Pharmaceutical behemoth GSK has announced a significant uplift in annual profits, buoyed by robust demand for its HIV and asthma medications, while simultaneously signalling an anticipated deceleration in growth for the coming year. This financial disclosure marks the inaugural full-year results presented by the company's new chief executive, Luke Miels, who succeeded Emma Walmsley at the beginning of 2026.
Strong Financial Performance in 2025
The Brentford-based firm reported that its total turnover for 2025 increased by 4%, reaching £32.7 billion. This growth was notably supported by a 6% surge in sales during the final quarter of the year. A key driver behind these figures was the exceptional performance of GSK's specialty medicines portfolio, which witnessed a substantial 17% rise in sales, amounting to £13.5 billion.
Specialty Medicines Lead the Charge
Within this segment, the company experienced particularly strong results. Sales for respiratory, immunology, and inflammation (RI&I) treatments grew by an impressive 18%, while revenue from HIV medications increased by 11%. This robust performance contributed to a 7% rise in core operating profits over the full year, with growth accelerating to a stronger-than-anticipated 14% in the latest quarter.
Outlook for 2026
Despite the positive results, GSK has provided guidance indicating that this recent profit momentum is expected to moderate throughout 2026. The company forecasts core operating profit growth to be in the range of 7% to 9% for the upcoming year, representing a slight slowdown from the peak rates seen in late 2025.
New CEO's Strategic Vision
In his first major address to investors, Chief Executive Luke Miels highlighted the company's "strong" trading performance over the past twelve months. He stated that GSK is "well placed to move forward in this next phase" of its development. Mr Miels elaborated, saying, "GSK delivered another strong performance in 2025, driven mainly by specialty medicines, with double-digit sales growth in respiratory, immunology and inflammation (RI&I), oncology and HIV."
He further emphasised the company's research and development progress, noting, "Good R&D progress also continued, with five 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."
Analyst Perspective
Industry experts have responded positively to the results. Sheena Berry, a healthcare analyst at Quilter Cheviot, commented, "GSK has delivered a solid end to 2025. This was the first full-year update under new CEO Luke Miels, and it represents a steady and credible start."
She added, "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." The announcement follows GSK's recent agreement to acquire a pharmaceutical firm specialising in treatments for food allergies, underscoring its ongoing strategy to bolster its therapeutic pipelines.
