Q4 2025 GSK plc Earnings Call Transcript
Key Points
- GSK PLC (GSK) reported a strong financial performance for 2025, with sales up 7% to over GBP32 million, driven by Specialty Medicines and Vaccines.
- Core operating profit increased by 11%, and EPS rose by 12%, supported by strong cash generation of GBP8.9 billion.
- The company achieved five FDA approvals and initiated seven new pivotal trials, demonstrating robust R&D output.
- GSK PLC (GSK) is focusing on accelerating key assets in its late-stage portfolio, particularly in oncology and respiratory diseases.
- The company is leveraging AI and technology to enhance operational efficiency and product strategy execution.
- Zejula sales decreased due to FDA labeling restrictions, impacting the oncology segment.
- The launch of BLENREP is expected to be slow due to the need for coordination with eye care professionals.
- Shingrix sales in the US are offset by slowing immunization rates, affecting overall vaccine sales growth.
- The company faces pricing pressures and generic competition in its established portfolio, leading to a projected low single-digit decline to stable sales growth in GenMed.
- Currency fluctuations pose a potential headwind, with an expected impact of minus 3% on sales and minus 6% on operating profit if current rates hold.
Ladies and gentlemen, a warm welcome to the GSK full year 2025 results call. I'm delighted to be joined today by Luke Myles, Nina Mojas, Deborah Waterhouse, Tony Wood and Julie Brown. And in our Q&A session, we will be joined by David Redfern. Today's call will last approximately one hour with the presentation taking around 30 minutes and the remaining time for your questions. (Operator Instructions)
Before we start, please turn to slide 3. This is the usual Safe Harbor statement. We will comment on our performance using constant exchange rates, or CER, unless otherwise stated.
I will now hand over to Luke.
Thank you, and welcome, everyone. My introduction today will have two parts: headline results for 2025 and our key focus areas in 2026 to drive value. Starting with 2025. results were strong. Sales were up 7%, to more than GBP32 million.
Growth was driven by Specialty Medicines, which were up 17%, with Vaccines also contributing. Core operating profit grew 11
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