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.

2026-31 Core income statement and product revenue figures are effective 09/03/2026

£m (unless stated)	2026	2027	2028	2029	2030	2031	2026-2031 n=
Turnover - Specialty	14,931	16,537	17,275	17,720	17,197	16,921	14
Turnover - Vaccines	9,038	9,314	9,658	9,942	10,190	10,394	14
Turnover - General Medicines	9,769	9,387	9,017	8,674	8,292	7,770	14
Turnover - GSK	33,738	35,238	35,950	36,335	35,680	35,085	14
Cost of sales	(8,296)	(8,557)	(8,770)	(8,926)	(8,825)	(8,688)	14
Selling, general and administration	(9,137)	(9,404)	(9,495)	(9,616)	(9,511)	(9,416)	14
Research and Development	(6,957)	(7,152)	(7,237)	(7,344)	(7,266)	(7,219)	14
Royalty income	834	830	687	710	722	681	14
Operating profit	10,183	10,955	11,134	11,159	10,799	10,443	14
Operating margin (%)	30.2%	31.1%	31.0%	30.7%	30.3%	29.7%	-
Net finance costs	(601)	(527)	(472)	(404)	(339)	(252)	14
Associates	(3)	(2)	(3)	(3)	(3)	(3)	14
Profit before tax	9,578	10,426	10,659	10,752	10,457	10,187	14
Taxation	(1,673)	(1,827)	(1,871)	(1,889)	(1,840)	(1,795)	14
Tax Rate	17.5%	17.5%	17.6%	17.6%	17.6%	17.6%	14
Profit after tax	7,905	8,599	8,789	8,863	8,618	8,392	14
Minority interests	(735)	(769)	(714)	(637)	(503)	(399)	14
Profit attributable to shareholders	7,170	7,830	8,075	8,226	8,115	7,993	14
WANS (m)	4,010	4,008	4,014	4,013	4,008	4,003	14
Earnings per share (p)	178.8	195.3	201.1	205.0	202.8	200.7	14
Dividend per share (p)	69.2	72.0	74.6	76.6	78.4	79.7	13
Free Cash Flow	5,487	6,141	6,531	6,806	6,973	7,072	11
Net Debt	(11,842)	(8,655)	(5,145)	(1,502)	2,207	5,913	13

USD / GBP	1.36	1.36	1.36	1.36	1.36	1.36	14
EUR / GBP	1.15	1.15	1.15	1.15	1.15	1.15	12
JPY / GBP	210	209	209	209	209	209	10

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, TD Cowen, UBS

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

Tivicay	1,220	1,123	703	424	290	226	12
Triumeq	777	643	357	186	115	78	12
Juluca	636	626	581	506	286	116	14
Dovato	2,988	3,213	3,156	2,698	1,217	830	14
Oral 2DR (Juluca & Dovato)	3,624	3,839	3,737	3,204	1,503	946	14
Dolutegravir based regimens	5,621	5,606	4,797	3,813	1,908	1,249	14
Cabenuva	1,728	2,002	2,230	2,308	2,372	1,853	14
Apretude	545	616	653	677	697	536	14
Cabotegravir based regimens	2,273	2,619	2,883	2,985	3,069	2,389	14
Rukobia	164	173	179	180	167	159	13
Other HIV (including pipeline)	38	87	222	454	723	1,013	14
HIV	8,096	8,485	8,081	7,433	5,867	4,811	14

Benlysta	1,921	2,040	2,122	2,185	2,171	2,054	14
Nucala	2,129	2,163	2,098	1,907	1,696	1,499	14
depemokimab	216	559	912	1,273	1,625	1,930	14
IL-5 Portfolio	2,345	2,722	3,009	3,179	3,320	3,429	14
camlipixant	-	53	133	225	323	416	14
bepirovirsen	6	90	210	332	459	581	14
Other RI&I (including pipeline)	44	76	128	274	487	754	14
Respiratory, Immunology and Inflammation (RI&I)	4,316	4,980	5,602	6,196	6,760	7,235	14

Zejula	535	529	515	499	479	333	14
Blenrep	169	387	647	884	1,096	1,272	14
Jemperli	1,126	1,334	1,503	1,629	1,727	1,803	14
Ojjaara	691	816	897	958	1,011	1,050	14
Other Oncology (including pipeline)	(2)	6	30	121	258	418	14
Oncology	2,519	3,073	3,593	4,091	4,570	4,875	14

Specialty Medicines	14,931	16,537	17,275	17,720	17,197	16,921	14

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, TD Cowen, UBS

Turnover £m	2026	2027	2028	2029	2030	2031	2026-2031 n=
Shingrix	3,532	3,598	3,659	3,732	3,765	3,737	14
Arexvy	610	726	892	953	989	1,020	14
Bexsero	1,155	1,161	1,158	1,153	1,149	1,144	14
Menveo	394	396	397	398	400	403	14
Penmenvy	74	141	203	261	316	359	13
Other Meningitis	13	13	13	13	13	14	8
Meningitis	1,635	1,711	1,772	1,826	1,878	1,919	14
Established Flu	262	249	240	234	228	223	14
Boostrix	637	643	650	658	665	672	14
Cervarix	24	24	23	23	23	23	12
Hepatitis	621	623	630	636	642	649	14
Infanrix, Pediarix	491	487	487	490	494	499	14
Priorix	366	376	378	381	383	386	8
Rotarix	527	527	528	529	530	532	14
Synflorix	123	118	114	111	108	107	13
Other established vaccines	209	201	196	193	189	186	-
Established Vaccines	2,999	2,999	3,007	3,019	3,034	3,054	14
Vaccines pipeline	-	31	88	178	296	441	14

Vaccines	9,038	9,314	9,658	9,942	10,190	10,394	14

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, TD Cowen, UBS

Turnover £m	2026	2027	2028	2029	2030	2031	2026-2031 n=
Anoro	488	482	459	411	359	317	13
Flixotide/Flovent	350	331	315	299	283	269	13
Relvar/Breo	991	913	836	736	654	574	14
Seretide/Advair	736	661	607	561	520	484	14
Trelegy	3,093	2,930	2,767	2,662	2,502	2,189	14
Ventolin	601	570	544	520	499	480	13
Other respiratory	596	572	546	519	496	471	-
Respiratory	6,854	6,459	6,072	5,708	5,313	4,782	14
Blujepa (gepotidacin)	67	151	230	298	352	398	14
Augmentin	581	573	564	556	548	542	13
Lamictal	355	331	309	289	272	256	12
Other General Medicines (incl pipeline)	1,910	1,873	1,841	1,823	1,807	1,793	14
Other General Medicines	2,914	2,928	2,944	2,966	2,979	2,988	-

General Medicines	9,769	9,387	9,017	8,674	8,292	7,770	14

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, TD Cowen, UBS