Analyst consensus

2024-31 Core income statement and product revenue figures are as at 20/03/2025
Q1 2025 Core income statement and product revenue figures are as at 17/04/2025

£m (unless stated)	Q1'25	Q1'25 n=	2025	2026	2027	2028	2029	2030	2031	2025-2029 n=
Turnover - Specialty ex pandemic solutions	2,844	12	13,265	14,576	15,883	16,227	16,160	15,627	14,658	12
Turnover - Vaccines ex pandemic solutions	2,050	12	9,051	9,368	9,771	10,139	10,531	10,841	11,203	12
Turnover - General Medicines	2,527	12	10,470	10,374	9,847	9,322	8,812	8,363	7,876	12
Turnover - GSK excluding pandemic solutions	7,421	12	32,787	34,318	35,501	35,688	35,503	34,831	33,737	12
Turnover - pandemic solutions	-	12	-	-	-	-	-	-	-	12
Turnover - GSK	7,421	12	32,787	34,318	35,501	35,688	35,503	34,831	33,737	12
Cost of sales	(1,771)	12	(8,059)	(8,377)	(8,610)	(8,742)	(8,805)	(8,698)	(8,424)	12
Selling, general and administration	(2,048)	12	(9,223)	(9,504)	(9,808)	(9,978)	(10,038)	(10,075)	(9,963)	12
Research and Development	(1,389)	12	(6,266)	(6,495)	(6,680)	(6,732)	(6,751)	(6,731)	(6,672)	12
Royalty income	157	12	674	726	733	599	612	606	547	12
Operating profit	2,370	12	9,912	10,669	11,136	10,837	10,521	9,932	9,226	12
Operating margin (%)	31.9%		30.2%	31.1%	31.4%	30.4%	29.6%	28.5%	27.3%
Net finance costs	(148)	12	(607)	(595)	(555)	(499)	(437)	(414)	(329)	12
Associates	-	12	(1)	(1)	(1)	(1)	(1)	(1)	(2)	12
Profit before tax	2,222	12	9,304	10,073	10,580	10,336	10,083	9,517	8,895	12
Taxation	(389)	12	(1,619)	(1,773)	(1,874)	(1,830)	(1,787)	(1,685)	(1,579)	12
Tax Rate	17.5%	12	17.4%	17.6%	17.7%	17.7%	17.7%	17.7%	17.8%	12
Profit after tax	1,833	12	7,685	8,301	8,706	8,506	8,296	7,832	7,315	12
Minority interests	(161)	12	(695)	(718)	(738)	(672)	(581)	(462)	(336)	12
Profit attributable to shareholders	1,672	12	6,990	7,582	7,968	7,834	7,715	7,370	6,980	12
WANS (m)	4,085	12	4,046	4,017	4,015	4,013	4,010	4,002	3,998	12
Earnings per share (p)	40.9	12	172.7	188.7	198.5	195.2	192.3	184.6	175.8	12
Dividend per share (p)	15.8	9	63.6	66.2	68.6	70.8	72.1	71.9	72.0	11
Free Cash Flow	n/a	n/a	4,113	6,236	6,475	6,503	6,390	6,284	6,094	10
Net Debt	n/a	n/a	(13,870)	(10,806)	(7,554)	(4,556)	(1,576)	1,010	3,746	10

USD / GBP	1.27	12	1.25	1.25	1.25	1.25	1.25	1.25	1.25	12
EUR / GBP	1.19	11	1.20	1.20	1.20	1.20	1.20	1.20	1.20	11
JPY / GBP	193	9	192	192	192	192	192	192	192	9

The firms included are: Bank of America, Barclays, Berenberg, BNP Paribas Exane, Deutsche Bank, Goldman Sachs, Guggenheim Securities, JP Morgan, Morgan Stanley, Redburn, TD Cowen, UBS.

Turnover £m	Q1'25	Q1'25 n=	2025	2026	2027	2028	2029	2030	2031	2025-2029 n=

Tivicay	327	10	1,258	1,151	1,049	716	455	312	248	10
Triumeq	262	10	1,135	969	836	498	269	156	108	10
Juluca	161	12	703	706	706	660	536	323	151	12
Dovato	558	12	2,534	2,737	2,868	2,772	2,259	1,188	774	12
*Dolutegravir based regimens*	*1,308*	12	*5,631*	*5,564*	*5,460*	*4,646*	*3,519*	1,979	*1,281*	12
Cabenuva	279	12	1,293	1,522	1,713	1,843	1,932	2,003	1,457	12
Apretude	82	12	413	504	555	587	608	614	462	12
Cabotegravir based regimens	361	12	1,706	*2,025*	*2,268*	*2,431*	2,540	*2,616*	1,918	12
Rukobia	40	12	191	208	220	226	219	191	165	12
Other HIV (including pipeline)	8	12	30	35	90	181	306	481	733	12
HIV	1,717	12	7,558	7,833	8,037	7,485	6,584	5,267	4,099	12

Benlysta	301	12	1,658	1,746	1,773	1,747	1,691	1,576	1,391	12
Nucala	413	12	2,000	2,088	2,100	1,980	1,811	1,616	1,437	12
depemokimab	-	-	28	200	454	732	1,024	1,303	1,551	12
camlipixant	-	-	-	20	88	170	277	397	477	12
bepirovirsen	-	-	-	8	100	211	337	472	637	12
Other RII (including pipeline)	3	12	23	42	73	128	200	348	503	12
Respiratory, Immunology and Inflammation	717	12	3,709	4,104	4,587	4,968	5,340	5,712	5,996	12

Zejula	148	12	649	695	740	760	774	786	486	12
Blenrep	1	12	66	291	554	844	1,116	1,331	1,429	12
Jemperli	145	12	697	856	968	1,043	1,095	1,140	1,186	12
Ojjaara	117	12	588	783	948	1,044	1,112	1,181	1,189	12
Other Oncology (including pipeline)	(1)	12	(1)	13	48	84	139	209	274	n/a
Oncology	410	12	1,998	2,639	3,258	3,775	4,236	4,647	4,563	12

Specialty Medicines ex pandemic solutions	2,844	12	13,265	14,576	15,883	16,227	16,160	15,627	14,658	12

Xevudy	-	12	-	-	-	-	-	-	-	12

Specialty Medicines	2,844	12	13,265	14,576	15,883	16,227	16,160	15,627	14,658	12

The firms included are: Bank of America, Barclays, Berenberg, BNP Paribas Exane, Deutsche Bank, Goldman Sachs, Guggenheim Securities, JP Morgan, Morgan Stanley, Redburn, TD Cowen, UBS.

Turnover £m	Q1'25	Q1'25 n=	2025	2026	2027	2028	2029	2030	2031	2025-2029 n=
Shingrix	835	12	3,250	3,309	3,360	3,388	3,416	3,464	3,441	12
Arexvy	86	12	576	752	941	1,072	1,212	1,266	1,329	12
Bexsero	223	12	1,035	1,039	1,038	1,039	1,035	1,015	1,066	12
Menveo	81	12	401	400	399	400	400	389	391	12
Penmenvy	-	12	54	135	227	320	403	476	464	-
Other Meningitis	1	7	25	25	25	25	25	27	27	-
Meningitis	305	12	1,514	1,599	1,689	1,783	1,862	1,906	1,948	12
Fluarix/Flulaval	11	12	380	367	360	354	348	342	340	12
Boostrix	140	11	702	712	722	730	739	740	746	12
Cervarix	30	10	69	68	67	65	64	62	63	11
Hepatitis	180	11	720	734	745	756	766	766	775	12
Infanrix, Pediarix	142	11	510	509	508	508	507	509	509	12
Priorix	74	6	317	317	318	317	317	317	322	7
Rotarix	153	11	592	597	601	606	611	609	613	12
Synflorix	38	11	198	187	183	179	176	174	174	12
Other established vaccines	56	12	223	210	208	208	207	194	200	12
Established Vaccines	813	12	*3,330*	3,334	3,352	*3,369*	*3,387*	*3,371*	*3,402*	12
Vaccines pipeline	-	12	-	7	69	173	305	492	743	12
Vaccines ex pandemic solutions	2,050	12	9,051	9,368	9,771	10,139	10,531	10,841	11,203	12
Pandemic solutions	-	12	-	-	-	-	-	-	-	12
Vaccines	2,050	12	9,051	9,368	9,771	10,139	10,531	10,841	11,203	12

The firms included are: Bank of America, Barclays, Berenberg, BNP Paribas Exane, Deutsche Bank, Goldman Sachs, Guggenheim Securities, JP Morgan, Morgan Stanley, Redburn, TD Cowen, UBS.

Turnover £m	Q1'25	Q1'25 n=	2025	2026	2027	2028	2029	2030	2031	2025-2029 n=
Anoro	119	12	576	573	558	543	502	443	378	12
Flixotide/Flovent	131	12	513	481	456	433	410	388	384	12
Relvar/Breo	264	12	1,054	1,043	953	850	758	672	595	12
Seretide/Advair	254	12	959	866	787	726	673	628	612	12
Trelegy	666	12	3,013	3,160	2,939	2,691	2,462	2,220	1,914	12
Ventolin	156	12	662	625	591	561	532	512	503	12
Other respiratory	146	11	577	554	518	505	480	461	451	-
Respiratory	*1,736*	11	*7,355*	7,302	*6,802*	*6,309*	5,816	5,323	4,839	12
Augmentin	181	11	630	621	613	606	600	610	598	11
Lamictal	92	10	376	344	317	294	275	254	252	10
Blujepa (gepotidacin)	-	12	40	113	175	237	292	342	385	12
Other Other General Medicines (incl pipeline)	518	11	2,069	1,994	1,939	1,875	1,829	1,834	1,801	n/a
Other General Medicines	*791*	11	*3,115*	3,072	*3,045*	*3,012*	*2,995*	*3,040*	*3,037*	12

General Medicines	2,527	12	10,470	10,374	9,847	9,322	8,812	8,363	7,876	12

The firms included are: Bank of America, Barclays, Berenberg, BNP Paribas Exane, Deutsche Bank, Goldman Sachs, Guggenheim Securities, JP Morgan, Morgan Stanley, Redburn, TD Cowen, UBS.