UNITED STATES<\/p>\n
SECURITIES AND EXCHANGE COMMISSION<\/p>\n
Washington, D.C. 20549<\/p>\n
\n\u00a0<\/p>\n
Form 6-K<\/p>\n
\n\u00a0<\/p>\n
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
\n15d-16<\/p>\n
UNDER THE SECURITIES EXCHANGE ACT OF 1934<\/p>\n
\n\u00a0<\/p>\n
\n\u00a0<\/p>\n
\nFor the
\nmonth of July 2026<\/p>\n
\n\u00a0<\/p>\n
\nCommission
\nFile Number 001-15170<\/p>\n
\n\u00a0<\/p>\n
\n\u00a0<\/p>\n
GSK plc<\/p>\n
\n(Translation
\nof registrant’s name into English)<\/p>\n
\n\u00a0<\/p>\n
\n\u00a0<\/p>\n
79 New Oxford Street, London, WC1A 1DG<\/p>\n
\n(Address
\nof principal executive office)<\/p>\n
\n\u00a0<\/p>\n
\n\u00a0<\/p>\n
\n\u00a0<\/p>\n
\nIndicate
\nby check mark whether the registrant files or will file annual
\nreports under cover of Form 20-F or Form 40-F.<\/p>\n
\n\u00a0<\/p>\n
\nForm
\n20-F . . . .X. . . . Form 40-F . . . . . . . .<\/p>\n
\n\u00a0<\/p>\n
\n\u00a0<\/p>\n
\n\u00a0<\/p>\n
\n\u00a0<\/p>\n
GSK delivers strong Q2 core results performance and continued
\nmomentum<\/p>\n
Plans announced to accelerate R&D and late-stage pipeline
\nportfolio<\/p>\n
Expect 20+ phase III trial starts in 2026<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Strong Specialty Medicines and Vaccines performance drives sales
\nand core operating profit growth<\/p>\n
\n\u25cf<\/p>\n
\nTotal
\nQ2 sales \u00a38.4 billion +5% AER; +5% CER<\/p>\n
\n\u25cf<\/p>\n
\nSpecialty
\nMedicines sales \u00a33.8 billion (+14%); Respiratory, Immunology
\n& Inflammation \u00a31.1 billion (+19%); Oncology \u00a30.6
\nbillion (+17%); HIV sales \u00a32.1 billion (+10%)<\/p>\n
\n\u25cf<\/p>\n
\nVaccines
\nsales \u00a32.3 billion (+8%); Shingrix \u00a30.9 billion (+3%);
\nMeningitis vaccines \u00a30.5 billion (+21%); and Arexvy \u00a30.2 billion
\n(+>100%)<\/p>\n
\n\u25cf<\/p>\n
\nGeneral
\nMedicines sales \u00a32.3 billion (-9%); Trelegy \u00a30.8 billion
\n(-7%)<\/p>\n
\n\u25cf<\/p>\n
\nTotal
\noperating profit -75% and Total EPS -69% driven by higher
\nimpairments, primarily related to camlipixant of \u00a31.3 billion,
\nand higher CCL charges, partly offset by Core operating profit
\ngrowth and higher divestment income<\/p>\n
\n\u25cf<\/p>\n
\nCore
\noperating profit +7% and Core EPS +9% reflecting higher sales and
\nfavourable product and regional mix, partly offset by increased
\ninvestment in R&D and new asset launches and lower royalty
\nincome<\/p>\n
\n\u25cf<\/p>\n
\nCash
\ngenerated from operations of \u00a32.9 billion with free cash flow
\nof \u00a32.0 billion<\/p>\n
\n\u00a0<\/p>\n
\n(Financial
\nPerformance \u2013 Q2 2026 results unless otherwise stated, growth
\n% and commentary at CER as defined on page 50. The year to date
\nadverse currency impact on AER versus CER primarily reflected the
\nstrengthening of Sterling against the USD. See page 9 for further
\ndetails.)<\/p>\n
\n\u00a0<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Q2 2026<\/p>\n
Year to date<\/p>\n
\u00a0<\/p>\n
\n\u00a3m<\/p>\n
\n%
\nAER<\/p>\n
\n%
\nCER<\/p>\n
\n\u00a3m<\/p>\n
\n%
\nAER<\/p>\n
\n%
\nCER<\/p>\n
\nTurnover<\/p>\n
\n8,409<\/p>\n
\n5<\/p>\n
\n5<\/p>\n
\n16,038<\/p>\n
\n3<\/p>\n
\n5<\/p>\n
\nTotal
\noperating profit<\/p>\n
\n481<\/p>\n
\n(76)<\/p>\n
\n(75)<\/p>\n
\n2,774<\/p>\n
\n(35)<\/p>\n
\n(31)<\/p>\n
\nTotal
\noperating margin %<\/p>\n
\n5.7%<\/p>\n
\n(19.6ppts)<\/p>\n
\n(19.3ppts)<\/p>\n
\n17.3%<\/p>\n
\n(10.0ppts)<\/p>\n
\n(9.3ppts)<\/p>\n
\nTotal
\nEPS<\/p>\n
\n10.8p<\/p>\n
\n(69)<\/p>\n
\n(69)<\/p>\n
\n54.1p<\/p>\n
\n(28)<\/p>\n
\n(24)<\/p>\n
\nCore
\noperating profit<\/p>\n
\n2,800<\/p>\n
\n6<\/p>\n
\n7<\/p>\n
\n5,450<\/p>\n
\n6<\/p>\n
\n8<\/p>\n
\nCore
\noperating margin %<\/p>\n
\n33.3%<\/p>\n
\n0.4ppts<\/p>\n
\n0.6ppts<\/p>\n
\n34.0%<\/p>\n
\n0.7ppts<\/p>\n
\n1.2ppts<\/p>\n
\nCore
\nEPS<\/p>\n
\n50.5p<\/p>\n
\n9<\/p>\n
\n9<\/p>\n
\n97.1p<\/p>\n
\n6<\/p>\n
\n9<\/p>\n
\nCash
\ngenerated from operations<\/p>\n
\n2,906<\/p>\n
\n19<\/p>\n
\u00a0<\/p>\n
\n4,256<\/p>\n
\n14<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Pipeline progress:<\/p>\n
\n\u25cf<\/p>\n
\nTwo
\nlate-stage medicines for non-small cell lung cancer acquired:
\nJideytro (FDA approval)
\n& neladalkib (PDUFA H2 2026)<\/p>\n
\n\u25cf<\/p>\n
\nPositive
\nphase III Hansoh China data for Ris-Rez in lung cancer \u2013
\nfirst positive phase III overall survival data reported for a B7-H3
\ntargeted ADC in any tumour type<\/p>\n
\n\u25cf<\/p>\n
\nPositive
\ndata (AZUR-1) supports regulatory reviews for use of Jemperli in treatment of advanced
\nrectal cancer<\/p>\n
\n\u25cf<\/p>\n
\nMomelotinib
\n(Ojjaara) granted Orphan
\nDrug Designations in US and EU for VEXAS syndrome<\/p>\n
\n\u25cf<\/p>\n
\nPivotal
\ndata demonstrates unprecedented functional cure rates for
\nbepirovirsen (chronic hepatitis B)<\/p>\n
\n\u25cf<\/p>\n
Arexvy expanded approval in Japan for adults aged 18-59 at
\nincreased risk of RSV<\/p>\n
\n\u25cf<\/p>\n
\nDecision
\nnot to progress further development of camlipixant in RCC following
\nCALM-1\/2 phase III results<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
R&D acceleration:<\/p>\n
\n\u25cf<\/p>\n
\n62
\nassets in clinical development with opportunities for significant
\ngrowth<\/p>\n
\n\u25cf<\/p>\n
\n7 asset
\naccelerations – across 18 indications – identified in: Oncology,
\nRespiratory, Hepatology & Vaccines<\/p>\n
\n\u25cf<\/p>\n
\nNow
\nexpect 20+ phase III trial starts in 2026 (previously
\n10)<\/p>\n
\n\u25cf<\/p>\n
\nNew
\nflagship R&D Centre to be established in Cambridge Biomedical
\nCampus, UK<\/p>\n
\n\u25cf<\/p>\n
\n3-year
\nprogramme to fund investment in late-stage portfolio and to improve
\noperating margin with \u00a31.9 billion annual savings targeted by
\n2029 for costs of \u00a32.4 billion (\u00a32.1 billion cash
\ncosts)<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Growth outlooks:<\/p>\n
\n\u25cf<\/p>\n
\n2026
\nguidance reaffirmed with expected growth in: turnover 3% to 5%;
\nCore OP 7% to 9%; Core EPS 7% to 9%<\/p>\n
\n\u25cf<\/p>\n
\nOn
\ntrack for 2031 sales outlook of more than \u00a340 billion;
\nAccelerating growth from 2031 onwards<\/p>\n
\n\u25cf<\/p>\n
\nOperating
\nmargin stable to improving through dolutegravir loss of exclusivity
\nperiod of 2028-2030<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Shareholder returns:<\/p>\n
\n\u25cf<\/p>\n
\nQ2 2026
\ndividend of 17p declared; 70p expected for full year
\n2026<\/p>\n
\n\u25cf<\/p>\n
\nCompleted
\n\u00a32 billion share buyback programme as announced at FY
\n2024<\/p>\n
\nGuidance
\nall at CER. The Total results are presented in summary above and on
\npage 8 and Core results reconciliations are presented on pages 16
\nand 18. Core results are a non-IFRS measure that may be considered
\nin addition to, but not as a substitute for, or superior to,
\ninformation presented in accordance with IFRS. The following terms
\nare defined on pages 50-51: Core results, AER% growth, CER% growth
\nand other non-IFRS measures. GSK provides guidance on a Core
\nresults basis only for the reasons set out on page 14. All
\nexpectations, guidance and outlooks regarding future performance
\nand dividend payments should be read together with \u2018Guidance
\nand outlooks, assumptions and cautionary statements\u2019 on pages
\n52-53. Abbreviations are defined on page 57.<\/p>\n
\u00a0<\/p>\n
\nThis
\nannouncement contains inside information.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Luke Miels, Chief Executive Officer, GSK:<\/p>\n
\n\u00a0<\/p>\n
\n\u201cGSK
\nhas delivered another quarter of strong core results performance,
\nwith our key growth drivers performing well. We remain focused on
\noperational delivery, execution, and accelerating
\nR&D.<\/p>\n
\nTo that
\nend, we have identified late-stage pipeline accelerations – across
\n18 indications \u2013 for 7 key assets in Oncology, Respiratory,
\nHepatology and Vaccines. Based on clinical data, and their
\nopportunities to improve upon current standards-of-care, we see
\nstrong reasons for all these assets to bring meaningful benefits
\nand protection to patients. We have also decided to establish a new
\nflagship R&D Centre on the UK\u2019s Cambridge Biomedical
\nCampus \u2013 an investment that will further integrate GSK into
\none of the world\u2019s leading ecosystems for
\nlife-sciences.<\/p>\n
\nTo fund
\ninvestment in the late-stage portfolio and R&D, we are starting
\na 3-year cost savings programme to simplify the organisation and to
\nreallocate capital and resources. Savings will primarily be
\nreinvested, with some used to improve margins and profitability in
\nthe dolutegravir patent expiry period (2028-2030).<\/p>\n
\nWe
\nbelieve these plans, together with continued disciplined capital
\nallocation, will drive strong operational performance and
\nshareholder returns over the next five years, delivering our 2031
\nsales outlook and accelerated long-term growth.\u201d<\/p>\n
\n\u00a0<\/p>\n
2026 Guidance<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\nGSK
\nreaffirms its full-year 2026 guidance at constant exchange rates
\n(CER), with further specificity provided below.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Guidance<\/p>\n
Updated 2026 guidance at CER<\/p>\n
Previous 2026 guidance at CER<\/p>\n
\nTurnover<\/p>\n
\nIncrease
\nbetween 3% to 5%, at the upper half of the range<\/p>\n
\nIncrease
\nbetween 3% to 5%<\/p>\n
\nCore
\noperating profit<\/p>\n
\nIncrease
\nbetween 7% to 9%, at the upper half of the range<\/p>\n
\nIncrease
\nbetween 7% to 9%<\/p>\n
\nCore
\nearnings per share<\/p>\n
\nIncrease
\nbetween 7% to 9%, at the lower half of the range<\/p>\n
\nIncrease
\nbetween 7% to 9%<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\nThis
\nguidance is supported by the following turnover expectations for
\nfull-year 2026 at CER.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Turnover expectations<\/p>\n
New 2026 guidance at CER<\/p>\n
Previous 2026 guidance at CER<\/p>\n
\nSpecialty
\nMedicines<\/p>\n
\nIncrease
\nat a low double-digit percentage<\/p>\n
\nIncrease
\nat a low double-digit percentage<\/p>\n
\nVaccines<\/p>\n
\nBroadly
\nstable to an increase at a low single-digit percentage<\/p>\n
\nDecline
\nof a low single-digit percentage to broadly stable<\/p>\n
\nGeneral
\nMedicines<\/p>\n
\nDecline
\nof a mid-single digit to low single-digit percentage<\/p>\n
\nDecline
\nof a low single-digit percentage to broadly stable<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\nCore
\noperating profit is expected to grow at the upper half of the range
\nbetween 7 to 9 per cent at CER. GSK continues to expect to deliver
\nleverage at a gross margin level due to improved product mix from
\nSpecialty Medicines growth and continued operational efficiencies.
\nIn addition, GSK anticipates further leverage in Operating profit
\nas we accelerate ongoing productivity initiatives and take a
\nreturns-based approach to SG&A investments, with SG&A now
\nexpected to be broadly stable. R&D is now expected to grow
\nsignificantly ahead of sales as we accelerate investments in the
\npipeline as part of the Accelerate Growth programme while driving
\noperational efficiencies. Royalty income is now expected to be at
\n\u00a3850-900 million.<\/p>\n
\u00a0<\/p>\n
\nCore
\nearnings per share is also expected to increase at the lower half
\nof the range between 7 to 9 per cent at CER, reflecting higher
\ninterest charges of around \u00a3800 million, including the impact
\nof the Nuvalent acquisition, and the tax rate which is expected to
\nrise to around 17.5%, offset by the expected benefit from the share
\nbuyback programme. Expectations for non-controlling interests
\nremain unchanged relative to 2025.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Agreement with US Government to lower the cost of prescription
\nmedicines for American patients<\/p>\n
\u00a0<\/p>\n
\nAs
\npreviously announced, on 19 December 2025, GSK entered into an
\nagreement with the US Administration to lower the cost of
\nprescription medicines for American patients, which, once fully
\nimplemented, would exclude both GSK and ViiV Healthcare from
\nSection 232 tariffs for three years. On 9 April 2026, GSK, ViiV
\nHealthcare, and the US Government entered into a definitive
\nagreement reflecting Section 232 tariff relief through 20 January
\n2029 (subject to final implementation). As part of that
\nimplementation, GSK and ViiV Healthcare each signed a Generous
\nModel Manufacturer Participation Agreement with the Centers for
\nMedicare and Medicaid Services effective 15 June 2026. With these
\nagreements GSK and ViiV Healthcare have committed certain products
\nto participate in the voluntary Generous Model, and it is
\nanticipated that supplemental rebate agreements with interested US
\nstates will be signed on or before 1 October 2026. Our full year
\nguidance is inclusive of the expected impact of these
\nagreements.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Investing in late-stage product portfolio and Accelerate Growth
\nprogramme<\/p>\n
\u00a0<\/p>\n
\nGSK has
\n62 assets in clinical development, 19 of which are in phase III
\ndevelopment.<\/p>\n
\nThe
\ncompany has strong confidence in its late-stage product portfolio,
\nbased on clinical data and the opportunities it has identified to
\nimprove upon current standards-of-care. GSK has potential
\nbest-in-class products for Oncology, Respiratory, Hepatology, HIV
\nand Vaccines.<\/p>\n
\nFollowing
\nreview, the company has identified asset accelerations – across 18
\nindications \u2013 for 7 late-stage products\u00a0in Oncology,
\nRespiratory, Hepatology and Vaccines. GSK now also expects to start
\n20+ phase III trials in 2026 (previously 10).<\/p>\n
\nTo
\naccelerate R&D and capture the growth and value the late-stage
\nportfolio offers, GSK has initiated a new \u201cAccelerate
\nGrowth\u201d programme. This 3-year programme has two
\nobjectives:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n(1)<\/p>\n
\nSimplify,
\nand match GSK\u2019s organisation and cost base to its evolving
\nproduct portfolio, notably in Specialty Medicines<\/p>\n
\n(2)<\/p>\n
\nEnable
\nthe reallocation of GSK\u2019s capital and resources to the
\nlate-stage pipeline and to R&D.<\/p>\n
\n\u00a0<\/p>\n
\nThe
\nAccelerate Growth programme is targeting \u00a31.9 billion of
\nannual savings, to be fully realised by 2029, for expected total
\ncosts of \u00a32.4 billion, of which \u00a32.1 billion is expected
\nto be cash costs. Savings will be primarily reinvested in R&D,
\nincluding business development activity, with a portion also used
\nto strengthen operating margin in the period related to LoE for
\ndolutegravir (2028-2030). The Accelerate Growth programme will be
\ntreated as a Major restructuring programme and costs will be
\nincluded in Adjusting items. The majority of the cost charges will
\nbe in 2026 and 2027.<\/p>\n
\nCost
\nsavings are expected to be enabled by technology and AI and
\ngenerated by streamlining support services and process redesign
\nincluding procurement delivery, the reallocation of resources to
\nSpecialty Medicines from established products and further
\nsimplification of supply chain and the site network to align with
\nportfolio evolution.<\/p>\n
\nThe
\nprogramme, together with delivery of the opportunities in
\nGSK\u2019s late-stage product portfolio, strengthens GSK\u2019s
\noutlooks for growth of: sales of more than \u00a340 billion by
\n2031; a stable to improving operating margin for the dolutegravir
\nLoE period (2028-2030); and for accelerating growth from 2031
\nonwards.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Dividend policy<\/p>\n
\u00a0<\/p>\n
\nThe
\nDividend policy and the expected pay-out ratio remain unchanged.
\nConsistent with this, GSK has declared a dividend for Q2 2026 of
\n17p per share. GSK’s future dividend policy and guidance regarding
\nthe expected dividend pay-out in 2026 are provided on page
\n30.<\/p>\n
\nIn Q2
\n2026, GSK completed the \u00a32 billion share buyback programme
\nannounced in FY 2024.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Exchange rates<\/p>\n
\u00a0<\/p>\n
\nIf
\nexchange rates were to hold at the closing rates on 20 July 2026
\n($1.35\/\u00a31, \u20ac1.18\/\u00a31 and Yen 219\/\u00a31) for the
\nrest of 2026, the estimated impact on 2026 Sterling turnover growth
\nfor GSK would be -2% and if exchange gains or losses were
\nrecognised at the same level as in 2025, the estimated impact on
\n2026 Sterling Core Operating Profit growth for GSK would be
\n-4%.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Results presentation<\/p>\n
\nA
\nconference call, webcast and in-person event for investors and
\nanalysts of the quarterly results will be hosted by Luke Miels,
\nCEO, at 14:00 BST (09:00 EST) on 28\u00a0July 2026. Presentation
\nmaterials will be published on www.gsk.com and a transcript of the
\nwebcast will be published subsequently.<\/p>\n
\nNotwithstanding
\nthe inclusion of weblinks, information available on the
\ncompany\u2019s website, or from non GSK sources, is not
\nincorporated by reference into this Results
\nAnnouncement.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Performance : turnover<\/p>\n
\n\u00a0<\/p>\n
Turnover<\/p>\n
Q2 2026<\/p>\n
Year to date<\/p>\n
\u00a0<\/p>\n
\n\u00a3m<\/p>\n
\n\u00a0<\/p>\n
\nAER%<\/p>\n
\n\u00a0<\/p>\n
\nCER%<\/p>\n
\n\u00a3m<\/p>\n
\n\u00a0<\/p>\n
\nAER%<\/p>\n
\n\u00a0<\/p>\n
\nCER%<\/p>\n
\nHIV<\/p>\n
\n2,078<\/p>\n
\n11<\/p>\n
\n10<\/p>\n
\n3,902<\/p>\n
\n9<\/p>\n
\n10<\/p>\n
\nRespiratory,
\nImmunology & Inflammation (RI&I)<\/p>\n
\n1,135<\/p>\n
\n18<\/p>\n
\n19<\/p>\n
\n2,025<\/p>\n
\n15<\/p>\n
\n17<\/p>\n
\nOncology<\/p>\n
\n569<\/p>\n
\n18<\/p>\n
\n17<\/p>\n
\n1,081<\/p>\n
\n20<\/p>\n
\n22<\/p>\n
Specialty Medicines<\/p>\n
3,782<\/p>\n
14<\/p>\n
14<\/p>\n
7,008<\/p>\n
12<\/p>\n
14<\/p>\n
\nShingles
\n(Shingrix)<\/p>\n
\n888<\/p>\n
\n4<\/p>\n
\n3<\/p>\n
\n1,914<\/p>\n
\n11<\/p>\n
\n12<\/p>\n
\nMeningitis<\/p>\n
\n462<\/p>\n
\n22<\/p>\n
\n21<\/p>\n
\n797<\/p>\n
\n9<\/p>\n
\n9<\/p>\n
\nRSV
\n(Arexvy)<\/p>\n
\n192<\/p>\n
\n>100<\/p>\n
\n>100<\/p>\n
\n257<\/p>\n
\n78<\/p>\n
\n75<\/p>\n
\nInfluenza<\/p>\n
\n11<\/p>\n
\n83<\/p>\n
\n100<\/p>\n
\n21<\/p>\n
\n>100<\/p>\n
\n>100<\/p>\n
\nOther
\nPaediatric & Adult Vaccines<\/p>\n
\n731<\/p>\n
\n(7)<\/p>\n
\n(8)<\/p>\n
\n1,444<\/p>\n
\n(9)<\/p>\n
\n(8)<\/p>\n
Vaccines<\/p>\n
2,284<\/p>\n
9<\/p>\n
8<\/p>\n
4,433<\/p>\n
6<\/p>\n
6<\/p>\n
\nRespiratory<\/p>\n
\n1,679<\/p>\n
\n(10)<\/p>\n
\n(10)<\/p>\n
\n3,273<\/p>\n
\n(9)<\/p>\n
\n(7)<\/p>\n
\nOther
\nGeneral Medicines<\/p>\n
\n664<\/p>\n
\n(5)<\/p>\n
\n(4)<\/p>\n
\n1,324<\/p>\n
\n(10)<\/p>\n
\n(8)<\/p>\n
General Medicines<\/p>\n
2,343<\/p>\n
(9)<\/p>\n
(9)<\/p>\n
4,597<\/p>\n
(9)<\/p>\n
(7)<\/p>\n
Total<\/p>\n
8,409<\/p>\n
5<\/p>\n
5<\/p>\n
16,038<\/p>\n
3<\/p>\n
5<\/p>\n
By Region:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nUS<\/p>\n
\n4,308<\/p>\n
\n5<\/p>\n
\n5<\/p>\n
\n8,045<\/p>\n
\n2<\/p>\n
\n6<\/p>\n
\nEurope<\/p>\n
\n2,042<\/p>\n
\n11<\/p>\n
\n8<\/p>\n
\n4,125<\/p>\n
\n15<\/p>\n
\n11<\/p>\n
\nInternational<\/p>\n
\n2,059<\/p>\n
\n1<\/p>\n
\n2<\/p>\n
\n3,868<\/p>\n
\n(4)<\/p>\n
\n(2)<\/p>\n
Total<\/p>\n
\n8,409<\/p>\n
\n5<\/p>\n
\n5<\/p>\n
\n16,038<\/p>\n
\n3<\/p>\n
\n5<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nFinancial
\nPerformance \u2013 Q2 2026 results unless otherwise stated, growth
\n% and commentary at CER. The YTD adverse currency impact on AER
\nversus CER primarily reflected the strengthening of Sterling
\nagainst the USD. See page 9 for further details.<\/p>\n
\n\u00a0<\/p>\n
\nFor
\nproduct list – see page 58<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Q2 2026<\/p>\n
Year to date<\/p>\n
\nKey
\nDrivers<\/p>\n
\u00a0<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
\u00a0<\/p>\n
Specialty Medicines Total<\/p>\n
3,782<\/p>\n
14<\/p>\n
14<\/p>\n
7,008<\/p>\n
12<\/p>\n
14<\/p>\n
Continued growth across disease areas, with strong performances in
\nHIV, Respiratory, Immunology & Inflammation, and
\nOncology.<\/p>\n
\nHIV<\/p>\n
\n2,078<\/p>\n
\n11<\/p>\n
\n10<\/p>\n
\n3,902<\/p>\n
\n9<\/p>\n
\n10<\/p>\n
\nIn Q2
\nLAIs delivered 80% of total HIV growth. Strong demand for
\nCabenuva, Apretude and Dovato more than offset mature
\nportfolio declines, with favourable pricing from US channel mix
\nbenefitting growth. US HIV sales increased 14%, with LAIs
\nrepresenting 35% of US HIV turnover.<\/p>\n
\n\u00a0<\/p>\n
\nYTD LAI
\nsales exceeded \u00a31bn.<\/p>\n
\n\u00a0<\/p>\n
Dovato<\/p>\n
\n749<\/p>\n
\n14<\/p>\n
\n13<\/p>\n
\n1,415<\/p>\n
\n16<\/p>\n
\n16<\/p>\n
\nStrong
\ndemand across all regions.<\/p>\n
\n\u00a0<\/p>\n
Cabenuva<\/p>\n
\n453<\/p>\n
\n33<\/p>\n
\n33<\/p>\n
\n821<\/p>\n
\n29<\/p>\n
\n32<\/p>\n
\nCabenuva contributed 60% of total HIV
\ngrowth in Q2, with strong demand across all regions.<\/p>\n
\n\u00a0<\/p>\n
Apretude<\/p>\n
\n140<\/p>\n
\n39<\/p>\n
\n39<\/p>\n
\n260<\/p>\n
\n37<\/p>\n
\n41<\/p>\n
\nStrong
\ngrowth driven by demand in a competitive US long-acting prevention
\nmarket, contributing 20% of total HIV growth in Q2.<\/p>\n
\n\u00a0<\/p>\n
\nRI&I<\/p>\n
\n1,135<\/p>\n
\n18<\/p>\n
\n19<\/p>\n
\n2,025<\/p>\n
\n15<\/p>\n
\n17<\/p>\n
\nGrowth
\ndriven by Nucala and
\nExdensur in respiratory and
\nBenlysta in
\nimmunology.<\/p>\n
\n\u00a0<\/p>\n
Nucala<\/p>\n
\n610<\/p>\n
\n22<\/p>\n
\n23<\/p>\n
\n1,094<\/p>\n
\n16<\/p>\n
\n18<\/p>\n
\nStrong
\ndemand across all regions and indications, enhanced by COPD
\nlaunches including the US in Q2 2025. US grew double digit in the
\nquarter and YTD with volume growth more than offsetting continued
\nunfavourable pricing pressures. In Q2, US channel mix pricing
\nadjustments positively impacted total growth in the quarter by 12
\nppts and YTD by 6 ppts.<\/p>\n
\n\u00a0<\/p>\n
Exdensur<\/p>\n
\n18<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n29<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\nEarly
\ncommercial introductions across all launched markets, with new
\npatient starts increasing in Q2 in key growth markets US, Japan and
\nGermany.<\/p>\n
\n\u00a0<\/p>\n
Benlysta<\/p>\n
\n498<\/p>\n
\n10<\/p>\n
\n11<\/p>\n
\n882<\/p>\n
\n9<\/p>\n
\n12<\/p>\n
\nStrong
\nvolume growth in Q2 and YTD, with bio-penetration rates having
\nincreased across many markets.<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Q2 2026<\/p>\n
Year to date<\/p>\n
\nKey
\nDrivers<\/p>\n
\u00a0<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
\u00a0<\/p>\n
\nOncology<\/p>\n
\n569<\/p>\n
\n18<\/p>\n
\n17<\/p>\n
\n1,081<\/p>\n
\n20<\/p>\n
\n22<\/p>\n
\nIncreasing patient
\ndemand for Jemperli,
\nOjjaara\/Omjjara and Blenrep, partially offset by a decrease
\nin Zejula.<\/p>\n
\n\u00a0<\/p>\n
Jemperli<\/p>\n
\n248<\/p>\n
\n27<\/p>\n
\n27<\/p>\n
\n480<\/p>\n
\n30<\/p>\n
\n33<\/p>\n
\nContinued strong
\ngrowth in Q2 and YTD across all regions. US continued to grow
\ndouble-digit, which reduced in Q2 as new patient starts moderated.
\nStrong growth continued in Europe and International driven by
\nlaunches and reimbursement expansion across markets.<\/p>\n
\n\u00a0<\/p>\n
Ojjaara\/Omjjara<\/p>\n
\n187<\/p>\n
\n36<\/p>\n
\n36<\/p>\n
\n331<\/p>\n
\n32<\/p>\n
\n35<\/p>\n
\nHigher
\npatient uptake across the regions and from continued commercial
\nlaunches across Europe and International markets. US volume growth
\nin Q2 and YTD was partly offset by continuing pricing
\npressures.<\/p>\n
\n\u00a0<\/p>\n
Zejula<\/p>\n
\n101<\/p>\n
\n(33)<\/p>\n
\n(34)<\/p>\n
\n215<\/p>\n
\n(24)<\/p>\n
\n(23)<\/p>\n
\nUS
\ncontinues to decline with volume impacted by the FDA label update
\nand new prior authorisation insurance requirements, with Q2 further
\nimpacted by unfavourable channel mix and returns adjustments.
\nEurope declined due to increased competition.<\/p>\n
\n\u00a0<\/p>\n
Blenrep<\/p>\n
\n36<\/p>\n
\n>100<\/p>\n
\n>100<\/p>\n
\n59<\/p>\n
\n>100<\/p>\n
\n>100<\/p>\n
\nUS
\nsales driven by patient uptake in both community and academic
\nsettings. Continued geographic expansion with regulatory approval
\nand launches across Europe and International markets, including in
\nGermany, Japan and Brazil.<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Q2 2026<\/p>\n
Year to date<\/p>\n
\nKey
\nDrivers<\/p>\n
\u00a0<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
\u00a0<\/p>\n
Vaccines Total<\/p>\n
2,284<\/p>\n
9<\/p>\n
8<\/p>\n
4,433<\/p>\n
6<\/p>\n
6<\/p>\n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\n\u00a0 \u00a0 \u00a0Strong Q2 driven by growth in
\nArexvy, Meningitis vaccines and Shingrix.
\nGrowth in Q2 benefitted 3ppts from prior period rebate
\nadjustments.<\/p>\n
Shingrix<\/p>\n
\n888<\/p>\n
\n4<\/p>\n
\n3<\/p>\n
\n1,914<\/p>\n
\n11<\/p>\n
\n12<\/p>\n
\nQ2
\ngrowth was driven by demand in Europe, partly offset by lower sales
\nin International. US sales were broadly stable with lower demand
\nand channel inventory utilisation offset by favourable pricing
\nincluding prior period rebate adjustments\u00a0 \u00a0which added
\n3ppts to Shingrix Q2
\ngrowth.<\/p>\n
\n\u00a0<\/p>\n
\nThe
\ncumulative immunisation rate in the US reached 45%, up 3ppts
\ncompared to 12 months earlier(1). The majority of
\nex-US Shingrix opportunity
\nis in 10 markets where the average immunisation rate is around 12%,
\nwith significantly higher uptake in funded cohorts.<\/p>\n
\n\u00a0<\/p>\n
\nMeningitis<\/p>\n
\n462<\/p>\n
\n22<\/p>\n
\n21<\/p>\n
\n797<\/p>\n
\n9<\/p>\n
\n9<\/p>\n
\nQ2
\ngrowth was delivered primarily by Bexsero with outbreak-related demand in
\nInternational and Europe. Other Meningitis vaccines benefitted from
\nQ2 tender deliveries in International and Penmenvy continued post launch uptake
\nin the US.<\/p>\n
\n\u00a0<\/p>\n
Arexvy<\/p>\n
\n192<\/p>\n
\n>100<\/p>\n
\n>100<\/p>\n
\n257<\/p>\n
\n78<\/p>\n
\n75<\/p>\n
\nStrong
\ngrowth in Q2 was the result of Australian tender deliveries and
\nprior period rebate adjustments in the US. YTD growth also
\nbenefitted from expanded funding and uptake in Europe.<\/p>\n
\n\u00a0<\/p>\n
\nOther
\nPaediatric &<\/p>\n
\nAdult
\nVaccines<\/p>\n
\n731<\/p>\n
\n(7)<\/p>\n
\n(8)<\/p>\n
\n1,444<\/p>\n
\n(9)<\/p>\n
\n(8)<\/p>\n
\nDecrease in growth
\ndue to competitive pressure for Other Vaccines, particularly
\nSynflorix in International
\nand prior year CDC stockpile replenishment for Infanrix\/Pediarix in the US, partly offset by
\nfavourable CDC stockpile movements and pricing for Boostrix in the US in
\n2026.<\/p>\n
\n\u00a0<\/p>\n
\n\u00a0<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\n(1)
\nBased on data from IQVIA up until the end of Q1 2026<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Q2 2026<\/p>\n
Year to date<\/p>\n
\nKey
\nDrivers<\/p>\n
\u00a0<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
\u00a0<\/p>\n
General Medicines Total<\/p>\n
2,343<\/p>\n
(9)<\/p>\n
(9)<\/p>\n
4,597<\/p>\n
(9)<\/p>\n
(7)<\/p>\n
\nDecreases in
\nTrelegy,
\nother Respiratory
\nand Other General Medicines products.<\/p>\n
\n\u00a0<\/p>\n
\nRespiratory<\/p>\n
\n1,679<\/p>\n
\n(10)<\/p>\n
\n(10)<\/p>\n
\n3,273<\/p>\n
\n(9)<\/p>\n
\n(7)<\/p>\n
\nTrelegy decreases driven by US Medicare
\nbenefit design changes, and continued pricing pressures including
\nthe impact of channel mix pricing adjustments. Decreases in other
\nrespiratory products due to continued competitive pressures and
\ngeneric erosion.<\/p>\n
\n\u00a0<\/p>\n
Trelegy<\/p>\n
\n775<\/p>\n
\n(7)<\/p>\n
\n(7)<\/p>\n
\n1,421<\/p>\n
\n(6)<\/p>\n
\n(3)<\/p>\n
\nUS
\ndeclined in Q2 and YTD with volumes adversely impacted by Medicare
\nbenefit design changes and continued unfavourable pricing pressures
\nas well as channel mix pricing adjustments impacting growth in Q2
\nby 5 ppts and YTD by 4 ppts. Strong volume growth in Europe and
\nInternational was driven by patient demand, SITT class growth and
\nincreased market share.<\/p>\n
\n\u00a0<\/p>\n
\nOther
\nGeneral Medicines<\/p>\n
\n664<\/p>\n
\n(5)<\/p>\n
\n(4)<\/p>\n
\n1,324<\/p>\n
\n(10)<\/p>\n
\n(8)<\/p>\n
\nDecrease in growth
\ndriven by continued competitive pressures and generic competition
\nacross the portfolio and a reduction in contract manufacturing
\nsales.<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
By Region<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Q2 2026<\/p>\n
Year to date<\/p>\n
\nKey
\nDrivers<\/p>\n
\u00a0<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
\u00a0<\/p>\n
\nUS<\/p>\n
\n4,308<\/p>\n
\n5<\/p>\n
\n5<\/p>\n
\n8,045<\/p>\n
\n2<\/p>\n
\n6<\/p>\n
\nSpecialty
\nMedicines: Q2 +15%, YTD +16%<\/p>\n
\nGrowth
\ndriven largely by patient demand in HIV, Oncology, Benlysta and Nucala.<\/p>\n
\n\u00a0<\/p>\n
\nVaccines: Q2 +9%,
\nYTD +3%<\/p>\n
\nGrowth
\ndriven by favourable CDC stockpile movements and pricing for
\nBoostrix and prior period
\nRAR adjustments for Arexvy.<\/p>\n
\n\u00a0<\/p>\n
\nGeneral
\nMedicines: Q2 -17%, YTD -12%<\/p>\n
\nTrelegy declines from sales volume
\nimpacts and unfavourable pricing pressures and adjustments.
\nDecreases continued across the other respiratory and Other General
\nMedicine portfolios from ongoing competitive and pricing
\npressures.<\/p>\n
\nEurope<\/p>\n
\n2,042<\/p>\n
\n11<\/p>\n
\n8<\/p>\n
\n4,125<\/p>\n
\n15<\/p>\n
\n11<\/p>\n
\nSpecialty
\nMedicines: Q2 +9%, YTD +9%<\/p>\n
\nGrowth
\ndriven by Oncology, Nucala,
\nBenlysta and
\nHIV.<\/p>\n
\n\u00a0<\/p>\n
\nVaccines: Q2 +13%,
\nYTD +22%<\/p>\n
\nGrowth
\ndriven by Shingrix demand
\nin the Nordics and Austria, with significant increased demand
\nacross Europe YTD. Bexsero
\nalso grew due to Meningitis B outbreak related demand in the
\nUK.<\/p>\n
\n\u00a0<\/p>\n
\nGeneral
\nMedicines: Q2 stable, YTD -1%<\/p>\n
\nBroadly
\nstable. Growth in Trelegy
\nand Anoro offset by
\ndecreases in other respiratory products.<\/p>\n
\nInternational<\/p>\n
\n2,059<\/p>\n
\n1<\/p>\n
\n2<\/p>\n
\n3,868<\/p>\n
\n(4)<\/p>\n
\n(2)<\/p>\n
\nSpecialty
\nMedicines: Q2 +11%, YTD +13%<\/p>\n
\nGrowth
\ndriven by Oncology, Nucala
\nand Benlysta.<\/p>\n
\n\u00a0<\/p>\n
\nVaccines: Q2 +3%,
\nYTD -7%<\/p>\n
\nQ2
\ngrowth in Arexvy from
\nAustralian tender deliveries and Bexsero demand related to outbreaks in
\nVietnam partly offset by lower sales of Shingrix and competitive pressure for
\nOther Vaccines, particularly Synflorix. YTD sales include the impact
\nof lower Q1 Synflorix and
\nShingrix
\nsales.<\/p>\n
\n\u00a0<\/p>\n
\nGeneral
\nMedicines: Q2 -2%, YTD -6%<\/p>\n
\nGrowth
\nin Trelegy and Anoro more than offset by decreases
\nacross other respiratory and Other General Medicine products, which
\nincluded reductions in contract manufacturing income.<\/p>\n
\n\u00a0<\/p>\n
\n\u00a0<\/p>\n
Financial Performance – Core results<\/p>\n
\u00a0<\/p>\n
\nCore
\noperating profit growth in Q2 2026 and YTD primarily reflected
\nhigher turnover, favourable product and regional mix, and
\nfavourable net legal settlements and expenses in Q1 2026 partially
\noffset by increased investment in R&D and new asset launches,
\nas well as lower royalty income in the quarter.<\/p>\n
\nThe
\nincrease in Core EPS in Q2 2026 primarily reflected the growth in
\nCore operating profit, the share buyback, a lower effective tax
\nrate and lower net finance expenses, partly offset by higher NCIs.
\nYTD Core EPS growth compared to operating profit growth was lower
\nthan the quarter principally due to higher net finance costs and a
\nbroadly flat effective tax rate.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Core Results<\/p>\n
Q2 2026<\/p>\n
Year to date<\/p>\n
\u00a0<\/p>\n
\n\u00a3m<\/p>\n
\n%
\nAER<\/p>\n
\n%
\nCER<\/p>\n
\n\u00a3m<\/p>\n
\n%
\nAER<\/p>\n
\n%
\nCER<\/p>\n
Turnover<\/p>\n
\n8,409<\/p>\n
\n5<\/p>\n
\n5<\/p>\n
\n16,038<\/p>\n
\n3<\/p>\n
\n5<\/p>\n
\nCost of
\nsales<\/p>\n
\n(1,898)<\/p>\n
\n(4)<\/p>\n
\n(6)<\/p>\n
\n(3,599)<\/p>\n
\n(3)<\/p>\n
\n(3)<\/p>\n
% of sales<\/p>\n
22.6%<\/p>\n
(2.3)<\/p>\n
(2.5)<\/p>\n
22.4%<\/p>\n
(1.5)<\/p>\n
(1.8)<\/p>\n
\nSelling,
\ngeneral and administration<\/p>\n
\n(2,194)<\/p>\n
\n5<\/p>\n
\n5<\/p>\n
\n(4,174)<\/p>\n
\n1<\/p>\n
\n1<\/p>\n
% of sales<\/p>\n
26.1%<\/p>\n
(0.1)<\/p>\n
\u2013<\/p>\n
26.0%<\/p>\n
(0.8)<\/p>\n
(0.9)<\/p>\n
\nResearch
\nand development<\/p>\n
\n(1,721)<\/p>\n
\n13<\/p>\n
\n13<\/p>\n
\n(3,214)<\/p>\n
\n11<\/p>\n
\n12<\/p>\n
% of sales<\/p>\n
20.5%<\/p>\n
1.4<\/p>\n
1.4<\/p>\n
20.0%<\/p>\n
1.3<\/p>\n
1.3<\/p>\n
\nRoyalty
\nincome<\/p>\n
\n204<\/p>\n
\n(17)<\/p>\n
\n(17)<\/p>\n
\n399<\/p>\n
\n(6)<\/p>\n
\n(7)<\/p>\n
Core operating profit<\/p>\n
\n2,800<\/p>\n
\n6<\/p>\n
\n7<\/p>\n
\n5,450<\/p>\n
\n6<\/p>\n
\n8<\/p>\n
% of sales<\/p>\n
33.3%<\/p>\n
0.4<\/p>\n
0.6<\/p>\n
34.0%<\/p>\n
0.7<\/p>\n
1.2<\/p>\n
\nCore
\nnet finance expense<\/p>\n
\n(121)<\/p>\n
\n(3)<\/p>\n
\n(2)<\/p>\n
\n(264)<\/p>\n
\n17<\/p>\n
\n19<\/p>\n
\nShare
\nof after tax profit\/(loss) of associates and joint
\nventures<\/p>\n
\n(3)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n(7)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Core profit before taxation<\/p>\n
\n2,676<\/p>\n
\n7<\/p>\n
\n7<\/p>\n
\n5,179<\/p>\n
\n5<\/p>\n
\n8<\/p>\n
\nTaxation<\/p>\n
\n(457)<\/p>\n
\n4<\/p>\n
\n4<\/p>\n
\n(915)<\/p>\n
\n5<\/p>\n
\n8<\/p>\n
Tax rate %<\/p>\n
17.1%<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
17.7%<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Core profit after taxation<\/p>\n
\n2,219<\/p>\n
\n7<\/p>\n
\n8<\/p>\n
\n4,264<\/p>\n
\n5<\/p>\n
\n8<\/p>\n
\nCore
\nprofit attributable to non-controlling interests<\/p>\n
\n191<\/p>\n
\n9<\/p>\n
\n10<\/p>\n
\n364<\/p>\n
\n8<\/p>\n
\n11<\/p>\n
\nCore
\nprofit attributable to shareholders<\/p>\n
\n2,028<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n3,900<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n2,219<\/p>\n
\n7<\/p>\n
\n8<\/p>\n
\n4,264<\/p>\n
\n5<\/p>\n
\n8<\/p>\n
\nCore
\nEarnings per share<\/p>\n
\n50.5p<\/p>\n
\n9<\/p>\n
\n9<\/p>\n
\n97.1p<\/p>\n
\n6<\/p>\n
\n9<\/p>\n
\nFinancial
\nPerformance \u2013 Q2 2026 results unless otherwise stated, growth
\n% and commentary at CER. See page 8 for Total results financial
\nperformance commentary. In YTD, the adverse currency impact on AER
\nversus CER primarily reflected the strengthening of Sterling
\nagainst the USD. See page 9 for further details. Reconciliations
\nbetween Total results and Core results Q2 2026, Q2 2025, H1 2026
\nand H1 2025 are set out on pages 16 and 18<\/p>\n
\n\u00a0<\/p>\n
\nCore
\ncost of sales as a percentage of sales decreased in Q2 2026 and YTD
\nprimarily due to favourable product and regional mix driven by
\nhigher specialty sales and the growth of higher margin Vaccines
\nproducts, particularly Shingrix in Europe, as well as a
\nfavourable comparator due to supply chain optimisation charges
\nincurred in Q2 2025.<\/p>\n
\nCore
\nSG&A increased in Q2 2026 and YTD primarily due to disciplined
\ninvestment to support launches for new assets including
\nBlenrep and Exdensur as well as a low comparator
\ndue to phasing of spend between quarters in Q2 2025. This was
\npartly offset by ongoing productivity initiatives. The YTD also has
\nnet favourability on legal settlements and expenses equivalent to
\naround 2ppts impact.<\/p>\n
\nCore
\nR&D investment increased in Q2 2026 and YTD reflecting
\nprogression across the portfolio. In Oncology, this included
\nacceleration in work on ADCs Ris-Rez and Mo-Rez, and velzatinib. In
\nSpecialty Medicines, increased investment was driven by
\nefimosfermin acquired in Q3 2025, depemokimab COPD indication and
\nall indications of the anti-TSLP monoclonal antibody. Growth was
\npartly offset by lower spend on bepirovirsen which was filed in Q1
\n2026. Investment also increased on clinical trial programmes
\nassociated with mRNA seasonal flu vaccines.<\/p>\n
\nCore
\nroyalty income decreased in the quarter and YTD primarily due to Q2
\n2025 including historic royalties recognised in association with
\nthe settlement of an IP dispute, partly offset by higher
\nKesimpta(1)
\nroyalties.<\/p>\n
\nCore
\nnet finance expense decreased in Q2 mainly due to a net favourable
\nvariance on hedging activities after a negative impact in Q1 2026.
\nExcluding this, core net finance expense increased in Q2 2026 and
\nYTD primarily due to higher net interest on higher net debt
\nfollowing Zantac settlement
\npayments, the share buyback and acquisitions.<\/p>\n
\nThe
\neffective tax rate on Core profits was broadly in line with
\nexpectations for the year.<\/p>\n
\nCore
\nNCIs in Q2 and YTD were higher primarily due to higher core profit
\nallocations from ViiV Healthcare.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\n(1)
\nKesimpta is manufactured by and a trademark of Novartis
\nAG<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Financial performance – Total results<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\nTotal
\noperating profit decreased in the quarter primarily due to higher
\nimpairments and higher CCL charges, partly offset by higher Core
\noperating profit, higher other net operating income and lower
\nNCIs.<\/p>\n
\nTotal
\nEPS decreased in Q2 2026 and YTD primarily due to lower Total
\noperating profit driven by higher impairments in the quarter,
\npartly offset by the share buyback, a lower effective tax rate and
\nlower NCIs, as well as lower net finance expenses in
\nQ2.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Total Results<\/p>\n
Q2 2026<\/p>\n
Year to date<\/p>\n
\u00a0<\/p>\n
\n\u00a3m<\/p>\n
\n%
\nAER<\/p>\n
\n%
\nCER<\/p>\n
\n\u00a3m<\/p>\n
\n%
\nAER<\/p>\n
\n%
\nCER<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Turnover<\/p>\n
\n8,409<\/p>\n
\n5<\/p>\n
\n5<\/p>\n
\n16,038<\/p>\n
\n3<\/p>\n
\n5<\/p>\n
\nCost of
\nsales<\/p>\n
\n(2,266)<\/p>\n
\n5<\/p>\n
\n3<\/p>\n
\n(4,141)<\/p>\n
\n1<\/p>\n
\n1<\/p>\n
% of sales<\/p>\n
26.9%<\/p>\n
(0.2)<\/p>\n
(0.5)<\/p>\n
25.8%<\/p>\n
(0.6)<\/p>\n
(1.1)<\/p>\n
\nSelling,
\ngeneral and administration<\/p>\n
\n(2,202)<\/p>\n
\n3<\/p>\n
\n3<\/p>\n
\n(4,321)<\/p>\n
\n3<\/p>\n
\n3<\/p>\n
% of sales<\/p>\n
26.2%<\/p>\n
(0.6)<\/p>\n
(0.5)<\/p>\n
26.9%<\/p>\n
(0.2)<\/p>\n
(0.4)<\/p>\n
\nResearch
\nand development<\/p>\n
\n(3,466)<\/p>\n
\n71<\/p>\n
\n71<\/p>\n
\n(5,158)<\/p>\n
\n48<\/p>\n
\n49<\/p>\n
% of sales<\/p>\n
41.2%<\/p>\n
15.9<\/p>\n
15.9<\/p>\n
32.2%<\/p>\n
\n9.7<\/p>\n
\n9.5<\/p>\n
\nRoyalty
\nincome<\/p>\n
\n204<\/p>\n
\n(17)<\/p>\n
\n(17)<\/p>\n
\n399<\/p>\n
\n(6)<\/p>\n
\n(7)<\/p>\n
\nOther
\noperating income\/(expense)<\/p>\n
\n(198)<\/p>\n
\n>100<\/p>\n
\n>100<\/p>\n
\n(43)<\/p>\n
\n>100<\/p>\n
\n>100<\/p>\n
Operating profit<\/p>\n
\n481<\/p>\n
\n(76)<\/p>\n
\n(75)<\/p>\n
\n2,774<\/p>\n
\n(35)<\/p>\n
\n(31)<\/p>\n
% of sales<\/p>\n
5.7%<\/p>\n
(19.6)<\/p>\n
(19.3)<\/p>\n
17.3%<\/p>\n
(10.0)<\/p>\n
(9.3)<\/p>\n
\nNet
\nfinance expense<\/p>\n
\n(124)<\/p>\n
\n(7)<\/p>\n
\n(7)<\/p>\n
\n(269)<\/p>\n
\n11<\/p>\n
\n13<\/p>\n
\nShare
\nof after tax profit\/(loss) of associates and joint
\nventures<\/p>\n
\n(3)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n(7)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Profit before taxation<\/p>\n
\n354<\/p>\n
\n(81)<\/p>\n
\n(80)<\/p>\n
\n2,498<\/p>\n
\n(37)<\/p>\n
\n(34)<\/p>\n
\nTaxation<\/p>\n
\n199<\/p>\n
\n>(100)<\/p>\n
\n>(100)<\/p>\n
\n(106)<\/p>\n
\n(82)<\/p>\n
\n(77)<\/p>\n
Tax rate %<\/p>\n
(56.2%)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
4.2%<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Profit after taxation<\/p>\n
\n553<\/p>\n
\n(66)<\/p>\n
\n(65)<\/p>\n
\n2,392<\/p>\n
\n(30)<\/p>\n
\n(26)<\/p>\n
\nProfit
\nattributable to non-controlling interests<\/p>\n
\n118<\/p>\n
\n(42)<\/p>\n
\n(41)<\/p>\n
\n220<\/p>\n
\n(37)<\/p>\n
\n(35)<\/p>\n
\nProfit
\nattributable to shareholders<\/p>\n
\n435<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n2,172<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n553<\/p>\n
\n(66)<\/p>\n
\n(65)<\/p>\n
\n2,392<\/p>\n
\n(30)<\/p>\n
\n(26)<\/p>\n
\nEarnings
\nper share<\/p>\n
\n10.8p<\/p>\n
\n(69)<\/p>\n
\n(69)<\/p>\n
\n54.1p<\/p>\n
\n(28)<\/p>\n
\n(24)<\/p>\n
\nFinancial
\nPerformance \u2013 Q2 2026 results unless otherwise stated, growth
\n% and commentary at CER. See page 7 for Core results financial
\nperformance commentary.<\/p>\n
\nIn Q2
\n2026, the adverse currency impact on AER versus CER primarily
\nreflected the strengthening of Sterling against the USD. See page 9
\nfor further details. Reconciliations between Total results and Core
\nresults Q2 2026, Q2 2025, H1 2026 and H1 2025 are set out on pages
\n16 and 18.<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\nTotal
\ncost of sales as a percentage of sales decreased in the quarter and
\nYTD primarily driven by Core cost of sales benefits, partly offset
\nby impairments in the quarter.<\/p>\n
\nTotal
\nSG&A as a percentage of sales decreased in the quarter and YTD
\nprimarily due to Core SG&A benefits, partly offset in the YTD
\nby amounts reclassified from the foreign currency translation
\nreserve to the income statement upon the liquidation of a
\nsubsidiary, and acquisition and integration costs related to RAPT
\nTherapeutics (“RAPT”).<\/p>\n
\nTotal
\nR&D growth in Q2 2026 and YTD was driven by higher impairments
\nin the quarter for camlipixant (\u00a31,334 million) and the
\ntermination of assets related to the collaboration with Alector
\n(\u00a3371 million), related to the outcomes of clinical trials.
\nSee page 17 for more details. In addition there was an increase in
\nCore R&D investment.<\/p>\n
\nTotal
\nroyalty income decreased in the quarter and YTD driven by Core
\nroyalties.<\/p>\n
\nOther
\noperating income\/(expense) in Q2 2026 included a charge of
\n\u00a3486 million (Q2 2025: \u00a389 million credit) arising from
\nthe remeasurement of CCLs, partly offset by net income of \u00a3288
\nmillion (Q2 2025: \u00a331 million) primarily related to the
\ndivestment of linerixibat. Other operating income\/(expense) YTD
\nincluded a charge of \u00a3751 million (YTD 2025: \u00a387 million
\ncredit) principally arising from the remeasurement of CCLs, partly
\noffset by net income of \u00a3708 million (YTD 2025: \u00a322
\nmillion) primarily related to profit on the sale of the Rockville
\nmanufacturing facility to Samsung Biologics, and the divestment of
\nlinerixibat. See pages 17 and 19 for further details.<\/p>\n
\nNet
\nfinance costs decreased in the quarter and increased in YTD mainly
\ndue to movements in Core net finance expenses.<\/p>\n
\nThe
\neffective tax rate on Total results reflected the different tax
\neffects of the various Adjusting items included in Total results.
\nIssues related to taxation are described in Note 14,
\n\u2018Taxation\u2019 in the Annual Report 2025. The Group
\ncontinues to believe it has made adequate provision for the
\nliabilities likely to arise from periods that are open and not yet
\nagreed by relevant tax authorities. The ultimate liability for such
\nmatters may vary from the amounts provided and is dependent upon
\nthe outcome of agreements with relevant tax
\nauthorities.<\/p>\n
\nThe
\ndecrease in Total NCIs in Q2 and YTD was primarily driven by
\nremeasurement charges on the Shionogi-ViiV CCL compared to credits
\nin prior periods, partly offset by higher core profit allocations
\nfrom ViiV Healthcare.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Exchange rates and impact on results<\/p>\n
\u00a0<\/p>\n
\nGSK
\noperates in many countries and earns revenues and incurs costs in
\nmany currencies. The results of the Group, as reported in Sterling,
\nare affected by movements in exchange rates between Sterling and
\nother currencies. Average exchange rates, as modified by specific
\ntransaction rates for large transactions, prevailing during the
\nperiod, are used to translate the results and cash flows of
\noverseas subsidiaries, associates and joint ventures into Sterling.
\nPeriod-end rates are used to translate the net assets of those
\nentities. The currencies which most influenced these translations
\nand the relevant exchange rates were:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Q2 2026<\/p>\n
\nQ2
\n2025<\/p>\n
H1 2026<\/p>\n
\nH1
\n2025<\/p>\n
\n2025<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nAverage
\nrates:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nUS$\/\u00a3<\/p>\n
1.34<\/p>\n
\n1.34<\/p>\n
1.34<\/p>\n
\n1.30<\/p>\n
\n1.31<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nEuro\/\u00a3<\/p>\n
1.15<\/p>\n
\n1.18<\/p>\n
1.15<\/p>\n
\n1.19<\/p>\n
\n1.17<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nYen\/\u00a3<\/p>\n
213<\/p>\n
\n194<\/p>\n
212<\/p>\n
\n193<\/p>\n
\n198<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nPeriod-end
\nrates:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nUS$\/\u00a3<\/p>\n
1.32<\/p>\n
\n1.37<\/p>\n
1.32<\/p>\n
\n1.37<\/p>\n
\n1.35<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nEuro\/\u00a3<\/p>\n
1.16<\/p>\n
\n1.17<\/p>\n
1.16<\/p>\n
\n1.17<\/p>\n
\n1.15<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nYen\/\u00a3<\/p>\n
215<\/p>\n
\n198<\/p>\n
215<\/p>\n
\n198<\/p>\n
\n211<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nIn Q2
\n2026 and YTD, the adverse currency impact primarily reflected the
\nstrengthening of Sterling against the US Dollar, particularly in Q1
\n2026, as well as the Yen and emerging market currencies, partly
\noffset by strengthening of the Euro. Exchange losses on the
\nsettlement of intercompany transactions had an adverse impact of
\none percentage point on Total and Core EPS in the YTD, and minimal
\nimpact in the quarter.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Cash generation<\/p>\n
\n\u00a0<\/p>\n
Cash flow<\/p>\n
\u00a0<\/p>\n
Q2 2026<\/p>\n
\u00a3m<\/p>\n
\nQ2
\n2025<\/p>\n
\n\u00a3m<\/p>\n
H1 2026<\/p>\n
\u00a3m<\/p>\n
\nH1
\n2025<\/p>\n
\n\u00a3m<\/p>\n
\nCash
\ngenerated from operations (\u00a3m)<\/p>\n
2,906<\/p>\n
\n2,433<\/p>\n
4,256<\/p>\n
\n3,734<\/p>\n
\nTotal
\nnet cash inflow\/(outflow) from operating activities
\n(\u00a3m)<\/p>\n
2,690<\/p>\n
\n2,096<\/p>\n
3,831<\/p>\n
\n3,241<\/p>\n
\nFree
\ncash inflow\/(outflow)* (\u00a3m)<\/p>\n
1,994<\/p>\n
\n1,126<\/p>\n
2,809<\/p>\n
\n1,823<\/p>\n
\nFree
\ncash flow growth (%)<\/p>\n
77%<\/p>\n
\n>100%<\/p>\n
54%<\/p>\n
\n>100%<\/p>\n
\nFree
\ncash flow conversion* (%)<\/p>\n
>100%<\/p>\n
\n78%<\/p>\n
>100%<\/p>\n
\n59%<\/p>\n
\nTotal
\nnet debt** (\u00a3m)<\/p>\n
15,132<\/p>\n
\n13,735<\/p>\n
15,132<\/p>\n
\n13,735<\/p>\n
\n*\u00a0
\nFree cash flow and free cash flow conversion are defined on page
\n50. Free cash flow is analysed on page 34.<\/p>\n
\n\u00a0<\/p>\n
\n**
\nTotal net debt is defined on page 51. Net debt is analysed on page
\n34.<\/p>\n
\n\u00a0<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Q2 2026<\/p>\n
\u00a0<\/p>\n
\nCash
\ngenerated from operations for the quarter was \u00a32,906 million
\n(Q2 2025: \u00a32,433\u00a0million). The increase primarily
\nreflected higher Core operating profit, favourable timing and
\nmovements on trade receivables and payables, partly offset by
\ninventory build to support new product launches and adverse timing
\nand movements on returns and rebates.<\/p>\n
\nTotal
\ncontingent consideration cash payments in the quarter were
\n\u00a3378\u00a0million (Q2 2025: \u00a3333\u00a0million).
\n\u00a3374\u00a0million (Q2 2025: \u00a3330\u00a0million) of these
\nwere recognised in cash flows from operating activities, including
\ncash payments made to Shionogi & Co. Ltd (“Shionogi”) of
\n\u00a3348\u00a0million\u00a0(Q2 2025:
\n\u00a3319\u00a0million).<\/p>\n
\nFree
\ncash inflow was \u00a31,994 million for the quarter (Q2 2025:
\n\u00a31,126\u00a0million). The increase was primarily driven by
\nhigher cash generated from operations, proceeds from the divestment
\nof linerixibat and lower tax payments.<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
H1 2026<\/p>\n
\u00a0<\/p>\n
\nCash
\ngenerated from operating activities was \u00a34,256 million (H1
\n2025: \u00a33,734 million). The increase reflected higher Core
\noperating profit, favourable timing and movements on trade
\nreceivables and the final cash settlement from CureVac, partly
\noffset by exchange and adverse timing and movements on returns and
\nrebates.<\/p>\n
\nTotal
\ncontingent consideration cash payments in H1 2026 were
\n\u00a3757\u00a0million (H1 2025: \u00a3674\u00a0million).
\n\u00a3749\u00a0million (H1 2025: \u00a3668\u00a0million) of these
\nwere recognised in cash flows from operating activities, including
\ncash payments made to Shionogi & Co. Ltd of
\n\u00a3710\u00a0million (H1 2025:
\n\u00a3650\u00a0million).<\/p>\n
\nFree
\ncash inflow was \u00a32,809 million for H1 2026 (H1 2025:
\n\u00a31,823 million). The increase was driven by higher cash
\ngenerated from operations, higher proceeds from the sale of
\nintangible assets, including the divestment of linerixibat, and the
\nspecial dividend of $250 million (\u00a3187 million) related to the
\nViiV shareholding restructure.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Total Net debt<\/p>\n
\u00a0<\/p>\n
\nAt 30
\nJune 2026, net debt was \u00a315,132 million, compared with
\n\u00a314,453 million at 31 December 2025, comprising gross debt of
\n\u00a318,238 million and cash and liquid investments of \u00a33,106
\nmillion. See net debt information on page 34.<\/p>\n
\nNet
\ndebt increased by \u00a3679 million primarily due to net
\nacquisition costs of \u00a32,083 million related to RAPT
\nTherapeutics and 35Pharma Inc., dividends paid to shareholders of
\n\u00a31,370 million, shares purchased as part of the share buyback
\nprogramme (completed in June 2026) of \u00a3634 million and an
\nexchange loss on net debt of \u00a376 million. This was partly
\noffset by primarily the free cash inflow of \u00a32,809 million and
\n\u00a3398 million related to the disposal of the Rockville site
\nincluding proceeds and a reduction in lease
\nliabilities.<\/p>\n
\nAt 30
\nJune 2026, GSK had short-term borrowings (including overdrafts and
\nlease liabilities) repayable within 12 months of \u00a34,291
\nmillion and \u00a32,058 million repayable in the subsequent
\nyear.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Contents<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nPage<\/p>\n
\nQ2 2026
\npipeline highlights<\/p>\n
\n12<\/p>\n
\nResponsible
\nbusiness<\/p>\n
\n13<\/p>\n
\nTotal
\nand Core results<\/p>\n
\n14<\/p>\n
\nIncome
\nstatement<\/p>\n
\n20<\/p>\n
\nStatement
\nof comprehensive income<\/p>\n
\n21<\/p>\n
\nBalance
\nsheet<\/p>\n
\n22<\/p>\n
\nStatement
\nof changes in equity<\/p>\n
\n23<\/p>\n
\nCash
\nflow statement<\/p>\n
\n24<\/p>\n
\nSales
\ntables<\/p>\n
\n25<\/p>\n
\nSegment
\ninformation<\/p>\n
\n28<\/p>\n
\nLegal
\nmatters<\/p>\n
\n29<\/p>\n
\nReturns
\nto shareholders<\/p>\n
\n30<\/p>\n
\nAdditional
\ninformation<\/p>\n
\n31<\/p>\n
\nR&D
\ncommentary<\/p>\n
\n41<\/p>\n
\nPrincipal
\nrisk and uncertainties<\/p>\n
\n48<\/p>\n
\nReporting
\ndefinitions<\/p>\n
\n50<\/p>\n
\nGuidance
\nand outlooks, assumptions and cautionary statements<\/p>\n
\n52<\/p>\n
\nDirectors’
\nresponsibility statement<\/p>\n
\n54<\/p>\n
\nIndependent
\nAuditor’s review report to GSK plc<\/p>\n
\n55<\/p>\n
\nGlossary
\nof terms<\/p>\n
\n57<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Contacts<\/p>\n
\n\u00a0<\/p>\n
\nGSK plc
\n(LSE\/NYSE:GSK) is a global biopharma company with a purpose to
\nunite science, technology, and talent to get ahead of disease
\ntogether. Find out more at www.gsk.com.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
GSK enquiries:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nMedia<\/p>\n
\nTim
\nFoley<\/p>\n
\n+44 (0)
\n7780 494750<\/p>\n
\n(London)<\/p>\n
\u00a0<\/p>\n
\nKathleen
\nQuinn<\/p>\n
\n+1 202
\n603 5003<\/p>\n
\n(Washington)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nInvestor
\nRelations<\/p>\n
\nConstantin
\nFest<\/p>\n
\n+44 (0)
\n7831 826525<\/p>\n
\n(London)<\/p>\n
\u00a0<\/p>\n
\nJames
\nDodwell<\/p>\n
\n+44 (0)
\n7881 269066<\/p>\n
\n(London)<\/p>\n
\u00a0<\/p>\n
\nMick
\nReadey<\/p>\n
\n+44 (0)
\n7990 339653<\/p>\n
\n(London)<\/p>\n
\u00a0<\/p>\n
\nSteph
\nMountifield<\/p>\n
\n+44 (0)
\n7796 707505<\/p>\n
\n(London)<\/p>\n
\u00a0<\/p>\n
\nSam
\nPiper<\/p>\n
\n+44 (0)
\n7824 525779<\/p>\n
\n(London)<\/p>\n
\u00a0<\/p>\n
\nJeff
\nMcLaughlin<\/p>\n
\n+1 215
\n751 7002<\/p>\n
\n(Philadelphia)<\/p>\n
\u00a0<\/p>\n
\nFrannie
\nDeFranco<\/p>\n
\n+1 215
\n751 3126<\/p>\n
\n(Philadelphia)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Registered in England & Wales:<\/p>\n
\nNo.
\n3888792<\/p>\n
\u00a0<\/p>\n
Registered Office:<\/p>\n
\n79 New
\nOxford Street<\/p>\n
\nLondon,<\/p>\n
\nWC1A
\n1DG<\/p>\n
\n\u00a0<\/p>\n
Q2 2026 pipeline highlights (since 29\u00a0April 2026)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Medicine\/vaccine<\/p>\n
Trial (indication, presentation)<\/p>\n
Event<\/p>\n
Regulatory approvals or other regulatory actions<\/p>\n
Nucala<\/p>\n
\nHypereosinophilic
\nSyndrome<\/p>\n
\nRegulatory
\napproval (CN)<\/p>\n
Jideytro<\/p>\n
\nNon-small
\ncell lung cancer (pre-treated)<\/p>\n
\nRegulatory
\napproval (US)<\/p>\n
Arexvy<\/p>\n
\nRSV,
\nadults aged 18-49 years at increased risk<\/p>\n
\nRegulatory
\napproval (JP)<\/p>\n
Arexvy<\/p>\n
\nRSV,
\nadults aged 18+ immunocompromised<\/p>\n
\nRegulatory
\napproval (JP)<\/p>\n
Utebzi<\/p>\n
\nPIVOT-PO
\n(complicated urinary tract infections)<\/p>\n
\nRegulatory
\napproval (US)<\/p>\n
Regulatory submissions or acceptances<\/p>\n
Bexsero<\/p>\n
\nMeningococcal
\nB booster (10+ years of age)<\/p>\n
\nRegulatory
\nacceptance (EU)<\/p>\n
Phase III data readouts or other significant events<\/p>\n
\ncamlipixant*<\/p>\n
\nCALM-1\/2
\n(refractory chronic cough)<\/p>\n
\nPhase
\nIII data readout<\/p>\n
\nefimosfermin<\/p>\n
\nZENITH-1
\nand ZENITH-2 (metabolic dysfunction-associated
\nsteatohepatitis)<\/p>\n
\nBreakthrough
\nDesignation (CN)<\/p>\n
Jemperli<\/p>\n
\nAZUR-1
\n(rectal cancer)<\/p>\n
\nPositive
\nphase II (pivotal) data readout<\/p>\n
\nmomelotinib<\/p>\n
\nVEXAS
\nsyndrome<\/p>\n
\nOrphan
\nDrug Designation (EU, US)<\/p>\n
\n*camlipixant
\ndemonstrated limited efficacy in the CALM-1 and CALM-2 pivotal
\ntrials, and, based on the aggregate data, GSK has decided not to
\nprogress further development in chronic cough (disclosed 17 July
\n2026)<\/p>\n
\n\u00a0<\/p>\n
Anticipated pipeline milestones<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Timing<\/p>\n
Medicine\/vaccine<\/p>\n
Trial (indication, presentation)<\/p>\n
Event<\/p>\n
H2 2026<\/p>\n
Exdensur<\/p>\n
\nOCEAN
\n(eosinophilic granulomatosis with polyangiitis)<\/p>\n
\nPhase
\nIII data readout<\/p>\n
Ventolin<\/p>\n
\nLow
\ncarbon MDI (asthma)<\/p>\n
\nRegulatory
\nsubmission (EU)<\/p>\n
Blenrep<\/p>\n
\nDREAMM-8
\n(2L + multiple myeloma)<\/p>\n
\nRegulatory
\nsubmission (CN)<\/p>\n
Jemperli<\/p>\n
\nAZUR-1
\n(rectal cancer)<\/p>\n
\nRegulatory
\nsubmission (US)<\/p>\n
Jemperli<\/p>\n
\nAZUR-1
\n(rectal cancer)<\/p>\n
\nRegulatory
\ndecision (US)<\/p>\n
\nneladalkib<\/p>\n
\nNon-small
\ncell lung cancer (pre-treated)<\/p>\n
\nRegulatory
\ndecision (US)<\/p>\n
\ncabotegravir<\/p>\n
\n3x a
\nyear prevention (HIV)<\/p>\n
\nPhase
\nIIb (pivotal) data readout<\/p>\n
\ncabotegravir<\/p>\n
\n3x a
\nyear prevention (HIV)<\/p>\n
\nRegulatory
\nsubmission (US)<\/p>\n
Arexvy<\/p>\n
\nRSV,
\nadults aged 18+ immunocompromised<\/p>\n
\nRegulatory
\ndecision (US)<\/p>\n
\nbepirovirsen<\/p>\n
\nB-WELL
\n1\/2 (hepatitis B virus)<\/p>\n
\nRegulatory
\ndecision (US, JP)<\/p>\n
Bexsero<\/p>\n
\nMeningococcal
\nB (infants)<\/p>\n
\nRegulatory
\nsubmission (US)<\/p>\n
H1 2027<\/p>\n
Exdensur<\/p>\n
\nOCEAN
\n(eosinophilic granulomatosis with polyangiitis)<\/p>\n
\nRegulatory
\nsubmission (US, EU, CN, JP)<\/p>\n
Ventolin<\/p>\n
\nLow
\ncarbon MDI (asthma)<\/p>\n
\nRegulatory
\ndecision (EU)<\/p>\n
Ventolin<\/p>\n
\nLow
\ncarbon MDI (asthma)<\/p>\n
\nRegulatory
\nsubmission (US)<\/p>\n
Jemperli<\/p>\n
\nAZUR-1
\n(rectal cancer)<\/p>\n
\nRegulatory
\nsubmission (JP)<\/p>\n
Jideytro<\/p>\n
\nNon-small
\ncell lung cancer (treatment na\u00efve)<\/p>\n
\nRegulatory
\nsubmission (US)<\/p>\n
\ncabotegravir<\/p>\n
\n3x a
\nyear prevention (HIV)<\/p>\n
\nRegulatory
\ndecision (US)<\/p>\n
Arexvy<\/p>\n
\nRSV,
\nadults aged 60+<\/p>\n
\nRegulatory
\ndecision (CN)<\/p>\n
\nbepirovirsen<\/p>\n
\nB-WELL
\n1\/2 (chronic hepatitis B)<\/p>\n
\nRegulatory
\ndecision (EU, CN)<\/p>\n
H2 2027<\/p>\n
Exdensur<\/p>\n
\nOCEAN
\n(eosinophilic granulomatosis with polyangiitis)<\/p>\n
\nRegulatory
\ndecision (US, JP)<\/p>\n
Jemperli<\/p>\n
\nAZUR-1
\n(rectal cancer)<\/p>\n
\nRegulatory
\nsubmission (EU, CN)<\/p>\n
Jemperli<\/p>\n
\nAZUR-1
\n(rectal cancer)<\/p>\n
\nRegulatory
\ndecision (EU)<\/p>\n
\nzidesamtinib<\/p>\n
\nNon-small
\ncell lung cancer (treatment na\u00efve)<\/p>\n
\nRegulatory
\ndecision (US)<\/p>\n
\ncabotegravir
\n+ rilpivirine<\/p>\n
\nCUATRO,
\n3x a year treatment (HIV)<\/p>\n
\nPhase
\nIII data readout<\/p>\n
Arexvy<\/p>\n
\nRSV,
\nadults aged 18-59<\/p>\n
\nRegulatory
\nsubmission (CN)<\/p>\n
Bexsero<\/p>\n
\nMeningococcal
\nB (infants)<\/p>\n
\nRegulatory
\ndecision (US)<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\nRefer
\nto pages 41 to 47 for further details on several key medicines and
\nvaccines in development by therapy area.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Progress on areas for responsible business<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\nBeing a
\nresponsible business is a fundamental part of GSK\u2019s strategy
\nand supports long-term performance. Annual progress against
\nGSK\u2019s responsible business priorities is detailed in the
\nAnnual(1)
\nand Responsible
\nBusiness(2) Reports with
\nincremental updates shared each quarter. Highlights below include
\nactivity since Q1 2026 results.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Access<\/p>\n
\n\u25cf<\/p>\n
\nIn
\nApril, GSK and Medicines for Malaria Venture (MMV) announced(3) the world\u2019s
\nfirst rollout of paediatric tafenoquine in Brazil – followed by
\nThailand in May – providing children with relapsing P. Vivax malaria access to this single
\ndose treatment to help prevent relapse and support elimination
\nefforts.<\/p>\n
\n\u00a0<\/p>\n
Global health and health security<\/p>\n
\n\u25cf<\/p>\n
\nMalaria
\nremains one of the leading causes of death among children under
\nfive in sub-Saharan Africa. In May, results published(4) in The Lancet from the World Health
\nOrganization\u2019s Malaria Vaccine Implementation Programme
\n(MVIP), provided real-world evidence that the RTS,S malaria
\nvaccine, developed by GSK, helped reduce child mortality over a
\nperiod of four years in Ghana, Kenya and Malawi, with an estimated
\none in eight deaths averted among eligible children.<\/p>\n
\n\u25cf<\/p>\n
\nIn
\nJuly, the GSK-developed novel M72\/AS01E tuberculosis vaccine
\ncandidate (licensed to Gates Medical Research Institute in 2020)
\nprogressed(5) toward global
\naccess with a new manufacturing agreement between the Gates MRI and
\nSerum Institute of India, pending successful Phase III trial
\noutcomes. The agreement also commits GSK, as the adjuvant
\ninnovator, to a manufacturing partner for M72\/ AS01E, and marks a
\ncritical step toward ensuring that, if approved, the vaccine can be
\nproduced at scale and made available to those who need it
\nmost.<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Environment<\/p>\n
\n\u25cf<\/p>\n
\nIn May,
\nGSK was named a Supplier Engagement
\nLeader by the CDP(6), in addition to
\nmaintaining A-list status for Climate Change and Water Security.
\nThis recognises GSK\u2019s work with suppliers to decarbonise its
\nvalue chain beyond its own operations, which protects supply chain
\nresilience and long-term ability to deliver medicines and
\nvaccines.<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Responsible Business rating performance<\/p>\n
\n\u00a0<\/p>\n
\nDetailed
\nbelow is how GSK performs in key Responsible Business
\nratings*.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
\nExternal
\nbenchmark<\/p>\n
\nCurrent
\nscore\/ranking<\/p>\n
\nPrevious
\nscore\/ranking<\/p>\n
\n\u00a0<\/p>\n
\nComments<\/p>\n
\nAccess
\nto Medicines Index<\/p>\n
\n3.72<\/p>\n
\n4.06<\/p>\n
\nSecond
\nin the Index, updated bi-annually, current results from November
\n2024. Scores range from 1 to 5, with 5 being the highest (best)
\nscore<\/p>\n
\nAntimicrobial
\nresistance benchmark<\/p>\n
\n77%<\/p>\n
\n84%<\/p>\n
\nLed the
\nbenchmark since its inception in 2018; Current ranking updated
\nMarch 2026<\/p>\n
\nCDP
\nClimate Change<\/p>\n
\nA<\/p>\n
\nA<\/p>\n
\nUpdated
\nannually, current scores updated December 2025 (for supplier
\nengagement, May 2026)<\/p>\n
\nCDP
\nWater Security<\/p>\n
\nA<\/p>\n
\nA<\/p>\n
\nCDP
\nsupplier engagement rating<\/p>\n
\nLeader<\/p>\n
\nLeader<\/p>\n
\nSustainalytics<\/p>\n
\nLow
\nrisk<\/p>\n
\nLow
\nrisk<\/p>\n
\n2nd
\npercentile in pharma subindustry group. Current rating as at July
\n2026<\/p>\n
\nISS
\nCorporate Rating<\/p>\n
\nB+<\/p>\n
\nB+<\/p>\n
\nRanked
\n1st in our peer group. Last profile update May 2026<\/p>\n
\nFTSE4Good<\/p>\n
\nMember<\/p>\n
\nMember<\/p>\n
\nMember
\nsince 2004, latest review in July 2026<\/p>\n
\n*GSK\u2019s
\nResponsible Business ratings are regularly reviewed to ensure the
\nexternal benchmarks listed remain high quality, appropriate and
\nrelevant to investors. The outcome of these reviews may lead to
\nchanges on which ratings are included in the table above \u2013
\nlast updated July 2026<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\n(1)<\/p>\n
\n\u00a0<\/p>\n
\nhttps:\/\/www.gsk.com\/en-gb\/investors\/financial-reports\/annual-report-2025<\/p>\n
\n\u00a0<\/p>\n
\n(2)<\/p>\n
\n\u00a0<\/p>\n
\nhttps:\/\/www.gsk.com\/media\/di5bk40q\/responsible-business-report.pdf<\/p>\n
\n\u00a0<\/p>\n
\n(3)<\/p>\n
\n\u00a0<\/p>\n
\nhttps:\/\/www.mmv.org\/news-resources-search\/first-children-receive-single-dose-medicine-relapsing-malaria-brazils<\/p>\n
\n\u00a0<\/p>\n
\n(4)<\/p>\n
\n\u00a0<\/p>\n
\nhttps:\/\/www.thelancet.com\/journals\/lancet\/article\/PIIS0140-6736(26)00248-5\/fulltext<\/p>\n
\n\u00a0<\/p>\n
\n(5)<\/p>\n
\n\u00a0<\/p>\n
\nhttps:\/\/www.gsk.com\/en-gb\/media\/media-statements\/gsk-developed-tb-vaccine-candidate-progresses-toward-global-access-with-new-manufacturing-agreement\/<\/p>\n
\n\u00a0<\/p>\n
\n(6)<\/p>\n
\n\u00a0<\/p>\n
\nhttps:\/\/www.cdp.net\/en\/supply-chain\/supplier-engagement-assessment#msdynmkt_trackingcontext=955c8f00-6738-45c4-a268-80b1609d0200<\/p>\n
\n\u00a0<\/p>\n
\n\u00a0<\/p>\n
Total and Core results<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\nTotal
\nreported results represent the Group\u2019s overall
\nperformance.<\/p>\n
\nGSK
\nuses a number of non-IFRS measures to report the performance of its
\nbusiness. Core results and other non-IFRS measures may be
\nconsidered in addition to, but not as a substitute for, or superior
\nto, information presented in accordance with IFRS. Core results are
\ndefined below and other non-IFRS measures are defined on pages 50
\nand 51.<\/p>\n
\nGSK
\nbelieves that Core results, when considered together with Total
\nresults, provide investors, analysts and other stakeholders with
\nhelpful complementary information to understand better the
\nfinancial performance and position of the Group from period to
\nperiod, and allow the Group\u2019s performance to be more easily
\ncompared against the majority of its peer companies. These measures
\nare also used by management for planning and reporting purposes.
\nThey may not be directly comparable with similarly described
\nmeasures used by other companies.<\/p>\n
\nGSK
\nencourages investors and analysts not to rely on any single
\nfinancial measure but to review GSK\u2019s quarterly results
\nannouncements, including the financial statements and notes, in
\ntheir entirety.<\/p>\n
\nGSK is
\ncommitted to continuously improving its financial reporting, in
\nline with evolving regulatory requirements and best practice. In
\nline with this practice, GSK expects to continue to review and
\nrefine its reporting framework.<\/p>\n
\nCore
\nresults exclude the following items in relation to our operations
\nfrom Total results, together with the tax effects of all of these
\nitems:<\/p>\n
\u00a0<\/p>\n
\n\u25cf<\/p>\n
\namortisation
\nof intangible assets (excluding computer software and capitalised
\ndevelopment costs) to reflect the Group’s performance excluding the
\neffect of acquisitions<\/p>\n
\n\u25cf<\/p>\n
\nimpairment
\nof intangible assets (excluding computer software) and goodwill to
\nreflect the Group’s performance excluding the effect of
\nacquisitions<\/p>\n
\n\u25cf<\/p>\n
\nmajor
\nrestructuring and integration costs, which are:<\/p>\n
\n\u2013<\/p>\n
\ncash
\nand non-cash costs such as impairment of tangible assets and
\ncomputer software of Major restructuring programmes, which are
\nspecific Board-approved programmes that are structural and of
\nsignificant scale, where the costs of individual or related
\nprojects within such programmes exceed \u00a325 million;
\nor<\/p>\n
\n\u2013<\/p>\n
\ncosts
\nthat relate to restructuring and integration following a
\nsignificant acquisition.<\/p>\n
\n\u00a0<\/p>\n
\nCosts
\nfor other ordinary course, smaller-scale restructuring and
\nintegration are retained within both Total and Core
\nresults<\/p>\n
\n\u25cf<\/p>\n
\ntransaction-related
\naccounting or other adjustments related to significant
\nacquisitions<\/p>\n
\n\u25cf<\/p>\n
\nproceeds
\nand costs of disposal of associates, products and businesses;
\nsignificant settlement income; Significant legal charges (net of
\ninsurance recoveries) and expenses on the settlement of litigation
\nand government investigations; other operating income other than
\nroyalty income, and other items including amounts reclassified from
\nthe foreign currency translation reserve to the income statement
\nupon the liquidation of a subsidiary where the amount exceeds
\n\u00a325 million<\/p>\n
\u00a0<\/p>\n
As
\nCore results include the benefits of Major restructuring programmes
\nbut exclude significant costs (such as Significant legal charges
\nand expenses, major restructuring costs and transaction items) they
\nshould not be regarded as a complete picture of the Group\u2019s
\nfinancial performance, which is presented in Total results. The
\nexclusion of other Adjusting items may result in Core earnings
\nbeing materially higher or lower than Total earnings. In
\nparticular, when significant impairments, restructuring charges and
\nlegal costs are excluded, Core earnings will be higher than Total
\nearnings.<\/p>\n
\nGSK has
\nundertaken a number of Major restructuring programmes in response
\nto significant changes in the Group\u2019s trading environment or
\noverall strategy or following material acquisitions. Within the
\nPharmaceuticals sector, the highly regulated manufacturing
\noperations and supply chains and long lifecycle of the business
\nmean that restructuring programmes, particularly those that involve
\nthe rationalisation or closure of manufacturing or R&D sites
\nare likely to take several years to complete. Costs, both cash and
\nnon-cash, of these programmes are provided for as individual
\nelements are approved and meet the accounting recognition criteria.
\nAs a result, charges may be incurred over a number of years
\nfollowing the initiation of a Major restructuring
\nprogramme.<\/p>\n
\nSignificant
\nlegal charges and expenses are those arising from the settlement of
\nlitigation or government investigations that are not in the normal
\ncourse and materially larger than more regularly occurring
\nindividual matters. They also include certain major legacy
\nmatters.<\/p>\n
\nReconciliations
\nbetween Total and Core results, providing further information on
\nthe key Adjusting items, are set out on pages 16 and
\n18.<\/p>\n
\nGSK
\nprovides earnings guidance to the investor community on the basis
\nof Core results. This is in line with peer companies and
\nexpectations of the investor community, supporting easier
\ncomparison of the Group\u2019s performance with its peers. GSK is
\nnot able to give guidance for Total results as it cannot reliably
\nforecast certain material elements of the Total results,
\nparticularly the future fair value movements on contingent
\nconsideration and put options that can and have given rise to
\nsignificant adjustments driven by external factors such as currency
\nand other movements in capital markets.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
ViiV Healthcare<\/p>\n
\u00a0<\/p>\n
\nViiV
\nHealthcare is a subsidiary of the Group and 100% of its operating
\nresults (turnover, operating profit, profit after tax) are included
\nwithin the Group income statement.<\/p>\n
\nOn 19
\nJanuary 2026, GSK reached agreement with Pfizer and Shionogi for
\nthe 11.7% economic interest in ViiV Healthcare held by Pfizer to be
\nreplaced with an investment by Shionogi. On 31 March 2026, the
\ntransaction completed and Shionogi increased its economic interest
\nto 21.7% and GSK maintained its 78.3% economic interest. ViiV
\nHealthcare issued new shares to Shionogi for consideration of
\n$2.125 billion, and cancelled Pfizer\u2019s holding in ViiV
\nHealthcare, returning $1.875 billion to Pfizer. GSK received a
\nspecial dividend of $0.250 billion (\u00a3187 million). Further, on
\ncompletion GSK extinguished the Pfizer put option liability through
\nretained earnings. The put option liability was \u00a3822 million
\nas at 31 December 2025 and was remeasured immediately prior to
\ncompletion, on the same methodology as at 31 December 2025, with
\nthe \u00a333 million change in the liability recognised as an
\nAdjusting item through other operating
\nincome\/(expense).<\/p>\n
\nEarnings
\nfor the year are allocated to the two shareholders of ViiV
\nHealthcare on the basis of their respective equity shareholdings
\n(GSK 78.3% and Shionogi 21.7%) and their entitlement to
\npreferential dividends, which are determined by the performance of
\ncertain products attributable to each shareholder. As the relative
\nperformance of these products changes over time, the proportion of
\nthe overall earnings allocated to each shareholder also changes. In
\nparticular, the increasing proportion of sales of dolutegravir and
\ncabotegravir-containing products has a favourable impact on the
\nproportion of the preferential dividends that is allocated to GSK.
\nAdjusting items are allocated to shareholders based on their equity
\ninterests. GSK was entitled to approximately 83% of the Total
\nearnings and 83% of the Core earnings of ViiV Healthcare for
\n2025.<\/p>\n
\nAs
\nconsideration for the acquisition of Shionogi\u2019s interest in
\nthe former Shionogi-ViiV Healthcare joint venture in 2012, Shionogi
\nreceived the 10% equity stake in ViiV Healthcare and ViiV
\nHealthcare also agreed to pay additional future cash consideration
\nto Shionogi, contingent on the future sales performance of the
\nproducts being developed by that joint venture, dolutegravir and
\ncabotegravir. Under IFRS 3 \u2018Business combinations\u2019, GSK
\nwas required to provide for the estimated fair value of this
\ncontingent consideration at the time of acquisition and is required
\nto update the liability to the latest estimate of fair value at
\neach subsequent period end. The liability for the contingent
\nconsideration recognised in the balance sheet at the date of
\nacquisition was \u00a3659 million. Subsequent remeasurements are
\nreflected within other operating income\/(expense) and within
\nAdjusting items in the income statement in each
\nperiod.<\/p>\n
\nCash
\npayments to settle the contingent consideration are made to
\nShionogi by ViiV Healthcare each quarter, based on the actual sales
\nperformance and other income of the relevant products in the
\nprevious quarter. These payments reduce the balance sheet liability
\nand hence are not recorded in the income statement. The cash
\npayments made to Shionogi by ViiV Healthcare in the six months
\nended 30 June 2026 were \u00a3710\u00a0million.<\/p>\n
\nAs the
\nliability is required to be recorded at the fair value of estimated
\nfuture payments, there is a significant timing difference between
\nthe charges that are recorded in the Total income statement to
\nreflect movements in the fair value of the liability and the actual
\ncash payments made to settle the liability.<\/p>\n
\nFurther
\nexplanation of the acquisition-related arrangements with ViiV
\nHealthcare are set out on pages 86 and 87 of the Annual Report
\n2025.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
\nThe
\nreconciliations between Total results and Core results for Q2 2026
\nand Q2 2025 are set out below.<\/p>\n
\u00a0<\/p>\n
Three months ended 30 June 2026<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nTotal<\/p>\n
\nresults<\/p>\n
\n\u00a3m<\/p>\n
\nIntangible
\nasset<\/p>\n
\namort-<\/p>\n
\nisation<\/p>\n
\n\u00a3m<\/p>\n
\nIntangible
\nasset<\/p>\n
\nimpair-<\/p>\n
\nment<\/p>\n
\n\u00a3m<\/p>\n
\nMajor
\nrestruc-<\/p>\n
\nturing<\/p>\n
\nand
\nintegration<\/p>\n
\n\u00a3m<\/p>\n
\nTrans-<\/p>\n
\naction-<\/p>\n
\nrelated<\/p>\n
\n\u00a3m<\/p>\n
\nDivest-ments,
\nSignificant<\/p>\n
\nlegal
\nand<\/p>\n
\nother<\/p>\n
\nitems<\/p>\n
\n\u00a3m<\/p>\n
\nCore<\/p>\n
\nresults<\/p>\n
\n\u00a3m<\/p>\n
Turnover<\/p>\n
8,409<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
8,409<\/p>\n
\nCost of
\nsales<\/p>\n
\n(2,266)<\/p>\n
\n169<\/p>\n
\n190<\/p>\n
\n4<\/p>\n
\u00a0<\/p>\n
\n5<\/p>\n
\n(1,898)<\/p>\n
\nGross
\nprofit<\/p>\n
\n6,143<\/p>\n
\n169<\/p>\n
\n190<\/p>\n
\n4<\/p>\n
\u00a0<\/p>\n
\n5<\/p>\n
\n6,511<\/p>\n
\nSelling,
\ngeneral and administration<\/p>\n
\n(2,202)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n5<\/p>\n
\n5<\/p>\n
\n(2)<\/p>\n
\n(2,194)<\/p>\n
\nResearch
\nand development<\/p>\n
\n(3,466)<\/p>\n
\n26<\/p>\n
\n1,705<\/p>\n
\n14<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n(1,721)<\/p>\n
\nRoyalty
\nincome<\/p>\n
\n204<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n204<\/p>\n
\nOther
\noperating income\/(expense)<\/p>\n
\n(198)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n486<\/p>\n
\n(288)<\/p>\n
\n\u2013<\/p>\n
Operating profit<\/p>\n
481<\/p>\n
195<\/p>\n
1,895<\/p>\n
23<\/p>\n
491<\/p>\n
(285)<\/p>\n
2,800<\/p>\n
\nNet
\nfinance expense<\/p>\n
\n(124)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n3<\/p>\n
\n(121)<\/p>\n
\nShare
\nof after tax profit\/(loss) of associates and joint
\nventures<\/p>\n
\n(3)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n(3)<\/p>\n
Profit before taxation<\/p>\n
354<\/p>\n
195<\/p>\n
1,895<\/p>\n
23<\/p>\n
491<\/p>\n
(282)<\/p>\n
2,676<\/p>\n
\nTaxation<\/p>\n
\n199<\/p>\n
\n(42)<\/p>\n
\n(466)<\/p>\n
\n(5)<\/p>\n
\n(111)<\/p>\n
\n(32)<\/p>\n
\n(457)<\/p>\n
Tax rate %<\/p>\n
(56.2%)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
17.1%<\/p>\n
Profit after taxation<\/p>\n
553<\/p>\n
153<\/p>\n
1,429<\/p>\n
18<\/p>\n
380<\/p>\n
(314)<\/p>\n
2,219<\/p>\n
\nProfit
\nattributable to non-controlling interests<\/p>\n
118<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
73<\/p>\n
\u00a0<\/p>\n
191<\/p>\n
\nProfit\/(loss)
\nattributable to shareholders<\/p>\n
435<\/p>\n
153<\/p>\n
1,429<\/p>\n
18<\/p>\n
307<\/p>\n
(314)<\/p>\n
2,028<\/p>\n
\u00a0<\/p>\n
553<\/p>\n
153<\/p>\n
1,429<\/p>\n
18<\/p>\n
380<\/p>\n
(314)<\/p>\n
2,219<\/p>\n
Earnings per share<\/p>\n
10.8p<\/p>\n
3.8p<\/p>\n
35.7p<\/p>\n
0.4p<\/p>\n
7.6p<\/p>\n
(7.8p)<\/p>\n
50.5p<\/p>\n
\nWeighted average
\nnumber of shares (millions)<\/p>\n
4,014<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
4,014<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Three months ended 30 June 2025<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nTotal<\/p>\n
\nresults<\/p>\n
\n\u00a3m<\/p>\n
\nIntangible
\nasset<\/p>\n
\namort-<\/p>\n
\nisation<\/p>\n
\n\u00a3m<\/p>\n
\nIntangible
\nasset<\/p>\n
\nimpair-<\/p>\n
\nment<\/p>\n
\n\u00a3m<\/p>\n
\nMajor
\nrestruc-<\/p>\n
\nturing<\/p>\n
\nand
\nintegration<\/p>\n
\n\u00a3m<\/p>\n
\nTrans-<\/p>\n
\naction-<\/p>\n
\nrelated<\/p>\n
\n\u00a3m<\/p>\n
\nDivest-ments,
\nSignificant<\/p>\n
\nlegal
\nand<\/p>\n
\nother<\/p>\n
\nitems<\/p>\n
\n\u00a3m<\/p>\n
\nCore<\/p>\n
\nresults<\/p>\n
\n\u00a3m<\/p>\n
Turnover<\/p>\n
7,986<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
7,986<\/p>\n
\nCost of
\nsales<\/p>\n
\n(2,165)<\/p>\n
\n173<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n6<\/p>\n
\n(1,986)<\/p>\n
\nGross
\nprofit<\/p>\n
\n5,821<\/p>\n
\n173<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n6<\/p>\n
\n6,000<\/p>\n
\nSelling,
\ngeneral and administration<\/p>\n
\n(2,140)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n8<\/p>\n
\n1<\/p>\n
\n38<\/p>\n
\n(2,093)<\/p>\n
\nResearch
\nand development<\/p>\n
\n(2,024)<\/p>\n
\n21<\/p>\n
\n476<\/p>\n
\n4<\/p>\n
\u00a0<\/p>\n
\n1<\/p>\n
\n(1,522)<\/p>\n
\nRoyalty
\nincome<\/p>\n
\n246<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n246<\/p>\n
\nOther
\noperating income\/(expense)<\/p>\n
\n120<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n1<\/p>\n
\n(89)<\/p>\n
\n(32)<\/p>\n
\n\u2013<\/p>\n
Operating profit<\/p>\n
2,023<\/p>\n
194<\/p>\n
476<\/p>\n
13<\/p>\n
(88)<\/p>\n
13<\/p>\n
2,631<\/p>\n
\nNet
\nfinance expense<\/p>\n
\n(134)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n9<\/p>\n
\n(125)<\/p>\n
\nShare
\nof after tax profit\/(loss) of associates and joint
\nventures<\/p>\n
\n(2)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n(2)<\/p>\n
Profit before taxation<\/p>\n
1,887<\/p>\n
194<\/p>\n
476<\/p>\n
13<\/p>\n
(88)<\/p>\n
22<\/p>\n
2,504<\/p>\n
\nTaxation<\/p>\n
\n(241)<\/p>\n
\n(54)<\/p>\n
\n(119)<\/p>\n
\n(3)<\/p>\n
\n(28)<\/p>\n
\n6<\/p>\n
\n(439)<\/p>\n
Tax rate %<\/p>\n
12.8%<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
17.5%<\/p>\n
Profit after taxation<\/p>\n
1,646<\/p>\n
140<\/p>\n
357<\/p>\n
10<\/p>\n
(116)<\/p>\n
28<\/p>\n
2,065<\/p>\n
\nProfit
\nattributable to non-controlling interests<\/p>\n
203<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
(28)<\/p>\n
\u00a0<\/p>\n
175<\/p>\n
\nProfit\/(loss)
\nattributable to shareholders<\/p>\n
1,443<\/p>\n
140<\/p>\n
357<\/p>\n
10<\/p>\n
(88)<\/p>\n
28<\/p>\n
1,890<\/p>\n
\u00a0<\/p>\n
1,646<\/p>\n
140<\/p>\n
357<\/p>\n
10<\/p>\n
(116)<\/p>\n
28<\/p>\n
2,065<\/p>\n
Earnings per share<\/p>\n
35.5p<\/p>\n
3.4p<\/p>\n
8.8p<\/p>\n
0.3p<\/p>\n
(2.2p)<\/p>\n
0.7p<\/p>\n
46.5p<\/p>\n
\nWeighted average
\nnumber of shares (millions)<\/p>\n
\n4,063<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n4,063<\/p>\n
\n\u00a0<\/p>\n
Adjusting items Q2 2026<\/p>\n
\n\u00a0<\/p>\n
Intangible asset impairments<\/p>\n
\nImpairments
\nof \u00a31,895 million (Q2 2025: \u00a3476 million) were incurred
\nprimarily relating to camlipixant (\u00a31,334 million) following
\nGSK’s decision not to progress further development of camlipixant
\nin RCC, based on the aggregate data from the CALM-1 and CALM-2
\nphase III trials. The recoverable amount of camlipixant, based on
\nvalue in use for the IBS indication is \u00a3104 million, which is
\nthe carrying value as at 30 June 2026.<\/p>\n
\u00a0<\/p>\n
\nIn
\naddition, a full impairment of \u00a3371 million was recognised
\nfollowing the termination of assets under the Alector
\ncollaboration, driven by the outcome of clinical
\ntrials.<\/p>\n
\u00a0<\/p>\n
Major restructuring and integration<\/p>\n
\nCharges
\nof \u00a323 million (Q2 2025: \u00a313 million) were incurred
\nrelating to ongoing projects categorised as Major restructuring
\nprogrammes and integration costs, analysed as follows:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Q2 2026<\/p>\n
\nQ2
\n2025<\/p>\n
\u00a0<\/p>\n
Cash<\/p>\n
\u00a3m<\/p>\n
Non-<\/p>\n
cash<\/p>\n
\u00a3m<\/p>\n
Total<\/p>\n
\u00a3m<\/p>\n
\nCash<\/p>\n
\n\u00a3m<\/p>\n
\nNon-<\/p>\n
\ncash<\/p>\n
\n\u00a3m<\/p>\n
\nTotal<\/p>\n
\n\u00a3m<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nSignificant
\nacquisitions<\/p>\n
22<\/p>\n
\u2013<\/p>\n
22<\/p>\n
\n7<\/p>\n
\n\u2013<\/p>\n
\n7<\/p>\n
\nLegacy
\nprogrammes<\/p>\n
\u2013<\/p>\n
1<\/p>\n
1<\/p>\n
\n3<\/p>\n
\n3<\/p>\n
\n6<\/p>\n
\u00a0<\/p>\n
22<\/p>\n
1<\/p>\n
23<\/p>\n
\n10<\/p>\n
\n3<\/p>\n
\n13<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nIntegration
\ncosts of significant acquisitions relate predominantly to
\nintegration activities for RAPT acquired in Q1 2026, with smaller
\nincremental costs attributed to earlier acquisitions – Affinivax
\nInc. (Affinivax) in Q3 2022, BELLUS Health Inc. (Bellus) in Q2
\n2023, and BP Asset IX in Q3 2025.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Transaction-related adjustments<\/p>\n
\u00a0<\/p>\n
\nTransaction-related
\nadjustments resulted in a net charge of \u00a3491 million (Q2 2025:
\n\u00a388 million credit), the majority of which related to
\ncharges\/(credits) for the remeasurement of contingent consideration
\nliabilities.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nCharge\/(credit)<\/p>\n
Q2 2026<\/p>\n
\u00a3m<\/p>\n
\nQ2
\n2025<\/p>\n
\n\u00a3m<\/p>\n
\nContingent
\nconsideration on former Shionogi-ViiV Healthcare joint venture
\n(including Shionogi preferential dividends)<\/p>\n
392<\/p>\n
\n(127)<\/p>\n
\nViiV
\nHealthcare put options and Pfizer preferential
\ndividends<\/p>\n
\u2013<\/p>\n
\n(29)<\/p>\n
\nContingent
\nconsideration on former Novartis Vaccines business<\/p>\n
14<\/p>\n
\n57<\/p>\n
\nContingent
\nconsideration on acquisition of Affinivax<\/p>\n
6<\/p>\n
\n7<\/p>\n
\nOther
\ncontingent consideration<\/p>\n
74<\/p>\n
\n3<\/p>\n
\nOther
\nadjustments<\/p>\n
5<\/p>\n
\n1<\/p>\n
\nTotal
\ntransaction-related charges\/(credits)<\/p>\n
491<\/p>\n
\n(88)<\/p>\n
\n\u00a0<\/p>\n
\nThe
\n\u00a3392 million charge relating to the contingent consideration
\nfor the former Shionogi-ViiV Healthcare joint venture represented
\nan increase in the valuation of the contingent consideration due to
\nShionogi driven by updated sales forecasts and net other
\nremeasurements of \u00a3301 million and the unwind of the discount
\nfor \u00a391 million.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Divestments, Significant legal charges, and other
\nitems<\/p>\n
\u00a0<\/p>\n
\nDivestments,
\nSignificant legal charges, and other items included net other
\noperating income of \u00a3288 million (Q2 2025: \u00a332 million)
\nprimarily related to proceeds from the divestment of
\nlinerixibat.<\/p>\n
\nLegal
\ncharges provide for all significant legal matters and are not
\nbroken out separately by litigation or investigation.<\/p>\n
\u00a0<\/p>\n
\nThe
\nreconciliations between Total results and Core results for H1 2026
\nand H1 2025 are set out below.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Six months ended 30 June 2026<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nTotal<\/p>\n
\nresults<\/p>\n
\n\u00a3m<\/p>\n
\nIntangible
\nasset<\/p>\n
\namort-<\/p>\n
\nisation<\/p>\n
\n\u00a3m<\/p>\n
\nIntangible
\nasset<\/p>\n
\nimpair-<\/p>\n
\nment<\/p>\n
\n\u00a3m<\/p>\n
\nMajor
\nrestruc-<\/p>\n
\nturing<\/p>\n
\nand
\nintegration<\/p>\n
\n\u00a3m<\/p>\n
\nTrans-<\/p>\n
\naction-<\/p>\n
\nrelated<\/p>\n
\n\u00a3m<\/p>\n
\nDivest-ments,
\nSignificant<\/p>\n
\nlegal
\nand<\/p>\n
\nother<\/p>\n
\nitems<\/p>\n
\n\u00a3m<\/p>\n
\nCore<\/p>\n
\nresults<\/p>\n
\n\u00a3m<\/p>\n
Turnover<\/p>\n
16,038<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
16,038<\/p>\n
\nCost of
\nsales<\/p>\n
\n(4,141)<\/p>\n
\n334<\/p>\n
\n190<\/p>\n
\n6<\/p>\n
\u00a0<\/p>\n
\n12<\/p>\n
\n(3,599)<\/p>\n
\nGross
\nprofit<\/p>\n
\n11,897<\/p>\n
\n334<\/p>\n
\n190<\/p>\n
\n6<\/p>\n
\u00a0<\/p>\n
\n12<\/p>\n
\n12,439<\/p>\n
\nSelling,
\ngeneral and administration<\/p>\n
\n(4,321)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n25<\/p>\n
\n19<\/p>\n
\n103<\/p>\n
\n(4,174)<\/p>\n
\nResearch
\nand development<\/p>\n
\n(5,158)<\/p>\n
\n51<\/p>\n
\n1,877<\/p>\n
\n16<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n(3,214)<\/p>\n
\nRoyalty
\nincome<\/p>\n
\n399<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n399<\/p>\n
\nOther
\noperating income\/(expense)<\/p>\n
\n(43)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n751<\/p>\n
\n(708)<\/p>\n
\n\u2013<\/p>\n
Operating profit<\/p>\n
2,774<\/p>\n
385<\/p>\n
2,067<\/p>\n
47<\/p>\n
770<\/p>\n
(593)<\/p>\n
5,450<\/p>\n
\nNet
\nfinance expense<\/p>\n
\n(269)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n5<\/p>\n
\n(264)<\/p>\n
\nShare
\nof after tax profit\/(loss) of associates and joint
\nventures<\/p>\n
\n(7)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n(7)<\/p>\n
Profit before taxation<\/p>\n
2,498<\/p>\n
385<\/p>\n
2,067<\/p>\n
47<\/p>\n
770<\/p>\n
(588)<\/p>\n
5,179<\/p>\n
\nTaxation<\/p>\n
\n(106)<\/p>\n
\n(83)<\/p>\n
\n(495)<\/p>\n
\n(10)<\/p>\n
\n(201)<\/p>\n
\n(20)<\/p>\n
\n(915)<\/p>\n
Tax rate %<\/p>\n
4.2%<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
17.7%<\/p>\n
Profit after taxation<\/p>\n
2,392<\/p>\n
302<\/p>\n
1,572<\/p>\n
37<\/p>\n
569<\/p>\n
(608)<\/p>\n
4,264<\/p>\n
\nProfit
\nattributable to non-controlling interests<\/p>\n
220<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
144<\/p>\n
\u00a0<\/p>\n
364<\/p>\n
\nProfit\/(loss)
\nattributable to shareholders<\/p>\n
2,172<\/p>\n
302<\/p>\n
1,572<\/p>\n
37<\/p>\n
425<\/p>\n
(608)<\/p>\n
3,900<\/p>\n
\u00a0<\/p>\n
2,392<\/p>\n
302<\/p>\n
1,572<\/p>\n
37<\/p>\n
569<\/p>\n
(608)<\/p>\n
4,264<\/p>\n
Earnings per share<\/p>\n
54.1p<\/p>\n
7.5p<\/p>\n
39.1p<\/p>\n
0.9p<\/p>\n
10.6p<\/p>\n
(15.1p)<\/p>\n
97.1p<\/p>\n
\nWeighted average
\nnumber of shares (millions)<\/p>\n
4,018<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
4,018<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Six months ended 30 June 2025<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nTotal<\/p>\n
\nresults<\/p>\n
\n\u00a3m<\/p>\n
\nIntangible
\nasset<\/p>\n
\namort-<\/p>\n
\nisation<\/p>\n
\n\u00a3m<\/p>\n
\nIntangible
\nasset<\/p>\n
\nimpair-<\/p>\n
\nment<\/p>\n
\n\u00a3m<\/p>\n
\nMajor
\nrestruc-<\/p>\n
\nturing<\/p>\n
\nand
\nintegration<\/p>\n
\n\u00a3m<\/p>\n
\nTrans-<\/p>\n
\naction-<\/p>\n
\nrelated<\/p>\n
\n\u00a3m<\/p>\n
\nDivest-ments,
\nSignificant<\/p>\n
\nlegal
\nand<\/p>\n
\nother<\/p>\n
\nitems<\/p>\n
\n\u00a3m<\/p>\n
\nCore<\/p>\n
\nresults<\/p>\n
\n\u00a3m<\/p>\n
Turnover<\/p>\n
15,502<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
15,502<\/p>\n
\nCost of
\nsales<\/p>\n
\n(4,102)<\/p>\n
\n371<\/p>\n
\u00a0<\/p>\n
\n11<\/p>\n
\u00a0<\/p>\n
\n8<\/p>\n
\n(3,712)<\/p>\n
\nGross
\nprofit<\/p>\n
\n11,400<\/p>\n
\n371<\/p>\n
\u00a0<\/p>\n
\n11<\/p>\n
\u00a0<\/p>\n
\n8<\/p>\n
\n11,790<\/p>\n
\nSelling,
\ngeneral and administration<\/p>\n
\n(4,210)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n16<\/p>\n
\n9<\/p>\n
\n32<\/p>\n
\n(4,153)<\/p>\n
\nResearch
\nand development<\/p>\n
\n(3,486)<\/p>\n
\n42<\/p>\n
\n540<\/p>\n
\n5<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n(2,899)<\/p>\n
\nRoyalty
\nincome<\/p>\n
\n426<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n426<\/p>\n
\nOther
\noperating income\/(expense)<\/p>\n
\n109<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n1<\/p>\n
\n(87)<\/p>\n
\n(23)<\/p>\n
\n\u2013<\/p>\n
Operating profit<\/p>\n
4,239<\/p>\n
413<\/p>\n
540<\/p>\n
33<\/p>\n
(78)<\/p>\n
17<\/p>\n
5,164<\/p>\n
\nNet
\nfinance expense<\/p>\n
\n(242)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n16<\/p>\n
\n(226)<\/p>\n
\nShare
\nof after tax profit\/(loss) of associates and joint
\nventures<\/p>\n
\n(2)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n(2)<\/p>\n
Profit before taxation<\/p>\n
3,995<\/p>\n
413<\/p>\n
540<\/p>\n
33<\/p>\n
(78)<\/p>\n
33<\/p>\n
4,936<\/p>\n
\nTaxation<\/p>\n
\n(577)<\/p>\n
\n(105)<\/p>\n
\n(135)<\/p>\n
\n(8)<\/p>\n
\n(58)<\/p>\n
\n10<\/p>\n
\n(873)<\/p>\n
Tax rate %<\/p>\n
14.4%<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
17.7%<\/p>\n
Profit after taxation<\/p>\n
3,418<\/p>\n
308<\/p>\n
405<\/p>\n
25<\/p>\n
(136)<\/p>\n
43<\/p>\n
4,063<\/p>\n
\nProfit
\nattributable to non-controlling interests<\/p>\n
351<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
(14)<\/p>\n
\u00a0<\/p>\n
337<\/p>\n
\nProfit\/(loss)
\nattributable to shareholders<\/p>\n
3,067<\/p>\n
308<\/p>\n
405<\/p>\n
25<\/p>\n
(122)<\/p>\n
43<\/p>\n
3,726<\/p>\n
\u00a0<\/p>\n
3,418<\/p>\n
308<\/p>\n
405<\/p>\n
25<\/p>\n
(136)<\/p>\n
43<\/p>\n
4,063<\/p>\n
Earnings per share<\/p>\n
75.3p<\/p>\n
7.6p<\/p>\n
9.9p<\/p>\n
0.6p<\/p>\n
(3.0p)<\/p>\n
1.0p<\/p>\n
91.4p<\/p>\n
\nWeighted average
\nnumber of shares (millions)<\/p>\n
\n4,076<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n4,076<\/p>\n
\n\u00a0<\/p>\n
Adjusting items H1 2026<\/p>\n
\u00a0<\/p>\n
Intangible asset impairments<\/p>\n
\nImpairments
\nof \u00a32,067 million (H1 2025: \u00a3540 million) were incurred
\nprimarily relating to camlipixant \u00a31,334 million in Q2 2026
\nfollowing GSK’s decision not to progress further development of
\ncamlipixant in RCC, based on the aggregate data from the CALM-1 and
\nCALM-2 phase III trials.<\/p>\n
\nIn
\naddition, a full impairment of \u00a3371 million was recognised in
\nQ2 2026 following the termination of assets under the Alector
\ncollaboration, driven by the outcome of clinical
\ntrials.<\/p>\n
\u00a0<\/p>\n
Major restructuring and integration<\/p>\n
\nCharges
\nof \u00a347 million (H1 2025: \u00a333 million) were incurred
\nrelating to ongoing projects categorised as Major restructuring
\nprogrammes, analysed as follows:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
H1 2026<\/p>\n
\nH1
\n2025<\/p>\n
\u00a0<\/p>\n
Cash<\/p>\n
\u00a3m<\/p>\n
Non-<\/p>\n
cash<\/p>\n
\u00a3m<\/p>\n
Total<\/p>\n
\u00a3m<\/p>\n
\nCash<\/p>\n
\n\u00a3m<\/p>\n
\nNon-<\/p>\n
\ncash<\/p>\n
\n\u00a3m<\/p>\n
\nTotal<\/p>\n
\n\u00a3m<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nSignificant
\nacquisitions<\/p>\n
44<\/p>\n
\u2013<\/p>\n
44<\/p>\n
\n8<\/p>\n
\n\u2013<\/p>\n
\n8<\/p>\n
\nLegacy
\nprogrammes<\/p>\n
2<\/p>\n
1<\/p>\n
3<\/p>\n
\n10<\/p>\n
\n15<\/p>\n
\n25<\/p>\n
\u00a0<\/p>\n
46<\/p>\n
1<\/p>\n
47<\/p>\n
\n18<\/p>\n
\n15<\/p>\n
\n33<\/p>\n
\u00a0<\/p>\n
\nThe
\nSignificant acquisitions programme incurred cash charges of
\n\u00a344 million primarily from integration activities for RAPT
\nacquired in Q1 2026, with smaller incremental costs attributed to
\nearlier acquisitions – Affinivax Inc. (Affinivax) in Q3 2022,
\nBELLUS Health Inc. (Bellus) in Q2 2023, and BP Asset IX in Q3
\n2025.<\/p>\n
\u00a0<\/p>\n
Transaction-related adjustments<\/p>\n
\nTransaction-related
\nadjustments resulted in a net charge of \u00a3770 million (H1 2025:
\n\u00a378 million net credit), the majority of which related to
\ncharges\/(credits) for the remeasurement of contingent consideration
\nliabilities.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nCharge\/(credit)<\/p>\n
H1 2026<\/p>\n
\u00a3m<\/p>\n
\nH1
\n2025<\/p>\n
\n\u00a3m<\/p>\n
\nContingent
\nconsideration on former Shionogi-ViiV Healthcare joint venture
\n(including Shionogi preferential dividends)<\/p>\n
680<\/p>\n
\n(88)<\/p>\n
\nViiV
\nHealthcare put options and Pfizer preferential
\ndividends<\/p>\n
(33)<\/p>\n
\n(89)<\/p>\n
\nContingent
\nconsideration on former Novartis Vaccines business<\/p>\n
\u2013<\/p>\n
\n109<\/p>\n
\nContingent
\nconsideration on acquisition of Affinivax<\/p>\n
7<\/p>\n
\n(26)<\/p>\n
\nOther
\ncontingent consideration<\/p>\n
97<\/p>\n
\n7<\/p>\n
\nOther
\nadjustments<\/p>\n
19<\/p>\n
\n9<\/p>\n
\nTotal
\ntransaction-related charges<\/p>\n
770<\/p>\n
\n(78)<\/p>\n
\n\u00a0<\/p>\n
\nThe
\n\u00a3680 million charge relating to the contingent consideration
\nfor the former Shionogi-ViiV Healthcare joint venture represented
\nan increase in the valuation of the contingent consideration due to
\nShionogi, driven by updated sales forecasts and net other
\nremeasurements of \u00a3487 million and the unwind of the discount
\nfor \u00a3193 million.<\/p>\n
\nThe
\n\u00a333 million credit on the ViiV put option and Pfizer
\npreferential dividend relates to the remeasurement of the put
\noption with Pfizer. The agreement with Pfizer and Shionogi for the
\n11.7% economic interest in ViiV Healthcare held by Pfizer was
\nreplaced with an investment by Shionogi completed on 31 March 2026
\nand as a result GSK extinguished the Pfizer put option liability
\nthrough retained earnings. An explanation of the accounting for the
\nnon-controlling interests in ViiV Healthcare is set out on page
\n15.<\/p>\n
\u00a0<\/p>\n
Significant legal charges, Divestments, and other
\nitems<\/p>\n
\nDivestments,
\nSignificant legal charges, and other items included net other
\noperating income of \u00a3708 million (YTD 2025: \u00a323 million)
\nprimarily related to profit on the sale of the Rockville
\nmanufacturing facility, including \u00a3375m reclassified from the
\nforeign currency translation reserve to the income statement on
\ndisposal of the related subsidiary, and proceeds from the
\ndivestment of linerixibat. This was partly offset by amounts
\nreclassified from the foreign currency translation reserve to the
\nincome statement upon the liquidation of subsidiaries.<\/p>\n
\u00a0<\/p>\n
\nLegal
\ncharges provide for all significant legal matters and are not
\nbroken out separately by litigation or investigation.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Financial information<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Income statement<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Q2 2026<\/p>\n
\u00a3m<\/p>\n
\nQ2
\n2025<\/p>\n
\n\u00a3m<\/p>\n
H1 2026<\/p>\n
\u00a3m<\/p>\n
\nH1
\n2025<\/p>\n
\n\u00a3m<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
TURNOVER<\/p>\n
8,409<\/p>\n
\n7,986<\/p>\n
16,038<\/p>\n
\n15,502<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nCost of
\nsales<\/p>\n
(2,266)<\/p>\n
\n(2,165)<\/p>\n
(4,141)<\/p>\n
\n(4,102)<\/p>\n
\nGross
\nprofit<\/p>\n
6,143<\/p>\n
\n5,821<\/p>\n
11,897<\/p>\n
\n11,400<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nSelling,
\ngeneral and administration<\/p>\n
(2,202)<\/p>\n
\n(2,140)<\/p>\n
(4,321)<\/p>\n
\n(4,210)<\/p>\n
\nResearch
\nand development<\/p>\n
(3,466)<\/p>\n
\n(2,024)<\/p>\n
(5,158)<\/p>\n
\n(3,486)<\/p>\n
\nRoyalty
\nincome<\/p>\n
204<\/p>\n
\n246<\/p>\n
399<\/p>\n
\n426<\/p>\n
\nOther
\noperating income\/(expense)<\/p>\n
(198)<\/p>\n
\n120<\/p>\n
(43)<\/p>\n
\n109<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
OPERATING PROFIT<\/p>\n
481<\/p>\n
\n2,023<\/p>\n
2,774<\/p>\n
\n4,239<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nFinance
\nincome<\/p>\n
58<\/p>\n
\n50<\/p>\n
80<\/p>\n
\n104<\/p>\n
\nFinance
\nexpense<\/p>\n
(182)<\/p>\n
\n(184)<\/p>\n
(349)<\/p>\n
\n(346)<\/p>\n
\nShare
\nof after tax profit\/(loss) of associates and joint
\nventures<\/p>\n
(3)<\/p>\n
\n(2)<\/p>\n
(7)<\/p>\n
\n(2)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
PROFIT BEFORE TAXATION<\/p>\n
354<\/p>\n
\n1,887<\/p>\n
2,498<\/p>\n
\n3,995<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nTaxation<\/p>\n
199<\/p>\n
\n(241)<\/p>\n
(106)<\/p>\n
\n(577)<\/p>\n
Tax rate %<\/p>\n
(56.2%)<\/p>\n
\n12.8%<\/p>\n
4.2%<\/p>\n
\n14.4%<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
PROFIT AFTER TAXATION<\/p>\n
553<\/p>\n
\n1,646<\/p>\n
2,392<\/p>\n
\n3,418<\/p>\n
\nProfit
\nattributable to non-controlling interests<\/p>\n
118<\/p>\n
\n203<\/p>\n
220<\/p>\n
\n351<\/p>\n
\nProfit
\nattributable to shareholders<\/p>\n
435<\/p>\n
\n1,443<\/p>\n
2,172<\/p>\n
\n3,067<\/p>\n
\u00a0<\/p>\n
553<\/p>\n
\n1,646<\/p>\n
2,392<\/p>\n
\n3,418<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
EARNINGS PER SHARE<\/p>\n
10.8p<\/p>\n
\n35.5p<\/p>\n
54.1p<\/p>\n
\n75.3p<\/p>\n
\nDiluted
\nearnings per share<\/p>\n
10.7p<\/p>\n
\n35.1p<\/p>\n
53.4p<\/p>\n
\n74.4p<\/p>\n
\n\u00a0<\/p>\n
Statement of comprehensive income<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Q2 2026<\/p>\n
\u00a3m<\/p>\n
\nQ2
\n2025<\/p>\n
\n\u00a3m<\/p>\n
H1 2026<\/p>\n
\u00a3m<\/p>\n
\nH1
\n2025<\/p>\n
\n\u00a3m<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nTotal
\nprofit for the period<\/p>\n
553<\/p>\n
\n1,646<\/p>\n
2,392<\/p>\n
\n3,418<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nItems
\nthat may be reclassified subsequently to income
\nstatement:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nExchange movements
\non overseas net assets and net investment hedges<\/p>\n
(23)<\/p>\n
\n129<\/p>\n
(82)<\/p>\n
\n267<\/p>\n
\nReclassification of
\nexchange movements on liquidation or disposal of overseas
\nsubsidiaries and associates<\/p>\n
\u2013<\/p>\n
\n(7)<\/p>\n
(266)<\/p>\n
\n(8)<\/p>\n
\nFair
\nvalue movements on cash flow hedges<\/p>\n
7<\/p>\n
\n(52)<\/p>\n
38<\/p>\n
\n(56)<\/p>\n
\nCost of
\nhedging<\/p>\n
(4)<\/p>\n
\n5<\/p>\n
(3)<\/p>\n
\n9<\/p>\n
\nReclassification
\nof cash flow hedges to income statement<\/p>\n
(1)<\/p>\n
\n53<\/p>\n
(15)<\/p>\n
\n48<\/p>\n
\nDeferred
\ntax on fair value movements on cash flow hedges<\/p>\n
\u2013<\/p>\n
\n\u2013<\/p>\n
(1)<\/p>\n
\n\u2013<\/p>\n
\u00a0<\/p>\n
(21)<\/p>\n
\n128<\/p>\n
(329)<\/p>\n
\n260<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Items that will not be reclassified to income
\nstatement:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nExchange movements
\non overseas net assets of non-controlling interests<\/p>\n
(1)<\/p>\n
\n(15)<\/p>\n
3<\/p>\n
\n(23)<\/p>\n
\nShare
\nof the other comprehensive income of associates and joint
\nventures<\/p>\n
30<\/p>\n
\n\u2013<\/p>\n
44<\/p>\n
\n\u2013<\/p>\n
\nFair
\nvalue movements on equity investments<\/p>\n
(18)<\/p>\n
\n87<\/p>\n
(56)<\/p>\n
\n(34)<\/p>\n
\nTax on
\nfair value movements on equity investments<\/p>\n
(5)<\/p>\n
\n(11)<\/p>\n
(2)<\/p>\n
\n(4)<\/p>\n
\nFair
\nvalue movements on cash flow hedges<\/p>\n
4<\/p>\n
\n\u2013<\/p>\n
4<\/p>\n
\n\u2013<\/p>\n
\nFair
\nvalue movements on fair value hedges<\/p>\n
(17)<\/p>\n
\n\u2013<\/p>\n
\u2013<\/p>\n
\n\u2013<\/p>\n
\nRemeasurement
\ngains\/(losses) on defined benefit plans<\/p>\n
284<\/p>\n
\n18<\/p>\n
367<\/p>\n
\n74<\/p>\n
\nTax
\n(charge)\/credit on remeasurement of defined benefit
\nplans<\/p>\n
(68)<\/p>\n
\n(2)<\/p>\n
(89)<\/p>\n
\n(16)<\/p>\n
\u00a0<\/p>\n
209<\/p>\n
\n77<\/p>\n
271<\/p>\n
\n(3)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nOther
\ncomprehensive income\/(expense) for the period<\/p>\n
188<\/p>\n
\n205<\/p>\n
(58)<\/p>\n
\n257<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nTotal
\ncomprehensive income for the period<\/p>\n
741<\/p>\n
\n1,851<\/p>\n
2,334<\/p>\n
\n3,675<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nTotal
\ncomprehensive income for the period attributable to:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n\u00a0
\nShareholders<\/p>\n
624<\/p>\n
\n1,663<\/p>\n
2,111<\/p>\n
\n3,347<\/p>\n
\n\u00a0
\nNon-controlling interests<\/p>\n
117<\/p>\n
\n188<\/p>\n
223<\/p>\n
\n328<\/p>\n
\u00a0<\/p>\n
741<\/p>\n
\n1,851<\/p>\n
2,334<\/p>\n
\n3,675<\/p>\n
\n\u00a0<\/p>\n
Balance sheet<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
30 June 2026<\/p>\n
\u00a3m<\/p>\n
\n31
\nDecember 2025<\/p>\n
\n\u00a3m<\/p>\n
ASSETS<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Non-current assets<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nProperty,
\nplant and equipment<\/p>\n
9,358<\/p>\n
\n9,322<\/p>\n
\nRight
\nof use assets<\/p>\n
674<\/p>\n
\n726<\/p>\n
\nGoodwill<\/p>\n
7,381<\/p>\n
\n7,018<\/p>\n
\nOther
\nintangible assets<\/p>\n
16,802<\/p>\n
\n16,748<\/p>\n
\nInvestments
\nin associates and joint ventures<\/p>\n
101<\/p>\n
\n89<\/p>\n
\nOther
\ninvestments<\/p>\n
854<\/p>\n
\n1,037<\/p>\n
\nDeferred
\ntax assets<\/p>\n
6,339<\/p>\n
\n6,520<\/p>\n
\nDerivative
\nfinancial instruments<\/p>\n
17<\/p>\n
\n\u2013<\/p>\n
\nOther
\nnon-current assets<\/p>\n
2,653<\/p>\n
\n2,148<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Total non-current assets<\/p>\n
44,179<\/p>\n
\n43,608<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Current assets<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nInventories<\/p>\n
6,282<\/p>\n
\n5,924<\/p>\n
\nCurrent
\ntax recoverable<\/p>\n
368<\/p>\n
\n288<\/p>\n
\nTrade
\nand other receivables<\/p>\n
7,706<\/p>\n
\n7,471<\/p>\n
\nDerivative
\nfinancial instruments<\/p>\n
92<\/p>\n
\n121<\/p>\n
\nLiquid
\ninvestments<\/p>\n
1<\/p>\n
\n9<\/p>\n
\nCash
\nand cash equivalents<\/p>\n
3,105<\/p>\n
\n3,397<\/p>\n
\nAssets
\nheld for sale<\/p>\n
5<\/p>\n
\n300<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Total current assets<\/p>\n
17,559<\/p>\n
\n17,510<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
TOTAL ASSETS<\/p>\n
61,738<\/p>\n
\n61,118<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
LIABILITIES<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Current liabilities<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nShort-term
\nborrowings<\/p>\n
(4,291)<\/p>\n
\n(3,012)<\/p>\n
\nContingent
\nconsideration liabilities<\/p>\n
(1,376)<\/p>\n
\n(1,348)<\/p>\n
\nTrade
\nand other payables<\/p>\n
(14,342)<\/p>\n
\n(15,381)<\/p>\n
\nDerivative
\nfinancial instruments<\/p>\n
(157)<\/p>\n
\n(75)<\/p>\n
\nCurrent
\ntax payable<\/p>\n
(524)<\/p>\n
\n(498)<\/p>\n
\nShort-term
\nprovisions<\/p>\n
(844)<\/p>\n
\n(938)<\/p>\n
\nLiabilities
\nrelating to assets held for sale<\/p>\n
\u2013<\/p>\n
\n(139)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Total current liabilities<\/p>\n
(21,534)<\/p>\n
\n(21,391)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Non-current liabilities<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nLong-term
\nborrowings<\/p>\n
(13,947)<\/p>\n
\n(14,708)<\/p>\n
\nDeferred
\ntax liabilities<\/p>\n
(303)<\/p>\n
\n(291)<\/p>\n
\nPensions
\nand other post-employment benefits<\/p>\n
(1,618)<\/p>\n
\n(1,687)<\/p>\n
\nDerivative
\nfinancial instruments<\/p>\n
(55)<\/p>\n
\n(67)<\/p>\n
\nOther
\nprovisions<\/p>\n
(610)<\/p>\n
\n(610)<\/p>\n
\nContingent
\nconsideration liabilities<\/p>\n
(5,405)<\/p>\n
\n(5,385)<\/p>\n
\nOther
\nnon-current liabilities<\/p>\n
(1,089)<\/p>\n
\n(1,023)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Total non-current liabilities<\/p>\n
(23,027)<\/p>\n
\n(23,771)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
TOTAL LIABILITIES<\/p>\n
(44,561)<\/p>\n
\n(45,162)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
NET ASSETS<\/p>\n
17,177<\/p>\n
\n15,956<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
EQUITY<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nShare
\ncapital<\/p>\n
1,349<\/p>\n
\n1,349<\/p>\n
\nShare
\npremium account<\/p>\n
3,507<\/p>\n
\n3,498<\/p>\n
\nRetained
\nearnings<\/p>\n
11,464<\/p>\n
\n10,209<\/p>\n
\nOther
\nreserves<\/p>\n
1,325<\/p>\n
\n1,321<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Shareholders\u2019 equity<\/p>\n
17,645<\/p>\n
\n16,377<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nNon-controlling
\ninterests<\/p>\n
(468)<\/p>\n
\n(421)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
TOTAL EQUITY<\/p>\n
17,177<\/p>\n
\n15,956<\/p>\n
\n\u00a0<\/p>\n
Statement of changes in equity<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\nShare<\/p>\n
\ncapital<\/p>\n
\n\u00a3m<\/p>\n
\nShare<\/p>\n
\npremium<\/p>\n
\n\u00a3m<\/p>\n
\nRetained<\/p>\n
\nearnings<\/p>\n
\n\u00a3m<\/p>\n
\nOther<\/p>\n
\nreserves<\/p>\n
\n\u00a3m<\/p>\n
\nShare-<\/p>\n
\nholder\u2019s<\/p>\n
\nequity<\/p>\n
\n\u00a3m<\/p>\n
\nNon-<\/p>\n
\ncontrolling<\/p>\n
\ninterests<\/p>\n
\n\u00a3m<\/p>\n
\nTotal<\/p>\n
\nequity<\/p>\n
\n\u00a3m<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nAt 1
\nJanuary 2026<\/p>\n
\n1,349<\/p>\n
\n3,498<\/p>\n
\n10,209<\/p>\n
\n1,321<\/p>\n
\n16,377<\/p>\n
\n(421)<\/p>\n
\n15,956<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nProfit
\nfor the period<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n2,172<\/p>\n
\u00a0<\/p>\n
\n2,172<\/p>\n
\n220<\/p>\n
\n2,392<\/p>\n
\n\u00a0
\nOther comprehensive income \/(expense) for the period<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n(67)<\/p>\n
\n6<\/p>\n
\n(61)<\/p>\n
\n3<\/p>\n
\n(58)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nTotal
\ncomprehensive income\/(expense) for the period<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n2,105<\/p>\n
\n6<\/p>\n
\n2,111<\/p>\n
\n223<\/p>\n
\n2,334<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nDividend
\ndistributions to non-controlling interests<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n(272)<\/p>\n
\n(272)<\/p>\n
\nDerecognition of
\nliabilities with non-controlling interests<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n789<\/p>\n
\u00a0<\/p>\n
\n789<\/p>\n
\u00a0<\/p>\n
\n789<\/p>\n
\nContributions
\nfrom non-controlling interests<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n187<\/p>\n
\u00a0<\/p>\n
\n187<\/p>\n
\n1,399<\/p>\n
\n1,586<\/p>\n
\nOther
\ndistributions to non-controlling interests<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n(1,399)<\/p>\n
\n(1,399)<\/p>\n
\nDividends
\nto shareholders<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n(1,370)<\/p>\n
\u00a0<\/p>\n
\n(1,370)<\/p>\n
\u00a0<\/p>\n
\n(1,370)<\/p>\n
\nRealised after tax
\nprofit\/(losses) on disposal or liquidation of equity
\ninvestments<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n102<\/p>\n
\n(102)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n\u2013<\/p>\n
\nShare
\nof associates and joint ventures realised profit\/(loss) on disposal
\nof equity investments<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n15<\/p>\n
\n(15)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n\u2013<\/p>\n
\nShares
\nissued<\/p>\n
\u00a0<\/p>\n
\n9<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n9<\/p>\n
\u00a0<\/p>\n
\n9<\/p>\n
\nPurchase
\nof treasury shares<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n(634)<\/p>\n
\u00a0<\/p>\n
\n(634)<\/p>\n
\u00a0<\/p>\n
\n(634)<\/p>\n
\nWrite-down
\non shares held by ESOP Trusts<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n(119)<\/p>\n
\n119<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n\u2013<\/p>\n
\nShare-based
\nincentive plans<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n180<\/p>\n
\u00a0<\/p>\n
\n180<\/p>\n
\u00a0<\/p>\n
\n180<\/p>\n
\nChanges
\nto non-controlling interests<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n2<\/p>\n
\n2<\/p>\n
\nHedging
\ngain\/loss after taxation transferred to non-financial
\nassets<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n(4)<\/p>\n
\n(4)<\/p>\n
\u00a0<\/p>\n
\n(4)<\/p>\n
At 30 June 2026<\/p>\n
1,349<\/p>\n
3,507<\/p>\n
11,464<\/p>\n
1,325<\/p>\n
17,645<\/p>\n
(468)<\/p>\n
17,177<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nShare<\/p>\n
\ncapital<\/p>\n
\n\u00a3m<\/p>\n
\nShare<\/p>\n
\npremium<\/p>\n
\n\u00a3m<\/p>\n
\nRetained<\/p>\n
\nearnings<\/p>\n
\n\u00a3m<\/p>\n
\nOther<\/p>\n
\nreserves<\/p>\n
\n\u00a3m<\/p>\n
\nShare-<\/p>\n
\nholder\u2019s<\/p>\n
\nequity<\/p>\n
\n\u00a3m<\/p>\n
\nNon-<\/p>\n
\ncontrolling<\/p>\n
\ninterests<\/p>\n
\n\u00a3m<\/p>\n
\nTotal<\/p>\n
\nequity<\/p>\n
\n\u00a3m<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nAt 1
\nJanuary 2025<\/p>\n
\n1,348<\/p>\n
\n3,473<\/p>\n
\n7,796<\/p>\n
\n1,054<\/p>\n
\n13,671<\/p>\n
\n(585)<\/p>\n
\n13,086<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nProfit
\nfor the period<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n3,067<\/p>\n
\u00a0<\/p>\n
\n3,067<\/p>\n
\n351<\/p>\n
\n3,418<\/p>\n
\n\u00a0
\nOther comprehensive income \/(expense) for the period<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n300<\/p>\n
\n(20)<\/p>\n
\n280<\/p>\n
\n(23)<\/p>\n
\n257<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nTotal
\ncomprehensive income\/(expense) for the period<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n3,367<\/p>\n
\n(20)<\/p>\n
\n3,347<\/p>\n
\n328<\/p>\n
\n3,675<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nDividend
\ndistributions to non-controlling interests<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n(180)<\/p>\n
\n(180)<\/p>\n
\nDividends
\nto shareholders<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n(1,268)<\/p>\n
\u00a0<\/p>\n
\n(1,268)<\/p>\n
\u00a0<\/p>\n
\n(1,268)<\/p>\n
\nRealised after tax
\nprofit\/(losses) on disposal or liquidation of equity
\ninvestments<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n3<\/p>\n
\n(3)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n\u2013<\/p>\n
\nShare
\nof associates and joint ventures realised profit\/(loss) on disposal
\nof equity investments<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n(1)<\/p>\n
\n1<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n\u2013<\/p>\n
\nShares
\nissued<\/p>\n
\n1<\/p>\n
\n13<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n14<\/p>\n
\u00a0<\/p>\n
\n14<\/p>\n
\nPurchase
\nof treasury shares(*)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n(1,155)<\/p>\n
\u00a0<\/p>\n
\n(1,155)<\/p>\n
\u00a0<\/p>\n
\n(1,155)<\/p>\n
\nWrite-down
\nof shares held by ESOP Trusts<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n(127)<\/p>\n
\n127<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n\u2013<\/p>\n
\nShare-based
\nincentive plans<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n182<\/p>\n
\u00a0<\/p>\n
\n182<\/p>\n
\u00a0<\/p>\n
\n182<\/p>\n
\nAt 30
\nJune 2025<\/p>\n
\n1,349<\/p>\n
\n3,486<\/p>\n
\n8,797<\/p>\n
\n1,159<\/p>\n
\n14,791<\/p>\n
\n(437)<\/p>\n
\n14,354<\/p>\n
\n\u00a0<\/p>\n
\n(*)
\nIncluded shares committed to repurchase under irrevocable contracts
\nand repurchases subject to settlement at the end of the
\nperiod.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Cash flow statement six months ended 30 June 2026<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
H1 2026<\/p>\n
\u00a3m<\/p>\n
\nH1
\n2025<\/p>\n
\n\u00a3m<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Profit after tax<\/p>\n
2,392<\/p>\n
\n3,418<\/p>\n
\nTax on
\nprofits<\/p>\n
106<\/p>\n
\n577<\/p>\n
\nShare
\nof after tax loss\/(profit) of associates and joint
\nventures<\/p>\n
7<\/p>\n
\n2<\/p>\n
\nNet
\nfinance expense<\/p>\n
269<\/p>\n
\n242<\/p>\n
\nDepreciation,
\namortisation, impairments and other adjusting items<\/p>\n
2,753<\/p>\n
\n1,982<\/p>\n
\n(Increase)\/decrease
\nin working capital<\/p>\n
(1,098)<\/p>\n
\n(1,253)<\/p>\n
\nContingent
\nconsideration paid<\/p>\n
(749)<\/p>\n
\n(668)<\/p>\n
\nIncrease\/(decrease)
\nin other net liabilities (excluding contingent consideration
\npaid)<\/p>\n
576<\/p>\n
\n(566)<\/p>\n
Cash generated from operations<\/p>\n
4,256<\/p>\n
\n3,734<\/p>\n
\nTaxation
\npaid<\/p>\n
(425)<\/p>\n
\n(493)<\/p>\n
Total net cash inflow\/(outflow) from operating
\nactivities<\/p>\n
3,831<\/p>\n
\n3,241<\/p>\n
Cash flow from investing activities<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nPurchase
\nof property, plant and equipment<\/p>\n
(549)<\/p>\n
\n(464)<\/p>\n
\nProceeds
\nfrom sale of property, plant and equipment<\/p>\n
30<\/p>\n
\n6<\/p>\n
\nPurchase
\nof intangible assets<\/p>\n
(547)<\/p>\n
\n(617)<\/p>\n
\nProceeds
\nfrom sale of intangible assets<\/p>\n
355<\/p>\n
\n76<\/p>\n
\nPurchase
\nof equity investments<\/p>\n
(25)<\/p>\n
\n(45)<\/p>\n
\nProceeds
\nfrom sale of equity investments<\/p>\n
164<\/p>\n
\n18<\/p>\n
\nPurchase
\nof businesses, net of cash acquired<\/p>\n
(2,083)<\/p>\n
\n(800)<\/p>\n
\nContingent
\nconsideration paid<\/p>\n
(8)<\/p>\n
\n(6)<\/p>\n
\nDisposal
\nof businesses<\/p>\n
260<\/p>\n
\n(29)<\/p>\n
\nInterest
\nreceived<\/p>\n
78<\/p>\n
\n92<\/p>\n
\n(Increase)\/decrease
\nin liquid investments<\/p>\n
9<\/p>\n
\n\u2013<\/p>\n
\nDividends
\nand distributions from joint ventures and associates<\/p>\n
25<\/p>\n
\n\u2013<\/p>\n
\nDividend
\nand distributions from investments<\/p>\n
36<\/p>\n
\n\u2013<\/p>\n
Total net cash inflow\/(outflow) from investing
\nactivities<\/p>\n
(2,255)<\/p>\n
\n(1,769)<\/p>\n
Cash flow from financing activities<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nIssue
\nof share capital<\/p>\n
9<\/p>\n
\n14<\/p>\n
\nRepayment
\nof long-term loans<\/p>\n
(865)<\/p>\n
\n(1,409)<\/p>\n
\nIssue
\nof long-term notes<\/p>\n
\u2013<\/p>\n
\n1,983<\/p>\n
\nNet
\nincrease\/(decrease) in short-term loans<\/p>\n
1,466<\/p>\n
\n637<\/p>\n
\nIncrease
\nin other short-term loans<\/p>\n
9<\/p>\n
\n102<\/p>\n
\nRepayment
\nof other short-term loans<\/p>\n
(60)<\/p>\n
\n(269)<\/p>\n
\nRepayment
\nof lease liabilities<\/p>\n
(106)<\/p>\n
\n(110)<\/p>\n
\nInterest
\npaid<\/p>\n
(343)<\/p>\n
\n(325)<\/p>\n
\nDividends
\npaid to shareholders<\/p>\n
(1,370)<\/p>\n
\n(1,268)<\/p>\n
\nPurchase
\nof treasury shares<\/p>\n
(634)<\/p>\n
\n(808)<\/p>\n
\nDividend
\ndistributions to non-controlling interests<\/p>\n
(252)<\/p>\n
\n(180)<\/p>\n
\nOther
\ndistributions to non-controlling interest<\/p>\n
(1,399)<\/p>\n
\n\u2013<\/p>\n
\nContributions
\nfrom non-controlling interests<\/p>\n
1,588<\/p>\n
\n\u2013<\/p>\n
\nOther
\nfinancing items<\/p>\n
80<\/p>\n
\n119<\/p>\n
Total net cash inflow\/(outflow) from financing
\nactivities<\/p>\n
(1,877)<\/p>\n
\n(1,514)<\/p>\n
Increase\/(decrease) in cash and bank overdrafts in the
\nperiod<\/p>\n
(301)<\/p>\n
\n(42)<\/p>\n
\nCash
\nand bank overdrafts at beginning of the period<\/p>\n
3,207<\/p>\n
\n3,403<\/p>\n
\nAdjustment
\non initial application of amendments to IFRS 9 on 1 January
\n2026(1)<\/p>\n
43<\/p>\n
\n\u2013<\/p>\n
\nCash
\nand bank overdrafts at beginning of the period, as
\nadjusted<\/p>\n
3,250<\/p>\n
\n3,403<\/p>\n
\nExchange
\nadjustments<\/p>\n
(5)<\/p>\n
\n(37)<\/p>\n
\nIncrease\/(decrease)
\nin cash and bank overdrafts in the period<\/p>\n
(301)<\/p>\n
\n(42)<\/p>\n
Cash and bank overdrafts at end of the period<\/p>\n
2,944<\/p>\n
\n3,324<\/p>\n
\nCash
\nand bank overdrafts at end of period comprise:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n\u00a0
\nCash and cash equivalents<\/p>\n
3,105<\/p>\n
\n3,599<\/p>\n
\n\u00a0
\nOverdrafts<\/p>\n
(161)<\/p>\n
\n(275)<\/p>\n
\u00a0<\/p>\n
2,944<\/p>\n
\n3,324<\/p>\n
\n(1) For
\nfurther details see page 31<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Sales tables<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Specialty Medicines turnover \u2013 three months ended 30 June
\n2026<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Total<\/p>\n
\nUS<\/p>\n
\nEurope<\/p>\n
\nInternational<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
AER%<\/p>\n
CER%<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
HIV<\/p>\n
2,078<\/p>\n
11<\/p>\n
10<\/p>\n
1,459<\/p>\n
13<\/p>\n
14<\/p>\n
407<\/p>\n
7<\/p>\n
4<\/p>\n
212<\/p>\n
\u2013<\/p>\n
(2)<\/p>\n
\nDolutegravir
\nproducts<\/p>\n
\n1,441<\/p>\n
\n4<\/p>\n
\n3<\/p>\n
\n907<\/p>\n
\n4<\/p>\n
\n5<\/p>\n
\n342<\/p>\n
\n5<\/p>\n
\n3<\/p>\n
\n192<\/p>\n
\n(1)<\/p>\n
\n(6)<\/p>\n
Dovato<\/p>\n
\n749<\/p>\n
\n14<\/p>\n
\n13<\/p>\n
\n418<\/p>\n
\n13<\/p>\n
\n14<\/p>\n
\n230<\/p>\n
\n14<\/p>\n
\n12<\/p>\n
\n101<\/p>\n
\n20<\/p>\n
\n17<\/p>\n
Juluca<\/p>\n
\n170<\/p>\n
\n8<\/p>\n
\n8<\/p>\n
\n139<\/p>\n
\n9<\/p>\n
\n9<\/p>\n
\n28<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n3<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
Tivicay<\/p>\n
\n318<\/p>\n
\n(5)<\/p>\n
\n(6)<\/p>\n
\n196<\/p>\n
\n\u2013<\/p>\n
\n1<\/p>\n
\n55<\/p>\n
\n(5)<\/p>\n
\n(9)<\/p>\n
\n67<\/p>\n
\n(15)<\/p>\n
\n(22)<\/p>\n
Triumeq<\/p>\n
\n204<\/p>\n
\n(15)<\/p>\n
\n(15)<\/p>\n
\n154<\/p>\n
\n(12)<\/p>\n
\n(11)<\/p>\n
\n29<\/p>\n
\n(24)<\/p>\n
\n(24)<\/p>\n
\n21<\/p>\n
\n(22)<\/p>\n
\n(30)<\/p>\n
\nLong
\nActing Injectables<\/p>\n
\n593<\/p>\n
\n34<\/p>\n
\n35<\/p>\n
\n514<\/p>\n
\n34<\/p>\n
\n35<\/p>\n
\n61<\/p>\n
\n22<\/p>\n
\n20<\/p>\n
\n18<\/p>\n
\n100<\/p>\n
\n89<\/p>\n
Apretude<\/p>\n
\n140<\/p>\n
\n39<\/p>\n
\n39<\/p>\n
\n134<\/p>\n
\n33<\/p>\n
\n34<\/p>\n
\n2<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n4<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
Cabenuva<\/p>\n
\n453<\/p>\n
\n33<\/p>\n
\n33<\/p>\n
\n380<\/p>\n
\n35<\/p>\n
\n36<\/p>\n
\n59<\/p>\n
\n18<\/p>\n
\n16<\/p>\n
\n14<\/p>\n
\n56<\/p>\n
\n56<\/p>\n
\nOther<\/p>\n
\n44<\/p>\n
\n(15)<\/p>\n
\n(12)<\/p>\n
\n38<\/p>\n
\n3<\/p>\n
\n(3)<\/p>\n
\n4<\/p>\n
\n(20)<\/p>\n
\n(60)<\/p>\n
\n2<\/p>\n
\n(80)<\/p>\n
\n(20)<\/p>\n
\nRespiratory,
\nImmunology & Inflammation<\/p>\n
1,135<\/p>\n
18<\/p>\n
19<\/p>\n
772<\/p>\n
22<\/p>\n
23<\/p>\n
170<\/p>\n
10<\/p>\n
8<\/p>\n
193<\/p>\n
11<\/p>\n
13<\/p>\n
Benlysta<\/p>\n
\n498<\/p>\n
\n10<\/p>\n
\n11<\/p>\n
\n411<\/p>\n
\n10<\/p>\n
\n11<\/p>\n
\n38<\/p>\n
\n19<\/p>\n
\n16<\/p>\n
\n49<\/p>\n
\n4<\/p>\n
\n6<\/p>\n
Exdensur<\/p>\n
\n18<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n10<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n1<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n7<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
Nucala<\/p>\n
\n610<\/p>\n
\n22<\/p>\n
\n23<\/p>\n
\n352<\/p>\n
\n34<\/p>\n
\n35<\/p>\n
\n133<\/p>\n
\n5<\/p>\n
\n2<\/p>\n
\n125<\/p>\n
\n16<\/p>\n
\n18<\/p>\n
\nOther<\/p>\n
\n9<\/p>\n
\n(37)<\/p>\n
\n(29)<\/p>\n
\n(1)<\/p>\n
\n(100)<\/p>\n
\n\u2013<\/p>\n
\n(2)<\/p>\n
\n59<\/p>\n
\n59<\/p>\n
\n12<\/p>\n
\n(37)<\/p>\n
\n(37)<\/p>\n
Oncology<\/p>\n
569<\/p>\n
18<\/p>\n
17<\/p>\n
360<\/p>\n
7<\/p>\n
7<\/p>\n
148<\/p>\n
29<\/p>\n
26<\/p>\n
61<\/p>\n
85<\/p>\n
91<\/p>\n
Blenrep<\/p>\n
\n36<\/p>\n
\n>100<\/p>\n
\n>100<\/p>\n
\n16<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n12<\/p>\n
\n>100<\/p>\n
\n>100<\/p>\n
\n8<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
Jemperli<\/p>\n
\n248<\/p>\n
\n27<\/p>\n
\n27<\/p>\n
\n175<\/p>\n
\n18<\/p>\n
\n18<\/p>\n
\n53<\/p>\n
\n47<\/p>\n
\n44<\/p>\n
\n20<\/p>\n
\n67<\/p>\n
\n75<\/p>\n
Ojjaara\/Omjjara<\/p>\n
\n187<\/p>\n
\n36<\/p>\n
\n36<\/p>\n
\n127<\/p>\n
\n20<\/p>\n
\n21<\/p>\n
\n37<\/p>\n
\n54<\/p>\n
\n54<\/p>\n
\n23<\/p>\n
\n>100<\/p>\n
\n>100<\/p>\n
Zejula<\/p>\n
\n101<\/p>\n
\n(33)<\/p>\n
\n(34)<\/p>\n
\n41<\/p>\n
\n(49)<\/p>\n
\n(49)<\/p>\n
\n48<\/p>\n
\n(16)<\/p>\n
\n(18)<\/p>\n
\n12<\/p>\n
\n(8)<\/p>\n
\n(8)<\/p>\n
\nOther<\/p>\n
\n(3)<\/p>\n
\n40<\/p>\n
\n40<\/p>\n
\n1<\/p>\n
\n\u2013<\/p>\n
\n(100)<\/p>\n
\n(2)<\/p>\n
\n67<\/p>\n
\n50<\/p>\n
\n(2)<\/p>\n
\n(100)<\/p>\n
\n\u2013<\/p>\n
Specialty Medicines<\/p>\n
3,782<\/p>\n
14<\/p>\n
14<\/p>\n
2,591<\/p>\n
15<\/p>\n
15<\/p>\n
725<\/p>\n
12<\/p>\n
9<\/p>\n
466<\/p>\n
11<\/p>\n
11<\/p>\n
\n\u00a0<\/p>\n
\n\u00a0<\/p>\n
Specialty Medicines turnover \u2013 six months ended 30 June
\n2026<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Total<\/p>\n
\nUS<\/p>\n
\nEurope<\/p>\n
\nInternational<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
AER%<\/p>\n
CER%<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
HIV<\/p>\n
3,902<\/p>\n
9<\/p>\n
10<\/p>\n
2,679<\/p>\n
11<\/p>\n
14<\/p>\n
806<\/p>\n
7<\/p>\n
3<\/p>\n
417<\/p>\n
(1)<\/p>\n
(1)<\/p>\n
\nDolutegravir
\nproducts<\/p>\n
\n2,736<\/p>\n
\n2<\/p>\n
\n3<\/p>\n
\n1,676<\/p>\n
\n2<\/p>\n
\n6<\/p>\n
\n682<\/p>\n
\n5<\/p>\n
\n2<\/p>\n
\n378<\/p>\n
\n(2)<\/p>\n
\n(2)<\/p>\n
Dovato<\/p>\n
\n1,415<\/p>\n
\n16<\/p>\n
\n16<\/p>\n
\n775<\/p>\n
\n14<\/p>\n
\n18<\/p>\n
\n452<\/p>\n
\n16<\/p>\n
\n12<\/p>\n
\n188<\/p>\n
\n19<\/p>\n
\n19<\/p>\n
Juluca<\/p>\n
\n316<\/p>\n
\n\u2013<\/p>\n
\n2<\/p>\n
\n253<\/p>\n
\n1<\/p>\n
\n4<\/p>\n
\n58<\/p>\n
\n(2)<\/p>\n
\n(5)<\/p>\n
\n5<\/p>\n
\n(17)<\/p>\n
\n\u2013<\/p>\n
Tivicay<\/p>\n
\n629<\/p>\n
\n(3)<\/p>\n
\n(2)<\/p>\n
\n374<\/p>\n
\n1<\/p>\n
\n5<\/p>\n
\n112<\/p>\n
\n(3)<\/p>\n
\n(7)<\/p>\n
\n143<\/p>\n
\n(11)<\/p>\n
\n(14)<\/p>\n
Triumeq<\/p>\n
\n376<\/p>\n
\n(23)<\/p>\n
\n(21)<\/p>\n
\n274<\/p>\n
\n(20)<\/p>\n
\n(17)<\/p>\n
\n60<\/p>\n
\n(28)<\/p>\n
\n(30)<\/p>\n
\n42<\/p>\n
\n(30)<\/p>\n
\n(28)<\/p>\n
\nLong
\nActing Injectables<\/p>\n
\n1,081<\/p>\n
\n31<\/p>\n
\n34<\/p>\n
\n931<\/p>\n
\n31<\/p>\n
\n36<\/p>\n
\n117<\/p>\n
\n22<\/p>\n
\n19<\/p>\n
\n33<\/p>\n
\n74<\/p>\n
\n68<\/p>\n
Apretude<\/p>\n
\n260<\/p>\n
\n37<\/p>\n
\n41<\/p>\n
\n251<\/p>\n
\n34<\/p>\n
\n38<\/p>\n
\n2<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n7<\/p>\n
\n>100<\/p>\n
\n>100<\/p>\n
Cabenuva<\/p>\n
\n821<\/p>\n
\n29<\/p>\n
\n32<\/p>\n
\n680<\/p>\n
\n30<\/p>\n
\n35<\/p>\n
\n115<\/p>\n
\n20<\/p>\n
\n17<\/p>\n
\n26<\/p>\n
\n53<\/p>\n
\n53<\/p>\n
\nOther<\/p>\n
\n85<\/p>\n
\n(11)<\/p>\n
\n(7)<\/p>\n
\n72<\/p>\n
\n3<\/p>\n
\n7<\/p>\n
\n7<\/p>\n
\n(22)<\/p>\n
\n(33)<\/p>\n
\n6<\/p>\n
\n(63)<\/p>\n
\n(56)<\/p>\n
\nRespiratory,
\nImmunology & Inflammation<\/p>\n
2,025<\/p>\n
15<\/p>\n
17<\/p>\n
1,306<\/p>\n
15<\/p>\n
19<\/p>\n
346<\/p>\n
14<\/p>\n
9<\/p>\n
373<\/p>\n
13<\/p>\n
17<\/p>\n
Benlysta<\/p>\n
\n882<\/p>\n
\n9<\/p>\n
\n12<\/p>\n
\n713<\/p>\n
\n9<\/p>\n
\n12<\/p>\n
\n75<\/p>\n
\n19<\/p>\n
\n14<\/p>\n
\n94<\/p>\n
\n3<\/p>\n
\n8<\/p>\n
Exdensur<\/p>\n
\n29<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n19<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n2<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n8<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
Nucala<\/p>\n
\n1,094<\/p>\n
\n16<\/p>\n
\n18<\/p>\n
\n574<\/p>\n
\n21<\/p>\n
\n25<\/p>\n
\n274<\/p>\n
\n9<\/p>\n
\n5<\/p>\n
\n246<\/p>\n
\n15<\/p>\n
\n19<\/p>\n
\nOther<\/p>\n
\n20<\/p>\n
\n32<\/p>\n
\n45<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n(5)<\/p>\n
\n54<\/p>\n
\n54<\/p>\n
\n25<\/p>\n
\n(4)<\/p>\n
\n4<\/p>\n
Oncology<\/p>\n
1,081<\/p>\n
20<\/p>\n
22<\/p>\n
695<\/p>\n
11<\/p>\n
14<\/p>\n
274<\/p>\n
30<\/p>\n
26<\/p>\n
112<\/p>\n
87<\/p>\n
95<\/p>\n
Blenrep<\/p>\n
\n59<\/p>\n
\n>100<\/p>\n
\n>100<\/p>\n
\n30<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n20<\/p>\n
\n>100<\/p>\n
\n>100<\/p>\n
\n9<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
Jemperli<\/p>\n
\n480<\/p>\n
\n30<\/p>\n
\n33<\/p>\n
\n352<\/p>\n
\n24<\/p>\n
\n28<\/p>\n
\n88<\/p>\n
\n40<\/p>\n
\n35<\/p>\n
\n40<\/p>\n
\n82<\/p>\n
\n91<\/p>\n
Ojjaara\/Omjjara<\/p>\n
\n331<\/p>\n
\n32<\/p>\n
\n35<\/p>\n
\n221<\/p>\n
\n11<\/p>\n
\n14<\/p>\n
\n73<\/p>\n
\n92<\/p>\n
\n87<\/p>\n
\n37<\/p>\n
\n>100<\/p>\n
\n>100<\/p>\n
Zejula<\/p>\n
\n215<\/p>\n
\n(24)<\/p>\n
\n(23)<\/p>\n
\n92<\/p>\n
\n(36)<\/p>\n
\n(34)<\/p>\n
\n97<\/p>\n
\n(14)<\/p>\n
\n(17)<\/p>\n
\n26<\/p>\n
\n\u2013<\/p>\n
\n4<\/p>\n
\nOther<\/p>\n
\n(4)<\/p>\n
\n43<\/p>\n
\n43<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n(4)<\/p>\n
\n43<\/p>\n
\n29<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
Specialty Medicines\u00a0<\/p>\n
7,008<\/p>\n
12<\/p>\n
14<\/p>\n
4,680<\/p>\n
12<\/p>\n
16<\/p>\n
1,426<\/p>\n
12<\/p>\n
9<\/p>\n
902<\/p>\n
11<\/p>\n
13<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Vaccines turnover \u2013 three months ended 30 June
\n2026<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Total<\/p>\n
\nUS<\/p>\n
\nEurope<\/p>\n
\nInternational<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
AER%<\/p>\n
CER%<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
Shingles<\/p>\n
888<\/p>\n
4<\/p>\n
3<\/p>\n
245<\/p>\n
2<\/p>\n
\u2013<\/p>\n
434<\/p>\n
21<\/p>\n
18<\/p>\n
209<\/p>\n
(17)<\/p>\n
(14)<\/p>\n
Shingrix<\/p>\n
\n888<\/p>\n
\n4<\/p>\n
\n3<\/p>\n
\n245<\/p>\n
\n2<\/p>\n
\n\u2013<\/p>\n
\n434<\/p>\n
\n21<\/p>\n
\n18<\/p>\n
\n209<\/p>\n
\n(17)<\/p>\n
\n(14)<\/p>\n
Meningitis<\/p>\n
462<\/p>\n
22<\/p>\n
21<\/p>\n
156<\/p>\n
8<\/p>\n
9<\/p>\n
173<\/p>\n
10<\/p>\n
7<\/p>\n
133<\/p>\n
71<\/p>\n
73<\/p>\n
Bexsero<\/p>\n
\n331<\/p>\n
\n17<\/p>\n
\n17<\/p>\n
\n81<\/p>\n
\n4<\/p>\n
\n4<\/p>\n
\n170<\/p>\n
\n10<\/p>\n
\n7<\/p>\n
\n80<\/p>\n
\n63<\/p>\n
\n67<\/p>\n
Menveo<\/p>\n
\n98<\/p>\n
\n7<\/p>\n
\n8<\/p>\n
\n64<\/p>\n
\n(3)<\/p>\n
\n(2)<\/p>\n
\n2<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n32<\/p>\n
\n33<\/p>\n
\n33<\/p>\n
Penmenvy<\/p>\n
\n11<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n11<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\nOther<\/p>\n
\n22<\/p>\n
\n>100<\/p>\n
\n>100<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n1<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n21<\/p>\n
\n>100<\/p>\n
\n>100<\/p>\n
RSV<\/p>\n
192<\/p>\n
>100<\/p>\n
>100<\/p>\n
65<\/p>\n
86<\/p>\n
89<\/p>\n
30<\/p>\n
67<\/p>\n
67<\/p>\n
97<\/p>\n
>100<\/p>\n
>100<\/p>\n
Arexvy<\/p>\n
\n192<\/p>\n
\n>100<\/p>\n
\n>100<\/p>\n
\n65<\/p>\n
\n86<\/p>\n
\n89<\/p>\n
\n30<\/p>\n
\n67<\/p>\n
\n67<\/p>\n
\n97<\/p>\n
\n>100<\/p>\n
\n>100<\/p>\n
Influenza<\/p>\n
11<\/p>\n
83<\/p>\n
100<\/p>\n
\u2013<\/p>\n
\u2013<\/p>\n
\u2013<\/p>\n
1<\/p>\n
\u2013<\/p>\n
\u2013<\/p>\n
10<\/p>\n
67<\/p>\n
83<\/p>\n
Fluarix, FluLaval<\/p>\n
\n11<\/p>\n
\n83<\/p>\n
\n100<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n1<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n10<\/p>\n
\n67<\/p>\n
\n83<\/p>\n
\nOther
\nPaediatric & Adult Vaccines<\/p>\n
731<\/p>\n
(7)<\/p>\n
(8)<\/p>\n
313<\/p>\n
6<\/p>\n
6<\/p>\n
180<\/p>\n
5<\/p>\n
3<\/p>\n
238<\/p>\n
(26)<\/p>\n
(27)<\/p>\n
Boostrix<\/p>\n
\n202<\/p>\n
\n18<\/p>\n
\n19<\/p>\n
\n138<\/p>\n
\n35<\/p>\n
\n38<\/p>\n
\n39<\/p>\n
\n\u2013<\/p>\n
\n(5)<\/p>\n
\n25<\/p>\n
\n(17)<\/p>\n
\n(17)<\/p>\n
\nHepatitis<\/p>\n
\n153<\/p>\n
\n(1)<\/p>\n
\n(1)<\/p>\n
\n71<\/p>\n
\n(8)<\/p>\n
\n(8)<\/p>\n
\n48<\/p>\n
\n(4)<\/p>\n
\n(6)<\/p>\n
\n34<\/p>\n
\n26<\/p>\n
\n26<\/p>\n
Infanrix, Pediarix<\/p>\n
\n109<\/p>\n
\n(13)<\/p>\n
\n(14)<\/p>\n
\n55<\/p>\n
\n(19)<\/p>\n
\n(18)<\/p>\n
\n32<\/p>\n
\n19<\/p>\n
\n15<\/p>\n
\n22<\/p>\n
\n(27)<\/p>\n
\n(33)<\/p>\n
Priorix, Priorix Tetra,Varilrix<\/p>\n
\n73<\/p>\n
\n(14)<\/p>\n
\n(16)<\/p>\n
\n10<\/p>\n
\n\u2013<\/p>\n
\n10<\/p>\n
\n29<\/p>\n
\n\u2013<\/p>\n
\n3<\/p>\n
\n34<\/p>\n
\n(26)<\/p>\n
\n(35)<\/p>\n
Rotarix<\/p>\n
\n126<\/p>\n
\n(5)<\/p>\n
\n(6)<\/p>\n
\n35<\/p>\n
\n21<\/p>\n
\n17<\/p>\n
\n29<\/p>\n
\n7<\/p>\n
\n4<\/p>\n
\n62<\/p>\n
\n(19)<\/p>\n
\n(18)<\/p>\n
\nOther<\/p>\n
\n68<\/p>\n
\n(43)<\/p>\n
\n(45)<\/p>\n
\n4<\/p>\n
\n(60)<\/p>\n
\n(90)<\/p>\n
\n3<\/p>\n
\n>100<\/p>\n
\n>100<\/p>\n
\n61<\/p>\n
\n(45)<\/p>\n
\n(45)<\/p>\n
Vaccines<\/p>\n
2,284<\/p>\n
9<\/p>\n
8<\/p>\n
779<\/p>\n
9<\/p>\n
9<\/p>\n
818<\/p>\n
16<\/p>\n
13<\/p>\n
687<\/p>\n
3<\/p>\n
3<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Vaccines turnover \u2013 six months ended 30 June
\n2026<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Total<\/p>\n
\nUS<\/p>\n
\nEurope<\/p>\n
\nInternational<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
AER%<\/p>\n
CER%<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
Shingles<\/p>\n
1,914<\/p>\n
11<\/p>\n
12<\/p>\n
634<\/p>\n
3<\/p>\n
7<\/p>\n
895<\/p>\n
38<\/p>\n
33<\/p>\n
385<\/p>\n
(16)<\/p>\n
(12)<\/p>\n
Shingrix<\/p>\n
\n1,914<\/p>\n
\n11<\/p>\n
\n12<\/p>\n
\n634<\/p>\n
\n3<\/p>\n
\n7<\/p>\n
\n895<\/p>\n
\n38<\/p>\n
\n33<\/p>\n
\n385<\/p>\n
\n(16)<\/p>\n
\n(12)<\/p>\n
Meningitis<\/p>\n
797<\/p>\n
9<\/p>\n
9<\/p>\n
261<\/p>\n
(2)<\/p>\n
2<\/p>\n
329<\/p>\n
12<\/p>\n
7<\/p>\n
207<\/p>\n
23<\/p>\n
26<\/p>\n
Bexsero<\/p>\n
\n594<\/p>\n
\n11<\/p>\n
\n11<\/p>\n
\n137<\/p>\n
\n(7)<\/p>\n
\n(5)<\/p>\n
\n324<\/p>\n
\n12<\/p>\n
\n8<\/p>\n
\n133<\/p>\n
\n40<\/p>\n
\n45<\/p>\n
Menveo<\/p>\n
\n163<\/p>\n
\n(10)<\/p>\n
\n(8)<\/p>\n
\n107<\/p>\n
\n(9)<\/p>\n
\n(6)<\/p>\n
\n4<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n52<\/p>\n
\n(12)<\/p>\n
\n(14)<\/p>\n
Penmenvy<\/p>\n
\n17<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n17<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\nOther<\/p>\n
\n23<\/p>\n
\n53<\/p>\n
\n47<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n1<\/p>\n
\n\u2013<\/p>\n
\n(100)<\/p>\n
\n22<\/p>\n
\n57<\/p>\n
\n57<\/p>\n
RSV<\/p>\n
257<\/p>\n
78<\/p>\n
75<\/p>\n
83<\/p>\n
(8)<\/p>\n
(4)<\/p>\n
73<\/p>\n
97<\/p>\n
92<\/p>\n
101<\/p>\n
>100<\/p>\n
>100<\/p>\n
Arexvy<\/p>\n
\n257<\/p>\n
\n78<\/p>\n
\n75<\/p>\n
\n83<\/p>\n
\n(8)<\/p>\n
\n(4)<\/p>\n
\n73<\/p>\n
\n97<\/p>\n
\n92<\/p>\n
\n101<\/p>\n
\n>100<\/p>\n
\n>100<\/p>\n
Influenza<\/p>\n
21<\/p>\n
>100<\/p>\n
>100<\/p>\n
4<\/p>\n
>100<\/p>\n
>100<\/p>\n
1<\/p>\n
100<\/p>\n
100<\/p>\n
16<\/p>\n
45<\/p>\n
55<\/p>\n
Fluarix, FluLaval<\/p>\n
\n21<\/p>\n
\n>100<\/p>\n
\n>100<\/p>\n
\n4<\/p>\n
\n>100<\/p>\n
\n>100<\/p>\n
\n1<\/p>\n
\n100<\/p>\n
\n100<\/p>\n
\n16<\/p>\n
\n45<\/p>\n
\n55<\/p>\n
\nOther
\nPaediatric & Adult Vaccines<\/p>\n
1,444<\/p>\n
(9)<\/p>\n
(8)<\/p>\n
612<\/p>\n
(4)<\/p>\n
(1)<\/p>\n
377<\/p>\n
12<\/p>\n
8<\/p>\n
455<\/p>\n
(25)<\/p>\n
(25)<\/p>\n
Boostrix<\/p>\n
\n340<\/p>\n
\n6<\/p>\n
\n7<\/p>\n
\n213<\/p>\n
\n12<\/p>\n
\n16<\/p>\n
\n76<\/p>\n
\n3<\/p>\n
\n(1)<\/p>\n
\n51<\/p>\n
\n(12)<\/p>\n
\n(14)<\/p>\n
\nHepatitis<\/p>\n
\n308<\/p>\n
\n(5)<\/p>\n
\n(4)<\/p>\n
\n141<\/p>\n
\n(17)<\/p>\n
\n(14)<\/p>\n
\n104<\/p>\n
\n8<\/p>\n
\n5<\/p>\n
\n63<\/p>\n
\n7<\/p>\n
\n7<\/p>\n
Infanrix, Pediarix<\/p>\n
\n231<\/p>\n
\n(14)<\/p>\n
\n(13)<\/p>\n
\n125<\/p>\n
\n(17)<\/p>\n
\n(13)<\/p>\n
\n60<\/p>\n
\n9<\/p>\n
\n5<\/p>\n
\n46<\/p>\n
\n(29)<\/p>\n
\n(28)<\/p>\n
Priorix, Priorix Tetra, Varilrix<\/p>\n
\n163<\/p>\n
\n(10)<\/p>\n
\n(10)<\/p>\n
\n32<\/p>\n
\n(3)<\/p>\n
\n3<\/p>\n
\n67<\/p>\n
\n16<\/p>\n
\n14<\/p>\n
\n64<\/p>\n
\n(29)<\/p>\n
\n(30)<\/p>\n
Rotarix<\/p>\n
\n266<\/p>\n
\n(3)<\/p>\n
\n(2)<\/p>\n
\n92<\/p>\n
\n11<\/p>\n
\n14<\/p>\n
\n59<\/p>\n
\n\u2013<\/p>\n
\n(3)<\/p>\n
\n115<\/p>\n
\n(13)<\/p>\n
\n(11)<\/p>\n
\nOther<\/p>\n
\n136<\/p>\n
\n(37)<\/p>\n
\n(39)<\/p>\n
\n9<\/p>\n
\n(36)<\/p>\n
\n(57)<\/p>\n
\n11<\/p>\n
\n>100<\/p>\n
\n>100<\/p>\n
\n116<\/p>\n
\n(43)<\/p>\n
\n(43)<\/p>\n
Vaccines<\/p>\n
4,433<\/p>\n
6<\/p>\n
6<\/p>\n
1,594<\/p>\n
(1)<\/p>\n
3<\/p>\n
1,675<\/p>\n
27<\/p>\n
22<\/p>\n
1,164<\/p>\n
(8)<\/p>\n
(7)<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
General Medicines turnover \u2013 three months ended 30 June
\n2026<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Total<\/p>\n
\nUS<\/p>\n
\nEurope<\/p>\n
\nInternational<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
AER%<\/p>\n
CER%<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
Respiratory<\/p>\n
1,679<\/p>\n
(10)<\/p>\n
(10)<\/p>\n
896<\/p>\n
(17)<\/p>\n
(17)<\/p>\n
338<\/p>\n
(1)<\/p>\n
(4)<\/p>\n
445<\/p>\n
(1)<\/p>\n
\u2013<\/p>\n
Anoro Ellipta<\/p>\n
\n139<\/p>\n
\n(5)<\/p>\n
\n(5)<\/p>\n
\n47<\/p>\n
\n(28)<\/p>\n
\n(28)<\/p>\n
\n65<\/p>\n
\n14<\/p>\n
\n14<\/p>\n
\n27<\/p>\n
\n12<\/p>\n
\n8<\/p>\n
Flixotide\/Flovent<\/p>\n
\n90<\/p>\n
\n(19)<\/p>\n
\n(21)<\/p>\n
\n57<\/p>\n
\n(23)<\/p>\n
\n(26)<\/p>\n
\n13<\/p>\n
\n(13)<\/p>\n
\n(13)<\/p>\n
\n20<\/p>\n
\n(9)<\/p>\n
\n(9)<\/p>\n
Relvar\/Breo Ellipta<\/p>\n
\n231<\/p>\n
\n(13)<\/p>\n
\n(13)<\/p>\n
\n81<\/p>\n
\n(24)<\/p>\n
\n(23)<\/p>\n
\n78<\/p>\n
\n(10)<\/p>\n
\n(13)<\/p>\n
\n72<\/p>\n
\n(3)<\/p>\n
\n1<\/p>\n
Seretide\/Advair<\/p>\n
\n195<\/p>\n
\n(3)<\/p>\n
\n(3)<\/p>\n
\n66<\/p>\n
\n8<\/p>\n
\n8<\/p>\n
\n43<\/p>\n
\n(4)<\/p>\n
\n(9)<\/p>\n
\n86<\/p>\n
\n(9)<\/p>\n
\n(9)<\/p>\n
Trelegy Ellipta<\/p>\n
\n775<\/p>\n
\n(7)<\/p>\n
\n(7)<\/p>\n
\n561<\/p>\n
\n(13)<\/p>\n
\n(12)<\/p>\n
\n87<\/p>\n
\n9<\/p>\n
\n6<\/p>\n
\n127<\/p>\n
\n12<\/p>\n
\n14<\/p>\n
Ventolin<\/p>\n
\n130<\/p>\n
\n(22)<\/p>\n
\n(22)<\/p>\n
\n55<\/p>\n
\n(32)<\/p>\n
\n(32)<\/p>\n
\n26<\/p>\n
\n(10)<\/p>\n
\n(14)<\/p>\n
\n49<\/p>\n
\n(13)<\/p>\n
\n(13)<\/p>\n
\nOther
\nRespiratory<\/p>\n
\n119<\/p>\n
\n(18)<\/p>\n
\n(20)<\/p>\n
\n29<\/p>\n
\n(44)<\/p>\n
\n(46)<\/p>\n
\n26<\/p>\n
\n(7)<\/p>\n
\n(14)<\/p>\n
\n64<\/p>\n
\n(3)<\/p>\n
\n(2)<\/p>\n
\nOther
\nGeneral Medicines<\/p>\n
664<\/p>\n
(5)<\/p>\n
(4)<\/p>\n
42<\/p>\n
(29)<\/p>\n
(27)<\/p>\n
161<\/p>\n
12<\/p>\n
8<\/p>\n
461<\/p>\n
(7)<\/p>\n
(4)<\/p>\n
Blujepa<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\nOther
\nGeneral Medicines<\/p>\n
\n664<\/p>\n
\n(5)<\/p>\n
\n(4)<\/p>\n
\n42<\/p>\n
\n(29)<\/p>\n
\n(27)<\/p>\n
\n161<\/p>\n
\n12<\/p>\n
\n8<\/p>\n
\n461<\/p>\n
\n(7)<\/p>\n
\n(4)<\/p>\n
General Medicines<\/p>\n
2,343<\/p>\n
(9)<\/p>\n
(9)<\/p>\n
938<\/p>\n
(18)<\/p>\n
(17)<\/p>\n
499<\/p>\n
3<\/p>\n
\u2013<\/p>\n
906<\/p>\n
(4)<\/p>\n
(2)<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
General Medicines turnover \u2013 six months ended 30 June
\n2026<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Total<\/p>\n
\nUS<\/p>\n
\nEurope<\/p>\n
\nInternational<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
AER%<\/p>\n
CER%<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
Respiratory<\/p>\n
3,273<\/p>\n
(9)<\/p>\n
(7)<\/p>\n
1,688<\/p>\n
(14)<\/p>\n
(11)<\/p>\n
696<\/p>\n
\u2013<\/p>\n
(4)<\/p>\n
889<\/p>\n
(3)<\/p>\n
(1)<\/p>\n
Anoro Ellipta<\/p>\n
\n267<\/p>\n
\n(2)<\/p>\n
\n(2)<\/p>\n
\n88<\/p>\n
\n(21)<\/p>\n
\n(19)<\/p>\n
\n129<\/p>\n
\n14<\/p>\n
\n12<\/p>\n
\n50<\/p>\n
\n4<\/p>\n
\n4<\/p>\n
Flixotide\/Flovent<\/p>\n
\n218<\/p>\n
\n4<\/p>\n
\n6<\/p>\n
\n150<\/p>\n
\n11<\/p>\n
\n15<\/p>\n
\n30<\/p>\n
\n(9)<\/p>\n
\n(12)<\/p>\n
\n38<\/p>\n
\n(10)<\/p>\n
\n(10)<\/p>\n
Relvar\/Breo Ellipta<\/p>\n
\n461<\/p>\n
\n(13)<\/p>\n
\n(12)<\/p>\n
\n152<\/p>\n
\n(27)<\/p>\n
\n(24)<\/p>\n
\n167<\/p>\n
\n(7)<\/p>\n
\n(10)<\/p>\n
\n142<\/p>\n
\n(3)<\/p>\n
\n2<\/p>\n
Seretide\/Advair<\/p>\n
\n383<\/p>\n
\n(8)<\/p>\n
\n(7)<\/p>\n
\n121<\/p>\n
\n3<\/p>\n
\n7<\/p>\n
\n87<\/p>\n
\n(8)<\/p>\n
\n(12)<\/p>\n
\n175<\/p>\n
\n(14)<\/p>\n
\n(13)<\/p>\n
Trelegy Ellipta<\/p>\n
\n1,421<\/p>\n
\n(6)<\/p>\n
\n(3)<\/p>\n
\n998<\/p>\n
\n(11)<\/p>\n
\n(8)<\/p>\n
\n177<\/p>\n
\n9<\/p>\n
\n6<\/p>\n
\n246<\/p>\n
\n9<\/p>\n
\n12<\/p>\n
Ventolin<\/p>\n
\n274<\/p>\n
\n(22)<\/p>\n
\n(21)<\/p>\n
\n121<\/p>\n
\n(36)<\/p>\n
\n(33)<\/p>\n
\n54<\/p>\n
\n(8)<\/p>\n
\n(12)<\/p>\n
\n99<\/p>\n
\n(4)<\/p>\n
\n(3)<\/p>\n
\nOther
\nRespiratory<\/p>\n
\n249<\/p>\n
\n(14)<\/p>\n
\n(14)<\/p>\n
\n58<\/p>\n
\n(33)<\/p>\n
\n(32)<\/p>\n
\n52<\/p>\n
\n(7)<\/p>\n
\n(12)<\/p>\n
\n139<\/p>\n
\n(5)<\/p>\n
\n(3)<\/p>\n
\nOther
\nGeneral Medicines<\/p>\n
1,324<\/p>\n
(10)<\/p>\n
(8)<\/p>\n
83<\/p>\n
(27)<\/p>\n
(25)<\/p>\n
328<\/p>\n
9<\/p>\n
5<\/p>\n
913<\/p>\n
(14)<\/p>\n
(10)<\/p>\n
Blujepa<\/p>\n
\n1<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n1<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\nOther
\nGeneral Medicines<\/p>\n
\n1,323<\/p>\n
\n(10)<\/p>\n
\n(8)<\/p>\n
\n82<\/p>\n
\n(28)<\/p>\n
\n(25)<\/p>\n
\n328<\/p>\n
\n9<\/p>\n
\n5<\/p>\n
\n913<\/p>\n
\n(14)<\/p>\n
\n(10)<\/p>\n
General Medicines<\/p>\n
4,597<\/p>\n
(9)<\/p>\n
(7)<\/p>\n
1,771<\/p>\n
(15)<\/p>\n
(12)<\/p>\n
1,024<\/p>\n
2<\/p>\n
(1)<\/p>\n
1,802<\/p>\n
(9)<\/p>\n
(6)<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Commercial Operations turnover<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Total<\/p>\n
\nUS<\/p>\n
\nEurope<\/p>\n
\nInternational<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
AER%<\/p>\n
CER%<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
\n\u00a3m<\/p>\n
\nAER%<\/p>\n
\nCER%<\/p>\n
\nThree
\nmonths ended 30 June 2026<\/p>\n
8,409<\/p>\n
5<\/p>\n
5<\/p>\n
4,308<\/p>\n
5<\/p>\n
5<\/p>\n
2,042<\/p>\n
11<\/p>\n
8<\/p>\n
2,059<\/p>\n
1<\/p>\n
2<\/p>\n
\nSix
\nmonths ended 30 June 2026<\/p>\n
16,038<\/p>\n
3<\/p>\n
5<\/p>\n
8,045<\/p>\n
2<\/p>\n
6<\/p>\n
4,125<\/p>\n
15<\/p>\n
11<\/p>\n
3,868<\/p>\n
(4)<\/p>\n
(2)<\/p>\n
\n\u00a0<\/p>\n
Segment information<\/p>\n
\n\u00a0<\/p>\n
\nOperating
\nsegments are reported based on the financial information provided
\nto the Chief Executive Officer, who is the Chief Operating Decision
\nMaker, as well as based on the responsibilities of the Executive
\nCommittee (“ExCom”). GSK reports results under two segments:
\nCommercial Operations and Total R&D. The Group reviews its
\nassessment of reportable segments on an ongoing basis.<\/p>\n
\u00a0<\/p>\n
\nAdjusting
\nitems reconciling segment profit and operating profit comprise
\nitems not specifically allocated to segment profit. Details of
\nadjusting items can be found on pages 14-19, including details of
\nintangible asset impairments taken in Q2 2026.<\/p>\n
\u00a0<\/p>\n
Turnover by segment<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Q2 2026<\/p>\n
\u00a3m<\/p>\n
\nQ2
\n2025<\/p>\n
\n\u00a3m<\/p>\n
\nGrowth<\/p>\n
\nAER
\n%<\/p>\n
\nGrowth<\/p>\n
\nCER
\n%<\/p>\n
\u00a0<\/p>\n
H1 2026<\/p>\n
\u00a3m<\/p>\n
\nH1
\n2025<\/p>\n
\n\u00a3m<\/p>\n
\nGrowth<\/p>\n
\nAER
\n%<\/p>\n
\nGrowth<\/p>\n
\nCER
\n%<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nCommercial
\nOperations (total turnover)<\/p>\n
8,409<\/p>\n
\n7,986<\/p>\n
\n5<\/p>\n
\n5<\/p>\n
\u00a0<\/p>\n
16,038<\/p>\n
\n15,502<\/p>\n
\n3<\/p>\n
\n5<\/p>\n
\n\u00a0<\/p>\n
Operating profit by segment<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Q2 2026<\/p>\n
\u00a3m<\/p>\n
\nQ2
\n2025<\/p>\n
\n\u00a3m<\/p>\n
\nGrowth<\/p>\n
\nAER
\n%<\/p>\n
\nGrowth<\/p>\n
\nCER
\n%<\/p>\n
\u00a0<\/p>\n
H1 2026<\/p>\n
\u00a3m<\/p>\n
\nH1
\n2025<\/p>\n
\n\u00a3m<\/p>\n
\nGrowth<\/p>\n
\nAER
\n%<\/p>\n
\nGrowth<\/p>\n
\nCER
\n%<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nCommercial
\nOperations<\/p>\n
4,515<\/p>\n
\n4,107<\/p>\n
\n10<\/p>\n
\n10<\/p>\n
\u00a0<\/p>\n
8,667<\/p>\n
\n8,026<\/p>\n
\n8<\/p>\n
\n10<\/p>\n
\nResearch
\nand Development<\/p>\n
(1,561)<\/p>\n
\n(1,467)<\/p>\n
\n6<\/p>\n
\n6<\/p>\n
\u00a0<\/p>\n
(2,989)<\/p>\n
\n(2,820)<\/p>\n
\n6<\/p>\n
\n7<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nSegment
\nprofit<\/p>\n
2,954<\/p>\n
\n2,640<\/p>\n
\n12<\/p>\n
\n12<\/p>\n
\u00a0<\/p>\n
5,678<\/p>\n
\n5,206<\/p>\n
\n9<\/p>\n
\n11<\/p>\n
\nCorporate
\nand other unallocated costs<\/p>\n
(154)<\/p>\n
\n(9)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
(228)<\/p>\n
\n(42)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nCore
\noperating profit<\/p>\n
2,800<\/p>\n
\n2,631<\/p>\n
\n6<\/p>\n
\n7<\/p>\n
\u00a0<\/p>\n
5,450<\/p>\n
\n5,164<\/p>\n
\n6<\/p>\n
\n8<\/p>\n
\nAdjusting
\nitems<\/p>\n
(2,319)<\/p>\n
\n(608)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
(2,676)<\/p>\n
\n(925)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nTotal
\noperating profit<\/p>\n
481<\/p>\n
\n2,023<\/p>\n
\n(76)<\/p>\n
\n(75)<\/p>\n
\u00a0<\/p>\n
2,774<\/p>\n
\n4,239<\/p>\n
\n(35)<\/p>\n
\n(31)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nFinance
\nincome<\/p>\n
58<\/p>\n
\n50<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
80<\/p>\n
\n104<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nFinance
\ncosts<\/p>\n
(182)<\/p>\n
\n(184)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
(349)<\/p>\n
\n(346)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nShare
\nof after tax profit\/(loss) of associates and joint
\nventures<\/p>\n
(3)<\/p>\n
\n(2)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
(7)<\/p>\n
\n(2)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nProfit
\nbefore taxation<\/p>\n
354<\/p>\n
\n1,887<\/p>\n
\n(81)<\/p>\n
\n(80)<\/p>\n
\u00a0<\/p>\n
2,498<\/p>\n
\n3,995<\/p>\n
\n(37)<\/p>\n
\n(34)<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Commercial Operations<\/p>\n
\nCore
\noperating profit growth in Q2 2026 and H1 2026 primarily reflected
\nhigher turnover, favourable product and regional mix, and
\nfavourable net legal settlements and expenses in Q1 2026, partly
\noffset by increased investment in asset launches, as well as lower
\nroyalty income in Q2 2026.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Total R&D<\/p>\n
\u00a0<\/p>\n
\nThe
\nTotal R&D segment operating expense increased in Q2 2026 and H1
\n2026 reflecting progression across the portfolio. In Oncology, this
\nincluded acceleration in work on ADCs Ris-Rez and Mo-Rez, and
\nvelzatinib. In Specialty Medicines, increased investment was driven
\nby efimosfermin acquired in Q3 2025, depemokimab COPD indication
\nand all indications of the anti-TSLP monoclonal antibody. Growth
\nwas partly offset by lower spend on bepirovirsen which was filed in
\nQ1 2026. Investment also increased on clinical trial programmes
\nassociated with mRNA seasonal flu vaccines.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Legal
\nmatters<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\nThe
\nGroup is involved in significant legal and administrative
\nproceedings, principally product liability, intellectual property,
\ntax, anti-trust, consumer fraud and governmental investigations,
\nwhich are more fully described in the \u2018Legal
\nProceedings\u2019 note in the Annual Report 2025. At 30 June 2026,
\nthe Group\u2019s aggregate provision for legal and other disputes
\n(not including tax matters described on pages 7 and 8) was
\n\u00a3232\u00a0million (31 December 2025: \u00a3210
\nmillion).<\/p>\n
\nThe
\nGroup may become involved in significant legal proceedings in
\nrespect of which it is not possible to meaningfully assess whether
\nthe outcome will result in a probable outflow, or to quantify or
\nreliably estimate the liability, if any, that could result from
\nultimate resolution of the proceedings. In these cases, the Group
\nwould provide appropriate disclosures about such cases, but no
\nprovision would be made.<\/p>\n
\nThe
\nultimate liability for legal claims may vary from the amounts
\nprovided and is dependent upon the outcome of litigation
\nproceedings, investigations and possible settlement negotiations.
\nThe Group\u2019s position could change over time, and, therefore,
\nthere can be no assurance that any losses that result from the
\noutcome of any legal proceedings will not exceed by a material
\namount the amount of the provisions reported in the Group\u2019s
\nfinancial accounts.<\/p>\n
\u00a0<\/p>\n
\nSignificant
\nlegal developments since the date of the Q1 2026
\nresults:<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Product Liability<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Avandia<\/p>\n
\u00a0<\/p>\n
\nOn 21
\nJuly 2026, the Third Circuit Court of Appeals vacated the district
\ncourt\u2019s decision certifying a class. The Third Circuit set
\nforth the legal and evidentiary requirements that the third-party
\npayor plaintiffs are required to satisfy for their claims to
\nproceed as a class action and remanded the case to the district
\ncourt for further proceedings consistent with the
\ndecision.<\/p>\n
\u00a0<\/p>\n
Zantac<\/p>\n
\u00a0<\/p>\n
\nOn 13
\nApril 2026, the Delaware Superior Court issued its decision
\ngranting summary judgment as to all remaining cases filed on or
\nbefore 1 December 2025, as Plaintiffs have not demonstrated general
\ncausation, which is a required element of each of Plaintiffs\u2019
\ncases. On 13 May 2026, Plaintiffs filed a notice of appeal of the
\nsummary judgment order. This appeal would apply to the six GSK
\ncases that were pending at the time of the summary judgment
\ndecision.<\/p>\n
\u00a0<\/p>\n
\nAs
\npreviously disclosed, approximately 14,000 product liability cases
\nwere dismissed following the grant of defendants\u2019 Daubert
\nmotions in December 2022 in the Federal MDL proceeding. These are
\nnow on appeal by the plaintiffs to the United States Court of
\nAppeals for the Eleventh Circuit, along with appeals in the medical
\nmonitoring and consumer class action cases. Oral argument was held
\non 10 October 2025. A decision is expected in H2 2026.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Commercial and corporate<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Tesaro, Inc. v. AnaptysBio<\/p>\n
\u00a0<\/p>\n
\nThe
\ntrial was held before the Delaware Chancery Court on 14-17 July
\n2026. The Court has requested the parties submit post-trial briefs
\nin advance of a post-trial hearing which has been scheduled for 20
\nOctober 2026. A decision is expected in Q4 2026 or Q1
\n2027.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Zejula Royalty
\nDispute<\/p>\n
\u00a0<\/p>\n
\nIn
\nOctober 2012, Tesaro, Inc. (now a wholly owned subsidiary of GSK)
\nentered into two worldwide patent license agreements with
\nAstraZeneca UK Limited related to niraparib (later approved as
\nZejula). In May 2021,
\nAstraZeneca filed a lawsuit against Tesaro in the High Court,
\nEngland and Wales alleging that Tesaro failed to pay some of the
\nroyalties due under the license agreements. Tesaro filed a
\ncounterclaim based on a calculated overpayment. Trial was held the
\nweek of 6 March 2023 and judgment was entered against the Group on
\n5 April 2023. On 9 February 2024 the Court of Appeal ruled in the
\nGroup\u2019s favour, overturning the trial court\u2019s judgment
\nand determining that only Zejula sales for uses falling within
\nthe licensed patents could be deemed royalty-bearing. AstraZeneca
\nrequested permission to appeal and on 28 May 2024, the UK Supreme
\nCourt rejected AstraZeneca\u2019s request. Further proceedings
\nwould have determined the correct quantum of royalties in light of
\nthe Court of Appeal\u2019s ruling. In July 2026, the parties
\nagreed to a settlement. This matter has concluded.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Intellectual Property<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Trelegy Ellipta<\/p>\n
\u00a0<\/p>\n
\nOn 22
\nJanuary 2026, GSK received a paragraph IV letter from Transpire
\nrelating to Trelegy Ellipta
\n100 mcg. On 6 March 2026, GSK filed suit in the U.S. District Court
\nfor the Southern District of Florida asserting infringement of the
\nfive Orange Book listed patents by Transpire\u2019s proposed
\ngeneric version of Trelegy
\nEllipta 100 mcg. A trial has been set for 22 February
\n2028.<\/p>\n
\u00a0<\/p>\n
\nOn 7
\nMay 2026, Transpire sent GSK a second Paragraph IV notice letter
\nindicating that it had filed an ANDA seeking approval from the FDA
\nto market a generic version of Trelegy Ellipta 200 mcg. On 16 June
\n2026, GSK filed suit in the U.S. District Court for the Southern
\nDistrict of Florida asserting infringement of the four Orange
\nBook-listed patents by Transpire\u2019s proposed generic version
\nof Trelegy Ellipta 200 mcg.
\nA case schedule has not yet been set.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Returns to shareholders<\/p>\n
\u00a0<\/p>\n
Quarterly dividends<\/p>\n
\u00a0<\/p>\n
\nThe
\nBoard has declared a second interim dividend for Q2 2026 of 17p per
\nshare (Q2 2025: 16p per share).<\/p>\n
\u00a0<\/p>\n
\nDividends
\nremain an essential component of total shareholder return and GSK
\nrecognises the importance of dividends to shareholders. On 23 June
\n2021, at the GSK Investor Update, GSK set out that from 2022 a
\nprogressive dividend policy will be implemented guided by a 40 to
\n60 per cent pay-out ratio through the investment cycle. Consistent
\nwith this, GSK has declared a dividend of 17p per share for Q2
\n2026. The expected dividend for 2026 is 70p per share. In setting
\nits dividend policy, GSK considers the capital allocation
\npriorities of the Group and its investment strategy for growth
\nalongside the sustainability of the dividend.<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Dividend dates<\/p>\n
Ex-dividend date<\/p>\n
(Ordinary shares)<\/p>\n
Ex-dividend date<\/p>\n
(ADRs)<\/p>\n
Record date<\/p>\n
Payment date<\/p>\n
\nQ2
\n2026<\/p>\n
\n13
\nAugust 2026<\/p>\n
\n14
\nAugust 2026<\/p>\n
\n14
\nAugust 2026<\/p>\n
\n8
\nOctober 2026<\/p>\n
\n\u00a0<\/p>\n
\nOrdinary
\nshareholders may participate in the dividend reinvestment plan
\n(DRIP). The last date for DRIP elections is 17 September 2026. The
\nequivalent interim dividend receivable by ADR holders will be
\ncalculated based on the exchange rate on 6 October 2026. An annual
\nfee of $0.03 per ADS (or $0.0075 per ADS per quarter) is charged by
\nthe Depositary.\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nPaid\/<\/p>\n
\nPayable<\/p>\n
\nPence
\nper<\/p>\n
\nshare<\/p>\n
\n\u00a3m<\/p>\n
2026<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nFirst
\ninterim<\/p>\n
\n9 July
\n2026<\/p>\n
\n17<\/p>\n
\n683<\/p>\n
\nSecond
\ninterim<\/p>\n
\n8
\nOctober 2026<\/p>\n
\n17<\/p>\n
\n681<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n2025<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nFirst
\ninterim<\/p>\n
\n10 July
\n2025<\/p>\n
\n16<\/p>\n
\n650<\/p>\n
\nSecond
\ninterim<\/p>\n
\n9
\nOctober 2025<\/p>\n
\n16<\/p>\n
\n646<\/p>\n
\nThird
\ninterim<\/p>\n
\n8
\nJanuary 2026<\/p>\n
\n16<\/p>\n
\n643<\/p>\n
\nFourth
\ninterim<\/p>\n
\n9 April
\n2026<\/p>\n
\n18<\/p>\n
\n727<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n66<\/p>\n
\n2,666<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Share capital in issue<\/p>\n
\u00a0<\/p>\n
\nAt 30
\nJune 2026, 4,007 million shares (Q2 2025: 4,047 million) were in
\nfree issue (excluding Treasury shares and shares held by the ESOP
\nTrusts). The Company issued 0.1 million shares in the quarter (Q2
\n2025: 0.2 million) under employee share schemes for net proceeds of
\n\u00a31 million (Q2 2025: \u00a32 million).<\/p>\n
\u00a0<\/p>\n
\nOn 5
\nFebruary 2025, GSK announced a \u00a32 billion share buyback
\nprogramme to be completed over an 18 month period. This share
\nbuyback programme was completed on 26 June 2026, with a total of
\n124 million shares repurchased and being held as Treasury shares,
\nat a cost of \u00a32,011 million including transaction costs of
\n\u00a311 million.<\/p>\n
\u00a0<\/p>\n
\nThe
\ncost of shares repurchased in Q2 2026 was \u00a3294 million (Q2
\n2025: \u00a3549 million) including transaction costs of \u00a31
\nmillion (Q2 2025: \u00a34 million).<\/p>\n
\u00a0<\/p>\n
\nAt 30
\nJune 2026, the Company held 271 million Treasury shares at a cost
\nof \u00a34,580 million, of which 147 million shares at a cost of
\n\u00a32,571 million were repurchased as part of previous share
\nbuyback programmes, which has been deducted from retained
\nearnings.<\/p>\n
\u00a0<\/p>\n
\nAt 30
\nJune 2026, the ESOP Trusts held 38.4 million shares, of which 37.8
\nmillion were held for the future exercise of share options and
\nshare awards and 0.6 million were held for the Executive
\nSupplemental Savings plan. The carrying amount of
\n\u00a3168\u00a0million\u00a0has been deducted from other reserves.
\nThe market value of these shares was \u00a3761
\nmillion.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Weighted average number of shares<\/p>\n
\u00a0<\/p>\n
\nThe
\nnumbers of shares used in calculating basic and diluted earnings
\nper share are reconciled\u202fbelow:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Q2 2026<\/p>\n
millions<\/p>\n
\nQ2
\n2025<\/p>\n
\nmillions<\/p>\n
H1 2026<\/p>\n
millions<\/p>\n
\nH1
\n2025<\/p>\n
\nmillions<\/p>\n
\nWeighted
\naverage number of shares \u2013 basic<\/p>\n
4,014<\/p>\n
\n4,063<\/p>\n
4,018<\/p>\n
\n4,076<\/p>\n
\nDilutive
\neffect of share options and share awards<\/p>\n
48<\/p>\n
\n47<\/p>\n
48<\/p>\n
\n47<\/p>\n
\nWeighted
\naverage number of shares \u2013 diluted<\/p>\n
4,062<\/p>\n
\n4,110<\/p>\n
4,066<\/p>\n
\n4,123<\/p>\n
\n\u00a0<\/p>\n
Additional information<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Accounting policies and basis of preparation<\/p>\n
\u00a0<\/p>\n
\nThis
\nunaudited Results Announcement contains condensed financial
\ninformation for the three and six months ended 30 June 2026 and
\nshould be read in conjunction with the Annual Report 2025, which
\nwas prepared in accordance with UK-adopted international accounting
\nstandards in conformity with the requirements of the Companies Act
\n2006 and the IFRS Accounting Standards as issued by the
\nInternational Accounting Standards Board (IASB). This Results
\nAnnouncement has been prepared in accordance with IAS 34 and
\napplying consistent accounting policies to those applied by the
\nGroup in the Annual Report 2025, except for the adoption of the
\namendments to IFRS 9 and IFRS 7 as set out below. Other minor
\namendments to IFRS Accounting Standards which were effective from 1
\nJanuary 2026 did not have a material impact on the Group accounting
\npolicies or Group financial statements.<\/p>\n
\u00a0<\/p>\n
\n\u25cf<\/p>\n
Amendments to the Classification and
\nMeasurement of Financial Instruments – Amendments to IFRS 9
\nand IFRS 7: the amendments to IFRS 9 \u2018Financial
\nInstruments\u2019, clarify the timing of recognition and
\nderecognition of a financial asset or financial liability, with a
\npermitted exception relating to a financial liability paid through
\nan electronic payment system which may be derecognised prior to its
\nsettlement date where specific conditions are met. GSK has adopted
\nthese new requirements for the reporting period beginning on 1
\nJanuary 2026 and elected to derecognise financial liabilities paid
\nthrough an electronic payment system when the required conditions
\nhave been met. The impact on the Group\u2019s financial statements
\non transition as at 1 January 2026 is disclosed below and primarily
\nrelates to cheques which were issued but had not yet cleared from
\nthe bank account before the transition date. As permitted under the
\ntransition requirements, the Group has elected not to restate the
\ncomparative information to reflect the application of these
\namendments.<\/p>\n
\u00a0<\/p>\n
As at<\/p>\n
1 January 2026<\/p>\n
\u00a3m<\/p>\n
Adjustment on initial application of amendments to<\/p>\n
IFRS 9 and IFRS 7<\/p>\n
\u00a3m<\/p>\n
As at<\/p>\n
1 January 2026<\/p>\n
as adjusted<\/p>\n
\u00a3m<\/p>\n
\nTrade
\nand other payables<\/p>\n
\n(15,381)<\/p>\n
\n(43)<\/p>\n
\n(15,424)<\/p>\n
\nBank
\noverdrafts (within short-term borrowings)<\/p>\n
\n(190)<\/p>\n
\n29<\/p>\n
\n(161)<\/p>\n
\nCash
\nand cash equivalents<\/p>\n
\n3,397<\/p>\n
\n14<\/p>\n
\n3,411<\/p>\n
\u00a0<\/p>\n
\nThe
\nGroup has not identified any changes to its key sources of
\naccounting judgements or estimations of uncertainty compared with
\nthose disclosed in the Annual Report 2025.<\/p>\n
\u00a0<\/p>\n
\nThis
\nResults Announcement does not constitute statutory accounts of the
\nGroup within the meaning of sections 434(3) and 435(3) of the
\nCompanies Act 2006. The full Group accounts for 2025 were published
\nin the Annual Report 2025, which has been delivered to the
\nRegistrar of Companies and on which the report of the independent
\nauditor was unqualified and did not contain a statement under
\nsection 498 of the Companies Act 2006.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Contingent liabilities<\/p>\n
\nThere
\nwere contingent liabilities at 30 June 2026 in respect of
\narrangements entered into as part of the ordinary course of the
\nGroup\u2019s business. No material losses are expected to arise
\nfrom such contingent liabilities. Provision is made for the outcome
\nof legal and tax disputes where it is both probable that the Group
\nwill suffer an outflow of funds and it is possible to make a
\nreliable estimate of that outflow. Descriptions of the significant
\nlegal disputes to which the Group is a party are set out on page
\n29, and pages 269 to 272 of the 2025 Annual Report.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Net assets<\/p>\n
\nThe
\nbook value of net assets increased by \u00a31,221 million from
\n\u00a315,956 million at 31 December 2025 to \u00a317,177 million at
\n30 June 2026. This primarily reflected contribution from Total
\ncomprehensive income for the period and the special dividend from
\nthe ViiV Healthcare shareholding restructure, partly offset by
\ndividends paid to shareholders, shares repurchased under the share
\nbuyback programme and associated transaction costs.<\/p>\n
\nAt 30
\nJune 2026, the net surplus on the Group\u2019s pension plans was
\n\u00a3563 million compared with a net surplus of \u00a3229 million
\nat 31 December 2025. This movement was primarily driven by an
\nincrease in the UK discount rate from 5.5% to 6.0%, which was
\npartially offset by an increase to the UK inflation rate from 2.7%
\nto 2.8%.<\/p>\n
\nThe
\nestimated present value of the potential redemption amount of the
\nPfizer put option related to ViiV Healthcare, recorded in Other
\npayables in Current liabilities, was \u00a3nil (31 December 2025:
\n\u00a3822 million). The put option liability was fully derecognised
\nat 31 March 2026 as Pfizer has exited its shareholding in ViiV
\nHealthcare.<\/p>\n
\u00a0<\/p>\n
\nContingent
\nconsideration amounted to \u00a36,781 million at 30 June 2026 (31
\nDecember 2025: \u00a36,733 million) as follows:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Group<\/p>\n
30 June 2026<\/p>\n
\u00a3m<\/p>\n
\nGroup<\/p>\n
\n31
\nDecember 2025<\/p>\n
\n\u00a3m<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nContingent
\nconsideration estimated present value of amounts payable relating
\nto:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nFormer
\nShionogi-ViiV Healthcare joint venture<\/p>\n
5,403<\/p>\n
\n5,433<\/p>\n
\nFormer
\nNovartis Vaccines business acquisition<\/p>\n
626<\/p>\n
\n651<\/p>\n
\nBP
\nAsset IX, Inc. acquisition<\/p>\n
301<\/p>\n
\n231<\/p>\n
\nAffinivax
\nacquisition<\/p>\n
229<\/p>\n
\n219<\/p>\n
\nOthers<\/p>\n
222<\/p>\n
\n199<\/p>\n
\nContingent
\nconsideration liability at end of the period<\/p>\n
6,781<\/p>\n
\n6,733<\/p>\n
\n\u00a0<\/p>\n
\nOf the
\ncontingent consideration payable to Shionogi at 30 June 2026,
\n\u00a31,232\u00a0million (31 December 2025: \u00a31,194 million) is
\nexpected to be paid within one year.<\/p>\n
\u00a0<\/p>\n
\nMovements
\nin contingent consideration are as follows:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
H1 2026<\/p>\n
ViiV<\/p>\n
Healthcare<\/p>\n
\u00a3m<\/p>\n
Group<\/p>\n
\u00a3m<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nContingent
\nconsideration at beginning of the period<\/p>\n
5,433<\/p>\n
6,733<\/p>\n
\nRemeasurement
\nthrough income statement and other movements<\/p>\n
680<\/p>\n
805<\/p>\n
\nCash
\npayments: operating cash flows<\/p>\n
(710)<\/p>\n
(749)<\/p>\n
\nCash
\npayments: investing activities<\/p>\n
\u2013<\/p>\n
(8)<\/p>\n
\nContingent
\nconsideration at end of the period<\/p>\n
5,403<\/p>\n
6,781<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\nH1
\n2025<\/p>\n
\nViiV<\/p>\n
\nHealthcare<\/p>\n
\n\u00a3m<\/p>\n
\nGroup<\/p>\n
\n\u00a3m<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nContingent
\nconsideration at beginning of the period<\/p>\n
\n6,061<\/p>\n
\n7,280<\/p>\n
\nAdditions<\/p>\n
\n\u2013<\/p>\n
\n58<\/p>\n
\nRemeasurement
\nthrough income statement and other movements<\/p>\n
\n(88)<\/p>\n
\n(88)<\/p>\n
\nCash
\npayments: operating cash flows<\/p>\n
\n(650)<\/p>\n
\n(668)<\/p>\n
\nCash
\npayments: investing activities<\/p>\n
\n\u2013<\/p>\n
\n(6)<\/p>\n
\nContingent
\nconsideration at end of the period<\/p>\n
\n5,323<\/p>\n
\n6,576<\/p>\n
\n\u00a0<\/p>\n
Business acquisitions<\/p>\n
\u00a0<\/p>\n
\nOn 3
\nMarch 2026, GSK completed the acquisition of 100% of the
\noutstanding equity of RAPT Therapeutics, Inc. (“RAPT”) a
\nCalifornia-based clinical stage biopharmaceutical company dedicated
\nto developing novel therapies for patients living with inflammatory
\nand immunologic diseases. The acquisition includes ozureprubart, a
\nlong-acting anti-immunoglobulin E (IgE) monoclonal antibody,
\ncurrently in phase IIb clinical development for prophylactic
\nprotection against food allergens.<\/p>\n
\nUnder
\nthe terms of the agreement, GSK paid RAPT shareholders US$58.00 per
\nshare at closing, for an aggregate payment of US$2.3
\nbillion\u00a0(\u00a31.7 billion), including transaction fees. Net
\nof cash acquired, GSK’s upfront investment was approximately US$1.9
\nbillion (\u00a31.4 billion).<\/p>\n
\nThe
\ntransaction gives GSK the global rights to the ozureprubart
\nprogramme, excluding mainland China, Macau, Taiwan and Hong Kong.
\nGSK will also be responsible for success-based milestone and
\nroyalty payments for ozureprubart owed to RAPT’s partner, Shanghai
\nJeyou Pharmaceutical Co., Ltd.<\/p>\n
\nOn 14
\nApril 2026, GSK completed the acquisition of 100% of 35Pharma, Inc.
\n(“35Pharma”) a Canada-based, private, clinical-stage
\nbiopharmaceutical company specialised in the development of novel
\nprotein-based therapeutics. The acquisition provides global rights
\nto HS235, a potential best-in-class activin signalling inhibitor
\nbeing developed for the treatment of pulmonary
\nhypertension.<\/p>\n
\nTotal
\nconsideration was US$1.0 billion (\u00a3755 million), comprising an
\nupfront payment of US$987 million (\u00a3730 million) as adjusted
\nfor working capital and other customary closing adjustments and
\nUS$34 million (\u00a325 million) of deferred consideration. Net of
\ncash acquired, GSK’s net cash investment was US$944 million
\n(\u00a3699 million).<\/p>\n
\nDuring
\nthe period to 30 June 2026, no sales arising from the RAPT or
\n35Pharma’s businesses were included in Group turnover and no
\nrevenue is expected until regulatory approval is received on the
\nacquired assets.<\/p>\n
\nGSK
\ncontinues to support the ongoing development of the acquired assets
\nand consequently these assets will be loss making until regulatory
\napproval on these assets is received. The impact on Total profit
\nafter taxation for the period ended 30 June 2026 from these
\nacquisitions was immaterial. The development of these assets will
\nbe integrated into the Group\u2019s existing R&D activities,
\nafter which it will be impracticable to quantify these development
\ncosts or the impact on Total profit after taxation.<\/p>\n
\nThe
\ninitial acquisition accounting was reflected in the second quarter
\nof 2026 on a preliminary basis, the values below are provisional
\nand subject to change. The purchase price allocation is expected to
\nbe completed by the end of Q4 2026.<\/p>\n
\nGoodwill
\nof \u00a3311 million (\u00a3211 million for RAPT and \u00a3100
\nmillion for 35Pharma) has been recognised. The goodwill represents
\nspecific synergies available to GSK from the business combination.
\nThe goodwill has been allocated to the Group\u2019s Commercial
\nOperations and R&D segments. None of the goodwill is expected
\nto be deductible for tax purposes.<\/p>\n
\u00a0<\/p>\n
\nThe
\nprovisional fair values of the net assets acquired, including
\ngoodwill, are as follows:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
RAPT<\/p>\n
35Pharma<\/p>\n
Total<\/p>\n
\u00a0<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\u00a3m<\/p>\n
\nNet
\nassets acquired:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nIntangible
\nassets<\/p>\n
\n1,457<\/p>\n
\n703<\/p>\n
\n2,160<\/p>\n
\nProperty,
\nplant & equipment<\/p>\n
\n1<\/p>\n
\n\u2013<\/p>\n
\n1<\/p>\n
\nCash
\nand cash equivalents<\/p>\n
\n281<\/p>\n
\n56<\/p>\n
\n337<\/p>\n
\nOther
\nnet liabilities<\/p>\n
\n(13)<\/p>\n
\n\u2013<\/p>\n
\n(13)<\/p>\n
\nDeferred
\ntax liabilities<\/p>\n
\n(252)<\/p>\n
\n(104)<\/p>\n
\n(356)<\/p>\n
\u00a0<\/p>\n
\n1,474<\/p>\n
\n655<\/p>\n
\n2,129<\/p>\n
\nGoodwill<\/p>\n
\n211<\/p>\n
\n100<\/p>\n
\n311<\/p>\n
\nTotal
\nconsideration<\/p>\n
\n1,685<\/p>\n
\n755<\/p>\n
\n2,440<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\nOf the
\ntotal \u00a32.4 billion consideration (\u00a31.7 billion for RAPT
\nand \u00a30.7 billion for 35Pharma), \u00a320 million of deferred
\nconsideration for 35Pharma was unpaid as at 30 June
\n2026.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Net debt information<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Reconciliation of cash flow to movements in net debt<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
H1 2026<\/p>\n
\u00a3m<\/p>\n
\nH1
\n2025<\/p>\n
\n\u00a3m<\/p>\n
\nTotal
\nNet debt at beginning of the period<\/p>\n
(14,453)<\/p>\n
\n(13,095)<\/p>\n
\nAdjustment
\non initial application of amendments to IFRS 9 on 1 January
\n2026(1)<\/p>\n
43<\/p>\n
\n\u2013<\/p>\n
\nTotal
\nNet debt at beginning of the period, as adjusted<\/p>\n
(14,410)<\/p>\n
\n(13,095)<\/p>\n
\nIncrease\/(decrease)
\nin cash and bank overdrafts<\/p>\n
(301)<\/p>\n
\n(42)<\/p>\n
\nIncrease\/(decrease)
\nin liquid investments<\/p>\n
(9)<\/p>\n
\n\u2013<\/p>\n
\nRepayment
\nof long-term loans<\/p>\n
865<\/p>\n
\n1,409<\/p>\n
\nIssue
\nof long-term notes<\/p>\n
\u2013<\/p>\n
\n(1,983)<\/p>\n
\nNet
\ndecrease\/(increase) in short-term loans<\/p>\n
(1,466)<\/p>\n
\n(637)<\/p>\n
\nIncrease
\nin other short-term loans<\/p>\n
(9)<\/p>\n
\n(102)<\/p>\n
\nRepayment
\nof other short-term loans<\/p>\n
60<\/p>\n
\n269<\/p>\n
\nRepayment
\nof lease liabilities<\/p>\n
106<\/p>\n
\n110<\/p>\n
\nDisposal
\nof lease liabilities related to assets held for sale<\/p>\n
136<\/p>\n
\n\u2013<\/p>\n
\nNet
\ndebt of subsidiary undertakings acquired<\/p>\n
(2)<\/p>\n
\n(1)<\/p>\n
\nExchange
\nadjustments<\/p>\n
(76)<\/p>\n
\n428<\/p>\n
\nOther
\nnon-cash movements<\/p>\n
(26)<\/p>\n
\n(91)<\/p>\n
\nDecrease\/(increase)
\nin Net debt<\/p>\n
(722)<\/p>\n
\n(640)<\/p>\n
\nTotal
\nNet debt at end of the period<\/p>\n
(15,132)<\/p>\n
\n(13,735)<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
(1) For further details see page 31<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Net debt analysis<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
30 June 2026<\/p>\n
\u00a3m<\/p>\n
\n31
\nDecember 2025<\/p>\n
\n\u00a3m<\/p>\n
\nLiquid
\ninvestments<\/p>\n
1<\/p>\n
\n9<\/p>\n
\nCash
\nand cash equivalents<\/p>\n
3,105<\/p>\n
\n3,397<\/p>\n
\nShort-term
\nborrowings<\/p>\n
(4,291)<\/p>\n
\n(3,012)<\/p>\n
\nLong-term
\nborrowings<\/p>\n
(13,947)<\/p>\n
\n(14,708)<\/p>\n
\nLiabilities
\nrelating to assets held for sale<\/p>\n
\u2013<\/p>\n
\n(139)<\/p>\n
\nTotal
\nNet debt at the end of the period<\/p>\n
(15,132)<\/p>\n
\n(14,453)<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Free cash flow reconciliation<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Q2 2026<\/p>\n
\u00a3m<\/p>\n
\nQ2
\n2025<\/p>\n
\n\u00a3m<\/p>\n
H1 2026<\/p>\n
\u00a3m<\/p>\n
\nH1
\n2025<\/p>\n
\n\u00a3m<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nNet
\ncash inflow\/(outflow) from operating activities<\/p>\n
2,690<\/p>\n
\n2,096<\/p>\n
3,831<\/p>\n
\n3,241<\/p>\n
\nPurchase
\nof property, plant and equipment<\/p>\n
(328)<\/p>\n
\n(256)<\/p>\n
(549)<\/p>\n
\n(464)<\/p>\n
\nProceeds
\nfrom sale of property, plant and equipment<\/p>\n
3<\/p>\n
\n5<\/p>\n
30<\/p>\n
\n6<\/p>\n
\nPurchase
\nof intangible assets<\/p>\n
(325)<\/p>\n
\n(377)<\/p>\n
(547)<\/p>\n
\n(617)<\/p>\n
\nProceeds
\nfrom disposals of intangible assets<\/p>\n
293<\/p>\n
\n\u2013<\/p>\n
355<\/p>\n
\n76<\/p>\n
\nNet
\nfinance costs<\/p>\n
(225)<\/p>\n
\n(217)<\/p>\n
(265)<\/p>\n
\n(233)<\/p>\n
\nDividends
\nand distributions from associates and joint ventures<\/p>\n
25<\/p>\n
\n\u2013<\/p>\n
25<\/p>\n
\n\u2013<\/p>\n
\nContingent
\nconsideration paid (reported in investing activities)<\/p>\n
(4)<\/p>\n
\n(3)<\/p>\n
(8)<\/p>\n
\n(6)<\/p>\n
\nDividend
\ndistributions to non-controlling interests<\/p>\n
(137)<\/p>\n
\n(122)<\/p>\n
(252)<\/p>\n
\n(180)<\/p>\n
\nOther
\ndistributions to non-controlling interest<\/p>\n
\u2013<\/p>\n
\n\u2013<\/p>\n
(1,399)<\/p>\n
\n\u2013<\/p>\n
\nContributions
\nfrom non-controlling interests<\/p>\n
2<\/p>\n
\n\u2013<\/p>\n
1,588<\/p>\n
\n\u2013<\/p>\n
\nFree
\ncash inflow\/(outflow)<\/p>\n
1,994<\/p>\n
\n1,126<\/p>\n
2,809<\/p>\n
\n1,823<\/p>\n
\n\u00a0<\/p>\n
Post balance sheet events<\/p>\n
On 9 June 2026, GSK entered into an agreement to acquire Nuvalent,
\nInc. (“Nuvalent”), a Boston-based clinical-stage biopharmaceutical
\ncompany focused on creating precisely targeted oncology therapies.
\nNuvalent\u2019s lead assets, zidesamtinib and neladalkib, are
\nlate-stage, potential best-in-class ROS1 and ALK inhibitors for
\ntreatment of non-small cell lung cancer (NSCLC).
\nIn July 2026, the US FDA approved
\nzidesamtinib for the treatment of adult patients with locally
\nadvanced or metastatic ROS1-positive NSCLC who received a prior
\nROS1 kinase inhibitor. Neladalkib is currently under FDA
\nreview.<\/p>\n
\nUnder
\nthe agreement, GSK acquired Nuvalent for $124.00 per share in cash,
\nrepresenting an aggregate equity value of approximately $10.6
\nbillion (\u00a38.0 billion). Net of cash acquired, GSK\u2019s
\naggregate investment is approximately $9.4 billion (\u00a37.1
\nbillion), which is funded primarily from new and existing debt
\nfacilities plus cash.<\/p>\n
\nThe
\ntransaction was subject to customary conditions, including the
\ntender of the majority of Nuvalent\u2019s outstanding shares of
\nClass A common stock and applicable regulatory agency clearances
\nunder the Hart-Scott-Rodino Act in the US, and subsequently closed
\non 15 July 2026. Given the timing of the closure of the
\ntransaction, GSK expects to disclose the provisional accounting for
\nthe acquisition in the Q3 2026 Results Announcement.<\/p>\n
\u00a0<\/p>\n
Related party transactions<\/p>\n
\nThere
\nwere no material related party transactions entered into and there
\nhave been no material changes to the related party transactions
\ndisclosed on page 241 of the 2025 Annual Report.<\/p>\n
\u00a0<\/p>\n
Financial instruments fair value disclosures<\/p>\n
\nThe
\nfollowing tables categorise the Group\u2019s financial assets and
\nliabilities held at fair value by the valuation methodology applied
\nin determining their fair value. Where possible, quoted prices in
\nactive markets are used and the asset or liability is classified as
\nLevel 1. Where such prices are not available, the asset or
\nliability is classified as Level 2, provided all significant inputs
\nto the valuation model used are based on observable market data. If
\none or more of the significant inputs to the valuation model is not
\nbased on observable market data, the instrument is classified as
\nLevel 3. Other investments classified as Level 3 in the tables
\nbelow comprise equity investments in unlisted entities with which
\nthe Group has entered into research collaborations and also
\ninvestments in emerging life science companies.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
At 30 June 2026<\/p>\n
Level 1<\/p>\n
\u00a3m<\/p>\n
Level 2<\/p>\n
\u00a3m<\/p>\n
Level 3<\/p>\n
\u00a3m<\/p>\n
Total<\/p>\n
\u00a3m<\/p>\n
Financial assets at fair value<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nFinancial assets at
\nfair value through other comprehensive income
\n(FVTOCI):<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n\u00a0
\n\u00a0 Other investments designated at FVTOCI<\/p>\n
432<\/p>\n
\u2013<\/p>\n
152<\/p>\n
584<\/p>\n
\n\u00a0
\n\u00a0 Trade and other receivables<\/p>\n
\u2013<\/p>\n
2,448<\/p>\n
\u2013<\/p>\n
2,448<\/p>\n
\nFinancial assets
\nmandatorily at fair value through profit or loss
\n(FVTPL):<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n\u00a0
\n\u00a0 Current equity investments and other
\ninvestments<\/p>\n
\u2013<\/p>\n
\u2013<\/p>\n
270<\/p>\n
270<\/p>\n
\n\u00a0
\n\u00a0 Other non-current assets<\/p>\n
\u2013<\/p>\n
\u2013<\/p>\n
29<\/p>\n
29<\/p>\n
\n\u00a0
\n\u00a0 Trade and other receivables<\/p>\n
\u2013<\/p>\n
47<\/p>\n
1<\/p>\n
48<\/p>\n
\n\u00a0
\n\u00a0 Held for trading derivatives that are not in a designated
\nand effective hedging relationship<\/p>\n
\u2013<\/p>\n
24<\/p>\n
\u2013<\/p>\n
24<\/p>\n
\n\u00a0
\n\u00a0 Cash and cash equivalents<\/p>\n
1,732<\/p>\n
\u2013<\/p>\n
\u2013<\/p>\n
1,732<\/p>\n
\nDerivatives
\ndesignated and effective as hedging instruments<\/p>\n
\u2013<\/p>\n
85<\/p>\n
\u2013<\/p>\n
85<\/p>\n
\u00a0<\/p>\n
2,164<\/p>\n
2,604<\/p>\n
452<\/p>\n
5,220<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Financial liabilities at fair value<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nFinancial
\nliabilities mandatorily at fair value through profit or loss
\n(FVTPL):<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n\u00a0
\n\u00a0 Contingent consideration liabilities<\/p>\n
\u2013<\/p>\n
\u2013<\/p>\n
(6,781)<\/p>\n
(6,781)<\/p>\n
\nHeld
\nfor trading derivatives that are not in a designated and effective
\nhedging relationship<\/p>\n
\u2013<\/p>\n
(55)<\/p>\n
\u2013<\/p>\n
(55)<\/p>\n
\nDerivatives
\ndesignated and effective as hedging instruments<\/p>\n
\u2013<\/p>\n
(157)<\/p>\n
\u2013<\/p>\n
(157)<\/p>\n
\u00a0<\/p>\n
\u2013<\/p>\n
(212)<\/p>\n
(6,781)<\/p>\n
(6,993)<\/p>\n
\n\u00a0<\/p>\n
\nAt 31
\nDecember 2025<\/p>\n
Level 1<\/p>\n
\u00a3m<\/p>\n
Level 2<\/p>\n
\u00a3m<\/p>\n
Level 3<\/p>\n
\u00a3m<\/p>\n
Total<\/p>\n
\u00a3m<\/p>\n
\nFinancial
\nassets at fair value<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nFinancial assets at
\nfair value through other comprehensive income
\n(FVTOCI):<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n\u00a0
\n\u00a0 Other investments designated at FVTOCI<\/p>\n
\n592<\/p>\n
\n\u2013<\/p>\n
\n196<\/p>\n
\n788<\/p>\n
\n\u00a0
\n\u00a0 Trade and other receivables<\/p>\n
\n\u2013<\/p>\n
\n2,346<\/p>\n
\n\u2013<\/p>\n
\n2,346<\/p>\n
\nFinancial assets
\nmandatorily at fair value through profit or loss
\n(FVTPL):<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n\u00a0
\n\u00a0 Current equity investments and other
\ninvestments<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n249<\/p>\n
\n249<\/p>\n
\n\u00a0
\n\u00a0 Other non-current assets<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n14<\/p>\n
\n14<\/p>\n
\n\u00a0
\n\u00a0 Trade and other receivables<\/p>\n
\n\u2013<\/p>\n
\n41<\/p>\n
\n15<\/p>\n
\n56<\/p>\n
\n\u00a0
\n\u00a0 Held for trading derivatives that are not in a designated
\nand effective hedging relationship<\/p>\n
\n\u2013<\/p>\n
\n15<\/p>\n
\n\u2013<\/p>\n
\n15<\/p>\n
\n\u00a0
\n\u00a0 Cash and cash equivalents<\/p>\n
\n1,793<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n1,793<\/p>\n
\nDerivatives
\ndesignated and effective as hedging instruments<\/p>\n
\n\u2013<\/p>\n
\n106<\/p>\n
\n\u2013<\/p>\n
\n106<\/p>\n
\u00a0<\/p>\n
\n2,385<\/p>\n
\n2,508<\/p>\n
\n474<\/p>\n
\n5,367<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nFinancial
\nliabilities at fair value<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nFinancial
\nliabilities mandatorily at fair value through profit or loss
\n(FVTPL):<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n\u00a0
\nContingent consideration liabilities<\/p>\n
\n\u2013<\/p>\n
\n\u2013<\/p>\n
\n(6,733)<\/p>\n
\n(6,733)<\/p>\n
\n\u00a0
\nHeld for trading derivatives that are not in a designated and
\neffective hedging relationship<\/p>\n
\n\u2013<\/p>\n
\n(54)<\/p>\n
\n\u2013<\/p>\n
\n(54)<\/p>\n
\nDerivatives
\ndesignated and effective as hedging instruments<\/p>\n
\n\u2013<\/p>\n
\n(88)<\/p>\n
\n\u2013<\/p>\n
\n(88)<\/p>\n
\u00a0<\/p>\n
\n\u2013<\/p>\n
\n(142)<\/p>\n
\n(6,733)<\/p>\n
\n(6,875)<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\nMovements
\nin the six months to 30 June 2026 and the six months to 30 June
\n2025 for financial instruments measured using Level 3 valuation
\nmethods are presented below:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Financial<\/p>\n
assets<\/p>\n
\u00a3m<\/p>\n
Financial<\/p>\n
liabilities<\/p>\n
\u00a3m<\/p>\n
\nAt 1
\nJanuary 2026<\/p>\n
474<\/p>\n
(6,733)<\/p>\n
\nGains\/(losses)
\nrecognised in the income statement<\/p>\n
4<\/p>\n
(791)<\/p>\n
\nGains\/(losses)
\nrecognised in other comprehensive income<\/p>\n
106<\/p>\n
\u2013<\/p>\n
\nAdditions<\/p>\n
27<\/p>\n
\u2013<\/p>\n
\nDisposals
\nand settlements<\/p>\n
(165)<\/p>\n
\u2013<\/p>\n
\nPayments
\nin the period<\/p>\n
\u2013<\/p>\n
757<\/p>\n
\nExchange
\nadjustments<\/p>\n
6<\/p>\n
(14)<\/p>\n
At 30 June 2026<\/p>\n
452<\/p>\n
(6,781)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nAt 1
\nJanuary 2025<\/p>\n
\n487<\/p>\n
\n(7,280)<\/p>\n
\nGains\/(losses)
\nrecognised in the income statement<\/p>\n
\n(48)<\/p>\n
\n30<\/p>\n
\nGains\/(losses)
\nrecognised in other comprehensive income<\/p>\n
\n(11)<\/p>\n
\n\u2013<\/p>\n
\nAdditions<\/p>\n
\n48<\/p>\n
\n(58)<\/p>\n
\nDisposals
\nand settlements<\/p>\n
\n(12)<\/p>\n
\n\u2013<\/p>\n
\nPayments
\nin the period<\/p>\n
\n\u2013<\/p>\n
\n674<\/p>\n
\nExchange
\nadjustments<\/p>\n
\n(31)<\/p>\n
\n58<\/p>\n
\nAt 30
\nJune 2025<\/p>\n
\n433<\/p>\n
\n(6,576)<\/p>\n
\n\u00a0<\/p>\n
\nNet
\nlosses of \u00a3787 million (H1 2025: \u00a318 million) reported in
\nother operating income were attributable to Level 3 financial
\ninstruments held at the end of the period. Net gains and losses
\ninclude the impact of exchange movements.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nFinancial
\nliabilities measured using Level 3 valuation methods:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
30 June 2026<\/p>\n
\u00a3m<\/p>\n
\n31
\nDecember 2025<\/p>\n
\n\u00a3m<\/p>\n
Contingent consideration estimated present value of amounts payable
\nrelating to:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nFormer
\nShionogi-ViiV Healthcare joint venture<\/p>\n
5,403<\/p>\n
\n5,433<\/p>\n
\nFormer
\nNovartis Vaccines business acquisition<\/p>\n
626<\/p>\n
\n651<\/p>\n
\nBP
\nAsset IX, Inc. acquisition<\/p>\n
301<\/p>\n
\n231<\/p>\n
\nAffinivax
\nacquisition<\/p>\n
229<\/p>\n
\n219<\/p>\n
\nOthers<\/p>\n
222<\/p>\n
\n199<\/p>\n
\nContingent
\nconsideration liability at end of the period<\/p>\n
6,781<\/p>\n
\n6,733<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Discount rates:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nFormer
\nShionogi-ViiV Healthcare joint venture<\/p>\n
8.0%<\/p>\n
\n8.0%<\/p>\n
\nNovartis
\nVaccines – Commercialised products<\/p>\n
8.5%<\/p>\n
\n8.0%<\/p>\n
\nNovartis
\nVaccines – pipeline assets<\/p>\n
9.5%<\/p>\n
\n9.0%<\/p>\n
\nBP
\nAsset IX<\/p>\n
9.5%<\/p>\n
\n9.0%<\/p>\n
\nAffinivax<\/p>\n
9.5%<\/p>\n
\n9.0%<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\nContingent
\nconsideration is expected to be paid over a number of years and
\nwill vary in line with the future performance of specified
\nproducts, the achievement of certain milestone targets and
\nmovements in certain foreign currencies.<\/p>\n
\nThe
\nfinancial liabilities are measured at the present value of expected
\nfuture cash flows, the most significant inputs and assumptions in
\nthe valuation models being future sales forecasts, probability of
\nmilestone success, the discount rate, the Sterling\/US Dollar
\nexchange rate and the Sterling\/Euro exchange rate. The exchange
\nrates used are consistent with market rates at 30 June
\n2026.<\/p>\n
\nThe
\nShionogi-ViiV Healthcare and Novartis Vaccines contingent
\nconsideration liabilities are calculated principally based on the
\nforecast sales performance of specified products over the lives of
\nthose products.<\/p>\n
\nThe BP
\nAsset IX contingent consideration is based upon three milestone
\npayments, totalling $0.8 billion (\u00a30.6 billion), which will be
\npaid if certain clinical development and regulatory milestones are
\nachieved.<\/p>\n
\nThe
\nAffinivax contingent consideration is based upon two potential
\nmilestone payments, each of $0.6 billion (\u00a30.5 billion) which
\nwill be paid if certain paediatric clinical development milestones
\nare achieved.<\/p>\n
\n\u00a0<\/p>\n
\nThe
\ntable below shows, on an indicative basis, the income statement and
\nbalance sheet sensitivity to reasonably possible changes in key
\ninputs to the valuation of the largest contingent consideration
\nliabilities.<\/p>\n
Increase\/(decrease) in liability<\/p>\n
Shionogi-<\/p>\n
ViiV<\/p>\n
Healthcare<\/p>\n
contingent<\/p>\n
consideration<\/p>\n
\u00a3m<\/p>\n
Novartis<\/p>\n
Vaccines<\/p>\n
contingent<\/p>\n
consideration<\/p>\n
\u00a3m<\/p>\n
BP Asset IX contingent consideration<\/p>\n
\u00a3m<\/p>\n
Affinivax<\/p>\n
contingent<\/p>\n
consideration<\/p>\n
\u00a3m<\/p>\n
\n10%
\nincrease in sales forecasts*<\/p>\n
\n546<\/p>\n
\n91<\/p>\n
\nn\/a<\/p>\n
\nn\/a<\/p>\n
\n15%
\nincrease in sales forecasts*<\/p>\n
\n814<\/p>\n
\n136<\/p>\n
\nn\/a<\/p>\n
\nn\/a<\/p>\n
\n10%
\ndecrease in sales forecasts*<\/p>\n
\n(541)<\/p>\n
\n(91)<\/p>\n
\nn\/a<\/p>\n
\nn\/a<\/p>\n
\n15%
\ndecrease in sales forecasts*<\/p>\n
\n(814)<\/p>\n
\n(136)<\/p>\n
\nn\/a<\/p>\n
\nn\/a<\/p>\n
\n1%
\nincrease in discount rate<\/p>\n
\n(150)<\/p>\n
\n(38)<\/p>\n
\n(8)<\/p>\n
\n(6)<\/p>\n
\n1.5%
\nincrease in discount rate<\/p>\n
\n(220)<\/p>\n
\n(55)<\/p>\n
\n(12)<\/p>\n
\n(9)<\/p>\n
\n1%
\ndecrease in discount rate<\/p>\n
\n161<\/p>\n
\n43<\/p>\n
\n8<\/p>\n
\n7<\/p>\n
\n1.5%
\ndecrease in discount rate<\/p>\n
\n244<\/p>\n
\n67<\/p>\n
\n13<\/p>\n
\n10<\/p>\n
\n10 cent
\nappreciation of US Dollar<\/p>\n
\n369<\/p>\n
\n13<\/p>\n
\n25<\/p>\n
\n19<\/p>\n
\n15 cent
\nappreciation of US Dollar<\/p>\n
\n577<\/p>\n
\n20<\/p>\n
\n38<\/p>\n
\n29<\/p>\n
\n10 cent
\ndepreciation of US Dollar<\/p>\n
\n(316)<\/p>\n
\n(11)<\/p>\n
\n(21)<\/p>\n
\n(16)<\/p>\n
\n15 cent
\ndepreciation of US Dollar<\/p>\n
\n(457)<\/p>\n
\n(16)<\/p>\n
\n(31)<\/p>\n
\n(23)<\/p>\n
\n10 cent
\nappreciation of Euro<\/p>\n
\n71<\/p>\n
\n25<\/p>\n
\nn\/a<\/p>\n
\nn\/a<\/p>\n
\n15 cent
\nappreciation of Euro<\/p>\n
\n110<\/p>\n
\n39<\/p>\n
\nn\/a<\/p>\n
\nn\/a<\/p>\n
\n10 cent
\ndepreciation of Euro<\/p>\n
\n(58)<\/p>\n
\n(21)<\/p>\n
\nn\/a<\/p>\n
\nn\/a<\/p>\n
\n15 cent
\ndepreciation of Euro<\/p>\n
\n(83)<\/p>\n
\n(30)<\/p>\n
\nn\/a<\/p>\n
\nn\/a<\/p>\n
\n10%
\nincrease in probability of milestone success<\/p>\n
\nn\/a<\/p>\n
\n22<\/p>\n
\n35<\/p>\n
\n72<\/p>\n
\n10%
\ndecrease in probability of milestone success<\/p>\n
\nn\/a<\/p>\n
\n(11)<\/p>\n
\n(35)<\/p>\n
\n(34)<\/p>\n
\u00a0<\/p>\n
\n*The sales forecast is for ViiV Healthcare sales only in respect of
\nthe Shionogi-ViiV Healthcare contingent consideration.
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\nThe
\nGroup transfers financial instruments between different levels in
\nthe fair value hierarchy when, as a result of an event or change in
\ncircumstances, the valuation methodology applied in determining
\ntheir fair values alters in such a way that it meets the definition
\nof a different level. There were no transfers between the Level 1,
\nLevel 2 or Level 3 fair value measurement categories.<\/p>\n
\u00a0<\/p>\n
\nThe
\nfollowing methods and assumptions are used to measure the fair
\nvalue of the significant financial instruments carried at fair
\nvalue on the balance sheet:<\/p>\n
\u00a0<\/p>\n
\n\u25cf<\/p>\n
\nOther
\ninvestments \u2013 equity investments traded in an active market
\ndetermined by reference to the relevant stock exchange quoted bid
\nprice; other equity investments determined by reference to the
\ncurrent market value of similar instruments, recent financing
\nrounds or the discounted cash flows of the underlying net
\nassets<\/p>\n
\n\u25cf<\/p>\n
\nTrade
\nreceivables carried at fair value \u2013 based on invoiced
\namount<\/p>\n
\n\u25cf<\/p>\n
\nInterest
\nrate swaps, foreign exchange forward contracts, swaps and options
\n\u2013 based on the present value of contractual cash flows or
\noption valuation models using market-sourced data (exchange rates
\nor interest rates) at the balance sheet date<\/p>\n
\n\u25cf<\/p>\n
\nCash
\nand cash equivalents carried at fair value \u2013 based on net
\nasset value of the funds<\/p>\n
\n\u25cf<\/p>\n
\nContingent
\nconsideration for business acquisitions and divestments \u2013
\nbased on present values of expected future cash flows<\/p>\n
\n\u00a0<\/p>\n
\nThere
\nare no material differences between the carrying amount of the
\nGroup’s other financial assets and liabilities and their estimated
\nfair value, with the exception of bonds, for which the carrying
\namount and fair value are set out in the table below:<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
30 June 2026<\/p>\n
\n31
\nDecember 2025<\/p>\n
\u00a0<\/p>\n
Carrying<\/p>\n
amount<\/p>\n
\u00a3m<\/p>\n
Fair<\/p>\n
value<\/p>\n
\u00a3m<\/p>\n
\nCarrying<\/p>\n
\namount<\/p>\n
\n\u00a3m<\/p>\n
\nFair<\/p>\n
\nvalue<\/p>\n
\n\u00a3m<\/p>\n
\nBonds
\nin a designated hedging relationship<\/p>\n
(5,584)<\/p>\n
(5,446)<\/p>\n
\n(6,524)<\/p>\n
\n(6,388)<\/p>\n
\nOther
\nbonds<\/p>\n
(9,075)<\/p>\n
(9,069)<\/p>\n
\n(8,973)<\/p>\n
\n(9,104)<\/p>\n
\u00a0<\/p>\n
(14,659)<\/p>\n
(14,515)<\/p>\n
\n(15,497)<\/p>\n
\n(15,492)<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\nThe
\nfollowing methods and assumptions are used to estimate the fair
\nvalues of financial assets and liabilities which are not measured
\nat fair value on the balance sheet:<\/p>\n
\u00a0<\/p>\n
\n\u25cf<\/p>\n
\nReceivables
\nand payables carried at amortised cost – approximates to the
\ncarrying amount<\/p>\n
\n\u25cf<\/p>\n
\nLiquid
\ninvestments – approximates to the carrying amount<\/p>\n
\n\u25cf<\/p>\n
\nCash
\nand cash equivalents carried at amortised cost – approximates to
\nthe carrying amount<\/p>\n
\n\u25cf<\/p>\n
\nShort-term
\nloans, overdrafts and commercial paper – approximates to the
\ncarrying amount because of the short maturity of these
\ninstruments<\/p>\n
\n\u25cf<\/p>\n
\nLong-term
\nloans – based on quoted market prices (a level 1 fair value
\nmeasurement) in the case of European and US Medium Term Notes;
\napproximates to the carrying amount in the case of other fixed rate
\nborrowings and floating rate bank loans<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
R&D commentary<\/p>\n
\u00a0<\/p>\n
Pipeline overview<\/p>\n
\n\u00a0<\/p>\n
\nMedicines
\nand vaccines in phase III development (including major lifecycle
\ninnovation or under regulatory review)<\/p>\n
\n19<\/p>\n
Respiratory, Immunology & Inflammation (4)<\/p>\n
\n\u25cf<\/p>\n
Benlysta (anti-B lymphocyte stimulator (Blys) mAb)
\ninterstitial lung disease)<\/p>\n
\n\u25cf<\/p>\n
Exdensur (ultra long-acting anti-IL5 biologic), eosinophilic
\ngranulomatosis with polyangiitis (EGPA), hyper-eosinophilic
\nsyndrome (HES), chronic obstructive pulmonary disease
\n(COPD)<\/p>\n
\n\u25cf<\/p>\n
\nefimosfermin
\n(FGF21 analog) metabolic dysfunction-associated steatohepatitis
\n(MASH)<\/p>\n
\n\u25cf<\/p>\n
Ventolin (salbutamol, Beta 2 adrenergic receptor agonist)
\nasthma<\/p>\n
Oncology (8)<\/p>\n
\n\u25cf<\/p>\n
Blenrep (anti-BCMA ADC) 1L multiple myeloma<\/p>\n
\n\u25cf<\/p>\n
Jemperli (anti-PD-1) 1L endometrial cancer, colon cancer,
\nrectal cancer (ph II registrational), head and neck
\ncancer<\/p>\n
\n\u25cf<\/p>\n
Jideytro (ROS-1 inhibitor) non-small cell lung
\ncancer<\/p>\n
\n\u25cf<\/p>\n
Zejula (PARP inhibitor) glioblastoma<\/p>\n
\n\u25cf<\/p>\n
\nMo-Rez
\n(B7-H4 ADC) 2L+ advanced endometrial cancer and platinum resistant
\novarian cancer<\/p>\n
\n\u25cf<\/p>\n
\nneladalkib
\n(ALK inhibitor) non-small cell lung cancer<\/p>\n
\n\u25cf<\/p>\n
\nRis-Rez
\n(B7-H3 ADC) 2L extensive-stage small cell lung cancer<\/p>\n
\n\u25cf<\/p>\n
\nvelzatinib
\n(KIT inhibitor) gastro-intestinal tumours<\/p>\n
HIV (1)<\/p>\n
\n\u25cf<\/p>\n
\ncabotegravir
\n+ rilpivirine (3x a year treatment) HIV<\/p>\n
Infectious Diseases (6)<\/p>\n
\n\u25cf<\/p>\n
Arexvy (RSV vaccine) RSV, adults 18 years of age and
\nabove<\/p>\n
\n\u25cf<\/p>\n
\nbepirovirsen
\n(HBV ASO) chronic hepatitis B<\/p>\n
\n\u25cf<\/p>\n
Bexsero (meningococcal B vaccine) infants (US)<\/p>\n
\n\u25cf<\/p>\n
\nGSK’116
\n(varicella vaccine) varicella new seed, individuals 12 months of
\nage and older<\/p>\n
\n\u25cf<\/p>\n
\nGSK’371
\n(MMRV vaccine) MMRV new seed<\/p>\n
\n\u25cf<\/p>\n
Shingrix (recombinant protein, adjuvanted vaccine)
\nMACE<\/p>\n
\nTotal
\nmedicines and vaccines in all phases of clinical
\ndevelopment<\/p>\n
\n62<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nTotal
\nprojects in clinical development (inclusive of all phases and
\nindications)<\/p>\n
\n92<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Therapy area updates<\/p>\n
\u00a0<\/p>\n
\nThe
\nfollowing provides updates on key medicines and vaccines by therapy
\narea that will help drive growth for GSK to meet its future
\noutlooks.<\/p>\n
\u00a0<\/p>\n
Respiratory, Immunology & Inflammation<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
efimosfermin (FGF21 analog)<\/p>\n
\nEfimosfermin
\n(GSK6519754) is an investigational, once-monthly subcutaneous
\ninjection of a long-acting variant of FGF21, designed to regulate
\nkey metabolic pathways to decrease liver fat, ameliorate liver
\ninflammation, and reverse liver fibrosis in patients with metabolic
\ndysfunction-associated steatohepatitis (MASH).<\/p>\n
\nEfimosfermin
\nis in phase III development for moderate and advanced fibrosis (F2
\nto F3) caused by MASH. In July 2026, GSK also started the phase III
\nNEBULA trials which will investigate efimosfermin in compensated
\ncirrhosis (F4) caused by MASH.<\/p>\n
\nEfimosfermin
\nhas received Breakthrough Therapy Designations from the US Food and
\nDrug Administration (FDA) and China\u2019s Center for Drug
\nEvaluation (CDE), as well as Priority Medicines (PRIME) Designation
\nfrom the European Medicines Agency (EMA) for the treatment of MASH.
\nBreakthrough Designation is designed to expedite the development
\nand review of medicines for serious conditions, where preliminary
\nclinical evidence indicates potential for substantial improvement
\nover available therapy. PRIME designation provides scientific and
\nregulatory support for medicines that have the potential to address
\nsignificant unmet medical need.<\/p>\n
\n\u00a0<\/p>\n
\nKey
\nphase III trials for efimosfermin:<\/p>\n
Trial name (population)<\/p>\n
Phase<\/p>\n
Design<\/p>\n
Timeline<\/p>\n
Status<\/p>\n
\nZENITH-1
\n(metabolic dysfunction-associated steatohepatitis)<\/p>\n
\n\u00a0<\/p>\n
\nNCT07221227<\/p>\n
\nIII<\/p>\n
\nA phase
\nIII, randomized, double-blind, placebo-controlled, 3-arm study to
\ninvestigate the safety and efficacy of efimosfermin alfa in
\nparticipants with biopsy-confirmed F2- or F3-stage metabolic
\ndysfunction-associated steatohepatitis (MASH)<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ4
\n2025<\/p>\n
\nRecruiting<\/p>\n
\nZENITH-2
\n(metabolic dysfunction-associated steatohepatitis)<\/p>\n
\n\u00a0<\/p>\n
\nNCT07221188<\/p>\n
\nIII<\/p>\n
\nA phase
\nIII, randomized, double-blind, placebo-controlled, 3-arm study to
\ninvestigate the safety and tolerability of efimosfermin alfa in
\nparticipants with known or suspected F2- or F3-stage metabolic
\ndysfunction-associated steatohepatitis (MASH)<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ4
\n2025<\/p>\n
\nRecruiting<\/p>\n
\nNEBULA-1
\n(metabolic dysfunction-associated steatohepatitis)<\/p>\n
\nNCT07701993<\/p>\n
\nIII<\/p>\n
\nA phase
\nIII, double-blind, 2-arm study to investigate the safety and
\nefficacy of efimosfermin alfa injection compared with placebo in
\nadult participants with compensated cirrhosis (stage F4 fibrosis)
\ndue to metabolic dysfunction-associated steatohepatitis
\n(MASH)<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ3
\n2026<\/p>\n
\nRecruiting<\/p>\n
\nNEBULA-2
\n(metabolic dysfunction-associated steatohepatitis)<\/p>\n
\nNCT07704892<\/p>\n
\nIII<\/p>\n
\nA phase
\nIII, two-part, double-blind, randomized, placebo-controlled study
\nto investigate the safety and efficacy of efimosfermin alfa
\ninjection in adult participants with biopsy-confirmed compensated
\ncirrhosis (stage F4 fibrosis) due to metabolic
\ndysfunction-associated steatohepatitis (MASH)<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ3
\n2026<\/p>\n
\nRecruiting<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Exdensur (depemokimab; ultra-long-acting
\nanti-IL5)<\/p>\n
Exdensur (depemokimab) is the first and only
\nultra-long-acting biologic to address severe asthma and chronic
\nrhinosinusitis with nasal polyps (CRSwNP). It is engineered to have
\nan extended half-life and high binding affinity and potency for
\nIL-5, enabling twice-yearly dosing.<\/p>\n
Exdensur is approved for the treatment of severe asthma and
\nCRSwNP in the EU, China, Japan and the UK, and for the treatment of
\nsevere asthma in the US.<\/p>\n
\nDepemokimab
\nis currently being evaluated in phase III trials for the treatment
\nof other diseases with underlying type 2 inflammation, including
\nOCEAN for eosinophilic granulomatosis with polyangiitis (EGPA) and
\nDESTINY for hypereosinophilic syndrome (HES). GSK has also
\ninitiated the ENDURA-1, ENDURA-2 and VIGILANT phase III trials
\nassessing the efficacy and safety of depemokimab as an add-on
\ntherapy in patients with uncontrolled moderate to severe COPD with
\ntype 2 inflammation.<\/p>\n
\nAt the
\n2026 American Thoracic Society (ATS) International Conference, GSK
\npresented data showing sustained efficacy over two years in
\npatients with severe asthma with type 2 inflammation, and results
\nfrom a new patient preference study showing patients prefer
\ntwice-yearly dosing.<\/p>\n
\n\u00a0<\/p>\n
\nKey
\nphase III trials for depemokimab:<\/p>\n
Trial name (population)<\/p>\n
Phase<\/p>\n
Design<\/p>\n
Timeline<\/p>\n
Status<\/p>\n
\nOCEAN
\n(EGPA)<\/p>\n
\n\u00a0<\/p>\n
\nNCT05263934<\/p>\n
\nIII<\/p>\n
\nA
\n52-week, randomised, double-blind, double-dummy, parallel-group,
\nmulti-centre, non-inferiority study to investigate the efficacy and
\nsafety of depemokimab compared with mepolizumab in adults with
\nrelapsing or refractory eosinophilic granulomatosis with
\npolyangiitis (EGPA) receiving standard of care therapy<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ3
\n2022<\/p>\n
\nActive,
\nnot recruiting<\/p>\n
\nDESTINY
\n(HES)<\/p>\n
\n\u00a0<\/p>\n
\nNCT05334368<\/p>\n
\nIII<\/p>\n
\nA
\n52-week, randomised, placebo-controlled, double-blind, parallel
\ngroup, multicentre trial of depemokimab in adults with uncontrolled
\nHES receiving standard of care therapy<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ3
\n2022<\/p>\n
\nRecruiting<\/p>\n
\nENDURA-1
\n(COPD)<\/p>\n
\nNCT06959095<\/p>\n
\nIII<\/p>\n
\nA
\nrandomised, double-blind, placebo- controlled, parallel-group,
\nmulticenter study of the efficacy and safety of depemokimab in
\nadult participants with COPD with type 2 inflammation<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ2
\n2025<\/p>\n
\nRecruiting<\/p>\n
\nENDURA-2
\n(COPD)<\/p>\n
\nNCT06961214<\/p>\n
\nIII<\/p>\n
\nA
\nrandomised, double-blind, placebo- controlled, parallel-group,
\nmulticenter study of the efficacy and safety of depemokimab in
\nadult participants with COPD with type 2 inflammation<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ2
\n2025<\/p>\n
\nRecruiting<\/p>\n
\nVIGILANT
\n(COPD)<\/p>\n
\nNCT07177339<\/p>\n
\nIII<\/p>\n
\nA
\nrandomised, double-blind, parallel group, placebo-controlled study
\nof the efficacy and safety of early depemokimab initiation as
\nadd-on treatment in COPD patients with type 2
\ninflammation<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ4
\n2025<\/p>\n
\nRecruiting<\/p>\n
\n\u00a0<\/p>\n
\n\u00a0<\/p>\n
Oncology<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Blenrep (belantamab
\nmafodotin)<\/p>\n
\nIn Q2,
\nGSK presented data for Blenrep at the 2026 American Society of
\nClinical Oncology (ASCO) Annual Meeting and the 31st European
\nHematology Association (EHA) Congress. These included long-term
\nresults from the DREAMM-7 and DREAMM-8 phase III clinical trials
\nshowing durable benefit versus standards of care in patients with
\nrelapsed or refractory multiple myeloma. In newly diagnosed
\ntransplant-ineligible multiple myeloma, results from the DREAMM-9
\nstudy provided new evidence to support the Blenrep frontline dosing strategy in
\nthe DREAMM-10 trial.<\/p>\n
\nGSK is
\ncontinuing the DREAMM (DRiving Excellence in Approaches to Multiple
\nMyeloma) clinical development programme to explore the full
\npotential of belantamab mafodotin, including in earlier lines of
\ntreatment. This includes DREAMM-10, a phase III clinical trial in
\nnewly diagnosed transplant-ineligible patients, who represent over
\n70% of patients starting multiple myeloma therapy.<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\nKey
\nphase III trials for Blenrep:<\/p>\n
Trial name (population)<\/p>\n
Phase<\/p>\n
Design<\/p>\n
Timeline<\/p>\n
Status<\/p>\n
\nDREAMM-7
\n(2L+ multiple myeloma; MM)<\/p>\n
\n\u00a0<\/p>\n
\nNCT04246047<\/p>\n
\nIII<\/p>\n
\nA
\nmulti-centre, open-label, randomised trial to evaluate the efficacy
\nand safety of the combination of belantamab mafodotin, bortezomib,
\nand dexamethasone (B-Vd) compared with the combination of
\ndaratumumab, bortezomib and dexamethasone (D-Vd) in participants
\nwith relapsed\/refractory multiple myeloma<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ2
\n2020<\/p>\n
\n\u00a0<\/p>\n
\nPrimary
\ndata reported:<\/p>\n
Q4 2023<\/p>\n
\nActive,
\nnot recruiting; primary endpoint met<\/p>\n
\nDREAMM-8
\n(2L+ MM)<\/p>\n
\n\u00a0<\/p>\n
\nNCT04484623<\/p>\n
\nIII<\/p>\n
\nA
\nmulti-centre, open-label, randomised trial to evaluate the efficacy
\nand safety of belantamab mafodotin in combination with pomalidomide
\nand dexamethasone (B-Pd) versus pomalidomide plus bortezomib and
\ndexamethasone (P-Vd) in participants with relapsed\/refractory
\nmultiple myeloma<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ4
\n2020<\/p>\n
\n\u00a0<\/p>\n
\nPrimary
\ndata reported:<\/p>\n
\nQ1
\n2024<\/p>\n
\nActive,
\nnot recruiting, primary endpoint met<\/p>\n
\nDREAMM-10
\n(1L MM)<\/p>\n
\nNCT06679101<\/p>\n
\nIII<\/p>\n
\nA
\nmulti-centre, open-label, randomised trial to evaluate the efficacy
\nand safety of belantamab mafodotin, lenalidomide and dexamethasone
\n(B-Rd) versus daratumumab, lenalidomide, and dexamethasone (D-Rd)
\nin participants with newly diagnosed multiple myeloma who are
\nineligible for autologous stem cell transplantation<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ4
\n2024<\/p>\n
\nRecruiting<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Jemperli (dostarlimab)<\/p>\n
\nIn June
\n2026, GSK presented new long-term analyses from the RUBY phase III
\ntrial at the 2026 American Society of Clinical Oncology (ASCO)
\nAnnual Meeting. This modelling data showed an estimated higher
\n‘cure’ rate (i.e., free of recurrence- and disease-related
\nmortality risk) for Jemperli plus chemotherapy in patients
\nwith dMMR\/MSI-H primary advanced or recurrent endometrial cancer
\ncompared to chemotherapy alone.<\/p>\n
\nIn July
\n2026, GSK announced interim positive headline results from the
\nphase II registrational single arm AZUR-1 trial investigating
\nJemperli in people with
\nstage II\/III dMMR\/MSI-H locally advanced rectal cancer. The trial
\nmet its primary objective, demonstrating a meaningful and sustained
\nclinical complete response rate at 12 months (cCR12). Jemperli has received both Breakthrough
\nTherapy and Fast Track designations from the US Food and Drug
\nAdministration (FDA) in this setting. GSK plans to share interim
\nAZUR-1 data with global regulatory authorities. Detailed results
\nwill be presented at a future scientific congress.<\/p>\n
Jemperli remains the foundation of GSK\u2019s
\nimmuno-oncology-based research and development programme. It is the
\nonly approved immuno-oncology-based plus carboplatin-paclitaxel
\n(CP) treatment regimen to demonstrate a statistically significant
\nand clinically meaningful overall survival benefit vs. CP alone for
\nthe first-line treatment of adult patients with primary advanced or
\nrecurrent endometrial cancer irrespective of biomarker status.
\nOngoing pivotal trials include those in the AZUR programme (colon \/
\nrectal cancers), JADE (head and neck cancer), and DOMENICA
\n(supported-collaborative study with ARCAGY-GINECO in endometrial
\ncancer).<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\nKey
\ntrials for Jemperli:<\/p>\n
Trial name (population)<\/p>\n
Phase<\/p>\n
Design<\/p>\n
Timeline<\/p>\n
Status<\/p>\n
\nRUBY
\n(1L stage III or IV endometrial cancer)<\/p>\n
\n\u00a0<\/p>\n
\nNCT03981796<\/p>\n
\nIII<\/p>\n
\nA
\nrandomised, double-blind, multi-centre trial of dostarlimab plus
\ncarboplatin-paclitaxel with and without niraparib maintenance
\nversus placebo plus carboplatin-paclitaxel in patients with
\nrecurrent or primary advanced endometrial cancer<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ3
\n2019<\/p>\n
\n\u00a0<\/p>\n
\nPart 1
\ndata reported:<\/p>\n
\nQ4
\n2022<\/p>\n
\n\u00a0<\/p>\n
\nPart 2
\ndata reported:<\/p>\n
\nQ4
\n2023<\/p>\n
\nActive,
\nnot recruiting; primary endpoints met<\/p>\n
\nGARNET
\n(advanced solid tumours)<\/p>\n
\n\u00a0<\/p>\n
\nNCT02715284<\/p>\n
\nI\/II<\/p>\n
\nA
\nmulti-centre, open-label, first-in-human trial evaluating
\ndostarlimab in participants with advanced solid tumours who have
\nlimited available treatment options<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ1
\n2016<\/p>\n
\n\u00a0<\/p>\n
\nPrimary
\ndata reported:<\/p>\n
\nQ1
\n2019<\/p>\n
\nActive,
\nnot recruiting<\/p>\n
\n\u00a0<\/p>\n
\n\u00a0<\/p>\n
\nKey
\ntrials for Jemperli
\ncontinued<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nAZUR-1
\n(stage II\/III rectal cancer)<\/p>\n
\n\u00a0<\/p>\n
\nNCT05723562<\/p>\n
\nII<\/p>\n
\nA
\nsingle-arm, open-label trial with dostarlimab monotherapy in
\nparticipants with untreated stage II\/III dMMR\/MSI-H locally
\nadvanced rectal cancer<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ1
\n2023<\/p>\n
\nActive,
\nnot recruiting<\/p>\n
\nAZUR-2
\n(untreated perioperative T4N0 or stage III colon
\ncancer)<\/p>\n
\nNCT05855200<\/p>\n
\nIII<\/p>\n
\nAn
\nopen-label, randomised trial of perioperative dostarlimab
\nmonotherapy versus standard of care in participants with untreated
\nT4N0 or stage III dMMR\/MSI-H resectable colon cancer<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ3
\n2023<\/p>\n
\nRecruiting<\/p>\n
\nJADE
\n(locally advanced unresected head and neck cancer)<\/p>\n
\nNCT06256588<\/p>\n
\nIII<\/p>\n
\nA
\nrandomised, double-blind, study to evaluate dostarlimab versus
\nplacebo as sequential therapy after chemoradiation in participants
\nwith locally advanced unresected head and neck squamous cell
\ncarcinoma<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ1
\n2024<\/p>\n
\nRecruiting<\/p>\n
\nDOMENICA*
\n(relapsed or advanced dMMR endometrial cancer)<\/p>\n
\nNCT05201547<\/p>\n
\n*supported-collaborative
\nstudy with ARCAGY-GINECO<\/p>\n
\nIII<\/p>\n
\nA
\nrandomized, multicentre study to evaluate the efficacy and safety
\nof dostarlimab versus carboplatin-paclitaxel in patients with dMMR
\nrelapsed or advanced endometrial cancer<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ2
\n2022<\/p>\n
\nActive,
\nnot recruiting<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Risvutatug rezetecan (Ris-Rez)<\/p>\n
\nGSK is
\nadvancing its B7-H3-targeted antibody-drug conjugate, risvutatug
\nrezetecan (Ris-Rez) through the EMBOLD global development programme
\nacross a range of solid tumours, including certain types of lung,
\nprostate and colorectal cancers.<\/p>\n
\nIn July
\n2026, GSK’s licensor Hansoh Pharma announced that ARTEMIS-008, its
\npivotal phase III trial evaluating Ris-Rez patients in China with
\nadvanced or relapsed small-cell lung cancer (SCLC), met its primary
\nendpoint of overall survival (OS), demonstrating statistically
\nsignificant and clinically meaningful improvements vs. standard of
\ncare topotecan. These are the first positive phase III OS data
\nreported for a B7-H3-targeted ADC in any tumour type. GSK holds
\nexclusive global rights to develop Ris-Rez outside mainland China,
\nHong Kong, Macau and Taiwan. GSK’s broad clinical development
\nprogramme includes studies in lung cancer, prostate cancer and
\nother solid tumours, including the global phase III EMBOLD SCLC-301
\ntrial in relapsed extensive-stage small-cell lung cancer (ES-SCLC)
\nwith pivotal data expected next year. This year, GSK plans to
\ninitiate additional phase III studies in lung and prostate
\ncancers.<\/p>\n
\nRegulatory
\ndesignations received for Ris-Rez to date include orphan drug
\ndesignations from the US FDA and Japan’s Ministry of Health, Labour
\nand Welfare in SCLC and the EMA in pulmonary neuroendocrine
\ncarcinoma (a category of cancer that includes SCLC), Priority
\nMedicines (PRIME) Designation from the EMA for relapsed or
\nrefractory ES-SCLC; and Breakthrough Therapy Designations for
\nrelapsed or refractory ES-SCLC and relapsed or refractory
\nosteosarcoma from the US FDA. These designations reflect the
\npotential of Ris-Rez to address significant unmet medical need
\nacross a range of cancers.<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\nKey
\nphase III trials for Ris-Rez:<\/p>\n
Trial name (population)<\/p>\n
Phase<\/p>\n
Design<\/p>\n
Timeline<\/p>\n
Status<\/p>\n
\nEMBOLD-SCLC-301<\/p>\n
\n\u00a0<\/p>\n
\nNCT07099898<\/p>\n
\nIII<\/p>\n
\nA
\nmulticenter, randomized, open-label study of risvutatug rezetecan
\ncompared with topotecan in participants with relapsed small cell
\nlung cancer<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ3
\n2025<\/p>\n
\nRecruiting<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Mocertatug rezetecan (Mo-Rez)<\/p>\n
\nGSK is
\nadvancing Mo-Rez, a B7-H4\u2013targeting antibody-drug conjugate,
\nthrough the global BEHOLD development programme across multiple
\ngynaecological cancer indications, where significant unmet need
\nremains. B7-H4 is an immune checkpoint that is widely expressed in
\novarian and endometrial cancers, and is low in normal tissues,
\nmaking it a promising target for clinical development.<\/p>\n
\nIn
\n2026, GSK plans to initiate five phase III pivotal trials across
\novarian and endometrial cancers. Two of these studies are now
\nunderway and actively recruiting patients: BEHOLD-Ovarian01 in
\nplatinum-resistant ovarian cancer and BEHOLD-Endometrial01 in
\nadvanced or recurrent endometrial cancer.<\/p>\n
\nThree
\nadditional phase III studies are expected to start later in 2026,
\nevaluating Mo-Rez in platinum-sensitive ovarian cancer
\n(BEHOLD-Ovarian02), in first-line maintenance ovarian cancer
\nwithout homologous recombination deficiency (BEHOLD-Ovarian03), and
\nin first line maintenance mismatch repair\u2013proficient
\nendometrial cancer (BEHOLD-Endometrial02).<\/p>\n
\nIn
\nApril 2026, GSK presented positive data for Mo-Rez from the global
\nphase I BEHOLD-1 study at the Society of Gynecologic Oncology (SGO)
\nAnnual Meeting on Women\u2019s Cancer. Mo-Rez demonstrated
\ncompelling efficacy in platinum-resistant ovarian cancer and in
\nrecurrent or advanced endometrial cancer. The response to Mo-Rez
\nobserved across a range of B7-H4 expression levels reinforces its
\nbroad potential in gynaecologic cancers and further validates the
\nrelevance of targeting B7-H4.<\/p>\n
\n\u00a0<\/p>\n
\nKey
\nphase III trials for Mo-Rez:<\/p>\n
Trial name (population)<\/p>\n
Phase<\/p>\n
Design<\/p>\n
Timeline<\/p>\n
Status<\/p>\n
\nBEHOLD-Ovarian-01<\/p>\n
\n\u00a0<\/p>\n
\nNCT07286226<\/p>\n
\nIII<\/p>\n
\nA
\nRandomized, Open-label, Multicenter, Phase III Study to Investigate
\nmocertatug rezetecan Compared With Chemotherapy in Participants
\nWith Platinum-resistant Ovarian Cancer<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ2
\n2026<\/p>\n
\nRecruiting<\/p>\n
\nBEHOLD-Endometrial-01<\/p>\n
\nNCT07286331<\/p>\n
\nIII<\/p>\n
\nA
\nRandomized, Open-label, Multicenter, Phase III Study to Investigate
\nmocertatug rezetecan Compared With Chemotherapy in Participants
\nWith Recurrent Endometrial Cancer<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ2
\n2026<\/p>\n
\nRecruiting<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Jideytro (zidesamtinib)<\/p>\n
Jideytro (zidesamtinib) is a ROS1 tyrosine kinase inhibitor
\n(TKI) designed to address key efficacy and tolerability challenges
\nof treating ROS1-positive non-small cell lung cancer (NSCLC). Its
\nnext-generation design aims to combine high target-selectivity,
\nbroad coverage of ROS1 resistance mutations and blood-brain barrier
\npenetration to address disease in the brain.<\/p>\n
\nIn July
\n2026, the US FDA approved zidesamtinib for the treatment of adult
\npatients with locally advanced or metastatic ROS1-positive
\nnon-small cell lung cancer (NSCLC) who received a prior ROS1 kinase
\ninhibitor. The FDA approval is based on results from the ARROS-1
\n(NCT05118789) global phase I\/II trial evaluating zidesamtinib in
\npatients with advanced ROS1 positive NSCLC and other ROS1-positive
\nsolid tumours.<\/p>\n
\nZidesamtinib
\ncontinues to be studied in ARROS-1, including in first-line
\ntreatment for patients who have not previously received a ROS1
\ninhibitor. Zidesamtinib is GSK’s first approved medicine in lung
\ncancer and was added to the portfolio through the acquisition of
\nNuvalent.<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\nKey
\ntrials for Jideytro:<\/p>\n
Trial name (population)<\/p>\n
Phase<\/p>\n
Design<\/p>\n
Timeline<\/p>\n
Status<\/p>\n
\nARROS-1
\n(ROS1+ non-small cell lung cancer and other solid tumours;
\nNSCLC)<\/p>\n
\nI\/II<\/p>\n
\nA study
\nof the highly selective ROS1 inhibitor zidesamtinib (NVL-520) in
\npatients with advanced NSCLC and other solid tumors<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ1
\n2022<\/p>\n
\nActive<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
neladalkib:<\/p>\n
\nNeladalkib
\nis an investigational ALK tyrosine kinase inhibitor (TKI) currently
\nunder review with the US FDA for use by patients with TKI
\npre-treated ALK-positive NSCLC, with PDUFA date anticipated in
\nNovember 2026.<\/p>\n
\nNeladalkib
\nwas previously granted US Breakthrough Therapy designation for the
\ntreatment of patients with locally advanced or metastatic
\nALK-positive NSCLC who have been previously treated with 2 or more
\nALK TKIs and Orphan Drug designation for ALK-positive
\nNSCLC.<\/p>\n
\nNeladalkib
\nwas designed to maintain activity against a broad range of ALK
\nresistance mutations, while minimising off-target activity and
\noptimising penetration into the central nervous system (CNS). The
\ndevelopment programme is intended to address key challenges in the
\ntreatment of ALK-positive NSCLC, including acquired resistance and
\nbrain metastases.<\/p>\n
\nThe
\nphase I\/II ALKOVE-1 study is ongoing in patients with advanced
\nALK-positive NSCLC and other solid tumours, and the phase III
\nALKAZAR trial is evaluating neladalkib versus alectinib in
\nfirst-line ALK-positive NSCLC.<\/p>\n
\n\u00a0<\/p>\n
\nKey
\ntrials for neladalkib:<\/p>\n
Trial name (population)<\/p>\n
Phase<\/p>\n
Design<\/p>\n
Timeline<\/p>\n
Status<\/p>\n
\nALKOVE-1
\n(ALK+ non-small cell lung cancer and other solid tumours;
\nNSCLC)<\/p>\n
\nI\/II<\/p>\n
\nA study
\nof neladalkib (NVL-655) in patients with advanced NSCLC and other
\nsolid tumors harboring ALK rearrangement or activating ALK
\nmutation<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ1
\n2023<\/p>\n
\nActive<\/p>\n
\nALKAZAR
\n(1L ALK+ non-small cell lung cancer; NSCLC)<\/p>\n
\nIII<\/p>\n
\nA phase
\nIII study of the selective anaplastic lymphoma kinase (ALK)
\ninhibitor NVL-655 compared to alectinib in first-line treatment of
\npatients with ALK-positive advanced non-small cell lung cancer
\n(NSCLC)<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ3
\n2025<\/p>\n
\nActive<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
HIV<\/p>\n
\u00a0<\/p>\n
\nAs a
\npioneer in long-acting injectables, ViiV Healthcare, majority owned
\nby GSK, remains focused on advancing the next-generation of
\nINSTI-powered HIV innovation. The differentiated HIV portfolio,
\ndeep long-acting expertise and late-stage pipeline, is expected to
\ndeliver sustained growth and significant launches through 2030 and
\nbeyond.<\/p>\n
\nFor 3x
\na year treatment, the phase III CUATRO registrational study began
\nin Q2 and remains on track to launch in 2028. For 3x a year for
\nPrEP, the phase IIb registrational EXTEND4M study is progressing,
\nwith data expected in H2 2026 and launch in H1 2027.<\/p>\n
\n\u00a0<\/p>\n
\nKey HIV
\ntrials:<\/p>\n
Trial name (population)<\/p>\n
Phase<\/p>\n
Design<\/p>\n
Timeline<\/p>\n
Status<\/p>\n
\nEXTEND
\n4M (HIV)<\/p>\n
\nNCT06741397<\/p>\n
\nIIb<\/p>\n
\nPhase
\nIIb open label, single arm, repeat dose study to investigate the
\nsafety, tolerability and pharmacokinetics (PK) of a new CAB
\nformulation administered intramuscularly every four months in
\nparticipants at risk of acquiring HIV-1.<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ4
\n2024<\/p>\n
\nActive,
\nnot recruiting<\/p>\n
\nEMBRACE
\n(HIV)<\/p>\n
\nNCT05996471<\/p>\n
\nIIb<\/p>\n
\nThe
\nstudy aims at evaluating the efficacy of VH3810109, dosed in
\naccordance with the dosing schedule as either intravenous (IV)
\ninfusion or subcutaneous (SC) infusion with recombinant
\nhyaluronidase (rHuPH20), in combination with cabotegravir (CAB)
\nintramuscular (IM) dosed in accordance with the dosing schedule in
\nvirologically suppressed, Antiretroviral therapy (ART)-experienced
\nadult participants living with HIV.<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ3
\n2023<\/p>\n
\nActive,
\nnot recruiting<\/p>\n
\nCUATRO
\n(HIV)<\/p>\n
\nNCT07650916<\/p>\n
\nIII<\/p>\n
\nA phase
\nIII, randomized, multicenter, parallel-group, non-inferiority,
\nopen-label study evaluating the efficacy, safety, and tolerability
\nof new CAB and rilpivirine formulations in adults and adolescents
\nwith HIV who are virologically suppressed on ART<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ2
\n2026<\/p>\n
\nActive,
\nnot recruiting<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Infectious Diseases<\/p>\n
\u00a0<\/p>\n
Arexvy (respiratory
\nsyncytial virus vaccine, adjuvanted)<\/p>\n
\nGSK
\ncontinues to progress the life-cycle innovation of Arexvy, its Respiratory Syncytial Virus
\n(RSV) vaccine for adults, with expanded indications in new
\npopulations and geographies.<\/p>\n
\nThe
\nvaccine is approved for the prevention of lower respiratory tract
\ndisease (LRTD) caused by RSV in adults aged 60 years of age and
\nolder in over 70 countries. It is also approved for use in adults
\naged 50\u201359 at increased risk (AIR) for LRTD caused by RSV due
\nto certain underlying medical conditions in over 60 countries,
\nincluding the US and Japan. In the US, it is approved for use in
\nadults aged 18\u201349 years AIR and in the European Economic Area
\nfor adults aged 18 years and older. Arexvy is not for use in pregnant
\nindividuals.<\/p>\n
\nIn May,
\nthe Japanese Ministry of Health, Labour and Welfare (MHLW) expanded
\nthe eligible population for Arexvy to include adults aged 18 to 49
\nyears AIR for RSV disease. The prescribing information for
\nArexvy in Japan was also
\nupdated to explicitly include immuno-compromised (IC) patients as
\nan increased risk group. Arexvy is approved for use in IC adults
\naged 18 years and older in the European Economic Area and US FDA
\nreview in this population is ongoing with a decision expected this
\nyear.<\/p>\n
\nChina\u2019s
\nCenter for Drug Evaluation (CDE) is reviewing a regulatory
\napplication for Arexvy for
\nthe prevention of LRTD caused by RSV in adults aged 60 years and
\nolder. A decision is expected in 2027.<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\nKey
\ntrials for Arexvy:<\/p>\n
Trial name (population)<\/p>\n
Phase<\/p>\n
Design<\/p>\n
Timeline<\/p>\n
Status<\/p>\n
\nRSV
\nOA=ADJ-004<\/p>\n
\n(Adults
\naged \u226560 years)<\/p>\n
\n\u00a0<\/p>\n
\nNCT04732871<\/p>\n
\nIII<\/p>\n
\nA
\nrandomised, open-label, multi-country trial to evaluate the
\nimmunogenicity, safety, reactogenicity and persistence of a single
\ndose of the RSVPreF3 OA investigational vaccine and different
\nrevaccination schedules in adults aged 60 years and
\nabove<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ1
\n2021<\/p>\n
\n\u00a0<\/p>\n
\nPrimary
\ndata reported:<\/p>\n
\nQ2
\n2022<\/p>\n
\nActive,
\nnot recruiting; primary endpoint met<\/p>\n
\nRSV
\nOA=ADJ-012<\/p>\n
\n(Adults
\naged \u226560 years )<\/p>\n
\nNCT06534892<\/p>\n
\nIIIb<\/p>\n
\nAn
\nextension and crossover vaccination study on the immune response
\nand safety of a vaccine against Respiratory Syncytial Virus given
\nto adults 60 years of age and above who participated in RSV
\nOA=ADJ-006 study<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ3
\n2024<\/p>\n
\nActive,
\nnot recruiting<\/p>\n
\nRSV
\nOA=ADJ-031<\/p>\n
\n(Immunocompromised
\nadults aged \u226518 years)<\/p>\n
\nNCT07092865<\/p>\n
\nII<\/p>\n
\nA
\nnon-randomized, controlled, open-label, extension study to evaluate
\nthe persistence of immune response of the adjuvanted RSVPreF3
\nvaccine and the safety and immunogenicity following revaccination
\nin lung and kidney transplant recipients (aged 18 years and
\nabove)<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ3
\n2025<\/p>\n
\nRecruiting<\/p>\n
\nRSV
\nOA=ADJ-028<\/p>\n
\n(Adults
\n18 to 59 years of age at increased risk for RSV
\ndisease)<\/p>\n
\nNCT07220109<\/p>\n
\nIII<\/p>\n
\nA
\nrandomized, controlled, observer blind, immuno-bridging study to
\nevaluate immunogenicity, reactogenicity and safety of a single dose
\nof the RSVPreF3 OA investigational vaccine in Chinese adults 18-59
\nyears of age at increased risk of RSV Disease<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ4
\n2025<\/p>\n
\nRecruiting<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
bepirovirsen (HBV ASO)<\/p>\n
\nBepirovirsen
\nis a triple-action antisense oligonucleotide with the potential to
\nbe a first in class new treatment option for people with chronic
\nhepatitis B (CHB). It is designed to inhibit the replication of
\nviral DNA in the body, suppress the level of hepatitis B surface
\nantigen (HBsAg) in the blood, and stimulate the immune system to
\nincrease the chances of a durable and sustained
\nresponse.<\/p>\n
\nIn May
\n2026, GSK presented positive results from its two pivotal phase III
\ntrials, B-Well 1 and B-Well 2, at the European Association for the
\nStudy of the Liver (EASL) conference, with simultaneous publication
\nin the New England Journal of Medicine. Pooled data from both
\ntrials showed that 6-month treatment with bepirovirsen achieved a
\nstatistically significant and clinically meaningful functional cure
\nrate, meeting the primary endpoint. In a key secondary endpoint, a
\nhigher rate of functional cure rate was achieved in participants
\nwith \u22641000 IU\/ml HBsAg level. Functional cure occurs when the
\nhepatitis B virus DNA and HBsAg are undetectable in the blood for
\nat least 6 months after stopping all treatment, indicating the
\ndisease is controlled by the immune system without
\nmedication.<\/p>\n
\nRegulatory
\nreview is ongoing in the US with a decision expected from the FDA
\nby 26 October 2026. Reviews are also underway in Japan, China and
\nthe EU with further submissions to take place throughout 2026. If
\napproved, bepirovirsen has the potential to become the first
\nfinite, six-month therapeutic option for CHB.<\/p>\n
\nBepirovirsen
\nhas been recognised by global regulatory authorities for its
\ninnovation and potential to address significant unmet need in CHB,
\nwith a Fast Track and Breakthrough Therapy designations from the US
\nFDA, Breakthrough Therapy designation in China and SENKU
\ndesignation in Japan.<\/p>\n
\nTo
\nfurther expand development of novel sequential regimens, GSK
\nentered an agreement for an exclusive worldwide license to develop
\nand commercialise daplusiran\/tomligisiran (GSK5637608, formerly
\nJNJ-3989), an investigational hepatitis B virus-targeted small
\ninterfering ribonucleic acid (siRNA) therapeutic. This agreement
\nprovides an opportunity to investigate a novel sequential regimen
\nto pursue functional cure in an even broader patient population
\nwith bepirovirsen. Phase IIb trials for this sequential therapy
\nstarted in Q4 2024.<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\nKey
\ntrials for bepirovirsen:<\/p>\n
Trial name (population)<\/p>\n
Phase<\/p>\n
Design<\/p>\n
Timeline<\/p>\n
Status<\/p>\n
\nB-Well
\n1 bepirovirsen in nucleos(t)ide treated patients (chronic hepatitis
\nB)<\/p>\n
\nNCT05630807<\/p>\n
\nIII<\/p>\n
\nA
\nmulti-centre, randomised, double-blind, placebo-controlled trial to
\nconfirm the efficacy and safety of treatment with bepirovirsen in
\nparticipants with chronic hepatitis B virus<\/p>\n
\nTrial
\nStart:<\/p>\n
\nQ1
\n2023<\/p>\n
\nCompleted;
\nprimary endpoint met<\/p>\n
\nB-Well
\n2 bepirovirsen in nucleos(t)ide treated patients (chronic hepatitis
\nB)<\/p>\n
\n\u00a0<\/p>\n
\nNCT05630820<\/p>\n
\nIII<\/p>\n
\nA
\nmulti-centre, randomised, double-blind, placebo-controlled trial to
\nconfirm the efficacy and safety of treatment with bepirovirsen in
\nparticipants with chronic hepatitis B virus<\/p>\n
\nTrial
\nStart:<\/p>\n
\nQ1
\n2023<\/p>\n
\nCompleted;
\nprimary endpoint met<\/p>\n
\nB-United
\nbepirovirsen sequential therapy with daplusiran\/tomligisiran in
\nnucleos(t)ide treated patients (chronic hepatitis B)<\/p>\n
\nNCT06537414<\/p>\n
\nIIb<\/p>\n
\nA
\nmulti-centre, randomized, partially placebo-controlled,
\ndouble-blind study to investigate the safety and efficacy of
\nsequential therapy with daplusiran\/tomligisiran followed by
\nbepirovirsen in participants with chronic hepatitis B virus on
\nbackground nucleos(t)ide analogue therapy<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ4
\n2024<\/p>\n
\nActive,
\nnot recruiting<\/p>\n
\nB-Sure
\nLong-term Follow-up Study to Evaluate Durability of Treatment
\nResponse in Previous Bepirovirsen Study Participants<\/p>\n
\nNCT04954859<\/p>\n
\nII<\/p>\n
\nA
\nglobal multi-center, long-term follow-up study to assess durability
\nof efficacy, as measured by maintenance of treatment response from
\nthe parent study, in participants who participated in a previous
\nbepirovirsen study and achieved a complete or partial response.
\nEligible participants will be enrolled in this study after
\ncompleting the end of study (EoS) visit in one of five parent
\nbepirovirsen studies.<\/p>\n
\nTrial
\nStart: Q1 2021<\/p>\n
\nRecruiting<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Utebzi (tebipenem
\nHBr)<\/p>\n
\nGSK has
\nan exclusive licence agreement with Spero Therapeutics, Inc. for
\nthe development of tebipenem HBr (oral carbapenem antibiotic). In
\nJune 2026, the US FDA approved Utebzi for the treatment of complicated
\nurinary tract infections (cUTIs) including pyelonephritis, caused
\nby certain susceptible pathogens in adult patients who have limited
\nor no alternative oral treatment options. This is the first and
\nonly oral carbapenem antibiotic approved for these patients, adding
\nto GSK\u2019s innovative anti-infectives portfolio and helping
\naddress the challenges of antimicrobial resistance
\n(AMR).<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\nKey
\nphase III trials for tebipenem HBr:<\/p>\n
Trial name (population)<\/p>\n
Phase<\/p>\n
Design<\/p>\n
Timeline<\/p>\n
Status<\/p>\n
\nPIVOT-PO
\n(complicated urinary tract infections)<\/p>\n
\nNCT06059846<\/p>\n
\nIII<\/p>\n
\nA
\nrandomised, double-blind, double-dummy, multi-centre study to
\nassess the efficacy and safety of orally administered tebipenem
\npivoxil hydrobromide compared to intravenously administered
\nimipenem-cilastatin in patients with complicated urinary tract
\ninfection (cUTI) or acute pyelonephritis (AP)<\/p>\n
\nTrial
\nstart:<\/p>\n
\nQ4
\n2023<\/p>\n
\n\u00a0<\/p>\n
\nData
\nreported:<\/p>\n
\nQ2
\n2025<\/p>\n
\nCompleted;
\nprimary endpoint met<\/p>\n
\n\u00a0<\/p>\n
Principal risks and uncertainties<\/p>\n
\n\u00a0<\/p>\n
\nThe
\nprincipal risks and uncertainties affecting the Group for 2026 are
\nthose described under the headings below. These are not listed in
\norder of significance. In our December 2025 annual risk review, the
\nAudit & Risk Committee agreed our principal and emerging risks
\nand risk factors for 2026. Our existing principal risks remain
\nrelevant, with minor definition updates. Additionally, we agreed
\nthe following:<\/p>\n
\u00a0<\/p>\n
\n\u25cf<\/p>\n
\nGeopolitical
\nand regulatory environment will be elevated to a new principal risk
\nin 2026 given the potential impact to our strategy. This risk will
\ncontinue to be overseen by the ExCom.<\/p>\n
\n\u25cf<\/p>\n
\nCapability,
\nskills and workforce planning will be elevated to a new risk factor
\nin 2026 given its relevance to our strategy for focused attention.
\nThis risk will continue to be managed through a central HR
\nframework, embedded across our businesses.<\/p>\n
\n\u25cf<\/p>\n
\nClimate
\nchange will continue to be a risk factor overseen by our
\nSustainability Council in 2026.<\/p>\n
\n\u25cf<\/p>\n
\nWe will
\ncontinue to embed the opportunities and risks related to
\nthird-party relationships and artificial intelligence into our
\nprincipal risks, ensuring that risk assessments are comprehensive
\nand integrated, and enabling effective mitigating
\nactions.<\/p>\n
\n\u00a0<\/p>\n
\nWe will
\nmaintain monitoring of the external landscape and make sure we
\nadequately address any new emerging risks within our existing risk
\nmanagement governance.<\/p>\n
\nWe also
\ninclude disclosures of our 2026 additional risk factors – risks
\nthat are not at the materiality threshold of principal risks –
\ncapability, skills and workforce planning and climate change –
\nbelow.<\/p>\n
\nWe
\ndescribe our risk management process on pages 63-65 of our 2025
\nAnnual Report, along with more detailed information on our risks,
\nincluding definitions, potential impact, context and mitigation
\nactivities as set out on pages 66-68 and 289-304 of our 2025 Annual
\nReport.<\/p>\n
\nOther
\nbusiness risks related to Responsible Business which are not at the
\nlevel of principal risks, including environmental sustainability,
\nare managed through our six focus areas, as described in our 2025
\nResponsible Business Performance Report. There is additional
\ninformation on climate-related risk management in our
\nclimate-related financial disclosure on pages 69-76.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
2026 Principal Risks<\/p>\n
Enterprise Risk Title<\/p>\n
Definition<\/p>\n
\nPatient
\nsafety<\/p>\n
\nThe
\nrisk that GSK, including our third parties, fails to appropriately
\ncollect, assess, follow up, or report human safety information,
\nincluding adverse events, from all potential sources or that GSK
\npotentially fails to appropriately act on any relevant findings
\nthat may affect the benefit-risk profile of a medicine or vaccine
\nin a timely manner.<\/p>\n
\nProduct
\nquality<\/p>\n
\nThe
\nrisk that GSK or its third parties potentially fail to ensure
\nappropriate controls and governance of quality for development and
\ncommercial products are in place; compliance with industry
\npractices and regulations in manufacturing and distribution
\nactivities; and terms of GSK product licenses and supporting
\nregulatory activities are met.<\/p>\n
\nFinancial
\ncontrols and reporting<\/p>\n
\nThe
\nrisk that GSK fails to report accurate financial information in
\ncompliance with accounting standards and applicable legislation;
\nfails to comply with current tax laws or incurs significant losses
\ndue to treasury activities.<\/p>\n
\nLegal
\nmatters<\/p>\n
\nThe
\nrisk that GSK or our third parties potentially fail to comply with
\ncertain legal requirements for the development and management of
\nour pipeline, supply and commercialisation of our products and
\noperation of business, and specifically in relation to requirements
\nfor competition law, anti-bribery and corruption, outgoing fraud,
\nand sanctions. Any failure to meet compliance and legal standards
\nfor these particular areas could lead to increasing scrutiny and
\nenforcement from government agencies.<\/p>\n
\nCommercial
\npractices<\/p>\n
\nThe
\nrisk that GSK or our third parties potentially engage in commercial
\nactivities that fail to comply with laws, regulations, industry
\ncodes, and internal controls and requirements.<\/p>\n
\nScientific
\nand patient engagement<\/p>\n
\nThe
\nrisk that GSK or our third parties potentially fail to engage
\nexternally to gain insights, educate and communicate on the science
\nof our medicines and associated disease areas, and provide
\nhealthcare and patient support, grants and donations in a
\nlegitimate and transparent manner compliant with laws, regulations,
\nindustry codes and internal controls and requirements.<\/p>\n
\nData
\nethics and privacy<\/p>\n
\nThe
\nrisk that GSK or our third parties potentially fail to ethically
\ncollect; use; re-use through artificial intelligence, data
\nanalytics or automation; secure; share and destroy personal
\ninformation in accordance with laws, regulations, and internal
\ncontrols.<\/p>\n
\nResearch
\npractices<\/p>\n
\nThe
\nrisk that GSK or our third parties potentially fail to adequately
\nconduct ethical and credible pre-clinical and clinical research,
\ncollaborate in research activities compliant with laws,
\nregulations, and internal controls and requirements.<\/p>\n
\nEnvironment,
\nhealth and safety (EHS)<\/p>\n
\nThe
\nrisk that GSK or our third parties potentially fail to ensure
\nappropriate controls and governance of the organization’s assets,
\nfacilities, infrastructure, and business activities, including
\nexecution of hazardous activities, handling of hazardous materials,
\nor release of substances harmful to the environment that disrupts
\nsupply or harms employees, third parties or the
\nenvironment.<\/p>\n
\n\u00a0<\/p>\n
2026 Principal Risks continued<\/p>\n
Enterprise Risk Title<\/p>\n
Definition<\/p>\n
\nInformation
\nand cyber security<\/p>\n
\nThe
\nrisk that GSK or our third parties fail to ensure appropriate
\ncontrols and governance to identify, protect, detect, respond, and
\nrecover from cyber security incidents in accordance with applicable
\nlaws, regulations, industry standards, internal controls, and
\nrequirements.<\/p>\n
\nSupply
\ncontinuity<\/p>\n
\nThe
\nrisk that GSK or our third parties potentially fail to deliver a
\ncontinuous supply of compliant finished product or respond
\neffectively to a crisis incident in a timely manner to recover and
\nsustain critical supply operations.<\/p>\n
\nPipeline
\ndelivery<\/p>\n
\nThe
\nrisk that GSK fails or has delay in the delivery of our pipeline of
\nnew medicines, vaccines or other products.<\/p>\n
\nGeopolitical
\nand regulatory environment<\/p>\n
\nThe
\nrisk that GSK fails to adapt to the pace of change in rising
\nexternal factors that may influence pricing, reimbursement,
\naffordability, market entry, access and competitive pressures, such
\nas protectionist measures, changes in government spending,
\nlegislative or policy measures to influence change such as trade
\nrestrictions or tariffs, healthcare reform, evolving approval or
\nlabel change processes, changes to country immunisation schedules,
\nor decisions that may differ from standard procedures or scientific
\ndata, that may negatively affect our operations.<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
2026 Additional Risk Factors<\/p>\n
Risk Factor Title<\/p>\n
Definition<\/p>\n
\nCapability,
\nskills and workforce planning<\/p>\n
\nThe
\nrisk that GSK potentially fails to ensure adequate capability,
\nskills and workforce planning to enable delivery of our strategic
\npriorities.<\/p>\n
\nClimate
\nchange<\/p>\n
\nFailure
\nin the management of: \u2013 Physical climate and environmental
\nrisks; \u2013 Current and future regulatory requirements for
\nenvironmental compliance, disclosure and taxes; \u2013 Delivery
\nand performance of management environmental objectives leading to:
\nreduced supply chain resilience; product life cycle management
\nissues; loss of trust\/reputation with employees, investors,
\ncustomers, regulators and other stakeholders, increased costs; loss
\nof sales or market access; negative impacts on the
\nenvironment.<\/p>\n
\n\u00a0<\/p>\n
Reporting definitions<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
CAGR (Compound annual growth rate)<\/p>\n
\u00a0<\/p>\n
\nCAGR is
\ndefined as the compound annual growth rate and shows the annualised
\naverage rate for growth in sales and core operating profit between
\n2021 to 2026, assuming growth takes place at an exponentially
\ncompounded rate during those years.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
CER and AER growth<\/p>\n
\u00a0<\/p>\n
\nIn
\norder to provide investors with a measure of year-on-year growth
\nexcluding the impact of exchange rate movements, it is the
\nGroup\u2019s practice to discuss its results in terms of constant
\nexchange rate (CER) growth. This represents growth calculated as if
\nthe exchange rates used to determine the results of overseas
\ncompanies in Sterling had remained unchanged from those used in the
\ncomparative period. CER% represents growth at constant exchange
\nrates. For those countries which qualify as hyperinflationary as
\ndefined by the criteria set out in IAS 29 \u2018Financial
\nReporting in Hyperinflationary Economies\u2019 (Argentina and
\nTurkey) CER growth is adjusted using a more appropriate exchange
\nrate where the impact is significant, reflecting depreciation of
\ntheir respective currencies in order to provide comparability and
\nnot to distort CER growth rates.<\/p>\n
\u00a0<\/p>\n
\nAER%
\nrepresents growth at actual exchange rates.<\/p>\n
\n\u00a0<\/p>\n
Core Earnings per share<\/p>\n
\u00a0<\/p>\n
\nUnless
\notherwise stated, Core earnings per share refers to Core basic
\nearnings per share.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Core Operating Margin<\/p>\n
\nCore
\nOperating margin is Core operating profit divided by turnover. Core
\noperating profit is a key financial measure used by management to
\nevaluate performance.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Free cash flow<\/p>\n
\nFree
\ncash flow is defined as the net cash inflow\/outflow from operating
\nactivities less capital expenditure on property, plant and
\nequipment and intangible assets, contingent consideration payments,
\nnet finance costs, and distributions to non-controlling interests,
\ncontributions from non-controlling interests plus proceeds from the
\nsale of property, plant and equipment and intangible assets, and
\ndividends received from joint ventures and associates. Free cash
\nflow provides investors with a measure of cash flows that are
\navailable to pay shareholder distributions and to fund strategic
\nacquisitions. It is used by management for planning and reporting
\npurposes and in discussions with and presentations to investment
\nanalysts and rating agencies. Free cash flow growth is calculated
\non a reported basis. A reconciliation of net cash inflow from
\noperations to free cash flow from operations is set out on page
\n34.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Free cash flow conversion<\/p>\n
\nFree
\ncash flow conversion is free cash flow from operations as a
\npercentage of profit attributable to shareholders. Free cash flow
\nconversion provides investors with a measure of turning profit into
\ncash.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
General Medicines<\/p>\n
\nGeneral
\nMedicines are usually prescribed in the primary care or community
\nsettings by general healthcare practitioners. For GSK, this
\nincludes medicines for inhaled respiratory, dermatology,
\nantibiotics and other diseases.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Non-controlling interest (NCI)<\/p>\n
\nNon-controlling
\ninterest is the equity in a subsidiary not attributable, directly
\nor indirectly, to a parent.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Percentage points<\/p>\n
\nPercentage
\npoints of growth which is abbreviated to ppts.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
RAR (Returns and Rebates)<\/p>\n
\nGSK
\nsells to customers both commercial and government mandated
\ncontracts with reimbursement arrangements that include rebates,
\nchargebacks and a right of return for certain pharmaceutical
\nproducts principally in the US. Revenue recognition reflects
\ngross-to-net sales adjustments as a result. These adjustments are
\nknown as the RAR accruals and are a source of significant
\nestimation uncertainty and fluctuation which can have a material
\nimpact on reported revenue from one accounting period to the
\nnext.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Risk adjusted sales<\/p>\n
\nPipeline
\nrisk-adjusted sales are based on the latest internal estimate of
\nthe probability of technical and regulatory success for each asset
\nin development.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Specialty Medicines<\/p>\n
\nSpecialty
\nMedicines are typically prescription medicines used to treat
\ncomplex or rare chronic conditions. For GSK, this comprises
\nmedicines for infectious diseases, HIV, Respiratory, Immunology
\n& Inflammation, and Oncology.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Total Net debt<\/p>\n
\nNet
\ndebt is defined as total borrowings less cash, cash equivalents,
\nliquid investments, and short-term loans to third parties that are
\nsubject to an insignificant risk of change in value. The measure is
\nused by management as it is considered a good indicator of GSK’s
\nability to meet its financial commitments and the strength of its
\nbalance sheet (including those classified as assets held for sale
\nand liabilities relating to assets held for sale).<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Total and Core results<\/p>\n
\nTotal
\nreported results represent the Group\u2019s overall performance.
\nGSK uses a number of non-IFRS measures to report the performance of
\nits business. Core results and other non-IFRS measures may be
\nconsidered in addition to, but not as a substitute for or superior
\nto, information presented in accordance with IFRS. Core results are
\ndefined on page 14 and other non-IFRS measures are defined in pages
\n50 and 51.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Total Operating Margin<\/p>\n
\nTotal
\nOperating margin is Total operating profit divided by
\nturnover.<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Total Earnings per share<\/p>\n
\nUnless
\notherwise stated, Total earnings per share refers to Total basic
\nearnings per share.<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Working capital<\/p>\n
\nWorking
\ncapital represents inventory and trade receivables less trade
\npayables.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Year to date<\/p>\n
\nYear to
\ndate is the six-month period in the year to 30 June 2026 or the
\nsame prior period in 2025 as appropriate.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Guidance and Outlooks, assumptions and cautionary
\nstatements<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
2026 Guidance<\/p>\n
\nGSK
\nreaffirms its full-year 2026 guidance at constant exchange rates
\n(CER), with further specificity provided.<\/p>\n
\nGSK
\nexpects its turnover to increase between 3% to 5%, at the upper
\nhalf of the range, and Core operating profit to increase between 7%
\nto 9%, at the upper half of the range. Core earnings per share is
\nexpected to increase between 7% to 9%, at the lower half of the
\nrange.<\/p>\n
\u00a0<\/p>\n
\nThe
\nGroup has made planning assumptions that we expect turnover for
\nSpecialty Medicines to increase by a low double-digit percentage,
\nVaccines to be broadly stable to an increase at a low-single digit
\npercentage, and General Medicines to decline by a mid-single digit
\nto low single-digit percentage.<\/p>\n
\u00a0<\/p>\n
2021-2026 and 2031 Outlooks<\/p>\n
\nIn
\nFebruary 2025 GSK set out improved outlooks for 2031 which are
\ndetailed in the 2024 full year and fourth quarter results on
\ngsk.com(1).<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Assumptions and basis of preparation related to 2026 Guidance,
\n2021-26 and 2031 Outlooks<\/p>\n
\nIn
\noutlining the guidance for 2026, and outlooks for the period
\n2021-26 and for 2031, the Group has made certain assumptions about
\nthe macro-economic environment, the healthcare sector (including
\nregarding existing and possible additional governmental legislative
\nand regulatory reform), the different markets and competitive
\nlandscape in which the Group operates and the delivery of revenues
\nand financial benefits from its current portfolio, its development
\npipeline and restructuring programmes, including the Accelerate
\nGrowth programme as outlined on page 3.<\/p>\n
\u00a0<\/p>\n
\nAs
\npreviously announced, on 19 December 2025, GSK entered into an
\nagreement with the US Administration to lower the cost of
\nprescription medicines for American patients, which, once fully
\nimplemented, would exclude both GSK and ViiV Healthcare from
\nSection 232 tariffs for three years. On 9 April 2026, GSK, ViiV
\nHealthcare, and the US Government entered into a definitive
\nagreement reflecting Section 232 tariff relief through 20 January
\n2029 (subject to final implementation). As part of that
\nimplementation, GSK and ViiV Healthcare each signed a Generous
\nModel Manufacturer Participation Agreement with the Centers for
\nMedicare and Medicaid Services effective 15 June 2026. With these
\nagreements GSK and ViiV Healthcare have committed certain products
\nto participate in the voluntary Generous Model, and it is
\nanticipated that supplemental rebate agreements with interested US
\nstates will be signed on or before 1 October 2026. Our full year
\nguidance is inclusive of the expected impact of these
\nagreements.<\/p>\n
\u00a0<\/p>\n
2026 Guidance<\/p>\n
\nThese
\nplanning assumptions as well as operating profit, earnings per
\nshare guidance and dividend expectations assume no material
\ninterruptions to supply of the Group\u2019s products, no material
\nmergers, acquisitions or disposals, no material litigation or
\ninvestigation costs for the Company (save for those that are
\nalready recognised or for which provisions have been made) and no
\nchange in the Group\u2019s shareholdings in ViiV Healthcare. The
\nassumptions also assume no material changes in the healthcare
\nenvironment or unexpected significant changes in pricing or trade
\npolicies, including tariffs (except as noted above), as a result of
\ngovernment or competitor action. The 2026 guidance factors in all
\ndivestments and product exits announced to date.<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
2021-26 and 2031 Outlooks<\/p>\n
\nThe
\nassumptions for GSK\u2019s revenue, Core operating profit, Core
\noperating margin and cash flow outlooks, 2031 revenue outlook and
\nmargin expectations through dolutegravir loss of exclusivity assume
\nthe delivery of revenues and financial benefits from its current
\nand development pipeline portfolio of medicines and vaccines (which
\nhave been assessed for this purpose on a risk-adjusted basis, as
\ndescribed further below); regulatory approvals of the pipeline
\nportfolio of medicines and vaccines that underlie these
\nexpectations (which have also been assessed for this purpose on a
\nrisk-adjusted basis, as described further below); no material
\ninterruptions to supply of the Group\u2019s products; successful
\ndelivery of the ongoing and planned integration and restructuring
\nplans, including the Accelerate Growth programme as outlined on
\npage 3; no material mergers, acquisitions or disposals or other
\nmaterial business development transactions; no material litigation
\nor investigation costs for the Company (save for those that are
\nalready recognised or for which provisions have been made); and no
\nchange in the Group’s shareholdings in ViiV Healthcare. GSK assumes
\nno premature loss of exclusivity for key products over the
\nperiod.<\/p>\n
\u00a0<\/p>\n
\nThe
\nassumptions for GSK\u2019s revenue, Core operating profit, Core
\noperating margin and cash flow outlooks, 2031 revenue outlook and
\nmargin expectations through dolutegravir loss of exclusivity also
\nfactor in all divestments and product exits announced to date as
\nwell as material costs for investment in new product launches and
\nR&D. Risk-adjusted sales includes sales for potential planned
\nlaunches which are risk-adjusted based on the latest internal
\nestimate of the probability of technical and regulatory success for
\neach asset in development.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nNotwithstanding
\nour guidance, outlooks and expectations, there is still uncertainty
\nas to whether our assumptions, guidance, outlooks and expectations
\nwill be achieved.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nAll
\noutlook statements are given on a constant currency basis and use
\n2025 average exchange rates as a base (\u00a31\/$1.31,
\n\u00a31\/\u20ac1.17, \u00a31\/Yen 198).<\/p>\n
\u00a0<\/p>\n
\n(1)\u00a0https:\/\/www.gsk.com\/media\/slrhnzie\/fy-2024-results-announcement.pdf<\/p>\n
\n\u00a0<\/p>\n
Assumptions and cautionary statement regarding forward-looking
\nstatements<\/p>\n
\nThe
\nGroup\u2019s management believes that the assumptions outlined
\nabove are reasonable, and that the guidance, outlooks, and
\nexpectations described in this report are achievable based on those
\nassumptions. However, given the forward-looking nature of these
\nguidance, outlooks, and expectations, they are subject to greater
\nuncertainty, including potential material impacts if the above
\nassumptions are not realised, and other material impacts related to
\nforeign exchange fluctuations, macro-economic activity, the impact
\nof outbreaks, epidemics or pandemics, changes in legislation,
\nregulation, government actions and policies, including the impact
\nof any potential tariffs or other restrictive trade policies on the
\nGroup’s products, or intellectual property protection, product
\ndevelopment and approvals, actions by our competitors, and other
\nrisks inherent to the industries in which we operate.<\/p>\n
\nThis
\ndocument contains statements that are, or may be deemed to be,
\n\u201cforward-looking statements\u201d. Forward-looking
\nstatements give the Group\u2019s current expectations or forecasts
\nof future events. An investor can identify these statements by the
\nfact that they do not relate strictly to historical or current
\nfacts. They use words such as ‘aim’, ‘ambition’,
\n\u2018anticipate\u2019, ‘believe’, ‘could’,
\n\u2018estimate\u2019, \u2018expect\u2019, \u2018goal\u2019,
\n\u2018intend\u2019, ‘may’, \u2018outlook\u2019,
\n\u2018plan\u2019, \u2018project\u2019, \u2018seek\u2019,
\n\u2018should\u2019, \u2018target\u2019, ‘will’ and other words
\nand terms of similar meaning in connection with any discussion of
\nfuture operating or financial performance. In particular, these
\ninclude statements relating to future actions, prospective products
\nor product approvals, future performance or results of current and
\nanticipated products, sales efforts, expenses, the outcome of
\ncontingencies such as legal proceedings, dividend payments and
\nfinancial results. Other than in accordance with its legal or
\nregulatory obligations (including under the Market Abuse
\nRegulation, the UK Listing Rules and the Disclosure Guidance and
\nTransparency Rules of the Financial Conduct Authority), the Group
\nundertakes no obligation to update any forward-looking statements,
\nwhether as a result of new information, future events or otherwise.
\nThe reader should, however, consult any additional disclosures that
\nthe Group may make in any documents which it publishes and\/or files
\nwith the SEC. All readers, wherever located, should take note of
\nthese disclosures. Accordingly, no assurance can be given that any
\nparticular expectation will be met and readers are cautioned not to
\nplace undue reliance on the forward-looking
\nstatements.<\/p>\n
\u00a0\u00a0<\/p>\n
\nAll
\nguidance, outlooks and expectations should be read together with
\nthe guidance and outlooks, assumptions and cautionary statements in
\nthis Q2 2026 earnings release and in the Group’s 2025 Annual Report
\non Form 20-F.<\/p>\n
\u00a0<\/p>\n
\nForward-looking
\nstatements are subject to assumptions, inherent risks and
\nuncertainties, many of which relate to factors that are beyond the
\nGroup\u2019s control or precise estimate. The Group cautions
\ninvestors that a number of important factors, including those in
\nthis document, could cause actual results to differ materially from
\nthose expressed or implied in any forward-looking statement. Such
\nfactors include, but are not limited to, those discussed under
\n\u2018Risk Factors\u2019 in the Group\u2019s Annual Report on
\nForm 20-F for 2025 and as described on pages 48 and 49 in this Q2
\n2026 earnings release. Any forward-looking statements made by or on
\nbehalf of the Group speak only as of the date they are made and are
\nbased upon the knowledge and information available to the Directors
\non the date of this report.<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Inside information<\/p>\n
\nThis
\nannouncement contains inside information. The person responsible
\nfor arranging the release of this announcement on behalf of GSK is
\nVictoria Whyte, Company Secretary.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Directors\u2019 responsibility statement<\/p>\n
\n\u00a0<\/p>\n
\nThe
\nBoard of Directors approved this Half-yearly Financial Report on 28
\nJuly 2026.<\/p>\n
\nThe
\nDirectors confirm that to the best of their knowledge the unaudited
\ncondensed financial information has been prepared in accordance
\nwith IAS 34 as contained in UK-adopted International Financial
\nReporting Standards (IFRS) and that the interim management report
\nincludes a fair review of the information required by DTR 4.2.7 and
\nDTR 4.2.8.<\/p>\n
\nAfter
\nmaking enquiries, the Directors considered it appropriate to adopt
\nthe going concern basis in preparing this Half-yearly Financial
\nReport.<\/p>\n
\u00a0<\/p>\n
\nThe
\nDirectors of GSK plc are as follows:<\/p>\n
\u00a0<\/p>\n
\nSir
\nJonathan Symonds<\/p>\n
\nNon-Executive
\nChair & Nominations & Corporate Governance Committee
\nChair<\/p>\n
\nLuke
\nMiels<\/p>\n
\nChief
\nExecutive Officer (Executive Director)<\/p>\n
\nJulie
\nBrown<\/p>\n
\nChief
\nFinancial Officer (Executive Director)<\/p>\n
\nElizabeth
\nMcKee Anderson<\/p>\n
\nIndependent
\nNon-Executive Director<\/p>\n
\nCharles
\nBancroft<\/p>\n
\nSenior
\nIndependent Non-Executive Director, Audit & Risk Committee
\nChair<\/p>\n
\nDr Hal
\nBarron<\/p>\n
\nNon-Executive
\nDirector<\/p>\n
\nDr Anne
\nBeal<\/p>\n
\nIndependent
\nNon-Executive Director, Corporate Responsibility Committee
\nChair<\/p>\n
\nWendy
\nBecker<\/p>\n
\nIndependent
\nNon-Executive Director, Remuneration Committee Chair<\/p>\n
\nDr
\nHarry (Hal) Dietz<\/p>\n
\nIndependent
\nNon-Executive Director, Science Committee Chair<\/p>\n
\nRoy
\nJakobs<\/p>\n
\nIndependent
\nNon-Executive Director<\/p>\n
\nDr
\nJeannie Lee<\/p>\n
\nIndependent
\nNon-Executive Director<\/p>\n
\nDr
\nGavin Screaton<\/p>\n
\nIndependent
\nNon-Executive Director<\/p>\n
\nDr
\nVishal Sikka<\/p>\n
\nIndependent
\nNon-Executive Director<\/p>\n
\n\u00a0<\/p>\n
\nBy
\norder of the Board<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
\nLuke
\nMiels<\/p>\n
\nChief
\nExecutive Officer<\/p>\n
\nJulie
\nBrown<\/p>\n
\nChief
\nFinancial Officer<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\n28 July
\n2026<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
Independent review report to GSK plc<\/p>\n
\n\u00a0<\/p>\n
\u00a0<\/p>\n
Conclusion<\/p>\n
\u00a0<\/p>\n
\nWe have
\nbeen engaged by GSK plc (\u201cthe company\u201d) to review the
\ncondensed financial information in the Results Announcement of the
\ncompany for the three and six months ended 30 June
\n2026.<\/p>\n
\u00a0<\/p>\n
\nThe
\ncondensed financial information comprises:<\/p>\n
\u00a0<\/p>\n
\n\u25cf<\/p>\n
\nthe
\nincome statement and statement of comprehensive income for the
\nthree and six month periods ended 30 June 2026 on page 20 and
\n21;<\/p>\n
\n\u25cf<\/p>\n
\nthe
\nbalance sheet as at 30 June 2026 on page 22;<\/p>\n
\n\u25cf<\/p>\n
\nthe
\nstatement of changes in equity for the six-month period then ended
\non page 23;<\/p>\n
\n\u25cf<\/p>\n
\nthe
\ncash flow statement for the six-month period then ended on page 24;
\nand<\/p>\n
\n\u25cf<\/p>\n
\nthe
\naccounting policies and basis of preparation and the explanatory
\nnotes to the condensed financial information on pages 25 to 40 that
\nhave been prepared applying consistent accounting policies to those
\napplied by GSK plc and its subsidiaries (\u201cthe Group\u201d)
\nin the Annual Report 2025, which was prepared in accordance with
\nUK-adopted international accounting standards in conformity with
\nthe requirements of the Companies Act 2006 and the IFRS Accounting
\nStandards as issued by the International Accounting Standards
\nBoards (IASB).<\/p>\n
\n\u00a0<\/p>\n
\nBased
\non our review, nothing has come to our attention that causes us to
\nbelieve that the condensed financial information in the Results
\nAnnouncement for the three and six months ended 30 June 2026 is not
\nprepared, in all material respects, in accordance with United
\nKingdom adopted International Accounting Standard 34 and the
\nDisclosure Guidance and Transparency Rules of the United
\nKingdom\u2019s Financial Conduct Authority.<\/p>\n
\u00a0<\/p>\n
Basis for Conclusion<\/p>\n
\nWe
\nconducted our review in accordance with International Standard on
\nReview Engagements (UK) 2410 \u201cReview of Interim Financial
\nInformation Performed by the Independent Auditor of the
\nEntity\u201d issued by the Financial Reporting Council for use in
\nthe United Kingdom (ISRE (UK) 2410). A review of interim financial
\ninformation consists of making inquiries, primarily of persons
\nresponsible for financial and accounting matters, and applying
\nanalytical and other review procedures. A review is substantially
\nless in scope than an audit conducted in accordance with
\nInternational Standards on Auditing (UK) and consequently does not
\nenable us to obtain assurance that we would become aware of all
\nsignificant matters that might be identified in an audit.
\nAccordingly, we do not express an audit opinion.<\/p>\n
\u00a0<\/p>\n
\nAs
\ndisclosed on page 31, the annual financial statements of the Group
\nare prepared in accordance with United Kingdom adopted
\ninternational accounting standards and IFRS Accounting Standards as
\nissued by the international Accounting Standards Board (IASB). The
\ncondensed set of financial information included in this Results
\nAnnouncement have been prepared in accordance with United Kingdom
\nadopted International Accounting Standard 34, \u201cInterim
\nFinancial Reporting\u201d.<\/p>\n
\u00a0<\/p>\n
Conclusion Relating to Going Concern<\/p>\n
\nBased
\non our review procedures, which are less extensive than those
\nperformed in an audit as described in the Basis for Conclusion
\nsection of this report, nothing has come to our attention to
\nsuggest that the directors have inappropriately adopted the going
\nconcern basis of accounting or that the directors have identified
\nmaterial uncertainties relating to going concern that are not
\nappropriately disclosed.<\/p>\n
\u00a0<\/p>\n
\nThis
\nConclusion is based on the review procedures performed in
\naccordance with ISRE (UK) 2410, however future events or conditions
\nmay cause the entity to cease to continue as a going
\nconcern.<\/p>\n
Responsibilities of the directors<\/p>\n
\nThe
\ndirectors are responsible for preparing the Results Announcement of
\nthe company in accordance with the Disclosure Guidance and
\nTransparency Rules of the United Kingdom\u2019s Financial Conduct
\nAuthority.<\/p>\n
\u00a0<\/p>\n
\nIn
\npreparing the Results Announcement, the directors are responsible
\nfor assessing the company\u2019s ability to continue as a going
\nconcern, disclosing as applicable, matters related to going concern
\nand using the going concern basis of accounting unless the
\ndirectors either intend to liquidate the company or to cease
\noperations, or have no realistic alternative but to do
\nso.<\/p>\n
\u00a0<\/p>\n
Auditor\u2019s Responsibilities for the review of the financial
\ninformation<\/p>\n
\nIn
\nreviewing the Results Announcement, we are responsible for
\nexpressing to the company a conclusion on the condensed financial
\ninformation in the Results Announcement. Our Conclusion, including
\nour Conclusion Relating to Going Concern, are based on procedures
\nthat are less extensive than audit procedures, as described in the
\nBasis for Conclusion paragraph of this report.<\/p>\n
\u00a0<\/p>\n
Use of our report<\/p>\n
\nThis
\nreport is made solely to the company in accordance with ISRE (UK)
\n2410. Our work has been undertaken so that we might state to the
\ncompany those matters we are required to state to it in an
\nindependent review report and for no other purpose. To the fullest
\nextent permitted by law, we do not accept or assume responsibility
\nto anyone other than the company, for our review work, for this
\nreport, or for the conclusions we have formed.<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
Deloitte LLP<\/p>\n
\nStatutory
\nAuditor<\/p>\n
\nLondon,
\nUnited Kingdom<\/p>\n
\n28 July
\n2026<\/p>\n
\u00a0<\/p>\n
\n\u00a0<\/p>\n
\n\u00a0<\/p>\n
Terms used in the Announcement<\/p>\n
Brief description<\/p>\n
\n1L<\/p>\n
\nFirst
\nline<\/p>\n
\n2L<\/p>\n
\nSecond
\nline<\/p>\n
\nADC<\/p>\n
\nAntibody-drug
\nconjugate<\/p>\n
\nADP<\/p>\n
\nAdenosine
\ndiphosphate<\/p>\n
\nALK<\/p>\n
\nAnaplastic
\nlymphoma kinase<\/p>\n
\nASO<\/p>\n
\nAntisense
\noligonucleotide<\/p>\n
\nCCL<\/p>\n
\nContingent
\nconsideration liability<\/p>\n
\nCDC<\/p>\n
\nCentre
\nfor Disease Control and Prevention<\/p>\n
\nCDE<\/p>\n
\nCenter
\nfor Drug Evaluation<\/p>\n
\nCOPD<\/p>\n
\nChronic
\nobstructive pulmonary disease<\/p>\n
\nCROI<\/p>\n
\nConference
\non Retroviruses and Opportunistic Infections<\/p>\n
\nCRSwNP<\/p>\n
\nChronic
\nrhinosinusitis with nasal polyps<\/p>\n
\ncUTI<\/p>\n
\nComplicated
\nurinary tract infection<\/p>\n
\ndMMR<\/p>\n
\nDeficient
\nmismatch repair<\/p>\n
\nDRIP<\/p>\n
\nDividend
\nreinvestment plan<\/p>\n
\nDTG<\/p>\n
\nDolutegravir<\/p>\n
\nEGPA<\/p>\n
\nEosinophilic
\ngranulomatosis with polyangiitis<\/p>\n
\nEMA<\/p>\n
\nEuropean
\nMedicines Agency<\/p>\n
\nES<\/p>\n
\nExtensive
\nstage<\/p>\n
\nESOP<\/p>\n
\nEmployee
\nshare ownership plan<\/p>\n
\nGIST<\/p>\n
\nGastrointestinal
\nstromal tumour<\/p>\n
\nHBV<\/p>\n
\nHepatitis
\nB virus<\/p>\n
\nHES<\/p>\n
\nHypereosinophilic
\nsyndrome<\/p>\n
\nIBS<\/p>\n
\nIrritable
\nbowel syndrome<\/p>\n
\nInsti<\/p>\n
\nIntegrase
\nnuclear strand transfer inhibitors<\/p>\n
\nIRA<\/p>\n
\nInflation
\nReduction Act<\/p>\n
\nIV<\/p>\n
\nIntravenous<\/p>\n
\nLAI<\/p>\n
\nLong
\nacting injectables (includes Apretude and Cabenuva)<\/p>\n
\nLoE<\/p>\n
\nLoss of
\nexclusivity<\/p>\n
\nLRTD<\/p>\n
\nLower
\nrespiratory tract disease<\/p>\n
\nMAPS<\/p>\n
\nMulti
\nantigen presenting system<\/p>\n
\nMASH<\/p>\n
\nMetabolic
\ndysfunction-associated steatohepatitis<\/p>\n
\nMMRV<\/p>\n
\nMeasles,
\nmumps, rubella and varicella<\/p>\n
\nMo-Rez<\/p>\n
\nMocertatug
\nrezetecan<\/p>\n
\nmRNA<\/p>\n
\nMessenger
\nribonucleic acid<\/p>\n
\nMSI-H<\/p>\n
\nMicrosatellite
\ninstability high<\/p>\n
\nNDA<\/p>\n
\nNew
\nDrug Application<\/p>\n
\nOA<\/p>\n
\nOlder
\nadults<\/p>\n
\nOral
\n2DR<\/p>\n
\nOral 2
\ndrug regimen (includes Dovato and Juluca)<\/p>\n
\nPARP<\/p>\n
\nPoly
\nADP ribose polymerase<\/p>\n
\nPD-1<\/p>\n
\nProgrammed
\ndeath receptor-1 blocking antibody<\/p>\n
\nPDUFA<\/p>\n
\nPrescription
\nDrug User Fee Act<\/p>\n
\nPK<\/p>\n
\nPharmacokinetics<\/p>\n
\nppts<\/p>\n
\nPercentage
\npoints<\/p>\n
\nPrEP<\/p>\n
\nPre-exposure
\nprophylaxis<\/p>\n
\nPRIME<\/p>\n
\nPriority
\nMedicines<\/p>\n
\nRCC<\/p>\n
\nRefractory
\nchronic cough<\/p>\n
\nRI&I<\/p>\n
\nRespiratory,
\nImmunology & Inflammation<\/p>\n
\nRis-Rez<\/p>\n
\nRisvutatug
\nrezetecan<\/p>\n
\nRNS<\/p>\n
\nRegulatory
\nnews service<\/p>\n
\nRSV<\/p>\n
\nRespiratory
\nsyncytial virus<\/p>\n
\nSC<\/p>\n
\nSubcutaneous<\/p>\n
\nSCLC<\/p>\n
\nSmall
\ncell lung cancer<\/p>\n
\nSGO<\/p>\n
\nSociety
\nof Gynecologic Oncology<\/p>\n
\nSG&A<\/p>\n
\nSelling,
\ngeneral and administrative expenses, net of other sundry
\nincome<\/p>\n
\nSiRNA<\/p>\n
\nSmall
\ninterfering RNA<\/p>\n
\nSITT<\/p>\n
\nSingle
\ninhaler triple therapy<\/p>\n
\nTKI<\/p>\n
\nTyrosine
\nkinase inhibitor<\/p>\n
\nTSLP<\/p>\n
\nLong-acting
\nanti-thymic stromal lymphopoietin monoclonal<\/p>\n
\nULA<\/p>\n
\nUltra
\nlong acting<\/p>\n
\nuUTI<\/p>\n
\nUncomplicated
\nurinary tract infection<\/p>\n
\n\u00a0<\/p>\n
\n\u00a0<\/p>\n
Trademark<\/p>\n
Generic<\/p>\n
Product Area<\/p>\n
Indication(s)<\/p>\n
Anoro Ellipta<\/p>\n
\numeclidinium
\nbromide\/vilanterol trifenatate<\/p>\n
\nGeneral
\nmedicines<\/p>\n
\nCOPD<\/p>\n
Apretude<\/p>\n
\ncabotegravir<\/p>\n
\nSpecialty
\nmedicines<\/p>\n
\nHIV
\nprevention<\/p>\n
Arexvy<\/p>\n
\nrespiratory
\nsyncytial virus vaccine<\/p>\n
\nVaccines<\/p>\n
\nRespiratory
\nsyncytial virus vaccination<\/p>\n
Benlysta<\/p>\n
\n(SC and
\nIV)<\/p>\n
\nbelimumab<\/p>\n
\nSpecialty
\nmedicines<\/p>\n
\nSystemic
\nlupus erythematosus, lupus nephritis<\/p>\n
Bexsero<\/p>\n
\nmeningococcal
\ngroup-B vaccine<\/p>\n
\nVaccines<\/p>\n
\nMeningitis
\ngroup B prophylaxis<\/p>\n
Blenrep<\/p>\n
\nbelantamab
\nmafodotin<\/p>\n
\nSpecialty
\nmedicines<\/p>\n
\nRelapsed\/refractory
\nmultiple myeloma<\/p>\n
Blujepa<\/p>\n
\ngepotidacin<\/p>\n
\nGeneral
\nmedicines<\/p>\n
\nUncomplicated
\nUTI, Uncomplicated Gonorrhoea<\/p>\n
Boostrix<\/p>\n
\ndiphtheria,
\ntetanus, acellular pertussis<\/p>\n
\nVaccines<\/p>\n
\nDiphtheria,
\ntetanus, acellular<\/p>\n
\nPertussis
\nbooster vaccination<\/p>\n
Cabenuva\/Vocabria + Rekambys<\/p>\n
\ncabotegravir,
\nrilpivirine<\/p>\n
\nSpecialty
\nmedicines<\/p>\n
\nHIV\/AIDS<\/p>\n
Cervarix<\/p>\n
\nHPV 16
\n& 18 virus like particles (VLPs), AS04 adjuvant (MPL +
\naluminium hydroxide)<\/p>\n
\nVaccines<\/p>\n
\nHuman
\npapilloma virus type 16 and 18<\/p>\n
Dovato<\/p>\n
\ndolutegravir\/lamivudine<\/p>\n
\nSpecialty
\nmedicines<\/p>\n
\nHIV\/AIDS<\/p>\n
Exdensur<\/p>\n
\ndepemokimab<\/p>\n
\nSpecialty
\nmedicines<\/p>\n
\nSevere
\nAsthma, CRSwNP<\/p>\n
Flixotide \/ Flovent<\/p>\n
\nfluticasone
\npropionate<\/p>\n
\nGeneral
\nmedicines<\/p>\n
\nAsthma<\/p>\n
Fluarix<\/p>\n
\nsplit
\ninactivated influenza antigens (2 virus subtypes A and 2 subtype
\nB)<\/p>\n
\nVaccines<\/p>\n
\nSeasonal
\ninfluenza prophylaxis<\/p>\n
FluLaval<\/p>\n
\nsplit
\ninactivated influenza antigens (2 virus subtypes A and 2 subtype
\nB)<\/p>\n
\nVaccines<\/p>\n
\nSeasonal
\ninfluenza prophylaxis<\/p>\n
Infanrix\/Pediarix<\/p>\n
\ndiphtheria,
\ntetanus, pertussis, polio, hepatitis B, haemophilus influenzae type
\nB (EU)<\/p>\n
\nVaccines<\/p>\n
\nProphylaxis
\nagainst diphtheria, tetanus,<\/p>\n
\npertussis,
\npolio, hepatitis B, Haemophilus influenzae type B (EU)<\/p>\n
Jemperli<\/p>\n
\ndostarlimab<\/p>\n
\nSpecialty
\nmedicines<\/p>\n
\ndMMR\/MSI-H
\nrecurrent\/ advanced endometrial cancer, dMMR solid
\ntumours<\/p>\n
Juluca<\/p>\n
\ndolutegravir\/rilpivirine<\/p>\n
\nSpecialty
\nmedicines<\/p>\n
\nHIV\/AIDS<\/p>\n
Menveo<\/p>\n
\nmeningococcal
\ngroup A, C, W-135 and Y conjugate vaccine<\/p>\n
\nVaccines<\/p>\n
\nMeningitis
\ngroup A, C, W-135 and Y prophylaxis<\/p>\n
Nucala<\/p>\n
\nmepolizumab<\/p>\n
\nSpecialty
\nmedicines<\/p>\n
\nAsthma,
\nCRSwNP, EGPA, HES<\/p>\n
Ojjaara\/Omjjara<\/p>\n
\nmomelotinib<\/p>\n
\nSpecialty
\nmedicines<\/p>\n
\nMyelofibrosis
\nin patients with anaemia<\/p>\n
Penmenvy<\/p>\n
\nmeningococcal
\ngroups A, B, C, W, and Y vaccine<\/p>\n
\nVaccines<\/p>\n
\nMeningitis
\ngroup A, B, C, W-135 and Y prophylaxis<\/p>\n
Priorix, Priorix Tetra, Varilrix<\/p>\n
\nlive
\nattenuated MMR, varicella and MMRV vaccines<\/p>\n
\nVaccines<\/p>\n
\nMeasles,
\nmumps, rubella and chickenpox prophylaxis<\/p>\n
Relvar\/Breo Ellipta<\/p>\n
\nfluticasone
\nfuroate\/vilanterol trifenatate<\/p>\n
\nGeneral
\nmedicines<\/p>\n
\nAsthma,
\nCOPD<\/p>\n
Rotarix<\/p>\n
\nhuman
\nrotavirus RIX4414 strain<\/p>\n
\nVaccines<\/p>\n
\nRotavirus
\nprophylaxis<\/p>\n
Rukobia<\/p>\n
\nfostemsavir<\/p>\n
\nSpecialty
\nmedicines<\/p>\n
\nHIV\/AIDS<\/p>\n
Seretide \/ Advair<\/p>\n
\nsalmeterol
\nxinofoate, fluticasone propionate<\/p>\n
\nGeneral
\nmedicines<\/p>\n
\nAsthma,
\nCOPD<\/p>\n
Shingrix<\/p>\n
\nzoster
\nvaccine recombinant, adjuvanted<\/p>\n
\nVaccines<\/p>\n
\nHerpes
\nzoster (shingles)<\/p>\n
Synflorix<\/p>\n
\nconjugated
\npneumococcal polysaccharide<\/p>\n
\nVaccines<\/p>\n
\nProphylaxis
\nagainst invasive disease, pneumonia, acute otitis
\nmedia<\/p>\n
Tivicay<\/p>\n
\ndolutegravir<\/p>\n
\nSpecialty
\nmedicines<\/p>\n
\nHIV\/AIDS<\/p>\n
Trelegy Ellipta<\/p>\n
\nfluticasone
\nfuroate\/vilanterol trifenatate\/umeclidinium bromide<\/p>\n
\nGeneral
\nmedicines<\/p>\n
\nCOPD,
\nasthma<\/p>\n
Triumeq<\/p>\n
\ndolutegravir,
\nlamivudine and abacavir<\/p>\n
\nSpecialty
\nmedicines<\/p>\n
\nHIV\/AIDS<\/p>\n
Ventolin<\/p>\n
\nsalbutamol
\nsulphate<\/p>\n
\nGeneral
\nmedicines<\/p>\n
\nAsthma,
\nCOPD<\/p>\n
Zejula<\/p>\n
\nniraparib<\/p>\n
\nSpecialty
\nmedicines<\/p>\n
\nOvarian
\ncancer<\/p>\n
\nBrand
\nnames appearing in italics throughout this document are trademarks
\nof GSK or associated companies or used under licence by the
\nGroup.<\/p>\n
\n\u00a0<\/p>\n
\n\u00a0<\/p>\n
SIGNATURES<\/p>\n
\n\u00a0<\/p>\n
\n\u00a0<\/p>\n
\nPursuant
\nto the requirements of the Securities Exchange Act of 1934, the
\nregistrant has duly caused this report to be signed on its behalf
\nby the undersigned, thereunto duly authorised.<\/p>\n
\u00a0<\/p>\n
GSK plc<\/p>\n
\u00a0<\/p>\n
\n(Registrant)<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nDate:\u00a0July
\n28, 2026<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nBy:\/s\/\u00a0VICTORIA
\nWHYTE<\/p>\n
\n————————–<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\u00a0<\/p>\n
\nVictoria\u00a0Whyte<\/p>\n
\u00a0<\/p>\n
\nAuthorised
\nSignatory for and on<\/p>\n
\u00a0<\/p>\n
\nbehalf
\nof GSK plc<\/p>\n
\n\u00a0<\/p>\n
\n
\n
\n
<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 \u00a0 Form 6-K \u00a0 REPORT OF FOREIGN PRIVATE ISSUER…\n","protected":false},"author":2,"featured_media":67042,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[20784],"tags":[39420,39419,39418,7939,20785,39416,21214,2029,39417],"class_list":["post-92377","post","type-post","status-publish","format-standard","has-post-thumbnail","category-gsk","tag-accelerate-growth-programme","tag-camlipixant-impairment","tag-core-eps-50-5p","tag-free-cash-flow","tag-gsk","tag-gsk-2026-q2-results","tag-gsk-plc","tag-pharmaceuticals","tag-quarterly-earnings"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/117000489125093502","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/92377","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=92377"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/92377\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/67042"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=92377"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=92377"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=92377"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}