On 24 February 2025, GSK plc (LON:GSK) announced the commencement of a £2 billion share buyback programme, as announced in its 2024 full year results announcement published on 5 February 2025. The Programme is to be implemented over the period to the end of Q2 2026.
The first tranche of the Programme (of up to £0.7 billion) commenced on 24 February 2025 and completed on 3 June 2025, in accordance with its terms.
GSK announces that the second tranche of the Programme of up to £0.45 billion will commence today.
GSK has entered into a non-discretionary agreement with Merrill Lynch International, enabling GSK to buy back ordinary shares of 31¼ pence each in GSK with an aggregate value of up to £0.45 billion. Purchases of Ordinary Shares under the Second Tranche are expected to commence on 4 June 2025 and to be completed by 19 September 2025.
The purpose of the Programme is to return excess capital to shareholders and reduce the share capital of the company, and it is expected that the implementation of the Programme will enhance earnings per share. Ordinary Shares purchased under the Second Tranche will be held as Treasury shares.
MLI will make trading decisions in relation to the Second Tranche independently of GSK with regard to the timing of purchases. Any purchase of Ordinary Shares by MLI contemplated by this announcement will be carried out on the London Stock Exchange and/or Cboe Europe Limited through the BXE and CXE order books. Any purchases of Ordinary Shares by GSK from MLI under the Second Tranche will be carried out on the London Stock Exchange.
The Second Tranche will be effected within certain pre-set parameters and in accordance with GSK’s general authority to repurchase shares and will be conducted within the parameters prescribed by the Market Abuse Regulation 596/2014, the Commission Delegated Regulation (EU) 2016/1052 (both as incorporated into UK domestic law by the European Union (Withdrawal) Act 2018) as well as applicable laws and the regulations of the UK Financial Conduct Authority (including Chapter 9 of the Listing Rules).
The Second Tranche will occur within the limitations of GSK’s existing general authority to repurchase up to 413,957,879 Ordinary Shares granted at its 2025 Annual General Meeting.
No repurchases will be made in the United States of America or in respect of GSK’s American Depositary Receipts.
