Glaxosmithkline Stock Earnings Reports

GSK reported a strong Q3 2025 with total sales up 8% (GBP 8.5bn), core operating profit up 11% and core EPS up 14% to 55p. Management upgraded full‑year 2025 guidance: sales growth now expected ~6%–7% (was 3%–5%), core operating profit growth 9%–11% and core EPS growth 10%–12%; vaccines expected toward the top of their guidance range. Growth was led by Specialty Medicines (HIV, RI&I and oncology) — notable items include double‑digit HIV growth (driven by long‑acting injectables like Cabenuva and Apretude), strong oncology momentum with BLENREP now approved in 8 markets including a recent US 3L approval, and continued Nucala uptake in COPD ahead of depemokimab’s PDUFA in December. R&D progress remains a focus: four FDA approvals in 2025 to date (with a fifth, depemokimab, expected before year‑end), a late‑stage portfolio of 15 scale opportunities (>GBP 2bn peak sales each, launch potential before 2031), and a planned US investment of $30bn over five years including a biologics flex factory. Cash generation is solid (GBP 6.3bn YTD operational cash generation reported, free cash flow improved), net debt/EBITDA ~1.3x, and GBP 3bn of shareholder distributions planned in 2025 (dividend + buyback with GBP 1.1bn executed). One‑offs and provisions: Zantac settlement payments are mostly behind them (GBP ~0.7bn paid YTD, ~GBP 0.5bn remaining). Operational priorities highlighted: executing five key launches, expanding oncology and RI&I franchises, scaling long‑acting HIV franchise (Q4M QUATRO trial start delayed to H1 2026 but filing still expected in 2027), and continuing BD to feed the pipeline (recent ADC/KIT/FGF21 deals). Management reaffirmed medium‑ and long‑term targets (>GBP 40bn by 2031) and margin ambitions (>31% operating margin by 2026).