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- **Revenue Growth**: 7% to £32.1 billion, driven by 17% Specialty Medicines and 43% Oncology growth.
- **Key Launches**: Exdensur (6-monthly asthma) and Blenrep (BCMA CAR-T) on track for slow but steady adoption.
- **Pipeline Momentum**: 10 pivotal trials planned in 2026, including Bepirovirsen (Hepatitis B), Efimosfermin (NASH), and Ris-Rez (B7-H3 ADC).
- **HIV Innovation**: Q6M treatment Phase III start in 2027, targeting 50% of HIV market by 2031.
- **Financial Strength**: £8.9 billion core operating profit, 7-9% EPS growth in 2026, and £40 billion+ 2031 revenue target.
- **Strategic Focus**: Accelerate AI adoption, simplify operations, and pursue strategic acquisitions (e.g., Ozekibart for food allergy).

**【CEO Summary Section】**
- **2025 Performance**: Revenue grew 7% to £32.1 billion, driven by 17% growth in Specialty Medicines and 43% in Oncology. Core operating profit and EPS rose 11% and 12%, respectively. Cash generation of £8.9 billion supported a 6% dividend increase to 70p.
- **2026 Focus**: Accelerate launches of Exdensur (6-monthly asthma) and Blenrep (BCMA CAR-T), expand pipeline in oncology (B7-H3, Velzatinib) and respiratory (ultra-long-acting TSLP), and pursue strategic acquisitions (e.g., Ozekibart for food allergy).
- **Operational Shift**: Simplify processes, increase accountability, and leverage AI for efficiency.

**【Commercial Update】**
- **Respiratory**: Nucala sales up 15% to £2 billion (10th straight year of double-digit growth), Exdensur launched in U.S., U.K., and Japan. COPD launch in 2025 drove 18% Respiratory Immunology & Inflammation growth.
- **Oncology**: Jemperli up 89%, Ojjaara up 60%, and BLENREP approved in 15 markets. U.S. REMS engagement with 18,000 eye care professionals supports slow but steady adoption.
- **HIV**: Long-acting injectables (Cabenuva +42%, Apretude +62%) account for 75% of U.S. sales. Q6M regimen selection expected mid-2026, with Phase III for 4-monthly treatment starting this year.
- **Vaccines**: Shingrix up 8% globally, Bexero up 16%, and Arexvy stable despite U.S. pediatric vaccine competition.

**【R&D Pipeline Progress】**
- **Exdensur**: FDA-approved for severe asthma, Phase III ENDURA trial recruiting moderate-risk COPD patients.
- **BLENREP**: Mature OS data expected in 2028, first-line trial (DREAM-10) expanding U.S. sites.
- **ADCs**: Ris-Rez (B7-H3) in Phase III for SCLC, MORES (B7-H4) targeting ovarian cancer.
- **NASH**: Efimosfermin Phase III trials initiated, GSK-990 siRNA shows promise in alcoholic liver disease.
- **Hepatitis B**: Bepirovirsen Phase III data expected H1 2026, targeting functional cure rates >90%.

**【Financial Review】**
- **2025 Results**: Sales £32.1 billion (+7%), core operating profit £8.9 billion (+11%). Free cash flow £4 billion, supporting £4.5 billion in R&D and M&A.
- **2026 Guidance**: Sales growth 3-5%, core EPS 7-9%. Gross margin improving from specialty portfolio shift. Currency headwinds could reduce sales by 3% and operating profit by 6%.
- **Long-Term Vision**: 2031 target of £40 billion+ revenue, driven by specialty medicines (e.g., Q6M HIV, ultra-long-acting asthma/biotherapies) and pipeline acceleration.

**【Q&A Highlights】**
- **Respiratory Strategy**: Differentiate by mechanism (IL-5, TSLP, IL-33) for COPD and asthma, with 6-monthly dosing as key differentiator.
- **HIV Pipeline Timing**: Q6M treatment Phase III start in 2027, launch 2028. Q4M PrEP trial to bridge to Q6M.
- **BLENREP Launch**: Slow ramp-up expected, with 70% U.K. accounts engaged and positive feedback on REMS simplification.
- **Camlipixant**: Pooled analysis of KALM-1/2 trials to support filing, despite regulatory uncertainty.
- **Shingrix China**: 6x growth in 2025, 93% market share in geriatric population, but low base limiting impact.


GSK plc (GSK) Q4 2025 Earnings Call Transcript

- **Revenue Growth**: 8% YoY driven by specialty (16%) and oncology (39%), with core EPS up 14%.
- **Pipeline Momentum**: Four FDA approvals, pivotal trials starting for depemokimab and GSK'981, and £6.3 billion cash generation.
- **Guidance Upgrade**: 2025 sales 6-7% growth, core EPS 10-12%, with £250 million Q4 charges for productivity.
- **Strategic Focus**: Confident in 2031 >£40 billion target, emphasizing oncology and RI&I launches, with disciplined SG&A and R&D reinvestment.

**【CEO Summary Section】**
- GSK reported Q3 2025 revenue growth of 8% YoY, driven by specialty medicines (16% growth) and oncology (39% growth). Core operating profit rose 11%, and core EPS increased 14% to 55p.
- R&D progress includes four FDA approvals (e.g., BLENREP) and pivotal trials starting for assets like depemokimab and GSK'981. Cash generation of £6.3 billion supports R&D and shareholder returns.
- The company upgraded 2025 guidance, with sales expected to grow 6-7% and core EPS 10-12%, reflecting strong pipeline momentum.

**【CFO Financial Commentary】**
- Q3 2025 GAAP net income was £1.1 billion, with core operating profit up 11% on 5% SG&A growth. R&D expenses increased 10%, driven by pipeline investments.
- Operating margin improved 90bps to 33.9%, benefiting from specialty mix and productivity gains. Free cash flow rose £1.8 billion YoY, supporting £1.4 billion in shareholder returns.
- Guidance for 2025 includes £800-850 million in royalties and a tax rate of ~17.5%, with £250 million Q4 charges for productivity initiatives.

**【Q&A Highlights】**
- **Product Launches**: BLENREP (U.S. third-line myeloma approval) and depemokimab (COPD) expected to launch early 2026. Shingrix ex-U.S. growth driven by Europe, with France leading but expected to moderate in 2026.
- **Pipeline Confidence**: Management reiterated 2031 target of >£40 billion, citing oncology (Jemperli, BLENREP) and RI&I (Nucala, depe) as key drivers. R&D investments and BD deals (e.g., Hansoh ADCs) support long-term outlook.
- **Financial Discipline**: SG&A growth capped at low single digits, with R&D reinvestment maintaining >31% operating margin by 2026. Productivity initiatives offset launch costs, ensuring margin expansion.

GSK plc (GSK) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: 6% Q2 2025, driven by 15% Specialty Medicines and 9% vaccine sales. Core EPS up 15% to 46.1p.
- **Pipeline Momentum**: 14 scale opportunities (>£2bn peak sales), 3 FDA approvals this year, and £3.7bn H1 cash generation.
- **Blenrep Update**: FDA extended review to Oct 2025, but global approvals secure; no change to 2031 £40bn sales target.
- **Strategic Moves**: £500m Hengrui collaboration for COPD asset; R&D to grow ahead of sales in 2025.
- **Financial Discipline**: £800m+ buyback completed; 2025 guidance includes tariff impacts, but Specialty growth offsets margin pressure.

**【CEO Summary Section】**
- Group sales grew 6% Q2 2025, driven by 15% Specialty Medicines growth and 9% vaccine sales. Core operating profit rose 12%, with EPS up 15% to 46.1p.
- Specialty Medicines now account for 40% of sales, targeting over 50% by 2031. Pipeline expansion includes 14 scale opportunities (>£2bn peak sales), with 3 FDA approvals this year.
- Confirmed top-end guidance for 2025, with cash generation of £3.7bn H1 and £800m+ share buyback completed.

**【CFO Financial Commentary】**
- Q2 2025: GAAP net income £420m, Non-GAAP EPS £1.08 (vs. £0.95 prior). Operating margin improved 180bps to 23.3%, driven by SG&A reduction and royalty gains.
- Free cash flow £3.9bn H1, up £1.3bn YoY. Capital allocation: £2.1bn to R&D, £800m+ buyback, and £3bn+ H2 outflows for Zantac, M&A, and launches.
- Guidance: Gross margin to benefit from product mix; R&D to grow ahead of sales; SG&A low single-digit growth.

**【Q&A Highlights】**
- **Blenrep Update**: FDA extended review to Oct 23, 2025. U.S. launch preparations continue; no change to 2031 £40bn sales target. Global approvals in Europe, Japan, Canada, UK, Switzerland.
- **Supply Chain Costs**: £150m Q4 2024 charge; tariffs and mix shifts impact gross margin, but Specialty growth offsets. 2025 guidance includes enacted/indicated tariffs.
- **Hengrui Collaboration**: £500m upfront for PDE3/4 COPD asset; potential best-in-class with DPI delivery, targeting severe COPD patients.
- **CamliPixant**: CALM-2 trial on track for mid-2026 readout; no change to 2025 guidance despite delayed U.S. FDA decision.
- **Shingrix China**: CDC stock levels declining; focus on comorbid chronic disease subpopulation; long-term opportunity remains.
- **Pneumococcal Vaccine**: 30+ valent adult vaccine Phase I set for end-2025, with readouts in H1 2026.

GSK plc (GSK) Q2 2025 Earnings Call Transcript

- **Topline Growth**: Specialty medicines drive 17% sales growth, offsetting vaccine decline. 2025 guidance reaffirmed with 3-5% sales growth.
- **Pipeline Momentum**: 3 key approvals (Penmenvy, Blujepa) and 3 pending (Nucala COPD, Blenrep, depemokimab) with peak sales potential >£2 billion each.
- **Financial Resilience**: £1.4 billion free cash flow, £2 billion buyback underway. £400-500 million Medicare Part D headwind partially offset by cost control.
- **Tariff Mitigation**: Dual sourcing, U.S. manufacturing expansion, and productivity initiatives to offset potential tariffs. £1.2 billion Zantac payments in 2025.
- **HIV Leadership**: Long-acting injectables (Cabenuva, Apretude) grow 38% YoY. VH184 phase IIa data supports next-gen HIV treatment pipeline.

**【CEO Summary Section】**
- GSK reported Q1 2025 sales of £7.5 billion, up 4% YoY, driven by 17% growth in specialty medicines (RI&amp;I, oncology, HIV). Core operating profit and EPS rose 5% to £1.0 billion and 44.9 pence, respectively.
- Key pipeline milestones: FDA approvals for Penmenvy (meningitis) and Blujepa (antibiotic), with Nucala COPD, Blenrep, and depemokimab approvals expected by end-2025. IDRX acquisition adds oncology asset.
- 2025 guidance reaffirmed: 3-5% sales growth, 6-8% operating profit growth. £2 billion share buyback underway.

**【CFO Financial Commentary】**
- GAAP net income: £1.0 billion (up 13% YoY). Non-GAAP EPS: 44.9 pence (up 5%).
- Specialty medicines margin expansion offset vaccine declines. R&amp;D spend up 21% YoY to £1.4 billion, driven by pipeline investments.
- Free cash flow: £1.4 billion (up 20% YoY). £400-500 million Medicare Part D headwind expected for 2025, partially offset by cost control.

**【Q&A Highlights】**
- **Product Launches**: Nucala COPD (May 7 PDUFA) and Blenrep (July 23 PDUFA) expected to drive 2026+ growth. Depemokimab (anti-IL-5) targeting 2025 launch with 6-month dosing.
- **Tariffs Mitigation**: Dual sourcing, U.S. manufacturing expansion (e.g., PA facility), and productivity initiatives to offset potential 25% tariffs. £1.2 billion Zantac payments expected in 2025.
- **Vaccines**: Shingrix U.S. immunization rate 41%, Arexvy 55% market share in older adults. Penmenvy ACIP recommendation for 11-18 year olds pending CDC approval.
- **HIV Pipeline**: VH184 phase IIa data shows potent antiviral activity. Q6M regimen targeting 2027 registrational study. Long-acting injectables (Cabenuva, Apretude) grow 38% YoY.
- **Financial Flexibility**: £750-800 million royalty income reinvested in R&amp;D. 2025 R&amp;D spend expected to exceed sales growth.

GSK plc (GSK) Q1 2025 Earnings Conference Call Transcript

- **2024 Strong Performance**: £31.2 billion sales (+8%), core EPS up 12%, specialty medicines driving 19% growth.
- **2025 Outlook**: 3-5% revenue growth, 6-8% EPS growth, £2 billion buyback to enhance returns.
- **Pipeline Momentum**: 14 scale assets including Blenrep (myeloma ADC), depemokimab (IL-5 asthma), and camlipixant (cough).
- **Vaccine Challenges**: U.S. RSV vaccine policy headwinds, but global expansion continues.
- **HIV Leadership**: Long-acting portfolio dominates with £1.3 billion in 2024 sales, 6-month dosing pipeline progressing.

**【CEO Opening Remarks】**
- GSK reported 2024 sales of £31.2 billion (+8% CER), with core operating profit up 13% and core EPS up 12%. 
- Specialty medicines now account for ~45% of sales, driving growth through oncology (+99%), respiratory immunology (+13%), and HIV (+13%).
- 2025 outlook: 3-5% revenue growth, 6-8% core EPS growth, and a £2 billion share buyback program.
- 2031 target: >£40 billion in risk-adjusted sales, with >50% from specialty medicines.

**【CFO Financial Highlights】**
- 2024 core operating margin improved to 29.2% (vs 27.9% prior), driven by specialty mix and supply chain efficiency.
- R&D investment grew 7% to £2.6 billion, supporting 14 scale assets with >£2 billion potential.
- Free cash flow of £3.5 billion (ex Zantac) supports dividend (64p/2025) and buyback.

**【Key Product Updates】**
- **Blenrep (ADC for myeloma):** FDA PDUFA date July 2025, with DREAMM-7 showing 42% OS improvement vs standard care.
- **Depemokimab (IL-5 asthma):** Filed globally for severe asthma and CRSwNP, targeting 6-month dosing.
- **Camlipixant (refractory cough):** Phase 3 data expected 2025, with superior tolerability vs competitors.
- **HIV pipeline:** 3 new long-acting INSTIs in development, targeting 6-month dosing.

**【Vaccines Challenges】**
- Arexvy U.S. sales down due to ACIP guidelines, but global launches in 36 markets.
- Shingrix U.S. immunization rate 40%, ex-U.S. uptake slow (7% in top 10 markets).
- China macro concerns impacting Shingrix uptake.

**【Q&A Highlights】**
- **China Strategy:** Maintaining 70% market share in Shingrix, focusing on high-tier cities.
- **HIV Competition:** Lenacapavir launch may grow market, but GSK leads with Apretude's 93% efficacy.
- **Vaccine Policy Risks:** U.S. policy changes could impact uptake, but long-term revaccination expected.
- **Buyback Confidence:** Strong balance sheet (1.2x net debt/EBITDA) supports returns while maintaining R&D investment.

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