GSK plc (NYSE: GSK) lifts core outlook despite heavy Q2 charges
GSK plc reported Q2 2026 turnover of £8.4 billion, up 5% at constant exchange rates, driven by double‑digit growth in Specialty Medicines and Vaccines. Core operating profit rose to £2.8 billion and core EPS to 50.5p, both up 9% at CER, reflecting higher sales, favourable mix and productivity savings.
Total operating profit fell sharply and total EPS dropped 69% to 10.8p, mainly due to £1.3 billion of impairments on camlipixant and higher contingent consideration charges. Cash generation remained strong, with £2.9 billion cash from operations and £2.0 billion free cash flow in Q2.
Full‑year 2026 guidance at CER is reaffirmed, with turnover expected to grow 3–5% (upper half of the range) and core operating profit 7–9% (upper half); core EPS is guided to the lower half of the 7–9% range. GSK launched a three‑year “Accelerate Growth” programme targeting £1.9 billion annual savings by 2029 for £2.4 billion in costs, largely to fund an expanded late‑stage pipeline, including more than 20 planned phase III trial starts in 2026. The company declared a Q2 dividend of 17p per share, expects 70p for 2026, and has completed its £2 billion share buyback.
Positive
- Core EPS up 9% to 50.5p with core operating margin improving to 33.3%, indicating resilient underlying profitability despite significant adjusting items.
- Free cash flow of £1,994 million in Q2, up 77%, alongside completion of a £2 billion buyback and a maintained 2026 dividend expectation of 70p per share.
- Accelerate Growth programme targets £1.9 billion annual savings by 2029 to support 62‑asset pipeline and more than 20 phase III trial starts in 2026.
Negative
- Total EPS declined 69% to 10.8p in Q2, driven by £1.3 billion impairment on camlipixant and higher contingent consideration remeasurement charges.
- General Medicines sales fell 9% in Q2 to £2.3 billion, with Trelegy and other respiratory products pressured by US Medicare changes, pricing and competition.
- Net debt increased to £15.1 billion at 30 June 2026, up £679 million since year‑end, reflecting acquisitions, dividends and share buybacks in excess of free cash flow.
Filing Explained
At 30 June 2026, net debt was £15,132 million; GSK held 78.3% of ViiV after the completed ownership transaction.
The ViiV Healthcare ownership transaction completed on
ViiV issued new shares to Shionogi for $2.125 billion, cancelled Pfizer’s holding, and paid Pfizer $1.875 billion; GSK received a $250 million special dividend, reported as £187 million.
Separately, GSK and ViiV signed participation agreements under the US Government’s voluntary Generous Model, committing certain products to the program; the related tariff relief remains subject to final implementation.
At
The named near-term checkpoint is whether supplemental rebate agreements with interested states are signed on or before
Key Figures
Q2 2026 Turnover: £8,409 million
Q2 2026 Core Operating Profit: £2,800 million
Q2 2026 Core EPS: 50.5p
+5 more
8 metrics
Q2 2026 Turnover
£8,409 million
Quarter ended 30 June 2026, up 5% at CER versus prior year
Q2 2026 Core Operating Profit
£2,800 million
Up 7% at CER; core operating margin 33.3%
Q2 2026 Core EPS
50.5p
Increased 9% at CER compared with Q2 2025
Q2 2026 Total EPS
10.8p
Declined 69% at CER, impacted by large impairments and CCL charges
Camlipixant Impairment
£1,334 million
Intangible impairment in Q2 2026 after decision not to progress RCC development
Q2 2026 Free Cash Flow
£1,994 million
Quarterly free cash inflow, up 77% year on year
Net Debt
£15,132 million
Balance at 30 June 2026, compared with £14,453 million at 31 December 2025
Accelerate Growth Savings Target
£1.9 billion per year
Annual savings expected by 2029 for total programme costs of £2.4 billion
Key Terms
Core results, constant exchange rates (CER), contingent consideration, Major restructuring programme, +2 more
6 terms
Core results financial
"Core results are a non-IFRS measure that may be considered in addition to…"
constant exchange rates (CER) financial
"GSK reaffirms its full-year 2026 guidance at constant exchange rates (CER)…"
A way of reporting financial results that removes the effect of currency swings by redoing past figures using the same exchange rates as the current period. For investors, it shows the company’s underlying performance — like comparing the sizes of apples using the same ruler — so growth or decline reflects real business activity rather than changes in foreign-currency values.
contingent consideration financial
"contingent consideration cash payments in H1 2026 were £757 million…"
Contingent consideration is an additional payment agreed when one company buys another that will be paid later only if specific future targets are met, such as revenue, profit, or regulatory milestones. It matters to investors because it shifts risk between buyer and seller and affects the acquiring company's future cash flow and reported value — like promising a bonus after results are proven.
Major restructuring programme financial
"The Accelerate Growth programme will be treated as a Major restructuring programme…"
long-acting injectables medical
"In Q2 LAIs delivered 80% of total HIV growth…"
Medications formulated to be injected and then release their active ingredient slowly over weeks or months so patients need injections far less often than with daily pills. For investors, these drugs can improve how consistently patients take treatment, support higher and more predictable sales, and create longer commercial advantage compared with short‑acting alternatives — like shifting from buying single-use items to a recurring subscription.
Orphan Drug Designation medical
"Momelotinib (Ojjaara) granted Orphan Drug Designations in US and EU…"
Orphan drug designation is a special status given to medicines developed to treat rare diseases affecting only a small number of people. This status often provides benefits like faster approval processes and financial incentives, making it more attractive for companies to develop these drugs. For investors, it signals potential for exclusive market rights and reduced competition, which can impact the drug’s profitability.
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FAQ
How did GSK (GSK) perform financially in Q2 2026?
GSK generated Q2 2026 turnover of £8,409 million, up 5% at CER. Core operating profit reached £2,800 million and core EPS rose 9% to 50.5p, while total EPS fell 69% to 10.8p due to large impairments and contingent consideration charges.
What 2026 guidance did GSK (GSK) provide or update?
GSK reaffirmed 2026 guidance at CER, expecting turnover growth of 3–5% and core operating profit up 7–9%, both at the upper half of their ranges. Core EPS is guided to grow 7–9% at the lower half of the range, reflecting higher interest and tax costs.
What is GSK’s Accelerate Growth programme and its financial targets?
The three‑year Accelerate Growth programme targets £1.9 billion of annual savings by 2029 for total costs of £2.4 billion (of which £2.1 billion cash). Savings will be mainly reinvested in R&D and late‑stage assets, with some used to support operating margin through patent expiries.
How strong was GSK’s cash flow and net debt position in H1 2026?
In H1 2026, GSK generated £4,256 million cash from operations and £2,809 million free cash flow. Net debt stood at £15,132 million at 30 June 2026, up £679 million since year‑end, after funding acquisitions, dividends and share repurchases.
What dividends and shareholder returns did GSK (GSK) announce?
GSK declared a Q2 2026 dividend of 17p per share and continues to expect a 70p per share dividend for 2026. The company also completed a £2 billion share buyback in June 2026, repurchasing 124 million shares held as treasury stock.
How is GSK’s pipeline and R&D outlook evolving?
GSK reports 62 assets in clinical development, including 19 in phase III, and now expects 20+ phase III trial starts in 2026 versus 10 previously. Recent highlights include regulatory approval of Jideytro in lung cancer and positive pivotal data for bepirovirsen in chronic hepatitis B.
What caused GSK’s large impairments and total EPS decline in Q2 2026?
Total EPS fell 69% to 10.8p mainly due to £1,895 million of intangible impairments, including £1,334 million on camlipixant after the decision to halt RCC development, and £371 million on terminated Alector assets, plus higher contingent consideration charges.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the
month of July 2026
Commission
File Number 001-15170
GSK plc
(Translation
of registrant's name into English)
79 New Oxford Street, London, WC1A 1DG
(Address
of principal executive office)
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form
20-F . . . .X. . . . Form 40-F . . . . . . . .
GSK delivers strong Q2 core results performance and continued
momentum
Plans announced to accelerate R&D and late-stage pipeline
portfolio
Expect 20+ phase III trial starts in 2026
|
|
|
|
Strong Specialty Medicines and Vaccines performance drives sales
and core operating profit growth
|
|
|
●
|
Total
Q2 sales £8.4 billion +5% AER; +5% CER
|
|
●
|
Specialty
Medicines sales £3.8 billion (+14%); Respiratory, Immunology
& Inflammation £1.1 billion (+19%); Oncology £0.6
billion (+17%); HIV sales £2.1 billion (+10%)
|
|
●
|
Vaccines
sales £2.3 billion (+8%); Shingrix £0.9 billion (+3%);
Meningitis vaccines £0.5 billion (+21%); and Arexvy £0.2 billion
(+>100%)
|
|
●
|
General
Medicines sales £2.3 billion (-9%); Trelegy £0.8 billion
(-7%)
|
|
●
|
Total
operating profit -75% and Total EPS -69% driven by higher
impairments, primarily related to camlipixant of £1.3 billion,
and higher CCL charges, partly offset by Core operating profit
growth and higher divestment income
|
|
●
|
Core
operating profit +7% and Core EPS +9% reflecting higher sales and
favourable product and regional mix, partly offset by increased
investment in R&D and new asset launches and lower royalty
income
|
|
●
|
Cash
generated from operations of £2.9 billion with free cash flow
of £2.0 billion
|
|
(Financial
Performance – Q2 2026 results unless otherwise stated, growth
% and commentary at CER as defined on page 50. The year to date
adverse currency impact on AER versus CER primarily reflected the
strengthening of Sterling against the USD. See page 9 for further
details.)
|
|
|
|
Q2 2026
|
Year to date
|
||||
|
|
£m
|
%
AER
|
%
CER
|
£m
|
%
AER
|
%
CER
|
|
Turnover
|
8,409
|
5
|
5
|
16,038
|
3
|
5
|
|
Total
operating profit
|
481
|
(76)
|
(75)
|
2,774
|
(35)
|
(31)
|
|
Total
operating margin %
|
5.7%
|
(19.6ppts)
|
(19.3ppts)
|
17.3%
|
(10.0ppts)
|
(9.3ppts)
|
|
Total
EPS
|
10.8p
|
(69)
|
(69)
|
54.1p
|
(28)
|
(24)
|
|
Core
operating profit
|
2,800
|
6
|
7
|
5,450
|
6
|
8
|
|
Core
operating margin %
|
33.3%
|
0.4ppts
|
0.6ppts
|
34.0%
|
0.7ppts
|
1.2ppts
|
|
Core
EPS
|
50.5p
|
9
|
9
|
97.1p
|
6
|
9
|
|
Cash
generated from operations
|
2,906
|
19
|
|
4,256
|
14
|
|
|
Pipeline progress:
|
||
|
●
|
Two
late-stage medicines for non-small cell lung cancer acquired:
Jideytro (FDA approval)
& neladalkib (PDUFA H2 2026)
|
|
|
●
|
Positive
phase III Hansoh China data for Ris-Rez in lung cancer –
first positive phase III overall survival data reported for a B7-H3
targeted ADC in any tumour type
|
|
|
●
|
Positive
data (AZUR-1) supports regulatory reviews for use of Jemperli in treatment of advanced
rectal cancer
|
|
|
●
|
Momelotinib
(Ojjaara) granted Orphan
Drug Designations in US and EU for VEXAS syndrome
|
|
|
●
|
Pivotal
data demonstrates unprecedented functional cure rates for
bepirovirsen (chronic hepatitis B)
|
|
|
●
|
Arexvy expanded approval in Japan for adults aged 18-59 at
increased risk of RSV
|
|
|
●
|
Decision
not to progress further development of camlipixant in RCC following
CALM-1/2 phase III results
|
|
|
|
|
|
|
R&D acceleration:
|
||
|
●
|
62
assets in clinical development with opportunities for significant
growth
|
|
|
●
|
7 asset
accelerations - across 18 indications - identified in: Oncology,
Respiratory, Hepatology & Vaccines
|
|
|
●
|
Now
expect 20+ phase III trial starts in 2026 (previously
10)
|
|
|
●
|
New
flagship R&D Centre to be established in Cambridge Biomedical
Campus, UK
|
|
|
●
|
3-year
programme to fund investment in late-stage portfolio and to improve
operating margin with £1.9 billion annual savings targeted by
2029 for costs of £2.4 billion (£2.1 billion cash
costs)
|
|
|
|
|
|
Growth outlooks:
|
|
|
●
|
2026
guidance reaffirmed with expected growth in: turnover 3% to 5%;
Core OP 7% to 9%; Core EPS 7% to 9%
|
|
●
|
On
track for 2031 sales outlook of more than £40 billion;
Accelerating growth from 2031 onwards
|
|
●
|
Operating
margin stable to improving through dolutegravir loss of exclusivity
period of 2028-2030
|
|
|
|
|
Shareholder returns:
|
|
|
●
|
Q2 2026
dividend of 17p declared; 70p expected for full year
2026
|
|
●
|
Completed
£2 billion share buyback programme as announced at FY
2024
|
Guidance
all at CER. The Total results are presented in summary above and on
page 8 and Core results reconciliations are presented on pages 16
and 18. Core results are a non-IFRS measure that may be considered
in addition to, but not as a substitute for, or superior to,
information presented in accordance with IFRS. The following terms
are defined on pages 50-51: Core results, AER% growth, CER% growth
and other non-IFRS measures. GSK provides guidance on a Core
results basis only for the reasons set out on page 14. All
expectations, guidance and outlooks regarding future performance
and dividend payments should be read together with ‘Guidance
and outlooks, assumptions and cautionary statements’ on pages
52-53. Abbreviations are defined on page 57.
This
announcement contains inside information.
|
Luke Miels, Chief Executive Officer, GSK:
“GSK
has delivered another quarter of strong core results performance,
with our key growth drivers performing well. We remain focused on
operational delivery, execution, and accelerating
R&D.
To that
end, we have identified late-stage pipeline accelerations - across
18 indications – for 7 key assets in Oncology, Respiratory,
Hepatology and Vaccines. Based on clinical data, and their
opportunities to improve upon current standards-of-care, we see
strong reasons for all these assets to bring meaningful benefits
and protection to patients. We have also decided to establish a new
flagship R&D Centre on the UK’s Cambridge Biomedical
Campus – an investment that will further integrate GSK into
one of the world’s leading ecosystems for
life-sciences.
To fund
investment in the late-stage portfolio and R&D, we are starting
a 3-year cost savings programme to simplify the organisation and to
reallocate capital and resources. Savings will primarily be
reinvested, with some used to improve margins and profitability in
the dolutegravir patent expiry period (2028-2030).
We
believe these plans, together with continued disciplined capital
allocation, will drive strong operational performance and
shareholder returns over the next five years, delivering our 2031
sales outlook and accelerated long-term growth.”
|
2026 Guidance
GSK
reaffirms its full-year 2026 guidance at constant exchange rates
(CER), with further specificity provided below.
|
|
|
|
|
Guidance
|
Updated 2026 guidance at CER
|
Previous 2026 guidance at CER
|
|
Turnover
|
Increase
between 3% to 5%, at the upper half of the range
|
Increase
between 3% to 5%
|
|
Core
operating profit
|
Increase
between 7% to 9%, at the upper half of the range
|
Increase
between 7% to 9%
|
|
Core
earnings per share
|
Increase
between 7% to 9%, at the lower half of the range
|
Increase
between 7% to 9%
|
This
guidance is supported by the following turnover expectations for
full-year 2026 at CER.
|
Turnover expectations
|
New 2026 guidance at CER
|
Previous 2026 guidance at CER
|
|
Specialty
Medicines
|
Increase
at a low double-digit percentage
|
Increase
at a low double-digit percentage
|
|
Vaccines
|
Broadly
stable to an increase at a low single-digit percentage
|
Decline
of a low single-digit percentage to broadly stable
|
|
General
Medicines
|
Decline
of a mid-single digit to low single-digit percentage
|
Decline
of a low single-digit percentage to broadly stable
|
Core
operating profit is expected to grow at the upper half of the range
between 7 to 9 per cent at CER. GSK continues to expect to deliver
leverage at a gross margin level due to improved product mix from
Specialty Medicines growth and continued operational efficiencies.
In addition, GSK anticipates further leverage in Operating profit
as we accelerate ongoing productivity initiatives and take a
returns-based approach to SG&A investments, with SG&A now
expected to be broadly stable. R&D is now expected to grow
significantly ahead of sales as we accelerate investments in the
pipeline as part of the Accelerate Growth programme while driving
operational efficiencies. Royalty income is now expected to be at
£850-900 million.
Core
earnings per share is also expected to increase at the lower half
of the range between 7 to 9 per cent at CER, reflecting higher
interest charges of around £800 million, including the impact
of the Nuvalent acquisition, and the tax rate which is expected to
rise to around 17.5%, offset by the expected benefit from the share
buyback programme. Expectations for non-controlling interests
remain unchanged relative to 2025.
Agreement with US Government to lower the cost of prescription
medicines for American patients
As
previously announced, on 19 December 2025, GSK entered into an
agreement with the US Administration to lower the cost of
prescription medicines for American patients, which, once fully
implemented, would exclude both GSK and ViiV Healthcare from
Section 232 tariffs for three years. On 9 April 2026, GSK, ViiV
Healthcare, and the US Government entered into a definitive
agreement reflecting Section 232 tariff relief through 20 January
2029 (subject to final implementation). As part of that
implementation, GSK and ViiV Healthcare each signed a Generous
Model Manufacturer Participation Agreement with the Centers for
Medicare and Medicaid Services effective 15 June 2026. With these
agreements GSK and ViiV Healthcare have committed certain products
to participate in the voluntary Generous Model, and it is
anticipated that supplemental rebate agreements with interested US
states will be signed on or before 1 October 2026. Our full year
guidance is inclusive of the expected impact of these
agreements.
Investing in late-stage product portfolio and Accelerate Growth
programme
GSK has
62 assets in clinical development, 19 of which are in phase III
development.
The
company has strong confidence in its late-stage product portfolio,
based on clinical data and the opportunities it has identified to
improve upon current standards-of-care. GSK has potential
best-in-class products for Oncology, Respiratory, Hepatology, HIV
and Vaccines.
Following
review, the company has identified asset accelerations - across 18
indications – for 7 late-stage products in Oncology,
Respiratory, Hepatology and Vaccines. GSK now also expects to start
20+ phase III trials in 2026 (previously 10).
To
accelerate R&D and capture the growth and value the late-stage
portfolio offers, GSK has initiated a new “Accelerate
Growth” programme. This 3-year programme has two
objectives:
|
(1)
|
Simplify,
and match GSK’s organisation and cost base to its evolving
product portfolio, notably in Specialty Medicines
|
|
(2)
|
Enable
the reallocation of GSK’s capital and resources to the
late-stage pipeline and to R&D.
|
The
Accelerate Growth programme is targeting £1.9 billion of
annual savings, to be fully realised by 2029, for expected total
costs of £2.4 billion, of which £2.1 billion is expected
to be cash costs. Savings will be primarily reinvested in R&D,
including business development activity, with a portion also used
to strengthen operating margin in the period related to LoE for
dolutegravir (2028-2030). The Accelerate Growth programme will be
treated as a Major restructuring programme and costs will be
included in Adjusting items. The majority of the cost charges will
be in 2026 and 2027.
Cost
savings are expected to be enabled by technology and AI and
generated by streamlining support services and process redesign
including procurement delivery, the reallocation of resources to
Specialty Medicines from established products and further
simplification of supply chain and the site network to align with
portfolio evolution.
The
programme, together with delivery of the opportunities in
GSK’s late-stage product portfolio, strengthens GSK’s
outlooks for growth of: sales of more than £40 billion by
2031; a stable to improving operating margin for the dolutegravir
LoE period (2028-2030); and for accelerating growth from 2031
onwards.
Dividend policy
The
Dividend policy and the expected pay-out ratio remain unchanged.
Consistent with this, GSK has declared a dividend for Q2 2026 of
17p per share. GSK's future dividend policy and guidance regarding
the expected dividend pay-out in 2026 are provided on page
30.
In Q2
2026, GSK completed the £2 billion share buyback programme
announced in FY 2024.
Exchange rates
If
exchange rates were to hold at the closing rates on 20 July 2026
($1.35/£1, €1.18/£1 and Yen 219/£1) for the
rest of 2026, the estimated impact on 2026 Sterling turnover growth
for GSK would be -2% and if exchange gains or losses were
recognised at the same level as in 2025, the estimated impact on
2026 Sterling Core Operating Profit growth for GSK would be
-4%.
Results presentation
A
conference call, webcast and in-person event for investors and
analysts of the quarterly results will be hosted by Luke Miels,
CEO, at 14:00 BST (09:00 EST) on 28 July 2026. Presentation
materials will be published on www.gsk.com and a transcript of the
webcast will be published subsequently.
Notwithstanding
the inclusion of weblinks, information available on the
company’s website, or from non GSK sources, is not
incorporated by reference into this Results
Announcement.
Performance : turnover
|
Turnover
|
Q2 2026
|
Year to date
|
||||
|
|
£m
|
AER%
|
CER%
|
£m
|
AER%
|
CER%
|
|
HIV
|
2,078
|
11
|
10
|
3,902
|
9
|
10
|
|
Respiratory,
Immunology & Inflammation (RI&I)
|
1,135
|
18
|
19
|
2,025
|
15
|
17
|
|
Oncology
|
569
|
18
|
17
|
1,081
|
20
|
22
|
|
Specialty Medicines
|
3,782
|
14
|
14
|
7,008
|
12
|
14
|
|
Shingles
(Shingrix)
|
888
|
4
|
3
|
1,914
|
11
|
12
|
|
Meningitis
|
462
|
22
|
21
|
797
|
9
|
9
|
|
RSV
(Arexvy)
|
192
|
>100
|
>100
|
257
|
78
|
75
|
|
Influenza
|
11
|
83
|
100
|
21
|
>100
|
>100
|
|
Other
Paediatric & Adult Vaccines
|
731
|
(7)
|
(8)
|
1,444
|
(9)
|
(8)
|
|
Vaccines
|
2,284
|
9
|
8
|
4,433
|
6
|
6
|
|
Respiratory
|
1,679
|
(10)
|
(10)
|
3,273
|
(9)
|
(7)
|
|
Other
General Medicines
|
664
|
(5)
|
(4)
|
1,324
|
(10)
|
(8)
|
|
General Medicines
|
2,343
|
(9)
|
(9)
|
4,597
|
(9)
|
(7)
|
|
Total
|
8,409
|
5
|
5
|
16,038
|
3
|
5
|
|
By Region:
|
|
|
|
|
|
|
|
US
|
4,308
|
5
|
5
|
8,045
|
2
|
6
|
|
Europe
|
2,042
|
11
|
8
|
4,125
|
15
|
11
|
|
International
|
2,059
|
1
|
2
|
3,868
|
(4)
|
(2)
|
|
Total
|
8,409
|
5
|
5
|
16,038
|
3
|
5
|
|
|
|
|
|
|
|
|
|
Financial
Performance – Q2 2026 results unless otherwise stated, growth
% and commentary at CER. The YTD adverse currency impact on AER
versus CER primarily reflected the strengthening of Sterling
against the USD. See page 9 for further details.
|
||||||
|
For
product list - see page 58
|
||||||
|
|
Q2 2026
|
Year to date
|
Key
Drivers
|
||||
|
|
£m
|
AER%
|
CER%
|
£m
|
AER%
|
CER%
|
|
|
Specialty Medicines Total
|
3,782
|
14
|
14
|
7,008
|
12
|
14
|
Continued growth across disease areas, with strong performances in
HIV, Respiratory, Immunology & Inflammation, and
Oncology.
|
|
HIV
|
2,078
|
11
|
10
|
3,902
|
9
|
10
|
In Q2
LAIs delivered 80% of total HIV growth. Strong demand for
Cabenuva, Apretude and Dovato more than offset mature
portfolio declines, with favourable pricing from US channel mix
benefitting growth. US HIV sales increased 14%, with LAIs
representing 35% of US HIV turnover.
YTD LAI
sales exceeded £1bn.
|
|
Dovato
|
749
|
14
|
13
|
1,415
|
16
|
16
|
Strong
demand across all regions.
|
|
Cabenuva
|
453
|
33
|
33
|
821
|
29
|
32
|
Cabenuva contributed 60% of total HIV
growth in Q2, with strong demand across all regions.
|
|
Apretude
|
140
|
39
|
39
|
260
|
37
|
41
|
Strong
growth driven by demand in a competitive US long-acting prevention
market, contributing 20% of total HIV growth in Q2.
|
|
RI&I
|
1,135
|
18
|
19
|
2,025
|
15
|
17
|
Growth
driven by Nucala and
Exdensur in respiratory and
Benlysta in
immunology.
|
|
Nucala
|
610
|
22
|
23
|
1,094
|
16
|
18
|
Strong
demand across all regions and indications, enhanced by COPD
launches including the US in Q2 2025. US grew double digit in the
quarter and YTD with volume growth more than offsetting continued
unfavourable pricing pressures. In Q2, US channel mix pricing
adjustments positively impacted total growth in the quarter by 12
ppts and YTD by 6 ppts.
|
|
Exdensur
|
18
|
–
|
–
|
29
|
–
|
–
|
Early
commercial introductions across all launched markets, with new
patient starts increasing in Q2 in key growth markets US, Japan and
Germany.
|
|
Benlysta
|
498
|
10
|
11
|
882
|
9
|
12
|
Strong
volume growth in Q2 and YTD, with bio-penetration rates having
increased across many markets.
|
|
|
Q2 2026
|
Year to date
|
Key
Drivers
|
||||
|
|
£m
|
AER%
|
CER%
|
£m
|
AER%
|
CER%
|
|
|
Oncology
|
569
|
18
|
17
|
1,081
|
20
|
22
|
Increasing patient
demand for Jemperli,
Ojjaara/Omjjara and Blenrep, partially offset by a decrease
in Zejula.
|
|
Jemperli
|
248
|
27
|
27
|
480
|
30
|
33
|
Continued strong
growth in Q2 and YTD across all regions. US continued to grow
double-digit, which reduced in Q2 as new patient starts moderated.
Strong growth continued in Europe and International driven by
launches and reimbursement expansion across markets.
|
|
Ojjaara/Omjjara
|
187
|
36
|
36
|
331
|
32
|
35
|
Higher
patient uptake across the regions and from continued commercial
launches across Europe and International markets. US volume growth
in Q2 and YTD was partly offset by continuing pricing
pressures.
|
|
Zejula
|
101
|
(33)
|
(34)
|
215
|
(24)
|
(23)
|
US
continues to decline with volume impacted by the FDA label update
and new prior authorisation insurance requirements, with Q2 further
impacted by unfavourable channel mix and returns adjustments.
Europe declined due to increased competition.
|
|
Blenrep
|
36
|
>100
|
>100
|
59
|
>100
|
>100
|
US
sales driven by patient uptake in both community and academic
settings. Continued geographic expansion with regulatory approval
and launches across Europe and International markets, including in
Germany, Japan and Brazil.
|
|
|
Q2 2026
|
Year to date
|
Key
Drivers
|
||||
|
|
£m
|
AER%
|
CER%
|
£m
|
AER%
|
CER%
|
|
|
Vaccines Total
|
2,284
|
9
|
8
|
4,433
|
6
|
6
|
Strong Q2 driven by growth in
Arexvy, Meningitis vaccines and Shingrix.
Growth in Q2 benefitted 3ppts from prior period rebate
adjustments.
|
|
Shingrix
|
888
|
4
|
3
|
1,914
|
11
|
12
|
Q2
growth was driven by demand in Europe, partly offset by lower sales
in International. US sales were broadly stable with lower demand
and channel inventory utilisation offset by favourable pricing
including prior period rebate adjustments which added
3ppts to Shingrix Q2
growth.
The
cumulative immunisation rate in the US reached 45%, up 3ppts
compared to 12 months earlier(1). The majority of
ex-US Shingrix opportunity
is in 10 markets where the average immunisation rate is around 12%,
with significantly higher uptake in funded cohorts.
|
|
Meningitis
|
462
|
22
|
21
|
797
|
9
|
9
|
Q2
growth was delivered primarily by Bexsero with outbreak-related demand in
International and Europe. Other Meningitis vaccines benefitted from
Q2 tender deliveries in International and Penmenvy continued post launch uptake
in the US.
|
|
Arexvy
|
192
|
>100
|
>100
|
257
|
78
|
75
|
Strong
growth in Q2 was the result of Australian tender deliveries and
prior period rebate adjustments in the US. YTD growth also
benefitted from expanded funding and uptake in Europe.
|
|
Other
Paediatric &
Adult
Vaccines
|
731
|
(7)
|
(8)
|
1,444
|
(9)
|
(8)
|
Decrease in growth
due to competitive pressure for Other Vaccines, particularly
Synflorix in International
and prior year CDC stockpile replenishment for Infanrix/Pediarix in the US, partly offset by
favourable CDC stockpile movements and pricing for Boostrix in the US in
2026.
|
(1)
Based on data from IQVIA up until the end of Q1 2026
|
|
Q2 2026
|
Year to date
|
Key
Drivers
|
||||
|
|
£m
|
AER%
|
CER%
|
£m
|
AER%
|
CER%
|
|
|
General Medicines Total
|
2,343
|
(9)
|
(9)
|
4,597
|
(9)
|
(7)
|
Decreases in
Trelegy,
other Respiratory
and Other General Medicines products.
|
|
Respiratory
|
1,679
|
(10)
|
(10)
|
3,273
|
(9)
|
(7)
|
Trelegy decreases driven by US Medicare
benefit design changes, and continued pricing pressures including
the impact of channel mix pricing adjustments. Decreases in other
respiratory products due to continued competitive pressures and
generic erosion.
|
|
Trelegy
|
775
|
(7)
|
(7)
|
1,421
|
(6)
|
(3)
|
US
declined in Q2 and YTD with volumes adversely impacted by Medicare
benefit design changes and continued unfavourable pricing pressures
as well as channel mix pricing adjustments impacting growth in Q2
by 5 ppts and YTD by 4 ppts. Strong volume growth in Europe and
International was driven by patient demand, SITT class growth and
increased market share.
|
|
Other
General Medicines
|
664
|
(5)
|
(4)
|
1,324
|
(10)
|
(8)
|
Decrease in growth
driven by continued competitive pressures and generic competition
across the portfolio and a reduction in contract manufacturing
sales.
|
By Region
|
|
|
|
|
|
|
|
|
|
|
Q2 2026
|
Year to date
|
Key
Drivers
|
||||
|
|
£m
|
AER%
|
CER%
|
£m
|
AER%
|
CER%
|
|
|
US
|
4,308
|
5
|
5
|
8,045
|
2
|
6
|
Specialty
Medicines: Q2 +15%, YTD +16%
Growth
driven largely by patient demand in HIV, Oncology, Benlysta and Nucala.
Vaccines: Q2 +9%,
YTD +3%
Growth
driven by favourable CDC stockpile movements and pricing for
Boostrix and prior period
RAR adjustments for Arexvy.
General
Medicines: Q2 -17%, YTD -12%
Trelegy declines from sales volume
impacts and unfavourable pricing pressures and adjustments.
Decreases continued across the other respiratory and Other General
Medicine portfolios from ongoing competitive and pricing
pressures.
|
|
Europe
|
2,042
|
11
|
8
|
4,125
|
15
|
11
|
Specialty
Medicines: Q2 +9%, YTD +9%
Growth
driven by Oncology, Nucala,
Benlysta and
HIV.
Vaccines: Q2 +13%,
YTD +22%
Growth
driven by Shingrix demand
in the Nordics and Austria, with significant increased demand
across Europe YTD. Bexsero
also grew due to Meningitis B outbreak related demand in the
UK.
General
Medicines: Q2 stable, YTD -1%
Broadly
stable. Growth in Trelegy
and Anoro offset by
decreases in other respiratory products.
|
|
International
|
2,059
|
1
|
2
|
3,868
|
(4)
|
(2)
|
Specialty
Medicines: Q2 +11%, YTD +13%
Growth
driven by Oncology, Nucala
and Benlysta.
Vaccines: Q2 +3%,
YTD -7%
Q2
growth in Arexvy from
Australian tender deliveries and Bexsero demand related to outbreaks in
Vietnam partly offset by lower sales of Shingrix and competitive pressure for
Other Vaccines, particularly Synflorix. YTD sales include the impact
of lower Q1 Synflorix and
Shingrix
sales.
General
Medicines: Q2 -2%, YTD -6%
Growth
in Trelegy and Anoro more than offset by decreases
across other respiratory and Other General Medicine products, which
included reductions in contract manufacturing income.
|
Financial Performance - Core results
Core
operating profit growth in Q2 2026 and YTD primarily reflected
higher turnover, favourable product and regional mix, and
favourable net legal settlements and expenses in Q1 2026 partially
offset by increased investment in R&D and new asset launches,
as well as lower royalty income in the quarter.
The
increase in Core EPS in Q2 2026 primarily reflected the growth in
Core operating profit, the share buyback, a lower effective tax
rate and lower net finance expenses, partly offset by higher NCIs.
YTD Core EPS growth compared to operating profit growth was lower
than the quarter principally due to higher net finance costs and a
broadly flat effective tax rate.
|
|
|
|
|
|
|
|
|
Core Results
|
Q2 2026
|
Year to date
|
||||
|
|
£m
|
%
AER
|
%
CER
|
£m
|
%
AER
|
%
CER
|
|
Turnover
|
8,409
|
5
|
5
|
16,038
|
3
|
5
|
|
Cost of
sales
|
(1,898)
|
(4)
|
(6)
|
(3,599)
|
(3)
|
(3)
|
|
% of sales
|
22.6%
|
(2.3)
|
(2.5)
|
22.4%
|
(1.5)
|
(1.8)
|
|
Selling,
general and administration
|
(2,194)
|
5
|
5
|
(4,174)
|
1
|
1
|
|
% of sales
|
26.1%
|
(0.1)
|
–
|
26.0%
|
(0.8)
|
(0.9)
|
|
Research
and development
|
(1,721)
|
13
|
13
|
(3,214)
|
11
|
12
|
|
% of sales
|
20.5%
|
1.4
|
1.4
|
20.0%
|
1.3
|
1.3
|
|
Royalty
income
|
204
|
(17)
|
(17)
|
399
|
(6)
|
(7)
|
|
Core operating profit
|
2,800
|
6
|
7
|
5,450
|
6
|
8
|
|
% of sales
|
33.3%
|
0.4
|
0.6
|
34.0%
|
0.7
|
1.2
|
|
Core
net finance expense
|
(121)
|
(3)
|
(2)
|
(264)
|
17
|
19
|
|
Share
of after tax profit/(loss) of associates and joint
ventures
|
(3)
|
|
|
(7)
|
|
|
|
|
|
|
|
|
|
|
|
Core profit before taxation
|
2,676
|
7
|
7
|
5,179
|
5
|
8
|
|
Taxation
|
(457)
|
4
|
4
|
(915)
|
5
|
8
|
|
Tax rate %
|
17.1%
|
|
|
17.7%
|
|
|
|
Core profit after taxation
|
2,219
|
7
|
8
|
4,264
|
5
|
8
|
|
Core
profit attributable to non-controlling interests
|
191
|
9
|
10
|
364
|
8
|
11
|
|
Core
profit attributable to shareholders
|
2,028
|
|
|
3,900
|
|
|
|
|
2,219
|
7
|
8
|
4,264
|
5
|
8
|
|
Core
Earnings per share
|
50.5p
|
9
|
9
|
97.1p
|
6
|
9
|
|
Financial
Performance – Q2 2026 results unless otherwise stated, growth
% and commentary at CER. See page 8 for Total results financial
performance commentary. In YTD, the adverse currency impact on AER
versus CER primarily reflected the strengthening of Sterling
against the USD. See page 9 for further details. Reconciliations
between Total results and Core results Q2 2026, Q2 2025, H1 2026
and H1 2025 are set out on pages 16 and 18
|
||||||
Core
cost of sales as a percentage of sales decreased in Q2 2026 and YTD
primarily due to favourable product and regional mix driven by
higher specialty sales and the growth of higher margin Vaccines
products, particularly Shingrix in Europe, as well as a
favourable comparator due to supply chain optimisation charges
incurred in Q2 2025.
Core
SG&A increased in Q2 2026 and YTD primarily due to disciplined
investment to support launches for new assets including
Blenrep and Exdensur as well as a low comparator
due to phasing of spend between quarters in Q2 2025. This was
partly offset by ongoing productivity initiatives. The YTD also has
net favourability on legal settlements and expenses equivalent to
around 2ppts impact.
Core
R&D investment increased in Q2 2026 and YTD reflecting
progression across the portfolio. In Oncology, this included
acceleration in work on ADCs Ris-Rez and Mo-Rez, and velzatinib. In
Specialty Medicines, increased investment was driven by
efimosfermin acquired in Q3 2025, depemokimab COPD indication and
all indications of the anti-TSLP monoclonal antibody. Growth was
partly offset by lower spend on bepirovirsen which was filed in Q1
2026. Investment also increased on clinical trial programmes
associated with mRNA seasonal flu vaccines.
Core
royalty income decreased in the quarter and YTD primarily due to Q2
2025 including historic royalties recognised in association with
the settlement of an IP dispute, partly offset by higher
Kesimpta(1)
royalties.
Core
net finance expense decreased in Q2 mainly due to a net favourable
variance on hedging activities after a negative impact in Q1 2026.
Excluding this, core net finance expense increased in Q2 2026 and
YTD primarily due to higher net interest on higher net debt
following Zantac settlement
payments, the share buyback and acquisitions.
The
effective tax rate on Core profits was broadly in line with
expectations for the year.
Core
NCIs in Q2 and YTD were higher primarily due to higher core profit
allocations from ViiV Healthcare.
(1)
Kesimpta is manufactured by and a trademark of Novartis
AG
Financial performance - Total results
Total
operating profit decreased in the quarter primarily due to higher
impairments and higher CCL charges, partly offset by higher Core
operating profit, higher other net operating income and lower
NCIs.
Total
EPS decreased in Q2 2026 and YTD primarily due to lower Total
operating profit driven by higher impairments in the quarter,
partly offset by the share buyback, a lower effective tax rate and
lower NCIs, as well as lower net finance expenses in
Q2.
|
|
|
|
|
|
|
|
|
Total Results
|
Q2 2026
|
Year to date
|
||||
|
|
£m
|
%
AER
|
%
CER
|
£m
|
%
AER
|
%
CER
|
|
|
|
|
|
|
|
|
|
Turnover
|
8,409
|
5
|
5
|
16,038
|
3
|
5
|
|
Cost of
sales
|
(2,266)
|
5
|
3
|
(4,141)
|
1
|
1
|
|
% of sales
|
26.9%
|
(0.2)
|
(0.5)
|
25.8%
|
(0.6)
|
(1.1)
|
|
Selling,
general and administration
|
(2,202)
|
3
|
3
|
(4,321)
|
3
|
3
|
|
% of sales
|
26.2%
|
(0.6)
|
(0.5)
|
26.9%
|
(0.2)
|
(0.4)
|
|
Research
and development
|
(3,466)
|
71
|
71
|
(5,158)
|
48
|
49
|
|
% of sales
|
41.2%
|
15.9
|
15.9
|
32.2%
|
9.7
|
9.5
|
|
Royalty
income
|
204
|
(17)
|
(17)
|
399
|
(6)
|
(7)
|
|
Other
operating income/(expense)
|
(198)
|
>100
|
>100
|
(43)
|
>100
|
>100
|
|
Operating profit
|
481
|
(76)
|
(75)
|
2,774
|
(35)
|
(31)
|
|
% of sales
|
5.7%
|
(19.6)
|
(19.3)
|
17.3%
|
(10.0)
|
(9.3)
|
|
Net
finance expense
|
(124)
|
(7)
|
(7)
|
(269)
|
11
|
13
|
|
Share
of after tax profit/(loss) of associates and joint
ventures
|
(3)
|
|
|
(7)
|
|
|
|
Profit before taxation
|
354
|
(81)
|
(80)
|
2,498
|
(37)
|
(34)
|
|
Taxation
|
199
|
>(100)
|
>(100)
|
(106)
|
(82)
|
(77)
|
|
Tax rate %
|
(56.2%)
|
|
|
4.2%
|
|
|
|
Profit after taxation
|
553
|
(66)
|
(65)
|
2,392
|
(30)
|
(26)
|
|
Profit
attributable to non-controlling interests
|
118
|
(42)
|
(41)
|
220
|
(37)
|
(35)
|
|
Profit
attributable to shareholders
|
435
|
|
|
2,172
|
|
|
|
|
553
|
(66)
|
(65)
|
2,392
|
(30)
|
(26)
|
|
Earnings
per share
|
10.8p
|
(69)
|
(69)
|
54.1p
|
(28)
|
(24)
|
|
Financial
Performance – Q2 2026 results unless otherwise stated, growth
% and commentary at CER. See page 7 for Core results financial
performance commentary.
In Q2
2026, the adverse currency impact on AER versus CER primarily
reflected the strengthening of Sterling against the USD. See page 9
for further details. Reconciliations between Total results and Core
results Q2 2026, Q2 2025, H1 2026 and H1 2025 are set out on pages
16 and 18.
|
||||||
Total
cost of sales as a percentage of sales decreased in the quarter and
YTD primarily driven by Core cost of sales benefits, partly offset
by impairments in the quarter.
Total
SG&A as a percentage of sales decreased in the quarter and YTD
primarily due to Core SG&A benefits, partly offset in the YTD
by amounts reclassified from the foreign currency translation
reserve to the income statement upon the liquidation of a
subsidiary, and acquisition and integration costs related to RAPT
Therapeutics ("RAPT").
Total
R&D growth in Q2 2026 and YTD was driven by higher impairments
in the quarter for camlipixant (£1,334 million) and the
termination of assets related to the collaboration with Alector
(£371 million), related to the outcomes of clinical trials.
See page 17 for more details. In addition there was an increase in
Core R&D investment.
Total
royalty income decreased in the quarter and YTD driven by Core
royalties.
Other
operating income/(expense) in Q2 2026 included a charge of
£486 million (Q2 2025: £89 million credit) arising from
the remeasurement of CCLs, partly offset by net income of £288
million (Q2 2025: £31 million) primarily related to the
divestment of linerixibat. Other operating income/(expense) YTD
included a charge of £751 million (YTD 2025: £87 million
credit) principally arising from the remeasurement of CCLs, partly
offset by net income of £708 million (YTD 2025: £22
million) primarily related to profit on the sale of the Rockville
manufacturing facility to Samsung Biologics, and the divestment of
linerixibat. See pages 17 and 19 for further details.
Net
finance costs decreased in the quarter and increased in YTD mainly
due to movements in Core net finance expenses.
The
effective tax rate on Total results reflected the different tax
effects of the various Adjusting items included in Total results.
Issues related to taxation are described in Note 14,
‘Taxation’ in the Annual Report 2025. The Group
continues to believe it has made adequate provision for the
liabilities likely to arise from periods that are open and not yet
agreed by relevant tax authorities. The ultimate liability for such
matters may vary from the amounts provided and is dependent upon
the outcome of agreements with relevant tax
authorities.
The
decrease in Total NCIs in Q2 and YTD was primarily driven by
remeasurement charges on the Shionogi-ViiV CCL compared to credits
in prior periods, partly offset by higher core profit allocations
from ViiV Healthcare.
Exchange rates and impact on results
GSK
operates in many countries and earns revenues and incurs costs in
many currencies. The results of the Group, as reported in Sterling,
are affected by movements in exchange rates between Sterling and
other currencies. Average exchange rates, as modified by specific
transaction rates for large transactions, prevailing during the
period, are used to translate the results and cash flows of
overseas subsidiaries, associates and joint ventures into Sterling.
Period-end rates are used to translate the net assets of those
entities. The currencies which most influenced these translations
and the relevant exchange rates were:
|
|
Q2 2026
|
Q2
2025
|
H1 2026
|
H1
2025
|
2025
|
||
|
|
|
|
|
|
|
||
|
Average
rates:
|
|
|
|
|
|
||
|
|
|
US$/£
|
1.34
|
1.34
|
1.34
|
1.30
|
1.31
|
|
|
|
Euro/£
|
1.15
|
1.18
|
1.15
|
1.19
|
1.17
|
|
|
|
Yen/£
|
213
|
194
|
212
|
193
|
198
|
|
|
|
|
|
|
|
||
|
Period-end
rates:
|
|
|
|
|
|
||
|
|
|
US$/£
|
1.32
|
1.37
|
1.32
|
1.37
|
1.35
|
|
|
|
Euro/£
|
1.16
|
1.17
|
1.16
|
1.17
|
1.15
|
|
|
|
Yen/£
|
215
|
198
|
215
|
198
|
211
|
In Q2
2026 and YTD, the adverse currency impact primarily reflected the
strengthening of Sterling against the US Dollar, particularly in Q1
2026, as well as the Yen and emerging market currencies, partly
offset by strengthening of the Euro. Exchange losses on the
settlement of intercompany transactions had an adverse impact of
one percentage point on Total and Core EPS in the YTD, and minimal
impact in the quarter.
Cash generation
|
Cash flow
|
||||
|
|
Q2 2026
£m
|
Q2
2025
£m
|
H1 2026
£m
|
H1
2025
£m
|
|
Cash
generated from operations (£m)
|
2,906
|
2,433
|
4,256
|
3,734
|
|
Total
net cash inflow/(outflow) from operating activities
(£m)
|
2,690
|
2,096
|
3,831
|
3,241
|
|
Free
cash inflow/(outflow)* (£m)
|
1,994
|
1,126
|
2,809
|
1,823
|
|
Free
cash flow growth (%)
|
77%
|
>100%
|
54%
|
>100%
|
|
Free
cash flow conversion* (%)
|
>100%
|
78%
|
>100%
|
59%
|
|
Total
net debt** (£m)
|
15,132
|
13,735
|
15,132
|
13,735
|
|
*
Free cash flow and free cash flow conversion are defined on page
50. Free cash flow is analysed on page 34.
|
||||
|
**
Total net debt is defined on page 51. Net debt is analysed on page
34.
|
||||
Q2 2026
Cash
generated from operations for the quarter was £2,906 million
(Q2 2025: £2,433 million). The increase primarily
reflected higher Core operating profit, favourable timing and
movements on trade receivables and payables, partly offset by
inventory build to support new product launches and adverse timing
and movements on returns and rebates.
Total
contingent consideration cash payments in the quarter were
£378 million (Q2 2025: £333 million).
£374 million (Q2 2025: £330 million) of these
were recognised in cash flows from operating activities, including
cash payments made to Shionogi & Co. Ltd ("Shionogi") of
£348 million (Q2 2025:
£319 million).
Free
cash inflow was £1,994 million for the quarter (Q2 2025:
£1,126 million). The increase was primarily driven by
higher cash generated from operations, proceeds from the divestment
of linerixibat and lower tax payments.
H1 2026
Cash
generated from operating activities was £4,256 million (H1
2025: £3,734 million). The increase reflected higher Core
operating profit, favourable timing and movements on trade
receivables and the final cash settlement from CureVac, partly
offset by exchange and adverse timing and movements on returns and
rebates.
Total
contingent consideration cash payments in H1 2026 were
£757 million (H1 2025: £674 million).
£749 million (H1 2025: £668 million) of these
were recognised in cash flows from operating activities, including
cash payments made to Shionogi & Co. Ltd of
£710 million (H1 2025:
£650 million).
Free
cash inflow was £2,809 million for H1 2026 (H1 2025:
£1,823 million). The increase was driven by higher cash
generated from operations, higher proceeds from the sale of
intangible assets, including the divestment of linerixibat, and the
special dividend of $250 million (£187 million) related to the
ViiV shareholding restructure.
Total Net debt
At 30
June 2026, net debt was £15,132 million, compared with
£14,453 million at 31 December 2025, comprising gross debt of
£18,238 million and cash and liquid investments of £3,106
million. See net debt information on page 34.
Net
debt increased by £679 million primarily due to net
acquisition costs of £2,083 million related to RAPT
Therapeutics and 35Pharma Inc., dividends paid to shareholders of
£1,370 million, shares purchased as part of the share buyback
programme (completed in June 2026) of £634 million and an
exchange loss on net debt of £76 million. This was partly
offset by primarily the free cash inflow of £2,809 million and
£398 million related to the disposal of the Rockville site
including proceeds and a reduction in lease
liabilities.
At 30
June 2026, GSK had short-term borrowings (including overdrafts and
lease liabilities) repayable within 12 months of £4,291
million and £2,058 million repayable in the subsequent
year.
Contents
|
|
|
|
|
Page
|
|
Q2 2026
pipeline highlights
|
12
|
|
Responsible
business
|
13
|
|
Total
and Core results
|
14
|
|
Income
statement
|
20
|
|
Statement
of comprehensive income
|
21
|
|
Balance
sheet
|
22
|
|
Statement
of changes in equity
|
23
|
|
Cash
flow statement
|
24
|
|
Sales
tables
|
25
|
|
Segment
information
|
28
|
|
Legal
matters
|
29
|
|
Returns
to shareholders
|
30
|
|
Additional
information
|
31
|
|
R&D
commentary
|
41
|
|
Principal
risk and uncertainties
|
48
|
|
Reporting
definitions
|
50
|
|
Guidance
and outlooks, assumptions and cautionary statements
|
52
|
|
Directors'
responsibility statement
|
54
|
|
Independent
Auditor's review report to GSK plc
|
55
|
|
Glossary
of terms
|
57
|
Contacts
GSK plc
(LSE/NYSE:GSK) is a global biopharma company with a purpose to
unite science, technology, and talent to get ahead of disease
together. Find out more at www.gsk.com.
|
GSK enquiries:
|
|
|
|
|
Media
|
Tim
Foley
|
+44 (0)
7780 494750
|
(London)
|
|
|
Kathleen
Quinn
|
+1 202
603 5003
|
(Washington)
|
|
|
|
|
|
|
Investor
Relations
|
Constantin
Fest
|
+44 (0)
7831 826525
|
(London)
|
|
|
James
Dodwell
|
+44 (0)
7881 269066
|
(London)
|
|
|
Mick
Readey
|
+44 (0)
7990 339653
|
(London)
|
|
|
Steph
Mountifield
|
+44 (0)
7796 707505
|
(London)
|
|
|
Sam
Piper
|
+44 (0)
7824 525779
|
(London)
|
|
|
Jeff
McLaughlin
|
+1 215
751 7002
|
(Philadelphia)
|
|
|
Frannie
DeFranco
|
+1 215
751 3126
|
(Philadelphia)
|
|
|
|
|
|
|
Registered in England & Wales:
No.
3888792
|
|||
|
|
|||
|
Registered Office:
79 New
Oxford Street
London,
WC1A
1DG
|
|||
Q2 2026 pipeline highlights (since 29 April 2026)
|
|
Medicine/vaccine
|
Trial (indication, presentation)
|
Event
|
|
Regulatory approvals or other regulatory actions
|
Nucala
|
Hypereosinophilic
Syndrome
|
Regulatory
approval (CN)
|
|
Jideytro
|
Non-small
cell lung cancer (pre-treated)
|
Regulatory
approval (US)
|
|
|
Arexvy
|
RSV,
adults aged 18-49 years at increased risk
|
Regulatory
approval (JP)
|
|
|
Arexvy
|
RSV,
adults aged 18+ immunocompromised
|
Regulatory
approval (JP)
|
|
|
Utebzi
|
PIVOT-PO
(complicated urinary tract infections)
|
Regulatory
approval (US)
|
|
|
Regulatory submissions or acceptances
|
Bexsero
|
Meningococcal
B booster (10+ years of age)
|
Regulatory
acceptance (EU)
|
|
Phase III data readouts or other significant events
|
camlipixant*
|
CALM-1/2
(refractory chronic cough)
|
Phase
III data readout
|
|
efimosfermin
|
ZENITH-1
and ZENITH-2 (metabolic dysfunction-associated
steatohepatitis)
|
Breakthrough
Designation (CN)
|
|
|
Jemperli
|
AZUR-1
(rectal cancer)
|
Positive
phase II (pivotal) data readout
|
|
|
momelotinib
|
VEXAS
syndrome
|
Orphan
Drug Designation (EU, US)
|
*camlipixant
demonstrated limited efficacy in the CALM-1 and CALM-2 pivotal
trials, and, based on the aggregate data, GSK has decided not to
progress further development in chronic cough (disclosed 17 July
2026)
Anticipated pipeline milestones
|
|
|
|
|
|
Timing
|
Medicine/vaccine
|
Trial (indication, presentation)
|
Event
|
|
H2 2026
|
Exdensur
|
OCEAN
(eosinophilic granulomatosis with polyangiitis)
|
Phase
III data readout
|
|
Ventolin
|
Low
carbon MDI (asthma)
|
Regulatory
submission (EU)
|
|
|
Blenrep
|
DREAMM-8
(2L + multiple myeloma)
|
Regulatory
submission (CN)
|
|
|
Jemperli
|
AZUR-1
(rectal cancer)
|
Regulatory
submission (US)
|
|
|
Jemperli
|
AZUR-1
(rectal cancer)
|
Regulatory
decision (US)
|
|
|
neladalkib
|
Non-small
cell lung cancer (pre-treated)
|
Regulatory
decision (US)
|
|
|
cabotegravir
|
3x a
year prevention (HIV)
|
Phase
IIb (pivotal) data readout
|
|
|
cabotegravir
|
3x a
year prevention (HIV)
|
Regulatory
submission (US)
|
|
|
Arexvy
|
RSV,
adults aged 18+ immunocompromised
|
Regulatory
decision (US)
|
|
|
bepirovirsen
|
B-WELL
1/2 (hepatitis B virus)
|
Regulatory
decision (US, JP)
|
|
|
Bexsero
|
Meningococcal
B (infants)
|
Regulatory
submission (US)
|
|
|
H1 2027
|
Exdensur
|
OCEAN
(eosinophilic granulomatosis with polyangiitis)
|
Regulatory
submission (US, EU, CN, JP)
|
|
Ventolin
|
Low
carbon MDI (asthma)
|
Regulatory
decision (EU)
|
|
|
Ventolin
|
Low
carbon MDI (asthma)
|
Regulatory
submission (US)
|
|
|
Jemperli
|
AZUR-1
(rectal cancer)
|
Regulatory
submission (JP)
|
|
|
Jideytro
|
Non-small
cell lung cancer (treatment naïve)
|
Regulatory
submission (US)
|
|
|
cabotegravir
|
3x a
year prevention (HIV)
|
Regulatory
decision (US)
|
|
|
Arexvy
|
RSV,
adults aged 60+
|
Regulatory
decision (CN)
|
|
|
bepirovirsen
|
B-WELL
1/2 (chronic hepatitis B)
|
Regulatory
decision (EU, CN)
|
|
|
H2 2027
|
Exdensur
|
OCEAN
(eosinophilic granulomatosis with polyangiitis)
|
Regulatory
decision (US, JP)
|
|
Jemperli
|
AZUR-1
(rectal cancer)
|
Regulatory
submission (EU, CN)
|
|
|
Jemperli
|
AZUR-1
(rectal cancer)
|
Regulatory
decision (EU)
|
|
|
zidesamtinib
|
Non-small
cell lung cancer (treatment naïve)
|
Regulatory
decision (US)
|
|
|
cabotegravir
+ rilpivirine
|
CUATRO,
3x a year treatment (HIV)
|
Phase
III data readout
|
|
|
Arexvy
|
RSV,
adults aged 18-59
|
Regulatory
submission (CN)
|
|
|
Bexsero
|
Meningococcal
B (infants)
|
Regulatory
decision (US)
|
Refer
to pages 41 to 47 for further details on several key medicines and
vaccines in development by therapy area.
Progress on areas for responsible business
Being a
responsible business is a fundamental part of GSK’s strategy
and supports long-term performance. Annual progress against
GSK’s responsible business priorities is detailed in the
Annual(1)
and Responsible
Business(2) Reports with
incremental updates shared each quarter. Highlights below include
activity since Q1 2026 results.
Access
|
●
|
In
April, GSK and Medicines for Malaria Venture (MMV) announced(3) the world’s
first rollout of paediatric tafenoquine in Brazil - followed by
Thailand in May - providing children with relapsing P. Vivax malaria access to this single
dose treatment to help prevent relapse and support elimination
efforts.
|
Global health and health security
|
●
|
Malaria
remains one of the leading causes of death among children under
five in sub-Saharan Africa. In May, results published(4) in The Lancet from the World Health
Organization’s Malaria Vaccine Implementation Programme
(MVIP), provided real-world evidence that the RTS,S malaria
vaccine, developed by GSK, helped reduce child mortality over a
period of four years in Ghana, Kenya and Malawi, with an estimated
one in eight deaths averted among eligible children.
|
|
●
|
In
July, the GSK-developed novel M72/AS01E tuberculosis vaccine
candidate (licensed to Gates Medical Research Institute in 2020)
progressed(5) toward global
access with a new manufacturing agreement between the Gates MRI and
Serum Institute of India, pending successful Phase III trial
outcomes. The agreement also commits GSK, as the adjuvant
innovator, to a manufacturing partner for M72/ AS01E, and marks a
critical step toward ensuring that, if approved, the vaccine can be
produced at scale and made available to those who need it
most.
|
Environment
|
●
|
In May,
GSK was named a Supplier Engagement
Leader by the CDP(6), in addition to
maintaining A-list status for Climate Change and Water Security.
This recognises GSK’s work with suppliers to decarbonise its
value chain beyond its own operations, which protects supply chain
resilience and long-term ability to deliver medicines and
vaccines.
|
Responsible Business rating performance
Detailed
below is how GSK performs in key Responsible Business
ratings*.
|
External
benchmark
|
Current
score/ranking
|
Previous
score/ranking
|
Comments
|
|
Access
to Medicines Index
|
3.72
|
4.06
|
Second
in the Index, updated bi-annually, current results from November
2024. Scores range from 1 to 5, with 5 being the highest (best)
score
|
|
Antimicrobial
resistance benchmark
|
77%
|
84%
|
Led the
benchmark since its inception in 2018; Current ranking updated
March 2026
|
|
CDP
Climate Change
|
A
|
A
|
Updated
annually, current scores updated December 2025 (for supplier
engagement, May 2026)
|
|
CDP
Water Security
|
A
|
A
|
|
|
CDP
supplier engagement rating
|
Leader
|
Leader
|
|
|
Sustainalytics
|
Low
risk
|
Low
risk
|
2nd
percentile in pharma subindustry group. Current rating as at July
2026
|
|
ISS
Corporate Rating
|
B+
|
B+
|
Ranked
1st in our peer group. Last profile update May 2026
|
|
FTSE4Good
|
Member
|
Member
|
Member
since 2004, latest review in July 2026
|
*GSK’s
Responsible Business ratings are regularly reviewed to ensure the
external benchmarks listed remain high quality, appropriate and
relevant to investors. The outcome of these reviews may lead to
changes on which ratings are included in the table above –
last updated July 2026
|
(1)
|
https://www.gsk.com/en-gb/investors/financial-reports/annual-report-2025
|
|
(2)
|
https://www.gsk.com/media/di5bk40q/responsible-business-report.pdf
|
|
(3)
|
https://www.mmv.org/news-resources-search/first-children-receive-single-dose-medicine-relapsing-malaria-brazils
|
|
(4)
|
https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(26)00248-5/fulltext
|
|
(5)
|
https://www.gsk.com/en-gb/media/media-statements/gsk-developed-tb-vaccine-candidate-progresses-toward-global-access-with-new-manufacturing-agreement/
|
|
(6)
|
https://www.cdp.net/en/supply-chain/supplier-engagement-assessment#msdynmkt_trackingcontext=955c8f00-6738-45c4-a268-80b1609d0200
|
Total and Core results
Total
reported results represent the Group’s overall
performance.
GSK
uses a number of non-IFRS measures to report the performance of its
business. Core results and other non-IFRS measures may be
considered in addition to, but not as a substitute for, or superior
to, information presented in accordance with IFRS. Core results are
defined below and other non-IFRS measures are defined on pages 50
and 51.
GSK
believes that Core results, when considered together with Total
results, provide investors, analysts and other stakeholders with
helpful complementary information to understand better the
financial performance and position of the Group from period to
period, and allow the Group’s performance to be more easily
compared against the majority of its peer companies. These measures
are also used by management for planning and reporting purposes.
They may not be directly comparable with similarly described
measures used by other companies.
GSK
encourages investors and analysts not to rely on any single
financial measure but to review GSK’s quarterly results
announcements, including the financial statements and notes, in
their entirety.
GSK is
committed to continuously improving its financial reporting, in
line with evolving regulatory requirements and best practice. In
line with this practice, GSK expects to continue to review and
refine its reporting framework.
Core
results exclude the following items in relation to our operations
from Total results, together with the tax effects of all of these
items:
|
●
|
amortisation
of intangible assets (excluding computer software and capitalised
development costs) to reflect the Group's performance excluding the
effect of acquisitions
|
|
|
●
|
impairment
of intangible assets (excluding computer software) and goodwill to
reflect the Group's performance excluding the effect of
acquisitions
|
|
|
●
|
major
restructuring and integration costs, which are:
|
|
|
–
|
cash
and non-cash costs such as impairment of tangible assets and
computer software of Major restructuring programmes, which are
specific Board-approved programmes that are structural and of
significant scale, where the costs of individual or related
projects within such programmes exceed £25 million;
or
|
|
|
–
|
costs
that relate to restructuring and integration following a
significant acquisition.
|
|
|
Costs
for other ordinary course, smaller-scale restructuring and
integration are retained within both Total and Core
results
|
||
|
●
|
transaction-related
accounting or other adjustments related to significant
acquisitions
|
|
|
●
|
proceeds
and costs of disposal of associates, products and businesses;
significant settlement income; Significant legal charges (net of
insurance recoveries) and expenses on the settlement of litigation
and government investigations; other operating income other than
royalty income, and other items including amounts reclassified from
the foreign currency translation reserve to the income statement
upon the liquidation of a subsidiary where the amount exceeds
£25 million
|
|
As
Core results include the benefits of Major restructuring programmes
but exclude significant costs (such as Significant legal charges
and expenses, major restructuring costs and transaction items) they
should not be regarded as a complete picture of the Group’s
financial performance, which is presented in Total results. The
exclusion of other Adjusting items may result in Core earnings
being materially higher or lower than Total earnings. In
particular, when significant impairments, restructuring charges and
legal costs are excluded, Core earnings will be higher than Total
earnings.
GSK has
undertaken a number of Major restructuring programmes in response
to significant changes in the Group’s trading environment or
overall strategy or following material acquisitions. Within the
Pharmaceuticals sector, the highly regulated manufacturing
operations and supply chains and long lifecycle of the business
mean that restructuring programmes, particularly those that involve
the rationalisation or closure of manufacturing or R&D sites
are likely to take several years to complete. Costs, both cash and
non-cash, of these programmes are provided for as individual
elements are approved and meet the accounting recognition criteria.
As a result, charges may be incurred over a number of years
following the initiation of a Major restructuring
programme.
Significant
legal charges and expenses are those arising from the settlement of
litigation or government investigations that are not in the normal
course and materially larger than more regularly occurring
individual matters. They also include certain major legacy
matters.
Reconciliations
between Total and Core results, providing further information on
the key Adjusting items, are set out on pages 16 and
18.
GSK
provides earnings guidance to the investor community on the basis
of Core results. This is in line with peer companies and
expectations of the investor community, supporting easier
comparison of the Group’s performance with its peers. GSK is
not able to give guidance for Total results as it cannot reliably
forecast certain material elements of the Total results,
particularly the future fair value movements on contingent
consideration and put options that can and have given rise to
significant adjustments driven by external factors such as currency
and other movements in capital markets.
ViiV Healthcare
ViiV
Healthcare is a subsidiary of the Group and 100% of its operating
results (turnover, operating profit, profit after tax) are included
within the Group income statement.
On 19
January 2026, GSK reached agreement with Pfizer and Shionogi for
the 11.7% economic interest in ViiV Healthcare held by Pfizer to be
replaced with an investment by Shionogi. On 31 March 2026, the
transaction completed and Shionogi increased its economic interest
to 21.7% and GSK maintained its 78.3% economic interest. ViiV
Healthcare issued new shares to Shionogi for consideration of
$2.125 billion, and cancelled Pfizer’s holding in ViiV
Healthcare, returning $1.875 billion to Pfizer. GSK received a
special dividend of $0.250 billion (£187 million). Further, on
completion GSK extinguished the Pfizer put option liability through
retained earnings. The put option liability was £822 million
as at 31 December 2025 and was remeasured immediately prior to
completion, on the same methodology as at 31 December 2025, with
the £33 million change in the liability recognised as an
Adjusting item through other operating
income/(expense).
Earnings
for the year are allocated to the two shareholders of ViiV
Healthcare on the basis of their respective equity shareholdings
(GSK 78.3% and Shionogi 21.7%) and their entitlement to
preferential dividends, which are determined by the performance of
certain products attributable to each shareholder. As the relative
performance of these products changes over time, the proportion of
the overall earnings allocated to each shareholder also changes. In
particular, the increasing proportion of sales of dolutegravir and
cabotegravir-containing products has a favourable impact on the
proportion of the preferential dividends that is allocated to GSK.
Adjusting items are allocated to shareholders based on their equity
interests. GSK was entitled to approximately 83% of the Total
earnings and 83% of the Core earnings of ViiV Healthcare for
2025.
As
consideration for the acquisition of Shionogi’s interest in
the former Shionogi-ViiV Healthcare joint venture in 2012, Shionogi
received the 10% equity stake in ViiV Healthcare and ViiV
Healthcare also agreed to pay additional future cash consideration
to Shionogi, contingent on the future sales performance of the
products being developed by that joint venture, dolutegravir and
cabotegravir. Under IFRS 3 ‘Business combinations’, GSK
was required to provide for the estimated fair value of this
contingent consideration at the time of acquisition and is required
to update the liability to the latest estimate of fair value at
each subsequent period end. The liability for the contingent
consideration recognised in the balance sheet at the date of
acquisition was £659 million. Subsequent remeasurements are
reflected within other operating income/(expense) and within
Adjusting items in the income statement in each
period.
Cash
payments to settle the contingent consideration are made to
Shionogi by ViiV Healthcare each quarter, based on the actual sales
performance and other income of the relevant products in the
previous quarter. These payments reduce the balance sheet liability
and hence are not recorded in the income statement. The cash
payments made to Shionogi by ViiV Healthcare in the six months
ended 30 June 2026 were £710 million.
As the
liability is required to be recorded at the fair value of estimated
future payments, there is a significant timing difference between
the charges that are recorded in the Total income statement to
reflect movements in the fair value of the liability and the actual
cash payments made to settle the liability.
Further
explanation of the acquisition-related arrangements with ViiV
Healthcare are set out on pages 86 and 87 of the Annual Report
2025.
The
reconciliations between Total results and Core results for Q2 2026
and Q2 2025 are set out below.
Three months ended 30 June 2026
|
|
|
|
|
|
|
|
|
|
|
Total
results
£m
|
Intangible
asset
amort-
isation
£m
|
Intangible
asset
impair-
ment
£m
|
Major
restruc-
turing
and
integration
£m
|
Trans-
action-
related
£m
|
Divest-ments,
Significant
legal
and
other
items
£m
|
Core
results
£m
|
|
Turnover
|
8,409
|
|
|
|
|
|
8,409
|
|
Cost of
sales
|
(2,266)
|
169
|
190
|
4
|
|
5
|
(1,898)
|
|
Gross
profit
|
6,143
|
169
|
190
|
4
|
|
5
|
6,511
|
|
Selling,
general and administration
|
(2,202)
|
|
|
5
|
5
|
(2)
|
(2,194)
|
|
Research
and development
|
(3,466)
|
26
|
1,705
|
14
|
|
|
(1,721)
|
|
Royalty
income
|
204
|
|
|
|
|
|
204
|
|
Other
operating income/(expense)
|
(198)
|
|
|
|
486
|
(288)
|
–
|
|
Operating profit
|
481
|
195
|
1,895
|
23
|
491
|
(285)
|
2,800
|
|
Net
finance expense
|
(124)
|
|
|
|
|
3
|
(121)
|
|
Share
of after tax profit/(loss) of associates and joint
ventures
|
(3)
|
|
|
|
|
|
(3)
|
|
Profit before taxation
|
354
|
195
|
1,895
|
23
|
491
|
(282)
|
2,676
|
|
Taxation
|
199
|
(42)
|
(466)
|
(5)
|
(111)
|
(32)
|
(457)
|
|
Tax rate %
|
(56.2%)
|
|
|
|
|
|
17.1%
|
|
Profit after taxation
|
553
|
153
|
1,429
|
18
|
380
|
(314)
|
2,219
|
|
Profit
attributable to non-controlling interests
|
118
|
|
|
|
73
|
|
191
|
|
Profit/(loss)
attributable to shareholders
|
435
|
153
|
1,429
|
18
|
307
|
(314)
|
2,028
|
|
|
553
|
153
|
1,429
|
18
|
380
|
(314)
|
2,219
|
|
Earnings per share
|
10.8p
|
3.8p
|
35.7p
|
0.4p
|
7.6p
|
(7.8p)
|
50.5p
|
|
Weighted average
number of shares (millions)
|
4,014
|
|
|
|
|
|
4,014
|
Three months ended 30 June 2025
|
|
|
|
|
|
|
|
|
|
|
Total
results
£m
|
Intangible
asset
amort-
isation
£m
|
Intangible
asset
impair-
ment
£m
|
Major
restruc-
turing
and
integration
£m
|
Trans-
action-
related
£m
|
Divest-ments,
Significant
legal
and
other
items
£m
|
Core
results
£m
|
|
Turnover
|
7,986
|
|
|
|
|
|
7,986
|
|
Cost of
sales
|
(2,165)
|
173
|
|
|
|
6
|
(1,986)
|
|
Gross
profit
|
5,821
|
173
|
|
|
|
6
|
6,000
|
|
Selling,
general and administration
|
(2,140)
|
|
|
8
|
1
|
38
|
(2,093)
|
|
Research
and development
|
(2,024)
|
21
|
476
|
4
|
|
1
|
(1,522)
|
|
Royalty
income
|
246
|
|
|
|
|
|
246
|
|
Other
operating income/(expense)
|
120
|
|
|
1
|
(89)
|
(32)
|
–
|
|
Operating profit
|
2,023
|
194
|
476
|
13
|
(88)
|
13
|
2,631
|
|
Net
finance expense
|
(134)
|
|
|
|
|
9
|
(125)
|
|
Share
of after tax profit/(loss) of associates and joint
ventures
|
(2)
|
|
|
|
|
|
(2)
|
|
Profit before taxation
|
1,887
|
194
|
476
|
13
|
(88)
|
22
|
2,504
|
|
Taxation
|
(241)
|
(54)
|
(119)
|
(3)
|
(28)
|
6
|
(439)
|
|
Tax rate %
|
12.8%
|
|
|
|
|
|
17.5%
|
|
Profit after taxation
|
1,646
|
140
|
357
|
10
|
(116)
|
28
|
2,065
|
|
Profit
attributable to non-controlling interests
|
203
|
|
|
|
(28)
|
|
175
|
|
Profit/(loss)
attributable to shareholders
|
1,443
|
140
|
357
|
10
|
(88)
|
28
|
1,890
|
|
|
1,646
|
140
|
357
|
10
|
(116)
|
28
|
2,065
|
|
Earnings per share
|
35.5p
|
3.4p
|
8.8p
|
0.3p
|
(2.2p)
|
0.7p
|
46.5p
|
|
Weighted average
number of shares (millions)
|
4,063
|
|
|
|
|
|
4,063
|
Adjusting items Q2 2026
Intangible asset impairments
Impairments
of £1,895 million (Q2 2025: £476 million) were incurred
primarily relating to camlipixant (£1,334 million) following
GSK's decision not to progress further development of camlipixant
in RCC, based on the aggregate data from the CALM-1 and CALM-2
phase III trials. The recoverable amount of camlipixant, based on
value in use for the IBS indication is £104 million, which is
the carrying value as at 30 June 2026.
In
addition, a full impairment of £371 million was recognised
following the termination of assets under the Alector
collaboration, driven by the outcome of clinical
trials.
Major restructuring and integration
Charges
of £23 million (Q2 2025: £13 million) were incurred
relating to ongoing projects categorised as Major restructuring
programmes and integration costs, analysed as follows:
|
|
Q2 2026
|
Q2
2025
|
||||
|
|
Cash
£m
|
Non-
cash
£m
|
Total
£m
|
Cash
£m
|
Non-
cash
£m
|
Total
£m
|
|
|
|
|
|
|
|
|
|
Significant
acquisitions
|
22
|
–
|
22
|
7
|
–
|
7
|
|
Legacy
programmes
|
–
|
1
|
1
|
3
|
3
|
6
|
|
|
22
|
1
|
23
|
10
|
3
|
13
|
Integration
costs of significant acquisitions relate predominantly to
integration activities for RAPT acquired in Q1 2026, with smaller
incremental costs attributed to earlier acquisitions - Affinivax
Inc. (Affinivax) in Q3 2022, BELLUS Health Inc. (Bellus) in Q2
2023, and BP Asset IX in Q3 2025.
Transaction-related adjustments
Transaction-related
adjustments resulted in a net charge of £491 million (Q2 2025:
£88 million credit), the majority of which related to
charges/(credits) for the remeasurement of contingent consideration
liabilities.
|
|
|
|
|
Charge/(credit)
|
Q2 2026
£m
|
Q2
2025
£m
|
|
Contingent
consideration on former Shionogi-ViiV Healthcare joint venture
(including Shionogi preferential dividends)
|
392
|
(127)
|
|
ViiV
Healthcare put options and Pfizer preferential
dividends
|
–
|
(29)
|
|
Contingent
consideration on former Novartis Vaccines business
|
14
|
57
|
|
Contingent
consideration on acquisition of Affinivax
|
6
|
7
|
|
Other
contingent consideration
|
74
|
3
|
|
Other
adjustments
|
5
|
1
|
|
Total
transaction-related charges/(credits)
|
491
|
(88)
|
The
£392 million charge relating to the contingent consideration
for the former Shionogi-ViiV Healthcare joint venture represented
an increase in the valuation of the contingent consideration due to
Shionogi driven by updated sales forecasts and net other
remeasurements of £301 million and the unwind of the discount
for £91 million.
Divestments, Significant legal charges, and other
items
Divestments,
Significant legal charges, and other items included net other
operating income of £288 million (Q2 2025: £32 million)
primarily related to proceeds from the divestment of
linerixibat.
Legal
charges provide for all significant legal matters and are not
broken out separately by litigation or investigation.
The
reconciliations between Total results and Core results for H1 2026
and H1 2025 are set out below.
Six months ended 30 June 2026
|
|
|
|
|
|
|
|
|
|
|
Total
results
£m
|
Intangible
asset
amort-
isation
£m
|
Intangible
asset
impair-
ment
£m
|
Major
restruc-
turing
and
integration
£m
|
Trans-
action-
related
£m
|
Divest-ments,
Significant
legal
and
other
items
£m
|
Core
results
£m
|
|
Turnover
|
16,038
|
|
|
|
|
|
16,038
|
|
Cost of
sales
|
(4,141)
|
334
|
190
|
6
|
|
12
|
(3,599)
|
|
Gross
profit
|
11,897
|
334
|
190
|
6
|
|
12
|
12,439
|
|
Selling,
general and administration
|
(4,321)
|
|
|
25
|
19
|
103
|
(4,174)
|
|
Research
and development
|
(5,158)
|
51
|
1,877
|
16
|
|
|
(3,214)
|
|
Royalty
income
|
399
|
|
|
|
|
|
399
|
|
Other
operating income/(expense)
|
(43)
|
|
|
|
751
|
(708)
|
–
|
|
Operating profit
|
2,774
|
385
|
2,067
|
47
|
770
|
(593)
|
5,450
|
|
Net
finance expense
|
(269)
|
|
|
|
|
5
|
(264)
|
|
Share
of after tax profit/(loss) of associates and joint
ventures
|
(7)
|
|
|
|
|
|
(7)
|
|
Profit before taxation
|
2,498
|
385
|
2,067
|
47
|
770
|
(588)
|
5,179
|
|
Taxation
|
(106)
|
(83)
|
(495)
|
(10)
|
(201)
|
(20)
|
(915)
|
|
Tax rate %
|
4.2%
|
|
|
|
|
|
17.7%
|
|
Profit after taxation
|
2,392
|
302
|
1,572
|
37
|
569
|
(608)
|
4,264
|
|
Profit
attributable to non-controlling interests
|
220
|
|
|
|
144
|
|
364
|
|
Profit/(loss)
attributable to shareholders
|
2,172
|
302
|
1,572
|
37
|
425
|
(608)
|
3,900
|
|
|
2,392
|
302
|
1,572
|
37
|
569
|
(608)
|
4,264
|
|
Earnings per share
|
54.1p
|
7.5p
|
39.1p
|
0.9p
|
10.6p
|
(15.1p)
|
97.1p
|
|
Weighted average
number of shares (millions)
|
4,018
|
|
|
|
|
|
4,018
|
Six months ended 30 June 2025
|
|
|
|
|
|
|
|
|
|
|
Total
results
£m
|
Intangible
asset
amort-
isation
£m
|
Intangible
asset
impair-
ment
£m
|
Major
restruc-
turing
and
integration
£m
|
Trans-
action-
related
£m
|
Divest-ments,
Significant
legal
and
other
items
£m
|
Core
results
£m
|
|
Turnover
|
15,502
|
|
|
|
|
|
15,502
|
|
Cost of
sales
|
(4,102)
|
371
|
|
11
|
|
8
|
(3,712)
|
|
Gross
profit
|
11,400
|
371
|
|
11
|
|
8
|
11,790
|
|
Selling,
general and administration
|
(4,210)
|
|
|
16
|
9
|
32
|
(4,153)
|
|
Research
and development
|
(3,486)
|
42
|
540
|
5
|
|
|
(2,899)
|
|
Royalty
income
|
426
|
|
|
|
|
|
426
|
|
Other
operating income/(expense)
|
109
|
|
|
1
|
(87)
|
(23)
|
–
|
|
Operating profit
|
4,239
|
413
|
540
|
33
|
(78)
|
17
|
5,164
|
|
Net
finance expense
|
(242)
|
|
|
|
|
16
|
(226)
|
|
Share
of after tax profit/(loss) of associates and joint
ventures
|
(2)
|
|
|
|
|
|
(2)
|
|
Profit before taxation
|
3,995
|
413
|
540
|
33
|
(78)
|
33
|
4,936
|
|
Taxation
|
(577)
|
(105)
|
(135)
|
(8)
|
(58)
|
10
|
(873)
|
|
Tax rate %
|
14.4%
|
|
|
|
|
|
17.7%
|
|
Profit after taxation
|
3,418
|
308
|
405
|
25
|
(136)
|
43
|
4,063
|
|
Profit
attributable to non-controlling interests
|
351
|
|
|
|
(14)
|
|
337
|
|
Profit/(loss)
attributable to shareholders
|
3,067
|
308
|
405
|
25
|
(122)
|
43
|
3,726
|
|
|
3,418
|
308
|
405
|
25
|
(136)
|
43
|
4,063
|
|
Earnings per share
|
75.3p
|
7.6p
|
9.9p
|
0.6p
|
(3.0p)
|
1.0p
|
91.4p
|
|
Weighted average
number of shares (millions)
|
4,076
|
|
|
|
|
|
4,076
|
Adjusting items H1 2026
Intangible asset impairments
Impairments
of £2,067 million (H1 2025: £540 million) were incurred
primarily relating to camlipixant £1,334 million in Q2 2026
following GSK's decision not to progress further development of
camlipixant in RCC, based on the aggregate data from the CALM-1 and
CALM-2 phase III trials.
In
addition, a full impairment of £371 million was recognised in
Q2 2026 following the termination of assets under the Alector
collaboration, driven by the outcome of clinical
trials.
Major restructuring and integration
Charges
of £47 million (H1 2025: £33 million) were incurred
relating to ongoing projects categorised as Major restructuring
programmes, analysed as follows:
|
|
H1 2026
|
H1
2025
|
||||
|
|
Cash
£m
|
Non-
cash
£m
|
Total
£m
|
Cash
£m
|
Non-
cash
£m
|
Total
£m
|
|
|
|
|
|
|
|
|
|
Significant
acquisitions
|
44
|
–
|
44
|
8
|
–
|
8
|
|
Legacy
programmes
|
2
|
1
|
3
|
10
|
15
|
25
|
|
|
46
|
1
|
47
|
18
|
15
|
33
|
The
Significant acquisitions programme incurred cash charges of
£44 million primarily from integration activities for RAPT
acquired in Q1 2026, with smaller incremental costs attributed to
earlier acquisitions - Affinivax Inc. (Affinivax) in Q3 2022,
BELLUS Health Inc. (Bellus) in Q2 2023, and BP Asset IX in Q3
2025.
Transaction-related adjustments
Transaction-related
adjustments resulted in a net charge of £770 million (H1 2025:
£78 million net credit), the majority of which related to
charges/(credits) for the remeasurement of contingent consideration
liabilities.
|
|
|
|
|
Charge/(credit)
|
H1 2026
£m
|
H1
2025
£m
|
|
Contingent
consideration on former Shionogi-ViiV Healthcare joint venture
(including Shionogi preferential dividends)
|
680
|
(88)
|
|
ViiV
Healthcare put options and Pfizer preferential
dividends
|
(33)
|
(89)
|
|
Contingent
consideration on former Novartis Vaccines business
|
–
|
109
|
|
Contingent
consideration on acquisition of Affinivax
|
7
|
(26)
|
|
Other
contingent consideration
|
97
|
7
|
|
Other
adjustments
|
19
|
9
|
|
Total
transaction-related charges
|
770
|
(78)
|
The
£680 million charge relating to the contingent consideration
for the former Shionogi-ViiV Healthcare joint venture represented
an increase in the valuation of the contingent consideration due to
Shionogi, driven by updated sales forecasts and net other
remeasurements of £487 million and the unwind of the discount
for £193 million.
The
£33 million credit on the ViiV put option and Pfizer
preferential dividend relates to the remeasurement of the put
option with Pfizer. The agreement with Pfizer and Shionogi for the
11.7% economic interest in ViiV Healthcare held by Pfizer was
replaced with an investment by Shionogi completed on 31 March 2026
and as a result GSK extinguished the Pfizer put option liability
through retained earnings. An explanation of the accounting for the
non-controlling interests in ViiV Healthcare is set out on page
15.
Significant legal charges, Divestments, and other
items
Divestments,
Significant legal charges, and other items included net other
operating income of £708 million (YTD 2025: £23 million)
primarily related to profit on the sale of the Rockville
manufacturing facility, including £375m reclassified from the
foreign currency translation reserve to the income statement on
disposal of the related subsidiary, and proceeds from the
divestment of linerixibat. This was partly offset by amounts
reclassified from the foreign currency translation reserve to the
income statement upon the liquidation of subsidiaries.
Legal
charges provide for all significant legal matters and are not
broken out separately by litigation or investigation.
Financial information
Income statement
|
|
Q2 2026
£m
|
Q2
2025
£m
|
H1 2026
£m
|
H1
2025
£m
|
|
|
|
|
|
|
|
TURNOVER
|
8,409
|
7,986
|
16,038
|
15,502
|
|
|
|
|
|
|
|
Cost of
sales
|
(2,266)
|
(2,165)
|
(4,141)
|
(4,102)
|
|
Gross
profit
|
6,143
|
5,821
|
11,897
|
11,400
|
|
|
|
|
|
|
|
Selling,
general and administration
|
(2,202)
|
(2,140)
|
(4,321)
|
(4,210)
|
|
Research
and development
|
(3,466)
|
(2,024)
|
(5,158)
|
(3,486)
|
|
Royalty
income
|
204
|
246
|
399
|
426
|
|
Other
operating income/(expense)
|
(198)
|
120
|
(43)
|
109
|
|
|
|
|
|
|
|
OPERATING PROFIT
|
481
|
2,023
|
2,774
|
4,239
|
|
|
|
|
|
|
|
Finance
income
|
58
|
50
|
80
|
104
|
|
Finance
expense
|
(182)
|
(184)
|
(349)
|
(346)
|
|
Share
of after tax profit/(loss) of associates and joint
ventures
|
(3)
|
(2)
|
(7)
|
(2)
|
|
|
|
|
|
|
|
PROFIT BEFORE TAXATION
|
354
|
1,887
|
2,498
|
3,995
|
|
|
|
|
|
|
|
Taxation
|
199
|
(241)
|
(106)
|
(577)
|
|
Tax rate %
|
(56.2%)
|
12.8%
|
4.2%
|
14.4%
|
|
|
|
|
|
|
|
PROFIT AFTER TAXATION
|
553
|
1,646
|
2,392
|
3,418
|
|
Profit
attributable to non-controlling interests
|
118
|
203
|
220
|
351
|
|
Profit
attributable to shareholders
|
435
|
1,443
|
2,172
|
3,067
|
|
|
553
|
1,646
|
2,392
|
3,418
|
|
|
|
|
|
|
|
EARNINGS PER SHARE
|
10.8p
|
35.5p
|
54.1p
|
75.3p
|
|
Diluted
earnings per share
|
10.7p
|
35.1p
|
53.4p
|
74.4p
|
Statement of comprehensive income
|
|
Q2 2026
£m
|
Q2
2025
£m
|
H1 2026
£m
|
H1
2025
£m
|
|
|
|
|
|
|
|
Total
profit for the period
|
553
|
1,646
|
2,392
|
3,418
|
|
|
|
|
|
|
|
Items
that may be reclassified subsequently to income
statement:
|
|
|
|
|
|
Exchange movements
on overseas net assets and net investment hedges
|
(23)
|
129
|
(82)
|
267
|
|
Reclassification of
exchange movements on liquidation or disposal of overseas
subsidiaries and associates
|
–
|
(7)
|
(266)
|
(8)
|
|
Fair
value movements on cash flow hedges
|
7
|
(52)
|
38
|
(56)
|
|
Cost of
hedging
|
(4)
|
5
|
(3)
|
9
|
|
Reclassification
of cash flow hedges to income statement
|
(1)
|
53
|
(15)
|
48
|
|
Deferred
tax on fair value movements on cash flow hedges
|
–
|
–
|
(1)
|
–
|
|
|
(21)
|
128
|
(329)
|
260
|
|
|
|
|
|
|
|
Items that will not be reclassified to income
statement:
|
|
|
|
|
|
Exchange movements
on overseas net assets of non-controlling interests
|
(1)
|
(15)
|
3
|
(23)
|
|
Share
of the other comprehensive income of associates and joint
ventures
|
30
|
–
|
44
|
–
|
|
Fair
value movements on equity investments
|
(18)
|
87
|
(56)
|
(34)
|
|
Tax on
fair value movements on equity investments
|
(5)
|
(11)
|
(2)
|
(4)
|
|
Fair
value movements on cash flow hedges
|
4
|
–
|
4
|
–
|
|
Fair
value movements on fair value hedges
|
(17)
|
–
|
–
|
–
|
|
Remeasurement
gains/(losses) on defined benefit plans
|
284
|
18
|
367
|
74
|
|
Tax
(charge)/credit on remeasurement of defined benefit
plans
|
(68)
|
(2)
|
(89)
|
(16)
|
|
|
209
|
77
|
271
|
(3)
|
|
|
|
|
|
|
|
Other
comprehensive income/(expense) for the period
|
188
|
205
|
(58)
|
257
|
|
|
|
|
|
|
|
Total
comprehensive income for the period
|
741
|
1,851
|
2,334
|
3,675
|
|
|
|
|
|
|
|
Total
comprehensive income for the period attributable to:
|
|
|
|
|
|
Shareholders
|
624
|
1,663
|
2,111
|
3,347
|
|
Non-controlling interests
|
117
|
188
|
223
|
328
|
|
|
741
|
1,851
|
2,334
|
3,675
|
Balance sheet
|
|
30 June 2026
£m
|
31
December 2025
£m
|
|
ASSETS
|
|
|
|
Non-current assets
|
|
|
|
Property,
plant and equipment
|
9,358
|
9,322
|
|
Right
of use assets
|
674
|
726
|
|
Goodwill
|
7,381
|
7,018
|
|
Other
intangible assets
|
16,802
|
16,748
|
|
Investments
in associates and joint ventures
|
101
|
89
|
|
Other
investments
|
854
|
1,037
|
|
Deferred
tax assets
|
6,339
|
6,520
|
|
Derivative
financial instruments
|
17
|
–
|
|
Other
non-current assets
|
2,653
|
2,148
|
|
|
|
|
|
Total non-current assets
|
44,179
|
43,608
|
|
|
|
|
|
Current assets
|
|
|
|
Inventories
|
6,282
|
5,924
|
|
Current
tax recoverable
|
368
|
288
|
|
Trade
and other receivables
|
7,706
|
7,471
|
|
Derivative
financial instruments
|
92
|
121
|
|
Liquid
investments
|
1
|
9
|
|
Cash
and cash equivalents
|
3,105
|
3,397
|
|
Assets
held for sale
|
5
|
300
|
|
|
|
|
|
Total current assets
|
17,559
|
17,510
|
|
|
|
|
|
TOTAL ASSETS
|
61,738
|
61,118
|
|
|
|
|
|
LIABILITIES
|
|
|
|
Current liabilities
|
|
|
|
Short-term
borrowings
|
(4,291)
|
(3,012)
|
|
Contingent
consideration liabilities
|
(1,376)
|
(1,348)
|
|
Trade
and other payables
|
(14,342)
|
(15,381)
|
|
Derivative
financial instruments
|
(157)
|
(75)
|
|
Current
tax payable
|
(524)
|
(498)
|
|
Short-term
provisions
|
(844)
|
(938)
|
|
Liabilities
relating to assets held for sale
|
–
|
(139)
|
|
|
|
|
|
Total current liabilities
|
(21,534)
|
(21,391)
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
Long-term
borrowings
|
(13,947)
|
(14,708)
|
|
Deferred
tax liabilities
|
(303)
|
(291)
|
|
Pensions
and other post-employment benefits
|
(1,618)
|
(1,687)
|
|
Derivative
financial instruments
|
(55)
|
(67)
|
|
Other
provisions
|
(610)
|
(610)
|
|
Contingent
consideration liabilities
|
(5,405)
|
(5,385)
|
|
Other
non-current liabilities
|
(1,089)
|
(1,023)
|
|
|
|
|
|
Total non-current liabilities
|
(23,027)
|
(23,771)
|
|
|
|
|
|
TOTAL LIABILITIES
|
(44,561)
|
(45,162)
|
|
|
|
|
|
NET ASSETS
|
17,177
|
15,956
|
|
|
|
|
|
EQUITY
|
|
|
|
Share
capital
|
1,349
|
1,349
|
|
Share
premium account
|
3,507
|
3,498
|
|
Retained
earnings
|
11,464
|
10,209
|
|
Other
reserves
|
1,325
|
1,321
|
|
|
|
|
|
Shareholders’ equity
|
17,645
|
16,377
|
|
|
|
|
|
Non-controlling
interests
|
(468)
|
(421)
|
|
|
|
|
|
TOTAL EQUITY
|
17,177
|
15,956
|
Statement of changes in equity
|
|
Share
capital
£m
|
Share
premium
£m
|
Retained
earnings
£m
|
Other
reserves
£m
|
Share-
holder’s
equity
£m
|
Non-
controlling
interests
£m
|
Total
equity
£m
|
|
|
|
|
|
|
|
|
|
|
At 1
January 2026
|
1,349
|
3,498
|
10,209
|
1,321
|
16,377
|
(421)
|
15,956
|
|
|
|
|
|
|
|
|
|
|
Profit
for the period
|
|
|
2,172
|
|
2,172
|
220
|
2,392
|
|
Other comprehensive income /(expense) for the period
|
|
|
(67)
|
6
|
(61)
|
3
|
(58)
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive income/(expense) for the period
|
|
|
2,105
|
6
|
2,111
|
223
|
2,334
|
|
|
|
|
|
|
|
|
|
|
Dividend
distributions to non-controlling interests
|
|
|
|
|
|
(272)
|
(272)
|
|
Derecognition of
liabilities with non-controlling interests
|
|
|
789
|
|
789
|
|
789
|
|
Contributions
from non-controlling interests
|
|
|
187
|
|
187
|
1,399
|
1,586
|
|
Other
distributions to non-controlling interests
|
|
|
|
|
|
(1,399)
|
(1,399)
|
|
Dividends
to shareholders
|
|
|
(1,370)
|
|
(1,370)
|
|
(1,370)
|
|
Realised after tax
profit/(losses) on disposal or liquidation of equity
investments
|
|
|
102
|
(102)
|
|
|
–
|
|
Share
of associates and joint ventures realised profit/(loss) on disposal
of equity investments
|
|
|
15
|
(15)
|
|
|
–
|
|
Shares
issued
|
|
9
|
|
|
9
|
|
9
|
|
Purchase
of treasury shares
|
|
|
(634)
|
|
(634)
|
|
(634)
|
|
Write-down
on shares held by ESOP Trusts
|
|
|
(119)
|
119
|
|
|
–
|
|
Share-based
incentive plans
|
|
|
180
|
|
180
|
|
180
|
|
Changes
to non-controlling interests
|
|
|
|
|
|
2
|
2
|
|
Hedging
gain/loss after taxation transferred to non-financial
assets
|
|
|
|
(4)
|
(4)
|
|
(4)
|
|
At 30 June 2026
|
1,349
|
3,507
|
11,464
|
1,325
|
17,645
|
(468)
|
17,177
|
|
|
Share
capital
£m
|
Share
premium
£m
|
Retained
earnings
£m
|
Other
reserves
£m
|
Share-
holder’s
equity
£m
|
Non-
controlling
interests
£m
|
Total
equity
£m
|
|
|
|
|
|
|
|
|
|
|
At 1
January 2025
|
1,348
|
3,473
|
7,796
|
1,054
|
13,671
|
(585)
|
13,086
|
|
|
|
|
|
|
|
|
|
|
Profit
for the period
|
|
|
3,067
|
|
3,067
|
351
|
3,418
|
|
Other comprehensive income /(expense) for the period
|
|
|
300
|
(20)
|
280
|
(23)
|
257
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive income/(expense) for the period
|
|
|
3,367
|
(20)
|
3,347
|
328
|
3,675
|
|
|
|
|
|
|
|
|
|
|
Dividend
distributions to non-controlling interests
|
|
|
|
|
|
(180)
|
(180)
|
|
Dividends
to shareholders
|
|
|
(1,268)
|
|
(1,268)
|
|
(1,268)
|
|
Realised after tax
profit/(losses) on disposal or liquidation of equity
investments
|
|
|
3
|
(3)
|
|
|
–
|
|
Share
of associates and joint ventures realised profit/(loss) on disposal
of equity investments
|
|
|
(1)
|
1
|
|
|
–
|
|
Shares
issued
|
1
|
13
|
|
|
14
|
|
14
|
|
Purchase
of treasury shares(*)
|
|
|
(1,155)
|
|
(1,155)
|
|
(1,155)
|
|
Write-down
of shares held by ESOP Trusts
|
|
|
(127)
|
127
|
|
|
–
|
|
Share-based
incentive plans
|
|
|
182
|
|
182
|
|
182
|
|
At 30
June 2025
|
1,349
|
3,486
|
8,797
|
1,159
|
14,791
|
(437)
|
14,354
|
(*)
Included shares committed to repurchase under irrevocable contracts
and repurchases subject to settlement at the end of the
period.
Cash flow statement six months ended 30 June 2026
|
|
H1 2026
£m
|
H1
2025
£m
|
|
|
|
|
|
Profit after tax
|
2,392
|
3,418
|
|
Tax on
profits
|
106
|
577
|
|
Share
of after tax loss/(profit) of associates and joint
ventures
|
7
|
2
|
|
Net
finance expense
|
269
|
242
|
|
Depreciation,
amortisation, impairments and other adjusting items
|
2,753
|
1,982
|
|
(Increase)/decrease
in working capital
|
(1,098)
|
(1,253)
|
|
Contingent
consideration paid
|
(749)
|
(668)
|
|
Increase/(decrease)
in other net liabilities (excluding contingent consideration
paid)
|
576
|
(566)
|
|
Cash generated from operations
|
4,256
|
3,734
|
|
Taxation
paid
|
(425)
|
(493)
|
|
Total net cash inflow/(outflow) from operating
activities
|
3,831
|
3,241
|
|
Cash flow from investing activities
|
|
|
|
Purchase
of property, plant and equipment
|
(549)
|
(464)
|
|
Proceeds
from sale of property, plant and equipment
|
30
|
6
|
|
Purchase
of intangible assets
|
(547)
|
(617)
|
|
Proceeds
from sale of intangible assets
|
355
|
76
|
|
Purchase
of equity investments
|
(25)
|
(45)
|
|
Proceeds
from sale of equity investments
|
164
|
18
|
|
Purchase
of businesses, net of cash acquired
|
(2,083)
|
(800)
|
|
Contingent
consideration paid
|
(8)
|
(6)
|
|
Disposal
of businesses
|
260
|
(29)
|
|
Interest
received
|
78
|
92
|
|
(Increase)/decrease
in liquid investments
|
9
|
–
|
|
Dividends
and distributions from joint ventures and associates
|
25
|
–
|
|
Dividend
and distributions from investments
|
36
|
–
|
|
Total net cash inflow/(outflow) from investing
activities
|
(2,255)
|
(1,769)
|
|
Cash flow from financing activities
|
|
|
|
Issue
of share capital
|
9
|
14
|
|
Repayment
of long-term loans
|
(865)
|
(1,409)
|
|
Issue
of long-term notes
|
–
|
1,983
|
|
Net
increase/(decrease) in short-term loans
|
1,466
|
637
|
|
Increase
in other short-term loans
|
9
|
102
|
|
Repayment
of other short-term loans
|
(60)
|
(269)
|
|
Repayment
of lease liabilities
|
(106)
|
(110)
|
|
Interest
paid
|
(343)
|
(325)
|
|
Dividends
paid to shareholders
|
(1,370)
|
(1,268)
|
|
Purchase
of treasury shares
|
(634)
|
(808)
|
|
Dividend
distributions to non-controlling interests
|
(252)
|
(180)
|
|
Other
distributions to non-controlling interest
|
(1,399)
|
–
|
|
Contributions
from non-controlling interests
|
1,588
|
–
|
|
Other
financing items
|
80
|
119
|
|
Total net cash inflow/(outflow) from financing
activities
|
(1,877)
|
(1,514)
|
|
Increase/(decrease) in cash and bank overdrafts in the
period
|
(301)
|
(42)
|
|
Cash
and bank overdrafts at beginning of the period
|
3,207
|
3,403
|
|
Adjustment
on initial application of amendments to IFRS 9 on 1 January
2026(1)
|
43
|
–
|
|
Cash
and bank overdrafts at beginning of the period, as
adjusted
|
3,250
|
3,403
|
|
Exchange
adjustments
|
(5)
|
(37)
|
|
Increase/(decrease)
in cash and bank overdrafts in the period
|
(301)
|
(42)
|
|
Cash and bank overdrafts at end of the period
|
2,944
|
3,324
|
|
Cash
and bank overdrafts at end of period comprise:
|
|
|
|
Cash and cash equivalents
|
3,105
|
3,599
|
|
Overdrafts
|
(161)
|
(275)
|
|
|
2,944
|
3,324
|
(1) For
further details see page 31
Sales tables
Specialty Medicines turnover – three months ended 30 June
2026
|
|
Total
|
US
|
Europe
|
International
|
||||||||
|
|
£m
|
AER%
|
CER%
|
£m
|
AER%
|
CER%
|
£m
|
AER%
|
CER%
|
£m
|
AER%
|
CER%
|
|
HIV
|
2,078
|
11
|
10
|
1,459
|
13
|
14
|
407
|
7
|
4
|
212
|
–
|
(2)
|
|
Dolutegravir
products
|
1,441
|
4
|
3
|
907
|
4
|
5
|
342
|
5
|
3
|
192
|
(1)
|
(6)
|
|
Dovato
|
749
|
14
|
13
|
418
|
13
|
14
|
230
|
14
|
12
|
101
|
20
|
17
|
|
Juluca
|
170
|
8
|
8
|
139
|
9
|
9
|
28
|
–
|
–
|
3
|
–
|
–
|
|
Tivicay
|
318
|
(5)
|
(6)
|
196
|
–
|
1
|
55
|
(5)
|
(9)
|
67
|
(15)
|
(22)
|
|
Triumeq
|
204
|
(15)
|
(15)
|
154
|
(12)
|
(11)
|
29
|
(24)
|
(24)
|
21
|
(22)
|
(30)
|
|
Long
Acting Injectables
|
593
|
34
|
35
|
514
|
34
|
35
|
61
|
22
|
20
|
18
|
100
|
89
|
|
Apretude
|
140
|
39
|
39
|
134
|
33
|
34
|
2
|
–
|
–
|
4
|
–
|
–
|
|
Cabenuva
|
453
|
33
|
33
|
380
|
35
|
36
|
59
|
18
|
16
|
14
|
56
|
56
|
|
Other
|
44
|
(15)
|
(12)
|
38
|
3
|
(3)
|
4
|
(20)
|
(60)
|
2
|
(80)
|
(20)
|
|
Respiratory,
Immunology & Inflammation
|
1,135
|
18
|
19
|
772
|
22
|
23
|
170
|
10
|
8
|
193
|
11
|
13
|
|
Benlysta
|
498
|
10
|
11
|
411
|
10
|
11
|
38
|
19
|
16
|
49
|
4
|
6
|
|
Exdensur
|
18
|
–
|
–
|
10
|
–
|
–
|
1
|
–
|
–
|
7
|
–
|
–
|
|
Nucala
|
610
|
22
|
23
|
352
|
34
|
35
|
133
|
5
|
2
|
125
|
16
|
18
|
|
Other
|
9
|
(37)
|
(29)
|
(1)
|
(100)
|
–
|
(2)
|
59
|
59
|
12
|
(37)
|
(37)
|
|
Oncology
|
569
|
18
|
17
|
360
|
7
|
7
|
148
|
29
|
26
|
61
|
85
|
91
|
|
Blenrep
|
36
|
>100
|
>100
|
16
|
–
|
–
|
12
|
>100
|
>100
|
8
|
–
|
–
|
|
Jemperli
|
248
|
27
|
27
|
175
|
18
|
18
|
53
|
47
|
44
|
20
|
67
|
75
|
|
Ojjaara/Omjjara
|
187
|
36
|
36
|
127
|
20
|
21
|
37
|
54
|
54
|
23
|
>100
|
>100
|
|
Zejula
|
101
|
(33)
|
(34)
|
41
|
(49)
|
(49)
|
48
|
(16)
|
(18)
|
12
|
(8)
|
(8)
|
|
Other
|
(3)
|
40
|
40
|
1
|
–
|
(100)
|
(2)
|
67
|
50
|
(2)
|
(100)
|
–
|
|
Specialty Medicines
|
3,782
|
14
|
14
|
2,591
|
15
|
15
|
725
|
12
|
9
|
466
|
11
|
11
|
Specialty Medicines turnover – six months ended 30 June
2026
|
|
Total
|
US
|
Europe
|
International
|
||||||||
|
|
£m
|
AER%
|
CER%
|
£m
|
AER%
|
CER%
|
£m
|
AER%
|
CER%
|
£m
|
AER%
|
CER%
|
|
HIV
|
3,902
|
9
|
10
|
2,679
|
11
|
14
|
806
|
7
|
3
|
417
|
(1)
|
(1)
|
|
Dolutegravir
products
|
2,736
|
2
|
3
|
1,676
|
2
|
6
|
682
|
5
|
2
|
378
|
(2)
|
(2)
|
|
Dovato
|
1,415
|
16
|
16
|
775
|
14
|
18
|
452
|
16
|
12
|
188
|
19
|
19
|
|
Juluca
|
316
|
–
|
2
|
253
|
1
|
4
|
58
|
(2)
|
(5)
|
5
|
(17)
|
–
|
|
Tivicay
|
629
|
(3)
|
(2)
|
374
|
1
|
5
|
112
|
(3)
|
(7)
|
143
|
(11)
|
(14)
|
|
Triumeq
|
376
|
(23)
|
(21)
|
274
|
(20)
|
(17)
|
60
|
(28)
|
(30)
|
42
|
(30)
|
(28)
|
|
Long
Acting Injectables
|
1,081
|
31
|
34
|
931
|
31
|
36
|
117
|
22
|
19
|
33
|
74
|
68
|
|
Apretude
|
260
|
37
|
41
|
251
|
34
|
38
|
2
|
–
|
–
|
7
|
>100
|
>100
|
|
Cabenuva
|
821
|
29
|
32
|
680
|
30
|
35
|
115
|
20
|
17
|
26
|
53
|
53
|
|
Other
|
85
|
(11)
|
(7)
|
72
|
3
|
7
|
7
|
(22)
|
(33)
|
6
|
(63)
|
(56)
|
|
Respiratory,
Immunology & Inflammation
|
2,025
|
15
|
17
|
1,306
|
15
|
19
|
346
|
14
|
9
|
373
|
13
|
17
|
|
Benlysta
|
882
|
9
|
12
|
713
|
9
|
12
|
75
|
19
|
14
|
94
|
3
|
8
|
|
Exdensur
|
29
|
–
|
–
|
19
|
–
|
–
|
2
|
–
|
–
|
8
|
–
|
–
|
|
Nucala
|
1,094
|
16
|
18
|
574
|
21
|
25
|
274
|
9
|
5
|
246
|
15
|
19
|
|
Other
|
20
|
32
|
45
|
–
|
–
|
–
|
(5)
|
54
|
54
|
25
|
(4)
|
4
|
|
Oncology
|
1,081
|
20
|
22
|
695
|
11
|
14
|
274
|
30
|
26
|
112
|
87
|
95
|
|
Blenrep
|
59
|
>100
|
>100
|
30
|
–
|
–
|
20
|
>100
|
>100
|
9
|
–
|
–
|
|
Jemperli
|
480
|
30
|
33
|
352
|
24
|
28
|
88
|
40
|
35
|
40
|
82
|
91
|
|
Ojjaara/Omjjara
|
331
|
32
|
35
|
221
|
11
|
14
|
73
|
92
|
87
|
37
|
>100
|
>100
|
|
Zejula
|
215
|
(24)
|
(23)
|
92
|
(36)
|
(34)
|
97
|
(14)
|
(17)
|
26
|
–
|
4
|
|
Other
|
(4)
|
43
|
43
|
–
|
–
|
–
|
(4)
|
43
|
29
|
–
|
–
|
–
|
|
Specialty Medicines
|
7,008
|
12
|
14
|
4,680
|
12
|
16
|
1,426
|
12
|
9
|
902
|
11
|
13
|
Vaccines turnover – three months ended 30 June
2026
|
|
Total
|
US
|
Europe
|
International
|
||||||||
|
|
£m
|
AER%
|
CER%
|
£m
|
AER%
|
CER%
|
£m
|
AER%
|
CER%
|
£m
|
AER%
|
CER%
|
|
Shingles
|
888
|
4
|
3
|
245
|
2
|
–
|
434
|
21
|
18
|
209
|
(17)
|
(14)
|
|
Shingrix
|
888
|
4
|
3
|
245
|
2
|
–
|
434
|
21
|
18
|
209
|
(17)
|
(14)
|
|
Meningitis
|
462
|
22
|
21
|
156
|
8
|
9
|
173
|
10
|
7
|
133
|
71
|
73
|
|
Bexsero
|
331
|
17
|
17
|
81
|
4
|
4
|
170
|
10
|
7
|
80
|
63
|
67
|
|
Menveo
|
98
|
7
|
8
|
64
|
(3)
|
(2)
|
2
|
–
|
–
|
32
|
33
|
33
|
|
Penmenvy
|
11
|
–
|
–
|
11
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
|
Other
|
22
|
>100
|
>100
|
–
|
–
|
–
|
1
|
–
|
–
|
21
|
>100
|
>100
|
|
RSV
|
192
|
>100
|
>100
|
65
|
86
|
89
|
30
|
67
|
67
|
97
|
>100
|
>100
|
|
Arexvy
|
192
|
>100
|
>100
|
65
|
86
|
89
|
30
|
67
|
67
|
97
|
>100
|
>100
|
|
Influenza
|
11
|
83
|
100
|
–
|
–
|
–
|
1
|
–
|
–
|
10
|
67
|
83
|
|
Fluarix, FluLaval
|
11
|
83
|
100
|
–
|
–
|
–
|
1
|
–
|
–
|
10
|
67
|
83
|
|
Other
Paediatric & Adult Vaccines
|
731
|
(7)
|
(8)
|
313
|
6
|
6
|
180
|
5
|
3
|
238
|
(26)
|
(27)
|
|
Boostrix
|
202
|
18
|
19
|
138
|
35
|
38
|
39
|
–
|
(5)
|
25
|
(17)
|
(17)
|
|
Hepatitis
|
153
|
(1)
|
(1)
|
71
|
(8)
|
(8)
|
48
|
(4)
|
(6)
|
34
|
26
|
26
|
|
Infanrix, Pediarix
|
109
|
(13)
|
(14)
|
55
|
(19)
|
(18)
|
32
|
19
|
15
|
22
|
(27)
|
(33)
|
|
Priorix, Priorix Tetra,Varilrix
|
73
|
(14)
|
(16)
|
10
|
–
|
10
|
29
|
–
|
3
|
34
|
(26)
|
(35)
|
|
Rotarix
|
126
|
(5)
|
(6)
|
35
|
21
|
17
|
29
|
7
|
4
|
62
|
(19)
|
(18)
|
|
Other
|
68
|
(43)
|
(45)
|
4
|
(60)
|
(90)
|
3
|
>100
|
>100
|
61
|
(45)
|
(45)
|
|
Vaccines
|
2,284
|
9
|
8
|
779
|
9
|
9
|
818
|
16
|
13
|
687
|
3
|
3
|
Vaccines turnover – six months ended 30 June
2026
|
|
Total
|
US
|
Europe
|
International
|
||||||||
|
|
£m
|
AER%
|
CER%
|
£m
|
AER%
|
CER%
|
£m
|
AER%
|
CER%
|
£m
|
AER%
|
CER%
|
|
Shingles
|
1,914
|
11
|
12
|
634
|
3
|
7
|
895
|
38
|
33
|
385
|
(16)
|
(12)
|
|
Shingrix
|
1,914
|
11
|
12
|
634
|
3
|
7
|
895
|
38
|
33
|
385
|
(16)
|
(12)
|
|
Meningitis
|
797
|
9
|
9
|
261
|
(2)
|
2
|
329
|
12
|
7
|
207
|
23
|
26
|
|
Bexsero
|
594
|
11
|
11
|
137
|
(7)
|
(5)
|
324
|
12
|
8
|
133
|
40
|
45
|
|
Menveo
|
163
|
(10)
|
(8)
|
107
|
(9)
|
(6)
|
4
|
–
|
–
|
52
|
(12)
|
(14)
|
|
Penmenvy
|
17
|
–
|
–
|
17
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
|
Other
|
23
|
53
|
47
|
–
|
–
|
–
|
1
|
–
|
(100)
|
22
|
57
|
57
|
|
RSV
|
257
|
78
|
75
|
83
|
(8)
|
(4)
|
73
|
97
|
92
|
101
|
>100
|
>100
|
|
Arexvy
|
257
|
78
|
75
|
83
|
(8)
|
(4)
|
73
|
97
|
92
|
101
|
>100
|
>100
|
|
Influenza
|
21
|
>100
|
>100
|
4
|
>100
|
>100
|
1
|
100
|
100
|
16
|
45
|
55
|
|
Fluarix, FluLaval
|
21
|
>100
|
>100
|
4
|
>100
|
>100
|
1
|
100
|
100
|
16
|
45
|
55
|
|
Other
Paediatric & Adult Vaccines
|
1,444
|
(9)
|
(8)
|
612
|
(4)
|
(1)
|
377
|
12
|
8
|
455
|
(25)
|
(25)
|
|
Boostrix
|
340
|
6
|
7
|
213
|
12
|
16
|
76
|
3
|
(1)
|
51
|
(12)
|
(14)
|
|
Hepatitis
|
308
|
(5)
|
(4)
|
141
|
(17)
|
(14)
|
104
|
8
|
5
|
63
|
7
|
7
|
|
Infanrix, Pediarix
|
231
|
(14)
|
(13)
|
125
|
(17)
|
(13)
|
60
|
9
|
5
|
46
|
(29)
|
(28)
|
|
Priorix, Priorix Tetra, Varilrix
|
163
|
(10)
|
(10)
|
32
|
(3)
|
3
|
67
|
16
|
14
|
64
|
(29)
|
(30)
|
|
Rotarix
|
266
|
(3)
|
(2)
|
92
|
11
|
14
|
59
|
–
|
(3)
|
115
|
(13)
|
(11)
|
|
Other
|
136
|
(37)
|
(39)
|
9
|
(36)
|
(57)
|
11
|
>100
|
>100
|
116
|
(43)
|
(43)
|
|
Vaccines
|
4,433
|
6
|
6
|
1,594
|
(1)
|
3
|
1,675
|
27
|
22
|
1,164
|
(8)
|
(7)
|
General Medicines turnover – three months ended 30 June
2026
|
|
Total
|
US
|
Europe
|
International
|
||||||||
|
|
£m
|
AER%
|
CER%
|
£m
|
AER%
|
CER%
|
£m
|
AER%
|
CER%
|
£m
|
AER%
|
CER%
|
|
Respiratory
|
1,679
|
(10)
|
(10)
|
896
|
(17)
|
(17)
|
338
|
(1)
|
(4)
|
445
|
(1)
|
–
|
|
Anoro Ellipta
|
139
|
(5)
|
(5)
|
47
|
(28)
|
(28)
|
65
|
14
|
14
|
27
|
12
|
8
|
|
Flixotide/Flovent
|
90
|
(19)
|
(21)
|
57
|
(23)
|
(26)
|
13
|
(13)
|
(13)
|
20
|
(9)
|
(9)
|
|
Relvar/Breo Ellipta
|
231
|
(13)
|
(13)
|
81
|
(24)
|
(23)
|
78
|
(10)
|
(13)
|
72
|
(3)
|
1
|
|
Seretide/Advair
|
195
|
(3)
|
(3)
|
66
|
8
|
8
|
43
|
(4)
|
(9)
|
86
|
(9)
|
(9)
|
|
Trelegy Ellipta
|
775
|
(7)
|
(7)
|
561
|
(13)
|
(12)
|
87
|
9
|
6
|
127
|
12
|
14
|
|
Ventolin
|
130
|
(22)
|
(22)
|
55
|
(32)
|
(32)
|
26
|
(10)
|
(14)
|
49
|
(13)
|
(13)
|
|
Other
Respiratory
|
119
|
(18)
|
(20)
|
29
|
(44)
|
(46)
|
26
|
(7)
|
(14)
|
64
|
(3)
|
(2)
|
|
Other
General Medicines
|
664
|
(5)
|
(4)
|
42
|
(29)
|
(27)
|
161
|
12
|
8
|
461
|
(7)
|
(4)
|
|
Blujepa
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
|
Other
General Medicines
|
664
|
(5)
|
(4)
|
42
|
(29)
|
(27)
|
161
|
12
|
8
|
461
|
(7)
|
(4)
|
|
General Medicines
|
2,343
|
(9)
|
(9)
|
938
|
(18)
|
(17)
|
499
|
3
|
–
|
906
|
(4)
|
(2)
|
General Medicines turnover – six months ended 30 June
2026
|
|
Total
|
US
|
Europe
|
International
|
||||||||
|
|
£m
|
AER%
|
CER%
|
£m
|
AER%
|
CER%
|
£m
|
AER%
|
CER%
|
£m
|
AER%
|
CER%
|
|
Respiratory
|
3,273
|
(9)
|
(7)
|
1,688
|
(14)
|
(11)
|
696
|
–
|
(4)
|
889
|
(3)
|
(1)
|
|
Anoro Ellipta
|
267
|
(2)
|
(2)
|
88
|
(21)
|
(19)
|
129
|
14
|
12
|
50
|
4
|
4
|
|
Flixotide/Flovent
|
218
|
4
|
6
|
150
|
11
|
15
|
30
|
(9)
|
(12)
|
38
|
(10)
|
(10)
|
|
Relvar/Breo Ellipta
|
461
|
(13)
|
(12)
|
152
|
(27)
|
(24)
|
167
|
(7)
|
(10)
|
142
|
(3)
|
2
|
|
Seretide/Advair
|
383
|
(8)
|
(7)
|
121
|
3
|
7
|
87
|
(8)
|
(12)
|
175
|
(14)
|
(13)
|
|
Trelegy Ellipta
|
1,421
|
(6)
|
(3)
|
998
|
(11)
|
(8)
|
177
|
9
|
6
|
246
|
9
|
12
|
|
Ventolin
|
274
|
(22)
|
(21)
|
121
|
(36)
|
(33)
|
54
|
(8)
|
(12)
|
99
|
(4)
|
(3)
|
|
Other
Respiratory
|
249
|
(14)
|
(14)
|
58
|
(33)
|
(32)
|
52
|
(7)
|
(12)
|
139
|
(5)
|
(3)
|
|
Other
General Medicines
|
1,324
|
(10)
|
(8)
|
83
|
(27)
|
(25)
|
328
|
9
|
5
|
913
|
(14)
|
(10)
|
|
Blujepa
|
1
|
–
|
–
|
1
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
|
Other
General Medicines
|
1,323
|
(10)
|
(8)
|
82
|
(28)
|
(25)
|
328
|
9
|
5
|
913
|
(14)
|
(10)
|
|
General Medicines
|
4,597
|
(9)
|
(7)
|
1,771
|
(15)
|
(12)
|
1,024
|
2
|
(1)
|
1,802
|
(9)
|
(6)
|
Commercial Operations turnover
|
|
Total
|
US
|
Europe
|
International
|
||||||||
|
|
£m
|
AER%
|
CER%
|
£m
|
AER%
|
CER%
|
£m
|
AER%
|
CER%
|
£m
|
AER%
|
CER%
|
|
Three
months ended 30 June 2026
|
8,409
|
5
|
5
|
4,308
|
5
|
5
|
2,042
|
11
|
8
|
2,059
|
1
|
2
|
|
Six
months ended 30 June 2026
|
16,038
|
3
|
5
|
8,045
|
2
|
6
|
4,125
|
15
|
11
|
3,868
|
(4)
|
(2)
|
Segment information
Operating
segments are reported based on the financial information provided
to the Chief Executive Officer, who is the Chief Operating Decision
Maker, as well as based on the responsibilities of the Executive
Committee ("ExCom"). GSK reports results under two segments:
Commercial Operations and Total R&D. The Group reviews its
assessment of reportable segments on an ongoing basis.
Adjusting
items reconciling segment profit and operating profit comprise
items not specifically allocated to segment profit. Details of
adjusting items can be found on pages 14-19, including details of
intangible asset impairments taken in Q2 2026.
Turnover by segment
|
|
Q2 2026
£m
|
Q2
2025
£m
|
Growth
AER
%
|
Growth
CER
%
|
|
H1 2026
£m
|
H1
2025
£m
|
Growth
AER
%
|
Growth
CER
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Operations (total turnover)
|
8,409
|
7,986
|
5
|
5
|
|
16,038
|
15,502
|
3
|
5
|
Operating profit by segment
|
|
Q2 2026
£m
|
Q2
2025
£m
|
Growth
AER
%
|
Growth
CER
%
|
|
H1 2026
£m
|
H1
2025
£m
|
Growth
AER
%
|
Growth
CER
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
Operations
|
4,515
|
4,107
|
10
|
10
|
|
8,667
|
8,026
|
8
|
10
|
|
Research
and Development
|
(1,561)
|
(1,467)
|
6
|
6
|
|
(2,989)
|
(2,820)
|
6
|
7
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment
profit
|
2,954
|
2,640
|
12
|
12
|
|
5,678
|
5,206
|
9
|
11
|
|
Corporate
and other unallocated costs
|
(154)
|
(9)
|
|
|
|
(228)
|
(42)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core
operating profit
|
2,800
|
2,631
|
6
|
7
|
|
5,450
|
5,164
|
6
|
8
|
|
Adjusting
items
|
(2,319)
|
(608)
|
|
|
|
(2,676)
|
(925)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating profit
|
481
|
2,023
|
(76)
|
(75)
|
|
2,774
|
4,239
|
(35)
|
(31)
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance
income
|
58
|
50
|
|
|
|
80
|
104
|
|
|
|
Finance
costs
|
(182)
|
(184)
|
|
|
|
(349)
|
(346)
|
|
|
|
Share
of after tax profit/(loss) of associates and joint
ventures
|
(3)
|
(2)
|
|
|
|
(7)
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit
before taxation
|
354
|
1,887
|
(81)
|
(80)
|
|
2,498
|
3,995
|
(37)
|
(34)
|
Commercial Operations
Core
operating profit growth in Q2 2026 and H1 2026 primarily reflected
higher turnover, favourable product and regional mix, and
favourable net legal settlements and expenses in Q1 2026, partly
offset by increased investment in asset launches, as well as lower
royalty income in Q2 2026.
Total R&D
The
Total R&D segment operating expense increased in Q2 2026 and H1
2026 reflecting progression across the portfolio. In Oncology, this
included acceleration in work on ADCs Ris-Rez and Mo-Rez, and
velzatinib. In Specialty Medicines, increased investment was driven
by efimosfermin acquired in Q3 2025, depemokimab COPD indication
and all indications of the anti-TSLP monoclonal antibody. Growth
was partly offset by lower spend on bepirovirsen which was filed in
Q1 2026. Investment also increased on clinical trial programmes
associated with mRNA seasonal flu vaccines.
Legal
matters
The
Group is involved in significant legal and administrative
proceedings, principally product liability, intellectual property,
tax, anti-trust, consumer fraud and governmental investigations,
which are more fully described in the ‘Legal
Proceedings’ note in the Annual Report 2025. At 30 June 2026,
the Group’s aggregate provision for legal and other disputes
(not including tax matters described on pages 7 and 8) was
£232 million (31 December 2025: £210
million).
The
Group may become involved in significant legal proceedings in
respect of which it is not possible to meaningfully assess whether
the outcome will result in a probable outflow, or to quantify or
reliably estimate the liability, if any, that could result from
ultimate resolution of the proceedings. In these cases, the Group
would provide appropriate disclosures about such cases, but no
provision would be made.
The
ultimate liability for legal claims may vary from the amounts
provided and is dependent upon the outcome of litigation
proceedings, investigations and possible settlement negotiations.
The Group’s position could change over time, and, therefore,
there can be no assurance that any losses that result from the
outcome of any legal proceedings will not exceed by a material
amount the amount of the provisions reported in the Group’s
financial accounts.
Significant
legal developments since the date of the Q1 2026
results:
Product Liability
Avandia
On 21
July 2026, the Third Circuit Court of Appeals vacated the district
court’s decision certifying a class. The Third Circuit set
forth the legal and evidentiary requirements that the third-party
payor plaintiffs are required to satisfy for their claims to
proceed as a class action and remanded the case to the district
court for further proceedings consistent with the
decision.
Zantac
On 13
April 2026, the Delaware Superior Court issued its decision
granting summary judgment as to all remaining cases filed on or
before 1 December 2025, as Plaintiffs have not demonstrated general
causation, which is a required element of each of Plaintiffs’
cases. On 13 May 2026, Plaintiffs filed a notice of appeal of the
summary judgment order. This appeal would apply to the six GSK
cases that were pending at the time of the summary judgment
decision.
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 H2 2026.
Commercial and corporate
Tesaro, Inc. v. AnaptysBio
The
trial was held before the Delaware Chancery Court on 14-17 July
2026. The Court has requested the parties submit post-trial briefs
in advance of a post-trial hearing which has been scheduled for 20
October 2026. A decision is expected in Q4 2026 or Q1
2027.
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 filed a
counterclaim 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. Further proceedings
would have determined the correct quantum of royalties in light of
the Court of Appeal’s ruling. In July 2026, the parties
agreed to a settlement. This matter has concluded.
Intellectual Property
Trelegy Ellipta
On 22
January 2026, GSK received a paragraph IV letter from Transpire
relating to Trelegy Ellipta
100 mcg. On 6 March 2026, GSK filed suit in the U.S. District Court
for the Southern District of Florida asserting infringement of the
five Orange Book listed patents by Transpire’s proposed
generic version of Trelegy
Ellipta 100 mcg. A trial has been set for 22 February
2028.
On 7
May 2026, Transpire sent GSK a second Paragraph IV notice letter
indicating that it had filed an ANDA seeking approval from the FDA
to market a generic version of Trelegy Ellipta 200 mcg. On 16 June
2026, GSK filed suit in the U.S. District Court for the Southern
District of Florida asserting infringement of the four Orange
Book-listed patents by Transpire’s proposed generic version
of Trelegy Ellipta 200 mcg.
A case schedule has not yet been set.
Returns to shareholders
Quarterly dividends
The
Board has declared a second interim dividend for Q2 2026 of 17p per
share (Q2 2025: 16p per share).
Dividends
remain an essential component of total shareholder return and GSK
recognises the importance of dividends to shareholders. On 23 June
2021, at the GSK Investor Update, GSK set out that from 2022 a
progressive dividend policy will be implemented guided by a 40 to
60 per cent pay-out ratio through the investment cycle. Consistent
with this, GSK has declared a dividend of 17p per share for Q2
2026. The expected dividend for 2026 is 70p per share. In setting
its dividend policy, GSK considers the capital allocation
priorities of the Group and its investment strategy for growth
alongside the sustainability of the dividend.
|
Dividend dates
|
Ex-dividend date
(Ordinary shares)
|
Ex-dividend date
(ADRs)
|
Record date
|
Payment date
|
|
Q2
2026
|
13
August 2026
|
14
August 2026
|
14
August 2026
|
8
October 2026
|
Ordinary
shareholders may participate in the dividend reinvestment plan
(DRIP). The last date for DRIP elections is 17 September 2026. The
equivalent interim dividend receivable by ADR holders will be
calculated based on the exchange rate on 6 October 2026. An annual
fee of $0.03 per ADS (or $0.0075 per ADS per quarter) is charged by
the Depositary.
|
|
Paid/
Payable
|
Pence
per
share
|
£m
|
|
2026
|
|
|
|
|
First
interim
|
9 July
2026
|
17
|
683
|
|
Second
interim
|
8
October 2026
|
17
|
681
|
|
|
|
|
|
|
2025
|
|
|
|
|
First
interim
|
10 July
2025
|
16
|
650
|
|
Second
interim
|
9
October 2025
|
16
|
646
|
|
Third
interim
|
8
January 2026
|
16
|
643
|
|
Fourth
interim
|
9 April
2026
|
18
|
727
|
|
|
|
66
|
2,666
|
Share capital in issue
At 30
June 2026, 4,007 million shares (Q2 2025: 4,047 million) were in
free issue (excluding Treasury shares and shares held by the ESOP
Trusts). The Company issued 0.1 million shares in the quarter (Q2
2025: 0.2 million) under employee share schemes for net proceeds of
£1 million (Q2 2025: £2 million).
On 5
February 2025, GSK announced a £2 billion share buyback
programme to be completed over an 18 month period. This share
buyback programme was completed on 26 June 2026, with a total of
124 million shares repurchased and being held as Treasury shares,
at a cost of £2,011 million including transaction costs of
£11 million.
The
cost of shares repurchased in Q2 2026 was £294 million (Q2
2025: £549 million) including transaction costs of £1
million (Q2 2025: £4 million).
At 30
June 2026, the Company held 271 million Treasury shares at a cost
of £4,580 million, of which 147 million shares at a cost of
£2,571 million were repurchased as part of previous share
buyback programmes, which has been deducted from retained
earnings.
At 30
June 2026, the ESOP Trusts held 38.4 million shares, of which 37.8
million were held for the future exercise of share options and
share awards and 0.6 million were held for the Executive
Supplemental Savings plan. The carrying amount of
£168 million has been deducted from other reserves.
The market value of these shares was £761
million.
Weighted average number of shares
The
numbers of shares used in calculating basic and diluted earnings
per share are reconciled below:
|
|
|
|
|
|
|
|
Q2 2026
millions
|
Q2
2025
millions
|
H1 2026
millions
|
H1
2025
millions
|
|
Weighted
average number of shares – basic
|
4,014
|
4,063
|
4,018
|
4,076
|
|
Dilutive
effect of share options and share awards
|
48
|
47
|
48
|
47
|
|
Weighted
average number of shares – diluted
|
4,062
|
4,110
|
4,066
|
4,123
|
Additional information
Accounting policies and basis of preparation
This
unaudited Results Announcement contains condensed financial
information for the three and six months ended 30 June 2026 and
should be read in conjunction with the Annual Report 2025, which
was prepared in accordance with UK-adopted international accounting
standards in conformity with the requirements of the Companies Act
2006 and the IFRS Accounting Standards as issued by the
International Accounting Standards Board (IASB). This Results
Announcement has been prepared in accordance with IAS 34 and
applying consistent accounting policies to those applied by the
Group in the Annual Report 2025, except for the adoption of the
amendments to IFRS 9 and IFRS 7 as set out below. Other minor
amendments to IFRS Accounting Standards which were effective from 1
January 2026 did not have a material impact on the Group accounting
policies or Group financial statements.
●
Amendments to the Classification and
Measurement of Financial Instruments - Amendments to IFRS 9
and IFRS 7: the amendments to IFRS 9 ‘Financial
Instruments’, clarify the timing of recognition and
derecognition of a financial asset or financial liability, with a
permitted exception relating to a financial liability paid through
an electronic payment system which may be derecognised prior to its
settlement date where specific conditions are met. GSK has adopted
these new requirements for the reporting period beginning on 1
January 2026 and elected to derecognise financial liabilities paid
through an electronic payment system when the required conditions
have been met. The impact on the Group’s financial statements
on transition as at 1 January 2026 is disclosed below and primarily
relates to cheques which were issued but had not yet cleared from
the bank account before the transition date. As permitted under the
transition requirements, the Group has elected not to restate the
comparative information to reflect the application of these
amendments.
|
|
As at
1 January 2026
£m
|
Adjustment on initial application of amendments to
IFRS 9 and IFRS 7
£m
|
As at
1 January 2026
as adjusted
£m
|
|
Trade
and other payables
|
(15,381)
|
(43)
|
(15,424)
|
|
Bank
overdrafts (within short-term borrowings)
|
(190)
|
29
|
(161)
|
|
Cash
and cash equivalents
|
3,397
|
14
|
3,411
|
The
Group has not identified any changes to its key sources of
accounting judgements or estimations of uncertainty compared with
those disclosed in the Annual Report 2025.
This
Results Announcement does not constitute statutory accounts of the
Group within the meaning of sections 434(3) and 435(3) of the
Companies Act 2006. The full Group accounts for 2025 were published
in the Annual Report 2025, which has been delivered to the
Registrar of Companies and on which the report of the independent
auditor was unqualified and did not contain a statement under
section 498 of the Companies Act 2006.
Contingent liabilities
There
were contingent liabilities at 30 June 2026 in respect of
arrangements entered into as part of the ordinary course of the
Group’s business. No material losses are expected to arise
from such contingent liabilities. Provision is made for the outcome
of legal and tax disputes where it is both probable that the Group
will suffer an outflow of funds and it is possible to make a
reliable estimate of that outflow. Descriptions of the significant
legal disputes to which the Group is a party are set out on page
29, and pages 269 to 272 of the 2025 Annual Report.
Net assets
The
book value of net assets increased by £1,221 million from
£15,956 million at 31 December 2025 to £17,177 million at
30 June 2026. This primarily reflected contribution from Total
comprehensive income for the period and the special dividend from
the ViiV Healthcare shareholding restructure, partly offset by
dividends paid to shareholders, shares repurchased under the share
buyback programme and associated transaction costs.
At 30
June 2026, the net surplus on the Group’s pension plans was
£563 million compared with a net surplus of £229 million
at 31 December 2025. This movement was primarily driven by an
increase in the UK discount rate from 5.5% to 6.0%, which was
partially offset by an increase to the UK inflation rate from 2.7%
to 2.8%.
The
estimated present value of the potential redemption amount of the
Pfizer put option related to ViiV Healthcare, recorded in Other
payables in Current liabilities, was £nil (31 December 2025:
£822 million). The put option liability was fully derecognised
at 31 March 2026 as Pfizer has exited its shareholding in ViiV
Healthcare.
Contingent
consideration amounted to £6,781 million at 30 June 2026 (31
December 2025: £6,733 million) as follows:
|
|
|
|
|
|
Group
30 June 2026
£m
|
Group
31
December 2025
£m
|
|
|
|
|
|
Contingent
consideration estimated present value of amounts payable relating
to:
|
|
|
|
Former
Shionogi-ViiV Healthcare joint venture
|
5,403
|
5,433
|
|
Former
Novartis Vaccines business acquisition
|
626
|
651
|
|
BP
Asset IX, Inc. acquisition
|
301
|
231
|
|
Affinivax
acquisition
|
229
|
219
|
|
Others
|
222
|
199
|
|
Contingent
consideration liability at end of the period
|
6,781
|
6,733
|
Of the
contingent consideration payable to Shionogi at 30 June 2026,
£1,232 million (31 December 2025: £1,194 million) is
expected to be paid within one year.
Movements
in contingent consideration are as follows:
|
|
|
|
|
H1 2026
|
ViiV
Healthcare
£m
|
Group
£m
|
|
|
|
|
|
Contingent
consideration at beginning of the period
|
5,433
|
6,733
|
|
Remeasurement
through income statement and other movements
|
680
|
805
|
|
Cash
payments: operating cash flows
|
(710)
|
(749)
|
|
Cash
payments: investing activities
|
–
|
(8)
|
|
Contingent
consideration at end of the period
|
5,403
|
6,781
|
|
H1
2025
|
ViiV
Healthcare
£m
|
Group
£m
|
|
|
|
|
|
Contingent
consideration at beginning of the period
|
6,061
|
7,280
|
|
Additions
|
–
|
58
|
|
Remeasurement
through income statement and other movements
|
(88)
|
(88)
|
|
Cash
payments: operating cash flows
|
(650)
|
(668)
|
|
Cash
payments: investing activities
|
–
|
(6)
|
|
Contingent
consideration at end of the period
|
5,323
|
6,576
|
Business acquisitions
On 3
March 2026, GSK completed the acquisition of 100% of the
outstanding equity of RAPT Therapeutics, Inc. ("RAPT") a
California-based clinical stage biopharmaceutical company dedicated
to developing novel therapies for patients living with inflammatory
and immunologic diseases. The acquisition includes ozureprubart, a
long-acting anti-immunoglobulin E (IgE) monoclonal antibody,
currently in phase IIb clinical development for prophylactic
protection against food allergens.
Under
the terms of the agreement, GSK paid RAPT shareholders US$58.00 per
share at closing, for an aggregate payment of US$2.3
billion (£1.7 billion), including transaction fees. Net
of cash acquired, GSK's upfront investment was approximately US$1.9
billion (£1.4 billion).
The
transaction gives GSK the global rights to the ozureprubart
programme, excluding mainland China, Macau, Taiwan and Hong Kong.
GSK will also be responsible for success-based milestone and
royalty payments for ozureprubart owed to RAPT's partner, Shanghai
Jeyou Pharmaceutical Co., Ltd.
On 14
April 2026, GSK completed the acquisition of 100% of 35Pharma, Inc.
("35Pharma") a Canada-based, private, clinical-stage
biopharmaceutical company specialised in the development of novel
protein-based therapeutics. The acquisition provides global rights
to HS235, a potential best-in-class activin signalling inhibitor
being developed for the treatment of pulmonary
hypertension.
Total
consideration was US$1.0 billion (£755 million), comprising an
upfront payment of US$987 million (£730 million) as adjusted
for working capital and other customary closing adjustments and
US$34 million (£25 million) of deferred consideration. Net of
cash acquired, GSK's net cash investment was US$944 million
(£699 million).
During
the period to 30 June 2026, no sales arising from the RAPT or
35Pharma's businesses were included in Group turnover and no
revenue is expected until regulatory approval is received on the
acquired assets.
GSK
continues to support the ongoing development of the acquired assets
and consequently these assets will be loss making until regulatory
approval on these assets is received. The impact on Total profit
after taxation for the period ended 30 June 2026 from these
acquisitions was immaterial. The development of these assets will
be integrated into the Group’s existing R&D activities,
after which it will be impracticable to quantify these development
costs or the impact on Total profit after taxation.
The
initial acquisition accounting was reflected in the second quarter
of 2026 on a preliminary basis, the values below are provisional
and subject to change. The purchase price allocation is expected to
be completed by the end of Q4 2026.
Goodwill
of £311 million (£211 million for RAPT and £100
million for 35Pharma) has been recognised. The goodwill represents
specific synergies available to GSK from the business combination.
The goodwill has been allocated to the Group’s Commercial
Operations and R&D segments. None of the goodwill is expected
to be deductible for tax purposes.
The
provisional fair values of the net assets acquired, including
goodwill, are as follows:
|
|
RAPT
|
35Pharma
|
Total
|
|
|
£m
|
£m
|
£m
|
|
Net
assets acquired:
|
|
|
|
|
Intangible
assets
|
1,457
|
703
|
2,160
|
|
Property,
plant & equipment
|
1
|
–
|
1
|
|
Cash
and cash equivalents
|
281
|
56
|
337
|
|
Other
net liabilities
|
(13)
|
–
|
(13)
|
|
Deferred
tax liabilities
|
(252)
|
(104)
|
(356)
|
|
|
1,474
|
655
|
2,129
|
|
Goodwill
|
211
|
100
|
311
|
|
Total
consideration
|
1,685
|
755
|
2,440
|
Of the
total £2.4 billion consideration (£1.7 billion for RAPT
and £0.7 billion for 35Pharma), £20 million of deferred
consideration for 35Pharma was unpaid as at 30 June
2026.
Net debt information
Reconciliation of cash flow to movements in net debt
|
|
H1 2026
£m
|
H1
2025
£m
|
|
Total
Net debt at beginning of the period
|
(14,453)
|
(13,095)
|
|
Adjustment
on initial application of amendments to IFRS 9 on 1 January
2026(1)
|
43
|
–
|
|
Total
Net debt at beginning of the period, as adjusted
|
(14,410)
|
(13,095)
|
|
Increase/(decrease)
in cash and bank overdrafts
|
(301)
|
(42)
|
|
Increase/(decrease)
in liquid investments
|
(9)
|
–
|
|
Repayment
of long-term loans
|
865
|
1,409
|
|
Issue
of long-term notes
|
–
|
(1,983)
|
|
Net
decrease/(increase) in short-term loans
|
(1,466)
|
(637)
|
|
Increase
in other short-term loans
|
(9)
|
(102)
|
|
Repayment
of other short-term loans
|
60
|
269
|
|
Repayment
of lease liabilities
|
106
|
110
|
|
Disposal
of lease liabilities related to assets held for sale
|
136
|
–
|
|
Net
debt of subsidiary undertakings acquired
|
(2)
|
(1)
|
|
Exchange
adjustments
|
(76)
|
428
|
|
Other
non-cash movements
|
(26)
|
(91)
|
|
Decrease/(increase)
in Net debt
|
(722)
|
(640)
|
|
Total
Net debt at end of the period
|
(15,132)
|
(13,735)
|
(1) For further details see page 31
Net debt analysis
|
|
30 June 2026
£m
|
31
December 2025
£m
|
|
Liquid
investments
|
1
|
9
|
|
Cash
and cash equivalents
|
3,105
|
3,397
|
|
Short-term
borrowings
|
(4,291)
|
(3,012)
|
|
Long-term
borrowings
|
(13,947)
|
(14,708)
|
|
Liabilities
relating to assets held for sale
|
–
|
(139)
|
|
Total
Net debt at the end of the period
|
(15,132)
|
(14,453)
|
Free cash flow reconciliation
|
|
Q2 2026
£m
|
Q2
2025
£m
|
H1 2026
£m
|
H1
2025
£m
|
|
|
|
|
|
|
|
Net
cash inflow/(outflow) from operating activities
|
2,690
|
2,096
|
3,831
|
3,241
|
|
Purchase
of property, plant and equipment
|
(328)
|
(256)
|
(549)
|
(464)
|
|
Proceeds
from sale of property, plant and equipment
|
3
|
5
|
30
|
6
|
|
Purchase
of intangible assets
|
(325)
|
(377)
|
(547)
|
(617)
|
|
Proceeds
from disposals of intangible assets
|
293
|
–
|
355
|
76
|
|
Net
finance costs
|
(225)
|
(217)
|
(265)
|
(233)
|
|
Dividends
and distributions from associates and joint ventures
|
25
|
–
|
25
|
–
|
|
Contingent
consideration paid (reported in investing activities)
|
(4)
|
(3)
|
(8)
|
(6)
|
|
Dividend
distributions to non-controlling interests
|
(137)
|
(122)
|
(252)
|
(180)
|
|
Other
distributions to non-controlling interest
|
–
|
–
|
(1,399)
|
–
|
|
Contributions
from non-controlling interests
|
2
|
–
|
1,588
|
–
|
|
Free
cash inflow/(outflow)
|
1,994
|
1,126
|
2,809
|
1,823
|
Post balance sheet events
On 9 June 2026, GSK entered into an agreement to acquire Nuvalent,
Inc. ("Nuvalent"), a Boston-based clinical-stage biopharmaceutical
company focused on creating precisely targeted oncology therapies.
Nuvalent’s lead assets, zidesamtinib and neladalkib, are
late-stage, potential best-in-class ROS1 and ALK inhibitors for
treatment of non-small cell lung cancer (NSCLC).
In July 2026, the US FDA approved
zidesamtinib for the treatment of adult patients with locally
advanced or metastatic ROS1-positive NSCLC who received a prior
ROS1 kinase inhibitor. Neladalkib is currently under FDA
review.
Under
the agreement, GSK acquired Nuvalent for $124.00 per share in cash,
representing an aggregate equity value of approximately $10.6
billion (£8.0 billion). Net of cash acquired, GSK’s
aggregate investment is approximately $9.4 billion (£7.1
billion), which is funded primarily from new and existing debt
facilities plus cash.
The
transaction was subject to customary conditions, including the
tender of the majority of Nuvalent’s outstanding shares of
Class A common stock and applicable regulatory agency clearances
under the Hart-Scott-Rodino Act in the US, and subsequently closed
on 15 July 2026. Given the timing of the closure of the
transaction, GSK expects to disclose the provisional accounting for
the acquisition in the Q3 2026 Results Announcement.
Related party transactions
There
were no material related party transactions entered into and there
have been no material changes to the related party transactions
disclosed on page 241 of the 2025 Annual Report.
Financial instruments fair value disclosures
The
following tables categorise the Group’s financial assets and
liabilities held at fair value by the valuation methodology applied
in determining their fair value. Where possible, quoted prices in
active markets are used and the asset or liability is classified as
Level 1. Where such prices are not available, the asset or
liability is classified as Level 2, provided all significant inputs
to the valuation model used are based on observable market data. If
one or more of the significant inputs to the valuation model is not
based on observable market data, the instrument is classified as
Level 3. Other investments classified as Level 3 in the tables
below comprise equity investments in unlisted entities with which
the Group has entered into research collaborations and also
investments in emerging life science companies.
|
At 30 June 2026
|
Level 1
£m
|
Level 2
£m
|
Level 3
£m
|
Total
£m
|
|
Financial assets at fair value
|
|
|
|
|
|
Financial assets at
fair value through other comprehensive income
(FVTOCI):
|
|
|
|
|
|
Other investments designated at FVTOCI
|
432
|
–
|
152
|
584
|
|
Trade and other receivables
|
–
|
2,448
|
–
|
2,448
|
|
Financial assets
mandatorily at fair value through profit or loss
(FVTPL):
|
|
|
|
|
|
Current equity investments and other
investments
|
–
|
–
|
270
|
270
|
|
Other non-current assets
|
–
|
–
|
29
|
29
|
|
Trade and other receivables
|
–
|
47
|
1
|
48
|
|
Held for trading derivatives that are not in a designated
and effective hedging relationship
|
–
|
24
|
–
|
24
|
|
Cash and cash equivalents
|
1,732
|
–
|
–
|
1,732
|
|
Derivatives
designated and effective as hedging instruments
|
–
|
85
|
–
|
85
|
|
|
2,164
|
2,604
|
452
|
5,220
|
|
|
|
|
|
|
|
Financial liabilities at fair value
|
|
|
|
|
|
Financial
liabilities mandatorily at fair value through profit or loss
(FVTPL):
|
|
|
|
|
|
Contingent consideration liabilities
|
–
|
–
|
(6,781)
|
(6,781)
|
|
Held
for trading derivatives that are not in a designated and effective
hedging relationship
|
–
|
(55)
|
–
|
(55)
|
|
Derivatives
designated and effective as hedging instruments
|
–
|
(157)
|
–
|
(157)
|
|
|
–
|
(212)
|
(6,781)
|
(6,993)
|
|
At 31
December 2025
|
Level 1
£m
|
Level 2
£m
|
Level 3
£m
|
Total
£m
|
|
Financial
assets at fair value
|
|
|
|
|
|
Financial assets at
fair value through other comprehensive income
(FVTOCI):
|
|
|
|
|
|
Other investments designated at FVTOCI
|
592
|
–
|
196
|
788
|
|
Trade and other receivables
|
–
|
2,346
|
–
|
2,346
|
|
Financial assets
mandatorily at fair value through profit or loss
(FVTPL):
|
|
|
|
|
|
Current equity investments and other
investments
|
–
|
–
|
249
|
249
|
|
Other non-current assets
|
–
|
–
|
14
|
14
|
|
Trade and other receivables
|
–
|
41
|
15
|
56
|
|
Held for trading derivatives that are not in a designated
and effective hedging relationship
|
–
|
15
|
–
|
15
|
|
Cash and cash equivalents
|
1,793
|
–
|
–
|
1,793
|
|
Derivatives
designated and effective as hedging instruments
|
–
|
106
|
–
|
106
|
|
|
2,385
|
2,508
|
474
|
5,367
|
|
|
|
|
|
|
|
Financial
liabilities at fair value
|
|
|
|
|
|
Financial
liabilities mandatorily at fair value through profit or loss
(FVTPL):
|
|
|
|
|
|
Contingent consideration liabilities
|
–
|
–
|
(6,733)
|
(6,733)
|
|
Held for trading derivatives that are not in a designated and
effective hedging relationship
|
–
|
(54)
|
–
|
(54)
|
|
Derivatives
designated and effective as hedging instruments
|
–
|
(88)
|
–
|
(88)
|
|
|
–
|
(142)
|
(6,733)
|
(6,875)
|
Movements
in the six months to 30 June 2026 and the six months to 30 June
2025 for financial instruments measured using Level 3 valuation
methods are presented below:
|
|
Financial
assets
£m
|
Financial
liabilities
£m
|
|
At 1
January 2026
|
474
|
(6,733)
|
|
Gains/(losses)
recognised in the income statement
|
4
|
(791)
|
|
Gains/(losses)
recognised in other comprehensive income
|
106
|
–
|
|
Additions
|
27
|
–
|
|
Disposals
and settlements
|
(165)
|
–
|
|
Payments
in the period
|
–
|
757
|
|
Exchange
adjustments
|
6
|
(14)
|
|
At 30 June 2026
|
452
|
(6,781)
|
|
|
|
|
|
At 1
January 2025
|
487
|
(7,280)
|
|
Gains/(losses)
recognised in the income statement
|
(48)
|
30
|
|
Gains/(losses)
recognised in other comprehensive income
|
(11)
|
–
|
|
Additions
|
48
|
(58)
|
|
Disposals
and settlements
|
(12)
|
–
|
|
Payments
in the period
|
–
|
674
|
|
Exchange
adjustments
|
(31)
|
58
|
|
At 30
June 2025
|
433
|
(6,576)
|
Net
losses of £787 million (H1 2025: £18 million) reported in
other operating income were attributable to Level 3 financial
instruments held at the end of the period. Net gains and losses
include the impact of exchange movements.
Financial
liabilities measured using Level 3 valuation methods:
|
|
|
|
|
|
30 June 2026
£m
|
31
December 2025
£m
|
|
Contingent consideration estimated present value of amounts payable
relating to:
|
|
|
|
Former
Shionogi-ViiV Healthcare joint venture
|
5,403
|
5,433
|
|
Former
Novartis Vaccines business acquisition
|
626
|
651
|
|
BP
Asset IX, Inc. acquisition
|
301
|
231
|
|
Affinivax
acquisition
|
229
|
219
|
|
Others
|
222
|
199
|
|
Contingent
consideration liability at end of the period
|
6,781
|
6,733
|
|
|
|
|
|
Discount rates:
|
|
|
|
Former
Shionogi-ViiV Healthcare joint venture
|
8.0%
|
8.0%
|
|
Novartis
Vaccines - Commercialised products
|
8.5%
|
8.0%
|
|
Novartis
Vaccines - pipeline assets
|
9.5%
|
9.0%
|
|
BP
Asset IX
|
9.5%
|
9.0%
|
|
Affinivax
|
9.5%
|
9.0%
|
Contingent
consideration is expected to be paid over a number of years and
will vary in line with the future performance of specified
products, the achievement of certain milestone targets and
movements in certain foreign currencies.
The
financial liabilities are measured at the present value of expected
future cash flows, the most significant inputs and assumptions in
the valuation models being future sales forecasts, probability of
milestone success, the discount rate, the Sterling/US Dollar
exchange rate and the Sterling/Euro exchange rate. The exchange
rates used are consistent with market rates at 30 June
2026.
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 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.
The
Affinivax contingent consideration is based upon two potential
milestone payments, each of $0.6 billion (£0.5 billion) which
will be paid if certain paediatric clinical development milestones
are achieved.
The
table below shows, on an indicative basis, the income statement and
balance sheet sensitivity to reasonably possible changes in key
inputs to the valuation of the largest contingent consideration
liabilities.
|
Increase/(decrease) in liability
|
Shionogi-
ViiV
Healthcare
contingent
consideration
£m
|
Novartis
Vaccines
contingent
consideration
£m
|
BP Asset IX contingent consideration
£m
|
Affinivax
contingent
consideration
£m
|
|
10%
increase in sales forecasts*
|
546
|
91
|
n/a
|
n/a
|
|
15%
increase in sales forecasts*
|
814
|
136
|
n/a
|
n/a
|
|
10%
decrease in sales forecasts*
|
(541)
|
(91)
|
n/a
|
n/a
|
|
15%
decrease in sales forecasts*
|
(814)
|
(136)
|
n/a
|
n/a
|
|
1%
increase in discount rate
|
(150)
|
(38)
|
(8)
|
(6)
|
|
1.5%
increase in discount rate
|
(220)
|
(55)
|
(12)
|
(9)
|
|
1%
decrease in discount rate
|
161
|
43
|
8
|
7
|
|
1.5%
decrease in discount rate
|
244
|
67
|
13
|
10
|
|
10 cent
appreciation of US Dollar
|
369
|
13
|
25
|
19
|
|
15 cent
appreciation of US Dollar
|
577
|
20
|
38
|
29
|
|
10 cent
depreciation of US Dollar
|
(316)
|
(11)
|
(21)
|
(16)
|
|
15 cent
depreciation of US Dollar
|
(457)
|
(16)
|
(31)
|
(23)
|
|
10 cent
appreciation of Euro
|
71
|
25
|
n/a
|
n/a
|
|
15 cent
appreciation of Euro
|
110
|
39
|
n/a
|
n/a
|
|
10 cent
depreciation of Euro
|
(58)
|
(21)
|
n/a
|
n/a
|
|
15 cent
depreciation of Euro
|
(83)
|
(30)
|
n/a
|
n/a
|
|
10%
increase in probability of milestone success
|
n/a
|
22
|
35
|
72
|
|
10%
decrease in probability of milestone success
|
n/a
|
(11)
|
(35)
|
(34)
|
*The sales forecast is for ViiV Healthcare sales only in respect of
the Shionogi-ViiV Healthcare contingent consideration.
The
Group transfers financial instruments between different levels in
the fair value hierarchy when, as a result of an event or change in
circumstances, the valuation methodology applied in determining
their fair values alters in such a way that it meets the definition
of a different level. There were no transfers between the Level 1,
Level 2 or Level 3 fair value measurement categories.
The
following methods and assumptions are used to measure the fair
value of the significant financial instruments carried at fair
value on the balance sheet:
|
●
|
Other
investments – equity investments traded in an active market
determined by reference to the relevant stock exchange quoted bid
price; other equity investments determined by reference to the
current market value of similar instruments, recent financing
rounds or the discounted cash flows of the underlying net
assets
|
|
●
|
Trade
receivables carried at fair value – based on invoiced
amount
|
|
●
|
Interest
rate swaps, foreign exchange forward contracts, swaps and options
– based on the present value of contractual cash flows or
option valuation models using market-sourced data (exchange rates
or interest rates) at the balance sheet date
|
|
●
|
Cash
and cash equivalents carried at fair value – based on net
asset value of the funds
|
|
●
|
Contingent
consideration for business acquisitions and divestments –
based on present values of expected future cash flows
|
There
are no material differences between the carrying amount of the
Group's other financial assets and liabilities and their estimated
fair value, with the exception of bonds, for which the carrying
amount and fair value are set out in the table below:
|
|
30 June 2026
|
31
December 2025
|
||
|
|
Carrying
amount
£m
|
Fair
value
£m
|
Carrying
amount
£m
|
Fair
value
£m
|
|
Bonds
in a designated hedging relationship
|
(5,584)
|
(5,446)
|
(6,524)
|
(6,388)
|
|
Other
bonds
|
(9,075)
|
(9,069)
|
(8,973)
|
(9,104)
|
|
|
(14,659)
|
(14,515)
|
(15,497)
|
(15,492)
|
The
following methods and assumptions are used to estimate the fair
values of financial assets and liabilities which are not measured
at fair value on the balance sheet:
|
●
|
Receivables
and payables carried at amortised cost - approximates to the
carrying amount
|
|
●
|
Liquid
investments - approximates to the carrying amount
|
|
●
|
Cash
and cash equivalents carried at amortised cost - approximates to
the carrying amount
|
|
●
|
Short-term
loans, overdrafts and commercial paper - approximates to the
carrying amount because of the short maturity of these
instruments
|
|
●
|
Long-term
loans - based on quoted market prices (a level 1 fair value
measurement) in the case of European and US Medium Term Notes;
approximates to the carrying amount in the case of other fixed rate
borrowings and floating rate bank loans
|
|
|
|
R&D commentary
|
|
|
|
Pipeline overview
|
|
Medicines
and vaccines in phase III development (including major lifecycle
innovation or under regulatory review)
|
19
|
Respiratory, Immunology & Inflammation (4)
|
|
|
●
|
Benlysta (anti-B lymphocyte stimulator (Blys) mAb)
interstitial lung disease)
|
||
|
●
|
Exdensur (ultra long-acting anti-IL5 biologic), eosinophilic
granulomatosis with polyangiitis (EGPA), hyper-eosinophilic
syndrome (HES), chronic obstructive pulmonary disease
(COPD)
|
||
|
●
|
efimosfermin
(FGF21 analog) metabolic dysfunction-associated steatohepatitis
(MASH)
|
||
|
●
|
Ventolin (salbutamol, Beta 2 adrenergic receptor agonist)
asthma
|
||
|
Oncology (8)
|
|||
|
●
|
Blenrep (anti-BCMA ADC) 1L multiple myeloma
|
||
|
●
|
Jemperli (anti-PD-1) 1L endometrial cancer, colon cancer,
rectal cancer (ph II registrational), head and neck
cancer
|
||
|
●
|
Jideytro (ROS-1 inhibitor) non-small cell lung
cancer
|
||
|
●
|
Zejula (PARP inhibitor) glioblastoma
|
||
|
●
|
Mo-Rez
(B7-H4 ADC) 2L+ advanced endometrial cancer and platinum resistant
ovarian cancer
|
||
|
●
|
neladalkib
(ALK inhibitor) non-small cell lung cancer
|
||
|
●
|
Ris-Rez
(B7-H3 ADC) 2L extensive-stage small cell lung cancer
|
||
|
●
|
velzatinib
(KIT inhibitor) gastro-intestinal tumours
|
||
|
HIV (1)
|
|||
|
●
|
cabotegravir
+ rilpivirine (3x a year treatment) HIV
|
||
|
Infectious Diseases (6)
|
|||
|
●
|
Arexvy (RSV vaccine) RSV, adults 18 years of age and
above
|
||
|
●
|
bepirovirsen
(HBV ASO) chronic hepatitis B
|
||
|
●
|
Bexsero (meningococcal B vaccine) infants (US)
|
||
|
●
|
GSK'116
(varicella vaccine) varicella new seed, individuals 12 months of
age and older
|
||
|
●
|
GSK'371
(MMRV vaccine) MMRV new seed
|
||
|
●
|
Shingrix (recombinant protein, adjuvanted vaccine)
MACE
|
||
|
Total
medicines and vaccines in all phases of clinical
development
|
62
|
|
|
|
Total
projects in clinical development (inclusive of all phases and
indications)
|
92
|
|
|
Therapy area updates
The
following provides updates on key medicines and vaccines by therapy
area that will help drive growth for GSK to meet its future
outlooks.
Respiratory, Immunology & Inflammation
efimosfermin (FGF21 analog)
Efimosfermin
(GSK6519754) is an investigational, once-monthly subcutaneous
injection of a long-acting variant of FGF21, designed to regulate
key metabolic pathways to decrease liver fat, ameliorate liver
inflammation, and reverse liver fibrosis in patients with metabolic
dysfunction-associated steatohepatitis (MASH).
Efimosfermin
is in phase III development for moderate and advanced fibrosis (F2
to F3) caused by MASH. In July 2026, GSK also started the phase III
NEBULA trials which will investigate efimosfermin in compensated
cirrhosis (F4) caused by MASH.
Efimosfermin
has received Breakthrough Therapy Designations from the US Food and
Drug Administration (FDA) and China’s Center for Drug
Evaluation (CDE), as well as Priority Medicines (PRIME) Designation
from the European Medicines Agency (EMA) for the treatment of MASH.
Breakthrough Designation is designed to expedite the development
and review of medicines for serious conditions, where preliminary
clinical evidence indicates potential for substantial improvement
over available therapy. PRIME designation provides scientific and
regulatory support for medicines that have the potential to address
significant unmet medical need.
Key
phase III trials for efimosfermin:
|
Trial name (population)
|
Phase
|
Design
|
Timeline
|
Status
|
|
ZENITH-1
(metabolic dysfunction-associated steatohepatitis)
NCT07221227
|
III
|
A phase
III, randomized, double-blind, placebo-controlled, 3-arm study to
investigate the safety and efficacy of efimosfermin alfa in
participants with biopsy-confirmed F2- or F3-stage metabolic
dysfunction-associated steatohepatitis (MASH)
|
Trial
start:
Q4
2025
|
Recruiting
|
|
ZENITH-2
(metabolic dysfunction-associated steatohepatitis)
NCT07221188
|
III
|
A phase
III, randomized, double-blind, placebo-controlled, 3-arm study to
investigate the safety and tolerability of efimosfermin alfa in
participants with known or suspected F2- or F3-stage metabolic
dysfunction-associated steatohepatitis (MASH)
|
Trial
start:
Q4
2025
|
Recruiting
|
|
NEBULA-1
(metabolic dysfunction-associated steatohepatitis)
NCT07701993
|
III
|
A phase
III, double-blind, 2-arm study to investigate the safety and
efficacy of efimosfermin alfa injection compared with placebo in
adult participants with compensated cirrhosis (stage F4 fibrosis)
due to metabolic dysfunction-associated steatohepatitis
(MASH)
|
Trial
start:
Q3
2026
|
Recruiting
|
|
NEBULA-2
(metabolic dysfunction-associated steatohepatitis)
NCT07704892
|
III
|
A phase
III, two-part, double-blind, randomized, placebo-controlled study
to investigate the safety and efficacy of efimosfermin alfa
injection in adult participants with biopsy-confirmed compensated
cirrhosis (stage F4 fibrosis) due to metabolic
dysfunction-associated steatohepatitis (MASH)
|
Trial
start:
Q3
2026
|
Recruiting
|
Exdensur (depemokimab; ultra-long-acting
anti-IL5)
Exdensur (depemokimab) is the first and only
ultra-long-acting biologic to address severe asthma and chronic
rhinosinusitis with nasal polyps (CRSwNP). It is engineered to have
an extended half-life and high binding affinity and potency for
IL-5, enabling twice-yearly dosing.
Exdensur is approved for the treatment of severe asthma and
CRSwNP in the EU, China, Japan and the UK, and for the treatment of
severe asthma in the US.
Depemokimab
is currently being evaluated in phase III trials for the treatment
of other diseases with underlying type 2 inflammation, including
OCEAN for eosinophilic granulomatosis with polyangiitis (EGPA) and
DESTINY for hypereosinophilic syndrome (HES). GSK has also
initiated the ENDURA-1, ENDURA-2 and VIGILANT phase III trials
assessing the efficacy and safety of depemokimab as an add-on
therapy in patients with uncontrolled moderate to severe COPD with
type 2 inflammation.
At the
2026 American Thoracic Society (ATS) International Conference, GSK
presented data showing sustained efficacy over two years in
patients with severe asthma with type 2 inflammation, and results
from a new patient preference study showing patients prefer
twice-yearly dosing.
Key
phase III trials for depemokimab:
|
Trial name (population)
|
Phase
|
Design
|
Timeline
|
Status
|
|
OCEAN
(EGPA)
NCT05263934
|
III
|
A
52-week, randomised, double-blind, double-dummy, parallel-group,
multi-centre, non-inferiority study to investigate the efficacy and
safety of depemokimab compared with mepolizumab in adults with
relapsing or refractory eosinophilic granulomatosis with
polyangiitis (EGPA) receiving standard of care therapy
|
Trial
start:
Q3
2022
|
Active,
not recruiting
|
|
DESTINY
(HES)
NCT05334368
|
III
|
A
52-week, randomised, placebo-controlled, double-blind, parallel
group, multicentre trial of depemokimab in adults with uncontrolled
HES receiving standard of care therapy
|
Trial
start:
Q3
2022
|
Recruiting
|
|
ENDURA-1
(COPD)
NCT06959095
|
III
|
A
randomised, double-blind, placebo- controlled, parallel-group,
multicenter study of the efficacy and safety of depemokimab in
adult participants with COPD with type 2 inflammation
|
Trial
start:
Q2
2025
|
Recruiting
|
|
ENDURA-2
(COPD)
NCT06961214
|
III
|
A
randomised, double-blind, placebo- controlled, parallel-group,
multicenter study of the efficacy and safety of depemokimab in
adult participants with COPD with type 2 inflammation
|
Trial
start:
Q2
2025
|
Recruiting
|
|
VIGILANT
(COPD)
NCT07177339
|
III
|
A
randomised, double-blind, parallel group, placebo-controlled study
of the efficacy and safety of early depemokimab initiation as
add-on treatment in COPD patients with type 2
inflammation
|
Trial
start:
Q4
2025
|
Recruiting
|
Oncology
Blenrep (belantamab
mafodotin)
In Q2,
GSK presented data for Blenrep at the 2026 American Society of
Clinical Oncology (ASCO) Annual Meeting and the 31st European
Hematology Association (EHA) Congress. These included long-term
results from the DREAMM-7 and DREAMM-8 phase III clinical trials
showing durable benefit versus standards of care in patients with
relapsed or refractory multiple myeloma. In newly diagnosed
transplant-ineligible multiple myeloma, results from the DREAMM-9
study provided new evidence to support the Blenrep frontline dosing strategy in
the DREAMM-10 trial.
GSK is
continuing the DREAMM (DRiving Excellence in Approaches to Multiple
Myeloma) clinical development programme to explore the full
potential of belantamab mafodotin, including in earlier lines of
treatment. This includes DREAMM-10, a phase III clinical trial in
newly diagnosed transplant-ineligible patients, who represent over
70% of patients starting multiple myeloma therapy.
Key
phase III trials for Blenrep:
|
Trial name (population)
|
Phase
|
Design
|
Timeline
|
Status
|
|
DREAMM-7
(2L+ multiple myeloma; MM)
NCT04246047
|
III
|
A
multi-centre, open-label, randomised trial to evaluate the efficacy
and safety of the combination of belantamab mafodotin, bortezomib,
and dexamethasone (B-Vd) compared with the combination of
daratumumab, bortezomib and dexamethasone (D-Vd) in participants
with relapsed/refractory multiple myeloma
|
Trial
start:
Q2
2020
Primary
data reported:
Q4 2023
|
Active,
not recruiting; primary endpoint met
|
|
DREAMM-8
(2L+ MM)
NCT04484623
|
III
|
A
multi-centre, open-label, randomised trial to evaluate the efficacy
and safety of belantamab mafodotin in combination with pomalidomide
and dexamethasone (B-Pd) versus pomalidomide plus bortezomib and
dexamethasone (P-Vd) in participants with relapsed/refractory
multiple myeloma
|
Trial
start:
Q4
2020
Primary
data reported:
Q1
2024
|
Active,
not recruiting, primary endpoint met
|
|
DREAMM-10
(1L MM)
NCT06679101
|
III
|
A
multi-centre, open-label, randomised trial to evaluate the efficacy
and safety of belantamab mafodotin, lenalidomide and dexamethasone
(B-Rd) versus daratumumab, lenalidomide, and dexamethasone (D-Rd)
in participants with newly diagnosed multiple myeloma who are
ineligible for autologous stem cell transplantation
|
Trial
start:
Q4
2024
|
Recruiting
|
Jemperli (dostarlimab)
In June
2026, GSK presented new long-term analyses from the RUBY phase III
trial at the 2026 American Society of Clinical Oncology (ASCO)
Annual Meeting. This modelling data showed an estimated higher
'cure' rate (i.e., free of recurrence- and disease-related
mortality risk) for Jemperli plus chemotherapy in patients
with dMMR/MSI-H primary advanced or recurrent endometrial cancer
compared to chemotherapy alone.
In July
2026, GSK announced interim positive headline results from the
phase II registrational single arm AZUR-1 trial investigating
Jemperli in people with
stage II/III dMMR/MSI-H locally advanced rectal cancer. The trial
met its primary objective, demonstrating a meaningful and sustained
clinical complete response rate at 12 months (cCR12). Jemperli has received both Breakthrough
Therapy and Fast Track designations from the US Food and Drug
Administration (FDA) in this setting. GSK plans to share interim
AZUR-1 data with global regulatory authorities. Detailed results
will be presented at a future scientific congress.
Jemperli remains the foundation of GSK’s
immuno-oncology-based research and development programme. It is the
only approved immuno-oncology-based plus carboplatin-paclitaxel
(CP) treatment regimen to demonstrate a statistically significant
and clinically meaningful overall survival benefit vs. CP alone for
the first-line treatment of adult patients with primary advanced or
recurrent endometrial cancer irrespective of biomarker status.
Ongoing pivotal trials include those in the AZUR programme (colon /
rectal cancers), JADE (head and neck cancer), and DOMENICA
(supported-collaborative study with ARCAGY-GINECO in endometrial
cancer).
Key
trials for Jemperli:
|
Trial name (population)
|
Phase
|
Design
|
Timeline
|
Status
|
|
RUBY
(1L stage III or IV endometrial cancer)
NCT03981796
|
III
|
A
randomised, double-blind, multi-centre trial of dostarlimab plus
carboplatin-paclitaxel with and without niraparib maintenance
versus placebo plus carboplatin-paclitaxel in patients with
recurrent or primary advanced endometrial cancer
|
Trial
start:
Q3
2019
Part 1
data reported:
Q4
2022
Part 2
data reported:
Q4
2023
|
Active,
not recruiting; primary endpoints met
|
|
GARNET
(advanced solid tumours)
NCT02715284
|
I/II
|
A
multi-centre, open-label, first-in-human trial evaluating
dostarlimab in participants with advanced solid tumours who have
limited available treatment options
|
Trial
start:
Q1
2016
Primary
data reported:
Q1
2019
|
Active,
not recruiting
|
|
Key
trials for Jemperli
continued
|
|
|
|
|
|
AZUR-1
(stage II/III rectal cancer)
NCT05723562
|
II
|
A
single-arm, open-label trial with dostarlimab monotherapy in
participants with untreated stage II/III dMMR/MSI-H locally
advanced rectal cancer
|
Trial
start:
Q1
2023
|
Active,
not recruiting
|
|
AZUR-2
(untreated perioperative T4N0 or stage III colon
cancer)
NCT05855200
|
III
|
An
open-label, randomised trial of perioperative dostarlimab
monotherapy versus standard of care in participants with untreated
T4N0 or stage III dMMR/MSI-H resectable colon cancer
|
Trial
start:
Q3
2023
|
Recruiting
|
|
JADE
(locally advanced unresected head and neck cancer)
NCT06256588
|
III
|
A
randomised, double-blind, study to evaluate dostarlimab versus
placebo as sequential therapy after chemoradiation in participants
with locally advanced unresected head and neck squamous cell
carcinoma
|
Trial
start:
Q1
2024
|
Recruiting
|
|
DOMENICA*
(relapsed or advanced dMMR endometrial cancer)
NCT05201547
*supported-collaborative
study with ARCAGY-GINECO
|
III
|
A
randomized, multicentre study to evaluate the efficacy and safety
of dostarlimab versus carboplatin-paclitaxel in patients with dMMR
relapsed or advanced endometrial cancer
|
Trial
start:
Q2
2022
|
Active,
not recruiting
|
Risvutatug rezetecan (Ris-Rez)
GSK is
advancing its B7-H3-targeted antibody-drug conjugate, risvutatug
rezetecan (Ris-Rez) through the EMBOLD global development programme
across a range of solid tumours, including certain types of lung,
prostate and colorectal cancers.
In July
2026, GSK's licensor Hansoh Pharma announced that ARTEMIS-008, its
pivotal phase III trial evaluating Ris-Rez patients in China with
advanced or relapsed small-cell lung cancer (SCLC), met its primary
endpoint of overall survival (OS), demonstrating statistically
significant and clinically meaningful improvements vs. standard of
care topotecan. These are the first positive phase III OS data
reported for a B7-H3-targeted ADC in any tumour type. GSK holds
exclusive global rights to develop Ris-Rez outside mainland China,
Hong Kong, Macau and Taiwan. GSK's broad clinical development
programme includes studies in lung cancer, prostate cancer and
other solid tumours, including the global phase III EMBOLD SCLC-301
trial in relapsed extensive-stage small-cell lung cancer (ES-SCLC)
with pivotal data expected next year. This year, GSK plans to
initiate additional phase III studies in lung and prostate
cancers.
Regulatory
designations received for Ris-Rez to date include orphan drug
designations from the US FDA and Japan's Ministry of Health, Labour
and Welfare in SCLC and the EMA in pulmonary neuroendocrine
carcinoma (a category of cancer that includes SCLC), Priority
Medicines (PRIME) Designation from the EMA for relapsed or
refractory ES-SCLC; and Breakthrough Therapy Designations for
relapsed or refractory ES-SCLC and relapsed or refractory
osteosarcoma from the US FDA. These designations reflect the
potential of Ris-Rez to address significant unmet medical need
across a range of cancers.
Key
phase III trials for Ris-Rez:
|
Trial name (population)
|
Phase
|
Design
|
Timeline
|
Status
|
|
EMBOLD-SCLC-301
NCT07099898
|
III
|
A
multicenter, randomized, open-label study of risvutatug rezetecan
compared with topotecan in participants with relapsed small cell
lung cancer
|
Trial
start:
Q3
2025
|
Recruiting
|
Mocertatug rezetecan (Mo-Rez)
GSK is
advancing Mo-Rez, a B7-H4–targeting antibody-drug conjugate,
through the global BEHOLD development programme across multiple
gynaecological cancer indications, where significant unmet need
remains. B7-H4 is an immune checkpoint that is widely expressed in
ovarian and endometrial cancers, and is low in normal tissues,
making it a promising target for clinical development.
In
2026, GSK plans to initiate five phase III pivotal trials across
ovarian and endometrial cancers. Two of these studies are now
underway and actively recruiting patients: BEHOLD-Ovarian01 in
platinum-resistant ovarian cancer and BEHOLD-Endometrial01 in
advanced or recurrent endometrial cancer.
Three
additional phase III studies are expected to start later in 2026,
evaluating Mo-Rez in platinum-sensitive ovarian cancer
(BEHOLD-Ovarian02), in first-line maintenance ovarian cancer
without homologous recombination deficiency (BEHOLD-Ovarian03), and
in first line maintenance mismatch repair–proficient
endometrial cancer (BEHOLD-Endometrial02).
In
April 2026, GSK presented positive data for Mo-Rez from the global
phase I BEHOLD-1 study at the Society of Gynecologic Oncology (SGO)
Annual Meeting on Women’s Cancer. Mo-Rez demonstrated
compelling efficacy in platinum-resistant ovarian cancer and in
recurrent or advanced endometrial cancer. The response to Mo-Rez
observed across a range of B7-H4 expression levels reinforces its
broad potential in gynaecologic cancers and further validates the
relevance of targeting B7-H4.
Key
phase III trials for Mo-Rez:
|
Trial name (population)
|
Phase
|
Design
|
Timeline
|
Status
|
|
BEHOLD-Ovarian-01
NCT07286226
|
III
|
A
Randomized, Open-label, Multicenter, Phase III Study to Investigate
mocertatug rezetecan Compared With Chemotherapy in Participants
With Platinum-resistant Ovarian Cancer
|
Trial
start:
Q2
2026
|
Recruiting
|
|
BEHOLD-Endometrial-01
NCT07286331
|
III
|
A
Randomized, Open-label, Multicenter, Phase III Study to Investigate
mocertatug rezetecan Compared With Chemotherapy in Participants
With Recurrent Endometrial Cancer
|
Trial
start:
Q2
2026
|
Recruiting
|
Jideytro (zidesamtinib)
Jideytro (zidesamtinib) is a ROS1 tyrosine kinase inhibitor
(TKI) designed to address key efficacy and tolerability challenges
of treating ROS1-positive non-small cell lung cancer (NSCLC). Its
next-generation design aims to combine high target-selectivity,
broad coverage of ROS1 resistance mutations and blood-brain barrier
penetration to address disease in the brain.
In July
2026, the US FDA approved zidesamtinib for the treatment of adult
patients with locally advanced or metastatic ROS1-positive
non-small cell lung cancer (NSCLC) who received a prior ROS1 kinase
inhibitor. The FDA approval is based on results from the ARROS-1
(NCT05118789) global phase I/II trial evaluating zidesamtinib in
patients with advanced ROS1 positive NSCLC and other ROS1-positive
solid tumours.
Zidesamtinib
continues to be studied in ARROS-1, including in first-line
treatment for patients who have not previously received a ROS1
inhibitor. Zidesamtinib is GSK's first approved medicine in lung
cancer and was added to the portfolio through the acquisition of
Nuvalent.
Key
trials for Jideytro:
|
Trial name (population)
|
Phase
|
Design
|
Timeline
|
Status
|
|
ARROS-1
(ROS1+ non-small cell lung cancer and other solid tumours;
NSCLC)
|
I/II
|
A study
of the highly selective ROS1 inhibitor zidesamtinib (NVL-520) in
patients with advanced NSCLC and other solid tumors
|
Trial
start:
Q1
2022
|
Active
|
neladalkib:
Neladalkib
is an investigational ALK tyrosine kinase inhibitor (TKI) currently
under review with the US FDA for use by patients with TKI
pre-treated ALK-positive NSCLC, with PDUFA date anticipated in
November 2026.
Neladalkib
was previously granted US Breakthrough Therapy designation for the
treatment of patients with locally advanced or metastatic
ALK-positive NSCLC who have been previously treated with 2 or more
ALK TKIs and Orphan Drug designation for ALK-positive
NSCLC.
Neladalkib
was designed to maintain activity against a broad range of ALK
resistance mutations, while minimising off-target activity and
optimising penetration into the central nervous system (CNS). The
development programme is intended to address key challenges in the
treatment of ALK-positive NSCLC, including acquired resistance and
brain metastases.
The
phase I/II ALKOVE-1 study is ongoing in patients with advanced
ALK-positive NSCLC and other solid tumours, and the phase III
ALKAZAR trial is evaluating neladalkib versus alectinib in
first-line ALK-positive NSCLC.
Key
trials for neladalkib:
|
Trial name (population)
|
Phase
|
Design
|
Timeline
|
Status
|
|
ALKOVE-1
(ALK+ non-small cell lung cancer and other solid tumours;
NSCLC)
|
I/II
|
A study
of neladalkib (NVL-655) in patients with advanced NSCLC and other
solid tumors harboring ALK rearrangement or activating ALK
mutation
|
Trial
start:
Q1
2023
|
Active
|
|
ALKAZAR
(1L ALK+ non-small cell lung cancer; NSCLC)
|
III
|
A phase
III study of the selective anaplastic lymphoma kinase (ALK)
inhibitor NVL-655 compared to alectinib in first-line treatment of
patients with ALK-positive advanced non-small cell lung cancer
(NSCLC)
|
Trial
start:
Q3
2025
|
Active
|
HIV
As a
pioneer in long-acting injectables, ViiV Healthcare, majority owned
by GSK, remains focused on advancing the next-generation of
INSTI-powered HIV innovation. The differentiated HIV portfolio,
deep long-acting expertise and late-stage pipeline, is expected to
deliver sustained growth and significant launches through 2030 and
beyond.
For 3x
a year treatment, the phase III CUATRO registrational study began
in Q2 and remains on track to launch in 2028. For 3x a year for
PrEP, the phase IIb registrational EXTEND4M study is progressing,
with data expected in H2 2026 and launch in H1 2027.
Key HIV
trials:
|
Trial name (population)
|
Phase
|
Design
|
Timeline
|
Status
|
|
EXTEND
4M (HIV)
NCT06741397
|
IIb
|
Phase
IIb open label, single arm, repeat dose study to investigate the
safety, tolerability and pharmacokinetics (PK) of a new CAB
formulation administered intramuscularly every four months in
participants at risk of acquiring HIV-1.
|
Trial
start:
Q4
2024
|
Active,
not recruiting
|
|
EMBRACE
(HIV)
NCT05996471
|
IIb
|
The
study aims at evaluating the efficacy of VH3810109, dosed in
accordance with the dosing schedule as either intravenous (IV)
infusion or subcutaneous (SC) infusion with recombinant
hyaluronidase (rHuPH20), in combination with cabotegravir (CAB)
intramuscular (IM) dosed in accordance with the dosing schedule in
virologically suppressed, Antiretroviral therapy (ART)-experienced
adult participants living with HIV.
|
Trial
start:
Q3
2023
|
Active,
not recruiting
|
|
CUATRO
(HIV)
NCT07650916
|
III
|
A phase
III, randomized, multicenter, parallel-group, non-inferiority,
open-label study evaluating the efficacy, safety, and tolerability
of new CAB and rilpivirine formulations in adults and adolescents
with HIV who are virologically suppressed on ART
|
Trial
start:
Q2
2026
|
Active,
not recruiting
|
Infectious Diseases
Arexvy (respiratory
syncytial virus vaccine, adjuvanted)
GSK
continues to progress the life-cycle innovation of Arexvy, its Respiratory Syncytial Virus
(RSV) vaccine for adults, with expanded indications in new
populations and geographies.
The
vaccine is approved for the prevention of lower respiratory tract
disease (LRTD) caused by RSV in adults aged 60 years of age and
older in over 70 countries. It is also approved for use in adults
aged 50–59 at increased risk (AIR) for LRTD caused by RSV due
to certain underlying medical conditions in over 60 countries,
including the US and Japan. In the US, it is approved for use in
adults aged 18–49 years AIR and in the European Economic Area
for adults aged 18 years and older. Arexvy is not for use in pregnant
individuals.
In May,
the Japanese Ministry of Health, Labour and Welfare (MHLW) expanded
the eligible population for Arexvy to include adults aged 18 to 49
years AIR for RSV disease. The prescribing information for
Arexvy in Japan was also
updated to explicitly include immuno-compromised (IC) patients as
an increased risk group. Arexvy is approved for use in IC adults
aged 18 years and older in the European Economic Area and US FDA
review in this population is ongoing with a decision expected this
year.
China’s
Center for Drug Evaluation (CDE) is reviewing a regulatory
application for Arexvy for
the prevention of LRTD caused by RSV in adults aged 60 years and
older. A decision is expected in 2027.
Key
trials for Arexvy:
|
Trial name (population)
|
Phase
|
Design
|
Timeline
|
Status
|
|
RSV
OA=ADJ-004
(Adults
aged ≥60 years)
NCT04732871
|
III
|
A
randomised, open-label, multi-country trial to evaluate the
immunogenicity, safety, reactogenicity and persistence of a single
dose of the RSVPreF3 OA investigational vaccine and different
revaccination schedules in adults aged 60 years and
above
|
Trial
start:
Q1
2021
Primary
data reported:
Q2
2022
|
Active,
not recruiting; primary endpoint met
|
|
RSV
OA=ADJ-012
(Adults
aged ≥60 years )
NCT06534892
|
IIIb
|
An
extension and crossover vaccination study on the immune response
and safety of a vaccine against Respiratory Syncytial Virus given
to adults 60 years of age and above who participated in RSV
OA=ADJ-006 study
|
Trial
start:
Q3
2024
|
Active,
not recruiting
|
|
RSV
OA=ADJ-031
(Immunocompromised
adults aged ≥18 years)
NCT07092865
|
II
|
A
non-randomized, controlled, open-label, extension study to evaluate
the persistence of immune response of the adjuvanted RSVPreF3
vaccine and the safety and immunogenicity following revaccination
in lung and kidney transplant recipients (aged 18 years and
above)
|
Trial
start:
Q3
2025
|
Recruiting
|
|
RSV
OA=ADJ-028
(Adults
18 to 59 years of age at increased risk for RSV
disease)
NCT07220109
|
III
|
A
randomized, controlled, observer blind, immuno-bridging study to
evaluate immunogenicity, reactogenicity and safety of a single dose
of the RSVPreF3 OA investigational vaccine in Chinese adults 18-59
years of age at increased risk of RSV Disease
|
Trial
start:
Q4
2025
|
Recruiting
|
bepirovirsen (HBV ASO)
Bepirovirsen
is a triple-action antisense oligonucleotide with the potential to
be a first in class new treatment option for people with chronic
hepatitis B (CHB). It is designed to inhibit the replication of
viral DNA in the body, suppress the level of hepatitis B surface
antigen (HBsAg) in the blood, and stimulate the immune system to
increase the chances of a durable and sustained
response.
In May
2026, GSK presented positive results from its two pivotal phase III
trials, B-Well 1 and B-Well 2, at the European Association for the
Study of the Liver (EASL) conference, with simultaneous publication
in the New England Journal of Medicine. Pooled data from both
trials showed that 6-month treatment with bepirovirsen achieved a
statistically significant and clinically meaningful functional cure
rate, meeting the primary endpoint. In a key secondary endpoint, a
higher rate of functional cure rate was achieved in participants
with ≤1000 IU/ml HBsAg level. Functional cure occurs when the
hepatitis B virus DNA and HBsAg are undetectable in the blood for
at least 6 months after stopping all treatment, indicating the
disease is controlled by the immune system without
medication.
Regulatory
review is ongoing in the US with a decision expected from the FDA
by 26 October 2026. Reviews are also underway in Japan, China and
the EU with further submissions to take place throughout 2026. If
approved, bepirovirsen has the potential to become the first
finite, six-month therapeutic option for CHB.
Bepirovirsen
has been recognised by global regulatory authorities for its
innovation and potential to address significant unmet need in CHB,
with a Fast Track and Breakthrough Therapy designations from the US
FDA, Breakthrough Therapy designation in China and SENKU
designation in Japan.
To
further expand development of novel sequential regimens, GSK
entered an agreement for an exclusive worldwide license to develop
and commercialise daplusiran/tomligisiran (GSK5637608, formerly
JNJ-3989), an investigational hepatitis B virus-targeted small
interfering ribonucleic acid (siRNA) therapeutic. This agreement
provides an opportunity to investigate a novel sequential regimen
to pursue functional cure in an even broader patient population
with bepirovirsen. Phase IIb trials for this sequential therapy
started in Q4 2024.
Key
trials for bepirovirsen:
|
Trial name (population)
|
Phase
|
Design
|
Timeline
|
Status
|
|
B-Well
1 bepirovirsen in nucleos(t)ide treated patients (chronic hepatitis
B)
NCT05630807
|
III
|
A
multi-centre, randomised, double-blind, placebo-controlled trial to
confirm the efficacy and safety of treatment with bepirovirsen in
participants with chronic hepatitis B virus
|
Trial
Start:
Q1
2023
|
Completed;
primary endpoint met
|
|
B-Well
2 bepirovirsen in nucleos(t)ide treated patients (chronic hepatitis
B)
NCT05630820
|
III
|
A
multi-centre, randomised, double-blind, placebo-controlled trial to
confirm the efficacy and safety of treatment with bepirovirsen in
participants with chronic hepatitis B virus
|
Trial
Start:
Q1
2023
|
Completed;
primary endpoint met
|
|
B-United
bepirovirsen sequential therapy with daplusiran/tomligisiran in
nucleos(t)ide treated patients (chronic hepatitis B)
NCT06537414
|
IIb
|
A
multi-centre, randomized, partially placebo-controlled,
double-blind study to investigate the safety and efficacy of
sequential therapy with daplusiran/tomligisiran followed by
bepirovirsen in participants with chronic hepatitis B virus on
background nucleos(t)ide analogue therapy
|
Trial
start:
Q4
2024
|
Active,
not recruiting
|
|
B-Sure
Long-term Follow-up Study to Evaluate Durability of Treatment
Response in Previous Bepirovirsen Study Participants
NCT04954859
|
II
|
A
global multi-center, long-term follow-up study to assess durability
of efficacy, as measured by maintenance of treatment response from
the parent study, in participants who participated in a previous
bepirovirsen study and achieved a complete or partial response.
Eligible participants will be enrolled in this study after
completing the end of study (EoS) visit in one of five parent
bepirovirsen studies.
|
Trial
Start: Q1 2021
|
Recruiting
|
Utebzi (tebipenem
HBr)
GSK has
an exclusive licence agreement with Spero Therapeutics, Inc. for
the development of tebipenem HBr (oral carbapenem antibiotic). In
June 2026, the US FDA approved Utebzi for the treatment of complicated
urinary tract infections (cUTIs) including pyelonephritis, caused
by certain susceptible pathogens in adult patients who have limited
or no alternative oral treatment options. This is the first and
only oral carbapenem antibiotic approved for these patients, adding
to GSK’s innovative anti-infectives portfolio and helping
address the challenges of antimicrobial resistance
(AMR).
Key
phase III trials for tebipenem HBr:
|
Trial name (population)
|
Phase
|
Design
|
Timeline
|
Status
|
|
PIVOT-PO
(complicated urinary tract infections)
NCT06059846
|
III
|
A
randomised, double-blind, double-dummy, multi-centre study to
assess the efficacy and safety of orally administered tebipenem
pivoxil hydrobromide compared to intravenously administered
imipenem-cilastatin in patients with complicated urinary tract
infection (cUTI) or acute pyelonephritis (AP)
|
Trial
start:
Q4
2023
Data
reported:
Q2
2025
|
Completed;
primary endpoint met
|
Principal risks and uncertainties
The
principal risks and uncertainties affecting the Group for 2026 are
those described under the headings below. These are not listed in
order of significance. In our December 2025 annual risk review, the
Audit & Risk Committee agreed our principal and emerging risks
and risk factors for 2026. Our existing principal risks remain
relevant, with minor definition updates. Additionally, we agreed
the following:
|
●
|
Geopolitical
and regulatory environment will be elevated to a new principal risk
in 2026 given the potential impact to our strategy. This risk will
continue to be overseen by the ExCom.
|
|
●
|
Capability,
skills and workforce planning will be elevated to a new risk factor
in 2026 given its relevance to our strategy for focused attention.
This risk will continue to be managed through a central HR
framework, embedded across our businesses.
|
|
●
|
Climate
change will continue to be a risk factor overseen by our
Sustainability Council in 2026.
|
|
●
|
We will
continue to embed the opportunities and risks related to
third-party relationships and artificial intelligence into our
principal risks, ensuring that risk assessments are comprehensive
and integrated, and enabling effective mitigating
actions.
|
We will
maintain monitoring of the external landscape and make sure we
adequately address any new emerging risks within our existing risk
management governance.
We also
include disclosures of our 2026 additional risk factors - risks
that are not at the materiality threshold of principal risks -
capability, skills and workforce planning and climate change -
below.
We
describe our risk management process on pages 63-65 of our 2025
Annual Report, along with more detailed information on our risks,
including definitions, potential impact, context and mitigation
activities as set out on pages 66-68 and 289-304 of our 2025 Annual
Report.
Other
business risks related to Responsible Business which are not at the
level of principal risks, including environmental sustainability,
are managed through our six focus areas, as described in our 2025
Responsible Business Performance Report. There is additional
information on climate-related risk management in our
climate-related financial disclosure on pages 69-76.
|
|
|
|
2026 Principal Risks
|
|
|
Enterprise Risk Title
|
Definition
|
|
Patient
safety
|
The
risk that GSK, including our third parties, fails to appropriately
collect, assess, follow up, or report human safety information,
including adverse events, from all potential sources or that GSK
potentially fails to appropriately act on any relevant findings
that may affect the benefit-risk profile of a medicine or vaccine
in a timely manner.
|
|
Product
quality
|
The
risk that GSK or its third parties potentially fail to ensure
appropriate controls and governance of quality for development and
commercial products are in place; compliance with industry
practices and regulations in manufacturing and distribution
activities; and terms of GSK product licenses and supporting
regulatory activities are met.
|
|
Financial
controls and reporting
|
The
risk that GSK fails to report accurate financial information in
compliance with accounting standards and applicable legislation;
fails to comply with current tax laws or incurs significant losses
due to treasury activities.
|
|
Legal
matters
|
The
risk that GSK or our third parties potentially fail to comply with
certain legal requirements for the development and management of
our pipeline, supply and commercialisation of our products and
operation of business, and specifically in relation to requirements
for competition law, anti-bribery and corruption, 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.
|
|
Commercial
practices
|
The
risk that GSK or our third parties potentially engage in commercial
activities that fail to comply with laws, regulations, industry
codes, and internal controls and requirements.
|
|
Scientific
and patient engagement
|
The
risk that GSK or our third parties potentially fail to engage
externally to gain insights, educate and communicate on the science
of our medicines and associated disease areas, and provide
healthcare and patient support, grants and donations in a
legitimate and transparent manner compliant with laws, regulations,
industry codes and internal controls and requirements.
|
|
Data
ethics and privacy
|
The
risk that GSK or our third parties potentially fail to ethically
collect; use; re-use through artificial intelligence, data
analytics or automation; secure; share and destroy personal
information in accordance with laws, regulations, and internal
controls.
|
|
Research
practices
|
The
risk that GSK or our third parties potentially fail to adequately
conduct ethical and credible pre-clinical and clinical research,
collaborate in research activities compliant with laws,
regulations, and internal controls and requirements.
|
|
Environment,
health and safety (EHS)
|
The
risk that GSK or our third parties potentially fail to ensure
appropriate controls and governance of the organization's assets,
facilities, infrastructure, and business activities, including
execution of hazardous activities, handling of hazardous materials,
or release of substances harmful to the environment that disrupts
supply or harms employees, third parties or the
environment.
|
|
2026 Principal Risks continued
|
|
|
Enterprise Risk Title
|
Definition
|
|
Information
and cyber security
|
The
risk that GSK or our third parties fail to ensure appropriate
controls and governance to identify, protect, detect, respond, and
recover from cyber security incidents in accordance with applicable
laws, regulations, industry standards, internal controls, and
requirements.
|
|
Supply
continuity
|
The
risk that GSK or our third parties potentially fail to deliver a
continuous supply of compliant finished product or respond
effectively to a crisis incident in a timely manner to recover and
sustain critical supply operations.
|
|
Pipeline
delivery
|
The
risk that GSK fails or has delay in the delivery of our pipeline of
new medicines, vaccines or other products.
|
|
Geopolitical
and regulatory environment
|
The
risk that GSK fails to adapt to the pace of change in rising
external factors that may influence pricing, reimbursement,
affordability, market entry, access and competitive pressures, such
as protectionist measures, changes in government spending,
legislative or policy measures to influence change such as trade
restrictions or tariffs, healthcare reform, evolving approval or
label change processes, changes to country immunisation schedules,
or decisions that may differ from standard procedures or scientific
data, that may negatively affect our operations.
|
|
2026 Additional Risk Factors
|
|
|
Risk Factor Title
|
Definition
|
|
Capability,
skills and workforce planning
|
The
risk that GSK potentially fails to ensure adequate capability,
skills and workforce planning to enable delivery of our strategic
priorities.
|
|
Climate
change
|
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.
|
Reporting definitions
CAGR (Compound annual growth rate)
CAGR is
defined as the compound annual growth rate and shows the annualised
average rate for growth in sales and core operating profit between
2021 to 2026, assuming growth takes place at an exponentially
compounded rate during those years.
CER and AER growth
In
order to 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. For those countries which qualify as hyperinflationary as
defined by the criteria set out in IAS 29 ‘Financial
Reporting in Hyperinflationary Economies’ (Argentina and
Turkey) CER growth is adjusted using a more appropriate exchange
rate where the impact is significant, reflecting depreciation of
their respective currencies in order to provide comparability and
not to distort CER growth rates.
AER%
represents growth at actual exchange rates.
Core Earnings per share
Unless
otherwise stated, Core earnings per share refers to Core basic
earnings per share.
Core Operating Margin
Core
Operating margin is Core operating profit divided by turnover. Core
operating profit is a key financial measure used by management to
evaluate performance.
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 distributions 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
34.
Free cash flow conversion
Free
cash flow conversion is free cash flow from operations as a
percentage of profit attributable to shareholders. Free cash flow
conversion provides investors with a measure of turning profit into
cash.
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 (NCI)
Non-controlling
interest is the equity in a subsidiary not attributable, directly
or indirectly, to a parent.
Percentage points
Percentage
points of growth which is abbreviated to ppts.
RAR (Returns and Rebates)
GSK
sells to customers both commercial and government mandated
contracts with reimbursement arrangements that include rebates,
chargebacks and a right of return for certain pharmaceutical
products principally in the US. Revenue recognition reflects
gross-to-net sales adjustments as a result. These adjustments are
known as the RAR accruals and are a source of significant
estimation uncertainty and fluctuation which can have a material
impact on reported revenue from one accounting period to the
next.
Risk adjusted sales
Pipeline
risk-adjusted sales are based on the latest internal estimate of
the probability of technical and regulatory success for each asset
in development.
Specialty Medicines
Specialty
Medicines are typically prescription medicines used to treat
complex or rare chronic conditions. For GSK, this comprises
medicines for infectious diseases, HIV, Respiratory, Immunology
& Inflammation, and Oncology.
Total Net debt
Net
debt is defined as total borrowings less cash, cash equivalents,
liquid investments, and short-term loans to third parties that are
subject to an insignificant risk of change in value. The measure is
used by management as it is considered a good indicator of GSK's
ability to meet its financial commitments and the strength of its
balance sheet (including those classified as assets held for sale
and liabilities relating to assets held for sale).
Total and Core results
Total
reported results represent the Group’s overall performance.
GSK uses a number of non-IFRS measures to report the performance of
its business. Core results and other non-IFRS measures may be
considered in addition to, but not as a substitute for or superior
to, information presented in accordance with IFRS. Core results are
defined on page 14 and other non-IFRS measures are defined in pages
50 and 51.
Total Operating Margin
Total
Operating margin is Total operating profit divided by
turnover.
Total Earnings per share
Unless
otherwise stated, Total earnings per share refers to Total basic
earnings per share.
Working capital
Working
capital represents inventory and trade receivables less trade
payables.
Year to date
Year to
date is the six-month period in the year to 30 June 2026 or the
same prior period in 2025 as appropriate.
Guidance and Outlooks, assumptions and cautionary
statements
2026 Guidance
GSK
reaffirms its full-year 2026 guidance at constant exchange rates
(CER), with further specificity provided.
GSK
expects its turnover to increase between 3% to 5%, at the upper
half of the range, and Core operating profit to increase between 7%
to 9%, at the upper half of the range. Core earnings per share is
expected to increase between 7% to 9%, at the lower half of the
range.
The
Group has made planning assumptions that we expect turnover for
Specialty Medicines to increase by a low double-digit percentage,
Vaccines to be broadly stable to an increase at a low-single digit
percentage, and General Medicines to decline by a mid-single digit
to low single-digit percentage.
2021-2026 and 2031 Outlooks
In
February 2025 GSK set out improved outlooks for 2031 which are
detailed in the 2024 full year and fourth quarter results on
gsk.com(1).
Assumptions and basis of preparation related to 2026 Guidance,
2021-26 and 2031 Outlooks
In
outlining the guidance for 2026, and outlooks for the period
2021-26 and for 2031, the Group has made certain assumptions about
the macro-economic environment, the healthcare sector (including
regarding existing and possible additional governmental legislative
and regulatory reform), the different markets and competitive
landscape in which the Group operates and the delivery of revenues
and financial benefits from its current portfolio, its development
pipeline and restructuring programmes, including the Accelerate
Growth programme as outlined on page 3.
As
previously announced, on 19 December 2025, GSK entered into an
agreement with the US Administration to lower the cost of
prescription medicines for American patients, which, once fully
implemented, would exclude both GSK and ViiV Healthcare from
Section 232 tariffs for three years. On 9 April 2026, GSK, ViiV
Healthcare, and the US Government entered into a definitive
agreement reflecting Section 232 tariff relief through 20 January
2029 (subject to final implementation). As part of that
implementation, GSK and ViiV Healthcare each signed a Generous
Model Manufacturer Participation Agreement with the Centers for
Medicare and Medicaid Services effective 15 June 2026. With these
agreements GSK and ViiV Healthcare have committed certain products
to participate in the voluntary Generous Model, and it is
anticipated that supplemental rebate agreements with interested US
states will be signed on or before 1 October 2026. Our full year
guidance is inclusive of the expected impact of these
agreements.
2026 Guidance
These
planning assumptions as well as operating profit, earnings per
share guidance and dividend expectations assume no material
interruptions to supply of the Group’s products, no material
mergers, acquisitions or disposals, no material litigation or
investigation costs for the Company (save for those that are
already recognised or for which provisions have been made) and no
change in the Group’s shareholdings in ViiV Healthcare. The
assumptions also assume no material changes in the healthcare
environment or unexpected significant changes in pricing or trade
policies, including tariffs (except as noted above), as a result of
government or competitor action. The 2026 guidance factors in all
divestments and product exits announced to date.
2021-26 and 2031 Outlooks
The
assumptions for GSK’s revenue, Core operating profit, Core
operating margin and cash flow outlooks, 2031 revenue outlook and
margin expectations through dolutegravir loss of exclusivity assume
the delivery of revenues and financial benefits from its current
and development pipeline portfolio of medicines and vaccines (which
have been assessed for this purpose on a risk-adjusted basis, as
described further below); regulatory approvals of the pipeline
portfolio of medicines and vaccines that underlie these
expectations (which have also been assessed for this purpose on a
risk-adjusted basis, as described further below); no material
interruptions to supply of the Group’s products; successful
delivery of the ongoing and planned integration and restructuring
plans, including the Accelerate Growth programme as outlined on
page 3; no material mergers, acquisitions or disposals or other
material business development transactions; no material litigation
or investigation costs for the Company (save for those that are
already recognised or for which provisions have been made); and no
change in the Group's shareholdings in ViiV Healthcare. GSK assumes
no premature loss of exclusivity for key products over the
period.
The
assumptions for GSK’s revenue, Core operating profit, Core
operating margin and cash flow outlooks, 2031 revenue outlook and
margin expectations through dolutegravir loss of exclusivity also
factor in all divestments and product exits announced to date as
well as material costs for investment in new product launches and
R&D. Risk-adjusted sales includes sales for potential planned
launches which are risk-adjusted based on the latest internal
estimate of the probability of technical and regulatory success for
each asset in development.
Notwithstanding
our guidance, outlooks and expectations, there is still uncertainty
as to whether our assumptions, guidance, outlooks and expectations
will be achieved.
All
outlook statements are given on a constant currency basis and use
2025 average exchange rates as a base (£1/$1.31,
£1/€1.17, £1/Yen 198).
(1) https://www.gsk.com/media/slrhnzie/fy-2024-results-announcement.pdf
Assumptions and cautionary statement regarding forward-looking
statements
The
Group’s management believes that the assumptions outlined
above are reasonable, and that the guidance, outlooks, and
expectations described in this report are achievable based on those
assumptions. However, given the forward-looking nature of these
guidance, outlooks, and expectations, they are subject to greater
uncertainty, including potential material impacts if the above
assumptions are not realised, and other material impacts related to
foreign exchange fluctuations, macro-economic activity, the impact
of outbreaks, epidemics or pandemics, changes in legislation,
regulation, government actions and policies, including the impact
of any potential tariffs or other restrictive trade policies on the
Group's products, or intellectual property protection, product
development and approvals, actions by our competitors, and other
risks inherent to the industries in which we operate.
This
document contains statements that are, or may be deemed to be,
“forward-looking statements”. Forward-looking
statements give the Group’s current expectations or forecasts
of future events. An investor can identify these statements by the
fact that they do not relate strictly to historical or current
facts. They use words such as 'aim', 'ambition',
‘anticipate’, 'believe', 'could',
‘estimate’, ‘expect’, ‘goal’,
‘intend’, 'may', ‘outlook’,
‘plan’, ‘project’, ‘seek’,
‘should’, ‘target’, 'will' and other words
and terms of similar meaning in connection with any discussion of
future operating or financial performance. In particular, these
include statements relating to future actions, prospective products
or product approvals, future performance or results of current and
anticipated products, sales efforts, expenses, the outcome of
contingencies such as legal proceedings, dividend payments and
financial results. Other than in accordance with its legal or
regulatory obligations (including under the Market Abuse
Regulation, the UK Listing Rules and the Disclosure Guidance and
Transparency Rules of the Financial Conduct Authority), the Group
undertakes no obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise.
The reader should, however, consult any additional disclosures that
the Group may make in any documents which it publishes and/or files
with the SEC. All readers, wherever located, should take note of
these disclosures. Accordingly, no assurance can be given that any
particular expectation will be met and readers are cautioned not to
place undue reliance on the forward-looking
statements.
All
guidance, outlooks and expectations should be read together with
the guidance and outlooks, assumptions and cautionary statements in
this Q2 2026 earnings release and in the Group's 2025 Annual Report
on Form 20-F.
Forward-looking
statements are subject to assumptions, inherent risks and
uncertainties, many of which relate to factors that are beyond the
Group’s control or precise estimate. The Group cautions
investors that a number of important factors, including those in
this document, could cause actual results to differ materially from
those expressed or implied in any forward-looking statement. Such
factors include, but are not limited to, those discussed under
‘Risk Factors’ in the Group’s Annual Report on
Form 20-F for 2025 and as described on pages 48 and 49 in this Q2
2026 earnings release. Any forward-looking statements made by or on
behalf of the Group speak only as of the date they are made and are
based upon the knowledge and information available to the Directors
on the date of this report.
Inside information
This
announcement contains inside information. The person responsible
for arranging the release of this announcement on behalf of GSK is
Victoria Whyte, Company Secretary.
Directors’ responsibility statement
The
Board of Directors approved this Half-yearly Financial Report on 28
July 2026.
The
Directors confirm that to the best of their knowledge the unaudited
condensed financial information has been prepared in accordance
with IAS 34 as contained in UK-adopted International Financial
Reporting Standards (IFRS) and that the interim management report
includes a fair review of the information required by DTR 4.2.7 and
DTR 4.2.8.
After
making enquiries, the Directors considered it appropriate to adopt
the going concern basis in preparing this Half-yearly Financial
Report.
The
Directors of GSK plc are as follows:
|
Sir
Jonathan Symonds
|
Non-Executive
Chair & Nominations & Corporate Governance Committee
Chair
|
|
Luke
Miels
|
Chief
Executive Officer (Executive Director)
|
|
Julie
Brown
|
Chief
Financial Officer (Executive Director)
|
|
Elizabeth
McKee Anderson
|
Independent
Non-Executive Director
|
|
Charles
Bancroft
|
Senior
Independent Non-Executive Director, Audit & Risk Committee
Chair
|
|
Dr Hal
Barron
|
Non-Executive
Director
|
|
Dr Anne
Beal
|
Independent
Non-Executive Director, Corporate Responsibility Committee
Chair
|
|
Wendy
Becker
|
Independent
Non-Executive Director, Remuneration Committee Chair
|
|
Dr
Harry (Hal) Dietz
|
Independent
Non-Executive Director, Science Committee Chair
|
|
Roy
Jakobs
|
Independent
Non-Executive Director
|
|
Dr
Jeannie Lee
|
Independent
Non-Executive Director
|
|
Dr
Gavin Screaton
|
Independent
Non-Executive Director
|
|
Dr
Vishal Sikka
|
Independent
Non-Executive Director
|
|
By
order of the Board
|
|
|
Luke
Miels
Chief
Executive Officer
|
Julie
Brown
Chief
Financial Officer
|
|
|
|
|
28 July
2026
|
|
Independent review report to GSK plc
Conclusion
We have
been engaged by GSK plc (“the company”) to review the
condensed financial information in the Results Announcement of the
company for the three and six months ended 30 June
2026.
The
condensed financial information comprises:
|
●
|
the
income statement and statement of comprehensive income for the
three and six month periods ended 30 June 2026 on page 20 and
21;
|
|
●
|
the
balance sheet as at 30 June 2026 on page 22;
|
|
●
|
the
statement of changes in equity for the six-month period then ended
on page 23;
|
|
●
|
the
cash flow statement for the six-month period then ended on page 24;
and
|
|
●
|
the
accounting policies and basis of preparation and the explanatory
notes to the condensed financial information on pages 25 to 40 that
have been prepared applying consistent accounting policies to those
applied by GSK plc and its subsidiaries (“the Group”)
in the Annual Report 2025, which was prepared in accordance with
UK-adopted international accounting standards in conformity with
the requirements of the Companies Act 2006 and the IFRS Accounting
Standards as issued by the International Accounting Standards
Boards (IASB).
|
Based
on our review, nothing has come to our attention that causes us to
believe that the condensed financial information in the Results
Announcement for the three and six months ended 30 June 2026 is not
prepared, in all material respects, in accordance with United
Kingdom adopted International Accounting Standard 34 and the
Disclosure Guidance and Transparency Rules of the United
Kingdom’s Financial Conduct Authority.
Basis for Conclusion
We
conducted our review in accordance with International Standard on
Review Engagements (UK) 2410 “Review of Interim Financial
Information Performed by the Independent Auditor of the
Entity” issued by the Financial Reporting Council for use in
the United Kingdom (ISRE (UK) 2410). A review of interim financial
information consists of making inquiries, primarily of persons
responsible for financial and accounting matters, and applying
analytical and other review procedures. A review is substantially
less in scope than an audit conducted in accordance with
International Standards on Auditing (UK) and consequently does not
enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.
As
disclosed on page 31, the annual financial statements of the Group
are prepared in accordance with United Kingdom adopted
international accounting standards and IFRS Accounting Standards as
issued by the international Accounting Standards Board (IASB). The
condensed set of financial information included in this Results
Announcement have been prepared in accordance with United Kingdom
adopted International Accounting Standard 34, “Interim
Financial Reporting”.
Conclusion Relating to Going Concern
Based
on our review procedures, which are less extensive than those
performed in an audit as described in the Basis for Conclusion
section of this report, nothing has come to our attention to
suggest that the directors have inappropriately adopted the going
concern basis of accounting or that the directors have identified
material uncertainties relating to going concern that are not
appropriately disclosed.
This
Conclusion is based on the review procedures performed in
accordance with ISRE (UK) 2410, however future events or conditions
may cause the entity to cease to continue as a going
concern.
Responsibilities of the directors
The
directors are responsible for preparing the Results Announcement of
the company in accordance with the Disclosure Guidance and
Transparency Rules of the United Kingdom’s Financial Conduct
Authority.
In
preparing the Results Announcement, the directors are responsible
for assessing the company’s ability to continue as a going
concern, disclosing as applicable, matters related to going concern
and using the going concern basis of accounting unless the
directors either intend to liquidate the company or to cease
operations, or have no realistic alternative but to do
so.
Auditor’s Responsibilities for the review of the financial
information
In
reviewing the Results Announcement, we are responsible for
expressing to the company a conclusion on the condensed financial
information in the Results Announcement. Our Conclusion, including
our Conclusion Relating to Going Concern, are based on procedures
that are less extensive than audit procedures, as described in the
Basis for Conclusion paragraph of this report.
Use of our report
This
report is made solely to the company in accordance with ISRE (UK)
2410. Our work has been undertaken so that we might state to the
company those matters we are required to state to it in an
independent review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the company, for our review work, for this
report, or for the conclusions we have formed.
Deloitte LLP
Statutory
Auditor
London,
United Kingdom
28 July
2026
|
|
|
Glossary
|
|
Terms used in the Announcement
|
Brief description
|
|
1L
|
First
line
|
|
2L
|
Second
line
|
|
ADC
|
Antibody-drug
conjugate
|
|
ADP
|
Adenosine
diphosphate
|
|
ALK
|
Anaplastic
lymphoma kinase
|
|
ASO
|
Antisense
oligonucleotide
|
|
CCL
|
Contingent
consideration liability
|
|
CDC
|
Centre
for Disease Control and Prevention
|
|
CDE
|
Center
for Drug Evaluation
|
|
COPD
|
Chronic
obstructive pulmonary disease
|
|
CROI
|
Conference
on Retroviruses and Opportunistic Infections
|
|
CRSwNP
|
Chronic
rhinosinusitis with nasal polyps
|
|
cUTI
|
Complicated
urinary tract infection
|
|
dMMR
|
Deficient
mismatch repair
|
|
DRIP
|
Dividend
reinvestment plan
|
|
DTG
|
Dolutegravir
|
|
EGPA
|
Eosinophilic
granulomatosis with polyangiitis
|
|
EMA
|
European
Medicines Agency
|
|
ES
|
Extensive
stage
|
|
ESOP
|
Employee
share ownership plan
|
|
GIST
|
Gastrointestinal
stromal tumour
|
|
HBV
|
Hepatitis
B virus
|
|
HES
|
Hypereosinophilic
syndrome
|
|
IBS
|
Irritable
bowel syndrome
|
|
Insti
|
Integrase
nuclear strand transfer inhibitors
|
|
IRA
|
Inflation
Reduction Act
|
|
IV
|
Intravenous
|
|
LAI
|
Long
acting injectables (includes Apretude and Cabenuva)
|
|
LoE
|
Loss of
exclusivity
|
|
LRTD
|
Lower
respiratory tract disease
|
|
MAPS
|
Multi
antigen presenting system
|
|
MASH
|
Metabolic
dysfunction-associated steatohepatitis
|
|
MMRV
|
Measles,
mumps, rubella and varicella
|
|
Mo-Rez
|
Mocertatug
rezetecan
|
|
mRNA
|
Messenger
ribonucleic acid
|
|
MSI-H
|
Microsatellite
instability high
|
|
NDA
|
New
Drug Application
|
|
OA
|
Older
adults
|
|
Oral
2DR
|
Oral 2
drug regimen (includes Dovato and Juluca)
|
|
PARP
|
Poly
ADP ribose polymerase
|
|
PD-1
|
Programmed
death receptor-1 blocking antibody
|
|
PDUFA
|
Prescription
Drug User Fee Act
|
|
PK
|
Pharmacokinetics
|
|
ppts
|
Percentage
points
|
|
PrEP
|
Pre-exposure
prophylaxis
|
|
PRIME
|
Priority
Medicines
|
|
RCC
|
Refractory
chronic cough
|
|
RI&I
|
Respiratory,
Immunology & Inflammation
|
|
Ris-Rez
|
Risvutatug
rezetecan
|
|
RNS
|
Regulatory
news service
|
|
RSV
|
Respiratory
syncytial virus
|
|
SC
|
Subcutaneous
|
|
SCLC
|
Small
cell lung cancer
|
|
SGO
|
Society
of Gynecologic Oncology
|
|
SG&A
|
Selling,
general and administrative expenses, net of other sundry
income
|
|
SiRNA
|
Small
interfering RNA
|
|
SITT
|
Single
inhaler triple therapy
|
|
TKI
|
Tyrosine
kinase inhibitor
|
|
TSLP
|
Long-acting
anti-thymic stromal lymphopoietin monoclonal
|
|
ULA
|
Ultra
long acting
|
|
uUTI
|
Uncomplicated
urinary tract infection
|
|
|
|
Product List
|
|
Trademark
|
Generic
|
Product Area
|
Indication(s)
|
|
Anoro Ellipta
|
umeclidinium
bromide/vilanterol trifenatate
|
General
medicines
|
COPD
|
|
Apretude
|
cabotegravir
|
Specialty
medicines
|
HIV
prevention
|
|
Arexvy
|
respiratory
syncytial virus vaccine
|
Vaccines
|
Respiratory
syncytial virus vaccination
|
|
Benlysta
(SC and
IV)
|
belimumab
|
Specialty
medicines
|
Systemic
lupus erythematosus, lupus nephritis
|
|
Bexsero
|
meningococcal
group-B vaccine
|
Vaccines
|
Meningitis
group B prophylaxis
|
|
Blenrep
|
belantamab
mafodotin
|
Specialty
medicines
|
Relapsed/refractory
multiple myeloma
|
|
Blujepa
|
gepotidacin
|
General
medicines
|
Uncomplicated
UTI, Uncomplicated Gonorrhoea
|
|
Boostrix
|
diphtheria,
tetanus, acellular pertussis
|
Vaccines
|
Diphtheria,
tetanus, acellular
Pertussis
booster vaccination
|
|
Cabenuva/Vocabria + Rekambys
|
cabotegravir,
rilpivirine
|
Specialty
medicines
|
HIV/AIDS
|
|
Cervarix
|
HPV 16
& 18 virus like particles (VLPs), AS04 adjuvant (MPL +
aluminium hydroxide)
|
Vaccines
|
Human
papilloma virus type 16 and 18
|
|
Dovato
|
dolutegravir/lamivudine
|
Specialty
medicines
|
HIV/AIDS
|
|
Exdensur
|
depemokimab
|
Specialty
medicines
|
Severe
Asthma, CRSwNP
|
|
Flixotide / Flovent
|
fluticasone
propionate
|
General
medicines
|
Asthma
|
|
Fluarix
|
split
inactivated influenza antigens (2 virus subtypes A and 2 subtype
B)
|
Vaccines
|
Seasonal
influenza prophylaxis
|
|
FluLaval
|
split
inactivated influenza antigens (2 virus subtypes A and 2 subtype
B)
|
Vaccines
|
Seasonal
influenza prophylaxis
|
|
Infanrix/Pediarix
|
diphtheria,
tetanus, pertussis, polio, hepatitis B, haemophilus influenzae type
B (EU)
|
Vaccines
|
Prophylaxis
against diphtheria, tetanus,
pertussis,
polio, hepatitis B, Haemophilus influenzae type B (EU)
|
|
Jemperli
|
dostarlimab
|
Specialty
medicines
|
dMMR/MSI-H
recurrent/ advanced endometrial cancer, dMMR solid
tumours
|
|
Juluca
|
dolutegravir/rilpivirine
|
Specialty
medicines
|
HIV/AIDS
|
|
Menveo
|
meningococcal
group A, C, W-135 and Y conjugate vaccine
|
Vaccines
|
Meningitis
group A, C, W-135 and Y prophylaxis
|
|
Nucala
|
mepolizumab
|
Specialty
medicines
|
Asthma,
CRSwNP, EGPA, HES
|
|
Ojjaara/Omjjara
|
momelotinib
|
Specialty
medicines
|
Myelofibrosis
in patients with anaemia
|
|
Penmenvy
|
meningococcal
groups A, B, C, W, and Y vaccine
|
Vaccines
|
Meningitis
group A, B, C, W-135 and Y prophylaxis
|
|
Priorix, Priorix Tetra, Varilrix
|
live
attenuated MMR, varicella and MMRV vaccines
|
Vaccines
|
Measles,
mumps, rubella and chickenpox prophylaxis
|
|
Relvar/Breo Ellipta
|
fluticasone
furoate/vilanterol trifenatate
|
General
medicines
|
Asthma,
COPD
|
|
Rotarix
|
human
rotavirus RIX4414 strain
|
Vaccines
|
Rotavirus
prophylaxis
|
|
Rukobia
|
fostemsavir
|
Specialty
medicines
|
HIV/AIDS
|
|
Seretide / Advair
|
salmeterol
xinofoate, fluticasone propionate
|
General
medicines
|
Asthma,
COPD
|
|
Shingrix
|
zoster
vaccine recombinant, adjuvanted
|
Vaccines
|
Herpes
zoster (shingles)
|
|
Synflorix
|
conjugated
pneumococcal polysaccharide
|
Vaccines
|
Prophylaxis
against invasive disease, pneumonia, acute otitis
media
|
|
Tivicay
|
dolutegravir
|
Specialty
medicines
|
HIV/AIDS
|
|
Trelegy Ellipta
|
fluticasone
furoate/vilanterol trifenatate/umeclidinium bromide
|
General
medicines
|
COPD,
asthma
|
|
Triumeq
|
dolutegravir,
lamivudine and abacavir
|
Specialty
medicines
|
HIV/AIDS
|
|
Ventolin
|
salbutamol
sulphate
|
General
medicines
|
Asthma,
COPD
|
|
Zejula
|
niraparib
|
Specialty
medicines
|
Ovarian
cancer
|
Brand
names appearing in italics throughout this document are trademarks
of GSK or associated companies or used under licence by the
Group.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorised.
|
|
GSK plc
|
|
|
(Registrant)
|
|
|
|
|
Date: July
28, 2026
|
|
|
|
|
|
|
By:/s/ VICTORIA
WHYTE
--------------------------
|
|
|
|
|
|
Victoria Whyte
|
|
|
Authorised
Signatory for and on
|
|
|
behalf
of GSK plc
|