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]

该公司还维持了今年利润增长7%至9%的指引。部分分析师此前预计的指引约为每股收益增长 6%至8%，新任首席执行官卢克·米尔斯为这一年设定了一个可能被超越的目标，其中抗癌药物 Blenrep有望提振收入。 葛兰素史克预计 2026 年营业额增长 3% 至 5%；核心营业利润增长 7% 至 9%；核心每股收 益增长 7% 至 9%。该公司预计到 2031 年销售额将超过 400 亿英镑。 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 于治疗肺部疾病的哮喘药物。财报显示，葛兰素史克四季度营收达 86.2 亿英镑，同比增长 6.3%，超 出预期 1.7 亿英镑；调整后每股收益为 25.5 便士(约合 35 美分)，高于分析师的预期。 该公司经营活动产生的现金流为 89 亿英镑，自由现金流为 40 亿英镑。 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 ...

Core Insights - GSK reported a strong performance in 2025 with sales growth of 7% at constant exchange rates, reaching over £32 billion, and core operating profit increasing by 11% [3][6] - The company emphasized its focus on specialty medicines, which saw a significant increase of 17%, driven by respiratory, oncology, and HIV segments [5][9] - GSK's guidance for 2026 includes sales growth of 3-5% and core operating profit and EPS growth of 7-9%, alongside a proposed dividend increase of 6% to £0.70 [6][7] Financial Performance - Free cash flow rose to £4.0 billion, with £1.2 billion in Zantac payments expected in 2025, and total shareholder distributions of £4.0 billion through dividends and buybacks [1][3] - Operating margin improved by 110 basis points to 29.9%, driven by better SG&A margins and a shift towards specialty medicines [2][6] - Cash generated from operations was £8.9 billion, supporting investments and a dividend increase of 2p to 66p [3][6] Commercial and Pipeline Developments - Specialty medicines are expected to continue growing at a low double-digit percentage, with HIV products showing mid- to high single-digit growth [7][8] - The company highlighted the importance of upcoming product launches, particularly Extensa and Blenrep, with a focus on execution in 2026 [14][15] - GSK secured five FDA approvals in 2025 and initiated seven new pivotal trials, indicating a robust pipeline and commitment to accelerating development timelines [17][18] Market Trends and Strategic Focus - The company is experiencing broad-based sales growth across all regions, with notable increases in respiratory (18%), oncology (43%), and HIV (11%) segments [9][12][11] - GSK's management is prioritizing business development and simplifying operations while increasing the use of technology such as AI [4][19] - The planned acquisition of RAPT Therapeutics aims to advance the development of Ozuriquibat, a long-acting anti-IgE monoclonal antibody [19]

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]

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 ...

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 - Bristol Myers Squibb (BMY) and GSK PLC (GSK) are leading global biopharma companies with diverse portfolios [1][2] - BMY focuses on transformational therapies across various serious conditions, while GSK has strong positions in HIV, oncology, and respiratory diseases, along with a robust vaccine business [1][2] BMY Overview - BMY's growth portfolio includes drugs like Opdivo, Reblozyl, and Breyanzi, which have shown strong performance and contributed to top-line growth [4][7] - Opdivo sales are driven by its launch in MSI-high colorectal cancer and growth in non-small cell lung cancer, with global sales expected to increase in the high single-digit to low double-digit range by 2025 [5][6] - Reblozyl is annualizing over $2 billion in sales, significantly boosting BMY's revenue [7] - BMY's legacy portfolio is declining, with expectations of a 15-17% decrease in 2025, primarily due to generic competition [10][11] - The company is pursuing acquisitions to enhance its portfolio, including the recent acquisition of Orbital Therapeutics [12][14] GSK Overview - GSK's Specialty Medicines unit is experiencing strong sales growth, driven by successful launches in oncology and long-acting HIV medicines [15] - Key drugs like Nucala and Dovato are significant revenue drivers, with new products expected to further enhance growth [15][17] - GSK's vaccine portfolio is under pressure, but new approvals like Penmenvy are anticipated to help revive growth [18] - GSK has a deep pipeline with promising candidates in late-stage development, which should support future growth [19] Financial Estimates - BMY's 2025 sales are expected to decrease by 0.80%, while EPS is projected to increase by 460% due to low EPS figures in 2024 [20] - GSK's 2025 sales are estimated to grow by 6.92%, with EPS growth of 12.10% [21] Price Performance and Valuation - GSK shares have outperformed BMY over the past year, gaining 42.8% compared to BMY's loss of 3.1% [22] - GSK's shares trade at a forward P/E ratio of 9.85, slightly higher than BMY's 9.19 [23] - BMY offers a higher dividend yield of 4.56% compared to GSK's 3.53% [26] Investment Considerations - Both companies are considered safe investments in the biopharma sector, but GSK is viewed as a better pick due to its diversified portfolio and stronger recent performance [27][29]

GSK FY Conference Summary Company Overview - **Company**: GSK (NYSE:GSK) - **Event**: 2026 J.P. Morgan Healthcare Conference - **Date**: January 13, 2026 Key Industry Insights R&D Achievements - GSK achieved **13 positive phase 3 readouts** in 2024 and **5 out of 5 approvals** in 2025, indicating strong pipeline execution [3][4] - The company anticipates **15 scale launches** with potential peak sales exceeding **$2 billion** by 2031, supported by a pipeline of approximately **25 assets** [3][4] Notable Drug Approvals - **Depemokimab (Xtensia)**: First ultra-long-acting biologic for respiratory disease, effective in reducing severe exacerbations in eosinophilic asthma by **70%** with only two administrations per year [4] - **Nucala**: Approved for COPD, preventing **35%** of exacerbations leading to hospitalization, addressing a significant healthcare burden in the U.S. with **1.8 million ED visits** annually [5] - **Blenrep**: Approved in the U.S. for third-line treatment of myeloma, with a market projected to grow from **$20 billion** to **$40 billion** by the end of the decade [48] Pipeline and Future Developments - GSK is focusing on **chronic hepatitis B** with a potential **15%-20% functional cure** in selected populations, a significant advancement after 30 years [7][9] - The company plans to initiate **up to 10 new pivotal studies** in 2026, continuing to build on the momentum of its late-stage development pipeline [10] R&D Productivity and Technology - GSK's end-to-end success rates from preclinical to approval have more than **doubled since 2018** [13] - Cycle times for major market approvals have halved from **2021 to 2024**, indicating improved efficiency in R&D processes [14] - The application of **AI and machine learning** is being utilized to enhance R&D efficiency, particularly in reducing attrition rates at phase two and improving target selection [16][17] Business Development and Collaborations - GSK is actively pursuing business development opportunities, focusing on assets that can drive near-term sales by **2031** [22] - Recent collaborations include partnerships with **Boston Pharmaceuticals** and **Summit** to enhance their pipeline [22][23] Market Insights and Patient Impact - The launch of **Xtensia** is expected to become standard care for severe eosinophilic asthma, with **80%** of pulmonologists recognizing its potential [26] - GSK is addressing the unmet needs in **refractory chronic cough**, with **28 million patients** globally, and aims to provide a significant improvement in treatment options [40][41] Oncology Developments - **Blenrep** is positioned as a convenient treatment option for myeloma patients, with a focus on community use where **70%** of patients are treated [49] - The company is exploring further studies to expand Blenrep's use into second-line and first-line treatments, with potential re-filing by **2028** [50] Conclusion GSK is demonstrating strong momentum in its R&D pipeline with significant drug approvals and a focus on innovative treatments across various therapeutic areas. The company is leveraging technology to enhance productivity and is committed to addressing unmet medical needs in chronic diseases and oncology.