GSK plc (LON:GSK) has announced its full year and fourth quarter result.
| Sales, profit and earnings growth driven by strong Specialty Medicines performance | |
| • | Total 2025 sales £32.7 billion +4% AER; +7% CER |
| • | Specialty Medicines sales £13.5 billion (+17%); Respiratory, Immunology & Inflammation £3.8 billion (+18%); Oncology £2.0 billion (+43%); HIV sales £7.7 billion (+11%) |
| • | Vaccines sales £9.2 billion (+2%); Shingrix £3.6 billion (+8%); Meningitis vaccines £1.6 billion (+12%); and Arexvy £0.6 billion (+2%) |
| • | General Medicines sales £10.0 billion (-1%); Trelegy £3.0 billion (+13%) |
| • | 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 +12% reflecting Specialty Medicines and Vaccines growth, SG&A productivity, higher royalty income and disciplined increased investment in R&D portfolio progression in Oncology and Vaccines |
| • | Cash generated from operations of £8.9 billion with free cash flow of £4.0 billion |
| (Financial Performance – 2025 results unless otherwise stated, growth % and commentary at CER as defined on page 53. In 2025 and Q4 2025, the adverse currency impact on AER versus CER primarily reflected the strengthening of Sterling against the USD. See page 11 for further details.) | |
| 2025 | Q4 2025 | ||||||||||
| £m | % AER | % CER | £m | % AER | % CER | ||||||
| Turnover | 32,667 | 4 | 7 | 8,618 | 6 | 8 | |||||
| Total operating profit | 7,932 | 97 | >100 | 1,100 | 58 | 65 | |||||
| Total operating margin % | 24.3% | 11.5ppts | 11.9ppts | 12.8% | 4.2ppts | 4.6ppts | |||||
| Total EPS | 141.1p | >100 | >100 | 15.8p | 56 | 65 | |||||
| Core operating profit | 9,783 | 7 | 11 | 1,634 | 14 | 18 | |||||
| Core operating margin % | 29.9% | 0.7ppts | 1.1ppts | 19.0% | 1.4ppts | 1.6ppts | |||||
| Core EPS | 172.0p | 8 | 12 | 25.5p | 10 | 14 | |||||
| Cash generated from operations | 8,943 | 14 | 2,689 | 4 | |||||||
| R&D momentum further strengthens growth prospects: | |
| Strong pipeline progress in 2025: | |
| • | 5 major FDA approvals: Blenrep, Exdensur, Nucala COPD, Penmenvy, Blujepa |
| • | 7 pivotal trial starts including: risvutatug rezetecan (ris-rez) for 2L/3L ES-SCLC; efimosfermin in MASH; Exdensur for COPD; and velzatinib for 2L GIST |
| RI&I and Oncology pipelines strengthened: | |
| • | New assets acquired: efimosfermin (liver disease); velzatinib/IDRX-42 (gastrointestinal cancer); and agreement to acquire ozureprubart (food allergies) |
| • | Agreements/collaborations with Hengrui (RI&I and oncology); Empirico (COPD); and LTZ Therapeutics (oncology) |
| • | 29 projects currently in clinical development for RI&I and Oncology diseases |
| Further pipeline acceleration expected in 2026: | |
| • | 2 new major product approvals expected: bepirovirsen, potential first-in-class treatment for chronic hepatitis B; and tebipenem, first oral treatment for complicated UTIs |
| • | 5 pivotal readouts: bepirovirsen for chronic hepatitis B (positive); camlipixant (chronic cough); Jemperli (rectal cancer);Q4M HIV PrEP; and Exdensur for EGPA |
| • | 10 pivotal trial starts, including for ADCs B7-H3 (ris-rez) & B7-H4 (mocertatug rezetecan, mo-rez) to treat multiple cancer types |
| Continued commitment to shareholder returns | |
| • | Q4 2025 dividend of 18p declared; 66p FY 2025; 70p expected for full year 2026 |
| • | £1.4 billion executed to date as part of the £2 billion share buyback programme announced at FY 2024 |
| 2026 guidance and 2031 sales outlook reaffirmed | |
| • | Expect 2026 turnover growth of between 3% to 5%; Core operating profit growth of between 7% to 9%; Core EPS growth of between 7% to 9% |
| • | 2031 sales outlook of more than £40 billion |
Guidance all at CER
Luke Miels, Chief Executive Officer, GSK:“GSK delivered another strong performance in 2025, driven mainly by Specialty Medicines, with double-digit sales growth in Respiratory, Immunology & Inflammation (RI&I), Oncology and HIV. Good R&D progress also continued, with 5 major product approvals achieved and several acquisitions and new partnerships completed to strengthen the pipeline further in oncology and RI&I. We expect this positive momentum to continue in 2026, which will be a key year of execution and operational delivery with strong focus on commercial launches and accelerating R&D. We are well placed to move forward in this next phase for GSK – to deliver our outlooks – and to create new value for patients and shareholders.”
The Total results are presented in summary above and on page 8 and Core results reconciliations are presented on pages 20-21 and 23-24. 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 53-54: 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 55-56. Abbreviations are defined on page 57.
2026 Guidance
GSK provides its full-year 2026 guidance at constant exchange rates (CER).
| Turnover is expected to increase between 3 to 5 per cent |
| Core operating profit is expected to increase between 7 to 9 per cent |
| Core earnings per share is expected to increase between 7 to 9 per cent |
This guidance is supported by the following turnover expectations for full-year 2026 at CER
| Specialty Medicines | – | expected increase of a low double-digit per cent in turnover |
| Vaccines | – | expected decline of a low single-digit per cent to stable in turnover |
| General Medicines | – | expected decline of a low single-digit per cent to stable in turnover |
