[6-K] GSK plc American Current Report (Foreign Issuer)
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Filing Sentiment
Form Type
6-K
Q2-25 snapshot: GSK generated turnover of 拢7.99 bn (+1% AER, +6% CER), led by Specialty Medicines (拢3.33 bn, +15% CER) and Vaccines (拢2.09 bn, +9% CER). Core operating profit rose 12% to 拢2.63 bn, lifting core margin 1.8 ppts to 32.9%; core EPS advanced 15% to 46.5 p. Total EPS climbed 35% on lower contingent-consideration charges. Cash generated from operations grew 47% to 拢2.43 bn, translating into 拢1.13 bn of free cash flow.
Guidance & capital returns: Management now expects FY-25 turnover, core operating profit and core EPS to reach the top end of prior 3-5%, 6-8% and 6-8% CER ranges. A 16 p dividend was declared (64 p FY target) and 拢822 m of a 拢2 bn buy-back executed in H1.
Pipeline momentum: Three FDA approvals received YTD (Penmenvy, Blujepa, Nucala-COPD); five major approvals targeted in 2025, with 14 late-stage assets each aiming for >拢2 bn PYS. Phase III tebipenem stopped early for efficacy.
Key watch-points: General Medicines declined 6% CER, U.S. Shingrix demand softened and pricing pressure from U.S. IRA persisted. Core R&D spend increased 11% and included a 拢471 m impairment (belrestotug). Net debt edged to 拢13.7 bn after 拢0.8 bn acquisitions, 拢1.3 bn dividends and 拢0.8 bn buy-backs.
Riepilogo Q2-25: GSK ha registrato un fatturato di 拢7,99 miliardi (+1% AER, +6% CER), trainato da Specialty Medicines (拢3,33 miliardi, +15% CER) e Vaccines (拢2,09 miliardi, +9% CER). L'utile operativo core 猫 aumentato del 12% raggiungendo 拢2,63 miliardi, con un margine core salito di 1,8 punti percentuali al 32,9%; l'EPS core 猫 cresciuto del 15% a 46,5 p. L'EPS totale 猫 aumentato del 35% grazie a minori oneri per contingenze. La liquidit脿 generata dalle operazioni 猫 cresciuta del 47% a 拢2,43 miliardi, traducendosi in un free cash flow di 拢1,13 miliardi.
Previsioni e ritorni per gli azionisti: Il management prevede ora che il fatturato, l'utile operativo core e l'EPS core per l'anno fiscale 2025 raggiungano la parte alta delle precedenti stime di crescita del 3-5%, 6-8% e 6-8% CER. 脠 stato dichiarato un dividendo di 16 p (obiettivo annuale 64 p) e nel primo semestre 猫 stato eseguito un riacquisto di azioni per 拢822 milioni su un totale di 拢2 miliardi.
Impulso alla pipeline: Tre approvazioni FDA ottenute nel corso dell'anno (Penmenvy, Blujepa, Nucala-COPD); cinque approvazioni importanti previste per il 2025, con 14 asset in fase avanzata ciascuno con un potenziale di oltre 拢2 miliardi PYS. La fase III di tebipenem 猫 stata interrotta anticipatamente per efficacia.
Punti chiave da monitorare: General Medicines 猫 calata del 6% CER, la domanda di Shingrix negli USA si 猫 indebolita e la pressione sui prezzi derivante dall'IRA statunitense 猫 proseguita. La spesa core in R&S 猫 aumentata dell'11% includendo una svalutazione di 拢471 milioni (belrestotug). Il debito netto 猫 salito a 拢13,7 miliardi dopo acquisizioni per 拢0,8 miliardi, dividendi per 拢1,3 miliardi e riacquisti per 拢0,8 miliardi.
Resumen Q2-25: GSK gener贸 una facturaci贸n de 拢7,99 mil millones (+1% AER, +6% CER), liderada por Specialty Medicines (拢3,33 mil millones, +15% CER) y Vaccines (拢2,09 mil millones, +9% CER). El beneficio operativo core aument贸 un 12% hasta 拢2,63 mil millones, elevando el margen core 1,8 puntos porcentuales hasta el 32,9%; el BPA core avanz贸 un 15% hasta 46,5 p. El BPA total subi贸 un 35% debido a menores cargos por consideraciones contingentes. El efectivo generado por operaciones creci贸 un 47% hasta 拢2,43 mil millones, traduci茅ndose en un flujo de caja libre de 拢1,13 mil millones.
Previsiones y retornos de capital: La direcci贸n ahora espera que la facturaci贸n, el beneficio operativo core y el BPA core para el a帽o fiscal 2025 alcancen el extremo superior de los rangos previos del 3-5%, 6-8% y 6-8% CER. Se declar贸 un dividendo de 16 p (objetivo anual de 64 p) y en el primer semestre se ejecut贸 una recompra de acciones por 拢822 millones de un total de 拢2 mil millones.
Impulso en la cartera de proyectos: Tres aprobaciones de la FDA recibidas en lo que va de a帽o (Penmenvy, Blujepa, Nucala-COPD); cinco aprobaciones importantes previstas para 2025, con 14 activos en etapa avanzada cada uno con un objetivo de m谩s de 拢2 mil millones PYS. La fase III de tebipenem se detuvo anticipadamente por eficacia.
Puntos clave a vigilar: General Medicines disminuy贸 un 6% CER, la demanda de Shingrix en EE.UU. se suaviz贸 y persisti贸 la presi贸n de precios derivada de la IRA estadounidense. El gasto core en I+D aument贸 un 11% e incluy贸 una deterioraci贸n de 拢471 millones (belrestotug). La deuda neta aument贸 a 拢13,7 mil millones tras adquisiciones por 拢0,8 mil millones, dividendos por 拢1,3 mil millones y recompras por 拢0,8 mil millones.
2攵勱赴 25 鞖旍暯: GSK電� 齑濍Г於� 拢79.9鞏�(1% AER, 6% CER 歃濌皜)鞚� 旮半頄堨溂氅�, Specialty Medicines(拢33.3鞏�, 15% CER 歃濌皜)鞕� Vaccines(拢20.9鞏�, 9% CER 歃濌皜)鞚� 欤茧弰頄堨姷雼堧嫟. 頃奠嫭 鞓侅梾鞚挫澋鞚� 12% 歃濌皜頃� 拢26.3鞏奠溂搿�, 頃奠嫭 毵堨鞚� 1.8%韽澑韸� 靸侅姽頃� 32.9%毳� 旮半頄堦碃, 頃奠嫭 欤茧嫻靾滌澊鞚�(EPS)鞚� 15% 歃濌皜頃� 46.5韼滌姢毳� 旮半頄堨姷雼堧嫟. 齑� EPS電� 鞖半皽攵�毂� 牍勳毄 臧愳唽搿� 35% 靸侅姽頄堨姷雼堧嫟. 鞓侅梾頇滊彊 順勱笀頋愲鞚� 47% 歃濌皜頃� 拢24.3鞏奠溂搿�, 鞛愳湢順勱笀頋愲鞚� 拢11.3鞏奠棎 雼枅鞀惦媹雼�.
臧�鞚措崢鞀� 氚� 鞛愲掣頇橃洂: 瓴届榿歆勳潃 2025 須岅硠鞐半弰 毵れ稖, 頃奠嫭 鞓侅梾鞚挫澋 氚� 頃奠嫭 EPS臧� 鞚挫爠 3-5%, 6-8%, 6-8% CER 氩旍渼鞚� 靸侅渼甓�鞐� 霃勲嫭頃� 瓴冹溂搿� 鞓堨儊頃╇媹雼�. 16韼滌姢 氚半嫻旮堨澊 靹犾柛霅橃棃鞙茧┌(鞐瓣皠 氇╉憸 64韼滌姢), 靸侂皹旮办棎 拢8.22鞏奠潣 鞛愳偓欤� 毵れ瀰鞚� 歆勴枆霅橃棃鞀惦媹雼�(齑� 拢20鞏� 欷�).
韺岇澊頂勲澕鞚� 霃欗枼: 鞓暣 霌れ柎 FDA 鞀轨澑 3瓯� 須嶋摑(Penmenvy, Blujepa, Nucala-COPD); 2025雲勳棎電� 5瓯挫潣 欤检殧 鞀轨澑 氇╉憸, 臧� 14臧滌潣 頉勱赴 雼硠 鞛愳偘鞚� 鞐瓣皠 拢20鞏� 鞚挫儊 氇╉憸. 韰岆箘韼橂劥 3靸侅潃 須姤鞙茧 臁瓣赴 欷戨嫧.
欤检殧 甏�彀� 韽澑韸�: General Medicines電� 6% CER 臧愳唽, 氙戈淡 Shingrix 靾橃殧 鞎巾檾 氚� 氙戈淡 IRA搿� 鞚疙暅 臧�瓴� 鞎曤皶 歆�靻�. 頃奠嫭 鞐瓣惮臧滊皽牍勲姅 11% 歃濌皜頄堨溂氅�, 拢4.71鞏� 臧愳暋(氩爤鞀ろ啝韴犯) 韽暔. 靾滊秬毂勲姅 鞚胳垬旮� 拢8鞏�, 氚半嫻旮� 拢13鞏�, 鞛愳偓欤� 毵れ瀰 拢8鞏� 鞚错泟 拢137鞏奠溂搿� 靻岉彮 歃濌皜.
R茅sum茅 T2-25 : GSK a g茅n茅r茅 un chiffre d'affaires de 7,99 milliards de 拢 (+1% AER, +6% CER), port茅 par Specialty Medicines (3,33 milliards de 拢, +15% CER) et Vaccines (2,09 milliards de 拢, +9% CER). Le b茅n茅fice d'exploitation core a augment茅 de 12% pour atteindre 2,63 milliards de 拢, portant la marge core 脿 32,9% (+1,8 points) ; le BPA core a progress茅 de 15% 脿 46,5 p. Le BPA total a grimp茅 de 35% gr芒ce 脿 une diminution des charges de contrepartie 茅ventuelle. La tr茅sorerie g茅n茅r茅e par les op茅rations a augment茅 de 47% 脿 2,43 milliards de 拢, se traduisant par un flux de tr茅sorerie libre de 1,13 milliard de 拢.
Pr茅visions et retours aux actionnaires : La direction pr茅voit d茅sormais que le chiffre d'affaires, le b茅n茅fice d'exploitation core et le BPA core pour l'exercice 2025 atteindront le haut des fourchettes pr茅c茅dentes de 3-5%, 6-8% et 6-8% CER. Un dividende de 16 p a 茅t茅 d茅clar茅 (objectif annuel de 64 p) et un rachat d'actions de 822 millions de 拢 sur un total de 2 milliards a 茅t茅 r茅alis茅 au premier semestre.
脡lan de la pipeline : Trois approbations FDA obtenues depuis le d茅but de l'ann茅e (Penmenvy, Blujepa, Nucala-COPD) ; cinq approbations majeures vis茅es en 2025, avec 14 actifs en phase avanc茅e visant chacun plus de 2 milliards de 拢 PYS. La phase III de tebipenem a 茅t茅 arr锚t茅e pr茅matur茅ment pour efficacit茅.
Points cl茅s 脿 surveiller : General Medicines a recul茅 de 6% CER, la demande de Shingrix aux 脡tats-Unis s鈥檈st affaiblie et la pression sur les prix li茅e 脿 l鈥橧RA am茅ricaine a persist茅. Les d茅penses core en R&D ont augment茅 de 11% et incluent une d茅pr茅ciation de 471 millions de 拢 (belrestotug). La dette nette a l茅g猫rement augment茅 脿 13,7 milliards de 拢 apr猫s des acquisitions de 0,8 milliard, des dividendes de 1,3 milliard et des rachats d鈥檃ctions de 0,8 milliard.
Q2-25 脺berblick: GSK erzielte einen Umsatz von 拢7,99 Mrd. (+1% AER, +6% CER), angef眉hrt von Specialty Medicines (拢3,33 Mrd., +15% CER) und Vaccines (拢2,09 Mrd., +9% CER). Der Kernbetriebsgewinn stieg um 12% auf 拢2,63 Mrd., wodurch die Kernmarge um 1,8 Prozentpunkte auf 32,9% anstieg; das Kern-EPS stieg um 15% auf 46,5 Pence. Das Gesamtergebnis je Aktie stieg um 35% aufgrund geringerer R眉ckstellungen f眉r Eventualverbindlichkeiten. Der aus dem operativen Gesch盲ft generierte Cashflow wuchs um 47% auf 拢2,43 Mrd. und f眉hrte zu einem freien Cashflow von 拢1,13 Mrd.
Prognose & Kapitalr眉ckfl眉sse: Das Management erwartet nun, dass der Umsatz, der Kernbetriebsgewinn und das Kern-EPS f眉r das Gesch盲ftsjahr 2025 das obere Ende der vorherigen CER-Spannen von 3-5%, 6-8% bzw. 6-8% erreichen. Es wurde eine Dividende von 16 Pence erkl盲rt (Ziel f眉r das Gesch盲ftsjahr 64 Pence) und im ersten Halbjahr wurden Aktienr眉ckk盲ufe in H枚he von 拢822 Mio. von insgesamt 拢2 Mrd. durchgef眉hrt.
Pipeline-Dynamik: Drei FDA-Zulassungen wurden im laufenden Jahr erhalten (Penmenvy, Blujepa, Nucala-COPD); f眉nf wichtige Zulassungen sind f眉r 2025 geplant, mit 14 sp盲tphasigen Assets, die jeweils 眉ber 拢2 Mrd. PYS anstreben. Die Phase-III-Studie zu Tebipenem wurde aufgrund von Wirksamkeit vorzeitig beendet.
Wichtige Beobachtungspunkte: General Medicines sank um 6% CER, die Nachfrage nach Shingrix in den USA schw盲chte sich ab, und der Preisdruck durch den US-IRA hielt an. Die Kern-F&E-Ausgaben stiegen um 11% und enthielten eine Wertminderung von 拢471 Mio. (Belrestotug). Die Nettoverschuldung stieg auf 拢13,7 Mrd. nach Akquisitionen von 拢0,8 Mrd., Dividenden von 拢1,3 Mrd. und Aktienr眉ckk盲ufen von 拢0,8 Mrd.
Positive
- Specialty Medicines sales +15% CER driving mix uplift and margin expansion.
- Core operating profit +12% and EPS +15%, both above consensus expectations.
- Guidance raised to top end of 3-5% turnover and 6-8% core EPS ranges.
- Free cash flow 拢1.13 bn and 78% conversion support dividends and 拢2 bn buy-back.
- Three FDA approvals YTD with five more targeted in 2025, underpinning long-term growth.
Negative
- General Medicines turnover -6% CER due to Seretide/Advair erosion and pricing pressure.
- Core R&D up 11% and 拢471 m impairment on belrestotug hit earnings quality.
- US Shingrix volumes soft, contributing to vaccine guidance of flat to down low-single-digits.
- Net debt increased 拢0.6 bn to 拢13.7 bn after acquisitions and shareholder returns.
- Currency headwind could reduce FY-25 turnover by 4 pts and core OP by 7 pts if rates hold.
Insights
TL;DR: Another beat-and-raise quarter; Specialty growth and margin expansion outweigh legacy headwinds.
GSK鈥檚 Q2 prints reinforce the post-spin narrative: pivot to Specialty/Vaccines is powering mid-teens earnings growth while legacy respiratory erosion is manageable. Core EPS topped consensus (~44-45 p) and guidance was nudged to top-of-range, implying low-double-digit H2 EPS growth even after a higher tax rate. Operating leverage is noteworthy鈥攃ore margin at 32.9% despite 11% core R&D lift鈥攕howing SG&A discipline. Free cash flow conversion of 78% funds the progressive 64 p dividend and buy-backs, providing a visible 4%+ shareholder yield. Pipeline catalysts (Blenrep PDUFA, depemokimab NDA) could re-rate valuation further. Risks remain around U.S. Shingrix plateau, currency drag (-4 pt turnover sensitivity) and IRA pricing, but overall risk/reward skews positive.
TL;DR: Solid quarter, but watch pricing pressure, R&D spend and rising net debt.
While headline metrics are strong, below the line trends warrant scrutiny. General Medicines contracted 6% CER and remains vulnerable to generic erosion. U.S. pricing reforms are already evident in Nucala, Zejula and Trelegy trajectories. Core R&D up 11% plus a 拢471 m impairment signals higher spend to sustain the pipeline. Net debt inched up to 拢13.7 bn and currency could shave 4-7 pts off FY turnover/OP if sterling stays firm. Tariff commentary adds another macro uncertainty. Overall impact neutral to modestly positive, but execution risk is building.
Riepilogo Q2-25: GSK ha registrato un fatturato di 拢7,99 miliardi (+1% AER, +6% CER), trainato da Specialty Medicines (拢3,33 miliardi, +15% CER) e Vaccines (拢2,09 miliardi, +9% CER). L'utile operativo core 猫 aumentato del 12% raggiungendo 拢2,63 miliardi, con un margine core salito di 1,8 punti percentuali al 32,9%; l'EPS core 猫 cresciuto del 15% a 46,5 p. L'EPS totale 猫 aumentato del 35% grazie a minori oneri per contingenze. La liquidit脿 generata dalle operazioni 猫 cresciuta del 47% a 拢2,43 miliardi, traducendosi in un free cash flow di 拢1,13 miliardi.
Previsioni e ritorni per gli azionisti: Il management prevede ora che il fatturato, l'utile operativo core e l'EPS core per l'anno fiscale 2025 raggiungano la parte alta delle precedenti stime di crescita del 3-5%, 6-8% e 6-8% CER. 脠 stato dichiarato un dividendo di 16 p (obiettivo annuale 64 p) e nel primo semestre 猫 stato eseguito un riacquisto di azioni per 拢822 milioni su un totale di 拢2 miliardi.
Impulso alla pipeline: Tre approvazioni FDA ottenute nel corso dell'anno (Penmenvy, Blujepa, Nucala-COPD); cinque approvazioni importanti previste per il 2025, con 14 asset in fase avanzata ciascuno con un potenziale di oltre 拢2 miliardi PYS. La fase III di tebipenem 猫 stata interrotta anticipatamente per efficacia.
Punti chiave da monitorare: General Medicines 猫 calata del 6% CER, la domanda di Shingrix negli USA si 猫 indebolita e la pressione sui prezzi derivante dall'IRA statunitense 猫 proseguita. La spesa core in R&S 猫 aumentata dell'11% includendo una svalutazione di 拢471 milioni (belrestotug). Il debito netto 猫 salito a 拢13,7 miliardi dopo acquisizioni per 拢0,8 miliardi, dividendi per 拢1,3 miliardi e riacquisti per 拢0,8 miliardi.
Resumen Q2-25: GSK gener贸 una facturaci贸n de 拢7,99 mil millones (+1% AER, +6% CER), liderada por Specialty Medicines (拢3,33 mil millones, +15% CER) y Vaccines (拢2,09 mil millones, +9% CER). El beneficio operativo core aument贸 un 12% hasta 拢2,63 mil millones, elevando el margen core 1,8 puntos porcentuales hasta el 32,9%; el BPA core avanz贸 un 15% hasta 46,5 p. El BPA total subi贸 un 35% debido a menores cargos por consideraciones contingentes. El efectivo generado por operaciones creci贸 un 47% hasta 拢2,43 mil millones, traduci茅ndose en un flujo de caja libre de 拢1,13 mil millones.
Previsiones y retornos de capital: La direcci贸n ahora espera que la facturaci贸n, el beneficio operativo core y el BPA core para el a帽o fiscal 2025 alcancen el extremo superior de los rangos previos del 3-5%, 6-8% y 6-8% CER. Se declar贸 un dividendo de 16 p (objetivo anual de 64 p) y en el primer semestre se ejecut贸 una recompra de acciones por 拢822 millones de un total de 拢2 mil millones.
Impulso en la cartera de proyectos: Tres aprobaciones de la FDA recibidas en lo que va de a帽o (Penmenvy, Blujepa, Nucala-COPD); cinco aprobaciones importantes previstas para 2025, con 14 activos en etapa avanzada cada uno con un objetivo de m谩s de 拢2 mil millones PYS. La fase III de tebipenem se detuvo anticipadamente por eficacia.
Puntos clave a vigilar: General Medicines disminuy贸 un 6% CER, la demanda de Shingrix en EE.UU. se suaviz贸 y persisti贸 la presi贸n de precios derivada de la IRA estadounidense. El gasto core en I+D aument贸 un 11% e incluy贸 una deterioraci贸n de 拢471 millones (belrestotug). La deuda neta aument贸 a 拢13,7 mil millones tras adquisiciones por 拢0,8 mil millones, dividendos por 拢1,3 mil millones y recompras por 拢0,8 mil millones.
2攵勱赴 25 鞖旍暯: GSK電� 齑濍Г於� 拢79.9鞏�(1% AER, 6% CER 歃濌皜)鞚� 旮半頄堨溂氅�, Specialty Medicines(拢33.3鞏�, 15% CER 歃濌皜)鞕� Vaccines(拢20.9鞏�, 9% CER 歃濌皜)鞚� 欤茧弰頄堨姷雼堧嫟. 頃奠嫭 鞓侅梾鞚挫澋鞚� 12% 歃濌皜頃� 拢26.3鞏奠溂搿�, 頃奠嫭 毵堨鞚� 1.8%韽澑韸� 靸侅姽頃� 32.9%毳� 旮半頄堦碃, 頃奠嫭 欤茧嫻靾滌澊鞚�(EPS)鞚� 15% 歃濌皜頃� 46.5韼滌姢毳� 旮半頄堨姷雼堧嫟. 齑� EPS電� 鞖半皽攵�毂� 牍勳毄 臧愳唽搿� 35% 靸侅姽頄堨姷雼堧嫟. 鞓侅梾頇滊彊 順勱笀頋愲鞚� 47% 歃濌皜頃� 拢24.3鞏奠溂搿�, 鞛愳湢順勱笀頋愲鞚� 拢11.3鞏奠棎 雼枅鞀惦媹雼�.
臧�鞚措崢鞀� 氚� 鞛愲掣頇橃洂: 瓴届榿歆勳潃 2025 須岅硠鞐半弰 毵れ稖, 頃奠嫭 鞓侅梾鞚挫澋 氚� 頃奠嫭 EPS臧� 鞚挫爠 3-5%, 6-8%, 6-8% CER 氩旍渼鞚� 靸侅渼甓�鞐� 霃勲嫭頃� 瓴冹溂搿� 鞓堨儊頃╇媹雼�. 16韼滌姢 氚半嫻旮堨澊 靹犾柛霅橃棃鞙茧┌(鞐瓣皠 氇╉憸 64韼滌姢), 靸侂皹旮办棎 拢8.22鞏奠潣 鞛愳偓欤� 毵れ瀰鞚� 歆勴枆霅橃棃鞀惦媹雼�(齑� 拢20鞏� 欷�).
韺岇澊頂勲澕鞚� 霃欗枼: 鞓暣 霌れ柎 FDA 鞀轨澑 3瓯� 須嶋摑(Penmenvy, Blujepa, Nucala-COPD); 2025雲勳棎電� 5瓯挫潣 欤检殧 鞀轨澑 氇╉憸, 臧� 14臧滌潣 頉勱赴 雼硠 鞛愳偘鞚� 鞐瓣皠 拢20鞏� 鞚挫儊 氇╉憸. 韰岆箘韼橂劥 3靸侅潃 須姤鞙茧 臁瓣赴 欷戨嫧.
欤检殧 甏�彀� 韽澑韸�: General Medicines電� 6% CER 臧愳唽, 氙戈淡 Shingrix 靾橃殧 鞎巾檾 氚� 氙戈淡 IRA搿� 鞚疙暅 臧�瓴� 鞎曤皶 歆�靻�. 頃奠嫭 鞐瓣惮臧滊皽牍勲姅 11% 歃濌皜頄堨溂氅�, 拢4.71鞏� 臧愳暋(氩爤鞀ろ啝韴犯) 韽暔. 靾滊秬毂勲姅 鞚胳垬旮� 拢8鞏�, 氚半嫻旮� 拢13鞏�, 鞛愳偓欤� 毵れ瀰 拢8鞏� 鞚错泟 拢137鞏奠溂搿� 靻岉彮 歃濌皜.
R茅sum茅 T2-25 : GSK a g茅n茅r茅 un chiffre d'affaires de 7,99 milliards de 拢 (+1% AER, +6% CER), port茅 par Specialty Medicines (3,33 milliards de 拢, +15% CER) et Vaccines (2,09 milliards de 拢, +9% CER). Le b茅n茅fice d'exploitation core a augment茅 de 12% pour atteindre 2,63 milliards de 拢, portant la marge core 脿 32,9% (+1,8 points) ; le BPA core a progress茅 de 15% 脿 46,5 p. Le BPA total a grimp茅 de 35% gr芒ce 脿 une diminution des charges de contrepartie 茅ventuelle. La tr茅sorerie g茅n茅r茅e par les op茅rations a augment茅 de 47% 脿 2,43 milliards de 拢, se traduisant par un flux de tr茅sorerie libre de 1,13 milliard de 拢.
Pr茅visions et retours aux actionnaires : La direction pr茅voit d茅sormais que le chiffre d'affaires, le b茅n茅fice d'exploitation core et le BPA core pour l'exercice 2025 atteindront le haut des fourchettes pr茅c茅dentes de 3-5%, 6-8% et 6-8% CER. Un dividende de 16 p a 茅t茅 d茅clar茅 (objectif annuel de 64 p) et un rachat d'actions de 822 millions de 拢 sur un total de 2 milliards a 茅t茅 r茅alis茅 au premier semestre.
脡lan de la pipeline : Trois approbations FDA obtenues depuis le d茅but de l'ann茅e (Penmenvy, Blujepa, Nucala-COPD) ; cinq approbations majeures vis茅es en 2025, avec 14 actifs en phase avanc茅e visant chacun plus de 2 milliards de 拢 PYS. La phase III de tebipenem a 茅t茅 arr锚t茅e pr茅matur茅ment pour efficacit茅.
Points cl茅s 脿 surveiller : General Medicines a recul茅 de 6% CER, la demande de Shingrix aux 脡tats-Unis s鈥檈st affaiblie et la pression sur les prix li茅e 脿 l鈥橧RA am茅ricaine a persist茅. Les d茅penses core en R&D ont augment茅 de 11% et incluent une d茅pr茅ciation de 471 millions de 拢 (belrestotug). La dette nette a l茅g猫rement augment茅 脿 13,7 milliards de 拢 apr猫s des acquisitions de 0,8 milliard, des dividendes de 1,3 milliard et des rachats d鈥檃ctions de 0,8 milliard.
Q2-25 脺berblick: GSK erzielte einen Umsatz von 拢7,99 Mrd. (+1% AER, +6% CER), angef眉hrt von Specialty Medicines (拢3,33 Mrd., +15% CER) und Vaccines (拢2,09 Mrd., +9% CER). Der Kernbetriebsgewinn stieg um 12% auf 拢2,63 Mrd., wodurch die Kernmarge um 1,8 Prozentpunkte auf 32,9% anstieg; das Kern-EPS stieg um 15% auf 46,5 Pence. Das Gesamtergebnis je Aktie stieg um 35% aufgrund geringerer R眉ckstellungen f眉r Eventualverbindlichkeiten. Der aus dem operativen Gesch盲ft generierte Cashflow wuchs um 47% auf 拢2,43 Mrd. und f眉hrte zu einem freien Cashflow von 拢1,13 Mrd.
Prognose & Kapitalr眉ckfl眉sse: Das Management erwartet nun, dass der Umsatz, der Kernbetriebsgewinn und das Kern-EPS f眉r das Gesch盲ftsjahr 2025 das obere Ende der vorherigen CER-Spannen von 3-5%, 6-8% bzw. 6-8% erreichen. Es wurde eine Dividende von 16 Pence erkl盲rt (Ziel f眉r das Gesch盲ftsjahr 64 Pence) und im ersten Halbjahr wurden Aktienr眉ckk盲ufe in H枚he von 拢822 Mio. von insgesamt 拢2 Mrd. durchgef眉hrt.
Pipeline-Dynamik: Drei FDA-Zulassungen wurden im laufenden Jahr erhalten (Penmenvy, Blujepa, Nucala-COPD); f眉nf wichtige Zulassungen sind f眉r 2025 geplant, mit 14 sp盲tphasigen Assets, die jeweils 眉ber 拢2 Mrd. PYS anstreben. Die Phase-III-Studie zu Tebipenem wurde aufgrund von Wirksamkeit vorzeitig beendet.
Wichtige Beobachtungspunkte: General Medicines sank um 6% CER, die Nachfrage nach Shingrix in den USA schw盲chte sich ab, und der Preisdruck durch den US-IRA hielt an. Die Kern-F&E-Ausgaben stiegen um 11% und enthielten eine Wertminderung von 拢471 Mio. (Belrestotug). Die Nettoverschuldung stieg auf 拢13,7 Mrd. nach Akquisitionen von 拢0,8 Mrd., Dividenden von 拢1,3 Mrd. und Aktienr眉ckk盲ufen von 拢0,8 Mrd.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the
month of July 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 continued strong
performance
|
|
|
|
|
Strong Specialty Medicines performance drives sales and core
operating profit growth
|
|
|
●
|
Total
Q2 2025 sales £8.0 billion +1% AER; +6% CER
|
|
●
|
Specialty
Medicines sales £3.3 billion (+15%); Respiratory, Immunology
& Inflammation £1.0 billion (+10%); Oncology £0.5
billion (+42%); HIV sales £1.9 billion (+12%)
|
|
●
|
Vaccines
sales £2.1 billion (+9%); Shingrix £0.9 billion (+6%);
Meningitis vaccines £0.4 billion (+22%); and Arexvy £0.1 billion
(+13%)
|
|
●
|
General
Medicines sales £2.6 billion (-6%); Trelegy £0.8 billion
(+4%)
|
|
●
|
Total
operating profit +33% and Total EPS +35% driven by lower CCL
charges partly offset by intangible asset impairments
|
|
●
|
Core
operating profit +12% and Core EPS +15% 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 £2.4 billion with free cash flow
of £1.1 billion
|
|
(Financial Performance – Q2 2025 results unless otherwise
stated, growth % and commentary at CER as defined on page 57. In Q2
2025, the adverse currency impact of AER versus CER primarily
reflected the strengthening of Sterling against the USD. See page
10 for further details.)
|
|
|
|
Q2 2025
|
|
Year to date
|
||||||||
|
|
£m
|
|
%
AER
|
|
%
CER
|
|
£m
|
|
%
AER
|
|
%
CER
|
|
Turnover
|
7,986
|
|
1
|
|
6
|
|
15,502
|
|
2
|
|
5
|
|
Total
operating profit
|
2,023
|
|
23
|
|
33
|
|
4,239
|
|
35
|
|
41
|
|
Total
operating margin %
|
25.3%
|
|
4.5ppts
|
|
5.4ppts
|
|
27.3%
|
|
6.8ppts
|
|
7.2ppts
|
|
Total
EPS
|
35.5p
|
|
23
|
|
35
|
|
75.3p
|
|
38
|
|
45
|
|
Core
operating profit
|
2,631
|
|
5
|
|
12
|
|
5,164
|
|
4
|
|
8
|
|
Core
operating margin %
|
32.9%
|
|
1.1ppts
|
|
1.8ppts
|
|
33.3%
|
|
0.8ppts
|
|
1.1ppts
|
|
Core
EPS
|
46.5p
|
|
7
|
|
15
|
|
91.4p
|
|
6
|
|
10
|
|
Cash
generated from operations
|
2,433
|
|
47
|
|
|
|
3,734
|
|
35
|
|
|
|
Pipeline progress and investment delivering future growth
opportunities:
|
|
|
5 major new product approvals expected in 2025:
|
|
|
●
|
3 US
Approvals now received for Penmenvy meningitis vaccine,
Blujepa first-in-class
antibiotic treatment for uUTIs and Nucala, anti-IL5 biologic for
COPD
|
|
●
|
Blenrep (for multiple myeloma) approved in EU, Japan, UK,
Canada and Switzerland. Constructive discussion ongoing with FDA
with new PDUFA date set for 23 October 2025
|
|
●
|
US
regulatory decision on depemokimab (for asthma with type 2
inflammation, nasal polyps) expected in December 2025
|
|
Progress on 14 key opportunities expected to launch 2025-2031 each
with PYS potential above £2 billion:
|
|
|
●
|
Phase
III PIVOT-PO study for tebipenem, a potential new antibiotic for
cUTIs, stopped early for efficacy, with filing now planned by year
end
|
|
●
|
Phase
III development programme for depemokimab COPD started with launch
of ENDURA studies
|
|
●
|
Pivotal/Phase
III trial starts planned in H2 25 for: potential cancer treatments
GSK'227 B7H3 ADC for ES-SCLC and GSK'981 IDRx-42 for 2L GIST;
efimosfermin for treatment of MASH; and cabotegravir ultra long
acting + rilpivirine (Q4M) for HIV treatment
|
|
Targeted business development continues strengthening RI&I and
Oncology pipeline
|
|
|
●
|
Acquisition
of efimosfermin a potential best in class specialty medicine for
steatotic liver disease from Boston Pharmaceuticals
completed
|
|
●
|
Agreements
announced with Hengrui Pharma to develop up to 12 medicines in
RI&I and Oncology, including licence for potential
best-in-class PDE3/4 inhibitor in clinical development for
treatment of COPD
|
|
Continued commitment to shareholder returns
|
|
|
●
|
Dividend
declared of 16p for Q2 2025; 64p expected for full year
2025
|
|
●
|
£822
million spent in H1 2025 as part of the £2 billion share
buyback programme announced at FY 2024
|
|
Confident for delivery of 2025 guidance - towards top of
range
|
|
|
●
|
Increase
towards the top end of range for turnover growth of 3% to 5%; Core
operating profit growth of 6% to 8%; and Core EPS growth of 6% to
8%
|
Guidance all at CER
|
|
|
Emma Walmsley, Chief Executive Officer, GSK:
“GSK’s
strong momentum in 2025 continues with another quarter of excellent
performance driven mainly by Specialty Medicines, our largest
business, with double-digit sales growth in Respiratory, Immunology
& Inflammation, Oncology and HIV. We also continue to make very
good progress in R&D, with 3 major FDA approvals achieved so
far this year, 16 assets now in late-stage development, and 4 more
promising medicines to treat cancer, liver disease and HIV expected
to enter Phase III and pivotal development by the end of the year.
With all this, we now expect to be towards the top end of our
financial guidance for 2025 and remain confident in our long-term
outlooks.”
|
The Total results are presented in summary above and on page 7 and
Core results reconciliations are presented on pages 19 and 22. 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 57-58: 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 17. 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 59-60.
Abbreviations are defined on page 64.
2025 Guidance
GSK
revises its full-year 2025 guidance at constant exchange rates
(CER).
|
|
|
|
|
Guidance
|
New 2025 guidance at CER
|
Previous 2025 guidance at CER
|
|
Turnover
|
Increase
towards the top end of the range of between 3% to 5%
|
Increase
between 3% to 5%
|
|
Core
operating profit
|
Increase
towards the top end of the range of between 6% to 8%
|
Increase
between 6% to 8%
|
|
Core
earnings per share
|
Increase
towards the top end of the range of between 6% to 8%
|
Increase
between 6% to 8%
|
This
guidance is supported by the following revised turnover
expectations for full-year 2025 at CER
|
|
|
|
|
Turnover expectations
|
New 2025 guidance at CER
|
Previous 2025 guidance at CER
|
|
Specialty
Medicines
|
Increase
at a low-teens percentage
|
Increase
at a low double digit percentage
|
|
Vaccines
|
Decrease
of low single-digit per cent to broadly stable
|
Decrease
of a low single digit percent
|
|
General
Medicines
|
Broadly
stable
|
Broadly
stable
|
Core
operating profit is now expected to grow towards the top end of the
range of between 6 to 8 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 expected to be at
£750-800 million, including an IP settlement agreed in April.
R&D is now expected to grow ahead of sales reflecting
accelerating investment in the pipeline including reinvestment of
this additional income.
Core
earnings per share is now expected to increase towards the top end
of the range of between 6 to 8 per cent at CER, in line with Core
operating profit growth, reflecting a higher tax rate which is
expected to rise to around 17.5% and higher interest charges,
offset by the expected benefit of up to 1% from the share buyback
programme. Expectations for non-controlling interests remain
unchanged relative to 2024.
Tariffs
GSK notes that the US Administration has initiated an investigation
under Section 232 of the Trade Expansion Act to determine the
effects on national security of imports of pharmaceutical products.
Our guidance is inclusive of tariffs enacted thus far and the
European tariffs indicated this week. We are positioned to respond
to the potential financial impact of tariffs, with
mitigation options
identified. Given the uncertain external environment, we will
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 Q2 2025 of
16p per share. GSK's future dividend policy and guidance regarding
the expected dividend pay-out in 2025 are provided on page
36.
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 June 2025
($1.37/£1, €1.17/£1 and Yen 198/£1) for the
rest of 2025, the estimated impact on 2025 Sterling turnover growth
for GSK would be -4% 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
-7%.
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
BST (US EDT at 07.00 am) on 30 July 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
|
Q2 2025
|
|
Year to date
|
||||||||
|
|
£m
|
|
Growth
AER%
|
|
Growth
CER%
|
|
£m
|
|
Growth
AER%
|
|
Growth
CER%
|
|
HIV
|
1,880
|
|
7
|
|
12
|
|
3,594
|
|
7
|
|
10
|
|
Respiratory,
Immunology & Inflammation
|
963
|
|
6
|
|
10
|
|
1,767
|
|
14
|
|
18
|
|
Oncology
|
484
|
|
36
|
|
42
|
|
899
|
|
43
|
|
47
|
|
Specialty Medicines
|
3,327
|
|
10
|
|
15
|
|
6,260
|
|
13
|
|
16
|
|
Shingles
|
853
|
|
3
|
|
6
|
|
1,720
|
|
(3)
|
|
(1)
|
|
Meningitis
|
379
|
|
17
|
|
22
|
|
729
|
|
17
|
|
21
|
|
RSV
(Arexvy)
|
66
|
|
6
|
|
13
|
|
144
|
|
(41)
|
|
(39)
|
|
Influenza
|
6
|
|
(14)
|
|
–
|
|
7
|
|
(65)
|
|
(60)
|
|
Established
Vaccines
|
787
|
|
2
|
|
6
|
|
1,586
|
|
(2)
|
|
1
|
|
Vaccines
|
2,091
|
|
5
|
|
9
|
|
4,186
|
|
(2)
|
|
1
|
|
Respiratory
|
1,871
|
|
(9)
|
|
(5)
|
|
3,581
|
|
(6)
|
|
(3)
|
|
Other
General Medicines
|
697
|
|
(12)
|
|
(8)
|
|
1,475
|
|
(10)
|
|
(5)
|
|
General Medicines
|
2,568
|
|
(10)
|
|
(6)
|
|
5,056
|
|
(7)
|
|
(3)
|
|
Total
|
7,986
|
|
1
|
|
6
|
|
15,502
|
|
2
|
|
5
|
|
By Region:
|
|
|
|
|
|
|
|
|
|
|
|
|
US
|
4,115
|
|
(1)
|
|
5
|
|
7,867
|
|
2
|
|
4
|
|
Europe
|
1,839
|
|
10
|
|
11
|
|
3,588
|
|
9
|
|
11
|
|
International
|
2,032
|
|
(2)
|
|
4
|
|
4,047
|
|
(4)
|
|
1
|
|
Total
|
7,986
|
|
1
|
|
6
|
|
15,502
|
|
2
|
|
5
|
|
|
|
Financial Performance – Q2 2025 results unless otherwise
stated, growth % and commentary at CER. In Q2 2025, the adverse
currency impact of AER versus CER primarily reflected the
strengthening of Sterling against the USD. See page 10 for further
details.
|
|
|
Q2 2025
|
|
Year to date
|
||||
|
|
£m
|
AER
|
CER
|
|
£m
|
AER
|
CER
|
|
Specialty Medicines
|
3,327
|
10%
|
15%
|
|
6,260
|
13%
|
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
|
1,880
|
7%
|
12%
|
|
3,594
|
7%
|
10%
|
HIV
sales grew by 12% in the quarter with +9ppts of strong patient
demand growth from Dovato,
Cabenuva & Apretude and benefitted +3ppts from
customer stocking patterns and tender phasing. The US continued to
grow strongly at 14% in the quarter. YTD HIV sales grew 10% with
+9ppts of strong patient demand growth and benefitted +3ppts from
customer stocking patterns and tender phasing with an additional
impact from pricing of -2ppts including the IRA Medicare Part D
redesign.
|
Oral
2DR
|
813
|
12%
|
16%
|
|
1,541
|
13%
|
16%
|
Sales
of Oral 2DR now represent 43% of the total HIV portfolio.
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 £655 million in the quarter and growing 23%.
|
Long-Acting
|
442
|
39%
|
47%
|
|
825
|
41%
|
45%
|
Long-Acting
Medicine sales contributed more than 70% of the total HIV growth in
Q2 2025 with Cabenuva
contributing 55%. Cabenuva,
the only complete long-acting injectable regimen for HIV treatment
reached sales of £341 million in the quarter, growing 46% due
to strong patient demand across US and Europe. Apretude, the first long-acting
injectable option for HIV prevention delivered sales of £101
million in the quarter, growing 50% compared to Q2
2024.
|
Respiratory,
Immunology & Inflammation
|
963
|
6%
|
10%
|
|
1,767
|
14%
|
18%
|
Sales
continued to grow at a double-digit rate in the quarter and YTD,
and are primarily comprised of contributions from Nucala in respiratory and Benlysta in immunology. Growth in the
quarter on both products, was adversely affected by the impact of
channel inventory build in the US in Q2 2024.
|
|
Q2 2025
|
|
Year to date
|
||||
|
|
£m
|
AER
|
CER
|
|
£m
|
AER
|
CER
|
|
Nucala
|
498
|
3%
|
7%
|
|
942
|
10%
|
13%
|
Nucala, is an IL-5 antagonist monoclonal antibody treatment
for severe asthma, with additional indications including CRSwNP,
EGPA, HES and more recently COPD. Sales growth in the quarter was
largely driven by strong performance in the Europe and
International regions, reflecting higher patient demand for
treatments addressing eosinophilic-led disease. This was partially
offset by a decline in the US, where growth from continued volume
increases driven by higher patient demand was more than offset by
continued pricing pressures, including the impact of IRA Medicare
Part D redesign, and from unfavourable impacts resulting from
inventory build in Q2 2024. YTD growth was driven by double digit
growth in the Europe and International regions, with US growth
moderated to mid-single digit following the decrease in sales in
the current quarter.
|
Benlysta
|
451
|
8%
|
13%
|
|
810
|
19%
|
23%
|
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. Growth in the quarter
in the US was partially offset by impacts from channel inventory
build in Q2 2024.
|
Oncology
|
484
|
36%
|
42%
|
|
899
|
43%
|
47%
|
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. In the
quarter, Blenrep, a
treatment in relapsed/refractory multiple myeloma, has been
approved and commercially launched in UK, with sales of £4
million. Approvals have also been received in EU, Japan,
Canada, Switzerland and UAE.
|
Jemperli
|
196
|
81%
|
91%
|
|
370
|
97%
|
>100%
|
Sales
of Jemperli grew strongly
in the quarter and YTD, driven largely by continued volume growth
in the US following Q3 2024 FDA approval expanding the indication
to include all adult patients with primary advanced or recurrent
endometrial cancer. Europe and International regions increasingly
contribute to sales and growth, with Jemperli now available in over 30
countries worldwide.
|
Zejula
|
151
|
(8%)
|
(5%)
|
|
282
|
(8%)
|
(5%)
|
Sales
of Zejula, a PARP inhibitor
treatment for ovarian cancer, declined in the quarter with sales
decreasing across all regions. Performance in the US was adversely
impacted by price unfavourability driven by ongoing channel pricing
pressure, including the impact of IRA Medicare Part D redesign, and
volume decreases due to relevant market and share
declines.
|
Ojjaara/Omjjara
|
138
|
62%
|
69%
|
|
250
|
82%
|
87%
|
Sales
of Ojjaara/Omjjara, a
treatment for myelofibrosis patients with anaemia, grew strongly in
the quarter and YTD largely driven by the US with continued patient
uptake and volume growth. Sales in the quarter included increasing
contributions from Europe and International regions, following the
recent launch in Japan in Q3 2024, and with further new launches
including France, Spain and Italy in the first half of
2025.
|
Vaccines
|
2,091
|
5%
|
9%
|
|
4,186
|
(2%)
|
1%
|
Vaccines sales increased in the quarter reflecting growth in
Meningitis vaccines related to uptake following expanded
recommendation and public funding of Bexsero in Europe as well as growth in Shingrix driven by launch uptake in France and strong
demand across several other European markets and Japan. YTD
vaccine sales growth was adversely impacted by lower demand
for Shingrix in the US and a more limited ACIP recommendation
for Arexvy received in June 2024.
|
Shingles
|
853
|
3%
|
6%
|
|
1,720
|
(3%)
|
(1%)
|
Sales
of Shingrix increased in
the quarter with growth across Europe partially offset by lower
sales in the US and International, however sales declined YTD
primarily due to a slowdown in immunisation rates in the
US.
In
Europe, Shingrix sales grew
over 40% driven by new launch uptake and related channel inventory
build in France together with expanded public funding and higher
private market demand across several countries.
Sales
of Shingrix decreased in
International reflecting the timing of supply to our co-promotion
partner in China and a strong 2024 comparator which included rapid
uptake from the national immunisation programme (NIP) in Australia,
partially offset by accelerated demand following expanded public
funding in Japan from April 2025.
US
sales decreased due to the continuing slowdown in the pace of
penetration of harder-to-reach unvaccinated consumers, partly
offset in the quarter by higher channel inventory consumption in Q2
2024. The US cumulative immunisation rate reached 42%, up
five percentage points compared to 12 months earlier.(1)
Shingrix is now launched in 56 countries, with markets
outside the US representing 72% of Q2 2025 global sales (Q2 2024:
64%). The overwhelming majority of ex-US Shingrix opportunity is concentrated in
10 markets where the average immunisation rate is around 9% with
significantly higher uptake in funded cohorts.
Footnote: (1) Based on data from IQVIA up until the end of Q1
2025
|
|
Q2 2025
|
|
Year to date
|
||||
|
|
£m
|
AER
|
CER
|
|
£m
|
AER
|
CER
|
|
Meningitis
|
379
|
17%
|
22%
|
|
729
|
17%
|
21%
|
Meningitis
vaccines continued to grow strongly, achieving double-digit
growth.
Bexsero, a vaccine against meningitis B, grew in Europe
driven by continued uptake following recommendation and
reimbursement in Germany together with increased demand in France
due to outbreaks and related expanded cohort recommendations.
Bexsero also grew in
International due to higher demand and geographic
expansion.
Menveo, a vaccine against meningitis ACWY, grew in the
quarter mainly due to higher private market demand in the US while
YTD sales growth resulted from favourable pricing in the US and the
timing of deliveries in International.
|
RSV
|
66
|
6%
|
13%
|
|
144
|
(41%)
|
(39%)
|
Sales
of Arexvy grew in the
quarter driven by uptake in Europe and International and declined
YTD reflecting the continued decline in the US market related to a
more limited recommendation from ACIP for individuals aged 60 to 74
since June 2024. Arexvy
maintained the US market leading position in the older adult
setting in H1 2025.
Arexvy is approved in 66 markets globally, 18 countries have
national RSV vaccination recommendations for older adults and 7,
including the US, have reimbursement programmes for Arexvy in place at the quarter
end.
|
Established
Vaccines
|
787
|
2%
|
6%
|
|
1,586
|
(2%)
|
1%
|
Established
Vaccines sales increased in the quarter primarily due to favourable
CDC stockpile movements for Infanrix/Pediarix in the US. YTD sales
were also impacted by higher demand for MMRV vaccines, partly
offset by 2024 sales of AS03 adjuvant, the impact of divested
brands and competitive pressure for Cervarix.
|
General Medicines
|
2,568
|
(10%)
|
(6%)
|
|
5,056
|
(7%)
|
(3%)
|
Sales include contributions from both the Respiratory and Other
General Medicine portfolios. Sales decreased in the quarter and
YTD, with 4% growth in Trelegy in the quarter impacted by higher favourable
channel mix pricing adjustments in Q2 2024, more than offset by
decreases in Seretide/Advair,
also impacted by channel mix pricing adjustments, other respiratory
and Other General Medicine products reflecting continued generic
competition.
|
Respiratory
|
1,871
|
(9%)
|
(5%)
|
|
3,581
|
(6%)
|
(3%)
|
Sales
decreased in the quarter and YTD, with 4% growth in Trelegy more than offset by decreases
in other respiratory products, particularly Seretide/Advair. Seretide/Advair sales decreased across
all regions as a result of continued generic erosion and
competitive pressures, with US performance particularly in this
quarter impacted by unfavourable pricing impacts from channel mix
pricing adjustments.
|
Trelegy
|
835
|
(1%)
|
4%
|
|
1,510
|
5%
|
8%
|
Trelegy sales continued to grow in the quarter and year to
date, with strong volume growth continued across all regions
reflecting patient demand, SITT class growth, and increased market
share. In the quarter, growth in Trelegy moderated, with US performance
broadly stable as volume growth was partially offset by continued
channel pricing pressure, including the impact of IRA Medicare Part
D redesign, and particularly in this quarter from the impact
of higher channel mix pricing adjustments in Q2
2024.
|
Other
General Medicines
|
697
|
(12%)
|
(8%)
|
|
1,475
|
(10%)
|
(5%)
|
Other
General Medicines sales decrease in the quarter and YTD was driven
by continued generic competition across the portfolio.
By Region
|
|
Q2 2025
|
|
Year to date
|
||||
|
|
£m
|
AER
|
CER
|
|
£m
|
AER
|
CER
|
|
US
|
4,115
|
(1%)
|
5%
|
|
7,867
|
2%
|
4%
|
Specialty
Medicines double-digit sales growth in the quarter and YTD was
driven by strong Oncology, HIV and Benlysta performance. Sales of
Nucala grew mid-single
digit YTD, but decreased in the quarter, where growth from
continued volume increases resulting from higher patient demand
were more than offset by continued pricing pressures, including the
impact of IRA Medicare Part D redesign, and from unfavourable
impacts resulting from inventory build in Q2 2024.
Vaccines
sales were broadly flat in the quarter due to lower demand for
Shingrix driven by the
continued challenge of activating harder-to reach consumers offset
by favourable CDC stockpile movements impacting Established
Vaccines. YTD sales decreased reflecting lower Shingrix sales together with a decline
in Arexvy following a more
limited ACIP recommendation for RSV vaccination in June
2024.
General
Medicines sales decreased in the quarter, with Trelegy sales broadly stable and
decreases in other respiratory and Other General Medicine products.
Sales performance in Trelegy and Seretide/Advair were adversely impacted
by continued pricing pressures, and particularly in the quarter by
unfavourable pricing impacts from channel mix pricing adjustments.
YTD sales decreased as growth in Trelegy was more than offset by
decreases in other respiratory and other general medicine
products.
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
|
1,839
|
10%
|
11%
|
|
3,588
|
9%
|
11%
|
Specialty
Medicines sales grew in the quarter and YTD due to continued strong
performance in Oncology, Benlysta and Nucala including the benefit from new
indication launches. HIV sales were broadly flat in the quarter and
grew low single digit YTD.
Vaccines
sales grew double digit driven by Shingrix launch uptake in France
together with expanded public funding and higher private market
demand 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
|
2,032
|
(2%)
|
4%
|
|
4,047
|
(4%)
|
1%
|
Specialty
Medicines double-digit sales growth in the quarter and YTD was
driven by Nucala in
respiratory, Benlysta in
immunology, Oncology and HIV.
Vaccines
sales increased in the quarter driven by higher demand and
geographic expansion of Bexsero alongside higher demand for
MMRV vaccines. This was partly offset by decreased sales of
Shingrix in China and
Australia. YTD sales were also impacted by 2024 sales of AS03
adjuvant, the impact of divested brands and competitive pressure
for Cervarix.
General
Medicines sales decreased in the quarter and YTD, with double-digit
growth for Trelegy and
growth in Anoro being more
than offset by decreases across other general medicine
products.
|
|
|
Financial
performance
|
|
Total Results
|
Q2 2025
|
|
Year to date
|
||||
|
|
£m
|
%
AER
|
%
CER
|
|
£m
|
%
AER
|
%
CER
|
|
|
|
|
|
|
|
|
|
|
Turnover
|
7,986
|
1
|
6
|
|
15,502
|
2
|
5
|
|
Cost of
sales
|
(2,165)
|
2
|
3
|
|
(4,102)
|
–
|
2
|
|
Selling,
general and administration
|
(2,140)
|
(13)
|
(9)
|
|
(4,210)
|
(8)
|
(3)
|
|
Research
and development
|
(2,024)
|
37
|
40
|
|
(3,486)
|
20
|
22
|
|
Royalty
income
|
246
|
71
|
70
|
|
426
|
44
|
45
|
|
Other
operating income/(expense)
|
120
|
|
|
|
109
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
2,023
|
23
|
33
|
|
4,239
|
35
|
41
|
|
Net
finance expense
|
(134)
|
(11)
|
(8)
|
|
(242)
|
(15)
|
(14)
|
|
Share
of after tax profit/(loss) of associates and joint
ventures
|
(2)
|
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before taxation
|
1,887
|
26
|
37
|
|
3,995
|
40
|
47
|
|
|
|
|
|
|
|
|
|
|
Taxation
|
(241)
|
|
|
|
(577)
|
|
|
|
Tax rate %
|
12.8%
|
|
|
|
14.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit after taxation
|
1,646
|
26
|
37
|
|
3,418
|
43
|
50
|
|
Profit
attributable to non-controlling interests
|
203
|
|
|
|
351
|
|
|
|
Profit/(loss)
attributable to shareholders
|
1,443
|
|
|
|
3,067
|
|
|
|
|
1,646
|
26
|
37
|
|
3,418
|
43
|
50
|
|
|
|
|
|
|
|
|
|
|
Earnings
per share
|
35.5p
|
23
|
35
|
|
75.3p
|
38
|
45
|
|
Financial Performance – Q2 2025 results unless otherwise
stated, growth % and commentary at CER. In Q2 2025, the adverse
currency impact of AER versus CER primarily reflected the
strengthening of Sterling against the USD. See page 10 for further
details.
|
|||||||
|
Core results
Reconciliations
between Total results and Core results Q2 2025, Q2 2024, H1
2025 and H1 2024 are set out on pages 19, 20,
22 and 23.
|
|
|
Q2 2025
|
|
Year to date
|
||||
|
|
£m
|
%
AER
|
%
CER
|
|
£m
|
%
AER
|
%
CER
|
|
|
|
|
|
|
|
|
|
|
Turnover
|
7,986
|
1
|
6
|
|
15,502
|
2
|
5
|
|
Cost of
sales
|
(1,986)
|
6
|
7
|
|
(3,712)
|
3
|
4
|
|
Selling,
general and administration
|
(2,093)
|
(6)
|
(1)
|
|
(4,153)
|
(1)
|
3
|
|
Research
and development
|
(1,522)
|
8
|
11
|
|
(2,899)
|
5
|
7
|
|
Royalty
income
|
246
|
71
|
70
|
|
426
|
44
|
45
|
|
|
|
|
|
|
|
|
|
|
Core
operating profit
|
2,631
|
5
|
12
|
|
5,164
|
4
|
8
|
|
|
|
|
|
|
|
|
|
|
Core
profit before taxation
|
2,504
|
6
|
13
|
|
4,936
|
6
|
10
|
|
Taxation
|
(439)
|
4
|
11
|
|
(873)
|
6
|
10
|
|
Tax rate %
|
17.5%
|
|
|
|
17.7%
|
|
|
|
Core
profit after taxation
|
2,065
|
6
|
14
|
|
4,063
|
6
|
10
|
|
Core
profit attributable to non-controlling interests
|
175
|
|
|
|
337
|
|
|
|
Core
profit attributable to shareholders
|
1,890
|
|
|
|
3,726
|
|
|
|
|
2,065
|
6
|
14
|
|
4,063
|
6
|
10
|
|
Core
Earnings per share
|
46.5p
|
7
|
15
|
|
91.4p
|
6
|
10
|
|
|
|
Q2 2025
|
|
Year to date
|
||||
|
|
|
£m
|
AER
|
CER
|
|
£m
|
AER
|
CER
|
|
Cost of
sales
|
Total
|
2,165
|
2%
|
3%
|
|
4,102
|
–%
|
2%
|
|
% of sales
|
27.1%
|
0.2%
|
(0.6%)
|
|
26.5%
|
(0.4%)
|
(0.9%)
|
|
|
Core
|
1,986
|
6%
|
7%
|
|
3,712
|
3%
|
4%
|
|
|
% of sales
|
24.9%
|
1.1%
|
0.3%
|
|
23.9%
|
0.3%
|
(0.2%)
|
|
Total
cost of sales as a percentage of sales decreased in the quarter and
year to date primarily driven by 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 flat, with favourable mix benefits from growth in
Specialty Medicines, and regional mix driven by the US and Europe
sales, being offset primarily in the quarter by pricing impacts,
including an adverse comparison to higher price benefits in Q2
2024, as well as supply chain optimisation charges.
|
|
|
Q2 2025
|
|
Year to date
|
||||
|
|
|
£m
|
AER
|
CER
|
|
£m
|
AER
|
CER
|
|
Selling,
general &
administration
|
Total
|
2,140
|
(13%)
|
(9%)
|
|
4,210
|
(8%)
|
(3%)
|
|
% of sales
|
26.8%
|
(4.5%)
|
(4.3%)
|
|
27.2%
|
(2.7%)
|
(2.4%)
|
|
|
Core
|
2,093
|
(6%)
|
(1%)
|
|
4,153
|
(1%)
|
3%
|
|
|
% of sales
|
26.2%
|
(2.0%)
|
(1.9%)
|
|
26.8%
|
(0.8%)
|
(0.5%)
|
|
Total
SG&A as a percentage of sales decreased in the quarter and year
to date due to lower Significant legal expenses.
Core
SG&A growth in the year to date was driven by continued
disciplined investment to support new asset launches, including
Blenrep, Penmenvy,
depemokimab and Blujepa,
and 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 includes a two percentage
point impact driven by the Q1 2024 reversal of the legal provision
related to the Zejula
royalty dispute, following a successful appeal.
In the
quarter, Core SG&A declined primarily due to the acceleration
of productivity initiatives and phasing of spend between
quarters.
|
|
|
Q2 2025
|
|
Year to date
|
||||
|
|
|
£m
|
AER
|
CER
|
|
£m
|
AER
|
CER
|
|
Research
& development
|
Total
|
2,024
|
37%
|
40%
|
|
3,486
|
20%
|
22%
|
|
% of sales
|
25.3%
|
6.6%
|
6.1%
|
|
22.5%
|
3.4%
|
3.1%
|
|
|
Core
|
1,522
|
8%
|
11%
|
|
2,899
|
5%
|
7%
|
|
|
% of sales
|
19.1%
|
1.1%
|
0.9%
|
|
18.7%
|
0.5%
|
0.3%
|
|
In Q2
2025 and year to date, Total R&D was impacted by an impairment
charge of £471 million related to the termination of the
belrestotug development programme (anti-TIGIT mAb). Core R&D
investment increased reflecting progression across the
portfolio.
In
Oncology, increased investment primarily reflected acceleration in
work on ADC, and studies into Blenrep (1L) and Jemperli (endometrial
cancer).
In
Vaccines, clinical trial programmes associated with the
pneumococcal MAPS and mRNA continued to drive
investment.
These
increases were partly offset by lower spend predominantly due to
the status of late-stage clinical development programmes including
depemokimab and linerixibat following filing, and camlipixant
(CALM-1) as studies progress towards completion.
|
|
|
Q2 2025
|
|
Year to date
|
||||
|
|
|
£m
|
AER
|
CER
|
|
£m
|
AER
|
CER
|
|
Royalty
income
|
Total
|
246
|
71%
|
70%
|
|
426
|
44%
|
45%
|
|
|
Core
|
246
|
71%
|
70%
|
|
426
|
44%
|
45%
|
The
increase in Total and Core royalty income in Q2 2025 and the year
to date primarily reflected historic royalties recognised in
association with the settlement of an IP dispute, as well as an
increase in Kesimpta royalties.
|
|
|
Q2 2025
|
|
Year to date
|
||||
|
|
|
£m
|
AER
|
CER
|
|
£m
|
AER
|
CER
|
|
Other
operating
income/(expense)
|
Total
|
120
|
>100%
|
>100%
|
|
109
|
>100%
|
>100%
|
In Q2
2025 other operating income included a credit of £89 million
(Q2 2024: £378 million charge) arising from the remeasurement
of contingent consideration liabilities (CCL) and the liabilities
for the Pfizer, Inc. (Pfizer) put option. The credit in the current
quarter primarily reflected favourable foreign exchange movements,
partly offset by discount unwind. See page 21 for further details.
Other net operating income at £31 million (Q2 2024: £60
million) includes fair value movements on equity investments and
other net income. Q2 2024 included a fair value loss of £35
million on the stake in Haleon plc (Haleon).
The
year to date other operating income reflected a credit of £87
million (YTD 2024: £1,063 million charge) arising from the
remeasurement of CCLs and a decrease in the liabilities for the
Pfizer put option primarily reflecting favourable foreign currency
movements, partly offset by discount unwind and updated sales
forecasts. See page 24 for further details. Other net operating
income at £22m (YTD 2024: £212 million) includes fair
value movements on equity investments and other net income. Year to
date 2024 included a fair value gain of £22 million on the
stake in Haleon.
|
|
|
Q2 2025
|
|
Year to date
|
||||
|
|
|
£m
|
AER
|
CER
|
|
£m
|
AER
|
CER
|
|
Operating
profit
|
Total
|
2,023
|
23%
|
33%
|
|
4,239
|
35%
|
41%
|
|
|
% of sales
|
25.3%
|
4.5%
|
5.4%
|
|
27.3%
|
6.8%
|
7.2%
|
|
|
Core
|
2,631
|
5%
|
12%
|
|
5,164
|
4%
|
8%
|
|
|
% of sales
|
32.9%
|
1.1%
|
1.8%
|
|
33.3%
|
0.8%
|
1.1%
|
Total
operating profit margin was higher in the quarter and year to date
mainly due to lower CCL charges, partly offset by higher impairment
charges and lower other net operating income.
Core
operating profit growth in the quarter and year to date primarily
reflected higher turnover, favourable product mix and royalty
income. 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.
|
|
|
Q2 2025
|
|
Year to date
|
||||
|
|
|
£m
|
AER
|
CER
|
|
£m
|
AER
|
CER
|
|
Net
finance expense
|
Total
|
134
|
(11%)
|
(8%)
|
|
242
|
(15%)
|
(14%)
|
|
|
Core
|
125
|
(16%)
|
(13%)
|
|
226
|
(19%)
|
(18%)
|
The
decrease in net finance costs in Q2 2025 and the year to date was
mainly driven by higher interest income on cash and favourable
interest on tax, partly offset by higher interest expense on debt.
The year to date also benefitted from higher swap interest
income.
|
|
|
Q2 2025
|
|
Year to date
|
||||
|
|
|
£m
|
AER
|
CER
|
|
£m
|
AER
|
CER
|
|
Taxation
|
Total
|
241
|
26%
|
41%
|
|
577
|
24%
|
31%
|
|
|
Tax rate %
|
12.8%
|
|
|
|
14.4%
|
|
|
|
|
Core
|
439
|
4%
|
11%
|
|
873
|
6%
|
10%
|
|
|
Tax rate %
|
17.5%
|
|
|
|
17.7%
|
|
|
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.
|
|
|
Q2 2025
|
|
Year to date
|
||||
|
|
|
£m
|
AER
|
CER
|
|
£m
|
AER
|
CER
|
|
Non-controlling
interests ("NCIs")
|
Total
|
203
|
55%
|
63%
|
|
351
|
>100%
|
>100%
|
|
Core
|
175
|
3%
|
9%
|
|
337
|
4%
|
7%
|
|
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 remeasurement gain on the CCL compared to a loss
in the comparator periods impacting Total NCIs.
|
|
|
Q2 2025
|
|
Year to date
|
||||
|
|
|
£p
|
AER
|
CER
|
|
£p
|
AER
|
CER
|
|
Earnings
per share
|
Total
|
35.5p
|
23%
|
35%
|
|
75.3p
|
38%
|
45%
|
|
Core
|
46.5p
|
7%
|
15%
|
|
91.4p
|
6%
|
10%
|
|
The
increase in the Q2 2025 and year to date Total EPS was primarily
driven by CCL net credits compared to charges in Q2 2024, 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 as well as lower net
finance costs and the share buyback, partly offset by higher
non-controlling interests.
Currency impact on results
The
results for Q2 2025 are based on average exchange rates,
principally $1.34/£1, €1.18/£1 and Yen194/£1.
The period-end exchange rates were $1.37/£1,
€1.17/£1 and Yen198/£1. Comparative exchange rates
are given on page 37.
|
|
|
Q2 2025
|
|
Year to date
|
||||
|
|
|
£m/£p
|
AER
|
CER
|
|
£m/£p
|
AER
|
CER
|
|
Turnover
|
|
7,986
|
1%
|
6%
|
|
15,502
|
2%
|
5%
|
|
Earnings
per share
|
Total
|
35.5p
|
23%
|
35%
|
|
75.3p
|
38%
|
45%
|
|
Core
|
46.5p
|
7%
|
15%
|
|
91.4p
|
6%
|
10%
|
|
In Q2
2025 and year to date, the adverse currency impact primarily
reflected the strengthening of Sterling against US Dollar. Exchange
gains on the settlement of intercompany transactions resulted in a
favourable impact from currency of one percentage point on Total
and Core EPS in the quarter and two percentage points in the year
to date.
Cash generation
|
|
|
|
|
|
|
|
|
|
Cash flow
|
|||||||
|
|
Q2 2025
£m
|
|
Q2
2024
£m
|
|
H1 2025
£m
|
|
H1
2024
£m
|
|
Cash
generated from operations (£m)
|
2,433
|
|
1,650
|
|
3,734
|
|
2,776
|
|
Total
net cash inflow/(outflow) from operating activities
(£m)
|
2,096
|
|
1,113
|
|
3,241
|
|
2,071
|
|
Free
cash inflow/(outflow)* (£m)
|
1,126
|
|
328
|
|
1,823
|
|
617
|
|
Free
cash flow growth (%)
|
>100%
|
|
(6%)
|
|
>100%
|
|
>100%
|
|
Free
cash flow conversion* (%)
|
78%
|
|
28%
|
|
59%
|
|
28%
|
|
Total
net debt** (£m)
|
13,735
|
|
13,960
|
|
13,735
|
|
13,960
|
|
*
|
Free cash flow and free cash flow conversion are defined on page
57. Free cash flow is analysed on page 40.
|
|
**
|
Net debt is analysed on page 40.
|
Q2 2025
Cash
generated from operations for the quarter was £2,433 million
(Q2 2024: £1,650 million). The increase primarily
reflected higher operating profit, and a favourable timing impact
from higher returns and rebates, including the impact of the
removal of the AMP cap in Q2 2024, as well as favourable working
capital movements driven primarily by lower inventory
build.
Total
contingent consideration cash payments in the quarter were
£333 million (Q2 2024: £317 million).
£330 million (Q2 2024: £313 million) of
these were recognised in cash flows from operating activities,
including cash payments made to Shionogi & Co. Ltd (Shionogi)
of £319 million (Q2 2024:
£305 million).
Free
cash inflow was £1,126 million for the quarter (Q2 2024:
£328 million). The increase was primarily driven by
higher cash generated from operations and lower taxation payments,
partly offset by higher capital expenditure on intangible
assets.
H1 2025
Cash
generated from operating activities was £3,734 million (H1
2024: £2,776 million). The increase reflected higher Core
operating profit and higher returns and rebates, including the
impact of the removal of the AMP cap in H1 2024, as well as
favourable timing movements in payables and inventory build. The
increase was partly offset by an adverse movement in receivables
driven by higher Arexvy and
Shingrix collections in Q1
2024.
Total
contingent consideration cash payments in H1 2025 were
£674 million (H1 2024: £626 million).
£668 million (H1 2024: £619 million) of these
were recognised in cash flows from operating activities, including
cash payments made to Shionogi & Co. Ltd (Shionogi) of
£650 million (H1 2024:
£605 million).
Free
cash inflow was £1,823 million for H1 2025 (H1 2024: £617
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.
Total Net debt
At 30
June 2025, net debt was £13,735 million, compared with
£13,095 million at 31 December 2024, comprising gross debt of
£17,354 million and cash and liquid investments of £3,619
million. See net debt information on page 40.
Net
debt increased by £640 million primarily due to the net
acquisition costs of IDRx, Inc. (IDRx) and Cellphenomics GmbH
totalling £800 million, dividends paid to shareholders of
£1,268 million, and shares purchased as part of the 2025 share
buyback programme of £808 million. This was partly offset by
free cash inflow of £1,823 million and exchange gain on net
debt of £428 million.
At 30
June 2025, GSK had short-term borrowings (including overdrafts and
lease liabilities) repayable within 12 months of £2,050
million and £1,329 million repayable in the subsequent
year.
Contents
|
|
|
|
|
Page
|
|
Q2 2025
pipeline highlights
|
13
|
|
Responsible
business
|
15
|
|
Total
and Core results
|
17
|
|
Income
statement
|
25
|
|
Statement
of comprehensive income
|
26
|
|
Balance
sheet
|
27
|
|
Statement
of changes in equity
|
28
|
|
Cash
flow statement
|
29
|
|
Sales
tables
|
30
|
|
Segment
information
|
33
|
|
Legal
matters
|
35
|
|
Returns
to shareholders
|
36
|
|
Additional
information
|
37
|
|
R&D
commentary
|
47
|
|
Principal
risks and uncertainties
|
55
|
|
Reporting
definitions
|
57
|
|
Guidance
and outlooks, assumptions and cautionary statements
|
59
|
|
Directors'
responsibility statement
|
61
|
|
Independent
Auditor's review report to GSK plc
|
62
|
|
Glossary
of terms
|
64
|
|
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
|
|||
Q2 2025 pipeline highlights (since
30 April 2025)
|
|
Medicine/vaccine
|
Trial (indication, presentation)
|
Event
|
|
Regulatory approvals or other regulatory actions
|
Nucala
|
MATINEE
(chronic obstructive pulmonary disease)
|
Regulatory
approval (US)
|
|
Blenrep
|
DREAMM-7/8
(2L+ multiple myeloma)
|
Regulatory
approval (EU, JP)
|
|
|
Blenrep
|
DREAMM-7/8
(2L+ multiple myeloma)
|
US FDA
Advisory Committee vote. New PDUFA date of 23 October
2025
|
|
|
Shingrix
|
Shingles,
liquid formulation
|
Regulatory
approval (US)
|
|
|
Regulatory submissions or acceptances
|
linerixibat
|
GLISTEN
(cholestatic pruritus in primary biliary cholangitis)
|
Regulatory
acceptance
(US,
EU)
|
|
Arexvy
|
RSV,
adults aged 18 and above
|
Regulatory
acceptance
(EU)
|
|
|
Arexvy
|
RSV,
adults aged 18-49 at increased risk
|
Regulatory
acceptance (US, JP)
|
|
|
Phase III data readouts or other significant events
|
depemokimab
|
AGILE
(severe asthma)
|
Positive
phase III data readout
|
|
belrestotug
|
GALAXIES
Lung-201 (1L non small cell lung cancer)
|
Development
ended
|
|
|
cobolimab
|
COSTAR
(non-small cell lung cancer)
|
Phase
III data readout
|
|
|
tebipenem
pivoxil
|
PIVOT-PO
(complicated urinary tract infection)
|
Positive
phase III data readout
|
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
|
|
|
latozinemab
|
INFRONT-3
(frontotemporal dementia)
|
Phase
III data readout
|
|
|
linerixibat
|
GLISTEN
(cholestatic pruritus in primary biliary cholangitis)
|
Regulatory
submission (CN, JP)
|
|
|
Ventolin
|
Low
carbon MDI (asthma)
|
Phase
III data readout
|
|
|
Ventolin
|
Low
carbon MDI (asthma)
|
Regulatory
submission (EU)
|
|
|
Blenrep
|
DREAMM-7/8
(2L+ multiple myeloma)
|
Regulatory
decision (US)
|
|
|
Blenrep
|
DREAMM-8
(2L + multiple myeloma)
|
Regulatory
submission (CN)
|
|
|
Arexvy
|
RSV,
adults aged 60+ years
|
Phase
III readout (CN)
|
|
|
Arexvy
|
RSV,
adults aged 18+ immunocompromised
|
Regulatory
submission
(US,
EU, JP)
|
|
|
Shingrix
|
Shingles,
adults aged 18+ years at increased risk
|
Regulatory
decision (CN)
|
|
|
Bexsero
|
Meningococcal
B (infants)
|
Phase
III data readout (US)
|
|
|
gepotidacin
|
EAGLE-1
(urogenital gonorrhoea)
|
Regulatory
submission (US)
|
|
|
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)
|
|
|
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
|
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
|
|
|
latozinemab
|
INFRONT-3
(frontotemporal dementia)
|
Regulatory
submission (US, EU)
|
|
|
linerixibat
|
GLISTEN
(cholestatic pruritus in primary biliary cholangitis)
|
Regulatory
decision (EU, JP, CN)
|
|
|
Ventolin
|
Low
carbon MDI (asthma)
|
Regulatory
decision (EU)
|
|
|
Jemperli
|
AZUR-1
(rectal cancer)
|
Phase
II (pivotal) data readout
|
|
|
cabotegravir
|
Q4M
PrEP (HIV)
|
Phase
II (pivotal) data readout
|
|
|
cabotegravir
|
Q4M
PrEP (HIV)
|
Regulatory
submission (US)
|
|
|
Arexvy
|
RSV,
adults aged 18-59 AIR
|
Phase
III readout (CN)
|
|
|
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 47 to 54 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 Q1 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 Q1 2025:
|
●
|
In
July, ViiV Healthcare extended a voluntary licensing agreement with
Medicines Patent Pool to enable access to its innovative
long-acting injectable HIV treatment. This agreement allows
manufacturers to develop, manufacture and supply generic
long-acting injectable cabotegravir (CAB LA) for treatment in 133
countries and builds on the voluntary licence for CAB LA for HIV
pre-exposure prophylaxis (PrEP), enabling increased access to
innovative long-acting injectables for HIV treatment. More
information can be found here(2).
|
|
●
|
Working
in partnership with Bharat Biotech, GSK has made significant
investments to make process improvements, expand production
capacity and deliver cost effective manufacturing for the
world’s first malaria vaccine, RTS,S. These enhancements,
which have enabled a phased reduction in the price of the malaria
vaccine for more than 50% for children in endemic countries, will
be fully realised by 2028 when the transfer of production between
the two companies is complete. More information can be found
here(3).
|
|
●
|
In
June, GSK reaffirmed its support for Gavi, the Vaccine Alliance,
with two major vaccine commitments, together contributing up to
€100m to the Gavi replenishment. First, a reduction in unit
costs and increased production capacity of the RTS,S malaria
vaccine, supporting Gavi’s efforts to reach 50 million more
children with malaria intervention by 2030. Second, a commitment to
a 17% price reduction for the new rotavirus vaccine presentation,
which will help save up to €80m for Gavi and implementing
countries, assuming constant demand and price over the period up to
2030, and will help countries reduce their cold chain footprint by
30%, creating additional indirect cost savings. More information
can be found here(4).
|
|
●
|
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 Q1 2025:
|
●
|
The
phase III clinical trial of M72/AS01E, a tuberculosis (TB) vaccine
candidate originally developed by GSK and sponsored by Gates
Medical Research Institute with funding support from the Gates
Foundation and Wellcome, has completed full enrollment of
20,000 participants, 11 months ahead of schedule. The trial is
taking place at 54 sites across sites in South Africa, Kenya,
Malawi, Zambia, and Indonesia. If proven effective, M72 could
potentially become the first new tuberculosis vaccine that meets
the World Health Organization’s target product profile for
over 100 years. More information can be found here(5).
|
|
●
|
In May,
GSK announced a programme to develop a second generation malaria
vaccine designed to help improve protection for children against
the deadliest form of malaria, P. falciparum. This work will build
on the success of first-generation vaccines by working at a
different stage of the life cycle of the malaria parasite. More
information can be found here(6).
|
|
●
|
In May,
Nature published groundbreaking research on Delftia, a naturally
occurring bacterium first identified by GSK scientists in 2023.
Initially recognised for its potential to disrupt malaria
transmission by mosquitoes, this new collaborative study with the
National Institutes of Health has revealed that Delftia may also
inhibit the transmission of Leishmania parasites by sand flies. The
discovery represents a significant advancement in vector control
science and offers promising new avenues for combatting
leishmaniasis. More information can be found here(7).
|
|
●
|
In
June, GSK announced the licensing of its Shigella vaccine
candidate, developed by scientists in GSK’s Global Health
team, to Bharat Biotech. The agreement paves the way for the
ongoing development and potential distribution of the vaccine in
low-and-middle-income countries where Shigella, the leading
bacterial cause of diarrhoea, poses a significant health threat to
children under five. More information can be found here(8).
|
|
●
|
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 Q1 2025:
|
●
|
GSK
ranked second and was recognised as an “industry
pioneer” in a scorecard developed by Revive and Restore, the
Horseshoe Crab Recovery Coalition, and the Center for Biological
Diversity looking at companies championing synthetic alternatives
to horseshoe crab blood. The use of horseshoe crab blood is
currently required by some regulators to be used in pharmaceutical
quality control processes to ensure the quality and safety of
medicines and vaccines. More information can be found here(9).
|
|
●
|
Following
the recent partnership with WWF, GSK was announced as an initial
signatory of the Freshwater Challenge Business Supporter Programme.
The Programme for the world’s largest freshwater restoration
and protection initiative was launched during London Climate Action
Week at an event supported by GSK to encourage more businesses to
take action on freshwater. More information can be found
here(10).
|
|
●
|
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(11).
|
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
|
|
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
|
14.8
|
15.0
|
1st
percentile in pharma subindustry group; lower score represents
lower risk. Current score as at July 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://viivhealthcare.com/hiv-news-and-media/news/press-releases/2025/july/long-acting-injectable-hiv-treatment
|
|
(3) https://www.gsk.com/en-gb/media/press-releases/price-of-world-s-first-malaria-vaccine-rts-s-for-children-in-endemic-countries-to-be-reduced
|
|
(4) https://www.gavi.org/news/media-room/world-leaders-recommit-immunisation-amid-global-funding-shortfall
|
|
(5) https://www.gatesfoundation.org/ideas/media-center/press-releases/2023/06/funding-commitment-m72-tb-vaccine-candidate
|
|
(6) https://www.gsk.com/en-gb/behind-the-science-magazine/second-generation-malaria-vaccine
|
|
(7) https://www.nature.com/articles/s41467-025-58769-4
|
|
(8) https://www.gsk.com/en-gb/media/press-releases/gsk-licenses-shigella-vaccine-candidate-to-bharat-biotech-for-continued-development
|
|
(9) https://reviverestore.org/sustainability-scorecard
|
|
(10) https://www.freshwaterchallenge.org/joining
|
|
(11) 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 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 57
and 58.
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, major
restructuring 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 19 and
22.
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 six months
ended 30 June 2025 were £650 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 Q2 2025
and Q2 2024 are set out below.
Three months ended 30 June 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
|
7,986
|
|
|
|
|
|
|
|
|
|
|
|
7,986
|
|
Cost of
sales
|
(2,165)
|
|
173
|
|
|
|
|
|
|
|
6
|
|
(1,986)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
5,821
|
|
173
|
|
|
|
|
|
|
|
6
|
|
6,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administration
|
(2,140)
|
|
|
|
|
|
8
|
|
1
|
|
38
|
|
(2,093)
|
|
Research
and development
|
(2,024)
|
|
21
|
|
476
|
|
4
|
|
|
|
1
|
|
(1,522)
|
|
Royalty
income
|
246
|
|
|
|
|
|
|
|
|
|
|
|
246
|
|
Other
operating income/(expense)
|
120
|
|
|
|
|
|
1
|
|
(89)
|
|
(32)
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
2,023
|
|
194
|
|
476
|
|
13
|
|
(88)
|
|
13
|
|
2,631
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
finance expense
|
(134)
|
|
|
|
|
|
|
|
|
|
9
|
|
(125)
|
|
Share
of after tax profit/(loss) of associates and joint
ventures
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before taxation
|
1,887
|
|
194
|
|
476
|
|
13
|
|
(88)
|
|
22
|
|
2,504
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxation
|
(241)
|
|
(54)
|
|
(119)
|
|
(3)
|
|
(28)
|
|
6
|
|
(439)
|
|
Tax rate %
|
12.8%
|
|
|
|
|
|
|
|
|
|
|
|
17.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit after taxation
|
1,646
|
|
140
|
|
357
|
|
10
|
|
(116)
|
|
28
|
|
2,065
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit
attributable to non-controlling interests
|
203
|
|
|
|
|
|
|
|
(28)
|
|
|
|
175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) attributable to shareholders
|
1,443
|
|
140
|
|
357
|
|
10
|
|
(88)
|
|
28
|
|
1,890
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,646
|
|
140
|
|
357
|
|
10
|
|
(116)
|
|
28
|
|
2,065
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
35.5p
|
|
3.4p
|
|
8.8p
|
|
0.3p
|
|
(2.2p)
|
|
0.7p
|
|
46.5p
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares (millions)
|
4,063
|
|
|
|
|
|
|
|
|
|
|
|
4,063
|
Three months ended 30 June 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
|
7,884
|
|
|
|
|
|
|
|
|
|
|
|
7,884
|
|
Cost of
sales
|
(2,122)
|
|
180
|
|
|
|
41
|
|
19
|
|
5
|
|
(1,877)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
5,762
|
|
180
|
|
|
|
41
|
|
19
|
|
5
|
|
6,007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administration
|
(2,465)
|
|
|
|
|
|
75
|
|
1
|
|
166
|
|
(2,223)
|
|
Research
and development
|
(1,477)
|
|
13
|
|
47
|
|
2
|
|
|
|
|
|
(1,415)
|
|
Royalty
income
|
144
|
|
|
|
|
|
|
|
|
|
|
|
144
|
|
Other
operating income/(expense)
|
(318)
|
|
|
|
|
|
6
|
|
378
|
|
(66)
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
1,646
|
|
193
|
|
47
|
|
124
|
|
398
|
|
105
|
|
2,513
|
|
Net
finance expense
|
(150)
|
|
|
|
|
|
|
|
|
|
2
|
|
(148)
|
|
Share
of after tax profit/(loss) of associates and joint
ventures
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
Profit before taxation
|
1,495
|
|
193
|
|
47
|
|
124
|
|
398
|
|
107
|
|
2,364
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxation
|
(191)
|
|
(43)
|
|
(11)
|
|
(34)
|
|
(121)
|
|
(23)
|
|
(423)
|
|
Tax rate %
|
12.8%
|
|
|
|
|
|
|
|
|
|
|
|
17.9%
|
|
Profit after taxation
|
1,304
|
|
150
|
|
36
|
|
90
|
|
277
|
|
84
|
|
1,941
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit
attributable to non-controlling interests
|
131
|
|
|
|
|
|
|
|
39
|
|
|
|
170
|
|
Profit attributable to shareholders
|
1,173
|
|
150
|
|
36
|
|
90
|
|
238
|
|
84
|
|
1,771
|
|
|
1,304
|
|
150
|
|
36
|
|
90
|
|
277
|
|
84
|
|
1,941
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
28.8p
|
|
3.7p
|
|
0.9p
|
|
2.2p
|
|
5.8p
|
|
2.0p
|
|
43.4p
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares (millions)
|
4,079
|
|
|
|
|
|
|
|
|
|
|
|
4,079
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusting items Q2
2025
Major restructuring and integration
Charges
of £13 million (Q2 2024: £124 million) were incurred in
Q2 2025 relating to ongoing projects categorised as Major
restructuring programmes, analysed as follows:
|
|
Q2 2025
|
|
Q2
2024
|
||||||||
|
|
Cash
£m
|
|
Non-
cash
£m
|
|
Total
£m
|
|
Cash
£m
|
|
Non-
cash
£m
|
|
Total
£m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation
restructuring programme
|
2
|
|
3
|
|
5
|
|
99
|
|
8
|
|
107
|
|
Significant
acquisitions
|
7
|
|
–
|
|
7
|
|
16
|
|
1
|
|
17
|
|
Legacy
programmes
|
1
|
|
–
|
|
1
|
|
–
|
|
–
|
|
–
|
|
|
10
|
|
3
|
|
13
|
|
115
|
|
9
|
|
124
|
The
Separation restructuring programme incurred cash charges of £2
million primarily from restructuring of some commercial and
administrative functions. The non-cash charges of £3 million
primarily reflected the write down of assets in manufacturing
locations. The programme focused on the separation of GSK into two
separate companies 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. acquired in Q2 2023, Aiolos Bio, Inc. (Aiolos) acquired
in Q1 2024 and IDRx acquired in Q1 2025.
Transaction-related adjustments
Transaction-related
adjustments resulted in a net credit of £88 million (Q2 2024:
£398 million net charge), 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)
|
Q2 2025
£m
|
|
Q2
2024
£m
|
|
Contingent
consideration on former Shionogi-ViiV Healthcare joint
Venture
(including Shionogi preferential dividends)
|
(127)
|
|
228
|
|
ViiV
Healthcare put options and Pfizer preferential
dividends
|
(29)
|
|
4
|
|
Contingent
consideration on former Novartis Vaccines business
|
57
|
|
132
|
|
Contingent
consideration on acquisition of Affinivax
|
7
|
|
11
|
|
Other
contingent consideration
|
3
|
|
–
|
|
Other
adjustments
|
1
|
|
23
|
|
|
|
|
|
|
Total
transaction-related (credits)/charges
|
(88)
|
|
398
|
The
£127 million credit relating to the contingent consideration
for the former Shionogi-ViiV Healthcare joint venture represented a
decrease in the valuation of the contingent consideration due to
Shionogi driven by updated exchange rates and net other
remeasurements of £226 million partly offset by the unwind of
the discount for £99 million. The £228 million charge in
Q2 2024 primarily reflected updated sales forecasts due to improved
longer term HIV prospects, as well as the unwind of the discount.
The £29 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. An explanation of the accounting for the
non-controlling interests in ViiV Healthcare is set out on page
18.
There
was a £57 million charge in the quarter 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
£7 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 other net income, including fair value
movements on equity investments.
The
reconciliations between Total results and Core results for H1 2025
and H1 2024 are set out below.
Six months ended 30 June 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
|
15,502
|
|
|
|
|
|
|
|
|
|
|
|
15,502
|
|
Cost of
sales
|
(4,102)
|
|
371
|
|
|
|
11
|
|
|
|
8
|
|
(3,712)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
11,400
|
|
371
|
|
|
|
11
|
|
|
|
8
|
|
11,790
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administration
|
(4,210)
|
|
|
|
|
|
16
|
|
9
|
|
32
|
|
(4,153)
|
|
Research
and development
|
(3,486)
|
|
42
|
|
540
|
|
5
|
|
|
|
|
|
(2,899)
|
|
Royalty
income
|
426
|
|
|
|
|
|
|
|
|
|
|
|
426
|
|
Other
operating income/(expense)
|
109
|
|
|
|
|
|
1
|
|
(87)
|
|
(23)
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
4,239
|
|
413
|
|
540
|
|
33
|
|
(78)
|
|
17
|
|
5,164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
finance expense
|
(242)
|
|
|
|
|
|
|
|
|
|
16
|
|
(226)
|
|
Share
of after tax profit/(loss) of associates and joint
venture
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
Profit before taxation
|
3,995
|
|
413
|
|
540
|
|
33
|
|
(78)
|
|
33
|
|
4,936
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxation
|
(577)
|
|
(105)
|
|
(135)
|
|
(8)
|
|
(58)
|
|
10
|
|
(873)
|
|
Tax rate %
|
14.4%
|
|
|
|
|
|
|
|
|
|
|
|
17.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit after taxation
|
3,418
|
|
308
|
|
405
|
|
25
|
|
(136)
|
|
43
|
|
4,063
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit
attributable to non-controlling interests
|
351
|
|
|
|
|
|
|
|
(14)
|
|
|
|
337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit/(loss) attributable to shareholders
|
3,067
|
|
308
|
|
405
|
|
25
|
|
(122)
|
|
43
|
|
3,726
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,418
|
|
308
|
|
405
|
|
25
|
|
(136)
|
|
43
|
|
4,063
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share
|
75.3p
|
|
7.6p
|
|
9.9p
|
|
0.6p
|
|
(3.0p)
|
|
1.0p
|
|
91.4p
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares (millions)
|
4,076
|
|
|
|
|
|
|
|
|
|
|
|
4,076
|
Six months ended 30 June 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
|
15,247
|
|
|
|
|
|
|
|
|
|
|
|
15,247
|
|
Cost of
sales
|
(4,092)
|
|
362
|
|
|
|
74
|
|
38
|
|
8
|
|
(3,610)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross
profit
|
11,155
|
|
362
|
|
|
|
74
|
|
38
|
|
8
|
|
11,637
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administration
|
(4,552)
|
|
|
|
|
|
92
|
|
1
|
|
257
|
|
(4,202)
|
|
Research
and development
|
(2,911)
|
|
27
|
|
101
|
|
9
|
|
|
|
|
|
(2,774)
|
|
Royalty
income
|
295
|
|
|
|
|
|
|
|
|
|
|
|
295
|
|
Other
operating income/(expense)
|
(851)
|
|
|
|
|
|
6
|
|
1,063
|
|
(218)
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating profit
|
3,136
|
|
389
|
|
101
|
|
181
|
|
1,102
|
|
47
|
|
4,956
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
finance expense
|
(284)
|
|
|
|
|
|
|
|
|
|
4
|
|
(280)
|
|
Share
of after tax profit/(loss) of associates and joint
ventures
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit before taxation
|
2,850
|
|
389
|
|
101
|
|
181
|
|
1,102
|
|
51
|
|
4,674
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxation
|
(465)
|
|
(84)
|
|
(25)
|
|
(47)
|
|
(197)
|
|
(9)
|
|
(827)
|
|
Tax rate %
|
16.3%
|
|
|
|
|
|
|
|
|
|
|
|
17.7%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit after taxation
|
2,385
|
|
305
|
|
76
|
|
134
|
|
905
|
|
42
|
|
3,847
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit
attributable to non-controlling interests
|
166
|
|
|
|
|
|
|
|
158
|
|
|
|
324
|
|
Profit/(loss) attributable to shareholders
|
2,219
|
|
305
|
|
76
|
|
134
|
|
747
|
|
42
|
|
3,523
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,385
|
|
305
|
|
76
|
|
134
|
|
905
|
|
42
|
|
3,847
|
|
Earnings per share
|
54.5p
|
|
7.5p
|
|
1.9p
|
|
3.3p
|
|
18.3p
|
|
1.0p
|
|
86.5p
|
|
Weighted
average number of shares (millions)
|
4,074
|
|
|
|
|
|
|
|
|
|
|
|
4,074
|
Adjusting items H1
2025
Major restructuring and integration
|
Charges
of £33 million (H1 2024: £181 million) were incurred in
H1 2025 relating to ongoing projects categorised as Major
restructuring programmes, analysed as follows:
|
|
|
H1 2025
|
|
H1
2024
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
£m
|
|
Non-
cash
£m
|
|
Total
£m
|
|
Cash
£m
|
|
Non-
cash
£m
|
|
Total
£m
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Separation
restructuring programme
|
8
|
|
15
|
|
23
|
|
127
|
|
16
|
|
143
|
|
Significant
acquisitions
|
8
|
|
–
|
|
8
|
|
35
|
|
1
|
|
36
|
|
Legacy
programmes
|
2
|
|
–
|
|
2
|
|
2
|
|
–
|
|
2
|
|
|
18
|
|
15
|
|
33
|
|
164
|
|
17
|
|
181
|
The
Separation restructuring programme incurred cash charges of £8
million primarily from the restructuring of some commercial and
administrative functions. The non-cash charges of £15 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 Inc. (Affinivax) which were acquired in Q3 2022, BELLUS
Health Inc. (Bellus) acquired in Q2 2023, Aiolos acquired in Q1
2024 and IDRx acquired in Q1 2025.
Cash
charges of £2 million under Legacy programmes primarily arose
from the divestment of the cephalosporins business.
Transaction-related adjustments
Transaction-related
adjustments resulted in a net credit of £78 million (H1 2024:
£1,102 million net charge), 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)
|
H1 2025
£m
|
|
H1
2024
£m
|
|
|
|
|
|
|
Contingent
consideration on former Shionogi-ViiV Healthcare joint
Venture
(including Shionogi preferential dividends)
|
(88)
|
|
814
|
|
ViiV
Healthcare put options and Pfizer preferential
dividends
|
(89)
|
|
70
|
|
Contingent
consideration on former Novartis Vaccines business
|
109
|
|
160
|
|
Contingent
consideration on acquisition of Affinivax
|
(26)
|
|
16
|
|
Other
contingent consideration
|
7
|
|
-
|
|
Other
adjustments
|
9
|
|
42
|
|
|
|
|
|
|
Total
transaction-related charges
|
(78)
|
|
1,102
|
The
£88 million credit relating to the contingent consideration
for the former Shionogi-ViiV Healthcare joint venture represented a
decrease in the valuation of the contingent consideration due to
Shionogi, driven by updated exchange rates and net other
remeasurements of £301 million, partly offset by the unwind of
the discount for £213 million. The £89 million credit
relating to the ViiV Healthcare put option and Pfizer preferential
dividends represented an 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
18.
The
£109 million charge relating to the contingent consideration
on the former Novartis Vaccines business primarily related to
changes to future sales forecasts and updated exchange
rates.
The
£26 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 other net income, including fair value
movements on equity investments.
Financial
information
Income statement
|
|
Q2 2025
£m
|
|
Q2
2024
£m
|
|
H1 2025
£m
|
|
H1
2024
£m
|
|
|
|
|
|
|
|
|
|
|
TURNOVER
|
7,986
|
|
7,884
|
|
15,502
|
|
15,247
|
|
|
|
|
|
|
|
|
|
|
Cost of
sales
|
(2,165)
|
|
(2,122)
|
|
(4,102)
|
|
(4,092)
|
|
Gross
profit
|
5,821
|
|
5,762
|
|
11,400
|
|
11,155
|
|
|
|
|
|
|
|
|
|
|
Selling,
general and administration
|
(2,140)
|
|
(2,465)
|
|
(4,210)
|
|
(4,552)
|
|
Research
and development
|
(2,024)
|
|
(1,477)
|
|
(3,486)
|
|
(2,911)
|
|
Royalty
income
|
246
|
|
144
|
|
426
|
|
295
|
|
Other
operating income/(expense)
|
120
|
|
(318)
|
|
109
|
|
(851)
|
|
|
|
|
|
|
|
|
|
|
OPERATING PROFIT
|
2,023
|
|
1,646
|
|
4,239
|
|
3,136
|
|
|
|
|
|
|
|
|
|
|
Finance
income
|
50
|
|
24
|
|
104
|
|
56
|
|
Finance
expense
|
(184)
|
|
(174)
|
|
(346)
|
|
(340)
|
|
Share
of after tax profit/(loss) of associates and joint
ventures
|
(2)
|
|
(1)
|
|
(2)
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAXATION
|
1,887
|
|
1,495
|
|
3,995
|
|
2,850
|
|
|
|
|
|
|
|
|
|
|
Taxation
|
(241)
|
|
(191)
|
|
(577)
|
|
(465)
|
|
Tax rate %
|
12.8%
|
|
12.8%
|
|
14.4%
|
|
16.3%
|
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAXATION
|
1,646
|
|
1,304
|
|
3,418
|
|
2,385
|
|
|
|
|
|
|
|
|
|
|
Profit
attributable to non-controlling interests
|
203
|
|
131
|
|
351
|
|
166
|
|
Profit
attributable to shareholders
|
1,443
|
|
1,173
|
|
3,067
|
|
2,219
|
|
|
1,646
|
|
1,304
|
|
3,418
|
|
2,385
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE
|
35.5p
|
|
28.8p
|
|
75.3p
|
|
54.5p
|
|
|
|
|
|
|
|
|
|
|
Diluted
earnings per share
|
35.1p
|
|
28.5p
|
|
74.4p
|
|
53.9p
|
Statement of comprehensive income
|
|
Q2 2025
£m
|
|
Q2
2024
£m
|
|
H1 2025
£m
|
|
H1
2024
£m
|
|
Total
profit for the period
|
1,646
|
|
1,304
|
|
3,418
|
|
2,385
|
|
|
|
|
|
|
|
|
|
|
Items that may be reclassified subsequently to income
statement:
|
|
|
|
|
|
|
|
|
Exchange movements
on overseas net assets and net investment hedges
|
129
|
|
(21)
|
|
267
|
|
(211)
|
|
Reclassification of
exchange movements on liquidation or disposal of overseas
subsidiaries and associates
|
(7)
|
|
1
|
|
(8)
|
|
1
|
|
Fair
value movements on cash flow hedges
|
(52)
|
|
–
|
|
(56)
|
|
–
|
|
Cost of
hedging
|
5
|
|
–
|
|
9
|
|
–
|
|
Reclassification
of cash flow hedges to income statement
|
53
|
|
–
|
|
48
|
|
2
|
|
|
128
|
|
(20)
|
|
260
|
|
(208)
|
|
|
|
|
|
|
|
|
|
|
Items that will not be reclassified to income
statement:
|
|
|
|
|
|
|
|
|
Exchange movements
on overseas net assets of non-controlling interests
|
(15)
|
|
4
|
|
(23)
|
|
7
|
|
Fair
value movements on equity investments
|
87
|
|
(159)
|
|
(34)
|
|
(81)
|
|
Tax on
fair value movements on equity investments
|
(11)
|
|
18
|
|
(4)
|
|
3
|
|
Fair
value movements on cash flow hedges
|
–
|
|
(2)
|
|
–
|
|
(1)
|
|
Remeasurement
gains/(losses) on defined benefit plans
|
18
|
|
135
|
|
74
|
|
181
|
|
Tax on
remeasurement losses/(gains) on defined benefit plans
|
(2)
|
|
(32)
|
|
(16)
|
|
(42)
|
|
|
77
|
|
(36)
|
|
(3)
|
|
67
|
|
|
|
|
|
|
|
|
|
|
Other
comprehensive income/(expense) for the period
|
205
|
|
(56)
|
|
257
|
|
(141)
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive income for the period
|
1,851
|
|
1,248
|
|
3,675
|
|
2,244
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive income for the period attributable to:
|
|
|
|
|
|
|
|
|
Shareholders
|
1,663
|
|
1,113
|
|
3,347
|
|
2,071
|
|
Non-controlling interests
|
188
|
|
135
|
|
328
|
|
173
|
|
|
1,851
|
|
1,248
|
|
3,675
|
|
2,244
|
Balance sheet
|
|
30 June 2025
£m
|
|
31
December 2024
£m
|
|
ASSETS
|
|
|
|
|
Non-current assets
|
|
|
|
|
Property,
plant and equipment
|
9,118
|
|
9,227
|
|
Right
of use assets
|
800
|
|
846
|
|
Goodwill
|
6,734
|
|
6,982
|
|
Other
intangible assets
|
15,376
|
|
15,515
|
|
Investments
in associates and joint ventures
|
88
|
|
96
|
|
Other
investments
|
889
|
|
1,100
|
|
Deferred
tax assets
|
6,581
|
|
6,757
|
|
Derivative
instruments
|
–
|
|
1
|
|
Other
non-current assets
|
1,999
|
|
1,942
|
|
|
|
|
|
|
Total non-current assets
|
41,585
|
|
42,466
|
|
|
|
|
|
|
Current assets
|
|
|
|
|
Inventories
|
6,072
|
|
5,669
|
|
Current
tax recoverable
|
376
|
|
489
|
|
Trade
and other receivables
|
7,321
|
|
6,836
|
|
Derivative
financial instruments
|
200
|
|
109
|
|
Liquid
investments
|
20
|
|
21
|
|
Cash
and cash equivalents
|
3,599
|
|
3,870
|
|
Assets
held for sale
|
85
|
|
3
|
|
|
|
|
|
|
Total current assets
|
17,673
|
|
16,997
|
|
|
|
|
|
|
TOTAL ASSETS
|
59,258
|
|
59,463
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
Current liabilities
|
|
|
|
|
Short-term
borrowings
|
(2,050)
|
|
(2,349)
|
|
Contingent
consideration liabilities
|
(1,134)
|
|
(1,172)
|
|
Trade
and other payables
|
(14,820)
|
|
(15,335)
|
|
Derivative
financial instruments
|
(100)
|
|
(192)
|
|
Current
tax payable
|
(581)
|
|
(703)
|
|
Short-term
provisions
|
(1,693)
|
|
(1,946)
|
|
|
|
|
|
|
Total current liabilities
|
(20,378)
|
|
(21,697)
|
|
|
|
|
|
|
Non-current liabilities
|
|
|
|
|
Long-term
borrowings
|
(15,304)
|
|
(14,637)
|
|
Corporation
tax payable
|
(1)
|
|
–
|
|
Deferred
tax liabilities
|
(384)
|
|
(382)
|
|
Pensions
and other post-employment benefits
|
(1,752)
|
|
(1,864)
|
|
Derivative
financial instruments
|
(68)
|
|
–
|
|
Other
provisions
|
(575)
|
|
(589)
|
|
Contingent
consideration liabilities
|
(5,442)
|
|
(6,108)
|
|
Other
non-current liabilities
|
(1,000)
|
|
(1,100)
|
|
|
|
|
|
|
Total non-current liabilities
|
(24,526)
|
|
(24,680)
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
(44,904)
|
|
(46,377)
|
|
|
|
|
|
|
NET ASSETS
|
14,354
|
|
13,086
|
|
|
|
|
|
|
EQUITY
|
|
|
|
|
Share
capital
|
1,349
|
|
1,348
|
|
Share
premium account
|
3,486
|
|
3,473
|
|
Retained
earnings
|
8,797
|
|
7,796
|
|
Other
reserves
|
1,159
|
|
1,054
|
|
|
|
|
|
|
Shareholders’ equity
|
14,791
|
|
13,671
|
|
|
|
|
|
|
Non-controlling
interests
|
(437)
|
|
(585)
|
|
|
|
|
|
|
TOTAL EQUITY
|
14,354
|
|
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
|
|
|
|
|
3,067
|
|
|
|
3,067
|
|
351
|
|
3,418
|
|
Other comprehensive income /(expense) for the period
|
|
|
|
|
300
|
|
(20)
|
|
280
|
|
(23)
|
|
257
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive income/(expense) for the period
|
|
|
|
|
3,367
|
|
(20)
|
|
3,347
|
|
328
|
|
3,675
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions
to non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
(180)
|
|
(180)
|
|
Dividends
to shareholders
|
|
|
|
|
(1,268)
|
|
|
|
(1,268)
|
|
|
|
(1,268)
|
|
AG真人官方ised after tax
losses on disposal or liquidation of equity
investments
|
|
|
|
|
3
|
|
(3)
|
|
|
|
|
|
–
|
|
Share
of associates and joint ventures realised profit/(loss) on disposal
of equity investments
|
|
|
|
|
(1)
|
|
1
|
|
|
|
|
|
–
|
|
Shares
issued
|
1
|
|
13
|
|
|
|
|
|
14
|
|
|
|
14
|
|
Share
buyback programme:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of treasury shares (1)
|
|
|
|
|
(1,155)
|
|
|
|
(1,155)
|
|
|
|
(1,155)
|
|
Write-down
on shares held by ESOP Trusts
|
|
|
|
|
(127)
|
|
127
|
|
|
|
|
|
–
|
|
Shares
acquired by ESOP Trusts
|
|
|
|
|
|
|
|
|
|
|
|
|
–
|
|
Share-based
incentive plans
|
|
|
|
|
182
|
|
|
|
182
|
|
|
|
182
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At 30 June 2025
|
1,349
|
|
3,486
|
|
8,797
|
|
1,159
|
|
14,791
|
|
(437)
|
|
14,354
|
(1) 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
|
|
|
|
|
2,219
|
|
|
|
2,219
|
|
166
|
|
2,385
|
|
Other comprehensive income /(expense) for the period
|
|
|
|
|
(69)
|
|
(79)
|
|
(148)
|
|
7
|
|
(141)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
comprehensive income/(expense) for the period
|
|
|
|
|
2,150
|
|
(79)
|
|
2,071
|
|
173
|
|
2,244
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions
to non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
(219)
|
|
(219)
|
|
Dividends
to shareholders
|
|
|
|
|
(1,220)
|
|
|
|
(1,220)
|
|
|
|
(1,220)
|
|
AG真人官方ised after tax
losses on disposal or liquidation of equity
investments
|
|
|
|
|
(46)
|
|
46
|
|
|
|
|
|
–
|
|
Share
of associates and joint ventures realised profit/(loss) on disposal
of equity investments
|
|
|
|
|
52
|
|
(52)
|
|
|
|
|
|
–
|
|
Shares
issued
|
|
|
19
|
|
|
|
|
|
19
|
|
|
|
19
|
|
Write-down
of shares held by ESOP Trusts
|
|
|
|
|
(204)
|
|
204
|
|
|
|
|
|
–
|
|
Shares
acquired by ESOP Trusts
|
|
|
2
|
|
457
|
|
(459)
|
|
|
|
|
|
–
|
|
Share-based
incentive plans
|
|
|
|
|
155
|
|
|
|
155
|
|
|
|
155
|
|
Contributions from
non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
1
|
|
1
|
|
Changes
to non-controlling interest
|
|
|
|
|
|
|
|
|
|
|
(5)
|
|
(5)
|
|
At 30
June 2024
|
1,348
|
|
3,472
|
|
8,583
|
|
969
|
|
14,372
|
|
(602)
|
|
13,770
|
Cash flow statement six months ended 30 June 2025
|
|
H1 2025
£m
|
|
H1
2024
£m
|
|
Profit after tax
|
3,418
|
|
2,385
|
|
Tax on
profits
|
577
|
|
465
|
|
Share
of after tax loss/(profit) of associates and joint
ventures
|
2
|
|
2
|
|
Net
finance expense
|
242
|
|
284
|
|
Depreciation,
amortisation and other adjusting items
|
1,982
|
|
1,188
|
|
(Increase)/decrease
in working capital
|
(1,253)
|
|
(955)
|
|
Contingent
consideration paid
|
(668)
|
|
(619)
|
|
Increase/(decrease)
in other net liabilities (excluding contingent consideration
paid)
|
(566)
|
|
26
|
|
Cash generated from operations
|
3,734
|
|
2,776
|
|
Taxation
paid
|
(493)
|
|
(705)
|
|
Total net cash inflow/(outflow) from operating
activities
|
3,241
|
|
2,071
|
|
Cash flow from investing activities
|
|
|
|
|
Purchase
of property, plant and equipment
|
(464)
|
|
(550)
|
|
Proceeds
from sale of property, plant and equipment
|
6
|
|
3
|
|
Purchase
of intangible assets
|
(617)
|
|
(455)
|
|
Proceeds
from sale of intangible assets
|
76
|
|
28
|
|
Purchase
of equity investments
|
(45)
|
|
(47)
|
|
Proceeds
from sale of equity investments
|
18
|
|
2,296
|
|
Purchase
of businesses, net of cash acquired
|
(800)
|
|
(748)
|
|
Investment
in joint ventures and associates
|
–
|
|
(3)
|
|
Contingent
consideration paid
|
(6)
|
|
(7)
|
|
Disposal
of businesses
|
(29)
|
|
(10)
|
|
Interest
received
|
92
|
|
61
|
|
(Increase)/decrease
in liquid investments
|
–
|
|
22
|
|
Dividends
from joint ventures and associates
|
–
|
|
15
|
|
Dividend
and distributions from investments
|
–
|
|
16
|
|
Total net cash inflow/(outflow) from investing
activities
|
(1,769)
|
|
621
|
|
Cash flow from financing activities
|
|
|
|
|
Issue
of share capital
|
14
|
|
19
|
|
Repayment
of long-term loans
|
(1,409)
|
|
(788)
|
|
Issue
of long-term notes
|
1,983
|
|
–
|
|
Net
increase/(decrease) in short-term loans
|
637
|
|
(74)
|
|
Increase
in other short-term loans
|
102
|
|
–
|
|
Repayment
of other short-term loans
|
(269)
|
|
–
|
|
Repayment
of lease liabilities
|
(110)
|
|
(114)
|
|
Interest
paid
|
(325)
|
|
(342)
|
|
Dividends
paid to shareholders
|
(1,268)
|
|
(1,220)
|
|
Purchase
of treasury shares
|
(808)
|
|
–
|
|
Distribution
to non-controlling interests
|
(180)
|
|
(207)
|
|
Contributions
from non-controlling interests
|
–
|
|
1
|
|
Other
financing items
|
119
|
|
81
|
|
Total net cash inflow/(outflow) from financing
activities
|
(1,514)
|
|
(2,644)
|
|
Increase/(decrease) in cash and bank overdrafts in the
period
|
(42)
|
|
48
|
|
Cash
and bank overdrafts at beginning of the period
|
3,403
|
|
2,858
|
|
Exchange
adjustments
|
(37)
|
|
(27)
|
|
Increase/(decrease)
in cash and bank overdrafts in the period
|
(42)
|
|
48
|
|
Cash and bank overdrafts at end of the period
|
3,324
|
|
2,879
|
|
Cash
and bank overdrafts at end of period comprise:
|
|
|
|
|
Cash and cash equivalents
|
3,599
|
|
2,962
|
|
Overdrafts
|
(275)
|
|
(83)
|
|
|
3,324
|
|
2,879
|
Sales tables
Specialty Medicines turnover – three months ended 30 June
2025
|
|
Total
|
|
US
|
|
Europe
|
|
International
|
||||||||
|
|
|
Growth
|
|
|
Growth
|
|
|
Growth
|
|
|
Growth
|
||||
|
|
£m
|
AER%
|
CER%
|
|
£m
|
AER%
|
CER%
|
|
£m
|
AER%
|
CER%
|
|
£m
|
AER%
|
CER%
|
|
HIV
|
1,880
|
7
|
12
|
|
1,288
|
8
|
14
|
|
380
|
(1)
|
–
|
|
212
|
15
|
20
|
|
Dolutegravir
products
|
1,386
|
–
|
4
|
|
868
|
(1)
|
4
|
|
325
|
(4)
|
(3)
|
|
193
|
13
|
17
|
|
Tivicay
|
333
|
5
|
8
|
|
196
|
2
|
7
|
|
58
|
(12)
|
(11)
|
|
79
|
34
|
36
|
|
Triumeq
|
240
|
(31)
|
(27)
|
|
175
|
(27)
|
(23)
|
|
38
|
(38)
|
(38)
|
|
27
|
(39)
|
(34)
|
|
Juluca
|
158
|
(10)
|
(6)
|
|
127
|
(10)
|
(4)
|
|
28
|
(12)
|
(12)
|
|
3
|
–
|
–
|
|
Dovato
|
655
|
19
|
23
|
|
370
|
21
|
27
|
|
201
|
12
|
13
|
|
84
|
29
|
35
|
|
Cabenuva
|
341
|
39
|
46
|
|
282
|
38
|
46
|
|
50
|
39
|
36
|
|
9
|
80
|
>100
|
|
Apretude
|
101
|
40
|
50
|
|
101
|
46
|
54
|
|
–
|
50
|
45
|
|
–
|
>(100)
|
(33)
|
|
Rukobia
|
44
|
16
|
21
|
|
38
|
6
|
11
|
|
2
|
–
|
50
|
|
4
|
>100
|
>100
|
|
Other
|
8
|
(27)
|
(27)
|
|
(1)
|
>(100)
|
–
|
|
3
|
(40)
|
(60)
|
|
6
|
20
|
–
|
|
Respiratory,
Immunology & Inflammation
|
963
|
6
|
10
|
|
635
|
–
|
5
|
|
154
|
12
|
12
|
|
174
|
28
|
34
|
|
Nucala
|
498
|
3
|
7
|
|
263
|
(8)
|
(3)
|
|
127
|
13
|
14
|
|
108
|
30
|
35
|
|
Benlysta
|
451
|
8
|
13
|
|
372
|
6
|
12
|
|
32
|
7
|
7
|
|
47
|
24
|
32
|
|
Other
|
14
|
29
|
29
|
|
–
|
–
|
–
|
|
(5)
|
(21)
|
(46)
|
|
19
|
27
|
33
|
|
Oncology
|
484
|
36
|
42
|
|
336
|
34
|
41
|
|
115
|
34
|
35
|
|
33
|
74
|
84
|
|
Jemperli
|
196
|
81
|
91
|
|
148
|
68
|
77
|
|
36
|
>100
|
>100
|
|
12
|
>100
|
>100
|
|
Zejula
|
151
|
(8)
|
(5)
|
|
81
|
(8)
|
(3)
|
|
57
|
(7)
|
(5)
|
|
13
|
(19)
|
(12)
|
|
Blenrep
|
4
|
>100
|
>100
|
|
–
|
–
|
–
|
|
4
|
>100
|
>100
|
|
–
|
–
|
–
|
|
Ojjaara/Omjjara
|
138
|
62
|
69
|
|
106
|
38
|
47
|
|
24
|
>100
|
>100
|
|
8
|
>100
|
>100
|
|
Other
|
(5)
|
>(100)
|
>(100)
|
|
1
|
>100
|
100
|
|
(6)
|
>(100)
|
>(100)
|
|
–
|
>(100)
|
>(100)
|
|
Specialty Medicines
|
3,327
|
10
|
15
|
|
2,259
|
9
|
15
|
|
649
|
7
|
8
|
|
419
|
24
|
29
|
Specialty Medicines turnover – six months ended 30 June
2025
|
|
Total
|
|
US
|
|
Europe
|
|
International
|
||||||||
|
|
|
Growth
|
|
|
Growth
|
|
|
Growth
|
|
|
Growth
|
||||
|
|
£m
|
£%
|
CER%
|
|
£m
|
£%
|
CER%
|
|
£m
|
£%
|
CER%
|
|
£m
|
£%
|
CER%
|
|
HIV
|
3,594
|
7
|
10
|
|
2,421
|
9
|
12
|
|
753
|
1
|
3
|
|
420
|
4
|
9
|
|
Dolutegravir
products
|
2,674
|
(1)
|
2
|
|
1,641
|
(1)
|
2
|
|
648
|
(2)
|
(1)
|
|
385
|
2
|
6
|
|
Tivicay
|
647
|
(4)
|
(1)
|
|
370
|
(2)
|
–
|
|
116
|
(11)
|
(9)
|
|
161
|
(1)
|
1
|
|
Triumeq
|
486
|
(26)
|
(24)
|
|
343
|
(24)
|
(22)
|
|
83
|
(31)
|
(30)
|
|
60
|
(29)
|
(23)
|
|
Juluca
|
316
|
(5)
|
(3)
|
|
251
|
(5)
|
(2)
|
|
59
|
(8)
|
(6)
|
|
6
|
–
|
–
|
|
Dovato
|
1,225
|
18
|
21
|
|
677
|
21
|
24
|
|
390
|
12
|
14
|
|
158
|
25
|
30
|
|
Cabenuva
|
635
|
39
|
42
|
|
522
|
39
|
43
|
|
96
|
35
|
37
|
|
17
|
42
|
58
|
|
Apretude
|
190
|
51
|
56
|
|
188
|
53
|
57
|
|
–
|
–
|
–
|
|
2
|
(33)
|
–
|
|
Rukobia
|
82
|
15
|
18
|
|
70
|
4
|
7
|
|
5
|
25
|
25
|
|
7
|
>100
|
>100
|
|
Other
|
13
|
(35)
|
(25)
|
|
–
|
(100)
|
(75)
|
|
4
|
(50)
|
(37)
|
|
9
|
12
|
13
|
|
Respiratory,
Immunology & Inflammation
|
1,767
|
14
|
18
|
|
1,132
|
12
|
15
|
|
304
|
13
|
14
|
|
331
|
26
|
32
|
|
Nucala
|
942
|
10
|
13
|
|
476
|
2
|
5
|
|
252
|
14
|
16
|
|
214
|
27
|
33
|
|
Benlysta
|
810
|
19
|
23
|
|
656
|
20
|
23
|
|
63
|
11
|
12
|
|
91
|
25
|
32
|
|
Other
|
15
|
17
|
17
|
|
–
|
–
|
–
|
|
(11)
|
(36)
|
(48)
|
|
26
|
24
|
29
|
|
Oncology
|
899
|
43
|
47
|
|
628
|
44
|
48
|
|
211
|
31
|
33
|
|
60
|
94
|
>100
|
|
Jemperli
|
370
|
97
|
>100
|
|
285
|
86
|
92
|
|
63
|
>100
|
>100
|
|
22
|
>100
|
>100
|
|
Zejula
|
282
|
(8)
|
(5)
|
|
143
|
(11)
|
(9)
|
|
113
|
(5)
|
(3)
|
|
26
|
(4)
|
11
|
|
Blenrep
|
4
|
>100
|
>100
|
|
–
|
100
|
100
|
|
4
|
>100
|
>100
|
|
–
|
–
|
–
|
|
Ojjaara/Omjjara
|
250
|
82
|
87
|
|
200
|
57
|
62
|
|
38
|
>100
|
>100
|
|
12
|
>100
|
>100
|
|
Other
|
(7)
|
–
|
–
|
|
–
|
–
|
–
|
|
(7)
|
>(100)
|
>(100)
|
|
–
|
>(100)
|
>(100)
|
|
Specialty Medicines
|
6,260
|
13
|
16
|
|
4,181
|
14
|
17
|
|
1,268
|
8
|
10
|
|
811
|
17
|
22
|
Vaccines turnover – three months ended 30 June
2025
|
|
Total
|
|
US
|
|
Europe
|
|
International
|
||||||||
|
|
|
Growth
|
|
|
Growth
|
|
|
Growth
|
|
|
Growth
|
||||
|
|
£m
|
AER%
|
CER%
|
|
£m
|
AER%
|
CER%
|
|
£m
|
AER%
|
CER%
|
|
£m
|
AER%
|
CER%
|
|
Shingles
|
853
|
3
|
6
|
|
241
|
(20)
|
(14)
|
|
359
|
47
|
48
|
|
253
|
(12)
|
(8)
|
|
Shingrix
|
853
|
3
|
6
|
|
241
|
(20)
|
(14)
|
|
359
|
47
|
48
|
|
253
|
(12)
|
(8)
|
|
Meningitis
|
379
|
17
|
22
|
|
144
|
1
|
6
|
|
157
|
35
|
36
|
|
78
|
22
|
33
|
|
Bexsero
|
282
|
22
|
26
|
|
78
|
(8)
|
(4)
|
|
155
|
37
|
38
|
|
49
|
44
|
62
|
|
Menveo
|
92
|
10
|
15
|
|
66
|
14
|
21
|
|
2
|
–
|
–
|
|
24
|
–
|
4
|
|
Other
|
5
|
(29)
|
(29)
|
|
–
|
–
|
–
|
|
–
|
(100)
|
>(100)
|
|
5
|
(17)
|
(17)
|
|
RSV
|
66
|
6
|
13
|
|
35
|
(37)
|
(32)
|
|
18
|
>100
|
>100
|
|
13
|
>100
|
>100
|
|
Arexvy
|
66
|
6
|
13
|
|
35
|
(37)
|
(32)
|
|
18
|
>100
|
>100
|
|
13
|
>100
|
>100
|
|
Influenza
|
6
|
(14)
|
–
|
|
–
|
100
|
100
|
|
–
|
>100
|
>100
|
|
6
|
(33)
|
(22)
|
|
Fluarix, FluLaval
|
6
|
(14)
|
–
|
|
–
|
100
|
100
|
|
–
|
>100
|
>100
|
|
6
|
(33)
|
(22)
|
|
Established Vaccines
|
787
|
2
|
6
|
|
296
|
11
|
18
|
|
171
|
(4)
|
(4)
|
|
320
|
(3)
|
1
|
|
Boostrix
|
171
|
(7)
|
(2)
|
|
102
|
(8)
|
(4)
|
|
39
|
8
|
8
|
|
30
|
(17)
|
(8)
|
|
Cervarix
|
15
|
(6)
|
(6)
|
|
–
|
–
|
–
|
|
4
|
33
|
33
|
|
11
|
(15)
|
(15)
|
|
Hepatitis
|
154
|
(6)
|
(1)
|
|
77
|
(16)
|
(12)
|
|
50
|
9
|
7
|
|
27
|
8
|
28
|
|
Infanrix, Pediarix
|
125
|
33
|
39
|
|
68
|
>100
|
>100
|
|
27
|
(7)
|
(7)
|
|
30
|
(27)
|
(22)
|
|
Priorix, Priorix Tetra,
Varilrix
|
85
|
8
|
13
|
|
10
|
25
|
37
|
|
29
|
(9)
|
(6)
|
|
46
|
18
|
23
|
|
Rotarix
|
133
|
7
|
12
|
|
29
|
4
|
11
|
|
27
|
(10)
|
(7)
|
|
77
|
17
|
21
|
|
Synflorix
|
57
|
(8)
|
(6)
|
|
–
|
–
|
–
|
|
1
|
–
|
–
|
|
56
|
(8)
|
(7)
|
|
Other
|
47
|
(13)
|
(13)
|
|
10
|
>100
|
>100
|
|
(6)
|
>(100)
|
>(100)
|
|
43
|
(14)
|
(16)
|
|
Vaccines
|
2,091
|
5
|
9
|
|
716
|
(6)
|
–
|
|
705
|
31
|
32
|
|
670
|
(4)
|
1
|
Vaccines turnover – six months ended 30 June
2025
|
|
Total
|
|
US
|
|
Europe
|
|
International
|
||||||||
|
|
|
Growth
|
|
|
Growth
|
|
|
Growth
|
|
|
Growth
|
||||
|
|
£m
|
£%
|
CER%
|
|
£m
|
£%
|
CER%
|
|
£m
|
£%
|
CER%
|
|
£m
|
£%
|
CER%
|
|
Shingles
|
1,720
|
(3)
|
(1)
|
|
613
|
(20)
|
(18)
|
|
650
|
37
|
40
|
|
457
|
(14)
|
(11)
|
|
Shingrix
|
1,720
|
(3)
|
(1)
|
|
613
|
(20)
|
(18)
|
|
650
|
37
|
40
|
|
457
|
(14)
|
(11)
|
|
Meningitis
|
729
|
17
|
21
|
|
266
|
1
|
3
|
|
295
|
36
|
38
|
|
168
|
19
|
29
|
|
Bexsero
|
533
|
19
|
23
|
|
148
|
(6)
|
(3)
|
|
290
|
37
|
40
|
|
95
|
17
|
31
|
|
Menveo
|
181
|
10
|
14
|
|
118
|
10
|
13
|
|
4
|
–
|
–
|
|
59
|
11
|
17
|
|
Other
|
15
|
67
|
67
|
|
–
|
–
|
–
|
|
1
|
(50)
|
(50)
|
|
14
|
100
|
>100
|
|
RSV
|
144
|
(41)
|
(39)
|
|
90
|
(57)
|
(56)
|
|
37
|
>100
|
>100
|
|
17
|
(48)
|
(45)
|
|
Arexvy
|
144
|
(41)
|
(39)
|
|
90
|
(57)
|
(56)
|
|
37
|
>100
|
>100
|
|
17
|
(48)
|
(45)
|
|
Influenza
|
7
|
(65)
|
(60)
|
|
(4)
|
>(100)
|
>(100)
|
|
–
|
>100
|
>100
|
|
11
|
(45)
|
(40)
|
|
Fluarix, FluLaval
|
7
|
(65)
|
(60)
|
|
(4)
|
>(100)
|
>(100)
|
|
–
|
>100
|
>100
|
|
11
|
(45)
|
(40)
|
|
Established Vaccines
|
1,586
|
(2)
|
1
|
|
639
|
7
|
10
|
|
338
|
(5)
|
(4)
|
|
609
|
(8)
|
(4)
|
|
Boostrix
|
322
|
–
|
3
|
|
190
|
(3)
|
(1)
|
|
74
|
7
|
9
|
|
58
|
4
|
11
|
|
Cervarix
|
26
|
(46)
|
(44)
|
|
–
|
–
|
–
|
|
6
|
(14)
|
(14)
|
|
20
|
(51)
|
(49)
|
|
Hepatitis
|
324
|
(4)
|
(1)
|
|
169
|
(8)
|
(5)
|
|
96
|
(1)
|
–
|
|
59
|
2
|
10
|
|
Infanrix, Pediarix
|
270
|
13
|
16
|
|
150
|
35
|
39
|
|
55
|
(8)
|
(7)
|
|
65
|
(4)
|
–
|
|
Priorix, Priorix Tetra, Varilrix
|
181
|
15
|
19
|
|
33
|
>100
|
>100
|
|
58
|
(5)
|
(3)
|
|
90
|
10
|
15
|
|
Rotarix
|
274
|
(1)
|
2
|
|
83
|
(2)
|
–
|
|
59
|
–
|
3
|
|
132
|
(1)
|
3
|
|
Synflorix
|
108
|
1
|
4
|
|
–
|
–
|
–
|
|
2
|
(33)
|
(33)
|
|
106
|
2
|
5
|
|
Other
|
81
|
(35)
|
(35)
|
|
14
|
75
|
88
|
|
(12)
|
>(100)
|
>(100)
|
|
79
|
(32)
|
(32)
|
|
Vaccines
|
4,186
|
(2)
|
1
|
|
1,604
|
(13)
|
(11)
|
|
1,320
|
26
|
28
|
|
1,262
|
(9)
|
(5)
|
General Medicines turnover – three months ended 30 June
2025
|
|
Total
|
|
US
|
|
Europe
|
|
International
|
||||||||
|
|
|
Growth
|
|
|
Growth
|
|
|
Growth
|
|
|
Growth
|
||||
|
|
£m
|
AER%
|
CER%
|
|
£m
|
AER%
|
CER%
|
|
£m
|
AER%
|
CER%
|
|
£m
|
AER%
|
CER%
|
|
Respiratory
|
1,871
|
(9)
|
(5)
|
|
1,081
|
(12)
|
(7)
|
|
341
|
(4)
|
(4)
|
|
449
|
(6)
|
(1)
|
|
Anoro Ellipta
|
146
|
(9)
|
(6)
|
|
65
|
(20)
|
(15)
|
|
57
|
2
|
2
|
|
24
|
4
|
9
|
|
Flixotide/Flovent
|
111
|
(16)
|
(12)
|
|
74
|
(19)
|
(13)
|
|
15
|
(17)
|
(11)
|
|
22
|
(4)
|
(9)
|
|
Relvar/Breo Ellipta
|
267
|
(5)
|
(2)
|
|
106
|
(8)
|
(3)
|
|
87
|
(5)
|
(4)
|
|
74
|
–
|
3
|
|
Seretide/Advair
|
200
|
(33)
|
(30)
|
|
61
|
(49)
|
(46)
|
|
45
|
(18)
|
(18)
|
|
94
|
(24)
|
(19)
|
|
Trelegy Ellipta
|
835
|
(1)
|
4
|
|
642
|
(4)
|
1
|
|
80
|
5
|
5
|
|
113
|
14
|
19
|
|
Ventolin
|
166
|
(12)
|
(6)
|
|
81
|
(19)
|
(14)
|
|
29
|
12
|
12
|
|
56
|
(10)
|
–
|
|
Other
Respiratory
|
146
|
(11)
|
(7)
|
|
52
|
(5)
|
(2)
|
|
28
|
(15)
|
(18)
|
|
66
|
(13)
|
(7)
|
|
Other General Medicines
|
697
|
(12)
|
(8)
|
|
59
|
(20)
|
(18)
|
|
144
|
(17)
|
(16)
|
|
494
|
(10)
|
(4)
|
|
Augmentin
|
134
|
(6)
|
1
|
|
–
|
–
|
–
|
|
41
|
–
|
–
|
|
93
|
(8)
|
1
|
|
Lamictal
|
99
|
(9)
|
(6)
|
|
41
|
(16)
|
(8)
|
|
25
|
(4)
|
(4)
|
|
33
|
(3)
|
(3)
|
|
Other
General Medicines
|
464
|
(15)
|
(10)
|
|
18
|
(28)
|
(36)
|
|
78
|
(27)
|
(26)
|
|
368
|
(11)
|
(5)
|
|
General Medicines
|
2,568
|
(10)
|
(6)
|
|
1,140
|
(13)
|
(8)
|
|
485
|
(8)
|
(8)
|
|
943
|
(8)
|
(3)
|
General Medicines turnover – six months ended 30 June
2025
|
|
Total
|
|
US
|
|
Europe
|
|
International
|
||||||||
|
|
|
Growth
|
|
|
Growth
|
|
|
Growth
|
|
|
Growth
|
||||
|
|
£m
|
£%
|
CER%
|
|
£m
|
£%
|
CER%
|
|
£m
|
£%
|
CER%
|
|
£m
|
£%
|
CER%
|
|
Respiratory
|
3,581
|
(6)
|
(3)
|
|
1,968
|
(6)
|
(3)
|
|
698
|
(3)
|
(1)
|
|
915
|
(7)
|
(2)
|
|
Anoro Ellipta
|
273
|
(2)
|
1
|
|
112
|
(10)
|
(8)
|
|
113
|
5
|
6
|
|
48
|
4
|
11
|
|
Flixotide/Flovent
|
210
|
(23)
|
(20)
|
|
135
|
(27)
|
(25)
|
|
33
|
(8)
|
(6)
|
|
42
|
(14)
|
(10)
|
|
Relvar/Breo Ellipta
|
532
|
(3)
|
(1)
|
|
207
|
(3)
|
–
|
|
179
|
(6)
|
(4)
|
|
146
|
(1)
|
3
|
|
Seretide/Advair
|
416
|
(28)
|
(26)
|
|
117
|
(45)
|
(43)
|
|
95
|
(18)
|
(16)
|
|
204
|
(19)
|
(15)
|
|
Trelegy Ellipta
|
1,510
|
5
|
8
|
|
1,121
|
3
|
5
|
|
163
|
8
|
9
|
|
226
|
19
|
24
|
|
Ventolin
|
351
|
(1)
|
3
|
|
189
|
2
|
4
|
|
59
|
16
|
18
|
|
103
|
(13)
|
(7)
|
|
Other
Respiratory
|
289
|
(10)
|
(6)
|
|
87
|
13
|
16
|
|
56
|
(14)
|
(15)
|
|
146
|
(18)
|
(12)
|
|
Other General Medicines
|
1,475
|
(10)
|
(5)
|
|
114
|
(10)
|
(9)
|
|
302
|
(14)
|
(13)
|
|
1,059
|
(8)
|
(3)
|
|
Augmentin
|
307
|
(6)
|
(1)
|
|
–
|
–
|
–
|
|
91
|
(4)
|
(3)
|
|
216
|
(7)
|
–
|
|
Lamictal
|
201
|
(4)
|
(1)
|
|
85
|
(1)
|
2
|
|
50
|
(7)
|
(6)
|
|
66
|
(6)
|
(3)
|
|
Other
General Medicines
|
967
|
(12)
|
(7)
|
|
29
|
(29)
|
(32)
|
|
161
|
(21)
|
(19)
|
|
777
|
(9)
|
(4)
|
|
General Medicines
|
5,056
|
(7)
|
(3)
|
|
2,082
|
(6)
|
(4)
|
|
1,000
|
(7)
|
(5)
|
|
1,974
|
(8)
|
(2)
|
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 June 2025
|
7,986
|
1
|
6
|
|
4,115
|
(1)
|
5
|
|
1,839
|
10
|
11
|
|
2,032
|
(2)
|
4
|
|
Six months ended 30 June 2025
|
15,502
|
2
|
5
|
|
7,867
|
2
|
4
|
|
3,588
|
9
|
11
|
|
4,047
|
(4)
|
1
|
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
|
|
|
Q2 2025
£m
|
|
Q2
2024
£m
|
|
Growth
AER%
|
|
Growth
CER%
|
|
|
|
|
|
|
|
|
|
|
Commercial
Operations (total turnover)
|
7,986
|
|
7,884
|
|
1
|
|
6
|
|
Operating profit by segment
|
|
|
Q2 2025
£m
|
|
Q2
2024
£m
|
|
Growth
AER%
|
|
Growth
CER%
|
|
|
|
|
|
|
|
|
|
|
Commercial
Operations
|
4,107
|
|
3,962
|
|
4
|
|
10
|
|
Research
and Development
|
(1,467)
|
|
(1,413)
|
|
4
|
|
7
|
|
|
|
|
|
|
|
|
|
|
Segment
profit
|
2,640
|
|
2,549
|
|
4
|
|
11
|
|
Corporate
and other unallocated costs
|
(9)
|
|
(36)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core
operating profit
|
2,631
|
|
2,513
|
|
5
|
|
12
|
|
Adjusting
items
|
(608)
|
|
(867)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating profit
|
2,023
|
|
1,646
|
|
23
|
|
33
|
|
|
|
|
|
|
|
|
|
|
Finance
income
|
50
|
|
24
|
|
|
|
|
|
Finance
costs
|
(184)
|
|
(174)
|
|
|
|
|
|
Share
of after tax profit/(loss) of associates and joint
ventures
|
(2)
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit
before taxation
|
1,887
|
|
1,495
|
|
26
|
|
37
|
Commercial
Operations Core operating profit of £4,107 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 Q2
2024.
The
R&D segment operating expense of £1,467 million in the
quarter primarily reflected increased investment in Oncology,
driven by ADC, Blenrep and
Jemperli, and in Vaccines
on clinical trial programmes associated with the pneumococcal MAPS
and mRNA. These increases were partly offset by lower spend mainly
due to the status of late-stage clinical development
programmes.
|
Turnover by segment
|
|
|
H1 2025
£m
|
|
H1
2024
£m
|
|
Growth
£%
|
|
Growth
CER%
|
|
|
|
|
|
|
|
|
|
|
Commercial
Operations (total turnover)
|
15,502
|
|
15,247
|
|
2
|
|
5
|
|
Operating profit by segment
|
|
|
H1 2025
£m
|
|
H1
2024
£m
|
|
Growth
£%
|
|
Growth
CER%
|
|
|
|
|
|
|
|
|
|
|
Commercial
Operations
|
8,026
|
|
7,817
|
|
3
|
|
7
|
|
Research
and Development
|
(2,820)
|
|
(2,721)
|
|
4
|
|
6
|
|
|
|
|
|
|
|
|
|
|
Segment
profit
|
5,206
|
|
5,096
|
|
2
|
|
7
|
|
Corporate
and other unallocated costs
|
(42)
|
|
(140)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Core
operating profit
|
5,164
|
|
4,956
|
|
4
|
|
8
|
|
Adjusting
items
|
(925)
|
|
(1,820)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
operating profit
|
4,239
|
|
3,136
|
|
35
|
|
41
|
|
|
|
|
|
|
|
|
|
|
Finance
income
|
104
|
|
56
|
|
|
|
|
|
Finance
costs
|
(346)
|
|
(340)
|
|
|
|
|
|
Share
of after tax profit/(loss) of associates and joint
ventures
|
(2)
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit
before taxation
|
3,995
|
|
2,850
|
|
40
|
|
47
|
Commercial
Operations Core operating profit of £8,026 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 H1 2024.
The
R&D segment operating expense of £2,820 million grew in
the year to date primarily reflecting increased investment in
Oncology, driven by ADC, Blenrep and Jemperli, and in Vaccines on clinical
trial programmes associated with the pneumococcal MAPS and mRNA.
These increases were partly offset by lower spend mainly due to the
status of late-stage clinical development programmes.
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 June 2025,
the Group’s aggregate provision for legal and other disputes
(not including tax matters described on page 9) was
£1,258 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 Q1 2025
results:
Product Liability
Zantac
As
previously disclosed, the vast majority of the remaining cases have
been resolved or dismissed such that 14 state court cases remain.
GSK is in negotiations with plaintiffs’ counsel on the
remaining cases, including 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.
On 10
July 2025, the Delaware Supreme Court issued its decision,
reversing the lower court’s decision and concluding that
plaintiffs did not establish that their experts’ opinions are
admissible. The case is being remanded back to the lower
court.
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 is
tentatively scheduled for the week of 6 October 2025.
Avandia
A
hearing on GSK’s motion for summary judgment was held on 21
April 2025 but has not been ruled on yet. On 22 May 2025, the
district court granted the third-party payor plaintiffs’
motion for class certification, allowing them to proceed with their
claims as a class action. GSK filed a Rule 23(f) petition with the
Third Circuit seeking permission to appeal the class certification
order. On 7 July 2025, the Third Circuit accepted the appeal. The
district court has entered a stay of proceedings, including
removing the November 2025 trial date, during the pendency of the
appeal. An expedited briefing schedule has been set by the
Third Circuit, with briefing to be completed in September
2025.
Intellectual Property
GSK patent litigation against Pfizer & BioNTech
On 3
and 4 July 2025, GSK initiated two separate patent infringement
suits (involving three GSK patents in total) in the Unified Patent
Court (“UPC”) against Pfizer and BioNTech alleging
infringement by Pfizer/BioNTech’s Comirnaty® COVID-19
vaccine products. On 7 July 2025, GSK initiated a patent
infringement suit in the Irish High Court against Pfizer and
BioNTech for the infringement of the same three patents by
Pfizer/BioNTech’s Comirnaty® COVID-19 vaccine
products.
GSK patent litigation against Moderna
On 3
and 4 July 2025, GSK initiated two separate patent infringement
suits (involving three GSK patents in total) in the Unified Patent
Court (“UPC”) against Moderna alleging infringement by
Moderna’s Spikevax® COVID-19 vaccine products and
alleging infringement of two of those patents by Moderna’s
mRESVIA® RSV vaccine products.
Returns to
shareholders
Quarterly dividends
The
Board has declared a second interim dividend for Q2 2025 of 16p per
share (Q2 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 Q2 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.
Payment of dividends
The
equivalent interim dividend receivable by ADR holders will be
calculated based on the exchange rate on 7 October 2025. An annual
fee of $0.03 per ADS (or $0.0075 per ADS per quarter) is charged by
the Depositary. The ex-dividend and record dates will be 15 August
2025 with a payment date of 9 October 2025.
|
|
|
|
|
|
|
|
|
Paid/
Payable
|
|
Pence
per
share
|
|
£m
|
|
|
|
|
|
|
|
|
2025
|
|
|
|
|
|
|
First
interim
|
10 July
2025
|
|
16
|
|
650
|
|
Second
interim
|
9
October 2025
|
|
16
|
|
648
|
|
|
|
|
|
|
|
|
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
June 2025, 4,047 million shares (Q2 2024: 4,079 million) were in
free issue (excluding Treasury shares and shares held by the ESOP
Trusts). The Company issued 0.1 million shares in the quarter (Q2
2024: 0.2 million) under employee share schemes for net proceeds of
£2 million (Q2 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 June
2025, 57 million shares were repurchased and are being held as
treasury shares, at a cost of £822 million, including
transaction costs of £5 million.
Treasury
shares for these purposes include shares purchased by GSK plc on 27
June 2025 and 30 June 2025 under the second tranche of the share
buyback programme. As announced via RNS, GSK purchased 482,114
ordinary shares on 27 June 2025 and 483,834 ordinary shares on 30
June 2025, to be held as Treasury shares. Upon settlement of the
relevant trades, the shares purchased on those dates are held as
Treasury shares, and are therefore treated as Treasury shares for
the purposes of the Q2 2025 reporting period and this results
announcement. The settlement cost of these shares was £14
million.
At 30
June 2025, the Company held 226 million Treasury shares at a cost
of £3,779 million, of which 169 million shares of £2,957
million were repurchased as part of previous share buyback
programmes, which has been deducted from retained
earnings.
At 30
June 2025, the ESOP Trusts held 42.8 million shares of GSK shares,
of which 42.2 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
£219 million has been deducted from other reserves.
The market value of these shares was £596
million.
Weighted average number of shares
The
numbers of shares used in calculating basic and diluted earnings
per share are reconciled below:
|
|
|
|
|
|
|
|
|
|
Weighted average number of shares
|
|||||||
|
|
Q2 2025
millions
|
|
Q2
2024
millions
|
|
H1 2025
millions
|
|
H1
2024
millions
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares – basic
|
4,063
|
|
4,079
|
|
4,076
|
|
4,074
|
|
Dilutive
effect of share options and share awards
|
47
|
|
43
|
|
47
|
|
43
|
|
|
|
|
|
|
|
|
|
|
Weighted
average number of shares – diluted
|
4,110
|
|
4,122
|
|
4,123
|
|
4,117
|
Additional
information
Accounting policies and basis of preparation
This
unaudited Results Announcement contains condensed financial
information for the three and six months ended 30 June 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:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q2 2025
|
|
Q2
2024
|
|
H1 2025
|
|
H1
2024
|
|
2024
|
||
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Average
rates:
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
US$/£
|
|
1.34
|
|
1.26
|
|
1.30
|
|
1.27
|
|
1.28
|
|
|
|
Euro/£
|
|
1.18
|
|
1.17
|
|
1.19
|
|
1.17
|
|
1.18
|
|
|
|
Yen/£
|
|
194
|
|
198
|
|
193
|
|
193
|
|
193
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Period-end
rates:
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
US$/£
|
|
1.37
|
|
1.27
|
|
1.37
|
|
1.27
|
|
1.25
|
|
|
|
Euro/£
|
|
1.17
|
|
1.18
|
|
1.17
|
|
1.18
|
|
1.20
|
|
|
|
Yen/£
|
|
198
|
|
203
|
|
198
|
|
203
|
|
197
|
Contingent liabilities
There
were contingent liabilities at 30 June 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
35, and pages 287 to 290 of the 2024 Annual Report.
Net assets
The
book value of net assets increased by £1,268 million from
£13,086 million at 31 December 2024 to £14,354 million at
30 June 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 tranche and
shares committed to be repurchased under the second tranche of the
2025 share buyback programme and associated transaction
costs.
At 30
June 2025, the net surplus on the Group’s pension plans was
£15 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 5.6% and a decrease to the UK inflation rate from 2.90% to
2.70%. This is partially offset by a decrease to the US discount
rate from 5.5% to 5.3%, and lower UK and US asset
values.
Other
payables includes £332 million related to shares still to be
purchased as part of the second tranche of the 2025 share buyback
programme, £14 million for shares purchased but not settled at
30 June 2025, and £0.5 million of transaction
costs.
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 £826 million (31
December 2024: £915 million).
Contingent
consideration amounted to £6,576 million at 30 June 2025 (31
December 2024: £7,280 million) as follows:
|
|
|
|
|
|
|
Group
30 June 2025
£m
|
|
Group
31
December 2024
£m
|
|
|
|
|
|
|
Contingent
consideration estimated present value of amounts payable relating
to:
|
|
|
|
|
Former
Shionogi-ViiV Healthcare joint venture
|
5,323
|
|
6,061
|
|
Former
Novartis Vaccines business acquisition
|
627
|
|
575
|
|
Affinivax
acquisition
|
435
|
|
502
|
|
Aiolos
acquisition
|
124
|
|
130
|
|
Others
|
67
|
|
12
|
|
|
|
|
|
|
Contingent
consideration liability at end of the period
|
6,576
|
|
7,280
|
Of the
contingent consideration payable to Shionogi at 30 June 2025,
£1,073 million (31 December 2024: £1,127 million) is
expected to be paid within one year.
Movements
in contingent consideration are as follows:
|
H1 2025
|
ViiV
Healthcare
£m
|
|
Group
£m
|
|
|
|
|
|
|
Contingent
consideration at beginning of the period
|
6,061
|
|
7,280
|
|
Additions
|
–
|
|
58
|
|
Remeasurement
through income statement and other movements
|
(88)
|
|
(88)
|
|
Cash
payments: operating cash flows
|
(650)
|
|
(668)
|
|
Cash
payments: investing activities
|
–
|
|
(6)
|
|
|
|
|
|
|
Contingent
consideration at end of the period
|
5,323
|
|
6,576
|
|
H1
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
|
814
|
|
998
|
|
Cash
payments: operating cash flows
|
(605)
|
|
(619)
|
|
Cash
payments: investing activities
|
–
|
|
(7)
|
|
|
|
|
|
|
Contingent
consideration at end of the period
|
5,927
|
|
7,138
|
Business acquisitions
On 13
January 2025, GSK announced it had entered into an agreement to
acquire 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. GSK
acquired all of the outstanding equity interests in IDRx for a
total consideration 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. The transaction was
subject to customary conditions, including applicable regulatory
agency clearances under the Hart Scott-Rodino Act in the US, and
subsequently closed on 21 February 2025. The values in the
table below are provisional and subject to change. The purchase
price allocation is expected to be completed by the end of Q4
2025.
During
H1 2025, no sales arising from the IDRx business were included in
Group turnover and no revenue is expected until regulatory approval
is received on the acquired asset.
GSK
continues to support the ongoing development of the acquired asset
and consequently this asset will be loss making until regulatory
approval on this asset is received. The development of this asset
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 June 2025.
Goodwill
of £109 million has been recognised. The goodwill represents
specific synergies available to GSK from the business combination.
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:
|
|
|
|
|
|
|
|
|
£m
|
|
Net
assets acquired:
|
|
|
|
|
Intangible
assets
|
|
|
882
|
|
Cash
and cash equivalents
|
|
|
48
|
|
Other
net liabilities
|
|
|
(26)
|
|
Deferred
tax liabilities
|
|
|
(128)
|
|
|
|
|
776
|
|
Goodwill
|
|
|
109
|
|
Total
consideration
|
|
|
885
|
Of the
£885 million consideration, £60 million was unpaid as at
30 June 2025. As at 30 June 2025, the present value of the
contingent consideration payable was £42 million.
On 15
January 2025, GSK acquired 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 June
2025. The acquisition is accounted for as a business combination
but is not considered a significant acquisition for the Group. This
agreement was not subject to closing conditions and the acquisition
has been completed.
Net debt information
Reconciliation of cash flow to movements in net debt
|
|
H1 2025
£m
|
|
H1
2024
£m
|
|
Total
Net debt at beginning of the period
|
(13,095)
|
|
(15,040)
|
|
Increase/(decrease)
in cash and bank overdrafts
|
(42)
|
|
48
|
|
Increase/(decrease)
in liquid investments
|
–
|
|
(22)
|
|
Repayment
of long-term loans(1)
|
1,409
|
|
788
|
|
Issue
of long-term notes
|
(1,983)
|
|
–
|
|
Net
decrease/(increase) in short-term loans
|
(637)
|
|
74
|
|
Increase
in other short-term loans(2)
|
(102)
|
|
–
|
|
Repayment
of other short-term loans(2)
|
269
|
|
–
|
|
Repayment
of lease liabilities
|
110
|
|
114
|
|
Net
debt of subsidiary undertakings acquired
|
(1)
|
|
–
|
|
Exchange
adjustments
|
428
|
|
97
|
|
Other
non-cash movements
|
(91)
|
|
(19)
|
|
Decrease/(increase)
in net debt
|
(640)
|
|
1,080
|
|
Total
Net debt at end of the period
|
(13,735)
|
|
(13,960)
|
|
(1)
|
Repayment of long-term loans for H1
2025 of £1,409 million (H1 2024: £788 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.
|
|
(2)
|
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 June 2025
£m
|
|
31
December 2024
£m
|
|
Liquid
investments
|
20
|
|
21
|
|
Cash
and cash equivalents
|
3,599
|
|
3,870
|
|
Short-term
borrowings
|
(2,050)
|
|
(2,349)
|
|
Long-term
borrowings
|
(15,304)
|
|
(14,637)
|
|
Total
Net debt at the end of the period
|
(13,735)
|
|
(13,095)
|
Free cash flow reconciliation
|
|
Q2 2025
£m
|
|
Q2
2024
£m
|
|
H1 2025
£m
|
|
H1
2024
£m
|
|
|
|
|
|
|
|
|
|
|
Net
cash inflow/(outflow) from operating activities
|
2,096
|
|
1,113
|
|
3,241
|
|
2,071
|
|
Purchase
of property, plant and equipment
|
(256)
|
|
(302)
|
|
(464)
|
|
(550)
|
|
Proceeds
from sale of property, plant and equipment
|
5
|
|
2
|
|
6
|
|
3
|
|
Purchase
of intangible assets
|
(377)
|
|
(140)
|
|
(617)
|
|
(455)
|
|
Proceeds
from disposals of intangible assets
|
–
|
|
1
|
|
76
|
|
28
|
|
Net
finance costs
|
(217)
|
|
(247)
|
|
(233)
|
|
(281)
|
|
Dividends
from associates and joint ventures
|
–
|
|
15
|
|
–
|
|
15
|
|
Contingent
consideration paid (reported in investing activities)
|
(3)
|
|
(4)
|
|
(6)
|
|
(7)
|
|
Distributions
to non-controlling interests
|
(122)
|
|
(111)
|
|
(180)
|
|
(208)
|
|
Contributions
from non-controlling interests
|
–
|
|
1
|
|
–
|
|
1
|
|
|
|
|
|
|
|
|
|
|
Free
cash inflow/(outflow)
|
1,126
|
|
328
|
|
1,823
|
|
617
|
Post balance sheet events
On 13
May 2025, GSK entered into an agreement to acquire Boston
Pharmaceuticals’ lead asset, efimosfermin alfa. Efimosfermin
is a phase III-ready, potential best-in-class, investigational
specialty medicine to treat and prevent progression of steatotic
liver disease (SLD). Under the agreement, GSK will pay $1.2 billion
upfront, with potential for additional success-based milestone
payments totalling $800 million.
The
transaction was subject to customary conditions, including
applicable regulatory agency clearances under the Hart-Scott-Rodino
Act in the US, and subsequently closed on 7 July 2025. Given the
timing of the closure of the transaction, GSK expects to disclose
the provisional accounting for the acquisition in the Q3 2025
Results Announcement.
On 28
July 2025, GSK entered into agreements with Hengrui Pharma to
develop up to 12 innovative medicines. The programmes were selected
to complement GSK’s extensive Respiratory, Immunology &
Inflammation (RI&I) and Oncology pipeline, and assessed for
their potential best- or first-in class profiles.
The
agreements include an exclusive worldwide license (excluding
mainland China, Hong Kong, Macau and Taiwan) for a potential
best-in-class, PDE3/4 inhibitor (HRS-9821) in clinical development
for the treatment of chronic obstructive pulmonary disease (COPD)
as an add-on maintenance treatment, irrespective of background
therapy.
The
agreements also include a pioneering scaled collaboration to
generate up to 11 programmes in addition to HRS-9821, each with its
own financial structure. Hengrui Pharma will lead the development
of these programmes up to completion of phase I trials, including
patients outside of China. GSK will have the exclusive option to
further develop and commercialise each programme worldwide
(excluding mainland China, Hong Kong, Macau and Taiwan), at the end
of Phase I or earlier at GSK’s election, as well as certain
programme substitution rights.
GSK
will pay $500 million in upfront fees across the agreements
including for the license of the PDE3/4 programme. Hengrui Pharma
will be eligible to receive future success-based development,
regulatory and commercial milestone payments if programmes are
optioned and milestones are achieved. In addition, Hengrui Pharma
will be eligible to receive tiered royalties on global product net
sales (excluding mainland China, Hong Kong, Macau and Taiwan). The
license to HRS-9821 is subject to customary conditions, including
applicable regulatory agency clearances under the Hart-Scott-Rodino
Act in the US.
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.
Financial instruments fair value disclosures
The
following tables categorise the Group’s financial assets and
liabilities held at fair value by the valuation methodology applied
in determining their fair value. Where possible, quoted prices in
active markets are used and the asset or liability is classified as
Level 1. Where such prices are not available, the asset or
liability is classified as Level 2, provided all significant inputs
to the valuation model used are based on observable market data. If
one or more of the significant inputs to the valuation model is not
based on observable market data, the instrument is classified as
Level 3. Other investments classified as Level 3 in the tables
below comprise equity investments in unlisted entities with which
the Group has entered into research collaborations and also
investments in emerging life science companies.
|
At 30 June 2025
|
Level 1
£m
|
|
Level 2
£m
|
|
Level 3
£m
|
|
Total
£m
|
|
Financial assets at fair value
|
|
|
|
|
|
|
|
|
Financial assets at
fair value through other comprehensive income
(FVTOCI):
|
|
|
|
|
|
|
|
|
Other investments designated at FVTOCI
|
489
|
|
–
|
|
193
|
|
682
|
|
Trade and other receivables
|
–
|
|
2,223
|
|
–
|
|
2,223
|
|
Financial assets
mandatorily at fair value through profit or loss
(FVTPL):
|
|
|
|
|
|
|
|
|
Other investments
|
–
|
|
–
|
|
207
|
|
207
|
|
Other non-current assets
|
–
|
|
–
|
|
30
|
|
30
|
|
Trade and other receivables
|
–
|
|
34
|
|
3
|
|
37
|
|
Held for trading derivatives that are not in a designated and
effective hedging relationship
|
–
|
|
74
|
|
–
|
|
74
|
|
Cash and cash equivalents
|
2,046
|
|
–
|
|
–
|
|
2,046
|
|
Derivatives
designated and effective as hedging instruments
(FVTOCI)
|
–
|
|
126
|
|
–
|
|
126
|
|
|
2,535
|
|
2,457
|
|
433
|
|
5,425
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities at fair value
|
|
|
|
|
|
|
|
|
Financial
liabilities mandatorily at fair value through profit or loss
(FVTPL):
|
|
|
|
|
|
|
|
|
Contingent
consideration liabilities
|
–
|
|
–
|
|
(6,576)
|
|
(6,576)
|
|
Held
for trading derivatives that are not in a designated and effective
hedging relationship
|
–
|
|
(44)
|
|
–
|
|
(44)
|
|
Derivatives
designated and effective as hedging instruments
(FVTOCI)
|
–
|
|
(124)
|
|
–
|
|
(124)
|
|
|
–
|
|
(168)
|
|
(6,576)
|
|
(6,744)
|
|
At 31
December 2024
|
Level 1
£m
|
|
Level 2
£m
|
|
Level 3
£m
|
|
Total
£m
|
|
Financial
assets at fair value
|
|
|
|
|
|
|
|
|
Financial assets at
fair value through other comprehensive income
(FVTOCI):
|
|
|
|
|
|
|
|
|
Other investments designated at FVTOCI
|
646
|
|
–
|
|
197
|
|
843
|
|
Trade and other receivables
|
–
|
|
2,163
|
|
–
|
|
2,163
|
|
Financial assets
mandatorily at fair value through profit or loss
(FVTPL):
|
|
|
|
|
|
|
|
|
Other investments
|
–
|
|
–
|
|
257
|
|
257
|
|
Other non-current assets
|
–
|
|
–
|
|
31
|
|
31
|
|
Trade and other receivables
|
–
|
|
51
|
|
2
|
|
53
|
|
Held for trading derivatives that are not in a designated and
effective hedging relationship
|
–
|
|
75
|
|
–
|
|
75
|
|
Cash and cash equivalents
|
1,280
|
|
–
|
|
–
|
|
1,280
|
|
Derivatives
designated and effective as hedging instruments
(FVTOCI)
|
–
|
|
35
|
|
–
|
|
35
|
|
|
1,926
|
|
2,324
|
|
487
|
|
4,737
|
|
|
|
|
|
|
|
|
|
|
Financial
liabilities at fair value
|
|
|
|
|
|
|
|
|
Financial
liabilities mandatorily at fair value through profit or loss
(FVTPL):
|
|
|
|
|
|
|
|
|
Contingent
consideration liabilities
|
–
|
|
–
|
|
(7,280)
|
|
(7,280)
|
|
Held
for trading derivatives that are not in a designated and effective
hedging relationship
|
–
|
|
(35)
|
|
–
|
|
(35)
|
|
Derivatives
designated and effective as hedging instruments
(FVTOCI)
|
–
|
|
(157)
|
|
–
|
|
(157)
|
|
|
–
|
|
(192)
|
|
(7,280)
|
|
(7,472)
|
Movements
in the six months to 30 June 2025 and the six months to 30 June
2024 for financial instruments measured using Level 3 valuation
methods are presented below:
|
|
Financial
assets
£m
|
|
Financial
liabilities
£m
|
|
At 1
January 2025
|
487
|
|
(7,280)
|
|
Gains/(losses)
recognised in the income statement
|
(48)
|
|
30
|
|
Gains/(losses)
recognised in other comprehensive income
|
(11)
|
|
–
|
|
Additions
|
48
|
|
(58)
|
|
Disposals
and settlements
|
(12)
|
|
–
|
|
Payments
in the period
|
–
|
|
674
|
|
Exchange
adjustments
|
(31)
|
|
58
|
|
At 30 June 2025
|
433
|
|
(6,576)
|
|
At 1
January 2024
|
414
|
|
(6,662)
|
|
Gains/(losses)
recognised in the income statement
|
22
|
|
(995)
|
|
Gains/(losses)
recognised in other comprehensive income
|
(18)
|
|
–
|
|
Additions
|
50
|
|
(104)
|
|
Disposals
and settlements
|
(18)
|
|
–
|
|
Payments
in the period
|
–
|
|
626
|
|
Exchange
adjustments
|
–
|
|
(3)
|
|
At 30
June 2024
|
450
|
|
(7,138)
|
Net
losses of £18 million (H1 2024: £973 million) reported in
other operating income were attributable to Level 3 financial
instruments held at the end of the period. Net gains and losses
include the impact of exchange movements.
Financial
liabilities measured using Level 3 valuation methods at 30 June
2025 primarily included £5,323 million (31 December 2024:
£6,061 million) of contingent consideration for the
acquisition in 2012 of the former Shionogi-ViiV Healthcare joint
venture, £627 million (31 December 2024: £575 million) of
contingent consideration for the acquisition of the Novartis
Vaccines business in 2015 and £435 million (31 December 2024:
£502 million) of contingent consideration payable for the
acquisition of Affinivax in 2022. Contingent consideration is
expected to be paid over a number of years and will vary in line
with the future performance of specified products, the achievement
of certain milestone targets and movements in certain foreign
currencies.
The
financial liabilities are measured at the present value of expected
future cash flows, the most significant inputs and assumptions in
the valuation models being future sales forecasts, probability of
milestone success, the discount rate, the Sterling/US Dollar
exchange rate and the Sterling/Euro exchange rate. The exchange
rates used are consistent with market rates at 30 June
2025.
The
Shionogi-ViiV Healthcare contingent consideration liability is
discounted at 8% (31 December 2024: 8%), the Affinivax contingent
consideration liability is discounted at 9% (31 December 2024: 9%)
and the Novartis Vaccines contingent consideration liability is
discounted at 8% (31 December 2024: 8%) for commercialised products
and at 9% (31 December 2024: 9%) for pipeline assets.
The
Shionogi-ViiV Healthcare and Novartis Vaccines contingent
consideration liabilities are calculated principally based on the
forecast sales performance of specified products over the lives of
those products.
The
Affinivax contingent consideration is based upon two potential
milestone payments, each of $0.6 billion (£0.5 billion) which
will be paid if certain paediatric clinical development milestones
are achieved.
The
table below shows, on an indicative basis, the income statement and
balance sheet sensitivity to reasonably possible changes in key
inputs to the valuation of the largest contingent consideration
liabilities.
|
Increase/(decrease) in liability
|
Shionogi-
ViiV
Healthcare
contingent
consideration
£m
|
|
Novartis
Vaccines
contingent
consideration
£m
|
|
Affinivax
contingent
consideration
£m
|
|
10%
increase in sales forecasts*
|
534
|
|
91
|
|
N/A**
|
|
15%
increase in sales forecasts*
|
798
|
|
136
|
|
N/A
|
|
10%
decrease in sales forecasts*
|
(530)
|
|
(91)
|
|
N/A
|
|
15%
decrease in sales forecasts*
|
(797)
|
|
(136)
|
|
N/A
|
|
10%
increase in probability of milestone success
|
N/A
|
|
21
|
|
63
|
|
10%
decrease in probability of milestone success
|
N/A
|
|
(10)
|
|
(63)
|
|
1%
increase in discount rate
|
(152)
|
|
(41)
|
|
(14)
|
|
1.5%
increase in discount rate
|
(224)
|
|
(60)
|
|
(21)
|
|
1%
decrease in discount rate
|
162
|
|
47
|
|
14
|
|
1.5%
decrease in discount rate
|
248
|
|
73
|
|
22
|
|
10 cent
appreciation of US Dollar
|
340
|
|
12
|
|
34
|
|
15 cent
appreciation of US Dollar
|
530
|
|
19
|
|
53
|
|
10 cent
depreciation of US Dollar
|
(293)
|
|
(10)
|
|
(30)
|
|
15 cent
depreciation of US Dollar
|
(424)
|
|
(15)
|
|
(43)
|
|
10 cent
appreciation of Euro
|
77
|
|
26
|
|
N/A
|
|
15 cent
appreciation of Euro
|
121
|
|
41
|
|
N/A
|
|
10 cent
depreciation of Euro
|
(64)
|
|
(22)
|
|
N/A
|
|
15 cent
depreciation of Euro
|
(93)
|
|
(32)
|
|
N/A
|
|
*The sales forecasts for the Shionogi-ViiV Healthcare contingent
consideration are for ViiV Healthcare sales only **
N/A input is not applicable
|
The
Group transfers financial instruments between different levels in
the fair value hierarchy when, as a result of an event or change in
circumstances, the valuation methodology applied in determining
their fair values alters in such a way that it meets the definition
of a different level. There were no transfers between the Level 1,
Level 2 or Level 3 fair value measurement categories.
The
following methods and assumptions are used to measure the fair
value of the significant financial instruments carried at fair
value on the balance sheet:
|
●
|
Other
investments – equity investments traded in an active market
determined by reference to the relevant stock exchange quoted bid
price; other equity investments determined by reference to the
current market value of similar instruments, recent financing
rounds or the discounted cash flows of the underlying net
assets
|
|
●
|
Trade
receivables carried at fair value – based on invoiced
amount
|
|
●
|
Interest
rate swaps, foreign exchange forward contracts, swaps and options
– based on the present value of contractual cash flows or
option valuation models using market-sourced data (exchange rates
or interest rates) at the balance sheet date
|
|
●
|
Cash
and cash equivalents carried at fair value – based on net
asset value of the funds
|
|
●
|
Contingent
consideration for business acquisitions and divestments –
based on present values of expected future cash flows
|
There
are no material differences between the carrying amount of the
Group's other financial assets and liabilities and their estimated
fair value, with the exception of bonds, for which the carrying
amount and fair value are set out in the table below:
|
|
|
|
|
|
|
|
|
|
|
30 June 2025
|
|
31
December 2024
|
||||
|
|
Carrying
amount
£m
|
|
Fair
value
£m
|
|
Carrying
amount
£m
|
|
Fair
value
£m
|
|
Bonds
in a designated hedging relationship
|
(5,591)
|
|
(5,542)
|
|
(5,346)
|
|
(5,278)
|
|
Other
bonds
|
(9,700)
|
|
(9,604)
|
|
(9,774)
|
|
(9,597)
|
|
|
(15,291)
|
|
(15,146)
|
|
(15,120)
|
|
(14,875)
|
The
following methods and assumptions are used to estimate the fair
values of financial assets and liabilities which are not measured
at fair value on the balance sheet:
|
●
|
Receivables
and payables, including put options, carried at amortised cost -
approximates to the carrying amount
|
|
●
|
Liquid
investments - approximates to the carrying amount
|
|
●
|
Cash
and cash equivalents carried at amortised cost - approximates to
the carrying amount
|
|
●
|
Short-term
loans, overdrafts and commercial paper - approximates to the
carrying amount because of the short maturity of these
instruments
|
|
●
|
Long-term
loans - based on quoted market prices (a level 1 fair value
measurement) in the case of European and US Medium Term Notes;
approximates to the carrying amount in the case of other fixed rate
borrowings and floating rate bank loans
|
Other
payables in Current liabilities includes the present value of the
expected redemption amount of the Pfizer put option over its
non-controlling interest in ViiV Healthcare of £826 million
(31 December 2024: £915 million). This reflects a number of
assumptions around future sales, profit forecasts and the
Sterling/US Dollar exchange rate and the Sterling/Euro exchange
rate. The exchange rates used are consistent with market rates at
30 June 2025.
The
table below shows on an indicative basis the income statement and
balance sheet sensitivity to reasonably possible changes in the key
inputs to the measurement of this liability.
|
|
|
|
Increase/(decrease) in liability
|
ViiV
Healthcare
put
option
£m
|
|
10%
increase in sales forecasts*
|
84
|
|
15%
increase in sales forecasts*
|
126
|
|
10%
decrease in sales forecasts*
|
(84)
|
|
15%
decrease in sales forecasts*
|
(126)
|
|
1%
increase in discount rate
|
(16)
|
|
1.5%
increase in discount rate
|
(25)
|
|
1%
decrease in discount rate
|
18
|
|
1.5%
decrease in discount rate
|
28
|
|
10 cent
appreciation of US Dollar
|
53
|
|
15 cent
appreciation of US Dollar
|
82
|
|
10 cent
depreciation of US Dollar
|
(45)
|
|
15 cent
depreciation of US Dollar
|
(65)
|
|
10 cent
appreciation of Euro
|
21
|
|
15 cent
appreciation of Euro
|
33
|
|
10 cent
depreciation of Euro
|
(17)
|
|
15 cent
depreciation of Euro
|
(25)
|
|
*
|
The sales forecasts for the ViiV
Healthcare put option are for the ViiV Healthcare sales
only.
|
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) severe eosinophilic asthma,
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
|
||
|
●
|
cobolimab
(anti-TIM-3) 2L non-small cell lung cancer
|
||
|
Infectious Diseases (6)
|
|||
|
●
|
Arexvy (RSV vaccine) RSV adults (18-49 years of age at
increased risk (AIR) and 18+ 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
|
||
|
●
|
GSK4178116
(varicella vaccine) varicella new strain individuals 12 months of
age and older
|
||
|
Total
medicines and vaccines in all phases of clinical
development
|
66
|
|
|
|
Total
projects in clinical development (inclusive of all phases and
indications)
|
84
|
|
|
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
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 (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). GSK has also
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.
Depemokimab 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.
The
AGILE phase IIIa trial reported results this quarter. AGILE is an
open-label 12-month extension study of severe asthma patients with
type 2 inflammation, characterised by blood eosinophil count (BEC),
who completed the SWIFT-1 and SWIFT-2 phase III trials. The results
show the long-term safety of depemokimab is similar to that seen in
the SWIFT-1 and SWIFT-2 phase III trials. Patients who continued to
receive depemokimab maintained the reduction in rate of
exacerbations seen in the parent trials. The trial also shows that
patients who crossed over from placebo saw a reduction in
exacerbation rates. Importantly, these findings underscore the
sustained efficacy and safety of a twice-yearly dose of depemokimab
over the course of two years.
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
|
Active,
not recruiting
|
|
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
|
Complete;
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
|
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
medicated conditions: severe asthma with an eosinophilic phenotype,
EGPA, HES, CRSwNP and COPD (US only).
In
April 2025, positive results from MATINEE, a phase III trial
investigating mepolizumab in patients with COPD were published in
The New England Journal of Medicine. The trial evaluated a wide
spectrum of patients with COPD, including the most severe and
difficult to treat as categorised in the Global Initiative for
Chronic Obstructive Lung Disease (GOLD) guidelines. Patients
recruited had evidence of type 2 inflammation, characterised by
blood eosinophil count (BEC), and included those with chronic
bronchitis, emphysema-only or both.
In May
2025, GSK announced that the US Food and Drug Administration (FDA)
has approved Nucala
(mepolizumab) as an add-on maintenance treatment for adult patients
with inadequately controlled COPD and an eosinophilic phenotype.
With the US approval, mepolizumab is the only approved biologic
evaluated in patients with an eosinophilic phenotype characterized
by a BEC threshold as low as ≥150 cells/µL.
Approximately 70% of COPD patients in the US who are inadequately
controlled on inhaled triple therapy and continue to exacerbate
have a BEC starting at 150 cells/lL and above.
Regulatory
reviews seeking an indication for the use of mepolizumab 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)
Since
the start of 2025, GSK has secured a series of regulatory approvals
for Blenrep combinations in
relapsed or refractory multiple myeloma, based on superior efficacy
results from the phase III head-to-head DREAMM-7 and DREAMM-8
trials.
This
includes approval in Europe in July 2025, Japan in May 2025, the UK
in April 2025, and other markets, including Canada and
Switzerland (based on the results of DREAMM-8). Applications are
currently under review in all major markets globally, including
China (based on the results of DREAMM-7, with Breakthrough Therapy
Designation for the combination and priority review for the
application).
In July
2025, GSK announced that the FDA’s review period for the
Biologics License Application (BLA) for Blenrep combinations has been
extended. The new Prescription Drug User Fee Act (PDUFA) action
date is 23 October 2025, providing the FDA with time to review
additional information provided in support of the application. This
follows the US FDA Oncologic Drugs Advisory Committee (ODAC) vote
against the overall benefit/risk profile at the proposed dosage of
Blenrep combinations in
adults with relapsed or refractory multiple myeloma who have
received at least one prior line of therapy.
GSK
continues to explore the potential for belantamab mafodotin to help
address unmet need for patients with multiple myeloma, in early
treatment lines and in combination with novel therapies and
standard of care treatments through the DREAMM clinical trial
programme. The programme includes DREAMM-10, a phase III trial
evaluating belantamab mafodotin plus lenalidomide and dexamethasone
(BRd) versus daratumumab plus lenalidomide and dexamethasone (DRd)
in patients with newly diagnosed transplant ineligible multiple
myeloma.
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 (colorectal cancers), JADE (head and
neck cancer), and DOMENICA (supported-collaborative study with
ARCAGY-GINECO in endometrial cancer).
In July
2025, the phase III COSTAR Lung trial found that cobolimab,
dostarlimab, and docetaxel combinations (triplet and doublet) did
not meet the primary endpoint of improving overall survival in
advanced non-small cell lung cancer after prior immuno-oncology
therapies. All regimens were well tolerated and toxicities were
consistent with known safety profiles of docetaxel and immune
checkpoint inhibitors. This remains a challenging treatment setting
where novel combinations have yet to improve outcomes for most
patients.
Following
interim analyses from the phase II GALAXIES Lung-201 and GALAXIES
H&N-202 studies in May 2025, GSK and iTeos Therapeutics, Inc.,
agreed to end the development programme for belrestotug, an
anti-TIGIT monoclonal antibody which was being studied in
combination with dostarlimab, nelistotug, and GSK4381562. GSK and
iTeos have subsequently terminated the Collaboration and License
Agreement for the alliance.
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
|
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
|
|
COSTAR
Lung (advanced non-small cell lung cancer that has progressed on
prior PD-(L)1 therapy and chemotherapy)
NCT04655976
|
II/III
|
A
multi-centre, randomised, parallel group treatment, open label
trial comparing cobolimab + dostarlimab + docetaxel to dostarlimab
+ docetaxel to docetaxel alone in participants with advanced
non-small cell lung cancer who have progressed on prior
anti-PD-(L)1 therapy and chemotherapy
|
Trial
start:
Q4
2020
|
Complete,
has results
|
|
Key
trials for Jemperli
continued:
|
||||
|
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 June
2025, at the request of the US FDA, GSK updated the US indication
of Zejula for the
maintenance treatment of adult patients with advanced epithelial
ovarian, fallopian tube, or primary peritoneal cancer who are in a
complete or partial response to first-line platinum-based
chemotherapy, narrowing to patients with Homologous Repair
Deficient (HRD; including BRCAm) positive ovarian cancer only. This
change only applies to the US.
Key
phase III trials for Zejula
(see also RUBY Part 2 in Jemperli section):
|
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
pioneers in long-acting injectables, 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 July
2025, ViiV Healthcare, majority owned by GSK, shared data at the
International AIDS Society (IAS) conference, reinforcing its
leadership in HIV innovation, with a focus on long-acting
injectables.
Data
included results from the VOLITION phase IIIb study demonstrating
that a majority of newly diagnosed people with HIV chose to switch
to Cabenuva (cabotegravir;
rilpivirine), the first and only long-acting injectable HIV
treatment regimen, from daily pills after achieving viral
suppression. These data demonstrate high patient preference and
satisfaction with Cabenuva
compared to daily pills. Implementation data for Apretude (cabotegravir), the first
long-acting injectable option for HIV prevention, were also shared,
showing that it is preferred versus daily orals and easy to
implement for key groups that could benefit from HIV prevention.
These data reinforce confidence in the competitive profile,
efficacy, safety and tolerability of this medicine. This quarter
the phase I CLARITY study in healthy volunteers was also initiated
to evaluate the tolerability of a competitor long-acting injectable
against Apretude's robust
profile.
Progress
to develop next generation long-acting treatment and prevention
options with four-monthly (Q4M) and twice-yearly (Q6M) dosing
continues. In June 2025, the second phase of the EMBRACE phase IIb
trial was initiated to assess the safety and efficacy of
investigational broadly neutralising antibody (bNAb) N6LS (VH109),
which is being explored as a potential component of a Q6M treatment
regimen.
In
addition, work is ongoing to pursue potential cures for HIV with
the start of the ENTRANCE study. This is a first-time in human
study featuring N6LS, with or without fostemsavir (currently
marketed as Rukobia).
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. In June, the vaccine was accepted for regulatory
review by the European Medicines Agency to expand use in adults 18
years and older, with a regulatory decision anticipated in H1 2026.
Regulatory submissions were also accepted in the US and Japan to
expand use in adults aged 18-49 at increased risk of severe RSV
disease.
The
vaccine has now been approved for use in 66 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-007
(Adults
≥ 60 years old)
NCT04841577
|
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 FLU-QIV vaccine
in adults aged 60 years and above
|
Trial
start:
Q2
2021
Primary
data reported:
Q4
2022
|
Complete;
primary endpoint met
|
|
RSV
OA=ADJ-008
(Adults
≥ 65 years old)
NCT05559476
|
III
|
A phase
III, open-label, randomised, controlled, multi country trial to
evaluate the immune response, safety and reactogenicity of RSVPreF3
OA investigational vaccine when co-administered with FLU HD vaccine
in adults aged 65 years and above
|
Trial
start:
Q4
2022
Primary
data reported:
Q2
2023
|
Complete;
primary endpoint met
|
|
RSV
OA=ADJ-009
(Adults
≥ 60 years old)
NCT05059301
|
III
|
A
randomised, double-blind, multi-country trial to evaluate
consistency, safety, and reactogenicity of 3 lots of RSVPreF3 OA
investigational vaccine administrated as a single dose in adults
aged 60 years and above
|
Trial
start:
Q4
2021
Trial
end:
Q2
2022
|
Complete;
primary endpoint met
|
|
RSV
OA=ADJ-017
(Adults
≥ 65 years old)
NCT05568797
|
III
|
A phase
III, open-label, randomised, controlled, multi-country trial to
evaluate the immune response, safety and reactogenicity of an
RSVPreF3 OA investigational vaccine when co-administered with FLU
aQIV (inactivated influenza vaccine – adjuvanted) in adults
aged 65 years and above
|
Trial
start:
Q4
2022
Primary
data reported:
Q2
2023
|
Complete;
has results
|
|
RSV
OA=ADJ-018
(Adults
50-59 years)
NCT05590403
|
III
|
A phase
III, observer-blind, randomised, placebo-controlled trial to
evaluate the non-inferiority of the immune response and safety of
the RSVPreF3 OA investigational vaccine in adults 50-59 years of
age, including adults at increased risk of respiratory syncytial
virus lower respiratory tract disease, compared to older adults
≥60 years of age
|
Trial
start:
Q4
2022
Primary
data reported:
Q4
2023
|
Complete;
primary endpoint met
|
|
Key
phase III trials for Arexvy
(continued):
|
||||
|
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
|
Active,
not recruiting; 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
|
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
|
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 for the treatment of female adults and paediatric
patients (≥12 years, ≥40 kg) with uncomplicated urinary
tract infections (uUTIs). Regulatory reviews are ongoing in the UK
and Australia. Gepotidacin is also being investigated for the
treatment of uncomplicated urogenital gonorrhoea. Filing for
gonorrhoea in the US is expected to follow later in
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. 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
|
Principal risks and
uncertainties
The
principal risks and uncertainties affecting the Group for 2025 are
those described under the headings below. These are not listed in
order of significance. In our December 2024 annual risk review, the
Audit & Risk Committee agreed our principal risks for 2025,
with consistent ROCC member ownership and minor risk definition
updates. We will now report on a pipeline delivery principal risk
(the risk that we fail or have delays in the delivery of our
pipeline). This risk will continue to be overseen by our well
established R&D governance and the Chief Scientific Officer.
This addition reflects the evolving external reporting regulations
and paramount importance of discovering and developing new
medicines and vaccines to the Company.
Additionally
for 2025, we agreed three additional risk themes described below
which will be assessed throughout the year: skills and capability
planning, regulatory environment and geopolitical developments. We
will continue to monitor the external landscape and ensure that any
new risks are adequately addressed within our existing risk
management governance.
We
describe our risk management process on pages 62-63 of our 2024
Annual Report, along with more detailed information on our risks,
including definitions, trends, potential impact, context and
mitigation activities as set out on pages 307-318 of our 2024
Annual Report.
Other
risks, not at the level of principal risk, and opportunities,
related to Environmental, Social, and Governance (ESG), including
environmental sustainability and climate change, are managed
through our six focus areas, as described in our 2024 Responsible
Business Performance Report. Additional information on climate
related risk management is in our climate related financial
disclosure on pages 67-76 of our 2024 Annual Report.
|
2025 Principal Risks
|
|
|
Enterprise Risk Title
|
Definition
|
|
Patient
safety
|
The
risk that GSK, including our third parties, fails to appropriately
collect, assess, follow up, or report human safety information,
including adverse events, from all potential sources or that GSK
potentially fails to appropriately act on any relevant findings
that may affect the benefit-risk profile of a medicine or vaccine
in a timely manner.
|
|
Product
quality
|
The
risk that GSK or its third parties potentially fail to ensure
appropriate controls and governance of quality for development and
commercial products are in place; compliance with industry
practices and regulations in manufacturing and distribution
activities; and terms of GSK product licenses and supporting
regulatory activities are met.
|
|
Financial
controls and reporting
|
The
risk that GSK fails to comply with current tax laws; fails to
report accurate financial information in compliance with accounting
standards and applicable legislation; or incurs significant losses
due to treasury activities.
|
|
Legal
matters
|
The
risk that GSK or our third parties potentially fail to comply with
certain legal requirements for the development and management of
our pipeline, supply and commercialisation of our products and
operation of business, and specifically in relation to requirements
for competition law, anti-bribery and corruption, fraud, and
sanctions. Any failure to meet compliance and legal standards for
these particular areas could lead to increasing scrutiny and
enforcement from government agencies.
|
|
Commercial
practices
|
The
risk that GSK or our third parties facing increased pricing, access
and competitive pressures potentially engage in commercial
activities that fail to comply with laws, regulations, industry
codes, and internal controls and requirements.
|
|
Scientific
and patient engagement
|
The
risk that GSK or our third parties potentially fail to engage
externally to gain insights, educate and communicate on the science
of our medicines and associated disease areas, and provide
healthcare and patient support, grants and donations in a
legitimate and transparent manner compliant with laws, regulations,
industry codes and internal controls and requirements.
|
|
Data
ethics and privacy
|
The
risk that GSK or our third parties potentially fail to ethically
collect; use; re-use through artificial intelligence, data
analytics or automation; secure; share and destroy personal
information in accordance with laws, regulations, and internal
controls and requirements.
|
|
Research
practices
|
The
risk that GSK or our third parties potentially fail to adequately
conduct ethical and credible pre-clinical and clinical research,
collaborate in research activities compliant with laws,
regulations, and internal controls and requirements.
|
|
Environment,
health and safety (EHS)
|
The
risk that GSK or our third parties potentially fail to ensure
appropriate controls and governance of the organization's assets,
facilities, infrastructure, and business activities, including
execution of hazardous activities, handling of hazardous materials,
or release of substances harmful to the environment that disrupts
supply or harms employees, third parties or the
environment.
|
|
Information
and cyber security
|
The
risk that GSK or our third parties fail to ensure appropriate
controls and governance to identify, protect, detect, respond, and
recover from cyber security incidents in accordance with applicable
laws, regulations, industry standards, internal controls, and
requirements.
|
|
|
|
|
2025 Principal Risks continued
|
|
|
Enterprise Risk Title
|
Definition
|
|
Supply
continuity
|
The
risk that GSK or our third parties potentially fail to deliver a
continuous supply of compliant finished product or respond
effectively to a crisis incident in a timely manner to recover and
sustain critical supply operations.
|
|
Pipeline
delivery
|
The
risk that GSK fails or has delay in the delivery of our pipeline of
new medicines, vaccines or other products.
|
|
2025 Emerging/ Additional Risks
|
|
|
Emerging Risk Title
|
Definition, risk impact and context
|
|
Skills
and capability planning
|
The
risk that GSK potentially fails to ensure adequate skills and
capability planning to enable delivery of our strategic priorities,
which could impact GSK’s reputation, damage trust between GSK
and its employees, and adversely impact GSK’s operations and
ability to deliver on its strategy.
|
|
Regulatory
environment
|
The
risk that GSK fails to adapt to changes in the regulatory
environment, new or amended legislation and governmental action in
relation to the pharmaceutical and healthcare industry, which is
subject to an increasing number of extensive governmental laws and
regulations, investigations and legal actions by national and local
governmental agencies, in the countries in which GSK
operates.
Changes
in the regulatory environment, the introduction of new or amended
legislation, government spending and policies and other actions in
relation to the pharmaceutical and healthcare industry, including
changes to regulatory authorities’ timing or requirements for
approval or clearance of GSK’s products or rescission
of a previous approval, may continue to have an impact on prices
for GSK’s products, GSK’s ability to introduce products
to the market, adversely impact the availability of and access to
GSK’s products, and increase GSK’s regulatory burdens
and costs, which have adversely affected and may adversely affect
in the future GSK’s business, cash flows, results of
operations, financial condition and prospects.
|
|
Geopolitical
developments
|
The
risk that geopolitical and social tensions give rise to restrictive
measures that may negatively impact GSK’s
operations.
Geopolitical
and social tensions, such as changes in government, sovereign
risks, acts of war or aggression or terrorism, have had and could
continue to have a direct and indirect impact on the pharmaceutical
industry and GSK’s operations. The introduction of, or
threats to introduce, aggressive trade, monetary and fiscal
policies by governments and/or central banks generally in response
to geopolitical and social tensions, or to address market-specific
factors such as inflation, could lead to recessions in the
jurisdictions in which GSK operates and raise the cost-of-living in
those markets, resulting in further pressure on prices for
GSK’s products and costs. The introduction of tariffs or
other trade restrictions on pharmaceutical products or active
pharmaceutical ingredients could cause an interruption in or
disruption to GSK’s supply chain or its ability to produce
and deliver its products. Any of these developments may materially
and adversely affect GSK’s business, cash flows, results of
operations, financial condition and prospects.
|
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 40.
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 17 and other non-IFRS measures are defined in pages
57 and 58.
Total Operating Margin
Total
Operating margin is Total operating profit divided by
turnover.
Total Earnings per
share
Unless
otherwise stated, Total earnings per share refers to Total basic
earnings per share.
Working capital
Working
capital represents inventory and trade receivables less trade
payables.
Year to date
Year to
date is the six-month period in the year to 30 June 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
revises its full-year 2025 guidance at constant exchange rates
(CER).
GSK
expects its turnover to increase towards the top end of the range
between 3% to 5% and Core operating profit to increase towards the
top end of the range between 6% to 8%. Core earnings per share is
expected to increase towards the top end of the range between 6% to
8%.
The
Core earnings per share guidance includes the implementation of the
£2 billion share buyback programme to the end of Q2
2026.
The
Group has made planning assumptions that we expect turnover for
Specialty Medicines to increase at a low teens percentage, Vaccines
to decrease by a low-single digit per cent to broadly stable, and
General Medicines to be broadly stable.
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 that the US Administration
has initiated an investigation under Section 232 of the Trade
Expansion Act to determine the effects on national security of
imports of pharmaceutical products. Our guidance is inclusive of
tariffs enacted thus far and the European tariffs indicated this
week. We are positioned to respond to the potential financial
impact of tariffs, with mitigation options identified. Given the uncertain
external environment, we will 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 Q2 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 Item
3.D ‘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.
Directors’ responsibility
statement
The
Board of Directors approved this Half-yearly Financial Report on 29
July 2025.
The
Directors confirm that to the best of their knowledge the unaudited
condensed financial information has been prepared in accordance
with IAS 34 as contained in UK-adopted International Financial
Reporting Standards (IFRS) and that the interim management report
includes a fair review of the information required by DTR 4.2.7 and
DTR 4.2.8.
After
making enquiries, the Directors considered it appropriate to adopt
the going concern basis in preparing this Half-yearly Financial
Report.
The
Directors of GSK plc are as follows:
|
|
|
|
Sir
Jonathan Symonds
|
Chair
& Nominations & Corporate Governance Committee
Chair
|
|
Emma
Walmsley
|
Chief
Executive Officer (Executive Director)
|
|
Julie
Brown
|
Chief
Financial Officer (Executive Director)
|
|
Elizabeth
McKee Anderson
|
Independent
Non-Executive Director
|
|
Charles
Bancroft
|
Senior
Independent Non-Executive Director, Audit & Risk Committee
Chair
|
|
Dr Hal
Barron
|
Non-Executive
Director
|
|
Dr Anne
Beal
|
Independent
Non-Executive Director, Corporate Responsibility Committee
Chair
|
|
Wendy
Becker
|
Independent
Non-Executive Director, Remuneration Committee Chair
|
|
Dr
Harry (Hal) Dietz
|
Independent
Non-Executive Director, Science Committee Chair
|
|
Dr
Jeannie Lee
|
Independent
Non-Executive Director
|
|
Dr
Gavin Screaton
|
Independent
Non-Executive Director
|
|
Dr
Vishal Sikka
|
Independent
Non-Executive Director
|
|
|
|
|
By
order of the Board
|
|
|
Emma
Walmsley
Chief
Executive Officer
|
Julie
Brown
Chief
Financial Officer
|
|
|
|
|
29 July
2025
|
|
Independent review report to GSK
plc
Conclusion
We have
been engaged by GSK plc (“the company”) to review the
condensed financial information in the Results Announcement of the
company for the three and six months ended 30 June
2025.
The
condensed financial information comprises:
|
●
|
the
income statement and statement of comprehensive income for the
three and six month periods ended 30 June 2025 on page 25 and
26;
|
|
●
|
the
balance sheet as at 30 June 2025 on page 27;
|
|
●
|
the
statement of changes in equity for the six-month period then ended
on page 28;
|
|
●
|
the
cash flow statement for the six-month period then ended on page 29;
and
|
|
●
|
the
accounting policies and basis of preparation and the explanatory
notes to the condensed financial information on pages 30 to 46 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 six months ended 30 June 2025 is not
prepared, in all material respects, in accordance with United
Kingdom adopted International Accounting Standard 34 and the
Disclosure Guidance and Transparency Rules of the United
Kingdom’s Financial Conduct Authority.
Basis for Conclusion
We
conducted our review in accordance with International Standard on
Review Engagements (UK) 2410 “Review of Interim Financial
Information Performed by the Independent Auditor of the
Entity” issued by the Financial Reporting Council for use in
the United Kingdom (ISRE (UK) 2410). A review of interim financial
information consists of making inquiries, primarily of persons
responsible for financial and accounting matters, and applying
analytical and other review procedures. A review is substantially
less in scope than an audit conducted in accordance with
International Standards on Auditing (UK) and consequently does not
enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.
As
disclosed on page 37, 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 United Kingdom adopted International
Accounting Standard 34, “Interim Financial
Reporting”.
Conclusion Relating to Going Concern
Based
on our review procedures, which are less extensive than those
performed in an audit as described in the Basis for Conclusion
section of this report, nothing has come to our attention to
suggest that the directors have inappropriately adopted the going
concern basis of accounting or that the directors have identified
material uncertainties relating to going concern that are not
appropriately disclosed.
This
Conclusion is based on the review procedures performed in
accordance with ISRE (UK) 2410, however future events or conditions
may cause the entity to cease to continue as a going
concern.
Responsibilities of the directors
The
directors are responsible for preparing the Results Announcement of
the company in accordance with the Disclosure Guidance and
Transparency Rules of the United Kingdom’s Financial Conduct
Authority.
In
preparing the Results Announcement, the directors are responsible
for assessing the company’s ability to continue as a going
concern, disclosing as applicable, matters related to going concern
and using the going concern basis of accounting unless the
directors either intend to liquidate the company or to cease
operations, or have no realistic alternative but to do
so.
Auditor’s Responsibilities for the review of the financial
information
In
reviewing the Results Announcement, we are responsible for
expressing to the company a conclusion on the condensed financial
information in the Results Announcement. Our Conclusion, including
our Conclusion Relating to Going Concern, are based on procedures
that are less extensive than audit procedures, as described in the
Basis for Conclusion paragraph of this report.
Use of our report
This
report is made solely to the company in accordance with ISRE (UK)
2410. Our work has been undertaken so that we might state to the
company those matters we are required to state to it in an
independent review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the company, for our review work, for this
report, or for the conclusions we have formed.
Deloitte LLP
Statutory
Auditor
London,
United Kingdom
29 July
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
|
|
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:
July 30, 2025
|
|
|
|
|
|
|
By:/s/ VICTORIA
WHYTE
--------------------------
|
|
|
|
|
|
Victoria Whyte
|
|
|
Authorised
Signatory for and on
|
|
|
behalf
of GSK plc
|
Source:
FAQ
What were GSK (GSK) Q2 2025 sales and growth?
拢7.99 bn turnover, up +1% AER and +6% CER year-on-year.
How did GSK鈥檚 core EPS perform in Q2 2025?
Core EPS rose 15% to 46.5 p.
What is GSK鈥檚 updated 2025 guidance?
Company now expects turnover, core OP and core EPS growth at the top end of 3-5%, 6-8% and 6-8% CER ranges.
How much free cash flow did GSK generate in Q2 2025?
Free cash flow was 拢1.13 bn with 78% FCF conversion.
What shareholder returns were announced?
A 16 p Q2 dividend (64 p FY target) and 拢822 m buy-backs executed to date.
Which areas showed weakness during the quarter?
General Medicines declined 6% CER and U.S. Shingrix demand remained subdued.
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