Analyst consensus

The consensus estimates are collected by the company and based on the estimates of brokerage firms covering GSK. Please ensure you have read and acknowledged the disclaimer prior to reviewing the information provided.

2024-31 Core income statement and product revenue figures are as at 06/06/2025
Q2 2025 Core income statement and product revenue figures are as at 21/07/2025

£m (unless stated)	Q2'25	Q2'25 n=	2025	2026	2027	2028	2029	2030	2031	2025-2029 n=
Turnover - Specialty ex pandemic solutions	3,217	12	13,061	14,534	15,940	16,466	16,505	16,083	15,398	13
Turnover - Vaccines ex pandemic solutions	1,943	12	8,805	9,061	9,394	9,800	10,121	10,433	10,779	13
Turnover - General Medicines	2,642	12	10,213	10,130	9,660	9,249	8,828	8,330	7,860	13
Turnover - GSK excluding pandemic solutions	7,802	12	32,079	33,725	34,994	35,515	35,453	34,846	34,037	13
Turnover - pandemic solutions	-	12	-	-	-	-	-	-	-	13
Turnover - GSK	7,802	12	32,079	33,725	34,994	35,515	35,453	34,846	34,037	13
Cost of sales	(1,859)	12	(7,917)	(8,235)	(8,489)	(8,697)	(8,783)	(8,659)	(8,398)	13
Selling, general and administration	(2,214)	12	(9,118)	(9,394)	(9,687)	(9,910)	(10,011)	(9,977)	(9,888)	13
Research and Development	(1,481)	12	(6,269)	(6,479)	(6,684)	(6,789)	(6,841)	(6,802)	(6,699)	13
Royalty income	225	12	769	746	752	614	609	617	574	13
Operating profit	2,473	12	9,543	10,363	10,886	10,732	10,427	10,024	9,626	13
Operating margin (%)	0		29.7%	30.7%	31.1%	30.2%	29.4%	28.8%	28.3%
Net finance costs	(164)	12	(602)	(569)	(522)	(453)	(370)	(299)	(256)	13
Associates	-	12	(1)	(1)	(1)	(1)	(1)	(1)	(2)	13
Profit before tax	2,309	12	8,940	9,792	10,362	10,278	10,056	9,724	9,368	13
Taxation	(405)	12	(1,567)	(1,729)	(1,838)	(1,823)	(1,784)	(1,727)	(1,668)	13
Tax Rate	17.5%	12	17.5%	17.7%	17.7%	17.7%	17.7%	17.8%	17.8%	13
Profit after tax	1,904	12	7,373	8,063	8,524	8,456	8,271	7,997	7,700	13
Minority interests	(164)	12	(674)	(705)	(729)	(669)	(580)	(471)	(346)	13
Profit attributable to shareholders	1,740	12	6,699	7,358	7,796	7,786	7,691	7,526	7,354	13
WANS (m)	4,065	12	4,048	4,013	4,011	4,012	4,014	4,016	4,019	13
Earnings per share (p)	42.8	12	165.5	183.4	194.4	194.0	191.5	187.5	183.5	13
Dividend per share (p)	16.0	9	63.5	65.8	68.3	70.7	72.2	73.2	74.9	12
Free Cash Flow	n/a	n/a	3,872	6,169	6,460	6,667	6,592	6,640	6,633	11
Net Debt	n/a	n/a	(14,075)	(11,495)	(8,415)	(5,322)	(2,200)	912	4,042	11

USD / GBP	1.33	12	1.31	1.32	1.32	1.32	1.32	1.32	1.31	13
EUR / GBP	1.18	11	1.18	1.18	1.18	1.18	1.18	1.18	1.18	12
JPY / GBP	193	8	191	191	191	191	191	191	191	9

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

Turnover £m	Q2'25	Q2'25 n=	2025	2026	2027	2028	2029	2030	2031	2025-2029 n=

Tivicay	286	10	1,224	1,112	1,011	684	429	301	242	11
Triumeq	275	10	1,077	917	794	465	254	155	110	11
Juluca	171	12	682	683	684	642	524	315	143	13
Dovato	608	12	2,506	2,725	2,869	2,778	2,232	1,159	763	13
Dolutegravir based regimens	*1,340*	12	5,489	5,437	5,358	4,569	3,438	1,930	1,258	13
Cabenuva	309	12	1,290	1,531	1,741	1,895	1,998	2,046	1,565	13
Apretude	101	12	403	493	547	585	613	634	522	13
Cabotegravir based regimens	410	12	1,692	2,024	2,288	2,480	2,611	2,680	2,087	13
Rukobia	43	12	183	201	215	224	220	203	185	13
Other HIV (including pipeline)	9	12	31	35	83	169	290	482	736	13
HIV	1,802	12	7,395	7,697	7,944	7,442	6,559	5,296	4,266	13

Benlysta	441	12	1,661	1,761	1,792	1,770	1,708	1,611	1,436	13
Nucala	503	12	2,004	2,187	2,263	2,223	2,075	1,895	1,687	13
depemokimab	-	-	15	226	490	788	1,117	1,436	1,732	13
camlipixant	-	-	-	11	75	159	269	386	469	13
bepirovirsen	-	-	-	3	83	194	312	434	573	13
Other RII (including pipeline)	7	12	25	46	85	133	217	353	506	13
Respiratory, Immunology and Inflammation	951	12	3,706	4,235	4,788	5,267	5,698	6,116	6,404	13

Zejula	157	12	605	643	679	692	694	695	443	13
Blenrep	-	12	59	287	541	844	1,130	1,362	1,491	13
Jemperli	171	12	727	899	1,024	1,114	1,181	1,233	1,286	13
Ojjaara	136	12	570	766	930	1,040	1,119	1,196	1,254	13
Other Oncology (including pipeline)	-	12	(1)	9	34	67	123	186	254	13
Oncology	464	12	1,960	2,603	3,208	3,757	4,248	4,672	4,728	13

Specialty Medicines ex pandemic solutions	3,217	12	13,061	14,534	15,940	16,466	16,505	16,083	15,398	13

Xevudy	-	12	-	-	-	-	-	-	-	13

Specialty Medicines	3,217	12	13,061	14,534	15,940	16,466	16,505	16,083	15,398	13

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

Turnover £m	Q2'25	Q2'25 n=	2025	2026	2027	2028	2029	2030	2031	2025-2029 n=
Shingrix	804	12	3,176	3,252	3,317	3,361	3,418	3,443	3,413	13
Arexvy	57	12	526	644	784	982	1,052	1,103	1,194	13
Bexsero	240	12	1,061	1,062	1,065	1,068	1,071	1,081	1,113	13
Menveo	84	12	391	389	389	390	391	392	396	13
Penmenvy	2	12	45	137	225	314	392	456	489	-
Other Meningitis	4	-	27	26	26	26	26	26	26	-
Meningitis	330	12	1,522	1,613	1,704	1,796	1,878	1,954	2,022	13
Fluarix/Flulaval	7	12	360	345	337	329	321	314	308	13
Boostrix	181	12	691	699	709	716	724	732	740	13
Cervarix	15	11	60	59	58	56	55	54	53	12
Hepatitis	165	12	704	715	725	735	744	754	763	13
Infanrix, Pediarix	91	12	498	491	487	483	481	480	477	13
Priorix	80	7	328	329	330	330	330	330	333	7
Rotarix	124	12	578	581	586	591	597	602	607	13
Synflorix	53	12	196	185	180	175	171	168	165	13
Other established vaccines	36	12	166	147	135	126	114	103	85	-
Established Vaccines	745	12	*3,221*	*3,206*	*3,210*	*3,212*	*3,216*	*3,223*	*3,224*	13
Vaccines pipeline	-	12	-	-	42	120	235	395	618	13
Vaccines ex pandemic solutions	1,943	12	8,805	9,061	9,394	9,800	10,121	10,433	10,779	13
Pandemic solutions	-	12	-	-	-	-	-	-	-	13
Vaccines	1,943	12	8,805	9,061	9,394	9,800	10,121	10,433	10,779	13

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

Turnover £m	Q2'25	Q2'25 n=	2025	2026	2027	2028	2029	2030	2031	2025-2029 n=
Anoro	152	12	569	566	556	544	503	443	384	13
Flixotide/Flovent	117	12	472	439	417	396	375	357	339	13
Relvar/Breo	269	12	1,041	1,032	952	866	778	696	617	13
Seretide/Advair	251	12	912	815	740	682	631	585	554	13
Trelegy	794	12	2,926	3,072	2,860	2,675	2,496	2,249	1,988	13
Ventolin	170	12	661	622	590	562	536	512	495	13
Other respiratory	145	11	557	531	496	489	472	450	440	-
Respiratory	1,898	11	7,138	7,078	6,612	6,214	5,792	5,292	4,818	13
Augmentin	139	11	626	621	617	611	605	600	597	12
Lamictal	96	10	372	339	313	291	272	255	244	11
Blujepa (gepotidacin)	1	12	41	126	190	255	313	363	411	13
Other Other General Medicines (incl pipeline)	508	11	2,035	1,965	1,928	1,878	1,846	1,820	1,790	n/a
Other General Medicines	744	11	*3,075*	*3,052*	*3,048*	*3,035*	*3,036*	*3,038*	*3,043*	13

General Medicines	2,642	12	10,213	10,130	9,660	9,249	8,828	8,330	7,860	13

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