GSK reaffirms FY25 guidance at CER, with core EPS up 6%-8%

GSK (GSK) affirms its full-year 2025 guidance at constant exchange rates. Turnover is expected to increase between 3%-5%; Core operating profit is expected to increase between 6%-8%; Core earnings per share is expected to increase between 6%-8%. This guidance is supported by the following turnover expectations for full-year 2025 at CER: Specialty Medicines – expected increase of a low double-digit per cent in turnover; Vaccines – expected decrease of a low single-digit per cent in turnover; General Medicines – expected to be broadly stable for turnover. Core operating profit is expected to grow between 6%-8% at CER. “GSK expects to deliver leverage at a gross margin level due to improved product mix from Specialty Medicines growth and continued operational efficiencies. In addition, GSK anticipates further leverage in Operating profit as we continue to take a returns-based approach to SG&A investments. Royalty income is now expected to be higher than previously guided at GBP 750M-800M, including an IP settlement agreed in April. This additional income will be reinvested in the pipeline this year.”