On February 4, 2026 GSK reported strong 2025 performance and re-affirms long-term outlooks.
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Sales, profit and earnings growth driven by strong Specialty Medicines performance
Total 2025 sales £32.7 billion +4% AER; +7% CER
Specialty Medicines sales £13.5 billion (+17%); Respiratory, Immunology & Inflammation £3.8 billion (+18%); Oncology
£2.0 billion (+43%); HIV sales £7.7 billion (+11%)
Vaccines sales £9.2 billion (+2%); Shingrix £3.6 billion (+8%); Meningitis vaccines £1.6 billion (+12%); and Arexvy £0.6
billion (+2%)
General Medicines sales £10.0 billion (-1%); Trelegy £3.0 billion (+13%)
Total operating profit >100% and Total EPS >100% driven by lower Significant legal expenses, lower CCL charges and
higher other operating income, partly offset by intangible asset impairments
Core operating profit +11% and Core EPS +12% reflecting Specialty Medicines and Vaccines growth, SG&A productivity,
higher royalty income and disciplined increased investment in R&D portfolio progression in Oncology and Vaccines
Cash generated from operations of £8.9 billion with free cash flow of £4.0 billion
2025 Q4 2025
£m % AER % CER £m % AER % CER
Turnover 32,667 4 7 8,618 6 8
Total operating profit 7,932 97 >100 1,100 58 65
Total operating margin % 24.3% 11.5ppts 11.9ppts 12.8% 4.2ppts 4.6ppts
Total EPS 141.1p >100 >100 15.8p 56 65
Core operating profit 9,783 7 11 1,634 14 18
Core operating margin % 29.9% 0.7ppts 1.1ppts 19.0% 1.4ppts 1.6ppts
Core EPS 172.0p 8 12 25.5p 10 14
Cash generated from operations 8,943 14 2,689 4
R&D momentum further strengthens growth prospects:
Strong pipeline progress in 2025:
5 major FDA approvals: Blenrep, Exdensur, Nucala COPD, Penmenvy, Blujepa
7 pivotal trial starts including: risvutatug rezetecan (ris-rez) for 2L/3L ES-SCLC; efimosfermin in MASH; Exdensur for COPD; and velzatinib for 2L GIST
RI&I and Oncology pipelines strengthened:
New assets acquired: efimosfermin (liver disease); velzatinib/IDRX-42 (gastrointestinal cancer); and agreement to acquire ozureprubart (food allergies)
Agreements/collaborations with Hengrui (RI&I and oncology); Empirico (COPD); and LTZ Therapeutics (oncology)
29 projects currently in clinical development for RI&I and Oncology diseases
Further pipeline acceleration expected in 2026:
2 new major product approvals expected: bepirovirsen, potential first-in-class treatment for chronic hepatitis B; and tebipenem, first oral treatment for complicated UTIs
5 pivotal readouts: bepirovirsen for chronic hepatitis B (positive); camlipixant (chronic cough); Jemperli (rectal cancer); Q4M HIV PrEP; and Exdensur for EGPA
10 pivotal trial starts, including for ADCs B7-H3 (ris-rez) & B7-H4 (mocertatug rezetecan, mo-rez) to treat multiple cancer types
Continued commitment to shareholder returns
Q4 2025 dividend of 18p declared; 66p FY 2025; 70p expected for full year 2026
£1.4 billion executed to date as part of the £2 billion share buyback programme announced at FY 2024
2026 guidance and 2031 sales outlook reaffirmed
Expect 2026 turnover growth of between 3% to 5%; Core operating profit growth of between 7% to 9%; Core EPS growth of between 7% to 9%
2031 sales outlook of more than £40 billion
Luke Miels, Chief Executive Officer, GSK:
"GSK delivered another strong performance in 2025, driven mainly by Specialty Medicines, with double-digit sales growth in
Respiratory, Immunology & Inflammation (RI&I), Oncology and HIV. Good R&D progress also continued, with 5 major product
approvals achieved and several acquisitions and new partnerships completed to strengthen the pipeline further in oncology and RI&I. We expect this positive momentum to continue in 2026, which will be a key year of execution and operational delivery with strong focus on commercial launches and accelerating R&D. We are well placed to move forward in this next phase for GSK – to deliver our outlooks – and to create new value for patients and shareholders."
Assumptions and cautionary statement regarding forward-looking statements
The Group’s management believes that the assumptions outlined above are reasonable, and that the guidance,
outlooks, and expectations described in this report are achievable based on those assumptions. However, given the
forward-looking nature of these guidance, outlooks, and expectations, they are subject to greater uncertainty, including
potential material impacts if the above assumptions are not realised, and other material impacts related to foreign
exchange fluctuations, macro-economic activity, the impact of outbreaks, epidemics or pandemics, changes in
legislation, regulation, government actions and policies, including the impact of any potential tariffs or other restrictive
trade policies on the Group’s products, or intellectual property protection, product development and approvals, actions
by our competitors, and other risks inherent to the industries in which we operate.
This document contains statements that are, or may be deemed to be, "forward-looking statements". Forward-looking
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financial performance. In particular, these include statements relating to future actions, prospective products or
product approvals, future performance or results of current and anticipated products, sales efforts, expenses, the
outcome of contingencies such as legal proceedings, dividend payments and financial results. Other than in
accordance with its legal or regulatory obligations (including under the Market Abuse Regulation, the UK Listing Rules
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obligation to update any forward-looking statements, whether as a result of new information, future events or
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Accordingly, no assurance can be given that any particular expectation will be met and readers are cautioned not to
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All guidance, outlooks and expectations should be read together with the guidance and outlooks, assumptions and
cautionary statements in this full year and Q4 2025 earnings release and in the Group’s 2024 Annual Report on Form
20-F.
Forward-looking statements are subject to assumptions, inherent risks and uncertainties, many of which relate to
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important factors, including those in this document, could cause actual results to differ materially from those expressed
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the Group speak only as of the date they are made and are based upon the knowledge and information available to
the Directors on the date of this report.
(Press release, GlaxoSmithKline, FEB 4, 2026, View Source [SID1234662470])