GSK plc (GSK) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, a very warm welcome to the GSK Q2 2025 results call. I'm delighted to be joined today by Emma Wormsley, Tony Wood, Luke Miles, Deborah Waterhouse and Julie Brown, with David Redfern joining 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 three. This is the usual safe harbour statement. We will comment on our performance using constant exchange rates or CR, unless otherwise stated. I will now hand over to Emma on slide four. Thank you and welcome to everybody joining us today. Please turn to the next slide. Our second quarter results once again demonstrate GSK's strong performance momentum and the quality and strength of our portfolio. Group sales were up 6% for the quarter, core operating profit was up 12% and core earnings per share grew 15% to 46.5 pence. Sales growth was driven by our largest business, Specialty Medicines, up 15% and vaccine sales also contributed with sales up 9% in the quarter. This led to increases in profits and earnings, which also benefited from a strong focus on SG&A. Alongside operating performance, we continue to make good progress in R&D, with three FDA approvals achieved so far this year. Cash generation also remains very positive with £3.7 billion generated in the first half to support further investments in growth and returns to shareholders. The dividend for the quarter was 16 pence and we've now completed more than £800 million of the share buyback programme initiated in February. All of this is underscored by our commitment to operating as a responsible business. Our most recent action being to ...