1、GSK makes strong start to 2025 with growth in sales,profits and earningsSpecialty Medicines growth drives Q1 performanceTotal Q1 sales 7.5 billion+2%AER;+4%CERSpecialty Medicines sales 2.9 billion(+17%);Respiratory,Immunology and Inflammation 0.8 billion(+28%);Oncology 0.4 billion(+53%);HIV sales 1.

2、7 billion(+7%)Vaccines sales 2.1 billion(-6%);Shingrix 0.9 billion(-7%);Meningitis vaccines 0.4 billion(+20%);and Arexvy 0.1 billion(-57%)General Medicines sales 2.5 billion(stable);Trelegy 0.7 billion(+15%)Total operating profit+50%and Total EPS+56%driven by lower CCL chargesCore operating profit+5

3、%and Core EPS+5%reflecting strong Specialty Medicines performance and disciplined increased investment in R&D portfolio progression,new asset launches and growth assets Cash generated from operations exceeded 1 billion with free cash flow of 0.7 billion(Financial Performance Q1 2025 results unless o

4、therwise stated,growth%and commentary at CER as defined on page 44).Q1 2025m%AER%CERTurnover 7,516 2 4 Total operating profit 2,216 49 50 Total operating margin%29.5%9.2ppts 9.0ppts Total EPS 39.7p 55 56 Core operating profit 2,533 4 5 Core operating margin%33.7%0.5ppts 0.3ppts Core EPS 44.9p 4 5 Ca

5、sh generated from operations 1,301 16 Pipeline progress and investment delivering future growth opportunities:5 major new FDA product approvals expected in 2025:Q1 2025 approvals:Penmenvy,meningitis vaccine;Blujepa,first-in-class antibiotic treatment for uUTIsPositive ACIP recommendations for Penmen

6、vy(and Arexvy(adults 50-59)Further approvals expected for:Nucala(COPD);Blenrep(multiple myeloma);and depemokimab(severe asthma and nasal polyps)14 key opportunities expected to launch 2025-2031 each with PYS potential above 2 billionData presented at CROI for VH184,VH499 and N6LS support development

7、 plans for ULA HIV regimensBreakthrough designation granted for GSK227 B7H3 ADC for 2L osteosarcomaPivotal/Phase III trials expected to start in 2025 for:Respiratory(depemokimab COPD programme-ENDURA);Oncology(GSK227 B7H3 ADC ES-SCLC;IDRx-42 2L GIST;Ojjaara(MDS);and HIV(Q4M treatment)Investment in t

8、argeted business development continues Acquisition of IDRx completed New partnership with ABL Bio in neurodegenerative diseases;and novel research collaboration with UK Dementia Research Institute&HDRUK to investigate shingles vaccination with prevention of dementiaContinued commitment to shareholde

9、r returnsDividend declared of 16p for Q1 2025;64p expected for full year 2025273 million of shares bought back as part of the 2 billion share buyback programme commenced in Q1 2025Confident for delivery of 2025 guidanceContinue to expect 2025 turnover growth 3%to 5%;Core operating profit growth 6%to

10、 8%;Core EPS growth 6%to 8%Guidance all at CEREmma Walmsley,Chief Executive Officer,GSK:GSK continues to make strong progress,demonstrating the quality,strength and resilience of our portfolio.Specialty Medicines,our largest business,delivered strong sales contributions in the quarter and R&D progre

11、ss continued,with two of the five FDA product approvals expected this year now secured,and the acquisition of a promising new oncology asset.We are very focused on preparing for launches of Blenrep,Nucala and depemokimab,and pivotal trials for potential new medicines in respiratory,oncology,HIV and

12、hepatitis.This momentum,together with the strength of our portfolio and proven ability to drive operating leverage,underpin our confidence in guidance for the year and our longer-term outlooks.The Total results are presented in summary above and on page 7 and Core results reconciliations are present

13、ed on pages 19 and 20.Core results are a non-IFRS measure that may be considered in addition to,but not as a substitute for,or superior to,information presented in accordance with IFRS.The following terms are defined on pages 44-45:Core results,AER%growth,CER%growth,turnover;and other non-IFRS measu

14、res.GSK provides guidance on a Core results basis only for the reasons set out on page 17.All expectations,guidance and targets regarding future performance and dividend payments should be read together with Guidance and outlooks,assumptions and cautionary statements on page 46.Abbreviations are def

15、ined on page 50.Results SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors review reportIssued:Wednesday,30 April 2025,London,U.K.Press releaseFirst quarter 202512025 GuidanceGSK affirms its full-year 2025 guidance at constant exchange rates(CER).T

16、urnover is expected to increase between 3 to 5 per centCore operating profit is expected to increase between 6 to 8 per centCore earnings per share is expected to increase between 6 to 8 per centThis guidance is supported by the following turnover expectations for full-year 2025 at CERSpecialty Medi

17、cines expected increase of a low double-digit per cent in turnoverVaccines expected decrease of a low single-digit per cent in turnoverGeneral Medicines expected to be broadly stable for turnoverCore operating profit is expected to grow between 6 to 8 per cent at CER.GSK expects to deliver leverage

18、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.Royalty income is now expected to be higher

19、than previously guided at 750-800 million,including an IP settlement agreed in April.This additional income will be reinvested in the pipeline this year.Core earnings per share is expected to increase between 6 to 8 per cent at CER,in line with Core operating profit growth,reflecting higher interest

20、 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.TariffsGSK notes that the US Administration has initiated an investigation under

21、 Section 232 of the Trade Expansion Act to determine the effects on national security of imports of pharmaceutical products.The company is well positioned to respond to the potential financial impact of sector-specific tariffs,should they be implemented,with mitigation options identified in the supp

22、ly chain and productivity initiatives.The company will continue to monitor and review developments related to this situation.Dividend policyThe Dividend policy and the expected pay-out ratio remain unchanged.Consistent with this,GSK has declared a dividend for Q1 2025 of 16p per share.GSKs future di

23、vidend policy and guidance regarding the expected dividend pay-out in 2025 are provided on page 31.GSK has commenced a 2 billion share buyback programme,to be implemented over the period to the end of Q2 2026.2021-2026 and 2031 OutlooksIn February 2025 GSK set out improved outlooks for 2031.Please s

24、ee 2024 full year and fourth quarter results on (1).Exchange ratesIf exchange rates were to hold at the closing rates on 24 April 2025($1.33/1,1.17/1 and Yen 190/1)for the rest of 2025,the estimated impact on 2025 Sterling turnover growth for GSK would be-2%and if exchange gains or losses were recog

25、nised at the same level as in 2024,the estimated impact on 2025 Sterling Core Operating Profit growth for GSK would be-4%.Results presentationA conference call and webcast for investors and analysts of the quarterly results will be hosted by Emma Walmsley,CEO,at 12 noon BST(US EDT at 07.00 am)on 30

26、April 2025.Presentation materials will be published on prior to the webcast and a transcript of the webcast will be published subsequently.Notwithstanding the inclusion of weblinks,information available on the companys website,or from non GSK sources,is not incorporated by reference into this Result

27、s Announcement.(1)https:/ SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors review reportIssued:Wednesday,30 April 2025,London,U.K.Press releaseFirst quarter 20252Performance:turnoverTurnoverQ1 2025mGrowthAER%GrowthCER%HIV 1,714 6 7 Respiratory,Im

28、munology and Inflammation 804 26 28 Oncology 415 52 53 Specialty Medicines 2,933 16 17 Shingles 867 (8)(7)Meningitis 350 17 20 RSV(Arexvy)78 (57)(57)Influenza 1 (92)(92)Established Vaccines 799 (5)(3)Vaccines 2,095 (8)(6)Respiratory 1,710 (1)1 Other General Medicines 778 (7)(3)General Medicines 2,48

29、8 (3)Total 7,516 2 4 By Region:US 3,752 5 4 Europe 1,749 8 11 International 2,015 (6)(2)Total 7,516 24Financial Performance Q1 2025 results unless otherwise stated,growth%and commentary at CER.Q1 2025mAERCERSpecialty Medicines 2,933 16%17%Specialty Medicines sales grew by double-digit percentages in

30、 the quarter,reflecting continued growth across disease areas,with strong performances in HIV,Respiratory,Immunology and Inflammation,and Oncology.HIV 1,714 6%7%HIV sales grew by 7%this quarter with the US growing at 9%.This was driven by a 9 percentage point increase in patient demand from Cabenuva

31、,Apretude and Dovato reflecting strong market share growth.Growth in the quarter also benefited from customer ordering patterns,offset by unfavourable price impacts from channel mix adjustments and the impact of IRA Medicare Part D redesign.Oral 2DR 728 14%15%Sales of Oral 2DR now represent 42%of th

32、e total HIV portfolio.Dovato,the first and only once-daily Oral 2DR for the treatment of HIV infection in both treatment naive and virally suppressed adults and adolescents continues to be the largest product in the HIV portfolio with sales of 570 million in the quarter and growing 19%.Long-Acting 3

33、83 43%43%Long-Acting sales in the quarter now represent 22%of the total HIV portfolio(29%in the US)and contributed 100%of the total HIV growth in Q1 2025.Cabenuva,the only complete long-acting injectable regimen for HIV treatment reached sales of 294 million in the quarter,growing 38%due to strong p

34、atient demand across US and Europe.Apretude,the first long-acting injectable option for HIV prevention delivered sales of 89 million in the quarter,growing 63%compared to Q1 2024.Respiratory,Immunology and Inflammation 804 26%28%Sales primarily comprised contributions from Nucala in respiratory and

35、Benlysta in immunology.Double-digit sales growth in the quarter was delivered for both Nucala and Benlysta,driven by patient demand globally across US,European and International markets.Growth in the quarter was also positively affected by the impacts of channel inventory reductions in the US in Q1

36、2024 for both Nucala and Benlysta.Results SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors review reportIssued:Wednesday,30 April 2025,London,U.K.Press releaseFirst quarter 20253Q1 2025mAERCERNucala 444 19%21%Sales growth in the quarter was drive

37、n by strong performance across all regions,reflecting higher patient demand for treatments addressing eosinophilic-led disease.Growth in the quarter in the US was predominantly driven by the impacts of channel inventory reductions occurring in 2024,with further underlying double digit volume increas

38、es being largely offset by unfavourable price impacts,including the impact of IRA Medicare Part D redesign.Benlysta 359 38%39%Sales of Benlysta,a monoclonal antibody treatment for lupus,grew in the quarter representing strong demand and volume growth in US,European and International regions,with bio

39、-penetration rates having increased across many markets.Growth in the US was also positively impacted by price favourability,as well as the impacts of channel inventory reductions that occurred in Q1 2024.Oncology 415 52%53%Oncology sales are largely comprised of sales from Jemperli,Zejula and Ojjaa

40、ra/Omjjara.Strong sales growth in the quarter was driven in particular by increasing patient demand for Jemperli and Ojjaara/Omjjara.Jemperli 174 100%100%Sales of Jemperli grew strongly in the quarter,driven largely by continued volume growth in the US following Q3 2024 FDA approval expanding the in

41、dication to include all adult patients with primary advanced or recurrent endometrial cancer.Europe and International regions increasingly contribute to sales and growth,with Jemperli now available in over 30 countries worldwide.Zejula 131 (7%)(5%)Sales of Zejula,a PARP inhibitor treatment for ovari

42、an cancer,decreased in the quarter,driven largely by a double-digit decrease in the US.Performance in the US was adversely impacted by price unfavourability,driven in part by ongoing channel pricing pressure,and also from impacts of favourable Q1 2024 comparator channel mix adjustments.Ojjaara/Omjja

43、ra 112 100%100%Sales of Ojjaara/Omjjara,a treatment for myelofibrosis patients with anaemia,grew strongly in the quarter largely driven by the US with continued patient uptake and volume growth.Sales in the quarter included increasing contributions from Europe and International regions,following the

44、 recent launch in Japan in Q3 2024,and with further new launches including Spain and Italy in Q1 2025.Vaccines 2,095 (8%)(6%)Vaccines sales decreased in the quarter,primarily impacted by lower demand for Arexvy related to a more limited ACIP recommendation combined with lower demand for Shingrix in

45、the US and International.Meningitis vaccines continued to show strong demand with double-digit sales growth.Shingles 867 (8%)(7%)Sales of Shingrix decreased in the quarter,with lower sales in the US and International partially offset by growth in Europe.The US cumulative immunisation rate reached 41

46、%,up five percentage points compared to 12 months earlier(1).Sales decreased by 21%in the quarter due to the continuing slowdown in the pace of penetration of harder-to-reach unvaccinated consumers,as well as higher channel inventory consumption.Sales of Shingrix decreased in International in the qu

47、arter,reflecting a strong Q1 2024 comparator driven by rapid uptake from the national immunisation programme in Australia.Performance was also impacted by lower current quarter supply to our co-promotion partner in China.In Europe,Shingrix sales grew in the quarter driven by new launch uptake in Fra

48、nce together with expanded public funding and higher private market demand across several countries.Shingrix is now launched in 54 countries,with markets outside the US representing 57%of Q1 2025 global sales(2024:50%).The overwhelming majority of ex-US Shingrix opportunity is concentrated in 10 mar

49、kets where the average immunisation rate is around 8%with significantly higher uptake in funded cohorts.Meningitis 350 17%20%In the quarter,both key Meningitis vaccines continued to grow strongly,achieving double-digit growth.Bexsero,a vaccine against meningitis B,grew 20%primarily driven by continu

50、ed uptake following the recommendation in Germany together with the implementation of mandatory newborn vaccination in France and public funding in Switzerland.Menveo,a vaccine against meningitis ACWY,grew mainly due to the timing of deliveries in International.Footnote:(1)Based on data from IQVIA u

51、p until the end of Q4 2024Results SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors review reportIssued:Wednesday,30 April 2025,London,U.K.Press releaseFirst quarter 20254Q1 2025mAERCERRSV(Arexvy)78 (57%)(57%)Arexvy sales decreased in the quarter.

52、US sales declined due to lower demand partly related to a more limited recommendation from ACIP for individuals aged 60 to 74.Arexvy maintained the market leading position in retail where the overwhelming majority of doses are administered.Growth in Europe was driven by launch uptake following recom

53、mendation and reimbursement in Germany offset by a decrease in International reflecting lower demand in Saudi Arabia and Canada.While Arexvy is approved in 66 markets globally,18 countries had national RSV vaccination recommendations for older adults and 6,including the US,had reimbursement programm

54、es for Arexvy in place at the quarter end.Established Vaccines 799 (5%)(3%)Established Vaccines sales decreased primarily in International,which was impacted by 2024 sales of AS03 adjuvant and divested brands as well as competitive pressure and supply phasing for Cervarix.This was partially offset b

55、y higher orders for MMR vaccines in the US due to measles outbreaks.General Medicines 2,488 (3%)%Sales include contributions from both the Respiratory and Other General Medicine portfolios.Sales were broadly stable in the quarter at CER,with strong growth delivered across all regions by Trelegy offs

56、et by decreases in Seretide/Advair,other respiratory and Other General Medicine products.Sales in the quarter at AER declined driven by exchange movements in a number of International markets.Respiratory 1,710 (1%)1%Sales grew low single-digit in the quarter,with strong growth delivered across all r

57、egions by Trelegy offset by declines in Seretide/Advair and other respiratory products.Declines in the quarter for Seretide/Advair and Flixotide/Flovent included the impacts of adverse inventory movements in the US compared to Q1 2024.Decreases in the quarter at AER were driven by exchange movements

58、 in a number of International markets.Trelegy 675 14%15%Trelegy sales continued to grow in the quarter,with strong volume growth continued across all regions reflecting patient demand,SITT class growth,and increased market share.Specifically in the US,continued strong volume growth is partially offs

59、et by price unfavourability resulting from channel mix and pricing pressures and the impact of IRA Medicare Part D redesign.Other General Medicines 778 (7%)(3%)Other General Medicines sales decrease was driven by continued generic competition across the portfolio.Decreases in the quarter at AER were

60、 driven by exchange movements in a number of International markets.Results SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors review reportIssued:Wednesday,30 April 2025,London,U.K.Press releaseFirst quarter 20255By RegionQ1 2025mAERCERUS 3,752 5%4

61、%Specialty Medicines double-digit sales growth in the quarter was driven by strong Oncology and HIV performance,and continued growth for Nucala and Benlysta.The growth of Nucala and Benlysta was positively affected by the impacts of channel inventory reductions that occurred in Q1 2024.Vaccines sale

62、s decreased in the quarter due to lower demand for both Shingrix driven by the continued challenge of activating harder-to reach consumers and Arexvy due to a more limited ACIP recommendation for RSV vaccination.General Medicines sales low single-digit growth in the quarter was primarily driven by i

63、ncreased demand for Trelegy,with strong volume growth from higher patient demand,partially offset by price unfavourability resulting from continued channel pricing pressures and mix.Strong growth in Trelegy sales was partially offset by decreases across other general medicine products.US performance

64、 in the quarter reflected the introduction of the IRA Medicare Part D redesign,which adversely impacted a number of products across Specialty Medicines,Vaccines and General Medicines.Europe 1,749 8%11%Specialty Medicines sales grew by double-digits in the quarter due to continued strong performance

65、in Oncology,Benlysta and Nucala including the benefit from new indication launches.Strong HIV growth continued in the quarter at a mid-single digit percentage.Vaccines sales growth was driven by Shingrix new launch uptake in France together with expanded public funding and higher private market dema

66、nd across several countries.Bexsero and Arexvy sales also grew strongly mainly in Germany following recommendations.General Medicines sales decreased low single-digit in the quarter,with double-digit growth for Trelegy and Anoro being more than offset by decreases across other general medicine produ

67、cts.International 2,015 (6%)(2%)Specialty Medicines double-digit sales growth in the quarter was driven by Nucala in respiratory,Benlysta in immunology,and Oncology.HIV delivered broadly stable sales in the quarter.Vaccines sales decreased in the quarter with lower Shingrix sales due to a strong com

68、parator period which included rapid uptake from the national immunisation programme in Australia together with lower current quarter supply to our co-promotion partner in China.Established Vaccines sales were also negatively impacted by 2024 sales of AS03 adjuvant and divested brands as well as Cerv

69、arix competitive pressure and supply phasing.General Medicines sales decreased low single-digit in the quarter,with double-digit growth for Trelegy and Anoro being more than offset by decreases across other general medicine products.Results SummaryResearch and developmentResponsible businessTotal an

70、d Core resultsFinancial informationAuditors review reportIssued:Wednesday,30 April 2025,London,U.K.Press releaseFirst quarter 20256Financial performanceTotal ResultsQ1 2025m%AER%CERTurnover 7,516 2 4 Cost of sales(1,937)(2)Selling,general and administration(2,070)(1)3 Research and development(1,462)

71、2 3 Royalty income 180 19 21 Other operating income/(expense)(11)Operating profit 2,216 49 50 Net finance expense(108)(19)(20)Profit before taxation 2,108 56 57 Taxation(336)Tax rate%15.9%Profit after taxation 1,772 64 66 Profit attributable to non-controlling interests 148 Profit/(loss)attributable

72、 to shareholders 1,624 1,772 64 66 Earnings per share 39.7 p 55 56 Financial Performance Q1 2025 results unless otherwise stated,growth%and commentary at CER.Core resultsReconciliations between Total results and Core results Q1 2025 and Q1 2024 are set out on pages 19 and 20.Q1 2025m%AER%CERTurnover

73、 7,516 2 4 Cost of sales(1,726)1 Selling,general and administration(2,060)4 8 Research and development(1,377)1 2 Royalty income 180 19 21 Core operating profit 2,533 4 5 Core profit before taxation 2,432 5 6 Taxation(434)7 9 Tax rate%17.8%Core profit after taxation 1,998 5 6 Core profit attributable

74、 to non-controlling interests 162 Core profit attributable to shareholders 1,836 1,998 5 6 Core Earnings per share 44.9p 4 5 Results SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors review reportIssued:Wednesday,30 April 2025,London,U.K.Press rel

75、easeFirst quarter 20257Q1 2025mAERCERCost of salesTotal 1,937 (2%)%of sales 25.8%(1.0%)(1.1%)Core 1,726%1%of sales 23.0%(0.6%)(0.7%)Total and Core cost of sales as a percentage of sales decreased in Q1 2025 primarily driven by mix benefits from growth in Specialty Medicines,particularly Nucala and B

76、enlysta,and regional margin mix from higher US and Europe sales.Q1 2025mAERCERSelling,general&administrationTotal 2,070 (1%)3%of sales 27.5%(0.8%)(0.3%)Core 2,060 4%8%of sales 27.4%0.5%1.1%Total SG&A growth in the quarter was primarily driven by higher Core SG&A spend,partly offset by lower Signific

77、ant legal expenses.Q1 2025 Core SG&A growth includes a 4 percentage point impact driven by the Q1 2024 reversal of the legal provision related to the Zejula royalty dispute,following a successful appeal.Core SG&A growth in the quarter was driven by disciplined investment to support the launch of new

78、 assets including depemokimab,Penmenvy and Blenrep,and growth of key assets including Ojjaara/Omjjara,Nucala,and Shingrix,as well as investment behind long-acting HIV medicines.Q1 2025mAERCERResearch&developmentTotal 1,462 2%3%of sales 19.5%(0.2%)Core 1,377 1%2%of sales 18.3%(0.1%)(0.3%)In Q1 2025,T

79、otal and Core R&D investment increased in the quarter driven by continued progression across the portfolio.In Specialty Medicines,investment increased to support late-stage clinical development programmes for camlipixant,the long acting TSLP asset,and bepirovirsen.HIV investment increased on next-ge

80、neration long-acting treatment and preventative medicines.In Oncology,increased investment reflects acceleration in work on antibody-drug-conjugates.In Vaccines,clinical trial programmes associated with the pneumococcal MAPS and mRNA continued to drive investment.These increases were partly offset b

81、y lower spend on depemokimab,following filing for severe asthma and CRSwNP indications,and in Blenrep(multiple myeloma)and Zejula(endometrial cancer)as studies progress to completion.Q1 2025mAERCERRoyalty incomeTotal 180 19%21%Core 180 19%21%The increase in Total and Core royalty income in Q1 2025 p

82、rimarily reflected increases in Kesimpta and Biktarvy royalties.Results SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors review reportIssued:Wednesday,30 April 2025,London,U.K.Press releaseFirst quarter 20258Q1 2025mAERCEROther operating income/(

83、expense)Total(11)98%98%Q1 2025 other operating expense included a charge of 2 million(Q1 2024:685 million)arising from the remeasurement of contingent consideration liabilities(CCL)and the liabilities for the Pfizer,Inc.(Pfizer)put option.The charge in the current quarter primarily reflected discoun

84、t unwind as well as changes to sales forecasts,partly offset by favourable foreign exchange movements.See page 21 for further details.Other net operating expense at 9m(Q1 2024:152 million income)reflected fair value movements on equity instruments,partly offset by other net income.Q1 2024 included a

85、 fair value gain of 57 million on the stake in Haleon plc.Q1 2025mAERCEROperating profitTotal 2,216 49%50%of sales 29.5%9.2%9.0%Core 2,533 4%5%of sales 33.7%0.5%0.3%Total operating profit margin was higher in the quarter mainly due to lower CCL charges,partly offset by lower other net operating inco

86、me.Core operating profit growth in the quarter primarily reflected higher turnover,favourable product mix and royalty income,partly offset by increased investment in R&D,new asset launches and growth assets.Growth was also offset by the Q1 2024 reversal of the legal provision related to the Zejula r

87、oyalty dispute,following a successful appeal.Q1 2025mAERCERNet finance expenseTotal 108 (19%)(20%)Core 101 (23%)(24%)The decrease in net finance costs in Q1 2025 was mainly driven by higher income from net investment hedges,higher interest income on cash and lower interest expense on tax.Q1 2025mAER

88、CERTaxationTotal 336 23%24%Tax rate%15.9%Core 434 7%9%Tax rate%17.8%The effective tax rate on Total results reflected the different tax effects of the various Adjusting items included in Total results.The effective tax rate on Core profits is broadly in line with expectations for the year.Issues rel

89、ated to taxation are described in Note 14,Taxation in the Annual Report 2024.The Group continues to believe it has made adequate provision for the liabilities likely to arise from periods that are open and not yet agreed by relevant tax authorities.The ultimate liability for such matters may vary fr

90、om the amounts provided and is dependent upon the outcome of agreements with relevant tax authorities.Q1 2025mAERCERNon-controlling interests(NCIs)Total 148 100%100%Core 162 5%6%The increase in Total and Core NCIs in the quarter was primarily driven by higher core profit allocations from ViiV Health

91、care,and a lower remeasurement loss on the CCL impacting Total NCIs.Q1 2025pAERCEREarnings per shareTotal 39.7p 55%56%Core 44.9p 4%5%The increase in the Q1 2025 Total EPS is driven by lower CCL movements.The increase in the Core EPS in the quarter primarily reflected the growth in Core operating pro

92、fit as well as lower net finance costs,partly offset by a higher effective taxation rate and higher non-controlling interests.Results SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors review reportIssued:Wednesday,30 April 2025,London,U.K.Press re

93、leaseFirst quarter 20259 Currency impact on resultsThe results for Q1 2025 are based on average exchange rates,principally$1.26/1,1.20/1 and Yen193/1.The period-end exchange rates were$1.29/1,1.20/1 and Yen193/1.Comparative exchange rates are given on page 32.Q1 2025m/pAERCERTurnover 7,516 2%4%Earni

94、ngs per shareTotal 39.7p 55%56%Core 44.9p 4%5%In Q1 2025,the adverse currency impact primarily reflected the strengthening of Sterling against the Euro,Yen and emerging market currencies.Exchange losses on the settlement of intercompany transactions in Q1 2024 resulted in a favourable impact of thre

95、e percentage points on Total EPS and two percentage points on Core EPS growth at AER.Results SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors review reportIssued:Wednesday,30 April 2025,London,U.K.Press releaseFirst quarter 202510Cash generationC

96、ash flowQ1 2025mQ1 2024mCash generated from operations(m)1,301 1,126 Total net cash inflow/(outflow)from operating activities(m)1,145 958 Free cash inflow/(outflow)*(m)697 289 Free cash flow growth(%)100%100%Free cash flow conversion*(%)43%28%Total net debt*(m)13,947 14,961*Free cash flow and free c

97、ash flow conversion are defined on page 44.Free cash flow is analysed on page 35.*Net debt is analysed on pages 34 and 35.Q1 2025Cash generated from operations for the quarter was 1,301 million(Q1 2024:1,126 million).The increase primarily reflected higher operating profit and a favourable timing im

98、pact from higher returns and rebates in comparison to lower returns and rebates in Q1 2024 including the impact of the removal of the AMP cap.This was partly offset by an adverse movement in receivables driven by higher Arexvy and Shingrix collections in Q1 2024.Total contingent consideration cash p

99、ayments in the quarter were 341 million(Q1 2024:309 million).338 million (Q1 2024:306 million)of these were recognised in cash flows from operating activities,including cash payments made to Shionogi&Co.Ltd(Shionogi)of 331 million(Q1 2024:300 million).Free cash inflow was 697 million for the quarter

100、(Q1 2024:289 million).The increase was primarily driven by higher cash generated from operations,lower capital expenditure on intangible assets and property,plant and equipment,higher proceeds from the sale of intangible assets,and lower dividends paid to non-controlling interests.Total Net debt At

101、31 March 2025,net debt was 13,947 million,compared with 13,095 million at 31 December 2024,comprising gross debt of 18,432 million and cash and liquid investments of 4,485 million.See net debt information on pages 34 and 35.Net debt increased by 852 million primarily due to the net acquisition costs

102、 of IDRx,Inc.(IDRx)and Cellphenomics GmbH totalling 800 million,dividends paid to shareholders of 612 million,and shares purchased as part of the 2025 share buyback programme of 247 million.This was partly offset by free cash inflow of 697 million and exchange gain on net debt of 187 million.At 31 M

103、arch 2025,GSK had short-term borrowings(including overdrafts and lease liabilities)repayable within 12 months of 1,958 million and 2,192 million repayable in the subsequent year.Results SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors review repo

104、rtIssued:Wednesday,30 April 2025,London,U.K.Press releaseFirst quarter 202511ContentsPageQ1 2025 pipeline highlights13Responsible business15Total and Core results17Income statement 22Statement of comprehensive income 23Balance sheet24Statement of changes in equity25Cash flow statement 26Sales tables

105、27Segment information29Legal matters30Returns to shareholders31Additional information32R&D commentary36Reporting definitions44Guidance and outlooks,assumptions and cautionary statements46Independent Auditors review report to GSK plc48Glossary50ContactsGSK plc(LSE/NYSE:GSK)is a global biopharma compa

106、ny with a purpose to unite science,technology,and talent to get ahead of disease together.Find out more at .GSK enquiries:MediaTim Foley+44(0)7780 494750(London)Kathleen Quinn+1 202 603 5003(Washington)Investor RelationsConstantin Fest+44(0)7831 826525(London)James Dodwell+44(0)7881 269066(London)Mi

107、ck Readey+44(0)7990 339653(London)Steph Mountifield+44(0)7796 707505(London)Jeff McLaughlin+1 215 751 7002(Philadelphia)Frannie DeFranco+1 215 751 3126(Philadelphia)Registered in England&Wales:No.3888792Registered Office:79 New Oxford StreetLondon,WC1A 1DGResults SummaryResearch and developmentRespo

108、nsible businessTotal and Core resultsFinancial informationAuditors review reportIssued:Wednesday,30 April 2025,London,U.K.Press releaseFirst quarter 202512Q1 2025 pipeline highlights(since 5 February 2025)Medicine/vaccineTrial(indication,presentation)EventRegulatory approvals or other regulatory act

109、ionsBlenrepDREAMM-7/8(2L+multiple myeloma)Regulatory decision(UK)Blujepa(gepotidacin)EAGLE-2/3(uncomplicated urinary tract infection)Regulatory approval(US)ArexvyRSV,adults aged 50-59 years at increased riskACIP recommendation(US)Penmenvy(MenABCWY(gen 1)vaccine)Meningococcal ABCWYRegulatory approval

110、(US)Penmenvy(MenABCWY(gen 1)vaccine)Meningococcal ABCWYACIP recommendation(US)Regulatory submissions or acceptancesdepemokimabANCHOR-1/2(chronic rhinosinusitis with nasal polypsRegulatory acceptance(US)depemokimabSWIFT-1/2(severe asthma)Regulatory acceptance(US)NucalaMATINEE(chronic obstructive pulm

111、onary disease)Regulatory acceptance(CN,EU)Phase III data readouts or other significant eventsZejulaZEAL-1L(1L maintenance non-small cell lung cancer)Phase III data readoutAnticipated pipeline milestonesTimingMedicine/vaccineTrial(indication,presentation)EventH1 2025depemokimabAGILE(severe asthma)Pha

112、se III data readoutlinerixibatGLISTEN(cholestatic pruritus in primary biliary cholangitis)Regulatory submission(US,EU)NucalaMATINEE(chronic obstructive pulmonary disease)Regulatory decision(US)BlenrepDREAMM-7/8(2L+multiple myeloma)Regulatory decision(JP)cobolimabCOSTAR(non-small cell lung cancer)Pha

113、se III data readoutShingrixShingles,adults aged 18+years at increased riskRegulatory decision(CN)ShingrixShingles,liquid formulationRegulatory decision(US)H2 2025camlipixantCALM-1(refractory chronic cough)Phase III data read out*depemokimabSWIFT-1/2(severe asthma)Regulatory decision(US)depemokimabAN

114、CHOR-1/2(chronic rhinosinusitis with nasal polyps)Regulatory decision(US)depemokimabNIMBLE(severe asthma)Phase III data readoutlatozinemabINFRONT-3(frontotemporal dementia)Phase III data read outlinerixibatGLISTEN(cholestatic pruritus in primary biliary cholangitis)Regulatory decision(US)linerixibat

115、GLISTEN(cholestatic pruritus in primary biliary cholangitis)Regulatory submission(CN,JP)VentolinLow carbon MDI(asthma)Phase III data readoutVentolinLow carbon MDI(asthma)Regulatory submission(EU)BlenrepDREAMM-7/8(2L+multiple myeloma)Regulatory decision(US,EU)BlenrepDREAMM-8(2L+multiple myeloma)Regul

116、atory submission(CN)cobolimabCOSTAR,(2L non-small cell lung cancer)Regulatory submission(US,EU)*CALM-1 results will be disclosed together with CALM-2Results SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors review reportIssued:Wednesday,30 April 2

117、025,London,U.K.Press releaseFirst quarter 202513TimingMedicine/vaccineTrial(indication,presentation)EventH2 2025ArexvyRSV,adults aged 60+yearsPhase III read out(CN)ArexvyRSV,adults aged 18-49 years at increased risk,18+immunocompromisedRegulatory submission(US,EU,JP)BexseroMeningococcal B(infants)Ph

118、ase III data read outgepotidacinEAGLE-1(urogenital gonorrhoea)Regulatory submission(US)gepotidacinEAGLE-1(urogenital gonorrhoea)Regulatory decision(US)tebipenem pivoxilPIVOT-PO(complicated urinary tract infection)Phase III data readouttebipenem pivoxilPIVOT-PO(complicated urinary tract infection)Reg

119、ulatory submission(US)2026camlipixantCALM-2(refractory chronic cough)Phase III data read outcamlipixantCALM-1/2(refractory chronic cough)Regulatory submission(US,EU,JP)depemokimabOCEAN(Eosinophilic granulomatosis with polyangiitis)Phase III data read outdepemokimabOCEAN(Eosinophilic granulomatosis w

120、ith polyangiitis)Regulatory submission(US,EU,CN,JP)depemokimab SWIFT-1/2(severe asthma)Regulatory decision(EU,CN,JP)depemokimabANCHOR-1/2(chronic rhinosinusitis with nasal polyps)Regulatory decision(EU,CN,JP)latozinemabINFRONT-3(frontotemporal dementia)Regulatory submission(US,EU)linerixibatGLISTEN(

121、cholestatic pruritus in primary biliary cholangitis)Regulatory decision(EU,CN,JP)Nucala MATINEE(chronic obstructive pulmonary disease)Regulatory decision(EU,CN)VentolinLow carbon MDI(asthma)Regulatory decision(EU)BlenrepDREAMM-7/8(2L+multiple myeloma)Regulatory decision(CN)cobolimabCOSTAR(2L non-sma

122、ll cell lung cancer)Regulatory decision(US,EU)Jemperli AZUR-1(rectal cancer)Phase II(pivotal)data read outcabotegravirQ4M PrEP(HIV)Phase II(pivotal)data read outcabotegravirQ4M PrEP(HIV)Regulatory submission(US)cabotegravirQ4M PrEP(HIV)Regulatory decision(US)ArexvyRSV,adults aged 60+yearsRegulatory

123、submission(CN)ArexvyRSV,adults aged 18-49 years at increased risk and 18+immunocompromisedRegulatory decision(US,EU,JP)bepirovirsen B-WELL 1/2(hepatitis B virus)Phase III data read outbepirovirsen B-WELL 1/2(hepatitis B virus)Regulatory submission(US,EU,CN,JP)bepirovirsen B-WELL 1/2(hepatitis B viru

124、s)Regulatory decision(US,JP)BexseroMeningococcal B(infants)Regulatory submission(US)BexseroMeningococcal B(infants)Regulatory decision(US)tebipenem pivoxilPIVOT-PO(complicated urinary tract infection)Regulatory decision(US)Refer to pages 36 to 43 for further details on several key medicines and vacc

125、ines in development by therapy area.Results SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors review reportIssued:Wednesday,30 April 2025,London,U.K.Press releaseFirst quarter 202514Trust:progress on our six priority areas for responsible business

126、Building Trust by operating responsibly is integral to GSKs strategy and culture.This will support growth and returns to shareholders,reduce risk,and help GSKs people thrive while delivering sustainable health impact at scale.The Company has identified six Responsible Business focus areas that addre

127、ss what is most material to GSKs business and the issues that matter the most to its stakeholders.Highlights below include activity since Q4 2024 results.For more details on annual updates,please see GSKs Responsible Business Performance Report 2024(1).AccessCommitment:to make GSKs vaccines and medi

128、cines available at value-based prices that are sustainable for the business and implement access strategies that increase the use of GSKs vaccines and medicines to treat and protect underserved people.Progress since Q4 2024:Burundi has become the tenth country to roll out RTS,S(Mosquirix),GSKs world

129、 first malaria vaccine,as part of the routine immunisation schedule.More information can be found here(2).Performance metrics related to access are updated annually with related details in GSKs Responsible Business Performance Report 2024(1)on page 11.Global health and health securityCommitment:deve

130、lop novel products and technologies to treat and prevent priority diseases,including pandemic threats.Progress since Q4 2024:A phase II trial evaluating a pulmonary tuberculosis drug combination has commenced with the first patient dosed as part of a partnership between GSK and BioVersys which is ai

131、med at researching and developing novel antibacterial products for serious life-threatening infections caused by multidrug-resistant bacteria.More information can be found here(3).GSK and Chugai Pharmaceutical have signed a collaboration agreement for the development of an anti-dengue virus antibody

132、,AID351.Under this agreement,GSK will perform activities and evaluate potential funding for the initiation of the related clinical studies.More information can be found here(4).Performance metrics related to global health and health security are updated annually with related details in GSKs Responsi

133、ble Business Performance Report 2024(1)on page 16.EnvironmentCommitment:committed to a net zero,nature-positive,healthier planet with ambitious goals set for 2030 and 2045.Progress since Q4 2024:GSK was featured in CDPs A List for Climate Change and Water Security,and scored a B for Forests in their

134、 most recent rankings.GSK and WWF announced a new 5-year partnership focused on building business resilience and protecting and restoring freshwater ecosystems,both within GSKs operations and in its supply chain in water-stressed basins in India and Pakistan.GSK continued to make progress on transit

135、ioning to renewable energy,co-leading a renewable power programme with suppliers in China through the Sustainable Markets Initiative.Through this partnership,GSK and other industry peers are expected to contribute an estimated 225 GWh of renewable energy to the grid annually.GSK also signed a new de

136、al as part of the Energize programme which involved GSK,industry peers and suppliers across Europe,and is set to contribute approximately 245 GWh of new renewable energy annually to the grid.Performance metrics related to environment are updated annually with related details in GSKs Responsible Busi

137、ness Performance Report 2024(1)on page 19.InclusionCommitment:meet patients needs with research that includes those impacted by the disease under study,attract and retain the best talent regardless of background,and support all GSK people to thrive.Performance metrics related to inclusion are update

138、d annually with related details in GSKs Responsible Business Performance Report 2024(1)on page 27.Ethical standardsCommitment:promote ethical behaviour across GSKs business by supporting its employees to do the right thing and working with suppliers that share GSKs standards and operate responsibly.

139、Performance metrics related to ethical standards are updated annually with related details in GSKs Responsible Business Performance Report 2024(1)on page 29.Results SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors review reportIssued:Wednesday,30

140、 April 2025,London,U.K.Press releaseFirst quarter 202515Product governanceCommitment:maintain robust quality and safety processes and responsibly use data and new technologies.Performance metrics related to product governance are updated annually with related details in GSKs Responsible Business Per

141、formance Report 2024(1)on page 34.Responsible Business rating performanceDetailed below is how GSK performs in key Responsible Business ratings.External benchmarkCurrentscore/rankingPreviousscore/rankingCommentsS&P Globals Corporate Sustainability Assessment7880Current score updated September 2024Ac

142、cess to Medicines Index3.724.06Second in the Index,updated bi-annually,current results from November 2024Antimicrobial resistance benchmark84%86%Led the benchmark since its inception in 2018;Current ranking updated November 2021CDP Climate ChangeAA-Updated annually,current scores updated February 20

143、25(for supplier engagement,March 2023)CDP Water SecurityAA-CDP Forests(palm oil)BBCDP Forests(timber)BBCDP supplier engagement ratingLeaderLeaderSustainalytics15.015.41st percentile in pharma subindustry group;lower score represents lower risk.Current score as at December 2024MSCIAAAALast rating act

144、ion date:September 2023 Moodys ESG solutions6261Current score updated August 2023ISS Corporate RatingB+B+Current score updated October 2024FTSE4GoodMember MemberMember since 2004,latest review in June 2024ShareActions Workforce Disclosure Initiative79%77%Current score updated January 2024Footnotes:(

145、1)https:/ SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors review reportIssued:Wednesday,30 April 2025,London,U.K.Press releaseFirst quarter 202516Total and Core resultsTotal reported results represent the Groups overall performance.GSK uses a nu

146、mber of non-IFRS measures to report the performance of its business.Core results and other non-IFRS measures may be considered in addition to,but not as a substitute for,or superior to,information presented in accordance with IFRS.Core results are defined below and other non-IFRS measures are define

147、d on pages 44 and 45.GSK believes that Core results,when considered together with Total results,provide investors,analysts and other stakeholders with helpful complementary information to understand better the financial performance and position of the Group from period to period,and allow the Groups

148、 performance to be more easily compared against the majority of its peer companies.These measures are also used by management for planning and reporting purposes.They may not be directly comparable with similarly described measures used by other companies.GSK encourages investors and analysts not to

149、 rely on any single financial measure but to review GSKs quarterly results announcements,including the financial statements and notes,in their entirety.GSK is committed to continuously improving its financial reporting,in line with evolving regulatory requirements and best practice.In line with this

150、 practice,GSK expects to continue to review and refine its reporting framework.Core results exclude the following items in relation to our operations from Total results,together with the tax effects of all of these items:amortisation of intangible assets(excluding computer software and capitalised d

151、evelopment costs)impairment of intangible assets(excluding computer software)and goodwillmajor restructuring costs,which include impairments of tangible assets and computer software,(under specific Board approved programmes that are structural,of a significant scale and where the costs of individual

152、 or related projects exceed 25 million),including integration costs following material acquisitionstransaction-related accounting or other adjustments related to significant acquisitionsproceeds and costs of disposal of associates,products and businesses;significant settlement income;Significant leg

153、al charges(net of insurance recoveries)and expenses on the settlement of litigation and government investigations;other operating income other than royalty income,and other items including amounts reclassified from the foreign currency translation reserve to the income statement upon the liquidation

154、 of a subsidiary where the amount exceeds 25 millionCosts for all other ordinary course smaller scale restructuring and legal charges and expenses from operations are retained within both Total and Core results.As Core results include the benefits of Major restructuring programmes but exclude signif

155、icant costs(such as Significant legal,major restructuring and transaction items)they should not be regarded as a complete picture of the Groups financial performance,which is presented in Total results.The exclusion of other Adjusting items may result in Core earnings being materially higher or lowe

156、r than Total earnings.In particular,when significant impairments,restructuring charges and legal costs are excluded,Core earnings will be higher than Total earnings.GSK has undertaken a number of Major restructuring programmes in response to significant changes in the Groups trading environment or o

157、verall strategy or following material acquisitions.Within the Pharmaceuticals sector,the highly regulated manufacturing operations and supply chains and long lifecycle of the business mean that restructuring programmes,particularly those that involve the rationalisation or closure of manufacturing o

158、r R&D sites are likely to take several years to complete.Costs,both cash and non-cash,of these programmes are provided for as individual elements are approved and meet the accounting recognition criteria.As a result,charges may be incurred over a number of years following the initiation of a Major r

159、estructuring programme.Significant legal charges and expenses are those arising from the settlement of litigation or government investigations that are not in the normal course and materially larger than more regularly occurring individual matters.They also include certain major legacy matters.Recon

160、ciliations between Total and Core results,providing further information on the key Adjusting items,are set out on pages 19 and 20.GSK provides earnings guidance to the investor community on the basis of Core results.This is in line with peer companies and expectations of the investor community,suppo

161、rting easier comparison of the Groups performance with its peers.GSK is not able to give guidance for Total results as it cannot reliably forecast certain material elements of the Total results,particularly the future fair value movements on contingent consideration and put options that can and have

162、 given rise to significant adjustments driven by external factors such as currency and other movements in capital markets.Results SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors review reportIssued:Wednesday,30 April 2025,London,U.K.Press releas

163、eFirst quarter 202517ViiV HealthcareViiV Healthcare is a subsidiary of the Group and 100%of its operating results(turnover,operating profit,profit after tax)are included within the Group income statement.Earnings are allocated to the three shareholders of ViiV Healthcare on the basis of their respec

164、tive equity shareholdings(GSK 78.3%,Pfizer 11.7%and Shionogi 10%)and their entitlement to preferential dividends,which are determined by the performance of certain products that each shareholder contributed.As the relative performance of these products changes over time,the proportion of the overall

165、 earnings allocated to each shareholder also changes.In particular,the increasing proportion of sales of dolutegravir and cabotegravir-containing products has a favourable impact on the proportion of the preferential dividends that is allocated to GSK.Adjusting items are allocated to shareholders ba

166、sed on their equity interests.GSK was entitled to approximately 85%of the Total earnings and 83%of the Core earnings of ViiV Healthcare for 2024.As consideration for the acquisition of Shionogis interest in the former Shionogi-ViiV Healthcare joint venture in 2012,Shionogi received the 10%equity sta

167、ke in ViiV Healthcare and ViiV Healthcare also agreed to pay additional future cash consideration to Shionogi,contingent on the future sales performance of the products being developed by that joint venture,dolutegravir and cabotegravir.Under IFRS 3 Business combinations,GSK was required to provide

168、for the estimated fair value of this contingent consideration at the time of acquisition and is required to update the liability to the latest estimate of fair value at each subsequent period end.The liability for the contingent consideration recognised in the balance sheet at the date of acquisitio

169、n was 659 million.Subsequent remeasurements are reflected within other operating income/(expense)and within Adjusting items in the income statement in each period.Cash payments to settle the contingent consideration are made to Shionogi by ViiV Healthcare each quarter,based on the actual sales perfo

170、rmance and other income of the relevant products in the previous quarter.These payments reduce the balance sheet liability and hence are not recorded in the income statement.The cash payments made to Shionogi by ViiV Healthcare in the three months ended 31 March 2025 were 331 million.As the liabilit

171、y is required to be recorded at the fair value of estimated future payments,there is a significant timing difference between the charges that are recorded in the Total income statement to reflect movements in the fair value of the liability and the actual cash payments made to settle the liability.F

172、urther explanation of the acquisition-related arrangements with ViiV Healthcare are set out on pages 89 and 90 of the Annual Report 2024.Results SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors review reportIssued:Wednesday,30 April 2025,London,U

173、.K.Press releaseFirst quarter 202518The reconciliations between Total results and Core results for Q1 2025 and Q1 2024 are set out below.Three months ended 31 March 2025TotalresultsmIntangibleamort-isationmIntangibleimpair-mentmMajorrestruct-uringmTrans-action-relatedmSignificantlegal,Divest-ments a

174、ndotheritemsmCoreresultsmTurnover 7,516 7,516 Cost of sales(1,937)198 11 2 (1,726)Gross profit 5,579 198 11 2 5,790 Selling,general and administration(2,070)8 8 (6)(2,060)Research and development(1,462)21 64 1 (1)(1,377)Royalty income 180 180 Other operating income/(expense)(11)2 9 Operating profit

175、2,216 219 64 20 10 4 2,533 Net finance expense(108)7 (101)Profit before taxation 2,108 219 64 20 10 11 2,432 Taxation(336)(51)(16)(5)(30)4 (434)Tax rate%15.9%17.8%Profit after taxation 1,772 168 48 15 (20)15 1,998 Profit attributable to non-controlling interests 148 14 162 Profit/(loss)attributable

176、to shareholders 1,624 168 48 15 (34)15 1,836 1,772 168 48 15 (20)15 1,998 Earnings per share 39.7 p 4.1p 1.2p 0.4p (0.9p)0.4 p 44.9p Weighted average number of shares(millions)4,088 4,088 Results SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors r

177、eview reportIssued:Wednesday,30 April 2025,London,U.K.Press releaseFirst quarter 202519Three months ended 31 March 2024TotalresultsmIntangibleamort-isationmIntangibleimpair-mentmMajorrestruct-uringmTrans-action-relatedmSignificantlegal,Divest-ments andotheritemsmCoreresultsmTurnover 7,363 7,363 Cost

178、 of sales(1,970)182 33 19 3 (1,733)Gross profit 5,393 182 33 19 3 5,630 Selling,general and administration(2,087)17 91 (1,979)Research and development(1,434)14 54 7 (1,359)Royalty income 151 151 Other operating income/(expense)(533)685 (152)Operating profit 1,490 196 54 57 704 (58)2,443 Net finance

179、expense(134)2 (132)Share of after tax profit/(loss)of associates and joint ventures(1)(1)Profit before taxation 1,355 196 54 57 704 (56)2,310 Taxation(274)(41)(14)(13)(76)14 (404)Tax rate%20.2%17.5%Profit after taxation 1,081 155 40 44 628 (42)1,906 Profit attributable to non-controlling interests 3

180、5 119 154 Profit attributable to shareholders 1,046 155 40 44 509 (42)1,752 1,081 155 40 44 628 (42)1,906 Earnings per share 25.7p 3.8p 1.0p 1.1p 12.5p (1.0p)43.1p Weighted average number of shares(millions)4,069 4,069 Results SummaryResearch and developmentResponsible businessTotal and Core results

181、Financial informationAuditors review reportIssued:Wednesday,30 April 2025,London,U.K.Press releaseFirst quarter 202520Adjusting items Q1 2025Major restructuring and integrationTotal Major restructuring charges incurred in Q1 2025 were 20 million(Q1 2024:57 million),analysed as follows:Q1 2025Q1 2024

182、CashmNon-cashmTotalmCashmNon-cashmTotalmSeparation restructuring programme 6 12 18 28 8 36 Significant acquisitions 1 1 19 19 Legacy programmes 1 1 2 2 8 12 20 49 8 57 The Separation restructuring programme incurred cash charges of 6 million primarily from restructuring of some commercial and admini

183、strative functions as well as Global Supply Chain.The non-cash charges of 12 million primarily reflected the write down of assets in manufacturing locations.Costs of significant acquisitions relate to integration costs of Affinivax Inc.(Affinivax)which was acquired in Q3 2022,BELLUS Health Inc.acqui

184、red in Q2 2023,Aiolos Bio,Inc.(Aiolos)acquired in Q1 2024 and IDRx acquired in Q1 2025.Transaction-related adjustmentsTransaction-related adjustments resulted in a net charge of 10 million(Q1 2024:704 million),the majority of which related to charges/(credits)for the remeasurement of contingent cons

185、ideration liabilities,the liabilities for the Pfizer put option,and Pfizer and Shionogi preferential dividends in ViiV Healthcare.Charge/(credit)Q1 2025mQ1 2024mContingent consideration on former Shionogi-ViiV Healthcare joint Venture (including Shionogi preferential dividends)39586ViiV Healthcare p

186、ut options and Pfizer preferential dividends(60)66Contingent consideration on former Novartis Vaccines business5228Contingent consideration on acquisition of Affinivax(33)5Other contingent consideration4Other adjustments819Total transaction-related charges10704The 39 million charge relating to the c

187、ontingent consideration for the former Shionogi-ViiV Healthcare joint venture represented an increase in the valuation of the contingent consideration due to Shionogi driven by the unwind of the discount for 114 million partly offset by updated exchange rates and net other remeasurements of 75 milli

188、on.The 586 million charge in Q1 2024 primarily reflected updated sales forecasts due to improved longer term HIV prospects,as well as exchange movements and the unwind of the discount.The 60 million credit relating to the ViiV Healthcare put option and Pfizer preferential dividends represented a dec

189、rease in the valuation of the put option primarily as a result of updated exchange rates and lower cash balances.An explanation of the accounting for the non-controlling interests in ViiV Healthcare is set out on page 18.There was a 52 million charge in the quarter relating to the contingent conside

190、ration on the former Novartis Vaccines business primarily related to changes to future sales forecasts and the unwind of the discount.The 33 million credit relating to the contingent consideration on the acquisition of Affinivax primarily related to updated milestone payment dates partly offset by t

191、he unwind of the discount.Significant legal charges,Divestments,and other itemsLegal charges provide for all significant legal matters and are not broken out separately by litigation or investigation.Divestments and other items included other net income,including fair value movements on equity inves

192、tments and royalty income.Results SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors review reportIssued:Wednesday,30 April 2025,London,U.K.Press releaseFirst quarter 202521Financial informationIncome statementQ1 2025mQ1 2024mTURNOVER 7,516 7,363 C

193、ost of sales(1,937)(1,970)Gross profit 5,579 5,393 Selling,general and administration(2,070)(2,087)Research and development(1,462)(1,434)Royalty income 180 151 Other operating income/(expense)(11)(533)OPERATING PROFIT 2,216 1,490 Finance income 54 32 Finance expense(162)(166)Share of after tax profi

194、t/(loss)of associates and joint ventures (1)PROFIT BEFORE TAXATION 2,108 1,355 Taxation(336)(274)Tax rate%15.9%20.2%PROFIT AFTER TAXATION 1,772 1,081 Profit attributable to non-controlling interests 148 35 Profit attributable to shareholders 1,624 1,046 1,772 1,081 EARNINGS PER SHARE 39.7 p 25.7 pDi

195、luted earnings per share 39.3 p 25.4 pResults SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors review reportIssued:Wednesday,30 April 2025,London,U.K.Press releaseFirst quarter 202522Statement of comprehensive incomeQ1 2025mQ1 2024mTotal profit f

196、or the period 1,772 1,081 Items that may be reclassified subsequently to income statement:Exchange movements on overseas net assets and net investment hedges 138 (190)Reclassification of exchange movements on liquidation or disposal of overseas subsidiaries and associates(1)Fair value movements on c

197、ash flow hedges(4)Cost of hedging 4 Reclassification of cash flow hedges to income statement(5)2 132 (188)Items that will not be reclassified to income statement:Exchange movements on overseas net assets of non-controlling interests(8)3 Fair value movements on equity investments(121)78 Tax on fair v

198、alue movements on equity investments 7 (15)Fair value movements on cash flow hedges 1 Remeasurement gains/(losses)on defined benefit plans 56 46 Tax on remeasurement losses/(gains)on defined benefit plans(14)(10)(80)103 Other comprehensive income/(expense)for the period 52 (85)Total comprehensive in

199、come for the period 1,824 996 Total comprehensive income for the period attributable to:Shareholders 1,684 958 Non-controlling interests 140 38 1,824 996 Results SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors review reportIssued:Wednesday,30 Ap

200、ril 2025,London,U.K.Press releaseFirst quarter 202523Balance sheet31 March 2025m31 December 2024mASSETSNon-current assetsProperty,plant and equipment 9,154 9,227 Right of use assets 817 846 Goodwill 6,926 6,982 Other intangible assets 16,258 15,515 Investments in associates and joint ventures 99 96

201、Other investments 933 1,100 Deferred tax assets 6,410 6,757 Derivative instruments 1 Other non-current assets 2,023 1,942 Total non-current assets 42,620 42,466 Current assetsInventories 6,000 5,669 Current tax recoverable 442 489 Trade and other receivables 7,059 6,836 Derivative financial instrume

202、nts 95 109 Liquid investments 21 21 Cash and cash equivalents 4,464 3,870 Assets held for sale 4 3 Total current assets 18,085 16,997 TOTAL ASSETS 60,705 59,463 LIABILITIESCurrent liabilitiesShort-term borrowings(1,958)(2,349)Contingent consideration liabilities(1,175)(1,172)Trade and other payables

203、(15,149)(15,335)Derivative financial instruments(81)(192)Current tax payable(628)(703)Short-term provisions(1,840)(1,946)Total current liabilities(20,831)(21,697)Non-current liabilitiesLong-term borrowings(16,474)(14,637)Corporation tax payable(31)Deferred tax liabilities(404)(382)Pensions and other

204、 post-employment benefits(1,870)(1,864)Derivative financial instruments(2)Other provisions(555)(589)Contingent consideration liabilities(5,854)(6,108)Other non-current liabilities(1,030)(1,100)Total non-current liabilities(26,220)(24,680)TOTAL LIABILITIES(47,051)(46,377)NET ASSETS 13,654 13,086 EQUI

205、TYShare capital 1,349 1,348 Share premium account 3,484 3,473 Retained earnings 8,307 7,796 Other reserves 1,017 1,054 Shareholders equity 14,157 13,671 Non-controlling interests(503)(585)TOTAL EQUITY 13,654 13,086 Results SummaryResearch and developmentResponsible businessTotal and Core resultsFina

206、ncial informationAuditors review reportIssued:Wednesday,30 April 2025,London,U.K.Press releaseFirst quarter 202524Statement of changes in equitySharecapitalmSharepremiummRetainedearningsmOtherreservesmShare-holdersequitymNon-controllinginterestsmTotalequitymAt 1 January 2025 1,348 3,473 7,796 1,054

207、13,671 (585)13,086 Profit for the period 1,624 1,624 148 1,772 Other comprehensive income /(expense)for the period 172 (112)60 (8)52 Total comprehensive income/(expense)for the period 1,796 (112)1,684 140 1,824 Distributions to non-controlling interests (58)(58)Dividends to shareholders (612)(612)(6

208、12)Shares issued 1 11 12 12 Share buyback programme:Purchase of treasury shares(1)(701)(701)(701)Write-down on shares held by ESOP Trusts (75)75 Share-based incentive plans 103 103 103 At 31 March 2025 1,349 3,484 8,307 1,017 14,157 (503)13,654(1)Includes shares committed to repurchase under irrevoc

209、able contracts and repurchases subject to settlement at the end of the period.SharecapitalmSharepremiummRetainedearningsmOtherreservesmShare-holdersequitymNon-controllinginterestsmTotalequitymAt 1 January 2024 1,348 3,451 7,239 1,309 13,347 (552)12,795 Profit for the period 1,046 1,046 35 1,081 Othe

210、r comprehensive income /(expense)for the period (151)63 (88)3 (85)Total comprehensive income/(expense)for the period 895 63 958 38 996 Distributions to non-controlling interests (97)(97)Dividends to shareholders (568)(568)(568)Realised after tax losses on disposal or liquidation of equity investment

211、s (47)47 Share of associates and joint ventures realised profit/(loss)on disposal of equity investments 15 (15)Shares issued 18 18 18 Write-down of shares held by ESOP Trusts (141)141 Shares acquired by ESOP Trusts 2 457 (459)Share-based incentive plans 85 85 85 At 31 March 2024 1,348 3,471 7,935 1,

212、086 13,840 (611)13,229 Results SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors review reportIssued:Wednesday,30 April 2025,London,U.K.Press releaseFirst quarter 202525Cash flow statement three months ended 31 March 2025Profit after tax 1,772 1,0

213、81 Tax on profits 336 274 Share of after tax loss/(profit)of associates and joint ventures 1 Net finance expense 108 134 Depreciation,amortisation and other adjusting items 823 549(Increase)/decrease in working capital(788)(311)Contingent consideration paid(338)(306)Increase/(decrease)in other net l

214、iabilities(excluding contingent consideration paid)(612)(296)Cash generated from operations 1,301 1,126 Taxation paid(156)(168)Total net cash inflow/(outflow)from operating activities 1,145 958 Cash flow from investing activitiesPurchase of property,plant and equipment(208)(248)Proceeds from sale of

215、 property,plant and equipment 1 1 Purchase of intangible assets(240)(315)Proceeds from sale of intangible assets 76 27 Purchase of equity investments(22)(18)Proceeds from sale of equity investments 1,055 Purchase of businesses,net of cash acquired(800)(719)Contingent consideration paid(3)(3)Disposal

216、 of businesses(1)(3)Interest received 53 37(Increase)/decrease in liquid investments 22 Dividend and distributions from investments 15 Total net cash inflow/(outflow)from investing activities(1,144)(149)Cash flow from financing activitiesIssue of share capital 12 18 Issue of long-term notes 2,018 Ne

217、t increase/(decrease)in short-term loans (323)Increase in other short-term loans 59 Repayment of other short-term loans(159)Repayment of lease liabilities(57)(57)Interest paid(69)(71)Dividends paid to shareholders(612)(568)Purchase of treasury shares(247)Distribution to non-controlling interests(58)

218、(97)Other financing items(29)38 Total net cash inflow/(outflow)from financing activities 858 (1,060)Increase/(decrease)in cash and bank overdrafts in the period 859 (251)Cash and bank overdrafts at beginning of the period 3,403 2,858 Exchange adjustments(11)(19)Increase/(decrease)in cash and bank ov

219、erdrafts in the period 859 (251)Cash and bank overdrafts at end of the period 4,251 2,588 Cash and bank overdrafts at end of period comprise:Cash and cash equivalents 4,464 2,790 Overdrafts(213)(202)4,251 2,588 Q1 2025mQ1 2024mResults SummaryResearch and developmentResponsible businessTotal and Core

220、 resultsFinancial informationAuditors review reportIssued:Wednesday,30 April 2025,London,U.K.Press releaseFirst quarter 202526Specialty Medicines turnover three months ended 31 March 2025TotalUSEuropeInternationalGrowthGrowthGrowthGrowthmAER%CER%mAER%CER%mAER%CER%mAER%CER%HIV 1,714 6 7 1,133 10 9 37

221、3 2 5 208 (5)Dolutegravir products 1,288 (1)773 323 2 192 (8)(4)Tivicay 314 (11)(10)174 (6)(6)58 (9)(8)82 (21)(18)Triumeq 246 (21)(20)168 (20)(21)45 (24)(22)33 (18)(10)Juluca 158 1 1 124 2 1 31 (3)3 Dovato 570 18 19 307 21 21 189 12 15 74 21 25 Cabenuva 294 38 38 240 40 40 46 31 37 8 14 14 Apretude

222、89 65 63 87 61 61 2 Rukobia 38 15 15 32 3 3 3 50 3 100100Other 5 (44)(22)1 (67)(100)1 (67)3 33 Respiratory,Immunology and Inflammation 804 26 28 497 31 31 150 14 17 157 25 31 Nucala 444 19 21 213 18 18 125 15 18 106 25 32 Benlysta 359 38 39 284 43 43 31 15 19 44 26 31 Other 1 (51)(51)(6)(50)(50)7 17

223、 17 Oncology 415 52 53 292 57 56 96 28 31 27 100100Jemperli 174 100100 137 100100 27 93 100 10 100100Zejula 131 (7)(5)62 (14)(15)56 (3)(2)13 18 45 Blenrep Ojjaara/Omjjara 112 100100 94 88 86 14 100100 4 100100Other(2)(100)(1)(1)Specialty Medicines 2,933 16 17 1,922 21 20 619 8 12 392 10 16 Vaccines

224、turnover three months ended 31 March 2025TotalUSEuropeInternationalGrowthGrowthGrowthGrowthmAER%CER%mAER%CER%mAER%CER%mAER%CER%Shingles 867 (8)(7)372 (21)(21)291 27 31 204 (17)(13)Shingrix 867 (8)(7)372 (21)(21)291 27 31 204 (17)(13)Meningitis 350 17 20 122 1 138 37 41 90 17 26 Bexsero 251 16 20 70

225、(3)(3)135 38 42 46 (2)9 Menveo 89 11 13 52 6 4 2 35 21 28 Other 10 100100 1 9 100100RSV 78 (57)(57)55 (64)(64)19 100100 4 (85)(85)Arexvy 78 (57)(57)55 (64)(64)19 100100 4 (85)(85)Influenza 1 (92)(92)(4)(100)(100)5 (55)(55)Fluarix,FluLaval 1 (92)(92)(4)(100)(100)5 (55)(55)Established Vaccines 799 (5)

226、(3)343 4 3 167 (6)(3)289 (12)(9)Boostrix 151 9 11 88 4 4 35 6 9 28 40 45 Cervarix 11 (66)(62)2 (50)(50)9 (68)(64)Hepatitis 170 (3)(2)92 1 1 46 (10)(6)32 (3)(3)Infanrix,Pediarix 145 1 82 (6)(6)28 (10)(6)35 30 33 Priorix,Priorix Tetra,Varilrix 96 23 26 23 100100 29 44 2 7 Rotarix 141 (8)(6)54 (5)(5)32

227、 10 14 55 (19)(15)Synflorix 51 13 18 1 (50)(50)50 16 21 Other 34 (52)(52)4 (20)(40)(6)(100)(100)36 (46)(45)Vaccines 2,095 (8)(6)888 (18)(18)615 21 24 592 (14)(10)Results SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors review reportIssued:Wednesd

228、ay,30 April 2025,London,U.K.Press releaseFirst quarter 202527General Medicines turnover three months ended 31 March 2025TotalUSEuropeInternationalGrowthGrowthGrowthGrowthmAER%CER%mAER%CER%mAER%CER%mAER%CER%Respiratory 1,710 (1)1 887 3 2 357 (1)1 466 (7)(2)Anoro Ellipta 127 7 9 47 7 5 56 8 12 24 4 13

229、 Flixotide/Flovent 99 (29)(27)61 (36)(37)18 20 (23)(12)Relvar/Breo Ellipta 265 (2)101 2 2 92 (6)(4)72 (1)4 Seretide/Advair 216 (23)(21)56 (39)(40)50 (18)(15)110 (15)(11)Trelegy Ellipta 675 14 15 479 13 12 83 11 13 113 24 30 Ventolin 185 10 12 108 26 26 30 20 24 47 (18)(14)Other Respiratory 143 (8)(5

230、)35 59 59 28 (13)(12)80 (22)(17)Other General Medicines 778 (7)(3)55 4 4 158 (12)(9)565 (7)(2)Augmentin 173 (7)(2)50 (7)(6)123 (7)Lamictal 102 1 3 44 19 16 25 (11)(7)33 (8)(3)Other General Medicines 503 (9)(5)11 (31)(25)83 (15)(12)409 (7)(2)General Medicines 2,488 (3)942 3 2 515 (5)(2)1,031 (7)(2)Co

231、mmercial Operations turnoverTotalUSEuropeInternationalGrowthGrowthGrowthGrowthmAER%CER%mAER%CER%mAER%CER%mAER%CER%Three months ended 31 March 2025 7,516 2 4 3,752 5 4 1,749 8 11 2,015 (6)(2)Results SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors

232、 review reportIssued:Wednesday,30 April 2025,London,U.K.Press releaseFirst quarter 202528Segment informationOperating segments are reported based on the financial information provided to the Chief Executive Officer and the responsibilities of the GSK Leadership Team(GLT).GSK reports results under tw

233、o segments:Commercial Operations and Total R&D.Members of the GLT are responsible for each segment.R&D investment is essential for the sustainability of the business.However,for segment reporting the Commercial operating profits exclude allocations of globally funded R&D.The Total R&D segment is the

234、 responsibility of the Chief Scientific Officer and is reported as a separate segment.The operating costs of this segment includes R&D activities across Specialty Medicines,including HIV and Vaccines.It includes R&D and some SG&A costs relating to regulatory and other functions.The Groups management

235、 reporting process allocates intra-Group profit on a product sale to the market in which that sale is recorded,and the profit analyses below have been presented on that basis.Adjusting items reconciling segment profit and operating profit comprise items not specifically allocated to segment profit.T

236、hese include impairment and amortisation of intangible assets,major restructuring costs,which include impairments of tangible assets and computer software,transaction-related adjustments related to significant acquisitions,proceeds and costs of disposals of associates,products and businesses,Signifi

237、cant legal charges and expenses on the settlement of litigation and government investigations,other operating income other than royalty income,and other items including amounts reclassified from the foreign currency translation reserve to the income statement upon the liquidation of a subsidiary whe

238、re the amount exceeds 25 million.Turnover by segmentQ1 2025mQ1 2024mGrowthAER%GrowthCER%Commercial Operations(total turnover)7,516 7,363 2 4 Operating profit by segmentQ1 2025mQ1 2024mGrowthAER%GrowthCER%Commercial Operations 3,919 3,855 2 4 Research and Development(1,353)(1,308)3 4 Segment profit 2

239、,566 2,547 1 4 Corporate and other unallocated costs(33)(104)Core operating profit 2,533 2,443 4 5 Adjusting items(317)(953)Total operating profit 2,216 1,490 49 50 Finance income 54 32 Finance costs(162)(166)Share of after tax profit/(loss)of associates and joint ventures (1)Profit before taxation

240、2,108 1,355 56 57 Commercial Operations Core operating profit of 3,919 million increased in the quarter.Strong Specialty Medicines sales performance,favourable product and regional mix,and higher royalty income were partly offset by investment in new asset launches and growth assets.The R&D segment

241、operating expense of 1,353 million in the quarter reflected continued spend across the portfolio,driven by Oncology investment in ADCs with lower spend on Blenrep and Zejula as these studies progress to completion.Investment in Specialty Medicines also increased driven by camlipixant and the long ac

242、ting TSLP asset.Results SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors review reportIssued:Wednesday,30 April 2025,London,U.K.Press releaseFirst quarter 202529Legal matters The Group is involved in significant legal and administrative proceedin

243、gs,principally product liability,intellectual property,tax,anti-trust,consumer fraud and governmental investigations,which are more fully described in the Legal Proceedings note in the Annual Report 2024.At 31 March 2025,the Groups aggregate provision for legal and other disputes(not including tax m

244、atters described on page 9)was 1,351 million(31 December 2024:1,446 million).The Group may become involved in significant legal proceedings in respect of which it is not possible to meaningfully assess whether the outcome will result in a probable outflow,or to quantify or reliably estimate the liab

245、ility,if any,that could result from ultimate resolution of the proceedings.In these cases,the Group would provide appropriate disclosures about such cases,but no provision would be made.The ultimate liability for legal claims may vary from the amounts provided and is dependent upon the outcome of li

246、tigation proceedings,investigations and possible settlement negotiations.The Groups position could change over time,and,therefore,there can be no assurance that any losses that result from the outcome of any legal proceedings will not exceed by a material amount the amount of the provisions reported

247、 in the Groups financial accounts.Significant legal developments since the date of the Annual Report 2024:Product LiabilityZantacAs previously disclosed,the vast majority of the remaining cases have been resolved or dismissed such that less than 1%of the state court cases remain.GSK is in negotiatio

248、ns with plaintiffs counsel on the remaining cases,including two cases in Nevada state court with trials scheduled in 2026.The trial in the Mayor&City of Baltimore action is scheduled to begin 28 September 2026.The appeal of the Delaware Superior Courts decision allowing plaintiffs to present expert

249、evidence of general causation on all ten cancer types to a jury remains pending.Oral argument was heard before the Delaware Supreme Court on 16 April 2025.A decision could be issued in Q2-Q3 2025.As previously disclosed,approximately 14,000 product liability cases were dismissed following the grant

250、of defendants Daubert motions in December 2022 in the Federal MDL proceeding.These are now on appeal by the plaintiffs to the United States Court of Appeals for the Eleventh Circuit,along with appeals in the medical monitoring and consumer class action cases.Oral argument is tentatively scheduled fo

251、r the week of 28 July 2025.On 9 October 2024 GSK also reached an agreement to pay a total of$70 million to resolve the Zantac qui tam complaint previously filed by Valisure.Both the Department of Justice and the participating State Attorneys General approved the agreement which was signed on 3 April

252、 2025.The qui tam complaint will be dismissed.Intellectual PropertymRNAGSK filed a patent infringement case against Pfizer/BioNTech in the United States District Court for the District of Delaware alleging infringement of 8 US GSK patents by the COVID-19 vaccine,COMIRNATY.Trial has been scheduled fo

253、r 7 June 2027.GSK filed two separate patent infringement suits against Moderna,Inc.in the United States District Court for the District of Delaware.The first suit alleges infringement of 7 GSK patents by the COVID-19 vaccine,SPIKEVAX.Trial has been scheduled for 19 July 2027.The second suit alleges

254、infringement of 6 GSK patents by the RSV vaccine,mRESVIA,and trial has been scheduled for 23 August 2027.On 2 January 2025,Acuitas Therapeutics Inc.filed a declaratory judgment complaint against GSK,seeking judgment that COMIRNATY does not infringe five GSK patents.Acuitas also seeks a ruling that t

255、he patents are invalid.GSK has moved to dismiss the complaint for lack of subject matter jurisdiction.RSVOn 1 April 2025,GSK and Pfizer Inc,reached a global settlement of all litigation whereby Pfizer has been granted a worldwide license to certain patents controlled by GSK relating to recombinant R

256、SV prefusion F protein and GSK will receive a royalty stream on sales of Abrysvo.The pending litigation in the United States District Court for the District of Delaware was dismissed on 4 April 2025.Cases pending in other jurisdictions are also in the process of being dismissed.Results SummaryResear

257、ch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors review reportIssued:Wednesday,30 April 2025,London,U.K.Press releaseFirst quarter 202530 Returns to shareholdersQuarterly dividends The Board has declared a first interim dividend for Q1 2025 of 16p per share(Q

258、1 2024:15p per share).Dividends remain an essential component of total shareholder return and GSK recognises the importance of dividends to shareholders.On 23 June 2021,at the GSK Investor Update,GSK set out that from 2022 a progressive dividend policy will be implemented guided by a 40 to 60 per ce

259、nt pay-out ratio through the investment cycle.Consistent with this,GSK has declared a dividend of 16p for Q1 2025.The expected dividend for 2025 is 64p per share.In setting its dividend policy,GSK considers the capital allocation priorities of the Group and its investment strategy for growth alongsi

260、de the sustainability of the dividend.Payment of dividendsThe equivalent interim dividend receivable by ADR holders will be calculated based on the exchange rate on 8 July 2025.An annual fee of$0.03 per ADS(or$0.0075 per ADS per quarter)is charged by the Depositary.The ex-dividend and record dates w

261、ill be 16 May 2025 with a payment date of 10 July 2025.Paid/PayablePence persharem2025First interim10 July 2025 16 654 2024First interim11 July 2024 15 612 Second interim10 October 2024 15 612 Third interim9 January 2025 15 612 Fourth interim10 April 2025 16 656 61 2,492 Share capital in issueAt 31

262、March 2025,4,085 million shares(Q1 2024:4,078 million)were in free issue(excluding Treasury shares and shares held by the ESOP Trusts).The company issued 0.9 million shares in the quarter(Q1 2024:1.9 million)under employee share schemes for net proceeds of 12 million(Q1 2024:18 million).On 5th Febru

263、ary 2025,GSK announced a 2 billion share buyback programme to be completed over an 18 month period.As at 31 March 2025,18 million shares were repurchased and are being held as treasury shares,at a cost of 273 million,including transaction costs of 1 million.Treasury shares for these purposes include

264、 shares purchased by GSK plc on 28 March 2025 and 31 March 2025.As announced via RNS,GSK purchased 834,200 ordinary shares on 28 March 2025 and 836,600 ordinary shares on 31 March 2025,to be held as Treasury shares.Upon settlement of the relevant trades,the shares purchased on those dates are held a

265、s Treasury shares,and are therefore treated as Treasury shares for the purposes of the Q1 2025 reporting period and this results announcement.The settlement cost of these shares was 25 million.At 31 March 2025,the company held 187 million Treasury shares at a cost of 3,230 million,of which 169 milli

266、on shares of 2,957 million were repurchased as part of previous share buyback programmes,which has been deducted from retained earnings.At 31 March 2025,the ESOP Trusts held 43.6 million shares of GSK shares,of which 43 million were held for the future exercise of share options and share awards and

267、0.6 million were held for the Executive Supplemental Savings plan.The carrying value of 304 million has been deducted from other reserves.The market value of these shares was 638 million.Weighted average number of sharesThe numbers of shares used in calculating basic and diluted earnings per share a

268、re reconciledbelow:Weighted average number of sharesQ1 2025millionsQ1 2024millionsWeighted average number of shares basic 4,088 4,069 Dilutive effect of share options and share awards 49 44 Weighted average number of shares diluted 4,137 4,113 Results SummaryResearch and developmentResponsible busin

269、essTotal and Core resultsFinancial informationAuditors review reportIssued:Wednesday,30 April 2025,London,U.K.Press releaseFirst quarter 202531Additional informationAccounting policies and basis of preparationThis unaudited Results Announcement contains condensed financial information for the three

270、months ended 31 March 2025 and should be read in conjunction with the Annual Report 2024,which was prepared in accordance with UK-adopted international accounting standards in conformity with the requirements of the Companies Act 2006 and the International Financial Reporting Standards(IFRS)as issue

271、d by the International Accounting Standards Boards(IASB).This Results Announcement has been prepared applying consistent accounting policies to those applied by the Group in the Annual Report 2024.The Group has not identified any changes to its key sources of accounting judgements or estimations of

272、uncertainty compared with those disclosed in the Annual Report 2024.This Results Announcement does not constitute statutory accounts of the Group within the meaning of sections 434(3)and 435(3)of the Companies Act 2006.The full Group accounts for 2024 were published in the Annual Report 2024,which h

273、as been delivered to the Registrar of Companies and on which the report of the independent auditor was unqualified and did not contain a statement under section 498 of the Companies Act 2006.Exchange ratesGSK operates in many countries and earns revenues and incurs costs in many currencies.The resul

274、ts of the Group,as reported in Sterling,are affected by movements in exchange rates between Sterling and other currencies.Average exchange rates,as modified by specific transaction rates for large transactions,prevailing during the period,are used to translate the results and cash flows of overseas

275、subsidiaries,associates and joint ventures into Sterling.Period-end rates are used to translate the net assets of those entities.The currencies which most influenced these translations and the relevant exchange rates were:Q1 2025Q1 2024 2024Average rates:US$/1.26 1.27 1.28 Euro/1.20 1.16 1.18 Yen/19

276、3 187 193 Period-end rates:US$/1.29 1.26 1.25 Euro/1.20 1.17 1.20 Yen/193 191 197 Contingent liabilitiesThere were contingent liabilities at 31 March 2025 in respect of arrangements entered into as part of the ordinary course of the Groups business.No material losses are expected to arise from such

277、contingent liabilities.Provision is made for the outcome of legal and tax disputes where it is both probable that the Group will suffer an outflow of funds and it is possible to make a reliable estimate of that outflow.Descriptions of the Significant legal disputes to which the Group is a party are

278、set out on page 30,and pages 287 to 290 of the 2024 Annual Report.Results SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors review reportIssued:Wednesday,30 April 2025,London,U.K.Press releaseFirst quarter 202532Net assetsThe book value of net ass

279、ets increased by 568 million from 13,086 million at 31 December 2024 to 13,654 million at 31 March 2025.This primarily reflected contribution from Total comprehensive income for the period partly offset by dividends paid to shareholders and shares committed to be repurchased under the first tranche

280、of the 2025 share buyback programme and associated transaction costs.At 31 March 2025,the net deficit on the Groups pension plans decreased to 18 million compared with 103 million at 31 December 2024.This decrease is primarily due to an increase in the UK discount rate and a decrease in the UK infla

281、tion rate,partly offset by a decrease in the US discount rate,and lower UK and US asset values.Other payables includes 428 million related to shares still to be purchased as part of the first tranche of the 2025 share buyback programme,25 million for shares purchased but not settled at 31 March 2025

282、,and 1 million of transaction costs.The estimated present value of the potential redemption amount of the Pfizer put option related to ViiV Healthcare,recorded in Other payables in Current liabilities,was 855 million(31 December 2024:915 million).Contingent consideration amounted to 7,029 million at

283、 31 March 2025(31 December 2024:7,280 million)as follows:Group 31 March 2025mGroup 31 December 2024mContingent consideration estimated present value of amounts payable relating to:Former Shionogi-ViiV Healthcare joint venture 5,769 6,061 Former Novartis Vaccines business acquisition 605 575 Affiniva

284、x acquisition 454 502 Aiolos acquisition 129 130 Others72 12 Contingent consideration liability at end of the period 7,029 7,280 Of the contingent consideration payable to Shionogi at 31 March 2025,1,120 million(31 December 2024:1,127 million)is expected to be paid within one year.Movements in conti

285、ngent consideration are as follows:Q1 2025ViiVHealthcaremGroupmContingent consideration at beginning of the period 6,061 7,280 Additions 61 Remeasurement through income statement and other movements 39 29 Cash payments:operating cash flows(331)(338)Cash payments:investing activities (3)Contingent co

286、nsideration at end of the period 5,769 7,029 Q1 2024ViiVHealthcaremGroupmContingent consideration at beginning of the period 5,718 6,662 Remeasurement through income statement and other movements 586 722 Cash payments:operating cash flows(300)(306)Cash payments:investing activities (3)Contingent con

287、sideration at end of the period 6,004 7,075 Results SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors review reportIssued:Wednesday,30 April 2025,London,U.K.Press releaseFirst quarter 202533Business acquisitionsOn 13 January 2025,GSK announced it

288、had entered into an agreement to acquire 100%of IDRx,Inc,a Boston based,clinical stage biopharmaceutical company dedicated to developing precision therapies for the treatment of gastrointestinal stromal tumours(GIST).The acquisition includes lead molecule,IDRX-42,a highly selective investigational t

289、yrosine kinase inhibitor(TKI)that is designed to improve the outcomes for patients with GIST.GSK acquired all of the outstanding equity interests in IDRx for a total consideration of US$1.1 billion(840 million)as adjusted for working capital acquired paid upon closing and up to US$150 million(119 mi

290、llion)as an additional success-based regulatory milestone payment.The estimated fair value of the contingent consideration payable was US$60 million(48 million).In addition,GSK will also be responsible for success-based milestone payments as well as tiered royalties for IDRX-42 owed to Merck KGaA,Da

291、rmstadt,Germany.The transaction was subject to customary conditions,including applicable regulatory agency clearances under the Hart Scott-Rodino Act in the US,and subsequently closed on 21 February 2025.The initial acquisition accounting was reflected in the first quarter of 2025 on a preliminary b

292、asis,the values below are provisional and subject to change.The purchase price allocation is expected to be completed by the end of Q4 2025.Goodwill of 88 million has been recognised.The goodwill represents specific synergies available to GSK from the business combination.The goodwill has been alloc

293、ated to the Groups R&D segment.The provisional fair values of the net assets acquired,including goodwill,are as follows:mNet assets acquired:Intangible assets 1,007 Cash and cash equivalents 48 Other net liabilities(52)Deferred tax liabilities(203)800 Goodwill 88 Total consideration 888 Of the 888 m

294、illion consideration,63 million was unpaid as at 31 March 2025.On 15 January 2025,GSK acquired a Berlin based private company,Cellphenomics GmbH,which has developed proprietary capabilities in developing durable organoid models,for a total cash consideration of up to 44 million(approximately 37 mill

295、ion)of which 15 million(13 million)was unpaid as at 31 March 2025.The acquisition is accounted for as a business combination but is not considered a significant acquisition for the Group.This agreement was not subject to closing conditions and the acquisition has been completed.Net debt informationR

296、econciliation of cash flow to movements in net debtQ1 2025mQ1 2024mTotal Net debt at beginning of the period(13,095)(15,040)Increase/(decrease)in cash and bank overdrafts 859 (251)Increase/(decrease)in liquid investments (22)Issue of long-term notes(2,018)Net decrease/(increase)in short-term loans 3

297、23 Increase in other short-term loans(1)(59)Repayment of other short-term loans(1)159 Repayment of lease liabilities 57 57 Net debt of subsidiary undertakings acquired(1)Exchange adjustments 187 1 Other non-cash movements(36)(29)Decrease/(increase)in net debt(852)79 Total Net debt at end of the peri

298、od(13,947)(14,961)(1)Other short-term loans include bank loans presented within short-term borrowings on the balance sheet,with an initial maturity of greater than three months but less than twelve months.Results SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial info

299、rmationAuditors review reportIssued:Wednesday,30 April 2025,London,U.K.Press releaseFirst quarter 202534Net debt analysis31 March 2025m31 December 2024mLiquid investments 21 21 Cash and cash equivalents 4,464 3,870 Short-term borrowings(1,958)(2,349)Long-term borrowings(16,474)(14,637)Total Net debt

300、 at the end of the period(13,947)(13,095)Free cash flow reconciliationQ1 2025mQ1 2024mNet cash inflow/(outflow)from operating activities 1,145 958 Purchase of property,plant and equipment(208)(248)Proceeds from sale of property,plant and equipment 1 1 Purchase of intangible assets(240)(315)Proceeds

301、from disposals of intangible assets 76 27 Net finance costs(16)(34)Contingent consideration paid(reported in investing activities)(3)(3)Distributions to non-controlling interests(58)(97)Free cash inflow/(outflow)697 289 Related party transactionsDetails of GSKs related party transactions are disclos

302、ed on page 258 of the 2024 Annual Report.Results SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors review reportIssued:Wednesday,30 April 2025,London,U.K.Press releaseFirst quarter 202535R&D commentaryPipeline overviewMedicines and vaccines in pha

303、se III development(including major lifecycle innovation or under regulatory review)18Respiratory,Immunology and Inflammation(6)Nucala(anti-IL5 biologic)chronic obstructive pulmonary diseasedepemokimab(ultra long-acting anti-IL5 biologic)severe eosinophilic asthma,eosinophilic granulomatosis with pol

304、yangiitis(EGPA),chronic rhinosinusitis with nasal polyps(CRSwNP),hyper-eosinophilic syndrome(HES)latozinemab(AL001,anti-sortilin)frontotemporal dementiacamlipixant(P2X3 receptor antagonist)refractory chronic coughVentolin(salbutamol,Beta 2 adrenergic receptor agonist)asthmalinerixibat(IBATi)cholesta

305、tic pruritus in primary biliary cholangitisOncology(5)Blenrep(anti-BCMA ADC)multiple myelomaJemperli(anti-PD-1)1L endometrial cancer,colon cancer,rectal cancer,head and neck cancerZejula(PARP inhibitor)1L ovarian and non-small cell lung cancer,glioblastoma belrestotug(anti-TIGIT)1L non-small cell lu

306、ng cancercobolimab(anti-TIM-3)2L non-small cell lung cancerInfectious Diseases(7)Arexvy(RSV vaccine)RSV adults(18-49 years of age at increased risk(AIR)and 18+immunocompromised)Blujepa(gepotidacin;bacterial topoisomerase inhibitor)uncomplicated urinary tract infection and urogenital gonorrhoeabepiro

307、virsen(HBV ASO)hepatitis B virusBexsero(meningococcal B vaccine)infants(US)tebipenem pivoxil(antibacterial carbapenem)complicated urinary tract infectionibrexafungerp(antifungal glucan synthase inhibitor)invasive candidiasisGSK4178116(varicella vaccine)varicella new strain individuals 12 months of a

308、ge and olderTotal medicines and vaccines in all phases of clinical development70Total projects in clinical development(inclusive of all phases and indications)91Therapy area updatesThe following provides updates on key medicines and vaccines by therapy area that will help drive growth for GSK to mee

309、t its future outlooks.Respiratory,Immunology and Inflammationcamlipixant(P2X3 receptor antagonist)Camlipixant(BLU-5937)is an investigational,highly selective oral P2X3 antagonist currently in development for first-line treatment of adult patients suffering from refractory chronic cough(RCC).The CALM

310、 phase III development programme to evaluate the efficacy and safety of camlipixant for use in adults with RCC is ongoing.Trial name(population)PhaseDesignTimelineStatusCALM-1(refractory chronic cough)NCT05599191IIIA 52-week,randomised,double-blind,placebo-controlled,parallel-arm efficacy and safety

311、 trial with open-label extension of camlipixant in adult participants with refractory chronic cough,including unexplained chronic coughTrial start:Q4 2022RecruitingCALM-2(refractory chronic cough)NCT05600777IIIA 24-week,randomised,double-blind,placebo-controlled,parallel-arm efficacy and safety tria

312、l with open-label extension of camlipixant in adult participants with refractory chronic cough,including unexplained chronic coughTrial start:Q1 2023RecruitingResults SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial informationAuditors review reportIssued:Wednesday,

313、30 April 2025,London,U.K.Press releaseFirst quarter 202536depemokimab(long acting anti-IL5)Depemokimab is in late-stage development in a range of IL-5 mediated conditions including asthma with type 2 inflammation,chronic rhinosinusitis with nasal polyps(CRSwNP),hypereosinophilic syndrome(HES)and eos

314、inophilic granulomatosis with polyangiitis(EGPA).It is the first ultra-long-acting biologic engineered to have an extended half-life and high binding affinity and potency for IL-5,enabling six-month dosing intervals in phase III clinical trials.Positive phase III data from the pivotal SWIFT-1 and SW

315、IFT-2 trials in asthma with type 2 inflammation and the ANCHOR-1 and ANCHOR-2 trials in patients with CRSwNP have been published in The New England Journal of Medicine and The Lancet respectively and are being used to support regulatory filings in major markets.Regulatory submissions seeking approva

316、l for the use of depemokimab in patients with asthma with type 2 inflammation and in patients with CRSwNP,have been accepted by the health authorities in four major markets;EU,China,Japan and the US.Submissions in other markets are expected to progress through the year.Key phase III trials for depem

317、okimab:Trial name(population)PhaseDesignTimelineStatusSWIFT-1(severe asthma)NCT04719832IIIA 52-week,randomised,double-blind,placebo-controlled,parallel-group,multi-centre trial of the efficacy and safety of depemokimab adjunctive therapy in adult and adolescent participants with severe uncontrolled

318、asthma with an eosinophilic phenotypeTrial start:Q1 2021Data reported:Q2 2024Completed;primary endpoint metSWIFT-2(severe asthma)NCT04718103IIIA 52-week,randomised,double-blind,placebo-controlled,parallel-group,multi-centre trial of the efficacy and safety of depemokimab adjunctive therapy in adult

319、and adolescent participants with severe uncontrolled asthma with an eosinophilic phenotypeTrial start:Q1 2021Data reported:Q2 2024Completed;primary endpoint metAGILE(severe asthma)NCT05243680III(exten sion)A 52-week,open label extension phase of SWIFT-1 and SWIFT-2 to assess the long-term safety and

320、 efficacy of depemokimab adjunctive therapy in adult and adolescent participants with severe uncontrolled asthma with an eosinophilic phenotypeTrial start:Q1 2022Active,not recruitingNIMBLE(severe asthma)NCT04718389IIIA 52-week,randomised,double-blind,double-dummy,parallel group,multi-centre,non-inf

321、eriority trial assessing exacerbation rate,additional measures of asthma control and safety in adult and adolescent severe asthmatic participants with an eosinophilic phenotype treated with depemokimab compared with mepolizumab or benralizumabTrial start:Q1 2021Active,not recruitingANCHOR-1(chronic

322、rhinosinusitis with nasal polyps;CRSwNP)NCT05274750IIIEfficacy and safety of depemokimab in participants with CRSwNPTrial start:Q2 2022 Data reported:Q3 2024Complete;primary endpoint metANCHOR-2(CRSwNP)NCT05281523IIIEfficacy and safety of depemokimab in participants with CRSwNPTrial start:Q2 2022Dat

323、a reported:Q3 2024Complete;primary endpoint metOCEAN(eosinophilic granulomatosis with polyangiitis;EGPA)NCT05263934IIIEfficacy and safety of depemokimab compared with mepolizumab in adults with relapsing or refractory EGPATrial start:Q3 2022RecruitingDESTINY(hyper-eosinophilic syndrome;HES)NCT053343

324、68IIIA 52-week,randomised,placebo-controlled,double-blind,parallel group,multicentre trial of depemokimab in adults with uncontrolled HES receiving standard of care(SoC)therapyTrial start:Q3 2022RecruitingResults SummaryResearch and developmentResponsible businessTotal and Core resultsFinancial info

325、rmationAuditors review reportIssued:Wednesday,30 April 2025,London,U.K.Press releaseFirst quarter 202537Nucala(mepolizumab)Nucala is a first in class anti-IL-5 biologic and the only treatment approved for use in the US and Europe across four IL-5 medicated conditions:severe asthma with an eosinophil

326、ic phenotype,EGPA,HES and CRSwNP.In September 2024,positive results from MATINEE,a phase III trial investigating mepolizumab in patients with chronic obstructive pulmonary disease(COPD)were announced.MATINEE met its primary endpoint with the addition of mepolizumab to inhaled maintenance therapy sho

327、wing a statistically significant and clinically meaningful reduction in the annualised rate of moderate/severe exacerbations versus placebo,with patients treated for up to 104 weeks.Publication of the full results of MATINEE is expected in Q2 2025.In Q1 2025,regulators in the EU and China accepted t

328、he MATINEE data for review as part of the regulatory process to seek an indication for the use of mepolizumab in patients with COPD.Regulatory review in the US is ongoing with a decision expected in May 2025.Key trials for Nucala:Trial name(population)PhaseDesignTimelineStatusMATINEE(chronic obstruc

329、tive pulmonary disease;COPD)NCT04133909IIIA multicentre randomised,double-blind,parallel-group,placebo-controlled trial of mepolizumab 100 mg subcutaneously as add-on treatment in participants with COPD experiencing frequent exacerbations and characterised by eosinophil levelsTrial start:Q4 2019Data

330、 reported:Q3 2024Complete;primary endpoint metOncologyBlenrep(belantamab mafodotin)Based on positive results from the phase III head-to-head DREAMM-7 and DREAMM-8 trials,GSK is pursuing regulatory approvals worldwide for Blenrep combinations for the treatment of relapsed or refractory multiple myelo

331、ma.In April 2025,the UKs Medicines and Healthcare products Regulatory Agency(MHRA)approved Blenrep in second line and later multiple myeloma,its first regulatory approval in this treatment setting anywhere in the world.Additional submissions are under review in 14 markets,with key approvals expected

332、 in major markets in 2025,including the US with a Prescription Drug User Fee Act(PDUFA)date of 23 July.GSK continues to explore the potential for belantamab mafodotin to help address unmet need for patients with multiple myeloma,in early treatment lines and in combination with novel therapies and st

333、andard of care treatments through the DREAMM clinical trial programme.The programme includes DREAMM-10,a phase III trial evaluating belantamab mafodotin plus lenalidomide and dexamethasone(BRd)versus daratumumab plus lenalidomide and dexamethasone(DRd)in patients with newly diagnosed transplant ineligible multiple myeloma.Key phase III trials for Blenrep:Trial name(population)PhaseDesignTimelineSt