GSK's 2026 Direction Under New CEO Luke Miels

GSK has unveiled its fourth-quarter and full-year 2025 results, announced on 4 February, marking the first set of numbers under new CEO Luke Miels. Using these results as a launchpad, Luke is setting the tone for his leadership at the helm of the biopharma giant.

While GSK delivered a strong financial performance in 2025, Luke framed the results as a foundation for what lies ahead.

“GSK delivered another strong performance in 2025, driven mainly by Speciality Medicines, with double-digit sales growth in Respiratory, Immunology & Inflammation, Oncology and HIV,” he said. “Good R&D progress also continued, with five major product approvals achieved and several acquisitions and new partnerships completed to strengthen the pipeline further in oncology and RI&I.”

Luke's early messaging emphasises strategic continuity paired with tighter, more disciplined execution.

A product-led operating model

The results confirm that Speciality Medicines now represent GSK’s principal growth engine, with the company’s priorities anchored firmly around products rather than platforms or functions.

In 2025, Speciality Medicines sales climbed 17% to £13.5bn (US$18.3bn), accounting for more than 40% of total revenue. Growth was broad-based across RI&I, Oncology and HIV, with oncology revenue soaring 43% to £2bn (US$2.71bn). The figures reaffirm GSK’s evolution into a specialty-focused biopharma company with increasing exposure to high-value, innovation-led therapies.

By contrast, vaccine sales achieved moderate growth of 2% to £9.2bn (US$12.4bn). Flagship products like Shingrix and meningitis vaccines continued to perform well, while RSV vaccine Arexvy added incremental revenue. Strategically, vaccines are being positioned as a steady pillar of the business rather than its main growth driver. General Medicines declined 1%, reflecting the portfolio’s maturity.

Pipeline acceleration and selective focus

Pipeline execution remains central to GSK’s strategy, with Luke identifying 2026 as a pivotal year for delivery.

“We expect this positive momentum to continue in 2026, which will be a key year of execution and operational delivery with strong focus on commercial launches and accelerating R&D,” he said.

Key milestones include the rollout of asthma treatment Exdensur and oncology therapy Blenrep, along with 10 new pivotal trial starts and five late-stage readouts across oncology, inflammation and infectious disease. Two potential approvals—bepirovirsen for chronic hepatitis B and tebipenem for complicated UTIs—are also anticipated during the year.

Financial discipline and capital allocation

The 2025 results reflected stronger financial performance and flexibility. Core operating profit rose 11%, underpinned by robust Specialty Medicines growth and higher royalty income.

Free cash flow reached £4bn (US$5.4bn), providing capacity to fund R&D investment while maintaining shareholder returns. GSK declared a full-year dividend of 66p for 2025 and outlined expectations for a 67p dividend in 2026. Its £2bn (US$2.7bn) share buyback programme will continue through the second quarter.

Despite strong results in 2025, GSK’s 2026 guidance remains measured. Turnover is projected to rise 3–5% at constant exchange rates, while core operating profit and EPS are expected to climb 7–9%. Growth will continue to be led by Specialty Medicines, with Vaccines and General Medicines anticipated to remain flat or slightly lower.

Focused execution

GSK reaffirmed its long-term goal of exceeding £40bn (US$54.2bn) in sales by 2031, but Luke highlighted a focus on delivering existing targets rather than raising them.

“We are well placed to move forward in this next phase for GSK to deliver our outlooks and to create new value for patients and shareholders,” he said.

Luke's first results as CEO underscore a refined focus on precision, performance, and delivery—a continuation of GSK’s strategy executed with sharper discipline. The test now lies in turning pipeline momentum into sustained commercial success.