GSK plc (GSK)

Business

From the GSK 2025 Annual Report on Form 20-F, accession 0001131399-26-000004.

GSK is a UK-based biopharmaceutical company that discovers, develops, manufactures and sells prescription medicines and vaccines worldwide. It sells to health systems through commercial channels, government tenders and public immunisation programmes such as US CDC vaccine stockpile purchases. Turnover comes mainly from product sales, and GSK separately earns royalty income on products it has licensed to others. In 2025 turnover was $42.79 billion, and it came from three product groups:

• Specialty Medicines ($17.65 billion, 41% of turnover). Medicines for HIV, respiratory, immunology and inflammation, and oncology. The largest franchise is HIV, sold through ViiV Healthcare ($10.07 billion of 2025 sales). Its products are the oral two-drug regimen Dovato, and Cabenuva and Apretude, long-acting injectables for HIV treatment and prevention. Other Specialty products are Nucala and the newly approved Exdensur in eosinophilic asthma and COPD, Benlysta in lupus, and the cancer medicines Jemperli, Zejula, Ojjaara/Omjjara and Blenrep.
• Vaccines ($12.00 billion, 28%). Shingrix (shingles) is the largest. The group also sells meningitis vaccines (Bexsero and the new five-in-one Penmenvy), Arexvy (RSV), influenza vaccines and a portfolio of established paediatric and adult vaccines.
• General Medicines ($13.15 billion, 31%). Mostly primary-care products. Inhaled respiratory medicines lead, above all Trelegy, alongside antibiotics, dermatology and other mature brands that face generic erosion.

By region, 2025 turnover was $22.09 billion in the US, $9.87 billion in Europe and $10.84 billion in International markets.

GSK reports two operating segments. Commercial Operations holds all turnover and is where the company earns its operating profit. Total R&D is a cost centre. R&D centres on the immune system and on four core therapy areas: respiratory, immunology and inflammation; oncology; HIV; and infectious diseases. Total R&D expense was $9.86 billion in 2025. At the end of 2025 GSK had 66,800 employees in 70 countries and 33 manufacturing sites.

ViiV Healthcare is consolidated in full. Its ownership changed on 31 March 2026, when Pfizer's 11.7% economic interest was replaced by an investment from Shionogi. GSK now holds 78.3% and Shionogi 21.7%. ViiV earnings are split by equity share and by preferential dividends tied to particular products, and GSK was entitled to about 83% of ViiV's earnings for 2025. ViiV also makes quarterly contingent payments to Shionogi based on sales of dolutegravir and cabotegravir products. Those payments come from the 2012 purchase of Shionogi's interest in their former joint venture.

GSK's strategy is to make Specialty Medicines more than half of sales by 2031. It is aiming for more than $53.2 billion of sales that year: the company's target of more than £40 billion, converted at the 30 September 2026 closing rate. To get there it is accelerating its late-stage pipeline and buying assets, while it prepares for its HIV medicine dolutegravir to lose exclusivity between 2028 and 2030. Five major products were approved in 2025:

• Exdensur, a twice-yearly biologic for severe asthma.
• Blenrep, for multiple myeloma.
• Nucala in COPD.
• Blujepa, a new oral antibiotic for uncomplicated urinary tract infection and gonorrhoea.
• Penmenvy, a vaccine against invasive meningococcal disease.

Risk factors

From the Risk Factors section of the 2025 Form 20-F, accession 0001131399-26-000004, with company-specific exposures noted from the Q3 2026 results 6-K, accession 0001654954-26-009181.

• Pricing, access and government policy. The US Administration is trying to tie US drug prices to international prices and to open direct-to-patient purchasing channels. This adds to US pricing pressure that has been building for a decade. The Inflation Reduction Act's Medicare Part D redesign already hurt 2025 US sales across all three product groups. In December 2025 GSK agreed with the US Administration to lower prescription costs. In return, GSK and ViiV are excluded from Section 232 pharmaceutical tariffs, a relief the April 2026 definitive agreement runs to 20 January 2029. Under that deal, GSK and ViiV have committed certain products to the voluntary GENEROUS Model run by the US Centers for Medicare and Medicaid Services. Tariffs, protectionism and healthcare reform in the US, UK and EU remain named risks. The UK–US zero-tariff arrangement for UK-made medicines lasts only three years.
• Pipeline delivery. GSK's growth case rests on bringing new medicines to market and continually restocking the pipeline. Failures show up as large write-downs. In 2025 GSK took a $617.01 million impairment when it ended the belrestotug (anti-TIGIT) programme. In Q2 2026 it impaired camlipixant by $1.79 billion after deciding not to develop it further on the CALM-1 and CALM-2 phase III results, and wrote off $497.14 million of assets from the Alector collaboration. The 20-F also warns that competition for outside assets is intensifying and that GSK could misjudge the value of the acquisitions it now relies on.
• Loss of exclusivity for dolutegravir. HIV is GSK's largest franchise. The company expects dolutegravir to lose exclusivity in 2028–2030 and will use part of its restructuring savings to support operating margin through that period. In Q3 2026 the loss of exclusivity was already reducing tender volumes in International markets.
• Contingent consideration and volatile Total results. Contingent consideration liabilities stood at $9.09 billion at the end of 2025, of which $7.33 billion was owed to Shionogi for ViiV Healthcare. They are remeasured each period through the income statement, and that swings reported (Total) profit. GSK says it cannot forecast those movements reliably, so it gives guidance on Core results only.
• Legal and compliance. GSK faces product liability, patent, antitrust, consumer-fraud and government-investigation cases, as well as anti-bribery, sanctions and competition-law enforcement. GSK paid $1.57 billion of Zantac settlements in 2025, which brought the provision for legal and other disputes down to $283.5 million at year-end.
• Product quality and supply continuity. Quality failures can cause recalls, shortages and regulatory action. GSK's supply chains are complex and rely on a small number of contract manufacturers and third-party ingredient suppliers. Governments are also pushing to localise supply.
• Patient safety. GSK must collect and act on adverse-event data. Misinformation from non-scientific sources, social media and AI tools can lead to more critical reports about its products and more product-liability litigation, including class actions.
• Information security, data privacy and research practices. GSK depends on interconnected systems and outside partners, so cyber-attacks and breaches of privacy law (GDPR, data-localisation rules) could disrupt operations or bring fines. Lapses in clinical-trial conduct or data integrity could put product approvals at risk.
• Climate and environment. EU and US limits on high global-warming-potential propellants will restrict GSK's ability to make metered-dose inhalers. GSK's carbon targets of an 80% cut by 2030 and 90% by 2045 depend on regulators approving a lower-carbon Ventolin inhaler.
• Financial reporting, tax and treasury. GSK operates across many tax jurisdictions and is running large system and acquisition integrations. It reports in sterling but earns more than half its turnover in the US, so a stronger pound against the dollar lowers reported results.

Management's discussion of 2025

From the Group financial review and strategic report of the 2025 Form 20-F, accession 0001131399-26-000004.

2025 turnover was $42.79 billion, up 6.6% in US dollar terms. GSK reported growth of 4% at actual exchange rates and 7% at CER. Specialty Medicines drove the growth, up 17% at CER. Vaccines rose 2% at CER and General Medicines fell 1% at CER.

• HIV grew 11% at CER on +10 percentage points of patient-demand growth, which more than offset the decline of Triumeq. Long-acting medicines produced over 75% of HIV growth. Cabenuva reached $1.84 billion (+42% CER), Apretude $575.09 million (+62%) and Dovato $3.51 billion (+22%).
• Respiratory, immunology and inflammation grew 18% at CER. Nucala reached $2.63 billion (+15%), helped by its COPD launch, and Benlysta $2.32 billion (+22%).
• Oncology reached $2.59 billion, up 43% at CER. Jemperli nearly doubled to $1.13 billion (+89%) after its label was widened in endometrial cancer, which more than offset a decline in Zejula.
• Vaccines. Shingles vaccine sales reached $4.66 billion (+8% CER). Sales outside the US rose strongly, while US sales fell 17% at CER as uptake slowed among harder-to-reach unvaccinated adults. Meningitis vaccines grew 12% to $2.07 billion. RSV was broadly flat, influenza fell 24% and established vaccines fell 5%.
• General Medicines. Trelegy grew 13% to $3.91 billion. That was offset by generic erosion across older respiratory and other products.
• Regions. US sales rose 6% at CER despite the Medicare Part D redesign. Europe rose 12% and International 4%.

Total operating profit rose to $10.39 billion, up 101.9% in US dollar terms. The rise mainly reflects the $2.3 billion Zantac settlement charge in 2024, partly offset by higher impairment charges in 2025. Core operating profit was $12.82 billion, up 9.4% in US dollar terms and 11% at CER, with a core margin of 29.9%. That reflected higher sales, a better product mix and royalty income, which included historic royalties from an intellectual-property settlement. Higher R&D spending, launch costs and pricing pressure partly offset the gains. Other operating income included a $500 million settlement from CureVac. The Total effective tax rate was 15.0% and the Core rate 17.1%.

Total earnings were $3.70 per ADS, against $1.62 in 2024. Core earnings were $4.51 per ADS, up 10.5% in US dollar terms and 12% at CER, helped by the share buyback and lower finance costs. Cash generated from operations was $11.72 billion and free cash flow $5.28 billion, up 44.0% in US dollar terms, even after the Zantac payments. Net debt was $19.51 billion at 31 December 2025. It rose during the year because of three acquisitions: IDRx, BP Asset IX (which brought efimosfermin) and Cellphenomics. Dividends and buybacks also added to it. The 2025 dividend was $1.73 per ADS (66p per share). GSK said it expected a higher dividend for 2026, under a progressive policy targeting a 40–60% pay-out ratio.

Leadership changed at the end of 2025. Emma Walmsley stepped down as Chief Executive at the end of December and Luke Miels took over. He has set three priorities: maximise new launches (notably Exdensur and Blenrep), accelerate key late-stage assets, and keep doing targeted business development.

Current quarter: Q3 2026 (three months ended 30 September 2026)

From the Q3 2026 results announcement furnished on Form 6-K on 28 October 2026, accession 0001654954-26-009181, except where another accession is cited.

Results. Q3 turnover was $11.91 billion, up 4.8% in US dollar terms. GSK reported +4% at actual rates and +5% at CER. Specialty Medicines again did most of the work, and the quarter shows two different stories at the Total and Core levels.

• Specialty Medicines reached $5.20 billion (+15% CER). HIV grew 10% to $2.84 billion. Long-acting injectables produced 80% of HIV growth, Cabenuva alone rose 35%, and US HIV sales grew 14%. Respiratory, immunology and inflammation grew 21% to $1.53 billion on Nucala, Exdensur and Benlysta. Oncology grew 23% to $833.48 million. The US approved Jideytro, which came with the Nuvalent acquisition, during the quarter.
• Vaccines fell 2% at CER to $3.46 billion. Shingrix fell 5% to $1.05 billion on lower sales in China. Arexvy fell 24% to $261.3 million. Meningitis vaccines had their best-ever quarter at $802.66 million (+12%).
• General Medicines was flat at CER at $3.25 billion. Trelegy grew 8% to $1.05 billion on volume and positive US pricing adjustments.
• US sales rose 10% at CER to $6.61 billion. International fell 3%.

Core operating profit was $4.12 billion, up 3.8% in US dollar terms and 5% at CER, with a core margin of 34.6%. A better mix and higher royalties (up 24% to $345.72 million, mainly from Kesimpta) outweighed Core R&D spending, which rose 22% at CER to $2.51 billion. That R&D money went mostly to the Ris-Rez and Mo-Rez antibody–drug conjugates, velzatinib, the Nuvalent lung-cancer assets and efimosfermin. Total operating profit fell to $2.85 billion, down 17.4% in US dollar terms, for two reasons. GSK took $439.52 million of restructuring charges for its new Accelerate Growth programme. Other net operating income was also lower: little other income offset the quarter's $387.26 million charge for remeasuring contingent consideration liabilities, whereas Q3 2025 had included the CureVac settlement. Core earnings were $1.46 per ADS, flat in US dollar terms against a year earlier and up 1% at CER, held back by higher finance costs (mainly from Nuvalent), a higher tax rate and higher non-controlling interests. Total earnings were $1.03 per ADS, against $1.33, down 22.3%.

Cash generated from operations rose to $4.18 billion, up 24.8% in US dollar terms. Q3 2025 had included Zantac settlement payments, and working-capital timing helped this quarter. Free cash flow was $2.78 billion, up 68.0% in US dollar terms.

For the nine months, turnover was $33.40 billion (up 6.0% in US dollar terms) and Core operating profit $11.42 billion (up 7.0%). Total operating profit was $6.57 billion (down 26.6%), reflecting the Q2 impairments and higher contingent consideration charges, partly offset by higher other operating income. Free cash flow was $6.55 billion (up 62.9%).

Accelerate Growth programme. GSK launched a three-year restructuring programme in Q3 2026. It aims to match the organisation to a portfolio weighted towards Specialty Medicines and to move capital into the late-stage pipeline and R&D. It targets $2.53 billion of annual savings, fully realised by 2029, for total costs of $3.19 billion, of which $2.79 billion is cash. All three amounts are converted from the company's sterling figures at the 30 September 2026 closing rate. Most of the cost falls in 2026 and 2027. Savings will mostly be reinvested in R&D and business development, with part used to support operating margin through dolutegravir's 2028–2030 loss of exclusivity.

Acquisitions and financing during 2026. Net debt rose to $27.58 billion at 30 September 2026, mainly because of three acquisitions, along with dividends and the share buyback:

• RAPT Therapeutics, closed 3 March 2026 for $2.3 billion including fees (net of cash, about $1.9 billion). It brought ozureprubart, a long-acting anti-IgE antibody for food allergy.
• 35Pharma, closed 14 April 2026 for total consideration of $1.0 billion (net investment $945 million). It brought HS235, an activin-signalling inhibitor for pulmonary hypertension.
• Nuvalent, closed 15 July 2026 at $124 per share, an equity value of $10.8 billion including fees (net of cash, about $9.6 billion). It brought the ROS1 and ALK lung-cancer inhibitors zidesamtinib (Jideytro) and neladalkib.

In September 2026 GlaxoSmithKline Capital Inc. issued notes guaranteed by GSK plc (6-K accession 0001193125-26-391597):

• $1.25 billion of 4.850% notes due 2029.
• $1.25 billion of 5.000% notes due 2031.
• $1.5 billion of 5.250% notes due 2033.
• $1.5 billion of 5.500% notes due 2036.
• $500 million of 6.000% notes due 2056.
• $500 million of floating-rate notes due 2029.

The ViiV Healthcare restructuring closed on 31 March 2026. ViiV issued new shares to Shionogi for $2.125 billion and returned $1.875 billion to Pfizer, and GSK received a $250 million special dividend. In the nine months GSK also sold its Rockville, Maryland manufacturing site and divested linerixibat. It completed the share buyback announced in February 2025 on 26 June 2026, having repurchased 124 million shares.

On 15 September 2026 GSK agreed to buy a preclinical trispecific T cell-engager for multiple myeloma from Chimagen Biosciences, a private company. The deal has a total potential value of up to $750 million, made up of an upfront fee plus development and commercial milestones. It is subject to customary closing conditions, and the programme is expected to enter phase I trials in 2027 (6-K accession 0001654954-26-008359).

Pipeline in the quarter. Hibsago (bepirovirsen) was approved in Japan for chronic hepatitis B, and Jideytro was approved in the US for previously treated ROS1-positive lung cancer. Jideytro also produced positive registrational data in first-line ROS1-positive lung cancer. Arexvy was approved in the US for immunocompromised adults, and a pre-filled Shingrix syringe was approved in Japan. An mRNA seasonal flu vaccine moved into phase III. GSK expects to start 22 phase III trials in 2026, 18 of which have started so far.

Guidance. GSK reaffirmed its 2026 guidance, all at CER:

• Turnover growth of 3–5%, at the upper half of the range.
• Core operating profit growth of 7–9%, at the upper half.
• Core EPS growth of 7–9%, at the lower half.

Behind that, GSK expects Specialty Medicines to grow at a low double-digit rate, Vaccines to be broadly stable or up at a low single-digit rate, and General Medicines to fall by a low to mid single-digit rate. It expects SG&A to be broadly stable and R&D to grow well ahead of sales. Guided amounts below are converted at the average rate for the first nine months of 2026:

• Royalty income of about $1.21 billion.
• Interest charges of about $938 million to $1.01 billion, including the cost of the Nuvalent financing.
• A tax rate of about 17.5%.

If 30 September exchange rates held for the rest of the year, GSK estimates currency would reduce 2026 sterling turnover growth by 1 point and Core operating profit growth by 3 points. It reiterated the 2031 sales outlook and expects operating margin to be stable to improving through the dolutegravir loss of exclusivity. Its guidance includes the expected effect of the US pricing and tariff agreements.

Shareholder returns. GSK declared a Q3 dividend of 17p per share ($0.46 per ADS at the Q3 2026 average exchange rate) and expects 70p per share for 2026 ($1.88 per ADS on the same basis). The dollar amount paid to ADS holders will be set at the exchange rate on 5 January 2027.

Legal. The provision for legal and other disputes was $268.66 million at 30 September 2026. Developments since the Q2 report: GSK's two Trelegy patent suits against Transpire were consolidated and set for trial on 22 February 2028.

Subsequent events

Events after 30 September 2026, from the Q3 2026 results 6-K (accession 0001654954-26-009181) and the Form 6-K reports cited.

The Q3 results announcement has no separate post-balance-sheet note. None of the 6-K reports GSK furnished between 1 and 28 October 2026 announced an acquisition, divestiture or financing. The material developments after the quarter were regulatory and legal:

• Jemperli approved in rectal cancer (19 October 2026). The US FDA granted accelerated approval for Jemperli (dostarlimab) as the first immunotherapy for adults with stage II–III MSI-H/dMMR locally advanced rectal cancer. In the phase II AZUR-1 trial, 68% of evaluable patients achieved a sustained clinical complete response at 12 months on investigator assessment (6-K accession 0001654954-26-009036).
• Hibsago approved in the US (20 October 2026). The FDA approved Hibsago (bepirovirsen) for chronic hepatitis B in certain adults already on nucleos(t)ide therapy. It is a six-month course. In the B-Well phase III trials it achieved a 19% functional cure rate, against 0 of 614 patients on placebo (6-K accession 0001654954-26-009062).
• Oncology data in October 2026. GSK reported early global data for Ris-Rez in lung cancer and positive phase Ib data for Mo-Rez in ovarian cancer. Its licensor Hansoh reported positive phase III data in China for Ris-Rez in relapsed osteosarcoma (6-K accessions 0001654954-26-009023, 0001654954-26-009127 and 0001654954-26-009141).
• Tesaro, Inc. v. AnaptysBio. A post-trial hearing was held before the Delaware Court of Chancery on 20 October 2026. A decision is expected in Q4 2026 or Q1 2027.
• Q3 dividend. Declared with the results on 28 October 2026. The ex-dividend date is 12 November 2026 for ordinary shares and 13 November 2026 for ADSs, and payment is on 7 January 2027.

Filings that contain financial statements

• Form 6-K, accession 0001654954-26-009181, filed 28 October 2026 ("3rd Quarter Results"). Unaudited condensed interim financial information for the three and nine months ended 30 September 2026: income statement, statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement, segment information, plus Total-to-Core reconciliations and sales tables. It carries an auditor's review report. This is the source for third-quarter 2026 numbers.
• Form 6-K, accession 0001654954-26-006949, filed 28 July 2026 ("2nd Quarter Results"). Income statement, balance sheet and cash flow statement for the three and six months ended 30 June 2026, with the same supporting tables.
• Form 6-K, accession 0001193125-26-384439, filed 8 September 2026. Re-furnishes the second-quarter 2026 results report (period ended 30 June 2026, with income statement, balance sheet and cash flow statement) so that it is incorporated by reference into the company's Form F-3 registration statement. The content matches the 28 July announcement.
• Annual report on Form 20-F, accession 0001131399-26-000004, filed 6 March 2026, for the year ended 31 December 2025.

Third-quarter 2026 results (6-K 0001654954-26-009181, 28 October 2026)

• Turnover £8,887 million ($11.91 billion), up 4% at actual rates and 5% at constant exchange rates. Nine-month turnover £24,925 million ($33.40 billion), up 4% (5% constant).
• Specialty Medicines sales rose 15% at constant rates (HIV +10%, Respiratory, Immunology & Inflammation +21%, Oncology +23%). Vaccines fell 2% (Shingrix -5%, Arexvy -24%, Meningitis +12%). General Medicines were stable (Trelegy +8%).
• Core operating profit £3,076 million ($4.12 billion), up 5% constant (core operating margin 34.6%). Core EPS 54.6p, up 1% constant.
• Total operating profit £2,127 million ($2.85 billion), down 16% constant; total EPS 38.5p, down 21%. The decline reflects Major restructuring charges of £328 million ($439.52 million) for the new "Accelerate Growth" programme and lower other net operating income.
• Cash generated from operations £3,122 million ($4.18 billion); free cash flow £2,078 million ($2.78 billion), up 67%. Net debt at 30 September 2026 was £20,739 million ($27.58 billion), against £14,453 million ($19.51 billion) at 31 December 2025. The company attributes the increase mainly to net acquisition costs for Nuvalent (£7,143 million, $9.57 billion), RAPT Therapeutics (£1,404 million, $1.88 billion) and 35Pharma (£700 million, $945 million), dividends and the buyback, partly offset by free cash flow.
• Guidance reaffirmed at constant rates for full-year 2026: turnover +3% to 5% (upper half of range), core operating profit +7% to 9% (upper half), core EPS +7% to 9% (lower half). Interest charges are expected at around £700 to 750 million ($938.00 million to $1.01 billion), including the effect of the Nuvalent acquisition, and the core tax rate is expected to rise to around 17.5%. The 2031 sales outlook of more than £40 billion ($53.20 billion) was reiterated.
• Q3 2026 dividend of 17p per share declared ($0.46 per ADS); 70p expected for the full year 2026. The £2 billion ($2.68 billion) share buyback announced with 2024 results was completed in Q2 2026 (June).

Restructuring: "Accelerate Growth" programme

The Q3 results state that GSK initiated a three-year "Accelerate Growth" programme in the third quarter. It targets £1.9 billion ($2.53 billion) of annual savings, fully realised by 2029, for expected total costs of £2.4 billion ($3.19 billion), of which £2.1 billion ($2.79 billion) is cash. Most of the charges fall in 2026 and 2027, and savings are to be mainly reinvested in R&D, including business development, with a portion used to support operating margin through the dolutegravir loss-of-exclusivity period (2028 to 2030). The programme was first outlined with second-quarter results (6-K 0001654954-26-006949, 28 July 2026), alongside a plan to expand late-stage R&D to 20 or more phase III starts in 2026 (from 10).

M&A and business development

• Nuvalent, Inc. (closed). 6-K 0001654954-26-006663 (15 July 2026) announces completion of the acquisition by tender offer. The press release gave an aggregate equity value of about $10.6 billion, and about $9.4 billion net of cash acquired. The third-quarter results state that GSK paid $124 per share at closing, for $10.8 billion including transaction fees ($9.6 billion net of cash acquired), and recognised £852 million ($1.13 billion) of goodwill on provisional accounting. The deal adds zidesamtinib (now Jideytro, FDA-approved 22 July 2026), neladalkib (US decision expected in the second half of 2026) and NVL-330 in phase I.
• RAPT Therapeutics and 35Pharma (closed earlier in 2026). The third-quarter results report these acquisitions as fully paid at 30 September 2026 (total consideration across Nuvalent, RAPT and 35Pharma £10.5 billion, $14.07 billion).
• Chimagen Biosciences (signed, not closed). 6-K 0001654954-26-008359 (15 September 2026): agreement to acquire a trispecific T cell-engager for multiple myeloma, with an upfront payment (amount not disclosed) and a total potential value of up to $750 million including milestones. The release states the agreement is subject to customary closing conditions; GSK has not announced completion.
• ViiV Healthcare shareholding. The third-quarter results describe the swap of Pfizer's 11.7% interest in ViiV for an investment by Shionogi, completed 31 March 2026, which lifted Shionogi's economic interest to 21.7%; GSK received a special dividend of $250 million.
• Rockville manufacturing site and linerixibat. The nine-month results record income from the sale of the Rockville facility and the divestment of linerixibat.

Capital markets

• Debt offering (September 2026). On 8 September 2026 the company furnished its second-quarter report for incorporation into its Form F-3 (6-K 0001193125-26-384439). On 15 September 2026, 6-K 0001193125-26-391597 filed legal opinions (Exhibits 5.1 and 5.2) for a takedown of guaranteed debt securities issued by GlaxoSmithKline Capital Inc. and guaranteed by GSK plc. GlaxoSmithKline Capital Inc. issued notes guaranteed by GSK plc: $1.25 billion 4.850% notes due 2029, $1.25 billion 5.000% notes due 2031, $1.5 billion 5.250% notes due 2033, $1.5 billion 5.500% notes due 2036, $500 million 6.000% notes due 2056 and $500 million floating-rate notes due 2029, for $6.5 billion in total. Gross debt rose from £18,238 million ($24.26 billion) at 30 June to £23,701 million ($31.52 billion) at 30 September 2026.
• Routine "Admission to trading" notices (6-Ks 0001654954-26-006854, 24 July, and 0001654954-26-008813, 6 October 2026) record small share issues under employee schemes; shares in issue were 4,316,311,662 after the October admission.

Pipeline, regulatory and clinical items

• Camlipixant (17 July 2026, 6-K 0001654954-26-006705). Phase III CALM-1 met its primary endpoint; CALM-2 did not. GSK decided not to progress camlipixant in refractory chronic cough. The second quarter carried impairments of £1,334 million ($1.79 billion) on camlipixant, and further impairment on terminated Alector-collaboration assets (£371 million, $497.14 million), per the second-quarter and third-quarter results.
• Jideytro (zidesamtinib), US approval 22 July 2026 (6-K 0001654954-26-006789) for previously treated ROS1-positive NSCLC, ahead of the 18 September target date; it recorded £3 million ($4.02 million) of third-quarter sales. Positive first-line ARROS-1 registrational data followed on 14 September (6-K 0001654954-26-008318).
• Hibsago (bepirovirsen), chronic hepatitis B. First approval in Japan on 24 August 2026 (6-K 0001654954-26-007800); US FDA approval announced 20 October 2026 (6-K 0001654954-26-009062, furnished 21 October).
• Jemperli. FDA accepted for review the rectal cancer filing (6-K 0001654954-26-007798, 24 August), then approved it on 19 October 2026 for MSI-H/dMMR locally advanced rectal cancer (6-K 0001654954-26-009036).
• mRNA seasonal flu vaccine. Positive phase II data and decision to start phase III in September 2026 (6-K 0001654954-26-007998, 1 September).
• Other. Shingrix prefilled syringe approved in Japan (6-K 0001654954-26-008234, 10 September); Ris-Rez and Mo-Rez early data (6-Ks 0001654954-26-009023, -009127, -009141 and -008321, September to October).

Corporate and governance

• 9 July 2026 (6-K 0001654954-26-006557): Roy Jakobs, CEO of Royal Philips, joined the Board as a Non-Executive Director from 13 July 2026.
• 8 October 2026 (6-K 0001654954-26-008854): Non-Executive Director Wendy Becker was appointed a Non-Executive Director of Tesco PLC from 1 November 2026.
• 17 July 2026 (6-K 0001654954-26-006706): after a competitive tender, the Board decided to re-appoint Deloitte LLP as external auditor from the financial year ending 31 December 2028, subject to shareholder approval at the 2028 AGM.
• 28 July 2026 (6-K 0001654954-26-006954): plan for a new flagship R&D centre on the Cambridge Biomedical Campus, with a £400 million ($536 million) investment over three years; the Stevenage site is to be vacated by 2029.

Regulatory and policy

The third-quarter results restate GSK's agreement with the US Administration on prescription medicine pricing (announced 19 December 2025) and the definitive agreement of 9 April 2026 providing Section 232 tariff relief through 20 January 2029, subject to implementation and compliance. GSK and ViiV signed GENEROUS Model participation agreements with CMS effective 15 June 2026. The company says full-year guidance includes the expected impact.

Legal

The aggregate provision for legal and other disputes was £202 million ($268.66 million) at 30 September 2026 (£210 million, $283.50 million, at 31 December 2025). Developments noted in the third-quarter results include a post-trial hearing on 20 October 2026 in Tesaro v. AnaptysBio (decision expected in Q4 2026 or Q1 2027) and a trial date of 22 February 2028 for consolidated Trelegy patent cases against Transpire.

Routine filings

Routine Director/PDMR shareholding notices and total-voting-rights notices were filed through the period and carry no financial news.

About this file

GSK annual income statement, balance sheet and cash flow

Taken from the SEC filings, converted to US dollars and normalized to actual dollars.

• Accounting basis. IFRS (UK-adopted and as issued by the IASB); audited consolidated financial statements, Form 20-F
• Conversion: average source, FY2025. FY2025 Form 20-F (accession 0001131399-26-000004), Note 5 'Exchange rates': average rate US$/£ 1.31 for 2025; expressed here as pounds per US dollar (1/1.31)
• Conversion: average source, FY2024. FY2025 Form 20-F (accession 0001131399-26-000004), Note 5 'Exchange rates': average rate US$/£ 1.28 for 2024; expressed here as pounds per US dollar (1/1.28)
• Conversion: average source, FY2023. FY2025 Form 20-F (accession 0001131399-26-000004), Note 5 'Exchange rates': average rate US$/£ 1.24 for 2023; expressed here as pounds per US dollar (1/1.24)
• Conversion: closing source, FY2025. FY2025 Form 20-F (accession 0001131399-26-000004), Note 5 'Exchange rates': period end rate US$/£ 1.35 for 2025; expressed here as pounds per US dollar (1/1.35)
• Conversion: closing source, FY2024. FY2025 Form 20-F (accession 0001131399-26-000004), Note 5 'Exchange rates': period end rate US$/£ 1.25 for 2024; expressed here as pounds per US dollar (1/1.25)

GSK quarterly income statement, balance sheet and cash flow

Taken from the SEC filings, converted to US dollars and normalized to actual dollars.

• Accounting basis. IFRS; unaudited condensed financial information in the Q3 2026 Results Announcement, Form 6-K
• Conversion: average source, Q3 2026. Q3 2026 Results Announcement, Form 6-K (accession 0001654954-26-009181), 'Exchange rates and impact on results': average rate US$/£ 1.34 for Q3 2026; expressed here as pounds per US dollar (1/1.34)
• Conversion: average source, Q3 2025. Q3 2026 Results Announcement, Form 6-K (accession 0001654954-26-009181), 'Exchange rates and impact on results': average rate US$/£ 1.33 for Q3 2025; expressed here as pounds per US dollar (1/1.33)
• Conversion: closing source, Q3 2026. Q3 2026 Results Announcement, Form 6-K (accession 0001654954-26-009181), 'Exchange rates and impact on results': period-end rate US$/£ 1.33 for 30 September 2026 (Q3 2026); expressed here as pounds per US dollar (1/1.33)

GSK year-to-date income statement and cash flow

Taken from the SEC filings, converted to US dollars and normalized to actual dollars.

• Accounting basis. IFRS; unaudited condensed financial information in the Q3 2026 Results Announcement, Form 6-K
• Conversion: average source, 9 months 2026 (nine months ended 30 September 2026). Q3 2026 Results Announcement, Form 6-K (accession 0001654954-26-009181), 'Exchange rates and impact on results': average rate US$/£ 1.34 for YTD 2026; expressed here as pounds per US dollar (1/1.34)
• Conversion: average source, 9 months 2025 (nine months ended 30 September 2025). Q3 2026 Results Announcement, Form 6-K (accession 0001654954-26-009181), 'Exchange rates and impact on results': average rate US$/£ 1.31 for YTD 2025; expressed here as pounds per US dollar (1/1.31)

GSK trailing twelve month income statement and cash flow

Derived by AI from the figures the filings report. No filing prints these, so none of them is linked.

• Method. FY2025 (Form 20-F) plus 9 months 2026 less 9 months 2025 (Q3 2026 Form 6-K), computed in pounds sterling and then translated to US dollars
• Conversion: average source. FRED DEXUSUK, average of 250 daily rates 2025-10-01 to 2026-09-30

Adjustments

Notes

• Annual figures (FY2025, FY2024, FY2023) are from GSK's FY2025 annual report on Form 20-F (accession 0001131399-26-000004), prepared under IFRS. Quarterly (Q3 2026, Q3 2025) and nine-month figures are from the unaudited Q3 2026 Results Announcement furnished on Form 6-K on 28 October 2026 (accession 0001654954-26-009181).
• All money amounts are US dollars translated from pounds sterling at GSK's own stated exchange rates, which GSK prints to two decimal places. Because the rate differs between periods (for example US$1.33 per £ in Q3 2025 and US$1.34 in Q3 2026), dollar changes between periods combine business performance with exchange-rate movement and will not match GSK's own sterling (AER) or constant-currency (CER) growth rates.
• Per-share amounts (EPS, Core EPS, dividends per share) are per ADS, where one ADS is two ordinary shares. Share counts are ordinary shares. Diluted EPS ties to profit attributable to shareholders divided by diluted weighted average shares, multiplied by two.
• 'net_income' is GSK's profit after taxation, which includes the share attributable to non-controlling interests (principally the minority holders in ViiV Healthcare); 'net_income_attributable_to_shareholders' is the EPS numerator.
• Expense lines (cost of sales, SG&A, R&D, finance expense, taxation) and liabilities are stored as positive amounts. Other operating income/(expense), share of associates and joint ventures, non-controlling interests (a deficit on GSK's balance sheet) and all cash-flow lines keep the filing's sign, so cash outflows are negative.
• Capex is purchase of property, plant and equipment. Purchase of intangible assets is shown separately. Total borrowings is short-term plus long-term borrowings as printed on the balance sheet; at 30 September 2026 this equals the £23,701 million of gross debt the Q3 2026 results state.
• GSK's interim cash flow statement covers nine months only. The Q3 2026 and Q3 2025 cash figures (cash generated from operations, net cash from operating activities, purchase of property, plant and equipment, purchase of intangible assets) come from the same filing's cash generation table and free cash flow reconciliation, which print three-month columns. Quarterly investing and financing totals are not printed, so they are not shown.
• The balance sheet at 30 September 2026 is in the Q3 2026 entry. The results announcement does not print a 30 September 2025 balance sheet, so the Q3 2025 entry has none, and the Form 20-F presents balance sheets for 2025 and 2024 only, so FY2023 has none. The 31 December 2025 column in the Q3 2026 results matches the Form 20-F balance sheet line for line.
• The 'non_ifrs' block holds GSK's own measures. Core results exclude intangible asset amortisation and impairment, major restructuring and integration costs, transaction-related items (mainly remeasurement of the contingent consideration owed to Shionogi for the former Shionogi-ViiV Healthcare joint venture) and divestments, significant legal and other items. Core EPS is calculated on basic weighted average shares, as GSK reports it. Free cash flow follows GSK's definition: net cash from operating activities less capital expenditure on property, plant and equipment and intangible assets, contingent consideration payments in investing activities, net finance costs and distributions to non-controlling interests, plus contributions from non-controlling interests, proceeds from asset sales and dividends from associates and joint ventures. It is not operating cash flow minus capex. Total net debt, as GSK defines it, is total borrowings less cash, cash equivalents, liquid investments and certain short-term loans to third parties.
• Turnover by product group and region and segment profit are breakdowns as GSK presents them. The annual region table shows the UK separately from Europe, while the Q3 2026 results show only US, Europe and International, so the annual and interim 'europe' figures may not be defined alike. The results announcement prints prior-year quarter product and region turnover only as growth percentages, not amounts, so Q3 2025 and 9 months 2025 carry no product or region breakdown. Research and Development segment profit is a net cost and is negative.
• Dividends per share are those declared for each period (FY2025 66p, FY2024 61p, FY2023 58p per ordinary share; Q3 2026 17p and Q3 2025 16p), translated at the period's average rate. The dollar amount ADS holders actually receive is set at the exchange rate close to payment (for the Q3 2026 dividend, the rate on 5 January 2027) and is reduced by the depositary's fee.
• From 1 January 2026 GSK adopted amendments to IFRS 9 and IFRS 7 without restating comparatives. On transition, cash and cash equivalents rose by £14 million, bank overdrafts fell by £29 million and trade and other payables rose by £43 million, and opening net debt was adjusted to £14,410 million.
• Nine months 2026 figures reflect the acquisitions of Nuvalent (Q3 2026), RAPT Therapeutics (Q1 2026) and 35Pharma, with £9,247 million paid for businesses net of cash acquired and £7,779 million of long-term notes issued. R&D includes Q2 2026 impairments of £1,334 million for camlipixant and £371 million related to the Alector collaboration, and Q3 2026 includes £328 million of major restructuring charges for the Accelerate Growth programme.
• The trailing-twelve-month view (twelve months ended 30 September 2026) is derived: FY2025 plus nine months 2026 less nine months 2025, computed in pounds and then translated.

Uncertainties

• GSK states its exchange rates to two decimal places, so each translated dollar figure carries a rounding uncertainty of up to about 0.4%. The underlying sterling figures are exact as printed.
• The trailing-twelve-month figures are translated at a market average rate (about US$1.341 per £) rather than a rate GSK states, because GSK publishes none for that twelve-month window.
• Dividends per ADS in dollars are an approximation at the period's average rate; the amount actually paid depends on the exchange rate at payment.

Company details

Fiscal period

Source filings