GSK sees FY25 core EPS growth 6%-8%

GSK (GSK) provides its full-year guidance at constant exchange rates; Turnover is expected to increase between 3% to 5%. Core operating profit is expected to increase between 6% to 8%. Core earnings per share is expected to increase between 6% to 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% to 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. R&D is expected to increase broadly in line with sales as we invest for future growth. Core earnings per share is expected to increase between 6% to 8% at CER, in line with Core operating profit growth, reflecting higher interest charges and the tax rate which is expected to rise to around 17.5%, offset by the expected benefit of up to 1% from the share buyback programme. Expectations for non-controlling interests remain unchanged relative to 2024.