How did GSK's revenue and expenses trends shift in Q4 2024?

GSK's revenue and expense trends in Q4 2024 are characterized by:

1. **Revenue Trends**:
- GSK's total revenue for Q4 2024 was $14.79 billion.
- The company experienced a decline of 0.95% in total revenue year-over-year.
- Revenue from Specialty Medicines was $14.79 billion, while General Medicines contributed $13.06 billion, Vaccines brought in $11.44 billion, and Specialized Medicines $11.41 billion.
- Notable contributors to revenue growth included HIV treatments, respiratory immunology, and oncology within Specialty Medicines, which saw a 19% year-to-date growth.
2. **Expense Trends**:
- GSK's net income for Q4 2024 was $627.3 million.
- The company maintained a gross margin of 71.16% and an operating margin of 11.07%.
- Gross margin and operating margin were slightly negatively impacted, with a decline of 0.83% and an 11.72% decrease quarter-over-quarter, respectively.
3. **Profitability Analysis**:
- Despite a revenue decline, GSK's net income saw a significant year-over-year growth of 23.69%.
- The company's core earnings per American depositary share (ADS) was $1.27, surpassing the Zacks Consensus Estimate of $1.16.
4. **Segment Performance**:
- **Specialty Medicines**: Contributed the most to revenue, with HIV treatments and oncology being notable contributors.
- **Vaccines**: Saw a decline in sales, primarily due to lower demand for Arexvy and Shingrix.
- **General Medicines**: Experienced a 7% increase in sales for the quarter.
5. **Future Outlook**:
- GSK remains optimistic about its growth prospects, with a confirmation of full-year guidance: 7% to 9% sales growth and 11% to 13% profit growth.
- The company anticipates significant sales from its pipeline, with over GBP 4 billion in peak sales projected for its IL5 portfolio and over GBP 3 billion expected from Arexvy.

In conclusion, GSK's Q4 2024 financials reflect a company that continues to grow in certain segments while facing challenges in others, particularly in the vaccine division. The overall trend suggests a strong foundation in specialty medicines that will likely drive future growth.