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.

2025-31 Core income statement and product revenue figures are as at 26/11/2025

£m (unless stated)	2025	2026	2027	2028	2029	2030	2031	2025-2031 n=
Turnover - Specialty	13,338	14,795	16,235	16,846	17,061	16,598	15,978	12
Turnover - Vaccines	9,063	9,285	9,662	10,103	10,442	10,763	11,012	12
Turnover - General Medicines	10,113	10,021	9,613	9,200	8,786	8,310	7,806	12
Turnover - GSK	32,515	34,100	35,509	36,149	36,290	35,671	34,796	12
Cost of sales	(8,022)	(8,260)	(8,562)	(8,759)	(8,895)	(8,820)	(8,633)	12
Selling, general and administration	(9,165)	(9,438)	(9,709)	(9,770)	(9,853)	(9,738)	(9,531)	12
Research and Development	(6,457)	(6,840)	(7,055)	(7,150)	(7,213)	(7,116)	(7,004)	12
Royalty income	831	812	818	656	684	696	656	12
Operating profit	9,701	10,375	11,001	11,126	11,013	10,692	10,285	12
Operating margin (%)	29.8%	30.4%	31.0%	30.8%	30.3%	29.9%	29.4%	-
Net finance costs	(528)	(541)	(491)	(437)	(363)	(300)	(227)	12
Associates	(3)	(2)	(1)	(2)	(2)	(2)	(2)	12
Profit before tax	9,170	9,831	10,509	10,688	10,648	10,391	10,056	12
Taxation	(1,598)	(1,730)	(1,856)	(1,889)	(1,885)	(1,841)	(1,784)	12
Tax Rate	17.4%	17.6%	17.7%	17.7%	17.7%	17.7%	17.7%	12
Profit after tax	7,571	8,101	8,653	8,799	8,763	8,550	8,272	12
Minority interests	(698)	(739)	(769)	(698)	(604)	(471)	(348)	12
Profit attributable to shareholders	6,874	7,361	7,884	8,101	8,160	8,079	7,924	12
WANS (m)	4,042	4,000	3,995	4,001	4,004	4,001	3,998	12
Earnings per share (p)	170.1	184.1	197.4	202.4	203.7	202.2	199.2	12
Dividend per share (p)	63.6	66.2	68.8	71.2	72.9	74.2	75.1	12
Free Cash Flow	3,351	5,831	6,314	6,683	6,956	7,112	7,122	11
Net Debt	14,232	11,254	7,692	3,907	49	(3,823)	(7,680)	12

USD / GBP	1.32	1.34	1.34	1.34	1.34	1.34	1.34	12
EUR / GBP	1.16	1.15	1.15	1.15	1.14	1.14	1.14	11
JPY / GBP	196	199	199	199	199	199	199	10

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

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

Tivicay	1,303	1,199	1,092	704	437	313	249	10
Triumeq	984	805	683	385	198	122	82	10
Juluca	652	648	647	608	507	299	123	12
Dovato	2,659	2,941	3,128	3,037	2,507	1,231	823	12
Dolutegravir based regimens	5,597	5,593	5,550	4,734	3,649	1,966	1,278	12
Cabenuva	1,395	1,689	1,943	2,149	2,282	2,366	1,742	12
Apretude	444	532	597	645	678	705	548	12
Cabotegravir based regimens	1,839	2,221	2,540	2,793	2,960	3,071	2,290	12
Rukobia	174	187	198	205	207	189	179	12
Other HIV (including pipeline)	31	31	70	177	319	520	743	12
HIV	7,641	8,032	8,358	7,909	7,135	5,746	4,489	12

Benlysta	1,717	1,847	1,939	2,002	2,035	2,009	1,923	12
Nucala	1,988	2,144	2,192	2,167	2,026	1,812	1,604	12
depemokimab	-	193	472	776	1,116	1,447	1,750	12
IL-5 Portfolio	1,988	2,337	2,663	2,943	3,142	3,259	3,354	12
camlipixant	-	1	70	154	250	351	446	12
bepirovirsen	-	2	77	188	301	417	525	12
Xevudy	0	0	0	0	0	0	0	1
Other RI&I (including pipeline)	20	41	66	110	229	415	632	12
Respiratory, Immunology and Inflammation (RI&I)	3,725	4,229	4,816	5,397	5,957	6,451	6,881	12

Zejula	563	565	569	563	553	535	361	12
Blenrep	22	146	300	491	687	879	1,041	12
Jemperli	830	1,067	1,257	1,404	1,502	1,578	1,625	12
Ojjaara	561	755	926	1,039	1,122	1,191	1,240	12
Other Oncology (including pipeline)	(4)	1	9	43	105	217	340	12
Oncology	1,972	2,534	3,061	3,540	3,969	4,400	4,607	12

Specialty Medicines	13,338	14,795	16,235	16,846	17,061	16,598	15,978	12

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

Turnover £m	2025	2026	2027	2028	2029	2030	2031	2025-2031 n=
Shingrix	3,401	3,473	3,553	3,612	3,685	3,715	3,678	12
Arexvy	542	637	796	1,011	1,086	1,134	1,174	12
Bexsero	1,150	1,152	1,143	1,137	1,131	1,133	1,135	12
Penmenvy	20	106	199	286	358	416	459	10
Menveo	403	402	403	403	403	405	405	12
Other Meningitis	19	20	20	20	20	20	21	7
Meningitis	1,591	1,680	1,765	1,846	1,913	1,974	2,021	12
Established Flu	313	296	286	279	273	267	262	12
Boostrix	663	669	679	689	699	709	720	12
Cervarix	38	41	40	39	38	38	37	11
Hepatitis	679	685	694	703	712	722	731	12
Infanrix, Pediarix	525	515	514	516	520	526	534	12
Priorix	390	397	405	404	403	402	402	6
Rotarix	577	580	584	589	594	599	605	12
Synflorix	185	163	158	154	150	146	143	12
Other established vaccines	158	149	142	141	140	140	139	-
Established Vaccines	3,216	3,199	3,218	3,235	3,257	3,283	3,311	12
Vaccines pipeline	-	-	43	120	228	390	568	12
Pandemic solutions	-	-	-	-	-	-	-	-

Vaccines	9,063	9,285	9,662	10,103	10,442	10,763	11,012	12

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

Turnover £m	2025	2026	2027	2028	2029	2030	2031	2025-2031 n=
Anoro	561	557	548	524	482	421	371	12
Flixotide/Flovent	440	408	386	367	349	332	316	12
Relvar/Breo	1,064	1,048	970	883	792	708	633	12
Seretide/Advair	844	744	673	620	575	534	499	12
Trelegy	2,973	3,117	2,944	2,755	2,576	2,332	2,038	12
Ventolin	660	622	591	565	541	521	503	12
Other respiratory	515	491	472	452	430	411	394	-
Respiratory	7,057	6,986	6,584	6,167	5,745	5,259	4,753	12
Blujepa (gepotidacin)	14	105	178	247	307	359	401	12
Augmentin	605	600	595	588	582	576	571	11
Lamictal	395	364	337	315	295	278	263	10
Other General Medicines (incl pipeline)	2,042	1,966	1,919	1,883	1,857	1,838	1,818	12
Other General Medicines	3,056	3,035	3,029	3,033	3,041	3,051	3,053	12

General Medicines	10,113	10,021	9,613	9,200	8,786	8,310	7,806	12

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