GSK Stock Soars To 12-Year High On Bullish Views That Have Nothing To Do With Obesity | Investor's Business DailyTRENDING: [How To Handle The Current Market]---GSK (GSK) stock catapulted to a 12-year high Wednesday after the U.K.-based drugmaker said it expects sales in five years' time to approach $55 billion. This will come despite not having a GLP-1 drug in the red-hot weight-loss space. "I think it's going to be very crowded," Chief Executive Luke Miels told reporters early Wednesday, according to BioSp ...

英国制药巨头葛兰素史克(GSK.US)涨超7%，最高触及57.34美元，创下历史新高。消息面上，葛兰素史 克去年总营收同比增长4%至326.7亿英镑，超过分析师预期的325亿英镑；归属于股东的净利润同比大 幅增长121.7%至57.2亿英镑，合每股收益1.388英镑。期内，专科药物销售额同比增长17%，达到134.7 亿英镑，主要得益于HIV药物需求强劲。董事会宣布派发季度股息每股0.18英镑，使得2025年全年股息 达到每股0.66英镑，高于2024年的每股0.61英镑。(格隆汇) ...

Financial Performance - Total sales for 2025 reached £32.7 billion, representing a 4% increase at AER and a 7% increase at CER[6] - Total operating profit surged to £7.9 billion, reflecting a growth of over 100% due to lower legal expenses and higher operating income[6] - Core operating profit increased by 11% to £9.8 billion, driven by growth in Specialty Medicines and Vaccines, alongside improved SG&A productivity[6] - GSK expects 2026 turnover growth between 3% to 5%, with core operating profit and core EPS both anticipated to grow by 7% to 9%[9] - Total turnover for 2025 reached £32,667 million, representing a 4% increase at AER and a 7% increase at CER, with Q4 2025 turnover at £8,618 million, up 6% at AER and 8% at CER[48] - Operating profit for 2025 was £7,932 million, a significant increase of 97% at AER and over 100% at CER, with Q4 2025 operating profit at £1,100 million, up 58% at AER and 65% at CER[63] - Core operating profit for 2025 was £9,783 million, reflecting a 7% increase at AER and an 11% increase at CER, with Q4 2025 core operating profit at £1,634 million, up 14% at AER and 18% at CER[50] - Total earnings per share (EPS) for 2025 was 141.1p, showing a greater than 100% increase, while Q4 2025 EPS was 15.8p, up 56%[69] - Core EPS for 2025 was 172.0p, an 8% increase, with Q4 2025 Core EPS at 25.5p, up 10%[69] Sales Growth by Segment - Specialty Medicines sales grew to £13.5 billion, up 17%, with significant contributions from Oncology (+43%) and Respiratory, Immunology & Inflammation (+18%)[6] - Respiratory, Immunology & Inflammation sales reached £3,810 million in 2025, growing by 15% year-over-year and 18% in Q4 2025, driven by Nucala and Benlysta[23] - Nucala sales grew at a double-digit rate globally, with US sales accelerating in Q4 2025 following its recent launch in COPD, despite ongoing pricing pressures[24] - Benlysta sales totaled £1,773 million in 2025, reflecting a 19% increase year-over-year and a 22% increase in Q4 2025, driven by strong demand and volume growth[25] - Oncology sales reached £1,977 million in 2025, with a 40% year-over-year growth, primarily driven by Jemperli and Ojjaara/Omjjara[26] - Jemperli sales grew to £861 million in 2025, marking an 84% increase year-over-year, supported by FDA and EMA approvals expanding its indication[27] - Vaccines sales totaled £9,157 million in 2025, with a 2% increase year-over-year, driven by strong demand for Shingrix and Meningitis vaccines[30] - Shingrix sales grew by 42% in Europe for the year, reflecting strong uptake and expanded public funding across several countries[31] - US sales of Shingrix decreased by 17% in 2025 due to challenges in activating unvaccinated consumers, with a cumulative immunization rate of 44%[33] - General Medicines sales were £10,036 million in 2025, reflecting a 4% decline year-over-year, with Trelegy sales growing by 11%[37] Research and Development - Research and development expenses totaled £7,525 million for 2025, an 18% increase at AER and 19% at CER, with Q4 2025 R&D expenses at £2,350 million, up 16% at AER and 17% at CER[55] - Five major FDA approvals were achieved in 2025, including Blenrep and Nucala for COPD, enhancing the product pipeline[10] - GSK has submitted regulatory applications for multiple products, including bepirovirsen for chronic hepatitis B in the US, EU, CN, and JP[89] - Anticipated pipeline milestones include regulatory decisions for depemokimab in H1 2026, indicating ongoing investment in R&D[88] - GSK completed the acquisition of IDRx, Inc. for a total consideration of US$1.1 billion (£840 million) and potential additional payments of up to US$150 million (£119 million) based on regulatory milestones[194] - GSK acquired BP Asset IX, Inc. for US$1.2 billion (£906 million) with additional success-based regulatory milestone payments of up to US$800 million (£588 million)[195] Shareholder Returns and Financial Management - GSK has initiated a £2 billion share buyback program, with £1.4 billion executed to date[14] - The company declared a dividend of 18p for Q4 2025 and expects to increase it to 70p for the full year 2026[13] - Cash generated from operations for 2025 was £8,943 million, an increase from £7,861 million in 2024, with Q4 2025 cash generation at £2,689 million[73] - Free cash inflow for 2025 was £4,029 million, a 41% increase from £2,863 million in 2024, with Q4 2025 free cash inflow at £960 million[77] - Dividends paid to shareholders increased to £2,564 million in 2025 from £2,444 million in 2024, a rise of 4.9%[141] Legal and Regulatory Matters - The effective tax rate for total results was 15.0% for 2025, while the core tax rate was 17.1%[66] - The Group's aggregate provision for legal and other disputes was £210 million as of 31 December 2025, a decrease from £1,446 million in 2024[160] - Significant legal charges and divestments included £367 million ($500 million) from settlements related to mRNA patent issues[123] Corporate Social Responsibility and Sustainability - GSK's commitment to responsible business includes making vaccines and medicines available at sustainable prices, with a focus on underserved populations[92] - GSK has pledged £6 million to the Global Fund to strengthen community-led responses to HIV, tuberculosis, and malaria, matched by the Gates Foundation for a total of £12 million[96] - GSK retained its position on the CDP 2025 A List for Climate Change and Water, ranking in the top 4% of companies assessed[96] - GSK's commitment to a net zero, nature-positive planet includes ambitious goals set for 2030 and 2045[92] Financial Position and Assets - Total assets increased to £61,118 million in 2025, up from £59,463 million in 2024, representing a growth of 2.8%[138] - Total equity increased to £15,956 million in 2025, up from £13,086 million in 2024, representing a growth of 21.6%[138] - Cash and cash equivalents at the end of 2025 were £3,397 million, down from £3,870 million at the end of 2024, a decrease of 12.2%[142] - The net surplus on the Group's pension plans improved to £229 million at 31 December 2025 from a net deficit of £103 million at 31 December 2024[188] Market Position and Future Outlook - GSK's 2031 sales outlook is projected to exceed £40 billion, supported by ongoing R&D investments and product launches[10] - The company plans to continue expanding its product offerings and market presence, focusing on innovative therapies and strategic acquisitions[143]

Core Insights - GSK plc reported fourth-quarter 2025 core earnings of 68 cents per American depositary share (ADS), exceeding the Zacks Consensus Estimate of 64 cents, with a 10% year-over-year increase on a reported basis and 14% at a constant exchange rate (CER) [1][9] - Quarterly revenues rose 6% on a reported basis and 8% at CER to $11.46 billion (£8.62 billion), driven by increased sales of HIV, oncology, and respiratory medicines, surpassing the Zacks Consensus Estimate of $11.19 billion [2][9] Segment Performance - GSK operates under three segments: General Medicines, Specialty Medicines, and Vaccines. Specialty Medicines sales increased by 18%, while Vaccine sales rose by 4%. General Medicines sales fell by 1% [3] - Specialty Medicines drove top-line growth, with HIV sales up 11% due to increased demand for Dovato and long-acting medications like Apretude and Cabenuva [4][5] - Oncology sales surged by 42%, primarily due to strong demand for Jemperli and Ojjaara/Omjjara, with Jemperli sales increasing by 79% following label expansion [6][7] - Respiratory drug Nucala sales rose by 19%, driven by strong performance in the U.S. market, while Benlysta sales increased by 26% [8] Vaccine Sales - GSK's vaccine sales growth was driven by increased uptake of meningitis, RSV, and shingles vaccines in ex-U.S. markets, with Shingrix sales rising by 20% [10] - Established vaccine sales declined by 13% due to divested brands and lower sales for Rotarix and Synflorix [11] General Medicines - General Medicines showed stable performance with Trelegy Ellipta sales up 14%, while Anoro Ellipta and Relvar/Breo Ellipta sales fell by 10% and 16%, respectively [12][13] Operating Expenses and Guidance - Core selling, general, and administration costs rose by 2% to £2.68 billion, while core research and development expenses increased by 18% to £2.12 billion [14] - GSK expects sales growth of 3-5% in 2026, with specialty medicines projected to grow by a low double-digit percentage at CER [15] Future Outlook - GSK has a total of 58 assets in clinical development, with two major product approvals expected this year [21][22] - The company aims to generate sales of more than £40 billion by 2031, reflecting a positive long-term outlook [18]

分组1 - GSK reported quarterly earnings of $0.68 per share, exceeding the Zacks Consensus Estimate of $0.64 per share, and up from $0.59 per share a year ago, representing an earnings surprise of +6.25% [1] - The company achieved revenues of $11.46 billion for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.41%, and an increase from $10.4 billion year-over-year [2] - GSK has outperformed the S&P 500 with an 8.8% increase in share price since the beginning of the year, compared to the S&P 500's gain of 1.1% [3] 分组2 - The current consensus EPS estimate for the upcoming quarter is $1.20 on revenues of $10.05 billion, and for the current fiscal year, it is $4.87 on revenues of $44.39 billion [7] - The Medical - Biomedical and Genetics industry, to which GSK belongs, is currently ranked in the top 37% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8]

该公司还维持了今年利润增长7%至9%的指引。部分分析师此前预计的指引约为每股收益增长 6%至8%，新任首席执行官卢克·米尔斯为这一年设定了一个可能被超越的目标，其中抗癌药物 Blenrep有望提振收入。 葛兰素史克预计 2026 年营业额增长 3% 至 5%；核心营业利润增长 7% 至 9%；核心每股收 益增长 7% 至 9%。该公司预计到 2031 年销售额将超过 400 亿英镑。 葛兰素史克(GSK.US) 第四季度利润高于预期，这主要得益于其艾滋病(HIV)药物以及一款现已获批用 于治疗肺部疾病的哮喘药物。财报显示，葛兰素史克四季度营收达 86.2 亿英镑，同比增长 6.3%，超 出预期 1.7 亿英镑；调整后每股收益为 25.5 便士(约合 35 美分)，高于分析师的预期。 该公司经营活动产生的现金流为 89 亿英镑，自由现金流为 40 亿英镑。 在前CEO沃尔姆斯利执掌期间，葛兰素史克拆分了其消费者健康部门 Haleon，并进行了关键收 购以尝试增强其药物研发管线。尽管如此，米尔斯仍需向投资者证明，公司能够实现本十年末及 更长远时期的营收抱负。上个月，葛兰素史克同意以 22 亿美元的交易价格收购总部 ...

Core Insights - GSK reported a strong performance in 2025 with sales growth of 7% at constant exchange rates, reaching over £32 billion, and core operating profit increasing by 11% [3][6] - The company emphasized its focus on specialty medicines, which saw a significant increase of 17%, driven by respiratory, oncology, and HIV segments [5][9] - GSK's guidance for 2026 includes sales growth of 3-5% and core operating profit and EPS growth of 7-9%, alongside a proposed dividend increase of 6% to £0.70 [6][7] Financial Performance - Free cash flow rose to £4.0 billion, with £1.2 billion in Zantac payments expected in 2025, and total shareholder distributions of £4.0 billion through dividends and buybacks [1][3] - Operating margin improved by 110 basis points to 29.9%, driven by better SG&A margins and a shift towards specialty medicines [2][6] - Cash generated from operations was £8.9 billion, supporting investments and a dividend increase of 2p to 66p [3][6] Commercial and Pipeline Developments - Specialty medicines are expected to continue growing at a low double-digit percentage, with HIV products showing mid- to high single-digit growth [7][8] - The company highlighted the importance of upcoming product launches, particularly Extensa and Blenrep, with a focus on execution in 2026 [14][15] - GSK secured five FDA approvals in 2025 and initiated seven new pivotal trials, indicating a robust pipeline and commitment to accelerating development timelines [17][18] Market Trends and Strategic Focus - The company is experiencing broad-based sales growth across all regions, with notable increases in respiratory (18%), oncology (43%), and HIV (11%) segments [9][12][11] - GSK's management is prioritizing business development and simplifying operations while increasing the use of technology such as AI [4][19] - The planned acquisition of RAPT Therapeutics aims to advance the development of Ozuriquibat, a long-acting anti-IgE monoclonal antibody [19]

Financial Data and Key Metrics Changes - Sales increased by 7% to over GBP 32 billion, driven by Specialty Medicines which grew by 17% [2][5] - Core operating profit grew by 11%, and EPS was up by 12% [2][29] - Cash generation was strong at GBP 8.9 billion, supporting future investments and enabling a dividend upgrade of 2p to 66 pence [2][29] - Operating margin increased by 110 basis points, with total accretion at CER reaching 470 basis points over the last four years [30] Business Line Data and Key Metrics Changes - Specialty Medicines sales were up 17%, with significant contributions from respiratory immunology and oncology [5][6] - Respiratory immunology and inflammation sales increased by 18%, driven by Benlysta and Nucala [5][6] - Oncology sales surged by 43%, with Jemperli sales up by 89% [6][7] - HIV sales grew by 11%, with long-acting injectables driving over 75% of growth [10][11] Market Data and Key Metrics Changes - Nucala achieved 10 consecutive years of double-digit growth, with sales reaching GBP 2 billion [6] - Shingrix sales were GBP 3.6 billion, up 8%, driven by European and international markets [15] - Bexsero sales increased by 12%, with strong growth in Europe and international markets [15][16] - The U.S. market for long-acting HIV treatments is expected to grow significantly, with Cabenuva growing by 42% [10][11] Company Strategy and Development Direction - The company aims to drive top-line growth by maximizing launch products and accelerating key assets in late-stage portfolios [3][4] - There is a focus on simplifying operations and leveraging AI and technology to enhance productivity [4] - The company is committed to evolving its product-centric approach and accelerating its pipeline through smart business development [37] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving another year of profitable growth in 2026, with guidance for sales growth of 3%-5% and core operating profit growth of 7%-9% [32][34] - The company anticipates challenges from currency fluctuations and pricing pressures but remains optimistic about its long-term growth trajectory [34][35] - Management highlighted the importance of long-acting treatments in the HIV market and the potential for significant market share gains [10][11] Other Important Information - The company announced a strategic acquisition of RAPT Therapeutics to enhance its pipeline in food allergy treatments [27] - The transition to long-acting regimens in HIV care is expected to redefine treatment paradigms and expand market opportunities [12][13] Q&A Session Summary Question: Can you elaborate on R&D commercial strategy in COPD and asthma? - Management discussed the positioning of various products in the COPD and asthma markets, emphasizing the complexity of the disease and the need for a diverse portfolio [39][42] Question: When could we see the six-monthly treatment and what is the TAM increase? - Management confirmed that the six-monthly treatment regimen is on track for phase 2B trials this year, with significant market potential anticipated [48][49] Question: Update on the launch trajectory for Blenrep? - Initial feedback indicated a slow but positive ramp-up for Blenrep, with a focus on educating eye care professionals and ensuring a positive experience for patients [59][66]

Financial Data and Key Metrics Changes - Sales increased by 7% to over GBP 32 billion, driven by Specialty Medicines which grew by 17% [2][5] - Core operating profit grew by 11%, and EPS was up by 12% [2][29] - Cash generation was strong at GBP 8.9 billion, supporting future investments and enabling a dividend increase of 2p to 66 pence [2][29] - Operating margin increased by 110 basis points, with total accretion at CER reaching 470 basis points over the last four years [30] Business Line Data and Key Metrics Changes - Specialty Medicines sales were up 17%, with significant contributions from respiratory immunology and oncology [5][6] - Respiratory immunology and inflammation sales increased by 18%, driven by Benlysta and Nucala [5][6] - Oncology sales surged by 43%, with Jemperli sales up by 89% [6][7] - Vaccine sales were GBP 9.2 billion, up 2%, with Shingrix and Bexsero driving growth [15][16] Market Data and Key Metrics Changes - Nucala achieved 10 consecutive years of double-digit growth, with sales reaching GBP 2 billion [6] - The U.S. market for HIV treatment grew by 14%, with long-acting injectables contributing significantly to sales [10][11] - Ex-U.S. markets represented 69% of Bexsero's global sales, indicating strong international demand [16] Company Strategy and Development Direction - The company aims to drive top-line growth by maximizing product launches and accelerating key assets in late-stage portfolios [3][4] - A focus on simplifying operations and leveraging AI and technology to enhance efficiency [4] - The strategy includes a commitment to long-acting treatments in HIV, with plans for Q6M treatment regimens [12][50] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued profitable growth for 2026, with guidance for sales growth of 3%-5% and core operating profit growth of 7%-9% [32][34] - The company is navigating challenges such as currency headwinds and pricing pressures but remains optimistic about its pipeline and market position [34][36] - Management emphasized the importance of evolving the company to be more product-centric and agile in capitalizing on opportunities [37] Other Important Information - The company secured 5 FDA approvals and initiated 7 new pivotal trials in 2025 [18] - The acquisition of RAPT Therapeutics for Ozuriquimab, a long-acting anti-IgE monoclonal for food allergies, is expected to close soon [27] - The company is on track to deliver significant data readouts and pivotal starts in 2026, supporting growth in specialty medicines [28] Q&A Session Summary Question: Can you elaborate on R&D commercial strategy in COPD and asthma? - Management discussed the positioning of multiple products targeting different patient populations within COPD and asthma, emphasizing a strategic approach to avoid overlap [40][43] Question: When could we see the six-monthly treatment and what is the TAM increase? - Management confirmed that the Q6M treatment regimen is on track for phase IIb this year, with significant market potential for long-acting injectables in HIV treatment [49][50] Question: Can you update us on the launch trajectory for Blenrep? - Initial feedback indicated a slow but positive ramp-up for Blenrep, with a focus on educating eye care professionals and ensuring a positive experience for patients [59][63]

Financial Data and Key Metrics Changes - Sales increased by 7% to over GBP 32 billion, driven by Specialty Medicines which grew by 17% [2] - Core operating profit grew by 11%, and EPS was up by 12% [2] - Cash generation was strong at GBP 8.9 billion, supporting future investments and enabling a dividend upgrade to 66 pence [2][29] - Operating margin increased by 110 basis points, with total accretion at CER reaching 470 basis points over the last four years [30] - Cash generated from operations was GBP 8.9 billion, with free cash flow increasing to GBP 4 billion [31] Business Line Data and Key Metrics Changes - Specialty Medicines sales were up 17%, with significant contributions from respiratory immunology and inflammation, which saw an 18% increase [5] - Oncology sales surged by 43%, with Jemperli sales up by 89% [5][6] - HIV sales grew by 11%, driven by long-acting injectables and foundational oral regimens [9] - Vaccine sales were GBP 9.2 billion, up 2%, with Shingrix sales increasing by 8% [15] - GenMed sales slightly declined, with Trelegy showing strong growth offset by other respiratory products [17] Market Data and Key Metrics Changes - Nucala achieved 10 consecutive years of double-digit growth, with sales reaching GBP 2 billion [5] - The U.S. market for long-acting HIV treatments is projected to grow significantly, with Cabenuva growing by 42% [10] - Shingrix sales in Europe and international markets were strong, while U.S. sales faced challenges due to slowing immunization rates [15] - The U.S. retains a 74% market share in MenB vaccines, with positive signs for PenmenV [15] Company Strategy and Development Direction - The company aims to drive top-line growth by maximizing product launches and accelerating key assets in late-stage portfolios [3] - A focus on simplifying operations and leveraging AI and technology to enhance execution [4] - The strategy includes a commitment to long-acting treatments in HIV, with plans for Q6M treatment regimens [11][49] - Business development remains a core focus, with recent acquisitions aimed at enhancing the pipeline [27] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in continued profitable growth for 2026, with guidance for sales growth of 3%-5% and core operating profit growth of 7%-9% [32] - The company is positioned to navigate challenges such as the loss of exclusivity for dolutegravir and aims to evolve as a more product-centric organization [37] - Management highlighted the importance of scientific courage and agility in capitalizing on opportunities [37] Other Important Information - The company has secured 5 FDA approvals and initiated 7 new pivotal trials in 2025 [18] - The Zantac charge taken in 2024 impacted total results, but the settlement process is now materially complete [31] - The company plans to maintain a strong balance sheet with net debt to EBITDA stable at 1.3 times [32] Q&A Session Summary Question: Can you elaborate on R&D commercial strategy in COPD and asthma? - Management discussed the positioning of Nucala, Extensa, and other products in the COPD and asthma markets, emphasizing a strategic approach to address different patient populations [40][43] Question: When could we see the six-monthly treatment and what is the TAM increase? - Management confirmed that Q6M treatment is on track for phase 2B this year, with a significant addressable market for long-acting injectables in HIV treatment [49][51] Question: Update on the launch trajectory for Blenrep? - Initial feedback on Blenrep's launch has been positive, with a systematic opening of accounts and engagement with eye care professionals [58][66] Question: Is the reduction in R&D staff part of a broader program? - Management clarified that the reduction is part of a dynamic approach to resource allocation, focusing on areas with the best return potential [72] Question: How should we think about the launch curve for Extensa? - Management indicated a focus on bio-naive patients for Extensa, aiming to broaden the market and improve patient retention [72]