GSK plc (NYSE:GSK) Q1 2025 Earnings Conference Call April 30, 2025 7:00 AM ET Company Participants Constantin Fest - Head of IR Emma Walmsley - CEO Luke Miels - Chief Commercial Officer Julie Brown - CFO David Redfern - President Corporate Development Tony Wood - Chief Scientific Officer Conference Call Participants James Gordon - JP Morgan Kerry Holford - Berenberg Jo Walton - UBS Graham Parry - Bank of America Simon Baker - Redburn Rajan Sharma - Goldman Sachs Sarita Kapila - Morgan Stanley Constantin Fes ...

Core Insights - Zacks Premium offers various tools for investors to enhance their stock market strategies and confidence [1] - The Zacks Style Scores are designed to help investors select stocks with the highest potential to outperform the market in the short term [2] Zacks Style Scores Overview - The Style Scores categorize stocks into four types: Value Score, Growth Score, Momentum Score, and VGM Score, each focusing on different investment strategies [3][4][5][6] - Value Score identifies undervalued stocks using financial ratios [3] - Growth Score assesses a company's financial health and future growth potential [4] - Momentum Score capitalizes on existing price trends and earnings outlook [5] - VGM Score combines the strengths of Value, Growth, and Momentum Scores for a comprehensive evaluation [6] Zacks Rank and Performance - The Zacks Rank is a proprietary model that utilizes earnings estimate revisions to guide investors in stock selection [7] - Stocks rated 1 (Strong Buy) have historically outperformed the S&P 500, achieving an average annual return of +25.41% since 1988 [8] - A large number of stocks are rated, with over 800 top-rated options available, which can be overwhelming for investors [8] Stock Selection Strategy - Investors are encouraged to select stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B for optimal success [9] - The direction of earnings estimate revisions is crucial; stocks with lower ranks but high Style Scores may still face price declines [10] Company Spotlight: GSK - GSK operates in three segments: Specialty Medicines, Vaccines, and General Medicines, categorized as commercial operations [11] - GSK holds a 3 (Hold) rating on the Zacks Rank and has a VGM Score of A [11] - The company has a Momentum Style Score of A, with shares increasing by 2.9% over the past month [12] - Recent earnings estimates for fiscal 2025 have been revised upward, with the Zacks Consensus Estimate rising by $0.06 to $4.24 per share [12] - GSK's average earnings surprise stands at 11.4%, making it a notable candidate for investors [12]

Core Insights - The Cervarix market report provides a comprehensive analysis of market characteristics, growth potential, and segmentation, with a focus on historical data and future projections [2][11] - Key drivers for market growth include increased awareness of cervical cancer prevention, rising HPV infection rates, and expanding global immunization programs [3][4][6] Market Characteristics - The report details the size and growth of the Cervarix market, highlighting significant trends and competitive landscape [2][11] - It emphasizes the importance of Cervarix in providing immunity against high-risk HPV types, particularly types 16 and 18, which are responsible for the majority of cervical cancer cases [7] Growth Drivers - Anticipated growth is fueled by the expansion of HPV vaccination programs in emerging economies and government initiatives aimed at eliminating cervical cancer [4][8] - Rising immunization rates are linked to increased public awareness, improved healthcare access, and integration of vaccination into educational systems [8][9] Trends and Innovations - Key trends include the development of next-generation HPV vaccines, combination vaccines, and advancements in vaccine delivery systems [5] - The integration of digital platforms for vaccination awareness and personalized immunization strategies is also noted [5] Epidemiology and Clinical Trials - The prevalence of HPV is a significant factor driving market growth, with WHO reporting that 31% of people globally are infected with some form of HPV [7] - The number of clinical trials related to HPV and Cervarix is increasing, indicating a growing focus on vaccine safety and effectiveness [10][11] Competitive Landscape - GSK plc is identified as the key player in the Cervarix market, with the report covering its strategies and market share [11][19] - The report includes a competitive benchmarking analysis and profiles of major companies in the market [19]

Core Insights - GSK reported first-quarter sales of $9.46 billion, a 2% increase year-over-year and a 4% increase on a constant currency basis, surpassing analyst estimates of $7.46 billion [1] Vaccine Sales - Vaccine sales decreased by 8% to £2.09 billion, primarily due to lower demand for Arexvy and Shingrix [2] - Arexvy sales fell 57% to £78 million, while meningitis vaccine sales increased by 17% to £350 million [2] - Shingrix sales reached £867 million, down 8% [3] Specialty and General Medicines - Specialty Medicines sales grew by 16% to £2.93 billion, driven by strong performances in HIV, Respiratory, Immunology, Inflammation, and oncology [4] - General Medicines sales declined by 3% to £2.49 billion [4] Earnings and Future Plans - GSK reported a core EPS of $1.13, exceeding the consensus estimate of $1.04 [5] - The company plans to market five new specialty medicines this year, including the reintroduction of Blenrep for multiple myeloma [5] Guidance and Market Position - GSK reaffirms its 2025 guidance, expecting sales growth of 3% to 5% and core earnings per share growth of 6% to 8% [6] - Specialty Medicine sales are projected to increase by a low double-digit percentage, while vaccine revenue is expected to decline by a low single-digit percentage [7] Stock Performance - GSK stock rose by 3.57% to $40.37 during the premarket session [7]

[Transaction in Own Shares](index=1&type=section&id=Transaction%20in%20own%20shares) This section outlines GSK plc's share buyback activities, including purchase specifics, program context, and transaction schedules [Summary of Share Purchase](index=1&type=section&id=Summary%20of%20Share%20Purchase) On April 29, 2025, GSK plc purchased 685,000 of its own ordinary shares through its corporate stockbroker, Citigroup Global Markets Limited, to be held as Treasury shares Share Purchase Details (April 29, 2025) | Metric | Value | | :--- | :--- | | Date of purchase | 29 April 2025 | | Aggregate number of ordinary shares purchased | 685,000 | | Lowest price paid per share (GBp) | 1,404.50p | | Highest price paid per share (GBp) | 1,435.00p | | Volume-weighted average price paid per share (GBp) | 1,421.25p | [Buyback Programme Context](index=1&type=section&id=Buyback%20Programme%20Context) This share purchase is part of GSK's existing buyback programme, initiated under a non-discretionary agreement with its broker on February 24, 2025, resulting in over 204 million shares held in treasury - The purchase is part of an existing buyback programme under an agreement with Citigroup Global Markets Limited, announced on February 24, 2025[5](index=5&type=chunk) Share Capital Status After Purchase | Metric | Number of Shares | | :--- | :--- | | Total shares purchased since 24 Feb 2025 | 35,034,155 | | Ordinary shares held in treasury | 204,104,458 | | Ordinary shares in issue (excluding Treasury) | 4,111,136,920 | [Shareholder Information](index=1&type=section&id=Shareholder%20Information) The total number of voting rights in the company is 4,111,136,920, serving as the denominator for shareholders to calculate notification requirements under FCA rules - The total number of voting rights in the Company is **4,111,136,920**, which shareholders can use to determine if they are required to notify their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules[6](index=6&type=chunk) [Schedule of Purchases](index=2&type=section&id=Schedule%20of%20Purchases) The report provides a detailed schedule of all share purchases made on April 29, 2025, including aggregated information by trading venue and a comprehensive list of individual transactions [Aggregated Information per Trading Venue](index=2&type=section&id=Aggregated%20Information%20per%20Trading%20Venue) All 685,000 shares were purchased on the London Stock Exchange (XLON) at a volume-weighted average price of 1,421.25p, with no trades executed on CBOE (BATE or CHIX) Aggregated Purchases on London Stock Exchange (XLON) | Venue | Number of Shares | Highest Price (GBp) | Lowest Price (GBp) | VWAP (GBp) | | :--- | :--- | :--- | :--- | :--- | | London Exchange (XLON) | 685,000 | 1,435.00p | 1,404.50p | 1,421.25p | [Individual Transactions](index=2&type=section&id=Individual%20Transactions) A comprehensive list details every individual trade executed as part of the buyback on April 29, 2025, including trade time, volume, price, trading venue, and a unique transaction ID - The report includes a detailed breakdown of all individual transactions made by the broker on the London Stock Exchange[7](index=7&type=chunk)[9](index=9&type=chunk) [Cautionary Statement](index=37&type=section&id=Cautionary%20Statement) GSK includes a cautionary statement warning investors that forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those projected, referring investors to its 2024 Annual Report on Form 20-F for more details - GSK cautions that forward-looking statements are subject to risks and uncertainties which may cause actual results to differ from projections[46](index=46&type=chunk) - Investors are directed to the Risk Factors section on pages 277 to 285 of the GSK 2024 Annual Report on Form 20-F for further details[46](index=46&type=chunk) [Signatures](index=74&type=section&id=Signatures) The report was duly signed and authorized on behalf of GSK plc on April 30, 2025, by Victoria Whyte, in accordance with the requirements of the Securities Exchange Act of 1934 - The report is signed by Victoria Whyte, an authorized signatory for GSK plc, on April 30, 2025[94](index=94&type=chunk)

Core Insights - GSK reported quarterly earnings of $1.13 per share, exceeding the Zacks Consensus Estimate of $1.08 per share, and showing an increase from $1.09 per share a year ago, resulting in an earnings surprise of 4.63% [1] - The company posted revenues of $9.46 billion for the quarter ended March 2025, slightly missing the Zacks Consensus Estimate by 0.85%, but showing growth from $9.34 billion year-over-year [2] - GSK's stock has increased by approximately 15.2% since the beginning of the year, contrasting with a -5.5% decline in the S&P 500 [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.05, with projected revenues of $10.04 billion, and for the current fiscal year, the EPS estimate is $4.24 on revenues of $40.62 billion [7] - The estimate revisions trend for GSK is mixed, leading to a Zacks Rank 3 (Hold), indicating expected performance in line with the market in the near future [6] Industry Context - The Medical - Biomedical and Genetics industry, to which GSK belongs, is currently ranked in the top 32% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Core Viewpoint - GSK plc is expected to exceed earnings expectations in the first quarter of 2025, with a consensus estimate for sales at $9.54 billion and earnings at $1.08 per American depositary share (ADS) [1] Factors Shaping GSK's Upcoming Results - GSK's financial performance is segmented into Specialty Medicines, Vaccines, and General Medicines [1] - Newer products such as Cabenuva, Juluca, Dovato, Nucala, Ojjaara, Jemperli, and Trelegy Ellipta are anticipated to drive sales, compensating for declines in older HIV drugs and respiratory medicines due to generic competition [2] - The HIV portfolio is projected to generate sales of £1.71 billion, driven by strong growth in two-drug regimens Dovato and Juluca, as well as long-acting regimens Cabenuva and Apretude [3] - Vaccine sales are expected to decline, with projections of £2.2 billion, influenced by lower demand for Shingrix and restrictive recommendations for Arexvy [4][5] - Oncology sales are likely to grow, with expectations of £380 million from Jemperli, Zejula, and Ojjaara, alongside respiratory drugs Trelegy Ellipta and Nucala contributing £677 million and £403 million, respectively [6] GSK's Earnings Surprise History - GSK has consistently surpassed earnings estimates in the past four quarters, achieving an average surprise of 11.44% [7] - Year-to-date, GSK's shares have increased by 11%, outperforming the industry, which has seen a 5% decline [7] Earnings Prediction Model - GSK has a positive Earnings ESP of +3.16% and a Zacks Rank of 3, indicating a strong likelihood of an earnings beat [9]

The market expects GSK (GSK) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended March 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on April 3 ...

市场竞争格局剧变加速危机。默沙东在男性HPV疫苗市场的布局虽具前瞻性，但GSK、万泰生物等竞品 已形成合围之势。GSK的带状疱疹疫苗2024年批签发量达377.6万支，万泰生物的二价HPV疫苗通过 WHO预认证打开出海空间。而智飞生物自主管线中，23价肺炎疫苗、四价流感疫苗等产品仍处研发后 期，短期内难成气候。 如何破局？ 战略重心向自主创新倾斜成为必然选择。控股宸安生物进军GLP-1赛道展现战略转向，司美格鲁肽注射 液三期临床如能顺利推进，有望在千亿级减肥药市场分羹。但需警惕生物类似药研发的高风险性，2023 年全球糖尿病药物研发失败率达62%的行业数据提示需建立风险对冲机制。建议采用"自主研发+license in"双轮驱动，如在mRNA技术平台、多联多价疫苗等前沿领域加强布局。 渠道价值重估与生态重构迫在眉睫。覆盖3万个基层网点的渠道网络是核心资产，但当前主要服务于代 理产品配送。应转型为开放式疫苗服务平台：一方面深度绑定默沙东、GSK等国际药企，争取新型带状 疱疹疫苗、呼吸道合胞病毒疫苗等产品的区域代理；另一方面打造智慧接种管理系统，通过数字化工具 提升终端服务能力，挖掘成人疫苗市场的长尾需求。 男性 ...

GSK plc (GSK) announced that the U.S. Centers for Disease Control and Prevention’s (“CDC”) Advisory Committee on Immunization Practices (“ACIP”) voted favorably, recommending the use of Penmenvy (Meningococcal Groups A, B, C, W, and Y Vaccine) as part of the adolescent meningococcal vaccination schedule.ACIP has recommended a single dose of Penmenvy to protect individuals of more than 10 years of age in the United States against disease-causing serogroups of Neisseria meningitidis (A, B, C, W and Y). The re ...