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GSK
GSK (GSK) investor relations material
GSK Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Feb, 2026
Executive summary
Full-year sales rose 7% to £32.7bn, led by 17% growth in Specialty Medicines and strong HIV, Oncology, and Respiratory performance across all regions.
Core operating profit increased 11% to £9.8bn, core EPS up 12% to 172.0p, and cash generation reached £8.9bn, supporting a dividend upgrade to 66p and a £1.4bn share buyback.
Five FDA approvals and seven new pivotal trial starts marked robust R&D output, with pipeline expansion through the RAPT Therapeutics acquisition.
Strategic focus for 2026 includes maximizing new product launches, accelerating late-stage assets, and executing business development.
2026 guidance targets 3-5% sales growth, 7-9% growth in core operating profit and EPS, and a dividend increase to 70p.
Financial highlights
Sales: £32.7bn, up 7% year-over-year; Specialty up 17%, HIV up 11%, Vaccines up 8%, General Medicines stable.
Core operating profit up 11% to £9.8bn; core EPS up 12% to 172.0p.
Free cash flow £4.0bn (£5.2bn excluding Zantac), with £1.2bn Zantac payments in 2025.
Operating margin increased 110bps to 29.9%; gross margin at 74.9%.
Dividend raised to 66p; £1.4bn share buyback; £4bn returned to shareholders via dividends and buybacks.
Outlook and guidance
2026 guidance: sales growth 3-5%, core operating profit and EPS up 7-9%, dividend to rise 6% to 70p.
Specialty expected to grow low double digits; HIV mid- to high single digits; Vaccines and General Medicines stable or slight decline.
Operating profit growth weighted to H2 due to Q4 2025 charges and RSV settlement annualization.
Currency headwind could impact sales (-3%) and operating profit (-6%) if rates persist; a 10 cent USD move impacts core profit by ~8%.
On track for 8% sales and 13% operating profit CAGR (2021-2026); cash generation to exceed £10bn in 2026.
BLENREP launch trajectory update
HIV Q6M/Q4M addressable market impact
COPD/asthma pipeline segmentation strategy
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Next GSK earnings date
Q1 202629 Apr, 2026
GSK
Next GSK earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
GSK PLC, engages in the creation, discovery, development, manufacture, and marketing of pharmaceutical products, vaccines, over-the-counter medicines, and health-related consumer products in the United Kingdom, the United States, and internationally. The company operates through two segments, Pharmaceuticals and Vaccines.
The Pharmaceuticals segment manufactures prescription drugs for human therapeutic use as well as several over-the-counter health products used for the treatment of allergies; these products are distributed to wholesalers and retailers in various countries through a network of wholesale distributors. The Vaccines segment develops vaccines against infectious diseases; distributes vaccines globally; and in some developing countries markets vaccines under the U.M.P. brand name through membership organizations that it owns or controls. GlaxoSmithKline plc was founded in 1715 and is headquartered in Brentford, the United Kingdom.
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