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GSK (LON:GSK) has raised its long-term revenue outlook, now expecting sales to exceed £40 billion by 2031, up from £38 billion. The revision reflects confidence in its expanding specialty medicines portfolio, late-stage pipeline, and upcoming product launches.
In 2024, GSK’s total revenue grew 7% at constant exchange rates to £31.4 billion, driven by a 19% surge in specialty medicine sales. Oncology revenue nearly doubled, while HIV and respiratory treatments posted double-digit gains. General medicines grew 6%, with Trelegy sales up 27%. However, vaccine revenue fell 4%, as Arexvy sales dropped 51%.
Despite strong growth, total operating profit declined 33% due to a £1.8 billion Zantac litigation settlement charge. Core operating profit rose 11%, and core earnings per share increased 10% to 159.3p, though total EPS fell 40% to 63.2p. GSK’s cash flow remained strong, generating £8 billion, reducing net debt to £13.1 billion from £15 billion.
Regionally, U.S. sales grew 6% to £16.4 billion, while European revenue rose 4% to £6.7 billion. International markets led growth, climbing 11% to £8.3 billion. The company continues expanding in specialty medicines, with rising demand for HIV and respiratory treatments and a growing oncology presence.
GSK has 71 specialty medicines and vaccines in development, with 19 in late-stage trials or regulatory review. Five major approvals are expected in 2025, including Blenrep for multiple myeloma and depemokimab for severe asthma. CEO Emma Walmsley emphasized prioritizing R&D in respiratory, oncology, and HIV treatments.
For 2025, GSK expects turnover growth of 3%-5%, with core operating profit and EPS rising 6%-8%. The company also announced a £2 billion share buyback over 18 months and an increased dividend of 64p per share.
