29 October 2025
If you are covering the latest financial results from GSK, please find below a comment from Sheena Berry, healthcare analyst at Quilter Cheviot:
“With this being the last quarterly update from outgoing GSK CEO Emma Walmsley, she is going out on a high. Third quarter sales growth was strong at 8% with Specialty Medicines, Vaccines and General Medicines all contributing to growth. Core operating profit also increased 11%, and this has allowed the pharmaceutical giant to upgrade its full year guidance, with sales growth of 6% to 7% for 2025 and core operating profit of 9% to 11%.
“Shingrix, group’s shingles vaccine, delivered 13% growth, driven by increased demand in Europe. However, US sales continue to be impacted by a slowdown in the pace of penetration. Meanwhile, the HIV business delivered 12% growth driven by the long-acting medicines. Interestingly, Blenrep in multiple myeloma was recently approved in the US which was an important development and one that we will watch closely in terms of sales. However, it should be noted that it is currently only approved in the third line setting so may not be as in demand to begin with. Additional clinical data is expected over the following years.
“The group’s chief commercial officer, Luke Miels steps into the role from the new year. We will await to see if there is a shift in strategy or more of the same. Given the growth and his background, we would expect more of the same, however, the pharmaceutical industry remains in a state of flux just now with drug pricing developments in the UK making future revenues difficult to predict.”
