Analyst consensus

2024-31 Core income statement and product revenue figures are as at 23/08/2024

£m (unless stated)	2024	2025	2026	2027	2028	2029	2030	2031	2024-2028n=
Turnover - Vaccines ex pandemic solutions	9,823	10,722	11,638	12,215	12,630	13,034	13,339	13,373	14
Turnover - Specialty ex pandemic solutions	11,725	12,804	13,956	15,095	15,343	15,163	14,274	13,487	14
Turnover - General Medicines	10,121	9,900	9,870	9,548	9,091	8,709	7,985	7,295	14
Turnover - GSK excluding pandemic solutions	31,669	33,426	35,464	36,857	37,063	36,907	35,599	34,156	14
Turnover - pandemic solutions	1	-	-	-	-	-	-	-	14
Turnover - GSK	31,669	33,426	35,464	36,857	37,063	36,907	35,599	34,156	14
Cost of sales	(7,888)	(8,215)	(8,600)	(8,868)	(9,028)	(9,117)	(8,915)	(8,593)	14
Selling, general and administration	(9,113)	(9,434)	(9,789)	(10,089)	(10,156)	(10,238)	(10,090)	(9,861)	14
Research and Development	(6,018)	(6,239)	(6,513)	(6,758)	(6,823)	(6,845)	(6,777)	(6,639)	14
Royalty income	598	619	672	648	553	531	535	468	14
Operating profit	9,249	10,156	11,233	11,789	11,610	11,238	10,352	9,530	14
Net finance costs	(593)	(537)	(510)	(462)	(401)	(356)	(304)	(260)	14
Associates	(3)	(2)	(2)	(2)	(2)	(2)	(2)	(3)	14
Profit before tax	8,654	9,617	10,720	11,325	11,206	10,880	10,046	9,268	14
Taxation	(1,482)	(1,657)	(1,853)	(1,968)	(1,948)	(1,880)	(1,736)	(1,603)	14
Tax Rate	17.1%	17.2%	17.3%	17.4%	17.4%	17.3%	17.3%	17.3%	14
Profit after tax	7,172	7,960	8,867	9,357	9,258	9,000	8,309	7,664	14
Minority interests	(651)	(683)	(710)	(732)	(673)	(581)	(449)	(350)	14
Profit attributable to shareholders	6,521	7,277	8,157	8,625	8,585	8,419	7,860	7,314	14
WANS (m)	4,072	4,089	4,106	4,117	4,117	4,108	4,104	4,097	14
Earnings per share (p)	160.2	177.9	198.7	209.5	208.6	205.0	192.2	180.2	14
Dividend per share (p)	59.7	61.5	63.5	65.4	67.5	68.8	68.9	68.5	14
Free Cash Flow	4,809	6,089	7,004	7,394	7,425	7,450	7,270	6,960	12
Net Debt	(12,076)	(8,922)	(4,957)	(854)	3,089	7,245	11,090	15,717	12

USD / GBP	1.27	1.28	1.28	1.28	1.28	1.28	1.28	1.28	14
EUR / GBP	1.17	1.18	1.18	1.18	1.18	1.18	1.18	1.18	13
JPY / GBP	195	199	199	199	199	200	200	199	11

The firms included are: The firms included are: Bank of America, Barclays, Berenberg, BNP Paribas Exane, Citi, Deutsche Bank, Goldman Sachs, Guggenheim Securities, Jefferies, JP Morgan, Morgan Stanley, Redburn, UBS, Wolfe Research

Turnover £m	2024	2025	2026	2027	2028	2029	2030	2031	2024-2028 n=
Shingrix	3,662	4,142	4,549	4,701	4,737	4,811	4,773	4,584	14
Arexvy	1,165	1,526	1,933	2,175	2,321	2,397	2,432	2,379	14
Bexsero	896	909	916	919	924	912	918	914	14
Menveo	420	422	423	423	423	414	415	406	14
Other Meningitis	29	29	29	29	29	29	29	27	8
Meningitis	1,345	1,360	1,368	1,371	1,376	1,355	1,362	1,347	14
Fluarix/Flulaval	438	422	414	408	402	398	395	388	14
Boostrix	625	631	639	646	653	656	663	667	14
Cervarix	101	100	100	99	99	97	97	98	13
Hepatitis	627	642	655	664	674	679	688	695	14
Infanrix, Pediarix	512	503	500	500	500	503	504	506	14
Priorix	301	296	295	294	292	291	289	277	8
Rotarix	582	586	592	597	603	604	609	608	14
Synflorix	233	216	206	200	195	190	186	172	14
Established Vaccines	3,213	3,215	3,218	*3,235*	*3,253*	*3,250*	*3,266*	*3,263*	14
Other Vaccines pipeline	-	57	156	324	540	824	1,111	1,412	14
Vaccines ex pandemic solutions	9,823	10,722	11,638	12,215	12,630	13,034	13,339	13,373	14
Pandemic solutions	-	-	-	-	-	-	-	-	14
Vaccines	9,823	10,722	11,638	12,215	12,630	13,034	13,339	13,373	14

Turnover £m	2024	2025	2026	2027	2028	2029	2030	2031	2024-2028 n=

Tivicay	1,299	1,157	1,043	939	640	404	292	217	12
Triumeq	1,303	1,098	934	804	479	274	180	127	12
Juluca	694	697	702	706	673	569	344	157	14
Dovato	2,191	2,404	2,572	2,695	2,633	2,145	982	700	14
Dolutegravir based regimens	5,486	5,356	5,251	5,143	4,425	3,392	1,798	1,200	14
Cabenuva	1,023	1,312	1,577	1,799	1,966	2,120	2,201	1,764	14
Apretude	302	466	586	677	741	756	732	576	14
Cabotegravir based regimens	*1,325*	1,778	2,163	2,476	2,707	2,876	2,933	2,340	14
Rukobia	150	168	181	191	191	195	175	157	14
Other HIV (including pipeline)	44	35	37	77	147	242	415	644	14
HIV	7,006	7,337	7,631	7,887	7,470	6,706	5,321	4,341	14

Benlysta	1,497	1,595	1,643	1,622	1,564	1,447	1,296	1,190	14
Nucala	1,817	1,918	1,966	1,951	1,766	1,569	1,398	1,250	14

Zejula	618	676	728	776	785	777	735	380	14
Blenrep	6	79	284	518	752	958	1,121	1,326	14
Jemperli	409	553	672	746	799	844	864	861	14
Ojjaara	346	560	744	899	1,016	1,109	1,186	1,241	14
Other Oncology (including pipeline)	-	0	16	49	78	122	160	172	n/a
Oncology	1,380	1,868	2,444	2,987	3,430	3,811	4,066	3,981	14

camlipixant	-	-	37	109	191	289	390	461	13
daprodustat	13	28	38	47	55	65	67	73	14
depemokimab	-	46	177	370	575	751	909	1,063	13

Specialty Medicines ex pandemic solutions	11,725	12,804	13,956	15,095	15,343	15,163	14,274	13,487	14

Xevudy	1	-	-	-	-	-	-	-	14

Specialty Medicines	11,725	12,804	13,956	15,095	15,343	15,163	14,274	13,487	14

Turnover £m	2024	2025	2026	2027	2028	2029	2030	2031	2024-2028 n=
Anoro	564	555	552	539	512	468	402	354	14
Flixotide/Flovent	448	377	348	328	309	291	276	258	14
Relvar/Breo	1,054	1,029	1,011	948	857	760	666	582	14
Seretide/Advair	1,008	856	768	698	642	597	556	516	14
Trelegy	2,732	2,988	3,194	3,132	2,941	2,769	2,322	1,943	14
Ventolin	671	618	588	560	535	517	498	474	14
Other respiratory	555	509	481	455	455	444	410	374	14
*Respiratory*	7,031	*6,931*	6,942	6,659	*6,251*	*5,846*	*5,131*	*4,501*	14
Augmentin	628	618	606	592	578	573	561	544	13
Lamictal	358	322	296	278	262	245	232	219	12
Other Other General Medicines	2,104	2,029	2,026	2,019	1,999	2,046	2,060	2,032	n/a
Other General Medicines	3,090	*2,969*	*2,928*	2,889	2,839	2,863	2,854	2,795	14

General Medicines	10,121	9,900	9,870	9,548	9,091	8,709	7,985	7,295	14