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- **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

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

GSK

GSK fundamentals

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