Within weeks of becoming chief executive of GSK Plc, Luke Miels took responsibility for a $2.2 billion deal to acquire RAPT Therapeutics, a US company with a late stage product for food allergies. The acquisition will give GSK a monoclonal antibody that is being developed as a prophylactic with a dosing schedule potentially more attractive than a product marketed by Roche. At the company's annual financial briefing for journalists on 4 February, Mr Miels said the acquisition is an example of a strategy being introduced by the new GSK management team to drive a more product-centric culture and engage in ‘courageous’ science.
From a portfolio perspective, this means trimming less promising assets faster, and investing in new science more quickly. Two examples are the company’s recent decision to bypass the development of drugs to control weight loss and instead, invest in a medicine to treat and prevent steatotic liver disease - a consequence of obesity. Another is research underway to evaluate an association between the company’s recombinant vaccine for preventing herpes zoster and a possible reduction in the risk of dementia.
“We expect this positive momentum to continue in 2026, which will be a key year of execution and operational delivery with [a] strong focus on commercial launches and accelerating R&D,” the executive said in a prepared statement.
In 2025, GSK reported sales of £32.7 billion, an increase of 7% at constant exchange rates and of 4% at actual rates. Specialty medicines, which include drugs for respiratory and inflammatory diseases; medicines for cancer; and HIV, generated £13.5 billion, or 41% of group sales. Sales of vaccines produced £9.2 billion and general medicines yielded £10 billion. Operating profit was £7.9 billion, or nearly double that in 2024. Profit was positively affected by lower charges from the settlement of a legal dispute. Core operating profit, which is a non-IFR measure, was £9.78 billion, up by 7%.
In 2025, GSK received five US Food and Drug Administration approvals and started seven pivotal trials. The trials include studies for risvutatug rezetecan, an antibody-drug conjugate for small cell lung cancer; efimosfermin for steatotic liver disease; Exdensur (depemokimab) for chronic obstructive pulmonary disease; and velzatinib for gastrointestinal stromal tumour.
This year, the company expects regulatory decisions for a product for hepatitis B, and for a treatment for urinary tract infections. It will also initiate of 10 new pivotal trials.
GSK has set a revenue target of more than £40 billion for 2031. The company expects revenue to grow by 3 to 5% this year at constant exchange rates, and core operating profit to rise by 7 to 9%. R&D spending is expected to increase ahead of sales, but outlays for selling and administration will rise by a low single-digit percentage. The company expects to complete a £2 billion share buy-back programme in the second quarter.
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