GSK Raises 2025 Guidance as Q3 Profit More Than Doubles
GSK plc raised its full-year 2025 outlook on Wednesday after reporting a strong third quarter, supported by solid growth in its Specialty Medicines and Vaccines divisions.
The London-based pharmaceutical company posted total quarterly sales of £8.5 billion, up 7% at actual exchange rates and 8% at constant rates.
Strong Profit and Earnings Growth
Core operating profit rose 11%, while core earnings per share (EPS) climbed 14% to 55 pence.
Total operating profit more than doubled from a year earlier, helped by lower legal costs, reduced contingent charges, and higher operating income.
Specialty Medicines led performance with £3.4 billion in sales, a 16% increase. Within that segment, HIV treatments brought in £1.9 billion, up 12%, boosted by strong demand for Cabenuva and Apretude.
Respiratory, Immunology and Inflammation (R&I) products rose 15%, while Oncology surged 39% to £511 million.
Vaccine Sales Continue to Grow
Vaccines delivered £2.7 billion in sales, up 2% year-on-year. The Shingrix shingles vaccine gained 13% to £830 million, meningitis vaccines rose 5% to £541 million, and Arexvy, GSK’s respiratory syncytial virus (RSV) vaccine, jumped 36% to £251 million.
General Medicines also saw steady growth, reaching £2.5 billion, up 4%, led by the Trelegy inhaler, which increased 25% to £736 million.
CEO Highlights Broad-Based Growth
Outgoing CEO Emma Walmsley said the company’s strong momentum continued through the third quarter, supporting an upgrade to 2025 guidance.
“Sales grew across all areas, with particularly strong performances in Specialty Medicines driven by double-digit growth in Respiratory, Immunology, Oncology and HIV,” Walmsley said.
She added that GSK’s research and development (R&D) progress remained strong, with four FDA product approvals so far in 2025.
Financial Position and Shareholder Returns
Operating cash flow totaled £2.5 billion, while free cash flow reached £1.2 billion. GSK declared a 16 pence per share dividend for the quarter and expects a full-year total of 64 pence.
The company spent £1.1 billion on share buybacks in the first nine months of 2025, as part of its £2 billion repurchase program.
Upgraded 2025 Forecast
GSK now expects turnover growth of 6–7%, core operating profit growth of 9–11%, and EPS growth of 10–12%, all at constant exchange rates.
This represents an increase from its earlier forecast of 3–5% turnover growth and 6–8% profit growth.
Regional Performance and Product Updates
In the U.S., sales rose 7% to £4.5 billion, supported by Oncology, HIV, and Benlysta.
European revenue climbed 13% to £1.9 billion, boosted by Shingrix and Arexvy, while international markets grew 6% to £2.1 billion, led by Japan and Canada.
In 2025, GSK secured four major product approvals:
- Blenrep for multiple myeloma
- Penmenvy for meningitis
- Blujepa for urinary tract infections
- Nucala for chronic obstructive pulmonary disease (COPD)
A U.S. decision on depemokimab for asthma is expected in December.
Leadership Transition
Walmsley concluded by confirming that this was her final quarter as CEO, expressing confidence in her successor:
“I’m delighted to be passing the baton to Luke and to be leaving all that GSK has to offer in such good hands.”
