- Total Q1 sales £7.5 billion +2% AER; +4% CER
- Specialty Medicines sales £2.9 billion (+17%); Respiratory, Immunology and Inflammation £0.8 billion (+28%); Oncology £0.4 billion (+53%); HIV sales £1.7 billion (+7%)
- Vaccines sales £2.1 billion (-6%); Shingrix £0.9 billion (-7%); Meningitis vaccines £0.4 billion (+20%); and Arexvy £0.1 billion (-57%)
- General Medicines sales £2.5 billion (stable); Trelegy £0.7 billion (+15%)
- Total operating profit +50% and Total EPS +56% driven by lower CCL charges
- Core operating profit +5% and Core EPS +5% reflecting strong Specialty Medicines performance and disciplined
increased investment in R&D portfolio progression, new asset launches and growth assets - Cash generated from operations exceeded £1 billion with free cash flow of £0.7 billion
| Q1 2025 | |||
|---|---|---|---|
| £m | % AER | % CER | |
| Turnover | 7,516 | 2 | 4 |
| Total operating profit | 2,216 | 49 | 50 |
| Total operating margin % | 29.5% | 9.2ppts | 9.0ppts |
| Total EPS | 39.7p | 55 | 56 |
| Core operating profit | 2,533 | 4 | 5 |
| Core operating margin % | 33.7% | 0.5ppts | 0.3ppts |
| Core EPS | 44.9p | 4 | 5 |
| Cash generated from operations | 1,301 | 16 | |
Pipeline progress and investment delivering future growth opportunities:
5 major new FDA product approvals expected in 2025:
- Q1 2025 approvals: Penmenvy, meningitis vaccine; Blujepa, first-in-class antibiotic treatment for uUTIs
- Positive ACIP recommendations for Penmenvy (and Arexvy (adults 50-59))
- Further approvals expected for: Nucala (COPD); Blenrep (multiple myeloma); and depemokimab (severe asthma and nasal polyps)
14 key opportunities expected to launch 2025-2031 each with PYS potential above £2 billion
- Data presented at CROI for VH184, VH499 and N6LS support development plans for ULA HIV regimens
- Breakthrough designation granted for GSK’227 B7H3 ADC for 2L osteosarcoma
- Pivotal/Phase III trials expected to start in 2025 for: Respiratory (depemokimab COPD programme – ENDURA); Oncology (GSK’227 B7H3 ADC ES-SCLC; IDRx-42 2L GIST; Ojjaara (MDS)); and HIV (Q4M treatment)
Investment in targeted business development continues
- Acquisition of IDRx completed
- New partnership with ABL Bio in neurodegenerative diseases; and novel research collaboration with UK Dementia Research Institute & HDRUK to investigate shingles vaccination with prevention of dementia
Continued commitment to shareholder returns
- Dividend declared of 16p for Q1 2025; 64p expected for full year 2025
- £273 million of shares bought back as part of the £2 billion share buyback programme commenced in Q1 2025
Confident for delivery of 2025 guidance
- Continue to expect 2025 turnover growth 3% to 5%; Core operating profit growth 6% to 8%; Core EPS growth 6% to 8%
“GSK continues to make strong progress, demonstrating the quality, strength and resilience of our portfolio. Specialty Medicines, our largest business, delivered strong sales contributions in the quarter and R&D progress continued, with two of the five FDA product approvals expected this year now secured, and the acquisition of a promising new oncology asset.
We are very focused on preparing for launches of Blenrep, Nucala and depemokimab, and pivotal trials for potential new medicines in respiratory, oncology, HIV and hepatitis. This momentum, together with the strength of our portfolio and proven ability to drive operating leverage, underpin our confidence in guidance for the year and our longer-term outlooks”, Emma Walmsley, Chief Executive Officer, GSK.