Overview
- Full-year 2025 sales reached £32.7bn (+7% at constant rates) with core operating profit up 11% and core EPS up 12%, and the dividend raised to 66p.
- For 2026 GSK guided sales growth of 3–5% and core profit/EPS growth of 7–9%, flagging a second-half weighting and currency headwinds of roughly −3% to sales and −6% to profit at recent rates.
- Specialty medicines rose 17% on strength in respiratory, oncology and HIV, including rapid growth for Jemperli, Dovato and Cabenuva.
- Free cash flow improved as Zantac settlements neared completion, with £1.2bn paid in 2025 and £1.9bn in total and management describing the process as materially complete.
- CEO Luke Miels reaffirmed a 2031 sales goal of more than £40bn, highlighted the planned $2.2bn purchase of RAPT, and began simplifying R&D operations including reported reductions of up to around 350 roles.