Luke Miels, Chief Executive Officer, GSK:
“GSK delivered another strong performance in 2025, driven mainly by Specialty Medicines, with double-digit sales growth in
Respiratory, Immunology & Inflammation (RI&I), Oncology and HIV. Good R&D progress also continued, with 5 major product
approvals achieved and several acquisitions and new partnerships completed to strengthen the pipeline further in oncology and RI&I. We expect this positive momentum to continue in 2026, which will be a key year of execution and operational delivery with strong focus on commercial launches and accelerating R&D. We are well placed to move forward in this next phase for GSK – to deliver our outlooks – and to create new value for patients and shareholders.”
Assumptions and cautionary statement regarding forward-looking statements
The Group’s management believes that the assumptions outlined above are reasonable, and that the guidance,
outlooks, and expectations described in this report are achievable based on those assumptions. However, given the
forward-looking nature of these guidance, outlooks, and expectations, they are subject to greater uncertainty, including
potential material impacts if the above assumptions are not realised, and other material impacts related to foreign
exchange fluctuations, macro-economic activity, the impact of outbreaks, epidemics or pandemics, changes in
legislation, regulation, government actions and policies, including the impact of any potential tariffs or other restrictive
trade policies on the Group’s products, or intellectual property protection, product development and approvals, actions
by our competitors, and other risks inherent to the industries in which we operate.
This document contains statements that are, or may be deemed to be, “forward-looking statements”. Forward-looking
statements give the Group’s current expectations or forecasts of future events. An investor can identify these
statements by the fact that they do not relate strictly to historical or current facts. They use words such as ‘anticipate’,
‘estimate’, ‘expect’, ‘intend’, ‘will’, ‘project’, ‘plan’, ‘believe’, ‘target’, ‘outlook’, ‘aim’, ‘ambition’, ‘could’, ‘goal’, ‘may’,
‘seek’, ‘should’ and other words and terms of similar meaning in connection with any discussion of future operating or
financial performance. In particular, these include statements relating to future actions, prospective products or
product approvals, future performance or results of current and anticipated products, sales efforts, expenses, the
outcome of contingencies such as legal proceedings, dividend payments and financial results. Other than in
accordance with its legal or regulatory obligations (including under the Market Abuse Regulation, the UK Listing Rules
and the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority), the Group undertakes no
obligation to update any forward-looking statements, whether as a result of new information, future events or
otherwise. The reader should, however, consult any additional disclosures that the Group may make in any documents
which it publishes and/or files with the SEC. All readers, wherever located, should take note of these disclosures.
Accordingly, no assurance can be given that any particular expectation will be met and readers are cautioned not to
place undue reliance on the forward-looking statements.
All guidance, outlooks and expectations should be read together with the guidance and outlooks, assumptions and
cautionary statements in this full year and Q4 2025 earnings release and in the Group’s 2024 Annual Report on Form
20-F.
Forward-looking statements are subject to assumptions, inherent risks and uncertainties, many of which relate to
factors that are beyond the Group’s control or precise estimate. The Group cautions investors that a number of
important factors, including those in this document, could cause actual results to differ materially from those expressed
or implied in any forward-looking statement. Such factors include, but are not limited to, those discussed under ‘Risk
Factors’ in the Group’s Annual Report on Form 20-F for 2024. Any forward-looking statements made by or on behalf of
the Group speak only as of the date they are made and are based upon the knowledge and information available to
the Directors on the date of this report.
