[6-K] GSK plc Current Report (Foreign Issuer)
Filing Impact
Filing Sentiment
Form Type
6-K
GSK reported a strong Q3, with turnover of £8,547 million (+8% CER) and Core EPS of 55.0p (+14% CER). Total operating profit and Total EPS rose by over 100%, helped by lower Significant legal expenses, lower CCL charges and higher other operating income. Cash generated from operations was £2,520 million and free cash flow was £1,246 million.
Growth was broad-based: Specialty Medicines £3,409 million (+16% CER) led by HIV (£1,944 million, +12% CER) and Oncology (£511 million, +39% CER); Vaccines £2,678 million (+2% CER) with Shingrix £830 million (+13% CER) and Arexvy £251 million (+36% CER); General Medicines £2,460 million (+4% CER) with Trelegy £736 million (+25% CER). GSK upgraded 2025 guidance at CER to turnover growth of 6–7%, Core operating profit growth of 9–11%, and Core EPS growth of 10–12%. The company declared a 16p Q3 dividend (64p expected for 2025) and has spent £1.1 billion YTD toward its £2 billion share buyback.
GSK ha riportato un forte trimestre Q3, con un fatturato di £8,547 milioni (+8% CER) e un Core EPS di 55,0p (+14% CER). L'utile operativo totale e l'EPS totale sono aumentati di oltre il 100%, trainati da minori spese legali significative, minori oneri CCL e maggior reddito operativo non proveniente da altre voci. Il cash generated from operations è stato di £2,520 milioni e il free cash flow di £1,246 milioni.
La crescita è stata ampia: Specialty Medicines £3,409 milioni (+16% CER) guidata da HIV (£1,944 milioni, +12% CER) e Oncology (£511 milioni, +39% CER); Vaccines £2,678 milioni (+2% CER) con Shingrix £830 milioni (+13% CER) e Arexvy £251 milioni (+36% CER); General Medicines £2,460 milioni (+4% CER) con Trelegy £736 milioni (+25% CER). GSK ha aggiornato le guidance 2025 a CER con una crescita del turnover del 6–7%, crescita dell'utile operativo core del 9–11% e crescita dell'EPS Core del 10–12%. L'azienda ha dichiarato un dividendo Q3 di 16p (64p attesi per il 2025) e ha speso £1,1 miliardi YTD per il riacquisto di azioni da £2 miliardi.
GSK informó un sólido tercer trimestre, con ingresos de £8,547 millones (+8% CER) y Core EPS de 55,0p (+14% CER). El beneficio operativo total y el EPS total aumentaron en más del 100%, ayudados por menores gastos legales significativos, menores cargos de CCL y mayores ingresos operativos restantes. El efectivo generado por operaciones fue de £2,520 millones y el flujo de caja libre fue de £1,246 millones.
El crecimiento fue generalizado: Specialty Medicines £3,409 millones (+16% CER) liderados por HIV (£1,944 millones, +12% CER) e Oncología (£511 millones, +39% CER); Vaccines £2,678 millones (+2% CER) con Shingrix £830 millones (+13% CER) y Arexvy £251 millones (+36% CER); General Medicines £2,460 millones (+4% CER) con Trelegy £736 millones (+25% CER). GSK mejoró la guía para 2025 a CER hacia un crecimiento de ingresos del 6–7%, crecimiento del beneficio operativo core del 9–11% y crecimiento del Core EPS del 10–12%. La empresa declaró un dividendo de 16p en el Q3 (se esperan 64p para 2025) y ha gastado £1.1 mil millones YTD para su programa de recompra de acciones de £2 mil millones.
GSK는 3분기 실적이 견조했다고 발표했습니다. 매출은 £8,547백만( CER 대비 +8%)이고 Core EPS는 55.0p(CER +14%)였습니다. 총 영업이익과 총 EPS는 100% 이상 증가했으며, 이는 상당한 법적 비용 감소, CCL 비용 감소, 기타 영업수익 증가의 도움을 받았습니다. 영업활동으로 인한 현금은 £2,520백만, 자유현금흐름은 £1,246백만였습니다.
성장은 전반에 걸쳤습니다: Specialty Medicines £3,409백만(+16% CER)으로 HIV(£1,944백만, +12% CER)과 Oncology(£511백만, +39% CER)가 주도했고; Vaccines £2,678백만(+2% CER)에서 Shingrix £830백만(+13% CER)과 Arexvy £251백만(+36% CER); General Medicines £2,460백만(+4% CER)에서 Trelegy £736백만(+25% CER)이 차지했습니다. GSK는 CER 기준 2025 가이던스를 매출 성장 6–7%, Core 영업이익 성장 9–11%, Core EPS 성장 10–12%로 상향했습니다. 회사는 Q3 배당 16p를 선언했고(2025년은 64p 예상) 주당 매입에 올해 들어 YTD £1.1억을 지출하여 £2억의 자사주 매입을 추진 중입니다.
GSK a publié un très bon troisième trimestre, avec un chiffre d'affaires de £8 547 millions (+8% CER) et un Core EPS de 55,0p (+14% CER). Le bénéfice opérationnel total et l’EPS total ont augmenté de plus de 100%, soutenus par des frais juridiques importants réduits, des charges CCL moindres et des revenus opérationnels autres plus élevés. Le cash généré par les activités s’est élevé à £2 520 millions et le free cash flow à £1 246 millions.
La croissance a été large: Specialty Medicines £3 409 millions (+16% CER) portée par HIV (£1 944 millions, +12% CER) et Oncology (£511 millions, +39% CER); Vaccines £2 678 millions (+2% CER) avec Shingrix £830 millions (+13% CER) et Arexvy £251 millions (+36% CER); General Medicines £2 460 millions (+4% CER) avec Trelegy £736 millions (+25% CER). GSK a relevé les prévisions 2025 à CER pour une croissance du chiffre d’affaires de 6–7%, une croissance du core operating profit de 9–11% et une croissance du Core EPS de 10–12%. L’entreprise a déclaré un dividende du T3 de 16p (64p attendu pour 2025) et a dépensé £1,1 milliard YTD pour son programme de rachat d’actions de £2 milliards.
GSK meldete einen starken Q3 mit einem Umsatz von £8.547 Millionen (+8% CER) und einem Core EPS von 55,0p (+14% CER). Das gesamte Betriebsergebnis und das GesamtePS stiegen um über 100%, unterstützt durch niedrigere bedeutende Rechtskosten, geringere CCL-Abgaben und höhere sonstige Betriebseinnahmen. Aus operativer Tätigkeit wurden £2.520 Millionen generiert und freier Cashflow betrug £1.246 Millionen.
Das Wachstum war breit angelegt: Specialty Medicines £3.409 Millionen (+16% CER) geführt von HIV (£1.944 Millionen, +12% CER) und Oncology (£511 Millionen, +39% CER); Vaccines £2.678 Millionen (+2% CER) mit Shingrix £830 Millionen (+13% CER) und Arexvy £251 Millionen (+36% CER); General Medicines £2.460 Millionen (+4% CER) mit Trelegy £736 Millionen (+25% CER). GSK hob die Guidance für 2025 auf CER-Basis an: Umsatzwachstum 6–7%, Core operating profit-Wachstum 9–11% und Core EPS-Wachstum 10–12%. Das Unternehmen schüttete im Q3 eine Dividende von 16p aus (2025 gegenüber 64p erwartet) und hat YTD £1,1 Mrd. zum Aktienrückkauf von £2 Mrd. verwendet.
GSK أبلغت عن ربع ثالث قوي، حيث بلغ الإيراد £8,547 مليون (+8% CER) وCore EPS يبلغ 55.0p (+14% CER). ارتفع كل من الربح التشغيلي الإجمالي وEPS الإجمالي بأكثر من 100%، بمساعدة انخفاض المصاريف القانونية الهامة، وانخفاض رسوم CCL وزيادة الدخل من عمليات أخرى. بلغت السيولة الناتجة من العمليات £2,520 مليون والتدفق النقدي الحر £1,246 مليون.
كان النمو واسع النطاق: الأدوية المتخصصة £3,409 مليون (+16% CER) بقيادة HIV (£1,944 مليون، +12% CER) والـOncology (£511 مليون، +39% CER)؛ اللقاحات £2,678 مليون (+2% CER) مع Shingrix £830 مليون (+13% CER) وArexvy £251 مليون (+36% CER)؛ الأدوية العامة £2,460 مليون (+4% CER) مع Trelegy £736 مليون (+25% CER). رفعت GSK التوجيهات لعام 2025 إلى CER بنمو الإيرادات 6–7%، ونمو ربح التشغيل الأساسي 9–11%، ونمو Core EPS 10–12%. أعلنت الشركة عن توزيع أرباح ربع سنوي قدره 16p (من المتوقع 64p لعام 2025) وقد أنفقت £1.1 مليار حتى تاريخه YTD في إطار برنامج Buyback للأسهم بقيمة £2 مليار.
Positive
- 2025 guidance raised at CER: turnover +6–7%, Core operating profit +9–11%, Core EPS +10–12%
Negative
- None.
Insights
Guidance raised on strong Specialty and Vaccines; cash flow solid.
GSK delivered Q3 turnover of
Management upgraded 2025 guidance at CER to turnover +
Operating cash flow was
GSK ha riportato un forte trimestre Q3, con un fatturato di £8,547 milioni (+8% CER) e un Core EPS di 55,0p (+14% CER). L'utile operativo totale e l'EPS totale sono aumentati di oltre il 100%, trainati da minori spese legali significative, minori oneri CCL e maggior reddito operativo non proveniente da altre voci. Il cash generated from operations è stato di £2,520 milioni e il free cash flow di £1,246 milioni.
La crescita è stata ampia: Specialty Medicines £3,409 milioni (+16% CER) guidata da HIV (£1,944 milioni, +12% CER) e Oncology (£511 milioni, +39% CER); Vaccines £2,678 milioni (+2% CER) con Shingrix £830 milioni (+13% CER) e Arexvy £251 milioni (+36% CER); General Medicines £2,460 milioni (+4% CER) con Trelegy £736 milioni (+25% CER). GSK ha aggiornato le guidance 2025 a CER con una crescita del turnover del 6–7%, crescita dell'utile operativo core del 9–11% e crescita dell'EPS Core del 10–12%. L'azienda ha dichiarato un dividendo Q3 di 16p (64p attesi per il 2025) e ha speso £1,1 miliardi YTD per il riacquisto di azioni da £2 miliardi.
GSK informó un sólido tercer trimestre, con ingresos de £8,547 millones (+8% CER) y Core EPS de 55,0p (+14% CER). El beneficio operativo total y el EPS total aumentaron en más del 100%, ayudados por menores gastos legales significativos, menores cargos de CCL y mayores ingresos operativos restantes. El efectivo generado por operaciones fue de £2,520 millones y el flujo de caja libre fue de £1,246 millones.
El crecimiento fue generalizado: Specialty Medicines £3,409 millones (+16% CER) liderados por HIV (£1,944 millones, +12% CER) e Oncología (£511 millones, +39% CER); Vaccines £2,678 millones (+2% CER) con Shingrix £830 millones (+13% CER) y Arexvy £251 millones (+36% CER); General Medicines £2,460 millones (+4% CER) con Trelegy £736 millones (+25% CER). GSK mejoró la guía para 2025 a CER hacia un crecimiento de ingresos del 6–7%, crecimiento del beneficio operativo core del 9–11% y crecimiento del Core EPS del 10–12%. La empresa declaró un dividendo de 16p en el Q3 (se esperan 64p para 2025) y ha gastado £1.1 mil millones YTD para su programa de recompra de acciones de £2 mil millones.
GSK는 3분기 실적이 견조했다고 발표했습니다. 매출은 £8,547백만( CER 대비 +8%)이고 Core EPS는 55.0p(CER +14%)였습니다. 총 영업이익과 총 EPS는 100% 이상 증가했으며, 이는 상당한 법적 비용 감소, CCL 비용 감소, 기타 영업수익 증가의 도움을 받았습니다. 영업활동으로 인한 현금은 £2,520백만, 자유현금흐름은 £1,246백만였습니다.
성장은 전반에 걸쳤습니다: Specialty Medicines £3,409백만(+16% CER)으로 HIV(£1,944백만, +12% CER)과 Oncology(£511백만, +39% CER)가 주도했고; Vaccines £2,678백만(+2% CER)에서 Shingrix £830백만(+13% CER)과 Arexvy £251백만(+36% CER); General Medicines £2,460백만(+4% CER)에서 Trelegy £736백만(+25% CER)이 차지했습니다. GSK는 CER 기준 2025 가이던스를 매출 성장 6–7%, Core 영업이익 성장 9–11%, Core EPS 성장 10–12%로 상향했습니다. 회사는 Q3 배당 16p를 선언했고(2025년은 64p 예상) 주당 매입에 올해 들어 YTD £1.1억을 지출하여 £2억의 자사주 매입을 추진 중입니다.
GSK a publié un très bon troisième trimestre, avec un chiffre d'affaires de £8 547 millions (+8% CER) et un Core EPS de 55,0p (+14% CER). Le bénéfice opérationnel total et l’EPS total ont augmenté de plus de 100%, soutenus par des frais juridiques importants réduits, des charges CCL moindres et des revenus opérationnels autres plus élevés. Le cash généré par les activités s’est élevé à £2 520 millions et le free cash flow à £1 246 millions.
La croissance a été large: Specialty Medicines £3 409 millions (+16% CER) portée par HIV (£1 944 millions, +12% CER) et Oncology (£511 millions, +39% CER); Vaccines £2 678 millions (+2% CER) avec Shingrix £830 millions (+13% CER) et Arexvy £251 millions (+36% CER); General Medicines £2 460 millions (+4% CER) avec Trelegy £736 millions (+25% CER). GSK a relevé les prévisions 2025 à CER pour une croissance du chiffre d’affaires de 6–7%, une croissance du core operating profit de 9–11% et une croissance du Core EPS de 10–12%. L’entreprise a déclaré un dividende du T3 de 16p (64p attendu pour 2025) et a dépensé £1,1 milliard YTD pour son programme de rachat d’actions de £2 milliards.
GSK meldete einen starken Q3 mit einem Umsatz von £8.547 Millionen (+8% CER) und einem Core EPS von 55,0p (+14% CER). Das gesamte Betriebsergebnis und das GesamtePS stiegen um über 100%, unterstützt durch niedrigere bedeutende Rechtskosten, geringere CCL-Abgaben und höhere sonstige Betriebseinnahmen. Aus operativer Tätigkeit wurden £2.520 Millionen generiert und freier Cashflow betrug £1.246 Millionen.
Das Wachstum war breit angelegt: Specialty Medicines £3.409 Millionen (+16% CER) geführt von HIV (£1.944 Millionen, +12% CER) und Oncology (£511 Millionen, +39% CER); Vaccines £2.678 Millionen (+2% CER) mit Shingrix £830 Millionen (+13% CER) und Arexvy £251 Millionen (+36% CER); General Medicines £2.460 Millionen (+4% CER) mit Trelegy £736 Millionen (+25% CER). GSK hob die Guidance für 2025 auf CER-Basis an: Umsatzwachstum 6–7%, Core operating profit-Wachstum 9–11% und Core EPS-Wachstum 10–12%. Das Unternehmen schüttete im Q3 eine Dividende von 16p aus (2025 gegenüber 64p erwartet) und hat YTD £1,1 Mrd. zum Aktienrückkauf von £2 Mrd. verwendet.
GSK أبلغت عن ربع ثالث قوي، حيث بلغ الإيراد £8,547 مليون (+8% CER) وCore EPS يبلغ 55.0p (+14% CER). ارتفع كل من الربح التشغيلي الإجمالي وEPS الإجمالي بأكثر من 100%، بمساعدة انخفاض المصاريف القانونية الهامة، وانخفاض رسوم CCL وزيادة الدخل من عمليات أخرى. بلغت السيولة الناتجة من العمليات £2,520 مليون والتدفق النقدي الحر £1,246 مليون.
كان النمو واسع النطاق: الأدوية المتخصصة £3,409 مليون (+16% CER) بقيادة HIV (£1,944 مليون، +12% CER) والـOncology (£511 مليون، +39% CER)؛ اللقاحات £2,678 مليون (+2% CER) مع Shingrix £830 مليون (+13% CER) وArexvy £251 مليون (+36% CER)؛ الأدوية العامة £2,460 مليون (+4% CER) مع Trelegy £736 مليون (+25% CER). رفعت GSK التوجيهات لعام 2025 إلى CER بنمو الإيرادات 6–7%، ونمو ربح التشغيل الأساسي 9–11%، ونمو Core EPS 10–12%. أعلنت الشركة عن توزيع أرباح ربع سنوي قدره 16p (من المتوقع 64p لعام 2025) وقد أنفقت £1.1 مليار حتى تاريخه YTD في إطار برنامج Buyback للأسهم بقيمة £2 مليار.
GSK 报告了强劲的第三季度，营业额为£8,547百万英镑（同比按CER口径增长8%），Core EPS为55.0p（CER口径增长14%）。总营业利润和总EPS均增长超过100%，受益于较低的重大法律费用、较低的CCL费用以及较高的其他营业收入。经营活动现金流为£2,520百万，自由现金流为£1,246百万。
增长面广泛：专业药品£3,409百万（CER+16%）由HIV (£1,944百万，CER+12%) 和肿瘤科 (£511百万，CER+39%) 引领；疫苗£2,678百万（CER+2%），Shingrix £830百万（CER+13%），Arexvy £251百万（CER+36%）；普通药品£2,460百万（CER+4%），Trelegy £736百万（CER+25%）。GSK 将2025年的 CER 指引上调至：营收增长6–7%，核心营业利润增长9–11%，核心每股收益增长10–12%。公司宣布第三季度股息为16便士（2025年预计为64便士），年度至今已花费£11亿用于其20亿英镑的股票回购计划。
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 October 2025
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 Q3 performance
and upgrades 2025 guidance
|
Specialty Medicines, Vaccines and General Medicines drive sales,
profit and earnings growth
|
|
|
●
|
Total
Q3 2025 sales £8.5 billion +7% AER; +8% CER
|
|
●
|
Specialty
Medicines sales £3.4 billion (+16%); Respiratory, Immunology
& Inflammation £1.0 billion (+15%); Oncology £0.5
billion (+39%); HIV sales £1.9 billion (+12%)
|
|
●
|
Vaccines
sales £2.7 billion (+2%); Shingrix £0.8 billion (+13%);
Meningitis vaccines £0.5 billion (+5%); and Arexvy £0.3 billion
(+36%)
|
|
●
|
General
Medicines sales £2.5 billion (+4%); Trelegy £0.7 billion
(+25%)
|
|
●
|
Total
operating profit >100% and Total EPS >100% driven by lower
Significant legal expenses, lower CCL charges and higher other
operating income, partly offset by intangible asset
impairments
|
|
●
|
Core
operating profit +11% and Core EPS +14% reflecting Specialty
Medicines and Vaccines growth, higher royalty income and
disciplined increased investment in R&D portfolio progression
in Oncology and Vaccines
|
|
●
|
Cash
generated from operations of £2.5 billion with free cash flow
of £1.2 billion
|
(Financial Performance – Q3 2025 results unless otherwise
stated, growth % and commentary at CER as defined on page 50. In Q3
2025 and YTD 2025, the adverse currency impact on AER versus CER
primarily reflected the strengthening of Sterling against the USD.
See page 11 for further details.)
|
|
Q3 2025
|
|
Year to date
|
||||||||
|
|
£m
|
|
%
AER
|
|
%
CER
|
|
£m
|
|
%
AER
|
|
%
CER
|
|
Turnover
|
8,547
|
|
7
|
|
8
|
|
24,049
|
|
3
|
|
6
|
|
Total
operating profit
|
2,593
|
|
>100
|
|
>100
|
|
6,832
|
|
>100
|
|
>100
|
|
Total
operating margin %
|
30.3%
|
|
28.0ppts
|
|
28.5ppts
|
|
28.4%
|
|
14.1ppts
|
|
14.5ppts
|
|
Total
EPS
|
49.9p
|
|
>100
|
|
>100
|
|
125.1p
|
|
>100
|
|
>100
|
|
Core
operating profit
|
2,985
|
|
8
|
|
11
|
|
8,149
|
|
6
|
|
9
|
|
Core
operating margin %
|
34.9%
|
|
0.4ppts
|
|
0.9ppts
|
|
33.9%
|
|
0.7ppts
|
|
1.0ppts
|
|
Core
EPS
|
55.0p
|
|
11
|
|
14
|
|
146.3p
|
|
7
|
|
11
|
|
Cash
generated from operations
|
2,520
|
|
1
|
|
|
|
6,254
|
|
19
|
|
|
|
Pipeline progress and investment delivering future growth
opportunities:
|
|
|
4 major new product approvals achieved so far this
year:
|
|
|
●
|
US
& EU approvals for Blenrep for multiple myeloma,
Penmenvy meningitis
vaccine, Blujepa
first-in-class antibiotic treatment for uUTIs and Nucala for COPD
|
|
●
|
US
decision on depemokimab (for asthma with type 2 inflammation, nasal
polyps) expected in December 2025
|
|
15 scale opportunities with PYS potential >£2 billion now
expected to launch 2025-2031:
|
|
|
●
|
Pivotal
trials started/to start by year-end for GSK'227 B7-H3 ADC for
ES-SCLC; efimosfermin for treatment of MASH; depemokimab for COPD;
and GSK '981 (IDRx-42) for 2L GIST
|
|
●
|
Positive
data support filings for tebipenem, potential new antibiotic for
cUTIs; and Low Carbon Ventolin for asthma
|
|
Targeted business development further strengthens RI&I and
Oncology pipeline:
|
|
|
●
|
Agreement
with Empirico Inc. to acquire first - and potentially best-in-class
- oligonucleotide candidate to treat respiratory
diseases
|
|
●
|
Licensing
agreement with Syndivia for early-stage ADC targeting prostate
cancer
|
|
Continued commitment to shareholder returns
|
|
|
●
|
Dividend
declared of 16p for Q3 2025; 64p expected for full year
2025
|
|
●
|
£1.1
billion spent in YTD 2025 as part of the £2 billion share
buyback programme announced at FY 2024
|
|
2025 guidance upgraded
|
|
|
Now expect:
|
|
|
●
|
2025
turnover growth of between 6% to 7% (previously towards the top end
of the range of between 3% to 5%);
|
|
●
|
Core
operating profit growth of between 9% to 11% (previously towards
the top end of the range of between 6% to 8%); and
|
|
●
|
Core
EPS growth of between 10% to 12% (previously towards the top end of
the range of between 6% to 8%)
|
Guidance all at CER
|
|
|
Emma Walmsley, Chief Executive Officer, GSK:
“GSK’s
momentum continues with another quarter of strong performance,
supporting upgraded guidance for 2025, and positioning us well for
2026 and achieving our longer-term growth outlooks. Sales grew in
all areas, with particularly strong performances in Specialty
Medicines driven by double-digit growth in Respiratory Inflammation
& Immunology, Oncology and HIV. We have also continued to make
very good progress in R&D with four FDA product approvals so
far this year, including for Blenrep in the US last week, and the
start of pivotal trials and targeted business development to
advance 15 scale pipeline opportunities, all launching before
2031.
This is
my final quarter reporting as CEO, and so I would like to thank
everyone who has contributed to the transformation of GSK in the
last nine years. Together, we have delivered a step-change in
operating performance, new prospects for growth and a clear pathway
for scale patient impact and sustained shareholder value. I am
delighted to be passing the baton to Luke and to be leaving all
that GSK has to offer in such good hands. I look forward to
cheering him and everyone at GSK to further
success.”
|
The Total results are presented in summary above and on page 8 and
Core results reconciliations are presented on pages 20 and 23. Core
results are a non-IFRS measure that may be considered in addition
to, but not as a substitute for, or superior to, information
presented in accordance with IFRS. The following terms are defined
on pages 50-51: Core results, AER% growth, CER% growth and other
non-IFRS measures. GSK provides guidance on a Core results basis
only for the reasons set out on page 18. All expectations, guidance
and targets regarding future performance and dividend payments
should be read together with ‘Guidance and outlooks,
assumptions and cautionary statements’ on page 52-53.
Abbreviations are defined on page 56.
2025 Guidance
GSK
upgrades its full-year 2025 guidance at constant exchange rates
(CER).
|
|
|
|
|
Guidance
|
New 2025 guidance at CER
|
Previous 2025 guidance at CER
|
|
Turnover
|
Increase
between 6% to 7%
|
Increase
towards the top end of the range of between 3% to 5%
|
|
Core
operating profit
|
Increase
between 9% to 11%
|
Increase
towards the top end of the range of between 6% to 8%
|
|
Core
earnings per share
|
Increase
between 10% to 12%
|
Increase
towards the top end of the range of between 6% to 8%
|
This
guidance is supported by the following revised turnover
expectations for full-year 2025 at CER, with the overall turnover
outcome, within the overall range, dependent on the ongoing
challenges for Vaccines in the US.
|
|
|
|
|
Turnover expectations
|
New 2025 guidance at CER
|
Previous 2025 guidance at CER
|
|
Specialty
Medicines
|
Increase
at a mid-teens percentage
|
Increase
at a low-teens percentage
|
|
Vaccines
|
Decrease
of low single-digit per cent to broadly stable
|
Decrease
of low single-digit per cent to broadly stable
|
|
General
Medicines
|
Broadly
stable
|
Broadly
stable
|
Core
operating profit is now expected to grow between 9 to 11 per cent
at CER. GSK continues to expect to deliver gross margin benefit due
to improved product mix from Specialty Medicines growth and
continued operational efficiencies. In addition, GSK anticipates
further leverage in Operating profit as we continue to take a
returns-based approach to SG&A investments, with SG&A
expected to grow at a low single-digit percentage. Royalty income
is now expected to be at £800-850 million, including an IP
settlement agreed in April and royalty income as part of the
CureVac/BioNTech mRNA patent litigation settlement in Q3. R&D
continues to be expected to grow ahead of sales reflecting
accelerating investment in the pipeline including reinvestment of
the IP settlement income.
Core
earnings per share is now expected to increase between 10 to 12 per
cent at CER, one percent above Core operating profit growth,
reflecting the expected benefit of up to 1% from the share buyback
programme and now broadly stable interest charges partly offset by
a higher tax rate which is expected to rise up to around 17.5%.
Expectations for non-controlling interests remain unchanged
relative to 2024.
Tariffs
GSK
notes the US Administration's ongoing investigation under Section
232 of the Trade Expansion Act to determine the effects on national
security of imports of pharmaceutical products. Our full-year
guidance is inclusive of tariffs enacted thus far and indicated
potential European tariffs impact of 15%. We are positioned to
respond to the potential financial impact of tariffs, with
mitigation options identified. Given the uncertain external
environment, we continue to monitor developments.
Dividend policy
The
Dividend policy and the expected pay-out ratio remain unchanged.
Consistent with this, GSK has declared a dividend for Q3 2025 of
16p per share. GSK's future dividend policy and guidance regarding
the expected dividend pay-out in 2025 are provided on page
37.
GSK has
commenced a £2 billion share buyback programme, to be
implemented over the period to the end of Q2 2026.
2021-2026 and 2031 Outlooks
In
February 2025 GSK set out improved outlooks for 2031. Please see
2024 full year and fourth quarter results on gsk.com(1).
Exchange rates
If
exchange rates were to hold at the closing rates on 30 September
2025 ($1.34/£1, €1.14/£1 and Yen 199/£1) for
the rest of 2025, the estimated impact on 2025 Sterling turnover
growth for GSK would be -3% and if exchange gains or losses were
recognised at the same level as in 2024, the estimated impact on
2025 Sterling Core Operating Profit growth for GSK would be
-5%.
Results presentation
A
conference call and webcast for investors and analysts of the
quarterly results will be hosted by Emma Walmsley, CEO, at 12 noon
GMT (US EDT at 08.00 am) on 29 October 2025. Presentation
materials will be published on www.gsk.com prior to the webcast and
a transcript of the webcast will be published
subsequently.
Notwithstanding
the inclusion of weblinks, information available on the
company’s website, or from non GSK sources, is not
incorporated by reference into this Results
Announcement.
(1)
https://www.gsk.com/media/11776/fy-2024-results-announcement.pdf
|
|
|
Performance:
turnover
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover
|
Q3 2025
|
|
Year to date
|
||||||||
|
|
£m
|
|
Growth
AER%
|
|
Growth
CER%
|
|
£m
|
|
Growth
AER%
|
|
Growth
CER%
|
|
HIV
|
1,944
|
|
11
|
|
12
|
|
5,538
|
|
8
|
|
10
|
|
Respiratory,
Immunology & Inflammation
|
954
|
|
13
|
|
15
|
|
2,721
|
|
14
|
|
17
|
|
Oncology
|
511
|
|
37
|
|
39
|
|
1,410
|
|
41
|
|
44
|
|
Specialty Medicines
|
3,409
|
|
15
|
|
16
|
|
9,669
|
|
14
|
|
16
|
|
Shingles
|
830
|
|
12
|
|
13
|
|
2,550
|
|
1
|
|
3
|
|
Meningitis
|
541
|
|
4
|
|
5
|
|
1,270
|
|
11
|
|
14
|
|
RSV
(Arexvy)
|
251
|
|
34
|
|
36
|
|
395
|
|
(9)
|
|
(6)
|
|
Influenza
|
216
|
|
(24)
|
|
(22)
|
|
223
|
|
(26)
|
|
(24)
|
|
Established
Vaccines
|
840
|
|
(9)
|
|
(8)
|
|
2,426
|
|
(4)
|
|
(2)
|
|
Vaccines
|
2,678
|
|
1
|
|
2
|
|
6,864
|
|
(1)
|
|
1
|
|
Respiratory
|
1,702
|
|
5
|
|
7
|
|
5,283
|
|
(2)
|
|
–
|
|
Other
General Medicines
|
758
|
|
(3)
|
|
–
|
|
2,233
|
|
(8)
|
|
(4)
|
|
General Medicines
|
2,460
|
|
3
|
|
4
|
|
7,516
|
|
(4)
|
|
(1)
|
|
Total
|
8,547
|
|
7
|
|
8
|
|
24,049
|
|
3
|
|
6
|
|
By Region:
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
4,549
|
|
5
|
|
7
|
|
12,416
|
|
3
|
|
5
|
|
Europe
|
1,878
|
|
16
|
|
13
|
|
5,466
|
|
11
|
|
11
|
|
International
|
2,120
|
|
2
|
|
6
|
|
6,167
|
|
(2)
|
|
3
|
|
Total
|
8,547
|
|
7
|
|
8
|
|
24,049
|
|
3
|
|
6
|
|
Financial Performance – Q3 2025 results
unless otherwise stated, growth % and commentary at CER. In Q3 2025
and YTD 2025, the adverse currency impact on AER versus CER
primarily reflected the strengthening of Sterling against the USD.
See page 11 for further details.
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2025
|
|
Year to date
|
||||
|
|
£m
|
AER
|
CER
|
|
£m
|
AER
|
CER
|
|
Specialty Medicines
|
3,409
|
15%
|
16%
|
|
9,669
|
14%
|
16%
|
Specialty Medicines sales grew by double-digit percentages in the
quarter and YTD, reflecting continued growth across disease areas,
with strong performances in HIV, Respiratory, Immunology &
Inflammation, and Oncology.
|
|
|
|
|
|
|
|
|
|
HIV
|
1,944
|
11%
|
12%
|
|
5,538
|
8%
|
10%
|
In Q3
2025 HIV sales grew by 12%, driven by strong patient demand growth
of +10ppts with Dovato,
Cabenuva and Apretude more than offsetting the
decline in Triumeq
following guideline changes at the end of 2024. Long-Acting
Medicines contributed over 75% of total HIV growth in the quarter
with Cabenuva contributing
more than 50%. Growth also benefited from favourable pricing due to
channel mix, which offset the impact of the IRA Medicare Part D
redesign. The US grew 17% in the quarter. YTD, HIV sales grew by
10%, driven by +10ppts of patient demand growth. Long-Acting
Medicines contributed over 80% of total HIV growth YTD with
Cabenuva contributing more
than 50%.
|
|
|
|
|
|
|
|
|
|
Oral
2DR
|
852
|
17%
|
18%
|
|
2,393
|
14%
|
16%
|
Dovato, the first and only once-daily oral 2DR for the
treatment of HIV infection in both treatment naive and virally
suppressed adults and adolescents, continues to be the largest
product in the HIV portfolio with sales of £695 million in the
quarter and growing 24%.
|
|
|
|
|
|
|
|
|
|
Long-Acting
|
477
|
52%
|
54%
|
|
1,302
|
45%
|
48%
|
Cabenuva, the only complete long-acting injectable regimen
for HIV treatment, reached sales of £357 million in the
quarter, growing 48% due to strong patient demand across US and
Europe. Apretude, the first
long-acting injectable option for HIV prevention, delivered sales
of £120 million in the quarter, growing 75% compared to Q3
2024.
|
|
|
|
|
|
|
|
|
|
|
Q3 2025
|
|
Year to date
|
||||
|
|
£m
|
AER
|
CER
|
|
£m
|
AER
|
CER
|
|
Respiratory,
Immunology & Inflammation
|
954
|
13%
|
15%
|
|
2,721
|
14%
|
17%
|
Sales
continued to grow at a double-digit rate in the quarter and YTD,
and were primarily comprised of contributions from Nucala in respiratory and Benlysta in immunology.
|
|
|
|
|
|
|
|
|
|
Nucala
|
499
|
12%
|
14%
|
|
1,441
|
11%
|
13%
|
Nucala is an IL-5 antagonist monoclonal antibody treatment
for severe asthma, with additional indications including CRSwNP,
EGPA, HES and COPD. Sales growth in the quarter and YTD was driven
by strong performance across all regions, reflecting higher patient
demand for treatments addressing eosinophilic-led disease. Strong
double-digit growth in the
Europe and International regions continued in the quarter and
YTD. US sales in the
quarter and YTD grew at positive single digit percentages, with
volume increases driven by higher patient demand and the recent
launch in COPD, partially offset by ongoing pricing pressures,
including the impact of IRA Medicare Part D
redesign.
|
|
|
|
|
|
|
|
|
|
Benlysta
|
447
|
15%
|
17%
|
|
1,257
|
18%
|
21%
|
Sales
of Benlysta, a monoclonal
antibody treatment for lupus, grew in the quarter and YTD
representing strong demand and volume growth with bio-penetration
rates having increased across many markets.
|
|
|
|
|
|
|
|
|
|
Oncology
|
511
|
37%
|
39%
|
|
1,410
|
41%
|
44%
|
Oncology
sales are largely comprised of sales from Jemperli, Zejula and Ojjaara/Omjjara. Strong Oncology sales
growth in the quarter and YTD were driven in particular by
increasing patient demand for Jemperli and Ojjaara/Omjjara partially offset by
decreases in Zejula.
Blenrep, a treatment in
relapsed/refractory multiple myeloma, achieved YTD sales of
£4m following launch and associated inventory build in the UK
in Q2 2025, and from further initial commercial introductions in
some smaller markets in Q3 2025.
|
|
|
|
|
|
|
|
|
|
Jemperli
|
230
|
77%
|
79%
|
|
600
|
89%
|
93%
|
Sales
of Jemperli grew strongly
in the quarter and YTD, driven largely by continued volume growth
following Q3 2024 FDA approval and Q1 2025 EMA approval expanding
the indication to include all adult patients with primary advanced
or recurrent endometrial cancer. Strong growth continues in the US
from high patient uptake, with the Europe and International regions
increasingly contributing to sales and growth, with Jemperli now available in over 35
countries worldwide.
|
|
|
|
|
|
|
|
|
|
Zejula
|
137
|
(5%)
|
(4%)
|
|
419
|
(7%)
|
(5%)
|
Sales
of Zejula, a PARP inhibitor
treatment for ovarian cancer, reduced in the quarter and YTD. In
the US, mid-single digit sales growth in the quarter was driven
largely by favourable inventory movements and positive channel mix
pricing impacts, however sales decreased YTD driven by ongoing
volume reductions, including impacts of an FDA labelling update
restricting use to certain patient populations, and unfavourable
pricing including the impacts of IRA Medicare Part D redesign. The
Europe and International regions continued to decline in the
quarter and YTD, largely driven by reduced volumes from increased
competition.
|
|
|
|
|
|
|
|
|
|
Ojjaara/Omjjara
|
146
|
49%
|
51%
|
|
396
|
69%
|
72%
|
Sales
of Ojjaara/Omjjara, a
treatment for myelofibrosis patients with anaemia, grew strongly in
the quarter and YTD. US sales grew driven by volume with continued
increases in patient uptake. Sales and growth contributions from
Europe and International continued to increase following high
patient uptake, and from commercial launches in 2025 across the
regions including in France, Spain Italy, Australia and Canada.
Ojjaara/Omjjara is now
available in over 30 countries worldwide.
|
|
|
|
|
|
|
|
|
|
|
Q3 2025
|
|
Year to date
|
||||
|
|
£m
|
AER
|
CER
|
|
£m
|
AER
|
CER
|
|
Vaccines
|
2,678
|
1%
|
2%
|
|
6,864
|
(1%)
|
1%
|
Vaccines sales increased in the quarter primarily driven by strong
ex-US demand for Shingrix and Arexvy, partly offset by lower Established and Influenza
vaccines sales. YTD sales growth was moderated by lower demand
for Arexvy in the US and lower Shingrix sales in China.
|
|
|
|
|
|
|
|
|
|
Shingles
|
830
|
12%
|
13%
|
|
2,550
|
1%
|
3%
|
Shingrix growth was driven primarily by increased demand in
Europe partly offset by lower sales in the US. Q3 2025 growth also
benefitted from strong performance in International.
In
Europe, Shingrix sales grew
at 48% driven by continuous strong uptake from the launch in France
together with higher market demand and expanded public funding
across several countries.
Sales
of Shingrix in
International increased by 21% reflecting accelerated demand in
Japan following expanded public funding from April 2025 partially
offset by a strong 2024 comparator including rapid uptake from the
national immunisation programme (NIP) in Australia. YTD sales
reflected phasing of lower H1 2025 deliveries to our co-promotion
partner in China.
US
sales decreased by 15% due to the continuing slowdown in the pace
of penetration of harder-to-activate unvaccinated consumers. The US
cumulative immunisation rate reached 43%, up 4 percentage points
compared to 12 months earlier(1).
Shingrix is now launched in 60 countries, with markets
outside the US representing 66% of YTD 2025 global sales (YTD 2024:
57%). The overwhelming majority of ex-US Shingrix opportunity is concentrated in
10 markets where the average immunisation rate is around 10% with
significantly higher uptake in funded cohorts.
|
|
|
|
|
|
|
|
|
|
Meningitis
|
541
|
4%
|
5%
|
|
1,270
|
11%
|
14%
|
Strong
performance of our Meningitis vaccines was led by Bexsero, a vaccine against meningitis
B, and also included initial sales from the US launch of
Penmenvy, a pentavalent
vaccine against meningitis A, B, C, W and Y.
Bexsero grew primarily in Europe driven by continued uptake
following recommendation and reimbursement in Germany together with
expanded cohort recommendations in France. Sales were also up in
International due to higher demand and geographic
expansion.
|
|
|
|
|
|
|
|
|
|
RSV
|
251
|
34%
|
36%
|
|
395
|
(9%)
|
(6%)
|
Arexvy sales increased in the quarter but decreased YTD. Q3
2025 growth was driven by Europe and International related to
recommendation and reimbursement in Germany and tender deliveries
in Canada and Spain. While YTD Arexvy maintained the US market leading
position in the older adult setting, in the quarter US sales
decreased reflecting lower pre-season channel inventory build and
slower market uptake partly offset by favourable returns provision
adjustments. YTD sales also reflected lower US H1 2025 demand,
which was impacted by a more limited ACIP recommendation for adults
aged 60-74 since June 2024.
Arexvy is approved in 67 markets globally, 20 countries have
national RSV vaccination recommendations for older adults and 9,
including the US, have reimbursement programmes for Arexvy in place at the quarter
end.
|
|
|
|
|
|
|
|
|
|
Influenza
|
216
|
(24%)
|
(22%)
|
|
223
|
(26%)
|
(24%)
|
Influenza
vaccines sales declined mainly in the US driven by competitive
pressure.
|
|
|
|
|
|
|
|
|
|
Established
Vaccines
|
840
|
(9%)
|
(8%)
|
|
2,426
|
(4%)
|
(2%)
|
Established
Vaccines sales decreased in the quarter as a result of the impact
of divested brands, lower sales for Cervarix and Synflorix and unfavourable US CDC
stockpile movements for Boostrix partly offset by higher demand
for MMRV vaccines, including a one-off sale of bulk antigen. The
YTD decline is also driven by 2024 sales of AS03 adjuvant partially
offset by favourable CDC stockpile movements for Infanrix/Pediarix.
(1) Based on data from IQVIA up until the end of Q2
2025
|
|
|
|
|
|
|
|
|
|
|
Q3 2025
|
|
Year to date
|
||||
|
|
£m
|
AER
|
CER
|
|
£m
|
AER
|
CER
|
|
General Medicines
|
2,460
|
3%
|
4%
|
|
7,516
|
(4%)
|
(1%)
|
Sales include contributions from both the Respiratory portfolio,
including Trelegy, and the Other General Medicine portfolio. Sales
grew in the quarter, broadly stable on a YTD basis, with growth
in Trelegy partially offset in the quarter, and was more than
offset YTD, by reductions in other respiratory and Other General
Medicine product sales.
|
|
|
|
|
|
|
|
|
|
Respiratory
|
1,702
|
5%
|
7%
|
|
5,283
|
(2%)
|
–%
|
Sales
grew in the quarter, with an increased growth in Trelegy of 25% partially offset by
decreases in other respiratory products, particularly in European
and International regions, as a result of continued generic erosion
and competitive pressures. YTD sales were broadly stable as
Trelegy growth was fully
offset by declines in other respiratory products.
|
|
|
|
|
|
|
|
|
|
Trelegy
|
736
|
23%
|
25%
|
|
2,246
|
10%
|
13%
|
Trelegy sales continued to grow in the quarter and YTD, with
strong volume growth continued across all regions reflecting
patient demand, SITT class growth, and increased market share.
Growth in the quarter increased due to positive US pricing impacts,
where favourable channel mix pricing adjustments contributed 10ppts
of global growth, more than offsetting ongoing channel pricing
pressures, including the impact of IRA Medicare Part D
redesign.
|
|
|
|
|
|
|
|
|
|
Other
General Medicines
|
758
|
(3%)
|
–%
|
|
2,233
|
(8%)
|
(4%)
|
Other
General Medicines sales were broadly stable in the quarter and
decreased YTD, reflecting the impacts of generic competition across
the portfolio.
By Region
|
|
|
|
|
|
|
|
|
|
|
Q3 2025
|
|
Year to date
|
||||
|
|
£m
|
AER
|
CER
|
|
£m
|
AER
|
CER
|
|
US
|
4,549
|
5%
|
7%
|
|
12,416
|
3%
|
5%
|
Specialty
Medicines double-digit sales growth in the quarter and YTD was
driven by strong double-digit growth in Oncology, HIV and
Benlysta, driven largely by
patient demand. Sales of Nucala grew single digit in the quarter
and YTD, where growth from continued volume increases resulting
from higher patient demand, including impacts from the recent
launch in COPD, were partially offset by continued pricing
pressures, including the impact of IRA Medicare Part D
redesign.
Vaccines
sales decreased in the quarter and YTD due to competitive pressure
for Influenza vaccines, lower demand for Shingrix and lower pre-season channel
inventory build together with slower market uptake for Arexvy. In addition in the quarter
there were unfavourable CDC stockpile movements in Established
vaccines. YTD Established vaccine sales benefitted from favourable
CDC stockpile movements for Infanrix/Pediarix and higher demand for
MMR vaccines related to measles outbreaks.
General
Medicines sales increased double-digit in the quarter, driven by
strong Trelegy sales with
volume increases and positive pricing impacts as well as favourable
channel mix pricing adjustments more than offsetting ongoing
channel pricing pressures, including the impact of IRA Medicare
Part D redesign. Growth in Trelegy was partially offset by
reductions in other products across the other respiratory and Other
General Medicine portfolios. YTD sales were broadly stable as
Trelegy growth was offset
by other reductions across the General Medicine
portfolio.
US
performance in the quarter and YTD reflected the introduction of
the IRA Medicare Part D redesign, which adversely impacted a number
of products across Specialty Medicines, Vaccines and General
Medicines.
|
|
|
|
|
|
|
|
|
|
Europe
|
1,878
|
16%
|
13%
|
|
5,466
|
11%
|
11%
|
Specialty
Medicines sales grew low double-digit in the quarter and YTD due to
continued strong performance in Oncology, Benlysta and Nucala including the benefit from new
indication launches. HIV sales grew low single-digit in the quarter
and YTD.
Vaccines
sales grew double digit driven by Shingrix launch uptake in France
together with higher market demand and expanded public funding
across several countries. Bexsero and Arexvy sales also grew strongly mainly
in Germany following recommendations and
reimbursements.
General
Medicines sales decreased in the quarter and YTD, with growth for
Trelegy and Anoro being more than offset by
decreases across other general medicine products.
|
|
|
|
|
|
|
|
|
|
International
|
2,120
|
2%
|
6%
|
|
6,167
|
(2%)
|
3%
|
Specialty
Medicines double-digit sales growth in the quarter and YTD was
driven by Nucala in
respiratory, Benlysta in
immunology, and Oncology. HIV sales grew single-digit in the
quarter and YTD.
Vaccines
sales grew in the quarter driven by accelerated Shingrix demand in Japan and
Arexvy tender supply in
Canada partly offset by lower Established vaccines sales. YTD
vaccines sales decreased reflecting lower deliveries to our
co-promotion partner in China and a stronger 2024 comparator in
Australia for Shingrix
together with sales of AS03 adjuvant in H1 2024.
General
Medicines sales increased low single digit in the quarter, but
decreased low single digit YTD. Performance reflected double-digit
growth for Trelegy and
growth in Anoro being
offset by decreases across other general medicine
products.
|
|
|
Financial
performance
|
|
|
|
|
|
|
|
|
|
|
Total Results
|
Q3 2025
|
|
Year to date
|
||||
|
|
£m
|
%
AER
|
%
CER
|
|
£m
|
%
AER
|
%
CER
|
|
|
|
|
|
|
|
|
|
|
Turnover
|
8,547
|
7
|
8
|
|
24,049
|
3
|
6
|
|
Cost of
sales
|
(2,258)
|
(6)
|
(6)
|
|
(6,360)
|
(2)
|
(1)
|
|
Selling,
general and administration
|
(2,239)
|
(41)
|
(41)
|
|
(6,449)
|
(23)
|
(20)
|
|
Research
and development
|
(1,689)
|
16
|
16
|
|
(5,175)
|
18
|
20
|
|
Royalty
income
|
208
|
24
|
23
|
|
634
|
37
|
37
|
|
Other
operating income/(expense)
|
24
|
|
|
|
133
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
2,593
|
>100
|
>100
|
|
6,832
|
>100
|
>100
|
|
Net
finance expense
|
(141)
|
14
|
14
|
|
(383)
|
(6)
|
(5)
|
|
Share
of after tax profit/(loss) of associates and joint
ventures
|
4
|
|
|
|
2
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before taxation
|
2,456
|
>100
|
>100
|
|
6,451
|
>100
|
>100
|
|
|
|
|
|
|
|
|
|
|
Taxation
|
(312)
|
|
|
|
(889)
|
|
|
|
Tax rate %
|
12.7%
|
|
|
|
13.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit after taxation
|
2,144
|
>100
|
>100
|
|
5,562
|
>100
|
>100
|
|
Profit
attributable to non-controlling interests
|
131
|
|
|
|
482
|
|
|
|
Profit/(loss)
attributable to shareholders
|
2,013
|
|
|
|
5,080
|
|
|
|
|
2,144
|
>100
|
>100
|
|
5,562
|
>100
|
>100
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share
|
49.9p
|
>100
|
>100
|
|
125.1p
|
>100
|
>100
|
|
Financial Performance – Q3 2025 results unless otherwise
stated, growth % and commentary at CER. In Q3 2025 and YTD 2025,
the adverse currency impact on AER versus CER primarily reflected
the strengthening of Sterling against the USD. See page 11 for
further details.
|
|||||||
|
|
|
Core results
Reconciliations
between Total results and Core results Q3 2025, Q3 2024, YTD
2025 and YTD 2024 are set out on pages 20,
21, 23 and 24.
|
|
|
Q3 2025
|
|
Year to date
|
||||
|
|
£m
|
%
AER
|
%
CER
|
|
£m
|
%
AER
|
%
CER
|
|
|
|
|
|
|
|
|
|
|
Turnover
|
8,547
|
7
|
8
|
|
24,049
|
3
|
6
|
|
Cost of
sales
|
(2,059)
|
7
|
7
|
|
(5,771)
|
4
|
5
|
|
Selling,
general and administration
|
(2,159)
|
4
|
5
|
|
(6,312)
|
1
|
4
|
|
Research
and development
|
(1,552)
|
9
|
10
|
|
(4,451)
|
6
|
8
|
|
Royalty
income
|
208
|
24
|
23
|
|
634
|
37
|
37
|
|
|
|
|
|
|
|
|
|
|
Core
operating profit
|
2,985
|
8
|
11
|
|
8,149
|
6
|
9
|
|
|
|
|
|
|
|
|
|
|
Core
profit before taxation
|
2,848
|
8
|
11
|
|
7,784
|
6
|
10
|
|
Taxation
|
(455)
|
(1)
|
2
|
|
(1,328)
|
3
|
7
|
|
Tax rate %
|
16.0%
|
|
|
|
17.1%
|
|
|
|
Core
profit after taxation
|
2,393
|
10
|
13
|
|
6,456
|
7
|
11
|
|
Core
profit attributable to non-controlling interests
|
176
|
|
|
|
513
|
|
|
|
Core
profit attributable to shareholders
|
2,217
|
|
|
|
5,943
|
|
|
|
|
2,393
|
10
|
13
|
|
6,456
|
7
|
11
|
|
Core
Earnings per share
|
55.0p
|
11
|
14
|
|
146.3p
|
7
|
11
|
|
|
|
Q3 2025
|
|
Year to date
|
||||
|
|
|
£m
|
AER
|
CER
|
|
£m
|
AER
|
CER
|
|
Cost of
sales
|
Total
|
2,258
|
(6%)
|
(6%)
|
|
6,360
|
(2%)
|
(1%)
|
|
% of sales
|
26.4%
|
(3.5%)
|
(3.9%)
|
|
26.4%
|
(1.5%)
|
(1.9%)
|
|
|
Core
|
2,059
|
7%
|
7%
|
|
5,771
|
4%
|
5%
|
|
|
% of sales
|
24.1%
|
0.1%
|
(0.2%)
|
|
24.0%
|
0.2%
|
(0.2%)
|
|
Total
cost of sales as a percentage of sales decreased in the quarter and
year to date primarily driven by additional amortisation in Q3 2024
for Zejula and Jemperli, as well as lower major
restructuring and transaction-related items.
Core
cost of sales as a percentage of sales in the quarter and year to
date was broadly stable, with favourable mix benefits from growth
in Specialty Medicines and regional mix driven by US and Europe
sales, as well as operational efficiencies, being offset by
inventory provision movements compared to 2024. The year to date
also included pricing impacts with an adverse comparison to higher
price benefits in the comparator period, as well as supply chain
optimisation charges.
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2025
|
|
Year to date
|
||||
|
|
|
£m
|
AER
|
CER
|
|
£m
|
AER
|
CER
|
|
Selling, general
& administration
|
Total
|
2,239
|
(41%)
|
(41%)
|
|
6,449
|
(23%)
|
(20%)
|
|
% of sales
|
26.2%
|
(21.2%)
|
(21.3%)
|
|
26.8%
|
(9.1%)
|
(8.9%)
|
|
|
Core
|
2,159
|
4%
|
5%
|
|
6,312
|
1%
|
4%
|
|
|
% of sales
|
25.3%
|
(0.6%)
|
(0.7%)
|
|
26.2%
|
(0.7%)
|
(0.5%)
|
|
Total
SG&A as a percentage of sales decreased in the quarter and year
to date driven by lower Significant legal expenses due to the Q3
2024 charge of £1.8 billion ($2.3 billion) in relation to
Zantac.
Core
SG&A growth in the quarter and year to date reflected continued
disciplined investment to support new asset launches, including
Blenrep, Penmenvy,
depemokimab and Blujepa, as
well as growth of key assets including Shingrix, Nucala, Ojjaara/Omjjara and
long-acting HIV medicines, with spend reallocated from General
Medicines and the acceleration of ongoing productivity initiatives.
Year to date Core SG&A growth also included a one percentage
point impact driven by the Q1 2024 reversal of the legal provision
related to the Zejula
royalty dispute, following a successful appeal.
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2025
|
|
Year to date
|
||||
|
|
|
£m
|
AER
|
CER
|
|
£m
|
AER
|
CER
|
|
Research
& development
|
Total
|
1,689
|
16%
|
16%
|
|
5,175
|
18%
|
20%
|
|
% of sales
|
19.8%
|
1.6%
|
1.4%
|
|
21.5%
|
2.7%
|
2.5%
|
|
|
Core
|
1,552
|
9%
|
10%
|
|
4,451
|
6%
|
8%
|
|
|
% of sales
|
18.2%
|
0.3%
|
0.3%
|
|
18.5%
|
0.4%
|
0.3%
|
|
Total
R&D growth in the quarter and year to date was driven by an
increase in Core R&D expense, as well as higher impairment
charges. The year to date included an impairment charge of
£471 million related to the termination of the belrestotug
development programme (anti-TIGIT mAb) in Q2 2025.
Core
R&D investment increased reflecting progression across the
portfolio. In Oncology, this included acceleration in work on ADCs
and studies into Blenrep
(1L), as well as IDRX-42, the GIST treatment acquired in Q1 2025.
In Specialty Medicines, increased investment was driven by
efimosfermin acquired from Boston Pharmaceuticals in Q3 2025, and
progression of ULA treatment and PrEP programmes, notably Q4M and
Q6M. Year to date growth was partly offset by lower spend on
depemokimab following filing in Q4 2024.
Investment
also increased on clinical trial programmes associated with the
pneumococcal MAPS and mRNA seasonal flu.
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2025
|
|
Year to date
|
||||
|
|
|
£m
|
AER
|
CER
|
|
£m
|
AER
|
CER
|
|
Royalty
income
|
Total
|
208
|
24%
|
23%
|
|
634
|
37%
|
37%
|
|
|
Core
|
208
|
24%
|
23%
|
|
634
|
37%
|
37%
|
The
increase in Total and Core royalty income in Q3 2025 and the year
to date was primarily driven by Kesimpta(1),
Abrysvo(2)
and Comirnaty(3) royalties. The
year to date included historic royalties recognised in association
with the settlement of an IP dispute.
(1) Kesimpta is manufactured by and a trademark of Novartis AG (2)
Abrysvo is manufactured by and a trademark of Pfizer Inc. (3)
Comirnaty is manufactured by and a trademark of BioNTech and Pfizer
Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2025
|
|
Year to date
|
||||
|
|
|
£m
|
AER
|
CER
|
|
£m
|
AER
|
CER
|
|
Other
operating income/(expense)
|
Total
|
24
|
>100%
|
>100%
|
|
133
|
>100%
|
>100%
|
In Q3
2025 other operating income included a charge of £280 million
(Q3 2024: £359 million) arising from the remeasurement of
contingent consideration liabilities (CCL) and the liabilities for
the Pfizer, Inc. (Pfizer) put option. The charge in the current
quarter primarily reflected exchange movements and discount unwind.
See page 22 for further details. Other net operating income at
£304 million (Q3 2024: £24 million) was driven by the
£268 million ($370 million) settlement from CureVac in
connection with the mRNA patent settlement, as well as fair value
movements on equity investments and other net income.
The
year to date other operating income reflected a charge of £193
million (YTD 2024: £1,422 million) arising from the
remeasurement of CCLs and the liabilities for the Pfizer put
option, primarily reflecting discount unwind as well as updated
sales forecasts partly offset by favourable foreign currency
movements. See page 25 for further details. Other net operating
income at £326m (YTD 2024: £236 million) includes the
£268 million ($370 million) settlement from CureVac as well as
fair value movements on equity investments and other net
income.
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2025
|
|
Year to date
|
||||
|
|
|
£m
|
AER
|
CER
|
|
£m
|
AER
|
CER
|
|
Operating
profit
|
Total
|
2,593
|
>100%
|
>100%
|
|
6,832
|
>100%
|
>100%
|
|
|
% of sales
|
30.3%
|
28.0%
|
28.5%
|
|
28.4%
|
14.1%
|
14.5%
|
|
|
Core
|
2,985
|
8%
|
11%
|
|
8,149
|
6%
|
9%
|
|
|
% of sales
|
34.9%
|
0.4%
|
0.9%
|
|
33.9%
|
0.7%
|
1.0%
|
Total
operating profit margin was higher in the quarter and year to date
mainly due to the £1.8 billion charge for the Zantac settlement in Q3 2024, as well
as higher other net operating income and lower CCL charges, partly
offset by higher impairment charges.
Core
operating profit growth in the quarter and year to date primarily
reflected higher turnover, favourable product mix and royalty
income including from IP settlements. Growth was partly offset by
increased investment in R&D, new asset launches and growth
assets, and adverse pricing impacts, as well as in the year to date
the Q1 2024 reversal of the legal provision related to the
Zejula royalty dispute,
following a successful appeal.
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2025
|
|
Year to date
|
||||
|
|
|
£m
|
AER
|
CER
|
|
£m
|
AER
|
CER
|
|
Net
finance expense
|
Total
|
141
|
14%
|
14%
|
|
383
|
(6%)
|
(5%)
|
|
|
Core
|
132
|
16%
|
16%
|
|
358
|
(9%)
|
(8%)
|
The
increase in net finance costs in Q3 2025 was mainly driven by
higher interest expense on debt. The decrease in the year to date
was mainly driven by higher interest income on favourable cash
positions, favourable interest on tax, higher swap interest and
favourable movements on derivatives fair value, partly offset by
higher interest expense on debt.
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2025
|
|
Year to date
|
||||
|
|
|
£m
|
AER
|
CER
|
|
£m
|
AER
|
CER
|
|
Taxation
|
Total
|
312
|
>100%
|
>100%
|
|
889
|
92%
|
>100%
|
|
|
Tax rate %
|
12.7%
|
|
|
|
13.8%
|
|
|
|
|
Core
|
455
|
(1%)
|
2%
|
|
1,328
|
3%
|
7%
|
|
|
Tax rate %
|
16.0%
|
|
|
|
17.1%
|
|
|
The
effective tax rate on Total results reflected the different tax
effects of the various Adjusting items included in Total
results.
The
effective tax rate on Core profits is broadly in line with
expectations for the year. Issues related to taxation are described
in Note 14, ‘Taxation’ in the Annual Report 2024. The
Group continues to believe it has made adequate provision for the
liabilities likely to arise from periods that are open and not yet
agreed by relevant tax authorities. The ultimate liability for such
matters may vary from the amounts provided and is dependent upon
the outcome of agreements with relevant tax
authorities.
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2025
|
|
Year to date
|
||||
|
|
|
£m
|
AER
|
CER
|
|
£m
|
AER
|
CER
|
|
Non-controlling
interests ("NCIs")
|
Total
|
131
|
7%
|
11%
|
|
482
|
67%
|
73%
|
|
Core
|
176
|
12%
|
15%
|
|
513
|
7%
|
10%
|
|
The
increase in Total and Core NCIs in the quarter and year to date was
primarily driven by higher core profit allocations from ViiV
Healthcare, and a lower remeasurement loss on the CCL compared to
the comparator periods impacting Total NCIs in the year to
date.
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2025
|
|
Year to date
|
||||
|
|
|
£p
|
AER
|
CER
|
|
£p
|
AER
|
CER
|
|
Earnings
per share
|
Total
|
49.9p
|
>100%
|
>100%
|
|
125.1p
|
>100%
|
>100%
|
|
Core
|
55.0p
|
11%
|
14%
|
|
146.3p
|
7%
|
11%
|
|
The
increase in the Q3 2025 and year to date Total EPS was primarily
driven by lower Significant legal charges, higher other net
operating income and lower CCL charges, partly offset by higher
impairment charges.
The
increase in the Core EPS in the quarter and year to date primarily
reflected the growth in Core operating profit and the share
buyback, as well as lower net finance costs in the year to date,
partly offset by higher non-controlling interests.
Currency impact on results
The
results for Q3 2025 are based on average exchange rates,
principally $1.33/£1, €1.16/£1 and Yen198/£1.
The period-end exchange rates were $1.34/£1,
€1.14/£1 and Yen199/£1. Comparative exchange rates
are given on page 38.
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2025
|
|
Year to date
|
||||
|
|
|
£m/£p
|
AER
|
CER
|
|
£m/£p
|
AER
|
CER
|
|
Turnover
|
|
8,547
|
7%
|
8%
|
|
24,049
|
3%
|
6%
|
|
Earnings
per share
|
Total
|
49.9p
|
>100%
|
>100%
|
|
125.1p
|
>100%
|
>100%
|
|
Core
|
55.0p
|
11%
|
14%
|
|
146.3p
|
7%
|
11%
|
|
In Q3
2025 and year to date, the adverse currency impact primarily
reflected the strengthening of Sterling against US Dollar as well
as emerging market currencies, partly offset in the quarter by
strengthening of the Euro. Exchange gains on the settlement of
intercompany transactions resulted in a minimal impact from
currency on Core EPS in the quarter and a favourable one percentage
point in the year to date. There was minimal impact on Total
EPS.
|
|
|
Cash generation
|
|
|
|
|
|
|
|
|
|
|
Cash flow
|
|||||||
|
|
Q3 2025
£m
|
|
Q3
2024
£m
|
|
9 months 2025
£m
|
|
9
months 2024
£m
|
|
Cash
generated from operations (£m)
|
2,520
|
|
2,499
|
|
6,254
|
|
5,275
|
|
Total
net cash inflow/(outflow) from operating activities
(£m)
|
2,222
|
|
2,154
|
|
5,463
|
|
4,225
|
|
Free
cash inflow/(outflow)* (£m)
|
1,246
|
|
1,322
|
|
3,069
|
|
1,939
|
|
Free
cash flow growth (%)
|
(6%)
|
|
(20%)
|
|
58%
|
|
48%
|
|
Free
cash flow conversion* (%)
|
62%
|
|
>100%
|
|
60%
|
|
90%
|
|
Total
net debt** (£m)
|
14,444
|
|
12,847
|
|
14,444
|
|
12,847
|
|
|
|
|
*
|
Free cash flow and free cash flow
conversion are defined on page 50. Free cash flow is analysed on
page 41.
|
|
**
|
Net debt is analysed on page
41.
|
Q3 2025
Cash
generated from operations for the quarter was £2,520 million
(Q3 2024: £2,499 million). The increase primarily
reflected higher Core operating profit and the cash settlement from
CureVac as well as lower inventory build, partly offset by
£565 million Zantac
settlement payments.
Total
contingent consideration cash payments in the quarter were
£326 million (Q3 2024: £309 million).
£321 million (Q3 2024: £305 million) of these
were recognised in cash flows from operating activities, including
cash payments made to Shionogi & Co. Ltd (Shionogi) of
£306 million (Q3 2024:
£295 million).
Free
cash inflow was £1,246 million for the quarter (Q3 2024:
£1,322 million). The decrease was primarily driven by
higher capital expenditure on intangible assets and lower proceeds
from the sale of intangible assets, partly offset by lower taxation
payments and higher cash generated from operations.
9 months 2025
Cash
generated from operating activities was £6,254 million (9
months 2024: £5,275 million). The increase reflected higher
Core operating profit, favourable timing and movements on returns
and rebates, including the impact of the removal of the AMP cap in
H1 2024, and the cash settlement from CureVac as well as lower
inventory build. The increase was partly offset by an adverse
movement in receivables driven by higher Arexvy and Shingrix collections in Q1 2024, as
well as £688 million Zantac settlement
payments.
Total
contingent consideration cash payments in 9 months 2025 were
£1,000 million (9 months 2024: £935 million).
£989 million (9 months 2024: £924 million) of
these were recognised in cash flows from operating activities,
including cash payments made to Shionogi & Co. Ltd (Shionogi)
of £956 million (9 months 2024:
£900 million).
Free
cash inflow was £3,069 million for 9 months 2025 (9 months
2024: £1,939 million). The increase was driven by higher cash
generated from operations, lower tax payments, lower capital
expenditure on property, plant and equipment, and lower net
interest cost, partly offset by higher capital expenditure on
intangible assets and lower proceeds from the sale of intangible
assets.
Total Net debt
At 30
September 2025, net debt was £14,444 million, compared with
£13,095 million at 31 December 2024, comprising gross debt of
£17,750 million and cash and liquid investments of £3,306
million. See net debt information on page 41.
Net
debt increased by £1,349 million primarily due to the net
acquisition costs of IDRx, Inc. (IDRx), BP Asset IX, Inc. to access
efimosfermin, and Cellphenomics GmbH totalling £1,655 million,
dividends paid to shareholders of £1,918 million, and shares
purchased as part of the share buyback programme of £1,125
million. This was partly offset by free cash inflow of £3,069
million and exchange gain on net debt of £241
million.
At 30
September 2025, GSK had short-term borrowings (including overdrafts
and lease liabilities) repayable within 12 months of £2,856
million and £744 million repayable in the subsequent
year.
Contents
|
|
|
|
|
Page
|
|
Q3 2025
pipeline highlights
|
14
|
|
Responsible
business
|
16
|
|
Total
and Core results
|
18
|
|
Income
statement
|
26
|
|
Statement
of comprehensive income
|
27
|
|
Balance
sheet
|
28
|
|
Statement
of changes in equity
|
29
|
|
Cash
flow statement
|
30
|
|
Sales
tables
|
31
|
|
Segment
information
|
34
|
|
Legal
matters
|
36
|
|
Returns
to shareholders
|
37
|
|
Additional
information
|
38
|
|
R&D
commentary
|
42
|
|
Reporting
definitions
|
50
|
|
Guidance
and outlooks, assumptions and cautionary statements
|
52
|
|
Independent
Auditor's review report to GSK plc
|
54
|
|
Glossary
of terms
|
56
|
Contacts
|
GSK plc
(LSE/NYSE:GSK) is a global biopharma company with a purpose to
unite science, technology, and talent to get ahead of disease
together. Find out more at www.gsk.com.
|
|
|
|
|
|
|
GSK enquiries:
|
|
|
|
|
Media
|
Simon
Steel
|
+44 (0)
7824 700619
|
(London)
|
|
|
Kathleen
Quinn
|
+1 202
603 5003
|
(Washington)
|
|
|
|
|
|
|
Investor
Relations
|
Constantin
Fest
|
+44 (0)
7831 826525
|
(London)
|
|
|
James
Dodwell
|
+44 (0)
7881 269066
|
(London)
|
|
|
Mick
Readey
|
+44 (0)
7990 339653
|
(London)
|
|
|
Steph
Mountifield
|
+44 (0)
7796 707505
|
(London)
|
|
|
Jeff
McLaughlin
|
+1 215
751 7002
|
(Philadelphia)
|
|
|
Frannie
DeFranco
|
+1 215
751 3126
|
(Philadelphia)
|
|
|
|
|
|
|
Registered in England & Wales:
No.
3888792
|
|||
|
|
|||
|
Registered Office:
79 New
Oxford Street
London,
WC1A
1DG
|
|||
|
|
|
Q3 2025 pipeline highlights (since
30 July 2025)
|
|
|
|
|
|
|
|
Medicine/vaccine
|
Trial (indication, presentation)
|
Event
|
|
Regulatory approvals or other regulatory actions
|
Blenrep
|
DREAMM-7
(3L+ multiple myeloma)
|
Regulatory
approval (US)
|
|
Shingrix
|
Shingles,
adults aged 18+ years at increased risk
|
Regulatory
approval (CN)
|
|
|
Shingrix
|
Shingles,
liquid formulation
|
Positive
CHMP Opinion (EU)
|
|
|
Regulatory submissions or acceptances
|
gepotidacin
|
EAGLE-1
(urogenital gonorrhoea)
|
Regulatory
acceptance with Priority Review (US)
|
|
Phase III data readouts or other significant events
|
latozinemab
|
INFRONT-3
(frontotemporal dementia)
|
Phase
III data readout*
|
|
Ventolin
|
Low
carbon MDI (asthma)
|
Positive
phase III data readout
|
|
|
Bexsero
|
Meningococcal
B (infants)
|
Positive
phase IIIb data readout (US)
|
|
|
Zejula
|
glioblastoma
|
Orphan
Drug Designation (US)
|
*latozinemab did not show benefit on the clinical co-primary
endpoint of FTD-GRN
progression (disclosed 21 October 2025; FTD-GRN: frontotemporal dementia due to a
mutation in the progranulin gene)
|
|
|
|
|
|
|
Anticipated pipeline milestones
|
||||
|
|
|
|
|
|
Timing
|
Medicine/vaccine
|
Trial (indication, presentation)
|
Event
|
|
H2 2025
|
camlipixant
|
CALM-1
(refractory chronic cough)
|
Phase
III data readout*
|
|
depemokimab
|
SWIFT-1/2
(severe asthma)
|
Regulatory
decision (US)
|
|
|
depemokimab
|
ANCHOR-1/2
(chronic rhinosinusitis with nasal polyps)
|
Regulatory
decision (US)
|
|
|
depemokimab
|
NIMBLE
(severe asthma)
|
Phase
III data readout
|
|
|
linerixibat
|
GLISTEN
(cholestatic pruritus in primary biliary cholangitis)
|
Regulatory
submission (CN)
|
|
|
Ventolin
|
Low
carbon MDI (asthma)
|
Regulatory
submission (EU)
|
|
|
Arexvy
|
RSV,
adults aged 18+ immunocompromised
|
Regulatory
submission
(US,
EU, JP)
|
|
|
Shingrix
|
Shingles,
liquid formulation
|
Regulatory
decision (EU)
|
|
|
gepotidacin
|
EAGLE-1
(urogenital gonorrhoea)
|
Regulatory
decision (US)
|
|
|
tebipenem
pivoxil
|
PIVOT-PO
(complicated urinary tract infection)
|
Regulatory
submission (US)
|
*CALM-1 results will be disclosed together with
CALM-2
|
|
|
|
|
|
Timing
|
Medicine/vaccine
|
Trial (indication, presentation)
|
Event
|
|
H1 2026
|
depemokimab
|
SWIFT-1/2
(severe asthma)
|
Regulatory
decision
(EU,
CN, JP)
|
|
depemokimab
|
ANCHOR-1/2
(chronic rhinosinusitis with nasal polyps)
|
Regulatory
decision
(EU,
CN, JP)
|
|
|
linerixibat
|
GLISTEN
(cholestatic pruritus in primary biliary cholangitis)
|
Regulatory
decision
(US)
|
|
|
linerixibat
|
GLISTEN
(cholestatic pruritus in primary biliary cholangitis)
|
Regulatory
submission (JP)
|
|
|
Nucala
|
MATINEE
(chronic obstructive pulmonary disease)
|
Regulatory
decision (EU, CN)
|
|
|
Blenrep
|
DREAMM-7
(2L+ multiple myeloma)
|
Regulatory
decision (CN)
|
|
|
Arexvy
|
RSV,
adults aged 60+ years
|
Phase
III readout (CN)
|
|
|
Arexvy
|
RSV,
adults aged 60+ years
|
Regulatory
submission (CN)
|
|
|
Arexvy
|
RSV,
adults aged 18-49 years at increased risk
|
Regulatory
decision
(US,
JP)
|
|
|
Arexvy
|
RSV,
adults aged 18 and above
|
Regulatory
decision (EU)
|
|
|
bepirovirsen
|
B-WELL
1/2 (hepatitis B virus)
|
Phase
III data readout
|
|
|
bepirovirsen
|
B-WELL
1/2 (hepatitis B virus)
|
Regulatory
submission
(US,
EU, CN, JP)
|
|
|
Bexsero
|
Meningococcal
B (infants)
|
Regulatory
submission (US)
|
|
|
H2 2026
|
camlipixant
|
CALM-2
(refractory chronic cough)
|
Phase
III data readout
|
|
camlipixant
|
CALM-1/2
(refractory chronic cough)
|
Regulatory
submission (US, EU, JP)
|
|
|
depemokimab
|
OCEAN
(eosinophilic granulomatosis with polyangiitis)
|
Phase
III data readout
|
|
|
linerixibat
|
GLISTEN
(cholestatic pruritus in primary biliary cholangitis)
|
Regulatory
decision (EU)
|
|
|
Ventolin
|
Low
carbon MDI (asthma)
|
Regulatory
decision (EU)
|
|
|
Jemperli
|
AZUR-1
(rectal cancer)
|
Phase
II (pivotal) data readout
|
|
|
Blenrep
|
DREAMM-8
(2L + multiple myeloma)
|
Regulatory
submission (CN)
|
|
|
cabotegravir
|
Q4M
PrEP (HIV)
|
Phase
II (pivotal) data readout
|
|
|
cabotegravir
|
Q4M
PrEP (HIV)
|
Regulatory
submission (US)
|
|
|
Arexvy
|
RSV,
adults aged 18+ immunocompromised
|
Regulatory
decision (US, EU, JP)
|
|
|
bepirovirsen
|
B-WELL
1/2 (hepatitis B virus)
|
Regulatory
decision (US, JP)
|
|
|
Bexsero
|
Meningococcal
B (infants)
|
Regulatory
decision (US)
|
|
|
tebipenem
pivoxil
|
PIVOT-PO
(complicated urinary tract infection)
|
Regulatory
decision (US)
|
|
|
|
|
|
|
|
Refer to pages 42 to 49 for further details on several key
medicines and vaccines in development by therapy
area.
|
||||
Trust: progress on our six priority
areas for responsible business
Building Trust by operating responsibly is integral to GSK’s
strategy and culture. This will support growth and returns to
shareholders, reduce risk, and help GSK’s people thrive while
delivering sustainable health impact at scale. The Company has
identified six Responsible Business focus areas that address what
is most material to GSK’s business and the issues that matter
the most to its stakeholders. Highlights below include activity
since Q2 2025 results. For more details on annual updates,
please see GSK's Responsible
Business Performance Report 2024(1).
Access
Commitment:
to make GSK’s vaccines and medicines available at value-based
prices that are sustainable for the business and implement access
strategies that increase the use of GSK’s vaccines and
medicines to treat and protect underserved people.
Progress
since Q2 2025:
|
|
|
|
●
|
In
September, the Ministry of Health in Peru adopted single-dose
tafenoquine and related blood testing into its National Treatment
Guidelines for adults with relapsing vivax malaria. Peru is now the
third country worldwide, following Brazil and Thailand, to expand
its antimalarial toolkit with tafenoquine. More information can be
found here(2).
|
|
●
|
Performance
metrics related to access are updated annually with related details
in GSK's
Responsible Business Performance Report
2024(1) on
page 11.
|
Global health and health security
Commitment:
develop novel products and technologies to treat and prevent
priority diseases, including pandemic threats.
Progress
since Q2 2025:
|
|
|
|
●
|
In
August, GSK announced its scientists will join forces with leading
infectious diseases teams from the University of Dundee and the
University of Exeter to discover new treatments for fungal
diseases, addressing a critical unmet need highlighted by the World
Health Organization. This five-year project, supported by Wellcome
with a research grant of £17.9 million, seeks to identify new
antifungal treatments, with an initial focus on Cryptococcus
neoformans, a deadly fungus causing meningitis, and Candida auris,
which is thought to be the first human pathogenic fungus to have
emerged as a result of climate change. By identifying new
antifungal treatment options, the research also aims to help
address the burden of antimicrobial resistance and contribute to
long-term health security. More information can be found
here(3).
|
|
●
|
The
European Medicines Agency (EMA) granted orphan drug designation to
AlpE - the combination of alpibectir and ethionamide - for the
treatment of tuberculosis (TB). Alpibectir was identified in a
successful public-private collaboration with GSK, the Pasteur
Institute of Lille and the University of Lille and is currently
being studied in combination with first line TB drugs. The EMA
orphan designation marks a significant step forward in GSK’s
mission to tackle drug-resistant TB and improve outcomes for
patients worldwide. This achievement reflects the strength of
GSK’s collaboration with BioVersys and the broader UNITE4TB
consortium, and underscores GSK’s dedication to advancing
global health through science and partnership. More information can
be found here(4).
|
|
●
|
Performance
metrics related to global health and health security are updated
annually with related details in GSK's
Responsible Business Performance Report
2024(1) on page
16.
|
Environment
Commitment:
committed to a net zero, nature-positive, healthier planet with
ambitious goals set for 2030 and 2045.
Progress
since Q2 2025:
|
|
|
|
●
|
In
September, GSK’s science-based targets for Land were
independently validated using the Science Based Targets Network
(SBTN) guidance, making GSK one of the first companies to have
validated targets for Land and Freshwater. These targets focus on
locations across its value chain where nature is particularly under
pressure, including how GSK sources the raw materials needed to
manufacture the medicines and vaccines that patients rely on. More
information can be found here(5).
|
|
●
|
In
October, GSK announced positive pivotal phase III data for its
next-generation low carbon version of Ventolin (salbutamol) metered dose
inhaler. Data confirm therapeutic equivalence and comparable safety
profile for Ventolin
(salbutamol) containing innovative low carbon propellant. If
approved, this next-generation low carbon salbutamol has the
potential to reduce greenhouse gas emissions by 92% per inhaler
compared to the current version. GSK will proceed with regulatory
submissions, with launch expected in some markets in 2026. More
information can be found here(6).
|
|
●
|
Performance
metrics related to environment are updated annually with related
details in GSK's Responsible Business Performance
Report 2024(1) on page
19.
|
Inclusion
Commitment:
meet patients’ needs with research that includes those
impacted by the disease under study, attract and retain the best
talent regardless of background, and support all GSK people to
thrive.
|
|
|
|
●
|
Performance
metrics related to inclusion are updated annually with related
details in GSK's Responsible Business Performance
Report 2024(1) on page
27.
|
Ethical standards
Commitment:
promote ethical behaviour across GSK’s business by supporting
its employees to do the right thing and working with suppliers that
share GSK’s standards and operate responsibly.
|
|
|
|
●
|
Performance
metrics related to ethical standards are updated annually with
related details in GSK's Responsible Business Performance
Report 2024(1) on page
29.
|
Product governance
Commitment:
maintain robust quality and safety processes and responsibly use
data and new technologies.
|
|
|
|
●
|
Performance
metrics related to product governance are updated annually with
related details in GSK's Responsible Business Performance
Report 2024(1)
on page 34.
|
Responsible Business rating performance
Detailed
below is how GSK performs in key Responsible Business
ratings(7).
|
|
|
|
|
|
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. Score ranging from 0 to 5
|
|
Antimicrobial
resistance benchmark
|
84%
|
86%
|
Led the
benchmark since its inception in 2018; Current ranking updated
November 2021
|
|
CDP
Climate Change
|
A
|
A-
|
Updated
annually, current scores updated February 2025 (for supplier
engagement, July 2025)
|
|
CDP
Water Security
|
A
|
A-
|
|
|
CDP
Forests (palm oil)
|
B
|
B
|
|
|
CDP
Forests (timber)
|
B
|
B
|
|
|
CDP
supplier engagement rating
|
Leader
|
Leader
|
|
|
Sustainalytics
|
13.7
|
14.8
|
1st
percentile in pharma subindustry group; lower score represents
lower risk. Current score as at October 2025
|
|
MSCI
|
AA
|
AA
|
Last
rating action date: September 2023
|
|
ISS
Corporate Rating
|
B+
|
B+
|
Current
score updated October 2024
|
|
FTSE4Good
|
Member
|
Member
|
Member
since 2004, latest review in June 2024
|
|
ShareAction’s
Workforce Disclosure Initiative
|
79%
|
77%
|
Current
score updated January 2024
|
Footnotes:
|
|
|
(1) https://www.gsk.com/media/11863/responsible-business-performance-report-2024.pdf
|
|
(2) https://www.mmv.org/newsroom/news-resources-search/peru-adopts-single-dose-tafenoquine-g6pd-testing-national-guidelines
|
|
(3) https://www.linkedin.com/posts/gsk_facts-about-cryptococcal-meningitis-activity-7351173774827757568-PjAz?utm_source=share&utm_medium=member_desktop&rcm=ACoAAANan98BXKzcNRNQatoSpSDzqglXItiBpVg
|
|
(4) BioVersys receives EMA Orphan
Designation for the combination of alpibectir and ethionamide for
the treatment of tuberculosis |
BioVersys
|
|
(5) https://sciencebasedtargetsnetwork.org/news/news/climate-week-nyc-leading-companies-step-up-for-nature/
|
|
(6) https://www.gsk.com/en-gb/media/press-releases/gsk-announces-positive-pivotal-phase-iii-data-for-next-generation-low-carbon-version-of-ventolin-salbutamol-metered-dose-inhaler/
|
|
(7) GSK’s Responsible Business ratings are
regularly reviewed to ensure the external benchmarks listed remain
high quality, appropriate and relevant to investors. The outcome of
these reviews may lead to changes on which ratings are included in
the table above – last updated July 2025.
|
Total and Core
results
Total
reported results represent the Group’s overall
performance.
GSK
uses a number of non-IFRS measures to report the performance of its
business. Core results and other non-IFRS measures may be
considered in addition to, but not as a substitute for, or superior
to, information presented in accordance with IFRS. Core results are
defined below and other non-IFRS measures are defined on pages 50
and 51.
GSK
believes that Core results, when considered together with Total
results, provide investors, analysts and other stakeholders with
helpful complementary information to understand better the
financial performance and position of the Group from period to
period, and allow the Group’s performance to be more easily
compared against the majority of its peer companies. These measures
are also used by management for planning and reporting purposes.
They may not be directly comparable with similarly described
measures used by other companies.
GSK
encourages investors and analysts not to rely on any single
financial measure but to review GSK’s quarterly results
announcements, including the financial statements and notes, in
their entirety.
GSK is
committed to continuously improving its financial reporting, in
line with evolving regulatory requirements and best practice. In
line with this practice, GSK expects to continue to review and
refine its reporting framework.
Core
results exclude the following items in relation to our operations
from Total results, together with the tax effects of all of these
items:
|
|
|
|
●
|
amortisation
of intangible assets (excluding computer software and capitalised
development costs)
|
|
●
|
impairment
of intangible assets (excluding computer software) and
goodwill
|
|
●
|
major
restructuring costs, which include impairments of tangible assets
and computer software, (under specific Board approved programmes
that are structural, of a significant scale and where the costs of
individual or related projects exceed £25 million), including
integration costs following material acquisitions
|
|
●
|
transaction-related
accounting or other adjustments related to significant
acquisitions
|
|
●
|
proceeds
and costs of disposal of associates, products and businesses;
significant settlement income; Significant legal charges (net of
insurance recoveries) and expenses on the settlement of litigation
and government investigations; other operating income other than
royalty income, and other items including amounts reclassified from
the foreign currency translation reserve to the income statement
upon the liquidation of a subsidiary where the amount exceeds
£25 million
|
Costs
for all other ordinary course smaller scale restructuring and legal
charges and expenses from operations are retained within both Total
and Core results.
As Core
results include the benefits of Major restructuring programmes but
exclude significant costs (such as Significant legal charges and
expenses, major restructuring costs and transaction items) they
should not be regarded as a complete picture of the Group’s
financial performance, which is presented in Total results. The
exclusion of other Adjusting items may result in Core earnings
being materially higher or lower than Total earnings. In
particular, when significant impairments, restructuring charges and
legal costs are excluded, Core earnings will be higher than Total
earnings.
GSK has
undertaken a number of Major restructuring programmes in response
to significant changes in the Group’s trading environment or
overall strategy or following material acquisitions. Within the
Pharmaceuticals sector, the highly regulated manufacturing
operations and supply chains and long lifecycle of the business
mean that restructuring programmes, particularly those that involve
the rationalisation or closure of manufacturing or R&D sites
are likely to take several years to complete. Costs, both cash and
non-cash, of these programmes are provided for as individual
elements are approved and meet the accounting recognition criteria.
As a result, charges may be incurred over a number of years
following the initiation of a Major restructuring
programme.
Significant
legal charges and expenses are those arising from the settlement of
litigation or government investigations that are not in the normal
course and materially larger than more regularly occurring
individual matters. They also include certain major legacy
matters.
Reconciliations
between Total and Core results, providing further information on
the key Adjusting items, are set out on pages 20 and
23.
GSK
provides earnings guidance to the investor community on the basis
of Core results. This is in line with peer companies and
expectations of the investor community, supporting easier
comparison of the Group’s performance with its peers. GSK is
not able to give guidance for Total results as it cannot reliably
forecast certain material elements of the Total results,
particularly the future fair value movements on contingent
consideration and put options that can and have given rise to
significant adjustments driven by external factors such as currency
and other movements in capital markets.
ViiV Healthcare
ViiV
Healthcare is a subsidiary of the Group and 100% of its operating
results (turnover, operating profit, profit after tax) are included
within the Group income statement.
Earnings
are allocated to the three shareholders of ViiV Healthcare on the
basis of their respective equity shareholdings (GSK 78.3%, Pfizer
11.7% and Shionogi 10%) and their entitlement to preferential
dividends, which are determined by the performance of certain
products that each shareholder contributed. As the relative
performance of these products changes over time, the proportion of
the overall earnings allocated to each shareholder also changes. In
particular, the increasing proportion of sales of dolutegravir and
cabotegravir-containing products has a favourable impact on the
proportion of the preferential dividends that is allocated to GSK.
Adjusting items are allocated to shareholders based on their equity
interests. GSK was entitled to approximately 85% of the Total
earnings and 83% of the Core earnings of ViiV Healthcare for
2024.
As
consideration for the acquisition of Shionogi’s interest in
the former Shionogi-ViiV Healthcare joint venture in 2012, Shionogi
received the 10% equity stake in ViiV Healthcare and ViiV
Healthcare also agreed to pay additional future cash consideration
to Shionogi, contingent on the future sales performance of the
products being developed by that joint venture, dolutegravir and
cabotegravir. Under IFRS 3 ‘Business combinations’, GSK
was required to provide for the estimated fair value of this
contingent consideration at the time of acquisition and is required
to update the liability to the latest estimate of fair value at
each subsequent period end. The liability for the contingent
consideration recognised in the balance sheet at the date of
acquisition was £659 million. Subsequent remeasurements are
reflected within other operating income/(expense) and within
Adjusting items in the income statement in each
period.
Cash
payments to settle the contingent consideration are made to
Shionogi by ViiV Healthcare each quarter, based on the actual sales
performance and other income of the relevant products in the
previous quarter. These payments reduce the balance sheet liability
and hence are not recorded in the income statement. The cash
payments made to Shionogi by ViiV Healthcare in the nine months
ended 30 September 2025 were £956 million.
As the
liability is required to be recorded at the fair value of estimated
future payments, there is a significant timing difference between
the charges that are recorded in the Total income statement to
reflect movements in the fair value of the liability and the actual
cash payments made to settle the liability.
Further
explanation of the acquisition-related arrangements with ViiV
Healthcare are set out on pages 89 and 90 of the Annual Report
2024.
The
reconciliations between Total results and Core results for Q3 2025
and Q3 2024 are set out below.
Three months ended 30 September 2025
|
|
Total
results
£m
|
|
Intangible
amort-
isation
£m
|
|
Intangible
impair-
ment
£m
|
|
Major
restruct-
uring
£m
|
|
Trans-
action-
related
£m
|
|
Significant
legal,
Divest-
ments
and
other
items
£m
|
|
Core
results
£m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover
|
8,547
|
|
|
|
|
|
|
|
|
|
|
|
8,547
|
|
Cost of
sales
|
(2,258)
|
|
175
|
|
|
|
19
|
|
|
|
5
|
|
(2,059)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
6,289
|
|
175
|
|
|
|
19
|
|
|
|
5
|
|
6,488
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administration
|
(2,239)
|
|
|
|
|
|
38
|
|
39
|
|
3
|
|
(2,159)
|
|
Research
and development
|
(1,689)
|
|
23
|
|
112
|
|
2
|
|
|
|
|
|
(1,552)
|
|
Royalty
income
|
208
|
|
|
|
|
|
|
|
|
|
|
|
208
|
|
Other
operating income/(expense)
|
24
|
|
|
|
|
|
(1)
|
|
280
|
|
(303)
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
2,593
|
|
198
|
|
112
|
|
58
|
|
319
|
|
(295)
|
|
2,985
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
finance expense
|
(141)
|
|
|
|
|
|
|
|
|
|
9
|
|
(132)
|
|
Share
of after tax profit/(loss) of associates and joint
ventures
|
4
|
|
|
|
|
|
|
|
|
|
(9)
|
|
(5)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before taxation
|
2,456
|
|
198
|
|
112
|
|
58
|
|
319
|
|
(295)
|
|
2,848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxation
|
(312)
|
|
(29)
|
|
(28)
|
|
(14)
|
|
(76)
|
|
4
|
|
(455)
|
|
Tax rate %
|
12.7%
|
|
|
|
|
|
|
|
|
|
|
|
16.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit after taxation
|
2,144
|
|
169
|
|
84
|
|
44
|
|
243
|
|
(291)
|
|
2,393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit
attributable to non-controlling interests
|
131
|
|
|
|
|
|
|
|
45
|
|
|
|
176
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) attributable to shareholders
|
2,013
|
|
169
|
|
84
|
|
44
|
|
198
|
|
(291)
|
|
2,217
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,144
|
|
169
|
|
84
|
|
44
|
|
243
|
|
(291)
|
|
2,393
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
49.9p
|
|
4.2p
|
|
2.1p
|
|
1.1p
|
|
4.9p
|
|
(7.2p)
|
|
55.0p
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares (millions)
|
4,034
|
|
|
|
|
|
|
|
|
|
|
|
4,034
|
Three months ended 30 September 2024
|
|
Total
results
£m
|
|
Intangible
amort-
isation
£m
|
|
Intangible
impair-
ment
£m
|
|
Major
restruct-
uring
£m
|
|
Trans-
action-
related
£m
|
|
Significant
legal,
Divest-
ments
and
other
items
£m
|
|
Core
results
£m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover
|
8,012
|
|
|
|
|
|
|
|
|
|
|
|
8,012
|
|
Cost of
sales
|
(2,397)
|
|
402
|
|
|
|
67
|
|
2
|
|
5
|
|
(1,921)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
5,615
|
|
402
|
|
|
|
67
|
|
2
|
|
5
|
|
6,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administration
|
(3,800)
|
|
|
|
|
|
33
|
|
|
|
1,697
|
|
(2,070)
|
|
Research
and development
|
(1,459)
|
|
13
|
|
17
|
|
1
|
|
|
|
|
|
(1,428)
|
|
Royalty
income
|
168
|
|
|
|
|
|
|
|
|
|
|
|
168
|
|
Other
operating income/(expense)
|
(335)
|
|
|
|
|
|
(1)
|
|
359
|
|
(23)
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
189
|
|
415
|
|
17
|
|
100
|
|
361
|
|
1,679
|
|
2,761
|
|
Net
finance expense
|
(124)
|
|
|
|
|
|
1
|
|
|
|
9
|
|
(114)
|
|
Share
of after tax profit/(loss) of associates and joint
ventures
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Profit before taxation
|
64
|
|
415
|
|
17
|
|
101
|
|
361
|
|
1,688
|
|
2,646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxation
|
1
|
|
(88)
|
|
(3)
|
|
(22)
|
|
(103)
|
|
(246)
|
|
(461)
|
|
Tax rate %
|
(1.6%)
|
|
|
|
|
|
|
|
|
|
|
|
17.4%
|
|
Profit after taxation
|
65
|
|
327
|
|
14
|
|
79
|
|
258
|
|
1,442
|
|
2,185
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit
attributable to non-controlling interests
|
123
|
|
|
|
|
|
|
|
34
|
|
|
|
157
|
|
Profit attributable to shareholders
|
(58)
|
|
327
|
|
14
|
|
79
|
|
224
|
|
1,442
|
|
2,028
|
|
|
65
|
|
327
|
|
14
|
|
79
|
|
258
|
|
1,442
|
|
2,185
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
(1.4p)
|
|
8.0p
|
|
0.3p
|
|
1.9p
|
|
5.5p
|
|
35.4p
|
|
49.7p
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares (millions)
|
4,080
|
|
|
|
|
|
|
|
|
|
|
|
4,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusting items Q3
2025
Major restructuring and integration
Charges
of £58 million (Q3 2024: £100 million) were incurred
relating to ongoing projects categorised as Major restructuring
programmes, analysed as follows:
|
|
Q3 2025
|
|
Q3
2024
|
||||||||
|
|
Cash
£m
|
|
Non-
cash
£m
|
|
Total
£m
|
|
Cash
£m
|
|
Non-
cash
£m
|
|
Total
£m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation
restructuring programme
|
41
|
|
2
|
|
43
|
|
42
|
|
(2)
|
|
40
|
|
Significant
acquisitions
|
4
|
|
–
|
|
4
|
|
15
|
|
–
|
|
15
|
|
Legacy
programmes
|
9
|
|
2
|
|
11
|
|
45
|
|
–
|
|
45
|
|
|
54
|
|
4
|
|
58
|
|
102
|
|
(2)
|
|
100
|
The
Separation restructuring programme incurred cash charges of
£41 million primarily from restructuring of some commercial
and administrative functions. The programme focussed on the
separation of GSK into two separate companies and is now largely
complete.
Costs
of significant acquisitions relate to integration costs of
Affinivax Inc. (Affinivax) which was acquired in Q3 2022, BELLUS
Health Inc. (Bellus) acquired in Q2 2023, Aiolos Bio, Inc. (Aiolos)
acquired in Q1 2024, IDRx acquired in Q1 2025 and BP Asset IX, Inc.
acquired to access efimosfermin in Q3 2025.
Transaction-related adjustments
Transaction-related
adjustments resulted in a net charge of £319 million (Q3 2024:
£361 million), the majority of which related to
charges/(credits) for the remeasurement of contingent consideration
liabilities, the liabilities for the Pfizer put option, and Pfizer
and Shionogi preferential dividends in ViiV
Healthcare.
|
|
|
|
|
|
Charge/(credit)
|
Q3 2025
£m
|
|
Q3
2024
£m
|
|
Contingent
consideration on former Shionogi-ViiV Healthcare joint Venture
(including Shionogi preferential dividends)
|
249
|
|
292
|
|
ViiV
Healthcare put options and Pfizer preferential
dividends
|
(7)
|
|
(16)
|
|
Contingent
consideration on former Novartis Vaccines business
|
25
|
|
46
|
|
Contingent
consideration on acquisition of Affinivax
|
10
|
|
15
|
|
Other
contingent consideration
|
3
|
|
–
|
|
Other
adjustments
|
39
|
|
24
|
|
|
|
|
|
|
Total
transaction-related charges/(credits)
|
319
|
|
361
|
The
£249 million charge relating to the contingent consideration
for the former Shionogi-ViiV Healthcare joint venture represented
an increase in the valuation of the contingent consideration due to
Shionogi driven by updated exchange rates and net other
remeasurements of £154 million and the unwind of the discount
for £95 million. An explanation of the accounting for the
non-controlling interests in ViiV Healthcare is set out on page
19.
There
was a £25 million charge in the quarter relating to the
contingent consideration on the former Novartis Vaccines business
primarily related to updated exchange rates and the unwind of the
discount.
The
£10 million charge relating to the contingent consideration on
the acquisition of Affinivax primarily related to the unwind of the
discount.
Significant legal charges, Divestments, and other
items
Legal
charges provide for all significant legal matters and are not
broken out separately by litigation or investigation.
Divestments
and other items included the £268 million ($370 million)
settlement from CureVac in connection with the mRNA patent
settlement, as well as other net income, including fair value
movements on equity investments.
The
reconciliations between Total results and Core results for YTD 2025
and YTD 2024 are set out below.
Nine months ended 30 September 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
results
£m
|
|
Intangible
amort-
isation
£m
|
|
Intangible
impair-
ment
£m
|
|
Major
restruct-
uring
£m
|
|
Trans-
action-
related
£m
|
|
Significant
legal,
Divest-
ments
and
other
items
£m
|
|
Core
results
£m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover
|
24,049
|
|
|
|
|
|
|
|
|
|
|
|
24,049
|
|
Cost of
sales
|
(6,360)
|
|
546
|
|
|
|
30
|
|
|
|
13
|
|
(5,771)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
17,689
|
|
546
|
|
|
|
30
|
|
|
|
13
|
|
18,278
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administration
|
(6,449)
|
|
|
|
|
|
54
|
|
48
|
|
35
|
|
(6,312)
|
|
Research
and development
|
(5,175)
|
|
65
|
|
652
|
|
7
|
|
|
|
|
|
(4,451)
|
|
Royalty
income
|
634
|
|
|
|
|
|
|
|
|
|
|
|
634
|
|
Other
operating income/(expense)
|
133
|
|
|
|
|
|
|
|
193
|
|
(326)
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
6,832
|
|
611
|
|
652
|
|
91
|
|
241
|
|
(278)
|
|
8,149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
finance expense
|
(383)
|
|
|
|
|
|
|
|
|
|
25
|
|
(358)
|
|
Share
of after tax profit/(loss) of associates and joint
venture
|
2
|
|
|
|
|
|
|
|
|
|
(9)
|
|
(7)
|
|
Profit before taxation
|
6,451
|
|
611
|
|
652
|
|
91
|
|
241
|
|
(262)
|
|
7,784
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxation
|
(889)
|
|
(134)
|
|
(163)
|
|
(22)
|
|
(134)
|
|
14
|
|
(1,328)
|
|
Tax rate %
|
13.8%
|
|
|
|
|
|
|
|
|
|
|
|
17.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit after taxation
|
5,562
|
|
477
|
|
489
|
|
69
|
|
107
|
|
(248)
|
|
6,456
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit
attributable to non-controlling interests
|
482
|
|
|
|
|
|
|
|
31
|
|
|
|
513
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) attributable to shareholders
|
5,080
|
|
477
|
|
489
|
|
69
|
|
76
|
|
(248)
|
|
5,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,562
|
|
477
|
|
489
|
|
69
|
|
107
|
|
(248)
|
|
6,456
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
125.1p
|
|
11.7p
|
|
12.0p
|
|
1.7p
|
|
1.9p
|
|
(6.1p)
|
|
146.3p
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares (millions)
|
4,062
|
|
|
|
|
|
|
|
|
|
|
|
4,062
|
Nine months ended 30 September 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
results
£m
|
|
Intangible
amort-
isation
£m
|
|
Intangible
impair-
ment
£m
|
|
Major
restruct-
uring
£m
|
|
Trans-
action-
related
£m
|
|
Significant
legal,
Divest-
ments
and
other
items
£m
|
|
Core
results
£m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turnover
|
23,259
|
|
|
|
|
|
|
|
|
|
|
|
23,259
|
|
Cost of
sales
|
(6,489)
|
|
764
|
|
|
|
141
|
|
40
|
|
13
|
|
(5,531)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
16,770
|
|
764
|
|
|
|
141
|
|
40
|
|
13
|
|
17,728
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administration
|
(8,352)
|
|
|
|
|
|
125
|
|
1
|
|
1,954
|
|
(6,272)
|
|
Research
and development
|
(4,370)
|
|
40
|
|
118
|
|
10
|
|
|
|
|
|
(4,202)
|
|
Royalty
income
|
463
|
|
|
|
|
|
|
|
|
|
|
|
463
|
|
Other
operating income/(expense)
|
(1,186)
|
|
|
|
|
|
5
|
|
1,422
|
|
(241)
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
3,325
|
|
804
|
|
118
|
|
281
|
|
1,463
|
|
1,726
|
|
7,717
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
finance expense
|
(408)
|
|
|
|
|
|
1
|
|
|
|
13
|
|
(394)
|
|
Share
of after tax profit/(loss) of associates and joint
ventures
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before taxation
|
2,914
|
|
804
|
|
118
|
|
282
|
|
1,463
|
|
1,739
|
|
7,320
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxation
|
(464)
|
|
(172)
|
|
(28)
|
|
(69)
|
|
(300)
|
|
(255)
|
|
(1,288)
|
|
Tax rate %
|
15.9%
|
|
|
|
|
|
|
|
|
|
|
|
17.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit after taxation
|
2,450
|
|
632
|
|
90
|
|
213
|
|
1,163
|
|
1,484
|
|
6,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit
attributable to non-controlling interests
|
289
|
|
|
|
|
|
|
|
192
|
|
|
|
481
|
|
Profit/(loss) attributable to shareholders
|
2,161
|
|
632
|
|
90
|
|
213
|
|
971
|
|
1,484
|
|
5,551
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,450
|
|
632
|
|
90
|
|
213
|
|
1,163
|
|
1,484
|
|
6,032
|
|
Earnings per share
|
53.0p
|
|
15.5p
|
|
2.2p
|
|
5.2p
|
|
23.8p
|
|
36.5p
|
|
136.2p
|
|
Weighted average
number of shares (millions)
|
4,076
|
|
|
|
|
|
|
|
|
|
|
|
4,076
|
Adjusting items 9 months
2025
Major restructuring and integration
|
|
|
Charges
of £91 million (9 months 2024: £281 million) were
incurred relating to ongoing projects categorised as Major
restructuring programmes, analysed as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 months 2025
|
|
9
months 2024
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
£m
|
|
Non-
cash
£m
|
|
Total
£m
|
|
Cash
£m
|
|
Non-
cash
£m
|
|
Total
£m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation
restructuring programme
|
49
|
|
17
|
|
66
|
|
169
|
|
14
|
|
183
|
|
Significant
acquisitions
|
12
|
|
–
|
|
12
|
|
50
|
|
1
|
|
51
|
|
Legacy
programmes
|
11
|
|
2
|
|
13
|
|
47
|
|
–
|
|
47
|
|
|
72
|
|
19
|
|
91
|
|
266
|
|
15
|
|
281
|
The
Separation restructuring programme incurred cash charges of
£49 million primarily from the restructuring of some
commercial and administrative functions. The non-cash charges of
£17 million primarily reflected the write-down of assets in
manufacturing locations.
The
programme focussed on the separation of GSK into two separate
companies and is now largely complete. The programme has delivered
its target of £1.1 billion of annual savings, with total costs
still expected at £2.4 billion, with cash charges of £1.7
billion and non-cash charges of £0.7 billion.
Costs
of significant acquisitions relate to integration costs of
Affinivax which were acquired in Q3 2022, Bellus acquired in Q2
2023, Aiolos acquired in Q1 2024, IDRx acquired in Q1 2025 and BP
Asset IX, Inc. acquired to access efimosfermin in Q3
2025.
Cash
charges of £11 million under Legacy programmes primarily arose
from the divestment of the cephalosporins business.
Transaction-related adjustments
Transaction-related
adjustments resulted in a net charge of £241 million (9 months
2024: £1,463 million), the majority of which related to
charges/(credits) for the remeasurement of contingent consideration
liabilities, the liabilities for the Pfizer put option, and Pfizer
and Shionogi preferential dividends in ViiV
Healthcare.
|
|
|
|
|
|
Charge/(credit)
|
9 months 2025
£m
|
|
9
months 2024
£m
|
|
Contingent
consideration on former Shionogi-ViiV Healthcare joint
Venture
(including Shionogi preferential dividends)
|
161
|
|
1,106
|
|
ViiV
Healthcare put options and Pfizer preferential
dividends
|
(96)
|
|
54
|
|
Contingent
consideration on former Novartis Vaccines business
|
134
|
|
206
|
|
Contingent
consideration on acquisition of Affinivax
|
(16)
|
|
31
|
|
Other
contingent consideration
|
10
|
|
–
|
|
Other
adjustments
|
48
|
|
66
|
|
|
|
|
|
|
Total
transaction-related charges
|
241
|
|
1,463
|
The
£161 million charge relating to the contingent consideration
for the former Shionogi-ViiV Healthcare joint venture represented
an increase in the valuation of the contingent consideration due to
Shionogi, driven by the unwind of the discount for £308
million partly offset by updated exchange rates and net other
remeasurements of £147 million. The £96 million credit
relating to the ViiV Healthcare put option and Pfizer preferential
dividends represented a decrease in the valuation of the put option
primarily as a result of updated exchange rates and sales
forecasts. The ViiV Healthcare contingent consideration liability
is fair valued under IFRS. An explanation of the accounting for the
non-controlling interests in ViiV Healthcare is set out on page
19.
The
£134 million charge relating to the contingent consideration
on the former Novartis Vaccines business primarily related to
changes to future sales forecasts, updated exchange rates and the
unwind of the discount.
The
£16 million credit relating to the contingent consideration on
the acquisition of Affinivax primarily related to updated milestone
payment dates partly offset by the unwind of the
discount.
Significant legal charges, Divestments, and other
items
Legal
charges provide for all significant legal matters and are not
broken out separately by litigation or
investigation.
Divestments
and other items included the £268 million ($370 million)
settlement from CureVac in connection with the mRNA patent
settlement, as well as other net income, including fair value
movements on equity investments.
Financial
information
Income statement
|
|
|
|
|
|
|
|
|
|
|
Q3 2025
£m
|
|
Q3
2024
£m
|
|
9 months 2025
£m
|
|
9
months 2024
£m
|
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
8,547
|
|
8,012
|
|
24,049
|
|
23,259
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
(2,258)
|
|
(2,397)
|
|
(6,360)
|
|
(6,489)
|
|
Gross
profit
|
6,289
|
|
5,615
|
|
17,689
|
|
16,770
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administration
|
(2,239)
|
|
(3,800)
|
|
(6,449)
|
|
(8,352)
|
|
Research
and development
|
(1,689)
|
|
(1,459)
|
|
(5,175)
|
|
(4,370)
|
|
Royalty
income
|
208
|
|
168
|
|
634
|
|
463
|
|
Other
operating income/(expense)
|
24
|
|
(335)
|
|
133
|
|
(1,186)
|
|
|
|
|
|
|
|
|
|
|
OPERATING PROFIT
|
2,593
|
|
189
|
|
6,832
|
|
3,325
|
|
|
|
|
|
|
|
|
|
|
Finance
income
|
26
|
|
32
|
|
130
|
|
88
|
|
Finance
expense
|
(167)
|
|
(156)
|
|
(513)
|
|
(496)
|
|
Share
of after tax profit/(loss) of associates and joint
ventures
|
4
|
|
(1)
|
|
2
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAXATION
|
2,456
|
|
64
|
|
6,451
|
|
2,914
|
|
|
|
|
|
|
|
|
|
|
Taxation
|
(312)
|
|
1
|
|
(889)
|
|
(464)
|
|
Tax rate %
|
12.7%
|
|
(1.6%)
|
|
13.8%
|
|
15.9%
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAXATION
|
2,144
|
|
65
|
|
5,562
|
|
2,450
|
|
|
|
|
|
|
|
|
|
|
Profit
attributable to non-controlling interests
|
131
|
|
123
|
|
482
|
|
289
|
|
Profit
attributable to shareholders
|
2,013
|
|
(58)
|
|
5,080
|
|
2,161
|
|
|
2,144
|
|
65
|
|
5,562
|
|
2,450
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE
|
49.9p
|
|
(1.4p)
|
|
125.1p
|
|
53.0p
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share
|
49.1p
|
|
(1.4p)
|
|
123.0p
|
|
52.2p
|
Statement of comprehensive income
|
|
|
|
|
|
|
|
|
|
|
Q3 2025
£m
|
|
Q3
2024
£m
|
|
9 months 2025
£m
|
|
9
months 2024
£m
|
|
Total
profit for the period
|
2,144
|
|
65
|
|
5,562
|
|
2,450
|
|
|
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to income
statement:
|
|
|
|
|
|
|
|
|
Exchange movements
on overseas net assets and net investment hedges
|
25
|
|
164
|
|
292
|
|
(47)
|
|
Reclassification of
exchange movements on liquidation or disposal of overseas
subsidiaries and associates
|
(1)
|
|
(57)
|
|
(9)
|
|
(56)
|
|
Fair
value movements on cash flow hedges
|
23
|
|
(1)
|
|
(33)
|
|
(1)
|
|
Cost of
hedging
|
3
|
|
(5)
|
|
12
|
|
(5)
|
|
Deferred
tax on fair value movements on cash flow hedges
|
(1)
|
|
(1)
|
|
(1)
|
|
(1)
|
|
Reclassification
of cash flow hedges to income statement
|
(19)
|
|
2
|
|
29
|
|
4
|
|
|
30
|
|
102
|
|
290
|
|
(106)
|
|
|
|
|
|
|
|
|
|
|
Items that will not be reclassified to income
statement:
|
|
|
|
|
|
|
|
|
Exchange movements
on overseas net assets of non-controlling interests
|
9
|
|
(24)
|
|
(14)
|
|
(17)
|
|
Fair
value movements on equity investments
|
115
|
|
(27)
|
|
81
|
|
(108)
|
|
Tax on
fair value movements on equity investments
|
(10)
|
|
3
|
|
(14)
|
|
6
|
|
Fair
value movements on cash flow hedges
|
–
|
|
3
|
|
–
|
|
2
|
|
Remeasurement
gains/(losses) on defined benefit plans
|
58
|
|
192
|
|
132
|
|
373
|
|
Tax on
remeasurement losses/(gains) on defined benefit plans
|
(15)
|
|
(45)
|
|
(31)
|
|
(87)
|
|
|
157
|
|
102
|
|
154
|
|
169
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income/(expense) for the period
|
187
|
|
204
|
|
444
|
|
63
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive income for the period
|
2,331
|
|
269
|
|
6,006
|
|
2,513
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive income for the period attributable to:
|
|
|
|
|
|
|
|
|
Shareholders
|
2,191
|
|
170
|
|
5,538
|
|
2,241
|
|
Non-controlling interests
|
140
|
|
99
|
|
468
|
|
272
|
|
|
2,331
|
|
269
|
|
6,006
|
|
2,513
|
Balance sheet
|
|
30 September 2025
£m
|
|
31
December 2024
£m
|
|
ASSETS
|
|
|
|
|
Non-current assets
|
|
|
|
|
Property,
plant and equipment
|
9,342
|
|
9,227
|
|
Right
of use assets
|
790
|
|
846
|
|
Goodwill
|
7,117
|
|
6,982
|
|
Other
intangible assets
|
16,865
|
|
15,515
|
|
Investments
in associates and joint ventures
|
129
|
|
96
|
|
Other
investments
|
954
|
|
1,100
|
|
Deferred
tax assets
|
6,168
|
|
6,757
|
|
Derivative
instruments
|
–
|
|
1
|
|
Other
non-current assets
|
2,132
|
|
1,942
|
|
|
|
|
|
|
Total non-current assets
|
43,497
|
|
42,466
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
Inventories
|
6,118
|
|
5,669
|
|
Current
tax recoverable
|
367
|
|
489
|
|
Trade
and other receivables
|
7,937
|
|
6,836
|
|
Derivative
financial instruments
|
107
|
|
109
|
|
Liquid
investments
|
10
|
|
21
|
|
Cash
and cash equivalents
|
3,296
|
|
3,870
|
|
Assets
held for sale
|
7
|
|
3
|
|
|
|
|
|
|
Total current assets
|
17,842
|
|
16,997
|
|
|
|
|
|
|
TOTAL ASSETS
|
61,339
|
|
59,463
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
Current liabilities
|
|
|
|
|
Short-term
borrowings
|
(2,856)
|
|
(2,349)
|
|
Contingent
consideration liabilities
|
(1,236)
|
|
(1,172)
|
|
Trade
and other payables
|
(15,675)
|
|
(15,335)
|
|
Derivative
financial instruments
|
(113)
|
|
(192)
|
|
Current
tax payable
|
(324)
|
|
(703)
|
|
Short-term
provisions
|
(1,130)
|
|
(1,946)
|
|
|
|
|
|
|
Total current liabilities
|
(21,334)
|
|
(21,697)
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
Long-term
borrowings
|
(14,894)
|
|
(14,637)
|
|
Deferred
tax liabilities
|
(390)
|
|
(382)
|
|
Pensions
and other post-employment benefits
|
(1,663)
|
|
(1,864)
|
|
Derivative
financial instruments
|
(66)
|
|
–
|
|
Other
provisions
|
(673)
|
|
(589)
|
|
Contingent
consideration liabilities
|
(5,547)
|
|
(6,108)
|
|
Other
non-current liabilities
|
(1,020)
|
|
(1,100)
|
|
|
|
|
|
|
Total non-current liabilities
|
(24,253)
|
|
(24,680)
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
(45,587)
|
|
(46,377)
|
|
|
|
|
|
|
NET ASSETS
|
15,752
|
|
13,086
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
Share
capital
|
1,349
|
|
1,348
|
|
Share
premium account
|
3,486
|
|
3,473
|
|
Retained
earnings
|
10,016
|
|
7,796
|
|
Other
reserves
|
1,297
|
|
1,054
|
|
|
|
|
|
|
Shareholders’ equity
|
16,148
|
|
13,671
|
|
|
|
|
|
|
Non-controlling
interests
|
(396)
|
|
(585)
|
|
|
|
|
|
|
TOTAL EQUITY
|
15,752
|
|
13,086
|
Statement of changes in equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
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
|
|
|
|
|
5,080
|
|
|
|
5,080
|
|
482
|
|
5,562
|
|
Other comprehensive income/(expense) for the period
|
|
|
|
|
371
|
|
87
|
|
458
|
|
(14)
|
|
444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive income/(expense) for the period
|
|
|
|
|
5,451
|
|
87
|
|
5,538
|
|
468
|
|
6,006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions
to non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
(279)
|
|
(279)
|
|
Dividends
to shareholders
|
|
|
|
|
(1,918)
|
|
|
|
(1,918)
|
|
|
|
(1,918)
|
|
Realised after tax
losses on disposal or liquidation of equity
investments
|
|
|
|
|
26
|
|
(26)
|
|
|
|
|
|
–
|
|
Share
of associates and joint ventures realised profit/(loss) on disposal
of equity investments
|
|
|
|
|
(1)
|
|
1
|
|
|
|
|
|
–
|
|
Shares
issued
|
1
|
|
13
|
|
|
|
|
|
14
|
|
|
|
14
|
|
Purchase
of treasury shares (*)
|
|
|
|
|
(1,425)
|
|
|
|
(1,425)
|
|
|
|
(1,425)
|
|
Write-down
on shares held by ESOP Trusts
|
|
|
|
|
(181)
|
|
181
|
|
|
|
|
|
–
|
|
Share-based
incentive plans
|
|
|
|
|
268
|
|
|
|
268
|
|
|
|
268
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 September 2025
|
1,349
|
|
3,486
|
|
10,016
|
|
1,297
|
|
16,148
|
|
(396)
|
|
15,752
|
(*) Includes shares committed to repurchase under irrevocable
contracts and repurchases subject to settlement at the end of the
period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share
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 2024
|
1,348
|
|
3,451
|
|
7,239
|
|
1,309
|
|
13,347
|
|
(552)
|
|
12,795
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit
for the period
|
|
|
|
|
2,161
|
|
|
|
2,161
|
|
289
|
|
2,450
|
|
Other comprehensive income/(expense) for the period
|
|
|
|
|
146
|
|
(66)
|
|
80
|
|
(17)
|
|
63
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive income/(expense) for the period
|
|
|
|
|
2,307
|
|
(66)
|
|
2,241
|
|
272
|
|
2,513
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions
to non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
(288)
|
|
(288)
|
|
Dividends
to shareholders
|
|
|
|
|
(1,832)
|
|
|
|
(1,832)
|
|
|
|
(1,832)
|
|
Realised after tax
losses on disposal or liquidation of equity
investments
|
|
|
|
|
15
|
|
(15)
|
|
|
|
|
|
–
|
|
Share
of associates and joint ventures realised profit/(loss) on disposal
of equity investments
|
|
|
|
|
52
|
|
(52)
|
|
|
|
|
|
–
|
|
Shares
issued
|
|
|
20
|
|
|
|
|
|
20
|
|
|
|
20
|
|
Write-down
of shares held by ESOP Trusts
|
|
|
|
|
(283)
|
|
283
|
|
|
|
|
|
–
|
|
Shares
acquired by ESOP Trusts
|
|
|
2
|
|
457
|
|
(459)
|
|
|
|
|
|
–
|
|
Share-based
incentive plans
|
|
|
|
|
232
|
|
|
|
232
|
|
|
|
232
|
|
Contributions from
non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
9
|
|
9
|
|
Changes
to non-controlling interest
|
|
|
|
|
|
|
|
|
|
|
4
|
|
4
|
|
At 30
September 2024
|
1,348
|
|
3,473
|
|
8,187
|
|
1,000
|
|
14,008
|
|
(555)
|
|
13,453
|
Cash flow statement nine months ended 30 September
2025
|
|
|
|
|
|
|
9 months 2025
£m
|
|
9
months 2024
£m
|
|
Profit after tax
|
5,562
|
|
2,450
|
|
Tax on
profits
|
889
|
|
464
|
|
Share
of after tax loss/(profit) of associates and joint
ventures
|
(2)
|
|
3
|
|
Net
finance expense
|
383
|
|
408
|
|
Depreciation,
amortisation and other adjusting items
|
2,720
|
|
2,139
|
|
(Increase)/decrease
in working capital
|
(2,025)
|
|
(1,669)
|
|
Contingent
consideration paid
|
(989)
|
|
(924)
|
|
Increase/(decrease)
in other net liabilities (excluding contingent consideration
paid)
|
(284)
|
|
2,404
|
|
Cash generated from operations
|
6,254
|
|
5,275
|
|
Taxation
paid
|
(791)
|
|
(1,050)
|
|
Total net cash inflow/(outflow) from operating
activities
|
5,463
|
|
4,225
|
|
Cash flow from investing activities
|
|
|
|
|
Purchase
of property, plant and equipment
|
(775)
|
|
(855)
|
|
Proceeds
from sale of property, plant and equipment
|
11
|
|
4
|
|
Purchase
of intangible assets
|
(1,185)
|
|
(992)
|
|
Proceeds
from sale of intangible assets
|
112
|
|
126
|
|
Purchase
of equity investments
|
(52)
|
|
(76)
|
|
Proceeds
from sale of equity investments
|
138
|
|
2,354
|
|
Purchase
of businesses, net of cash acquired
|
(1,655)
|
|
(748)
|
|
Investment
in joint ventures and associates
|
–
|
|
(42)
|
|
Contingent
consideration paid
|
(11)
|
|
(11)
|
|
Disposal
of businesses
|
(28)
|
|
(13)
|
|
Interest
received
|
117
|
|
91
|
|
(Increase)/decrease
in liquid investments
|
11
|
|
21
|
|
Dividends
from joint ventures and associates
|
–
|
|
15
|
|
Dividend
and distributions from investments
|
17
|
|
16
|
|
Total net cash inflow/(outflow) from investing
activities
|
(3,300)
|
|
(110)
|
|
Cash flow from financing activities
|
|
|
|
|
Issue
of share capital
|
14
|
|
20
|
|
Repayment
of long-term loans
|
(1,402)
|
|
(787)
|
|
Issue
of long-term notes
|
1,979
|
|
–
|
|
Net
increase/(decrease) in short-term loans
|
551
|
|
(623)
|
|
Increase
in other short-term loans
|
112
|
|
–
|
|
Repayment
of other short-term loans
|
(282)
|
|
–
|
|
Repayment
of lease liabilities
|
(166)
|
|
(170)
|
|
Interest
paid
|
(384)
|
|
(385)
|
|
Dividends
paid to shareholders
|
(1,918)
|
|
(1,832)
|
|
Purchase
of treasury shares
|
(1,125)
|
|
–
|
|
Distribution
to non-controlling interests
|
(279)
|
|
(288)
|
|
Contributions
from non-controlling interests
|
–
|
|
9
|
|
Other
financing items
|
71
|
|
172
|
|
Total net cash inflow/(outflow) from financing
activities
|
(2,829)
|
|
(3,884)
|
|
Increase/(decrease) in cash and bank overdrafts in the
period
|
(666)
|
|
231
|
|
Cash
and bank overdrafts at beginning of the period
|
3,403
|
|
2,858
|
|
Exchange
adjustments
|
22
|
|
(61)
|
|
Increase/(decrease)
in cash and bank overdrafts in the period
|
(666)
|
|
231
|
|
Cash and bank overdrafts at end of the period
|
2,759
|
|
3,028
|
|
Cash
and bank overdrafts at end of period comprise:
|
|
|
|
|
Cash and cash equivalents
|
3,296
|
|
3,192
|
|
Overdrafts
|
(537)
|
|
(164)
|
|
|
2,759
|
|
3,028
|
Sales tables
Specialty Medicines turnover – three months ended 30
September 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
US
|
|
Europe
|
|
International
|
||||||||
|
|
|
Growth
|
|
|
Growth
|
|
|
Growth
|
|
|
Growth
|
||||
|
|
£m
|
AER%
|
CER%
|
|
£m
|
AER%
|
CER%
|
|
£m
|
AER%
|
CER%
|
|
£m
|
AER%
|
CER%
|
|
HIV
|
1,944
|
11
|
12
|
|
1,346
|
15
|
17
|
|
380
|
5
|
1
|
|
218
|
1
|
5
|
|
Dolutegravir
products
|
1,418
|
2
|
3
|
|
895
|
3
|
5
|
|
325
|
2
|
(1)
|
|
198
|
(2)
|
1
|
|
Tivicay
|
330
|
(1)
|
–
|
|
196
|
5
|
6
|
|
58
|
(3)
|
(7)
|
|
76
|
(14)
|
(10)
|
|
Triumeq
|
236
|
(27)
|
(26)
|
|
176
|
(23)
|
(22)
|
|
34
|
(35)
|
(37)
|
|
26
|
(37)
|
(34)
|
|
Juluca
|
157
|
(4)
|
(2)
|
|
126
|
(2)
|
1
|
|
28
|
(10)
|
(13)
|
|
3
|
(25)
|
(25)
|
|
Dovato
|
695
|
23
|
24
|
|
397
|
23
|
26
|
|
205
|
17
|
14
|
|
93
|
33
|
39
|
|
Cabenuva
|
357
|
46
|
48
|
|
295
|
47
|
50
|
|
51
|
31
|
28
|
|
11
|
83
|
>100
|
|
Apretude
|
120
|
74
|
75
|
|
116
|
76
|
80
|
|
–
|
–
|
–
|
|
4
|
33
|
(33)
|
|
Rukobia
|
41
|
5
|
8
|
|
38
|
3
|
3
|
|
2
|
–
|
–
|
|
1
|
>100
|
>100
|
|
Other
|
8
|
(11)
|
(33)
|
|
2
|
–
|
–
|
|
2
|
(50)
|
(75)
|
|
4
|
33
|
–
|
|
Respiratory,
Immunology & Inflammation
|
954
|
13
|
15
|
|
621
|
12
|
14
|
|
165
|
19
|
16
|
|
168
|
13
|
17
|
|
Nucala
|
499
|
12
|
14
|
|
252
|
7
|
9
|
|
133
|
17
|
13
|
|
114
|
20
|
25
|
|
Benlysta
|
447
|
15
|
17
|
|
369
|
16
|
18
|
|
35
|
25
|
21
|
|
43
|
–
|
2
|
|
Other
|
8
|
(20)
|
(10)
|
|
–
|
(100)
|
>(100)
|
|
(3)
|
1
|
34
|
|
11
|
–
|
–
|
|
Oncology
|
511
|
37
|
39
|
|
349
|
32
|
34
|
|
122
|
39
|
35
|
|
40
|
90
|
>100
|
|
Jemperli
|
230
|
77
|
79
|
|
171
|
61
|
64
|
|
44
|
>100
|
>100
|
|
15
|
>100
|
>100
|
|
Zejula
|
137
|
(5)
|
(4)
|
|
73
|
1
|
4
|
|
51
|
(7)
|
(9)
|
|
13
|
(24)
|
(24)
|
|
Blenrep
|
–
|
(100)
|
>(100)
|
|
–
|
–
|
–
|
|
–
|
(100)
|
(100)
|
|
–
|
–
|
–
|
|
Ojjaara/Omjjara
|
146
|
49
|
51
|
|
105
|
22
|
24
|
|
28
|
>100
|
>100
|
|
13
|
>100
|
>100
|
|
Other
|
(2)
|
–
|
50
|
|
–
|
–
|
–
|
|
(1)
|
50
|
–
|
|
(1)
|
>(100)
|
>100
|
|
Specialty Medicines
|
3,409
|
15
|
16
|
|
2,316
|
16
|
19
|
|
667
|
13
|
10
|
|
426
|
11
|
15
|
Specialty Medicines turnover – nine months ended 30 September
2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
US
|
|
Europe
|
|
International
|
||||||||
|
|
|
Growth
|
|
|
Growth
|
|
|
Growth
|
|
|
Growth
|
||||
|
|
£m
|
£%
|
CER%
|
|
£m
|
£%
|
CER%
|
|
£m
|
£%
|
CER%
|
|
£m
|
£%
|
CER%
|
|
HIV
|
5,538
|
8
|
10
|
|
3,767
|
11
|
14
|
|
1,133
|
2
|
2
|
|
638
|
3
|
7
|
|
Dolutegravir
products
|
4,092
|
–
|
2
|
|
2,536
|
1
|
3
|
|
973
|
(1)
|
(1)
|
|
583
|
–
|
4
|
|
Tivicay
|
977
|
(3)
|
(1)
|
|
566
|
–
|
2
|
|
174
|
(8)
|
(8)
|
|
237
|
(6)
|
(3)
|
|
Triumeq
|
722
|
(26)
|
(24)
|
|
519
|
(24)
|
(22)
|
|
117
|
(32)
|
(32)
|
|
86
|
(31)
|
(26)
|
|
Juluca
|
473
|
(5)
|
(3)
|
|
377
|
(4)
|
(1)
|
|
87
|
(8)
|
(8)
|
|
9
|
(10)
|
(10)
|
|
Dovato
|
1,920
|
20
|
22
|
|
1,074
|
22
|
25
|
|
595
|
14
|
14
|
|
251
|
28
|
33
|
|
Cabenuva
|
992
|
41
|
44
|
|
817
|
42
|
45
|
|
147
|
34
|
34
|
|
28
|
56
|
72
|
|
Apretude
|
310
|
59
|
63
|
|
304
|
61
|
65
|
|
–
|
–
|
–
|
|
6
|
–
|
(17)
|
|
Rukobia
|
123
|
12
|
15
|
|
108
|
4
|
6
|
|
7
|
17
|
17
|
|
8
|
>100
|
>100
|
|
Other
|
21
|
(28)
|
(28)
|
|
2
|
(67)
|
(50)
|
|
6
|
(50)
|
(50)
|
|
13
|
18
|
9
|
|
Respiratory,
Immunology & Inflammation
|
2,721
|
14
|
17
|
|
1,753
|
12
|
14
|
|
469
|
15
|
15
|
|
499
|
21
|
27
|
|
Nucala
|
1,441
|
11
|
13
|
|
728
|
4
|
6
|
|
385
|
15
|
15
|
|
328
|
25
|
30
|
|
Benlysta
|
1,257
|
18
|
21
|
|
1,025
|
18
|
21
|
|
98
|
15
|
15
|
|
134
|
16
|
21
|
|
Other
|
23
|
1
|
5
|
|
–
|
(100)
|
>(100)
|
|
(14)
|
(26)
|
(26)
|
|
37
|
16
|
19
|
|
Oncology
|
1,410
|
41
|
44
|
|
977
|
39
|
43
|
|
333
|
34
|
34
|
|
100
|
92
|
>100
|
|
Jemperli
|
600
|
89
|
93
|
|
456
|
76
|
80
|
|
107
|
>100
|
>100
|
|
37
|
>100
|
>100
|
|
Zejula
|
419
|
(7)
|
(5)
|
|
216
|
(7)
|
(5)
|
|
164
|
(6)
|
(5)
|
|
39
|
(11)
|
(2)
|
|
Blenrep
|
4
|
>100
|
>100
|
|
–
|
100
|
100
|
|
4
|
–
|
–
|
|
–
|
–
|
–
|
|
Ojjaara/Omjjara
|
396
|
69
|
72
|
|
305
|
43
|
47
|
|
66
|
>100
|
>100
|
|
25
|
>100
|
>100
|
|
Other
|
(9)
|
>(100)
|
>(100)
|
|
–
|
–
|
–
|
|
(8)
|
>(100)
|
>(100)
|
|
(1)
|
>(100)
|
>100
|
|
Specialty Medicines
|
9,669
|
14
|
16
|
|
6,497
|
15
|
17
|
|
1,935
|
10
|
10
|
|
1,237
|
15
|
20
|
Vaccines turnover – three months ended 30 September
2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
US
|
|
Europe
|
|
International
|
||||||||
|
|
|
Growth
|
|
|
Growth
|
|
|
Growth
|
|
|
Growth
|
||||
|
|
£m
|
AER%
|
CER%
|
|
£m
|
AER%
|
CER%
|
|
£m
|
AER%
|
CER%
|
|
£m
|
AER%
|
CER%
|
|
Shingles
|
830
|
12
|
13
|
|
256
|
(17)
|
(15)
|
|
297
|
53
|
48
|
|
277
|
16
|
21
|
|
Shingrix
|
830
|
12
|
13
|
|
256
|
(17)
|
(15)
|
|
297
|
53
|
48
|
|
277
|
16
|
21
|
|
Meningitis
|
541
|
4
|
5
|
|
316
|
–
|
3
|
|
154
|
26
|
23
|
|
71
|
(13)
|
(11)
|
|
Bexsero
|
367
|
10
|
11
|
|
162
|
(4)
|
(1)
|
|
151
|
26
|
23
|
|
54
|
17
|
24
|
|
Menveo
|
168
|
(3)
|
(1)
|
|
149
|
1
|
3
|
|
2
|
100
|
100
|
|
17
|
(29)
|
(33)
|
|
Penmenvy
|
5
|
–
|
–
|
|
5
|
–
|
–
|
|
–
|
–
|
–
|
|
–
|
–
|
–
|
|
Other
|
1
|
(92)
|
(92)
|
|
–
|
–
|
–
|
|
1
|
–
|
–
|
|
–
|
(100)
|
(100)
|
|
RSV
|
251
|
34
|
36
|
|
140
|
(21)
|
(20)
|
|
75
|
>100
|
>100
|
|
36
|
>100
|
>100
|
|
Arexvy
|
251
|
34
|
36
|
|
140
|
(21)
|
(20)
|
|
75
|
>100
|
>100
|
|
36
|
>100
|
>100
|
|
Influenza
|
216
|
(24)
|
(22)
|
|
163
|
(33)
|
(32)
|
|
18
|
20
|
20
|
|
35
|
40
|
48
|
|
Fluarix, FluLaval
|
216
|
(24)
|
(22)
|
|
163
|
(33)
|
(32)
|
|
18
|
20
|
20
|
|
35
|
40
|
48
|
|
Established Vaccines
|
840
|
(9)
|
(8)
|
|
389
|
(6)
|
(4)
|
|
181
|
(3)
|
(4)
|
|
270
|
(15)
|
(15)
|
|
Boostrix
|
182
|
(14)
|
(13)
|
|
122
|
(13)
|
(11)
|
|
36
|
3
|
–
|
|
24
|
(31)
|
(31)
|
|
Cervarix
|
(11)
|
>(100)
|
>(100)
|
|
–
|
–
|
–
|
|
1
|
(75)
|
(75)
|
|
(12)
|
>(100)
|
>(100)
|
|
Hepatitis
|
183
|
–
|
1
|
|
101
|
(10)
|
(8)
|
|
54
|
17
|
15
|
|
28
|
12
|
12
|
|
Infanrix, Pediarix
|
145
|
(4)
|
(1)
|
|
92
|
(3)
|
(1)
|
|
27
|
–
|
(4)
|
|
26
|
(10)
|
–
|
|
Priorix, Priorix Tetra, Varilrix
|
146
|
76
|
73
|
|
15
|
25
|
25
|
|
32
|
–
|
–
|
|
99
|
>100
|
>100
|
|
Rotarix
|
152
|
(1)
|
–
|
|
54
|
4
|
6
|
|
33
|
14
|
7
|
|
65
|
(10)
|
(7)
|
|
Synflorix
|
28
|
(44)
|
(44)
|
|
–
|
–
|
–
|
|
–
|
(100)
|
>(100)
|
|
28
|
(39)
|
(39)
|
|
Other
|
15
|
(79)
|
(75)
|
|
5
|
67
|
67
|
|
(2)
|
>(100)
|
>(100)
|
|
12
|
(80)
|
(78)
|
|
Vaccines
|
2,678
|
1
|
2
|
|
1,264
|
(13)
|
(12)
|
|
725
|
39
|
35
|
|
689
|
3
|
6
|
Vaccines turnover – nine months ended 30 September
2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
US
|
|
Europe
|
|
International
|
||||||||
|
|
|
Growth
|
|
|
Growth
|
|
|
Growth
|
|
|
Growth
|
||||
|
|
£m
|
£%
|
CER%
|
|
£m
|
£%
|
CER%
|
|
£m
|
£%
|
CER%
|
|
£m
|
£%
|
CER%
|
|
Shingles
|
2,550
|
1
|
3
|
|
869
|
(19)
|
(17)
|
|
947
|
42
|
42
|
|
734
|
(5)
|
(1)
|
|
Shingrix
|
2,550
|
1
|
3
|
|
869
|
(19)
|
(17)
|
|
947
|
42
|
42
|
|
734
|
(5)
|
(1)
|
|
Meningitis
|
1,270
|
11
|
14
|
|
582
|
–
|
3
|
|
449
|
32
|
33
|
|
239
|
7
|
14
|
|
Bexsero
|
900
|
15
|
18
|
|
310
|
(5)
|
(2)
|
|
441
|
33
|
34
|
|
149
|
17
|
28
|
|
Menveo
|
349
|
4
|
6
|
|
267
|
5
|
7
|
|
6
|
20
|
20
|
|
76
|
(1)
|
1
|
|
Penmenvy
|
5
|
–
|
–
|
|
5
|
–
|
–
|
|
–
|
–
|
–
|
|
–
|
–
|
–
|
|
Other
|
16
|
(27)
|
(27)
|
|
–
|
–
|
–
|
|
2
|
(33)
|
(33)
|
|
14
|
(26)
|
(26)
|
|
RSV
|
395
|
(9)
|
(6)
|
|
230
|
(41)
|
(39)
|
|
112
|
>100
|
>100
|
|
53
|
36
|
49
|
|
Arexvy
|
395
|
(9)
|
(6)
|
|
230
|
(41)
|
(39)
|
|
112
|
>100
|
>100
|
|
53
|
36
|
49
|
|
Influenza
|
223
|
(26)
|
(24)
|
|
159
|
(35)
|
(34)
|
|
18
|
29
|
29
|
|
46
|
2
|
9
|
|
Fluarix, FluLaval
|
223
|
(26)
|
(24)
|
|
159
|
(35)
|
(34)
|
|
18
|
29
|
29
|
|
46
|
2
|
9
|
|
Established Vaccines
|
2,426
|
(4)
|
(2)
|
|
1,028
|
2
|
4
|
|
519
|
(4)
|
(4)
|
|
879
|
(10)
|
(7)
|
|
Boostrix
|
504
|
(5)
|
(3)
|
|
312
|
(7)
|
(5)
|
|
110
|
6
|
6
|
|
82
|
(10)
|
(5)
|
|
Cervarix
|
15
|
(77)
|
(79)
|
|
–
|
–
|
–
|
|
7
|
(36)
|
(36)
|
|
8
|
(85)
|
(87)
|
|
Hepatitis
|
507
|
(3)
|
(1)
|
|
270
|
(8)
|
(6)
|
|
150
|
5
|
5
|
|
87
|
5
|
11
|
|
Infanrix, Pediarix
|
415
|
6
|
9
|
|
242
|
17
|
20
|
|
82
|
(6)
|
(6)
|
|
91
|
(6)
|
–
|
|
Priorix, Priorix Tetra, Varilrix
|
327
|
36
|
38
|
|
48
|
85
|
88
|
|
90
|
(3)
|
(2)
|
|
189
|
56
|
58
|
|
Rotarix
|
426
|
(1)
|
1
|
|
137
|
–
|
2
|
|
92
|
5
|
5
|
|
197
|
(4)
|
–
|
|
Synflorix
|
136
|
(13)
|
(11)
|
|
–
|
–
|
–
|
|
2
|
(71)
|
(71)
|
|
134
|
(11)
|
(9)
|
|
Other
|
96
|
(51)
|
(49)
|
|
19
|
73
|
82
|
|
(14)
|
>(100)
|
>(100)
|
|
91
|
(48)
|
(48)
|
|
Vaccines
|
6,864
|
(1)
|
1
|
|
2,868
|
(13)
|
(11)
|
|
2,045
|
30
|
31
|
|
1,951
|
(5)
|
(1)
|
General Medicines turnover – three months ended 30 September
2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
US
|
|
Europe
|
|
International
|
||||||||
|
|
|
Growth
|
|
|
Growth
|
|
|
Growth
|
|
|
Growth
|
||||
|
|
£m
|
AER%
|
CER%
|
|
£m
|
AER%
|
CER%
|
|
£m
|
AER%
|
CER%
|
|
£m
|
AER%
|
CER%
|
|
Respiratory
|
1,702
|
5
|
7
|
|
918
|
12
|
14
|
|
339
|
–
|
(2)
|
|
445
|
(3)
|
–
|
|
Anoro Ellipta
|
137
|
(6)
|
(5)
|
|
51
|
(24)
|
(22)
|
|
60
|
7
|
4
|
|
26
|
13
|
22
|
|
Flixotide/Flovent
|
98
|
(13)
|
(12)
|
|
65
|
(11)
|
(10)
|
|
14
|
(7)
|
(13)
|
|
19
|
(24)
|
(20)
|
|
Relvar/Breo Ellipta
|
256
|
6
|
7
|
|
97
|
13
|
14
|
|
87
|
2
|
(1)
|
|
72
|
3
|
9
|
|
Seretide/Advair
|
199
|
(9)
|
(7)
|
|
61
|
–
|
3
|
|
44
|
(12)
|
(16)
|
|
94
|
(12)
|
(9)
|
|
Trelegy Ellipta
|
736
|
23
|
25
|
|
536
|
28
|
30
|
|
84
|
6
|
5
|
|
116
|
15
|
19
|
|
Ventolin
|
156
|
(11)
|
(10)
|
|
77
|
(14)
|
(13)
|
|
27
|
8
|
4
|
|
52
|
(15)
|
(10)
|
|
Other
Respiratory
|
120
|
(2)
|
(2)
|
|
31
|
35
|
35
|
|
23
|
(18)
|
(11)
|
|
66
|
(8)
|
(10)
|
|
Other General Medicines
|
758
|
(3)
|
–
|
|
51
|
(2)
|
4
|
|
147
|
(13)
|
(16)
|
|
560
|
–
|
4
|
|
Augmentin
|
137
|
(6)
|
(5)
|
|
–
|
–
|
–
|
|
38
|
(12)
|
(12)
|
|
99
|
(4)
|
(2)
|
|
Lamictal
|
99
|
5
|
6
|
|
42
|
14
|
11
|
|
26
|
(4)
|
(7)
|
|
31
|
3
|
13
|
|
Other
General Medicines
|
522
|
(3)
|
–
|
|
9
|
(40)
|
(13)
|
|
83
|
(15)
|
(20)
|
|
430
|
1
|
5
|
|
General Medicines
|
2,460
|
3
|
4
|
|
969
|
11
|
13
|
|
486
|
(4)
|
(7)
|
|
1,005
|
(1)
|
2
|
General Medicines turnover – nine months ended 30 September
2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
US
|
|
Europe
|
|
International
|
||||||||
|
|
|
Growth
|
|
|
Growth
|
|
|
Growth
|
|
|
Growth
|
||||
|
|
£m
|
£%
|
CER%
|
|
£m
|
£%
|
CER%
|
|
£m
|
£%
|
CER%
|
|
£m
|
£%
|
CER%
|
|
Respiratory
|
5,283
|
(2)
|
—
|
|
2,886
|
(1)
|
2
|
|
1,037
|
(2)
|
(2)
|
|
1,360
|
(6)
|
(1)
|
|
Anoro Ellipta
|
410
|
(4)
|
(1)
|
|
163
|
(15)
|
(13)
|
|
173
|
5
|
5
|
|
74
|
7
|
14
|
|
Flixotide/Flovent
|
308
|
(20)
|
(18)
|
|
200
|
(23)
|
(21)
|
|
47
|
(8)
|
(8)
|
|
61
|
(18)
|
(14)
|
|
Relvar/Breo Ellipta
|
788
|
(1)
|
2
|
|
304
|
1
|
4
|
|
266
|
(3)
|
(3)
|
|
218
|
–
|
5
|
|
Seretide/Advair
|
615
|
(23)
|
(21)
|
|
178
|
(35)
|
(33)
|
|
139
|
(16)
|
(16)
|
|
298
|
(17)
|
(13)
|
|
Trelegy Ellipta
|
2,246
|
10
|
13
|
|
1,657
|
10
|
12
|
|
247
|
7
|
8
|
|
342
|
18
|
22
|
|
Ventolin
|
507
|
(5)
|
(2)
|
|
266
|
(4)
|
(1)
|
|
86
|
13
|
13
|
|
155
|
(14)
|
(8)
|
|
Other
Respiratory
|
409
|
(8)
|
(5)
|
|
118
|
18
|
20
|
|
79
|
(15)
|
(14)
|
|
212
|
(15)
|
(12)
|
|
Other General Medicines
|
2,233
|
(8)
|
(4)
|
|
165
|
(8)
|
(5)
|
|
449
|
(14)
|
(14)
|
|
1,619
|
(6)
|
(1)
|
|
Augmentin
|
444
|
(6)
|
(2)
|
|
–
|
–
|
–
|
|
129
|
(7)
|
(6)
|
|
315
|
(6)
|
–
|
|
Lamictal
|
300
|
(1)
|
1
|
|
127
|
3
|
5
|
|
76
|
(6)
|
(6)
|
|
97
|
(3)
|
2
|
|
Other
General Medicines
|
1,489
|
(9)
|
(5)
|
|
38
|
(32)
|
(27)
|
|
244
|
(19)
|
(20)
|
|
1,207
|
(6)
|
(1)
|
|
General Medicines
|
7,516
|
(4)
|
(1)
|
|
3,051
|
(1)
|
1
|
|
1,486
|
(6)
|
(6)
|
|
2,979
|
(6)
|
(1)
|
Commercial Operations turnover
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
US
|
|
Europe
|
|
International
|
||||||||
|
|
|
Growth
|
|
|
Growth
|
|
|
Growth
|
|
|
Growth
|
||||
|
|
£m
|
AER%
|
CER%
|
|
£m
|
AER%
|
CER%
|
|
£m
|
AER%
|
CER%
|
|
£m
|
AER%
|
CER%
|
|
Three months ended 30 September 2025
|
8,547
|
7
|
8
|
|
4,549
|
5
|
7
|
|
1,878
|
16
|
13
|
|
2,120
|
2
|
6
|
|
Nine months ended 30 September 2025
|
24,049
|
3
|
6
|
|
12,416
|
3
|
5
|
|
5,466
|
11
|
11
|
|
6,167
|
(2)
|
3
|
Segment information
Operating
segments are reported based on the financial information provided
to the Chief Executive Officer and the responsibilities of the GSK
Leadership Team (GLT). GSK reports results under two segments:
Commercial Operations and Total R&D. Members of the GLT are
responsible for each segment.
R&D
investment is essential for the sustainability of the business.
However, for segment reporting the Commercial operating profits
exclude allocations of globally funded R&D.
The
Total R&D segment is the responsibility of the Chief Scientific
Officer and is reported as a separate segment. The operating costs
of this segment includes R&D activities across Specialty
Medicines, including HIV and Vaccines. It includes R&D and some
SG&A costs relating to regulatory and other
functions.
The
Group’s management reporting process allocates intra-Group
profit on a product sale to the market in which that sale is
recorded, and the profit analyses below have been presented on that
basis.
Adjusting
items reconciling segment profit and operating profit comprise
items not specifically allocated to segment profit. These include
impairment and amortisation of intangible assets (excluding
computer software and capitalised development costs), major
restructuring costs, which include impairments of tangible assets
and computer software, transaction-related adjustments related to
significant acquisitions, proceeds and costs of disposals of
associates, products and businesses, Significant legal charges and
expenses on the settlement of litigation and government
investigations, other operating income other than royalty income,
and other items including amounts reclassified from the foreign
currency translation reserve to the income statement upon the
liquidation of a subsidiary where the amount exceeds £25
million.
|
|
|
|
|
|
|
|
|
|
Turnover by segment
|
|||||||
|
|
Q3 2025
£m
|
|
Q3
2024
£m
|
|
Growth
AER%
|
|
Growth
CER%
|
|
|
|
|
|
|
|
|
|
|
Commercial
Operations (total turnover)
|
8,547
|
|
8,012
|
|
7
|
|
8
|
|
Operating profit by segment
|
|
|
Q3 2025
£m
|
|
Q3
2024
£m
|
|
Growth
AER%
|
|
Growth
CER%
|
|
|
|
|
|
|
|
|
|
|
Commercial
Operations
|
4,514
|
|
4,195
|
|
8
|
|
10
|
|
Research
and Development
|
(1,489)
|
|
(1,334)
|
|
12
|
|
12
|
|
|
|
|
|
|
|
|
|
|
Segment
profit
|
3,025
|
|
2,861
|
|
6
|
|
8
|
|
Corporate
and other unallocated costs
|
(40)
|
|
(100)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core
operating profit
|
2,985
|
|
2,761
|
|
8
|
|
11
|
|
Adjusting
items
|
(392)
|
|
(2,572)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating profit
|
2,593
|
|
189
|
|
>100
|
|
>100
|
|
|
|
|
|
|
|
|
|
|
Finance
income
|
26
|
|
32
|
|
|
|
|
|
Finance
costs
|
(167)
|
|
(156)
|
|
|
|
|
|
Share
of after tax profit/(loss) of associates and joint
ventures
|
4
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit
before taxation
|
2,456
|
|
64
|
|
>100
|
|
>100
|
Commercial
Operations Core operating profit of £4,514 million increased
in the quarter driven by higher turnover, favourable product mix
and royalty income, partly offset by increased investment in new
asset launches and growth assets, as well as adverse pricing
impacts in comparison to higher price benefits in Q3
2024.
The
R&D segment operating expense of £1,489 million grew in
the quarter primarily reflecting progression across the portfolio.
In Oncology, this included acceleration in work on ADCs and studies
into Blenrep (1L), as well
as IDRX-42, the GIST treatment acquired in Q1 2025. In Specialty
Medicines, increased investment was driven by efimosfermin acquired
from Boston Pharmaceuticals in Q3 2025, and progression of ULA
treatment and PrEP programmes, notably Q4M and Q6M. Investment also
increased on clinical trial programmes associated with the
pneumococcal MAPS and mRNA seasonal flu.
|
Turnover by segment
|
|||||||
|
|
9 months 2025
£m
|
|
9
months 2024
£m
|
|
Growth
£%
|
|
Growth
CER%
|
|
|
|
|
|
|
|
|
|
|
Commercial
Operations (total turnover)
|
24,049
|
|
23,259
|
|
3
|
|
6
|
|
|
|
|
|
|
|
|
|
|
Operating profit by segment
|
|||||||
|
|
9 months 2025
£m
|
|
9
months 2024
£m
|
|
Growth
£%
|
|
Growth
CER%
|
|
|
|
|
|
|
|
|
|
|
Commercial
Operations
|
12,540
|
|
12,012
|
|
4
|
|
8
|
|
Research
and Development
|
(4,309)
|
|
(4,055)
|
|
6
|
|
8
|
|
|
|
|
|
|
|
|
|
|
Segment
profit
|
8,231
|
|
7,957
|
|
3
|
|
8
|
|
Corporate
and other unallocated costs
|
(82)
|
|
(240)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core
operating profit
|
8,149
|
|
7,717
|
|
6
|
|
9
|
|
Adjusting
items
|
(1,317)
|
|
(4,392)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating profit
|
6,832
|
|
3,325
|
|
>100
|
|
>100
|
|
|
|
|
|
|
|
|
|
|
Finance
income
|
130
|
|
88
|
|
|
|
|
|
Finance
costs
|
(513)
|
|
(496)
|
|
|
|
|
|
Share
of after tax profit/(loss) of associates and joint
ventures
|
2
|
|
(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit
before taxation
|
6,451
|
|
2,914
|
|
>100
|
|
>100
|
Commercial
Operations Core operating profit of £12,540 million grew in
the year to date driven by higher turnover, favourable product mix
and royalty income, partly offset by increased investment in new
asset launches and growth assets, as well as adverse pricing
impacts in comparison to higher price benefits in YTD
2024.
The
R&D segment operating expense of £4,309 million grew in
the year to date primarily reflecting progression across the
portfolio. In Oncology, this included acceleration in work on ADCs
and studies into Blenrep
(1L), as well as IDRX-42, the GIST treatment acquired in Q1 2025.
In Specialty Medicines, increased investment was driven by
efimosfermin acquired from Boston Pharmaceuticals in Q3 2025, and
progression of ULA treatment and PrEP programmes, notably Q4M and
Q6M. Year to date growth was partly offset by lower spend on
depemokimab following filing in Q4 2024. Investment also increased
on clinical trial programmes associated with the pneumococcal MAPS
and mRNA seasonal flu.
Legal matters
The
Group is involved in significant legal and administrative
proceedings, principally product liability, intellectual property,
tax, anti-trust, consumer fraud and governmental investigations,
which are more fully described in the ‘Legal
Proceedings’ note in the Annual Report 2024. At 30 September
2025, the Group’s aggregate provision for legal and other
disputes (not including tax matters described on page 10) was
£731 million (31 December 2024: £1,446
million).
The
Group may become involved in significant legal proceedings in
respect of which it is not possible to meaningfully assess whether
the outcome will result in a probable outflow, or to quantify or
reliably estimate the liability, if any, that could result from
ultimate resolution of the proceedings. In these cases, the Group
would provide appropriate disclosures about such cases, but no
provision would be made.
The
ultimate liability for legal claims may vary from the amounts
provided and is dependent upon the outcome of litigation
proceedings, investigations and possible settlement negotiations.
The Group’s position could change over time, and, therefore,
there can be no assurance that any losses that result from the
outcome of any legal proceedings will not exceed by a material
amount the amount of the provisions reported in the Group’s
financial accounts.
Significant
legal developments since the date of the Q2 2025
results:
Product Liability
Zantac
As
previously disclosed, the vast majority of the remaining cases have
been resolved or dismissed such that 13 state court cases remain.
GSK is in negotiations with plaintiffs’ counsel on the
remaining cases and has recently resolved the two cases in Nevada
state court with trials scheduled in 2026. The trial in the Mayor
& City of Baltimore action is scheduled to begin 28 September
2026.
In
Delaware, following the Supreme Court’s reversal of the lower
court’s decision on admissibility of expert opinions, the
defendants filed a motion for summary judgment. Plaintiffs filed a
motion to allow supplemental expert disclosures. A hearing on both
motions was held on 23 October 2025.
As
previously disclosed, approximately 14,000 product liability cases
were dismissed following the grant of defendants’ Daubert
motions in December 2022 in the Federal MDL proceeding. These are
now on appeal by the plaintiffs to the United States Court of
Appeals for the Eleventh Circuit, along with appeals in the medical
monitoring and consumer class action cases. Oral argument was held
on 10 October 2025. A decision is expected in the first half of
2026.
Intellectual Property
Zejula
In
August 2025, GSK received a paragraph IV letter from Sun
Pharmaceutical Industries Limited (“Sun”) relating to
Zejula. On 19 September
2025, GSK filed a patent infringement suit against Sun in the
United States District Court for the District of Delaware alleging
Sun’s proposed generic of Zejula infringes GSK
patents.
Breo
In
August 2025, GSK received a paragraph IV letter from Transpire Bio
Inc. (“Transpire”) relating to Breo. On 25 September 2025, GSK filed a
patent and trademark infringement suit against Transpire in the
United States District Court for the Southern District of Florida
alleging Transpire’s proposed generic of Breo infringes GSK patents and trade
dress.
Returns to
shareholders
Quarterly dividends
The
Board has declared a third interim dividend for 2025 of 16p per
share (Q3 2024: 15p per share).
Dividends
remain an essential component of total shareholder return and GSK
recognises the importance of dividends to shareholders. On 23 June
2021, at the GSK Investor Update, GSK set out that from 2022 a
progressive dividend policy will be implemented guided by a 40 to
60 per cent pay-out ratio through the investment cycle. Consistent
with this, GSK has declared a dividend of 16p for Q3 2025. The
expected dividend for 2025 is 64p per share. In setting its
dividend policy, GSK considers the capital allocation priorities of
the Group and its investment strategy for growth alongside the
sustainability of the dividend.
|
|
|
|
|
|
|
|
|
|
Dividend dates
|
Ex-dividend date
(Ordinary shares)
|
|
Ex-dividend date
(ADRs)
|
|
Record date
|
|
Payment date
|
|
Q3
2025
|
13
November 2025
|
|
14
November 2025
|
|
14
November 2025
|
|
8
January 2026
|
Ordinary
shareholders may participate in the dividend reinvestment plan
(DRIP). The last date for DRIP elections is 15 December 2025. The
equivalent interim dividend receivable by ADR holders will be
calculated based on the exchange rate on 6 January 2026. An annual
fee of $0.03 per ADS (or $0.0075 per ADS per quarter) is charged by
the Depositary.
|
|
|
|
|
|
|
|
|
Paid/
Payable
|
|
Pence
per
share
|
|
£m
|
|
2025
|
|
|
|
|
|
|
First
interim
|
10 July
2025
|
|
16
|
|
650
|
|
Second
interim
|
9
October 2025
|
|
16
|
|
645
|
|
Third
interim
|
8
January 2026
|
|
16
|
|
644
|
|
|
|
|
|
|
|
|
2024
|
|
|
|
|
|
|
First
interim
|
11 July
2024
|
|
15
|
|
612
|
|
Second
interim
|
10
October 2024
|
|
15
|
|
612
|
|
Third
interim
|
9
January 2025
|
|
15
|
|
612
|
|
Fourth
interim
|
10
April 2025
|
|
16
|
|
656
|
|
|
|
|
61
|
|
2,492
|
Share capital in issue
At 30
September 2025, 4,026 million shares (Q3 2024: 4,080 million) were
in free issue (excluding Treasury shares and shares held by the
ESOP Trusts). The Company issued a small number of shares in the
quarter (Q3 2024: minimal number) under employee share schemes for
net proceeds of £0.4 million (Q3 2024: £1
million).
On 5
February 2025, GSK announced a £2 billion share buyback
programme to be completed over an 18 month period. As at 30
September 2025, 79 million shares have been repurchased and are
being held as treasury shares, at a cost of £1,130 million,
including transaction costs of £7 million.
Treasury
shares for these purposes include shares purchased by GSK plc on 30
September 2025 under the third tranche of the share buyback
programme. As announced via RNS, GSK purchased 305,000 ordinary
shares on 30 September 2025, to be held as Treasury shares. Upon
settlement of the relevant trades, the shares purchased on that
date are held as Treasury shares, and are therefore treated as
Treasury shares for the purposes of the Q3 2025 reporting period
and this results announcement. The settlement cost of these shares
was £5 million.
At 30
September 2025, the Company held 248 million Treasury shares at a
cost of £4,087 million, of which 169 million shares at a cost
of £2,957 million were repurchased as part of previous share
buyback programmes, which has been deducted from retained
earnings.
At 30
September 2025, the ESOP Trusts held 41.3 million shares, of which
40.7 million were held for the future exercise of share options and
share awards and 0.6 million were held for the Executive
Supplemental Savings plan. The carrying amount of
£172 million has been deducted from other reserves.
The market value of these shares was £652
million.
Weighted average number of shares
The
numbers of shares used in calculating basic and diluted earnings
per share are reconciled below:
|
|
|
|
|
|
|
|
|
|
|
Q3 2025
millions
|
|
Q3
2024
millions
|
|
9 months 2025
millions
|
|
9
months 2024
millions
|
|
Weighted
average number of shares – basic
|
4,034
|
|
4,080
|
|
4,062
|
|
4,076
|
|
Dilutive
effect of share options and share awards
|
68
|
|
61
|
|
67
|
|
61
|
|
Weighted
average number of shares – diluted
|
4,102
|
|
4,141
|
|
4,129
|
|
4,137
|
Additional
information
Accounting policies and basis of preparation
This
unaudited Results Announcement contains condensed financial
information for the three and nine months ended 30 September 2025
and should be read in conjunction with the Annual Report 2024,
which was prepared in accordance with UK-adopted international
accounting standards in conformity with the requirements of the
Companies Act 2006 and the IFRS Accounting Standards as issued by
the International Accounting Standards Board (IASB). This Results
Announcement has been prepared applying consistent accounting
policies to those applied by the Group in the Annual Report 2024,
except for the adoption of the amended IFRS Accounting Standard as
set out below.
The
IASB’s amendments to IAS 21 The Effects of Changes in Foreign Exchange
Rates specify how an entity should assess whether a currency
is exchangeable into another currency, and which spot exchange rate
should be used when it is not. GSK has adopted these new
requirements for the reporting period beginning on 1 January 2025,
with no material impact on the Group’s financial
statements.
The
Group has not identified any changes to its key sources of
accounting judgements or estimations of uncertainty compared with
those disclosed in the Annual Report 2024.
This
Results Announcement does not constitute statutory accounts of the
Group within the meaning of sections 434(3) and 435(3) of the
Companies Act 2006. The full Group accounts for 2024 were published
in the Annual Report 2024, which has been delivered to the
Registrar of Companies and on which the report of the independent
auditor was unqualified and did not contain a statement under
section 498 of the Companies Act 2006.
Exchange rates
GSK
operates in many countries and earns revenues and incurs costs in
many currencies. The results of the Group, as reported in Sterling,
are affected by movements in exchange rates between Sterling and
other currencies. Average exchange rates, as modified by specific
transaction rates for large transactions, prevailing during the
period, are used to translate the results and cash flows of
overseas subsidiaries, associates and joint ventures into Sterling.
Period-end rates are used to translate the net assets of those
entities. The currencies which most influenced these translations
and the relevant exchange rates were:
|
|
|
Q3 2025
|
|
Q3
2024
|
|
9 months 2025
|
|
9
months 2024
|
|
2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
rates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$/£
|
|
1.33
|
|
1.31
|
|
1.31
|
|
1.28
|
|
1.28
|
|
|
Euro/£
|
|
1.16
|
|
1.19
|
|
1.18
|
|
1.18
|
|
1.18
|
|
|
Yen/£
|
|
198
|
|
192
|
|
195
|
|
192
|
|
193
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period-end
rates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$/£
|
|
1.34
|
|
1.34
|
|
1.34
|
|
1.34
|
|
1.25
|
|
|
Euro/£
|
|
1.14
|
|
1.20
|
|
1.14
|
|
1.20
|
|
1.20
|
|
|
Yen/£
|
|
199
|
|
191
|
|
199
|
|
191
|
|
197
|
Contingent liabilities
There
were contingent liabilities at 30 September 2025 in respect of
arrangements entered into as part of the ordinary course of the
Group’s business. No material losses are expected to arise
from such contingent liabilities. Provision is made for the outcome
of legal and tax disputes where it is both probable that the Group
will suffer an outflow of funds and it is possible to make a
reliable estimate of that outflow. Descriptions of the significant
legal disputes to which the Group is a party are set out on page
36, and pages 287 to 290 of the 2024 Annual Report.
Net assets
The
book value of net assets increased by £2,666 million from
£13,086 million at 31 December 2024 to £15,752 million at
30 September 2025. This primarily reflected contribution from Total
comprehensive income for the period partly offset by dividends paid
to shareholders, and shares repurchased under the first and second
tranche and shares committed to be repurchased under the third
tranche of the share buyback programme and associated transaction
costs.
At 30
September 2025, the net surplus on the Group’s pension plans
was £192 million compared with a £103 million net deficit
at 31 December 2024. This movement from a net deficit to a net
surplus is primarily related to an increase to the UK discount rate
from 5.5% to 5.8% and a decrease to the UK inflation rate from
2.90% to 2.70%, and a $131 million contribution made to the US Cash
Balance Plan during Q3 2025. This is partially offset by a decrease
to the US discount rate from 5.5% to 5.0%, and lower UK and US
asset values.
Other
payables includes £300 million related to shares still to be
purchased as part of the third tranche of the share buyback
programme, including £5 million for shares purchased but not
settled at 30 September 2025.
The
estimated present value of the potential redemption amount of the
Pfizer put option related to ViiV Healthcare, recorded in Other
payables in Current liabilities, was £819 million (31
December 2024: £915 million).
Contingent
consideration amounted to £6,783 million at 30 September 2025
(31 December 2024: £7,280 million) as follows:
|
|
|
|
|
|
|
Group
30 September 2025
£m
|
|
Group
31
December 2024
£m
|
|
|
|
|
|
|
Contingent
consideration estimated present value of amounts payable relating
to:
|
|
|
|
|
Former
Shionogi-ViiV Healthcare joint venture
|
5,266
|
|
6,061
|
|
Former
Novartis Vaccines business acquisition
|
640
|
|
575
|
|
Affinivax
acquisition
|
453
|
|
502
|
|
Aiolos
acquisition
|
130
|
|
130
|
|
Others
|
294
|
|
12
|
|
|
|
|
|
|
Contingent
consideration liability at end of the period
|
6,783
|
|
7,280
|
Of the
contingent consideration payable to Shionogi at 30 September 2025,
£1,095 million (31 December 2024: £1,127 million) is
expected to be paid within one year.
Movements
in contingent consideration are as follows:
|
|
|
|
|
|
9 months 2025
|
ViiV
Healthcare
£m
|
|
Group
£m
|
|
|
|
|
|
|
Contingent
consideration at beginning of the period
|
6,061
|
|
7,280
|
|
Additions
|
–
|
|
280
|
|
Remeasurement
through income statement and other movements
|
161
|
|
223
|
|
Cash
payments: operating cash flows
|
(956)
|
|
(989)
|
|
Cash
payments: investing activities
|
–
|
|
(11)
|
|
|
|
|
|
|
Contingent
consideration at end of the period
|
5,266
|
|
6,783
|
|
|
|
|
|
|
9
months 2024
|
ViiV
Healthcare
£m
|
|
Group
£m
|
|
|
|
|
|
|
Contingent
consideration at beginning of the period
|
5,718
|
|
6,662
|
|
Additions
|
–
|
|
104
|
|
Remeasurement
through income statement and other movements
|
1,106
|
|
1,294
|
|
Cash
payments: operating cash flows
|
(900)
|
|
(924)
|
|
Cash
payments: investing activities
|
–
|
|
(11)
|
|
|
|
|
|
|
Contingent
consideration at end of the period
|
5,924
|
|
7,125
|
Business acquisitions
On 21
February 2025, GSK completed the acquisition of 100% of IDRx, Inc,
a Boston based, clinical stage biopharmaceutical company dedicated
to developing precision therapies for the treatment of
gastrointestinal stromal tumours (GIST). The acquisition includes a
lead molecule, IDRX-42, a highly selective investigational tyrosine
kinase inhibitor (TKI) that is designed to improve the outcomes for
patients with GIST. The consideration for the acquisition comprised
an upfront payment of US$1.1 billion (£840 million) as
adjusted for working capital acquired paid upon closing and up to
US$150 million (£119 million) as an additional
success-based regulatory milestone payment. The estimated fair
value of the contingent consideration payable was US$56 million
(£45 million). In addition, GSK will also be responsible for
success-based milestone payments as well as tiered royalties for
IDRX-42 owed to Merck KGaA, Darmstadt, Germany.
On 7th
July 2025, GSK completed the acquisition of 100% of BP Asset IX,
Inc. a subsidiary of Boston Pharmaceuticals which provides access
to efimosfermin alfa. Efimosfermin is a phase III-ready, potential
best-in-class, investigational speciality medicine to treat and
prevent progression of steatotic liver disease (SLD). The
consideration for the acquisition comprised an upfront payment of
US$1.2 billion (£879 million) as adjusted for working capital
acquired paid upon closing and up to US$800 million (£588
million) in certain success-based regulatory milestone payments.
The estimated fair value of the contingent consideration payable
was US$302 million (£222 million).
The
values in the table below are provisional and subject to change.
The purchase price allocations are expected to be completed by the
end of Q4 2025.
During
the period to 30th September 2025, no sales arising from the IDRx
or BP Asset IX's businesses were included in Group turnover and no
revenue is expected until regulatory approval is received on the
respective acquired assets.
GSK
continues to support the ongoing development of the acquired assets
and consequently these assets will be loss making until regulatory
approval on these assets is received. The development of these
assets has been integrated into the Group’s existing R&D
activities, so it is impracticable to quantify these development
costs or the impact on Total profit after taxation for the period
ended 30 September 2025.
Goodwill
of £377 million (£109 million for IDRx and £268
million for BP Asset IX) has been recognised. The goodwill
represents specific synergies available to GSK from the business
combinations. The goodwill has been allocated to the Group’s
R&D segment. None of the goodwill is expected to be deductible
for tax purposes.
The
provisional fair values of the net assets acquired, including
goodwill, are as follows:
|
|
|
|
|
|
|
|
|
|
|
IDRx Inc
|
|
BP Asset IX
|
|
Total
|
|
|
|
£m
|
|
£m
|
|
£m
|
|
Net
assets acquired:
|
|
|
|
|
|
|
|
Intangible
assets
|
|
882
|
|
1,030
|
|
1,912
|
|
Cash
and cash equivalents
|
|
48
|
|
30
|
|
78
|
|
Other
net liabilities
|
|
(26)
|
|
(7)
|
|
(33)
|
|
Deferred
tax liabilities
|
|
(128)
|
|
(220)
|
|
(348)
|
|
|
|
776
|
|
833
|
|
1,609
|
|
Goodwill
|
|
109
|
|
268
|
|
377
|
|
Total
consideration
|
|
885
|
|
1,101
|
|
1,986
|
Of the
total £2 billion consideration (£0.9 billion for IDRx and
£1.1 billion for BP Asset IX), £277 million (£55
million for IDRx and £222 million for BP Asset IX) was unpaid
as at 30 September 2025. As at 30 September 2025, the present value
of the contingent consideration payable was £44 million for
IDRX and £229 million for BP Asset IX.
On 15
January 2025, GSK completed the acquisition of a Berlin based
private company, Cellphenomics GmbH, which has developed
proprietary capabilities in developing durable organoid models, for
a total cash consideration of up to €44 million
(approximately £37 million) of which €15 million
(£13 million) was unpaid as at 30 September 2025. The
acquisition is accounted for as a business combination but is not
considered a significant acquisition for the Group.
Net debt information
|
Reconciliation of cash flow to movements in net debt
|
|
|
|
|
|
|
|
9 months 2025
£m
|
|
9
months 2024
£m
|
|
Total
Net debt at beginning of the period
|
(13,095)
|
|
(15,040)
|
|
Increase/(decrease)
in cash and bank overdrafts
|
(666)
|
|
231
|
|
Increase/(decrease)
in liquid investments
|
(11)
|
|
(21)
|
|
Repayment
of long-term loans(*)
|
1,402
|
|
787
|
|
Issue
of long-term notes
|
(1,979)
|
|
–
|
|
Net
decrease/(increase) in short-term loans
|
(551)
|
|
623
|
|
Increase
in other short-term loans(**)
|
(112)
|
|
–
|
|
Repayment
of other short-term loans(**)
|
282
|
|
–
|
|
Repayment
of lease liabilities
|
166
|
|
170
|
|
Net
debt of subsidiary undertakings acquired
|
(1)
|
|
–
|
|
Exchange
adjustments
|
241
|
|
504
|
|
Other
non-cash movements
|
(120)
|
|
(101)
|
|
Decrease/(increase)
in net debt
|
(1,349)
|
|
2,193
|
|
Total
Net debt at end of the period
|
(14,444)
|
|
(12,847)
|
|
*
|
Repayment of long-term loans for 9 months 2025 of £1,402
million (9 months 2024: £787 million) includes the
current portion of long-term borrowings which was classified as
short-term borrowings on the balance sheet and previously presented
as repayment of short-term loans.
|
|
**
|
Other short-term loans include bank loans presented within
short-term borrowings on the balance sheet, with an initial
maturity of greater than three months but less than twelve
months.
|
|
Net debt analysis
|
|
|
30 September 2025
£m
|
|
31
December 2024
£m
|
|
Liquid
investments
|
10
|
|
21
|
|
Cash
and cash equivalents
|
3,296
|
|
3,870
|
|
Short-term
borrowings
|
(2,856)
|
|
(2,349)
|
|
Long-term
borrowings
|
(14,894)
|
|
(14,637)
|
|
Total
Net debt at the end of the period
|
(14,444)
|
|
(13,095)
|
Free cash flow reconciliation
|
|
|
|
|
|
|
|
|
|
|
Q3 2025
£m
|
|
Q3
2024
£m
|
|
9 months 2025
£m
|
|
9
months 2024
£m
|
|
|
|
|
|
|
|
|
|
|
Net
cash inflow/(outflow) from operating activities
|
2,222
|
|
2,154
|
|
5,463
|
|
4,225
|
|
Purchase
of property, plant and equipment
|
(311)
|
|
(305)
|
|
(775)
|
|
(855)
|
|
Proceeds
from sale of property, plant and equipment
|
5
|
|
1
|
|
11
|
|
4
|
|
Purchase
of intangible assets
|
(568)
|
|
(537)
|
|
(1,185)
|
|
(992)
|
|
Proceeds
from disposals of intangible assets
|
36
|
|
98
|
|
112
|
|
126
|
|
Net
finance costs
|
(34)
|
|
(13)
|
|
(267)
|
|
(294)
|
|
Dividends
from associates and joint ventures
|
–
|
|
–
|
|
–
|
|
15
|
|
Contingent
consideration paid (reported in investing activities)
|
(5)
|
|
(4)
|
|
(11)
|
|
(11)
|
|
Distributions
to non-controlling interests
|
(99)
|
|
(80)
|
|
(279)
|
|
(288)
|
|
Contributions
from non-controlling interests
|
–
|
|
8
|
|
–
|
|
9
|
|
|
|
|
|
|
|
|
|
|
Free
cash inflow/(outflow)
|
1,246
|
|
1,322
|
|
3,069
|
|
1,939
|
Related party transactions
There
were no material related party transactions entered into and there
have been no material changes to the related party transactions
disclosed on page 258 of the 2024 Annual Report.
R&D
commentary
|
Pipeline overview
|
|
|
|
|
|
|
Medicines
and vaccines in phase III development (including major lifecycle
innovation or under regulatory review)
|
16
|
Respiratory, Immunology & Inflammation (6)
|
|
|
●
|
Nucala (anti-IL5 biologic) chronic obstructive pulmonary
disease (COPD)
|
||
|
●
|
depemokimab
(ultra long-acting anti-IL5 biologic) asthma with type 2
inflammation, eosinophilic granulomatosis with polyangiitis (EGPA),
chronic rhinosinusitis with nasal polyps (CRSwNP),
hyper-eosinophilic syndrome (HES), COPD
|
||
|
●
|
latozinemab
(AL001, anti-sortilin) frontotemporal dementia
|
||
|
●
|
camlipixant
(P2X3 receptor antagonist) refractory chronic cough
|
||
|
●
|
Ventolin (salbutamol, Beta 2 adrenergic receptor agonist)
asthma
|
||
|
●
|
linerixibat
(IBATi) cholestatic pruritus in primary biliary
cholangitis
|
||
|
Oncology (4)
|
|||
|
●
|
Blenrep (anti-BCMA ADC) multiple myeloma
|
||
|
●
|
Jemperli (anti-PD-1) 1L endometrial cancer, colon cancer,
rectal cancer (ph II registrational), head and neck
cancer
|
||
|
●
|
Zejula (PARP inhibitor) 1L ovarian cancer,
glioblastoma
|
||
|
●
|
GSK’227
(B7-H3 ADC) 2L extensive-stage small cell lung cancer
|
||
|
Infectious Diseases (6)
|
|||
|
●
|
Arexvy (RSV vaccine) RSV adults (18-49 years of age at
increased risk (AIR) and 18 years of age and above
immunocompromised)
|
||
|
●
|
Blujepa (gepotidacin; bacterial topoisomerase inhibitor)
uncomplicated urinary tract infection and urogenital
gonorrhoea
|
||
|
●
|
bepirovirsen
(HBV ASO) hepatitis B virus
|
||
|
●
|
Bexsero (meningococcal B vaccine) infants (US)
|
||
|
●
|
tebipenem
pivoxil (antibacterial carbapenem) complicated urinary tract
infection
|
||
|
●
|
GSK'116
(varicella vaccine) varicella new seed, individuals 12 months of
age and older
|
||
|
Total
medicines and vaccines in all phases of clinical
development
|
62
|
|
|
|
Total
projects in clinical development (inclusive of all phases and
indications)
|
80
|
|
|
Therapy area updates
The
following provides updates on key medicines and vaccines by therapy
area that will help drive growth for GSK to meet its future
outlooks.
Respiratory, Immunology & Inflammation
camlipixant (P2X3 receptor antagonist)
Camlipixant
(BLU-5937) is an investigational, highly selective oral P2X3
receptor antagonist currently in development for first-line
treatment of adult patients suffering from refractory chronic cough
(RCC). The CALM phase III development programme to evaluate the
efficacy and safety of camlipixant for use in adults with RCC is
ongoing.
Key
phase III trials for camlipixant:
|
|
|
|
|
|
|
Trial name (population)
|
Phase
|
Design
|
Timeline
|
Status
|
|
CALM-1
(refractory chronic cough)
NCT05599191
|
III
|
A
52-week, randomised, double-blind, placebo-controlled, parallel-arm
efficacy and safety trial with open-label extension of camlipixant
in adult participants with refractory chronic cough, including
unexplained chronic cough
|
Trial
start:
Q4
2022
|
Active,
not recruiting
|
|
CALM-2
(refractory chronic cough)
NCT05600777
|
III
|
A
24-week, randomised, double-blind, placebo-controlled, parallel-arm
efficacy and safety trial with open-label extension of camlipixant
in adult participants with refractory chronic cough, including
unexplained chronic cough
|
Trial
start:
Q1
2023
|
Recruiting
|
depemokimab (ultra-long-acting anti-IL5)
Depemokimab
is in late-stage development in a range of IL-5 mediated conditions
including asthma with type 2 inflammation, chronic rhinosinusitis
with nasal polyps (CRSwNP), hypereosinophilic syndrome (HES) and
eosinophilic granulomatosis with polyangiitis (EGPA). It is the
first ultra-long-acting biologic engineered to have an extended
half-life and high binding affinity and potency for IL-5, enabling
six-month dosing intervals in phase III clinical
trials.
In
2025, GSK initiated the ENDURA-1 and ENDURA-2 phase III clinical
trials assessing the efficacy and safety of depemokimab as an
add-on therapy in patients with uncontrolled moderate to severe
chronic obstructive pulmonary disease (COPD) with type 2
inflammation. In Q3, the VIGILANT phase III trial was also
initiated to assess early use of depemokimab in patients with COPD
with type 2 inflammation who have experienced one exacerbation and
are at high risk for future exacerbations.
Regulatory
reviews seeking approval for the use of depemokimab in patients
with asthma with type 2 inflammation and in patients with CRSwNP
are ongoing in four major markets: EU, China, Japan and the US.
Submissions in other markets are expected to progress through the
year.
Key
phase III trials for depemokimab:
|
|
|
|
|
|
|
Trial name (population)
|
Phase
|
Design
|
Timeline
|
Status
|
|
SWIFT-1
(severe asthma)
NCT04719832
|
III
|
A
52-week, randomised, double-blind, placebo-controlled,
parallel-group, multi-centre trial of the efficacy and safety of
depemokimab adjunctive therapy in adult and adolescent participants
with severe uncontrolled asthma with an eosinophilic
phenotype
|
Trial
start:
Q1
2021
Data
reported:
Q2
2024
|
Completed;
primary endpoint met
|
|
SWIFT-2
(severe asthma)
NCT04718103
|
III
|
A
52-week, randomised, double-blind, placebo-controlled,
parallel-group, multi-centre trial of the efficacy and safety of
depemokimab adjunctive therapy in adult and adolescent participants
with severe uncontrolled asthma with an eosinophilic
phenotype
|
Trial
start:
Q1
2021
Data
reported:
Q2
2024
|
Completed;
primary endpoint met
|
|
AGILE
(severe asthma)
NCT05243680
|
III
(exten-
sion)
|
A
52-week, open label extension phase of SWIFT-1 and SWIFT-2 to
assess the long-term safety and efficacy of depemokimab adjunctive
therapy in adult and adolescent participants with severe
uncontrolled asthma with an eosinophilic phenotype
|
Trial
start:
Q1
2022
Data
reported:
Q2
2025
|
Completed,
primary endpoint met
|
|
NIMBLE
(severe asthma)
NCT04718389
|
III
|
A
52-week, randomised, double-blind, double-dummy, parallel group,
multi-centre, non-inferiority trial assessing exacerbation rate,
additional measures of asthma control and safety in adult and
adolescent severe asthmatic participants with an eosinophilic
phenotype treated with depemokimab compared with mepolizumab or
benralizumab
|
Trial
start:
Q1
2021
|
Completed
|
|
ANCHOR-1
(chronic rhinosinusitis with nasal polyps; CRSwNP)
NCT05274750
|
III
|
A
52-week randomised, double-blind, parallel group phase III study to
assess the efficacy and safety of 100 mg SC depemokimab in patients
with chronic rhinosinusitis with nasal polyps (CRSwNP)
|
Trial
start:
Q2
2022
Data
reported: Q3 2024
|
Completed,
coprimary endpoints met
|
|
ANCHOR-2
(CRSwNP)
NCT05281523
|
III
|
A
52-week randomised, double-blind, parallel group phase III study to
assess the efficacy and safety of 100 mg SC depemokimab in patients
with chronic rhinosinusitis with nasal polyps (CRSwNP)
|
Trial
start:
Q2
2022
Data
reported:
Q3
2024
|
Complete;
coprimary endpoints met
|
|
OCEAN
(eosinophilic granulomatosis with polyangiitis; 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
|
Recruiting
|
|
DESTINY
(hyper-eosinophilic syndrome; 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
|
|
Key
phase III trials for depemokimab continued:
|
||||
|
ENDURA-1
(chronic obstructive pulmonary disease; 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
|
Not yet
recruiting
|
Nucala
(mepolizumab)
Nucala is a first in class anti-IL-5 biologic and the only
treatment approved for use in the US and Europe across five IL-5
mediated conditions: severe asthma with an eosinophilic phenotype,
EGPA, HES, CRSwNP and COPD (US only).
Nucala was approved as an add-on maintenance treatment for
adult patients with inadequately controlled COPD and an
eosinophilic phenotype in the US in May 2025.
Regulatory
reviews seeking an indication use in patients with COPD based on
the MATINEE data are ongoing in the EU and China.
Key
trials for Nucala:
|
|
|
|
|
|
|
Trial name (population)
|
Phase
|
Design
|
Timeline
|
Status
|
|
MATINEE
(chronic obstructive pulmonary disease; COPD)
NCT04133909
|
III
|
A
multicentre randomised, double-blind, parallel-group,
placebo-controlled trial of mepolizumab 100 mg subcutaneously as
add-on treatment in participants with COPD experiencing frequent
exacerbations and characterised by eosinophil levels
|
Trial
start:
Q4
2019
Data
reported:
Q3
2024
|
Complete;
primary endpoint met
|
Oncology
Blenrep (belantamab
mafodotin)
In
October 2025, the US FDA approved Blenrep (belantamab mafodotin-blmf) in
combination with bortezomib and dexamethasone (BVd) for the
treatment of adult patients with relapsed or refractory multiple
myeloma who have received at least two prior lines of therapy,
including a proteasome inhibitor and an immunomodulatory agent. The
approval was supported by data from the pivotal DREAMM-7 phase III
trial showing superior efficacy for Blenrep combinations compared to
standards of care, including overall survival versus a
daratumumab-based triplet. Blenrep is the only anti-BCMA
accessible in the community setting where 70% of patients receive
care, and is available in the US through a new streamlined Risk
Evaluation and Mitigation Strategy (REMS) programme.
Blenrep combinations are approved in 2L+ relapsed or
refractory multiple myeloma in the EU, UK, Japan, Canada,
Switzerland and Brazil. Applications are currently under review in
other markets globally, including China where the application is
based on the results of DREAMM-7 and has been granted Breakthrough
Therapy Designation and Priority Review.
GSK is
advancing the DREAMM (DRiving Excellence in Approaches to Multiple
Myeloma) clinical programme to demonstrate Blenrep’s potential benefit in earlier
lines of treatment. Follow-up continues for overall survival in
both DREAMM-7 and DREAMM-8 with data expected in early 2028,
including in patients who have received only one prior line of
therapy. DREAMM-10, a phase III trial in newly diagnosed
transplant-ineligible patients, which represent over 70% of
patients starting therapy, was initiated in Q4 2024. Interim
efficacy and safety data for Blenrep as a first line treatment are
expected in early 2028 with enrolment expanded to US sites to
increase US patient representation in the study
population.
Key
phase III trials for Blenrep:
|
|
|
|
|
|
|
Trial name (population)
|
Phase
|
Design
|
Timeline
|
Status
|
|
DREAMM-7
(2L+ multiple myeloma; MM)
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
|
|
|
|
|
|
|
|
Key
phase III trials for Blenrep continued:
|
||||
|
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)
Jemperli (dostarlimab) remains the foundation of GSK’s
immuno-oncology-based research and development programme. It is the
only approved immuno-oncology-based treatment regimen to
demonstrate a statistically significant and clinically meaningful
overall survival benefit for the first-line treatment of adult
patients with primary advanced or recurrent endometrial cancer
irrespective of biomarker status. Ongoing pivotal trials include
those in our AZUR programme (colon / rectal cancers), JADE (head
and neck cancer), and DOMENICA (supported-collaborative study with
ARCAGY-GINECO in endometrial cancer).
In
September 2025, the decision was made to terminate the cobolimab
development programme. All GSK- and Tesaro-sponsored studies of
cobolimab are in the process of winding down and the global rights
to the asset will be returned to the original licensor,
AnaptysBio.
Key
trials for Jemperli:
|
|
|
|
|
|
|
Trial name (population)
|
Phase
|
Design
|
Timeline
|
Status
|
|
RUBY
(1L stage III or IV endometrial cancer)
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
|
|
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
|
Zejula (niraparib)
GSK
continues to assess the potential of niraparib, currently approved
as Zejula for treating
ovarian cancer, in addressing other challenging cancers. Niraparib
monotherapy is being evaluated in patients with newly diagnosed,
MGMT unmethylated glioblastoma in the phase III GLIOFOCUS trial
sponsored by the Ivy Brain Tumor Center and supported by
GSK.
In
October 2025, the US FDA granted Orphan Drug Designation (ODD) to
niraparib for the treatment of malignant glioma, including
glioblastoma. ODD is a special status granted by the FDA to
medicines intended to treat, diagnose, or prevent rare diseases.
The five-year survival rate for glioblastoma of less than 7%
highlights a clear and urgent need for greater innovation. Early
clinical data suggest that niraparib could have potential as an
effective treatment for patients with newly diagnosed MGMT
unmethylated glioblastoma.
Key
phase III trials for Zejula:
|
|
|
|
|
|
|
Trial name (population)
|
Phase
|
Design
|
Timeline
|
Status
|
|
GLIOFOCUS
(Glioblastoma) – sponsored by the Ivy Brain Tumor Center and
supported by GSK
NCT06388733
|
III
|
An
open-label, randomised 2-arm study comparing the clinical efficacy
and safety of niraparib with temozolomide in adult participants
with newly diagnosed, MGMT unmethylated glioblastoma
|
Trial
start:
Q2
2024
|
Recruiting
|
HIV
As a
pioneer in long-acting injectables, ViiV Healthcare, majority owned
by GSK, is focused on the next-generation of HIV innovation with
integrase inhibitors (INSTIs), the gold standard for HIV regimens,
at the core. The HIV pipeline, including three new INSTIs in
development and five planned launches by 2030, will continue to
drive performance over the coming decade and beyond.
In
October 2025, data were shared at the European AIDS Conference
(EACS) and IDWeek 2025, reinforcing leadership in HIV innovation,
with a focus on long-acting injectables.
Data
included results from CLARITY, a phase I study comparing
acceptability and tolerability of single-dose long-acting
cabotegravir (CAB LA, marketed as Apretude) versus lenacapavir. Patient
experience is an important factor for injectables and results
showed a significant majority of participants and healthcare
professionals preferred CAB LA, with the majority finding CAB LA
injections to be totally or very acceptable. These data add to the
growing body of clinical and real-world efficacy, safety and
tolerability evidence supporting Apretude, and will help inform
expectations and decision making when initiating long-acting
injectables for HIV prevention. Results were also shared from part
two of the phase IIb EMBRACE study evaluating N6LS, one of the
broadest and most potent broadly neutralising antibodies (bNABs)
currently in development in combination with CAB LA. This asset is
seen as a potential partner candidate for twice yearly dosing and
the next phase of the study is now fully recruited.
Key HIV
trials:
|
|
|
|
|
|
|
Trial name (population)
|
Phase
|
Design
|
Timeline
|
Status
|
|
EXTEND
4M (HIV)
NCT06741397
|
II
|
Phase
IIb open label, single arm, repeat dose study to investigate the
safety, tolerability and pharmacokinetics (PK) of CAB ULA
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
|
Infectious Diseases
Arexvy (respiratory
syncytial virus vaccine, adjuvanted)
GSK
continues to progress the life-cycle management of Arexvy, its RSV vaccine for adults,
with potential expanded indications in new populations and
geographies. The vaccine is now under regulatory review by the
European Medicines Agency (EMA) to expand use in adults 18 years
and older, with a regulatory decision anticipated in H1 2026.
Regulatory reviews are also ongoing in the US and Japan to expand
use in adults aged 18-49 at increased risk of severe RSV disease.
In September 2025, the EMA approved an update to Arexvy's EU label, to allow its
co-administration with Herpes
zoster vaccine (recombinant, adjuvanted) or with
pneumococcal conjugate vaccine.
The
vaccine has now been approved for use in 67 markets
worldwide.
Key
phase III trials for Arexvy:
|
|
|
|
|
|
|
Trial name (population)
|
Phase
|
Design
|
Timeline
|
Status
|
|
RSV
OA=ADJ-004
(Adults
≥ 60 years old)
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-006
(ARESVI-006;
Adults ≥ 60 years old)
NCT04886596
|
III
|
A
randomised, placebo-controlled, observer-blind, multi-country trial
to demonstrate the efficacy of a single dose of GSK’s
RSVPreF3 OA investigational vaccine in adults aged 60 years and
above
|
Trial
start:
Q2
2021
Primary
data reported:
Q2
2022;
two
season data reported:
Q2
2023;
three
season data reported: Q3 2024
|
Complete;
primary endpoint met
|
|
RSV
OA=ADJ-012
(Adults
aged 60 years and above)
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
|
Recruiting
|
|
RSV
OA=ADJ-019
(Adults
≥ 60 years old)
NCT05879107
|
III
|
An
open-label, randomised, controlled, multi-country trial to evaluate
the immune response, safety and reactogenicity of RSVPreF3 OA
investigational vaccine when co-administered with PCV20 in adults
aged 60 years and older
|
Trial
start:
Q2
2023
Primary
data reported: Q1 2025
|
Complete;
primary endpoint met
|
|
RSV
OA=ADJ-023
(Immunocompromised
Adults 50-59 years)
NCT05921903
|
IIb
|
A
randomised, controlled, open-label trial to evaluate the immune
response and safety of the RSVPreF3 OA investigational vaccine in
adults (≥50 years of age) when administered to lung and renal
transplant recipients comparing one versus two doses and compared
to healthy controls (≥50 years of age) receiving one
dose
|
Trial
start:
Q3
2023
Primary
data reported:
Q4
2024
|
Complete;
primary endpoint met
|
|
RSV-OA=ADJ-020
(Adults
aged >=50 years of age)
NCT05966090
|
III
|
A study
on the safety and immune response of investigational RSV OA vaccine
in combination with Herpes
zoster vaccine in healthy adults
|
Trial
start:
Q3
2023
Primary
data reported:
Q3
2024
|
Complete;
primary endpoint met
|
|
RSV-OA=ADJ-013
(Adults
aged 50 years and above)
NCT06374394
|
III
|
An
open-label, randomized, controlled study to evaluate the immune
response, safety and reactogenicity of RSVPreF3 OA investigational
vaccine when co-administered with a COVID-19 mRNA
vaccine
|
Trial
start:
Q2
2024
|
Complete
|
|
RSV
OA=ADJ-025
(Adults,
18-49 years of age, at increased risk for RSV disease and older
adult participants, >=60 YOA)
NCT06389487
|
IIIb
|
An
open-label study to evaluate the non-inferiority of the immune
response and to evaluate the safety of the RSVPreF3 OA
investigational vaccine in adults 18-49 years of age at increased
risk for Respiratory Syncytial Virus disease, compared to older
adults >=60 years of age
|
Trial
start:
Q2
2024
Primary
data reported:
Q3
2024
|
Complete;
primary endpoint met
|
|
RSV
OA=ADJ-021
(Adults
aged 60 years and above)
NCT06551181
|
III
|
A study
on the immune response, safety and the occurrence of Respiratory
Syncytial Virus (RSV)-associated respiratory tract illness after
administration of RSV OA vaccine in adults 60 years and older in
China and other countries
|
Trial
start:
Q3
2024
|
Complete
|
|
|
|
|
|
|
|
Key
phase III trials for Arexvy
continued:
|
||||
|
RSV
OA=ADJ-024
(Adults
≥60 years of age and adults 50 59 years of age at increased
risk for RSV disease)
NCT06614725
|
III
|
A
randomized, placebo-controlled, observer-blind study in India to
evaluate immune response, reactogenicity and safety of the RSVPreF3
OA investigational vaccine when administered to older adults
≥60 years of age and adults 50 59 years of age at increased
risk of RSV disease.
|
Trial
start:
Q3
2024
|
Active,
not recruiting
|
bepirovirsen (HBV ASO)
Bepirovirsen,
a triple-action antisense oligonucleotide, is a potential new
treatment option for people with chronic hepatitis B (CHB) that has
been granted Fast Track designation by the US FDA and SENKU
designation by the Japanese Ministry of Health, Labour and Welfare
in Japan for the treatment of CHB. To further expand development of
novel sequential regimens, GSK entered an agreement for an
exclusive worldwide license to develop and commercialise
daplusiran/tomligisiran (GSK5637608, formerly JNJ-3989), an
investigational hepatitis B virus-targeted small interfering
ribonucleic acid (siRNA) therapeutic. This agreement provides an
opportunity to investigate a novel sequential regimen to pursue
functional cure in an even broader patient population with
bepirovirsen. Phase IIb trials for this sequential therapy started
in Q4 2024.
Key trials for bepirovirsen:
|
|
|
|
|
|
|
Trial name (population)
|
Phase
|
Design
|
Timeline
|
Status
|
|
B-Well
1 bepirovirsen in nucleos(t)ide treated patients (chronic hepatitis
B)
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
|
Active,
not recruiting
|
|
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
|
Active,
not recruiting
|
|
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
|
Blujepa (gepotidacin; bacterial topoisomerase
inhibitor)
Blujepa (gepotidacin; bacterial topoisomerase inhibitor) is
a first-in-class oral antibiotic with a novel mechanism of action
that is part of GSK’s infectious diseases portfolio approved
in the US and the UK for the treatment of female adults and
paediatric patients (≥12 years, ≥40 kg) with
uncomplicated urinary tract infections (uUTIs). Regulatory review
is ongoing in Australia. Gepotidacin is also being investigated for
the treatment of uncomplicated urogenital gonorrhoea. In August
2025, the FDA accepted for priority review a supplemental New Drug
Application for gepotidacin as an oral option for the treatment of
uncomplicated urogenital gonorrhoea in patients 12 years of age and
older (weighing ≥45 kg), with a Prescription Drug User Fee
Act action date of 11 December 2025.
Key
phase III trials for gepotidacin:
|
|
|
|
|
|
|
Trial name (population)
|
Phase
|
Design
|
Timeline
|
Status
|
|
EAGLE-1
(uncomplicated urogenital gonorrhoea)
NCT04010539
|
III
|
A
randomised, multi-centre, open-label trial in adolescent and adult
participants comparing the efficacy and safety of gepotidacin to
ceftriaxone plus azithromycin in the treatment of uncomplicated
urogenital gonorrhoea caused by Neisseria gonorrhoeae
|
Trial
start:
Q4
2019
Data
reported:
Q1
2024
|
Complete;
primary
endpoint met
|
|
EAGLE-2
(females with uUTI / acute cystitis)
NCT04020341
|
III
|
A
randomised, multi-centre, parallel-group, double-blind,
double-dummy trial in adolescent and adult female participants
comparing the efficacy and safety of gepotidacin to nitrofurantoin
in the treatment of uncomplicated urinary tract infection (acute
cystitis)
|
Trial
start:
Q4
2019
Data
reported:
Q2
2023
|
Complete;
primary endpoint met
|
|
EAGLE-3
(females with uUTI / acute cystitis)
NCT04187144
|
III
|
A
randomised, multi-centre, parallel-group, double-blind,
double-dummy trial in adolescent and adult female participants
comparing the efficacy and safety of gepotidacin to nitrofurantoin
in the treatment of uncomplicated urinary tract infection (acute
cystitis)
|
Trial
start:
Q2
2020
Data
reported:
Q2
2023
|
Complete;
primary endpoint met
|
tebipenem HBr
GSK has
an exclusive licence agreement with Spero Therapeutics, Inc. for
the development of tebipenem HBr (oral carbapenem antibiotic). In
May 2025, the phase III PIVOT-PO trial evaluating tebipenem HBr as
oral treatment for complicated urinary tract infections (cUTIs),
including pyelonephritis, was stopped early for efficacy following
a recommendation from an Independent Data Monitoring
Committee.
In
October 2025, positive phase III data from the PIVOT-PO trial were
presented at IDWeek 2025. The data demonstrate non-inferiority
compared with intravenous carbapenem antibiotics and show tebipenem
HBr's potential as the first oral option for patients with
cUTIs.
GSK
plans to work with US regulatory authorities to include the data as
part of a filing in H2 2025. If approved, tebipenem HBr could be
the first oral carbapenem antibiotic for patients in the US who
suffer from cUTIs, adding to GSK’s innovative anti-infectives
portfolio and helping address the challenges of antimicrobial
resistance (AMR).
Key
phase III trials for tebipenem HBr:
|
|
|
|
|
|
|
Trial name (population)
|
Phase
|
Design
|
Timeline
|
Status
|
|
PIVOT-PO
(complicated urinary tract infections)
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
|
Complete;
primary
endpoint met
|
Reporting
definitions
CAGR (Compound annual growth rate)
CAGR is
defined as the compound annual growth rate and shows the annualised
average rate for growth in sales and core operating profit between
2021 to 2026, assuming growth takes place at an exponentially
compounded rate during those years.
CER and AER growth
In
order to illustrate underlying performance, it is the Group’s
practice to discuss its results in terms of constant exchange rate
(CER) growth. This represents growth calculated as if the exchange
rates used to determine the results of overseas companies in
Sterling had remained unchanged from those used in the comparative
period. CER% represents growth at constant exchange rates. For
those countries which qualify as hyperinflationary as defined by
the criteria set out in IAS 29 ‘Financial Reporting in
Hyperinflationary Economies’ (Argentina and Turkey) CER
growth is adjusted using a more appropriate exchange rate where the
impact is significant, reflecting depreciation of their respective
currencies in order to provide comparability and not to distort CER
growth rates.
AER%
represents growth at actual exchange rates.
Core Earnings per
share
Unless
otherwise stated, Core earnings per share refers to Core basic
earnings per share.
Core Operating Margin
Core
Operating margin is Core operating profit divided by
turnover.
Free cash flow
Free
cash flow is defined as the net cash inflow/outflow from operating
activities less capital expenditure on property, plant and
equipment and intangible assets, contingent consideration payments,
net finance costs, and dividends paid to non-controlling interests,
contributions from non-controlling interests plus proceeds from the
sale of property, plant and equipment and intangible assets, and
dividends received from joint ventures and associates. The measure
is used by management as it is considered an indicator of net cash
generated from business activities (excluding any cash flows
arising from equity investments, business acquisitions or disposals
and changes in the level of borrowing) available to pay
shareholders dividends and to fund strategic plans. Free cash flow
growth is calculated on a reported basis. A reconciliation of net
cash inflow from operations to free cash flow from operations is
set out on page 41.
Free cash flow conversion
Free
cash flow conversion is free cash flow from operations as a
percentage of profit attributable to shareholders.
General Medicines
General
Medicines are usually prescribed in the primary care or community
settings by general healthcare practitioners. For GSK, this
includes medicines for inhaled respiratory, dermatology,
antibiotics and other diseases.
Non-controlling interest
Non-controlling
interest is the equity in a subsidiary not attributable, directly
or indirectly, to a parent.
Percentage points
Percentage
points of growth which is abbreviated to ppts.
RAR (Returns and Rebates)
GSK
sells to customers both commercial and government mandated
contracts with reimbursement arrangements that include rebates,
chargebacks and a right of return for certain pharmaceutical
products principally in the US. Revenue recognition reflects
gross-to-net sales adjustments as a result. These adjustments are
known as the RAR accruals and are a source of significant
estimation uncertainty and fluctuation which can have a material
impact on reported revenue from one accounting period to the
next.
Risk adjusted sales
Pipeline
risk-adjusted sales are based on the latest internal estimate of
the probability of technical and regulatory success for each asset
in development.
Specialty Medicines
Specialty
Medicines are typically prescription medicines used to treat
complex or rare chronic conditions. For GSK, this comprises
medicines for infectious diseases, HIV, Respiratory, Immunology
& Inflammation, and Oncology.
Total Net debt
Net
debt is defined as total borrowings less cash, cash equivalents,
liquid investments, and short-term loans to third parties that are
subject to an insignificant risk of change in value. The measure is
used by management as it is considered a good indicator of GSK's
ability to meet its financial commitments and the strength of its
balance sheet.
Total and Core results
Total
reported results represent the Group’s overall performance.
GSK uses a number of non-IFRS measures to report the performance of
its business. Core results and other non-IFRS measures may be
considered in addition to, but not as a substitute for or superior
to, information presented in accordance with IFRS. Core results are
defined on page 18 and other non-IFRS measures are defined in pages
50 and 51.
Total Operating Margin
Total
Operating margin is Total operating profit divided by
turnover.
Total Earnings per
share
Unless
otherwise stated, Total earnings per share refers to Total basic
earnings per share.
Working capital
Working
capital represents inventory and trade receivables less trade
payables.
Year to date
Year to
date is the nine-month period in the year to 30 September 2025 or
the same prior period in 2024 as appropriate.
Brand names and partner acknowledgements: brand
names appearing in italics throughout this document are trademarks
of GSK or associated companies or used under licence by the
Group.
Guidance and Outlooks, assumptions
and cautionary statements
2025 Guidance
GSK
upgrades its full-year 2025 guidance at constant exchange rates
(CER).
GSK now
expects its turnover to increase between 6% to 7% and Core
operating profit to increase between 9% to 11%. Core earnings per
share is expected to increase between 10% to 12%. Within the
overall range, the overall turnover outcome is dependent on the
ongoing challenges for Vaccines in the US.
The
Group has made planning assumptions that we expect turnover for
Specialty Medicines to increase at a mid-teens percentage, Vaccines
to decrease by a low-single digit per cent to broadly stable, and
General Medicines to be broadly stable.
The
Core earnings per share guidance includes the implementation of the
£2 billion share buyback programme to the end of Q2
2026.
2021-2026 and 2031 Outlooks
In
February 2025 GSK set out improved outlooks for 2031. Please see
2024 full year and fourth quarter results on gsk.com(1).
Assumptions and basis of preparation related to 2025 Guidance,
2021-26 and 2031 Outlooks
In
outlining the guidance for 2025, and outlooks for the period
2021-26 and for 2031, the Group has made certain assumptions about
the macro-economic environment, the healthcare sector (including
regarding existing and possible additional governmental legislative
and regulatory reform), the different markets and competitive
landscape in which the Group operates and the delivery of revenues
and financial benefits from its current portfolio, its development
pipeline and restructuring programmes. GSK notes the US
Administration's ongoing investigation under Section 232 of the
Trade Expansion Act to determine the effects on national security
of imports of pharmaceutical products. Our full-year guidance is
inclusive of tariffs enacted thus far and indicated potential
European tariffs impact of 15%. We are positioned to respond to the
potential financial impact of tariffs, with mitigation options
identified. Given the uncertain external environment, we continue
to monitor developments.
2025 Guidance
These
planning assumptions as well as operating profit and earnings per
share guidance and dividend expectations assume no material
interruptions to supply of the Group’s products, no material
mergers, acquisitions or disposals, no material litigation or
investigation costs for the Company (save for those that are
already recognised or for which provisions have been made) and no
change in the Group’s shareholdings in ViiV Healthcare. The
assumptions also assume no material changes in the healthcare
environment or unexpected significant changes in pricing or trade
policies, including tariffs (except as noted above), as a result of
government or competitor action. The 2025 guidance factors in all
divestments and product exits announced to date.
2021-26 and 2031 Outlooks
The
assumptions for GSK’s revenue, Core operating profit, Core
operating margin and cash flow outlooks, 2031 revenue outlook and
margin expectations through dolutegravir loss of exclusivity assume
the delivery of revenues and financial benefits from its current
and development pipeline portfolio of medicines and vaccines (which
have been assessed for this purpose on a risk-adjusted basis, as
described further below); regulatory approvals of the pipeline
portfolio of medicines and vaccines that underlie these
expectations (which have also been assessed for this purpose on a
risk-adjusted basis, as described further below); no material
interruptions to supply of the Group’s products; successful
delivery of the ongoing and planned integration and restructuring
plans; no material mergers, acquisitions or disposals or other
material business development transactions; no material litigation
or investigation costs for the Company (save for those that are
already recognised or for which provisions have been made); and no
change in the shareholdings in ViiV Healthcare. GSK assumes no
premature loss of exclusivity for key products over the
period.
The
assumptions for GSK’s revenue, Core operating profit, Core
operating margin and cash flow outlooks, 2031 revenue outlook and
margin expectations through dolutegravir loss of exclusivity also
factor in all divestments and product exits announced to date as
well as material costs for investment in new product launches and
R&D. Risk- adjusted sales includes sales for potential planned
launches which are risk-adjusted based on the latest internal
estimate of the probability of technical and regulatory success for
each asset in development.
Notwithstanding
our guidance, outlooks and expectations, there is still uncertainty
as to whether our assumptions, guidance, outlooks and expectations
will be achieved.
All
outlook statements are given on a constant currency basis and use
2024 average exchange rates as a base (£1/$1.28,
£1/€1.18, £1/Yen 193).
(1)
https://www.gsk.com/media/11776/fy-2024-results-announcement.pdf
Assumptions and cautionary statement regarding forward-looking
statements
The
Group’s management believes that the assumptions outlined
above are reasonable, and that the guidance, outlooks, and
expectations described in this report are achievable based on those
assumptions. However, given the forward-looking nature of these
guidance, outlooks, and expectations, they are subject to greater
uncertainty, including potential material impacts if the above
assumptions are not realised, and other material impacts related to
foreign exchange fluctuations, macro-economic activity, the impact
of outbreaks, epidemics or pandemics, changes in legislation,
regulation, government actions, including the impact of any
potential tariffs or other restrictive trade policies on the
Group's products, or intellectual property protection, product
development and approvals, actions by our competitors, and other
risks inherent to the industries in which we operate.
This
document contains statements that are, or may be deemed to be,
“forward-looking statements”. Forward-looking
statements give the Group’s current expectations or forecasts
of future events. An investor can identify these statements by the
fact that they do not relate strictly to historical or current
facts. They use words such as ‘anticipate’,
‘estimate’, ‘expect’, ‘intend’,
‘will’, ‘project’, ‘plan’,
‘believe’, ‘target’ and other words and
terms of similar meaning in connection with any discussion of
future operating or financial performance. In particular, these
include statements relating to future actions, prospective products
or product approvals, future performance or results of current and
anticipated products, sales efforts, expenses, the outcome of
contingencies such as legal proceedings, dividend payments and
financial results. Other than in accordance with its legal or
regulatory obligations (including under the Market Abuse
Regulation, the UK Listing Rules and the Disclosure Guidance and
Transparency Rules of the Financial Conduct Authority), the Group
undertakes no obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise.
The reader should, however, consult any additional disclosures that
the Group may make in any documents which it publishes and/or files
with the SEC. All readers, wherever located, should take note of
these disclosures. Accordingly, no assurance can be given that any
particular expectation will be met and investors are cautioned not
to place undue reliance on the forward-looking
statements.
All
guidance, outlooks and expectations should be read together with
the guidance and outlooks, assumptions and cautionary statements in
this Q3 2025 earnings release and in the Group's 2024 Annual Report
on Form 20-F.
Forward-looking
statements are subject to assumptions, inherent risks and
uncertainties, many of which relate to factors that are beyond the
Group’s control or precise estimate. The Group cautions
investors that a number of important factors, including those in
this document, could cause actual results to differ materially from
those expressed or implied in any forward-looking statement. Such
factors include, but are not limited to, those discussed under
‘Risk Factors’ in the Group’s Annual Report on
Form 20-F for 2024. Any forward-looking statements made by or on
behalf of the Group speak only as of the date they are made and are
based upon the knowledge and information available to the Directors
on the date of this report.
Independent review report to GSK
plc
Conclusion
We have
been engaged by GSK plc (“the company”) to review the
condensed financial information in the Results Announcement of the
company for the three and nine months ended 30 September
2025.
The
condensed financial information comprises:
|
|
|
|
●
|
the
income statement and statement of comprehensive income for the
three and nine month periods ended 30 September 2025 on page 26 and
27;
|
|
●
|
the
balance sheet as at 30 September 2025 on page 28;
|
|
●
|
the
statement of changes in equity for the nine-month period then ended
on page 29;
|
|
●
|
the
cash flow statement for the nine-month period then ended on page
30; and
|
|
●
|
the
accounting policies and basis of preparation and the explanatory
notes to the condensed financial information on pages 31 to 41 that
have been prepared applying consistent accounting policies to those
applied by GSK plc and its subsidiaries (“the Group”)
in the Annual Report 2024, which was prepared in accordance with
UK-adopted international accounting standards in conformity with
the requirements of the Companies Act 2006 and the IFRS Accounting
Standards as issued by the International Accounting Standards
Boards (IASB).
|
Based
on our review, nothing has come to our attention that causes us to
believe that the condensed financial information in the Results
Announcement for the three and nine months ended 30 September 2025
is not prepared, in all material respects, in accordance with the
accounting policies set out in the accounting policies and basis of
preparation section on page 38.
Basis for Conclusion
We
conducted our review in accordance with International Standard on
Review Engagements (UK) 2410 “Review of Interim Financial
Information Performed by the Independent Auditor of the
Entity” issued by the Financial Reporting Council for use in
the United Kingdom (ISRE (UK) 2410). A review of interim financial
information consists of making inquiries, primarily of persons
responsible for financial and accounting matters, and applying
analytical and other review procedures. A review is substantially
less in scope than an audit conducted in accordance with
International Standards on Auditing (UK) and consequently does not
enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.
As
disclosed on page 38, the annual financial statements of the Group
are prepared in accordance with United Kingdom adopted
international accounting standards. The condensed set of financial
information included in this Results Announcement have been
prepared in accordance with the accounting policies set out in the
accounting policies and basis of preparation section on page
38.
Conclusion Relating to Going Concern
Based
on our review procedures, which are less extensive than those
performed in an audit as described in the Basis for Conclusion
section of this report, nothing has come to our attention to
suggest that the directors have inappropriately adopted the going
concern basis of accounting or that the directors have identified
material uncertainties relating to going concern that are not
appropriately disclosed.
This
Conclusion is based on the review procedures performed in
accordance with ISRE (UK) 2410, however future events or conditions
may cause the entity to cease to continue as a going
concern.
Responsibilities of the directors
The
directors are responsible for preparing the Results Announcement of
the company in accordance with the Disclosure Guidance and
Transparency Rules of the United Kingdom’s Financial Conduct
Authority.
In
preparing the Results Announcement, the directors are responsible
for assessing the company’s ability to continue as a going
concern, disclosing as applicable, matters related to going concern
and using the going concern basis of accounting unless the
directors either intend to liquidate the company or to cease
operations, or have no realistic alternative but to do
so.
Auditor’s Responsibilities for the review of the financial
information
In
reviewing the Results Announcement, we are responsible for
expressing to the company a conclusion on the condensed financial
information in the Results Announcement. Our Conclusion, including
our Conclusion Relating to Going Concern, are based on procedures
that are less extensive than audit procedures, as described in the
Basis for Conclusion paragraph of this report.
Use of our report
This
report is made solely to the company in accordance with ISRE (UK)
2410. Our work has been undertaken so that we might state to the
company those matters we are required to state to it in an
independent review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the company, for our review work, for this
report, or for the conclusions we have formed.
Deloitte LLP
Statutory
Auditor
London,
United Kingdom
28
October 2025
|
|
|
Glossary
|
|
|
|
|
Terms used in the Announcement
|
Brief description
|
|
1L
|
First
line
|
|
2L
|
Second
line
|
|
ACIP
|
Advisory
Committee on Immunization Practices
|
|
ADC
|
Antibody-drug-conjugates
|
|
ADP
|
Adenosine
diphosphate
|
|
AMP
|
Average
manufacturer price
|
|
ASO
|
Antisense
oligonucleotide
|
|
AS03
|
Adjuvant
system 03
|
|
Bnab
|
Broadly
neutralising antibody
|
|
CCL
|
Contingent
consideration liability
|
|
CDC
|
Centre
for Disease Control and Prevention
|
|
CHMP
|
Committee
for Medicinal Products for Human Use
|
|
CMS
|
Centre
for Medicare & Medicaid Services
|
|
COPD
|
Chronic
obstructive pulmonary disease
|
|
CROI
|
Conference
on Retroviruses and Opportunistic Infections
|
|
CRSwNP
|
Chronic
rhinosinusitis with nasal polyps
|
|
cUTIs
|
complicated
urinary tract infections
|
|
DTG
|
Dolutegravir
|
|
EGPA
|
Eosinophilic
granulomatosis with polyangiitis
|
|
ES
|
Extensive
stage
|
|
ESOP
|
Employee
share ownership plan
|
|
GIST
|
Gastrointestinal
stromal tumours
|
|
HBV
|
Hepatitis
B virus
|
|
HES
|
Hypereosinophilic
syndrome
|
|
IBATi
|
Ileal
bile acid transporter inhibitor
|
|
Insti
|
Integrase
nuclear strand transfer inhibitors
|
|
IRA
|
Inflation
Reduction Act
|
|
JAK
|
Janus
kinase inhibitor
|
|
JAK1/JAK2
and ACVR1
|
once
a-day, oral JAK1/JAK2 and activin A receptor type 1 (ACVR1)
inhibitor
|
|
LA
|
Long
acting includes Cabenuva
and Apretude
|
|
MAPS
|
Multi
antigen presenting system
|
|
MASH
|
Metabolic
dysfunction-associated steatohepatitis
|
|
MDS
|
Myelodysplastic
Syndromes
|
|
MGMT
glioblastoma
|
methylated
DNA protein cysteine methyltransferase
|
|
MMR/V
|
Measles,
mumps, rubella and varicella
|
|
mRNA
|
messenger
ribonucleic acid
|
|
OA
|
Older
adults
|
|
ODAC
|
Oncologic
Drugs Advisory Committee
|
|
OECD
|
Organisation
for Economic Co-operation and Development
|
|
Oral
2DR
|
Oral 2
drug regimen includes Dovato and Juluca
|
|
PARP
|
a Poly
ADP ribose polymerase
|
|
PBC
|
Primary
biliary cholangitis
|
|
PD-1
|
a
programmed death receptor-1 blocking antibody
|
|
PDUFA
|
Prescription
Drug User Fee Act
|
|
PK
|
Pharmacokinetics
|
|
ppts
|
percentage
points
|
|
PrEP
|
pre-exposure
prophylaxis
|
|
PYS
|
Peak
year sales
|
|
Q4M
|
every 4
months
|
|
Q6M
|
every 6
months
|
|
RCC
|
Refractory
chronic cough
|
|
RNS
|
Regulatory
news service
|
|
RSV
|
Respiratory
syncytial virus
|
|
SCLC
|
small
cell lung cancer
|
|
SITT
|
Single
inhaler triple therapy
|
|
SLD
|
Steatotic
liver disease
|
|
TIGIT
|
T cell
immunoreceptor with Ig and ITIM domains
|
|
TIM3
|
T-cell
membrane protein-3
|
|
TSLP
|
Long-acting
anti-thymic stromal lymphopoietin monoclonal
|
|
ULA
|
Ultra
long acting
|
|
uUTIs
|
uncomplicated
urinary tract infections
|
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:
October 29, 2025
|
|
|
|
|
|
|
By:/s/ VICTORIA
WHYTE
--------------------------
|
|
|
|
|
|
Victoria Whyte
|
|
|
Authorised
Signatory for and on
|
|
|
behalf
of GSK plc
|
FAQ
What were GSK (GSK) Q3 2025 sales and earnings?
Turnover was £8,547 million (+8% CER), Total EPS 49.9p (>100%), and Core EPS 55.0p (+14% CER).
How did key segments perform for GSK (GSK) in Q3 2025?
Specialty Medicines £3,409m (+16% CER), Vaccines £2,678m (+2% CER), General Medicines £2,460m (+4% CER).
Did GSK (GSK) change its 2025 guidance?
Yes. At CER: turnover +6–7%, Core operating profit +9–11%, Core EPS +10–12%.
What drove GSK’s growth in Q3 2025?
HIV long-acting regimens (Cabenuva, Apretude), Jemperli, Ojjaara/Omjjara, and Vaccines (Shingrix ex‑US, Arexvy in EU/International).
What were GSK’s Q3 2025 cash flow and net debt?
Cash generated from operations £2,520m, free cash flow £1,246m, and net debt £14,444m.
What shareholder returns did GSK (GSK) announce?
A 16p Q3 dividend (with 64p expected for 2025) and £1.1bn YTD buybacks toward a £2bn programme.
Are there notable near-term milestones for GSK (GSK)?
A US decision on depemokimab is expected in December 2025.
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