GSK delivers strong 2025 performance and re-affirms long-term outlooks

Sales, profit and earnings growth driven by strong Specialty Medicines performance

• Total 2025 sales £32.7 billion +4% AER; +7% CER
• Specialty Medicines sales £13.5 billion (+17%); Respiratory, Immunology & Inflammation £3.8 billion (+18%); Oncology 
  £2.0 billion (+43%); HIV sales £7.7 billion (+11%)
• Vaccines sales £9.2 billion (+2%); Shingrix £3.6 billion (+8%); Meningitis vaccines £1.6 billion (+12%); and Arexvy £0.6 
  billion (+2%)
• General Medicines sales £10.0 billion (-1%); Trelegy £3.0 billion (+13%)
• Total operating profit >100% and Total EPS >100% driven by lower Significant legal expenses, lower CCL charges and 
  higher other operating income, partly offset by intangible asset impairments
• Core operating profit +11% and Core EPS +12% reflecting Specialty Medicines and Vaccines growth, SG&A productivity, 
  higher royalty income and disciplined increased investment in R&D portfolio progression in Oncology and Vaccines
• Cash generated from operations of £8.9 billion with free cash flow of £4.0 billion

R&D momentum further strengthens growth prospects:

Strong pipeline progress in 2025:

• 5 major FDA approvals: Blenrep, Exdensur, Nucala COPD, Penmenvy, Blujepa
• 7 pivotal trial starts including: risvutatug rezetecan (ris-rez) for 2L/3L ES-SCLC; efimosfermin in MASH; Exdensur for COPD; and velzatinib for 2L GIST

RI&I and Oncology pipelines strengthened:

• New assets acquired: efimosfermin (liver disease); velzatinib/IDRX-42 (gastrointestinal cancer); and agreement to acquire ozureprubart (food allergies)
• Agreements/collaborations with Hengrui (RI&I and oncology); Empirico (COPD); and LTZ Therapeutics (oncology)
• 29 projects currently in clinical development for RI&I and Oncology diseases

Further pipeline acceleration expected in 2026:

• 2 new major product approvals expected: bepirovirsen, potential first-in-class treatment for chronic hepatitis B; and tebipenem, first oral treatment for complicated UTIs
• 5 pivotal readouts: bepirovirsen for chronic hepatitis B (positive); camlipixant (chronic cough); Jemperli (rectal cancer); Q4M HIV PrEP; and Exdensur for EGPA
• 10 pivotal trial starts, including for ADCs B7-H3 (ris-rez) & B7-H4 (mocertatug rezetecan, mo-rez) to treat multiple cancer types

Continued commitment to shareholder returns

• Q4 2025 dividend of 18p declared; 66p FY 2025; 70p expected for full year 2026
• £1.4 billion executed to date as part of the £2 billion share buyback programme announced at FY 2024

2026 guidance and 2031 sales outlook reaffirmed

• Expect 2026 turnover growth of between 3% to 5%; Core operating profit growth of between 7% to 9%; Core EPS growth of between 7% to 9%
• 2031 sales outlook of more than £40 billion

Luke Miels, Chief Executive Officer, GSK:

“GSK delivered another strong performance in 2025, driven mainly by Specialty Medicines, with double-digit sales growth in 
Respiratory, Immunology & Inflammation (RI&I), Oncology and HIV. Good R&D progress also continued, with 5 major product 
approvals achieved and several acquisitions and new partnerships completed to strengthen the pipeline further in oncology and RI&I. We expect this positive momentum to continue in 2026, which will be a key year of execution and operational delivery with strong focus on commercial launches and accelerating R&D. We are well placed to move forward in this next phase for GSK - to deliver our outlooks - and to create new value for patients and shareholders.”

Assumptions and cautionary statement regarding forward-looking statements

The Group’s management believes that the assumptions outlined above are reasonable, and that the guidance, 
outlooks, and expectations described in this report are achievable based on those assumptions. However, given the 
forward-looking nature of these guidance, outlooks, and expectations, they are subject to greater uncertainty, including 
potential material impacts if the above assumptions are not realised, and other material impacts related to foreign 
exchange fluctuations, macro-economic activity, the impact of outbreaks, epidemics or pandemics, changes in 
legislation, regulation, government actions and policies, including the impact of any potential tariffs or other restrictive 
trade policies on the Group's products, or intellectual property protection, product development and approvals, actions 
by our competitors, and other risks inherent to the industries in which we operate.

This document contains statements that are, or may be deemed to be, “forward-looking statements”. Forward-looking 
statements give the Group’s current expectations or forecasts of future events. An investor can identify these 
statements by the fact that they do not relate strictly to historical or current facts. They use words such as ‘anticipate’, 
‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘plan’, ‘believe’, ‘target’, ‘outlook’, ‘aim’, ‘ambition’, ‘could’, ‘goal’, ‘may’, 
‘seek’, ‘should’ and other words and terms of similar meaning in connection with any discussion of future operating or 
financial performance. In particular, these include statements relating to future actions, prospective products or 
product approvals, future performance or results of current and anticipated products, sales efforts, expenses, the 
outcome of contingencies such as legal proceedings, dividend payments and financial results. Other than in 
accordance with its legal or regulatory obligations (including under the Market Abuse Regulation, the UK Listing Rules 
and the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority), the Group undertakes no 
obligation to update any forward-looking statements, whether as a result of new information, future events or 
otherwise. The reader should, however, consult any additional disclosures that the Group may make in any documents 
which it publishes and/or files with the SEC. All readers, wherever located, should take note of these disclosures. 
Accordingly, no assurance can be given that any particular expectation will be met and readers are cautioned not to 
place undue reliance on the forward-looking statements.

All guidance, outlooks and expectations should be read together with the guidance and outlooks, assumptions and 
cautionary statements in this full year and Q4 2025 earnings release and in the Group's 2024 Annual Report on Form 
20-F.

Forward-looking statements are subject to assumptions, inherent risks and uncertainties, many of which relate to 
factors that are beyond the Group’s control or precise estimate. The Group cautions investors that a number of 
important factors, including those in this document, could cause actual results to differ materially from those expressed 
or implied in any forward-looking statement. Such factors include, but are not limited to, those discussed under ‘Risk 
Factors’ in the Group’s Annual Report on Form 20-F for 2024. Any forward-looking statements made by or on behalf of 
the Group speak only as of the date they are made and are based upon the knowledge and information available to 
the Directors on the date of this report.