GSK (GSK) Q3 2025 Earnings Call Transcript

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Wednesday, October 29, 2025 astatine 10 a.m. ET

• Chief Executive Officer — Emma Walmsley

• Chief Commercial Officer — Luke Miels

• President, ViiV Healthcare — Deborah Waterhouse

• Chief Financial Officer — Julie Brown

• Chief Scientific Officer — Tony Wood

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Emma Walmsley: Thank you, and invited to everybody joining america today. Please crook to the adjacent slide. Our 3rd 4th results erstwhile again show GSK's continued beardown show with affirmative momentum driving an upgrade successful our guidance for the year. They besides further show the prime and spot of GSK's portfolio with income driven by sustained maturation crossed specialty medicines successful RI&I, oncology and HIV. Total income were up 8% for the quarter, with leverage delivering halfway operating nett up 11% and halfway net per stock up 14% to 55p.

Alongside this, we're continuing to marque fantabulous advancement successful R&D, strengthening our late-stage portfolio and already securing 4 FDA approvals this year, including BLENREP past week and with the fifth, depemokimab earlier year-end. Cash procreation besides continues to beryllium precise affirmative astatine GBP 6.3 cardinal for the twelvemonth truthful far. This supports concern successful our maturation priorities and returns to shareholders, including a dividend of 16p for the quarter. And finally, I'm precise arrogant of the advancement we proceed to marque with our spot priorities, successful particular, this 4th with the affirmative Phase III information reported for our low-carbon mentation of Ventolin.

This palmy modulation volition trim GSK's c footprint by up to 45%, and it's a meaningful improvement for the 35 cardinal patients who trust connected Ventolin worldwide, and we expect to motorboat successful 2026. Next slide, please. Our #1 precedence remains investing for growth, and I'm pleased with the advancement we are making, some successful the late-stage portfolio and successful the enactment ongoing to physique the adjacent question of innovation astatine GSK. With the summation of efimosfermin, the long-acting FGF21 for steatotic liver disease, we present person 15 standard opportunities with highest twelvemonth income imaginable of greater than GBP 2 billion, each with the imaginable to motorboat earlier 2031.

By the extremity of the year, we expect caller pivotal trials to person started for respective of these 15 opportunities, depemokimab for COPD patients, efimosfermin successful MASH, GSK'981 for second-line GIST and our GSK'227 ADC successful extended signifier tiny compartment lung cancer. It's worthy noting that those past 3 assets person each travel from focused, palmy concern improvement and BD remains a cardinal operator of our pipeline expansion. And we proceed to adhd high-value innovation astatine earlier stages of development. For example, I'm excited by GSK'261, a caller monoclonal antibody for polycystic kidney disease, which received orphan cause designation by the FDA.