GSK delivers solid 2025 results, reaffirms growth outlook for 2026

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]