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IFC NEW IMAGE.jpg
Inside this report
The Board and
Executive Committee
How to navigate this report
Page reference for more
information within this
Annual Report
See gsk.com for more
information
Our supplements
Cover image: Multiple myeloma
cancer cells among red blood cells
and antibodies.
We focus our oncology innovation
on where we can make the most
meaningful difference. This includes
in multiple myeloma, a blood cancer
where new therapies are needed
as it commonly becomes resistant
to available treatments. In 2025,
we received major approvals for
Blenrep, including in the US,
Europe and Japan, for patients
with multiple myeloma.
Cautionary statement
See the inside back cover of this document for the cautionary statement
regarding forward-looking statements.
Non-IFRS measures
We use a number of adjusted, non-International Financial Reporting Standards (IFRS)
measures to report the performance of our business. Total reported results represent the
Group’s overall performance under IFRS. Core results and other non-IFRS measures may be
considered in addition to, but not as a substitute for or superior to, information presented
in accordance with IFRS. Core results and other non-IFRS measures are defined on pages
84 and 85 and reconciliations to the nearest IFRS measures are on pages 95 to 96.
1
GSK Annual Report 2025
P1 NEW IMAGE.jpg
Our purpose
We unite science,
technology and
talent to get ahead
of disease together
for health impact
+ shareholder returns
+ thriving people
Our strategy
We prevent and treat disease with specialty medicines,
vaccines and general medicines.
We focus on the science of the immune system
and advanced technologies, investing in four core
therapeutic areas – respiratory, immunology and
inflammation; oncology; HIV; and infectious diseases
– to impact health at scale.
We operate responsibly for all our stakeholders.
Read about how our business model delivers our strategy on page 2
Our culture
We are ambitious for patients, accountable
for impact and we do the right thing.
Read about our culture and people on page 59
2
As a focused biopharma company, we discover, develop and deliver medicines
and vaccines to create value for patients and shareholders. We aim to positively
impact the health of 2.5 billion people by the end of the decade.
Central to our success
are our people: experts
in science, technology,
manufacturing and
commercialisation...
66,800
GSK people across
70 countries worldwide
33
manufacturing sites
£6.6bn
R&D investment(1) in 2025
18,000
suppliers working directly
with GSK
...who are identifying,
researching, developing
and delivering...
Specialty Medicines
Our specialty medicines prevent
and treat diseases, from asthma,
cancer and HIV to autoimmune
diseases like lupus. Many are first
or best-in-class.
Read more on page 37
General Medicines
Our broad portfolio of general
medicines, from inhalers for asthma
and COPD to antibiotics, improve life
for millions of people around the world.
Many are market leaders.
Read more on page 42
Vaccines
We have one of the broadest
portfolios of vaccines in the
industry, targeting infectious
diseases at every stage of
life, helping to protect people
from meningitis, shingles, RSV,
hepatitis and many more.
Read more on page 39
...products that prevent
and change the course
of disease in our four core
therapeutic areas...
Respiratory, immunology
and inflammation
We’re harnessing our deep knowledge
of inflammatory mechanisms and
the science of the immune system
to redefine the future of respiratory
medicine and target lung, liver and
kidney disease.
Read more on page 17
HIV
For nearly four decades we’ve led the
way in HIV innovation, pioneering
medicines that continue to transform
the lives of people impacted by HIV.
Read more on page 25
Oncology
We focus on where we can make the
most meaningful difference, applying
our understanding of the underlying
drivers of disease to help match the
right patients with the right treatment 
to improve survival and quality of life.
Read more on page 21
Infectious diseases
We focus on developing prevention
and treatment options for infectious
diseases that impact people across
their lifespan.
Read more on page 28
(1) Excluding adjusting items. Refer to total to
core reconciliation on page 95
3
…using advanced
technologies…
Pipeline
At every step of the R&D
process, we are using data
tech, including AI, and
platform technologies to
be faster, more effective
and more predictive in
discovering and developing
innovative medicines and
vaccines.
Read how technology
enables our R&D on page 32
Performance
We use technology to
reach people and patients
better and faster through
smart manufacturing;
helping patients and
their carers to manage
their conditions; and
empowering our people
to do their best work.
Partnership
We collaborate in new
ways across the technology
and biotech industries
and academia, so that
we can work with the latest
advances in expertise and
technology to get ahead
of disease together.
...operating responsibly
for all our stakeholders...
Being a responsible business is vital to our strategy and long-term performance.
It helps us build and sustain trust with our stakeholders, reduce risk, support our people
to thrive and deliver positive health impact at scale. We focus on issues that matter to
our stakeholders, society and business success.
Read more in Responsible Business on page 47
… creating
value for...
Patients
>2bn
packs of medicines and
vaccine doses supplied
Shareholders
66p
per share dividend
The economy
£1.2bn
corporate income tax paid;
in addition we pay duties,
levies, transactional and
employment taxes
...and enabling
reinvestment to
develop new specialty
medicines and vaccines
The returns we make set us up to reinvest in discovering and developing new medicines
and vaccines that are, based on clinical merit, better than what are available to patients
today. We do this through our own R&D and business development and partnerships.
Meeting patient need and helping people to live healthier lives eases pressure on
health systems and supports economic prosperity.
Our strategy is supported by a robust framework for
monitoring and managing risk, described on page 63
4
Financial
We delivered another year of strong performance with growth in sales, core operating profit and
earnings driven by Specialty Medicines.
Group turnover (£bn)
Turnover by product groups (£bn)
£32.7bn
AER +4% CER +7%
S
Specialty Medicines (S)
£13.5bn AER +14% CER +17%
Vaccines (V)
£9.2bn AER –% CER +2%
General Medicines (G)
£10.0bn AER -4%  CER -1%
G
1
V
Total operating profit (£bn)
Core operating profit (£bn)
£7.9bn
AER +97% CER >100%
£9.8bn
AER +7%   CER +11%
50
66
1
Total earnings per share (p)
Core earnings per share (p)
141.1p
AER >100% CER >100%
172.0p
AER +8%   CER +12%
82
98
1
Cash generated from operations (£bn)
Free cash flow (£bn)
£8.9bn
£4.0bn
114
130
We use a number of adjusted, non-IFRS, measures to report the performance of our business. Core results and other non-IFRS measures may be considered
in addition to, but not as a substitute for or superior to, information presented in accordance with IFRS. Core results and other non-IFRS measures are defined
on pages 84 and 85. AER – actual exchange rate; CER – constant exchange rate.
Key performance indicator
Linked to executive remuneration. See pages 147 to 149 for more details
(1)
Total operating profit and EPS were lower in 2024 primarily due to a charge of £1.8 billion for the Zantac settlement
5
Research and development
We continued to strengthen our late-stage pipeline with organic R&D delivery and targeted
business development, supporting future growth.
£8bn
5
17
innovation sales        of products
launched, or with major lifecycle
innovation expansion, in the last
five years
major US Food and Drug
Administration (FDA) approvals
in 2025
assets in phase III/registration
7
58
14
pivotal trial starts
assets in the pipeline
new partnerships and acquisitions1
The pipeline value and progress            are not reported externally because of their commercial sensitivity.
Read more about our R&D on pages 14 to 34
Responsible business
We are committed to getting ahead of issues that matter for society and for the long-term
performance of our company. Our Responsible Business Performance Rating          tracks progress
across our six focus areas: access; global health and health security; environment; inclusion; ethical
standards; and product governance.
92%
99m
14%
of our Responsible Business
Performance Rating metrics
‘met’ or ‘exceeded’ in 2025
doses of critical vaccines
delivered to Gavi to help protect
vulnerable populations in lower
income countries in 2025
reduction in operational
carbon emissions since 2024
(Scope 1 & 2)
Read more about our performance across our six
focus areas on pages 47 to 58
Culture
We measure progress on embedding our culture      through our employee surveys. For the past three
years, our employee engagement scores have consistently been higher than 80% and remain above
industry benchmarks.2,3 
Read more about our culture and people on page 59
(1) Includes three acquisitions and partnerships announced in early 2026: Noetik, RAPT Therapeutics and Alteogen
(2) Korn Ferry’s general industry benchmark
(3) For more information on how we tracked employee engagement in 2025, see page 59
6
We achieved five major product approvals in 2025. Our deep understanding
of the science of the immune system, combined with advanced technologies,
is delivering innovative medicines and vaccines that can help transform
people’s lives.
Severe asthma:
Exdensur
Respiratory diseases such as severe asthma pose
significant challenges to millions of patients
worldwide. In 2025, Exdensur was approved in
the US for the treatment of severe asthma with
an eosinophilic phenotype. Its ultra-long-acting
profile and twice-yearly dosing offers patients
sustained protection from exacerbations and
could help reduce hospital stays and limit
cumulative lung damage. It is also approved for
patients with chronic rhinosinusitis with nasal
polyps (CRSwNP) in several other markets.
Read more on page 17
Lungs
Multiple myeloma:
Blenrep
Multiple myeloma is a complex blood cancer that
is generally considered treatable but not curable,
with nearly all patients experiencing relapse as the
disease becomes resistant to available treatments.
Blenrep, in combination, was approved by the US
FDA in October 2025 after two or more lines of
therapy, and in other markets, following one or
more prior treatment lines. As the only anti-BCMA
antibody drug conjugate (ADC) that is accessible
across healthcare settings, including in community
centres where 70% of patients receive care,
Blenrep could fulfil a major patient need.
Read more on page 21
Multiple myeloma cancer cells among
red blood cells and antibodies
7
GSK Annual Report 2025
5 key approvals in 2025 continued
IMultiple myeloma cancer cells
COPD:
Nucala
Many chronic obstructive pulmonary disease
(COPD) patients experience persistent symptoms
and exacerbations – acute episodes of worsening
symptoms – which can result in hospitalisation
and irreversible lung damage. In May, Nucala was
approved by the US FDA for use in adults with
COPD characterised by an eosinophilic phenotype,
providing an important option for COPD patients.
The approval was based on data which included a
reduction of exacerbations leading to hospitalisation
and/or emergency department visits.
Read more on page 18
Eosinophils among red blood cells
uUTI and uncomplicated gonorrhoea:
Blujepa
More than half of all women experience an
uncomplicated urinary tract infection (uUTI) in
their lifetime. In 2025, Blujepa was approved in
the US as an oral treatment for uUTI. It was also
approved in the US for uncomplicated gonorrhoea
which affects both men and women, and can
lead to infertility and other reproductive health
complications. Blujepa is the first in a new class
of oral antibiotics for these conditions in nearly
30 years.
Read more on page 30
E.coli bacteria
Invasive meningococcal disease:
Penmenvy
Invasive meningococcal disease (IMD) is a rare
but devastating illness that can progress rapidly
and lead to death or long-term, life-changing
consequences. Penmenvy, our new 5-in-1 vaccine
for IMD, was approved in the US in 2025 and is
now part of the adolescent meningococcal
immunisation schedule. By reducing the number of
injections needed for protection, Penmenvy could
increase immunisation rates and help protect
more young people from this serious disease.
Read more on page 28
Meningococcal serogroups ABCWY
8
As 2025 drew to a close, GSK turned
the page on a significant chapter.
Having led an extensive
transformation of GSK, Emma
Walmsley stepped down as CEO at
the end of December and handed
over to Luke Miels, previously our 
Chief Commercial Officer.
The Board and I are grateful to Emma
for her outstanding leadership; and
we look forward to the even brighter
future we have ahead with Luke, as
he builds on the momentum we have
and leads GSK into the next phase of
its transformation.
Strategic progress
GSK has a long and proud heritage,
but a decade ago it quite clearly
wasn’t fulfilling its potential for
patients or shareholders. When
Emma became CEO in 2017, she
seized the opportunity to reinvigorate
the company’s performance and
restore its leadership in science –
including of course through the
demerger of Haleon in 2022 to
create a focused biopharma
company with a re-set balance
sheet to invest in innovation.
On almost every measure, GSK is
now a changed company – with a
confident, ambitious purpose; clear
strategic priorities; a stronger pipeline
and more balanced portfolio; a
sharper focus on capital allocation;
and a reformed culture where talented
people can focus on what matters
most and be accountable for delivery.
At the same time, GSK has kept
what makes the company special
– a distinctive focus on people
and patients, a truly global reach
and a deep commitment to doing
the right thing.
2025 performance
GSK’s performance in 2025
exemplified the strengthening of
all the fundamentals of the strategy:
total sales, core operating profit and
core earnings per share all grew,
driven in particular by very strong
performance of Speciality Medicines,
with double-digit sales growth in
respiratory, immunology and
inflammation (RI&I), oncology
and HIV. Indeed the fourth quarter
of 2025 marked the 19th consecutive
quarter of sales growth(1) for GSK,
demonstrating the consistent new
standard to which the company 
is now operating.
Alongside strong financial performance,
there was also excellent progress in
R&D with five major product approvals
achieved. These mark the start of a
series of major launches expected
before 2031.
The pipeline has also been
significantly strengthened through
internal and externally acquired assets,
particularly in RI&I and oncology and
we continue to invest significantly
in the transformational capability
afforded by AI/ML.
The Board also remains committed
to the company’s long-standing
proactive approach to operating
responsibly, evident in 92% of
Responsible Business Performance
Rating metrics being ‘met’ or
‘exceeded’ in 2025 – see page 48.
Leadership transition
Positioning GSK for the next phase
of growth was front of mind as we
embarked on seamlessly selecting
and transitioning to GSK’s next CEO.
At the outset the Board thought
deeply about its ambitions for the
company in its next chapter and the
skills and attributes that we wanted
in a CEO. Central to this was what
was needed to deliver increased
value recognition for the company.
As such, we sought an individual
with ambition and excellent global
biopharma pipeline development and
commercialisation experience; and an
understanding of the levers available
within GSK to drive delivery and
generate new options for growth.
Guided by these criteria, our search
was rigorous, including internal and
external candidates and it is worth
noting that Emma’s recruitment
of outstanding talent and their
development strengthened this
Chairman_Image_New.jpg
process immeasurably.
In Luke, we have selected the
outstanding candidate. His experience
and demonstrated contribution to
GSK, including building the Specialty
Medicines portfolio, make him
exceptionally well qualified to lead
the company. Luke believes in creating
value by delivering the best possible
outcomes for patients, founded on
deep scientific expertise and courage
coupled with operational excellence.
On the following pages, you’ll hear
more from Luke on his perspective
and ambitions for the company.
(1) At CER and excluding COVID-19 pandemic
sales
9
GSK Annual Report 2025
Chair’s statement continued
While succession was a key focus
for the Board during the year, other
priorities including remuneration
were important. We were pleased
with strong shareholder support for
the updated Remuneration Policy
at the 2025 AGM that enabled us to
approach succession with confidence
in attracting the right candidates.
The new policy locks in incentives
for management to outperform and
aligns management compensation
even more with shareholder
experience.
Next phase of transformation
As Luke steps into his new role, there
are three key priorities for him, his
management team, and the Board
to deliver the next phase of GSK’s
transformation.
First, leading management to fulfil
GSK’s ambitious 2031 revenue outlook1
and deliver sustained shareholder
value creation. This primarily means
executing excellent launches of newly
approved products, including in
cancer and respiratory disease, and
opportunities in the late-stage pipeline
before the end of the decade.
Second, that GSK can drive the
next wave of innovation and growth
beyond 2031, including through
deploying capital to targeted business
development to further strengthen
the pipeline. GSK has cultivated a
deep expertise in the science of the
immune system and is taking this
further to target an emerging portfolio
of potentially differentiated medicines
that can outperform the competition
including in lung, liver and kidney
disease as well as cancer. If the next
wave of innovation coming through
the pipeline is realised, there is a clear
pathway to deliver patient benefit,
at scale, and drive competitive
growth beyond 2031.
Third, the Board is acutely aware
that these priorities can only be
fulfilled through ambitious adoption
of technology. This is an area where
GSK has already made significant
strides. In October, the Board spent
two days getting hands-on with the
tech tools that are transforming how
GSK works, from development to
manufacturing and marketing.
There remains profound potential
for advanced technologies, including
AI, to bring medicines and vaccines
to patients with more precision, pace
and probability of success. The focus
now should be on embedding these
technologies at scale to ensure GSK
remains competitive and invests time,
resources and capabilities in the
right areas.
External environment
The current geopolitical operating
landscape is undeniably dynamic
and requires agile leadership to
respond to these challenges and at
the same time stay focused on clear
business priorities and longer-term
fundamentals. The Board is pleased
by the way GSK has navigated the
pressures in the external environment
this year, including in our largest
market the United States. This has
involved diligently working to ensure
that innovation is both fairly rewarded
and accessible to the patients who
need it, as seen in the pricing
agreement which Emma and her
team reached with the US
Administration in December.
The Board continues to believe that
GSK’s business model, with its R&D
focus and investment in technology
capabilities, is well set to meet
societal needs now and in the future.
The convergence of increasing
demand on health systems and
advances in technology is creating an
unprecedented need and opportunity
to move towards new models of care
that strengthen access to innovative
medicines and vaccines and enable
earlier action to keep people well.
By delivering this innovation, GSK can
create sustained value for patients,
shareholders, healthcare systems,
economies and society at large.
Shareholder returns
Robust performance in 2025
coincided with a significant rise
in the value of GSK’s shares and
improved shareholder returns,
including payment of a dividend
of 66p, up from 61p in 2024. This is
welcome and reflects more tangible
market appreciation of the value in
our pipeline and consistent delivery
of our outlooks.
However, the Board is very aware that
GSK’s share price has underperformed
for many years and this marks only
the start of a long-awaited recovery.
Under Luke’s leadership we are
determined to build on the progress
seen during 2025 and continue to
deliver significantly improved
shareholder returns over the short
and longer term.
Conclusion
On behalf of the Board, and everyone
at GSK, we wish Emma all the very best
as she embarks on new adventures –
and thank her once again for all she
delivered at GSK. I would also like to
thank the Board for their work this
year, particularly in delivering the
successful CEO transition. Jesse
Goodman stepped down from the
Board at the 2025 AGM and we wish
him well in his next endeavours; and
we welcome Dr Gavin Screaton, Head
of Medical Sciences at the University
of Oxford, who joined the Board in
May 2025.
GSK’s transformation is also enabled
by the tens of thousands of people
working around the world, who strive
every day to bring medicines and
vaccines to the people who need
them. Many thanks to you, as well
as our partners and shareholders,
for your continued commitment.
Together, with Luke, we look forward
to delivering even greater impact for
patients, shareholders and our people
in 2026.
Sir Jonathan Symonds
Chair
(1) See assumptions and basis of preparation
related to 2026 Guidance, 2021-26 and 2031
Outlooks on the inside back cover
10
It is a privilege to lead GSK into its
next phase of growth as CEO and
I am encouraged by the collective
determination to realise new levels
of performance for patients and
shareholders.
Strong 2025 performance1
GSK delivered another strong
performance in 2025, with sales up
7% to more than £32 billion. Core
operating profit grew 11% and core
earnings per share rose 12%. Cash
generation was strong at £8.9 billion,
supporting future investment and
returns to shareholders, including
the dividend of 66 pence.
Growth was driven by a 17% increase
in sales of Specialty Medicines with
double-digit growth in oncology;
respiratory, immunology and
inflammation; and HIV. Vaccines
sales increased by 2%, while
General Medicines sales fell by 1%.
Good R&D progress also continued,
with five major product approvals
and several acquisitions and new
partnerships to strengthen the
pipeline further.
We also maintained our high
standards for being a responsible
business.
Looking ahead to 2026, we expect
momentum to continue with another
year of profitable growth.
Key focus areas to drive value
We have a clear strategy to develop
a high-quality portfolio of specialty
medicines and vaccines. The priority
now is delivery and overall operational
execution.
There are three areas where we
are focused to drive value in 2026.
First, drive topline growth by
maximising launch products –
not least Exdensur, our new ultra-
long-acting biologic for asthma
and Blenrep, for multiple myeloma.
Second, accelerate key assets in our
late-stage portfolio like our oncology
ADCs; and in our earlier portfolio, like
our long-acting TSLP for COPD and
regimen selection for our 6-monthly
treatment for HIV.
And third, continue to execute
business development where we see
a clear pathway to value creation.
Our acquisition of IDRx in 2025, and
more recently RAPT Therapeutics,
are examples of this.
Underpinning this will be a drive to
simplify how we work – with greater
pace, accountability and focus.
This starts with matching our best
people and resources to the best
opportunities to create value.
We’ll also have an increased focus
on leveraging the practical use of
technology, including AI.
Evolving GSK to create value
for shareholders
Looking forward, I see two clear
priorities to create value for
shareholders.
The first is topline. This means
delivering our sales ambition for
2031 and addressing the loss of
dolutegravir exclusivity.
Second is pipeline. Accelerating R&D
is our biggest opportunity to create
value as a company. We need to go
faster with what we have and add to it
through smart business development.
We also need our labs to produce
more competitive products.
To achieve this, we need to evolve
the company.
Building on our strong patient-led
purpose and culture, we must be
more product-centric. Everyone in
the company should be clear on
how they are helping to bring better
products to patients.
And to accelerate the pipeline, we
need to have more scientific courage
and be more agile to capitalise on
opportunities when we see them.
Conclusion
Thank you to all our people and
partners who have driven our strong
performance in 2025.
For the long term, we know what
we need to do to create value for
shareholders and patients. The focus
is now on evolving GSK to do it.
When we succeed, the result is
R6AC6982.jpg Print - CMYK 300 dpi_RGB.jpg
better outcomes for patients and
a stronger company.
Luke Miels
Chief Executive Officer
(1)
(1) % change growth at CER unless
otherwise stated
11
In a dynamic and challenging operating landscape, our purpose and strategy
keep us focused on delivering for patients and shareholders. Here, we set out
three major themes shaping our environment and how we’re responding.
Sharper focus on affordability, innovation and supply
All businesses are adjusting to a more volatile and
fragmented landscape. Political shifts are reordering policy
priorities and reshaping relationships and institutions
established over decades. In 2025, this was particularly
evident in trade policy, where uncertainty over tariffs
dominated the agenda. Combined with a continued
emphasis on pricing and access to medicines, this put
a sharper focus on the biopharma industry.
Rising healthcare costs and attention to domestic supply
chains are driving policy reforms to balance affordability,
innovation and supply. While medicines comprise a
relatively small proportion of overall health budgets,
governments continue to concentrate on reducing drug
costs. The US Administration is seeking to lower the
nation’s drug prices by tying them to international pricing,
as well as providing direct-to-patient purchasing channels.
This has added to the pricing pressure that has intensified
in the US over the past decade.
In the UK and Europe, there are continued questions over
how health systems are valuing the benefits that innovation
brings to patients, and incentivising it appropriately.
This comes alongside a growing recognition that pricing
mechanisms and relative spend compared to the US are
a factor in bilateral trade relations. In December 2025,
the UK and the US agreed to maintain a zero tariff on
pharmaceutical products manufactured in the UK for
a three-year period.
As part of a move to strengthen national manufacturing
bases and medicine supply, domestic supply chains are
being prioritised in regions including the EU and the US,
where the Administration’s potential tariffs on
pharmaceutical imports aim to bring drug production
back to the US. This is partly in response to perceptions
that the US drug supply chain is overly reliant on China.
Factors including regulatory reforms in China over the past
decade have advanced the country’s biopharma innovation
and leadership in international science. In 2025, the share of
drug licensing deals involving Chinese assets was anticipated
to reach almost 40%, compared to fewer than 5% in 2020.1
Even as pricing pressure intensifies, governments continue
to look to the biopharma industry as a strategic driver of
innovation and economic renewal. As well as the US seeking
to incentivise domestic research and production, both the EU
and UK published life science strategies aimed at spurring
growth in the sector. This highlights the potential for the
biopharma industry to be a partner for growth, providing
solutions that help prevent and change the course of disease
and bring value to individuals, health systems and societies.
Chronic illness influencing industry and public policy priorities
while infectious diseases pose a continuing threat
One of the factors contributing to rising healthcare costs
is chronic disease. In the US alone, 90% of the nation’s
$4.9 trillion in annual healthcare expenditures are for
people with chronic and mental health conditions.2
Over the next decade, the impact of chronic disease on
individuals, health systems and economies is expected
to increase. Cancer, chronic respiratory diseases and
neurological illnesses are projected to be among the
top ten disease burdens worldwide by 2032, due in part
to ageing populations and increasing obesity rates.3
Biopharma innovation is increasingly focused on disease
areas with potentially large populations and opportunity for
health impact, including metabolic diseases, cardiovascular
disease and neurology. Oncology remains an enduring
priority as cancer rates continue to accelerate. It’s the
fastest-growing disease burden and early onset cancers
are becoming more common. New modalities, including
next-generation antibody drug conjugates (ADCs), offer
potential for more precise, targeted treatments to improve
survival rates and overall quality of life. Oncology and
immunology are expected to be the fastest-growing fields,
after GLP-1s, over the rest of the decade.4
12
GSK Annual Report 2025
Our external environment continued
Living with a chronic illness can also put people at higher
risk of infectious diseases. While there have been significant
strides in innovation to get ahead of infectious diseases,
they continue to threaten the health of individuals and
communities. Factors such as changes to global health
financing and vaccine hesitancy can pose a risk to
immunisation efforts. In 2025, the World Health
Organization (WHO), UNICEF and Gavi warned that
outbreaks of vaccine-preventable diseases such as measles
and meningitis were increasing globally.5 Infections could
also become more difficult to manage due to antimicrobial
resistance (AMR). According to the 2025 WHO GLASS
report, in 2023 around one in six laboratory-confirmed
bacterial infections were caused by bacteria resistant
to antibiotics.6
Rising rates of chronic ill health are increasing the strain
on health systems and limiting productivity by keeping
people out of work. Policymakers are turning their attention
to preventing chronic disease and intervening earlier
to improve outcomes and contain healthcare costs.
Addressing chronic disease is a major focus of the US
Administration. Prevention is also a key pillar of the UK
Government’s health policy agenda.
As countries contend with increasing rates of chronic
illness, as well as the ongoing impact of infectious diseases,
there is a clear opportunity to shift towards preventative,
pre-emptive healthcare to support future health system
sustainability and economic growth.
Tech transformation depends on talent and trust
Geopolitical unrest in 2025 was set against a backdrop
of continued rapid acceleration in technological innovation
and adoption. As generative and agentic artificial
intelligence (AI) becomes more sophisticated, it’s
transforming how many of us live and work.
For the biopharma industry, one of the most significant
use cases for AI remains R&D productivity. A proliferation
of health data, coupled with the power of AI to interpret
ever-larger datasets, offers the potential to develop
medicines and vaccines with more pace, precision
and probability of success. Currently, AI adoption is
concentrated in areas from early research through
to clinical development. Automation can transform
processes such as target selection and molecule design,
which are otherwise lengthy, manual and costly. Advanced
technologies, including AI, create potential to more deeply
understand human biology and develop more targeted
solutions to prevent and alter the course of disease.
Once drugs are developed, robotics, AI, machine learning
and other innovations can all enable manufacturers to get
vaccines and medicines of the highest quality standards
to those who need them faster, and more consistently.
The potential of technology to strengthen efficiency and
quality of manufacturing operations is particularly relevant
in an environment of evolving regulatory expectations. From
manufacturing to marketing, as well as streamlining
corporate processes, data and technology are optimising
the pathway to reach patients.
Realising the potential of AI at scale depends on human
ingenuity, skill and judgement. Around 4 in 10 core job
skills are expected to change within the next five years7.
Public discourse focuses on the potential impact on jobs.
But there are opportunities for organisations to develop
new capabilities – for example, biopharma companies are
increasingly seeking talent in fields such as bioinformatics.
Crucially, realising the potential of AI for human health will
also depend on building trust in how data and technologies
are being used to develop healthcare interventions. While AI
offers significant opportunity for improving health outcomes,
there are risks associated with data privacy and security;
potential for misinformation; and exacerbating existing
biases. Mitigating these risks is key in an environment where
trust in science and technology is under pressure.
Companies play an important role in embedding ethical
guardrails around the use of data and AI and
communicating clearly with the public and stakeholders.
Action by policymakers is also needed to build a high-
quality data environment and regulate AI in a harmonised,
proportionate and pragmatic way. The approach to AI
regulation is currently diverging in the US and EU. With
the right capabilities and frameworks in place, advanced
technologies, including AI, have the potential to transform
healthcare, from discovering and developing medicines and
vaccines to reaching the right patients, at the right time and
in the right place.
The biopharma sector continues to grow as demand increases.
$2.4trn
46%
9.3%
The global medicine market –
using invoice price levels – is
expected to grow at 5–8% CAGR,
reaching about $2.4 trillion by 2029. 8
Specialty medicines are projected
to represent about 46% of global
spending in 2029, up from 27%
in 2014. 9
OECD’s Health at a Glance 2025
estimated that OECD countries
allocated around 9.3% of their GDP
to health on average in 2024.10
13
GSK Annual Report 2025
Our external environment continued
Our response
We’re in a new era of volatility. The external environment
is evolving at an unprecedented pace. But as health needs
intensify, stakeholder expectations become more complex
and technological advances transform innovation, our
purpose to get ahead of disease matters more than ever.
Amid near-term uncertainty, our purpose and strategy
keep us focused on delivering value for patients,
shareholders and society.
Research and development
We continue to invest for growth in new, best-in-class
innovation, creating a stronger portfolio balanced across
specialty medicines and vaccines. Technology is one of our
three R&D priorities and we’re expanding the deployment
of advanced data and platform technologies end-to-end
in R&D. Harnessing our deep understanding of the science
of the immune system, and application of advanced
technologies, our R&D is focused on our core therapeutic
areas of respiratory, immunology and inflammation;
oncology; HIV; and infectious diseases. Our pipeline and
portfolio is targeting both chronic and infectious diseases
as areas where there’s greatest unmet patient need and
opportunity for positive impact on individuals, health
systems and societies. Our in-house R&D, business
development and strategic partnerships are driving
clear pipeline progress and momentum.
Commercial operations
Innovative medicines and vaccines to prevent and change
the course of disease are among the best investments
governments can make, generating returns for individuals,
health systems and economies. We continue to engage
constructively with stakeholders around the world to strike
a balance in which industry, governments and health
systems ensure value while reaching patients and
incentivising the next wave of innovation.
This includes in the US, where we continue to see significant
potential for discovering, developing and launching
innovation, and we invest accordingly. In December 2025,
we entered into an agreement with the US Government
to lower the cost of prescription medicines for American
patients. This includes our broad respiratory portfolio, used
to treat more than 40 million Americans who suffer from
respiratory conditions such as asthma and COPD.
Reaching patients at scale with our medicines and vaccines
depends on a robust supply chain. Through the demerger
of Haleon, we made deliberate choices to reset our supply
chain, including regional manufacturing and dual sourcing.
This means we have a resilient, diversified supply chain that
positions us strongly in the current environment.
Responsible business
Being a responsible business is more important than ever.
Even as attitudes and policies diverge over how to address
global issues from health security to climate change,
they still pose an enduring challenge. Getting ahead of
these challenges helps to protect people’s health and
protect our business. We work with governments and
stakeholders to make sure that the policy and regulatory
environment stimulates and protects innovative science,
and strengthens patient uptake of medicines and vaccines,
within a culture that builds trust with transparency. This
includes embedding our own governance framework for
the development and adoption of AI.
The landscape is challenging, but we also have an
unprecedented opportunity to move towards new models
of care that strengthen access to innovation and enable
earlier action to prevent disease, keep people out of
hospital and keep people well.
Read more about our innovative R&D on pages 14 to 34
Read about our commercial operations, including our supply
chain, on pages 35 to 46
Read more about our responsible business approach on pages 47
to 58
Read about how we manage risk on pages 63 to 68
(1) World Preview 2025, Evaluate, June 2025
(2) Fast Facts: Health and Economic Costs of Chronic Conditions, CDC,
August 2025
(3) Institute for Health Metrics and Evaluation (IHME). GBD Compare
Data Visualization. Seattle, WA: IHME, University of Washington, 2025.
Available from https://vizhub.healthdata.org/gbd-compare.
(Accessed May 2025)
(4) World Preview 2025 Evaluate, June 2025
(5) Increases in vaccine-preventable disease outbreaks threaten years
of progress, warn WHO, UNICEF, Gavi, WHO, April 2025
(6) World Health Organization (2025). Global antibiotic resistance
surveillance report 2025: WHO Global Antimicrobial Resistance and
Use Surveillance System (GLASS): summary. World Health
Organization. https://doi.org/10.2471/B09585. License: CC BY-NC-SA
3.0 IGO
(7) ‘The Future of Jobs Report 2025’, World Economic Forum, January
2025
(8) IQVIA Institute for Human Data Science. The Global Use of Medicines
Outlook through 2029: Increasing Access, Use, and Spending. June
2025. Available from www.iqviainstitute.org
(9) IQVIA, The Global Use of Medicines Outlook through 2029
(10) OECD (2025), Health at a Glance 2025: OECD Indicators, OECD
Publishing, Paris, https://doi.org/10.1787/8f9e3f98-en
14
Research and development
Tom is a medicine development
leader in oncology. Having lost his
father to lung cancer, Tom is working
to prevent others from going through
the same pain. “We’re making huge
strides in cancer treatment for
patients,” says Tom. “It’s incredible
what we can achieve together.”
      Watch Tom's story on gsk.com
GSK_Camera_Icon_Orange.svg
15
We combine the science of the immune system with advanced technologies,
enhanced by targeted business development and world-class partnerships,
to develop new medicines and vaccines that can help transform people’s lives.
Key_Highlights_box.svg
Highlights
5
major FDA
approvals
17
assets in
phase III
58
assets in
the pipeline
Major approvals for five key assets – Exdensur,
Blenrep, Nucala, Blujepa and Penmenvy
Positive pivotal phase III data for bepirovirsen
demonstrating statistically significant and clinically
meaningful functional cure rate for chronic hepatitis B
Tebipenem HBr PIVOT-PO phase III study in
complicated urinary tract infection stopped early
for efficacy
Expanded approvals for RSV and shingles vaccines
Arexvy and Shingrix
Positive pivotal phase III data for next-generation
low-carbon version of Ventolin
Seven pivotal trial starts including: risvutatug
rezetecan for 2L/3L ES-SCLC; efimosfermin for fibrosis
caused by MASH; Exdensur for COPD; and velzatinib
for GIST
Targeted business development including deals with
Hengrui (RI&I and oncology); Empirico (COPD); and
LTZ Therapeutics (oncology)
New collaborations including the GSK-Oxford
Experimental Medicine Collaboration and a first-of     
-its-kind research initiative with the UK Dementia
Research Institute and Health Data Research UK
Our R&D approach
Our R&D approach combines our deep understanding
of the science of the immune system with advanced
technologies to develop best-in-class medicines and
vaccines that address major areas of medical need.
Advances in science and technology mean we are
increasingly able to target the underlying drivers of disease
so we can predict, pre-empt and even prevent it, giving
people the chance to live not just longer, but healthier lives.
Our extensive clinical trial data, early use of human genetics
and functional genomics, and investment in data and
translational collaborations give us a deep understanding
of human biology. We’re applying this expertise to drive
innovation across our pipeline with more opportunity and
focus than ever before.
We focus on four therapeutic areas – respiratory,
immunology and inflammation; oncology; HIV; and
infectious diseases – where we have the strongest expertise
and significant patient need remains. By developing
differentiated medicines and vaccines across these areas,
we can deliver patient benefit at scale and generate value
for people, health systems, shareholders and society.
Focusing on execution, technology and culture
Three priorities underpin our R&D to ensure we
competitively deliver what matters most:
– Execution – accelerating delivery of our pipeline of
innovative medicines and vaccines for patients who
need them. Find out more about the latest developments
across our four therapy areas:
See page 16
– Technology –Technology is driving innovation across all
aspects of our R&D. Discover how we deploy advanced
data and platform technologies to develop medicines
and vaccines with greater pace, precision and probability
of success:
See page 32
– Culture – Our company’s culture is to be ambitious for
patients, accountable for impact and do the right thing.
In R&D, this creates an environment where we can focus
on developing medicines and vaccines that, based on
clinical merit, are better than what’s available to patients
today. We continue to take action at all levels of R&D
to accelerate our culture. This includes continuing to
strengthen accountability and scientific courage. We aim
to empower individuals to make data-driven decisions,
increasingly enabled by tech, so we can deploy resources
to projects with the potential for greatest impact:
Read about our company’s culture and people on page 59
16
GSK Annual Report 2025
Research and development continued
Execution
Accelerating delivery of our pipeline of innovative
medicines and vaccines for patients who need them.
Our focus on the science of the immune system, use of
advanced technologies and targeted partnerships are
resulting in clear pipeline progress and momentum.
In 2025, we invested £6.6 billion in core R&D across our
portfolio, up 9% AER and 11% CER on 2024. We have 58
assets in our pipeline with over half of these coming through
business development. Over the past year we began six
phase I development programmes, moved two assets into
phase II and three into phase III. We had seven positive
phase III data readouts and 15 approvals across major
geographies, including achieving five key approvals
in the US.
In 2025, we extended our leadership in respiratory with
FDA approvals for Nucala, the first and only once-monthly
biologic in chronic obstructive pulmonary disease (COPD)
characterised by an eosinophilic phenotype and Exdensur
in asthma with type 2 inflammation. We also made progress
with our growing hepatology pipeline with positive pivotal
phase III data for bepirovirsen in chronic hepatitis B.
In oncology, we continued to build momentum with major
approvals for Blenrep, including in the US, Europe and
Japan, for patients with multiple myeloma.
In HIV, we added to the growing body of clinical and
real-world efficacy, safety and tolerability data for our
current portfolio and progressed our innovative pipeline
of next generation long-acting medicines that people
tell us they want and need.
We also made progress in infectious diseases with
approvals for Penmenvy, our 5-in-1 meningococcal vaccine,
and Blujepa, the first in a new class of oral antibiotics for
uncomplicated urinary tract infections and uncomplicated
gonorrhoea in almost three decades.
Over 75% of our pipeline assets have best-in-class and/or
first-in-class potential meaning we are well-positioned to
address future medical need across our core therapeutic
areas and confident in our medium- and long-term growth
outlook. We are on track to deliver significant growth in the
next decade with 15 scale opportunities for launch by 2031,
each with peak year sales potential of over £2 billion.
Strengthening innovation through collaboration
and business development
Over half of our pipeline has been shaped through business
development and strategic partnerships with leading
academic institutions and pioneering companies at the
forefront of scientific and technological innovation.
In 2025, our business development focused on further
strengthening our respiratory, immunology and
inflammation (RI&I) and oncology pipelines, resulting
in more than 10 acquisitions and discovery collaborations,
including assets with first- and/or best-in-class potential.
Our agreement with Hengrui Pharma to develop up
to 12 innovative medicines across RI&I and oncology
included HRS-9821, a PDE3/4 inhibitor for treatment of
COPD. We also entered into an agreement with Empirico for
EMP-012, a highly selective siRNA – a type of
oligonucleotide – currently in phase I for COPD. These
agreements support our ambition to treat patients across a
wide spectrum and complement our current portfolio of
inhaled and biologic treatments.
Other RI&I acquisitions included efimosfermin, a medicine
to treat and prevent progression of steatotic liver disease
(SLD) and RAPT Therapeutics including ozureprubart, a
potentially best-in-class anti-IgE antibody, in development
for prophylactic protection against food allergens.
We strengthened our oncology pipeline with the acquisition
of velzatinib (formerly IDRX-42) for gastrointestinal stromal
tumours (GIST) and a novel preclinical antibody-drug-
conjugate (ADC) from Syndivia for metastatic castration-
resistant prostate cancer (mCRPC). Our research
collaboration with LTZ will advance up to four potential
first-in-class myeloid cell engager therapies targeting
haematologic cancers and solid tumours.
Academic collaborations are integral to our approach
and central to advancing scientific discovery. In 2025,
we progressed initiatives such as the GSK-Oxford Cancer
Immuno-Prevention programme studying pre-cancer
biology to inform novel approaches to cancer vaccination.
We also announced the Oxford-GSK Experimental Medicine
Collaboration, a five-year partnership to fund the Oxford
Experimental Medicine Clinical Research Facility to
accelerate testing of multiple medicines across cellular
mechanisms in immune-mediated inflammatory diseases.
We are also collaborating with the UK Dementia Research
Institute and Health Data Research UK to apply rigorous,
population‑scale health data science to explore whether the
Recombinant Zoster Vaccine may help reduce inflammation
and support healthy ageing.
Our targeted approach to collaboration and business
development strengthens our portfolio in areas of high
unmet need, using both internal innovation and external
partnerships to deliver transformative medicines to patients
at pace and scale.
Read more about our technology collaborations on page 32
Focusing on our four core therapeutic areas
Oncology, see page 21
HIV, see page 25
Infectious diseases, see page 28
17
GSK Annual Report 2025
Research and development continued
Respiratory, immunology and inflammation
We’re building on decades of knowledge in inflammatory
mechanisms to lead in respiratory and target fibrotic lung,
liver and kidney disease. We’re harnessing our expertise in
– Three of the top six causes of death worldwide are
lung diseases, which claim 7 million lives each year.
– Asthma and COPD affect around 550 million
people globally.
– Many people with asthma and COPD continue to
experience symptoms and exacerbations despite
currently available treatments.
the science of the immune system to deeply understand
the underlying drivers of disease and using advanced
technologies to explore and validate new treatment
pathways so we can reach even more patients.
With over five decades of expertise in conditions like asthma
and COPD, we have a deep understanding of the drivers
of respiratory disease and the role that inflammation plays.
We’re using this insight, along with cutting-edge data
and platform technologies, to deliver next-generation
treatments, moving beyond symptom control to modify
underlying disease dysfunction.
Building on our understanding of the science of the
immune system, we’re extending our expertise to target
fibrotic diseases of the lung, liver and kidneys so we can
intervene earlier and prevent, treat, stop and even
potentially reverse disease.
In this section:
Asset
Potential indication/
label expansion 1
Exdensur (depemokimab)
Ultra-long-acting anti-IL-5
monoclonal antibody for five
conditions
Nucala (mepolizumab)
Anti-IL-5 monoclonal antibody
for five conditions
Camlipixant
P2X3 inhibitor for refractory
chronic cough
Low-carbon Ventolin
(salbutamol)
Short-acting beta 2 agonist for
asthma and COPD with next-
generation propellant HFA-152a
Bepirovirsen2
Antisense oligonucleotide for
chronic hepatitis B
Efimosfermin
FGF21 analog therapeutic
for metabolic dysfunction-
associated steatohepatitis
(MASH) and alcoholic liver
disease (ALD)
Gatuzosiran (GSK'990)
Oligonucleotide for MASH
and ALD
Linerixibat
IBAT inhibitor for cholestatic
pruritus in primary biliary
cholangitis
See a more detailed pipeline listing on pages 34 and 284
Respiratory
Respiratory diseases like asthma and COPD pose significant
challenges to the physical, social and emotional wellbeing
of millions of patients worldwide. Despite the availability
of inhaled therapies, around half of respiratory patients
continue to experience exacerbations. Preventing these,
especially severe exacerbations leading to hospitalisation,
is essential to improve patient outcomes and reduce
pressure on healthcare systems.
Next-generation treatments for patients
with type 2 inflammation
Type 2 inflammatory conditions encompass a range
of diseases including asthma, COPD and chronic
rhinosinusitis with nasal polyps (CRSwNP). A cytokine
(protein), known as interleukin-5 (IL-5), plays a key role
in driving this inflammation, making it a proven target for
treatment. Type 2 inflammation is the underlying driver
of unpredictable exacerbations and impacts over 80% of
people with severe asthma and up to 40% of people with
COPD. Rarer diseases including eosinophilic granulomatosis
with polyangiitis (EGPA) and hypereosinophilic syndrome
(HES) are also driven by IL-5.
Long-acting therapies that target the underlying drivers of
disease to provide sustained suppression of inflammation
could help control these diseases more effectively and for
longer periods, potentially improving patient outcomes and
quality of life.
Exdensur (depemokimab) – the first ultra-long-acting
biologic with twice-yearly dosing for patients with asthma
In 2025, we made substantial progress in advancing
therapies that target the underlying drivers of disease.
IL-5 is an underlying driver of type 2 inflammation;
Exdensur targets IL-5 and is the first and only ultra-long-
acting twice-yearly treatment for people with asthma with
type 2 inflammation. An estimated two million Americans
live with severe asthma and 50% continue to experience
frequent exacerbations and hospitalisations. Exdensur’s
ultra-long-acting profile and twice-yearly dosing could
offer sustained protection from exacerbations, fewer
hospital stays, and limit cumulative lung damage.
It represents a significant step forward, potentially
(1) Assets with existing approval or in development for label expansion
are italicised
(2) Bepirovirsen is an infectious disease asset, reported on here in the
context of our hepatology pipeline
redefining care for millions of patients.
18
GSK Annual Report 2025
Research and development continued
In December 2025, Exdensur was approved in the US for
the treatment of severe asthma. It was also approved in the
UK and Japan for severe asthma and CRSwNP and in early
2026, it was granted approval for both conditions in Europe.
Regulatory submissions are under review across the globe,
including in China, supported by data from the positive
pivotal SWIFT and ANCHOR phase III trials.
SWIFT-1 and -2 showed depemokimab significantly reduced
exacerbations (asthma attacks), including those leading to
hospitalisation, versus placebo in patients with asthma with
type 2 inflammation. ANCHOR-1 and -2, published in The
Lancet in 2025, showed early and sustained reductions in
nasal polyp size and nasal obstruction versus placebo.
Depemokimab is also being explored in HES and EGPA,
and in 2025 we initiated several phase III trials in COPD.
The ENDURA-1 and -2 trials are evaluating depemokimab
as an add-on therapy for patients with uncontrolled
moderate to severe COPD with type 2 inflammation. The
VIGILANT phase III trial is assessing early use in COPD
patients with type 2 inflammation who have experienced
one exacerbation and are at considerable risk for future
exacerbations.
Offering a new treatment option for COPD with Nucala
Nucala (mepolizumab), our first-in-class anti-IL-5 biologic,
is approved in over 56 countries for multiple diseases with
underlying type 2 inflammation, including severe asthma
and CRSwNP. This has now expanded to include COPD
with an eosinophilic phenotype.
COPD-related hospitalisations are a major healthcare
challenge and are projected to become the leading cause
of medical admissions, surpassing ischaemic heart disease.
A quarter of patients hospitalised for a COPD exacerbation
will return within 30 days and almost 90% will return within
the year, marking one of the highest readmission rates.
There is a need for earlier intervention to improve outcomes
for patients, communities and health systems. COPD alone
could cost the global economy $4 trillion by 2050 due to
factors like hospital stays.
In 2025, the US FDA approved Nucala as an add-on
maintenance treatment for adults with inadequately
controlled COPD and an eosinophilic phenotype.
Eosinophils, a type of white blood cell, are a biomarker
for type 2 inflammation and can indicate if a patient is
at risk of COPD exacerbations.
The FDA approval was based on data from our MATINEE
phase III trial, published in the New England Journal of
Medicine in 2025, and METREX phase III trial. In these
studies, Nucala showed a clinically meaningful and
statistically significant reduction in the rate of moderate
or severe exacerbations versus placebo in a wide range
of COPD patients with an eosinophilic phenotype. It is
the only biologic with data that specifically demonstrated
a reduction in emergency department visits and/or
hospitalisation in a phase III trial.
In early 2026, Nucala was also approved for patients
with COPD in China and Europe, with further regulatory
submissions under review globally.
Addressing the unmet need in refractory chronic cough
with camlipixant
Refractory chronic cough (RCC) is a debilitating condition
with an estimated 10 million people diagnosed globally
who could be suitable for a potential new treatment like
camlipixant. RCC is a disease that may be associated with
hypersensitive nerves. It can cause patients to cough more
than 400 times a day alongside complications such as
urinary incontinence. Despite its significant burden, there
are few, if any, effective and approved therapeutic options
available for patients with RCC.
Lack of awareness of RCC means patients can live with the
condition for decades, undergoing diagnostic procedures
and taking treatments that are not necessarily effective
because they don’t target the underlying cause of their
disease. This can severely impact patients’ quality of life
and lead to inefficient use of healthcare resources. Patients
also face an economic burden due to time missed from
work and societal stigma and isolation.
Camlipixant is our oral, highly selective P2X3 receptor
antagonist currently in phase III development as a potential
treatment for patients with RCC. Clinical data have shown
that by selectively inhibiting P2X3 receptors, camlipixant
may lower cough frequency for RCC patients with a
potential best-in-class tolerability profile. The CALM-1 trial
has been completed. Results will be disclosed in 2026 when
the second phase III trial CALM-2 is expected to read out.
One step closer to a low-carbon reliever MDI
Used during an exacerbation, salbutamol in a metered dose
inhaler (MDI) can help by immediately treating a sudden
onset of respiratory symptoms, such as breathlessness.
Each year, 300 million salbutamol MDIs are sold globally.
Due to the scale of volume and worldwide use of
salbutamol, our MDI Ventolin accounts for approximately
45% of our total carbon footprint, driven by the propellant’s
high global warming potential.
To address this, we’ve developed a next-generation Ventolin
MDI using HFA-152a, a low-carbon propellant, alongside
advanced manufacturing. Data from our low-carbon
version programme confirm therapeutic equivalence and
comparable safety, and published findings show a 92%
reduction in carbon footprint per inhaler. These findings
support regulatory submissions for the next-generation
version, an important advance towards bringing a more
sustainable option for patients worldwide.
For more, read page 52 on our commitment to work towards a net
zero, nature positive, healthier planet
19
GSK Annual Report 2025
Research and development continued
Immunology and inflammation
We’re driving innovation across immune-mediated
conditions by combining deep expertise in immunology
and inflammatory mechanisms supported by our in-house
proprietary data and platform technologies. This integrated
approach is unlocking new opportunities to understand
disease biology, identify novel targets and match the right
treatments to the right patients.
In liver disease, we’re applying insights from genomics
and disease phenotyping to target inflammation and
fibrosis, aiming to slow or even reverse disease progression.
Our growing hepatology pipeline includes assets for chronic
hepatitis B and steatotic liver disease (SLD).
Advancing hepatitis B treatment towards functional cure
Over 250 million people are chronically infected with
hepatitis B virus (CHB) which causes approximately
1.1 million deaths each year, and accounts for around
56% of liver cancer cases.
Despite the WHO identifying hepatitis B as a global
public health threat and setting ambitious targets for
its elimination by 2030, progress remains a significant
challenge. Intensified action across diagnosis, treatment,
and vaccination is needed to meet these targets.
Bepirovirsen, our triple-action antisense oligonucleotide,
is a potential new treatment option for people with CHB
when combined with the current standard of care –
nucleoside / nucleotide analogues.
Positive results from the B-Well 1 and B-Well 2 phase III
trials were shared in early 2026. Bepirovirsen demonstrated
a statistically significant and clinically meaningful functional
cure rate – where levels of virus in the blood and liver are so
low that the infection is controlled without medication.
Functional cure rates were significantly higher with
bepirovirsen plus standard of care compared with
standard of care alone which typically sees approximately
1% of patients achieve functional cure. Functional cure
is associated with significant reduction in the risk of long-
term liver complications, including liver cancer, as well as
all-cause mortality.
Bepirovirsen has been recognised by global regulatory
authorities for its innovation and potential to address
significant unmet need in hepatitis B, with Fast Track
designation from the US FDA, Breakthrough Therapy
designation in China and SENKU designation in Japan.
We have licensed daplusiran/tomligisiran (GSK5637608,
formerly JNJ-3989), an investigational hepatitis B therapy,
to support development of a new sequential regimen with
bepirovirsen aimed at achieving a functional cure in more
patients. In 2025, we completed recruitment of B-United,
a sequential phase II trial ahead of schedule. The trial is
evaluating daplusiran/tomligisiran followed by bepirovirsen
in participants with chronic hepatitis B. We expect this trial
to read out in 2027.
Advancing treatments for steatotic liver disease
Steatotic liver disease (SLD) affects up to 5% of adults
around the world. It includes several conditions associated
with accumulation of fat in the liver, including metabolic
dysfunction-associated steatohepatitis (MASH), which
affects up to 300 million people, and advanced alcoholic
liver disease (ALD), which affects around 26 million people.
Efimosfermin
In 2025, we acquired efimosfermin alfa, a potentially best-in-
class investigational medicine aimed at treating, preventing
and potentially reversing the progression of SLD.
This novel once-monthly FGF21 analog therapeutic is in
development for treating MASH, including cirrhosis, with
potential for future development in ALD. Currently, MASH
and ALD have limited treatment options and are the leading
causes of liver transplant in the US, representing a significant
cost to healthcare systems.
We presented phase II data in 2025 showing that once-
monthly efimosfermin delivered improvements in fibrosis
and MASH resolution over 48 weeks. This included
improvements in liver and cardiometabolic markers, versus
patient baseline and placebo groups, plus a generally well-
tolerated safety profile.
Efimosfermin has now advanced to phase III development
following the start of the ZENITH trials. These trials are
investigating its efficacy and safety in patients with
moderate and advanced fibrosis caused by MASH.
Efimosfermin has a direct anti-fibrotic mechanism of action
which may have an impact in more advanced stages of SLD.
We also see opportunities in combination with gatuzosiran
(GSK'990), our siRNA therapeutic in development for other
subsets of patients with SLD.
Gatuzosiran (GSK'990)
Gatuzosiran is our investigational RNA interference
therapeutic for SLD to help address liver fibrosis in ALD
and MASH. Genetic analysis shows a strong association
between the HSD17B13 gene and advanced ALD and MASH.
Gatuzosiran targets HSD17B13 resulting in highly specific
binding to receptors that are only expressed on liver cells.
Gatuzosiran is currently in phase II development to address
liver fibrosis associated with ALD and MASH, and prevent
disease progression, with an improved dosing schedule
versus current treatment.
20
GSK Annual Report 2025
Research and development continued
Linerixibat – for treatment of cholestatic pruritus
Primary biliary cholangitis (PBC) is a rare autoimmune
liver disease that disrupts the flow of bile from the liver,
leading to the accumulation of bile acids. This can lead
to cholestatic pruritus, an intense internal itch. While
first-line treatments for PBC effectively control the
disease, around 70% fail to address the debilitating
effects of pruritus.
Linerixibat is our investigational targeted inhibitor of the
ileal bile acid transporter (IBAT). Regulatory applications
were accepted by the US FDA and European Medicines
Agency in 2025, supported by the GLISTEN phase III trial
which showed rapid, significant, and sustained improvement
in itch and sleep interference versus standard of care.
Latozinemab – for frontotemporal dementia (FTD-GRN)
In 2025, headline results from the INFRONT-3 phase III
trial showed that although latozinemab treatment
increased plasma progranulin concentrations, it did not
show a clinical benefit of slowing FTD-GRN progression.
As a result, we discontinued the open-label extension
portion of the INFRONT-3 trial and the continuation
study for latozinemab.
Nivisnebart – for early Alzheimer’s disease
Our PROGRESS-AD phase II clinical trial assessing
nivisnebart (AL101) in early Alzheimer’s disease is ongoing
and fully enrolled, with an independent interim analysis
planned in the first half of 2026.
Page_20.jpg
Getting ahead for people
living with asthma
We’re working to redefine the standard of care for people living with
respiratory illness. Steve (pictured) explains the effect of asthma on
his life and the impact of new treatments. 
Steve first became aware that he
might have asthma in his mid-30s.
Over time, he developed nasal
polyps – an inflammation and
growth of the nasal lining that
can completely block the airways.
“I had no idea these conditions
were connected and often
associated with more severe
asthma symptoms,” says Steve.
“I got to the point where I couldn't
breathe through my nose at all
and was breathing through my
mouth all the time.”
As well as struggling with
sleep – Steve would wake in
a panic, unable to breathe – he
experienced wheeziness during
the day: “I've got quite young
children who are very active, and
wasn't able to keep up with them,
which was heartbreaking.”
Steve was having to take
multiple courses of steroids
a year. But frequent and long-
term use of these medications
is often discouraged. Steve was
then moved onto a biologic
treatment. These treatments
have been developed to target
the underlying drivers of disease,
ultimately interrupting the
pathway that is causing the
symptoms.
“Being on these treatments
has made a huge difference
to my life,” says Steve. “I can
get back to living a normal,
fulfilled life with my family.”
21
GSK Annual Report 2025
Research and development continued
Oncology
Cancer is one of the world’s leading causes of death, with
cases continuing to rise, placing a substantial burden on
healthcare systems and economies. We focus on where we
can make the most significant and meaningful difference,
aiming to intervene earlier to modify the course of disease,
redefine patient care and help prevent cancer before it starts.
Globally, one in five people will be diagnosed with cancer
in their lifetime, yet treatment options remain limited and
sub-optimal for many. In 2022, around 10 million people died
from the disease and, despite medical advances, the overall
five-year survival rate for all cancers is only around 69%.
Cancer is complex, shaped by how cells grow, communicate,
and respond to the immune system. Our oncology portfolio
is designed to intervene based on how cancer behaves,
using the right targets and treatment modalities to achieve
the greatest impact.
Innovation in cancer care is critically needed, both to extend
survival and to significantly improve quality of life for those
living with, and being treated for, the disease. To get ahead
of cancer, we’re harnessing our deep knowledge of the
immune system and advanced technologies to redefine
what’s possible in cancer treatment. By understanding the
underlying drivers of disease, we’re working to match the
right patients with the right treatment to improve survival
and quality of life and reduce side effects. We’re expanding
rapidly beyond our focus in haematological and
gynaecological cancers into lung and gastrointestinal
cancers, prostate cancers, and other solid tumours. We’re
advancing a promising and high-potential portfolio of
innovative oncology medicines – accelerating programmes
including our ADCs, immuno-oncology treatments, T-cell
engagers, and next-generation targeted small molecules.
In this section:
Asset
Potential indication/label
expansion1
Blenrep (belantamab
mafodotin)
BCMA-targeted ADC for
multiple myeloma
GSK’227 (risvutatug
rezetecan)
B7-H3-targeted ADC for lung,
prostate, colorectal and other
solid tumours
GSK’584 (mocertatug
rezetecan)
B7-H4-targeted ADC for
gynaecological cancers
Jemperli (dostarlimab)
Anti-PD-1 monoclonal antibody
for endometrial, colorectal, and
head and neck cancers
Zejula (niraparib)
PARP inhibitor for ovarian and
brain cancers
Ojjaara/Omjjara
(momelotinib)
JAK1, JAK2 and ACVR1 inhibitor
for myelofibrosis with anaemia
velzatinib
(formerly IDRX-42)
A highly selective TKI for
gastrointestinal stomal tumours
See a more detailed pipeline listing on pages 34 and 284
Antibody drug conjugates
Blenrep – potential to redefine multiple myeloma treatment
GSK_AR25_Grey_Panels_Blenrep_P20.svg
– Multiple myeloma is the third most common blood
cancer globally, with approximately 180,000 new
cases a year.
– Some current treatment options require treatment
in specialised centres, despite 70% of patients
receiving care in community settings. 
– New therapies are needed as multiple myeloma
often becomes resistant to available treatments.
Multiple myeloma is a complex blood cancer that is
generally considered treatable but not curable, with nearly
all patients experiencing relapse as the disease becomes
resistant to available treatments. Re-treating with existing
therapies following relapse often results in sub-optimal
outcomes, highlighting the need for new and novel
therapies.
Blenrep (belantamab mafodotin) is our ADC treatment
for relapsed or refractory multiple myeloma. As the only
anti-BCMA ADC therapy approved for this disease it could
redefine treatment for patients with relapsed or refractory
multiple myeloma who need additional effective and
accessible options.
Data from two phase III head-to-head studies, DREAMM-7
and DREAMM-8, showed Blenrep in combination with
bortezomib and dexamethasone (BVd) or pomalidomide
plus dexamethasone (BPd) has the potential to extend
remission and improve survival compared to standard of
care for patients experiencing their first relapse or beyond
after at least one prior line of therapy. Blenrep is also fully
accessible across healthcare settings, including in
community centres where most patients receive care.
In 2025, Blenrep received approvals for both combinations
in second line and later relapsed or refractory multiple
myeloma in the US, EU, UK and Japan, plus several other
markets including Canada, Switzerland and Brazil. It is
currently under review in many other countries, including
China.
In the US, BVd is approved for adult patients with relapsed
or refractory multiple myeloma who have received at least
two prior lines of therapy.
Our robust DREAMM clinical development programme
is ongoing, aiming to advance Blenrep in earlier lines of
treatment, including for newly diagnosed patients. This
includes the ongoing phase III DREAMM-10 trial in newly
diagnosed transplant-ineligible patients, who represent
over 70% of patients starting therapy.
(1) Assets with existing approval or in development for label expansion
are italicised
22
GSK Annual Report 2025
Research and development continued
Risvutatug rezetecan (Ris-Rez; GSK’227) –  expanding
treatment options for patients with solid tumours
Risvutatug rezetecan is our investigational B7-H3-targeted
ADC. B7-H3 is a cell-surface protein frequently over-
expressed across a range of solid tumours, including lung,
prostate and colorectal cancers.
Our global development programme, EMBOLD, is
expanding into multiple cancer types. In 2025, we initiated
a phase III study in second-line extensive-stage small cell
lung cancer (ES-SCLC). GSK-led phase I and II studies are
also ongoing, evaluating both monotherapy and
combination approaches to inform registrational pathways.
In 2025, the European Medicines Agency (EMA) granted
risvutatug rezetecan orphan drug designation for the
treatment of pulmonary neuroendocrine carcinoma,
a category of cancer that includes ES-SCLC. The US FDA
also granted orphan drug designation for small-cell lung
cancer. Both designations recognise the potential of
risvutatug rezetecan to address a significant unmet need
for ES-SCLC, an aggressive cancer with poor outcomes and
limited treatment options. This follows previous regulatory
– An estimated 1.6 million women live with active
disease, and 417,000 new cases are reported each
year worldwide.
– Around 15-20% of patients have advanced disease
when they’re diagnosed.
– Incidence rates are expected to rise by
approximately 40% between 2020 and 2040.
designations in 2024, including EMA Priority Medicines
(PRIME) designation and FDA Breakthrough Therapy
Designation for relapsed or refractory ES-SCLC.
In 2025, the US FDA also granted risvutatug rezetecan
Breakthrough Therapy Designation for late-line relapsed
or refractory osteosarcoma (bone cancer). There are
currently no FDA-approved treatment options for patients
where osteosarcoma returns for a second time after lines
of therapy. Breakthrough Therapy Designation is granted
to medicines with the potential to treat serious conditions
and where clinical evidence shows substantial improvement
over current therapies
We expect data from GSK-led studies in the EMBOLD
programme to be presented in 2026 and beyond.
Mocertatug rezetecan (Mo-Rez; GSK’584) – a potential
treatment for endometrial and ovarian cancer
Gynaecologic cancers remain an area of significant unmet
need. Many patients with endometrial and ovarian cancers
still face poor survival outcomes, especially in recurrent or
advanced disease. Mocertatug rezetecan (GSK’584) is our
ADC targeting B7-H4, a promising antigen highly expressed
in endometrial and ovarian cancers, with limited expression
in normal tissue.
Through our BEHOLD global development programme,
we’re advancing mocertatug rezetecan in areas of high
unmet medical need, with plans to initiate registrational
phase III trials in 2026.
We also expect data from the GSK-led phase I/II studies for
this ADC to be presented in 2026.
Immuno-oncology treatments
Jemperli – the backbone of our immuno-oncology therapy
Endometrial cancer
Jemperli (dostarlimab) is the backbone of our immuno-
oncology-based research and development. Our ongoing
development programme includes studies investigating
Jemperli alone and in combination with other therapies in
gynaecologic, colon, rectal and head and neck cancers.
In 2025, the European Commission approved Jemperli
in combination with chemotherapy (carboplatin and
paclitaxel) for first-line treatment of adult patients with
primary advanced or recurrent endometrial cancer who
are candidates for systemic therapy. Endometrial, or uterine,
cancer is the most common gynaecologic cancer in
developed countries.
This approval broadened the previous indication for
Jemperli plus chemotherapy in the EU to include patients
with mismatch repair proficient (MMRp)/microsatellite
stable (MSS) tumours. They represent approximately 75%
of patients diagnosed with endometrial cancer, who have
limited treatment options. Jemperli in combination with
chemotherapy as first line treatment for primary advanced
or recurrent endometrial cancer is the only approved
regimen to demonstrate a statistically significant overall
survival benefit versus chemotherapy alone.
23
GSK Annual Report 2025
Research and development continued
Rectal cancer
– Rectal cancer is a form of colorectal cancer –
the world’s third most diagnosed cancer globally.
– Colorectal cancer accounts for around a tenth of
all cancer cases and is the second-leading cause
of cancer-related death.
GSK_AR25_Grey_Panels_Rectal_Cancer_P23.svg
In 2025, new data in patients with locally advanced
dMMR / MSI-H rectal cancer were shared from a GSK-
supported collaborative study with Memorial Sloan
Kettering Cancer Center. The study continued to show an
unprecedented 100% clinical complete response rate (no
evidence of tumours) in 42 patients treated with
dostarlimab monotherapy. These findings add to the
growing body of evidence of dostarlimab in the curative-
intent setting for locally advanced dMMR/MSI-H rectal
cancer, where there is a significant unmet need for new
treatment options that preserve quality of life.
We are evaluating dostarlimab in this setting in the ongoing
phase II registrational AZUR-1 trial. Initial data are expected
GSK_AR25_Grey_Panels_Zejula_P23.svg
in 2026. In the US, dostarlimab has received both
Breakthrough and Fast Track designations in this indication,
reinforcing its potential to address significant unmet need.
It was also awarded a Commissioner’s National Priority
Voucher in the US in 2025.
The AZUR-2 trial in colon cancer is also ongoing.
Other investigational combination programmes
with Jemperli
We see significant potential to further explore the benefits
of Jemperli alone and in combination. In 2025, we continued
to progress the phase III JADE study in locally advanced
head and neck cancer which affect hundreds of thousands
of patients – over 90% of whom have squamous cell
carcinoma with the majority diagnosed at a locally
advanced stage. This is expected to read out in 2028.
We are also exploring the potential use of Jemperli in
combination with our antibody drug conjugates.
In 2025, we discontinued development of select
programmes to focus on areas with greater potential
impact.
This included our CD226 axis development programme –
comprising of belrestotug (anti-TIGIT), nelistotug (anti-
CD96) and remsistotug (anti-PVRIG) – following interim
analyses from the phase II GALAXIES Lung-201 and
GALAXIES H&N-202 studies, which didn’t meet the
established efficacy criteria for continued development.
The decision is in line with data-driven inflection points
built into the programme, ensuring interim data inform
development and capital allocation.
We also announced the decision to end the cobolimab
development programme based on the phase III COSTAR
Lung trial evaluating cobolimab, dostarlimab and docetaxel
combinations.
Next-generation small targeted molecules
Zejula – our PARP inhibitor for the treatment of ovarian
cancer – now being explored for glioblastoma
– Glioblastoma is the most aggressive and most
common type of brain cancer.
– Around 250,000 cases of glioblastoma are newly
diagnosed each year around the world and are
often associated with a poor prognosis and quality
of life.
– The five-year survival rate of less than 7% has
remained nearly unchanged for decades,
highlighting an urgent need for more innovation.
We continue to assess the potential of niraparib, currently
approved as Zejula as a maintenance therapy for treating
advanced ovarian cancer, in addressing other challenging
cancers.
Niraparib monotherapy is being evaluated in patients
with newly diagnosed, MGMT unmethylated glioblastoma
in the phase III GLIOFOCUS trial sponsored by the Ivy
Brain Tumor Center and supported by GSK.
In October 2025, the US FDA granted orphan drug
designation (ODD) to niraparib for the treatment of
malignant glioma, including glioblastoma. ODD is a special
status granted by the FDA to medicines intended to treat,
diagnose or prevent rare diseases. Early clinical data
suggest that niraparib could have potential as an effective
treatment for patients with newly diagnosed, MGMT
unmethylated glioblastoma.
24
GSK Annual Report 2025
Research and development continued
Ojjaara/Omjjara – a standard of care for myelofibrosis
with anaemia
Myelofibrosis (MF) is a rare disease affecting about
1 in 500,000 people worldwide, with most patients
eventually developing severe anaemia that requires
regular transfusions.
Ojjaara, known as Omjjara in several countries, is the only
medicine indicated for newly diagnosed and previously
treated MF adults with anaemia. More established MF
treatments can exacerbate anaemia, while Ojjaara is the
only therapy demonstrating durable clinical benefit on
spleen response, symptoms and anaemia for patients
with MF.
In 2025, Ojjaara continued to demonstrate its potential,
with new analyses underscoring the importance of earlier
intervention to achieving a dual response and improving
outcomes. Studies are underway to potentially expand the
label into additional indications including myelodysplastic
syndromes.
Strengthening our oncology pipeline with targeted
business development and world-leading partnerships
In 2025, we acquired IDRx, the Boston-based clinical-stage
biopharmaceutical company which developed precision
therapeutics to treat gastrointestinal stromal tumours
(GIST). The acquisition included lead molecule IDRX-42
(now velzatinib), an investigational, highly selective tyrosine
kinase inhibitor (TKI) designed to improve outcomes for
GIST patients. Phase III trials in second-line (2L) GIST started
late in 2025. We are also aiming to initiate the first-line (1L)
phase III study in 2026. GIST typically presents in the
gastrointestinal tract with 80% of cases driven by mutations
in the KIT gene that lead to the growth, proliferation and
survival of tumour cells. Velzatinib has demonstrated activity
pre-clinically against all clinically relevant primary and
secondary KIT mutations, a key medical need in current
GIST treatment.
We also acquired a novel preclinical antibody-drug-
conjugate (ADC) from Syndivia for metastatic castration-
resistant prostate cancer (mCRPC) and entered into a
research collaboration with LTZ to advance up to four
potential first-in-class myeloid cell engager therapies
targeting haematologic cancers and solid tumours.
Blood_Cancer_Case_Study.jpg
Getting ahead for people
living with blood cancer
Many blood cancers require lifelong treatment. We’re working to find
solutions that can improve patients’ quality of life. Lou (pictured)
shares her experience of being diagnosed with blood cancer. 
Some forms of blood cancer are
curable. But for many patients,
a blood cancer diagnosis is the
beginning of a lifelong journey
of treatment to manage the
disease as a chronic condition.
When Lou was diagnosed with
multiple myeloma, a form of
blood cancer, she found it
difficult to describe it to her
friends and family.
“It's quite hard to explain to
people that you're about to start
this journey, it's going to change
your life as all cancer diagnoses
do, but it's not really going to end,”
says Lou.
“I sometimes prefer to explain it
as in: the myeloma is asleep at
the minute. It's not active, it's
asleep, but it will wake up.”
Lou had a stem cell transplant,
which subdued her multiple
myeloma, and is taking drugs
to keep the cancer at bay. “I'm
feeling a little bit more like my
old self for the first time since
my diagnosis,” she says, but still
experiences bouts of severe
fatigue. She remains hopeful that
innovative discoveries will help
her manage her blood cancer
for years to come.
25
GSK Annual Report 2025
Research and development continued
HIV
For nearly four decades we’ve led the way in HIV
innovation, pioneering medicines that continue to
transform the lives of people living with HIV or those who
could benefit from HIV pre-exposure prophylaxis (PrEP).
Having launched the first long-acting injectable options for
HIV treatment and prevention, people now have the option
to take medication a few times a year instead of every day.
We’re now focused on even longer dosing intervals and
options for people to treat at home, as well as ultimately
finding a cure.
GSK_AR25_Grey_Panels_HIV_P25.svg
– Around 40.8 million people live with HIV worldwide.
– 1.3 million new cases of HIV are diagnosed each
year highlighting an urgent need for new options
to prevent and treat HIV.
Our work on HIV is led by ViiV Healthcare, which we
majority-own, with Pfizer and Shionogi as shareholders.1
ViiV Healthcare is the only company 100% dedicated to
preventing, treating and curing HIV, with a mission to leave
no person living with HIV behind and an ambition to end
the HIV and AIDS epidemics.
As pioneers in HIV care, our portfolio reflects a deep
understanding of the HIV community. From launching
the first oral two-drug regimens; developing a dispersible
once-daily treatment for children living with HIV; and being
the first to market long-acting injectables, we continue to
lead the way in transforming the HIV treatment and
prevention paradigm.
Both our portfolio and pipeline are built on the foundation
of integrase strand transfer inhibitors (INSTIs) which are
trusted by healthcare professionals (HCPs) worldwide due
to their potency, long-term tolerability and high barrier to
resistance. We began with dolutegravir, the first second-
generation INSTI, which set the standard for daily oral
treatment. Following this, we introduced cabotegravir,
a long-acting injectable that allows for treatment (when
combined with rilpivirine) and prevention of HIV with a
visit to the clinic every two months, rather than taking
daily tablets.
Long-acting injectables continue to transform HIV care
by tackling common challenges associated with daily
oral medications, such as stigma, fear of disclosure and
treatment adherence.
In 2025, we built on our growing and differentiated body
of clinical data, implementation studies and real-world
evidence showing the effectiveness of – and patient
preference for – long-acting injectables, reinforcing the
strength of our current portfolio. We also continued to
progress our innovative pipeline that will not only enable us
to deliver the next generation of HIV medicines that people
tell us they want and need but also navigate dolutegravir’s
loss of exclusivity towards the end of the decade.
In this section:
Asset
Indication/potential indication2
Cabenuva
(cabotegravir/rilpivirine)
Two-monthly long-acting
injectable for HIV treatment
Apretude (cabotegravir)
Two-monthly long-acting
injectable for HIV prevention
Dovato (dolutegravir/
lamivudine)
Oral 2-drug daily regimen for HIV
treatment
VH184
Third-generation INSTI for long-
acting HIV treatment
VH310
A pro-drug of cabotegravir for
long-acting HIV treatment and
prevention3
CAB-ULA
UItra-long-acting cabotegravir
with a pharmacokinetics profile
that supports four-monthly dosing
VH499
Capsid inhibitor for long-acting HIV
treatment and self-administration
N6LS
Broadly neutralising antibody
(bNAb) for long-acting HIV
treatment and cure
See a more detailed pipeline listing on pages 34 and 284
Reinforcing the strength of our current portfolio
Cabenuva – new approval and data for our world-first
long-acting injectable treatment
Cabenuva (cabotegravir; rilpivirine, known as Vocabria
+ Rekambys in Europe and Japan) is the world’s first and
only complete, long-acting injectable treatment for HIV,
available in 29 markets and currently benefiting 103,000
people living with HIV. Administered in a clinic as few as
six times a year, it offers an alternative to daily pills.
Following 24-week MOCHA trial data – which showed
our long-acting treatment regimen was highly acceptable
and tolerable for adolescents, with 99% of participants
preferring it to a daily oral regimen when given the option –
the European Commission authorised Vocabria + Rekambys
in 2025 to treat HIV in adolescents aged 12 and over who
are virologically suppressed. In 2023, there were 1.55 million
10-19-year-olds living with HIV. People in this age bracket
typically have lower viral suppression and reported
adherence to treatment than older age groups.
(1) On 20 January 2026, GSK reached agreement with Pfizer and Shionogi
for the 11.7% economic interest in ViiV Healthcare currently held by
Pfizer to be replaced with an investment by Shionogi. GSK will maintain
its 78.3% economic interest. For more information, see the Group
financial review on pages 79 to 107
(2) Assets with existing approval or in development for label expansion are
italicised
(3) VH310 is an inactive compound (known as a pro-drug) that converts to
active cabotegravir when administered into the body. This chemical
modification allows the drug to stay in the system for longer, allowing
for extended intervals between doses
26
GSK Annual Report 2025
Research and development continued
In 2025, we added to the growing body of real-world
evidence – now including over 25,000 people living with HIV
– demonstrating not only the high long-term effectiveness
of Cabenuva but also high patient preference and
treatment satisfaction compared to daily pills. We also
shared data from our VOLITION phase IIIb study, showing
that 89% of eligible treatment-naive people with HIV chose
to switch from daily pills to Cabenuva after achieving rapid
viral suppression with a dolutegravir-based regimen.
Apretude – new data on effectiveness of our long-acting
injectable for HIV prevention
Apretude (cabotegravir long-acting or CAB LA) is our
first-to-market long-acting injectable PrEP, administered
intramuscularly by a physician six times a year. Over three
years of real-world data have shown more than 99%
effectiveness, as well as high tolerability across broad
groups of users1. Around 28,000 people are currently
benefiting from Apretude in the US.
In 2025, National Institute for Health and Care Excellence
(NICE) and the Scottish Medicines Consortium (SMC) issued
positive recommendations for Apretude, making it the first
and only long-acting injectable for PrEP available for
reimbursement in the UK. This is important as it expands the
range of prevention options available in the UK for people
at risk of acquiring HIV who cannot have oral PrEP.
Data from two implementation studies in 2025 showed no
cases of HIV acquisition with Apretude. The first – PILLAR
– focused on 12-month data from 17 clinics in the US, and
the second – ImPrEP CAB Brazil – also found 83%
(n=1200/1447) of participants chose CAB LA over oral
PrEP for HIV prevention.
We also shared results from CLARITY, a phase I study
comparing acceptability and tolerability of single-dose
CAB LA for PrEP with lenacapavir. We know patient
experience is an important factor for injectables. Results
showed 69% (n=42/61) of participants found CAB LA to
be ‘totally or very acceptable’ compared to 48% with
lenacapavir, and 90% (n=54/60) of participants and 86%
(n=6/7) of HCPs preferred CAB LA over lenacapavir after
a single dose. These findings underscore the importance of
individual choice and informed decision making in choice
of long-acting injectable HIV therapy or prevention options.
Dovato – data underline long-term efficacy
Dovato (dolutegravir/lamividine) is our oral two-drug daily
treatment regimen, anchored by dolutegravir, and
approved in the US, Europe, Japan, Australia and other
countries. Currently, around 758,000 people living with HIV
take Dovato.
In 2025, data presented from the PASO DOBLE study
showed over 96 weeks the sustained, non-inferior efficacy
of Dovato, with less weight gain, among participants
compared to the three-drug treatment regimen, Biktarvy.
We know that people living with HIV are concerned about
taking more medicines as they age, as well as being
interested in their long-term metabolic health.
Our pipeline – developing the next generation
of HIV innovation, powered by patient insight
Built on the foundation of INSTIs, our pipeline momentum
continued in 2025 with key readouts across multiple long-
acting options, all with strong profiles that will deliver what
patients have told us they want and need.
As part of our development work, we’re exploring a range of
next-generation INSTIs, a capsid inhibitor and a bNAb that
will enable us to continue the transition of our portfolio to
long-acting injectables and deliver the next phase of HIV
innovation.
VH184 – a potent, investigational third-generation INSTI
In 2025, we shared data from a phase IIa proof-of-concept
trial using an oral formulation of VH184, which has the
potential for patent protection through to at least 2040.
These data demonstrated that with its potency, enhanced
resistance profile and tolerability, VH184 has the potential
to be a key player in the future of HIV treatment. As such, it
is currently being evaluated as a candidate for inclusion in
twice-yearly and self-administered long-acting injectables.
VH310 – a pro-drug of cabotegravir with a half-life at
least four times longer than the current cabotegravir
formulation
This INSTI is being evaluated for inclusion in twice-yearly
injectables for treatment and prevention.
CAB-ULA – ultra-long-acting cabotegravir with a
pharmacokinetics profile that supports dosing three times
a year
CAB-ULA has been chosen as the asset for our long-acting
four-monthly PrEP option and the EXTEND 4M phase IIb
study is fully recruited and progressing well. We are also
combining CAB-ULA with rilpivirine for our long-acting four
monthly treatment option and expect to begin our phase III
registrational study in 2026.
N6LS – a broadly neutralising antibody (bNAb) currently in
development
In 2025, we shared phase IIb data showing that N6LS
achieved high efficacy and tolerability with potential to be
a potent antiviral that can function as a component of a
complete antiretroviral regimen. These results combined
with pharmacokinetics data support progressing this asset
to explore twice-yearly dosing for HIV treatment.
(1) Delany-Moretlwe S, et al. AIDS 2022. Oral OALBX0108; Mills AM, et al.
IDWeek 2024. Oral 508; Ramgopal M, et al. IDWeek 2024. Oral 505;
Heise MJ, et al. HIVR4P 2024. Or OA0503; Turner C, et al. HIVR4P
2024. Poster 01725; Hazra A, et al. CROI 2024. Poster 1241; Traeger M,
et al. CROI 2025. Oral 191
27
GSK Annual Report 2025
Research and development continued
VH499 – investigational capsid inhibitor
In 2025, we shared phase IIa trial data showing
VH499’s positive antiviral activity for HIV-1 and that
it was well tolerated. The findings support continued
development of VH499 as a long-acting antiretroviral
for treatment. This asset is being assessed for inclusion
in a twice-yearly, long-acting treatment option and
self-administered therapies.
Towards a cure for HIV
Finding a cure for HIV is challenging, as the virus adapts
easily and rapidly and can hide in host cells, evading
detection by the immune system. Our approach aims
to free people from their treatment regimen by drawing
dormant HIV out of hiding so we can seek to eliminate it.
In 2025, we started ENTRANCE, a proof-of-concept study
that seeks to explore clinically the in vitro finding that
temsavir (fostemsavir, marketed as Rukobia) enhances
the ability of our bNAb, N6LS, to kill HIV-infected cells.
This is our first clinical study focused on cure and remission.
GSK_AR25_Case_Study_Keylines.svg
Getting ahead for people
living with HIV
As well as advancing innovation to prevent and treat HIV, ViiV 
Healthcare is working with partners to break down barriers
experienced by the community. Trevor (pictured) shares how
ViiV has supported him on both fronts. 
Twenty years ago, Trevor’s partner
Ken passed away because of AIDS.
“That’s when everything fell to
pieces,” says Trevor, who was living
with HIV himself. “I was essentially
waiting to die.”
“It was only because the treatment
became available that I’m here
today. Half of my life very nearly
didn’t happen.”
After 15 years out of work, Trevor was
worried about finding another job.
But he was put in touch with the
work and skills programme run by
UK HIV charity, The Terence
Higgins Trust, in collaboration
with ViiV.
The programme is a partnership
that supports people living with
HIV on their journey back to
employment after extended
periods away from the workplace.
Being connected with the
programme helped Trevor to
focus on the future. In 2017, he
joined ViiV as part of the ‘Back to
Work’ programme, and today he
manages that same programme.
“It saved me,” says Trevor. “I’m
grateful to have plans for the
future. At some point, I didn’t.”
He adds: “Now to see people
come through the programme,
flourish, grow and take control of
their lives again, it’s a great thing
to see.”
HIV_Case_Study.jpg
28
GSK Annual Report 2025
Research and development continued
Infectious diseases
Infectious diseases remain one of the greatest health
challenges, responsible for one in seven deaths worldwide.
They impact millions of people each year, putting
significant strain on healthcare systems and societies.
For more than 70 years, we’ve been at the forefront of
research into diseases caused by bacteria and viruses.
Today, we have one of the largest, and most diverse,
infectious disease portfolios in our industry, helping us
to meet our goal of positively impacting the health of
2.5 billion people by the end of the decade.
We focus on the development of prevention and treatment
options for infectious diseases that impact people across
their lifespan. This includes rarer but critical conditions like
meningitis; seasonal infections, like respiratory syncytial virus
(RSV) and influenza; latent infections like shingles; and
common childhood diseases. We also focus on drug-
resistant bacterial infections like urinary tract infections
(UTIs) and gonorrhoea, where antimicrobial resistance
(AMR) highlights the pressing need for innovative new
medicines and vaccines.
In this section:
Asset
Potential indication/label
expansion1
Penmenvy
Vaccine for meningitis
Arexvy
Vaccine for respiratory
syncytial virus
Shingrix
Vaccine for shingles
mRNA vaccine
candidates
Vaccine for influenza and
COVID-19, including
combinations
Vaccine candidates with
MAPS technology
Vaccine for pneumococcal
disease in adults and infants
Blujepa (gepotidacin)
Antibiotic for uncomplicated
urinary tract infections and
uncomplicated urogenital
gonorrhoea
tebipenem HBr
Antibiotic for complicated
urinary tract infections
See a more detailed pipeline listing on pages 34 and 284
Penmenvy – a new 5-in-1 vaccine for invasive
meningococcal disease (IMD)
– Around 1.2 million people are diagnosed with IMD
every year.
– Adolescents and young adults between the ages
of 16 and 23 are one of the groups at highest risk
of infection.
– Up to one in six people diagnosed with IMD may die
despite treatment, while one in five survivors suffer
life-changing long-term consequences.
Invasive meningococcal disease is a rare but devastating
illness that can progress rapidly. The highest rates of IMD
occur in infants, whose developing immune systems leave
them highly vulnerable. A second peak in incidence is seen
in adolescents and young adults due to close-contact
behaviours. There is a clear need for effective,
comprehensive protection for these vulnerable populations.
Penmenvy, our 5-in-1 MenABCWY vaccine combines our
meningitis ACWY vaccine, Menveo, and our meningitis B
vaccine, Bexsero, helping to provide protection for the five
most common causes of IMD with one vaccine.
In February 2025, Penmenvy was approved by the US FDA
to protect people aged 10 to 25, following two positive
phase III trials. Penmenvy also received a positive
recommendation in the US from the Advisory Committee
on Immunisation Practices (ACIP) as an alternative for
people aged 10 and over to receiving Bexsero and Menveo.
This was adopted as a recommendation by the US Centers
for Disease Control (CDC) and Penmenvy is now part of the
national adolescent meningococcal immunisation schedule
in the US.
Despite meningitis B being the leading cause of IMD
among US adolescents and young adults, uptake remains
low with less than 13% completing the recommended two
doses. Penmenvy aims to simplify immunisation by reducing
the number of injections needed for protection, which could
increase immunisation rates and protect more young
people from this serious disease.
Penmenvy builds on our global leadership in meningococcal
vaccination and represents a significant step in protecting
adolescents and young adults at a life stage when they are
at an increased risk of IMD.
.
(1) Assets with existing approval or in development for label expansion
are italicised
29
GSK Annual Report 2025
Research and development continued
Shingrix – exploring the potential for broader
benefits of shingles vaccination
GSK_AR25_Grey_Panels_Shingrix_P29.svg
GSK_AR25_Grey_Panels_Arexvy_P29.svg
– Shingles typically presents as a rash with painful
blisters, with up to 30% of people then experiencing
post-hepatic neuralgia – a long lasting nerve pain
that can last for weeks or months.
– Over 90% of adults have the varicella-zoster virus
(VZV) dormant in their nervous system which can
reactivate as they age. This causes shingles, which
affects up to one in three people in their lifetime.
Shingrix is now launched in over 60 countries, and has been
shown to provide more than a decade of shingles protection
in people aged 50 and over.
In 2025, the China National Medical Products Administration
(NMPA) approved Shingrix for the prevention of shingles in
adults aged 18 and over who are at increased risk due to
immunodeficiency or immunosuppression. We also received
approval from the US FDA and the EU for Shingrix in a
prefilled syringe for adults aged 50 and over, and adults
aged 18 and over at increased risk. This presentation of
Shingrix makes the vaccination process simpler for
healthcare professionals.
While Shingrix is only designed and approved to provide
protection from shingles, we continue to investigate
its potential broader benefits. In 2025, we presented new
evidence on the potential association between shingles
vaccination and lower risk of dementia and cardiovascular
events.1 We also published research in Nature Medicine
that used AI and machine learning models to show that
reactivation of the virus that causes shingles may be a risk
factor for dementia.
We also announced a first-of-its-kind collaboration with the
UK Dementia Research Institute and Health Data Research
UK to apply rigorous, population‑scale health data science
to explore whether the Recombinant Zoster Vaccine may
help reduce inflammation and support healthy ageing.
Exploring these important scientific questions aligns with our
goal of advancing science to improve health outcomes for
patients and society.
Arexvy – extending respiratory syncytial virus
(RSV) protection to more adults
– RSV affects around 64 million people of all ages
each year globally, causing an estimated 160,000
deaths.
– It leads to around 470,000 hospitalisations per year
in adults aged 60 and over in high-income
countries.
– People with certain underlying conditions like
COPD, asthma, heart failure and diabetes are at
higher risk from RSV, which can worsen these
conditions and lead to pneumonia, hospitalisation
or death.
Over 14 million people worldwide have received Arexvy,
our vaccine to provide adults with protection from RSV-
associated lower respiratory tract disease (LRTD).
Recognising the risk RSV poses to adults in younger age
groups living with health issues such as lung or heart
conditions, we continue to make progress in expanding
the groups of people who can benefit from Arexvy. In 2025,
the US ACIP recommended expanding RSV vaccination,
including Arexvy, to adults aged 50-59 years at increased
risk for severe RSV disease. Arexvy is now recommended in
the US for adults aged 50-74 at increased risk and for all
adults aged 75 and over. Arexvy also received approval in
the EU for expanded use in all adults 18 years and older.
Regulatory applications to expand the indication were also
accepted for review in the US and Japan for adults aged
18-49 at increased risk.
We continue to generate data that offer critical insights to
guide public health strategies and support the use of Arexvy
to prevent RSV-LRTD in adults. In 2025, new research
highlighted the significant burden of RSV in adults at risk,
due to age or certain underlying conditions, and the
potential impact of RSV vaccination on hospitalisation and
severe outcomes following RSV infection. We also shared
new data on how Arexvy can be used in clinical practice,
including the ability to administer at the same time as
pneumococcal and shingles vaccines.
(1) Any data regarding association between Shingrix (shingles vaccine)
and reduced risk or delayed onset of dementia and/or cardiovascular
disease are off-label information.
30
GSK Annual Report 2025
Research and development continued
Other infectious diseases
We’re committed to driving vaccine innovation to protect
those most vulnerable and to reduce the global burden of
infectious diseases.
Influenza and respiratory combinations
Older adults, pregnant women and people with underlying
health conditions are most at risk from influenza and
COVID-19, the leading causes of severe respiratory
disease in US adults. During the 2024-25 season, these
illnesses led to an estimated 1.37 million hospitalisations
and 92,000 deaths in the US alone, putting a significant
burden on the healthcare system with combined annual
costs of over $45 billion.
We continue to develop mRNA-based vaccines to provide
protection against influenza and COVID-19, including
combinations. We now have four candidates in clinical
development, three in phase II for seasonal influenza,
pandemic influenza and COVID-19, and a seasonal
influenza/COVID-19 combination in phase I. In 2025,
we initiated additional phase II studies for seasonal
influenza to continue our evaluation of the safety and
immunogenicity of vaccine candidates in adults aged 18
and over.
Pneumococcal disease
Globally, there are around 100 serotypes of streptococcus
pneumoniae, the bacteria that causes pneumococcal
disease, which is responsible for the deaths of around
700,000 children worldwide each year. Older adults are also
at risk of severe illness and death from pneumonia due to
age-related immune decline and other medical conditions.
For pneumococcal disease, MAPS technology is designed
to target more strains (serotypes) at the same time,
without compromising the immune response to each
strain. This has the potential to provide broader protective
coverage and a stronger immune response. We’re
developing new multivalent vaccines for infants and adults
using MAPS technology with best-in-class potential for
pneumococcal disease. In 2025, we started a phase I trial
of our investigational Pn-MAPS30 plus vaccine in adults
aged 50 to 65.
.
Antibiotics and antimicrobial resistance
Beyond vaccines, we are delivering innovation through
a novel portfolio of anti-infectives designed to combat
increasingly resistant bacterial infections.
Blujepa – a new treatment for uncomplicated urinary tract
infections (uUTIs) and uncomplicated gonorrhoea
– More than half of all women experience a uUTI
in their lifetime, with approximately 30% suffering
from at least one recurrent episode.
– uUTIs affect up to 16 million women in the US
each year.
– Gonorrhoea is the second most commonly reported
sexually transmitted infection in the US, with over
over 600,000 cases reported annually.
Blujepa (gepotidacin) is the first in a new class of oral
antibiotics for uUTIs in nearly 30 years. It was approved in
2025 by the US FDA and UK MHRA for the treatment of
females aged 12 and over with uUTIs, supported by positive
pivotal data from the phase III EAGLE-2 and EAGLE-3 trials.
With a novel mechanism of action-targeting bacterial
enzymes essential for DNA replication, Blujepa offers a new
approach to combat these resistant strains. Blujepa can help
address the growing prevalence of drug-resistant uUTIs,
which can lead to higher treatment failure rates, severe
discomfort and anxiety. Designed for administration in a
community setting, Blujepa also provides more accessible
and convenient treatment options for patients versus those
currently available. In 2025, we presented the first real-world
evidence that Blujepa provides early uUTI symptom relief
and positively impacts patients’ quality of life.
In 2025, the US FDA also approved Blujepa for the
treatment of uncomplicated urogenital gonorrhoea in
people aged 12 and over based on positive data from the
EAGLE-1 phase III trial. Gonorrhoea is a common sexually
transmitted infection caused by Neisseria gonorrhoeae,
which has been recognised by the WHO as a high-priority
pathogen and an urgent public health threat by the US
CDC. It affects both men and women and, if left untreated
or inadequately treated, it can lead to infertility and other
sexual and reproductive health complications. Blujepa offers
a new option for patients who currently rely on injectable
treatments.
31
GSK Annual Report 2025
Research and development continued
Tebipenem HBr – treating complicated urinary tract
infections (cUTIs), including drug-resistant infections
We also continue to make progress towards a new
oral treatment option for cUTIs. An estimated 2.8 million
cases of cUTIs are treated annually in the US alone,
where they contribute to more than $6 billion a year
in healthcare costs.
Tebipenem HBr is our investigational oral treatment for
cUTIs, developed with Spero Therapeutics. In 2025, we
announced positive data from the pivotal phase III
PIVOT-PO trial, which was stopped early for efficacy,
demonstrating that cUTIs, including pyelonephritis, can
be treated with an oral carbapenem antibiotic as effectively
as with an intravenous one. A regulatory submission was
accepted by the US FDA and, if approved, tebipenem HBr
could be the first oral carbapenem antibiotic for patients in
the US who suffer from cUTIs.
Getting ahead for people
at risk of meningitis
We’re pursuing innovations to help protect against invasive meningococcal
disease (IMD), an uncommon but dangerous condition. Kate (pictured)
shares her story of becoming seriously ill with IMD.
At the end of the summer as a
counsellor at camp, 16-year-old Kate
felt under the weather. A couple of
days after camp ended, she became
achy and feverish, which she put
down to a regular bug.
Less than 24 hours later, Kate’s family
were told to say goodbye as she was
transferred by air ambulance to
intensive care. “The doctor said I was
the sickest anyone could ever be,
with the most life support anyone
could ever be on,” says Kate. “I was
just about hanging on to life.”
Kate’s story is typical of IMD.
It’s a severe bacterial infection
that can lead to the swelling of
fluid around the brain and spinal
cord, known as meningitis, sepsis
– a blood infection – or both.
It tends to come on suddenly
and can become life-threatening
within hours.
After a long road to recovery,
Kate now uses her experience
to warn others of the risks of
meningitis. “I want to keep talking
about [IMD] until everyone is
aware of the dangers of this
disease and how to prevent it,”
says Kate.“I want young people
to be highly aware of what’s
happening in their own bodies
and environments so that they can
properly take care of themselves.”
GSK_AR25_Case_Study_Keylines_Meningitis_P31.svg
Meningitis_Case_Study.jpg
32
GSK Annual Report 2025
Research and development continued
Technology
Advanced technologies enable us to develop medicines
and vaccines with greater pace, precision and probability
of success. In 2025, we accelerated and expanded the
deployment of advanced data and platform technologies
end-to-end in R&D. Combined with artificial intelligence
(AI), these innovations deepen our understanding of the
human immune system and disease biology, enhancing
our potential to prevent and change the course of disease.
Data technology
We use advanced data assets, digital capabilities and
generative AI (GenAI) to gain deeper insights into patients,
human biology and disease mechanisms. Our teams use
our diverse, deep and proprietary data sources to work with
greater speed and precision, accelerating the delivery of
solutions to address pressing health challenges.
For example, the integration of GenAI and agentic AI
into our discovery process significantly enhances our
ability to identify genetically validated targets and
optimise molecular pathways. Paired with our use of
platform technologies, this allows us to accelerate R&D
timelines and improve the precision of our therapies.
Platform technology
Platform technologies are revolutionising the development
of medicines and vaccines. By integrating advanced
scientific approaches, we are pioneering precision
interventions that target diseases at every stage. These
platform capabilities enable emerging modalities designed
to prevent disease onset, halt progression and potentially
reverse damage, delivering meaningful benefits for patients.
Our platform technologies include:
Advanced monoclonal antibodies
These modulate the immune system with precision,
providing effective and durable treatment options with
favourable tolerability profiles. Our platforms enable the
development of best-in-class monoclonal antibodies
(e.g., targeting IL-5), and bi- and tri-specific antibodies
by integrating advanced computational protein modelling
with an end‑to‑end automated lab-in-the-loop platform.
This closes the design-build-test cycle so we can reliably
deliver therapeutic large molecules, faster.
Antibody-drug conjugates (ADCs)
ADCs target malignant cells by linking monoclonal
antibodies to cytotoxic medicines, minimising damage to
healthy tissues and addressing a key challenge in cancer
treatment. Our portfolio includes Blenrep for relapsed/
refractory multiple myeloma and investigational ADCs
targeting proteins highly expressed in multiple cancer types.
Small molecules
Small molecules are designed to target specific proteins or
enzymes with precision. Our digital chemistry platform uses
AI/machine learning (ML) and automation to accelerate
design-build-test cycles in small‑molecule discovery. Within
this, our unique generative design system, combined with
automation, will rapidly create chemical compounds at an
industry-leading scale and enable us to accelerate
identification and optimisation of candidates.
Oligonucleotides
Oligonucleotides tackle RNA-based diseases and modulate
gene expression, targeting conditions once deemed
untreatable. Unlike most traditional medicines that primarily
target proteins, oligonucleotides act directly on RNA, the
messenger between DNA and protein, allowing us to reach
targets that are often inaccessible to small molecules or
antibodies. We're advancing oligonucleotide discovery with
a growing portfolio that includes bepirovirsen for chronic
hepatitis B, gatuzosiran (GSK'990) for steatotic liver disease
(SLD) and a clinical-stage, first-in-class candidate, licensed
from Empirico in 2025, for COPD.
Our AI-powered, end-to-end oligonucleotide platform,
‘Oligopolis’, which incorporates the Elsie platform we
acquired in 2024, is redefining research in chemistry and
biology. The platform automates cycles of design, synthesis
and testing to accelerate delivery of molecules that are
optimised for safety, efficacy and manufacturability.
MAPS technology
MAPS technology builds on traditional pneumococcal
conjugate vaccines (PCVs) by optimising the presentation
of multiple polysaccharide and protein antigens. Including
a greater number of polysaccharides can potentially broaden
protection, while protein antigens can elicit T‑cell responses to
strengthen immunity. We’re applying this approach to develop 
pneumococcal vaccines, with the potential to expand
protection against current and future pathogens.
mRNA technology
mRNA instructs the body’s own cells to produce specific
proteins and antigens, helping the immune system prevent
and fight disease. Using this advanced, adaptable platform
technology with demonstrated application in emerging and
constantly changing viral pathogens, we are developing
vaccines for influenza and COVID-19, including combinations.
Advanced adjuvants
Advanced adjuvants enhance the body’s immune response,
making vaccines more effective and enabling new vaccine
targets. Adjuvant-antigen combinations help to protect
specific patient groups, including older adults, where
vaccines like Arexvy and Shingrix can contribute to
addressing age-related declines in immunity.
33
GSK Annual Report 2025
Research and development continued
Accelerating innovation in our pipeline
In 2025, we saw clear examples of the impact integrated
data and platform technologies are having across R&D:
Choosing the right targets
We’re focused on identifying targets with the highest
potential to prevent or alter the course of disease. By
integrating diverse data, advanced technologies, predictive
modelling and insights from strategic partnerships, we’re
increasing confidence in our target choice. An example
of this is our recent licensing partnership with Noetik, an AI-
native biotech, which grants us access to foundation models
for colorectal and non-small cell lung cancer research.
In COPD, our data-driven disease models combine human
genetics, genomics, cell biology and clinical studies to
strengthen our understanding of disease mechanisms. This
helped us validate and prioritise IL-33 and thymic stromal
lymphopoietin (TSLP) as promising targets for new
treatments and has the potential to reduce research
timelines and costs by up to tenfold. Collaborations with
leading institutions, such as Cambridge University, Boston
Medical Center and Boston University's Center for
Regenerative Medicine (CReM), are helping us scale these
efforts and improve the accuracy of early target validation.
In SLD, we’re using single-cell technology, which analyses
individual cells rather than population averages, significantly
improving precision in identifying targets. It’s estimated that
this approach could triple the chances of advancing to
phase III trials.
Identifying the right patients
We’re dedicated to ensuring our medicines and vaccines
reach the patients most likely to respond, based on the
characteristics of their disease. By integrating advanced
technologies such as AI/ML, organoids and biomarkers,
we are increasingly able to precisely match treatments to
individual patient characteristics, maximising therapeutic
impact.
In oncology, organoids – 3D tumour models grown from
patient tissue – have proven key to advancing personalised
cancer care. By replicating tumour behaviour, organoids
allow comprehensive testing of drug combinations and
more accurate prediction of treatment responses. Scaling
organoid technologies through partnerships with King’s
College London and our acquisition of CELLphenomics is
accelerating development of therapies like our B7-H3 and
B7-H4 ADCs, bringing us closer to cancer treatments
tailored to each patient’s unique tumour profile.
Circulating tumour DNA (ctDNA) technology enables earlier
cancer detection and tailored treatment strategies. When
combined with AI algorithms, ctDNA insights help predict
therapy responses, equipping healthcare providers with
data to inform precise treatment decisions.
AI/ML is also driving significant progress across chronic and
infectious diseases. AI-powered phenotype analysis using
UK Biobank data has reduced research timelines by over
50% in Metabolic Dysfunction-Associated Steatohepatitis
(MASH). Similarly, we’re using AI/ML analysis of real-world
data to explore the potential association between Shingrix,
our shingles vaccine, and a reduced risk of dementia. Our
Zoster 122 study published in Nature Medicine leveraged
advanced AI/ML models to uncover complex patterns
within large-scale data sets, often missed by traditional
methods. This large-scale study conducted on the
equivalent of over 25 million patient years of observation
time, allowed researchers to evaluate potential links
between varicella zoster virus (VZV) reactivation and
dementia onset, strengthening the hypothesis that VZV
reactivation may have a role in dementia risk.
Designing and manufacturing the right treatment
We’re revolutionising our approach to molecule design and
Chemistry, Manufacturing and Controls (CMC) using
innovative technologies that enable us to reach genetically
validated targets with the most effective treatment
modalities. Integrated tools, including AI, digital twins and
automated platforms, are driving improved quality,
consistency, and efficiency across research, development
and manufacturing. This includes using highly targeted
delivery mechanisms, such as ADCs in oncology (page 21)
and oligonucleotides for hepatitis B virus and liver disease
(page 19).
Across our portfolio, digital twins are transforming
manufacturing efficiency, including for infectious diseases.
For Blujepa (gepotidacin) (page 30), in silico models
predicted impurity formation during storage, enabling the
submission of nine months of stability data to regulators
instead of the standard 12. For bepirovirsen (page 19), digital
twins lowered costs by reducing freeze-drying cycle times by
23%, and for Menveo (our MenACWY vaccine), they
maximised yields through real-time process optimisation and
shortened early development timelines by 25%.
Finally, our AI/ML-powered lab-in-the-loop automated
systems, which scale experimentation and reduce resource
duplication, are redefining how we optimise therapies in HIV
and immunology.
Accelerating clinical trials
Innovative technologies – including predictive modelling,
automation, and advanced data technologies – are
optimising the way we conduct clinical trials, enabling faster
timelines, improved efficiency and reduced patient burden.
These advances aim to accelerate trials by 15%, and priority
studies by up to 50%, by 2028. By using data insights, we’re
automating clinical trial start-up, optimising site selection,
easing patient burden and enhancing decision making. This
has already helped reduce study sites by 10% for the B7-H3
ADC phase III trial and avoid a six-month delay for the B7-
H4 ADC phase III trial. Also, streamlined protocols, wearable
devices and fewer lab collections saved costs in our
depemokimab phase III trials, while improving patient
experience and data quality.
Finally, advanced technologies like digital twins and
machine learning are also helping to reduce trial complexity,
cutting patient numbers by up to 15% without compromising
statistical power. In 2025, retrospective study analysis and
testing of new methods in 10 protocol-stage trials
demonstrated efficiency gains, with plans for widespread
adoption in 2026.
34
GSK Annual Report 2025
Research and development continued
Pipeline overview
We have 58 assets in development, of which 17 are late-stage.
Phase III/Registration
camlipixant (P2X3 receptor antagonist) Refractory chronic cough
efimosfermin alfa (FGF21 analog)1 MASH
Exdensur (Long-acting anti-IL5 antibody)1 Asthma2,3
linerixibat (IBAT inhibitor) Cholestatic pruritus in primary biliary
cholangitis3
Nucala (Anti-IL5 antibody) COPD 3
Low-carbon version of MDI, Ventolin (Beta 2 adrenergic receptor
agonist) Asthma
Blenrep (Anti-BCMA ADC)1 Multiple myeloma 3
Jemperli (Anti-PD-1 antibody)1 dMMR/MSI-H colon cancer2
risvutatug rezetecan (ADC targeting B7-H3)1 ES-SCLC2
velzatinib (KIT inhibitor)1 GIST
Zejula (PARP inhibitor) 1 Newly diagnosed glioblastoma multiforme 2
Arexvy (Recombinant protein, adjuvanted) 1 RSV adults (18-49 YoA
AIR) 2,3
bepirovirsen (Antisense oligonucleotide)1 Chronic HBV infection 2
Bexsero (Recombinant protein, OMV) Meningitis B (infants US)
Blujepa (BTI inhibitor)1 Uncomplicated UTI2,3
GSK4178116 (Live, attenuated) Varicella new seed
tebipenem pivoxil (Antibacterial carbapenem)1 Complicated UTI 3
Phase II
Benlysta (Anti-BLys antibody) Systemic sclerosis associated ILD 2,4
GSK4532990 (HSD17B13 RNA interference) 1 MASH 2
GSK5784283 (TSLP monoclonal antibody)1 Asthma
nivisnebart (Anti-sortilin antibody)1 Alzheimer’s disease
Ojjaara/Omjjara (JAK1, JAK2 and ACVR1 inhibitor)1 Myelodysplastic
syndrome 2
cabotegravir (Integrase inhibitor) HIV
VH3810109 (Broadly neutralising antibody)1 HIV
VH4011499 (Capsid protein inhibitor) HIV
VH4524184 (Integrase inhibitor)1 HIV
alpibectir (Ethionamide booster)1 Tuberculosis
ganfeborole (Leucyl t-RNA synthetase inhibitor)1 Tuberculosis
GSK4077164 (Bivalent GMMA and TCV)1 Invasive non-typhoidal
salmonella
GSK4382276 (mRNA) 1 Seasonal flu
GSK4396687 (mRNA) 1 COVID-19
GSK4406371 (Live, attenuated) MMRV new seed
GSK5102188 (Recombinant subunit, adjuvanted) UTI5
GSK5536522 (mRNA) 1 Flu H5N1 pre-pandemic5
GSK5637608 (Hepatitis B virus-targeted siRNA) 1 Chronic HBV infection
Phase I
GSK3862995 (Anti-IL33 antibody) COPD
GSK4347859 (Interferon pathway modulator) Systemic lupus
erythematosus
GSK4527363 (B-cell modulator) Systemic lupus erythematosus
GSK4528287 (Anti-IL23-IL18 bispecific antibody)1 Inflammatory bowel
disease
GSK4771261 (Monoclonal antibody against novel kidney target)
Autosomal dominant PKD
GSK5926371 (Anti-CD19-CD20-CD3 trispecific antibody) 1 Autoimmune
disease
GSK6582701 (PDE3/4 inhibitor)1 COPD
GSK6759821 (siRNA for novel target) COPD
belantamab (Anti-BCMA antibody) Multiple myeloma
GSK5458514 (PSMAxCD3 T cell engaging bispecific antibody)1
Prostate cancer5
GSK5460025 (Nucleotide excision repair targeting agent)1
Solid tumours 5
mocertatug rezetecan (ADC targeting B7-H4)1 Gynaecologic
malignancies2
XMT-20566 (STING agonist ADC)1 Cancer
VH4527079 (HIV entry inhibitor) HIV
GSK3772701 (P. falciparum whole cell inhibitor)1 Malaria
GSK3882347 (FimH antagonist)1 Uncomplicated UTI
GSK3923868 (PI4K beta inhibitor) Rhinovirus disease
GSK3965193 (PAPD5/PAPD7 inhibitor) Chronic HBV infection5
GSK4024484 (P. falciparum whole cell inhibitor)1 Malaria
GSK4424989 (Recombinant/glycoconjugate vaccine)1
Group A streptococcal infections
GSK5251738 (TLR8 agonist)1 Chronic HBV infection
GSK5459248 (MAPS Pneumococcal 30+ valent adults) 1 Pneumococcal
disease
GSK5475152 (mRNA) 1 Seasonal flu/COVID-195
Assets are ordered by therapy area within each phase: respiratory,
immunology and inflammation; oncology; HIV; and infectious diseases.
Only the most advanced indications are shown for each asset.
(1) In-licence or other alliance relationship with third party
(2) Additional indications or candidates also under investigation
(3) In registration
(4) In phase II/III study
(5) In phase I/II study
(6) GSK has an exclusive global licence option to co-develop and
commercialise the candidate
ADC: antibody drug conjugate; AIR: at increased risk;
COPD: chronic obstructive pulmonary disease; GMMA: generalised modules
for membrane antigens; HBV: hepatitis B virus; ILD: interstitial lung disease;
ES-SCLC: Extensive-stage small-cell lung cancer;
GIST: Gastrointestinal stromal tumours;
MASH: metabolic dysfunction-associated steatohepatitis;
MDI: Metered dose inhaler;
MMRV: measles, mumps, rubella and varicella; 
OMV: outer membrane vesicle; PKD: polycystic kidney disease;
RSV: respiratory syncytial virus; siRNA: small interfering RNA;
UTI: urinary tract infection; YoA: years of age. 
35
Commercial operations
Carolina is the site director at our
manufacturing facility in Aranda,
Spain. The site manufactures around
180 million packs of medicines a year.
Carolina, who started out as a
pharmacist, says: “At GSK, I feel that
I’m helping patients at a bigger scale.”
        Watch Carolina's story on gsk.com
36
We delivered another year of strong performance in 2025. Sales grew to over
£32 billion, driven mainly by momentum in Specialty Medicines and with growth
across all regions.
Total sales
£32.7bn
+4%
+7%
AER
CER
Sales contribution by product groups
219
+17%
-1%
+2%
n
2024
n
2025
Turnover by product groups
Specialty Medicines
£13.5bn +14% AER; +17% CER
Vaccines
£9.2bn –% AER; +2% CER
General Medicines
£10.0bn -4% AER; -1% CER
Sales contribution by region
31336081393940
+6%
+4%
+12%
n
2024
n
2025
Turnover by region
US
£16.9bn +3% AER; +6% CER 
Europe
£7.5bn +13% AER; +12% CER
International
£8.3bn -1% AER; +4% CER
See Group financial review on page 79 for more detail
Absolute values at AER; changes at CER, unless stated otherwise
37
Our specialty medicines prevent and treat diseases, from asthma, cancer
and HIV to autoimmune diseases like lupus. Many are first or best-in-class.
Specialty Medicines sales
£13.5bn
+14% AER; +17% CER
Respiratory, immunology
and inflammation
£3.8bn
+15% AER; +18% CER
Oncology
£2.0bn
+40% AER; +43% CER
HIV sales
£7.7bn
+8% AER; +11% CER
GSK_CommOps_Divider_boxes_Speciality_Medicnes.svg
Key marketed products
Product
Disease
Total revenue
AER
CER
Dovato
HIV treatment
£2.7bn
20%
22%
Cabenuva
(Vocabria + Rekambys
in Europe and Japan )
HIV treatment
£1.4bn
38%
42%
Tivicay
HIV treatment
£1.3bn
-2%
–%
Triumeq
HIV treatment
£1.0bn
-25%
-23%
Juluca
HIV treatment
£656m
-4%
-2%
Apretude
HIV prevention
£439m
57%
62%
Rukobia
HIV treatment
£169m
5%
8%
Nucala
Respiratory eosinophil-driven
diseases
£2.0bn
13%
15%
Benlysta
Lupus and lupus nephritis
£1.8bn
19%
22%
Jemperli
Endometrial cancer
£861m
84%
89%
Zejula
Ovarian cancer
£557m
-6%
-4%
Ojjaara/Omjjara
Myelofibrosis
£554m
57%
60%
Blenrep
Multiple myeloma
£17m
>100%
>100%
For full commentary see Group financial review
Page_37.jpg
Multiple myeloma cancer cells among
red blood cells and antibodies
38
GSK Annual Report 2025
Specialty Medicines continued
Specialty Medicines continues to be the most important
driver of our business, with double-digit growth in all
therapy areas. Specialty Medicines is our largest business,
accounting for over 40% of sales. Sales were £13.5 billion
in 2025, up 14% AER, 17% CER.
In the last three years we have launched innovations in
respiratory, immunology, oncology and HIV; three of the five
major FDA product approvals in 2025 were in Specialty
Medicines. We expect Specialty Medicines to be a major
driver of growth in the future and account for over 50% of
sales by 2031. 
To drive growth, we’re accelerating our pipeline and
prioritising business development that targets acquisitions
and partnerships to strengthen and complement our core
therapy areas.
Respiratory, immunology and inflammation
Double-digit sales growth in respiratory, immunology and
inflammation was primarily driven by Nucala and Benlysta. 
Nucala is our IL-5 antagonist monoclonal antibody treatment
for multiple diseases with underlying type 2 inflammation,
including severe asthma and chronic rhinosinusitis with nasal
polyps. There was double-digit growth across all regions,
reflecting the higher patient demand for treatments
addressing eosinophilic-led disease. 
The strong performance in 2025 was driven by our
successful launch in COPD, following the US FDA’s approval
of Nucala in COPD in May. We’re applying the lessons from
the severe asthma market with Nucala to the launch of
Exdensur, our ultra long-acting IL-5, which is now approved
in the US, UK and Japan.
Benlysta, our monoclonal antibody treatment for lupus,
continues to see strong demand and volume growth,
supported by all major guidelines. In the US, 82% of
biologic naive patients are now starting on Benlysta.
We’re focused on helping to identify and treat patients
earlier, before lupus progresses and organ damage occurs. 
Oncology
Strong oncology sales growth was largely driven by
increasing patient demand for Jemperli and Ojjaara/
Omjjara, partially offset by decreases in Zejula. 
Blenrep (belantamab mafodotin) is our antibody-drug
conjugate treatment for relapsed or refractory multiple
myeloma. It has now been approved in 15 markets. In the
US, we received approval in the third line or later setting. 
Over one third of total multiple myeloma treated patients
are in this setting. We expect Blenrep to meaningfully
advance treatment options for patients with multiple
myeloma and we continue to expect Blenrep to be a
material growth driver in the next three to four years.
Jemperli, a PD-1-blocking antibody, is the backbone
of our ongoing immuno-oncology-based research and
development programme. Sales of Jemperli grew strongly
following approvals in 2024 and 2025 expanding the
indication to include all adult patients with primary
advanced or recurrent endometrial cancer. Strong growth
continues in the US from high patient uptake, with the
Europe and International regions increasingly contributing
to sales and growth. Jemperli is now available in over
39 countries worldwide.   
Ojjaara/Omjjara, a treatment for myelofibrosis patients with
anaemia, grew strongly in the full year. Growth contributions
from Europe and International continued to increase
following high patient uptake, and from commercial
launches in 2025 across the regions including in France,
Spain, Italy, Australia and Canada. Ojjaara/Omjjara is now
available in over 30 countries worldwide.
In ovarian cancer, Zejula saw a decrease in sales, driven
by ongoing volume reductions, including impacts of an
FDA labelling update restricting use to certain patient
populations, and the impacts of IRA Medicare Part D
redesign in the US.
HIV
HIV sales growth was driven by strong patient demand, with
our long-acting injectables (Cabenuva, Apretude) and our
daily oral single-dose tablet, Dovato. In 2025, long-acting
medicines contributed over 75% of total HIV growth with
Cabenuva contributing 55%. Long-acting injectables now
represent around a third of US sales. Due to their continued
momentum, we remain confident in our ability to deliver our
commitment of over £2 billion in long-acting sales by 2026.
Cabenuva, the world’s first and only complete long-acting
regimen for HIV treatment, is available in 29 markets
including the US, Europe, Japan, China and Australia and
is currently transforming the lives of 103,000 people living
with HIV. 
Apretude, the world’s first long-acting medicine for HIV
prevention, is approved in 60 countries including the US,
UK, EU, Australia and South Africa. Around 28,000 people
are currently benefiting from Apretude in the US. 
Dovato – approved in the US, Europe, Japan, Australia
and other countries worldwide – remains our biggest
oral regimen.
Our strategy for growth is centred on our current innovative
portfolio of medicines and the development of even longer-
acting INSTI-based options for HIV treatment and
prevention, which patients tell us they want and need.
See Group financial review on page 79 for more detail
Growth reported at CER unless otherwise stated
39
Our vaccines portfolio targets infectious diseases at every stage of life,
helping to protect people from meningitis, shingles, RSV and many more.
Vaccine sales
£9.2bn
–% AER; +2% CER
Shingrix
£3.6bn
+6% AER; +8% CER
Meningitis vaccines
£1.6bn
+10% AER; +12% CER
Arexvy
£593m
+1% AER; +2% CER
GSK_CommOps_Divider_boxes_Vaccines.svg
Key products
Product
Disease
Total revenue
AER
CER
Shingrix
Herpes zoster (shingles)
£3.6bn
6%
8%
Bexsero
Meningitis group B
£1.2bn
14%
16%
Menveo
Meningitis group A, C, W and Y
£402m
4%
6%
Penmenvy
Meningitis group A, B, C, W and Y
£8m
–%
–%
Arexvy
RSV
£593m
1%
2%
Fluarix, FluLaval
Seasonal influenza
£303m
-26%
-24%
Engerix, Twinrix, Havrix
Hepatitis
£643m
13%
17%
Boostrix
Diphtheria, tetanus, acellular
pertussis booster
£654m
-4%
-2%
Rotarix
Rotavirus
£546m
-7%
-5%
Infanrix, Pediarix
Diphtheria, tetanus, pertussis, polio,
hepatitis B, haemophilus influenza
type B
£519m
1%
4%
Priorix, Varilrix,
Priorix Tetra
Measles, mumps, rubella and
chickenpox
£425m
32%
33%
Synflorix
Invasive disease, pneumonia,
acute otitis media
£159m
-30%
-29%
Cervarix
Human papilloma virus
£23m
-68%
-68%
For full commentary see Group financial review
VaccinesImage.jpg
Meningococcal serogroups
(ABCWY) meningitis bacteria
40
Our portfolio of marketed vaccines – one of the broadest
in the industry – helps to protect people from infectious
diseases at every stage of life. We deliver on average more
than one million doses of our vaccines every day.
Vaccines sales were £9.2 billion, stable at AER and up 2%
CER. This reflected strong demand outside the US for
Shingrix, Arexvy and meningitis vaccines, partly offset by
lower US demand for Shingrix, Arexvy and influenza
vaccines together with lower international sales of
established vaccines.
In line with our commercial strategies, we successfully
broadened access through age and geographic expansion,
improving vaccination rates by focusing on adult patients at
risk and further differentiation of our vaccines. We exceeded
expectations in getting more patients protected in key
markets, particularly with Shingrix and Bexsero.
Prevention through vaccination is more important than ever
amid growing patient need in existing and new diseases.
With populations ageing, comorbidities cause significant
public health need. This will drive sustained growth in the
vaccines market. 
We keep investing in innovation. This includes further
expanding the reach and enhancing the profile of our
vaccines, as well as delivering the next wave of innovation
through our mRNA and MAPS programmes. We’re also
entering a new phase in investigating and expanding the
growing body of evidence exploring a potential link
between shingles vaccination and reduced risks for
dementia and cardiovascular disease.
Vaccines are complex and highly technical to develop and
manufacture. Our discovery, development and supply of
vaccines at scale are built on a long-term commitment to
address unmet need, build trust through transparency and
ensure the quality and safety of our products. We continue
to adapt to evolving market dynamics.
Through our strong portfolio and multi-platform pipeline,
our vaccines are well-positioned to contribute to our
ambition of positively impacting the health of 2.5 billion
people by the end of the decade.
For more on our vaccines R&D, see pages 28 to 30.
Shingrix 
Shingrix had another record year. Sales grew strongly
reflecting double-digit growth in Europe and International
markets, driven by significant increased demand and partly
offset by lower sales in the US.
A number of factors drove growth, including increased
demand in Europe following the launch in France and
expanded public funding across several countries in Europe
and in Japan. We supply China through our exclusive
agreement with Chongqing Zhifei Biological Products, Ltd.
to distribute and promote Shingrix through its network of
over 29,000 vaccination points.
In the US, 44% of the 120 million adults recommended to
receive Shingrix have been vaccinated, up 4% compared
to 2024. Sales in the US declined due to the continued
slowdown in the pace of reaching harder-to-activate
unvaccinated consumers.
Shingrix is now launched in 61 countries, with countries
outside the US representing 66% of 2025 sales. We continue
to see significant opportunities for growth across the top
10 markets outside the US where the average immunisation
rate is around 10% and uptake is significantly higher where
it is funded. 
Arexvy
Arexvy sales grew, driven by recommendation and
reimbursement in Germany and tender deliveries in Spain
and Canada. While Arexvy maintained its market-leading
position in the US for older adults, sales declined due to
harder-to-activate consumers and lower market share.
More than 14 million adults globally have received our
RSV vaccine Arexvy since it was launched in 2023. Arexvy
continues to support our commercial ambitions. We believe
we are well positioned for sustained growth over the
medium and long term, with multi-billion pound sales
potential. This confidence is driven by Arexvy’s differentiated
clinical profile, the strength of our in-market partnerships,
and building on our established performance across Europe
and International markets. We also benefit from our
established expertise in serving the older adult population
and from the flexibility to co-administer Arexvy alongside
Shingrix and other key adult vaccines, enhancing both
convenience and public health impact.
Arexvy is approved in 69 markets globally, 21 countries have
national RSV vaccination recommendations for older adults
and nine countries, including the US, have reimbursement
programmes. With further approvals of expanded
indications expected in 2026, as well as appropriate
recommendations from public health authorities, Arexvy has
the potential to relieve pressure on healthcare systems and
help prevent the severe consequences of RSV globally.
41
Meningitis vaccines
Strong performance of our meningitis vaccines was led
by Bexsero, our meningitis B vaccine. Bexsero continues to
see double-digit growth primarily due to recommendation
and reimbursement in Germany, expanded cohort
recommendations in France, and solid commercial
execution in Turkey and Vietnam. We’ll drive future growth
of our portfolio through geographic and cohort expansion
and strengthening of our market position.
In 2025 initial sales for Penmenvy, our pentavalent
MenABCWY vaccine approved by the US FDA to
protect people aged 10 to 25 years, reached £8 million.
Penmenvy also received a positive recommendation from
ACIP as an alternative for people aged 10 years and over
to receiving Bexsero and Menveo (our meningitis ACWY
vaccine). This recommendation was adopted and published
as an official CDC recommendation and Penmenvy is now
part of the national adolescent immunisation schedule.
Established vaccines
Our established vaccines remain an important part of
our portfolio. These include vaccines that protect against
hepatitis, rotavirus and measles – which represents a
third of our total vaccines business.
Established vaccines sales decreased as a result of the
impact of divested brands, competitive pressure for Synflorix
and Cervarix and lower US demand and unfavourable
pricing for hepatitis vaccines. This was partly offset by
higher sales of measles, mumps, rubella and varicella
(MMRV) vaccines.
We seek to maximise uptake of our established vaccines
among those who need them through prioritising specific
segments for growth, such as for MMRV vaccines, as we
continue to raise awareness of the importance of
vaccination.
See Group financial review on page 79 for more detail
42
Our broad portfolio of general medicines, from inhalers for asthma and
COPD to antibiotics, improve life for millions of people around the world.
Many are market leaders.
General Medicines sales
£10.0bn
-4% AER; -1% CER
Trelegy
£3.0bn
+11% AER; +13% CER
GSK_CommOps_Divider_boxes_General_Medicines.svg
Key marketed products
Product
Disease
Total revenue
AER
CER
Trelegy Ellipta
Asthma, COPD
£3bn
11%
13%
Relvar/Breo Ellipta
Asthma, COPD
£1bn
-5%
-3%
Seretide/Advair
Asthma, COPD
£0.9bn
-19%
-17%
Ventolin
Asthma, COPD
£703m
–%
3%
Anoro Ellipta
COPD
£542m
-5%
-4%
Augmentin
Common bacterial infections
£602m
-5%
-1%
Avodart & Duodart
Benign prostatic hyperplasia (BPH)
£297m
-12%
-10%
Avamys
Allergic rhinitis
£222m
-12%
-10%
Dermovate, Betnovate,
Cutivate, Eumovate
Inflammatory skin conditions
£204m
-2%
3%
For full commentary see Group financial review
GenMedImage.jpg
E.coli bacteria
43
Every day, our broad portfolio of General Medicines
products, many of them market leaders, make life better for
millions of people all over the world. Over the next decade,
our ambition is for these products to have a positive impact
on the lives of hundreds of millions of patients.
General Medicines sales were £10 billion, -4% AER, -1% CER.
Growth in Trelegy was offset by reductions in other
respiratory and other general medicine product sales as a
result of continued generic competition across the portfolio.
The portfolio includes medicines typically prescribed in
primary care. We supply them in more than 100 countries,
and they represent more than 70% of our total medicines
and vaccines supply volume. In 2025, General Medicines
contributed almost one third of our sales, helping to fund
growth and investment in R&D and returns to shareholders.
Respiratory and infectious diseases therapeutics make up
76% of our General Medicines revenue, and we expect our
asthma and COPD medicines Trelegy and Anoro to grow
further, alongside continued growth for select established
products in emerging markets.
To maximise returns, we prioritise investment in brands that
are growing strongly, while managing the expected decline
of other products in mature markets as they lose their patent
exclusivity. We use our deep expertise in respiratory and
infectious diseases to support the launch of new medicines.
Those currently in development include a low-carbon
version of our Ventolin metered dose inhaler and novel
infectious disease medicine tebipenem which has the
potential to treat complicated UTIs. We also recently
launched Blujepa – the first in a new class of oral
antibiotics for the treatment of uncomplicated UTIs in
nearly 30 years.
Read more about Blujepa  in R&D on page 30
Trelegy
Trelegy, our single inhaler triple therapy (SITT) for COPD
and asthma, is licensed in over 60 countries for COPD,
with dual indications for asthma and COPD in more than
20 countries, including the US and Japan.
In January 2026, following asthma indication approval,
Trelegy became the only SITT in China approved for both
COPD and asthma.
In 2025, Trelegy reinforced its position as the number one
SITT and as the top-selling brand in COPD and asthma
globally. This has been driven by its leading position in the
two largest markets, the US and Japan, and by the SITT
class’s positive positioning across COPD scientific evidence
and global guidelines.
The 2026 Global Initiative for Chronic Obstructive Lung
Disease (GOLD) report, re-enforced the recommendation
for triple therapy over ICS/LABA for exacerbating patients,
with a new lower threshold of only one moderate or severe
exacerbation. This, alongside increasing scientific evidence
generation and competitiveness within the class, will continue
to dynamise the SITT market, which, eight years after first
launch, continues to grow at over 20% year on year.
The 2026 GOLD report also for the first time included a
section on Disease activity, stability and control, indicating a
positive shift towards more ambitious treatment goals for
HCPs and patients. New biologic therapeutic options in
COPD and asthma are also reinforcing this opportunity for
more ambitious treatment goals. We expect a market shift
towards optimising treatments, favouring growth for the
SITT class, as the combination of ICS, LABA and LAMA is
expected to be the predominant inhaled treatment
backbone for add-on biologics where available.
Anoro
Anoro is approved in approximately 80 countries to treat
symptomatic COPD. It remains the global market leader in
the LAMA/LABA class by volume (unit sales), with global
sales (excluding US) continuing to grow. Anoro’s strong
clinical data profile includes head-to-head data in the
LAMA/LABA class and versus other common initial
maintenance therapy options, such as LAMA.
Ventolin
Almost six decades after its first development, Ventolin
remains highly valued by patients and healthcare
professionals. Due to the scale of volume and worldwide
use, our Ventolin metered dose inhaler (MDI) represents a
significant proportion of our carbon emissions. In 2025, we
completed phase III clinical trials in our R&D programme to
redevelop Ventolin MDIs using a low global warming
potential (low-GWP) propellant. If approved, this next-
generation version has the potential to reduce greenhouse
gas emissions by 92% per inhaler.
Augmentin
Since its launch more than 40 years ago, Augmentin – a
global leader in oral antibiotics – has been used to treat
over two billion patients and demand continues to be strong
across all regions. Augmentin, which is available in over 100
countries, is categorised by the World Health Organization
as an AWaRE Access antibiotic. Access antibiotics are
recommended as first or second choice treatments for
common infections because of factors like their lower
potential for antimicrobial resistance.
Relvar
Relvar is available in 84 countries for the treatment of
moderate-to-severe asthma, and for COPD patients who
require an inhaled corticosteroid. Relvar is the second-
largest product in the General Medicines portfolio, with
global sales exceeding £1 billion in 2025. Relvar’s strong
clinical data profile is supported by a wealth of real-world
evidence supporting the positive outcomes patients can
achieve. Sales growth continues to outpace the ICS/LABA
market globally ex-US. ICS/LABA remains the mainstay of
asthma treatment. Accordingly, Relvar will continue to be a
strong contributor to General Medicines revenue in the
coming years.
See Group financial review on page 79 for more detail
44
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We continue to invest in a resilient
global supply chain that can
consistently deliver medicines
and vaccines to meet patient
needs at pace and scale.
Our global supply chain is critical to manufacturing and
supplying reliable, high-quality medicines and vaccines
to positively impact health and drive our performance.
More than 24,000 people are working across our global
network of 33 manufacturing sites to ensure the flow of
medicines and vaccines needed to get ahead of disease
together. In 2025, our network delivered 1.64 billion packs
of medicines and 389 million vaccine doses.
Following the integration of our medicines and vaccines
manufacturing network in 2024, we continue to transform
our supply chain to strengthen our resilience and future-
proof our operations. By bringing together our teams
and expertise in medicines and vaccines, we’ve increased
efficiency and enhanced our capabilities to deliver our
new products.
We’re harnessing new technologies to transform how we
manufacture medicines and vaccines. At the same time,
we’re taking further steps to protect continuity of supply
for products, critical materials and components. Together,
these efforts drive efficiency, maintain product quality
and increase capacity so that we can consistently deliver
medicines and vaccines to meet patient needs at pace
and scale.
Investing for the future
We continue to invest in reshaping, simplifying and
strengthening our operations. Our investments are
focused on creating an agile network with the capacity
and capability to bring the next generation of specialty
medicines and vaccines to patients.
In September 2025, we announced a $1.2 billion investment
over the next five years in advanced manufacturing facilities,
AI and advanced digital technologies, to deliver new, next-
generation biopharma factories and laboratories in the US.
These investments, which are part of our manufacturing
investment commitment in the US, build on our strong
existing innovation and manufacturing footprint and
capabilities in the US.
Martha is an engineer working at one of our
manufacturing sites in Scotland, having completed our
engineering graduate scheme. She is supporting the site’s
renewable energy transition: “I'm modelling the site's
energy consumption to map it up with our renewable
energy, to drive future sustainability projects.”
      Watch Martha’s story on gsk.com
45
GSK Annual Report 2025
Manufacturing and supply continued
The investments include construction of an additional new
biologics flex factory at Upper Merion, Pennsylvania. A flex
factory is a multipurpose production facility that can adapt
quickly to produce different types of medicines, often using
modular equipment and standardised processes. The new
biologics flex factory will focus on delivering potential best-
in-class medicines for respiratory disease and cancer for
patients in the US and around the world.
Alongside the new flex factory, we’ll be investing in AI and
digital capability across our five existing US manufacturing
sites, as well as new drug substance manufacturing and
device and auto-injector assembly capabilities.
The investments follow an $800 million expansion of our site
in Marietta, Pennsylvania, which was announced in 2024.
We officially broke ground on the new facilities in April 2025.
The new facilities will double the size and capacity of the
existing site. As part of this project, we’re bringing R&D and
manufacturing together in one location, enabling even
closer collaboration on delivery of our pipeline.
In the UK, at our Barnard Castle site an investment of
£120 million is underway to expand the manufacturing
of next-generation specialty medicines. This investment
includes installing a high-speed aseptic syringe filling line,
enhancing the site’s existing specialist capabilities and
ensuring we continue to meet growing demand.
As part of streamlining and simplifying our network, in 2025,
we closed our sites in Tianjin, China and Quality Road,
Singapore, following successful transfers of production
to outsourced partners. As planned, we also closed our
Ulverston site in the UK following the divestment of our
cephalosporins antibiotics portfolio.
In the US, the Binney Street facility is transitioning solely to
an R&D facility, with the manufacturing operations being
decommissioned. We also reached an agreement to divest
our Rockville site to one of our valued, long-term Contract
Development and Manufacturing Organisation (CDMO)
partners. The sale is expected to close towards the end of
the first quarter of 2026.
Accelerating innovation
Our global supply chain teams play a pivotal role in the way
we prevent and change the course of disease, bringing our
innovations to patients as quickly, efficiently and effectively
as possible. They’re involved early in product and process
development, working with R&D to make sure that what
works in clinical trials can be smoothly scaled up to
commercial production.
Five key product approvals in 2025 underline the strength
of our portfolio and pipeline. As such, our supply chain
teams have never played a more pivotal role in preparing
for and delivering these product expansions and new
launches to patients around the world.
– Blenrep: Within one week of regulatory approval in the UK,
our sites in the US, Italy and Singapore worked together
to prepare the first batch for shipment.
– Exdensur: The first batch was ready for launch within days
of the first approval, and shipped from our Barnard Castle
site before the end of the year.
– Nucala: Our agile respiratory supply chain enabled us to
meet immediate demand for this product expansion in the
US. To further strengthen our supply chain resilience,
we've established a new external supply partnership for
manufacturing Nucala, complementing our existing
internal capabilities.
– Blujepa: We successfully supplied launch volumes in 2025.
In preparation for demand at launch, our teams used
a digital twin of the manufacturing process to model
various production scenarios to select the right equipment
for scaled commercial production.
– Penmenvy: Our sites at Wavre in Belgium, Rosia in Italy,
and Marietta in the US, coordinated to supply doses of
this vaccine for US adolescents and young people in the
summer of 2025.
Read more about our five key product approvals on page 6
Read more about our research and development on page 15
Harnessing technology
Across our supply chain, we’re implementing integrated
digital solutions, smart manufacturing and AI to ensure our
factories are fit for the future and to enhance speed, quality
and efficiency.
Smart manufacturing is a broad programme incorporating
many new technologies such as intelligent digital
automation, dynamic simulation and process modelling
tools. We’re initially focusing on three pilot sites before
broader implementation. At the heart of our smart
manufacturing strategy is a centralised interface that
consolidates data from multiple sources. This enables us to
quickly gain insights and deploy advanced AI applications.
We've already implemented several successful examples,
including supporting accurate execution of complex
manufacturing steps, process changeovers, and
maintenance. Also, by combining Process Analytical
Technology with digital twins, we can track production in
real time and optimise process yield, leading to
improvements in product costs.
A key project in our digital transformation is the
implementation of integrated business planning. This year
we successfully rolled out advanced demand planning
across a large part of our global network and we’ll accelerate
this deployment in the coming year. By integrating our
planning processes with advanced forecasting AI, we’ll
drive improvements in planning accuracy and supply chain
efficiency, leading to optimised inventory levels.
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Manufacturing and supply continued
AI applications are also delivering tangible benefits in
several other key areas: enhancing production through
advanced parameter analysis; enabling predictive
maintenance to minimise downtime; and ensuring
robust environmental monitoring and control.
Generative AI has been implemented at over 20 sites to
review historical investigation data and identify trends for
improvement. Also, in 2025 we launched an AI investigation
tool to enhance the quality of investigations. In 2026, we’re
launching a multi-agent platform to support inspection
readiness by detecting and preventing issues in real time
before they lead to investigations.
Building sustainable and responsible
manufacturing
We’re committed to responsible, sustainable practices in our
supply chain. This helps to protect our environment and to
future-proof our network against potential climate and
nature-related risks.
A key priority is our supply chain’s preparedness for the
launch of low-carbon Ventolin from 2026. Following positive
phase III clinical results, teams across our sites are working
to make sure we’re ready for launch. This will significantly
reduce the carbon footprint of one of our key medicines by
over 90%, helping us to deliver on our sustainability
commitments.
In 2025, we continued to progress the deployment of solar
energy in our manufacturing sites. In total, 23 of our sites are
now using solar energy to contribute towards sustainable
energy consumption.
This year we adopted new automation and robotics to
enhance production efficiency and reduce material waste.
We are also transitioning from manual to electronic batch
records to reduce paper waste, resulting in an 83%
reduction in time taken for quality reviews of batch records.
As part of our broader efforts to get ahead of antimicrobial
resistance (AMR), which is a major threat to global health,
in 2025 we extended our BSI AMR Kitemark certifications.
The kitemark gives independent assurance that the
antibiotics manufacturing process meets rigorous
international standards. Our Worthing antibiotics site
achieved certification in 2024 and this year, five more
sites completed their certification.
Delivering quality, safety and reliability
We're committed to delivering medicines with the highest
quality and safety standards, ensuring a reliable supply to
meet patient needs and maintain our competitive edge.
Our supply chain continues to perform strongly, achieving
99% on-time, in-full (OTIF) delivery.
In 2025, we had 134 regulatory inspections across our
manufacturing sites and local operating companies,
compared with 1141 in 2024.
Read more about product governance, including regulatory
inspections, on page 58
(1) 2024 data has been updated for accuracy, for more information see our
Responsible Business Report
47
Responsible business
Page_47.jpg
Lais is a scientist with our global health
team, working mostly on infectious
diseases that affect low- and middle-
income countries. “I get to apply my
curiosity to the early stages of projects
to make an impact at improving global
health,” says Lais. “My purpose is to be
part of a team that will help people who
need it most.”
        Watch Lais’ story on gsk.com
48
GSK Annual Report 2025
Responsible business continued
Our approach
Being a responsible business is vital to our strategy and
long-term success. It helps us build and sustain trust with
our stakeholders, reduce risk, support our people to thrive
and deliver positive health impact at scale.
To deliver on our purpose, we must consider our impacts,
risks and opportunities across everything we do, in our
business and value chain. We focus on six areas to help
us address what’s most material to our business and most
important to our stakeholders:
– Access to healthcare
– Global health and health security
– Environment
– Inclusion
– Ethical standards
– Product governance
To sustain trust, we must be responsive to the environment
we operate in, and to our key stakeholders’ changing
expectations. This means we continue to review and evolve
what we do in all six focus areas and monitor our external
environment and strategic priorities to make sure we’re
focusing on the right areas.
Materiality
We regularly undertake materiality assessments to assess
the key issues that matter most to our business and
stakeholders. The results inform our approach to reporting
and the metrics we include in our Responsible Business
Performance Rating (see below).
In 2024, we carried out a double materiality assessment
to prepare for reporting under the Corporate Sustainability
Reporting Directive (CSRD), following guidance from
European Sustainability Reporting Standards. In 2025, we
updated our materiality assessment to ensure continued
readiness for CSRD. The assessment built on the 2024
findings and reflected changes to the external environment
over the preceding 12 months. The assessment reaffirmed
that the most material issues for our business are well-
2025 Responsible Business Performance
Rating
Our 2025 Responsible Business Performance Rating is
on track, based on 92% (12 out of 13) of performance
metrics being met or exceeded. One metric, on clinical
trial representation, fell short of its target.
Since we introduced the metric in 2022, we’ve
maintained on-track performance against our
performance rating each year. Where we have work to
do, we have plans in place and monitor our progress.
aligned with our six focus areas. GSK will be in scope for
CSRD from the 2027 financial year, with our first CSRD
report published in 2028.
Our Responsible Business Performance Rating
Our Responsible Business Performance Rating is one
of our corporate KPIs and tracks progress against key
metrics across our responsible business priority areas.
Each year, we review the metrics that contribute to
the overall Performance Rating. For 2025, we have
set 13 metrics (down from 22 in 2024) which support
greater focus on our most material topics.
The changes were:
– Environment: removed a waste metric and a paper and
palm oil metric in order to focus on our most material
environmental impacts
– Inclusion: removed four metrics, as outlined in our 2024
report, after reviewing our inclusion approach and the
completion of our overarching ethnicity and gender
aspirations
– Ethical standards: removed one metric, as it relied on
employee survey data, which was unavailable in 2025
– Product governance: removed a clinical trial transparency
metric as we’d consistently met the maximum limit for the
target, and a metric for inspections from all regulators to
avoid duplicating metrics on this topic
How we assess performance
The GSK Executive Committee (ExCom) is accountable for
delivering progress against the metrics and regularly reviews
performance along with the Corporate Responsibility
Committee (CRC). The ExCom is accountable for delivering
progress against our Responsible Business Performance
Rating and the individual metrics that contribute to it.
It regularly reviews performance along with the CRC,
embedding accountability in the business. Each metric is
assessed as: on track (we’ve met or exceeded the metric);
on track with work to do (we’ve achieved at least 80% of
the metric); or off track (we’ve missed the metric by more
than 20%).
To calculate the overall Performance Rating, we
aggregate performance across all 13 metrics into a single
score. This score shows whether we’re on track, on track
with work to do, or off track. This rating is defined below:
On track: 70% or more of all metrics are on track
On track with work to do: more than 50% of all metrics
are either on track, or on track with work to do
Off track: more than 50% of all metrics are off track
GSK_AR25_Grey_Panels_2025_RBPR_P48.svg
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GSK Annual Report 2025
Responsible business continued
GSK_AR25_Grey_Panels_External_Benchmarking_P49.svg
External benchmarking (as at February 2026)
Investors frequently ask us about our performance in key
ratings including:
– Access to Medicine: 2nd among 20 of the world’s
largest pharmaceutical companies in the Access to
Medicine Index 2024
– FTSE4Good: Member of FTSE4Good Index since 2004
– CDP: A in Climate change, A in Water security,
B in Forests and Supplier Engagement Leader
– Sustainalytics: Low risk rating
– MSCI: AA rating
– ISS Corporate Rating: B+ rating
Access
Our aim is to positively impact the health of 2.5 billion
people by the end of 2030 by making our medicines and
vaccines available as widely as possible. We will do this
through responsible pricing, strategic access programmes
and partnerships.
Our commitment
Make our products available at value-based prices that
are sustainable for our business and implement access
strategies that increase the use of our medicines and
vaccines to treat and protect underserved people.
Our Responsible Business Performance Rating metric 2025
– Progress towards our 2030 goal of reaching 1.3 billion
people in lower income countries with our products
Our progress in 2025
We believe access has to start with understanding patients
– who they are, how a disease affects them and the context
in which they access care – so that we can reach them in
the right way with innovation that is relevant to them.
This could mean helping uninsured and under-insured
people in higher income countries. Or it could mean
partnering with global health organisations, local
governments and communities to reach people in lower
income countries, which are disproportionately affected
by the infectious diseases where we have expertise.
To grow sustainably, we must support access in different
ways across a broad range of markets. We are committed
to partnering with patients, communities, payers, regulators
and policymakers to help strengthen health systems and
find new ways to get the right products to the right people.
Measuring our progress on access and impact on
health at scale
We are on track to make a positive impact on the health
of 2.5 billion people by 2030. We estimate that we reached
at least two billion people between 2021 and the end of
20241, 1.5 billion of them in low- and lower-middle-income
countries. The remainder were in high- and upper-middle-
income countries.
(1) Date of latest progress calculation. Includes patient reach for
donations of albendazole tablets up to 2023. 2024 data was
unavailable at time of calculation
(2) Drug Channels Institute 2021-2025 industry drug pricing analysis
While we have exceeded our original estimate of 1.3 billion
for low- and lower-middle-income countries, we don’t see
progress towards our ambition in linear terms. Because we
don’t double-count those we’ve already reached once,
reaching people becomes harder the closer we get to our
goal, especially as the people we haven’t reached yet might
be the hardest to access. Also, as we work with partners to
eliminate diseases like lymphatic filariasis, the number of
people we reach with programmes like this will naturally fall,
reflecting the programme’s effectiveness.
We will continue to refine how we measure our progress as we
pursue our commitment to discover and deliver the specialty
medicines, vaccines and general medicines that will make a
large-scale positive impact on health. We report more detail
on our methodology in our Responsible Business Report.
Evidence-based pricing that recognises benefits
To set responsible prices for our products, we look at the
benefits they bring to patients and healthcare systems,
measured in terms of clinical, economic and social
outcomes. We must strike the right balance between
responsible pricing and sustainable business, as our
medicines and vaccines are the backbone of the revenue
that funds the R&D behind our next generation of products.
We want patients to get better outcomes through access to
our medicines, while also creating predictability and stability
for payers and our business. We proactively engage with
payers on upcoming product launches to support effective
budget planning, as well as adjust prices to account for
inflation.
In the US in 2025, our combined average net price (after
discounts, rebates or other allowances) for our medicines
and vaccines decreased by 0.1%. The average list price
increased by 3.8%, compared with 3.5% for the industry.2.
In the last five years, the average net price of our products
rose 2.5% per year, and the average list price rose by 3.2%,
compared with 4.1% (list) for the industry2.
In December 2025, we entered into an agreement with the
US Government to lower the cost of prescription medicines
for American patients. This includes our broad respiratory
portfolio, used to treat more than 40 million Americans
who suffer from respiratory conditions such as asthma
and COPD.
50
GSK Annual Report 2025
Responsible business continued
Access strategies focused on lower income countries
Vaccines
We’ve supported Gavi, the global public-private vaccines
alliance, since it was founded in 2000, supplying over
1.2 billion vaccine doses overall and nearly 99 million in
2025 alone. In 2025, we underlined our commitment to
Gavi with overall contributions to the Gavi replenishment
of up to €100 million, making GSK the largest private sector
contributor.
In 2025, through our partnership with Gavi, we delivered
99 million of doses of critical vaccines to protect vulnerable
populations in lower income countries: approximately
four million doses of Cervarix to address cervical cancer,
eight million doses of our malaria vaccine RTS,S/AS01,
around 44 million doses of Synflorix our pneumococcal
vaccine provided to 21 Gavi-eligible countries at our lowest
price and 43 million doses of Rotarix, our rotavirus vaccine
supplied to children across 26 Gavi-eligible countries and
four former Gavi countries.
We’re also a longstanding supplier of oral polio vaccines
through UNICEF, supplying around 55 million doses in 2025.
Malaria
Since WHO recommended our first-in-class RTS,S/AS01
malaria vaccine, developed with PATH and partners, in
2021, 12 countries have introduced it. A 2024 WHO
evaluation of the vaccine pilot in Ghana, Kenya and Malawi,
where over two million children received the RTS,S vaccine
between 2019 and 2023, reported a reduction in all-cause
mortality and a fall in hospitalisations with severe malaria
among children age-eligible for vaccinations during this
period.1
In 2025, Burundi and Guinea became the latest to
announce rollout of the vaccine. Bharat Biotech will become
the sole supplier following the transfer of technology and
know-how from GSK. This collaboration exemplifies our
model of shared responsibility in delivering innovative
vaccines to those who need them most.
Lymphatic filariasis
Lymphatic filariasis (LF) is a debilitating disease caused
by a parasite transmitted to humans by mosquitoes.
We’re committed to eliminating it by donating albendazole
tablets as part of an overall drive to tackle neglected
tropical diseases. We’ve donated over 10 billion tablets,
and the disease is now eliminated in 21 countries. The
programme, which marked its 25th anniversary in 2025,
has benefited over 943 million people according to WHO.
HIV
Our longest-standing voluntary licences cover single or
fixed dose combination products containing generic
dolutegravir for HIV treatment and through our partnerships
over 1.75 billion packs have been supplied. By the end of
2025 more than 26 million people across 129 countries had
access to a generic product containing dolutegravir – that’s
at least 90% of people living with HIV on antiretroviral in
generic-accessible low- and middle-income countries.
Although children only account for 3% of people living with
HIV, in 2024, they made up 12% of AIDS-related deaths.
We work with partners to get age-appropriate HIV
treatment options into the hands of those who need them.
For example, following FDA approval, we saw a rapid rollout
of paediatric dispersible dolutegravir and paediatric
formulations are now available in 123 countries.
We believe long-acting injectables are the key to ending
the HIV epidemic. That’s why, since 2022, we’ve focused on
increasing access to our long-acting injectable cabotegravir
for HIV prevention (CAB LA for PrEP). This includes not only
voluntary licences but committing to make at least two
million doses available for procurement in low- and middle-
income countries in 2025-26 and providing funding of over
£1.2 million to implementation partners to ensure continuity
of service.
Following updated guidance from the WHO, this year we
expanded our voluntary licence with the Medicines Patent
Pool to include long-acting cabotegravir (in combination
with J&J’s rilpivirine) for HIV treatment in 133 countries.
For full details of our progress in our six focus areas, please see our
Responsible Business Report
(1) World Health Organization, World Malaria Report 2024
51
GSK Annual Report 2025
Responsible business continued
Global health and health security
We are helping to address the biggest health challenges
faced by people around the world.
Our commitment
To develop novel products and technologies to treat and
prevent priority diseases, including pandemic threats.
Our Responsible Business Performance Rating
metrics 2025
– Progress four Global Health pipeline assets to address
priority WHO diseases
– Progress eight active R&D projects that address
pathogens prioritised by WHO and CDC as posing
the highest level of concern due to drug resistance
(critical and/or urgent threats)
Our progress in 2025
We are experts in many infectious diseases, including
tuberculosis (TB), malaria and HIV, that cause death and ill-
health for millions of people. We’re committed to developing
novel products and technologies to treat and prevent priority
diseases in lower income countries. Our work on global
health also helps us to attract and hold on to outstanding
people motivated by tackling some of the world’s biggest
health challenges. We have the largest priority pipeline
among the world’s 20 largest pharmaceutical companies1,
that seeks to address high-burden diseases flagged as
priorities by global health stakeholders including the WHO.
R&D to tackle high-burden diseases in lower income
countries
We want to change the course of high-burden diseases
in lower income countries by preventing and treating
infectious diseases, including ones where AMR is a threat.
By the end of 2025, we’d invested 46% of the £1 billion we
committed in 2022 to accelerate R&D for Global Health.
We had also progressed seven Global Health pipeline
assets to address WHO priority diseases, including ones
exacerbated by changing climate conditions and those that
disproportionately affect people in lower income countries.
We are committed to tackling TB, one of the world’s deadliest
infectious diseases. We have developed a promising
candidate vaccine, M72/AS01E, up to proof of concept
(phase IIb). In 2020, we partnered with the Gates Medical
Research Institute (Gates MRI) to advance its development.
The M72/AS01E vaccine candidate has now progressed into
phase III trials, funded by the Gates Foundation and
Wellcome. In 2025, enrolment of approximately 20,000
people, including people living with HIV, across five countries
was completed 11 months ahead of schedule.
In 2025, the European Medicines Agency granted
orphan drug designation to alpibectir and ethionamide
(AlpE) to treat TB, a status intended to encourage the
development of therapies for rare diseases. AlpE, developed
with BioVersys, is a combination of the small molecule
(1) 2024 Access to Medicine Index
alpibectir and the antibiotic ethionamide, and it received
orphan drug designation from the FDA in 2023.
Following the 2024 launch of our world-first malaria vaccine
for children in endemic countries, targeting the deadliest
form of malaria, P. falciparum, we are developing a second-
generation malaria vaccine designed to further improve
protection against the disease. Development is currently
at the pre-clinical phase.
Strengthening health security
Innovating to counter antimicrobial resistance
AMR is a growing threat to people, healthcare and
economies, which could kill an estimated 10 million people
a year by 2050. By addressing AMR, we support people
and communities against infectious disease but also protect
our portfolio of medicines and vaccines, which could
become less effective as resistance increases. We have
more than 30 R&D projects including medicines and
vaccines relevant to AMR, with 17 targeting pathogens
deemed ‘critical’ (by WHO) and/or ‘urgent’ (by Centers
for Disease Control and Prevention).
In 2025, we reached important regulatory milestones in
AMR with the approval in the UK and US of Blujepa
(gepotidacin) as oral treatment for uncomplicated urinary
tract infections – also known as acute cystitis – with the US
also approving it for uncomplicated urogenital gonorrhoea.
These common infections are increasingly caused by
multidrug-resistant pathogens that are recognised by the
WHO and CDC as urgent health threats requiring new oral
antibiotics. In addition, Tebipenem HBr, which we’re
developing with Spero Therapeutics, could be the first oral
carbapenem antibiotic for patients with complicated urinary
tract infections (cUTIs). For more details see R&D on page.
30.
Supporting appropriate use of antibiotics
We run several initiatives to support appropriate use of
antibiotics. This includes educating healthcare professionals
about using and prescribing antibiotics in the right way, and
the importance of surveillance studies. We maintain our
multinational Survey of Antibiotic Resistance programme,
which helps us generate and share data on pathogens’
susceptibility to antibiotics. We also run surveillance studies
to support antimicrobial assets in late-stage development.
Investing in innovation and partnership to find
and scale solutions to AMR
We’re investing £45 million to support the Fleming Initiative,
a global network combining scientific, technology, clinical,
policy and public engagement expertise to develop new
AMR interventions. In November, we announced six major
new research programmes with the Fleming Initiative,
combining scientific expertise with cutting-edge AI
technology to accelerate AMR research. This includes
funding for around 50 dedicated UK scientific and
academic positions focused on AMR research.
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GSK Annual Report 2025
Responsible business continued
We’ve also committed €4.5 million to the Global Antibiotic
Research & Development Partnership (GARDP) for
2025-27 to shape the policy environment for sustainable
and appropriate use of antibiotics in lower income
countries. In 2025, we worked together to understand
the current access ecosystem and explore pathways
to market for antibiotics.
Partnering for pandemic preparedness
To help prevent and respond to health security
emergencies, we work with governments and other
stakeholders to strengthen global preparedness and
get ahead of disease together. This means drawing
on what we’ve learned from COVID-19 and previous
outbreaks, championing innovation and promoting
sustainable approaches for the biopharmaceutical
sector and public health.
As part of the President’s Strategic Active Pharmaceutical
Ingredients Reserve (SAPIR), in December 2025 GSK
entered into an agreement with the US Government to
strengthen the resilience of the US supply chain for critical
medicines by securing a domestic reserve of albuterol
(also known as salbutamol), the active ingredient used
in many inhalers.
We have contracts with the European Commission’s Health
Emergency Preparedness and Response Authority (HERA),
Canada, the US, and WHO to supply Adjupanrix (to 12
European countries) and Arepanrix (US and Canada) if
the WHO declares an influenza pandemic. These contracts
reserve production and supply of the vaccine and together
could provide at least 200 million doses.
We also have an influenza A (H5N1) pre-pandemic vaccine
candidate in phase II development, which has been granted
fast track designation by the FDA.
For full details of our progress in our six focus areas, please see our
Responsible Business Report
Environment
Climate change and nature loss pose risks to human health
and business resilience. By reducing our environmental
impact, we help safeguard our long-term business success
and boost our ability to get ahead of disease.
Our commitment
Commit to a net zero, nature positive, healthier planet
with ambitious goals set for 2030 and 2045.
Our Responsible Business Performance Rating
metrics 20251
– Operational emissions reduction (Scope 1 & 2 market-
based emissions)
– Complete Clinical Studies to enable filing of low carbon
version of Ventolin MDI
– Percentage of carbon credit volume in project pipeline
– Average of the percentage of GSK sites and suppliers
compliant with wastewater active pharmaceutical
ingredient (API) limits and the percentage of sites and
suppliers that are compliant with the AMR Industry
Alliance Common Antibiotic Manufacturing Framework
and discharge limits
Our progress in 2025
Climate change and nature loss are changing the spread
and burden of disease and pose a threat to human health,
putting increasing, putting growing pressure on healthcare
systems. This is why we’ve set environmental goals for 2030
and 2045 across our value chain. Working to meet these
goals reduces our impact on the planet and supports
our long-term performance, helping us to adapt to
anticipated changes in regulation and meet growing
demand for medicines with a lower environmental impact..
Climate
We have a clear pathway to a net zero impact on climate
with ambitious targets for 2030 and 2045. These targets
are approved by the Science Based Targets initiative (SBTi)
Net Zero Standard.
Our value chain carbon footprint2 is made up of Scope 1 & 2
emissions from our own operations (6%) and Scope 3
emissions from our supply chain (38%), emissions from
logistics (4%), from people using our products (mostly
metered-dose inhalers) (52%) and from the disposal
of our products (<1%).
Long-term targets3
– 80% absolute reduction in greenhouse gas emissions
from a 2020 baseline, across all scopes, and investment
in nature-based solutions for the remaining 20% of our
footprint by 2030
– Net zero greenhouse gas emissions across our full value
chain by 2045: 90% absolute reduction in emissions from
a 2020 baseline, across all scopes, and all residual
emissions neutralised
– 100% renewably imported and generated electricity
by 2030 (Scope 2)
Task Force on Climate-related Financial Disclosures (TCFD)
page 69
(1) These metrics are related to the Responsible Business Performance
Rating 2025. The 2025 information underlying the Responsible Business
Performance Rating is subject to independent limited assurance by
Deloitte. See Responsible Business Report 2025 for more information.
We also measure and report performance against our wider set of long-
term environmental sustainability targets, which we publish on gsk.com
(2) Based on 2024 data
(3) The target boundary includes biogenic land-related emissions and
removals from bioenergy feedstocks
53
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Responsible business continued
Progress to date on carbon reduction pathway
From our baseline year in 2020 to 2024 (latest available
data), we have reduced carbon emissions by 17% across
all scopes, while increasing our revenue by 29%. This
means we have reduced our overall carbon to revenue
ratio by 36%, showing how we are decoupling growth
and environmental impact.
– In 2025, we reduced our Scope 1 & 2 carbon emissions
by 14% compared with 2024, and by 45% compared
with our 2020 baseline
– This year we achieved our 2025 target to transition
100% of imported electricity to renewable sources.
We’re making progress towards our remaining 2030
target to have 100% renewably imported and generated
electricity by 2030 (currently at 85%)
– Scope 3 emissions are 16% lower than our baseline year
of 2020, falling by 7% in 2024 (our latest available data)
compared with 20231
Progress in 2025
Key factors in reducing our Scope 1 & 2 carbon emissions
in 2025 were switching to renewable electricity at our
Singapore facilities, installing onsite renewable electricity
generation at five sites and investment in process
efficiencies.
Millions of people use Ventolin, our reliever metered dose
inhaler medication, which currently accounts for 43% of our
total carbon footprint. We have announced positive pivotal
phase III data for a next-generation low-carbon version of
Ventolin MDI, and these findings will support regulatory
submissions. If approved, this version has the potential to
reduce greenhouse gas emissions by 92% per inhaler, with
launch expected from 2026.
Our supply chain emissions decreased by 6%, primarily due
to suppliers switching to renewable electricity. Through the
Sustainable Markets Initiative (SMI) Health Systems Task
Force, we co-led a Power Purchase Agreement (PPA) with
peers and suppliers in China. This collaboration among
12 companies will unlock approximately 225 GWh of
renewable electricity annually for the research, development
and manufacture of medicines.
We also engaged with suppliers on updated minimum
sustainability targets set out by the SMI Health Task Force.
Increased engagement with our suppliers has enabled us
to reflect real emissions reductions from suppliers.
Investing in carbon credits
Target: We plan to secure high-quality carbon credits
for the 20% emissions we estimate to have as residual in
2030, and for a maximum of 10% residual emissions by 2045
(from a 2020 baseline).
At the end of 2025, we’d secured carbon credits for 8% of
the estimated residual emissions, that is 40% of the carbon
credit volume required. This included additional investment
in a peat and mangrove restoration project in Indonesia.
Nature
Human health relies on the fundamentals of nature: clean
air and freshwater. Nature loss has a range of negative
impacts on health. For example, reduced air quality
increases the incidence and severity of respiratory diseases,
while habitat degradation and deforestation are increasing
the risk of new human pathogens and pandemics.
At the same time, nature can inspire innovation in science,
as scientists can find new solutions by observing the natural
world. By working to protect nature we protect human
health and safeguard the supply of raw materials we need
to manufacture our medicines and vaccines.
We were selected by the Science Based Target Network
(SBTN) pilot to set science-based nature targets and we’re
now among the first companies globally with independently
validated targets for land and freshwater. We also report
against the Taskforce for Nature-related Financial
Disclosures (TNFD) framework on gsk.com.
GSK_Read_More_Globe.svg
Freshwater
We use water across our operations and supply chain
for the production of our medicines and vaccines.
Target: 100% of our sites to practice good water
stewardship by 2030
We met our original target to achieve good water
stewardship, as defined by the Alliance for Water
Stewardship’s definition, at 100% of sites in 2023, two years
ahead of the target date. We intend to maintain this
performance through to 2030. We continue to evolve our
assessment methodology in line with external best practice.
Target: Reduce overall water use in our operations by 20%
by 2030
We met our overall water reduction target across our
network in 2022. In 2025, we reduced overall water use in
our operations by an additional 3% compared with 2024.
This is a decrease of 30% for overall water use from our
2020 baseline.
Target: Be water neutral in our own operations and at key
suppliers in water-stressed regions by 2030
We have five sites across three water-stressed basins –
specifically in Algeria, India and Pakistan – where we
operate and have suppliers. We define water neutrality
as practising water stewardship, reduced water use, water
replenishment and addressing shared water challenges,
and have specific requirements for both our sites and co-
located suppliers.
(1) Our Scope 3 data is currently based on the latest available 2024
data, except for 2025 Scope 3 emissions from patient use of inhalers.
However from 2026 we are aiming to report in-year data across all
scopes
54
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Responsible business continued
We have reduced water use in these water-stressed areas
by an additional 4%, a total of 19% since 2020. We are
engaging with co-located suppliers on the setting of water
targets, including providing support to define criteria and
plans where necessary.
To deliver water replenishment, we commenced a
partnership with WWF. This aims to build business resilience
by protecting and restoring freshwater ecosystems in our
own operations and our supply chain in water-stressed
basins in India and Pakistan.
Target: All sites and key suppliers meet ‘predicted no
effect concentrations’ (PNECs) for active pharmaceutical
ingredients in the environment by 20301
In 2025, 100% of all sites and key suppliers had API
discharges below predicted no-effect concentration
levels, as defined by the AMR Industry Alliance and API
Wastewater Discharge limits, compared with >99% in 2024.
This increase has been driven by successful engagement
with remaining suppliers. 100% of our own sites remained
within AMR Alliance and API Wastewater discharge limits.
Land
Some of our products use natural resources that derive
from agricultural commodities, which can be a factor
in deforestation and changing land use if not sourced
sustainably. Our Land targets have been independently
validated by the Science Based Target Network.
Target: Positive impact on biodiversity at all GSK-owned
sites by 20302
In 2025, 100% of our sites have assessed their baseline
and have biodiversity net gain management plans in place.
Some sites such as Stevenage, Zebulon and Wavre have
already started implementation and are evaluating the
biodiversity increase they achieved.
Target: 100% of key3 naturally-derived materials sustainably
sourced and deforestation free by 2030
Our approach to sustainable sourcing focuses on naturally
derived materials that are important to our business and
where there are multiple impacts on nature. We’ve
developed Sustainable Sourcing Standards, in consultation
with third-party experts, for our 12 key naturally-derived
materials4. In 2025, 51% of those materials were sustainably
sourced and deforestation free. We can achieve sustainable
sourcing for these materials either through purchasing
certified materials or completing supplier audits.
Oceans
We make an impact on marine ecosystems primarily
through our use of horseshoe crab blood and squalene
(1) Below the predicted no-effect concentration level, as defined by the AMR
Alliance and API Wastewater discharge limits
(2) Using the Natural England Biodiversity Net Gain methodology
(3) Definition clarified in 2024 to reflect priority materials
(4) Aluminium, cellulose (HPMC & MCC), eggs, horseshoe crab blood, lactose,
palm oil, paper packaging, rapeseed oil, soap bark extract (QS-21), soy,
squalene, sugar (glucose, mannitol, sorbitol, sucrose)
(5) Including a 20% reduction in routine hazardous and non-hazardous waste
(6) We achieved zero operational waste to landfill except where local legal
requirements specify that regulated wastes must be disposed in a landfill
to manufacture our vaccines and medicines.
Target: 100% of key marine-derived materials to be
sustainably sourced by 2030
In the long-term, we are seeking to transition to
alternatives to marine-derived materials, wherever
possible from both a technical and regulatory perspective.
We use limulus amoebocyte lysate (LAL), derived from
horseshoe crabs, for endotoxin testing to ensure the safety
and quality of medicines and vaccines and for water testing.
Water testing accounts for most of our LAL use. We’ve
reduced that by 60% since 2020 through process efficiencies,
and are working with regulators and suppliers to adopt LAL-
free alternatives for our products.
Squalene is used as an ingredient in one of our pandemic
vaccine adjuvants. We have identified and are currently
evaluating potential non-animal alternatives.
Waste
We are committed to reducing our operational and supply
chain waste.
Target: Zero operational waste5 by 2030
In 2025, we reduced operational waste by 18% compared
to 2024, and a total of 38% since 2020. The amount of
materials recovered by circular routes increased by 4% to
58%. We maintained zero operational waste to landfill.6
Target: 10% waste reduction from our supply chain by 2030
In 2025 we established a 2022 baseline for upstream waste
of 3.8 million tonnes, using a third-party lifecycle analysis
(LCA)-based methodology. This means our 10% waste
reduction target is to reduce upstream waste by 380,000
tonnes by 2030.
We have achieved a 3% reduction, primarily through
engagement with our aluminium packaging supply chain,
as part of our Sustainable Procurement Programme.
Product and packaging
Target: 25% environmental impact reduction for our
products and packaging by 2030
Building on the foundational work completed over the last
few years to conduct lifecycle assessments of our products,
this year we have finalised the scope and methodology to
measure progress against this target. This target focuses on
the products, including the packaging, that are anticipated
to be the main drivers of our 2030 carbon footprint if no eco
design action was taken. Moving forward we will track the
environmental impact reduction of eco-design interventions
on these products, measured through carbon emissions
reductions. 42% of the products in scope, which include
products in our anti-infectives and respiratory portfolios,
have environmental impact reduction plans in place.
We aim to have plans in place for all of the products
in scope by the end of 2026.
For full details of our progress in our six focus areas, please see our
Responsible Business Report
55
GSK Annual Report 2025
Responsible business continued
Inclusion
Inclusion is an integral part of our ambition and strategy –
for patients and for our people.
We’re committed to making sure clinical trials, patient
and community outreach and partnerships are inclusive
of the people affected by the diseases we address. This
is fundamental to developing medicines and vaccines that
are rooted in sound science, meet patients’ needs and
reach the people who need them.
We’re also committed to supporting our people to thrive.
We believe in the power of an inclusive culture and differing
perspectives and experiences to unlock the full potential of
the company.
Our Responsible Business Performance Rating
metrics 2025
– % of phase III trials completing enrolment in 2025 that
have met our required threshold1 of trial participants,
consistent with disease epidemiology
Our progress in 2025
Representative clinical studies
Diseases and medicines can affect people differently
depending on their ethnicity, sex, race and age. This means
we need to make sure our clinical trials include people
affected by the disease being studied. This supports our
business performance by giving healthcare providers and
the people who are prescribed our medicines and vaccines
confidence in the safety and effectiveness of our products.
Before starting enrolment, all our phase III clinical trials
have representation plans to reflect the people most
affected by a particular disease. In 2025, four phase III
trials completed enrolment. Of these, two (50%) met
the enrolment thresholds1 we set to ensure trial participants
represent the disease epidemiology under study. This
outcome fell short of the 2025 target of 75%. We will
continue to focus our efforts on improving trial participant
representation.
Patients can often struggle to join clinical trials because
of issues like travel to trial sites, especially when suffering
from disease symptoms. As part of our global study of
an investigational medicine for cholestatic pruritus, we
enabled patients in the US to participate from home.
This also allowed us to collect real-time data from them
in their homes. This approach, in collaboration with our
partner, Science 37, helped expand the pool of participants,
who would otherwise have had to travel hundreds of miles
to a clinical site. It also made it more likely they’d finish the
trial, with 82.3% completing part A of the trial – the crucial
milestone for evaluating the investigational drug's initial
effects compared to placebo.
Supporting inclusion as part of our culture
To unlock the potential of our people and perform at our
best, we’re committed to creating a workplace environment
anchored in:
– Fairness – a culture, policies and practices that reinforce
respect, equal opportunity and non-discrimination and
provide the support people need
– Belonging – everyone feeling safe to express themselves
and their ideas, valued for their contributions and
included as part of a thriving workforce which welcomes
and celebrates varying backgrounds and perspectives
– Opportunity – everyone, whoever they are, having access
to opportunities and support to develop and realise their
full potential based on their skills and experience
We remain committed to equal opportunities, non-
discrimination and merit-based decision making in the
recruitment, leadership, support and development of our
people. This means making sure we have fair processes and
broad outreach designed to be inclusive and accessible to
potential candidates, so that we find the best people.
We set out our expectations for everyone on Inclusion in
our Code and mandatory learning programme. Our 2026
employee engagement survey will include new questions to
measure how people feel about our commitment to building
an inclusive work environment.
In 2025, we kept Inclusion in-focus in our learning
and development programmes. We continue to introduce
new content to enable our people to learn from different
perspectives and to contribute to an environment where
people feel supported, confident and motivated to perform
at their best. Our programmes build key Inclusion skills, such
as active listening, self-awareness and openness to learning.
Our leadership programmes specifically emphasise
behaviours that foster a culture where people feel safe,
valued and empowered to thrive.
In 2025, we formed a new Global Inclusion Council to act
as a strategic advisory group, bringing together internal
perspectives to inform, support, and amplify our people-
focused Inclusion efforts across the company. The Council
offers insights, identifies opportunities, and advises on
integrating inclusive practices that support our principles of
Fairness, Belonging and Opportunity. Chaired by the Chief
People Officer, membership is drawn from across GSK and
ViiV Healthcare and includes another ExCom member, and
employees representing the perspectives of our workforce.
For full details of our progress in our six focus areas, please see our
Responsible Business Report
(1) Defined by meeting ≥80% of each demographic objective (up to a ceiling
of 120%) described in the plan based on disease epidemiology
56
GSK Annual Report 2025
Responsible business continued
Ethical standards
Conducting ourselves in the right way, and making
sure those we work with do likewise, sustains trust in
our work and strengthens our business.
Our commitment
Promote ethical behaviour across our business by
supporting our employees to do the right thing and
working with suppliers that share our standards and
operate in a responsible way.
Our Responsible Business Performance Rating
metrics 2025
– Percentage of employees and complementary workers
complete GSK’s 2025 mandatory training
– 80% of direct high-risk suppliers achieve GSK’s minimum
EcoVadis score or have an improvement plan in place
Our progress in 2025
How we do things is as important as what we do.
This means that it is important that all our people, and
everyone who works on our behalf, conducts themselves
in the right way. This builds trust in what we do, protects
our business and helps create a workplace where we all
thrive. Getting this wrong is costly to our business in terms
of legal, reputational and financial risk, as well as
undermining trust with key stakeholders.
Our Code of Conduct (The Code) guides our people to
do the right thing and act on any concerns they have.
We expect everyone who works for us to live up to this,
and we expect the same of our suppliers. The Code is
supported by specific global policies and standards and
an accompanying global learning curriculum, which
all our people are required to complete. In 2025, 100%
of our employees and 99% of complementary workers
completed this training.
We have separate specialist ABAC training for our people
working with very high-risk third parties, which helps them
identify and manage any ABAC risk.
Reporting and investigating concerns
Anyone – whether internal or external to GSK – can report
concerns through our Speak Up channels, which include line
managers, compliance, legal and HR teams, as well as our
independently managed web reporting platform and
helpline. People can report concerns anonymously where
permissible by local laws. All reports are treated
confidentially, and we have zero tolerance for retaliation.
Each concern is carefully assessed to determine whether
a formal investigation is required. Where breaches of our
Code, policies, or applicable laws and regulations are
identified, we take appropriate action in line with our
procedures, disciplinary framework and local legal
requirements.
In 2025, we strengthened our monitoring processes to better
detect instances of non-compliance with hybrid working
and cyber security policies and focused management
attention on the criteria triggering management or
disciplinary action. We also updated our processes to
include non-compliance with attendance policies. As a
result of these changes, along with localised incidents
involving individual breaches of internal policies, the number
of employees disciplined in 2025 increased from the
previous year1.
Our commitment to human rights
We are committed to respecting internationally recognised
human rights wherever we do business. We are signatories
to the UN Global Compact and our Human Rights Position
Statement lays out our commitment to the UN Guiding
Principles on Business and Human Rights.
In 2025, we reviewed the measures and controls that help us
manage risks related to our salient issues – the areas where
GSK’s potential to impact on human rights is greatest.
Potential risks are currently well managed and we are
working to address areas where we can further strengthen
our approach, such as monitoring emerging risks. We also
reviewed our approach to labour rights management of
third parties and plan to integrate enhanced controls,
supported with additional training for key members.
Working with third parties
We want to work with business partners who share our
commitment to high ethical standards and operate in
a responsible way. How these third parties act can have
a direct impact on us. It’s important to manage our
relationships with them well, including the way we choose,
contract and monitor them.
Our third-party risk management programme provides a
framework for identifying and managing risks linked to our
external partners. We expect our third parties to comply with
applicable laws and adopt, as a minimum, our standards on
ABAC, labour rights and cyber security. Where relevant, they
must also meet our expectations for quality, patient safety,
health and safety, data and the environment. New partners
undergo an initial risk assessment, while existing ones are
reassessed periodically, with corrective action taken when
standards are not met.
We classify third parties as low, medium, high or very
high risk based on factors including legal jurisdiction,
markets involved and the nature of the activity. In 2025,
we conducted 11,999 risk assessments across 18 risk areas
to identify what level of additional engagement is required.
(1)  We have restated 2024 data using the new methodology to enable
comparison – see Responsible Business Report for more detail
57
GSK Annual Report 2025
Responsible business continued
We monitor and give extra support to manage our third-
party environment, health and safety (EHS) risk1. In 2025,
we conducted 41 EHS audits of third parties to evaluate
EHS risk in line with Pharmaceutical Supply Chain Initiative
guidelines. We also worked with suppliers to help them
improve their EcoVadis scores and in 2025, 92% of direct
high-risk suppliers achieved GSK’s minimum Ecovadis score,
or have an improvement plan in place.
Responsible use of data and AI
Data is critical for achieving our goals for patients, and
advancements in artificial intelligence (AI) and machine
learning (ML) offer huge potential. As these technologies
evolve, we must use them responsibly and ethically. With
the increasing volume and sensitivity of data processed
by AI/ML, our focus extends beyond regulatory compliance
to robust data governance, ethical safeguards, and
embedding privacy into every project from the very start.
We uphold high standards of data ethics and privacy and
require our partners to do the same. Our Responsible AI
framework is embedded across the enterprise through
governance, oversight and operational controls.
Our cross-functional AI Governance Council (AIGC) sets
enterprise-wide governance and standards to foster a
responsible AI/ML ecosystem. It monitors the external
regulatory landscape and anticipates emerging risks. We
continue to embed our AI governance, policy, principles and
procedures. GSK businesses and global functions conduct
risk-based assessments to ensure AI systems align with our
AI principles and the ethical standards set out in The Code.
Our public policy position on responsible AI sets out
our views and commitments and expectations from
policymakers. We take a holistic, principles-led approach
to global regulation, engaging with policymakers to
promote innovation while protecting safety and trust.
Human oversight is a foundational element of our
Responsible AI framework. This year, we continued to
provide two types of training for our people: general
enterprise training on the basics of AI and how to use
AI models safely and ethically, and more targeted training
on rules of engagement for different types of systems and
platforms.
Our Digital and Privacy Governance Board oversees
data ethics and privacy, ensuring alignment with evolving
regulations and risk management practices. We also deploy
cyber security controls and monitor and mitigate new and
emerging cyber threats to protect ourselves from these risks.
For more on our approach to both data and ethics and
cyber security, including governance and mitigation, see
Principal Risks on page 66.
For full details of our progress in our six focus areas, please see our
Responsible Business Report
(1) We determine priority EHS suppliers using risk model criteria that
consider spend, revenue critical, medically critical, single-sourced with
no alternative, and for those suppliers that apply to R&D criteria that
considers the multiple stages of development and the number of
projects/developments assigned to the suppliers
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Responsible business continued
Product governance
Ensuring the quality, safety and reliable supply
of our products helps us to meet the high
standards we set ourselves as a company.
Our commitment
We commit to maintaining robust quality and safety
processes, and using data and new technologies
responsibly.
Our Responsible Business Performance Rating
metrics 2025
– Average number of critical and major findings per
inspection by FDA/MHRA/EMA regulators1
– Number of FDA warning letters
– Total number of Class I/II external product recalls across
all markets
Our progress in 2025
We aim for a mindset that prioritises quality throughout
the business, supported by a global network of quality and
compliance professionals across our business, from site level
to senior management. We have an ongoing programme to
drive continuous improvement of quality management
maturity and behaviours.
In 2025, we enhanced our quality systems with advanced
digital technologies, strengthening data protection and
improving data integrity and governance. We’ve also
improved our key quality processes and manufacturing and
distribution practices, establishing new internal standards to
support continued compliance and inspection readiness.
A focus on quality
Our Quality Management System provides the standards
our people must follow to support good distribution and
manufacturing practice. It helps us maintain a compliant
approach to all our quality activities, in line with regulatory
expectations in the markets we supply. We continue to
strengthen our Quality Management System and audit and
quality assurance programmes across R&D. In 2025, we
expanded these efforts to include regulatory processes,
ensuring that product quality risks are effectively identified
and mitigated throughout all stages of our operations.
Regulatory inspections and recalls
In 2025, we had 134 regulatory inspections at our
manufacturing sites and local operating companies,
compared with 1142 in 2024. We received no warning letters
from the US Food and Drug Administration (FDA), no critical
findings from the UK Medicines and Healthcare products
Regulatory Agency (MHRA) and no critical findings from
the European Medicines Agency (EMA) national competent
authorities. We respond to, and learn from, all inspection
findings from all regulators and take the necessary action
to address them.
In 2025, we had no Class I product recalls and two Class II
product recalls. We engaged with regulators and
responded quickly to withdraw any impacted product. We
don’t hesitate to recall products voluntarily where
appropriate. In 2025, we launched several initiatives to
improve our systems and processes, to reduce the risk of
product quality and compliance issues that lead to market
action.
We are also investing in our facilities to stay ahead of
regulatory requirements, utilising AI and digital technologies
to transform our approach to product development and
manufacturing, allowing us to predict issues before they
arise. This includes our smart manufacturing programme,
which aims to improve first-time quality, reduce deviations,
and ensure compliance, ultimately enabling faster delivery
of our portfolio and pipeline.
Pharmacovigilance
Our pharmacovigilance system monitors and reviews the
safety of our products throughout clinical development and
after regulatory approval. This system is designed to monitor
and review patient safety for our marketed and
investigational medicines and vaccines. We also use the
system to provide reliable, comprehensive information on
our products’ overall benefit-risk balance. This in turn helps
to support public health programmes.
Counterfeit medicines and vaccines
Counterfeit products pose serious risks to patient health and
GSK’s reputation. We are committed to a robust programme
to combat counterfeiting, encompassing global online
monitoring and enforcement, trademark registration with
customs in high-risk markets, proactive investigations in
collaboration with authorities and other pharmaceutical
companies and chemical forensic testing of counterfeits
and sharing the results with the authorities. We report all
confirmed cases of counterfeit products to the WHO and
to relevant regulatory authorities.
In 2025, GSK’s investigations led to successful raids and
seizures, notably the confiscation of large quantities of fake
Augmentin tablets and the dismantling of a manufacturing
facility in India which had been producing counterfeit
medicines of several pharmaceutical companies, resulting
in multiple arrests. Intelligence sharing with law enforcement
was key to these operations. GSK also delivered substantial
training to Customs, law enforcement and our internal sales
and quality teams in high-risk regions.
For full details of our progress in our six focus areas, please see our
Responsible Business Report
(1) We consider any observations from the US FDA as major findings
(2) 2024 data has been updated for accuracy, for more information see
our Responsible Business Report
59
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Our purpose puts our people at
the heart of our success. We have
defined and continue to embed
a culture that supports delivery
of our ambitions and enables
our people to thrive.
Our culture
Ambitious for patients to deliver what
matters better and faster
Accountable for impact with clear ownership
and support to succeed
Do the right thing with integrity and care
because people count on us
Our culture is the foundation for how we achieve our
purpose and ambitions by uniting science, technology
and talent to get ahead of disease together. By all
living our culture, we can unlock the full potential of
our company so that we can perform and deliver for
patients, shareholders and our people.
This means we support our people to focus and do things
better and faster. It means setting focused, ambitious
objectives, creating accountability for impact and giving
everyone the support and space they need to succeed.
It also means doing the right thing with integrity and care.
We continue to embed our culture globally. This includes how
we recruit and onboard, train and develop, as well as assess
our people’s performance and readiness for promotion. Each
year, everyone signs up to the Code, which sets out our culture
as well as the commitments GSK and our people make so we
can deliver on our ambition in the right way.
Every year we measure our progress on embedding the
culture at GSK. In 2025, we engaged a cohort of our leaders
to understand people’s day-to-day experience of our culture
more deeply. The outcomes validated steps we’re taking to
accelerate our culture, including building skills in decision
making to drive results, making it easier to try new things and
supporting leaders to create an environment where people
can safely speak up and share ideas. The Board also regularly
monitors and assesses how we've embedded our culture.
As director of software development and mobility, Richard
runs an international team of developers and designers.
“I get to work with some of the best, brightest and fastest,”
says Richard. “Together, we can tackle not only the hard
problems, but the hard problems at scale.”
      Watch Richard’s story on gsk.com
60
GSK Annual Report 2025
Our culture and people continued
Developing outstanding people
Recruiting and developing outstanding, talented people
is central to delivering transformative medicines and
vaccines that people need.
As technology advances and business needs change,
the skills we need to drive future innovation and growth
evolve. We actively recruit for these skills and give our
people opportunities to build their capabilities,
strengthening our internal talent pipeline.
From the moment people join GSK, we deliver an engaging
onboarding approach to accelerate the growth of our
new joiners, with the support of their manager and team.
Development is a continued focus throughout people’s
careers at GSK, with everyone expected to take ownership
of their development and have an agreed development
plan.
In response to changing skills needs and expectations of our
employees and business, we launched a new Learning and
Development (L&D) Hub in 2025. Our L&D Hub uses AI to
create a personalised learning experience for individuals,
helping to build skills specific to their current or future roles,
alongside leadership and culture skills.
Our managers play a crucial role in helping their teams
to grow, perform and thrive. We expect them to motivate,
focus, care for and develop their teams and we deliver
training anchored in these four areas. We invest in
developing the skills and capabilities of current leaders,
as well as growing the next generation of senior leaders.
Our leadership development programmes include First
Line Leader, to support our foundational expectations
of leadership at GSK, and our award-winning Leading
Leaders for senior directors.
Helping everyone get ahead with AI
Given the speed of technological change and the
opportunities this creates for us to deliver innovation to
patients at pace, continuing to strengthen our people’s
capabilities in using and applying AI is a priority.
Whatever people’s role or experience, we want them to
feel confident in using AI effectively and responsibly to
support their work. We now have several AI agents across
GSK; and GiGi, an AI-powered digital assistant for everyone,
that helps people manage day-to-day tasks. More than
50,000 people across GSK use GiGi monthly.
This year, DataCon, our annual global digital development
event, focused on helping people get the most out of our
AI tools. At DataCon, we launched our new AI Pioneers
community. Open to all, AI Pioneers gives people early
access to learn about and test new AI tools and capabilities.
Read about how technology is accelerating our R&D on page 32
Recognising and rewarding people
Sharing our success and recognising and rewarding our
people fairly, not just on the progress we have made but
how we have made it, continues to be an important part of
our culture. Our bonus scheme rewards people annually
based on company performance. Each year, we also award
10% of our people with ‘Ahead Together’ awards for
delivering exceptional performance and living our culture of
being ambitious for patients, accountable for their impact,
and doing the right thing. Those who are not delivering on
their objectives, are significantly behind peers, or do not
meet standards including not living our culture, are noted
as ‘missed performance’. The 5% of our people identified
annually as ‘missed performance’ are supported with
appropriate action to deliver improvement.
Supporting people to thrive
People thrive in different ways, but there are common
themes that matter to everyone. We strive to be an inclusive
workplace where everyone can be themselves and where
different perspectives and contributions are valued.
Everything we do is anchored in the principles of fairness,
belonging and opportunity. This helps us attract and retain
the best people, and helps them perform at their best, so
that we can all get ahead of disease, together.
At GSK, preventing disease and keeping people well are
at the heart of what we do – and that begins with our
own people. That’s why we provide a range of health
and wellbeing benefits to support people to manage
their physical, emotional, mental and financial wellbeing
through different life stages in ways that work for them.
These include:
– Hybrid working for those in office-based roles allowing
the right balance of on-site and remote working.
– Thrive Global, a science-led digital platform which
supports mental resilience and overall wellbeing with
personalised, AI-driven micro steps towards individual
goals. We have so far launched this in 62 countries,
reaching 90% of our people with positive uptake and
engagement.
– Our global Partnership for Prevention programme,
which provides our people and their families with access
to preventive healthcare services in line with the
recommendations of the World Health Organization
(WHO).
– Our Global Employee Assistance Programme (EAP), which
offers free, confidential help and support for our people
and their families 24/7. In 2025 we enhanced our EAP to
bring our people even better access and a wider range
of support, wherever they are in the world.
– Financial wellbeing support for our people, which includes
access to ‘Nudge’, a financial education platform in over
60 countries, helping people manage their finances and
achieve their financial goals.
61
GSK Annual Report 2025
Our culture and people continued
To enable our managers to better care for their teams by
identifying and responding to their people's challenges,
92% of managers have undertaken mental health training
since the end of 2019. This year, we also introduced content
on mental health into our annual mandatory training which
100% of employees and 99% of complementary workers
completed in 2025.
We encourage our people to volunteer so we can make
an even bigger impact on our communities. We match
volunteering opportunities to our ambition, strategy and
charitable investment themes: Health for people, Health
for the planet, Innovators for the future. This year our people
have donated over 55,000 hours of volunteering time.
Read more on Inclusion on page 55
How people experience GSK
We regularly measure people’s experience of GSK as
a place to work. This has included running an annual
survey since 2017 for all our people, featuring questions on
engagement, confidence, inclusivity, our culture focus areas
and trust priorities. Listening to our people is important.
Responding and taking meaningful action, even more so.
In 2025 we therefore focused on responding to insights and
learning from previous surveys rather than running a full
annual survey. The launch of our new L&D Hub is one
example of this, addressing feedback from our people who
told us that they wanted a more individualised and dynamic
learning and development experience. We plan to run a
survey for all our people again in 2026.
62
GSK Annual Report 2025
Risk management
and disclosure
statements
In this section
63
Our strategy for growth is underpinned by a well-embedded risk management
and internal control framework, overseen and evaluated by our Board.
Our risk management and internal control policy
and framework
Our risk management and internal control framework
enables our Board to evaluate and oversee how we
manage principal and emerging risks in line with our
strategy and long-term priorities. Our policy sets out the
requirements, roles and responsibilities for the management
and governance of risks and controls and provides
guidance on the essential elements of our internal control
framework. These essential elements help us to identify,
assess, manage, report and oversee risks relevant to our
business activities. The framework helps make sure we
manage our risks proportionately, in line with our risk
appetite, throughout the year in a timely and transparent
way to support our strategic objectives. Our framework also
incorporates business continuity planning so that we can
continue to operate in the event of a crisis.
Our framework is in line with industry standards and legal
and regulatory requirements. During the year, we assessed
our framework to make sure we met the UK Corporate
Governance Code requirements. Our Chief Compliance
Officer reports on the effectiveness of our risk management
and internal controls and areas for continuous improvement
to the Audit and Risk Committee (ARC) biannually to enable
their oversight of our framework.
Our Code of Conduct sets out the overarching expectations
for our employees and complementary workers. We aim
to do the right thing with integrity and care as part of our
culture. Our risk management framework complements our
culture and Speak Up processes in making sure that we
identify and mitigate risks effectively. We monitor our most
important risks and take action to address issues. Our annual
confirmation exercise with General Managers, Site Directors,
senior leaders and the Executive Committee (ExCom),
validates that key risks are well managed and that actions
are in place to address gaps.
Internal control framework – see page 136
Board oversight and governance
The Board oversees our system of risk management and
internal controls and establishes our risk appetite, supported
by the ARC. Cyber security risks are overseen by both the
ARC and the Board. We describe the responsibilities and
remits of the Board and its committees on page 118.
Our Risk Oversight and Compliance Council (ROCC),
co-chaired by our Group General Counsel and our Chief
Compliance Officer, enables the ARC, CRC and Science
Committee to oversee risks, and the strategies to address
them. At the same time, risk management and compliance
boards (RMCBs) across the Group promote the ‘tone from
the top’, establish our risk culture, oversee the effectiveness
of risk management activities and communicate
information about internal controls. Our business is
expected to deliver its objectives in line with the risk appetite
established for our principal risks. The Disclosure Committee
is responsible for considering the materiality of information
and determining when it should be disclosed.
An enterprise risk owner is responsible for each principal risk,
overseen by an ExCom member, and reports risk and
mitigation to ROCC or the ExCom and the appropriate
Board committee throughout the year. Significant risks or
issues can also be escalated to the ExCom, ROCC or
appropriate risk governance forum (e.g., Global Safety
Board) as needed. Legal & Compliance support these
efforts by advising on our business strategies, activities,
risks and controls. Audit & Assurance assess the adequacy
and effectiveness of our framework.
ARC report – see page 134
Assessing current, evolving and emerging risks
We use our corporate risk assessment methodology to
assess our risks, including our principal risks. This considers
the likelihood and potential impact of risks, and the
timescale over which a risk could occur based on the most
probable scenario and in the context of our existing internal
controls. Our impact assessments include considerations
across patient safety, quality and supply; environment,
health and safety; legal matters; people; regulatory;
reputation; strategic objectives; and finance, incorporating
materiality thresholds. A risk assessment enables us to
categorise our risks and ensure appropriate controls,
monitoring and oversight. We define our principal risks
as those that could negatively impact our business model,
future performance, solvency or liquidity.
We evaluate emerging risks that could affect our ability to
achieve our long-term priorities over a three-year horizon,
in line with our viability statement. We also define risks as
‘emerging’ if we need to know more about how likely they
are to materialise, or what impact they would have if they
did. We evaluate emerging risks to understand their impact
on the company and how they should be categorised,
managed and reported.
64
We continue to monitor the horizon throughout the year to
identify external trends, opportunities and risks, including
evolving and emerging risks, which may potentially impact
us. We assess these against our business activities and
controls to determine how to categorise and treat them,
and where we might need to take more action with relevant
results discussed at our RMCBs and ROCC.
ROCC conducts an annual risk review to assess principal
and emerging risks and other significant risk factors for the
company. The review is supported by extensive analysis of
external trends and insights, senior-level interviews, and
recommendations from RMCBs and risk owners. It includes
a description of the principal risks and how they were
managed within the year, as well as proposals for changes
to our risks for the following year. The review is shared with
the ARC and Board for assessment and agreement and
forms the basis for the following year’s risk management
focus.
Managing our principal risks
For our principal risks overseen by ROCC, we define our
strategy for how we will manage the risk through enterprise
risk plans. The plans include a description of the risk; its
context, including third-party aspects and AI implications;
our risk assessment and appetite; how we will treat the risk;
and the actions we will take to mitigate the risk. Also, the
plans include key risk indicators with risk reporting thresholds
aligned to risk appetite to support monitoring and oversight
throughout the year. These risks also have internal control
framework plans, which detail the controls the business
needs to perform or implement to support the enterprise risk
plan strategy, including controls for responding to problems
and crises. Enterprise risk owners report every quarter on the
status of the enterprise risk plan, internal control framework
implementation, relevant external insights and emerging
risks and mitigation within the period, with significant results
reported to ROCC. We provide an executive summary of
quarterly risk reports and ROCC outcomes to ARC. This
approach fosters dynamic, flexible and agile oversight,
important in a volatile and uncertain external environment.
It also enables us to assess the effectiveness of our risk
management strategies and controls for our principal risks.
Assessment and summary of our 2025 risks
During 2025, we assessed our principal and emerging
risks and risk factors to understand the external environment
and context influencing the risks, potential impact on the
company and actions needed or completed.
Our geopolitical developments and regulatory environment
emerging risks evolved over the course of the year given the
change in potential impact on our strategy. We combined
these risks given their interconnected nature.
Our business strategy, results of operations and financial
condition have not, as far as we are aware, been materially
affected by risks from cyber security threats, including as a
result of previous cyber security incidents, but we cannot
provide assurance that they will not be materially affected
in the future by such risks and any future material incidents.
The table beginning on page 66 provides an executive
summary of our principal risks for the year, including
respective trends, assessments and mitigation activities.
These risks are not in order of significance. More details
to support the Principal risk summary table, including full
risk definitions, potential impact, context and mitigating
activities are disclosed within the Principal risks and
uncertainties section on page 289.
We also include a summary of our 2025 additional risk
factors, risks that do not reach materiality threshold
of principal risks, namely, geopolitical and regulatory
environment and climate change and our emerging risk,
skills and capability planning, in the Principal risks and
uncertainties section on page 289.
We operate in a dynamic risk environment, where rapid
evolution of third-party relationships and advancements
in technology, particularly in generative and agentic AI,
present both significant opportunities and risks. These
elements are not viewed as isolated challenges; rather,
our principal risks incorporate these elements and we
evaluate them within their broader context, ensuring that
risk assessments are comprehensive and integrated,
enabling effective mitigating actions.
We have policies and frameworks governing the application
of AI with enterprise oversight and governance provided by
Group General Counsel and Chief Digital and Technology
Officer to ensure that AI-related initiatives align with our
risk appetite and ethical standards.
Other business risks related to ESG that we do not
categorise as principal risks or additional risk factors,
including environmental sustainability, are managed
through our six focus areas, as described in our
Responsible Business Report.
Environment – see page 52
Responsible use of data and AI – see page 57
Viability statement – see page 78
Legal proceedings – see page 269
65
Changes to our risks for 2026
In our December 2025 annual risk review, the ARC agreed
to ROCC’s recommendation of our principal and emerging
risks and risk factors for 2026. Our existing principal risks
remain relevant, with minor definition updates. Additionally,
we agreed the following:
– Geopolitical and regulatory environment will be elevated
to a new principal risk in 2026 given the potential impact
to our strategy. We define this as the risk that GSK fails
to adapt to the pace of change in rising external factors
that may influence pricing, reimbursement, affordability,
market entry, access and competitive pressures, such as
protectionist measures, changes in government spending,
legislative or policy measures to influence change such
as trade restrictions or tariffs, healthcare reform, evolving
approval or label change processes, changes to country
immunisation schedules, or decisions that may differ from
standard procedures or scientific data, that may
negatively affect our operations. This risk will continue
to be overseen by the ExCom.
– Capability, skills and workforce planning will be elevated
to a new risk factor in 2026 given its relevance to our
strategy for focused attention. We define this as the risk
that GSK potentially fails to ensure adequate capability,
skills and workforce planning to enable delivery of our
strategic priorities. This risk will continue to be managed
through a central HR framework, embedded across our
businesses.
– Climate change will continue to be a risk factor overseen
by our Sustainability Council in 2026.
– We will continue to embed the opportunities and risks
related to third-party relationships and AI into our
principal risks.
We will maintain monitoring of the external landscape and
make sure we adequately address any new emerging risks
within our existing risk management governance.
For more context on key themes in our external environment,
including rapid acceleration and adoption of advanced
technologies, including AI, see page 11
66
GSK Annual Report 2025
2025 principal risks summary
Risk
Trend versus
prior year
Risk assessment and mitigation
Patient
safety
→
External
The external risk environment remains stable. We continue to contend with a complex legal and
regulatory environment. Despite having an optimised, best-in-class pharmacovigilance system,
we cannot predict all circumstances impacting safety and efficacy that could result in harm to
patients, regulatory action or litigation. External reviews of our products, or publications not based
on robust scientific evidence of the ongoing benefit-to-risk assessment, could also lead to
potential harm to patients.
→
GSK
Our internal risk environment remains stable. We continue to focus on ensuring an optimised
benefit-to-risk profile for all medicines and vaccines through appropriate safety expertise and
oversight. Throughout 2025 we have strengthened our governance framework with our third-party
support model for global pharmacovigilance operational activities.
Product
quality
↑
External
The external risk environment is increasing. It continues to be challenging with new regulations,
revised guidelines and evolving pharmaceutical, chemical and environmental legislation, as well
as an increased focus on inspections throughout the supply chain. This is combined with a volatile
global risk landscape, shaped by unpredictability in the geopolitical and regulatory environment,
which has ramifications for the biopharmaceutical sector and product quality compliance. As a
result, the industry is expanding its advocacy efforts and undertaking broader assessment and
implementation activities to meet new requirements. The threat of cyber attacks and data
breaches across the industry could risk the integrity of product quality data. Attracting and
retaining key specialised skills to deliver innovation in manufacturing and development also
continues to be challenging and highly competitive.
→
GSK
Our internal risk environment remains stable. We have a single quality organisation, and we have
made significant progress on integrating quality systems, functions and ways of working to
support product quality. We continue to be focused on proactively driving quality improvement
and standardisation and adopting digitalisation to support key quality management processes.
We also continue to enhance our quality management system and our ways of working to
maintain compliance and mitigate risk across the business and the third parties we work with.
Pipeline
delivery
↑
External
The delivery of innovative medicines and vaccines is increasingly challenged by evolving
regulations, shifting pricing and access pressures, and heightened scrutiny from payers (e.g.,
insurance companies, governments, pharmacy benefit managers, patients). Regulatory changes,
growing competition and payer demands can significantly affect the speed and success of
product launches. The landscape is also shaped by significant advances in technology, societal
demands, and expectations around responsible business conduct.
GSK trend
as per our
quarterly
financial
reports
We focus on accelerating delivery of our pipeline of innovative medicines and vaccines for
patients who need them, supported by regular reviews of our pipeline. To complement our in-
house R&D, we add to our portfolio through targeted business development. We have established
collaborations with key academic centres to be at the heart of emerging science, and use deep
and diverse data and advanced technologies, including AI/ML, to significantly improve the pace,
precision and probability of success of drug development.
Financial
controls
and reporting
↑
External
The external risk environment has increased. It is marked by geopolitical and regulatory
uncertainty, rising compliance and disclosure demands, growing cyber and fraud risks, and
climate-related disruptions. Companies face pressure to invest heavily in digital transformation
while managing heightened cyber risk and ESG reporting risks. The shift towards automation
and technology-driven processes creates both efficiency opportunities and risks from skill gaps,
inadequate controls and evolving compliance expectations.
→
GSK
Our internal risk exposure remains stable, though transformation and external volatility continue
to heighten potential vulnerabilities. Ongoing finance system upgrades, acquisitions and digital
integrations pose transitional risks, while gaps in policy engagement, compliance culture, and
working capital management could increase exposure to misconduct or inefficiency. Robust
oversight from the Finance Risk Management & Controls team and business controls testing,
alongside benchmarking of finance processes, are key to ensuring accurate valuations, validated
assumptions and consistent execution of controls across regions.
67
GSK Annual Report 2025
2025 principal risks summary continued
Risk
Trend versus
prior year
Assessment and mitigation activities
Legal 
matters
↑
External
The external risk environment is increasing. The pharmaceutical industry is highly regulated and
subject to significant scrutiny by government agencies globally. We must comply with diverse
global laws and regulations, including those on anti-bribery, corruption, outgoing fraud,
competitive practices, sanctions and export controls. The applicable laws are often uncertain,
unstable or evolving and can conflict across different markets, making it challenging to determine
exact requirements in every market. The geopolitical environment remains highly changeable, and
there is a risk that new legislation and enforcement activities could be used to further political ends.
Competition law is increasingly being used to tackle perceived issues affecting access to medicine,
pricing and acquisitions. The US and UK, among many countries, prioritise enforcement of anti-
corruption laws and regulations, and public procurement fraud. 
→
GSK
Our risk exposure is stable. We conduct our business in a heavily regulated industry and across
many culturally diverse countries, including some which present high risks relating to corruption,
fraud, sanctions and competition law. In some instances, external changes to the law have a
significant impact on our ability to manage internal risk. We’re proactive in monitoring the external
environment and quickly respond to any changes by adapting our internal controls.
Commercial
practices
↑
External
The external risk environment is increasing. Macroeconomic factors such as inflationary pressure
and major geopolitical events are contributing to a challenging and dynamic environment. 
Governments continue to increase scrutiny of industry marketing and sales practices, particularly
in the US. Competitive pressure remains intense across therapy areas and market segments.
→
GSK
Our internal risk exposure remains stable. As our commercial activities and digital initiatives
continue to evolve, we remain confident that our internal control systems, processes and
monitoring are robust and fit for purpose. We proactively adapt these controls to address new and
emerging risks associated with new commercial activities, product launches and digital
transformation. When we identify issues, we resolve them promptly. Our commitment to ethical
and responsible commercialisation is supported by strong data practices, enabling us to extract
actionable insights and maintain effective commercial risk management.
Scientific
and patient
engagement
→
External
The external risk environment remains stable. The use of multiple channels and platforms to
engage with patients and HCPs has increased as digital health and generative AI tools continue
to advance. Complex and dynamic disease areas and treatments mean it is important that
patients are engaged throughout the lifecycle of products.
→
GSK
Our internal risk environment remains stable. We continue to strengthen and refine our
engagement practices and internal controls, using AI tools to drive improvements and innovation.
We use data and systems to monitor, improve oversight and respond to emerging risks associated
with our scientific and patient engagement activities.
Data ethics
and privacy
↑
External
The external risk environment is increasing. Laws and regulations governing data protection,
privacy, cyber security and AI/ML are evolving, increasing the complexity of the operating
environment. The rapid pace of technological innovation is expected to persist, and companies
need to remain alert to potential new legislation and regulatory developments. The growing trend
towards data sovereignty could affect the ability of healthcare organisations to innovate and
conduct international operations.
→
GSK
Our internal risk exposure is stable due to the strength and maturity of our data ethics and privacy
framework. We continuously assess and refine this framework to comply with new privacy laws in
the countries where we operate and regulatory restrictions on international data transfers.
68
GSK Annual Report 2025
2025 principal risks summary continued
Risk
Trend versus
prior year
Assessment and mitigation activities
Research
practices
↑
External
The external risk environment is increasing. Evolving regulations, dynamic geopolitical
developments, the rising trend of data sovereignty and rapid technological advancements are
increasing the complexity of the environment. Heightened cyber threats, stricter data protection
requirements and regulatory inconsistencies present further challenges to operational
effectiveness.
→
GSK
Our internal risk environment is stable as we adopt new technologies and scale our adoption of AI
in the discovery and development of medicines and vaccines. We continue to adapt our internal
business processes to enable innovation and to meet ethical, societal and regulatory expectations.
We must maintain flexibility and resilience, while proactively strengthening trust with patients,
partners and regulators.
Environment,
health and
safety (EHS)
→
External
The external risk environment remains stable. Legislation is evolving globally in response to higher
expectations around accounting for the environmental impacts of operations and production.
Regulatory changes and increased inspections, driven by nationalism and geopolitical tensions,
make more advocacy and compliance efforts necessary to meet evolving requirements and costs.
→
GSK
The internal risk environment remains stable. We’re adapting to evolving business conditions by
carefully balancing ongoing operational risks with new strategic challenges. To strengthen the
effectiveness of EHS, we are streamlining our operating model. The most critical EHS risks for us
remain in process safety, operational risks within our manufacturing and research sites, contractor
safety, and the safety of drivers and riders across our commercial operations. In 2025, we have
made meaningful progress in each of these areas.
Information
and cyber
security
↑
External
The external risk environment is increasing. The external cyber security threat landscape has never
been more complex due to the weaponisation of AI by cyber threat actors, geopolitical tensions,
and increased ‘hacktivism’. New cyber regulations and privacy laws, along with the anonymity
provided by cryptocurrencies and the dark web, are complicating the environment. The financial
impact of cyber crime continues to rise significantly each year.
→
GSK
Our internal risk environment is stable. We continue to operate in a digital healthcare ecosystem
while adopting new technologies to accelerate our strategy. Through our Cyber Maturity
Programme, we have strengthened our ability to manage cyber security risks and enhanced our
cyber resilience. We adopted a forward-looking, sustainable model designed to further evolve
cyber security practices and proactively meet residual and emerging threats.
Supply
continuity
↑
External
The external risk environment is increasing. Threats to supply continuity include geopolitical
instability, cyber attacks on manufacturing and supply operations and natural disasters. This risk
applies to our internal operations and our network of third-party suppliers (including contract
manufacturers, active pharmaceutical ingredients (API) and raw material suppliers, and third-
party logistics providers).
→
GSK
Our risk exposure remains stable, mitigated through a combination of well-defined supply chain
management processes, clear escalation pathways to ensure supply continuity and clear
succession plans for critical supply chain roles.
We continue to adapt our manufacturing and supply chain operations through our Supply Chain
2030 initiative and our consolidated network reviews. Supply continuity remains consistently high
as we make changes to our manufacturing platform technologies and launch new pipeline assets,
using AI in a targeted way.
69
GSK Annual Report 2025
Climate-related financial disclosures
About our climate-related financial disclosures
Our climate-related financial disclosures are consistent with
the recommendations and recommended disclosures of the
Task Force on Climate-related Financial Disclosures (TCFD),
including the TCFD all-sector guidance, subject to current
year Scope 3 emissions (see footnote on page 76 and in
compliance with the requirements of UKLR 6.6.6 (8)R (UK
Listing Rules). The disclosures are in compliance with the
Companies (Strategic report) (Climate-related Financial
Disclosure) Regulations 2022 of the Companies Act 2006.
We update our climate risk and impact assessments
annually.
Governance
The Board’s oversight of climate-related risks
and opportunities
Board
The Board considers climate-related matters throughout
the year. This includes assessing risk management
processes, challenging and endorsing the business plan
and budgets, and overseeing major capital expenditures,
acquisitions and divestments.
The Corporate Responsibility Committee (CRC),
a subcommittee of the Board, exercises oversight,
provides guidance and reviews our responsible business
performance, including climate-related risks and
opportunities, and environmental performance against
our climate targets.
The CRC receives regular updates on environmental
sustainability, including climate. Regular attendees
include the CEO and the President Global Supply Chain.
In 2025, the CRC met four times and discussed climate-
related issues on four separate occasions with
management.
The work of the CRC is described further in the CRC Chair's report
on pages 132 and 133.
Management’s role in assessing and managing 
climate-related risks and opportunities
Two bodies within GSK have significant roles in managing
our exposure and response to climate-related matters: the
Executive Committee (ExCom) and the GSK Sustainability
Council. In doing so, they receive support from across the
business.
Executive Committee
The regular meetings of the ExCom give members an
opportunity to discuss strategic, financial and reputational
matters.
The President Global Supply Chain, an ExCom member, has
management responsibility for environmental sustainability,
which includes our climate targets. The President is
responsible for governance and oversight of risks and
opportunities and makes sure there is an effective
framework to manage them across the business. This
framework also enables us to deliver on our commitments
to a net zero, nature positive, healthier planet.
The ExCom reviewed and discussed the mid-year and year-
end performance for key climate and nature metrics (see
page 52) as part of reviewing our Responsible Business
Performance Rating.
GSK Sustainability Council
The Sustainability Council, held quarterly, is attended by
senior leaders from across the business. Members include
leaders from Procurement, Finance, Compliance, Research
& Development, Manufacturing and Corporate Affairs. The
Council is co-chaired by the President Global Supply Chain
and the Vice President (VP) Sustainability and supported by
the global Sustainability team and external third parties,
who provide specialist expertise and advice to the business.
In 2025, the Council:
1. approved the annual targets for the climate and nature
key performance indicators (KPIs) of the sustainability
programme
2. reviewed monthly performance and escalations of any
potential concerns or issues
3. approved the annual climate risk review and approach
for risk disclosure
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Other business support
The Sustainability Council is supported in assessing and
managing climate-related risks and opportunities by:
1. the Sustainability programme steering team, chaired
by the VP Sustainability, which meets monthly and
co-ordinates the sustainability programme. This team
monitors programme performance and the progress
of the enablers required to deliver the sustainability
programme.
2. the Sustainability Risk and Opportunity Committee,
which is a cross-functional team from Sustainability,
EHS, Finance, Supply Chain and Procurement.
The Committee meets quarterly and reports to
the Sustainability Council.
3. the Metered Dose Inhaler steering team, which is
attended by senior leaders from across the commercial,
supply chain, regulatory and R&D teams. This team is
chaired by the President Global Supply Chain and is the
decision-making body for the programme to reduce the
climate impact of metered dose inhalers which make up
52% of our total GHG emissions.
4. our ESG reporting hub, provides oversight and leads
assurance of data, including on carbon emissions.
5. the carbon credit programme steering committee,
which includes the Group Financial Controller and the
VP Sustainability, reviews the due diligence outcomes
of potential carbon credit projects and the performance
of established investments, and makes new investment
decisions.
Strategy
The climate-related risks and opportunities we have
identified over the short, medium and long term
We identify climate-related risks and opportunities on the
basis of their significance to GSK’s business performance
and resilience, including within our supply chain. In doing so,
we consider the effect over the following time horizons:
1. short term (up to three years) aligning with financial
planning timeframes.
2. medium term (four to ten years) aligning with long-term
business forecasting timeframes.
3. long term (more than ten years) to enable us to explore
the uncertainties in changes to weather, disease patterns
and societal responses to climate change across the
globe.
We also assess the potential financial implications of each
risk and opportunity over those time horizons, aligned with
our Enterprise Risk Management process.
Based on the time horizons for each risk or opportunity,
along with its financial impact, we have identified and
prioritised the climate-related risks and opportunities
outlined in the following table. Our climate scenario analysis
(described in more detail below) helps inform our response.
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Our risks and opportunities
Physical risks
Risk description
Potential impact
Our response
Assumptions
The risk from increasing levels
of water stress leading to
interruptions to supply of water
to our sites and third-party
supply sites
Current trajectory
scenario
Med term: £
Long term: £
We’ve identified five sites in three water-
stressed basins where we have operations
in India, Pakistan and Algeria, together with
suppliers co-located in these basins.
These basins are prioritised for catchment-
level projects of water replenishment,
restoration, and regeneration activities that
aim to deliver measurable environmental and
social outcomes.
We have also identified several sites and
suppliers in water basins that may face water
stress by 2050. These are on our watch list, and
we’ll monitor and update water risk
assessments as needed.
The financial impact is
based on a three-month
supply chain interruption
as a worst case.
We and our third-party
suppliers use freshwater as
the main source of water to
manufacture medicines and
vaccines. If water availability
was restricted at a factory,
operations would be
interrupted
Breach of planetary
boundaries scenario
Med term: £
Long term: £
Increasing frequency of
extreme weather events
causing disruption to our
and third-party supplier sites.
Current trajectory
scenario
Med term: £
Long term: £
The climate scenario modelling indicated that,
of the seven physical perils, flood from rainfall
presents the highest likelihood of an acute
interruption. However, the risk of flooding from
rainfall and from the other extreme weather
events is expected to remain very low. 
We’ve performed risk assessments for our
manufacturing and other operations and have
business continuity plans which we review
annually to respond to the impacts of extreme
weather events, including adopting
appropriate mitigation plans. 
We have a well-established loss prevention
and risk engineering programme to identify a
range of risks that could affect our sites and,
where flood risks exist, we’ve taken action to
mitigate them.
The financial impact is
based on a three-month
supply chain interruption
as a worst case.
Extreme weather events from
any one of precipitation
(rainfall), flood from
precipitation, riverine flood,
extreme wind, wildfire, and
extreme heat can result in
short-term interruptions to
manufacturing at our or
supplier sites.
Breach of
planetary
boundaries
scenario
Med term: £
Long term: £
Key
£
Low financial impact <£250m
££
High financial impact >£250m
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Transition risks
Risk description
Potential impact
Our response
Assumptions
Regulations governing the use
of high global warming potential
(GWP) substances have been
updated in the EU and US.
This could lead to increasing
costs and restrict the ability
to manufacture our metered
dose inhaler (MDI) products
that use a high GWP propellant
(HFA134a).
Current trajectory
scenario
Med term: ££
Millions of people use Ventolin, our reliever MDI
medication, which currently accounts for 43%
of our total carbon footprint. We have
announced positive pivotal phase III data for a
next-generation low-carbon version of Ventolin
MDI, and these findings will support regulatory
submissions. If approved, this version has the
potential to reduce greenhouse gas emissions
by 92% per inhaler, with launch expected from
2026.
We already have a portfolio of dry powder
inhaler products that don’t use propellants and
that are not affected by this risk.
The financial impact assumes
the reformulated product is
approved by regulators and
launched according
to plan.
Future regulatory policy
responses to address climate
change could lead to the
imposition of carbon taxes
by countries where we
manufacture and source
goods from third parties.
Net zero scenario
Med term: £
Long term: £
Low-carbon
scenario
Med term: £
Long term: £
Current trajectory
scenario
Med term: £
Long term: £
We are managing this risk by reducing our
value chain carbon emissions in line with our
transition plan described above. We’ve
updated our carbon tax modelling to account
for latest announcements and commitments
on carbon taxes since 2022.
The financial impact assumes
we deliver an 80% reduction
in carbon emissions by 2030
and assumes carbon tax
values are as per IEA
scenarios, supplemented by
data from policy pledges for
a small number of countries.
Opportunity
Risk description
Potential impact
Our response
Assumptions
84 countries have committed
to develop sustainable low-
carbon healthcare systems
through the WHO Alliance for
Transformative Action on
Climate and Health (ATACH).
This could lead to increasing
demand for low-carbon
medicines and vaccines.
No financial
impact available
We’re reducing our own Scope 1 & 2 carbon
emissions, which in turn reduces the Scope 3
footprint of our customers and suppliers. 
Millions of people use Ventolin, our reliever MDI
medication, which currently accounts for 43%
of our total carbon footprint. We have
announced positive pivotal phase III data for a
next-generation low-carbon version of Ventolin
MDI, and these findings will support regulatory
submissions. If approved, this version has the
potential to reduce greenhouse gas emissions
by 92% per inhaler, with launch expected from
2026.
We played a leading role in developing a new
standard to measure and report the
environmental footprints of pharmaceutical
products as part of the Pharma LCA
consortium.
We’re developing methodologies to calculate
the environmental impact of products and
vaccines from a patient care pathway
perspective.
N/A
Key
£
Low financial impact <£250m
££
High financial impact >£250m
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The impact of climate-related risks and opportunities
on our business, strategy and financial planning
Our commitment to work towards a net zero, nature positive,
healthier planet with ambitious goals set for 2030 and 2045
is embedded in our strategic long-term priorities and
described in Environment on page 52, which includes
disclosures on our performance against targets approved
by the Science Based Targets initiative. The financial impact
of our prioritised climate-related risks and opportunities is
described in the tables above.
Transition plan
We have set a clear pathway to a net zero impact on
climate. By 2030, we aim to reduce carbon emissions by
80%, measured against a 2020 baseline, with the remainder
covered through investment in high-quality nature-based
solutions. By 2045, we aim to be at the Science Based
Target initiative Net Zero Standard, with carbon emissions
reduced by at least 90% and the remainder tackled through
high-quality carbon credits.
See page 52 for further details of our progress in reducing carbon
emissions
Direct operations
To continue reducing Scope 1 & 2 emissions across our
operations by 2030, we’re focusing on:
– maximising energy efficiency in our sites through our long-
standing energy efficiency programme (see Environment
page 52 of the Strategic Report for further detail)
– this year we achieved our 2025 target to transition 100%
of imported electricity to renewable sources and are now
focused on transitioning to 100% imported and generated
renewable electricity by 2030
– generating heat through renewable electricity or biofuels
– increasing the use of electric vehicles by our sales fleet
Risks and uncertainties
There are uncertainties in the transition to renewable heat.
Technology to electrify heat is developing quickly, although
there are still some limitations in delivering high
temperatures reliably, which we often require for
manufacturing processes. Biogas can replace natural
gas without introducing major changes to facilities, but
is not widely available in the locations where we operate.
The use of biomass as fuel could introduce issues of land
use change and impacts on local air quality.
The transition to 100% electric vehicles by 2030 could be
restricted by vehicle availability, lack of charging
infrastructure and battery production constraints.
Supply chain
Our Sustainable Procurement Programme requires our
suppliers to disclose emissions and set carbon reduction
targets aligned with a 1.5°C reduction pathway. At the same
time, we work with suppliers to encourage and support them
to adopt new sustainability measures. We also work with our
peers on collaborative initiatives.
Risks and uncertainties
Pharmaceutical manufacturing processes are highly
regulated by different agencies across the world, which may
slow down the implementation of some decarbonisation
initiatives. Many suppliers are based in regions with limited
renewable electricity and heat. Our supply chains are
complex and can involve several intermediate stages of
production that are highly product-specific. Our volume
demand on specific materials is quite low, which can reduce
our ability to influence where we only purchase a small
share of a supplier’s production.
Measuring Scope 3 emissions is complex and primary data
from suppliers can be lacking. Methodologies involve using
spend-based estimates mixed in with activity-based data,
industry average data and extrapolations based on
subjective choices and judgements. As data systems,
processes and controls mature and more primary data
becomes available, there may be the need to restate
reported emissions data in the future.
Product impact
The use of our products makes up 52% of our carbon
footprint. Patient use of our reliever metered dose inhaler
(MDI) medication, Ventolin (salbutamol), accounts for 43%
of our carbon footprint. See Environment, page 52, for more
about our low carbon Ventolin programme.
We played a leading role in developing a new standard to
measure and report the environmental footprints of
pharmaceutical products, in response to increasing
requirements from payers. This work is co-sponsored with
the UK NHS and the Office of Life Sciences and the Pharma
LCA consortium of 11 global pharmaceutical companies,
with support from the Pharmaceutical Environment Group
and the Sustainable Markets Initiative.
Risks and uncertainties
Metered dose inhalers (MDIs) use a propellant that helps
push the medicine out of the inhaler and into the lungs.
Any new propellant must be appropriate for human use,
which means meeting criteria relating to safety, efficacy,
quality, and have minimal impact on the environment.
We’re engaging with medical regulators such as the US
Food and Drug Administration (FDA), European Medicines
Agency (EMA) and the UK Medicines and Healthcare
Products Regulatory Agency (MHRA) on how advances
in pharmaceutical product design can reduce the
environmental impact of medicines.
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Carbon credits
At the same time as driving carbon emissions reductions
across our value chain, we’re also investing in high-quality
nature protection and restoration projects for carbon
credits. We plan to secure carbon credits for the 20%
emissions we estimate to have as residual in 2030, and for
a maximum of 10% residual emissions by 2045 (from a 2020
baseline). We aim to secure all of the carbon credits for the
2030 target through high-quality nature-based project
investments by 2028 and we report our progress annually
in the Responsible Business Report.
See our Responsible Business Report 2025 and Our Pathway to
Net Zero on Climate for more information
Our criteria for high-quality projects include prior consent
from communities, avoidance of harm, transparency,
additionality, permanence, mitigation of leakage, project
monitoring, reporting and verification of claims and
avoidance of double counting.
Risks and uncertainties
We recognise that this is a fast-moving field, and that
methodologies and guidelines will likely evolve as we
implement our plans. We commit to remaining flexible and
transparent about our progress and learning.
Climate scenarios
We use climate scenario analysis to inform management
about climate-related risks and opportunities, reporting the
results to Risk Management Control Boards (RMCB) in the
business, as well as to the Sustainability Council.
We’ve developed tools with the support of third parties
that enable us to model the impacts of physical and
transition risks where our sites and supply chains are
located. For example, we have modelled the probability
of an interruption from an extreme weather event at our
key sites and supplier sites and the subsequent financial
impact of that interruption, assuming the inventory levels
carried under existing business continuity plans. We’ve
modelled the impact of future carbon taxes, such as direct
taxes on energy-related emissions, emissions trading
schemes and taxes from carbon border adjustment
mechanisms assuming we deliver our carbon reduction
glidepath to 2030 and beyond.
This year, we reviewed and updated the climate scenarios
we use.
Net zero scenario (SSP 1 – RCP 1.9)
This scenario sets out a pathway for the global energy
sector to achieve net zero CO2 emissions by 2050. It does
not rely on emissions reductions from outside the energy
sector to achieve its goals1, with the transition facilitated by
rapid deployment of clean energy technology and a focus
on energy efficiency. Advanced economies reach net zero in
advance of others, and the overall pathway is aligned to the
IPCC’s 1.5°C trajectory.
Low-carbon scenario (SSP 1 – RCP 2.6)
This scenario assumes that all climate commitments made
by governments and industries around the world as of the
end of August 2024 will be met in full and on time2, with the
transition largely following the pathways laid out by world
governments and organisations. The impact of these
commitments will be to limit warming to a sub-2°C
temperature increase. Previously aligned to the IEA’s
Sustainable Development Scenario, but now in line with the
IEA’s Announced Pledges Scenario reflecting positive
climate action globally.
Current trajectory scenario (SSP 2 – RCP 4.5)
This scenario reflects current policy settings based on a
sector-by-sector and country-by-country assessment of the
energy-related policies that are in place as of the end of
August 2024, as well as those that are under development.
A more conservative view on climate action is outlined, and
warming is likely to exceed 2°C relative to the pre-industrial
period, as captured in RCP 4.5. Previously aligned to the
IEA’s Announced Pledges Scenario, but now in line with the
IEA’s Stated Policies Scenario.
Breach of planetary boundaries scenarios (SSP 5 – RCP 8.5)
This scenario outlines minimal climate policies, resulting in
limited transition risk impacts while posing severe physical
consequences. This scenario leads to a warming at the end
of the 21st century of probably more than 4°C relative to the
pre-industrial period (1850–1900), as captured in RCP 8.5.
(1) IEA. Net Zero Emissions by 2050. Accessed 7 April 2025. https://
www.iea.org/reports/global-energy-and-climate-model/
understanding-gec-model-scenarios
(2) IPCC, Newsroom Post - IPCC approves outlines of the first two reports
in the seventh assessment cycle. Accessed 30 May 2025. https://
www.ipcc.ch/2024/08/02/ipcc-approves-outlines-of-the-first-two-
reports-in-the-seventh-assessment-cycle
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Risk management
Our processes for identifying and assessing climate-related
risks
In this disclosure we differentiate between ‘physical’ and
‘transition’ climate-related risks.
Physical risks are typically identified at the asset or project
level and are managed depending on the level of risk
assessed. We use climate scenario analysis to model the
potential impacts of our prioritised physical risks, which
helps us understand the resilience of our supply chains
against climate change.
Transition risks are typically risks associated with changes to
regulations or societal expectations during the transition to
a lower-carbon economy, including pressures to reduce the
climate impact of our metered dose inhaler medicines.
They’re identified at enterprise level and at market level.
Climate risk management is aligned to our enterprise risk
management frameworks. Risks from climate change at
Group level fall under the governance of the CRC with the
support of the Sustainability Council. Individual risks from
climate change are raised with appropriate business unit or
functional Risk Management Control Boards to integrate
these risks into business risk management processes.
The Sustainability Risk and Opportunity Committee meets
quarterly to review and assess business intelligence,
regulatory monitoring reports, and escalations from across
GSK. The outcomes of impact assessments are reported to
the Sustainability Council.
Our processes for managing climate-related risk
Details of how we manage our prioritised risks are in
‘Our risks and opportunities’ on page 71, above.
We also manage transition risks through our investment
decisions, our sustainability transformation programme and
our procedures. For example, we use a shadow carbon price
of £70/tCO2 to inform decision making on investments in
major capital expenditure to understand the implications on
potential carbon offset costs for the carbon emissions from
our value chain in 2030. This value is based on the
recommendation by the Carbon Pricing Leadership
Coalition that concluded in 2017 that the explicit carbon
price level required to drive change to restrict temperature
increases to below 1.5°C is at least US$50–100/tCO2 by
2030. We monitor the value used for internal carbon pricing
against estimates for the future costs of carbon credits.
Our Communications and Government Affairs team
manages corporate reputation and regulatory risk by
identifying and monitoring climate-related issues and
undertaking both proactive and reactive engagement
with relevant stakeholder groups.
How we integrate our processes for identifying, assessing
and managing climate-related risks into overall risk
management
Once a year, a cross-functional team from Sustainability,
Finance, Supply Chain and Procurement functions reviews
climate risks. It considers climate-related risks from a
strategic and operational perspective to make sure we
maintain a comprehensive view of the different types of
climate risks we face and the different time horizons in
which they may affect us. The team reviews previously
identified climate risks, plus new or emerging risks and
opportunities, and makes recommendations to the
Sustainability Council. Risk assessment papers are prepared
for the prioritised risks, considering the likelihood and
financial impact of each risk under different climate
scenarios.
We analyse each risk and opportunity to understand how
we’re managing them, the metrics and targets being used
and the potential impact on total profit. This year we
simplified our thresholds into either less than or equal to
£250 million, and greater than £250 million.
The impact assessments are approved by a VP
Sustainability and VP Finance. The results are shared with
the Sustainability Council, Business Unit Risk Management
and Compliance Boards (RMCB) and the Finance RMCB to
make sure risks are both contextualised with other business
risks and managed appropriately. This allows management
to take a holistic view and optimise risk mitigation
responses, to make sure that responses to climate-related
risks are properly integrated into the relevant business unit
and function activities.
The resilience of our strategy, considering different climate-
related scenarios, including a 2°C or lower scenario
We used the climate scenarios described above to stress
test the resilience of the business by considering the impacts
of potential physical and transition risks and opportunities
on the locations where we operate as described in the table
on page 75, above. The modelling didn’t identify any
material impact to our business resilience.
76
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Climate-related financial disclosures continued
Metrics data
Metrics and targets
We commit to a net zero, nature positive, healthier planet, with ambitious goals set for 2030 and 2045 across our entire
value chain. We publish the metrics we use to assess climate-related risks and opportunities, in line with our strategy and risk
management process in the Environment section from page 52 and our Responsible Business Report (pages 14-19).
We report progress in reducing Scope 1 & 2 carbon emissions, Scope 3 carbon emissions, energy use, percentage renewable
energy, water and waste annually towards these targets in the Environment section from page 52 and in our public
responses to the CDP Climate, Water and Forest questionnaires.
Carbon emissions 1
Carbon emissions ‘000 tonnes CO2e
2025
2024
2023
Scope 1 emissions (from energy)
280
289
301
Scope 1 emissions (other2)
199
232
279
Scope 2 emissions (market-based4)
7
44
64
Scope 2 emissions (location-based4)
212
234
240
Scope 3 emissions3
0
8,385
8,983
UK Scope 1 & 2 emissions
87
92
102
Other metrics
2025
2024
2023
Scope 1 & 2 emissions from energy/sales revenue (tonnes CO2e/£m)
8.8
10.6
12.0
Scope 1 & 2 emissions from energy/FTE (tonnes CO2 e/FTE)
4.3
4.9
5.2
Total energy used (GWh) 4
2,482
2,577
2,636
UK energy used (GWh)
628
658
711
% renewably sourced electricity
99%
90%
83%
Total supplied water million m3,4
6.8
7.0
7.4
Total supplied water in areas of high water stress million m3,4
0.3
0.3
0.3
Total waste ‘000 metric tonnes
39
47.3
49.7
% sites that have achieved water stewardship
100%
100%
100%
(1) Carbon emissions are calculated according to the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (revised edition).
We use market-based Scope 2 emissions for reporting purposes and report Scope 3 emissions across all 15 categories in our Responsible Business Report
(2) ‘Other’ refers to emissions from sales force vehicles, propellant emissions released during manufacture of inhalers (the majority of propellant emissions,
released during patient use, are included in Scope 3 carbon emissions), on-site waste, or wastewater treatment and refrigerant gas losses
(3) We collect and publish Scope 3 data across 15 categories. The most recent Scope 3 data available is for 2024 as the process of compiling the 2025 data is
not yet complete, except for 2025 Scope 3 emissions from patient use of inhalers, which are disclosed in the Responsible Business Report
(4) We ask external assurance provider, Deloitte, to provide limited assurance in accordance with ISAE3000 and ISAE3410 on GHG statements. Methodologies
for reporting and measurements are provided in the Basis of Reporting 2025 in the Responsibility Reports section of gsk.com
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GSK Annual Report 2025
Non-financial and sustainability information statement
The following aligns to the non-financial reporting requirements contained in sections 414CA and 414CB of the Companies
Act 2006.
Description of the business model
Business model 2
Social matters
Access49
Global health and health security51
Employees
Inclusion55
Ethical standards56
Our culture and people59
Employee engagement61
Wellbeing and development59
Human rights
Our commitment to human rights56
Working with third parties56
Using data and AI responsibly57
Anti-bribery and corruption
Ethical standards56
Reporting and investigating
concerns 56
Environmental matters
Environment52
Climate-related financial
disclosures69
Policy, due diligence and outcomes
Risk management63
Viability statement78
Audit & Risk Committee report134
Principal risks and uncertainties289
Non-financial key performance
indicators
2025 performance and key
performance indicators 5
Our policies
All of our public policies, codes and
standards are available on gsk.com
Employees by gender
Male
Female
Total
Board1
6
6
12
Management1,2
8,794
9,318
18,112
All employees3
34,089
32,752
66,841
(1) Headcounts as of 31 December 2025
(2) Senior managers as defined in the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013
(3) ‘Total’ calculated as full-time equivalent employees (FTEs) as of 31 December 2025. ‘Male’ and ‘female’ calculated by applying ‘all employees’ gender
diversity percentages to ‘total’ FTE number
Our section 172(1) statement
Company directors are required by law to promote the success of their organisation for the benefit of both shareholders
and their wider stakeholders, including employees, suppliers and the community. Information on the issues, factors and
stakeholders that the Board considers relevant to complying with Section 172 (a) to (f) of the Companies Act 2006 can
be found on page 124.
78
In accordance with provision 31 of the 2024 revision of the
UK Corporate Governance Code, GSK has assessed the
prospects of the Group over a longer period than the 12
months required by the ‘Going Concern’ provision. The
Directors confirm that they have a reasonable expectation
that GSK will continue to operate and meet its liabilities, as
they fall due, over the next three years. The Directors’
assessment has been made with reference to GSK’s current
position and prospects, our strategy, the Board’s risk
appetite and GSK’s principal risks and how these are
managed, as detailed on pages 63 to 68 in the Strategic
report.
The Board reviews our internal controls and risk
management policies and approves our governance
structure and code of conduct. It also appraises and
approves major financing, investment and licensing
decisions, and evaluates and monitors the performance
and prospects of GSK as a whole. The focus is largely on
improving our long-term financial performance through
delivery of our company’s business strategies and aligned
priorities.
The Board reviews GSK’s strategy and makes significant
capital investment decisions over a long-term time horizon,
based on a multi-year assessment of return on capital, the
performance of the company, and the market opportunities
in medicines and vaccines. This approach is aligned to
GSK’s model of achieving balanced growth by investing in
high-quality, innovative products for patients and
healthcare providers. However, since many internal and
external parameters become increasingly unpredictable
over longer time horizons, GSK focuses its detailed, bottom-
up Plan on a three-year cycle. The Plan is reviewed at least
annually by the Directors, who approve business forecasts
showing expected financial impact. The Directors believe
that a three-year assessment period for the Viability
statement is most appropriate as it aligns with the Group’s
well established business planning processes that balance
the long-term nature of investments in medicines and
vaccines with an assessment of the period over which
analysis of near-term business performance is realistically
visible.
The Plan has been stress tested in a series of robust
operational and principal risk downside scenarios as part
of the Board’s review on risk. The Plan assumes the next
several years to be challenging for the healthcare industry
with continued pressure on pricing of pharmaceuticals and
uncertain economic conditions prevailing across many
markets in which GSK operates. GSK assumes no premature
loss of exclusivity for key products over the period and for
all anticipated launches to proceed as planned.
The downside scenarios consider GSK’s cash flows,
sustainability of dividends, funding strategy, insurance
provision and recovery as well as other key financial ratios
over the period. These metrics have been subject to
sensitivity analysis, which involves flexing a number of the
main assumptions underlying the forecasts both individually
and in combination, along with mitigating actions that
could realistically be taken to avoid or reduce the impact
or occurrence of the underlying risk.
The following hypothetical downside scenarios have been
evaluated:
Scenario 1: Business performance risks. These include key
performance risks, including lower sales from uptake of new
and existing medicines and vaccines, regulatory risks,
greater adverse impact from generic competition and other
competitive launches to other GSK products, as well as
possible supply and manufacturing challenges.
Scenario 2: External and macroeconomic risks. This scenario
reflects incremental risks to the business driven by outside
factors, such as increased pricing pressure in both the US
and Europe and the potential impact of material negative
changes in the macro economic and healthcare
environment.
Scenario 3: Principal risks. This scenario includes a severe
assessment of the potential loss impact from the principal
risks related to patient safety, product quality, supply chain
continuity, information and cyber security and
environmental harm as well as anti-bribery and corruption
and any consequent regulatory actions, fines or significant
litigation, all of which could fundamentally threaten our
operations. These risks are managed through mitigating
activities described on pages 289 to 304.
Scenario 4: Put option exercise. This scenario evaluates
the additional funding requirements assuming the earliest
potential exercise of the outstanding put option held by
Pfizer Inc. Prudently this has been retained pending
regulatory approval and closure of the ViiV Healthcare
shareholding change announced in January 2026 (see
page 273 for more detail).
The three-year review also makes certain assumptions
about the normal level of capital recycling likely to occur
and considers whether additional financing facilities will
be required and the respective level of funding flexibility
and headroom.
The results of this stress testing show that certain
combinations of these hypothetical scenarios could increase
funding demands on GSK and require mitigating changes
to the Group’s funding strategy. However, in light of the
liquidity available to the Group and based on this analysis,
the Directors have a reasonable expectation that, even
under these most severe stress tests, the Group will be able
to continue in operation and meet its liabilities as they fall
due over the three-year period of assessment.
79
GSK Annual Report 2025
Group financial
review
In this section
Financial performance
80
Summary full year results
Full year
2025
£m
Growth
%
AER
Growth
%
CER
Full year
2024
£m
Full year
2023
£m
Results summary
Turnover
32,667
4
7
31,376
30,328
Total operating profit
7,932
97
>100
4,021
6,745
Total operating margin
24.3%
11.5ppts
11.9ppts
12.8%
22.2%
Total EPS
141.1p
>100
>100
63.2p
121.6p
Core operating profit
9,783
7
11
9,148
8,786
Core operating margin
29.9%
0.7ppts
1.1ppts
29.2%
29.0%
Core EPS
172.0p
8
12
159.3p
155.1p
Cash flow
Cash generated from operations
8,943
14
7,861
8,096
Free cash flow
4,029
41
2,863
3,409
( 2025 Financial results unless otherwise stated, growth % and commentary at CER as defined on page 85).
Delivered strong performance in 2025
In 2025 our sales increased by 7% to £32,667 million, primarily
reflecting double-digit sales growth in Specialty Medicines with
strong performances in our HIV, Respiratory, Immunology &
Inflammation (RI&I) and Oncology therapy areas. Vaccines
grew at 2% mainly driven by a strong ex-US demand for
Shingrix, Arexvy and the Meningitis portfolio. This was offset by
a 1% decline in General Medicines sales, with growth in Trelegy
offset by reductions in other respiratory and Other General
Medicine product sales.
Total operating profit, Total operating profit margin and Total
EPS increased primarily due to the £1.8 billion charge for the
Zantac settlement in 2024 and lower contingent consideration
liabilities (CCL) charges partly offset by higher impairment
charges.
Core operating profit increased 11% and Core operating profit
margin improved by 110 basis points 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.  Core EPS grew
12% primarily reflecting the growth in Core operating profit, the
share buyback and lower net finance costs offset by higher non-
controlling interests. The effective tax rate on Core profits of
17.1% (2024: 17.0%) was broadly in line with expectations for the
year.
Total and Core cost of sales as a percentage of sales
decreased in the full year reflecting lower amortisation and
major restructuring costs, and benefits from Specialty Medicines
and regional mix as well as operational efficiencies, partly offset
by pricing impacts.
Total selling, general and administrative (SG&A) costs
decreased due to lower Significant legal charges in relation
to Zantac litigation costs. Core SG&A growth was driven by
continued disciplined investment to support new asset launches
including Blenrep, Penmenvy, Exdensur and Blujepa as well as
growth of key assets including Nucala, Shingrix, long-acting HIV
medicines, and Ojjaara/Omjjara. This was offset by reallocation
of spend from General Medicines and the acceleration of
ongoing productivity initiatives.
R&D growth reflected disciplined increased investment in
portfolio progression in Oncology, including work on ADCs (B7-
H3 and B7-H4) and IDRX-42, the GIST treatment acquired in
Q1 2025, and in Specialty Medicines driven by efimosfermin
acquired from Boston Pharmaceuticals in Q3 2025 and
bepirovirsen, as well as progression of ULA treatment and PrEP
programmes, notably Q4M and Q6M.
The reconciliation of Total to Core results is included on page 95.
Page_83.jpg
GSK delivered strong performance in 2025 with sales of £32.7 billion.
Core operating profit grew 11% at CER reflecting strong Speciality Medicines
sales performance and operating leverage with 2025 operating margin
improving to 29.9%, up 110 basis points on a CER basis. Core EPS grew 12%
at CER supported by the share buyback. As a consequence of this
performance we are pleased to increase the dividend for the year.
In 2026 we expect another year of profitable growth for GSK with continued
focus on execution and capital deployment that prioritises business growth
and shareholder returns. Additionally, cash generation has been significantly
enhanced and we are on track to deliver on our commitments. This together
with a strengthened balance sheet lays a strong foundation for the next
phase of growth.
Julie Brown, Chief Financial Officer
81
GSK Annual Report 2025
Group financial review continued
Summary full year results continued
2025 cash flow performance
Our full year Cash Generated From Operations (CGFO) was
£8,943 million including £1,195 million settlement payments
relating to the resolution of Zantac. Excluding this impact CGFO
increased by £1.6 billion, reflecting higher core operating profit,
favourable timing and movements on returns and rebates, the
cash settlements from CureVac and lower inventory build, partly
offset by an increase in receivables driven by higher collections
in the prior year.
Net debt
Our net debt position increased from £13.1 billion at the start of
the year to £14.5 billion by the end of 2025 driven by £4.4 billion
of investment in targeted business development and capital
expenditure, £2.6 billion returned to shareholders via the
dividend and £1.4 billion of share buybacks, supported by strong
free cash generation. We continue to look to deploy funds to
enhance growth and deliver attractive shareholder returns.
Capital allocation framework to support investment and returns
Our priority is to invest for growth, coupled with attractive shareholder returns:
GSK_Sustainable_profitable_growth_and_cash_generation_2025_V13.svg
Our capital allocation framework means our first priority
remains to invest in the business, with capital allocated
towards development of the pipeline, both organic and
targeted business development.
We also remain committed to delivering attractive returns
to shareholders and pursuing a progressive dividend policy,
guided by a 40 to 60 percent pay-out ratio through the
investment cycle. In setting its dividend policy, GSK considers
the priorities of the Group and its investment strategy for
growth, alongside the sustainability of the dividend.
Consistent with this, and reflecting strong business performance
during the year, GSK declared an increased dividend of 66p
per share for the full year 2025. The expected dividend for 2026
is 70p.
We remain committed to maintaining a balance sheet with
a strong investment grade credit rating. In the event of surplus
cash, the excess would be considered for further returns
to shareholders.
Capital deployment supports business growth and shareholder returns
GSK_AR25_Chart_CapitalDeployment-2025_V7_OL.svg
(1) Free Cash Flow (FCF) is £4.0bn, including the capital expenditure net of disposal proceeds for plant, property & equipment (£1.3bn) and intangibles
(£1.5bn), included in business development above and the Zantac settlement payment of £1.2bn
(2) Business development in the above chart includes net intangible capex, net equity investments, purchase of businesses net of cash acquired, disposal
of businesses and investments in associates
(3) Settlement payments relating to the Zantac litigation total £1.9bn paid to date, of which £1.2bn was paid in 2025
(4) Other includes dividend and distribution income, exchange on net debt and other financing items
82
GSK Annual Report 2025
Group financial review continued
Summary full year results continued
2026 guidance
For 2026, our guidance is provided at CER. Turnover is expected
to increase between 3 to 5 per cent and Core operating profit
is expected to increase between 7 to 9 per cent. Core earnings
per share is expected to increase between 7 to 9 per cent.
This guidance is supported by the following turnover
expectations for full year 2026:
– For Specialty Medicines, we expect sales will increase
by a low double-digit per cent
– For Vaccines, we expect sales will decline by a low single-
digit per cent to stable
– For General Medicines, we expect sales will decline by
a low single-digit per cent to stable
Core operating profit is expected to grow between 7 to 9
per cent at CER. GSK expects to deliver leverage at a gross
margin level due to improved product mix from Specialty
Medicines growth and continued operational efficiencies.
In addition, GSK anticipates further leverage in Operating profit
as we continue to take a returns-based approach and drive
productivity in SG&A investments, with SG&A expected to grow
at a low single-digit percentage. Royalty income is now
expected to be at £800-850 million. R&D is expected to grow
ahead of sales as we continue to invest in the pipeline while
driving operational efficiencies.
Core earnings per share is also expected to increase between
7 to 9 per cent at CER, in line with Core operating profit growth,
reflecting higher interest charges and the tax rate which is
expected to rise to around 17.5%, offset by the expected benefit
from the share buyback programme. Expectations for non-
controlling interests remain unchanged relative to 2025.
Agreement with US Government to lower the
cost of prescription medicines for American
patients
On 19 December 2025 GSK entered into an agreement
with the US Administration to lower the cost of prescription
medicines for American patients. The agreement entered into
covers both GSK and ViiV Healthcare and, assuming expected
implementation, excludes both companies from s232 tariffs for
3 years. Detailed terms of the agreement remain confidential.
Our full year guidance is inclusive of the expected impact of
the agreement.
2021-26 and 2031 Outlooks at CER reaffirmed
There is no change to our 2021-26 and 2031 outlooks.
For 2021-26, GSK continues to expect sales to grow more than
7% on a CAGR basis and Core operating profit to increase
more than 11%, on the same basis. Core operating profit margin
in 2026 continues to be expected to be more than 31%.
By 2031, GSK expects to achieve sales of more than £40 billion
on a risk-adjusted basis and at CER. As stated before, we have
further upside potential from our early-stage pipeline and
prospective business development.
GSK expects core operating margins to be broadly stable
through the period of loss of exclusivity for dolutegravir during
2028 to 2030, with the majority of impact during 2029 to 2030.
All expectations, guidance and outlooks regarding future
performance and dividend payments should be read together
with ‘Guidance and outlooks, assumptions and cautionary
statements’ on inside back cover.
Currency impact
If exchange rates were to hold at the closing rates on
28 January 2026 ($1.38/£1, €1.15/£1 and Yen 210/£1) for the rest
of 2026, the estimated impact on 2026 Sterling turnover growth
for GSK would be -3% and if exchange gains or losses were
recognised at the same level as in 2025, the estimated impact
on 2026 Sterling Core Operating Profit growth for GSK would
be -6%.
83
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Financial statements
Investor information
GSK Annual Report 2025
Group financial review continued
Financial performance summary
The Total results of the Group are set out below.
2025
2024
Growth
Total Results
£m
% of
turnover
£m
% of
turnover
%AER
%CER
Turnover
32,667
100
31,376
100
4
7
Cost of sales
(9,017)
(27.6)
(9,048)
(28.8)
–
–
Gross profit
23,650
72.4
22,328
71.2
6
9
Selling, general and administration
(9,088)
(27.8)
(11,015)
(35.1)
(17)
(15)
Research and development
(7,525)
(23.0)
(6,401)
(20.4)
18
19
Royalty income
879
2.7
639
2.0
38
38
Other operating income/(expense)
16
–
(1,530)
(4.9)
Operating profit
7,932
24.3
4,021
12.8
97
>100
Net finance expense
(532)
(547)
Share of after tax profits/(losses) of associates and joint ventures
1
(3)
Profit/(loss) on disposal of interest in associates and joint ventures
–
6
Profit before taxation
7,401
3,477
>100
>100
Taxation
(1,112)
(526)
Profit after taxation
6,289
2,951
>100
>100
Total profit attributable to non-controlling interests
573
376
Total profit attributable to shareholders
5,716
2,575
6,289
2,951
>100
>100
Total earnings per share (pence)
141.1p
63.2p
>100
>100
Total earnings per ADS (US$)
3.70
1.62
The Core results for the Group are set out below. Reconciliations between Total results and Core results for 2025 and 2024 are set
out on pages 95 to 96.
2025
2024
Growth
Core Results
£m
% of
turnover
£m
% of
turnover
%AER
%CER
Turnover
32,667
100
31,376
100
4
7
Cost of sales
(8,206)
(25.1)
(7,870)
(25.1)
4
5
Selling, general and administration
(8,989)
(27.5)
(8,974)
(28.6)
–
3
Research and development
(6,568)
(20.1)
(6,023)
(19.2)
9
11
Royalty income
879
2.7
639
2.0
38
38
Core operating profit
9,783
29.9
9,148
29.2
7
11
Core profit before taxation
9,265
8,613
8
11
Taxation
(1,584)
(1,462)
8
12
Core profit after taxation
7,681
7,151
7
11
Core profit attributable to non-controlling interest
712
654
Core profit attributable to shareholders
6,969
6,497
Core profit after taxation
7,681
7,151
7
11
Core earnings per share (p)
172.0p
159.3p
8
12
84
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Financial statements
Investor information
GSK Annual Report 2025
Group financial review continued
Reporting framework
Total and Core results
The Group financial review discusses the operating and
financial performance of the Group, its cash flows and financial
position and our resources. The results for each year are
compared primarily with the results of the preceding year.
Total results
Total reported results represent the Group’s overall
performance.
GSK uses a number of non-IFRS measures to report the
performance of its business. Core results and other non-IFRS
measures may be considered in addition to, but not as a
substitute for, or superior to, information presented in
accordance with IFRS. Core results are defined below and other
non-IFRS measures are defined on page 85.
GSK believes that Core results, when considered together with
Total results, provide investors, analysts and other stakeholders
with helpful complementary information to understand better
the financial performance and position of the Group from
period to period, and allow the Group’s performance to be
more easily compared against the majority of its peer
companies. These measures are also used by management for
planning and reporting purposes. They may not be directly
comparable with similarly described measures used by other
companies.
GSK encourages investors and analysts not to rely on any
single financial measure but to review GSK Annual Reports,
including the financial statements and notes, in their entirety.
GSK is committed to continuously improving its financial
reporting, in line with evolving regulatory requirements and best
practice. In line with this practice, GSK expects to continue to
review and refine its reporting framework.
Core results
Core results exclude the following items in relation to our
operations from Total results, together with the tax effects of all
of these items:
– Amortisation of intangible assets (excluding computer
software and capitalised development costs) to reflect the
Group’s performance excluding the effect of acquisitions
– Impairment of intangible assets (excluding computer
software) and goodwill to reflect the Group’s performance
excluding the effect of acquisitions
– Major restructuring costs include the cash costs and
impairment of tangible assets and computer software of
Major restructuring programmes (which are specific
Board-approved programmes that are structural and of
significant scale, where the costs of individual or related
projects within such programmes exceed £25 million, or relate
to restructuring and integration following a significant
acquisition). Costs for other ordinary course, smaller-scale
restructuring costs are retained within both Total and Core
results
– Transaction-related accounting or other adjustments related
to significant acquisitions
– Proceeds and costs of disposal of associates, products
and businesses; significant settlement income; significant
legal charges (net of insurance recoveries) and expenses on
the settlement of litigation and government investigations;
other operating income other than royalty income, and other
items including amounts reclassified from the foreign
currency translation reserve to the income statement upon
the liquidation of a subsidiary where the amount exceeds
£25 million
As Core results include the benefits of Major restructuring
programmes but exclude significant costs (such as Significant
legal charges and expenses, major restructuring costs and
transaction items) they should not be regarded as a complete
picture of the Group’s financial performance, which is presented
in Total results. The exclusion of other Adjusting items may result
in Core earnings being materially higher or lower than Total
earnings. In particular, when significant impairments,
restructuring charges and legal costs are excluded, Core
earnings will be higher than Total earnings.
GSK has undertaken a number of Major restructuring
programmes in response to significant changes in the Group’s
trading environment or overall strategy or following material
acquisitions. Within the Pharmaceuticals sector, the highly
regulated manufacturing operations and supply chains and
long lifecycle of the business mean that restructuring
programmes, particularly those that involve the rationalisation
or closure of manufacturing or R&D sites are likely to take
several years to complete. Costs, both cash and non-cash, of
these programmes are provided for as individual elements are
approved and meet the accounting recognition criteria. As a
result, charges may be incurred over a number of years
following the initiation of a Major restructuring programme.
Significant legal charges and expenses are those arising from
the settlement of litigation or government investigations that
are not in the normal course and materially larger than more
regularly occurring individual matters. They also include certain
major legacy matters. Costs for all other ordinary course,
smaller scale legal charges and expenses are retained within
both Total and Core results.
Reconciliations between Total and Core results, providing
further information on the key Adjusting items are set out on
pages 95 to 96.
GSK provides earnings guidance to the investor community on
the basis of Core results. This is in line with peer companies and
expectations of the investor community, supporting easier
comparison of the Group’s performance with its peers. GSK is
not able to give guidance for Total results as it cannot reliably
forecast certain material elements of the Total results,
particularly the future fair value movements on contingent
consideration and put options that can and have given rise to
significant adjustments driven by external factors such as
currency and other movements in capital markets.
85
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Financial statements
Investor information
GSK Annual Report 2025
Group financial review continued
Reporting framework continued
Historical record of Adjusting items
The reconciliations between Total and Core operating profit over the last three years can be summarised as follows:
2025
£m
2024
£m
2023
£m
Total operating profit
7,932
4,021
6,745
Intangible assets amortisation
808
1,002
719
Intangible assets impairment
880
314
398
Major restructuring
109
353
382
Transaction-related items
507
1,881
572
Significant legal, Divestments and other items
(453)
1,577
(30)
Core results
9,783
9,148
8,786
The analysis of the impact of transaction-related items on operating profit for each of the last three years is as follows:
2025
£m
2024
£m
2023
£m
Contingent consideration on former Shionogi-ViiV Healthcare JV (including Shionogi preferential dividends)
649
1,533
934
ViiV Healthcare put options and Pfizer preferential dividends
(93)
67
(245)
Contingent consideration on former Novartis Vaccines business
171
206
(187)
Contingent consideration on acquisition of Affinivax
(254)
(22)
44
Other contingent consideration
15
34
–
Other adjustments
19
63
26
Transaction-related charges
507
1,881
572
Full reconciliations between Total and Core results for 2025–2023 are set out on pages 95 to 96. Further explanations on the
Adjusting items for 2025 are reported on page 97.
Other non-IFRS measures
Compound Annual Growth Rate (CAGR)
CAGR is defined as the compound annual growth rate and
shows the annualised average rate for growth in sales and core
operating profit between 2021 to 2026 assuming growth takes
place at an exponentially compounded rate during those years.
CER and AER growth
In order to provide investors with a measure of year-on-year
growth excluding the impact of exchange rate movements, it is
the Group’s practice to discuss its results in terms of constant
exchange rate (CER) growth. This represents growth calculated
as if the exchange rates used to determine the results of
overseas companies in Sterling had remained unchanged from
those used in the comparative period. CER% represents growth
at constant exchange rates. £% or AER% represents growth at
actual exchange rates. For those countries which qualify as
hyperinflationary as defined by the criteria set out in IAS 29
‘Financial Reporting in Hyperinflationary Economies’ (Argentina
and Turkey) CER growth is adjusted using a more appropriate
exchange rate where the impact is significant, reflecting
depreciation of their respective currencies in order to provide
comparability and not to distort CER growth rates.
Free cash flow
Free cash flow is defined as the net cash inflow/outflow from
operating activities less capital expenditure on property, plant
and equipment and intangible assets, contingent consideration
payments, net finance costs, and dividends paid to non-
controlling interests, contributions from non-controlling interests
plus proceeds from the sale of property, plant and equipment
and intangible assets, and dividends received from joint
ventures and associates.
Free cash flow provides investors with a measure of cash flows
that are available to pay shareholder distributions and to fund
strategic acquisitions. It is used by management for planning
and reporting purposes and in discussions with and
presentations to investment analysts and rating agencies. Free
cash flow growth is calculated on a reported basis. A
reconciliation of net cash inflow from operations to free cash
flow from operations is set out on page 98.
Return on capital employed
Return on capital employed is calculated as total profit before
taxation as a percentage of average net assets over the year.
Total net debt
Net debt is defined as total borrowings less cash, cash
equivalents, liquid investments, and short-term loans to third
parties that are subject to an insignificant risk of change in
value (including those classified as assets held for sale and
liabilities relating to assets held for sale). The measure is used
by management as it is considered an indicator of GSK's ability
to meet its financial commitments and the strength of its
balance sheet. Please see Note 29, ‘Net debt’ for the calculation
of net debt.
Total net debt/Core EBITDA ratio
Core EBITDA is defined as Total operating profit excluding
Adjusting items and core depreciation and amortisation (as
described on page 98) and includes the share of Core after tax
profit/(loss) of associates and joint ventures. Core depreciation
is total depreciation less depreciation arising as part of Major
restructuring and is disclosed as part of Adjusting items. Core
amortisation arises from computer software and internally
capitalised R&D development costs. Total Net debt is defined
above. The ratio is Total Net debt expressed as a multiple of
Core EBITDA.
This metric provides investors with a measure of financial
leverage to assess the strength of the Group’s balance sheet.
A reconciliation of Total operating profit to Core EBITDA is
provided on page 98.
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GSK Annual Report 2025
Group financial review continued
Reporting framework continued
Working capital
Working capital represents inventory and trade receivables
less trade payables.
Non-controlling interests in ViiV Healthcare
Trading profit allocations
As ViiV Healthcare is a subsidiary of the Group, 100%
of its operating results (turnover, operating profit, profit after
tax) are included within the Group income statement and then
a portion of the earnings is allocated to the non-controlling
interests owned by the other shareholders, in line with their
respective equity shareholdings as at 31 December 2025 (Pfizer,
Inc. (Pfizer) 11.7% and Shionogi & Co. Ltd (Shionogi) 10%). Each
of the shareholders, including GSK, is also entitled to preferential
dividends determined by the performance of certain products
that each shareholder contributed. As the relative performance
of these products changes over time, the proportion of the
overall earnings allocated to each shareholder also changes.
In particular, the increasing proportion of sales of dolutegravir-
and cabotegravir-containing products has a favourable
impact on the proportion of the preferential dividends that is
allocated to GSK. Adjusting items are allocated to
shareholders based on their equity interests. GSK was entitled
to approximately 83% of the Total earnings and 83% of the
Core earnings of ViiV Healthcare for 2025.
Remeasurements of the liabilities for the preferential dividends
allocated to Pfizer and Shionogi are included within other
operating income/(expenses).
Acquisition-related arrangements
As consideration for the acquisition of Shionogi’s interest in the
former Shionogi-ViiV Healthcare joint venture in 2012, Shionogi
received the 10% equity stake in ViiV Healthcare and ViiV
Healthcare also agreed to pay additional future cash
consideration to Shionogi, contingent on the future sales
performance of the products being developed by that joint
venture, dolutegravir and cabotegravir. Under IFRS 3 ’Business
combinations’, GSK was required to provide for the estimated
fair value of this contingent consideration at the time of
acquisition and is required to update the liability to the latest
estimate of fair value at each subsequent period end. The
liability for the contingent consideration recognised in the
balance sheet at the date of acquisition was £659 million.
Subsequent remeasurements are reflected within other
operating income/(expenses) and within Adjusting items in the
income statement in each period.
Cash payments to settle the contingent consideration are
made to Shionogi by ViiV Healthcare each quarter, based on
the actual sales performance and other income of the relevant
products in the previous quarter. These payments reduce the
balance sheet liability and hence are not recorded in the
income statement, but are included in the cash flow. The cash
payments made to Shionogi by ViiV Healthcare in 2025 were
£1,277 million.
As the liability is required to be recorded at the fair value of
estimated future payments, there is a significant timing
difference between the charges that are recorded in the
Total income statement to reflect movements in the fair value
of the liability and the actual cash payments made to settle
the liability.
The cash payments are reflected in the cash flow statement
partly in operating cash flows and partly within investing
activities. All cash payments are now reflected in operating
activities. The tax relief on these payments is reflected in the
Group’s Adjusting items as part of the tax charge. The part of
each payment relating to the original estimate of the fair value of
the contingent consideration on the acquisition of the Shionogi-
ViiV Healthcare joint venture in 2012 of £659 million is reported
within investing activities in the cash flow statement and the part
of each payment relating to the increase in the liability since the
acquisition is reported within operating cash flows.
Movements in contingent consideration payable to Shionogi
were as follows:
2025
£m
2024
£m
Contingent consideration at beginning
of the year
6,061
5,718
Remeasurement through income statement
and other movements
649
1,533
Cash payments: operating cash flows
(1,277)
(1,190)
Contingent consideration at end of the year
5,433
6,061
Of the contingent consideration payable (on a post-tax basis)
to Shionogi at 31 December 2025, £1,194 million (31 December
2024: £1,127 million) is expected to be paid within one year.
Exit rights as at 31 December 2025
As at 31 December 2025 Pfizer could request an IPO of ViiV
Healthcare at any time and if either GSK did not consent to
such IPO, or an offering is not completed within nine months,
Pfizer could require GSK to acquire its shareholding. Under the
original agreements, GSK had the unconditional right, so long
as it made no subsequent distribution to its shareholders, to
withhold its consent to the exercise of the Pfizer put option and,
as a result, in accordance with IFRS, GSK did not recognise a
liability for the put option on its balance sheet. However, during
Q1 2016, GSK notified Pfizer that it had irrevocably given up this
right and accordingly recognised the liability for the put option
on the Group’s balance sheet during Q1 2016 at an initial value
of £1,070 million. Consistent with this revised treatment, at the
end of Q1 2016 GSK also recognised liabilities for the future
preferential dividends anticipated to become payable to Pfizer
and Shionogi on the Group’s balance sheet.
Also, as at 31 December 2025, Pfizer had the right to require
GSK to acquire its shareholding in ViiV Healthcare in certain
circumstances at any time. A put option liability is therefore
recorded on the Group’s balance sheet as a current liability. It is
measured on the gross redemption basis derived from an
internal valuation of the ViiV Healthcare business.
The closing balances of the liabilities related to Pfizer’s
shareholding are as follows:
2025
£m
2024
£m
Pfizer put option
822
915
On 19 January 2026, GSK reached agreement with Pfizer and
Shionogi for the 11.7% economic interest in ViiV Healthcare
currently held by Pfizer to be replaced with an investment by
Shionogi. Details of this agreement are set out in Note 47, ‘Post
balance sheet events’.
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Reporting framework continued
Under the original agreements, Shionogi could also have
requested GSK to acquire its shareholding in ViiV Healthcare in
six-month windows commencing in 2017, 2020 and 2022. GSK
had the unconditional right, so long as it made no subsequent
distribution to its shareholders, to withhold its consent to the
exercise of the Shionogi put option and, as a result, GSK did not
recognise a liability for the put option on its balance sheet.
However, during Q1 2016, GSK notified Shionogi that it had
irrevocably given up this right and accordingly recognised the
liability for the put option on the Group’s balance sheet during
Q1 2016 at an initial value of £926 million. In Q4 2016, Shionogi
irrevocably agreed to waive its put option and, as a result, GSK
de-recognised the liability for this put option on the Group’s
balance sheet directly to equity. The value of the liability was
£1,244 million when it was de-recognised.
GSK also has a call option over Shionogi’s shareholding in ViiV
Healthcare, which under the original agreements was
exercisable in six-month windows commencing in 2027, 2030
and 2032. GSK has now irrevocably agreed to waive the first
two exercise windows, but the last six-month window in 2032
remains. As this call option is at fair value, it has no value for
accounting purposes.
Reporting definitions
Brand names and partner acknowledgements
Brand names appearing in italics throughout this document are
trademarks of GSK or associated companies or used under
licence by the Group.
Core operating margin
Core operating margin is Core operating profit divided by
turnover. Core operating profit is a key financial measure used
by management to evaluate performance.
General Medicines
General Medicines are usually prescribed in the primary
care or community settings by general healthcare practitioners.
For GSK, this includes medicines for inhaled respiratory,
dermatology, antibiotics and other diseases.
Non-controlling interest
Non-controlling interest is the equity in a subsidiary not
attributable, directly or indirectly, to a parent.
Percentage points
Percentage points of growth which is abbreviated to ppts.
RAR (Returns and Rebates)
GSK sells to customers, both commercial and government
mandated contracts, with reimbursement arrangements that
include rebates, chargebacks and a right of return for certain
pharmaceutical products principally in the US. Revenue
recognition reflects gross-to-net sales adjustments as a result.
These adjustments are known as the RAR accruals and are a
source of significant estimation uncertainty and fluctuation,
which can have a material impact on reported revenue from
one accounting period to the next.
Risk adjusted sales
Pipeline risk-adjusted sales are based on the latest internal
estimate of the probability of technical and regulatory success
for each asset in development.
Specialty Medicines
Specialty Medicines are typically prescription medicines used to
treat complex or rare chronic conditions. For GSK, this
comprises medicines for infectious diseases, HIV, Respiratory,
Immunology & Inflammation and Oncology.
Total operating margin
Total operating margin is Total operating profit divided by
turnover.
Total earnings per share
Unless otherwise stated, Total earnings per share refers to Total
basic earnings per share.
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Financial performance
Group turnover
Group turnover was £32,667 million in the year, up +4%
at AER, +7% at CER.
Group turnover by business
Specialty Medicines (S)
£13.5bn
AER growth +14% CER growth +17%
Vaccines (V)
£9.2bn
AER stable –% CER growth +2%
General Medicines (G)
£10.0bn
AER decline -4% CER decline -1%
S
G
V
Group turnover by geographic region
US
Int
17
US
£16.9bn
AER growth +3% CER growth +6%
Europe
£7.5bn
AER growth +13% CER growth +12%
International
£8.3bn 
AER decline -1% CER growth +4%
Eur
GSK reports results under two segments namely Commercial
Operations and Total R&D. See Note 6, ‘Turnover and segment
information’ to the consolidated financial statements for more
details.
The Commercial Operations segment has three product groups
of Specialty Medicines, Vaccines and General Medicines.
– Specialty Medicines products which includes GSK’s marketed
products for HIV, Respiratory, Immunology & Inflammation
(RI&I) and Oncology
– Vaccines products, which includes Shingrix, Bexsero and
Arexvy
– General Medicines products, which includes medicines in
inhaled respiratory, dermatology, antibiotics and other
diseases that are typically accessed by patients through
primary care settings
Specialty Medicines
Turnover (£bn)
£13.5bn
AER growth
CER growth
+14%
+17%
41% of Group turnover
1122
Specialty Medicines sales grew by double-digit percentages
reflecting continued growth across disease areas, with strong
performances in HIV, Respiratory, Immunology & Inflammation,
and Oncology.
HIV
2025
£m
2024
£m
Growth
%AER
Growth
%CER
HIV
7,687
7,089
8
11
HIV sales grew 11% driven by strong patient demand growth
of +10 ppts with Dovato, Cabenuva and Apretude more than
offsetting the decline in Triumeq following guideline changes
at the end of 2024. Growth also benefitted from continued
favourable pricing due to channel mix in the US, which offset
the impact of the IRA Medicare Part D redesign and pricing
pressures across the other regions. Long-acting medicines
contributed over 75% of total HIV growth in 2025 with
Cabenuva contributing 55%
Oral 2DR
2025
£m
2024
£m
Growth
%AER
Growth
%CER
Oral 2DR
3,334
2,924
14
16
Dovato, the first and only once-daily oral 2DR for the treatment
of HIV infection in both treatment naive and virally suppressed
adults and adolescents, continues to be the largest product in
the HIV portfolio with sales of £2,678 million, growing 22%.
Long-acting medicines
2025
£m
2024
£m
Growth
%AER
Growth
%CER
Long-acting medicines
1,841
1,292
42
46
Cabenuva, the only complete long-acting injectable regimen
for HIV treatment, reached sales of £1,402 million, growing 42%
due to strong patient demand across US and Europe. Apretude,
the first long-acting injectable option for HIV prevention,
delivered sales of £439 million, growing 62%. In the US, long-
acting injectables now account for 30% of total HIV sales.
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Financial performance continued
Respiratory, Immunology & Inflammation
2025
£m
2024
£m
Growth
%AER
Growth
%CER
Respiratory, Immunology &
  Inflammation
3,810
3,299
15
18
Sales grew at a double-digit rate and were primarily comprised
of contributions from Nucala in respiratory and Benlysta in
immunology.
Nucala
2025
£m
2024
£m
Growth
%AER
Growth
%CER
Nucala
2,008
1,784
13
15
Nucala is an IL-5 antagonist monoclonal antibody treatment
for severe asthma, with additional indications including
CRSwNP, EGPA, HES and COPD. Sales growth was driven by
strong global performance, with double-digit growth across all
regions reflecting higher patient demand for treatments
addressing eosinophilic-led disease. US growth accelerated
following the recent launch in COPD, with increases in volume
from higher patient uptake partially offset by ongoing pricing
pressures including the impact of IRA Medicare Part D redesign.
Benlysta
2025
£m
2024
£m
Growth
%AER
Growth
%CER
Benlysta
1,773
1,490
19
22
Sales of Benlysta, a monoclonal antibody treatment for lupus,
grew representing strong demand and volume growth with bio-
penetration rates having increased across many markets.
Oncology
2025
£m
2024
£m
Growth
%AER
Growth
%CER
Oncology
1,977
1,410
40
43
Oncology sales are largely comprised of sales from Jemperli,
Zejula and Ojjaara/Omjjara. Strong Oncology sales growth was
largely driven by increasing patient demand for Jemperli and
Ojjaara/Omjjara, partially offset by decreases in Zejula.
Blenrep, a treatment in relapsed/refractory multiple myeloma,
achieved sales in 2025 of £17 million following launch in the UK
in Q2 2025, US in Q4 2025 and from further initial commercial
introductions in some smaller markets during H2 2025.
Jemperli
2025
£m
2024
£m
Growth
%AER
Growth
%CER
Jemperli
861
467
84
89
Sales of Jemperli grew strongly driven largely by continued
volume growth following Q3 2024 FDA approval and Q1 2025
EMA approval expanding the indication to include all adult
patients with primary advanced or recurrent endometrial
cancer. Strong growth continues in the US from high patient
uptake, with the Europe and International regions increasingly
contributing to sales and growth, with Jemperli now available in
over 39 countries worldwide.
Zejula
2025
£m
2024
£m
Growth
%AER
Growth
%CER
Zejula
557
593
(6)
(4)
Sales of Zejula, a PARP inhibitor treatment for ovarian cancer,
reduced in the year. In the US, sales decreased driven by
ongoing volume reductions, including impacts of an FDA
labelling update restricting use to certain patient populations,
and unfavourable pricing including the impacts of IRA
Medicare Part D redesign. The Europe and International
regions continued to decline in the year largely driven by
reduced volumes from increased competition.
Ojjaara/Omjjara
2025
£m
2024
£m
Growth
%AER
Growth
%CER
Ojjaara/Omjjara
554
353
57
60
Sales of Ojjaara/Omjjara, a treatment for myelofibrosis patients
with anaemia, grew strongly. US sales growth was driven by
volume with continued increases in patient uptake. Sales and
growth contributions from Europe and International continued
to increase following high patient uptake, and from commercial
launches in 2025 across the regions including in France, Spain
Italy, Australia and Canada. Ojjaara/Omjjara is now available
in over 30 countries worldwide.
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Financial performance continued
Vaccines
Turnover (£bn)
£9.2bn
AER stable
CER growth
–%
+2%
28% of Group Turnover
5207
Vaccines sales growth was stable at AER and grew 2% CER
driven by strong ex-US demand for Shingrix, Arexvy and
meningitis vaccines, partly offset by lower US demand for
Shingrix, Arexvy and influenza vaccines together with lower
International sales of established vaccines.
Shingles
2025
£m
2024
£m
Growth
%AER
Growth
%CER
Shingles
3,558
3,364
6
8
Shingrix had another record year, in which sales grew strongly
reflecting growth in Europe and International driven by
significant increased demand, partly offset by lower sales in the
US.
In Europe, Shingrix sales grew 42% driven by continuous strong
uptake from the launch in France together with higher market
demand and expanded public funding across several countries.
Sales of Shingrix in International increased by 13% reflecting
accelerated demand in Japan following expanded
reimbursement from April 2025 together with continued uptake
across several countries, partially offset by a strong 2024
comparator including rapid uptake from the national
immunisation programme (NIP) in Australia.
US sales decreased by 17% due to the continuing slowdown in
the pace of penetration of harder-to-activate unvaccinated
consumers. The US cumulative immunisation rate reached 44%,
up 4 percentage points compared to 12 months earlier(1).
Shingrix is now launched in 61 countries, 29 of those with public
funding, with markets outside the US representing 66% of 2025
global sales (2024: 56%). The overwhelming majority of ex-US
Shingrix opportunity is concentrated in 10 markets where the
average immunisation rate is around 10% with significantly
higher uptake in funded cohorts.
(1) Based on data from IQVIA up until the end of Q3 2025
Meningitis
2025
£m
2024
£m
Growth
%AER
Growth
%CER
Meningitis
1,583
1,437
10
12
Strong double-digit growth of Meningitis vaccines was led by
Bexsero, a vaccine against meningitis B and also included initial
sales from the US launch of Penmenvy, a pentavalent vaccine
against meningitis A, B, C, W and Y. Bexsero grew in Europe
driven by continued uptake following recommendation and
reimbursement in Germany together with expanded cohort
recommendations in France. Sales also grew in International
due to higher demand and geographic expansion.
RSV
2025
£m
2024
£m
Growth
%AER
Growth
%CER
RSV
593
590
1
2
Arexvy sales growth was driven by Europe and International
related to recommendation and reimbursement in Germany
and tender deliveries in Spain and Canada. While Arexvy
maintained US market leading share in the older adult setting in
2025, sales declined reflecting slower market uptake impacted
by a harder-to-activate patient cohort and lower market share
partly offset by favourable returns provision adjustments. Arexvy
is approved in 69 markets globally, 21 countries have national
RSV vaccination recommendations for older adults and 9,
including the US, have reimbursement programmes for Arexvy
in place at the year end.
Influenza
2025
£m
2024
£m
Growth
%AER
Growth
%CER
Influenza
303
408
(26)
(24)
Influenza vaccines sales declined mainly in the US driven by
competitive pressure.
Established vaccines
2025
£m
2024
£m
Growth
%AER
Growth
%CER
Established vaccines
3,120
3,339
(7)
(5)
Established vaccines sales decreased in the year as a result of
the impact of divested brands, competitive pressure for Synflorix
and Cervarix and lower US demand and unfavourable pricing
for Hepatitis vaccines. This was partly offset by higher sales of
measles, mumps, rubella and varicella (MMRV) vaccines,
including a one-off Q3 2025 sale of bulk antigen together with
favourable US CDC stockpile movements for Infanrix/Pediarix.
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Financial performance continued
General Medicines
Turnover (£bn)
£10.0bn
AER decline
CER decline
-4%
-1%
31% of Group turnover
8910
Sales include contributions from both the Respiratory portfolio,
including Trelegy, and the Other General Medicine portfolio.
Sales growth in Trelegy was offset by reductions in other
respiratory and Other General Medicine product sales.
Respiratory
2025
£m
2024
£m
Growth
%AER
Growth
%CER
Respiratory
7,068
7,213
(2)
–
Sales were broadly stable in the year with growth in Trelegy
offset by decreases in other respiratory products. Other
respiratory products continue to reduce across all regions as a
result of continued generic erosion and competitive pressures.
Trelegy
2025
£m
2024
£m
Growth
%AER
Growth
%CER
Trelegy
2,986
2,702
11
13
Trelegy sales continued to grow with continued strong volume
growth across all regions reflecting patient demand, SITT class
growth, and increased market share. In the US, sales exceeded
£2 billion and grew double-digit, with continued strong volume
growth partially offset by unfavourable pricing resulting from
channel mix and pricing pressures, including the impact of IRA
Medicare Part D redesign.
Other General Medicines
2025
£m
2024
£m
Growth
%AER
Growth
%CER
Other General Medicines
2,968
3,215
(8)
(4)
Other General Medicines sales decreased reflecting the
impacts of generic competition across the portfolio.
Turnover by regions
2025
£m
2024
£m
Growth
%AER
Growth
%CER
US
16,859
16,384
3
6
US performance reflected the introduction of the IRA Medicare
Part D redesign, which adversely impacted a number of
products across Specialty Medicines, Vaccines and General
Medicines.
Specialty Medicines double-digit sales growth was driven by
strong double-digit growth in Oncology, HIV and Benlysta,
driven largely by patient demand. Nucala also grew following
the recent launch in COPD, with increases in volume from
higher patient uptake partly offset by ongoing pricing pressures.
Vaccines sales decreased due to lower demand for both
Shingrix and Arexvy driven primarily by the continued challenge
of activating harder-to reach consumers and competitive
pressure for influenza vaccines. established vaccines growth in
MMRV vaccines related to outbreaks and, for Infanrix/Pediarix,
to favourable CDC stockpile replenishments which were more
than offset by lower US demand and unfavourable pricing for
hepatitis vaccines
General Medicines sales were broadly stable. Trelegy sales grew
double-digit driven by strong volume increases. Growth in
Trelegy was offset by reductions in other products across the
other respiratory and Other General Medicine portfolios.
2025
£m
2024
£m
Growth
%AER
Growth
%CER
Europe
7,533
6,666
13
12
Specialty Medicines sales grew double-digit due to continued
strong performance in Oncology, Benlysta and Nucala
including the benefit from new indication launches. HIV sales
grew single-digit in the year driven by patient demand.
Vaccines sales grew 30% driven by Shingrix launch uptake in
France together with higher market demand and expanded
public funding across several countries. Arexvy and Bexsero
sales also grew strongly mainly in Germany following
recommendations and reimbursements.
General Medicines sales decreased, with growth for Trelegy and
Anoro being more than offset by decreases across Other
General Medicine products.
2025
£m
2024
£m
Growth
%AER
Growth
%CER
International
8,275
8,326
(1)
4
Specialty Medicines double-digit sales growth was driven by
Nucala in respiratory, Benlysta in immunology, and Oncology.
HIV sales grew mid single-digit.
Vaccines sales were driven by accelerated Shingrix demand
primarily in Japan, partly offset by a strong 2024 comparator in
Australia. Growth across Shingrix, Meningitis vaccines and
Arexvy was partly offset by lower sales of established vaccines
primarily reflecting the impact of divested brands and lower
demand.
General Medicines sales performance reflected double-digit
growth for Trelegy and growth in Anoro being offset by
decreases across Other General Medicine products.
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Financial performance continued
Cost of sales
2025
£m
2024
£m
Growth
%AER
Growth
%CER
Total cost of sales
(9,017)
(9,048)
–
–
% of sales
27.6%
28.8%
(1.2)
(1.7)
Core cost of sales
(8,206)
(7,870)
4
5
% of sales
25.1%
25.1%
–
(0.4)
Total cost of sales as a percentage of sales decreased primarily
driven by core cost of sales benefits and from additional
amortisation in Q3 2024 for Zejula and Jemperli as well as lower
major restructuring and transaction-related items.
Core cost of sales as a percentage of sales decreased with
benefits from Specialty Medicines and regional mix as well as
operational efficiencies, being offset by inventory provision
movements compared to 2024. There were also pricing impacts
largely due to the implementation of Medicare Part D reform as
well as an adverse comparison to higher price benefits in 2024.
Selling, general and administration
2025
£m
2024
£m
Growth
%AER
Growth
%CER
Total selling, general and
administration
(9,088)
(11,015)
(17)
(15)
% of sales
27.8%
35.1%
(7.3)
(7.1)
Core selling, general
and administration
(8,989)
(8,974)
–
3
% of sales
27.5%
28.6%
(1.1)
(0.9)
Total SG&A as a percentage of sales decreased primarily due
to lower Significant legal expenses, driven by the Q3 2024
charge of £1.8 billion ($2.3 billion) in relation to Zantac.
Core SG&A growth reflected continued disciplined investment
to support new asset launches, including Blenrep, Penmenvy,
Exdensur and Blujepa, as well as growth of key assets including
Nucala, Shingrix, long-acting HIV medicines and Ojjaara/
Omjjara, to drive future efficiencies. This was offset by
reallocation of spend from General Medicines and the
acceleration of ongoing productivity initiatives. Core SG&A
growth also included a one percentage point impact driven by
the Q1 2024 reversal of the legal provision related to the Zejula
royalty dispute, following a successful appeal.
Research and development
2025
£m
2024
£m
Growth
%AER
Growth
%CER
Total research and
development
(7,525)
(6,401)
18
19
% of sales
23.0%
20.4%
2.6
2.4
Core research and
development
(6,568)
(6,023)
9
11
% of sales
20.1%
19.2%
0.9
0.8
Total R&D growth was driven by an increase in Core R&D
expense, as well as higher impairment charges including a
charge of £471 million related to the termination of the
belrestotug development programme (anti-TIGIT mAb) in Q2
2025.
Core R&D investment increased reflecting progression across
the portfolio. In Oncology, this included acceleration in work on
ADCs (B7-H3 and B7-H4) and IDRX-42, the GIST treatment
acquired in Q1 2025. In Specialty Medicines, increased
investment was driven by efimosfermin acquired from Boston
Pharmaceuticals in Q3 2025 and bepirovirsen, as well as
progression of ULA treatment and PrEP programmes, notably
Q4M and Q6M. Growth was partly offset by lower spend on
depemokimab following filing in Q4 2024.
Investment also increased on clinical trial programmes
associated with the pneumococcal MAPS and mRNA
seasonal flu.
Royalty income
2025
£m
2024
£m
Growth
%AER
Growth
%CER
Total royalty income
879
639
38
38
Core royalty income
879
639
38
38
The increase in Total and Core royalty income was primarily
driven by Kesimpta(1), Abrysvo(2) and Comirnaty(3) royalties, as
well as historic royalties recognised in association with the
settlement of an IP dispute.
Other operating income/(expense)
2025
£m
2024
£m
Growth
%AER
Growth
%CER
Other operating income/
(expense)
16
(1,530)
>100
>100
The full year other operating income reflected a charge of £488
million (2024: £1,839 million) principally arising from the
remeasurement of CCLs and the liabilities for the Pfizer, Inc
(Pfizer) put option, primarily reflecting the net impact of
discount unwind, updated sales and milestone forecasts and
foreign currency movements. Other net operating income at
£504m (2024: £309 million) includes the £367 million ($500
million) settlement from CureVac as well as fair value
movements on equity investments and other net income.
(1) Kesimpta is manufactured by and a trademark of Novartis AG
(2) Abrysvo is manufactured by and a trademark of Pfizer Inc.
(3) Comirnaty is manufactured by and a trademark of BioNTech and Pfizer
Inc.
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Financial performance continued
Operating profit
2025
£m
2024
£m
Growth
%AER
Growth
%CER
Total operating profit
7,932
4,021
97
>100
% of sales
24.3%
12.8%
11.5
11.9
Core operating profit
9,783
9,148
7
11
% of sales
29.9%
29.2%
0.7
1.1
Total operating profit margin growth was primarily driven by
the £1.8 billion charge for the Zantac settlement in Q3 2024,
partly offset by higher impairment charges.
Core operating profit growth primarily reflected higher turnover,
favourable product mix and royalty income including from IP
settlements. Growth was partly offset by increased investment in
R&D, new asset launches and growth assets, and adverse
pricing impacts, as well as the Q1 2024 reversal of the legal
provision related to the Zejula royalty dispute, following a
successful appeal.
Core operating profit by business
2025
£m
2024
£m
Growth
%AER
Growth
%CER
Commercial operations
16,260
15,335
6
10
% of sales
49.8%
48.9%
0.9
1.4
R&D
(6,251)
(5,845)
7
9
Commercial Operations Core operating profit of £16,260 million
growth was driven by higher turnover, favourable product mix
and royalty income including from an IP settlement, partly offset
by increased investment in new asset launches and growth
assets, and adverse pricing impacts.
The R&D segment operating expense of £6,251 million primarily
reflected progression across the portfolio. In Oncology, this
included acceleration in work on ADCs (B7-H3 and B7-H4) and
IDRX-42, the GIST treatment acquired in Q1 2025. In Specialty
Medicines, increased investment was driven by efimosfermin
acquired from Boston Pharmaceuticals in Q3 2025 and
bepirovirsen, as well as progression of ULA treatment and PrEP
programmes, notably Q4M and Q6M. Growth was partly offset
by lower spend on depemokimab following filing in Q4 2024.
Investment also increased on clinical trial programmes
associated with the pneumococcal MAPS and mRNA seasonal
flu.
Net finance costs
2025
£m
2024
£m
Growth
%AER
Growth
%CER
Total net finance cost
(532)
(547)
(3)
(2)
Core net finance cost
(508)
(532)
(5)
(4)
The decrease in net finance costs was mainly driven by
favourable movements on derivatives fair value, favourable
interest on tax and higher swap interest income, partly offset by
higher interest expense on debt. Strong operating cashflows
were partly offset by finance costs associated with the share
buyback programme and Zantac settlement payments.
Share of after tax profits of associates and joint
ventures
The share of after tax profit of associates and joint ventures was
£1 million (2024: £3 million share of loss).
Profit on disposal of interest in associates
In 2025, the Group also reported a profit on disposal of interests
in associates and joint ventures of £nil (2024: £6 million profit).
Profit before tax
Taking account of net finance costs, the share of profits or
losses of associates and profit or loss on disposal of interest in
associates,Total profit before taxation was £7,401 million
compared with £3,477 million in 2024.
Taxation
2025
£m
2024
£m
UK current year charge
181
186
Rest of world current year charge
1,263
1,458
Charge/(credit) in respect of prior periods
(49)
(92)
Total current taxation
1,395
1,552
Total deferred taxation
(283)
(1,026)
Taxation on total profits
1,112
526
The charge of £1,112 million represented an effective tax rate on
Total results of 15.0% (2024: 15.1%) and reflected the different
tax effects of the various Adjusting items included in Total
results, including non-taxable revaluations of contingent
consideration liabilities associated with recent acquisitions. Tax
on Core profit amounted to £1,584 million and represented an
effective Core tax rate of 17.1% (2024: 17.0%). Issues related to
taxation are described in Note 14, ‘Taxation’ to the financial
statements. The Group continues to believe it has made
adequate provision for the liabilities likely to arise from periods
which are open and not yet agreed by tax authorities. The
ultimate liability for such matters may vary from the amounts
provided and is dependent upon the outcome of agreements
with relevant tax authorities.
94
Strategic report
Financial statements
Investor information
GSK Annual Report 2025
Group financial review continued
Financial performance continued
Non-controlling interests (NCIs)
2025
£m
2024
£m
Growth
%AER
Growth
%CER
Total
573
376
52
58
Core
712
654
9
12
The increase in Total and Core NCIs in the year was primarily
driven by higher core profit allocations from ViiV Healthcare,
and a lower remeasurement loss on the CCL compared to 2024
impacting Total NCIs.
Earnings per share from operations
2025
£p
2024
£p
Growth
%AER
Growth
%CER
Total earnings per share
141.1p
63.2p
>100
>100
Core earnings per share
172.0p
159.3p
8
12
The increase in Total EPS was primarily driven by lower
Significant legal charges, lower CCL charges and higher other
net operating income, partly offset by higher impairment
charges.
The increase in Core EPS in the year primarily reflected the
growth in Core operating profit and the share buyback, as well
as lower net finance costs in the year, partly offset by higher
non-controlling interests.
Currency impact on results
2025
£m/£p
2024
£m/£p
Growth
%AER
Growth
%CER
Turnover
32,667
31,376
4
7
Total earnings per share
141.1p
63.2p
>100
>100
Core earnings per share
172.0p
159.3p
8
12
In the year the adverse currency impact primarily reflected the
strengthening of Sterling against US Dollar as well as emerging
market currencies, partly offset by strengthening of the Euro.
Exchange gains on the settlement of intercompany transactions
had a favourable full year impact of three percentage points on
Total EPS and one percentage point on Core EPS.
Dividends
The Board has declared four interim dividends resulting in a
total dividend for the year of 66p per share. The GSK Group
dividend in 2024 was 61p per share. Please refer to Note 16,
'Dividends' to the financial statements.
Dividend policy
Dividends remain an essential component of total shareholder
return and GSK recognises the importance of dividends to
shareholders. On 23 June 2021, at the GSK Investor Update,
GSK set out that from 2022 a progressive dividend policy will be
implemented guided by a 40 to 60 percent pay-out ratio
through the investment cycle. Consistent with this, GSK declared
an increased dividend of 18p for Q4 2025 and 66p per share for
full year 2025. The expected dividend for 2026 is 70p per share.
In setting its dividend policy, GSK considers the capital
allocation priorities of the Group and its investment strategy for
growth alongside the sustainability of the dividend.
95
GSK Annual Report 2025
Group financial review continued
Adjusting items
Core results reconciliation
31 December 2025
Total
results
£m
Intangible
asset
amortisation
£m
Intangible
asset
impairment
£m
Major
restructuring
£m
Transaction-
related
£m
Significant
legal,
Divestments
and other
items
£m
Core
results
£m
Turnover
32,667
32,667
Cost of sales
(9,017)
722
22
48
19
(8,206)
Gross profit
23,650
722
22
48
19
24,461
Selling, general and administration
(9,088)
44
23
32
(8,989)
Research and development
(7,525)
86
858
17
(4)
(6,568)
Royalty income
879
879
Other operating income/(expense)
16
488
(504)
–
Operating profit
7,932
808
880
109
507
(453)
9,783
Net finance expense
(532)
24
(508)
Share of after tax profit/(loss) of associates and joint
  ventures
1
(11)
(10)
Profit before taxation
7,401
808
880
109
507
(440)
9,265
Taxation
(1,112)
(178)
(220)
(32)
(147)
105
(1,584)
Tax rate
15.0%
17.1%
Profit after taxation
6,289
630
660
77
360
(335)
7,681
Profit attributable to non-controlling interests
573
139
712
Profit attributable to shareholders
5,716
630
660
77
221
(335)
6,969
6,289
630
660
77
360
(335)
7,681
Earnings per share
141.1p
15.6p
16.3p
1.9p
5.4p
(8.3p)
172.0p
Weighted average number of shares (millions)
4,051
4,051
Core results reconciliation
31 December 2024
Total
results
£m
Intangible
asset
amortisation
£m
Intangible
asset
impairment
£m
Major
restructuring
£m
Transaction-
related
£m
Significant
legal,
Divestments
and other
items
£m
Core
results
£m
Turnover
31,376
31,376
Cost of sales
(9,048)
947
163
40
28
(7,870)
Gross profit
22,328
947
163
40
28
23,506
Selling, general and administration
(11,015)
160
2
1,879
(8,974)
Research and development
(6,401)
55
314
9
(6,023)
Royalty income
639
639
Other operating income/(expense)
(1,530)
21
1,839
(330)
–
Operating profit
4,021
1,002
314
353
1,881
1,577
9,148
Net finance costs
(547)
1
14
(532)
Share of after tax profit/(loss) of associates and joint
  ventures
(3)
(3)
Profit/(loss) on disposal of interest in associates
6
(6)
–
Profit before taxation
3,477
1,002
314
354
1,881
1,585
8,613
Taxation
(526)
(208)
(63)
(80)
(311)
(274)
(1,462)
Tax rate
15.1%
17.0%
Profit after taxation
2,951
794
251
274
1,570
1,311
7,151
Profit attributable to non-controlling interests
376
278
654
Profit attributable to shareholders
2,575
794
251
274
1,292
1,311
6,497
2,951
794
251
274
1,570
1,311
7,151
Earnings per share
63.2p
19.5p
6.1p
6.7p
31.7p
32.1p
159.3p
Weighted average number of shares (millions)
4,077
4,077
96
GSK Annual Report 2025
Group financial review continued
Adjusting items continued
Core results reconciliation
31 December 2023
Total
results
£m
Intangible
asset
amortisation
£m
Intangible
asset
impairment
£m
Major
restructuring
£m
Transaction-
related
£m
Significant
legal,
Divestments
and other
items
£m
Core
results
£m
Turnover
30,328
30,328
Cost of sales
(8,565)
647
164
13
25
(7,716)
Gross profit
21,763
647
164
13
25
22,612
Selling, general and administration
(9,385)
216
13
127
(9,029)
Research and development
(6,223)
72
398
2
1
(5,750)
Royalty income
953
953
Other operating income/(expense)
(363)
546
(183)
–
Operating profit
6,745
719
398
382
572
(30)
8,786
Net finance costs
(677)
1
7
(669)
Share of after tax profit/(loss) of associates and joint
  ventures
(5)
(5)
Profit/(loss) on disposal of interest in associates
1
(1)
–
Profit before taxation
6,064
719
398
383
572
(24)
8,112
Taxation
(756)
(154)
(94)
(83)
(100)
(70)
(1,257)
Tax rate
12.5%
15.5%
Profit after taxation
5,308
565
304
300
472
(94)
6,855
Profit attributable to non-controlling interests
380
192
572
Profit attributable to shareholders
4,928
565
304
300
280
(94)
6,283
5,308
565
304
300
472
(94)
6,855
Total earnings per share
121.6p
13.9p
7.5p
7.4p
6.9p
(2.2p)
155.1p
Weighted average number of shares (millions)
4,052
4,052
97
GSK Annual Report 2025
Group financial review continued
Adjusting items continued
Intangible asset amortisation
See page 216 for description and information on Intangible
asset amortisation.
Intangible asset impairment
See page 216 for description and information on Intangible
asset impairment. Total intangible asset impairments in 2025
included a charge of £471 million related to the termination of
the belrestotug development programme (anti-TIGIT mAb) in
Q2 2025.
Major restructuring and integration
See page 207 for description and information on Major
restructuring and integration charges.
Total Major restructuring charges incurred in 2025 were £109
million (2024: £353 million), analysed as follows:
2025
2024
Cash
£m
Non-
cash
£m
Total
£m
Cash
£m
Non-
cash
£m
Total
£m
Separation
  restructuring
  programme
48
14
62
200
36
236
Significant
  acquisitions
26
–
26
59
1
60
Legacy programmes
13
8
21
48
9
57
87
22
109
307
46
353
The Separation restructuring programme incurred cash charges
of £48 million primarily from the restructuring of some
commercial and administrative functions. The non-cash
charges of £14 million primarily reflected the write-down of
assets in manufacturing locations.
The programme focussed on the separation of GSK into two
separate companies and is now largely complete. The
programme has delivered its target of £1.1 billion of annual
savings, with total costs still expected at £2.4 billion, with cash
charges of £1.7 billion and non-cash charges of £0.7 billion.
Costs of significant acquisitions relate to integration costs of
Affinivax Inc. (Affinivax) which was acquired in Q3 2022,
BELLUS Health Inc. (Bellus) acquired in Q2 2023, Aiolos Bio, Inc.
(Aiolos) acquired in Q1 2024, IDRx acquired in Q1 2025 and BP
Asset IX acquired to access efimosfermin in Q3 2025.
Cash charges of £13 million under legacy programmes primarily
arose from the divestment of the cephalosporins business.
Transaction-related adjustments
Transaction-related adjustments resulted in a net charge of
£507 million (2024: £1,881 million), the majority of which related
to charges/(credits) for the remeasurement of contingent
consideration liabilities, the liabilities for the Pfizer put option,
and Pfizer and Shionogi preferential dividends in ViiV
Healthcare.
Charge/(credit)
2025
£m
2024
£m
Contingent consideration on former
  Shionogi-ViiV Healthcare Joint Venture
  (including Shionogi preferential dividends)
649
1,533
ViiV Healthcare put options and Pfizer
  preferential dividends
(93)
67
Contingent consideration on former Novartis
  Vaccines business
171
206
Contingent consideration on acquisition of
  Affinivax
(254)
(22)
Other contingent consideration
15
34
Other adjustments
19
63
Total transaction-related charges
507
1,881
The £649 million charge relating to the contingent
consideration for the former Shionogi-ViiV Healthcare joint
venture represented an increase in the valuation of the
contingent consideration due to Shionogi, driven by the unwind
of the discount for £404 million and net other remeasurements
of £245 million. The £93 million credit relating to the ViiV
Healthcare put option and Pfizer preferential dividends
represented a decrease in the valuation of the put option
primarily as a result of updated exchange rates and sales
forecasts. The ViiV Healthcare contingent consideration liability
is fair valued under IFRS. An explanation of the accounting for
the non-controlling interests in ViiV Healthcare is set out on
page 86.
The £171 million charge relating to the contingent consideration
on the former Novartis Vaccines business primarily related to
changes to future sales forecasts, updated exchange rates and
the unwind of the discount.
The £254 million credit relating to the contingent consideration
on the acquisition of Affinivax primarily related to updated
milestone forecasts, partly offset by the unwind of the discount.
Significant legal charges, Divestments and
other items
Legal charges provide for all significant legal matters and are
not broken out separately by litigation or investigation.
Divestments and other items included £367 million ($500
million) of settlements from CureVac in connection with the
mRNA patent settlement, as well as other net income, including
income from divestments and fair value movements on, and
distributions from, equity investments.
98
GSK Annual Report 2025
Group financial review continued
Cash generation and conversion
A summary of the consolidated cash flow statement is set out
below.
2025
£m
2024
£m
Net cash inflow/(outflow) from operating
activities
7,741
6,554
Total net cash inflow/(outflow) from investing
activities
(4,233)
(1,229)
Total net cash inflow/(outflow) from financing
activities
(3,685)
(4,726)
Increase /(decrease) in cash and bank
overdrafts
(177)
599
Cash and bank overdrafts at beginning of year
3,403
2,858
Exchange adjustments
(19)
(54)
Increase/(decrease) in cash and bank
overdrafts
(177)
599
Cash and bank overdrafts at end of year
3,207
3,403
Cash and bank overdrafts at end of year
comprise:
Cash and cash equivalents
3,397
3,870
Overdrafts
(190)
(467)
3,207
3,403
Reconciliation of net cash inflow from operating
activities to free cash inflow
A reconciliation of net cash inflow from operating activities,
which is the closest equivalent IFRS measure to free cash flow, is
shown below.
2025
£m
2024
£m
Net cash inflow/(outflow) from operating
activities
7,741
6,554
Purchase of property, plant and equipment
(1,348)
(1,399)
Proceeds from sale of property, plant and
equipment
24
65
Purchase of intangible assets
(1,637)
(1,583)
Proceeds from disposal of intangible assets
115
131
Net finance costs
(525)
(494)
Dividends from associates and joint ventures
67
15
Contingent consideration paid (reported in
investing activities)
(17)
(19)
Distributions to non-controlling interests
(391)
(416)
Contribution from non-controlling interests
–
9
Free cash inflow
4,029
2,863
Capital expenditure and financial investment
Cash payments for tangible fixed assets amounted to £1,348
million (2024: £1,399 million) and intangible fixed assets
amounted to £1,637 million (2024: £1,583 million) and disposals
realised £139 million (2024 : £196 million). Cash payments to
acquire equity investments amounted to £92 million (2024: £103
million ) and sales of equity investments realised £189 million
(2024: £2,356 million).
Free cash flow
Free cash flow is the amount of cash generated by the Group
after meeting our obligations for contingent consideration,
interest, tax and dividends paid to non-controlling interests,
and after capital expenditure on property, plant and equipment
and intangible assets.
2025
£m
2024
£m
Free cash inflow
4,029
2,863
Total contingent consideration cash payments in 2025 were
£1,347 million (2024: £1,254 million). £1,330 million (2024: £1,235
million) of these were recognised in cash flows from operating
activities, including cash payments made to Shionogi & Co. Ltd
(Shionogi) of £1,277 million (2024: £1,190 million). These
payments are deductible for tax purposes.
Future cash flow
Over the long term, we expect that future cash generated from
operations will be sufficient to fund our operating and debt
servicing costs, normal levels of capital expenditure, obligations
under existing licensing agreements, expenditure arising from
restructuring programmes and other routine outflows including
tax, pension contributions and dividends, subject to the
‘Principal risks and uncertainties’ discussed on pages 289 to
304. We may from time to time have additional demands for
finance, such as for acquisitions and share repurchases. We
have access to multiple sources of liquidity from short and long-
term capital markets and financial institutions for such needs, in
addition to the cash flow from operations.
99
GSK Annual Report 2025
Group financial review continued
Financial position and resources
2025
£m
2024
£m
Assets
Non-current assets
Property, plant and equipment
9,322
9,227
Right of use assets
726
846
Goodwill
7,018
6,982
Other intangible assets
16,748
15,515
Investments in associates and joint ventures
89
96
Other investments
1,037
1,100
Deferred tax assets
6,520
6,757
Derivative instruments
–
1
Other non-current assets
2,148
1,942
Total non-current assets
43,608
42,466
Current assets
Inventories
5,924
5,669
Current tax recoverable
288
489
Trade and other receivables
7,471
6,836
Derivative financial instruments
121
109
Liquid investments
9
21
Cash and cash equivalents
3,397
3,870
Assets held for sale
300
3
Total current assets
17,510
16,997
Total assets
61,118
59,463
Liabilities
Current liabilities
Short-term borrowings
(3,012)
(2,349)
Contingent consideration liabilities
(1,348)
(1,172)
Trade and other payables
(15,381)
(15,335)
Derivative financial instruments
(75)
(192)
Current tax payable
(498)
(703)
Short-term provisions
(938)
(1,946)
Liabilities relating to assets held for sale
(139)
–
Total current liabilities
(21,391)
(21,697)
Non-current liabilities
Long-term borrowings
(14,708)
(14,637)
Deferred tax liabilities
(291)
(382)
Pensions and other post-employment benefits
(1,687)
(1,864)
Derivative financial instruments
(67)
–
Other provisions
(610)
(589)
Contingent consideration liabilities
(5,385)
(6,108)
Other non-current liabilities
(1,023)
(1,100)
Total non-current liabilities
(23,771)
(24,680)
Total liabilities
(45,162)
(46,377)
Net assets
15,956
13,086
Total equity
15,956
13,086
Property, plant and equipment
Our business is science-based, technology-intensive and highly
regulated by governmental authorities. We allocate significant
financial resources to the renewal and maintenance of our
property, plant, equipment and vehicles to minimise risks of
interruption to production and to ensure compliance with
regulatory standards. A number of our processes use hazardous
materials.
The total cost of our property, plant and equipment at
31 December 2025 was £20,214 million, with a net book value of
£9,322 million . Of this, land and buildings represented £2,543
million , plant, equipment and vehicles £4,271 million and assets
in construction £2,508 million . In 2025, we invested £1,373 million
in new property, plant and equipment. This was mainly related
to a large number of projects for the renewal, improvement and
expansion of facilities at various worldwide sites to support new
product development and launches as well as to improve the
efficiency of existing supply chains. Property is mainly held
freehold. New investment is financed from our liquid resources.
At 31 December 2025 , we had contractual commitments for
future capital expenditure of £764 million . We believe that our
property and plant facilities are adequate for our current
requirements.
Right of use assets
Right of use assets amounted to £726 million at 31 December
2025 compared with £846 million at 31 December 2024. The
decrease in the year primarily reflected depreciation of
£206 million, and disposals and impairments amounting to £62
million, partially offset by additions of £181 million.
Goodwill
Goodwill increased to £7,018 million at 31 December 2025, from
£6,982 million primarily as a result of £342 million from
acquisitions, partially offset by £276 million of exchange rate
losses and a £30 million transfer to assets held for sale.
Other intangible assets
Other intangible assets include the cost of intangibles acquired
from third parties and computer software. The net book value of
other intangible assets as at 31 December 2025 was £16,748
million (2024: £15,515 million).
100
GSK Annual Report 2025
Group financial review continued
Financial position and resources continued
Investments in associates and joint ventures
We held investments in associates and joint ventures with a
carrying value at 31 December 2025 of £89 million (2024:
£96 million). See Note 21, 'Investments in associates and joint
ventures' to the financial statements, for more details.
Other investments
At 31 December 2025 we held other investments with a carrying
value of £1,037 million (2024: £1,100 million). The most
significant investments held at 31 December 2025 were in
WAVE Life Sciences Ltd, Crispr Therapeutics AG and SR One
Capital Fund I-B, LP. These investments had a fair value at
31 December 2025 of £231 million (2024: £165 million), £126
million (2024: £101 million) and £120 million (2024: £135 million)
respectively. The other investments included equity stakes in
companies with which we have research collaborations, and
which provide access to biotechnology developments of
potential interest and interests in companies that arise from
business divestments.
Derivative financial instruments: assets
We held current derivative financial assets at fair value of £121
million (2024: £109 million). The majority of these financial
instruments related to foreign exchange contracts both
designated and not designated as accounting hedges.
Inventories
Inventories amounted to £5,924 million (2024: £5,669 million) at
31 December 2025.
Trade and other receivables
Trade and other receivables amounted to £7,471 million (2024:
£6,836 million) at 31 December 2025. The increase is mainly
driven by higher sales of Specialty Medicines and respiratory
medicines, as well as settlement income.
Deferred tax assets
Deferred tax assets amounted to £6,520 million (2024: £6,757
million) at 31 December 2025.
Assets held for sale
Assets held for sale amounted to £300 million (2024: £3 million)
which primarily included the manufacturing facility located in
Rockville, Maryland. Liabilities relating to assets held for sale,
including lease liabilities for the Rockville site, amounted to £139
million (2024: £nil). On 22 December 2025, GSK entered into a
definitive agreement with Samsung Biologics for the sale of
100% of its equity investment in Human Genome Sciences,
principally including the Rockville site, with closing anticipated
towards the end of Q1 2026.
Derivative financial instruments: liabilities
We held current derivative financial liabilities at fair value of £75
million (2024: £192 million). This is primarily related to foreign
exchange contracts both designated and not designated as
accounting hedges.
Trade and other payables
At 31 December 2025, trade and other payables were £15,381
million compared with £15,335 million at 31 December 2024. See
Note 28, 'Trade and other payables' to the financial statements.
Provisions
We carried deferred tax provisions and other short-term and
non-current provisions of £1,839 million at 31 December 2025
(2024: £2,917 million). Other provisions included £210 million
(2024: £1,446 million) related to legal and other disputes, and
£185 million (2024: £273 million) related to Major restructuring
programmes. During the year, legal and other disputes
provisions of £1,313 million were utilised, primarily reflecting
Zantac settlement payments of £1,195 million. Provision has
been made for legal and other disputes, indemnified disposal
liabilities, employee-related liabilities and the costs of the
restructuring programme to the extent that at the balance
sheet date a legal or constructive obligation existed and could
be reliably estimated.
Pensions and other post-employment benefits
We account for pension and other post-employment
arrangements in accordance with IAS 19. The net surplus was
£229 million (2024: £103 million deficit) on pension
arrangements, and there were net deficits on unfunded post-
employment liabilities of £801 million (2024: £863 million). See
Note 30, 'Pensions and other post-employment benefits' to the
financial statements.
Other non-current liabilities
Other non-current liabilities amounted to £1,023 million at
31 December 2025 (2024: £1,100 million).
Contingent consideration liabilities
Contingent consideration amounted to £6,733 million at
31 December 2025 (2024: £7,280 million), of which £5,433
million (2024: £6,061 million) represented the estimated present
value of amounts payable to Shionogi relating to ViiV
Healthcare, £219 million (2024: £502 million) represented the
estimated present value of contingent consideration payable to
the former shareholders of Affinivax and £651 million (2024:
£575 million) represented the estimated present value of
contingent consideration payable to Novartis related to the
Vaccines acquisition.
The liability due to Shionogi was £266 million in respect of
preferential dividends. An explanation of the accounting for the
non-controlling interests in ViiV Healthcare is set out on page
86.
Of the total contingent consideration payable (on a post-tax
basis) at 31 December 2025, £1,194 million (2024: £1,127 million)
is expected to be paid within one year to Shionogi. The
consideration payable is expected to be paid over a number of
years. As a result, the total estimated liabilities are discounted
to their present values, on a post-tax basis using post-tax
discount rates.
The Shionogi-ViiV Healthcare contingent consideration liability
is discounted at 8%, the Affinivax contingent consideration
liability is discounted at 9%, the Novartis Vaccines contingent
consideration liability is discounted partly at 8.0% and partly at
9% and, the The BP Asset IX contingent consideration liability is
discounted at 9%.
101
GSK Annual Report 2025
Group financial review continued
Financial position and resources continued
Maturity profile of bond debt
£m equivalent
6991
¥
£
$
£
€
£
$
€
€
€
€
$
$
£
€
€
$
£
$
€
£
$
$
£
$ US bonds
€ EUR bonds
£ GBP bonds
¥ JPY bonds
Net debt
2025
£m
2024
£m
Liquid investments
9
21
Cash and cash equivalents
3,397
3,870
Short-term borrowings
(3,012)
(2,349)
Long-term borrowings
(14,708)
(14,637)
Liabilities relating to assets held for sale
(139)
–
Net debt the end of the year
(14,453)
(13,095)
At 31 December 2025, net debt was £14.5 billion, compared with
£13.1 billion at 31 December 2024, comprising gross debt of £17.9
billion and cash and liquid investments of £3.4 billion. Net debt
increased by £1.4 billion primarily due to the net acquisition
costs of IDRx, Inc. (IDRx), BP Asset IX, Inc. (BP Asset IX) to
access efimosfermin, and Cellphenomics GmbH totalling £1.7
billion, dividends paid to shareholders of £2.6 billion and shares
purchased as part of the share buyback programme of £1.4
billion. This was partly offset by free cash inflow £4.0 billion and
exchange gain on net debt of £0.2 billion.
At 31 December 2025 , GSK had short-term borrowings
(including overdrafts and lease liabilities) repayable within
12 months of £3.0 billion and long-term borrowings of £1.5 billion
repayable in the subsequent year.
At 31 December 2025, GSK’s cash and liquid investments were
held as follows:
2025
£m
2024
£m
Bank balances and deposits
1,604
2,590
US Treasury and Treasury repo only money
market funds
431
300
Liquidity funds
1,362
980
Cash and cash equivalents
3,397
3,870
Liquid investments – government securities
9
21
3,406
3,891
Cash and liquid investments of £2.6 billion (2024:£3.1 billion)
were held centrally at 31 December 2025.
The analysis of cash and gross debt after the effects of hedging
is as follows:
2025
£m
2024
£m
Liquid investments
9
21
Cash and cash equivalents
3,397
3,870
Gross debt– fixed
(16,317)
(16,060)
                    – floating
(1,542)
(924)
                    – non-interest bearing
–
(2)
Net debt
(14,453)
(13,095)
102
GSK Annual Report 2025
Group financial review continued
Financial position and resources continued
Movements in net debt
2025
£m
2024
£m
Total net debt at beginning of year
(13,095)
(15,040)
Increase/(decrease) in cash and bank
overdrafts
(177)
599
Increase/(decrease) in liquid investments
(11)
(21)
Repayment of long-term loans
1,400
1,615
Issue of long-term notes
(1,979)
(1,075)
Net decrease/(increase) in short-term loans
(1,085)
811
Increase in other short-term loans
(130)
(266)
Repayment of other short-term loans
288
81
Repayment of lease liabilities
241
226
Net debt of subsidiary undertakings required
(1)
–
Exchange adjustments
241
117
Other non-cash movements
(145)
(142)
Decrease/(increase) in net debt
(1,358)
1,945
Total net debt at end of year
(14,453)
(13,095)
Reconciliation of Total Operating Profit to
Core EBITDA
2025
£m
2024
£m
Total Operating profit
7,932
4,021
Adjusting items
1,851
5,127
Core Operating profit
9,783
9,148
Including:
Share of Core after tax profit/(loss) of
      associates and joint ventures
(10)
(3)
Excluding:
Core depreciation
1,055
1,096
Core amortisation
450
452
Core EBITDA
11,278
10,693
Total net debt to Core EBITDA ratio
Total net debt
14,453
13,095
Core EBITDA
11,278
10,693
Total net debt to Core EBITDA ratio
1.3
1.2
Total equity
At 31 December 2025, total equity had increased from
£13,086 million at 31 December 2024 to £15,956 million.
A summary of the movements in equity is set out below:
2025
£m
2024
£m
Total equity at beginning of year
13,086
12,795
Total comprehensive income for the year
6,782
2,778
Distributions to non-controlling interests
(391)
(416)
Dividends to shareholders
(2,564)
(2,444)
Deconsolidation of former subsidiaries
–
(2)
Shares issued
15
20
Purchase of treasury shares
(1,377)
–
Changes in non-controlling interests
–
4
Hedging gain/(loss) transferred to
non-financial assets
–
(6)
Share-based incentive plans
374
344
Tax on share-based incentive plans
31
4
Contributions from non-controlling interests
–
9
Total equity at end of year
15,956
13,086
Share purchases
On 5 February 2025, GSK announced a £2 billion share buyback
programme to be implemented over an 18 month period. The
programme commenced on 24 February 2025 and is expected
to complete by mid-2026. As at 31 December 2025, 93 million
shares at an average price of £14.73 per share have been
repurchased under the programme, at a cost of £1,377 million,
including transaction costs of £8 million. Shares repurchased
under the programme are held as Treasury shares.
At 31 December 2025, GSK held a total of 240 million Treasury
shares (2024: 169.2 million shares) at a cost of £3,948 million
(2024: £2,958 million), of which 147 million shares at a cost of
£2,571 million were repurchased as part of previous share
buyback programmes, which has been deducted from retained
earnings.
In 2025 , 22 million Treasury shares were transferred to the
Employee Share Ownership Plan (ESOP) Trusts. Shares are held
by the Trusts to satisfy future exercises of options and awards
under the Group share option and award schemes.
A proportion of the shares held by the Trusts are in respect of
awards where the rules of the scheme require GSK to satisfy
exercises through market purchases rather than the issue of
new shares. The shares held by the Trusts are matched to
options and awards granted.
At 31 December 2025, the ESOP Trusts held 62.8 million
(2024: 64.3 million) GSK shares against the future exercise
of share options and share awards and for the Executive
Supplemental Savings plan. The carrying value of
£282 million (2024: £397 million) has been deducted from other
reserves. The market value of these shares was £1,147 million
(2024: £866 million).
103
GSK Annual Report 2025
Group financial review continued
Financial position and resources continued
Contractual obligations and commitments
Financial commitments are summarised in Note 35,
'Commitments' and Note 43, ‘Financial instruments and related
disclosures’ to the financial statements. The amounts below
represent the anticipated undiscounted contractual cash flows
for the Group’s key financial commitments.
At 31 December 2025, the Group anticipates gross contractual
cash flows of £17 billion for borrowings (excluding interest) of
which £3 billion is payable within one year and £14 billion is
payable after one year. Total undiscounted interest payable on
these loans amounts to £5.0 billion of which £0.6 billion is
payable within one year and £4.4 billion is payable after more
than one year. Commitments in respect of loans and future
interest payable on loans are disclosed before taking into
account the effect of derivatives. Refer to Note 43. ‘Financial
instruments and related disclosures’ on page 248 for more
details.
At 31 December 2025, the Group has intangible assets capital
commitments of £17 billion. Of these, £1 billion would fall due
within one year and £16 billion would fall due after more than
one year. These commitments include milestone payments,
which are dependent on successful clinical development or on
meeting specified sales targets, and which represent the
maximum that would be paid if all milestones, however unlikely,
were to be achieved. The amounts are not risk-adjusted or
discounted. Refer to Note 35. ‘Commitments’ on page 236 for
more details.
At 31 December 2025, the Group anticipates gross contractual
cash flows of £0.8 billion for lease liabilities (excluding interest)
of which £0.1 billion is payable within one year and £0.7 billion is
payable after one year. Total undiscounted interest payable on
lease liabilities amounts to £0.2 billion, most of which is payable
after more than one year. Refer to Note 43. ‘Financial
instruments and related disclosures’ on page 248 for more
details.
At 31 December 2025, the Group had property, plant and
equipment capital commitments of £0.8 billion of which £0.5
billion is payable within one year and £0.3 billion is payable
after one year. Refer to Note 35, ‘Commitments’ on page 236
for more details.
At 31 December 2025, the Group had £0.2 billion of investment
commitments of which £0.1 billion is payable within one year
and £0.1 billion is payable after one year.
Contingent liabilities
Other contingent liabilities are set out in Note 34, 'Contingent
liabilities' to the financial statements.
Contingent liabilities, comprising guarantees and other items
arising in the normal course of business, potentially due within
one year and after one year amount to £3 million and £35
million respectively.
In the normal course of business, we have provided various
indemnification guarantees in respect of business disposals
in which legal and other disputes have subsequently arisen.
A provision is made where an outflow of resources is considered
probable and a reliable estimate can be made of the likely
outcome of the dispute and this is included in Note 31, 'Other
provisions' to the financial statements.
We provide for the outcome of tax, legal and other disputes
when an outflow of resources is considered probable and a
reliable estimate of the outflow may be made. At 31 December
2025, other than for those disputes where provision has been
made, it was not possible to make a reliable estimate of the
potential outflow of funds that might be required to settle
disputes where the possibility of there being an outflow was
more than remote.
The ultimate liability for such matters may vary significantly
from the amounts provided and is dependent upon
negotiations with the relevant tax authorities and the outcome
of litigation proceedings, where relevant. This is discussed
further in ‘Principal risks and uncertainties’ on pages 289 to 304
and Note 46, 'Legal proceedings' to the financial statements.
104
GSK Annual Report 2025
Group financial review continued
Approach to tax
Business makes a major contribution to the public purse
through its tax contribution. This includes direct taxes (such as
corporate income tax) and indirect taxes (such as VAT,
environmental taxes and customs duties) as well as other taxes
(such as employment taxes and property taxes). It is therefore
important that companies explain their approach to tax. This
helps inform dialogue about tax and tax policy. 
We are supportive of efforts to ensure companies are
appropriately transparent about how their tax affairs are
managed. To this end, our Tax Strategy (which includes a
summary of our Total Tax Contribution (TTC) and country-by-
country reporting (CBCR) data) is set out in detail within the
Public policies section of our website and we regularly engage
in discussions with stakeholders who are keen to understand our
tax profile and our approach to tax.
As a global biopharmaceutical company, we have a substantial
business and employment presence in many countries around
the world and pay a significant amount of tax. This includes
corporate income tax, other business taxes, and tax associated
with our employees. We also collect a significant amount of tax
on behalf of governments, such as income tax from payments
to our employees and VAT along our supply chain. Further
information in relation to GSK’s total tax contribution, giving a
better reflection of our overall fiscal contribution in a particular
country, can be found in our published Tax Strategy.
We are subject to taxation throughout our supply chain. The
worldwide nature of our operations means that our cross-
border supply routes, necessary to ensure supplies of medicines
into numerous countries, can result in conflicting claims from tax
authorities as to the profits to be taxed in individual countries.
This can lead to double taxation (with profits taxed in more
than one country). 
To mitigate the risk of double taxation, profits are recognised in
territories by reference to the activities performed there and the
value they generate. To ensure the profits recognised in
jurisdictions are aligned to the activity undertaken there, and in
line with current OECD guidelines, we base our transfer pricing
policy on the arm’s length principle and support our transfer
prices with economic analysis and reports.
We do not engage in artificial tax arrangements – those
without business or commercial substance. We do not seek to
avoid tax by using ‘tax havens’ or transactions we would not
fully disclose to a tax authority. We have a zero-tolerance
approach to tax evasion and the facilitation of tax evasion.
Tax risk in all countries in which we operate is managed through
robust internal policies, processes, training and compliance
programmes. Our Board of Directors, supported by the Audit &
Risk Committee (ARC), is responsible for approving our tax
policies and risk management arrangements as part of our
wider risk management and internal control framework. Our
Risk Oversight and Compliance Council (ROCC) and the Audit
and Assurance function help the ARC oversee tax risks and the
strategies used to address them.
We seek to maintain open and constructive relationships with
tax authorities worldwide, meeting regularly to discuss our tax
affairs and real time business updates wherever possible to
support their work and help manage tax risk in accordance with
our framework.
We monitor government debate on tax policy in our key
jurisdictions so that we can understand and share an informed
point of view regarding any potential future changes in tax law,
in support of a transparent and financially sustainable tax
system. Where relevant, we provide pragmatic and constructive
business input to tax policy makers either directly or through
industry trade bodies, to help inform reforms that support
economic growth and job creation.
In 2025, the Group corporate tax charge was £1,112 million
(2024: £526 million) on profits before tax of £7,401 million (2024:
£3,477 million) representing an effective tax rate of 15.0% (2024:
15.1%). We made cash tax payments of £1,202 million in the year
(2024: £1,307 million). In addition to the taxes we pay on our
profits, we pay duties, levies, transactional and employment
taxes.
The Group’s Total tax rate for 2025 of 15.0% (2024: 15.1%) was
lower than the Core tax rate reflecting the different tax effects
of various Adjusting items, including non-taxable revaluations
of contingent consideration liabilities associated with recent
acquisitions.
Our Core tax rate for 2025 was 17.1% (2024: 17.0%). The rate
continues to benefit from innovation incentives available in key
territories in which we operate, such as the UK and Belgium
Patent Box regimes, albeit at a reduced level following
introduction of global minimum corporate tax rate provisions, in
line with the OECD’s Pillar Two model rules.
Further details about our corporate tax charges for the year are
set out in Note 14, 'Taxation' to the financial statements.
105
GSK Annual Report 2025
Group financial review continued
Treasury policies 
The role of Treasury is to monitor and manage the Group’s
external and internal funding requirements and financial risks in
support of our strategic objectives. GSK operates on a global
basis, primarily through subsidiary companies, and we manage
our capital to ensure that our subsidiaries are able to operate
as going concerns and to optimise returns to shareholders
through an appropriate balance of debt and equity. Treasury
activities are governed by policies approved annually by the
Board of Directors, and most recently on 8 October 2025. A
Treasury Management Group (TMG) meeting, chaired by our
Chief Financial Officer, takes place on a regular basis to review
Treasury activities. Its members receive management
information relating to these activities.
Treasury operations
The objective of GSK’s Treasury activities is to minimise the
post-tax net cost of financial operations and reduce its volatility
in order to benefit earnings and cash flows. GSK uses a variety
of financial instruments to finance its operations and derivative
financial instruments to manage market risks from these
operations. Derivatives principally comprise foreign exchange
forward contracts and swaps which are used to swap
borrowings and liquid assets into currencies required for Group
purposes, as well as interest rate swaps and cross currency
swaps which are used to manage exposure to financial risks
from changes in interest rates.
Derivatives are used exclusively for hedging purposes in relation
to underlying business activities and not as trading or
speculative instruments.
Capital management
GSK’s financial strategy, implemented through the Group’s
financial architecture, supports GSK’s strategic priorities and is
regularly reviewed by the Board. We manage the capital
structure of the Group through an appropriate mix of debt and
equity. We continue to manage our financial policies to a credit
profile that particularly targets ratings of at least A2/A
(Moody's/S&P), through the cycle.
GSK’s long-term credit rating with S&P Global Ratings (‘S&P’) is
A (stable outlook) and with Moody’s Ratings (‘Moody’s’) is A2
(stable outlook). Our short-term credit ratings are A-1 and P-1
with S&P and Moody’s respectively.
Liquidity risk management
GSK’s policy is to borrow centrally in order to meet anticipated
funding requirements. Our cash flow forecasts and funding
requirements are monitored by the TMG on a regular basis. Our
strategy is to diversify liquidity sources using a range of facilities
and to maintain broad access to financial markets.
Each day, we sweep cash to or from a number of global
subsidiaries to central treasury accounts for liquidity
management purposes.
Interest rate risk management
GSK’s objective is to minimise the effective net interest cost and
to balance the mix of debt at fixed and floating interest rates
over time. The policy on interest rate risk management limits the
net amount of floating rate debt to a specific cap, reviewed
and agreed no less than annually by the Board.
Foreign exchange risk management
Our objective is to minimise the exposure of overseas operating
subsidiaries to transaction risk by matching local currency
income with local currency costs where possible. Foreign
currency transaction exposures arising on external and internal
trade flows are selectively hedged. GSK’s internal trading
transactions are matched centrally and we manage inter-
company payment terms to reduce foreign currency risk. Where
possible, we manage the cash surpluses or borrowing
requirements of subsidiary companies centrally using forward
contracts to hedge future repayments back into the originating
currency.
In order to reduce foreign currency translation exposure, we
seek to denominate borrowings in the currencies of our
principal assets and cash flows. These are primarily
denominated in US Dollars, Euros and Sterling.
Borrowings can be swapped into other currencies as required.
Borrowings denominated in, or swapped into, foreign currencies
that match investments in overseas Group assets may be
treated as a hedge against the relevant assets. Forward
contracts in major currencies are also used to reduce exposure
to the Group’s investment in overseas Group assets. The TMG
reviews the ratio of borrowings to assets for major currencies
regularly.
Commodity risk management
Our objective is to minimise income statement volatility arising
from fluctuations in commodity prices, where practical and cost
effective to do so. The TMG is authorised to approve the
execution of certain financial derivatives to hedge commodity
price exposures.
Counterparty risk management
We set global counterparty limits for each of our banking and
investment counterparties based on long-term credit ratings
from Moody’s and S&P. Usage of these limits is actively
monitored and any breach of these limits would be reported to
the Chief Financial Officer immediately. Credit Support Annexes
(CSAs) can be utilised to reduce credit risk on selected trades,
taking into consideration impact on current and future liquidity.
In addition, relationship banks and their credit ratings are
reviewed regularly so that, when changes in ratings occur,
changes can be made to investment levels or to authority limits
as appropriate. All banking counterparty limits are reviewed at
least annually.
106
GSK Annual Report 2025
Group financial review continued
Critical accounting policies
The Group consolidated financial statements have been
prepared in accordance with UK-adopted international
accounting standards in conformity with the requirements of
the Companies Act 2006 and the International Financial
Reporting Standards (IFRS) as issued by the International
Accounting Standard Boards (IASB).
We are required to make estimates and assumptions that
affect the amounts of assets, liabilities, revenue and expenses
reported in the financial statements. Actual amounts and results
could differ from those estimates.
The critical accounting policies relate to the following areas:
– Turnover
– Taxation (Note 14)
– Legal and other disputes (Note 46)
– Contingent consideration liabilities (Note 32)
– Pensions and other post-employment benefits (Note 30)
– Impairment of intangible assets (Note 20)
Information on the judgements and estimates made in these
areas is given in Note 3, 'Critical accounting judgements and
key sources of estimation uncertainty' to the financial
statements.
Turnover
In respect of the turnover accounting policy, our largest
business is US Commercial Operations, and the US market has
the most complex arrangements for rebates, discounts and
allowances. The following briefly describes the nature of the
arrangements in existence in our US Commercial Operations:
– We have arrangements with certain indirect customers
whereby the customer is able to buy products from
wholesalers at reduced prices. A chargeback represents the
difference between the invoice price to the wholesaler and
the indirect customer’s contractual discounted price. Accruals
for estimating chargebacks are calculated based on the
terms of each agreement, historical experience and product
growth rates.
– Customer rebates are offered to key managed care and
Group Purchasing Organisations and other direct and
indirect customers. These arrangements require the customer
to achieve certain formulary status, performance targets
relating to the value of product purchased or pre-determined
market shares relative to competitors. The accrual for
customer rebates is estimated based on the specific terms in
each agreement, historical experience and product growth
rates.
– Market-driven segments consist primarily of managed care
and Medicare plans with which we negotiate contract pricing
that is honoured via rebates and chargebacks.
– Mandated segments consist primarily of Medicaid and
federal government programmes which receive government-
mandated pricing via rebates and chargebacks.
– The US Medicaid programme is a state-administered
programme providing assistance to certain poor and
vulnerable patients. In 1990, the Medicaid Drug Rebate
Program was established to reduce state and federal
expenditure on prescription drugs. In 2010, the Patient
Protection and Affordable Care Act became law. We
participate by providing rebates to states. Accruals for
Medicaid rebates are calculated based on the specific terms
of the relevant regulations or the Patient Protection and
Affordable Care Act.
– Cash discounts are offered to customers to encourage
prompt payment. These are accrued for at the time of
invoicing and adjusted subsequently to reflect actual
experience.
– We record an accrual for estimated sales returns by applying
historical experience of customer returns to the amounts
invoiced, together with market-related information such as
stock levels at wholesalers, anticipated price increases and
competitor activity.
A reconciliation of gross turnover to net turnover for US
Commercial Operations is as follows:
2025
2024
2023
£m
Margin
%
£m
Margin
%
£m
Margin
%
Gross turnover
32,286
100
30,484
100
32,359
100
Market-driven
segments
(8,696)
(27)
(7,704)
(25)
(8,874)
(27)
Government
mandated and
state programmes
(5,808)
(18)
(5,394)
(18)
(6,385)
(20)
Cash discounts
(524)
(2)
(502)
(2)
(566)
(2)
Customer returns
(249)
(1)
(272)
(1)
(344)
(1)
Prior year
adjustments
788
2
631
2
591
2
Other items
(938)
(2)
(859)
(3)
(961)
(3)
Total deductions
(15,427)
(48)
(14,100)
(47)
(16,539)
(51)
Net turnover
16,859
52
16,384
53
15,820
49
Overall sales deduction as a percentage of sales has slightly
increased in 2025 versus 2024 in line with our commercial
contracting strategy, the new Medicare Part D Manufacturer
Discount Program (MDP) as well as movement in product mix.
Deductions within the year were split approximately as follows:
General Medicines 59%, Specialty Medicines 31% and Vaccines
11%.
At 31 December 2025, the total accrual for discounts, rebates,
allowances and returns for US Commercial Operations
amounted to £4,891 million (2024: £5,235 million).
107
GSK Annual Report 2025
Group financial review continued
Critical accounting policies continued
A monthly process is operated to monitor inventory levels at
wholesalers for any abnormal movements. This process uses
gross sales volumes, prescription volumes based on third-party
data sources and information received from key wholesalers.
The aim of this is to maintain inventories at a consistent level
from year to year based on the pattern of consumption.
On this basis, US Commercial Operations inventory levels at
wholesalers and in other distribution channels at 31 December
2025 were estimated to amount to approximately four weeks of
turnover. This calculation uses third-party information, the
accuracy of which cannot be totally verified, but is believed to
be sufficiently reliable for this purpose.
Legal and other disputes
In respect of the accounting policy for legal and other disputes,
the following briefly describes the process by which we
determine the level of provision that is necessary.
In accordance with the requirements of IAS 37, ‘Provisions,
contingent liabilities and contingent assets’, we provide for
anticipated settlement costs where an outflow of resources is
considered probable and a reliable estimate may be made of
the likely outcome of the dispute and legal and other expenses
arising from claims against the Group.
We may become involved in significant legal proceedings, in
respect of which it is not possible to meaningfully assess
whether the outcome will result in a probable outflow, or to
quantify or reliably estimate the liability, if any, that could result
from ultimate resolution of the proceedings. In these cases,
appropriate disclosure about such cases would be included in
the Annual Report, but no provision would be made.
This position could change over time and, therefore, there can
be no assurance that any losses that result from the outcome of
any legal proceedings will not exceed by a material amount the
amount of the provisions reported in the Group’s financial
statements.
Like many pharmaceutical companies, we are faced with
various complex product liability, anti-trust and patent
litigation, as well as investigations of our operations conducted
by various governmental regulatory agencies. Throughout the
year, the General Counsel of the Group, as head of the Group’s
legal function, supported by the Senior Vice President and
Head of Global Litigation for the Group, who is responsible for
all litigation and government investigations, routinely brief the
Chief Executive Officer, the Chief Financial Officer and the
Board of Directors on the significant litigation pending against
the Group and governmental investigations of the Group.
These meetings, as appropriate, detail the status of significant
litigation and government investigations and review matters
such as the number of claims notified to us, information on
potential claims not yet notified, assessment of the validity of
claims, progress made in settling claims, recent settlement
levels and potential reimbursement by insurers.
The meetings also include an assessment of whether or not
there is sufficient information available for us to be able to
make a reliable estimate of the potential outcomes of the
disputes. Often, external counsel assisting us with various
litigation matters and investigations will also assist in the
briefing of the Board and senior management. Following these
discussions, for those matters where it is possible to make a
reliable estimate of the amount of a provision, if any, that may
be required, the level of provision for legal and other disputes is
reviewed and adjusted as appropriate. These matters are
discussed further in Note 46, 'Legal proceedings' to the financial
statements.
Strategic report
The Strategic report was approved by the Board of Directors on
4 March 2026
Julie Brown
Chief Financial Officer
4 March 2026
108
GSK Annual Report 2025
Corporate
governance
In this section
The Board and Executive Committee
109
Sir Jonathan Symonds, CBE
Non-Executive Chair
Age: 67
Nationality: British
Appointed: 1 September 2019
Skills and experience
Jon has extensive international financial, life sciences and governance experience.
Jon served as a Non-Executive Director of Genomics England from October 2013 to October
2025. From April 2014 until February 2020, he was an Independent Non-Executive Director of
HSBC Holdings plc where he also served as Chairman of the Group Audit Committee and as
Deputy Group Chairman from August 2018. Jon was previously Chairman of HSBC Bank plc,
Chief Financial Officer of Novartis AG, Partner and Managing Director of Goldman Sachs,
Chief Financial Officer of AstraZeneca plc, and a Partner at KPMG. He was also a Senior Advisor
to Chatham House.
Jon is a Fellow of the Institute of Chartered Accountants in England and Wales, an Honorary
Fellow of the Oxford School of Pharmacology, and an Honorary Fellow of the Academy of
Medical Sciences.
External appointments
Non-Executive Chair, Energy Aspects; Member, European Round Table for Industry; Member,
Investor & Issuer Forum (I&IF) Steering Committee.
Luke Miels
Chief Executive Officer
Age: 51
Nationality: Australian
Appointed: 1 January 2026
Skills and experience
Luke became CEO and joined the Board on 1 January 2026, following his appointment as CEO
designate in September 2025.
Luke joined GSK in 2017 as Chief Commercial Officer, responsible for our commercial portfolio
of medicines and vaccines. He previously worked for AstraZeneca as Executive Vice President
of their European business and, prior to that, was Executive Vice President of Global Product
and Portfolio Strategy, Global Medical Affairs and Corporate Affairs. Before that, he was head
of Asia for Roche, based in Shanghai and then Singapore. Prior to that he held roles of increasing
seniority at Roche and Sanofi-Aventis in the US, Europe and Asia.
Luke holds a Bachelor of Science degree in Biology from Flinders University in Adelaide and
an MBA from the Macquarie University, Sydney.
Julie Brown
Chief Financial Officer
Age: 64
Nationality: British
Appointed: 1 May 2023
Skills and experience
Julie has an extensive financial and life sciences background, having been the Group CFO of
Smith & Nephew from 2013 to 2017 and serving as a Non-Executive Director and Audit Chair of
Roche Holding AG from 2016 to 2022. Before this, Julie was Interim Group CFO of AstraZeneca
plc, having worked in a wide range of commercial, strategic and financial positions across three
continents over a 25-year period. Julie was also Chief Operating Officer and CFO and Executive
Director of Burberry Group plc from 2017 to 2023, where her responsibilities included Finance,
Transformation, Technology and oversight of cyber security, Investor Relations and Sustainability.
Julie is a Fellow of the Institute of Chartered Accountants and the Institute of Tax.
External appointments
Member, CFO Leadership Network, Accounting for Sustainability (part of the King Charles III
Charitable Fund Group of Charities) having previously served as Co-Chair; Patron, Oxford
University Women in Business; Non-Executive Director and Chair of the Audit Committee,
Diageo plc; Member, Business Advisory Board to the Mayor of London.
Elizabeth (Liz) McKee Anderson
Independent Non-Executive Director
Age: 68
Nationality: American
Appointed: 1 September 2022
Skills and experience
Liz brings significant experience in commercial biopharmaceuticals and is a seasoned biotech
board member. Her significant experience in commercial biopharmaceuticals, both operationally
and at board level, as well as her deep understanding of the biotechnology sector and
application of technology, are invaluable to GSK as a pure biopharma company.
Before her current roles, Liz served as Worldwide Vice President and commercial leader in
infectious diseases and vaccines and also for immunology and oncology at Janssen
Pharmaceuticals, and as Vice President and General Manager at Wyeth Vaccines. Liz was also
previously a Board member of Huntsworth Plc and a Board Member and Chair of the Science,
Technology and Investment Committee of Bavarian Nordic A/S. Liz has a degree in Engineering
and Technical Management and an MBA in Finance.
External appointments
Board Member and Chair of the Compensation Committee, BioMarin Pharmaceutical, Inc; Board
Member and Chair of the Compensation Committee, Revolution Medicines, Inc; Board Member
and Chair of the Nominations & Governance Committee, Insmed, Inc; Trustee and Chair of the
Business Development Committee, The Wistar Institute; Director and Chair of the Compensation
Committee, Aro Biotherapeutics Company, a private company.
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Charles Bancroft
Senior Independent Non-Executive Director
Age: 66
Nationality: American
Appointed: 1 May 2020
Senior Independent Non-Executive Director
from 18 July 2022
Skills and experience
Charlie has a wealth of financial and management experience in global biopharma.
Charlie retired from a successful career at Bristol Myers Squibb (BMS) in March 2020 where he
held a number of leadership roles in commercial, strategy and finance. Beginning his career at
BMS in 1984, he held positions of increasing responsibility within the finance organisation and
had commercial operational responsibility for Latin America, Middle East, Africa, Canada,
Japan and several Pacific Rim countries. He was appointed Chief Financial Officer in 2010,
Chief Financial Officer and Executive Vice President, Global Business Operations in 2016 and
Executive Vice President and Head of Integration and Strategy & Business Development in 2019.
As Chief Financial Officer, Charlie had line management responsibility for Information
Technology, including cyber security. Charlie successfully steered BMS through a period of
strategic transformation, including its $74 billion acquisition of Celgene. Charlie also served as
a member of the Board of Colgate-Palmolive Company from 2017 until 2020 and as an advisor
at Patent Protection Research from 2024 until 2025.
External appointments
Board Member, Kodiak Sciences Inc; Board Member, BioVector Inc; Advisory Board Member,
Drexel University’s LeBow College of Business.
The Board determined that Charlie has recent and relevant financial experience and agreed that
he has the appropriate qualifications and background to be an audit committee financial expert.
Dr Hal Barron
Non-Executive Director
Age: 63
Nationality: American
Appointed: 1 January 2018
Chief Scientific Officer and
President, R&D from 1 April 2018
Transitioned to the role of Non-Executive
Director on 1 August 2022
Skills and experience
Hal has had a distinguished career in biosciences, with a strong track record of research and
development (R&D). He joined the Board of GSK in 2018 as Chief Scientific Officer and President,
R&D, where he brought a new approach to R&D which focused on science related to the immune
system, the use of human genetics and advanced technologies to help identify the next
generation of transformational medicines. In August 2022, he transitioned to a Non-Independent
Non-Executive Director, with additional responsibilities to support R&D.
Before joining GSK, Hal was President, R&D at Calico LLC (California Life Company), an
Alphabet-funded company that uses advanced technologies to increase understanding
of lifespan biology. Hal was previously Executive Vice President, Head of Global Product
Development, and Chief Medical Officer of Roche, responsible for all the products in the
combined portfolio of Roche and Genentech. At Genentech, he was Senior Vice President of
Development and Chief Medical Officer. Hal was a Non-Executive Director and Chair of the
Science & Technology Committee at Juno Therapeutics, Inc until March 2018, when it was
acquired by Celgene Corporation. He previously served as a Non-Executive Board Director
of GRAIL, Inc and an Advisory Board Member of Verily Life Sciences LLC.
External appointments
CEO and Board Co-Chair, Altos Labs Inc; Associate Adjunct Professor, Epidemiology &
Biostatistics, University of California, San Francisco.
Dr Anne Beal
Independent Non-Executive Director
Age: 63
Nationality: American
Appointed: 6 May 2021
Skills and experience
Anne brings extensive healthcare experience to the Board as a physician and entrepreneur
combined with a passion for patient advocacy. She is a recognised health policy expert in the
development of global and national programmes for improving healthcare access for all patient
groups and in ensuring the voice of patients is reflected in research programmes.
Prior to her current roles, Anne spent six years at Harvard Medical School and Massachusetts
General Hospital, where she was an instructor in paediatrics. She has also held leadership roles
at the Commonwealth Fund and the Aetna Foundation. Anne was previously Deputy Executive
Director and Chief Engagement Officer for The Patient-Centered Outcomes Research Institute
in the US and Chief Patient Officer and Global Head of Patient Solutions at Sanofi. In addition,
Anne was previously a member of the Board of Academy Health.
External appointments
Founder and CEO, AbsoluteJOI Skincare; Board Member, Prolacta Bioscience; Board Member,
Omada Health, Inc; Member of Board of Trustees, Brown University.
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Wendy Becker
Independent Non-Executive Director
Age: 60
Nationality: American
Appointed: 1 October 2023
Skills and experience
Wendy is a highly experienced Non-Executive Director and has held significant leadership
positions in a wide range of global businesses in public, private and non-profit sectors. She
possesses a wealth of strategic and consumer marketing expertise in particular across the
technology and life sciences sectors.
Wendy has strong executive management experience, having been Chief Executive Officer
at Jack Wills Limited, Group Chief Marketing Officer at Vodafone Group plc and Partner at
McKinsey & Company. Wendy’s interest in science, healthcare and medical research dates to
her time at McKinsey, where she worked with a range of healthcare clients in the US and Europe.
This was furthered during the years that she served on the Board of Cancer Research UK. More
recently, Wendy spent time as a Non-Executive Director of NHS England and as Chair of the
British Heart Foundation.
Wendy has held several Non-Executive Director roles, among others, as Chair of Logitech
International S.A., Chair of the Remuneration Committees of Great Portland Estates plc and
Ocado Group plc, a member of the Remuneration and Audit Committees of Whitbread plc and
Senior Independent Director and Chair of the Remuneration Committee of Oxford Nanopore
Technologies plc.
Through her current and prior roles in technology companies, Wendy adds to the Board’s
experience in cyber security.
External appointments
Chair of the Board and Chair of the Nominating Committee, Sony Group Corporation; Member
of the governing bodies of the University of Oxford; Trustee, University of Oxford.
Dr Harry (Hal) C Dietz
Independent Non-Executive Director
and Scientific & Medical Expert
Age: 67
Nationality: American
Appointed: 1 January 2022
Skills and experience
Hal brings extensive experience in the field of human genetics which is central to GSK’s approach
to R&D. He is a former President of the American Society of Human Genetics and is recognised
as the world’s leading authority on the genetic disorder known as Marfan Syndrome. He also
brings experience in developing novel therapies, particularly in relation to disease-modifying
treatments for fibrotic and neurodegenerative diseases. In total, Hal has authored 282 original
publications in peer-reviewed journals during his career.
As a physician scientist, he has dedicated his entire career to the care and study of individuals
with heritable connective tissue disorders with primary perturbations of extracellular matrix
homeostasis and function. His lab has identified the genes for many of these conditions, for
which he uses model systems to explain disease mechanisms.
Hal has received many prestigious awards including the Curt Stern Award from the American
Society of Human Genetics, the Colonel Harland Sanders Lifetime Achievement Award in
Medical Genetics, the Taubman Prize for excellence in translational medical science, the
Harrington Prize from the American Society for Clinical Investigation and the Harrington
Discovery Institute, the Pasarow Award in Cardiovascular Research, the InBev-Baillet Latour
Health Prize from Belgium, and the Research Achievement Award from the American Heart
Association.
He is an inductee of the American Society for Clinical Investigation, the American Association
for the Advancement of Science, the Association of American Physicians, the National Academy
of Medicine, and the National Academy of Sciences. Hal was previously an Investigator at the
Howard Hughes Medical Institute.
External appointments
Victor A. McKusick Professor of Paediatrics, Medicine, and Molecular Biology & Genetics in
the Department of Genetic Medicine, The Johns Hopkins University School of Medicine; Non-
Executive Board Director, Altius Institute for Biomedical Sciences; Independent Chair, GSK’s
Human Genetics Scientific Advisory Board.
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Dr Jeannie Lee
Independent Non-Executive Director
and Scientific & Medical Expert
Age: 61
Nationality: American
Appointed: 4 March 2024
Skills and experience
Jeannie is a pioneer in the field of RNA Biology and its application to drug development and
therapeutics. In addition to senior leadership positions held at both Harvard Medical School and
the Massachusetts General Hospital, Jeannie co-founded Translate Bio and Fulcrum
Therapeutics, two biotech companies specialising in RNA and epigenetic therapies.
Jeannie is a Member of the National Academy of Sciences and the National Academy of
Medicine. She is a Harrington Rare Disease Scholar of the Harrington Discovery Institute, a
recipient of the Lurie Prize from the Foundation for the National Institutes of Health, an awardee
of the Centennial Prize from the Genetics Society of America, the 2010 Molecular Biology Prize
and the 2020 Cozzarelli Prize from the National Academy of Sciences, and a Fellow of the
American Association for the Advancement of Science. She has also served on the Board of the
Genetics Society of America.
External appointments
Endowed Chair of Molecular Biology, Vice Chair of Genetics and Professor of Genetics (&
Pathology), Harvard Medical School; Chair of Molecular Biology, Massachusetts General
Hospital; Co-Founder and Consultant, Fulcrum Therapeutics; Scientific Advisory Board member,
Skyhawk Therapeutics, Inc.
Dr Gavin Screaton
Independent Non-Executive Director
and Scientific & Medical Expert
Age: 63
Nationality: British
Appointed: 1 May 2025
Skills and experience
Gavin was appointed as Independent Non-Executive Director and designated a Scientific &
Medical Expert on 1 May 2025.
Gavin brings deep expertise in immunology and infectious diseases, together with considerable
experience in public health, bringing valuable perspective to the Board. Gavin is currently head of
the world-leading Medical Sciences Division at the University of Oxford and an expert in the field
of immunology and infectious diseases, two areas of science critical to GSK. Gavin is Scientific
Advisor and co-founder of RQ Biotechnology Limited, a biotech company focused on the
development of preventative medicines to provide immunity and protection against viral
infectious diseases.
Prior to his current roles, Gavin was Chair of Medicine at Hammersmith Hospital, Imperial
College, and became Dean of the Faculty of Medicine. His research, which has been supported
by a series of Fellowships awarded by the MRC and Wellcome Trust, has covered a variety of
topics from control of RNA processing and apoptosis to immunology. He is a former Senior
Investigator at the National Institute for Health Research. Gavin is a Fellow of the Academy of
Medical Sciences and the Royal College of Physicians.
External appointments
Head of Medical Sciences Division, University of Oxford; Non-Executive Director, Oxford
University Hospitals NHS Foundation Trust; Trustee, Jenner Vaccine Foundation; Scientific
Advisor and Co-Founder, RQ Biotechnology Limited.
Dr Vishal Sikka
Independent Non-Executive Director
Age: 58
Nationality: American
Appointed: 18 July 2022
Skills and experience
Vishal has a distinguished background in technology, particularly in Artificial Intelligence (AI)
and Machine Learning (ML), which are central to GSK’s approach to R&D. He also brings a deep
understanding of cyber security to the Board. He is the founder and CEO of Vianai Systems, Inc,
a Silicon Valley-based company that provides advanced technological software and services in
AI and ML to large enterprises around the world.
Before founding Vianai Systems in 2019, Vishal served as CEO of Infosys Limited, where he led
an innovative strategy to help clients renew existing IT landscapes, using AI/automation, design
thinking and next-generation technologies to transform customer experiences. He also served as
a member of the Executive Board of SAP SE, prior to which he was its Chief Technology Officer,
and also as a Board Member of Oracle Corporation. Vishal has a PhD in AI from Stanford
University and has co-authored several research abstracts related to AI, technology and
database management.
External appointments
Founder and CEO, Vianai Systems, Inc; Member, Supervisory Board, BMW AG; Member of the
Advisory Board of Stanford University's AI Center (Institute for Human-Centered Artificial
Intelligence).
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Directors departing during 2025
Emma Walmsley
1 January 2017 to 31 December 2025
Retired from the Board on 31 December 2025
Jesse Goodman
1 January 2016 to 7 May 2025
Retired from the Board on 7 May 2025
Independence statement
The Board considers all its Non-Executive Directors who are identified above – except Dr Hal Barron – to be independent after
being assessed against Provision 10 of the Financial Reporting Council's UK Corporate Governance Code (the Code). Dr Barron
was formerly an Executive Director and is therefore not identified as independent in accordance with the Code.
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To support delivery of the CEO’s key priorities the CEO has expanded the GLT membership to provide greater strategic
product insight and operational focus. The Committee was also renamed the Executive Committee (the ExCom). This
change took effect from January 2026. See page 129 for more details on this evolution. The ExCom comprises:
Skills and experience
Luke Miels
Chief Executive Officer
Luke joined GSK and the Executive Committee in 2017. See Board biographies on pages 109 to 112.
Julie Brown
Chief Financial Officer
Julie joined GSK and the Executive Committee in 2023. See Board biographies on pages 109 to 112.
Lynn Baxter
President, Europe
Lynn joined the Executive Committee in 2026. As President, Europe, she is responsible for the commercial
performance and strategic direction of GSK’s European markets, overseeing a diverse range of medicines
and vaccines across more than 30 countries.
Lynn joined GSK in 2009 where she held senior commercial operational and strategic leadership roles across
Europe, Asia Pacific and Emerging Markets, before becoming SVP Head of Global Product Strategy Vaccines
and then appointed SVP Head of North America at ViiV Healthcare.
Before joining GSK, Lynn held commercial roles of increasing seniority at Roche and Merck & Co., Lynn is
a member of the ViiV Healthcare Board. Lynn holds a Bachelor’s degree from University of Strathclyde.
Diana Conrad
Chief People Officer
Diana was appointed Chief People Officer and member of the Executive Committee in April 2019. She was
previously Senior Vice President, HR, Pharmaceuticals R&D from 2016 where she played a key strategic role
as leader of the R&D people and culture agenda to support its transformation.
Diana joined GSK Canada’s HR team in 2000 where she held several roles of increasing responsibility before
becoming Senior Vice President, HR for Consumer Healthcare in 2009.
Prior to joining GSK, she held HR roles in companies including GE Capital, Gennum Corporation and Zenon
Environmental Laboratories. Diana has an Honours Bachelor of Arts from McMaster University in Canada.
Mike Crichton
President, International
Mike joined the Executive Committee in 2026. As President, International he leads commercial growth and
operational excellence across all markets outside the US and Europe, including China and Japan.
Previously at GSK, Mike was Regional President, Greater China and Intercontinental, and previously led GSK’s
Specialty Medicines Therapeutic Area. He joined GSK in 2018.
Before joining GSK, Mike held senior roles at Novartis, AstraZeneca and Roche. Mike holds a Bachelor’s
degree in Chemistry from Bishop’s University.
James Ford
SVP & Group General Counsel,
Legal and Compliance
James joined the Executive Committee in 2018, when he was appointed Senior Vice President and Group
General Counsel, later taking responsibility for Compliance, Corporate Security and Investigations in 2021.
He joined GSK in 1995 and has served as General Counsel Consumer Healthcare, General Counsel Global
Pharmaceuticals, Vice President of Corporate Legal and was Acting Head of Global Ethics and Compliance.
Prior to GSK, James was a solicitor at Clifford Chance and DLA.
He holds a law degree from the University of East Anglia and a Diploma in Competition Law from King's
College. He is qualified as a solicitor in England and Wales and is an attorney at the New York State Bar.
James is based in London and has practised law and lived in the US, Singapore and Hong Kong. James was
co-chair of the US-based Civil Justice Reform Group 2019-2022, and is a director of the European General
Counsel Association and the Association of Corporate Counsel.
Dr Mondher Mahjoubi
Chief Patient Officer (CPO)
Mondher joined the Executive Committee in 2026. As Chief Patient Officer he leads the development and
execution of GSK’s global medical strategy, ensuring the scientific integrity and clinical value of GSK’s
medicines and vaccines worldwide. He oversees medical governance, evidence generation and scientific
engagement. He joined GSK in 2024.
Before joining GSK, Mondher was CEO of Innate Pharma, and held senior leadership roles at AstraZeneca,
Genentech, Roche and Sanofi.
Mondher holds an MD from the University of Tunis and completed his medical oncology training at
Institut Gustave Roussy and the University of Paris Sud.
Maya Martinez-Davis
President, US
Maya joined the Executive Committee in 2026. She is President, US and leads GSK’s US business, driving
sustainable revenue and profit growth across all therapeutic areas. She joined GSK in 2019.
Prior to GSK, Maya was President, Biopharma Latin America and Global Head of Oncology Franchise
at Merck KGaA, and Regional President, Oncology North America at Pfizer.
She is an Independent Director at Perspective Therapeutics. Maya holds a Bachelor’s degree from Saint Louis
University and a Master’s in Commercial Management and Marketing from IE Business School, Madrid.
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GSK Annual Report 2025
Executive Committee continued
Skills and experience
Dr Nina Mojas
President, Global Product
Strategy (GPS)
Nina joined the Executive Committee in 2026 when she was appointed President, Global Product Strategy,
responsible for the global commercial strategy, lifecycle management, and market access for GSK’s portfolio
of medicines and vaccines across all therapeutic areas. Nina joined GSK in 2020 as Vice President, Immuno-
Oncology and in 2022 became Senior Vice President, Global Product Strategy Oncology, where she
advanced the oncology portfolio, drove targeted business development, and led the integration of scientific,
commercial, and access functions. In 2024, her remit expanded to include Global Market Access and
Strategic Insights, leading a global team to set new standards for value demonstration and market access.
Before joining GSK, Nina held several senior roles at AstraZeneca, including Vice President, Global Medicine
Lead and Vice President, Oncology Search and Evaluation, and served as Investor Relations Officer at Roche.
Nina holds a PhD in Molecular Biology from the University of Zurich.
Shobie Ramakrishnan
Chief Digital and
Technology Officer
Shobie joined the Executive Committee in 2021. As Chief Digital and Technology Officer, she is responsible
for Technology and Cyber Security at GSK. She joined GSK in 2018 as CDTO for GSK’s Commercial business
and has deep and broad experience in both biotech and hi-tech companies.
Prior to GSK, Shobie held senior technology leadership roles in organisations including AstraZeneca,
Salesforce, Genentech and Roche. She is Board Member Emeritus at SustainableIT.org and was formerly
a member of the board of directors at Remediant and Deliveroo.
Shobie holds a Bachelor’s degree in Electronics Engineering from Vellore Institute of Technology,
University of Madras, India.
David Redfern
President, Corporate
Development
David joined the Executive Committee as Chief Strategy Officer in 2008 and is responsible for corporate
development and strategic planning. Previously, he was Senior Vice President, Northern Europe with
responsibility for GSK’s pharmaceutical businesses in that region and, before that, he was Senior Vice
President for Central and Eastern Europe. He joined GSK in 1994. David was appointed Chairman of the
Board of ViiV Healthcare Limited in 2011 and a Non-Executive Director of the Aspen Pharmacare Holdings
Limited Board in 2015.
He has a Bachelor of Science degree from Bristol University and is a Chartered Accountant.
Regis Simard
President, Global Supply Chain
Regis joined the Executive Committee in 2018, when he became President, Pharmaceuticals Supply Chain.
He is responsible for the manufacturing and supply of GSK’s medicines and vaccines. In addition, he leads
Quality and Environment, Health, Safety and Sustainability at a corporate level. Regis joined GSK in 2005 as
a Site Director in France, rising to become Senior Vice President of Global Pharmaceuticals Manufacturing
before his current role. Previously, he held senior positions at Sony, Konica Minolta and Tyco Healthcare.
He is a member of the Board of ViiV Healthcare.
He is a mechanical engineer and holds an MBA.
Phil Thomson
President, Global Affairs
Phil joined the Executive Committee in 2011. He was appointed President, Global Affairs in 2017, and has
responsibility for the Group’s strategic approach to stakeholder engagement, reputation and policy
development. He joined Glaxo Wellcome as a commercial trainee in 1996.
Phil holds a degree in English, History and Russian Studies from Durham University.
Deborah Waterhouse
CEO, ViiV Healthcare
and President,
GSK Global Health
Deborah was appointed to the Executive Committee in January 2020. She has been Chief Executive Officer
of ViiV Healthcare since April 2017 and is also responsible for GSK’s Global Health organisation.
Deborah joined GSK in 1996 and during her time with the company, has held a broad range of senior
leadership roles across both specialty and primary care in the US, Europe and Asia Pacific.
Deborah holds a degree in Economic History and English Literature from the University of Liverpool.
Tony Wood
Chief Scientific Officer
Tony was appointed Chief Scientific Officer (CSO), Head of R&D and a member of the Executive Committee
on 1 August 2022. He has significantly transformed the development of novel medicines and vaccines in
areas of high unmet patient need, including through a deep scientific understanding of the immune system,
the application of advanced technologies, and strategic partnering and business development.
He joined GSK from Pfizer in 2017 as Senior Vice President, Medicinal Science and Technology. During his
time at Pfizer, Tony was responsible for the invention of a new antiretroviral medication used to treat HIV
infection. He is a Fellow of the Royal Society, Academy of Medical Sciences, an Honorary Fellow of the Royal
Society of Chemistry (RSC), the highest honour given by the RSC, and a Fellow of the Royal Society of Biology.
Tony has a BSc in chemistry and PhD in organic synthesis from the University of Newcastle, and was a
postdoctoral fellow at Imperial College, London. He is also currently a visiting professor at IMCM Oxford.
The GLT operated throughout 2025. Emma Walmsley was succeeded as CEO by Luke Miels with effect from the end
of 2025. Sally Jackson stepped down from the ExCom on 8 January 2026.
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Chair’s governance statement
Page_119.jpg
The primary focus of the Board’s
discussions in 2025 was centred on
delivering our strategy of driving sustained
value for patients, healthcare systems and
the society at large. GSK’s performance
during the year exemplified the progress we
are currently making in this respect 
Sir Jonathan Symonds, Chair
Board evolution
The Board is now four years into GSK’s transition as a pure
biopharma company and on almost every measure, GSK is
now a changed company, and so is the Board. In terms of
the Board, each of my colleagues brings unique expertise
and experience relevant to the company’s mission.
We have the right balance of skills, background and
knowledge to equip us to challenge and support GSK’s
leadership team on performance. Our discussions are
centred on delivering our strategy and value creation, while
driving sustained value for patients, healthcare systems and
society at large. GSK’s performance during 2025 exemplified
the progress we are seeking to make against our strategy.
However, there is still opportunity to be unlocked.
CEO succession process and Board changes
As 2025 drew to a close, GSK turned the page on a
significant chapter. Having led an extensive transformation
of GSK, Emma Walmsley stepped down as CEO at the end
of December and handed over to Luke Miels, previously our
Chief Commercial Officer.
The Board and the Nominations & Corporate Governance
Committee oversaw a comprehensive, multi‑year CEO
succession process to ensure strong leadership continuity
for the company’s long‑term success. Positioning GSK for
the next phase of growth was front of mind as we
embarked on the selection of GSK’s next CEO.
Succession planning has been progressed on an orderly
basis over several years. This included structured
development of internal candidates, providing expanded
leadership roles, increased Board visibility, and regular
meetings with the Chair. Internal candidates also received
coaching from external leaders with deep public company
board and leadership experience. In the most recent phase
of succession, from July 2025, each internal candidate
participated in an intensive, structured evaluation in which
I dedicated many hours to support them.
The Board’s evaluation was underpinned with
independent assessments from Korn Ferry, incorporating
its own external benchmarking framework and a
rigorous inclusive review of external candidates.
Korn Ferry’s industry‑wide scan identified few external
candidates who would fit the Board’s brief.
The internal candidates demonstrated strong leadership
credentials, extensive industry and US market experience
and strong alignment with the company’s strategy and
values. They showed a clear understanding of the
imperatives for the next phase for GSK:
– delivering growth
– accelerating R&D delivery
– strong focus on shareholder value
– embedding scientific and technological leadership across
the business.
– maintaining sector-leadership as a responsible business
The Board unanimously agreed that Luke demonstrated
strong capabilities against the key criteria and was best
positioned to lead the company with a deep understanding
of the levers available within GSK to drive delivery and
generate new options for growth. Details of how Luke has
reshaped his leadership team to support his work are given
in my Nominations & Corporate Governance Report. I look
forward to reporting on Luke’s first year in role in my
statement in the 2026 Annual Report.
In terms of Non-Executive Director succession, we have
reached a period of stability in the Board’s membership and
composition. I reported last year that Dr Jesse Goodman
would step down at the AGM and be succeeded as a
designated scientific expert by Dr Gavin Screaton. Gavin is a
prominent figure in the field of immunology and infectious
diseases, which are key therapy areas for GSK. In addition,
he also leads Oxford University’s Medical Science’s division,
which is major partner in our science efforts. I set out in my
statement last year the process we followed for Gavin’s
selection and appointment.
We continue to monitor the optimum blend of skills needed
by the Board as it and the external environment evolves.
We maintain a skills matrix of the key skills we believe are
important for the Board, to maintain oversight and
challenge to the CEO and executive management in
growing the business for the benefit of patients,
shareholders and our people.
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GSK Annual Report 2025
Chair’s governance statement continued
Board focus in 2025
The Board, both individually and collectively, has continued to be deeply committed to driving forward GSK's purpose,
strategy and culture to support the creation of long-term shareholder value. During 2025, the Board’s priorities and time
was broadly focused as follows:
GSK_AR25_Board_Focus_Pipeline_V2.svg
2021 to 2026 (20%)
2026 to 2031 (50%)
Post-2031 (30%)
Financial Performance
Pipeline
Technology
Audit & Risk
– Cyber security
– AI Governance
– Responsible Business reporting
– Audit tender process
Science
– Oncology including ADCs
– Vaccines: mRNA and RNA
– Technology (data and platform)
– Business Development
– Scientific principles
– R&D goal approvals and oversight
Corporate Responsibility
– Environmental sustainability goals
– Health impact and climate change
– Responsible Business reporting
Nominations & Corporate
Governance
– Succession planning
– Talent pipeline
Remuneration
– 2024–25 Performance reward
– 2025 Remuneration Policy
Shareholder Returns
Valuation
Communication
The Board and I are pleased that GSK continues to deliver
consistent robust performance improvements and
enhanced shareholder returns. We are determined to build
on the strong progress seen during 2025. This was reflected
in more tangible market appreciation of the value of our
pipeline and consistent delivery towards our outlooks for
2031. The Board and management’s agendas for 2025
and 2026 remain aligned to support the growth ambitions
to 2031, and the science and technologies that support the
long-term growth of the business beyond 2031. In 2026, the
Board will be spending significantly more time on the period
beyond 2031 and the advanced technologies that will help
shape the industry.
Our first priority for capital remains to invest for growth in
R&D. The revised 2031 Outlook (given at the start of 2025
with the launch of the share buyback programme),
guidance for 2026 and the continued increase in dividend
expectations provided with the 2025 annual results were
reviewed extensively by the Board in the second half of
the year, along with GSK’s longer-term strategic plan.
Executing targeted business development remains a key
focus and activity for the Board. In 2025, the Board and
Science Committee worked alongside Emma and Luke,
in his capacity as Chief Commercial Officer, and the rest
of the executive team to understand the scientific rationale,
competitiveness of the assets under consideration, and the
potential returns and value creation.
Board visits are an important element of both our Board
programme and collective workforce engagement model
as set out on page 122. In March 2025, the Board had a
two-day immersion in our Oncology business with a visit
to our site in Philadelphia, US. This included a panel
discussion with key external stakeholders from the
Oncology community – including key opinion leaders,
healthcare professionals and patients – with a specific
focus on Blenrep. We then concluded with a strategic de-
brief, enabling the Board to debate the insights shared and
the implications for the future success of our Oncology
business and Blenrep in particular.
In October 2025, at the Board’s annual joint Strategy
meeting in Boston with the executive team, there was a
particular spotlight on tech and how it was being harnessed
to support the business and, most particularly, the pipeline.
We heard from an external panel led by the CSO on the
opportunities and threats of health data and applications
of GenAI for R&D and commercial operations. We then
participated in an interactive exhibition with key employees
on the adoption of cutting-edge AI tools across the
business. These tools were already helping to accelerate our
pipeline, improve manufacturing, optimise commercial
performance and enhance productivity.
117
GSK Annual Report 2025
Chair’s governance statement continued
R&D progress and tech
As I have stressed, securing our longer-term future will
come from deep sustainable productivity, internally and
externally sourced R&D and smart investment in technology.
Last year’s R&D updates centred on each of our key therapy
areas. We also reviewed therapy area tech and target
discovery. These discussions continue to be supported
and validated by prior deep dives undertaken by the
Science Committee. The Board tracked R&D’s execution
in the late-stage pipeline during the year. This included
delivery of the targeted five major FDA approvals by the
end of the year and seven pivotal trial starts across
respiratory, immunology and inflammation, oncology, HIV
and infectious diseases – a new record for the company.
External environment
The Board also spent time during 2025 navigating the
dynamic global environment but with the clear focus on
delivery of the company’s priorities and the longer term
fundamentals. The Board sought to ensure that innovation
was fairly rewarded in all markets and was accessible to
patients who need it including in our largest market the US.
The Board is looking forward to delivering on GSK’s outlook
with Luke and the executive team, and continues to believe
in the capacity of GSK’s business model, with its R&D focus
and investment in technology capabilities to deliver
medicines for patients, returns for investors, and to help
meet society’s needs now and in the future.
Sir Jonathan Symonds
Chair
4 March 2026
Financial Reporting Council’s UK Corporate Governance Code (the Code)
Financial experience
Alignment statement
In accordance with the Financial Reporting Council (FRC)
UK Corporate Governance Code, the Board determined
that Charles Bancroft has recent and relevant financial
experience. It also agreed that he has the appropriate
qualifications and background to be an audit committee
financial expert, as defined by the Sarbanes-Oxley Act of
2002, and has determined that he is independent within
the meaning of the Securities Exchange Act of 1934,
as amended.
Members of the Audit & Risk Committee also have financial
and industry experience, details of which can be found in
their biographies on pages 109 to 112.
The Board is pleased to report it was in full alignment with
the provisions of the 2024 UK Corporate Governance Code
(UK Code) in 2025, with the exception of conducting an
external evaluation review of the Board and its committees
(provision 21). The delay in conducting this external review
until the first half of 2026 is explained on page 128. In
addition,the Board’s explanation of how it engages with the
workforce effectively is set out on page 122.
The Board is also pleased to report that it has consistently
applied the principles of the UK Code, as set out on the
pages of this Corporate Governance report. A copy of the
UK Code is available on the FRC’s website at frc.org.uk.
118
GSK Annual Report 2025
Corporate governance architecture
Board
CEO
ExCom
Nominations
& Corporate
Governance
Committee
Science
Committee
Corporate
Responsibility
Committee
Audit & Risk
Committee
Remuneration
Committee
Chairs’
Committee
Board_Focus_Panel.svg
Our co rporate governance architecture is a framework designed to improve the Board's effectiveness and to support its oversight of
the Executive Committee (the ExCom - previously the GSK Leadership Team until January 2026) as it delivers the company's
strategy. This framework continues to evolve to support our infrastructure and priorities as a pure biopharma business. GSK’s internal
control and risk management arrangements are integral to our overall corporate governance framework and are described on
pages 63 to 78 and pages 136 and 137.
To ensure the framework is as effective as it can be, it:
– has a clear division of responsibilities for individual and collective Board roles, as described on page 119
– distributes workload to Board committees that have the requisite skills and focus
– has highly committed Board Directors who are motivated to carry out their roles and responsibilities for the success of the company
The Nominations & Corporate Governance Committee periodically reviews this architecture and recommends any changes to the
Board. In 2025, the Committee undertook such a review of the structure to ensure the Board was operating effectively. More details
and the results of this review are set out on page 129.
Committee roles
Committee
report
on page
Committee
Role and focus
Membership
Nominations
& Corporate
Governance
Reviews the structure, size and composition of the Board, including appointment of
members to Board committees. Makes recommendations to the Board as appropriate.
Plans and assesses orderly succession for Executive and Non-Executive Directors and
reviews management's succession plan to ensure its adequacy
Is responsible for overseeing, monitoring and making recommendations to the Board on
corporate governance arrangements. Reviews Board and ExCom conflicts of interest
Sir Jonathan Symonds
(Chair)
Charles Bancroft
Dr Anne Beal
Wendy Becker
Dr Hal Dietz
129-130
Science
Supports the Board in its understanding of business development transactions and the key
strategic themes on which the company's R&D strategy is based, by reviewing underlying
scientific assumptions in detail and giving the Board technical assurance. Supports
oversight of R&D-related risks
Dr Hal Dietz (Chair)
Dr Hal Barron               
Dr Jeannie Lee
Dr Gavin Screaton
131-132
Corporate
Responsibility
Considers GSK's Trust priority and has oversight of our Responsible Business approach
and strategy, performance and reporting. This reflects the most important issues for
responsible and sustainable business growth. Has oversight of the views and interests of
our internal and external stakeholders, and reviews issues that could have a serious impact
on GSK’s business and reputation
Dr Anne Beal (Chair)
Wendy Becker
Dr Jeannie Lee
Dr Gavin Screaton
Dr Vishal Sikka
132-133
Audit & Risk
Reviews the financial reporting process, the integrity of the company’s financial statements,
the external and internal audit process, the system of internal control, and the identification
and management of risks such as Information and cyber security, and the company’s
process for monitoring compliance with laws, regulations and ethical codes of practice
Oversees Responsible Business data reporting and assurance. Initiates audit tenders, the
selection and appointment of the external auditor, setting the auditor's remuneration and
overseeing its work
Charles Bancroft (Chair)
Elizabeth Anderson
Wendy Becker
134-139
Remuneration
Sets the company’s Remuneration policy having regard to GSK’s workforce remuneration
so that GSK is able to recruit, retain and motivate its executives
Regularly reviews the Remuneration policy to make sure that it is consistent with the
company’s scale and scope of operations, supports the business strategy and growth
plans, is aligned to the wider workforce and helps drive the creation of shareholder value
(The Chair and the CEO are responsible for evaluating and making recommendations to
the Board about remuneration arrangements and policy for the Non-Executive Directors)
Wendy Becker (Chair)
Elizabeth Anderson             
Charles Bancroft         
Dr Anne Beal
140-168
Chairs’
Acts on behalf of the Board between its scheduled meetings to take decisions on urgent
matters in accordance with matters and authority delegated to it by the Board from time
to time
Sir Jonathan Symonds
(company Chair)
Senior Independent
Director
Board committee Chairs
n/a
Each Board committee has written terms of reference that are approved by the Board and reviewed at least annually to make sure they comply
with the latest legal and regulatory requirements and reflect best practice developments. The terms of reference of each Board committee are
available at gsk.com.
GSK_AR25_Grey_Panels_Commitee_Roles_P118.svg
119
GSK Annual Report 2025
Corporate governance architecture continued
GSK_AR25_Corp_Gov_Leadership.jpg
Leadership
Chair
Jonathan Symonds
– leads and manages the business of the Board
– provides direction and focus
– makes sure there is a clear structure for the Board
and its committees to enable them to operate
effectively
– maintains a dialogue with shareholders about the
governance of the company
– sets the Board agenda and ensures sufficient time is
allocated to promote effective debate and sound
decision-making
– makes sure the Board receives accurate, timely and
clear information
– meets regularly with each Non-Executive Director to
discuss individual contributions, performance and
training and development needs
– shares peer feedback as part of the Board evaluation
process
– meets regularly with all the Non-Executive Directors
independently of the Executive Directors
The Chair’s role description is available at gsk.com
Chief Executive Officer
Luke Miels
– manages the Group and its business
– develops the Group’s strategic direction for the
Board's consideration and approval
– implements the agreed strategy
– is supported by the ExCom
– maintains a continuous dialogue with shareholders
about the company’s performance
The Chief Executive Officer’s role description is available
at gsk.com
Independent oversight and rigorous
challenge
Senior Independent Non-Executive Director
Charles Bancroft
– acts as a sounding board for the Chair and a trusted
intermediary for other Directors
– together with the Non-Executive Directors, leads the
annual review of the Chair’s performance, taking into
account the views of the Executive Directors
– discusses the results of the Chair’s effectiveness
review with the Chair
– leads the search and appointment process and
makes the recommendation to the Board for a new
Chair
– acts as an additional point of contact for
shareholders and maintains an understanding of their
issues and concerns through meetings with
shareholders and briefings from the Company
Secretary and Investor Relations
The Senior Independent Non-Executive Director’s role
description is available at gsk.com
Non-Executive Directors
– provide a strong independent element to the Board
– constructively support and challenge management
and scrutinise its performance in achieving agreed
deliverables
– shape proposals about strategy and offer specialist
advice to management
– each has a letter of appointment setting out the
terms and conditions of their directorship
– devote such time as is necessary to properly carry out
their duties
– are expected to attend all meetings as required
The Non-Executive Directors' role description is available
at gsk.com
      Company Secretary
        Victoria Whyte
– secretary to the Board and all Board committees
– supports the Board and Committee Chairs to plan agendas and annual programmes
– ensures information is made available to Board members in a timely fashion
– supports the Chair to design and deliver Board inductions
– coordinates continuing business awareness and training for the Non-Executive Directors
– undertakes internal Board and committee evaluations at the Chair's request
– advises the Directors on Board practice and procedures and corporate governance matters
– chairs the Group's Disclosure Committee
– operates a Board-approved appointments policy that reflects the Board and external
appointment requirements of the UK Code
– is a point of contact for shareholders on all corporate governance matters
120
GSK Annual Report 2025
Corporate governance architecture continued
2025 Board and committee meeting attendance
The following table sets out attendance of Board and committee meetings held during 2025:
Board
Chairs’
Nominations
& Corporate
Governance
Science
Corporate
Responsibility
Audit & Risk
Remuneration
Total number of routine meetings
6
2
2
3
4
6
3
Current members
Attended
Attended
Attended
Attended
Attended
Attended
Attended
Sir Jonathan Symonds
6
2
2
Emma Walmsley
6
Julie Brown
6
Elizabeth McKee Anderson
6
6
3
Charles Bancroft
6
2
2
6
3
Dr Hal Barron
6
3
Dr Anne Beal
6
2
2
4
3
Wendy Becker
6
2
2
4
6
3
Dr Hal Dietz
6
2
2
3
Dr Jeannie Lee
6
3
4
Dr Gavin Screaton (from 1 May 2025)
4 (4)
2 (2)
4
Dr Vishal Sikka
6
4
Retired members
Dr Jesse Goodman (until 7 May 2025)
3 (3)
1 (1)
1 (1)
Number of additional meetings
8
—
5
2
1
3
4
Dr Gavin Screaton joined the Board in May 2025. In his first year as a Director, he attended all meetings. Dr Goodman retired from the Board on 7
May 2025.
For those Directors who served for part of the year, the numbers in brackets show the number of meetings they were eligible to attend. Details of
committee members’ skills and experience are included in their biographies on pages 109 to 112.
Board Appointments policy
All our Non-Executive Directors are expected to devote such time as is necessary for the performance of their duties. Each
Director is required to attend a minimum of 75% of scheduled Board and committee meetings. However, we recognise that
there may be rare occasions when this is not possible. Special allowance is also given during the first year of Board
membership while calendars are aligned.
Our Board Directors’ external appointments are governed by a Board-approved policy. External appointments can help
Board and ExCom members widen their expertise and knowledge, and perform their roles more effectively. When proposing a
new Non-Executive Director appointment to the Board for approval, the Board considers the other demands on the
individual’s time. Before being appointed to the Board, an individual is required to disclose the significant commitments they
may have, with an indication of the time involved.
The Board considers and approves all additional external appointments for serving Directors, noting the nature of the role
and type of organisation, time commitment and any potential conflicts that could arise.
The Company Secretary maintains a Register of Potential Conflict Authorisations. The Board is satisfied that, given Directors’
other interests, each has sufficient time to carry out their GSK role. Our Executive and Non-Executive Directors may undertake
a maximum of one and up to four other listed-company directorships respectively.
121
Engagement
Prioritising continual engagement
Our stakeholders rightly have high expectations of us, and our
dynamic operating environment presents many challenges and
opportunities. As a Board, we aim to balance our commercial
success with our stakeholders’ expectations, upholding our
reputation, maintaining our licence to operate and building
trust. We engage with, or are briefed about, our stakeholders'
views to make sure we identify and respond to their
expectations effectively and appropriately.
How we engage with our main stakeholder groups – including
patients, shareholders, customers and our people – is set out in
the pages of the Strategic report.
Patients and our people are the heart of our culture. Our people
are accountable for outcomes and are committed to doing the
right thing. Our culture is also described on pages 59 to 61 of
the Strategic report.
The influence and importance of different stakeholder groups
can vary, depending on the matter being considered. Certain
stakeholders’ interests can be in conflict, meaning that we, as a
Board, need to make balanced judgements.
Continual stakeholder engagement and feedback helps us
identify emerging issues. It also enables us to make decisions in
the context of what is relevant and important to each of them.
Our principal Board committees, and the ExCom members,
undertake engagement on the Board’s behalf according to
their remit. This means that they can build a detailed
understanding of how our actions or plans are affecting or
might affect stakeholders. These insights are then shared with
the Board.
In particular, the Board receives briefings on stakeholders’
perspectives from the work of the Corporate Responsibility
Committee, which is discussed on pages 132 and 133.
Board members regularly receive:
– the CEO’s Board report including progress against our
internal plans
– a specific external stakeholder insights update. This provides
strategic insights based on an analysis of key developments,
achievements and risks affecting our reputation and the
perceptions of all our external stakeholders
– a regular investor relations report, which summarises investor
perceptions
– regular corporate governance, litigation and regulatory
updates
The Board also learns of stakeholders’ views through:
Engagement and feedback events: such as quarterly investor
results calls, the Annual General Meeting, employee survey
reports, the Board’s workforce engagement activities, and from
experts presenting at Board or committee meetings. The Chair
also holds regular investor check-in meetings, which the Senior
Independent Non-Executive Director (SID), Charles Bancroft,
sometimes joins. The SID and the Chair are both available for
individual meetings with investors.
Other opportunities: Board members also receive wider
stakeholder views during the Annual Strategy meeting with the
ExCom, as part of the yearly review of strategy, long-range
forecast and planning processes. This also includes a review of
specific aspects of the company’s policies or strategy.
In addition, Board members are encouraged to meet
individually with employees, shareholders and other key
stakeholders during their induction, and then on an ongoing
basis. They are expected to report to the Board on such
experiences where relevant and material.
Engaging with our shareholders
As a Board, we aim to directly engage with, and be directly
accountable to, institutional investors and private retail
shareholders. We do this in several ways, including regular
communications, Governance Meetings, our Annual General
Meeting, and through the work of our Investor Relations team,
the Chair, Jonathan Symonds, and our Company Secretary,
Victoria Whyte. Our SID, Charles Bancroft, is another point of
contact for our shareholders.
Each quarter in 2025, our outgoing CEO, Emma Walmsley, and
the continuing CFO, Julie Brown, gave results presentations to
institutional investors, analysts and the media by webcast. They
were also regularly joined by the Chief Scientific Officer, the
former Chief Commercial Officer (Luke Miels, our current CEO),
and the CEO, ViiV Healthcare and President, Global Health,
GSK. They were able to provide investors with more detailed
insights into their specific areas of responsibility.
Through regular meetings, our CEO and CFO each have an
ongoing and active dialogue with institutional shareholders
about the company's performance, plans and objectives. In
2025:
– CEO (Emma Walmsley): 51 engagements, representing 43%
of the company's issued share capital
– CFO (Julie Brown): 94 engagements, representing 45% of the
company’s issued share capital
Our Chair maintains a consistent dialogue with shareholders
too – including fund and portfolio managers – and regularly
engages with governance and sustainability professionals.
During 2025, and up to the date of publication of this Annual
Report, Jon held 44 individual meetings with a range of
institutional shareholders and associated industry stakeholders,
and met or corresponded with shareholders that make up over
40% of the company’s share capital. This enables him to gain a
current understanding of shareholders' views, insights and
perspectives of the company, which he shares with the Board.
He also discusses the continual evolution of the many aspects
of Board governance, performance oversight and succession.
122
Governance event
We usually hold a governance event at the end of each year in
central London with institutional shareholders, key investment
industry bodies and proxy advisory firms, at which our Chair, SID
and each of our committee Chairs discuss particular areas of
corporate governance, including Board oversight of strategy,
succession, responsible business and remuneration issues.
The 2025 governance event was deferred to the first half of
2026, because the CEO succession process had just been
concluded. It is due to be held before the end of March 2026.
This will enable us to share more details of progress against the
Board’s ambition and the new CEO’s priorities as the company
moves to the next phase of its development, based on strategic
execution to deliver growth. Details of this key investor
engagement event will be included in the company’s 2026
Annual Report.
Annual General Meeting
We were pleased to hold the company's 2025 AGM at the
Landmark Hotel for shareholders to attend in person or virtually
(a hybrid meeting). We welcomed 130 shareholders in person
and 25 shareholders virtually via the Lumi platform to watch
and hear updates from our Chair and the CEO, ask questions
and to vote. Our shareholders approved all resolutions, with
majorities ranging from 92% to 99%.
Our hybrid AGM will be held in May 2026 at the Royal Marriott
Hotel in central London, which is located near our new global
headquarters. For more details see page 308.
Engaging with our people
We have well-established and strong engagement mechanisms
with our employees, which the Board monitors regularly. These
engagement mechanisms are described on pages 59 to 61. The
Board uses several key governance channels to understand
what people are thinking, how the company's culture is
embedding across the organisation and to inform any
adjustments needed, including:
– regular Board updates from our Chief People Officer and the
CEO on culture and talent (see pages 59 to 61 for more
details on our culture and people)
– in October, the Board participated in a panel session with the
ExCom on future talent culture at our annual joint strategy
meeting
– feedback from our regular employee engagement surveys,
which include questions on engagement, confidence and
inclusivity
– a range of pulse surveys of different-sized employee groups
to help check sentiment on a quicker and more frequent
basis, and to provide valuable insights on the impact of major
initiatives, events or communications
– direct engagement with employees by the Board
Workforce engagement: We apply an ‘alternative arrangement’
to the three workforce engagement methods set out in the UK
Code.
When the Board was refreshed in terms of tenure, with a
renewed purpose and focus as a global biopharma company, it
was considered important to adopt a collective Board
engagement model in 2022. The Board continues to agree this
to be the most effective approach to ensure it hears employees’
views directly.
The model operated effectively in 2025 through:
– in-person engagement events with local employees during
Board site visits, including in Philadelphia (Pennsylvania, US)
and our global headquarters in central London
– the Chair's site visits, including to Upper Providence
(Pennsylvania, US) and Stevenage (UK)
– the Chair's attendance at management meetings, including
in the UAE, China and Saudi Arabia
– the Chair and Corporate Responsibility Committee Chair
organising and attending ongoing meetings with leaders of
our Employee Resource Groups (ERGs) to talk about how
they experience GSK, and to hear their suggestions to
enhance support and ensure that we meet the needs of all
our employees so they can do their best work for GSK
– a variety of bespoke engagements that have enabled a
broad and open dialogue and facilitated first-hand
engagement discussions between the Non-Executive
Directors and our people individually and as part of small
groups, encompassing perspectives on our strategy, purpose
and Ahead Together culture
123
2025 Meeting programme
To work in the most effective way, the Board's annual meeting programme focuses on delivering our short-, medium- and long-term
strategy. The Board meeting programme is completely aligned with the Board committees’ and management’s agendas, with a
clear focus on these three strategic time periods, which we communicate on: financial performance to 2026, pipeline progress and
business development to support our growth ambitions to 2031, and the science and technologies that support growth beyond 2031.
During the year, the overriding focus of the Board’s work was on building confidence in our growth outlooks to 2031. In 2026, the
Board will spend more time on our strategy beyond 2031. The Board also focused on ensuring a successful CEO succession
transition in the second half of the year.
In support of this work, the Board received papers and presentations and discussed progress with management and our people on
the key areas of focus set out below. These materials and discussions help the Board make effective decisions, contribute to its
oversight of business performance and ensure good governance.
Areas of focus in 2025
Execution of long-term
strategy
Overseeing GSK as a pure biopharma business and delivery of our 2031 Outlooks and beyond included:
– setting and approving the Board's 2025 and 2026 priorities
– scrutinising updates on R&D strategy and progress, and progression of our pipeline
– reviewing progress on science and technology ambitions, including AI adoption plans
– reviewing the critical role and ambitions for our global supply chain, including platform technologies
– discussing our overall commercial strategy
– CEO succession — conclusion of a planned and structured succession process with the appointment of Luke Miels
as CEO Designate
Strengthening of
business model
Overseeing the fundamentals of commercial execution, cost-base management, capital allocation, pipeline and culture
included:
– receiving regular reports from the CEO, CFO and CSO, including the assessment of delivery of performance targets
– assessing the product area strategy reports on Specialty Medicines, Vaccines and General Medicines
– reviewing progress against guidance for 2025 and setting 2026 guidance
– reviewing GSK's capital allocation priorities to ensure investment for growth to deliver improved returns for
shareholders
– instigating a £2 billion share buyback programme
– evaluating business development transactions, acquisitions and strategic partnerships with third parties including
but not limited to, ABL Bio, Hengrui Pharma, Boston Pharmaceuticals, IDRx and Syndivia
– scrutinising the Group's financial performance, shareholder value creation and progress against the Investor
Relations Roadmap
Enhancing
Responsible Business
leadership
Overseeing culture and embedding Responsible Business included:
– receiving a progress update on the approach to the double materiality assessment, reviewed by the Audit & Risk and
Corporate Responsibility committees
– reviewing progress against GSK future talent and leadership initiatives
– approving the Responsible Business Performance Report
– reviewing stakeholder perception research
Regular oversight of
corporate governance
The Board’s programme of governance included:
– reviewing the quarterly financial results, dividend proposals, earnings guidance, investor materials, results
announcements and 2024 Annual Report and Form 20F, and receiving related reports from the external auditor
– setting the annual budget and the forward-looking three-year plan and long-range forecast
– conducting an annual review of the enterprise risk responsibility framework and enterprise-wide risks
– receiving reports on Board committee work and reviewing and continuing to evolve the Board’s governance
architecture
– evaluating the outgoing CEO’s 2025 performance, and setting the new CEO’s 2026 objectives
– reviewing culture, talent and succession plans
– engaging with our stakeholders and people to gather and understand their views about our activities, operations and
culture
– reviewing employee survey results
– receiving reports on wider corporate governance and regulatory developments, and the Company Secretary’s reports
– approving the company's modern slavery statement and gender pay gap positioning
124
Decision-making in 2025
Section 172, Companies Act 2026 statement
Board members are required by law to promote the success of their company for the benefit of shareholders while having regard for
other section 172 factors as set out below. This statement meets the requirement, as set out in section 172 and section 414CZA of the
Companies Act 2006 (Act). It summarises how, during 2025, our Directors addressed the matters set out in section 172(1) (a) to (f) of
the Act when performing their duties.
The Board considers that this statement focuses on those risks and opportunities that are strategically important to GSK, consistent
with the Group’s size and complexity. This allows it to properly understand the potential effects of the decisions it makes on all
stakeholders.
The details of our engagement with the main stakeholder groups, including our patients, shareholders, consumers, customers and
employees across the organisation, is summarised generally throughout the pages of our Strategic report. The Board's continual
engagement with the company's shareholders and people is set out on pages 121 to 127. Our corporate governance architecture
and processes are summarised on pages 118 to 120.
The Board seeks to consider all relevant matters when making decisions, most especially when these are to continue to drive
performance and momentum for GSK into the future.
(a) Long-term results
The likely consequences of any decision in the long term
When making decisions about long-term proposals, the Board
reviews papers and other information and comments on how it:
– fits with, strengthens or otherwise affects the business
strategy and budget and the three-year plan, if relevant
– is aligned with our Ahead Together ambition and outlooks
To make sure the Board can consider all factors when making
decisions, it is also informed of:
– success and risk factors
– alternatives considered, if appropriate
– the rationale for the proposed choice
– any relevant stakeholder impacts of the proposal, whether
positive and/or negative
Papers and information relevant to this duty are normally
submitted by the CEO; CFO; Chief Scientific Officer; Chief
Commercial Officer; President, Corporate Development;
President, Global Affairs; or other ExCom members and/or their
direct reports for input, challenge and decision or awareness by
the Directors.
Matters considered by our Directors include:
– pipeline progression reviews
– budget planning
– capital allocation priorities, including for R&D, business
development, our dividend policy and the instigation of a
share buyback programme
– commercial reviews (Specialty Medicines, General Medicines
and Vaccines)
– Responsible Business ambitions, including our six focus areas
For more details, see our purpose, strategy and culture, and
business model disclosures on pages 1 to 3.
(b) Our workforce
Interests of our people
Our Directors understand that our people are at the core of our
Ahead Together ambition, helping to power our purpose,
delivering on our strategy, and seeking to create and oversee
an environment at GSK in which outstanding people can thrive. 
A positive employee experience is critical to attract, retain and
motivate the best people.
Papers/information relevant to this duty are normally submitted
to the Board by the Chief People Officer or Head of Reward for
input, challenge and decision or awareness by our Directors.
Matters considered by our Directors include:
– culture progress
– talent pipeline
– gender pay gap data, trends and reporting
– employee engagement practices and feedback
– health and safety risks
– pay fairness and benefits
– performance with choice and the workplace environment
For more details, see our culture and people, inclusion and
engaging with our people disclosures on pages 59 to 61, 55 and
122.
125
(c) Our business relationships
The importance of developing the Group’s business relationships with suppliers, customers and others
Patients are at the heart of our purpose and culture. We are
ambitious for patients, accountable for our impact and doing
the right thing.
Our suppliers and other key stakeholders – including
governments, NGOs, healthcare authorities, healthcare
professionals, R&D joint venture partners, affiliate companies
and others – help us research, develop, manufacture, regulate,
provide access to and distribute the medicines, vaccines and
other products that patients need.
One of our Board's key imperatives is to make sure we develop
and monitor these relationships so that we can properly serve
patients. In line with our Code of Conduct, our suppliers are
expected to meet our anti-bribery and corruption and labour
rights standards and to comply with our standards on quality,
health and safety, and the environment. In helping to foster
good relations with suppliers, we offer preferential payment
terms to designated smaller suppliers in the UK and US.
Papers and information relevant to this duty are normally
submitted by the CEO; CFO; President, Global Supply Chain;
Chief Commercial Officer; Chief Scientific Officer and President,
Global Affairs and/or their direct reports for input, challenge
and decision or awareness by our Directors.
Matters considered by our Directors include:
– access to healthcare
– ethical standards
– global health, health security and climate impacts
– human rights
– Modern Slavery Act statement
– product governance
– scientific and patient engagement
– supplier payment policy
– third-party risk management programme
– working with third parties policy
For more details, see our Responsible Business disclosures on
pages 47 to 58.
(d) The community and the environment
The impact of the Group’s operations on the community and our environment
The environment is one of our principal Responsible Business
focus areas. It is embedded in our strategy and fundamental to
our success. To get ahead of disease and achieve long-term
success, we recognise that we need to consider Responsible
Business impacts across everything we do. This extends from
the lab to patients, by taking action on climate and nature.
Our manufacturing sites have a key role in our contribution to a
net zero, nature-positive, healthier planet, and environmental
sustainability is a fundamental part of our global supply chain
strategy. Supplier action will in turn help us achieve our
environmental goals on climate and nature. This is embodied in
our Sustainable Procurement Programme, which has seen our
suppliers take action on carbon, power, heat, transport, water,
waste, and sustainable, deforestation-free sourcing of materials
in support of our environmental sustainability goals.
We believe GSK should be supportive of the local communities
that we serve. We are strengthening education investments to
support long-term talent pools and increasing the positive
impact of volunteering activities within our communities. We are
also investing in plans to improve natural habitats, protect
biodiversity and improve soil and water quality near our
manufacturing sites.
Papers and information relevant to this duty are normally
submitted by the President, Global Affairs; President, Global
Supply Chain; Chief People Officer; CEO, ViiV Healthcare; and
President, Global Health, GSK and/or their direct reports for
input, challenge and decision or awareness by our Directors.
Matters considered by our Directors include:
– community investment and donations policy
– clinical trial diversity planning and enrolment
– environment, net zero and nature-positive goals
– environment, health and safety risks
– emerging climate and environmental legislative/regulatory
reviews
– global health, health security and climate impacts
For more details, see our Responsible Business and climate and
nature-related financial disclosures on pages 47 to 58 and 69
to 76.
126
(e) Our reputation
Our desire to maintain our reputation for high standards of business conduct
GSK seeks to be a force for good, with ambitious targets for
positive impact on the health of people, society and the planet.
The company manages risks effectively, takes action if things
go wrong and seeks to respect human rights. Our Board
regularly reviews the frameworks underpinning our standards of
business, including our Code of Conduct, a range of policies
and standards, and our corporate governance arrangements.
Papers and information relevant to this duty are normally
submitted by the CEO; CFO; General Counsel; Chief
Commercial Officer; President, Global Affairs; Chief People
Officer; Chief Digital and Technology Officer; Chief Compliance
Officer; the Company Secretary; and Head of Audit &
Assurance for input, challenge and decision or awareness by
our Directors.
Matters considered by our Directors include:
– Audit & Assurance plan and performance against it
– Code of Conduct
– corporate and financial statements
– corporate governance and regulatory updates
– enterprise risk assessments
– human rights
– Modern Slavery Act statement
– Responsible Business ambitions, including our six focus areas
– emerging Responsible Business legislative/regulatory reviews
– internal control and risk effectiveness reviews
– Speak Up and internal investigations
For more details, see our Responsible Business and corporate
governance architecture disclosures on pages 47 to 58 and 118
to 120, and our separate Responsible Business Performance
Report.
(f) Fairness between our shareholders
Our aim to act fairly between members of the Group
Our Directors seek to act fairly between the interests of all
shareholders – both major and retail shareholders alike. There is
regular and constructive dialogue with shareholders to
communicate our strategy and performance, to listen to
investor views and perspectives, promote investor confidence,
ensure our continued access to capital and inform our
Directors' decision-making on strategic matters. Our Board
navigates and weighs up a range of shareholder opinions to
make decisions that support the long-term success of GSK.
Papers and information relevant to this duty are normally
submitted by the CEO; CFO; President, Global Affairs; Head of
Investor Relations; and the Company Secretary for input,
challenge and decision or awareness by our Directors.
Matters considered by our Directors include:
– Annual General Meeting
– Governance Meeting
– Meet the management events
– Group and individual Director shareholder meetings
– investor and analysts perception surveys
– investor relations annual plan
– Remuneration policy proposals
For more details, see our shareholder engagement and
shareholder information disclosures on pages 121 and 122, and
306 to 324.
127
Key decisions in 2025
In its decision-making, the Board focuses on GSK's priorities as a pure biopharma company with strong momentum and big
ambitions, while balancing the interests of our stakeholders. We are aware that outcomes may not cystallise as expected and that
not all decisions may have immediate available outcomes. We reported last year on the process which concluded in Q1 2025 with
an update to our 2031 Outlooks (with total sales now expected to be more than £40 billion) and the initiation of a share buyback
programme. See page 131 of the 2024 Annual Report for more details. Examples of some of the key decisions taken by either the
Board or its committees to drive our purpose, momentum and strategy included:
Decision
How the Board/Committee considered stakeholder interests
Stakeholder groups and other
section 172 duties considered
CEO succession
The Board approved a
recommendation from the
Nominations & Corporate
Governance Committee to
appoint a new CEO
The Board appointed Luke Miels as CEO Designate during the year, following a
comprehensive, structured succession process. The Board considered continuity
of leadership and cultural alignment alongside the need to position the
company for its next phase of delivery and growth. Luke’s experience in global
biopharma markets and his contribution to advancing the medicines portfolio
and commercial performance were key considerations. Luke assumed full CEO
responsibilities on 1 January 2026
The Board, through the Remuneration Committee, also reviewed remuneration
arrangements to support leadership continuity and market competitiveness,
ensuring alignment with the approved Directors’ remuneration policy.
Stakeholder engagement expectations, including those of employees, investors,
patients and regulators, were taken into account, alongside maintaining
operational stability and organisational confidence
Stakeholders: Employees,
shareholders and investors,
patients and healthcare
partners, governments and
regulators
Other section 172 duties:
Long-term strategic
leadership continuity,
reputation and culture,
workforce stability, succession
planning and governance
oversight
Business development
The Science Committee
considered the scientific
merits of business
development opportunities
and, where relevant, of
commercial reviews of late-
stage assets were
undertaken, before the
Board's review and approval
The Board, with support from the Science Committee and commercial reviews
for late-stage assets, reviewed many business development opportunities during
the year. Those leading to concluded transactions included:
– Agreed to develop potential best-in-class PDE3/4 inhibitor in clinical
development for the treatment of COPD, with Hengrui Pharma. The
transaction also included agreements for an additional 11 programmes to be
developed by Hengrui Pharma and optioned by GSK following phase I
completion, across RI&I as well as Oncology
– Acquisition of efimosfermin alfa from Boston Pharmaceuticals, an
investigational specialty medicine aimed at treating and preventing
steatotic liver disease
– Grant of exclusive worldwide rights from Syndivia to develop and
commercialise a preclinical ADC for mCRPC prostate cancer
These deals were considered in the context of their potential to deliver
transformational medicines to patients and drive growth by accelerating our
pipeline
Stakeholders: Patients,
employees and
investors
Other section 172 duties:
Long-term results, workforce
and business relationships
US investment
The Board reviewed and
approved a multi-year
investment programme in the
US
The Board reviewed and approved a multi-year investment programme
committing to expand R&D, clinical development and advanced biopharma
manufacturing capabilities in the US. The Board considered the decision in the
context of long-term growth, strategic pipeline needs and global supply chain
resilience. In reaching its decision, the Board evaluated management’s analysis
of expected scientific, operational and financial outcomes, including the
potential to accelerate innovation in respiratory disease, oncology and other
priority therapeutic areas. The Board also reviewed the proposed allocation of
capital, including a planned $1.2 billion investment in next-generation biologics
manufacturing, AI and digital technologies, and the construction of a new
biologics ‘flex’ facility in Pennsylvania
Broader considerations included stakeholder engagement insights, anticipated
job creation in high-skilled roles, regulatory expectations and US clinical trial
capacity. The Board confirmed governance, implementation sequencing and
assurance mechanisms to monitor capital deployment, execution risk and value
delivery throughout the five-year investment period
Stakeholders: Patients,
healthcare providers,
investors, employees,
governments and regulators,
partners and suppliers
Other section 172 duties:
Long-term value creation,
innovation leadership, the
community, workforce
development, supply chain
resilience, and broader
societal and economic
impact
Most Favoured Nation
(MFN) pricing
agreement
The Board reviewed and
agreed the MFN deal
reached with the US
Administration
The Board reviewed and endorsed the agreement for GSK and ViiV Healthcare,
that addressed the four substantive policy elements included in  the US
Administration’s Executive Order on MFN pricing issued in May 2025. The Board
was pleased that the agreement focused on our respiratory portfolio (particularly
with the Direct To Patient and Medicaid components), where we have the most
significant patient reach and impact and further strengthened our relationship
with the US Administration
Stakeholders: Patients,
healthcare providers,
governments and regulators,
investors, partners and
suppliers
Other section 172 duties:
Long-term results,
reputation, business
relationships and broader
societal and economic
impact
128
Board Performance review
The Board evaluates its performance, and that of its
committees, rigorously every year. The evaluation is normally
carried out externally every third year in line with the new Code.
The most recent external review was facilitated in 2022 by Jan
Hall of No 4, a business advisory company that does not have
any other connection with GSK.
Before proceeding with the CEO succession process in 2025,
the Board took time to assess its performance and ambition for
the next five years and to form a clear picture of what was
required of the next CEO to lead GSK through the delivery of the
Outlooks for 2031 and beyond. Given the depth of this internal
review – before the selection of Luke as GSK’s new CEO – it was
agreed to defer the full Board’s external review until the first half
of 2026, to enable the review to include the new CEO.
Areas of focus in 2025
The Board noted the progress made against the actions identified following the internal 2024 Board evaluation, which was carried
out by the SID supported by the Company Secretary. That progress is summarised below.
The Board would continue to be
briefed on the evolution of GSK’s
culture
The outgoing CEO provided an update on culture at each Board meeting through her CEO Report. The
Board also receives reports from the Chief People Officer on the ongoing development of GSK’s culture.
The Board obtains its own reassurance on GSK’s culture through its ongoing interaction with employees
and other stakeholders
From 2025, the Board will begin
engaging more frequently with the
participants in GSK’s Enterprise
Leadership Programme
The Board has met regularly with participants in GSK’s Enterprise Leadership Programme (ELP). These
interactions are tailored to the talent based near the meeting location or with expertise in the topic areas
under discussion at the meeting
In March, for example, Board members met with talent from the Oncology, Commercial and R&D teams.
In October, Board members met with ELP talent for demonstrations of how AI has been adopted to bring
efficiency across R&D, Supply and Commercial, and to support learning and development for all
employees
Opportunities will continue to be identified for Board members to interact with employees to monitor the
evolution of GSK’s culture
Each Board committee remit and
scope was reviewed to ensure that
they remained appropriate
The updated committee remits sought to minimise duplication and streamline each committee’s key
areas of focus
It is expected that the external review of the Board and its committees in the first half of 2026 will provide
another opportunity to evolve the role of the Board’s committees
The Board noted the progress made against the key actions from the 2024 Committee reviews, as follows:
Corporate Responsibility
The Committee continued to work in collaboration with the Audit & Risk Committee to monitor progress in
the business against the rapidly evolving reporting requirements externally
Science
The Committee has taken the opportunity to review the new science and technology platforms that GSK
has been exploring
Nominations & Corporate
Governance
The Committee’s work, together with the other Non-Executive Directors, was especially focused in 2025
on the next chapter for GSK in the CEO succession process. The Committee’s work in overseeing the
ongoing development of internal candidates had created competitive internal succession candidates for
consideration with external candidates
Audit & Risk
Given the ever-challenging external environment, the Committee’s work to streamline materials had
created additional capacity for the Committee and Board programmes
Remuneration
The Committee’s new remuneration policy was approved by shareholders at the AGM in May 2025. The
Committee will continue to track the competitiveness of GSK’s ability to pay appropriately and to retain and
incentivise candidates. This was a primary consideration for CEO succession
Directors’ evaluations
The Chair continues to provide feedback to Board members on an ongoing basis and seeks to meet with Board members in
advance of or during the Board’s regular meetings. This also provides an opportunity for the Chair to ask Directors to lead the
debate and engage their colleagues on Board agenda items focused on their areas of expertise. This practice continued
throughout 2025.
129
Nominations & Corporate Governance Committee report
Page_132.jpg
During the year, we focused on a smooth CEO and
Executive Committee succession process and
approved the new CEO’s proposal to evolve the
operational governance and the leadership team to
support the next phase of GSK’s growth
Jonathan Symonds, Nominations & Corporate Governance
Committee
I am pleased to present my seventh report as Chair of the
Nominations & Corporate Governance Committee
(Committee).
Board and Executive Committee succession
In my Chair’s governance statement on pages 115 to 117, I
discuss details of the Committee’s particular focus during 2025
on the CEO succession process. This resulted in the
appointment of Luke Miels who succeeded Emma Walmsley on
1 January 2026.
Dr Gavin Screaton joined the Board in May 2025 to replace Dr
Jesse Goodman as a scientific and medical expert when Jesse
retired and stepped down from the Board after our AGM. On
joining GSK, Gavin was also appointed a member of the
Science and Corporate Responsibility committees. Further
details on the appointment of Dr Screaton are set out in last
year’s Chair’s Governance statement. Gavin’s biography is given
on page 112.
The Committee worked with Korn Ferry and Russell Reynolds
Associates during 2025. They also each provided executive
search services to the company.
The Committee reviewed the potential for conflicts of interest
and judged that there were appropriate safeguards against
such conflicts. There are no imminent Non-Executive Director
retirements for the Committee to consider.
ExCom and operational governance
Following Luke’s appointment as CEO the Committee
considered and approved his proposal to evolve operational
governance and the leadership team. The next phase for GSK
would focus on strategic execution to deliver growth, accelerate
R&D late-stage progress, and further strengthening the early-
stage/next wave of innovation for sustained competitiveness
post 2035.
The new CEO’s executive team would be key to continue to
support the company’s Patient-driven Purpose and Culture,
whilst delivering a further step change in:
– Accelerating R&D
– Delivering growth – through the launches of the next wave of
products in Oncology (Blenrep, B7-H3 & B7-H4), RI&I
(depemokimab, camlipixant, bepirovirsen, FGF21) and HIV
(Q6M) further strengthening the early-stage and next wave
of innovation for sustained competitiveness
– Competitive cost base
– Tech adoption
To support delivery of the CEO’s key priorities the GSK
Leadership Team (GLT) membership was expanded to provide
greater strategic product insight and operational focus and
was renamed the Executive Committee (ExCom).
This expansion also reflects that the CEO’s previous role would
not be backfilled. Otherwise, there was no fundamental change
to the ExCom’s purpose or governance. The new appointees are
listed in the table below and their skills and experience can be
found on page 113.
New appointee
Rationale
Nina Mojas (PhD) – President,
Global Product Strategy
The President, Global Product
Strategy would represent the four
global product strategy therapy
areas which interface with R&D
Maya Martinez-Davis –
President, USA
Lynn Baxter – President, Europe
Mike Crichton –
President, International
The leaders of the geographic
regions who drive commercial
execution
Mondher Mahjoubi (MD) –
Chief Patient Officer
The Chief Patient Officer was an
important appointee given the
primacy of the patients’ voice in
decision making and the criticality
of the Medical Organisation for
Life Cycle Management
In addition, Roanne Parry has been appointed Chief People
Officer to succeed Diana Conrad from May 2026 who has
decided to retire after serving seven years on the ExCom.
Sally Jackson, SVP Global Communications and CEO Office
stepped down from the ExCom in January 2026 after serving for
nearly seven years.
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GSK Annual Report 2025
Board committee reports continued
Board industry experience
31336081655381
Non-Executive Director tenure
31336081655386
n
A
Up to 3 years: 30%
n
B
3-6 years: 50%
n
C
6-9 years: 20%
C
A
B
Board and ExCom composition and inclusion
We are committed to ensuring the most appropriate
composition of our Board, its committees and the ExCom. The
Board and management seek to support and encourage an
inclusive culture throughout the company and being respectful
of our operating environment.
An effective Board includes a range and balance of skills,
experience and knowledge, as well as professional and social-
economic background and independence, with individuals who
are prepared to challenge each other collaboratively. This mix is
complemented by a range of personal Board attributes,
including character, intellect, judgement, honesty and courage.
The Committee, in collaboration with all our Non Executive
Directors, continued to conduct in-depth reviews of our
emerging talent and succession pipelines and the development
plans for key leadership roles and their successors. This included
continuing to meet informally with participants in our Enterprise
Leadership Programme, which I discussed in last year’s report.
This meant that the Committee was well positioned to consider
the new leadership appointments to the ExCom that had been
identified and nominated by Luke.
During 2025, the work of the Committee also included
continuing to monitor our performance against the objectives
we set to ensure that our Board and committee composition
and succession planning promotes inclusion and equal
opportunity, pursuant to the principles of the FRC Code. We
also continued to oversee the developing pipeline of direct
reports to the ExCom. We met or exceeded these objectives as
well as the targets set out in the FCA UK Listing Rule 6.6.6R(10),
as reflected  in the table below. We continue to not apply a
Baard diversity policy as explained originally on page 135 of
GSK’s 2024 Annual Report.
In 2025, FCA-required data has been gathered directly on
a self-identified basis as follows:
– Board members: using a questionnaire
– ExCom members: individual election held on GSK's
HR database
As required by the UK Listing Rules, all data published in the
following section of the report are as at 31 December 2025. The
table below includes the outgoing CEO. Her subsequent
departure and the appointment of a new CEO has not
impacted our ability to meet the UK Listing Rule targets. 
Sir Jonathan Symonds
Nominations & Corporate Governance Committee Chair
4 March 2026
FCA UK Listing Rule 6.6.6R(10) required reporting
Number of
Board members
Percentage of
the Board
Number of senior
positions on the
Board (CEO, CFO,
SID and Chair)
Number in executive
management
Percentage
of executive
management
Gender identity or sex
Men
6
50%
2
6
50%
Women
6
50%
2
6
50%
Not specified/preferred not to say
—
—
—
—
—
Ethnic background
White British or other White (including
minority white groups)
9
75%
4
10
83.3%
Mixed/Multiple ethnic groups
—
—
—
_
_
Asian/Asian British
2
17%
—
1
8.3%
Black/African/Caribbean/Black British
1
8%
—
_
_
Other ethnic group
—
—
—
_
_
Not specified/preferred not to say
—
—
—
1
8.3%
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Board committee reports continued
Science Committee report
Page_134.jpg
The Committee has been encouraged by the consistent
delivery of GSK’s pipeline, with important regulatory
approvals, late-stage progress and a growing set of
future opportunities that reflect the strength of our
science-led strategy
Dr Hal Dietz, Science Committee
I am pleased to present my third report as Chair of the Science
Committee (Committee) on our key activities during 2025.
These were split into three important areas:
– pipeline reviews and monitoring GSK’s pipeline
– business development: undertaking technical reviews and
assessing the scientific foundation for potential business
development transactions
– scientific deep dives: discussing and analysing the key
scientific and technology themes that drive the company’s
R&D strategy
Pipeline progress
During 2025, the Committee continued to monitor the strong
progress of R&D. Our Chief Scientific Officer (CSO), Dr Tony
Wood, provided regular updates on pipeline progress across
the company’s four therapeutic areas – respiratory,
immunology and inflammation (RI&I), oncology, HIV and
infectious diseases, which included five FDA product approvals
and four significant, positive pivotal data readouts.
Particular highlights noted in respect of GSK’s 15 scale
opportunities expected to launch by 2031 included:
– US FDA approval of:
– Penmenvy, GSK’s 5-in-1 meningococcal vaccine to protect
against MenABCWY
– Blujepa, the first in a new class of oral antibiotics in nearly
three decades for the treatment of uncomplicated urinary
tract infections
– Nucala, the anti-IL5 biologic, for the treatment of COPD
– Blenrep, the only accessible anti-BCMA, used in treatment
of relapsed/refractory multiple myeloma
– Exdensur, for the treatment of severe asthma
– breakthrough designation granted for GSK'227 (B7-H3 ADC)
in late-line relapsed or refractory osteosarcoma
– acquisition of efimosfermin alfa, growing the number of scale
opportunities in the R&D pipeline
– seven pivotal trial starts in 2025, including for efimosfermin,
risvutatug rezetecan, velzatinib and Exdensur for COPD
– positive data and regulatory filings for tebipenem, a potential
new antibiotic to treat complicated urinary tract infections
– data presented at CROI (Conference on Retroviruses and
Opportunistic Infections) for VH184, VH499 and N6LS
supported development plans for ULA HIV regimens
These approvals and developments represent exciting
opportunities with enormous potential to positively affect the
lives of patients.
Business development transactions
A key role of the Committee is to evaluate the scientific
foundations underlying potential business development
transactions. This year, these included:
Respiratory, immunology and inflammation (RI&I)
– Hengrui Pharma: agreement for clinical development of a
potential best-in-class PDE3/4 inhibitor for the treatment of
COPD. The transaction also included agreements for an
additional 11 programmes across RI&I and Oncology
– Boston Pharmaceuticals: acquisition of efimosfermin alfa,
a phase III-ready potential best-in-class investigational
specialty medicine aimed at treating and preventing
steatotic liver disease
– Empirico Inc: agreement reached to acquire a first-in-class,
and potentially best-in-class, oligonucleotide candidate for
the treatment of respiratory diseases
Oncology
– IDRx, Inc: acquisition of IDRx including IDRX-42, a highly
selective KIT tyrosine kinase inhibitor designed to treat
gastrointestinal stromal tumours
– Syndivia: licensing agreement for early-stage ADC targeting
prostate cancer
Data and platform technologies
– partnership with ABL Bio in neurodegenerative diseases
– novel research collaboration with UK Dementia Research
Institute and HDR UK to investigate shingles vaccination with
prevention of dementia
Deep-dives into innovative science
During the year, the Committee continued to undertake deep
dives into some of the scientific principles and highly innovative
technologies that support the company’s R&D priorities. These
included, but were not limited to, scientific rationale for key
transactions, our oligonucleotide portfolio and technology, the
evolution and application of human genetics and genomics to
support target choice and patient identification, cancer
vaccines, and epigenetic editing.
Committee members also took opportunities outside formal
face-to-face Board meetings to spend time with GSK’s scientific
teams. These engagements highlighted GSK’s outstanding
talent and the exceptional progress within R&D.
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Board committee reports continued
Collaborating with Other Committees
The Committee conducts an annual review of the Performance
Share Plan Pipeline Progress targets before they are approved
by the Remuneration Committee. We also provided support to
develop the framework for setting the Pipeline Progression
Objectives for 2026.
Committee changes
We welcomed Dr Gavin Screaton to the Committee, following
his appointment to the Board on 1 May 2025. Dr Screaton’s
deep expertise in immunology and infectious diseases has
already brought significant value to the Committee. I look
forward to his ongoing contributions, and am confident his
involvement will continue to benefit our work.
Dr Hal Dietz
Science Committee Chair
4 March 2026
Corporate Responsibility Committee report
Page_135.jpg
The Committee held a number of in-depth sessions
during the year in overseeing, supporting and
challenging GSK’s responsible business approach,
together with providing feedback in the formative
stages of the strategic review to evolve this approach
and safeguard the company’s position as a responsible
business leader
Dr Anne Beal, Corporate Responsibility Committee
I am pleased to present this report, which is my fourth as Chair
of the Corporate Responsibility Committee (the Committee).
Being a responsible business is an integral part of the
company’s strategy and culture. Therefore, to be successful over
the long term, GSK needs to consider its responsible business
impacts, risks and opportunities. The Committee oversees the
six areas that address what is most material to the business and
most important to our stakeholders, including investors, our
people, healthcare professionals, governments and regulators
and particularly our patients who are the recipients of our
portfolio of products and the ultimate drivers of our business
value proposition.
My Committee seeks to support and challenge management on
their responsible business approach as we work through our
programme of activities during the year and in doing so we
scrutinise how:
– well the company is performing against, and making an
impact on, the six Responsible Business focus areas
embedded in our strategy
– this supports our sustainable performance and, in doing so,
creates business value and long-term growth
– further improvements can be identified and implemented –
we can best report to our key stakeholders on what we have
done and the level of impact we have made
To support this, we built a number of in-depth sessions into
our programme, including at the end of the year an initial
consideration and input by the Committee on the evolution of
our Responsible Business strategy to make sure we are
continuing to focus on the right areas.
External context
As usual, at our first regular meeting of the year we receive and
discuss a comprehensive update on management’s assessment
of and view on the external trends and outlook relevant to GSK’s
Responsible Business agenda. It provides an important political
and regulatory context and guides the Committee on investor
sentiment and the direction of travel in respect of our Trust
priority which we pay close attention to. This helps set the scene
for the Committee in advance of the business we undertake
during the course of the year. The Committee receives further
updates if there are any material changes to these external
factors. This helps inform our approach while retaining a long-
term perspective grounded firmly in GSK’s purpose.
Measuring health impacts
GSK’s President, Global Health and President, Global Affairs
shared and discussed the results of different pilot
methodologies commissioned in 2024 with two third parties
to measure and help articulate the health impact and resulting
societal benefits of the company’s innovative commercial and
global health portfolio. The results of these pilots will be
factored into the next phase of developing and refining this
work on health impact, which will be aligned to GSK’s business
strategy to 2031 and will be underpinned by our ambition to
reach 2.5 billion patients by 2030. In doing so, the Committee
was pleased to see this would be geared to supporting the
company’s strategic, commercial and global health assets and
help the Committee understand further how the broader
business case-driven health impact ambition could enhance
GSK’s contribution to society.
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GSK Annual Report 2025
Board committee reports continued
Inclusion
The Committee reviewed an opportunity to differentiate the
company’s approach to inclusion that was anchored externally
in patient inclusion to drive patient impact, alongside building a
culture of inclusion internally within GSK. Delivering health
impact at scale is at the core of GSK’s purpose, fundamental to
driving long-term commercial success and a strong motivator
to attract talent.
The Committee discussed management’s commitment to
making sure clinical trials, patient and community outreach and
partnerships are inclusive of the people affected by the
diseases we address. This is fundamental to developing
medicines and vaccines that are rooted in sound science, meet
patients’ needs and impact the full breadth of patient
populations who have the potential to benefit from our
products. . This included discussion of work to ensure phase III
clinical trials have representation plans to reflect the people
most affected by a particular disease. 
The Committee considered work led by the Chief People Officer
to create a high-performing workplace environment based on
principles of fairness, belonging and equal opportunity. The
Committee discussed management’s work to reflect these
principles in recruitment processes, learning programmes,
leadership behaviours and future plans to assess through the
employee survey. 
Environmental sustainability
We were pleased to see that management was currently on
track to deliver against our 2030 commitments against the
baseline set in 2020. We were also satisfied with a dual focus
approach on maximising the success of the in-flight initiatives
and developing targeted actions to maintain momentum was
the appropriate method in ensuring delivery against GSK’s
stretching 2030 ambitions.
In particular, the Committee discussed significant progress
being made towards launching a next-generation low carbon
version of Ventolin MDI (metered dose inhaler), which was a key
element of GSK’s net positive ambition. In 2025, the company
was pleased to announce positive pivotal phase III data for low
carbon Ventolin, these findings supported regulatory
submissions. If approved, this version of Ventolin has the
potential to reduce greenhouse gas emissions by 92% per
inhaler. GSK is proceeding with regulatory filings, with launch
expected from 2026.
The Committee helped the Remuneration Committee in
determining the vesting level for the Responsible Business
LTI PSP environment measure. This performance measure was
first introduced in 2023, comprised a mix of climate and nature
targets in support of our 2030 ambition and made up 10% of
the award granted that year. Page 153 sets out further details
on the performance against this LTI measure.
Responsible Business Performance Rating
We monitored and evaluated GSK’s progress in 2025 against
the 13 metrics across the six focus areas comprising the Rating
at the half and full year, with a recommendation to the Board to
publish a final ‘On Track’ Responsible Business Performance
Rating for 2025. We are pleased that since the metric was
introduced in 2022 that an ‘On Track’ Rating has been
maintained, while continuing to ensure where there is work to
do it is addressed and delivered. For more details, see page 48
of the Strategic report and in the Responsible Business
Performance Report – both of which are available at gsk.com.
Committee membership
During the year, Dr Jesse Goodman stood down from the
Committee when he retired from the Board. During his
nine years of service as a Committee member he had made
a significant contribution to the Committee’s work in overseeing
all aspects of the evolution of GSK’s responsible business
agenda. Jesse was succeeded by Dr Gavin Screaton and I have
been impressed with the way in which he has exercised his
knowledge and understanding of this contribution to our
discussions of the issues.
Strategic review
At the end of the year, the Committee was pleased to consider
and provide feedback at the formative stages of a strategic
review of GSK’s approach to responsible business. This review
builds on our strong performance in responsible business over
many years aligned to the company’s purpose, business
strategy to 2031 and beyond. It supports our long-term growth
and seeks to maximise the company’s impact on society. As the
review progresses during 2026 and recommendations are
developed and tested with Committee, we look forward to
providing support, challenge and oversight to appropriately
safeguard GSK’s position as a responsible business leader.
Dr Anne Beal
Corporate Responsibility Committee Chair
4 March 2026
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Audit & Risk Committee report
Page_137.jpg
The Committee’s activities during the year
complemented and underpinned the Board’s priorities
and covered our approach to financial matters and
internal and external audit, legal and compliance, risk
and assurance, and oversight of our internal control
framework and Responsible Business data governance
Charles Bancroft, Audit & Risk Com mittee
I am pleased to present this report, which is my fifth as Chair of
the Audit & Risk Committee (Committee). In the following pages
I will share insights into the specific activities undertaken or
overseen by the Committee during the year.
At the beginning of the year, the Committee considered and
agreed the 2025 Annual Programme (Programme) which is
designed to complement and underpin the Board’s priorities.
This covers the Committee’s approach to financial matters
and internal and external audit, legal and compliance, risk
and assurance, and oversight of our internal control framework
and Responsible Business data governance.
Management prepares and submits papers on the key issues for
the Committee to review, contribute to and make decisions on.
Crucially, as Committee Chair, I have unfettered access to the
senior leadership, key members of their teams and the external
auditor. This includes private Committee sessions or regular one-
to-one meetings outside the Committee cycle. Based on the
work the Committee has done or inspected during the year,
GSK continues to exhibit a strong compliance culture, with
a consistent tone and engagement from the top that runs
through the organisation.
We hold a focused selection of in-depth sessions, including
regular reviews of the cyber security and the AI control
environment and of enterprise risk management items,
and we initiated and are continuing to lead a formal audit
contract tender process.
Financial
Financial reporting: The integrity of our financial statements,
including the Annual Report and quarterly results, remains at the
core of the Committee’s focus. This includes the review of investor
materials, our progressive dividend policy and payments, the
current share buyback programme and results announcements.
Significant areas of judgement related to our financial
statements are presented to the Committee by management
and are commented on by the Auditor, including overlaps and
any variances to the Auditor’s key observations. More details are
included on page 137 of my report and in the Auditor’s report
on pages 174 to 185. We are committed to representing GSK’s
financial reporting disclosures in a clear and transparent way
and can confirm that during the year the financial reporting and
controls framework remained robust. No fundamental changes
were required.
The Committee considered the findings of a Financial Reporting
Council (FRC) review of the company’s 2024 Annual Report. It is
pleasing to note that the FRC did not raise any questions or
queries at that time, nor take any action in relation to the 2024
Annual Report, and did not require a substantive response.
Some matters were noted to further improve reporting which
have been considered and addressed, as appropriate and where
material, while preparing this Annual Report. As requested by the
FRC, we note that their review was based solely on the Annual
Report and Accounts, and provides no assurance that the
Annual Report and Accounts are correct in all material respects.
Audit tender: GSK last carried out an audit tender in 2016,
which resulted in the appointment of Deloitte as the company’s
statutory auditor with effect from 2018. Under UK audit tender
regulations, GSK is required to tender the audit contract at least
every 10 years and to rotate the statutory auditor at least every
20 years. In March 2025 the Committee agreed to initiate
a formal external audit contract tender process which then
commenced in June 2025. The Committee is leading, directing
and supervising this process with appropriate support from
management, and has been following the FRC Audit
Committees and the External Audit: Minimum Standard. The
FRC’s guidance includes promoting transparency, competition,
and fairness in auditor tendering, with a strong emphasis
on inclusion and impartial selection criteria. The Committee
reviewed and approved the appropriate governance,
competitive and independence considerations which have
been factored in to the audit tender preparation process.
During the initial phase of this re-tendering process, the company
issued an initial request for information (RFI) to six audit firms,
including challenger firms, to identity any independence issues,
or capability and capacity issues associated with delivering a
high-quality audit for a company of GSK’s size, complexity and
global reach. Also, the RFI sought comprehensive insights into the
audit firms’ strategic initiatives in the areas of technology
integration and data science.
The Committee recognises that this re-tender process involves
the current Auditor, which is nearing a decade of service, and
that it is important to ensure a fair and competitive tender
opportunity for all the other participants. To facilitate the
participation of non-incumbent audit firms and provide them
with an equitable understanding of GSK, the company has
offered additional background information and support, as
needed.
In December 2025, I met face to face with the proposed lead
audit partner candidates from the interested firms to discuss our
requirements and their proposals.
In February 2026, the company then issued a request for
proposal (RFP) to the two shortlisted audit firms. This included
the Committee-endorsed critical success factors against which it
would assess the next audit firm to be appointed to provide
statutory audit services with effect from 1 January 2028. At the
conclusion of the audit tender in the summer, I expect the
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GSK Annual Report 2025
Board committee reports continued
Committee to recommend two audit firms to the Board, with the
Committee’s preference for the appointment of one of them.
An announcement will be made following the Board’s final
selection. I look forward to providing more details on the
outcome of this RFP process next year.
Legal
At each scheduled meeting, the Committee reviews a legally
privileged report given by the General Counsel on material
litigation, investigations and other material evolving legal
matters. The Chief Compliance Officer (CCO) also gives us
updates. We monitor material and/or privileged investigations
across the Group through to resolution. Where appropriate any
corrective/mitigatory actions and lessons learned are discussed
by the Committee.
Risk and assurance
Risk management: GSK has a well-established and mature risk
management and internal control framework which is described
on pages 136 and 137. Throughout the year we have monitored
the risk management and risk management control system and
reviewed the effectiveness of the material controls, including
financial, operational and compliance controls. The Committee
continues to scrutinise how the framework operates and reviews
refinements proposed by management to ensure it remains fit for
purpose and is sustainable.
We monitor a dashboard of all GSK’s principal risks and the
process by which they are identified and prioritised. Key principal
risk topics for the Committee to consider are determined
dynamically during the year, following reviews undertaken at Risk
Oversight and Compliance Council (ROCC) meetings. During the
year, in addition to the standing information and cyber security
item that I discuss later, this saw the Committee reviewing
detailed principal risk plans and mitigation activity updates for:
data ethics and privacy, EHS, financial controls and reporting,
legal matters, patient safety, research practices, and scientific
and patient engagement.
The Committee discussed the annual risk review of principal and
emerging risks for the company, which is supported by extensive
analysis of external trends and insights, senior-level interviews
and recommendations from risk management and compliance
boards and risk owners. Following this risk review, which I
informed the Board and received its endorsement, we agreed to
add geopolitical and regulatory environment as a principal risk
from 2026. This change elevated its status from an emerging
risk in 2025. and was informed by the outcomes from
benchmarking of industry peers and other companies’ practices.
In addition, the Committee has a standing agenda item on
emerging risks, that CCO and/or Committee members can raise
and discuss any relevant issues of interest or concern and elevate
to the Board as required..
In my last report, I confirmed that the Committee had reviewed
and agreed management’s approach to leveraging and aligning
our risk management and Internal Control framework to align to
the UK Code Provision 29, effective 1 January 2026. During the
year, the company has been focusing on refining, testing and
implementing plans for our most materials controls, leveraging
our existing US Sarbanes Oxley processes. These material
controls considers our strategy, long-term sustainability, principal
risks, regulatory requirements, stakeholder interests, responsible
business strategy, and our risk management and Internal Control
framework including alignment with our risk rating guidance.
I look forward to reporting next year how the effectiveness of our
risk management and Internal Control framework has been
monitored and reviewed during 2026.
Information and cyber security: This principal risk for GSK
remains a key oversight area for the Committee, for which
we continue to scrutinise the evolution and robustness of our
‘offence’ and ‘defence’ capabilities. The Chief Digital and
Technology Officer (CDTO), Chief Information and Security
Officer (CISO) and CCO present updates regularly on
information and cyber security, as well as assessments of the
status of their associated key risk indicators (KRIs). We are joined
by my Board colleague, Dr Vishal Sikka, for these discussions.
Dr Sikka’s and the CDTO’s skills and experience, especially those
related to cyber security, are set out on pages 112 and 114
respectively.
Our CISO has spent his career building and leading technology
teams across several functional areas, including cyber security
and IT infrastructure for digital communications and healthcare
companies. He was also responsible for establishing the cyber
security function for Haleon plc before its demerger.
Our CCO focuses on ensuring a consistent and cohesive
approach across all aspects of the business and enterprise risk
management. The CCO is also responsible for the Risk Analytics
and Monitoring organisation. He has previous experience in
creating a dedicated global risk office that combines enterprise
risk management and reporting activities for GSK.
The Committee has regularly assessed progress against our
multi-year Cyber Security Plan (Plan) which was updated in 2022
and benchmarked against the National Institute of Standards
and Technology Cyber Security Framework (NIST-CSF). I have
shared these assessments in my previous Committee reports.
I am pleased to confirm that by the end of 2025, the Plan’s
remaining objectives and commitments to continue to improve
maturity, reduce risk and strengthen controls across GSK have
been delivered. A final external NIST-CSF assessment is now in
progress by specialist independent cyber experts to validate our
Tech team’s achievement of its overall cyber maturity target. This
was set back in 2022 and is positioned in the upper quartile of
our peers.
Given the ever-changing threat environment, the Committee was
pleased to observe in 2024 that the Tech team had been
recalibrating GSK’s cyber maturity goals to continue
to get ahead of such threats. As a result, we have transitioned
from the one-time maturity-focused Plan to a continuous
threat-informed defence plan (evolved Plan). This is due to run
until 2028, so I will continue to use my Committee reports to
provide status updates on delivery against the objectives of the
evolved Plan.
The Committee also reviewed our approach to managing KRIs,
governance controls and remediation plans. Given the strong
performance of these KRIs to date, we discussed details of the
plan presented by the CDTO and CISO, reviewing and refining
these metrics for 2026. This is designed to ensure continued
improvement to our approach to oversight through KRIs, while
recognising areas of risk maturity. These updated KRIs will be
implemented in phases, with the controlled introduction due
to be completed by the end of 2026. The Committee will monitor
progress during the year.
AI use and governance: The Committee was pleased to track the
partnership between Tech and Legal & Compliance to respond
proactively to the evolving cyber-regulatory environment by the
creation of a dedicated regulatory task force to anticipate and
address new global and local cyber-regulatory requirements. As
part of this initiative, an advanced AI-driven platform is being
developed to automate regulatory-change monitoring across
GSK’s markets, continuing to enhance visibility and facilitate
targeted, risk-based compliance planning and harmonisation.
More details of the other measures taken during the year to
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Board committee reports continued
mitigate this and each of our other enterprise risks are described
on pages 68 and 303.
Our Responsible AI framework helps us maintain clear guardrails
as we scale adoption of AI across GSK to drive innovation, growth
and productivity to accelerate our purpose. The Committee
continued to review the work of the AI Governance Council
(Council) in overseeing the integrity and strength of these
guardrails. During the year, the Committee discussed oversight of
emerging AI systems trends and software. This included the design
and development of AI agent (agentic) systems and, critically, the
governance controls and security standards required for safe
adoption, deployment and use in GSK such as ensuring that
human oversight was embedded together with escalation
protocols. The Committee stressed that as a guiding principle
management should keep in mind not only the productivity and
efficiency benefits that AI tools, software and systems could
deliver for GSK, but also their limitations. The Committee reiterated
that strong AI governance was vital to protecting GSK’s patients,
employees, intellectual property and reputation by reducing
safety, compliance and security risks. It also noted key
achievements, including closing outstanding audit actions and
introducing enhanced security standards for AI. The Committee
received a report from the General Counsel highlighting the
importance of monitoring the evolving AI-litigation landscape,
and regulatory and enforcement trends, and of incorporating
lessons learnt from monitoring GSK’s AI processes.
In 2026, the Committee is looking forward to updates on how the
Council progresses its key focus areas, which include:
– strengthening controls for more autonomous, decision-making
agentic AI systems
– continuing to mature governance practices across the
business and
– completing an external benchmarking exercise to provide
independent assurance of management’s approach
Assurance: The Head of Audit & Assurance (A&A) – GSK’s
internal audit team – provides regular updates on internal audit
matters, including progress against the Assurance Plan endorsed
by the Committee. During the year, we reviewed briefings on
a number of significant internal audits, including: commercial
audits in Asia; audits in the manufacturing and global supply
chain organisation; the management and oversight of third
parties in the company’s R&D research labs; as well as other key
areas across the enterprise. In doing so, the Committee was
pleased to review the assurance outcomes and gained a good
understanding of the proactive risk management across the
organisation, clear monitoring practices and timely remediation
of actions to address issues as they arose.
During the year, the Committee also reviewed an internal quality
assessment by the A&A team to assess how it conformed with
new Internal Audit Standards, and to identify any gaps and
adjust processes as appropriate.
Internal control framework
The Board recognises its obligation to present a fair, balanced
and understandable assessment of GSK’s current position and
prospects. It is accountable for evaluating and approving the
effectiveness of GSK’s internal controls, including financial,
operational and compliance controls, and risk management
processes.
We ensure the reliability of our financial reporting, and
compliance with laws and regulations, through our internal
control framework. This is a comprehensive enterprise-wide risk
management model, which supports the Board to identify,
evaluate and manage the Group’s principal and emerging risks,
as required by the UK Code. The framework is designed to
manage the risk of GSK not achieving its business objectives.
A fit-for-purpose framework – complemented by our corporate
culture and Speak Up processes – ensures that the risks
associated with our business activities are actively and effectively
controlled in line with our agreed risk appetite. We believe GSK’s
framework provides reasonable, but not absolute, assurance
against material misstatement or loss.
The Board mandates the Group’s Risk Oversight and Compliance
Council (ROCC) of senior leaders to support the Committee to
oversee risk management and internal control activities. It also
provides the business with a framework for risk management and
escalation of significant risks. Risk management and compliance
boards (RMCBs) across the Group promote the ‘tone from the
top’ and establish our risk culture, and ensure effective oversight
of internal controls and risk management processes.
Each principal risk has an assigned risk owner, drawn from senior
management, who is accountable for managing the principal risk
with oversight from an ExCom member, which includes setting
and implementing risk mitigation plans. Enterprise risk owners
report every quarter on the status of the enterprise risk plan,
internal control framework implementation, relevant external
insights and emerging risks and mitigation within the period, with
significant results reported to ROCC. An executive summary of
quarterly risk reports is provided to the Committee. This approach
fosters dynamic, flexible and agile oversight, important in a
volatile and uncertain external environment. It also enables us to
assess the effectiveness of our risk management strategies and
controls for our principal risks. Our Compliance function assists
the ROCC and RMCBs. Compliance is responsible for advancing
enterprise-wide risk management and for developing risk-based
and ethically sound working practices. It also actively promotes
ethical behaviours by enabling all employees to operate in line
with our culture and ensure compliance with applicable laws and
regulations.
Our Audit & Assurance (A&A) function provides independent
assurance to senior management and the Board on the
effectiveness of risk management Group-wide, in line with an
agreed assurance plan. This helps senior management and the
Board to meet their oversight and advisory responsibilities to fulfil
GSK’s strategic objectives and build trust with patients and other
stakeholders.
A&A has a dual reporting line to the CFO and the Committee. As
a Committee we receive regular reports from principal risk
owners, Compliance and A&A on areas of significant risk to the
Group and on related internal controls. These reports assess the
internal control environment within each principal risk area,
including enhancements to strengthen controls. Once we have
considered these reports, the Committee reports annually to the
Board on the effectiveness of GSK’s internal controls.
In 2025, through the authority delegated to the Committee, the
Board conducted a robust assessment of the Group’s principal
and emerging risks. This assessment, in line with the UK Code,
included consideration of the nature and extent of risk the Board
is willing to take to achieve GSK’s strategic objectives.
The Board, via the Committee, also oversaw the effectiveness of
our internal control environment and risk management processes
across the Group for the whole year, up to the approval date of
this Annual Report. More detail about the review of the Group’s
risk management approach is discussed in the Risk management
section of the Strategic report on pages 63 to 78.The
management of each principal risk is explained in Principal risks
and uncertainties on pages 291 to 306. The Group’s viability is
discussed in the Strategic report on page 78.
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Board committee reports continued
Significant issues relating to the financial statements
In considering GSK’s quarterly financial results announcements and the financial results in the 2025 Annual Report, the Committee
reviewed the significant issues and management judgements in determining those results. It reviewed management papers setting
out the key areas of risk, actions taken to quantify the effects of the relevant issues, and judgements made by management on the
appropriate accounting required to address those issues in the financial statements.
The significant issues considered in relation to the financial statements for the year ended 31 December 2025 are set out in the
following table, with a summary of the financial outcomes where appropriate. The Committee and the external auditor have
discussed the significant issues addressed by the Committee during the year and the areas of particular audit focus, as described in
the Independent Auditor’s Report on pages 174 to 185.
Significant issues considered by the Committee
in relation to the financial statements
How the issue was addressed by the Committee
Going concern basis for the preparation
of the financial statements
The Committee considered the outcome of management’s half-yearly and year-end
reviews of current and forecast net debt positions and the various financing facilities
and options available to the Group. The Committee also considered management’s
review of the impacts of both the current economic environment and climate
change. Following consideration of these assessments, which included stress testing
and viability scenarios, sources of liquidity and funding, forecasts and estimates, the
Committee confirmed that the application of the going concern basis for the
preparation of the financial statements continued to be appropriate.
Revenue recognition, including returns
and rebates (RAR) accruals
The Committee reviewed management’s approach to the timing of recognition of
revenue and accruals for customer returns and rebates. The RAR accrual for US
Commercial Operations was £4.9 billion at 31 December 2025 and the Committee
reviewed the basis on which the accrual had been made and concurred with
management’s judgements on the amounts involved. A fuller description of the
process operated in US Commercial Operations in determining the level of accrual
necessary is set out in Note 3 ‘Critical accounting judgements and key sources of
estimation uncertainty’ on pages 106 and 107.
Provisions for legal matters, including
investigations into various aspects of the
Group’s operations
The Committee received detailed reports on actual and potential litigation from both
internal and external legal counsel, together with a number of detailed updates on
investigations into various aspects of the Group’s operations. See Note 46 to the
financial statements ‘Legal Proceedings’ for more details. Management outlined the
levels of provision and corresponding disclosure considered necessary in respect of
potential adverse litigation outcomes and also those areas where it was not yet
possible to determine if a provision was necessary, or its amount. At 31 December
2025, the provision for legal matters was £0.2 billion; see Note 32 to the financial
statements, ‘Other provisions’ for more details.
Provisions for uncertain tax positions
The Committee considered current tax disputes and areas of potential risk and
concurred with management’s judgement on the levels of tax contingencies
required. At 31 December 2025, a tax payable liability of £0.5 billion, including
provisions for uncertain tax positions was recognised on the Group’s balance sheet.
Impairments of intangible assets
The Committee reviewed management’s process for reviewing and testing goodwill
and other intangible assets for potential impairment. The Committee accepted
management’s judgements on the intangible assets that required writing down and
the resulting impairment losses of £0.9 billion in 2025. See Note 20 to the financial
statements, ‘Other intangible assets’ for more details.
Valuation of contingent consideration
in relation to ViiV Healthcare
The Committee considered management’s judgement that it was necessary to
increase the liability to pay contingent consideration primarily as a result of 
increases in sales forecasts, updated exchange rate assumptions and the unwind of
the discount. After cash payments of nearly £1.3 billion in the year, at 31 December
2025, the Group's balance sheet included a contingent consideration liability of
£5.4 billion in relation to ViiV Healthcare. See Note 32 to the financial statements,
‘Contingent consideration liabilities’ for more details.
ViiV Healthcare put option
The Committee reviewed and agreed the accounting for the Pfizer put option
and concurred with management’s judgement on the valuation of the put option
of £0.8 billion at 31 December 2025. The Committee noted the agreement reached
with Pfizer and Shionogi on 19 January 2026 for the 11.7% economic interest in ViiV
Healthcare currently held by Pfizer to be replaced with an investment by Shionogi.
See Note 47 to the financial statements, ‘Post balance sheet events’ for more details.
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Effectiveness and quality of external
audit process
The Committee is committed to making sure that GSK receives
a high-quality and effective external audit.
In evaluating Deloitte’s performance during 2025, before
making a recommendation on its reappointment in early 2026,
the Committee reviewed its performance against the criteria
agreed at the beginning of 2025. The detailed criteria used to
judge Deloitte's effectiveness as external auditor are available
at gsk.com. These are based on the audit approach and
strategy, ensuring a high-quality independent audit, effective
relationships and value for money.
We sought to ensure that Deloitte would deliver a smooth,
thorough and efficiently executed audit for 2025 and so
considered:
– the overall quality of the audit
– the independence of Deloitte
– whether Deloitte showed an appropriate level of challenge
and scepticism in its work
The Committee initiated an audit tender process in June 2025.
and invited Deloitte to participate. During this tender process,
the Committee has been subjecting Deloitte to extensive
scrutiny. To avoid unnecessary duplication, the Committee
considered the outcomes of a short and focused audit
effectiveness review undertaken by management as part of the
2026 appointment process. The review focused on assessment
of four key areas:
– understanding of the business, and key risks
– communication and ways of working
– audit planning, (including resourcing, planning and
centralisation)
– professional scepticism and the quality audit judgement
In addition, the Committee considered the requirements FRC’s
Audit Committee and the External Audit: Minimum Standard,
where relevant, were met in 2025..
As Committee Chair, I regularly meet independently with the
audit partner. We also meet with the auditor privately at the
end of each Committee meeting to discuss progress, as
appropriate.
The Committee monitors engagements with external
stakeholders relevant to our areas of oversight, including the
FRC and Securities and Exchange Commission.
The FRC Audit Quality Review (AQR) findings were published
during the year, although the audit of GSK 2024 Annual Report
was not included as part of the AQR’s process. The Committee
acknowledged the continuing strength the results of inspections
show, with 95% of Deloitte’s public interest audits rated as
‘good or limited improvements’ and, for a fifth consecutive year,
the FRC AQRs for Deloitte have improved.
Having reviewed the above feedback, and noted any areas for
further improvement to be implemented by the audit team for
2026, the Committee was satisfied with the:
– effectiveness of the auditor and the external audit process
– auditor’s independence, qualifications, objectivity, expertise
and resources
The Committee therefore agreed to recommend to the Board
Deloitte's reappointment at the next AGM, and did so free from
the influence of any third party.
Auditor’s reappointment
External auditor appointment
Last tender
May–December 2016
Transition year
2017
First shareholder approval of current
auditor
May 2018
First audited Annual Report and 20-F
Year ending 31 December 2018
New lead audit engagement partner
2023
Current tender commenced
2025
Due to complete
2026
Due to take effect
2028
There were no contractual or similar obligations restricting the
Group’s choice of external auditor.
Audit tender
The Committee considers that, during 2025, the company
complied with the mandatory audit processes and audit
committee responsibility provisions of the Competition and
Markets Authority Statutory Audit Services Order 2014.
In June 2025 GSK commenced a formal external audit contract
tender process. The tender process is due to be concluded in
the summer of 2026. The successful audit firm will then be
appointed to provide statutory audit services with effect from 1
January 2028. More details are set out earlier in my report on
pages 134 and 135.
Non-audit services
Management operates on the presumption that other
accountancy firms will ordinarily provide non-audit services to
GSK. However, where the external auditor’s skills and experience
make it the only suitable supplier of non-audit support – such
as for audit-related matters, tax and other services – it may be
used, in the best interests of the company.
In line with GSK’s non-audit services policy, the Committee
ensures that auditor objectivity and independence are
safeguarded by reviewing and pre-approving the external
auditor’s provision of such services. The company policy
complies with the FRC’s 2024 Revised Ethical Standard and the
Sarbanes-Oxley Act of 2002. It observes the following core
policy features on engaging the external auditor for non-audit
services as set out on the next page:
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Key features of GSK’s non-audit services policy:
Process
All non-audit services of more than £50,000 are put to
competitive tender with other financial services
providers, in line with the Group’s procurement process,
unless the skills and experience of the external auditor
make it the only suitable supplier.
Safeguards
Adequate safeguards are established so that the
objectivity and independence of the Group audit are
not threatened or compromised.
Fee cap
The total fee payable for non-audit services should not
exceed 50% of the annual audit fee, except in special
circumstances where there would be a clear
advantage in the auditor undertaking the additional
work.
Prohibitions
GSK’s policy includes a list of permitted non-audit
services in line with the relevant regulations.
Any service not on this list is prohibited.
Pre-approval
All non-audit services require pre-approval, as set out
in the table below, to ensure services approved are
consistent with GSK’s non-audit policy for permissible
services. This process ensures all services fall within the
scope of services permitted and pre-approved by the
Committee and does not represent a delegation of
authority for pre-approval.
Value
More than £50,000
Between £25,000
and £50,000
Under £25,000
Pre-approver
Committee Chair and CFO
Group Financial Controller
Designate of the Group
Financial Controller
Audit and other services comparison (£m)
42482
2025
1.9
2024
2.2
2023
1.6
l
Audit services
l
Other Assurance services
A fee of £0.2 million was paid to the auditor in respect of GSK pension
schemes in each of 2023, 2024 and 2025.
The fees paid to the company's auditor and its associates are
set out above. More details are given in Note 8 to the financial
statements, ‘Operating profit’, on page 205.
The Committee considered the level of non-audit services
incurred as part of its annual review of Deloitte’s independence
set out on the previous page, and was satisfied that the auditor
continued to be independent and exercised objectivity
throughout 2025.
Fair, balanced and understandable assessment
The need for an annual report to be fair, balanced and
understandable is one of the key compliance requirements for a
company’s financial statements. To ensure that GSK’s Annual
Report meets this requirement, we have a well-established and
documented process governing the coordination and review of
Group-wide contributions to the publication. This runs in parallel
with the process followed by the external auditor. The
Committee received a summary of management’s approach to
GSK’s 2025 Annual Report to ensure it met the requirements of
the UK Code. This enabled the Committee, and the Board, to
confirm that GSK’s 2025 Annual Report as a whole is fair,
balanced and understandable and provides the necessary
information for shareholders to assess the company’s position
and performance, business model and strategy.
Code of Conduct and reporting lines
We have a number of well-established policies (including a
Code of Conduct), which are available at gsk.com, together
with details of our confidential Speak Up lines for reporting and
investigating unlawful conduct.
Charles Bancroft
Audit & Risk Committee Chair
4 March 2026
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Remuneration report
2025 was an exceptional year with GSK strengthening all of
the fundamentals of its strategy contributing to a TSR of 41%
for our shareholders over the year. In this context, our
performance assessments were considered appropriate and
underpin our commitment to rewarding out-performance.
We applied these principles to our CEO succession process
which highlighted the need to continue our goal of moving to
the median of our global biopharma peer group
Wendy Becker, Remuneration Committee
Page_143.jpg
Remuneration report contents include:
Page reference
Remuneration Committee Chair’s statement
140
2025 Executive Directors’ total remuneration
147
Pay for performance and operation of current Policy
149
Dear Shareholder
On behalf of the Remuneration Committee, I am pleased
to present our Remuneration report for 2025.
DRAFT
I am grateful to shareholders for supporting the new
Remuneration Policy (Policy) at the 2025 AGM, with more
than 93% support. The Policy is available on pages 176 to 184 of
the 2024 Annual Report and at gsk.com.This endorsed our
move to review our senior executive pay in the context of a
global peer group of 13 biopharma companies within a revenue
and market capitalisation range of 1/3 to 3x that of the
company at the time of its adoption.
The revised approach has already proved appropriate, both in
incentivising management to deliver excellent progress on all
elements of our strategy and in the recruitment of a new CEO.
This is evidenced in the delivery of strong financial results and
the excellent progress in R&D which have facilitated an
approximate 35% increase in share price during the course of
the year with approximately 41% total shareholder return (TSR)
for 2025. This momentum has been maintained with a further
21% increase to £22.14 per share from the year end up to 25
February 2026.
The Chair explains the process we followed regarding CEO
succession on page 115, which included full consideration of
external and internal candidates before we selected Luke Miels.
The recruitment process reaffirmed the peer group we had
selected and our commitment to achieving total target pay
at the median level against this group over the next two to three
years. The Committee considers our peer group to be
appropriate for the foreseeable future and does not propose
any short-term revisions to it as a result of our improved
positioning within the group.
Progress and performance in 2025 and Outlook
In my last report, I outlined strong financial results for 2024
and I am very pleased to be able to report that that success
has been built upon and reinforced with another strong year
of operational performance in 2025, with outstanding sales
and core operating profit growth and core EPS growth, driven
by the strong achievement of our growing Specialty Medicines
portfolio. This was delivered together with outstanding phase III
pipeline progress and five regulatory approvals taking the
number of scale opportunities to deliver sales potential of >£2
billion to 15. Total 2025 sales were £32.7 billion (up 7% CER).
Core operating profit growth was +11% CER and core EPS of
172.0p (+12% CER).
Given this level of achievement, on top of similar levels of growth
in the previous year, the Committee feels that the outturn
demonstrates the continued benefit of setting stretching targets
and our focus on delivering out-performance. I was particularly
pleased to see the consistency of delivery in terms of both
financial results and in respect of the pipeline reflected in GSK’s
TSR with a material improvement in the share price reinforcing
the changes we made to the remuneration policy.
2025 Annual bonus
2025 was the first year operating the new bonus scorecard
introduced as part of the policy review with a 50% weighting
applying to strategically important financial measures, 20%
to a new pipeline measure and 30% relating to strategic/
personal objectives.
The bonus is primarily focused on rewarding over-delivery
of financial performance against the targets set at the start
of the year, with those targets generally being ahead of
external consensus forecasts at the time they were set.
The scorecard comprised a 25% weighting on each of sales
and core operating profit growth with a bonus outturn of 69.5%
and 59.3% of their respective maximums for the outgoing CEO
and the CFO (reflecting their different on-target starting point
levels) for the financial elements of the bonus.
The new Pipeline performance measure was designed to
incentivise and reward ‘on-time in full’ delivery of our near-term
outcome-based milestones across our priority assets and
business development objectives, and overall performance
was significantly above target. The Committee was very
pleased to be supported by the Science Committee which
reviewed performance against this measure from a scientific
perspective before the Committee reviewed the outturn of this
measure. This resulted in an overall assessment of 86.25% and
81.7% of maximum for the outgoing CEO and the CFO
respectively. The Committee also carefully reviewed
performance against the third element of the annual bonus –
the non-financial individual strategic and operational measures
for the outgoing CEO and the CFO for 2025.
Emma Walmsley led the company through delivering
exceptional results in 2025 and I wanted to add my thanks to
those delivered by the Chair in his report for her leadership and
contribution and wish her every success for the future. As a
Committee, we assessed her performance with the usual
scrutiny as part of the bonus scorecard. It was pleasing in
Emma's final year as CEO to see her excellent achievement
of not only her pre-agreed objectives but also successfully
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absorbing the complexity of MFN and other industry issues
as well as providing full support to the CEO transition. On this
basis, and after careful thought, we recognised this impact in
her achieving maximum potential on the personal element of
her bonus. Our CFO also made significant contributions which
the Committee also recognised. We have provided greater
detail on performance against each of their strategic and
operational objectives and achievements on pages 151 and 152
which show the outturn for the two Executive directors at 100%
and 86.7% of maximum for the outgoing CEO and the CFO
respectively for this portion of their bonuses.
Before finalising the overall bonus outcomes, the Committee
took time to consider the broader performance of the company
and the outgoing CEO and the CFO’s contributions. The
Committee was satisfied that the payouts were appropriate
given the exceptional financial and operational results for 2025,
supporting delivery of our long-term strategy, and the 35%
increase in share price performance.
When all bonus measures are combined, the final payout
against the maximum of 300% (on-target outgoing CEO 150%
and the CFO 100%) was c.246% of base salary for the outgoing
CEO (of which 146% of base salary was delivered in shares
deferred for three years), and c.216% of base salary for the CFO
(of which 116% of base salary was delivered in deferred shares),
i.e. 82% and 72% of maximum respectively. This compares to
2024 bonuses of 210% for the outgoing CEO and 198% for the
CFO (or 70% and 66% of maximum).
Long-term incentive (LTI) awards
With regards to the performance of our 2023 Performance
Share Plan (PSP) LTI award, this is the second grant made under
our previous Policy. The Committee was again very pleased at
the progress being made, particularly seeing the continued
improvement in TSR performance over the year of 41% (resulting
from a 35% increase in the share price). Overall, approximately
82% of the total award under the 2023 grant vested based on
performance over the three-year period from January 2023 to
December 2025.
The grant had five measures, all of which vested to some extent
with the details set out on page 153 of this report. In terms of
TSR, GSK ranked in 5th position against our former global
pharma peer group of ten companies (including GSK) for
relative TSR performance, resulting in above median positioning
for GSK and an element of vesting (12% of a possible 30%) for
this component.
A primary measure of success for any biopharma group is
the strength of its products and pipeline. Over the three-year
performance period, the pipeline delivered maximum
performance i.e. 100% outturn. The Science Committee
provided scientific scrutiny of performance of this measure
prior to the Committee’s review of the outturn.
Before confirming the final total vesting level, the Committee
considered the overall performance measure outcomes of
this PSP award, as well as the overall shareholder experience.
We agreed that, given the progress made, the outcome for the
three-year period was appropriate.
Total variable performance pay for 2025
Overall, 2025 resulted in total variable performance pay at
82% of maximum opportunity for the outgoing CEO. This was
considered a fair reflection of the performance achieved. The
CFO’s performance pay resulted in a 77.7% achievement of her
maximum opportunity. The formulaic outturns for the outgoing
CEO and the CFO were, therefore, approved without the
exercise of any discretion.
Finally, in terms of the 2025 outturn, I would like to add some
context to the increase in the figure for benefits in 2025
compared with 2024. This does not reflect any material change
in our practices and arises from two separate matters.
Following the tragic death of UnitedHealthcare’s CEO and
other similar tragic events, we, consistent with many other
global companies, commissioned an external review of the
security arrangements in place to safeguard our executives and
approved enhanced procedures in line with their advice.
This led to an increase in the total spend on improved security
protection arrangements for our Chair (see page 159) and
Executive Directors following an increase to the threat
landscape. This is not currently anticipated to involve annual
recurring expenses at this level but is included in the 2025
figures. In addition, certain medical expenses were incurred
under our pre-existing arrangements.
Change in CEO
As announced in September 2025, GSK and Emma Walmsley
agreed that she would step down as CEO and a Director on
31 December 2025 but would remain an employee through
to 30 September 2026 during which time she is supporting the
new CEO and Chair with an orderly transition, in particular,
in considering the potential impact to GSK’s operating
environment arising from geopolitics and new technologies.
Her agreed departure terms are set out in the section headed
‘Leaving Arrangements’ on page 162 of this report. These briefly
comprise continued salary and bonus opportunity (at on-target
level) while she remains employed provided she continues to
deliver satisfactory personal performance, and ‘good leaver’
status under the rules of our incentive plans consistent with the
policy and her contractual terms.
She will remain subject to the 7.25x salary share ownership
requirement for two years after her departure (until September
2028) consistent with our Policy.
As part of her departure terms, it was agreed to preserve her
right to certain medical support for her and her family for up
to three years from her leaving date. This was consistent with
her long-standing expectations.
Luke joined the Board as our new CEO on 1 January 2026.
His terms are provided on page 144 of this report. In summary,
they comprise a starting salary of £1.375m (being approximately
4% lower than that of Emma’s 2025 base salary and 5.5% lower
than the global biopharma peer group median, putting his total
pay in the lower quartile). He will broadly receive the same
terms as Emma with a 1.5x salary for on-target bonus delivery
(3x at maximum) and a 7.25x salary PSP award level. He will
also be subject to a 7.25x salary share ownership requirement.
His benefits have been aligned with our current company
practices.
The Committee feels strongly that this package as well as
the plan design underscores the importance of our current
shareholder approved Policy to move the incumbent CEO’s
total target pay to the median of the global peer group of
biopharma companies in a way that encourages out-
performance.
Luke’s positioning as CEO against his peers and versus the
outgoing CEO, can clearly be seen in the CEO Benchmarks
section on page 145 of this report.
The Committee is always led by performance first. Subject to
satisfactory personal performance, it hopes to increase the
CEO’s package in increments to the median of the group by
2028. This is likely to be achieved through a combination of:
salary increases above the rate applicable to his UK colleagues
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Remuneration report continued
generally in each of the next three years; an increase to the
PSP grant level to 8x in 2027; and his annual grant level being
subject to re-benchmarking and consultation as part of the
2028 Remuneration policy renewal process.
In line with the company’s long-standing practices, applicable
to all employees, Luke will also receive for a limited period
reimbursement of certain relocation expenses including flights
and payment of shipping costs in locating to the UK.
Remuneration policy implementation for 2026
2026 Annual bonus and LTI performance measures
Given the fundamental strategic importance of continued
delivery of our pipeline and that 2025 was only the first year of
the new scorecard’s operation, we will continue to operate the
same measures for our Annual bonus.
The Annual bonus measures for 2026 will remain:
Measure
Weighting
Sales
25%
Core operating profit
25%
Pipeline
20%
Strategic, operational and Responsible
Business (RB)
30%
Targets will continue to be set in the context of the Board’s
priorities of continuing the transformation of the company,
fulfilling ambitious revenue targets and delivering sustained
creation of shareholder value through financial ambition,
innovation and growth of the pipeline and continued
consideration of whether new technologies can both improve
our ways of delivering and enable us to deliver new things.
In managing all of these goals, we continue to focus on
navigating the geo-political landscape and embracing new
opportunities.
Both the scorecard measures and specific targets will be kept
under review in subsequent years to ensure it remains relevant
and aligned to the Board’s priorities.
We set out how the annual bonus Pipeline measure works
in full on page 150. In summary, it seeks to reward delivery of
shorter-term, large, publicly reported R&D milestones for GSK's
priority pipeline assets, which together are expected to deliver
the company's 2031 Outlook. The Science Committee supported
our Committee in confirming the appropriateness and stretch in
the Pipeline measure.
Our 2026 PSP LTI measures will also remain:
Measure
Weighting
Relative TSR
40%
Sales
17.5%
Core operating profit
17.5%
Pipeline
17.5%
RB: Composite score
7.5%
These measures seek to reinforce over-delivery of our longer-
term outlooks. The PSP LTI Pipeline measure is differentiated to
the Annual bonus measure as importantly it focuses on the
value and volume achievement of the overall pipeline
supporting our 2031 Outlook and beyond. This measure will only
vest, either in full or in part, if at the time of vesting the most
recently governed and published 2031 sales outlook (last
updated in February 2025) remains at least £40 billion1.
Our RB measure directly aligns and rewards delivery against
the company’s full RB programme. The Committee appreciates
the prior review of this measure by the Corporate Responsibility
Committee as the subject matter experts in setting challenging
longer term targets here.
You can read in detail about our continued progress in year,
and our ambitions in the context of our six RB focus areas, on
pages 48 to 58.
Path to ensuring competitive compensation
As mentioned at the outset of this statement, the Committee
wishes to ensure that total target pay for our senior executives
are at the median against the peer group over the next two to
three years. Given the caps on variable pay, this will require
setting the base salary moderately above median level.
The Committee also always takes time to consider the internal
relativities of pay in the Group and noted that the UK wider
workforce annual increase was 3.3%. It was agreed that the
CFO’s performance merited a base salary increase of 3.3%
consistent with that level. The new CEO’s salary was set in
September 2025 at below the level of his predecessor, even
though this clearly resulted in the package initially being further
below the median. His salary is not due to be reviewed until
December 2026. The outgoing CEO’s base salary will remain
unchanged during her employment for 2026.
For completeness, the Chair also received a 3.3% increase in
line with the wider workforce. An explanation of changes to the
Non-Executive Director fees is given on pages 158 and 159.
(1) See assumptions and basis of preparation related to 2025 guidance,
2021-26 and 2031 Outlooks on the inside back cover of the 2024 Annual
Report
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Remuneration report continued
Thank you
Once again, I would like to take this opportunity to thank
shareholders for their support and engagement with our
new Policy. We were pleased to be able to engage with
the majority of the company’s shareholder register and
received very clear support for the current Policy. I would
like to congratulate all our people for all they have achieved
in 2025 and the delivery of another strong year of
performance, and thank my fellow Committee colleagues
for their support. Last but not least, I would also like to
thank colleagues on the Board from the Science and the
Corporate Responsibility committees for their continued
collaboration in supporting the Committee’s aim to set
stretching targets and in assessing performance against
them.
I welcome all shareholders’ feedback on this report ahead
of our AGM. We look forward to receiving your support for our
Annual report on remuneration at our Annual General Meeting
on 6 May 2026.
Wendy Becker
Remuneration Committee Chair
4 March 2026
GSK_AR25_Case_Study_Keylines_P143.svg
2026 Executive Director remuneration summary
Luke Miels (CEO)
Julie Brown (CFO)
Fixed remuneration
Salary
£1,375,000
£1,056,446 – 3.3% increase
Pension
7% (plus up to 3% of £66,666 if matched)
Aligned to wider UK workforce
Performance pay
Annual bonus
(% of salary)
Maximum opportunity: 300%
On-target: 150%
On-target: 100%
LTI
(% of salary)
Maximum: 725%
Maximum: 400%
Threshold: 145%
Threshold: 100%
Share ownership requirement
(% of salary)
725%
400%
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Remuneration report continued
CEO transition
Appointment arrangements for Luke Miels
Luke Miels joined the Board as CEO on 1 January 2026, as announced on 29 September 2025. Luke was not a Director during 2025,
so no disclosures are required in the various tables in this report. Details of the appointment process the Board followed are outlined
on page 115. Consistent with our aim to be transparent, the key terms of appointment are summarised for 2026 below.
Key terms
Summary
Starting salary
£1,375,000 with effect from 1 January 2026. This is likely to be subject to 10-12% salary increases in each of 2027 and 2028
to reach total target pay towards the median of our size-adjusted global peer group of biopharma companies
Standard benefits
In line with long-standing practices, these include reimbursement of certain relocation expenses, including flights
and shipping costs etc (grossed up for relevant taxes). Private medical benefits are consistent with the company’s
policies and do not envisage continuation following cessation beyond any notice period
Annual bonus
Annual bonus will be at the same level as the previous CEO, with an on-target level of 1.5x salary (maximum 3x salary)
and the same deferral terms. The annual bonus measures scorecard for 2026 is set out on page 155 of this report
Performance Share
Plan (PSP)
A 2026 PSP grant will be made at the 2025 multiple level for the previous CEO of 7.25x salary. This is within the
Policy maximum of 8x salary approved at the 2025 AGM. We envisage moving to that level for the 2027 grant.
To reach the median of our peer group, it will require another increase in 2028. The performance measures for
the 2026 PSP grants are set out on page 156 of this report
Share ownership
requirements
(SOR)
Consistent with our Policy, Luke’s SOR will be aligned to his PSP grant level, so is currently set at 7.25x for 2026 but is
expected to increase to 8x in 2027
Luke currently holds 1,435,418.32 shares in respect of his new SOR, i.e. 7.25x his new base salary. This only includes
shares held under any share plans once any performance conditions have been met and then only on a net-of-tax
basis. He intends to retain shares arising from outstanding and new awards (other than to settle tax) until he reaches
his new CEO SOR of 7.25x
Service contract
His service contract requires 12 months’ notice from either side and is generally consistent with that of the CFO, except
that the opportunity was taken to update the contract to include specific provisions that permit the Board to make any
termination payments on a phased basis and offset any remuneration from any succeeding role
GSK_AR25_Case_Study_Keylines_P144a.svg
GSK_AR25_Case_Study_Keylines_P144b.svg
Overview of new CEO’s 2026 remuneration package
The following table compares Luke Miels remuneration to the outgoing CEO’s 2025 arrangements.
Overview
Comparison with
outgoing CEO
Trend versus
outgoing CEO
Rationale
Base salary
£1,375,000
4.1% decrease on
2025 base
↓
Lower salary awarded on initial
appointment reflecting that Luke
is new in role
To achieve the agreed target of
delivering a median package will
require meaningful increases in base
salary over the next few years as he
develops into the role
Pension
GSK pension contributions or
cash supplements of 7% of
base salary and matching
contributions of up to 3% on
the first £66,666 of salary
Identical opportunity
→
Aligned with wider workforce in the
UK
Annual bonus
On-target bonus of 150% with
maximum of 300%
Identical opportunity
→
To incentivise the CEO to over-deliver
and recognise execution of the
business strategy on an annual basis
LTIs
2026: 7.25x base salary
Identical opportunity
→
To incentivise the CEO to over-deliver
and recognise execution of the longer
term strategy
2027: 8x base salary
Increase is permitted under
the Policy assuming
performance merits it
SOR
7.25x base salary aligned to
LTI multiple
Identical, aligned to LTI
multiple
→
To align the interests of the CEO with
those of shareholders
Details of the leaving arrangements for Emma are given on page 162
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Remuneration report continued
Understanding the new CEO remuneration package
We continue to believe in the fundamental principle of incentivising out-performance and penalising underperformance to support
our performance culture and long term strategy. The Committee is driven by the need to ensure our Policy is aligned to support
strategic delivery and that incumbents are paid appropriately to be retained and incentivised. While this section focuses on
progression to peer group median, the Committee does not wish to slavishly follow the median and is also focused on individual
performance and capability of senior executives. That said, the current discounts to our competitors are considered much too
great and drive internal compression, and assuming continued strong performance, we would expect to move the policy over the
next few years.
To that end, as provided for in the new Policy approved by shareholders at the 2025 AGM, the Committee’s objective is to ensure
that the new CEO’s total target pay is set around the median of our size-adjusted global biopharma peers. The former CEO’s
package for 2025 was set at c.82% of the median with a view to reaching median remuneration over the next few years, subject
to performance. Setting a lower starting salary for Luke Miels, the new CEO, reflects that this is his first group CEO role. However,
this means he is commencing his tenure even further below our peer group median at around 78%, given another year of peer
group increase.
While the Board decided that Luke was the best available candidate regardless of the package other candidates could
command, the Committee did note that several candidates earned considerably more than the outgoing CEO which reinforces
our commitment, subject to ongoing performance, of moving to a competitive median level.
To meet the Committee’s longer-term objective, subject to Luke’s performance in role, this will require a c.26% salary increase if the
bonus and PSP multiples remain unchanged. Over 2025, GSK has achieved a significant re-rating of its share price (up 35%)
which we committed to achieving prior to increasing the PSP award level to 8x. Given the re-rating, we proposed to increase Luke’s
PSP grant level to the current policy maximum of 8x salary in 2027. This reduces the gap to median (based on 2025 data) to c20%.
If his CEO PSP grant level is increased further beyond the current 8x maximum multiple at the next policy review in 2028, it would
reduce the gap to the 2025 median further and better reflect our commitment to maintaining and further strengthening our
performance culture. This will need to be confirmed against updated market data which we will share at our next formal
consultation.
These forward projections to our peer group are all to 2025 data with no allowance for increases to constituent CEO peers’
packages or ageing of their data. Going forward, the Committee will be monitoring Luke’s performance, as he takes on his new role,
and the competitiveness of his total target remuneration.
Competitive CEO remuneration
Median TDC (£m)
31885837210203
£8.4m
Luke Miels, CEO - 2026
Key
£8.8m
n
Salary
n
Annual bonus
n
LTI
Emma Walmsley, outgoing CEO - 2025
Size-adjusted global biopharma peers - 2025
£10.8m
£m
GSK CEO remuneration versus new peer group (2025 data)
Other
peers
Emma
Walmsley
Luke
Miels
31885837209685
Key
LTI
Bonus
Salary
17.5
15
12.5
10
7.5
5
2.5
0
Median
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2025 remuneration at a glance
GSK_AR25_Case_Study_Keylines_P146a.svg
2025 Total remuneration
Emma Walmsley, outgoing CEO
Julie Brown, CFO
65
78
16%
84%
£10.56m
53%
47%
£4.17m
13%
87%
£15.68m
23%
77%
£9.73m
l
Fixed pay – salary, benefits, pensions and CFO buyout
l
Performance pay – annual bonus and vested LTIs
2025 Pay for performance
2025 Annual bonus outcome: Overall payout 82% and 72% of maximum for outgoing CEO and the CFO respectively
Measures
Performance
Total sales growth1
50.25 of 75%
42 of 75%
Core operating profit growth
54 of 75%
47 of 75%
Pipeline performance
51.75 of 60%
49 of 60%
Strategic and operational
and RB
90 of 90%
78 of 90%
GSK_AR25_Case_Study_Keylines_P146b.svg
l
Outgoing CEO
l
CFO
l
Lapsed
31336081396120
31336081396131
31336081396098
31336081396109
31336081396076
31336081396087
31336081396142
31336081396154
2025 Annual bonus delivery
Emma Walmsley,
outgoing CEO
Overall bonus 246% of salary
246%
Julie Brown, CFO
Overall bonus 216% of salary
216%
146%
100%
31336081394832
116%
100%
31336081394956
l
Shares deferred for 3 years
l
Cash
2023 LTI PSP outcome: Overall vesting 82% of maximum
Measures
Performance
Total sales growth1, 2
Core operating profit growth2
Pipeline performance
Relative TSR
RB: environment
31336081394023
20% of a maximum 20%
20% of a maximum 20%
20% of a maximum 20%
31336081394034
12% of a maximum 30%
10% of a maximum 10%
l
Vested
l
Lapsed
(1) Total sales is referred to as Group turnover elsewhere in the report
(2) Excluding COVID-19 solutions
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Annual report on remuneration
2025 Executive Directors’ total remuneration (audited)
Fixed pay
Pay for performance
Salary
Pension
Benefits
Other
Annual bonus
LTI awards
(2023 PSP award vesting)
Total remuneration
GSK_Rem_Measures_BG_2025_Fixed_Pay_measures.svg
Read more on page
148
Read more on pages
149 to 152
Read more on pages
153 and 154
The following sections from this page to page 168 provide details of each element of ‘2025 Total remuneration’ and how the
Committee implemented the company’s shareholder-approved 2025 Remuneration policy during the year in terms of fixed and
performance pay.
2025 Total remuneration (audited)
Emma Walmsley,
Outgoing CEO(1)
Julie Brown,
CFO
2025
£000
2024
£000
2025
£000
2024
£000
Fixed pay
Salary
1,431
1,363
1,023
990
Benefits
583
180
101
64
Pension
102
98
72
69
Other(2)
—
—
1,088
1,088
Total fixed pay
2,116
1,641
2,284
2,211
Pay for performance
Annual bonus(3)
3,520
2,855
2,209
1,955
Vesting of PSP LTI awards(4)
10,045
6,063
5,237
—
Total pay for performance
13,565
8,918
7,446
1,955
Total remuneration
15,681
10,559
9,730
4,166
(1) CEO succession: Emma Walmsley was succeeded by Luke Miels as CEO on 1 January 2026. Details of his remuneration for 2026 can be found on page 144.
Details of the leaving arrangements for Emma are given on page 162
(2) Other: In 2025 Julie Brown received the last of two payments as part of her buyout arrangements in relation to her joining GSK from Burberry Group during
2023. Full details of the two stage, two year, buyout agreed by the Committee were set out on page 149 of the 2022 Annual Report. The Committee sought
to ensure that Julie was compensated on a like-for-like basis as far as possible. In fulfilment of these arrangements, the CFO purchased 22,500 GSK shares
in June 2023
(3) Annual bonus: Comprises the total bonus (both cash and deferred shares under the Deferred Annual Bonus Plan (DABP)). Details of the mandatory DABP
deferrals for 2025 and 2026 are set out on page 164
(4) 2023 Performance Share Plan (PSP) vesting in 2026: For the outgoing CEO and the CFO, the figure has been valued based on the closing price on 13
February 2026 of £21.65. The share price on 8 February 2023, one day prior to the date of grant for the outgoing CEO, was £15.01. The CFO joined GSK
during 2023 and received her 2023 grant on 27 April 2023. The share price on 26 April 2023, one day prior to the date of grant was £14.42. This award will
not vest until April 2026. The final actual value of the amount the CFO received and any actual value attributed to share price appreciation over the
performance period will be restated in the 2026 Annual Report. Of the vested amounts for the outgoing CEO and the CFO, £3.08 million (31%) and £1.73
million (33%) were attributable to the overall share price appreciation over the performance period respectively. Following consideration, the Committee
did not exercise any discretion in relation to the vesting of the awards or share price appreciation, given that shareholders have also benefitted from this
improvement
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Annual report on remuneration continued
Fixed pay 2025 and 2026 (audited)
Salary
The Committee is very aware of the sensitivity among stakeholders to levels of pay. Before setting or reviewing salary, it considered
the average increases awarded to employees below Executive Director level and the multiplier effect of increases in base salaries
on total remuneration opportunity. The Committee considered the wider economic context, individual performance and market
positioning of the increases awarded. The table below sets out the base salaries and increases agreed for 2025 and 2026 for the
Executive Directors compared to increases for the UK workforce.
2025 and 2026
effective dates
% change
Salary £000
2026
2025
2026
2025
2024
UK employees
1 April
3.3
3.3
Luke Miels
1 January
N/A
N/A
1,375
—
—
Julie Brown
1 January
3.3
3.3
1,056
1,023
990
Emma Walmsley
1 January
—
5.0
1,431
1,431
1,363
Benefits
This table provides an analysis of total benefits (grossed up for tax) received by the Executive Directors in 2025 and 2024.
The UK remuneration reporting regulations require the company to add into each Executive Director’s total benefits all items that
are deemed by tax authorities to be a taxable benefit for them. These include employee benefits as well as business-related services
provided to employees to assist or enable them to carry out their role, which a tax authority has deemed to be a taxable ‘benefit’ to
the individual. Given these are business expenses, the company meets the tax that arises on them, so the items are shown grossed
up for tax.
The overall spend on employee ‘Business-related services’ increased significantly in 2025 in addressing the advice resulting from an
external security review most especially in respect of the CEO. This advice is in line with the actions of many industry peers to further
improve security protection arrangements for our Executive Directors and the Chair (as can be seen from the table on page 159)
following an increase in the external threat landscape at the end of 2024. This is not currently anticipated to involve annual
recurring expenses at this level for these individuals. The increase in Emma Walmsley’s ‘Benefits available to employees’ is mainly
attributed to family private medical support.
Emma Walmsley
Julie Brown
Benefits
£000
Benefits
£000
2025
2024
2025
2024
Business-related services
400
77
55
25
Benefits available to employees
183
103
46
39
Total benefits
583
180
101
64
Pensions
Pension arrangements for Executive Directors are aligned with the wider workforce. They received GSK pension contributions or
cash supplements of 7% of base salary and matching contributions of up to 3% on the first £66,666 of salary for 2025.
The table below shows the breakdown of the pension values included in 2025 Total remuneration on page 147.
Pension remuneration values
Emma Walmsley 
(£000)
Julie Brown
(£000)
2025
2024
2025
2024
UK defined contribution
7
7
—
—
Employer cash contributions
95
91
72
69
Pension
102
98
72
69
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2025 Pay for performance (audited)
Annual Bonus
Total sales
growth
25%
Core operating
profit growth
25%
Pipeline
performance
20%
Strategic,
operational and RB
30%
Annual bonus
l
Financial measures: 50%
l
Operational measures: 50%
2025 Annual bonus
The following table shows the Annual bonuses earned compared to the bonus opportunity for 2025:
2025 and 2026 Bonus opportunity
2025 Bonus earned
2025 Bonus paid as
(£000)
Target
(% of salary)
Maximum
(% of salary)
2025 salary
(£000)
%
of Maximum
bonus
%
of Salary
earned
Total 2025
bonus
(£000)
Cash
Value of
DABP share
award
Bonus
Emma Walmsley
150
300
1,431
82
246
3,520
1,431
2,089
Julie Brown
100
1,023
72
216
2,209
1,023
1,186
Details of the mandatory deferral by Executive Directors into the DABP for the 2025 bonus are set out on page 164.
2025 Annual bonus performance
2025 Financial measures outcomes
Total sales growth
Threshold: 3.8%
Maximum: 9.8%
Target: 4.8%
Actual: 6.5% (+1.7%)
50.25% of salary for
outgoing CEO
42% of salary for CFO
Core operating profit growth
Threshold: 7.4%
Maximum: 13.4%
Target: 8.4%
Actual: 10.6% (+2.2%)
54% of salary for
outgoing CEO
47% of salary for CFO
571
501
2025 Financial performance
These targets were set following consideration of analyst consensus as well as internal budgets. Threshold and maximum
performance was at 1% below and 5% above target growth respectively. The Total sales growth and Core operating profit growth
targets and outcomes for the purposes of the Annual bonus calculation are based on CER.
2025 Financial performance
– GSK delivered strong performance in 2025 with strong sales, Core operating profit and Core EPS growth driven by double-digit
momentum of the Specialty Medicines portfolio, across respiratory, immunology & inflammation, oncology and HIV. This was
higher than the guidance provided at the start of the year and affirms delivery of GSK’s growth outlooks for the period 2021-26
– Delivered full-year reported Group sales of £32.7bn (+4% AER, +7% CER)
– Specialty Medicines growth was 14% AER, 17% CER. Vaccines was stable at AER, but increased 2% CER. General Medicines was
broadly stable with a decline 4% AER, 1% CER
– Core Group operating profit CER growth was 11% CER, 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
– Core EPS was 172.0p (+8% AER, +12% CER)
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2025 Pipeline performance
This new element of the Annual bonus was introduced in 2025. It focuses on ensuring that executives have a direct link to the
delivery of pipeline milestones. It was designed to incentivise and reward ‘on-time in full’ delivery of near-term outcome-based
milestones across our priority assets and business development objectives. It reinforces alignment across the entire executive team.
Points achieved against milestones:
Threshold: 12.7 Points
Maximum: 59.0 Points
Target: 30.4 Points
Actual: 51.12 points
86.6% of maximum points
– 51.75% of salary for
outgoing CEO
– 49.00% of salary for CFO
489
Target-setting and performance review process
These targets were set at the start of the year following the Science Committee’s review of the assets in the pipeline and the short-
term opportunities to accelerate them. For each of the launches and next-wave assets, key inflection points that could be achieved
in 2025 were agreed by the Committee and set as the respective threshold, target and stretch deliverables. Each of those priorities
were weighted and assigned points based on their contribution to peak-year sales or their ‘value potential’.
At the end of 2025, the Science Committee reviewed performance against the milestones during 2025 and recommended the
following performance levels, which were subsequently approved by the Committee. Full details of the progress achieved by R&D
in 2025 is provided on pages 15 to 34. (The full pharmaceutical and vaccine pipeline is set out on pages 34 and 284 to 286.)
Overview of milestones achieved during the year by therapeutic area (including business development)
Total points for therapeutic area
Respiratory, immunology and inflammation
(Asthma portfolio, COPD portfolio, camlipixant,
Low-carbon Ventolin)
15.12 points
HIV
(Cab ultra, N6LS, VH’499)
2.50 points
Oncology
(Blenrep, B7-H3, B7-H4 and Jemperli)
12.50 points
Vaccines and Infectious Diseases
(mRNA respiratory, Pneumococcal franchise, Men ACBWY,
bepirovirsen, gepotidacin and tebipenem)
16.00 points
Commitments to Target and Phase II starts
5.00 points
Total points
51.12 points
REM chart_Images.jpg
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2025 Strategic, operational and RB performance
At the beginning of 2025, after agreeing GSK’s three-year plan for 2025-2027 and following review of the company’s long-term
outlook and the Board’s priorities for the year ahead, the Committee agreed the financial bonus targets for the CEO and CFO and
set their individual strategic and operational measures for 2025. At year-end, after the Board’s review of GSK’s performance, the
Committee received and considered specific performance assessment reports against the deliverables set for each Executive
Director. These showed the extent of achievement against each deliverable. In completing its assessment, the Committee also
considered shareholder experience and external market valuation alongside performance outcomes.
Objectives
Achievement during 2025
Performance
assessment
Emma Walmsley
Financial performance was strong with GSK delivering at the top end, of our twice upgraded guidance, closing the year with
7% top line sales growth and 11% core operating profit. GSK’s reshaped portfolio is demonstrating resilience with a strengthening
contribution from Specialty Medicines. For the longer term and the achievement of the 2031 targets, Innovation delivery and
pipeline execution remained a core focus. GSK achieved five new FDA approvals, and the early and late-stage pipeline was
strengthened with targeted BD and collaborations in technology and AI/ML. In addition to the targets set at the beginning of the
year, Emma personally provided significant engagement and leadership for GSK on MFN and tariff management to ensure the
conclusion of an agreement with the US government before the end of the year. She also contributed significantly to an effective
and smooth CEO transition
The following table sets out her performance against her objectives
Deliver pipeline goals
for priority assets
– Five out of five major FDA approvals were delivered in 2025 (Blujepa, Penmenvy, Nucala COPD,
Blenrep and Exdensur)
– Strong overall pipeline progress, with pipeline progression above target, notably for depemokimab
COPD, Nucala COPD, B7-H3, B7-H4, MAPS, bepirovirsen and gepotidacin
– 15 scale opportunities expected to launch and contribute to sales before 2031 (previously 14, with
FGF21 added)
– Completed BD transactions to acquire assets in respiratory, immunology and inflammation, and
oncology; several new material research alliances and partnerships established
Exceeded
Deliver Innovation
sales
– Delivered Innovation Sales above Plan accounting for 23% of total sales. Material over delivery of
Specialty and ViiV Innovation sales portfolio
Exceeded
Deliver financial Plan
and effective external
communication for the
company
– Delivered the financial Plan exceeding guidance for 2025 – with sales of £32.7 billion, +7% driven by
strong growth and increasing with double-digit growth in Specialty, Oncology and HIV
– Significant focus on SG&A enabling improvement to the SG&A to sales ratio with Q4 restructuring
charges absorbed in the plan
– Share buyback programme executed as per plan
Exceeded
Deliver digital, data
and tech milestones
– Leveraged unique insight and connection to tech companies to drive continued AI capability
embedding at scale in global functions, manufacturing, R&D and commercial with measurement of
efficiencies achieved
– Excellent progress across the R&D data/AI technology goals driving improvements in cycle time, cost
and attrition
– 7,900 employees completed the Enterprise Digital Fluency training, local training at 50+ sites
– Two-day demonstration with the Board on AI/ML in action across the business
Exceeded
Meet Trust goals and
protect and build
GSK’s reputation
– Constructive engagement with governments and response to changes in macro-trading environment
– Global Health and Access ahead of goal
– Low Carbon Ventolin filing delivered in December 2025 and all commercial activities on track for
launch in 2026
– Cyber maturity program exceeding commitments
– Highly effective external CEO communication and engagement building reputation and shaping of
policy, including prevention, technology and access
Exceeded
Culture progress
– Embedded ‘Ahead Together’ culture with measurable progress on accountability and performance
mindsets, notably in R&D
– Successfully launched the new Learning & Development Hub to deliver personalised learning via an
integrated digital experience positioning GSK to accelerate capability development at scale. Close to
60% of employees accessed in first two months
Fully met
GLT succession
planning
– Personally led and invested in the management programme to ensure multiple strong internal and
external candidates were identified and developed for all GLT roles for best in class succession
culture
– CEO transition - providing support and development for incoming CEO
Exceeded
The Committee commended the outgoing CEO on her performance in her last year and determined that she had clearly exceeded her individual
objectives and that 90% out of the 90% maximum should be attributed to her overall bonus
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Objectives
Achievement during 2025
Performance
assessment
Julie Brown
Julie again delivered strong financial leadership and operational discipline in 2025, achieving significant overperformance
against plan while advancing cyber security maturity and building a high-performing Finance Leadership Team
The following table sets out her performance against her objectives
Deliver financial plan
and guidance
– Delivered full-year financial over-performance including two upgrades during the year. Sales of £32.7
billion, +7% and operating profit £9.8 billion, +11%
– Maintained robust forecasting and resource allocation discipline supporting near- and mid-term
growth
– Strategies were implemented successfully to manage tariffs and global pricing
Exceeded
Deliver path to
competitive P&L and
cash flow optimisation
including through Tech
– Achieved competitive P&L structure through SG&A optimisation and analytics-driven decisions
allowing additional capacity for R&D investments
– Improved profitability and cash conversion versus plan while enabling targeted investments behind
key brands and productivity drivers
– Enhanced transparency and granularity in management performance reviews
– Identified and progressed top three technology enablement priorities in finance (forecasting AI,
Smart resource allocation, Agentic AI) and the traversal  AI enabled resource allocation program has
gone live in five markets
Exceeded
Lead exceptional IR
deployment
– Partnering with GLT to deliver the investor program strengthening engagement around our catalysts
and improving quality of IR materials
– Held 94 investor engagements where she personally met with 100 shareholders (representing 45%
of ISC), 90 prospective holders and 24 sell-side analysts
Exceeded
Support execution of
Cyber security plan
and
– Strengthened protection against key threat vectors (ransomware, data theft, third-party risk
operational tech and resiliency) through targeted projects. The cybersecurity programme has been
successfully completed, delivering 129 projects in total, and is now transitioning to the BAU plan
for 2026
Exceeded
Continue to build a
high performing and
high potential finance
leadership team
– The Finance Leadership Team has been strengthened through successful onboarding, engagement,
and succession planning. Step change delivered in Talent Management, Inclusion and Wellness and
Ahead Together culture
Met
The Committee determined that the CFO clearly exceeded her individual objectives and that 78% out of the 90% maximum should be attributed
to her overall bonus
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LTI awards
GSK_Rem_Measures_BG_Vesting_of_2023_PSP_LTI_awards.svg
Relative total 
shareholder
return
30%
Total sales
growth
20%
Core operating
profit growth
20%
Pipeline
progress
20%
RB:
Environment
10%
Total vested LTI
Vesting of 2023 PSP LTI awards
The targets for the 2023 awards were set in February 2023. In line with the Committee’s agreed principles, actual performance
against each measure is carefully reviewed and adjustments are made, as appropriate. This ensures that the vesting outcome
reflects genuine underlying business performance and has been delivered in line with our culture and values. The Committee
did not deem it appropriate to exercise any discretion in relation to the vesting of the awards or due to share price changes
since the grant of this award. Overall, 82% of the 2023 PSP awards vested against the targets set out below.
Outcome and vesting level
Performance measures
and relative weighting
Performance targets
Outcome
% of
maximum
% of
award
Relative TSR
(30%)
TSR ranking within comparator
group (10 companies)
% vesting
Ranked 5th
40
12
Maximum
1st, 2nd, 3rd
100
4th
70
5th
40
Threshold(1)
Median
25
6th or below
0
(1) The median vesting threshold falls between two companies. The Relative TSR
comparator group is set out on page 168 of the 2024 Annual Report
Total sales growth
(20%)
Recognises the importance of the company's commercial ambitions with regard
to sales growth. The measure vests in accordance with the same vesting
schedule as for core operating profit (shown below), Growth for the performance
period is calculated using constant exchange rates (CER) and excluding
COVID‑19 solutions), with a target of £90.08bn.
£99.03bn
100
20
Core operating profit
growth
(20%)
Recognises the importance of the company's commercial ambitions with regard
to operating profit growth. Growth for the performance period is calculated using
CER, excluding COVID-19 solutions, with a target of £28.03bn
£30.22bn
100
20
Performance vs target
% vesting
Maximum
105%
100
103%
75
100%
50
Threshold
99%
25
<99%
0
Pipeline progress
(20%)
Targets strengthening our pipeline through progression of high-quality assets
into pivotal trials and the achievement of regulatory approvals in major markets.
The points are allocated on achievement of these two equally weighted elements
of 10%
Measure
Threshold
25%
50%
75%
Maximum
100%
Pivotal trial starts
12
14
16
20
28 points
100
20
Major regulatory
approval milestones
17
19
20
22
24 points
100
RB: Environment (10%)
Recognises the importance of our Responsible Business priority and ambitions of
having a Nature Net positive and Climate Net Zero impact by 2030. The measure
includes six key performance measures (3x Climate ambitions and 3x Nature
ambitions)
100% vesting
Every measure must have been achieved, and at least two of
the six measures, at least one in Climate and one in Nature,
must have exceeded their targets at the end of 2025
Met/
Exceeded
100
10
Total vesting in respect of 2023 PSP awards
82
The peer group for the PSP award for 2023 can be found on page 152 of the 2023 Annual Report.
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Pipeline progress (2023-25): Overview of assets contributing to outcome of this measure
Points achieved
Assets contributing to outcome achieved
Pivotal trial starts
28
bepirovirsen, dostarlimab, Blenrep, tebipenem,
camlipixant, Q4M ULA PrEP, niraparib, Low Carbon
Ventolin, Benlysta, depemokimab, B7-H3 ADC iv,
IDRX-42 oral, and FGF21
Major regulatory approval milestones
24
gepotidacin, RSV OA PreF3, Men ABCWY,
dostarlimab iv, momelotinib, Blenrep, mepolizumab,
depemokimab and cab LAP im
2023 PSP performance outcome by Executive Director
Granted
Vested(1)
Value of vested shares(1)
(£000)
Emma Walmsley(2)
501,927
463,962
10,045
Julie Brown(3)
264,026
241,871
5,237
(1) The number of shares that vested and the value they represented at vesting includes dividend reinvestments during the performance period. These are
based on the vesting price of £21.65 on 13 February 2026
(2) The outgoing CEO’s award was made on 9 February 2023 when the share price was £15.01.
(3) The CFO joined GSK during 2023 and received her 2023 grant on 27 April 2023 when the share price was £14.42, this award will not vest until until April
2026. The final actual value of the amount received and any actual value attributed to share price appreciation over the performance period will be
restated in the 2026 Annual Report.
2025 LTI grants
The 2025 DABP awards, in respect of the deferral of 2024 bonus, and the 2025 PSP awards are set out below.
2025 DABP awards
2025 PSP awards
% of total 2024
bonus deferred
Number of
shares
Face value
of award(1)
£000
Award level as %
of base salary
Face value
of award(3)(4)
£000
Number of
shares
Emma Walmsley(2)
52
103,980
1,492
725
10,373
722,873
Julie Brown
50
68,129
978
400
4,091
285,072
(1) The face values of the DABP and PSP awards have been calculated based on a share price of £14.35, being the closing price on 17 February 2025 (the day
before the grants). DABP awards are nil-cost options for the Executive Directors. No performance conditions are attached to the DABP awards, because
they reflect the mandatory three-year deferrals in respect of the Annual bonus for 2024
(2) The 2025 PSP award of 725% of base salary for the outgoing CEO was delivered via two grants. An initial grant of 575% of base salary was made in
February 2025 and a top-up award was granted in May 2025 of the balance of 150% of base salary (following shareholder approval of the 2025
remuneration policy at the company’s 2025 AGM). The top-up grant was calculated based on the same share price as the original grant of £14.35. The
initial grant will vest in February 2028 and the top-up will vest in May 2028, and is otherwise on the same terms
(3) 2025 PSP awards are conditional shares, based on the performance measures set out on page 164 of the 2024 Annual Report
(4) The performance period for the 2025 PSP awards is from 1 January 2025 to 31 December 2027. Awards vest at 20% for the outgoing CEO and 25% for the
CFO of maximum for threshold performance
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2026 Performance pay
2026 Annual bonus measures
Total sales
growth
25%
Core operating
profit growth
25%
Pipeline
performance
20%
Strategic,
operational and RB
30%
Annual bonus
award
l
Financial measures: 50%
l
Operational measures: 50%
Target-setting
Following careful review of performance towards GSK’s 2031 Outlooks at the end of 2025 and pipeline progression, the three-year
plan for 2026-2028 was set. The Board then agreed the guidance for the year ahead and the key priorities for the new CEO and the
CFO. The Committee then considered these carefully together with current consensus expectations, before setting the Executive
Directors’ targets for the year ahead.
Inevitably, targets linked directly to our financial and strategic plan are commercially sensitive. So, the Committee does not consider
it appropriate to disclose these targets until the end of the year. To disclose them earlier may result in competitive harm. Details will
be disclosed in the 2026 Annual Report. The targets and outcomes are calculated based on CER.
Measures
Total sales and Core
operating profit growth
The company’s guidance for 2026 is explained on page 82 of the Annual Report and details of GSK’s medium- and
long-range outlooks up to 2031 are also set out on page 82 and the ‘Guidance and outlooks, assumptions and
cautionary statements’ on inside back cover
These targets are set following the Board’s annual planning process and consideration of analysts’ consensus, to
ensure that the targets are sufficiently stretching and support the Committee’s aim to incentivise and reward over-
performance
Pipeline performance
This element is focused on ensuring that executives have a direct link to the delivery of our pipeline milestones. It is
designed to incentivise and reward ‘on-time in full’ (OTIF) delivery of near-term outcome-based milestones across
our priority assets and pipeline acceleration and responsible business objectives. It also creates alignment across
the full Executive team
Priority assets represent major launches and next-wave programmes expected to deliver commercial success both
in the near and mid-term and beyond
For each of the major launches and next-wave assets, key inflection points which are expected in 2026 have been
set as the respective thresholds, targets and stretch deliverables, with those priorities weighted and assigned points
based on their value potential (i.e. contribution to peak-year sales). Points will then be awarded in each case based
on the milestones actually achieved for the relevant assets. 82% of points are available for priority assets and 18%
for early pipeline acceleration and responsible business.
The schedule of assets contributing to this measure for 2026, and their prioritisation were reviewed and approved
by the Science Committee before being agreed by the Committee. The 2026 assets are:
– Bepirovirsen
– MAPS
– Blenrep
– Mocertatug rezetecan
– Camlipixant
– mRNA
– Depemokimab
– Risvutatug rezetecan
– Efimosfermin alfa
– Tebipenem
– HIV: CMC ULA PrEP; Q6M Tx & Q6M PrEP
– TSLP
– IL33
– Velatinub
– Jemperli
The milestones achieved during the year (including business development) will be disclosed by therapeutic area: 
– Respiratory, immunology and inflammation
– Oncology
– Infectious diseases
– HIV
in the 2026 Annual Report together with the resulting bonus multiplier and the total points achieved (including for
business development). The progress achieved will be reviewed by the Science Committee before the Committee
agrees the remuneration outcomes
Strategic, operational and
RB
The CEO and CFO’s key deliverables are agreed in principle by the Board before being set by the Committee in
January each year. They focus on supporting delivery of our performed guidance for the year, and towards the
ultimate delivery of our medium- and longer-term strategic outlooks to 2031 and beyond
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2026 Performance Share Plan measures
GSK_Rem_Measures_BG_2026_Performance_Share_Plan_measures.svg
Total sales
growth
17.5%
Core operating
profit growth
17.5%
Pipeline
sustainability
17.5%
RB:
Composite
scorecard
7.5%
Relative TSR
40%
Performance
Share Plan
award
l
Financial measures: 35%
l
Operational measures: 25%
l
Shareholder alignment: 40%
Target-setting and measures
Total sales and
Core operating
profit growth
These targets are set following the Board’s annual
planning process and consideration of analysts’
consensus to ensure that the targets are sufficiently
stretching and support the Committee’s aim to
incentivise and reward over-performance. Details of
GSK's medium and long range outlooks up to 2031
are set out on page 82 and the 'guidance and
outlooks, assumptions and cautionary statements on
the inside back cover. The targets are commercially
sensitive at the time of grant.
Performance vs target
Proportion vesting
Below threshold
<99% of target
Nil
Threshold
99% of target
CEO: 20%, CFO: 25%
Target
100% of target
50%
103% of target
75%
Maximum
105% of target
100%
Pipeline
sustainability
The Annual bonus Pipeline performance measure focuses on OTIF delivery of near-term milestones for priority assets that are
expected to contribute to the 2031 Sales outlook. The PSP measure focuses on GSK’s replenishment of the pipeline and
longer-term pipeline performance. For inclusion, a programme must be either a New Moleculer Entity (NME), or a new
indication that adds £0.5bn to peak-year sales. Programmes approved and launched during the three-year window will
contribute to the total number of assets and to the sales contribution. It is based on a matrixed assessment of:
– pipeline sales contribution to GSK’s long-range forecast (LRF) outlook. The target and vesting will each be based on 10-year
net risk-adjusted sales forecast i.e. the 2026-2028 target based on the 2035 LRF, and vesting based on the 2038 LRF and
– the number of programmes in Phase 2 and 3, and Registration and Approval
This element of the PSP will only vest, either in full or in part, if at the time of vesting the most recently governed and published
2031 Sales outlook remains at at least £40bn. (1) At the end of the period, a list of the programmes added or removed during
the period will be disclosed. However, the pipeline sales contributions in the 2035 and 2038 LRFs and the assessment matrix
will not be disclosed, because they are commercially sensitive. For the achievement of threshold performance for both the
pipeline sales contribution and the number of programmes, the vesting proportions shall be 20% for the CEO, and 25% for the
CFO
(1) See assumptions and basis of preparation related to 2026 guidance, 2021-26 and 2031 Outlooks on the inside back cover of the
2025 Annual Report
RB: Composite
scorecard
The composite scorecard focuses on all the RB metrics within the Responsible Business Performance Rating. The rating is
reported on in detail in each year’s Annual Report, with the scorecard providing a balanced assessment of performance against
all our RB priorities. More details on the Rating and performance in 2025 are given on page 48. Performance will be calculated
by aggregating the annual performance across all the individual annual metrics within the rating for the three years of the PSP
performance period
Performance
Vesting schedule
70% or more of all metrics are on track
100%
60% of all metrics are on track
75%
50% of all metrics are on track
50%
Less than 50% of all metrics are on track, but progress is being
made because at least 50% are either on track, or on track with
work to do (the ‘threshold’ vesting level)
CEO: 20%, CFO: 25%
Less than 50% of all metrics are either on track or on track with
work to do, the rest (i.e. more than 50%) are off track
Nil
Relative TSR
Performance against our global biopharma peer
group of 13 companies (set out on page 160) will be
assessed using a percentile vesting approach. This
compares GSK’s actual TSR performance with that of
our peers. Threshold is at median performance and
maximum 100% vesting is set at upper quintile
performance. Vesting levels between median and
upper quintile are determined on the basis of
a straight-line interpolation
TSR performance
Vesting schedule
Above upper quintile
100%
Upper quintile
100%
Between median and upper quintile
Straight-line interpolation
Median (threshold vesting)
CEO: 20%, CFO: 25%
Below median of peer group
Nil
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2026 LTI grants
The table below provides details of:
– the mandatory deferral of the 2025 Annual bonus earned and delivered as a DABP share award. The shares awarded have no
performance conditions, but must be held for three years, regardless of continued employment, and
– 2026 awards granted under the PSP
2025 awards
2026 awards
DABP
PSP
2025 bonus deferred into
shares (% of salary)
Number of
shares
Face value of
award (£000)
% base salary
Number of shares
Face value of
award (£000)(1)
Luke Miels
56
27,962
601
725
463,662
9,969
Julie Brown
116
55,178
1,186
400
196,548
4,226
Emma Walmsley(2)
146
97,160
2,089
—
0
0
(1) The share price used to calculate the face value of the award was £21.50 which was the closing share price on the day prior to the date of the grant (11
February 2026)
(2) Emma Walmsley did not receive a PSP award in 2026
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Non-Executive Directors’ fees
The company aims to provide the Chair and other Non-Executive Directors with fees that are competitive with those paid by other
companies of equivalent size and complexity, subject to the limits contained in the company’s Articles of Association.
2025 and 2026 Non-Executive Directors’ fees
The Non-Executive Directors’ fees that applied during 2025, and which will apply for 2026, are set out in the table below.
Per annum
2026
2025
Chair fee
£826,400
£800,000
Standard NED annual fee
£122,258
£122,258
Supplemental fees
Chair of the Audit & Risk Committee
£80,000
£80,000
Chair of the Remuneration Committee
£80,000
£40,000
Senior Independent Director
£50,000
£50,000
Scientific & Medical Experts (to be expanded to Science, Specialty Tech and Medical Experts)
£30,000
£30,000
Chairs of the Corporate Responsibility and Science committees
£55,000
£40,000
Chair of the Nominations & Corporate Governance (when not the company Chair) and, when appointed,
Workforce Engagement Director
£40,000
£40,000
Members of the Audit & Risk, Corporate Responsibility, Remuneration and Science committees
£25,000
N/A
Science Committee members undertaking significant additional responsibilities on behalf of GSK
Up to £200,000
Up to £200,000
Annual Chair and Non-Executive Directors’ fee review
Following the update to the company’s remuneration policy
and the adoption of the new size-adjusted global biopharma
peer group in 2025, the Board considered it appropriate to
apply a consistent approach and to review the Non-Executive
Directors’ (NED) fees against the same peer group given the
desire to ensure that the company is able to recruit and retain
NEDs globally of the calibre necessary to support its continued
growth. The rationale for the selection of the global biopharma
group for GSK was set out in the 2024 Annual Report on pages
148 to 150. The Board’s composition reflects the global
operations of the company and is currently 64% US, 27% UK
and 9% rest of the world. The Board noted the guidance from
investor groups, including the Investment Association, which
stressed the importance of ensuring that NED fees were
adequate to secure and remunerate NEDs appropriately.
NED fees
The review identified that NED fees were significantly less than
the new peer group median; in some cases with NEDs receiving
less than 50% of the peer median and in certain cases less than
75%. The main differences were in terms of the payment of
committee membership fees and the inclusion of a specific
equity component at many of the peer companies. Following
careful consideration, noting the improved company
performance, and with additional reference to benchmark data
for UK FTSE Top 10 companies, it was agreed to seek to reduce
the gap to the new peer group median by making the following
changes to the Board fee structure:
– Introduction of Committee Membership fee of £25k per
annum for members of the Audit & Risk (ARC), Remuneration,
Corporate Responsibility (CR) and Science committees.
However, membership fees will not be introduced for the
Nominations & Corporate Governance Committee at this
time
– Alignment of the Remuneration Committee Chair’s fee
(currently £40k per annum) to that of the ARC Chair at £80k
per annum given that, following a review of the workload and
responsibilities, both roles involve a similar level of expertise
and time commitment from the NED carrying them out
– Increase to the committee chair fee for Chairs of the CR and
Science committees from £40k to £55k per annum
– Supplemental fee paid to Science and Medical Experts to
be expanded to cover Science, Specialty Tech and Medical
Experts to include AI/ML and cyber technical expertise or
equivalent future specialisms as required by the Board. This
fee recognises the expertise and additional time commitment
these Board members provide to support the CSO, CFO and/
or other members of the executive team in connection with
projects and reviews, as required
These changes will not completely eliminate the gap to median,
but will move GSK NED fees considerably closer to that level.
It is proposed to address this further over time, subject to
performance of the business in line with the approach adopted
for Executive remuneration.
The NEDs are currently required to build towards a Share
Ownership Requirement (SOR) of 1x their base NED
fee. Recognising that the global biopharma peer group fee
structure typically involves a greater element of shares, it is
proposed that the SOR is doubled to 200% of their base fee.
This will ensure that NED fees are further aligned with
shareholders’ interests; and aligns with the recent policy update
from the Investment Association and the FRC’s UK Code. NEDs
will normally be expected to invest 50% of their after-tax total
fees in GSK Shares or ADSs (to be retained until they leave the
Board) until such time as they achieve their SOR. Details of
current positioning of NEDs shareholding against their 1x SOR
are given on page 165.
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Non-Executive Directors’ fees continued
Given these changes, it is not proposed to increase the NED
base fee this year in line with the wider workforce increase of
3.3% in the UK and 3.4% in the US. NED fees will continue to be
reviewed on an annual basis against the new size-adjusted
global biopharma peer group. It is expected that an increase
may be made to the NED base fee in 2027 subject to company
performance.
NED fees are reviewed by the Chair and CEO in conjunction
with the rest of the Board.
Chair fees
The Chair’s fees are reviewed by the Remuneration Committee
and, following review, it was agreed to increase the Chair’s fee
by 3.3% in line with the rate applicable to the wider UK
workforce. The Chair’s SOR will be maintained at 100%. The
Chair has continued to invest in GSK since his appointment, his
current holding is over 200% of his fees.
Implementation
Two additional resolutions will be proposed at the company’s
AGM in May 2026 to facilitate these changes, namely to:
– amend the company’s Remuneration policy (Policy) in
respect of NED fees to authorise the introduction of
committee membership fees, and to extend the supplemental
fees payable to members of the Science Committee to
include NEDs with AI/ML and Specialty Tech expertise and
other such skills beyond Science Committee membership. The
revision to the Policy will also increase the NED SOR from 1x
to 2x their base fee and include the standard policy wording,
which permits the Board to review and change the
components of NED fees from time to time.
– update the company’s Articles of Association to remove the
aggregate cap on NED fees and to specify that fees will be
determined by the Board in line with the Policy.
It is not proposed to implement these changes until after these
resolutions have been passed at the AGM, at which time they
would take effect retrospectively from the start of the year,
1 January 2026.
2025 Total Non-Executive Director fees (audited)
The audited table below sets out the value of fees and benefits received by the Non-Executive Directors. Fees paid in a currency
other than Sterling are converted using an average exchange rate that is reviewed from time to time. The average exchange rates
were updated in 2025. In 2025, fees were converted to US Dollars using an exchange rate of $1.2813. Benefits comprise the grossed-
up cash value of travel and subsistence costs incurred in the normal course of business, in relation to attendance at Board and
committee meetings, and in fulfilling their role.
Non-Executive Directors’
emoluments (000) (audited)
2025
2024
Fixed fees
Benefits
Total pay
Fixed fees
Benefits
Total pay
Sir Jonathan Symonds(1)
£800
£33
£833
£764
£17
£781
Elizabeth Anderson
$157
$43
$200
$147
$59
$206
Charles Bancroft
$323
$31
$354
$308
$25
$333
Dr Hal Barron
$413
$49
$462
$396
$66
$462
Dr Anne Beal
$208
$40
$248
$197
$58
$255
Wendy Becker(2)
£202
£—
£202
£145
£12
£157
Dr Hal Dietz
$247
$37
$284
$234
$41
$275
Dr Jeannie Lee
$195
$29
$224
$152
$14
$166
Dr Vishal Sikka(3)
$157
$85
$242
$147
$25
$172
Dr Gavin Screaton (from 1 May 2025)
£102
£6
£108
—
—
—
Retired Directors
Dr Jesse Goodman (until 7 May 2025)
$69
$14
$83
$185
$43
$228
(1) The overall benefits for the Chair for 2025 increased in part due to a decision, in line with many industry peers, to improve his security protection
arrangements following an increase in the external threat landscape
(2) The Remuneration Committee Chair, Wendy Becker, was awarded the additional fee supplement of £40,000 in 2025. This was in recognition of her
significant investment in the Remuneration Policy renewal and engagement process, and for her support to the Chair and the SID in the overall design and
operation of the CEO succession process. The Remuneration Policy review process involved over 60 meetings with investors and proxy advisers and
considerable time in planning and preparation which far exceeded the time and commitment levels anticipated when setting the Remuneration Committee
Chair’s fee
(3) Dr Vishal Sikka’s benefits in 2025 include reimbursement for 2023 ($40,573) and 2024 ($32,641) travel costs for 2022, 2023 and 2024 incurred since his
appointment in 2022
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Remuneration governance
Committee’s role and membership
These details are available on page 118 of this report and are incorporated by reference into this remuneration report. The Chair,
CEO, Chief People Officer, Head of Reward, Group Financial Controller and the Company Secretary assisted the Committee during
the year.
Committee’s focus during 2025
Items discussed
Remuneration policy
– Finalised and proposed 2025 Remuneration policy to shareholders, which were overwhelmingly approved by
shareholders at the 2025 AGM. Details of the 2025 Remuneration policy are available on pages 176 to 184 of the
2024 Annual Report on gsk.com
– Consulted with shareholders and proxy advisers. This included consideration of feedback from a number of one-to-
one meetings with investors and the Company Chair and Committee Chair and a group meeting with investors at
our Governance event
Remuneration requirements
for CEO succession
– Considered remuneration for the successful CEO candidate ahead of conclusion of the CEO succession process
– Finalised the new CEO’s remuneration, taking account of the successful candidate’s personal circumstances, and
finalised the transition arrangements for the outgoing CEO
Remuneration for new
Executive Committee
(ExCom) members
– Agreed the compensation arrangements for the new ExCom members
Fixed pay
– Considered Executive Director and the former GLT (now ExCom) members’ performance, benchmarking
competitiveness against GSK comparator groups
– Reviewed GLT and Company Secretary salary recommendations for 2025
– Reviewed Executive Director salary recommendations for 2026
– Reviewed company Chair’s fees for 2025
Pay for performance:
Annual bonus
– Reviewed Executive Director and ExCom 2024 bonus recommendations and set 2025 Executive Directors’ bonus
objectives
LTI plans
– Considered the LTI performance outcomes and award vesting level for the CEO, Executive Directors, ExCom and
below
– Confirmed LTI grants for Executive Directors, ExCom and below for 2025
Governance and other
areas of focus
– Reviewed remuneration considerations and Committee programme for 2025 and 2026
– Undertook Committee evaluation and reviewed our Terms of Reference
– Approved 2024 Remuneration report, including the proposed 2025 Remuneration policy
– Confirmed 2025 Group budget for remuneration purposes
– Considered AGM and Remuneration report and policy feedback, the external remuneration environment and
performance target disclosure for incentive plans
Global biopharma peer group
Details of how the global biopharma comparator group set as part of the 2025 Policy review are given on pages 148 to 150 of the
2024 Annual Report. The global biopharma comparator group is set out below.
Global biopharma peer group
Amgen
AstraZeneca
Bayer
Bristol-Myers Squibb
CSL
Gilead
Merck KGaA
Moderna
Novartis
Pfizer
Roche Holding
Sanofi
Takeda
Adviser to the Committee
Following a review of remuneration advisory services, FIT Remuneration Consultants (FIT) was appointed as the Committee’s sole
remuneration adviser from June 2025. During the year, fees charged by FIT were £153,100. Fees paid to Willis Towers Watson plc
(WTW), as a joint adviser to the Committee up to June 2025 were £64,000. WTW continues to provide additional market data services
to the company. The Committee selects advisers on the basis that they are members of the Remuneration Consultants Group and
operate under its code of conduct for executive remuneration consulting. This can be accessed at remunerationconsultantsgroup.com.
No engagement partners or teams who provide remuneration advice to the Committee have current connections with the company or
its Directors that may impair their independence. The Committee regularly reviews the arrangements for potential conflicts and, where
appropriate, ensures safeguards are in place.
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Remuneration governance continued
Executive Directors’ service contracts
The table below sets out the dates of the Executive Directors’ service contracts, which are available at the company’s registered
office and on gsk.com.
Date of contract
Effective date
Expiry date
Luke Miels
23.10.25
01.01.26
N/A
Julie Brown
25.09.22
01.05.23
N/A
Emma Walmsley(1)
29.03.17
01.04.17
30.09.26
(1) On 29 September, the company and Emma Walmsley announced that she would step down as CEO and a director from 31 December 2025 and as an
employee from 30 September 2026
Non-Executive Directors’ letters of appointment
Non-Executive Directors have letters of appointment, which are also available to view at the company’s registered office. Each
independent Non-Executive Director is expected to serve on the Board until the end of the AGM following the third anniversary of
their appointment, provided that they are elected and subsequently re-elected annually. Subject to mutual agreement, they may
serve a further one-, two- or three-year term, depending on the needs of the Board.
Executive Directors’ external appointments
The company recognises that Executive Directors may be invited to become non-executive directors of other companies. Such
appointments can broaden their knowledge and experience to the benefit of the company. Executive Directors are entitled to retain
any fees received from such appointments.
Julie Brown is an independent non-executive director of Diageo plc. Emma Walmsley, the outgoing CEO, was an independent non-
executive director of Microsoft Corporation throughout 2025.
Malus and clawback
Our policy on malus and clawback, including the period where the company has the ability to exercise clawback, is provided in the
2025 Remuneration policy report on pages 178 and 179 of the 2024 Annual Report. In the event of a ‘triggering event’ (i.e. significant
misconduct by way of violation of regulation, law, a significant GSK policy, such as the Code of Conduct, or a material misstatement
or restatement of results, or serious reputational damage), the company will have the ability to claw back up to three years’ annual
and deferred bonuses as well as vested and unvested LTIs. GSK may specify additional ‘triggering events’ and/or different clawback
periods where required to do so by regulatory requirements, including the rules of any government or regulatory authority or
relevant securities exchange. The company has chosen a three-year backward period to exercise clawback because it aligns to the
length of our LTI grant performance periods, while providing sufficient time to identify and address any issues that may arise.
Following due consideration by the Committee, there has been no recovery of sums paid (clawback) or reduction of outstanding
awards or vesting levels (malus) applied during 2025 in respect of either the outgoing CEO or the CFO.
The Committee reviews and discloses whether it, or the Recoupment Committee, has exercised malus or clawback. Disclosure is only
made when the matter has been the subject of public reports of misconduct, where it has been fully resolved, it is legally permissible
to disclose and where disclosure can be made without unduly prejudicing the company and therefore shareholders. In line with
these disclosure guidelines, there were no matters to report from 2025.
For details of our policies on recruitment remuneration, loss of office and termination payments, please refer to the 2025
Remuneration policy report on pages 176 to 184 of the 2024 Annual Report, available on gsk.com.
Statement of consideration of shareholder views
The Committee engages in regular dialogue with shareholders and holds meetings with GSK’s largest investors to discuss and take
feedback on its Remuneration policy practices and governance matters. Details of the additional engagement undertaken in 2025
in support of the Remuneration policy review are given on pages 150, 153 and 154 of the 2024 Annual Report. The principal proxy
advisory firms are also consulted regularly. They are also invited to Governance Meetings and are sent engagement letters from the
Committee and company Chairs.
AGM voting
Details of voting levels in respect of remuneration arrangements are set out below.
Total votes cast
(billion)
Total votes
for (%)
Total votes
against (%)
Votes withheld
(million)
2025 AGM
Remuneration policy
3.0
93.1
6.9
56.4
Remuneration report
3.0
92.5
7.5
10.0
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Remuneration governance continued
Former Directors
Payments to Past Directors (audited)
No payments were paid to Directors in 2025 for loss of office.
Iain Mackay
Iain Mackay stepped down from the Board in May 2023
and was succeeded by Julie Brown. He left the company on
31 December 2023. In line with his service contract he received
gross benefits of £76,805 in 2025 (2024; £161,030). Details of
his LTI awards are set out below.
PSP
On 21 January 2025, 232,302 shares vested (including
dividends) in respect of Iain Mackay’s 2021 PSP award.
Based on the closing share price on 21 January 2025 of
£13.585 per share, the value of his vested shares was £3,155,823.
This award remained subject to a holding period which expired
on 9 February 2026. In total, 242,156 shares were released to
him (including dividends) on 9 February 2026.
In accordance with the Remuneration policy, on 18 February
2025, 141,577 shares vested (including dividends) in respect of
Iain Mackay’s 2022 PSP award. Based on the closing share
price on 18 February 2025 of £14.430 per share, the value of his
vested shares was £2,042,956. This award remains subject to a
holding period which expires in February 2027.
DABP
On 17 February 2025, Iain Mackay exercised 37,841 nil-cost
options (including dividends) granted under the DABP in 2021.
Based on the closing share price on 17 February 2025 of
£14.195 per share, the value of his vested shares was £537,153.
In accordance with the Remuneration policy, on 17 February
2025, Iain Mackay exercised 56,485 nil-cost options (including
dividends) granted under the DABP in 2022. Based on the
closing share price on 17 February 2025 of £14.195 per share,
the value of his vested shares was £801,805. Furthermore, on
9 February 2026, he exercised 87,640 nil-cost options (including
dividends) granted under the DABP in 2023. Based on the
closing share price on 9 February 2026 of £21.590 per share,
the value of his vested shares was £1,892,148.
Full details of Iain’s leaving arrangements are given in the 2023
Annual Report on page 154.
Leaving Arrangements for Emma Walmsley
On 29 September 2025 it was announced that GSK and Emma
Walmsley had agreed that she would step down as both CEO
and a Director on 31 December 2025, and that her employment
would cease on 30 September 2026. This agreement with the
company was based on GSK’s current Policy. As part of her
departure terms, it was agreed to preserve her right to certain
medical support for her and her family for up to three years
from her leaving date. This was consistent with her long-
standing expectations. The arrangements briefly comprise
continued salary and bonus opportunity while she remains
employed, and ‘good leaver’ status under the rules of our
incentive plans.
Fixed Pay
Emma will continue to receive her normal remuneration
arrangements until 30 September 2026: salary albeit with
no salary increase for 2026, bonus and benefits.
Emma will support the new CEO and Chair in an orderly
transition throughout this period. In addition, given the potential
impact to GSK’s operating environment arising from geopolitics
and new technologies, the Board has asked Emma to support
the company and the new CEO on these matters in particular.
Pay for performance
It is envisaged that she will receive a time prorated bonus for
2026 to the end of her employment at the ‘on-target’ level (i.e.
150% of salary reduced for time pro-rating) assuming continued
satisfactory personal performance. Any such bonus will be
subject to deferral in accordance with the company’s normal
bonus deferral policy for Executive Directors.
Emma will be treated as a good leaver under the various share
plans, with the vesting terms remaining unchanged other than
to be delayed to align with the company’s recoupment policy.
The recoupment policy requires any awards that would vest
in the period of 12 months from the end of employment i.e. 30
September 2026 to have vesting postponed to 30 September
2027. Consistent with normal practice, PSP awards will be
subject to normal performance conditions and holding periods
and time pro-rated to the end of her employment.
Emma did not receive a 2026 PSP grant.
Share ownership requirement
Emma will remain subject to the 7.25x salary share ownership
requirement for 2 years after her departure (until September
2028) consistent with our Policy.
Benefits and other
Emma’s 2022 Share Save Plan award of 790 shares vested and
was released in January 2026 when the award matured. She
does not have any other Share Save Plan awards.
Emma’s shares held under the company’s all employee Share
Reward Plan 2022 will be treated in accordance with the rules
of that plan, and any shares that are subject to forfeiture
provisions under the rules of the plan will be forfeited when she
ceases employment.
GSK will continue to provide or reimburse the costs of private
medical support for Emma and her family for up to three years
from the end of her employment (with such provision ceasing if
she commences a new role with equivalent provision).
GSK will also provide or reimburse the costs of Emma’s tax
consultancy services in respect of completing her personal tax
returns in relevant jurisdictions for the period of her employment
with GSK and for the two tax years after the year in which her
employment ends.
These benefits will be provided on a tax grossed up basis.
Certain post-employment benefits will end if she starts a new
executive role that offers comparable benefits. She will also
retain her work mobile phone and iPad.
Emma is receiving some limited advisory support in connection
with personal security until the end of her employment. She has
also received executive support services of circa. £70,000 (plus
VAT). GSK has contributed £40,000 (plus VAT) in respect of
Emma’s legal costs.
The relevant remuneration details relating to Emma will be
included in the remuneration report in the relevant GSK Annual
Report.
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Workforce fairness
In setting Executive pay it is important that the Committee does so with a good understanding of the Group’s wider workforce
approach to pay, with an emphasis on fairness and equal opportunities. To that end, each year, the Committee Chair meets with
senior Human Resources leaders from across the company to understand the perspective of the workforce on pay and GSK’s
remuneration arrangements globally. This year was the seventh such an annual meeting held.
Comparison of remuneration for employees and Executive Directors during 2025
Element
Wider workforce and Executive Director pay
Salary
The market competitiveness of base salaries across the company is assessed at a local market level.
The competitiveness of roles is kept under regular review
Increases may also be made to reflect a change in scope of an individual’s role, responsibilities
or experience
For our Executive Directors, following a performance review, increases in base salaries are considered
in line with market practice, the average increase for the wider employee population and other
comparator tools
In agreeing increases for Executive Directors, the Committee is mindful of the multiplier effect on the
individual’s total remuneration
Benefits and pensions
The company seeks to provide an appropriate benefits and pensions package that is aligned to
competitive market practices in those countries in which the company operates and where employees
and Executive Directors are based
Annual bonus
With the exception of our sales force, who participate in separate arrangements, our wider workforce
participates in a plan based on performance against four business and financial measures. These are
structured to reflect the priorities of each specific business area
This plan is designed to reward our employees’ collective contribution to business achievement
Separate mechanisms are in place to recognise outstanding individual performance and to address
underperformance
Our Executive Directors participate in the plan as follows. Any bonus earned up to 200% of salary is
paid 50% in cash and 50% in shares deferred for three years. Bonus earned in excess of this (up to
a maximum of 300% of salary) is delivered fully in shares deferred for three years. Clawback and/or
malus provisions apply
LTI plans
Senior Vice President (SVP) and Vice President (VP) employees participate in the same Performance
Share Plan as our Executive Directors. Clawback and/or malus provisions apply
Managers, Directors, VPs and SVPs below ExCom, receive annual Share Value Plan awards of
restricted shares
Share ownership and All
Employee Plans
All UK-based employees, including UK-based Executive Directors, can participate in HMRC-
approved Share Save and Share Reward employee share plans.
Participants of the Share Save plan may save up to £250 a month for three years and from which they
have the option to buy GSK shares at a discount of up to 20% of the share price at the start of the
savings contract. Participants of the Share Reward plan contribute up to £125 a month to purchase
GSK shares, which the company then matches on a one-for-one basis.
The awards made under all-employee and discretionary share plans incorporate dilution limits
consistent with the guidelines published by the Investment Association. This limit is 10% in any rolling
ten-year period for discretionary and all-employee plans. Estimated dilution from existing awards
made over the past ten years up to 31 December 2025 is 0.87%
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Financial statements
Investor information
GSK Annual Report 2025
Annual report on remuneration continued
Directors’ interests in shares (audited)
Executive Directors’ interests in shares
The interests of the Executive Directors of the company in office during 2025 , or subsequently appointed, and their persons closely
associated (PCAs) are shown in the table below.
As at 31 December 2025
Unvested share plan interests
Total Directors’ interests(1)
Beneficial interests
Not subject to performance
Subject to
performance
25 February 2026
31 December 2025
Shares(2)
Shares(3)
Options(4,8)
Shares(5)
Emma Walmsley(6)
—
2,433,672
1,117,961
909,427
406,284
1,810,677
Julie Brown
230,077
173,767
42,857
—
130,910
842,053
Luke Miels(7)
1,478,024
—
—
—
—
—
None of the Directors holds vested but unexercised options.
(1) Total Directors’ interests includes beneficial interests and unvested share plan interests not subject to performance. Executive Directors’ shareholdings
against their SOR are outlined below. During the year ended 31 December 2025, the outgoing CEO and the CFO each contributed the maximum of £250
and £125 a month into the Share Save plan and under the Share Reward plan respectively. More details of these HMRC-approved all-employee plans are
set out on page 163
(2) Beneficial interests includes shares held by the Executive Directors and their PCAs
(3) Unvested shares not subject to performance represent PSP shares that have vested but are subject to an additional two-year holding period
(4) Unvested options not subject to performance represent bonus deferrals under the DABP, which are awarded as nil-cost options (as described in note 8
below). This figure excludes 790 options and 828 options held by Emma Walmsley and Julie Brown respectively under the Share Save plan. Emma
Walmsley subsequently exercised her 2022 Share Save options over 790 shares on 2 January 2026 following their maturity on 1 January 2026
(5) Unvested shares subject to performance represent unvested PSP awards
(6) Emma Walmsley retired from the Board on 31 December 2025 and therefore her interests are shown as at 31 December 2025 only
(7) Luke Miels was appointed to the Board as CEO on 1 January 2026 and therefore his interests are shown as at 25 February 2026 only
(8) DABP: The table below shows bonus deferrals and subsequent reinvestment of dividends under the DABP. The amounts represent the gross share balances
before the sale of any shares to satisfy tax liabilities on vesting:
25 February 2026
31 December 2025
1 January 2025
Emma Walmsley
—
406,284
366,701
Julie Brown
187,194
130,910
57,877
Luke Miels
142,019
—
—
The following table sets out details of options exercised during 2025 by Executive Directors under the DABP.
Date of grant
Number of shares
under option
Date of
exercise
Grant price
Market price
at exercise
Gain on exercise
(000)
Emma Walmsley
15.02.2022
81,703
17.02.2025
£0.00
£14.18
£1,159
The nil-cost options awarded in 2022 under the DABP represent the bonus deferred by the Executive Director and recorded as
remuneration (under Annual bonus) in the 2021 Total remuneration table. The number of shares under option includes the initial
award together with reinvested dividends accrued to the date of exercise.
165
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Investor information
GSK Annual Report 2025
Annual report on remuneration continued
Directors interests in shares (audited) continued
Executive Directors’ Share ownership requirements (SOR) (audited)
To align the interests of Executive Directors with those of shareholders, they are required to build and maintain significant holdings
of shares in GSK over time. Executive Directors are required to continue to satisfy this SOR by holding a minimum of 100% of their
SOR for two years after retirement from the company. Executive Directors’ SORs were reset in the 2025 Remuneration policy to
match their annual PSP award level.
Value of holdings as multiple of salary
SOR
as multiple of salary
25 February 2026
31 December 2025
Emma Walmsley(1)
7.25
—
21.22
Julie Brown
4.00
2.52
1.84
(1) Emma Walmsley retired from the Board on 31 December 2025 and continues to maintain her SOR in accordance with the company’s Remuneration policy
Following his appointment as CEO on 1 January 2026, Luke Miels’ SOR is currently 7.25x salary. The value of his holdings as at 25
February 2026 was equivalent to 19.53x salary.
Non-Executive Directors’ interests in shares and SOR
The interests of the Non-Executive Directors in office during 2025 and their PCAs are shown in the table below:
Prior NED share allocation plan(3)
Total Directors’ interests as at
Number of shares/ADS
NED SOR(1)
25 February 2026
25 February 2026
31 December 2025 or
date of retirement
ADS released on 25
March 2025 before
closure of the NED
plan
Dividend
reinvestment
allocated
during the year (2)
1 January 2025
Shares
Sir Jonathan Symonds
Met
89,007
86,507
—
—
—
Wendy Becker
Met
7,749
4,415
—
—
—
Dr Gavin Screaton(4)
Met
8,675
8,675
—
—
—
ADS
Elizabeth Anderson
Met
3,231
3,206
—
—
—
Charles Bancroft
Met
39,380
39,064
17,446
933
16,513
Dr Hal Barron
Met
602,126
664,799
—
—
—
Dr Anne Beal
Met
3,971
3,940
1,987
106
1,881
Dr Hal Dietz
Met
3,848
3,817
1,759
94
1,665
Dr Jeannie Lee
In progress
1,791
1,778
—
—
—
Dr Vishal Sikka
Met
12,034
11,940
—
—
—
Retired Directors
Dr Jesse Goodman (5)
—
—
9,045
13,924
744
13,180
(1) NED Share Ownership Requirements: The company operates a minimum Non-Executive Director (NED) share ownership requirement (the NED SOR). Since
July 2022, the NED SOR requires NEDs to build a shareholding in the company of at least 1x the value of the standard NED annual fee (or, in the case of the
Chair, 1x the value of the Chair’s fee) to be maintained until retirement from the Board. The Chair and NEDs purchase shares and ADS in the market. The
company provides an arrangement so that NEDs can, if they wish, use their net fees to purchase GSK shares or ADS in the market on a quarterly basis
(2) Notional ADS allocated during the year under the prior NED share allocation plan (NED plan) relate to dividends reinvested before closure of the NED plan.
Dividends allocated on notional ADS under the NED plan were converted into notional ADS in Q1 2025 and included in the ADS release in March 2025
(3) At the 2023 AGM, shareholders approved an administrative amendment to the Non-Executive Director section of the Remuneration policy to allow the
notional shares or ADS previously allocated under the NED plan to be delivered to the Chair and NEDs at such time as the Committee and Board
considered appropriate after any applicable tax withholding. The Chair and certain Non-Executive Directors who participated in the NED plan have now
all had their notional pre-tax shareholdings converted into actual shares or ADS. The Chair’s notional shares were converted and released to him after the
AGM in 2023. The notional ADS for the US-based NEDs in the NED plan (Charles Bancroft, Dr Anne Beal, Dr Hal Dietz and Dr Jesse Goodman) were
converted and released to them in March 2025, after appropriate tax deductions
(4) Dr Gavin Screaton joined the Board on 1 May 2025
(5) Dr Jesse Goodman retired from the Board on 7 May 2025
166
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Financial statements
Investor information
GSK Annual Report 2025
Annual report on remuneration continued
CEO and wider employee pay ratio
Financial year
Lower quartile
P25
Median
P50
Upper quartile
P75
2025
233:1
167:1
105:1
2024
168:1
123:1
78:1
2023
207:1
152:1
94:1
2022
144:1
106:1
67:1
2021
154:1
108:1
67:1
2020
130:1
96:1
62:1
2019
160:1
119:1
73:1
GSK continues to use the Option A methodology because it is
the most robust and statistically accurate way to calculate the
three ratios from the options available under the Remuneration
regulations. The pay ratio is higher than in 2024. This is
influenced by higher CEO LTI vesting in 2025 due to the
increase in GSK share price, as well as an increase in taxable
benefits in the year 2025, as referenced on page 149.
The pay ratios are calculated using actual earnings for the CEO
and UK employees. The CEO’s total single figure remuneration
of £15.68 million for 2025 and £10.6 million for 2024 are detailed
on page 147.
Total remuneration for all UK full-time equivalent employees on
31 December 2025 has been calculated in line with the single
figure methodology. This reflects their actual earnings received
in 2025 (excluding business expenses), which were used to
produce the percentile calculation under Option A of the
Remuneration regulations. Business expenses have been
excluded because they are reimbursed to employees and are
not sufficiently substantial in value to significantly impact the
ratios.
The table below shows the salary, total pay and benefits for each of the percentiles.
P25 (£)
P50 (£)
P75 (£)
Salary
Total pay and benefits
Salary
Total pay and benefits
Salary
Total pay and benefits
2025
45,387
67,293
62,882
93,970
89,007
148,978
2024
41,845
62,876
57,635
85,924
82,629
136,010
2023
39,903
61,490
55,057
83,783
78,496
135,819
2022
37,776
58,883
52,107
79,428
74,905
126,594
2021
37,251
53,151
51,492
76,234
72,997
122,852
2020
36,924
54,133
50,000
73,340
70,203
113,830
2019
34,510
50,467
47,029
68,200
66,561
110,638
The Committee believes that targeting the median pay ratio is consistent with the company’s pay, reward and progression policies.
The base salaries of all employees, including the Executive Directors, are set with reference to a range of factors including
market practice, experience and performance in role.
Historic CEO remuneration
Emma Walmsley(1)
£000
2025
2024
2023
2022
2021
2020
2019
2018
2017
Total
remuneration
15,681
10,559
12,718
8,449
8,203
7,031
8,084
5,887
4,883
% of
maximum
Annual
bonus award
82%
70%
96%
83%
93%
49%
79%
93%
77%
Vesting of
LTI awards
82%
81%
69%
52%
58%
67%
67%
59%
69%
Sir Andrew Witty(2)
£000
2017
2016
Total remuneration
715
6,830
% of maximum
Annual bonus award
0%
97%
Vesting of LTI awards
0%
33%
(1) Emma Walmsley’s total remuneration for 2017 includes her pay for the
period 1 January to 31 March 2017, before she became CEO
(2) Sir Andrew Witty received a pro-rata payment for 2017 in lieu of a variable
bonus opportunity, in accordance with the 2014 Remuneration policy
Relative importance of spend on pay
The table below shows total employee pay and dividends paid
to shareholders.
Change
%
2025
£m
2024
£m
Total employee pay
(100.0)
—
8,759
Dividends paid in the year
4.9
2,564
2,444
The figures in this table reflect payments made during each
year, and the impact of movements in exchange rates are as
set out on pages 206 and 212. However, cash dividends
declared in respect of 2025 were £2,661 million (2024:
£2,489 million), an increase of 6.9%.
Please see Note 16 to the financial statements for more details.
Total employee pay is based on 68,307 employees, the average
number of people employed during 2025 (2024: 69,305). See
Note 9 to the financial statements for more details.
On 5 February 2025, GSK announced its intention to implement
an up-to-£2 billion share buyback programme to be completed
over an 18-month period. The programme commenced on 24
February 2025 with an initial tranche of up to £0.7 billion, which
completed on 3 June 2025. This was followed by a second
tranche of up to £0.45 billion, which completed on 18
September 2025. A third tranche of up to £0.3 billion
commenced on 30 September 2025 and completed on 19
December 2025. Before this programme, the last share
repurchases were made in 2014.
167
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Investor information
GSK Annual Report 2025
Annual report on remuneration continued
TSR Performance graph
The following graph sets out the performance of the company relative to the FTSE 100 Index and to the global biopharma peer
group comparator group for the ten-year period to 31 December 2025. These indices were selected for comparison purposes
because they reflect both the primary index of which GSK is a constituent and the industry in which GSK operates.
366
31.12.15
31.12.16
31.12.17
31.12.18
31.12.19
31.12.20
31.12.21
31.12.22
31.12.23
31.12.24
31.12.25
Percentage change in remuneration of Directors
2025 percentage change
2024 percentage change
2023 percentage change
2022 percentage change
2021 percentage change
Salary/
fees
%
Benefits
%
Bonus
%
Salary/
fees
%
Benefits
%
Bonus
%
Salary/
fees
%
Benefits
%
Bonus
%
Salary/
fees
%
Benefits
%
Bonus
%
Salary/
fees
%
Benefits
%
Bonus
%
UK employees(1)
3.3
(3.3)
4.0
4.0
(0.2)
(16.0)
7.1
0.92
34.8
3.0
2.3
44.81
2.0
0.0
4.85
Executive Directors(2,3)
Emma Walmsley
5.0
223.9
23.3
4.0
(15.1)
(24.4)
4.0
61.8
20.1
3.0
(2.2)
38.2
2.0
(5.0)
94.6
Julie Brown(4)
3.3
57.8
13.0
55.9
28.0
15.9
—
—
—
—
—
—
—
—
—
Non-Executive Directors (2,3)
Jonathan Symonds
4.7
94.1
—
3.9
(43.3)
—
5.0
200.0
—
0.0
233.3
—
0.0
50.0
—
Elizabeth Anderson
6.8
(27.1)
—
10.5
96.7
—
209.3
—
—
—
—
—
—
—
—
Charles Bancroft
4.9
24.0
—
4.4
(10.7)
—
2.8
180.0
—
36.7
100.0
—
156.1
—
—
Dr Hal Barron(5)
4.3
(25.8)
—
5.0
(15.4)
—
127.1
609.1
—
—
—
—
—
—
—
Dr Anne Beal
5.6
(31.0)
—
4.2
70.6
—
2.7
126.7
—
121.7
—
—
—
—
—
Wendy Becker
39.3
(100.0)
—
417.9
200.0
—
—
—
—
—
—
—
—
—
—
Dr Hal Dietz
5.6
(9.8)
—
4.5
2.5
—
(3.4)
1900.0
—
—
—
—
—
—
—
Dr Jeannie Lee
28.3
107.1
—
—
—
—
—
—
—
—
—
—
—
—
—
Dr Gavin Screaton
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
—
Dr Vishal Sikka
6.8
240.0
—
9.7
92.3
—
131.0
—
—
—
—
—
—
—
—
Retired Non-Executive Directors
Dr Jesse Goodman
(62.7)
(67.4)
—
4.5
(2.3)
—
(27.2)
41.9
—
11.0
34.8
—
(5.6)
—
—
(1) This table is provided in accordance with Schedule 8 of The Companies (Directors’ Remuneration Policy and Directors’ Remuneration Report) Regulations
2020. This is the last year this will be provided as this disclosure is not required for the Company for 2026. The UK employee population was considered to
be the most relevant comparison because it most closely reflects the economic environment encountered by the Executive Directors
(2) Percentage changes have been calculated based on the 2025 Total remuneration table on page 147 for Executive Directors and the 2025 Total fees table
on page 159 for Non-Executive Directors
(3) More information on Executive Directors’ salary and benefits can be found on page 148
(4) Julie Brown joined the company on 3 April 2023. Her 2023 base salary of £915,335 was prorated to reflect the time she worked as CFO Designate until 1
May 2023 and as CFO until 31 December 2023
(5) Dr Hal Barron transitioned to a Non-Executive Director role on 1 August 2022
(6) Percentage changes are only provided where there is a prior year balance to calculate a percentage change. The date of each director’s appointment to
the Board is given on pages 109 to 112
168
Strategic report
Corporate governance
Financial statements
Investor information
GSK Annual Report 2025
Annual report on remuneration continued
Directors and Senior Management
More information is provided on compensation and interests of Directors and Senior Management as a group (the group).
For this purpose, the group is defined as the Executive and Non-Executive Directors, other members of the ExCom and the
Company Secretary. For the financial year 2025, the following table sets out aggregate remuneration for the group for the periods
during which they served in that capacity.
Remuneration for 2025
£
Total compensation paid
34,460,883
Aggregate increase in accrued pension benefits (net of inflation)
20,297
Aggregate payments to defined contribution schemes
1,433,723
During 2025, members of the group were awarded shares and ADS under the company’s various LTI plans, as set out in the table
below. To align the interests of Senior Management with those of shareholders, Executive Directors and ExCom members are
required to build and maintain significant holdings of shares in GSK over time. ExCom members are required to hold shares to an
equivalent multiple of two times their base salary, and must continue to satisfy these share ownership requirements for a minimum
of 12 months after leaving GSK.
Awards
Dividend reinvestment awards
Awarded during 2025
Shares
ADS
Shares
ADS
Performance Share Plan
2,704,357
69,302
355,183
8,557
Deferred Investment Awards(1,2)
—
—
4,751
91
Share Value Plan (2)
10,050
—
—
—
(1) Notional shares and ADS
(2) Executive Directors are not eligible to receive Deferred Investment Awards or participate in the Share Value Plan
At 25 February 2026, the group and their PCAs had the following interests in shares and ADS. Interests awarded under the various
LTI plans are described in Note 45 to the financial statements, ‘Employee share schemes’ on pages 266 and 267.
Interests at 25 February 2026
Shares
ADS
Owned
3,891,839
851,057
Unexercised options(1)
4,043
—
Deferred Annual Bonus Plan
962,955
37,802
Performance Share Plan
5,812,775
342,645
Deferred Investment Awards(2,3)
15,036
Share Value Plan (3)
132,833
19,916
(1) Unexercised options under Share Save plan
(2) Notional shares
(3) Executive Directors are not eligible to receive Deferred Investment Awards or participate in the Share Value Plan
Basis of preparation
The Annual report on remuneration has been prepared in
accordance with the Companies Act 2006 and The Large and
Medium-sized Companies and Groups (Accounts and Reports)
(Amendment) Regulations 2013 (the Regulations). In
accordance with the Regulations, the following parts of the
Annual report on remuneration are subject to audit: total
remuneration figures for Executive Directors including further
details for each element of remuneration (salary, benefits,
pension, annual bonus and long-term incentive awards);
Non-Executive Directors’ fees and emoluments received in the
year; Directors’ interests in shares, including interests in GSK
share plans; payments to past Directors; payments for loss of
office; and share ownership requirements and holdings, for
which the opinion thereon is expressed on page 182. The
remaining sections of the Annual report on remuneration are
not subject to audit nor are the pages referred to from within
the audited sections.
The Annual report on remuneration has been approved by the
Board of Directors and signed on its behalf by:
Wendy Becker
Remuneration Committee Chair
4 March 2026
169
Directors' powers
GSK Directors’ powers are determined by UK legislation and our
Articles of Association, which contain rules about their
appointment and replacement. They provide that Directors
may be appointed by an ordinary resolution of the members or
by a resolution of the Board. If appointed by the Board, the
Director must retire at the next Annual General Meeting (AGM)
to be elected by shareholders.
Our Articles also provide that all Directors are required to seek
re-election annually at our AGM in accordance with the FRC
Code.
A Director will then cease to be a Director if he or she:
– becomes bankrupt
– ceases to be a Director by virtue of the Companies Act or the
Articles
– suffers mental or physical ill health and the Board resolves
that he or she shall cease to be a Director
– has missed Directors’ meetings for a continuous period of six
months without permission and the Board resolves that he or
she shall cease to be a Director
– is otherwise prohibited from being a Director by law
– resigns, or offers to resign and the Board accepts that offer
– is required to resign by the Board
Any amendment to the Articles may be made in accordance
with the provisions of the Companies Act 2006, by way of 
special resolution.
Directors’ conflicts of interest
All Directors have a duty under the Companies Act 2006 to
avoid a situation in which they have, or could have, a direct or
indirect conflict of interest or possible conflict with the
company. Our Articles provide a general power for the Board to
authorise such conflicts.
The Board reviews any new potential or actual conflict, which is
recorded by the Company Secretary. Directors are not counted
in the quorum for the authorisation of their own actual or
potential conflicts. The Nominations & Corporate Governance
Committee reviews the Register of Potential Conflict
Authorisation (the Register of Potential Conflicts) on an annual
basis which the Board subsequently approves.
On a continuing basis, the Directors are responsible for
informing the Company Secretary of any such new actual or
potential conflicts that may arise or if there are any changes in
circumstances that may affect an authorisation previously
given. Even when provided with authorisation, a Director is not
absolved from his or her statutory duty to promote the success
of the company. If an actual conflict arises post-authorisation,
the Board may choose to exclude the Director from receipt of
the relevant information and participation in the debate, or
suspend the Director from the Board, or, as a last resort, require
the Director to resign.
The Nominations & Corporate Governance Committee
reviewed the Register of Potential Conflicts in January 2026.
The Committee reported to the Board that the conflicts had
been appropriately authorised and that the process for
authorisation continued to operate effectively. The Committee
then recommended the approval of the Register of Potential
Conflicts to the Board which it subsequently approved. Except
as described in Note 40 to the financial statements, ‘Related
party transactions’, during or at the end of the financial year no
Director or Person Closely Associated had any material interest
in any contract of significance with a Group company.
Our Articles prohibit a Director from voting on any resolution
concerning his or her appointment or the terms or termination
of his or her appointment.
Independent advice
The company has an agreed procedure for Directors to take
independent legal and/or financial advice at the company’s
expense where they deem it necessary.
Indemnification of Directors
Qualifying third party indemnity provisions (as defined in the
Companies Act 2006) are in force for the benefit of Directors
and former Directors who held office during 2025 and up to the
approval and signature of the Annual Report.
Change of control and essential contracts
We do not have contracts or other arrangements which
individually are fundamental to the ability of the business to
operate effectively. Neither is the company party to any
material agreements that would take effect, be altered, or
terminate upon a change of control following a takeover bid.
We do not have agreements with any Director that would
provide compensation for loss of office or employment resulting
from a takeover, except that provisions of the company’s share
plans may cause options and awards granted under such plans
to vest on a takeover Details of the termination provisions in the
Executive Directors’ service contracts are given in the full version
of the company’s 2025 Remuneration policy which is available
on gsk.com in the Investors section.
Content of the Directors’ report
For the purposes of the UK Companies Act 2006, the Directors’
report of GSK plc for the year ended 31 December 2025
comprises:
Directors’ report
Section
Pages
Corporate governance report
109 to 170
Employee engagement
121
Directors’ statements of responsibilities
172 and 173
Investor information
280 to 326
The Strategic report sets out those matters required to be
disclosed in the Directors’ report which are considered to be of
strategic importance:
Strategic report
Section
Pages
Risk management objectives and policies
63 to 78 and
291 to 306
Likely future developments of the company
1 to 107
Research and development activities
15 to 34
Business relationships
48 to 61
Inclusion
55
Our culture and people, including provision of
information to and consultations with
employees
55 and 59 to
61
Carbon emissions
52 to 54 and
76
Section 172 statement
124 to 127
170
GSK Annual Report 2025
Directors’ report continued
The following information is also incorporated into the Directors’
report:
Location in Annual Report
Interest capitalised
Financial statements,
Notes 17 and 20
Share capital and share premium account
Financial statements Note
36
Particulars of important post-balance
sheet events of the company or its
subsidiaries
Financial statements,
Note 47
Publication of unaudited financial
information
Group financial review
Details of any long-term incentive
schemes
Remuneration report
Waiver of emoluments by a Director
Not applicable
Waiver of future emoluments by a Director
Non pre-emptive issues of equity for cash
Non pre-emptive issues of equity for cash
by any unlisted major subsidiary
undertaking
Parent company participation in a placing
by a listed subsidiary
Provision of services by a controlling
shareholder
Shareholder waiver of dividends
Financial statements,
Notes 16 and 44
Shareholder waiver of future dividends
Financial statements,
Notes 16 and 44
Agreements with controlling shareholders
Not applicable
The Directors’ report
– has been drawn up and presented in accordance with and in
reliance upon English company law and the liabilities of the
Directors in connection with that Report shall be subject to
the limitations and restrictions provided by such law.
– was approved by the Board of Directors on 4 March 2026
and signed on its behalf by:
Sir Jonathan Symonds
Chair
4 March 2026
171
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Financial
statements
In this section
172
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Directors’ statement of responsibilities
The Directors are responsible for preparing the Annual Report,
the Remuneration report and the Group and parent company
financial statements in accordance with applicable law and
regulations.
UK company law requires the Directors to prepare financial
statements for each financial year. The Directors are required
to prepare the Group consolidated financial statements in
accordance with UK-adopted international accounting
standards in conformity with the requirements of the
Companies Act 2006 and the IFRS Accounting Standards as
issued by the International Accounting Standards Board (IASB).
The Directors have elected to prepare the parent company
financial statements in accordance with United Kingdom
Accounting Standards and applicable law (United Kingdom
Generally Accepted Accounting Practice) (Financial Reporting
Standard 101 Reduced Disclosure Framework). Under company
law the Directors must not approve the financial statements
unless they are satisfied that they give a true and fair view of
the state of affairs of the Group and its profit or loss for that
period. In preparing the financial statements, the Directors are
required to:
– select suitable accounting policies and then apply them
consistently;
– make judgements and accounting estimates that are
reasonable and prudent;
– state that the Group financial statements comply with IFRS,
as issued by the IASB and in conformity with the
requirements of the Companies Act 2006;
– state with regard to the parent company financial
statements that applicable UK Accounting Standards have
been followed, subject to any material departures disclosed
and explained in the parent company financial statements;
and
– prepare the financial statements on a going concern basis
unless it is inappropriate to presume that the Group and the
parent company will continue in business.
In preparing the Group financial statements, International
Accounting Standard 1 requires that directors properly select
and apply accounting policies; present information, including
accounting policies, in a manner that provides relevant,
reliable, comparable and understandable information; provide
additional disclosures when compliance with the specific
requirements in IFRS Standards are insufficient to enable users
to understand the impact of particular transactions, other
events and conditions on the entity’s financial position and
financial performance; and make an assessment of the
company’s ability to continue as a going concern.
The Directors are responsible for keeping adequate accounting
records that are sufficient to show and explain the company’s
transactions and disclose with reasonable accuracy at any
time the financial position of the Group and to enable them to
ensure that the Group financial statements and the
Remuneration report comply with the Companies Act 2006.
They are also responsible for safeguarding the assets of the
Group and hence for taking reasonable steps for the prevention
and detection of fraud and other irregularities.
The Group financial statements for the year ended
31 December 2025, comprising principal statements and
supporting notes, are set out in the ‘Financial statements’ on
pages 186 to 273 of this report. The parent company financial
statements for the year ended 31 December 2025, comprising
the balance sheet and the statement of changes in equity for
the year ended 31 December 2025 and supporting notes, are
set out on pages 274 to 278.
The responsibilities of the auditor in relation to the financial
statements are set out in the Independent Auditor’s report on
pages 174 to 185.
The financial statements for the year ended 31 December 2025
are included in the Annual Report, which is published in printed
form and made available on our website. The Directors are
responsible for the maintenance and integrity of the corporate
and financial information included on the company’s website.
Legislation in the United Kingdom governing the preparation
and dissemination of financial statements may differ from
legislation in other jurisdictions.
Each of the current Directors, whose names and functions are
listed in the Corporate Governance section of the Annual
Report 2025 confirms that, to the best of his or her knowledge:
– the Group financial statements, which have been prepared in
accordance with the applicable set of accounting standards
and in conformity with the requirements of Companies Act
2006, give a true and fair view of the assets, liabilities,
financial position and profit of the Group;
– the Strategic report and risk sections of the Annual Report,
which represent the management report, include a fair
review of the development and performance of the business
and the position of the company and the Group taken as a
whole, together with a description of the principal risks and
uncertainties that it faces; and
– the Annual Report and financial statements, taken as a
whole, are fair, balanced and understandable and provide
the information necessary for shareholders to assess the
company’s position and performance, business model and
strategy.
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Directors’ statement of responsibilities continued
Disclosure of information to auditor
The Directors in office at the date of this Annual Report have
each confirmed that:
– so far as he or she is aware, there is no relevant audit
information of which the company’s auditor is unaware; and
– he or she has taken all the steps that he or she ought to have
taken as a Director to make himself or herself aware of any
relevant audit information and to establish that the
company’s auditor is aware of that information.
This confirmation is given and should be interpreted in
accordance with the provisions of section 418 of the Companies
Act 2006.
Going concern basis
Pages 80 to 107 and pages 69 to 75 contain information on the
performance of the Group, its financial position, cash flows, net
debt position, borrowing facilities and climate-related risks.
Further information, including Treasury risk management
policies, exposures to market and credit risk and hedging
activities, is given in Note 43, 'Financial instruments and related
disclosures' to the financial statements. Having assessed the
principal risks and other matters considered in connection with
the viability statement, the Directors considered it appropriate
to adopt the going concern basis of accounting in preparing
the financial statements.
Internal control
The Board, through the Audit & Risk Committee, has reviewed
the assessment of risks and the internal control framework that
operates in GSK and has considered the effectiveness of the
system of internal control in operation in the Group for the year
covered by this Annual Report and up to the date of its
approval by the Board of Directors. Further detail on the review
of internal controls is set out in the Governance report on page
136.
The UK Corporate Governance Code
The Board considers that GSK plc applies the principles and
complies with the provisions of the UK Corporate Governance
Code maintained by the Financial Reporting Council, as
described in the Corporate Governance section including
Remuneration on pages 109 to 170. The Board further considers
that the Annual Report, taken as a whole, is fair, balanced and
understandable, and provides the information necessary for
shareholders to assess the Group’s position and performance,
business model and strategy.
As required by the Financial Conduct Authority’s Listing Rules,
the auditor has considered the Directors’ statement of
compliance in relation to those points of the UK Corporate
Governance Code which are specified for their review.
Annual Report
The Annual Report for the year ended 31 December 2025,
comprising the Report of the Directors, the Remuneration
report, the Financial statements and Additional information for
investors, has been approved by the Board of Directors and
signed on its behalf by
Sir Jonathan Symonds
Chair
4 March 2026
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Independent Auditor’s report to the members of GSK plc
Report on the audit of the financial statements
1. Opinion
In our opinion:
– The financial statements of GSK plc (the ‘Parent company’)
and its subsidiaries (the ‘Group’) give a true and fair view of
the state of the Group’s and of the Parent company’s affairs
as at 31 December 2025 and of the Group’s profit for the year
then ended;
– The Group financial statements have been properly prepared
in accordance with United Kingdom adopted international
accounting standards and IFRS Accounting Standards as
issued by the International Accounting Standards Board
(IASB);
– The Parent company financial statements have been
properly prepared in accordance with United Kingdom
Generally Accepted Accounting Practice including Financial
Reporting Standard 101 “Reduced Disclosure Framework”;
and
– The financial statements have been prepared in accordance
with the requirements of the Companies Act 2006.
We have audited the financial statements which comprise the
Group
– Consolidated income statement;
– Consolidated statement of comprehensive income;
– Consolidated balance sheet;
– Consolidated statement of changes in equity;
– Consolidated cash flow statement; and
– Notes 1 to 47 to the financial statements, which includes the
material accounting policy information.
Parent company
– Company balance sheet;
– Company statement of changes in equity; and
– Notes A to K to the company balance sheet, which include
the company material accounting policy information.
The financial reporting framework that has been applied in the
preparation of the Group financial statements is applicable law,
United Kingdom adopted international accounting standards
and IFRS Accounting Standards as issued by the IASB. The
financial reporting framework that has been applied in the
preparation of the Parent company financial statements is
applicable law and United Kingdom Accounting Standards,
including FRS 101 “Reduced Disclosure Framework” (United
Kingdom Generally Accepted Accounting Practice).
2. Basis for opinion
We conducted our audit in accordance with International
Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in
the auditor’s responsibilities for the audit of the financial
statements section of our report.
We are independent of the Group and the Parent company in
accordance with the ethical requirements that are relevant to
our audit of the financial statements in the UK, including the
Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard as
applied to listed public interest entities, and we have fulfilled our
other ethical responsibilities in accordance with these
requirements. The non-audit services provided to the Group and
Parent company for the year are disclosed in the Audit & Risk
Committee report within the Corporate Governance section of
the Annual Report on page 134 and Note 8 to the financial
statements. We confirm that we have not provided any non-
audit services prohibited by the FRC’s Ethical Standard to the
Group or the Parent company.
We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.
3. Summary of our audit approach
Significant changes in our approach
Following the settlement of Zantac product litigation matter in
2024 and its subsequent payment of £1.8 billion we have not
included the valuation of provisions and contingent liabilities for
significant legal proceedings as a key audit matter for the
current year audit.
Key audit matters
The key audit matters that we identified in the current year were:
– Valuation of US Returns and Rebates (RAR) accruals
– Valuation of the ViiV Healthcare Shionogi contingent
consideration liability
– Valuation of other intangible assets
– Valuation of uncertain tax positions, including transfer pricing
Materiality
– The materiality that we used for the group financial
statements was £350 million (2024: £300 million) which was
determined on the basis of Profit before tax, Core profit
before tax, Revenue and Net cash flows from operations.
Scoping
The following components were subject to audit procedures as
well as the assessment of the effectiveness of internal controls
over financial reporting: Belgium, Canada, China, France,
Germany, Italy, Japan, Spain, United Kingdom and United
States, as well as Australia which was brought into scope in the
current year.
Our audit scope addressed 81% (2024: 80%) of the Group’s
revenue, 85% (2024: 79%) of the Group’s profit before tax and
84% (2024: 87%) of the Group’s total assets.
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Report on the audit of the financial statements continued
4. Audit scope and execution
The design of our audit approach reflects the group structure,
utilising data extracted from the company’s ERP system, to
effectively address risks of material misstatement as well as fulfil
our responsibilities around the direction, supervision and review
of the audit work performed by component teams. Our audit
approach can be summarised into the following areas that
enabled us to obtain the evidence required to form an opinion
on the Group and Parent company financial statements:
Use of audit technology. The central control and common
systems throughout the Group enables us to deploy and utilise
process and data analytics across the breadth of the Group,
providing a more detailed understanding of the flow of
transactions, enabling us to focus our risk assessment and
design targeted audit testing procedures.
We embed technology throughout our audit to improve quality
and effectiveness, including in the areas of planning and
scoping, project management, risks and controls assessment,
substantive testing and reporting insights to management and
the Audit & Risk Committee. At planning stage, we use our
automated scoping tool to identify any unusual trends or
fluctuations within account balances and geographies,
particularly within untested balances to reduce the risk of
material misstatement to an acceptably low level.
To support our iterative risk assessment process, across all
significant account balances, we have used web scanning
technology. This assists with identifying additional information
regarding industry matters in the jurisdictions in which GSK
operates as well as any unusual trends or account balances
that might indicate a risk of material misstatement, supporting
our judgement in analysing residual untested balances. We
have factored the impact of this information into our risk
assessment and design of substantive procedures within the
relevant account balances and other aspects of the audit,
including going concern and post balance sheet events.
Our data analytical tools allow us to scrutinise large
transactional data sets for unusual trends, characteristics,
outliers or transaction flows to support our identification of
audit risks. For example, we analysed US RAR data by product
and payment channel to identify products where; there are high
values of total rebate deductions recognised, there are
significant differences on rebate rates offered between payers
or where qualitative factors impacted the brands (see Section 5
- Valuation of US Returns and Rebates (RAR) accruals). We
also used data analytics to determine products and regions
where the valuation of the ViiV Healthcare Shionogi contingent
consideration liability was most sensitive to the assumptions
used (see Section 5 - Valuation of the ViiV Healthcare Shionogi
contingent consideration liability).
We have continued to leverage process analytics to perform
substantive procedures on revenue at a Group level by
automatically matching key revenue data points across sales
orders, invoices and shipping documents generated during the
revenue process. In addition, we used profiling technology to
identify journal entries that exhibit potential fraud
characteristics in testing the appropriateness of journal entries
and other adjustments.
Audit planning and risk assessment at a Group level. Our risk
assessment procedures considered, amongst other factors, the
impact of climate change and the wider macroeconomic
environment on the account balances, disclosures and
company practices.
Partners from the Group audit team led the global audit of the
operating segments (Commercial Operations and Research
and Development); in addition, partners were responsible for
the component and legal entity audits in each country. These
segment partners met regularly with senior segment
management to understand the strategy, performance and
other matters which arose throughout the year that could have
impacted the financial reporting. In addition, we held regular
meetings with members of Internal Audit, internal Legal Counsel
and the Global Ethics & Compliance teams to understand their
work and to review their reports to enhance our risk assessment.
We also used output from data analytics to perform fact-based
risk assessment and pinpoint identification of audit risks as
noted above.
GSK operate on an ERP system, with automated controls
supporting the IT infrastructure. We have tested these
automated controls, including segregation of duties and
controls configurations. This testing is integrated into our audit
risk assessment to ensure only relevant controls are tested, and
direct testing on exceptions identified.
Audit work performed at global shared service centres. A
significant amount of the Group’s operational processes that
cover financial reporting is undertaken in shared service centres.
Our Group audit team included senior individuals responsible
for each of the global processes who coordinated our audit
work at the shared service centres utilising a live global project
management platform. This structure enabled us to develop our
understanding of the end-to-end processes that supported
material account balances, classes of transactions and
disclosures within the Group financial statements. We then
evaluated the effectiveness of internal controls over financial
reporting for these processes and considered the implications
for the remainder of our audit work. As part of supervising the
work of the shared service centre audits, senior Group audit
team members visited Costa Rica, India and Poland.
Audit work executed at component level and individual legal
entities. The following components were subject to audit
procedures as well as the assessment of the effectiveness of
internal controls over financial reporting: Belgium, Canada,
China, France, Germany, Italy, Japan, Spain, Australia, United
Kingdom and the United States. The Group audit team was in
active dialogue throughout the audit with the component audit
teams in order to determine whether their work was planned
and performed in accordance with the overall Group audit
strategy and the instructions provided to the components. As
part of supervising the work of the components, senior Group
audit team members visited component teams in Belgium,
France, United States, Japan, UK and China. To satisfy
ourselves that our oversight and supervision was appropriate
we performed reviews of audit working papers, increasing the
frequency and length of those reviews depending on the
significance and risk of the component, and continued to
attend the component planning and clearance meetings,
joined by local management.
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Report on the audit of the financial statements continued
Audit procedures undertaken at the Group level and on the
Parent company. In addition to the above, we also performed
audit work on the Group and Parent company financial
statements, including but not limited to: the consolidation of the
Group’s results, the preparation of the financial statements,
certain disclosures within the Directors’ Remuneration report,
litigation provisions and exposures, and entity level and
oversight controls relevant to financial reporting. The
component or legal entity account balances not covered by our
audit scope were subject to analytical procedures confirming
that there were no significant risks of material misstatement in
the aggregated financial information.
Internal controls testing approach. We tested the effectiveness
of internal controls over financial reporting across all in-scope
entities and entity level controls at the Group level. Common
systems allowed for relevant IT controls to be tested centrally
across all components. We were able to place reliance on
controls where planned.
Our reliance on management controls testing has increased in
2025 enhancing the overall effectiveness of the audit. We have
expanded our scope to incorporate business processes
including Pensions, US RAR, and Share-Based Payments (SBP),
and have increased the reliance on controls within both the
vaccines and consolidation and external reporting processes.
The remaining controls are comprised of controls associated
with significant risk process, controls involving high levels of
judgments and estimates, physical verification of assets, and
annual disclosure review controls for which there is limited
scope for reliance on management control testing.
Our audit scope consisting of audit procedures on one or more
classes of transactions, account balances, disclosures, or
specified audit procedures addressed 81% (2024: 80%) of the
Group’s revenue, 85% (2024: 79%) of the Group’s profit before
tax and 84 % (2024: 87%) of the Group’s total assets.
Impact of climate change on our audit. Climate change has the
potential to impact the Group in a number of ways as set out in
the Strategic Report on pages 69 to 76 of the Annual Report
and Note 17, 19 and 20 on page 213, 215 and 216  of the financial
statements. The Group has committed to net zero greenhouse
gas emissions across the Group’s full value chain by 2045.
In the planning of our audit, we have considered the potential
impact of climate change on the Group’s business and its
financial statements.
We have sought to understand the Group’s identification and
assessment of the potential impacts of climate change, how
these risks influence the Group’s strategy, and their implications
on the financial statements.
The Group’s assessment focused on the impacts of more
frequent extreme weather conditions, water scarcity and
changes in the political landscape. The assessment has also
focused on changes in consumer and market behaviour as well
as volatility in the costs and availability of materials and
resources that could impact future financial performance and
asset valuations.
In consultation with our climate change specialists, we:
– Conducted detailed risk assessment procedures across all in-
scope balances and transactions to determine any risks of
material misstatement in the financial statements by
applying the expected impact of climate change to our
understanding of the business;
– Evaluated the appropriateness of the Group’s assessment of
the potential impact of climate change and the impact of
these on the financial statements, including in the area of
intangible assets; and
– Used our own assessment of the impact of climate change to
challenge the Group’s assessment of going concern,
including considering the potential impact on future
performance and availability of financing.
As part of our audit procedures, we are required to read and
consider these disclosures to consider whether they are
materially inconsistent with the financial statements or
knowledge obtained in the audit. We did not identify any
material inconsistencies as a result of these procedures.
5. Key audit matters
Key audit matters are those matters that, in our professional
judgement, were of most significance in our audit of the
financial statements of the current period and include the most
significant assessed risks of material misstatement (whether or
not due to fraud) that we identified. These matters included
those which had the greatest effect on the overall audit
strategy, the allocation of resources in the audit and directing
the efforts of the engagement team.
These matters were addressed in the context of our audit of the
financial statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on these
matters.
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Key audit matter description
How the scope of our audit responded to the key audit matter
Valuation of US Returns and Rebates (RAR) accruals
In the United States (US), the Group sells to customers under
various commercial and government mandated contracts and
reimbursement arrangements that include rebates,
chargebacks and a right of return for certain pharmaceutical
products. Returns, chargebacks and rebates provided to
customers under these arrangements are accounted for as
variable consideration and recognised as a reduction to
revenue in the form of gross-to-net sales adjustments. These
adjustments are known as the US Returns and Rebates (“US
RAR”) accruals and are a source of significant estimation
uncertainty which could have a material impact on reported
revenue.
The US RAR balance sheet accrual at 31 December 2025
amounted to £4,891 million (2024: £5,235 million).
The five most significant buying groups to which the RAR
accrual relates are Managed Care, Medicaid, Ryan White,
Medicare Part D, and the Medicare Part D Manufacturer
Discount Program.
The two main causes of significant estimation uncertainty are:
The utilisation rate, which is the portion of total sales that will
be made into each buying group, estimated in recording the
accruals. The utilisation assumption is the most challenging of
the key assumptions used to derive the accrual given that it is
influenced by historical trends, projected market conditions
and other factors outside the control of the Group; and
The time lag between the point of sale and the point at which
exact rebate amounts are known to the Group upon receipt of
a claim. Those buying groups with the longest time lag result in
a greater accrued period, and therefore, a greater level of
estimation uncertainty in estimating the period-end accrual.
The level of estimation uncertainty is also impacted by
significant shifts in channel mix driven by changes in the
competitive landscape, including competitor and generic
product launches, changes in government legislation, pricing
agreements and other macroeconomic factors. Further, where
relevant, the Group makes specific period-end adjustments to
the US RAR accruals. These adjustments reflect updates made
to the initial assumptions included within the forecasted US
RAR rates and, in our view, present the greatest opportunity for
fraud in revenue recognition (notwithstanding the existence of
internal controls).
We have identified a key audit matter relating to the valuation
of the US RAR balance sheet accrual, including both the
utilisation rate assumptions and period-end adjustments.
US Commercial Operations returns and rebates are disclosed
as a key source of estimation uncertainty in Note 3 of the
Group financial statements with further disclosures provided in
Note 28. The matter is also discussed in the Audit & Risk
Committee report within the Corporate Governance section of
the Annual Report.
Audit procedures performed
We performed the following audit procedures, amongst others,
related to estimates in the US RAR accruals:
– Tested the controls over the key inputs and assumptions
used in the valuation of US RAR accruals. These included
review controls over forecasting of utilisation rates, period-
end adjustments and the month-end accrual reviews;
– Tested management’s process to develop the estimate by
evaluating assumptions for a selection of utilisation rates,
focusing on certain products where we concluded the
accrual is most sensitive to these assumptions. Our
procedures included comparison to the historical utilisation
rates, consideration of the historical accuracy of
management’s assumptions and an assessment of whether
projected market conditions are appropriately reflected in
the RAR accruals. Such conditions included the impact of
competition, new product launches, changes in government
legislation, pricing agreements and macroeconomic
factors;
– Tested management’s estimate by developing an
independent expectation of the accrual balance for each of
the key segments and products. The expectation was
developed using data on historical claims received adjusted
to reflect market changes in the period, third party
information on inventory held by customers, and an
assessment of the time lag between the initial point of sale
and the claim receipt. We then compared this independent
expectation to those recorded claims to evaluate the
appropriateness of the year-end accrual position;
– Performed a retrospective review of the historical accuracy
of management’s forecast assumptions and where actual
claims have differed to these assumptions, we have
evaluated whether this has been appropriately reflected in
subsequent accruals for a sample of claims;
– Evaluated the accuracy and completeness of period-end
adjustments to the liability made as part of the Group’s
ongoing review of the estimated accrual; and
– Performed audit procedures over the actual rebate
payments made in the year by agreeing to the relevant
contract to assess whether the rebate payments were in line
with the contractual terms.
Key observations communicated to the Audit & Risk
Committee
We are satisfied that the estimated liability of the RAR accruals
at the year-end is appropriate. We observed a level of
prudence in the estimate when assessing against our own
independent expectations, which is in accordance with the
requirements of IFRS 15 Revenue from contracts with
customers to limit the risk of a significant reversal of revenue.
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Key audit matter description
How the scope of our audit responded to the key audit matter
Valuation of the ViiV Healthcare Shionogi contingent
consideration liability
The Group has completed a number of significant transactions
which resulted in the recognition of material contingent
consideration liabilities, which are a key source of estimation
uncertainty. The most significant of these liabilities is the ViiV
Healthcare Shionogi Contingent Consideration Liability (ViiV
CCL).
The Group completed the acquisition of the remaining 50%
interest in the Shionogi-ViiV Healthcare joint venture in 2012.
Upon completion, the Group recognised a contingent
consideration liability for the fair value of the expected future
payments to be made to Shionogi. As at 31 December 2025 the
liability was valued at £5,433 million (2024: £6,061 million).
We identified the ViiV CCL as a key audit matter because of
the significant estimates and assumptions relating to the HIV
treatment and prevention markets sales forecasts used in
valuing the ViiV CCL, and the sensitivity of the valuation to
these inputs. The most significant of these relate to sales
forecasts in the United States (US) on certain products in the
treatment, and prevention portfolio. Such forecasts are based
on an assessment of the expected launch dates for pipeline
assets, the ability to shift market practice and prescriber
behaviour towards long-acting injectable treatments and 2-
drug regimens, the size of the long-acting prevention market
and subsequent sales volumes. The sales forecasts also
required significant audit effort to perform appropriate audit
procedures to challenge and evaluate the reasonableness of
those forecasts.
Contingent consideration liabilities, including the ViiV CCL, are
disclosed as a key source of estimation uncertainty in note 3 of
the Group financial statements with further disclosures
provided in notes 32. The matter is also discussed in the Audit
& Risk Committee report within the Corporate Governance
section of the Annual Report.
Audit procedures performed
We performed the following audit procedures, amongst others,
related primarily to the sales forecasts:
– Tested the controls over the key inputs and assumptions
used in the valuation of the contingent consideration
liability, including review controls over the sales forecasts of
the treatment product portfolio used to value the ViiV CCL;
– Obtained the Group’s assessment of the key inputs and
assumptions used in the sales forecasts and evaluated their
reasonableness, including through enquiries of key
individuals from the senior leadership team, commercial
strategy team and key personnel involved in the budgeting
and forecasting process, and inspection of supporting
evidence;
– Evaluated the US volume assumptions made by the Group
to estimate sales forecasts. This involved benchmarking
forecast market share data against external data, such as
total prescription volumes and new patient prescription
volumes, in order to assess for any sources of contradictory
evidence;
– Evaluated the reasonableness of US pricing assumptions
used by the Group, by comparing the forecasted Returns
and Rebates rate by product against the current rate, and
assessing the forecasted Returns and Rebates against
comparable products and taking into account expected
changes in payer policy, changes in government legislation
and pricing agreements;
– Considered the results of clinical studies undertaken in the
year by the Group and key competitors in order to assess
whether these are corroborative or contradictory to
assumptions used in the product portfolio sales forecasts in
the US;
– Benchmarked the Group’s sales forecasts against those
included in reports from 7 analysts and considered sales
forecasts on both a total ViiV basis and an individual
product basis, assessing against identified contradictory
data; and
– Together with our fair valuation specialists, assessed the
reasonableness of the overall valuation methodology,
including testing the valuation model for mechanical
accuracy.
Key observations communicated to the Audit & Risk
Committee
The sales forecasts used in the valuation are reasonable and in
line with relevant supporting information. We are satisfied that
the sales forecasts appropriately reflect trends in the overall
HIV treatment and prevention markets including the impacts
of competition, healthcare reform and a predicted shift
towards long-acting injectable products.
The approach to valuing the ViiV CCL was consistent with prior
periods and overall we are satisfied that the valuation liability
is reasonable and consistent with IFRS Accounting Standards.
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Key audit matter description
How the scope of our audit responded to the key audit matter
Valuation of other intangible assets
As at 31 December 2025, the Group held £16,141 million (2024:
£14,936 million) of other intangible assets (including licenses,
patents, trademarks, and trade names, but excluding goodwill
and computer software). This includes intangible assets
acquired as part of  the acquisitions of IDRx, Inc. and BP Asset
IX, Inc. during the year.
Intangible assets which are in development and not available
for use should be tested at least annually for impairment
irrespective of whether an indication of impairment exists.
When the carrying amount of an individual intangible asset, or
cash-generating unit to which an intangible asset belongs,
exceeds its recoverable amount, an impairment  should be
recorded. Recoverability of an intangible asset is derived from
certain assumptions and estimates of future trading
performance which create significant estimation uncertainty.
The underlying assumptions used, for both acquired
intangibles and impairment of existing intangibles, include
forecast sales pricing, volume, growth rates, profit margin, and
the probability of technical and regulatory success of ongoing
clinical trials. This includes assumptions on timing of cash flows
determined by anticipated launch year, peak year sales,
subsequent sales erosion due to generic product competition,
and profit margin levels.
During 2025, impairment charges of £880 million (2024: £314
million) were recorded. These were primarily full impairments
due to the cessation of research and development dictated by
negative clinical trial readouts or lack of commercial
attractiveness.
We identified the valuation of other intangible assets as a key
audit matter due to the inherent judgements involved in
estimating future cash flows. Auditing such assumptions and
estimates required extensive audit effort to evaluate the
reasonableness of forecasts and management judgements.
Other intangible assets are disclosed as a key source of
estimation uncertainty in note 3 of the Group financial
statements with further disclosures provided in Notes 20 and
40. The matter is also discussed in the Audit & Risk Committee
report within the Corporate Governance section of the Annual
Report.
Audit procedures performed
We performed the following audit procedures, amongst others,
over the forecast sales pricing, volume, growth rates,
probability of technical and regulatory success, and profit
margin levels, used in the assessment of the valuation of other
intangible assets:
– Tested review controls over the key inputs and assumptions
used in the valuation of other intangible assets. The controls
encompass the review of the valuation models, which
contain a number of assumptions such as the probability of
technical and regulatory success, launch dates, plus other
revenue and cost assumptions;
– Inquired with key individuals from the corporate
development team, commercial forecasting leads, and key
personnel involved in the assets research and development
process. We used the outcome of these inquiries to evaluate
the Group’s evidence to support key assumptions such as
overall sales forecasts, peak year sales (including
anticipated market share, volume and uptake alongside
price points where required), the foreseeable competitive
landscape, growth rates, probability of regulatory and
technical success and margins;
– Evaluated the key inputs and assumptions applied in
estimating sales and profit margin forecasts, including
benchmarking of forecasts against external market data.
This included independent market research of therapeutic
area price points, price growth rates, and anticipated
competitor market landscape, both current and at the time
of forecast regulatory approval, plus assessment of any
sources of contradictory evidence;
– Compared the forecast sales and profit margin levels to the
Plan data (asset by asset internal forecasts) approved by
the GSK Leadership Team and the Board of Directors,
where the in-development intangible asset is forecast to
launch within the next 3-year period;
– Assessed the historical accuracy of sales forecasts by
performing retrospective reviews across marketed assets
within the business;
– Using web scanning technology, identified and considered
whether events or transactions that occurred after the
balance sheet date, but before the reporting date, affect
the conclusions reached on the carrying values of the assets
and associated disclosures. We also use this output to
evaluate any contradictory evidence compared to
managements’ forecasted assumptions; and
– Engaged our fair valuation specialists to assess the
reasonableness of the valuation methodology applied as
well as performing mechanical accuracy checks.
Key observations communicated to the Audit & Risk
Committee
For those intangible assets which were acquired during the
period as part of the IDRx and Boston Pharma business
combinations, we concluded that the assumptions
underpinning the fair value of intangible assets reflected in the
purchase price allocations were reasonable and in accordance
with IFRS Accounting Standards.
For those in-development intangible assets subject to
impairment reviews we concluded that the judgements made
by management were reasonable and in accordance with
IFRS Accounting Standards.
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Key audit matter description
How the scope of our audit responded to the key audit matter
Valuation of uncertain tax positions, including transfer pricing
The Group operates in numerous jurisdictions and there are
open tax and transfer pricing matters and exposures with UK,
US and overseas tax authorities that give rise to uncertain tax
positions. There is a wide range of possible outcomes for
provisions and contingencies. Certain judgements in respect of
estimates of tax exposures and contingencies are required in
order to assess the adequacy of tax provisions, which are
sometimes complex as a result of the considerations required
by differing tax laws and regulations.
At 31 December 2025, the Group has recorded provisions of
£649 million (2024: £636 million) in respect of uncertain tax
positions.
Valuation of uncertain tax positions is disclosed as a key source
of estimation uncertainty in note 3 of the Group financial
statements with further disclosures included in note 14. The
matter is also discussed in the Audit & Risk Committee report
within the Corporate Governance section of the Annual Report.
Audit procedures performed
With the support of our tax specialists, we assessed the
appropriateness of the uncertain tax provisions, focused on
those jurisdictions where the Group has the greatest potential
exposure and where the highest level of judgement is required,
by performing the following audit procedures amongst others:
– Tested key controls over preparation, review and reporting
of judgmental tax balances and transactions, which include
provisions for uncertain tax provisions;
– Assessed the assumptions and judgements that are
required to determine the range of possible outcomes for
recognition and measurement of provisions for uncertain
tax positions in compliance with the requirements of IFRIC
23 Uncertainty over Income Tax Treatments;
– Engaged our transfer pricing specialists to evaluate the
transfer pricing methodology of the Group and associated
approach to provision recognition and measurement; and
– Considered evidence such as the actual results from the
recent tax authority audits and enquiries, third-party tax
advice obtained by the Group and our tax specialists’ own
knowledge of market practice in relevant jurisdictions.
Key observations communicated to the Audit & Risk
Committee
We are satisfied that the estimates in relation to uncertain tax
positions and the related disclosures are in accordance with
IFRS Accounting Standards. From our work we concluded that
a consistent approach has been applied to estimating
uncertain tax provisions which is appropriate and in
accordance with IFRIC 23.
6. Conclusions relating to going concern
In auditing the financial statements, we have concluded that
the directors’ use of the going concern basis of accounting in
the preparation of the financial statements is appropriate.
Our evaluation of the directors’ assessment of the Group’s and
Parent company’s ability to continue to adopt the going
concern basis of accounting included:
– Enquiries of the Group directors and management regarding
the assumptions used in the going concern models, including
the potential impact of macroeconomic and geopolitical
uncertainty including the impact of tariffs and pricing
strategy, and climate change;
– Evaluating the Group’s existing access to sources of
financing, including undrawn committed bank facilities;
– Reading analyst reports, industry data and other external
information to determine if it provided corroborative or
contradictory evidence in relation to assumptions used;
– Comparing forecasted sales to recent historical financial
information;
– Testing the underlying product-level forecasts and
associated sensitivities which support the overall Group’s
business forecast used to prepare the going concern
assessment and assessing whether these underlying
assumptions are reasonable;
– Using web scanning technology to identify any external
matters that may cause doubt on the Group’s ability to
continue as a going concern; and
– Evaluating the appropriateness of Group’s disclosures on
going concern.
Based on the work we have performed, we have not identified
any material uncertainties relating to events or conditions that,
individually or collectively, may cast significant doubt on the
Group's and Parent company’s ability to continue as a going
concern for a period of at least twelve months from when the
financial statements are authorised for issue.
In relation to the reporting on how the Group has applied the
UK Corporate Governance Code, we have nothing material to
add or draw attention to in relation to the directors’ statement
in the financial statements about whether the directors
considered it appropriate to adopt the going concern basis of
accounting.
Our responsibilities and the responsibilities of the directors with
respect to going concern are described in the relevant sections
of this report.
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7. Our application of materiality
We define materiality as the magnitude of misstatement in the
financial statements that makes it probable that the economic
decisions of a reasonably knowledgeable person would be
changed or influenced. We use materiality both in planning the
scope of our audit work and in evaluating the results of our
work.
Based on our professional judgement, we determined
materiality for the financial statements as a whole as follows:
Group financial statements
Parent company financial statements
Materiality
£350 million
(2024: £300 million)
£350 million
(2024: £300 million)
Basis for
determining
materiality
In determining our benchmark for materiality, we
considered the metrics used by investors and other
readers of the financial statements. In particular, we
considered: Profit before tax, Core profit before tax,
Revenue and Net cash flows from operations.
Using professional judgement, we have determined
materiality to be £350 million. See below for how our
materiality compares to our benchmark metrics.
Materiality was determined using the total assets benchmark capped
at 100% (2024: 100%) of Group materiality. Our materiality represents
0.78% (2024: 0.63%) of total assets
Metric
%
Profit before tax
4.86%
(2024: 8.70%)
Core profit before tax*
3.37%
(2024: 3.48%
Revenue
1.09%
(2024: 0.95%)
Net cash inflow from operating activities
4.81%
(2024: 4.58%)
* A reconciliation between the Profit before tax and Core
profit before tax is detailed in the Adjusting Items section of
the strategic report.
Rationale
for the
benchmark
applied
Given the importance of the above metrics used by
investors and other readers of the financial statements, we
considered Profit before tax, Core profit before tax,
Revenue and Net cash inflow from operating activities, in
determining materiality.
The component performance materiality allocated to the
in-scope components (excluding the parent company
which has been addressed above) ranged between £73.5
million and £147 million (2024: between £63 million and
£126 million).
The strength of the balance sheet is the key measure of financial health
that is important to shareholders since the primary concern for the
parent company is the payment of dividends. Using a benchmark of
total assets is therefore the appropriate metric.
Where account balances are audited for the purposes of the
consolidated financial statements, a lower component performance
materiality is used.
We set performance materiality at a level lower than materiality
to reduce the probability that, in aggregate, uncorrected and
undetected misstatements exceed the materiality for the
financial statements as a whole. Group and Parent company
performance materiality was set at 70% of Group and Parent
company materiality respectively for the 2025 audit (2024:
70%). In determining performance materiality, we considered
factors including:
– Our risk assessment, including our assessment of the Group’s
overall control environment and that we consider it
appropriate to rely on controls over a number of business
processes; and
– Our past experience, which has indicated a low number of
corrected and uncorrected misstatements identified in prior
periods.
We agreed with the Audit & Risk Committee that we would
report to the Committee all audit differences in excess of £15
million (2024: £10 million) as well as any differences below this
threshold, which in our view, warranted reporting on qualitative
grounds. We also report to the Audit & Risk Committee on
disclosure matters that we identified when assessing the overall
presentation of the financial statements.
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8. Other information
The other information comprises the information included in the
Annual Report, other than the financial statements and our
auditor’s report thereon. The directors are responsible for the
other information contained within the Annual Report.
Our opinion on the financial statements does not cover the
other information and, except to the extent otherwise explicitly
stated in our report, we do not express any form of assurance
conclusion thereon.
Our responsibility is to read the other information and, in doing
so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge
obtained in the course of the audit, or otherwise appears to be
materially misstated.
If we identify such material inconsistencies or apparent material
misstatements, we are required to determine whether this gives
rise to a material misstatement in the financial statements
themselves. If, based on the work we have performed, we
conclude that there is a material misstatement of this other
information, we are required to report that fact.
We summarise below our work in relation to areas of the other
information including those areas upon which we are
specifically required to report:
Matters we are specifically required to report
Our responsibility
Our reporting
Principal risks and viability statement
Review the principal risk summary on page 289 and viability statement on
page 78 in the light of the knowledge gathered during the audit, such as
through considering the directors’ processes to support the statements
made, challenging key judgements and estimates, consideration of
historical forecasting accuracy and evaluating macro-economic
assumptions.
Consider if the statements are aligned with the relevant provisions of the
Code.
As set out in the “Corporate Governance Statement”
section, we have nothing material to report, add or
draw attention to in respect of these matters.
Directors’ Remuneration Report
Report whether the part of the Directors’ Remuneration Report to be
audited is properly prepared and the disclosures specified by the
Companies Act have been made.
As set out in the ‘Opinions on other matters
prescribed by the Companies Act 2006’ section, in
our opinion, the part of the Directors’ Remuneration
report to be audited has been prepared in
accordance with the Companies Act 2006.
Strategic Report and Directors’ Report
Report whether they are consistent with the audited financial statements
and are prepared in accordance with applicable legal requirements.
Report if we have identified any material misstatements in either report in
the light of the knowledge and understanding of the Group and of the
Parent company and their environment obtained in the course of the
audit.
As set out in the “Opinions on other matters
prescribed by the Companies Act 2006” section, in
our opinion, based on the work undertaken in the
course of the audit, the information in these reports is
consistent with the audited financial statements and
has been prepared in accordance with applicable
legal requirements.
As referenced on page 76, we have provided limited
assurance in accordance with International
Standards for Assurance Engagements (ISAE) 3000
and ISAE 3410 over selected metrics on page 76.
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Report on the audit of the financial statements continued
Other reporting on other information
Our responsibility
Our reporting
Alternative Performance Measures (APMs)
APMs are measures that are not defined by generally accepted accounting
practice (GAAP) and therefore are not typically included in the financial
statement part of the Annual Report. The Group use APMs, such as core
operating profit, free cash flow and constant currency growth rates in its
reporting of financial performance.
We have reviewed and assessed the calculation and reporting of these
metrics to assess consistency with the Group’s published definitions and
policies for these items.
We have also considered and assessed whether the use of APMs in the
Group’s reporting results is consistent with the guidelines produced by
regulators such as the European Securities and Markets Authority (ESMA)
guidelines on the use of APMs and the FRC Alternative Performance
Measures Thematic Review published in October 2021.
We also considered whether there was an appropriate balance between
the use of statutory metrics and APMs, in addition to whether clear
definitions and reconciliation for APMs used in financial reporting have
been provided.
In our opinion:
– The use, calculation and disclosure of APMs is
consistent with the Group’s published definitions
and policies;
– The use of APMs in the Group’s reporting results is
consistent with the guidelines produced by ESMA
and FRC; and
– There is an appropriate balance between the use
of statutory metrics and APMs, together with clear
definitions and reconciliation for APMs used in
financial reporting.
Dividends and distribution policy
Consider whether the dividends policy is transparent, and the dividends
paid are consistent with the policy, as outlined in the Strategic Report on
page 94.
In our opinion the dividends policy is appropriately
disclosed, and dividends paid are consistent with the
policy.
9. Responsibilities of directors
As explained more fully in the Directors’ Statement of
Responsibilities, the directors are responsible for the
preparation of the financial statements and for being satisfied
that they give a true and fair view, and for such internal control
as the directors determine is necessary to enable the
preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are
responsible for assessing the Group’s and the Parent company’s
ability to continue as a going concern, disclosing as applicable,
matters related to going concern and using the going concern
basis of accounting unless the directors either intend to
liquidate the Group or the Parent company or to cease
operations, or have no realistic alternative but to do so.
10. Auditor’s responsibilities for the audit of the
financial statements
Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from
material misstatement, whether due to fraud or error, and to
issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance but is not a guarantee
that an audit conducted in accordance with ISAs (UK) will
always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of
users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the
financial statements is located on the FRC’s website at:
www.frc.org.uk/auditorsresponsibilities. This description forms
part of our auditor’s report.
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11. Extent to which the audit was considered
capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance
with laws and regulations. We design procedures in line with our
responsibilities, outlined above, to detect material
misstatements in respect of irregularities, including fraud. The
extent to which our procedures are capable of detecting
irregularities, including fraud is detailed below.
Identifying and assessing potential risks related to
irregularities
In identifying and assessing the risks of material misstatement in
respect of irregularities, including fraud and non-compliance
with laws and regulations, we considered the following:
– The nature of the industry and sector, control environment
and business performance including the design of the
Group’s remuneration policies, key drivers for directors’
remuneration, bonus levels and performance targets;
– The Group’s own assessment of the risks that irregularities
may occur either as a result of fraud or error;
– Results of our enquiries of the senior leadership team, internal
audit, the directors, and the Audit & Risk Committee about
their own identification and assessment of the risk of
irregularities, including those that are specific to the Group’s
sector;
– Any matters we identified having obtained and reviewed the
Group’s documentation of their policies and procedures
relating to:
– identifying, evaluating and complying with laws and
regulations and whether they were aware of any instances
of non-compliance;
– detecting and responding to the risks of fraud and whether
they have knowledge of any actual, suspected or alleged
fraud; and
– the internal controls established to mitigate risks related to
fraud or non-compliance with laws and regulations.
– The matters discussed among the audit engagement team
including component audit teams and relevant internal
specialists, including tax, valuations, pensions, financial
instruments, IT, ESG and industry specialists regarding how
and where fraud might occur in the financial statements and
any potential indicators of fraud.
We also obtained an understanding of the legal and regulatory
frameworks that the Group operates in, focusing on provisions
of those laws and regulations that had a direct effect on the
determination of material amounts and disclosures in the
financial statements. The key laws and regulations we
considered in this context included the provisions of the UK
Companies Act, pensions legislation and tax legislation. We
have also considered key laws and regulations that had a
fundamental effect on the Group’s ability to operate or avoid a
material penalty, including the Good Clinical Practice, the FDA
regulations, General Data Protection requirements, the Foreign
Corrupt Practices Act, Good Manufacturing Practices, Food
and Drugs Act, Pharmaceutical Price Regulation Scheme and
German Supply Chain Act.
Audit response to risks identified
As a result of these procedures, we considered the opportunities
and incentives that may exist within the organisation for fraud
and identified the greatest potential for fraud in the following
area: Valuation of US Returns and Rebates accruals, which was
identified as key audit matter. The key audit matters section of
our report explains the matter in more detail and also describes
the specific procedures in response to that key audit matter.
In common with all audits under ISAs (UK), we are also required
to perform specific procedures to respond to the risk of
management override.
Our procedures to respond to risks identified included the
following:
– Reviewing the financial statement disclosures and testing to
supporting documentation to assess compliance with
provisions of relevant laws and regulations described as
having a direct effect on the financial statements;
– Enquiring of the senior leadership team, the Audit & Risk
Committee and in-house and external legal counsel
concerning actual and potential litigation and claims;
– Performing analytical procedures to identify any unusual or
unexpected relationships that may indicate risks of material
misstatement due to fraud;
– Reading minutes of meetings of those charged with
governance, reviewing internal audit reports and
correspondence with regulators; and
– In addressing the risk of fraud through management override
of controls, identifying journal entries that exhibit potential
fraud characteristics and testing the appropriateness of
journal entries and other adjustments; assessing whether the
judgements made in making accounting estimates are
indicative of a potential bias; and evaluating the business
rationale of any significant transactions that are unusual or
outside the normal course of business.
We also communicated relevant identified laws and regulations
and potential fraud risks to all engagement team members and
component audit teams and remained alert to any indications
of fraud or non-compliance with laws and regulations
throughout the audit.
Report on other legal and regulatory
requirements
12. Opinions on other matters prescribed by the
Companies Act 2006
In our opinion, the part of the Directors’ Remuneration report to
be audited has been properly prepared in accordance with the
Companies Act 2006.
In our opinion, based on the work undertaken in the course of
the audit:
– the information given in the strategic report and the
Directors’ Report for the financial year for which the financial
statements are prepared is consistent with the financial
statements; and
– the Strategic Report and the Directors’ Report have been
prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group
and of the Parent company and their environment obtained in
the course of the audit, we have not identified any material
misstatements in the Strategic Report or the Directors’ Report.
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13. Corporate governance statement
The Listing Rules require us to review the directors' statement in
relation to going concern, longer-term viability and that part of
the Corporate Governance Statement relating to the Group’s
compliance with the provisions of the UK Corporate
Governance Code specified for our review.
Based on the work undertaken as part of our audit, we have
concluded that each of the following elements of the Corporate
Governance Statement is materially consistent with the
financial statements and our knowledge obtained during the
audit:
– The directors’ statement with regards to the appropriateness
of adopting the going concern basis of accounting and any
material uncertainties identified set out on page 173
– The directors’ explanation as to its assessment of the Group’s
prospects, the period this assessment covers and why the
period is appropriate is set out on page 78
– The directors’ statement on fair, balanced and
understandable as set out on page 139
– The board’s confirmation that it has carried out a robust
assessment of the emerging and principal risks set out on
pages 63 to 68
– the section of the Annual Report that describes the review of
effectiveness of risk management and internal control
systems set out on page 136; and
– the section describing the work of the Audit & Risk committee
set out on page 134 to 139.
14. Matters on which we are required to report by
exception
Adequacy of explanations received and accounting
records
Under the Companies Act 2006 we are required to report to
you if, in our opinion:
– We have not received all the information and explanations
we require for our audit; or
– Adequate accounting records have not been kept by the
Parent company, or returns adequate for our audit have not
been received from branches not visited by us; or
– The Parent company financial statements are not in
agreement with the accounting records and returns.
We have nothing to report in respect of these matters.
Directors’ remuneration
Under the Companies Act 2006 we are also required to report if
in our opinion certain disclosures of directors’ remuneration
have not been made or the part of the directors’ remuneration
report to be audited is not in agreement with the accounting
records and returns.
We have nothing to report in respect of these matters.
15. Other matters which we are required to
address
Auditor tenure
Following the recommendation of the Audit & Risk Committee,
with effect from 1 January 2018 we were appointed by the
Board of Directors to audit the financial statements for the year
ended 31 December 2018 and subsequent financial periods. The
period of total uninterrupted engagement of the firm is eight
years.
Consistency of the audit report with the additional report
to the Audit & Risk Committee
Our audit opinion is consistent with the additional report to the
Audit & Risk Committee we are required to provide in
accordance with ISAs (UK).
16. Use of our report
This report is made solely to the Parent company’s members, as
a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audit work has been undertaken so
that we might state to the Parent company’s members those
matters we are required to state to them in an auditor’s report
and for no other purpose. To the fullest extent permitted by law,
we do not accept or assume responsibility to anyone other than
the Parent company and the Parent company’s members as a
body, for our audit work, for this report, or for the opinions we
have formed.
As required by the Financial Conduct Authority (FCA) Disclosure
Guidance and Transparency Rule (DTR) 4.1.15R – DTR 4.1.18R,
these financial statements will form part of the Electronic
Format Annual Financial Report filed on the National Storage
Mechanism of the FCA in accordance with DTR 4.1.15R – DTR
4.1.18R. This auditor’s report provides no assurance over whether
the Electronic Format Annual Financial Report has been
prepared in compliance with DTR 4.1.15R – DTR 4.1.18R. We
have been engaged to provide assurance on whether the
Electronic Format Annual Financial Report has been prepared
in compliance with DTR 4.1.15R – DTR 4.1.18R and will publicly
report separately to the members on this.
The Parent company has passed a resolution in accordance
with section 506 of the Companies Act 2006 that the senior
statutory auditor’s name should not be stated.
Deloitte LLP
Statutory Auditor
London, United Kingdom
4 March 2026
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GSK Annual Report 2025
Consolidated income statement
for the year ended 31 December 2025
Notes
2025
£m
2024
£m
2023
£m
Turnover
6
32,667
31,376
30,328
Cost of sales
(9,017)
(9,048)
(8,565)
Gross profit
23,650
22,328
21,763
Selling, general and administration
(9,088)
(11,015)
(9,385)
Research and development
(7,525)
(6,401)
(6,223)
Royalty income
879
639
953
Other operating income/(expense)
7
16
(1,530)
(363)
Operating profit
8
7,932
4,021
6,745
Finance income
11
169
122
115
Finance expense
12
(701)
(669)
(792)
Share of after tax profit/(loss) of associates and joint ventures
13
1
(3)
(5)
Profit/(loss) on disposal of interests in associates and joint ventures
–
6
1
Profit before taxation
7,401
3,477
6,064
Taxation
14
(1,112)
(526)
(756)
Profit after taxation
6,289
2,951
5,308
Profit attributable to non-controlling interests
573
376
380
Profit attributable to shareholders
5,716
2,575
4,928
6,289
2,951
5,308
Basic earnings per share (pence)
15
141.1
63.2
121.6
Diluted earnings per share (pence)
15
138.8
62.2
119.9
Consolidated statement of comprehensive income
for the year ended 31 December 2025
Notes
2025
£m
2024
£m
2023
£m
Total profit for the year
6,289
2,951
5,308
Other comprehensive income/(expense) for the year
Items that may be reclassified subsequently to income statement:
Exchange movements on overseas net assets and net investment hedges
37
231
(392)
(22)
Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries
  and associates
37
(12)
(87)
(34)
Fair value movements on cash flow hedges
(41)
–
(1)
Cost of hedging
4
(4)
–
Reclassification of cash flow hedges to income statement
36
4
4
Deferred tax on fair value movements on cash flow hedges
(2)
1
1
216
(478)
(52)
Items that will not be reclassified to income statement:
Exchange movements on overseas net assets of non-controlling interests
37
(18)
(4)
(25)
Fair value movements on equity investments
215
(100)
(244)
Tax on fair value movements on equity investments
(20)
17
14
Fair value movements on cash flow hedges
–
8
(40)
Remeasurement gains/(losses) on defined benefit plans
133
506
71
Tax credit/(charge) on remeasurement of defined benefit plans
(33)
(122)
(41)
277
305
(265)
Other comprehensive income/(expense) for the year
37
493
(173)
(317)
Total comprehensive income for the year
6,782
2,778
4,991
Total comprehensive income for the year attributable to:
Shareholders
6,227
2,406
4,636
Non-controlling interests
555
372
355
Total comprehensive income for the year
6,782
2,778
4,991
187
GSK Annual Report 2025
Consolidated balance sheet
for the year ended 31 December 2025
Notes
2025
£m
2024
£m
Assets
Non-current assets
Property, plant and equipment
17
9,322
9,227
Right of use assets
18
726
846
Goodwill
19
7,018
6,982
Other intangible assets
20
16,748
15,515
Investments in associates and joint ventures
21
89
96
Other investments
22
1,037
1,100
Deferred tax assets
14
6,520
6,757
Derivative financial instruments
43
–
1
Other non-current assets
23
2,148
1,942
Total non-current assets
43,608
42,466
Current assets
Inventories
24
5,924
5,669
Current tax recoverable
14
288
489
Trade and other receivables
25
7,471
6,836
Derivative financial instruments
43
121
109
Liquid investments
29
9
21
Cash and cash equivalents
26
3,397
3,870
Assets held for sale
27
300
3
Total current assets
17,510
16,997
Total assets
61,118
59,463
Liabilities
Current liabilities
Short-term borrowings
29
(3,012)
(2,349)
Contingent consideration liabilities
32
(1,348)
(1,172)
Trade and other payables
28
(15,381)
(15,335)
Derivative financial instruments
43
(75)
(192)
Current tax payable
14
(498)
(703)
Short-term provisions
31
(938)
(1,946)
Liabilities relating to assets held for sale
27
(139)
–
Total current liabilities
(21,391)
(21,697)
Non-current liabilities
Long-term borrowings
29
(14,708)
(14,637)
Deferred tax liabilities
14
(291)
(382)
Pensions and other post-employment benefits
30
(1,687)
(1,864)
Derivative financial instruments
43
(67)
–
Other provisions
31
(610)
(589)
Contingent consideration liabilities
32
(5,385)
(6,108)
Other non-current liabilities
33
(1,023)
(1,100)
Total non-current liabilities
(23,771)
(24,680)
Total liabilities
(45,162)
(46,377)
Net assets
15,956
13,086
Equity
Share capital
36
1,349
1,348
Share premium
36
3,498
3,473
Retained earnings
37
10,209
7,796
Other reserves
37
1,321
1,054
Shareholders’ equity
16,377
13,671
Non-controlling interests
(421)
(585)
Total equity
15,956
13,086
The financial statements on pages 186 to 273 were approved by the Board on 4 March 2026 and signed on its behalf by
Sir Jonathan Symonds
Chair
188
GSK Annual Report 2025
Consolidated statement of changes in equity
for the year ended 31 December 2025
Shareholders’ equity
Share
capital
£m
Share
premium
£m
Retained
earnings
£m
Other
reserves*
£m
Total
£m
Non-
controlling
interests
£m
Total
equity
£m
At 31 December 2022
1,347
3,440
4,363
1,448
10,598
(502)
10,096
Profit for the year
–
–
4,928
–
4,928
380
5,308
Other comprehensive income/(expense) for the year
–
–
(45)
(247)
(292)
(25)
(317)
Total comprehensive income/(expense) for the year
–
–
4,883
(247)
4,636
355
4,991
Distributions to non-controlling interests
–
–
–
–
–
(412)
(412)
Contributions from non-controlling interests
–
–
–
–
–
7
7
Dividends to shareholders
–
–
(2,247)
–
(2,247)
–
(2,247)
Realised after tax gains/(losses) on disposal or liquidation of
  equity investments
–
–
(26)
26
–
–
–
Share of associates and joint ventures realised gains/(losses)
  on disposal of equity investments
–
–
(7)
7
–
–
–
Shares issued
1
9
–
–
10
–
10
Write-down of shares held by ESOP Trusts
–
–
(324)
324
–
–
–
Shares acquired by ESOP Trusts
–
2
283
(285)
–
–
–
Share-based incentive plans
–
–
307
–
307
–
307
Hedging gain/(loss) after taxation transferred to non-financial assets
–
–
–
36
36
–
36
Tax on share-based incentive plans
–
–
7
–
7
–
7
At 31 December 2023
1,348
3,451
7,239
1,309
13,347
(552)
12,795
Profit for the year
–
–
2,575
–
2,575
376
2,951
Other comprehensive income/(expense) for the year
–
–
(83)
(86)
(169)
(4)
(173)
Total comprehensive income/(expense) for the year
–
–
2,492
(86)
2,406
372
2,778
Distributions to non-controlling interests
–
–
–
–
–
(416)
(416)
Contributions from non-controlling interests
–
–
–
–
–
9
9
Changes to non-controlling interests
–
–
–
–
–
4
4
Dividends to shareholders
–
–
(2,444)
–
(2,444)
–
(2,444)
Deconsolidation of former subsidiary
–
–
–
–
–
(2)
(2)
Realised after tax gains/(losses) on disposal or liquidation of
  equity investments
–
–
14
(14)
–
–
–
Share of associates and joint ventures realised gains/(losses)
  on disposal of equity investments
–
–
52
(52)
–
–
–
Shares issued
–
20
–
–
20
–
20
Write-down of shares held by ESOP Trusts
–
–
(362)
362
–
–
–
Shares acquired by ESOP Trusts
–
2
457
(459)
–
–
–
Share-based incentive plans
–
–
344
–
344
–
344
Hedging gain/(loss) after taxation transferred to non-financial assets
–
–
–
(6)
(6)
–
(6)
Tax on share-based incentive plans
–
–
4
–
4
–
4
At 31 December 2024
1,348
3,473
7,796
1,054
13,671
(585)
13,086
Profit for the year
–
–
5,716
–
5,716
573
6,289
Other comprehensive income/(expense) for the year
–
–
323
188
511
(18)
493
Total comprehensive income/(expense) for the year
–
–
6,039
188
6,227
555
6,782
Distributions to non-controlling interests
–
–
–
–
–
(391)
(391)
Dividends to shareholders
–
–
(2,564)
–
(2,564)
–
(2,564)
Realised after tax gains/(losses) on disposal or liquidation of
  equity investments
–
–
(66)
66
–
–
–
Share of associates and joint ventures realised gains/(loss)
  on disposal of equity investments
–
–
58
(58)
–
–
–
Shares issued
1
14
–
–
15
–
15
Purchase of treasury shares
–
–
(1,377)
–
(1,377)
–
(1,377)
Write-down on shares held by ESOP Trusts
–
–
(467)
467
–
–
–
Shares acquired by ESOP Trusts
–
11
385
(396)
–
–
–
Share-based incentive plans
–
–
374
–
374
–
374
Tax on share-based incentive plans
–
–
31
–
31
–
31
At 31 December 2025
1,349
3,498
10,209
1,321
16,377
(421)
15,956
* An analysis of Other reserves is presented as part of Note 37, ‘Movements in equity’.
189
GSK Annual Report 2025
Consolidated cash flow statement
for the year ended 31 December 2025
Notes
2025
£m
2024
£m
2023
£m
Cash flow from operating activities
Profit after tax
6,289
2,951
5,308
Adjustments reconciling profit after tax to operating cash flows
41
2,654
4,910
2,788
Cash generated from operations
8,943
7,861
8,096
Taxation paid
(1,202)
(1,307)
(1,328)
Total net cash inflow/(outflow) from operating activities
7,741
6,554
6,768
Cash flow from investing activities
Purchase of property, plant and equipment
(1,348)
(1,399)
(1,314)
Proceeds from sale of property, plant and equipment
24
65
28
Purchase of intangible assets
(1,637)
(1,583)
(1,030)
Proceeds from sale of intangible assets
115
131
12
Purchase of equity investments
(92)
(103)
(123)
Proceeds from sale of equity investments
189
2,356
1,832
Share transactions with non-controlling interests
–
(1)
–
Purchase of businesses, net of cash acquired
40
(1,692)
(805)
(1,457)
Investments in associates and joint ventures
–
(43)
–
Proceeds from disposal of associates and joint ventures
–
–
1
Contingent consideration paid
(17)
(19)
(11)
Disposal of businesses
40
(27)
(18)
49
Interest received
154
138
115
(Increase)/decrease in liquid investments
11
21
72
Dividends from joint ventures and associates
67
15
11
Dividend and distributions from investments
20
16
220
Total net cash inflow/(outflow) from investing activities
(4,233)
(1,229)
(1,595)
Cash flow from financing activities
Issue of share capital
36
15
20
10
Repayment of long-term loans
(1,400)
(1,615)
(2,260)
Issue of long-term notes
1,979
1,075
223
Net increase/(decrease) in short-term loans
1,085
(811)
(333)
Increase in other short-term loans
130
266
–
Repayment of other short-term loans
(288)
(81)
–
Repayment of lease liabilities
(241)
(226)
(197)
Interest paid
(679)
(632)
(766)
Dividends paid to shareholders
(2,564)
(2,444)
(2,247)
Purchase of treasury shares
(1,377)
–
–
Distribution to non-controlling interests
(391)
(416)
(412)
Contributions from non-controlling interests
–
9
7
Other financing items
46
129
334
Total net cash inflow/(outflow) from financing activities
(3,685)
(4,726)
(5,641)
Increase/(decrease) in cash and bank overdrafts in the year
42
(177)
599
(468)
Cash and bank overdrafts at the beginning of the year
3,403
2,858
3,425
Exchange adjustments
(19)
(54)
(99)
Increase/(decrease) in cash and bank overdrafts in the year
(177)
599
(468)
Cash and bank overdrafts at the end of the year
3,207
3,403
2,858
Cash and bank overdrafts at end of the year comprise:
Cash and cash equivalents
3,397
3,870
2,936
Bank overdrafts
(190)
(467)
(78)
3,207
3,403
2,858
190
GSK Annual Report 2025
Notes to the financial statements
1. Presentation of the financial statements
Description of business
GSK is a global biopharma group which prevents and treats
disease with specialty medicines, vaccines and general
medicines. GSK focuses on the science of the immune system
and advanced technologies, investing in four core therapeutic
areas: respiratory, immunology and inflammation; oncology;
HIV; and infectious diseases.
Compliance with applicable law and IFRS
The consolidated financial statements have been prepared in
accordance with UK-adopted international accounting
standards in conformity with the requirements of the
Companies Act 2006 and the IFRS Accounting Standards as
issued by the International Accounting Standards Board (IASB).
Composition of the consolidated financial
statements
The consolidated financial statements are for the Group
consisting of GSK plc and its subsidiaries. The consolidated
financial statements are drawn up in Sterling, the functional
currency of GSK plc, and in accordance with the presentation
requirements of IFRS Accounting Standards. The consolidated
financial statements comprise:
– Consolidated income statement
– Consolidated statement of comprehensive income
– Consolidated balance sheet
– Consolidated statement of changes in equity
– Consolidated cash flow statement
– Notes to the financial statements
Composition of the Group
A list of the subsidiaries and associates which, in the opinion of
the Directors, principally affected the amount of profit or net
assets of the Group is given in Note 45, ‘Principal Group
companies’.
Financial period
These consolidated financial statements cover the financial
year from 1 January to 31 December 2025, with comparative
figures for the financial years from 1 January to 31 December
2024 and, where appropriate, from 1 January to 31 December
2023.
Accounting principles and policies
The Directors have, at the time of approving the consolidated
financial statements, a reasonable expectation that the Group
has adequate resources to continue in operational existence for
the foreseeable future. Thus, the financial statements have
been prepared on a going concern basis and using the
historical cost convention, modified to include revaluation to fair
value of certain financial instruments, contingent consideration
liabilities, pension assets and liabilities and employee share
plans, as stated in the accounting policies.
The consolidated financial statements have been prepared in
accordance with the Group’s accounting policies approved by
the Board as described in Note 2, ‘Accounting principles and
policies’.
The preparation of the consolidated financial statements in
conformity with generally accepted accounting principles
requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the
consolidated financial statements and the reported amounts of
revenues and expenses during the reporting period. Actual
results could differ from those estimates. Note 3, ‘Critical
accounting judgments and key sources of estimation
uncertainty’ provides details on the critical judgements that
management have applied that have the most significant
effect on the consolidated financial statements and the key
sources of estimation uncertainty that have a significant risk of
resulting in a material adjustment to the carrying amount of
assets and liabilities within the next financial year.
In preparing the consolidated financial statements, the Group
has evaluated the potential effects of both physical and
transition climate-related risks, along with planned mitigation
efforts, on the valuation of assets and liabilities; with
consideration of the risks outlined in our climate-related
financial disclosures.
As of 31 December 2025, the Group has determined that
climate-related risks do not have a material impact on the
significant judgements and estimates and, as a result, the
valuation of the assets or liabilities have not been impacted.
The Group has reviewed the recoverable values of key assets
impacted such as property, plant and equipment, inventories,
goodwill, and intangible assets given their potential exposure to
climate-related risks, as well as the Group’s planned transition
efforts.
Among the risks identified is our reliever MDI medication
(Ventolin). The Group is responding to this risk by transitioning
to a lower-carbon propellant. This transition is not anticipated
to materially affect the recoverable amounts, or estimated
useful lives, of related property, plant and equipment.
Additional information can be found in Note 17, 'Property, plant
and equipment'.
While the Group does not foresee any significant medium-term
impact at present, it remains aware of the evolving nature of
climate-related risks. The Group continues to evaluate the
implications on judgements and estimates, as well as on any
potential effects on the preparation of the consolidated
financial statements.
Parent company financial statements
The financial statements of the parent company, GSK plc (‘the
Company’), have been prepared in accordance with FRS 101
‘Reduced Disclosure Framework’ and the Companies Act 2006.
The Company balance sheet is presented on page 274 and the
accounting policies are given on pages 275 to 278.
191
GSK Annual Report 2025
Notes to the financial statements continued
2. Accounting principles and policies
Consolidation
The consolidated financial statements include:
– the assets and liabilities, and the results and cash flows, of
the company and its subsidiaries, including ESOP Trusts;
– the Group’s share of the results and net assets of associates
and joint ventures; and
– the Group’s share of assets, liabilities, revenue and expenses
of joint operations
The financial statements of entities consolidated are made up
to 31 December each year.
Entities over which the Group has control are accounted for as
subsidiaries and consolidated in the Group financial
statements. Control is achieved when an entity in the Group:
– has power over the investee;
– is exposed, or has rights, to variable returns from its
involvement with the investee; and
– has the ability to use its power to affect its returns
This is generally through control over the financial and
operating policies of the subsidiary.
Where the Group has the ability to exercise joint control over,
and rights to, the net assets of entities, the entities are
accounted for as joint ventures. Where the Group has the ability
to exercise joint control over an arrangement, but has rights to
specified assets and obligations for specified liabilities of the
arrangement, the arrangement is accounted for as a joint
operation. Where the Group has the ability to exercise
significant influence over entities, they are accounted for as
associates. The results, assets and liabilities of associates and
joint ventures are incorporated into the consolidated financial
statements using the equity method of accounting. The assets,
liabilities, revenue and expenses of joint operations are included
in the consolidated financial statements in accordance with the
Group’s rights and obligations. Interests acquired in entities are
consolidated from the date the Group acquires control and
interests sold are deconsolidated from the date control ceases.
Transactions and balances between subsidiaries are eliminated
and no profit before tax is taken on sales between subsidiaries
until the products are sold to customers outside the Group. The
relevant proportion of profits on transactions with joint ventures,
joint operations and associates is also deferred until the
products are sold to third parties. Transactions with non-
controlling interests are recorded directly in equity. Deferred tax
relief on unrealised intra-Group profit is accounted for only to
the extent that it is considered recoverable.
Business combinations
Business combinations are accounted for using the acquisition
accounting method. Identifiable assets, liabilities and
contingent liabilities acquired are measured at fair value at
acquisition date. The consideration transferred is measured at
fair value and includes the fair value of any contingent
consideration.
The fair value of contingent consideration liabilities is
reassessed at each balance sheet date with changes
recognised in the income statement. Payments of contingent
consideration reduce the balance sheet liability and as a result
are not recorded in the income statement.
The part of each payment relating to the original estimate of
the fair value of the contingent consideration on acquisition is
reported within investing activities in the cash flow statement
and the part of each payment relating to the increase in the
liability since the acquisition date is reported within operating
cash flows.
Where fair value of the consideration transferred, together with
the non-controlling interest, exceeds the fair value of the assets,
liabilities and contingent liabilities acquired, the excess is
recorded as goodwill. The costs of effecting an acquisition are
charged to the income statement in the period in which they
are incurred.
Goodwill is capitalised as a separate item in the case of
subsidiaries and as part of the cost of investment in the case of
joint ventures and associates. Goodwill is denominated in the
currency of the operation acquired.
Where fair value of the consideration transferred is below the
Group’s interest in the net assets acquired, the difference is
recognised directly in the income statement.
Where not all of the equity of a subsidiary is acquired, the non-
controlling interest is recognised either at fair value or at the
non-controlling interest’s share of the net assets of the
subsidiary, on a case-by-case basis. Changes in the Group’s
ownership percentage of subsidiaries where control is not lost
are accounted for within equity.
Foreign currency translation
Foreign currency transactions are booked in the functional
currency of the Group company at the exchange rate ruling on
the date of transaction. Foreign currency monetary assets and
liabilities are retranslated into the functional currency at rates of
exchange ruling at the balance sheet date. Exchange
differences are included in the income statement.
On consolidation, assets and liabilities, including related
goodwill, of overseas subsidiaries, associates and joint ventures,
are translated into Sterling at rates of exchange ruling at the
balance sheet date. The results and cash flows of overseas
subsidiaries, associates and joint ventures are translated into
Sterling using average rates of exchange which approximate to
the actual exchange rates on the date of the transactions.
Exchange adjustments arising when the opening net assets and
the profits for the year retained by overseas subsidiaries,
associates and joint ventures are translated into Sterling, less
exchange differences arising on related foreign currency
borrowings which hedge the Group’s net investment in these
operations are recognised in other comprehensive income and
accumulated in a separate component of equity within retained
earnings. Foreign currency borrowings used to hedge net
investments in foreign operations are accounted for in
accordance with IFRS 9, with hedge documentation and
effectiveness testing maintained as required.
When translating into Sterling the assets, liabilities, results and
cash flows of overseas subsidiaries, associates and joint
ventures which are reported in currencies of hyper-inflationary
economies, adjustments are made where material to reflect
current price levels. Any gain or loss on net monetary position is
charged to the consolidated income statement.
192
GSK Annual Report 2025
Notes to the financial statements continued
2. Accounting principles and policies continued
Revenue
Turnover
The Group receives revenue for supply of goods to external
customers against orders received. The majority of contracts
that GSK enters into relate to sales orders containing single
performance obligations for the delivery of pharmaceutical and
vaccine products. The average duration of a sales order is less
than 12 months so there is no significant element of financing.
Revenue from the product sales is recognised when control of
the goods is passed to the customer. The point at which control
passes is determined by each customer arrangement, but
generally occurs on delivery to the customer.
Revenue from the product sales represents net invoice value
including fixed and variable consideration. Variable
consideration arises on the sale of goods as a result of
discounts and allowances given and accruals for estimated
future returns and rebates. Revenue is not recognised in full until
it is highly probable that a significant reversal in the amount of
cumulative revenue recognised will not occur. The methodology
and assumptions used to estimate rebates and returns are
monitored and adjusted regularly in the light of contractual and
legal obligations, historical trends, past experience and
projected market conditions. Estimates associated with returns
and rebates are revisited at each reporting date or when they
are resolved and revenue is adjusted accordingly. Please refer
to Note 3, 'Critical accounting judgements and key sources of
estimation uncertainty' for the details on rebates, discounts and
allowances.
The Group has entered into collaboration agreements, typically
with other pharmaceutical or biotechnology companies to
develop, produce and market medicines and vaccines that do
not qualify as joint arrangements. When GSK has control over
the commercialisation activities and considers itself as a
principal in the arrangement, the Group recognises turnover
and cost of sales on a gross basis. Profit sharing amounts and
royalties due to the counterparty are recorded within cost of
sales. Cost of sales includes net recoveries of cost of £1 million
(2024: cost of £7 million; 2023: net recoveries of cost of
£45 million) from profit sharing arrangements and royalties due
to the counterparty. When the counterparty controls the
commercialisation activities and records the sale, the Group is
not the principal in the customer contract and instead records
its share of gross profit as co-promotion income, on a net basis,
within turnover. The nature of co-promotion activities is such
that the Group records no costs of sales. Reimbursements to
and from the counterparty under collaboration agreements for
‘selling, general and administration’ and ‘research and
development’ costs are recorded net in the respective lines in
the income statement.
Other operating income and royalty income
GSK enters into development and marketing collaborations and
out-licenses of the Group’s compounds or products to other
parties. These contracts give rise to fixed and variable
consideration from upfront payments, development milestones,
sales-based milestones and royalties.
Income dependent on the achievement of a development
milestone is recognised when it is highly probable that a
significant reversal in the amount of cumulative revenue
recognised will not occur, which is usually when the related
event occurs. Sales-based milestone income is recognised when
it is highly probable that the sales threshold will be reached.
Sales-based royalties on a licence of intellectual property are
not recognised until the relevant product sale occurs.
For all revenue, if the time between the recognition of revenue
and payment from the customer is expected to be more than
one year and the impact is material, the amount of
consideration is discounted using appropriate discount rates.
Value added tax and other sales taxes are excluded from
revenue.
Expenditure
Expenditure is recognised in respect of goods and services
received when supplied in accordance with contractual terms in
the period to which they relate. Provision is made when an
obligation exists for a future liability in respect of a past event,
the amount of the obligation can be reliably estimated and it is
probable that an outflow of economic benefits will be required
to settle the obligation.
Manufacturing start-up costs between validation and the
achievement of normal production are expensed as incurred.
Advertising and promotion expenditure is charged to the
income statement as incurred.
Shipment costs on inter-company transfers are charged to cost
of sales; distribution costs on sales to customers are included in
selling, general and administration expenditure.
Restructuring costs are recognised and provided for, where
appropriate, in respect of the direct expenditure of a business
reorganisation where the plans are sufficiently detailed and well
advanced, and where appropriate communication to those
affected has been undertaken.
Software as a service (SaaS) configuration costs are expensed
as they are incurred where the software being configured is
controlled by the SaaS provider.
Research and development
Research and development expenditure is charged to the
income statement in the period in which it is incurred.
Development expenditure is capitalised when the criteria for
recognising an asset are met, usually when a regulatory filing
has been made in a major market and approval is considered
highly probable. Intangible assets and property, plant and
equipment used for research and development are capitalised
and amortised/depreciated in accordance with the Group’s
policy.
193
GSK Annual Report 2025
Notes to the financial statements continued
2. Accounting principles and policies continued
Legal and other disputes
Provision is made for the anticipated settlement costs of legal
or other disputes against the Group where an outflow of
resources is considered probable and a reliable estimate can
be made of the likely outcome. In respect of product liability
claims related to certain products, provision is made when there
is sufficient history of claims made and settlements to enable
management to make a reliable estimate of the provision
required to cover asserted and unasserted claims.
In certain cases, an incurred but not reported (IBNR) actuarial
technique is used to determine this estimate. In addition,
provision is made for legal or other expenses arising from claims
received or other disputes.
The Group may become involved in legal proceedings, in
respect of which it is not possible to meaningfully assess
whether the outcome will result in a probable outflow, or to
quantify or reliably estimate the liability. In these cases,
appropriate disclosure about such cases is included but no
provision is made.
Costs associated with claims made by the Group against third
parties are charged to the income statement as they are
incurred.
Pensions and other post-employment benefits
The costs of providing pensions under defined benefit schemes
are calculated using the projected unit credit method and
spread over the period during which benefit is expected to be
derived from the employees’ services, consistent with the advice
of qualified actuaries.
Pension obligations are measured as the present value of
estimated future cash flows discounted at rates reflecting the
yields of high-quality corporate bonds. Pension scheme assets
are measured at fair value at the balance sheet date.
The costs of other post-employment liabilities are calculated in
a similar way to defined benefit pension schemes and spread
over the period during which benefit is expected to be derived
from the employees’ services, in accordance with the advice of
qualified actuaries.
The service cost of providing retirement benefits to employees
during the year, cost of plans, net interest (income)/cost and
the cost of any curtailment, is charged to operating profit in the
year.
Actuarial gains and losses and the effect of changes in
actuarial assumptions are recognised in the statement of
comprehensive income in the year in which they arise.
The Group’s contributions to defined contribution plans are
charged to the income statement as incurred.
Employee share plans
Incentives in the form of shares are provided to employees
under share option and share award schemes.
The fair values of these options and awards are calculated at
their grant dates using a Black-Scholes option pricing model
and charged to the income statement over the relevant vesting
periods after adjusting for expected forfeitures and any non-
market based performance conditions.
The Group provides finance to ESOP Trusts to purchase
Company shares to meet the obligation to provide shares when
employees exercise their options or awards. Costs of running the
ESOP Trusts are charged to the income statement.
Shares held by the ESOP Trusts are deducted from other
reserves. A transfer is made between other reserves and
retained earnings over the vesting periods of the related share
options or awards to reflect the ultimate proceeds receivable
from employees on exercise.
Property, plant and equipment
Property, plant and equipment (PP&E) is stated at the historical
cost of purchase or construction, less accumulated depreciation
and accumulated impairment. Financing costs are capitalised
within the cost of qualifying assets under construction.
Subsequent costs are added in the asset’s carrying amount or
recognised as a separate asset, as appropriate, only if the
spending results in a real enhancement in the value, capacity,
performance or useful economic life of the asset. All other
repairs and maintenance are charged to the income statement
during the reporting period in which they are incurred.
Depreciation is calculated to write off the cost less residual
value of PP&E, excluding freehold land and assets under
construction, using the straight-line basis over the expected
useful life. Residual values and expected useful lives are
reviewed, and where appropriate adjusted annually. The
normal expected useful lives of the major categories of PP&E
are:
Freehold buildings
20 to 50 years
Leasehold land and buildings
Lease term or 20 to 50 years
Plant and machinery
10 to 20 years
Equipment and vehicles
3 to 10 years
On disposal of PP&E, the cost and related accumulated
depreciation and impairments are removed from the financial
statements and the net amount, less any proceeds, is taken to
the income statement.
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Notes to the financial statements continued
2. Accounting principles and policies continued
Leases
The Group recognises right of use assets under lease
arrangements in which it is the lessee, except for short-term
leases (defined as leases with a lease term of 12 months or less)
and leases of low value assets. Rights to use assets owned by
third parties under lease agreements are capitalised at the
inception of the lease and recognised on the balance sheet.
Right of use assets are initially measured at the amount of the
corresponding lease liability plus lease payments made at or
before the commencement day, initial incremental direct costs,
asset retirement obligations and less any lease incentives
received. They are subsequently measured at cost less
accumulated depreciation and impairment losses.
The corresponding liability to the lessor is recognised as a lease
obligation within short- and long-term borrowings. The lease
liability is initially measured at the discounted present value of
the lease payments that are not paid at the commencement
date. The carrying amount of the lease liability is subsequently
increased to reflect interest on the liability and reduced by lease
payments made.
For calculating the discounted lease liability on leases with
annual payments of £2 million or more, or a non-cancellable
term of more than 10 years, the implicit rate in the lease is used.
If this is not available, the incremental borrowing rate with a
lease specific adjustment is used. If neither of these is available,
and for leases with annual payments of less than £2 million, or a
non-cancellable term of 10 years or less, the incremental
borrowing rate is used. The incremental borrowing rate is the
rate of interest at which GSK would have been able to borrow
for a similar term and with a similar security the funds necessary
to obtain a similar asset in a similar market.
Finance costs are charged to the income statement so as to
produce a constant periodic rate of charge on the remaining
balance of the obligations for each accounting period.
Variable rents which are not linked to an index or a rate are not
part of the lease liability and the right of use asset. These
payments are charged to the income statement as incurred.
Lease rental costs for short-term and low-value leases which
are not capitalised are also charged to the income statement
as incurred.
Non-lease components are accounted for separately from the
lease components in plant and equipment leases. For land and
buildings or vehicle leases the lease and non-lease components
are accounted for together in the lease when the non-lease
components can be reliably determined in advance and are
charged directly by the lessor.
If modifications or reassessments of lease obligations occur, the
lease liability and right of use asset are remeasured.
Right of use assets where title is expected to pass to GSK at a
point in the future are depreciated on a basis consistent with
similar owned assets. In other cases, right of use assets are
depreciated over the shorter of the useful life of the asset or the
lease term.
Goodwill
Goodwill is stated at cost less accumulated impairments.
Goodwill is deemed to have an indefinite useful life and is
tested for impairment at least annually.
Where the fair value of the interest acquired in an entity’s
assets, liabilities and contingent liabilities exceeds the
consideration paid, this excess is recognised immediately as a
gain in the income statement.
Other intangible assets
Intangible assets have a finite life and are stated at cost less
accumulated amortisation and accumulated impairments.
Licences, patents, know-how and marketing rights separately
acquired or acquired as part of a business combination are
amortised over their estimated useful lives, generally not
exceeding 30 years, using the straight-line basis, from the time
they are available for use. The estimated useful lives for
determining the amortisation charge take into account patent
lives (exclusivity period), where applicable, as well as the value
obtained from periods of non-exclusivity. For Pharmaceutical
intangible assets, depending on the characteristics, competitive
environment and estimated long-term profits of the asset,
between 80% to 90% of the book value is amortised over the
exclusivity period on a straight-line basis and the remaining
book value is amortised over a non-exclusivity period of 5-15
years on a straight-line basis. For Vaccines intangible assets,
cost is usually amortised over the patent period plus 10 years, or
30 years if no patent is granted, on a straight-line basis. Asset
lives are reviewed, and where appropriate adjusted, annually.
Contingent milestone payments are recognised at the point
that the contingent event becomes probable. Any development
costs incurred by the Group subsequent to the acquisition of
licences, patents, know-how or marketing rights are written off
to the income statement when incurred, unless the criteria for
recognition of an internally generated intangible asset are met,
usually when a regulatory filing has been made in a major
market and approval is considered highly probable.
Acquired in-process R&D and marketed products are valued
independently as part of the fair value of businesses acquired
from third parties where they have a value which is substantial
and long term and where the assets either are contractual or
legal in nature or can be sold separately from the rest of the
businesses acquired.
The costs of acquiring and developing computer software for
internal use are capitalised as other intangible assets where the
software supports a significant business system and the
expenditure leads to the creation of a durable asset controlled
by the Group. ERP systems software is amortised over 7-10 years
and other computer software over 2-5 years using the straight-
line basis.
The Group capitalises certain implementation costs related to
cloud computing arrangements when it has control over the
underlying software.
Impairment of non-current assets
The carrying amounts of all non-current assets are reviewed for
impairment, either on a stand-alone basis or as part of a larger
cash generating unit, when there is an indication that the assets
might be impaired. Additionally, goodwill and intangible assets
which are not yet available for use are tested for impairment
annually. Any provision for impairment is charged to the income
statement in the year concerned.
Impairments of goodwill are not reversed. Impairment losses on
other non-current assets are only reversed if there has been a
change in estimates used to determine recoverable amounts
and only to the extent that the revised recoverable amounts do
not exceed the carrying amounts that would have existed, net
of depreciation or amortisation, had no impairments been
recognised.
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Notes to the financial statements continued
2. Accounting principles and policies continued
Investments in associates, joint ventures and
joint operations
Investments in associates and joint ventures are carried in the
consolidated balance sheet at the Group’s share of their net
assets at date of acquisition and of their post-acquisition
retained profits or losses and other comprehensive income
together with any goodwill arising on the acquisition.
Distributions received/receivable from the associates are
accounted for as a reduction in the investment in associates
carrying amount. The Group recognises the assets, liabilities,
revenue and expenses of joint operations in accordance with its
rights and obligations.
Inventories
Inventories are included in the consolidated financial
statements at the lower of cost (including raw materials, direct
labour, other direct costs and related production overheads)
and net realisable value. Cost is generally determined on a first
in, first out basis. Pre-launch inventory is held as an asset when
there is a high probability of regulatory approval for the
product. Before that point a provision is made against the
carrying amount to reduce it to its net realisable value; the
provision is then reversed at the point when a high probability of
regulatory approval is determined.
Financial instruments
Financial assets
Financial assets are measured at amortised cost, fair value
through other comprehensive income (FVTOCI) or fair value
through profit or loss (FVTPL). The measurement basis is
determined by reference to both the business model for
managing the financial asset and the contractual cash flow
characteristics of the financial asset. For financial assets other
than trade receivables a 12-month expected credit loss (ECL)
allowance is recorded on initial recognition. If there is
subsequent evidence of a significant increase in the credit risk
of an asset, the allowance is increased to reflect the full lifetime
ECL. If there is no realistic prospect of recovery, the asset is
written off.
Expected credit losses are recognised in the income statement
on financial assets measured at amortised cost and at fair
value through other comprehensive income apart from equity
investments.
Other investments
Other investments comprise equity investments and investments
in limited life funds. The Group has elected to designate the
majority of its equity investments as measured at FVTOCI. They
are initially recorded at fair value plus transaction costs and
then remeasured at subsequent reporting dates to fair value.
Unrealised gains and losses are recognised in other
comprehensive income. On disposal of the equity investment,
gains and losses that have been deferred in other
comprehensive income are transferred directly to retained
earnings.
Investments in limited life funds are measured at FVTPL. They
are initially recorded at fair value and then remeasured at
subsequent reporting dates to fair value. Unrealised gains and
losses are recognised in the income statement.
Dividends on equity investments and distributions from funds
are recognised in the income statement when the Group’s right
to receive payment is established.
Purchases and sales of other investments are generally
accounted for on the settlement date, except for regular-way
purchases and sales of listed investments traded on a regulated
stock exchange, which are accounted for on the trade date.
Trade receivables
Trade receivables are measured in accordance with the
business model under which each portfolio of trade receivables
is held. The Group has portfolios in each of the three business
models under IFRS 9: to collect the contractual cash flows
where there is no factoring agreement in place (measured at
amortised cost); to sell the contractual cash flows where the
trade receivables will be sold under a factoring agreement
(measured at FVTPL); and both to collect and to sell the
contractual cash flows where the trade receivables may be sold
under a factoring arrangement (measured at FVTOCI). Trade
receivables measured at amortised cost are carried at the
original invoice amount less allowances for expected credit
losses.
In accordance with IFRS 9, trade receivables under factoring
arrangements are derecognised when the Group has
transferred substantially all the risks and rewards of the
receivables, including credit risk. Consistent with the underlying
nature of the activity, the cash inflows from factoring
arrangements are recognised within cash flows from operating
activities.
Expected credit losses are calculated in accordance with the
simplified approach permitted by IFRS 9, using a provision
matrix applying lifetime historical credit loss experience to the
trade receivables. The expected credit loss rate varies
depending on whether, and the extent to which, settlement of
the trade receivables is overdue and it is also adjusted as
appropriate to reflect current economic conditions and
estimates of future conditions. For the purpose of determining
credit loss rates, customers are classified into groupings that
have similar loss patterns. The key drivers of the loss rate are the
nature of the business unit and the location and type of
customer.
When a trade receivable is determined to have no reasonable
expectation of recovery it is written off, firstly against any
expected credit loss allowance available and then to the
income statement.
Subsequent recoveries of amounts previously provided for or
written off are credited to the income statement. Long-term
receivables are discounted where the effect is material.
Cash and cash equivalents
Cash comprises cash in hand and on-demand deposits at
bank.
Cash equivalents include cash in transit, deposits made with
banks or financial institutions with a maturity of three months or
less from the date of acquisition and are measured at
amortised cost. Investments in money market funds are held at
fair value through profit or loss because the funds fail the solely
payments of principal and interest on principal outstanding
(SPPI) test.
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Notes to the financial statements continued
2. Accounting principles and policies continued
Borrowings
All borrowings are initially recorded at fair value, being the
amount of proceeds received, net of directly attributable
transaction costs. Borrowings are subsequently carried at
amortised cost, using the effective interest method. Borrowing
costs (including the amortisation of transaction costs) are
recognised in profit or loss over the term of the borrowing,
except to the extent that they are directly attributable to the
acquisition, construction, or production of a qualifying asset, in
which case they are capitalised as part of the cost of that asset.
Derivative financial instruments
Derivative financial instruments are used to manage exposure to
market risks. The principal derivative instruments used by GSK are
foreign currency swaps, interest rate swaps, foreign exchange
forward contracts and options. The Group does not hold or issue
derivative financial instruments for trading or speculative
purposes.
Derivative financial assets and liabilities, including derivatives
embedded in host contracts which have been separated from
the host contract, are measured at fair value. Changes in the fair
value of any derivative instruments that do not qualify for hedge
accounting are recognised immediately in the income statement.
Hedge accounting
Derivatives designated as hedging instruments are classified at
the inception of the hedge relationship as cash flow hedges, net
investment hedges or fair value hedges. At inception, the Group
documents the relationship between the hedging instrument
and the hedged item, the risk management objective and the
strategy for undertaking the hedge. Hedge effectiveness is
assessed on an ongoing basis to ensure the hedge continues to
meet IFRS 9 criteria.
Changes in the fair value of derivatives designated as cash flow
hedges are recognised in other comprehensive income to the
extent that the hedges are effective and accumulated in the
cash flow hedge reserve. Ineffective portions are recognised in
profit or loss immediately. Amounts deferred in the cash flow
hedge reserve are reclassified to the income statement when
the hedged item affects profit or loss, or if the hedged forecast
transaction is to purchase a non-financial asset, the amount
deferred in the cash flow hedge reserve is transferred directly
from equity and included in the carrying amount of the
recognised non-financial asset.
Net investment hedges are accounted for in a similar way to
cash flow hedges. Amounts deferred in the net investment
hedge reserve are only reclassified to the income statement on
disposal (or partial disposal) of the foreign operation.
Changes in the fair value of derivatives designated as fair value
hedges are recorded in the income statement, together with the
changes in the fair value of the hedged asset or liability.
Hedge accounting is discontinued when the hedging
instrument expires, is sold, is terminated, or no longer qualifies
for hedge accounting.
Taxation
Current tax is provided at the amounts expected to be paid,
applying tax rates that have been enacted or substantively
enacted by the balance sheet date. The tax charge for the
period is recognised in the consolidated income statement, the
consolidated statement of comprehensive income or directly in
equity, according to the accounting treatment of the related
transaction.
Deferred tax is provided in full, using the liability method, on
temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the consolidated
financial statements. Deferred tax assets are recognised to the
extent that it is probable that future taxable profits will be
available against which the temporary differences can be
utilised. Deferred tax is provided on temporary differences
arising on investments in subsidiaries, associates and joint
ventures, except where the timing of the reversal of the
temporary difference can be controlled and it is probable that
the temporary difference will not reverse in the foreseeable
future. Deferred tax is provided using rates of tax that have
been enacted or substantively enacted by the balance sheet date.
Deferred tax assets and liabilities are offset when there is a legally
enforceable right to offset current tax assets against current tax
liabilities and when they relate to income taxes levied by the same
tax authority and the company and its subsidiaries intend to settle
their current tax assets and liabilities on a net basis.
Deferred tax assets and liabilities are not recognised if the
temporary differences arise from the initial recognition of
goodwill or from the initial recognition of other assets and
liabilities in a transaction (other than a business combination)
that affects neither the accounting nor the taxable profit or loss.
The exception to this is situations where there are equal taxable
and deductible temporary differences arising from the same
transaction. Unrecognised deferred tax assets are reassessed
at each reporting date and are recognised to the extent that it
has become probable that future taxable profits will allow the
deferred tax asset to be recovered.
Where an uncertain tax position is identified, management will
make a judgement as to what the probable outcome will be,
assuming the relevant tax authority has full knowledge of the
situation. Where it is assessed that an economic outflow is
probable to arise, a provision is made for the best estimate of
the liability. In estimating any such liability GSK applies a risk-
based approach which takes into account, as appropriate, the
probability that the Group would be able to obtain
compensatory adjustments under international tax treaties.
These estimates take into account the specific circumstances of
each dispute and relevant external advice.
Restructuring
Costs of restructuring arise from restructuring programmes that
are planned and controlled by the Group. A provision for
restructuring is recognised when there is a detailed formal plan
in place, and management has created a valid expectation by 
announcing the main features of the plan to those affected by
it, or has started implementation.
Discounting
Where the time value of money is material, balances are
discounted to current values using appropriate discount rates.
The unwinding of the discounts is recorded in finance income
and finance expense.
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Notes to the financial statements continued
2. Accounting principles and policies continued
Assets and liabilities held for sale or distribution
and discontinued operations
Non-current assets or disposal groups are classified as held for
sale or distribution if their carrying amount will be recovered
principally through sale or a distribution to shareholders rather
than through continuing use, they are available for immediate sale
or distribution in their present condition and the sale or distribution
is considered highly probable and expected to be completed
within one year. Assets classified as held for sale or distribution are
measured at the lower of their carrying amount and fair value less
costs to sell or distribute. Assets classified as held for sale or
distribution are not depreciated or amortised. Assets and liabilities
classified as held for sale or distribution are presented in current
assets and current liabilities separately from the other assets and
liabilities in the balance sheet.
A discontinued operation is a component of the Group that has
been disposed of, distributed or is classified as held for sale or
distribution and that represents a separate major line of
business or geographical area of operations. The results of
discontinued operations are presented separately in the
consolidated income statement, the consolidated statement of
comprehensive income and the consolidated statement of cash
flows and comparatives are restated on a consistent basis.
Share buyback
Where the Group purchases the Company’s equity instruments, for
example as a result of a share buyback programme, the
consideration paid, including any directly attributable incremental
costs (net of income taxes), is deducted from retained earnings as
Treasury shares until the shares are cancelled or re-issued. Where
such ordinary shares are subsequently re-issued, any consideration
received, net of any directly attributable incremental transaction
costs and the related income tax effects, is included in
shareholders’ equity. Where it is determined that the terms and
conditions of a contract to purchase the Company’s shares results
in the Group being unable to cancel the obligation arising under
the contract, a financial liability is recognised for the unavoidable
obligation.
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GSK Annual Report 2025
Notes to the financial statements continued
3. Critical accounting judgements and key sources of
    estimation uncertainty
In preparing the financial statements, management is required
to make judgements about when or how items should be
recognised in the financial statements and estimates and
assumptions that affect the amounts of assets, liabilities,
revenue and expenses reported in the financial statements.
Actual amounts and results could differ from those estimates.
The following are considered to be the critical accounting
judgements and key sources of estimation uncertainty.
Turnover
Reported Group turnover for 2025 was £32,667 million (2024:
£31,376 million).
Estimate
Gross turnover is reduced by rebates, discounts, allowances and
product returns given or expected to be given, which vary by
product arrangements and buying groups. These arrangements
with purchasing organisations are dependent upon the
submission of claims some time after the initial recognition of
the sale. Accruals are made at the time of sale for the
estimated rebates, discounts or allowances payable or returns
to be made, based on available market information and
historical experience.
Sales of pharmaceutical and vaccine products in the US have
complex arrangements for rebates, discounts and allowances.
Turnover of Commercial Operations products in the US for 2025
of £16,859 million (2024: £16,384 million) was after recording
deductions of £15,427 million (2024: £14,100 million) for rebates,
allowances, returns and other discounts. At 31 December 2025,
the total accrual amounted to £4,891 million (2024: £5,235
million). Due to the nature of these accruals it is not practicable
to give meaningful sensitivity estimates due to the large volume
of variables that contribute to the overall rebates, chargebacks,
returns and other revenue accruals.
As there can be significant variability in final outcomes, the
Group applies a constraint when measuring the variable
element within revenue, so that revenue is recognised at a
suitably cautious amount. The objective of the constraint is to
ensure that it is highly probable that a significant reversal of
revenue will not occur when the uncertainties are resolved. The
constraint is applied by making suitably cautious estimates of
the inputs and assumptions used in estimating the variable
consideration. Because the amounts are estimated they may
not fully reflect the final outcome, and the amounts are subject
to change dependent upon, amongst other things, the types of
buying group and product sales mix. The constraints applied in
recognising revenue mean that the risk of a material downward
adjustment to revenue in the next financial year is low.
The level of accrual for rebates and returns is reviewed and
adjusted regularly in the light of contractual and legal
obligations, historical trends, past experience and projected
market conditions. Market conditions are evaluated using
wholesaler and other third-party analyses, market research
data and internally generated information. It is reasonably
possible that there could be a significant adjustment within the
next 12 months to recognise additional revenue, if actual
outcomes are better than the cautious constrained estimates.
Revenue is not recognised in full until it is highly probable that a
significant reversal in the amount of cumulative revenue
recognised will not occur. The amount of turnover recognised in
the year from performance obligations satisfied in previous
periods is set out in Note 6, ‘Turnover and segment information’,
and is an indication of the level of sensitivity in the estimate.
Future events could cause the assumptions on which the
accruals are based to change, which could materially affect the
future results of the Group.
Taxation
The tax charge for the year was £1,112 million (2024 : £526
million). At 31 December 2025, current tax payable was £498
million (2024: £703 million), and current tax recoverable was
£288 million (2024: £489 million).
Judgement and estimate
The Group has open tax issues with a number of revenue
authorities. Management makes a judgement of whether there
is sufficient information to be able to make a reliable estimate
of the outcome of the dispute. If insufficient information is
available, no provision is made.
If sufficient information is available, in estimating a potential tax
liability GSK applies a risk-based approach which takes into
account, as appropriate, the probability that the Group would
be able to obtain compensatory adjustments under
international tax treaties. These estimates take into account the
specific circumstances of each dispute and relevant external
advice, are inherently judgemental and could change
substantially over time as each dispute progresses and new
facts emerge.
At 31 December 2025, the Group had recognised provisions of
£649 million in respect of uncertain tax positions (2024: £636
million). Due to the number of uncertain tax positions held and
the number of jurisdictions to which these relate, it is not
practicable to give meaningful sensitivity estimates. No
uncertain tax position is individually material to the Group.
Factors affecting the tax charge in future years are set out in
Note 14, ‘Taxation’. GSK continues to believe that it has made
adequate provision for the liabilities likely to arise from open
assessments. Where open issues exist, the ultimate liability for
such matters may vary from the amounts provided and is
dependent upon the outcome of negotiations with the relevant
tax authorities or, if necessary, litigation proceedings.
Legal and other disputes
Legal costs for the year were £192 million (2024: £1,964 million).
At 31 December 2025 provisions for legal and other disputes
amounted to £210 million (2024: £1,446 million).
Judgement
Management makes a judgement of whether there is sufficient
information to be able to make a reliable estimate of the likely
outcome of the dispute and the legal and other expenses
arising from claims against the Group. If insufficient information
is available, no provision is made and disclosure of the claim is
given.
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Notes to the financial statements continued
3. Critical accounting judgements and key sources of estimation uncertainty continued
The estimated provisions take into account the specific
circumstances of each dispute and relevant external advice, are
inherently judgemental and could change substantially over
time as each dispute progresses and new facts emerge. Details
of the status and various uncertainties involved in the significant
unresolved disputes are set out in Note 46, ‘Legal proceedings’.
The company’s Directors, having taken legal advice, have
established provisions after taking into account the relevant
facts and circumstances of each matter and in accordance
with accounting requirements. In respect of product liability
claims related to certain products, there is sufficient history of
claims made and settlements to enable management to make
a reliable estimate of the provision required to cover unasserted
claims.
The Group may become involved in legal proceedings, in
respect of which it is not possible to meaningfully assess
whether the outcome will result in a probable outflow, or to
quantify or reliably estimate the liability. In these cases,
appropriate disclosure about such cases would be provided,
but no provision would be made and no contingent liability can
be quantified.
The ultimate liability for legal claims may vary from the amounts
provided and is dependent upon the outcome of litigation
proceedings, investigations and possible settlement
negotiations. The position could change over time and,
therefore, there can be no assurance that any losses that result
from the outcome of any legal proceedings will not exceed the
amount of the provisions reported in the Group’s financial
statements by a material amount.
Contingent consideration
The 2025 income statement charge for contingent
consideration was £556 million (2024: £1,762 million).
At 31 December 2025, the liability for contingent consideration
amounted to £6,733 million (2024: £7,280 million). Of this
amount, £5,433 million (2024: £6,061 million) related to the
acquisition of the former Shionogi-ViiV Healthcare joint venture
in 2012.
Estimate
Any contingent consideration included in the consideration
payable for a business combination is recorded at fair value at
the date of acquisition. These fair values are generally based on
risk-adjusted future cash flows discounted using appropriate
post-tax discount rates. The fair values are reviewed on a
regular basis, and any changes are reflected in the income
statement. The key sources of estimation uncertainty are sales
forecasts and discount rate. Refer to Note 32, ‘Contingent
consideration liabilities’ for further information and sensitivity
analysis.
Pensions and other post-employment benefits
Judgement
Where a surplus on a defined benefit scheme arises, or there is
potential for a surplus to arise from committed future
contributions, the rights of the Trustees to prevent the Group
obtaining a refund of that surplus in the future are considered in
determining whether it is necessary to restrict the amount of the
surplus that is recognised. Three UK schemes are in surplus
(2024: three), with a combined surplus of £848 million at
31 December 2025 (2024: £725 million). There are further
recognised pension surpluses totalling £267 million spread
across six countries (2024 : £173 million across five countries).
GSK has made the judgement that these amounts would be
recoverable.
Estimate
The costs of providing pensions and other post-employment
benefits are assessed on the basis of assumptions selected by
management. These assumptions include future earnings and
pension increases, discount rates, expected long-term rates of
return on assets and mortality rates. The key source of
estimation uncertainty is the discount rate. Refer to Note 30,
‘Pensions and other post-employment benefits’ for further
information and sensitivity analysis.
Impairment of intangible assets
The Group's intangible assets primarily comprise acquired
licences, patents, amortised brands, and product development
costs. At 31 December 2025, these assets have a carrying
amount of £16,141 million (2024: £14,936 million). Intangible
assets are tested for impairment when indicators of impairment
arise, or annually where the asset is not yet in use.
Estimate
The recoverable amount of intangible assets is determined as
the higher of their fair value less costs of disposal and their
value in use. Given the inherent uncertainty in pharmaceutical
development and commercialisation, there is significant
estimation involved in determining the recoverable amount of
intangible assets. The value in use is estimated using
discounted cash flow models, which require estimates such as
future sales forecasts, discount rates, probability of technical
and regulatory success (PTRS) and the results from research
and development activities. The key sources of estimation
uncertainty are sales forecasts and PTRS. The key sources of
estimation uncertainty are in relation to the portfolio of
intangible assets as a whole and based on the number of
assets held and the different assumptions for each asset, it is
not practicable to give a meaningful sensitivity analysis.
200
GSK Annual Report 2025
Notes to the financial statements continued
4. New accounting requirements
Amendments to IFRS Accounting Standards applicable
from 1 January 2025
GSK has adopted the following amendments to IFRS
Accounting Standards, with no material impact to the Group in
the year ended 31 December 2025:
– Lack of Exchangeability - Amendments to IAS 21.
New IFRS Accounting Standards and amendments issued
but not yet effective
Certain amendments to IFRS Accounting Standards and
interpretations have been published that are not mandatory for
the 31 December 2025 reporting period and have not been
early adopted by the Group. The amendments and
interpretations that are not expected to have a material impact
on the results or financial position of the Group in future
reporting periods are:
– Annual Improvements to IFRS Accounting Standards -
Volume 11 (effective from 1 January 2026, endorsed by the
United Kingdom Endorsement Board (UKEB));
– Classification and Measurement of Financial Instruments -
Amendments to IFRS 9 and IFRS 7 (effective from 1 January
2026, endorsed by the UKEB);
– Contracts Referencing Nature-dependent Electricity -
Amendments to IFRS 9 and IFRS 7 (effective from 1 January
2026, endorsed by the (UKEB);
– IFRS 19 Subsidiaries without Public Accountability: Disclosures
(effective from 1 January 2027, not yet endorsed by the
UKEB).
IFRS 18 ‘Presentation and Disclosure in Financial Statements’
was issued by the IASB in April 2024 and has been endorsed by
the UKEB. IFRS 18 replaces IAS 1 ‘Presentation of Financial
Statements’ and introduces new presentation and disclosure
requirements, particularly for the income statement. IFRS 18
does not affect the recognition or measurement of items in the
financial statements.
The requirements are effective for periods beginning on or after
1 January 2027, with retrospective application required,
including specified reconciliations for comparative periods.
The Group is currently assessing the impact of IFRS 18 on
presentation and disclosures in the consolidated financial
statements. Although the adoption of IFRS 18 will have no
impact on the Group’s profit after taxation, there will be an
impact on presentation of the primary financial statements and
certain disclosures. To date, the following potential impacts
have been identified:
– items of income and expenses presented in the Consolidated
income statement will be grouped into the new categories:
operating, investing, financing, income taxes, and
discontinued operations;
– an additional mandatory subtotal for ‘Profit/ (loss) before
financing and income taxes’ will be presented;
– the enhanced principles on aggregation and disaggregation,
and the ‘useful structured summary’ concept, will require
some changes to line items presented in the primary financial
statements, however this change is not expected to be
significant;
– certain new or enhanced disclosures will be required for:
– management-defined performance measures (MPMs),
most of which are currently disclosed in the Group
Financial Review;
– a breakdown of the nature of expenses for line items
presented by function in the operating category of the
Consolidated income statement;
– a reconciliation for each line item in the Consolidated
income statement between the restated amounts and
amounts previously published upon transition from IAS 1
to IFRS 18;
– there will be a minor impact on the presentation of the
Consolidated statement of cash flows as the starting point for
the cash flow statement will be the ‘Operating profit/ (loss)’
subtotal
The Group intends to adopt IFRS 18 for the reporting period
commencing 1 January 2027. Preparatory activities are
underway to ensure readiness for adoption, including updates
to reporting systems and chart of accounts. 
5. Exchange rates
The Group uses the average of exchange rates prevailing during the period to translate the results and cash flows of overseas
subsidiaries, joint ventures and associates into Sterling and period end rates to translate the net assets of those entities. The
currencies which most influence these translations and the relevant exchange rates were:
2025
2024
2023
Average rates:
US$/£
1.31
1.28
1.24
Euro/£
1.17
1.18
1.15
Yen/£
198
193
175
2025
2024
2023
Period end rates:
US$/£
1.35
1.25
1.27
Euro/£
1.15
1.20
1.15
Yen/£
211
197
180
201
GSK Annual Report 2025
Notes to the financial statements continued
6. Turnover and segment information
Operating segments are reported based on the financial information provided to the Chief Executive Officer, who is the Chief
Operating Decision Maker, and the responsibilities of the Executive Committee (ExCom). GSK reports under two segments;
Commercial Operations and Total R&D. Members of the ExCom are responsible for each segment.
R&D investment is essential for the sustainability of the business. However, for segment reporting the Commercial Operating profits
exclude allocations of globally funded R&D.
The Total R&D segment is the responsibility of the Chief Scientific Officer and is reported as a separate segment. The operating
costs of this segment include R&D activities across Specialty Medicines, including HIV and Vaccines. It includes R&D and some
Selling, General and Administrative (SG&A) costs relating to regulatory and other functions.
The Group’s management reporting process allocates intra-Group profit on a product sale to the segment in which that sale is
recorded, and the profit analyses below have been presented on that basis.
Turnover by segment
2025
£m
2024
£m
2023
£m
Commercial Operations
32,667
31,376
30,328
32,667
31,376
30,328
Product sales are reported within three product groups: Specialty Medicines, Vaccines and General Medicines.
Commercial Operations
2025
£m
2024
£m
2023
£m
HIV
7,687
7,089
6,444
Respiratory, Immunology & Inflammation
3,810
3,299
3,025
Oncology
1,977
1,410
731
13,474
11,798
10,200
Pandemic
–
12
44
Specialty Medicines
13,474
11,810
10,244
Shingles
3,558
3,364
3,446
Meningitis
1,583
1,437
1,260
RSV (Arexvy)
593
590
1,238
Influenza
303
408
504
Established Vaccines
3,120
3,339
3,266
9,157
9,138
9,714
Pandemic Vaccines
–
–
150
Vaccines
9,157
9,138
9,864
Respiratory
7,068
7,213
6,825
Other General Medicines
2,968
3,215
3,395
General Medicines
10,036
10,428
10,220
Total Commercial Operations
32,667
31,376
30,328
Turnover by region
2025
£m
2024
£m
2023
£m
UK (the Group’s country of domicile)
683
708
693
US
16,859
16,384
15,820
Europe
6,850
5,958
5,871
International
8,275
8,326
7,944
Total Commercial Operations
32,667
31,376
30,328
.
202
GSK Annual Report 2025
Notes to the financial statements continued
6. Turnover and segment information continued
During 2025, sales were made to three US wholesalers of £5,345 million (2024: £4,538 million; 2023: £4,494 million), £4,802 million
(2024: £4,792 million; 2023: £4,498 million) and £3,206 million ( 2024: £3,366 million; 2023: £3,531 million) respectively, after
allocating final-customer discounts to the wholesalers.
Revenue recognised in the year from performance obligations satisfied in previous periods impacting turnover arises from changes
to prior year estimates of returns and rebates accruals of £873 million (2024: £740 million).
Segment profit
2025
£m
2024
£m
2023
£m
Commercial Operations
16,260
15,335
14,656
Research and Development
(6,251)
(5,845)
(5,607)
Segment profit
10,009
9,490
9,049
Corporate and other unallocated costs
(226)
(342)
(263)
Other reconciling items between segment profit and operating profit
(1,851)
(5,127)
(2,041)
Total Operating profit
7,932
4,021
6,745
Finance income
169
122
115
Finance costs
(701)
(669)
(792)
Share of after tax profit/(loss) of associates and joint ventures
1
(3)
(5)
Profit/(loss) on disposal of interests in associates and joint ventures
–
6
1
Profit before taxation
7,401
3,477
6,064
Taxation
(1,112)
(526)
(756)
Profit after taxation for the year
6,289
2,951
5,308
Other reconciling items between segment profit and operating profit comprise items not specifically allocated to segment profit.
These include intangible asset amortisation (2025: £808 million; 2024: £1,002 million; 2023: £719 million), intangible asset
impairment (2025: £880 million; 2024: £314 million; 2023: £398 million), major restructuring (2025: £109 million; 2024: £353 million;
2023: £382 million), transaction-related items (2025: £507 million; 2024: £1,881 million; 2023: £572 million) and significant legal,
divestments and other items (2025: £453 million gain; 2024: £1,577 million loss; 2023: £30 million gain).
Depreciation and amortisation by segment
2025
£m
2024
£m
2023
£m
Commercial Operations
874
906
893
Research and Development
553
569
572
Segment depreciation and amortisation
1,427
1,475
1,465
Corporate and other unallocated depreciation and amortisation
79
74
110
Other reconciling items between segment depreciation and amortisation and total depreciation and
  amortisation
808
1,002
719
Total depreciation and amortisation
2,314
2,551
2,294
PP&E, intangible asset and goodwill impairment by segment
2025
£m
2024
£m
2023
£m
Commercial Operations
149
102
27
Research and Development
49
22
13
Segment impairment
198
124
40
Corporate and other unallocated impairment
36
11
35
Other reconciling items between segment impairment and total impairment
880
302
432
Total impairment
1,114
437
507
PP&E and intangible asset impairment reversals by segment
Commercial Operations
(9)
(28)
(16)
Research and Development
(3)
(2)
(9)
Segment impairment reversals
(12)
(30)
(25)
Corporate and other unallocated impairment reversals
(1)
(3)
(14)
Other reconciling items between segment impairment reversals and total impairment reversals
(3)
–
–
Total impairment reversals
(16)
(33)
(39)
203
GSK Annual Report 2025
Notes to the financial statements continued
6. Turnover and segment information continued
Net operating assets by segment
2025
£m
2024
£m
Commercial Operations
13,286
12,501
Research and Development
9,637
7,459
Segment net operating assets
22,923
19,960
Corporate and other unallocated net operating assets
1,099
43
Net operating assets
24,022
20,003
Net debt
(14,453)
(13,095)
Investments in associates and joint ventures
89
96
Derivative financial instruments
(21)
(82)
Current and deferred taxation
6,019
6,161
Assets held for sale (excluding cash and cash equivalents)
300
3
Net assets
15,956
13,086
The Commercial Operations segment includes the Shionogi-ViiV Healthcare contingent consideration liability of £5,433 million
(2024: £6,061 million) and the Pfizer put option of £822 million (2024: £915 million).
Geographical information
Non-current assets by location of subsidiary
2025
£m
2024
£m
UK
8,466
7,803
US
14,522
13,977
Belgium
5,453
5,378
Rest of World
5,532
5,588
Non-current assets
33,973
32,746
Non-current assets by location exclude amounts relating to other investments, deferred tax assets, derivative financial instruments,
pension assets, amounts receivable under insurance contracts and certain other non-current receivables. There are no other
countries with individually material non-current assets.
204
GSK Annual Report 2025
Notes to the financial statements continued
7. Other operating income/(expense)
2025
£m
2024
£m
2023
£m
Fair value remeasurements of equity investments
(24)
51
(122)
Disposal of businesses and assets
106
246
61
Fair value remeasurements on contingent consideration recognised in business combinations(1)
(581)
(1,751)
(791)
Remeasurement of ViiV Healthcare put option liabilities and preferential dividends
93
(67)
245
Fair value adjustments on derivative financial instruments
–
–
7
Other income/(expense)
422
(9)
237
16
(1,530)
(363)
(1) Fair value remeasurements on contingent consideration disclosed above includes the fair value movements on related hedging contracts.
Disposal of businesses and assets in 2025, 2024 and 2023 primarily included milestone and royalty income.
Fair value remeasurements on contingent consideration recognised as business combinations included: a net charge of
£649 million (2024: £1,533 million, 2023: £934 million) related to the acquisition of the former Shionogi-ViiV Healthcare joint venture;
a net credit of £254 million (2024: £22 million, 2023: net charge £44 million) relating to the acquisition of Affinivax; and a net charge
of £171 million (2024: £206 million, 2023: net credit £187 million) payable to Novartis related to the Vaccines acquisition, together
with fair value movements on related hedging contracts.
Other income in 2025 included £367 million ($500 million) of cash settlement from CureVac. Other income in 2023 primarily
included net income from dividends related to investments.
205
GSK Annual Report 2025
Notes to the financial statements continued
8. Operating profit
The following items have been included in operating profit:
2025
£m
2024
£m
2023
£m
Employee costs (Note 9)
8,772
8,759
8,473
Advertising
738
851
835
Distribution costs
202
198
199
Depreciation of property, plant and equipment
850
886
892
Impairment of property, plant and equipment, net of reversals
193
88
17
Depreciation of right of use assets
206
211
190
Impairment of right of use assets, net of reversals
17
(1)
10
Amortisation of intangible assets
1,258
1,454
1,212
Impairment of intangible assets, net of reversals
888
317
418
Impairment of tangible and intangible assets held for sale, net of reversals
–
–
23
Net foreign exchange (gains)/losses
(9)
13
11
Inventories:
Cost of inventories included in cost of sales
6,362
6,495
6,576
Write-down of inventories
1,064
1,046
979
Reversal of prior year write-down of inventories
(575)
(630)
(598)
The reversals of prior year write-downs of inventories principally arise from the reassessment of usage or demand expectations prior
to inventory expiration.
Net foreign exchange (gains)/losses include a net gain of £12 million (2024 : £87 million; 2023 : £34 million) arising from the recycling
of exchange on liquidation or disposal of overseas subsidiaries. The recycling of exchange on disposal of overseas associates is £nil
( 2024: £nil ).
Included within operating profit are Major restructuring charges of £109 million (2024: £353 million; 2023: £382 million), see Note 10,
‘Major restructuring costs’.
Fees payable to the company’s auditor and its associates:
2025
£m
2024
£m
2023
£m
Audit of parent company and consolidated financial statements including attestation under
  s.404 of Sarbanes-Oxley Act 2002
10.9
10.8
10.2
Audit of the company’s subsidiaries
10.0
10.3
10.2
Total audit services
20.9
21.1
20.4
Audit-related and other assurance services
1.9
2.2
1.6
Total audit services, audit-related and other assurance services
22.8
23.3
22.0
The other assurance services provided by the auditor related to agreed-upon procedures and other assurance services outside of
statutory audit requirements.
In addition to the above, fees paid to the auditor in respect of the GSK pension schemes were:
2025
£m
2024
£m
2023
£m
Audit
0.2
0.2
0.2
206
GSK Annual Report 2025
Notes to the financial statements continued
9. Employee costs
2025
£m
2024
£m
2023
£m
Wages and salaries
6,843
6,750
6,706
Social security costs
865
862
818
Pension and other post-employment costs, including augmentations (Note 30)
300
368
356
Cost of share-based incentive plans
390
347
321
Severance and other costs from integration and restructuring activities
374
432
272
8,772
8,759
8,473
The Group provides benefits to employees, commensurate with local practice in individual countries, including in some markets,
healthcare insurance, subsidised car schemes and personal life assurance.
The cost of share-based incentive plans is analysed as follows:
2025
£m
2024
£m
2023
£m
Share Value Plan
288
260
244
Performance Share Plan
75
67
58
Share option plans
6
6
5
Cash settled and other plans
21
14
14
390
347
321
The average number of persons employed by the Group (including Directors) during the year:
2025
Number
2024
Number
2023
Number
Manufacturing
22,686
23,206
23,209
Selling, general and administration
32,743
33,503
34,446
Research and development
12,878
12,596
12,589
Total
68,307
69,305
70,244
The average monthly number of Group employees excludes temporary and contract staff. The numbers of Group employees at the
end of each financial year are given in the financial record on page 282.
The compensation of the Directors and senior management (members of the Executive Committee, formerly known as the GSK
Leadership Team) in aggregate, was as follows:
2025
£m
2024
£m
2023
£m
Wages and salaries
34
32
37
Social security costs
6
6
4
Pension and other post-employment costs
2
1
1
Cost of share-based incentive plans
39
38
32
81
77
74
Further information on the remuneration of the Directors is given in the sections of the Annual Report on remuneration labelled as
audited within pages 147 to 149.
207
GSK Annual Report 2025
Notes to the financial statements continued
10. Major restructuring costs
Within the pharmaceuticals sector, the highly regulated manufacturing operations and supply chains and long lifecycle of the
business mean that restructuring programmes, particularly those that involve the rationalisation or closure of manufacturing or R&D
sites, are likely to take several years to complete.
Major restructuring costs are those related to specific Board-approved Major restructuring programmes, including integration costs
following material acquisitions, which are structural and are of a significant scale where the costs of individual or related projects
exceed £25 million.
In 2022, the Board approved a Major restructuring programme for the integration of significant acquisitions designed to integrate
and achieve synergies. Costs of significant acquisitions relate to integration costs of Affinivax Inc. acquired in Q3 2022, BELLUS
Health Inc. acquired in Q2 2023, Aiolos Bio Inc. acquired in Q1 2024, IDRx, Inc acquired in Q1 2025 and BP Asset IX, Inc. acquired to
access efimosfermin in Q3 2025.
The total restructuring costs of £109 million in 2025 (2024: £353 million; 2023: £382 million) were incurred in the following areas:
– Restructuring costs for separation of GSK into two companies aiming to provide a robust and sustainable state for the
pharmaceutical organisation which is now largely complete
– The integration of acquisitions
– Continued transformation of central functions, including GSK technology platforms and interfaces, to deliver greater digital
synergies, simplification of applications and staff reductions
The analysis of the costs charged to operating profit under these programmes was as follows:
2025
£m
2024
£m
2023
£m
Increase in provision for Major restructuring programmes (see Note 31)
67
195
172
Amount of provision reversed unused (see Note 31)
(51)
(51)
(55)
Impairment (reversals)/losses recognised
4
(12)
33
Other non-cash charges
18
58
86
Other cash costs
71
163
146
109
353
382
Provision reversals of £51 million mainly relate to the Separation restructuring programme. Asset impairment of £4 million and other
non-cash charges of £18 million principally comprised fixed asset write-downs of manufacturing and accelerated depreciation
where asset lives have been shortened in the supply chain manufacturing network as a result of the Major restructuring
programmes. All other charges have been or will be settled in cash and include site closure costs, consultancy and project
management costs.
The analysis of Major restructuring charges by programme was as follows:
2025
Cash
£m
Non-cash
£m
Total
£m
Separation restructuring programme
48
14
62
Significant acquisitions
26
–
26
Legacy programmes
13
8
21
87
22
109
2024
Cash
£m
Non-cash
£m
Total
£m
Separation restructuring programme
200
36
236
Significant acquisitions
59
1
60
Legacy programmes
48
9
57
307
46
353
The analysis of Major restructuring charges by income statement line was as follows:
2025
£m
2024
£m
2023
£m
Cost of sales
48
163
164
Selling, general and administration
44
160
216
Research and development
17
9
2
Other operating expense
–
21
–
109
353
382
208
GSK Annual Report 2025
Notes to the financial statements continued
11. Finance income
2025
£m
2024
£m
2023
£m
Finance income arising from:
Financial assets measured at amortised cost
56
60
48
Financial assets mandatorily measured at fair value through profit or loss
91
72
60
Net gains/(losses) arising from net investment hedge relationships(1)
15
(16)
–
Other finance income
7
6
7
169
122
115
(1) Net gains/(losses) arising from net investment hedge relationships relates to forward points which are excluded from the hedge relationship and taken
directly to the income statement (2024 : £1 million; 2023: £nil) and contains £nil gains or losses relating to ineffectiveness on net investment hedges (2024:
£15 million loss; 2023: £nil ).
12. Finance expense
2025
£m
2024
£m
2023
£m
Finance expense arising on:
Financial liabilities at amortised cost
(612)
(569)
(672)
Net losses arising from:
Financial instruments mandatorily measured at fair value through profit or loss
337
(262)
(23)
Retranslation of loans
(338)
266
25
Reclassification of hedges from other comprehensive income
(4)
(4)
(4)
Unwinding of discounts on provisions
(29)
(25)
(15)
Finance expense arising on lease liabilities
(46)
(46)
(38)
Other finance expense
(9)
(29)
(65)
(701)
(669)
(792)
13. Associates and joint ventures
The Group’s share of after-tax profits and losses of associates and joint ventures is set out below:
2025
£m
2024
£m
2023
£m
Share of after tax profit/(loss) of associates
1
(3)
(2)
Share of after tax profit/(loss) of joint ventures
–
–
(3)
1
(3)
(5)
Aggregated financial information in respect of GSK’s share of other associated undertakings and joint ventures is set out below:
2025
£m
2024
£m
2023
£m
Share of after tax profit/(loss)
1
(3)
(5)
Share of other comprehensive income/(expense)
56
21
7
Share of total comprehensive income/(expense)
57
18
2
The Group’s sales to associates and joint ventures were £nil in 2025 (2024: £ nil; 2023: £nil).
Please refer to the balance sheet information in Note 21, 'Investments in associates and joint ventures'.
209
GSK Annual Report 2025
Notes to the financial statements continued
14. Taxation
The Group’s tax charge is the sum of the total current and deferred tax expense.
Taxation charge based on profits for the year
2025
£m
2024
£m
2023
£m
UK current year charge
181
186
207
Rest of World current year charge
1,263
1,458
1,371
Charge/(credit) in respect of prior periods
(49)
(92)
43
Current taxation
1,395
1,552
1,621
Deferred taxation
(283)
(1,026)
(865)
1,112
526
756
In 2025, GSK made corporate income tax payments globally of £1.2 billion (2024: £1.3 billion), of which £164 million (2024: £106
million) was UK corporation tax paid to HMRC. These amounts relate to corporate income tax only and do not include the various
other business taxes borne by GSK each year.
The deferred tax credits in each period reflect current year losses where offset against taxable profits in future periods is probable,
and the release of deferred tax liabilities, primarily in respect of temporary differences arising as a result of historic business
combinations.
The following table reconciles the tax charge calculated at the UK statutory rate on Group profit before tax with the actual tax
charge for the year.
Reconciliation of taxation on Group profits
2025
£m
2025
%
2024
£m
2024
%
2023
£m
2023
%
Profit before tax
7,401
3,477
6,064
UK statutory rate of taxation
1,850
25.0
869
25.0
1,425
23.5
Differences in overseas taxation rates
(20)
(0.3)
179
5.1
159
2.6
Benefit of intellectual property incentives
(756)
(10.2)
(602)
(17.3)
(696)
(11.5)
R&D credits
(80)
(1.1)
(89)
(2.6)
(121)
(2.0)
Pillar Two tax
169
2.3
6
0.2
—
—
Other permanent differences
33
0.5
304
8.8
112
1.9
Re-assessments of prior year current tax estimates
(49)
(0.7)
(92)
(2.6)
43
0.7
Re-assessments of prior year deferred tax estimates
(97)
(1.3)
(40)
(1.2)
(147)
(2.4)
Changes in tax rates
62
0.8
(9)
(0.3)
(19)
(0.3)
Tax charge/tax rate
1,112
15.0
526
15.1
756
12.5
As a global biopharmaceutical company, we have a substantial business and employment presence in many countries. The impact
of differences in overseas taxation rates arose from profits being earned in countries with tax rates differing from the UK statutory
rate, the most significant of which in 2025 was the US. This favourable impact was complemented by the benefit of intellectual
property incentives such as the UK Patent Box and Belgian Innovation Income Deduction (IID) regimes, which provide a reduced
rate of corporation tax on profits earned from qualifying patents. We claim these incentives in the manner intended by the relevant
statutory or regulatory framework. Global minimum corporate income tax rules in the UK and Belgium (in line with the OECD’s Pillar
Two framework) reduced the benefit of these incentives by £169 million.
Other permanent differences includes the impact of non-taxable revaluations of contingent consideration liabilities associated with
recent acquisitions.
The Group’s tax rate is also influenced by updates to estimates of prior period tax liabilities following closure of open issues with tax
authorities in various jurisdictions, and by changes in tax rates.
Future tax charges, and therefore our effective tax rate, may be affected by factors such as acquisitions, disposals, restructuring, the
location of research and development activity, tax regime reforms and resolution of open matters as we continue to bring our tax
affairs up to date around the world.
210
GSK Annual Report 2025
Notes to the financial statements continued
14. Taxation continued
Tax on items charged to equity and statement of comprehensive income
2025
£m
2024
£m
2023
£m
Current taxation
Share-based payments
(4)
(4)
(1)
Defined benefit plans
–
–
(143)
Fair value movements on cash flow hedges
–
–
–
Fair value movements on equity investments
11
4
(6)
7
–
(150)
Deferred taxation
Share-based payments
(27)
–
(6)
Defined benefit plans
33
122
184
Fair value movements on cash flow hedges
2
(1)
(1)
Fair value movements on equity investments
9
(21)
(8)
17
100
169
Total charge/(credit) to equity and statement of comprehensive income
24
100
19
All of the above items have been charged to the statement of comprehensive income except for tax on share-based payments.
Issues relating to taxation
We are subject to taxation throughout our supply chain. The worldwide nature of our operations means that our cross-border supply
routes, necessary to ensure supplies of medicines into numerous countries, can result in conflicting claims from tax authorities as to
the profits to be taxed in individual countries. This can lead to double taxation (with the same profits taxed in more than one
country). To mitigate the risk of double taxation, profits are recognised in territories by reference to the activities performed there
and the value they generate. To ensure the profits recognised in jurisdictions are aligned to the activity undertaken there, and in line
with current OECD guidelines, we base our transfer pricing policy on the arm’s length principle and support our transfer prices with
economic analysis and reports. The Group also has open items in several jurisdictions concerning such matters as the deductibility
of particular expenses and the tax treatment of certain business transactions. GSK applies a risk-based approach to determine the
transactions most likely to be subject to challenge and the probability that the Group would be able to obtain compensatory
adjustments under international tax treaties.
The calculation of the Group’s total tax charge therefore necessarily involves a degree of estimation and judgement in respect of
certain items whose tax treatment cannot be finally determined until resolution has been reached with the relevant tax authority or,
as appropriate, through a formal legal process. At 31 December 2025, the Group had recognised provisions of £649 million in
respect of such uncertain tax positions (2024: £636 million). The increase in recognised provisions during 2025 was driven by the
reassessment of estimates, net of the impact of agreement of a number of open issues with tax authorities in various jurisdictions.
Whilst the ultimate liability for such matters may vary from the amounts provided and is dependent upon the outcome of
agreements with the relevant tax authorities, or litigation where appropriate, the Group continues to consider that it has made
appropriate provision for periods which are open and not yet agreed by the tax authorities.
A provision for deferred tax liabilities of £178 million as at 31 December 2025 (2024: £159 million) has been made in respect of
taxation that would be payable on the remittance of profits by certain overseas subsidiaries. Whilst the aggregate amount of
unremitted profits at the balance sheet date was approximately £18 billion (2024: £18 billion), the majority of these unremitted
profits would not be subject to tax (including withholding tax) on repatriation, as UK legislation relating to company distributions
provides for exemption from tax for most overseas profits, subject to certain exceptions. Deferred tax is not provided on temporary
differences of £739 million (2024: £696 million) arising on unremitted profits as management has the ability to control any future
reversal and does not consider such a reversal to be probable.
211
GSK Annual Report 2025
Notes to the financial statements continued
14. Taxation continued
Movement in deferred tax assets and liabilities
Accelerated
capital
allowances
£m
Intangible
assets
£m
Contingent
consideration
£m
Intra-
Group
profit
£m
Pensions &
other post
employment
benefits
£m
Tax
losses
£m
Share
option
and award
schemes
£m
Other
net
temporary
differences
£m
Total
At 1 January 2024
26
(676)
921
1,252
571
1,994
74
1,576
5,738
Exchange adjustments
9
(37)
2
(10)
(5)
–
–
11
(30)
Credit/(charge) to income statement
97
197
50
32
(103)
455
(8)
306
1,026
Credit/(charge) to statement of comprehensive
  income
–
–
–
–
(122)
–
–
22
(100)
Acquisitions/disposals
–
(190)
–
–
–
–
–
–
(190)
R&D credits utilisation
–
–
–
–
–
–
–
(69)
(69)
At 31 December 2024
132
(706)
973
1,274
341
2,449
66
1,846
6,375
Exchange adjustments
(5)
111
(1)
(56)
(8)
(1)
(3)
(116)
(79)
Credit/(charge) to income statement
77
50
(90)
(292)
(50)
493
3
92
283
Credit/(charge) to statement of comprehensive
  income
–
–
–
–
(28)
–
17
(6)
(17)
Acquisitions/disposals
5
(417)
–
–
14
67
–
10
(321)
Transfer of assets held for sale/distribution
18
7
–
–
–
–
–
(37)
(12)
At 31 December 2025
227
(955)
882
926
269
3,008
83
1,789
6,229
Deferred tax liabilities in relation to intangible assets predominantly relate to temporary differences arising as a result of historic
business combinations. Acquisitions within the year predominantly relate to IDRx, Inc. and BP Asset IX, Inc. (see Note 40,
'Acquisitions and disposals').
The Group continues to recognise deferred tax assets on future obligations in respect of contingent consideration amounts payable
to minority shareholders. These payments are tax deductible at the point in time at which payment is made.
A deferred tax asset is recognised on intra-Group profits arising on inter-company inventory which are eliminated within the
consolidated accounts. As intra-Group profits are not eliminated from the individual entities’ tax returns a temporary difference
arises that will reverse at the point in time inventory is sold externally.
The deferred tax asset of £3,008 million (2024 : £2,449 million) recognised on tax losses relates to trading losses. Such deferred tax
assets are only recognised to the extent Group long-range forecasts indicate sufficient future taxable profits will be available to
utilise such assets (forecast by around 2030). Other net temporary differences included accrued expenses for which a tax deduction
is only available on a paid basis. The Group has adopted the mandatory temporary exception to the recognition and disclosure of
deferred taxes arising from the jurisdictional implementation of the Pillar Two model rules, as required under IAS 12.
Deferred tax asset and liabilities are recognised on the balance sheet as follows:
2025
£m
2024
£m
Deferred tax assets
6,520
6,757
Deferred tax liabilities
(291)
(382)
6,229
6,375
2025
2024
Unrecognised tax losses and attributes
Tax losses
£m
Unrecognised
deferred tax
asset
£m
Tax losses
£m
Unrecognised
deferred tax
asset
£m
Trading losses and attributes expiring:
Within 10 years
1,625
154
1,034
145
More than 10 years
1,150
66
1,598
84
Available indefinitely
241
50
693
161
At 31 December
3,016
270
3,325
390
Capital losses expiring:
Available indefinitely
2,250
564
2,253
565
At 31 December
2,250
564
2,253
565
Deferred tax assets are only recognised where it is probable that future taxable profit will be available to utilise losses.
212
GSK Annual Report 2025
Notes to the financial statements continued
15. Earnings per share
2025
pence
2024
pence
2023
pence
Basic earnings per share
141.1
63.2
121.6
Diluted earnings per share
138.8
62.2
119.9
Basic earnings per share has been calculated by dividing the profit attributable to shareholders by the weighted average number of
shares in issue during the period after deducting shares held by the ESOP Trusts for the future exercise of share options and share
awards and Treasury shares, including shares acquired in the share buyback programme. The trustees have waived their rights to
cash dividends on the GSK shares held by the ESOP Trusts.
Diluted earnings per share has been calculated after adjusting the weighted average number of shares used in the basic
calculation to assume the conversion of all potentially dilutive shares. A potentially dilutive share forms part of the employee share
schemes where its exercise price is below the average market price of GSK shares during the period and any performance
conditions attaching to the scheme have been met at the balance sheet date.
The numbers of shares used in calculating basic and diluted earnings per share are reconciled below:
Weighted average number of shares in issue
2025
millions
2024
millions
2023
millions
Basic
4,051
4,077
4,052
Dilution for share options and awards
66
65
59
Diluted
4,117
4,142
4,111
16. Dividends
2025
2024
2023
Paid/payable
Dividend
per share
(pence)
Total
dividend
£m
Paid
Dividend
per share
(pence)
Total
dividend
£m
Paid
Dividend
per share
(pence)
Total
dividend
£m
First interim
10 July 2025
16.00
650
11 July 2024
15.00
612
13 July 2023
14.00
567
Second interim
9 October 2025
16.00
646
10 October 2024
15.00
612
12 October 2023
14.00
568
Third interim
8 January 2026
16.00
643
9 January 2025
15.00
612
11 January 2024
14.00
568
Fourth interim
9 April 2026
18.00
722
10 April 2025
16.00
656*
11 April 2024
16.00
652**
Total
66.00
2,661
61.00
2,492
58.00
2,355
*The estimate for the fourth interim dividend for 2024 disclosed in the 2024 Annual Report was £653 million, £3 million less than the dividend that was
ultimately paid.
**The estimate for the fourth interim dividend for 2023 disclosed in the 2023 Annual Report was £649 million, £3 million less than the dividend that was
ultimately paid.
Under IFRS Accounting Standards, interim dividends are only recognised in the financial statements when paid and not when
declared. GSK normally pays a dividend two quarters after the quarter to which it relates and one quarter after it is declared. The
2025 financial statements recognise those dividends paid in 2025, namely the third and fourth interim dividends for 2024, and the
first and second interim dividends for 2025.
The amounts recognised in each year were as follows:
2025
£m
2024
£m
2023
£m
Cash dividends to shareholders
2,564
2,444
2,247
213
GSK Annual Report 2025
Notes to the financial statements continued
17. Property, plant and equipment
Land and
buildings
£m
Plant,
equipment
and vehicles
£m
Assets in
construction
£m
Total
£m
Cost at 1 January 2024
6,455
10,704
2,120
19,279
Exchange adjustments
(141)
(233)
(51)
(425)
Additions
42
166
1,185
1,393
Capitalised borrowing costs
–
–
20
20
Disposals and write-offs
(144)
(381)
(5)
(530)
Reclassifications
179
762
(949)
(8)
Transfer to assets held for sale
(16)
(3)
–
(19)
Cost at 31 December 2024
6,375
11,015
2,320
19,710
Exchange adjustments
26
99
25
150
Additions
7
132
1,234
1,373
Capitalised borrowing costs
–
–
15
15
Disposals and write-offs
(36)
(485)
(26)
(547)
Reclassifications
(26)
1,027
(1,027)
(26)
Transfer to assets held for sale
(189)
(242)
(30)
(461)
Cost at 31 December 2025
6,157
11,546
2,511
20,214
Depreciation at 1 January 2024
(3,323)
(6,311)
–
(9,634)
Exchange adjustments
76
139
–
215
Charge for the year
(211)
(675)
–
(886)
Disposals and write-offs
121
325
–
446
Transfer to assets held for sale
14
2
–
16
Reclassifications
(27)
26
–
(1)
Depreciation at 31 December 2024
(3,350)
(6,494)
–
(9,844)
Exchange adjustments
(16)
(56)
–
(72)
Charge for the year
(195)
(655)
–
(850)
Disposals and write-offs
19
406
–
425
Transfer to assets held for sale
100
112
–
212
Reclassifications
157
(175)
–
(18)
Depreciation at 31 December 2025
(3,285)
(6,862)
–
(10,147)
Impairment at 1 January 2024
(237)
(360)
(28)
(625)
Exchange adjustments
3
5
1
9
Disposals and write-offs
22
55
3
80
Impairment losses
(27)
(84)
(5)
(116)
Reversal of impairments
4
23
1
28
Reclassifications
(24)
(13)
22
(15)
Impairment at 31 December 2024
(259)
(374)
(6)
(639)
Exchange adjustments
(4)
(6)
–
(10)
Disposals and write-offs
21
74
26
121
Impairment losses
(81)
(102)
(25)
(208)
Reversal of impairments
(1)
16
–
15
Transfer to assets held for sale
5
2
–
7
Reclassifications
(10)
(23)
2
(31)
Impairment at 31 December 2025
(329)
(413)
(3)
(745)
Total accumulated depreciation and impairment at 31 December 2024
(3,609)
(6,868)
(6)
(10,483)
Total accumulated depreciation and impairment at 31 December 2025
(3,614)
(7,275)
(3)
(10,892)
Net book value at 1 January 2024
2,895
4,033
2,092
9,020
Net book value at 31 December 2024
2,766
4,147
2,314
9,227
Net book value at 31 December 2025
2,543
4,271
2,508
9,322
214
GSK Annual Report 2025
Notes to the financial statements continued
17. Property, plant and equipment continued
The weighted average interest rate for capitalised borrowing costs in the year was 4% ( 2024: 4%). Disposals and write-offs in the
year included a number of assets with nil net book value that are no longer in use in the business.
The impairment losses principally arose from decisions to rationalise facilities and were calculated based on fair value less costs of
disposal. The fair value less costs of disposal valuation methodology uses significant inputs which are not based on observable
market data, and therefore this valuation technique is classified as Level 3 of the fair value hierarchy. These calculations determine
the net present value of the projected risk-adjusted, post-tax cash flows of the relevant asset or cash generating unit, applying a
discount rate of the Group post-tax weighted average cost of capital (WACC) of 7.5% (2024: 7.5% ), adjusted where appropriate for
specific segment, country and currency risk.
Assets that continue to be used by the Group are generally assessed as part of their associated cash generating unit on a value in
use basis. For value in use calculations, the post-tax cash flows do not include the impact of future uncommitted restructuring plans
or improvements. Where an impairment is indicated and a pre-tax cash flow calculation is expected to give a materially different
result, the test would be reperformed using pre-tax cash flows and a pre-tax discount rate. The Group WACC is equivalent to a pre-
tax discount rate of approximately 9% ( 2024: 9%).
Net impairment losses have been charged to cost of sales: £125 million (2024: £62 million), R&D: £22 million (2024: £15 million) and
SG&A: £46 million (2024: £11 million), This included reversal of impairments of £3 million (2024: £10 million) arising from the Major
restructuring programmes.
Reversal of impairments arose from subsequent reviews of the impaired assets where the conditions which gave rise to the original
impairments were deemed no longer to apply. £13 million (2024: £15 million) of the impairment reversal has been credited to cost of
sales and £2 million (2024: £13 million) of the impairment reversal has been credited to SG&A.
During 2025, £78 million (2024: £65 million) of computer software was reclassified from assets in construction to intangible assets on
becoming ready for use.
The Group has evaluated both the qualitative and quantitative effects of climate-related risks on the recoverable amounts of assets
and has determined that there are no material impairments. As of 31 December 2025, £152 million (2024: £97 million) has been
capitalised in property, plant and equipment regarding the transition to a lower-carbon propellant.
18. Right of use assets
The table below provides information about the Group's right of use assets:
Land and
buildings
£m
Plant and
equipment
£m
Vehicles
£m
Total
£m
Net book value at 1 January 2024
751
4
182
937
Exchange adjustments
(5)
–
(4)
(9)
Additions
107
6
117
230
Depreciation
(126)
(2)
(83)
(211)
Disposals
(92)
–
(10)
(102)
Net impairment reversals
1
–
–
1
Net book value at 31 December 2024
636
8
202
846
Exchange adjustments
(17)
–
–
(17)
Additions
81
1
99
181
Depreciation
(113)
(3)
(90)
(206)
Disposals
(23)
–
(22)
(45)
Net impairment loss
(17)
–
–
(17)
Transfer to assets held for sale
(16)
–
–
(16)
Net book value at 31 December 2025
531
6
189
726
Commitments for future payments related to leases not yet commenced but which we have committed to, leases of low-value
assets and leases which are less than 12 months are not material.
An analysis of lease liabilities is set out in Note 29, ‘Net debt’.
215
GSK Annual Report 2025
Notes to the financial statements continued
19. Goodwill
2025
£m
2024
£m
Cost at 1 January
6,982
6,811
Exchange adjustments
(276)
(39)
Additions through business combinations (Note 40)
342
210
Transfer to assets held for sale
(30)
–
Cost at 31 December
7,018
6,982
Net book value at 1 January
6,982
6,811
Net book value at 31 December
7,018
6,982
All goodwill is allocated to the Group’s segments as follows:
2025
£m
2024
£m
Commercial Operations
6,091
6,076
Research and Development
927
906
Net book value at 31 December
7,018
6,982
The recoverable amounts of the cash generating units are assessed using a fair value less costs of disposal model. Fair value less
costs of disposal is calculated using a discounted cash flow approach, with a post-tax discount rate applied to the projected risk-
adjusted post-tax cash flows and terminal value.
The discount rate used is based on the Group WACC of 7.5% (2024 : 7.5%), as most cash generating units have integrated
operations across large parts of the Group. The discount rate is adjusted where appropriate for specific segment, country and
currency risks. The valuation methodology uses significant inputs which are not based on observable market data, therefore this
valuation technique is classified as Level 3 in the fair value hierarchy.
The Total R&D segment is evaluated on an arm's length pricing model, see assumptions below.
Details relating to the discounted cash flow models used in the impairment tests are as follows:
Valuation basis
Fair value less costs of disposal
Key assumptions
Sales growth rates
Profit margins
Terminal growth rate
Discount rate
Taxation rate
Determination of assumptions
Growth rates are internal forecasts based on both internal and external market information.
Margins reflect past experience, adjusted for expected changes.
Terminal growth rates based on management’s estimate of future long-term average growth rates.
Discount rates based on Group WACC, adjusted where appropriate.
Taxation rates based on appropriate rates for each jurisdiction.
Period of specific projected cash flows
Five years
Terminal growth rate and discount rate
Terminal growth rate
Discount rate
2025
Commercial Operations
1% p.a.
7.5% p.a.
Research and Development
1% p.a.
7.5% p.a.
2024
Commercial Operations
1% p.a.
7.5% p.a.
Research and Development
1% p.a.
7.5% p.a.
The terminal growth rate does not exceed the long-term projected growth rates for relevant markets, reflects the impact of future
generic competition and takes account of new product launches. Goodwill is monitored for impairment at the segmental level and
the valuations indicated sufficient headroom such that a reasonably possible change to key assumptions is unlikely to result in an
impairment of the related goodwill.
The Group has assessed the qualitative and quantitative impact of climate-related risks on asset recoverable amounts and
concluded that there are no material impairments.
216
GSK Annual Report 2025
Notes to the financial statements continued
20. Other intangible assets
Computer
software
£m
Licences, patents,
amortised brands
£m
Total
£m
Cost at 1 January 2024
1,984
27,363
29,347
Exchange adjustments
(8)
(176)
(184)
Capitalised development costs
–
246
246
Additions through business combinations
–
913
913
Other additions
166
1,270
1,436
Disposals and asset write-offs
(39)
(140)
(179)
Reclassifications
65
(5)
60
Cost at 31 December 2024
2,168
29,471
31,639
Exchange adjustments
(20)
(475)
(495)
Capitalised development costs
–
323
323
Additions through business combinations
–
1,985
1,985
Other additions
195
1,086
1,281
Disposals and asset write-offs
(117)
(953)
(1,070)
Other movements (1)
–
(4,534)
(4,534)
Transfer to Assets Held for Sale
(12)
–
(12)
Reclassifications
78
7
85
Cost at 31 December 2025
2,292
26,910
29,202
Amortisation at 1 January 2024
(1,307)
(10,007)
(11,314)
Exchange adjustments
7
83
90
Charge for the year
(211)
(1,243)
(1,454)
Disposals and asset write-offs
33
47
80
Reclassifications
(1)
(13)
(14)
Amortisation at 31 December 2024
(1,479)
(11,133)
(12,612)
Exchange adjustments
11
106
117
Charge for the year
(220)
(1,038)
(1,258)
Disposals and asset write-offs
106
209
315
Other movements (1)
–
2,008
2,008
Transfer to Assets Held for Sale
6
–
6
Reclassifications
(2)
14
12
Amortisation at 31 December 2025
(1,578)
(9,834)
(11,412)
Impairment at 1 January 2024
(75)
(3,190)
(3,265)
Exchange adjustments
(1)
4
3
Impairment losses
(6)
(314)
(320)
Reversal of impairments
3
–
3
Disposals and asset write-offs
5
84
89
Reclassifications
(36)
14
(22)
Impairment at 31 December 2024
(110)
(3,402)
(3,512)
Exchange adjustments
1
99
100
Impairment losses
(8)
(880)
(888)
Reversal of impairments
–
–
–
Disposals and asset write-offs
10
744
754
Other movements (1)
–
2,526
2,526
Reclassifications
–
(22)
(22)
Impairment at 31 December 2025
(107)
(935)
(1,042)
Total accumulated amortisation and impairment at 31 December 2024
(1,589)
(14,535)
(16,124)
Total accumulated amortisation and impairment at 31 December 2025
(1,685)
(10,769)
(12,454)
Net book value at 1 January 2024
602
14,166
14,768
Net book value at 31 December 2024
579
14,936
15,515
Net book value at 31 December 2025
607
16,141
16,748
(1) Other movements reflected the derecognition of historical intangible assets with a £nil net book value that are either no longer in use or for which the Group
no longer holds the rights.
The weighted average interest rate for capitalised borrowing costs in the year was 4% (2024: 4% ).
The net book value of computer software included £197 million ( 2024: £231 million) of internally generated costs.
217
GSK Annual Report 2025
Notes to the financial statements continued
20. Other intangible assets continued
The carrying amount at 31 December 2025 of intangible assets after which impairments have been charged in the year was
£102 million (2024: £427 million), resulting from the appraisal of GSK’s assumptions and programme updates related to in-licences
and collaboration agreements. The carrying amount at 31 December 2025 of intangible assets, after which impairment reversals
have been charged in the year, was £nil ( 2024 : £nil).
The impairment charge includes £471m related to the full impairment of the belrestotug development programme (anti-TIGIT mAb)
due to its termination. There was no other individual intangible asset that accounted for a material impairment.
The patent expiry dates of the Group’s most significant assets, where relevant, are set out on pages 287 to 288. Please refer to Note
2, 'Accounting principles and policies' for the Group’s accounting policy and estimate of the useful life for intangible assets.
Amortisation and impairment losses net of reversals have been charged in the income statement as follows:
Amortisation
Net impairment losses
2025
£m
2024
£m
2025
£m
2024
£m
Cost of sales
757
982
22
–
Selling, general and administration
73
84
8
6
Research and development
428
388
858
311
1,258
1,454
888
317
Licences, patents and amortised brands include a large number of acquired licences, patents, know-how agreements and
marketing rights, which are either marketed or in use, or still in development. Note 40, ‘Acquisitions and disposals’ gives details of
additions through business combinations in the year. The carrying amounts of the individual largest items are as follows:
2025
£m
2024
£m
Tesaro Assets
2,119
2,350
Meningitis Portfolio Assets
1,445
1,473
Bellus Health Assets (Camlipixant)
1,438
1,438
Affinivax Assets
1,353
1,452
Sierra Oncology Assets (Momelotinib)
1,252
1,408
BP Asset IX Assets
1,107
–
Dolutegravir (including Cabotegravir)
873
967
Aiolos Assets
826
887
IDRx Assets
826
–
CureVac Assets
601
535
Hengrui Pharma Assets
373
–
Alector Assets
371
371
Hansoh Pharma Assets
326
247
Shingrix
282
277
Benlysta
238
298
Iteos Assets
–
471
Others
2,711
2,762
Total
16,141
14,936
On 21 February 2025, GSK completed the acquisition of IDRx, Inc. This acquisition includes lead molecule IDRX-42.
On 7 July 2025, GSK completed the acquisition of BP Asset IX, Inc. The main asset acquired is efimosfermin alfa.
During 2025, GSK entered into an agreement with Hengrui Pharma to develop up to 12 medicines in Respiratory Immunology &
Inflammation (RI&I) and Oncology, including a  licence for potential best-in-class PDE3/4 inhibitor in clinical development for
treatment of COPD.
The Group has evaluated both the qualitative and quantitative effects of climate-related risks on the recoverable amounts of assets
and has determined that there are no material impairments.
218
GSK Annual Report 2025
Notes to the financial statements continued
21. Investments in associates and joint ventures
Associates
£m
Joint
ventures
£m
2025
Total
£m
Associates
£m
Joint
ventures
£m
2024
Total
£m
1 January
96
–
96
55
–
55
Exchange adjustments
3
–
3
(3)
–
(3)
Additions
–
–
–
43
–
43
Disposals
–
–
–
(2)
–
(2)
Distributions received
(67)
–
(67)
(15)
–
(15)
Net fair value movements through other comprehensive income
56
–
56
21
–
21
Profit/(loss) after tax recognised in the consolidated income
  statement
1
–
1
(3)
–
(3)
31 December
89
–
89
96
–
96
Please refer to the income statement information in Note 13, 'Associates and joint ventures'.
22. Other investments
Non-current
Investments
designated as
measured at
FVTOCI
£m
Investments
measured at
FVTPL
£m
2025
Total
£m
Investments
designated as
measured at
FVTOCI
£m
Investments
measured at
FVTPL
£m
2024
Total
£m
1 January
843
257
1,100
931
206
1,137
Exchange adjustments
(73)
(17)
(90)
4
4
8
Additions
97
56
153
70
38
108
Net fair value movements through OCI
157
–
157
(107)
–
(107)
Net fair value movements through profit or loss
–
(27)
(27)
–
29
29
Disposals
(236)
(20)
(256)
(55)
(20)
(75)
31 December
788
249
1,037
843
257
1,100
Non-current other investments comprise non-current equity investments which are recorded at fair value at each balance sheet
date. For investments traded in an active market, the fair value is determined by reference to the relevant stock exchange quoted
bid price. For other investments, the fair value is estimated by management with reference to relevant available information,
including the current market value of similar instruments, recent financing rounds and discounted cash flows of the underlying net
assets. Other investments include listed investments of £592 million (2024: £646 million).
GSK has elected to designate the majority of its equity investments as measured at fair value through other comprehensive income.
The most significant of these investments held at 31 December 2025 were in Wave Life Sciences Ltd, which had a fair value at
31 December 2025 of £231 million ( 2024: £165 million) and Crispr Therapeutics AG which had a fair value at 31 December 2025 of
£126 million (2024 : £101 million). The other investments include equity stakes in companies with which GSK has research
collaborations and in companies which provide access to biotechnology developments of potential interest.
On disposal of equity investments measured at FVTOCI, the accumulated fair value movements are reclassified from the fair value
reserve to retained earnings. Investments measured at FVTOCI with a fair value of £236 million (2024: £55 million) were disposed of
during the year. The cumulative loss on these investments after tax was £66 million (2024: profit of £14 million ).
Certain other investments, such as investments in funds with limited lives and investments acquired with an intention to sell, are
measured at fair value through profit or loss. The most significant of these investments held at 31 December 2025 was SR One
Capital Fund I-B, LP which had a fair value at 31 December 2025 of £120 million (2024: £135 million).
219
GSK Annual Report 2025
Notes to the financial statements continued
23. Other non-current assets
2025
£m
2024
£m
Amounts receivable under insurance contracts
953
957
Pension schemes in surplus (Note 30)
1,115
898
Other receivables
80
87
2,148
1,942
Amounts receivable under insurance contracts are held at cash surrender value with movements through profit or loss.
Within the other receivables of £80 million (2024: £87 million), £16 million (2024: £36 million) is classified as financial assets of which
£14 million (2024: £31 million) is classified as fair value through profit or loss. On the remaining balance of £2 million
(2024 : £5 million), the expected credit loss allowance was immaterial at 31 December 2025 and 2024.
Other receivables include £10 million relating to nature-based carbon credits projects ( 2024: £7 million).
24. Inventories
2025
£m
2024
£m
Raw materials and consumables
608
1,361
Work in progress
3,699
2,683
Finished goods
1,617
1,625
5,924
5,669
The Group has evaluated both the qualitative and quantitative effects of climate-related risks on the recoverable amounts of
inventories, in particular in relation to the metered dose inhaler (MDI), and has determined that there is no material impact.
25. Trade and other receivables
2025
£m
2024
£m
Trade receivables, net of loss allowance
5,913
5,563
Accrued income
13
18
Prepayments
385
390
Interest receivable
2
1
Employee loans and advances
11
7
Other receivables
1,147
857
7,471
6,836
There were no trade or other receivable balances (2024: £nil) due from associates and joint ventures. The most significant
component of other receivables comprises receivables for indirect and other taxes of £511 million (2024 : £447 million). The other
significant balance within other receivables is royalties receivable of £217 million (2024: £164 million).
Trade receivables loss allowance
2025
£m
2024
£m
1 January
99
85
Exchange adjustments
–
(2)
Charge for the year
49
34
Transfer to assets held for sale
–
(1)
Subsequent recoveries of amounts provided for
(65)
(12)
Utilised
(8)
(5)
At 31 December
75
99
Of the total trade receivables balance, £13 million (2024: £13 million) is considered credit impaired, against which a £4 million (2024:
£5 million) expected credit loss allowance has been applied. No amount was purchased or originated credit impaired.
220
GSK Annual Report 2025
Notes to the financial statements continued
25. Trade and other receivables continued
Within the other receivables of £1,147 million (2024: £857 million), £554 million (2024: £360 million) is classified as financial assets of
which £15 million (2024: £2 million) is classified as held at fair value through profit or loss. At 31 December 2025 , an expected credit
loss allowance of £11 million (2024 : £9 million ) was recognised in respect of financial assets, with a release in expected credit loss
allowance of £2 million (2024: £6 million) reported in profit or loss during the year.
For more discussion on credit risk practices, please refer to Note 43, 'Financial instruments and related disclosures'.
26. Cash and cash equivalents
2025
£m
2024
£m
Cash at bank and in hand
761
943
Cash equivalents
2,636
2,927
3,397
3,870
Cash and cash equivalents included £247 million (2024: £177 million) not available for general use due to restrictions applicable in
the subsidiaries where it is held. Restrictions include exchange controls and taxes on repatriation.
27. Assets and liabilities held for sale
2025
£m
2024
£m
Goodwill
30
–
Property, plant and equipment
239
3
Other assets
31
–
Assets held for sale
300
3
Lease liabilities
(139)
–
Liabilities relating to assets held for sale
(139)
–
Non-current assets, liabilities and disposal groups are classified as assets held for sale and liabilities relating to assets held for sale
when it is expected that their carrying amounts will be recovered principally through disposal and a sale is considered highly
probable. They are held at the lower of carrying amount and fair value less costs to sell.
Assets held for sale and liabilities relating to assets held for sale primarily related to the disposal group arising from GSK's definitive
agreement with Samsung Biologics for the sale of 100% of its equity investment in Human Genome Sciences, announced in
December 2025. The disposal group principally including the Rockville site, and completion of the transaction is anticipated toward
the end of Q1 2026. See Note 40, ‘Acquisitions and disposals’.
221
GSK Annual Report 2025
Notes to the financial statements continued
28. Trade and other payables
2025
£m
2024
£m
Trade payables
3,535
3,462
Wages and salaries
1,513
1,465
Social security
138
125
ViiV Healthcare put option
822
915
Other payables
438
420
Deferred income
153
171
Customer return and rebate accruals and payables
6,450
6,486
Other accruals
2,332
2,291
15,381
15,335
Trade and other payables include £nil (2024: £nil) due to associates and joint ventures. The Group provides limited supplier financing
arrangements to certain suppliers. The amounts involved at 31 December 2025 were not material.
Revenue recognised in the year that was included in deferred income at 1 January 2025 was £127 million (2024: £176 million).
Customer rebate and return accruals and payables primarily comprise accruals that are provided for by the Group at the point of sale
in respect of estimated rebates, discounts or allowances payable to customers. For more information refer to the Group financial
review on page 106. At 31 December 2025, customer rebate and return accruals and payables included £4,891 million (2024 : £5,235
million ) in respect of US Commercial Operations. Accruals are made at the time of sale but the actual amounts paid are based on
claims made some time after the initial recognition of the sale. As the accruals are estimated, they may not fully reflect the final
outcome and are subject to change dependent upon, amongst other things, the types of buying group and product sales mix. The
level of accrual is reviewed and adjusted quarterly in light of historical experience of actual amounts paid and any changes in
arrangements. Future events could cause the assumptions on which the accruals are based to change, which could affect the future
results of the Group. Customer return and rebate accruals and payables also includes an immaterial payables balance, where claims
have been processed but not yet paid. The estimation uncertainty described above does not apply to the payables balance.
At 31 December 2025, Pfizer’s put option over its shareholding in ViiV Healthcare was exercisable. While the option is exercisable, Pfizer
may request an IPO of ViiV Healthcare at any time and if either GSK does not consent to such IPO or an offering is not completed within
nine months, Pfizer could require GSK to acquire its shareholding. The amount of the liability for this put option, which is carried at
amortised cost and is held on the gross redemption basis, is derived from an internal valuation of the ViiV Healthcare business, utilising a
discounted forecast future cash flow methodology. On 19 January 2026, GSK reached agreement with Pfizer and Shionogi for the 11.7%
economic interest in ViiV Healthcare currently held by Pfizer to be replaced with an investment by Shionogi. Completion of the transaction
is subject to certain regulatory clearances in relevant markets and is expected to occur during Q1 2026. On completion, GSK will extinguish
the Pfizer put option liability through retained earnings. See Note 47, ‘Post balance sheet events’ for further information.
The table below shows on an indicative basis the income statement and balance sheet sensitivity of the Pfizer put option to
reasonably possible changes in key assumptions, as at 31 December 2025.
Increase/(decrease) in financial liability and loss/(gain) in income statement
2025
£m
2024
£m
10% increase in sales forecasts*
88
92
15% increase in sales forecasts*
132
139
10% decrease in sales forecasts*
(87)
(92)
15% decrease in sales forecast*
(131)
(138)
1% (100 basis points) increase in discount rate
(16)
(22)
1.50% (150 basis points) increase in discount rate
(24)
(32)
1% (100 basis points) decrease in discount rate
18
23
1.50% (150 basis points) decrease in discount rate
27
34
10 cent appreciation of US Dollar
56
62
15 cent appreciation of US Dollar
86
97
10 cent depreciation of US Dollar
(47)
(53)
15 cent depreciation of US Dollar
(68)
(76)
10 cent appreciation of Euro
18
20
15 cent appreciation of Euro
28
31
10 cent depreciation of Euro
(14)
(17)
15 cent depreciation of Euro
(21)
(24)
*The sales forecast is for ViiV Healthcare sales only in respect of the ViiV Healthcare put option.
An explanation of the accounting for ViiV Healthcare is set out on page 86.
Other accruals includes interest accrued on financial liabilities at amortised cost of £161 million (2024: £162 million).
222
GSK Annual Report 2025
Notes to the financial statements continued
29. Net debt
Listing exchange
2025
£m
2024
£m
Current assets:
Liquid investments
9
21
Cash and cash equivalents
3,397
3,870
3,406
3,891
Short-term borrowings:
Commercial paper
(1,078)
–
Bank loans, overdrafts and other
(314)
(762)
4.000% € Euro Medium Term Note 2025
London Stock Exchange
–
(622)
3.625% US$ US Medium Term Note 2025
New York Stock Exchange
–
(797)
1.250% € Euro Medium Term Note 2026
London Stock Exchange
(873)
–
1.000% € Euro Medium Term Note 2026
London Stock Exchange
(610)
–
Lease liabilities
(137)
(168)
(3,012)
(2,349)
Long-term borrowings:
1.250% € Euro Medium Term Note 2026
London Stock Exchange
–
(829)
1.000% € Euro Medium Term Note 2026
London Stock Exchange
–
(581)
4.315% US$ US Medium Term Note 2027
New York Stock Exchange
(297)
–
SOFR + 0.500% US$ US Medium Term Note 2027
New York Stock Exchange
(445)
–
3.000% € Euro Medium Term Note 2027
London Stock Exchange
(436)
(414)
3.375% £ Euro Medium Term Note 2027
London Stock Exchange
(307)
(307)
3.875% US$ US Medium Term Note 2028
New York Stock Exchange
(1,299)
(1,393)
0.883% ¥ Euro Medium Term Note 2028
London Stock Exchange
(201)
(216)
1.250% £ Euro Medium Term Note 2028
London Stock Exchange
(747)
(746)
3.375% US$ US Medium Term Note 2029
New York Stock Exchange
(739)
(792)
1.375% € Euro Medium Term Note 2029
London Stock Exchange
(435)
(414)
4.500% US$ US Medium Term Note 2030
New York Stock Exchange
(627)
–
1.750% € Euro Medium Term Note 2030
London Stock Exchange
(654)
(621)
2.875% € Euro Medium Term Note 2031
London Stock Exchange
(607)
(576)
3.125% € Euro Medium Term Note 2032
London Stock Exchange
(608)
(577)
5.250% £ Euro Medium Term Note 2033
London Stock Exchange
(568)
(567)
5.375% US$ US Medium Term Note 2034
London Stock Exchange
(370)
(396)
4.875%  US$ US Medium Term Note 2035
New York Stock Exchange
(551)
–
1.625% £ Euro Medium Term Note 2035
London Stock Exchange
(745)
(745)
3.250% € Euro Medium Term Note 2036
London Stock Exchange
(520)
(494)
6.375% US$ US Medium Term Note 2038
New York Stock Exchange
(2,028)
(2,176)
6.375% £ Euro Medium Term Note 2039
London Stock Exchange
(627)
(627)
5.250% £ Euro Medium Term Note 2042
London Stock Exchange
(472)
(472)
4.200% US$ US Medium Term Note 2043
New York Stock Exchange
(365)
(392)
4.250% £ Euro Medium Term Note 2045
London Stock Exchange
(366)
(366)
Other long-term borrowings
(1)
(2)
Lease liabilities
(693)
(934)
(14,708)
(14,637)
Liabilities relating to assets held for sale:
Lease liabilities
(139)
–
(139)
–
Net debt
(14,453)
(13,095)
223
GSK Annual Report 2025
Notes to the financial statements continued
29. Net debt continued
Current assets
Liquid investments are classified as financial assets at amortised cost. At 31 December 2025, they included US Treasury Notes and
other government bonds. The effective interest rate on liquid investments at 31 December 2025 was approximately 5.6% ( 2024:
approximately 4.3%). Liquid investment balances at 31 December 2025 earning interest at floating rates amount to £1 million (2024 :
£11 million). Liquid investment balances at 31 December 2025 earning interest at fixed rates amount to £8 million (2024: £10 million).
Balances reported within cash and cash equivalents have an original maturity of three months or less. The effective interest rate on
cash and cash equivalents at 31 December 2025 was approximately 3.8% (2024: approximately 4.8%). Cash and cash equivalents
at 31 December 2025 earning interest at floating and fixed rates amounted to £3,242 million and £1 million respectively (2024:
£3,746 million and £1 million) and non-interest bearing holdings amounted to £154 million (2024 : £123 million).
GSK’s policy regarding the credit quality of cash and cash equivalents is set out in Note 43, ‘Financial instruments and related
disclosures’.
Short-term borrowings
GSK has access to short-term finance under a $10 billion (£7.4 billion) US commercial paper programme; $1,450 million (£1,078
million) was in issue at 31 December 2025 (2024: nil). GSK has access to short-term finance under a £5 billion Euro commercial
paper programme. There was no Euro commercial paper in issue at 31 December 2025 (2024 : nil). GSK has £1.6 billion of three-year
committed facilities and $2.2 billion (£1.6 billion) of 364 day committed facilities. In August 2025 GSK cancelled both these facilities
and replaced them with new revolving facilities of equivalent size with maturities of September 2028 for the three-year facility and
September 2026 for the 364-day facility. All facilities were undrawn at 31 December 2025. GSK considers this level of committed
facilities to be adequate, given current liquidity requirements.
The weighted average interest rate on commercial paper borrowings at 31 December 2025 was 3.8%. There was no commercial
paper in issue at 31 December 2024.
The weighted average interest rate on current bank loans and overdrafts at 31 December 2025 was 5.0% (2024: 3.4%).
The average effective pre-swap interest rate of notes classified as short-term at 31 December 2025 was 1.2% ( 2024: 3.9%).
Long-term borrowings
At 31 December 2025 GSK had long-term borrowings of £14.7 billion (2024: £14.6 billion), of which £8.1 billion (2024: £8.4 billion) fell
due in more than five years.
The average effective pre-swap interest rate of all notes in issue at 31 December 2025 was approximately 3.8% (2024:
approximately 3.8%).
Long-term borrowings repayable after five years carry interest at effective rates between 1.7% and 6.6% (2024: 1.7% and 6.4%), with
repayment dates ranging from 2031 to 2045 (2024: 2030 to 2045).
Pledged assets
The Group held pledged investments in US Treasury Notes with a par value of $12 million (£9 million), (2024: $26 million
(£21 million)) as security against irrevocable letters of credit issued on the Group’s behalf in respect of the Group’s self-insurance
activity. Provisions in respect of self-insurance are included within the provisions for legal and other disputes discussed in Note 31,
'Other provisions’.
Lease liabilities
The total cash outflow for leases for the year ended 31 December 2025 was £260 million (2024: £256 million).
The maturity analysis of discounted lease liabilities recognised on the Group balance sheet is as follows:
2025
£m
2024
£m
Rental payments due within one year
137
168
Rental payments due between one and two years
217
222
Rental payments due between two and three years
108
146
Rental payments due between three and four years
71
109
Rental payments due between four and five years
50
73
Rental payments due after five years
247
384
Total lease liabilities
830
1,102
224
GSK Annual Report 2025
Notes to the financial statements continued
30. Pensions and other post-employment benefits
Pension and other post-employment costs
2025
£m
2024
£m
2023
£m
UK pension schemes
83
120
96
US pension schemes
27
40
56
Other overseas pension schemes
130
151
146
Unfunded post-retirement healthcare schemes
60
57
58
300
368
356
Analysed as:
Funded defined benefit/hybrid pension schemes
83
132
134
Unfunded defined benefit pension schemes
27
29
35
Unfunded post-retirement healthcare schemes
60
57
58
Defined benefit schemes
170
218
227
Defined contribution pension schemes
130
150
129
300
368
356
The costs of the defined benefit pension and post-retirement healthcare schemes are charged in the income statement as follows:
2025
£m
2024
£m
2023
£m
Cost of sales
69
87
94
Selling, general and administration
69
92
91
Research and development
32
39
42
170
218
227
GSK entities operate pension arrangements which cover the Group’s material obligations to provide pensions to retired employees.
These arrangements have been developed in accordance with local practices in the countries concerned. Pension benefits can be
provided by state schemes; by defined contribution schemes, whereby retirement benefits are determined by the value of funds
arising from contributions paid in respect of each employee; or by defined benefit schemes, whereby retirement benefits are based
on factors such as employee pensionable remuneration and length of service.
Pension costs of defined benefit schemes for accounting purposes have been calculated using the projected unit credit method. In
certain countries pension benefits are provided on an unfunded basis, some administered by trustee companies. Formal,
independent actuarial valuations of the Group’s main plans are undertaken regularly, normally at least every three years.
Remeasurement movements in the year are recognised through the statement of comprehensive income. Discount rates are
derived from AA-rated corporate bond yields except in countries where there is no deep market in corporate bonds where
government bond yields are used. Discount rates are selected to reflect the term of the expected benefit payments. Projected
inflation rates and pension increases are long-term predictions based on the yield gap between long-term index-linked and fixed
interest government bonds. In the UK, mortality rates are determined by adjusting the SAPS S3 standard mortality tables to reflect
recent scheme experience. These rates are then projected to reflect improvements in life expectancy in line with the CMI 2024
projections with a long-term rate of improvement of 1.0% per year for both males and females. In the US, mortality rates are
calculated using the PRI-2012 white collar table adjusted to reflect recent experience. These rates are projected using MP-2020 to
allow for future improvements in life expectancy.
The average life expectancy assumed now for an individual at the age of 60 and projected to apply in 2045 for an individual then at the age of 60 is
as follows:
UK
US
Male
Years
Female
Years
Male
Years
Female
Years
Current
27.1
28.4
27.5
28.8
Projected for 2045
28.2
29.7
29.0
30.3
225
GSK Annual Report 2025
Notes to the financial statements continued
30. Pensions and other post-employment benefits continued
The assets of funded schemes are generally held in separately administered trusts, either as specific assets or as a proportion of a
general fund, or are insurance contracts. Assets are invested in different classes in order to maintain a balance between risk and
return. Investments are diversified to limit the financial effect of the failure of any individual investment. The target exposure for
three of the four UK plans is split 31% to return-seeking assets and 69% to liability-matching assets. During 2019, a buy-in insurance
contract was purchased to cover substantially all of the obligations of the other UK plan. At 31 December 2025, the value of the
insurance contract was £345 million (2024 : £340 million). The asset allocation of the US plan is currently set at 25% return-seeking
assets and 75% liability-matching assets.
The pension plans are exposed to risk that arises because the market value of the plans’ assets might decline or the estimated value
of the plans’ liabilities might increase.
Within the broad investment strategy outlined above, the return-seeking assets are primarily intended to generate future returns
while the liability-matching assets are intended to match future pension obligations. Each pool invests across a broad range of
assets. The main risks within the portfolios are against credit risk, interest rates, long-term inflation, equities, property, currency and
bank counterparty risk.
The plan liabilities are a series of future cash flows with relatively long duration. On an IAS 19 basis, these cash flows are sensitive to
changes in the expected long-term inflation rate and the discount rate (AA corporate bond yield curve) where an increase in long-
term inflation corresponds with an increase in the liabilities, and an increase in the discount rate corresponds with a decrease in the
liabilities.
For the UK plans, there is an interest rate and inflation hedging strategy in place. The targets are based on an economic measure of
the plan liabilities.The interest rate risk in the US is partially hedged with the target based on an accounting measure of the plan
liabilities.
Climate-related impacts, along with other environmental, social and governance (ESG) considerations, can be financially material
with regard both to expected returns and to risk implications. The incorporation of such considerations into investment policy is
subject to local regulations and fiduciary obligations.
In the UK, the defined benefit pension schemes operated for the benefit of former Glaxo Wellcome employees and former
SmithKline Beecham employees remain separate. These schemes were closed to new entrants in 2001 and subsequent UK
employees are entitled to join a defined contribution scheme. In addition, the Group operates a number of post-retirement
healthcare schemes, the principal one of which is in the US.
The UK defined benefit plans closed to future accrual effective from 31 March 2022. As a result, post closure the accrued benefits of
active participants are revalued in line with inflation (RPI for the legacy Glaxo Wellcome plans and CPI for the legacy SmithKline
Beecham plans subject to the relevant caps for each arrangement) rather than capped pay increases. From 1 April 2022, former
defined benefit plans employees were transferred to the defined contribution plans.
The US cash balance pension plan closed to future accrual from 1 January 2021. 
The Group has applied the following financial assumptions in assessing the defined benefit liabilities:
UK
US
Rest of World
2025
% pa
2024
% pa
2023
% pa
2025
% pa
2024
% pa
2023
% pa
2025
% pa
2024
% pa
2023
% pa
Rate of increase of future earnings
n/a
n/a
n/a
n/a
n/a
n/a
3.20
3.20
3.20
Discount rate
5.50
5.50
4.60
5.10
5.50
5.00
4.00
3.30
3.10
Expected pension increases
2.70
2.90
2.90
n/a
n/a
n/a
2.40
2.40
2.50
Cash balance credit/conversion rate
n/a
n/a
n/a
4.80
4.80
4.00
2.10
1.10
0.60
Inflation rate
2.70
2.90
2.90
2.50
2.50
2.50
2.00
1.90
2.00
The liability for the US post-retirement healthcare scheme has been assessed using the same assumptions as for the US pension
scheme, together with the assumption for future medical inflation of 7.00% in 2026 grading down to 5.0% in 2034 and thereafter
(2024: 6.50% in 2025, grading down to 5.0% in 2031 and thereafter).
Sensitivity analysis detailing the effect of changes in assumptions is provided on page 232. The analysis provided reflects the
assumption changes which have the most material impact on the results of the Group.
226
GSK Annual Report 2025
Notes to the financial statements continued
30. Pensions and other post-employment benefits continued
The amounts recorded in the income statement and statement of comprehensive income for the three years ended 31 December
2025 in relation to the defined benefit pension and post-retirement healthcare schemes were as follows:
Pensions
Post-retirement
benefits
2025
UK
£m
US
£m
Rest of World
£m
Group
£m
Group
£m
Amounts charged to operating profit
Current service cost
–
3
89
92
17
Past service cost
2
1
–
3
2
Net interest (income)/cost
(30)
17
9
(4)
41
Gains from settlements
–
–
–
–
–
Expenses
13
6
–
19
–
(15)
27
98
110
60
Remeasurement gains/(losses) recorded in the statement of
  comprehensive income
80
42
26
148
(15)
Pensions
Post-retirement
benefits
2024
UK
£m
US
£m
Rest of World
£m
Group
£m
Group
£m
Amounts charged to operating profit
Current service cost
–
3
94
97
14
Past service cost
18
–
–
18
–
Net interest (income)/cost
(15)
26
14
25
43
Gains from settlements
–
–
(2)
(2)
–
Expenses
12
11
–
23
–
15
40
106
161
57
Remeasurement gains/(losses) recorded in the statement of
  comprehensive income
237
90
129
456
50
Pensions
Post-retirement
benefits
2023
UK
£m
US
£m
Rest of World
£m
Group
£m
Group
£m
Amounts charged to operating profit
Current service cost
–
5
91
96
12
Past service cost/(credit)
3
–
–
3
–
Net interest (income)/cost
(5)
35
16
46
47
Gains from settlements
–
–
(6)
(6)
–
Expenses
14
16
—
30
(1)
12
56
101
169
58
Remeasurement gains/(losses) recorded in the statement of
  comprehensive income
28
45
38
111
(40)
Past service cost in the UK included £2 million (2024: £18 million; 2023: £3 million) of augmentation costs which arose from Major
restructuring programmes.
227
GSK Annual Report 2025
Notes to the financial statements continued
30. Pensions and other post-employment benefits continued
A summarised balance sheet presentation of the Group defined benefit pension schemes and other post-retirement benefits is set
out in the table below:
2025
£m
2024
£m
2023
£m
Recognised in other non-current assets (Note 23):
Pension schemes in surplus
1,115
898
634
Recognised in pensions and other post-employment benefits:
  Pension schemes in deficit
(886)
(1,001)
(1,397)
  Post-retirement benefits
(801)
(863)
(943)
(1,687)
(1,864)
(2,340)
In the event of a plan wind-up, GSK believes the UK pension scheme rules provide the company with the right to a refund of surplus
assets following the full settlement of plan liabilities. As a result, the net surplus in the UK defined benefit pension schemes is
recognised in full.
The fair values of the assets and liabilities of the UK and US defined benefit pension schemes, together with aggregated data for
other defined benefit pension schemes in the Group, are as follows:
At 31 December 2025
UK
£m
US
£m
Rest of World
£m
Group
£m
Equities:
–  listed
1,376
508
395
2,279
–  unlisted
–
–
–
–
Multi-asset funds
867
–
–
867
Property:
–  listed
–
–
–
–
–  unlisted
413
78
24
515
Corporate bonds:
–  listed
1,491
755
233
2,479
–  unlisted
–
–
–
–
Government bonds:
–  listed
4,553
739
456
5,748
Insurance contracts
878
–
889
1,767
Other (liabilities)/assets
(759)
90
88
(581)
Fair value of assets
8,819
2,170
2,085
13,074
Present value of scheme obligations
(8,130)
(2,391)
(2,324)
(12,845)
Net surplus/(obligation)
689
(221)
(239)
229
Included in other non-current assets
848
–
267
1,115
Included in pensions and other post-employment benefits
(159)
(221)
(506)
(886)
689
(221)
(239)
229
Actual return/(loss) on plan assets
538
215
(10)
743
The multi-asset funds comprise investments in pooled investment vehicles that are invested across a range of asset classes,
increasing diversification within the growth portfolio.
The ‘Other (liabilities)/assets’ category comprises cash and mark to market values of derivative positions.
Index-linked gilts held as part of a UK repo programme are included in government bonds. The related loan of £1,857 million at
31 December 2025 (2024: £1,634 million; 2023: £1,853 million) is deducted within ‘Other (liabilities)/assets’.
228
GSK Annual Report 2025
Notes to the financial statements continued
30. Pensions and other post-employment benefits continued
At 31 December 2024
UK
£m
US
£m
Rest of World
£m
Group
£m
Equities:
–  listed
1,669
472
364
2,505
–  unlisted
–
–
2
2
Multi-asset funds
923
–
–
923
Property:
–  listed
–
–
–
–
–  unlisted
407
99
24
530
Corporate bonds:
–  listed
2,104
739
208
3,051
–  unlisted
–
–
15
15
Government bonds:
–  listed
4,107
772
489
5,368
Insurance contracts
883
–
822
1,705
Other (liabilities)/assets
(1,291)
125
81
(1,085)
Fair value of assets
8,802
2,207
2,005
13,014
Present value of scheme obligations
(8,241)
(2,596)
(2,280)
(13,117)
Net surplus/(obligation)
561
(389)
(275)
(103)
—
—
—
—
Included in other non-current assets
725
–
173
898
Included in pensions and other post-employment benefits
(164)
(389)
(448)
(1,001)
561
(389)
(275)
(103)
Actual return/(loss) on plan assets
(213)
132
121
40
At 31 December 2023
UK
£m
US
£m
Rest of World
£m
Group
£m
Equities:
–  listed
1,647
447
349
2,443
–  unlisted
–
–
2
2
Multi-asset funds
852
–
–
852
Property:
–  listed
–
–
–
–
–  unlisted
467
119
24
610
Corporate bonds:
–  listed
2,019
698
205
2,922
–  unlisted
–
–
15
15
Government bonds:
–  listed
4,897
774
527
6,198
Insurance contracts
990
–
771
1,761
Other (liabilities)/assets
(1,374)
104
89
(1,181)
Fair value of assets
9,498
2,142
1,982
13,622
Present value of scheme obligations
(9,222)
(2,757)
(2,406)
(14,385)
Net surplus/(obligation)
276
(615)
(424)
(763)
Included in Other non-current assets
457
–
177
634
Included in Pensions and other post-employment benefits
(181)
(615)
(601)
(1,397)
276
(615)
(424)
(763)
Actual return on plan assets
647
196
138
981
229
GSK Annual Report 2025
Notes to the financial statements continued
30. Pensions and other post-employment benefits continued
Pensions
Post-retirement
benefits
Movements in fair values of assets
UK
£m
US
£m
Rest of World
£m
Group
£m
Group
£m
Assets at 1 January 2023
9,014
2,260
1,870
13,144
–
Exchange adjustments
–
(125)
(84)
(209)
–
Interest income
430
111
60
601
–
Expenses
(14)
(16)
–
(30)
–
Settlements and curtailments
–
–
2
2
–
Remeasurement
217
85
78
380
–
Employer contributions
363
125
118
606
98
Scheme participants’ contributions
–
–
11
11
18
Benefits paid
(512)
(298)
(73)
(883)
(116)
Assets at 31 December 2023
9,498
2,142
1,982
13,622
–
Exchange adjustments
–
37
(116)
(79)
–
Interest income
426
102
59
587
–
Expenses
(12)
(11)
–
(23)
–
Settlements and curtailments
–
–
(1)
(1)
–
Remeasurement
(639)
30
62
(547)
–
Employer contributions
63
179
109
351
94
Scheme participants’ contributions
–
–
11
11
18
Benefits paid
(534)
(272)
(101)
(907)
(112)
Assets at 31 December 2024
8,802
2,207
2,005
13,014
–
Exchange adjustments
–
(153)
57
(96)
–
Interest income
469
111
65
645
–
Expenses
(13)
(6)
–
(19)
–
Settlements and curtailments
–
–
–
–
–
Remeasurement
69
104
(75)
98
–
Employer contributions
33
128
122
283
87
Scheme participants’ contributions
–
–
12
12
18
Benefits paid
(541)
(221)
(101)
(863)
(105)
Assets at 31 December 2025
8,819
2,170
2,085
13,074
–
During 2025, the Group made £nil (2024: £30 million) deficit reduction contributions to the UK pension schemes. The Group made a
contribution to the US Cash Balance Plan of £100 million (2024: £150 million).
Employer contributions for 2026 are estimated to be approximately £170 million in respect of defined benefit pension schemes and
£70 million in respect of other post-retirement benefits.
Effective from January 2026, contributions to the GSK Pension Scheme defined contributions section, ordinarily payable by the
Group, will be met from surplus assets in the GSK Pension Scheme defined benefits section, provided certain conditions are met.
230
GSK Annual Report 2025
Notes to the financial statements continued
30. Pensions and other post-employment benefits continued
Pensions
Post-retirement
benefits
Movements in defined benefit obligations
UK
£m
US
£m
Rest of World
£m
Group
£m
Group
£m
Obligations at 1 January 2023
(9,117)
(3,031)
(2,352)
(14,500)
(994)
Exchange adjustments
–
166
87
253
53
Service cost
–
(5)
(91)
(96)
(13)
Past service cost
(3)
–
–
(3)
–
Interest cost
(425)
(145)
(76)
(646)
(47)
Settlements and curtailments
–
–
4
4
–
Remeasurement
(189)
(40)
(40)
(269)
(40)
Scheme participants’ contributions
–
–
(11)
(11)
(18)
Benefits paid
512
298
73
883
116
Obligations at 31 December 2023
(9,222)
(2,757)
(2,406)
(14,385)
(943)
Exchange adjustments
–
(40)
133
93
(7)
Service cost
–
(3)
(94)
(97)
(14)
Past service cost
(18)
–
–
(18)
–
Interest cost
(411)
(128)
(73)
(612)
(43)
Settlements and curtailments
–
–
3
3
–
Remeasurement
876
60
67
1,003
50
Scheme participants’ contributions
–
–
(11)
(11)
(18)
Benefits paid
534
272
101
907
112
Obligations at 31 December 2024
(8,241)
(2,596)
(2,280)
(13,117)
(863)
Exchange adjustments
–
178
(71)
107
50
Service cost
–
(3)
(89)
(92)
(17)
Past service cost
(2)
(1)
–
(3)
(2)
Interest cost
(439)
(128)
(74)
(641)
(41)
Settlements and curtailments
–
–
–
–
–
Remeasurement
11
(62)
101
50
(15)
Scheme participants’ contributions
–
–
(12)
(12)
(18)
Benefits paid
541
221
101
863
105
Obligations at 31 December 2025
(8,130)
(2,391)
(2,324)
(12,845)
(801)
231
GSK Annual Report 2025
Notes to the financial statements continued
30. Pensions and other post-employment benefits continued
The defined benefit pension obligation is analysed as follows:
2025
£m
2024
£m
2023
£m
Funded
(12,323)
(12,564)
(13,782)
Unfunded
(522)
(553)
(603)
(12,845)
(13,117)
(14,385)
At 31 December 2025, the US post-retirement healthcare scheme obligation was £684 million (2024: £748 million; 2023: £785
million). Post-retirement benefits are unfunded.
The movement in the net defined benefit liability is as follows:
2025
£m
2024
£m
2023
£m
At 1 January
(103)
(763)
(1,356)
Exchange adjustments
11
14
44
Service cost
(92)
(97)
(96)
Past service cost
(3)
(18)
(3)
Interest income/(cost)
4
(25)
(45)
Settlements and curtailments
–
2
6
Remeasurements:
Return on plan assets, excluding amounts included in interest
98
(547)
380
Gain/(loss) from change in demographic assumptions
(62)
90
135
Gain/(loss) from change in financial assumptions
211
890
(137)
Experience gain/(loss)
(99)
23
(267)
Employer contributions
283
351
606
Transfer to assets held for sale/distribution
–
–
–
Expenses
(19)
(23)
(30)
At 31 December
229
(103)
(763)
The remeasurements included within post-retirement benefits are detailed below:
2025
£m
2024
£m
2023
£m
Gain from change in demographic assumptions
–
7
7
Gain/(loss) from change in financial assumptions
(1)
44
(43)
Experience gain/(loss)
(14)
(1)
(4)
(15)
50
(40)
The defined benefit pension obligation analysed by membership category is as follows:
2025
£m
2024
£m
2023
£m
Active
2,232
1,418
1,508
Retired
8,215
8,147
8,730
Deferred
2,398
3,552
4,147
12,845
13,117
14,385
The post-retirement benefit obligation analysed by membership category is as follows:
2025
£m
2024
£m
2023
£m
Active
270
277
277
Retired
530
586
666
Deferred
1
–
–
801
863
943
The weighted average duration of the defined benefit obligation is as follows:
2025
years
2024
years
2023
years
Pension benefits
10
11
11
Post-retirement benefits
9
9
10
232
GSK Annual Report 2025
Notes to the financial statements continued
30. Pensions and other post-employment benefits continued
Sensitivity analysis
The effect of changes in assumptions used on the benefit obligations and on the 2025 annual defined benefit pension and post-
retirement costs are detailed below. This information has been determined by taking into account the duration of the liabilities and
the overall profile of the plan memberships.
Discount rate
0.25%
increase
£m
0.25%
decrease
£m
(Decrease)/increase in annual pension cost
(17)
15
Increase/(decrease) in annual post-retirement benefits cost
1
(1)
(Decrease)/increase in pension obligation
(289)
303
(Decrease)/increase in post-retirement benefits obligation
(16)
17
0.75%
increase
£m
0.75%
decrease
£m
(Decrease)/increase in annual pension cost
(51)
44
Increase/(decrease) in annual post-retirement benefits cost
2
(2)
(Decrease)/increase in pension obligation
(836)
950
(Decrease)/increase in post-retirement benefits obligation
(46)
51
Inflation rate
0.25%
increase
£m
0.25%
decrease
£m
Increase/(decrease) in annual pension cost
15
(16)
Increase/(decrease) in pension obligation
237
(229)
0.75%
increase
£m
0.75%
decrease
£m
Increase/(decrease) in annual pension cost
44
(47)
Increase/(decrease) in pension obligation
712
(689)
Life expectancy
1 year
increase
£m
Increase in annual pension cost
19
Increase in annual post-retirement benefits cost
1
Increase in pension obligation
403
Increase in post-retirement benefits obligation
28
Rate of future healthcare inflation
1%
increase
£m
Increase in annual post-retirement benefits cost
1
Increase in post-retirement benefits obligation
21
233
GSK Annual Report 2025
Notes to the financial statements continued
31. Other provisions
Legal
and other
disputes
£m
Major
restructuring
programmes
£m
Employee-
related
provisions
£m
Other
provisions
£m
Total
£m
At 1 January 2025
1,446
273
426
390
2,535
Exchange adjustments
(84)
1
2
(2)
(83)
Charge for the year
148
67
391
234
840
Reversed/unused
(11)
(51)
(59)
(27)
(148)
Unwinding of discount
24
1
3
–
28
Utilised
(1,313)
(110)
(121)
(107)
(1,651)
Transfer to assets held for sale/distribution
–
–
–
(1)
(1)
Additions through business combinations
–
–
23
–
23
Reclassifications and other movements
–
6
9
(8)
7
Transfer to pension obligations
–
(2)
–
–
(2)
At 31 December 2025
210
185
674
479
1,548
To be settled within one year
189
100
370
279
938
To be settled after one year
21
85
304
200
610
At 31 December 2025
210
185
674
479
1,548
Legal and other disputes
The Group is involved in a substantial number of legal and other
disputes, including notification of possible claims, as set out in
Note 46, ‘Legal proceedings’. Provisions for legal and other
disputes include amounts relating to product liability, anti-trust,
government investigations, contract terminations and self
insurance.
The Group may become involved in significant legal
proceedings in respect of which it is not possible to
meaningfully assess whether the outcome will result in a
probable outflow, or to quantify or reliably estimate the liability,
if any, that could result from ultimate resolution of the
proceedings. In these cases, the Group would provide
appropriate disclosures about such cases, but no provision
would be made.
The net charge for the year of £137 million (including reversals
and estimated insurance recoveries) primarily reflects provisions
for product liability cases, commercial disputes and various
other government investigations.
The effect of unwinding the discount on the provision is
£24 million in 2025 (2024:£18 million). The discount was
calculated using risk-adjusted projected cash flows and risk-
free rates of return.
During the year, provisions of £1,313 million were utilised,
primarily reflecting the Zantac settlement payments of £1,195
million made during the year.
In respect of product liability claims related to certain products,
provision is made when there is sufficient history of claims made
and settlements to enable management to make a reliable
estimate of the provision required to cover unasserted claims,
and to determine the probability of the outflow of cash. The
ultimate liability for such matters may vary from the amounts
provided and is dependent upon the outcome of litigation
proceedings, investigations and possible settlement
negotiations.
The Group’s position could change over time and therefore,
there can be no assurance that any losses that result from the
outcome of any legal proceedings will not exceed by a material
amount the amount of the provisions reported in the Group’s
financial statements.
It is in the nature of the Group’s business that a number of these
matters may be the subject of negotiation and litigation over
many years. Litigation proceedings, including the various
appeal procedures, often take many years to reach resolution,
and out-of-court settlement discussions can also often be
protracted. Indemnified disputes will result in a provision charge
and a corresponding receivable.
The Group is in potential settlement discussions in a number of
the disputes for which amounts have been provided and, based
on its current assessment of the progress of these disputes,
estimates that £189 million of the amount provided at
31 December 2025 will be settled within one year. For a
discussion of legal issues, see Note 46, ‘Legal proceedings’.
Major restructuring programmes
During 2025, the Group had two ongoing major restructuring
programmes: the Separation restructuring programme which
focused on the separation of GSK into two companies and is
largely complete, plus the Significant Acquisitions programme
which is focused on the integration of recent acquisitions.
Restructuring provisions primarily include severance costs when
management has made a formal decision to eliminate certain
positions and this has been communicated to the groups of
employees affected and appropriate consultation procedures
completed, where appropriate. No provision is made for staff
severance payments that are paid immediately.
The affect of unwinding the discount on the provision is
£1 million in 2025 (2024 : increased by £1 million).
Transfer to pension obligations reflects augmentation costs of
£2 million relating to defined benefit plans arising from staff
redundancies, as shown in Note 30, ‘Pensions and other post-
employment benefits’.
234
GSK Annual Report 2025
Notes to the financial statements continued
31. Other provisions continued
Employee-related provisions
Employee-related provisions include obligations for certain
medical benefits to disabled employees and their spouses in
the US.
At 31 December 2025, the provision for these benefits
amounted to £41 million (2024: £46 million). Other employee
benefits reflect a variety of provisions for severance costs,
jubilee awards and other long-service benefits.
Given the nature of these provisions, the amounts are likely to
be settled over many years.
Other provisions
Included in other provisions are provisions for onerous contracts,
insurance provisions and a number of other provisions including
vehicle insurance, environmental remediation and regulatory
matters.
32. Contingent consideration liabilities
The consideration for certain acquisitions includes amounts contingent on future events such as development milestones or sales
performance. The Group has provided for the fair value of this contingent consideration as follows:
Shionogi-ViiV
Healthcare
£m
Novartis
Vaccines
£m
BP Asset IX
£m
Affinivax
£m
Other
£m
Total
£m
At 1 January 2023
5,890
673
501
4
7,068
Remeasurement through income statement
934
(210)
44
–
768
Exchange movement through reserves
–
–
(29)
–
(29)
Initial recognition from business combinations
–
–
–
–
–
Cash payments: operating cash flows
(1,106)
(28)
–
–
(1,134)
Cash payments: investing activities
–
(11)
–
–
(11)
At 31 December 2023
5,718
424
516
4
6,662
Initial recognition from business combinations
–
–
–
104
104
Remeasurement through income statement
1,533
215
(22)
36
1,762
Exchange movement through reserves
–
–
8
(2)
6
Cash payments: operating cash flows
(1,190)
(45)
–
–
(1,235)
Cash payments: investing activities
–
(19)
–
–
(19)
At 31 December 2024
6,061
575
–
502
142
7,280
Initial recognition from business combinations
–
–
222
–
58
280
Remeasurement through income statement
649
146
7
(254)
8
556
Exchange movement through reserves
–
–
2
(29)
(9)
(36)
Cash payments: operating cash flows
(1,277)
(53)
–
–
–
(1,330)
Cash payments: investing activities
–
(17)
–
–
–
(17)
At 31 December 2025
5,433
651
231
219
199
6,733
Contingent consideration payable of £222 million was recognised at acquisition for the purchase of 100% of BP Asset IX, Inc. a
subsidiary of Boston Pharmaceuticals which provides access to efimosfermin alfa. Contingent consideration payable of £58 million
was recognised at acquisition for the purchase of IDRx, Inc. and Cellphenomics GmbH. Further information on the acquisitions is
provided in Note 40, ‘Acquisitions and disposals.
Of the contingent consideration payable at 31 December 2025, £1,348 million (2024: £1,172 million) is expected to be paid within one
year.
The consideration payable for the acquisition of the Shionogi-ViiV Healthcare joint venture, Affinivax, the Novartis Vaccines
business and BP Asset IX, are expected to be paid over a number of years. As a result, the total estimated liabilities are discounted
to their present values, shown above. The Shionogi-ViiV Healthcare contingent consideration liability is discounted at 8% (2024:
8%), the Affinivax contingent consideration liability is discounted at 9.0% (2024: 9.0% ), Novartis Vaccines contingent consideration
liability is discounted at 8.0% ( 2024: 8.0%) for commercialised products and at 9.0% ( 2024: 9.0%) for pipeline assets, and the BP
Asset IX contingent consideration liability is discounted at 9.0%.
The Shionogi-ViiV Healthcare and Novartis Vaccines contingent consideration liabilities are calculated principally based on the
forecast sales performance of specified products over the lives of those products.
The Affinivax contingent consideration is based upon one potential milestone payment of $0.6 billion (£0.4 billion) which will be
paid if certain paediatric clinical development milestones are achieved.
The BP Asset IX contingent consideration is based upon three milestone payments, totalling $0.8 billion (£0.6 billion), which will be
paid if certain clinical development and regulatory milestones are achieved.
235
GSK Annual Report 2025
Notes to the financial statements continued
32. Contingent consideration liabilities continued
The table below shows on an indicative basis the income statement and balance sheet sensitivity to reasonably possible changes
in key inputs to the valuations of the largest contingent consideration liabilities.
2025
2024
Increase/(decrease) in financial liability and loss/(gain) in
income statement
Shionogi-
ViiV
Healthcare
£m
Novartis
Vaccines
£m
Affinivax
£m
BP Asset IX
£m
Shionogi-
ViiV
Healthcare
£m
Novartis
Vaccines
£m
Affinivax
£m
10% increase in sales forecasts*
508
92
n/a
n/a
573
83
n/a
15% increase in sales forecasts*
762
137
n/a
n/a
857
125
n/a
10% decrease in sales forecasts*
(510)
(92)
n/a
n/a
(572)
(83)
n/a
15% decrease in sales forecasts*
(764)
(137)
n/a
n/a
(856)
(125)
n/a
1% (100 basis points) increase in discount rate
(144)
(41)
(7)
(8)
(180)
(38)
(14)
1.5% (150 basis points) increase in discount rate
(213)
(59)
(10)
(12)
(267)
(55)
(20)
1% (100 basis points) decrease in discount rate
152
47
7
9
194
43
14
1.5% (150 basis points) decrease in discount rate
233
73
11
13
298
67
21
10 cent appreciation of US Dollar
360
15
18
19
431
14
43
15 cent appreciation of US Dollar
562
24
27
29
677
22
68
10 cent depreciation of US Dollar
(311)
(13)
(15)
(16)
(368)
(12)
(37)
15 cent depreciation of US Dollar
(451)
(19)
(22)
(23)
(533)
(17)
(54)
10 cent appreciation of Euro
73
24
n/a
n/a
77
22
n/a
15 cent appreciation of Euro
116
38
n/a
n/a
123
35
n/a
10 cent depreciation of Euro
(61)
(20)
n/a
n/a
(65)
(19)
n/a
15 cent depreciation of Euro
(91)
(29)
n/a
n/a
(95)
(27)
n/a
10% increase in probability of milestone success
n/a
22
68
24
n/a
22
73
10% decrease in probability of milestone success
n/a
(11)
(32)
(31)
n/a
(11)
(73)
*The sales forecast is for ViiV Healthcare sales only in respect of the Shionogi-ViiV Healthcare contingent consideration. An explanation of the accounting
for ViiV Healthcare is set out on page 86.
33. Other non-current liabilities
2025
£m
2024
£m
Accruals
6
6
Deferred income
121
165
Other payables
896
929
1,023
1,100
Other payables includes a number of employee-related liabilities, including employee savings plans.
34. Contingent liabilities
At 31 December 2025 , contingent liabilities where GSK has a present obligation as a result of a past event, comprising guarantees
and other items arising in the normal course of business, amounted to £38 million (2024 : £26 million). There are no material amounts
of financial assets pledged as collateral for contingent liabilities at 31 December 2025. Provision is made for the outcome of tax,
legal and other disputes where it is both probable that the Group will suffer an outflow of funds and it is possible to make a reliable
estimate of that outflow. If it is not possible to meaningfully assess whether the outcomes will result in a probable outflow, or to
quantify or reliably estimate the liability, if any, no provision is recorded. Descriptions of the significant legal and other disputes to
which the Group is a party are set out in Note 46, ‘Legal proceedings’.
236
GSK Annual Report 2025
Notes to the financial statements continued
35. Commitments
Contractual obligations and commitments
2025
£m
2024
£m
Contracted for but not provided in the financial statements:
Intangible assets
17,048
19,183
Property, plant and equipment
764
754
Investments
175
203
17,987
20,140
The commitments related to intangible assets include milestone payments, which are dependent on successful clinical development
or on meeting specified sales targets, and which represent the maximum that would be paid if all milestones, however unlikely, are
achieved. The amounts disclosed are not risk-adjusted or discounted.
The change in intangible asset commitments in 2025 is mainly attributable to a decrease in milestones payable relating to the
amendment to GSK’s existing agreement with CureVac and certain other project terminations, including the collaboration with iTeos
Therapeutics, Inc., as well as the strengthening of GBP against USD. This is partially offset by additions to commitments for new
R&D collaborations and acquisitions, including with ABL Bio, Inc., and Jiangsu Hengrui Pharmaceuticals Co., Ltd.
Within intangible assets commitments the Group has disclosed £34 million (2024: £38 million ) related to nature-based carbon
credit projects, which aligns with GSK’s commitments to a net-zero, nature positive world, and within property, plant and equipment
commitments of £57 million (2024: £34 million) related to the transition to a lower-carbon propellant solution.
Lease contracts that have not commenced are not disclosed as these are not material.
For the Group's commitments related to interest on debt and future finance charges on leases refer to Note 43, 'Financial
instruments and related disclosures’.
The table excludes any amounts already capitalised in the financial statements for the year ended 31 December 2025.
36. Share capital and share premium account
Ordinary shares of 31¼p each
Share
premium
Number
£m
£m
Share capital issued and fully paid:
At 1 January 2023
4,311,343,341
1,347
3,440
Issued under employee share schemes
802,642
1
9
Ordinary shares acquired by ESOP Trusts
–
–
2
At 31 December 2023
4,312,145,983
1,348
3,451
Issued under employee share schemes
2,157,751
–
20
Ordinary shares acquired by ESOP Trusts
–
–
2
At 31 December 2024
4,314,303,734
1,348
3,473
Issued under employee share schemes
1,141,292
1
14
Ordinary shares acquired by ESOP Trusts
–
–
11
At 31 December 2025
4,315,445,026
1,349
3,498
At 31 December 2025, of the issued share capital, 62,875,215 shares were held in the ESOP Trusts, out of which 62,227,857 shares
were held for the future exercise of share awards and 647,358 shares were held for the Executive Supplemental Savings plan.
240,019,489 shares were held as Treasury shares and 4,012,550,322 shares were in free issue. All issued shares are fully paid and
there are no shares authorised but not in issue. The nominal, carrying and market values of the shares held in the ESOP Trusts are
disclosed in Note 44, ‘Employee share schemes’.
During the year ended 31 December 2025, the Group purchased 93 million ordinary shares, representing approximately —% of the
issued ordinary share capital at 31 December 2025, at an average price of £14.73 pence per share, and an aggregate cost of
£1.4 billion including directly attributable transaction costs of £8 million under the 2025 share buyback programme.
237
GSK Annual Report 2025
Notes to the financial statements continued
36. Share capital and share premium account continued
The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to Tranche 1
of the 2025 share buyback programme of up to £700 million, which began in February 2025 and was completed in June 2025, were
as follows:
Number of shares
purchased under share
buyback programme
Average price paid
Total cost
Authorised purchases
unutilised at month end
Period
Number
£ per share
£m
£m
February 25
3,953,602
14.65
58
642
March 25
14,283,285
15.00
214
428
April 25
17,492,918
13.63
238
189
May 25
12,351,970
14.13
175
15
June 25
982,305
15.08
15
–
Total
49,064,080
14.27
700
–
The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to Tranche 2
of the 2025 share buyback programme of up to £450 million, which began in June 2025 and was completed in September 2025,
were as follows:
Number of shares
purchased under share
buyback programme
Average price paid
Total cost
Authorised purchases
unutilised at month end
Period
Number
£ per share
£m
£m
June 25
8,038,188
14.57
117
333
July 25
10,871,850
13.99
152
181
August 25
7,364,050
14.19
105
76
September 25
3,056,373
14.73
45
–
Total
29,330,461
14.28
419
–
The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to Tranche 3
of the 2025 share buyback programme of up to £300 million, which began in September 2025 and was completed in December
2025, were as follows:
Number of shares
purchased under share
buyback programme
Average price paid
Total cost
Authorised purchases
unutilised at month end
Period
Number
£ per share
£m
£m
September 25
305,000
15.49
5
295
October 25
6,998,500
16.39
115
181
November 25
3,840,233
17.86
68
112
December 25
3,410,912
18.18
62
–
Total
14,554,645
17.18
250
–
238
GSK Annual Report 2025
Notes to the financial statements continued
37. Movements in equity
Retained earnings and other reserves amounted to £11,530 million at 31 December 2025 (2024: £8,850 million; 2023: £8,548 million )
of which £444 million (2024: £452 million ; 2023: £451 million) related to associates and joint ventures.
The cumulative translation exchange in equity is as follows:
Net translation exchange included in:
Retained
earnings
£m
Fair value
reserve
£m
Non-
controlling
interests
£m
Total
translation
exchange
£m
At 1 January 2023
(429)
(5)
(97)
(531)
Exchange movements on overseas net assets and net investment hedges
(41)
19
(25)
(47)
Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries
  and associates
(34)
–
–
(34)
At 31 December 2023
(504)
14
(122)
(612)
Exchange movements on overseas net assets and net investment hedges
(380)
(12)
(4)
(396)
Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries
  and associates
(87)
–
–
(87)
At 31 December 2024
(971)
2
(126)
(1,095)
Exchange movements on overseas net assets and net investment hedges
235
(4)
(18)
213
Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries
  and associates
(12)
–
–
(12)
At 31 December 2025
(748)
(2)
(144)
(894)
The analysis of other comprehensive income by equity category is as follows:
2025
Retained
earnings
£m
Other
reserves
£m
Non-
controlling
interests
£m
Total
£m
Items that may be subsequently reclassified to income statement:
Exchange movements on overseas net assets and net investment hedges
235
(4)
–
231
Reclassification of exchange movements on liquidation or disposal of subsidiaries
  and associates
(12)
–
–
(12)
Fair value movements on cash flow hedges
–
(41)
–
(41)
Cost of hedging
–
4
–
4
Reclassification of cash flow hedges to income statement
–
36
–
36
Deferred tax on fair value movements on cash flow hedges
–
(2)
–
(2)
Items that will not be reclassified to income statement:
Exchange movements on overseas net assets of non-controlling interests
–
–
(18)
(18)
Fair value movements on equity investments
–
215
–
215
Tax on fair value movements on equity investments
–
(20)
–
(20)
Remeasurement on defined benefit plans
133
–
–
133
Tax on remeasurement defined benefit plans
(33)
–
–
(33)
Fair value movements on cash flow hedges
–
–
–
–
Total other comprehensive income/(expense) for the year
323
188
(18)
493
239
GSK Annual Report 2025
Notes to the financial statements continued
37. Movements in equity continued
2024
Retained
earnings
£m
Other
reserves
£m
Non-
controlling
interests
£m
Total
£m
Items that may be subsequently reclassified to income statement:
Exchange movements on overseas net assets and net investment hedges
(380)
(12)
–
(392)
Reclassification of exchange movements on liquidation or disposal of subsidiaries
  and associates
(87)
–
–
(87)
Fair value movements on cash flow hedges
–
–
–
–
Deferred tax on fair value movements on cash flow hedges
–
1
–
1
Cost of hedging
–
(4)
–
(4)
Reclassification of cash flow hedges to income statement
–
4
–
4
Items that will not be reclassified to income statement:
Exchange movements on overseas net assets of non-controlling interests
–
–
(4)
(4)
Fair value movements on equity investments
–
(100)
–
(100)
Tax on fair value movements on equity investments
–
17
–
17
Remeasurement on defined benefit plans
506
–
–
506
Tax on remeasurement defined benefit plans
(122)
–
–
(122)
Fair value movements on cash flow hedges
–
8
–
8
Total other comprehensive income/(expense) for the year
(83)
(86)
(4)
(173)
2023
Retained
earnings
£m
Other
reserves
£m
Non-
controlling
interests
£m
Total
£m
Items that may be subsequently reclassified to income statement:
Exchange movements on overseas net assets and net investment hedges
(41)
19
–
(22)
Reclassification of exchange movements on liquidation or disposal of subsidiaries
  and associates
(34)
–
–
(34)
Fair value movements on cash flow hedges
–
(1)
–
(1)
Deferred tax on fair value movements on cash flow hedges
–
1
–
1
Reclassification of cash flow hedges to income statement
–
4
–
4
Items that will not be reclassified to income statement:
Exchange movements on overseas net assets of non-controlling interests
–
–
(25)
(25)
Fair value movements on equity investments
–
(244)
–
(244)
Tax on fair value movements on equity investments
–
14
–
14
Remeasurement on defined benefit plans
71
–
–
71
Tax on remeasurement defined benefit plans
(41)
–
–
(41)
Fair value movements on cash flow hedges
–
(40)
–
(40)
Total other comprehensive income/(expense) for the year
(45)
(247)
(25)
(317)
240
GSK Annual Report 2025
Notes to the financial statements continued
37. Movements in equity continued
Information on net investment hedges is provided in part (d) of Note 43 ‘Financial instruments and related disclosures'.
The analysis of other reserves is as follows:
ESOP Trust
shares
£m
Fair value
reserve
£m
Cash flow
hedge reserve
and cost of
hedging
reserve
£m
Other
reserves
£m
Total
£m
At 1 January 2023
(353)
(308)
(20)
2,129
1,448
Exchange adjustment
26
(5)
(2)
–
19
Transferred to Retained earnings in the year on disposals of equity investments
–
33
–
–
33
Reclassification of cash flow hedges to income statement
–
–
4
–
4
Hedging gain/loss transferred to non-financial assets
–
–
36
–
36
Net fair value movement in the year (including tax)
–
(230)
(40)
–
(270)
Ordinary shares acquired by ESOP Trusts
(285)
–
–
–
(285)
Write-down of shares held by ESOP Trusts
324
–
–
–
324
At 31 December 2023
(288)
(510)
(22)
2,129
1,309
Exchange adjustment
(12)
–
–
–
(12)
Transferred to Retained earnings in the year on disposals of equity investments
–
(66)
–
–
(66)
Reclassification of cash flow hedges to income statement
–
–
4
–
4
Hedging gain/loss transferred to non-financial assets
–
–
(6)
–
(6)
Cost of hedging
–
–
(4)
–
(4)
Net fair value movement in the year (including tax)
–
(83)
9
–
(74)
Ordinary shares acquired by ESOP Trusts
(459)
–
–
–
(459)
Write-down of shares held by ESOP Trusts
362
–
–
–
362
At 31 December 2024
(397)
(659)
(19)
2,129
1,054
Exchange adjustments
44
(50)
–
–
(6)
Transferred to retained earnings in the year on disposal of equity investments
–
8
–
–
8
Reclassification of cash flow hedges to income statement
–
–
36
–
36
Cost of hedging
–
–
4
–
4
Net fair value movement in the year (including tax)
–
195
(41)
–
154
Ordinary shares acquired by ESOP Trusts
(396)
–
–
–
(396)
Write-down of shares held by ESOP Trusts
467
–
–
–
467
At 31 December 2025
(282)
(506)
(20)
2,129
1,321
Other reserves include various non-distributable merger and pre-merger reserves amounting to £1,849 million at 31 December 2025
(2024: £1,849 million; 2023: £1,849 million). Other reserves also include the capital redemption reserve created as a result of the
previous share buyback programme amounting to £280 million at 31 December 2025 (2024: £280 million; 2023: £280 million ) which
ceased in 2014. Under the current share buyback programme initiated in 2025, the repurchased shares are held as Treasury shares
and not cancelled, and so no capital redemptive reserve transfers have been made.
241
GSK Annual Report 2025
Notes to the financial statements continued
38. Non-controlling interests
Total non-controlling interests includes the following individually material non-controlling interests. Other non-controlling interests
are individually not material.
ViiV Healthcare
GSK holds 78.3% of the ViiV Healthcare sub-group, giving rise to a material non-controlling interest. Summarised financial
information available at the latest practicable date in respect of the ViiV Healthcare sub-group is as follows:
2025
£m
2024
£m
2023
£m
Turnover
7,458
7,023
6,308
Profit after taxation
2,862
1,619
2,034
Other comprehensive income/(expense)
(11)
7
(19)
Total comprehensive income
2,851
1,626
2,015
2025
£m
2024
£m
Non-current assets
2,571
2,649
Current assets
3,710
3,479
Total assets
6,281
6,128
Current liabilities
(4,321)
(4,218)
Non-current liabilities
(7,486)
(8,566)
Total liabilities
(11,807)
(12,784)
Net liabilities
(5,526)
(6,656)
2025
£m
2024
£m
2023
£m
Net cash inflow from operating activities
3,042
2,554
2,192
Net cash outflow from investing activities
(149)
(106)
(2)
Net cash outflow from financing activities
(2,452)
(2,518)
(2,463)
Increase/(decrease) in cash and bank overdrafts in the year
441
(70)
(273)
The above financial information relates to the ViiV Healthcare group on a stand-alone basis, before the impact of Group-related
adjustments, primarily related to the recognition of preferential dividends. The profit after taxation of £2,862 million (2024:
£1,619 million; 2023 : £2,034 million) is stated after charging preferential dividends payable to GSK and Pfizer and after a charge of
£623 million (2024: £1,377 million; 2023: £858 million) for remeasurement of contingent consideration payable. This consideration is
expected to be paid over a number of years.
The following amounts attributable to the ViiV Healthcare group are included in GSK’s consolidated financial statements:
2025
£m
2024
£m
2023
£m
Share of profit for the year attributable to non-controlling interest
552
357
373
Dividends paid to non-controlling interest
374
392
398
Non-controlling interest in the consolidated balance sheet
(515)
(683)
(648)
39. Related party transactions
At 31 December 2025 , there were no outstanding loans due to GSK (2024 : £0.8 million with Index Ventures and 2024 : £2.3 million
with Medicxi Ventures I LP). Cash distributions were received from the investments in Medicxi Ventures I LP of £62 million (2024:
£15.3 million), Index Ventures l LP of £2.3 million (2024: £nil) and Kurma Biofund II FCPR of £2.3 million (2024: £nil).
The Group had no other significant related party transactions which might reasonably be expected to influence decisions made by
the users of these financial statements.
The aggregate compensation of the Directors and senior management (members of the Executive Committee, formerly known as
the GSK Leadership Team) is given in Note 9, ‘Employee costs’.
242
GSK Annual Report 2025
Notes to the financial statements continued
40. Acquisitions and disposals
Details of the acquisition and disposal of significant subsidiaries, associates, joint ventures and other businesses are given below:
2025
On 21 February 2025, GSK completed the acquisition of 100% of IDRx, Inc, a Boston-based, clinical stage biopharmaceutical
company dedicated to developing precision therapies for the treatment of gastrointestinal stromal tumours (GIST). The acquisition
includes a lead molecule, IDRX-42, a highly selective investigational tyrosine kinase inhibitor (TKI) that is designed to improve the
outcomes for patients with GIST. The consideration for the acquisition comprised an upfront payment of US$1.1 billion (£840 million)
as adjusted for working capital acquired paid upon closing and up to US$150 million (£119 million) as an additional success-based
regulatory milestone payment. The estimated fair value of the contingent consideration payable was US$56 million (£45 million). In
addition, GSK will also be responsible for success-based milestone payments as well as tiered royalties for IDRX-42 owed to Merck
KGaA, Darmstadt, Germany.
On 7 July 2025, GSK completed the acquisition of 100% of BP Asset IX, Inc. a subsidiary of Boston Pharmaceuticals which provides
access to efimosfermin alfa. Efimosfermin is a phase III-ready, potential best-in-class, investigational speciality medicine to treat
and prevent progression of steatotic liver disease (SLD). The consideration for the acquisition comprised an upfront payment of
US$1.2 billion (£906 million) as adjusted for working capital acquired paid upon closing and up to US$800 million (£588 million) in
certain success-based regulatory milestone payments. The estimated fair value of the contingent consideration payable was
US$302 million (£222 million).
During the period to 31 December 2025, no sales arising from the IDRx or BP Asset IX's businesses were included in Group turnover
and no revenue is expected until regulatory approval is received on the respective acquired assets.
GSK continues to support the ongoing development of the acquired assets and consequently these assets will be loss making until
regulatory approval on these assets is received. The development of these assets has been integrated into the Group’s existing R&D
activities, so it is impracticable to quantify these development costs or the impact on Total profit after taxation for the period ended
31 December 2025.
Goodwill of £315 million (£109 million for IDRx and £206 million for BP Asset IX) has been recognised. The goodwill represents
specific synergies available to GSK from the business combinations. The goodwill has been allocated to the Group’s Commercial
Operations and Total R&D segments (refer to Note 19, ‘Goodwill’ for allocation methodology). None of the goodwill is expected to
be deductible for tax purposes.
IDRx Inc
£m
BP Asset IX
£m
Total
£m
Net assets acquired
Intangible assets
882
1,088
1,970
Trade and other receivables
5
–
5
Cash and cash equivalents
48
30
78
Trade and other payables
(31)
(8)
(39)
Taxation
(128)
(188)
(316)
776
922
1,698
Goodwill
109
206
315
Total consideration
885
1,128
2,013
Of the total £2.0 billion consideration (£0.9 billion for IDRx and £1.1 billion for BP Asset IX), £267 million (£45 million for IDRx and
£222 million for BP Asset IX) of the contingent consideration recognised at acquisition was unpaid as at 31 December 2025. As at 31
December 2025, the present value of the contingent consideration payable was £45 million for IDRx and £231 million for BP Asset
IX.
On 15 January 2025, GSK completed the acquisition of a Berlin based private company, Cellphenomics GmbH, which has
developed proprietary capabilities in developing durable organoid models, for a total cash consideration of up to €44 million
(approximately £37 million) of which €15 million (£13 million) was unpaid as at 31 December 2025. The acquisition is accounted for
as a business combination but is not considered a significant acquisition for the Group.
Business disposals
GSK completed no material business disposals in 2025.
Associates and joint ventures
GSK completed no material investments or disposals of associates or joint ventures during the year.
243
GSK Annual Report 2025
Notes to the financial statements continued
40. Acquisitions and disposals continued
Cash flows
Business
acquisitions
£m
Business
disposals
£m
Cash consideration paid
(1,755)
(24)
Net deferred consideration paid
(15)
(3)
Transaction costs
(23)
–
Cash and cash equivalents acquired
78
–
Cash outflow
(1,715)
(27)
2024
On 9 January 2024, GSK announced it had entered into an agreement to acquire 100% of Aiolos Bio, Inc. (Aiolos), a clinical stage
biopharmaceutical company focused on addressing the unmet treatment needs of patients with certain respiratory and
inflammatory conditions, for a total cash consideration of US $1,004 million (£800 million) as adjusted for working capital acquired
paid upon closing and up to US $400 million (£319 million) in certain success-based regulatory milestone payments. The estimated
fair value of the contingent consideration payable was US$120 million (£96 million). In addition, GSK will also be responsible for
success-based milestone payments as well as tiered royalties owed to Jiangsu Hengrui Pharmaceuticals Co., Ltd. (Hengrui). The
acquisition completed on 14 February 2024.
During 2024, no sales arising from the Aiolos business were included in Group turnover and no revenue is expected until regulatory
approval is received on the acquired asset.
GSK continues to support the ongoing development of the acquired asset and consequently this asset will be loss making until
regulatory approval on this asset is received. The development of this asset has been integrated into the Group’s existing R&D
activities, so it is impracticable to quantify these development costs or the impact on Total profit after taxation for the period ended
31 December 2024.
Goodwill of £191 million has been recognised. The goodwill represents specific synergies available to GSK from the business
combination. The goodwill has been allocated to the Group’s R&D segment. None of the goodwill is expected to be deductible for
tax purposes.
Total
£m
Net assets acquired:
Intangible assets
886
Trade and other receivables
10
Cash and cash equivalents
23
Trade and other payables
(26)
Deferred tax liabilities
(188)
705
Goodwill
191
Total consideration
896
On 6 June 2024, GSK announced that it had acquired Elsie Biotechnologies, a San Diego-based private biotechnology company
dedicated to unlocking the full potential of oligonucleotide therapeutics, for a total consideration of up to US$51 million
(approximately £40 million), including up to US$10 million (£8 million) in certain success-based development and regulatory
milestone payments. The key assets and liabilities recognised at acquisition include goodwill of US$23 million (£19 million),
intangible assets of US$35 million (£27 million) and a deferred tax liability of US$7 million (£6 million). The acquisition is accounted
for as a business combination but is not considered a significant acquisition for the Group. This agreement is not subject to closing
conditions and the acquisition has been completed.
Business disposals
GSK completed no material business disposals in 2024.
Associates and joint ventures
GSK completed no material investments or disposals of associates or joint ventures during the year.
244
GSK Annual Report 2025
Notes to the financial statements continued
40. Acquisitions and disposals continued
Cash flows
Business
acquisitions
£m
Business
disposals
£m
Cash consideration paid
(773)
–
Net deferred consideration paid
(57)
(18)
Transaction costs
(5)
–
Cash and cash equivalents acquired
25
–
Cash outflow
(810)
(18)
2023
Business acquisitions
On 28 June 2023, GSK completed the acquisition of BELLUS Health Inc. (“Bellus") which was effected through a Plan of
Arrangement (the “Arrangement”) pursuant to the Canada Business Corporations Act. The Arrangement was approved by Bellus’
shareholders on 16 June 2023. Upon completion, GSK acquired all outstanding common shares of Bellus for US$14.75 per common
share in cash, representing a total equity value of US$2 billion (£1.6 billion). The acquisition provides GSK access to camlipixant, a
potential best-in-class and highly selective P2X3 antagonist currently in phase III development for the first-line treatment of adult
patients with refractory chronic cough (RCC).
Total
£m
Net assets acquired:
Intangible assets
1,438
Non-current equity investments
2
Right of use assets
1
Trade and other receivables
96
Investments held as current assets
51
Cash and cash equivalents
148
Lease liabilities
(1)
Trade and other payables
(103)
Deferred tax liabilities
(136)
1,496
Non-controlling interest
–
Goodwill
109
Total consideration
1,605
In 2023, the provisional values of the identifiable assets and liabilities acquired in the Affinivax, Inc. business combination were
updated for the finalisation of the fair value of intangible assets, resulting in an increase in intellectual property of £39 million, a
decrease to goodwill of £31 million and a decrease to deferred tax of £8 million. The amounts recognised at 31 December 2022
have not been restated on the basis of materiality.
Business disposals
GSK completed no material business disposals in 2023.
Associates and joint ventures
GSK completed no material investments or disposals of associates or joint ventures during the year.
Cash flows
Business
acquisitions
£m
Business
disposals
£m
Cash consideration (paid)/received
(1,605)
68
Net deferred consideration paid
–
(19)
Transaction costs
(17)
–
Cash and cash equivalents acquired/(divested)
148
–
Cash (outflow)/inflow
(1,474)
49
245
GSK Annual Report 2025
Notes to the financial statements continued
41. Adjustments reconciling profit after tax to operating cash
flows
2025
£m
2024
£m
2023
£m
Total profit after tax from operations
6,289
2,951
5,308
Tax on profits
1,112
526
756
Share of after tax (profits)/losses of associates and joint ventures
(1)
3
5
Finance expense net of finance income
532
547
677
Depreciation
1,056
1,097
1,082
Amortisation of intangible assets
1,258
1,454
1,212
Impairment and assets written off
1,098
408
467
Loss on sale of businesses
9
11
–
Profit on sale of intangible assets
(49)
(170)
(12)
Profit on sale of investments in associates
–
(6)
(1)
Profit on sale of equity investments
(4)
(10)
–
Changes in working capital:
Decrease/(increase) in inventories
(140)
(294)
(424)
Decrease/(increase) in trade receivables
(613)
298
(794)
Increase/(decrease) in trade payables
131
(179)
(15)
Contingent consideration paid (see Note 32)
(1,330)
(1,235)
(1,134)
Other non-cash increase in contingent consideration liabilities
465
1,834
492
Decrease/(increase) in other receivables
(484)
42
145
Increase/(decrease) in other payables
343
(610)
689
Increase/(decrease) in pension and other provisions
(1,139)
999
(457)
Share-based incentive plans
374
344
307
Fair value adjustments
45
(39)
(107)
Other
(9)
(110)
(100)
Total adjustments
2,654
4,910
2,788
Total cash generated from operations
8,943
7,861
8,096
246
GSK Annual Report 2025
Notes to the financial statements continued
42. Reconciliation of net cash flow to movement in net debt
2025
£m
2024
£m
2023
£m
Net debt, at beginning of year
(13,095)
(15,040)
(17,197)
Increase/(decrease) in cash and bank overdrafts
(177)
599
(468)
Decrease in liquid investments
(11)
(21)
(72)
Repayment of long-term loans(1)
1,400
1,615
2,260
Issue of long-term notes
(1,979)
(1,075)
(223)
Net decrease/(increase) in short-term loans
(1,085)
811
333
Increase in other short-term loans (2)
(130)
(266)
–
Repayment of other short-term loans(2)
288
81
–
Repayment of lease liabilities
241
226
197
Net investments/(debt) of subsidiary undertakings acquired
(1)
–
50
Exchange adjustments
241
117
554
Other non-cash movements
(145)
(142)
(474)
Decrease/(increase) in net debt
(1,358)
1,945
2,157
Total net debt at end of year
(14,453)
(13,095)
(15,040)
(1)
Repayment of long-term loans includes the current portion of long-term borrowings which are classified as short-term borrowings on the balance
sheet. This change in presentation was made in 2024. Previously, the repayment of short-term borrowings was presented as repayment of short-term
loans (2023: £2,116 million)
(2)
Other short-term loans include bank loans presented within short-term borrowings on the balance sheet, with an initial maturity of greater than three
months
Analysis of changes in net debt
At 1 January
2025
£m
Exchange
£m
Other
£m
Interest
expense
£m
Change
in fair value
£m
Reclass-
ifications
£m
Cash flow
£m
At
31 December
2025
£m
Liquid investments
21
(1)
–
–
–
–
(11)
9
–
–
–
–
–
–
–
Cash and cash equivalents
3,870
(22)
–
–
–
–
(451)
3,397
Bank overdrafts
(467)
3
–
–
–
–
274
(190)
3,403
(19)
–
–
–
–
(177)
3,207
Debt due within one year:
Commercial paper
–
7
–
–
–
–
(1,085)
(1,078)
European/US MTN & Bank facilities
(1,419)
(43)
35
–
–
(1,456)
1,400
(1,483)
Lease liabilities
(168)
6
19
–
–
(233)
241
(135)
Other
(295)
51
(38)
–
–
–
158
(124)
(1,882)
21
16
–
–
(1,689)
714
(2,820)
Debt due after one year:
European/US MTN & Bank facilities
(13,703)
222
–
(11)
–
1,456
(1,979)
(14,015)
Lease liabilities
(934)
26
(18)
–
–
233
–
(693)
(14,637)
247
(18)
(11)
–
1,689
(1,979)
(14,708)
Liabilities relating to assets held for sale
–
–
(139)
–
–
–
–
(139)
Net debt
(13,095)
246
(141)
(11)
1
–
(1,453)
(14,453)
Interest payable
(162)
1
(37)
(642)
–
–
679
(161)
Derivative financial instruments
(82)
–
–
–
15
–
46
(21)
Total liabilities from financing activities*
(16,763)
267
(178)
(653)
16
–
(540)
(17,851)
*
Excluding cash and cash equivalents, overdrafts and liquid investments.
247
GSK Annual Report 2025
Notes to the financial statements continued
42. Reconciliation of net cash flow to movement in net debt continued
Analysis of changes in net debt
At 1 January
2024
£m
Exchange
£m
Other
£m
Interest
expense
£m
Change
in fair value
£m
Reclass-
ifications
£m
Cash flow
£m
At
31 December
2024
£m
Liquid investments
42
–
–
(21)
21
Cash and cash equivalents
2,936
(54)
–
–
–
–
988
3,870
Overdrafts
(78)
–
–
–
–
–
(389)
(467)
2,858
(54)
–
–
–
–
599
3,403
Debt due within one year:
Commercial paper
(815)
4
–
–
–
–
811
–
European/US MTN & Bank facilities
(1,651)
51
(20)
–
–
(1,414)
1,615
(1,419)
Lease liabilities
(156)
5
6
–
–
(249)
226
(168)
Other
(113)
(11)
14
–
–
–
(185)
(295)
(2,735)
49
–
–
–
(1,663)
2,467
(1,882)
Debt due after one year:
European/US MTN & Bank facilities
(14,154)
127
–
(15)
–
1,414
(1,075)
(13,703)
Lease liabilities
(1,051)
5
(137)
–
–
249
–
(934)
(15,205)
132
(137)
(15)
–
1,663
(1,075)
(14,637)
Net debt
(15,040)
127
(137)
(15)
–
–
1,970
(13,095)
Interest payable
(162)
–
(30)
(602)
–
–
632
(162)
Derivative financial instruments
16
–
–
–
31
–
(129)
(82)
Total liabilities from financing
activities*
(18,086)
181
(167)
(617)
31
–
1,895
(16,763)
*Excluding cash and cash equivalents, overdrafts and liquid investments.
For further information on significant changes in net debt see Note 29, ‘Net debt’.
248
GSK Annual Report 2025
Notes to the financial statements continued
43. Financial instruments and related disclosures
The objective of GSK’s Treasury activities is to minimise the net
cost of financial operations and reduce its volatility to benefit
earnings and cash flows. GSK uses a variety of financial
instruments to finance its operations and derivative financial
instruments to manage market risks from these operations.
Derivatives principally comprise foreign exchange forward
contracts and swaps which are used to swap borrowings and
liquid assets into currencies required for Group purposes as well
as interest rate swaps and cross currency swaps which are used
to manage exposure to financial risks from changes in interest
rates. These financial instruments reduce the uncertainty of
foreign currency transactions and interest payments.
Derivatives are used exclusively for hedging purposes in relation
to underlying business activities and not as trading or
speculative instruments.
Capital management
GSK’s financial strategy supports the Group’s strategic priorities
and is regularly reviewed by the Board. GSK manages the
capital structure of the Group through an appropriate mix of
debt and equity.
The capital structure of the Group consists of net debt of £14.5
billion ( 2024: £13.1 billion ) (see Note 29, ‘Net debt’) and total
equity, including items related to non-controlling interests, of
£16.0 billion (2024: £13.1 billion) (see ‘Consolidated statement of
changes in equity’ on page 188). Total capital, including that
provided by non-controlling interests, is £30.5 billion (2024:
£26.2 billion).
The Group continues to manage its financial policies to a credit
profile that particularly targets ratings of at least A2/A
(Moody's/S&P), through the cycle. The Group’s long-term credit
rating with S&P is A (stable outlook) and with Moody’s is A2
(stable outlook). The Group’s short-term credit ratings are A-1
and P-1 with S&P and Moody’s respectively.
Liquidity risk management
GSK’s policy is to borrow centrally in order to meet anticipated
funding requirements. The strategy is to diversify liquidity
sources using a range of facilities and to maintain broad access
to financial markets. Each day, GSK sweeps cash to or from a
number of global subsidiaries and central Treasury accounts for
liquidity management purposes. GSK utilises both physical and
notional cash pool arrangements as appropriate by location
and currency. For notional cash pools, liquidity is drawn against
foreign currency balances to provide both local funding and
central liquidity as required and with balances actively
managed and maintained to appropriate levels. As balances in
notional pooling arrangements are not settled across
currencies, gross cash and overdraft balances are reported.
At 31 December 2025, GSK had £3.0 billion (2024: £2.3 billion)
of borrowings repayable within one year and held £3.4 billion
(2024: £3.9 billion) of cash and cash equivalents and liquid
investments of which £2.6 billion (2024: £3.1 billion) was held
centrally.
GSK has access to short-term finance under a $10 billion (£7.4
billion ) US commercial paper programme; $1,450 million (£1,078
million) was in issue at 31 December 2025 (2024: $nil (£nil)).
Maximum drawdowns under the US commercial paper
programme during the year were $1,450 million (£1,078 million)
(2024: $1,315 million (£1,048 million)). GSK has access to short-
term finance under a £5 billion Euro commercial paper
programme. There was no Euro commercial paper in issue at
31 December 2025 (2024: €nil (£nil)). Maximum drawdowns
under the Euro commercial paper programme during the year
were €750 million (£642 million) (2024: €170 million (£145
million)).
GSK has £1.6 billion of three-year and $2.2 billion (£1.6 billion) of
364-day committed facilities. In August 2025 GSK cancelled
both these committed facilities and replaced them with new
revolving facilities of equivalent size with maturities of
September 2028 for the three-year facility and September 2026
for the 364-day facility. These committed facilities were
undrawn at 31 December 2025. GSK considers this level of
committed facilities to be adequate, given current liquidity
requirements.
GSK has a £20 billion Euro Medium Term Note programme and
at 31 December 2025, £8.8 billion of notes were in issue under
this programme. The Group also had $9.0 billion (£6.7 billion) of
notes in issue at 31 December 2025 under a US shelf
registration. GSK’s borrowings mature at dates between 2026
and 2045.
Market risk
Interest rate risk management
GSK’s objective is to minimise the effective net interest cost and
to balance the mix of debt at fixed and floating rates over time.
The Group’s main interest rate risk arises from borrowings and
investments with floating rates and refinancing of maturing
fixed rate debt where any changes in interest rates will affect
future cash flows or the fair values of financial instruments. The
policy on interest rate risk management limits the net amount of
floating rate debt to a specific cap, reviewed and agreed no
less than annually by the Board.
The majority of debt is issued at fixed interest rates and
changes in the floating rates of interest do not significantly
affect the Group’s net interest charge. Short-term borrowings
including bank facilities are exposed to the risk of future
changes in market interest rates as are the majority of cash and
liquid investments.
GSK has the ability to further manage interest rate risk through
the use of interest rate swaps and cross currency swaps.
249
GSK Annual Report 2025
Notes to the financial statements continued
43. Financial instruments and related disclosures continued
Foreign exchange risk management
The Group’s objective is to minimise the exposure of overseas
operating subsidiaries to transaction risk by matching local
currency income with local currency costs where possible.
Foreign currency transaction exposures arising on external and
internal trade flows are selectively hedged. GSK’s internal
trading transactions are matched centrally and inter-company
payment terms are managed to reduce foreign currency risk.
Where possible, GSK manages the cash surpluses or borrowing
requirements of subsidiary companies centrally using forward
contracts to hedge future repayments back into the originating
currency.
In order to reduce foreign currency translation exposure, the
Group seeks to denominate borrowings in the currencies of our
principal assets and cash flows. These are primarily
denominated in US Dollars, Euros and Sterling. Borrowings can
be swapped into other currencies as required through the use of
cross currency swaps.
Borrowings denominated in, or swapped into, foreign currencies
that match investments in overseas Group assets may be
treated as a hedge against the relevant assets. Forward
contracts in major currencies are also used to reduce exposure
to the Group’s investment in overseas assets (see ‘Net
investment hedges’ section of this note for further details).
Credit risk
Credit risk is the risk that a counterparty will default on its
contractual obligations resulting in financial loss to the Group
and arises on cash and cash equivalents and favourable
derivative financial instruments held with banks and financial
institutions as well as credit exposures to wholesale and retail
customers, including outstanding receivables.
The Group considers its maximum credit risk at 31 December
2025 to be £10,036 million (31 December 2024: £9,986 million)
which is the total of the Group’s financial assets with the
exception of ’Other investments’ (comprising equity
investments) which bear equity risk rather than credit risk. See
page 252 for details on the Group’s total financial assets. At
31 December 2025, GSK’s greatest concentration of credit risk
was £1.3 billion with a wholesaler in the US (2024: £1.1 billion with
a wholesaler in the US). See page 250 for further information on
the Group’s credit risk exposure in respect of the three largest
US wholesaler customers.
There has been no change in the estimation techniques or
significant assumptions made during the current and prior
reporting periods in assessing the loss allowance for financial
assets at amortised cost or at FVTOCI.
Treasury-related credit risk
GSK sets global counterparty limits for each of GSK’s banking
and investment counterparties based on long-term credit
ratings from Moody’s and S&P. Usage of these limits is actively
monitored. Credit Support Annexes (CSAs) can be utilised to
reduce credit risk on selected trades, taking into consideration
impact on current and future liquidity.
GSK actively manages its exposure to credit risk, reducing
surplus cash balances wherever possible. This is part of GSK’s
strategy to regionalise cash management and to concentrate
cash centrally as much as possible. The table below sets out the
credit exposure to counterparties by rating for liquid
investments, cash and cash equivalents and derivatives.
The gross asset position on each derivative contract is
considered for the purpose of this table, although, under
International Swaps and Derivatives Association (ISDA)
agreements, the amount at risk is the net position with each
counterparty. Table (e) on page 261 sets out the Group’s
financial assets and liabilities on an offset basis.
250
GSK Annual Report 2025
Notes to the financial statements continued
43. Financial instruments and related disclosures continued
At 31 December 2025, £51 million (2024: £24 million) of cash is categorised as held with unrated or sub-investment grade rated
counterparties (lower than BBB-/Baa3). This exposure is concentrated in overseas banks used for local cash management or
investment purposes, including: £29 million with Banco de Galicia Y Buenos Aires in Argentina; £15 million with Halk Bank in Turkey;
£4 million in Ecuador held with Banco De La Produccion; and £2 million in Brazil held with Banco Bradesco, Itaú Unibanco, Banco
Do Brasil and Caixa Econômica Federal. Of the £69 million (2024: £80 million) of bank balances and deposits held with BBB/Baa
rated counterparties, £23 million was held with BBB-/Baa3 rated counterparties, including balances or deposits of £13 million with
OTP Bank in Russia; £8 million with ICICI bank in India; and £2 million with State Bank of India in India. These banks are used for
local investment purposes, with the exception of Russia where there are no plans for new investments.
GSK measures expected credit losses over cash and cash equivalents as a function of individual counterparty credit ratings and
associated 12 month default rates. Expected credit losses over cash and cash equivalents and third-party financial derivatives are
deemed to be immaterial and no such loss has been experienced during 2025 or 2024.
Credit ratings are assigned by S&P and Moody’s respectively. Where the opinions of the two rating agencies differ, GSK assigns the
lower rating of the two to the counterparty. Where local rating agency or Fitch data is the only source available, the ratings are
converted to global ratings equivalent to those of S&P or Moody’s using published conversion tables. These credit ratings form the
basis of the assessment of the expected credit loss on Treasury-related balances held at amortised cost being bank balances and
deposits and Government securities.
2025
AAA/Aaa
£m
AA/Aa
£m
A/A
£m
BBB/Baa
£m
BB+/Ba1
and below
/unrated
£m
Total
£m
Bank balances and deposits
–
48
1,436
69
51
1,604
US Treasury and Treasury repo only money market funds
431
–
–
–
–
431
Liquidity funds
1,362
–
–
–
–
1,362
Government securities
–
9
–
–
–
9
Third-party financial derivatives
–
–
121
–
–
121
Total
1,793
57
1,557
69
51
3,527
2024
AAA/Aaa
£m
AA/Aa
£m
A/A
£m
BBB/Baa
£m
BB+/Ba1
and below
/unrated
£m
Total
£m
Bank balances and deposits
–
36
2,450
80
24
2,590
US Treasury and Treasury repo only money market funds
300
–
–
–
–
300
Liquidity funds
980
–
–
–
–
980
Government securities
–
21
–
–
–
21
Third-party financial derivatives
–
–
110
–
–
110
Total
1,280
57
2,560
80
24
4,001
GSK’s centrally managed cash reserves amounted to £2.6 billion
(2024: £3.1 billion) at 31 December 2025, all available within
three months. This includes £2.3 billion (2024: £1.9 billion) of
cash managed by the Group for ViiV Healthcare, a 78.3%
(2024: 78.3%) owned subsidiary. The Group has invested
centrally managed liquid assets in bank deposits, Aaa/AAA
rated US Treasury and Treasury repo only money market funds
and Aaa/AAA rated liquidity funds.
Wholesale and retail credit risk
Outside the US, no customer accounts for more than 5% of the
Group’s trade receivables balance.
In the US, in line with other pharmaceutical companies, the
Group sells its products through a small number of wholesalers
in addition to hospitals, pharmacies, physicians and other
groups. Sales to the three largest wholesalers amounted to
approximately 79% (2024: 77%) of the sales of the US
Commercial Operations business in 2025.
At 31 December 2025, the Group had trade receivables due
from these three wholesalers totalling £3,127 million or 53% of
total trade receivables (2024: £2,766 million or 50%). The Group
is exposed to a concentration of credit risk in respect of these
wholesalers such that, if one or more of them encounters
financial difficulty, it could materially and adversely affect the
Group’s financial results.
This concentration of trade receivables is reflective of standard
market practice in the US pharmaceuticals sector where a
significant portion of sales are made to these three wholesalers,
as disclosed in Note 6, 'Turnover and segment information'.
GSK’s assessment is that there is limited credit risk associated
with these customers.
The Group’s credit risk monitoring activities relating to these
wholesalers include a review of their quarterly financial
information and S&P credit ratings, development of GSK
internal risk ratings, and establishment and periodic review of
credit limits.
All new customers are subject to a credit vetting process and
existing customers are subject to a review at least annually. The
vetting process and subsequent reviews involve obtaining
information including the customer’s status as a government or
private sector entity, audited financial statements, credit bureau
reports, debt rating agency (e.g. Moody’s, S&P) reports,
payment performance history (from trade references, industry
credit groups) and bank references.
251
GSK Annual Report 2025
Notes to the financial statements continued
43. Financial instruments and related disclosures continued
Trade receivables consist of amounts due from a large number
of customers, spread across diverse industries and
geographical areas. Ongoing credit evaluation is performed on
the financial condition of accounts receivable and, where
appropriate, credit insurance is purchased or factoring
arrangements put in place.
The amount of information obtained is proportional to the level
of exposure being considered. The information is evaluated
quantitatively (i.e. credit score) and qualitatively (i.e.
judgement) in conjunction with the customer’s credit
requirements to determine a credit limit.
Trade receivables are grouped into customer segments that
have similar loss patterns to assess credit risk while other
receivables and other financial assets are assessed individually.
Historical and forward-looking information is considered to
determine the appropriate expected credit loss allowance.
The Group believes there is no further credit risk provision
required in excess of the allowance for expected credit losses
(see Note 25, ‘Trade and other receivables’).
Credit enhancements
The Group uses credit enhancements including factoring, letters
of credit and credit insurance to minimise the credit risk of the
trade receivables in the Group. At 31 December 2025, £211
million (2024: £307 million) of trade receivables were insured in
order to protect the receivables from loss due to credit risks
such as default, insolvency and bankruptcy.
Each Group entity assesses the credit risk of its private
customers to determine if credit insurance is required.
Factoring arrangements are managed locally by entities and
are used to mitigate risk arising from large credit risk
concentrations. All factoring arrangements are non-recourse.
Trade receivables with a carrying amount of £754 million (2024:
£846 million), that would otherwise have appeared on the
Group balance sheet at 31 December 2025, were derecognised
under factoring arrangements.
Fair value of financial assets and liabilities
excluding lease liabilities
The table on page 252 presents the carrying amounts and the
fair values of the Group’s financial assets and liabilities
excluding lease liabilities at 31 December 2025 and
31 December 2024.
The fair values of the financial assets and liabilities are included
at the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market
participants at the measurement date.
The following methods and assumptions are used to measure
the fair values of significant financial instruments carried at fair
value on the balance sheet:
– Other investments – equity investments traded in an active
market determined by reference to the relevant stock
exchange quoted bid price; other equity investments
determined by reference to the current market value of
similar instruments, recent financing rounds or the discounted
cash flows of the underlying net assets
– Trade receivables carried at fair value – based on invoiced
amount
– Interest rate swaps, cross currency interest rate swaps, foreign
exchange forward contracts, swaps and options – based on
the present value of contractual cash flows or option
valuation models using market sourced data (for example
exchange rates or interest rates) at the balance sheet date
– Cash equivalents carried at fair value – based on net asset
value of the funds
– Contingent consideration for business acquisitions and
divestments – based on present value of expected future
cash flows
The following methods and assumptions are used to estimate
the fair values of significant financial instruments which are not
measured at fair value on the balance sheet:
– Receivables and payables, excluding put options, carried at
amortised cost – approximates to the carrying amount
– Payables relating to put options - approximates to the
carrying amount because the Pfizer put option liability is
measured on the gross redemption basis derived from an
internal valuation of the ViiV Healthcare business, utilising a
discounted forecast future cash flow methodology (see Note
28 ‘Trade and other payables’ for further details)
– Liquid investments – approximates to the carrying amount
– Cash and cash equivalents carried at amortised cost –
approximates to the carrying amount
– Long-term loans – based on quoted market prices (a Level 1
fair value measurement) in the case of European and US
Medium Term Notes; approximates to the carrying amount in
the case of other fixed rate borrowings and floating rate bank
loans
– Short-term loans, overdrafts and commercial paper –
approximates to the carrying amount because of the short
maturity of these instruments
252
GSK Annual Report 2025
Notes to the financial statements continued
43. Financial instruments and related disclosures continued
2025
2024
Notes
Carrying
amount
£m
Fair
value
£m
Carrying
amount
£m
Fair
value
£m
Financial assets measured at amortised cost:
Other non-current assets
b
2
2
5
5
Trade and other receivables
b
4,091
4,091
3,733
3,733
Liquid investments
9
9
21
21
Cash and cash equivalents
1,604
1,604
2,590
2,590
Financial assets measured at fair value through other comprehensive
income:
Other investments designated at FVTOCI
a
788
788
843
843
Trade and other receivables
a,b
2,346
2,346
2,163
2,163
Financial assets mandatorily measured at fair value through profit or loss:
Current equity investments and other investments
a
249
249
257
257
Other non-current assets
a,b
14
14
31
31
Trade and other receivables
a,b
56
56
53
53
Held for trading derivatives that are not in a designated and
effective hedging relationship
a,d,e
15
15
75
75
Cash and cash equivalents
a
1,793
1,793
1,280
1,280
Derivatives designated and effective as hedging instruments (fair value
movements through other comprehensive income)
a,d,e
106
106
35
35
Total financial assets
11,073
11,073
11,086
11,086
Financial liabilities measured at amortised cost:
Borrowings excluding obligations under lease liabilities:
–  bonds in a designated hedging relationship
d
(6,524)
(6,388)
(5,346)
(5,278)
–  other bonds
(8,973)
(9,104)
(9,774)
(9,597)
–  bank loans and overdrafts
(314)
(314)
(762)
(762)
–  commercial paper in a designated hedging relationship
–
–
–
–
–  other commercial paper
(1,078)
(1,078)
–
–
–  other borrowings
(1)
(1)
(2)
(2)
Total borrowings excluding lease liabilities
f
(16,890)
(16,885)
(15,884)
(15,639)
Trade and other payables
c
(13,185)
(13,185)
(13,160)
(13,160)
Other provisions
c
(306)
(306)
(182)
(182)
Other non-current liabilities
c
(13)
(13)
(46)
(46)
Financial liabilities mandatorily measured at fair value through profit or loss:
Contingent consideration liabilities
a,c
(6,733)
(6,733)
(7,280)
(7,280)
Held for trading derivatives that are not in a designated and
  effective hedging relationship
a,d,e
(54)
(54)
(35)
(35)
Derivatives designated and effective as hedging instruments (fair value
movements through other comprehensive income)
a,d,e
(88)
(88)
(157)
(157)
Total financial liabilities excluding lease liabilities
(37,269)
(37,264)
(36,744)
(36,499)
Net financial assets and financial liabilities excluding lease liabilities
(26,196)
(26,191)
(25,658)
(25,413)
The valuation methodology used to measure fair value in the above table is described and categorised on page 251.
Trade and other receivables, Other non-current assets, Trade and other payables, Other provisions, Contingent consideration
liabilities and Other non-current liabilities are reconciled to the relevant Notes on pages 254 to 255.
253
GSK Annual Report 2025
Notes to the financial statements continued
43. Financial instruments and related disclosures continued
Fair value of investments in GSK shares
At 31 December 2025, the Employee Share Ownership Plan (ESOP) Trusts held GSK shares with a carrying amount of £282 million
(2024: £397 million) and a market value of £1,147 million (2024: £866 million) based on quoted market price. The shares are held by
the ESOP Trusts to satisfy future exercises of options and awards under employee incentive schemes. In 2025, the carrying amount,
which is the lower of cost or expected proceeds, of these shares has been recognised as a deduction from other reserves. At
31 December 2025, GSK held Treasury shares at a cost of £3,948 million (2024: £2,958 million) which has been deducted from
retained earnings.
(a) Financial instruments held at fair value
The following tables categorise the Group’s financial assets and liabilities held at fair value by the valuation methodology applied in
determining their fair value. Where possible, quoted prices in active markets are used (Level 1). Where such prices are not available,
the asset or liability is classified as Level 2, provided all significant inputs to the valuation model used are based on observable
market data. If one or more of the significant inputs to the valuation model is not based on observable market data, the instrument
is classified as Level 3. Other investments classified as Level 3 in the tables below comprise equity investments in unlisted entities
with which the Group has entered into research collaborations and investments which provide access to biotechnology
developments of potential interest.
At 31 December 2025
Level 1
£m
Level 2
£m
Level 3
£m
Total
£m
Financial assets at fair value
Financial assets measured at fair value through other comprehensive income:
Other investments designated at FVTOCI
592
–
196
788
Trade and other receivables
–
2,346
–
2,346
Financial assets mandatorily measured at fair value through profit or loss:
Current equity investments and other investments
–
–
249
249
Other non-current assets
–
–
14
14
Trade and other receivables
–
41
15
56
Held for trading derivatives that are not in a designated and effective hedging relationship
–
15
–
15
Cash and cash equivalents
1,793
–
–
1,793
Derivatives designated and effective as hedging instruments
–
106
–
106
2,385
2,508
474
5,367
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss:
Contingent consideration liabilities
–
–
(6,733)
(6,733)
Held for trading derivatives that are not in a designated and effective hedging relationship
–
(54)
–
(54)
Derivatives designated and effective as hedging instruments
–
(88)
–
(88)
–
(142)
(6,733)
(6,875)
At 31 December 2024
Level 1
£m
Level 2
£m
Level 3
£m
Total
£m
Financial assets at fair value
Financial assets measured at fair value through other comprehensive income:
Other investments designated at FVTOCI
646
–
197
843
Trade and other receivables
–
2,163
–
2,163
Financial assets mandatorily measured at fair value through profit or loss:
Current equity investments and other investments
–
–
257
257
Other non-current assets
–
–
31
31
Trade and other receivables
–
51
2
53
Held for trading derivatives that are not in a designated and effective hedging relationship
–
75
–
75
Cash and cash equivalents
1,280
–
–
1,280
Derivatives designated and effective as hedging instruments
–
35
–
35
1,926
2,324
487
4,737
Financial liabilities at fair value
Financial liabilities mandatorily measured at fair value through profit or loss:
Contingent consideration liabilities
–
–
(7,280)
(7,280)
Held for trading derivatives that are not in a designated and effective hedging relationship
–
(35)
–
(35)
Derivatives designated and effective as hedging instruments
–
(157)
–
(157)
–
(192)
(7,280)
(7,472)
254
GSK Annual Report 2025
Notes to the financial statements continued
43. Financial instruments and related disclosures continued
Movements in the year for financial instruments measured using Level 3 valuation methods are presented below:
2025
£m
2024
£m
At 1 January
(6,793)
(6,248)
Exchange adjustments
13
(1)
Net losses recognised in the income statement
(586)
(1,733)
Net losses recognised in other comprehensive income
(30)
(42)
Contingent consideration related to business acquisitions in the period
(280)
(104)
Settlement of contingent consideration liabilities
1,347
1,254
Additions
172
111
Disposals and settlements
(85)
(30)
Transfers from Level 3
(17)
–
At 31 December
(6,259)
(6,793)
Of the total net losses of £586 million (2024: £1,733 million) attributable to Level 3 financial instruments which were recognised in the
income statement, £586 million (2024: £1,733 million) were in respect of financial instruments which were held at the end of the year
and were reported in other operating income/expense. Charges of £649 million (2024: £1,533 million) arose from remeasurement of
the contingent consideration payable for the acquisition of the former Shionogi-ViiV Healthcare joint venture. A remeasurement
charge of £146 million (2024: £215 million) arose from remeasurement of the contingent consideration payable for the acquisition of
the Novartis Vaccines business. A gain of £254 million (2024: £22 million) arose on the remeasurement of the Affinivax contingent
consideration liability for the year.
Contingent consideration payable for the acquisition of BP Asset IX amounting to £222 million was recognised during the year.
Further information on the BP Asset IX acquisition is provided in Note 40, ‘Acquisitions and disposals’.
There were transfers of £17 million (2024: £nil) out of Level 3 financial instruments in the year. Movements arising on the translation
of overseas net assets for consolidation into the Group accounts are recorded as exchange adjustments. Net gains and losses
include the impact of other exchange movements.
Financial liabilities measured using Level 3 valuation methods at 31 December 2025 included £5,433 million (2024: £6,061 million) in
respect of contingent consideration payable for the acquisition in 2012 of the former Shionogi-ViiV Healthcare joint venture. This
consideration is expected to be paid over a number of years and will vary in line with the future performance of specified products
and movements in certain foreign currencies. A further £651 million (2024: £575 million) is in respect of contingent consideration for
the acquisition in 2015 of the Novartis Vaccines business. This consideration is expected to be paid over a number of years and will
vary in line with the future performance of specified products, the achievement of certain milestone targets and movements in
certain foreign currencies. Contingent consideration liabilities for the acquisition of Affinivax in 2022 of £219 million (2024: £502
million) and for the acquisition of BP Asset IX during the year of £231 million are recognised at 31 December 2025. The consideration
for both Affinivax and BP Asset IX is expected to be paid over a number of years and will vary in line with the achievement of certain
development and regulatory milestones, and movements in the USD/GBP exchange rate. Sensitivity analysis on these liabilities is
provided in Note 32, ‘Contingent consideration liabilities’.
(b) Trade and other receivables and Other non-current assets in scope of IFRS 9
The following table reconciles financial instruments within Trade and other receivables and Other non-current assets which fall
within the scope of IFRS 9 to the relevant balance sheet amounts. The financial assets are predominantly non-interest earning. Non-
financial instruments include tax receivables, amounts receivable under insurance contracts, pension surplus balances and
prepayments, which are outside the scope of IFRS 9.
2025
2024
At
FVTPL
£m
At
FVTOCI
£m
Amortised
cost
£m
Financial
instruments
£m
Non-
financial
instruments
£m
Total
£m
At
FVTPL
£m
At
FVTOCI
£m
Amortised
cost
£m
Financial
instruments
£m
Non-
financial
instruments
£m
Total
£m
Trade and other
  receivables (Note 25)
56
2,346
4,091
6,493
978
7,471
53
2,163
3,733
5,949
887
6,836
Other non-current assets
  (Note 23)
14
–
2
16
2,132
2,148
31
–
5
36
1,906
1,942
70
2,346
4,093
6,509
3,110
9,619
84
2,163
3,738
5,985
2,793
8,778
Trade and other receivables include trade receivables of £5,913 million (2024: £5,563 million). The Group has portfolios in each of
the three business models under IFRS 9: £41 million (2024: £51 million), measured at FVTPL, is held to sell the contractual cash flows
as the receivables will be sold under a factoring arrangement, £2,346 million (2024: £2,163 million), measured at FVTOCI, is held to
either collect or sell the contractual cash flows as the receivables may be sold under a factoring agreement, and £3,526 million
(2024: £3,349 million), measured at amortised cost, is held to collect the contractual cash flows and there is no factoring agreement
in place.
1
255
GSK Annual Report 2025
Notes to the financial statements continued
43. Financial instruments and related disclosures continued
(c) Trade and other payables, Other provisions, Contingent consideration liabilities and Other non-
current liabilities in scope of IFRS 9
The following table reconciles financial instruments within Trade and other payables, Other provisions, Contingent consideration
liabilities and Other non-current liabilities which fall within the scope of IFRS 9 to the relevant balance sheet amounts. The financial
liabilities are predominantly non-interest bearing. Non-financial instruments include payments on account, tax and social security
payables and provisions which do not arise from contractual obligations to deliver cash or another financial asset, which are outside
the scope of IFRS 9.
2025
2024
At FVTPL
£m
Amortised
cost
£m
Financial
instruments
£m
Non-
financial
instruments
£m
Total
£m
At FVTPL
£m
Amortised
cost
£m
Financial
instruments
£m
Non-
financial
instruments
£m
Total
£m
Trade and other payables
  (Note 28)
–
(13,185)
(13,185)
(2,196)
(15,381)
–
(13,160)
(13,160)
(2,175)
(15,335)
Other provisions
  (Note 31)
–
(306)
(306)
(1,242)
(1,548)
–
(182)
(182)
(2,353)
(2,535)
Contingent consideration
  liabilities (Note 32)
(6,733)
–
(6,733)
–
(6,733)
(7,280)
–
(7,280)
–
(7,280)
Other non-current liabilities
  (Note 33)
–
(13)
(13)
(1,010)
(1,023)
–
(46)
(46)
(1,054)
(1,100)
(6,733)
(13,504)
(20,237)
(4,448)
(24,685)
(7,280)
(13,388)
(20,668)
(5,582)
(26,250)
(d) Derivative financial instruments and hedging programmes
Derivatives are only used for economic hedging purposes and not as speculative investments and are measured at FVTPL, other
than designated and effective hedging instruments. Derivatives are presented as current assets or liabilities if they are expected to
be settled within 12 months after the end of the reporting period, otherwise they are classified as non-current. The Group has the
following derivative financial instruments:
2025
Fair value
2024
Fair value
Assets
£m
Liabilities
£m
Assets
£m
Liabilities
£m
Non-current:
Net investment hedges – Cross currency interest rate swaps
  (net principal amount – £807 million (2024: £nil))
–
(24)
–
–
Cash flow hedges – Cross currency interest rate swaps
  (net principal amount – £743 million (2024: £nil))
–
(42)
–
–
Fair value hedges – Interest rate swaps
  (net principal amount – £849 million (2024: £nil))
–
(1)
–
–
Cash flow hedges – Interest rate swaps
  (net principal amount – £849 million (2024: £nil))
–
–
–
–
Current:
Net investment hedges – Foreign exchange contracts
  (net principal amount – £14,720 million (2024: £13,206 million)) 1
106
(21)
35
(157)
Derivatives designated and effective as hedging instruments
106
(88)
35
(157)
Non-current:
Foreign exchange contracts
  (net principal amount – £nil (2024: £35 million ))
–
–
1
–
Current:
Foreign exchange contracts
  (net principal amount – £9,884 million (2024: £8,676 million ))
15
(54)
73
(35)
Embedded and other derivatives
–
–
1
–
Derivatives classified as held for trading
15
(54)
75
(35)
Total derivative instruments
121
(142)
110
(192)
(1) Includes options with net principal amount EUR 1 billion (2024: EUR 1.25 billion).
256
GSK Annual Report 2025
Notes to the financial statements continued
43. Financial instruments and related disclosures continued
Fair value hedges
At 31 December 2025, the Group had designated interest rate swaps as fair value hedges as mentioned below in the Interest rate
risk section. At 31 December 2024, the Group had no designated fair value hedges.
Net investment hedges
At 31 December 2025, certain foreign exchange contracts were designated as net investment hedges in respect of the foreign
currency translation risk arising on consolidation of the Group’s net investment in its European (Euro), American (USD), Singaporean
(SGD), Canadian (CAD), Chinese (CNH), Swiss Franc (CHF) and Japanese (JPY) foreign operations as shown in the table below.
Additionally, the Group had entered into cross currency interest rate swaps which were designated as net investment hedges and
cash flow hedges.
The carrying amount of bonds on page 252 included £4,944 million (2024: £5,346 million) that were designated as hedging
instruments in net investment hedges.
Cash flow hedges
During 2024 and 2025, the Group entered into forward foreign exchange contracts which have been designated as cash flow
hedges. These were entered into to hedge the foreign exchange exposure arising on cash flows from Euro denominated coupon
payments relating to notes issued under the Group’s European Medium Term Note programme, and to hedge foreign currency
payments due on acquisitions, and collaboration or licensing arrangements.
As mentioned above, some of the cross currency interest rate swaps entered into in 2025 were designated as cash flow hedges.
The Group manages its cash flow interest rate risk by using floating-to-fixed interest rate swaps. In addition, the Group carries a
balance in reserves that arose from pre-hedging fluctuations in long-term interest rates when pricing bonds issued in prior years
and in the current year. The balance is reclassified to finance costs over the life of these bonds.
Foreign exchange risk
In the current year, the Group has designated certain foreign exchange forward contracts and swaps as cash flow and net
investment hedges. Additionally, the Group has entered into cross currency interest rate swaps which are designated as (a) cash
flow hedges of foreign exchange and interest rate risk (floating USD to fixed GBP), (b) net investment hedges as mentioned above
(fixed GBP to fixed EUR), and (c) cash flow hedges of foreign exchange risk (fixed USD to fixed GBP). Foreign exchange derivative
financial assets and liabilities are presented in the line ‘Derivative financial instruments’ (either as assets or liabilities) on the
consolidated balance sheet. The following tables detail the foreign exchange forward contracts and swaps outstanding at the end
of the reporting period, as well as information on the related hedged items.
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness
assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The Group enters
into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item, and so
a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that
the critical terms no longer match exactly with the critical terms of the hedging instrument, the Group uses the hypothetical
derivative method to assess effectiveness.
The main source of hedge ineffectiveness in these hedging relationships is the effect of the counterparty and the Group’s own credit
risk on the fair value of the foreign exchange forward contracts and swaps, which is not reflected in the fair value of the hedged
item attributable to changes in foreign exchange rates. In 2024 another source of ineffectiveness emerged from these hedging
relationships namely the principal amount of USD net investment hedges exceeded the hedged item for a period of ten days owing
to an adjustment to the USD net assets of the Group because of a change in the provision for the Zantac litigation between
quarters but after the financial instruments were entered into with the counterparty. The ineffectiveness recorded for this period was
£nil (2024: £15 million). No ineffectiveness was recorded from cash flow hedges in 2025 (2024: £nil). No other ineffectiveness was
recorded from net investment hedges in 2025 (2024: £nil).
In 2025, the movement in the time value of options recognised in reserves is £4 million credit (2024: £4 million charge) and is
accounted for as a cost of hedging.
257
GSK Annual Report 2025
Notes to the financial statements continued
43. Financial instruments and related disclosures continued
2025
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
£m
Carrying
amount
£m
Periodic
change in
value for
calculating
hedge
ineffectiveness
£m
Cash flow hedges:
Cross currency interest rate swaps
Buy foreign currency:
Over 12 months
1.29
USD
743
(42)
(42)
2025
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
£m
Carrying
amount
£m
Periodic
change in
value for
calculating
hedge
ineffectiveness
£m
Net investment hedges:
Foreign exchange contracts:
Sell foreign currency:
Less than 3 months
1.14
EUR
8,669
18
(410)
210.89
JPY
47
–
5
1.33
USD
4,437
43
216
8.77
CNH
60
4
2
3 to 6 months
1.28
USD
223
12
12
Over 6 months
1.82
CAD
285
–
7
1.69
SGD
61
–
3
1.33
USD
735
8
8
9.33
CNH
123
(1)
(2)
1.02
CHF
80
1
–
Cross currency swaps
Over 12 months
1.19
EUR
807
(24)
(30)
Borrowings:
Less than 3 months
EUR
–
–
(31)
3 to 6 months
EUR
873
(873)
(43)
Over 6 months
JPY
202
(201)
14
EUR
3,885
(3,870)
(188)
20,487
(4,883)
(437)
2025
Hedged items
Periodic change in value
for calculating hedge
ineffectiveness
£m
Cumulative balance in cash
flow hedge reserve/foreign
currency translation reserve
for continuing hedges
£m
Balance in cash flow hedge
reserve arising from hedging
relationships for which hedge
accounting is no longer
applied
£m
Cash flow hedges:
Variability in cash flows from foreign exchange exposure and
interest rate risk arising on US Dollar denominated floating
debt issued
28
4
–
Variability in cash flows from foreign exchange exposure and
interest rate risk arising on US Dollar denominated fixed debt
issued
14
–
–
Net investment hedges:
Net investment in foreign operations
437
(648)
–
258
GSK Annual Report 2025
Notes to the financial statements continued
43. Financial instruments and related disclosures continued
2024
Hedging instruments
Average
exchange rate
Foreign
currency
Net notional
value
£m
Carrying
amount
£m
Periodic
change in
value for
calculating
hedge
ineffectiveness
£m
Net investment hedges:
Foreign exchange contracts:
Sell foreign currency:
Less than 3 months
1.20
EUR
8,201
19
359
197.82
JPY
84
(1)
13
1.29
USD
2,417
(66)
(56)
9.26
CNH
61
(1)
(1)
3 to 6 months
1.31
USD
1,827
(75)
(75)
Over 6 months
1.76
CAD
244
2
17
1.67
SGD
164
–
3
1.17
EUR
208
–
1
Borrowings:
Less than 3 months
EUR
–
–
42
3 to 6 months
EUR
623
(622)
28
Over 6 months
JPY
216
(216)
19
EUR
4,524
(4,508)
157
18,569
(5,468)
507
2024
Hedged items
Periodic change in value
for calculating hedge
ineffectiveness
£m
Cumulative balance in cash
flow hedge reserve/foreign
currency translation reserve
for continuing hedges
£m
Balance in cash flow hedge
reserve arising from hedging
relationships for which hedge
accounting is no longer applied
£m
Net investment hedges:
Net investment in foreign operations
(522)
(208)
–
£nil (2024: £nil) of balances in the cash flow hedge reserve arise from hedging relationships for which hedge accounting is no
longer applied.
259
GSK Annual Report 2025
Notes to the financial statements continued
43. Financial instruments and related disclosures continued
The following table details the effectiveness of the hedging relationships and the amounts reclassified from the hedging reserve to
profit or loss:
2025
Amount reclassified to profit or loss
Amount transferred to balance sheet
via basis adjustment
Hedging
gains/(losses)
recognised in
reserves
£m
Amount
of hedge
ineffectiveness
recognised in
profit or loss
£m
Line item
in profit or
loss in
which hedge
ineffectiveness
is included
Hedged
future cash
flows
no longer
expected to
occur
£m
Due to
hedged item
affecting
profit or loss
£m
Line item in
profit or loss
in which
reclassification
adjustment
is included
Due to hedged
item affecting
balance sheet
£m
Line item
in balance
sheet in which
reclassification
adjustment
is included
Cash flow hedges:
Variability in cash flows from
foreign exchange exposure
and interest rate risk arising on
US Dollar denominated
floating debt issued
(23)
–
Finance
income or
expense
–
20
Other
income or
expense
–
–
Variability in cash flows from
foreign exchange exposure
and interest rate risk arising on
US Dollar denominated fixed
debt issued
(14)
–
Finance
income or
expense
–
13
Other
income or
expense
–
–
Net investment hedges:
Net investment in foreign
operations
(437)
–
Finance
income
–
3
Other
income or
expense
–
–
Time value of options
4
–
Finance
income or
expense
–
–
Other
income or
expense
–
–
–
2024
Amount reclassified to profit or loss
Amount transferred to balance sheet
via basis adjustment
Hedging
gains/(losses)
recognised in
reserves
£m
Amount
of hedge
ineffectiveness
recognised in
profit or loss
£m
Line item
in profit or
loss in
which hedge
ineffectiveness
is included
Hedged
future cash
flows
no longer
expected to
occur
£m
Due to
hedged item
affecting
profit or loss
£m
Line item in
profit or loss
in which
reclassification
adjustment
is included
Due to hedged
item affecting
balance sheet
£m
Line item
in balance
sheet in which
reclassification
adjustment
is included
Cash flow hedges:
Variability in cash flows from
a highly probable forecast
transaction
8
–
Finance
income or
expense
–
–
–
(6)
Intangible
assets
Net investment hedges:
Net investment in foreign
operations
522
(15)
Finance
income
–
5
Other
income or
expense
–
–
Time value of options
(4)
–
Finance
income or
expense
–
–
Other
income or
expense
–
–
–
Interest rate risk
The Group manages its cash flow interest rate risk by using floating-to-fixed interest rate swaps, where at quarterly intervals the
difference between fixed contract rates and floating rate interest amounts calculated by reference to the agreed notional principal
amounts are exchanged.
During 2025, cross currency interest rate swaps were entered into, as mentioned above in the Foreign exchange risk section. The
floating USD to fixed GBP leg of these were hedges of interest rate risk.
There were no cross currency interest rate swaps or interest rate swaps outstanding at 31 December 2024.
260
GSK Annual Report 2025
Notes to the financial statements continued
43. Financial instruments and related disclosures continued
Additionally, interest rate swaps were entered into in 2025 to minimise the interest cost of existing debt. This involved entering into
fixed GBP to floating GBP swaps (designated as fair value hedges) for the full remaining life of the bonds and floating GBP to fixed
GBP (designated as cash flow hedges) for a period of five years.
The only other impact on these financial statements of interest rate swaps is where the interest rate risk on an element of future debt
issuance has been managed by entering into forward starting interest rate swaps, effectively to lock in the interest rates on the debt
in advance. These were closed out at the time of issuing the debt, and the resulting gain or loss held in the cash flow hedge reserve
and reclassified to income statement as the interest payments on the debt impacted the income statement.
Forward starting interest rate swaps
Forward starting interest rate contracts, exchanging floating interest for fixed interest, were designated as cash flow hedges to
hedge the interest variability of the interest cash flows associated with future fixed rate debt.
Interest rate swaps
Interest rate swap contract assets and liabilities are presented (when applicable) in the line ‘Derivative financial instruments’ (either
as assets or liabilities) on the consolidated balance sheet.
£16 million (2024: £16 million) of balances in the cash flow hedge reserve arise from hedge relationships for which hedge accounting
is no longer applied.
The following tables provide information regarding interest rate swaps and the related hedged items at 31 December 2025. There
were none at 31 December 2024.
2025
Hedging instruments
Average
contracted fixed
rate %
Notional
principal value
£m
Change in fair
value for
recognising
hedge
ineffectiveness
Fair value
assets/
(liabilities)
Cash flow hedges:
1-5 years
3.67%
371
–
–
5-10 years
3.70%
478
–
–
Fair value hedges:
10-30 years
4.37%
849
(1)
(1)
2025
Hedged items
Change in fair
value for
recognising
hedge
ineffectiveness
Balance in cash
flow hedge
reserve for
continuing
hedges
Variability in fair value of the Sterling external debt attributable to changes in Sterling
interest rates
1
–
The following table details the effectiveness of the hedging relationships and the amounts reclassified from the hedging reserve to
profit or loss:
2025
Amount reclassified to profit or loss
Hedging
gains/(losses)
recognised in
reserves
£m
Amount
of hedge
ineffectiveness
recognised
in profit or loss
£m
Line item
in profit or
loss in
which hedge
ineffectiveness
is included
Due to
hedged future
cash flows
no longer
expected to
occur
£m
Due to
hedged item
affecting
profit or loss
£m
Line item
in profit or loss
in which
reclassification
adjustment
is included
Cash flow hedges:
Pre-hedging of long-term interest rates:
Matured in the past
(3)
–
Finance
income or
expense
–
4
Finance
income or
expense
261
GSK Annual Report 2025
Notes to the financial statements continued
43. Financial instruments and related disclosures continued
2024
Amount reclassified to profit or loss
Hedging
gains/(losses)
recognised in
reserves
£m
Amount
of hedge
ineffectiveness
recognised in
profit or loss
£m
Line item
in profit or
loss in
which hedge
ineffectiveness is
included
Due to
hedged future
cash flows
no longer
expected to
occur
£m
Due to
hedged item
affecting
profit or loss
£m
Line item
in profit or loss in
which
reclassification
adjustment
is included
Cash flow hedges:
Pre-hedging of long-term interest rates:
Matured in the past
–
–
Finance
income or
expense
–
4
Finance
income or
expense
(e) Offsetting of financial assets and liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet where there is a legally enforceable right
to offset the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability
simultaneously. There are also arrangements that do not meet the criteria for offsetting but still allow for the related amounts to be
offset in certain circumstances, such as bankruptcy or the termination of a contract.
The following tables set out the financial assets and liabilities that are offset, or subject to enforceable master netting arrangements
and other similar agreements but not offset, as at 31 December 2025 and 31 December 2024. The column ‘Net balance’ shows the
impact on the Group’s balance sheet if all offset rights were exercised.
31 December 2025
Gross
financial
assets/
(liabilities)
£m
Gross
financial
(liabilities)/
assets offset
£m
Net financial
assets/
(liabilities) per
balance sheet
£m
Related
amounts not
offset in the
balance sheet
£m
Net
balance
£m
Financial assets:
Trade and other receivables
6,495
–
6,495
–
6,495
Derivative financial instruments
121
–
121
(63)
58
Financial liabilities:
Trade and other payables
(13,185)
–
(13,185)
–
(13,185)
Derivative financial instruments
(142)
–
(142)
63
(79)
31 December 2024
Gross
financial
assets/
(liabilities)
£m
Gross
Financial
(liabilities)/
assets offset
£m
Net financial
assets/
(liabilities)
£m
Related
amounts not
offset
£m
Net
balance
£m
Financial assets:
Trade and other receivables
5,950
(1)
5,949
–
5,949
Derivative financial instruments
110
–
110
(89)
21
Financial liabilities:
Trade and other payables
(13,161)
1
(13,160)
–
(13,160)
Derivative financial instruments
(192)
–
(192)
89
(103)
Amounts which do not meet the criteria for offsetting on the balance sheet but could be settled net in certain circumstances
principally relate to derivative transactions under ISDA agreements where each party has the option to settle amounts on a net
basis in the event of default of the other party. As there is presently not a legally enforceable right of offset, these amounts have not
been offset in the balance sheet, but have been presented separately in the table above.
262
GSK Annual Report 2025
Notes to the financial statements continued
43. Financial instruments and related disclosures continued
(f) Debt interest rate repricing table
The following table sets out the exposure of the Group to interest rates on debt, including commercial paper. The maturity analysis
of fixed rate debt is stated by contractual maturity and of floating rate debt by interest rate repricing dates. For the purpose of this
table, debt is defined as all classes of borrowings other than lease liabilities.
2025
2024
Total
debt
£m
Total
debt
£m
Floating and fixed rate debt less than one year
(2,875)
(2,181)
Between one and two years
(1,487)
(1,410)
Between two and three years
(2,247)
(721)
Between three and four years
(1,174)
(2,355)
Between four and five years
(1,646)
(1,207)
Between five and ten years
(3,920)
(2,738)
Greater than ten years
(3,541)
(5,272)
Total
(16,890)
(15,884)
Original issuance profile:
Fixed rate interest
(15,052)
(15,126)
Floating rate interest
(1,838)
(756)
Non-interest bearing
–
(2)
(16,890)
(15,884)
(g) Sensitivity analysis
The tables below illustrate the estimated impact on the income statement and equity as a result of hypothetical market movements
in foreign exchange and interest rates in relation to the Group’s financial instruments. The range of variables chosen for the
sensitivity analysis reflects management’s view of changes which are reasonably possible over a one-year period.
Foreign exchange sensitivity
The Group operates internationally and is primarily exposed to foreign exchange risk in relation to Sterling against movements in US
Dollar, Euro and Japanese Yen. Foreign exchange risk arises from the translation of financial assets and liabilities which are not in
the functional currency of the entity that holds them. Based on the Group’s net financial assets and liabilities as at 31 December a
weakening and strengthening of Sterling against these currencies, with all other variables held constant, is illustrated in the tables
below. The tables exclude financial instruments that expose the Group to foreign exchange risk where this risk is fully hedged with
another financial instrument.
2025
2024
Income statement impact of non-functional currency foreign exchange exposures
Increase/(decrease) in
income
£m
Increase/(decrease) in
income
£m
10 cent appreciation of the US Dollar
38
106
15 cent appreciation of the US Dollar
59
167
10 cent appreciation of the Euro
(10)
(42)
15 cent appreciation of the Euro
(16)
(66)
10 yen appreciation of the Yen
–
–
15 yen appreciation of the Yen
–
–
2025
2024
Income statement impact of non-functional currency foreign exchange exposures
Increase/(decrease) in
income
£m
Increase/(decrease) in
income
£m
10 cent depreciation of the US Dollar
(32)
(91)
15 cent depreciation of the US Dollar
(47)
(131)
10 cent depreciation of the Euro
9
36
15 cent depreciation of the Euro
13
51
10 yen depreciation of the Yen
–
–
15 yen depreciation of the Yen
–
–
263
GSK Annual Report 2025
Notes to the financial statements continued
43. Financial instruments and related disclosures continued
The equity impact, shown below, for foreign exchange sensitivity relates to derivative and non-derivative financial instruments
hedging the Group’s net investments in its European (Euro) foreign operations and cash flow hedges of its foreign exchange
exposure arising on Euro denominated coupon payments relating to notes issued under the Group’s European Medium Term
Note programme.
2025
2024
Equity impact of non-functional currency foreign exchange exposures
Increase/(decrease)
in equity
£m
Increase/(decrease)
in equity
£m
10 cent appreciation of the US Dollar
(373)
(368)
15 cent appreciation of the US Dollar
(584)
(577)
10 cent appreciation of the Euro
(1,297)
(1,188)
15 cent appreciation in Euro
(2,031)
(1,834)
2025
2024
Equity impact of non-functional currency foreign exchange exposures
Increase/(decrease)
in equity
£m
Increase/(decrease)
in equity
£m
10 cent depreciation of the US Dollar
322
313
15 cent depreciation of the US Dollar
467
453
10 cent depreciation of the Euro
1,108
958
15 cent depreciation of the Euro
1,581
1,384
The tables below present the Group’s sensitivity to a weakening and strengthening of Sterling against the relevant currency based
on the composition of net debt as shown in Note 29, 'Net debt', excluding lease liabilities within ‘Liabilities relating to assets held for
sale’ and adjusted for the effects of foreign exchange derivatives that are not part of net debt but affect future foreign currency
cash flows.
2025
2024
Impact of foreign exchange movements on adjusted net debt
(Increase)/decrease
in adjusted net debt
£m
(Increase)/decrease
in adjusted net debt
£m
10 cent appreciation of the US Dollar
(482)
(555)
15  cent appreciation of the US Dollar
(753)
(870)
10 cent appreciation of the Euro
240
178
15 cent appreciation of the Euro
378
279
10 yen appreciation of the Yen
(5)
(5)
15 yen appreciation of the Yen
(7)
(8)
2025
2024
Impact of foreign exchange movements on adjusted net debt
(Increase)/decrease
in adjusted net debt
£m
(Increase)/decrease
in adjusted net debt
£m
10 cent depreciation of the US Dollar
415
473
15 cent depreciation of the US Dollar
602
684
10 cent depreciation of the Euro
(202)
(150)
15 cent depreciation of the Euro
(291)
(217)
10 yen depreciation of the Yen
4
5
15 yen depreciation of the Yen
6
7
264
GSK Annual Report 2025
Notes to the financial statements continued
43. Financial instruments and related disclosures continued
Interest rate sensitivity
The Group is exposed to interest rate risk on its outstanding borrowings and investments where any changes in interest rates will
affect future cash flows or the fair values of financial instruments.
The majority of debt is issued at fixed interest rates and changes in the floating rates of interest do not significantly affect the
Group’s net interest charge, although the majority of cash and liquid investments earn floating rates of interest.
The table below hypothetically shows the Group’s sensitivity to changes in interest rates in relation to Sterling, US Dollar and Euro
floating rate financial assets and liabilities. A 1% (100 basis points) or 1.5% (150 basis points) movement in Sterling, US Dollar or Euro
interest rates is not deemed to have a material effect on equity. A 1% (100 basis points) or 1.5% (150 basis points) decrease in
Sterling, US Dollar or Euro interest rates would have an equal and opposite impact to that shown below.
2025
2024
Income statement impact of interest rate movements
Increase/(decrease)
in income
£m
Increase/(decrease)
in income
£m
1% (100 basis points) increase in Sterling interest rates
71
72
1.5% (150 basis points) increase in Sterling interest rates
106
108
1% (100 basis points) increase in US Dollar interest rates
(52)
(43)
1.5% (150 basis points) increase in US Dollar interest rates
(77)
(64)
1% (100 basis points) increase in Euro interest rates
(21)
(20)
1.5% (150 basis points) increase in Euro interest rates
(32)
(30)
(h) Contractual cash flows for non-derivative financial liabilities and derivative instruments
The following tables provide an analysis of the anticipated contractual cash flows including interest payable for the Group’s non-
derivative financial liabilities on an undiscounted basis. For the purpose of this table, debt is defined as all classes of borrowings
except for lease liabilities and financial liabilities within liabilities relating to assets held for sale. Interest is calculated based on debt
held at 31 December without taking account of future issuance. Floating rate interest is estimated using the prevailing interest rate
at the balance sheet date. Cash flows in foreign currencies are translated using spot rates at 31 December.
At 31 December 2025
Debt
£m
Interest
on debt
£m
Lease
liabilities
£m
Finance
charge
on lease
liabilities
£m
Trade payables
and other
liabilities not
in net debt
£m
Total
£m
Due in less than one year
(2,879)
(579)
(137)
(56)
(14,733)
–
(18,384)
Between one and two years
(1,487)
(538)
(217)
(37)
(1,382)
–
(3,661)
Between two and three years
(2,252)
(477)
(108)
(25)
(1,182)
–
(4,044)
Between three and four years
(1,180)
(429)
(71)
(20)
(1,352)
–
(3,052)
Between four and five years
(1,286)
(396)
(50)
(16)
(679)
–
(2,427)
Between five and ten years
(3,475)
(1,619)
(176)
(39)
(1,929)
–
(7,238)
Greater than ten years
(4,419)
(954)
(71)
(10)
(1,222)
–
(6,676)
Gross contractual cash flows
(16,978)
(4,992)
(830)
(203)
(22,479)
–
(45,482)
At 31 December 2024
Debt
£m
Interest
on debt
£m
Lease
liabilities
£m
Finance
charge
on lease
liabilities
£m
Trade payables
and other
liabilities not
in net debt
£m
Total
£m
Due in less than one year
(2,181)
(540)
(168)
(41)
(14,440)
(17,370)
Between one and two years
(1,411)
(500)
(222)
(34)
(1,247)
(3,414)
Between two and three years
(723)
(484)
(146)
(29)
(1,593)
(2,975)
Between three and four years
(2,362)
(434)
(109)
(23)
(1,461)
(4,389)
Between four and five years
(1,213)
(383)
(73)
(20)
(913)
(2,602)
Between five and ten years
(2,759)
(1,646)
(299)
(53)
(2,318)
(7,075)
Greater than ten years
(5,320)
(1,251)
(85)
(14)
(1,313)
(7,983)
Gross contractual cash flows
(15,969)
(5,238)
(1,102)
(214)
(23,285)
(45,808)
265
GSK Annual Report 2025
Notes to the financial statements continued
43. Financial instruments and related disclosures continued
The table below provides an analysis of the anticipated contractual cash flows for the Group’s derivative instruments excluding
equity options which do not give rise to cash flows, and other embedded derivatives, which are not material, using undiscounted
cash flows. Cash flows in foreign currencies are translated using spot rates at 31 December. The gross cash flows of foreign
exchange contracts are presented for the purpose of this table although, in practice, the Group uses standard settlement
arrangements to reduce its liquidity requirements on these instruments.
2025
2024
Gross cash
inflows
Gross cash
outflows
Net cash inflows
Net cash
outflows
Gross cash
inflows
Gross cash
outflows
Net cash
inflows
Net cash
outflows
Foreign
exchange
forward
contracts, swaps
and cross
currency interest
rate swaps
£m
Foreign exchange
forward contracts,
swaps and cross
currency interest
rate swaps
£m
Interest rate
swap contracts
£m
Interest rate
swap
contracts
£m
Foreign
exchange
forward
contracts and
swaps
£m
Foreign
exchange
forward
contracts and
swaps
£m
Interest rate
swap
contracts
£m
Interest rate
swap
contracts
£m
Less than one year
29,815
(29,748)
3
–
28,567
(28,634)
–
–
Between one and
two years
1,548
(1,612)
8
(2)
36
(35)
–
–
Between two and
three years
–
–
7
(1)
–
–
–
–
Between three and
four years
–
–
6
–
–
–
–
–
Between four and
five years
–
–
6
–
–
–
–
–
Greater than five
years
–
–
6
(49)
–
–
–
–
Gross contractual
cash flows
31,363
(31,360)
36
(52)
28,603
(28,669)
–
–
266
GSK Annual Report 2025
Notes to the financial statements continued
44. Employee share schemes
GSK operates several employee share schemes, including the Share Value Plan, whereby awards are granted to employees to
acquire shares or ADS in GSK plc at no cost after a three-year vesting period and the Performance Share Plan, whereby awards are
granted to employees to acquire shares or ADS in GSK plc at no cost, subject to the achievement by the Group of specified
performance targets. The Group also operates savings-related share option schemes, whereby options are granted to employees to
acquire shares in GSK plc at a discounted price.
Grants of restricted share awards are normally exercisable at the end of the three-year vesting or performance period. Awards are
normally granted to employees to acquire shares or ADS in GSK plc but in some circumstances may be settled in cash. Grants under
savings-related share option schemes are normally exercisable after three years’ saving. In accordance with UK practice, the
majority of options under the savings-related share option schemes are granted at a price 20% below the market price ruling at the
date of grant.
The total charge for share-based incentive plans in 2025 was £390 million ( 2024: £347 million; 2023: £321 million). Of this amount,
£288 million (2024 : £260 million; 2023: £244 million) arose from the Share Value Plan. See Note 9, ‘Employee costs’ for further
details.
GSK share award schemes
Share Value Plan
Under the Share Value Plan, share awards are granted to certain employees at no cost. The awards vest after two-and-a-half to
three years and there are no performance criteria attached. The fair value of these awards is determined based on the closing
share price on the day of grant, after deducting the expected future dividend yield of 4.0% (2024: 3.4%; 2023: 3.8%) over the
duration of the award.
Number of shares and ADS issuable
Shares
Number (000)
Weighted
fair value
ADS
Number (000)
Weighted
fair value
At 1 January 2023
27,975
15,429
Awards granted
11,548
£12.79
6,449
$31.65
Awards exercised
(8,599)
(4,856)
Awards cancelled
(1,144)
(797)
At 31 December 2023
29,780
16,225
Awards granted
12,023
£15.17
6,431
$39.49
Awards exercised
(9,384)
(5,199)
Awards cancelled
(1,225)
(877)
At 31 December 2024
31,194
16,580
Awards granted
12,499
£13.15
6,697
$35.01
Awards exercised
(9,683)
(5,191)
Awards cancelled
(1,213)
(982)
At 31 December 2025
32,797
17,104
Performance Share Plan
Under the Performance Share Plan, share awards are granted to Directors and senior executives at no cost. The percentage of
each award that vests is based upon the performance of the Group over a defined measurement period with dividends reinvested
during the same period. For awards granted in 2020 and 2021, the performance conditions are based on four measures over a
three-year performance period. These are adjusted free cash flow (30%), TSR (30%), R&D new product performance (20%) and
pipeline progress (20%). For awards granted from 2022 until 2024, the performance conditions are based on five measures over a
three-year performance period. These are TSR (30%), pipeline progress (20%), profit measure (20%), sale measure (20%) and ESG
environment (10%). For the awards granted from 2025, the performance conditions are based on five measures over a three-year
performance period. These are TSR (40%), pipeline progress (17.5%), profit measure (17.5%), sale measure (17.5%) and ESG
environment (7.5%).
The fair value of the awards is determined based on the closing share price on the day of grant. For TSR performance elements, this
is adjusted by the likelihood of that condition being met, as assessed at the time of grant.
During 2025, awards were granted of 4.9 million shares at a weighted fair value of £10.85 and 1.0 million ADS at a weighted fair
value of $27.46 . At 31 December 2025 , there were outstanding awards over 15.0 million shares and 2.4 million ADS.
267
GSK Annual Report 2025
Notes to the financial statements continued
44. Employee share schemes continued
Share options and savings-related options
For the purposes of valuing savings-related options to arrive at the share-based payment charge, a Black-Scholes option pricing
model has been used. The assumptions used in the model are as follows:
2025 Grant
2024 Grant
2023 Grant
Risk-free interest rate
3.75%
4.24%
4.57%
Dividend yield
3.6%
4.3%
4.0%
Volatility
27%
34%
34%
Expected life
3 years
3 years
3 years
Savings-related options grant price (including 20% discount)
£14.19
£11.27
£11.20
Expected volatility has been based on an evaluation of the historical volatility of the Company’s share price, particularly over the
historical period commensurate with the expected term.
Options outstanding for the Share Save Plan
Savings-related
share option schemes
Number
000
Weighted
exercise
price
At 31 December 2025
4,782
£11.79
Range of exercise prices on options outstanding at year end
£10.34
—
£14.19
Weighted average market price on exercise during year
£14.43
Weighted average remaining contractual life
1.9 years
Options of 0.9 million shares were granted during the year under the savings-related share option scheme at a weighted average
fair value of £4.58. At 31 December 2025, 3.9 million of the savings-related share options were not exercisable.
There has been no change in the effective exercise price of any outstanding options during the year.
Employee Share Ownership Plan Trusts
The Group sponsors Employee Share Ownership Plan (ESOP) Trusts to acquire and hold shares in GSK plc to satisfy awards made
under employee incentive plans. The trustees of the ESOP Trusts purchase shares with finance provided by the Group by way of
loans or contributions. The costs of running the ESOP Trusts are charged to the income statement. Shares held by the ESOP Trusts
are deducted from other reserves and amortised down to the value of proceeds, if any, receivable from employees on exercise by a
transfer to retained earnings. The trustees have waived their rights to dividends on the shares held by the ESOP Trusts.
At 31 December 2025, 62,875,215 shares were held in the ESOP Trusts, out of which 62,227,857 were held for the future exercise of
share awards and 647,358 shares were held for the Executive Supplemental Savings Plan.
Shares held for share award schemes
2025
2024
Number of shares (000)
62,875
64,314
£m
£m
Nominal value
20
20
Carrying amount
282
397
Market value
1,147
866
268
GSK Annual Report 2025
Notes to the financial statements continued
45. Principal Group companies
The following represent the principal subsidiaries and their countries of incorporation of the Group at 31 December 2025 . The equity
share capital of these entities is shown in the percentage columns. All companies are incorporated in their principal country of
operation except where stated.
England
%
Glaxo Group Limited
100
Glaxo Operations UK Limited
100
Glaxo Wellcome UK Limited
100
GlaxoSmithKline Capital plc 
100
GlaxoSmithKline Export Limited
100
GlaxoSmithKline Finance plc
100
GlaxoSmithKline Holdings Limited(a)
100
GlaxoSmithKline IHC Limited
100
GlaxoSmithKline Intellectual Property (No.2) Limited
100
GlaxoSmithKline Intellectual Property (No.3) Limited
100
GlaxoSmithKline Intellectual Property (No.4) Limited
100
GlaxoSmithKline Intellectual Property Development Limited
100
GlaxoSmithKline Intellectual Property Limited
100
GlaxoSmithKline Research & Development Limited
100
GlaxoSmithKline Services Unlimited (a)
100
GlaxoSmithKline UK Limited
100
GSK Finance (No. 2) Limited
100
Setfirst Limited
100
SmithKline Beecham Limited
100
ViiV Healthcare Finance Limited
78.3
ViiV Healthcare UK (No.3) Limited
78.3
ViiV Healthcare UK Limited
78.3
Europe
%
Glaxo Wellcome Production S.A.S (France)
100
GlaxoSmithKline AG (Switzerland)
100
GlaxoSmithKline B.V. (Netherlands)
100
GlaxoSmithKline Biologicals SA (Belgium)
100
GlaxoSmithKline GmbH & Co. KG (Germany)
100
GlaxoSmithKline Manufacturing SpA (Italy)
100
GlaxoSmithKline Pharma GmbH (Austria)
100
GlaxoSmithKline Pharmaceuticals SA (Belgium)
100
GlaxoSmithKline S.A. (Spain)
100
GlaxoSmithKline S.p.A. (Italy)
100
GlaxoSmithKline Single Member A.E.B.E. (Greece)
100
GlaxoSmithKline Trading Services Limited (Republic of Ireland)(b)
100
GSK Capital B.V. (Netherlands)(b)
100
GSK Services Sp z o.o. (Poland)
100
GSK Vaccines GmbH (Germany)
100
GSK Vaccines S.r.l. (Italy)
100
JSC GlaxoSmithKline Trading (Russia)
100
Laboratoire GlaxoSmithKline (France)
100
Laboratorios ViiV Healthcare, S.L. (Spain)
78.3
ViiV Healthcare GmbH (Germany)
78.3
ViiV Healthcare S.r.l. (Italy)
78.3
ViiV Healthcare SAS (France)
78.3
US
%
Affinivax, Inc
100
Aiolos Bio, Inc.
100
BP Asset IX, Inc.
100
Corixa Corporation
100
GlaxoSmithKline Capital Inc.
100
GlaxoSmithKline Holdings (Americas) Inc.
100
GlaxoSmithKline LLC
100
Human Genome Sciences, Inc.
100
IDRx, Inc.
100
Stiefel Laboratories, Inc.
100
Tesaro, Inc.
100
ViiV Healthcare Company
78.3
Others
%
Glaxo Saudi Arabia Limited (Saudi Arabia)
100
Glaxo Wellcome Manufacturing Pte Ltd (Singapore)
100
GlaxoSmithKline (Thailand) Limited (Thailand)
100
GlaxoSmithKline Australia Pty Ltd (Australia)
100
GlaxoSmithKline Brasil Limitada (Brazil)
100
GlaxoSmithKline Colombia S.A.
100
GlaxoSmithKline Far East B.V. (Taiwan)
100
GlaxoSmithKline Ilaclari Sanayi ve Ticaret A.S. (Turkey)
100
GlaxoSmithKline Inc. (Canada)
100
GlaxoSmithKline K.K. (Japan)
100
GlaxoSmithKline Korea Limited (Republic of Korea)
100
GlaxoSmithKline Limited (Hong Kong)
100
GlaxoSmithKline Mexico S.A. de C.V. (Mexico)
100
GlaxoSmithKline Pakistan Limited (Pakistan)
82.6
GlaxoSmithKline Pharmaceuticals Limited (India)
75
GSK Biopharma Argentina S.A.
100
GSK Enterprise Management Co, Ltd (China)
100
GSK Life Sciences FZE (United Arab Emirates)
100
GSK Pharma Vietnam Company Limited (Vietnam)
100
ID Biomedical Corporation of Quebec (Canada)
100
(a) Directly held wholly-owned subsidiary of GSK plc.
(b) Tax resident in UK.
The subsidiaries and associates listed above principally affect the figures in the Group’s financial statements. Each of GlaxoSmithKline
Capital Inc., GlaxoSmithKline Capital plc, GlaxoSmithKline Finance plc, GSK Capital BV and GlaxoSmithKline LLC, is a wholly-owned
finance subsidiary of the company, and the company has fully and unconditionally guaranteed the securities issued by each.
See pages 316 to 323 for a complete list of subsidiary undertakings, associates and joint ventures, which form part of these financial statements.
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269
GSK Annual Report 2025
Notes to the financial statements continued
46. Legal proceedings
The Group is involved in significant legal and administrative
proceedings, principally product liability, intellectual property,
tax, anti-trust, consumer fraud and governmental investigations.
The most significant of these matters, other than tax matters,
are described below. The Group makes provision for these
proceedings on a regular basis as summarised in Note 2,
‘Accounting principles and policies’ and Note 31, ‘Other
provisions’. Note 2 also describes when disclosure is made of
proceedings for which there is no provision. Legal expenses
incurred and provisions related to legal claims are charged to
selling, general and administration costs. The Group does not
believe that information about the amount sought by plaintiffs,
if that is known, would be meaningful with respect to those legal
proceedings. This is due to a number of factors, including, but
not limited to, the stage of proceedings, the entitlement of
parties to appeal a decision and clarity as to theories of liability,
damages and governing law.
At 31 December 2025, the Group’s aggregate provision for legal
and other disputes (not including tax matters described in Note
14, ‘Taxation’) was £210 million. There can be no assurance that
any losses that result from the outcome of any legal
proceedings will not materially exceed the amount of the
provisions reported in the Group’s financial statements. If this
were to happen, it could have a material adverse impact on the
results of operations of the Group in the reporting period in
which the judgements are incurred or the settlements entered
into.
Intellectual property
Intellectual property claims include challenges to the validity
and enforceability of the Group’s patents on various products or
processes as well as assertions of non-infringement of those
patents. A loss in such cases could result in loss of patent
protection for the product at issue. The consequences of any
such loss could be a significant decrease in sales of that
product and could materially affect future results of operations
for the Group.
Breo Ellipta
In August 2025, GSK received a paragraph IV letter from
Transpire Bio Inc. (“Transpire”) relating to Breo. On 25
September 2025, GSK filed a patent and trademark
infringement suit against Transpire in the United States District
Court for the Southern District of Florida alleging Transpire’s
proposed generic of Breo infringes GSK patents, trademarks,
and trade dress. The court has set a trial date for 2 November
2026.
Coreg
In 2014, GSK initiated suit against Teva for inducing
infringement of its patent relating to the use of carvedilol
(Coreg) in decreasing mortality caused by congestive heart
failure. In June 2017, the case proceeded to a jury trial in the US
District Court for the District of Delaware. The jury returned a
verdict in GSK’s favour, awarding GSK lost profits and
reasonable royalties for a total award of $235.51 million. On 29
March 2018, the trial judge ruled on post-trial motions filed by
Teva and found that substantial evidence at trial did not
support the jury’s finding of induced infringement, overturning
the jury award. GSK appealed, and on 2 October 2020, the
Court of Appeals for the Federal Circuit reversed the district
court’s ruling and reinstated the jury award in GSK’s favour.
On 2 December 2020, Teva filed a petition for rehearing en
banc. The court granted Teva’s petition, but only for a rehearing
by the three-member panel that issued the original decision. On
5 August 2021, the original panel issued its rehearing opinion
where the majority again reinstated the jury’s damages award
of $235.51 million in GSK’s favour.
Teva again filed a petition for rehearing en banc which was
rejected by the Court of Appeals for the Federal Circuit on 11
February 2022. On 11 July 2022, Teva filed a petition for writ of
certiorari with the Supreme Court of the United States seeking
to overturn the Federal Court decision. On 15 May 2023, the US
Supreme Court denied Teva’s request. On 9 February 2026, GSK
and Teva reached a confidential settlement, resulting in the
dismissal of the action with prejudice. This matter is now
concluded.
mRNA
On 25 April 2024, GSK filed a patent infringement suit against
Pfizer Inc. and BioNTech SE in the United States District Court
for the District of Delaware alleging infringement of five US GSK
patents by the COVID-19 vaccine, COMIRNATY®. On 14 August
2024, GSK filed a First Amended Complaint asserting 3
additional GSK patents against Pfizer/BioNTech bringing the
total number of asserted patents to 8. Pfizer/BioNTech filed an
Answer and Counterclaims to GSK’s First Amended Complaint
on 30 August 2024. Trial is scheduled for 7 June 2027.
On 12 October 2024, GSK filed a patent infringement suit
against Moderna, Inc. in the United States District Court for the
District of Delaware, alleging infringement of 7 GSK patents by
the COVID-19 vaccine, SPIKEVAX®. On 4 September 2025, GSK
filed a First Amended Complaint asserting that Moderna’s
COVID-19 vaccine, mNEXSPIKE® also infringes the same 7 GSK
patents. Trial is scheduled for 19 July 2027. On 12 October 2024,
GSK filed a separate suit in the same court alleging
infringement of 6 GSK patents by Moderna’s RSV vaccine,
mRESVIA®, and trial is scheduled for 23 August 2027.
On 3 July 2025, GSK initiated a patent infringement suit in the
Unified Patent Court (“UPC”) against Moderna, asserting a
single GSK patent and alleging infringement by Moderna’s
SPIKEVAX®, mNEXSPIKE®, and mRESVIA® RSV vaccine
products (“Moderna mRNA Products”). The hearing has been
set to commence in a window between 1-3 September 2026. On
4 July 2025, GSK initiated a second patent infringement suit
against Moderna in the UPC asserting infringement of
additional GSK patents by the Moderna mRNA Products. The
hearing has been set to commence in a window between 30
September-2 October 2026. On 13 November 2025, GSK filed
two patent infringement actions against Moderna in Spain
related to SPIKEVAX® and mRESVIA®. Hearings have yet to be
scheduled.
270
GSK Annual Report 2025
Notes to the financial statements continued
46. Legal proceedings continued
On 3 July 2025, GSK initiated a patent infringement suit in the
UPC against Pfizer and BioNTech alleging infringement by
Pfizer/BioNTech’s COMIRNATY® COVID-19 vaccine products.
The hearing has been set to commence in a window between
1-3 September 2026. On 4 July 2025, GSK initiated another
patent infringement suit in the UPC against Pfizer and
BioNTech asserting additional patents and alleging
infringement by Pfizer/BioNTech’s COMIRNATY® COVID-19
vaccine products. The hearing has been set to commence in a
window between 30 September-2 October 2026. On 7 July
2025, GSK initiated a patent infringement suit related to the
COMIRNATY® COVID-19 vaccine products in the Irish High
Court against Pfizer and BioNTech. A hearing has yet to be
scheduled.
On 5 September 2025, Pfizer and BioNTech initiated a patent
revocation suit against GSK in the UK Patents Court seeking
revocation of the UK counterparts of the patents that GSK has
asserted against them in the UPC and in Ireland. GSK has
counterclaimed that Pfizer and BioNTech infringe those
patents. A trial has been listed for 22 February 2027.
In January 2026, GSK filed two separate actions in the US,
pursuant to 28 U.S.C. § 1782, against Pfizer/BioNTech and
Moderna seeking targeted discovery for use in foreign
proceedings.
On 2 January 2025, Acuitas Therapeutics Inc. filed a
declaratory judgment complaint against GSK, seeking
judgment that COMIRNATY® does not infringe five GSK
patents. Acuitas also seeks a ruling that the patents are invalid.
GSK has moved to dismiss the complaint for lack of subject
matter jurisdiction.
RSV
On 7 June 2022, Pfizer, Inc. filed suit in the London High Court
challenging the validity and requesting revocation of three GSK
European patents relating to RSV vaccine technology.
Corresponding invalidity suits against additional patents were
filed in the District Court of the Hague in the Netherlands in
January 2023 and in the Enterprise Court of Brussels in Belgium
in March 2023. In each of those matters GSK counterclaimed
that Pfizer’s RSV vaccine infringes GSK’s patents. On 2 August
2023, GSK filed a patent infringement suit against Pfizer in the
United States District Court for the District of Delaware alleging
infringement of four US GSK patents by Pfizer’s RSV vaccine,
Abrysvo®. Additional patents have been added to the US
litigation. Pfizer counterclaimed in the US that all patents are
invalid, and that Pfizer’s product does not infringe. On 5 August
2024, GSK filed a patent infringement suit on a fourth European
patent in the European Unified Patent Court (“UPC”) at the
Düsseldorf Local Division. On 14 August 2024, Pfizer filed a
patent revocation suit against that same European patent in
the UPC.
On 1 April 2025, GSK and Pfizer reached a global settlement of
all litigation whereby Pfizer has been granted a worldwide
license to certain patents controlled by GSK relating to
recombinant RSV prefusion F protein and GSK will receive a
royalty stream on sales of Abrysvo®. The pending litigation in
the United States District Court for the District of Delaware was
dismissed on 4 April 2025. Cases pending in other jurisdictions
have also been dismissed. This matter is now concluded.
Trelegy Ellipta
On 22 January 2026, GSK received a paragraph IV letter from
Transpire relating to Trelegy. GSK is currently assessing the
letter and considering its options. Under the Hatch-Waxman
Act, companies who receive such letters have 45 days to bring a
lawsuit against the generic manufacturer.
Zejula
In August 2025, GSK received a paragraph IV letter from Sun
Pharmaceutical Industries Limited (“Sun”) relating to Zejula. On
19 September 2025, GSK filed a patent infringement suit against
Sun in the United States District Court for the District of
Delaware alleging Sun’s proposed generic of Zejula infringes
GSK patents. The court has set a trial date for 24 July 2028.
Product liability
The Group is currently a defendant in a number of product
liability lawsuits.
Avandia
There are two pending US class actions (both filed in 2010) by
third-party payers which assert claims under the Racketeer
Influenced and Corrupt Organizations Act (RICO) and state
consumer protection laws. In December 2019, the Third Circuit
Court of Appeals reversed the summary judgments granted in
favour of the Group and remanded the third-party payer cases
back to district court. A hearing on certain Daubert motions
relating to experts was held on 1 February 2024. On 25 October
2024, the district court granted GSK’s motion to exclude
plaintiffs’ expert on causation, and excluded a portion of
plaintiffs’ damages expert. A hearing on plaintiffs’ motion for
class certification was held on 12 March 2025, and a hearing on
GSK’s motion for summary judgment was held on 21 April 2025.
On 22 May 2025, the district court granted the third-party
payor plaintiffs’ motion for class certification, allowing them to
proceed with their claims as a class action. The district court
has not yet ruled on GSK’s motion for summary judgment. GSK
filed a Rule 23(f) petition with the Third Circuit seeking
permission to appeal the class certification order. On 7 July
2025, the Third Circuit accepted the appeal. Briefing is
complete, and oral argument was held on 26 February 2026.
The district court has stayed the proceedings pending the
outcome of the appeal.
Legacy Talc Products in the US
The Group is defending product liability actions in the United
States regarding legacy products that were divested by the
Group many years ago. Most of the lawsuits are filed against
multiple defendants. The vast majority of cases generally allege
that plaintiffs were exposed to asbestos-contaminated talc and
developed mesothelioma as a result of use of the products.
GSK is vigorously defending these claims. It has achieved
resolution and dismissal of a number of such claims. As of 31
December 2025, there were approximately 830 ongoing
product liability actions pending in various state courts. To date,
no cases have proceeded to trial.
271
GSK Annual Report 2025
Notes to the financial statements continued
46. Legal proceedings continued
Zantac
The Group has been named in product liability lawsuits on
behalf of individuals asserting personal injury claims arising out
of the use of Zantac. The federal cases are part of a
Multidistrict Litigation (MDL) proceeding in the United States
District Court for the Southern District of Florida that is pending
appeal in the United States Court of Appeals for the Eleventh
Circuit. Cases have also been filed in a number of state courts,
the majority of which are in Delaware.
As previously disclosed, on 9 October 2024 GSK reached
agreements to resolve 93% (approximately 80,000 claimants)
of the Zantac state court product liability cases pending
against GSK in the United States. Since that time, the vast
majority of the remaining cases have been resolved or been
dismissed such that 13 state court cases remain.
On 9 October 2024, GSK also reached an agreement in
principle to pay a total of $70 million to resolve the Zantac qui
tam complaint previously filed by Valisure. Both the Department
of Justice and the participating State Attorneys General
approved the agreement which was signed on 3 April 2025. The
qui tam complaint has been dismissed.
On 10 July 2025, the Delaware Supreme Court issued its
decision, reversing the lower court’s decision and concluding
that plaintiffs did not establish that their experts’ opinions are
admissible. After the Delaware Supreme Court issued its
decision, GSK and other defendants filed a motion for summary
judgment. Plaintiffs then filed a motion to allow supplemental
expert disclosures. A hearing on both motions was held on 23
October 2025. On 1 December 2025, the Delaware Superior
Court issued its ruling denying plaintiffs’ motion for
supplemental expert disclosures. The Superior Court requested
additional briefing as to which plaintiffs should be bound by
that ruling. Briefing on that issue concluded on 30 January
2026. As previously disclosed, approximately 14,000 product
liability cases were dismissed following the grant of defendants’
Daubert motions in December 2022 in the federal MDL
proceeding. These are now on appeal by the plaintiffs to the
United States Court of Appeals for the Eleventh Circuit, along
with appeals in the medical monitoring and consumer class
action cases. Oral argument was held on 10 October 2025. A
decision is expected in the first half of 2026. GSK remains
confident in its position and will continue to vigorously defend
against those appeals.
Outside the US, there are two proposed class actions pending
against GSK in Ontario and Quebec, Canada along with a class
action in Israel. The Ontario action is in the process of being
discontinued, and the Quebec action remains dormant. The
parties have reached a settlement in the Israel class action and
are in the process of seeking final court approval, which is
expected in H2 2026 or Q1 2027. There are also approximately
120 individual actions that have been filed in Canada.
On 20 March 2020, the New Mexico Attorney General filed a
lawsuit against multiple defendants, including the Group,
alleging violations of state consumer protection and false
advertising statutes, among other claims. On 11 November 2020,
the Mayor & City of Baltimore filed an action against the Group
alleging that Zantac increased the risk of cancer and/or
caused cancer in Baltimore patients, and that the Group failed
to warn of or concealed those risks. GSK has resolved both the
New Mexico Attorney General and the Mayor & City of
Baltimore actions.
On 4 February 2025, a putative securities class action lawsuit
was filed in the US District Court for the Eastern District of
Pennsylvania against GSK and certain officers on behalf of
purchasers of GSK publicly traded securities during the period 5
February 2020 through 14 August 2022. The complaint alleges
that defendants made materially false and/or misleading
statements or omissions with regard to Zantac. On 7 July 2025,
plaintiffs filed an amended complaint, removing one of the GSK
individually named defendants and changing the class period
to 5 February 2020 through 12 August 2022. GSK filed a motion
to dismiss the amended complaint. On 4 March 2026, the Court
granted GSK’s motion and dismissed plaintiffs’ amended
complaint with prejudice.
Zofran
The Group was a defendant in over 400 product liability cases
involving Zofran pending in a Multidistrict Litigation (MDL)
proceeding in the District of Massachusetts. The cases alleged
that children suffered birth defects due to their mothers’
ingestion of Zofran and/or generic ondansetron for pregnancy-
related nausea and vomiting. Plaintiffs asserted that the Group
sold Zofran knowing it was unsafe for pregnant women, failed
to warn of the risks and illegally marketed Zofran “off-label” for
use by pregnant women.
On 1 June 2021, the MDL Court granted the Group’s motion for
summary judgment on federal pre-emption grounds. The Court
found that the FDA was fully informed of all relevant safety
information regarding Zofran and had repeatedly rejected any
attempt to add a birth defect warning to the label. At that time,
the Court granted judgment for the Group in all cases pending
in the MDL (approximately 431 cases) and closed the MDL
proceeding. Plaintiffs appealed this decision and, on 9 January
2023, the United States Court of Appeals for the First Circuit
affirmed the district court’s decision in favour of the Group.
The one remaining state court case was voluntarily dismissed
by the plaintiff in July 2025. Three of the four proposed class
actions in Canada have been discontinued. The last remaining
class action is not currently active, and is also expected to be
discontinued.
Sales and marketing and regulation
The Group’s marketing and promotion of its Pharmaceutical
and Vaccine products are the subject of certain governmental
investigations and private lawsuits brought by litigants under
various theories of law.
Flovent – Arizona Attorney General
On 6 February 2025, the Arizona Attorney General filed a
lawsuit in Arizona state court alleging violation of the state
consumer protection statute. The lawsuit alleges that GSK
engaged in deceptive and unfair practices with respect to
Flovent. GSK removed the case to federal court and filed a
motion to dismiss. The plaintiff filed a motion to remand the
case to state court. On 26 August 2025, the federal court
remanded the case to state court, finding that the case did not
state a federal claim over which the court had subject-matter
jurisdiction, but did not rule on GSK’s pending motion to dismiss.
The state court heard oral argument on the motion to dismiss
on 23 January 2026.
272
GSK Annual Report 2025
Notes to the financial statements continued
46. Legal proceedings continued
GSK Korea – Proceedings under Fair Trade Laws
In August 2020, GSK Korea was indicted under Korea’s
Monopoly Regulation and Fair Trade laws in relation to
government tenders of HPV (Cervarix) and PCV (Synflorix)
vaccines in 2018 and 2019. The prosecutor alleged that GSK
Korea, through the actions of at least one of its employees,
interfered with the tender process under the National
Immunisation Programme by using “straw bidders”.
A former GSK Korea employee was also charged in his
individual capacity by the prosecutor in relation to the same
matter. Further, a number of wholesalers were co-defendants in
the proceedings. On 1 February 2023, the court rendered a
guilty verdict in respect of all defendants. GSK Korea was fined
KRW70 million which is approximately £45,000. In July 2024,
the appellate court rendered a not-guilty verdict for all
defendants, overturning the lower court’s decision. In December
2025, the Korea Supreme Court affirmed the appellate court’s
decision. This matter is now concluded.
US electronic health records subpoena
On 19 March 2023, the Group received a subpoena from the
United States Attorney’s Office for the Western District of
Virginia, which is working with the United States Department of
Justice Civil Division, seeking documents relating to the Group’s
electronic health record programmes. The Group cooperated
with the enquiry.
Senate HELP Enquiry
The Group received a letter dated 8 January 2024 from
majority members of the US Senate Health, Education, Labor
and Pensions (“HELP”) Committee initiating an investigation
into the pricing of inhalers for the treatment of asthma and
COPD. The letter is similar to letters received by a number of
other pharmaceutical companies and requests information on
pricing, research in the treatment of respiratory diseases,
patenting and business practices. The Group cooperated with
the enquiry.
Anti-trust/competition
Certain governmental actions and private lawsuits have been
brought against the Group alleging violation of competition or
anti-trust laws.
Lamictal
Purported classes of direct purchasers filed suit in 2012 in the US
District Court for the District of New Jersey alleging that the
Group and Teva Pharmaceuticals unlawfully conspired to delay
generic competition for Lamictal, resulting in overcharges to the
purchasers, by entering into an allegedly anti-competitive
reverse payment settlement to resolve patent infringement
litigation. A separate count accuses the Group of monopolising
the market.
On 13 December 2018, the trial judge granted plaintiffs’ class
certification motion, certifying a class of direct purchasers. The
Group filed a Rule 23(f) motion in the Court of Appeals for the
Third Circuit, challenging the class certification decision. On 22
April 2020, the Court of Appeals vacated the lower court’s grant
of class certification and remanded the issue back to the lower
court for further analysis.
On 9 October 2020, the district court heard argument on
plaintiffs’ renewed motion for class certification after remand.
On 9 April 2021, the district court denied plaintiffs’ motion for
class certification of the putative direct purchaser class, leaving
a potential class of brand-only purchasers. Plaintiffs moved to
supplement their expert report and seek additional discovery to
support the addition of certain generic purchasers. On 21
January 2022, the district court denied plaintiffs’ motion to
supplement their expert report and seek additional discovery
and held that the issue of generic purchasers had already been
decided and denied in the court’s ruling on decertification. The
parties conducted briefing on class certification as to the
remaining brand-only purchasers, with plaintiffs also seeking to
add a smaller category of purchasers.
On 1 February 2023, the district court denied plaintiffs’ renewed
class certification motion. A series of follow-on complaints have
been filed in the US District Court for the Eastern District of
Pennsylvania by groups of alleged purchasers. The cases have
been consolidated with the previously pending case in the
District of New Jersey. Discovery is ongoing.
Commercial and corporate
The Group is involved in certain contractual and/or commercial
disputes.
Tesaro, Inc. v. AnaptysBio
On 20 November 2025, GSK subsidiaries Tesaro, Inc., and
Tesaro Development, Ltd. (collectively, “Tesaro”) initiated
litigation against AnaptysBio, Inc. in the Delaware Chancery
Court. This action seeks a declaration that Tesaro has not
breached the Collaboration and Exclusive License Agreement
(the “Agreement”) among the parties and that AnaptysBio
engaged in conduct that constituted an anticipatory breach of
the Agreement with respect to the oncology treatment Jemperli
(dostarlimab). AnaptysBio filed a lawsuit against Tesaro and
GSK later the same day, in the same court, asserting claims that
Tesaro materially breached certain provisions of the Agreement
or the implied covenant of good faith and fair dealing, and that
GSK tortiously interfered with the contract by inducing Tesaro’s
alleged breaches. Trial is currently set for 14-17 July 2026.
AnaptysBio filed a partial motion to dismiss seeking dismissal of
Tesaro’s anticipatory breach of contract claim, which motion
was heard by the court on 4 March 2026. GSK and Tesaro
intend to vigorously defend against AnaptysBio’s allegations.
Zejula royalty dispute
In October 2012, Tesaro, Inc. (now a wholly owned subsidiary of
GSK) entered into two worldwide patent license agreements
with AstraZeneca UK Limited related to niraparib (later
approved as Zejula). In May 2021, AstraZeneca filed a lawsuit
against Tesaro in the High Court, England and Wales alleging
that Tesaro failed to pay some of the royalties due under the
license agreements. Tesaro has counterclaimed based on a
calculated overpayment. Trial was held the week of 6 March
2023 and judgment was entered against the Group on 5 April
2023. On 9 February 2024 the Court of Appeal ruled in the
Group’s favour, overturning the trial court’s judgment and
determining that only Zejula sales for uses falling within the
licensed patents could be deemed royalty-bearing.
AstraZeneca requested permission to appeal and on 28 May
2024, the UK Supreme Court rejected AstraZeneca’s request.
The appropriate quantum of royalties following the Court of
Appeal’s judgement may be the subject of further proceedings.
273
GSK Annual Report 2025
Notes to the financial statements continued
47. Post balance sheet events
On 19 January 2026, GSK reached agreement with Pfizer and Shionogi for the 11.7% economic interest in ViiV Healthcare currently
held by Pfizer to be replaced with an investment by Shionogi. As a result of this transaction, Shionogi will increase its economic
interest to 21.7% and GSK will maintain its 78.3% economic interest. Under the terms of the agreement, ViiV Healthcare will issue
new shares to Shionogi for consideration of $2.125 billion and cancel Pfizer’s holding in ViiV Healthcare for a consideration of
$1.875 billion. Additionally, GSK will receive a special dividend of $0.250 billion (payable in GBP). Completion of the transaction is
subject to certain regulatory clearances in relevant markets and is expected to occur during Q1 2026. On completion, GSK will
extinguish the Pfizer put option liability through retained earnings. The liability will be remeasured immediately prior to completion,
on the same methodology as at 31 December 2025, with any change in the value of the liability recognised as an Adjusting item
through other operating income/(expense). The carrying amount of the liability was £822 million as at 31 December 2025.
On 19 January 2026, GSK entered into a definitive agreement to acquire RAPT Therapeutics (RAPT), a California-based, clinical-
stage biopharmaceutical company dedicated to developing novel therapies for patients living with inflammatory and immunologic
diseases. The acquisition includes ozureprubart, a long-acting anti-immunoglobulin E (IgE) monoclonal antibody, currently in phase
IIb clinical development for prophylactic protection against food allergens. Under the terms of the agreement, GSK’s subsidiary
commenced a tender offer to acquire all outstanding shares of RAPT common stock for $58.00 per share in cash at closing for an
estimated aggregate equity value of $2.2 billion. Net of cash acquired, GSK's upfront investment is approximately $1.9 billion. The
transaction was subject to customary closing conditions, including the applicable waiting period under the Hart-Scott-Rodino Act in
the US, and subsequently closed on 3 March 2026. Given the timing of the closure of the transaction, GSK expects to disclose the
provisional accounting for the acquisition in the Q1 2026 Results Announcement.
On 25 February 2026, GSK announced that it has entered an agreement to acquire 100% of the equity of 35Pharma Inc., a
Canada-based, private, clinical-stage biopharmaceutical company specialised in the development of novel protein-based
therapeutics. The acquisition includes HS235, a potential best-in-class investigational medicine that has completed phase I healthy
volunteer clinical trials with studies to start imminently in pulmonary arterial hypertension (PAH) and pulmonary hypertension due to
heart failure with preserved ejection fraction (PH-HFpEF). The transaction is subject to customary conditions, including applicable
regulatory agency clearances under the Hart-Scott-Rodino Act in the US and the Competition Act in Canada, along with a filing
under the Investment Canada Act. Under the terms of the agreement, US$950 million is payable in cash at closing. 
274
GSK Annual Report 2025
Company balance sheet – UK GAAP
31 December 2025
Notes
2025
£m
2024
£m
Fixed assets – investments
E
20,383
20,307
Current assets:
Trade and other receivables
F
24,394
27,111
Cash at bank
12
15
Total current assets
24,406
27,126
Trade and other payables
G
(800)
(645)
Total current liabilities
(800)
(645)
Net current assets
23,606
26,481
Total assets less current liabilities
43,989
46,788
Provisions for liabilities
H
(47)
(20)
Other non-current liabilities
G
(588)
(528)
Net assets
43,354
46,240
Capital and reserves:
Share capital
I
1,349
1,348
Share premium account
I
3,498
3,473
Other reserves
J
1,420
1,420
Retained earnings
J
37,087
39,999
Equity shareholders’ funds
43,354
46,240
The Company’s profit for the year was £639 million (2024 : £4,035 million ).
The financial statements on pages 274 to 278 were approved by the Board on 4 March 2026 and signed on its behalf by
Sir Jonathan Symonds
Chair GSK plc
Registered number: 3888792
Company statement of changes in equity
for the year ended 31 December 2025
Share
capital
£m
Share
premium
account
£m
Other
reserves
£m
Retained
earnings
£m
Total
equity
£m
At 1 January 2024
1,348
3,451
1,420
37,938
44,157
Profit and Total comprehensive income attributable to shareholders
–
–
–
4,035
4,035
Treasury shares transferred to the ESOP Trust
–
–
–
459
459
Dividends to shareholders (Note D)
–
–
–
(2,444)
(2,444)
Shares issued under employee share schemes
–
22
–
11
33
At 31 December 2024
1,348
3,473
1,420
39,999
46,240
Profit and Total comprehensive income attributable to shareholders
–
–
–
639
639
Purchase of Treasury shares
–
–
–
(1,377)
(1,377)
Treasury shares transferred to the ESOP Trust
–
–
–
385
385
Dividends to shareholders (Note D)
–
–
–
(2,564)
(2,564)
Shares issued under employee share schemes
1
25
–
5
31
At 31 December 2025
1,349
3,498
1,420
37,087
43,354
275
GSK Annual Report 2025
Notes to the Company balance sheet – UK GAAP
(including FRS 101 ‘Reduced Disclosure Framework’)
A) Presentation of the financial statements
Description of business
GSK plc is the parent company of GSK, a major global
biopharma group which prevents and treats disease with
specialty medicines, vaccines and general medicines.
Preparation of financial statements
The financial statements, which are prepared using the
historical cost convention (as modified to include the
revaluation of certain financial instruments) and on a going
concern basis, are prepared in accordance with Financial
Reporting Standard 101 ‘Reduced Disclosure Framework’ (FRS
101) and the Companies Act 2006 as at 31 December 2025,
with comparative figures as at 31 December 2024.
As permitted by section 408 of the Companies Act 2006, the
income statement of the Company is not presented in this
Annual Report.
The Company is included in the Group financial statements of
GSK plc, which are publicly available.
The following exemptions from the requirements of IFRS have
been applied in the preparation of these financial statements,
in accordance with FRS 101:
– Paragraphs 45(b) and 46 to 52 of IFRS 2, ‘Share-based
payment’
– IFRS 7, ‘Financial Instruments – Disclosures’
– Paragraphs 91-99 of IFRS 13, ‘Fair value measurement’
– Paragraph 38 of IAS 1, ‘Presentation of financial statements’
comparative information requirements in respect of
paragraph 79(a) (iv) of IAS 1
– Paragraphs 10(d), 10(f), 16, 38(A), 38 (B to D), 40 (A to D), 111
and 134 to 136 of IAS 1, ‘Presentation of financial statements’
– IAS 7, ‘Statement of cash flows’
– Paragraph 30 and 31 of IAS 8, ‘Accounting policies, changes
in accounting estimates and errors’
– Paragraph 17 of IAS 24, ‘Related party disclosures’ and the
further requirement in IAS 24 to disclose related party
transactions entered into between two or more members of a
Group.
Accounting principles and policies
The preparation of the balance sheet in conformity with
generally accepted accounting principles requires
management to make estimates and assumptions that affect
the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the balance
sheet. Actual amounts could differ from those estimates.
The balance sheet has been prepared in accordance with the
Company’s accounting policies approved by the Board and
described in Note B. These policies have been consistently
applied, unless otherwise stated.
Key accounting judgements and estimates
No key accounting judgements or estimates were required in
the current year.
B) Accounting policies
Foreign currency transactions
Foreign currency transactions are recorded at the exchange
rate ruling on the date of transaction. Foreign currency
monetary assets and liabilities are translated at rates of
exchange ruling at the balance sheet date.
Dividends paid and received
Dividends paid and received are included in the financial
statements in the period in which the related dividends are
actually paid or received, utilising the Company’s current
account to fund the payment of dividends.
Expenditure
Expenditure is recognised in respect of goods and services
received when supplied in accordance with contractual terms.
Provision is made when an obligation exists for a future liability
in respect of a past event and where the amount of the
obligation can be reliably estimated.
Investments in subsidiary companies
Investments in subsidiary companies are held at cost less any
provision for impairment and also includes a capital
contribution in relation to movements in contingent
consideration.
Impairment of investments
The carrying amount of investments are reviewed at each
reporting date, including a comparison to the Company’s share
of the net assets value of the investments, to determine whether
there is an indication of impairment. If such an indication exists,
the recoverable amount of the investment is estimated. The
recoverable amount is the higher of fair value less costs to sell
and value in use. An impairment loss is recognised if the
carrying amount of an investment exceeds its estimated
recoverable amount. Impairment losses are recognised in the
income statement.
Trade and other receivables
Trade and other receivables are carried at amortised cost less
the expected credit loss (ECL) allowance. Expected credit
losses are calculated in accordance with the approach
permitted by IFRS 9. The majority of the balance within trade
and other receivables is amounts owed by Group undertakings.
The Company applies a general approach to calculate the
expected credit losses. If a receivable is determined to be non-
collectable it is written off, firstly against any expected credit
loss allowance available and then to the income statement.
Subsequent recoveries of amounts previously provided for are
credited to the statement of comprehensive income. Long-term
receivables are discounted where the effect is material.
Share-based payments
The Company issues shares to employees under the Share Save
Plan and the Deferred Annual Bonus Plan (DABP) on behalf of
its subsidiary companies for cash consideration.
276
GSK Annual Report 2025
Notes to the Company balance sheet – UK GAAP continued
(including FRS 101 ‘Reduced Disclosure Framework’)
Treasury shares
The purchase price paid for the Treasury shares, including
transaction fees, is included within retained earnings. Treasury
shares are transferred to the ESOP trust at the fair market price
at the date of the transfer for cash consideration. If the
proceeds are equal to or less than the purchase price paid by
the Company for the shares, the proceeds are treated as a
realised loss. If the proceeds exceed the purchase price, the
excess over the purchase price is transferred to the share
premium account. Where the Company’s equity instruments
are repurchased, for example as a result of a share buyback
programme, the consideration paid, including any directly
attributable incremental costs (net of income taxes), is
deducted from the shareholders’ equity as Treasury shares until
the shares are cancelled or reissued. The purchase price paid
by the Company for the shares is determined by the use of a
weighted average price method.
Taxation
Current tax is provided at the amounts expected to be paid
applying tax rates that have been enacted or substantively
enacted by the balance sheet date.
Deferred tax is provided in full, using the liability method, on
temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the financial
statements. Deferred tax assets are only recognised to the
extent that they are considered recoverable against future
taxable profits.
Deferred tax is measured at the average tax rates that are
expected to apply in the periods in which the temporary
differences are expected to be realised or settled. Deferred tax
liabilities and assets are not discounted.
Financial guarantees
Liabilities relating to guarantees issued by the Company on
behalf of its subsidiaries are initially recognised at fair value
and subsequently measured at the higher of:
1. the expected credit loss allowance measured using the
general approach; and
2. the amount initially recorded less, when appropriate,
accumulated amortisation.
C) Operating profit
A fee of £15,582 (2024: £15,179) relating to the audit of the
Company has been charged in operating profit.
D) Dividends
In 2025 the Directors declared four interim dividends resulting
in a dividend for the year of 66 pence. For further details, see
Note 16, 'Dividends' to the Group financial statements.
E) Fixed assets – investments
2025
£m
2024
£m
Shares in GlaxoSmithKline Services Unlimited
654
654
Shares in GlaxoSmithKline Holdings (One) Limited
18
18
Shares in GlaxoSmithKline Holdings Limited
17,888
17,888
Shares in GlaxoSmithKline Mercury Limited
33
33
18,593
18,593
Capital contribution relating to share-based payments
1,139
1,139
Contribution relating to contingent consideration
651
575
20,383
20,307
Fixed asset investments, including investment in subsidiaries, are stated at cost and reviewed for impairment if there are indications
that the carrying amount may not be recoverable. Management evaluates on a case-to-case basis whether any impairment
booked for the Group impacts the carrying amount of the investments. Based on the evaluation for the current year, management
has not determined any indicators of impairment for investments.
The capital contribution of £1,139 million refers to a historic contribution the Company for share-based payments to employees.
The contingent consideration is in respect of arrangements entered into as part of the ordinary course of the Group’s business to
which the Company was a signing party.
277
GSK Annual Report 2025
Notes to the Company balance sheet – UK GAAP continued
(including FRS 101 ‘Reduced Disclosure Framework’)
F) Trade and other receivables
2025
£m
2024
£m
Amounts due within one year:
Other debtors
3
–
Amounts owed by Group undertakings
24,163
26,850
24,166
26,850
Amounts due after more than one year:
Amounts owed by Group undertakings
228
261
24,394
27,111
The amounts owed by Group undertakings due within one year primarily include a call account balance with GSK Finance plc which
is unsecured, repayable on demand with interest received at SONIA rate less 0.05% per annum (2024: SONIA rate less 0.05%).
The Directors consider that the carrying amount of amounts owed by Group undertakings approximates to their fair values. The
recoverability of these balances has been assessed and no provision for expected credit loss has been recognised. The counter-
party has access to sufficient funds and assets to fulfil its future obligations. Amounts owed by Group undertakings are not past due
and there is no increased credit risk experienced since initial recognition.
The movement in the amounts owed by/to Group undertakings in the period, as reflected within Notes F and G, primarily reflects the
receipt of dividend income from subsidiaries and utilisation of the Company’s current account to fund the payment of interim
dividends.
G) Trade and other payables
2025
£m
2024
£m
Amounts due within one year:
Other creditors
280
318
Contingent consideration payable
62
47
Corporation tax
247
280
Amounts owed to Group undertakings
211
–
At 31 December
800
645
Amounts due after more than one year:
Contingent consideration payable
588
528
At 31 December
588
528
The Company has guaranteed debt issued by certain subsidiary companies and for which it receives an annual fee from one of the
subsidiaries. In aggregate, the Company has outstanding guarantees over £15.6 billion of debt instruments (2024: £15.2 billion). The
financial guarantee contract liability of £263 million (2024: £298 million) is included within other creditors. The amounts due from
the subsidiary company in relation to these guarantee fees will be recovered over the life of the bonds and are disclosed within
‘Trade and other receivables’ (see Note F).
The contingent consideration relates to the amount payable for the acquisition in 2015 of the Novartis Vaccines portfolio. The
current year liability is included within ‘Trade and other payables’ and the amounts due after more than one year are included in
‘Other non-current liabilities’. For further details, see Note 32, 'Contingent consideration liabilities' to the Group financial statements.
H) Provisions for liabilities
2025
£m
2024
£m
At 1 January
20
20
Charge for the year
72
33
Utilised
(45)
(33)
At 31 December
47
20
The provisions relate to a number of legal and other disputes in which the company is currently involved.
278
GSK Annual Report 2025
Notes to the Company balance sheet – UK GAAP continued
(including FRS 101 ‘Reduced Disclosure Framework’)
I) Share capital and share premium account
Ordinary shares
Share
premium
account
Number
£m
£m
Share capital issued and fully paid
1 January 2025
4,314,303,734
1,348
3,473
Issued under employee share schemes
1,141,292
1
14
Ordinary shares acquired by ESOP Trust
–
–
11
At 31 December 2025
4,315,445,026
1,349
3,498
At 31 December 2025, of the issued share capital, 62,875,215 shares were held in the ESOP Trusts (out of which 62,227,857 were held
for future exercise of share options and share awards and 647,358 shares were held for the Executive Supplemental Savings Plan),
240,019,489 shares were held as Treasury shares and 4,012,550,322 shares were in free issue. All issued shares are fully paid and
there are no shares authorised but not in issue. The nominal, carrying and market values of the shares held in the ESOP Trusts are
disclosed in Note 45, ‘Employee share schemes’.
During the period the Company purchased 93 million of shares to be held as Treasury shares as part of the 2025 share buyback
programme. At 31 December 2025, the Company held 240 million Treasury shares at a cost of £3,948 million, of which 147 million
shares of £2,571 million were repurchased as part of previous share buyback programmes, which has been deducted from retained
earnings.
The monthly breakdown of all shares purchased and the average price paid per share (excluding expenses) in relation to the 2025
share buyback programme are detailed in Note 36, ‘Share capital and share premium account’ of the Group accounts.
J) Retained earnings and other reserves
The Board reviews the level of distributable reserves of GSK plc annually as per Tech 2/17 Guidance on Realised and Distributable
Profits under the Companies Act 2006, and aims to maintain distributable reserves that provide adequate cover for dividend
payments.
The availability of distributable reserves in GSK plc is dependent on the ability of the subsidiaries to recover their receivables within a
reasonable period of time. The Directors consider that, based on the nature of these receivables and the available cash resources,
the distributable reserves at 31 December 2025 amounted to £25,000 million.
The profit of GSK plc for the year was £639 million (2024: £4,035 million). After dividends paid of £2,564 million (2024: £2,444
million) and the effect of £385 million Treasury shares transferred to a subsidiary company (2024: £459 million), retained earnings at
31 December 2025 stood at £37,087 million (2024: £39,999 million), of which £12,087 million is not considered by the Company to be
available for distribution (2024: £14,999 million). Dividends to shareholders are paid out of the reserves of the Company considered
to be available for distribution, which at 31 December 2025 amounted to £25,000 million (2024: £25,000 million).
Other reserves includes a capital redemption reserve and a reserve reflecting historical contributions of shares in the Company
which were issued to satisfy share option awards granted to employees of subsidiary companies.
K) Group companies
See pages 316 to 323 for a complete list of subsidiaries, associates, joint ventures and other significant shareholdings, which forms
part of these financial statements.
279
GSK Annual Report 2025
Investor
information
In this section
280
Commercial Operations turnover by therapeutic area 2025
Total
US
Europe
International
2025
Growth
2025
Growth
2025
Growth
2025
Growth
£m
£%
CER%
£m
£%
CER%
£m
£%
CER%
£m
£%
CER%
HIV
7,687
8
11
5,312
11
14
1,558
4
3
817
2
6
Dolutegravir products:
5,648
1
3
3,567
1
4
1,336
2
–
745
–
3
Tivicay
1,323
(2)
–
801
3
6
237
(6)
(7)
285
(10)
(9)
Triumeq
991
(25)
(23)
728
(23)
(21)
153
(31)
(32)
110
(32)
(28)
Juluca
656
(4)
(2)
527
(3)
(1)
117
(8)
(9)
12
–
8
Dovato
2,678
20
22
1,511
19
23
829
16
15
338
32
37
Cabenuva
1,402
38
42
1,160
40
44
202
29
28
40
54
62
Apretude
439
57
62
432
60
64
–
–
–
7
(22)
(22)
Rukobia
169
5
8
150
1
4
10
25
25
9
>100
>100
Others
29
(22)
(16)
3
(50)
(50)
10
(38)
(31)
16
7
13
Respiratory, Immunology & Inflammation
3,810
15
18
2,505
14
17
638
16
15
667
19
25
Nucala
2,008
13
15
1,040
7
10
521
16
15
447
23
28
Benlysta
1,773
19
22
1,464
20
23
134
17
15
175
14
20
Other
29
(22)
(19)
1
–
–
(17)
(6)
(6)
45
7
14
Oncology
1,977
40
43
1,364
–
–
469
39
38
144
97
>100
Jemperli
557
(6)
(4)
292
(4)
(2)
215
(7)
(8)
50
(12)
(2)
Zejula
861
–
–
647
–
–
159
>100
>100
55
>100
>100
Blenrep
17
>100
>100
8
>100
>100
9
80
80
–
–
–
Ojjaara/Omjjara
554
–
–
417
–
–
98
>100
>100
39
>100
>100
Other
(12)
>(100)
>(100)
–
–
–
(12)
>(100)
>(100)
–
–
–
Specialty Medicines
13,474
14
17
9,181
15
18
2,665
12
11
1,628
14
18
Shingles
3,558
6
8
1,200
(20)
(17)
1,317
44
42
1,041
9
13
Shingrix
3,558
6
8
1,200
(20)
(17)
1,317
44
42
1,041
9
13
Meningitis
1,583
10
12
669
1
4
603
25
24
311
7
13
Bexsero
1,150
14
16
358
(2)
1
593
26
24
199
14
24
Menveo
402
4
6
303
2
5
8
14
14
91
11
12
Penmenvy
8
–
–
8
–
–
–
–
–
–
–
–
Other
23
(43)
(40)
–
–
–
2
(50)
(50)
21
(42)
(39)
RSV
593
1
2
301
(40)
(39)
218
>100
>100
74
37
44
Arexvy
593
1
2
301
(40)
(39)
218
>100
>100
74
37
44
Influenza
303
(26)
(24)
212
(33)
(31)
21
(32)
(32)
70
17
22
Fluarix/FluLaval
303
(26)
(24)
212
(33)
(31)
21
(32)
(32)
70
17
22
Established Vaccines
3,120
(7)
(5)
1,268
(3)
(1)
718
(1)
(2)
1,134
(13)
(11)
Boostrix
654
(4)
(2)
400
(7)
(4)
142
4
2
112
(3)
3
Cervarix
23
(68)
(68)
–
–
–
8
(43)
(43)
15
(74)
(74)
Hepatitis
643
(7)
(5)
321
(17)
(15)
202
6
5
120
6
12
Infanrix, Pediarix
519
1
4
295
11
14
115
(4)
(5)
109
(14)
(9)
Priorix, Priorix Tetra, Varilrix
425
32
33
60
54
56
134
10
9
231
43
46
Rotarix
546
(7)
(5)
160
(7)
(4)
128
4
3
258
(12)
(9)
Synflorix
159
(30)
(29)
–
–
–
3
(73)
(73)
156
(27)
(27)
Others
151
(39)
(39)
32
>100
>100
(14)
>(100)
>(100)
133
(41)
(41)
Vaccines
9,157
–
2
3,650
(15)
(12)
2,877
32
30
2,630
(1)
2
Respiratory
7,068
(2)
–
3,816
(1)
1
1,394
(2)
(3)
1,858
(3)
1
Anoro Ellipta
542
(5)
(4)
207
(20)
(17)
235
–
–
100
8
13
Flixotide/Flovent
421
(20)
(18)
277
(23)
(21)
63
(11)
(11)
81
(16)
(12)
Relvar/Breo Ellipta
1,017
(5)
(3)
367
–
–
352
(5)
(6)
298
(1)
3
Seretide/Advair
858
(19)
(17)
267
(27)
(24)
184
(16)
(16)
407
(14)
(11)
Trelegy Ellipta
2,986
11
13
2,183
10
13
335
7
6
468
16
21
Ventolin
703
–
3
365
1
4
120
12
10
218
(6)
(1)
Other Respiratory
541
(8)
(5)
150
2
5
105
(13)
(14)
286
(10)
(7)
Other General Medicines
2,968
(8)
(4)
212
(9)
(6)
597
(12)
(13)
2,159
(6)
(2)
Augmentin
602
(5)
(1)
–
–
–
172
(7)
(8)
430
(4)
2
Lamictal
391
(3)
(1)
159
(2)
–
102
(4)
(5)
130
(4)
–
Other General Medicines
1,975
(9)
(6)
53
(25)
(21)
323
(16)
(17)
1,599
(7)
(3)
General Medicines
10,036
(4)
(1)
4,028
(2)
1
1,991
(5)
(6)
4,017
(5)
–
Total Commercial Operations
32,667
4
7
16,859
3
6
7,533
13
12
8,275
(1)
4
281
Commercial Operations turnover by therapeutic area 2024
Total
US
Europe
International
2024
Growth
2024
Growth
2024
Growth
2024
Growth
£m
£%
CER%
£m
£%
CER%
£m
£%
CER%
£m
£%
CER%
HIV
7,089
10
13
4,792
12
15
1,496
5
8
801
9
14
Dolutegravir products:
5,599
4
7
3,536
3
6
1,316
2
4
747
7
12
Tivicay
1,350
(3)
1
781
(2)
–
252
(6)
(4)
317
–
5
Triumeq
1,325
(14)
(11)
942
(12)
(10)
222
(21)
(19)
161
(14)
(9)
Juluca
685
4
7
546
7
10
127
(7)
(4)
12
(14)
(7)
Dovato
2,239
23
27
1,267
23
26
715
18
20
257
43
50
Cabenuva
1,013
43
47
831
42
46
156
51
54
26
44
56
Apretude
279
87
93
270
81
87
–
–
–
9
–
–
Rukobia
161
38
41
149
35
39
8
14
14
4
>100
>100
Others
37
(40)
(37)
6
(68)
(68)
16
(30)
(26)
15
(25)
(20)
Respiratory, Immunology & Inflammation
3,299
9
13
2,193
4
7
548
17
20
558
22
32
Nucala
1,784
8
12
970
(1)
2
450
17
20
364
24
34
Benlysta
1,490
10
14
1,222
9
12
115
16
19
153
19
27
Other
25
19
33
1
–
–
(17)
(21)
(21)
41
21
29
Oncology
1,410
93
98
1,000
>100
>100
337
17
19
73
59
72
Jemperli
467
>100
>100
382
>100
>100
74
>100
>100
11
>100
>100
Zejula
593
13
17
305
19
22
231
4
6
57
30
36
Blenrep
2
(94)
(94)
(3)
(50)
>(100)
5
(87)
(87)
–
–
–
Ojjaara/Omjjara
353
>100
>100
316
>100
>100
32
–
–
5
–
–
Other
(5)
>(100)
(100)
–
–
–
(5)
>(100)
>(100)
–
–
>100
Specialty Medicines ex COVID
11,798
16
19
7,985
18
21
2,381
9
12
1,432
15
23
Pandemic
12
(73)
(73)
10
–
10
1
(67)
(67)
1
(97)
>(100)
Xevudy
12
(73)
(73)
10
–
10
1
(67)
(67)
1
(97)
>(100)
Specialty Medicines
11,810
15
19
7,995
18
21
2,382
9
12
1,433
13
20
Shingles
3,364
(2)
1
1,494
(21)
(18)
917
1
3
953
45
52
Shingrix
3,364
(2)
1
1,494
(21)
(18)
917
1
3
953
45
52
Meningitis
1,437
14
18
662
9
12
483
12
14
292
35
43
Bexsero
1,010
19
23
364
17
20
472
13
16
174
44
56
Menveo
387
2
5
298
–
3
7
(42)
(42)
82
19
23
Other
40
29
32
–
–
–
4
–
–
36
33
37
RSV
590
(52)
(51)
503
(58)
(57)
33
>100
>100
54
35
42
Arexvy
590
(52)
(51)
503
(58)
(57)
33
>100
>100
54
35
42
Influenza
408
(19)
(16)
317
(15)
(12)
31
(21)
(18)
60
(36)
(33)
Fluarix/FluLaval
408
(19)
(16)
317
(15)
(12)
31
(21)
(18)
60
(36)
(33)
Established Vaccines
3,339
2
6
1,310
4
7
722
(3)
–
1,307
3
7
Boostrix
681
11
14
429
9
12
137
12
15
115
17
24
Cervarix
72
(40)
(38)
–
–
–
14
(58)
(58)
58
(33)
(31)
Hepatitis
692
13
17
389
16
19
190
7
10
113
15
19
Infanrix, Pediarix
512
(8)
(5)
265
(9)
(6)
120
(1)
2
127
(11)
(6)
Priorix, Priorix Tetra, Varilrix
323
22
26
39
>100
>100
122
(5)
(2)
162
35
40
Rotarix
587
(4)
(1)
172
(10)
(8)
123
4
7
292
(4)
1
Synflorix
226
(18)
(15)
–
–
–
11
(69)
(69)
215
(10)
(7)
Others
246
15
19
16
(36)
(36)
5
(17)
(33)
225
24
28
Vaccines ex COVID
9,138
(6)
(3)
4,286
(19)
(17)
2,186
3
5
2,666
17
23
Pandemic vaccines
–
(100)
(100)
–
–
–
–
(100)
(100)
–
(100)
(100)
Pandemic adjuvant
–
(100)
(100)
–
–
–
–
(100)
(100)
–
(100)
(100)
Vaccines
9,138
(7)
(4)
4,286
(19)
(17)
2,186
(3)
(1)
2,666
16
21
Respiratory
7,213
6
10
3,869
12
16
1,423
1
4
1,921
(3)
4
Anoro Ellipta
572
3
6
258
(4)
(1)
221
15
17
93
(2)
5
Flixotide/Flovent
527
17
21
359
27
30
71
1
3
97
(1)
5
Relvar/Breo Ellipta
1,067
(3)
1
393
(10)
(7)
372
2
4
302
–
8
Seretide/Advair
1,057
(7)
(3)
364
7
10
219
(14)
(13)
474
(13)
(7)
Trelegy Ellipta
2,702
23
27
1,986
24
27
312
13
16
404
26
35
Ventolin
702
(6)
(3)
362
(10)
(7)
107
7
10
233
(6)
(1)
Other Respiratory
586
(6)
(1)
147
37
41
121
(15)
(13)
318
(15)
(9)
Other General Medicines
3,215
(5)
–
234
(16)
(14)
675
(7)
(5)
2,306
(4)
3
Augmentin
635
1
7
–
–
–
185
(1)
2
450
2
10
Lamictal
405
(7)
(3)
163
(16)
(13)
106
(5)
(3)
136
5
12
Other General Medicines
2,175
(7)
(1)
71
(17)
(16)
384
(10)
(8)
1,720
(5)
1
General Medicines
10,428
2
6
4,103
10
13
2,098
(1)
1
4,227
(3)
3
Total Commercial Operations
31,376
3
7
16,384
4
6
6,666
2
4
8,326
5
11
282
Three-year selected financial data
A record of financial performance is provided, analysed in accordance with current reporting practice. The information included in
the selected financial data (except for number of employees and Core results) is prepared in accordance with International
Accounting Standards in conformity with the requirements of the Companies Act 2006 and also with IFRS as issued by the
International Accounting Standards Board. 
Group turnover by geographic region
2025
£m
2024
£m
2023
£m
US
16,859
16,384
15,820
Europe
7,533
6,666
6,564
International
8,275
8,326
7,944
32,667
31,376
30,328
Group turnover by product group
2025
£m
2024
£m
2023
£m
Specialty Medicines
13,474
11,810
10,244
Vaccines
9,157
9,138
9,864
General Medicines
10,036
10,428
10,220
32,667
31,376
30,328
Specialty Medicines turnover
2025
£m
2024
£m
2023
£m
HIV
7,687
7,089
6,444
Respiratory, Immunology & Inflammation
3,810
3,299
3,025
Oncology
1,977
1,410
731
Pandemic
–
12
44
13,474
11,810
10,244
Vaccines turnover
2025
£m
2024
£m
2023
£m
Shingles
3,558
3,364
3,446
Meningitis
1,583
1,437
1,260
RSV
593
590
1,238
Influenza
303
408
504
Established Vaccines
3,120
3,339
3,266
Pandemic Vaccines
–
–
150
9,157
9,138
9,864
General Medicines
2025
£m
2024
£m
2023
£m
Respiratory
7,068
7,213
6,825
Other General Medicines
2,968
3,215
3,395
10,036
10,428
10,220
Financial results – total
2025
£m
2024
£m
2023
£m
Turnover
32,667
31,376
30,328
Profit after taxation for the year
6,289
2,951
5,308
pence
pence
pence
Basic earnings per share
141.1p
63.2p
121.6p
Diluted earnings per share
138.8p
62.2p
119.9p
283
Three-year selected financial data continued
Financial results – Core
2025
£m
2024
£m
2023
£m
Turnover
32,667
31,376
30,328
Operating profit
9,783
9,148
8,786
Profit before taxation
9,265
8,613
8,112
Profit after taxation
7,681
7,151
6,855
The reconciliation between Total and Core operating profit over the last three years can be summarised as follows:
2025
£m
2024
£m
2023
£m
Total operating profit
7,932
4,021
6,745
Intangible asset amortisation
808
1,002
719
Intangible asset impairment
880
314
398
Major restructuring
109
353
382
Transaction-related items
507
1,881
572
Significant legal, Divestments and other items
(453)
1,577
(30)
Core operating profit
9,783
9,148
8,786
The reconciliation between Total and Core earnings per share over the last three years can be summarised as follows:
2025
pence
2024
pence
2023
pence
Total earnings per share
141.1p
63.2p
121.6p
Intangible asset amortisation
15.6p
19.5p
13.9p
Intangible asset impairment
16.3p
6.1p
7.5p
Major restructuring
1.9p
6.7p
7.4p
Transaction-related items
5.4p
31.7p
6.9p
Significant legal, Divestments and other items
(8.3p)
32.1p
(2.2)p
Core earnings per share
172.0p
159.3p
155.1p
2025
%
2024
%
2023
%
Return on capital employed
51.0
26.9
53.0
Return on capital employed is calculated as total profit before taxation as a percentage of average net assets over the year.
Balance sheet
2025
2024
2023
Non-current assets
43,608
42,466
40,361
Current assets
17,510
16,997
18,644
Total assets
61,118
59,463
59,005
Current liabilities
(21,391)
(21,697)
(21,068)
Non-current liabilities
(23,771)
(24,680)
(25,142)
Total liabilities
(45,162)
(46,377)
(46,210)
Net assets
15,956
13,086
12,795
Shareholders’ equity
16,377
13,671
13,347
Non-controlling interests
(421)
(585)
(552)
Total equity
15,956
13,086
12,795
Number of employees
2025
2024
2023
US
11,807
12,024
12,205
Europe
31,518
32,208
32,675
International
23,516
24,397
25,332
66,841
68,629
70,212
Manufacturing
21,923
23,082
23,159
Selling
24,631
25,047
26,193
Administration
7,469
7,806
7,888
Research and development
12,818
12,694
12,972
66,841
68,629
70,212
The geographic distribution of employees in the table above is based on the location of GSK’s subsidiary companies. The number of
employees is the number of permanent employed staff at the end of the financial period. It excludes those employees who are
employed and managed by GSK on a contract basis.
284
GSK Annual Report 2025
Pipelines, products and intellectual property
Pharmaceuticals and Vaccines product development pipeline
Key
†
In-license or other alliance relationship with third party
^
ViiV Healthcare, a global specialist HIV company with
GSK, Pfizer, Inc. and Shionogi Limited as shareholders, is
responsible for developing and delivering HIV medicines*
BLA
Biological Licence Application
MAA
Marketing Authorisation Application (Europe)
NDA
New Drug Application (US)
*For changes in shareholding in ViiV Healthcare, refer to Note 47
A
Approved
S
Submitted
Phase I
Evaluation of clinical pharmacology, usually conducted in
volunteers
Phase II
Determination of dose and initial evaluation of efficacy,
conducted in a small number of patients
Phase III
Large comparative study (compound versus placebo and/or
established treatment) in patients to establish clinical benefit 
and safety
MAA and NDA/BLA regulatory review milestones shown in the table below are those that have been achieved. Future filing dates
are not included in this list.
Achieved regulatory
review milestones
Compound
Mechanism of Action/Vaccine Type
Indication
Phase
MAA
NDA/BLA
Respiratory Immunology and Inflammation
Exdensur
(depemokimab)†
Long-acting anti-interleukin 5 (IL5)
antibody
Asthma
Approved
A: 1Q26
A: 4Q25
Chronic rhinosinusitis with nasal polyps
(CRSwNP)
Approved
A: 1Q26
Chronic obstructive pulmonary disease (COPD)
Phase III
Eosinophilic granulomatosis with polyangiitis
(EGPA)
Phase III
Hypereosinophilic syndrome (HES)
Phase III
Nucala (mepolizumab)
Anti-interleukin 5 (IL5) antibody
Chronic obstructive pulmonary disease (COPD)
Approved
A: 1Q26
A: 2Q25
linerixibat
Ileal bile acid transporter (IBAT)
inhibitor
Cholestatic pruritus in primary biliary cholangitis
(PBC)
Registration
S: 2Q25
S: 2Q25
camlipixant
P2X3 receptor antagonist
Refractory chronic cough (RCC)
Phase III
efimosfermin alfa†
Fibroblast growth factor 21 (FGF21)
analog
Metabolic dysfunction-associated
steatohepatitis (MASH)
Phase III
Ventolin (salbutamol)
Beta 2 adrenergic receptor agonist
Asthma, low carbon version of metered dose
inhaler
Phase III
Benlysta (belimumab)
Anti-B lymphocyte stimulator (BLys)
monoclonal antibody
Systemic sclerosis associated interstitial lung
disease
Phase II(1)
Interstitial lung disease associated with
connective tissue disease
Phase III
GSK4532990†
HSD17B13 RNA interference
Metabolic dysfunction-associated
steatohepatitis (MASH)
Phase II
Alcohol-related liver disease (ALD)
Phase II
GSK5784283†
Long-acting anti-thymic stromal
lymphopoietin (TSLP) monoclonal
antibody
Asthma
Phase II
nivisnebart†
Anti-sortilin monoclonal antibody
Alzheimer’s disease
Phase II
GSK3862995
Anti-interleukin 33 (IL33) antibody
Chronic obstructive pulmonary disease (COPD)
Phase I
GSK4347859
Interferon pathway modulator
Systemic lupus erythematosus
Phase I
Brand names appearing in italics are trade marks owned by or licensed to the GSK group of companies.
(1) In Phase II/III study.
(2) In Phase I/II study
(3) GSK has an exclusive global license option to co-develop and commercialise the candidate.
285
GSK Annual Report 2025
Pipelines, products and intellectual property continued
Pharmaceuticals and Vaccines product development pipeline continued
Achieved regulatory
review milestones
Compound
Mechanism of Action/Vaccine Type
Indication
Phase
MAA
NDA/BLA
Respiratory Immunology and Inflammation continued
GSK4527363
B-cell modulator
Systemic lupus erythematosus
Phase I
GSK4528287†
Anti IL23-IL18 bispecific antibody
Inflammatory bowel disease
Phase I
GSK4771261
Monoclonal antibody against novel
kidney target
Autosomal dominant polycystic kidney disease
Phase I
GSK5926371†
Anti CD19-CD20-CD3 trispecific
antibody
Autoimmune disease
Phase I
GSK6582701†
PDE3/4 inhibitor
Chronic obstructive pulmonary disease (COPD)
Phase I
GSK6759821†
siRNA for novel target
Chronic obstructive pulmonary disease (COPD)
Phase I
Oncology
Blenrep
(belantamab
mafodotin)†
ADC targeting B-cell maturation
antigen
2L+ Multiple myeloma combination with
Pomalyst and dexamethasone
Approved
A: 2Q25
A: 3Q25
(3L)
2L+ Multiple myeloma combination with
Velcade and dexamethasone
Approved
A: 2Q25
1L Multiple myeloma combination with Revlimid
and dexamethasone
Phase III
Newly diagnosed amyloid light chain
amyloidosis
Phase II
1L Multiple myeloma combination with Velcade,
Revlimid and dexamethasone
Phase I
Jemperli (dostarlimab)†
Anti-programmed cell death protein 1
receptor (PD-1) antibody
Peri-operative dMMR/MSI-H colon cancer
Phase III
Unresected head and neck squamous cell
carcinoma
Phase III
1L Endometrial cancer
Phase III
Neoadjuvant dMMR/MSI-H rectal cancer
Phase II
Previously untreated MMRp/MSS colon cancer
Phase II
risvutatug rezetecan†
ADC targeting B7-H3
Extensive-stage small-cell lung cancer
Phase III
PanGI
Phase I(2)
Solid tumours
Phase I(2)
velzatinib†
KIT inhibitor
Gastrointestinal stromal tumours (GIST)
Phase III
Zejula (niraparib)†
Poly (ADP-ribose) polymerase (PARP)
1/2 inhibitor
Newly diagnosed glioblastoma multiforme
Phase III
Ojjaara/Omjjara
(momelotinib)†
JAK1, JAK2 and ACVR1 inhibitor
Myelodysplastic syndrome
Phase II
Myelofibrosis
Phase II
belantamab
B-cell maturation antigen binder
Multiple myeloma
Phase I
GSK5458514†
PSMAxCD3 T-cell engager
Prostate cancer
Phase I(2)
GSK5460025
Nucleotide excision repair targeting
agent
Solid tumours
Phase I(2)
mocertatug rezetecan†
ADC targeting B7-H4
Gynaecologic malignancies
Phase I
Gynaecologic malignancies combination with
anti cancer therapies
Phase I
XMT-2056 (wholly
owned by Mersana
Therapeutics) †(3)
STING agonist ADC
Cancer
Phase I
Brand names appearing in italics are trade marks owned by or licensed to the GSK group of companies.
(1) In Phase II/III study.
(2) In Phase I/II study
(3) GSK has an exclusive global license option to co-develop and commercialise the candidate.
286
GSK Annual Report 2025
Pipelines, products and intellectual property continued
Pharmaceuticals and Vaccines product development pipeline continued
HIV^
cabotegravir
HIV integrase inhibitor
HIV treatment
Phase II
VH3810109†
HIV broadly neutralising antibody
HIV treatment
Phase II
VH4011499
HIV capsid protein inhibitor
HIV treatment
Phase II
VH4524184†
HIV integrase inhibitor
HIV treatment
Phase II
VH4527079
HIV entry inhibitor
HIV treatment
Phase I
Infectious Diseases
Arexvy
(RSV vaccine)†
Recombinant protein, adjuvanted
vaccine
Respiratory syncytial virus prophylaxis, adults
18-49 years of age at increased risk
Approved
A: 1Q26
S: 2Q25
Bluejpa (gepotidacin)†
Triazaacenaphthylene bacterial type II
topoisomerase inhibitor
Uncomplicated urinary tract infection (uUTI)
Approved
A: 1Q25
Urogenital gonorrhoea (GC)
Approved
A: 4Q25
Penmenvy
(Men ABCWY 1st Gen)
Recombinant protein, outer
membrane vesicle, glycoconjugate
vaccine
MenABCWY, 1st Gen
Approved
A: 1Q25
tebipenem pivoxil †
Antibacterial carbapenem
Complicated urinary tract infection (cUTI)
Registration
S: 4Q25
bepirovirsen†
HBV antisense oligonucleotide
Chronic hepatitis B virus infection
Phase III
Human immunodeficiency virus (HIV)/hepatitis
B virus (HBV) co-infection
Phase II
Bexsero vaccine
Recombinant protein and outer
membrane vesicle vaccine
Meningitis B (infants US)
Phase III
Varicella new seed†
Live, attenuated vaccine
Varicella
Phase III
alpibectir†
Ethionamide booster
Tuberculosis
Phase II
ganfeborole†
Leucyl t-RNA synthetase inhibitor
Tuberculosis
Phase II
iNTS (S. typhimurium +
S. enteritidis + S.typhi)†
Bivalent Generalized Modules for
Membrane Antigens (GMMA) vaccine
and typhoid conjugate vaccine (TCV)
Invasive non-typhoidal salmonella and typhoid
fever
Phase II
mRNA Seasonal Flu †
mRNA vaccine
Seasonal flu
Phase II
mRNA COVID-19†
mRNA vaccine
COVID-19
Phase II
Measles, mumps,
rubella & varicella new
seed
Live, attenuated vaccine
Measles, mumps, rubella, and varicella
Phase II
Urinary tract infection
(UTI)
Adjuvanted recombinant subunit
vaccine
Urinary tract infection (UTI)
Phase II(2)
mRNA Flu H5N1 pre-
pandemic†
mRNA vaccine
Influenza A virus H5N1
Phase II(2)
daplusiran +
tomligisiran†
Hepatitis B virus-targeted siRNA
sequential combination
Chronic hepatitis B virus infection
Phase II
GSK3772701†
P. falciparum whole cell inhibitor
Malaria
Phase I
GSK3882347†
FimH antagonist
Uncomplicated urinary tract infection (uUTI)
Phase I
GSK3923868
PI4K beta inhibitor
Rhinovirus disease
Phase I
GSK3965193
PAPD5/PAPD7 inhibitor
Chronic hepatitis B virus infection
Phase I
GSK4024484†
P. falciparum whole cell inhibitor
Malaria
Phase I
GSK4424989†
Recombinant/glycoconjugate vaccine
Group A streptococcal infections
Phase I
GSK5251738†
TLR8 agonist
Chronic hepatitis B virus infection
Phase I
Pneumococcal 30+
valent - adults†
MAPS Pneumococcal 30+ valent
adults
Pneumococcal disease
Phase I
mRNA Seasonal Flu/
COVID-19†
mRNA vaccine
Seasonal flu and COVID-19
Phase I(2)
Brand names appearing in italics are trade marks owned by or licensed to the GSK group of companies.
(1) In Phase II/III study.
(2) In Phase I/II study
(3) GSK has an exclusive global license option to co-develop and commercialise the candidate.
287
GSK Annual Report 2025
Pipelines, products and intellectual property continued
Pharmaceutical products and intellectual property
Patent expiry dates1
Products
Compounds
Indication(s)
US
EU
Specialty Medicines and Intellectual Property
HIV
Apretude
cabotegravir
HIV prevention
2031
2026-2031
2031
2031
Cabenuva/Vocabria
+ Rekambys
cabotegravir, rilpivirine
HIV/AIDS
2031
2026-2038
2031
2031
Rukobia
fostemsavir
HIV/AIDS
2029
2027
expired
2034
Dovato
dolutegravir, lamivudine
HIV/AIDS
2028
2030-2031
2029
2029-2034*
Juluca
dolutegravir, rilpivirine
HIV/AIDS
2028
2030-2038
2029
2026-2030
Triumeq
dolutegravir, lamivudine and abacavir
HIV/AIDS
2028
2030
2029
2029
Tivicay
dolutegravir
HIV/AIDS
2028
2030
2029
2029
Respiratory/Immunology
Exdensur
depemokimab
Severe Asthma
2039*
2039
2038
2041
Benlysta, Benlysta
(SC and IV)
belimumab
Systemic lupus erythematosus, lupus
nephritis
expired
2029- 2035
2026
2035
Nucala
mepolizumab
Asthma, CRSwNP, EGPA, HES
2029-2036
2028- 2036
Oncology
Blenrep
belantamab mafodotin
Relapsed/refractory multiple myeloma
2034*
2032-2038
2032
Jemperli
dostarlimab
dMMR/MSI-H recurrent/ advanced
endometrial cancer, dMMR solid tumours
2035*
2034-2038
2036
2038
Ojjaara/Omjjara
momelotinib
Myelofibrosis in patients with anaemia
2035*
2035-2040
2028
2039
Zejula
niraparib
Ovarian cancer
2031
2027-2039
2032
2029-2037
Pandemic
Xevudy
sotrovimab
Early treatment of COVID-19
2041
2041
2041
General Medicines and Intellectual Property
Blujepa
gepotidacin
Uncomplicated UTI, Uncomplicated
Gonorrhoea
2034*
2035
2028
2035-2040
Anoro Ellipta
umeclidinium bromide/vilanterol
trifenatate
COPD
2027
2027-2031
2029
2026-2030
Flixotide/Flovent
fluticasone propionate
Asthma
2026
expired
Relvar/Breo Ellipta
fluticasone furoate/vilanterol trifenatate
Asthma, COPD
expired
2027-2031
2028
2026-2029
Seretide/Advair
salmeterol xinafoate/fluticasone
propionate
Asthma, COPD
2026
expired
Trelegy Ellipta
fluticasone furoate/vilanterol
trifenatate/umeclidinium bromide
COPD, asthma
2027
2027-2031
2029
2026-2032
Ventolin
salbutamol sulphate
Asthma, COPD
2026
expired
(1) Patent expiry dates (which include patent applications for which a notice of allowance has been received) in normal text relate to the latest expiring new
molecular entity patents in the relevant territory. Patent expiry dates in italics relate to other patents. Where appropriate, unless otherwise indicated all
patent expiry dates include granted Patent Term Extensions in the US, granted Supplementary Protection Certificates in EU, and Paediatric Exclusivity
periods. Additional exclusivities (for example regulatory data protection) may exist but are not listed in the table.  (* = date includes pending PTE in US or
SPC in EU)
288
GSK Annual Report 2025
Pipelines, products and intellectual property continued
Vaccines and Intellectual Property
Patent expiry dates1
Products
Compounds
Indication(s)
US
EU
Arexvy
respiratory syncytial virus vaccine
Respiratory syncytial virus vaccination
2030
2032
Bexsero
meningococcal group-B vaccine
Meningitis group B prophylaxis
2027
2028
Boostrix
diphtheria, tetanus, acellular
pertussis
Diphtheria, tetanus, acellular
Pertussis booster vaccination
expired
expired
Infanrix/Pediarix
diphtheria, tetanus, pertussis,
polio, hepatitis B, Haemophilus
influenzae type B (EU)
Prophylaxis against diphtheria, tetanus,
pertussis, polio, hepatitis B, Haemophilus
influenzae type B (EU)
expired
expired
Cervarix
HPV 16 & 18 virus like
particles (VLPs), AS04
adjuvant (MPL + aluminium hydroxide)
Human papilloma virus type 16 and 18
Not marketed
in US
expired
Fluarix
split inactivated influenza
antigens (2 virus subtypes A
and 2 subtype B)
Seasonal influenza prophylaxis
expired
expired
FluLaval
split inactivated influenza
antigens (2 virus subtypes A
and 2 subtype B)
Seasonal influenza prophylaxis
expired
expired
Menveo
meningococcal group A, C, W-135 and Y
conjugate vaccine
Meningitis group A, C, W-135
and Y prophylaxis
expired
expired
Penmenvy
meningococcal group B proteins +
meningococcal group A, C, W-135 and Y
conjugates
Meningitis group A, B, C, W-135 and Y
prophylaxis
2030
2028
Priorix, Priorix Tetra,
Varilrix
live attenuated MMR, Varicella and
MMRV vaccines
Measles, mumps, rubella and
chickenpox prophylaxis
expired
expired
Rotarix
human rotavirus RIX4414 strain
Rotavirus prophylaxis
expired
expired
Synflorix
conjugated pneumococcal
polysaccharide
Prophylaxis against invasive
disease, pneumonia, acute otitis media
Not marketed
in US
2026
Shingrix
zoster vaccine
recombinant, adjuvanted
Herpes zoster (shingles)
2029
2031
(1) Patent expiry dates in normal text relate to the latest expiring new molecular entity patents in the relevant territory. Where appropriate, unless otherwise
indicated all patent expiry dates include granted Patent Term Extensions in the US, granted Supplementary Protection Certificates in EU, and Paediatric
Exclusivity periods. Additional exclusivities (for example regulatory data protection) may exist but are not listed in the table.
289
GSK Annual Report 2025
Principal risks and uncertainties
We aim to positively impact the health of 2.5 billion people
by the end of the decade – but we know that operating in
the biopharmaceutical sector carries various inherent risks
and uncertainties that may affect our business. We outline
below the principal risks and uncertainties relevant to our
business, financial condition and operations that may affect
our performance and ability to achieve our objectives. These
are the risks that we believe could cause our actual results
to differ materially from expected and historical results.
We disclose these principal risks in line with UK regulations,
which require a description of principal risks and
uncertainties and an explanation of how they are being
managed or mitigated. For each principal risk, we provide a
description of the risk, a summary of context influencing the
risk to the company, its potential impact, and how we
manage it across our businesses. The risks are not listed in
order of significance and are consistent with the principal
risks detailed on page 63.
Opportunities and risks associated with third-party
relationships and AI, particularly generative and agentic,
are considered within each principal risk, ensuring that risk
assessments are comprehensive and integrated, and
enabling effective mitigating actions.
We also include disclosures of our 2025 additional risk
factors - risks that are not at the materiality threshold of
principal risks - Geopolitical and regulatory environment
and Climate change, and our emerging risk Skills and
capability planning below. For these risks, we include a
description of the risk, context influencing the risk to the
company, and its potential impact.
We must comply with a broad range of laws and
regulations which apply to the research and development
(R&D), manufacturing, testing, approval, distribution, sales
and marketing of pharmaceutical and vaccine products.
These affect the cost of product development, the time
required to reach the market and the likelihood of doing so
successfully on an uninterrupted basis.
As rules and regulations change, government interpretation
and policy evolves, and our business activities develop, the
nature of a particular risk may also alter. Changes to
regulatory regimes may be substantial. Any alteration in,
and failure to comply with, applicable laws and regulations
could materially and adversely affect our financial results.
Similarly, our global business exposes us to litigation and
government investigations, including product liability
litigation, patent and antitrust litigation and sales and
marketing litigation.
Litigation and government investigations, and the related
provisions we may make for unfavourable outcomes and
increases in related costs, such as insurance premiums,
could also materially and adversely affect our financial
results.
Detail on the status and various uncertainties in our
significant unresolved disputes and potential litigation is set
out in Note 46, ‘Legal proceedings’ on page 269. A
description of our risk management framework and how we
identify our principal risks can be found on page 63 and
incorporated in this section.
Other business risks related to Responsible Business which
are not at the level of principal risks, including environmental
sustainability, are managed through our six focus areas, as
described in our Responsible Business Performance Report.
There is additional information on climate-related risk
management in our climate-related financial disclosure on
page 69.
290
GSK Annual Report 2025
Principal risks and uncertainties continued
Principal risks
Patient safety
Risk definition
The risk that GSK, including our third parties, fails to
appropriately collect, assess, follow up, or report human safety
information, including adverse events, from all potential sources
or that GSK potentially fails to appropriately act on any relevant
findings that may affect the benefit-risk profile of a medicine or
vaccine in a timely manner.
Risk impact
We will not tolerate an unfavourable benefit-to-risk profile for
patients who use our products. The most important
consequence of ineffective pharmacovigilance is the potential
for harm to patients. We maintain stringent procedures for
managing human safety information, conducting timely safety
signal detection and ensuring appropriate measures are in
place to manage risks to patients. We are dedicated to
adhering fully to pharmacovigilance and other relevant
regulations globally. Failure to comply could lead to inspection
findings, regulatory scrutiny, civil or criminal sanctions and
either temporary or permanent revocation of product marketing
authorisation. We regularly review and respond to all patient
safety risks to limit the potential for reputational damage, loss
of trust from patients and healthcare providers, product-related
litigation, and reduced shareholder confidence.
Information sources which are not based on robust scientific
research, including publications, media coverage, social media
and AI tools have increased. This could lead to more critical
reports related to our products. Such information and reports,
as well as poor management of patient safety risks generally,
could lead to harm to our reputation, reduced trust from
patients and healthcare providers, a decline in shareholder
confidence, as well as increased regulatory scrutiny. It could
also increase the number of product-related legal cases,
including class-action lawsuits, which we and our industry
encounter.
Context
We are accountable for protecting patients and participants in
clinical trials from harm, whether they are receiving our
marketed medicines and vaccines or ones that are in
development. An unforeseen event that unfavourably shifts the
benefit-to-risk profile is unlikely but cannot be fully discounted.
We cannot predict all circumstances impacting safety and
efficacy that could result in harm to patients, regulatory action
or litigation. We operate in a complex and restrictive
pharmacovigilance regulatory environment, complicated by
differing requirements among regulatory agencies. In some
instances, regulatory agencies take decisions on the safety of
medicines and vaccines based on externally available data that
may not be accessible to the marketing authorisation holder.
This could hinder our ability to make prompt decisions and take
appropriate action in relation to the safety of our products, or to
confirm or refute conclusions asserted by external parties. This
issue could extend to next-generation digital health data held
by tech companies or other data custodians, which may be
inaccessible to our industry and/or regulatory agencies.
Mitigating actions
Our Chief Medical Officer (CMO) is accountable for the Patient
Safety enterprise risk, benefit-to-risk decision making and
human safety matters, in collaboration with the Head of Global
Safety. Patient safety oversight and medical governance are
conducted at the CMO Council, which reports to our ROCC.
Updates are also provided to our ARC on the effectiveness of
our patient safety risk management and internal controls. The
Corporate Responsibility Committee has oversight of enterprise
risks determined by the Board. The Science Committee
undertakes more in-depth risk oversight of R&D related
activities. The Global Safety Board, led by our CMO and Head of
Global Safety, ensures that we address human safety proactively
throughout a product’s lifecycle. It reviews product safety at
established milestones and in every situation where there could
be a potential impact on a benefit-to-risk profile. Our cross-
functional Safety Review Teams continually evaluate new safety
and efficacy information for our products throughout their
lifecycle. Our global policy on management of human safety
information mandates that all employees immediately report
issues relating to the safety of our products. Our framework for
third-party risk management helps us identify and train third
parties who may encounter human safety information.
In 2025, we revised our policy on human safety to be more
comprehensive in scope, incorporating descriptions of our
pharmacovigilance activities and clearly defining
accountabilities. We also included human safety information
reporting in the Code of Conduct (The Code) 2025 mandatory
training.
To minimise risks arising from business development
acquisitions, both our CMO and Head of Global Safety oversee
any market authorisation and/or global safety database
arrangements before major deals are approved.
Throughout 2025 we strengthened our governance framework
with our single-vendor third-party support model for global
pharmacovigilance operational activities. The implementation
of the framework provides a robust structure, incorporating
strategic, operational and functional oversight. Through the
governance framework, we continue to drive timely issue
identification, effective risk mitigation, and efficient escalation
for individual case safety reports.
In 2025, we enhanced the local pharmacovigilance operating
model through our collaboration with the Chief Patient Officer
organisation. This structured governance has improved
engagement with key stakeholders on safety within the local
operating countries, driving advancements in inspection
readiness and safety awareness. These efforts continue to align
with our ambition to positively impact the health of people
globally.
To safeguard patients and enhance the execution of our
pharmacovigilance operational activities we have defined a
strategy for end-to-end risk measures that aim to minimise
patient risk. Throughout 2025, we assessed the impact of using
one centralised system to track the implementation and
effectiveness of our risk management plans.
291
GSK Annual Report 2025
Principal risks and uncertainties continued
Product quality
Risk definition
The risk that GSK or its third parties potentially fail to ensure
appropriate controls and governance of quality for
development and commercial products are in place;
compliance with industry practices and regulations in
manufacturing and distribution activities; and terms of GSK
product licenses and supporting regulatory activities are met.
Risk impact
A failure to ensure product quality could have implications for
patient safety; cause product launch delays, drug shortages or
product recalls; and have regulatory, legal, and financial
consequences. These could materially and adversely affect
GSK’s reputation and financial results.
Context
The external environment for product quality remains
challenging, shaped by geopolitical instability; economic
volatility driven by new trade policies; an increased focus on
inspections throughout the supply chain; the accelerating
integration of AI and other technologies; and new and evolving
legislation and regulatory guidance. Combined, these factors
create a broad spectrum of challenges for our global sites and
teams. The threat of cyber-attacks and data breaches across
the industry could risk the integrity of product quality data.
Attracting and retaining key specialised skills to deliver product
quality and digital innovation is challenging in a highly
competitive environment.
Mitigating actions
Our Global Head of Quality is the Enterprise Risk Owner (ERO)
and is accountable for the Product Quality enterprise risk. We
deploy an extensive global network of quality and compliance
professionals from site-level to senior management to drive the
management oversight and monitoring of quality performance,
operational compliance and improvement. We use key risk and
performance indicators to support our activities and decision
making and provide leadership with an integrated assessment
of product quality performance. We expect contract
manufacturers that make our products to comply with current
good manufacturing practices and GSK standards. We
regularly conduct audits to ensure these standards are met.
Where required, we work with our suppliers to support risk
mitigation.
We have expanded our Quality Management System and Audit
and Quality Assurance oversight programme across R&D to
ensure that we mitigate potential product quality risks
throughout our processes. In 2025, we applied advanced digital
technologies and insights to enhance and modernise our
quality systems and processes to protect our data, and we
continue to develop our data integrity and governance
processes. We have also made good progress on enhancing
our key quality processes and ways of working across good
manufacturing practices and good distribution practices,
creating new internal standards to support continued
compliance and inspection readiness. We are actively
contributing to global industry advocacy topics, including the
regulatory frameworks for advancing technologies and AI to
support compliance, patient safety and product supply. We
have an ongoing programme to drive continuous improvement
of quality management maturity, mindset and behaviours. We
also work with other pharmaceutical companies within industry
trade associations to shape and influence future
pharmaceutical regulations and monitor emerging risk factors.
We also continued to progress our planned nitrosamines
analytical testing and remediation efforts where appropriate,
and we met our commitments to health authorities. We
advocated successfully for the continued use of titanium
dioxide in medicines.
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GSK Annual Report 2025
Principal risks and uncertainties continued
Pipeline delivery
Risk definition
The risk that GSK fails or has delays in the delivery of our
pipeline of new medicines, vaccines or other products.
Risk impact
If we do not maintain strong controls and governance over
pipeline delivery risk, we may face delays in launching new
products. This could limit our ability to bring new medicines and
vaccines to patients. It may also harm our reputation, affect our
financial results, and hinder our progress toward our strategy.
Context
Advancing new products and expanding uses for existing
medicines and vaccines is essential to our strategy. However,
pipeline delivery faces growing risks from complex regulations,
shifting pricing and access pressures, increased scrutiny from
payers (e.g., insurance companies, governments, pharmacy
benefit managers, and patients), and expectations around
responsible business conduct. Rapid changes in healthcare
needs, competitive dynamics, and scientific advances add
further uncertainty and cost to bringing innovative therapies to
market. To address these external challenges, it is essential to
continually replenish the pipeline. The pharmaceutical and
vaccine landscape is also shaped by frequent shifts in patient
expectations and competition, with loss of exclusivity and
market erosion amplifying risks. Regulatory changes and payer
demands can significantly affect the speed and success of
product launches. Moreover, the development and regulatory
approval of new products may be delayed due to limits on
relevant authorities’ budgets.
Scientific and technological advances are rapidly changing
how medicines and vaccines are developed and delivered.
Close collaboration between the biopharma sector and
government agencies is crucial for building regulatory
frameworks that support innovation, trust and transparency in
light of rapid technological progress. As we invest in data-
driven technologies, including AI and advanced platforms to
improve R&D speed and effectiveness, we also recognise that
these are newly emerging technologies and therefore may
require some experimentation, time and effort before full
impact is realised.
Adopting new technologies and forming strategic partnerships
are essential for improving R&D efficiency and pipeline delivery.
Securing external innovation through licensing, mergers, and
acquisitions is also vital for accessing advanced technologies
and promising drug candidates. However, competition among
companies for the most attractive opportunities continues to
intensify, which may hinder our ability to secure external assets
that support pipeline delivery. Furthermore, there is a risk that
we could misjudge the risks or value of business development
transactions based on the information available at the time,
potentially affecting our pipeline growth, operational
performance, or financial outcomes.
Mitigating actions
Our Chief Scientific Officer oversees our Pipeline Delivery
enterprise risk, alongside our well established R&D governance
framework.
We focus on accelerating delivery of our pipeline of innovative
medicines and vaccines for patients who need them, supported
by regular reviews of our pipeline. To complement our in-house
R&D, we add to our portfolio through targeted business
development. We have established a network of collaborations
with key academic centres to be at the heart of emerging
science, and use deep and diverse data and advanced
technologies, including artificial intelligence and machine
learning (AI/ML), to significantly improve the pace, precision
and probability of success of drug development.
293
GSK Annual Report 2025
Principal risks and uncertainties continued
Financial controls and reporting
Risk definition
The risk that GSK fails to comply with current tax laws; fails to
report accurate financial information in compliance with
accounting standards and applicable legislation; or incurs
significant losses due to treasury activities.
Risk impact
Non-compliance with financial, ESG or disclosure requirements,
or deficiencies in internal controls during finance transformation
and digital integration, could result in regulatory action,
litigation and reputational harm and could materially and
adversely affect our financial results. Transitional risks from
system upgrades and acquisitions, combined with gaps in
compliance culture, policy engagement or working capital
management, increase the potential for fraud, error or
inefficiency. Failures in safeguarding critical systems, managing
third-party and banking dependencies, or overseeing data and
AI risks could further lead to operational disruption, financial
loss, and loss of stakeholder confidence.
Context
Externally, geopolitical tensions, economic uncertainty, stricter
regulatory requirements, climate disruption and rapid
technological change all drive higher scrutiny and operational
complexity. Social expectations for transparency, ethical
conduct and ESG disclosure continue to rise, reinforcing the link
to reputational and compliance risks. Internally, large-scale
transformation programmes – including SAP Enterprise
Resource Planning evolution, acquisitions and digital initiatives
– create interdependencies with third parties, offshore partners
and banking counterparties. These connections heighten
exposure to data, cyber and AI risks, while making governance,
resilience and effective controls central to sustaining our
financial integrity and long-term strategic objectives. The shift
towards automation and technology-driven processes creates
both efficiency and opportunities and risks from skills gaps,
inadequate controls and evolving compliance expectations.
Mitigating actions
We keep up to date with the latest developments in financial
reporting requirements by reviewing updates from regulators;
working with our external auditor and legal advisors; and
performing and responding to emerging risks. Financial results
are reviewed and approved by regional management, before
being reviewed by GSK’s Group Financial Controller and Chief
Financial Officer (CFO). This allows our Group Financial
Controller and CFO to assess the evolution of the business over
time and to evaluate its performance to plan. Significant
judgements are reviewed and confirmed by senior
management.
We integrate technical or organisational transformation, newly
acquired activities and external risks into our risk assessments
and apply appropriate controls and reviews. We maintain a
control environment designed to identify material errors in
financial reporting and disclosure. We have a standardised
global financial reporting operating model. Management’s
testing process is designed to probe the design and operating
effectiveness of key processes and controls within all five
aspects of the Committee of Sponsoring Organizations of the
Treadway Commission (COSO) framework.
The design and operating effectiveness of key financial
reporting controls and ESG controls are regularly reviewed by
management and tested by external third parties. The few
locations which are not on the standard model apply a
minimum standard set of controls which are reviewed by
management and monitored independently. This gives us
assurance that controls over key financial reporting and
disclosure processes are operating effectively. Our Finance Risk
Management & Controls team provides extra support during
significant transformations, such as system or digital tool
deployment or management/structural reorganisations. We
add operational resources, provide training, and adapt
programme timelines to ensure processes and controls are
maintained during significant changes.
The Disclosure Committee, reporting to the Board, reviews our
quarterly results and the Annual Report. Throughout the year, in
consultation with its legal advisors, the Disclosure Committee
also determines whether it is necessary to disclose publicly
information about the Group through stock exchange
announcements. The Treasury Management Group meets
regularly to ensure that liquidity, interest rate, counterparty,
foreign currency transaction and foreign currency translation
risks are all managed in line with the prudent approach
detailed in the risk strategies and policies adopted by our
Board. Counterparty exposure is subject to defined limits
approved by the Board for both credit rating and individual
counterparties. The Middle Office within Treasury monitors the
management of counterparty risk in line with agreed policy with
oversight from a corporate compliance officer, operating
independently of Treasury. Further details on mitigation of
Treasury risks can be found on page 248.
We manage tax risk through robust internal policies, processes,
training and compliance programmes and seek to maintain
open and constructive relationships with tax authorities
worldwide. To mitigate the risk of double taxation, profits are
recognised in territories by reference to the activities performed
and the value they generate in accordance with the
Organisation for Economic Co-operation and Development’s
(OECD) guidelines on the arm’s length principle and supported
by economic analysis and reports. We monitor government
debate on tax policy in our key jurisdictions, so that we can
understand and share an informed point of view regarding
potential future changes in tax law. Where relevant, we provide
pragmatic and constructive business input to tax policymakers,
either directly or through industry trade bodies, to help inform
reforms to support economic growth and job creation.
Our tax affairs are managed by a team of tax professionals, led
by the Global Head of Tax, who work closely with the business
on a day-to-day basis. The Global Tax team is suitably qualified
for the roles they perform, and we support their training needs
so they can provide up to date technical advice in line with their
responsibilities. We submit tax returns according to statutory
time limits and engage proactively with tax authorities to ensure
our tax affairs are current, entering co-operative compliance
programmes and advance pricing agreements where
appropriate to provide long-term certainty both for us and for
tax authorities over the tax treatment of our business, based on
full disclosure of all relevant facts. The complexity of tax
regulations means that we may occasionally disagree with tax
authorities on the technical interpretation of a particular area of
tax law. We seek to resolve any differences of interpretation in
tax legislation with tax authorities in a cooperative manner. In
exceptional cases, we may have to resolve disputes through
formal proceedings to establish clarity for all stakeholders.
294
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Principal risks and uncertainties continued
Legal matters
Risk definition
The risk that GSK or our third parties potentially fail to comply
with certain legal requirements for the development and
management of our pipeline, supply and commercialisation of
our products and operation of business, and specifically in
relation to requirements for competition law, anti-bribery and
corruption, outgoing fraud, and sanctions. Any failure to meet
compliance and legal standards for these particular areas
could lead to increasing scrutiny and enforcement from
government agencies.
Risk impact
Failure to mitigate this risk could subject GSK and associated
persons to governmental investigation, regulatory action, and
civil and criminal liability. It may hinder our ability to supply
products under certain government contracts. Moreover, failure
to manage legal risk could have substantial implications for our
reputation and the reputation of our senior leadership. It could
undermine investor confidence in our governance, risk
management and future performance, and negatively affect
share performance. It could result in substantial financial
penalties and the imposition of additional reporting obligations.
Context
The general landscape for anti-bribery and corruption,
outgoing fraud, competitive practices, and sanctions and
export controls continues to be challenging, with increased
scrutiny from government agencies. Authorities in the US and
UK are committed to investigating corporate fraud, particularly
where there is a significant impact on the public. We have
observed evolving trends in relation to sanctions, where
penalties for violations which were previously imposed, mainly
on large international banks, are now also imposed on
companies across various industries. The financial penalties in
these cases are often substantial.
Competition law is increasingly being used to tackle perceived
issues affecting access to medicine, pricing and acquisitions.
The US has amended its merger control regime, with the new
guidelines and notification form having the potential to
heighten regulatory burdens, costs and uncertainties.
Mitigation actions
Our Group General Counsel oversees and is accountable for the
Legal Matters principal risk. We have enterprise-wide anti-
bribery, outgoing fraud, competition law and sanctions
programmes designed to ensure compliance with applicable
laws and regulations. They build on our business standards and
culture to form a comprehensive and practical approach to
compliance that is flexible to the evolving nature of our
business.
The programmes include global anti-bribery (including
outgoing fraud), competition law and sanctions policies, written
standards and other controls, which address the business
activities that give rise to these risks. The programmes also
mandate enhanced controls for specific high-risk activities such
as interactions with government officials and during business
development transactions. Controls in our Anti-bribery and
Corruption (ABAC) policy establish due diligence requirements
for the engagement of third parties. Our Sanctions policy
confirms the requirement to conduct sanctions screening on
new and existing third parties. We have dedicated teams
responsible for the implementation and evolution of the ABAC
(including outgoing fraud) and Sanctions programmes. These
teams work with other groups across the organisation to
address and improve controls and monitoring requirements.
Audit and Assurance and independent business monitoring
teams complement the central teams’ work and provide added
assurance.
We use issues found during oversight and assurance exercises
and from internal investigations to identify areas for specific
intervention in the markets and to drive continuous
improvement across the organisation. We have an established
Global Unannounced Inspection Process—a framework
designed for non-GxP inspection preparedness. This framework
includes both local and global contacts for all GSK sites and
training resources, enabling a more consistent and timely
approach across regions. The process is regularly pressure
tested with mock inspections and improvements implemented.
This is supported by a cross-functional team that includes
members from Legal & Compliance, Security, and Tech.
We regularly provide anti-bribery, outgoing fraud, competition
law and sanctions training to employees and relevant third
parties in accordance with their roles and responsibilities and
the risks they face.
Formal and informal ‘Speak Up’ channels are available to
report misconduct or non-compliance. The central
investigations team reviews and triages allegations of non-
compliance and allocates allegations for investigation as
appropriate.
These processes enable us to manage the risk from both top
down and bottom up. For example, our ABAC (including
outgoing fraud) and Sanctions programmes receive top-level
commitment from our Board and leadership and are supported
by a data analytics programme to create and embed local key
risk indicators to enable targeted intervention and risk
management activities.
Our independent business monitoring and third-party
monitoring teams incorporate specialist data expertise and
artificial intelligence tools to support monitoring and analysis of
bribery and corruption and commercial practices risk.
We continue to enhance our controls around third-party
engagements to ensure that they are sufficient to meet evolving
and emerging risks.
We plan to continue with pre- and post-transaction due
diligence, and to build our capabilities around the onboarding,
continual monitoring and management of third parties.
We continue to assess and understand our money laundering
risk exposure and mitigate any existing risk.
In light of the complexity and geographic breadth of the risk, we
constantly evolve our oversight of activities and data. We
communicate clear expectations to our people regarding
acceptable behaviours and maintain regular communications
between the centre and local markets.
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Principal risks and uncertainties continued
Commercial practices
Risk definition
The risk that GSK or our third parties facing increased
pricing, access and competitive pressures potentially
engage in commercial activities that fail to comply with
laws, regulations, industry codes, and internal controls and
requirements.
Risk impact
Failure to comply with: the letter and spirit of laws; industry
regulations, including with respect to legitimate and
transparent transfers of value, pricing, trade channel activities
and business tendering; or requirements related to sales and
promotion of medicines and vaccines and proper interactions
with healthcare professionals (HCPs), healthcare organisations,
and patients, may hinder our ability to achieve our strategic
goals and long-term priorities.
Such failures could also limit understanding of our products’
risks and benefits, leading to suboptimal patient care, and
expose us to investigations, legal actions, and criminal and/or
financial penalties. Practices misaligned with our culture may
harm our reputation and weaken stakeholder trust.
Context
The biopharma industry operates under significant regulation
and is highly competitive. To meet our strategic objectives, we
need to develop commercially viable new products, maintain
reliable supply, and expand the uses for current products to
meet the needs of patients, consumers, HCPs and payers.
The external environment continues to present a range of
challenges. For example, in the US, there is increased oversight
and enforcement of laws governing direct to consumer (DTC)
pharmaceutical advertising, and increased scrutiny on the use
of social media influencers, and DTC telehealth companies.
Geopolitical events in key markets, inflationary trends and
restricted customer access are further adding to this complexity.
The introduction of new products or indications involves
inherent financial uncertainty. Product development is an
expensive, protracted and unpredictable process, with the
possibility of setback at any stage. Even after successful
development, we can encounter challenges in launching the
product, as competitor offerings and pricing strategies may
affect our market competitiveness. We promote product
innovation through dedicated efforts in both in-person and
virtual engagement, maintaining a consistent focus on patient
needs. Upon obtaining approval for a medicine or vaccine, we
are committed to responsibly providing essential information to
the healthcare community, always adhering to legal, ethical
and professional standards.
Appropriate product promotion aims to provide HCPs with
necessary information, ensure patients and consumers have
access to relevant facts about medicines and vaccines, and
support the lawful and compliant prescription, recommendation
and use of products in healthcare settings.
Mitigating actions
We are committed to the ethical and responsible
commercialisation of our products in support of our purpose to
unite science, technology and talent to get ahead of disease
together. In 2025 the Commercial Practices enterprise risk was
owned by the Chief Commercial Officer with oversight from the
Commercial Leadership Team (CLT) RMCB as well as the
ROCC. Business unit RMCBs, which manage risks across global
and in-country business activities, oversee commercial activities
and their monitoring programmes.
We train employees to ensure that all global commercial
activities meet high ethical, regulatory and industry standards.
We continue to engage with HCPs and healthcare
organisations to both promote our products and provide
disease awareness and other non-promotional information. We
have monitoring in place to ensure that all promotional
materials and activities are reviewed and approved according
to our policies and standards and conducted in accordance
with local laws and regulations. We continue to evolve our
approach to using data and analytics to identify emerging
areas of concern and take meaningful action to proactively
manage risks. If acquired companies or partners have different
standards, we update their policies to match ours.
Where appropriate, in instances of misconduct, we take
disciplinary action against employees, which may include
termination of employment and enforcement of our senior
leader recoupment policy. We consistently review and refine our
sales force incentive programme to address shifts in the
competitive landscape and to make sure our sales
representatives receive fair and suitable compensation.
296
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Principal risks and uncertainties continued
Scientific and patient engagement
Risk definition
The risk that GSK or our third parties potentially fail to engage
externally to gain insights, educate and communicate on the
science of our medicines and associated disease areas, and
provide healthcare and patient support, grants and donations
in a legitimate and transparent manner compliant with laws,
regulations, industry codes and internal controls and
requirements.
Risk impact
Without controls in place, we are exposed to the risk of real,
perceived or disguised promotion, including off-label and
prior authorisation promotion. This could lead to
reputational damage, competitor complaints, audits from
self-governing bodies, or regulatory inspections with
subsequent corrective actions or civil litigation. Such events
would be likely to increase costs, cause delays and distract
from launches.
We must fully and appropriately engage externally to bring
patient benefit, and to advance science and innovation,
while delivering our strategy. Otherwise, we risk reducing the
trust of the public, patients, HCPs, payers, regulators and
governments.
Context
Digital and technology tools continue to advance, furthering
the use of multiple channels and platforms to engage HCPs
and patients. We engage externally in complex and dynamic
disease areas and treatments.
Our scientific and patient engagement activities are non-
promotional and directed at external stakeholders such as
HCPs, patients and payers. Our engagements aim to improve
patient care through the exchange or provision of knowledge
on the use of our products and related diseases.
We expect our activities to be scientifically sound and accurate,
conducted ethically and transparently, and compliant with
applicable codes, laws and regulations. There are many
industry and local codes and laws and other regulations that
apply, including in the areas of privacy, data integrity and
pharmacovigilance.
Mitigating actions
Our CMO oversees all non-promotional scientific and patient
engagement (SPE) as ERO. The enterprise CMO council
provides medical governance oversight and direction for SPE
topics. The council reviews risks, monitoring, and audit data. At
the level of the Board, oversight sits with the ARC. Our
Promotional and Non-Promotional External Interactions Policy
is the key internal policy for non-promotional engagement
activities. These activities include scientific interactions and
communication, medical education, advice seeking, and
gathering insights on the unmet needs of patients. They also
include disease awareness, grants and donations, healthcare
support services and patient support programmes.
Global process owners are accountable for the end-to-end
processes: comprehensive oversight of the process, its internal
control framework and continuous improvement where
necessary. All SPE materials and activities must be reviewed
and approved according to our policies and standards to
ensure clarity of non-promotional intent and that they are
accurate, fair, objective and balanced.
We have strengthened internal controls and oversight in
relation to our third-party medical communication vendors, our
provision of grants and donations and our engagement with
online external experts. We deployed a content taskforce to
optimise the operations and oversight of our external
communications. We also enhanced our business monitoring in
2025 for SPE activities. We continuously improve our internal
controls and support our employees to conduct activities
ethically and transparently, and in compliance with applicable
codes, laws, and regulations.
297
GSK Annual Report 2025
Principal risks and uncertainties continued
Data ethics and privacy
Risk definition
The risk that GSK or our third parties potentially fail to ethically
collect; use, re-use through AI, data analytics or automation,
secure, share and destroy personal information in accordance
with laws, regulations, and internal controls and requirements.
Risk impact
We face increasing exposure to data ethics and privacy risks
due to a rapidly evolving and fragmented global regulatory
landscape. Non-compliance, whether by GSK or third parties,
could result in legal proceedings, regulatory fines, operational
restrictions, reputational damage and erosion of trust with
stakeholders. Strengthened enforcement powers of data
protection authorities, combined with new national laws
enabling collective legal actions and stricter rules on data
localisation and cross-border transfers, pose additional
challenges.
Context
The EU General Data Protection Regulation (GDPR) remains
the global standard, influencing laws worldwide, while
emerging regulations increasingly address national security
concerns tied to technologies like foreign government
surveillance. Privacy regulators' approaches differ globally,
creating challenges for organisations that are seeking to
implement a harmonised global privacy programme. Privacy
regulators continue to enforce compliance with privacy laws
rigorously. The growing emphasis on data sovereignty has led
countries to mandate local storage of personal information and
impose stringent restrictions on cross-border data transfers,
along with stricter controls around individual consent
requirements.
Mitigating actions
Our Group General Counsel is the ERO and chairs the Digital
and Privacy Governance Board. Each business area has a
designated privacy risk owner supported by privacy leaders
within their business. In countries where local data privacy laws
require the appointment of a Data Protection Officer (DPO) we
have made such appointments, including in the EU. In line with
our global data strategy and focus on data-driven science and
AI/ML, the ERO has appointed a Head of Digital, Privacy and
Cybersecurity (Head of DPC) to oversee the design,
implementation and continuous enhancement of the control
framework.
The Head of DPC leads a global team of legal and compliance
professionals with expertise in digital, privacy and cyber
security, supported by privacy leaders across business units,
local privacy contacts and the broader Legal & Compliance
team. We operate within a global data ethics and privacy
framework anchored in the principles of the EU GDPR while
maintaining the flexibility and responsiveness to adapt to local
regulatory environments and emerging requirements. Key
priorities under this framework include ensuring the
effectiveness of centralised privacy controls, providing tailored
market support, monitoring regulatory developments, delivering
targeted training programmes, and maintaining expertise in
emerging technologies such as AI/ML.
To strengthen compliance and accountability, privacy controls
are integrated into all business initiatives, with processes for
identifying, managing and resolving privacy-related issues
continuously refined. The AI Governance Council serves as a
critical oversight body, monitoring regulatory updates, aligning
our Responsible AI Framework with evolving standards, and
embedding AI risk management into Risk Management
Compliance Boards. Through these coordinated efforts, we
remain committed to meeting our global privacy and data
protection obligations while fostering a culture of
accountability, awareness and resilience.
298
GSK Annual Report 2025
Principal risks and uncertainties continued
Research practices
Risk definition
The risk that GSK or our third parties potentially fail to
adequately conduct ethical and credible pre-clinical and
clinical research, collaborate in research activities compliant
with laws, regulations, and internal controls and requirements.
Risk impact
The potential impacts of this risk include harm to human
subjects, reputational damage, failure to secure regulatory
approvals for our products; governmental investigation; legal
actions by governmental and private entities (including product
liability suits and claims for damages); revenue loss due to
inadequate patent protection or inability to supply our
products; and regulatory action such as fines, penalties, or loss
of product authorisation. Poor data integrity and governance
could compromise our R&D efforts and negatively impact our
reputation. Any of these could severely impact our financial
results and erode trust among patients.
Context
The external Research Practices risk exposure is increasing.
Geopolitical tensions are becoming increasingly unpredictable
and present new challenges to our industry as we contend with
not only industry-specific regulations, but broader requirements
related to national security and data sovereignty that may
disrupt R&D. Rapid technological expansion particularly in the
areas of AI and automation, present opportunities but also
exert significant competitive pressure in the context of a
disparate and evolving ethical, legal, and regulatory landscape.
We are continually strengthening our resilience, adaptability
and forward planning to navigate the risks associated with
Research Practices. By proactively implementing and refining a
robust internal control framework, we strive to maintain a stable
and secure internal risk environment.
Human research is critical to assessing and demonstrating the
safety and efficacy of our investigational products, discovering
new products and for further evaluating our products post-
approval. This research includes clinical trials involving both
healthy volunteers and patients, and it adheres to stringent
regulations and the highest ethical, medical and scientific
standards. Our clinical trials reflect the populations affected by
the diseases we are aiming to address. We are committed to
ensuring we recruit participants to our clinical trials in line with
the epidemiology of the diseases in question and we ensure
that the patients and people enrolled in our clinical trials
represent the real-world patient/people population affected by
the disease under study and that will use our medicines and
vaccines. We are committed to transparency and disclose the
results of our human research externally, regardless of whether
they cast our products in a positive or negative light, to ensure
that the scientific community can benefit from our findings.
Our work with individual human data and human biological
samples is crucial to the discovery, development, and safety
monitoring of our products. We are committed to managing
these in accordance with informed consent provided by the
individuals from whom the data and samples were collected, as
well as the relevant laws, regulations, and ethical principles.
Data is pivotal to our R&D strategy; we apply robust and fit-for-
purpose data governance principles and comply with relevant
laws, regulations and contractual obligations in alignment with
our values and culture across data ethics, privacy, information
and cyber security, and data integrity.
Research involving animals can raise ethical concerns. In many
cases, however, it is the only way to investigate the effects of a
potential new medicine or vaccine in a living body other than in
humans. Animal research provides critical information about
the causes and mechanisms of diseases and remains a small
but vital part of our research. We continually seek ways in which
we can minimise or find alternatives to the use of animals in
research, development and testing, while complying with
regulatory requirements. We reduce the impact on the animals
we use by following our “3Rs” strategy of replacement,
reduction and refinement, which is a science-led, ethical
framework that guides our work with animals.
Biological materials are required for the discovery, R&D of our
assets. We are committed to conducting research in
compliance with the terms and conditions of licenses,
agreements or authorisations under which we acquire, use or
transfer biological materials and technologies. Through the
Convention on Biological Diversity (CBD) and the Nagoya
Protocol, the international community has established a global
framework regulating access to, and use of, genetic resources
of non-human origin in research and development. We support
the equitable access and fairness principles of access and
benefit sharing outlined in the CBD and the Nagoya Protocol.
We also recognise the importance of appropriate, effective and
proportionate implementation measures at national and
regional levels.
Our R&D success is enabled by collaborations with academic
institutions, biotechnology innovators, Contract Research
Organizations and other third parties. These relationships
expand our scientific reach and business development
opportunities but may also expose us to compliance, data
security and reputational risks as well as requiring increased
resource to ensure adequate third-party oversight.
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Principal risks and uncertainties continued
Mitigating actions
Our CMO is the ERO and is accountable for the Research
Practices Risk. Oversight of the risk is supported by an R&D risk
governance framework and management of the risk takes a
pragmatic approach to information sharing, streamlining risk
identification and escalation while ensuring ownership of risk
mitigation remains with the business.
Our Chief Veterinary Officer is accountable for the Care
Welfare and Treatment of Animals risk. Oversight of the risk is
supported by an enterprise-wide Animal Use Governance
Council, which ensures humane, responsible and judicious care
and use of animals and promotes the replacement, refinement,
and reduction of animal use in research, for both internal and
external research programmes.
We are implementing robust, fit-for-purpose data governance
frameworks to support compliance and competitiveness across
our R&D activities. By strategically aligning investments,
leveraging automation and adopting advanced technologies,
we ensure the secure management and accessibility of human
biological samples, data and information.
Our Responsible AI Internal Control Framework integrates
enterprise-wide controls, Accountability Reports, and oversight
from the AI Governance Council. R&D-specific measures –
including expert panel reviews for high-risk projects – further
ensure adherence to GSK’s Ethical Scientific Research policy
and external regulatory requirements. Enhanced protocols for
data integrity, privacy, and information security drive our
commitment to the responsible handling of sensitive
information, particularly in high-risk jurisdictions and
transparency reporting.
We have strengthened infrastructure and governance around
Healthcare Technologies and electronic Clinical Outcome
Assessments, refining vendor selection and remediating gaps in
line with industry data security standards. Our targeted training
initiatives and improved Animal External Due Diligence
processes reinforce ethical standards in animal welfare, with
oversight from our Animal Use Governance Council and
proactive management of sourcing challenges.
Continuous assessment of new and revised laws and
regulations is central to our compliance strategy. By
consolidating control frameworks into a single Quality
Management System, we incorporate quality by design and
optimise processes to enhance data capabilities and support
innovative product development.
Finally, our reinforced third-party management approach –
through strengthened selection processes, oversight and
governance – supports sustainable innovation while
safeguarding our scientific and corporate integrity.
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GSK Annual Report 2025
Principal risks and uncertainties continued
Environment, health, and safety (EHS)
Risk definition
The risk that GSK or our third parties potentially fail to ensure
appropriate controls and governance of the organisation's
assets, facilities, infrastructure, and business activities, including
execution of hazardous activities, handling of hazardous
materials, or release of substances harmful to the environment
that disrupts supply or harms employees, third parties or the
environment.
Risk impact
Failure to manage EHS risks could result in significant harm to
people; the environment and the communities in which we
operate; fines; inability to meet stakeholder expectations and
regulatory requirements; litigation or regulatory action; and
damage to the company’s reputation. This could materially and
adversely affect our financial results.
Context
We are subject to the health, safety and environmental laws of
various jurisdictions. These laws impose duties to protect
people, the environment and the communities in which we
operate. Regulations continue to arise and evolve, notably new
sustainability directives from the EU and Canada, and globally
evolving Per- and polyfluoroalkyl substances (PFAS)
regulations. We are committed to proactively addressing
ongoing changes; strengthening our EHS risk management
processes; and further developing the capabilities of our
leaders.
Mitigating actions
Our President, Global Supply Chain (GSC) is accountable for
the EHS enterprise risk, supported by the ExCom. They ensure
there is an effective control framework ‘in-place’ and ‘in-use’ to
manage EHS risks, impacts and legal compliance issues in each
of our businesses. This includes assigning responsibility to senior
leaders for providing and maintaining our controls and for
ensuring that tiered monitoring and governance processes are
in place within their business units, such as at EHS Councils.
Function leaders ensure that our EHS control framework is
implemented effectively in their respective business areas; that
it is compliant with applicable laws and regulations; and that it
is adequately resourced, maintained, communicated and
monitored. Every employee and qualified contractor acting on
behalf of GSK is personally responsible for ensuring that they
follow all applicable local standard operating procedures. Our
risk-based, proactive approach is articulated in our global EHS
policy and detailed in our global EHS standards, against which
we audit all our operations to ensure compliance. We ensure
hazards are appropriately controlled through the design of
facilities, equipment and systems. These rigorous procedures,
when applied correctly, put effective barriers in place to protect
employees’ health and safety. We also have a governance
programme to assess third party EHS risks. We continue to
monitor the evolving external regulatory environment.
We have focused on key risk areas in 2025, including proactive
contractor safety risk mitigation, and driver/rider safety for
commercial drivers. Our leaders continue to observe critical
activities, reinforcing safe work practices, sharing insights from
incidents and developing a proactive safety culture. New tools
and capability-building programmes have been provided to risk
assessors, with site consultations and community discussions on
how to drive down EHS risks. In 2025, we launched a new global
standard on fall protection when working at heights.
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Principal risks and uncertainties continued
Information and cyber security
Risk definition
The risk that GSK or our third parties fail to ensure appropriate
controls and governance to identify, protect, detect, respond,
and recover from cyber security incidents in accordance with
applicable laws, regulations, industry standards, internal
controls, and requirements.
Risk impact
Failure to adequately protect our information and systems
against cyber security threats may cause harm to our patients,
people and customers, disruption to our business and/or loss of
commercial or strategic advantage, regulatory sanction, or
damage to our reputation.
Context
The external landscape remains challenging, with increasing
geopolitical tensions, digital nationalism and the growing
complexity and frequency of cyberattacks. Emerging cyber
security regulations and privacy laws, combined with the
anonymity enabled by cryptocurrencies and the dark web, are
adding further layers of complexity. As a global business
dependent on a highly interconnected information network, we
recognise that our systems and data are targets for cyber
threats, as are those of other companies. Our drive to enhance
pipeline innovation, performance and productivity through
advanced technologies like digital tools, data analytics, AI/ML
and cloud computing demands continuous improvement in our
cyber security measures and defences. We depend on external
contractors, partners and suppliers, who face similar cyber
security risks, reinforcing the importance of collaboration and
vigilance across our ecosystem.
Mitigating actions
Risk management and strategy
We manage cyber security risk using our corporate enterprise
risk management and Internal Control Framework (ICF). Our
Chief Information Security Officer (CISO) heads our Cyber
Security Office and is responsible for identifying and
implementing controls to mitigate and manage cyber security
risks, while maintaining a set of key risk indicators and setting
tolerances and thresholds that balance risk and business needs.
We adhere to widely accepted standards and frameworks to
benchmark our internal environment and controls, defining our
security objectives and desired outcomes. As our threat
environment evolves, we also use external frameworks such as
the NIST Cyber Security Framework to measure cyber security
readiness and maturity and ISO 27001/27002 for general
information technology controls., We assess our internal
controls against Sarbanes-Oxley (SOX) and other relevant
regulations. We draw on third party consultants’ expertise in
processes for assessing, identifying and/or managing cyber
security risks. We also have a third-party security risk
management programme to assess cyber security risk when
selecting and onboarding third parties.
Information and Cyber Security Governance
The Chief Digital and Technology Officer (CDTO) leads the
Digital and Technology team, including the CISO and Cyber
Security Office. The CDTO is the ERO and manages and reports
regularly on our Information and Cyber Security risk. The CISO
coordinates risk, develops controls and monitors the enterprise
risk plan. This plan includes a description of the risk, its external
and internal context, our assessment and risk appetite, and how
we treat and monitor the risk in line with our ICF. The Board,
ARC and ROCC oversee our cyber security risk. The CISO
regularly reports on cyber security risks. This reporting covers
external and internal insights, key risk indicators, management
actions, updates on implementing the enterprise risk plan and
escalations. The Cyber Security Office analyses potential cyber
security incidents. Significant cyber security incidents are
escalated to the Chief Compliance Officer, CDTO, Executive
Committee (ExCom) and Company Secretary. Material
incidents are escalated to the Board and ARC and appropriate
disclosure committee as needed.
Cyber Security Awareness, Training and Readiness
Our cyber security awareness and training programmes include
phishing simulations, monthly awareness campaigns and
mandatory annual refreshers for all employees. We also run
periodic crisis simulation exercises to test our response to cyber
security incidents.
Compliance with various governmental cyber security
regulations
Our Cyber Security Office works to stay abreast of emerging
government regulations, trends and compliance expectations
regarding cyber security.
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GSK Annual Report 2025
Principal risks and uncertainties continued
Supply continuity
Risk definition
The risk that GSK or our third parties potentially fail to deliver a
continuous supply of compliant finished product or respond
effectively to a crisis incident in a timely manner to recover and
sustain critical supply operations.
Risk impact
We recognise how important continuity of supply of our
products is to the patients who rely on them. Difficulties with
forecasting demand for our products or their manufacture or
distribution can lead to:
– Product shortages and product recalls.
– Regulatory intervention.
– Reputational harm.
– Lost sales revenue.
To respond, we need sophisticated end-to-end supply chain
management combined with robust crisis management and
business continuity plans.
Context
We operate our supply chains in a continually evolving, highly
regulated environment. There is no single set of global
regulations which governs the manufacture and distribution of
medicines, and we must adhere to the requirements in all those
markets in which we licence, sell or manufacture our products.
We rely on our internal Quality Management System and our
Internal Control Framework to ensure we maintain our licence
to operate.
Our complex end-to-end supply chains often involve third-party
suppliers, active pharmaceutical ingredients (API)
manufacturers, raw material suppliers and third party logistics
service providers. We rely on strategic partnerships with a small
number of contract manufacturing organisations.
We continue to operate our global supply chains in a rapidly
changing geopolitical environment. There is a global trend
towards nationalism which is driving regional and market-
driven supply strategy.
Increasing environmental regulation and reporting across the
healthcare sector has the potential to increase scrutiny by
investors, governments and non-governmental organisations as
net-zero climate targets progress. Evolving regulation and
increasing scrutiny is being incorporated into public
procurement of medicines and vaccines.
Mitigating actions
Risks throughout our supply chains are mitigated by having well
defined supply chain management processes, strong crisis
management planning and execution, and a skilled workforce
which can adapt to the changing technologies and modalities
coming through the pipeline.
Our supply chain operations are conducted by a global network
of internal and contract manufacturing sites supported by a
complex ecosystem of third-party suppliers. The
interconnectedness of the supply network creates inherent risk
to the supply of the finished goods to our patients.
We manage and mitigate risk through our framework of tiered
accountability with robust risk management boards, quarterly
reporting on supply continuity risks and monitoring of key risk
indicators. We have a strong culture of consistent risk
management across our entire GSC organisation. Our people
have adopted a common approach to how risk is mitigated,
which has been validated internally by management
monitoring, independent business monitoring and Audit &
Assurance review of our manufacturing and supply operations.
303
GSK Annual Report 2025
Principal risks and uncertainties continued
Emerging risks
Skills and capability planning
Risk definition
The risk that GSK potentially fails to ensure adequate skills and
capability planning to enable delivery of our strategic priorities.
Risk impact
Failure to mitigate this risk could impact our people and
adversely impact our operations and ability to deliver on our
strategy.
Context
Developing and maintaining a skilled and talented workforce
with the right capabilities to address our strategic goals
impacts our ability to deliver on long-term strategic objectives.
This drives an increasing need for robust skills and capabilities
planning. Significant advances in science and technology,
especially AI, mean that the skills and capabilities needed for
jobs across the pharmaceutical and healthcare industries are
rapidly evolving. This requires evaluation of how to attract,
integrate, incentivise and retain talent over time, as well as
reskilling and developing our people’s capabilities internally.
Additional risks
Geopolitical and regulatory environment
Risk definition
The risk that GSK fails to adapt to rising geopolitical and social
tensions and changes in the regulatory and legislative
environment that may give rise to restrictive measures in
relation to the pharmaceutical and healthcare industry. These
tensions, changes and measures include but are not limited to
the following:
– Changes in governments.
– Increasing governmental protectionist measures.
– Sovereign risk, inflationary pressures including changes in
or limiting government spending and control of costs.
Mechanisms focused on healthcare reform, access and
pricing pressures. Aggressive trade, monetary and fiscal
policies from governments and central banks; tariffs and
trade restrictions on pharmaceutical products and active
pharmaceutical ingredients.
– Altered timing or requirements for approval and label
change processes, clearance of products or rescission of
prior approval decisions, government driven changes that
may deviate from standard procedures or scientific data.
– Laws, regulations, investigations or legal actions, new or
amended legislative and regulatory proposals and
enactments.
– Acts of war, aggression or terrorism.
Risk impact
Geopolitical and social tensions, like changes in government,
war, or terrorism, can directly and indirectly affect GSK and the
pharmaceutical industry. Protectionist policies and new
regulations may make it harder for GSK to operate globally,
raise costs, and limit access to markets. Changes in government
spending, new laws, and actions by regulators can affect how
GSK prices and sells products, may increase the cost and
difficulty of getting products approved and introduced to
markets or adversely impact availability and access of our
products. Trade restrictions, tariffs, and strict economic policies
can lead to recessions, higher living costs, and supply chain
disruptions. All these factors can adversely affect GSK’s business
performance, financial health, and future prospects
Context
Geopolitical and social tensions have prompted governments to
introduce or consider protectionist measures, such as tariffs and
trade restrictions, which can disrupt supply chains and the
production and delivery of pharmaceutical products. Although
in December 2025 the UK and the US agreed to maintain a
zero tariff on pharmaceutical products manufactured in the UK
for a three-year period, there can be no assurance that this
arrangement will not be amended or changed in the future.
Sovereign risk and inflationary pressures, along with changes or
limits in government spending and cost controls, can create
financial instability and unpredictability in the pharmaceutical
sector, affecting pricing, market access, and operational costs.
Regulatory changes, new laws, and government policies—
especially those affecting drug pricing and reimbursement—
are increasing across global markets. Healthcare reforms and
price controls in regions like the US, UK, and EU are changing
how drugs are prescribed, purchased, and reimbursed.
Changes to regulatory authorities’ timing or requirements for
product approval, or rescission of previous approvals, can
affect the ability to bring new products to market. Aggressive
economic policies and global instability may also trigger
recessions and raise costs, putting further pressure on product
pricing and supply chains.
304
GSK Annual Report 2025
Principal risks and uncertainties continued
Climate change
Risk definition
Failure in the management of:
– Physical climate and environmental risks;
– Current and future regulatory requirements for environmental
compliance, disclosure and taxes;
– Delivery and performance of management environmental
objectives leading to:
reduced supply chain resilience; product life cycle management
issues; loss of trust/reputation with employees, investors,
customers, regulators and other stakeholders, increased costs;
loss of sales or market access; negative impacts on the
environment.
Risk impact
We recognise that the way we respond to climate change and
manage environmental risks affects our ability to supply
products to patients and consumers and could lead to harm to
the environment and our reputation. For example:
– Changes to regulations governing the supply of high global
warming potential (GWP) substances by the EU and US
governments will restrict our ability to manufacture metered
dose inhalers.
– Increasing levels of water stress could lead to interruptions to
the supply of water to GSK and third-party supply sites.
– Increasing frequency and impact of extreme weather events
that could disrupt GSK and third-party supplier sites.
– Future regulatory policy responses to address climate change
could lead to the imposition of carbon taxes by countries
where we manufacture and source goods from third parties.
– Failure to meet fast-evolving regulatory requirements on
disclosures and environmental compliance could lead to
regulatory actions or fines.
– Failure to meet changing stakeholder expectations, such as
increasing demands from health systems for low carbon
medicines and vaccines, could affect the demand for our
products, which may have an adverse impact on our financial
results, lead to a longer-term loss of trust and undermine the
credibility of the company.
Context
It is increasingly understood that the interconnected effects of
climate change, nature loss, and the impact of both on society
are influencing human health. Internal and external
expectations for companies to address their impact on the
environment are increasing, as are the effects of climate
change on operational resilience.
Regulations on environmental compliance, disclosure and
environmentally related taxation are rapidly evolving in
jurisdictions around the world, which requires increasing levels
of disclosure and data assurance.
Our ability to meet our targets of reducing carbon emissions by
80% and 90% by 2030 and 2045 (in each case, from a 2020
baseline), respectively, is based on successful regulatory
outcomes from the programme to redevelop our Ventolin
inhaler using a lower-carbon propellant.
305
Share capital and control
Details of our issued share capital and the number of shares
held in Treasury as at 31 December 2025 can be found in Note
36 to the financial statements, ‘Share capital and share
premium account’.
Our Ordinary Shares are listed on the London Stock Exchange
(LSE) and are also quoted on the New York Stock Exchange
(NYSE) in the form of American Depositary Shares (ADS). Each
ADS represents two Ordinary Shares. (For details of listed debt
refer to Note 29 to the financial statements, ‘Net debt’.)
Holders of Ordinary Shares and ADS are entitled to receive
dividends (when declared) and a copy of the company’s
Annual Report (if elected). They are also entitled to attend,
speak, appoint proxies and exercise voting rights at general
meetings of the company.
There are no restrictions on the transfer, or limitations on the
holding, of Ordinary Shares and ADS and no requirements to
obtain approval prior to any transfers. No Ordinary Shares or
ADS carry any special rights with regard to control of the
company and there are no restrictions on voting rights. Major
shareholders have the same voting rights per share as all other
shareholders. There are no known arrangements under which
financial rights are held by a person other than the holder of the
shares and no known agreements on restrictions on share
transfers or on voting rights.
Shares acquired through the Group’s employee share plans
rank equally with the other shares in issue and have no special
rights. The trustees of our Employee Share Ownership Plan
Trusts have waived their rights to dividends on Ordinary Shares
and ADS held by those Trusts.
Exchange controls and other limitations
affecting holders
Other than certain economic sanctions, which may be in force
from time to time, there are currently no applicable laws,
decrees or regulations in force in the UK restricting the import or
export of capital or restricting the remittance of dividends or
other payments to holders of the company’s shares who are
non-residents of the UK.
Similarly, other than certain economic sanctions which may be
in force from time to time, there are no limitations relating only
to non-residents of the UK under English law or the company’s
Articles of Association on the right to be a holder of, and to vote
in respect of, the company’s shares.
Interests in voting rights
Other than as stated below, as far as as the company is aware,
there are no persons with significant direct or indirect holdings
in the company. Information provided to the company pursuant
to the FCA's Disclosure Guidance and Transparency Rules (DTR
5) is published on a Regulatory Information Service and on the
company’s website at gsk.com.
The company has received notifications in accordance with
DTR 5 of the following notifiable interests in the voting rights in
the company’s issued share capital:
31 December 2025
25 February 2026
No. of
voting
rights
Percentage
of total
voting
rights(1)
No. of
voting
rights
Percentage
of total
voting
rights(1)
BlackRock,
Inc.
231,975,400(2)
5.69%
231,975,400(2)
5.69%
Dodge &
Cox
253,464,108(3)
5.04%
253,464,108(3)
5.04%
(1) Percentage of total voting rights at the date of notification to the
company.
(2) Comprising an indirect interest in 229,134,683 Ordinary Shares, 1,677,887
ADS and 1,162,830 financial instruments (CFDs).
(3) Comprising an indirect interest in 99,377,874 Ordinary Shares and
154,086,234 ADS.
Share buyback programme
The Board has been authorised by shareholders to issue and
allot Ordinary Shares under Article 9 of the company’s Articles
of Association. The power under Article 9 and the authority for
the company to make purchases of its own shares are subject
to annual shareholder authorities which are sought at our
Annual General Meeting (AGM). Any shares purchased by the
company may be cancelled, held as Treasury shares or used to
satisfy share options and grants under the Group's employee
share plans.
At the AGM in May 2025, the company was authorised to
purchase a maximum of 413,957,879 shares.
Our share buyback programme covers purchases of shares for
cancellation or to be held as Treasury shares. In determining
specific share repurchase levels, the company considers the
development of free cash flow during the year.
On 5 February 2025, the company announced its intention to
implement a £2 billion share buyback programme to be
completed over an 18 month period. The purpose of the
programme is to return excess capital to shareholders and
reduce the share capital of the company. The first tranche of
the programme (of up to £0.7 billion) commenced on 24
February 2025 and completed on 3 June 2025. The second
tranche (of up to £0.45 billion) commenced on 4 June 2025 and
completed on 18 September 2025 and the third tranche (of up
to £0.3 billion) commenced on 30 September 2025 and
completed on 19 December 2025. The fourth tranche (of up to
£0.45 billion) commenced on 17 February 2026.
In aggregate, the total number of shares purchased in the year
ended 31 December 2025 under the programme was 92,949,186
with an aggregate nominal value of approximately £29 million,
which represented 2.15% of issued share capital as at 31
December 2025. The total consideration for the purchase was
£1,377 million, including transaction costs of £8 million.
Details of shares purchased, cancelled, held as Treasury shares
and subsequently transferred from Treasury to satisfy awards
under the Group’s employee share plans are disclosed in Note
36 to the financial statements, ‘Share capital and share
premium account’.
306
GSK Annual Report 2025
Shareholder information continued
Share capital and control continued
Market capitalisation
The market capitalisation of the company, based on shares in
issue excluding Treasury shares, at 31 December 2025 was
£74.4 billion. At that date, GSK was the 8th largest company by
market capitalisation in the FTSE index.
Share price
2025
£
2024
£
2023
£
At 1 January
13.62
14.80
14.51
At 31 December
18.26
13.47
14.50
Increase/(decrease)
36%
(9)%
(0.06)%
High during the year
18.33
18.13
15.36
Low during the year
12.64
13.00
13.16
The table above sets out middle market closing prices. The
company’s share price increased by 36% in 2025. This
compares with an increase in the FTSE 100 index of 21.5%
during the year. The middle market closing share price on 25
February 2026 was £22.14.
The trading symbol for GSK's Ordinary Shares of 31 ¼ pence
each on the LSE is GSK and the trading symbol for GSK's ADS
on the NYSE is GSK.
GSK share price trend in the three years ended
31 December 2025
5285
Nature of trading market
The following table sets out, for the periods indicated, the high and low middle market closing prices for the company’s Ordinary
Shares on the LSE and for the ADS on the NYSE.
Ordinary Shares
ADS
Period
Dates
UK£ per share
US$ per share
High
Low
High
Low
Month ended
February 2026*
22.67
19.25
61.21
52.47
Month ended
January 2026
19.01
17.88
51.61
47.65
Month ended
December 2025
18.33
17.83
49.29
47.19
Month ended
November 2025
18.25
17.57
48.41
46.11
Month ended
October 2025
17.83
16.15
46.94
43.24
Month ended
September 2025
15.75
14.43
43.16
38.96
Quarter ended
31 December 2025
18.33
16.14
49.29
43.24
Quarter ended
30 September 2025
15.75
13.44
43.16
36.20
Quarter ended
30 June 2025
15.50
12.64
42.49
33.60
Quarter ended
31 March 2025
15.59
12.94
40.39
32.08
Quarter ended
31 December 2024
15.22
13.00
40.30
33.35
Quarter ended
30 September 2024
16.71
14.98
44.26
38.21
Quarter ended
30 June 2024
18.13
15.26
45.78
38.50
Quarter ended
31 March 2024
17.11
14.80
43.58
37.51
Year ended
31 December 2023
15.21
13.82
37.56
34.17
Year ended
31 December 2022
14.92
13.20
37.92
30.00
Year ended
31 December 2021
16.19
13.80
44.44
38.13
* to 25 February 2026
307
GSK Annual Report 2025
Shareholder information continued
Analysis of shareholdings at 31 December 2025
Number of
accounts
% of total
accounts
% of total
shares
Number of shares
Holding of shares
Up to 1,000
42,324
75.46
0.29
12,306,928
1,001 to 5,000
10,255
18.28
0.50
21,627,079
5,001 to 100,000
2,589
4.62
1.15
49,505,003
100,001 to 1,000,000
611
1.09
4.99
215,419,870
Over 1,000,000
311
0.55
93.07
4,016,586,146
56,090
100.00
100.00
4,315,445,026
Held by
Institutional and corporate holders
2,619
4.67
71.75
3,096,136,250
Individuals and other corporate bodies
53,469
95.33
1.20
51,755,790
Guaranty Nominees Limited (ADR programme)
1
0.00
21.49
927,533,497
Held as Treasury shares by GSK
1
0.00
5.56
240,019,489
56,090
100.00
100.00
4,315,445,026
JP Morgan Chase Bank NA is the Depositary for the company’s American Depositary Receipt (ADR) programme, which is managed
by the Depositary. The company’s American Depositary Shares (ADS) are listed on the NYSE. Ordinary Shares underlying the ADS
are registered in the name of Guaranty Nominees Limited. At 25 February 2026, Guaranty Nominees Limited held 909,622,927
Ordinary Shares representing 22.33% of issued share capital (excluding Treasury shares).
At 25 February 2026, the number of record holders of Ordinary Shares with addresses in the US was 862 with holdings of 1,081,484
Ordinary Shares, and the number of registered holders of ADS was 13,313 with holdings of 452,769,404 ADS. Certain of these
Ordinary Shares and ADS were held by brokers or other nominees. As a result, the number of holders of record or registered holders
with addresses in the US is not representative of the number of beneficial holders or of the residence of beneficial holders.
Dividends
The company pays dividends quarterly and continues to return
cash to shareholders through its dividend policy. Dividends
remain an essential component of total shareholder return and
GSK recognises the importance of dividends to shareholders.
Since 2022, GSK has implemented a progressive dividend policy
guided by a 40% to 60% pay-out ratio through the investment
cycle. The dividend policy, the total expected cash distribution,
and the respective dividend pay-out ratios for GSK remain
unchanged.
Dividends per share
The table below sets out the dividend per share and per ADS
for the last five years. The dividend per ADS is translated into
US dollars at applicable exchange rates.
Year
pence
US$ (1)
2025
66(2)
— (4)
2024
61
1.56
2023
58
1.47
2022
61.25(3)
2
2021
80
2.16
(1) An annual fee of $0.03 per ADS (or $0.0075 per ADS per quarter) is
charged by the Depositary. The amounts shown are the dividends paid
per ADS before the annual fee is charged.
(2) Dividends declared and paid in respect of 2025 were 16p per share for
Q1 2025, 16p per share for Q2 2025 and 16p per share for Q3 2025. A
dividend of 18p per share has been declared for Q4 2025.
The expected dividend for 2026 is 70p per Ordinary Share.
Details of the dividends declared, the amounts and the
payment dates are given in Note 16 to the financial statements,
‘Dividends’.
2026 Dividend calendar
Quarter
Ex-dividend
date
ADS Ex-
dividend date
Record date
Payment date
Q4 2025
19 February
2026
20 February
2026
20 February
2026
9 April
2026
Q1 2026
14 May
2026
15 May
2026
15 May
2026
9 July
2026
Q2 2026
13 August
2026
14 August
2026
14 August
2026
8 October
2026
Q3 2026
12 November
2026
13 November
2026
13 November
2026
7 January
2027
Q4 2026
18 February
2027
19 February
2027
19 February
2027
8 April
2027
(3) Adjusted for the Share Consolidation (2022 only; prior years have not
been adjusted).
(4) The Q4 2025 dividend receivable by ADS holders will be calculated
based on the exchange rate on 7 April 2026. The cumulative dividend
receivable by ADS holders for Q1, Q2 and Q3 2025 was $1.30.
308
GSK Annual Report 2025
Shareholder information continued
Financial calendar 2026
Event
Date
Quarter 1 results announcement
29 April 2026
Annual General Meeting
6 May 2026
Quarter 2 results announcement
29 July 2026
Quarter 3 results announcement
28 October 2026
Quarter 4 Results announcement
3 February 2027
Annual Report publication
February/March 2027
Annual Report distribution
March 2027
Information about the company, including the Ordinary Share
and ADS price, is available on our website at gsk.com.
Information made available on the website does not constitute
part of this Annual Report.
Stock Exchange announcement notifications
We provide shareholders with a service to receive automatic
email notifications when we publish a stock exchange
announcement. To receive email notifications, please sign up
for announcements at gsk.com in the Investors section.
Results announcements
Results announcements are issued to the LSE and are available
on its news service. They are also sent to the US Securities and
Exchange Commission (SEC) and the NYSE, issued to the media
and made available on our website.
Financial reports
The Annual Report is made available on our website from the
date of publication. Shareholders may elect to receive
notification by email of the publication of Annual Reports by
registering on www.investorcentre.co.uk, and may also elect to
receive a printed copy of the Annual Report by contacting our
registrar, Computershare Investor Services PLC.
Copies of previous Annual Reports are available on our website.
Printed copies can also be obtained from our registrar (see
page 311 for contact details).
Annual General Meeting 2026
Our Annual General Meeting (AGM) will be held at 2.30pm (UK
time) on Wednesday, 6 May 2026 at The London Marriott
Hotel, Grosvenor Square, London, W1K 6JP, United Kingdom
and will also be broadcast live for shareholders to join
electronically. The AGM is the company’s principal forum for
communication with private shareholders. In addition to the
formal AGM business, there will be a presentation by the CEO
on the performance of the Group and its future development.
There will be an opportunity for questions to be asked of the
Board and Chairs of the Board’s Committees will be available
to take questions relating to their roles.
Further details on how to access the AGM electronically or
attend in person, ask questions and vote, can be found in the
notice of Annual General Meeting 2026 (AGM Notice) which
will be made available on our website at gsk.com on or around
25 March 2026.
Investors holding shares through a nominee service should
arrange with that service for them to be appointed as a proxy in
respect of their shareholding to attend and vote at the meeting
electronically.
ADS holders wishing to attend the meeting electronically should
refer to the AGM Notice for details on how to request a proxy
appointment from the Depositary, JP Morgan Chase Bank NA,
see page 312 for contact details. This will enable them to
attend, ask questions and vote electronically on the business to
be transacted at the meeting.
ADS holders are reminded that if they do not instruct the
Depositary as to the way in which the shares represented by
their ADS should be voted by completing and returning the
voting card provided by the Depositary, their shares will not be
voted.
Documents on display
The Articles of Association of the company and Directors’
service contracts or, where applicable, letters of appointment
between Directors and the company or any of its subsidiaries
(and any side letters relating to severance terms and pension
arrangements) are available for inspection at the company’s
registered office and will be made available for inspection at
the AGM.
309
GSK Annual Report 2025
Shareholder information continued
Tax information for shareholders
A summary of certain UK tax and US federal income tax
consequences for holders of Ordinary Shares and ADS who are
citizens of the UK or the US is set out below. It is not a complete
analysis of all the possible tax consequences of the purchase,
ownership or sale of these securities. It is intended only as a
general guide. Holders are advised to consult their advisers with
respect to the tax consequences of the purchase, ownership or
sale of their Ordinary Shares or ADS and the consequences
under state and local tax laws in the US and the implications of
the current UK/US tax conventions.
US holders of ADS generally will be treated as the owners of the
underlying Ordinary Shares for the purposes of the current UK/
US double taxation conventions relating to income and gains
(Income Tax Convention), estate and gift taxes (Estate and Gift
Tax Convention), and for the purposes of the Internal Revenue
Code of 1986, as amended.
UK shareholders
This summary only applies to a UK resident shareholder that
holds Ordinary Shares as capital assets.
Taxation of dividends
For the 2025/26 UK tax year, UK resident individuals are
entitled to a dividend tax allowance of up to £500, so that the
first £500 of dividends received in a tax year will be free of tax.
Dividends in excess of this allowance will be taxed at 8.75% for
basic rate taxpayers, 33.75% for higher rate tax payers and
39.35% for additional rate taxpayers.
UK resident shareholders that are corporation taxpayers should
note that dividends payable on Ordinary Shares are generally
entitled to exemption from corporation tax.
Taxation of capital gains
UK resident shareholders may be liable for UK tax on gains on
the disposal of Ordinary Shares or ADS.
For disposals by individuals in the 2025/2026 UK tax year, the
taxable capital gain arising on a disposal of shares or ADS will
be subject to capital gains tax at 18% to the extent the gain
falls within the individual’s basic rate income tax band, and
24% to the extent that it falls above the basic rate band, if, after
all allowable deductions, the individual's taxable income for the
year exceeds the basic rate income tax banding. Note this
applies following the use of any exemptions available to the
individual taxpayer, such as the annual exempt amount.
Corporation tax payers may be entitled to an indexation
allowance which applies to reduce capital gains to the extent
that such gains arise due to inflation. Indexation allowance may
reduce a chargeable gain but will not create an allowable loss.
For assets acquired on or before 1 January 2018, legislation in
the Finance Act 2018 freezes the level of indexation allowance
that is given in calculating a company’s chargeable gains at
the value that would apply to the disposal of an asset in
December 2017. For assets acquired from 1 January 2018
onwards, legislation in the Finance Act 2018 removes any
indexation allowance on disposal.
Inheritance tax
Individual shareholders (whether or not they are UK-domiciled)
may be liable to UK inheritance tax on the transfer of Ordinary
Shares or ADS. Exposure to a UK inheritance tax charge
typically occurs on the death of the asset owner. However,
transfers of shares (other than commercial sales) within seven
years of death remain relevant to any inheritance tax exposure
at death. Further, transfers to a trust arrangement during
lifetime can give rise to an immediate inheritance tax charge.
Tax may be charged on the amount by which the value of the
shareholder’s estate is reduced as a result of any transfer by
way of lifetime gift or other disposal at less than full market
value. In the case of a bequest on death, tax may be charged
on the value of the shares at the date of the shareholder’s
death. Where shareholders are exposed to UK inheritance tax
and the equivalent tax of another jurisdiction, professional
advice should be sought in relation to the availability of any
relief from double taxation.
The overall exposure to such tax will be dependent on the
specific circumstances of each situation. Bespoke advice
tailored to an individual’s personal circumstances should
therefore be obtained from a tax professional.
Stamp duty and stamp duty reserve tax
UK stamp duty and/or stamp duty reserve tax (SDRT) will,
subject to certain exemptions, be payable on the transfer of
shares at a rate of 0.5% (rounded up to the nearest £5 in the
case of stamp duty) of the consideration for the transfer.
Notwithstanding this, provided that an instrument is executed in
pursuance of the agreement that gave rise to the charge to
SDRT and that instrument is stamped within six years of the
agreement (including being stamped as exempt), any SDRT
charge should be cancelled and any SDRT which has already
been paid will be repaid. Where listed shares are transferred to
a company connected to the transferor the chargeable
consideration will be deemed to be not less than the market
value of the shares transferred.
US shareholders
This summary only applies to a shareholder (who is a citizen or
resident of the US or a domestic corporation or a person that
is otherwise subject to US federal income tax on a net income
basis in respect of the Ordinary Shares or ADS) that holds
Ordinary Shares or ADS as capital assets, is not resident in the
UK for UK tax purposes and does not hold Ordinary Shares or
ADS for the purposes of a trade, profession or vocation that is
carried on in the UK through a branch or agency.
The summary also does not address the tax treatment of
holders that are subject to special tax rules, such as banks, tax-
exempt entities, insurance companies, dealers in securities or
currencies, persons that hold Ordinary Shares or ADS as part of
an integrated investment (including a ‘straddle’) comprised of
an Ordinary Share or ADS and one or more other positions, and
persons that own (directly, indirectly or constructively) 10% or
more of the company’s stock (by vote or value), nor does it
address tax treatment that may be applicable as a result of
international income tax treaties.
310
GSK Annual Report 2025
Shareholder information continued
Taxation of dividends
The gross amount of dividends received is treated as foreign
source dividend income for US tax purposes. It is not eligible for
the dividend received deduction allowed to US corporations.
Dividends paid in sterling generally will be includable in income
in a US dollar amount calculated by reference to the exchange
rate in effect on the day the US holder receives the dividends, in
the case of Ordinary Shares, or the date the depositary receives
the dividends, in the case of ADS. Subject to certain exceptions
for short-term or hedged positions, an individual eligible US
holder will be subject to US taxation at a maximum federal rate
of 23.8% plus applicable state and local tax in respect of
qualified dividends. A qualified dividend as defined by the US
Internal Revenue Service (IRS) is a dividend that meets the
following criteria:
1. It must be issued by a US corporation, a corporation
incorporated in a US possession, or a corporation that is
eligible for the benefits of a comprehensive income tax treaty
deemed satisfactory, as published by the IRS.
2. The dividends are not of a type listed by the IRS as dividends
that do not qualify.
3. The required dividend holding period has been met. The
shares must have been owned by you for more than 60 days
of the ‘holding period’ – which is defined as the 121-day
period that begins 60 days before the ex-dividend date, or
the day in which the stock trades without the dividend priced
in. For example, if a stock’s ex-dividend date is 1 October, the
shares must be held for more than 60 days in the period
between 2 August and 30 November of that year in order to
count as a qualified dividend.
Dividends that are not qualified are subject to taxation at the
US federal graduated tax rates, at a maximum rate of 40.8%.
Some types of dividends are automatically excluded from being
qualified dividends, even if they meet the other requirements.
These include (but are not limited to):
– Capital gains distributions
– Dividends on bank deposits
– Dividends held by a corporation in an Employee Stock
Ownership Plan (ESOP)
– Dividends paid by tax-exempt corporations.
US state and local tax rates on qualified and non-qualified
dividends may vary and would be assessed in addition to the
federal tax rates communicated above.
Taxation of capital gains
Generally, US holders will not be subject to UK capital gains tax,
but will be subject to US tax on capital gains realised on the
sale or other disposal of Ordinary Shares or ADS. Such gains will
be long-term capital gains (subject to reduced rates of taxation
for individual holders) if the Ordinary Shares or ADS were held
for more than one year, from the date the Ordinary Shares or
ADS were vested/released. Short-term capital gains can be
subject to taxation of rates of up to 40.8%, whereas long-term
capital gains may be subject to rates of up to 23.8%. State and
local tax rates on capital gains may also apply.
Information reporting and backup withholding
Dividends and payments of the proceeds on a sale of Ordinary
Shares or ADS, paid within the US or through certain US-related
financial intermediaries, are subject to information reporting
and may be subject to backup withholding unless the US holder
is a corporation or other exempt recipient or provides a
taxpayer identification number and certifies that no loss of
exemption has occurred. Non-US holders generally are not
subject to information reporting or backup withholding, but may
be required to provide a certification of their non-US status in
connection with payments received. Any amounts withheld will
be allowed as a refund or credit against a holder’s US federal
income tax liability provided the required information is
furnished to the IRS.
Estate and gift taxes
Under the Estate and Gift Tax Convention, a US shareholder is
not generally subject to UK inheritance tax. However, a US
holder may be subject to US federal estate and gift tax.
Stamp duty
UK stamp duty and/or SDRT will, subject to certain exemptions,
be payable on any transfer of Ordinary Shares to the ADS
custodian or depositary at a rate of 1.5% of the amount of any
consideration provided (if transferred on sale), or their value (if
transferred for no consideration).
However, no stamp duty or SDRT should be payable on the
transfer of, or agreement to transfer an ADS or on transfers
within the clearance service. Notwithstanding the above, where
the clearance service operator has made an election under
s97A Finance Act 1986, broadly the 1.5% stamp duty/SDRT
charge should not arise on the transfer into the clearance
service, but transfers to, and within, the system (where there is a
change in beneficial ownership) would attract a 0.5% charge.
311
Shareholder services and contacts
Registrar
The company’s registrar is:
Computershare Investor Services PLC
The Pavillions, Bridgwater Road Bristol, BS99 6ZY
www.investorcentre.co.uk
Tel: +44 (0)370 707 1595*
Computershare provides a range of services for shareholders:
Service
What it offers
How to participate
Dividend Reinvestment Plan
(DRIP)
As an alternative to receiving cash dividends you may
choose to reinvest your dividends to buy more GSK
shares.
A DRIP form, terms and conditions and information on
fees can be downloaded from www.computershare.com/
uk/individuals/im-a-shareholder/dividend-reinvestment-
plan or you can contact Computershare.
Dividend payment direct to
your bank account (bank
mandate)
All dividends are paid directly into your bank or building
society account. To receive your cash dividends, you must
provide Computershare with your bank or building society
account details. This is a quick and secure method of
payment.
You can update your payment instructions by logging into
www,investorcentre.co.uk and going to the ‘Banking
Details section of your profile, or you can contact
Computershare.
Dividend payment direct to
your bank account for
overseas shareholders
Shareholders have an option to receive dividends to their
bank in their preferred currency. Payment in over 200
permitted jurisdictions around the world available.
You can update your payment instructions by logging into
www.investorcentre.co.uk and going to the 'Banking
Details' section of your profile. You will be presented with
the terms and conditions which you will need to accept
when signing up to the service.
Electronic communications
Shareholders may elect to receive electronic notifications
of company communications including our Annual
Report, dividend payments, dividend confirmations and
the availability of online voting for all general meetings.
Each time GSK publishes shareholder documents you will
receive an email containing  a link to the document or
relevant website.
You can update your communication preference by
logging into www.investorcentre.co.uk and going to the
'Communication Preferences' section of your profile, or you
can contact Computershare.
Investor Centre portfolio
service
This enables you to create a free online portfolio to view
your share balance and movements, update your address
and dividend payment instructions and register your
votes for our general meetings.
Please register at www.investorcentre.co.uk.
Deduplication of publications
or mailings
If you receive duplicate copies of mailings, you may have
more than one account. Please contact Computershare
and they will arrange for your accounts to be merged into
one for your convenience and to avoid waste and
unnecessary costs.
Please contact Computershare.
Share dealing service† (please
note that market trading hours
are from 8.00am to 4.40pm UK
time, Monday to Friday
(excluding public holidays in
England and Wales))
Shareholders may trade shares, either held in certificated
form or in our Corporate Sponsored Nominee, online, or
via the postal dealing service provided by
Computershare.
More information on the share dealing service (including
information in fees) can be found at
www.investorcentre.co.uk
For online transactions, please log on to:
www.computershare.com/dealing/uk.
For postal transactions, please call: +44 (0)370 707 1595*
to request a dealing form.
You can download a dealing form here: www-
uk.computershare.com/Investor/#ShareDealingInfo#.
Corporate Sponsored
Nominee Account
This is a convenient way to manage your shares without
requiring a share certificate. The service provides a
facility for you to hold your shares in a nominee account
sponsored by the company. You will continue to receive
dividend payments and can attend and vote at the
company’s general meetings. Shareholders’ names do not
appear on the publicly available share register and the
service is free to join.
An application form can be requested from www-
uk.computershare.com/Investor/#Help/PrintableForms
and selecting 'Deposit Form' in the 'Company Nominee
Service' section for GSK plc, or you can contact
Computershare.
* Lines are open from 8.30am to 5.30pm, UK time Monday to Friday (excluding public holidays in England and Wales). Please use the country code when
dialling from outside the UK.
†The provision of share dealing details is not intended to be an invitation or inducement to engage in an investment activity. Advice on share dealing should
be obtained from a stockbroker or independent financial adviser.
312
GSK Annual Report 2025
Other statutory disclosures continued
Shareholder services and contacts continued
ADS Depositary
The company’s ADR programme is administered by JPMorgan Chase Bank, N.A. whose contact details are as follows:
Service
Contact
Regular Correspondence
Computershare Trust Company, N.A.
PO Box 43304
Providence, RI 02940-3304
From the US: +1 877 353 1154
From outside the US: +1 781 575 2833
web.queries@computershare.com
The Depositary also provides Global Invest Direct, a direct ADS purchase/sale and dividend reinvestment plan for ADS holders. For
details on how to enrol, please visit www.adr.com or call the above helpline number to obtain an enrolment pack.
Investor relations
Investor relations may be contacted as follows:
Service
Contact
UK
79 New Oxford Street,
London, WC1A 1DG
Tel: +44 (0)20 8047 5000
US
2929 Walnut Street
Philadelphia PA 19104
Tel: +1 888 825 5249 (US toll free)
Tel: +1 215 751 4000 (outside the US)
GSK Response Center
Tel: +1 888 825 5249 (US toll free)
Tel: +1 215 751 4600 (outside the US)
Share scam alert
If you receive an unsolicited telephone call offering to sell or buy your shares, please take extra care. The caller may be part of a
highly organised financial scam.
If you are a UK shareholder, please contact the Financial Conduct Authority at www.fca.org.uk/consumers or on its consumer
helpline:
Tel: 0800 111 6768 (in the UK)*
Tel: +44 207 066 1000 (outside the UK)*
* Lines are open from 8.00am to 6.00pm, UK time, Monday to Friday, except UK public holidays, and 9.00am to 1.00pm on Saturdays.
313
GSK Annual Report 2025
Other statutory disclosures continued
US law and regulation
A number of provisions of US law and regulation apply to the
company because our shares are quoted on the NYSE in the
form of ADS.
NYSE rules
In general, the NYSE rules permit the company to follow UK
corporate governance practices instead of those applied in the
US, provided that we explain any significant variations. This
explanation is contained in our Form 20-F, which can be
accessed from the SEC's EDGAR database or via our website at
GSK.com. NYSE rules require us to file annual and interim
written affirmations concerning our Audit & Risk Committee
(ARC) and our statement on significant differences in corporate
governance.
Sarbanes-Oxley Act of 2002
Following a number of corporate and accounting scandals in
the US, Congress passed the Sarbanes-Oxley Act of 2002.
Sarbanes-Oxley is a wide-ranging piece of legislation
concerned largely with financial reporting and corporate
governance.
As recommended by the SEC, the company has an established
Disclosure Committee. The Committee reports to the CEO, the
CFO and to the ARC. It is chaired by the Company Secretary
and its members consist of senior managers from finance, legal,
corporate communications and investor relations.
Where appropriate, external legal counsel, the external
auditors, our sponsor bank, and internal experts are invited to
attend the Disclosure Committee’s meetings periodically. The
Committee has responsibility for considering the materiality of
information and, on a timely basis, determining the disclosure of
that information. It has responsibility for the timely filing of
reports with the SEC and the formal review of the Annual Report
and the Annual Report on Form 20-F. The Disclosure
Committee and its subcommittees met 24 times during 2025,
including for the purpose of receiving relevant and appropriate
training.
Sarbanes-Oxley requires that the Annual Report on Form 20-F
contains a statement as to whether a member of the ARC is an
audit committee financial expert, as defined in rules under
Sarbanes-Oxley. Such a statement for the relevant member of
the ARC (Charles Bancroft) is included in the Chair’s
Governance Statement area of the Corporate Governance
report on page 117 and in his biography on page 110.
Additional disclosure requirements arise under section 302 and
section 404 of Sarbanes-Oxley in respect of disclosure controls
and procedures and internal control over financial reporting.
Section 302: Corporate responsibility for
financial reports
Sarbanes-Oxley requires the CEO and the CFO to complete
formal certifications, confirming that:
– they have each reviewed the Annual Report on Form 20-F;
– based on their knowledge, the Annual Report on Form 20-F
contains no material misstatements or omissions;
– based on their knowledge, the financial statements and other
financial information fairly present, in all material respects,
the financial condition, results of operations and cash flows
as of the dates, and for the periods, presented in the Annual
Report on Form 20-F;
– they are responsible for establishing and maintaining
disclosure controls and procedures that ensure that material
information is made known to them, and have evaluated the
effectiveness of these controls and procedures as at the year
end, the results of such evaluation being contained in the
Annual Report on Form 20-F;
– they are responsible for establishing and maintaining internal
control over financial reporting that provides reasonable
assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes
in accordance with generally accepted accounting
principles;
– they have disclosed in the Annual Report on Form 20-F any
changes in internal controls over financial reporting during
the period covered by the Annual Report on Form 20-F that
have materially affected, or are reasonably likely to affect
materially, the company’s internal control over financial
reporting; and
– they have disclosed, based on their most recent evaluation of
internal control over financial reporting, to the external
auditor and the ARC, all significant deficiencies and material
weaknesses in the design or operation of internal controls
over financial reporting which are reasonably likely to affect
adversely the company’s ability to record, process, summarise
and report financial information, and any fraud (regardless of
materiality) involving persons that have a significant role in
the company’s internal control over financial reporting.
The Group has carried out an evaluation under the supervision
and with the participation of its management, including the
CEO and CFO, of the effectiveness of the design and operation
of the Group’s disclosure controls and procedures as at 31
December 2025.
There are inherent limitations to the effectiveness of any system
of disclosure controls and procedures, including the possibility
of human error and the circumvention or overriding of the
controls and procedures. Accordingly, even effective disclosure
controls and procedures can only provide reasonable
assurance of achieving their control objectives.
314
GSK Annual Report 2025
Other statutory disclosures continued
US law and regulation continued
The CEO and CFO expect to complete these certifications and
report their conclusions on the effectiveness of disclosure
controls and procedures in March 2026, following which the
certifications will be filed with the SEC as part of our Group’s
Annual Report on Form 20-F.
Section 404: Management’s annual report on
internal control over financial reporting
In accordance with the requirements of section 404 of
Sarbanes-Oxley, the following report is provided by
management in respect of the company’s internal control over
financial reporting (as defined in Rules 13a-15(f) and 15d-15(f)
under the US Securities Exchange Act of 1934, as amended (the
Exchange Act)):
– Management is responsible for establishing and maintaining
adequate internal control over financial reporting for the
Group. Internal control over financial reporting is designed to
provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial
statements for external purposes in accordance with IFRS.
– Management conducted an evaluation of the effectiveness
of internal control over financial reporting based on the
framework, Internal Control – Integrated Framework (2013)
issued by the Committee of Sponsoring Organisations of the
Treadway Commission (COSO).
– There have been no changes in the Group’s internal control
over financial reporting during 2025 that have materially
affected, or are reasonably likely to materially affect, the
Group’s internal control over financial reporting.
– Management has assessed the effectiveness of internal
control over financial reporting as at 31 December 2025 and
its conclusion will be filed as part of the Group’s Annual
Report on Form 20-F.
– Deloitte LLP, which has audited the consolidated financial
statements of the Group for the year ended 31 December
2025, has also assessed the effectiveness of the Group’s
internal control over financial reporting under Auditing
Standard 2201 of the Public Company Accounting Oversight
Board (United States). Their audit report will be filed with the
Group’s Form 20-F.
Section 13(r) of the Exchange Act
Section 13(r) of the Exchange Act requires issuers to make
specific disclosure in their annual reports of certain types of
dealings with Iran, including transactions or dealings with
government-owned or controlled entities, as well as dealings
with entities sanctioned for activities related to terrorism or
proliferation of weapons of mass destruction, even when those
activities are not prohibited by US law and do not involve US
persons.
The Group ceased exports and sales to Iran in June 2024 and
had no dealings with the Government of Iran or relevant
sanctioned entities, and accordingly has no revenues or profit to
declare with respect to Iran or Section 13(r) of the Exchange
Act for 2025.
In addition to Section 13(r) of the Exchange Act, US law
generally restricts dealings by US persons and dealings that
otherwise are subject to US jurisdiction with certain countries or
territories that are subject to comprehensive sanctions.
Currently, the US maintains comprehensive sanctions against
Cuba, Iran, North Korea, the Crimea region of Ukraine, the so-
called “Donetsk People’s Republic”, and the so-called “Luhansk
People’s Republic.” The US maintained comprehensive
sanctions against Syria until their removal, effective 1 July 2025.
The US also maintains significant sanctions programmes
against Russia and Venezuela as well as targeted sanctions
programmes against specific individuals, entities and
organisations. The Group engages in some activity in certain
such jurisdictions and with certain such individuals and entities
having assessed applicable licenses and exemptions.
While we believe the Group complies with all applicable US
sanctions in all material respects, such laws are complex and
continue to evolve rapidly.
315
GSK Annual Report 2025
Other statutory disclosures continued
Donations to political organisations and political expenditure
To ensure a consistent approach to political contributions
across the Group, in 2009 a global policy was introduced to
voluntarily stop all corporate political contributions.
Since then, the Group has not made any political donations to
EU or non-EU organisations. English law requires prior
shareholder approval for political contributions to EU political
parties and independent election candidates as well as for any
EU political expenditure. The definitions of political donations,
political expenditure and political organisations used in the
legislation are, however, quite broad. In particular, the definition
of EU political organisations may extend to bodies such as
those concerned with policy review, law reform, the
representation of the business community and special interest
groups such as those concerned with the environment, which
the company and its subsidiaries might wish to support.
As a result, the definitions may cover legitimate business
activities not in the ordinary sense considered to be political
donations or political expenditure, nor are they designed to
support any political party or independent election candidate.
Therefore, notwithstanding our policy, and while we do not
intend to make donations to any EU political parties or
organisations, nor to incur any EU political expenditure, we
annually seek shareholder authorisation for any inadvertent
expenditure.
The authority is a precautionary measure to ensure that the
company and its subsidiaries do not inadvertently breach the
legislation.
This authorisation process, for expenditure of up to £100,000 is
reviewed annually, following the introduction of the Political
Parties, Elections and Referendums Act 2000.
Notwithstanding the introduction of this policy, in accordance
with the Federal Election Campaign Act in the US, we continue
to support an employee-operated Political Action Committee
(PAC) that facilitates voluntary political donations by eligible
GSK employees.
The PAC is not controlled by GSK. Decisions on the amounts
and recipients of contributions are governed by the PAC Board
of Directors. Contributions to the PAC are made by
participating eligible employees exercising their legal right to
pool their resources and make political contributions, which are
subject to strict limitations under US law. In 2025, a total of
US$217,000 (2024: US$253,950) was donated to political
organisations by the GSK employee PAC.
316
GSK Annual Report 2025
Other statutory disclosures continued
Group companies
In accordance with Section 409 of the Companies Act 2006 a full list of subsidiaries, associates, joint ventures and joint
arrangements, the address of the registered office and effective percentage of equity owned, as at 31 December 2025 are disclosed
below. Unless otherwise stated the share capital disclosed comprises ordinary shares which are indirectly held by GSK plc. The
percentage held by class of share is stated where this is less than 100%. Unless otherwise stated, all subsidiary companies have their
registered office and are tax resident in their country of incorporation.
Name
Security
Registered address
Wholly owned subsidiaries
1001508446 Ontario Inc.
Common
199 Bay Street, Suite 4000, Ontario M5L 1A9
14245563 Canada Inc.
Common
75 Rue Queen, Unité 1300, Montreal, Quebec H3C 2N6, Canada
14934792 Canada Inc.
Common
100 Milverton Drive, Suite 800, Mississauga ON L5R 4H1, Canada
1506369 Alberta ULC
Common
3500 855-2nd Street SW, Calgary AB T2P 4J8, Canada
Action Potential Venture Capital Limited
Ordinary
GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, SG1 2NY, 
United Kingdom
Adechsa GmbH (ii)
Ordinary
c/o GlaxoSmithKline AG, Zweigniederlassung Baar/
Zug, Neuhofstrasse 4, 6340, Baar, Switzerland
Affinivax, Inc.
Common
Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, 
United States
Aiolos Bio Limited
Ordinary
79 New Oxford Street, London, WC1A 1DG, United Kingdom
Aiolos Bio, Inc.
Common
Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, 
United States
Allen & Hanburys Limited (ii)
Ordinary
79 New Oxford Street, London, WC1A 1DG, United Kingdom
Allen & Hanburys Pharmaceutical Nigeria Limited
Ordinary
49, Town Planning Way, Ilupeju, Lagos, Nigeria
Allen Pharmazeutika Gesellschaft m.b.H.
Ordinary
Wienerbergstraße 7, Wien, 1100, Austria
ASC Oncology Schweiz AG (in liquidation)
Ordinary
Unterlettenstrasse 14, 9443, Widnau, Switzerland
Beecham Group plc
£0.05 Ordinary B;
£0.20 Ordinary A
79 New Oxford Street, London, WC1A 1DG, United Kingdom
Beecham Pharmaceuticals (Pte) Limited
Ordinary
38 Quality Road, Jurong Industrial Estate, Jurong, 618809, Singapore
Beecham Portuguesa-
Produtos Farmaceuticos e Quimicos, Lda,
Quota
Rua Dr Antonio Loureiro Borges No 3, Arquiparque, Miraflores, 1495-131, 
Alges, Portugal
Bellus Health Inc
Common
75 Rue Queen, Unité 1300, Montreal QC H3C2N6, Canada
Biovesta Ilaçlari Ltd. Sti. (ii)
Nominative
Esentepe Mah, Bahar Sk. Ozdilek River Plaza, Vyndham Grand No: 13 Kat: 22,
 Kapi: 58, Sisli, Istanbul, 34394, Turkey
BP Asset IX, Inc.
Common
Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808,
United States
Cascan GmbH & Co. KG
Partnership Capital
Prinzregentenplatz 9, 81675, Munich, Bavaria, Germany
Cellzome GmbH
Ordinary
Meyerhofstrasse 1, 69117, Heidelberg, Germany
Clarges Pharmaceuticals Trustees Limited (ii)
Ordinary
79 New Oxford Street, London, WC1A 1DG, United Kingdom
Colleen Corporation
Common
Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, 
United States
Corixa Corporation
Common
Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, 
United States
Dealcyber Limited
Ordinary
79 New Oxford Street, London, WC1A 1DG, United Kingdom
Desarrollo Energia Solar Alternativa S.L.
Ordinary
Severo Ochoa, 2, Parque Tecnologico de Madrid, Tres Cantos, 28760, 
Madrid, Spain
Duncan Pharmaceuticals Philippines Inc.
Common
23rd Floor, The Finance Centre, 26th Street corner 9th Avenue, Bonifacio 
Global City, Taguig City, 1634, Philippines
Elsie Biotechnologies, Inc.
Common
Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, 
United States
Etex Farmaceutica Ltda
Social Capital
Av. Andrés Bello 2457, Costanera Center, Torre 2, Piso 20, Providencia, 
Santiago, 7510689, Chile
Glaxo Group Limited
Ordinary
GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, SG1 2NY, 
United Kingdom
Glaxo Kabushiki Kaisha (ii)
Ordinary
1-8-1 Akasaka Minato-ku, Tokyo, 107-0052, Japan
Glaxo New Zealand Pension Plan Trustee Limited
Ordinary
Aon Centre, Level 12/29 Customs Street West, Auckland 1010, New Zealand
Glaxo Operations UK Limited
Ordinary
79 New Oxford Street, London, WC1A 1DG, United Kingdom
Glaxo Saudi Arabia Limited
Ordinary
PO Box 22617, Area No 56 to 73, Warehouse City, First Stage Al Khomrah, 
Jeddah 21416, Saudi Arabia
Glaxo Verwaltungs GmbH
Ordinary
Prinzregentenplatz 9, 81675, Munich, Bavaria, Germany
317
GSK Annual Report 2025
Other statutory disclosures continued
Group companies continued
Name
Security
Registered address
Wholly owned subsidiaries continued
Glaxo Wellcome Farmaceutica, Limitada
Ordinary Quota
Rua Dr Antonio Loureiro Borges No 3, Arquiparque, Miraflores, 1495-131, 
Alges, Portugal
Glaxo Wellcome International B.V. (ii) (iii)
Ordinary
Huis ter Heideweg 62, 3705 LZ, Zeist, The Netherlands
Glaxo Wellcome Manufacturing Pte Ltd
Ordinary
1 Pioneer Sector 1, Jurong Industrial Estate, Jurong, 628413, Singapore
Glaxo Wellcome Production
Ordinary
23 rue François Jacob, 92500, Rueil-Malmaison, France
Glaxo Wellcome Vidhyasom Limited (in liquidation)
Ordinary
12th Floor Wave Place, 55 Wireless Road, Lumpini, Pathumwan, Bangkok, 
10330, Thailand
Glaxo Wellcome, S.A.
Ordinary
Poligono Industrial Allendeduero, Avenida de Extremadura, 3, Aranda de 
Duero, 09400, Burgos, Spain
Glaxo, S.A.
Ordinary
Severo Ochoa, 2, Parque Tecnologico de Madrid, Tres Cantos, 28760, 
Madrid, Spain
Glaxochem Pte Ltd (iii)
Ordinary
23 Rochester Park, 139234, Singapore
GlaxoSmithKline - Produtos Farmaceuticos, Limitada
Ordinary Quota
Rua Dr Antonio Loureiro Borges No 3, Arquiparque, Miraflores, 1495-131, 
Alges, Portugal
GlaxoSmithKline (Cambodia) Co., Ltd.
Ordinary
5th Floor DKSH Building, No.797 Preah Monivong Boulevard (Co, Sangkat 
Phsar Deum Thakov, Khan Chamkarmon, Phnom Penh, Cambodia
GlaxoSmithKline (China) Investment Co Ltd
Ordinary
Room 901, 902, 903, 905, 908, 909 and 910, Unit 901, Floor 9, No. 56 Mid 4th 
East Ring Road, Chaoyang District, Beijing, China
GlaxoSmithKline (China) R&D Company Limited
Equity
F1-3, No.18 Building, 999 Huanke Road, Pilot Free Trade Zone, Shanghai, 
201210, China
GlaxoSmithKline (GSK) S.R.L.
Ordinary
Bucureşti Sectorul 1, Şoseaua Bucureşti-Ploieşti, Nr. 89A, Romania
GlaxoSmithKline (Ireland) Limited
Ordinary
12 Riverwalk, Citywest Business Campus, Dublin 24, Ireland
GlaxoSmithKline (Israel) Ltd
Ordinary
25 Basel Street, PO Box 10283, Petach-Tikva, 49002, Israel
GlaxoSmithKline (Private) Limited (ii)
Ordinary
Unit 3, 20 Anthony Road, Msasa, Harare, Zimbabwe
GlaxoSmithKline (Thailand) Limited
Ordinary
12th Floor Wave Place, 55 Wireless Road, Lumpini, Pathumwan, Bangkok, 
10330, Thailand
GlaxoSmithKline AB
Ordinary
Hemvarnsg. 9, 171 54, Solna, Sweden
GlaxoSmithKline AG
Ordinary
Talstrasse 3 , 3053 Muenchenbuchsee, Switzerland
GlaxoSmithKline Angola Unipessoal Limitada
Quota
Luanda, Bairro Petrangol, Estrada de Cacuaco n ° 288, Angola
GlaxoSmithKline AS
Ordinary
Drammensveien 288, Oslo, NO-0283, Norway
GlaxoSmithKline Australia Pty Ltd
Ordinary
Level 4 , 436 Johnston Street , Abbotsford, Victoria, 3067, Australia
GlaxoSmithKline B.V.
Ordinary
Van Asch van, Wijckstraat 55h, 3811 LP Amersfoort, The Netherlands
GlaxoSmithKline Beteiligungs GmbH
Ordinary
Prinzregentenplatz 9, 81675, Munchen, Germany
GlaxoSmithKline Biologicals Kft.
Ordinary
2100 Gödöllõ, Homoki Nagy István utca 1, Hungary
GlaxoSmithKline Biologicals S.A.S.
Ordinary
637 Rue des Aulnois, Saint-Amand Les Eaux, 59230, France
GlaxoSmithKline Biologicals SA
Ordinary;
Preference
Rue de l'Institut 89 B-1330 Rixensart, Belgium
GlaxoSmithKline Brasil Limitada
Quotas
Estrada dos Banderiantes, 8464, Rio de Janeiro, 22783-110, Brazil
GlaxoSmithKline Capital Inc.
Common
Circumference FS (USA) Inc, 1100 N. Market Street, 4th Floor, Wilmington DE
19890, United States
GlaxoSmithKline Capital plc
Ordinary
79 New Oxford Street, London, WC1A 1DG, United Kingdom
GlaxoSmithKline Caribbean Limited
Ordinary
79 New Oxford Street, London, WC1A 1DG, United Kingdom
GlaxoSmithKline Chile Farmaceutica Limitada
Social Capital
Av. Andrés Bello 2457, Torre 2, piso 20, Providencia, Santiago, Región 
Metropolitana, Chile
GlaxoSmithKline Colombia S.A.
Ordinary
Avenida Calle 116 No 7-15 Interior 2 Oficina 601 A, Bogotá, Bogota, 110111, 
Colombia
GlaxoSmithKline doo Beograd-Novi Beograd -
 U LIKVIDACIJI (In liquidation)
Ordinary
Milutin Milankovic, 1J, Novi Beograd, Belgrade, 11070, Serbia
GlaxoSmithKline Ecuador S.A.
Ordinary
Av. 6 de diciembre E10A, y Juan Boussingault, Edificio Torre 6, Piso 4, 
Oficina 408, Quito, Ecuador
GlaxoSmithKline El Salvador S.A. de C.V.
Ordinary
Municipio de San Salvador, Departamento de San Salvador, El Salvador
GlaxoSmithKline EOOD (Liquidated 10-Feb-2026)
Ordinary
119 Oborishte Str., Sofia 1505, Sofia, Bulgaria
GlaxoSmithKline Export Limited
Ordinary
79 New Oxford Street, London, WC1A 1DG, United Kingdom
GlaxoSmithKline Export Panama S.A.
Ordinary
Panama City, Republic of Panama, Panama
GlaxoSmithKline Far East B.V.
Ordinary
Van Asch van Wijckstraat 55h, 3811 LP, Amersfoort, The Netherlands
GlaxoSmithKline Finance plc
Ordinary
79 New Oxford Street, London, WC1A 1DG, United Kingdom
GlaxoSmithKline GmbH & Co. KG
Partnership Capital
Prinzregentenplatz 9, 81675, Munchen, Germany
GlaxoSmithKline Guatemala S.A.
Ordinary
3ra. Av. 13-78 Zona 10, Torre Citibank, Nivel 8, Guatemala City, Guatemala
GlaxoSmithKline Holding AS
Ordinary
Drammensveien 288, Oslo, NO-0283, Norway
318
GSK Annual Report 2025
Other statutory disclosures continued
Group companies continued
Name
Security
Registered address
Wholly owned subsidiaries continued
GlaxoSmithKline Holdings (Americas) Inc.
Common
Circumference FS (USA) Inc., 1100 North Market Street, 4th Floor, Wilmington
DE 19890, United States
GlaxoSmithKline Holdings (One) Limited (i)
Ordinary
79 New Oxford Street, London, WC1A 1DG, United Kingdom
GlaxoSmithKline Holdings Limited (i)
Ordinary
79 New Oxford Street, London, WC1A 1DG, United Kingdom
GlaxoSmithKline Holdings Pty Ltd
Ordinary
Level 4 , 436 Johnston Street , Abbotsford, Victoria, 3067, Australia
GlaxoSmithKline Honduras S.A.
Ordinary
Tegucigalpa, MDC, Honduras
GlaxoSmithKline IHC Limited
Ordinary
79 New Oxford Street, London, WC1A 1DG, United Kingdom
GlaxoSmithKline Ilaclari Sanayi ve Ticaret A.S.
Nominative
Esentepe Mah, Bahar Sk. Ozdilek River Plaza, Vyndham Grand No: 13 Kat: 22,
 Kapi: 58, Sisli, Istanbul, 34394, Turkey
GlaxoSmithKline Inc.
Class A Common;
Class C Preference
100 Milverton Drive, Suite 800 , Mississauga ON L5R 4H1, Canada
GlaxoSmithKline Insurance Ltd.
Ordinary
c/o Trinity Corporate Services Ltd., Trinity Hall, 43 Cedar Avenue, Hamilton, 
HM12, Bermuda
GlaxoSmithKline Intellectual Property (No.2) Limited
Ordinary
GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, SG1 2NY, 
United Kingdom
GlaxoSmithKline Intellectual Property (No.5) Limited (In
liquidation)
Ordinary
c/o BDO LLP, 5 Temple Square, Temple Street, Liverpool, L2 5RH, United
Kingdom
GlaxoSmithKline Intellectual Property Development Limited
Ordinary
GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, SG1 2NY, 
United Kingdom
GlaxoSmithKline Intellectual Property Holdings Limited
Class A Ordinary;
Class B Ordinary
GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, SG1 2NY, 
United Kingdom
GlaxoSmithKline Intellectual Property Limited
Deferred;
Ordinary
GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, SG1 2NY, 
United Kingdom
GlaxoSmithKline Intellectual Property Management Limited
Ordinary
GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, SG1 2NY, 
United Kingdom
GlaxoSmithKline Investigación y Desarrollo, S.L.
Ordinary
Severo Ochoa 2 Parque Tecnológico de Madrid, Tres Cantos, 28760, Madrid
, Spain
GlaxoSmithKline Investments Pty Ltd
Ordinary
Level 4 , 436 Johnston Street , Abbotsford, Victoria, 3067, Australia
GlaxoSmithKline K.K.
Ordinary
1-8-1 Akasaka Minato-ku, Tokyo, Japan
GlaxoSmithKline Korea Limited
Ordinary
9F LS Yongsan Tower, 92 Hangang-daero, Yongsan-
gu, Seoul, 04386, Korea, Republic of
GlaxoSmithKline Latin America, S.A.
Ordinary
Panama City, Republic of Panama, Panama
GlaxoSmithKline Limited
Ordinary
Suites 1004-10, 10 F, Tower 6, The Gateway, 9 Canton Road, Tsimshatsui, 
Kowloon, Hong Kong
GlaxoSmithKline Limited (ii)
Ordinary
79 New Oxford Street, London, WC1A 1DG, United Kingdom
GlaxoSmithKline LLC
LLC Interests
Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, 
United States
GlaxoSmithKline Manufacturing SpA
Ordinary
Viale dell’Agricoltura 7, 37135, Verona, Italy
GlaxoSmithKline Maroc S.A.
Ordinary
42-44 Angle Bd, Rachidi et Abou Hamed El Glaza, Casablanca, Morocco
GlaxoSmithKline Mercury Limited (i)
Ordinary
79 New Oxford Street, London, WC1A 1DG, United Kingdom
GlaxoSmithKline Mexico S.A. de C.V.
Ordinary A;
Ordinary B
Av. Real Mayorazgo 130 Piso 20, Colonia Xoco, Alcaldia Benito Juárez, 
Ciudad de Mexico, 03330, Mexico
GlaxoSmithKline NZ Limited
Ordinary
Aon Centre, Level 12/29 Customs Street West, Auckland 1010, Auckland, 1010,
New Zealand
GlaxoSmithKline Oy
Ordinary
Porkkalankatu 20 A, Helsinki, 00180, Finland
GlaxoSmithKline Peru S.A.
Ordinary
Av. Víctor Andrés Belaúnde N°147, Vía Principal N°133, Piso 7, 
Distrito de San Isidro, Lima, Perú
GlaxoSmithKline Pharma A/S
Ordinary
Vallensbæk Company House III , Delta Park 37, DK-2665, Valle, Denmark
GlaxoSmithKline Pharma GmbH
Ordinary
Wienerbergstraße 7, Wien, 1100, Austria
GlaxoSmithKline Pharmaceutical Kenya Limited
Ordinary
P.O Box 78392-00507, Likoni Road, Nairobi, Kenya
GlaxoSmithKline Pharmaceutical Nigeria Limited
Ordinary
1 Industrial Avenue, Ilupeju, Ikeja, Lagos, PM B 21218, Nigeria
GlaxoSmithKline Pharmaceutical Sdn Bhd
Ordinary
HZ.01, Horizon Penthouse, 1 Powerhouse, 1, Persiaran Bandar Utama, 
Bandar Utama, 47800 Petaling Jaya, Selangor, Malaysia
GlaxoSmithKline Pharmaceuticals (Pvt) Ltd
Ordinary
121 Galle Road, Kaldemulla, Moratuwa, Sri Lanka
GlaxoSmithKline Pharmaceuticals Costa Rica S.A
Ordinary
Autopista Florencia del Castillo, kilómetro siete, Oficentro TerraCampus, 
edificio uno, cuarto piso, San Diego, Cartago, 30302, Costa Rica
GlaxoSmithKline Pharmaceuticals SA
Ordinary
Avenue Fleming 20, 1300 Wavre, Belgium
GlaxoSmithKline Pharmaceuticals Ukraine LLC
Chartered Capital
Pavla Tychyny avenue, 1-V, Kiev, 02152, Ukraine
GlaxoSmithKline Philippines, Inc.
Ordinary
23rd Floor, The Finance Centre, 26th Street corner 9th Avenue, Bonifacio 
Global City, Taguig City, 1634, Philippines
GlaxoSmithKline Pte Ltd
Ordinary
23 Rochester Park, 139234, Singapore
319
GSK Annual Report 2025
Other statutory disclosures continued
Group companies continued
Name
Security
Registered address
Wholly owned subsidiaries continued
GlaxoSmithKline Puerto Rico, Inc.
Common
Corporation Service Company Puerto Rico Inc., c/o RVM 
Professional Services, LLC, A4 Reparto Mendoza, Humacao, 
00791, Puerto Rico
GlaxoSmithKline Republica Dominicana S.A.
Ordinary
Blue Mall Tower, Floor 23 Ave., Winston Churchill 95, Santo Domingo, 
Dominican Republic
GlaxoSmithKline Research & Development Limited
Ordinary
79 New Oxford Street, London, WC1A 1DG, United Kingdom
GlaxoSmithKline S.A.
Ordinary
Severo Ochoa, 2, Parque Tecnologico de Madrid, Tres Cantos, 28760, 
Madrid, Spain
GlaxoSmithKline S.p.A.
Ordinary
Viale dell’Agricoltura 7, 37135, Verona, Italy
GlaxoSmithKline s.r.o.
Ordinary
Hvezdova 1734/2c, Prague, 4 140 00, Czech Republic
GlaxoSmithKline Services GmbH & Co. KG
Partnership Capital
Prinzregentenplatz 9, 81675, Munchen, Germany
GlaxoSmithKline Services Unlimited (i)
Ordinary
79 New Oxford Street, London, WC1A 1DG, United Kingdom
GlaxoSmithKline Single Member A.E.B.E.
Ordinary
266 Kifissias Avenue, Halandri, Athens, 152 32, Greece
GlaxoSmithKline SL LLC
LLC Interests
Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, 
United States
GlaxoSmithKline SL LP (ii) (iv)
Partnership
79 New Oxford Street, London, WC1A 1DG, United Kingdom
GlaxoSmithKline South Africa (Pty) Limited
Ordinary
155 West Street, Sandown, Sandton, 2031, South Africa
GlaxoSmithKline Trading Services Limited (iii)
Ordinary
12 Riverwalk, Citywest Business Campus, Dublin 24, D24 YK11, Ireland
GlaxoSmithKline Tunisia S.A.R.L.
Ordinary
Immeuble Regus Lot B17, Centre Urbain Nord, Tunis, Tunisia
GlaxoSmithKline UK Limited
Ordinary
79 New Oxford Street, London, WC1A 1DG, United Kingdom
GlaxoSmithKline Uruguay S.A.
Registered Provisory Stock
Victor Soliño 349, Montevideo, 11300, Uruguay
GlaxoSmithKline US Trading Limited (In liquidation)
Ordinary
c/o BDO LLP, 5 Temple Square, Temple Street, Liverpool, L2 5RH,
United Kingdom
GlaxoSmithKline Venezuela C.A.
Ordinary
calle Altagracia, edificio P&G, piso Mezzanina, torre Torre Sur, Urbanizacion 
Sorokaima, La Trinidad, Caracas, 1080, Venezuela, Bolivarian Republic of
GlaxoSmithKline Vietnam Limited Liability Company (ii)
Equity Capital
The Metropolitan, 235 Dong Khoi Street, District 1, 7th Floor Unit 701, 
Ho Chi Minh City, Vietnam
Groupe GlaxoSmithKline
Ordinary
23 rue François Jacob, 92500, Rueil-Malmaison, France
GSK Biopharma Argentina S.A.
Nominative Non Endorseable 
Ordinary
Tucumán 1, piso 4, Buenos Aires, C1049AAA, Argentina
GSK Business Service Centre Sdn Bhd
Ordinary
Level 6, Quill 9, 112 Jalan Prof. Khoo Kay Kim, Petaling Jaya, 46300 Selangor, 
Malaysia
GSK Capital B.V. (iii) (v)
Ordinary
79 New Oxford Street, London, WC1A 1DG, United Kingdom
GSK Capital K.K.
Ordinary
1-8-1 Akasaka Minato-ku, Tokyo, Japan
GSK Commercial Sp. z o.o.
Ordinary
ul. Rzymowskiego 53, 02-697, Warsaw, Poland
GSK d.o.o., Ljubljana
Ordinary
Železna cesta 8A, 1000, Ljubljana, Slovenia
GSK Enterprise Management Co, Ltd
Ordinary
Floor 4, 18 Lane 999 Huanke Road, No. 1358 Zhongke Road, Shanghai, China
GSK Equity Investments, Limited
Units
Corporation Service Company, 5235 North Front Street, Harrisburg PA 17110, 
United States
GSK Finance (No 2) Limited
Ordinary
79 New Oxford Street, London, WC1A 1DG, United Kingdom
GSK Finance (No.3) Limited (Dissolved 17/02/2026)
Ordinary
c/o BDO LLP, 5 Temple Square, Temple Street, Liverpool, L2 5RH, 
United Kingdom
GSK HGS Legacy LLC (Incorporated 16/01/2026)
LLC Interests
Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808,
United States
GSK India Global Services Private Limited
Equity
Level 1, 2 & 3 Luxor North Tower, Bagmane Capital Business Park Outer Ring 
Road, Bangalore, Karnataka, 560037, India
GSK International Holding and Finance BV
Ordinary
Van Asch van Wijckstraat 55h, 3811 LP, Amersfoort, The Netherlands
GSK Kazakhstan LLP
Participation Interest
050019, office No. 30, 71/66 building, Chaplin street, Medeu district, 
Almaty city, Kazakhstan
GSK Life Sciences FZE
Ordinary
LB06015, Jebel Ali Freezone, Dubai, United Arab Emirates
GSK Pharma India Private Limited
Equity
1, Battery House, Bhulabhai Desai Road, Mumbai, Maharashtra, 400026, 
India
GSK Pharma Vietnam Company Limited
Chartered Capital
Unit 701, 7th Floor, The Metropolitan Tower, 235 Dong Khoi, Sai Gon Ward,
Hochiminh City, Vietnam
GSK PSC Poland sp. z o.o.
Ordinary
ul. Grunwaldzka 189, Poznań, 60-322, Poland
GSK Regional Headquarters Company
Ordinary
Olaya tower, Prince Mohamed lbn Abdelaziz Street. Olaya, Riyadh,12821,
Saudi Arabia
GSK Services Sp z o.o.
Ordinary
Ul. Grunwaldzka 189, 60-322, Poznan, Poland
GSK Vaccines BV
Ordinary
De Entree 201, Amsterdam, 1101 HG, The Netherlands
GSK Vaccines GmbH
Ordinary
Emil-von-Behring-Str.76, 35041 Marburg, Germany
GSK Vaccines Institute for Global Health S.r.l.
Quota
Via Fiorentina 1, 53100, Siena, Italy
320
GSK Annual Report 2025
Other statutory disclosures continued
Group companies continued
Name
Security
Registered address
Wholly owned subsidiaries continued
GSK Vaccines S.r.l.
Quota
Via Fiorentina 1, 53100, Siena, Italy
Human Genome Sciences, Inc.
Common
Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, 
United States
IDRx, Inc.
Common
Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, 
United States
ID Biomedical Corporation of Quebec
Common
2323, boul. Du Parc Technologique, Québec G1P 4R8, Canada
InterPharma Dienstleistungen GmbH
Quota
Wienerbergstraße 7, Wien, 1100, Austria
J&J Technologies, LC (ii)
Membership Interests
Corporation Service Company, 100 Shockoe Slip, 2nd Floor, Richmond VA 
23219, United States
JSC GlaxoSmithKline Trading
Ordinary
Leningradskiy Prospect 37A, Building 4, Floor 3, Premises XV, Room 1, 125167, 
Moscow, Russian Federation
Laboratoire GlaxoSmithKline
Ordinary
23 rue François Jacob, 92500, Rueil-Malmaison, France
Laboratoire Pharmaceutique Algérien LPA Production SPA
Ordinary
Zone Industrielle Est, Boudouaou, Boumerdes, Algeria
Laboratoire Pharmaceutique Algérien SPA
Ordinary
Zone Industrielle Est, Boudouaou, Boumerdes, Algeria
Laboratoires Paucourt (ii)
Ordinary
23 rue François Jacob, 92500, Rueil-Malmaison, France
Laboratoires Saint-Germain (ii)
Ordinary
23 rue François Jacob, 92500, Rueil-Malmaison, France
Laboratorios Dermatologicos Darier, S.A de C.V.
Ordinary A;
Ordinary B
Av. Real Mayorazgo 130 Piso 20, Colonia Xoco, Alcaldia Benito Juárez, 
Ciudad de Mexico, 03330, Mexico
Laboratorios Stiefel de Venezuela SA
Ordinary
Calle Altagracia, edificio P&G, nivel Mezzanina, piso Mezzanina, local Torre 
Sur, Urbanizacion Sorokaima, La Trinidad, Caracas, 1080, Venezuela, 
Bolivarian Republic of
Laboratorios Stiefel Ltda.
Ordinary
Avenida Doutor Timóteo Penteado nº 2289, Box XXIII, Vila Hulda, Guarulhos,
 São Paulo, 07094-000, Brazil
Maxinutrition Limited (in liquidation)
Ordinary
c/o BDO LLP, 5 Temple Square, Temple Street, Liverpool, L2 5RH, 
United Kingdom
PT Glaxo Wellcome Indonesia
Class A;
Class B
JL. Pulobuaran Raya Kav.III/DD 2,3,4 KWS. Industri, Pulogadung, 
Jatinegara, Cakung, Jakarta Timur, Indonesia
Setfirst Limited
Ordinary
79 New Oxford Street, London, WC1A 1DG, United Kingdom
Shanghai GlaxoSmithKline Pharmaceutical Co., Ltd.
Ordinary
Room 803, 804, Building A, 5 Shuntong Road, Lingang New Area, China 
(Shanghai) Pilot Free Trade Zone, Shanghai, China
Sitari Pharma, Inc.
Common
Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, 
United States
Smith Kline & French Laboratories Limited (Dissolved
21/01/2026)
Ordinary
c/o  BDO LLP,  5 Temple Square, Temple Street, Liverpool,  L2 5RH, 
United Kingdom
Smith Kline & French Portuguesa-
Produtos Farmaceuticos, LDA (ii)
Ordinary
Rua Dr Antonio Loureiro Borges No 3, Arquiparque, Miraflores, 1495-131, 
Alges, Portugal
SmithKline Beecham (Bangladesh) Private Limited (ii)
Ordinary
House-2/A, Road-138,Gulshan-1, Dhaka, 1212, Bangladesh
SmithKline Beecham (Cork) Limited
Ordinary
12 Riverwalk, Citywest Business Campus, Dublin 24, D24 YK11, Ireland
SmithKline Beecham Egypt L.L.C.
Quotas
Amoun Street, El Salam City, Cairo, Egypt
SmithKline Beecham Farma, S.A.
Ordinary
Severo Ochoa, 2, Parque Tecnologico de Madrid, Tres Cantos, 28760, 
Madrid, Spain
SmithKline Beecham Legacy H Limited
Ordinary
79 New Oxford Street, London, WC1A 1DG, United Kingdom
SmithKline Beecham Limited
Ordinary
79 New Oxford Street, London, WC1A 1DG, United Kingdom
SmithKline Beecham Pension Plan Trustee Limited (ii)
Ordinary
79 New Oxford Street, London, WC1A 1DG, United Kingdom
SmithKline Beecham Pharma GmbH & Co KG
Partnership Capital
Prinzregentenplatz 9, 81675, Munchen, Germany
SmithKline Beecham Pharma Verwaltungs GmbH
Ordinary
Prinzregentenplatz 9, 81675, Munchen, Germany
SmithKline Beecham Pharmaceuticals (Pty) Limited (ii)
Ordinary
Flushing Meadows Building, The Campus, 57 Sloane Street, Bryanston 2021, 
South Africa
SmithKline Beecham Senior Executive Pension Plan Trustee 
Limited (ii)
Ordinary
79 New Oxford Street, London, WC1A 1DG, United Kingdom
Stiefel GmbH & Co. KG
Partnership Capital
Prinzregentenplatz 9, 81675, Munchen, Germany
Stiefel Laboratories Legacy (Ireland) Limited
Ordinary
Unit 2 Building 2500, Avenue 2000 Cork Airport Business Park, Cork, Ireland
Stiefel Laboratories Pte Limited
Ordinary
1 Pioneer Sector, 628413, Singapore
Stiefel Laboratories, Inc.
Common
Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, 
United States
Stiefel Maroc SARL
Ordinary
275 Boulevard Zerktouni, Casablanca, Morocco
Stiefel Research (Australia) Holdings Pty Ltd
Ordinary
Level 4, 436 Johnston Street , Abbotsford, Victoria, 3067, Australia
Stiefel Research Australia Pty Ltd
Ordinary
Level 4, 436 Johnston Street , Abbotsford, Victoria, 3067, Australia
Stiefel West Coast LLC
LLC Interests
Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, 
United States
Strebor Inc.
Common
Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, 
United States
Tesaro Bio GmbH (in liquidation)
Ordinary
Poststrasse 6, 6300 Zug, Switzerland
321
GSK Annual Report 2025
Other statutory disclosures continued
Group companies continued
Name
Security
Registered address
Wholly owned subsidiaries continued
Tesaro Bio Netherlands B.V
Ordinary
Joop Geesinkweg 901, 1114 AB, Amsterdam-Duivendrecht, The Netherlands
TESARO Development, Ltd.
Ordinary
Clarendon House, 2 Church Street, Hamilton HM11, Bermuda
Tesaro, Inc.
Common
Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, 
United States
The Sydney Ross Co. (ii)
Ordinary
Corporation Service Company, Princeton South Corporate Center, Suite 160, 
100 Charles Ewing Blvd, Ewing NJ 08628, United States
UCB Pharma Asia Pacific Sdn Bhd (ii)
Ordinary
12th Floor, Menara Symphony, No. 5, Jalan Prof. Khoo Kay Kim, Seksyen 13, 
46200 Petaling Jaya, Malaysia
Wellcome Consumer Healthcare Limited (ii)
Ordinary
79 New Oxford Street, London, WC1A 1DG, United Kingdom
Wellcome Limited
Ordinary
79 New Oxford Street, London, WC1A 1DG, United Kingdom
Name
Security
Effective %
Ownership
Registered address
Subsidiaries where the effective interest is less than 100%
Amoun Pharmaceutical Industries Co. S.A.E.
Monetary Shares
90.71%
El Salam City 11491, PO Box 3001, Cairo, Egypt
Biddle Sawyer Limited
Equity
75.00%
252 Dr Annie Besant Road, Mumbai, 400030, India
British Pharma Group Limited (i)(ii)
Guarantee
50.00%
79 New Oxford Street, London, WC1A 1DG, United Kingdom
Galvani Bioelectronics Inc.
Common
55.00%
Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, 
United States
Galvani Bioelectronics Limited
A Ordinary;
B Ordinary
55.00%
GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, SG1 2NY,
 United Kingdom
GlaxoSmithKline (Tianjin) Co. Ltd
Ordinary
90.00%
No. 65, the Fifth Avenue, Tai Feng Industrial Park, Tianjin Economic and 
Technological Development Area, Tianjin, 300457, China
GlaxoSmithKline Algérie S.P.A.
Ordinary
99.99%
Zone Industrielle Est, Boudouaou, Wilaya de Boumerdes, Algeria
GlaxoSmithKline Pakistan Limited
Ordinary
82.59%
The Sykes Building, 35 Dockyard Road, West Wharf, Karachi, 74000, 
Pakistan
GlaxoSmithKline Pharmaceuticals Limited
Equity
75.00%
252 Dr Annie Besant Road, Mumbai, 400030, India
GlaxoSmithKline S.A.E.
Ordinary
91.20%
Boomerang Office Building - Land No. 46, Zone (J) -
 1st District, Town Center - 5th Tagammoe, New Cairo City, Egypt
Laboratorios ViiV Healthcare, S.L.
Ordinary
78.30%
Severo Ochoa, 2, Parque Tecnologico de Madrid, Tres Cantos, 28760, 
Madrid, Spain
Limited Liability Company SmithKline Beecham-
Biomed O.O.O.
Participation Interest
97.00%
Leningradskiy Prospect 37A, Building 4, Floor 2, Premises XIV, Room 42, 
125167, Moscow, Russian Federation
Modern Pharma Trading Company L.L.C.
Quotas
98.24%
Amoun Street, PO Box 3001, El Salam City, Cairo, 11491, Egypt
Stiefel Egypt LLC (ii)
Quota
99.00%
Amoun Street, PO Box 3001, El Salam City, Cairo, 11491, Egypt
ViiV Healthcare (South Africa) (Proprietary) 
Limited
Ordinary
78.30%
Flushing Meadows Building, The Campus, 57 Sloane Street, Bryanston 2021, 
South Africa
ViiV HealthCare BV
Ordinary
78.30%
Van Asch van, Wijckstraat 55h, 3811 LP Amersfoort, The Netherlands
ViiV Healthcare Company
Common
78.30%
Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, 
United States
ViiV Healthcare Finance 2 Limited
Ordinary
78.30%
79 New Oxford Street, London, WC1A 1DG, United Kingdom
ViiV Healthcare Finance Limited
Ordinary;
Redeemable Preference
78.30%
79 New Oxford Street, London, WC1A 1DG, United Kingdom
ViiV Healthcare GmbH
Ordinary
78.30%
Prinzregentenplatz 9, 81675, Munchen, Germany
ViiV Healthcare GmbH
Ordinary
78.30%
Neuhofstrasse 4, 6340, Baar, Switzerland
ViiV Healthcare K.K.
Ordinary
78.30%
1-8-1 Akasaka Minato-ku, Tokyo, Japan
ViiV Healthcare Limited
A Ordinary (100%);
B Ordinary (0%);
C Ordinary (0%);
D1 Preference (0%);
D2 Ordinary (0%);
Deferred (100%);
E 5% Cumulative Preference
(0%)
78.30%
GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, SG1 2NY,
 United Kingdom
ViiV Healthcare Pty Ltd
Ordinary
78.30%
Level 4, 436 Johnston Street , Abbotsford, Victoria, 3067, Australia
ViiV Healthcare Puerto Rico, LLC
LLC Interests
78.30%
Corporation Service Company Puerto Rico Inc., c/o RVM 
Professional Services, LLC, A4 Reparto Mendoza, Humacao
00791, Puerto Rico
ViiV Healthcare S.r.l.
Quota
78.30%
Viale dell’Agricoltura 7, 37135, Verona, Italy
ViiV Healthcare SAS
Ordinary
78.30%
23 rue François Jacob, 92500, Rueil-Malmaison, France
ViiV Healthcare SRL
Ordinary
78.30%
Avenue Fleming 20, 1300 Wavre, Belgium
ViiV Healthcare Trading LLC (ii)
Participation Interest
78.30%
Leningradskiy Prospect 37A, Building 4, Floor 2, Premises XIV, Room 28, 1251
67, Moscow, Russian Federation
322
GSK Annual Report 2025
Other statutory disclosures continued
Group companies continued
Name
Security
Effective %
Ownership
Registered address
Subsidiaries where the effective interest is less than 100% continued
ViiV Healthcare Trading Services UK Limited
Ordinary
78.30%
79 New Oxford Street, London, WC1A 1DG, United Kingdom
ViiV Healthcare UK (No.3) Limited
Ordinary
78.30%
GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, SG1 2NY,
 United Kingdom
ViiV Healthcare UK (No.4) Limited
Ordinary
78.30%
GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, SG1 2NY,
 United Kingdom
ViiV Healthcare UK (No.5) Limited
Ordinary
78.30%
GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, SG1 2NY,
 United Kingdom
ViiV Healthcare UK (No.6) Limited
Ordinary
78.30%
GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, SG1 2NY,
 United Kingdom
ViiV Healthcare UK (No.7) Limited
Ordinary
78.30%
GSK Medicines Research Centre, Gunnels Wood Road, Stevenage, SG1 2NY,
 United Kingdom
ViiV Healthcare UK Limited
Ordinary
78.30%
79 New Oxford Street, London, WC1A 1DG, United Kingdom
ViiV Healthcare ULC
Common
78.30%
3500 855-2nd Street SW, Calgary AB T2P 4J8, Canada
ViiVHIV Healthcare Unipessoal Lda
Quota
78.30%
Rua Dr Antonio Loureiro Borges No 3, Arquiparque, Miraflores, 1495-131, 
Alges, Portugal
Name
Security
Effective %
Ownership
Registered address
Associates
GlaxoSmithKline Landholding Company, Inc (In
liquidation)
Common
39.93%
23rd Floor, The Finance Centre, 26th Street Corner 9th Avenue, Bonifacio 
Global City, Taguig City, 1634, Philippines
Index Ventures Life VI (Jersey) LP
Partnership Interest
(24.94%)
24.94%
44 Esplanade, St Helier, Jersey, JE4 9WG, Channel Islands
Kurma Biofund II FCPR
Partnership Interest
(32.06%)
32.06%
24 rue Royale, 5th Floor,  75008, Paris, France
Longwood Fund I, LP
Partnership Interest
(35%)
35.00%
The Prudential Tower, Suite 1715, 800 Boylston Street, Boston, MA 02199,
United States
Medicxi Ventures I LP
Partnership Interest
(26.10%)
26.10%
44 Esplanade, St Helier, Jersey, JE4 9WG, Channel Islands
Other significant holdings
Global Farm S.A.
A Shares (0%)
B Shares (0%)
C Shares (100%)
20.00%
Mendoza 1259, Ciudad Autónoma de Buenos Aires, Argentina
Longwood Fund II, LP
Partnership Interest
(20.00%)
20.00%
The Prudential Tower, Suite 1715, 800 Boylston Street, Boston, MA 02199,
United States
Sanderling Ventures VII, L.P. A63
Partnership Interest
(25.31%)
25.31%
1300 S. El Camino Real, Suite 203, San Mateo, CA 94402, United States
SR One Capital Fund I-B, LP
Partnership Interest
(44%)
44.00%
Corporation Service Company, 251 Little Falls Drive, City of Wilmington,
County of New Castle, Delaware 19808, United States
SR One Capital Fund III, LP
Partnership Interest
(21.08%)
21.08%
Corporation Service Company, 251 Little Falls, Drive, City of Wilmington,
County of New Castle, Delaware 19808, United States
SR One Capital Opportunities Fund I, LP
Partnership Interest
(24.19%)
24.19%
Corporation Service Company, 251 Little Falls Drive, City of Wilmington,
County of New Castle, Delaware 19808, United States
Synapse Investment, LP
Partnership Interest
(50.77%)
50.77%
Corporation Service Company, 251 Little Falls Drive, City of Wilmington,
County of New Castle, Delaware 19808, United States
323
GSK Annual Report 2025
Other statutory disclosures continued
Group companies continued
The following UK registered subsidiaries will take advantage of the audit exemption set out within Section 479A of the Companies
Act 2006 for the period ended 31 December 2025. Unless otherwise stated, the undertakings listed below are owned, either directly
or indirectly, by GSK plc.
Name
Security
Effective %
Ownership
Registered address
Company
Number
UK registered subsidiaries exempted from audit
Burroughs Wellcome International Limited
Ordinary
100.00%
79 New Oxford Street, London, WC1A 1DG, United Kingdom
00543757
Domantis Limited
Ordinary
100.00%
GSK Medicines Research Centre, Gunnels Wood Road, 
Stevenage, SG1 2NY, United Kingdom
03907643
Edinburgh Pharmaceutical Industries Limited
Ordinary;
Preference
100.00%
Shewalton Road, Irvine, Ayrshire, KA11 5AP, United Kingdom
SC005534
Eskaylab Limited
Ordinary
100.00%
79 New Oxford Street, London, WC1A 1DG, United Kingdom
00099025
Glaxo Wellcome UK Limited
Ordinary
100.00%
GSK Medicines Research Centre, Gunnels Wood Road, 
Stevenage, SG1 2NY, United Kingdom
00480080
Glaxochem (UK) Unlimited
Ordinary;
Ordinary B;
Ordinary C
100.00%
79 New Oxford Street, London, WC1A 1DG, United Kingdom
04299472
GlaxoSmithKline Intellectual Property (No.3) Limited
Ordinary
100.00%
GSK Medicines Research Centre, Gunnels Wood Road, 
Stevenage, SG1 2NY, United Kingdom
11480952
GlaxoSmithKline Intellectual Property (No.4) Limited
Ordinary
100.00%
GSK Medicines Research Centre, Gunnels Wood Road, 
Stevenage, SG1 2NY, United Kingdom
11721880
GlaxoSmithKline International Limited
Ordinary
100.00%
79 New Oxford Street, London, WC1A 1DG, United Kingdom
02298366
PHIVCO UK II Limited
Ordinary
78.30%
GSK Medicines Research Centre, Gunnels Wood Road, 
Stevenage, SG1 2NY, United Kingdom
06944229
PHIVCO UK Limited
Ordinary
78.30%
GSK Medicines Research Centre, Gunnels Wood Road, 
Stevenage, SG1 2NY, United Kingdom
06944223
SmithKline Beecham (Export) Limited
Ordinary
100.00%
79 New Oxford Street, London, WC1A 1DG, United Kingdom
02860752
SmithKline Beecham (H) Limited
Non-cumulative 
Non-redeemable;
Ordinary
100.00%
79 New Oxford Street, London, WC1A 1DG, United Kingdom
03296131
SmithKline Beecham (Investments) Limited
Ordinary
100.00%
79 New Oxford Street, London, WC1A 1DG, United Kingdom
00302065
SmithKline Beecham Marketing and Technical Services 
Limited
Ordinary
100.00%
79 New Oxford Street, London, WC1A 1DG, United Kingdom
00494385
SmithKline Beecham Nominees Limited
Ordinary
100.00%
79 New Oxford Street, London, WC1A 1DG, United Kingdom
00503868
SmithKline Beecham Overseas Limited
Ordinary
100.00%
79 New Oxford Street, London, WC1A 1DG, United Kingdom
02552828
Stiefel Laboratories (U.K.) Ltd
Ordinary
100.00%
79 New Oxford Street, London, WC1A 1DG, United Kingdom
00831160
Tesaro UK Limited
Ordinary
100.00%
79 New Oxford Street, London, WC1A 1DG, United Kingdom
07890847
The Wellcome Foundation Limited
Ordinary
100.00%
79 New Oxford Street, London, WC1A 1DG, United Kingdom
00194814
ViiV Healthcare Overseas Limited
Ordinary
78.30%
79 New Oxford Street, London, WC1A 1DG, United Kingdom
07027385
In accordance with Section 479C of the Companies Act 2006, the company will guarantee debts and liabilities of the above UK
subsidiary undertakings. As at 31 December 2025 the total sum of these debts and liabilities is £399 million ( 2024 – £370 million).
Key
(i) Directly owned by GSK plc.
(ii) Dormant entity.
(iii) Tax resident in the UK.
(iv) Exempt from the provisions of Regulations 4-6 of the Partnership (Accounts) Regulation 2008, in accordance with the exemptions noted in Regulation
7 of that Regulation.
(v) Incorporated in the Netherlands
324
Strategic report
Corporate governance
Financial statements
Investor information
GSK Annual Report 2025
Glossary of terms
Terms used in the Annual Report
US equivalent or brief description
Accelerated capital allowances
Tax allowance in excess of depreciation arising from the purchase of fixed assets that delay
the charging and payment of tax. The equivalent of tax depreciation.
American Depositary Receipt (ADR)
Receipt evidencing title to an ADS. Each GSK ADR represents two Ordinary Shares
American Depositary Shares (ADS)
Listed on the New York Stock Exchange; represents two Ordinary Shares
Basic earnings per share
Basic income per share
Called up share capital
Ordinary Shares, issued and fully paid.
CER growth
Growth at constant exchange rates.
The Company
GSK plc
Currency swap
An exchange of two currencies, coupled with a subsequent re-exchange of those currencies,
at agreed exchange rates and dates
Defined benefit plan
Pension plan with specific employee benefits, often called ‘final salary scheme’.
Defined contribution plan
Pension plan with specific contributions and a level of pension dependent upon the growth of
the pension fund.
Derivative financial instrument
A financial instrument that derives its value from the price or rate of some underlying item
Diluted earnings per share
Diluted income per share.
Employee Share Ownership Plan Trusts
Trusts established by the Group to satisfy share-based employee incentive plans
Equity Shareholders’ funds
Shareholders’ equity.
Finance lease
Capital lease.
Freehold
Ownership with absolute rights in perpetuity
The Group
GSK plc and its subsidiary undertakings.
GSK
GSK plc and its subsidiary undertakings.
Hedging
The reduction of risk, normally in relation to foreign currency or interest rate movements, by
making off-setting commitments.
Intangible fixed assets
Assets without physical substance, such as computer software, brands, licences, patents,
know-how and marketing rights purchased from outside parties.
Ordinary share
A fully paid up ordinary share in the capital of the Company.
Profit
Income
Profit attributable to shareholders
Net income
Share capital
Ordinary Shares, capital stock or common stock issued and fully paid.
Share option
Stock option.
Share premium account
Additional paid-up capital or paid-in surplus (not distributable).
Shares in issue
The number of shares outstanding.
Subsidiary
An entity in which GSK exercises control.
Treasury share
Treasury stock.
Turnover
Revenue.
UK Corporate Governance Code
As required by the UK Listing Authority, the company has disclosed in the Annual Report how
it has applied the best practice corporate governance provisions of the Financial Reporting
Council’s UK Corporate Governance Code.
325
The following abbreviations and expressions have the meanings given below when used in this Annual Report:
Terms used in the Annual Report
Brief description
1L
First line
2L
Second line
ACIP
Advisory Committee on Immunization Practices
ADC
Antibody-drug-conjugates
ADP
Adenosine diphosphate
AMP
Average manufacturer price
ASO
Antisense oligonucleotide
AS03
Adjuvant system 03
Bnab
Broadly neutralising antibody
CCL
Contingent consideration liability
CDC
Centre for Disease Control and Prevention
CHMP
Committee for Medicinal Products for Human Use
CMS
Centre for Medicare & Medicaid Services
COPD
Chronic obstructive pulmonary disease
CROI
Conference on Retroviruses and Opportunistic Infections
CRSwNP
Chronic rhinosinusitis with nasal polyps
cUTIs
complicated urinary tract infections
dMMR
Deficient mismatch repair
DTG
Dolutegravir
EGPA
Eosinophilic granulomatosis with polyangiitis
ERO
Enterprise Risk Owner
ES
Extensive stage
ESOP
Employee share ownership plan
FDA
Food and Drug Administration
GIST
Gastrointestinal stromal tumours
HBV
Hepatitis B virus
HES
Hypereosinophilic syndrome
IBATi
Ileal bile acid transporter inhibitor
Insti
Integrase nuclear strand transfer inhibitors
IRA
Inflation Reduction Act
JAK
Janus kinase inhibitor
JAK1/JAK2 and ACVR1
once a-day, oral JAK1/JAK2 and activin A receptor type 1 (ACVR1) inhibitor
LA
Long acting includes Cabenuva and Apretude
MAPS
Multi antigen presenting system
MASH
Metabolic dysfunction-associated steatohepatitis
MDS
Myelodysplastic Syndromes
MGMT glioblastoma
methylated DNA protein cysteine methyltransferase
MMR/V
Measles, mumps, rubella and varicella
Mo-Rez
mocertatug rezetecan
mRNA
messenger ribonucleic acid
MSI-H
Microsatellite Instability-High
OA
Older adults
ODAC
Oncologic Drugs Advisory Committee
OECD
Organisation for Economic Co-operation and Development
Oral 2DR
Oral 2 drug regimen includes Dovato and Juluca
PARP
a Poly ADP ribose polymerase
326
Terms used in the Annual Report
Brief description
PBC
Primary biliary cholangitis
PD-1
a programmed death receptor-1 blocking antibody
PDUFA
Prescription Drug User Fee Act
PK
Pharmacokinetics
ppts
percentage points
PrEP
pre-exposure prophylaxis
PYS
Peak year sales
Q4M
every 4 months
Q6M
every 6 months
RCC
Refractory chronic cough
Ris-Rez
risvutatug rezetecan
RNS
Regulatory news service
RSV
Respiratory syncytial virus
SCLC
small cell lung cancer
SITT
Single inhaler triple therapy
SLD
Steatotic liver disease
TIGIT
T cell immunoreceptor with Ig and ITIM domains
TIM3
T-cell membrane protein-3
TSLP
Long-acting anti-thymic stromal lymphopoietin monoclonal
ULA
Ultra long acting
uUTIs
uncomplicated urinary tract infections
327
Strategic report
Corporate governance
Financial statements
Investor information
GSK Annual Report 2025
Index
About GSK328
Access49
Accounting principles and policies191
Acquisitions and disposals242
Adjusting items95
Adjustments reconciling Total profit after tax to operating
  cash flows245
Annual General Meeting 2026308
Approach to tax104
Assets and liabilities held for sale220
Associates and joint ventures208
Audit & Risk Committee report134
Board activities121
Business model2
Cash and cash equivalents220
Cash generation and conversion98
CEO’s statement10
Chair’s statement8
Chair’s Governance statement115
Climate-related financial disclosure69
Commercial operations35
Commitments236
Continuous engagement and key decisions121
Consolidated balance sheet187
Consolidated cash flow statement189
Consolidated income statement186
Consolidated statement of changes in equity188
Consolidated statement of comprehensive income186
Contingent consideration liabilities234
Contingent liabilities235
Corporate governance108
Corporate governance architecture118
Corporate Responsibility Committee report132
Critical accounting judgements and key sources of
  estimation uncertainty198
Critical accounting policies106
Directors and senior management168
Directors’ interests in shares164
Directors’ report169
Directors’ statement of responsibilities172
Dividends212
Donations to political organisations and political
  expenditure315
Earnings per share212
Employee costs206
Employee share schemes266
Employees by gender77
Environment52
Ethical standards56
Exchange rates200
Finance expense208
Finance income208
Financial calendar 2026308
Financial instruments and related disclosures248
Financial performance88
Financial performance summary83
Financial position and resources99
Financial record280
Financial statements171
General Medicines42
Global health and health security51
Glossary of terms324
Goodwill215
Group companies316
Group financial review80
Executive Committee113
GSK plc (parent company) accounts - UK GAAP274
Inclusion55
Independent Auditor’s report174
Investments in associates and joint ventures218
Investor information279
Investor relations312
Key approvals in 20256
Key performance indicators4
Legal proceedings269
Manufacturing and supply44
Major restructuring costs207
Movements in equity238
Net debt222
New accounting requirements200
Nominations & Corporate Governance Committee report129
Non-controlling interests241
Non-controlling interests in ViiV Healthcare86
Non-Executive Directors’ fees158
Non-financial and sustainability information statement77
Notes to the financial statements190
Operating profit205
Other intangible assets216
Other investments218
Other non-current assets219
Other non-current liabilities235
Other operating income/(expense)204
Other provisions233
Our culture and people59
Our external environment 11
Pensions and other post-employment benefits224
Pharmaceutical products and intellectual property287
Pipeline34
Post balance sheet events273
Presentation of the financial statements190
Principal Group companies268
Principal risks and uncertainties289
Principal risks 2025 summary66
Product governance58
Property, plant and equipment213
Reconciliation of net cash flow to movement in net debt246
Registrar311
Related party transactions241
Remuneration Committee Chair's annual statement140
Remuneration governance160
Remuneration report140
Reporting framework84
Research and development14
Responsible business47
Responsible use of data and AI57
Right of use assets214
Risk management63
Science Committee report131
Section 172 statement77
Share capital and control305
Share capital and share premium account236
Shareholder information305
Shareholder services and contacts311
Specialty Medicines37
Strategic report1
Summary full year results80
Task Force on Climate-related Financial Disclosures69
Taxation209
Tax information for shareholders309
The Board109
Trade and other payables221
Trade and other receivables219
Treasury policies105
Turnover and segment information201
US law and regulation313
Vaccines39
Vaccines and intellectual property288
Viability statement78
328
About GSK
GSK plc was incorporated as GlaxoSmithKline
plc, an English public limited company on
6 December 1999. We were formed by a merger
between Glaxo Wellcome plc and SmithKline
Beecham plc. GSK acquired these two English
companies on 27 December 2000 as part of the
merger arrangements. Effective 15 May 2022
GlaxoSmithKline plc changed its name to
GSK plc . On 18 July 2022, GSK plc separated
its Consumer Healthcare business from the
GSK Group to form Haleon plc, an independent
listed company.
Our shares are listed on the London Stock
Exchange and the New York Stock Exchange.
gsk.com
Brand names appearing in italics throughout this report are trade marks
either owned by and/or licensed to GSK or associated companies.
All other trade marks are the property of their respective owners.
Printed sustainably in the UK by Pureprint, a CarbonNeutral® company
with FSC® chain of custody and an ISO 14001 certified environmental
management system recycling over 99% of all dry waste.
Printed on Life Eco 100 a High white recycled paper and board made
with 100% recycle fibres, FSC certified.
New IBC recycled logo.jpg
Download PDFs:
– Annual Report 2025
– Form 20-F
– ESG Performance Report 2025
– Full-year and Fourth Quarter 2025 Results
Cautionary statement regarding
forward-looking statements
This document and the Group’s other reports published
or filed with or furnished to the US Securities and
Exchange Commission (SEC), and any other written
information released, or oral statements made, to the
public in the past or future by or on behalf of the Group,
may contain 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 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.
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 ‘Principal risks
and uncertainties’ on pages 289 to 304 of this Annual
Report. 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.
A number of non-IFRS measures are used to report the
performance of our business. These measures are
defined on pages 85 to 86 and a reconciliation of Core
results to Total results is set out on pages 95 to 96.
The information in this document does not constitute an
offer to sell or an invitation to buy shares in GSK plc or
an invitation or inducement to engage in any other
investment activities. Past performance cannot be
relied upon as a guide to future performance. Nothing
in this Annual Report should be construed as a profit
forecast.
Assumptions and basis of preparation related to 2026
Guidance, 2021-26 and 2031 Outlooks
All guidance, outlooks and expectations should be read
together with the guidance and outlooks, assumptions
and cautionary statements in this Annual Report and
the Group's Q4 2025 earnings release.
In outlining the guidance for 2026 and outlooks for the
period 2021-2026 and for 2031, the Group has made
certain assumptions about the macro-economic
environment, the healthcare sector (including regarding
existing and possible additional governmental
legislative and regulatory reform), the different markets
and competitive landscape in which the Group
operates and the delivery of revenues and financial
benefits from its current portfolio, its development
pipeline and restructuring programmes.
2026 Guidance
These planning assumptions as well as operating profit
and earnings per share guidance and dividend
expectations assume no material interruptions to supply
of the Group’s products, no material mergers,
acquisitions or disposals, no material litigation or
investigation costs for the company (save for those that
are already recognised or for which provisions have
been made) and no change in the Group’s
shareholdings in ViiV Healthcare. The assumptions also
assume no material changes in the healthcare
environment or unexpected significant changes in
pricing or trade policies as a result of government or
competitor action. The 2026 guidance factors in all
divestments and product exits announced to date.
2021-26 and 2031 Outlooks
The assumptions for GSK’s revenue, Core operating
profit, Core operating margin and cash flow outlooks,
2031 revenue outlook and margin expectations through
dolutegravir loss of exclusivity assume the delivery of
revenues and financial benefits from its current and
development pipeline portfolio of medicines and
vaccines (which have been assessed for this purpose on
a risk-adjusted basis, as described further below);
regulatory approvals of the pipeline portfolio of
medicines and vaccines that underlie these
expectations (which have also been assessed for this
purpose on a risk-adjusted basis, as described further
below); no material interruptions to supply of the
Group’s products; successful delivery of the ongoing
and planned integration and restructuring plans; no
material mergers, acquisitions or disposals or other
material business development transactions;
no material litigation or investigation costs for the
company (save for those that are already recognised or
for which provisions have been made) and no change
in the Group’s shareholdings in ViiV Healthcare. GSK
assumes no premature loss of exclusivity for key
products over the period.
The assumptions for GSK’s revenue, Core operating
profit, Core operating margin and cash flow outlooks,
2031 revenue outlook and margin expectations through
dolutegravir loss of exclusivity also factor in all
divestments and product exits announced to date as
well as material costs for investment in new product
launches and R&D. Risk-adjusted sales includes sales
for potential planned launches which are risk-adjusted
based on the latest internal estimate of the probability
of technical and regulatory success for each asset in
development.
Notwithstanding our guidance, outlooks and
expectations, there is still uncertainty as to whether our
assumptions, guidance, outlooks and expectations will
be achieved.
All outlook statements are given on a constant currency
basis and use 2025 average exchange rates as a base
(£1/$1.31, £1/€1.17, £1/Yen 198). 2021-2026 outlook refers
to the 5 years to 2026 with 2021 as the base year.
Notice regarding limitations on Director Liability under
English Law
Under the UK Companies Act 2006, a safe harbour
limits the liability of Directors in respect of statements in
and omissions from the Directors’ report (for which see
page 169), the Strategic report and the Remuneration
report. Under English law the Directors would be liable
to the company, but not to any third party, if one or
more of these reports contained errors as a result of
recklessness or knowing misstatement or dishonest
concealment of a material fact, but would otherwise
not be liable. Pages 169 to 170 inclusive comprise the
Directors’ report, pages 1 to 78 inclusive comprise the
Strategic report and pages 140 to 168 inclusive
comprise the Remuneration report, each of which have
been drawn up and presented in accordance with and
in reliance upon English company law and the liabilities
of the Directors in connection with these reports shall
be subject to the limitations and restrictions provided
by such law.
Website
GSK’s website www.gsk.com gives additional
information on the Group. Notwithstanding the
references we make in this Annual Report to GSK’s
website, none of the information made available on the
website constitutes part of this Annual Report or shall
be deemed to be incorporated by reference herein.
 
Head Office and Registered Office
GSK plc
79 New Oxford Street
London
United Kingdom
WC1A 1DG
Tel: +44 (0)20 8047 5000
Registered number: 3888792