Analyst consensus

2024-28 Income statement and product revenue figures are as at 15/03/2024

£m (unless stated)	2024	2025	2026	2027	2028	2024-2028 n=
Turnover - Vaccines ex pandemic solutions	10,591	11,560	12,408	13,012	13,246	13
Turnover - Specialty ex pandemic solutions	11,314	12,259	13,175	13,946	13,778	13
Turnover - General Medicines	9,621	9,570	9,521	9,269	8,730	13
Turnover - GSK excluding pandemic solutions	31,526	33,388	35,104	36,227	35,754	13
Turnover - pandemic solutions	1	0	0	0	0	13
Turnover - GSK	31,526	33,389	35,104	36,227	35,754	13
Cost of sales	(7,828)	(8,190)	(8,511)	(8,730)	(8,770)	13
Selling, general and administration	(9,153)	(9,438)	(9,691)	(9,857)	(9,748)	13
Research and Development	(5,943)	(6,176)	(6,402)	(6,585)	(6,549)	13
Royalty income	521	569	608	584	485	13
Operating profit	9,123	10,154	11,109	11,640	11,172	13
Net finance costs	(622)	(576)	(541)	(487)	(433)	13
Associates	(2)	(2)	(2)	(2)	(2)	13
Profit before tax	8,499	9,577	10,566	11,152	10,737	13
Taxation	(1,446)	(1,650)	(1,830)	(1,942)	(1,871)	13
Tax Rate	17.0%	17.2%	17.3%	17.4%	17.4%	13
Profit after tax	7,053	7,927	8,736	9,209	8,866	13
Minority interests	(642)	(676)	(709)	(733)	(671)	13
Profit attributable to shareholders	6,411	7,251	8,027	8,476	8,194	13
WANS (m)	4,075	4,093	4,107	4,112	4,101	13
Earnings per share (p)	157.3	177.2	195.4	206.2	199.8	13
Dividend per share (p)	59.7	62.4	65.1	67.2	68.0	12
Free Cash Flow	4,944	6,094	6,825	7,351	7,061	9
Net Debt	(11,790)	(8,516)	(4,684)	(794)	2,490	10

USD / GBP	1.27	1.27	1.27	1.27	1.27	13
EUR / GBP	1.17	1.17	1.17	1.17	1.17	12
JPY / GBP	185	185	185	185	185	9

The firms included are: Barclays, Berenberg, Citi, Cowen, Deutsche Bank, Exane, Guggenheim Securities, Jefferies, JP Morgan, Morgan Stanley, Redburn, UBS, Wolfe Research

Turnover £m	2024	2025	2026	2027	2028	2024-2028 n=
Shingrix	3,946	4,412	4,772	4,904	4,931	13
Arexvy	1,610	2,023	2,384	2,687	2,683	13
Bexsero	884	904	913	918	924	13
Menveo	397	400	401	401	402	13
Other Meningitis	28	28	28	28	28	7
Meningitis	1,309	1,332	1,342	1,347	1,354	13
Fluarix/Flulaval	482	472	464	459	453	13
Boostrix	616	627	636	646	652	13
Cervarix	119	118	117	116	115	12
Hepatitis	631	651	664	674	684	13
Infanrix, Pediarix	537	536	535	534	534	13
Rotarix	610	620	626	632	637	13
Synflorix	251	235	224	217	211	13
Established Vaccines	3,226	3,245	3,260	3,275	3,291	13
Other Vaccines pipeline	18	76	187	340	534	13
Vaccines ex pandemic solutions	10,591	11,560	12,408	13,012	13,246	13
Pandemic solutions	-	-	-	-	-	13
Vaccines	10,591	11,560	12,408	13,012	13,246	13

The firms included are: Barclays, Berenberg, Citi, Cowen, Deutsche Bank, Exane, Guggenheim Securities, Jefferies, JP Morgan, Morgan Stanley, Redburn, UBS, Wolfe Research

Turnover £m	2024	2025	2026	2027	2028	2024-2028 n=

Tivicay	1,251	1,114	1,012	916	598	12
Triumeq	1,296	1,102	947	822	510	12
Juluca	677	678	682	687	647	13
Dovato	2,151	2,368	2,526	2,604	2,436	13
*Dolutegravir based regimens*	*5,374*	*5,262*	*5,167*	*5,029*	*4,191*	13
Cabenuva	1,047	1,337	1,589	1,794	1,953	13
Apretude	313	481	649	788	904	13
Cabotegravir +/- rilpivirine	1,360	1,818	2,238	2,582	2,857	13
Rukobia	143	161	175	186	189	13
Other HIV (including pipeline)	51	41	42	81	139	n/a
HIV	6,929	7,283	7,622	7,878	7,376	13

Benlysta	1,514	1,618	1,651	1,583	1,513	13
Nucala	1,811	1,922	1,961	1,927	1,716	13

Zejula	559	607	657	702	709	13
Blenrep	31	45	93	153	218	13
Jemperli	269	367	444	499	540	13
Ojjaara	167	297	427	547	632	13
Other Oncology (including pipeline)	(0)	7	28	61	92	n/a
Oncology	1,026	1,323	1,649	1,962	2,191	13

camlipixant	-	7	44	115	195	11
daprodustat	24	47	63	77	89	13
depemokimab	-	47	169	327	489	11

Specialty Medicines ex pandemic solutions	11,314	12,259	13,175	13,946	13,778	13

Xevudy	1	0	0	0	0	13

Specialty Medicines	11,314	12,259	13,175	13,946	13,779	13

The firms included are: Barclays, Berenberg, Citi, Cowen, Deutsche Bank, Exane, Guggenheim Securities, Jefferies, JP Morgan, Morgan Stanley, Redburn, UBS, Wolfe Research

Turnover £m	2024	2025	2026	2027	2028	2024-2028 n=
Anoro	545	543	540	527	495	13
Arnuity	35	35	34	34	34	12
Avamys/Veramyst	254	236	225	216	207	12
Flixotide/Flovent	306	285	267	252	238	13
Incruse	157	156	156	156	149	13
Relvar/Breo	1,034	1,020	1,008	959	867	13
Seretide/Advair	903	816	740	677	625	13
Trelegy	2,510	2,743	2,918	2,912	2,654	13
Ventolin	676	643	614	585	559	13
Other respiratory	137	129	124	111	69	13
*Respiratory*	*6,557*	*6,606*	*6,627*	*6,428*	*5,897*	13
Other General Medicines	3,064	2,964	2,895	2,841	2,833	13

General Medicines	9,621	9,570	9,521	9,269	8,730	13

The firms included are: Barclays, Berenberg, Citi, Cowen, Deutsche Bank, Exane, Guggenheim Securities, Jefferies, JP Morgan, Morgan Stanley, Redburn, UBS, Wolfe Research