Guidance all at CER

The Total results are presented in summary above and on page 8 and Core results reconciliations are presented on pages 20 and 23. Core results are a non-IFRS measure that may be considered in addition to, but not as a substitute for, or superior to, information presented in accordance with IFRS. The following terms are defined on pages 50-51: Core results, AER% growth, CER% growth and other non-IFRS measures. GSK provides guidance on a Core results basis only for the reasons set out on page 18. All expectations, guidance and targets regarding future performance and dividend payments should be read together with 'Guidance and outlooks, assumptions and cautionary statements' on page 52-53. Abbreviations are defined on page 56.

2025 Guidance

GSK upgrades its full-year 2025 guidance at constant exchange rates (CER).

This guidance is supported by the following revised turnover expectations for full-year 2025 at CER, with the overall turnover outcome, within the overall range, dependent on the ongoing challenges for Vaccines in the US.

Core operating profit is now expected to grow between 9 to 11 per cent at CER. GSK continues to expect to deliver gross margin benefit 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 to 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, including an IP settlement agreed in April and royalty income as part of the CureVac/BioNTech mRNA patent litigation settlement in Q3. R&D continues to be expected to grow ahead of sales reflecting accelerating investment in the pipeline including reinvestment of the IP settlement income.

Core earnings per share is now expected to increase between 10 to 12 per cent at CER, one percent above Core operating profit growth, reflecting the expected benefit of up to 1% from the share buyback programme and now broadly stable interest charges partly offset by a higher tax rate which is expected to rise up to around 17.5%. Expectations for non-controlling interests remain unchanged relative to 2024.

Tariffs

GSK notes the US Administration's ongoing investigation under Section 232 of the Trade Expansion Act to determine the effects on national security of imports of pharmaceutical products. Our full-year guidance is inclusive of tariffs enacted thus far and indicated potential European tariffs impact of 15%. We are positioned to respond to the potential financial impact of tariffs, with mitigation options identified. Given the uncertain external environment, we continue to monitor developments.

Dividend policy

The Dividend policy and the expected pay-out ratio remain unchanged. Consistent with this, GSK has declared a dividend for Q3 2025 of 16p per share. GSK's future dividend policy and guidance regarding the expected dividend pay-out in 2025 are provided on page 37.

GSK has commenced a £2 billion share buyback programme, to be implemented over the period to the end of Q2 2026.

2021-2026 and 2031 Outlooks

In February 2025 GSK set out improved outlooks for 2031. Please see 2024 full year and fourth quarter results on gsk.com(1).

Exchange rates

If exchange rates were to hold at the closing rates on 30 September 2025 ($1.34/£1, €1.14/£1 and Yen 199/£1) for the rest of 2025, the estimated impact on 2025 Sterling turnover growth for GSK would be -3% and if exchange gains or losses were recognised at the same level as in 2024, the estimated impact on 2025 Sterling Core Operating Profit growth for GSK would be -5%.

Results presentation

A conference call and webcast for investors and analysts of the quarterly results will be hosted by Emma Walmsley, CEO, at 12 noon GMT (US EDT at 08.00 am) on 29 October 2025. Presentation materials will be published on www.gsk.com prior to the webcast and a transcript of the webcast will be published subsequently.

Notwithstanding the inclusion of weblinks, information available on the company's website, or from non GSK sources, is not incorporated by reference into this Results Announcement.

(1) https://www.gsk.com/media/11776/fy-2024-results-announcement.pdf

Specialty Medicines sales grew by double-digit percentages in the quarter and YTD, reflecting continued growth across disease areas, with strong performances in HIV, Respiratory, Immunology & Inflammation, and Oncology.

In Q3 2025 HIV sales grew by 12%, driven by strong patient demand growth of +10ppts with Dovato, Cabenuva and Apretude more than offsetting the decline in Triumeq following guideline changes at the end of 2024. Long-Acting Medicines contributed over 75% of total HIV growth in the quarter with Cabenuva contributing more than 50%. Growth also benefited from favourable pricing due to channel mix, which offset the impact of the IRA Medicare Part D redesign. The US grew 17% in the quarter. YTD, HIV sales grew by 10%, driven by +10ppts of patient demand growth. Long-Acting Medicines contributed over 80% of total HIV growth YTD with Cabenuva contributing more than 50%.

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 £695 million in the quarter and growing 24%.

Cabenuva, the only complete long-acting injectable regimen for HIV treatment, reached sales of £357 million in the quarter, growing 48% due to strong patient demand across US and Europe. Apretude, the first long-acting injectable option for HIV prevention, delivered sales of £120 million in the quarter, growing 75% compared to Q3 2024.

Sales continued to grow at a double-digit rate in the quarter and YTD, and were primarily comprised of contributions from Nucala in respiratory and Benlysta in immunology.

Nucala is an IL-5 antagonist monoclonal antibody treatment for severe asthma, with additional indications including CRSwNP, EGPA, HES and COPD. Sales growth in the quarter and YTD was driven by strong performance across all regions, reflecting higher patient demand for treatments addressing eosinophilic-led disease. Strong double-digit growth in the Europe and International regions continued in the quarter and YTD. US sales in the quarter and YTD grew at positive single digit percentages, with volume increases driven by higher patient demand and the recent launch in COPD, partially offset by ongoing pricing pressures, including the impact of IRA Medicare Part D redesign.

Sales of Benlysta, a monoclonal antibody treatment for lupus, grew in the quarter and YTD representing strong demand and volume growth with bio-penetration rates having increased across many markets.

Oncology sales are largely comprised of sales from Jemperli, Zejula and Ojjaara/Omjjara. Strong Oncology sales growth in the quarter and YTD were driven in particular by increasing patient demand for Jemperli and Ojjaara/Omjjara partially offset by decreases in Zejula. Blenrep, a treatment in relapsed/refractory multiple myeloma, achieved YTD sales of £4m following launch and associated inventory build in the UK in Q2 2025, and from further initial commercial introductions in some smaller markets in Q3 2025.

Sales of Jemperli grew strongly in the quarter and YTD, 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 35 countries worldwide.

Sales of Zejula, a PARP inhibitor treatment for ovarian cancer, reduced in the quarter and YTD. In the US, mid-single digit sales growth in the quarter was driven largely by favourable inventory movements and positive channel mix pricing impacts, however sales decreased YTD 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 quarter and YTD, largely driven by reduced volumes from increased competition.

Sales of Ojjaara/Omjjara, a treatment for myelofibrosis patients with anaemia, grew strongly in the quarter and YTD. US sales grew 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.

Vaccines sales increased in the quarter primarily driven by strong ex-US demand for Shingrix and Arexvy, partly offset by lower Established and Influenza vaccines sales. YTD sales growth was moderated by lower demand for Arexvy in the US and lower Shingrix sales in China.

Shingrix growth was driven primarily by increased demand in Europe partly offset by lower sales in the US. Q3 2025 growth also benefitted from strong performance in International.

In Europe, Shingrix sales grew at 48% 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 21% reflecting accelerated demand in Japan following expanded public funding from April 2025 partially offset by a strong 2024 comparator including rapid uptake from the national immunisation programme (NIP) in Australia. YTD sales reflected phasing of lower H1 2025 deliveries to our co-promotion partner in China.

US sales decreased by 15% due to the continuing slowdown in the pace of penetration of harder-to-activate unvaccinated consumers. The US cumulative immunisation rate reached 43%, up 4 percentage points compared to 12 months earlier(1).

Shingrix is now launched in 60 countries, with markets outside the US representing 66% of YTD 2025 global sales (YTD 2024: 57%). 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.

Strong performance of our 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 primarily in Europe driven by continued uptake following recommendation and reimbursement in Germany together with expanded cohort recommendations in France. Sales were also up in International due to higher demand and geographic expansion.

Arexvy sales increased in the quarter but decreased YTD. Q3 2025 growth was driven by Europe and International related to recommendation and reimbursement in Germany and tender deliveries in Canada and Spain. While YTD Arexvy maintained the US market leading position in the older adult setting, in the quarter US sales decreased reflecting lower pre-season channel inventory build and slower market uptake partly offset by favourable returns provision adjustments. YTD sales also reflected lower US H1 2025 demand, which was impacted by a more limited ACIP recommendation for adults aged 60-74 since June 2024.

Arexvy is approved in 67 markets globally, 20 countries have national RSV vaccination recommendations for older adults and 9, including the US, have reimbursement programmes for Arexvy in place at the quarter end.

Influenza vaccines sales declined mainly in the US driven by competitive pressure.

Established Vaccines sales decreased in the quarter as a result of the impact of divested brands, lower sales for Cervarix and Synflorix and unfavourable US CDC stockpile movements for Boostrix partly offset by higher demand for MMRV vaccines, including a one-off sale of bulk antigen. The YTD decline is also driven by 2024 sales of AS03 adjuvant partially offset by favourable CDC stockpile movements for Infanrix/Pediarix.

(1) Based on data from IQVIA up until the end of Q2 2025

Sales include contributions from both the Respiratory portfolio, including Trelegy, and the Other General Medicine portfolio. Sales grew in the quarter, broadly stable on a YTD basis, with growth in Trelegy partially offset in the quarter, and was more than offset YTD, by reductions in other respiratory and Other General Medicine product sales.

Sales grew in the quarter, with an increased growth in Trelegy of 25% partially offset by decreases in other respiratory products, particularly in European and International regions, as a result of continued generic erosion and competitive pressures. YTD sales were broadly stable as Trelegy growth was fully offset by declines in other respiratory products.

Trelegy sales continued to grow in the quarter and YTD, with strong volume growth continued across all regions reflecting patient demand, SITT class growth, and increased market share. Growth in the quarter increased due to positive US pricing impacts, where favourable channel mix pricing adjustments contributed 10ppts of global growth, more than offsetting ongoing channel pricing pressures, including the impact of IRA Medicare Part D redesign.

Other General Medicines sales were broadly stable in the quarter and decreased YTD, reflecting the impacts of generic competition across the portfolio.

By Region

Specialty Medicines double-digit sales growth in the quarter and YTD was driven by strong double-digit growth in Oncology, HIV and Benlysta, driven largely by patient demand. Sales of Nucala grew single digit in the quarter and YTD, where growth from continued volume increases resulting from higher patient demand, including impacts from the recent launch in COPD, were partially offset by continued pricing pressures, including the impact of IRA Medicare Part D redesign.

Vaccines sales decreased in the quarter and YTD due to competitive pressure for Influenza vaccines, lower demand for Shingrix and lower pre-season channel inventory build together with slower market uptake for Arexvy. In addition in the quarter there were unfavourable CDC stockpile movements in Established vaccines. YTD Established vaccine sales benefitted from favourable CDC stockpile movements for Infanrix/Pediarix and higher demand for MMR vaccines related to measles outbreaks.

General Medicines sales increased double-digit in the quarter, driven by strong Trelegy sales with volume increases and positive pricing impacts as well as favourable channel mix pricing adjustments more than offsetting ongoing channel pricing pressures, including the impact of IRA Medicare Part D redesign. Growth in Trelegy was partially offset by reductions in other products across the other respiratory and Other General Medicine portfolios. YTD sales were broadly stable as Trelegy growth was offset by other reductions across the General Medicine portfolio.

US performance in the quarter and YTD 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 sales grew low double-digit in the quarter and YTD due to continued strong performance in Oncology, Benlysta and Nucala including the benefit from new indication launches. HIV sales grew low single-digit in the quarter and YTD.

Vaccines sales grew double digit driven by Shingrix launch uptake in France together with higher market demand and expanded public funding across several countries. Bexsero and Arexvy sales also grew strongly mainly in Germany following recommendations and reimbursements.

General Medicines sales decreased in the quarter and YTD, with growth for Trelegy and Anoro being more than offset by decreases across other general medicine products.

Specialty Medicines double-digit sales growth in the quarter and YTD was driven by Nucala in respiratory, Benlysta in immunology, and Oncology. HIV sales grew single-digit in the quarter and YTD.

Vaccines sales grew in the quarter driven by accelerated Shingrix demand in Japan and Arexvy tender supply in Canada partly offset by lower Established vaccines sales. YTD vaccines sales decreased reflecting lower deliveries to our co-promotion partner in China and a stronger 2024 comparator in Australia for Shingrix together with sales of AS03 adjuvant in H1 2024.

General Medicines sales increased low single digit in the quarter, but decreased low single digit YTD. Performance reflected double-digit growth for Trelegy and growth in Anoro being offset by decreases across other general medicine products.

Total cost of sales as a percentage of sales decreased in the quarter and year to date primarily driven by 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 in the quarter and year to date was broadly stable, with favourable mix benefits from growth in Specialty Medicines and regional mix driven by US and Europe sales, as well as operational efficiencies, being offset by inventory provision movements compared to 2024. The year to date also included pricing impacts with an adverse comparison to higher price benefits in the comparator period, as well as supply chain optimisation charges.

Total SG&A as a percentage of sales decreased in the quarter and year to date driven by lower Significant legal expenses due to the Q3 2024 charge of £1.8 billion ($2.3 billion) in relation to Zantac.

Core SG&A growth in the quarter and year to date reflected continued disciplined investment to support new asset launches, including Blenrep, Penmenvy, depemokimab and Blujepa, as well as growth of key assets including Shingrix, Nucala, Ojjaara/Omjjara and long-acting HIV medicines, with spend reallocated from General Medicines and the acceleration of ongoing productivity initiatives. Year to date 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.

Total R&D growth in the quarter and year to date was driven by an increase in Core R&D expense, as well as higher impairment charges. The year to date included an impairment 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 and studies into Blenrep (1L), as well as 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 progression of ULA treatment and PrEP programmes, notably Q4M and Q6M. Year to date 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.

The increase in Total and Core royalty income in Q3 2025 and the year to date was primarily driven by Kesimpta(1), Abrysvo(2) and Comirnaty(3) royalties. The year to date included historic royalties recognised in association with the settlement of an IP dispute.

(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.

In Q3 2025 other operating income included a charge of £280 million (Q3 2024: £359 million) arising from the remeasurement of contingent consideration liabilities (CCL) and the liabilities for the Pfizer, Inc. (Pfizer) put option. The charge in the current quarter primarily reflected exchange movements and discount unwind. See page 22 for further details. Other net operating income at £304 million (Q3 2024: £24 million) was driven by the £268 million ($370 million) settlement from CureVac in connection with the mRNA patent settlement, as well as fair value movements on equity investments and other net income.

The year to date other operating income reflected a charge of £193 million (YTD 2024: £1,422 million) arising from the remeasurement of CCLs and the liabilities for the Pfizer put option, primarily reflecting discount unwind as well as updated sales forecasts partly offset by favourable foreign currency movements. See page 25 for further details. Other net operating income at £326m (YTD 2024: £236 million) includes the £268 million ($370 million) settlement from CureVac as well as fair value movements on equity investments and other net income.

Total operating profit margin was higher in the quarter and year to date mainly due to the £1.8 billion charge for the Zantac settlement in Q3 2024, as well as higher other net operating income and lower CCL charges, partly offset by higher impairment charges.

Core operating profit growth in the quarter and year to date 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 in the year to date the Q1 2024 reversal of the legal provision related to the Zejula royalty dispute, following a successful appeal.

The increase in net finance costs in Q3 2025 was mainly driven by higher interest expense on debt. The decrease in the year to date was mainly driven by higher interest income on favourable cash positions, favourable interest on tax, higher swap interest and favourable movements on derivatives fair value, partly offset by higher interest expense on debt.

The effective tax rate on Total results reflected the different tax effects of the various Adjusting items included in Total results.

The effective tax rate on Core profits is broadly in line with expectations for the year. Issues related to taxation are described in Note 14, 'Taxation' in the Annual Report 2024. The Group continues to believe it has made adequate provision for the liabilities likely to arise from periods that are open and not yet agreed by relevant 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.

The increase in Total and Core NCIs in the quarter and year to date was primarily driven by higher core profit allocations from ViiV Healthcare, and a lower remeasurement loss on the CCL compared to the comparator periods impacting Total NCIs in the year to date.

The increase in the Q3 2025 and year to date Total EPS was primarily driven by lower Significant legal charges, higher other net operating income and lower CCL charges, partly offset by higher impairment charges.

The increase in the Core EPS in the quarter and year to date primarily reflected the growth in Core operating profit and the share buyback, as well as lower net finance costs in the year to date, partly offset by higher non-controlling interests.

Currency impact on results

The results for Q3 2025 are based on average exchange rates, principally $1.33/£1, €1.16/£1 and Yen198/£1. The period-end exchange rates were $1.34/£1, €1.14/£1 and Yen199/£1. Comparative exchange rates are given on page 38.

In Q3 2025 and year to date, the adverse currency impact primarily reflected the strengthening of Sterling against US Dollar as well as emerging market currencies, partly offset in the quarter by strengthening of the Euro. Exchange gains on the settlement of intercompany transactions resulted in a minimal impact from currency on Core EPS in the quarter and a favourable one percentage point in the year to date. There was minimal impact on Total EPS.

Q3 2025

Cash generated from operations for the quarter was £2,520 million (Q3 2024: £2,499 million). The increase primarily reflected higher Core operating profit and the cash settlement from CureVac as well as lower inventory build, partly offset by £565 million Zantac settlement payments.

Total contingent consideration cash payments in the quarter were £326 million (Q3 2024: £309 million). £321 million (Q3 2024: £305 million) of these were recognised in cash flows from operating activities, including cash payments made to Shionogi & Co. Ltd (Shionogi) of £306 million (Q3 2024: £295 million).

Free cash inflow was £1,246 million for the quarter (Q3 2024: £1,322 million). The decrease was primarily driven by higher capital expenditure on intangible assets and lower proceeds from the sale of intangible assets, partly offset by lower taxation payments and higher cash generated from operations.

9 months 2025

Cash generated from operating activities was £6,254 million (9 months 2024: £5,275 million). The increase reflected higher Core operating profit, favourable timing and movements on returns and rebates, including the impact of the removal of the AMP cap in H1 2024, and the cash settlement from CureVac as well as lower inventory build. The increase was partly offset by an adverse movement in receivables driven by higher Arexvy and Shingrix collections in Q1 2024, as well as £688 million Zantac settlement payments.

Total contingent consideration cash payments in 9 months 2025 were £1,000 million (9 months 2024: £935 million). £989 million (9 months 2024: £924 million) of these were recognised in cash flows from operating activities, including cash payments made to Shionogi & Co. Ltd (Shionogi) of £956 million (9 months 2024: £900 million).

Free cash inflow was £3,069 million for 9 months 2025 (9 months 2024: £1,939 million). The increase was driven by higher cash generated from operations, lower tax payments, lower capital expenditure on property, plant and equipment, and lower net interest cost, partly offset by higher capital expenditure on intangible assets and lower proceeds from the sale of intangible assets.

Total Net debt

At 30 September 2025, net debt was £14,444 million, compared with £13,095 million at 31 December 2024, comprising gross debt of £17,750 million and cash and liquid investments of £3,306 million. See net debt information on page 41.

Net debt increased by £1,349 million primarily due to the net acquisition costs of IDRx, Inc. (IDRx), BP Asset IX, Inc. to access efimosfermin, and Cellphenomics GmbH totalling £1,655 million, dividends paid to shareholders of £1,918 million, and shares purchased as part of the share buyback programme of £1,125 million. This was partly offset by free cash inflow of £3,069 million and exchange gain on net debt of £241 million.

At 30 September 2025, GSK had short-term borrowings (including overdrafts and lease liabilities) repayable within 12 months of £2,856 million and £744 million repayable in the subsequent year.

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