GSK (GSK) 43rd Annual J.P. Morgan Healthcare Conference 2025 summary

Financial performance and outlook

• Achieved 9% sales growth and 19% core operating profit growth in the first nine months of 2024, with full-year guidance of 7%-9% sales growth and 11%-13% core operating profit growth for 2024.

• Specialty medicines and vaccines now anchor the sales mix, comprising 66% of sales and showing double-digit growth in all specialty therapeutic areas, with oncology sales up 100% and surpassing £1 billion.

• Upgraded short, medium, and long-term outlooks in 2024, with high confidence in delivering growth targets for 2026 and 2031, underpinned by a robust and diversified portfolio.

• Operating margin expected to exceed 31% by 2026, with continued investment in R&D to support future growth.

• Capital allocation prioritizes pipeline investment, progressive dividend, and maintaining a strong balance sheet, with recent acquisitions and partnerships enhancing pipeline and platform capabilities.

Pipeline and product launches

• Five product approvals expected in 2025, including Blenrep for multiple myeloma, Depimocumab for severe asthma and other eosinophilic diseases, and launches in oncology, respiratory, and infectious diseases.

• Blenrep showed a 42% reduction in risk of death and a projected 33-month median overall survival benefit in recent data.

• Depimocumab offers twice-yearly dosing and is expected to expand the asthma biologics market; Nucala to launch in COPD.

• Gepotidacin, a new antibiotic for UTIs, and a five-in-one MenABCWY vaccine are also set for launch in 2025.

• IL-5 franchise, including Depimocumab and Nucala, has sales potential exceeding £4 billion.

Research and development strategy

• R&D focuses on immune system science, advanced platforms, and partnerships to deliver first or best-in-class medicines and vaccines, with 67 assets and multiple positive Phase III readouts in 2024.

• Positive data in 13 phase three studies in 2024; advancing Blenrep, Jemperli, and two ADCs targeting B7-H3 and B7-H4.

• B7-H3 received FDA breakthrough therapy designation for osteosarcoma; B7-H4 has potential in ovarian and endometrial cancers.

• Prioritizing respiratory assets, including Depimocumab and Camlipixant for chronic cough, and advancing IL-33 and TSLP programs.

• Expanding into liver diseases with GSK990, with data expected in 2026 and 2027.