Core Insights - GSK's shares have increased by approximately 8% since the last earnings report, outperforming the S&P 500 [1] - The company reported core earnings of 59 cents per American depositary share (ADS), exceeding the Zacks Consensus Estimate of 53 cents, although core earnings declined by 20% year-over-year [2] - Quarterly revenues rose by 1% to $10.4 billion (£8.12 billion), surpassing the Zacks Consensus Estimate of $10.00 billion [2] Segment Performance - Specialty Medicines segment saw a 17% increase in sales, driven by strong growth in HIV, Immunology/Respiratory, and Oncology [5] - General Medicines sales increased by 6%, supported by strong demand for the asthma inhaler Trelegy Ellipta [14] - Vaccine sales declined by 12%, primarily due to lower sales of the RSV vaccine Arexvy and shingles vaccine Shingrix [16] Specialty Medicines Details - HIV sales rose by 14%, with significant contributions from the dolutegravir franchise, which saw an 8% increase in sales [5][6] - New long-acting medicines Cabenuva and Apretude experienced sales growth of 43% and 65%, respectively, contributing over 50% to total HIV growth [7] - Oncology sales surged by 72%, driven by strong demand for Jemperli and Ojjaara [8] General Medicines Insights - Trelegy Ellipta sales surged by 17%, while sales of established drugs like Advair/Seretide declined by 2% [14] - General Medicines sales are expected to remain stable in 2025, with volume growth offset by pricing pressures [15] Vaccine Performance - Arexvy sales fell by 69% year-over-year, while Shingrix sales decreased by 4% due to lower demand [16][17] - Meningitis vaccine Bexsero sales rose by 39%, while Menveo sales declined by 41% [19] Financial Outlook - GSK expects sales growth of 3-5% in 2025, with Specialty Medicines driving this growth [21] - The company plans to buy back up to £2 billion of shares over the next 18 months [22] - A dividend of 64p is planned for 2025, reflecting a 5% increase year-over-year [23] Long-Term Guidance - GSK raised its long-term sales outlook for 2031 to over £40 billion, up from a previous estimate of over £38 billion [24] - Specialty Medicines are expected to account for more than 50% of sales by 2031 [24] - The company maintained its guidance for 2021-2026, expecting sales growth of more than 7% and core operating profit growth of more than 11% on a CAGR basis [25]