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GSK

GSK plc

GSK

GSK plc • NYSE
$47.86 ▼ -0.33% (-0.16)
Market Cap $97.31 B
52w High $48.69
52w Low $31.72
Dividend Yield 1.67%
P/E 13.6
Volume 2.85M
Outstanding Shares 2.03B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $8.547B ▲ $3.696B ▼ $2.013B ▲ 23.552% ▲ $5.72 ▲ $3.361B ▲
Q2-2025 $7.986B ▲ $3.798B ▲ $1.443B ▼ 18.069% ▼ $0.72 ▼ $3.23B ▲
Q1-2025 $7.516B ▼ $3.363B ▼ $1.624B ▲ 21.607% ▲ $0.8 ▲ $3.093B ▲
Q4-2024 $8.117B ▲ $4.862B ▼ $414M ▲ 5.1% ▲ $0.2 ▲ $1.119B ▼
Q3-2024 $8.012B $5.426B $-58M -0.724% $-0.028 $1.171B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.451B ▼ $82.578B ▲ $61.371B ▼ $21.739B ▲
Q2-2025 $4.959B ▼ $81.204B ▲ $61.534B ▲ $20.269B ▲
Q1-2025 $5.789B ▲ $78.355B ▲ $60.731B ▲ $18.273B ▲
Q4-2024 $3.714B ▲ $59.463B ▲ $46.377B ▲ $13.671B ▼
Q3-2024 $3.212B $58.049B $44.596B $14.008B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $2.714B ▲ $3.028B ▲ $-2.15B ▼ $-1.707B ▲ $-494.65M ▲ $2.599B ▲
Q2-2025 $1.646B ▼ $2.096B ▲ $-625M ▲ $-2.372B ▼ $-927M ▼ $1.463B ▲
Q1-2025 $1.772B ▲ $1.145B ▼ $-1.144B ▼ $858M ▲ $848M ▲ $697M ▼
Q4-2024 $501M ▲ $2.329B ▲ $-1.119B ▼ $-842M ▲ $375M ▲ $1.194B ▼
Q3-2024 $65M $2.154B $-731M $-1.24B $149M $1.312B

Five-Year Company Overview

Income Statement

Income Statement Revenue has been climbing steadily over the past few years, helped by vaccines, HIV and respiratory medicines. The top line looks healthier today than earlier in the decade. However, profits have been more uneven. Operating profit was strong in the middle of the period but dipped in the most recent year, suggesting higher costs, investment, or one‑off charges. Net income also shows a pronounced spike a few years ago that is unlikely to be repeatable, followed by a clear step down. Overall, the business is growing, but earnings quality has been volatile and recent profitability looks softer than the revenue trend alone would suggest.

Balance Sheet

Balance Sheet The balance sheet looks leaner than earlier in the decade, reflecting portfolio reshaping and the consumer health spin-off. Total assets are lower but now fairly stable. Debt has been moving down over time, which points to a gradual de‑risking of the capital structure, while equity has rebuilt after a dip, though it remains below earlier highs. Cash balances are adequate but not especially heavy, implying some discipline will be needed to juggle investment, debt service, and shareholder returns. In broad terms, leverage is improving, but the company no longer has the same scale or buffer it once did.

Cash Flow

Cash Flow The company continues to generate solid cash from its operations, comfortably covering its investment needs. Free cash flow has remained positive throughout the period, even as capital spending has stayed at a healthy level to support manufacturing and R&D. That said, both operating and free cash flow show a gentle downward drift compared with earlier years, which slightly narrows the cushion for funding dividends, debt reduction and new projects. Cash generation remains a strength, but the trend is not strongly upward, so future performance will depend on converting the growing sales base into stronger cash margins.

Competitive Edge

Competitive Edge GSK benefits from a broad and defensible position in biopharma. It holds leading franchises in vaccines and HIV, plus a long-established respiratory business, all backed by patents, deep scientific know‑how, and a global distribution network. Its scale allows cost advantages and makes it a partner of choice for smaller biotechs. The product mix is diversified enough that weakness in any single area is less likely to derail the whole group. At the same time, GSK faces intense competition from other large pharma companies, periodic patent expiries, pricing pressure from payers and governments, and the constant need to refresh its portfolio. The moat is wide, but it must be actively maintained.

Innovation and R&D

Innovation and R&D Innovation is a clear strategic focus. GSK is leaning heavily into immune system science, human genetics, and data‑driven discovery, using one of the industry’s larger genetic datasets plus in‑house AI and machine learning capabilities. It is pushing advanced vaccine technologies, including adjuvanted platforms and mRNA, and is already testing next‑generation flu and combination vaccines. In HIV, long‑acting injectables and simplified regimens provide clear differentiation. The company is also steadily rebuilding its oncology footprint, especially in antibody‑drug conjugates and immuno‑oncology, while advancing new respiratory and immunology treatments, including long‑acting biologics and RNA‑based therapies. The pipeline is broad and modern, but success will depend on clinical trial outcomes, regulatory decisions, and the ability to commercialize these assets at scale.

Summary

GSK today looks like a focused biopharma company with growing revenue, a cleaner balance sheet, and a strong scientific engine, but with earnings that have been choppy and recently under some pressure. Its competitive strengths in vaccines, HIV, and respiratory medicine, combined with global scale and brand trust, provide a solid base. The innovation strategy—anchored in genetics, AI and next‑generation vaccine and immunology platforms—offers meaningful long‑term opportunity if execution is strong. Key uncertainties include the normalization of profit after past one‑offs, the impact of pricing and policy pressures, competition across core franchises, and the usual pipeline and regulatory risks that come with an ambitious R&D agenda.

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