Analyst consensus

2024-31 Core income statement and product revenue figures are as at 14/11/2024

£m (unless stated)	2024	2025	2026	2027	2028	2029	2030	2031	2024-2029 n=
Turnover - Vaccines ex pandemic solutions	9,017	9,057	9,644	10,120	10,508	10,929	11,237	11,189	10
Turnover - Specialty ex pandemic solutions	11,704	12,668	13,758	14,835	14,960	14,705	13,964	12,915	10
Turnover - General Medicines	10,276	9,844	9,728	9,316	8,829	8,365	7,905	7,292	10
Turnover - GSK excluding pandemic solutions	30,997	31,569	33,130	34,271	34,297	33,998	33,107	31,395	10
Turnover - pandemic solutions	1	-	-	-	-	-	-	-	10
Turnover - GSK	30,998	31,569	33,130	34,271	34,297	33,998	33,107	31,395	10
Cost of sales	(7,682)	(7,713)	(7,986)	(8,200)	(8,350)	(8,406)	(8,306)	(7,990)	10
Selling, general and administration	(8,988)	(8,999)	(9,253)	(9,504)	(9,496)	(9,592)	(9,535)	(9,282)	10
Research and Development	(5,892)	(5,966)	(6,152)	(6,332)	(6,348)	(6,358)	(6,321)	(6,153)	10
Royalty income	599	599	653	627	537	521	524	438	10
Operating profit	9,036	9,490	10,391	10,861	10,640	10,163	9,468	8,408	10
Net finance costs	(580)	(575)	(523)	(487)	(433)	(367)	(331)	(288)	10
Associates	(3)	(2)	(2)	(2)	(2)	(2)	(2)	(2)	10
Profit before tax	8,453	8,913	9,867	10,372	10,205	9,794	9,135	8,118	10
Taxation	(1,451)	(1,532)	(1,697)	(1,797)	(1,796)	(1,698)	(1,568)	(1,394)	10
Tax Rate	17.2%	17.2%	17.2%	17.3%	17.3%	17.3%	17.2%	17.2%	10
Profit after tax	7,003	7,381	7,172	7,960	8,437	8,096	7,566	6,724	10
Minority interests	(635)	(664)	(651)	(683)	(634)	(540)	(419)	(313)	10
Profit attributable to shareholders	6,368	6,717	6,521	7,277	7,802	7,556	7,148	6,724	10
WANS (m)	4,070	4,090	4,072	4,089	4,120	4,115	4,100	4,090	10
Earnings per share (p)	156.4	164.2	182.1	191.0	189.4	183.6	175.0	158.6	10
Dividend per share (p)	59.8	61.8	63.7	65.7	67.9	62.4	68.4	67.0	10
Free Cash Flow	3,781	4,795	6,311	6,557	6,674	6,681	6,655	6,309	9
Net Debt	(13,317)	(11,585)	(8,258)	(5,033)	(1,984)	1,164	4,355	8,726	9

USD / GBP	1.29	1.32	1.32	1.32	1.32	1.32	1.31	1.31	10
EUR / GBP	1.18	1.20	1.20	1.20	1.20	1.20	1.20	1.20	9
JPY / GBP	194	197	197	197	197	197	198	197	8

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

Turnover £m	2024	2025	2026	2027	2028	2029	2030	2031	2024-2029 n=
Shingrix	3,295	3,304	3,509	3,622	3,680	3,721	3,780	3,620	10
Arexvy	650	674	951	1,128	1,249	1,417	1,495	1,553	10
Bexsero	958	971	990	1,003	1,017	1,022	1,010	1,010	10
Menveo	422	424	426	427	428	430	416	404	10
Other Meningitis	30	31	31	31	31	31	31	29	6
Meningitis	1,410	1,426	1,447	1,461	1,476	1,483	1,457	1,443	10
Fluarix/Flulaval	407	384	376	370	365	360	357	346	10
Boostrix	668	669	679	688	695	702	701	696	10
Cervarix	81	79	78	77	76	76	72	72	10
Hepatitis	643	651	664	676	687	698	704	708	10
Infanrix, Pediarix	524	507	504	502	502	502	507	511	10
Priorix	313	306	308	310	311	311	312	300	5
Rotarix	577	576	581	586	592	597	594	591	10
Synflorix	203	177	166	161	156	152	145	132	10
*Established Vaccines*	3,255	3,218	*3,220*	*3,245*	*3,266*	*3,289*	*3,280*	*3,260*	10
Other Vaccines pipeline	-	51	141	295	472	658	868	967	10
Vaccines ex pandemic solutions	9,017	9,057	9,644	10,120	10,508	10,929	11,237	11,189	10
Pandemic solutions	-	-	-	-	-	-	-	-	10
Vaccines	9,017	9,057	9,644	10,120	10,508	10,929	11,237	11,189	10

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

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

Tivicay	1,323	1,170	1,053	931	600	398	279	206	8
Triumeq	1,312	1,090	932	809	487	271	163	101	8
Juluca	677	675	680	682	633	518	293	140	10
Dovato	2,202	2,413	2,584	2,699	2,570	2,010	937	683	10
*Dolutegravir based regimens*	*5,513*	*5,348*	*5,250*	*5,120*	*4,290*	*3,197*	*1,672*	*1,130*	10
Cabenuva	985	1,227	1,451	1,626	1,774	1,838	1,968	1,434	10
Apretude	278	424	532	604	653	689	650	498	10
*Cabotegravir based regimens*	1,262	1,650	*1,983*	*2,230*	*2,396*	*2,526*	*2,618*	*1,931*	10
Rukobia	152	168	181	192	192	198	187	165	10
Other HIV (including pipeline)	42	31	35	84	157	265	434	671	10
HIV	6,969	7,197	7,449	7,626	7,036	6,187	4,911	3,898	10

Benlysta	1,490	1,570	1,609	1,565	1,492	1,407	1,251	1,140	10
Nucala	1,797	1,900	1,955	1,973	1,863	1,704	1,464	1,281	10

Zejula	608	653	698	740	757	746	728	374	10
Blenrep	4	64	238	405	576	737	845	994	10
Jemperli	462	653	779	869	931	973	1,009	1,021	10
Ojjaara	349	563	730	876	983	1,065	1,172	1,227	10
Other Oncology (including pipeline)	(0)	(0)	14	48	73	102	148	148	n/a
Oncology	1,422	1,933	2,458	2,938	3,320	3,624	3,901	3,763	10

camlipixant	-	-	35	110	195	299	414	490	10
daprodustat	7	14	17	19	21	23	27	32	10
depemokimab	-	41	207	471	745	1,012	1,307	1,458	10

Specialty Medicines ex pandemic solutions	11,704	12,668	13,758	14,835	14,960	14,705	13,964	12,915	10

Xevudy	1	-	-	-	-	-	-	-	-

Specialty Medicines	11,705	12,668	13,758	14,835	14,960	14,705	13,964	12,915	10

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

Turnover £m	2024	2025	2026	2027	2028	2029	2030	2031	2024-2029 n=
Anoro	573	560	558	546	530	483	415	346	10
Flixotide/Flovent	486	406	375	353	334	317	298	276	10
Relvar/Breo	1,067	1,029	1,013	953	849	753	664	576	10
Seretide/Advair	1,037	864	770	696	642	595	554	518	10
Trelegy	2,696	2,847	2,989	2,845	2,632	2,450	2,191	1,939	10
Ventolin	703	634	600	569	541	516	504	476	10
Other respiratory	572	533	512	494	470	443	424	398	10
*Respiratory*	*7,135*	6,873	*6,816*	*6,456*	*5,998*	*5,557*	*5,050*	*4,530*	11
Augmentin	620	602	585	567	547	530	525	495	9
Lamictal	394	340	305	283	264	248	227	208	9
Other Other General Medicines	2,128	2,028	2,021	2,011	2,019	2,030	2,103	2,060	n/a
*Other General Medicines*	*3,141*	2,971	*2,911*	*2,860*	*2,831*	*2,808*	*2,855*	*2,762*	10

General Medicines	10,276	9,844	9,728	9,316	8,829	8,365	7,905	7,292	10

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