UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

 

For the month of July 2026

 

Commission File Number 001-15170

 

 

GSK plc

(Translation of registrant's name into English)

 

 

79 New Oxford Street, London, WC1A 1DG

(Address of principal executive office)

 

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F . . . .X. . . . Form 40-F . . . . . . . .

 

 

 

 

GSK delivers strong Q2 core results performance and continued momentum

Plans announced to accelerate R&D and late-stage pipeline portfolio

Expect 20+ phase III trial starts in 2026

Strong Specialty Medicines and Vaccines performance drives sales and core operating profit growth
●	Total Q2 sales £8.4 billion +5% AER; +5% CER
●	Specialty Medicines sales £3.8 billion (+14%); Respiratory, Immunology & Inflammation £1.1 billion (+19%); Oncology £0.6 billion (+17%); HIV sales £2.1 billion (+10%)
●	Vaccines sales £2.3 billion (+8%); Shingrix £0.9 billion (+3%); Meningitis vaccines £0.5 billion (+21%); and Arexvy £0.2 billion (+>100%)
●	General Medicines sales £2.3 billion (-9%); Trelegy £0.8 billion (-7%)
●	Total operating profit -75% and Total EPS -69% driven by higher impairments, primarily related to camlipixant of £1.3 billion, and higher CCL charges, partly offset by Core operating profit growth and higher divestment income
●	Core operating profit +7% and Core EPS +9% reflecting higher sales and favourable product and regional mix, partly offset by increased investment in R&D and new asset launches and lower royalty income
●	Cash generated from operations of £2.9 billion with free cash flow of £2.0 billion
(Financial Performance – Q2 2026 results unless otherwise stated, growth % and commentary at CER as defined on page 50. The year to date adverse currency impact on AER versus CER primarily reflected the strengthening of Sterling against the USD. See page 9 for further details.)

 

	Q2 2026			Year to date
	£m	% AER	% CER	£m	% AER	% CER
Turnover	8,409	5	5	16,038	3	5
Total operating profit	481	(76)	(75)	2,774	(35)	(31)
Total operating margin %	5.7%	(19.6ppts)	(19.3ppts)	17.3%	(10.0ppts)	(9.3ppts)
Total EPS	10.8p	(69)	(69)	54.1p	(28)	(24)
Core operating profit	2,800	6	7	5,450	6	8
Core operating margin %	33.3%	0.4ppts	0.6ppts	34.0%	0.7ppts	1.2ppts
Core EPS	50.5p	9	9	97.1p	6	9
Cash generated from operations	2,906	19		4,256	14

 

Pipeline progress:
●	Two late-stage medicines for non-small cell lung cancer acquired: Jideytro (FDA approval) & neladalkib (PDUFA H2 2026)
●	Positive phase III Hansoh China data for Ris-Rez in lung cancer – first positive phase III overall survival data reported for a B7-H3 targeted ADC in any tumour type
●	Positive data (AZUR-1) supports regulatory reviews for use of Jemperli in treatment of advanced rectal cancer
●	Momelotinib (Ojjaara) granted Orphan Drug Designations in US and EU for VEXAS syndrome
●	Pivotal data demonstrates unprecedented functional cure rates for bepirovirsen (chronic hepatitis B)
●	Arexvy expanded approval in Japan for adults aged 18-59 at increased risk of RSV
●	Decision not to progress further development of camlipixant in RCC following CALM-1/2 phase III results
R&D acceleration:
●		62 assets in clinical development with opportunities for significant growth
●		7 asset accelerations - across 18 indications - identified in: Oncology, Respiratory, Hepatology & Vaccines
●		Now expect 20+ phase III trial starts in 2026 (previously 10)
●		New flagship R&D Centre to be established in Cambridge Biomedical Campus, UK
●		3-year programme to fund investment in late-stage portfolio and to improve operating margin with £1.9 billion annual savings targeted by 2029 for costs of £2.4 billion (£2.1 billion cash costs)

 

Growth outlooks:
●	2026 guidance reaffirmed with expected growth in: turnover 3% to 5%; Core OP 7% to 9%; Core EPS 7% to 9%
●	On track for 2031 sales outlook of more than £40 billion; Accelerating growth from 2031 onwards
●	Operating margin stable to improving through dolutegravir loss of exclusivity period of 2028-2030
Shareholder returns:
●	Q2 2026 dividend of 17p declared; 70p expected for full year 2026
●	Completed £2 billion share buyback programme as announced at FY 2024

Guidance all at CER. The Total results are presented in summary above and on page 8 and Core results reconciliations are presented on pages 16 and 18. Core results are a non-IFRS measure that may be considered in addition to, but not as a substitute for, or superior to, information presented in accordance with IFRS. The following terms are defined on pages 50-51: Core results, AER% growth, CER% growth and other non-IFRS measures. GSK provides guidance on a Core results basis only for the reasons set out on page 14. All expectations, guidance and outlooks regarding future performance and dividend payments should be read together with ‘Guidance and outlooks, assumptions and cautionary statements’ on pages 52-53. Abbreviations are defined on page 57.

This announcement contains inside information.

 

Luke Miels, Chief Executive Officer, GSK:   “GSK has delivered another quarter of strong core results performance, with our key growth drivers performing well. We remain focused on operational delivery, execution, and accelerating R&D. To that end, we have identified late-stage pipeline accelerations - across 18 indications – for 7 key assets in Oncology, Respiratory, Hepatology and Vaccines. Based on clinical data, and their opportunities to improve upon current standards-of-care, we see strong reasons for all these assets to bring meaningful benefits and protection to patients. We have also decided to establish a new flagship R&D Centre on the UK’s Cambridge Biomedical Campus – an investment that will further integrate GSK into one of the world’s leading ecosystems for life-sciences. To fund investment in the late-stage portfolio and R&D, we are starting a 3-year cost savings programme to simplify the organisation and to reallocate capital and resources. Savings will primarily be reinvested, with some used to improve margins and profitability in the dolutegravir patent expiry period (2028-2030). We believe these plans, together with continued disciplined capital allocation, will drive strong operational performance and shareholder returns over the next five years, delivering our 2031 sales outlook and accelerated long-term growth.”

 

2026 Guidance

 

GSK reaffirms its full-year 2026 guidance at constant exchange rates (CER), with further specificity provided below.

Guidance	Updated 2026 guidance at CER	Previous 2026 guidance at CER
Turnover	Increase between 3% to 5%, at the upper half of the range	Increase between 3% to 5%
Core operating profit	Increase between 7% to 9%, at the upper half of the range	Increase between 7% to 9%
Core earnings per share	Increase between 7% to 9%, at the lower half of the range	Increase between 7% to 9%

 

This guidance is supported by the following turnover expectations for full-year 2026 at CER.

 

Turnover expectations	New 2026 guidance at CER	Previous 2026 guidance at CER
Specialty Medicines	Increase at a low double-digit percentage	Increase at a low double-digit percentage
Vaccines	Broadly stable to an increase at a low single-digit percentage	Decline of a low single-digit percentage to broadly stable
General Medicines	Decline of a mid-single digit to low single-digit percentage	Decline of a low single-digit percentage to broadly stable

 

Core operating profit is expected to grow at the upper half of the range between 7 to 9 per cent at CER. GSK continues to expect 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 accelerate ongoing productivity initiatives and take a returns-based approach to SG&A investments, with SG&A now expected to be broadly stable. R&D is now expected to grow significantly ahead of sales as we accelerate investments in the pipeline as part of the Accelerate Growth programme while driving operational efficiencies. Royalty income is now expected to be at £850-900 million.

Core earnings per share is also expected to increase at the lower half of the range between 7 to 9 per cent at CER, reflecting higher interest charges of around £800 million, including the impact of the Nuvalent acquisition, and the tax rate which is expected to rise to around 17.5%, offset by the expected benefit from the share buyback programme. Expectations for non-controlling interests remain unchanged relative to 2025.

Agreement with US Government to lower the cost of prescription medicines for American patients

As previously announced, on 19 December 2025, GSK entered into an agreement with the US Administration to lower the cost of prescription medicines for American patients, which, once fully implemented, would exclude both GSK and ViiV Healthcare from Section 232 tariffs for three years. On 9 April 2026, GSK, ViiV Healthcare, and the US Government entered into a definitive agreement reflecting Section 232 tariff relief through 20 January 2029 (subject to final implementation). As part of that implementation, GSK and ViiV Healthcare each signed a Generous Model Manufacturer Participation Agreement with the Centers for Medicare and Medicaid Services effective 15 June 2026. With these agreements GSK and ViiV Healthcare have committed certain products to participate in the voluntary Generous Model, and it is anticipated that supplemental rebate agreements with interested US states will be signed on or before 1 October 2026. Our full year guidance is inclusive of the expected impact of these agreements.

 

Investing in late-stage product portfolio and Accelerate Growth programme

GSK has 62 assets in clinical development, 19 of which are in phase III development.

The company has strong confidence in its late-stage product portfolio, based on clinical data and the opportunities it has identified to improve upon current standards-of-care. GSK has potential best-in-class products for Oncology, Respiratory, Hepatology, HIV and Vaccines.

Following review, the company has identified asset accelerations - across 18 indications – for 7 late-stage products in Oncology, Respiratory, Hepatology and Vaccines. GSK now also expects to start 20+ phase III trials in 2026 (previously 10).

To accelerate R&D and capture the growth and value the late-stage portfolio offers, GSK has initiated a new “Accelerate Growth” programme. This 3-year programme has two objectives:

(1)	Simplify, and match GSK’s organisation and cost base to its evolving product portfolio, notably in Specialty Medicines
(2)	Enable the reallocation of GSK’s capital and resources to the late-stage pipeline and to R&D.

 

The Accelerate Growth programme is targeting £1.9 billion of annual savings, to be fully realised by 2029, for expected total costs of £2.4 billion, of which £2.1 billion is expected to be cash costs. Savings will be primarily reinvested in R&D, including business development activity, with a portion also used to strengthen operating margin in the period related to LoE for dolutegravir (2028-2030). The Accelerate Growth programme will be treated as a Major restructuring programme and costs will be included in Adjusting items. The majority of the cost charges will be in 2026 and 2027.

Cost savings are expected to be enabled by technology and AI and generated by streamlining support services and process redesign including procurement delivery, the reallocation of resources to Specialty Medicines from established products and further simplification of supply chain and the site network to align with portfolio evolution.

The programme, together with delivery of the opportunities in GSK’s late-stage product portfolio, strengthens GSK’s outlooks for growth of: sales of more than £40 billion by 2031; a stable to improving operating margin for the dolutegravir LoE period (2028-2030); and for accelerating growth from 2031 onwards.

 

Dividend policy

The Dividend policy and the expected pay-out ratio remain unchanged. Consistent with this, GSK has declared a dividend for Q2 2026 of 17p per share. GSK's future dividend policy and guidance regarding the expected dividend pay-out in 2026 are provided on page 30.

In Q2 2026, GSK completed the £2 billion share buyback programme announced in FY 2024.

 

Exchange rates

If exchange rates were to hold at the closing rates on 20 July 2026 ($1.35/£1, €1.18/£1 and Yen 219/£1) for the rest of 2026, the estimated impact on 2026 Sterling turnover growth for GSK would be -2% and if exchange gains or losses were recognised at the same level as in 2025, the estimated impact on 2026 Sterling Core Operating Profit growth for GSK would be -4%.

Results presentation

A conference call, webcast and in-person event for investors and analysts of the quarterly results will be hosted by Luke Miels, CEO, at 14:00 BST (09:00 EST) on 28 July 2026. Presentation materials will be published on www.gsk.com and a transcript of the webcast will be published subsequently.

Notwithstanding the inclusion of weblinks, information available on the company’s website, or from non GSK sources, is not incorporated by reference into this Results Announcement.

 

Performance : turnover

 

Turnover	Q2 2026			Year to date
	£m	AER%	CER%	£m	AER%	CER%
HIV	2,078	11	10	3,902	9	10
Respiratory, Immunology & Inflammation (RI&I)	1,135	18	19	2,025	15	17
Oncology	569	18	17	1,081	20	22
Specialty Medicines	3,782	14	14	7,008	12	14
Shingles (Shingrix)	888	4	3	1,914	11	12
Meningitis	462	22	21	797	9	9
RSV (Arexvy)	192	>100	>100	257	78	75
Influenza	11	83	100	21	>100	>100
Other Paediatric & Adult Vaccines	731	(7)	(8)	1,444	(9)	(8)
Vaccines	2,284	9	8	4,433	6	6
Respiratory	1,679	(10)	(10)	3,273	(9)	(7)
Other General Medicines	664	(5)	(4)	1,324	(10)	(8)
General Medicines	2,343	(9)	(9)	4,597	(9)	(7)
Total	8,409	5	5	16,038	3	5
By Region:
US	4,308	5	5	8,045	2	6
Europe	2,042	11	8	4,125	15	11
International	2,059	1	2	3,868	(4)	(2)
Total	8,409	5	5	16,038	3	5
Financial Performance – Q2 2026 results unless otherwise stated, growth % and commentary at CER. The YTD adverse currency impact on AER versus CER primarily reflected the strengthening of Sterling against the USD. See page 9 for further details.
For product list - see page 58

 

	Q2 2026			Year to date			Key Drivers
	£m	AER%	CER%	£m	AER%	CER%
Specialty Medicines Total	3,782	14	14	7,008	12	14	Continued growth across disease areas, with strong performances in HIV, Respiratory, Immunology & Inflammation, and Oncology.
HIV	2,078	11	10	3,902	9	10	In Q2 LAIs delivered 80% of total HIV growth. Strong demand for Cabenuva, Apretude and Dovato more than offset mature portfolio declines, with favourable pricing from US channel mix benefitting growth. US HIV sales increased 14%, with LAIs representing 35% of US HIV turnover.   YTD LAI sales exceeded £1bn.
Dovato	749	14	13	1,415	16	16	Strong demand across all regions.
Cabenuva	453	33	33	821	29	32	Cabenuva contributed 60% of total HIV growth in Q2, with strong demand across all regions.
Apretude	140	39	39	260	37	41	Strong growth driven by demand in a competitive US long-acting prevention market, contributing 20% of total HIV growth in Q2.
RI&I	1,135	18	19	2,025	15	17	Growth driven by Nucala and Exdensur in respiratory and Benlysta in immunology.
Nucala	610	22	23	1,094	16	18	Strong demand across all regions and indications, enhanced by COPD launches including the US in Q2 2025. US grew double digit in the quarter and YTD with volume growth more than offsetting continued unfavourable pricing pressures. In Q2, US channel mix pricing adjustments positively impacted total growth in the quarter by 12 ppts and YTD by 6 ppts.
Exdensur	18	–	–	29	–	–	Early commercial introductions across all launched markets, with new patient starts increasing in Q2 in key growth markets US, Japan and Germany.
Benlysta	498	10	11	882	9	12	Strong volume growth in Q2 and YTD, with bio-penetration rates having increased across many markets.

	Q2 2026			Year to date			Key Drivers
	£m	AER%	CER%	£m	AER%	CER%
Oncology	569	18	17	1,081	20	22	Increasing patient demand for Jemperli, Ojjaara/Omjjara and Blenrep, partially offset by a decrease in Zejula.
Jemperli	248	27	27	480	30	33	Continued strong growth in Q2 and YTD across all regions. US continued to grow double-digit, which reduced in Q2 as new patient starts moderated. Strong growth continued in Europe and International driven by launches and reimbursement expansion across markets.
Ojjaara/Omjjara	187	36	36	331	32	35	Higher patient uptake across the regions and from continued commercial launches across Europe and International markets. US volume growth in Q2 and YTD was partly offset by continuing pricing pressures.
Zejula	101	(33)	(34)	215	(24)	(23)	US continues to decline with volume impacted by the FDA label update and new prior authorisation insurance requirements, with Q2 further impacted by unfavourable channel mix and returns adjustments. Europe declined due to increased competition.
Blenrep	36	>100	>100	59	>100	>100	US sales driven by patient uptake in both community and academic settings. Continued geographic expansion with regulatory approval and launches across Europe and International markets, including in Germany, Japan and Brazil.

	Q2 2026			Year to date			Key Drivers
	£m	AER%	CER%	£m	AER%	CER%
Vaccines Total	2,284	9	8	4,433	6	6	Strong Q2 driven by growth in Arexvy, Meningitis vaccines and Shingrix. Growth in Q2 benefitted 3ppts from prior period rebate adjustments.
Shingrix	888	4	3	1,914	11	12	Q2 growth was driven by demand in Europe, partly offset by lower sales in International. US sales were broadly stable with lower demand and channel inventory utilisation offset by favourable pricing including prior period rebate adjustments   which added 3ppts to Shingrix Q2 growth.   The cumulative immunisation rate in the US reached 45%, up 3ppts compared to 12 months earlier(1). The majority of ex-US Shingrix opportunity is in 10 markets where the average immunisation rate is around 12%, with significantly higher uptake in funded cohorts.
Meningitis	462	22	21	797	9	9	Q2 growth was delivered primarily by Bexsero with outbreak-related demand in International and Europe. Other Meningitis vaccines benefitted from Q2 tender deliveries in International and Penmenvy continued post launch uptake in the US.
Arexvy	192	>100	>100	257	78	75	Strong growth in Q2 was the result of Australian tender deliveries and prior period rebate adjustments in the US. YTD growth also benefitted from expanded funding and uptake in Europe.
Other Paediatric & Adult Vaccines	731	(7)	(8)	1,444	(9)	(8)	Decrease in growth due to competitive pressure for Other Vaccines, particularly Synflorix in International and prior year CDC stockpile replenishment for Infanrix/Pediarix in the US, partly offset by favourable CDC stockpile movements and pricing for Boostrix in the US in 2026.

 

 

(1) Based on data from IQVIA up until the end of Q1 2026

	Q2 2026			Year to date			Key Drivers
	£m	AER%	CER%	£m	AER%	CER%
General Medicines Total	2,343	(9)	(9)	4,597	(9)	(7)	Decreases in Trelegy, other Respiratory and Other General Medicines products.
Respiratory	1,679	(10)	(10)	3,273	(9)	(7)	Trelegy decreases driven by US Medicare benefit design changes, and continued pricing pressures including the impact of channel mix pricing adjustments. Decreases in other respiratory products due to continued competitive pressures and generic erosion.
Trelegy	775	(7)	(7)	1,421	(6)	(3)	US declined in Q2 and YTD with volumes adversely impacted by Medicare benefit design changes and continued unfavourable pricing pressures as well as channel mix pricing adjustments impacting growth in Q2 by 5 ppts and YTD by 4 ppts. Strong volume growth in Europe and International was driven by patient demand, SITT class growth and increased market share.
Other General Medicines	664	(5)	(4)	1,324	(10)	(8)	Decrease in growth driven by continued competitive pressures and generic competition across the portfolio and a reduction in contract manufacturing sales.

By Region

 

	Q2 2026			Year to date			Key Drivers
	£m	AER%	CER%	£m	AER%	CER%
US	4,308	5	5	8,045	2	6	Specialty Medicines: Q2 +15%, YTD +16% Growth driven largely by patient demand in HIV, Oncology, Benlysta and Nucala.   Vaccines: Q2 +9%, YTD +3% Growth driven by favourable CDC stockpile movements and pricing for Boostrix and prior period RAR adjustments for Arexvy.   General Medicines: Q2 -17%, YTD -12% Trelegy declines from sales volume impacts and unfavourable pricing pressures and adjustments. Decreases continued across the other respiratory and Other General Medicine portfolios from ongoing competitive and pricing pressures.
Europe	2,042	11	8	4,125	15	11	Specialty Medicines: Q2 +9%, YTD +9% Growth driven by Oncology, Nucala, Benlysta and HIV.   Vaccines: Q2 +13%, YTD +22% Growth driven by Shingrix demand in the Nordics and Austria, with significant increased demand across Europe YTD. Bexsero also grew due to Meningitis B outbreak related demand in the UK.   General Medicines: Q2 stable, YTD -1% Broadly stable. Growth in Trelegy and Anoro offset by decreases in other respiratory products.
International	2,059	1	2	3,868	(4)	(2)	Specialty Medicines: Q2 +11%, YTD +13% Growth driven by Oncology, Nucala and Benlysta.   Vaccines: Q2 +3%, YTD -7% Q2 growth in Arexvy from Australian tender deliveries and Bexsero demand related to outbreaks in Vietnam partly offset by lower sales of Shingrix and competitive pressure for Other Vaccines, particularly Synflorix. YTD sales include the impact of lower Q1 Synflorix and Shingrix sales.   General Medicines: Q2 -2%, YTD -6% Growth in Trelegy and Anoro more than offset by decreases across other respiratory and Other General Medicine products, which included reductions in contract manufacturing income.

 

 

Financial Performance - Core results

Core operating profit growth in Q2 2026 and YTD primarily reflected higher turnover, favourable product and regional mix, and favourable net legal settlements and expenses in Q1 2026 partially offset by increased investment in R&D and new asset launches, as well as lower royalty income in the quarter.

The increase in Core EPS in Q2 2026 primarily reflected the growth in Core operating profit, the share buyback, a lower effective tax rate and lower net finance expenses, partly offset by higher NCIs. YTD Core EPS growth compared to operating profit growth was lower than the quarter principally due to higher net finance costs and a broadly flat effective tax rate.

Core Results	Q2 2026			Year to date
	£m	% AER	% CER	£m	% AER	% CER
Turnover	8,409	5	5	16,038	3	5
Cost of sales	(1,898)	(4)	(6)	(3,599)	(3)	(3)
% of sales	22.6%	(2.3)	(2.5)	22.4%	(1.5)	(1.8)
Selling, general and administration	(2,194)	5	5	(4,174)	1	1
% of sales	26.1%	(0.1)	–	26.0%	(0.8)	(0.9)
Research and development	(1,721)	13	13	(3,214)	11	12
% of sales	20.5%	1.4	1.4	20.0%	1.3	1.3
Royalty income	204	(17)	(17)	399	(6)	(7)
Core operating profit	2,800	6	7	5,450	6	8
% of sales	33.3%	0.4	0.6	34.0%	0.7	1.2
Core net finance expense	(121)	(3)	(2)	(264)	17	19
Share of after tax profit/(loss) of associates and joint ventures	(3)			(7)
Core profit before taxation	2,676	7	7	5,179	5	8
Taxation	(457)	4	4	(915)	5	8
Tax rate %	17.1%			17.7%
Core profit after taxation	2,219	7	8	4,264	5	8
Core profit attributable to non-controlling interests	191	9	10	364	8	11
Core profit attributable to shareholders	2,028			3,900
	2,219	7	8	4,264	5	8
Core Earnings per share	50.5p	9	9	97.1p	6	9
Financial Performance – Q2 2026 results unless otherwise stated, growth % and commentary at CER. See page 8 for Total results financial performance commentary. In YTD, the adverse currency impact on AER versus CER primarily reflected the strengthening of Sterling against the USD. See page 9 for further details. Reconciliations between Total results and Core results Q2 2026, Q2 2025, H1 2026 and H1 2025 are set out on pages 16 and 18

 

Core cost of sales as a percentage of sales decreased in Q2 2026 and YTD primarily due to favourable product and regional mix driven by higher specialty sales and the growth of higher margin Vaccines products, particularly Shingrix in Europe, as well as a favourable comparator due to supply chain optimisation charges incurred in Q2 2025.

Core SG&A increased in Q2 2026 and YTD primarily due to disciplined investment to support launches for new assets including Blenrep and Exdensur as well as a low comparator due to phasing of spend between quarters in Q2 2025. This was partly offset by ongoing productivity initiatives. The YTD also has net favourability on legal settlements and expenses equivalent to around 2ppts impact.

Core R&D investment increased in Q2 2026 and YTD reflecting progression across the portfolio. In Oncology, this included acceleration in work on ADCs Ris-Rez and Mo-Rez, and velzatinib. In Specialty Medicines, increased investment was driven by efimosfermin acquired in Q3 2025, depemokimab COPD indication and all indications of the anti-TSLP monoclonal antibody. Growth was partly offset by lower spend on bepirovirsen which was filed in Q1 2026. Investment also increased on clinical trial programmes associated with mRNA seasonal flu vaccines.

Core royalty income decreased in the quarter and YTD primarily due to Q2 2025 including historic royalties recognised in association with the settlement of an IP dispute, partly offset by higher Kesimpta(1) royalties.

Core net finance expense decreased in Q2 mainly due to a net favourable variance on hedging activities after a negative impact in Q1 2026. Excluding this, core net finance expense increased in Q2 2026 and YTD primarily due to higher net interest on higher net debt following Zantac settlement payments, the share buyback and acquisitions.

The effective tax rate on Core profits was broadly in line with expectations for the year.

Core NCIs in Q2 and YTD were higher primarily due to higher core profit allocations from ViiV Healthcare.

 

(1) Kesimpta is manufactured by and a trademark of Novartis AG

 

Financial performance - Total results

 

Total operating profit decreased in the quarter primarily due to higher impairments and higher CCL charges, partly offset by higher Core operating profit, higher other net operating income and lower NCIs.

Total EPS decreased in Q2 2026 and YTD primarily due to lower Total operating profit driven by higher impairments in the quarter, partly offset by the share buyback, a lower effective tax rate and lower NCIs, as well as lower net finance expenses in Q2.

Total Results	Q2 2026			Year to date
	£m	% AER	% CER	£m	% AER	% CER
Turnover	8,409	5	5	16,038	3	5
Cost of sales	(2,266)	5	3	(4,141)	1	1
% of sales	26.9%	(0.2)	(0.5)	25.8%	(0.6)	(1.1)
Selling, general and administration	(2,202)	3	3	(4,321)	3	3
% of sales	26.2%	(0.6)	(0.5)	26.9%	(0.2)	(0.4)
Research and development	(3,466)	71	71	(5,158)	48	49
% of sales	41.2%	15.9	15.9	32.2%	9.7	9.5
Royalty income	204	(17)	(17)	399	(6)	(7)
Other operating income/(expense)	(198)	>100	>100	(43)	>100	>100
Operating profit	481	(76)	(75)	2,774	(35)	(31)
% of sales	5.7%	(19.6)	(19.3)	17.3%	(10.0)	(9.3)
Net finance expense	(124)	(7)	(7)	(269)	11	13
Share of after tax profit/(loss) of associates and joint ventures	(3)			(7)
Profit before taxation	354	(81)	(80)	2,498	(37)	(34)
Taxation	199	>(100)	>(100)	(106)	(82)	(77)
Tax rate %	(56.2%)			4.2%
Profit after taxation	553	(66)	(65)	2,392	(30)	(26)
Profit attributable to non-controlling interests	118	(42)	(41)	220	(37)	(35)
Profit attributable to shareholders	435			2,172
	553	(66)	(65)	2,392	(30)	(26)
Earnings per share	10.8p	(69)	(69)	54.1p	(28)	(24)
Financial Performance – Q2 2026 results unless otherwise stated, growth % and commentary at CER. See page 7 for Core results financial performance commentary. In Q2 2026, the adverse currency impact on AER versus CER primarily reflected the strengthening of Sterling against the USD. See page 9 for further details. Reconciliations between Total results and Core results Q2 2026, Q2 2025, H1 2026 and H1 2025 are set out on pages 16 and 18.

 

Total cost of sales as a percentage of sales decreased in the quarter and YTD primarily driven by Core cost of sales benefits, partly offset by impairments in the quarter.

Total SG&A as a percentage of sales decreased in the quarter and YTD primarily due to Core SG&A benefits, partly offset in the YTD by amounts reclassified from the foreign currency translation reserve to the income statement upon the liquidation of a subsidiary, and acquisition and integration costs related to RAPT Therapeutics ("RAPT").

Total R&D growth in Q2 2026 and YTD was driven by higher impairments in the quarter for camlipixant (£1,334 million) and the termination of assets related to the collaboration with Alector (£371 million), related to the outcomes of clinical trials. See page 17 for more details. In addition there was an increase in Core R&D investment.

Total royalty income decreased in the quarter and YTD driven by Core royalties.

Other operating income/(expense) in Q2 2026 included a charge of £486 million (Q2 2025: £89 million credit) arising from the remeasurement of CCLs, partly offset by net income of £288 million (Q2 2025: £31 million) primarily related to the divestment of linerixibat. Other operating income/(expense) YTD included a charge of £751 million (YTD 2025: £87 million credit) principally arising from the remeasurement of CCLs, partly offset by net income of £708 million (YTD 2025: £22 million) primarily related to profit on the sale of the Rockville manufacturing facility to Samsung Biologics, and the divestment of linerixibat. See pages 17 and 19 for further details.

Net finance costs decreased in the quarter and increased in YTD mainly due to movements in Core net finance expenses.

The effective tax rate on Total results reflected the different tax effects of the various Adjusting items included in Total results. Issues related to taxation are described in Note 14, ‘Taxation’ in the Annual Report 2025. The Group continues to believe it has made adequate provision for the liabilities likely to arise from periods that are open and not yet agreed by relevant tax authorities. The ultimate liability for such matters may vary from the amounts provided and is dependent upon the outcome of agreements with relevant tax authorities.

The decrease in Total NCIs in Q2 and YTD was primarily driven by remeasurement charges on the Shionogi-ViiV CCL compared to credits in prior periods, partly offset by higher core profit allocations from ViiV Healthcare.

 

Exchange rates and impact on results

GSK operates in many countries and earns revenues and incurs costs in many currencies. The results of the Group, as reported in Sterling, are affected by movements in exchange rates between Sterling and other currencies. Average exchange rates, as modified by specific transaction rates for large transactions, prevailing during the period, are used to translate the results and cash flows of overseas subsidiaries, associates and joint ventures into Sterling. Period-end rates are used to translate the net assets of those entities. The currencies which most influenced these translations and the relevant exchange rates were:

			Q2 2026	Q2 2025	H1 2026	H1 2025	2025
Average rates:
		US$/£	1.34	1.34	1.34	1.30	1.31
		Euro/£	1.15	1.18	1.15	1.19	1.17
		Yen/£	213	194	212	193	198
Period-end rates:
		US$/£	1.32	1.37	1.32	1.37	1.35
		Euro/£	1.16	1.17	1.16	1.17	1.15
		Yen/£	215	198	215	198	211

In Q2 2026 and YTD, the adverse currency impact primarily reflected the strengthening of Sterling against the US Dollar, particularly in Q1 2026, as well as the Yen and emerging market currencies, partly offset by strengthening of the Euro. Exchange losses on the settlement of intercompany transactions had an adverse impact of one percentage point on Total and Core EPS in the YTD, and minimal impact in the quarter.

 

Cash generation

 

Cash flow
	Q2 2026 £m	Q2 2025 £m	H1 2026 £m	H1 2025 £m
Cash generated from operations (£m)	2,906	2,433	4,256	3,734
Total net cash inflow/(outflow) from operating activities (£m)	2,690	2,096	3,831	3,241
Free cash inflow/(outflow)* (£m)	1,994	1,126	2,809	1,823
Free cash flow growth (%)	77%	>100%	54%	>100%
Free cash flow conversion* (%)	>100%	78%	>100%	59%
Total net debt** (£m)	15,132	13,735	15,132	13,735
*  Free cash flow and free cash flow conversion are defined on page 50. Free cash flow is analysed on page 34.
** Total net debt is defined on page 51. Net debt is analysed on page 34.

 

Q2 2026

Cash generated from operations for the quarter was £2,906 million (Q2 2025: £2,433 million). The increase primarily reflected higher Core operating profit, favourable timing and movements on trade receivables and payables, partly offset by inventory build to support new product launches and adverse timing and movements on returns and rebates.

Total contingent consideration cash payments in the quarter were £378 million (Q2 2025: £333 million). £374 million (Q2 2025: £330 million) of these were recognised in cash flows from operating activities, including cash payments made to Shionogi & Co. Ltd ("Shionogi") of £348 million (Q2 2025: £319 million).

Free cash inflow was £1,994 million for the quarter (Q2 2025: £1,126 million). The increase was primarily driven by higher cash generated from operations, proceeds from the divestment of linerixibat and lower tax payments.

 

H1 2026

Cash generated from operating activities was £4,256 million (H1 2025: £3,734 million). The increase reflected higher Core operating profit, favourable timing and movements on trade receivables and the final cash settlement from CureVac, partly offset by exchange and adverse timing and movements on returns and rebates.

Total contingent consideration cash payments in H1 2026 were £757 million (H1 2025: £674 million). £749 million (H1 2025: £668 million) of these were recognised in cash flows from operating activities, including cash payments made to Shionogi & Co. Ltd of £710 million (H1 2025: £650 million).

Free cash inflow was £2,809 million for H1 2026 (H1 2025: £1,823 million). The increase was driven by higher cash generated from operations, higher proceeds from the sale of intangible assets, including the divestment of linerixibat, and the special dividend of $250 million (£187 million) related to the ViiV shareholding restructure.

 

Total Net debt

At 30 June 2026, net debt was £15,132 million, compared with £14,453 million at 31 December 2025, comprising gross debt of £18,238 million and cash and liquid investments of £3,106 million. See net debt information on page 34.

Net debt increased by £679 million primarily due to net acquisition costs of £2,083 million related to RAPT Therapeutics and 35Pharma Inc., dividends paid to shareholders of £1,370 million, shares purchased as part of the share buyback programme (completed in June 2026) of £634 million and an exchange loss on net debt of £76 million. This was partly offset by primarily the free cash inflow of £2,809 million and £398 million related to the disposal of the Rockville site including proceeds and a reduction in lease liabilities.

At 30 June 2026, GSK had short-term borrowings (including overdrafts and lease liabilities) repayable within 12 months of £4,291 million and £2,058 million repayable in the subsequent year.

 

Contents

	Page
Q2 2026 pipeline highlights	12
Responsible business	13
Total and Core results	14
Income statement	20
Statement of comprehensive income	21
Balance sheet	22
Statement of changes in equity	23
Cash flow statement	24
Sales tables	25
Segment information	28
Legal matters	29
Returns to shareholders	30
Additional information	31
R&D commentary	41
Principal risk and uncertainties	48
Reporting definitions	50
Guidance and outlooks, assumptions and cautionary statements	52
Directors' responsibility statement	54
Independent Auditor's review report to GSK plc	55
Glossary of terms	57

 

Contacts

 

GSK plc (LSE/NYSE:GSK) is a global biopharma company with a purpose to unite science, technology, and talent to get ahead of disease together. Find out more at www.gsk.com.

 

GSK enquiries:
Media	Tim Foley	+44 (0) 7780 494750	(London)
	Kathleen Quinn	+1 202 603 5003	(Washington)
Investor Relations	Constantin Fest	+44 (0) 7831 826525	(London)
	James Dodwell	+44 (0) 7881 269066	(London)
	Mick Readey	+44 (0) 7990 339653	(London)
	Steph Mountifield	+44 (0) 7796 707505	(London)
	Sam Piper	+44 (0) 7824 525779	(London)
	Jeff McLaughlin	+1 215 751 7002	(Philadelphia)
	Frannie DeFranco	+1 215 751 3126	(Philadelphia)
Registered in England & Wales: No. 3888792
Registered Office: 79 New Oxford Street London, WC1A 1DG

 

Q2 2026 pipeline highlights (since 29 April 2026)

	Medicine/vaccine	Trial (indication, presentation)	Event
Regulatory approvals or other regulatory actions	Nucala	Hypereosinophilic Syndrome	Regulatory approval (CN)
	Jideytro	Non-small cell lung cancer (pre-treated)	Regulatory approval (US)
	Arexvy	RSV, adults aged 18-49 years at increased risk	Regulatory approval (JP)
	Arexvy	RSV, adults aged 18+ immunocompromised	Regulatory approval (JP)
	Utebzi	PIVOT-PO (complicated urinary tract infections)	Regulatory approval (US)
Regulatory submissions or acceptances	Bexsero	Meningococcal B booster (10+ years of age)	Regulatory acceptance (EU)
Phase III data readouts or other significant events	camlipixant*	CALM-1/2 (refractory chronic cough)	Phase III data readout
	efimosfermin	ZENITH-1 and ZENITH-2 (metabolic dysfunction-associated steatohepatitis)	Breakthrough Designation (CN)
	Jemperli	AZUR-1 (rectal cancer)	Positive phase II (pivotal) data readout
	momelotinib	VEXAS syndrome	Orphan Drug Designation (EU, US)

*camlipixant demonstrated limited efficacy in the CALM-1 and CALM-2 pivotal trials, and, based on the aggregate data, GSK has decided not to progress further development in chronic cough (disclosed 17 July 2026)

 

Anticipated pipeline milestones

Timing	Medicine/vaccine	Trial (indication, presentation)	Event
H2 2026	Exdensur	OCEAN (eosinophilic granulomatosis with polyangiitis)	Phase III data readout
	Ventolin	Low carbon MDI (asthma)	Regulatory submission (EU)
	Blenrep	DREAMM-8 (2L + multiple myeloma)	Regulatory submission (CN)
	Jemperli	AZUR-1 (rectal cancer)	Regulatory submission (US)
	Jemperli	AZUR-1 (rectal cancer)	Regulatory decision (US)
	neladalkib	Non-small cell lung cancer (pre-treated)	Regulatory decision (US)
	cabotegravir	3x a year prevention (HIV)	Phase IIb (pivotal) data readout
	cabotegravir	3x a year prevention (HIV)	Regulatory submission (US)
	Arexvy	RSV, adults aged 18+ immunocompromised	Regulatory decision (US)
	bepirovirsen	B-WELL 1/2 (hepatitis B virus)	Regulatory decision (US, JP)
	Bexsero	Meningococcal B (infants)	Regulatory submission (US)
H1 2027	Exdensur	OCEAN (eosinophilic granulomatosis with polyangiitis)	Regulatory submission (US, EU, CN, JP)
	Ventolin	Low carbon MDI (asthma)	Regulatory decision (EU)
	Ventolin	Low carbon MDI (asthma)	Regulatory submission (US)
	Jemperli	AZUR-1 (rectal cancer)	Regulatory submission (JP)
	Jideytro	Non-small cell lung cancer (treatment naïve)	Regulatory submission (US)
	cabotegravir	3x a year prevention (HIV)	Regulatory decision (US)
	Arexvy	RSV, adults aged 60+	Regulatory decision (CN)
	bepirovirsen	B-WELL 1/2 (chronic hepatitis B)	Regulatory decision (EU, CN)
H2 2027	Exdensur	OCEAN (eosinophilic granulomatosis with polyangiitis)	Regulatory decision (US, JP)
	Jemperli	AZUR-1 (rectal cancer)	Regulatory submission (EU, CN)
	Jemperli	AZUR-1 (rectal cancer)	Regulatory decision (EU)
	zidesamtinib	Non-small cell lung cancer (treatment naïve)	Regulatory decision (US)
	cabotegravir + rilpivirine	CUATRO, 3x a year treatment (HIV)	Phase III data readout
	Arexvy	RSV, adults aged 18-59	Regulatory submission (CN)
	Bexsero	Meningococcal B (infants)	Regulatory decision (US)

 

Refer to pages 41 to 47 for further details on several key medicines and vaccines in development by therapy area.

 

Progress on areas for responsible business

 

Being a responsible business is a fundamental part of GSK’s strategy and supports long-term performance. Annual progress against GSK’s responsible business priorities is detailed in the Annual(1) and Responsible Business(2) Reports with incremental updates shared each quarter. Highlights below include activity since Q1 2026 results.

 

Access

●

In April, GSK and Medicines for Malaria Venture (MMV) announced(3) the world’s first rollout of paediatric tafenoquine in Brazil - followed by Thailand in May - providing children with relapsing P. Vivax malaria access to this single dose treatment to help prevent relapse and support elimination efforts.

 

Global health and health security

●

Malaria remains one of the leading causes of death among children under five in sub-Saharan Africa. In May, results published(4) in The Lancet from the World Health Organization’s Malaria Vaccine Implementation Programme (MVIP), provided real-world evidence that the RTS,S malaria vaccine, developed by GSK, helped reduce child mortality over a period of four years in Ghana, Kenya and Malawi, with an estimated one in eight deaths averted among eligible children.

●

In July, the GSK-developed novel M72/AS01E tuberculosis vaccine candidate (licensed to Gates Medical Research Institute in 2020) progressed(5) toward global access with a new manufacturing agreement between the Gates MRI and Serum Institute of India, pending successful Phase III trial outcomes. The agreement also commits GSK, as the adjuvant innovator, to a manufacturing partner for M72/ AS01E, and marks a critical step toward ensuring that, if approved, the vaccine can be produced at scale and made available to those who need it most.

 

Environment

●

In May, GSK was named a Supplier Engagement Leader by the CDP(6), in addition to maintaining A-list status for Climate Change and Water Security. This recognises GSK’s work with suppliers to decarbonise its value chain beyond its own operations, which protects supply chain resilience and long-term ability to deliver medicines and vaccines.

 

Responsible Business rating performance

 

Detailed below is how GSK performs in key Responsible Business ratings*.

External benchmark	Current score/ranking	Previous score/ranking	Comments
Access to Medicines Index	3.72	4.06	Second in the Index, updated bi-annually, current results from November 2024. Scores range from 1 to 5, with 5 being the highest (best) score
Antimicrobial resistance benchmark	77%	84%	Led the benchmark since its inception in 2018; Current ranking updated March 2026
CDP Climate Change	A	A	Updated annually, current scores updated December 2025 (for supplier engagement, May 2026)
CDP Water Security	A	A
CDP supplier engagement rating	Leader	Leader
Sustainalytics	Low risk	Low risk	2nd percentile in pharma subindustry group. Current rating as at July 2026
ISS Corporate Rating	B+	B+	Ranked 1st in our peer group. Last profile update May 2026
FTSE4Good	Member	Member	Member since 2004, latest review in July 2026

*GSK’s Responsible Business ratings are regularly reviewed to ensure the external benchmarks listed remain high quality, appropriate and relevant to investors. The outcome of these reviews may lead to changes on which ratings are included in the table above – last updated July 2026

 

(1)	https://www.gsk.com/en-gb/investors/financial-reports/annual-report-2025
(2)	https://www.gsk.com/media/di5bk40q/responsible-business-report.pdf
(3)	https://www.mmv.org/news-resources-search/first-children-receive-single-dose-medicine-relapsing-malaria-brazils
(4)	https://www.thelancet.com/journals/lancet/article/PIIS0140-6736(26)00248-5/fulltext
(5)	https://www.gsk.com/en-gb/media/media-statements/gsk-developed-tb-vaccine-candidate-progresses-toward-global-access-with-new-manufacturing-agreement/
(6)	https://www.cdp.net/en/supply-chain/supplier-engagement-assessment#msdynmkt_trackingcontext=955c8f00-6738-45c4-a268-80b1609d0200

 

Total and Core results

 

Total reported results represent the Group’s overall performance.

GSK uses a number of non-IFRS measures to report the performance of its business. Core results and other non-IFRS measures may be considered in addition to, but not as a substitute for, or superior to, information presented in accordance with IFRS. Core results are defined below and other non-IFRS measures are defined on pages 50 and 51.

GSK believes that Core results, when considered together with Total results, provide investors, analysts and other stakeholders with helpful complementary information to understand better the financial performance and position of the Group from period to period, and allow the Group’s performance to be more easily compared against the majority of its peer companies. These measures are also used by management for planning and reporting purposes. They may not be directly comparable with similarly described measures used by other companies.

GSK encourages investors and analysts not to rely on any single financial measure but to review GSK’s quarterly results announcements, including the financial statements and notes, in their entirety.

GSK is committed to continuously improving its financial reporting, in line with evolving regulatory requirements and best practice. In line with this practice, GSK expects to continue to review and refine its reporting framework.

Core results exclude the following items in relation to our operations from Total results, together with the tax effects of all of these items:

●	amortisation of intangible assets (excluding computer software and capitalised development costs) to reflect the Group's performance excluding the effect of acquisitions
●	impairment of intangible assets (excluding computer software) and goodwill to reflect the Group's performance excluding the effect of acquisitions
●	major restructuring and integration costs, which are:
	–	cash and non-cash costs such as impairment of tangible assets and computer software of Major restructuring programmes, which are specific Board-approved programmes that are structural and of significant scale, where the costs of individual or related projects within such programmes exceed £25 million; or
	–	costs that relate to restructuring and integration following a significant acquisition.
	Costs for other ordinary course, smaller-scale restructuring and integration are retained within both Total and Core results
●	transaction-related accounting or other adjustments related to significant acquisitions
●	proceeds and costs of disposal of associates, products and businesses; significant settlement income; Significant legal charges (net of insurance recoveries) and expenses on the settlement of litigation and government investigations; other operating income other than royalty income, and other items including amounts reclassified from the foreign currency translation reserve to the income statement upon the liquidation of a subsidiary where the amount exceeds £25 million

GSK has undertaken a number of Major restructuring programmes in response to significant changes in the Group’s trading environment or overall strategy or following material acquisitions. Within the Pharmaceuticals sector, the highly regulated manufacturing operations and supply chains and long lifecycle of the business mean that restructuring programmes, particularly those that involve the rationalisation or closure of manufacturing or R&D sites are likely to take several years to complete. Costs, both cash and non-cash, of these programmes are provided for as individual elements are approved and meet the accounting recognition criteria. As a result, charges may be incurred over a number of years following the initiation of a Major restructuring programme.

Significant legal charges and expenses are those arising from the settlement of litigation or government investigations that are not in the normal course and materially larger than more regularly occurring individual matters. They also include certain major legacy matters.

Reconciliations between Total and Core results, providing further information on the key Adjusting items, are set out on pages 16 and 18.

GSK provides earnings guidance to the investor community on the basis of Core results. This is in line with peer companies and expectations of the investor community, supporting easier comparison of the Group’s performance with its peers. GSK is not able to give guidance for Total results as it cannot reliably forecast certain material elements of the Total results, particularly the future fair value movements on contingent consideration and put options that can and have given rise to significant adjustments driven by external factors such as currency and other movements in capital markets.

 

ViiV Healthcare

ViiV Healthcare is a subsidiary of the Group and 100% of its operating results (turnover, operating profit, profit after tax) are included within the Group income statement.

On 19 January 2026, GSK reached agreement with Pfizer and Shionogi for the 11.7% economic interest in ViiV Healthcare held by Pfizer to be replaced with an investment by Shionogi. On 31 March 2026, the transaction completed and Shionogi increased its economic interest to 21.7% and GSK maintained its 78.3% economic interest. ViiV Healthcare issued new shares to Shionogi for consideration of $2.125 billion, and cancelled Pfizer’s holding in ViiV Healthcare, returning $1.875 billion to Pfizer. GSK received a special dividend of $0.250 billion (£187 million). Further, on completion GSK extinguished the Pfizer put option liability through retained earnings. The put option liability was £822 million as at 31 December 2025 and was remeasured immediately prior to completion, on the same methodology as at 31 December 2025, with the £33 million change in the liability recognised as an Adjusting item through other operating income/(expense).

Earnings for the year are allocated to the two shareholders of ViiV Healthcare on the basis of their respective equity shareholdings (GSK 78.3% and Shionogi 21.7%) and their entitlement to preferential dividends, which are determined by the performance of certain products attributable to each shareholder. As the relative performance of these products changes over time, the proportion of the overall earnings allocated to each shareholder also changes. In particular, the increasing proportion of sales of dolutegravir and cabotegravir-containing products has a favourable impact on the proportion of the preferential dividends that is allocated to GSK. Adjusting items are allocated to shareholders based on their equity interests. GSK was entitled to approximately 83% of the Total earnings and 83% of the Core earnings of ViiV Healthcare for 2025.

As consideration for the acquisition of Shionogi’s interest in the former Shionogi-ViiV Healthcare joint venture in 2012, Shionogi received the 10% equity stake in ViiV Healthcare and ViiV Healthcare also agreed to pay additional future cash consideration to Shionogi, contingent on the future sales performance of the products being developed by that joint venture, dolutegravir and cabotegravir. Under IFRS 3 ‘Business combinations’, GSK was required to provide for the estimated fair value of this contingent consideration at the time of acquisition and is required to update the liability to the latest estimate of fair value at each subsequent period end. The liability for the contingent consideration recognised in the balance sheet at the date of acquisition was £659 million. Subsequent remeasurements are reflected within other operating income/(expense) and within Adjusting items in the income statement in each period.

Cash payments to settle the contingent consideration are made to Shionogi by ViiV Healthcare each quarter, based on the actual sales performance and other income of the relevant products in the previous quarter. These payments reduce the balance sheet liability and hence are not recorded in the income statement. The cash payments made to Shionogi by ViiV Healthcare in the six months ended 30 June 2026 were £710 million.

As the liability is required to be recorded at the fair value of estimated future payments, there is a significant timing difference between the charges that are recorded in the Total income statement to reflect movements in the fair value of the liability and the actual cash payments made to settle the liability.

Further explanation of the acquisition-related arrangements with ViiV Healthcare are set out on pages 86 and 87 of the Annual Report 2025.

 

The reconciliations between Total results and Core results for Q2 2026 and Q2 2025 are set out below.

Three months ended 30 June 2026

	Total results £m	Intangible asset amort- isation £m	Intangible asset impair- ment £m	Major restruc- turing and integration £m	Trans- action- related £m	Divest-ments, Significant legal and other items £m	Core results £m
Turnover	8,409						8,409
Cost of sales	(2,266)	169	190	4		5	(1,898)
Gross profit	6,143	169	190	4		5	6,511
Selling, general and administration	(2,202)			5	5	(2)	(2,194)
Research and development	(3,466)	26	1,705	14			(1,721)
Royalty income	204						204
Other operating income/(expense)	(198)				486	(288)	–
Operating profit	481	195	1,895	23	491	(285)	2,800
Net finance expense	(124)					3	(121)
Share of after tax profit/(loss) of associates and joint ventures	(3)						(3)
Profit before taxation	354	195	1,895	23	491	(282)	2,676
Taxation	199	(42)	(466)	(5)	(111)	(32)	(457)
Tax rate %	(56.2%)						17.1%
Profit after taxation	553	153	1,429	18	380	(314)	2,219
Profit attributable to non-controlling interests	118				73		191
Profit/(loss) attributable to shareholders	435	153	1,429	18	307	(314)	2,028
	553	153	1,429	18	380	(314)	2,219
Earnings per share	10.8p	3.8p	35.7p	0.4p	7.6p	(7.8p)	50.5p
Weighted average number of shares (millions)	4,014						4,014

 

Three months ended 30 June 2025

	Total results £m	Intangible asset amort- isation £m	Intangible asset impair- ment £m	Major restruc- turing and integration £m	Trans- action- related £m	Divest-ments, Significant legal and other items £m	Core results £m
Turnover	7,986						7,986
Cost of sales	(2,165)	173				6	(1,986)
Gross profit	5,821	173				6	6,000
Selling, general and administration	(2,140)			8	1	38	(2,093)
Research and development	(2,024)	21	476	4		1	(1,522)
Royalty income	246						246
Other operating income/(expense)	120			1	(89)	(32)	–
Operating profit	2,023	194	476	13	(88)	13	2,631
Net finance expense	(134)					9	(125)
Share of after tax profit/(loss) of associates and joint ventures	(2)						(2)
Profit before taxation	1,887	194	476	13	(88)	22	2,504
Taxation	(241)	(54)	(119)	(3)	(28)	6	(439)
Tax rate %	12.8%						17.5%
Profit after taxation	1,646	140	357	10	(116)	28	2,065
Profit attributable to non-controlling interests	203				(28)		175
Profit/(loss) attributable to shareholders	1,443	140	357	10	(88)	28	1,890
	1,646	140	357	10	(116)	28	2,065
Earnings per share	35.5p	3.4p	8.8p	0.3p	(2.2p)	0.7p	46.5p
Weighted average number of shares (millions)	4,063						4,063

 

Adjusting items Q2 2026

 

Intangible asset impairments

Impairments of £1,895 million (Q2 2025: £476 million) were incurred primarily relating to camlipixant (£1,334 million) following GSK's decision not to progress further development of camlipixant in RCC, based on the aggregate data from the CALM-1 and CALM-2 phase III trials. The recoverable amount of camlipixant, based on value in use for the IBS indication is £104 million, which is the carrying value as at 30 June 2026.

In addition, a full impairment of £371 million was recognised following the termination of assets under the Alector collaboration, driven by the outcome of clinical trials.

Major restructuring and integration

Charges of £23 million (Q2 2025: £13 million) were incurred relating to ongoing projects categorised as Major restructuring programmes and integration costs, analysed as follows:

	Q2 2026			Q2 2025
	Cash £m	Non- cash £m	Total £m	Cash £m	Non- cash £m	Total £m
Significant acquisitions	22	–	22	7	–	7
Legacy programmes	–	1	1	3	3	6
	22	1	23	10	3	13

Integration costs of significant acquisitions relate predominantly to integration activities for RAPT acquired in Q1 2026, with smaller incremental costs attributed to earlier acquisitions - Affinivax Inc. (Affinivax) in Q3 2022, BELLUS Health Inc. (Bellus) in Q2 2023, and BP Asset IX in Q3 2025.

 

Transaction-related adjustments

Transaction-related adjustments resulted in a net charge of £491 million (Q2 2025: £88 million credit), the majority of which related to charges/(credits) for the remeasurement of contingent consideration liabilities.

Charge/(credit)	Q2 2026 £m	Q2 2025 £m
Contingent consideration on former Shionogi-ViiV Healthcare joint venture (including Shionogi preferential dividends)	392	(127)
ViiV Healthcare put options and Pfizer preferential dividends	–	(29)
Contingent consideration on former Novartis Vaccines business	14	57
Contingent consideration on acquisition of Affinivax	6	7
Other contingent consideration	74	3
Other adjustments	5	1
Total transaction-related charges/(credits)	491	(88)

 

The £392 million charge relating to the contingent consideration for the former Shionogi-ViiV Healthcare joint venture represented an increase in the valuation of the contingent consideration due to Shionogi driven by updated sales forecasts and net other remeasurements of £301 million and the unwind of the discount for £91 million.

 

Divestments, Significant legal charges, and other items

Divestments, Significant legal charges, and other items included net other operating income of £288 million (Q2 2025: £32 million) primarily related to proceeds from the divestment of linerixibat.

Legal charges provide for all significant legal matters and are not broken out separately by litigation or investigation.

The reconciliations between Total results and Core results for H1 2026 and H1 2025 are set out below.

 

Six months ended 30 June 2026

	Total results £m	Intangible asset amort- isation £m	Intangible asset impair- ment £m	Major restruc- turing and integration £m	Trans- action- related £m	Divest-ments, Significant legal and other items £m	Core results £m
Turnover	16,038						16,038
Cost of sales	(4,141)	334	190	6		12	(3,599)
Gross profit	11,897	334	190	6		12	12,439
Selling, general and administration	(4,321)			25	19	103	(4,174)
Research and development	(5,158)	51	1,877	16			(3,214)
Royalty income	399						399
Other operating income/(expense)	(43)				751	(708)	–
Operating profit	2,774	385	2,067	47	770	(593)	5,450
Net finance expense	(269)					5	(264)
Share of after tax profit/(loss) of associates and joint ventures	(7)						(7)
Profit before taxation	2,498	385	2,067	47	770	(588)	5,179
Taxation	(106)	(83)	(495)	(10)	(201)	(20)	(915)
Tax rate %	4.2%						17.7%
Profit after taxation	2,392	302	1,572	37	569	(608)	4,264
Profit attributable to non-controlling interests	220				144		364
Profit/(loss) attributable to shareholders	2,172	302	1,572	37	425	(608)	3,900
	2,392	302	1,572	37	569	(608)	4,264
Earnings per share	54.1p	7.5p	39.1p	0.9p	10.6p	(15.1p)	97.1p
Weighted average number of shares (millions)	4,018						4,018

 

Six months ended 30 June 2025

	Total results £m	Intangible asset amort- isation £m	Intangible asset impair- ment £m	Major restruc- turing and integration £m	Trans- action- related £m	Divest-ments, Significant legal and other items £m	Core results £m
Turnover	15,502						15,502
Cost of sales	(4,102)	371		11		8	(3,712)
Gross profit	11,400	371		11		8	11,790
Selling, general and administration	(4,210)			16	9	32	(4,153)
Research and development	(3,486)	42	540	5			(2,899)
Royalty income	426						426
Other operating income/(expense)	109			1	(87)	(23)	–
Operating profit	4,239	413	540	33	(78)	17	5,164
Net finance expense	(242)					16	(226)
Share of after tax profit/(loss) of associates and joint ventures	(2)						(2)
Profit before taxation	3,995	413	540	33	(78)	33	4,936
Taxation	(577)	(105)	(135)	(8)	(58)	10	(873)
Tax rate %	14.4%						17.7%
Profit after taxation	3,418	308	405	25	(136)	43	4,063
Profit attributable to non-controlling interests	351				(14)		337
Profit/(loss) attributable to shareholders	3,067	308	405	25	(122)	43	3,726
	3,418	308	405	25	(136)	43	4,063
Earnings per share	75.3p	7.6p	9.9p	0.6p	(3.0p)	1.0p	91.4p
Weighted average number of shares (millions)	4,076						4,076

 

Adjusting items H1 2026

Intangible asset impairments

Impairments of £2,067 million (H1 2025: £540 million) were incurred primarily relating to camlipixant £1,334 million in Q2 2026 following GSK's decision not to progress further development of camlipixant in RCC, based on the aggregate data from the CALM-1 and CALM-2 phase III trials.

In addition, a full impairment of £371 million was recognised in Q2 2026 following the termination of assets under the Alector collaboration, driven by the outcome of clinical trials.

Major restructuring and integration

Charges of £47 million (H1 2025: £33 million) were incurred relating to ongoing projects categorised as Major restructuring programmes, analysed as follows:

	H1 2026			H1 2025
	Cash £m	Non- cash £m	Total £m	Cash £m	Non- cash £m	Total £m
Significant acquisitions	44	–	44	8	–	8
Legacy programmes	2	1	3	10	15	25
	46	1	47	18	15	33

The Significant acquisitions programme incurred cash charges of £44 million primarily from integration activities for RAPT acquired in Q1 2026, with smaller incremental costs attributed to earlier acquisitions - Affinivax Inc. (Affinivax) in Q3 2022, BELLUS Health Inc. (Bellus) in Q2 2023, and BP Asset IX in Q3 2025.

Transaction-related adjustments

Transaction-related adjustments resulted in a net charge of £770 million (H1 2025: £78 million net credit), the majority of which related to charges/(credits) for the remeasurement of contingent consideration liabilities.

Charge/(credit)	H1 2026 £m	H1 2025 £m
Contingent consideration on former Shionogi-ViiV Healthcare joint venture (including Shionogi preferential dividends)	680	(88)
ViiV Healthcare put options and Pfizer preferential dividends	(33)	(89)
Contingent consideration on former Novartis Vaccines business	–	109
Contingent consideration on acquisition of Affinivax	7	(26)
Other contingent consideration	97	7
Other adjustments	19	9
Total transaction-related charges	770	(78)