Financial Data and Key Metrics Changes - Group sales increased by 6% for the quarter, core operating profit rose by 12%, and core earnings per share grew by 15% to 46.5p [3][4] - Cash generation remained strong with £3.7 billion generated in the first half, supporting further investments and shareholder returns [4][55] - The dividend for the quarter was 16p, and over £800 million of the share buyback program has been completed [4][55] Business Line Data and Key Metrics Changes - Specialty medicines sales grew by 15%, while vaccine sales increased by 9% in the quarter [3][33] - The oncology portfolio saw a significant increase of 42%, with Gempelli for endometrial cancer up 91% and Adjara sales up 69% [36] - The HIV portfolio grew by 12%, driven by strong demand for long-acting injectables and Dovato, with Cabanuva and Aptitude showing robust growth [40][41] Market Data and Key Metrics Changes - Sales for vaccines in Q2 were £2.1 billion, up 9%, primarily driven by strong demand for Shingrix and meningitis vaccines [46] - Shingrix sales grew by 6% globally, with 72% of sales coming from outside the US [46] - The general medicines segment declined by 6% due to tough comparisons and continued generic competition [50] Company Strategy and Development Direction - The company is focused on investing for growth, particularly in specialty medicines and vaccines, with a commitment to R&D and business development [5][8] - GSK aims to drive a step change in performance following the demerger of Halion, with expectations to reach over £40 billion in sales by 2031 [11][12] - The company is prioritizing capital allocation towards high-potential assets and expanding its pipeline in areas of high unmet need [8][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the top end of financial guidance for 2025, citing strong performance and pipeline prospects [4][62] - The company remains optimistic about its long-term outlook, with a focus on delivering transformational specialty medicines and vaccines [13][32] - Management highlighted the importance of maintaining momentum in R&D and the potential for significant growth in various therapeutic areas [30][32] Other Important Information - The FDA has extended the review period for BLENREP, with a new target action date of October 23, 2025 [7][22] - The company is expanding its voluntary license agreement with the Medicines Patent Pool to include long-acting cabotegravir for HIV treatment and prevention [4][5] - GSK's overall planned investment in the USA is expected to be in the tens of billions of dollars over the next five years [10] Q&A Session Summary Question: Clarification on Camlopixant and Blendrep - Management confirmed that the updated PDUFA date for Blendrep is in October and expressed confidence in the ramp-up of Glenrep, with no change to expectations for 2028 and 2031 outlooks [65][67] Question: Confidence in Blendrep Approval and Impact on Margins - Management reiterated high confidence in Blendrep's approval and its importance for maintaining margins, emphasizing ongoing constructive dialogue with the FDA [73][78] Question: Supply Chain Costs and Gross Margin Expectations - Management indicated that while supply chain optimization charges are impacting gross margin, specialty growth is expected to drive improvement overall [87][88]
GSK(GSK) - 2025 Q2 - Earnings Call Transcript