Gsk Plc · LSE:GSK
Gsk — Q3 2025 Earnings Presentation
40 slides from Gsk's earnings presentation, Oct 29, 2025
Slide 1: Q3 2025 Results
29 October 2025 Q3 2025 Results Conference call and webcast for investors and analysts gsk.com
Slide 2: Agenda
Agenda Q3 2025 strong performance improves further Emma Walmsley Performance: growth drivers Luke Miels and Deborah Waterhouse Q3 2025 financial performance Julie Brown Summary and Q&A Emma Walmsley, Luke Miels, Deborah Waterhouse, Julie Brown, Tony Wood and David Redfern 2
Slide 3: Cautionary statement regarding forward-looking statements
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 t
Slide 4: Q3 2025 strong performance improves further
Q3 2025 strong performance improves further Emma Walmsley, Chief Executive Officer 4
Slide 5: Q3 Highlights
2025 strong performance Q3 Highlights improves further Sales Core operating profit FY2025 Guidance upgraded £8,547m £2,985m Q3 performance again demonstrates quality and strength of GSK portfolio +8% +11% Sales driven by sustained growth in Specialty Medicines (+16%): RI&I, Core EPS Cash generated f
Slide 6: Investing for growth remains top capital allocation priority
Investing for growth remains top capital allocation priority 15 scale opportunities launching by 20311 depemokimab2/ Nucala COPD Investment behind launch assets camlipixant R&D pipeline - ongoing clinical ULA COPD3 development Respiratory, Immunology and Inflammation (RI&I) efimosfermin More than 35
Slide 7: Strong commitment to growth
Strong commitment to growth 18 quarters of successive sales growth1 and FY2025 guidance upgraded 2025 Guidance at CER 2021-2026 Outlook 2031 Outlook • Sales growth: 3-5% to 6-7% • >7% Sales CAGR2 • >£40bn Sales by 2031 • Core OP growth: 6-8% to 9-11% • >11% core OP3 CAGR • Continued focus on margin
Slide 8: Performance: growth drivers
Performance: growth drivers Luke Miels, Chief Commercial Officer Deborah Waterhouse, CEO, ViiV Healthcare and President, Global Health 8
Slide 9: Q3 growth demonstrates strong Specialty performance
Q3 growth demonstrates strong Specialty performance Growth across all product areas and regions Sales contribution by product area Sales contribution by region Specialty Medicines Vaccines General Medicines US Europe International 9,000 +8% 9,000 +8% +2% +2% 8,000 8,000 7,000 7,000 +16% +19% 6,000 6
Slide 10: Specialty Medicines
Specialty Medicines Continued momentum across all therapy areas drives upgraded guidance Respiratory, Immunology and Inflammation (RI&I) £954m Sales contribution by therapy area • Benlysta £447m up 17% with all global guidelines supporting early use of RI&I Oncology HIV biologics with Benlysta as a
Slide 11: Specialty Medicines: Nucala COPD and depemokimab
Specialty Medicines Strong Nucala COPD launch gives confidence for depemokimab launch Nucala: Strong start for COPD1 launch depemokimab: twice yearly dosing growing • Wide spectrum of COPD patients with EOS2 as low as market and impact ≥150 cells/µL • Only 27% of eligible patients currently receive
Slide 12: Oncology progressing with launch-ready medicines and differentiated pipeline
Specialty Medicines Oncology progressing with launch-ready medicines and differentiated pipeline Europe and International: approval in 2L+ in 7 Key oncology pipeline assets markets GSK ‘227 - B7-H3 Blenrep US: approved in 3L+3 • 51% reduction in risk of death, triple PFS4 in indicated population vs
Slide 13: HIV performance
HIV performance Strong, competitive performance in Q3 for long-acting injectables drives upgraded guidance Continued momentum across LAIs portfolio1 Sales +12% (£1.9bn), primarily driven by strong patient demand Cabenuva Apretude • Cabenuva +48% (£357m) • Apretude +75% (£120m) 500 400 +75% Competiti
Slide 14: HIV pipeline momentum
HIV pipeline momentum Multiple long-acting options – well positioned to drive sustained, long-term performance and the ongoing transition of the portfolio to long acting injectables HIV percentage portfolio shift over time1 Regimen Asset(s) and optionality Launch LAIs Others Four-monthly CAB ULA3 +
Slide 15: Vaccines
Vaccines Europe and International demand driving growth Shingles (Shingrix) £830m up 13% Sales contribution by region • EU sales up 48% due to strong demand across France, Germany, Netherlands, Poland and International sales up 21% through expanded public funding in Japan US Europe International • ~
Slide 16: General Medicines
General Medicines Trelegy growth partially offset by other respiratory and General Medicines Respiratory £1,702m Sales contribution by disease area Trelegy £736m +25% • Strong double digit volume growth across all regions Respiratory Other General Medicines • GOLD guidelines, new data and competitiv
Slide 17: Q3 2025 financial performance
Q3 2025 financial performance Julie Brown, Chief Financial Officer 17
Slide 18: Further operational leverage delivered in Q3 2025
Further operational leverage delivered in Q3 2025 Q3 2024 Q3 2025 AER CER Sales +8% & Operating Profit +11% Core results £m £m % % Sales 8,012 8,547 7 8 • Operating Margin +90bps Cost of sales (1,921) (2,059) 7 7 - SG&A +5% driven by product launches Gross profit 6,091 6,488 7 8 - R&D reflects accel
Slide 19: Q3 2025 core operating margin
Q3 2025 core operating margin Productivity gains supporting accelerated R&D investment and margin improvement +90bps +100bps 35.4% 34.2% 0.3% 0.3% 0.3% 0.5% 0.6% 33.9% 0.7% 0.3% 34.9% 0.5% 0.2% 0.2% 34.5% 33.2% Q3 2024 Gross SG&A R&D Royalties Q3 2025 Currency Q3 2025 Sep’24 Gross SG&A R&D Royalties
Slide 20: Strong cash performance, free cash flow up £1.1bn year on year
Strong cash performance, free cash flow up £1.1bn year on year Cash generated from operations of £6.3bn, £6.9bn ex Zantac Sep YTD Sep YTD Sep YTD 2025 CGFO1 £6.3bn; £6.9bn ex Zantac, up £1.7bn YoY2 2024 2025 ex-Zantac settlement • Increased operating profit Core operating profit 7,717 8,149 8,149 •
Slide 21: Capital deployment prioritises business growth and shareholder returns
Capital deployment prioritises business growth and shareholder returns +1.3 14.4 0.7 0.2 13.1 1.1 1.9 5.6 2.7 £bn 0.8 Shareholder Invest for Growth Returns 31 Dec 2024 FCF ex-Capex Capex - PP&E Business Dividends to Share Zantac FX and 30 Sep 2025 Net debt & ex Zantac development 2 shareholders Buyb
Slide 22: FY 2025 guidance
FY 2025 guidance 2025 guidance upgraded driven by Specialty performance and disciplined P&L management Sales1 Core operating profit1 Core earnings per share1,2 6-7% 9-11% 10-12% Product group sales growth guidance1 P&L modelling considerations1 Specialty Medicines: grow mid-teens % Gross margin: ben
Slide 23: IR Roadmap 2025 to 2026
IR Roadmap 2025 to 2026 H1 2025 H2 2025 H1 2026 H2 2026** Execution • Nucala COPD 1 • Blenrep 2L+ Multiple myeloma 3L • depemokimab SA 7, CRSwNP 3 • tebipenem cUTI 5 (US launches) • Blujepa uUTI 2 • Penmenvy 1st gen Pipeline • Blenrep 2L+ Multiple myeloma (JP) • Blenrep 2L+ Multiple myeloma (E
Slide 24: Delivering strong and sustained momentum for patients and shareholders
Delivering strong and sustained momentum for patients and shareholders Delivering strong 2025 Commitment to future Well positioned to deliver performance, driving growth outlook through continued impact for guidance upgrade and investment in the pipeline patients and sustained demonstrating quality
Slide 25: Q&A
Q&A 25
Slide 26: Q3 2025 Total to core operating profit reconciliation
Q3 2025 Total to core operating profit reconciliation Q3 2024 Q3 2025 Key commentary on CER basis Operating profit (£m) Operating profit (£m) Total results 189 2,593 Prior year impacted by additional amortisation Intangible amortisation 415 198 for Zejula and Jemperli Intangible impairment 17 112 Ma
Slide 27: Improved core earnings per share with +14% growth at CER
Improved core earnings per share with +14% growth at CER Q3 2024 Q3 2025 Key commentary on CER basis £m £m Core operating profit (OP) 2,761 2,985 Net finance expense (114) (132) Share of associates (1) (5) Tax (461) (455) Tax rate 17.4% 16.0% Lower tax rate a result of the timing of settlements Non-
Slide 28: Quarterly summary of core results
Quarterly summary of core results 2024 2025 Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Sales (£m) 7,363 7,884 8,012 8,117 31,376 7,516 7,986 8,547 Operating profit (£m) 2,443 2,513 2,761 1,431 9,148 2,533 2,631 2,985 Operating margin 33.2% 31.9% 34.5% 17.6% 29.2% 33.7% 32.9% 34.9% Earnings per share (p) 43.1 43.
Slide 29: Currency
Currency 2024 currency sales exposure1 2025 core operating profit Currency sensitivity US $ 52% US $: 10 cents movement in the average exchange rate for full year impacts If exchange rates were to hold at the closing rates on core operating profit by approx. +/- 8% 30 September 2025 ($1.34/£1, €1.14
Slide 30: 2025 full year outlook considerations to support modelling
2025 full year outlook considerations to support modelling 2024 2025 2025 2025 2021 – 2026 2021 – 2026 2021 – 2026 Growth Guidance Guidance Guidance 2025 assumptions BIU BIU BIU excl. COVID (Feb 25) (Jul 25) (Oct 25) (2021) (2024) (2025) Turnover 8% 3-5% 3-5% 6-7% >5% CAGR >7% CAGR >7% CAGR Low to m
Slide 31: Upcoming pipeline catalysts: 2025 and 2026
RI&I Oncology Upcoming pipeline catalysts: 2025 and 2026 HIV Infectious Diseases H2 2025 H1 2026 H2 2026 Regulatory depemokimab: asthma US depemokimab: asthma EU. CN, JP linerixibat: cholestatic pruritus in PBC3 EU decision depemokimab: CRSwNP 1 US depemokimab: CRSwNP 1 EU. CN, JP Ventolin (low carb
Slide 32: 62 potential new vaccines and medicines in pipeline
RI&I Oncology 62 potential new vaccines and medicines in pipeline HIV Infectious Diseases Phase III / Registration ) depemokimab (GSK3511294) Long-acting anti-IL5 antibody* Asthma^** 16 linerixibat (GSK2330672) IBAT inhibitor Cholestatic pruritus in primary biliary cholangitis^ Nucala (mepolizumab)
Slide 33: 62 potential new vaccines and medicines in pipeline
RI&I Oncology 62 potential new vaccines and medicines in pipeline HIV Infectious Diseases Phase II Benlysta (belimumab) Anti-BLys antibody Systemic sclerosis associated ILD1,2** 20 efimosfermin alfa (GSK6519754) FGF21 analog* MASH3 GSK4527226 (AL-101) Anti-sortilin antibody* Alzheimer’s disease GSK4
Slide 34: 62 potential new vaccines and medicines in pipeline
RI&I Oncology 62 potential new vaccines and medicines in pipeline HIV Infectious Diseases Phase I GSK3862995 Anti-IL33 antibody COPD1** 26 GSK3888130 Anti-IL7 antibody* Autoimmune disease GSK4347859 Interferon pathway modulator Systemic lupus erythematosus GSK4527363 B-cell modulator Systemic lupus
Slide 35: Changes since Q2 2025
Changes since Q2 2025 Changes on pipeline Achieved pipeline catalysts Progressed to Phase III Regulatory decisions Blenrep: 3L+ MM3 US GSK5764227: ADC targeting B7-H3, ES-SCLC1 Shingrix: 18+ YoA4 AIR5 CN New to Phase I Regulatory submission acceptances GSK6582701: PDE3/4 inhibitor, COPD2 gepotidacin
Slide 36: HIV: Clear roadmap to deliver industry leading, competitive long-acting innovation
HIV: Clear roadmap to deliver industry leading, competitive long-acting innovation 2025 2026 2027 2028 2029 2030 2031 2039+ Four-monthly Registrational File and launch study start (CAB ULA1 + RPV2) (Q4M) Treatment File and launch Twice-yearly Regimen Registrational (VH184 or CAB ULA or VH310 (Q6M) s
Slide 37: Glossary
Glossary ADC Antibody-drug conjugate GIST Gastrointestinal stromal tumor PFS2 Time to second disease progression or death AE Adverse event GMMA Generalised Modules for Membrane Antigens PK Pharmacokinetics AESI Adverse event of special interest HBV Hepatitis B virus PKD Polycystic kidney disease AIR
Slide 38: Assumptions and basis of preparation related to 2025 guidance, 2021-26 and 2031 outlooks
Assumptions and basis of preparation related to 2025 guidance, 2021-26 and 2031 outlooks In outlining the guidance for 2025, and outlooks for the period 2021-26 and for 2031, the Group has made certain assumptions about the macro-economic environment, the healthcare sector (including regarding exist
Slide 39: Use of GSK conference call, webcast and presentation slides
Use of GSK conference call, webcast and presentation slides The GSK plc webcast, conference call and presentation slides (together the ‘GSK materials’) are for your personal, non-commercial use only. You may not copy, reproduce, republish, post, broadcast, transmit, make available to the public, sel
Slide 40: gsk.com
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