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]

4 February 2026 FY and Q4 2025 Results Conference call and webcast for investors and analysts gsk.com Agenda Strong 2025 performance, 2026 priorities Luke Miels 2 Cautionary statement regarding forward-looking statements This presentation may contain 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 suc ...

这家英国制药公司周三表示，预计2026年销售额将增长3%至5%，并预计核心营业利润将增长7%至 9%。该公司给出的指引是，核心每股收益将增长7%至9%。这些目标按固定汇率计算。 葛兰素史克周三表示，其免疫学和炎症、肿瘤学以及HIV产品组合全年实现了两位数的百分比增长。该 公司公布2025年销售额为326.7亿英镑（合447.5亿美元）。 第四财季销售额为86.2亿英镑，上年同期为81.2亿英镑。核心营业利润为16.3亿英镑，高于上年同期的 14.3亿英镑。分析师此前预测的核心营业利润为15.3亿英镑，销售额为84.95亿英镑。 这是卢克·米尔斯（Luke Miels）上月接替艾玛·沃姆斯利（Emma Walmsley）出任首席执行官以来，该公 司首次公布业绩。 该公司重申了2031年销售额超过400亿英镑的目标。 葛兰素史克（GSK）预计今年其销售额和利润将实现增长，此前该公司的专科药物部门推动第四财季取 得了稳健的业绩。 责任编辑：刘明亮 葛兰素史克（GSK）预计今年其销售额和利润将实现增长，此前该公司的专科药物部门推动第四财季取 得了稳健的业绩。 这家英国制药公司周三表示，预计2026年销售额将增长3%至 ...

来源：滚动播报 葛兰素史克（GSK）首席执行官米尔思：GLP - 1领域"将变得非常拥挤"。 ...

葛兰素史克目前正面临其最畅销艾滋病药物重大的"专利悬崖"。公司预计其特药组合今年的营收将实现 低双位数的增长。该组合由艾滋病、癌症药物以及 Nucala 等药物组成，其中 Nucala 已在美国获批用于 治疗慢性阻塞性肺疾病(COPD)，这是一种严重的肺部疾病。 业务的其他两个部分——疫苗和普药业务——的营收则可能出现下滑。 在小罗伯特·F·肯尼迪担任卫生部长期间，美国的情绪转变正使疫苗业务面临压力。尽管如此，上季度 疫苗业务表现仍好于预期，主要得益于美国以外地区需求的增加，尤其是葛兰素史克带状疱疹疫苗在中 国销量的提升。 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位于美国的生物技术公司 Rapt Therapeutics，后者致力于开发针对炎症和免疫系统疾病患者的疗法。 智通财经APP获悉，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 ...

Core Insights - GSK reported a 7% increase in sales for 2025, reaching £32.7 billion, driven by a 17% growth in Specialty Medicines to £13.5 billion [2] - The company experienced double-digit sales growth in its HIV, Oncology, and Respiratory, Immunology & Inflammation divisions [2] - Total operating profit more than doubled to £7.9 billion, with core operating profit rising 11% and core earnings per share increasing 12% to 172p [3] Sales Breakdown - Vaccines generated £9.2 billion in revenue, with growth in meningitis and shingles vaccines, while General Medicines saw a 1% decline to £10 billion [3] - The company reaffirmed its 2031 sales outlook of over £40 billion [5] Financial Performance - Despite earnings being slightly below consensus, GSK's shares rose 1% to 1,963.5p in early trading [4] - The company declared a fourth-quarter dividend of 18p, bringing the full-year payout to 66p, with a target of 70p for 2026 [4] - GSK has executed £1.4 billion of its £2 billion share buyback program to date [4] Future Guidance - Guidance for 2026 remains unchanged, with revenue expected to grow by 3-5% and core profit and earnings forecasted to rise by 7-9% [4]

Core Insights - The pharma company achieved double-digit percentage growth in its immunology and inflammation, oncology, and HIV portfolios for 2025, with total sales reaching £32.67 billion [1] Group 1 - The company reported significant growth in its immunology and inflammation portfolio [1] - The oncology portfolio also experienced double-digit percentage growth [1] - The HIV portfolio contributed to the overall sales increase, reflecting strong performance [1]

格隆汇2月4日｜英国制药巨头葛兰素史克周三发布财报显示，得益于HIV和哮喘药物的强劲表现，该公 司第四季度利润超出预期。这家英国制药商表示，剔除部分项目后的调整后每股收益为25.5便士，高于 分析师预期。公司预计今年利润增长将在7%至9%之间。此前部分分析师预测的每股收益增长指引约为 6%至8%。新任首席执行官Luke Miels 设定了一个极具潜力且有望超越的目标，而抗癌药物Blenrep的销 售额在今年也有望提振营收。 ...

GSK on Wednesday forecast sales growth to slow in 2026 in the first outlook presented by new CEO Luke Miels as the drugmaker shifts focus on expanding its pipeline to counter looming patent expiries f... ...