Gsk Plc · LSE:GSK
Gsk — Q4 2025 Earnings Presentation
47 slides from Gsk's earnings presentation, Feb 4, 2026
Slide 1: FY and Q4 2025 Results
4 February 2026 FY and Q4 2025 Results Conference call and webcast for investors and analysts gsk.com
Slide 2: Agenda
Agenda Strong 2025 performance, 2026 priorities Luke Miels Performance: growth drivers Nina Mojas and Deborah Waterhouse Pipeline progress Tony Wood FY 2025 performance and 2026 guidance Julie Brown Summary and Q&A Luke Miels, Nina Mojas, Deborah Waterhouse, Tony Wood, Julie Brown and David Redfern
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: 2025 performance: Specialty Medicines growth drives strong sales and earnings delivery
2025 performance: Specialty Medicines growth drives strong sales and earnings delivery Sales Core operating profit Core EPS £32.7bn £9.8bn 172.0p +7% +11% +12% Cash generated from Dividend per share Responsible Business rating operations £8.9bn 66p On track 1 2026 guidance: sales growth 3-5% and cor
Slide 5: Key focus areas to drive value
Key focus areas to drive value Deliver Accelerate Simplify how growth R&D we work Maximise launch of next wave Focus on bringing late-stage Reduce complexity, focus resources products, ensure success in overall pipeline to patients faster on what matters most and operational execution and executing
Slide 6: Performance: growth drivers
Performance: growth drivers Nina Mojas, President, Global Product Strategy Deborah Waterhouse, CEO, ViiV Healthcare and President, Global Health 6
Slide 7: Full year growth driven by Specialty momentum
Full year growth driven by Specialty momentum Growth across all regions Sales contribution by product area Sales contribution by region Specialty Medicines Vaccines General Medicines US Europe International +7% +7% 35,000 £32.7bn 35,000 £32.7bn +8% +8% 30,000 30,000 +17% 25,000 +19% 25,000 £13.5bn +
Slide 8: Specialty Medicines
Specialty Medicines Continued momentum across all therapy areas Respiratory, Immunology and Inflammation (RI&I) £3,810m Sales contribution by therapy area • Benlysta £1,773m up 22%, preferred treatment option by all major global guidelines; 82% market share of US biologic naïve patients RI&I Oncolog
Slide 9: Strong Nucala COPD delivery ahead of key launches in 2026
Strong Nucala COPD delivery ahead of key launches in 2026 Nucala for COPD1 • Wide spectrum label with severe exacerbation reduction2,3 severe asthma • Halo effect on all indications • GOLD4 2026 signals a shift toward earlier use of biologics in COPD, with • Approved in US, UK and Japan. Regulatory
Slide 10: HIV: strong, competitive 2025 performance accelerates transition to long-acting portfolio
HIV: strong, competitive 2025 performance accelerates transition to long-acting portfolio Continued momentum across LAI1 portfolio HIV £7,687m up 11% driven by patient demand • Dovato £2,678m up 22% Cabenuva Apretude • Cabenuva £1,402m up 42% 2,000 • Apretude £439m up 62% +62% 1,500 Competitive exec
Slide 11: Vaccines
Vaccines Europe and International demand driving growth Shingles (Shingrix) £3,558m up 8% Sales contribution by region • EU sales up 42% due to strong demand US Europe International • International sales up 13% through expanded public funding in Japan • 44% cumulative IZ1 rate in US, now expect IZ p
Slide 12: General Medicines
General Medicines Trelegy double digit growth offset by other respiratory and General Medicines Respiratory £7,068m Sales contribution by disease area Trelegy £2,986m +13% Other General Medicines Respiratory • SITT1 market leader and top selling brand in asthma and COPD2 globally 3 12,000 +6% -1% Ot
Slide 13: Pipeline progress
Pipeline progress Tony Wood, Chief Scientific Officer 13
Slide 14: Accelerating late-stage pipeline and development of early-stage assets
Accelerating late-stage pipeline and development of early-stage assets Pipeline progress Recent business development8 2025 4 acquisitions 5 FDA approvals: • Including assets for RI&I, Oncology Penmenvy Meningococcal disease 10 partnerships/licensing agreements Blujepa uUTIs1 • Including Hengrui (RI&
Slide 15: RI&I: Leading in Respiratory with a unique COPD pipeline, including ultra long-acting assets
RI&I: Leading in Respiratory with a unique COPD1 pipeline, including ultra long-acting assets Late Stage Early Stage Exdensur (depemokimab) Options to address disease heterogeneity First ULA2 biologic for respiratory diseases3 • Phase II GSK ‘283 (ULA TSLP7) in asthma • ENDURA-1/2, VIGILANT in COPD
Slide 16: RI&I: Expanding to fibro-inflammation for lung, liver and kidney disease
RI&I: Expanding to fibro-inflammation for lung, liver and kidney disease Late Stage Metabolic dysfunction-associated steatohepatitis Efimosfermin: LA Q1M BIC1 potential in MASH2 • ZENITH-1/2 in F2/F3 MASH recruiting ≤300 million #2 Adults affected by MASH Cause of liver transplant in globally4,5 the
Slide 17: Bepirovirsen: functional cure for patients with chronic hepatitis B
Bepirovirsen: functional cure for patients with chronic hepatitis B B-WELL 1 and 2 showed clinically meaningful functional cure rates for bepirovirsen patients Double-blind Nucleot/side only Durability stage treatment stage stage W1 W24 W48 W72 W96 bepirovirsen QW (300 mg w/ LD) B-WELL 1 Primary end
Slide 18: Oncology – portfolio momentum with further development in haematological cancers and advances into solid tumours
Oncology – portfolio momentum with further development in haematological cancers and advances into solid tumours Approvals and LCI1 for late-stage portfolio Novel modalities progressing to PhIII Blenrep: first anti-BCMA ADC2 for multiple myeloma velzatinib: (GSK ‘981) KIT inhibitor for GIST7 accessi
Slide 19: Agreement to acquire RAPT Therapeutics
Agreement to acquire RAPT Therapeutics1 Ozureprubart: potentially best-in-class, long-acting anti-IgE in phase IIb for food allergy Ozureprubart has potential for: >17 million >1.3 million People in the US diagnosed People in the US suffering • A differentiated, simplified and less frequent with foo
Slide 20: Developing pipeline of best/first-in-class medicines and vaccines to address medical need and deliver growth
Developing pipeline of best/first-in-class medicines and vaccines to address medical need and deliver growth Total pipeline assets 5 FDA approvals in 2025 Exdensur1, Nucala COPD2, Blenrep3, 58 Blujepa4 and Penmenvy5 7 pivotal starts in 2025 efimosfermin6, ris-rez7, velzatinib for GIST8 and Exdensur
Slide 21: FY 2025 financial performance and 2026 guidance
FY 2025 financial performance and 2026 guidance Julie Brown, Chief Financial Officer Note: In this section some figures may not sum due to rounding. 21
Slide 22: Strong performance and operational leverage delivered in FY 2025
Strong performance and operational leverage delivered in FY 2025 FY 2024 FY 2025 AER CER Sales +7% & Operating Profit +11% Core results £m £m % % Sales 31,376 32,667 4 7 • Operating Margin +110bps: Cost of sales (7,870) (8,206) 4 5 - SG&A +3% driven by product launch investment Gross profit 23,506 2
Slide 23: FY 2025 core operating margin
FY 2025 core operating margin Productivity gains supporting accelerated R&D investment and margin improvement +110bps 30.3% 0.8% 0.4% 0.9% 0.6% 29.9% 0.4% 29.2% FY24 Gross SG&A 1 R&D Royalties FY25 Margin Currency FY25 Margin Margin Margin1 at CER at AER FY25: Core operating margin +110bps at CER 1.
Slide 24: Strong cash performance, cash generated from operations £8.9bn
Strong cash performance, cash generated from operations £8.9bn Free cash flow up £1.2bn year on year FY 2024 FY 2025 Core operating profit 9,148 9,783 CGFO1 £8.9bn; £10.1bn ex Zantac, up £1.6bn YoY2 Decrease/(Increase) in working capital (175) (622) • Increased operating profit Contingent considerat
Slide 25: Capital deployment prioritises business growth and shareholder returns
Capital deployment prioritises business growth and shareholder returns +1.4 £bn 14.5 0.2 1.2 13.1 1.4 2.6 8.1 3.1 1.3 Invest for Growth Shareholder Returns Net Debt / EBITDA Net Debt / EBITDA 1.2x 1.3x 31 Dec 2024 Underlying FCF Capex - PP&E Business Dividends to Share Zantac settlement 3 FX and 31
Slide 26: 2026 Guidance
2026 Guidance at CER Sales1 Core operating profit1 Core earnings per share1 Dividend 3-5% 7-9% 7-9% 70p Product group sales growth guidance1 P&L modelling considerations1 Specialty Medicines: grow low double digits % Gross margin: benefit from product mix & efficiencies HIV: grow mid single to high
Slide 27: Step change in performance delivered 2021-2026
Step change in performance delivered 2021-2026 Strong foundations set for next chapter of growth On track to deliver >7% sales growth On track to deliver >11% OP growth On track to deliver >£10bn CGFO in ‘26 Sales Growth ex-Covid1 Operating Profit Growth ex-Covid1 Cash generated from operations (£bn
Slide 28: Evolving GSK to create value for shareholders
Evolving GSK to create value for shareholders Topline growth Pipeline delivery Accelerated including >£40bn sales by 2031 GSK R&D output with continued focus on margin with product centricity, decisive progress and agility + continued BD improvement, with broadly stable OP margin through dolutegravi
Slide 29: Summary
Summary Creating value for patients and shareholders • Strong 2025 performance • 2026 guidance: sales growth 3-5% and core operating profit and core EPS growth 7-9% • Evolving GSK for long-term success with focus on growth, margins, operational execution and pipeline acceleration 29
Slide 30: Q&A
Q&A Luke Miels Chief Executive Julie Brown Chief Financial Officer Officer Deborah Tony Wood Waterhouse Chief Scientific Officer CEO, ViiV Healthcare Nina Mojas David Redfern President, President, Global Corporate Product Strategy Development
Slide 31: IR Roadmap 2025
IR Roadmap 2025 H1 2025 H2 2025 Execution • Nucala COPD 1 • Blenrep 2L+ Multiple myeloma 3L (US launches) • Blujepa uUTI 2 • Penmenvy 1st gen Pipeline Regulatory Decisions • Blenrep 2L+ Multiple myeloma (JP) • Blenrep 2L+ Multiple myeloma (EU) • Blujepa uUTI 2 (US) • Blenrep 2L+ Multiple
Slide 32: IR Roadmap 2026 to 2027
IR Roadmap 2026 to 2027 H1 2026 H2 2026** 2027** Execution • Exdensur SA 1 • tebipenem cUTI 4 • bepirovirsen chronic HBV 6 (US launches) Pipeline • Blenrep: 2L+ Multiple myeloma (CN) • bepirovirsen chronic HBV 6 (US,JP) • Arexvy 60+ YOA 5 (CN) Exdensur SA 1, CRSwNP 2 (EU,CN) Regulatory Decisions •
Slide 33: 2025 Total to core operating profit reconciliation
2025 Total to core operating profit reconciliation 2024 2025 Key commentary on CER basis Operating profit (£m) Operating profit (£m) Total results 4,021 7,932 Prior year impacted by additional amortisation Intangible amortisation 1,002 808 for Zejula and Jemperli £471m belrestotug (anti-TIGIT mAb) d
Slide 34: Improved core earnings per share with +12% growth at CER
Improved core earnings per share with +12% growth at CER 2024 2025 Key commentary on CER basis £m £m Core operating profit (OP) 9,148 9,783 Net finance expense (532) (508) Operating profit growth and free cash inflows Share of associates (3) (10) Tax (1,462) (1,584) Tax rate 17.0% 17.1% Non-controll
Slide 35: 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 8,618 32,667 Operating profit (£m) 2,443 2,513 2,761 1,431 9,148 2,533 2,631 2,985 1,634 9,783 Operating margin 33.2% 31.9% 34.5% 17.6% 29.2% 33.7% 32.9% 34.9% 19.0%
Slide 36: Currency
Currency 2025 currency sales exposure1 2026 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% 28th January 2026 ($1.38/£1, €1.15
Slide 37: 2026 full year outlook considerations to support modelling
2026 full year outlook considerations to support modelling 2021 – 2026 BIU 2021 – 2026 BIU 2021 – 2026 BIU Implied 2021-26 2026 Guidance 2026 assumptions (based on mid-point (2021) (2024) (2025) of FY 2026 guidance) Turnover +3-5% >5% CAGR >7% CAGR >7% CAGR 8% CAGR Low to mid - Specialty +LDD DD CAG
Slide 38: Upcoming pipeline catalysts: 2026 and 2027
Innovation: Pipeline growth RI&I Oncology HIV Infectious Diseases Glossary RI&I Upcoming pipeline catalysts: 2026 and 2027 Oncology HIV Infectious Diseases H1 2026 H2 2026 2027 Regulatory Exdensur: asthma EU. CN linerixibat: cholestatic pruritus in PBC2 EU camlipixant RCC10 US, EU, JP decision Exden
Slide 39: Changes since Q3 2025
Innovation: Pipeline growth RI&I Oncology HIV Infectious Diseases Glossary RI&I Changes since Q3 2025 Oncology HIV Infectious Diseases Changes on pipeline Achieved pipeline catalysts Progressed to Phase III Regulatory decisions efimosfermin: FGF21 analog, MASH1 Exdensur: severe asthma US velzatinib:
Slide 40: 58 potential new vaccines and medicines in pipeline
Innovation: Pipeline growth RI&I Oncology HIV Infectious Diseases Glossary RI&I 58 potential new vaccines and medicines in pipeline Oncology HIV Infectious Diseases Phase III / Registration 17 Exdensur (depemokimab) Long-acting anti-IL5 antibody* Asthma^** linerixibat (GSK2330672) IBAT inhibitor Cho
Slide 41: 58 potential new vaccines and medicines in pipeline
Innovation: Pipeline growth RI&I Oncology HIV Infectious Diseases Glossary RI&I 58 potential new vaccines and medicines in pipeline Oncology HIV Infectious Diseases Phase II Benlysta (belimumab) Anti-BLys antibody Systemic sclerosis associated ILD1,2** 18 GSK4532990 HSD17B13 RNA interference* MASH3*
Slide 42: 58 potential new vaccines and medicines in pipeline
Innovation: Pipeline growth RI&I Oncology HIV Infectious Diseases Glossary RI&I 58 potential new vaccines and medicines in pipeline Oncology HIV Infectious Diseases Phase I 23 GSK3862995 Anti-IL33 antibody COPD1** GSK4347859 Interferon pathway modulator Systemic lupus erythematosus GSK4527363 B-cell
Slide 43: Executive Committee changes to support evolution
Executive Committee changes to support evolution Industry leaders with strategic, functional and operational experience Lynn Baxter Maya Martinez-Davis President, Europe President, US Responsible for the commercial performance and Leads US business, driving sustainable revenue and strategic directio
Slide 44: 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 45: Assumptions and basis of preparation related to 2026 Guidance, 2021-26 and 2031 Outlooks
Assumptions and basis of preparation related to 2026 Guidance, 2021-26 and 2031 Outlooks In outlining the guidance for 2026, 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 46: 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 47: gsk.com
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