GSK(GSK) - 2025 Q4 - Annual Report

Regulatory Approvals and Product Launches - GSK received major approvals for Blenrep in 2025, including in the US, Europe, and Japan, targeting multiple myeloma patients[23] - GSK achieved five major product approvals in 2025, marking the beginning of significant launches expected before 2031[52] - Major FDA approvals included five key assets: Exdensur, Blenrep, Nucala, Blujepa, and Penmenvy, with significant advancements in respiratory and hepatology pipelines[112][117] - The company achieved five key approvals in the US, including the first and only once-monthly biologic for COPD[117] - In 2025, Blenrep received approvals for both BVd and BPd combinations in second line and later relapsed or refractory multiple myeloma across multiple markets, including the US, EU, UK, and Japan[182] Financial Performance - GSK reported a strong performance in 2025, with sales increasing by 4% AER and 7% CER, exceeding £32 billion[70] - Total operating profit grew by 97% AER and over 100% CER, while core operating profit rose by 7% AER and 11% CER[70] - Cash generation was robust at £8.9 billion, supporting future investments and a dividend of 66 pence[74] - The company paid a dividend of 66p per share in 2025, up from 61p in 2024, reflecting improved shareholder returns[59] Research and Development - GSK's strategic report includes a focus on research and development, highlighting its commitment to innovation in healthcare[19] - GSK's total R&D expense is projected to be £7.5 billion in 2025[35] - In 2025, total R&D expense was £7.5 billion, up 18% AER, 19% CER, with 58 assets in the pipeline[116] - Over 75% of pipeline assets have best-in-class and/or first-in-class potential, positioning the company well for future medical needs[122] - The company is committed to addressing societal needs through its R&D focus and investment in technology capabilities[65] Corporate Strategy and Operations - The company focuses on four core therapeutic areas: respiratory, immunology and inflammation, oncology, and infectious diseases, aiming to impact health at scale[30] - GSK emphasizes the importance of its business model in delivering its strategy, which includes preventing and treating diseases with specialty medicines and vaccines[30] - GSK's growth strategy includes accelerating key assets in its late-stage portfolio and simplifying operational processes for better efficiency[77] - The company is committed to evolving its operations to create value for shareholders and improve patient outcomes[81] - GSK is classified as a large accelerated filer, indicating its compliance with SEC reporting requirements[9] Product Development and Pipeline - The company has a robust product development pipeline, which is crucial for future growth and market expansion[21] - Specialty Medicines experienced double-digit sales growth in respiratory, immunology and inflammation, oncology, and HIV[51] - The company has made over 10 acquisitions and discovery collaborations in 2025, strengthening its respiratory, immunology, and oncology pipelines[124] - GSK is expanding its oncology portfolio to include treatments for lung, gastrointestinal, and prostate cancers, aiming to improve survival and quality of life[175] Innovative Technologies - GSK's strategic focus includes leveraging advanced technologies, including AI, to enhance R&D and manufacturing processes[37] - The next-generation Ventolin MDI using a low-carbon propellant shows a 92% reduction in carbon footprint per inhaler, supporting sustainability efforts[152] - The company is focusing on execution, technology, and culture to accelerate the delivery of innovative medicines and vaccines[115] Specific Drug Developments - Exdensur, the first ultra-long-acting biologic for asthma, targets IL-5 and offers twice-yearly dosing, potentially benefiting 2 million Americans with severe asthma[139] - Nucala was approved in 2025 as an add-on treatment for inadequately controlled COPD, showing significant reduction in moderate or severe exacerbations[148][149] - Camlipixant, in phase III development for refractory chronic cough, aims to address a condition affecting an estimated 10 million people globally[143][145] - Bepirovirsen demonstrated a significant functional cure rate in hepatitis B patients, with higher rates compared to standard care alone[162][163] - Jemperli (dostarlimab) was approved in 2025 in combination with chemotherapy for first-line treatment of advanced or recurrent endometrial cancer, significantly benefiting approximately 75% of patients with MMRp/MSS tumours[192][193]