GSK Q2 2026: core profits rise, EPS hit by charges | GSK SEC Filing

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

 

For the
month of July 2026

 

Commission
File Number 001-15170

 

 

GSK plc

(Translation
of registrant’s name into English)

 

 

79 New Oxford Street, London, WC1A 1DG

(Address
of principal executive office)

 

 

 

Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.

 

Form
20-F . . . .X. . . . Form 40-F . . . . . . . .

 

 

 

 

GSK delivers strong Q2 core results performance and continued
momentum

Plans announced to accelerate R&D and late-stage pipeline
portfolio

Expect 20+ phase III trial starts in 2026

 

 

Strong Specialty Medicines and Vaccines performance drives sales
and core operating profit growth

●

Total
Q2 sales £8.4 billion +5% AER; +5% CER

●

Specialty
Medicines sales £3.8 billion (+14%); Respiratory, Immunology
& Inflammation £1.1 billion (+19%); Oncology £0.6
billion (+17%); HIV sales £2.1 billion (+10%)

●

Vaccines
sales £2.3 billion (+8%); Shingrix £0.9 billion (+3%);
Meningitis vaccines £0.5 billion (+21%); and Arexvy £0.2 billion
(+>100%)

●

General
Medicines sales £2.3 billion (-9%); Trelegy £0.8 billion
(-7%)

●

Total
operating profit -75% and Total EPS -69% driven by higher
impairments, primarily related to camlipixant of £1.3 billion,
and higher CCL charges, partly offset by Core operating profit
growth and higher divestment income

●

Core
operating profit +7% and Core EPS +9% reflecting higher sales and
favourable product and regional mix, partly offset by increased
investment in R&D and new asset launches and lower royalty
income

●

Cash
generated from operations of £2.9 billion with free cash flow
of £2.0 billion

 

(Financial
Performance – Q2 2026 results unless otherwise stated, growth
% and commentary at CER as defined on page 50. The year to date
adverse currency impact on AER versus CER primarily reflected the
strengthening of Sterling against the USD. See page 9 for further
details.)

 

 

 

Q2 2026

Year to date

 

£m

%
AER

%
CER

£m

%
AER

%
CER

Turnover

8,409

5

5

16,038

3

5

Total
operating profit

481

(76)

(75)

2,774

(35)

(31)

Total
operating margin %

5.7%

(19.6ppts)

(19.3ppts)

17.3%

(10.0ppts)

(9.3ppts)

Total
EPS

10.8p

(69)

(69)

54.1p

(28)

(24)

Core
operating profit

2,800

6

7

5,450

6

8

Core
operating margin %

33.3%

0.4ppts

0.6ppts

34.0%

0.7ppts

1.2ppts

Core
EPS

50.5p

9

9

97.1p

6

9

Cash
generated from operations

2,906

19

 

4,256

14

 

 

 

Pipeline progress:

●

Two
late-stage medicines for non-small cell lung cancer acquired:
Jideytro (FDA approval)
& neladalkib (PDUFA H2 2026)

●

Positive
phase III Hansoh China data for Ris-Rez in lung cancer –
first positive phase III overall survival data reported for a B7-H3
targeted ADC in any tumour type

●

Positive
data (AZUR-1) supports regulatory reviews for use of Jemperli in treatment of advanced
rectal cancer

●

Momelotinib
(Ojjaara) granted Orphan
Drug Designations in US and EU for VEXAS syndrome

●

Pivotal
data demonstrates unprecedented functional cure rates for
bepirovirsen (chronic hepatitis B)

●

Arexvy expanded approval in Japan for adults aged 18-59 at
increased risk of RSV

●

Decision
not to progress further development of camlipixant in RCC following
CALM-1/2 phase III results

 

 

R&D acceleration:

●

62
assets in clinical development with opportunities for significant
growth

●

7 asset
accelerations – across 18 indications – identified in: Oncology,
Respiratory, Hepatology & Vaccines

●

Now
expect 20+ phase III trial starts in 2026 (previously
10)

●

New
flagship R&D Centre to be established in Cambridge Biomedical
Campus, UK

●

3-year
programme to fund investment in late-stage portfolio and to improve
operating margin with £1.9 billion annual savings targeted by
2029 for costs of £2.4 billion (£2.1 billion cash
costs)

 

 

 

Growth outlooks:

●

2026
guidance reaffirmed with expected growth in: turnover 3% to 5%;
Core OP 7% to 9%; Core EPS 7% to 9%

●

On
track for 2031 sales outlook of more than £40 billion;
Accelerating growth from 2031 onwards

●

Operating
margin stable to improving through dolutegravir loss of exclusivity
period of 2028-2030

 

 

Shareholder returns:

●

Q2 2026
dividend of 17p declared; 70p expected for full year
2026

●

Completed
£2 billion share buyback programme as announced at FY
2024

Guidance
all at CER. The Total results are presented in summary above and on
page 8 and Core results reconciliations are presented on pages 16
and 18. 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 14. All
expectations, guidance and outlooks regarding future performance
and dividend payments should be read together with ‘Guidance
and outlooks, assumptions and cautionary statements’ on pages
52-53. Abbreviations are defined on page 57.

 

This
announcement contains inside information.

 

 

Luke Miels, Chief Executive Officer, GSK:

 

“GSK
has delivered another quarter of strong core results performance,
with our key growth drivers performing well. We remain focused on
operational delivery, execution, and accelerating
R&D.

To that
end, we have identified late-stage pipeline accelerations – across
18 indications – for 7 key assets in Oncology, Respiratory,
Hepatology and Vaccines. Based on clinical data, and their
opportunities to improve upon current standards-of-care, we see
strong reasons for all these assets to bring meaningful benefits
and protection to patients. We have also decided to establish a new
flagship R&D Centre on the UK’s Cambridge Biomedical
Campus – an investment that will further integrate GSK into
one of the world’s leading ecosystems for
life-sciences.

To fund
investment in the late-stage portfolio and R&D, we are starting
a 3-year cost savings programme to simplify the organisation and to
reallocate capital and resources. Savings will primarily be
reinvested, with some used to improve margins and profitability in
the dolutegravir patent expiry period (2028-2030).

We
believe these plans, together with continued disciplined capital
allocation, will drive strong operational performance and
shareholder returns over the next five years, delivering our 2031
sales outlook and accelerated long-term growth.”

 

2026 Guidance

 

 

GSK
reaffirms its full-year 2026 guidance at constant exchange rates
(CER), with further specificity provided below.

 

 

 

 

Guidance

Updated 2026 guidance at CER

Previous 2026 guidance at CER

Turnover

Increase
between 3% to 5%, at the upper half of the range

Increase
between 3% to 5%

Core
operating profit

Increase
between 7% to 9%, at the upper half of the range

Increase
between 7% to 9%

Core
earnings per share

Increase
between 7% to 9%, at the lower half of the range

Increase
between 7% to 9%

 

 

This
guidance is supported by the following turnover expectations for
full-year 2026 at CER.

 

 

Turnover expectations

New 2026 guidance at CER

Previous 2026 guidance at CER

Specialty
Medicines

Increase
at a low double-digit percentage

Increase
at a low double-digit percentage

Vaccines

Broadly
stable to an increase at a low single-digit percentage

Decline
of a low single-digit percentage to broadly stable

General
Medicines

Decline
of a mid-single digit to low single-digit percentage

Decline
of a low single-digit percentage to broadly stable

 

 

Core
operating profit is expected to grow at the upper half of the range
between 7 to 9 per cent at CER. GSK continues to expect to deliver
leverage at a gross margin level due to improved product mix from
Specialty Medicines growth and continued operational efficiencies.
In addition, GSK anticipates further leverage in Operating profit
as we accelerate ongoing productivity initiatives and take a
returns-based approach to SG&A investments, with SG&A now
expected to be broadly stable. R&D is now expected to grow
significantly ahead of sales as we accelerate investments in the
pipeline as part of the Accelerate Growth programme while driving
operational efficiencies. Royalty income is now expected to be at
£850-900 million.

 

Core
earnings per share is also expected to increase at the lower half
of the range between 7 to 9 per cent at CER, reflecting higher
interest charges of around £800 million, including the impact
of the Nuvalent acquisition, and the tax rate which is expected to
rise to around 17.5%, offset by the expected benefit from the share
buyback programme. Expectations for non-controlling interests
remain unchanged relative to 2025.

 

 

Agreement with US Government to lower the cost of prescription
medicines for American patients

 

As
previously announced, on 19 December 2025, GSK entered into an
agreement with the US Administration to lower the cost of
prescription medicines for American patients, which, once fully
implemented, would exclude both GSK and ViiV Healthcare from
Section 232 tariffs for three years. On 9 April 2026, GSK, ViiV
Healthcare, and the US Government entered into a definitive
agreement reflecting Section 232 tariff relief through 20 January
2029 (subject to final implementation). As part of that
implementation, GSK and ViiV Healthcare each signed a Generous
Model Manufacturer Participation Agreement with the Centers for
Medicare and Medicaid Services effective 15 June 2026. With these
agreements GSK and ViiV Healthcare have committed certain products
to participate in the voluntary Generous Model, and it is
anticipated that supplemental rebate agreements with interested US
states will be signed on or before 1 October 2026. Our full year
guidance is inclusive of the expected impact of these
agreements.

 

 

Investing in late-stage product portfolio and Accelerate Growth
programme

 

GSK has
62 assets in clinical development, 19 of which are in phase III
development.

The
company has strong confidence in its late-stage product portfolio,
based on clinical data and the opportunities it has identified to
improve upon current standards-of-care. GSK has potential
best-in-class products for Oncology, Respiratory, Hepatology, HIV
and Vaccines.

Following
review, the company has identified asset accelerations – across 18
indications – for 7 late-stage products in Oncology,
Respiratory, Hepatology and Vaccines. GSK now also expects to start
20+ phase III trials in 2026 (previously 10).

To
accelerate R&D and capture the growth and value the late-stage
portfolio offers, GSK has initiated a new “Accelerate
Growth” programme. This 3-year programme has two
objectives:

 

 

(1)

Simplify,
and match GSK’s organisation and cost base to its evolving
product portfolio, notably in Specialty Medicines

(2)

Enable
the reallocation of GSK’s capital and resources to the
late-stage pipeline and to R&D.

 

The
Accelerate Growth programme is targeting £1.9 billion of
annual savings, to be fully realised by 2029, for expected total
costs of £2.4 billion, of which £2.1 billion is expected
to be cash costs. Savings will be primarily reinvested in R&D,
including business development activity, with a portion also used
to strengthen operating margin in the period related to LoE for
dolutegravir (2028-2030). The Accelerate Growth programme will be
treated as a Major restructuring programme and costs will be
included in Adjusting items. The majority of the cost charges will
be in 2026 and 2027.

Cost
savings are expected to be enabled by technology and AI and
generated by streamlining support services and process redesign
including procurement delivery, the reallocation of resources to
Specialty Medicines from established products and further
simplification of supply chain and the site network to align with
portfolio evolution.

The
programme, together with delivery of the opportunities in
GSK’s late-stage product portfolio, strengthens GSK’s
outlooks for growth of: sales of more than £40 billion by
2031; a stable to improving operating margin for the dolutegravir
LoE period (2028-2030); and for accelerating growth from 2031
onwards.

 

 

Dividend policy

 

The
Dividend policy and the expected pay-out ratio remain unchanged.
Consistent with this, GSK has declared a dividend for Q2 2026 of
17p per share. GSK’s future dividend policy and guidance regarding
the expected dividend pay-out in 2026 are provided on page
30.

In Q2
2026, GSK completed the £2 billion share buyback programme
announced in FY 2024.

 

 

Exchange rates

 

If
exchange rates were to hold at the closing rates on 20 July 2026
($1.35/£1, €1.18/£1 and Yen 219/£1) for the
rest of 2026, the estimated impact on 2026 Sterling turnover growth
for GSK would be -2% and if exchange gains or losses were
recognised at the same level as in 2025, the estimated impact on
2026 Sterling Core Operating Profit growth for GSK would be
-4%.

 

 

Results presentation

A
conference call, webcast and in-person event for investors and
analysts of the quarterly results will be hosted by Luke Miels,
CEO, at 14:00 BST (09:00 EST) on 28 July 2026. Presentation
materials will be published on www.gsk.com 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.

 

 

Performance : turnover

 

Turnover

Q2 2026

Year to date

 

£m

 

AER%

 

CER%

£m

 

AER%

 

CER%

HIV

2,078

11

10

3,902

9

10

Respiratory,
Immunology & Inflammation (RI&I)

1,135

18

19

2,025

15

17

Oncology

569

18

17

1,081

20

22

Specialty Medicines

3,782

14

14

7,008

12

14

Shingles
(Shingrix)

888

4

3

1,914

11

12

Meningitis

462

22

21

797

9

9

RSV
(Arexvy)

192

>100

>100

257

78

75

Influenza

11

83

100

21

>100

>100

Other
Paediatric & Adult Vaccines

731

(7)

(8)

1,444

(9)

(8)

Vaccines

2,284

9

8

4,433

6

6

Respiratory

1,679

(10)

(10)

3,273

(9)

(7)

Other
General Medicines

664

(5)

(4)

1,324

(10)

(8)

General Medicines

2,343

(9)

(9)

4,597

(9)

(7)

Total

8,409

5

5

16,038

3

5

By Region:

 

 

 

 

 

 

US

4,308

5

5

8,045

2

6

Europe

2,042

11

8

4,125

15

11

International

2,059

1

2

3,868

(4)

(2)

Total

8,409

5

5

16,038

3

5

 

 

 

 

 

 

 

Financial
Performance – Q2 2026 results unless otherwise stated, growth
% and commentary at CER. The YTD adverse currency impact on AER
versus CER primarily reflected the strengthening of Sterling
against the USD. See page 9 for further details.

 

For
product list – see page 58

 

 

 

 

Q2 2026

Year to date

Key
Drivers

 

£m

AER%

CER%

£m

AER%

CER%

 

Specialty Medicines Total

3,782

14

14

7,008

12

14

Continued growth across disease areas, with strong performances in
HIV, Respiratory, Immunology & Inflammation, and
Oncology.

HIV

2,078

11

10

3,902

9

10

In Q2
LAIs delivered 80% of total HIV growth. Strong demand for
Cabenuva, Apretude and Dovato more than offset mature
portfolio declines, with favourable pricing from US channel mix
benefitting growth. US HIV sales increased 14%, with LAIs
representing 35% of US HIV turnover.

 

YTD LAI
sales exceeded £1bn.

 

Dovato

749

14

13

1,415

16

16

Strong
demand across all regions.

 

Cabenuva

453

33

33

821

29

32

Cabenuva contributed 60% of total HIV
growth in Q2, with strong demand across all regions.

 

Apretude

140

39

39

260

37

41

Strong
growth driven by demand in a competitive US long-acting prevention
market, contributing 20% of total HIV growth in Q2.

 

RI&I

1,135

18

19

2,025

15

17

Growth
driven by Nucala and
Exdensur in respiratory and
Benlysta in
immunology.

 

Nucala

610

22

23

1,094

16

18

Strong
demand across all regions and indications, enhanced by COPD
launches including the US in Q2 2025. US grew double digit in the
quarter and YTD with volume growth more than offsetting continued
unfavourable pricing pressures. In Q2, US channel mix pricing
adjustments positively impacted total growth in the quarter by 12
ppts and YTD by 6 ppts.

 

Exdensur

18

–

–

29

–

–

Early
commercial introductions across all launched markets, with new
patient starts increasing in Q2 in key growth markets US, Japan and
Germany.

 

Benlysta

498

10

11

882

9

12

Strong
volume growth in Q2 and YTD, with bio-penetration rates having
increased across many markets.

 

 

 

 

 

Q2 2026

Year to date

Key
Drivers

 

£m

AER%

CER%

£m

AER%

CER%

 

Oncology

569

18

17

1,081

20

22

Increasing patient
demand for Jemperli,
Ojjaara/Omjjara and Blenrep, partially offset by a decrease
in Zejula.

 

Jemperli

248

27

27

480

30

33

Continued strong
growth in Q2 and YTD across all regions. US continued to grow
double-digit, which reduced in Q2 as new patient starts moderated.
Strong growth continued in Europe and International driven by
launches and reimbursement expansion across markets.

 

Ojjaara/Omjjara

187

36

36

331

32

35

Higher
patient uptake across the regions and from continued commercial
launches across Europe and International markets. US volume growth
in Q2 and YTD was partly offset by continuing pricing
pressures.

 

Zejula

101

(33)

(34)

215

(24)

(23)

US
continues to decline with volume impacted by the FDA label update
and new prior authorisation insurance requirements, with Q2 further
impacted by unfavourable channel mix and returns adjustments.
Europe declined due to increased competition.

 

Blenrep

36

>100

>100

59

>100

>100

US
sales driven by patient uptake in both community and academic
settings. Continued geographic expansion with regulatory approval
and launches across Europe and International markets, including in
Germany, Japan and Brazil.

 

 

 

 

 

Q2 2026

Year to date

Key
Drivers

 

£m

AER%

CER%

£m

AER%

CER%

 

Vaccines Total

2,284

9

8

4,433

6

6

         
     Strong Q2 driven by growth in
Arexvy, Meningitis vaccines and Shingrix.
Growth in Q2 benefitted 3ppts from prior period rebate
adjustments.

Shingrix

888

4

3

1,914

11

12

Q2
growth was driven by demand in Europe, partly offset by lower sales
in International. US sales were broadly stable with lower demand
and channel inventory utilisation offset by favourable pricing
including prior period rebate adjustments   which added
3ppts to Shingrix Q2
growth.

 

The
cumulative immunisation rate in the US reached 45%, up 3ppts
compared to 12 months earlier(1). The majority of
ex-US Shingrix opportunity
is in 10 markets where the average immunisation rate is around 12%,
with significantly higher uptake in funded cohorts.

 

Meningitis

462

22

21

797

9

9

Q2
growth was delivered primarily by Bexsero with outbreak-related demand in
International and Europe. Other Meningitis vaccines benefitted from
Q2 tender deliveries in International and Penmenvy continued post launch uptake
in the US.

 

Arexvy

192

>100

>100

257

78

75

Strong
growth in Q2 was the result of Australian tender deliveries and
prior period rebate adjustments in the US. YTD growth also
benefitted from expanded funding and uptake in Europe.

 

Other
Paediatric &

Adult
Vaccines

731

(7)

(8)

1,444

(9)

(8)

Decrease in growth
due to competitive pressure for Other Vaccines, particularly
Synflorix in International
and prior year CDC stockpile replenishment for Infanrix/Pediarix in the US, partly offset by
favourable CDC stockpile movements and pricing for Boostrix in the US in
2026.

 

 

 

 

(1)
Based on data from IQVIA up until the end of Q1 2026

 

 

Q2 2026

Year to date

Key
Drivers

 

£m

AER%

CER%

£m

AER%

CER%

 

General Medicines Total

2,343

(9)

(9)

4,597

(9)

(7)

Decreases in
Trelegy,
other Respiratory
and Other General Medicines products.

 

Respiratory

1,679

(10)

(10)

3,273

(9)

(7)

Trelegy decreases driven by US Medicare
benefit design changes, and continued pricing pressures including
the impact of channel mix pricing adjustments. Decreases in other
respiratory products due to continued competitive pressures and
generic erosion.

 

Trelegy

775

(7)

(7)

1,421

(6)

(3)

US
declined in Q2 and YTD with volumes adversely impacted by Medicare
benefit design changes and continued unfavourable pricing pressures
as well as channel mix pricing adjustments impacting growth in Q2
by 5 ppts and YTD by 4 ppts. Strong volume growth in Europe and
International was driven by patient demand, SITT class growth and
increased market share.

 

Other
General Medicines

664

(5)

(4)

1,324

(10)

(8)

Decrease in growth
driven by continued competitive pressures and generic competition
across the portfolio and a reduction in contract manufacturing
sales.

 

 

 

By Region

 

 

 

 

 

 

 

 

 

 

Q2 2026

Year to date

Key
Drivers

 

£m

AER%

CER%

£m

AER%

CER%

 

US

4,308

5

5

8,045

2

6

Specialty
Medicines: Q2 +15%, YTD +16%

Growth
driven largely by patient demand in HIV, Oncology, Benlysta and Nucala.

 

Vaccines: Q2 +9%,
YTD +3%

Growth
driven by favourable CDC stockpile movements and pricing for
Boostrix and prior period
RAR adjustments for Arexvy.

 

General
Medicines: Q2 -17%, YTD -12%

Trelegy declines from sales volume
impacts and unfavourable pricing pressures and adjustments.
Decreases continued across the other respiratory and Other General
Medicine portfolios from ongoing competitive and pricing
pressures.

Europe

2,042

11

8

4,125

15

11

Specialty
Medicines: Q2 +9%, YTD +9%

Growth
driven by Oncology, Nucala,
Benlysta and
HIV.

 

Vaccines: Q2 +13%,
YTD +22%

Growth
driven by Shingrix demand
in the Nordics and Austria, with significant increased demand
across Europe YTD. Bexsero
also grew due to Meningitis B outbreak related demand in the
UK.

 

General
Medicines: Q2 stable, YTD -1%

Broadly
stable. Growth in Trelegy
and Anoro offset by
decreases in other respiratory products.

International

2,059

1

2

3,868

(4)

(2)

Specialty
Medicines: Q2 +11%, YTD +13%

Growth
driven by Oncology, Nucala
and Benlysta.

 

Vaccines: Q2 +3%,
YTD -7%

Q2
growth in Arexvy from
Australian tender deliveries and Bexsero demand related to outbreaks in
Vietnam partly offset by lower sales of Shingrix and competitive pressure for
Other Vaccines, particularly Synflorix. YTD sales include the impact
of lower Q1 Synflorix and
Shingrix
sales.

 

General
Medicines: Q2 -2%, YTD -6%

Growth
in Trelegy and Anoro more than offset by decreases
across other respiratory and Other General Medicine products, which
included reductions in contract manufacturing income.

 

 

Financial Performance – Core results

 

Core
operating profit growth in Q2 2026 and YTD primarily reflected
higher turnover, favourable product and regional mix, and
favourable net legal settlements and expenses in Q1 2026 partially
offset by increased investment in R&D and new asset launches,
as well as lower royalty income in the quarter.

The
increase in Core EPS in Q2 2026 primarily reflected the growth in
Core operating profit, the share buyback, a lower effective tax
rate and lower net finance expenses, partly offset by higher NCIs.
YTD Core EPS growth compared to operating profit growth was lower
than the quarter principally due to higher net finance costs and a
broadly flat effective tax rate.

 

 

 

 

 

 

 

 

Core Results

Q2 2026

Year to date

 

£m

%
AER

%
CER

£m

%
AER

%
CER

Turnover

8,409

5

5

16,038

3

5

Cost of
sales

(1,898)

(4)

(6)

(3,599)

(3)

(3)

% of sales

22.6%

(2.3)

(2.5)

22.4%

(1.5)

(1.8)

Selling,
general and administration

(2,194)

5

5

(4,174)

1

1

% of sales

26.1%

(0.1)

–

26.0%

(0.8)

(0.9)

Research
and development

(1,721)

13

13

(3,214)

11

12

% of sales

20.5%

1.4

1.4

20.0%

1.3

1.3

Royalty
income

204

(17)

(17)

399

(6)

(7)

Core operating profit

2,800

6

7

5,450

6

8

% of sales

33.3%

0.4

0.6

34.0%

0.7

1.2

Core
net finance expense

(121)

(3)

(2)

(264)

17

19

Share
of after tax profit/(loss) of associates and joint
ventures

(3)

 

 

(7)

 

 

 

 

 

 

 

 

 

Core profit before taxation

2,676

7

7

5,179

5

8

Taxation

(457)

4

4

(915)

5

8

Tax rate %

17.1%

 

 

17.7%

 

 

Core profit after taxation

2,219

7

8

4,264

5

8

Core
profit attributable to non-controlling interests

191

9

10

364

8

11

Core
profit attributable to shareholders

2,028

 

 

3,900

 

 

 

2,219

7

8

4,264

5

8

Core
Earnings per share

50.5p

9

9

97.1p

6

9

Financial
Performance – Q2 2026 results unless otherwise stated, growth
% and commentary at CER. See page 8 for Total results financial
performance commentary. In YTD, the adverse currency impact on AER
versus CER primarily reflected the strengthening of Sterling
against the USD. See page 9 for further details. Reconciliations
between Total results and Core results Q2 2026, Q2 2025, H1 2026
and H1 2025 are set out on pages 16 and 18

 

Core
cost of sales as a percentage of sales decreased in Q2 2026 and YTD
primarily due to favourable product and regional mix driven by
higher specialty sales and the growth of higher margin Vaccines
products, particularly Shingrix in Europe, as well as a
favourable comparator due to supply chain optimisation charges
incurred in Q2 2025.

Core
SG&A increased in Q2 2026 and YTD primarily due to disciplined
investment to support launches for new assets including
Blenrep and Exdensur as well as a low comparator
due to phasing of spend between quarters in Q2 2025. This was
partly offset by ongoing productivity initiatives. The YTD also has
net favourability on legal settlements and expenses equivalent to
around 2ppts impact.

Core
R&D investment increased in Q2 2026 and YTD reflecting
progression across the portfolio. In Oncology, this included
acceleration in work on ADCs Ris-Rez and Mo-Rez, and velzatinib. In
Specialty Medicines, increased investment was driven by
efimosfermin acquired in Q3 2025, depemokimab COPD indication and
all indications of the anti-TSLP monoclonal antibody. Growth was
partly offset by lower spend on bepirovirsen which was filed in Q1
2026. Investment also increased on clinical trial programmes
associated with mRNA seasonal flu vaccines.

Core
royalty income decreased in the quarter and YTD primarily due to Q2
2025 including historic royalties recognised in association with
the settlement of an IP dispute, partly offset by higher
Kesimpta(1)
royalties.

Core
net finance expense decreased in Q2 mainly due to a net favourable
variance on hedging activities after a negative impact in Q1 2026.
Excluding this, core net finance expense increased in Q2 2026 and
YTD primarily due to higher net interest on higher net debt
following Zantac settlement
payments, the share buyback and acquisitions.

The
effective tax rate on Core profits was broadly in line with
expectations for the year.

Core
NCIs in Q2 and YTD were higher primarily due to higher core profit
allocations from ViiV Healthcare.

 

 

 

(1)
Kesimpta is manufactured by and a trademark of Novartis
AG

 

 

Financial performance – Total results

 

 

Total
operating profit decreased in the quarter primarily due to higher
impairments and higher CCL charges, partly offset by higher Core
operating profit, higher other net operating income and lower
NCIs.

Total
EPS decreased in Q2 2026 and YTD primarily due to lower Total
operating profit driven by higher impairments in the quarter,
partly offset by the share buyback, a lower effective tax rate and
lower NCIs, as well as lower net finance expenses in
Q2.

 

 

 

 

 

 

 

 

Total Results

Q2 2026

Year to date

 

£m

%
AER

%
CER

£m

%
AER

%
CER

 

 

 

 

 

 

 

Turnover

8,409

5

5

16,038

3

5

Cost of
sales

(2,266)

5

3

(4,141)

1

1

% of sales

26.9%

(0.2)

(0.5)

25.8%

(0.6)

(1.1)

Selling,
general and administration

(2,202)

3

3

(4,321)

3

3

% of sales

26.2%

(0.6)

(0.5)

26.9%

(0.2)

(0.4)

Research
and development

(3,466)

71

71

(5,158)

48

49

% of sales

41.2%

15.9

15.9

32.2%

9.7

9.5

Royalty
income

204

(17)

(17)

399

(6)

(7)

Other
operating income/(expense)

(198)

>100

>100

(43)

>100

>100

Operating profit

481

(76)

(75)

2,774

(35)

(31)

% of sales

5.7%

(19.6)

(19.3)

17.3%

(10.0)

(9.3)

Net
finance expense

(124)

(7)

(7)

(269)

11

13

Share
of after tax profit/(loss) of associates and joint
ventures

(3)

 

 

(7)

 

 

Profit before taxation

354

(81)

(80)

2,498

(37)

(34)

Taxation

199

>(100)

>(100)

(106)

(82)

(77)

Tax rate %

(56.2%)

 

 

4.2%

 

 

Profit after taxation

553

(66)

(65)

2,392

(30)

(26)

Profit
attributable to non-controlling interests

118

(42)

(41)

220

(37)

(35)

Profit
attributable to shareholders

435

 

 

2,172

 

 

 

553

(66)

(65)

2,392

(30)

(26)

Earnings
per share

10.8p

(69)

(69)

54.1p

(28)

(24)

Financial
Performance – Q2 2026 results unless otherwise stated, growth
% and commentary at CER. See page 7 for Core results financial
performance commentary.

In Q2
2026, the adverse currency impact on AER versus CER primarily
reflected the strengthening of Sterling against the USD. See page 9
for further details. Reconciliations between Total results and Core
results Q2 2026, Q2 2025, H1 2026 and H1 2025 are set out on pages
16 and 18.

 

 

Total
cost of sales as a percentage of sales decreased in the quarter and
YTD primarily driven by Core cost of sales benefits, partly offset
by impairments in the quarter.

Total
SG&A as a percentage of sales decreased in the quarter and YTD
primarily due to Core SG&A benefits, partly offset in the YTD
by amounts reclassified from the foreign currency translation
reserve to the income statement upon the liquidation of a
subsidiary, and acquisition and integration costs related to RAPT
Therapeutics (“RAPT”).

Total
R&D growth in Q2 2026 and YTD was driven by higher impairments
in the quarter for camlipixant (£1,334 million) and the
termination of assets related to the collaboration with Alector
(£371 million), related to the outcomes of clinical trials.
See page 17 for more details. In addition there was an increase in
Core R&D investment.

Total
royalty income decreased in the quarter and YTD driven by Core
royalties.

Other
operating income/(expense) in Q2 2026 included a charge of
£486 million (Q2 2025: £89 million credit) arising from
the remeasurement of CCLs, partly offset by net income of £288
million (Q2 2025: £31 million) primarily related to the
divestment of linerixibat. Other operating income/(expense) YTD
included a charge of £751 million (YTD 2025: £87 million
credit) principally arising from the remeasurement of CCLs, partly
offset by net income of £708 million (YTD 2025: £22
million) primarily related to profit on the sale of the Rockville
manufacturing facility to Samsung Biologics, and the divestment of
linerixibat. See pages 17 and 19 for further details.

Net
finance costs decreased in the quarter and increased in YTD mainly
due to movements in Core net finance expenses.

The
effective tax rate on Total results reflected the different tax
effects of the various Adjusting items included in Total results.
Issues related to taxation are described in Note 14,
‘Taxation’ in the Annual Report 2025. 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
decrease in Total NCIs in Q2 and YTD was primarily driven by
remeasurement charges on the Shionogi-ViiV CCL compared to credits
in prior periods, partly offset by higher core profit allocations
from ViiV Healthcare.

 

 

Exchange rates and impact on results

 

GSK
operates in many countries and earns revenues and incurs costs in
many currencies. The results of the Group, as reported in Sterling,
are affected by movements in exchange rates between Sterling and
other currencies. Average exchange rates, as modified by specific
transaction rates for large transactions, prevailing during the
period, are used to translate the results and cash flows of
overseas subsidiaries, associates and joint ventures into Sterling.
Period-end rates are used to translate the net assets of those
entities. The currencies which most influenced these translations
and the relevant exchange rates were:

 

 

Q2 2026

Q2
2025

H1 2026

H1
2025

2025

 

 

 

 

 

 

Average
rates:

 

 

 

 

 

 

 

US$/£

1.34

1.34

1.34

1.30

1.31

 

 

Euro/£

1.15

1.18

1.15

1.19

1.17

 

 

Yen/£

213

194

212

193

198

 

 

 

 

 

 

Period-end
rates:

 

 

 

 

 

 

 

US$/£

1.32

1.37

1.32

1.37

1.35

 

 

Euro/£

1.16

1.17

1.16

1.17

1.15

 

 

Yen/£

215

198

215

198

211

 

 

In Q2
2026 and YTD, the adverse currency impact primarily reflected the
strengthening of Sterling against the US Dollar, particularly in Q1
2026, as well as the Yen and emerging market currencies, partly
offset by strengthening of the Euro. Exchange losses on the
settlement of intercompany transactions had an adverse impact of
one percentage point on Total and Core EPS in the YTD, and minimal
impact in the quarter.

 

 

Cash generation

 

Cash flow

 

Q2 2026

£m

Q2
2025

£m

H1 2026

£m

H1
2025

£m

Cash
generated from operations (£m)

2,906

2,433

4,256

3,734

Total
net cash inflow/(outflow) from operating activities
(£m)

2,690

2,096

3,831

3,241

Free
cash inflow/(outflow)* (£m)

1,994

1,126

2,809

1,823

Free
cash flow growth (%)

77%

>100%

54%

>100%

Free
cash flow conversion* (%)

>100%

78%

>100%

59%

Total
net debt** (£m)

15,132

13,735

15,132

13,735

* 
Free cash flow and free cash flow conversion are defined on page
50. Free cash flow is analysed on page 34.

 

**
Total net debt is defined on page 51. Net debt is analysed on page
34.

 

 

 

Q2 2026

 

Cash
generated from operations for the quarter was £2,906 million
(Q2 2025: £2,433 million). The increase primarily
reflected higher Core operating profit, favourable timing and
movements on trade receivables and payables, partly offset by
inventory build to support new product launches and adverse timing
and movements on returns and rebates.

Total
contingent consideration cash payments in the quarter were
£378 million (Q2 2025: £333 million).
£374 million (Q2 2025: £330 million) of these
were recognised in cash flows from operating activities, including
cash payments made to Shionogi & Co. Ltd (“Shionogi”) of
£348 million (Q2 2025:
£319 million).

Free
cash inflow was £1,994 million for the quarter (Q2 2025:
£1,126 million). The increase was primarily driven by
higher cash generated from operations, proceeds from the divestment
of linerixibat and lower tax payments.

 

 

H1 2026

 

Cash
generated from operating activities was £4,256 million (H1
2025: £3,734 million). The increase reflected higher Core
operating profit, favourable timing and movements on trade
receivables and the final cash settlement from CureVac, partly
offset by exchange and adverse timing and movements on returns and
rebates.

Total
contingent consideration cash payments in H1 2026 were
£757 million (H1 2025: £674 million).
£749 million (H1 2025: £668 million) of these
were recognised in cash flows from operating activities, including
cash payments made to Shionogi & Co. Ltd of
£710 million (H1 2025:
£650 million).

Free
cash inflow was £2,809 million for H1 2026 (H1 2025:
£1,823 million). The increase was driven by higher cash
generated from operations, higher proceeds from the sale of
intangible assets, including the divestment of linerixibat, and the
special dividend of $250 million (£187 million) related to the
ViiV shareholding restructure.

 

 

Total Net debt

 

At 30
June 2026, net debt was £15,132 million, compared with
£14,453 million at 31 December 2025, comprising gross debt of
£18,238 million and cash and liquid investments of £3,106
million. See net debt information on page 34.

Net
debt increased by £679 million primarily due to net
acquisition costs of £2,083 million related to RAPT
Therapeutics and 35Pharma Inc., dividends paid to shareholders of
£1,370 million, shares purchased as part of the share buyback
programme (completed in June 2026) of £634 million and an
exchange loss on net debt of £76 million. This was partly
offset by primarily the free cash inflow of £2,809 million and
£398 million related to the disposal of the Rockville site
including proceeds and a reduction in lease
liabilities.

At 30
June 2026, GSK had short-term borrowings (including overdrafts and
lease liabilities) repayable within 12 months of £4,291
million and £2,058 million repayable in the subsequent
year.

 

 

Contents

 

 

 

Page

Q2 2026
pipeline highlights

12

Responsible
business

13

Total
and Core results

14

Income
statement

20

Statement
of comprehensive income

21

Balance
sheet

22

Statement
of changes in equity

23

Cash
flow statement

24

Sales
tables

25

Segment
information

28

Legal
matters

29

Returns
to shareholders

30

Additional
information

31

R&D
commentary

41

Principal
risk and uncertainties

48

Reporting
definitions

50

Guidance
and outlooks, assumptions and cautionary statements

52

Directors’
responsibility statement

54

Independent
Auditor’s review report to GSK plc

55

Glossary
of terms

57

 

 

Contacts

 

GSK plc
(LSE/NYSE:GSK) is a global biopharma company with a purpose to
unite science, technology, and talent to get ahead of disease
together. Find out more at www.gsk.com.

 

 

GSK enquiries:

 

 

 

Media

Tim
Foley

+44 (0)
7780 494750

(London)

 

Kathleen
Quinn

+1 202
603 5003

(Washington)

 

 

 

 

Investor
Relations

Constantin
Fest

+44 (0)
7831 826525

(London)

 

James
Dodwell

+44 (0)
7881 269066

(London)

 

Mick
Readey

+44 (0)
7990 339653

(London)

 

Steph
Mountifield

+44 (0)
7796 707505

(London)

 

Sam
Piper

+44 (0)
7824 525779

(London)

 

Jeff
McLaughlin

+1 215
751 7002

(Philadelphia)

 

Frannie
DeFranco

+1 215
751 3126

(Philadelphia)

 

 

 

 

Registered in England & Wales:

No.
3888792

 

Registered Office:

79 New
Oxford Street

London,

WC1A
1DG

 

Q2 2026 pipeline highlights (since 29 April 2026)

 

 

Medicine/vaccine

Trial (indication, presentation)

Event

Regulatory approvals or other regulatory actions

Nucala

Hypereosinophilic
Syndrome

Regulatory
approval (CN)

Jideytro

Non-small
cell lung cancer (pre-treated)

Regulatory
approval (US)

Arexvy

RSV,
adults aged 18-49 years at increased risk

Regulatory
approval (JP)

Arexvy

RSV,
adults aged 18+ immunocompromised

Regulatory
approval (JP)

Utebzi

PIVOT-PO
(complicated urinary tract infections)

Regulatory
approval (US)

Regulatory submissions or acceptances

Bexsero

Meningococcal
B booster (10+ years of age)

Regulatory
acceptance (EU)

Phase III data readouts or other significant events

camlipixant*

CALM-1/2
(refractory chronic cough)

Phase
III data readout

efimosfermin

ZENITH-1
and ZENITH-2 (metabolic dysfunction-associated
steatohepatitis)

Breakthrough
Designation (CN)

Jemperli

AZUR-1
(rectal cancer)

Positive
phase II (pivotal) data readout

momelotinib

VEXAS
syndrome

Orphan
Drug Designation (EU, US)

*camlipixant
demonstrated limited efficacy in the CALM-1 and CALM-2 pivotal
trials, and, based on the aggregate data, GSK has decided not to
progress further development in chronic cough (disclosed 17 July
2026)

 

Anticipated pipeline milestones

 

 

 

 

Timing

Medicine/vaccine

Trial (indication, presentation)

Event

H2 2026

Exdensur

OCEAN
(eosinophilic granulomatosis with polyangiitis)

Phase
III data readout

Ventolin

Low
carbon MDI (asthma)

Regulatory
submission (EU)

Blenrep

DREAMM-8
(2L + multiple myeloma)

Regulatory
submission (CN)

Jemperli

AZUR-1
(rectal cancer)

Regulatory
submission (US)

Jemperli

AZUR-1
(rectal cancer)

Regulatory
decision (US)

neladalkib

Non-small
cell lung cancer (pre-treated)

Regulatory
decision (US)

cabotegravir

3x a
year prevention (HIV)

Phase
IIb (pivotal) data readout

cabotegravir

3x a
year prevention (HIV)

Regulatory
submission (US)

Arexvy

RSV,
adults aged 18+ immunocompromised

Regulatory
decision (US)

bepirovirsen

B-WELL
1/2 (hepatitis B virus)

Regulatory
decision (US, JP)

Bexsero

Meningococcal
B (infants)

Regulatory
submission (US)

H1 2027

Exdensur

OCEAN
(eosinophilic granulomatosis with polyangiitis)

Regulatory
submission (US, EU, CN, JP)

Ventolin

Low
carbon MDI (asthma)

Regulatory
decision (EU)

Ventolin

Low
carbon MDI (asthma)

Regulatory
submission (US)

Jemperli

AZUR-1
(rectal cancer)

Regulatory
submission (JP)

Jideytro

Non-small
cell lung cancer (treatment naïve)

Regulatory
submission (US)

cabotegravir

3x a
year prevention (HIV)

Regulatory
decision (US)

Arexvy

RSV,
adults aged 60+

Regulatory
decision (CN)

bepirovirsen

B-WELL
1/2 (chronic hepatitis B)

Regulatory
decision (EU, CN)

H2 2027

Exdensur

OCEAN
(eosinophilic granulomatosis with polyangiitis)

Regulatory
decision (US, JP)

Jemperli

AZUR-1
(rectal cancer)

Regulatory
submission (EU, CN)

Jemperli

AZUR-1
(rectal cancer)

Regulatory
decision (EU)

zidesamtinib

Non-small
cell lung cancer (treatment naïve)

Regulatory
decision (US)

cabotegravir
+ rilpivirine

CUATRO,
3x a year treatment (HIV)

Phase
III data readout

Arexvy

RSV,
adults aged 18-59

Regulatory
submission (CN)

Bexsero

Meningococcal
B (infants)

Regulatory
decision (US)

 

 

Refer
to pages 41 to 47 for further details on several key medicines and
vaccines in development by therapy area.

 

 

Progress on areas for responsible business

 

 

Being a
responsible business is a fundamental part of GSK’s strategy
and supports long-term performance. Annual progress against
GSK’s responsible business priorities is detailed in the
Annual(1)
and Responsible
Business(2) Reports with
incremental updates shared each quarter. Highlights below include
activity since Q1 2026 results.

 

 

Access

●

In
April, GSK and Medicines for Malaria Venture (MMV) announced(3) the world’s
first rollout of paediatric tafenoquine in Brazil – followed by
Thailand in May – providing children with relapsing P. Vivax malaria access to this single
dose treatment to help prevent relapse and support elimination
efforts.

 

Global health and health security

●

Malaria
remains one of the leading causes of death among children under
five in sub-Saharan Africa. In May, results published(4) in The Lancet from the World Health
Organization’s Malaria Vaccine Implementation Programme
(MVIP), provided real-world evidence that the RTS,S malaria
vaccine, developed by GSK, helped reduce child mortality over a
period of four years in Ghana, Kenya and Malawi, with an estimated
one in eight deaths averted among eligible children.

●

In
July, the GSK-developed novel M72/AS01E tuberculosis vaccine
candidate (licensed to Gates Medical Research Institute in 2020)
progressed(5) toward global
access with a new manufacturing agreement between the Gates MRI and
Serum Institute of India, pending successful Phase III trial
outcomes. The agreement also commits GSK, as the adjuvant
innovator, to a manufacturing partner for M72/ AS01E, and marks a
critical step toward ensuring that, if approved, the vaccine can be
produced at scale and made available to those who need it
most.

 

 

Environment

●

In May,
GSK was named a Supplier Engagement
Leader by the CDP(6), in addition to
maintaining A-list status for Climate Change and Water Security.
This recognises GSK’s work with suppliers to decarbonise its
value chain beyond its own operations, which protects supply chain
resilience and long-term ability to deliver medicines and
vaccines.

 

 

Responsible Business rating performance

 

Detailed
below is how GSK performs in key Responsible Business
ratings*.

 

 

 

External
benchmark

Current
score/ranking

Previous
score/ranking

 

Comments

Access
to Medicines Index

3.72

4.06

Second
in the Index, updated bi-annually, current results from November
2024. Scores range from 1 to 5, with 5 being the highest (best)
score

Antimicrobial
resistance benchmark

77%

84%

Led the
benchmark since its inception in 2018; Current ranking updated
March 2026

CDP
Climate Change

A

A

Updated
annually, current scores updated December 2025 (for supplier
engagement, May 2026)

CDP
Water Security

A

A

CDP
supplier engagement rating

Leader

Leader

Sustainalytics

Low
risk

Low
risk

2nd
percentile in pharma subindustry group. Current rating as at July
2026

ISS
Corporate Rating

B+

B+

Ranked
1st in our peer group. Last profile update May 2026

FTSE4Good

Member

Member

Member
since 2004, latest review in July 2026

*GSK’s
Responsible Business ratings are regularly reviewed to ensure the
external benchmarks listed remain high quality, appropriate and
relevant to investors. The outcome of these reviews may lead to
changes on which ratings are included in the table above –
last updated July 2026

 

 

 

(1)

 

https://www.gsk.com/en-gb/investors/financial-reports/annual-report-2025

 

(2)

 

https://www.gsk.com/media/di5bk40q/responsible-business-report.pdf

 

(3)

 

https://www.mmv.org/news-resources-search/first-children-receive-single-dose-medicine-relapsing-malaria-brazils

 

(4)

 

https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(26)00248-5/fulltext

 

(5)

 

https://www.gsk.com/en-gb/media/media-statements/gsk-developed-tb-vaccine-candidate-progresses-toward-global-access-with-new-manufacturing-agreement/

 

(6)

 

https://www.cdp.net/en/supply-chain/supplier-engagement-assessment#msdynmkt_trackingcontext=955c8f00-6738-45c4-a268-80b1609d0200

 

 

Total and Core results

 

 

Total
reported results represent the Group’s overall
performance.

GSK
uses a number of non-IFRS measures to report the performance of its
business. Core results and other non-IFRS measures may be
considered in addition to, but not as a substitute for, or superior
to, information presented in accordance with IFRS. Core results are
defined below and other non-IFRS measures are defined on pages 50
and 51.

GSK
believes that Core results, when considered together with Total
results, provide investors, analysts and other stakeholders with
helpful complementary information to understand better the
financial performance and position of the Group from period to
period, and allow the Group’s performance to be more easily
compared against the majority of its peer companies. These measures
are also used by management for planning and reporting purposes.
They may not be directly comparable with similarly described
measures used by other companies.

GSK
encourages investors and analysts not to rely on any single
financial measure but to review GSK’s quarterly results
announcements, including the financial statements and notes, in
their entirety.

GSK is
committed to continuously improving its financial reporting, in
line with evolving regulatory requirements and best practice. In
line with this practice, GSK expects to continue to review and
refine its reporting framework.

Core
results exclude the following items in relation to our operations
from Total results, together with the tax effects of all of these
items:

 

●

amortisation
of intangible assets (excluding computer software and capitalised
development costs) to reflect the Group’s performance excluding the
effect of acquisitions

●

impairment
of intangible assets (excluding computer software) and goodwill to
reflect the Group’s performance excluding the effect of
acquisitions

●

major
restructuring and integration costs, which are:

–

cash
and non-cash costs such as impairment of tangible assets and
computer software of Major restructuring programmes, which are
specific Board-approved programmes that are structural and of
significant scale, where the costs of individual or related
projects within such programmes exceed £25 million;
or

–

costs
that relate to restructuring and integration following a
significant acquisition.

 

Costs
for other ordinary course, smaller-scale restructuring and
integration are retained within both Total and Core
results

●

transaction-related
accounting or other adjustments related to significant
acquisitions

●

proceeds
and costs of disposal of associates, products and businesses;
significant settlement income; Significant legal charges (net of
insurance recoveries) and expenses on the settlement of litigation
and government investigations; other operating income other than
royalty income, and other items including amounts reclassified from
the foreign currency translation reserve to the income statement
upon the liquidation of a subsidiary where the amount exceeds
£25 million

 

As
Core results include the benefits of Major restructuring programmes
but exclude significant costs (such as Significant legal charges
and expenses, major restructuring costs and transaction items) they
should not be regarded as a complete picture of the Group’s
financial performance, which is presented in Total results. The
exclusion of other Adjusting items may result in Core earnings
being materially higher or lower than Total earnings. In
particular, when significant impairments, restructuring charges and
legal costs are excluded, Core earnings will be higher than Total
earnings.

GSK has
undertaken a number of Major restructuring programmes in response
to significant changes in the Group’s trading environment or
overall strategy or following material acquisitions. Within the
Pharmaceuticals sector, the highly regulated manufacturing
operations and supply chains and long lifecycle of the business
mean that restructuring programmes, particularly those that involve
the rationalisation or closure of manufacturing or R&D sites
are likely to take several years to complete. Costs, both cash and
non-cash, of these programmes are provided for as individual
elements are approved and meet the accounting recognition criteria.
As a result, charges may be incurred over a number of years
following the initiation of a Major restructuring
programme.

Significant
legal charges and expenses are those arising from the settlement of
litigation or government investigations that are not in the normal
course and materially larger than more regularly occurring
individual matters. They also include certain major legacy
matters.

Reconciliations
between Total and Core results, providing further information on
the key Adjusting items, are set out on pages 16 and
18.

GSK
provides earnings guidance to the investor community on the basis
of Core results. This is in line with peer companies and
expectations of the investor community, supporting easier
comparison of the Group’s performance with its peers. GSK is
not able to give guidance for Total results as it cannot reliably
forecast certain material elements of the Total results,
particularly the future fair value movements on contingent
consideration and put options that can and have given rise to
significant adjustments driven by external factors such as currency
and other movements in capital markets.

 

 

ViiV Healthcare

 

ViiV
Healthcare is a subsidiary of the Group and 100% of its operating
results (turnover, operating profit, profit after tax) are included
within the Group income statement.

On 19
January 2026, GSK reached agreement with Pfizer and Shionogi for
the 11.7% economic interest in ViiV Healthcare held by Pfizer to be
replaced with an investment by Shionogi. On 31 March 2026, the
transaction completed and Shionogi increased its economic interest
to 21.7% and GSK maintained its 78.3% economic interest. ViiV
Healthcare issued new shares to Shionogi for consideration of
$2.125 billion, and cancelled Pfizer’s holding in ViiV
Healthcare, returning $1.875 billion to Pfizer. GSK received a
special dividend of $0.250 billion (£187 million). Further, on
completion GSK extinguished the Pfizer put option liability through
retained earnings. The put option liability was £822 million
as at 31 December 2025 and was remeasured immediately prior to
completion, on the same methodology as at 31 December 2025, with
the £33 million change in the liability recognised as an
Adjusting item through other operating
income/(expense).

Earnings
for the year are allocated to the two shareholders of ViiV
Healthcare on the basis of their respective equity shareholdings
(GSK 78.3% and Shionogi 21.7%) and their entitlement to
preferential dividends, which are determined by the performance of
certain products attributable to each shareholder. As the relative
performance of these products changes over time, the proportion of
the overall earnings allocated to each shareholder also changes. In
particular, the increasing proportion of sales of dolutegravir and
cabotegravir-containing products has a favourable impact on the
proportion of the preferential dividends that is allocated to GSK.
Adjusting items are allocated to shareholders based on their equity
interests. GSK was entitled to approximately 83% of the Total
earnings and 83% of the Core earnings of ViiV Healthcare for
2025.

As
consideration for the acquisition of Shionogi’s interest in
the former Shionogi-ViiV Healthcare joint venture in 2012, Shionogi
received the 10% equity stake in ViiV Healthcare and ViiV
Healthcare also agreed to pay additional future cash consideration
to Shionogi, contingent on the future sales performance of the
products being developed by that joint venture, dolutegravir and
cabotegravir. Under IFRS 3 ‘Business combinations’, GSK
was required to provide for the estimated fair value of this
contingent consideration at the time of acquisition and is required
to update the liability to the latest estimate of fair value at
each subsequent period end. The liability for the contingent
consideration recognised in the balance sheet at the date of
acquisition was £659 million. Subsequent remeasurements are
reflected within other operating income/(expense) and within
Adjusting items in the income statement in each
period.

Cash
payments to settle the contingent consideration are made to
Shionogi by ViiV Healthcare each quarter, based on the actual sales
performance and other income of the relevant products in the
previous quarter. These payments reduce the balance sheet liability
and hence are not recorded in the income statement. The cash
payments made to Shionogi by ViiV Healthcare in the six months
ended 30 June 2026 were £710 million.

As the
liability is required to be recorded at the fair value of estimated
future payments, there is a significant timing difference between
the charges that are recorded in the Total income statement to
reflect movements in the fair value of the liability and the actual
cash payments made to settle the liability.

Further
explanation of the acquisition-related arrangements with ViiV
Healthcare are set out on pages 86 and 87 of the Annual Report
2025.

 

 

The
reconciliations between Total results and Core results for Q2 2026
and Q2 2025 are set out below.

 

Three months ended 30 June 2026

 

 

 

 

 

 

 

 

 

 

Total

results

£m

Intangible
asset

amort-

isation

£m

Intangible
asset

impair-

ment

£m

Major
restruc-

turing

and
integration

£m

Trans-

action-

related

£m

Divest-ments,
Significant

legal
and

other

items

£m

Core

results

£m

Turnover

8,409

 

 

 

 

 

8,409

Cost of
sales

(2,266)

169

190

4

 

5

(1,898)

Gross
profit

6,143

169

190

4

 

5

6,511

Selling,
general and administration

(2,202)

 

 

5

5

(2)

(2,194)

Research
and development

(3,466)

26

1,705

14

 

 

(1,721)

Royalty
income

204

 

 

 

 

 

204

Other
operating income/(expense)

(198)

 

 

 

486

(288)

–

Operating profit

481

195

1,895

23

491

(285)

2,800

Net
finance expense

(124)

 

 

 

 

3

(121)

Share
of after tax profit/(loss) of associates and joint
ventures

(3)

 

 

 

 

 

(3)

Profit before taxation

354

195

1,895

23

491

(282)

2,676

Taxation

199

(42)

(466)

(5)

(111)

(32)

(457)

Tax rate %

(56.2%)

 

 

 

 

 

17.1%

Profit after taxation

553

153

1,429

18

380

(314)

2,219

Profit
attributable to non-controlling interests

118

 

 

 

73

 

191

Profit/(loss)
attributable to shareholders

435

153

1,429

18

307

(314)

2,028

 

553

153

1,429

18

380

(314)

2,219

Earnings per share

10.8p

3.8p

35.7p

0.4p

7.6p

(7.8p)

50.5p

Weighted average
number of shares (millions)

4,014

 

 

 

 

 

4,014

 

 

Three months ended 30 June 2025

 

 

 

 

 

 

 

 

 

 

Total

results

£m

Intangible
asset

amort-

isation

£m

Intangible
asset

impair-

ment

£m

Major
restruc-

turing

and
integration

£m

Trans-

action-

related

£m

Divest-ments,
Significant

legal
and

other

items

£m

Core

results

£m

Turnover

7,986

 

 

 

 

 

7,986

Cost of
sales

(2,165)

173

 

 

 

6

(1,986)

Gross
profit

5,821

173

 

 

 

6

6,000

Selling,
general and administration

(2,140)

 

 

8

1

38

(2,093)

Research
and development

(2,024)

21

476

4

 

1

(1,522)

Royalty
income

246

 

 

 

 

 

246

Other
operating income/(expense)

120

 

 

1

(89)

(32)

–

Operating profit

2,023

194

476

13

(88)

13

2,631

Net
finance expense

(134)

 

 

 

 

9

(125)

Share
of after tax profit/(loss) of associates and joint
ventures

(2)

 

 

 

 

 

(2)

Profit before taxation

1,887

194

476

13

(88)

22

2,504

Taxation

(241)

(54)

(119)

(3)

(28)

6

(439)

Tax rate %

12.8%

 

 

 

 

 

17.5%

Profit after taxation

1,646

140

357

10

(116)

28

2,065

Profit
attributable to non-controlling interests

203

 

 

 

(28)

 

175

Profit/(loss)
attributable to shareholders

1,443

140

357

10

(88)

28

1,890

 

1,646

140

357

10

(116)

28

2,065

Earnings per share

35.5p

3.4p

8.8p

0.3p

(2.2p)

0.7p

46.5p

Weighted average
number of shares (millions)

4,063

 

 

 

 

 

4,063

 

Adjusting items Q2 2026

 

Intangible asset impairments

Impairments
of £1,895 million (Q2 2025: £476 million) were incurred
primarily relating to camlipixant (£1,334 million) following
GSK’s decision not to progress further development of camlipixant
in RCC, based on the aggregate data from the CALM-1 and CALM-2
phase III trials. The recoverable amount of camlipixant, based on
value in use for the IBS indication is £104 million, which is
the carrying value as at 30 June 2026.

 

In
addition, a full impairment of £371 million was recognised
following the termination of assets under the Alector
collaboration, driven by the outcome of clinical
trials.

 

Major restructuring and integration

Charges
of £23 million (Q2 2025: £13 million) were incurred
relating to ongoing projects categorised as Major restructuring
programmes and integration costs, analysed as follows:

 

 

Q2 2026

Q2
2025

 

Cash

£m

Non-

cash

£m

Total

£m

Cash

£m

Non-

cash

£m

Total

£m

 

 

 

 

 

 

 

Significant
acquisitions

22

–

22

7

–

7

Legacy
programmes

–

1

1

3

3

6

 

22

1

23

10

3

13

 

 

Integration
costs of significant acquisitions relate predominantly to
integration activities for RAPT acquired in Q1 2026, with smaller
incremental costs attributed to earlier acquisitions – Affinivax
Inc. (Affinivax) in Q3 2022, BELLUS Health Inc. (Bellus) in Q2
2023, and BP Asset IX in Q3 2025.

 

 

Transaction-related adjustments

 

Transaction-related
adjustments resulted in a net charge of £491 million (Q2 2025:
£88 million credit), the majority of which related to
charges/(credits) for the remeasurement of contingent consideration
liabilities.

 

 

 

 

Charge/(credit)

Q2 2026

£m

Q2
2025

£m

Contingent
consideration on former Shionogi-ViiV Healthcare joint venture
(including Shionogi preferential dividends)

392

(127)

ViiV
Healthcare put options and Pfizer preferential
dividends

–

(29)

Contingent
consideration on former Novartis Vaccines business

14

57

Contingent
consideration on acquisition of Affinivax

6

7

Other
contingent consideration

74

3

Other
adjustments

5

1

Total
transaction-related charges/(credits)

491

(88)

 

The
£392 million charge relating to the contingent consideration
for the former Shionogi-ViiV Healthcare joint venture represented
an increase in the valuation of the contingent consideration due to
Shionogi driven by updated sales forecasts and net other
remeasurements of £301 million and the unwind of the discount
for £91 million.

 

 

 

Divestments, Significant legal charges, and other
items

 

Divestments,
Significant legal charges, and other items included net other
operating income of £288 million (Q2 2025: £32 million)
primarily related to proceeds from the divestment of
linerixibat.

Legal
charges provide for all significant legal matters and are not
broken out separately by litigation or investigation.

 

The
reconciliations between Total results and Core results for H1 2026
and H1 2025 are set out below.

 

 

 

Six months ended 30 June 2026

 

 

 

 

 

 

 

 

 

 

Total

results

£m

Intangible
asset

amort-

isation

£m

Intangible
asset

impair-

ment

£m

Major
restruc-

turing

and
integration

£m

Trans-

action-

related

£m

Divest-ments,
Significant

legal
and

other

items

£m

Core

results

£m

Turnover

16,038

 

 

 

 

 

16,038

Cost of
sales

(4,141)

334

190

6

 

12

(3,599)

Gross
profit

11,897

334

190

6

 

12

12,439

Selling,
general and administration

(4,321)

 

 

25

19

103

(4,174)

Research
and development

(5,158)

51

1,877

16

 

 

(3,214)

Royalty
income

399

 

 

 

 

 

399

Other
operating income/(expense)

(43)

 

 

 

751

(708)

–

Operating profit

2,774

385

2,067

47

770

(593)

5,450

Net
finance expense

(269)

 

 

 

 

5

(264)

Share
of after tax profit/(loss) of associates and joint
ventures

(7)

 

 

 

 

 

(7)

Profit before taxation

2,498

385

2,067

47

770

(588)

5,179

Taxation

(106)

(83)

(495)

(10)

(201)

(20)

(915)

Tax rate %

4.2%

 

 

 

 

 

17.7%

Profit after taxation

2,392

302

1,572

37

569

(608)

4,264

Profit
attributable to non-controlling interests

220

 

 

 

144

 

364

Profit/(loss)
attributable to shareholders

2,172

302

1,572

37

425

(608)

3,900

 

2,392

302

1,572

37

569

(608)

4,264

Earnings per share

54.1p

7.5p

39.1p

0.9p

10.6p

(15.1p)

97.1p

Weighted average
number of shares (millions)

4,018

 

 

 

 

 

4,018

 

 

Six months ended 30 June 2025

 

 

 

 

 

 

 

 

 

Total

results

£m

Intangible
asset

amort-

isation

£m

Intangible
asset

impair-

ment

£m

Major
restruc-

turing

and
integration

£m

Trans-

action-

related

£m

Divest-ments,
Significant

legal
and

other

items

£m

Core

results

£m

Turnover

15,502

 

 

 

 

 

15,502

Cost of
sales

(4,102)

371

 

11

 

8

(3,712)

Gross
profit

11,400

371

 

11

 

8

11,790

Selling,
general and administration

(4,210)

 

 

16

9

32

(4,153)

Research
and development

(3,486)

42

540

5

 

 

(2,899)

Royalty
income

426

 

 

 

 

 

426

Other
operating income/(expense)

109

 

 

1

(87)

(23)

–

Operating profit

4,239

413

540

33

(78)

17

5,164

Net
finance expense

(242)

 

 

 

 

16

(226)

Share
of after tax profit/(loss) of associates and joint
ventures

(2)

 

 

 

 

 

(2)

Profit before taxation

3,995

413

540

33

(78)

33

4,936

Taxation

(577)

(105)

(135)

(8)

(58)

10

(873)

Tax rate %

14.4%

 

 

 

 

 

17.7%

Profit after taxation

3,418

308

405

25

(136)

43

4,063

Profit
attributable to non-controlling interests

351

 

 

 

(14)

 

337

Profit/(loss)
attributable to shareholders

3,067

308

405

25

(122)

43

3,726

 

3,418

308

405

25

(136)

43

4,063

Earnings per share

75.3p

7.6p

9.9p

0.6p

(3.0p)

1.0p

91.4p

Weighted average
number of shares (millions)

4,076

 

 

 

 

 

4,076

 

Adjusting items H1 2026

 

Intangible asset impairments

Impairments
of £2,067 million (H1 2025: £540 million) were incurred
primarily relating to camlipixant £1,334 million in Q2 2026
following GSK’s decision not to progress further development of
camlipixant in RCC, based on the aggregate data from the CALM-1 and
CALM-2 phase III trials.

In
addition, a full impairment of £371 million was recognised in
Q2 2026 following the termination of assets under the Alector
collaboration, driven by the outcome of clinical
trials.

 

Major restructuring and integration

Charges
of £47 million (H1 2025: £33 million) were incurred
relating to ongoing projects categorised as Major restructuring
programmes, analysed as follows:

 

 

H1 2026

H1
2025

 

Cash

£m

Non-

cash

£m

Total

£m

Cash

£m

Non-

cash

£m

Total

£m

 

 

 

 

 

 

 

Significant
acquisitions

44

–

44

8

–

8

Legacy
programmes

2

1

3

10

15

25

 

46

1

47

18

15

33

 

The
Significant acquisitions programme incurred cash charges of
£44 million primarily from integration activities for RAPT
acquired in Q1 2026, with smaller incremental costs attributed to
earlier acquisitions – Affinivax Inc. (Affinivax) in Q3 2022,
BELLUS Health Inc. (Bellus) in Q2 2023, and BP Asset IX in Q3
2025.

 

Transaction-related adjustments

Transaction-related
adjustments resulted in a net charge of £770 million (H1 2025:
£78 million net credit), the majority of which related to
charges/(credits) for the remeasurement of contingent consideration
liabilities.

 

 

 

 

Charge/(credit)

H1 2026

£m

H1
2025

£m

Contingent
consideration on former Shionogi-ViiV Healthcare joint venture
(including Shionogi preferential dividends)

680

(88)

ViiV
Healthcare put options and Pfizer preferential
dividends

(33)

(89)

Contingent
consideration on former Novartis Vaccines business

–

109

Contingent
consideration on acquisition of Affinivax

7

(26)

Other
contingent consideration

97

7

Other
adjustments

19

9

Total
transaction-related charges

770

(78)

 

The
£680 million charge relating to the contingent consideration
for the former Shionogi-ViiV Healthcare joint venture represented
an increase in the valuation of the contingent consideration due to
Shionogi, driven by updated sales forecasts and net other
remeasurements of £487 million and the unwind of the discount
for £193 million.

The
£33 million credit on the ViiV put option and Pfizer
preferential dividend relates to the remeasurement of the put
option with Pfizer. The agreement with Pfizer and Shionogi for the
11.7% economic interest in ViiV Healthcare held by Pfizer was
replaced with an investment by Shionogi completed on 31 March 2026
and as a result GSK extinguished the Pfizer put option liability
through retained earnings. An explanation of the accounting for the
non-controlling interests in ViiV Healthcare is set out on page
15.

 

Significant legal charges, Divestments, and other
items

Divestments,
Significant legal charges, and other items included net other
operating income of £708 million (YTD 2025: £23 million)
primarily related to profit on the sale of the Rockville
manufacturing facility, including £375m reclassified from the
foreign currency translation reserve to the income statement on
disposal of the related subsidiary, and proceeds from the
divestment of linerixibat. This was partly offset by amounts
reclassified from the foreign currency translation reserve to the
income statement upon the liquidation of subsidiaries.

 

Legal
charges provide for all significant legal matters and are not
broken out separately by litigation or investigation.

 

 

Financial information

 

 

Income statement

 

 

 

Q2 2026

£m

Q2
2025

£m

H1 2026

£m

H1
2025

£m

 

 

 

 

 

TURNOVER

8,409

7,986

16,038

15,502

 

 

 

 

 

Cost of
sales

(2,266)

(2,165)

(4,141)

(4,102)

Gross
profit

6,143

5,821

11,897

11,400

 

 

 

 

 

Selling,
general and administration

(2,202)

(2,140)

(4,321)

(4,210)

Research
and development

(3,466)

(2,024)

(5,158)

(3,486)

Royalty
income

204

246

399

426

Other
operating income/(expense)

(198)

120

(43)

109

 

 

 

 

 

OPERATING PROFIT

481

2,023

2,774

4,239

 

 

 

 

 

Finance
income

58

50

80

104

Finance
expense

(182)

(184)

(349)

(346)

Share
of after tax profit/(loss) of associates and joint
ventures

(3)

(2)

(7)

(2)

 

 

 

 

 

PROFIT BEFORE TAXATION

354

1,887

2,498

3,995

 

 

 

 

 

Taxation

199

(241)

(106)

(577)

Tax rate %

(56.2%)

12.8%

4.2%

14.4%

 

 

 

 

 

PROFIT AFTER TAXATION

553

1,646

2,392

3,418

Profit
attributable to non-controlling interests

118

203

220

351

Profit
attributable to shareholders

435

1,443

2,172

3,067

 

553

1,646

2,392

3,418

 

 

 

 

 

EARNINGS PER SHARE

10.8p

35.5p

54.1p

75.3p

Diluted
earnings per share

10.7p

35.1p

53.4p

74.4p

 

Statement of comprehensive income

 

 

Q2 2026

£m

Q2
2025

£m

H1 2026

£m

H1
2025

£m

 

 

 

 

 

Total
profit for the period

553

1,646

2,392

3,418

 

 

 

 

 

Items
that may be reclassified subsequently to income
statement:

 

 

 

 

Exchange movements
on overseas net assets and net investment hedges

(23)

129

(82)

267

Reclassification of
exchange movements on liquidation or disposal of overseas
subsidiaries and associates

–

(7)

(266)

(8)

Fair
value movements on cash flow hedges

7

(52)

38

(56)

Cost of
hedging

(4)

5

(3)

9

Reclassification
of cash flow hedges to income statement

(1)

53

(15)

48

Deferred
tax on fair value movements on cash flow hedges

–

–

(1)

–

 

(21)

128

(329)

260

 

 

 

 

 

Items that will not be reclassified to income
statement:

 

 

 

 

Exchange movements
on overseas net assets of non-controlling interests

(1)

(15)

3

(23)

Share
of the other comprehensive income of associates and joint
ventures

30

–

44

–

Fair
value movements on equity investments

(18)

87

(56)

(34)

Tax on
fair value movements on equity investments

(5)

(11)

(2)

(4)

Fair
value movements on cash flow hedges

4

–

4

–

Fair
value movements on fair value hedges

(17)

–

–

–

Remeasurement
gains/(losses) on defined benefit plans

284

18

367

74

Tax
(charge)/credit on remeasurement of defined benefit
plans

(68)

(2)

(89)

(16)

 

209

77

271

(3)

 

 

 

 

 

Other
comprehensive income/(expense) for the period

188

205

(58)

257

 

 

 

 

 

Total
comprehensive income for the period

741

1,851

2,334

3,675

 

 

 

 

 

Total
comprehensive income for the period attributable to:

 

 

 

 

 
Shareholders

624

1,663

2,111

3,347

 
Non-controlling interests

117

188

223

328

 

741

1,851

2,334

3,675

 

Balance sheet

 

 

30 June 2026

£m

31
December 2025

£m

ASSETS

 

 

Non-current assets

 

 

Property,
plant and equipment

9,358

9,322

Right
of use assets

674

726

Goodwill

7,381

7,018

Other
intangible assets

16,802

16,748

Investments
in associates and joint ventures

101

89

Other
investments

854

1,037

Deferred
tax assets

6,339

6,520

Derivative
financial instruments

17

–

Other
non-current assets

2,653

2,148

 

 

 

Total non-current assets

44,179

43,608

 

 

 

Current assets

 

 

Inventories

6,282

5,924

Current
tax recoverable

368

288

Trade
and other receivables

7,706

7,471

Derivative
financial instruments

92

121

Liquid
investments

1

9

Cash
and cash equivalents

3,105

3,397

Assets
held for sale

5

300

 

 

 

Total current assets

17,559

17,510

 

 

 

TOTAL ASSETS

61,738

61,118

 

 

 

LIABILITIES

 

 

Current liabilities

 

 

Short-term
borrowings

(4,291)

(3,012)

Contingent
consideration liabilities

(1,376)

(1,348)

Trade
and other payables

(14,342)

(15,381)

Derivative
financial instruments

(157)

(75)

Current
tax payable

(524)

(498)

Short-term
provisions

(844)

(938)

Liabilities
relating to assets held for sale

–

(139)

 

 

 

Total current liabilities

(21,534)

(21,391)

 

 

 

Non-current liabilities

 

 

Long-term
borrowings

(13,947)

(14,708)

Deferred
tax liabilities

(303)

(291)

Pensions
and other post-employment benefits

(1,618)

(1,687)

Derivative
financial instruments

(55)

(67)

Other
provisions

(610)

(610)

Contingent
consideration liabilities

(5,405)

(5,385)

Other
non-current liabilities

(1,089)

(1,023)

 

 

 

Total non-current liabilities

(23,027)

(23,771)

 

 

 

TOTAL LIABILITIES

(44,561)

(45,162)

 

 

 

NET ASSETS

17,177

15,956

 

 

 

EQUITY

 

 

Share
capital

1,349

1,349

Share
premium account

3,507

3,498

Retained
earnings

11,464

10,209

Other
reserves

1,325

1,321

 

 

 

Shareholders’ equity

17,645

16,377

 

 

 

Non-controlling
interests

(468)

(421)

 

 

 

TOTAL EQUITY

17,177

15,956

 

Statement of changes in equity

 

 

Share

capital

£m

Share

premium

£m

Retained

earnings

£m

Other

reserves

£m

Share-

holder’s

equity

£m

Non-

controlling

interests

£m

Total

equity

£m

 

 

 

 

 

 

 

 

At 1
January 2026

1,349

3,498

10,209

1,321

16,377

(421)

15,956

 

 

 

 

 

 

 

 

Profit
for the period

 

 

2,172

 

2,172

220

2,392

 
Other comprehensive income /(expense) for the period

 

 

(67)

6

(61)

3

(58)

 

 

 

 

 

 

 

 

Total
comprehensive income/(expense) for the period

 

 

2,105

6

2,111

223

2,334

 

 

 

 

 

 

 

 

Dividend
distributions to non-controlling interests

 

 

 

 

 

(272)

(272)

Derecognition of
liabilities with non-controlling interests

 

 

789

 

789

 

789

Contributions
from non-controlling interests

 

 

187

 

187

1,399

1,586

Other
distributions to non-controlling interests

 

 

 

 

 

(1,399)

(1,399)

Dividends
to shareholders

 

 

(1,370)

 

(1,370)

 

(1,370)

Realised after tax
profit/(losses) on disposal or liquidation of equity
investments

 

 

102

(102)

 

 

–

Share
of associates and joint ventures realised profit/(loss) on disposal
of equity investments

 

 

15

(15)

 

 

–

Shares
issued

 

9

 

 

9

 

9

Purchase
of treasury shares

 

 

(634)

 

(634)

 

(634)

Write-down
on shares held by ESOP Trusts

 

 

(119)

119

 

 

–

Share-based
incentive plans

 

 

180

 

180

 

180

Changes
to non-controlling interests

 

 

 

 

 

2

2

Hedging
gain/loss after taxation transferred to non-financial
assets

 

 

 

(4)

(4)

 

(4)

At 30 June 2026

1,349

3,507

11,464

1,325

17,645

(468)

17,177

 

 

 

Share

capital

£m

Share

premium

£m

Retained

earnings

£m

Other

reserves

£m

Share-

holder’s

equity

£m

Non-

controlling

interests

£m

Total

equity

£m

 

 

 

 

 

 

 

 

At 1
January 2025

1,348

3,473

7,796

1,054

13,671

(585)

13,086

 

 

 

 

 

 

 

 

Profit
for the period

 

 

3,067

 

3,067

351

3,418

 
Other comprehensive income /(expense) for the period

 

 

300

(20)

280

(23)

257

 

 

 

 

 

 

 

 

Total
comprehensive income/(expense) for the period

 

 

3,367

(20)

3,347

328

3,675

 

 

 

 

 

 

 

 

Dividend
distributions to non-controlling interests

 

 

 

 

 

(180)

(180)

Dividends
to shareholders

 

 

(1,268)

 

(1,268)

 

(1,268)

Realised after tax
profit/(losses) on disposal or liquidation of equity
investments

 

 

3

(3)

 

 

–

Share
of associates and joint ventures realised profit/(loss) on disposal
of equity investments

 

 

(1)

1

 

 

–

Shares
issued

1

13

 

 

14

 

14

Purchase
of treasury shares(*)

 

 

(1,155)

 

(1,155)

 

(1,155)

Write-down
of shares held by ESOP Trusts

 

 

(127)

127

 

 

–

Share-based
incentive plans

 

 

182

 

182

 

182

At 30
June 2025

1,349

3,486

8,797

1,159

14,791

(437)

14,354

 

(*)
Included shares committed to repurchase under irrevocable contracts
and repurchases subject to settlement at the end of the
period.

 

 

Cash flow statement six months ended 30 June 2026

 

 

 

H1 2026

£m

H1
2025

£m

 

 

 

Profit after tax

2,392

3,418

Tax on
profits

106

577

Share
of after tax loss/(profit) of associates and joint
ventures

7

2

Net
finance expense

269

242

Depreciation,
amortisation, impairments and other adjusting items

2,753

1,982

(Increase)/decrease
in working capital

(1,098)

(1,253)

Contingent
consideration paid

(749)

(668)

Increase/(decrease)
in other net liabilities (excluding contingent consideration
paid)

576

(566)

Cash generated from operations

4,256

3,734

Taxation
paid

(425)

(493)

Total net cash inflow/(outflow) from operating
activities

3,831

3,241

Cash flow from investing activities

 

 

Purchase
of property, plant and equipment

(549)

(464)

Proceeds
from sale of property, plant and equipment

30

6

Purchase
of intangible assets

(547)

(617)

Proceeds
from sale of intangible assets

355

76

Purchase
of equity investments

(25)

(45)

Proceeds
from sale of equity investments

164

18

Purchase
of businesses, net of cash acquired

(2,083)

(800)

Contingent
consideration paid

(8)

(6)

Disposal
of businesses

260

(29)

Interest
received

78

92

(Increase)/decrease
in liquid investments

9

–

Dividends
and distributions from joint ventures and associates

25

–

Dividend
and distributions from investments

36

–

Total net cash inflow/(outflow) from investing
activities

(2,255)

(1,769)

Cash flow from financing activities

 

 

Issue
of share capital

9

14

Repayment
of long-term loans

(865)

(1,409)

Issue
of long-term notes

–

1,983

Net
increase/(decrease) in short-term loans

1,466

637

Increase
in other short-term loans

9

102

Repayment
of other short-term loans

(60)

(269)

Repayment
of lease liabilities

(106)

(110)

Interest
paid

(343)

(325)

Dividends
paid to shareholders

(1,370)

(1,268)

Purchase
of treasury shares

(634)

(808)

Dividend
distributions to non-controlling interests

(252)

(180)

Other
distributions to non-controlling interest

(1,399)

–

Contributions
from non-controlling interests

1,588

–

Other
financing items

80

119

Total net cash inflow/(outflow) from financing
activities

(1,877)

(1,514)

Increase/(decrease) in cash and bank overdrafts in the
period

(301)

(42)

Cash
and bank overdrafts at beginning of the period

3,207

3,403

Adjustment
on initial application of amendments to IFRS 9 on 1 January
2026(1)

43

–

Cash
and bank overdrafts at beginning of the period, as
adjusted

3,250

3,403

Exchange
adjustments

(5)

(37)

Increase/(decrease)
in cash and bank overdrafts in the period

(301)

(42)

Cash and bank overdrafts at end of the period

2,944

3,324

Cash
and bank overdrafts at end of period comprise:

 

 

 
Cash and cash equivalents

3,105

3,599

 
Overdrafts

(161)

(275)

 

2,944

3,324

(1) For
further details see page 31

 

 

Sales tables

 

 

Specialty Medicines turnover – three months ended 30 June
2026

 

 

Total

US

Europe

International

 

£m

AER%

CER%

£m

AER%

CER%

£m

AER%

CER%

£m

AER%

CER%

HIV

2,078

11

10

1,459

13

14

407

7

4

212

–

(2)

Dolutegravir
products

1,441

4

3

907

4

5

342

5

3

192

(1)

(6)

Dovato

749

14

13

418

13

14

230

14

12

101

20

17

Juluca

170

8

8

139

9

9

28

–

–

3

–

–

Tivicay

318

(5)

(6)

196

–

1

55

(5)

(9)

67

(15)

(22)

Triumeq

204

(15)

(15)

154

(12)

(11)

29

(24)

(24)

21

(22)

(30)

Long
Acting Injectables

593

34

35

514

34

35

61

22

20

18

100

89

Apretude

140

39

39

134

33

34

2

–

–

4

–

–

Cabenuva

453

33

33

380

35

36

59

18

16

14

56

56

Other

44

(15)

(12)

38

3

(3)

4

(20)

(60)

2

(80)

(20)

Respiratory,
Immunology & Inflammation

1,135

18

19

772

22

23

170

10

8

193

11

13

Benlysta

498

10

11

411

10

11

38

19

16

49

4

6

Exdensur

18

–

–

10

–

–

1

–

–

7

–

–

Nucala

610

22

23

352

34

35

133

5

2

125

16

18

Other

9

(37)

(29)

(1)

(100)

–

(2)

59

59

12

(37)

(37)

Oncology

569

18

17

360

7

7

148

29

26

61

85

91

Blenrep

36

>100

>100

16

–

–

12

>100

>100

8

–

–

Jemperli

248

27

27

175

18

18

53

47

44

20

67

75

Ojjaara/Omjjara

187

36

36

127

20

21

37

54

54

23

>100

>100

Zejula

101

(33)

(34)

41

(49)

(49)

48

(16)

(18)

12

(8)

(8)

Other

(3)

40

40

1

–

(100)

(2)

67

50

(2)

(100)

–

Specialty Medicines

3,782

14

14

2,591

15

15

725

12

9

466

11

11

 

 

Specialty Medicines turnover – six months ended 30 June
2026

 

 

Total

US

Europe

International

 

£m

AER%

CER%

£m

AER%

CER%

£m

AER%

CER%

£m

AER%

CER%

HIV

3,902

9

10

2,679

11

14

806

7

3

417

(1)

(1)

Dolutegravir
products

2,736

2

3

1,676

2

6

682

5

2

378

(2)

(2)

Dovato

1,415

16

16

775

14

18

452

16

12

188

19

19

Juluca

316

–

2

253

1

4

58

(2)

(5)

5

(17)

–

Tivicay

629

(3)

(2)

374

1

5

112

(3)

(7)

143

(11)

(14)

Triumeq

376

(23)

(21)

274

(20)

(17)

60

(28)

(30)

42

(30)

(28)

Long
Acting Injectables

1,081

31

34

931

31

36

117

22

19

33

74

68

Apretude

260

37

41

251

34

38

2

–

–

7

>100

>100

Cabenuva

821

29

32

680

30

35

115

20

17

26

53

53

Other

85

(11)

(7)

72

3

7

7

(22)

(33)

6

(63)

(56)

Respiratory,
Immunology & Inflammation

2,025

15

17

1,306

15

19

346

14

9

373

13

17

Benlysta

882

9

12

713

9

12

75

19

14

94

3

8

Exdensur

29

–

–

19

–

–

2

–

–

8

–

–

Nucala

1,094

16

18

574

21

25

274

9

5

246

15

19

Other

20

32

45

–

–

–

(5)

54

54

25

(4)

4

Oncology

1,081

20

22

695

11

14

274

30

26

112

87

95

Blenrep

59

>100

>100

30

–

–

20

>100

>100

9

–

–

Jemperli

480

30

33

352

24

28

88

40

35

40

82

91

Ojjaara/Omjjara

331

32

35

221

11

14

73

92

87

37

>100

>100

Zejula

215

(24)

(23)

92

(36)

(34)

97

(14)

(17)

26

–

4

Other

(4)

43

43

–

–

–

(4)

43

29

–

–

–

Specialty Medicines 

7,008

12

14

4,680

12

16

1,426

12

9

902

11

13

 

 

Vaccines turnover – three months ended 30 June
2026

 

 

Total

US

Europe

International

 

£m

AER%

CER%

£m

AER%

CER%

£m

AER%

CER%

£m

AER%

CER%

Shingles

888

4

3

245

2

–

434

21

18

209

(17)

(14)

Shingrix

888

4

3

245

2

–

434

21

18

209

(17)

(14)

Meningitis

462

22

21

156

8

9

173

10

7

133

71

73

Bexsero

331

17

17

81

4

4

170

10

7

80

63

67

Menveo

98

7

8

64

(3)

(2)

2

–

–

32

33

33

Penmenvy

11

–

–

11

–

–

–

–

–

–

–

–

Other

22

>100

>100

–

–

–

1

–

–

21

>100

>100

RSV

192

>100

>100

65

86

89

30

67

67

97

>100

>100

Arexvy

192

>100

>100

65

86

89

30

67

67

97

>100

>100

Influenza

11

83

100

–

–

–

1

–

–

10

67

83

Fluarix, FluLaval

11

83

100

–

–

–

1

–

–

10

67

83

Other
Paediatric & Adult Vaccines

731

(7)

(8)

313

6

6

180

5

3

238

(26)

(27)

Boostrix

202

18

19

138

35

38

39

–

(5)

25

(17)

(17)

Hepatitis

153

(1)

(1)

71

(8)

(8)

48

(4)

(6)

34

26

26

Infanrix, Pediarix

109

(13)

(14)

55

(19)

(18)

32

19

15

22

(27)

(33)

Priorix, Priorix Tetra,Varilrix

73

(14)

(16)

10

–

10

29

–

3

34

(26)

(35)

Rotarix

126

(5)

(6)

35

21

17

29

7

4

62

(19)

(18)

Other

68

(43)

(45)

4

(60)

(90)

3

>100

>100

61

(45)

(45)

Vaccines

2,284

9

8

779

9

9

818

16

13

687

3

3

 

 

Vaccines turnover – six months ended 30 June
2026

 

 

Total

US

Europe

International

 

£m

AER%

CER%

£m

AER%

CER%

£m

AER%

CER%

£m

AER%

CER%

Shingles

1,914

11

12

634

3

7

895

38

33

385

(16)

(12)

Shingrix

1,914

11

12

634

3

7

895

38

33

385

(16)

(12)

Meningitis

797

9

9

261

(2)

2

329

12

7

207

23

26

Bexsero

594

11

11

137

(7)

(5)

324

12

8

133

40

45

Menveo

163

(10)

(8)

107

(9)

(6)

4

–

–

52

(12)

(14)

Penmenvy

17

–

–

17

–

–

–

–

–

–

–

–

Other

23

53

47

–

–

–

1

–

(100)

22

57

57

RSV

257

78

75

83

(8)

(4)

73

97

92

101

>100

>100

Arexvy

257

78

75

83

(8)

(4)

73

97

92

101

>100

>100

Influenza

21

>100

>100

4

>100

>100

1

100

100

16

45

55

Fluarix, FluLaval

21

>100

>100

4

>100

>100

1

100

100

16

45

55

Other
Paediatric & Adult Vaccines

1,444

(9)

(8)

612

(4)

(1)

377

12

8

455

(25)

(25)

Boostrix

340

6

7

213

12

16

76

3

(1)

51

(12)

(14)

Hepatitis

308

(5)

(4)

141

(17)

(14)

104

8

5

63

7

7

Infanrix, Pediarix

231

(14)

(13)

125

(17)

(13)

60

9

5

46

(29)

(28)

Priorix, Priorix Tetra, Varilrix

163

(10)

(10)

32

(3)

3

67

16

14

64

(29)

(30)

Rotarix

266

(3)

(2)

92

11

14

59

–

(3)

115

(13)

(11)

Other

136

(37)

(39)

9

(36)

(57)

11

>100

>100

116

(43)

(43)

Vaccines

4,433

6

6

1,594

(1)

3

1,675

27

22

1,164

(8)

(7)

 

 

General Medicines turnover – three months ended 30 June
2026

 

 

Total

US

Europe

International

 

£m

AER%

CER%

£m

AER%

CER%

£m

AER%

CER%

£m

AER%

CER%

Respiratory

1,679

(10)

(10)

896

(17)

(17)

338

(1)

(4)

445

(1)

–

Anoro Ellipta

139

(5)

(5)

47

(28)

(28)

65

14

14

27

12

8

Flixotide/Flovent

90

(19)

(21)

57

(23)

(26)

13

(13)

(13)

20

(9)

(9)

Relvar/Breo Ellipta

231

(13)

(13)

81

(24)

(23)

78

(10)

(13)

72

(3)

1

Seretide/Advair

195

(3)

(3)

66

8

8

43

(4)

(9)

86

(9)

(9)

Trelegy Ellipta

775

(7)

(7)

561

(13)

(12)

87

9

6

127

12

14

Ventolin

130

(22)

(22)

55

(32)

(32)

26

(10)

(14)

49

(13)

(13)

Other
Respiratory

119

(18)

(20)

29

(44)

(46)

26

(7)

(14)

64

(3)

(2)

Other
General Medicines

664

(5)

(4)

42

(29)

(27)

161

12

8

461

(7)

(4)

Blujepa

–

–

–

–

–

–

–

–

–

–

–

–

Other
General Medicines

664

(5)

(4)

42

(29)

(27)

161

12

8

461

(7)

(4)

General Medicines

2,343

(9)

(9)

938

(18)

(17)

499

3

–

906

(4)

(2)

 

 

General Medicines turnover – six months ended 30 June
2026

 

 

Total

US

Europe

International

 

£m

AER%

CER%

£m

AER%

CER%

£m

AER%

CER%

£m

AER%

CER%

Respiratory

3,273

(9)

(7)

1,688

(14)

(11)

696

–

(4)

889

(3)

(1)

Anoro Ellipta

267

(2)

(2)

88

(21)

(19)

129

14

12

50

4

4

Flixotide/Flovent

218

4

6

150

11

15

30

(9)

(12)

38

(10)

(10)

Relvar/Breo Ellipta

461

(13)

(12)

152

(27)

(24)

167

(7)

(10)

142

(3)

2

Seretide/Advair

383

(8)

(7)

121

3

7

87

(8)

(12)

175

(14)

(13)

Trelegy Ellipta

1,421

(6)

(3)

998

(11)

(8)

177

9

6

246

9

12

Ventolin

274

(22)

(21)

121

(36)

(33)

54

(8)

(12)

99

(4)

(3)

Other
Respiratory

249

(14)

(14)

58

(33)

(32)

52

(7)

(12)

139

(5)

(3)

Other
General Medicines

1,324

(10)

(8)

83

(27)

(25)

328

9

5

913

(14)

(10)

Blujepa

1

–

–

1

–

–

–

–

–

–

–

–

Other
General Medicines

1,323

(10)

(8)

82

(28)

(25)

328

9

5

913

(14)

(10)

General Medicines

4,597

(9)

(7)

1,771

(15)

(12)

1,024

2

(1)

1,802

(9)

(6)

 

 

Commercial Operations turnover

 

 

Total

US

Europe

International

 

£m

AER%

CER%

£m

AER%

CER%

£m

AER%

CER%

£m

AER%

CER%

Three
months ended 30 June 2026

8,409

5

5

4,308

5

5

2,042

11

8

2,059

1

2

Six
months ended 30 June 2026

16,038

3

5

8,045

2

6

4,125

15

11

3,868

(4)

(2)

 

Segment information

 

Operating
segments are reported based on the financial information provided
to the Chief Executive Officer, who is the Chief Operating Decision
Maker, as well as based on the responsibilities of the Executive
Committee (“ExCom”). GSK reports results under two segments:
Commercial Operations and Total R&D. The Group reviews its
assessment of reportable segments on an ongoing basis.

 

Adjusting
items reconciling segment profit and operating profit comprise
items not specifically allocated to segment profit. Details of
adjusting items can be found on pages 14-19, including details of
intangible asset impairments taken in Q2 2026.

 

Turnover by segment

 

 

 

Q2 2026

£m

Q2
2025

£m

Growth

AER
%

Growth

CER
%

 

H1 2026

£m

H1
2025

£m

Growth

AER
%

Growth

CER
%

 

 

 

 

 

 

 

 

 

 

Commercial
Operations (total turnover)

8,409

7,986

5

5

 

16,038

15,502

3

5

 

Operating profit by segment

 

 

Q2 2026

£m

Q2
2025

£m

Growth

AER
%

Growth

CER
%

 

H1 2026

£m

H1
2025

£m

Growth

AER
%

Growth

CER
%

 

 

 

 

 

 

 

 

 

 

Commercial
Operations

4,515

4,107

10

10

 

8,667

8,026

8

10

Research
and Development

(1,561)

(1,467)

6

6

 

(2,989)

(2,820)

6

7

 

 

 

 

 

 

 

 

 

 

Segment
profit

2,954

2,640

12

12

 

5,678

5,206

9

11

Corporate
and other unallocated costs

(154)

(9)

 

 

 

(228)

(42)

 

 

 

 

 

 

 

 

 

 

 

 

Core
operating profit

2,800

2,631

6

7

 

5,450

5,164

6

8

Adjusting
items

(2,319)

(608)

 

 

 

(2,676)

(925)

 

 

 

 

 

 

 

 

 

 

 

 

Total
operating profit

481

2,023

(76)

(75)

 

2,774

4,239

(35)

(31)

 

 

 

 

 

 

 

 

 

 

Finance
income

58

50

 

 

 

80

104

 

 

Finance
costs

(182)

(184)

 

 

 

(349)

(346)

 

 

Share
of after tax profit/(loss) of associates and joint
ventures

(3)

(2)

 

 

 

(7)

(2)

 

 

 

 

 

 

 

 

 

 

 

 

Profit
before taxation

354

1,887

(81)

(80)

 

2,498

3,995

(37)

(34)

 

 

Commercial Operations

Core
operating profit growth in Q2 2026 and H1 2026 primarily reflected
higher turnover, favourable product and regional mix, and
favourable net legal settlements and expenses in Q1 2026, partly
offset by increased investment in asset launches, as well as lower
royalty income in Q2 2026.

 

 

Total R&D

 

The
Total R&D segment operating expense increased in Q2 2026 and H1
2026 reflecting progression across the portfolio. In Oncology, this
included acceleration in work on ADCs Ris-Rez and Mo-Rez, and
velzatinib. In Specialty Medicines, increased investment was driven
by efimosfermin acquired in Q3 2025, depemokimab COPD indication
and all indications of the anti-TSLP monoclonal antibody. Growth
was partly offset by lower spend on bepirovirsen which was filed in
Q1 2026. Investment also increased on clinical trial programmes
associated with mRNA seasonal flu vaccines.

 

 

Legal
matters

 

 

The
Group is involved in significant legal and administrative
proceedings, principally product liability, intellectual property,
tax, anti-trust, consumer fraud and governmental investigations,
which are more fully described in the ‘Legal
Proceedings’ note in the Annual Report 2025. At 30 June 2026,
the Group’s aggregate provision for legal and other disputes
(not including tax matters described on pages 7 and 8) was
£232 million (31 December 2025: £210
million).

The
Group may become involved in significant legal proceedings in
respect of which it is not possible to meaningfully assess whether
the outcome will result in a probable outflow, or to quantify or
reliably estimate the liability, if any, that could result from
ultimate resolution of the proceedings. In these cases, the Group
would provide appropriate disclosures about such cases, but no
provision would be made.

The
ultimate liability for legal claims may vary from the amounts
provided and is dependent upon the outcome of litigation
proceedings, investigations and possible settlement negotiations.
The Group’s position could change over time, and, therefore,
there can be no assurance that any losses that result from the
outcome of any legal proceedings will not exceed by a material
amount the amount of the provisions reported in the Group’s
financial accounts.

 

Significant
legal developments since the date of the Q1 2026
results:

 

 

Product Liability

 

 

Avandia

 

On 21
July 2026, the Third Circuit Court of Appeals vacated the district
court’s decision certifying a class. The Third Circuit set
forth the legal and evidentiary requirements that the third-party
payor plaintiffs are required to satisfy for their claims to
proceed as a class action and remanded the case to the district
court for further proceedings consistent with the
decision.

 

Zantac

 

On 13
April 2026, the Delaware Superior Court issued its decision
granting summary judgment as to all remaining cases filed on or
before 1 December 2025, as Plaintiffs have not demonstrated general
causation, which is a required element of each of Plaintiffs’
cases. On 13 May 2026, Plaintiffs filed a notice of appeal of the
summary judgment order. This appeal would apply to the six GSK
cases that were pending at the time of the summary judgment
decision.

 

As
previously disclosed, approximately 14,000 product liability cases
were dismissed following the grant of defendants’ Daubert
motions in December 2022 in the Federal MDL proceeding. These are
now on appeal by the plaintiffs to the United States Court of
Appeals for the Eleventh Circuit, along with appeals in the medical
monitoring and consumer class action cases. Oral argument was held
on 10 October 2025. A decision is expected in H2 2026.

 

 

Commercial and corporate

 

 

Tesaro, Inc. v. AnaptysBio

 

The
trial was held before the Delaware Chancery Court on 14-17 July
2026. The Court has requested the parties submit post-trial briefs
in advance of a post-trial hearing which has been scheduled for 20
October 2026. A decision is expected in Q4 2026 or Q1
2027.

 

 

Zejula Royalty
Dispute

 

In
October 2012, Tesaro, Inc. (now a wholly owned subsidiary of GSK)
entered into two worldwide patent license agreements with
AstraZeneca UK Limited related to niraparib (later approved as
Zejula). In May 2021,
AstraZeneca filed a lawsuit against Tesaro in the High Court,
England and Wales alleging that Tesaro failed to pay some of the
royalties due under the license agreements. Tesaro filed a
counterclaim based on a calculated overpayment. Trial was held the
week of 6 March 2023 and judgment was entered against the Group on
5 April 2023. On 9 February 2024 the Court of Appeal ruled in the
Group’s favour, overturning the trial court’s judgment
and determining that only Zejula sales for uses falling within
the licensed patents could be deemed royalty-bearing. AstraZeneca
requested permission to appeal and on 28 May 2024, the UK Supreme
Court rejected AstraZeneca’s request. Further proceedings
would have determined the correct quantum of royalties in light of
the Court of Appeal’s ruling. In July 2026, the parties
agreed to a settlement. This matter has concluded.

 

 

Intellectual Property

 

 

Trelegy Ellipta

 

On 22
January 2026, GSK received a paragraph IV letter from Transpire
relating to Trelegy Ellipta
100 mcg. On 6 March 2026, GSK filed suit in the U.S. District Court
for the Southern District of Florida asserting infringement of the
five Orange Book listed patents by Transpire’s proposed
generic version of Trelegy
Ellipta 100 mcg. A trial has been set for 22 February
2028.

 

On 7
May 2026, Transpire sent GSK a second Paragraph IV notice letter
indicating that it had filed an ANDA seeking approval from the FDA
to market a generic version of Trelegy Ellipta 200 mcg. On 16 June
2026, GSK filed suit in the U.S. District Court for the Southern
District of Florida asserting infringement of the four Orange
Book-listed patents by Transpire’s proposed generic version
of Trelegy Ellipta 200 mcg.
A case schedule has not yet been set.

 

 

Returns to shareholders

 

Quarterly dividends

 

The
Board has declared a second interim dividend for Q2 2026 of 17p per
share (Q2 2025: 16p per share).

 

Dividends
remain an essential component of total shareholder return and GSK
recognises the importance of dividends to shareholders. On 23 June
2021, at the GSK Investor Update, GSK set out that from 2022 a
progressive dividend policy will be implemented guided by a 40 to
60 per cent pay-out ratio through the investment cycle. Consistent
with this, GSK has declared a dividend of 17p per share for Q2
2026. The expected dividend for 2026 is 70p per share. In setting
its dividend policy, GSK considers the capital allocation
priorities of the Group and its investment strategy for growth
alongside the sustainability of the dividend.

 

 

Dividend dates

Ex-dividend date

(Ordinary shares)

Ex-dividend date

(ADRs)

Record date

Payment date

Q2
2026

13
August 2026

14
August 2026

14
August 2026

8
October 2026

 

Ordinary
shareholders may participate in the dividend reinvestment plan
(DRIP). The last date for DRIP elections is 17 September 2026. The
equivalent interim dividend receivable by ADR holders will be
calculated based on the exchange rate on 6 October 2026. An annual
fee of $0.03 per ADS (or $0.0075 per ADS per quarter) is charged by
the Depositary. 

 

 

Paid/

Payable

Pence
per

share

£m

2026

 

 

 

First
interim

9 July
2026

17

683

Second
interim

8
October 2026

17

681

 

 

 

 

2025

 

 

 

First
interim

10 July
2025

16

650

Second
interim

9
October 2025

16

646

Third
interim

8
January 2026

16

643

Fourth
interim

9 April
2026

18

727

 

 

66

2,666

 

 

Share capital in issue

 

At 30
June 2026, 4,007 million shares (Q2 2025: 4,047 million) were in
free issue (excluding Treasury shares and shares held by the ESOP
Trusts). The Company issued 0.1 million shares in the quarter (Q2
2025: 0.2 million) under employee share schemes for net proceeds of
£1 million (Q2 2025: £2 million).

 

On 5
February 2025, GSK announced a £2 billion share buyback
programme to be completed over an 18 month period. This share
buyback programme was completed on 26 June 2026, with a total of
124 million shares repurchased and being held as Treasury shares,
at a cost of £2,011 million including transaction costs of
£11 million.

 

The
cost of shares repurchased in Q2 2026 was £294 million (Q2
2025: £549 million) including transaction costs of £1
million (Q2 2025: £4 million).

 

At 30
June 2026, the Company held 271 million Treasury shares at a cost
of £4,580 million, of which 147 million shares at a cost of
£2,571 million were repurchased as part of previous share
buyback programmes, which has been deducted from retained
earnings.

 

At 30
June 2026, the ESOP Trusts held 38.4 million shares, of which 37.8
million were held for the future exercise of share options and
share awards and 0.6 million were held for the Executive
Supplemental Savings plan. The carrying amount of
£168 million has been deducted from other reserves.
The market value of these shares was £761
million.

 

 

 

Weighted average number of shares

 

The
numbers of shares used in calculating basic and diluted earnings
per share are reconciled below:

 

 

 

 

 

 

 

Q2 2026

millions

Q2
2025

millions

H1 2026

millions

H1
2025

millions

Weighted
average number of shares – basic

4,014

4,063

4,018

4,076

Dilutive
effect of share options and share awards

48

47

48

47

Weighted
average number of shares – diluted

4,062

4,110

4,066

4,123

 

Additional information

 

 

Accounting policies and basis of preparation

 

This
unaudited Results Announcement contains condensed financial
information for the three and six months ended 30 June 2026 and
should be read in conjunction with the Annual Report 2025, which
was prepared in accordance with UK-adopted international accounting
standards in conformity with the requirements of the Companies Act
2006 and the IFRS Accounting Standards as issued by the
International Accounting Standards Board (IASB). This Results
Announcement has been prepared in accordance with IAS 34 and
applying consistent accounting policies to those applied by the
Group in the Annual Report 2025, except for the adoption of the
amendments to IFRS 9 and IFRS 7 as set out below. Other minor
amendments to IFRS Accounting Standards which were effective from 1
January 2026 did not have a material impact on the Group accounting
policies or Group financial statements.

 

●

Amendments to the Classification and
Measurement of Financial Instruments – Amendments to IFRS 9
and IFRS 7: the amendments to IFRS 9 ‘Financial
Instruments’, clarify the timing of recognition and
derecognition of a financial asset or financial liability, with a
permitted exception relating to a financial liability paid through
an electronic payment system which may be derecognised prior to its
settlement date where specific conditions are met. GSK has adopted
these new requirements for the reporting period beginning on 1
January 2026 and elected to derecognise financial liabilities paid
through an electronic payment system when the required conditions
have been met. The impact on the Group’s financial statements
on transition as at 1 January 2026 is disclosed below and primarily
relates to cheques which were issued but had not yet cleared from
the bank account before the transition date. As permitted under the
transition requirements, the Group has elected not to restate the
comparative information to reflect the application of these
amendments.

 

As at

1 January 2026

£m

Adjustment on initial application of amendments to

IFRS 9 and IFRS 7

£m

As at

1 January 2026

as adjusted

£m

Trade
and other payables

(15,381)

(43)

(15,424)

Bank
overdrafts (within short-term borrowings)

(190)

29

(161)

Cash
and cash equivalents

3,397

14

3,411

 

The
Group has not identified any changes to its key sources of
accounting judgements or estimations of uncertainty compared with
those disclosed in the Annual Report 2025.

 

This
Results Announcement does not constitute statutory accounts of the
Group within the meaning of sections 434(3) and 435(3) of the
Companies Act 2006. The full Group accounts for 2025 were published
in the Annual Report 2025, which has been delivered to the
Registrar of Companies and on which the report of the independent
auditor was unqualified and did not contain a statement under
section 498 of the Companies Act 2006.

 

 

Contingent liabilities

There
were contingent liabilities at 30 June 2026 in respect of
arrangements entered into as part of the ordinary course of the
Group’s business. No material losses are expected to arise
from such contingent liabilities. Provision is made for the outcome
of legal and tax disputes where it is both probable that the Group
will suffer an outflow of funds and it is possible to make a
reliable estimate of that outflow. Descriptions of the significant
legal disputes to which the Group is a party are set out on page
29, and pages 269 to 272 of the 2025 Annual Report.

 

 

Net assets

The
book value of net assets increased by £1,221 million from
£15,956 million at 31 December 2025 to £17,177 million at
30 June 2026. This primarily reflected contribution from Total
comprehensive income for the period and the special dividend from
the ViiV Healthcare shareholding restructure, partly offset by
dividends paid to shareholders, shares repurchased under the share
buyback programme and associated transaction costs.

At 30
June 2026, the net surplus on the Group’s pension plans was
£563 million compared with a net surplus of £229 million
at 31 December 2025. This movement was primarily driven by an
increase in the UK discount rate from 5.5% to 6.0%, which was
partially offset by an increase to the UK inflation rate from 2.7%
to 2.8%.

The
estimated present value of the potential redemption amount of the
Pfizer put option related to ViiV Healthcare, recorded in Other
payables in Current liabilities, was £nil (31 December 2025:
£822 million). The put option liability was fully derecognised
at 31 March 2026 as Pfizer has exited its shareholding in ViiV
Healthcare.

 

Contingent
consideration amounted to £6,781 million at 30 June 2026 (31
December 2025: £6,733 million) as follows:

 

 

 

 

 

Group

30 June 2026

£m

Group

31
December 2025

£m

 

 

 

Contingent
consideration estimated present value of amounts payable relating
to:

 

 

Former
Shionogi-ViiV Healthcare joint venture

5,403

5,433

Former
Novartis Vaccines business acquisition

626

651

BP
Asset IX, Inc. acquisition

301

231

Affinivax
acquisition

229

219

Others

222

199

Contingent
consideration liability at end of the period

6,781

6,733

 

Of the
contingent consideration payable to Shionogi at 30 June 2026,
£1,232 million (31 December 2025: £1,194 million) is
expected to be paid within one year.

 

Movements
in contingent consideration are as follows:

 

 

 

 

H1 2026

ViiV

Healthcare

£m

Group

£m

 

 

 

Contingent
consideration at beginning of the period

5,433

6,733

Remeasurement
through income statement and other movements

680

805

Cash
payments: operating cash flows

(710)

(749)

Cash
payments: investing activities

–

(8)

Contingent
consideration at end of the period

5,403

6,781

 

 

H1
2025

ViiV

Healthcare

£m

Group

£m

 

 

 

Contingent
consideration at beginning of the period

6,061

7,280

Additions

–

58

Remeasurement
through income statement and other movements

(88)

(88)

Cash
payments: operating cash flows

(650)

(668)

Cash
payments: investing activities

–

(6)

Contingent
consideration at end of the period

5,323

6,576

 

Business acquisitions

 

On 3
March 2026, GSK completed the acquisition of 100% of the
outstanding equity of RAPT Therapeutics, Inc. (“RAPT”) a
California-based clinical stage biopharmaceutical company dedicated
to developing novel therapies for patients living with inflammatory
and immunologic diseases. The acquisition includes ozureprubart, a
long-acting anti-immunoglobulin E (IgE) monoclonal antibody,
currently in phase IIb clinical development for prophylactic
protection against food allergens.

Under
the terms of the agreement, GSK paid RAPT shareholders US$58.00 per
share at closing, for an aggregate payment of US$2.3
billion (£1.7 billion), including transaction fees. Net
of cash acquired, GSK’s upfront investment was approximately US$1.9
billion (£1.4 billion).

The
transaction gives GSK the global rights to the ozureprubart
programme, excluding mainland China, Macau, Taiwan and Hong Kong.
GSK will also be responsible for success-based milestone and
royalty payments for ozureprubart owed to RAPT’s partner, Shanghai
Jeyou Pharmaceutical Co., Ltd.

On 14
April 2026, GSK completed the acquisition of 100% of 35Pharma, Inc.
(“35Pharma”) a Canada-based, private, clinical-stage
biopharmaceutical company specialised in the development of novel
protein-based therapeutics. The acquisition provides global rights
to HS235, a potential best-in-class activin signalling inhibitor
being developed for the treatment of pulmonary
hypertension.

Total
consideration was US$1.0 billion (£755 million), comprising an
upfront payment of US$987 million (£730 million) as adjusted
for working capital and other customary closing adjustments and
US$34 million (£25 million) of deferred consideration. Net of
cash acquired, GSK’s net cash investment was US$944 million
(£699 million).

During
the period to 30 June 2026, no sales arising from the RAPT or
35Pharma’s businesses were included in Group turnover and no
revenue is expected until regulatory approval is received on the
acquired assets.

GSK
continues to support the ongoing development of the acquired assets
and consequently these assets will be loss making until regulatory
approval on these assets is received. The impact on Total profit
after taxation for the period ended 30 June 2026 from these
acquisitions was immaterial. The development of these assets will
be integrated into the Group’s existing R&D activities,
after which it will be impracticable to quantify these development
costs or the impact on Total profit after taxation.

The
initial acquisition accounting was reflected in the second quarter
of 2026 on a preliminary basis, the values below are provisional
and subject to change. The purchase price allocation is expected to
be completed by the end of Q4 2026.

Goodwill
of £311 million (£211 million for RAPT and £100
million for 35Pharma) has been recognised. The goodwill represents
specific synergies available to GSK from the business combination.
The goodwill has been allocated to the Group’s Commercial
Operations and R&D segments. None of the goodwill is expected
to be deductible for tax purposes.

 

The
provisional fair values of the net assets acquired, including
goodwill, are as follows:

 

 

 

RAPT

35Pharma

Total

 

£m

£m

£m

Net
assets acquired:

 

 

 

Intangible
assets

1,457

703

2,160

Property,
plant & equipment

1

–

1

Cash
and cash equivalents

281

56

337

Other
net liabilities

(13)

–

(13)

Deferred
tax liabilities

(252)

(104)

(356)

 

1,474

655

2,129

Goodwill

211

100

311

Total
consideration

1,685

755

2,440

 

 

Of the
total £2.4 billion consideration (£1.7 billion for RAPT
and £0.7 billion for 35Pharma), £20 million of deferred
consideration for 35Pharma was unpaid as at 30 June
2026.

 

 

Net debt information

 

 

Reconciliation of cash flow to movements in net debt

 

 

 

H1 2026

£m

H1
2025

£m

Total
Net debt at beginning of the period

(14,453)

(13,095)

Adjustment
on initial application of amendments to IFRS 9 on 1 January
2026(1)

43

–

Total
Net debt at beginning of the period, as adjusted

(14,410)

(13,095)

Increase/(decrease)
in cash and bank overdrafts

(301)

(42)

Increase/(decrease)
in liquid investments

(9)

–

Repayment
of long-term loans

865

1,409

Issue
of long-term notes

–

(1,983)

Net
decrease/(increase) in short-term loans

(1,466)

(637)

Increase
in other short-term loans

(9)

(102)

Repayment
of other short-term loans

60

269

Repayment
of lease liabilities

106

110

Disposal
of lease liabilities related to assets held for sale

136

–

Net
debt of subsidiary undertakings acquired

(2)

(1)

Exchange
adjustments

(76)

428

Other
non-cash movements

(26)

(91)

Decrease/(increase)
in Net debt

(722)

(640)

Total
Net debt at end of the period

(15,132)

(13,735)

 

 

(1) For further details see page 31

 

 

Net debt analysis

 

 

30 June 2026

£m

31
December 2025

£m

Liquid
investments

1

9

Cash
and cash equivalents

3,105

3,397

Short-term
borrowings

(4,291)

(3,012)

Long-term
borrowings

(13,947)

(14,708)

Liabilities
relating to assets held for sale

–

(139)

Total
Net debt at the end of the period

(15,132)

(14,453)

 

 

Free cash flow reconciliation

 

 

Q2 2026

£m

Q2
2025

£m

H1 2026

£m

H1
2025

£m

 

 

 

 

 

Net
cash inflow/(outflow) from operating activities

2,690

2,096

3,831

3,241

Purchase
of property, plant and equipment

(328)

(256)

(549)

(464)

Proceeds
from sale of property, plant and equipment

3

5

30

6

Purchase
of intangible assets

(325)

(377)

(547)

(617)

Proceeds
from disposals of intangible assets

293

–

355

76

Net
finance costs

(225)

(217)

(265)

(233)

Dividends
and distributions from associates and joint ventures

25

–

25

–

Contingent
consideration paid (reported in investing activities)

(4)

(3)

(8)

(6)

Dividend
distributions to non-controlling interests

(137)

(122)

(252)

(180)

Other
distributions to non-controlling interest

–

–

(1,399)

–

Contributions
from non-controlling interests

2

–

1,588

–

Free
cash inflow/(outflow)

1,994

1,126

2,809

1,823

 

Post balance sheet events

On 9 June 2026, GSK entered into an agreement to acquire Nuvalent,
Inc. (“Nuvalent”), a Boston-based clinical-stage biopharmaceutical
company focused on creating precisely targeted oncology therapies.
Nuvalent’s lead assets, zidesamtinib and neladalkib, are
late-stage, potential best-in-class ROS1 and ALK inhibitors for
treatment of non-small cell lung cancer (NSCLC).
In July 2026, the US FDA approved
zidesamtinib for the treatment of adult patients with locally
advanced or metastatic ROS1-positive NSCLC who received a prior
ROS1 kinase inhibitor. Neladalkib is currently under FDA
review.

Under
the agreement, GSK acquired Nuvalent for $124.00 per share in cash,
representing an aggregate equity value of approximately $10.6
billion (£8.0 billion). Net of cash acquired, GSK’s
aggregate investment is approximately $9.4 billion (£7.1
billion), which is funded primarily from new and existing debt
facilities plus cash.

The
transaction was subject to customary conditions, including the
tender of the majority of Nuvalent’s outstanding shares of
Class A common stock and applicable regulatory agency clearances
under the Hart-Scott-Rodino Act in the US, and subsequently closed
on 15 July 2026. Given the timing of the closure of the
transaction, GSK expects to disclose the provisional accounting for
the acquisition in the Q3 2026 Results Announcement.

 

Related party transactions

There
were no material related party transactions entered into and there
have been no material changes to the related party transactions
disclosed on page 241 of the 2025 Annual Report.

 

Financial instruments fair value disclosures

The
following tables categorise the Group’s financial assets and
liabilities held at fair value by the valuation methodology applied
in determining their fair value. Where possible, quoted prices in
active markets are used and the asset or liability is classified as
Level 1. Where such prices are not available, the asset or
liability is classified as Level 2, provided all significant inputs
to the valuation model used are based on observable market data. If
one or more of the significant inputs to the valuation model is not
based on observable market data, the instrument is classified as
Level 3. Other investments classified as Level 3 in the tables
below comprise equity investments in unlisted entities with which
the Group has entered into research collaborations and also
investments in emerging life science companies.

 

 

 

At 30 June 2026

Level 1

£m

Level 2

£m

Level 3

£m

Total

£m

Financial assets at fair value

 

 

 

 

Financial assets at
fair value through other comprehensive income
(FVTOCI):

 

 

 

 

 
  Other investments designated at FVTOCI

432

–

152

584

 
  Trade and other receivables

–

2,448

–

2,448

Financial assets
mandatorily at fair value through profit or loss
(FVTPL):

 

 

 

 

 
  Current equity investments and other
investments

–

–

270

270

 
  Other non-current assets

–

–

29

29

 
  Trade and other receivables

–

47

1

48

 
  Held for trading derivatives that are not in a designated
and effective hedging relationship

–

24

–

24

 
  Cash and cash equivalents

1,732

–

–

1,732

Derivatives
designated and effective as hedging instruments

–

85

–

85

 

2,164

2,604

452

5,220

 

 

 

 

 

Financial liabilities at fair value

 

 

 

 

Financial
liabilities mandatorily at fair value through profit or loss
(FVTPL):

 

 

 

 

 
  Contingent consideration liabilities

–

–

(6,781)

(6,781)

Held
for trading derivatives that are not in a designated and effective
hedging relationship

–

(55)

–

(55)

Derivatives
designated and effective as hedging instruments

–

(157)

–

(157)

 

–

(212)

(6,781)

(6,993)

 

At 31
December 2025

Level 1

£m

Level 2

£m

Level 3

£m

Total

£m

Financial
assets at fair value

 

 

 

 

Financial assets at
fair value through other comprehensive income
(FVTOCI):

 

 

 

 

 
  Other investments designated at FVTOCI

592

–

196

788

 
  Trade and other receivables

–

2,346

–

2,346

Financial assets
mandatorily at fair value through profit or loss
(FVTPL):

 

 

 

 

 
  Current equity investments and other
investments

–

–

249

249

 
  Other non-current assets

–

–

14

14

 
  Trade and other receivables

–

41

15

56

 
  Held for trading derivatives that are not in a designated
and effective hedging relationship

–

15

–

15

 
  Cash and cash equivalents

1,793

–

–

1,793

Derivatives
designated and effective as hedging instruments

–

106

–

106

 

2,385

2,508

474

5,367

 

 

 

 

 

Financial
liabilities at fair value

 

 

 

 

Financial
liabilities mandatorily at fair value through profit or loss
(FVTPL):

 

 

 

 

 
Contingent consideration liabilities

–

–

(6,733)

(6,733)

 
Held for trading derivatives that are not in a designated and
effective hedging relationship

–

(54)

–

(54)

Derivatives
designated and effective as hedging instruments

–

(88)

–

(88)

 

–

(142)

(6,733)

(6,875)

 

 

Movements
in the six months to 30 June 2026 and the six months to 30 June
2025 for financial instruments measured using Level 3 valuation
methods are presented below:

 

 

 

Financial

assets

£m

Financial

liabilities

£m

At 1
January 2026

474

(6,733)

Gains/(losses)
recognised in the income statement

4

(791)

Gains/(losses)
recognised in other comprehensive income

106

–

Additions

27

–

Disposals
and settlements

(165)

–

Payments
in the period

–

757

Exchange
adjustments

6

(14)

At 30 June 2026

452

(6,781)

 

 

 

At 1
January 2025

487

(7,280)

Gains/(losses)
recognised in the income statement

(48)

30

Gains/(losses)
recognised in other comprehensive income

(11)

–

Additions

48

(58)

Disposals
and settlements

(12)

–

Payments
in the period

–

674

Exchange
adjustments

(31)

58

At 30
June 2025

433

(6,576)

 

Net
losses of £787 million (H1 2025: £18 million) reported in
other operating income were attributable to Level 3 financial
instruments held at the end of the period. Net gains and losses
include the impact of exchange movements.

 

 

Financial
liabilities measured using Level 3 valuation methods:

 

 

 

 

30 June 2026

£m

31
December 2025

£m

Contingent consideration estimated present value of amounts payable
relating to:

 

 

Former
Shionogi-ViiV Healthcare joint venture

5,403

5,433

Former
Novartis Vaccines business acquisition

626

651

BP
Asset IX, Inc. acquisition

301

231

Affinivax
acquisition

229

219

Others

222

199

Contingent
consideration liability at end of the period

6,781

6,733

 

 

 

Discount rates:

 

 

Former
Shionogi-ViiV Healthcare joint venture

8.0%

8.0%

Novartis
Vaccines – Commercialised products

8.5%

8.0%

Novartis
Vaccines – pipeline assets

9.5%

9.0%

BP
Asset IX

9.5%

9.0%

Affinivax

9.5%

9.0%

 

 

Contingent
consideration is expected to be paid over a number of years and
will vary in line with the future performance of specified
products, the achievement of certain milestone targets and
movements in certain foreign currencies.

The
financial liabilities are measured at the present value of expected
future cash flows, the most significant inputs and assumptions in
the valuation models being future sales forecasts, probability of
milestone success, the discount rate, the Sterling/US Dollar
exchange rate and the Sterling/Euro exchange rate. The exchange
rates used are consistent with market rates at 30 June
2026.

The
Shionogi-ViiV Healthcare and Novartis Vaccines contingent
consideration liabilities are calculated principally based on the
forecast sales performance of specified products over the lives of
those products.

The BP
Asset IX contingent consideration is based upon three milestone
payments, totalling $0.8 billion (£0.6 billion), which will be
paid if certain clinical development and regulatory milestones are
achieved.

The
Affinivax contingent consideration is based upon two potential
milestone payments, each of $0.6 billion (£0.5 billion) which
will be paid if certain paediatric clinical development milestones
are achieved.

 

The
table below shows, on an indicative basis, the income statement and
balance sheet sensitivity to reasonably possible changes in key
inputs to the valuation of the largest contingent consideration
liabilities.

Increase/(decrease) in liability

Shionogi-

ViiV

Healthcare

contingent

consideration

£m

Novartis

Vaccines

contingent

consideration

£m

BP Asset IX contingent consideration

£m

Affinivax

contingent

consideration

£m

10%
increase in sales forecasts*

546

91

n/a

n/a

15%
increase in sales forecasts*

814

136

n/a

n/a

10%
decrease in sales forecasts*

(541)

(91)

n/a

n/a

15%
decrease in sales forecasts*

(814)

(136)

n/a

n/a

1%
increase in discount rate

(150)

(38)

(8)

(6)

1.5%
increase in discount rate

(220)

(55)

(12)

(9)

1%
decrease in discount rate

161

43

8

7

1.5%
decrease in discount rate

244

67

13

10

10 cent
appreciation of US Dollar

369

13

25

19

15 cent
appreciation of US Dollar

577

20

38

29

10 cent
depreciation of US Dollar

(316)

(11)

(21)

(16)

15 cent
depreciation of US Dollar

(457)

(16)

(31)

(23)

10 cent
appreciation of Euro

71

25

n/a

n/a

15 cent
appreciation of Euro

110

39

n/a

n/a

10 cent
depreciation of Euro

(58)

(21)

n/a

n/a

15 cent
depreciation of Euro

(83)

(30)

n/a

n/a

10%
increase in probability of milestone success

n/a

22

35

72

10%
decrease in probability of milestone success

n/a

(11)

(35)

(34)

 

*The sales forecast is for ViiV Healthcare sales only in respect of
the Shionogi-ViiV Healthcare contingent consideration.
 

 

The
Group transfers financial instruments between different levels in
the fair value hierarchy when, as a result of an event or change in
circumstances, the valuation methodology applied in determining
their fair values alters in such a way that it meets the definition
of a different level. There were no transfers between the Level 1,
Level 2 or Level 3 fair value measurement categories.

 

The
following methods and assumptions are used to measure the fair
value of the significant financial instruments carried at fair
value on the balance sheet:

 

●

Other
investments – equity investments traded in an active market
determined by reference to the relevant stock exchange quoted bid
price; other equity investments determined by reference to the
current market value of similar instruments, recent financing
rounds or the discounted cash flows of the underlying net
assets

●

Trade
receivables carried at fair value – based on invoiced
amount

●

Interest
rate swaps, foreign exchange forward contracts, swaps and options
– based on the present value of contractual cash flows or
option valuation models using market-sourced data (exchange rates
or interest rates) at the balance sheet date

●

Cash
and cash equivalents carried at fair value – based on net
asset value of the funds

●

Contingent
consideration for business acquisitions and divestments –
based on present values of expected future cash flows

 

There
are no material differences between the carrying amount of the
Group’s other financial assets and liabilities and their estimated
fair value, with the exception of bonds, for which the carrying
amount and fair value are set out in the table below:

 

 

30 June 2026

31
December 2025

 

Carrying

amount

£m

Fair

value

£m

Carrying

amount

£m

Fair

value

£m

Bonds
in a designated hedging relationship

(5,584)

(5,446)

(6,524)

(6,388)

Other
bonds

(9,075)

(9,069)

(8,973)

(9,104)

 

(14,659)

(14,515)

(15,497)

(15,492)

 

 

The
following methods and assumptions are used to estimate the fair
values of financial assets and liabilities which are not measured
at fair value on the balance sheet:

 

●

Receivables
and payables carried at amortised cost – approximates to the
carrying amount

●

Liquid
investments – approximates to the carrying amount

●

Cash
and cash equivalents carried at amortised cost – approximates to
the carrying amount

●

Short-term
loans, overdrafts and commercial paper – approximates to the
carrying amount because of the short maturity of these
instruments

●

Long-term
loans – based on quoted market prices (a level 1 fair value
measurement) in the case of European and US Medium Term Notes;
approximates to the carrying amount in the case of other fixed rate
borrowings and floating rate bank loans

 

 

R&D commentary

 

Pipeline overview

 

Medicines
and vaccines in phase III development (including major lifecycle
innovation or under regulatory review)

19

Respiratory, Immunology & Inflammation (4)

●

Benlysta (anti-B lymphocyte stimulator (Blys) mAb)
interstitial lung disease)

●

Exdensur (ultra long-acting anti-IL5 biologic), eosinophilic
granulomatosis with polyangiitis (EGPA), hyper-eosinophilic
syndrome (HES), chronic obstructive pulmonary disease
(COPD)

●

efimosfermin
(FGF21 analog) metabolic dysfunction-associated steatohepatitis
(MASH)

●

Ventolin (salbutamol, Beta 2 adrenergic receptor agonist)
asthma

Oncology (8)

●

Blenrep (anti-BCMA ADC) 1L multiple myeloma

●

Jemperli (anti-PD-1) 1L endometrial cancer, colon cancer,
rectal cancer (ph II registrational), head and neck
cancer

●

Jideytro (ROS-1 inhibitor) non-small cell lung
cancer

●

Zejula (PARP inhibitor) glioblastoma

●

Mo-Rez
(B7-H4 ADC) 2L+ advanced endometrial cancer and platinum resistant
ovarian cancer

●

neladalkib
(ALK inhibitor) non-small cell lung cancer

●

Ris-Rez
(B7-H3 ADC) 2L extensive-stage small cell lung cancer

●

velzatinib
(KIT inhibitor) gastro-intestinal tumours

HIV (1)

●

cabotegravir
+ rilpivirine (3x a year treatment) HIV

Infectious Diseases (6)

●

Arexvy (RSV vaccine) RSV, adults 18 years of age and
above

●

bepirovirsen
(HBV ASO) chronic hepatitis B

●

Bexsero (meningococcal B vaccine) infants (US)

●

GSK’116
(varicella vaccine) varicella new seed, individuals 12 months of
age and older

●

GSK’371
(MMRV vaccine) MMRV new seed

●

Shingrix (recombinant protein, adjuvanted vaccine)
MACE

Total
medicines and vaccines in all phases of clinical
development

62

 

 

Total
projects in clinical development (inclusive of all phases and
indications)

92

 

 

 

Therapy area updates

 

The
following provides updates on key medicines and vaccines by therapy
area that will help drive growth for GSK to meet its future
outlooks.

 

Respiratory, Immunology & Inflammation

 

 

efimosfermin (FGF21 analog)

Efimosfermin
(GSK6519754) is an investigational, once-monthly subcutaneous
injection of a long-acting variant of FGF21, designed to regulate
key metabolic pathways to decrease liver fat, ameliorate liver
inflammation, and reverse liver fibrosis in patients with metabolic
dysfunction-associated steatohepatitis (MASH).

Efimosfermin
is in phase III development for moderate and advanced fibrosis (F2
to F3) caused by MASH. In July 2026, GSK also started the phase III
NEBULA trials which will investigate efimosfermin in compensated
cirrhosis (F4) caused by MASH.

Efimosfermin
has received Breakthrough Therapy Designations from the US Food and
Drug Administration (FDA) and China’s Center for Drug
Evaluation (CDE), as well as Priority Medicines (PRIME) Designation
from the European Medicines Agency (EMA) for the treatment of MASH.
Breakthrough Designation is designed to expedite the development
and review of medicines for serious conditions, where preliminary
clinical evidence indicates potential for substantial improvement
over available therapy. PRIME designation provides scientific and
regulatory support for medicines that have the potential to address
significant unmet medical need.

 

Key
phase III trials for efimosfermin:

Trial name (population)

Phase

Design

Timeline

Status

ZENITH-1
(metabolic dysfunction-associated steatohepatitis)

 

NCT07221227

III

A phase
III, randomized, double-blind, placebo-controlled, 3-arm study to
investigate the safety and efficacy of efimosfermin alfa in
participants with biopsy-confirmed F2- or F3-stage metabolic
dysfunction-associated steatohepatitis (MASH)

Trial
start:

Q4
2025

Recruiting

ZENITH-2
(metabolic dysfunction-associated steatohepatitis)

 

NCT07221188

III

A phase
III, randomized, double-blind, placebo-controlled, 3-arm study to
investigate the safety and tolerability of efimosfermin alfa in
participants with known or suspected F2- or F3-stage metabolic
dysfunction-associated steatohepatitis (MASH)

Trial
start:

Q4
2025

Recruiting

NEBULA-1
(metabolic dysfunction-associated steatohepatitis)

NCT07701993

III

A phase
III, double-blind, 2-arm study to investigate the safety and
efficacy of efimosfermin alfa injection compared with placebo in
adult participants with compensated cirrhosis (stage F4 fibrosis)
due to metabolic dysfunction-associated steatohepatitis
(MASH)

Trial
start:

Q3
2026

Recruiting

NEBULA-2
(metabolic dysfunction-associated steatohepatitis)

NCT07704892

III

A phase
III, two-part, double-blind, randomized, placebo-controlled study
to investigate the safety and efficacy of efimosfermin alfa
injection in adult participants with biopsy-confirmed compensated
cirrhosis (stage F4 fibrosis) due to metabolic
dysfunction-associated steatohepatitis (MASH)

Trial
start:

Q3
2026

Recruiting

 

 

Exdensur (depemokimab; ultra-long-acting
anti-IL5)

Exdensur (depemokimab) is the first and only
ultra-long-acting biologic to address severe asthma and chronic
rhinosinusitis with nasal polyps (CRSwNP). It is engineered to have
an extended half-life and high binding affinity and potency for
IL-5, enabling twice-yearly dosing.

Exdensur is approved for the treatment of severe asthma and
CRSwNP in the EU, China, Japan and the UK, and for the treatment of
severe asthma in the US.

Depemokimab
is currently being evaluated in phase III trials for the treatment
of other diseases with underlying type 2 inflammation, including
OCEAN for eosinophilic granulomatosis with polyangiitis (EGPA) and
DESTINY for hypereosinophilic syndrome (HES). GSK has also
initiated the ENDURA-1, ENDURA-2 and VIGILANT phase III trials
assessing the efficacy and safety of depemokimab as an add-on
therapy in patients with uncontrolled moderate to severe COPD with
type 2 inflammation.

At the
2026 American Thoracic Society (ATS) International Conference, GSK
presented data showing sustained efficacy over two years in
patients with severe asthma with type 2 inflammation, and results
from a new patient preference study showing patients prefer
twice-yearly dosing.

 

Key
phase III trials for depemokimab:

Trial name (population)

Phase

Design

Timeline

Status

OCEAN
(EGPA)

 

NCT05263934

III

A
52-week, randomised, double-blind, double-dummy, parallel-group,
multi-centre, non-inferiority study to investigate the efficacy and
safety of depemokimab compared with mepolizumab in adults with
relapsing or refractory eosinophilic granulomatosis with
polyangiitis (EGPA) receiving standard of care therapy

Trial
start:

Q3
2022

Active,
not recruiting

DESTINY
(HES)

 

NCT05334368

III

A
52-week, randomised, placebo-controlled, double-blind, parallel
group, multicentre trial of depemokimab in adults with uncontrolled
HES receiving standard of care therapy

Trial
start:

Q3
2022

Recruiting

ENDURA-1
(COPD)

NCT06959095

III

A
randomised, double-blind, placebo- controlled, parallel-group,
multicenter study of the efficacy and safety of depemokimab in
adult participants with COPD with type 2 inflammation

Trial
start:

Q2
2025

Recruiting

ENDURA-2
(COPD)

NCT06961214

III

A
randomised, double-blind, placebo- controlled, parallel-group,
multicenter study of the efficacy and safety of depemokimab in
adult participants with COPD with type 2 inflammation

Trial
start:

Q2
2025

Recruiting

VIGILANT
(COPD)

NCT07177339

III

A
randomised, double-blind, parallel group, placebo-controlled study
of the efficacy and safety of early depemokimab initiation as
add-on treatment in COPD patients with type 2
inflammation

Trial
start:

Q4
2025

Recruiting

 

 

Oncology

 

 

Blenrep (belantamab
mafodotin)

In Q2,
GSK presented data for Blenrep at the 2026 American Society of
Clinical Oncology (ASCO) Annual Meeting and the 31st European
Hematology Association (EHA) Congress. These included long-term
results from the DREAMM-7 and DREAMM-8 phase III clinical trials
showing durable benefit versus standards of care in patients with
relapsed or refractory multiple myeloma. In newly diagnosed
transplant-ineligible multiple myeloma, results from the DREAMM-9
study provided new evidence to support the Blenrep frontline dosing strategy in
the DREAMM-10 trial.

GSK is
continuing the DREAMM (DRiving Excellence in Approaches to Multiple
Myeloma) clinical development programme to explore the full
potential of belantamab mafodotin, including in earlier lines of
treatment. This includes DREAMM-10, a phase III clinical trial in
newly diagnosed transplant-ineligible patients, who represent over
70% of patients starting multiple myeloma therapy.

 

 

Key
phase III trials for Blenrep:

Trial name (population)

Phase

Design

Timeline

Status

DREAMM-7
(2L+ multiple myeloma; MM)

 

NCT04246047

III

A
multi-centre, open-label, randomised trial to evaluate the efficacy
and safety of the combination of belantamab mafodotin, bortezomib,
and dexamethasone (B-Vd) compared with the combination of
daratumumab, bortezomib and dexamethasone (D-Vd) in participants
with relapsed/refractory multiple myeloma

Trial
start:

Q2
2020

 

Primary
data reported:

Q4 2023

Active,
not recruiting; primary endpoint met

DREAMM-8
(2L+ MM)

 

NCT04484623

III

A
multi-centre, open-label, randomised trial to evaluate the efficacy
and safety of belantamab mafodotin in combination with pomalidomide
and dexamethasone (B-Pd) versus pomalidomide plus bortezomib and
dexamethasone (P-Vd) in participants with relapsed/refractory
multiple myeloma

Trial
start:

Q4
2020

 

Primary
data reported:

Q1
2024

Active,
not recruiting, primary endpoint met

DREAMM-10
(1L MM)

NCT06679101

III

A
multi-centre, open-label, randomised trial to evaluate the efficacy
and safety of belantamab mafodotin, lenalidomide and dexamethasone
(B-Rd) versus daratumumab, lenalidomide, and dexamethasone (D-Rd)
in participants with newly diagnosed multiple myeloma who are
ineligible for autologous stem cell transplantation

Trial
start:

Q4
2024

Recruiting

 

 

Jemperli (dostarlimab)

In June
2026, GSK presented new long-term analyses from the RUBY phase III
trial at the 2026 American Society of Clinical Oncology (ASCO)
Annual Meeting. This modelling data showed an estimated higher
‘cure’ rate (i.e., free of recurrence- and disease-related
mortality risk) for Jemperli plus chemotherapy in patients
with dMMR/MSI-H primary advanced or recurrent endometrial cancer
compared to chemotherapy alone.

In July
2026, GSK announced interim positive headline results from the
phase II registrational single arm AZUR-1 trial investigating
Jemperli in people with
stage II/III dMMR/MSI-H locally advanced rectal cancer. The trial
met its primary objective, demonstrating a meaningful and sustained
clinical complete response rate at 12 months (cCR12). Jemperli has received both Breakthrough
Therapy and Fast Track designations from the US Food and Drug
Administration (FDA) in this setting. GSK plans to share interim
AZUR-1 data with global regulatory authorities. Detailed results
will be presented at a future scientific congress.

Jemperli remains the foundation of GSK’s
immuno-oncology-based research and development programme. It is the
only approved immuno-oncology-based plus carboplatin-paclitaxel
(CP) treatment regimen to demonstrate a statistically significant
and clinically meaningful overall survival benefit vs. CP alone for
the first-line treatment of adult patients with primary advanced or
recurrent endometrial cancer irrespective of biomarker status.
Ongoing pivotal trials include those in the AZUR programme (colon /
rectal cancers), JADE (head and neck cancer), and DOMENICA
(supported-collaborative study with ARCAGY-GINECO in endometrial
cancer).

 

 

Key
trials for Jemperli:

Trial name (population)

Phase

Design

Timeline

Status

RUBY
(1L stage III or IV endometrial cancer)

 

NCT03981796

III

A
randomised, double-blind, multi-centre trial of dostarlimab plus
carboplatin-paclitaxel with and without niraparib maintenance
versus placebo plus carboplatin-paclitaxel in patients with
recurrent or primary advanced endometrial cancer

Trial
start:

Q3
2019

 

Part 1
data reported:

Q4
2022

 

Part 2
data reported:

Q4
2023

Active,
not recruiting; primary endpoints met

GARNET
(advanced solid tumours)

 

NCT02715284

I/II

A
multi-centre, open-label, first-in-human trial evaluating
dostarlimab in participants with advanced solid tumours who have
limited available treatment options

Trial
start:

Q1
2016

 

Primary
data reported:

Q1
2019

Active,
not recruiting

 

 

Key
trials for Jemperli
continued

 

 

 

AZUR-1
(stage II/III rectal cancer)

 

NCT05723562

II

A
single-arm, open-label trial with dostarlimab monotherapy in
participants with untreated stage II/III dMMR/MSI-H locally
advanced rectal cancer

Trial
start:

Q1
2023

Active,
not recruiting

AZUR-2
(untreated perioperative T4N0 or stage III colon
cancer)

NCT05855200

III

An
open-label, randomised trial of perioperative dostarlimab
monotherapy versus standard of care in participants with untreated
T4N0 or stage III dMMR/MSI-H resectable colon cancer

Trial
start:

Q3
2023

Recruiting

JADE
(locally advanced unresected head and neck cancer)

NCT06256588

III

A
randomised, double-blind, study to evaluate dostarlimab versus
placebo as sequential therapy after chemoradiation in participants
with locally advanced unresected head and neck squamous cell
carcinoma

Trial
start:

Q1
2024

Recruiting

DOMENICA*
(relapsed or advanced dMMR endometrial cancer)

NCT05201547

*supported-collaborative
study with ARCAGY-GINECO

III

A
randomized, multicentre study to evaluate the efficacy and safety
of dostarlimab versus carboplatin-paclitaxel in patients with dMMR
relapsed or advanced endometrial cancer

Trial
start:

Q2
2022

Active,
not recruiting

 

 

Risvutatug rezetecan (Ris-Rez)

GSK is
advancing its B7-H3-targeted antibody-drug conjugate, risvutatug
rezetecan (Ris-Rez) through the EMBOLD global development programme
across a range of solid tumours, including certain types of lung,
prostate and colorectal cancers.

In July
2026, GSK’s licensor Hansoh Pharma announced that ARTEMIS-008, its
pivotal phase III trial evaluating Ris-Rez patients in China with
advanced or relapsed small-cell lung cancer (SCLC), met its primary
endpoint of overall survival (OS), demonstrating statistically
significant and clinically meaningful improvements vs. standard of
care topotecan. These are the first positive phase III OS data
reported for a B7-H3-targeted ADC in any tumour type. GSK holds
exclusive global rights to develop Ris-Rez outside mainland China,
Hong Kong, Macau and Taiwan. GSK’s broad clinical development
programme includes studies in lung cancer, prostate cancer and
other solid tumours, including the global phase III EMBOLD SCLC-301
trial in relapsed extensive-stage small-cell lung cancer (ES-SCLC)
with pivotal data expected next year. This year, GSK plans to
initiate additional phase III studies in lung and prostate
cancers.

Regulatory
designations received for Ris-Rez to date include orphan drug
designations from the US FDA and Japan’s Ministry of Health, Labour
and Welfare in SCLC and the EMA in pulmonary neuroendocrine
carcinoma (a category of cancer that includes SCLC), Priority
Medicines (PRIME) Designation from the EMA for relapsed or
refractory ES-SCLC; and Breakthrough Therapy Designations for
relapsed or refractory ES-SCLC and relapsed or refractory
osteosarcoma from the US FDA. These designations reflect the
potential of Ris-Rez to address significant unmet medical need
across a range of cancers.

 

 

Key
phase III trials for Ris-Rez:

Trial name (population)

Phase

Design

Timeline

Status

EMBOLD-SCLC-301

 

NCT07099898

III

A
multicenter, randomized, open-label study of risvutatug rezetecan
compared with topotecan in participants with relapsed small cell
lung cancer

Trial
start:

Q3
2025

Recruiting

 

 

Mocertatug rezetecan (Mo-Rez)

GSK is
advancing Mo-Rez, a B7-H4–targeting antibody-drug conjugate,
through the global BEHOLD development programme across multiple
gynaecological cancer indications, where significant unmet need
remains. B7-H4 is an immune checkpoint that is widely expressed in
ovarian and endometrial cancers, and is low in normal tissues,
making it a promising target for clinical development.

In
2026, GSK plans to initiate five phase III pivotal trials across
ovarian and endometrial cancers. Two of these studies are now
underway and actively recruiting patients: BEHOLD-Ovarian01 in
platinum-resistant ovarian cancer and BEHOLD-Endometrial01 in
advanced or recurrent endometrial cancer.

Three
additional phase III studies are expected to start later in 2026,
evaluating Mo-Rez in platinum-sensitive ovarian cancer
(BEHOLD-Ovarian02), in first-line maintenance ovarian cancer
without homologous recombination deficiency (BEHOLD-Ovarian03), and
in first line maintenance mismatch repair–proficient
endometrial cancer (BEHOLD-Endometrial02).

In
April 2026, GSK presented positive data for Mo-Rez from the global
phase I BEHOLD-1 study at the Society of Gynecologic Oncology (SGO)
Annual Meeting on Women’s Cancer. Mo-Rez demonstrated
compelling efficacy in platinum-resistant ovarian cancer and in
recurrent or advanced endometrial cancer. The response to Mo-Rez
observed across a range of B7-H4 expression levels reinforces its
broad potential in gynaecologic cancers and further validates the
relevance of targeting B7-H4.

 

Key
phase III trials for Mo-Rez:

Trial name (population)

Phase

Design

Timeline

Status

BEHOLD-Ovarian-01

 

NCT07286226

III

A
Randomized, Open-label, Multicenter, Phase III Study to Investigate
mocertatug rezetecan Compared With Chemotherapy in Participants
With Platinum-resistant Ovarian Cancer

Trial
start:

Q2
2026

Recruiting

BEHOLD-Endometrial-01

NCT07286331

III

A
Randomized, Open-label, Multicenter, Phase III Study to Investigate
mocertatug rezetecan Compared With Chemotherapy in Participants
With Recurrent Endometrial Cancer

Trial
start:

Q2
2026

Recruiting

 

 

Jideytro (zidesamtinib)

Jideytro (zidesamtinib) is a ROS1 tyrosine kinase inhibitor
(TKI) designed to address key efficacy and tolerability challenges
of treating ROS1-positive non-small cell lung cancer (NSCLC). Its
next-generation design aims to combine high target-selectivity,
broad coverage of ROS1 resistance mutations and blood-brain barrier
penetration to address disease in the brain.

In July
2026, the US FDA approved zidesamtinib for the treatment of adult
patients with locally advanced or metastatic ROS1-positive
non-small cell lung cancer (NSCLC) who received a prior ROS1 kinase
inhibitor. The FDA approval is based on results from the ARROS-1
(NCT05118789) global phase I/II trial evaluating zidesamtinib in
patients with advanced ROS1 positive NSCLC and other ROS1-positive
solid tumours.

Zidesamtinib
continues to be studied in ARROS-1, including in first-line
treatment for patients who have not previously received a ROS1
inhibitor. Zidesamtinib is GSK’s first approved medicine in lung
cancer and was added to the portfolio through the acquisition of
Nuvalent.

 

 

Key
trials for Jideytro:

Trial name (population)

Phase

Design

Timeline

Status

ARROS-1
(ROS1+ non-small cell lung cancer and other solid tumours;
NSCLC)

I/II

A study
of the highly selective ROS1 inhibitor zidesamtinib (NVL-520) in
patients with advanced NSCLC and other solid tumors

Trial
start:

Q1
2022

Active

 

 

neladalkib:

Neladalkib
is an investigational ALK tyrosine kinase inhibitor (TKI) currently
under review with the US FDA for use by patients with TKI
pre-treated ALK-positive NSCLC, with PDUFA date anticipated in
November 2026.

Neladalkib
was previously granted US Breakthrough Therapy designation for the
treatment of patients with locally advanced or metastatic
ALK-positive NSCLC who have been previously treated with 2 or more
ALK TKIs and Orphan Drug designation for ALK-positive
NSCLC.

Neladalkib
was designed to maintain activity against a broad range of ALK
resistance mutations, while minimising off-target activity and
optimising penetration into the central nervous system (CNS). The
development programme is intended to address key challenges in the
treatment of ALK-positive NSCLC, including acquired resistance and
brain metastases.

The
phase I/II ALKOVE-1 study is ongoing in patients with advanced
ALK-positive NSCLC and other solid tumours, and the phase III
ALKAZAR trial is evaluating neladalkib versus alectinib in
first-line ALK-positive NSCLC.

 

Key
trials for neladalkib:

Trial name (population)

Phase

Design

Timeline

Status

ALKOVE-1
(ALK+ non-small cell lung cancer and other solid tumours;
NSCLC)

I/II

A study
of neladalkib (NVL-655) in patients with advanced NSCLC and other
solid tumors harboring ALK rearrangement or activating ALK
mutation

Trial
start:

Q1
2023

Active

ALKAZAR
(1L ALK+ non-small cell lung cancer; NSCLC)

III

A phase
III study of the selective anaplastic lymphoma kinase (ALK)
inhibitor NVL-655 compared to alectinib in first-line treatment of
patients with ALK-positive advanced non-small cell lung cancer
(NSCLC)

Trial
start:

Q3
2025

Active

 

 

HIV

 

As a
pioneer in long-acting injectables, ViiV Healthcare, majority owned
by GSK, remains focused on advancing the next-generation of
INSTI-powered HIV innovation. The differentiated HIV portfolio,
deep long-acting expertise and late-stage pipeline, is expected to
deliver sustained growth and significant launches through 2030 and
beyond.

For 3x
a year treatment, the phase III CUATRO registrational study began
in Q2 and remains on track to launch in 2028. For 3x a year for
PrEP, the phase IIb registrational EXTEND4M study is progressing,
with data expected in H2 2026 and launch in H1 2027.

 

Key HIV
trials:

Trial name (population)

Phase

Design

Timeline

Status

EXTEND
4M (HIV)

NCT06741397

IIb

Phase
IIb open label, single arm, repeat dose study to investigate the
safety, tolerability and pharmacokinetics (PK) of a new CAB
formulation administered intramuscularly every four months in
participants at risk of acquiring HIV-1.

Trial
start:

Q4
2024

Active,
not recruiting

EMBRACE
(HIV)

NCT05996471

IIb

The
study aims at evaluating the efficacy of VH3810109, dosed in
accordance with the dosing schedule as either intravenous (IV)
infusion or subcutaneous (SC) infusion with recombinant
hyaluronidase (rHuPH20), in combination with cabotegravir (CAB)
intramuscular (IM) dosed in accordance with the dosing schedule in
virologically suppressed, Antiretroviral therapy (ART)-experienced
adult participants living with HIV.

Trial
start:

Q3
2023

Active,
not recruiting

CUATRO
(HIV)

NCT07650916

III

A phase
III, randomized, multicenter, parallel-group, non-inferiority,
open-label study evaluating the efficacy, safety, and tolerability
of new CAB and rilpivirine formulations in adults and adolescents
with HIV who are virologically suppressed on ART

Trial
start:

Q2
2026

Active,
not recruiting

 

 

Infectious Diseases

 

Arexvy (respiratory
syncytial virus vaccine, adjuvanted)

GSK
continues to progress the life-cycle innovation of Arexvy, its Respiratory Syncytial Virus
(RSV) vaccine for adults, with expanded indications in new
populations and geographies.

The
vaccine is approved for the prevention of lower respiratory tract
disease (LRTD) caused by RSV in adults aged 60 years of age and
older in over 70 countries. It is also approved for use in adults
aged 50–59 at increased risk (AIR) for LRTD caused by RSV due
to certain underlying medical conditions in over 60 countries,
including the US and Japan. In the US, it is approved for use in
adults aged 18–49 years AIR and in the European Economic Area
for adults aged 18 years and older. Arexvy is not for use in pregnant
individuals.

In May,
the Japanese Ministry of Health, Labour and Welfare (MHLW) expanded
the eligible population for Arexvy to include adults aged 18 to 49
years AIR for RSV disease. The prescribing information for
Arexvy in Japan was also
updated to explicitly include immuno-compromised (IC) patients as
an increased risk group. Arexvy is approved for use in IC adults
aged 18 years and older in the European Economic Area and US FDA
review in this population is ongoing with a decision expected this
year.

China’s
Center for Drug Evaluation (CDE) is reviewing a regulatory
application for Arexvy for
the prevention of LRTD caused by RSV in adults aged 60 years and
older. A decision is expected in 2027.

 

 

Key
trials for Arexvy:

Trial name (population)

Phase

Design

Timeline

Status

RSV
OA=ADJ-004

(Adults
aged ≥60 years)

 

NCT04732871

III

A
randomised, open-label, multi-country trial to evaluate the
immunogenicity, safety, reactogenicity and persistence of a single
dose of the RSVPreF3 OA investigational vaccine and different
revaccination schedules in adults aged 60 years and
above

Trial
start:

Q1
2021

 

Primary
data reported:

Q2
2022

Active,
not recruiting; primary endpoint met

RSV
OA=ADJ-012

(Adults
aged ≥60 years )

NCT06534892

IIIb

An
extension and crossover vaccination study on the immune response
and safety of a vaccine against Respiratory Syncytial Virus given
to adults 60 years of age and above who participated in RSV
OA=ADJ-006 study

Trial
start:

Q3
2024

Active,
not recruiting

RSV
OA=ADJ-031

(Immunocompromised
adults aged ≥18 years)

NCT07092865

II

A
non-randomized, controlled, open-label, extension study to evaluate
the persistence of immune response of the adjuvanted RSVPreF3
vaccine and the safety and immunogenicity following revaccination
in lung and kidney transplant recipients (aged 18 years and
above)

Trial
start:

Q3
2025

Recruiting

RSV
OA=ADJ-028

(Adults
18 to 59 years of age at increased risk for RSV
disease)

NCT07220109

III

A
randomized, controlled, observer blind, immuno-bridging study to
evaluate immunogenicity, reactogenicity and safety of a single dose
of the RSVPreF3 OA investigational vaccine in Chinese adults 18-59
years of age at increased risk of RSV Disease

Trial
start:

Q4
2025

Recruiting

 

 

bepirovirsen (HBV ASO)

Bepirovirsen
is a triple-action antisense oligonucleotide with the potential to
be a first in class new treatment option for people with chronic
hepatitis B (CHB). It is designed to inhibit the replication of
viral DNA in the body, suppress the level of hepatitis B surface
antigen (HBsAg) in the blood, and stimulate the immune system to
increase the chances of a durable and sustained
response.

In May
2026, GSK presented positive results from its two pivotal phase III
trials, B-Well 1 and B-Well 2, at the European Association for the
Study of the Liver (EASL) conference, with simultaneous publication
in the New England Journal of Medicine. Pooled data from both
trials showed that 6-month treatment with bepirovirsen achieved a
statistically significant and clinically meaningful functional cure
rate, meeting the primary endpoint. In a key secondary endpoint, a
higher rate of functional cure rate was achieved in participants
with ≤1000 IU/ml HBsAg level. Functional cure occurs when the
hepatitis B virus DNA and HBsAg are undetectable in the blood for
at least 6 months after stopping all treatment, indicating the
disease is controlled by the immune system without
medication.

Regulatory
review is ongoing in the US with a decision expected from the FDA
by 26 October 2026. Reviews are also underway in Japan, China and
the EU with further submissions to take place throughout 2026. If
approved, bepirovirsen has the potential to become the first
finite, six-month therapeutic option for CHB.

Bepirovirsen
has been recognised by global regulatory authorities for its
innovation and potential to address significant unmet need in CHB,
with a Fast Track and Breakthrough Therapy designations from the US
FDA, Breakthrough Therapy designation in China and SENKU
designation in Japan.

To
further expand development of novel sequential regimens, GSK
entered an agreement for an exclusive worldwide license to develop
and commercialise daplusiran/tomligisiran (GSK5637608, formerly
JNJ-3989), an investigational hepatitis B virus-targeted small
interfering ribonucleic acid (siRNA) therapeutic. This agreement
provides an opportunity to investigate a novel sequential regimen
to pursue functional cure in an even broader patient population
with bepirovirsen. Phase IIb trials for this sequential therapy
started in Q4 2024.

 

 

Key
trials for bepirovirsen:

Trial name (population)

Phase

Design

Timeline

Status

B-Well
1 bepirovirsen in nucleos(t)ide treated patients (chronic hepatitis
B)

NCT05630807

III

A
multi-centre, randomised, double-blind, placebo-controlled trial to
confirm the efficacy and safety of treatment with bepirovirsen in
participants with chronic hepatitis B virus

Trial
Start:

Q1
2023

Completed;
primary endpoint met

B-Well
2 bepirovirsen in nucleos(t)ide treated patients (chronic hepatitis
B)

 

NCT05630820

III

A
multi-centre, randomised, double-blind, placebo-controlled trial to
confirm the efficacy and safety of treatment with bepirovirsen in
participants with chronic hepatitis B virus

Trial
Start:

Q1
2023

Completed;
primary endpoint met

B-United
bepirovirsen sequential therapy with daplusiran/tomligisiran in
nucleos(t)ide treated patients (chronic hepatitis B)

NCT06537414

IIb

A
multi-centre, randomized, partially placebo-controlled,
double-blind study to investigate the safety and efficacy of
sequential therapy with daplusiran/tomligisiran followed by
bepirovirsen in participants with chronic hepatitis B virus on
background nucleos(t)ide analogue therapy

Trial
start:

Q4
2024

Active,
not recruiting

B-Sure
Long-term Follow-up Study to Evaluate Durability of Treatment
Response in Previous Bepirovirsen Study Participants

NCT04954859

II

A
global multi-center, long-term follow-up study to assess durability
of efficacy, as measured by maintenance of treatment response from
the parent study, in participants who participated in a previous
bepirovirsen study and achieved a complete or partial response.
Eligible participants will be enrolled in this study after
completing the end of study (EoS) visit in one of five parent
bepirovirsen studies.

Trial
Start: Q1 2021

Recruiting

 

 

Utebzi (tebipenem
HBr)

GSK has
an exclusive licence agreement with Spero Therapeutics, Inc. for
the development of tebipenem HBr (oral carbapenem antibiotic). In
June 2026, the US FDA approved Utebzi for the treatment of complicated
urinary tract infections (cUTIs) including pyelonephritis, caused
by certain susceptible pathogens in adult patients who have limited
or no alternative oral treatment options. This is the first and
only oral carbapenem antibiotic approved for these patients, adding
to GSK’s innovative anti-infectives portfolio and helping
address the challenges of antimicrobial resistance
(AMR).

 

 

Key
phase III trials for tebipenem HBr:

Trial name (population)

Phase

Design

Timeline

Status

PIVOT-PO
(complicated urinary tract infections)

NCT06059846

III

A
randomised, double-blind, double-dummy, multi-centre study to
assess the efficacy and safety of orally administered tebipenem
pivoxil hydrobromide compared to intravenously administered
imipenem-cilastatin in patients with complicated urinary tract
infection (cUTI) or acute pyelonephritis (AP)

Trial
start:

Q4
2023

 

Data
reported:

Q2
2025

Completed;
primary endpoint met

 

Principal risks and uncertainties

 

The
principal risks and uncertainties affecting the Group for 2026 are
those described under the headings below. These are not listed in
order of significance. In our December 2025 annual risk review, the
Audit & Risk Committee agreed our principal and emerging risks
and risk factors for 2026. Our existing principal risks remain
relevant, with minor definition updates. Additionally, we agreed
the following:

 

●

Geopolitical
and regulatory environment will be elevated to a new principal risk
in 2026 given the potential impact to our strategy. This risk will
continue to be overseen by the ExCom.

●

Capability,
skills and workforce planning will be elevated to a new risk factor
in 2026 given its relevance to our strategy for focused attention.
This risk will continue to be managed through a central HR
framework, embedded across our businesses.

●

Climate
change will continue to be a risk factor overseen by our
Sustainability Council in 2026.

●

We will
continue to embed the opportunities and risks related to
third-party relationships and artificial intelligence into our
principal risks, ensuring that risk assessments are comprehensive
and integrated, and enabling effective mitigating
actions.

 

We will
maintain monitoring of the external landscape and make sure we
adequately address any new emerging risks within our existing risk
management governance.

We also
include disclosures of our 2026 additional risk factors – risks
that are not at the materiality threshold of principal risks –
capability, skills and workforce planning and climate change –
below.

We
describe our risk management process on pages 63-65 of our 2025
Annual Report, along with more detailed information on our risks,
including definitions, potential impact, context and mitigation
activities as set out on pages 66-68 and 289-304 of our 2025 Annual
Report.

Other
business risks related to Responsible Business which are not at the
level of principal risks, including environmental sustainability,
are managed through our six focus areas, as described in our 2025
Responsible Business Performance Report. There is additional
information on climate-related risk management in our
climate-related financial disclosure on pages 69-76.

 

 

 

2026 Principal Risks

Enterprise Risk Title

Definition

Patient
safety

The
risk that GSK, including our third parties, fails to appropriately
collect, assess, follow up, or report human safety information,
including adverse events, from all potential sources or that GSK
potentially fails to appropriately act on any relevant findings
that may affect the benefit-risk profile of a medicine or vaccine
in a timely manner.

Product
quality

The
risk that GSK or its third parties potentially fail to ensure
appropriate controls and governance of quality for development and
commercial products are in place; compliance with industry
practices and regulations in manufacturing and distribution
activities; and terms of GSK product licenses and supporting
regulatory activities are met.

Financial
controls and reporting

The
risk that GSK fails to report accurate financial information in
compliance with accounting standards and applicable legislation;
fails to comply with current tax laws or incurs significant losses
due to treasury activities.

Legal
matters

The
risk that GSK or our third parties potentially fail to comply with
certain legal requirements for the development and management of
our pipeline, supply and commercialisation of our products and
operation of business, and specifically in relation to requirements
for competition law, anti-bribery and corruption, outgoing fraud,
and sanctions. Any failure to meet compliance and legal standards
for these particular areas could lead to increasing scrutiny and
enforcement from government agencies.

Commercial
practices

The
risk that GSK or our third parties potentially engage in commercial
activities that fail to comply with laws, regulations, industry
codes, and internal controls and requirements.

Scientific
and patient engagement

The
risk that GSK or our third parties potentially fail to engage
externally to gain insights, educate and communicate on the science
of our medicines and associated disease areas, and provide
healthcare and patient support, grants and donations in a
legitimate and transparent manner compliant with laws, regulations,
industry codes and internal controls and requirements.

Data
ethics and privacy

The
risk that GSK or our third parties potentially fail to ethically
collect; use; re-use through artificial intelligence, data
analytics or automation; secure; share and destroy personal
information in accordance with laws, regulations, and internal
controls.

Research
practices

The
risk that GSK or our third parties potentially fail to adequately
conduct ethical and credible pre-clinical and clinical research,
collaborate in research activities compliant with laws,
regulations, and internal controls and requirements.

Environment,
health and safety (EHS)

The
risk that GSK or our third parties potentially fail to ensure
appropriate controls and governance of the organization’s assets,
facilities, infrastructure, and business activities, including
execution of hazardous activities, handling of hazardous materials,
or release of substances harmful to the environment that disrupts
supply or harms employees, third parties or the
environment.

 

2026 Principal Risks continued

Enterprise Risk Title

Definition

Information
and cyber security

The
risk that GSK or our third parties fail to ensure appropriate
controls and governance to identify, protect, detect, respond, and
recover from cyber security incidents in accordance with applicable
laws, regulations, industry standards, internal controls, and
requirements.

Supply
continuity

The
risk that GSK or our third parties potentially fail to deliver a
continuous supply of compliant finished product or respond
effectively to a crisis incident in a timely manner to recover and
sustain critical supply operations.

Pipeline
delivery

The
risk that GSK fails or has delay in the delivery of our pipeline of
new medicines, vaccines or other products.

Geopolitical
and regulatory environment

The
risk that GSK fails to adapt to the pace of change in rising
external factors that may influence pricing, reimbursement,
affordability, market entry, access and competitive pressures, such
as protectionist measures, changes in government spending,
legislative or policy measures to influence change such as trade
restrictions or tariffs, healthcare reform, evolving approval or
label change processes, changes to country immunisation schedules,
or decisions that may differ from standard procedures or scientific
data, that may negatively affect our operations.

 

 

2026 Additional Risk Factors

Risk Factor Title

Definition

Capability,
skills and workforce planning

The
risk that GSK potentially fails to ensure adequate capability,
skills and workforce planning to enable delivery of our strategic
priorities.

Climate
change

Failure
in the management of: – Physical climate and environmental
risks; – Current and future regulatory requirements for
environmental compliance, disclosure and taxes; – Delivery
and performance of management environmental objectives leading to:
reduced supply chain resilience; product life cycle management
issues; loss of trust/reputation with employees, investors,
customers, regulators and other stakeholders, increased costs; loss
of sales or market access; negative impacts on the
environment.

 

Reporting definitions

 

 

CAGR (Compound annual growth rate)

 

CAGR is
defined as the compound annual growth rate and shows the annualised
average rate for growth in sales and core operating profit between
2021 to 2026, assuming growth takes place at an exponentially
compounded rate during those years.

 

 

CER and AER growth

 

In
order to provide investors with a measure of year-on-year growth
excluding the impact of exchange rate movements, it is the
Group’s practice to discuss its results in terms of constant
exchange rate (CER) growth. This represents growth calculated as if
the exchange rates used to determine the results of overseas
companies in Sterling had remained unchanged from those used in the
comparative period. CER% represents growth at constant exchange
rates. For those countries which qualify as hyperinflationary as
defined by the criteria set out in IAS 29 ‘Financial
Reporting in Hyperinflationary Economies’ (Argentina and
Turkey) CER growth is adjusted using a more appropriate exchange
rate where the impact is significant, reflecting depreciation of
their respective currencies in order to provide comparability and
not to distort CER growth rates.

 

AER%
represents growth at actual exchange rates.

 

Core Earnings per share

 

Unless
otherwise stated, Core earnings per share refers to Core basic
earnings per share.

 

 

Core Operating Margin

Core
Operating margin is Core operating profit divided by turnover. Core
operating profit is a key financial measure used by management to
evaluate performance.

 

 

Free cash flow

Free
cash flow is defined as the net cash inflow/outflow from operating
activities less capital expenditure on property, plant and
equipment and intangible assets, contingent consideration payments,
net finance costs, and distributions to non-controlling interests,
contributions from non-controlling interests plus proceeds from the
sale of property, plant and equipment and intangible assets, and
dividends received from joint ventures and associates. Free cash
flow provides investors with a measure of cash flows that are
available to pay shareholder distributions and to fund strategic
acquisitions. It is used by management for planning and reporting
purposes and in discussions with and presentations to investment
analysts and rating agencies. Free cash flow growth is calculated
on a reported basis. A reconciliation of net cash inflow from
operations to free cash flow from operations is set out on page
34.

 

 

Free cash flow conversion

Free
cash flow conversion is free cash flow from operations as a
percentage of profit attributable to shareholders. Free cash flow
conversion provides investors with a measure of turning profit into
cash.

 

 

General Medicines

General
Medicines are usually prescribed in the primary care or community
settings by general healthcare practitioners. For GSK, this
includes medicines for inhaled respiratory, dermatology,
antibiotics and other diseases.

 

 

Non-controlling interest (NCI)

Non-controlling
interest is the equity in a subsidiary not attributable, directly
or indirectly, to a parent.

 

 

Percentage points

Percentage
points of growth which is abbreviated to ppts.

 

 

RAR (Returns and Rebates)

GSK
sells to customers both commercial and government mandated
contracts with reimbursement arrangements that include rebates,
chargebacks and a right of return for certain pharmaceutical
products principally in the US. Revenue recognition reflects
gross-to-net sales adjustments as a result. These adjustments are
known as the RAR accruals and are a source of significant
estimation uncertainty and fluctuation which can have a material
impact on reported revenue from one accounting period to the
next.

 

 

Risk adjusted sales

Pipeline
risk-adjusted sales are based on the latest internal estimate of
the probability of technical and regulatory success for each asset
in development.

 

 

Specialty Medicines

Specialty
Medicines are typically prescription medicines used to treat
complex or rare chronic conditions. For GSK, this comprises
medicines for infectious diseases, HIV, Respiratory, Immunology
& Inflammation, and Oncology.

 

 

Total Net debt

Net
debt is defined as total borrowings less cash, cash equivalents,
liquid investments, and short-term loans to third parties that are
subject to an insignificant risk of change in value. The measure is
used by management as it is considered a good indicator of GSK’s
ability to meet its financial commitments and the strength of its
balance sheet (including those classified as assets held for sale
and liabilities relating to assets held for sale).

 

 

Total and Core results

Total
reported results represent the Group’s overall performance.
GSK uses a number of non-IFRS measures to report the performance of
its business. Core results and other non-IFRS measures may be
considered in addition to, but not as a substitute for or superior
to, information presented in accordance with IFRS. Core results are
defined on page 14 and other non-IFRS measures are defined in pages
50 and 51.

 

 

Total Operating Margin

Total
Operating margin is Total operating profit divided by
turnover.

 

 

Total Earnings per share

Unless
otherwise stated, Total earnings per share refers to Total basic
earnings per share.

 

 

Working capital

Working
capital represents inventory and trade receivables less trade
payables.

 

 

Year to date

Year to
date is the six-month period in the year to 30 June 2026 or the
same prior period in 2025 as appropriate.

 

 

Guidance and Outlooks, assumptions and cautionary
statements

 

 

2026 Guidance

GSK
reaffirms its full-year 2026 guidance at constant exchange rates
(CER), with further specificity provided.

GSK
expects its turnover to increase between 3% to 5%, at the upper
half of the range, and Core operating profit to increase between 7%
to 9%, at the upper half of the range. Core earnings per share is
expected to increase between 7% to 9%, at the lower half of the
range.

 

The
Group has made planning assumptions that we expect turnover for
Specialty Medicines to increase by a low double-digit percentage,
Vaccines to be broadly stable to an increase at a low-single digit
percentage, and General Medicines to decline by a mid-single digit
to low single-digit percentage.

 

2021-2026 and 2031 Outlooks

In
February 2025 GSK set out improved outlooks for 2031 which are
detailed in the 2024 full year and fourth quarter results on
gsk.com(1).

 

 

Assumptions and basis of preparation related to 2026 Guidance,
2021-26 and 2031 Outlooks

In
outlining the guidance for 2026, and outlooks for the period
2021-26 and for 2031, the Group has made certain assumptions about
the macro-economic environment, the healthcare sector (including
regarding existing and possible additional governmental legislative
and regulatory reform), the different markets and competitive
landscape in which the Group operates and the delivery of revenues
and financial benefits from its current portfolio, its development
pipeline and restructuring programmes, including the Accelerate
Growth programme as outlined on page 3.

 

As
previously announced, on 19 December 2025, GSK entered into an
agreement with the US Administration to lower the cost of
prescription medicines for American patients, which, once fully
implemented, would exclude both GSK and ViiV Healthcare from
Section 232 tariffs for three years. On 9 April 2026, GSK, ViiV
Healthcare, and the US Government entered into a definitive
agreement reflecting Section 232 tariff relief through 20 January
2029 (subject to final implementation). As part of that
implementation, GSK and ViiV Healthcare each signed a Generous
Model Manufacturer Participation Agreement with the Centers for
Medicare and Medicaid Services effective 15 June 2026. With these
agreements GSK and ViiV Healthcare have committed certain products
to participate in the voluntary Generous Model, and it is
anticipated that supplemental rebate agreements with interested US
states will be signed on or before 1 October 2026. Our full year
guidance is inclusive of the expected impact of these
agreements.

 

2026 Guidance

These
planning assumptions as well as operating profit, earnings per
share guidance and dividend expectations assume no material
interruptions to supply of the Group’s products, no material
mergers, acquisitions or disposals, no material litigation or
investigation costs for the Company (save for those that are
already recognised or for which provisions have been made) and no
change in the Group’s shareholdings in ViiV Healthcare. The
assumptions also assume no material changes in the healthcare
environment or unexpected significant changes in pricing or trade
policies, including tariffs (except as noted above), as a result of
government or competitor action. The 2026 guidance factors in all
divestments and product exits announced to date.

 

 

2021-26 and 2031 Outlooks

The
assumptions for GSK’s revenue, Core operating profit, Core
operating margin and cash flow outlooks, 2031 revenue outlook and
margin expectations through dolutegravir loss of exclusivity assume
the delivery of revenues and financial benefits from its current
and development pipeline portfolio of medicines and vaccines (which
have been assessed for this purpose on a risk-adjusted basis, as
described further below); regulatory approvals of the pipeline
portfolio of medicines and vaccines that underlie these
expectations (which have also been assessed for this purpose on a
risk-adjusted basis, as described further below); no material
interruptions to supply of the Group’s products; successful
delivery of the ongoing and planned integration and restructuring
plans, including the Accelerate Growth programme as outlined on
page 3; no material mergers, acquisitions or disposals or other
material business development transactions; no material litigation
or investigation costs for the Company (save for those that are
already recognised or for which provisions have been made); and no
change in the Group’s shareholdings in ViiV Healthcare. GSK assumes
no premature loss of exclusivity for key products over the
period.

 

The
assumptions for GSK’s revenue, Core operating profit, Core
operating margin and cash flow outlooks, 2031 revenue outlook and
margin expectations through dolutegravir loss of exclusivity also
factor in all divestments and product exits announced to date as
well as material costs for investment in new product launches and
R&D. Risk-adjusted sales includes sales for potential planned
launches which are risk-adjusted based on the latest internal
estimate of the probability of technical and regulatory success for
each asset in development.

 

 

Notwithstanding
our guidance, outlooks and expectations, there is still uncertainty
as to whether our assumptions, guidance, outlooks and expectations
will be achieved.

 

 

All
outlook statements are given on a constant currency basis and use
2025 average exchange rates as a base (£1/$1.31,
£1/€1.17, £1/Yen 198).

 

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

 

Assumptions and cautionary statement regarding forward-looking
statements

The
Group’s management believes that the assumptions outlined
above are reasonable, and that the guidance, outlooks, and
expectations described in this report are achievable based on those
assumptions. However, given the forward-looking nature of these
guidance, outlooks, and expectations, they are subject to greater
uncertainty, including potential material impacts if the above
assumptions are not realised, and other material impacts related to
foreign exchange fluctuations, macro-economic activity, the impact
of outbreaks, epidemics or pandemics, changes in legislation,
regulation, government actions and policies, including the impact
of any potential tariffs or other restrictive trade policies on the
Group’s products, or intellectual property protection, product
development and approvals, actions by our competitors, and other
risks inherent to the industries in which we operate.

This
document contains statements that are, or may be deemed to be,
“forward-looking statements”. Forward-looking
statements give the Group’s current expectations or forecasts
of future events. An investor can identify these statements by the
fact that they do not relate strictly to historical or current
facts. They use words such as ‘aim’, ‘ambition’,
‘anticipate’, ‘believe’, ‘could’,
‘estimate’, ‘expect’, ‘goal’,
‘intend’, ‘may’, ‘outlook’,
‘plan’, ‘project’, ‘seek’,
‘should’, ‘target’, ‘will’ and other words
and terms of similar meaning in connection with any discussion of
future operating or financial performance. In particular, these
include statements relating to future actions, prospective products
or product approvals, future performance or results of current and
anticipated products, sales efforts, expenses, the outcome of
contingencies such as legal proceedings, dividend payments and
financial results. Other than in accordance with its legal or
regulatory obligations (including under the Market Abuse
Regulation, the UK Listing Rules and the Disclosure Guidance and
Transparency Rules of the Financial Conduct Authority), the Group
undertakes no obligation to update any forward-looking statements,
whether as a result of new information, future events or otherwise.
The reader should, however, consult any additional disclosures that
the Group may make in any documents which it publishes and/or files
with the SEC. All readers, wherever located, should take note of
these disclosures. Accordingly, no assurance can be given that any
particular expectation will be met and readers are cautioned not to
place undue reliance on the forward-looking
statements.

  

All
guidance, outlooks and expectations should be read together with
the guidance and outlooks, assumptions and cautionary statements in
this Q2 2026 earnings release and in the Group’s 2025 Annual Report
on Form 20-F.

 

Forward-looking
statements are subject to assumptions, inherent risks and
uncertainties, many of which relate to factors that are beyond the
Group’s control or precise estimate. The Group cautions
investors that a number of important factors, including those in
this document, could cause actual results to differ materially from
those expressed or implied in any forward-looking statement. Such
factors include, but are not limited to, those discussed under
‘Risk Factors’ in the Group’s Annual Report on
Form 20-F for 2025 and as described on pages 48 and 49 in this Q2
2026 earnings release. Any forward-looking statements made by or on
behalf of the Group speak only as of the date they are made and are
based upon the knowledge and information available to the Directors
on the date of this report.

 

 

Inside information

This
announcement contains inside information. The person responsible
for arranging the release of this announcement on behalf of GSK is
Victoria Whyte, Company Secretary.

 

 

Directors’ responsibility statement

 

The
Board of Directors approved this Half-yearly Financial Report on 28
July 2026.

The
Directors confirm that to the best of their knowledge the unaudited
condensed financial information has been prepared in accordance
with IAS 34 as contained in UK-adopted International Financial
Reporting Standards (IFRS) and that the interim management report
includes a fair review of the information required by DTR 4.2.7 and
DTR 4.2.8.

After
making enquiries, the Directors considered it appropriate to adopt
the going concern basis in preparing this Half-yearly Financial
Report.

 

The
Directors of GSK plc are as follows:

 

Sir
Jonathan Symonds

Non-Executive
Chair & Nominations & Corporate Governance Committee
Chair

Luke
Miels

Chief
Executive Officer (Executive Director)

Julie
Brown

Chief
Financial Officer (Executive Director)

Elizabeth
McKee Anderson

Independent
Non-Executive Director

Charles
Bancroft

Senior
Independent Non-Executive Director, Audit & Risk Committee
Chair

Dr Hal
Barron

Non-Executive
Director

Dr Anne
Beal

Independent
Non-Executive Director, Corporate Responsibility Committee
Chair

Wendy
Becker

Independent
Non-Executive Director, Remuneration Committee Chair

Dr
Harry (Hal) Dietz

Independent
Non-Executive Director, Science Committee Chair

Roy
Jakobs

Independent
Non-Executive Director

Dr
Jeannie Lee

Independent
Non-Executive Director

Dr
Gavin Screaton

Independent
Non-Executive Director

Dr
Vishal Sikka

Independent
Non-Executive Director

 

By
order of the Board

 

 

Luke
Miels

Chief
Executive Officer

Julie
Brown

Chief
Financial Officer

 

 

28 July
2026

 

 

Independent review report to GSK plc

 

 

Conclusion

 

We have
been engaged by GSK plc (“the company”) to review the
condensed financial information in the Results Announcement of the
company for the three and six months ended 30 June
2026.

 

The
condensed financial information comprises:

 

●

the
income statement and statement of comprehensive income for the
three and six month periods ended 30 June 2026 on page 20 and
21;

●

the
balance sheet as at 30 June 2026 on page 22;

●

the
statement of changes in equity for the six-month period then ended
on page 23;

●

the
cash flow statement for the six-month period then ended on page 24;
and

●

the
accounting policies and basis of preparation and the explanatory
notes to the condensed financial information on pages 25 to 40 that
have been prepared applying consistent accounting policies to those
applied by GSK plc and its subsidiaries (“the Group”)
in the Annual Report 2025, which was prepared in accordance with
UK-adopted international accounting standards in conformity with
the requirements of the Companies Act 2006 and the IFRS Accounting
Standards as issued by the International Accounting Standards
Boards (IASB).

 

Based
on our review, nothing has come to our attention that causes us to
believe that the condensed financial information in the Results
Announcement for the three and six months ended 30 June 2026 is not
prepared, in all material respects, in accordance with United
Kingdom adopted International Accounting Standard 34 and the
Disclosure Guidance and Transparency Rules of the United
Kingdom’s Financial Conduct Authority.

 

Basis for Conclusion

We
conducted our review in accordance with International Standard on
Review Engagements (UK) 2410 “Review of Interim Financial
Information Performed by the Independent Auditor of the
Entity” issued by the Financial Reporting Council for use in
the United Kingdom (ISRE (UK) 2410). A review of interim financial
information consists of making inquiries, primarily of persons
responsible for financial and accounting matters, and applying
analytical and other review procedures. A review is substantially
less in scope than an audit conducted in accordance with
International Standards on Auditing (UK) and consequently does not
enable us to obtain assurance that we would become aware of all
significant matters that might be identified in an audit.
Accordingly, we do not express an audit opinion.

 

As
disclosed on page 31, the annual financial statements of the Group
are prepared in accordance with United Kingdom adopted
international accounting standards and IFRS Accounting Standards as
issued by the international Accounting Standards Board (IASB). The
condensed set of financial information included in this Results
Announcement have been prepared in accordance with United Kingdom
adopted International Accounting Standard 34, “Interim
Financial Reporting”.

 

Conclusion Relating to Going Concern

Based
on our review procedures, which are less extensive than those
performed in an audit as described in the Basis for Conclusion
section of this report, nothing has come to our attention to
suggest that the directors have inappropriately adopted the going
concern basis of accounting or that the directors have identified
material uncertainties relating to going concern that are not
appropriately disclosed.

 

This
Conclusion is based on the review procedures performed in
accordance with ISRE (UK) 2410, however future events or conditions
may cause the entity to cease to continue as a going
concern.

Responsibilities of the directors

The
directors are responsible for preparing the Results Announcement of
the company in accordance with the Disclosure Guidance and
Transparency Rules of the United Kingdom’s Financial Conduct
Authority.

 

In
preparing the Results Announcement, the directors are responsible
for assessing the company’s ability to continue as a going
concern, disclosing as applicable, matters related to going concern
and using the going concern basis of accounting unless the
directors either intend to liquidate the company or to cease
operations, or have no realistic alternative but to do
so.

 

Auditor’s Responsibilities for the review of the financial
information

In
reviewing the Results Announcement, we are responsible for
expressing to the company a conclusion on the condensed financial
information in the Results Announcement. Our Conclusion, including
our Conclusion Relating to Going Concern, are based on procedures
that are less extensive than audit procedures, as described in the
Basis for Conclusion paragraph of this report.

 

Use of our report

This
report is made solely to the company in accordance with ISRE (UK)
2410. Our work has been undertaken so that we might state to the
company those matters we are required to state to it in an
independent review report and for no other purpose. To the fullest
extent permitted by law, we do not accept or assume responsibility
to anyone other than the company, for our review work, for this
report, or for the conclusions we have formed.

 

 

Deloitte LLP

Statutory
Auditor

London,
United Kingdom

28 July
2026

 

 

 

Terms used in the Announcement

Brief description

1L

First
line

2L

Second
line

ADC

Antibody-drug
conjugate

ADP

Adenosine
diphosphate

ALK

Anaplastic
lymphoma kinase

ASO

Antisense
oligonucleotide

CCL

Contingent
consideration liability

CDC

Centre
for Disease Control and Prevention

CDE

Center
for Drug Evaluation

COPD

Chronic
obstructive pulmonary disease

CROI

Conference
on Retroviruses and Opportunistic Infections

CRSwNP

Chronic
rhinosinusitis with nasal polyps

cUTI

Complicated
urinary tract infection

dMMR

Deficient
mismatch repair

DRIP

Dividend
reinvestment plan

DTG

Dolutegravir

EGPA

Eosinophilic
granulomatosis with polyangiitis

EMA

European
Medicines Agency

ES

Extensive
stage

ESOP

Employee
share ownership plan

GIST

Gastrointestinal
stromal tumour

HBV

Hepatitis
B virus

HES

Hypereosinophilic
syndrome

IBS

Irritable
bowel syndrome

Insti

Integrase
nuclear strand transfer inhibitors

IRA

Inflation
Reduction Act

IV

Intravenous

LAI

Long
acting injectables (includes Apretude and Cabenuva)

LoE

Loss of
exclusivity

LRTD

Lower
respiratory tract disease

MAPS

Multi
antigen presenting system

MASH

Metabolic
dysfunction-associated steatohepatitis

MMRV

Measles,
mumps, rubella and varicella

Mo-Rez

Mocertatug
rezetecan

mRNA

Messenger
ribonucleic acid

MSI-H

Microsatellite
instability high

NDA

New
Drug Application

OA

Older
adults

Oral
2DR

Oral 2
drug regimen (includes Dovato and Juluca)

PARP

Poly
ADP ribose polymerase

PD-1

Programmed
death receptor-1 blocking antibody

PDUFA

Prescription
Drug User Fee Act

PK

Pharmacokinetics

ppts

Percentage
points

PrEP

Pre-exposure
prophylaxis

PRIME

Priority
Medicines

RCC

Refractory
chronic cough

RI&I

Respiratory,
Immunology & Inflammation

Ris-Rez

Risvutatug
rezetecan

RNS

Regulatory
news service

RSV

Respiratory
syncytial virus

SC

Subcutaneous

SCLC

Small
cell lung cancer

SGO

Society
of Gynecologic Oncology

SG&A

Selling,
general and administrative expenses, net of other sundry
income

SiRNA

Small
interfering RNA

SITT

Single
inhaler triple therapy

TKI

Tyrosine
kinase inhibitor

TSLP

Long-acting
anti-thymic stromal lymphopoietin monoclonal

ULA

Ultra
long acting

uUTI

Uncomplicated
urinary tract infection

 

 

Trademark

Generic

Product Area

Indication(s)

Anoro Ellipta

umeclidinium
bromide/vilanterol trifenatate

General
medicines

COPD

Apretude

cabotegravir

Specialty
medicines

HIV
prevention

Arexvy

respiratory
syncytial virus vaccine

Vaccines

Respiratory
syncytial virus vaccination

Benlysta

(SC and
IV)

belimumab

Specialty
medicines

Systemic
lupus erythematosus, lupus nephritis

Bexsero

meningococcal
group-B vaccine

Vaccines

Meningitis
group B prophylaxis

Blenrep

belantamab
mafodotin

Specialty
medicines

Relapsed/refractory
multiple myeloma

Blujepa

gepotidacin

General
medicines

Uncomplicated
UTI, Uncomplicated Gonorrhoea

Boostrix

diphtheria,
tetanus, acellular pertussis

Vaccines

Diphtheria,
tetanus, acellular

Pertussis
booster vaccination

Cabenuva/Vocabria + Rekambys

cabotegravir,
rilpivirine

Specialty
medicines

HIV/AIDS

Cervarix

HPV 16
& 18 virus like particles (VLPs), AS04 adjuvant (MPL +
aluminium hydroxide)

Vaccines

Human
papilloma virus type 16 and 18

Dovato

dolutegravir/lamivudine

Specialty
medicines

HIV/AIDS

Exdensur

depemokimab

Specialty
medicines

Severe
Asthma, CRSwNP

Flixotide / Flovent

fluticasone
propionate

General
medicines

Asthma

Fluarix

split
inactivated influenza antigens (2 virus subtypes A and 2 subtype
B)

Vaccines

Seasonal
influenza prophylaxis

FluLaval

split
inactivated influenza antigens (2 virus subtypes A and 2 subtype
B)

Vaccines

Seasonal
influenza prophylaxis

Infanrix/Pediarix

diphtheria,
tetanus, pertussis, polio, hepatitis B, haemophilus influenzae type
B (EU)

Vaccines

Prophylaxis
against diphtheria, tetanus,

pertussis,
polio, hepatitis B, Haemophilus influenzae type B (EU)

Jemperli

dostarlimab

Specialty
medicines

dMMR/MSI-H
recurrent/ advanced endometrial cancer, dMMR solid
tumours

Juluca

dolutegravir/rilpivirine

Specialty
medicines

HIV/AIDS

Menveo

meningococcal
group A, C, W-135 and Y conjugate vaccine

Vaccines

Meningitis
group A, C, W-135 and Y prophylaxis

Nucala

mepolizumab

Specialty
medicines

Asthma,
CRSwNP, EGPA, HES

Ojjaara/Omjjara

momelotinib

Specialty
medicines

Myelofibrosis
in patients with anaemia

Penmenvy

meningococcal
groups A, B, C, W, and Y vaccine

Vaccines

Meningitis
group A, B, C, W-135 and Y prophylaxis

Priorix, Priorix Tetra, Varilrix

live
attenuated MMR, varicella and MMRV vaccines

Vaccines

Measles,
mumps, rubella and chickenpox prophylaxis

Relvar/Breo Ellipta

fluticasone
furoate/vilanterol trifenatate

General
medicines

Asthma,
COPD

Rotarix

human
rotavirus RIX4414 strain

Vaccines

Rotavirus
prophylaxis

Rukobia

fostemsavir

Specialty
medicines

HIV/AIDS

Seretide / Advair

salmeterol
xinofoate, fluticasone propionate

General
medicines

Asthma,
COPD

Shingrix

zoster
vaccine recombinant, adjuvanted

Vaccines

Herpes
zoster (shingles)

Synflorix

conjugated
pneumococcal polysaccharide

Vaccines

Prophylaxis
against invasive disease, pneumonia, acute otitis
media

Tivicay

dolutegravir

Specialty
medicines

HIV/AIDS

Trelegy Ellipta

fluticasone
furoate/vilanterol trifenatate/umeclidinium bromide

General
medicines

COPD,
asthma

Triumeq

dolutegravir,
lamivudine and abacavir

Specialty
medicines

HIV/AIDS

Ventolin

salbutamol
sulphate

General
medicines

Asthma,
COPD

Zejula

niraparib

Specialty
medicines

Ovarian
cancer

Brand
names appearing in italics throughout this document are trademarks
of GSK or associated companies or used under licence by the
Group.

 

 

SIGNATURES

 

 

Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorised.

 

GSK plc

 

(Registrant)

 

 

Date: July
28, 2026

 

 

 

 

By:/s/ VICTORIA
WHYTE

————————–

 

 

 

Victoria Whyte

 

Authorised
Signatory for and on

 

behalf
of GSK plc