Emma Walmsley, the departing chief executive of GSK Plc, gave an upbeat forecast for the company’s product portfolio on 29 October, highlighting up to 15 late-stage products that could see a market launch between now and 2031. The company has also upgraded revenue and core operating profit guidance for the current year.
Four new products have reached the market this year, while a fifth, a new asthma drug, could be approved in December. Ms Walmsley will step down on 1 January 2026 and be succeeded by Luke Miels, currently chief commercial officer. A key event during her tenure was the spin-off of GSK’s consumer health business Haleon. This enabled a reshaping of the company’s business around specialty medicines and rebuilding the oncology portfolio.
In the third quarter, GSK generated sales of £8.5 billion, up by 8% at constant exchange rates from a year earlier and driven by double digit sales increases for HIV medicines; drugs for respiratory, immunological and inflammatory diseases; and cancer. The four new drug approvals include Blenrep for multiple myeloma; Penmenvy, a vaccine for meningitis; Blujepa, an antibiotic for uncomplicated urinary tract infections; and Nucala for chronic obstructive pulmonary disease (COPD). Still awaiting a regulatory decision is depemokimab for asthma with type 2 inflammation.
“GSK is very well positioned for short-term and long-term growth,” Ms Walmsley told journalists. Between 2025 and 2031 the company expects to launch up to 15 products with a peak year sales potential of more than £2 billion. Four of these drugs are late-stage products. They include GSK ’227, an antibody-drug conjugate for extensive-stage small cell lung cancer, efimosfermin for steatotic liver disease, depemokimab for COPD, and GSK ‘981 for gastrointestinal stromal tumours. Three of the four late-stage products come from a licensing agreement or acquisition. This year alone, the company has acquired a subsidiary of Boston Pharmaceuticals Inc in order to gain control of efimosfermin and took over IDRx Inc to get GSK’ 981. In 2024, it in-licensed GSK’ 227 from Hansoh Pharma.
On 28 October, the company announced a licensing deal with Empirico Inc to gain access to a candidate oligonucleotide drug to treat respiratory diseases, including COPD. “Business development is a key driver of our pipeline,” Ms Walmsley told journalists.
GSK spent £1.7 billion on research and development in the third quarter which was 16% of sales. This covered product development, but also includes a £471 million impairment charge for the discontinuation of belrestotug, a candidate drug for cancer. IFRS operating profit for the quarter was £2.6 billion compared with £189 million a year-earlier. The 2024 figure was affected by a £1.7 billion charge for legal and divestment charges.
GSK’s core operating profit, which excludes amortisation and the impairment of intangible assets, was £2.9 billion up by 11% at constant exchange rates.
GSK has upgraded its forecast for 2025. Sales are now expected to grow between 6% to 7% and core operating profit to increase by 9% to 11%.
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