On September 8, 2026 GSK reported Q2 sales of £8.4 billion +5% AER, +5% CER.
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Recent Developments
Pipeline progress:
•
Two late-stage medicines for non-small cell lung cancer acquired: Jideytro (FDA approval) & neladalkib (PDUFA H2 2026)
•
Positive phase III Hansoh China data for Ris-Rez in lung cancer – first positive phase III overall survival data reported for a B7-H3 targeted ADC in any tumour type
•
Positive data (AZUR-1) supports regulatory reviews for use of Jemperli in treatment of advanced rectal cancer
•
Momelotinib (Ojjaara) granted Orphan Drug Designations in US and EU for VEXAS syndrome
•
Pivotal data demonstrates unprecedented functional cure rates for bepirovirsen (chronic hepatitis B)
•
Arexvy expanded approval in Japan for adults aged 18-59 at increased risk of RSV
•
Decision not to progress further development of camlipixant in RCC following CALM-1/2 phase III results
R&D acceleration:
•
62 assets in clinical development with opportunities for significant growth
•
7 asset accelerations – across 18 indications – identified in: Oncology, Respiratory, Hepatology & Vaccines
•
Now expect 20+ phase III trial starts in 2026 (previously 10)
•
New flagship R&D Centre to be established in Cambridge Biomedical Campus, UK
•
3-year programme to fund investment in late-stage portfolio and to improve operating margin with £1.9 billion annual savings targeted by 2029 for costs of £2.4 billion (£2.1 billion cash costs)
Agreement with US Government to lower the cost of prescription medicines for American patients
As previously announced, on 19 December 2025, GSK entered into an agreement with the US Administration to lower the cost of prescription medicines for American patients, which, once fully implemented, would exclude both GSK and ViiV Healthcare from Section 232 tariffs for three years. On 9 April 2026, GSK, ViiV Healthcare, and the US Government entered into a definitive agreement reflecting Section 232 tariff relief through 20 January 2029 (subject to final implementation). As part of that implementation, GSK and ViiV Healthcare each signed a Generous Model Manufacturer Participation Agreement with the Centers for Medicare and Medicaid Services effective 15 June 2026. With these agreements GSK and ViiV Healthcare have committed certain products to participate in the voluntary Generous Model, and it is anticipated that supplemental rebate agreements with interested US states will be signed on or before 1 October 2026.
Investing in late-stage product portfolio and Accelerate Growth programme
GSK has 62 assets in clinical development, 19 of which are in phase III development.
The company has strong confidence in its late-stage product portfolio, based on clinical data and the opportunities it has identified to improve upon current standards-of-care. GSK has potential best-in-class products for Oncology, Respiratory, Hepatology, HIV and Vaccines.
Following review, the company has identified asset accelerations – across 18 indications – for 7 late-stage products in Oncology, Respiratory, Hepatology and Vaccines. GSK now also expects to start 20+ phase III trials in 2026 (previously 10).
To accelerate R&D and capture the growth and value the late-stage portfolio offers, GSK has initiated a new "Accelerate Growth" programme. This 3-year programme has two objectives:
(1)
Simplify, and match GSK’s organisation and cost base to its evolving product portfolio, notably in Specialty Medicines
(2)
Enable the reallocation of GSK’s capital and resources to the late-stage pipeline and to R&D.
The Accelerate Growth programme is targeting £1.9 billion of annual savings, to be fully realised by 2029, for expected total costs of £2.4 billion, of which £2.1 billion is expected to be cash costs. Savings will be primarily reinvested in R&D, including business development activity, with a portion also used to strengthen operating margin in the period related to LoE for dolutegravir (2028-2030). The Accelerate Growth programme will be treated as a Major restructuring programme and costs will be included in Adjusting items. The majority of the cost charges will be in 2026 and 2027.
Cost savings are expected to be enabled by technology and AI and generated by streamlining support services and process redesign including procurement delivery, the reallocation of resources to Specialty Medicines from established products and further simplification of supply chain and the site network to align with portfolio evolution.
Dividend policy
The Dividend policy and the expected pay-out ratio remain unchanged. Consistent with this, GSK has declared a dividend for Q2 2026 of 17p per share. GSK’s future dividend policy and guidance regarding the expected dividend pay-out in 2026 are provided on page 41.
In Q2 2026, GSK completed the £2 billion share buyback programme announced in FY 2024.
Exchange rates
If exchange rates were to hold at the closing rates on 20 July 2026 ($1.35/£1, €1.18/£1 and Yen 219/£1) for the rest of 2026, the estimated impact on 2026 Sterling turnover growth for GSK would be -2%.
Performance : turnover
Turnover
Q2 2026 Year to date
£m AER% CER% £m AER% CER%
HIV
2,078 11 10 3,902 9 10
Respiratory, Immunology & Inflammation (RI&I)
1,135 18 19 2,025 15 17
Oncology
569 18 17 1,081 20 22
Specialty Medicines
3,782 14 14 7,008 12 14
Shingles (Shingrix)
888 4 3 1,914 11 12
Meningitis
462 22 21 797 9 9
RSV (Arexvy)
192 >100 >100 257 78 75
Influenza
11 83 100 21 >100 >100
Other Paediatric & Adult Vaccines
731 (7 ) (8 ) 1,444 (9 ) (8 )
Vaccines
2,284 9 8 4,433 6 6
Respiratory
1,679 (10 ) (10 ) 3,273 (9 ) (7 )
Other General Medicines
664 (5 ) (4 ) 1,324 (10 ) (8 )
General Medicines
2,343 (9 ) (9 ) 4,597 (9 ) (7 )
Total
8,409 5 5 16,038 3 5
By Region:
US
4,308 5 5 8,045 2 6
Europe
2,042 11 8 4,125 15 11
International
2,059 1 2 3,868 (4 ) (2 )
Total
8,409 5 5 16,038 3 5
Financial Performance – Q2 2026 results unless otherwise stated, growth % and commentary at AER and CER. The YTD adverse currency impact on AER versus CER primarily reflected the strengthening of Sterling against the USD. See page 10 for further details.
For product list – see page 56
Q2 2026
Year to date Key Drivers
£m AER%
CER%
£m AER% CER%
Specialty
Medicines Total
3,782 14 14 7,008 12 14 Continued growth across disease areas, with strong performances in HIV, Respiratory, Immunology & Inflammation, and Oncology.
HIV
2,078 11 10 3,902 9 10
In Q2 LAIs delivered 76% at AER, 80% at CER of total HIV growth. Strong demand for Cabenuva, Apretude and Dovato more than offset mature portfolio declines, with favourable pricing from US channel mix benefitting growth. US HIV sales increased in Q2 by 13% AER, 14% CER and YTD by 11% AER, 14% CER with LAIs representing 35% of US HIV turnover.
YTD LAI sales exceeded £1bn.
Dovato
749 14 13 1,415 16 16 Strong demand across all regions.
Cabenuva
453 33 33 821 29 32 Cabenuva contributed 57% at AER, 60% at CER of total HIV growth in Q2, with strong demand across all regions.
Apretude
140 39 39 260 37 41 Strong growth driven by demand in a competitive US long-acting prevention market, contributing 20% at AER and CER of total HIV growth in Q2.
RI&I
1,135 18 19 2,025 15 17 Growth driven by Nucala and Exdensur in respiratory and Benlysta in immunology.
Q2 2026 Year to date Key Drivers
£m AER% CER% £m AER% CER%
Nucala
610 22 23 1,094 16 18
Strong demand across all regions and indications, enhanced by COPD launches including the US in Q2 2025. US grew double digit in the quarter and YTD with volume growth more than offsetting continued unfavourable pricing pressures. In Q2, US channel mix pricing adjustments positively impacted total growth in the quarter by 12 ppts and YTD by 6 ppts.
Exdensur
18 – – 29 – –
Early commercial introductions across all launched markets, with new patient starts increasing in Q2 in key growth markets US, Japan and Germany.
Benlysta
498 10 11 882 9 12
Strong volume growth in Q2 and YTD, with bio-penetration rates having increased across many markets.
Oncology
569 18 17 1,081 20 22
Increasing patient demand for Jemperli, Ojjaara/Omjjara and Blenrep, partially offset by a decrease in Zejula.
Jemperli
248 27 27 480 30 33
Continued strong growth in Q2 and YTD across all regions. US continued to grow double-digit, which reduced in Q2 as new patient starts moderated. Strong growth continued in Europe and International driven by launches and reimbursement expansion across markets.
Ojjaara/Omjjara
187 36 36 331 32 35
Higher patient uptake across the regions and from continued commercial launches across Europe and International markets. US volume growth in Q2 and YTD was partly offset by continuing pricing pressures.
Zejula
101 (33) (34) 215 (24) (23)
US continues to decline with volume impacted by the FDA label update and new prior authorisation insurance requirements, with Q2 further impacted by unfavourable channel mix and returns adjustments. Europe declined due to increased competition.
Blenrep
36 >100 >100 59 >100 >100
US sales driven by patient uptake in both community and academic settings. Continued geographic expansion with regulatory approval and launches across Europe and International markets, including in Germany, Japan and Brazil.
Q2 2026 Year to date
Key Drivers
£m AER% CER% £m AER% CER%
Vaccines Total
2,284 9 8 4,433 6 6
Strong Q2 driven by growth in Arexvy, Meningitis vaccines and Shingrix. Growth in Q2 benefitted 3ppts from prior period rebate adjustments.
Shingrix
888 4 3 1,914 11 12
Q2 growth was driven by demand in Europe, partly
offset by lower sales in International. US sales were
broadly stable with lower demand and channel
inventory utilisation offset by favourable pricing
including prior period rebate adjustments which
added 2ppts at AER, 3ppts at CER to Shingrix Q2 growth.
The cumulative immunisation rate in the US reached 45%, up 3ppts compared to 12 months earlier(1). The majority of ex-US Shingrix opportunity is in 10 markets where the average immunisation rate is around 12%, with significantly higher uptake in funded cohorts.
Meningitis
462 22 21 797 9 9
Q2 growth was delivered primarily by Bexsero with
outbreak-related demand in International and
Europe. Other Meningitis vaccines benefitted from
Q2 tender deliveries in International and Penmenvy
continued post launch uptake in the US.
Arexvy
192 >100 >100 257 78 75
Strong growth in Q2 was the result of Australian
tender deliveries and prior period rebate adjustments
in the US. YTD growth also benefitted from
expanded funding and uptake in Europe.
Other Paediatric &
Adult Vaccines
731 (7) (8) 1,444 (9) (8)
Decrease in growth due to competitive pressure for Other Vaccines, particularly Synflorix in International and prior year CDC stockpile replenishment for Infanrix/Pediarix in the US, partly offset by favourable CDC stockpile movements and pricing for Boostrix in the US in 2026.
Second quarter 2026
LOGO
Q2 2026 Year to date
Key Drivers
£m AER% CER% £m AER% CER%
General
Medicines Total
2,343 (9) (9) 4,597 (9) (7)
Decreases in Trelegy, other Respiratory and Other General Medicines products.
Respiratory
1,679 (10) (10) 3,273 (9) (7)
Trelegy decreases driven by US Medicare benefit design changes, and continued pricing pressures including the impact of channel mix pricing adjustments. Decreases in other respiratory products due to continued competitive pressures and generic erosion.
Trelegy
775 (7) (7) 1,421 (6) (3)
US declined by 7% AER and CER in Q2 and by 6% AER, 3% CER in YTD with volumes adversely impacted by Medicare benefit design changes and continued unfavourable pricing pressures as well as channel mix pricing adjustments impacting growth in Q2 by 5 ppts and YTD by 4 ppts. Strong volume growth in Europe and International was driven by patient demand, SITT class growth and increased market share.
Other General
Medicines
664 (5) (4) 1,324 (10) (8)
Decrease in growth driven by continued competitive pressures and generic competition across the portfolio and a reduction in contract manufacturing sales.
By Region
Q2 2026 Year to date Key Drivers
£m AER% CER% £m AER% CER%
US
4,308 5 5 8,045 2 6
Specialty Medicines: Q2 +15% AER, +15% CER, YTD AER +12%, CER+16%
Growth driven largely by patient demand in HIV, Oncology, Benlysta and Nucala.
Vaccines: Q2 +9% AER, +9% CER, YTD -1% AER, CER+3% CER
Growth in Q2 and YTD driven by favourable CDC stockpile movements and pricing for Boostrix and prior period RAR adjustments for Arexvy, partly offset in the YTD at AER by exchange rate impacts.
General Medicines: Q2 -18% AER, -17% CER, YTD -15% AER, -12% CER
Trelegy declines from sales volume impacts and unfavourable pricing pressures and adjustments. Decreases continued across the other respiratory and Other General Medicine portfolios from ongoing competitive and pricing pressures.
Europe
2,042 11 8 4,125 15 11
Specialty Medicines: Q2 +12% AER, +9% CER, YTD +12% AER, +9% CER
Growth driven by Oncology, Nucala, Benlysta and HIV.
Vaccines: Q2 +16% AER, +13% CER, YTD +27% AER and +22% CER
Growth driven by Shingrix demand in the Nordics and Austria, with significant increased demand across Europe YTD. Bexsero also grew due to Meningitis B outbreak related demand in the UK.
General Medicines: Q2 +3% AER, stable CER, YTD +2% AER, -1% CER
Growth in Trelegy and Anoro offset by decreases in other respiratory products.
International
2,059 1 2 3,868 (4 ) (2 )
Specialty Medicines: Q2 +11% AER, +11% CER, YTD +11% AER, +13% CER
Growth driven by Oncology, Nucala and Benlysta.
Vaccines: Q2 +3% AER, +3% CER, YTD -8% AER, -7% CER
Q2 growth in Arexvy from Australian tender deliveries and Bexsero demand related to outbreaks in Vietnam partly offset by lower sales of Shingrix and competitive pressure for Other Vaccines, particularly Synflorix. YTD sales include the impact of lower Q1 Synflorix and Shingrix sales.
General Medicines: Q2 -4% AER, -2% CER, YTD -9% AER, -6% CER
Growth in Trelegy and Anoro more than offset by decreases across other respiratory and Other General Medicine products, which included reductions in contract manufacturing income.
Financial performance – Total results
Total operating profit decreased in the quarter primarily due to higher impairments and higher CCL charges as well as increased investment in R&D and new asset launches and lower royalty income, partly offset by higher turnover, favourable product and regional mix, favourable net legal settlements and expenses in Q1 2026, higher other net operating income and lower NCIs.
Total EPS decreased in Q2 2026 and YTD primarily due to lower Total operating profit driven by higher impairments in the quarter, partly offset by the share buyback, a lower effective tax rate and lower NCIs, as well as lower net finance expenses in Q2.
Total Results Q2 2026 Year to date
£m % AER % CER £m % AER % CER
Turnover
8,409 5 5 16,038 3 5
Cost of sales
(2,266) 5 3 (4,141) 1 1
% of sales
26.9% (0.2) (0.5) 25.8% (0.6) (1.1)
Selling, general and administration
(2,202) 3 3 (4,321) 3 3
% of sales
26.2% (0.6) (0.5) 26.9% (0.2) (0.4)
Research and development
(3,466) 71 71 (5,158) 48 49
% of sales
41.2% 15.9 15.9 32.2% 9.7 9.5
Royalty income
204 (17) (17) 399 (6) (7)
Other operating income/(expense)
(198) >100 >100 (43) >100 >100
Operating profit
481 (76) (75) 2,774 (35) (31)
% of sales
5.7% (19.6) (19.3) 17.3% (10.0) (9.3)
Net finance expense
(124) (7) (7) (269) 11 13
Share of after tax profit/(loss) of associates
and joint ventures
(3) (7)
Profit before taxation
354 (81) (80) 2,498 (37) (34)
Taxation
199 >(100) >(100) (106) (82) (77)
Tax rate %
(56.2%) 4.2%
Profit after taxation
553 (66) (65) 2,392 (30) (26)
Profit attributable to non-controlling interests
118 (42) (41) 220 (37) (35)
Profit attributable to shareholders
435 2,172
553 (66) (65) 2,392 (30) (26)
Earnings per share
10.8p (69) (69) 54.1p (28) (24)
Financial Performance – Q2 2026 results unless otherwise stated, growth % and commentary at AER and CER.
In YTD, the adverse currency impact on AER versus CER primarily reflected the strengthening of Sterling against the USD. See page 10 for further details. Reconciliations between Total results and Core results Q2 2026, Q2 2025, H1 2026 and H1 2025 are set out on pages 23 and 26.
Total cost of sales as a percentage of sales decreased in the quarter and YTD primarily driven by favourable product and regional mix driven by higher specialty sales and the growth of higher margin Vaccines products, particularly Shingrix in Europe, as well as a favourable comparator due to supply chain optimisation charges incurred in Q2 2025, partly offset by impairments in the quarter.
Q2 2026 Q2 2025 H1 2026 H1 2025 2025
Average rates:
US$/£
1.34 1.34 1.34 1.30 1.31
Euro/£
1.15 1.18 1.15 1.19 1.17
Yen/£
213 194 212 193 198
Period-end rates:
US$/£
1.32 1.37 1.32 1.37 1.35
Euro/£
1.16 1.17 1.16 1.17 1.15
Yen/£
215 198 215 198 211
In Q2 2026 and YTD, the adverse currency impact primarily reflected the strengthening of Sterling against the US Dollar, particularly in Q1 2026, as well as the Yen and emerging market currencies, partly offset by strengthening of the Euro. Exchange losses on the settlement of intercompany transactions had an adverse impact of one percentage point on Total and Core EPS in the YTD, and minimal impact in the quarter.Cash generation
Cash flow
Q2 2026
£m
Q2 2025
£m
H1 2026
£m
H1 2025
£m
Cash generated from operations (£m)
2,906 2,433 4,256 3,734
Total net cash inflow/(outflow) from operating activities (£m)
2,690 2,096 3,831 3,241
Free cash inflow/(outflow)* (£m)
1,994 1,126 2,809 1,823
Free cash flow growth (%)
77% >100% 54% >100%
Free cash flow conversion* (%)
>100% 78% >100% 59%
Long-term borrowings
13,947 15,304 13,947 15,304
Total net debt** (£m)
15,132 13,735 15,132 13,735
* Free cash flow and free cash flow conversion are defined on page 60. Free cash flow is analysed on page 14.
** Total net debt is defined on page 61. Net debt is analysed on page 14.
Q2 2026
Cash generated from operations for the quarter was £2,906 million (Q2 2025: £2,433 million). The increase reflected higher Core operating profit driven by higher turnover, favourable product and regional mix, partially offset by increased investment in R&D and new asset launches, as well as lower royalty income in the quarter. In addition there were favourable timing and movements on trade receivables and payables, partly offset by inventory build to support new product launches and adverse timing and movements on returns and rebates.
Total contingent consideration cash payments in the quarter were £378 million (Q2 2025: £333 million). £374 million (Q2 2025: £330 million) of these were recognised in cash flows from operating activities, including cash payments made to Shionogi & Co. Ltd ("Shionogi") of £348 million (Q2 2025: £319 million).
Free cash inflow was £1,994 million for the quarter (Q2 2025: £1,126 million). The increase was primarily driven by higher cash generated from operations, proceeds from the divestment of linerixibat and lower tax payments.
H1 2026
Cash generated from operating activities was £4,256 million (H1 2025: £3,734 million). The increase reflected higher Core operating profit driven by higher turnover, favourable product and regional mix, and favourable net legal settlements and expenses in Q1 2026 partially offset by increased investment in R&D and new asset launches, as well as lower royalty income in Q2 2026. In addition there were favourable timing and movements on trade receivables and the final cash settlement from CureVac, partly offset by exchange and adverse timing and movements on returns and rebates.
Total contingent consideration cash payments in H1 2026 were £757 million (H1 2025: £674 million). £749 million (H1 2025: £668 million) of these were recognised in cash flows from operating activities, including cash payments made to Shionogi & Co. Ltd of £710 million (H1 2025: £650 million).
Free cash inflow was £2,809 million for H1 2026 (H1 2025: £1,823 million). The increase was driven by higher cash generated from operations, higher proceeds from the sale of intangible assets, including the divestment of linerixibat, and the special dividend of $250 million (£187 million) related to the ViiV shareholding restructure.
Total Net debt
At 30 June 2026, net debt was £15,132 million, compared with £14,453 million at 31 December 2025, comprising gross debt of £18,238 million and cash and liquid investments of £3,106 million. See net debt information on page 14.
Net debt increased by £679 million primarily due to net acquisition costs of £2,083 million related to RAPT Therapeutics and 35Pharma Inc., dividends paid to shareholders of £1,370 million, shares purchased as part of the share buyback programme (completed in June 2026) of £634 million and an exchange loss on net debt of £76 million. This was partly offset by primarily the free cash inflow of £2,809 million and £398 million related to the disposal of the Rockville site including proceeds and a reduction in lease liabilities.
Q2 2026 pipeline highlights (since 29 April 2026)
Medicine/vaccine Trial (indication, presentation) Event
Regulatory approvals or
other regulatory actions
Nucala Hypereosinophilic Syndrome Regulatory approval (CN)
Jideytro Non-small cell lung cancer (pre-treated) Regulatory approval (US)
Arexvy RSV, adults aged 18-49 years at increased risk Regulatory approval (JP)
Arexvy RSV, adults aged 18+ immunocompromised Regulatory approval (JP)
Utebzi PIVOT-PO (complicated urinary tract infections) Regulatory approval (US)
Regulatory submissions or acceptances Bexsero Meningococcal B booster (10+ years of age) Regulatory acceptance (EU)
Phase III data readouts or
other significant events
camlipixant* CALM-1/2 (refractory chronic cough) Phase III data readout
efimosfermin ZENITH-1 and ZENITH-2 (metabolic dysfunction-associated steatohepatitis) Breakthrough Designation (CN)
Jemperli AZUR-1 (rectal cancer) Positive phase II (pivotal) data readout
momelotinib VEXAS syndrome Orphan Drug Designation (EU, US)
*camlipixant demonstrated limited efficacy in the CALM-1 and CALM-2 pivotal trials, and, based on the aggregate data, GSK has decided not to progress further development in chronic cough (disclosed 17 July 2026)
Anticipated pipeline milestones
Timing
Medicine/vaccine Trial (indication, presentation) Event
H2 2026
Exdensur OCEAN (eosinophilic granulomatosis with polyangiitis) Phase III data readout
Ventolin Low carbon MDI (asthma) Regulatory submission (EU)
Blenrep DREAMM-8 (2L + multiple myeloma) Regulatory submission (CN)
Jemperli AZUR-1 (rectal cancer) Regulatory submission (US)
Jemperli AZUR-1 (rectal cancer) Regulatory decision (US)
neladalkib Non-small cell lung cancer (pre-treated) Regulatory decision (US)
cabotegravir 3x a year prevention (HIV) Phase IIb (pivotal) data readout
cabotegravir 3x a year prevention (HIV) Regulatory submission (US)
Arexvy RSV, adults aged 18+ immunocompromised Regulatory decision (US)
bepirovirsen B-WELL 1/2 (hepatitis B virus) Regulatory decision (US, JP)
Bexsero Meningococcal B (infants) Regulatory submission (US)
H1 2027
Exdensur OCEAN (eosinophilic granulomatosis with polyangiitis) Regulatory submission (US, EU, CN, JP)
Ventolin Low carbon MDI (asthma) Regulatory decision (EU)
Ventolin Low carbon MDI (asthma) Regulatory submission (US)
Jemperli AZUR-1 (rectal cancer) Regulatory submission (JP)
Jideytro Non-small cell lung cancer (treatment naïve) Regulatory submission (US)
cabotegravir 3x a year prevention (HIV) Regulatory decision (US)
Arexvy RSV, adults aged 60+ Regulatory decision (CN)
bepirovirsen B-WELL 1/2 (chronic hepatitis B) Regulatory decision (EU, CN)
H2 2027
Exdensur OCEAN (eosinophilic granulomatosis with polyangiitis) Regulatory decision (US, JP)
Jemperli AZUR-1 (rectal cancer) Regulatory submission (EU, CN)
Jemperli AZUR-1 (rectal cancer) Regulatory decision (EU)
zidesamtinib Non-small cell lung cancer (treatment naïve) Regulatory decision (US)
cabotegravir + rilpivirine CUATRO, 3x a year treatment (HIV) Phase III data readout
Arexvy RSV, adults aged 18-59 Regulatory submission (CN)
Bexsero Meningococcal B (infants) Regulatory decision (US)
Progress on areas for responsible business
Being a responsible business is a fundamental part of GSK’s strategy and supports long-term performance. Annual progress against GSK’s responsible business priorities is detailed in the Annual(1) and Responsible Business(2) Reports with incremental updates shared each quarter. Highlights below include activity since Q1 2026 results.
Access
•
In April, GSK and Medicines for Malaria Venture (MMV) announced(3) the world’s first rollout of paediatric tafenoquine in Brazil – followed by Thailand in May – providing children with relapsing P. Vivax malaria access to this single dose treatment to help prevent relapse and support elimination efforts.
Global health and health security
•
Malaria remains one of the leading causes of death among children under five in sub-Saharan Africa. In May, results published(4) in The Lancet from the World Health Organization’s Malaria Vaccine Implementation Programme (MVIP), provided real-world evidence that the RTS,S malaria vaccine, developed by GSK, helped reduce child mortality over a period of four years in Ghana, Kenya and Malawi, with an estimated one in eight deaths averted among eligible children.
•
In July, the GSK-developed novel M72/AS01E tuberculosis vaccine candidate (licensed to Gates Medical Research Institute in 2020) progressed(5) toward global access with a new manufacturing agreement between the Gates MRI and Serum Institute of India, pending successful Phase III trial outcomes. The agreement also commits GSK, as the adjuvant innovator, to a manufacturing partner for M72/ AS01E, and marks a critical step toward ensuring that, if approved, the vaccine can be produced at scale and made available to those who need it most.
Environment
•
In May, GSK was named a Supplier Engagement Leader by the CDP(6), in addition to maintaining A-list status for Climate Change and Water Security. This recognises GSK’s work with suppliers to decarbonise its value chain beyond its own operations, which protects supply chain resilience and long-term ability to deliver medicines and vaccines.
Responsible Business rating performance
Detailed below is how GSK performs in key Responsible Business ratings*.
External benchmark
Current
score/ranking
Previous
score/ranking
Comments
Access to Medicines Index
3.72 4.06 Second in the Index, updated bi-annually, current results from November 2024. Scores range from 1 to 5, with 5 being the highest (best) score
Antimicrobial resistance benchmark
77% 84% Led the benchmark since its inception in 2018; Current ranking updated March 2026
CDP Climate Change
A A Updated annually, current scores updated December 2025 (for supplier engagement, May 2026)
CDP Water Security
A A
CDP supplier engagement rating Leader Leader
Sustainalytics
Low risk Low risk 2nd percentile in pharma subindustry group. Current rating as at July 2026
ISS Corporate Rating
B+ B+ Ranked 1st in our peer group. Last profile update May 2026
FTSE4Good
Member Member Member since 2004, latest review in July 2026
Total and Core results
Total reported results represent the Group’s overall performance.
GSK uses a number of non-IFRS measures to report the performance of its business. Core results and other non-IFRS measures may be considered in addition to, but not as a substitute for, or superior to, information presented in accordance with IFRS. Core results are defined below and other non-IFRS measures are defined on pages 60 and 61.
GSK believes that Core results, when considered together with Total results, provide investors, analysts and other stakeholders with helpful complementary information to understand better the financial performance and position of the Group from period to period, and allow the Group’s performance to be more easily compared against the majority of its peer companies. These measures are also used by management for planning and reporting purposes. They may not be directly comparable with similarly described measures used by other companies.
GSK encourages investors and analysts not to rely on any single financial measure but to review GSK’s quarterly results announcements, including the financial statements and notes, in their entirety.
GSK is committed to continuously improving its financial reporting, in line with evolving regulatory requirements and best practice. In line with this practice, GSK expects to continue to review and refine its reporting framework.
Core results exclude the following items in relation to our operations from Total results, together with the tax effects of all of these items:
•
amortisation of intangible assets (excluding computer software and capitalised development costs) to reflect the Group’s performance excluding the effect of acquisitions
•
impairment of intangible assets (excluding computer software) and goodwill to reflect the Group’s performance excluding the effect of acquisitions
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major restructuring and integration costs, which are:
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cash and non-cash costs such as impairment of tangible assets and computer software of Major restructuring programmes, which are specific Board-approved programmes that are structural and of significant scale, where the costs of individual or related projects within such programmes exceed £25 million; or
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costs that relate to restructuring and integration following a significant acquisition.
Costs for other ordinary course, smaller-scale restructuring and integration are retained within both Total and Core results
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transaction-related accounting or other adjustments related to significant acquisitions
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proceeds and costs of disposal of associates, products and businesses; significant settlement income; Significant legal charges (net of insurance recoveries) and expenses on the settlement of litigation and government investigations; other operating income other than royalty income, and other items including amounts reclassified from the foreign currency translation reserve to the income statement upon the liquidation of a subsidiary where the amount exceeds £25 million
As Core results include the benefits of Major restructuring programmes but exclude significant costs (such as Significant legal charges and expenses, major restructuring costs and transaction items) they should not be regarded as a complete picture of the Group’s financial performance, which is presented in Total results. The exclusion of other Adjusting items may result in Core earnings being materially higher or lower than Total earnings. In particular, when significant impairments, restructuring charges and legal costs are excluded, Core earnings will be higher than Total earnings.
GSK has undertaken a number of Major restructuring programmes in response to significant changes in the Group’s trading environment or overall strategy or following material acquisitions. Within the Pharmaceuticals sector, the highly regulated manufacturing operations and supply chains and long lifecycle of the business mean that restructuring programmes, particularly those that involve the rationalisation or closure of manufacturing or R&D sites are likely to take several years to complete. Costs, both cash and non-cash, of these programmes are provided for as individual elements are approved and meet the accounting recognition criteria. As a result, charges may be incurred over a number of years following the initiation of a Major restructuring programme.
Significant legal charges and expenses are those arising from the settlement of litigation or government investigations that are not in the normal course and materially larger than more regularly occurring individual matters. They also include certain major legacy matters.
Reconciliations between Total and Core results, providing further information on the key Adjusting items, are set out on pages 23 and 26.
GSK provides earnings guidance to the investor community on the basis of Core results. This is in line with peer companies and expectations of the investor community, supporting easier comparison of the Group’s performance with its peers. GSK is not able to give guidance for Total results as it cannot reliably forecast certain material elements of the Total results, particularly the future fair value movements on contingent consideration and put options that can and have given rise to significant adjustments driven by external factors such as currency and other movements in capital markets.
(Press release, GlaxoSmithKline, SEP 8, 2026, View Source [SID1234670621])