4 February 2026
GSK has delivered a solid end to 2025, with fourth quarter sales growth of 8%, driven by continued momentum in Specialty Medicines and Vaccines. Core operating profit rose 18% in the quarter, and the high single digit performance in Q4 helped lift full year sales growth to 7%, underlining the resilience of the group’s portfolio.
Shingrix remains a key growth engine, delivering 8% growth over the year, supported by double digit expansion in Europe. While US sales were impacted by a slower pace of market penetration, demand fundamentals for the shingles vaccine remain intact. Meanwhile, the HIV franchise continues to perform strongly, with 11% growth in 2025 driven by uptake of long-acting medicines, reinforcing GSK’s position in this strategically important area.
Looking ahead, guidance for 2026 points to sales growth of 3% to 5% and core operating profit growth of 7% to 9%, implying another year of disciplined expansion despite a more challenging macro and pricing backdrop. The company also reaffirmed its ambition to exceed £40bn in sales by 2031, signalling confidence in the long-term pipeline and commercial execution.
This was the first full-year update under new CEO Luke Miels, and it represents a steady and credible start. While growth moderates slightly in guidance, the combination of vaccine leadership, strength in HIV and a clear long-term target should provide investors with reassurance that GSK remains on a sustainable growth trajectory.
