | ||
There were no nil
component of other receivables comprises receivables for indirect and other taxes of £511 million (2024: £447 million). The other
significant balance within other receivables is royalties receivable of £217 million (2024: £164 million).
Trade receivables loss allowance | 2025 £m | 2024 £m |
1 January | ||
Exchange adjustments | ( | |
Charge for the year | ||
Transfer to assets held for sale | ( | |
Subsequent recoveries of amounts provided for | ( | ( |
Utilised | ( | ( |
At 31 December |
Of the total trade receivables balance, £13 million (2024: £13 million) is considered credit impaired, against which a £4 million
(2024: £5 million) expected credit loss allowance has been applied. No amount was purchased or originated credit impaired.
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Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued 25. Trade and other receivables continued | |||||||||||
Within the other receivables of £1,147 million (2024: £857 million), £554 million (2024: £360 million) is classified as financial assets
of which £15 million (2024: £2 million) is classified as held at fair value through profit or loss. At 31 December 2025, an expected
credit loss allowance of £11 million (2024: £9 million) was recognised in respect of financial assets, with a release in expected
credit loss allowance of £2 million (2024: £6 million) reported in profit or loss during the year.
For more discussion on credit risk practices, please refer to Note 43, 'Financial instruments and related disclosures'.
26. Cash and cash equivalents |
2025 £m | 2024 £m | |
Cash at bank and in hand | ||
Cash equivalents | ||
Cash and cash equivalents included £247 million (2024: £177 million) not available for general use due to restrictions applicable
27. Assets and liabilities held for sale |
2025 £m | 2024 £m | |
Goodwill | ||
Property, plant and equipment | ||
Other assets | ||
Assets held for sale | ||
Lease liabilities | ( | |
Liabilities relating to assets held for sale | ( |
Non-current assets, liabilities and disposal groups are classified as assets held for sale and liabilities relating to assets held for
sale when it is expected that their carrying amounts will be recovered principally through disposal and a sale is considered highly
probable. They are held at the lower of carrying amount and fair value less costs to sell.
Assets held for sale and liabilities relating to assets held for sale primarily related to the disposal group arising from GSK's
definitive agreement with Samsung Biologics for the sale of 100 % of its equity investment in Human Genome Sciences,
announced in December 2025. The disposal group principally including the Rockville site, and completion of the transaction is
anticipated toward the end of Q1 2026. See Note 40, ‘Acquisitions and disposals’.
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Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued | |||||||||||
28. Trade and other payables |
2025 £m | 2024 £m | |
Trade payables | ||
Wages and salaries | ||
Social security | ||
ViiV Healthcare put option | ||
Other payables | ||
Deferred income | ||
Customer return and rebate accruals and payables | ||
Other accruals | ||
Trade and other payables include £nil (2024: £nil ) due to associates and joint ventures. The Group provides limited supplier
financing arrangements to certain suppliers. The amounts involved at 31 December 2025 were not material.
Revenue recognised in the year that was included in deferred income at 1 January 2025 was £127 million (2024: £176 million).
Customer rebate and return accruals and payables primarily comprise accruals that are provided for by the Group at the point of
sale in respect of estimated rebates, discounts or allowances payable to customers. At 31 December 2025, customer rebate and
return accruals and payables included £4,891 million (2024: £5,235 million) in respect of US Commercial Operations. Accruals are
made at the time of sale but the actual amounts paid are based on claims made some time after the initial recognition of the sale. As
the accruals are estimated, they may not fully reflect the final outcome and are subject to change dependent upon, amongst other
things, the types of buying group and product sales mix. The level of accrual is reviewed and adjusted quarterly in light of historical
experience of actual amounts paid and any changes in arrangements. Future events could cause the assumptions on which the
accruals are based to change, which could affect the future results of the Group. Customer return and rebate accruals and payables
also includes an immaterial payables balance, where claims have been processed but not yet paid. The estimation uncertainty
described above does not apply to the payables balance.
At 31 December 2025, Pfizer’s put option over its shareholding in ViiV Healthcare was exercisable. While the option is exercisable,
Pfizer may request an IPO of ViiV Healthcare at any time and if either GSK does not consent to such IPO or an offering is not completed
within nine months, Pfizer could require GSK to acquire its shareholding. The amount of the liability for this put option, which is carried at
amortised cost and is held on the gross redemption basis, is derived from an internal valuation of the ViiV Healthcare business, utilising
a discounted forecast future cash flow methodology. On 19 January 2026, GSK reached agreement with Pfizer and Shionogi for 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. See Note 47, ‘Post balance sheet events’ for further
information.
reasonably possible changes in key assumptions, as at 31 December 2025.
Increase/(decrease) in financial liability and loss/(gain) in income statement | 2025 £m | 2024 £m |
10% increase in sales forecasts* | ||
15% increase in sales forecasts* | ||
10% decrease in sales forecasts* | ( | ( |
15% decrease in sales forecast* | ( | ( |
1% (100 basis points) increase in discount rate | ( | ( |
1.50% (150 basis points) increase in discount rate | ( | ( |
1% (100 basis points) decrease in discount rate | ||
1.50% (150 basis points) decrease in discount rate | ||
10 cent appreciation of US Dollar | ||
15 cent appreciation of US Dollar | ||
10 cent depreciation of US Dollar | ( | ( |
15 cent depreciation of US Dollar | ( | ( |
10 cent appreciation of Euro | ||
15 cent appreciation of Euro | ||
10 cent depreciation of Euro | ( | ( |
15 cent depreciation of Euro | ( | ( |
*The sales forecast is for ViiV Healthcare sales only in respect of the ViiV Healthcare put option.
Other accruals includes interest accrued on financial liabilities at amortised cost of £161 million (2024: £162 million).
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Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued | |||||||||||
29. Net debt |
Listing exchange | 2025 £m | 2024 £m | ||
Current assets: | ||||
Liquid investments | ||||
Cash and cash equivalents | ||||
Short-term borrowings: | ||||
Commercial paper | ( | |||
Bank loans, overdrafts and other | ( | ( | ||
London Stock Exchange | ( | |||
New York Stock Exchange | ( | |||
London Stock Exchange | ( | |||
London Stock Exchange | ( | |||
Lease liabilities | ( | ( | ||
( | ( | |||
Long-term borrowings: | ||||
London Stock Exchange | ( | |||
London Stock Exchange | ( | |||
New York Stock Exchange | ( | |||
SOFR + | New York Stock Exchange | ( | ||
London Stock Exchange | ( | ( | ||
London Stock Exchange | ( | ( | ||
New York Stock Exchange | ( | ( | ||
London Stock Exchange | ( | ( | ||
London Stock Exchange | ( | ( | ||
New York Stock Exchange | ( | ( | ||
London Stock Exchange | ( | ( | ||
New York Stock Exchange | ( | |||
London Stock Exchange | ( | ( | ||
London Stock Exchange | ( | ( | ||
London Stock Exchange | ( | ( | ||
London Stock Exchange | ( | ( | ||
London Stock Exchange | ( | ( | ||
New York Stock Exchange | ( | |||
London Stock Exchange | ( | ( | ||
London Stock Exchange | ( | ( | ||
New York Stock Exchange | ( | ( | ||
London Stock Exchange | ( | ( | ||
London Stock Exchange | ( | ( | ||
New York Stock Exchange | ( | ( | ||
London Stock Exchange | ( | ( | ||
Other long-term borrowings | ( | ( | ||
Lease liabilities | ( | ( | ||
( | ( | |||
Liabilities relating to assets held for sale: | ||||
Lease liabilities | ( | |||
( | ||||
Net debt | ( | ( |
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Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued 29. Net debt continued | |||||||||||
Current assets
Liquid investments are classified as financial assets at amortised cost. At 31 December 2025, they included US Treasury Notes
and other government bonds. The effective interest rate on liquid investments at 31 December 2025 was approximately 5.6 %
(2024: approximately 4.3 %). Liquid investment balances at 31 December 2025 earning interest at floating rates amount to £1
million (2024: £11 million). Liquid investment balances at 31 December 2025 earning interest at fixed rates amount to £8 million
(2024: £10 million).
Balances reported within cash and cash equivalents have an original maturity of three months or less. The effective interest rate
on cash and cash equivalents at 31 December 2025 was approximately 3.8 % (2024: approximately 4.8 %). Cash and cash
equivalents at 31 December 2025 earning interest at floating and fixed rates amounted to £3,242 million and £1 million
respectively (2024: £3,746 million and £1 million) and non-interest bearing holdings amounted to £154 million (2024: £123 million).
GSK’s policy regarding the credit quality of cash and cash equivalents is set out in Note 43, ‘Financial instruments and related
disclosures’.
Short-term borrowings
GSK has access to short-term finance under a $10 billion (£7.4 billion) US commercial paper programme; $1,450 million (£1,078
million) was in issue at 31 December 2025 (2024: nil ). GSK has access to short-term finance under a £5 billion Euro commercial
paper programme. There was no Euro commercial paper in issue at 31 December 2025 (2024: nil ). GSK has £1.6 billion of three-
facilities and replaced them with new revolving facilities of equivalent size with maturities of September 2028 for the three-year
facility and September 2026 for the 364-day facility. All facilities were undrawn at 31 December 2025. GSK considers this level of
committed facilities to be adequate, given current liquidity requirements.
The weighted average interest rate on commercial paper borrowings at 31 December 2025 was 3.8 %. There was no commercial
paper in issue at 31 December 2024.
The weighted average interest rate on current bank loans and overdrafts at 31 December 2025 was 5.0 % (2024: 3.4 %).
The average effective pre-swap interest rate of notes classified as short-term at 31 December 2025 was 1.2 % (2024: 3.9 %).
Long-term borrowings
At 31 December 2025 GSK had long-term borrowings of £14.7 billion (2024: £14.6 billion), of which £8.1 billion (2024: £8.4 billion)
fell due in more than five years.
The average effective pre-swap interest rate of all notes in issue at 31 December 2025 was approximately 3.8 % (2024:
approximately 3.8 %).
Long-term borrowings repayable after five years carry interest at effective rates between 1.7 % and 6.6 % (2024: 1.7 % and 6.4 %),
with repayment dates ranging from 2031 to 2045 (2024: 2030 to 2045).
Pledged assets
The Group held pledged investments in US Treasury Notes with a par value of $12 million (£9 million), (2024: $26 million
(£21 million)) as security against irrevocable letters of credit issued on the Group’s behalf in respect of the Group’s self-insurance
activity. Provisions in respect of self-insurance are included within the provisions for legal and other disputes discussed in Note
31, 'Other provisions’.
Lease liabilities
The total cash outflow for leases for the year ended 31 December 2025 was £260 million (2024: £256 million).
2025 £m | 2024 £m | |
Rental payments due within one year | ||
Rental payments due between one and two years | ||
Rental payments due between two and three years | ||
Rental payments due between three and four years | ||
Rental payments due between four and five years | ||
Rental payments due after five years | ||
Total lease liabilities |
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Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued | |||||||||||
30. Pensions and other post-employment benefits |
Pension and other post-employment costs | 2025 £m | 2024 £m | 2023 £m |
UK pension schemes | |||
US pension schemes | |||
Other overseas pension schemes | |||
Unfunded post-retirement healthcare schemes | |||
Analysed as: | |||
Funded defined benefit/hybrid pension schemes | |||
Unfunded defined benefit pension schemes | |||
Unfunded post-retirement healthcare schemes | |||
Defined benefit schemes | |||
Defined contribution pension schemes | |||
The costs of the defined benefit pension and post-retirement healthcare schemes are charged in the income statement as follows: | |||
2025 £m | 2024 £m | 2023 £m | |
Cost of sales | |||
Selling, general and administration | |||
Research and development | |||
GSK entities operate pension arrangements which cover the Group’s material obligations to provide pensions to retired
employees. These arrangements have been developed in accordance with local practices in the countries concerned. Pension
benefits can be provided by state schemes; by defined contribution schemes, whereby retirement benefits are determined by the
value of funds arising from contributions paid in respect of each employee; or by defined benefit schemes, whereby retirement
benefits are based on factors such as employee pensionable remuneration and length of service.
Pension costs of defined benefit schemes for accounting purposes have been calculated using the projected unit credit method.
In certain countries pension benefits are provided on an unfunded basis, some administered by trustee companies. Formal,
independent actuarial valuations of the Group’s main plans are undertaken regularly, normally at least every three years.
Remeasurement movements in the year are recognised through the statement of comprehensive income. Discount rates are
derived from AA-rated corporate bond yields except in countries where there is no deep market in corporate bonds where
government bond yields are used. Discount rates are selected to reflect the term of the expected benefit payments. Projected
inflation rates and pension increases are long-term predictions based on the yield gap between long-term index-linked and fixed
interest government bonds. In the UK, mortality rates are determined by adjusting the SAPS S3 standard mortality tables to reflect
recent scheme experience. These rates are then projected to reflect improvements in life expectancy in line with the CMI 2024
projections with a long-term rate of improvement of 1.0% per year for both males and females. In the US, mortality rates are
calculated using the PRI-2012 white collar table adjusted to reflect recent experience. These rates are projected using MP-2020
to allow for future improvements in life expectancy.
The average life expectancy assumed now for an individual at the age of 60 and projected to apply in 2045 for an individual then at the age of 60 is as follows: | ||||
UK | US | |||
Male Years | Female Years | Male Years | Female Years | |
Current | ||||
Projected for 2045 | ||||
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Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued 30. Pensions and other post-employment benefits continued | |||||||||||
The assets of funded schemes are generally held in separately administered trusts, either as specific assets or as a proportion of
a general fund, or are insurance contracts. Assets are invested in different classes in order to maintain a balance between risk
and return. Investments are diversified to limit the financial effect of the failure of any individual investment. The target exposure
for three of the four UK plans is split 31 % to return-seeking assets and 69 % to liability-matching assets. During 2019, a buy-in
insurance contract was purchased to cover substantially all of the obligations of the other UK plan. At 31 December 2025, the
value of the insurance contract was £345 million (2024: £340 million). The asset allocation of the US plan is currently set at 25 %
return-seeking assets and 75 % liability-matching assets.
The pension plans are exposed to risk that arises because the market value of the plans’ assets might decline or the estimated
value of the plans’ liabilities might increase.
Within the broad investment strategy outlined above, the return-seeking assets are primarily intended to generate future returns
while the liability-matching assets are intended to match future pension obligations. Each pool invests across a broad range of
assets. The main risks within the portfolios are against credit risk, interest rates, long-term inflation, equities, property, currency
and bank counterparty risk.
The plan liabilities are a series of future cash flows with relatively long duration. On an IAS 19 basis, these cash flows are sensitive
to changes in the expected long-term inflation rate and the discount rate (AA corporate bond yield curve) where an increase in
long-term inflation corresponds with an increase in the liabilities, and an increase in the discount rate corresponds with a
decrease in the liabilities.
For the UK plans, there is an interest rate and inflation hedging strategy in place. The targets are based on an economic measure
of the plan liabilities.The interest rate risk in the US is partially hedged with the target based on an accounting measure of the plan
liabilities.
Climate-related impacts, along with other environmental, social and governance (ESG) considerations, can be financially material
with regard both to expected returns and to risk implications. The incorporation of such considerations into investment policy is
subject to local regulations and fiduciary obligations.
In the UK, the defined benefit pension schemes operated for the benefit of former Glaxo Wellcome employees and former
SmithKline Beecham employees remain separate. These schemes were closed to new entrants in 2001 and subsequent UK
employees are entitled to join a defined contribution scheme. In addition, the Group operates a number of post-retirement
healthcare schemes, the principal one of which is in the US.
The UK defined benefit plans closed to future accrual effective from 31 March 2022. As a result, post closure the accrued
benefits of active participants are revalued in line with inflation (RPI for the legacy Glaxo Wellcome plans and CPI for the legacy
SmithKline Beecham plans subject to the relevant caps for each arrangement) rather than capped pay increases. From 1 April
2022, former defined benefit plans employees were transferred to the defined contribution plans.
The US cash balance pension plan closed to future accrual from 1 January 2021.
UK | US | Rest of World | |||||||
2025 % pa | 2024 % pa | 2023 % pa | 2025 % pa | 2024 % pa | 2023 % pa | 2025 % pa | 2024 % pa | 2023 % pa | |
Rate of increase of future earnings | n/a | n/a | n/a | n/a | n/a | n/a | |||
Discount rate | |||||||||
Expected pension increases | n/a | n/a | n/a | ||||||
Cash balance credit/conversion rate | n/a | n/a | n/a | ||||||
Inflation rate | |||||||||
The liability for the US post-retirement healthcare scheme has been assessed using the same assumptions as for the US pension
scheme, together with the assumption for future medical inflation of 7.00 % in 2026 grading down to 5.0 % in 2034 and thereafter
(2024: 6.50 % in 2025, grading down to 5.0 % in 2031 and thereafter).
Sensitivity analysis detailing the effect of changes in assumptions is provided on page 211. The analysis provided reflects the
assumption changes which have the most material impact on the results of the Group.
205
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued 30. Pensions and other post-employment benefits continued | |||||||||||
2025 in relation to the defined benefit pension and post-retirement healthcare schemes were as follows:
Pensions | Post-retirement benefits | ||||
2025 | UK £m | US £m | Rest of World £m | Group £m | Group £m |
Amounts charged to operating profit | |||||
Current service cost | |||||
Past service cost | |||||
Net interest (income)/cost | ( | ( | |||
Gains from settlements | |||||
Expenses | |||||
( | |||||
Remeasurement gains/(losses) recorded in the statement of comprehensive income | ( |
Pensions | Post-retirement benefits | ||||
2024 | UK £m | US £m | Rest of World £m | Group £m | Group £m |
Amounts charged to operating profit | |||||
Current service cost | |||||
Past service cost | |||||
Net interest (income)/cost | ( | ||||
Gains from settlements | ( | ( | |||
Expenses | |||||
Remeasurement gains/(losses) recorded in the statement of comprehensive income |
Pensions | Post-retirement benefits | ||||
2023 | UK £m | US £m | Rest of World £m | Group £m | Group £m |
Amounts charged to operating profit | |||||
Current service cost | |||||
Past service cost/(credit) | |||||
Net interest (income)/cost | ( | ||||
Gains from settlements | ( | ( | |||
Expenses | ( | ||||
Remeasurement gains/(losses) recorded in the statement of comprehensive income | ( |
Past service cost in the UK included £2 million (2024: £18 million; 2023: £3 million) of augmentation costs which arose from Major
restructuring programmes.
206
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued 30. Pensions and other post-employment benefits continued | |||||||||||
out in the table below:
2025 £m | 2024 £m | 2023 £m | |
Recognised in other non-current assets (Note 23): | |||
Pension schemes in surplus | |||
Recognised in pensions and other post-employment benefits: | |||
Pension schemes in deficit | ( | ( | ( |
Post-retirement benefits | ( | ( | ( |
( | ( | ( |
In the event of a plan wind-up, GSK believes the UK pension scheme rules provide the company with the right to a refund of
surplus assets following the full settlement of plan liabilities. As a result, the net surplus in the UK defined benefit pension
schemes is recognised in full.
other defined benefit pension schemes in the Group, are as follows:
At 31 December 2025 | UK £m | US £m | Rest of World £m | Group £m | |
Equities: | – listed | ||||
– unlisted | |||||
Multi-asset funds | |||||
Property: | – listed | ||||
– unlisted | |||||
Corporate bonds: | – listed | ||||
– unlisted | |||||
Government bonds: | – listed | ||||
Insurance contracts | |||||
Other (liabilities)/assets | ( | ( | |||
Fair value of assets | |||||
Present value of scheme obligations | ( | ( | ( | ( | |
Net surplus/(obligation) | ( | ( | |||
Included in other non-current assets | |||||
Included in pensions and other post-employment benefits | ( | ( | ( | ( | |
( | ( | ||||
Actual return/(loss) on plan assets | ( | ||||
The multi-asset funds comprise investments in pooled investment vehicles that are invested across a range of asset classes,
increasing diversification within the growth portfolio.
The ‘Other (liabilities)/assets’ category comprises cash and mark to market values of derivative positions.
Index-linked gilts held as part of a UK repo programme are included in government bonds. The related loan of £1,857 million at
31 December 2025 (2024: £1,634 million; 2023: £1,853 million) is deducted within ‘Other (liabilities)/assets’.
207
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued 30. Pensions and other post-employment benefits continued | |||||||||||
At 31 December 2024 | UK £m | US £m | Rest of World £m | Group £m | |
Equities: | – listed | ||||
– unlisted | |||||
Multi-asset funds | |||||
Property: | – listed | ||||
– unlisted | |||||
Corporate bonds: | – listed | ||||
– unlisted | |||||
Government bonds: | – listed | ||||
Insurance contracts | |||||
Other (liabilities)/assets | ( | ( | |||
Fair value of assets | |||||
Present value of scheme obligations | ( | ( | ( | ( | |
Net surplus/(obligation) | ( | ( | ( | ||
— | — | — | — | ||
Included in other non-current assets | |||||
Included in pensions and other post-employment benefits | ( | ( | ( | ( | |
( | ( | ( | |||
Actual return/(loss) on plan assets | ( | ||||
At 31 December 2023 | UK £m | US £m | Rest of World £m | Group £m | |
Equities: | – listed | ||||
– unlisted | |||||
Multi-asset funds | |||||
Property: | – listed | ||||
– unlisted | |||||
Corporate bonds: | – listed | ||||
– unlisted | |||||
Government bonds: | – listed | ||||
Insurance contracts | |||||
Other (liabilities)/assets | ( | ( | |||
Fair value of assets | |||||
Present value of scheme obligations | ( | ( | ( | ( | |
Net surplus/(obligation) | ( | ( | ( | ||
Included in Other non-current assets | |||||
Included in Pensions and other post-employment benefits | ( | ( | ( | ( | |
( | ( | ( | |||
Actual return on plan assets | |||||
208
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Notes to the financial statements continued 30. Pensions and other post-employment benefits continued | |||||||||||
Pensions | Post-retirement benefits | ||||
Movements in fair values of assets | UK £m | US £m | Rest of World £m | Group £m | Group £m |
Assets at 1 January 2023 | |||||
Exchange adjustments | ( | ( | ( | ||
Interest income | |||||
Expenses | ( | ( | ( | ||
Settlements and curtailments | |||||
Remeasurement | |||||
Employer contributions | |||||
Scheme participants’ contributions | |||||
Benefits paid | ( | ( | ( | ( | ( |
Assets at 31 December 2023 | |||||
Exchange adjustments | ( | ( | |||
Interest income | |||||
Expenses | ( | ( | ( | ||
Settlements and curtailments | ( | ( | |||
Remeasurement | ( | ( | |||
Employer contributions | |||||
Scheme participants’ contributions | |||||
Benefits paid | ( | ( | ( | ( | ( |
Assets at 31 December 2024 | |||||
Exchange adjustments | ( | ( | |||
Interest income | |||||
Expenses | ( | ( | ( | ||
Settlements and curtailments | |||||
Remeasurement | ( | ||||
Employer contributions | |||||
Scheme participants’ contributions | |||||
Benefits paid | ( | ( | ( | ( | ( |
Assets at 31 December 2025 |
During 2025, the Group made £nil (2024: £30 million) deficit reduction contributions to the UK pension schemes. The Group
made a contribution to the US Cash Balance Plan of £100 million (2024: £150 million).
Employer contributions for 2026 are estimated to be approximately £170 million in respect of defined benefit pension schemes
and £70 million in respect of other post-retirement benefits.
Effective from January 2026, contributions to the GSK Pension Scheme defined contributions section, ordinarily payable by the
Group, will be met from surplus assets in the GSK Pension Scheme defined benefits section, provided certain conditions are met.
209
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued 30. Pensions and other post-employment benefits continued | |||||||||||
Pensions | Post-retirement benefits | ||||
Movements in defined benefit obligations | UK £m | US £m | Rest of World £m | Group £m | Group £m |
Obligations at 1 January 2023 | ( | ( | ( | ( | ( |
Exchange adjustments | |||||
Service cost | ( | ( | ( | ( | |
Past service cost | ( | ( | |||
Interest cost | ( | ( | ( | ( | ( |
Settlements and curtailments | |||||
Remeasurement | ( | ( | ( | ( | ( |
Scheme participants’ contributions | ( | ( | ( | ||
Benefits paid | |||||
Obligations at 31 December 2023 | ( | ( | ( | ( | ( |
Exchange adjustments | ( | ( | |||
Service cost | ( | ( | ( | ( | |
Past service cost | ( | ( | |||
Interest cost | ( | ( | ( | ( | ( |
Settlements and curtailments | |||||
Remeasurement | |||||
Scheme participants’ contributions | ( | ( | ( | ||
Benefits paid | |||||
Obligations at 31 December 2024 | ( | ( | ( | ( | ( |
Exchange adjustments | ( | ||||
Service cost | ( | ( | ( | ( | |
Past service cost | ( | ( | ( | ( | |
Interest cost | ( | ( | ( | ( | ( |
Settlements and curtailments | |||||
Remeasurement | ( | ( | |||
Scheme participants’ contributions | ( | ( | ( | ||
Benefits paid | |||||
Obligations at 31 December 2025 | ( | ( | ( | ( | ( |
210
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued 30. Pensions and other post-employment benefits continued | |||||||||||
2025 £m | 2024 £m | 2023 £m | |
Funded | ( | ( | ( |
Unfunded | ( | ( | ( |
( | ( | ( |
At 31 December 2025, the US post-retirement healthcare scheme obligation was £684 million (2024: £748 million; 2023: £785
million). Post-retirement benefits are unfunded.
2025 £m | 2024 £m | 2023 £m | |
At 1 January | ( | ( | ( |
Exchange adjustments | |||
Service cost | ( | ( | ( |
Past service cost | ( | ( | ( |
Interest income/(cost) | ( | ( | |
Settlements and curtailments | |||
Remeasurements: | |||
Return on plan assets, excluding amounts included in interest | ( | ||
Gain/(loss) from change in demographic assumptions | ( | ||
Gain/(loss) from change in financial assumptions | ( | ||
Experience gain/(loss) | ( | ( | |
Employer contributions | |||
Transfer to assets held for sale/distribution | |||
Expenses | ( | ( | ( |
At 31 December | ( | ( |
2025 £m | 2024 £m | 2023 £m | |
Gain from change in demographic assumptions | |||
Gain/(loss) from change in financial assumptions | ( | ( | |
Experience gain/(loss) | ( | ( | ( |
( | ( |
2025 £m | 2024 £m | 2023 £m | |
Active | |||
Retired | |||
Deferred | |||
2025 £m | 2024 £m | 2023 £m | |
Active | |||
Retired | |||
Deferred | |||
2025 years | 2024 years | 2023 years | |
Pension benefits | |||
Post-retirement benefits |
211
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued 30. Pensions and other post-employment benefits continued | |||||||||||
Sensitivity analysis
retirement costs are detailed below. This information has been determined by taking into account the duration of the liabilities and
the overall profile of the plan memberships.
Discount rate | 0.25% increase £m | 0.25% decrease £m | |
(Decrease)/increase in annual pension cost | ( | ||
Increase/(decrease) in annual post-retirement benefits cost | ( | ||
(Decrease)/increase in pension obligation | ( | ||
(Decrease)/increase in post-retirement benefits obligation | ( | ||
0.75% increase £m | 0.75% decrease £m | ||
(Decrease)/increase in annual pension cost | ( | ||
Increase/(decrease) in annual post-retirement benefits cost | ( | ||
(Decrease)/increase in pension obligation | ( | ||
(Decrease)/increase in post-retirement benefits obligation | ( | ||
Inflation rate | 0.25% increase £m | 0.25% decrease £m | |
Increase/(decrease) in annual pension cost | ( | ||
Increase/(decrease) in pension obligation | ( | ||
0.75% increase £m | 0.75% decrease £m | ||
Increase/(decrease) in annual pension cost | ( | ||
Increase/(decrease) in pension obligation | ( | ||
Life expectancy | 1 year increase £m | ||
Increase in annual pension cost | |||
Increase in annual post-retirement benefits cost | |||
Increase in pension obligation | |||
Increase in post-retirement benefits obligation | |||
Rate of future healthcare inflation | 1% increase £m | ||
Increase in annual post-retirement benefits cost | |||
Increase in post-retirement benefits obligation |
212
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued | |||||||||||
31. Other provisions |
Legal and other disputes £m | Major restructuring programmes £m | Employee- related provisions £m | Other provisions £m | Total £m | |
At 1 January 2025 | |||||
Exchange adjustments | ( | ( | ( | ||
Charge for the year | |||||
Reversed/unused | ( | ( | ( | ( | ( |
Unwinding of discount | |||||
Utilised | ( | ( | ( | ( | ( |
Transfer to assets held for sale/distribution | ( | ( | |||
Additions through business combinations | |||||
Reclassifications and other movements | ( | ||||
Transfer to pension obligations | ( | ( | |||
At 31 December 2025 | |||||
To be settled within one year | |||||
To be settled after one year | |||||
At 31 December 2025 |
Legal and other disputes
The Group is involved in a substantial number of legal and
other disputes, including notification of possible claims, as set
out in Note 46, ‘Legal proceedings’. Provisions for legal and
other disputes include amounts relating to product liability,
anti-trust, government investigations, contract terminations and
self insurance.
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 net charge for the year of £137 million (including reversals
and estimated insurance recoveries) primarily reflects
provisions for product liability cases, commercial disputes and
various other government investigations.
The effect of unwinding the discount on the provision is
£24 million in 2025 (2024:£18 million). The discount was
calculated using risk-adjusted projected cash flows and risk-
free rates of return.
During the year, provisions of £1,313 million were utilised,
primarily reflecting the Zantac settlement payments of £1,195
million made during the year.
In respect of product liability claims related to certain
products, provision is made when there is sufficient history of
claims made and settlements to enable management to make
a reliable estimate of the provision required to cover
unasserted claims, and to determine the probability of the
outflow of cash. The ultimate liability for such matters 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 statements.
It is in the nature of the Group’s business that a number of
these matters may be the subject of negotiation and litigation
over many years. Litigation proceedings, including the various
appeal procedures, often take many years to reach resolution,
and out-of-court settlement discussions can also often be
protracted. Indemnified disputes will result in a provision
charge and a corresponding receivable.
The Group is in potential settlement discussions in a number of
the disputes for which amounts have been provided and,
based on its current assessment of the progress of these
disputes, estimates that £189 million of the amount provided at
31 December 2025 will be settled within one year. For a
discussion of legal issues, see Note 46, ‘Legal proceedings’.
Major restructuring programmes
During 2025, the Group had two ongoing major restructuring
programmes: the Separation restructuring programme which
focused on the separation of GSK into two companies and is
largely complete, plus the Significant Acquisitions programme
which is focused on the integration of recent acquisitions.
Restructuring provisions primarily include severance costs
when management has made a formal decision to eliminate
certain positions and this has been communicated to the
groups of employees affected and appropriate consultation
procedures completed, where appropriate. No provision is
made for staff severance payments that are paid immediately.
The affect of unwinding the discount on the provision is
£1 million in 2025 (2024: increased by £1 million).
Transfer to pension obligations reflects augmentation costs of
£2 million relating to defined benefit plans arising from staff
redundancies, as shown in Note 30, ‘Pensions and other post-
employment benefits’.
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Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued 31. Other provisions continued | |||||||||||
Employee-related provisions
Employee-related provisions include obligations for certain
medical benefits to disabled employees and their spouses in
the US.
At 31 December 2025, the provision for these benefits
amounted to £41 million (2024: £46 million). Other employee
benefits reflect a variety of provisions for severance costs,
jubilee awards and other long-service benefits.
Given the nature of these provisions, the amounts are likely to
be settled over many years.
Other provisions
Included in other provisions are provisions for onerous
contracts, insurance provisions and a number of other
provisions including vehicle insurance, environmental
remediation and regulatory matters.
32. Contingent consideration liabilities |
performance. The Group has provided for the fair value of this contingent consideration as follows:
Shionogi-ViiV Healthcare £m | Novartis Vaccines £m | BP Asset IX £m | Affinivax £m | Other £m | Total £m | |
At 1 January 2023 | ||||||
Remeasurement through income statement | ( | |||||
Exchange movement through reserves | ( | ( | ||||
Initial recognition from business combinations | ||||||
Cash payments: operating cash flows | ( | ( | ( | |||
Cash payments: investing activities | ( | ( | ||||
At 31 December 2023 | ||||||
Initial recognition from business combinations | ||||||
Remeasurement through income statement | ( | |||||
Exchange movement through reserves | ( | |||||
Cash payments: operating cash flows | ( | ( | ( | |||
Cash payments: investing activities | ( | ( | ||||
At 31 December 2024 | ||||||
Initial recognition from business combinations | ||||||
Remeasurement through income statement | ( | |||||
Exchange movement through reserves | ( | ( | ( | |||
Cash payments: operating cash flows | ( | ( | ( | |||
Cash payments: investing activities | ( | ( | ||||
At 31 December 2025 |
Contingent consideration payable of £222 million was recognised at acquisition for the purchase of 100 % of BP Asset IX, Inc. a
subsidiary of Boston Pharmaceuticals which provides access to efimosfermin alfa. Contingent consideration payable of £58
million was recognised at acquisition for the purchase of IDRx, Inc. and Cellphenomics GmbH. Further information on the
acquisitions is provided in Note 40, ‘Acquisitions and disposals.
Of the contingent consideration payable at 31 December 2025, £1,348 million (2024: £1,172 million) is expected to be paid within
one year.
The consideration payable for the acquisition of the Shionogi-ViiV Healthcare joint venture, Affinivax, the Novartis Vaccines
business and BP Asset IX, are expected to be paid over a number of years. As a result, the total estimated liabilities are
discounted to their present values, shown above. The Shionogi-ViiV Healthcare contingent consideration liability is discounted at
consideration liability is discounted at 8.0 % (2024: 8.0 %) for commercialised products and at 9.0 % (2024: 9.0 %) for pipeline
assets, and the BP Asset IX contingent consideration liability is discounted at 9.0 %.
The Shionogi-ViiV Healthcare and Novartis Vaccines contingent consideration liabilities are calculated principally based on the
forecast sales performance of specified products over the lives of those products.
The Affinivax contingent consideration is based upon one potential milestone payment of $0.6 billion (£0.4 billion) which will be
paid if certain paediatric clinical development milestones are achieved.
The BP Asset IX contingent consideration is based upon three milestone payments, totalling $0.8 billion (£0.6 billion), which will
be paid if certain clinical development and regulatory milestones are achieved.
214
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued 32. Contingent consideration liabilities continued | |||||||||||
in key inputs to the valuations of the largest contingent consideration liabilities.
2025 | 2024 | |||||||
Increase/(decrease) in financial liability and loss/(gain) in income statement | Shionogi- ViiV Healthcare £m | Novartis Vaccines £m | Affinivax £m | BP Asset IX £m | Shionogi- ViiV Healthcare £m | Novartis Vaccines £m | Affinivax £m | |
10% increase in sales forecasts* | n/a | n/a | n/a | |||||
15% increase in sales forecasts* | n/a | n/a | n/a | |||||
10% decrease in sales forecasts* | ( | ( | n/a | n/a | ( | ( | n/a | |
15% decrease in sales forecasts* | ( | ( | n/a | n/a | ( | ( | n/a | |
1% (100 basis points) increase in discount rate | ( | ( | ( | ( | ( | ( | ( | |
1.5% (150 basis points) increase in discount rate | ( | ( | ( | ( | ( | ( | ( | |
1% (100 basis points) decrease in discount rate | ||||||||
1.5% (150 basis points) decrease in discount rate | ||||||||
10 cent appreciation of US Dollar | ||||||||
15 cent appreciation of US Dollar | ||||||||
10 cent depreciation of US Dollar | ( | ( | ( | ( | ( | ( | ( | |
15 cent depreciation of US Dollar | ( | ( | ( | ( | ( | ( | ( | |
10 cent appreciation of Euro | n/a | n/a | n/a | |||||
15 cent appreciation of Euro | n/a | n/a | n/a | |||||
10 cent depreciation of Euro | ( | ( | n/a | n/a | ( | ( | n/a | |
15 cent depreciation of Euro | ( | ( | n/a | n/a | ( | ( | n/a | |
10% increase in probability of milestone success | n/a | n/a | ||||||
10% decrease in probability of milestone success | n/a | ( | ( | ( | n/a | ( | ( | |
*The sales forecast is for ViiV Healthcare sales only in respect of the Shionogi-ViiV Healthcare contingent consideration.
33. Other non-current liabilities |
2025 £m | 2024 £m | |
Accruals | ||
Deferred income | ||
Other payables | ||
34. Contingent liabilities |
At 31 December 2025, contingent liabilities where GSK has a present obligation as a result of a past event, comprising
guarantees and other items arising in the normal course of business, amounted to £38 million (2024: £26 million). There are no
material amounts of financial assets pledged as collateral for contingent liabilities at 31 December 2025. Provision is made for the
outcome of tax, legal and other 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. If it is not possible to meaningfully assess whether the outcomes will result in a
probable outflow, or to quantify or reliably estimate the liability, if any, no provision is recorded. Descriptions of the significant
legal and other disputes to which the Group is a party are set out in Note 46, ‘Legal proceedings’.
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Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued | |||||||||||
35. Commitments |
Contractual obligations and commitments | 2025 £m | 2024 £m |
Contracted for but not provided in the financial statements: | ||
Intangible assets | ||
Property, plant and equipment | ||
Investments | ||
The commitments related to intangible assets include milestone payments, which are dependent on successful clinical
development or on meeting specified sales targets, and which represent the maximum that would be paid if all milestones,
however unlikely, are achieved. The amounts disclosed are not risk-adjusted or discounted.
The change in intangible asset commitments in 2025 is mainly attributable to a decrease in milestones payable relating to the
amendment to GSK’s existing agreement with CureVac and certain other project terminations, including the collaboration with
iTeos Therapeutics, Inc., as well as the strengthening of GBP against USD. This is partially offset by additions to commitments for
new R&D collaborations and acquisitions, including with ABL Bio, Inc., and Jiangsu Hengrui Pharmaceuticals Co., Ltd.
Within intangible assets commitments the Group has disclosed £34 million (2024: £38 million) related to nature-based carbon
credit projects, which aligns with GSK’s commitments to a net-zero, nature positive world, and within property, plant and
equipment commitments of £57 million (2024: £34 million) related to the transition to a lower-carbon propellant solution.
Lease contracts that have not commenced are not disclosed as these are not material.
For the Group's commitments related to interest on debt and future finance charges on leases refer to Note 43, 'Financial
instruments and related disclosures’.
The table excludes any amounts already capitalised in the financial statements for the year ended 31 December 2025.
36. Share capital and share premium account |
Ordinary shares of 31¼p each | Share premium | ||
Number | £m | £m | |
Share capital issued and fully paid: | |||
At 1 January 2023 | |||
Issued under employee share schemes | |||
Ordinary shares acquired by ESOP Trusts | |||
At 31 December 2023 | |||
Issued under employee share schemes | |||
Ordinary shares acquired by ESOP Trusts | |||
At 31 December 2024 | |||
Issued under employee share schemes | |||
Ordinary shares acquired by ESOP Trusts | |||
At 31 December 2025 | |||
At 31 December 2025, of the issued share capital, 62,875,215 shares were held in the ESOP Trusts, out of which 62,227,857
shares were held for the future exercise of share awards and 647,358 shares were held for the Executive Supplemental Savings
plan. 240,019,489 shares were held as Treasury shares and 4,012,550,322 shares were in free issue. All issued shares are fully
paid and there are no shares authorised but not in issue. The nominal, carrying and market values of the shares held in the ESOP
Trusts are disclosed in Note 44, ‘Employee share schemes’.
During the year ended 31 December 2025, the Group purchased 93 million ordinary shares, representing approximately — % of
the issued ordinary share capital at 31 December 2025, at an average price of £14.73 pence per share, and an aggregate cost of
£1.4 billion including directly attributable transaction costs of £8 million under the 2025 share buyback programme.
216
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued 36. Share capital and share premium account continued | |||||||||||
Tranche 1 of the 2025 share buyback programme of up to £700 million, which began in February 2025 and was completed in
June 2025, were as follows:
Number of shares purchased under share buyback programme | Average price paid | Total cost | Authorised purchases unutilised at month end | |
Period | Number | £ per share | £m | £m |
February 25 | ||||
March 25 | ||||
April 25 | ||||
May 25 | ||||
June 25 | ||||
Total |
The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to
Tranche 2 of the 2025 share buyback programme of up to £450 million, which began in June 2025 and was completed in
September 2025, were as follows:
Number of shares purchased under share buyback programme | Average price paid | Total cost | Authorised purchases unutilised at month end | |
Period | Number | £ per share | £m | £m |
June 25 | ||||
July 25 | ||||
August 25 | ||||
September 25 | ||||
Total |
The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to
Tranche 3 of the 2025 share buyback programme of up to £300 million, which began in September 2025 and was completed in
December 2025, were as follows:
Number of shares purchased under share buyback programme | Average price paid | Total cost | Authorised purchases unutilised at month end | |
Period | Number | £ per share | £m | £m |
September 25 | ||||
October 25 | ||||
November 25 | ||||
December 25 | ||||
Total |
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Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued | |||||||||||
37. Movements in equity |
Retained earnings and other reserves amounted to £11,530 million at 31 December 2025 (2024: £8,850 million; 2023: £8,548
million) of which £444 million (2024: £452 million; 2023: £451 million) related to associates and joint ventures.
Net translation exchange included in: | ||||
Retained earnings £m | Fair value reserve £m | Non- controlling interests £m | Total translation exchange £m | |
At 1 January 2023 | ( | ( | ( | ( |
Exchange movements on overseas net assets and net investment hedges | ( | ( | ( | |
Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries and associates | ( | ( | ||
At 31 December 2023 | ( | ( | ( | |
Exchange movements on overseas net assets and net investment hedges | ( | ( | ( | ( |
Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries and associates | ( | ( | ||
At 31 December 2024 | ( | ( | ( | |
Exchange movements on overseas net assets and net investment hedges | ( | ( | ||
Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries and associates | ( | ( | ||
At 31 December 2025 | ( | ( | ( | ( |
2025 | Retained earnings £m | Other reserves £m | Non- controlling interests £m | Total £m |
Items that may be subsequently reclassified to income statement: | ||||
Exchange movements on overseas net assets and net investment hedges | ( | – | ||
Reclassification of exchange movements on liquidation or disposal of subsidiaries and associates | ( | – | – | ( |
Fair value movements on cash flow hedges | – | ( | – | ( |
Cost of hedging | – | – | ||
Reclassification of cash flow hedges to income statement | – | – | ||
Deferred tax on fair value movements on cash flow hedges | – | ( | – | ( |
Items that will not be reclassified to income statement: | ||||
Exchange movements on overseas net assets of non-controlling interests | – | – | ( | ( |
Fair value movements on equity investments | – | – | ||
Tax on fair value movements on equity investments | – | ( | – | ( |
Remeasurement on defined benefit plans | – | – | ||
Tax on remeasurement defined benefit plans | ( | – | – | ( |
Fair value movements on cash flow hedges | – | – | – | |
Total other comprehensive income/(expense) for the year | ( |
218
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued 37. Movements in equity continued | |||||||||||
2024 | Retained earnings £m | Other reserves £m | Non- controlling interests £m | Total £m |
Items that may be subsequently reclassified to income statement: | ||||
Exchange movements on overseas net assets and net investment hedges | ( | ( | – | ( |
Reclassification of exchange movements on liquidation or disposal of subsidiaries and associates | ( | – | – | ( |
Fair value movements on cash flow hedges | – | – | – | |
Deferred tax on fair value movements on cash flow hedges | – | – | ||
Cost of hedging | – | ( | – | ( |
Reclassification of cash flow hedges to income statement | – | – | ||
Items that will not be reclassified to income statement: | ||||
Exchange movements on overseas net assets of non-controlling interests | – | – | ( | ( |
Fair value movements on equity investments | – | ( | – | ( |
Tax on fair value movements on equity investments | – | – | ||
Remeasurement on defined benefit plans | – | – | ||
Tax on remeasurement defined benefit plans | ( | – | – | ( |
Fair value movements on cash flow hedges | – | – | ||
Total other comprehensive income/(expense) for the year | ( | ( | ( | ( |
2023 | Retained earnings £m | Other reserves £m | Non- controlling interests £m | Total £m |
Items that may be subsequently reclassified to income statement: | ||||
Exchange movements on overseas net assets and net investment hedges | ( | – | ( | |
Reclassification of exchange movements on liquidation or disposal of subsidiaries and associates | ( | – | – | ( |
Fair value movements on cash flow hedges | – | ( | – | ( |
Deferred tax on fair value movements on cash flow hedges | – | – | ||
Reclassification of cash flow hedges to income statement | – | – | ||
Items that will not be reclassified to income statement: | ||||
Exchange movements on overseas net assets of non-controlling interests | – | – | ( | ( |
Fair value movements on equity investments | – | ( | – | ( |
Tax on fair value movements on equity investments | – | – | ||
Remeasurement on defined benefit plans | – | – | ||
Tax on remeasurement defined benefit plans | ( | – | – | ( |
Fair value movements on cash flow hedges | – | ( | – | ( |
Total other comprehensive income/(expense) for the year | ( | ( | ( | ( |
219
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Notes to the financial statements continued 37. Movements in equity continued | |||||||||||
Information on net investment hedges is provided in part (d) of Note 43 ‘Financial instruments and related disclosures'.
ESOP Trust shares £m | Fair value reserve £m | Cash flow hedge reserve and cost of hedging reserve £m | Other reserves £m | Total £m | |
At 1 January 2023 | ( | ( | ( | ||
Exchange adjustment | ( | ( | |||
Transferred to Retained earnings in the year on disposals of equity investments | |||||
Reclassification of cash flow hedges to income statement | |||||
Hedging gain/loss transferred to non-financial assets | |||||
Net fair value movement in the year (including tax) | ( | ( | ( | ||
Ordinary shares acquired by ESOP Trusts | ( | ( | |||
Write-down of shares held by ESOP Trusts | |||||
At 31 December 2023 | ( | ( | ( | ||
Exchange adjustment | ( | ( | |||
Transferred to Retained earnings in the year on disposals of equity investments | ( | ( | |||
Reclassification of cash flow hedges to income statement | |||||
Hedging gain/loss transferred to non-financial assets | ( | ( | |||
Cost of hedging | ( | ( | |||
Net fair value movement in the year (including tax) | ( | ( | |||
Ordinary shares acquired by ESOP Trusts | ( | ( | |||
Write-down of shares held by ESOP Trusts | |||||
At 31 December 2024 | ( | ( | ( | ||
Exchange adjustments | ( | ( | |||
Transferred to retained earnings in the year on disposal of equity investments | |||||
Reclassification of cash flow hedges to income statement | |||||
Cost of hedging | |||||
Net fair value movement in the year (including tax) | ( | ||||
Ordinary shares acquired by ESOP Trusts | ( | ( | |||
Write-down of shares held by ESOP Trusts | |||||
At 31 December 2025 | ( | ( | ( |
Other reserves include various non-distributable merger and pre-merger reserves amounting to £1,849 million at 31 December
2025 (2024: £1,849 million; 2023: £1,849 million). Other reserves also include the capital redemption reserve created as a result of
the previous share buyback programme amounting to £280 million at 31 December 2025 (2024: £280 million; 2023: £280 million)
which ceased in 2014. Under the current share buyback programme initiated in 2025, the repurchased shares are held as
Treasury shares and not cancelled, and so no capital redemptive reserve transfers have been made.
220
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Notes to the financial statements continued | |||||||||||
38. Non-controlling interests |
Total non-controlling interests includes the following individually material non-controlling interests. Other non-controlling interests
are individually not material.
ViiV Healthcare
GSK holds 78.3 % of the ViiV Healthcare sub-group, giving rise to a material non-controlling interest. Summarised financial
information available at the latest practicable date in respect of the ViiV Healthcare sub-group is as follows:
2025 £m | 2024 £m | 2023 £m | |
Turnover | |||
Profit after taxation | |||
Other comprehensive income/(expense) | ( | ( | |
Total comprehensive income |
2025 £m | 2024 £m | |
Non-current assets | ||
Current assets | ||
Total assets | ||
Current liabilities | ( | ( |
Non-current liabilities | ( | ( |
Total liabilities | ( | ( |
Net liabilities | ( | ( |
2025 £m | 2024 £m | 2023 £m | |
Net cash inflow from operating activities | |||
Net cash outflow from investing activities | ( | ( | ( |
Net cash outflow from financing activities | ( | ( | ( |
Increase/(decrease) in cash and bank overdrafts in the year | ( | ( |
The above financial information relates to the ViiV Healthcare group on a stand-alone basis, before the impact of Group-related
adjustments, primarily related to the recognition of preferential dividends. The profit after taxation of £2,862 million (2024:
£1,619 million; 2023: £2,034 million) is stated after charging preferential dividends payable to GSK and Pfizer and after a charge
of £623 million (2024: £1,377 million; 2023: £858 million) for remeasurement of contingent consideration payable. This
consideration is expected to be paid over a number of years.
2025 £m | 2024 £m | 2023 £m | |
Share of profit for the year attributable to non-controlling interest | |||
Dividends paid to non-controlling interest | |||
Non-controlling interest in the consolidated balance sheet | ( | ( | ( |
39. Related party transactions |
At 31 December 2025, there were no outstanding loans due to GSK (2024: £0.8 million with Index Ventures and 2024: £2.3 million
with Medicxi Ventures I LP). Cash distributions were received from the investments in Medicxi Ventures I LP of £62 million (2024:
£15.3 million), Index Ventures l LP of £2.3 million (2024: £nil2.3 million (2024: £nil
The Group had no other significant related party transactions which might reasonably be expected to influence decisions made
by the users of these financial statements.
The aggregate compensation of the Directors and senior management (members of the Executive Committee, formerly known as
the GSK Leadership Team) is given in Note 9, ‘Employee costs’.
221
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Notes to the financial statements continued | |||||||||||
40. Acquisitions and disposals |
Details of the acquisition and disposal of significant subsidiaries, associates, joint ventures and other businesses are given below:
2025
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 7 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 31 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 Commercial
Operations and Total R&D segments (refer to Note 19, ‘Goodwill’ for allocation methodology). None of the goodwill is expected to
be deductible for tax purposes.
IDRx Inc £m | BP Asset IX £m | Total £m | |
Net assets acquired | |||
Intangible assets | |||
Trade and other receivables | |||
Cash and cash equivalents | |||
Trade and other payables | ( | ( | ( |
Taxation | ( | ( | ( |
Goodwill | |||
Total consideration |
Of the total £2.0 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.
Business disposals
GSK completed no material business disposals in 2025.
Associates and joint ventures
GSK completed no material investments or disposals of associates or joint ventures during the year.
222
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Notes to the financial statements continued 40. Acquisitions and disposals continued | |||||||||||
Business acquisitions £m | Business disposals £m | |
Cash consideration paid | ( | ( |
Net deferred consideration paid | ( | ( |
Transaction costs | ( | |
Cash and cash equivalents acquired | ||
Cash outflow | ( | ( |
2024
On 9 January 2024, GSK announced it had entered into an agreement to acquire 100 % of Aiolos Bio, Inc. (Aiolos), a clinical stage
biopharmaceutical company focused on addressing the unmet treatment needs of patients with certain respiratory and
inflammatory conditions, for a total cash consideration of US$1,004 million (£800 million) as adjusted for working capital acquired
paid upon closing and up to US$400 million (£319 million) in certain success-based regulatory milestone payments. The
estimated fair value of the contingent consideration payable was US$120 million (£96 million). In addition, GSK will also be
responsible for success-based milestone payments as well as tiered royalties owed to Jiangsu Hengrui Pharmaceuticals Co., Ltd.
(Hengrui). The acquisition completed on 14 February 2024.
During 2024, no sales arising from the Aiolos business were included in Group turnover and no revenue is expected until
regulatory approval is received on the acquired asset.
GSK continues to support the ongoing development of the acquired asset and consequently this asset will be loss making until
regulatory approval on this asset is received. The development of this asset has been integrated into the Group’s existing R&D
activities, so it is impracticable to quantify these development costs or the impact on Total profit after taxation for the period
ended 31 December 2024.
Goodwill of £191 million has been recognised. The goodwill represents specific synergies available to GSK from the business
combination. The goodwill has been allocated to the Group’s R&D segment. None of the goodwill is expected to be deductible for
tax purposes.
Total £m | |
Net assets acquired: | |
Intangible assets | |
Trade and other receivables | |
Cash and cash equivalents | |
Trade and other payables | ( |
Deferred tax liabilities | ( |
Goodwill | |
Total consideration |
On 6 June 2024, GSK announced that it had acquired Elsie Biotechnologies, a San Diego-based private biotechnology company
dedicated to unlocking the full potential of oligonucleotide therapeutics, for a total consideration of up to US$51 million
(approximately £40 million), including up to US$10 million (£8 million) in certain success-based development and regulatory
milestone payments. The key assets and liabilities recognised at acquisition include goodwill of US$23 million (£19 million),
intangible assets of US$35 million (£27 million) and a deferred tax liability of US$7 million (£6 million). The acquisition is
accounted for as a business combination but is not considered a significant acquisition for the Group. This agreement is not
subject to closing conditions and the acquisition has been completed.
Business disposals
GSK completed no material business disposals in 2024.
Associates and joint ventures
GSK completed no material investments or disposals of associates or joint ventures during the year.
223
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Notes to the financial statements continued 40. Acquisitions and disposals continued | |||||||||||
Cash flows
Business acquisitions £m | Business disposals £m | |
Cash consideration paid | ( | |
Net deferred consideration paid | ( | ( |
Transaction costs | ( | |
Cash and cash equivalents acquired | ||
Cash outflow | ( | ( |
2023
Business acquisitions
On 28 June 2023, GSK completed the acquisition of BELLUS Health Inc. (“Bellus") which was effected through a Plan of
Arrangement (the “Arrangement”) pursuant to the Canada Business Corporations Act. The Arrangement was approved by Bellus’
shareholders on 16 June 2023. Upon completion, GSK acquired all outstanding common shares of Bellus for US$14.75 per
common share in cash, representing a total equity value of US$2 billion (£1.6 billion). The acquisition provides GSK access to
camlipixant, a potential best-in-class and highly selective P2X3 antagonist currently in phase III development for the first-line
treatment of adult patients with refractory chronic cough (RCC).
Total £m | |
Net assets acquired: | |
Intangible assets | |
Non-current equity investments | |
Right of use assets | |
Trade and other receivables | |
Investments held as current assets | |
Cash and cash equivalents | |
Lease liabilities | ( |
Trade and other payables | ( |
Deferred tax liabilities | ( |
Non-controlling interest | |
Goodwill | |
Total consideration |
In 2023, the provisional values of the identifiable assets and liabilities acquired in the Affinivax, Inc. business combination were
updated for the finalisation of the fair value of intangible assets, resulting in an increase in intellectual property of £39 million, a
decrease to goodwill of £31 million and a decrease to deferred tax of £8 million. The amounts recognised at 31 December 2022
have not been restated on the basis of materiality.
Business disposals
GSK completed no material business disposals in 2023.
Associates and joint ventures
GSK completed no material investments or disposals of associates or joint ventures during the year.
Business acquisitions £m | Business disposals £m | |
Cash consideration (paid)/received | ( | |
Net deferred consideration paid | ( | |
Transaction costs | ( | |
Cash and cash equivalents acquired/(divested) | ||
Cash (outflow)/inflow | ( |
224
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Notes to the financial statements continued | |||||||||||
41. Adjustments reconciling profit after tax to operating cash flows |
2025 £m | 2024 £m | 2023 £m | |
Total profit after tax from operations | |||
Tax on profits | |||
Share of after tax (profits)/losses of associates and joint ventures | ( | ||
Finance expense net of finance income | |||
Depreciation | |||
Amortisation of intangible assets | |||
Impairment and assets written off | |||
Loss on sale of businesses | |||
Profit on sale of intangible assets | ( | ( | ( |
Profit on sale of investments in associates | ( | ( | |
Profit on sale of equity investments | ( | ( | |
Changes in working capital: | |||
Decrease/(increase) in inventories | ( | ( | ( |
Decrease/(increase) in trade receivables | ( | ( | |
Increase/(decrease) in trade payables | ( | ( | |
Contingent consideration paid (see Note 32) | ( | ( | ( |
Other non-cash increase in contingent consideration liabilities | |||
Decrease/(increase) in other receivables | ( | ||
Increase/(decrease) in other payables | ( | ||
Increase/(decrease) in pension and other provisions | ( | ( | |
Share-based incentive plans | |||
Fair value adjustments | ( | ( | |
Other | ( | ( | ( |
Total adjustments | |||
Total cash generated from operations |
225
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Notes to the financial statements continued | |||||||||||
42. Reconciliation of net cash flow to movement in net debt |
2025 £m | 2024 £m | 2023 £m | |
Net debt, at beginning of year | ( | ( | ( |
Increase/(decrease) in cash and bank overdrafts | ( | ( | |
Decrease in liquid investments | ( | ( | ( |
Repayment of long-term loans(1) | |||
Issue of long-term notes | ( | ( | ( |
Net decrease/(increase) in short-term loans | ( | ||
Increase in other short-term loans(2) | ( | ( | |
Repayment of other short-term loans(2) | |||
Repayment of lease liabilities | |||
Net investments/(debt) of subsidiary undertakings acquired | ( | ||
Exchange adjustments | |||
Other non-cash movements | ( | ( | ( |
Decrease/(increase) in net debt | ( | ||
Total net debt at end of year | ( | ( | ( |
(1) | Repayment of long-term loans includes the current portion of long-term borrowings which are classified as short-term borrowings on the balance sheet. This change in presentation was made in 2024. Previously, the repayment of short-term borrowings was presented as repayment of short- term loans (2023: £ |
(2) | Other short-term loans include bank loans presented within short-term borrowings on the balance sheet, with an initial maturity of greater than |
Analysis of changes in net debt | At 1 January 2025 £m | Exchange £m | Other £m | Interest expense £m | Change in fair value £m | Reclass- ifications £m | Cash flow £m | At 31 December 2025 £m | |
Liquid investments | ( | ( | |||||||
– | – | – | – | – | – | – | |||
Cash and cash equivalents | ( | ( | |||||||
Bank overdrafts | ( | ( | |||||||
( | ( | ||||||||
Debt due within one year: | |||||||||
Commercial paper | ( | ( | |||||||
European/US MTN & Bank facilities | ( | ( | ( | ( | |||||
Lease liabilities | ( | ( | ( | ||||||
Other | ( | ( | ( | ||||||
( | ( | ( | |||||||
Debt due after one year: | |||||||||
European/US MTN & Bank facilities | ( | ( | ( | ( | |||||
Lease liabilities | ( | ( | ( | ||||||
( | ( | ( | ( | ( | |||||
Liabilities relating to assets held for sale | ( | ( | |||||||
Net debt | ( | ( | ( | ( | ( | ||||
Interest payable | ( | ( | ( | ( | |||||
Derivative financial instruments | ( | ( | |||||||
Total liabilities from financing activities* | ( | ( | ( | ( | ( |
* | Excluding cash and cash equivalents, overdrafts and liquid investments. |
226
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued 42. Reconciliation of net cash flow to movement in net debt continued | |||||||||||
Analysis of changes in net debt | At 1 January 2024 £m | Exchange £m | Other £m | Interest expense £m | Change in fair value £m | Reclass- ifications £m | Cash flow £m | At 31 December 2024 £m |
Liquid investments | ( | |||||||
Cash and cash equivalents | ( | |||||||
Overdrafts | ( | ( | ( | |||||
( | ||||||||
Debt due within one year: | ||||||||
Commercial paper | ( | |||||||
European/US MTN & Bank facilities | ( | ( | ( | ( | ||||
Lease liabilities | ( | ( | ( | |||||
Other | ( | ( | ( | ( | ||||
( | ( | ( | ||||||
Debt due after one year: | ||||||||
European/US MTN & Bank facilities | ( | ( | ( | ( | ||||
Lease liabilities | ( | ( | ( | |||||
( | ( | ( | ( | ( | ||||
Net debt | ( | ( | ( | ( | ||||
Interest payable | ( | ( | ( | ( | ||||
Derivative financial instruments | ( | ( | ||||||
Total liabilities from financing activities* | ( | ( | ( | ( | ||||
*Excluding cash and cash equivalents, overdrafts and liquid investments.
For further information on significant changes in net debt see Note 29, ‘Net debt’.
227
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued | |||||||||||
43. Financial instruments and related disclosures |
The objective of GSK’s Treasury activities is to minimise the net
cost of financial operations and reduce its volatility to benefit
earnings and cash flows. GSK uses a variety of financial
instruments to finance its operations and derivative financial
instruments to manage market risks from these operations.
Derivatives principally comprise foreign exchange forward
contracts and swaps which are used to swap borrowings and
liquid assets into currencies required for Group purposes as
well as interest rate swaps and cross currency swaps which
are used to manage exposure to financial risks from changes
in interest rates. These financial instruments reduce the
uncertainty of foreign currency transactions and interest
payments.
Derivatives are used exclusively for hedging purposes in
relation to underlying business activities and not as trading or
speculative instruments.
Capital management
GSK’s financial strategy supports the Group’s strategic
priorities and is regularly reviewed by the Board. GSK
manages the capital structure of the Group through an
appropriate mix of debt and equity.
The capital structure of the Group consists of net debt of £14.5
billion (2024: £13.1 billion) (see Note 29, ‘Net debt’) and total
equity, including items related to non-controlling interests, of
£16.0 billion (2024: £13.1 billion) (see ‘Consolidated statement
of changes in equity’ on page 167). Total capital, including that
provided by non-controlling interests, is £30.5 billion (2024:
£26.2 billion).
The Group continues to manage its financial policies to a
credit profile that particularly targets ratings of at least A2/A
(Moody's/S&P), through the cycle.
Liquidity risk management
GSK’s policy is to borrow centrally in order to meet anticipated
funding requirements. The strategy is to diversify liquidity
sources using a range of facilities and to maintain broad
access to financial markets. Each day, GSK sweeps cash to or
from a number of global subsidiaries and central Treasury
accounts for liquidity management purposes. GSK utilises
both physical and notional cash pool arrangements as
appropriate by location and currency. For notional cash pools,
liquidity is drawn against foreign currency balances to provide
both local funding and central liquidity as required and with
balances actively managed and maintained to appropriate
levels. As balances in notional pooling arrangements are not
settled across currencies, gross cash and overdraft balances
are reported.
At 31 December 2025, GSK had £3.0 billion (2024: £2.3 billion)
of borrowings repayable within one year and held £3.4 billion
(2024: £3.9 billion) of cash and cash equivalents and liquid
investments of which £2.6 billion (2024: £3.1 billion) was held
centrally.
GSK has access to short-term finance under a $10 billion (£7.4
billion) US commercial paper programme; $1,450 million
(£1,078 million) was in issue at 31 December 2025 (2024: $nil
(£nil)). Maximum drawdowns under the US commercial paper
programme during the year were $1,450 million (£1,078
million) (2024: $1,315 million (£1,048 million)). GSK has access
to short-term finance under a £5 billion Euro commercial paper
programme. There was no Euro commercial paper in issue at
31 December 2025 (2024: €nil (£nil)). Maximum drawdowns
under the Euro commercial paper programme during the year
were €750 million (£642 million) (2024: €170 million (£145
million)).
GSK has £1.6 billion of three-year and $2.2 billion (£1.6 billion)
of 364-day committed facilities. In August 2025 GSK cancelled
both these committed facilities and replaced them with new
revolving facilities of equivalent size with maturities of
September 2028 for the three-year facility and September
2026 for the 364-day facility. These committed facilities were
undrawn at 31 December 2025. GSK considers this level of
committed facilities to be adequate, given current liquidity
requirements.
GSK has a £20 billion Euro Medium Term Note programme
and at 31 December 2025, £8.8 billion of notes were in issue
under this programme. The Group also had $9.0 billion
(£6.7 billion) of notes in issue at 31 December 2025 under a
US shelf registration. GSK’s borrowings mature at dates
between 2026 and 2045.
Market risk
Interest rate risk management
GSK’s objective is to minimise the effective net interest cost
and to balance the mix of debt at fixed and floating rates over
time.
The Group’s main interest rate risk arises from borrowings and
investments with floating rates and refinancing of maturing
fixed rate debt where any changes in interest rates will affect
future cash flows or the fair values of financial instruments. The
policy on interest rate risk management limits the net amount
of floating rate debt to a specific cap, reviewed and agreed no
less than annually by the Board.
The majority of debt is issued at fixed interest rates and
changes in the floating rates of interest do not significantly
affect the Group’s net interest charge. Short-term borrowings
including bank facilities are exposed to the risk of future
changes in market interest rates as are the majority of cash
and liquid investments.
GSK has the ability to further manage interest rate risk through
the use of interest rate swaps and cross currency swaps.
228
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Notes to the financial statements continued 43. Financial instruments and related disclosures continued | |||||||||||
Foreign exchange risk management
The Group’s objective is to minimise the exposure of overseas
operating subsidiaries to transaction risk by matching local
currency income with local currency costs where possible.
Foreign currency transaction exposures arising on external
and internal trade flows are selectively hedged. GSK’s internal
trading transactions are matched centrally and inter-company
payment terms are managed to reduce foreign currency risk.
Where possible, GSK manages the cash surpluses or
borrowing requirements of subsidiary companies centrally
using forward contracts to hedge future repayments back into
the originating currency.
In order to reduce foreign currency translation exposure, the
Group seeks to denominate borrowings in the currencies of
our principal assets and cash flows. These are primarily
denominated in US Dollars, Euros and Sterling. Borrowings
can be swapped into other currencies as required through the
use of cross currency swaps.
Borrowings denominated in, or swapped into, foreign
currencies that match investments in overseas Group assets
may be treated as a hedge against the relevant assets.
Forward contracts in major currencies are also used to reduce
exposure to the Group’s investment in overseas assets (see
‘Net investment hedges’ section of this note for further details).
Credit risk
Credit risk is the risk that a counterparty will default on its
contractual obligations resulting in financial loss to the Group
and arises on cash and cash equivalents and favourable
derivative financial instruments held with banks and financial
institutions as well as credit exposures to wholesale and retail
customers, including outstanding receivables.
The Group considers its maximum credit risk at 31 December
2025 to be £10,036 million (31 December 2024: £9,986 million)
which is the total of the Group’s financial assets with the
exception of ’Other investments’ (comprising equity
investments) which bear equity risk rather than credit risk. See
page 231 for details on the Group’s total financial assets. At
31 December 2025, GSK’s greatest concentration of credit risk
was £1.3 billion with a wholesaler in the US (2024: £1.1 billion
with a wholesaler in the US). See page 229 for further
information on the Group’s credit risk exposure in respect of
the three largest US wholesaler customers.
There has been no change in the estimation techniques or
significant assumptions made during the current and prior
reporting periods in assessing the loss allowance for financial
assets at amortised cost or at FVTOCI.
Treasury-related credit risk
GSK sets global counterparty limits for each of GSK’s banking
and investment counterparties based on long-term credit
ratings from Moody’s and S&P. Usage of these limits is actively
monitored. Credit Support Annexes (CSAs) can be utilised to
reduce credit risk on selected trades, taking into consideration
impact on current and future liquidity.
GSK actively manages its exposure to credit risk, reducing
surplus cash balances wherever possible. This is part of GSK’s
strategy to regionalise cash management and to concentrate
cash centrally as much as possible. The table below sets out
the credit exposure to counterparties by rating for liquid
investments, cash and cash equivalents and derivatives.
The gross asset position on each derivative contract is
considered for the purpose of this table, although, under
International Swaps and Derivatives Association (ISDA)
agreements, the amount at risk is the net position with each
counterparty. Table (e) on page 240 sets out the Group’s
financial assets and liabilities on an offset basis.
229
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Notes to the financial statements continued 43. Financial instruments and related disclosures continued | |||||||||||
At 31 December 2025, £51 million (2024: £24 million) of cash is categorised as held with unrated or sub-investment grade rated
counterparties (lower than BBB-/Baa3). This exposure is concentrated in overseas banks used for local cash management or
investment purposes, including: £29 million with Banco de Galicia Y Buenos Aires in Argentina; £15 million with Halk Bank in
Turkey; £4 million in Ecuador held with Banco De La Produccion; and £2 million in Brazil held with Banco Bradesco, Itaú
Unibanco, Banco Do Brasil and Caixa Econômica Federal. Of the £69 million (2024: £80 million) of bank balances and deposits
held with BBB/Baa rated counterparties, £23 million was held with BBB-/Baa3 rated counterparties, including balances or
deposits of £13 million with OTP Bank in Russia; £8 million with ICICI bank in India; and £2 million with State Bank of India in India.
These banks are used for local investment purposes, with the exception of Russia where there are no plans for new investments.
GSK measures expected credit losses over cash and cash equivalents as a function of individual counterparty credit ratings and
associated 12 month default rates. Expected credit losses over cash and cash equivalents and third-party financial derivatives
are deemed to be immaterial and no such loss has been experienced during 2025 or 2024.
Credit ratings are assigned by S&P and Moody’s respectively. Where the opinions of the two rating agencies differ, GSK assigns
the lower rating of the two to the counterparty. Where local rating agency or Fitch data is the only source available, the ratings are
converted to global ratings equivalent to those of S&P or Moody’s using published conversion tables. These credit ratings form
the basis of the assessment of the expected credit loss on Treasury-related balances held at amortised cost being bank balances
and deposits and Government securities.
2025 | AAA/Aaa £m | AA/Aa £m | A/A £m | BBB/Baa £m | BB+/Ba1 and below /unrated £m | Total £m |
Bank balances and deposits | ||||||
US Treasury and Treasury repo only money market funds | ||||||
Liquidity funds | ||||||
Government securities | ||||||
Third-party financial derivatives | ||||||
Total |
2024 | AAA/Aaa £m | AA/Aa £m | A/A £m | BBB/Baa £m | BB+/Ba1 and below /unrated £m | Total £m |
Bank balances and deposits | ||||||
US Treasury and Treasury repo only money market funds | ||||||
Liquidity funds | ||||||
Government securities | ||||||
Third-party financial derivatives | ||||||
Total |
GSK’s centrally managed cash reserves amounted to £2.6
billion (2024: £3.1 billion) at 31 December 2025, all available
within three months. This includes £2.3 billion (2024: £1.9
billion) of cash managed by the Group for ViiV Healthcare, a
invested centrally managed liquid assets in bank deposits,
Aaa/AAA rated US Treasury and Treasury repo only money
market funds and Aaa/AAA rated liquidity funds.
Wholesale and retail credit risk
Outside the US, no customer accounts for more than 5 % of the
Group’s trade receivables balance.
In the US, in line with other pharmaceutical companies, the
Group sells its products through a small number of
wholesalers in addition to hospitals, pharmacies, physicians
and other groups. Sales to the three largest wholesalers
amounted to approximately 79 % (2024: 77 %) of the sales of
the US Commercial Operations business in 2025.
At 31 December 2025, the Group had trade receivables due
from these three wholesalers totalling £3,127 million or 53 % of
total trade receivables (2024: £2,766 million or 50 %). The
Group is exposed to a concentration of credit risk in respect of
these wholesalers such that, if one or more of them encounters
financial difficulty, it could materially and adversely affect the
Group’s financial results.
This concentration of trade receivables is reflective of standard
market practice in the US pharmaceuticals sector where a
significant portion of sales are made to these three
wholesalers, as disclosed in Note 6, 'Turnover and segment
information'. GSK’s assessment is that there is limited credit
risk associated with these customers.
The Group’s credit risk monitoring activities relating to these
wholesalers include a review of their quarterly financial
information and S&P credit ratings, development of GSK
internal risk ratings, and establishment and periodic review of
credit limits.
All new customers are subject to a credit vetting process and
existing customers are subject to a review at least annually.
The vetting process and subsequent reviews involve obtaining
information including the customer’s status as a government or
private sector entity, audited financial statements, credit
bureau reports, debt rating agency (e.g. Moody’s, S&P)
reports, payment performance history (from trade references,
industry credit groups) and bank references.
230
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Notes to the financial statements continued 43. Financial instruments and related disclosures continued | |||||||||||
Trade receivables consist of amounts due from a large number
of customers, spread across diverse industries and
geographical areas. Ongoing credit evaluation is performed
on the financial condition of accounts receivable and, where
appropriate, credit insurance is purchased or factoring
arrangements put in place.
The amount of information obtained is proportional to the level
of exposure being considered. The information is evaluated
quantitatively (i.e. credit score) and qualitatively (i.e.
judgement) in conjunction with the customer’s credit
requirements to determine a credit limit.
Trade receivables are grouped into customer segments that
have similar loss patterns to assess credit risk while other
receivables and other financial assets are assessed
individually. Historical and forward-looking information is
considered to determine the appropriate expected credit loss
allowance.
The Group believes there is no further credit risk provision
required in excess of the allowance for expected credit losses
(see Note 25, ‘Trade and other receivables’).
Credit enhancements
The Group uses credit enhancements including factoring,
letters of credit and credit insurance to minimise the credit risk
of the trade receivables in the Group. At 31 December 2025,
£211 million (2024: £307 million) of trade receivables were
insured in order to protect the receivables from loss due to
credit risks such as default, insolvency and bankruptcy.
Each Group entity assesses the credit risk of its private
customers to determine if credit insurance is required.
Factoring arrangements are managed locally by entities and
are used to mitigate risk arising from large credit risk
concentrations. All factoring arrangements are non-recourse.
Trade receivables with a carrying amount of £754 million
(2024: £846 million), that would otherwise have appeared on
the Group balance sheet at 31 December 2025, were
derecognised under factoring arrangements.
Fair value of financial assets and liabilities
excluding lease liabilities
The table on page 231 presents the carrying amounts and the
fair values of the Group’s financial assets and liabilities
excluding lease liabilities at 31 December 2025 and
31 December 2024.
The fair values of the financial assets and liabilities are
included at the price that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between
market participants at the measurement date.
The following methods and assumptions are used to measure
the fair values of significant financial instruments carried at fair
value on the balance sheet:
–Other investments – equity investments traded in an active
market determined by reference to the relevant stock
exchange quoted bid price; other equity investments
determined by reference to the current market value of
similar instruments, recent financing rounds or the
discounted cash flows of the underlying net assets
–Trade receivables carried at fair value – based on invoiced
amount
–Interest rate swaps, cross currency interest rate swaps,
foreign exchange forward contracts, swaps and options –
based on the present value of contractual cash flows or
option valuation models using market sourced data (for
example exchange rates or interest rates) at the balance
sheet date
–Cash equivalents carried at fair value – based on net asset
value of the funds
–Contingent consideration for business acquisitions and
divestments – based on present value of expected future
cash flows
The following methods and assumptions are used to estimate
the fair values of significant financial instruments which are not
measured at fair value on the balance sheet:
–Receivables and payables, excluding put options, carried at
amortised cost – approximates to the carrying amount
–Payables relating to put options - approximates to the
carrying amount because the Pfizer put option liability is
measured on the gross redemption basis derived from an
internal valuation of the ViiV Healthcare business, utilising a
discounted forecast future cash flow methodology (see Note
28 ‘Trade and other payables’ for further details)
–Liquid investments – approximates to the carrying amount
–Cash and cash equivalents carried at amortised cost –
approximates to the carrying amount
–Long-term loans – based on quoted market prices (a Level 1
fair value measurement) in the case of European and US
Medium Term Notes; approximates to the carrying amount in
the case of other fixed rate borrowings and floating rate
bank loans
–Short-term loans, overdrafts and commercial paper –
approximates to the carrying amount because of the short
maturity of these instruments
231
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Notes to the financial statements continued 43. Financial instruments and related disclosures continued | |||||||||||
2025 | 2024 | |||||
Notes | Carrying amount £m | Fair value £m | Carrying amount £m | Fair value £m | ||
Financial assets measured at amortised cost: | ||||||
Other non-current assets | b | |||||
Trade and other receivables | b | |||||
Liquid investments | ||||||
Cash and cash equivalents | ||||||
Financial assets measured at fair value through other comprehensive income: | ||||||
Other investments designated at FVTOCI | a | |||||
Trade and other receivables | a,b | |||||
Financial assets mandatorily measured at fair value through profit or loss: | ||||||
Current equity investments and other investments | a | |||||
Other non-current assets | a,b | |||||
Trade and other receivables | a,b | |||||
Held for trading derivatives that are not in a designated and effective hedging relationship | a,d,e | |||||
Cash and cash equivalents | a | |||||
Derivatives designated and effective as hedging instruments (fair value movements through other comprehensive income) | a,d,e | |||||
Total financial assets | ||||||
Financial liabilities measured at amortised cost: | ||||||
Borrowings excluding obligations under lease liabilities: | ||||||
– bonds in a designated hedging relationship | d | ( | ( | ( | ( | |
– other bonds | ( | ( | ( | ( | ||
– bank loans and overdrafts | ( | ( | ( | ( | ||
– commercial paper in a designated hedging relationship | ||||||
– other commercial paper | ( | ( | ||||
– other borrowings | ( | ( | ( | ( | ||
Total borrowings excluding lease liabilities | f | ( | ( | ( | ( | |
Trade and other payables | c | ( | ( | ( | ( | |
Other provisions | c | ( | ( | ( | ( | |
Other non-current liabilities | c | ( | ( | ( | ( | |
Financial liabilities mandatorily measured at fair value through profit or loss: | ||||||
Contingent consideration liabilities | a,c | ( | ( | ( | ( | |
Held for trading derivatives that are not in a designated and effective hedging relationship | a,d,e | ( | ( | ( | ( | |
Derivatives designated and effective as hedging instruments (fair value movements through other comprehensive income) | a,d,e | ( | ( | ( | ( | |
Total financial liabilities excluding lease liabilities | ( | ( | ( | ( | ||
Net financial assets and financial liabilities excluding lease liabilities | ( | ( | ( | ( | ||
The valuation methodology used to measure fair value in the above table is described and categorised on page 230.
Trade and other receivables, Other non-current assets, Trade and other payables, Other provisions, Contingent consideration
liabilities and Other non-current liabilities are reconciled to the relevant Notes on pages 233 to 234.
232
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued 43. Financial instruments and related disclosures continued | |||||||||||
Fair value of investments in GSK shares
At 31 December 2025, the Employee Share Ownership Plan (ESOP) Trusts held GSK shares with a carrying amount of £282
million (2024: £397 million) and a market value of £1,147 million (2024: £866 million) based on quoted market price. The shares
are held by the ESOP Trusts to satisfy future exercises of options and awards under employee incentive schemes. In 2025, the
carrying amount, which is the lower of cost or expected proceeds, of these shares has been recognised as a deduction from
other reserves. At 31 December 2025, GSK held Treasury shares at a cost of £3,948 million (2024: £2,958 million) which has been
deducted from retained earnings.
(a) Financial instruments held at fair value
The following tables categorise the Group’s financial assets and liabilities held at fair value by the valuation methodology applied
in determining their fair value. Where possible, quoted prices in active markets are used (Level 1). Where such prices are not
available, the asset or liability is classified as Level 2, provided all significant inputs to the valuation model used are based on
observable market data. If one or more of the significant inputs to the valuation model is not based on observable market data,
the instrument is classified as Level 3. Other investments classified as Level 3 in the tables below comprise equity investments in
unlisted entities with which the Group has entered into research collaborations and investments which provide access to
biotechnology developments of potential interest.
At 31 December 2025 | Level 1 £m | Level 2 £m | Level 3 £m | Total £m |
Financial assets at fair value | ||||
Financial assets measured at fair value through other comprehensive income: | ||||
Other investments designated at FVTOCI | ||||
Trade and other receivables | ||||
Financial assets mandatorily measured at fair value through profit or loss: | ||||
Current equity investments and other investments | ||||
Other non-current assets | ||||
Trade and other receivables | ||||
Held for trading derivatives that are not in a designated and effective hedging relationship | ||||
Cash and cash equivalents | ||||
Derivatives designated and effective as hedging instruments | ||||
Financial liabilities at fair value | ||||
Financial liabilities mandatorily measured at fair value through profit or loss: | ||||
Contingent consideration liabilities | ( | ( | ||
Held for trading derivatives that are not in a designated and effective hedging relationship | ( | ( | ||
Derivatives designated and effective as hedging instruments | ( | ( | ||
( | ( | ( |
At 31 December 2024 | Level 1 £m | Level 2 £m | Level 3 £m | Total £m |
Financial assets at fair value | ||||
Financial assets measured at fair value through other comprehensive income: | ||||
Other investments designated at FVTOCI | ||||
Trade and other receivables | ||||
Financial assets mandatorily measured at fair value through profit or loss: | ||||
Current equity investments and other investments | ||||
Other non-current assets | ||||
Trade and other receivables | ||||
Held for trading derivatives that are not in a designated and effective hedging relationship | ||||
Cash and cash equivalents | ||||
Derivatives designated and effective as hedging instruments | ||||
Financial liabilities at fair value | ||||
Financial liabilities mandatorily measured at fair value through profit or loss: | ||||
Contingent consideration liabilities | ( | ( | ||
Held for trading derivatives that are not in a designated and effective hedging relationship | ( | ( | ||
Derivatives designated and effective as hedging instruments | ( | ( | ||
( | ( | ( |
233
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Notes to the financial statements continued 43. Financial instruments and related disclosures continued | |||||||||||
2025 £m | 2024 £m | |
At 1 January | ( | ( |
Exchange adjustments | ( | |
Net losses recognised in the income statement | ( | ( |
Net losses recognised in other comprehensive income | ( | ( |
Contingent consideration related to business acquisitions in the period | ( | ( |
Settlement of contingent consideration liabilities | ||
Additions | ||
Disposals and settlements | ( | ( |
Transfers from Level 3 | ( | |
At 31 December | ( | ( |
Of the total net losses of £586 million (2024: £1,733 million) attributable to Level 3 financial instruments which were recognised in
the income statement, £586 million (2024: £1,733 million) were in respect of financial instruments which were held at the end of
the year and were reported in other operating income/expense. Charges of £649 million (2024: £1,533 million) arose from
remeasurement of the contingent consideration payable for the acquisition of the former Shionogi-ViiV Healthcare joint venture. A
remeasurement charge of £146 million (2024: £215 million) arose from remeasurement of the contingent consideration payable for
the acquisition of the Novartis Vaccines business. A gain of £254 million (2024: £22 million) arose on the remeasurement of the
Affinivax contingent consideration liability for the year.
Contingent consideration payable for the acquisition of BP Asset IX amounting to £222 million was recognised during the year.
Further information on the BP Asset IX acquisition is provided in Note 40, ‘Acquisitions and disposals’.
There were transfers of £17 million (2024: £nil ) out of Level 3 financial instruments in the year. Movements arising on the
translation of overseas net assets for consolidation into the Group accounts are recorded as exchange adjustments. Net gains
and losses include the impact of other exchange movements.
Financial liabilities measured using Level 3 valuation methods at 31 December 2025 included £5,433 million (2024:
£6,061 million) in respect of contingent consideration payable for the acquisition in 2012 of the former Shionogi-ViiV Healthcare
joint venture. This consideration is expected to be paid over a number of years and will vary in line with the future performance of
specified products and movements in certain foreign currencies. A further £651 million (2024: £575 million) is in respect of
contingent consideration for the acquisition in 2015 of the Novartis Vaccines business. This consideration is expected to be paid
over a number of years and will vary in line with the future performance of specified products, the achievement of certain
milestone targets and movements in certain foreign currencies. Contingent consideration liabilities for the acquisition of Affinivax
in 2022 of £219 million (2024: £502 million) and for the acquisition of BP Asset IX during the year of £231 million are recognised at
31 December 2025. The consideration for both Affinivax and BP Asset IX is expected to be paid over a number of years and will
vary in line with the achievement of certain development and regulatory milestones, and movements in the USD/GBP exchange
rate. Sensitivity analysis on these liabilities is provided in Note 32, ‘Contingent consideration liabilities’.
(b) Trade and other receivables and Other non-current assets in scope of IFRS 9
The following table reconciles financial instruments within Trade and other receivables and Other non-current assets which fall
within the scope of IFRS 9 to the relevant balance sheet amounts. The financial assets are predominantly non-interest earning.
Non-financial instruments include tax receivables, amounts receivable under insurance contracts, pension surplus balances and
prepayments, which are outside the scope of IFRS 9.
2025 | 2024 | |||||||||||
At FVTPL £m | At FVTOCI £m | Amortised cost £m | Financial instruments £m | Non- financial instruments £m | Total £m | At FVTPL £m | At FVTOCI £m | Amortised cost £m | Financial instruments £m | Non- financial instruments £m | Total £m | |
Trade and other receivables (Note 25) | ||||||||||||
Other non-current assets (Note 23) | ||||||||||||
Trade and other receivables include trade receivables of £5,913 million (2024: £5,563 million). The Group has portfolios in each of
the three business models under IFRS 9: £41 million (2024: £51 million), measured at FVTPL, is held to sell the contractual cash
flows as the receivables will be sold under a factoring arrangement, £2,346 million (2024: £2,163 million), measured at FVTOCI, is
held to either collect or sell the contractual cash flows as the receivables may be sold under a factoring agreement, and £3,526
million (2024: £3,349 million), measured at amortised cost, is held to collect the contractual cash flows and there is no factoring
agreement in place.
1
234
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Notes to the financial statements continued 43. Financial instruments and related disclosures continued | |||||||||||
(c) Trade and other payables, Other provisions, Contingent consideration liabilities and Other
non-current liabilities in scope of IFRS 9
The following table reconciles financial instruments within Trade and other payables, Other provisions, Contingent consideration
liabilities and Other non-current liabilities which fall within the scope of IFRS 9 to the relevant balance sheet amounts. The financial
liabilities are predominantly non-interest bearing. Non-financial instruments include payments on account, tax and social security
payables and provisions which do not arise from contractual obligations to deliver cash or another financial asset, which are
outside the scope of IFRS 9.
2025 | 2024 | |||||||||
At FVTPL £m | Amortised cost £m | Financial instruments £m | Non- financial instruments £m | Total £m | At FVTPL £m | Amortised cost £m | Financial instruments £m | Non- financial instruments £m | Total £m | |
Trade and other payables (Note 28) | ( | ( | ( | ( | ( | ( | ( | ( | ||
Other provisions (Note 31) | ( | ( | ( | ( | ( | ( | ( | ( | ||
Contingent consideration liabilities (Note 32) | ( | ( | ( | ( | ( | ( | ||||
Other non-current liabilities (Note 33) | ( | ( | ( | ( | ( | ( | ( | ( | ||
( | ( | ( | ( | ( | ( | ( | ( | ( | ( | |
(d) Derivative financial instruments and hedging programmes
Derivatives are only used for economic hedging purposes and not as speculative investments and are measured at FVTPL, other
than designated and effective hedging instruments. Derivatives are presented as current assets or liabilities if they are expected
to be settled within 12 months after the end of the reporting period, otherwise they are classified as non-current. The Group has
the following derivative financial instruments:
2025 Fair value | 2024 Fair value | ||||
Assets £m | Liabilities £m | Assets £m | Liabilities £m | ||
Non-current: | |||||
Net investment hedges – Cross currency interest rate swaps (net principal amount – £ | ( | ||||
Cash flow hedges – Cross currency interest rate swaps (net principal amount – £ | ( | ||||
Fair value hedges – Interest rate swaps (net principal amount – £ | ( | ||||
Cash flow hedges – Interest rate swaps (net principal amount – £ | |||||
Current: | |||||
Net investment hedges – Foreign exchange contracts (net principal amount – £ | ( | ( | |||
Derivatives designated and effective as hedging instruments | ( | ( | |||
Non-current: | |||||
Foreign exchange contracts (net principal amount – £ | |||||
Current: | |||||
Foreign exchange contracts (net principal amount – £ | ( | ( | |||
Embedded and other derivatives | |||||
Derivatives classified as held for trading | ( | ( | |||
Total derivative instruments | ( | ( | |||
(1) Includes options with net principal amount EUR | |||||
235
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued 43. Financial instruments and related disclosures continued | |||||||||||
Fair value hedges
At 31 December 2025, the Group had designated interest rate swaps as fair value hedges as mentioned below in the Interest rate
risk section. At 31 December 2024, the Group had no designated fair value hedges.
Net investment hedges
At 31 December 2025, certain foreign exchange contracts were designated as net investment hedges in respect of the foreign
currency translation risk arising on consolidation of the Group’s net investment in its European (Euro), American (USD),
Singaporean (SGD), Canadian (CAD), Chinese (CNH), Swiss Franc (CHF) and Japanese (JPY) foreign operations as shown in the
table below.
Additionally, the Group had entered into cross currency interest rate swaps which were designated as net investment hedges and
cash flow hedges.
The carrying amount of bonds on page 231 included £4,944 million (2024: £5,346 million) that were designated as hedging
instruments in net investment hedges.
Cash flow hedges
During 2024 and 2025, the Group entered into forward foreign exchange contracts which have been designated as cash flow
hedges. These were entered into to hedge the foreign exchange exposure arising on cash flows from Euro denominated coupon
payments relating to notes issued under the Group’s European Medium Term Note programme, and to hedge foreign currency
payments due on acquisitions, and collaboration or licensing arrangements.
As mentioned above, some of the cross currency interest rate swaps entered into in 2025 were designated as cash flow hedges.
The Group manages its cash flow interest rate risk by using floating-to-fixed interest rate swaps. In addition, the Group carries a
balance in reserves that arose from pre-hedging fluctuations in long-term interest rates when pricing bonds issued in prior years
and in the current year. The balance is reclassified to finance costs over the life of these bonds.
Foreign exchange risk
In the current year, the Group has designated certain foreign exchange forward contracts and swaps as cash flow and net
investment hedges. Additionally, the Group has entered into cross currency interest rate swaps which are designated as (a) cash
flow hedges of foreign exchange and interest rate risk (floating USD to fixed GBP), (b) net investment hedges as mentioned
above (fixed GBP to fixed EUR), and (c) cash flow hedges of foreign exchange risk (fixed USD to fixed GBP). Foreign exchange
derivative financial assets and liabilities are presented in the line ‘Derivative financial instruments’ (either as assets or liabilities) on
the consolidated balance sheet. The following tables detail the foreign exchange forward contracts and swaps outstanding at the
end of the reporting period, as well as information on the related hedged items.
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness
assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The Group enters
into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item, and
so a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such
that the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical
derivative method to assess effectiveness.
The main source of hedge ineffectiveness in these hedging relationships is the effect of the counterparty and the Group’s own
credit risk on the fair value of the foreign exchange forward contracts and swaps, which is not reflected in the fair value of the
hedged item attributable to changes in foreign exchange rates. In 2024 another source of ineffectiveness emerged from these
hedging relationships namely the principal amount of USD net investment hedges exceeded the hedged item for a period of ten
days owing to an adjustment to the USD net assets of the Group because of a change in the provision for the Zantac litigation
between quarters but after the financial instruments were entered into with the counterparty. The ineffectiveness recorded for this
period was £nil (2024: £15 million). No ineffectiveness was recorded from cash flow hedges in 2025 (2024: £nil ). No other
ineffectiveness was recorded from net investment hedges in 2025 (2024: £nil ).
In 2025, the movement in the time value of options recognised in reserves is £4 million credit (2024: £4 million charge) and is
accounted for as a cost of hedging.
236
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Notes to the financial statements continued 43. Financial instruments and related disclosures continued | |||||||||||
2025 | |||||
Hedging instruments | Average exchange rate | Foreign currency | Net notional value £m | Carrying amount £m | Periodic change in value for calculating hedge ineffectiveness £m |
Cash flow hedges: | |||||
Cross currency interest rate swaps | |||||
Buy foreign currency: | |||||
Over 12 months | USD | ( | ( | ||
2025 | |||||
Hedging instruments | Average exchange rate | Foreign currency | Net notional value £m | Carrying amount £m | Periodic change in value for calculating hedge ineffectiveness £m |
Net investment hedges: | |||||
Foreign exchange contracts: | |||||
Sell foreign currency: | |||||
Less than 3 months | EUR | ( | |||
JPY | |||||
USD | |||||
CNH | |||||
3 to 6 months | USD | ||||
Over 6 months | CAD | ||||
SGD | |||||
USD | |||||
CNH | ( | ( | |||
CHF | |||||
Cross currency swaps | |||||
Over 12 months | EUR | ( | ( | ||
Borrowings: | |||||
Less than 3 months | EUR | ( | |||
3 to 6 months | EUR | ( | ( | ||
Over 6 months | JPY | ( | |||
EUR | ( | ( | |||
( | ( | ||||
2025 | |||
Hedged items | Periodic change in value for calculating hedge ineffectiveness £m | Cumulative balance in cash flow hedge reserve/foreign currency translation reserve for continuing hedges £m | Balance in cash flow hedge reserve arising from hedging relationships for which hedge accounting is no longer applied £m |
Cash flow hedges: | |||
Variability in cash flows from foreign exchange exposure and interest rate risk arising on US Dollar denominated floating debt issued | |||
Variability in cash flows from foreign exchange exposure and interest rate risk arising on US Dollar denominated fixed debt issued | |||
Net investment hedges: | |||
Net investment in foreign operations | ( | ||
237
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued 43. Financial instruments and related disclosures continued | |||||||||||
2024 | |||||
Hedging instruments | Average exchange rate | Foreign currency | Net notional value £m | Carrying amount £m | Periodic change in value for calculating hedge ineffectiveness £m |
Net investment hedges: | |||||
Foreign exchange contracts: | |||||
Sell foreign currency: | |||||
Less than 3 months | EUR | ||||
JPY | ( | ||||
USD | ( | ( | |||
CNH | ( | ( | |||
3 to 6 months | USD | ( | ( | ||
Over 6 months | CAD | ||||
SGD | |||||
EUR | |||||
Borrowings: | |||||
Less than 3 months | EUR | ||||
3 to 6 months | EUR | ( | |||
Over 6 months | JPY | ( | |||
EUR | ( | ||||
( | |||||
2024 | |||
Hedged items | Periodic change in value for calculating hedge ineffectiveness £m | Cumulative balance in cash flow hedge reserve/foreign currency translation reserve for continuing hedges £m | Balance in cash flow hedge reserve arising from hedging relationships for which hedge accounting is no longer applied £m |
Net investment hedges: | |||
Net investment in foreign operations | ( | ( | |
£nil (2024: £nil ) of balances in the cash flow hedge reserve arise from hedging relationships for which hedge accounting is no
longer applied.
238
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Notes to the financial statements continued 43. Financial instruments and related disclosures continued | |||||||||||
The following table details the effectiveness of the hedging relationships and the amounts reclassified from the hedging reserve to
profit or loss:
2025 | |||||||||
Amount reclassified to profit or loss | Amount transferred to balance sheet via basis adjustment | ||||||||
Hedging gains/ (losses) recognised in reserves £m | Amount of hedge ineffectiveness recognised in profit or loss £m | Line item in profit or loss in which hedge ineffectiveness is included | Hedged future cash flows no longer expected to occur £m | Due to hedged item affecting profit or loss £m | Line item in profit or loss in which reclassification adjustment is included | Due to hedged item affecting balance sheet £m | Line item in balance sheet in which reclassification adjustment is included | ||
Cash flow hedges: | |||||||||
Variability in cash flows from foreign exchange exposure and interest rate risk arising on US Dollar denominated floating debt issued | ( | – | Finance income or expense | – | Other income or expense | – | – | ||
Variability in cash flows from foreign exchange exposure and interest rate risk arising on US Dollar denominated fixed debt issued | ( | – | Finance income or expense | – | Other income or expense | – | – | ||
Net investment hedges: | |||||||||
Net investment in foreign operations | ( | – | Finance income | – | Other income or expense | – | – | ||
Time value of options | – | Finance income or expense | – | – | Other income or expense | – | – | – | |
2024 | |||||||||
Amount reclassified to profit or loss | Amount transferred to balance sheet via basis adjustment | ||||||||
Hedging gains/(losses) recognised in reserves £m | Amount of hedge ineffectiveness recognised in profit or loss £m | Line item in profit or loss in which hedge ineffectiveness is included | Hedged future cash flows no longer expected to occur £m | Due to hedged item affecting profit or loss £m | Line item in profit or loss in which reclassification adjustment is included | Due to hedged item affecting balance sheet £m | Line item in balance sheet in which reclassification adjustment is included | ||
Cash flow hedges: | |||||||||
Variability in cash flows from a highly probable forecast transaction | – | Finance income or expense | – | – | – | ( | Intangible assets | ||
Net investment hedges: | |||||||||
Net investment in foreign operations | ( | Finance income | – | Other income or expense | – | – | |||
Time value of options | ( | – | Finance income or expense | – | – | Other income or expense | – | – | – |
239
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued 43. Financial instruments and related disclosures continued | |||||||||||
Interest rate risk
The Group manages its cash flow interest rate risk by using floating-to-fixed interest rate swaps, where at quarterly intervals the
difference between fixed contract rates and floating rate interest amounts calculated by reference to the agreed notional principal
amounts are exchanged.
During 2025, cross currency interest rate swaps were entered into, as mentioned above in the Foreign exchange risk section. The
floating USD to fixed GBP leg of these were hedges of interest rate risk.
There were no cross currency interest rate swaps or interest rate swaps outstanding at 31 December 2024.
Additionally, interest rate swaps were entered into in 2025 to minimise the interest cost of existing debt. This involved entering into
fixed GBP to floating GBP swaps (designated as fair value hedges) for the full remaining life of the bonds and floating GBP to
fixed GBP (designated as cash flow hedges) for a period of five years.
The only other impact on these financial statements of interest rate swaps is where the interest rate risk on an element of future
debt issuance has been managed by entering into forward starting interest rate swaps, effectively to lock in the interest rates on
the debt in advance. These were closed out at the time of issuing the debt, and the resulting gain or loss held in the cash flow
hedge reserve and reclassified to income statement as the interest payments on the debt impacted the income statement.
Forward starting interest rate swaps
Forward starting interest rate contracts, exchanging floating interest for fixed interest, were designated as cash flow hedges to
hedge the interest variability of the interest cash flows associated with future fixed rate debt.
Interest rate swap contract assets and liabilities are presented (when applicable) in the line ‘Derivative financial
instruments’ (either as assets or liabilities) on the consolidated balance sheet.
£16 million (2024: £16 million) of balances in the cash flow hedge reserve arise from hedge relationships for which hedge
accounting is no longer applied.
were none at 31 December 2024.
2025 | ||||
Hedging instruments | Average contracted fixed rate % | Notional principal value £m | Change in fair value for recognising hedge ineffectiveness | Fair value assets/ (liabilities) |
Cash flow hedges: | ||||
1-5 years | ||||
5-10 years | ||||
Fair value hedges: | ||||
10-30 years | ( | ( |
2025 | ||||
Hedged items | Change in fair value for recognising hedge ineffectiveness | Balance in cash flow hedge reserve for continuing hedges | ||
Variability in fair value of the Sterling external debt attributable to changes in Sterling interest rates |
profit or loss:
2025 | ||||||
Amount reclassified to profit or loss | ||||||
Hedging gains/(losses) recognised in reserves £m | Amount of hedge ineffectiveness recognised in profit or loss £m | Line item in profit or loss in which hedge ineffectiveness is included | Due to hedged future cash flows no longer expected to occur £m | Due to hedged item affecting profit or loss £m | Line item in profit or loss in which reclassification adjustment is included | |
Cash flow hedges: | ||||||
Pre-hedging of long-term interest rates: Matured in the past | ( | Finance income or expense | Finance income or expense | |||
240
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued 43. Financial instruments and related disclosures continued | |||||||||||
2024 | ||||||
Amount reclassified to profit or loss | ||||||
Hedging gains/(losses) recognised in reserves £m | Amount of hedge ineffectiveness recognised in profit or loss £m | Line item in profit or loss in which hedge ineffectiveness is included | Due to hedged future cash flows no longer expected to occur £m | Due to hedged item affecting profit or loss £m | Line item in profit or loss in which reclassification adjustment is included | |
Cash flow hedges: | ||||||
Pre-hedging of long-term interest rates: | ||||||
Matured in the past | Finance income or expense | Finance income or expense | ||||
(e) Offsetting of financial assets and liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet where there is a legally enforceable
right to offset the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability
simultaneously. There are also arrangements that do not meet the criteria for offsetting but still allow for the related amounts to be
offset in certain circumstances, such as bankruptcy or the termination of a contract.
arrangements and other similar agreements but not offset, as at 31 December 2025 and 31 December 2024. The column ‘Net
balance’ shows the impact on the Group’s balance sheet if all offset rights were exercised.
31 December 2025 | Gross financial assets/ (liabilities) £m | Gross financial (liabilities)/ assets offset £m | Net financial assets/ (liabilities) per balance sheet £m | Related amounts not offset in the balance sheet £m | Net balance £m |
Financial assets: | |||||
Trade and other receivables | |||||
Derivative financial instruments | ( | ||||
Financial liabilities: | |||||
Trade and other payables | ( | ( | ( | ||
Derivative financial instruments | ( | ( | ( |
31 December 2024 | Gross financial assets/ (liabilities) £m | Gross Financial (liabilities)/ assets offset £m | Net financial assets/ (liabilities) £m | Related amounts not offset £m | Net balance £m |
Financial assets: | |||||
Trade and other receivables | ( | ||||
Derivative financial instruments | ( | ||||
Financial liabilities: | |||||
Trade and other payables | ( | ( | ( | ||
Derivative financial instruments | ( | ( | ( |
Amounts which do not meet the criteria for offsetting on the balance sheet but could be settled net in certain circumstances
principally relate to derivative transactions under ISDA agreements where each party has the option to settle amounts on a net
basis in the event of default of the other party. As there is presently not a legally enforceable right of offset, these amounts have
not been offset in the balance sheet, but have been presented separately in the table above.
241
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued 43. Financial instruments and related disclosures continued | |||||||||||
(f) Debt interest rate repricing table
analysis of fixed rate debt is stated by contractual maturity and of floating rate debt by interest rate repricing dates. For the
purpose of this table, debt is defined as all classes of borrowings other than lease liabilities.
2025 | 2024 | |
Total debt £m | Total debt £m | |
Floating and fixed rate debt less than one year | ( | ( |
Between one and two years | ( | ( |
Between two and three years | ( | ( |
Between three and four years | ( | ( |
Between four and five years | ( | ( |
Between five and ten years | ( | ( |
Greater than ten years | ( | ( |
Total | ( | ( |
Original issuance profile: | ||
Fixed rate interest | ( | ( |
Floating rate interest | ( | ( |
Non-interest bearing | ( | |
( | ( |
(g) Sensitivity analysis
The tables below illustrate the estimated impact on the income statement and equity as a result of hypothetical market
movements in foreign exchange and interest rates in relation to the Group’s financial instruments. The range of variables chosen
for the sensitivity analysis reflects management’s view of changes which are reasonably possible over a one-year period.
Foreign exchange sensitivity
The Group operates internationally and is primarily exposed to foreign exchange risk in relation to Sterling against movements in
US Dollar, Euro and Japanese Yen. Foreign exchange risk arises from the translation of financial assets and liabilities which are
not in the functional currency of the entity that holds them. Based on the Group’s net financial assets and liabilities as at 31
December a weakening and strengthening of Sterling against these currencies, with all other variables held constant, is illustrated
in the tables below. The tables exclude financial instruments that expose the Group to foreign exchange risk where this risk is fully
hedged with another financial instrument.
2025 | 2024 | |
Income statement impact of non-functional currency foreign exchange exposures | Increase/(decrease) in income £m | Increase/(decrease) in income £m |
10 cent appreciation of the US Dollar | ||
15 cent appreciation of the US Dollar | ||
10 cent appreciation of the Euro | ( | ( |
15 cent appreciation of the Euro | ( | ( |
10 yen appreciation of the Yen | ||
15 yen appreciation of the Yen |
2025 | 2024 | |
Income statement impact of non-functional currency foreign exchange exposures | Increase/(decrease) in income £m | Increase/(decrease) in income £m |
10 cent depreciation of the US Dollar | ( | ( |
15 cent depreciation of the US Dollar | ( | ( |
10 cent depreciation of the Euro | ||
15 cent depreciation of the Euro | ||
10 yen depreciation of the Yen | ||
15 yen depreciation of the Yen |
242
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued 43. Financial instruments and related disclosures continued | |||||||||||
The equity impact, shown below, for foreign exchange sensitivity relates to derivative and non-derivative financial instruments
hedging the Group’s net investments in its European (Euro) foreign operations and cash flow hedges of its foreign exchange
exposure arising on Euro denominated coupon payments relating to notes issued under the Group’s European Medium Term
Note programme.
2025 | 2024 | |
Equity impact of non-functional currency foreign exchange exposures | Increase/(decrease) in equity £m | Increase/(decrease) in equity £m |
10 cent appreciation of the US Dollar | ( | ( |
15 cent appreciation of the US Dollar | ( | ( |
10 cent appreciation of the Euro | ( | ( |
15 cent appreciation in Euro | ( | ( |
2025 | 2024 | |
Equity impact of non-functional currency foreign exchange exposures | Increase/(decrease) in equity £m | Increase/(decrease) in equity £m |
10 cent depreciation of the US Dollar | ||
15 cent depreciation of the US Dollar | ||
10 cent depreciation of the Euro | ||
15 cent depreciation of the Euro |
based on the composition of net debt as shown in Note 29, 'Net debt', excluding lease liabilities within ‘Liabilities relating to assets
held for sale’ and adjusted for the effects of foreign exchange derivatives that are not part of net debt but affect future foreign
currency cash flows.
2025 | 2024 | |
Impact of foreign exchange movements on adjusted net debt | (Increase)/decrease in adjusted net debt £m | (Increase)/decrease in adjusted net debt £m |
10 cent appreciation of the US Dollar | ( | ( |
15 cent appreciation of the US Dollar | ( | ( |
10 cent appreciation of the Euro | ||
15 cent appreciation of the Euro | ||
10 yen appreciation of the Yen | ( | ( |
15 yen appreciation of the Yen | ( | ( |
2025 | 2024 | |
Impact of foreign exchange movements on adjusted net debt | (Increase)/decrease in adjusted net debt £m | (Increase)/decrease in adjusted net debt £m |
10 cent depreciation of the US Dollar | ||
15 cent depreciation of the US Dollar | ||
10 cent depreciation of the Euro | ( | ( |
15 cent depreciation of the Euro | ( | ( |
10 yen depreciation of the Yen | ||
15 yen depreciation of the Yen |
243
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued 43. Financial instruments and related disclosures continued | |||||||||||
Interest rate sensitivity
The Group is exposed to interest rate risk on its outstanding borrowings and investments where any changes in interest rates will
affect future cash flows or the fair values of financial instruments.
The majority of debt is issued at fixed interest rates and changes in the floating rates of interest do not significantly affect the
Group’s net interest charge, although the majority of cash and liquid investments earn floating rates of interest.
The table below hypothetically shows the Group’s sensitivity to changes in interest rates in relation to Sterling, US Dollar and Euro
floating rate financial assets and liabilities. A 1% (100 basis points) or 1.5% (150 basis points) movement in Sterling, US Dollar or
Euro interest rates is not
in Sterling, US Dollar or Euro interest rates would have an equal and opposite impact to that shown below.
2025 | 2024 | |
Income statement impact of interest rate movements | Increase/(decrease) in income £m | Increase/(decrease) in income £m |
1% (100 basis points) increase in Sterling interest rates | ||
1.5% (150 basis points) increase in Sterling interest rates | ||
1% (100 basis points) increase in US Dollar interest rates | ( | ( |
1.5% (150 basis points) increase in US Dollar interest rates | ( | ( |
1% (100 basis points) increase in Euro interest rates | ( | ( |
1.5% (150 basis points) increase in Euro interest rates | ( | ( |
(h) Contractual cash flows for non-derivative financial liabilities and derivative instruments
The following tables provide an analysis of the anticipated contractual cash flows including interest payable for the Group’s non-
derivative financial liabilities on an undiscounted basis. For the purpose of this table, debt is defined as all classes of borrowings
except for lease liabilities and financial liabilities within liabilities relating to assets held for sale. Interest is calculated based on
debt held at 31 December without taking account of future issuance. Floating rate interest is estimated using the prevailing
interest rate at the balance sheet date. Cash flows in foreign currencies are translated using spot rates at 31 December.
At 31 December 2025 | Debt £m | Interest on debt £m | Lease liabilities £m | Finance charge on lease liabilities £m | Trade payables and other liabilities not in net debt £m | Total £m | |
Due in less than one year | ( | ( | ( | ( | ( | – | ( |
Between one and two years | ( | ( | ( | ( | ( | – | ( |
Between two and three years | ( | ( | ( | ( | ( | – | ( |
Between three and four years | ( | ( | ( | ( | ( | – | ( |
Between four and five years | ( | ( | ( | ( | ( | – | ( |
Between five and ten years | ( | ( | ( | ( | ( | – | ( |
Greater than ten years | ( | ( | ( | ( | ( | – | ( |
Gross contractual cash flows | ( | ( | ( | ( | ( | – | ( |
At 31 December 2024 | Debt £m | Interest on debt £m | Lease liabilities £m | Finance charge on lease liabilities £m | Trade payables and other liabilities not in net debt £m | Total £m | |
Due in less than one year | ( | ( | ( | ( | ( | ( | |
Between one and two years | ( | ( | ( | ( | ( | ( | |
Between two and three years | ( | ( | ( | ( | ( | ( | |
Between three and four years | ( | ( | ( | ( | ( | ( | |
Between four and five years | ( | ( | ( | ( | ( | ( | |
Between five and ten years | ( | ( | ( | ( | ( | ( | |
Greater than ten years | ( | ( | ( | ( | ( | ( | |
Gross contractual cash flows | ( | ( | ( | ( | ( | ( |
244
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Notes to the financial statements continued 43. Financial instruments and related disclosures continued | |||||||||||
The table below provides an analysis of the anticipated contractual cash flows for the Group’s derivative instruments excluding
equity options which do not give rise to cash flows, and other embedded derivatives, which are not material, using undiscounted
cash flows. Cash flows in foreign currencies are translated using spot rates at 31 December. The gross cash flows of foreign
exchange contracts are presented for the purpose of this table although, in practice, the Group uses standard settlement
arrangements to reduce its liquidity requirements on these instruments.
2025 | 2024 | ||||||||||||||
Gross cash inflows | Gross cash outflows | Net cash inflows | Net cash outflows | Gross cash inflows | Gross cash outflows | Net cash inflows | Net cash outflows | ||||||||
Foreign exchange forward contracts, swaps and cross currency interest rate swaps £m | Foreign exchange forward contracts, swaps and cross currency interest rate swaps £m | Interest rate swap contracts £m | Interest rate swap contracts £m | Foreign exchange forward contracts and swaps £m | Foreign exchange forward contracts and swaps £m | Interest rate swap contracts £m | Interest rate swap contracts £m | ||||||||
Less than one year | ( | ( | – | – | |||||||||||
Between one and two years | ( | ( | ( | – | – | ||||||||||
Between two and three years | – | – | ( | – | – | – | – | ||||||||
Between three and four years | – | – | – | – | – | – | |||||||||
Between four and five years | – | – | – | – | – | – | |||||||||
Greater than five years | – | – | ( | – | – | – | – | ||||||||
Gross contractual cash flows | ( | ( | ( | – | – |
245
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued | |||||||||||
44. Employee share schemes |
GSK operates several employee share schemes, including the Share Value Plan, whereby awards are granted to employees to
acquire shares or ADS in GSK plc at no cost after a three-year vesting period and the Performance Share Plan, whereby awards
are granted to employees to acquire shares or ADS in GSK plc at no cost, subject to the achievement by the Group of specified
performance targets. The Group also operates savings-related share option schemes, whereby options are granted to employees
to acquire shares in GSK plc at a discounted price.
Grants of restricted share awards are normally exercisable at the end of the three-year vesting or performance period. Awards
are normally granted to employees to acquire shares or ADS in GSK plc but in some circumstances may be settled in cash.
Grants under savings-related share option schemes are normally exercisable after three years ’ saving. In accordance with UK
practice, the majority of options under the savings-related share option schemes are granted at a price 20 % below the market
price ruling at the date of grant.
The total charge for share-based incentive plans in 2025 was £390 million (2024: £347 million; 2023: £321 million). Of this amount,
£288 million (2024: £260 million; 2023: £244 million) arose from the Share Value Plan. See Note 9, ‘Employee costs’ for further
details.
GSK share award schemes
Share Value Plan
Under the Share Value Plan, share awards are granted to certain employees at no cost. The awards vest after two-and-a-half to
share price on the day of grant, after deducting the expected future dividend yield of 4.0 % (2024: 3.4 %; 2023: 3.8 %) over the
duration of the award.
Number of shares and ADS issuable | Shares Number (000) | Weighted fair value | ADS Number (000) | Weighted fair value |
At 1 January 2023 | ||||
Awards granted | £ | $ | ||
Awards exercised | ( | ( | ||
Awards cancelled | ( | ( | ||
At 31 December 2023 | ||||
Awards granted | £ | $ | ||
Awards exercised | ( | ( | ||
Awards cancelled | ( | ( | ||
At 31 December 2024 | ||||
Awards granted | £ | $ | ||
Awards exercised | ( | ( | ||
Awards cancelled | ( | ( | ||
At 31 December 2025 |
Performance Share Plan
Under the Performance Share Plan, share awards are granted to Directors and senior executives at no cost. The percentage of
each award that vests is based upon the performance of the Group over a defined measurement period with dividends
reinvested during the same period. For awards granted in 2020 and 2021, the performance conditions are based on four
measures over a three-year performance period. These are adjusted free cash flow (30 %), TSR (30 %), R&D new product
performance (20 %) and pipeline progress (20 %). For awards granted from 2022 until 2024, the performance conditions are
based on five measures over a three-year performance period. These are TSR (30 %), pipeline progress (20 %), profit measure
(20 %), sale measure (20 %) and ESG environment (10 %). For the awards granted from 2025, the performance conditions are
based on five measures over a three-year performance period. These are TSR (40 %), pipeline progress (17.5 %), profit measure
(17.5 %), sale measure (17.5 %) and ESG environment (7.5 %).
The fair value of the awards is determined based on the closing share price on the day of grant. For TSR performance elements,
this is adjusted by the likelihood of that condition being met, as assessed at the time of grant.
During 2025, awards were granted of 4.9 million shares at a weighted fair value of £10.85 and 1.0 million ADS at a weighted fair
value of $27.46 . At 31 December 2025, there were outstanding awards over 15.0 million shares and 2.4 million ADS.
246
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Notes to the financial statements continued 44. Employee share schemes continued | |||||||||||
Share options and savings-related options
For the purposes of valuing savings-related options to arrive at the share-based payment charge, a Black-Scholes option pricing
model has been used. The assumptions used in the model are as follows:
2025 Grant | 2024 Grant | 2023 Grant | |
Risk-free interest rate | |||
Dividend yield | |||
Volatility | |||
Expected life | |||
Savings-related options grant price (including | £ | £ | £ |
Expected volatility has been based on an evaluation of the historical volatility of the Company’s share price, particularly over the
historical period commensurate with the expected term.
Options outstanding for the Share Save Plan | Savings-related share option schemes | |||
Number 000 | Weighted exercise price | |||
At 31 December 2025 | £ | |||
Range of exercise prices on options outstanding at year end | £ | — | — £ | |
Weighted average market price on exercise during year | — £ | |||
Weighted average remaining contractual life | ||||
Options of 0.9 million shares were granted during the year under the savings-related share option scheme at a weighted average
fair value of £4.58 . At 31 December 2025, 3.9 million of the savings-related share options were not exercisable.
There has been no change in the effective exercise price of any outstanding options during the year.
Employee Share Ownership Plan Trusts
The Group sponsors Employee Share Ownership Plan (ESOP) Trusts to acquire and hold shares in GSK plc to satisfy awards
made under employee incentive plans. The trustees of the ESOP Trusts purchase shares with finance provided by the Group by
way of loans or contributions. The costs of running the ESOP Trusts are charged to the income statement. Shares held by the
ESOP Trusts are deducted from other reserves and amortised down to the value of proceeds, if any, receivable from employees
on exercise by a transfer to retained earnings. The trustees have waived their rights to dividends on the shares held by the ESOP
Trusts.
At 31 December 2025, 62,875,215 shares were held in the ESOP Trusts, out of which 62,227,857 were held for the future exercise
of share awards and 647,358 shares were held for the Executive Supplemental Savings Plan.
Shares held for share award schemes | 2025 | 2024 |
Number of shares (000) | ||
£m | £m | |
Nominal value | ||
Carrying amount | ||
Market value |
247
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Notes to the financial statements continued | |||||||||||
45. Principal Group companies |
equity share capital of these entities is shown in the percentage columns. All companies are incorporated in their principal
country of operation except where stated.
England | % |
Glaxo Group Limited | |
Glaxo Operations UK Limited | |
Glaxo Wellcome UK Limited | |
GlaxoSmithKline Capital plc | |
GlaxoSmithKline Export Limited | |
GlaxoSmithKline Finance plc | |
GlaxoSmithKline Holdings Limited(a) | |
GlaxoSmithKline IHC Limited | |
GlaxoSmithKline Intellectual Property (No.2) Limited | |
GlaxoSmithKline Intellectual Property (No.3) Limited | |
GlaxoSmithKline Intellectual Property (No.4) Limited | |
GlaxoSmithKline Intellectual Property Development Limited | |
GlaxoSmithKline Intellectual Property Limited | |
GlaxoSmithKline Research & Development Limited | |
GlaxoSmithKline Services Unlimited(a) | |
GlaxoSmithKline UK Limited | |
GSK Finance (No. 2) Limited | |
Setfirst Limited | |
SmithKline Beecham Limited | |
ViiV Healthcare Finance Limited | |
ViiV Healthcare UK (No.3) Limited | |
ViiV Healthcare UK Limited |
Europe | % |
Glaxo Wellcome Production S.A.S (France) | |
GlaxoSmithKline AG (Switzerland) | |
GlaxoSmithKline B.V. (Netherlands) | |
GlaxoSmithKline Biologicals SA (Belgium) | |
GlaxoSmithKline GmbH & Co. KG (Germany) | |
GlaxoSmithKline Manufacturing SpA (Italy) | |
GlaxoSmithKline Pharma GmbH (Austria) | |
GlaxoSmithKline Pharmaceuticals SA (Belgium) | |
GlaxoSmithKline S.A. (Spain) | |
GlaxoSmithKline S.p.A. (Italy) | |
GlaxoSmithKline Single Member A.E.B.E. (Greece) | |
GlaxoSmithKline Trading Services Limited (Republic of Ireland)(b) | |
GSK Capital B.V. (Netherlands)(b) | |
GSK Services Sp z o.o. (Poland) | |
GSK Vaccines GmbH (Germany) | |
GSK Vaccines S.r.l. (Italy) | |
JSC GlaxoSmithKline Trading (Russia) | |
Laboratoire GlaxoSmithKline (France) | |
Laboratorios ViiV Healthcare, S.L. (Spain) | |
ViiV Healthcare GmbH (Germany) | |
ViiV Healthcare S.r.l. (Italy) | |
ViiV Healthcare SAS (France) |
US | % |
Affinivax, Inc | |
Aiolos Bio, Inc. | |
BP Asset IX, Inc. | |
Corixa Corporation | |
GlaxoSmithKline Capital Inc. | |
GlaxoSmithKline Holdings (Americas) Inc. | |
GlaxoSmithKline LLC | |
Human Genome Sciences, Inc. | |
IDRx, Inc. | |
Stiefel Laboratories, Inc. | |
Tesaro, Inc. | |
ViiV Healthcare Company |
Others | % |
Glaxo Saudi Arabia Limited (Saudi Arabia) | |
Glaxo Wellcome Manufacturing Pte Ltd (Singapore) | |
GlaxoSmithKline (Thailand) Limited (Thailand) | |
GlaxoSmithKline Australia Pty Ltd (Australia) | |
GlaxoSmithKline Brasil Limitada (Brazil) | |
GlaxoSmithKline Colombia S.A. | |
GlaxoSmithKline Far East B.V. (Taiwan) | |
GlaxoSmithKline Ilaclari Sanayi ve Ticaret A.S. (Turkey) | |
GlaxoSmithKline Inc. (Canada) | |
GlaxoSmithKline K.K. (Japan) | |
GlaxoSmithKline Korea Limited (Republic of Korea) | |
GlaxoSmithKline Limited (Hong Kong) | |
GlaxoSmithKline Mexico S.A. de C.V. (Mexico) | |
GlaxoSmithKline Pakistan Limited (Pakistan) | |
GlaxoSmithKline Pharmaceuticals Limited (India) | |
GSK Biopharma Argentina S.A. | |
GSK Enterprise Management Co, Ltd (China) | |
GSK Life Sciences FZE (United Arab Emirates) | |
GSK Pharma Vietnam Company Limited (Vietnam) | |
ID Biomedical Corporation of Quebec (Canada) | |
(a)Directly held wholly-owned subsidiary of GSK plc.
(b)Tax resident in UK.
The subsidiaries and associates listed above principally affect the figures in the Group’s financial statements. Each of
GlaxoSmithKline Capital Inc., GlaxoSmithKline Capital plc, GlaxoSmithKline Finance plc, GSK Capital BV and GlaxoSmithKline LLC,
is a wholly-owned finance subsidiary of the company, and the company has fully and unconditionally guaranteed the securities
issued by each.
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Notes to the financial statements continued | |||||||||||
46. Legal proceedings |
The Group is involved in significant legal and administrative
proceedings, principally product liability, intellectual property,
tax, anti-trust, consumer fraud and governmental
investigations. The most significant of these matters, other than
tax matters, are described below. The Group makes provision
for these proceedings on a regular basis as summarised in
Note 2, ‘Accounting principles and policies’ and Note 31,
‘Other provisions’. Note 2 also describes when disclosure is
made of proceedings for which there is no provision. Legal
expenses incurred and provisions related to legal claims are
charged to selling, general and administration costs. The
Group does not believe that information about the amount
sought by plaintiffs, if that is known, would be meaningful with
respect to those legal proceedings. This is due to a number of
factors, including, but not limited to, the stage of proceedings,
the entitlement of parties to appeal a decision and clarity as to
theories of liability, damages and governing law.
At 31 December 2025, the Group’s aggregate provision for
legal and other disputes (not including tax matters described
in Note 14, ‘Taxation’) was £210 million. There can be no
assurance that any losses that result from the outcome of any
legal proceedings will not materially exceed the amount of the
provisions reported in the Group’s financial statements. If this
were to happen, it could have a material adverse impact on
the results of operations of the Group in the reporting period in
which the judgements are incurred or the settlements entered
into.
Intellectual property
Intellectual property claims include challenges to the validity
and enforceability of the Group’s patents on various products
or processes as well as assertions of non-infringement of those
patents. A loss in such cases could result in loss of patent
protection for the product at issue. The consequences of any
such loss could be a significant decrease in sales of that
product and could materially affect future results of operations
for the Group.
Breo Ellipta
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, trademarks,
and trade dress. The court has set a trial date for 2 November
2026.
Coreg
In 2014, GSK initiated suit against Teva for inducing
infringement of its patent relating to the use of carvedilol
(Coreg) in decreasing mortality caused by congestive heart
failure. In June 2017, the case proceeded to a jury trial in the
US District Court for the District of Delaware. The jury returned
a verdict in GSK’s favour, awarding GSK lost profits and
reasonable royalties for a total award of $235.51 million. On 29
March 2018, the trial judge ruled on post-trial motions filed by
Teva and found that substantial evidence at trial did not
support the jury’s finding of induced infringement, overturning
the jury award. GSK appealed, and on 2 October 2020, the
Court of Appeals for the Federal Circuit reversed the district
court’s ruling and reinstated the jury award in GSK’s favour.
On 2 December 2020, Teva filed a petition for rehearing en
banc. The court granted Teva’s petition, but only for a
rehearing by the three-member panel that issued the original
decision. On 5 August 2021, the original panel issued its
rehearing opinion where the majority again reinstated the jury’s
damages award of $235.51 million in GSK’s favour.
Teva again filed a petition for rehearing en banc which was
rejected by the Court of Appeals for the Federal Circuit on 11
February 2022. On 11 July 2022, Teva filed a petition for writ of
certiorari with the Supreme Court of the United States seeking
to overturn the Federal Court decision. On 15 May 2023, the
US Supreme Court denied Teva’s request. On 9 February
2026, GSK and Teva reached a confidential settlement,
resulting in the dismissal of the action with prejudice. This
matter is now concluded.
mRNA
On 25 April 2024, GSK filed a patent infringement suit against
Pfizer Inc. and BioNTech SE in the United States District Court
for the District of Delaware alleging infringement of five US
GSK patents by the COVID-19 vaccine, COMIRNATY®. On 14
August 2024, GSK filed a First Amended Complaint asserting
total number of asserted patents to 8 . Pfizer/BioNTech filed an
Answer and Counterclaims to GSK’s First Amended Complaint
on 30 August 2024. Trial is scheduled for 7 June 2027.
On 12 October 2024, GSK filed a patent infringement suit
against Moderna, Inc. in the United States District Court for the
District of Delaware, alleging infringement of 7 GSK patents by
the COVID-19 vaccine, SPIKEVAX®. On 4 September 2025,
GSK filed a First Amended Complaint asserting that Moderna’s
COVID-19 vaccine, mNEXSPIKE® also infringes the same 7
GSK patents. Trial is scheduled for 19 July 2027. On 12
October 2024, GSK filed a separate suit in the same court
alleging infringement of 6 GSK patents by Moderna’s RSV
vaccine, mRESVIA®, and trial is scheduled for 23 August 2027.
On 3 July 2025, GSK initiated a patent infringement suit in the
Unified Patent Court (“UPC”) against Moderna, asserting a
single GSK patent and alleging infringement by Moderna’s
SPIKEVAX®, mNEXSPIKE®, and mRESVIA® RSV vaccine
products (“Moderna mRNA Products”). The hearing has been
set to commence in a window between 1-3 September 2026.
On 4 July 2025, GSK initiated a second patent infringement
suit against Moderna in the UPC asserting infringement of
additional GSK patents by the Moderna mRNA Products. The
hearing has been set to commence in a window between 30
September-2 October 2026. On 13 November 2025, GSK filed
related to SPIKEVAX® and mRESVIA®. Hearings have yet to be
scheduled.
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On 3 July 2025, GSK initiated a patent infringement suit in the
UPC against Pfizer and BioNTech alleging infringement by
Pfizer/BioNTech’s COMIRNATY® COVID-19 vaccine products.
The hearing has been set to commence in a window between
1-3 September 2026. On 4 July 2025, GSK initiated another
patent infringement suit in the UPC against Pfizer and
BioNTech asserting additional patents and alleging
infringement by Pfizer/BioNTech’s COMIRNATY® COVID-19
vaccine products. The hearing has been set to commence in a
window between 30 September-2 October 2026. On 7 July
2025, GSK initiated a patent infringement suit related to the
COMIRNATY® COVID-19 vaccine products in the Irish High
Court against Pfizer and BioNTech. A hearing has yet to be
scheduled.
On 5 September 2025, Pfizer and BioNTech initiated a patent
revocation suit against GSK in the UK Patents Court seeking
revocation of the UK counterparts of the patents that GSK has
asserted against them in the UPC and in Ireland. GSK has
counterclaimed that Pfizer and BioNTech infringe those
patents. A trial has been listed for 22 February 2027.
In January 2026, GSK filed two separate actions in the US,
pursuant to 28 U.S.C. § 1782, against Pfizer/BioNTech and
Moderna seeking targeted discovery for use in foreign
proceedings.
On 2 January 2025, Acuitas Therapeutics Inc. filed a
declaratory judgment complaint against GSK, seeking
judgment that COMIRNATY® does not infringe five GSK
patents. Acuitas also seeks a ruling that the patents are
invalid. GSK has moved to dismiss the complaint for lack of
subject matter jurisdiction.
RSV
On 7 June 2022, Pfizer, Inc. filed suit in the London High Court
challenging the validity and requesting revocation of three
GSK European patents relating to RSV vaccine technology.
Corresponding invalidity suits against additional patents were
filed in the District Court of the Hague in the Netherlands in
January 2023 and in the Enterprise Court of Brussels in
Belgium in March 2023. In each of those matters GSK
counterclaimed that Pfizer’s RSV vaccine infringes GSK’s
patents. On 2 August 2023, GSK filed a patent infringement
suit against Pfizer in the United States District Court for the
District of Delaware alleging infringement of four US GSK
patents by Pfizer’s RSV vaccine, Abrysvo®. Additional patents
have been added to the US litigation. Pfizer counterclaimed in
the US that all patents are invalid, and that Pfizer’s product
does not infringe. On 5 August 2024, GSK filed a patent
infringement suit on a fourth European patent in the European
Unified Patent Court (“UPC”) at the Düsseldorf Local Division.
On 14 August 2024, Pfizer filed a patent revocation suit against
that same European patent in the UPC.
On 1 April 2025, GSK and Pfizer reached a global settlement
of all litigation whereby Pfizer has been granted a worldwide
license to certain patents controlled by GSK relating to
recombinant RSV prefusion F protein and GSK will receive a
royalty stream on sales of Abrysvo®. The pending litigation in
the United States District Court for the District of Delaware was
dismissed on 4 April 2025. Cases pending in other
jurisdictions have also been dismissed. This matter is now
concluded.
Trelegy Ellipta
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.
Zejula
In August 2025, GSK received a paragraph IV letter from Sun
Pharmaceutical Industries Limited (“Sun”) relating to Zejula.
On 19 September 2025, GSK filed a patent infringement suit
against Sun in the United States District Court for the District of
Delaware alleging Sun’s proposed generic of Zejula infringes
GSK patents. The court has set a trial date for 24 July 2028.
Product liability
The Group is currently a defendant in a number of product
liability lawsuits.
Avandia
There are two pending US class actions (both filed in 2010) by
third-party payers which assert claims under the Racketeer
Influenced and Corrupt Organizations Act (RICO) and state
consumer protection laws. In December 2019, the Third Circuit
Court of Appeals reversed the summary judgments granted in
favour of the Group and remanded the third-party payer cases
back to district court. A hearing on certain Daubert motions
relating to experts was held on 1 February 2024. On 25
October 2024, the district court granted GSK’s motion to
exclude plaintiffs’ expert on causation, and excluded a portion
of plaintiffs’ damages expert. A hearing on plaintiffs’ motion for
class certification was held on 12 March 2025, and a hearing
on GSK’s motion for summary judgment was held on 21 April
2025. 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. The district
court has not yet ruled on GSK’s motion for summary
judgment. GSK filed a Rule 23(f) petition with the Third Circuit
seeking permission to appeal the class certification order. On
7 July 2025, the Third Circuit accepted the appeal. Briefing is
complete, and oral argument was held on 26 February 2026.
The district court has stayed the proceedings pending the
outcome of the appeal.
Legacy Talc Products in the US
The Group is defending product liability actions in the United
States regarding legacy products that were divested by the
Group many years ago. Most of the lawsuits are filed against
multiple defendants. The vast majority of cases generally
allege that plaintiffs were exposed to asbestos-contaminated
talc and developed mesothelioma as a result of use of the
products.
GSK is vigorously defending these claims. It has achieved
resolution and dismissal of a number of such claims. As of 31
December 2025, there were approximately 830 ongoing
product liability actions pending in various state courts. To
date, no cases have proceeded to trial.
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Zantac
The Group has been named in product liability lawsuits on
behalf of individuals asserting personal injury claims arising
out of the use of Zantac. The federal cases are part of a
Multidistrict Litigation (MDL) proceeding in the United States
District Court for the Southern District of Florida that is pending
appeal in the United States Court of Appeals for the Eleventh
Circuit. Cases have also been filed in a number of state courts,
the majority of which are in Delaware.
As previously disclosed, on 9 October 2024 GSK reached
agreements to resolve 93 % (approximately 80,000 claimants)
of the Zantac state court product liability cases pending
against GSK in the United States. Since that time, the vast
majority of the remaining cases have been resolved or been
dismissed such that 13 state court cases remain.
On 9 October 2024, GSK also reached an agreement in
principle to pay a total of $70 million to resolve the Zantac qui
tam complaint previously filed by Valisure. Both the
Department of Justice and the participating State Attorneys
General approved the agreement which was signed on 3 April
2025. The qui tam complaint has been dismissed.
On 10 July 2025, the Delaware Supreme Court issued its
decision, reversing the lower court’s decision and concluding
that plaintiffs did not establish that their experts’ opinions are
admissible. After the Delaware Supreme Court issued its
decision, GSK and other defendants filed a motion for
summary judgment. Plaintiffs then filed a motion to allow
supplemental expert disclosures. A hearing on both motions
was held on 23 October 2025. On 1 December 2025, the
Delaware Superior Court issued its ruling denying plaintiffs’
motion for supplemental expert disclosures. The Superior
Court requested additional 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. GSK remains confident in its
position and will continue to vigorously defend against those
appeals.
Outside the US, there are two proposed class actions pending
against GSK in Ontario and Quebec, Canada along with a
class action in Israel. The Ontario action is in the process of
being discontinued, and the Quebec action remains dormant.
The parties have reached a settlement in the Israel class
action and are in the process of seeking final court approval,
which is expected in H2 2026 or Q1 2027. There are also
approximately 120 individual actions that have been filed in
Canada.
On 20 March 2020, the New Mexico Attorney General filed a
lawsuit against multiple defendants, including the Group,
alleging violations of state consumer protection and false
advertising statutes, among other claims. On 11 November
2020, the Mayor & City of Baltimore filed an action against the
Group alleging that Zantac increased the risk of cancer and/or
caused cancer in Baltimore patients, and that the Group failed
to warn of or concealed those risks. GSK has resolved both
the New Mexico Attorney General and the Mayor & City of
Baltimore actions.
On 4 February 2025, a putative securities class action lawsuit
was filed in the US District Court for the Eastern District of
Pennsylvania against GSK and certain officers on behalf of
purchasers of GSK publicly traded securities during the period
5 February 2020 through 14 August 2022. The complaint
alleges that defendants made materially false and/or
misleading statements or omissions with regard to Zantac. On
7 July 2025, plaintiffs filed an amended complaint, removing
one of the GSK individually named defendants and changing
the class period to 5 February 2020 through 12 August 2022.
GSK filed a motion to dismiss the amended complaint. On 4
March 2026, the Court granted GSK’s motion and dismissed
plaintiffs’ amended complaint with prejudice.
Zofran
The Group was a defendant in over 400 product liability cases
involving Zofran pending in a Multidistrict Litigation (MDL)
proceeding in the District of Massachusetts. The cases
alleged that children suffered birth defects due to their
mothers’ ingestion of Zofran and/or generic ondansetron for
pregnancy- related nausea and vomiting. Plaintiffs asserted
that the Group sold Zofran knowing it was unsafe for pregnant
women, failed to warn of the risks and illegally marketed Zofran
“off-label” for use by pregnant women.
On 1 June 2021, the MDL Court granted the Group’s motion
for summary judgment on federal pre-emption grounds. The
Court found that the FDA was fully informed of all relevant
safety information regarding Zofran and had repeatedly
rejected any attempt to add a birth defect warning to the label.
At that time, the Court granted judgment for the Group in all
cases pending in the MDL (approximately 431 cases) and
closed the MDL proceeding. Plaintiffs appealed this decision
and, on 9 January 2023, the United States Court of Appeals for
the First Circuit affirmed the district court’s decision in favour of
the Group.
The one remaining state court case was voluntarily dismissed
by the plaintiff in July 2025. Three of the four proposed class
actions in Canada have been discontinued. The last remaining
class action is not currently active, and is also expected to be
discontinued.
Sales and marketing and regulation
The Group’s marketing and promotion of its Pharmaceutical
and Vaccine products are the subject of certain governmental
investigations and private lawsuits brought by litigants under
various theories of law.
Flovent – Arizona Attorney General
On 6 February 2025, the Arizona Attorney General filed a
lawsuit in Arizona state court alleging violation of the state
consumer protection statute. The lawsuit alleges that GSK
engaged in deceptive and unfair practices with respect to
Flovent. GSK removed the case to federal court and filed a
motion to dismiss. The plaintiff filed a motion to remand the
case to state court. On 26 August 2025, the federal court
remanded the case to state court, finding that the case did not
state a federal claim over which the court had subject-matter
jurisdiction, but did not rule on GSK’s pending motion to
dismiss. The state court heard oral argument on the motion to
dismiss on 23 January 2026.
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GSK Korea – Proceedings under Fair Trade Laws
In August 2020, GSK Korea was indicted under Korea’s
Monopoly Regulation and Fair Trade laws in relation to
government tenders of HPV (Cervarix) and PCV (Synflorix)
vaccines in 2018 and 2019. The prosecutor alleged that GSK
Korea, through the actions of at least one of its employees,
interfered with the tender process under the National
Immunisation Programme by using “straw bidders”.
A former GSK Korea employee was also charged in his
individual capacity by the prosecutor in relation to the same
matter. Further, a number of wholesalers were co-defendants
in the proceedings. On 1 February 2023, the court rendered a
guilty verdict in respect of all defendants. GSK Korea was
fined KRW70 million which is approximately £45,000 . In July
2024, the appellate court rendered a not-guilty verdict for all
defendants, overturning the lower court’s decision. In
December 2025, the Korea Supreme Court affirmed the
appellate court’s decision. This matter is now concluded.
US electronic health records subpoena
On 19 March 2023, the Group received a subpoena from the
United States Attorney’s Office for the Western District of
Virginia, which is working with the United States Department of
Justice Civil Division, seeking documents relating to the
Group’s electronic health record programmes. The Group
cooperated with the enquiry.
Senate HELP Enquiry
The Group received a letter dated 8 January 2024 from
majority members of the US Senate Health, Education, Labor
and Pensions (“HELP”) Committee initiating an investigation
into the pricing of inhalers for the treatment of asthma and
COPD. The letter is similar to letters received by a number of
other pharmaceutical companies and requests information on
pricing, research in the treatment of respiratory diseases,
patenting and business practices. The Group cooperated with
the enquiry.
Anti-trust/competition
Certain governmental actions and private lawsuits have been
brought against the Group alleging violation of competition or
anti-trust laws.
Lamictal
Purported classes of direct purchasers filed suit in 2012 in the
US District Court for the District of New Jersey alleging that the
Group and Teva Pharmaceuticals unlawfully conspired to
delay generic competition for Lamictal, resulting in
overcharges to the purchasers, by entering into an allegedly
anti-competitive reverse payment settlement to resolve patent
infringement litigation. A separate count accuses the Group of
monopolising the market.
On 13 December 2018, the trial judge granted plaintiffs’ class
certification motion, certifying a class of direct purchasers. The
Group filed a Rule 23(f) motion in the Court of Appeals for the
Third Circuit, challenging the class certification decision. On
22 April 2020, the Court of Appeals vacated the lower court’s
grant of class certification and remanded the issue back to the
lower court for further analysis.
On 9 October 2020, the district court heard argument on
plaintiffs’ renewed motion for class certification after remand.
On 9 April 2021, the district court denied plaintiffs’ motion for
class certification of the putative direct purchaser class,
leaving a potential class of brand-only purchasers. Plaintiffs
moved to supplement their expert report and seek additional
discovery to support the addition of certain generic
purchasers. On 21 January 2022, the district court denied
plaintiffs’ motion to supplement their expert report and seek
additional discovery and held that the issue of generic
purchasers had already been decided and denied in the
court’s ruling on decertification. The parties conducted briefing
on class certification as to the remaining brand-only
purchasers, with plaintiffs also seeking to add a smaller
category of purchasers.
On 1 February 2023, the district court denied plaintiffs’
renewed class certification motion. A series of follow-on
complaints have been filed in the US District Court for the
Eastern District of Pennsylvania by groups of alleged
purchasers. The cases have been consolidated with the
previously pending case in the District of New Jersey.
Discovery is ongoing.
Commercial and corporate
The Group is involved in certain contractual and/or commercial
disputes.
Tesaro, Inc. v. AnaptysBio
On 20 November 2025, GSK subsidiaries Tesaro, Inc., and
Tesaro Development, Ltd. (collectively, “Tesaro”) initiated
litigation against AnaptysBio, Inc. in the Delaware Chancery
Court. This action seeks a declaration that Tesaro has not
breached the Collaboration and Exclusive License Agreement
(the “Agreement”) among the parties and that AnaptysBio
engaged in conduct that constituted an anticipatory breach of
the Agreement with respect to the oncology treatment Jemperli
(dostarlimab). AnaptysBio filed a lawsuit against Tesaro and
GSK later the same day, in the same court, asserting claims
that Tesaro materially breached certain provisions of the
Agreement or the implied covenant of good faith and fair
dealing, and that GSK tortiously interfered with the contract by
inducing Tesaro’s alleged breaches. Trial is currently set for
14-17 July 2026. AnaptysBio filed a partial motion to dismiss
seeking dismissal of Tesaro’s anticipatory breach of contract
claim, which motion was heard by the court on 4 March 2026.
GSK and Tesaro intend to vigorously defend against
AnaptysBio’s allegations.
Zejula royalty dispute
In October 2012, Tesaro, Inc. (now a wholly owned subsidiary
of GSK) entered into two worldwide patent license agreements
with AstraZeneca UK Limited related to niraparib (later
approved as Zejula). In May 2021, AstraZeneca filed a lawsuit
against Tesaro in the High Court, England and Wales alleging
that Tesaro failed to pay some of the royalties due under the
license agreements. Tesaro has counterclaimed based on a
calculated overpayment. Trial was held the week of 6 March
2023 and judgment was entered against the Group on 5 April
2023. On 9 February 2024 the Court of Appeal ruled in the
Group’s favour, overturning the trial court’s judgment and
determining that only Zejula sales for uses falling within the
licensed patents could be deemed royalty-bearing.
AstraZeneca requested permission to appeal and on 28 May
2024, the UK Supreme Court rejected AstraZeneca’s request.
The appropriate quantum of royalties following the Court of
Appeal’s judgement may be the subject of further
proceedings.
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47. Post balance sheet events |
On 19 January 2026, GSK reached an 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). The carrying amount of the liability was £822 million
as at 31 December 2025.
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 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 upfront investment is approximately
$1.9 billion. The transaction was subject to customary closing conditions, including the applicable waiting period under the Hart-
Scott-Rodino Act in the US, and subsequently closed on 3 March 2026. Given the timing of the closure of the transaction, GSK
expects to disclose the provisional accounting for the acquisition in the Q1 2026 Results Announcement.
On 25 February 2026, GSK announced that it has entered an agreement to acquire 100 % of the equity of 35Pharma Inc., a
Canada-based, private, clinical-stage biopharmaceutical company specialised in the development of novel protein-based
therapeutics. The acquisition includes HS235, a potential best-in-class investigational medicine that has completed phase I
healthy volunteer clinical trials with studies to start imminently in pulmonary arterial hypertension (PAH) and pulmonary
hypertension due to heart failure with preserved ejection fraction (PH-HFpEF). The transaction is subject to customary conditions,
including applicable regulatory agency clearances under the Hart-Scott-Rodino Act in the US and the Competition Act in Canada,
along with a filing under the Investment Canada Act. Under the terms of the agreement, US$950 million is payable in cash at
253
GSK 2025 Annual Report on Form 20-F | |||||||||||
Investor
information
In this section | ||||
Number of employees | 254 | Insider Trading Policies | 279 | |
Pharmaceutical products and intellectual property | 258 | Cyber security | 279 | |
Vaccine products and intellectual property | 259 | Code of Ethics | 280 | |
Risk Factors | 260 | Supplemental Guarantor Information | 280 | |
Share capital and control | 269 | Remuneration Policy | 280 | |
Dividends | 271 | Principal Accountant Fees and Services | 282 | |
Financial calendar 2026 | 272 | Shareholder services and contacts | 283 | |
Annual General Meeting 2026 | 272 | US law and regulation | 284 | |
Tax information to shareholders | 273 | Report of Independent Registered Public Accounting Firm | 286 | |
Additional information | Corporate governance comparison | 287 | ||
Articles of association of GSK plc | 275 | Group companies | 288 | |
Material contracts | 277 | Glossary of terms | 296 | |
American depository shares | 278 | Index | 299 |
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Number of employees |
Number of employees | 2025 | 2024 | 2023 | ||
US | 11,807 | 12,024 | 12,205 | ||
Europe | 31,518 | 32,208 | 32,675 | ||
International | 23,516 | 24,397 | 25,332 | ||
66,841 | 68,629 | 70,212 | |||
Manufacturing | 21,923 | 23,082 | 23,159 | ||
Selling | 24,631 | 25,047 | 26,193 | ||
Administration | 7,469 | 7,806 | 7,888 | ||
Research and development | 12,818 | 12,694 | 12,972 | ||
66,841 | 68,629 | 70,212 |
The geographic distribution of employees in the table above is based on the location of GSK’s subsidiary companies. The
number of employees is the number of permanent employed staff at the end of the financial period. It excludes those employees
who are employed and managed by GSK on a contract basis.
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Pipelines, products and intellectual property | |||||||||||
Pharmaceuticals and Vaccines product development pipeline |
Key | † | In-license or other alliance relationship with third party |
^ | ViiV Healthcare, a global specialist HIV company with GSK, Pfizer, Inc. and Shionogi Limited as shareholders, is responsible for developing and delivering HIV medicines* | |
BLA | Biological Licence Application | |
MAA | Marketing Authorisation Application (Europe) | |
NDA | New Drug Application (US) |
*For changes in shareholding in ViiV Healthcare, refer to Note 47
A | Approved |
S | Submitted |
Phase I | Evaluation of clinical pharmacology, usually conducted in volunteers |
Phase II | Determination of dose and initial evaluation of efficacy, conducted in a small number of patients |
Phase III | Large comparative study (compound versus placebo and/or established treatment) in patients to establish clinical benefit and safety |
MAA and NDA/BLA regulatory review milestones shown in the table below are those that have been achieved. Future filing dates
are not included in this list.
Achieved regulatory review milestones | |||||
Compound | Mechanism of Action/Vaccine Type | Indication | Phase | MAA | NDA/BLA |
Respiratory Immunology and Inflammation | |||||
Exdensur (depemokimab)† | Long-acting anti-interleukin 5 (IL5) antibody | Asthma | Approved | A: 1Q26 | A: 4Q25 |
Chronic rhinosinusitis with nasal polyps (CRSwNP) | Approved | A: 1Q26 | |||
Chronic obstructive pulmonary disease (COPD) | Phase III | ||||
Eosinophilic granulomatosis with polyangiitis (EGPA) | Phase III | ||||
Hypereosinophilic syndrome (HES) | Phase III | ||||
Nucala (mepolizumab) | Anti-interleukin 5 (IL5) antibody | Chronic obstructive pulmonary disease (COPD) | Approved | A: 1Q26 | A: 2Q25 |
linerixibat | Ileal bile acid transporter (IBAT) inhibitor | Cholestatic pruritus in primary biliary cholangitis (PBC) | Registration | S: 2Q25 | S: 2Q25 |
camlipixant | P2X3 receptor antagonist | Refractory chronic cough (RCC) | Phase III | ||
efimosfermin alfa† | Fibroblast growth factor 21 (FGF21) analog | Metabolic dysfunction-associated steatohepatitis (MASH) | Phase III | ||
Ventolin (salbutamol) | Beta 2 adrenergic receptor agonist | Asthma, low carbon version of metered dose inhaler | Phase III | ||
Benlysta (belimumab) | Anti-B lymphocyte stimulator (BLys) monoclonal antibody | Systemic sclerosis associated interstitial lung disease | Phase II(1) | ||
Interstitial lung disease associated with connective tissue disease | Phase III | ||||
GSK4532990† | HSD17B13 RNA interference | Metabolic dysfunction-associated steatohepatitis (MASH) | Phase II | ||
Alcohol-related liver disease (ALD) | Phase II | ||||
GSK5784283† | Long-acting anti-thymic stromal lymphopoietin (TSLP) monoclonal antibody | Asthma | Phase II | ||
nivisnebart† | Anti-sortilin monoclonal antibody | Alzheimer’s disease | Phase II | ||
GSK3862995 | Anti-interleukin 33 (IL33) antibody | Chronic obstructive pulmonary disease (COPD) | Phase I | ||
GSK4347859 | Interferon pathway modulator | Systemic lupus erythematosus | Phase I | ||
Brand names appearing in italics are trade marks owned by or licensed to the GSK group of companies.
(1)In Phase II/III study.
(2)In Phase I/II study
(3)GSK has an exclusive global license option to co-develop and commercialise the candidate.
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Pipelines, products and intellectual property continued Pharmaceuticals and Vaccines product development pipeline continued | |||||||||||
Achieved regulatory review milestones | |||||
Compound | Mechanism of Action/Vaccine Type | Indication | Phase | MAA | NDA/BLA |
Respiratory Immunology and Inflammation continued | |||||
GSK4527363 | B-cell modulator | Systemic lupus erythematosus | Phase I | ||
GSK4528287† | Anti IL23-IL18 bispecific antibody | Inflammatory bowel disease | Phase I | ||
GSK4771261 | Monoclonal antibody against novel kidney target | Autosomal dominant polycystic kidney disease | Phase I | ||
GSK5926371† | Anti CD19-CD20-CD3 trispecific antibody | Autoimmune disease | Phase I | ||
GSK6582701† | PDE3/4 inhibitor | Chronic obstructive pulmonary disease (COPD) | Phase I | ||
GSK6759821† | siRNA for novel target | Chronic obstructive pulmonary disease (COPD) | Phase I | ||
Oncology | |||||
Blenrep (belantamab mafodotin)† | ADC targeting B-cell maturation antigen | 2L+ Multiple myeloma combination with Pomalyst and dexamethasone | Approved | A: 2Q25 | A: 3Q25 (3L) |
2L+ Multiple myeloma combination with Velcade and dexamethasone | Approved | A: 2Q25 | |||
1L Multiple myeloma combination with Revlimid and dexamethasone | Phase III | ||||
Newly diagnosed amyloid light chain amyloidosis | Phase II | ||||
1L Multiple myeloma combination with Velcade, Revlimid and dexamethasone | Phase I | ||||
Jemperli (dostarlimab)† | Anti-programmed cell death protein 1 receptor (PD-1) antibody | Peri-operative dMMR/MSI-H colon cancer | Phase III | ||
Unresected head and neck squamous cell carcinoma | Phase III | ||||
1L Endometrial cancer | Phase III | ||||
Neoadjuvant dMMR/MSI-H rectal cancer | Phase II | ||||
Previously untreated MMRp/MSS colon cancer | Phase II | ||||
risvutatug rezetecan† | ADC targeting B7-H3 | Extensive-stage small-cell lung cancer | Phase III | ||
PanGI | Phase I(2) | ||||
Solid tumours | Phase I(2) | ||||
velzatinib† | KIT inhibitor | Gastrointestinal stromal tumours (GIST) | Phase III | ||
Zejula (niraparib)† | Poly (ADP-ribose) polymerase (PARP) 1/2 inhibitor | Newly diagnosed glioblastoma multiforme | Phase III | ||
Ojjaara/Omjjara (momelotinib)† | JAK1, JAK2 and ACVR1 inhibitor | Myelodysplastic syndrome | Phase II | ||
Myelofibrosis | Phase II | ||||
belantamab | B-cell maturation antigen binder | Multiple myeloma | Phase I | ||
GSK5458514† | PSMAxCD3 T-cell engager | Prostate cancer | Phase I(2) | ||
GSK5460025 | Nucleotide excision repair targeting agent | Solid tumours | Phase I(2) | ||
mocertatug rezetecan† | ADC targeting B7-H4 | Gynaecologic malignancies | Phase I | ||
Gynaecologic malignancies combination with anti cancer therapies | Phase I | ||||
XMT-2056 (wholly owned by Mersana Therapeutics)†(3) | STING agonist ADC | Cancer | Phase I | ||
Brand names appearing in italics are trade marks owned by or licensed to the GSK group of companies.
(1)In Phase II/III study.
(2)In Phase I/II study
(3)GSK has an exclusive global license option to co-develop and commercialise the candidate.
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Pipelines, products and intellectual property continued Pharmaceuticals and Vaccines product development pipeline continued | |||||||||||
HIV^ | |||||
cabotegravir | HIV integrase inhibitor | HIV treatment | Phase II | ||
VH3810109† | HIV broadly neutralising antibody | HIV treatment | Phase II | ||
VH4011499 | HIV capsid protein inhibitor | HIV treatment | Phase II | ||
VH4524184† | HIV integrase inhibitor | HIV treatment | Phase II | ||
VH4527079 | HIV entry inhibitor | HIV treatment | Phase I | ||
Infectious Diseases | |||||
Arexvy (RSV vaccine)† | Recombinant protein, adjuvanted vaccine | Respiratory syncytial virus prophylaxis, adults 18-49 years of age at increased risk | Approved | A: 1Q26 | S: 2Q25 |
Bluejpa (gepotidacin)† | Triazaacenaphthylene bacterial type II topoisomerase inhibitor | Uncomplicated urinary tract infection (uUTI) | Approved | A: 1Q25 | |
Urogenital gonorrhoea (GC) | Approved | A: 4Q25 | |||
Penmenvy (Men ABCWY 1st Gen) | Recombinant protein, outer membrane vesicle, glycoconjugate vaccine | MenABCWY, 1st Gen | Approved | A: 1Q25 | |
tebipenem pivoxil† | Antibacterial carbapenem | Complicated urinary tract infection (cUTI) | Registration | S: 4Q25 | |
bepirovirsen† | HBV antisense oligonucleotide | Chronic hepatitis B virus infection | Phase III | ||
Human immunodeficiency virus (HIV)/hepatitis B virus (HBV) co-infection | Phase II | ||||
Bexsero vaccine | Recombinant protein and outer membrane vesicle vaccine | Meningitis B (infants US) | Phase III | ||
Varicella new seed† | Live, attenuated vaccine | Varicella | Phase III | ||
alpibectir† | Ethionamide booster | Tuberculosis | Phase II | ||
ganfeborole† | Leucyl t-RNA synthetase inhibitor | Tuberculosis | Phase II | ||
iNTS (S. typhimurium + S. enteritidis + S.typhi)† | Bivalent Generalized Modules for Membrane Antigens (GMMA) vaccine and typhoid conjugate vaccine (TCV) | Invasive non-typhoidal salmonella and typhoid fever | Phase II | ||
mRNA Seasonal Flu† | mRNA vaccine | Seasonal flu | Phase II | ||
mRNA COVID-19† | mRNA vaccine | COVID-19 | Phase II | ||
Measles, mumps, rubella & varicella new seed | Live, attenuated vaccine | Measles, mumps, rubella, and varicella | Phase II | ||
Urinary tract infection (UTI) | Adjuvanted recombinant subunit vaccine | Urinary tract infection (UTI) | Phase II(2) | ||
mRNA Flu H5N1 pre- pandemic† | mRNA vaccine | Influenza A virus H5N1 | Phase II(2) | ||
daplusiran + tomligisiran† | Hepatitis B virus-targeted siRNA sequential combination | Chronic hepatitis B virus infection | Phase II | ||
GSK3772701† | P. falciparum whole cell inhibitor | Malaria | Phase I | ||
GSK3882347† | FimH antagonist | Uncomplicated urinary tract infection (uUTI) | Phase I | ||
GSK3923868 | PI4K beta inhibitor | Rhinovirus disease | Phase I | ||
GSK3965193 | PAPD5/PAPD7 inhibitor | Chronic hepatitis B virus infection | Phase I | ||
GSK4024484† | P. falciparum whole cell inhibitor | Malaria | Phase I | ||
GSK4424989† | Recombinant/glycoconjugate vaccine | Group A streptococcal infections | Phase I | ||
GSK5251738† | TLR8 agonist | Chronic hepatitis B virus infection | Phase I | ||
Pneumococcal 30+ valent - adults† | MAPS Pneumococcal 30+ valent adults | Pneumococcal disease | Phase I | ||
mRNA Seasonal Flu/ COVID-19† | mRNA vaccine | Seasonal flu and COVID-19 | Phase I(2) | ||
Brand names appearing in italics are trade marks owned by or licensed to the GSK group of companies.
(1)In Phase II/III study.
(2)In Phase I/II study
(3)GSK has an exclusive global license option to co-develop and commercialise the candidate.
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Pipelines, products and intellectual property continued | |||||||||||
Pharmaceutical products and intellectual property |
Patent expiry dates1 | ||||
Products | Compounds | Indication(s) | US | EU |
Specialty Medicines and Intellectual Property | ||||
HIV | ||||
Apretude | cabotegravir | HIV prevention | 2031 2026-2031 | 2031 2031 |
Cabenuva/Vocabria + Rekambys | cabotegravir, rilpivirine | HIV/AIDS | 2031 2026-2038 | 2031 2031 |
Rukobia | fostemsavir | HIV/AIDS | 2029 2027 | expired 2034 |
Dovato | dolutegravir, lamivudine | HIV/AIDS | 2028 2030-2031 | 2029 2029-2034* |
Juluca | dolutegravir, rilpivirine | HIV/AIDS | 2028 2030-2038 | 2029 2026-2030 |
Triumeq | dolutegravir, lamivudine and abacavir | HIV/AIDS | 2028 2030 | 2029 2029 |
Tivicay | dolutegravir | HIV/AIDS | 2028 2030 | 2029 2029 |
Respiratory/Immunology | ||||
Exdensur | depemokimab | Severe Asthma | 2039* 2039 | 2038 2041 |
Benlysta, Benlysta (SC and IV) | belimumab | Systemic lupus erythematosus, lupus nephritis | expired 2029- 2035 | 2026 2035 |
Nucala | mepolizumab | Asthma, CRSwNP, EGPA, HES | 2029-2036 | 2028- 2036 |
Oncology | ||||
Blenrep | belantamab mafodotin | Relapsed/refractory multiple myeloma | 2034* 2032-2038 | 2032 |
Jemperli | dostarlimab | dMMR/MSI-H recurrent/ advanced endometrial cancer, dMMR solid tumours | 2035* 2034-2038 | 2036 2038 |
Ojjaara/Omjjara | momelotinib | Myelofibrosis in patients with anaemia | 2035* 2035-2040 | 2028 2039 |
Zejula | niraparib | Ovarian cancer | 2031 2027-2039 | 2032 2029-2037 |
Pandemic | ||||
Xevudy | sotrovimab | Early treatment of COVID-19 | 2041 2041 | 2041 |
General Medicines and Intellectual Property | ||||
Blujepa | gepotidacin | Uncomplicated UTI, Uncomplicated Gonorrhoea | 2034* 2035 | 2028 2035-2040 |
Anoro Ellipta | umeclidinium bromide/vilanterol trifenatate | COPD | 2027 2027-2031 | 2029 2026-2030 |
Flixotide/Flovent | fluticasone propionate | Asthma | 2026 | expired |
Relvar/Breo Ellipta | fluticasone furoate/vilanterol trifenatate | Asthma, COPD | expired 2027-2031 | 2028 2026-2029 |
Seretide/Advair | salmeterol xinafoate/fluticasone propionate | Asthma, COPD | 2026 | expired |
Trelegy Ellipta | fluticasone furoate/vilanterol trifenatate/ umeclidinium bromide | COPD, asthma | 2027 2027-2031 | 2029 2026-2032 |
Ventolin | salbutamol sulphate | Asthma, COPD | 2026 | expired |
(1)Patent expiry dates (which include patent applications for which a notice of allowance has been received) in normal text relate to the latest expiring new
molecular entity patents in the relevant territory. Patent expiry dates in italics relate to other patents. Where appropriate, unless otherwise indicated all
patent expiry dates include granted Patent Term Extensions in the US, granted Supplementary Protection Certificates in EU, and Paediatric Exclusivity
periods. Additional exclusivities (for example regulatory data protection) may exist but are not listed in the table. (* = date includes pending PTE in US or
SPC in EU)
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Pipelines, products and intellectual property continued | |||||||||||
Vaccines and Intellectual Property |
Patent expiry dates1 | ||||
Products | Compounds | Indication(s) | US | EU |
Arexvy | respiratory syncytial virus vaccine | Respiratory syncytial virus vaccination | 2030 | 2032 |
Bexsero | meningococcal group-B vaccine | Meningitis group B prophylaxis | 2027 | 2028 |
Boostrix | diphtheria, tetanus, acellular pertussis | Diphtheria, tetanus, acellular Pertussis booster vaccination | expired | expired |
Infanrix/Pediarix | diphtheria, tetanus, pertussis, polio, hepatitis B, Haemophilus influenzae type B (EU) | Prophylaxis against diphtheria, tetanus, pertussis, polio, hepatitis B, Haemophilus influenzae type B (EU) | expired | expired |
Cervarix | HPV 16 & 18 virus like particles (VLPs), AS04 adjuvant (MPL + aluminium hydroxide) | Human papilloma virus type 16 and 18 | Not marketed in US | expired |
Fluarix | split inactivated influenza antigens (2 virus subtypes A and 2 subtype B) | Seasonal influenza prophylaxis | expired | expired |
FluLaval | split inactivated influenza antigens (2 virus subtypes A and 2 subtype B) | Seasonal influenza prophylaxis | expired | expired |
Menveo | meningococcal group A, C, W-135 and Y conjugate vaccine | Meningitis group A, C, W-135 and Y prophylaxis | expired | expired |
Penmenvy | meningococcal group B proteins + meningococcal group A, C, W-135 and Y conjugates | Meningitis group A, B, C, W-135 and Y prophylaxis | 2030 | 2028 |
Priorix, Priorix Tetra, Varilrix | live attenuated MMR, Varicella and MMRV vaccines | Measles, mumps, rubella and chickenpox prophylaxis | expired | expired |
Rotarix | human rotavirus RIX4414 strain | Rotavirus prophylaxis | expired | expired |
Synflorix | conjugated pneumococcal polysaccharide | Prophylaxis against invasive disease, pneumonia, acute otitis media | Not marketed in US | 2026 |
Shingrix | zoster vaccine recombinant, adjuvanted | Herpes zoster (shingles) | 2029 | 2031 |
(1)Patent expiry dates in normal text relate to the latest expiring new molecular entity patents in the relevant territory. Where appropriate, unless otherwise
indicated all patent expiry dates include granted Patent Term Extensions in the US, granted Supplementary Protection Certificates in EU, and Paediatric
Exclusivity periods. Additional exclusivities (for example regulatory data protection) may exist but are not listed in the table.
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Risk Factors | |||||||||||
We outline below the principal risks and uncertainties
relevant to our business, financial condition and operations
that may affect our performance and ability to achieve our
objectives. These are the risks that we believe could cause
our actual results to differ materially from expected and
historical results.
We must comply with a broad range of laws and
regulations which apply to the research and development
(R&D), manufacturing, testing, approval, distribution, sales
and marketing of pharmaceutical and vaccine products.
These affect the cost of product development, the time
required to reach the market and the likelihood of doing so
successfully on an uninterrupted basis.
As rules and regulations change, government interpretation
and policy evolves, and our business activities develop,
the nature of a particular risk may also alter. Changes to
regulatory regimes may be substantial. Any alteration in,
and failure to comply with, applicable laws and regulations
could materially and adversely affect our financial results.
Similarly, our global business exposes us to litigation and
government investigations, including product liability
litigation, patent and antitrust litigation and sales and
marketing litigation.
Litigation and government investigations, and the related
provisions we may make for unfavourable outcomes and
increases in related costs, such as insurance premiums,
could also materially and adversely affect our financial
results.
Detail on the status and various uncertainties in our
significant unresolved disputes and potential litigation is
set out in Note 46. ‘Legal proceedings’ on page 248.
Patient safety |
Risk definition
The risk that GSK, including our third parties, fails to
appropriately collect, assess, follow up, or report human safety
information, including adverse events, from all potential
sources or that GSK potentially fails to appropriately act on any
relevant findings that may affect the benefit-risk profile of a
medicine or vaccine in a timely manner.
Risk impact
We will not tolerate an unfavourable benefit-to-risk profile for
patients who use our products. The most important
consequence of ineffective pharmacovigilance is the potential
for harm to patients. We maintain stringent procedures for
managing human safety information, conducting timely safety
signal detection and ensuring appropriate measures are in
place to manage risks to patients. We are dedicated to
adhering fully to pharmacovigilance and other relevant
regulations globally. Failure to comply could lead to inspection
findings, regulatory scrutiny, civil or criminal sanctions and
either temporary or permanent revocation of product
marketing authorisation. We regularly review and respond to all
patient safety risks to limit the potential for reputational
damage, loss of trust from patients and healthcare providers,
product-related litigation, and reduced shareholder
confidence.
Information sources which are not based on robust scientific
research, including publications, media coverage, social
media and AI tools have increased. This could lead to more
critical reports related to our products. Such information and
reports, as well as poor management of patient safety risks
generally, could lead to harm to our reputation, reduced trust
from patients and healthcare providers, a decline in
shareholder confidence, as well as increased regulatory
scrutiny. It could also increase the number of product-related
legal cases, including class-action lawsuits, which we and our
industry encounter.
Context
We are accountable for protecting patients and participants in
clinical trials from harm, whether they are receiving our
marketed medicines and vaccines or ones that are in
development. An unforeseen event that unfavourably shifts the
benefit-to-risk profile is unlikely but cannot be fully discounted.
We cannot predict all circumstances impacting safety and
efficacy that could result in harm to patients, regulatory action
or litigation. We operate in a complex and restrictive
pharmacovigilance regulatory environment, complicated by
differing requirements among regulatory agencies. In some
instances, regulatory agencies take decisions on the safety of
medicines and vaccines based on externally available data
that may not be accessible to the marketing authorisation
holder. This could hinder our ability to make prompt decisions
and take appropriate action in relation to the safety of our
products, or to confirm or refute conclusions asserted by
external parties. This issue could extend to next-generation
digital health data held by tech companies or other data
custodians, which may be inaccessible to our industry and/or
regulatory agencies.
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Risk Factors continued | |||||||||||
Product quality |
Risk definition
The risk that GSK or its third parties potentially fail to ensure
appropriate controls and governance of quality for
development and commercial products are in place;
compliance with industry practices and regulations in
manufacturing and distribution activities; and terms of GSK
product licenses and supporting regulatory activities are met.
Risk impact
A failure to ensure product quality could have implications for
patient safety; cause product launch delays, drug shortages or
product recalls; and have regulatory, legal, and financial
consequences. These could materially and adversely affect
GSK’s reputation and financial results.
Context
The external environment for product quality remains
challenging, shaped by geopolitical instability; economic
volatility driven by new trade policies; an increased focus on
inspections throughout the supply chain; the accelerating
integration of AI and other technologies; and new and evolving
legislation and regulatory guidance. Combined, these factors
create a broad spectrum of challenges for our global sites and
teams. The threat of cyber-attacks and data breaches across
the industry could risk the integrity of product quality data.
Attracting and retaining key specialised skills to deliver
product quality and digital innovation is challenging in a highly
competitive environment.
Pipeline delivery |
Risk definition
The risk that GSK fails or has delays in the delivery of our
pipeline of new medicines, vaccines or other products.
Risk impact
If we do not maintain strong controls and governance over
pipeline delivery risk, we may face delays in launching new
products. This could limit our ability to bring new medicines
and vaccines to patients. It may also harm our reputation,
affect our financial results, and hinder our progress toward our
strategy.
Context
Advancing new products and expanding uses for existing
medicines and vaccines is essential to our strategy. However,
pipeline delivery faces growing risks from complex regulations,
shifting pricing and access pressures, increased scrutiny from
payers (e.g., insurance companies, governments, pharmacy
benefit managers, and patients), and expectations around
responsible business conduct. Rapid changes in healthcare
needs, competitive dynamics, and scientific advances add
further uncertainty and cost to bringing innovative therapies to
market. To address these external challenges, it is essential to
continually replenish the pipeline. The pharmaceutical and
vaccine landscape is also shaped by frequent shifts in patient
expectations and competition, with loss of exclusivity and
market erosion amplifying risks. Regulatory changes and
payer demands can significantly affect the speed and success
of product launches. Moreover, the development and
regulatory approval of new products may be delayed due to
limits on relevant authorities’ budgets.
Scientific and technological advances are rapidly changing
how medicines and vaccines are developed and delivered.
Close collaboration between the biopharma sector and
government agencies is crucial for building regulatory
frameworks that support innovation, trust and transparency in
light of rapid technological progress. As we invest in data-
driven technologies, including AI and advanced platforms to
improve R&D speed and effectiveness, we also recognise that
these are newly emerging technologies and therefore may
require some experimentation, time and effort before full
impact is realised.
Adopting new technologies and forming strategic partnerships
are essential for improving R&D efficiency and pipeline
delivery. Securing external innovation through licensing,
mergers, and acquisitions is also vital for accessing advanced
technologies and promising drug candidates. However,
competition among companies for the most attractive
opportunities continues to intensify, which may hinder our
ability to secure external assets that support pipeline delivery.
Furthermore, there is a risk that we could misjudge the risks or
value of business development transactions based on the
information available at the time, potentially affecting our
pipeline growth, operational performance, or financial
outcomes.
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Risk Factors continued | |||||||||||
Financial controls and reporting |
Risk definition
The risk that GSK fails to comply with current tax laws; fails to
report accurate financial information in compliance with
accounting standards and applicable legislation; or incurs
significant losses due to treasury activities.
Risk impact
Non-compliance with financial, ESG or disclosure
requirements, or deficiencies in internal controls during finance
transformation and digital integration, could result in regulatory
action, litigation and reputational harm and could materially
and adversely affect our financial results. Transitional risks
from system upgrades and acquisitions, combined with gaps
in compliance culture, policy engagement or working capital
management, increase the potential for fraud, error or
inefficiency. Failures in safeguarding critical systems,
managing third-party and banking dependencies, or
overseeing data and AI risks could further lead to operational
disruption, financial loss, and loss of stakeholder confidence.
Context
Externally, geopolitical tensions, economic uncertainty, stricter
regulatory requirements, climate disruption and rapid
technological change all drive higher scrutiny and operational
complexity. Social expectations for transparency, ethical
conduct and ESG disclosure continue to rise, reinforcing the
link to reputational and compliance risks. Internally, large-scale
transformation programmes – including SAP Enterprise
Resource Planning evolution, acquisitions and digital initiatives
– create interdependencies with third parties, offshore partners
and banking counterparties. These connections heighten
exposure to data, cyber and AI risks, while making
governance, resilience and effective controls central to
sustaining our financial integrity and long-term strategic
objectives. The shift towards automation and technology-
driven processes creates both efficiency and opportunities
and risks from skills gaps, inadequate controls and evolving
compliance expectations.
Legal matters |
Risk definition
The risk that GSK or our third parties potentially fail to comply
with certain legal requirements for the development and
management of our pipeline, supply and commercialisation of
our products and operation of business, and specifically in
relation to requirements for competition law, anti-bribery and
corruption, outgoing fraud, and sanctions. Any failure to meet
compliance and legal standards for these particular areas
could lead to increasing scrutiny and enforcement from
government agencies.
Risk impact
Failure to mitigate this risk could subject GSK and associated
persons to governmental investigation, regulatory action, and
civil and criminal liability. It may hinder our ability to supply
products under certain government contracts. Moreover,
failure to manage legal risk could have substantial implications
for our reputation and the reputation of our senior leadership. It
could undermine investor confidence in our governance, risk
management and future performance, and negatively affect
share performance. It could result in substantial financial
penalties and the imposition of additional reporting obligations.
Context
The general landscape for anti-bribery and corruption,
outgoing fraud, competitive practices, and sanctions and
export controls continues to be challenging, with increased
scrutiny from government agencies. Authorities in the US and
UK are committed to investigating corporate fraud, particularly
where there is a significant impact on the public. We have
observed evolving trends in relation to sanctions, where
penalties for violations which were previously imposed, mainly
on large international banks, are now also imposed on
companies across various industries. The financial penalties in
these cases are often substantial.
Competition law is increasingly being used to tackle perceived
issues affecting access to medicine, pricing and acquisitions.
The US has amended its merger control regime, with the new
guidelines and notification form having the potential to
heighten regulatory burdens, costs and uncertainties.
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Risk Factors continued | |||||||||||
Commercial practices |
Risk definition
The risk that GSK or our third parties facing increased
pricing, access and competitive pressures potentially
engage in commercial activities that fail to comply with
laws, regulations, industry codes, and internal controls and
requirements.
Risk impact
Failure to comply with: the letter and spirit of laws; industry
regulations, including with respect to legitimate and
transparent transfers of value, pricing, trade channel activities
and business tendering; or requirements related to sales and
promotion of medicines and vaccines and proper interactions
with healthcare professionals (HCPs), healthcare
organisations, and patients, may hinder our ability to achieve
our strategic goals and long-term priorities.
Such failures could also limit understanding of our products’
risks and benefits, leading to suboptimal patient care, and
expose us to investigations, legal actions, and criminal and/or
financial penalties. Practices misaligned with our culture may
harm our reputation and weaken stakeholder trust.
Context
The biopharma industry operates under significant regulation
and is highly competitive. To meet our strategic objectives, we
need to develop commercially viable new products, maintain
reliable supply, and expand the uses for current products to
meet the needs of patients, consumers, HCPs and payers.
The external environment continues to present a range of
challenges. For example, in the US, there is increased
oversight and enforcement of laws governing direct to
consumer (DTC) pharmaceutical advertising, and increased
scrutiny on the use of social media influencers, and DTC
telehealth companies. Geopolitical events in key markets,
inflationary trends and restricted customer access are further
adding to this complexity.
The introduction of new products or indications involves
inherent financial uncertainty. Product development is an
expensive, protracted and unpredictable process, with the
possibility of setback at any stage. Even after successful
development, we can encounter challenges in launching the
product, as competitor offerings and pricing strategies may
affect our market competitiveness. We promote product
innovation through dedicated efforts in both in-person and
virtual engagement, maintaining a consistent focus on patient
needs. Upon obtaining approval for a medicine or vaccine, we
are committed to responsibly providing essential information to
the healthcare community, always adhering to legal, ethical
and professional standards.
Appropriate product promotion aims to provide HCPs with
necessary information, ensure patients and consumers have
access to relevant facts about medicines and vaccines, and
support the lawful and compliant prescription,
recommendation and use of products in healthcare settings.
Scientific and patient engagement |
Risk definition
The risk that GSK or our third parties potentially fail to engage
externally to gain insights, educate and communicate on the
science of our medicines and associated disease areas, and
provide healthcare and patient support, grants and donations
in a legitimate and transparent manner compliant with laws,
regulations, industry codes and internal controls and
requirements.
Risk impact
Without controls in place, we are exposed to the risk of
real, perceived or disguised promotion, including off-label
and prior authorisation promotion. This could lead to
reputational damage, competitor complaints, audits from
self-governing bodies, or regulatory inspections with
subsequent corrective actions or civil litigation. Such
events would be likely to increase costs, cause delays and
distract from launches.
We must fully and appropriately engage externally to bring
patient benefit, and to advance science and innovation,
while delivering our strategy. Otherwise, we risk reducing
the trust of the public, patients, HCPs, payers, regulators
and governments.
Context
Digital and technology tools continue to advance, furthering
the use of multiple channels and platforms to engage HCPs
and patients. We engage externally in complex and dynamic
disease areas and treatments.
Our scientific and patient engagement activities are non-
promotional and directed at external stakeholders such as
HCPs, patients and payers. Our engagements aim to improve
patient care through the exchange or provision of knowledge
on the use of our products and related diseases.
We expect our activities to be scientifically sound and
accurate, conducted ethically and transparently, and
compliant with applicable codes, laws and regulations. There
are many industry and local codes and laws and other
regulations that apply, including in the areas of privacy, data
integrity and pharmacovigilance.
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Data ethics and privacy |
Risk definition
The risk that GSK or our third parties potentially fail to ethically
collect; use, re-use through AI, data analytics or automation,
secure, share and destroy personal information in accordance
with laws, regulations, and internal controls and requirements.
Risk impact
We face increasing exposure to data ethics and privacy risks
due to a rapidly evolving and fragmented global regulatory
landscape. Non-compliance, whether by GSK or third parties,
could result in legal proceedings, regulatory fines, operational
restrictions, reputational damage and erosion of trust with
stakeholders. Strengthened enforcement powers of data
protection authorities, combined with new national laws
enabling collective legal actions and stricter rules on data
localisation and cross-border transfers, pose additional
challenges.
Context
The EU General Data Protection Regulation (GDPR) remains
the global standard, influencing laws worldwide, while
emerging regulations increasingly address national security
concerns tied to technologies like foreign government
surveillance. Privacy regulators' approaches differ globally,
creating challenges for organisations that are seeking to
implement a harmonised global privacy programme. Privacy
regulators continue to enforce compliance with privacy laws
rigorously. The growing emphasis on data sovereignty has led
countries to mandate local storage of personal information and
impose stringent restrictions on cross-border data transfers,
along with stricter controls around individual consent
requirements.
Research practices |
Risk definition
The risk that GSK or our third parties potentially fail to
adequately conduct ethical and credible pre-clinical and
clinical research, collaborate in research activities compliant
with laws, regulations, and internal controls and requirements.
Risk impact
The potential impacts of this risk include harm to human
subjects, reputational damage, failure to secure regulatory
approvals for our products; governmental investigation; legal
actions by governmental and private entities (including
product liability suits and claims for damages); revenue loss
due to inadequate patent protection or inability to supply our
products; and regulatory action such as fines, penalties, or
loss of product authorisation. Poor data integrity and
governance could compromise our R&D efforts and negatively
impact our reputation. Any of these could severely impact our
financial results and erode trust among patients.
Context
The external Research Practices risk exposure is increasing.
Geopolitical tensions are becoming increasingly unpredictable
and present new challenges to our industry as we contend
with not only industry-specific regulations, but broader
requirements related to national security and data sovereignty
that may disrupt R&D. Rapid technological expansion
particularly in the areas of AI and automation, present
opportunities but also exert significant competitive pressure in
the context of a disparate and evolving ethical, legal, and
regulatory landscape.
We are continually strengthening our resilience, adaptability
and forward planning to navigate the risks associated with
Research Practices. By proactively implementing and refining
a robust internal control framework, we strive to maintain a
stable and secure internal risk environment.
Human research is critical to assessing and demonstrating the
safety and efficacy of our investigational products, discovering
new products and for further evaluating our products post-
approval. This research includes clinical trials involving both
healthy volunteers and patients, and it adheres to stringent
regulations and the highest ethical, medical and scientific
standards. Our clinical trials reflect the populations affected by
the diseases we are aiming to address. We are committed to
ensuring we recruit participants to our clinical trials in line with
the epidemiology of the diseases in question and we ensure
that the patients and people enrolled in our clinical trials
represent the real-world patient/people population affected by
the disease under study and that will use our medicines and
vaccines. We are committed to transparency and disclose the
results of our human research externally, regardless of whether
they cast our products in a positive or negative light, to ensure
that the scientific community can benefit from our findings.
Our work with individual human data and human biological
samples is crucial to the discovery, development, and safety
monitoring of our products. We are committed to managing
these in accordance with informed consent provided by the
individuals from whom the data and samples were collected,
as well as the relevant laws, regulations, and ethical principles.
Data is pivotal to our R&D strategy; we apply robust and fit-for-
purpose data governance principles and comply with relevant
laws, regulations and contractual obligations in alignment with
our values and culture across data ethics, privacy, information
and cyber security, and data integrity.
Research involving animals can raise ethical concerns. In
many cases, however, it is the only way to investigate the
effects of a potential new medicine or vaccine in a living body
other than in humans. Animal research provides critical
information about the causes and mechanisms of diseases
and remains a small but vital part of our research. We
continually seek ways in which we can minimise or find
alternatives to the use of animals in research, development
and testing, while complying with regulatory requirements. We
reduce the impact on the animals we use by following our
“3Rs” strategy of replacement, reduction and refinement,
which is a science-led, ethical framework that guides our work
with animals.
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Biological materials are required for the discovery, R&D of our
assets. We are committed to conducting research in
compliance with the terms and conditions of licenses,
agreements or authorisations under which we acquire, use or
transfer biological materials and technologies. Through the
Convention on Biological Diversity (CBD) and the Nagoya
Protocol, the international community has established a global
framework regulating access to, and use of, genetic resources
of non-human origin in research and development. We support
the equitable access and fairness principles of access and
benefit sharing outlined in the CBD and the Nagoya Protocol.
We also recognise the importance of appropriate, effective
and proportionate implementation measures at national and
regional levels.
Our R&D success is enabled by collaborations with academic
institutions, biotechnology innovators, Contract Research
Organizations and other third parties. These relationships
expand our scientific reach and business development
opportunities but may also expose us to compliance, data
security and reputational risks as well as requiring increased
resource to ensure adequate third-party oversight.
Environment, health, and safety (EHS) |
Risk definition
The risk that GSK or our third parties potentially fail to ensure
appropriate controls and governance of the organisation's
assets, facilities, infrastructure, and business activities,
including execution of hazardous activities, handling of
hazardous materials, or release of substances harmful to the
environment that disrupts supply or harms employees, third
parties or the environment.
Risk impact
Failure to manage EHS risks could result in significant harm to
people; the environment and the communities in which we
operate; fines; inability to meet stakeholder expectations and
regulatory requirements; litigation or regulatory action; and
damage to the company’s reputation. This could materially
and adversely affect our financial results.
Context
We are subject to the health, safety and environmental laws of
various jurisdictions. These laws impose duties to protect
people, the environment and the communities in which we
operate. Regulations continue to arise and evolve, notably new
sustainability directives from the EU and Canada, and globally
evolving Per- and polyfluoroalkyl substances (PFAS)
regulations. We are committed to proactively addressing
ongoing changes; strengthening our EHS risk management
processes; and further developing the capabilities of our
leaders.
Information and cyber security |
Risk definition
The risk that GSK or our third parties fail to ensure appropriate
controls and governance to identify, protect, detect, respond,
and recover from cyber security incidents in accordance with
applicable laws, regulations, industry standards, internal
controls, and requirements.
Risk impact
Failure to adequately protect our information and systems
against cyber security threats may cause harm to our patients,
people and customers, disruption to our business and/or loss
of commercial or strategic advantage, regulatory sanction, or
damage to our reputation.
Context
The external landscape remains challenging, with increasing
geopolitical tensions, digital nationalism and the growing
complexity and frequency of cyberattacks. Emerging cyber
security regulations and privacy laws, combined with the
anonymity enabled by cryptocurrencies and the dark web, are
adding further layers of complexity. As a global business
dependent on a highly interconnected information network, we
recognise that our systems and data are targets for cyber
threats, as are those of other companies. Our drive to enhance
pipeline innovation, performance and productivity through
advanced technologies like digital tools, data analytics, AI/ML
and cloud computing demands continuous improvement in our
cyber security measures and defences. We depend on
external contractors, partners and suppliers, who face similar
cyber security risks, reinforcing the importance of collaboration
and vigilance across our ecosystem.
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Supply continuity |
Risk definition
The risk that GSK or our third parties potentially fail to deliver a
continuous supply of compliant finished product or respond
effectively to a crisis incident in a timely manner to recover and
sustain critical supply operations.
Risk impact
We recognise how important continuity of supply of our
products is to the patients who rely on them. Difficulties with
forecasting demand for our products or their manufacture or
distribution can lead to:
–Product shortages and product recalls.
–Regulatory intervention.
–Reputational harm.
–Lost sales revenue.
To respond, we need sophisticated end-to-end supply chain
management combined with robust crisis management and
business continuity plans.
Context
We operate our supply chains in a continually evolving, highly
regulated environment. There is no single set of global
regulations which governs the manufacture and distribution of
medicines, and we must adhere to the requirements in all
those markets in which we licence, sell or manufacture our
products. We rely on our internal Quality Management System
and our Internal Control Framework to ensure we maintain our
licence to operate.
Our complex end-to-end supply chains often involve third-
party suppliers, active pharmaceutical ingredients (API)
manufacturers, raw material suppliers and third party logistics
service providers. We rely on strategic partnerships with a
small number of contract manufacturing organisations.
We continue to operate our global supply chains in a rapidly
changing geopolitical environment. There is a global trend
towards nationalism which is driving regional and market-
driven supply strategy.
Increasing environmental regulation and reporting across the
healthcare sector has the potential to increase scrutiny by
investors, governments and non-governmental organisations
as net-zero climate targets progress. Evolving regulation and
increasing scrutiny is being incorporated into public
procurement of medicines and vaccines.
Skills and capability planning |
Risk definition
The risk that GSK potentially fails to ensure adequate skills and
capability planning to enable delivery of our strategic priorities.
Risk impact
Failure to mitigate this risk could impact our people and
adversely impact our operations and ability to deliver on our
strategy.
Context
Developing and maintaining a skilled and talented workforce
with the right capabilities to address our strategic goals
impacts our ability to deliver on long-term strategic objectives.
This drives an increasing need for robust skills and capabilities
planning. Significant advances in science and technology,
especially AI, mean that the skills and capabilities needed for
jobs across the pharmaceutical and healthcare industries are
rapidly evolving. This requires evaluation of how to attract,
integrate, incentivise and retain talent over time, as well as
reskilling and developing our people’s capabilities internally.
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Risk Factors continued | |||||||||||
Geopolitical and regulatory environment |
Risk definition
The risk that GSK fails to adapt to rising geopolitical and social
tensions and changes in the regulatory and legislative
environment that may give rise to restrictive measures in
relation to the pharmaceutical and healthcare industry. These
tensions, changes and measures include but are not limited to
the following:
–Changes in governments.
–Increasing governmental protectionist measures.
–Sovereign risk, inflationary pressures including changes
in or limiting government spending and control of costs.
Mechanisms focused on healthcare reform, access and
pricing pressures. Aggressive trade, monetary and fiscal
policies from governments and central banks; tariffs and
trade restrictions on pharmaceutical products and active
pharmaceutical ingredients.
–Altered timing or requirements for approval and label
change processes, clearance of products or rescission
of prior approval decisions, government driven changes
that may deviate from standard procedures or scientific
data.
–Laws, regulations, investigations or legal actions, new or
amended legislative and regulatory proposals and
enactments.
–Acts of war, aggression or terrorism.
Risk impact
Geopolitical and social tensions, like changes in government,
war, or terrorism, can directly and indirectly affect GSK and the
pharmaceutical industry. Protectionist policies and new
regulations may make it harder for GSK to operate globally,
raise costs, and limit access to markets. Changes in
government spending, new laws, and actions by regulators
can affect how GSK prices and sells products, may increase
the cost and difficulty of getting products approved and
introduced to markets or adversely impact availability and
access of our products. Trade restrictions, tariffs, and strict
economic policies can lead to recessions, higher living costs,
and supply chain disruptions. All these factors can adversely
affect GSK’s business performance, financial health, and
future prospects.
Context
Geopolitical and social tensions have prompted governments
to introduce or consider protectionist measures, such as tariffs
and trade restrictions, which can disrupt supply chains and the
production and delivery of pharmaceutical products. Although
in December 2025 the UK and the US agreed to maintain a
zero tariff on pharmaceutical products manufactured in the UK
for a three-year period, there can be no assurance that this
arrangement will not be amended or changed in the future.
Sovereign risk and inflationary pressures, along with changes
or limits in government spending and cost controls, can create
financial instability and unpredictability in the pharmaceutical
sector, affecting pricing, market access, and operational
costs. Regulatory changes, new laws, and government
policies—especially those affecting drug pricing and
reimbursement—are increasing across global markets.
Healthcare reforms and price controls in regions like the US,
UK, and EU are changing how drugs are prescribed,
purchased, and reimbursed. Changes to regulatory authorities’
timing or requirements for product approval, or rescission of
previous approvals, can affect the ability to bring new
products to market. Aggressive economic policies and global
instability may also trigger recessions and raise costs, putting
further pressure on product pricing and supply chains.
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Climate change |
Risk definition
Failure in the management of:
–Physical climate and environmental risks;
–Current and future regulatory requirements for environmental
compliance, disclosure and taxes;
–Delivery and performance of management environmental
objectives leading to:
reduced supply chain resilience; product life cycle
management issues; loss of trust/reputation with employees,
investors, customers, regulators and other stakeholders,
increased costs; loss of sales or market access; negative
impacts on the environment.
Risk impact
We recognise that the way we respond to climate change and
manage environmental risks affects our ability to supply
products to patients and consumers and could lead to harm to
the environment and our reputation. For example:
–Changes to regulations governing the supply of high global
warming potential (GWP) substances by the EU and US
governments will restrict our ability to manufacture metered
dose inhalers.
–Increasing levels of water stress could lead to interruptions
to the supply of water to GSK and third-party supply sites.
–Increasing frequency and impact of extreme weather events
that could disrupt GSK and third-party supplier sites.
–Future regulatory policy responses to address climate
change could lead to the imposition of carbon taxes by
countries where we manufacture and source goods from
third parties.
–Failure to meet fast-evolving regulatory requirements on
disclosures and environmental compliance could lead to
regulatory actions or fines.
–Failure to meet changing stakeholder expectations, such as
increasing demands from health systems for low carbon
medicines and vaccines, could affect the demand for our
products, which may have an adverse impact on our
financial results, lead to a longer-term loss of trust and
undermine the credibility of the company.
Context
It is increasingly understood that the interconnected effects of
climate change, nature loss, and the impact of both on society
are influencing human health. Internal and external
expectations for companies to address their impact on the
environment are increasing, as are the effects of climate
change on operational resilience.
Regulations on environmental compliance, disclosure and
environmentally related taxation are rapidly evolving in
jurisdictions around the world, which requires increasing levels
of disclosure and data assurance.
Our ability to meet our targets of reducing carbon emissions
by 80% and 90% by 2030 and 2045 (in each case, from a
2020 baseline), respectively, is based on successful regulatory
outcomes from the programme to redevelop our Ventolin
inhaler using a lower-carbon propellant.
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Shareholder information | |||||||||||
Share capital and control |
Details of our issued share capital and the number of shares
held in Treasury as at 31 December 2025 can be found in
Note 36 to the financial statements, ‘Share capital and share
premium account’.
Our Ordinary Shares are listed on the London Stock Exchange
(LSE) and are also quoted on the New York Stock Exchange
(NYSE) in the form of American Depositary Shares (ADS).
Each ADS represents two Ordinary Shares. (For details of
listed debt refer to Note 29 to the financial statements, ‘Net
debt’.)
Holders of Ordinary Shares and ADS are entitled to receive
dividends (when declared) and a copy of the company’s
Annual Report (if elected). They are also entitled to attend,
speak, appoint proxies and exercise voting rights at general
meetings of the company.
There are no restrictions on the transfer, or limitations on the
holding, of Ordinary Shares and ADS and no requirements to
obtain approval prior to any transfers. No Ordinary Shares or
ADS carry any special rights with regard to control of the
company and there are no restrictions on voting rights. Major
shareholders have the same voting rights per share as all other
shareholders. There are no known arrangements under which
financial rights are held by a person other than the holder of
the shares and no known agreements on restrictions on share
transfers or on voting rights.
Shares acquired through the Group’s employee share plans
rank equally with the other shares in issue and have no special
rights. The trustees of our Employee Share Ownership Plan
Trusts have waived their rights to dividends on Ordinary
Shares and ADS held by those Trusts.
Exchange controls and other limitations
affecting holders
Other than certain economic sanctions, which may be in force
from time to time, there are currently no applicable laws,
decrees or regulations in force in the UK restricting the import
or export of capital or restricting the remittance of dividends or
other payments to holders of the company’s shares who are
non-residents of the UK.
Similarly, other than certain economic sanctions which may be
in force from time to time, there are no limitations relating only
to non-residents of the UK under English law or the company’s
Articles of Association on the right to be a holder of, and to
vote in respect of, the company’s shares.
Interests in voting rights
Other than as stated below, as far as as the company is
aware, there are no persons with significant direct or indirect
holdings in the company. Information provided to the company
pursuant to the FCA's Disclosure Guidance and Transparency
Rules (DTR 5) is published on a Regulatory Information Service
and on the company’s website at gsk.com.
The company has received notifications in accordance with
DTR 5 of the following notifiable interests in the voting rights in
the company’s issued share capital:
31 December 2025 | 25 February 2026 | |||
No. of voting rights | Percentage of total voting rights(1) | No. of voting rights | Percentage of total voting rights(1) | |
BlackRock, Inc. | 231,975,400(2) | 5.69% | 231,975,400(2) | 5.69% |
Dodge & Cox | 253,464,108(3) | 5.04% | 253,464,108(3) | 5.04% |
(1)Percentage of total voting rights at the date of notification to the
company.
(2)Comprising an indirect interest in 229,134,683 Ordinary Shares,
1,677,887 ADS and 1,162,830 financial instruments (CFDs).
(3)Comprising an indirect interest in 99,377,874 Ordinary Shares and
154,086,234 ADS.
Share buyback programme
The Board has been authorised by shareholders to issue and
allot Ordinary Shares under Article 9 of the company’s Articles
of Association. The power under Article 9 and the authority for
the company to make purchases of its own shares are subject
to annual shareholder authorities which are sought at our
Annual General Meeting (AGM). Any shares purchased by the
company may be cancelled, held as Treasury shares or used
to satisfy share options and grants under the Group's
employee share plans.
At the AGM in May 2025, the company was authorised to
purchase a maximum of 413,957,879 shares.
Our share buyback programme covers purchases of shares
for cancellation or to be held as Treasury shares. In
determining specific share repurchase levels, the company
considers the development of free cash flow during the year.
On 5 February 2025, the company announced its intention to
implement a £2 billion share buyback programme to be
completed over an 18 month period. The purpose of the
programme is to return excess capital to shareholders and
reduce the share capital of the company. The first tranche of
the programme (of up to £0.7 billion) commenced on 24
February 2025 and completed on 3 June 2025. The second
tranche (of up to £0.45 billion) commenced on 4 June 2025
and completed on 18 September 2025 and the third tranche
(of up to £0.3 billion) commenced on 30 September 2025 and
completed on 19 December 2025. The fourth tranche (of up to
£0.45 billion) commenced on 17 February 2026.
In aggregate, the total number of shares purchased in the year
ended 31 December 2025 under the programme was
92,949,186 with an aggregate nominal value of approximately
£29 million, which represented 2.15% of issued share capital
as at 31 December 2025. The total consideration for the
purchase was £1,377 million, including transaction costs of £8
million.
Details of shares purchased, cancelled, held as Treasury
shares and subsequently transferred from Treasury to satisfy
awards under the Group’s employee share plans are
disclosed in Note 36 to the financial statements, ‘Share capital
and share premium account’.
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Shareholder information continued Share capital and control continued | |||||||||||
Market capitalisation
The market capitalisation of the company, based on shares in
issue excluding Treasury shares, at 31 December 2025 was
£74.4 billion. At that date, GSK was the 8th largest company
by market capitalisation in the FTSE index.
Share price | 2025 £ | 2024 £ | 2023 £ |
At 1 January | 13.62 | 14.80 | 14.51 |
At 31 December | 18.26 | 13.47 | 14.50 |
Increase/(decrease) | 36% | (9)% | (0.06)% |
High during the year | 18.33 | 18.13 | 15.36 |
Low during the year | 12.64 | 13.00 | 13.16 |
The table above sets out middle market closing prices. The
company’s share price increased by 36% in 2025. This
compares with an increase in the FTSE 100 index of 21.5%
during the year. The middle market closing share price on 25
February 2026 was £22.14.
The trading symbol for GSK's Ordinary Shares of 31 ¼ pence
each on the LSE is GSK and the trading symbol for GSK's ADS
on the NYSE is GSK.
GSK share price trend in the three years
ended 31 December 2025
Nature of trading market
The following table sets out, for the periods indicated, the high and low middle market closing prices for the company’s Ordinary
Shares on the LSE and for the ADS on the NYSE.
Ordinary Shares | ADS | ||||
Period | Dates | UK£ per share | US$ per share | ||
High | Low | High | Low | ||
Month ended | February 2026* | 22.67 | 19.25 | 61.21 | 52.47 |
Month ended | January 2026 | 19.01 | 17.88 | 51.61 | 47.65 |
Month ended | December 2025 | 18.33 | 17.83 | 49.29 | 47.19 |
Month ended | November 2025 | 18.25 | 17.57 | 48.41 | 46.11 |
Month ended | October 2025 | 17.83 | 16.15 | 46.94 | 43.24 |
Month ended | September 2025 | 15.75 | 14.43 | 43.16 | 38.96 |
Quarter ended | 31 December 2025 | 18.33 | 16.14 | 49.29 | 43.24 |
Quarter ended | 30 September 2025 | 15.75 | 13.44 | 43.16 | 36.20 |
Quarter ended | 30 June 2025 | 15.50 | 12.64 | 42.49 | 33.60 |
Quarter ended | 31 March 2025 | 15.59 | 12.94 | 40.39 | 32.08 |
Quarter ended | 31 December 2024 | 15.22 | 13.00 | 40.30 | 33.35 |
Quarter ended | 30 September 2024 | 16.71 | 14.98 | 44.26 | 38.21 |
Quarter ended | 30 June 2024 | 18.13 | 15.26 | 45.78 | 38.50 |
Quarter ended | 31 March 2024 | 17.11 | 14.80 | 43.58 | 37.51 |
Year ended | 31 December 2023 | 15.21 | 13.82 | 37.56 | 34.17 |
Year ended | 31 December 2022 | 14.92 | 13.20 | 37.92 | 30.00 |
Year ended | 31 December 2021 | 16.19 | 13.80 | 44.44 | 38.13 |
* to 25 February 2026
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Analysis of shareholdings at 31 December 2025 |
Number of accounts | % of total accounts | % of total shares | Number of shares | |
Holding of shares | ||||
Up to 1,000 | 42,324 | 75.46 | 0.29 | 12,306,928 |
1,001 to 5,000 | 10,255 | 18.28 | 0.50 | 21,627,079 |
5,001 to 100,000 | 2,589 | 4.62 | 1.15 | 49,505,003 |
100,001 to 1,000,000 | 611 | 1.09 | 4.99 | 215,419,870 |
Over 1,000,000 | 311 | 0.55 | 93.07 | 4,016,586,146 |
56,090 | 100.00 | 100.00 | 4,315,445,026 | |
Held by | ||||
Institutional and corporate holders | 2,619 | 4.67 | 71.75 | 3,096,136,250 |
Individuals and other corporate bodies | 53,469 | 95.33 | 1.20 | 51,755,790 |
Guaranty Nominees Limited (ADR programme) | 1 | 0.00 | 21.49 | 927,533,497 |
Held as Treasury shares by GSK | 1 | 0.00 | 5.56 | 240,019,489 |
56,090 | 100.00 | 100.00 | 4,315,445,026 |
JP Morgan Chase Bank NA is the Depositary for the company’s American Depositary Receipt (ADR) programme, which is
managed by the Depositary. The company’s American Depositary Shares (ADSs) are listed on the NYSE. Ordinary Shares
underlying the ADS are registered in the name of Guaranty Nominees Limited. At 25 February 2026, Guaranty Nominees Limited
held 909,622,927 Ordinary Shares representing 22.33% of issued share capital (excluding Treasury shares).
At 25 February 2026, the number of record holders of Ordinary Shares with addresses in the US was 862 with holdings of
1,081,484 Ordinary Shares, and the number of registered holders of ADSs was 13,313 with holdings of 452,769,404 ADSs.
Certain of these Ordinary Shares and ADSs were held by brokers or other nominees. As a result, the number of holders of record
or registered holders with addresses in the US is not representative of the number of beneficial holders or of the residence of
beneficial holders.
Dividends |
The company pays dividends quarterly and continues to return
cash to shareholders through its dividend policy. Dividends
remain an essential component of total shareholder return and
GSK recognises the importance of dividends to shareholders.
Since 2022, GSK has implemented a progressive dividend
policy guided by a 40% to 60% pay-out ratio through the
investment cycle. The dividend policy, the total expected cash
distribution, and the respective dividend pay-out ratios for GSK
remain unchanged.
Dividends per share |
The table below sets out the dividend per share and per ADS
for the last five years. The dividend per ADS is translated into
US dollars at applicable exchange rates.
Year | pence | US$(1) |
2025 | 66(2) | — (4) |
2024 | 61 | 1.56 |
2023 | 58 | 1.47 |
2022 | 61.25(3) | 2 |
2021 | 80 | 2.16 |
(1)An annual fee of $0.03 per ADS (or $0.0075 per ADS per quarter) is
charged by the Depositary. The amounts shown are the dividends paid
per ADS before the annual fee is charged.
(2)Dividends declared and paid in respect of 2025 were 16p per share for
Q1 2025, 16p per share for Q2 2025 and 16p per share for Q3 2025. A
dividend of 18p per share has been declared for Q4 2025.
The expected dividend for 2026 is 70p per Ordinary Share.
Details of the dividends declared, the amounts and the
payment dates are given in Note 16 to the financial statements,
‘Dividends’.
2026 Dividend calendar
Quarter | Ex-dividend date | ADS Ex- dividend date | Record date | Payment date |
Q4 2025 | 19 February 2026 | 20 February 2026 | 20 February 2026 | 9 April 2026 |
Q1 2026 | 14 May 2026 | 15 May 2026 | 15 May 2026 | 9 July 2026 |
Q2 2026 | 13 August 2026 | 14 August 2026 | 14 August 2026 | 8 October 2026 |
Q3 2026 | 12 November 2026 | 13 November 2026 | 13 November 2026 | 7 January 2027 |
Q4 2026 | 18 February 2027 | 19 February 2027 | 19 February 2027 | 8 April 2027 |
(3)Adjusted for the Share Consolidation (2022 only; prior years have not
been adjusted).
(4)The Q4 2025 dividend receivable by ADS holders will be calculated
based on the exchange rate on 7 April 2026. The cumulative dividend
receivable by ADS holders for Q1, Q2 and Q3 2025 was $1.30.
272
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Shareholder information continued | |||||||||||
Financial calendar 2026 |
Event | Date |
Quarter 1 results announcement | 29 April 2026 |
Annual General Meeting | 6 May 2026 |
Quarter 2 results announcement | 29 July 2026 |
Quarter 3 results announcement | 28 October 2026 |
Quarter 4 Results announcement | 3 February 2027 |
Annual Report publication | February/March 2027 |
Annual Report distribution | March 2027 |
Information about the company, including the Ordinary Share
and ADS price, is available on our website at gsk.com.
Information made available on the website does not constitute
part of this Annual Report.
Stock Exchange announcement notifications
We provide shareholders with a service to receive automatic
email notifications when we publish a stock exchange
announcement. To receive email notifications, please sign up
for announcements at gsk.com in the Investors section.
Results announcements
Results announcements are issued to the LSE and are
available on its news service. They are also sent to the US
Securities and Exchange Commission (SEC) and the NYSE,
issued to the media and made available on our website.
Financial reports
The Annual Report is made available on our website from the
date of publication. Shareholders may elect to receive
notification by email of the publication of Annual Reports by
registering on www.investorcentre.co.uk, and may also elect to
receive a printed copy of the Annual Report by contacting our
registrar, Computershare Investor Services PLC.
Copies of previous Annual Reports are available on our
website. Printed copies can also be obtained from our registrar
(see page 283 for contact details).
Annual General Meeting 2026 |
Our Annual General Meeting (AGM) will be held at 2.30pm (UK
time) on Wednesday, 6 May 2026 at The London Marriott
Hotel, Grosvenor Square, London, W1K 6JP, United Kingdom
and will also be broadcast live for shareholders to join
electronically. The AGM is the company’s principal forum for
communication with private shareholders. In addition to the
formal AGM business, there will be a presentation by the CEO
on the performance of the Group and its future development.
There will be an opportunity for questions to be asked of the
Board and Chairs of the Board’s Committees will be available
to take questions relating to their roles.
Further details on how to access the AGM electronically or
attend in person, ask questions and vote, can be found in the
notice of Annual General Meeting 2026 (AGM Notice) which
will be made available on our website at gsk.com on or around
25 March 2026.
Investors holding shares through a nominee service should
arrange with that service for them to be appointed as a proxy
in respect of their shareholding to attend and vote at the
meeting electronically.
ADS holders wishing to attend the meeting electronically
should refer to the AGM Notice for details on how to request a
proxy appointment from the Depositary, JP Morgan Chase
Bank NA, see page 283 for contact details. This will enable
them to attend, ask questions and vote electronically on the
business to be transacted at the meeting.
ADS holders are reminded that if they do not instruct the
Depositary as to the way in which the shares represented by
their ADS should be voted by completing and returning the
voting card provided by the Depositary, their shares will not be
voted.
Documents on display
The Articles of Association of the company and Directors’
service contracts or, where applicable, letters of appointment
between Directors and the company or any of its subsidiaries
(and any side letters relating to severance terms and pension
arrangements) are available for inspection at the company’s
registered office and will be made available for inspection at
the AGM.
273
Strategic report | Corporate governance | Financial statements | Investor information | GSK 2025 Annual Report on Form 20-F | |||||||
Shareholder information continued | |||||||||||
Tax information for shareholders |
A summary of certain UK tax and US federal income tax
consequences for holders of Ordinary Shares and ADS who
are citizens of the UK or the US is set out below. It is not a
complete analysis of all the possible tax consequences of the
purchase, ownership or sale of these securities. It is intended
only as a general guide. Holders are advised to consult their
advisers with respect to the tax consequences of the
purchase, ownership or sale of their Ordinary Shares or ADS
and the consequences under state and local tax laws in the
US and the implications of the current UK/US tax conventions.
US holders of ADS generally will be treated as the owners of
the underlying Ordinary Shares for the purposes of the current
UK/US double taxation conventions relating to income and
gains (Income Tax Convention), estate and gift taxes (Estate
and Gift Tax Convention), and for the purposes of the Internal
Revenue Code of 1986, as amended.
UK shareholders
This summary only applies to a UK resident shareholder that
holds Ordinary Shares as capital assets.
Taxation of dividends
For the 2025/26 UK tax year, UK resident individuals are
entitled to a dividend tax allowance of up to £500, so that the
first £500 of dividends received in a tax year will be free of tax.
Dividends in excess of this allowance will be taxed at 8.75%
for basic rate taxpayers, 33.75% for higher rate tax payers and
39.35% for additional rate taxpayers.
UK resident shareholders that are corporation taxpayers
should note that dividends payable on Ordinary Shares are
generally entitled to exemption from corporation tax.
Taxation of capital gains
UK resident shareholders may be liable for UK tax on gains on
the disposal of Ordinary Shares or ADS.
For disposals by individuals in the 2025/2026 UK tax year, the
taxable capital gain arising on a disposal of shares or ADS will
be subject to capital gains tax at 18% to the extent the gain
falls within the individual’s basic rate income tax band, and
24% to the extent that it falls above the basic rate band, if,
after all allowable deductions, the individual's taxable income
for the year exceeds the basic rate income tax banding. Note
this applies following the use of any exemptions available to
the individual taxpayer, such as the annual exempt amount.
Corporation tax payers may be entitled to an indexation
allowance which applies to reduce capital gains to the extent
that such gains arise due to inflation. Indexation allowance
may reduce a chargeable gain but will not create an allowable
loss. For assets acquired on or before 1 January 2018,
legislation in the Finance Act 2018 freezes the level of
indexation allowance that is given in calculating a company’s
chargeable gains at the value that would apply to the disposal
of an asset in December 2017. For assets acquired from 1
January 2018 onwards, legislation in the Finance Act 2018
removes any indexation allowance on disposal.
Inheritance tax
Individual shareholders (whether or not they are UK-domiciled)
may be liable to UK inheritance tax on the transfer of Ordinary
Shares or ADS. Exposure to a UK inheritance tax charge
typically occurs on the death of the asset owner. However,
transfers of shares (other than commercial sales) within seven
years of death remain relevant to any inheritance tax exposure
at death. Further, transfers to a trust arrangement during
lifetime can give rise to an immediate inheritance tax charge.
Tax may be charged on the amount by which the value of the
shareholder’s estate is reduced as a result of any transfer by
way of lifetime gift or other disposal at less than full market
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Filing: 20-F - GSK plc (GSK,GLAXF)
Accession Number: 0001131399-26-000004
FAQ
How did GSK (GSK) perform financially in 2025 according to its Form 20-F?
GSK grew sales to more than £32 billion in 2025, with profit metrics sharply higher. Sales rose 4% reported and 7% at constant exchange, total operating profit increased 97%, and core EPS grew 12% at constant exchange, supported by £8.9 billion of cash generation.
What dividend did GSK (GSK) report for 2025 in the Form 20-F?
GSK paid a 2025 dividend of 66p per share, up from 61p. This increase reflects stronger earnings and cash flow, as sales exceeded £32 billion and total operating profit nearly doubled, while the company continued to invest heavily in R&D and new product launches.
Which major drug approvals does GSK (GSK) highlight in its 2025 Form 20-F?
GSK reports five key 2025 approvals: Exdensur, Blenrep, Nucala, Blujepa and Penmenvy. These span severe asthma, COPD, multiple myeloma, urinary tract infections, gonorrhoea and invasive meningococcal disease, and are central to its growth strategy in respiratory, oncology, infectious diseases and vaccines.
What leadership changes at GSK (GSK) are described in the 2025 Form 20-F?
GSK describes a CEO transition from Emma Walmsley to Luke Miels at year-end 2025. Walmsley is credited with transforming the company and executing the Haleon demerger, while Miels, formerly Chief Commercial Officer, is tasked with driving the next growth phase and maximizing new launches.
How much did GSK (GSK) invest in R&D in 2025 and what is the pipeline size?
GSK spent £7.5 billion on R&D in 2025, up 18% reported. The company reports 58 assets in its pipeline, including 17 in phase III, with more than half sourced via business development, emphasizing respiratory, oncology, HIV and infectious diseases.
What are GSK’s (GSK) key strategic priorities outlined in the 2025 Form 20-F?
GSK prioritizes executing launches, accelerating its pipeline and using AI and business development. Management focuses on maximizing new products like Exdensur and Blenrep, building the next wave of innovation beyond 2031, and embedding advanced technologies to improve speed and success rates.
GSK PLC
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