GSK plc (LON:GSK) has announced its third quarter results.
GSK delivered 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
