Last Updated: 22 October 2026
GSK plc is a UK-headquartered biopharma group that sells specialty medicines, vaccines and general medicines worldwide, with HIV medicines sold through its majority-owned ViiV Healthcare. Luke Miels took over as chief executive on 1 January 2026, and since the last version of this report (18 May 2026) the group has bought Nuvalent for about US$10.6bn, written off camlipixant after failed phase III trials, and won a run of US approvals, including Hibsago for chronic hepatitis B on 20 October 2026. Q3 2026 results are due on 28 October. Every figure below comes from GSK's results announcements, RNS notifications and SEC filings. There are no analyst opinions, price targets or ratings anywhere in it.
Share prices, and figures worked out from them, are not shown for London-listed companies on ChartsView.
1. Company Snapshot
| Field | Value |
|---|---|
| Ticker / exchange | GSK.L — London Stock Exchange (NYSE ADS: GSK; one ADS represents two ordinary shares) |
| Sector | Pharmaceuticals — specialty medicines, vaccines and general medicines |
| Revenue (FY2025) | £32,667m turnover, up 4% at actual exchange rates (FY2024: £31,376m) |
| Operating profit (FY2025) | £7,932m total; £9,783m core (29.9% core margin) |
| Earnings per share (FY2025) | Total EPS 141.1p; core EPS 172.0p |
| Dividend per share (FY2025) | 66p; 70p expected for 2026 |
| Free cash flow (FY2025) | £4,029m on GSK's definition, up 41% |
| Net debt | £14,453m at 31 December 2025; £15,132m at 30 June 2026, before paying for Nuvalent |
| Employees | About 68,300 on average during 2025 (FY2025 Form 20-F; 2024: 69,305) |
| CEO / Leadership | Luke Miels, Chief Executive Officer (since 1 January 2026); Julie Brown, Chief Financial Officer; Sir Jonathan Symonds, Chair |
| Headquarters | 79 New Oxford Street, London |
2. The Bull and Bear Case
Bull Case
- Specialty medicines driving growth: Specialty Medicines sales rose 17% at constant exchange rates in 2025 to £13,474m, with oncology up 43%, and the segment is guided to low double-digit growth in 2026.
- A run of new approvals: US approvals in 2026 include Utebzi (17 June), Jideytro (22 July), Jemperli in rectal cancer (19 October) and Hibsago for hepatitis B (20 October), after five major FDA approvals in 2025.
- Guidance pointing up: 2026 guidance at constant exchange rates is turnover growth of 3% to 5% and core operating profit growth of 7% to 9%, both in the upper half, and the 2031 sales ambition of more than £40bn was reaffirmed.
- Strong cash generation: free cash flow rose 41% to £4,029m in 2025, the dividend rose to 66p and a £2bn buyback was completed in June 2026.
- Long-acting HIV medicines: Cabenuva and Apretude passed £1bn of sales in H1 2026 and made up 35% of US HIV sales in Q2, the base ViiV is building on ahead of dolutegravir patent expiry.
Bear Case
- Dolutegravir patent cliff: HIV was 23.5% of 2025 sales and the dolutegravir-based medicines lose exclusivity between 2028 and 2030, a gap the pipeline must fill.
- Pipeline setbacks: camlipixant was stopped after phase III results in July 2026, causing a £1.3bn impairment that cut Q2 2026 total EPS by 69%.
- US pricing pressure: GSK signed a most-favoured-nation pricing agreement with the US government in December 2025, and US Medicare redesign helped push Trelegy sales down 7% in Q2 2026.
- More debt after Nuvalent: net debt was £15.1bn at 30 June 2026 before the roughly US$9.4bn net cost of Nuvalent, and 2026 interest cost guidance rose to about £800m.
- Vaccines flat: Vaccines grew only 2% in 2025, US Shingrix demand grew 3% in Q2 2026, and the segment is guided to be broadly stable to low single-digit growth.
3. Revenue Segments
GSK reports three product groups. The figures below are FY2025 turnover from the full-year results announcement of 4 February 2026.
| Segment | % of revenue | What it is |
|---|---|---|
| Specialty Medicines — HIV (£7,687m) | 23.5% | ViiV Healthcare's HIV treatment and prevention medicines, including dolutegravir-based Dovato and Triumeq and long-acting Cabenuva and Apretude. |
| Specialty Medicines — Respiratory, Immunology & Inflammation (£3,810m) | 11.7% | Nucala, Benlysta and Exdensur (depemokimab) for severe asthma, COPD, lupus and related conditions. |
| Specialty Medicines — Oncology (£1,977m) | 6.1% | Jemperli, Zejula, Ojjaara and Blenrep, plus Jideytro from the Nuvalent acquisition. |
| Vaccines (£9,157m) | 28.0% | Shingrix for shingles (£3,558m), meningitis vaccines (£1,583m), Arexvy for RSV (£593m), flu and established vaccines. |
| General Medicines (£10,036m) | 30.7% | Inhaled respiratory medicines led by Trelegy (£3.0bn) and other established medicines including antibiotics. |
By region, 2025 sales were £16,859m in the US, £7,533m in Europe and £8,275m in International markets. Compare pharma names on the ChartsView Live Charts page.
4. Business Model and Moat
How it makes money. GSK discovers, develops and sells patented medicines and vaccines, earning high margins while patents run and then reinvesting in research. In 2025 core operating profit was £9,783m on £32,667m of turnover, a 29.9% core margin, and royalty income added £879m.
The moat. Patents and the complexity of making biologics and vaccines protect its main products. GSK is one of a handful of companies with global vaccine scale, and ViiV is a leader in HIV, where long-acting injectables are moving patients onto newer, protected regimens. The pipeline has 62 assets in clinical development and the company now expects more than 20 phase III starts in 2026.
Capital allocation. Priorities are investment in research and bolt-on deals, a progressive dividend (70p expected for 2026) and buybacks. A three-year programme announced in 2026 targets £1.9bn of annual cost savings by 2029, at a cost of £2.4bn.
5. Financial Health
GSK reports in pounds sterling under IFRS. FY2021 and FY2022 turnover and total EPS are restated to continuing operations, excluding the Haleon consumer healthcare business demerged in July 2022, and EPS reflects the July 2022 share consolidation. Turnover and long-term borrowings come from GSK's SEC XBRL filings (CIK 0001131399).
| Fiscal Year | Revenue (£m) | YoY % | GAAP EPS | Adjusted EPS | Dividend/share | Long-term debt (YE) |
|---|---|---|---|---|---|---|
| FY2021 | 24,696 | +1.4% | 82.9p | 110.3p | 80.0p‡ | £20,572m |
| FY2022 | 29,324 | +18.7% | 110.8p | 139.7p | 61.25p‡ | £17,035m |
| FY2023 | 30,328 | +3.4% | 121.6p | 155.1p | 58.0p | £15,205m |
| FY2024 | 31,376 | +3.5% | 63.2p | 159.3p | 61.0p | £14,637m |
| FY2025 | 32,667 | +4.1% | 141.1p | 172.0p | 66.0p | £14,708m |
GAAP EPS is IFRS total basic EPS from continuing operations. Adjusted EPS is GSK's core EPS (called adjusted EPS before 2024), which excludes amortisation and impairment of intangibles, major restructuring, legal and other specified items. FY2021 growth is against restated FY2020 turnover of £24,354m. ‡ The FY2021 dividend of 80p was declared before the demerger and share consolidation and covered the whole group; the FY2022 dividend of 61.25p per share is stated after the consolidation. Long-term debt is non-current borrowings at each year end (ifrs-full:LongtermBorrowings); short-term borrowings were a further £3,012m at the end of FY2025. FY2024 total EPS was reduced by Zantac litigation charges.
| Quarter / Half | Revenue (£m) | Adjusted EPS | GAAP EPS |
|---|---|---|---|
| Q2 2026 | 8,409 | 50.5p | 10.8p |
| Q1 2026 | 7,629 | 46.5p | 43.2p |
| Q4 2025 | 8,618 | 25.5p | 15.8p |
| Q3 2025 | 8,547 | 55.0p | 49.9p |
| Q2 2025 | 7,986 | 46.5p | 35.5p |
| Q1 2025 | 7,516 | 44.9p | 39.7p |
| FY2025 total | 32,667 | 172.0p | 141.1p |
Adjusted EPS is core EPS; Q1 2025 core EPS is derived from the H1 2025 total of 91.4p less Q2's 46.5p. Q2 2026 total EPS fell 69% mainly because of a £1.3bn impairment, largely for camlipixant. Q3 2026 results are due on 28 October 2026.
Cash flow and balance sheet (FY2025). Net cash from operating activities was £7,741m. Capital expenditure was £2,985m (£1,348m on property, plant and equipment and £1,637m on intangible assets). Depreciation and amortisation was £2,314m. Cash and cash equivalents were £3,397m (£3,406m including liquid investments), against total borrowings of £17,720m and net debt of £14,453m. Zantac settlement payments were £1,195m in the year.
6. Valuation Metrics
Share prices, and figures worked out from them, are not shown for London-listed companies on ChartsView.
Raw metrics, October 2026. Not opinions on whether the stock is cheap or expensive.
| Metric | Value |
|---|---|
| Free cash flow (FY2025) | £4,756m on a simple basis (operating cash flow £7,741m minus capital expenditure £2,985m); £4,029m on GSK's own definition, which also deducts interest, dividends to minorities and other items |
| EBITDA (FY2025) | About £10,246m (total operating profit £7,932m plus depreciation and amortisation £2,314m, the narrower XBRL depreciation and amortisation figure excluding impairments) |
| Net debt / EBITDA | About 1.4x at 31 December 2025 (net debt £14,453m / EBITDA about £10,246m), before the Nuvalent acquisition |
| Core operating margin | 29.9% in FY2025 |
| Core EPS (FY2025) | 172.0p; 2026 guidance of 7% to 9% growth at constant exchange rates, lower half of the range |
| Dividend per share | 66p for FY2025; 70p expected for 2026 |
| Shares in issue | 4,045m voting shares at 30 September 2026 (4,316m issued less 271m in treasury) |
| Short interest (% of float) | About 0.81% of the NYSE ADS float (14.8m ADS sold short at 30 September 2026, MarketBeat). For the London line the Financial Conduct Authority publishes only aggregate net short positions at or above 0.2% since 13 July 2026; the most recent individual disclosure found was 0.55% (Millennium International Management, 29 May 2026). Verify at fca.org.uk. |
| Days to cover | About 4.1 days for the NYSE ADS (30 September 2026, MarketBeat) |
7. What Are They Building
Oncology through acquisition. Nuvalent, bought for about US$10.6bn and completed on 15 July 2026, brought Jideytro (zidesamtinib) for ROS1-positive lung cancer, approved in the US on 22 July 2026, and neladalkib for ALK-positive lung cancer, with a US decision date of 27 November 2026. GSK's B7-H3 antibody-drug conjugate Ris-Rez cut the risk of death by 54% against topotecan in a phase III trial in relapsed small-cell lung cancer run by partner Hansoh in China. A trispecific T-cell engager for myeloma was licensed from Chimagen in September 2026 for up to US$750m.
Hepatitis B and infectious disease. Hibsago (bepirovirsen) was approved in Japan on 24 August 2026 and in the US on 20 October 2026, ahead of its 26 October decision date. Utebzi (tebipenem), an oral antibiotic, won US approval on 17 June 2026, and an mRNA seasonal flu vaccine moved into phase III on 1 September 2026.
Immunology and liver disease. Exdensur (depemokimab), a twice-yearly injection for severe asthma, was approved in the US on 16 December 2025, with EGPA data expected in H2 2026. Efimosfermin, acquired with Boston Pharmaceuticals, is in phase III for MASH, and ozureprubart came with RAPT Therapeutics (completed 3 March 2026). 35Pharma, completed on 15 April 2026, added HS235 for pulmonary hypertension.
Manufacturing and research sites. GSK plans to invest US$30bn in US manufacturing and research over five years, including a new biologics factory in Upper Merion, Pennsylvania, and in July 2026 announced a new flagship research centre on the Cambridge Biomedical Campus in the UK.
8. Competitive Landscape
GSK competes with the large global pharma groups across vaccines, respiratory, HIV and oncology. Market caps are in US dollars from CompaniesMarketCap on 21 October 2026.
| Peer | Market cap (Oct 2026) | Key 2025 metric |
|---|---|---|
| Merck & Co (MRK) | About US$370bn | FY2025 worldwide sales US$65.0bn, of which Keytruda US$31.7bn (Q4 2025 results release) |
| Novartis (NVS) | About US$293bn | FY2025 net sales US$54,532m (FY2025 Form 20-F) |
| AstraZeneca (AZN) | About US$261bn | FY2025 total revenue US$58,739m, up 9% (FY2025 results filed with the SEC) |
| Pfizer (PFE) | About US$170bn | FY2025 revenue US$62.6bn, down 2% operationally (full-year 2025 results release) |
| Sanofi (SNY) | About US$98bn | FY2025 net sales €43.6bn, up 9.9% at constant exchange rates (Q4 2025 earnings call summary) |
GSK's 2025 turnover of £32.7bn is smaller than these peers in absolute terms; its growth in 2025 came mainly from specialty medicines, while vaccines and general medicines were broadly flat.
9. Leadership and Insider Activity
Luke Miels became Chief Executive Officer (CEO) on 1 January 2026, succeeding Emma Walmsley, who left the board on 31 December 2025. Julie Brown is Chief Financial Officer and Sir Jonathan Symonds is Chair. Roy Jakobs joined the board as a non-executive director on 9 July 2026. No discretionary on-market purchases by PDMRs were found in 2026; activity was plan vesting, sales to cover tax and dividend reinvestment.
The following PDMR dealings were disclosed through RNS notifications and SEC filings in 2026. A PDMR is a person discharging managerial responsibilities.
| Name | Date | Type | Shares | Plan Type |
|---|---|---|---|---|
| Julie Brown (CFO) | 12 Oct 2026 | Dividend reinvestment | 2,409.639 | Performance Share Plan shares in holding period |
| Julie Brown (CFO) | 12 Oct 2026 | Notional dividend reinvestment | 1,863 | Deferred Annual Bonus Plan |
| Luke Miels (CEO) | 12 Oct 2026 | Notional dividend reinvestment | 1,413 | Deferred Annual Bonus Plan |
| Maya Martinez-Davis (President, US) | 22 Sep 2026 | Notional acquisition | 9.414 ADS | Executive Supplemental Savings Plan |
| Luke Miels (CEO) | 13 Feb 2026 | Sale to cover tax | 15,579 (on vesting of 245,716) | 2017 Performance Share Plan, 2023 award |
| Tony Wood (Chief Scientific Officer) | 13 Feb 2026 | Sale to cover tax | 103,330 (on vesting of 219,851) | Performance Share Plan |
| David Redfern (President, Corporate Development) | 13 Feb 2026 | Sale to cover tax | 80,511 (on vesting of 171,300) | Performance Share Plan |
| Deborah Waterhouse (CEO, ViiV Healthcare) | 13 Feb 2026 | Sale to cover tax | 76,587 (on vesting of 162,949) | Performance Share Plan |
10. Key Risks
- HIV loss of exclusivity (Commercial): dolutegravir-based medicines, the core of a £7.7bn HIV business, lose patent protection between 2028 and 2030; GSK says margins should stay stable to improving through that period, but delivery depends on long-acting medicines.
- US pricing and tariffs (Regulatory): the December 2025 most-favoured-nation agreement includes Medicaid pricing and launch-price commitments, Section 232 tariffs on imported patented drugs were proclaimed on 2 April 2026, and the US is 52% of sales.
- Pipeline attrition (R&D): the camlipixant failure cost £1.3bn, Zejula sales fell 34% in Q2 2026, and the >£40bn 2031 ambition relies on new launches succeeding.
- Vaccine demand and policy (Commercial): US Shingrix growth has slowed, Arexvy sales are modest, and GSK is monitoring changes to US vaccine policy and the paediatric schedule.
- Zantac litigation (Legal): about 13 state-court cases remain after settlements that cost £1,195m in cash in 2025.
- Currency (Financial): 52% of sales are in US dollars; GSK estimates a 10-cent move in the dollar against sterling changes core operating profit by about 8%.
- Leverage and integration (Financial): the Nuvalent, RAPT and 35Pharma deals add debt and integration work, with 2026 interest cost guided at about £800m.
11. Recent Developments
- 28 Jul 2026 — Q2 2026 results. Turnover £8,409m, up 5%, and core EPS 50.5p; total EPS fell 69% on the camlipixant impairment. 2026 guidance was reaffirmed with more precise ranges, and a new Cambridge research centre was announced.
- 01 Sep 2026 — mRNA flu vaccine to phase III. GSK said its mRNA seasonal influenza vaccine will advance to phase III.
- 13 Sep 2026 — Ris-Rez survival data. The B7-H3 antibody-drug conjugate cut the risk of death by 54% against topotecan in relapsed small-cell lung cancer in a phase III trial in China.
- 14 Sep 2026 — Jideytro first-line data. Positive registrational data for Jideytro in first-line ROS1-positive non-small-cell lung cancer.
- 15 Sep 2026 — Chimagen licence. Agreement to acquire a trispecific T-cell engager for multiple myeloma for up to US$750m.
- 06 Oct 2026 — Cabenuva data. Long-acting Cabenuva showed superior viral suppression versus daily oral therapy in people with viremia.
- 19 Oct 2026 — Jemperli approval. US accelerated approval for Jemperli in MSI-H/dMMR rectal cancer.
- 20 Oct 2026 — Hibsago approval. The FDA approved Hibsago (bepirovirsen) for chronic hepatitis B, ahead of the 26 October decision date.
12. Key Dates to Watch
- 28 Oct 2026 — Q3 2026 results
- 12 Nov 2026 — ex-dividend date for the Q3 2026 dividend (ADS 13 Nov; record date 13 Nov)
- 27 Nov 2026 — US FDA decision date for neladalkib in ALK-positive lung cancer
- 07 Jan 2027 — Q3 2026 dividend payment date
- 03 Feb 2027 — FY2026 and Q4 2026 results
- 18 Feb 2027 — ex-dividend date for the Q4 2026 dividend
- 08 Apr 2027 — Q4 2026 dividend payment date
- Expected H2 2026 — Exdensur OCEAN trial results in EGPA, as guided at the Q2 2026 results
GSK describes its results and dividend dates as indicative. US and UK economic releases that move the dollar and sterling are on the ChartsView Economic Calendar. Discuss pharma results with other investors in the ChartsView Forum.
Disclaimer: This research is produced by ChartsView for educational and informational purposes only. It does not constitute financial advice or a recommendation to buy or sell any security. All information is sourced from publicly available company filings, press releases, and official data. ChartsView does not use analyst opinions or third-party ratings. Always conduct your own due diligence and consider your personal financial situation before making investment decisions. Past performance is not indicative of future results.
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13. Thesis Verdict
The central thesis. GSK develops and sells patented specialty medicines, vaccines and general medicines, with HIV medicines sold through its majority-owned ViiV Healthcare, and earns high margins while its patents run. FY2025 turnover rose 4% to £32,667m, core operating profit was £9,783m and core EPS 172.0p, and 2026 guidance at constant exchange rates is turnover growth of 3% to 5% and core operating profit growth of 7% to 9%, with a 2031 ambition of more than £40bn of sales. The main driver is specialty medicines, up 17% in 2025, reinforced by 2026 US approvals for Jideytro, Jemperli in rectal cancer and Hibsago, with Q3 2026 results due on 28 October.
What would confirm or break it. Confirmation would be new launches and long-acting HIV medicines growing fast enough to keep margins stable to improving through the 2028–2030 dolutegravir patent expiry, alongside steady cash generation. The thesis breaks if further pipeline failures follow camlipixant, if US most-favoured-nation pricing and tariffs erode US sales, or if the extra debt from Nuvalent and vaccine weakness strain the capital-return profile.
Watchpoints
- ConfirmsQ3 2026 results (6 days) landing in line with or above management guidance.
- ConfirmsEvidence supporting the "Specialty medicines driving growth:" thesis continuing to build across subsequent filings.
- InvalidatesMaterialisation of the "HIV loss of exclusivity (Commercial):" risk, or any disclosure that fundamentally alters the capital-return or growth profile stated by management.
Diagnostic grid
Generated by ChartsView research tooling. Thesis strength measures how well the evidence in this report supports the company's stated thesis — it is NOT a buy/sell rating or price target. ChartsView is not authorised by the FCA to provide regulated investment advice. Generated 22 Oct 2026.
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