GSK's Q2 2025 Earnings Call: Unpacking Contradictions in Blenrep Launch, Tariffs, and Market Expectations

Blenrep launch strategy and market ambitions, tariffs and supply chain resiliency, Blenrep's launch and market impact, Nucala COPD's peak sales expectations, and Blenrep U.S. approval and market impact are the key contradictions discussed in GSK's latest 2025Q2 earnings call.



Revenue and Earnings Growth:
- GSK reportedGroup sales of GBP 8 billion for Q2, up 6% year-on-year, with core earnings per share growing 15% to 46.5p.
- Growth was driven by the strong performance of its Specialty Medicines division, which grew 15%, and vaccine sales, up 9%.

R&D and Innovation:
- GSK achieved 3 FDA approvals in the first half of the year and is on track for 2 more in 2025.
- This success is due to their focus on developing transformational specialty medicines and advanced technologies in areas of high unmet need.

Capital Allocation and Investments:
- GSK is prioritizing investments in growth, evident in increased R&D spending expected to grow ahead of sales, and strategic collaborations like the one with Hengrui.
- The company is also focusing on optimizing supply chain with significant investments in U.S. manufacturing and expanding capabilities for new modalities.

Regional Performance and Contributions:
- Vaccines sales grew 9%, driven by strong demand in Europe, especially in countries like France and Japan.
- This growth is a result of expanding national immunization approvals and increased demand in aging populations.

Oncology Pipeline Expansion:
- The oncology portfolio grew 42%, with significant contributions from Jemperli for endometrial cancer and Blenrep for multiple myeloma.
- This expansion is due to continued efforts in business development and the approval of new oncological treatments in various markets.