GSK (GSK) investor relations material

Business performance and guidance

• Upgraded to the top end of annual guidance, driven by strong specialty business growth, especially in oncology, respiratory, immunology, and HIV.

• Long-term sales guidance raised to over $40 billion by 2031, up from $33 billion previously.

• Five major approvals and four launches expected this year, including Blenrep and Depemokimab.

• Profit and EPS growth outpacing sales due to gross margin accretion and SG&A productivity.

• R&D investment will continue to grow faster than sales to accelerate pipeline assets.

R&D and pipeline highlights

• Achieved 13 positive phase III readouts last year, a record for the company.

• Focus areas include respiratory (notably COPD), fibroinflammation, liver (Bepirovirsen), and oncology (Blenrep, B7H3, B7H4).

• Depemokimab shows a 72% reduction in hospitalizations and high intent to prescribe among pulmonologists.

• Camlipixant phase III studies are designed to address previous trial challenges, with a superior side effect profile compared to competitors.

• Bepirovirsen is positioned as a potential first functional cure for hepatitis B, with phase II data showing 10% effect and projections for 15%+ in selected populations.

Regulatory and policy environment

• Ongoing dialogue with U.S. administration regarding MFN and tariffs, with mitigation strategies in place.

• Two products entering IRA negotiations, with outcomes affecting results from 2027; negotiations proceeding as expected.

• Price cuts and rebate mechanisms provide some protection for mature products like Trelegy and Breo.