GSK delivers strong 2025 performance and re-affirms long-term outlooks
Sales, profit and earnings growth driven by strong Specialty Medicines performance
- Total 2025 sales £32.7 billion +4% AER; +7% CER
- Specialty Medicines sales £13.5 billion (+17%); Respiratory, Immunology & Inflammation £3.8 billion (+18%); Oncology £2.0 billion (+43%); HIV sales £7.7 billion (+11%)
- Vaccines sales £9.2 billion (+2%); Shingrix £3.6 billion (+8%); Meningitis vaccines £1.6 billion (+12%); and Arexvy £0.6 billion (+2%)
- General Medicines sales £10.0 billion (-1%); Trelegy £3.0 billion (+13%)
- Total operating profit >100% and Total EPS >100% driven by lower Significant legal expenses, lower CCL charges and higher other operating income, partly offset by intangible asset impairments
- Core operating profit +11% and Core EPS +12% reflecting Specialty Medicines and Vaccines growth, SG&A productivity, higher royalty income and disciplined increased investment in R&D portfolio progression in Oncology and Vaccines
- Cash generated from operations of £8.9 billion with free cash flow of £4.0 billion
| 2025 | Q4 2025 | |||||
| £m | % AER | % CER | £m | % AER | % CER | |
| Turnover | 32,667 | 4 | 7 | 8,618 | 6 | 8 |
| Total operating profit | 7,932 | 97 | >100 | 1,100 | 58 | 65 |
| Total operating margin % | 24.3% | 11.5ppts | 11.9ppts | 12.8% | 4.2ppts | 4.6ppts |
| Total EPS | 141.1p | >100 | >100 | 15.8p | 56 | 65 |
| Core operating profit | 9,783 | 7 | 11 | 1,634 | 14 | 18 |
| Core operating margin % | 29.9% | 0.7ppts | 1.1ppts | 19.0% | 1.4ppts | 1.6ppts |
| Core EPS | 172.0p | 8 | 12 | 25.5p | 10 | 14 |
| Cash generated from operations | 8,943 | 14 | 2,689 | 4 | ||
R&D momentum further strengthens growth prospects:
Strong pipeline progress in 2025:
- 5 major FDA approvals: Blenrep, Exdensur, Nucala COPD, Penmenvy, Blujepa
- 7 pivotal trial starts including: risvutatug rezetecan (ris-rez) for 2L/3L ES-SCLC; efimosfermin in MASH; Exdensur for COPD; and velzatinib for 2L GIST
RI&I and Oncology pipelines strengthened:
- New assets acquired: efimosfermin (liver disease); velzatinib/IDRX-42 (gastrointestinal cancer); and agreement to acquire ozureprubart (food allergies)
- Agreements/collaborations with Hengrui (RI&I and oncology); Empirico (COPD); and LTZ Therapeutics (oncology)
- 29 projects currently in clinical development for RI&I and Oncology diseases
Further pipeline acceleration expected in 2026:
- 2 new major product approvals expected: bepirovirsen, potential first-in-class treatment for chronic hepatitis B; and tebipenem, first oral treatment for complicated UTIs
- 5 pivotal readouts: bepirovirsen for chronic hepatitis B (positive); camlipixant (chronic cough); Jemperli (rectal cancer); Q4M HIV PrEP; and Exdensur for EGPA
- 10 pivotal trial starts, including for ADCs B7-H3 (ris-rez) & B7-H4 (mocertatug rezetecan, mo-rez) to treat multiple cancer types
Continued commitment to shareholder returns
- Q4 2025 dividend of 18p declared; 66p FY 2025; 70p expected for full year 2026
- £1.4 billion executed to date as part of the £2 billion share buyback programme announced at FY 2024
2026 guidance and 2031 sales outlook reaffirmed
- Expect 2026 turnover growth of between 3% to 5%; Core operating profit growth of between 7% to 9%; Core EPS growth of between 7% to 9%
- 2031 sales outlook of more than £40 billion
Guidance all at CER
Luke Miels, Chief Executive Officer, GSK: “GSK delivered another strong performance in 2025, driven mainly by Specialty Medicines, with double-digit sales growth in Respiratory, Immunology & Inflammation (RI&I), Oncology and HIV. Good R&D progress also continued, with 5 major product approvals achieved and several acquisitions and new partnerships completed to strengthen the pipeline further in oncology and RI&I. We expect this positive momentum to continue in 2026, which will be a key year of execution and operational delivery with strong focus on commercial launches and accelerating R&D. We are well placed to move forward in this next phase for GSK – to deliver our outlooks – and to create new value for patients and shareholders.”
2026 Guidance
GSK provides its full-year 2026 guidance at constant exchange rates (CER).
- Turnover is expected to increase between 3 to 5 per cent
- Core operating profit is expected to increase between 7 to 9 per cent
- Core earnings per share is expected to increase between 7 to 9 per cent
This guidance is supported by the following turnover expectations for full-year 2026 at CER
- Specialty Medicines – expected increase of a low double-digit per cent in turnover
- Vaccines – expected decline of a low single-digit per cent to stable in turnover
- General Medicines – expected decline of a low single-digit per cent to stable in turnover
Core operating profit is expected to grow between 7 to 9 per cent at CER. GSK expects to deliver leverage at a gross margin level due to improved product mix from Specialty Medicines growth and continued operational efficiencies. In addition, GSK anticipates further leverage in Operating profit as we continue to take a returns-based approach to SG&A investments, with SG&A expected to grow at a low single-digit percentage. Royalty income is now expected to be at £800-850 million. R&D is expected to grow ahead of sales as we continue to invest in the pipeline while driving operational efficiencies.
Core earnings per share is also expected to increase between 7 to 9 per cent at CER, in line with Core operating profit growth, reflecting higher interest charges and the tax rate which is expected to rise to around 17.5%, offset by the expected benefit from the share buyback programme. Expectations for non-controlling interests remain unchanged relative to 2025.
Agreement with US Government to lower the cost of prescription medicines for American patients
As previously announced, on 19 December 2025 GSK entered into an agreement with the US Administration to lower the cost of prescription medicines for American patients. The agreement entered into covers both GSK and ViiV Healthcare and, assuming expected implementation, excludes both companies from s232 tariffs for 3 years. Detailed terms of the agreement remain confidential. Our full year guidance is inclusive of the expected impact of the agreement.
Dividend policy
GSK has declared an increased dividend for Q4 2025 of 18p per share and 66p per share for the full year 2025, reflecting strong business performance during 2025 and consistent with the Dividend policy and the expected pay-out ratio which remain unchanged. The expected dividend for 2026 is 70p per share. GSK’s future dividend policy and guidance regarding the expected dividend pay-out in 2026 are provided on page 37.
GSK commenced a £2 billion share buyback programme in Q1 2025, to be implemented over the period to the end of Q2 2026.
Exchange rates
If exchange rates were to hold at the closing rates on 28 January 2026 ($1.38/£1, €1.15/£1 and Yen 210/£1) for the rest of 2026, the estimated impact on 2026 Sterling turnover growth for GSK would be -3% and if exchange gains or losses were recognised at the same level as in 2025, the estimated impact on 2026 Sterling Core Operating Profit growth for GSK would be -6%.
Results presentation
A conference call and webcast for investors and analysts of the quarterly results will be hosted by Luke Miels, CEO, at 11.00 am GMT (US EST at 06.00 am) on 4 February 2026. 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.