GSK Q4 FY25 earnings call GSK

GSK is prioritizing three key areas for 2026: driving top-line growth by maximizing launch products like Blenrep and Exdensur, accelerating late-stage pipeline assets such as B7-H3, B7-H4, and Velzatinib in oncology, and pursuing strategic business development, exemplified by the recent Ozekibart acquisition. The company aims to simplify operations, enhance accountability, and leverage AI and technology, supported by recent executive team changes to strengthen commercial leadership.

GSK is confident in its leadership in HIV care, with 2025 sales growth of 11% driven by long-acting injectables and the Dovato regimen. Long-acting injectables now constitute one-third of U.S. sales, with Cabenuva growing 42%. The company is advancing its long-acting pipeline, including a potential twice-yearly treatment regimen with IP protection through 2040, aiming for a 2028-2030 launch for Q6M treatment and a 2031 launch for Q6M PrEP. This strategy is designed to navigate the dolutegravir LOE and drive significant long-term growth.

The respiratory portfolio saw strong performance, with Benlysta growing 22% and Nucala achieving 15% growth to $2 billion, marking its tenth consecutive year of double-digit growth. The launch of Exdensur, the first 6-monthly biologic for severe eosinophilic asthma, targets the significant bio-naive population, with market research indicating high patient preference for its dosing schedule and demonstrated 72% reduction in exacerbations. GSK is also developing a differentiated pipeline for COPD, stratifying by patient type.

GSK's oncology pipeline is advancing, with Jemperli sales up 89% in endometrial cancer and Ojjaara growing 60% with a new NCCN Category 1 recommendation for anemia. Blenrep, relaunched in 15 markets, is seeing encouraging community uptake, with 50% of current usage outside academic centers, despite a slower ramp-up due to eye care coordination. The company is also progressing Velzatinib in GIST and its B7-H3 and B7-H4 ADCs with multiple Phase III trials planned.

R&D efforts secured 5 FDA approvals and initiated 7 new pivotal trials in 2025, including for Exdensur, Efimosfermin, and B7-H3 ADC. GSK is accelerating development timelines and accessing innovation through business development, such as the acquisition of Rapp Therapeutics for Ozureprubart, a potential best-in-class anti-IgE monoclonal for food allergy, which is expected to close this quarter and move into Phase III. The company emphasizes dynamic resource allocation to promising assets.

GSK achieved 11% core operating profit growth and 12% core EPS growth in 2025, with operating margin increasing by 110 basis points. Cash generated from operations was GBP 8.9 billion. The company deployed GBP 4.5 billion in CapEx and BD, repurchased 93 million shares, and maintained a strong balance sheet with net debt to EBITDA at 1.3x, absorbing GBP 1.9 billion in total Zantac payments.