GSK’s full-year sales grew by 7% before currency movements to reach £32.7bn. Speciality medicines were the key contributor, up 17%, as cancer treatment sales rose over 40% on strong patient demand and new use cases for certain medicines.
Underlying operating profit was up 11% to £9.8bn, slightly better than forecast and reflecting the positive impact of a shift to higher margin products, and efficiency gains.
Full-year free cash flow grew 41% to £4.0bn, helped by profit growth and lower investment in physical assets. Net debt was £14.5bn (2024: £13.1bn).
The 2026 growth guidance range is 3-5% for sales and 7-9% for underlying operating profit. The 2031 sales outlook of over £40 billion remains unchanged.
GSK declared a quarterly dividend of 18p per share, taking the full-year total to 66p.
The shares rose 4.1% in early trading.
Our view
HL view to follow.
GSK key facts
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