GSK plc (GSK) Q4 2025 Earnings Call

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WEBVTT 00:00:00.031 -- 00:00:05.437 Ladies and gentlemen, a warm welcome to the GSK full year 2025 00:00:05.437 -- 00:00:10.623 results call. I'm delighted to be joined today by Luke Miles, Nina 00:00:10.623 -- 00:00:15.147 Moyas, Deborah Waterhouse, Tony Wood and Julie Brown. 00:00:15.147 -- 00:00:19.092 And in our Q&A session, we will be joined by David Redfern. 00:00:19.092 -- 00:00:23.096 Today's call will last approximately one hour with the presentation taking around 30 00:00:23.096 -- 00:00:26.677 minutes and the remaining time for your questions. 00:00:26.677 -- 00:00:32.022 Please ask only one to two questions so that everyone has a chance to participate. 00:00:32.022 -- 00:00:35.666 Before we start, please turn to slide three. 00:00:35.666 -- 00:00:38.609 This is the usual safe harbour statement. 00:00:38.609 -- 00:00:43.594 We will comment on our performance using constant exchange rates, or CR, unless otherwise 00:00:43.594 -- 00:00:45.016 stated. 00:00:45.016 -- 00:00:47.598 I will now hand over to Luke. 00:00:47.598 -- 00:00:51.482 Thank you and welcome everyone. My introduction today will have two parts. 00:00:51.482 -- 00:00:57.564 Headline results for 2025, and are key focus areas in 2026 to drive value. 00:00:57.564 -- 00:01:02.928 Starting with 2025, results were strong. Sales were up 7% to more than 32 00:01:02.928 -- 00:01:08.473 billion pounds. Growth was driven by specialty medicines, which were up 17%, 00:01:08.473 -- 00:01:10.775 with vaccines also contributing. 00:01:10.775 -- 00:01:13.457 Core operating profit grew 11% 00:01:13.457 -- 00:01:16.160 and EPS was up 12%. Cash 00:01:16.160 -- 00:01:21.384 generation was strong at 8.9 billion pounds, supporting future investment and returns 00:01:21.384 -- 00:01:27.719 to shareholders. enabling t...