Highlights

  • Specialty Medicines and Vaccines segments contribute to higher sales and earnings growth in the quarter ended 25 October 2025.
  • Total Q3 2025 turnover rises 8% CER to GBP 8.5 billion.
  • Upgraded 2025 guidance reflects higher expected growth in turnover, profit, and EPS.

GSK plc (LSE:GSK) announced its financial results for the third quarter ended 25 October 2025, reporting turnover of GBP 8.5 billion, up 7% at AER and 8% at CER. Specialty Medicines, Vaccines, and General Medicines divisions all recorded year-on-year growth, contributing to higher profit and earnings.

Specialty Medicines turnover reached GBP 3.4 billion, a 16% increase, supported by Respiratory, Immunology & Inflammation sales of GBP 1.0 billion (+15%), Oncology sales of GBP 0.5 billion (+39%), and HIV revenue of GBP 1.9 billion (+12%). Vaccines revenue increased by 2% to GBP 2.7 billion, with Shingrix up 13%, Meningitis vaccines up 5%, and Arexvy up 36%. General Medicines rose 4% to GBP 2.5 billion, led by Trelegy growth of 25%.

Total operating profit exceeded 100%, while total EPS rose by more than 100%, supported by lower legal expenses, reduced CCL charges, and higher other operating income, partly offset by intangible asset impairments. Core operating profit increased 11% at CER, and Core EPS grew 14%, driven by product portfolio performance and higher royalty income.

Cash generated from operations totalled GBP 2.5 billion, with free cash flow reaching GBP 1.2 billion.

Pipeline Progress and Future Growth

The company highlighted continued advancement across its R&D pipeline, with four major new product approvals achieved so far in 2025, including Blenrep for multiple myeloma, Penmenvy meningitis vaccine, Blujepa antibiotic for uUTIs, and Nucala for COPD. A US regulatory decision on depemokimab for asthma and nasal polyps is expected in December 2025.

GSK noted that 15 scale opportunities with potential annual sales exceeding GBP 2 billion are expected to launch between 2025 and 2031. Pivotal trials are underway for GSK’227 (B7-H3 ADC for ES-SCLC), efimosfermin (for MASH), depemokimab (for COPD), and GSK’981 (IDRx-42) for second-line GIST.

Recent business development included an agreement with Empirico Inc. to acquire an oligonucleotide candidate targeting respiratory diseases and a licensing deal with Syndivia for an early-stage ADC for prostate cancer.

Dividend and Share Buyback Update

The Board declared a dividend of 16p per share for Q3 2025, with a total dividend of 64p expected for the full year. GSK also reported GBP 1.1 billion spent year-to-date under its GBP 2 billion share buyback programme announced at FY 2024.

Upgraded 2025 Guidance

GSK upgraded its full-year 2025 outlook, now expecting turnover growth of 6–7% (previously 3–5%), core operating profit growth of 9–11% (previously 6–8%), and core EPS growth of 10–12% (previously 6–8%), all at CER.

CEO Statement

Emma Walmsley, Chief Executive Officer, GSK, stated:

"GSK's momentum continues with another quarter of strong performance, supporting upgraded guidance for 2025, and positioning us well for 2026 and achieving our longer-term growth outlooks. Sales grew in all areas, with particularly strong performances in Specialty Medicines driven by double-digit growth in Respiratory Inflammation & Immunology, Oncology and HIV. We have also continued to make very good progress in R&D with four FDA product approvals so far this year, including for Blenrep in the US last week, and the start of pivotal trials and targeted business development to advance 15 scale pipeline opportunities, all launching before 2031."

Share Performance

GSK’s shares were trading at GBX 1,669.50 per share on 29 October 2025, up 1.55% from its previous close of GBX 1644.