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]

Economic Indicators - Private sector employment in the U.S. increased by 22,000 jobs in January, significantly below the expected growth of 45,000 jobs, following a downwardly revised increase of 37,000 jobs in December [25][26] - The modest increase was primarily driven by a jump in employment in the education and services sector, which added 74,000 jobs [26] Stock Market Performance - Major U.S. index futures indicate a flat open, with stocks lacking direction after a weak previous session [1] - The tech-heavy Nasdaq experienced a notable decline, dropping 336.92 points or 1.4 percent to 23,255.19, while the S&P 500 fell 58.63 points or 0.8 percent to 6,917.81, and the Dow decreased by 166.67 points or 0.3 percent to 49,240.99 [5] - Advanced Micro Devices (AMD) saw a significant drop of 10.1 percent in pre-market trading after disappointing first-quarter guidance, despite reporting better-than-expected fourth-quarter results [2][3] - Conversely, Super Micro Computer (SMCI) shares surged by 9.5 percent in pre-market trading after exceeding fiscal second-quarter estimates and raising its full-year revenue forecast [3] Sector Performance - Software stocks performed poorly, with the Dow Jones U.S. Software Index declining by 3.5 percent, marking its lowest closing level in over nine months [6] - Semiconductor stocks also faced substantial weakness, with the Philadelphia Semiconductor Index tumbling by 2.1 percent, and NXP Semiconductors (NXPI) shares dropping by 4.5 percent despite exceeding analyst estimates [7] - Retail giant Walmart (WMT) benefited from the rotation out of tech, surging by 2.9 percent and surpassing a $1 trillion market capitalization [7][8] - Gold stocks experienced a rebound, with the NYSE Arca Gold Bugs Index spiking by 4.4 percent amid rising gold prices [9] International Markets - Asian stocks ended mixed, with software stocks declining due to fears over AI impacting future growth [12] - The Eurozone's inflation rate dropped to 1.7 percent in January, below the 2 percent target, influenced by falling energy prices and a stronger euro [18] - The Eurozone private sector recorded its slowest growth in January, with a composite output index of 51.3, indicating expansion for the thirteenth consecutive month [20]

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]

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]

Core Viewpoint - GSK forecasts slower sales growth in 2026 while maintaining a long-term sales target of over 40 billion pounds ($55 billion) by 2031, amid challenges from patent expiries for its top-selling HIV drugs [1] Group 1: Financial Performance - GSK reported core earnings per share of 25.5 pence for the three months ended December 31, with sales rising 8% to 8.62 billion pounds, exceeding expectations [3] - The company expects revenue growth of 3% to 5% in 2026, down from a 7% increase in 2025, attributed to foreign exchange pressures [4] Group 2: Leadership and Strategy - New CEO Luke Miels faces challenges in delivering commercial success while managing U.S. tariffs and patent expiries for HIV drugs in 2028 [2] - Miels emphasized that 2026 will be a key year for execution and operational delivery [3] Group 3: Market Reaction - GSK's shares initially fell about 1% but later rose by 2.3% to 1,990 pence, marking their highest level in over 24 years [2] Group 4: Business Segments - The specialty medicines business is expected to report low-double-digit growth, while sales from the vaccines business and general medicines unit are projected to decline by a low-single-digit percentage or remain stable [6] - GSK's recent $2.2 billion offer for RAPT Therapeutics for an experimental food allergy drug and five regulatory approvals for new treatments are crucial for sustaining growth [5]

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 ...

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]