GSK FY 2025 Financial Results — CEO Luke Miels: Strong Specialty Medicines Growth and Record Profitability

CEO Luke Miels, GSK delivered a strong set of FY 2025 results, with group sales rising to £32.7 billion, up 7 % at constant exchange rates (CER), and broad progress across Specialty Medicines and vaccines driving profitability and cash generation. The company also reaffirmed long-term growth targets while outlining a confident strategic outlook for 2026 and beyond.

The results reflect execution on GSK’s strategy to prioritize high-growth therapy areas including Respiratory, Immunology & Inflammation (RI&I), Oncology and HIV, while continuing investment in vaccines and general medicines. The 2025 performance was underpinned by operational efficiencies and strong core earnings expansion.

Revenue & Overall Performance

For the full year ended 31 December 2025, GSK reported:

• Total sales: £32,667 million (+4 % on reported basis; +7 % CER)

• Specialty Medicines sales: £13,474 million (+17 % CER)

• Vaccines sales: £9,157 million (+2 % CER)

• General Medicines sales: £10,036 million (-1 % CER)

• Cash generated from operations: £8,943 million

• Free cash flow: £4,000 million

Total operating profit nearly doubled on an AER basis and more than doubled on a CER basis, driven by higher revenue, improved mix and lower significant legal costs. Core operating profit grew 11 % at CER, and core EPS increased 12 % at CER, reflecting solid operational discipline and sales momentum across key brands.

Segment Performance & Key Growth Drivers

Specialty Medicines

GSK’s Specialty Medicines franchise delivered robust double-digit full-year growth, up 17 % at CER to £13.5 billion, powered by advances in Disease areas such as:

• HIV: £7.7 billion (+11 % CER), driven by strong demand for long-acting HIV treatments and continued patient uptake.

• Respiratory, Immunology & Inflammation (RI&I): £3.8 billion (+18 % CER), reflecting broad adoption of key therapies.

• Oncology: £2.0 billion (+43 % CER), with strong patient demand for GSK’s cancer portfolio.

This segment’s consistent expansion highlights the success of GSK’s focus on targeted specialty therapies with differentiated clinical benefits.

Vaccines

Vaccines sales reached £9.2 billion in 2025, up 2 % at CER, supported by continued uptake of key products including Shingrix (herpes zoster vaccine) and meningitis vaccines, which grew 8 % and 12 % respectively at CER. Arexvy also contributed to performance with 2 % CER growth.

Despite headwinds in some established vaccine lines, GSK’s portfolio remained resilient, underscoring the company’s strategic vaccine investments.

General Medicines

General Medicines was a more mixed story, with £10.0 billion in sales, reflecting a 1 % decline at CER. However, core brands such as Trelegy grew 13 % at CER, partially offsetting declines in other established medicines.

Profitability & Earnings

GSK delivered record profitability in 2025 through improved operating leverage and cost discipline:

• Total operating profit: £7,932 million (up ~97 % AER; >100 % CER)

• Core operating profit: £9,783 million (+11 % CER)

• Core operating margin: 29.9 % (+1.1 ppts CER)

• Total EPS: 141.1 p (>100 % growth)

• Core EPS: 172.0 p (+12 % CER)

The strong earnings performance was driven by a combination of higher sales, favourable mix in specialty medicines, reduced significant legal expenses, productivity gains in SG&A and investment discipline in R&D, partly offset by intangible asset impairments. Cash flows also strengthened, providing solid support for dividend and capital allocation.

R&D Pipeline & Strategic Initiatives

GSK highlighted continued progress in its R&D pipeline and strategic collaborations:

• Five major FDA approvals during 2025, including important launches such as Blenrep and new respiratory and immunology assets.

• Seven pivotal trial starts, reinforcing momentum across oncology and RI&I.

• Ongoing partnerships and acquisitions to accelerate access to new therapeutic areas.

The pipeline focus underscores GSK’s priority on innovative, high-impact therapies and reflects substantial investment aimed at sustaining long-term growth.

CEO Commentary — Luke Miels

GSK CEO Luke Miels said:

“GSK delivered another strong performance in 2025, driven mainly by Specialty Medicines, with double-digit sales growth in respiratory, immunology & inflammation, oncology and HIV. Good R&D progress also continued, with key approvals and collaborations completed. We expect this positive momentum to continue in 2026 as we focus on execution, commercial launches and pipeline acceleration, delivering value for patients and shareholders.”

Miels’ commentary reflects confidence in GSK’s strategic positioning and emphasis on transformative medicines with differentiated patient value.

Outlook & 2026 

Looking ahead to 2026 at constant exchange rates, GSK reaffirmed its near-term growth outlook:

• Revenue growth: 3 % to 5 % CER

• Core operating profit growth: 7 % to 9 % CER

• Core EPS growth: 7 % to 9 % CER

GSK also expects continued progress on pipeline execution and shareholder returns, including dividend continuation and an ongoing share buyback program. This guidance reflects confidence in portfolio momentum while acknowledging industry and macro uncertainties.

GSK’s 2025 results under Luke Miels demonstrate a balanced performance with strong specialty medicines growth, resilient vaccines revenue, improved earnings and solid cash generation. Profitability expanded appreciably, and the company successfully reinforced its pipeline and strategic goals for 2026. With long-term targets intact and a clear focus on innovation and execution, GSK is positioned to navigate near-term challenges while pursuing sustained growth.