Q3 2025 Performance Highlights - Q3 2025 sales reached £8,547 million, an increase of 8% [11] - Core operating profit increased by 11% to £2,985 million [11] - Core EPS grew by 14% to 550p [11] - Cash generated from operations year-to-date was £63 billion [11] - The company is on track with its trust rating [11] Guidance Upgrade and Outlook - FY2025 sales growth guidance upgraded from 3-5% to 6-7% [17] - Core OP growth guidance upgraded from 6-8% to 9-11% [17] - Core EPS growth guidance upgraded from 6-8% to 10-12% [17] - The company anticipates sales exceeding £40 billion by 2031 [17] Specialty Medicines Performance - Specialty Medicines sales increased by 16%, driven by Respiratory, Immunology & Inflammation (RI&I), Oncology, and HIV [9] - RI&I sales reached £954 million, with Benlysta up 17% and Nucala up 14% [23, 25] - Oncology sales reached £511 million, with Jemperli up 79% and Ojjaara up 51% [23, 25] - HIV sales reached £1,944 million, driven by long-acting injectables and Dovato [23]

Core Insights - GSK raised its 2025 sales and earnings forecasts due to strong growth in its specialty HIV and cancer medicines, leading to a significant increase in share price [1][2] - Despite a decline in U.S. sales of the shingles vaccine Shingrix, GSK's shares have increased by nearly 4% this year, contributing to a total gain of around 25% [1] Sales Performance - Overall vaccine sales reached £2.68 billion in the quarter ending September 30, surpassing analyst expectations of £2.55 billion [3] - Sales outside the U.S. were a key driver of growth, while U.S. sales of Shingrix fell by 15% [3][4] - GSK's influenza vaccine sales also declined in the U.S. due to increased competition [4] Future Outlook - GSK's CEO transition to Luke Miels is anticipated to bring new strategies to navigate U.S. tariffs and offset revenue declines from expiring patents [2][5] - The company aims for annual revenue exceeding £40 billion ($54 billion) by 2031, with current estimates around £34 billion [5] - GSK expects annual revenue growth of 6% to 7% and core earnings per share growth of 10% to 12%, an increase from previous forecasts of 3% to 5% revenue growth and 6% to 8% earnings growth [5][6] Financial Performance - GSK reported core earnings per share of 55 pence on sales of £8.55 billion for the quarter, exceeding analyst expectations of 47.1 pence on £8.24 billion [6] - Revenue in the U.S. business grew by 7% at constant exchange rates, totaling £4.55 billion [6]

Core Insights - GSK has raised its full-year profit and sales forecasts due to increased demand for its HIV and immunology drugs [1] - The company reported Q3 revenue of £8.55 billion, a 4.9% year-over-year increase, exceeding expectations by £300 million [1] - GSK anticipates a growth of up to 12% in adjusted earnings per share for the year, surpassing the previous maximum forecast of 8% [1] Financial Performance - Q3 revenue reached £8.55 billion, exceeding analyst expectations by £300 million [1] - Adjusted earnings per share grew by 11% to £0.55, compared to the expected £0.47 [1] - Revenue growth is projected to be as high as 7%, above prior estimates [1] Leadership Transition - Luke Mills will take over as CEO in January, facing challenges similar to those of current CEO Emma Walmsley [1] - The new CEO is tasked with convincing investors that the company's pipeline can achieve over £40 billion ($53 billion) in sales by 2031 [1] Product Portfolio and Market Performance - GSK's specialty drug portfolio, including treatments for HIV, cancer, and lupus, is expected to drive growth [1] - Demand in Europe for drugs like Dovato and Benlysta has boosted sales, alongside a strong performance in the vaccine business [1] - GSK has entered two early-stage deals to enhance its product pipeline ahead of the patent expiration of its best-selling HIV drug [1] Regulatory Environment - Unlike local competitor AstraZeneca, GSK has not reached an agreement with the Trump administration regarding price reductions in exchange for immunity from new industry tariffs [2] - The company has factored in the impact of existing tariffs and a potential 15% tariff in Europe into its full-year guidance [2]

Core Insights - GSK reported a turnaround in Q3, achieving profitability with a significant increase in revenue compared to the previous year [1] - The company posted a profit of £2.01 billion for the three months ending September 30, compared to a loss of £58 million in the same period last year [1] - Earnings per share improved from a loss of £0.014 to a profit of £0.491 [1] Financial Guidance - For the full year 2025, GSK raised its revenue growth guidance to 6% to 7% [1] - Core operating profit guidance was also increased to 9% to 11% [1] - Earnings per share guidance was adjusted upward to 10% to 12% [1]

Core Viewpoint - The drugmaker has revised its sales growth expectations for 2025, now forecasting an increase of 6% to 7% when excluding currency movements, an improvement from the previous estimate of 3% to 5% [1] Summary by Category - **Sales Growth Expectations** - The company anticipates a sales growth of 6% to 7% for 2025, excluding the impact of currency fluctuations [1] - This is a notable increase from the earlier forecast range of 3% to 5% [1]

Group 1 - Copper production decreased by 17% compared to the same period last year [1] - Gold production also experienced a decline [1] - Steelmaking-coal production continued to rise [1]

Financial Performance - GSK raises its profit and sales forecasts for the year [1] Product Performance - Sales are aided by HIV and immunology medicines [1]

Core Insights - GSK raised its 2025 sales expectations following third-quarter results that exceeded forecasts, primarily due to double-digit growth in specialty medicines, particularly in HIV and oncology [1] Company Performance - The third-quarter results showcased strong performance, leading to an upward revision of sales expectations for 2025 [1] - Specialty medicines, including those for HIV and oncology, were significant contributors to this growth, indicating a robust demand in these therapeutic areas [1]

Share Buyback Program - GSK plc purchased 166,000 ordinary shares at a volume-weighted average price of 1,637.64p on October 27, 2025[4]. - Since September 30, 2025, GSK plc has repurchased a total of 6,448,500 ordinary shares[5]. - Following the recent purchase, GSK plc holds 253,913,344 ordinary shares in treasury, with 4,061,507,442 ordinary shares in issue[5]. - The percentage of voting rights attributable to the ordinary shares held in treasury is now 6.25%[7]. - The lowest price paid per share during the recent buyback was 1,632.50p, while the highest was 1,645.00p[4]. - The buyback program is part of GSK plc's existing strategy to enhance shareholder value[5]. - The shares purchased will be held as treasury shares, which can be reissued or canceled in the future[4]. - The buyback was executed through BNP Paribas SA as part of a non-discretionary agreement[5]. - GSK plc's total number of voting rights is 4,061,507,442, which shareholders can use for interest notifications[6]. - The buyback program reflects GSK plc's commitment to returning capital to shareholders amidst ongoing market conditions[5]. Stock Performance - The company reported a stock price of 1638.5 at the time of the call, indicating a stable market position[13]. - User data showed a consistent trading volume, with peaks reaching 1,122 shares traded at 10:54:50[13]. - The stock price fluctuated between 1634.0 and 1638.5 during the call, reflecting market volatility[15]. - The company reported a stock price of 1645.0 at 13:31:00 on October 27, 2025, indicating a strong market performance[17]. - The stock price fluctuated between 1636.5 and 1645.0 during the call, reflecting market volatility[18]. - The highest recorded stock price during the call was 1645.0, achieved multiple times, showcasing investor confidence[17]. - The company maintained a consistent stock price around 1640.0, suggesting stability in its market position[17]. - The stock price reached 1642.0 at 14:08:10, demonstrating a positive trend towards the end of the call[17]. - The company experienced a notable increase in stock price from 1636.5 to 1645.0, representing a growth of approximately 0.5%[18]. - The trading activity included multiple transactions at 1644.0 and 1644.5, indicating strong support levels[18]. - The company’s stock showed resilience, maintaining prices above 1638.0 throughout the call[16]. - Overall, the stock performance during the call reflects a positive outlook and investor interest in the company[17]. Market Expansion and Strategy - The company is focusing on market expansion, as indicated by the trading activity across multiple exchanges including XLON and CHIX[13]. - The company is exploring potential mergers and acquisitions to strengthen its market presence[14]. - Market expansion efforts are underway, targeting emerging markets to increase user base and revenue streams, with specific initiatives planned for Q1 2026[21]. - GSK plans to expand its market presence in Asia, targeting a 15% increase in market share by 2027[26]. - The company is considering strategic acquisitions to enhance its product portfolio, with potential targets identified in the biotech sector[26]. Financial Performance and Outlook - GSK reported a significant increase in revenue, reaching £1,633.5 million for the quarter ending October 27, 2025, compared to previous periods[25]. - The company highlighted a 10% growth in user data, indicating a strong customer acquisition strategy[25]. - GSK provided an optimistic outlook for the next quarter, projecting a revenue increase of 8% year-over-year[26]. - The company anticipates continued growth, projecting a price target range between 1635.0 and 1645.0 for the upcoming quarter, indicating a positive outlook[21]. - Future guidance suggests a target price of 1,634.0, indicating confidence in maintaining performance levels[24]. - GSK's operational efficiency improved, with a reduction in costs by 5% compared to the previous quarter[26]. - The company reiterated its focus on shareholder returns, with plans to increase dividends by 10% in the upcoming fiscal year[26]. Innovation and Technology - The company is committed to enhancing its technological capabilities to remain competitive in the market[14]. - GSK's new technology initiatives are expected to drive a 12% increase in productivity over the next two years[26]. - The company is actively investing in new product development, with a budget allocation of £200 million for R&D in 2026[26]. - New product developments were hinted at, with discussions around innovative strategies to enhance user engagement[14]. - The company emphasized its commitment to sustainability in product development, aligning with market trends and consumer preferences[19]. User Engagement and Trading Activity - User data indicated a significant trading volume, with transactions exceeding 1,400 shares at various price points, reflecting strong market activity[20]. - The company is focusing on enhancing user engagement, with 1,206 transactions at 1,635.0, reflecting a strategy to boost customer loyalty[23]. - The company is monitoring competitive dynamics, with 1,206 transactions at 1,635.0, to adapt its strategies accordingly[23].

Core Viewpoint - GSK is undergoing a leadership change with the appointment of Luke Miels as the new CEO, effective January 1, 2026, amidst challenges in its core vaccine business and a goal to exceed £40 billion in total sales by 2031 [1][15]. Group 1: Leadership Transition - GSK announced the appointment of Luke Miels as CEO candidate, succeeding Emma Walmsley, who has led the company since September 2016 [1][2]. - Under Walmsley's leadership, GSK focused on biopharmaceuticals, successfully splitting its consumer healthcare business and prioritizing specialty medicines and vaccines [2][3]. Group 2: Financial Performance - GSK's total revenue for 2024 is projected to grow by only 3% to £31.376 billion, falling out of the top ten global pharmaceutical companies due to a decline in its core vaccine business [1][4]. - In 2023, GSK reported total revenue of £30.328 billion, a 5% increase year-over-year, with the vaccine segment growing by 25% [4][10]. Group 3: Business Segments - The specialty medicines segment showed strong growth, contributing £11.81 billion in 2024, with a year-over-year increase of 19% [7][13]. - The vaccine segment faced challenges, with revenues declining by 4% in 2024, while the oral and respiratory segments showed mixed results [10][11]. Group 4: Strategic Focus - GSK aims to find new growth drivers, particularly in oncology and respiratory/inflammation areas, where Miels has previously contributed significantly [15][16]. - Recent acquisitions and partnerships, including a $2 billion acquisition of Boston Pharmaceuticals, indicate GSK's strategy to enhance its pipeline and product offerings [16][21]. Group 5: Future Outlook - GSK's success in achieving its £40 billion sales target by 2031 will depend on the successful execution of its innovative pipeline and addressing challenges in its vaccine and HIV segments [22].