GSK plc (GSK) Q1 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

and gentlemen, a very warm welcome to this GSK Q1 2025 results call. My name is Konstantin Fest, new head of IR at GSK, and I'm delighted to be joined today by Emma Warmsley, Luke Miles, and Julie Brown. I'm pleased to say Deborah Waterhouse, CEO of Veev, returned this week full-time, but David Redfern, chairman of Veev, will be covering HIV today. Tony Wood, our CSO, will also be joining us for Q&A. Today's call will last approximately one hour, with the presentation taking around 30 minutes and the remaining time for your questions. Please ask only one to two questions so that everyone has a chance to participate. Before we start, please turn to slide 3. This is the usual safe harbor statement. We will comment on our performance using constant exchange rates, or CER, unless otherwise stated. I will now hand over to Emma on slide 4. Thank you, Konstantin, and it's great to have you on board. And welcome to everybody joining us today. Please turn to the next slide. GSK continues to make strong progress. Group sales were up 4% this quarter, core operating profit grew 5%, and core earnings per share also rose 5% to 44.9 pence. This performance was in line with our expectations and again demonstrates the quality, strength, and resilience of GSK's portfolio. Sales growth was driven by Specialty Medicines, our largest business, up 17%, with strong contributions from respiratory, immunology, and inflammation, oncology, and from HIV. As expected, vaccine sales were down 6% and general medicine sales were broadly stable. R&D delivery has continued, with two out of the five FDA product approvals we expect in 2025 now secured, and we completed the acquisition of IDRX, which adds another very promising oncology asset to our pipeline. Cash generated from operations was over £1 b...