GSK has posted positive sales results for fiscal year 2025 (FY2025) as the company’s new CEO, Luke Miels, takes the helm.
In 2025, GSK achieved constant exchange rate (CER)-adjusted total sales of £32.7bn ($44.8bn) – up 7% from the £31.4bn achieved in 2024. Meanwhile, GSK’s core earnings per share (EPS), which excludes one-time measures was £1.72 ($2.36). The company’s market cap is currently £83.91bn ($142.6bn).
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During FY2025, GSK saw notable growth across its oncology portfolio, with sales income across the disease area swelling by 43% to just under £2bn ($2.7bn) compared to 2024.
This forward momentum was primarily driven by a strong 89% sales increase in the company’s programmed death-1 (PD-1) inhibitor Jemperli (dostarlimab), which pulled in £861m. Myelofibrosis therapy Ojjaara/Omjjara (momelotinib) also had a robust sales growth in 2025, bringing in 60% more than the corresponding 2024 revenues with £554m in global sales.
GSK’ HIV portfolio was also a key contributor to the company’s growth in 2025 – with an 11% growth compared to 2024 through a total income of £7.7bn. The company’s combination tablet, Dovato (dolutegravir/lamivudine) continued to be GSK’s best-selling HIV drug in 2025, with sales growing 22% to £2.7bn. However, the long-acting injectable therapy, Cabenuva (cabotegravir/rilpivirine), eclipsed Dovato in terms of growth, pulling in 42% more than 2024 figures with a total sales value of £1.4bn.
In an investor call on 4 February, the CEO of GSK-owned ViiV Healthcare, Deborah Waterhouse, noted that these results will help offset the upcoming patent expiry of Tivicay (dolutegravir) in October 2027. While GSK has seen an uptick in its HIV portfolio in 2025, Citi analysts expect that Gilead Sciences will continue to be the market leader due to the “breadth of long-acting treatment and pre-exposure prophylaxis (PrEP) therapies in development”.
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By GlobalDataLupus medication Benlysta (belimumab) also had a good year in 2025, with sales up 22% to $1.8bn.
Meanwhile, GSK’s vaccine portfolio posted modest gains of 2%, despite waning US sales of its influenza, shingles and meningitis vaccines prompted by the Trump administration’s continued efforts to influence vaccine policy. Overall, GSK’s shingles and meningitis portfolios achieved overall growth of 8% and 12% YoY, respectively – generating £3.6bn and £1.6bn each.
GSK now expects 2026 turnover growth of 3–5%.
GSK’s next steps
As GSK looks to 2026 and beyond, new CEO Luke Miels hopes to guide the company to success through its pipeline, which it will look to achieve through the initiation of ten pivotal trials in 2026. This includes studies for two of the company’s antibody-drug conjugate (ADC) candidates – risvutatug rezetecan and mocertatug rezetecan – which will be evaluated across multiple tumour types.
GSK is also expecting five pivotal trial readouts in 2026, one of which, bepirovirsen in chronic hepatitis B, has already shown success.
The company will also explore ways to maximise the launch of next-wave products, while accelerating R&D in key assets and reducing its operational complexity. As GSK seeks growth between 2028 and 2030, the company is banking on the potential HIV medications – particularly in the treatment context – which Waterhouse believes present the “biggest opportunity” to GSK’s future presence in the HIV market.
Success in its HIV pipeline will be vital for GSK as it is set to be hit by patent expiries between 2027 and 2030 for dolutegravir, the compound used in Triumeq, Tivicay, and Dovato. Core patents for dolutegravir are expiring in 2027 and 2028. Dolutegravir products brought in a total of $5.65bn for GSK in 2025.
