On October 29, 2025 GSK reported strong Q3 performance and upgrades 2025 guidance.
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Specialty Medicines, Vaccines and General Medicines drive sales, profit and earnings growth
Total Q3 2025 sales £8.5 billion +7% AER; +8% CER
Specialty Medicines sales £3.4 billion (+16%); Respiratory, Immunology & Inflammation £1.0 billion (+15%); Oncology £0.5 billion (+39%); HIV sales £1.9 billion (+12%)
Vaccines sales £2.7 billion (+2%); Shingrix £0.8 billion (+13%); Meningitis vaccines £0.5 billion (+5%); and Arexvy £0.3
billion (+36%)
General Medicines sales £2.5 billion (+4%); Trelegy £0.7 billion (+25%)
Total operating profit >100% and Total EPS >100% driven by lower Significant legal expenses, lower CCL charges and
higher other operating income, partly offset by intangible asset impairments
Core operating profit +11% and Core EPS +14% reflecting Specialty Medicines and Vaccines growth, higher royalty income and disciplined increased investment in R&D portfolio progression in Oncology and Vaccines
Cash generated from operations of £2.5 billion with free cash flow of £1.2 billion
Q3 2025 Year to date
£m % AER % CER £m % AER % CER
Turnover 8,547 7 8 24,049 3 6
Total operating profit 2,593 >100 >100 6,832 >100 >100
Total operating margin % 30.3% 28.0ppts 28.5ppts 28.4% 14.1ppts 14.5ppts
Total EPS 49.9p >100 >100 125.1p >100 >100
Core operating profit 2,985 8 11 8,149 6 9
Core operating margin % 34.9% 0.4ppts 0.9ppts 33.9% 0.7ppts 1.0ppts
Core EPS 55.0p 11 14 146.3p 7 11
Cash generated from operations 2,520 1 6.254 19
Pipeline progress and investment delivering future growth opportunities:
4 major new product approvals achieved so far this year:
US & EU approvals for Blenrep for multiple myeloma, Penmenvy meningitis vaccine, Blujepa first-in-class antibiotic treatment for uUTIs and Nucala for COPD
US decision on depemokimab (for asthma with type 2 inflammation, nasal polyps) expected in December 2025
15 scale opportunities with PYS potential >£2 billion now expected to launch 2025-2031:
Pivotal trials started/to start by year-end for GSK’227 B7-H3 ADC for ES-SCLC; efimosfermin for treatment of MASH;
depemokimab for COPD; and GSK ‘981 (IDRx-42) for 2L GIST
Positive data support filings for tebipenem, potential new antibiotic for cUTIs; and Low Carbon Ventolin for asthma
Targeted business development further strengthens RI&I and Oncology pipeline:
Agreement with Empirico Inc. to acquire first – and potentially best-in-class – oligonucleotide candidate to treat respiratory diseases
Licensing agreement with Syndivia for early-stage ADC targeting prostate cancer
Continued commitment to shareholder returns
Dividend declared of 16p for Q3 2025; 64p expected for full year 2025
£1.1 billion spent in YTD 2025 as part of the £2 billion share buyback programme announced at FY 2024
2025 guidance upgraded
Now expect:
2025 turnover growth of between 6% to 7% (previously towards the top end of the range of between 3% to 5%);
Core operating profit growth of between 9% to 11% (previously towards the top end of the range of between 6% to 8%); and
Core EPS growth of between 10% to 12% (previously towards the top end of the range of between 6% to 8%)
(Press release, GlaxoSmithKline, OCT 29, 2025, View Source [SID1234657102])