GSK plc (GSK) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, a warm welcome to the GSK full year 2025 results call. I'm delighted to be joined today by Luke Miles, Nina Moyas, Deborah Waterhouse, Tony Wood and Julie Brown. And in our Q&A session, we will be joined by David Redfern. 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 Luke. Thank you and welcome everyone. My introduction today will have two parts. Headline results for 2025, and are key focus areas in 2026 to drive value. Starting with 2025, results were strong. Sales were up 7% to more than 32 billion pounds. Growth was driven by specialty medicines, which were up 17%, with vaccines also contributing. Core operating profit grew 11% and EPS was up 12%. Cash generation was strong at 8.9 billion pounds, supporting future investment and returns to shareholders. enabling the dividend upgrade of 2p to 66 pence declared today. R&D output remained very positive with five FDA approvals and seven new pivotal trial starts. And we maintained our high standards for being a responsible business. Looking forwards, we expect another year of profitable growth reflected in the guidance given today. Next slide, please. In 2026, we expect momentum to continue and we'll get there by focusing on execution and operational delivery. There are three areas where we're focused. The first is driving top line growth by maximising launch products like BlendRep and Accenture, and ensuring success in ov...