GSK (LON:GSK) has upgraded its annual growth outlook after a strong second-quarter performance, fuelled by double-digit sales growth across its Specialty Medicines portfolio.
The pharmaceutical firm now expects revenue and core operating profit to hit the top end of its prior guidance ranges for 2025.
Second-quarter revenue edged up 1.3% year-on-year to £7.99 billion, beating consensus estimates of £7.80 billion. Pretax profit jumped 26% to £1.89 billion, while core operating profit rose 12% at constant currency to £2.63 billion, ahead of forecasts.
Specialty Medicines delivered 15% growth to £3.3 billion, led by Respiratory, Immunology & Inflammation up 10%, Oncology up 42%, and HIV up 12%. CEO Emma Walmsley said the performance reflects “strong momentum” as the firm builds on its R&D pipeline and recently approved products.
GSK now sees constant currency revenue growth at the top end of the 3%–5% range, with core operating profit growth expected at the top of the 6%–8% range. In 2024, the company reported revenue of £31.38 billion and operating profit of £4.02 billion.
Vaccines revenue rose 9% to £2.1 billion, with standout contributions from Meningitis vaccines (up 22%) and RSV drug Arexvy (up 13%). Shingles treatment Shingrix rose 6% to £0.9 billion. General Medicines are expected to remain broadly stable for the year.
Walmsley flagged “very good progress” in R&D, highlighting three major FDA approvals so far in 2025, 16 assets now in late-stage development, and four more medicines poised to enter pivotal trials by year-end.
On trade risks, GSK acknowledged the ongoing US investigation into pharmaceutical imports under Section 232 and said it is “positioned to respond” to tariff impacts, with mitigation plans in place. Its guidance includes enacted tariffs and those signalled in Europe this week.
Despite the upbeat results and a 6.7% lift in its interim dividend to 16p per share, GSK shares were marginally lower, down 0.2% in early Wednesday trading in London.